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
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,469) $ (16,230)
Net income from discontinued operations (1,800) (2,602)
Net loss from continuing operations (6,269) (18,832)
Adjustments to reconcile net income (loss) to net cash provided by    
Depreciation and amortization, including related intangible assets 20,109 21,758
Amortization of deferred compensation stock units 99 110
Amortization of stock compensation 4,200 3,864
Amortization of deferred financing costs 1,242 1,187
Equity in earnings of unconsolidated joint ventures (254) 68
(Gain) loss on disposition of developable land (784) 22
Gain(Loss) on sale of unconsolidated joint ventures (7,100) 0
Land and other impairments, net 0 3,396
Gain on insurance proceeds (255) (1,998)
Changes in operating assets and liabilities:    
Decrease in unbilled rents receivable, net 16 70
Decrease in deferred charges and other assets 3,909 2,634
Increase in accounts receivable, net (131) (48)
(Increase) decrease in accounts payable, accrued expenses and other liabilities 239 (6,698)
Increase in rents received in advance and security deposits 383 731
(Decrease) increase in accrued interest payable (94) 281
Net cash flows provided by operating activities - continuing operations 15,310 6,545
Net cash flows provided by operating activities - discontinued operations 400 5,552
Net cash provided by operating activities 15,710 12,097
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property additions, improvements and other costs (3,228) (2,375)
Development of rental property and other related costs (2,329) (2,925)
Proceeds from the sales of rental property 10,111 6,364
Proceeds from sale of investments in joint ventures 6,095 0
Repayment of notes receivable 24 769
Investment in unconsolidated joint ventures (61) (43)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 1,702 1,915
Proceeds from insurance settlements 255 2,939
Net cash provided by investing activities - continuing operations 12,569 6,644
Net cash provided by investing activities - discontinued operations 81,204 82,592
Net cash provided by investing activities 93,773 89,236
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 0 16,000
Repayment of revolving credit facility 0 (16,000)
Repayment of mortgages, loans payable and other obligations (1,760) (84,128)
Redemption of redeemable noncontrolling interests, net (15,700) 0
Payment of financing costs (90) (1,359)
Distribution to noncontrolling interests (933) 0
Distributions to redeemable noncontrolling interests (302) (6,366)
Payment of common dividends and distributions (5,339) 0
Share issuance proceeds (costs), net (55) 0
Other financing activities (1,533) 0
Net cash used in financing activities (25,712) (91,853)
Net increase in cash and cash equivalents 83,771 9,480
Cash, cash equivalents and restricted cash, beginning of period [1] 54,579 47,649
Cash, cash equivalents and restricted cash, end of period [2] $ 138,350 $ 57,129
[1] Includes Restricted Cash of $26,572 and $20,867 as of December 31, 2023 and 2022, respectively.
[2] Includes Restricted Cash of $25,649 and $19,642 as of March 31, 2024 and 2023, respectively.