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
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (12,641) $ (106,615)
Net (income) loss from discontinued operations (3,425) 1,595
Net loss from continuing operations (16,066) (105,020)
Adjustments to reconcile net loss to net cash provided by    
Depreciation and amortization, including related intangible assets 61,567 64,932
Amortization of deferred compensation stock units 296 295
Amortization of stock compensation 10,256 16,705
Amortization of deferred financing costs and derivative premiums 7,506 3,161
Equity in earnings of unconsolidated joint ventures (2,919) (2,843)
(Gain) loss on disposition of developable land (11,515) 23
Gain on sale of unconsolidated joint ventures (7,100) 0
Land and other impairments, net 2,619 3,396
Loss from extinguishment of debt 777 3,702
Gain on insurance proceeds 0 (2,794)
Interest cost of mandatorily redeemable noncontrolling interests 0 49,782
Changes in operating assets and liabilities:    
(Increase) decrease in unbilled rents receivable, net (646) 1,886
Decrease (increase) in deferred charges and other assets 3,582 (862)
Increase in accounts receivable, net (508) (147)
Decrease in accounts payable, accrued expenses and other liabilities (5,126) (5,441)
(Decrease) increase in rents received in advance and security deposits (845) 1,250
(Decrease) increase in accrued interest payable (1,764) 40
Net cash flows provided by operating activities - continuing operations 40,114 28,065
Net cash flows provided by operating activities - discontinued operations 355 5,207
Net cash provided by operating activities 40,469 33,272
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property additions, improvements and other costs (11,105) (9,794)
Development of rental property and other related costs (4,699) (6,959)
Proceeds from the sales of developable land 88,962 7,784
Proceeds from sale of investments in joint ventures 6,095 0
Repayment of notes receivable 32 1,280
Investment in unconsolidated joint ventures (226) (180)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 8,553 9,351
Proceeds from insurance settlements 0 3,735
Other investing activities 250 750
Net cash provided by investing activities - continuing operations 87,862 5,967
Net cash provided by investing activities - discontinued operations 77,182 488,604
Net cash provided by investing activities 165,044 494,571
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 157,000 81,000
Repayment of revolving credit facility 0 (63,000)
Borrowings from term loans 200,000 115,000
Repayments of term loans 0 (72,000)
Proceeds from mortgages and loans payable 0 399,561
Repayment of mortgages, loans payable and other obligations (533,318) (441,198)
Redemption of redeemable noncontrolling interests, net (15,700) (520,388)
Payment of early debt extinguishment costs 0 (255)
Common unit redemptions 0 (94)
Payment of financing costs and derivative premiums, net (14,401) (16,089)
Contribution from noncontrolling interests 108 84
Distribution to noncontrolling interests (1,735) (16,704)
Distributions to redeemable noncontrolling interests (464) 0
Payment of common dividends and distributions (16,886) (38)
Share issuance proceeds (costs), net 1,765 0
Other financing activities (3,992) (494)
Net cash used in financing activities (227,623) (534,615)
Net decrease in cash and cash equivalents (22,110) (6,772)
Cash, cash equivalents and restricted cash, beginning of period [1] 54,579 47,649
Cash, cash equivalents and restricted cash, end of period [2] 32,469 40,877
VERIS RESIDENTIAL, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss (12,641) (106,615)
Net (income) loss from discontinued operations (3,425) 1,595
Net loss from continuing operations (16,066) (105,020)
Adjustments to reconcile net loss to net cash provided by    
Depreciation and amortization, including related intangible assets 61,567 64,932
Amortization of deferred compensation stock units 296 295
Amortization of stock compensation 10,256 16,705
Amortization of deferred financing costs and derivative premiums 7,506 3,161
Equity in earnings of unconsolidated joint ventures (2,919) (2,843)
(Gain) loss on disposition of developable land (11,515) 23
Gain on sale of unconsolidated joint ventures (7,100) 0
Land and other impairments, net 2,619 3,396
Loss from extinguishment of debt 777 3,702
Gain on insurance proceeds 0 (2,794)
Interest cost of mandatorily redeemable noncontrolling interests 0 49,782
Changes in operating assets and liabilities:    
(Increase) decrease in unbilled rents receivable, net (646) 1,886
Decrease (increase) in deferred charges and other assets 3,581 (862)
Increase in accounts receivable, net (508) (147)
Decrease in accounts payable, accrued expenses and other liabilities (5,126) (5,441)
(Decrease) increase in rents received in advance and security deposits (845) 1,250
(Decrease) increase in accrued interest payable (1,764) 40
Net cash flows provided by operating activities - continuing operations 40,113 28,065
Net cash flows provided by operating activities - discontinued operations 355 5,207
Net cash provided by operating activities 40,468 33,272
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property additions, improvements and other costs (11,105) (9,794)
Development of rental property and other related costs (4,699) (6,959)
Proceeds from the sales of developable land 88,962 7,784
Proceeds from sale of investments in joint ventures 6,095 0
Repayment of notes receivable 32 1,280
Investment in unconsolidated joint ventures (226) (180)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 8,553 9,351
Proceeds from insurance settlements 0 3,735
Other investing activities 250 750
Net cash provided by investing activities - continuing operations 87,862 5,967
Net cash provided by investing activities - discontinued operations 77,182 488,604
Net cash provided by investing activities 165,044 494,571
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 157,000 81,000
Repayment of revolving credit facility 0 (63,000)
Borrowings from term loans 200,000 115,000
Repayments of term loans 0 (72,000)
Proceeds from mortgages and loans payable 0 399,561
Repayment of mortgages, loans payable and other obligations (533,318) (441,198)
Redemption of redeemable noncontrolling interests, net (15,700) (520,388)
Payment of early debt extinguishment costs 0 (255)
Common unit redemptions 0 (94)
Payment of financing costs and derivative premiums, net (14,401) (16,089)
Contribution from noncontrolling interests 108 84
Distribution to noncontrolling interests (1,735) (16,704)
Distributions to redeemable noncontrolling interests (464) 0
Payment of common dividends and distributions (16,886) (38)
Share issuance proceeds (costs), net 1,765 0
Other financing activities (3,992) (494)
Net cash used in financing activities (227,623) (534,615)
Net decrease in cash and cash equivalents (22,111) (6,772)
Cash, cash equivalents and restricted cash, beginning of period [3] 54,579 47,649
Cash, cash equivalents and restricted cash, end of period [4] $ 32,468 $ 40,877
[1] Includes Restricted Cash of $26,572 and $20,867 as of December 31, 2023 and 2022, respectively.
[2] Includes Restricted Cash of $19,687 and $23,603 as of September 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 $19,687 and $23,603 as of September 30, 2024 and 2023, respectively.