Annual report pursuant to Section 13 and 15(d)

VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

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VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
REVENUES      
Total revenues $ 355,018 $ 323,390 $ 307,476
EXPENSES      
Real estate taxes 58,585 47,106 44,977
Utilities 14,344 14,802 13,717
Operating services 77,855 71,246 67,592
Real estate services expenses 10,549 12,857 13,555
General and administrative 56,169 57,190 71,058
Transaction-related costs 3,467 12,221 2,583
Depreciation and amortization 111,518 110,038 120,455
Property impairments 94,811 13,467 36,582
Land and other impairments, net 9,368 23,719 16,817
Total expenses 436,666 362,646 387,336
OTHER (EXPENSE) INCOME      
Interest expense (78,040) (65,192) (80,991)
Interest and other investment income (loss) 729 524 43
Equity in earnings (loss) of unconsolidated joint ventures 1,200 (4,251) (3,832)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 66,115 3,022 2,657
Gain on disposition of developable land 57,262 2,115 5,787
Gain (loss) on sale of unconsolidated joint venture interests 7,677 (1,886) 35,184
Gain (loss) from extinguishment of debt, net (7,432) (47,078) (272)
Total other income (expense) 47,511 (112,746) (41,424)
Income (loss) from continuing operations (34,137) (152,002) (121,284)
Discontinued operations:      
Income from discontinued operations 3,692 16,911 73,660
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 14,026
Total discontinued operations, net (748) 42,463 87,686
Net income (loss) (34,885) (109,539) (33,598)
Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695
Income Attributed to Noncontrolling Interests (25,534) (25,977) (25,883)
Net income (loss) available to common shareholders $ (52,066) $ (119,042) $ (51,387)
Basic earnings per common share:      
Income (loss) from continuing operations (in dollars per share) $ (0.62) $ (1.82) $ (1.57)
Discontinued operations (in dollars per share) (0.01) 0.43 0.87
Net income (loss) available to common shareholders (in dollars per share) (0.63) (1.39) (0.70)
Diluted earnings per common share:      
Income (loss) from continuing operations (in dollars per share) (0.62) (1.82) (1.57)
Discontinued operations (in dollars per share) (0.01) 0.43 0.87
Net income (loss) available to common shareholders (in dollars per share) $ (0.63) $ (1.39) $ (0.70)
Revenue from leases      
REVENUES      
Total revenues $ 284,062 $ 276,864 $ 266,884
Real estate services      
REVENUES      
Total revenues 3,581 9,596 11,390
Parking income      
REVENUES      
Total revenues 18,557 15,003 15,604
Hotel income      
REVENUES      
Total revenues 15,505 10,618 4,287
Other income      
REVENUES      
Total revenues 33,313 11,309 9,311
VERIS RESIDENTIAL, L.P.      
REVENUES      
Total revenues 355,018 323,390 307,476
EXPENSES      
Real estate taxes 58,585 47,106 44,977
Utilities 14,344 14,802 13,717
Operating services 77,855 71,246 67,592
Real estate services expenses 10,549 12,857 13,555
General and administrative 56,169 57,190 71,058
Transaction-related costs 3,467 12,221 2,583
Depreciation and amortization 111,518 110,038 120,455
Property impairments 94,811 13,467 36,582
Land and other impairments, net 9,368 23,719 16,817
Total expenses 436,666 362,646 387,336
OTHER (EXPENSE) INCOME      
Interest expense (78,040) (65,192) (80,991)
Interest and other investment income (loss) 729 524 43
Equity in earnings (loss) of unconsolidated joint ventures 1,200 (4,251) (3,832)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 66,115 3,022 2,657
Gain on disposition of developable land 57,262 2,115 5,787
Gain (loss) on sale of unconsolidated joint venture interests 7,677 (1,886) 35,184
Gain (loss) from extinguishment of debt, net (7,432) (47,078) (272)
Total other income (expense) 47,511 (112,746) (41,424)
Income (loss) from continuing operations (34,137) (152,002) (121,284)
Discontinued operations:      
Income from discontinued operations 3,692 16,911 73,660
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 14,026
Total discontinued operations, net (748) 42,463 87,686
Net income (loss) (34,885) (109,539) (33,598)
Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695
Income Attributed to Noncontrolling Interests (25,534) (25,977) (25,883)
Net income (loss) available to common shareholders $ (57,340) $ (130,921) $ (56,786)
Basic earnings per common share:      
Income (loss) from continuing operations (in dollars per share) $ (0.62) $ (1.82) $ (1.57)
Discontinued operations (in dollars per share) (0.01) 0.43 0.87
Net income (loss) available to common shareholders (in dollars per share) (0.63) (1.39) (0.70)
Diluted earnings per common share:      
Income (loss) from continuing operations (in dollars per share) (0.62) (1.82) (1.57)
Discontinued operations (in dollars per share) (0.01) 0.43 0.87
Net income (loss) available to common shareholders (in dollars per share) $ (0.63) $ (1.39) $ (0.70)
Basic weighted average units outstanding (in shares) 100,265 99,893 100,260
Diluted weighted average units outstanding (in shares) 100,265 99,893 100,260
VERIS RESIDENTIAL, L.P. | Revenue from leases      
REVENUES      
Total revenues $ 284,062 $ 276,864 $ 266,884
VERIS RESIDENTIAL, L.P. | Real estate services      
REVENUES      
Total revenues 3,581 9,596 11,390
VERIS RESIDENTIAL, L.P. | Parking income      
REVENUES      
Total revenues 18,557 15,003 15,604
VERIS RESIDENTIAL, L.P. | Hotel income      
REVENUES      
Total revenues 15,505 10,618 4,287
VERIS RESIDENTIAL, L.P. | Other income      
REVENUES      
Total revenues $ 33,313 $ 11,309 $ 9,311