Annual report pursuant to Section 13 and 15(d)

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

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VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Total revenues $ 271,074 $ 260,295 $ 213,355
EXPENSES      
Real estate taxes 37,424 34,687 33,995
Utilities 8,151 7,700 7,018
Operating services 48,239 50,769 47,200
Property management 17,247 14,188 10,549
General and administrative 39,059 44,443 55,919
Transaction-related costs 1,565 7,627 3,468
Depreciation and amortization 82,774 86,235 77,903
Land and other impairments, net 2,619 9,324 9,368
Total expenses 237,078 254,973 245,420
OTHER (EXPENSE) INCOME      
Interest expense (87,976) (89,355) (66,381)
Interest cost of mandatorily redeemable noncontrolling interests 0 (49,782) 0
Interest and other investment income 2,366 5,515 729
Equity in earnings (loss) of unconsolidated joint ventures 3,934 3,102 1,200
Gain (loss) on disposition of developable land 11,515 7,068 57,262
Gain (loss) on sale of unconsolidated joint venture interests 6,946 0 0
Gain (loss) from extinguishment of debt, net (777) (5,606) (129)
Other income (expense), net (701) 2,871 0
Total other income (expense), net (64,693) (126,187) (7,319)
Income (loss) from continuing operations before income tax expense (30,697) (120,865) (39,384)
Provision for income taxes (276) (492) 0
Income (loss) from continuing operations after income tax expense (30,973) (121,357) (39,384)
Discontinued operations:      
Income (loss) from discontinued operations 862 (32,686) (64,854)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 3,447 41,682 69,353
Total discontinued operations, net 4,309 8,996 4,499
Net income (loss) (26,664) (112,361) (34,885)
Noncontrolling interests in consolidated joint ventures 1,924 2,319 3,079
Redeemable noncontrolling interests (540) (7,618) (25,534)
Net income (loss) available to common shareholders $ (23,120) $ (107,265) $ (52,066)
Basic earnings per common share:      
Income (loss) from continuing operations (in dollars per share) $ (0.29) $ (1.31) $ (0.68)
Discontinued operations (in dollars per share) 0.04 0.09 0.05
Net income (loss) available to common shareholders (in dollars per share) (0.25) (1.22) (0.63)
Diluted earnings per common share:      
Income (loss) from continuing operations (in dollars per share) (0.29) (1.31) (0.68)
Discontinued operations (in dollars per share) 0.04 0.09 0.05
Net income (loss) available to common shareholders (in dollars per share) $ (0.25) $ (1.22) $ (0.63)
Revenue from leases      
REVENUES      
Total revenues $ 245,690 $ 235,117 $ 188,180
Management fees      
REVENUES      
Total revenues 3,338 3,868 3,581
Parking income      
REVENUES      
Total revenues 15,463 15,498 13,558
Other income      
REVENUES      
Total revenues 6,583 5,812 8,036
VERIS RESIDENTIAL, L.P.      
REVENUES      
Total revenues 271,074 260,295 213,355
EXPENSES      
Real estate taxes 37,424 34,687 33,995
Utilities 8,151 7,700 7,018
Operating services 48,239 50,769 47,200
Property management 17,247 14,188 10,549
General and administrative 39,059 44,443 55,919
Transaction-related costs 1,565 7,627 3,468
Depreciation and amortization 82,774 86,235 77,903
Land and other impairments, net 2,619 9,324 9,368
Total expenses 237,078 254,973 245,420
OTHER (EXPENSE) INCOME      
Interest expense (87,976) (89,355) (66,381)
Interest cost of mandatorily redeemable noncontrolling interests 0 (49,782) 0
Interest and other investment income 2,366 5,515 729
Equity in earnings (loss) of unconsolidated joint ventures 3,934 3,102 1,200
Gain (loss) on disposition of developable land 11,515 7,068 57,262
Gain (loss) on sale of unconsolidated joint venture interests 6,946 0 0
Gain (loss) from extinguishment of debt, net (777) (5,606) (129)
Other income (expense), net (701) 2,871 0
Total other income (expense), net (64,693) (126,187) (7,319)
Income (loss) from continuing operations before income tax expense (30,697) (120,865) (39,384)
Provision for income taxes (276) (492) 0
Income (loss) from continuing operations after income tax expense (30,973) (121,357) (39,384)
Discontinued operations:      
Income (loss) from discontinued operations 862 (32,686) (64,854)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 3,447 41,682 69,353
Total discontinued operations, net 4,309 8,996 4,499
Net income (loss) (26,664) (112,361) (34,885)
Noncontrolling interests in consolidated joint ventures 1,924 2,319 3,079
Redeemable noncontrolling interests (540) (7,618) (25,534)
Net income (loss) available to common shareholders $ (25,280) $ (117,660) $ (57,340)
Basic earnings per common share:      
Income (loss) from continuing operations (in dollars per share) $ (0.29) $ (1.31) $ (0.68)
Discontinued operations (in dollars per share) 0.04 0.09 0.05
Net income (loss) available to common shareholders (in dollars per share) (0.25) (1.22) (0.63)
Diluted earnings per common share:      
Income (loss) from continuing operations (in dollars per share) (0.29) (1.31) (0.68)
Discontinued operations (in dollars per share) 0.04 0.09 0.05
Net income (loss) available to common shareholders (in dollars per share) $ (0.25) $ (1.22) $ (0.63)
Basic weighted average units outstanding (in shares) 101,381 100,812 100,265
Diluted weighted average units outstanding (in shares) 101,381 100,812 100,265
VERIS RESIDENTIAL, L.P. | Revenue from leases      
REVENUES      
Total revenues $ 245,690 $ 235,117 $ 188,180
VERIS RESIDENTIAL, L.P. | Management fees      
REVENUES      
Total revenues 3,338 3,868 3,581
VERIS RESIDENTIAL, L.P. | Parking income      
REVENUES      
Total revenues 15,463 15,498 13,558
VERIS RESIDENTIAL, L.P. | Other income      
REVENUES      
Total revenues $ 6,583 $ 5,812 $ 8,036