Veris Residential, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Real Estate Investments And Accumulated Depreciation

Real Estate Investments And Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

Real Estate Investments And Accumulated Depreciation

P

		MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES
		REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION
				December 31, 2020
				(dollars in thousands)
											SCHEDULE III
								Gross Amount at Which
							Costs	Carried at Close of
					Initial Costs		Capitalized	Period (a)
	Property	Year		Related		Building and	Subsequent to		Building and		Accumulated
Property Location	Type	Built	Acquired	Encumbrances	Land	Improvements	Acquisition (d)	Land	Improvements	Total (d)	Depreciation (b)

NEW JERSEY
Essex County
Millburn (Short Hills)
150 J.F. Kennedy Parkway	Office	1980	1997	-	12,606	50,425	20,557	12,606	70,981	83,588	33,544

51 J.F. Kennedy Parkway	Office	1988	2017	69,592	5,873	100,359	1,827	5,873	102,186	108,059	10,575
101 J.F. Kennedy Parkway	Office	1981	2017	29,254	4,380	59,730	3,611	4,380	63,341	67,721	6,304
103 J.F. Kennedy Parkway	Office	1981	2017	24,922	3,158	50,813	1,416	3,158	52,230	55,387	5,316

Hudson County
Hoboken
111 River Street	Office	2002	2016	148,752	-	198,609	21,683	-	220,292	220,292	27,079
Soho Lofts	Multi-Family	2017	2019	158,993	27,601	224,039	2,603	27,601	226,642	254,243	11,832
Jersey City
Harborside Plaza 2	Office	1990	1996	-	17,655	101,546	70,511	8,363	181,349	189,712	82,073
Harborside Plaza 3	Office	1990	1996	-	17,655	101,878	70,179	8,363	181,349	189,712	82,073
Harborside Plaza 4A	Office	2000	2000	-	1,244	56,144	14,729	1,244	70,873	72,117	36,218
Harborside Plaza 5	Office	2002	2002	-	6,218	170,682	62,793	5,705	233,988	239,693	111,452
101 Hudson Street	Office	1992	2005	248,857	45,530	271,376	48,131	45,530	319,507	365,037	121,970
Liberty Towers	Multi-Family	2003	2019	263,484	66,670	328,347	3,434	66,670	331,782	398,451	10,792
BLVD 475 N/S	Multi-Family	2011	2017	164,900	58,761	240,871	6,268	58,761	247,140	305,900	25,198
BLVD 425	Multi-Family	2003	2018	130,293	48,820	160,740	5,030	48,820	165,770	214,590	10,989
BLVD 401	Multi-Family	2016	2019	116,349	36,595	152,440	225	36,595	152,664	189,260	7,859
Weehawken
100 Avenue at Port Imperial	Other	2016	2016	-	350	-	30,734	1,958	29,126	31,084	4,443
500 Avenue at Port Imperial	Other	2013	2013	36,750	13,099	56,669	(19,362)	13,099	37,308	50,406	8,174
Port Imperial South 11	Multi-Family	2018	2018	99,834	22,047	-	112,052	22,047	112,051	134,099	7,428
Residence Inn/Envue Autograph Collection	Other	2019	2015	93,481	23,660	-	81,362	18,059	86,963	105,022	9,171
West New York
Port Imperial North Retail	Other	2008	2020	-	4,305	8,216	695	4,305	8,911	13,216	369

Mercer County
Princeton
100 Overlook Center	Office	1988	1997	-	2,378	21,754	9,424	2,378	31,178	33,556	14,453

Middlesex County
Edison
333 Thornall Street	Office	1984	2015	-	5,542	40,762	6,770	5,542	47,533	53,074	5,994
343 Thornall Street	Office	1991	2006	-	6,027	39,101	15,605	6,027	54,706	60,733	16,399
Iselin
99 Wood Avenue South	Office	1987	2019	-	9,261	45,576	435	9,261	46,011	55,272	2,064
101 Wood Avenue South	Office	1990	2016	-	8,509	72,738	1,111	7,384	74,973	82,358	9,342

Monmouth County
Holmdel
23 Main Street	Office	1977	2005	-	4,336	19,544	6,400	4,336	25,944	30,280	10,486
Middletown
One River Center, Building 1	Office	1983	2004	-	3,070	17,414	17,290	2,451	35,323	37,774	9,762
One River Center, Building 2	Office	1983	2004	-	2,468	15,043	3,657	2,452	18,716	21,168	8,081
One River Center, Building 3	Office	1984	2004	-	4,051	24,790	7,660	4,627	31,874	36,501	12,478
Red Bank
100 Schultz Drive	Office	1989	2017	-	1,953	6,790	3,932	1,953	10,722	12,675	949
200 Schultz Drive	Office	1989	2017	-	2,184	8,259	3,528	2,184	11,787	13,971	1,477

‎



		MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES
		REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION
				December 31, 2020
				(dollars in thousands)
												SCHEDULE III
								Gross Amount at Which
							Costs	Carried at Close of
					Initial Costs		Capitalized	Period (a)
	Property	Year		Related		Building and	Subsequent to		Building and			Accumulated
Property Location	Type	Built	Acquired	Encumbrances	Land	Improvements	Acquisition (d)	Land	Improvements	Total (d)		Depreciation (b)

Morris County
Madison
7 Giralda Farms	Office	1997	2017	-	5,402	37,664	1,295	5,402	38,959	44,361		4,251
Morris Plains
Signature Place	Multi-Family	2018	2018	42,656	930	-	56,410	930	56,410	57,340		4,403
Parsippany
4 Gatehall Drive	Office	1988	2000	-	8,452	33,929	10,521	8,452	44,450	52,902		20,052
34 Sylvan Way	Other				37,873	550	42,390	45,840	34,973	80,813		6,634

NEW YORK
Westchester County
Eastchester
Quarry Place at Tuckahoe	Multi-Family	2016	2016	40,565	5,585	3,400	48,934	5,585	52,334	57,919		6,148

MASSACHUSETTS
Middlesex County
Malden
The Emery at Overlook Ridge	Multi-Family	2020	2014	71,361	4,115	86,093	9,740	9,104	90,844	99,948		1,904

Suffolk County
East Boston
Portside at Pier One	Multi-Family	2016	2016	58,801	-	73,713	634	-	74,347	74,347	-	11,523
Portside 5/6	Multi-Family	2018	2018	96,545	-	37,114	77,240	-	114,354	114,354	-	8,694

Worcester County
Worcester
145 Front Street	Multi-Family	2018	2015	62,574	4,380	-	92,148	4,380	92,148	96,528		7,695

Projects Under Development
and Developable Land				246,180	282,423	811,274	-	282,423	811,274	1,093,697		49,717

Furniture, Fixtures
and Equipment				-	-	-	83,552	-	83,552	83,552

TOTALS				2,204,144	815,166	3,728,392	1,037,158	803,847	4,776,868	5,580,716	(e)	825,361	(f)

(a)The aggregate cost for federal income tax purposes at December 31, 2020 was approximately $4.0 billion.

(b)Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years.

(c)This property is located on land leased by the Company.

(d)These costs are net of impairments and valuation allowances recorded, if any.

(e)Includes properties classified as held for sale at December 31, 2020. The gross amount includes $164.2 million of land and $779.9 million of building improvements related to these held for sale assets at period end.

(f)Accumulated depreciation includes $169.0 million from assets classified as held for sale as of December 31, 2020.

MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES

NOTE TO SCHEDULE III

Changes in rental properties and accumulated depreciation for the periods ended December 31, 2020, 2019 and 2018 are as follows: (dollars in thousands)


		2020		2019		2018
Rental Properties
Balance at beginning of year	$	4,256,681	$	5,306,017	$	5,102,844
Additions		1,776,276		1,349,959		686,452
Real estate held for sale		(944,082)		(1,553,383)		(184,233)
Properties sold		(443,755)		(824,167)		(238,873)
Retirements/disposals		(6,477)		(21,745)		(60,173)
Balance at end of year	$	4,638,643	$	4,256,681	$	5,306,017


Accumulated Depreciation
Balance at beginning of year	$	558,617	$	1,097,868	$	1,087,083
Depreciation expense		104,421		156,250		140,726
Real estate held for sale		2,238		(411,833)		(30,404)
Properties sold		-		(261,923)		(39,364)
Impairments		(2,469)		-		-
Retirements/disposals		(6,477)		(21,745)		(60,173)
Balance at end of year	$	656,331	$	558,617	$	1,097,868

Mack-Cali Realty LP [Member]

Real Estate Investments And Accumulated Depreciation

P

		MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES
		REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION
				December 31, 2020
				(dollars in thousands)
											SCHEDULE III
								Gross Amount at Which
							Costs	Carried at Close of
					Initial Costs		Capitalized	Period (a)
	Property	Year		Related		Building and	Subsequent to		Building and		Accumulated
Property Location	Type	Built	Acquired	Encumbrances	Land	Improvements	Acquisition (d)	Land	Improvements	Total (d)	Depreciation (b)

NEW JERSEY
Essex County
Millburn (Short Hills)
150 J.F. Kennedy Parkway	Office	1980	1997	-	12,606	50,425	20,557	12,606	70,981	83,588	33,544

51 J.F. Kennedy Parkway	Office	1988	2017	69,592	5,873	100,359	1,827	5,873	102,186	108,059	10,575
101 J.F. Kennedy Parkway	Office	1981	2017	29,254	4,380	59,730	3,611	4,380	63,341	67,721	6,304
103 J.F. Kennedy Parkway	Office	1981	2017	24,922	3,158	50,813	1,416	3,158	52,230	55,387	5,316

Hudson County
Hoboken
111 River Street	Office	2002	2016	148,752	-	198,609	21,683	-	220,292	220,292	27,079
Soho Lofts	Multi-Family	2017	2019	158,993	27,601	224,039	2,603	27,601	226,642	254,243	11,832
Jersey City
Harborside Plaza 2	Office	1990	1996	-	17,655	101,546	70,511	8,363	181,349	189,712	82,073
Harborside Plaza 3	Office	1990	1996	-	17,655	101,878	70,179	8,363	181,349	189,712	82,073
Harborside Plaza 4A	Office	2000	2000	-	1,244	56,144	14,729	1,244	70,873	72,117	36,218
Harborside Plaza 5	Office	2002	2002	-	6,218	170,682	62,793	5,705	233,988	239,693	111,452
101 Hudson Street	Office	1992	2005	248,857	45,530	271,376	48,131	45,530	319,507	365,037	121,970
Liberty Towers	Multi-Family	2003	2019	263,484	66,670	328,347	3,434	66,670	331,782	398,451	10,792
BLVD 475 N/S	Multi-Family	2011	2017	164,900	58,761	240,871	6,268	58,761	247,140	305,900	25,198
BLVD 425	Multi-Family	2003	2018	130,293	48,820	160,740	5,030	48,820	165,770	214,590	10,989
BLVD 401	Multi-Family	2016	2019	116,349	36,595	152,440	225	36,595	152,664	189,260	7,859
Weehawken
100 Avenue at Port Imperial	Other	2016	2016	-	350	-	30,734	1,958	29,126	31,084	4,443
500 Avenue at Port Imperial	Other	2013	2013	36,750	13,099	56,669	(19,362)	13,099	37,308	50,406	8,174
Port Imperial South 11	Multi-Family	2018	2018	99,834	22,047	-	112,052	22,047	112,051	134,099	7,428
Residence Inn/Envue Autograph Collection	Other	2019	2015	93,481	23,660	-	81,362	18,059	86,963	105,022	9,171
West New York
Port Imperial North Retail	Other	2008	2020	-	4,305	8,216	695	4,305	8,911	13,216	369

Mercer County
Princeton
100 Overlook Center	Office	1988	1997	-	2,378	21,754	9,424	2,378	31,178	33,556	14,453

Middlesex County
Edison
333 Thornall Street	Office	1984	2015	-	5,542	40,762	6,770	5,542	47,533	53,074	5,994
343 Thornall Street	Office	1991	2006	-	6,027	39,101	15,605	6,027	54,706	60,733	16,399
Iselin
99 Wood Avenue South	Office	1987	2019	-	9,261	45,576	435	9,261	46,011	55,272	2,064
101 Wood Avenue South	Office	1990	2016	-	8,509	72,738	1,111	7,384	74,973	82,358	9,342

Monmouth County
Holmdel
23 Main Street	Office	1977	2005	-	4,336	19,544	6,400	4,336	25,944	30,280	10,486
Middletown
One River Center, Building 1	Office	1983	2004	-	3,070	17,414	17,290	2,451	35,323	37,774	9,762
One River Center, Building 2	Office	1983	2004	-	2,468	15,043	3,657	2,452	18,716	21,168	8,081
One River Center, Building 3	Office	1984	2004	-	4,051	24,790	7,660	4,627	31,874	36,501	12,478
Red Bank
100 Schultz Drive	Office	1989	2017	-	1,953	6,790	3,932	1,953	10,722	12,675	949
200 Schultz Drive	Office	1989	2017	-	2,184	8,259	3,528	2,184	11,787	13,971	1,477

‎



		MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES
		REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION
				December 31, 2020
				(dollars in thousands)
												SCHEDULE III
								Gross Amount at Which
							Costs	Carried at Close of
					Initial Costs		Capitalized	Period (a)
	Property	Year		Related		Building and	Subsequent to		Building and			Accumulated
Property Location	Type	Built	Acquired	Encumbrances	Land	Improvements	Acquisition (d)	Land	Improvements	Total (d)		Depreciation (b)

Morris County
Madison
7 Giralda Farms	Office	1997	2017	-	5,402	37,664	1,295	5,402	38,959	44,361		4,251
Morris Plains
Signature Place	Multi-Family	2018	2018	42,656	930	-	56,410	930	56,410	57,340		4,403
Parsippany
4 Gatehall Drive	Office	1988	2000	-	8,452	33,929	10,521	8,452	44,450	52,902		20,052
34 Sylvan Way	Other				37,873	550	42,390	45,840	34,973	80,813		6,634

NEW YORK
Westchester County
Eastchester
Quarry Place at Tuckahoe	Multi-Family	2016	2016	40,565	5,585	3,400	48,934	5,585	52,334	57,919		6,148

MASSACHUSETTS
Middlesex County
Malden
The Emery at Overlook Ridge	Multi-Family	2020	2014	71,361	4,115	86,093	9,740	9,104	90,844	99,948		1,904

Suffolk County
East Boston
Portside at Pier One	Multi-Family	2016	2016	58,801	-	73,713	634	-	74,347	74,347	-	11,523
Portside 5/6	Multi-Family	2018	2018	96,545	-	37,114	77,240	-	114,354	114,354	-	8,694

Worcester County
Worcester
145 Front Street	Multi-Family	2018	2015	62,574	4,380	-	92,148	4,380	92,148	96,528		7,695

Projects Under Development
and Developable Land				246,180	282,423	811,274	-	282,423	811,274	1,093,697		49,717

Furniture, Fixtures
and Equipment				-	-	-	83,552	-	83,552	83,552

TOTALS				2,204,144	815,166	3,728,392	1,037,158	803,847	4,776,868	5,580,716	(e)	825,361	(f)

(a)The aggregate cost for federal income tax purposes at December 31, 2020 was approximately $4.0 billion.

(b)Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years.

(c)This property is located on land leased by the Company.

(d)These costs are net of impairments and valuation allowances recorded, if any.

(f)Accumulated depreciation includes $169.0 million from assets classified as held for sale as of December 31, 2020.

MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES

NOTE TO SCHEDULE III

Changes in rental properties and accumulated depreciation for the periods ended December 31, 2020, 2019 and 2018 are as follows: (dollars in thousands)


		2020		2019		2018
Rental Properties
Balance at beginning of year	$	4,256,681	$	5,306,017	$	5,102,844
Additions		1,776,276		1,349,959		686,452
Real estate held for sale		(944,082)		(1,553,383)		(184,233)
Properties sold		(443,755)		(824,167)		(238,873)
Retirements/disposals		(6,477)		(21,745)		(60,173)
Balance at end of year	$	4,638,643	$	4,256,681	$	5,306,017


Accumulated Depreciation
Balance at beginning of year	$	558,617	$	1,097,868	$	1,087,083
Depreciation expense		104,421		156,250		140,726
Real estate held for sale		2,238		(411,833)		(30,404)
Properties sold		-		(261,923)		(39,364)
Impairments		(2,469)		-		-
Retirements/disposals		(6,477)		(21,745)		(60,173)
Balance at end of year	$	656,331	$	558,617	$	1,097,868