Annual report pursuant to Section 13 and 15(d)

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

v3.22.4
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (34,885) $ (109,539) $ (33,598)
Net (income) loss from discontinued operations 748 (42,463) (87,686)
Net income (loss) from continuing operations (34,137) (152,002) (121,284)
Adjustments to reconcile net income (loss) to net cash provided by      
Depreciation and amortization, including related intangible assets 111,392 107,201 117,745
Amortization of directors deferred compensation stock units 440 314 291
Amortization of stock compensation 13,767 10,847 7,635
Amortization of deferred financing costs 4,821 4,568 4,625
Amortization of debt discount and mark-to-market 0 232 (1,083)
Equity in (earnings) loss of unconsolidated joint ventures (1,200) 4,251 3,832
Distributions of cumulative earnings from unconsolidated joint ventures 13 759 5,300
Write-off transaction-related costs 0 7,922 0
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (66,115) (3,022) (2,657)
Gain on disposition of developable land (57,262) (2,115) (5,787)
Property impairments 94,811 13,467 36,582
Land and other impairments, net 9,368 23,719 16,817
(Gain) Loss from sale of investment in unconsolidated joint venture (7,677) 1,886 (35,184)
Loss from extinguishment of debt 7,432 47,078 272
Changes in operating assets and liabilities:      
Decrease (Increase) in unbilled rents receivable, net 1,578 (7,251) (1,311)
Increase in deferred charges, goodwill and other assets (12,565) (4,954) (750)
(Increase) Decrease in accounts receivable, net (505) 5,544 (5,117)
Increase (Decrease) in accounts payable, accrued expenses and other liabilities 328 (11,445) (9,550)
(Decrease) Increase in rents received in advance and security deposits (3,173) 55 (2,446)
Increase (Decrease) in accrued interest payable 1,371 258 (184)
Net cash flows provided by operating activities - continuing operations 62,687 47,312 7,746
Net cash flows provided by operating activities - discontinued operations 3,767 8,803 77,676
Net cash provided by operating activities 66,454 56,115 85,422
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property acquisitions and related intangibles (130,500) 0 (16,811)
Rental property additions and improvements (51,480) (65,101) (138,700)
Development of rental property, other related costs and deposits (73,189) (211,617) (295,892)
Proceeds from the sales of rental property and developable land 451,860 52,391 64,947
Proceeds from the sale of investments in unconsolidated joint ventures 7,677 3,865 64,773
Repayment of notes receivable 2,926 7,257 458
Investment in unconsolidated joint ventures (162) (1,280) (2,959)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 13,132 15,703 13,826
Net cash provided by (used in) investing activities - continuing operations 220,264 (198,782) (310,358)
Net cash (used in) provided by investing activities - discontinued operations (176) 645,011 338,823
Net cash provided by investing activities 220,088 446,229 28,465
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 102,000 196,000 212,000
Repayment of revolving credit facility (250,000) (73,000) (516,000)
Borrowings from term loans 0 150,000 0
Repayment of term loans 0 (150,000) 0
Repayment of senior unsecured notes 0 (573,727) 0
Proceeds from mortgages and loans payable 154,720 226,422 381,577
Repayment of mortgages, loans payable and other obligations (245,522) (192,995) (86,561)
(Redemption) issuance of redeemable noncontrolling interests, net (12,000) 0 (3,153)
Payment of early debt extinguishment costs (5,140) (49,874) 0
Common unit redemptions (2,692) (898) (2,693)
Payment of financing costs (6,037) (8,874) (1,677)
(Contributions) distributions to noncontrolling interests 24 207 171
Distributions to redeemable noncontrolling interests (25,640) (25,977) (25,883)
Payment of common dividends and distributions (61) (475) (60,532)
Net cash used in financing activities (290,348) (503,191) (102,751)
Net (decrease) increase in cash and cash equivalents (3,806) (847) 11,136
Cash, cash equivalents and restricted cash, beginning of period [1] 51,455 [2] 52,302 [2] 41,166
Cash, cash equivalents and restricted cash, end of period [2] 47,649 51,455 [1] 52,302 [1]
VERIS RESIDENTIAL, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) (34,885) (109,539) (33,598)
Net (income) loss from discontinued operations 748 (42,463) (87,686)
Net income (loss) from continuing operations (34,137) (152,002) (121,284)
Adjustments to reconcile net income (loss) to net cash provided by      
Depreciation and amortization, including related intangible assets 111,392 107,201 117,745
Amortization of directors deferred compensation stock units 440 314 291
Amortization of stock compensation 13,767 10,847 7,635
Amortization of deferred financing costs 4,821 4,568 4,625
Amortization of debt discount and mark-to-market 0 232 (1,083)
Equity in (earnings) loss of unconsolidated joint ventures (1,200) 4,251 3,832
Distributions of cumulative earnings from unconsolidated joint ventures 13 759 5,300
Write-off transaction-related costs 0 7,922 0
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (66,115) (3,022) (2,657)
Gain on disposition of developable land (57,262) (2,115) (5,787)
Property impairments 94,811 13,467 36,582
Land and other impairments, net 9,368 23,719 16,817
(Gain) Loss from sale of investment in unconsolidated joint venture (7,677) 1,886 (35,184)
Loss from extinguishment of debt 7,432 47,078 272
Changes in operating assets and liabilities:      
Decrease (Increase) in unbilled rents receivable, net 1,578 (7,251) (1,311)
Increase in deferred charges, goodwill and other assets (12,565) (4,954) (750)
(Increase) Decrease in accounts receivable, net (505) 5,544 (5,117)
Increase (Decrease) in accounts payable, accrued expenses and other liabilities 328 (11,445) (9,550)
(Decrease) Increase in rents received in advance and security deposits (3,173) 55 (2,446)
Increase (Decrease) in accrued interest payable 1,371 258 (184)
Net cash flows provided by operating activities - continuing operations 62,687 47,312 7,746
Net cash flows provided by operating activities - discontinued operations 3,767 8,803 77,676
Net cash provided by operating activities 66,454 56,115 85,422
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property acquisitions and related intangibles (130,500) 0 (16,811)
Rental property additions and improvements (51,480) (65,101) (138,700)
Development of rental property, other related costs and deposits (73,189) (211,617) (295,892)
Proceeds from the sales of rental property and developable land 451,860 52,391 64,947
Proceeds from the sale of investments in unconsolidated joint ventures 7,677 3,865 64,773
Repayment of notes receivable 2,926 7,257 458
Investment in unconsolidated joint ventures (162) (1,280) (2,959)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 13,132 15,703 13,826
Net cash provided by (used in) investing activities - continuing operations 220,264 (198,782) (310,358)
Net cash (used in) provided by investing activities - discontinued operations (176) 645,011 338,823
Net cash provided by investing activities 220,088 446,229 28,465
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 102,000 196,000 212,000
Repayment of revolving credit facility (250,000) (73,000) (516,000)
Borrowings from term loans 0 150,000 0
Repayment of term loans 0 (150,000) 0
Repayment of senior unsecured notes 0 (573,727) 0
Proceeds from mortgages and loans payable 154,720 226,422 381,577
Repayment of mortgages, loans payable and other obligations (245,522) (192,995) (86,561)
(Redemption) issuance of redeemable noncontrolling interests, net (12,000) 0 (3,153)
Payment of early debt extinguishment costs (5,140) (49,874) 0
Common unit redemptions (2,692) (898) (2,693)
Payment of financing costs (6,037) (8,874) (1,677)
(Contributions) distributions to noncontrolling interests 24 207 171
Distributions to redeemable noncontrolling interests (25,640) (25,977) (25,883)
Payment of common dividends and distributions (61) (475) (60,532)
Net cash used in financing activities (290,348) (503,191) (102,751)
Net (decrease) increase in cash and cash equivalents (3,806) (847) 11,136
Cash, cash equivalents and restricted cash, beginning of period [3] 51,455 [4] 52,302 [4] 41,166
Cash, cash equivalents and restricted cash, end of period [4] $ 47,649 $ 51,455 [3] $ 52,302 [3]
[1] Includes Restricted Cash of $19,701, $14,207 and $15,577 as of December 31, 2021, 2020 and 2019, respectively.
[2] Includes Restricted Cash of $20,867, $19,701 and $14,207 as of December 31, 2022, 2021 and 2020, respectively.
[3] Includes Restricted Cash of $19,701, $14,207 and $15,577 as of December 31, 2021, 2020 and 2019, respectively
[4] Includes Restricted Cash of $20,867, $19,701 and $14,207 as of December 31, 2022, 2021 and 2020, respectively.