Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING

v3.25.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Upon completion of the sale of the last remaining non-strategic office asset in the first quarter of 2024, the Company
reassessed its reportable segments. The Company operates as a single business segment, focusing on the ownership, operation and development of its multifamily real estate portfolio located in the United States. The chief operating decision maker, identified as the Chief Executive Officer, is regularly provided with financial reporting packages which include the financial statements presented herein.

The chief operating decision maker evaluates the performance of the Company on a consolidated basis, based upon consolidated Net loss, to make decisions about the Company’s operations and resource allocation. Consolidated Net loss is
used to monitor budget versus actual results, and in competitive analysis by benchmarking to the Company’s competitors. The significant expenses of the Company are presented within the Consolidated Statement of Operations.
Prior to 2024, the Company operated in two business segments: (i) multifamily real estate and services, and (ii) commercial and other real estate. Performance was evaluated based on net operating income from the combined properties and operations within each segment. The table below presents selected results of operations for the years ended December 31, 2023 and 2022, and selected asset information as of December 31, 2023. Amounts for prior periods have been restated to conform to the current period segment reporting presentation and to align with the current property listing for discontinued operations. All properties classified as discontinued operations have been excluded. In 2024, the Company classified and sold its last remaining non-strategic office asset as discontinued operations (dollars in thousands):
Total
Company
Total revenues:
2023 260,295 
2022 213,355 
Total operating and interest expenses (a):
2023 290,165 
2022 223,801 
Equity in earnings (loss) of unconsolidated joint ventures:
2023 3,102 
2022 1,200 
Net operating income (loss) (b):
2023 (26,768)
2022 (9,246)
Total assets:
2023 3,241,046 
Total long-lived assets (c):
2023 3,011,815 
Total investments in unconsolidated joint ventures:
2023 117,954 
(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; property management; general and administrative, transaction-related costs and interest expense, net of interest and other investment income and other income (expense), net.
(b)Net operating income (loss) represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the periods.
(c)Long-lived assets are comprised of net investment in rental property and unbilled rents receivable.
Veris Residential, Inc.
The following schedule reconciles net operating income (loss) to net income (loss) available to common shareholders (dollars in thousands):
Year Ended December 31,
2023 2022
Net operating income (loss) $ (26,768) $ (9,246)
Add (deduct):
Depreciation and amortization (86,235) (77,903)
Land and other impairments, net (9,324) (9,368)
Gain (loss) on disposition of developable land 7,068 57,262
Gain (loss) from extinguishment of debt, net (5,606) (129)
Income (loss) from continuing operations before income tax expense (120,865) (39,384)
Provision for income taxes (492) — 
Loss from continuing operations after income tax expense
 (121,357) (39,384)
Discontinued operations
Income (loss) from discontinued operations (32,686) (64,854)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 41,682 69,353 
Total discontinued operations, net 8,996 4,499 
Net income (loss) (112,361) (34,885)
Noncontrolling interests in consolidated joint ventures 2,319 3,079
Noncontrolling interests in Operating Partnership of loss (income) from continuing operations 11,174 5,688 
Noncontrolling interests in Operating Partnership in discontinued operations (779) (414)
Redeemable noncontrolling interests (7,618) (25,534)
Net income (loss) available to common shareholders $ (107,265) $ (52,066)
Veris Residential, L.P.
The following schedule reconciles net operating income (loss) to net income (loss) available to common unitholders (dollars in thousands):
Year Ended December 31,
2023 2022
Net operating income (loss) $ (26,768) $ (9,246)
Add (deduct):
Depreciation and amortization (86,235) (77,903)
Land and other impairments, net (9,324) (9,368)
Gain (loss) on disposition of developable land 7,068 57,262
Gain (loss) from extinguishment of debt, net (5,606) (129)
Income (loss) from continuing operations before income tax expense (120,865) (39,384)
Provision for income taxes (492) — 
Income (loss) from continuing operations after income tax expense (121,357) (39,384)
Discontinued operations
Income (loss) from discontinued operations (32,686) (64,854)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 41,682 69,353 
Total discontinued operations, net 8,996 4,499 
Net income (loss) (112,361) (34,885)
Noncontrolling interests in consolidated joint ventures 2,319 3,079
Redeemable noncontrolling interests (7,618) (25,534)
Net income (loss) available to common unitholders $ (117,660) $ (57,340)