Annual report pursuant to Section 13 and 15(d)

VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (112,361) $ (34,885) $ (109,539)
Net income from discontinued operations (44,832) (4,649) (47,726)
Net loss from continuing operations (157,193) (39,534) (157,265)
Adjustments to reconcile net income (loss) to net cash provided by      
Depreciation and amortization, including related intangible assets 93,542 85,425 68,525
Amortization of directors deferred compensation stock units 394 440 314
Amortization of stock compensation 19,876 13,767 10,847
Amortization of deferred financing costs 4,416 4,394 3,652
Amortization of debt discount and mark-to-market 0 0 232
Equity in (earnings) loss of unconsolidated joint ventures (3,102) (1,200) 4,250
Distributions of cumulative earnings from unconsolidated joint ventures 0 13 759
Write-off transaction-related costs 0 0 7,922
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net 0 0 (3,023)
Gain on disposition of developable land (7,068) (57,262) (2,115)
Property impairments 32,516 0 0
Land and other impairments, net 9,324 9,368 23,719
Loss from sale of investment in unconsolidated joint venture 0 0 1,886
Loss from extinguishment of debt 5,606 129 47,078
Gain on insurance proceeds (2,871) 0 0
Interest cost of mandatorily redeemable noncontrolling interests 49,782 0 0
Changes in operating assets and liabilities:      
Decrease (Increase) in unbilled rents receivable, net 2,826 3,567 (1,928)
Decrease (Increase) in deferred charges and other assets 2,081 (5,050) (1,401)
Decrease (Increase) in accounts receivable, net 215 (609) 157
(Decrease) Increase in accounts payable, accrued expenses and other liabilities (4,263) 1,496 (8,086)
Increase in rents received in advance and security deposits 202 3,040 1,050
Increase in accrued interest payable 42 2,152 280
Net cash flows provided by (used in) operating activities - continuing operations 46,325 20,136 (3,147)
Net cash flows (used in) provided by operating activities - discontinued operations (785) 46,318 59,262
Net cash provided by operating activities 45,540 66,454 56,115
CASH FLOWS FROM INVESTING ACTIVITIES      
Rental property acquisitions and related intangibles 0 (130,500) 0
Rental property additions and improvements (12,464) (16,784) (41,632)
Development of rental property, other related costs and deposits (8,395) (45,817) (154,926)
Proceeds from the sales of rental property and developable land 23,035 153,015 52,391
Proceeds from the sale of investments in unconsolidated joint ventures 0 0 3,865
Repayment of notes receivable 1,303 2,926 7,257
Investment in unconsolidated joint ventures (762) (162) (1,280)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 12,068 13,132 15,703
Proceeds from insurance settlements 3,812 0 0
Other investing activities 1,030 0 0
Net cash provided by (used in) investing activities - continuing operations 19,627 (24,190) (118,622)
Net cash provided by investing activities - discontinued operations 560,023 244,278 564,851
Net cash provided by investing activities 579,650 220,088 446,229
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings from revolving credit facility 81,000 102,000 196,000
Repayment of revolving credit facility (81,000) (250,000) (73,000)
Borrowings from term loans 115,000 0 150,000
Repayment of term loans (115,000) 0 (150,000)
Repayment of senior unsecured notes 0 0 (573,727)
Proceeds from mortgages and loans payable 399,561 154,720 226,422
Repayment of mortgages, loans payable and other obligations (442,066) (245,522) (192,995)
Redemption of redeemable noncontrolling interests, net (535,488) (12,000) 0
Payment of early debt extinguishment costs (255) (5,140) (49,874)
Common unit redemptions (142) (2,692) (898)
Payment of financing costs (16,158) (6,037) (8,874)
Contributions from noncontrolling interests 84 24 207
Distributions to noncontrolling interests (409) 0 0
Distributions to redeemable noncontrolling interests (17,121) (25,640) (25,977)
Payment of common dividends and distributions (5,123) (61) (475)
Share issuance proceeds (costs), net (540) 0 0
Other financing activities (603) 0 0
Net cash used in financing activities (618,260) (290,348) (503,191)
Net increase (decrease) in cash and cash equivalents 6,930 (3,806) (847)
Cash, cash equivalents and restricted cash, beginning of period [1] 47,649 [2] 51,455 [2] 52,302
Cash, cash equivalents and restricted cash, end of period [2] $ 54,579 $ 47,649 [1] $ 51,455 [1]
[1] Includes Restricted Cash of $20,867, $19,701 and $14,207 as of December 31, 2022, 2021 and 2020, respectively.
[2] Includes Restricted Cash of $26,572, $20,867 and $19,701 as of December 31, 2023, 2022 and 2021, respectively.