Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

v3.22.0.1
Consolidated Statements Of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (109,539,000) $ (33,598,000) $ 143,836,000
Net income (loss) from discontinued operations (39,482,000) (81,901,000) 109,016,000
Net income (loss) from continuing operations (149,021,000) (115,499,000) 252,852,000
Adjustments to reconcile net income (loss) to net cash provided by Operating activities:      
Depreciation and amortization, including related intangible assets 108,839,000 118,345,000 129,725,000
Amortization of directors deferred compensation stock units 314,000 291,000 319,000
Amortization of stock compensation 10,847,000 7,635,000 8,161,000
Amortization of deferred financing costs 4,568,000 4,625,000 4,625,000
Amortization of debt discount and mark-to-market 232,000 (1,083,000) (949,000)
Equity in (earnings) loss of unconsolidated joint ventures 4,251,000 3,832,000 1,319,000
Distributions of cumulative earnings from unconsolidated joint ventures 759,000 5,300,000 6,923,000
Gain on change of control of interests     (13,790,000)
Write-off transaction-related costs 7,922,000    
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (3,022,000) (5,481,000) (343,102,000)
Gain on disposition of developable land (2,115,000) (5,787,000) (522,000)
Property impairments 13,467,000 36,582,000  
Land and other impairments, net 23,719,000 16,817,000 32,444,000
(Gain) Loss from sale of investment in unconsolidated joint venture 1,886,000 (35,184,000) (903,000)
(Gain) Loss from extinguishment of debt 47,078,000 272,000 (1,648,000)
Loan loss allowance charge 200,000    
Changes in operating assets and liabilities:      
(Increase) decrease in unbilled rents receivable, net (6,976,000) (1,135,000) (7,240,000)
Increase in deferred charges, goodwill and other assets (5,022,000) (806,000) (21,921,000)
Decrease (increase) in accounts receivable, net 5,544,000 (5,117,000) 2,132,000
Increase (decrease) in accounts payable, accrued expenses and other liabilities (11,268,000) (9,577,000) 1,820,000
(Decrease) Increase in rents received in advance and security deposits 55,000 (2,446,000) 2,002,000
Increase (decrease) in accrued interest payable 258,000 (184,000) 1,068,000
Net cash flows provided by operating activities - continuing operations 52,315,000 11,400,000 53,315,000
Net cash flows provided by operating activities - discontinuing operations 3,800,000 74,022,000 78,527,000
Net cash provided by operating activities 56,115,000 85,422,000 131,842,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property acquisitions and related intangibles   (16,811,000) (956,040,000)
Rental property additions and improvements (65,101,000) (138,688,000) (88,240,000)
Development of rental property and other related costs (211,617,000) (295,892,000) (172,309,000)
Proceeds from the sales of rental property 52,391,000 64,947,000 825,613,000
Proceeds from the sale of unconsolidated joint venture interests 3,865,000 64,773,000 4,039,000
Repayment of notes receivable 7,257,000 458,000 46,597,000
Investment in unconsolidated joint ventures (1,280,000) (2,959,000) (9,011,000)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 15,703,000 13,826,000 8,697,000
Net cash used in investing activities - continuing operations (198,782,000) (310,346,000) (340,654,000)
Net cash provided by investing activities - discontinuing operations 645,011,000 338,811,000 (75,421,000)
Net cash provided by (used in) investing activities 446,229,000 28,465,000 (416,075,000)
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 196,000,000 212,000,000 829,000,000
Repayment of revolving credit facility (73,000,000) (516,000,000) (617,000,000)
Borrowings from term loans 150,000,000    
Repayment of term loans (150,000,000)   (675,000,000)
Repayment of senior unsecured notes (573,727,000)    
Proceeds from mortgages and loans payable 226,422,000 381,577,000 877,126,000
Repayment of mortgages, loans payable and other obligations (192,995,000) (86,561,000) (155,115,000)
Payment of early debt extinguishment costs (49,874,000)    
Acquisition of noncontrolling interests     (5,017,000)
(Redemption) issuance of redeemable noncontrolling interests, net   (3,153,000) 145,000,000
Common unit redemptions (898,000) (2,693,000) (7,769,000)
Payment of financing costs (8,874,000) (1,677,000) (12,339,000)
Contributions from noncontrolling interests 207,000 171,000 (466,000)
Distributions to redeemable noncontrolling interests (25,977,000) (25,883,000) (21,883,000)
Payment of common dividends and distributions (475,000) (60,532,000) (80,692,000)
Net cash (used in) provided by financing activities (503,191,000) (102,751,000) 275,845,000
Net decrease in cash and cash equivalents (847,000) 11,136,000 (8,388,000)
Cash, cash equivalents and restricted cash, beginning of period [1] 52,302,000 [2] 41,166,000 [2] 49,554,000
Cash, cash equivalents and restricted cash, end of period [2] 51,455,000 52,302,000 [1] 41,166,000 [1]
VERIS RESIDENTIAL, L.P. [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) (109,539,000) (33,598,000) 143,836,000
Net income (loss) from discontinued operations (39,482,000) (81,901,000) 109,016,000
Net income (loss) from continuing operations (149,021,000) (115,499,000) 252,852,000
Adjustments to reconcile net income (loss) to net cash provided by Operating activities:      
Depreciation and amortization, including related intangible assets 108,839,000 118,345,000 129,725,000
Amortization of directors deferred compensation stock units 314,000 291,000 319,000
Amortization of stock compensation 10,847,000 7,635,000 8,161,000
Amortization of deferred financing costs 4,568,000 4,625,000 4,625,000
Amortization of debt discount and mark-to-market 232,000 (1,083,000) (949,000)
Equity in (earnings) loss of unconsolidated joint ventures 4,251,000 3,832,000 1,319,000
Distributions of cumulative earnings from unconsolidated joint ventures 759,000 5,300,000 6,923,000
Gain on change of control of interests     (13,790,000)
Write-off transaction-related costs 7,922,000    
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (3,022,000) (5,481,000) (343,102,000)
Gain on disposition of developable land (2,115,000) (5,787,000) (522,000)
Property impairments 13,467,000 36,582,000  
Land and other impairments, net 23,719,000 16,817,000 32,444,000
(Gain) Loss from sale of investment in unconsolidated joint venture 1,886,000 (35,184,000) (903,000)
(Gain) Loss from extinguishment of debt 47,078,000 272,000 (1,648,000)
Changes in operating assets and liabilities:      
(Increase) decrease in unbilled rents receivable, net (6,976,000) (1,135,000) (7,240,000)
Increase in deferred charges, goodwill and other assets (5,022,000) (806,000) (21,921,000)
Decrease (increase) in accounts receivable, net 5,544,000 (5,117,000) 2,132,000
Increase (decrease) in accounts payable, accrued expenses and other liabilities (11,268,000) (9,577,000) 1,820,000
(Decrease) Increase in rents received in advance and security deposits 55,000 (2,446,000) 2,002,000
Increase (decrease) in accrued interest payable 258,000 (184,000) 1,068,000
Net cash flows provided by operating activities - continuing operations 52,315,000 11,400,000 53,315,000
Net cash flows provided by operating activities - discontinuing operations 3,800,000 74,022,000 78,527,000
Net cash provided by operating activities 56,115,000 85,422,000 131,842,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property acquisitions and related intangibles   (16,811,000) (956,040,000)
Rental property additions and improvements (65,101,000) (138,688,000) (88,240,000)
Development of rental property and other related costs (211,617,000) (295,892,000) (172,309,000)
Proceeds from the sales of rental property 52,391,000 64,947,000 825,613,000
Proceeds from the sale of unconsolidated joint venture interests 3,865,000 64,773,000 4,039,000
Repayment of notes receivable 7,257,000 458,000 46,597,000
Investment in unconsolidated joint ventures (1,280,000) (2,959,000) (9,011,000)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 15,703,000 13,826,000 8,697,000
Net cash used in investing activities - continuing operations (198,782,000) (310,346,000) (340,654,000)
Net cash provided by investing activities - discontinuing operations 645,011,000 338,811,000 (75,421,000)
Net cash provided by (used in) investing activities 446,229,000 28,465,000 (416,075,000)
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 196,000,000 212,000,000 829,000,000
Repayment of revolving credit facility (73,000,000) (516,000,000) (617,000,000)
Borrowings from term loans 150,000,000    
Repayment of term loans 150,000,000   675,000,000
Repayment of senior unsecured notes (573,727,000)    
Proceeds from mortgages and loans payable 226,422,000 381,577,000 877,126,000
Repayment of mortgages, loans payable and other obligations (192,995,000) (86,561,000) (155,115,000)
Payment of early debt extinguishment costs (49,874,000)    
Acquisition of noncontrolling interests     (5,017,000)
(Redemption) issuance of redeemable noncontrolling interests, net   (3,153,000) 145,000,000
Common unit redemptions (898,000) (2,693,000) (7,769,000)
Payment of financing costs (8,874,000) (1,677,000) (12,339,000)
Contributions from noncontrolling interests 207,000 171,000 (466,000)
Distributions to redeemable noncontrolling interests (25,977,000) (25,883,000) (21,883,000)
Payment of common dividends and distributions (475,000) (60,532,000) (80,692,000)
Net cash (used in) provided by financing activities (503,191,000) (102,751,000) 275,845,000
Net decrease in cash and cash equivalents (847,000) 11,136,000 (8,388,000)
Cash, cash equivalents and restricted cash, beginning of period [1] 52,302,000 [2] 41,166,000 [2] 49,554,000
Cash, cash equivalents and restricted cash, end of period [2] $ 51,455,000 $ 52,302,000 [1] $ 41,166,000 [1]
[1] Includes Restricted Cash of $14,207, $15,577 and $19,921 as of December 31, 2020, 2019 and 2018, respectively.
[2] Includes Restricted Cash of $19,701, $14,207 and $15,577 as of December 31, 2021, 2020 and 2019, respectively.