Annual report pursuant to Section 13 and 15(d)

REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

v3.22.4
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2022
Real Estate Investments And Accumulated Depreciation
Property Location Property
Type		 Year
Built		 Acquired Related
Encumbrances		 Initial Costs Costs
Capitalized
Subsequent to
Acquisition (c)		 Gross Amount at Which
Carried at Close of
Period (a)		 Total (d) Accumulated
Depreciation (b)
Land Building and
Improvements		 Land Building and
Improvements
     
NEW JERSEY    
Bergen County
Park Ridge
The James Multifamily 2021 — —  12,047  114,208  18  12,047  114,226  126,273  1,298 
Essex County    
Millburn (Short Hills)                      
The Upton Multifamily 2021 — 74,467  2,850  —  91,993  2,850  91,993  94,843    5,531 
                     
Hudson County                      
Jersey City
Harborside Plaza 2 Office 1990 1996 —  17,655  101,546  85,609  8,363  196,447  204,810    95,016 
Harborside Plaza 3 Office 1990 1996 —  17,655  101,878  85,277  8,363  196,447  204,810    95,016 
Harborside Plaza 5 Office 2002 2002 —  6,218  170,682  63,534  5,705  234,729  240,434    125,140 
Harborside Plaza 6 Office 2000 2000 —  1,244  56,144  9,338  991  65,735  66,726    26,182 
Liberty Towers Multifamily 2003 2019 264,293  66,670  328,347  7,482  66,670  335,829  402,499    28,980 
BLVD 475 N/S Multifamily 2011 2017 164,929  58,761  240,871  7,645  58,761  248,516  307,277    41,041 
Soho Lofts Multifamily 2017 2019 159,230  27,601  224,039  5,438  27,601  229,477  257,078    25,778 
BLVD 425 Multifamily 2003 2018 130,546  48,820  160,740  5,234  48,820  165,974  214,794    21,852 
BLVD 401 Multifamily 2016 2019 116,545  36,595  152,440  307  36,595  152,747  189,342    16,272 
Haus25 Multifamily 2022 — 295,736  53,421  420,959  —  53,421  420,959  474,380  8,482 
Weehawken
100 Avenue at Port Imperial Other 2016 2016 —  350  —  30,644  1,958  29,036  30,994    6,183 
500 Avenue at Port Imperial Other 2013 2013 31,974  13,099  56,669  (19,321) 13,099  37,348  50,447    8,895 
Riverhouse 9 Multifamily 2021 — 108,998  2,686  —  154,507  2,686  154,507  157,193    6,623 
Riverhouse 11 Multifamily 2018 2018 99,875  22,047  —  112,390  22,047  112,390  134,437    15,093 
Residence Inn/Envue Autograph Collection Other 2019 2015 83,964  23,660  —  86,341  15,560  94,441  110,001    16,759 
West New York                        
Port Imperial North Retail Other 2008 2020 —  4,305  8,216  1,123  4,305  9,339  13,644    928 
                         
Monmouth County                        
Holmdel                        
23 Main Street Office 1977 2005 —  4,336  19,544  1,965  4,336  21,509  25,845    12,166 
                         
Morris County                        
Morris Plains                        
Signature Place Multifamily 2018 2018 42,848  930  —  56,455  930  56,455  57,385    7,808 
NEW YORK                        
Westchester County                        
Eastchester                        
Quarry Place at Tuckahoe Multifamily 2016 2016 40,697  5,585  3,400  48,995  5,585  52,395  57,980    9,426 
                         
MASSACHUSETTS                        
Middlesex County                        
Malden                        
The Emery at Overlook Ridge Multifamily 2020 2014 71,490  4,115  86,093  10,090  9,103  91,195  100,298    8,724 
                         
Suffolk County                        
East Boston                        
Portside at Pier One Multifamily 2015 2016 58,959  —  73,713  914  —  74,627  74,627    16,546 
Portside 5/6 Multifamily 2018 2018 96,721  —  37,114  77,301  —  114,415  114,415    15,988 
                         
Worcester County                        
Worcester                        
145 Front Street Multifamily 2018 2015 62,705  4,380  —  92,237  4,380  92,237  96,617    13,828 
                         
Projects Under Development
and Developable Land       —  171,107  191,628  —  171,107  191,628  362,735    31,280 
                         
Furniture, Fixtures
and Equipment       —  —  —  99,095  —  99,095  99,095   
                         
TOTALS       1,903,977  606,137  2,548,231  1,114,611  585,283  3,683,696  4,268,979  (e) 660,835 
(a)The aggregate cost for federal income tax purposes at December 31, 2022 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, 2022. The gross amount includes $93.1 million of land and $129.8 million of building improvements related to these held for sale assets at period end.
(e)Accumulated depreciation includes $28.9 million from assets classified as held for sale as of December 31, 2022.
NOTE TO SCHEDULE III
Changes in rental properties and accumulated depreciation for the periods ended December 31, 2022, 2021 and 2020 are as follows: (dollars in thousands)
2022 2021 2020
Rental Properties
Balance at beginning of year $ 4,076,866 $ 4,638,643 $ 4,256,681
Additions 845,901 1,002,342 1,776,276
Real estate held for sale (222,857) (778,184) (944,082)
Properties sold (524,550) (744,810) (443,755)
Impairments (129,237) (27,547) —
Retirements/disposals —  (13,578) (6,477)
Balance at end of year $ 4,046,123 $ 4,076,866 $ 4,638,643
Accumulated Depreciation
Balance at beginning of year $ 583,416 $ 656,331 $ 558,617
Depreciation expense 102,476 102,062 104,421
Real estate held for sale (28,924) (159,541) 2,238 
Properties sold — — — 
Impairments (25,058) (1,858) (2,469)
Retirements/disposals —  (13,578) (6,476)
Balance at end of year $ 631,910 $ 583,416 $ 656,331
VERIS RESIDENTIAL, L.P.  
Real Estate Investments And Accumulated Depreciation
Property Location Property
Type		 Year
Built		 Acquired Related
Encumbrances		 Initial Costs Costs
Capitalized
Subsequent to
Acquisition (c)		 Gross Amount at Which
Carried at Close of
Period (a)		 Total (d) Accumulated
Depreciation (b)
Land Building and
Improvements		 Land Building and
Improvements
     
NEW JERSEY    
Bergen County
Park Ridge
The James Multifamily 2021 — —  12,047  114,208  18  12,047  114,226  126,273  1,298 
Essex County    
Millburn (Short Hills)                      
The Upton Multifamily 2021 — 74,467  2,850  —  91,993  2,850  91,993  94,843    5,531 
                     
Hudson County                      
Jersey City
Harborside Plaza 2 Office 1990 1996 —  17,655  101,546  85,609  8,363  196,447  204,810    95,016 
Harborside Plaza 3 Office 1990 1996 —  17,655  101,878  85,277  8,363  196,447  204,810    95,016 
Harborside Plaza 5 Office 2002 2002 —  6,218  170,682  63,534  5,705  234,729  240,434    125,140 
Harborside Plaza 6 Office 2000 2000 —  1,244  56,144  9,338  991  65,735  66,726    26,182 
Liberty Towers Multifamily 2003 2019 264,293  66,670  328,347  7,482  66,670  335,829  402,499    28,980 
BLVD 475 N/S Multifamily 2011 2017 164,929  58,761  240,871  7,645  58,761  248,516  307,277    41,041 
Soho Lofts Multifamily 2017 2019 159,230  27,601  224,039  5,438  27,601  229,477  257,078    25,778 
BLVD 425 Multifamily 2003 2018 130,546  48,820  160,740  5,234  48,820  165,974  214,794    21,852 
BLVD 401 Multifamily 2016 2019 116,545  36,595  152,440  307  36,595  152,747  189,342    16,272 
Haus25 Multifamily 2022 — 295,736  53,421  420,959  —  53,421  420,959  474,380  8,482 
Weehawken
100 Avenue at Port Imperial Other 2016 2016 —  350  —  30,644  1,958  29,036  30,994    6,183 
500 Avenue at Port Imperial Other 2013 2013 31,974  13,099  56,669  (19,321) 13,099  37,348  50,447    8,895 
Riverhouse 9 Multifamily 2021 — 108,998  2,686  —  154,507  2,686  154,507  157,193    6,623 
Riverhouse 11 Multifamily 2018 2018 99,875  22,047  —  112,390  22,047  112,390  134,437    15,093 
Residence Inn/Envue Autograph Collection Other 2019 2015 83,964  23,660  —  86,341  15,560  94,441  110,001    16,759 
West New York                        
Port Imperial North Retail Other 2008 2020 —  4,305  8,216  1,123  4,305  9,339  13,644    928 
                         
Monmouth County                        
Holmdel                        
23 Main Street Office 1977 2005 —  4,336  19,544  1,965  4,336  21,509  25,845    12,166 
                         
Morris County                        
Morris Plains                        
Signature Place Multifamily 2018 2018 42,848  930  —  56,455  930  56,455  57,385    7,808 
NEW YORK                        
Westchester County                        
Eastchester                        
Quarry Place at Tuckahoe Multifamily 2016 2016 40,697  5,585  3,400  48,995  5,585  52,395  57,980    9,426 
                         
MASSACHUSETTS                        
Middlesex County                        
Malden                        
The Emery at Overlook Ridge Multifamily 2020 2014 71,490  4,115  86,093  10,090  9,103  91,195  100,298    8,724 
                         
Suffolk County                        
East Boston                        
Portside at Pier One Multifamily 2015 2016 58,959  —  73,713  914  —  74,627  74,627    16,546 
Portside 5/6 Multifamily 2018 2018 96,721  —  37,114  77,301  —  114,415  114,415    15,988 
                         
Worcester County                        
Worcester                        
145 Front Street Multifamily 2018 2015 62,705  4,380  —  92,237  4,380  92,237  96,617    13,828 
                         
Projects Under Development
and Developable Land       —  171,107  191,628  —  171,107  191,628  362,735    31,280 
                         
Furniture, Fixtures
and Equipment       —  —  —  99,095  —  99,095  99,095   
                         
TOTALS       1,903,977  606,137  2,548,231  1,114,611  585,283  3,683,696  4,268,979  (e) 660,835 
(a)The aggregate cost for federal income tax purposes at December 31, 2022 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, 2022. The gross amount includes $93.1 million of land and $129.8 million of building improvements related to these held for sale assets at period end.
(e)Accumulated depreciation includes $28.9 million from assets classified as held for sale as of December 31, 2022.
NOTE TO SCHEDULE III
Changes in rental properties and accumulated depreciation for the periods ended December 31, 2022, 2021 and 2020 are as follows: (dollars in thousands)
2022 2021 2020
Rental Properties
Balance at beginning of year $ 4,076,866 $ 4,638,643 $ 4,256,681
Additions 845,901 1,002,342 1,776,276
Real estate held for sale (222,857) (778,184) (944,082)
Properties sold (524,550) (744,810) (443,755)
Impairments (129,237) (27,547) —
Retirements/disposals —  (13,578) (6,477)
Balance at end of year $ 4,046,123 $ 4,076,866 $ 4,638,643
Accumulated Depreciation
Balance at beginning of year $ 583,416 $ 656,331 $ 558,617
Depreciation expense 102,476 102,062 104,421
Real estate held for sale (28,924) (159,541) 2,238 
Properties sold — — — 
Impairments (25,058) (1,858) (2,469)
Retirements/disposals —  (13,578) (6,476)
Balance at end of year $ 631,910 $ 583,416 $ 656,331