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

Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting Information [Line Items]

Schedule Of Selected Results Of Operations And Asset Information


		Commercial		Multi-family		Corporate		Total
		& Other Real Estate		Real Estate & Services (d)		& Other (e)		Company
Total revenues:
Three months ended:
June 30, 2020	$	34,760	$	38,234	$	(344)	$	72,650
June 30, 2019		41,516		44,708		381		86,605
Six months ended:
June 30, 2020		74,309		81,081		(683)		154,707
June 30, 2019		95,593		81,067		211		176,871

Total operating and
interest expenses (a):
Three months ended:
June 30, 2020	$	15,864	$	22,144	$	32,243	$	70,251
June 30, 2019		18,219		22,428		34,992		75,639
Six months ended:
June 30, 2020		35,699	-	44,917	$	60,914		141,530
June 30, 2019		42,211		43,618		64,608		150,437

Equity in earnings (loss) of
unconsolidated joint ventures:
Three months ended:
June 30, 2020	$	(377)	$	(569)	$	-	$	(946)
June 30, 2019		512		(600)		-		(88)
Six months ended:
June 30, 2020		(494)		(1,160)		-		(1,654)
June 30, 2019		1,233		(2,002)		-		(769)

Net operating income (loss) (b):
Three months ended:
June 30, 2020	$	18,519	$	15,521	$	(32,587)	$	1,453
June 30, 2019		23,809		21,680		(34,611)		10,878
Six months ended:
June 30, 2020		38,116		35,004		(61,597)		11,523
June 30, 2019		54,615		35,447		(64,397)		25,665

Total assets:
June 30, 2020	$	2,112,116	$	3,239,559	$	8,337	$	5,360,012
December 31, 2019		2,178,321		3,079,409		35,068		5,292,798

Total long-lived assets (c):
June 30, 2020	$	1,891,570	$	2,981,246	$	(58)	$	4,872,758
December 31, 2019		1,947,053		2,812,306		3,834		4,763,193

Total investments in
unconsolidated joint ventures:
June 30, 2020	$	7,699	$	192,710	$	-	$	200,409
December 31, 2019		7,367		201,724		-		209,091

(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b)Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.

(d)Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include

the Company’s consolidated hotel operations.

(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals.

Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2020		2019		2020		2019
Net operating income	$	1,453	$	10,878	$	11,523	$	25,665
Add (deduct):
Depreciation and amortization		(27,341)		(31,971)		(61,137)		(63,505)
Land and other impairments		(16,846)		(2,499)		(22,109)		(2,499)
Gain on change of control of interests		-		-		-		13,790
Realized gains (losses) and unrealized losses on disposition of
rental property, net		-		255		(7,915)		268,364
Gain on disposition of developable land		-		270		4,813		270
Gain on sale of investment in unconsolidated joint venture		-		-		-		903
Gain from extinguishment of debt, net		-		588		-		1,899
Income (loss) from continuing operations		(42,734)		(22,479)		(74,825)		244,887
Discontinued operations
Income from discontinued operations		21,729		7,952		43,722		16,180
Realized gains (losses) and unrealized losses on
disposition of rental property and impairments, net		(11,929)		(5,802)		(39,675)		(5,802)
Total discontinued operations, net		9,800		2,150		4,047		10,378
Net income (loss)		(32,934)		(20,329)		(70,778)		255,265
Noncontrolling interests in consolidated joint ventures		829		847		1,005		2,095
Noncontrolling interests in Operating Partnership		4,626		2,647		8,292		(24,196)
Noncontrolling interest in discontinued operations		(937)		(213)		(388)		(1,050)
Redeemable noncontrolling interests		(6,471)		(5,006)		(12,942)		(9,673)
Net income (loss) available to common shareholders	$	(34,887)	$	(22,054)	$	(74,811)	$	222,441

Mack-Cali Realty LP [Member]