Quarterly report pursuant to Section 13 or 15(d)

VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income (loss) $ (105,902) $ (25,792) $ (75,779) $ (86,302)  
Net (income) loss from discontinued operations (1,046) (1,654) 1,806 (41,900)  
Loss from continuing operations (106,948) (27,446) (73,973) (128,202)  
Adjustments to reconcile net income (loss) to net cash provided by          
Depreciation and amortization, including related intangible assets     82,738 82,959  
Amortization of directors deferred compensation stock units     330 229  
Amortization of stock compensation     10,657 7,979  
Amortization of deferred financing costs     3,602 3,369  
Amortization of debt discount and mark-to-market     0 232  
Equity in (earnings) loss of unconsolidated joint ventures 304 1,724 (1,847) 2,831  
Distributions of cumulative earnings from unconsolidated joint ventures     13 759  
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net     3,264 (521)  
Write-off transaction-related costs     0 3,091  
Gain on disposition of developable land 0 0 (57,748) (111)  
Property impairments 84,509 0 84,509 6,041  
Loss on sale of unconsolidated joint ventures 0 1,886 0 1,886  
Land and other impairments, net     9,368 11,333  
Loss from extinguishment of debt 0 0 6,418 46,735  
Loan loss allowance charge     0 5,152  
Changes in operating assets and liabilities:          
Decrease (increase) in unbilled rents receivable, net     2,884 (7,246)  
(Increase) decrease in deferred charges and other assets     (15,713) (5,043)  
(Increase) decrease in accounts receivable, net     (229) 4,213  
Increase (decrease) in accounts payable, accrued expenses and other liabilities     12,253 (5,003)  
(Decrease) increase in rents received in advance and security deposits     (361) 1,449  
Increase in accrued interest payable     171 237  
Net cash flows provided by operating activities - continuing operations     66,336 32,369  
Net cash flows provided by operating activities - discontinued operations     2,848 8,806  
Net cash flows provided by operating activities - discontinued operations     69,184 41,175  
CASH FLOWS FROM INVESTING ACTIVITIES          
Rental property acquisitions and related intangibles     (130,500) 0  
Rental property additions, improvements and other costs     (39,692) (49,129)  
Development of rental property and other related costs     (67,260) (165,715)  
Proceeds from the sales of rental property     335,288 42,702  
Proceeds from sale of investments in joint ventures     0 3,865  
Repayment of notes receivable     2,172 494  
Investment in unconsolidated joint ventures     (147) (629)  
Distributions in excess of cumulative earnings from unconsolidated joint ventures     10,361 5,656  
Net cash provided by (used in) investing activities - continuing operations     110,222 (162,756)  
Net cash (used in) provided by investing activities - discontinued operations     (2) 620,772  
Net cash provided by investing activities     110,220 458,016  
CASH FLOW FROM FINANCING ACTIVITIES          
Borrowings from revolving credit facility     89,000 186,000  
Repayment of revolving credit facility     (128,000) (37,000)  
Borrowings from term loans     0 150,000  
Repayments of term loans     0 (150,000)  
Repayments of unsecured term loans     0 (573,727)  
Proceeds from mortgages and loans payable     154,720 123,707  
Repayment of mortgages, loans payable and other obligations     (240,395) (129,907)  
Redemption of redeemable noncontrolling interests, net     (12,000) 0  
Payment of early debt extinguishment costs     (5,140) (49,874)  
Common unit redemptions     (2,653) (550)  
Payment of financing costs     (3,026) (7,339)  
Contribution from noncontrolling interests     24 197  
Distributions to redeemable noncontrolling interests     (19,274) (19,413)  
Payment of common dividends and distributions     (56) (469)  
Net cash used in financing activities     (166,800) (508,375)  
Net increase (decrease) in cash and cash equivalents     12,604 (9,184)  
Cash, cash equivalents and restricted cash, beginning of period [1]     51,455 52,302 $ 52,302
Cash, cash equivalents and restricted cash, end of period $ 64,059 [2] $ 43,118 [2] $ 64,059 [2] $ 43,118 [2] $ 51,455 [1]
[1] Includes Restricted Cash of $19,701 and $14,207 as of December 31, 2021 and 2020, respectively.
[2] Includes Restricted Cash of $25,702 and $19,809 as of September 30, 2022 and 2021, respectively.