Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.3
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES        
Total revenues $ 71,482 $ 63,135 $ 206,943 $ 166,264
EXPENSES        
Real estate taxes 10,909 10,463 29,733 26,664
Utilities 2,746 2,483 7,629 6,730
Operating services 15,349 13,468 41,557 39,354
Real estate services expenses 3,533 2,752 9,864 8,035
General and administrative 14,620 12,818 34,487 43,793
Transaction related costs 2,704 3 7,051 1,348
Depreciation and amortization 23,212 22,359 70,543 61,815
Land and other impairments, net 0 2,535 3,396 9,367
Total expenses 73,073 66,881 204,260 197,106
OTHER (EXPENSE) INCOME        
Interest expense (23,715) (18,819) (67,422) (45,167)
Interest cost of mandatorily redeemable noncontrolling interests (36,392) 0 (49,782) 0
Interest and other investment income 1,240 280 5,283 627
Equity in earnings (losses) of unconsolidated joint ventures 210 (304) 2,843 1,847
(Loss) gain on disposition of developable land 0 0 (23) 57,747
Loss from extinguishment of debt, net (1,046) 0 (3,702) (129)
Other (expense) income, net (57) 0 2,794 0
Total other (expense) income, net (59,760) (18,843) (110,009) 14,925
Loss from continuing operations before income tax expense (61,351) (22,589) (107,326) (15,917)
Provision for income taxes (293) 0 (293) 0
Loss from continuing operations after income tax expense (61,644) (22,589) (107,619) (15,917)
Discontinued operations:        
Income (loss) from discontinued operations 971 (78,213) 3,290 (52,158)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 423 (5,100) (2,286) (7,704)
Total discontinued operations, net 1,394 (83,313) 1,004 (59,862)
Net loss (60,250) (105,902) (106,615) (75,779)
Noncontrolling interests in consolidated joint ventures 592 726 1,815 2,484
Redeemable noncontrolling interests (350) (6,365) (7,333) (19,168)
Net loss available to common shareholders $ (54,807) $ (101,218) $ (102,214) $ (83,937)
Basic earnings per common share:        
Loss from continuing operations (in dollars per share) $ (0.61) $ (0.27) $ (1.17) $ (0.38)
Discontinued operations (in dollars per share) 0.01 (0.83) 0.01 (0.60)
Net loss available to common shareholders (in dollars per share) (0.60) (1.10) (1.16) (0.98)
Diluted earnings per common share:        
Loss from continuing operations (in dollars per share) (0.61) (0.27) (1.17) (0.38)
Discontinued operations (in dollars per share) 0.01 (0.83) 0.01 (0.60)
Net loss available to common shareholders (in dollars per share) $ (0.60) $ (1.10) $ (1.16) $ (0.98)
Revenue from leases        
REVENUES        
Total revenues $ 64,214 $ 54,764 $ 185,961 $ 146,020
Real estate services        
REVENUES        
Total revenues 1,230 886 2,785 2,693
Parking income        
REVENUES        
Total revenues 4,674 4,083 13,574 11,659
Other income        
REVENUES        
Total revenues 1,364 3,402 4,623 5,892
VERIS RESIDENTIAL, L.P.        
REVENUES        
Total revenues 71,482 63,135 206,943 166,264
EXPENSES        
Real estate taxes 10,909 10,463 29,733 26,664
Utilities 2,746 2,483 7,629 6,730
Operating services 15,349 13,468 41,557 39,354
Real estate services expenses 3,533 2,752 9,864 8,035
General and administrative 14,620 12,818 34,487 43,793
Transaction related costs 2,704 3 7,051 1,348
Depreciation and amortization 23,212 22,359 70,543 61,815
Land and other impairments, net 0 2,535 3,396 9,367
Total expenses 73,073 66,881 204,260 197,106
OTHER (EXPENSE) INCOME        
Interest expense (23,715) (18,819) (67,422) (45,167)
Interest cost of mandatorily redeemable noncontrolling interests (36,392) 0 (49,782) 0
Interest and other investment income 1,240 280 5,283 627
Equity in earnings (losses) of unconsolidated joint ventures 210 (304) 2,843 1,847
(Loss) gain on disposition of developable land 0 0 (23) 57,747
Loss from extinguishment of debt, net (1,046) 0 (3,702) (129)
Other (expense) income, net (57) 0 2,794 0
Total other (expense) income, net (59,760) (18,843) (110,009) 14,925
Loss from continuing operations before income tax expense (61,351) (22,589) (107,326) (15,917)
Provision for income taxes (293) 0 (293) 0
Loss from continuing operations after income tax expense (61,644) (22,589) (107,619) (15,917)
Discontinued operations:        
Income (loss) from discontinued operations 971 (78,213) 3,290 (52,158)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 423 (5,100) (2,286) (7,704)
Total discontinued operations, net 1,394 (83,313) 1,004 (59,862)
Net loss (60,250) (105,902) (106,615) (75,779)
Noncontrolling interests in consolidated joint ventures 592 726 1,815 2,484
Redeemable noncontrolling interests (350) (6,365) (7,333) (19,168)
Net loss available to common shareholders $ (60,008) $ (111,541) $ (112,133) $ (92,463)
Basic earnings per common share:        
Loss from continuing operations (in dollars per share) $ (0.61) $ (0.27) $ (1.17) $ (0.38)
Discontinued operations (in dollars per share) 0.01 (0.83) 0.01 (0.60)
Net loss available to common shareholders (in dollars per share) (0.60) (1.10) (1.16) (0.98)
Diluted earnings per common share:        
Loss from continuing operations (in dollars per share) (0.61) (0.27) (1.17) (0.38)
Discontinued operations (in dollars per share) 0.01 (0.83) 0.01 (0.60)
Net loss available to common shareholders (in dollars per share) $ (0.60) $ (1.10) $ (1.16) $ (0.98)
Basic weighted average units outstanding (in shares) 100,925 100,378 100,770 100,215
Diluted weighted average units outstanding (in shares) 100,925 100,378 100,770 100,215
VERIS RESIDENTIAL, L.P. | Revenue from leases        
REVENUES        
Total revenues $ 64,214 $ 54,764 $ 185,961 $ 146,020
VERIS RESIDENTIAL, L.P. | Real estate services        
REVENUES        
Total revenues 1,230 886 2,785 2,693
VERIS RESIDENTIAL, L.P. | Parking income        
REVENUES        
Total revenues 4,674 4,083 13,574 11,659
VERIS RESIDENTIAL, L.P. | Other income        
REVENUES        
Total revenues $ 1,364 $ 3,402 $ 4,623 $ 5,892