Annual report [Section 13 and 15(d), not S-K Item 405]

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

v3.25.4
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 78,941 $ (26,664) $ (112,361)
Net loss (income) from discontinued operations (4,115) (4,309) (8,996)
Net income (loss) from continuing operations 74,826 (30,973) (121,357)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization, including related intangible assets 86,245 82,744 86,156
Amortization of directors deferred compensation stock units 468 394 394
Amortization of stock compensation 11,690 13,171 19,876
Amortization of deferred financing costs and derivative premiums 9,386 10,587 4,416
Equity in (earnings) loss of unconsolidated joint ventures (5,257) (3,934) (3,102)
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (90,831) 0 0
(Gain) loss on disposition of developable land (34,040) (11,515) (7,068)
Land and other impairments, net 17,984 2,619 9,324
(Gain) loss from sale of investment in unconsolidated joint venture (5,122) (6,946) 0
(Gain) loss from extinguishment of debt 3,530 777 5,606
Gain on insurance proceeds 0 0 (2,871)
Interest cost of mandatorily redeemable noncontrolling interests 0 0 49,782
Changes in operating assets and liabilities:      
Decrease (Increase) in unbilled rents receivable, net (996) (695) 1,755
Decrease (Increase) in deferred charges and other assets 2,779 5,030 3,075
Decrease (Increase) in accounts receivable, net 326 165 (62)
(Decrease) Increase in accounts payable, accrued expenses and other liabilities 1,809 (5,487) (4,114)
(Decrease) Increase in rents received in advance and security deposits (1,201) (326) 633
(Decrease) Increase in accrued interest payable (231) (1,318) 42
Net cash flows provided by (used in) operating activities - continuing operations 71,365 54,293 42,485
Net cash flows provided by (used in) operating activities - discontinued operations 4,602 (1,965) 3,055
Net cash provided by (used in) operating activities 75,967 52,328 45,540
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property additions and improvements (31,358) (18,369) (12,400)
Development of rental property and other related costs (7,408) (6,143) (8,395)
Purchase of unconsolidated joint venture interest, net of cash acquired (36,469) 0 0
Proceeds from the sales of developable land 163,034 88,962 23,035
Proceeds from the sales of rental property 340,148 0 0
Proceeds from the sales of investments in unconsolidated joint ventures 7,129 6,095 0
Repayment of notes receivable 0 32 1,303
Investment in unconsolidated joint ventures 0 (276) (762)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 10,356 12,419 12,068
Proceeds from insurance settlements 0 0 3,812
Other investing activities 0 250 1,030
Net cash provided by (used in) investing activities - continuing operations 445,432 82,970 19,691
Net cash provided by (used in) investing activities - discontinued operations 0 79,081 559,959
Net cash provided by (used in) investing activities 445,432 162,051 579,650
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 248,000 174,000 81,000
Repayments of revolving credit facility (370,000) (22,000) (81,000)
Borrowings from term loans 0 200,000 115,000
Repayments of term loans (200,000) 0 (115,000)
Proceeds from mortgages and loans payable 0 0 399,561
Repayments of mortgages, loans payable and other obligations (135,206) (535,017) (442,066)
Redemptions of redeemable noncontrolling interests, net 0 (15,700) (535,488)
Payments of early debt extinguishment costs 0 0 (255)
Common unit redemptions (456) 0 (142)
Payments of financing costs and derivative premiums, net (1,582) (17,255) (16,158)
Contributions from noncontrolling interests 225 203 84
Distributions to noncontrolling interests (19,585) (2,055) (409)
Distributions to redeemable noncontrolling interests (324) (545) (17,121)
Payments of common dividends and distributions (33,005) (24,052) (5,123)
Share issuance proceeds (costs), net 0 1,765 (540)
Payments for taxes related to the net share settlement of stock compensation awards (4,416) (3,992) (603)
Net cash provided by (used in) financing activities (516,349) (244,648) (618,260)
Net increase (decrease) in cash and cash equivalents 5,050 (30,269) 6,930
Cash, cash equivalents and restricted cash, beginning of period [2] 24,310 [1] 54,579 [1] 47,649
Cash, cash equivalents and restricted cash, end of period [1] 29,360 24,310 [2] 54,579 [2]
Supplemental schedule of non-cash investing and financing activities:      
Mortgage and loans payable assumed in real estate acquisitions 180,969 0 0
Mortgage and loans payable assigned through sales of rental property (41,000) 0 0
VERIS RESIDENTIAL, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) 78,941 (26,664) (112,361)
Net loss (income) from discontinued operations (4,115) (4,309) (8,996)
Net income (loss) from continuing operations 74,826 (30,973) (121,357)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization, including related intangible assets 86,245 82,744 86,156
Amortization of directors deferred compensation stock units 468 394 394
Amortization of stock compensation 11,690 13,171 19,876
Amortization of deferred financing costs and derivative premiums 9,386 10,587 4,416
Equity in (earnings) loss of unconsolidated joint ventures (5,257) (3,934) (3,102)
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (90,831) 0 0
(Gain) loss on disposition of developable land (34,040) (11,515) (7,068)
Land and other impairments, net 17,984 2,619 9,324
(Gain) loss from sale of investment in unconsolidated joint venture (5,122) (6,946) 0
(Gain) loss from extinguishment of debt 3,530 777 5,606
Gain on insurance proceeds 0 0 (2,871)
Interest cost of mandatorily redeemable noncontrolling interests 0 0 49,782
Changes in operating assets and liabilities:      
Decrease (Increase) in unbilled rents receivable, net (996) (695) 1,755
Decrease (Increase) in deferred charges and other assets 2,779 5,030 3,075
Decrease (Increase) in accounts receivable, net 326 165 (62)
(Decrease) Increase in accounts payable, accrued expenses and other liabilities 1,809 (5,487) (4,114)
(Decrease) Increase in rents received in advance and security deposits (1,201) (326) 633
(Decrease) Increase in accrued interest payable (231) (1,318) 42
Net cash flows provided by (used in) operating activities - continuing operations 71,365 54,293 42,485
Net cash flows provided by (used in) operating activities - discontinued operations 4,602 (1,965) 3,055
Net cash provided by (used in) operating activities 75,967 52,328 45,540
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property additions and improvements (31,358) (18,369) (12,400)
Development of rental property and other related costs (7,408) (6,143) (8,395)
Purchase of unconsolidated joint venture interest, net of cash acquired (36,469) 0 0
Proceeds from the sales of developable land 163,034 88,962 23,035
Proceeds from the sales of rental property 340,148 0 0
Proceeds from the sales of investments in unconsolidated joint ventures 7,129 6,095 0
Repayment of notes receivable 0 32 1,303
Investment in unconsolidated joint ventures 0 (276) (762)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 10,356 12,419 12,068
Proceeds from insurance settlements 0 0 3,812
Other investing activities 0 250 1,030
Net cash provided by (used in) investing activities - continuing operations 445,432 82,970 19,691
Net cash provided by (used in) investing activities - discontinued operations 0 79,081 559,959
Net cash provided by (used in) investing activities 445,432 162,051 579,650
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 248,000 174,000 81,000
Repayments of revolving credit facility (370,000) (22,000) (81,000)
Borrowings from term loans 0 200,000 115,000
Repayments of term loans (200,000) 0 (115,000)
Proceeds from mortgages and loans payable 0 0 399,561
Repayments of mortgages, loans payable and other obligations (135,206) (535,017) (442,066)
Redemptions of redeemable noncontrolling interests, net 0 (15,700) (535,488)
Payments of early debt extinguishment costs 0 0 (255)
Common unit redemptions (456) 0 (142)
Payments of financing costs and derivative premiums, net (1,582) (17,255) (16,158)
Contributions from noncontrolling interests 225 203 84
Distributions to noncontrolling interests (19,585) (2,055) (409)
Distributions to redeemable noncontrolling interests (324) (545) (17,121)
Payments of common dividends and distributions (33,005) (24,052) (5,123)
Share issuance proceeds (costs), net 0 1,765 (540)
Payments for taxes related to the net share settlement of stock compensation awards (4,416) (3,992) (603)
Net cash provided by (used in) financing activities (516,349) (244,648) (618,260)
Net increase (decrease) in cash and cash equivalents 5,050 (30,269) 6,930
Cash, cash equivalents and restricted cash, beginning of period [4] 24,310 [3] 54,579 [3] 47,649
Cash, cash equivalents and restricted cash, end of period [3] 29,360 24,310 [4] 54,579 [4]
Supplemental schedule of non-cash investing and financing activities:      
Mortgage and loans payable assumed in real estate acquisitions 180,969 0 0
Mortgage and loans payable assigned through sales of rental property $ (41,000) $ 0 $ 0
[1] Includes Restricted Cash of $15,232, $17,059 and $26,572 as of December 31, 2025, 2024 and 2023, respectively.
[2] Includes Restricted Cash of $17,059, $26,572 and $20,867 as of December 31, 2024, 2023, and 2022, respectively.
[3] Includes Restricted Cash of $15,232, $17,059 and $26,572 as of December 31, 2025, 2024 and 2023, respectively.
[4] Includes Restricted Cash of $17,059, $26,572 and $20,867 as of December 31, 2024, 2023, and 2022, respectively