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 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (16,230) $ (4,527)  
Net income from discontinued operations (3,164) (20,926)  
Net loss from continuing operations (19,394) (25,453)  
Adjustments to reconcile net income (loss) to net cash provided by      
Depreciation and amortization, including related intangible assets 23,853 18,849  
Amortization of deferred compensation stock units 110 110  
Amortization of stock compensation 3,864 4,490  
Amortization of deferred financing costs 1,187 1,177  
Equity in (earnings) loss of unconsolidated joint ventures 68 487  
Distributions of cumulative earnings from unconsolidated joint ventures 0 13  
Loss (gain) on disposition of developable land 22 (2,623)  
Land and other impairments, net 3,396 2,932  
Gain on insurance proceeds (1,998) 0  
Changes in operating assets and liabilities:      
(Increase) decrease in unbilled rents receivable, net (142) 2,030  
Decrease (increase) in deferred charges and other assets 2,717 (3,390)  
Decrease in accounts receivable, net 291 84  
(Decrease) increase in accounts payable, accrued expenses and other liabilities (6,256) 2,166  
Increase in rents received in advance and security deposits 322 834  
Increase (decrease) in accrued interest payable 281 (101)  
Net cash flows provided by operating activities - continuing operations 8,321 1,605  
Net cash flows provided by operating activities - discontinued operations 3,776 29,896  
Net cash provided by operating activities 12,097 31,501  
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property acquisitions and related intangibles 0 (5,000)  
Rental property additions, improvements and other costs (2,786) (5,395)  
Development of rental property and other related costs (2,928) (21,152)  
Proceeds from the sales of rental property 6,364 28,596  
Repayment of notes receivable 769 709  
Proceeds from insurance settlements 2,939 0  
Investment in unconsolidated joint ventures (43) 0  
Distributions in excess of cumulative earnings from unconsolidated joint ventures 1,915 2,227  
Net cash provided by (used in) investing activities - continuing operations 6,230 (15)  
Net cash provided by investing activities - discontinued operations 83,006 193,070  
Net cash provided by investing activities 89,236 193,055  
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 16,000 18,000  
Repayment of revolving credit facility (16,000) (88,000)  
Proceeds from mortgages and loans payable 0 16,479  
Repayment of mortgages, loans payable and other obligations (84,128) (150,122)  
Redemption of redeemable noncontrolling interests, net 0 (12,000)  
Payment of early debt extinguishment costs 0 (5,140)  
Common unit redemptions 0 (1,442)  
Payment of financing costs (1,359) 0  
Contribution from noncontrolling interests 0 11  
Distributions to redeemable noncontrolling interests (6,366) (6,471)  
Payment of common dividends and distributions 0 (35)  
Net cash used in financing activities (91,853) (228,720)  
Net increase (decrease) in cash and cash equivalents 9,480 (4,164)  
Cash, cash equivalents and restricted cash, beginning of period [1] 47,649 51,455 $ 51,455
Cash, cash equivalents and restricted cash, end of period $ 57,129 [2] $ 47,291 [2] $ 47,649 [1]
[1] Includes Restricted Cash of $20,867 and $19,701 as of December 31, 2022 and 2021, respectively.
[2] Includes Restricted Cash of $19,642 and $21,153 as of March 31, 2023 and 2022, respectively.