Veris Residential, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Deferred Charges, Goodwill And Other Assets, Net (Tables)

Deferred Charges, Goodwill And Other Assets, Net (Tables)

6 Months Ended

Jun. 30, 2019

Deferred Charges, Goodwill And Other Assets [Line Items]

Schedule Of Deferred Charges, Goodwill And Other Assets


		June 30,		December 31,
(dollars in thousands)		2019		2018
Deferred leasing costs	$	146,066	$	173,822
Deferred financing costs - unsecured revolving credit facility (a)		5,328		5,356
		151,394		179,178
Accumulated amortization		(55,803)		(71,326)
Deferred charges, net		95,591		107,852
Notes receivable (b)		1,917		47,409
In-place lease values, related intangibles and other assets, net		91,653		89,860
Goodwill (c)		2,945		2,945
Right of use assets (d)		22,452		-
Prepaid expenses and other assets, net (e)		44,105		107,168

Total deferred charges, goodwill and other assets, net	$	258,663	$	355,234

(a)Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.

(b)Includes as of June 30, 2019 and December 31, 2018, respectively: a mortgage receivable with a balance of zero and $45.2 million (acquired in August 2017) which bore interest at 5.85 percent and was repaid in May 2019 in connection with the acquisition of 107 Morgan; and an interest-free note receivable with a net present value of $2.0 million and $2.2 million which matures in April 2023. The Company believes this balance is fully collectible.

(c)All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment.

(d)Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.

(e)Includes as of June 30, 2019 and December 31, 2018, $0.7 million and $49.2 million, respectively, of proceeds from property sales held by a qualified intermediary. The Company utilized the proceeds as of December 31, 2018 on acquisitions completed during the six months ended June 30, 2019.

Schedule Of Fair Value Of The Derivative Financial Instruments


		Fair Value
Asset Derivatives designated		June 30,		December 31,
as hedging instruments		2019		2018	Balance sheet location
Interest rate swaps	$	1,099	$	10,175	Deferred charges, goodwill and other assets

Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement


Derivatives in Cash Flow Hedging Relationships		Amount of Gain or (Loss) Recognized in OCI on Derivative			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income		Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income			Location of Gain or (Loss) Recognized in Income on Derivative		Amount of Gain or (Loss) Recognized in Income on Derivative (Reclassification for Forecasted Transactions No Longer Probable of Occurring)				Total Amount of Interest Expense presented in the consolidated statements
Three months ended June 30,		2019		2018			2019		2018			2019		2018		2019		2018

Interest rate swaps	$	(2,812)	$	2,428	Interest expense	$	1,297	$	640	Interest and other	$	515	$	(100)	$	(23,515)	$	(18,999)
										investment income (loss)

Six months ended June 30,

Interest rate swaps	$	(4,413)	$	7,654	Interest expense	$	2,868	$	720	Interest and other	$	1,794	$	(174)	$	(48,289)	$	(39,074)
										investment income (loss)

Mack-Cali Realty LP [Member]

Deferred Charges, Goodwill And Other Assets [Line Items]

Schedule Of Deferred Charges, Goodwill And Other Assets


		June 30,		December 31,
(dollars in thousands)		2019		2018
Deferred leasing costs	$	146,066	$	173,822
Deferred financing costs - unsecured revolving credit facility (a)		5,328		5,356
		151,394		179,178
Accumulated amortization		(55,803)		(71,326)
Deferred charges, net		95,591		107,852
Notes receivable (b)		1,917		47,409
In-place lease values, related intangibles and other assets, net		91,653		89,860
Goodwill (c)		2,945		2,945
Right of use assets (d)		22,452		-
Prepaid expenses and other assets, net (e)		44,105		107,168

Total deferred charges, goodwill and other assets, net	$	258,663	$	355,234

(c)All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment.

Schedule Of Fair Value Of The Derivative Financial Instruments


		Fair Value
Asset Derivatives designated		June 30,		December 31,
as hedging instruments		2019		2018	Balance sheet location
Interest rate swaps	$	1,099	$	10,175	Deferred charges, goodwill and other assets

Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement


Derivatives in Cash Flow Hedging Relationships		Amount of Gain or (Loss) Recognized in OCI on Derivative			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income		Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income			Location of Gain or (Loss) Recognized in Income on Derivative		Amount of Gain or (Loss) Recognized in Income on Derivative (Reclassification for Forecasted Transactions No Longer Probable of Occurring)				Total Amount of Interest Expense presented in the consolidated statements
Three months ended June 30,		2019		2018			2019		2018			2019		2018		2019		2018

Interest rate swaps	$	(2,812)	$	2,428	Interest expense	$	1,297	$	640	Interest and other	$	515	$	(100)	$	(23,515)	$	(18,999)
										investment income (loss)

Six months ended June 30,

Interest rate swaps	$	(4,413)	$	7,654	Interest expense	$	2,868	$	720	Interest and other	$	1,794	$	(174)	$	(48,289)	$	(39,074)
										investment income (loss)