Quarterly report pursuant to Section 13 or 15(d)

VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

v3.24.2
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES        
Total revenues $ 67,476 $ 64,206 $ 134,816 $ 126,804
EXPENSES        
Real estate taxes 9,502 6,298 18,679 15,857
Utilities 1,796 1,761 4,067 3,824
Operating services 12,628 12,232 25,198 23,615
Real estate services expenses 4,366 4,389 9,608 6,332
General and administrative 8,975 9,572 20,063 19,853
Transaction related costs 890 3,319 1,406 4,347
Depreciation and amortization 20,316 21,831 40,433 43,619
Land and other impairments, net 0 0 0 3,396
Total expenses 58,473 59,402 119,454 120,843
OTHER (EXPENSE) INCOME        
Interest expense (21,676) (21,692) (43,176) (43,706)
Interest cost of mandatorily redeemable noncontrolling interests 0 (13,390) 0 (13,390)
Interest and other investment income 1,536 3,927 2,074 4,043
Equity in earnings of unconsolidated joint ventures 2,933 2,700 3,187 2,633
Gain (loss) on disposition of developable land 10,731 0 11,515 (22)
Gain on sale of unconsolidated joint venture interests 0 0 7,100 0
Loss from extinguishment of debt, net (785) (2,657) (785) (2,657)
Other income (expense), net (250) 853 5 2,851
Total other (expense) income, net (7,511) (30,259) (20,080) (50,248)
Income (loss) from continuing operations before income tax expense 1,492 (25,455) (4,718) (44,287)
Provision for income taxes (176) 0 (235) 0
Income (loss) from continuing operations after income tax expense 1,316 (25,455) (4,953) (44,287)
Discontinued operations:        
Income (loss) from discontinued operations 1,419 (1,192) 1,671 631
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 (3,488) 1,548 (2,709)
Total discontinued operations, net 1,419 (4,680) 3,219 (2,078)
Net income (loss) 2,735 (30,135) (1,734) (46,365)
Noncontrolling interests in consolidated joint ventures 543 636 1,038 1,223
Redeemable noncontrolling interests (81) (617) (378) (6,983)
Net income (loss) available to common shareholders $ 2,922 $ (27,434) $ (981) $ (47,407)
Basic earnings per common share:        
Income (loss) from continuing operations (in dollars per share) $ 0.02 $ (0.25) $ (0.04) $ (0.54)
Discontinued operations (in dollars per share) 0.01 (0.05) 0.03 (0.02)
Net income (loss) available to common shareholders (in dollars per share) 0.03 (0.30) (0.01) (0.56)
Diluted earnings per common share:        
Income (loss) from continuing operations (in dollars per share) 0.02 (0.25) (0.04) (0.54)
Discontinued operations (in dollars per share) 0.01 (0.05) 0.03 (0.02)
Net income (loss) available to common shareholders (in dollars per share) $ 0.03 $ (0.30) $ (0.01) $ (0.56)
Revenue from leases        
REVENUES        
Total revenues $ 60,917 $ 58,192 $ 121,559 $ 114,289
Real estate services        
REVENUES        
Total revenues 871 643 1,793 1,554
Parking income        
REVENUES        
Total revenues 3,922 3,998 7,667 7,726
Other income        
REVENUES        
Total revenues 1,766 1,373 3,797 3,235
VERIS RESIDENTIAL, L.P.        
REVENUES        
Total revenues 67,476 64,206 134,816 126,804
EXPENSES        
Real estate taxes 9,502 6,298 18,679 15,857
Utilities 1,796 1,761 4,067 3,824
Operating services 12,628 12,232 25,198 23,615
Real estate services expenses 4,366 4,389 9,608 6,332
General and administrative 8,975 9,572 20,063 19,853
Transaction related costs 890 3,319 1,406 4,347
Depreciation and amortization 20,316 21,831 40,433 43,619
Land and other impairments, net 0 0 0 3,396
Total expenses 58,473 59,402 119,454 120,843
OTHER (EXPENSE) INCOME        
Interest expense (21,676) (21,692) (43,176) (43,706)
Interest cost of mandatorily redeemable noncontrolling interests 0 (13,390) 0 (13,390)
Interest and other investment income 1,536 3,927 2,074 4,043
Equity in earnings of unconsolidated joint ventures 2,933 2,700 3,187 2,633
Gain (loss) on disposition of developable land 10,731 0 11,515 (22)
Gain on sale of unconsolidated joint venture interests 0 0 7,100 0
Loss from extinguishment of debt, net (785) (2,657) (785) (2,657)
Other income (expense), net (250) 853 5 2,851
Total other (expense) income, net (7,511) (30,259) (20,080) (50,248)
Income (loss) from continuing operations before income tax expense 1,492 (25,455) (4,718) (44,287)
Provision for income taxes (176) 0 (235) 0
Income (loss) from continuing operations after income tax expense 1,316 (25,455) (4,953) (44,287)
Discontinued operations:        
Income (loss) from discontinued operations 1,419 (1,192) 1,671 631
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 (3,488) 1,548 (2,709)
Total discontinued operations, net 1,419 (4,680) 3,219 (2,078)
Net income (loss) 2,735 (30,135) (1,734) (46,365)
Noncontrolling interests in consolidated joint ventures 543 636 1,038 1,223
Redeemable noncontrolling interests (81) (617) (378) (6,983)
Net income (loss) available to common shareholders $ 3,197 $ (30,116) $ (1,074) $ (52,125)
Basic earnings per common share:        
Income (loss) from continuing operations (in dollars per share) $ 0.02 $ (0.25) $ (0.04) $ (0.54)
Discontinued operations (in dollars per share) 0.01 (0.05) 0.03 (0.02)
Net income (loss) available to common shareholders (in dollars per share) 0.03 (0.30) (0.01) (0.56)
Diluted earnings per common share:        
Income (loss) from continuing operations (in dollars per share) 0.02 (0.25) (0.04) (0.54)
Discontinued operations (in dollars per share) 0.01 (0.05) 0.03 (0.02)
Net income (loss) available to common shareholders (in dollars per share) $ 0.03 $ (0.30) $ (0.01) $ (0.56)
Basic weighted average units outstanding (in shares) 101,352 100,854 101,160 100,691
Diluted weighted average units outstanding (in shares) 101,952 100,854 101,160 100,691
VERIS RESIDENTIAL, L.P. | Revenue from leases        
REVENUES        
Total revenues $ 60,917 $ 58,192 $ 121,559 $ 114,289
VERIS RESIDENTIAL, L.P. | Real estate services        
REVENUES        
Total revenues 871 643 1,793 1,554
VERIS RESIDENTIAL, L.P. | Parking income        
REVENUES        
Total revenues 3,922 3,998 7,667 7,726
VERIS RESIDENTIAL, L.P. | Other income        
REVENUES        
Total revenues $ 1,766 $ 1,373 $ 3,797 $ 3,235