Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Related Party Transactions | 19. RELATED PARTY TRANSACTIONS William L. Mack, a former director of the General Partner and David S. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leased 5,930 square feet at one of the Company’s office properties, which was scheduled to expire in January 2025 (the Company disposed of this property in March 2020). The corporation previously leased approximately 7,034 square feet at another one of the Company’s office properties (the Company disposed of this property in January 2019). The Company recognized $48,000 and $18,000 in revenue under these leases for the years ended December 31, 2020 and 2019, respectively and had no accounts receivable from the corporation as of December 31, 2021 and 2020. The adult children of Marshall Tycher, former Chairman of VRT, own minority equity interests in a vendor to the Company. Additionally, Mr. Tycher’s son-in-law is an employee of the vendor. The Company recognized $84,000, $99,000 and $120,000 in expense for this vendor during the years ended December 31, 2021, 2020 and 2019, respectively, and had no accounts payable to this vendor as of December 31, 2021 and 2020. Certain executive officers of VRT and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned zero, zero, and $674,000 from entities in which RG has ownership interests for the years ended December 31, 2021, 2020 and 2019, respectively. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021, which the Company has recorded the $6.1 million as general and administrative expense for the year ended December 31, 2020. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
| VERIS RESIDENTIAL, L.P. [Member] | |
| Related Party Transactions | 19. RELATED PARTY TRANSACTIONS William L. Mack, a former director of the General Partner and David S. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leased 5,930 square feet at one of the Company’s office properties, which was scheduled to expire in January 2025 (the Company disposed of this property in March 2020). The corporation previously leased approximately 7,034 square feet at another one of the Company’s office properties (the Company disposed of this property in January 2019). The Company recognized $48,000 and $18,000 in revenue under these leases for the years ended December 31, 2020 and 2019, respectively and had no accounts receivable from the corporation as of December 31, 2021 and 2020. The adult children of Marshall Tycher, former Chairman of VRT, own minority equity interests in a vendor to the Company. Additionally, Mr. Tycher’s son-in-law is an employee of the vendor. The Company recognized $84,000, $99,000 and $120,000 in expense for this vendor during the years ended December 31, 2021, 2020 and 2019, respectively, and had no accounts payable to this vendor as of December 31, 2021 and 2020. Certain executive officers of VRT and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned zero, zero, and $674,000 from entities in which RG has ownership interests for the years ended December 31, 2021, 2020 and 2019, respectively. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021, which the Company has recorded the $6.1 million as general and administrative expense for the year ended December 31, 2020. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |