Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.3
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (106,615) $ (75,779)
Net (income) loss from discontinued operations (1,004) 59,862
Loss from continuing operations after income tax expense (107,619) (15,917)
Adjustments to reconcile net income (loss) to net cash provided by    
Depreciation and amortization, including related intangible assets 70,489 61,828
Amortization of deferred compensation stock units 295 330
Amortization of stock compensation 16,705 10,657
Amortization of deferred financing costs 3,161 3,228
Equity in earnings of unconsolidated joint ventures (2,843) (1,847)
Distributions of cumulative earnings from unconsolidated joint ventures 0 13
Loss (gain) on disposition of developable land 23 (57,747)
Land and other impairments, net 3,396 9,367
Loss from extinguishment of debt 3,702 129
Gain on insurance proceeds (2,794) 0
Interest cost of mandatorily redeemable noncontrolling interests 49,782 0
Changes in operating assets and liabilities:    
Decrease in unbilled rents receivable, net 2,737 3,066
Increase in deferred charges and other assets (1,087) (7,283)
Decrease (increase) in accounts receivable, net 97 (128)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (4,842) 1,989
Increase in rents received in advance and security deposits 828 2,738
Increase in accrued interest payable 40 587
Net cash flows provided by operating activities - continuing operations 32,070 11,010
Net cash flows provided by operating activities - discontinued operations 1,202 48,724
Net cash provided by operating activities 33,272 59,734
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property acquisitions and related intangibles 0 (130,500)
Rental property additions, improvements and other costs (9,815) (14,198)
Development of rental property and other related costs (6,959) (42,480)
Proceeds from the sales of rental property 7,784 127,020
Repayment of notes receivable 1,280 2,172
Investment in unconsolidated joint ventures (180) (147)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 9,351 10,361
Proceeds from insurance settlements 3,735 0
Other investing activities 750 0
Net cash provided by (used in) investing activities - continuing operations 5,946 (47,772)
Net cash provided by investing activities - discontinued operations 488,625 167,442
Net cash provided by investing activities 494,571 119,670
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 81,000 89,000
Repayment of revolving credit facility (63,000) (128,000)
Borrowings from term loans 115,000 0
Repayments of term loans (72,000) 0
Proceeds from mortgages and loans payable 399,561 154,720
Repayment of mortgages, loans payable and other obligations (441,198) (240,395)
Redemption of redeemable noncontrolling interests, net (520,388) (12,000)
Payment of early debt extinguishment costs (255) (5,140)
Common unit redemptions (94) (2,653)
Payment of financing costs (16,089) (3,026)
Contribution from noncontrolling interests 84 24
Distributions to redeemable noncontrolling interests (16,704) (19,274)
Payment of common dividends and distributions (38) (56)
Other financing activities (494) 0
Net cash used in financing activities (534,615) (166,800)
Net (decrease) increase in cash and cash equivalents (6,772) 12,604
Cash, cash equivalents and restricted cash, beginning of period [1] 47,649 51,455
Cash, cash equivalents and restricted cash, end of period [2] 40,877 64,059
VERIS RESIDENTIAL, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss (106,615) (75,779)
Net (income) loss from discontinued operations (1,004) 59,862
Loss from continuing operations after income tax expense (107,619) (15,917)
Adjustments to reconcile net income (loss) to net cash provided by    
Depreciation and amortization, including related intangible assets 70,489 61,828
Amortization of deferred compensation stock units 295 330
Amortization of stock compensation 16,705 10,657
Amortization of deferred financing costs 3,161 3,228
Equity in earnings of unconsolidated joint ventures (2,843) (1,847)
Distributions of cumulative earnings from unconsolidated joint ventures 0 13
Loss (gain) on disposition of developable land 23 (57,747)
Land and other impairments, net 3,396 9,367
Loss from extinguishment of debt 3,702 129
Gain on insurance proceeds (2,794) 0
Interest cost of mandatorily redeemable noncontrolling interests 49,782 0
Changes in operating assets and liabilities:    
Decrease in unbilled rents receivable, net 2,737 3,066
Increase in deferred charges and other assets (1,087) (7,283)
Decrease (increase) in accounts receivable, net 97 (128)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (4,842) 1,989
Increase in rents received in advance and security deposits 828 2,738
Increase in accrued interest payable 40 587
Net cash flows provided by operating activities - continuing operations 32,070 11,010
Net cash flows provided by operating activities - discontinued operations 1,202 48,724
Net cash provided by operating activities 33,272 59,734
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property acquisitions and related intangibles 0 (130,500)
Rental property additions, improvements and other costs (9,815) (14,198)
Development of rental property and other related costs (6,959) (42,480)
Proceeds from the sales of rental property 7,784 127,020
Repayment of notes receivable 1,280 2,172
Investment in unconsolidated joint ventures (180) (147)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 9,351 10,361
Proceeds from insurance settlements 3,735 0
Other investing activities 750 0
Net cash provided by (used in) investing activities - continuing operations 5,946 (47,772)
Net cash provided by investing activities - discontinued operations 488,625 167,442
Net cash provided by investing activities 494,571 119,670
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 81,000 89,000
Repayment of revolving credit facility (63,000) (128,000)
Borrowings from term loans 115,000 0
Repayments of term loans (72,000) 0
Proceeds from mortgages and loans payable 399,561 154,720
Repayment of mortgages, loans payable and other obligations (441,198) (240,395)
Redemption of redeemable noncontrolling interests, net (520,388) (12,000)
Payment of early debt extinguishment costs (255) (5,140)
Common unit redemptions (94) (2,653)
Payment of financing costs (16,089) (3,026)
Contribution from noncontrolling interests 84 24
Distributions to redeemable noncontrolling interests (16,704) (19,274)
Payment of common dividends and distributions (38) (56)
Other financing activities (494) 0
Net cash used in financing activities (534,615) (166,800)
Net (decrease) increase in cash and cash equivalents (6,772) 12,604
Cash, cash equivalents and restricted cash, beginning of period [3] 47,649 51,455
Cash, cash equivalents and restricted cash, end of period [4] $ 40,877 $ 64,059
[1] Includes Restricted Cash of $20,867 and $19,701 as of December 31, 2022 and 2021, respectively.
[2] Includes Restricted Cash of $23,603 and $25,702 as of September 30, 2023 and 2022, respectively.
[3] Includes Restricted Cash of $20,867 and $19,701 as of December 31, 2022 and 2021, respectively.
[4] Includes Restricted Cash of $23,603 and $25,702 as of September 30, 2023 and 2022, respectively.