Annual report pursuant to Section 13 and 15(d)

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

v3.25.0.1
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (26,664) $ (112,361) $ (34,885)
Net loss (income) from discontinued operations (4,309) (8,996) (4,499)
Net income (loss) from continuing operations (30,973) (121,357) (39,384)
Adjustments to reconcile net income (loss) to net cash provided by      
Depreciation and amortization, including related intangible assets 82,744 86,156 77,860
Amortization of directors deferred compensation stock units 394 394 440
Amortization of stock compensation 13,171 19,876 13,767
Amortization of deferred financing costs and derivative premiums 10,587 4,416 4,394
Equity in (earnings) loss of unconsolidated joint ventures (3,934) (3,102) (1,200)
Distributions of cumulative earnings from unconsolidated joint ventures 0 0 13
(Gain) loss on disposition of developable land (11,515) (7,068) (57,262)
Land and other impairments, net 2,619 9,324 9,368
(Gain) loss from sale of investment in unconsolidated joint venture (6,946) 0 0
(Gain) loss from extinguishment of debt 777 5,606 129
Gain on insurance proceeds 0 (2,871) 0
Interest cost of mandatorily redeemable noncontrolling interests 0 49,782 0
Changes in operating assets and liabilities:      
Decrease (Increase) in unbilled rents receivable, net (695) 1,755 3,078
Decrease (Increase) in deferred charges and other assets 5,030 3,075 (4,695)
Decrease (Increase) in accounts receivable, net 165 (62) (36)
(Decrease) Increase in accounts payable, accrued expenses and other liabilities (5,487) (4,114) 1,921
(Decrease) Increase in rents received in advance and security deposits (326) 633 3,131
(Decrease) Increase in accrued interest payable (1,318) 42 2,152
Net cash flows provided by (used in) operating activities - continuing operations 54,293 42,485 13,676
Net cash flows provided by (used in) operating activities - discontinued operations (1,965) 3,055 52,778
Net cash provided by (used in) operating activities 52,328 45,540 66,454
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property acquisitions and related intangibles 0 0 (130,500)
Rental property additions and improvements (18,369) (12,400) (16,619)
Development of rental property and other related costs (6,143) (8,395) (45,817)
Proceeds from the sales of rental property and developable land 88,962 23,035 153,015
Proceeds from the sale of investments in unconsolidated joint ventures 6,095 0 0
Repayment of notes receivable 32 1,303 2,926
Investment in unconsolidated joint ventures (276) (762) (162)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 12,419 12,068 13,132
Proceeds from insurance settlements 0 3,812 0
Other investing activities 250 1,030 0
Net cash provided by (used in) investing activities - continuing operations 82,970 19,691 (24,025)
Net cash provided by (used in) investing activities - discontinued operations 79,081 559,959 244,113
Net cash provided by (used in) investing activities 162,051 579,650 220,088
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 174,000 81,000 102,000
Repayment of revolving credit facility (22,000) (81,000) (250,000)
Borrowings from term loans 200,000 115,000 0
Repayment of term loans 0 (115,000) 0
Proceeds from mortgages and loans payable 0 399,561 154,720
Repayment of mortgages, loans payable and other obligations (535,017) (442,066) (245,522)
Redemption of redeemable noncontrolling interests, net (15,700) (535,488) (12,000)
Payment of early debt extinguishment costs 0 (255) (5,140)
Common unit redemptions 0 (142) (2,692)
Payment of financing costs and derivative premiums, net (17,255) (16,158) (6,037)
Contributions from noncontrolling interests 203 84 24
Distributions to noncontrolling interests (2,055) (409) 0
Distributions to redeemable noncontrolling interests (545) (17,121) (25,640)
Payment of common dividends and distributions (24,052) (5,123) (61)
Share issuance proceeds (costs), net 1,765 (540) 0
Other financing activities (3,992) (603) 0
Net cash provided by (used in) financing activities (244,648) (618,260) (290,348)
Net increase (decrease) in cash and cash equivalents (30,269) 6,930 (3,806)
Cash, cash equivalents and restricted cash, beginning of period [2] 54,579 [1] 47,649 [1] 51,455
Cash, cash equivalents and restricted cash, end of period [1] 24,310 54,579 [2] 47,649 [2]
VERIS RESIDENTIAL, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) (26,664) (112,361) (34,885)
Net loss (income) from discontinued operations (4,309) (8,996) (4,499)
Net income (loss) from continuing operations (30,973) (121,357) (39,384)
Adjustments to reconcile net income (loss) to net cash provided by      
Depreciation and amortization, including related intangible assets 82,744 86,156 77,860
Amortization of directors deferred compensation stock units 394 394 440
Amortization of stock compensation 13,171 19,876 13,767
Amortization of deferred financing costs and derivative premiums 10,587 4,416 4,394
Equity in (earnings) loss of unconsolidated joint ventures (3,934) (3,102) (1,200)
Distributions of cumulative earnings from unconsolidated joint ventures 0 0 13
(Gain) loss on disposition of developable land (11,515) (7,068) (57,262)
Land and other impairments, net 2,619 9,324 9,368
(Gain) loss from sale of investment in unconsolidated joint venture (6,946) 0 0
(Gain) loss from extinguishment of debt 777 5,606 129
Gain on insurance proceeds 0 (2,871) 0
Interest cost of mandatorily redeemable noncontrolling interests 0 49,782 0
Changes in operating assets and liabilities:      
Decrease (Increase) in unbilled rents receivable, net (695) 1,755 3,078
Decrease (Increase) in deferred charges and other assets 5,030 3,075 (4,695)
Decrease (Increase) in accounts receivable, net 165 (62) (36)
(Decrease) Increase in accounts payable, accrued expenses and other liabilities (5,487) (4,114) 1,921
(Decrease) Increase in rents received in advance and security deposits (326) 633 3,131
(Decrease) Increase in accrued interest payable (1,318) 42 2,152
Net cash flows provided by (used in) operating activities - continuing operations 54,293 42,485 13,676
Net cash flows provided by (used in) operating activities - discontinued operations (1,965) 3,055 52,778
Net cash provided by (used in) operating activities 52,328 45,540 66,454
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property acquisitions and related intangibles 0 0 (130,500)
Rental property additions and improvements (18,369) (12,400) (16,619)
Development of rental property and other related costs (6,143) (8,395) (45,817)
Proceeds from the sales of rental property and developable land 88,962 23,035 153,015
Proceeds from the sale of investments in unconsolidated joint ventures 6,095 0 0
Repayment of notes receivable 32 1,303 2,926
Investment in unconsolidated joint ventures (276) (762) (162)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 12,419 12,068 13,132
Proceeds from insurance settlements 0 3,812 0
Other investing activities 250 1,030 0
Net cash provided by (used in) investing activities - continuing operations 82,970 19,691 (24,025)
Net cash provided by (used in) investing activities - discontinued operations 79,081 559,959 244,113
Net cash provided by (used in) investing activities 162,051 579,650 220,088
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 174,000 81,000 102,000
Repayment of revolving credit facility (22,000) (81,000) (250,000)
Borrowings from term loans 200,000 115,000 0
Repayment of term loans 0 (115,000) 0
Proceeds from mortgages and loans payable 0 399,561 154,720
Repayment of mortgages, loans payable and other obligations (535,017) (442,066) (245,522)
Redemption of redeemable noncontrolling interests, net (15,700) (535,488) (12,000)
Payment of early debt extinguishment costs 0 (255) (5,140)
Common unit redemptions 0 (142) (2,692)
Payment of financing costs and derivative premiums, net (17,255) (16,158) (6,037)
Contributions from noncontrolling interests 203 84 24
Distributions to noncontrolling interests (2,055) (409) 0
Distributions to redeemable noncontrolling interests (545) (17,121) (25,640)
Payment of common dividends and distributions (24,052) (5,123) (61)
Share issuance proceeds (costs), net 1,765 (540) 0
Other financing activities (3,992) (603) 0
Net cash provided by (used in) financing activities (244,648) (618,260) (290,348)
Net increase (decrease) in cash and cash equivalents (30,269) 6,930 (3,806)
Cash, cash equivalents and restricted cash, beginning of period [4] 54,579 [3] 47,649 [3] 51,455
Cash, cash equivalents and restricted cash, end of period [3] $ 24,310 $ 54,579 [4] $ 47,649 [4]
[1] Includes Restricted Cash of $17,059, $26,572 and $20,867 as of December 31, 2024, 2023 and 2022, respectively.
[2] Includes Restricted Cash of $26,572, $20,867 and $19,701 as of December 31, 2023, 2022 and 2021, respectively.
[3] Includes Restricted Cash of $17,059, $26,572 and $20,867 as of December 31, 2024, 2023 and 2022, respectively.
[4] Includes Restricted Cash of $26,572, $20,867 and $19,701 as of December 31, 2023, 2022 and 2021, respectively