Quarterly report pursuant to Section 13 or 15(d)

VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.2
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 30,123 $ (60,510)
Net income (loss) from discontinued operations (2,852) 40,246
Income (loss) from continuing operations 32,975 (100,756)
Adjustments to reconcile net income (loss) to net cash provided by    
Depreciation and amortization, including related intangible assets 53,772 54,578
Amortization of directors deferred compensation stock units 220 138
Amortization of stock compensation 7,444 5,072
Amortization of deferred financing costs 2,358 2,190
Amortization of debt discount and mark-to-market 0 232
Equity in (earnings) loss of unconsolidated joint ventures (2,151) 1,107
Distributions of cumulative earnings from unconsolidated joint ventures 13 117
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (1,836) (3,521)
(Gain) on disposition of developable land (57,748) (111)
Property impairments 0 6,041
Land and other impairments, net 6,832 7,932
(Gain) Loss from extinguishment of debt 6,418 46,735
Changes in operating assets and liabilities:    
Decrease (increase) in unbilled rents receivable, net 5,832 (3,524)
(Increase) decrease in deferred charges and other assets (6,679) 813
Decrease in accounts receivable, net (792) 4,242
Increase (decrease) in accounts payable, accrued expenses and other liabilities (1,412) (3,376)
(Decrease) increase in rents received in advance and security deposits (969) 784
(Decrease) increase in accrued interest payable (503) 273
Net cash flows provided by operating activities - continuing operations 43,774 18,966
Net cash flows (used in) provided by operating activities - discontinued operations 1,936 8,981
Net cash flows (used in) provided by operating activities - discontinued operations 45,710 27,947
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property acquisitions and related intangibles (5,192) 0
Rental property additions, improvements and other costs (26,724) (32,077)
Development of rental property and other related costs (58,610) (120,023)
Proceeds from the sales of rental property 236,864 42,702
Proceeds from sale of investments in joint ventures 0 1,975
Repayment of notes receivable 1,433 381
Investment in unconsolidated joint ventures (147) (398)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 7,450 4,949
Net cash provided by (used in) investing activities - continuing operations 155,074 (102,491)
Net cash provided by investing activities - discontinued operations 0 592,590
Net cash provided by investing activities 155,074 490,099
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 43,000 170,000
Repayment of revolving credit facility (115,000) (33,000)
Borrowings from term loans 0 150,000
Repayments of term loans 0 (123,000)
Repayments of unsecured term loans 0 (573,727)
Proceeds from mortgages and loans payable 149,068 93,772
Repayment of mortgages, loans payable and other obligations (240,270) (129,770)
Redemption of redeemable noncontrolling interests, net (12,000) 0
Payment of early debt extinguishment costs (5,140) (49,874)
Common unit redemptions (2,497) (410)
Payment of financing costs (3,025) (7,339)
Contribution from noncontrolling interests 18 185
Distributions to redeemable noncontrolling interests (12,908) (12,942)
Payment of common dividends and distributions (56) (468)
Net cash (used in) provided by financing activities (198,810) (516,573)
Net (decrease) increase in cash and cash equivalents 1,974 1,473
Cash, cash equivalents and restricted cash, beginning of period [1] 51,455 52,302
Cash, cash equivalents and restricted cash, end of period [2] 53,429 53,775
VERIS RESIDENTIAL, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) 30,123 (60,510)
Net income (loss) from discontinued operations (2,852) 40,246
Income (loss) from continuing operations 32,975 (100,756)
Adjustments to reconcile net income (loss) to net cash provided by    
Depreciation and amortization, including related intangible assets 53,772 54,578
Amortization of directors deferred compensation stock units 220 138
Amortization of stock compensation 7,444 5,072
Amortization of deferred financing costs 2,358 2,190
Amortization of debt discount and mark-to-market 0 232
Equity in (earnings) loss of unconsolidated joint ventures (2,151) 1,107
Distributions of cumulative earnings from unconsolidated joint ventures 13 117
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (1,836) (3,521)
(Gain) on disposition of developable land (57,748) (111)
Property impairments 0 6,041
Land and other impairments, net 6,832 7,932
(Gain) Loss from extinguishment of debt 6,418 46,735
Changes in operating assets and liabilities:    
Decrease (increase) in unbilled rents receivable, net 5,832 (3,524)
(Increase) decrease in deferred charges and other assets (6,679) 813
Decrease in accounts receivable, net (792) 4,242
Increase (decrease) in accounts payable, accrued expenses and other liabilities (1,412) (3,376)
(Decrease) increase in rents received in advance and security deposits (969) 784
(Decrease) increase in accrued interest payable (503) 273
Net cash flows provided by operating activities - continuing operations 43,774 18,966
Net cash flows (used in) provided by operating activities - discontinued operations 1,936 8,981
Net cash flows (used in) provided by operating activities - discontinued operations 45,710 27,947
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property acquisitions and related intangibles (5,192) 0
Rental property additions, improvements and other costs (26,724) (32,077)
Development of rental property and other related costs (58,610) (120,023)
Proceeds from the sales of rental property 236,864 42,702
Proceeds from sale of investments in joint ventures 0 1,975
Repayment of notes receivable 1,433 381
Investment in unconsolidated joint ventures (147) (398)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 7,450 4,949
Net cash provided by (used in) investing activities - continuing operations 155,074 (102,491)
Net cash provided by investing activities - discontinued operations 0 592,590
Net cash provided by investing activities 155,074 490,099
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 43,000 170,000
Repayment of revolving credit facility (115,000) (33,000)
Borrowings from term loans 0 150,000
Repayments of term loans 0 (123,000)
Repayments of unsecured term loans 0 (573,727)
Proceeds from mortgages and loans payable 149,068 93,772
Repayment of mortgages, loans payable and other obligations (240,270) (129,770)
Redemption of redeemable noncontrolling interests, net (12,000) 0
Payment of early debt extinguishment costs (5,140) (49,874)
Common unit redemptions (2,497) (410)
Payment of financing costs (3,025) (7,339)
Contribution from noncontrolling interests 18 185
Distributions to redeemable noncontrolling interests (12,908) (12,942)
Payment of common dividends and distributions (56) (468)
Net cash (used in) provided by financing activities (198,810) (516,573)
Net (decrease) increase in cash and cash equivalents 1,974 1,473
Cash, cash equivalents and restricted cash, beginning of period [3] 51,455 52,302
Cash, cash equivalents and restricted cash, end of period [4] $ 53,429 $ 53,775
[1] Includes Restricted Cash of $19,701 and $14,207 as of December 31, 2021 and 2020, respectively.
[2] Includes Restricted Cash of $24,356 and $16,147 as of June 30, 2022 and 2021, respectively.
[3] Includes Restricted Cash of $19,701 and $14,207 as of December 31, 2021 and 2020, respectively.
[4] Includes Restricted Cash of $24,356 and $16,147 as of June 30, 2022 and 2021, respectively.