Discontinued Operations |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, 2021 2020 2019Total revenues$ 28,614 $ 134,915 $ 169,672Operating and other expenses (12,140) (54,153) (69,077)Depreciation and amortization (974) (4,806) (71,021)Interest expense (1,570) (5,256) (5,240) Income from discontinued operations 13,930 70,700 24,334 Unrealized gains (losses) on disposition of rental property (a) 569 (14,040) (141,266)Realized gains (losses) on disposition of rental property (b) 24,983 25,241 7,916Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350) Total discontinued operations, net$ 39,482 $ 81,901 $ (109,016) (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020.(b)See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses). |
| VERIS RESIDENTIAL, L.P. [Member] | |
| Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, 2021 2020 2019Total revenues$ 28,614 $ 134,915 $ 169,672Operating and other expenses (12,140) (54,153) (69,077)Depreciation and amortization (974) (4,806) (71,021)Interest expense (1,570) (5,256) (5,240) Income from discontinued operations 13,930 70,700 24,334 Unrealized gains (losses) on disposition of rental property (a) 569 (14,040) (141,266)Realized gains (losses) on disposition of rental property (b) 24,983 25,241 7,916Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 25,552 11,201 (133,350) Total discontinued operations, net$ 39,482 $ 81,901 $ (109,016) (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020.(b)See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses). |