Annual report pursuant to Section 13 and 15(d)

Real Estate Investments And Accumulated Depreciation

v3.22.0.1
Real Estate Investments And Accumulated Depreciation
 12 Months Ended
Dec. 31, 2021
Real Estate Investments And Accumulated Depreciation VERIS RESIDENTIAL, INC., VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2021 (dollars in thousands) SCHEDULE III Gross Amount at Which CostsCarried at Close of Initial CostsCapitalizedPeriod (a) Property Year Related Building andSubsequent to Building and AccumulatedProperty LocationTypeBuiltAcquiredEncumbrancesLandImprovementsAcquisition (c)LandImprovementsTotal (d) Depreciation (b) NEW JERSEY Essex County Millburn (Short Hills) The UptonMultifamily2021 74,328 2,850 - 91,673 2,850 91,673 94,523 2,154 Hudson County Hoboken 111 River StreetOffice20022016 148,897 - 198,609 15,604 - 214,213 214,213 31,096Soho LoftsMultifamily20172019 159,112 27,601 224,039 4,663 27,601 228,702 256,303 18,774Jersey City Harborside Plaza 2Office19901996 - 17,655 101,546 73,669 8,363 184,507 192,870 87,603Harborside Plaza 3Office19901996 - 17,655 101,878 73,337 8,363 184,507 192,870 87,603Harborside Plaza 5Office20022002 - 6,218 170,682 63,367 5,705 234,562 240,267 118,295Harborside Plaza 6Office20002000 - 1,244 56,144 13,364 1,244 69,508 70,752 31,273101 Hudson StreetOffice19922005 249,056 45,530 271,376 49,831 45,530 321,207 366,737 128,442Liberty TowersMultifamily20032019 263,888 66,670 328,347 7,344 66,670 335,691 402,361 19,718BLVD 475 N/SMultifamily20112017 164,915 58,761 240,871 6,323 58,761 247,194 305,955 33,036BLVD 425Multifamily20032018 130,420 48,820 160,740 5,611 48,820 166,351 215,171 16,350BLVD 401Multifamily20162019 116,447 36,595 152,440 438 36,595 152,878 189,473 12,038Weehawken 100 Avenue at Port ImperialOther20162016 - 350 - 30,734 1,958 29,126 31,084 5,313500 Avenue at Port ImperialOther20132013 32,443 13,099 56,669 (19,331) 13,099 37,338 50,437 7,898Riverhouse 9Multifamily2021 86,917 2,686 - 131,280 2,686 131,280 133,966 1,323Riverhouse 11Multifamily20182018 99,854 22,047 - 112,301 22,047 112,301 134,348 11,257Residence Inn/Envue Autograph CollectionOther20192015 88,714 23,660 - 74,655 16,866 81,449 98,315 13,101West New York Port Imperial North Retail Other20082020 - 4,305 8,216 695 4,305 8,911 13,216 647 Monmouth County Holmdel 23 Main StreetOffice19772005 - 4,336 19,544 6,400 4,336 25,944 30,280 11,671 Morris County Morris Plains Signature PlaceMultifamily20182018 42,752 930 - 56,414 930 56,414 57,344 6,103 NEW YORK Westchester County Eastchester Quarry Place at TuckahoeMultifamily20162016 40,631 5,585 3,400 48,953 5,585 52,353 57,938 7,780 MASSACHUSETTS Middlesex County Malden The Emery at Overlook Ridge Multifamily20202014 71,426 4,115 86,093 10,023 9,103 91,128 100,231 5,310 Suffolk County East Boston Portside at Pier OneMultifamily20152016 58,880 - 73,713 656 - 74,369 74,369 14,022Portside 5/6Multifamily20182018 96,633 - 37,114 77,248 - 114,362 114,362 12,335 Worcester County Worcester 145 Front StreetMultifamily20182015 62,645 4,380 - 92,178 4,380 92,178 96,558 10,752 Projects Under Development and Developable Land 253,112 259,107 761,990 - 259,106 761,990 1,021,096 49,059 Furniture, Fixtures and Equipment - - - 100,011 - 100,011 100,011 TOTALS 2,241,070 674,199 3,053,411 1,127,441 654,903 4,200,147 4,855,050(e) 742,953 ‎ (a)The aggregate cost for federal income tax purposes at December 31, 2021 was approximately $3.2 billion.(b)Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years.(c)These costs are net of impairments and valuation allowances recorded, if any.(d)Includes properties classified as held for sale at December 31, 2021. The gross amount includes $160.0 million of land and $618.2 million of building improvements related to these held for sale assets at period end.(e)Accumulated depreciation includes $159.5 million from assets classified as held for sale as of December 31, 2021. VERIS RESIDENTIAL, INC./VERIS RESIDENTIAL, L.P. AND SUBSIDIARIESNOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2021, 2020 and 2019 are as follows: (dollars in thousands) 2021 2020 2019Rental Properties Balance at beginning of year$ 4,638,643 $ 4,256,681 $ 5,306,017Additions 1,002,342 1,776,276 1,349,959Real estate held for sale (778,184) (944,082) (1,553,383)Properties sold (744,810) (443,755) (824,167)Impairments (27,547) - -Retirements/disposals (13,578) (6,477) (21,745)Balance at end of year$ 4,076,866 $ 4,638,643 $ 4,256,681 Accumulated Depreciation Balance at beginning of year$ 656,331 $ 558,617 $ 1,097,868Depreciation expense 102,062 104,421 156,250Real estate held for sale (159,541) 2,238 (411,833)Properties sold - - (261,923)Impairments (1,858) (2,469) -Retirements/disposals (13,578) (6,477) (21,745)Balance at end of year$ 583,416 $ 656,331 $ 558,617 
VERIS RESIDENTIAL, L.P. [Member]  
Real Estate Investments And Accumulated Depreciation VERIS RESIDENTIAL, INC., VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2021 (dollars in thousands) SCHEDULE III Gross Amount at Which CostsCarried at Close of Initial CostsCapitalizedPeriod (a) Property Year Related Building andSubsequent to Building and AccumulatedProperty LocationTypeBuiltAcquiredEncumbrancesLandImprovementsAcquisition (c)LandImprovementsTotal (d) Depreciation (b) NEW JERSEY Essex County Millburn (Short Hills) The UptonMultifamily2021 74,328 2,850 - 91,673 2,850 91,673 94,523 2,154 Hudson County Hoboken 111 River StreetOffice20022016 148,897 - 198,609 15,604 - 214,213 214,213 31,096Soho LoftsMultifamily20172019 159,112 27,601 224,039 4,663 27,601 228,702 256,303 18,774Jersey City Harborside Plaza 2Office19901996 - 17,655 101,546 73,669 8,363 184,507 192,870 87,603Harborside Plaza 3Office19901996 - 17,655 101,878 73,337 8,363 184,507 192,870 87,603Harborside Plaza 5Office20022002 - 6,218 170,682 63,367 5,705 234,562 240,267 118,295Harborside Plaza 6Office20002000 - 1,244 56,144 13,364 1,244 69,508 70,752 31,273101 Hudson StreetOffice19922005 249,056 45,530 271,376 49,831 45,530 321,207 366,737 128,442Liberty TowersMultifamily20032019 263,888 66,670 328,347 7,344 66,670 335,691 402,361 19,718BLVD 475 N/SMultifamily20112017 164,915 58,761 240,871 6,323 58,761 247,194 305,955 33,036BLVD 425Multifamily20032018 130,420 48,820 160,740 5,611 48,820 166,351 215,171 16,350BLVD 401Multifamily20162019 116,447 36,595 152,440 438 36,595 152,878 189,473 12,038Weehawken 100 Avenue at Port ImperialOther20162016 - 350 - 30,734 1,958 29,126 31,084 5,313500 Avenue at Port ImperialOther20132013 32,443 13,099 56,669 (19,331) 13,099 37,338 50,437 7,898Riverhouse 9Multifamily2021 86,917 2,686 - 131,280 2,686 131,280 133,966 1,323Riverhouse 11Multifamily20182018 99,854 22,047 - 112,301 22,047 112,301 134,348 11,257Residence Inn/Envue Autograph CollectionOther20192015 88,714 23,660 - 74,655 16,866 81,449 98,315 13,101West New York Port Imperial North Retail Other20082020 - 4,305 8,216 695 4,305 8,911 13,216 647 Monmouth County Holmdel 23 Main StreetOffice19772005 - 4,336 19,544 6,400 4,336 25,944 30,280 11,671 Morris County Morris Plains Signature PlaceMultifamily20182018 42,752 930 - 56,414 930 56,414 57,344 6,103 NEW YORK Westchester County Eastchester Quarry Place at TuckahoeMultifamily20162016 40,631 5,585 3,400 48,953 5,585 52,353 57,938 7,780 MASSACHUSETTS Middlesex County Malden The Emery at Overlook Ridge Multifamily20202014 71,426 4,115 86,093 10,023 9,103 91,128 100,231 5,310 Suffolk County East Boston Portside at Pier OneMultifamily20152016 58,880 - 73,713 656 - 74,369 74,369 14,022Portside 5/6Multifamily20182018 96,633 - 37,114 77,248 - 114,362 114,362 12,335 Worcester County Worcester 145 Front StreetMultifamily20182015 62,645 4,380 - 92,178 4,380 92,178 96,558 10,752 Projects Under Development and Developable Land 253,112 259,107 761,990 - 259,106 761,990 1,021,096 49,059 Furniture, Fixtures and Equipment - - - 100,011 - 100,011 100,011 TOTALS 2,241,070 674,199 3,053,411 1,127,441 654,903 4,200,147 4,855,050(e) 742,953 ‎ (a)The aggregate cost for federal income tax purposes at December 31, 2021 was approximately $3.2 billion.(b)Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years.(c)These costs are net of impairments and valuation allowances recorded, if any.(d)Includes properties classified as held for sale at December 31, 2021. The gross amount includes $160.0 million of land and $618.2 million of building improvements related to these held for sale assets at period end.(e)Accumulated depreciation includes $159.5 million from assets classified as held for sale as of December 31, 2021. VERIS RESIDENTIAL, INC./VERIS RESIDENTIAL, L.P. AND SUBSIDIARIESNOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2021, 2020 and 2019 are as follows: (dollars in thousands) 2021 2020 2019Rental Properties Balance at beginning of year$ 4,638,643 $ 4,256,681 $ 5,306,017Additions 1,002,342 1,776,276 1,349,959Real estate held for sale (778,184) (944,082) (1,553,383)Properties sold (744,810) (443,755) (824,167)Impairments (27,547) - -Retirements/disposals (13,578) (6,477) (21,745)Balance at end of year$ 4,076,866 $ 4,638,643 $ 4,256,681 Accumulated Depreciation Balance at beginning of year$ 656,331 $ 558,617 $ 1,097,868Depreciation expense 102,062 104,421 156,250Real estate held for sale (159,541) 2,238 (411,833)Properties sold - - (261,923)Impairments (1,858) (2,469) -Retirements/disposals (13,578) (6,477) (21,745)Balance at end of year$ 583,416 $ 656,331 $ 558,617