Quarterly report pursuant to Section 13 or 15(d)

VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

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VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,734) $ (46,365)
Net (income) loss from discontinued operations (3,219) 2,078
Income (loss) from continuing operations after income tax expense (4,953) (44,287)
Adjustments to reconcile net income (loss) to net cash provided by    
Depreciation and amortization, including related intangible assets 40,417 43,541
Amortization of deferred compensation stock units 198 196
Amortization of stock compensation 7,348 7,339
Amortization of deferred financing costs 2,811 1,808
Equity in earnings of unconsolidated joint ventures (3,187) (2,633)
(Gain) loss on disposition of developable land (11,515) 22
Gain on sale of unconsolidated joint ventures (7,100) 0
Land and other impairments, net 0 3,396
Loss from extinguishment of debt 785 2,657
Gain on insurance proceeds (5) (2,851)
Interest cost of mandatorily redeemable noncontrolling interests 0 13,390
Changes in operating assets and liabilities:    
(Increase) decrease in unbilled rents receivable, net (247) 1,088
Decrease in deferred charges and other assets 7,293 3,856
Increase in accounts receivable, net (465) (485)
Decrease in accounts payable, accrued expenses and other liabilities (4,080) (7,341)
(Decrease) increase in rents received in advance and security deposits (558) 925
(Decrease) increase in accrued interest payable (747) 158
Net cash flows provided by operating activities - continuing operations 25,995 20,779
Net cash flows provided by operating activities - discontinued operations 548 3,585
Net cash provided by operating activities 26,543 24,364
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property additions, improvements and other costs (5,670) (6,449)
Development of rental property and other related costs (3,970) (5,647)
Proceeds from the sales of developable land 88,962 6,528
Proceeds from sale of investments in joint ventures 6,095 0
Repayment of notes receivable 32 1,257
Investment in unconsolidated joint ventures (226) (98)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 3,281 6,454
Proceeds from insurance settlements 255 3,239
Net cash provided by investing activities - continuing operations 88,759 5,284
Net cash provided by investing activities - discontinued operations 77,184 446,350
Net cash provided by investing activities 165,943 451,634
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 0 16,000
Repayment of revolving credit facility 0 (16,000)
Borrowings from term loans 55,000 0
Repayment of mortgages, loans payable and other obligations (223,922) (84,258)
Redemption of redeemable noncontrolling interests, net (15,700) 0
Payment of early debt extinguishment costs 0 (251)
Common unit redemptions 0 (94)
Payment of financing costs (7,744) (1,721)
Contribution from noncontrolling interests 108 0
Distribution to noncontrolling interests (1,249) 0
Distributions to redeemable noncontrolling interests (384) (12,731)
Payment of common dividends and distributions (10,737) (38)
Share issuance proceeds (costs), net 1,831 0
Other financing activities (3,337) 0
Net cash used in financing activities (206,134) (99,093)
Net (decrease) increase in cash and cash equivalents (13,648) 376,905
Cash, cash equivalents and restricted cash, beginning of period [1] 54,579 47,649
Cash, cash equivalents and restricted cash, end of period [2] 40,931 424,554
VERIS RESIDENTIAL, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss (1,734) (46,365)
Net (income) loss from discontinued operations (3,219) 2,078
Income (loss) from continuing operations after income tax expense (4,953) (44,287)
Adjustments to reconcile net income (loss) to net cash provided by    
Depreciation and amortization, including related intangible assets 40,417 43,541
Amortization of deferred compensation stock units 198 196
Amortization of stock compensation 7,348 7,339
Amortization of deferred financing costs 2,811 1,808
Equity in earnings of unconsolidated joint ventures (3,187) (2,633)
(Gain) loss on disposition of developable land (11,515) 22
Gain on sale of unconsolidated joint ventures (7,100) 0
Land and other impairments, net 0 3,396
Loss from extinguishment of debt 785 2,657
Gain on insurance proceeds (5) (2,851)
Interest cost of mandatorily redeemable noncontrolling interests 0 13,390
Changes in operating assets and liabilities:    
(Increase) decrease in unbilled rents receivable, net (247) 1,088
Decrease in deferred charges and other assets 7,293 3,856
Increase in accounts receivable, net (465) (485)
Decrease in accounts payable, accrued expenses and other liabilities (4,080) (7,341)
(Decrease) increase in rents received in advance and security deposits (558) 925
(Decrease) increase in accrued interest payable (747) 158
Net cash flows provided by operating activities - continuing operations 25,995 20,779
Net cash flows provided by operating activities - discontinued operations 548 3,585
Net cash provided by operating activities 26,543 24,364
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property additions, improvements and other costs (5,670) (6,449)
Development of rental property and other related costs (3,970) (5,647)
Proceeds from the sales of developable land 88,962 6,528
Proceeds from sale of investments in joint ventures 6,095 0
Repayment of notes receivable 32 1,257
Investment in unconsolidated joint ventures (226) (98)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 3,281 6,454
Proceeds from insurance settlements 255 3,239
Net cash provided by investing activities - continuing operations 88,759 5,284
Net cash provided by investing activities - discontinued operations 77,184 446,350
Net cash provided by investing activities 165,943 451,634
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 0 16,000
Repayment of revolving credit facility 0 (16,000)
Borrowings from term loans 55,000 0
Repayment of mortgages, loans payable and other obligations (223,922) (84,258)
Redemption of redeemable noncontrolling interests, net (15,700) 0
Payment of early debt extinguishment costs 0 (251)
Common unit redemptions 0 (94)
Payment of financing costs (7,744) (1,721)
Contribution from noncontrolling interests 108 0
Distribution to noncontrolling interests (1,249) 0
Distributions to redeemable noncontrolling interests (384) (12,731)
Payment of common dividends and distributions (10,737) (38)
Share issuance proceeds (costs), net 1,831 0
Other financing activities (3,337) 0
Net cash used in financing activities (206,134) (99,093)
Net (decrease) increase in cash and cash equivalents (13,648) 376,905
Cash, cash equivalents and restricted cash, beginning of period [3] 54,579 47,649
Cash, cash equivalents and restricted cash, end of period [4] $ 40,931 $ 424,554
[1] Includes Restricted Cash of $26,572 and $20,867 as of December 31, 2023 and 2022, respectively.
[2] Includes Restricted Cash of $22,533 and $27,614 as of June 30, 2024 and 2023, respectively.
[3] Includes Restricted Cash of $26,572 and $20,867 as of December 31, 2023 and 2022, respectively.
[4] Includes Restricted Cash of $22,533 and $27,614 as of June 30, 2024 and 2023, respectively.