Quarterly report [Sections 13 or 15(d)]

VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (1,887) $ (1,734)
Net loss (income) from discontinued operations (109) (3,219)
Net income (loss) from continuing operations (1,996) (4,953)
Adjustments to reconcile net loss to net cash provided by    
Depreciation and amortization, including related intangible assets 43,718 40,417
Amortization of deferred compensation stock units 214 198
Amortization of stock compensation 5,982 7,348
Amortization of deferred financing costs and derivative premiums 5,431 2,811
Equity in (earnings) loss of unconsolidated joint ventures (4,368) (3,187)
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net 6,877 0
(Gain) loss on disposition of developable land (36,410) (11,515)
(Gain) loss on sale of unconsolidated joint ventures (5,122) (7,100)
Land and other impairments, net 15,667 0
(Gain) loss from extinguishment of debt 0 785
Gain on insurance proceeds 0 (5)
Changes in operating assets and liabilities:    
Decrease (increase) in unbilled rents receivable, net (605) (247)
Decrease (increase) in deferred charges and other assets 2,979 7,293
Decrease (increase) in accounts receivable, net 257 (465)
(Decrease) increase in accounts payable, accrued expenses and other liabilities 3,121 (4,080)
(Decrease) increase in rents received in advance and security deposits 549 (558)
(Decrease) increase in accrued interest payable 544 (747)
Net cash flows provided by (used in) operating activities - continuing operations 36,838 25,995
Net cash flows provided by (used in) operating activities - discontinued operations 145 548
Net cash provided by (used in) operating activities 36,983 26,543
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property additions, improvements and other costs (14,222) (5,670)
Development of rental property and other related costs (1,647) (3,970)
Purchase of unconsolidated joint venture interest, net of cash acquired (36,469) 0
Proceeds from the sales of rental property and developable land 57,843 88,962
Proceeds from sale of investments in unconsolidated joint ventures 7,129 6,095
Repayment of notes receivable 0 32
Investment in unconsolidated joint ventures 0 (226)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 8,188 3,281
Proceeds from insurance settlements 0 255
Net cash provided by (used in) investing activities - continuing operations 20,822 88,759
Net cash provided by (used in) investing activities - discontinued operations 0 77,184
Net cash provided by (used in) investing activities 20,822 165,943
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 70,000 0
Repayment of revolving credit facility (95,000) 0
Borrowings from term loans 0 55,000
Repayment of mortgages, loans payable and other obligations (4,873) (223,922)
Redemption of redeemable noncontrolling interests, net 0 (15,700)
Common unit redemptions (148) 0
Payment of financing costs and derivative premiums, net (517) (7,744)
Contribution from noncontrolling interests 117 108
Distribution to noncontrolling interests (646) (1,249)
Distributions to redeemable noncontrolling interests (162) (384)
Payment of common dividends and distributions (16,554) (10,737)
Share issuance proceeds (costs), net 0 1,831
Payment for taxes related to the net share settlement of stock compensation awards (4,313) (3,337)
Net cash provided by (used in) financing activities (52,096) (206,134)
Net increase (decrease) in cash and cash equivalents 5,709 (13,648)
Cash, cash equivalents and restricted cash, beginning of period [1] 24,310 54,579
Cash, cash equivalents and restricted cash, end of period [2] $ 30,019 $ 40,931
[1] Includes Restricted Cash of $17,059 and $26,572 as of December 31, 2024 and 2023, respectively.
[2] Includes Restricted Cash of $18,581 and $22,533 as of June 30, 2025 and 2024, respectively.