Quarterly report pursuant to Section 13 or 15(d)

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

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VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES        
Total revenues $ 68,175 $ 66,473 $ 202,991 $ 193,277
EXPENSES        
Real estate taxes 8,572 9,301 27,251 25,158
Utilities 2,129 2,039 6,196 5,863
Operating services 10,156 13,583 35,354 37,195
Property management 3,762 3,533 13,370 9,864
General and administrative 8,956 14,604 29,019 34,460
Transaction related costs 0 2,704 1,406 7,051
Depreciation and amortization 21,159 21,390 61,592 65,008
Land and other impairments, net 2,619 0 2,619 3,396
Total expenses 57,353 67,154 176,807 187,995
OTHER (EXPENSE) INCOME        
Interest expense (21,507) (23,715) (64,683) (67,422)
Interest cost of mandatorily redeemable noncontrolling interests 0 (36,392) 0 (49,782)
Interest and other investment income 181 1,240 2,255 5,283
Equity in earnings (loss) of unconsolidated joint ventures (268) 210 2,919 2,843
Gain (loss) on disposition of developable land 0 0 11,515 (23)
Gain on sale of unconsolidated joint venture interests 0 0 7,100 0
Gain (loss) from extinguishment of debt, net 8 (1,046) (777) (3,702)
Other income (expense), net (310) (57) (305) 2,794
Total other (expense) income, net (21,896) (59,760) (41,976) (110,009)
Loss from continuing operations before income tax expense (11,074) (60,441) (15,792) (104,727)
Provision for income taxes (39) (293) (274) (293)
Net loss from continuing operations (11,113) (60,734) (16,066) (105,020)
Discontinued operations:        
Income from discontinued operations 206 61 1,877 691
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 423 1,548 (2,286)
Total discontinued operations, net 206 484 3,425 (1,595)
Net loss (10,907) (60,250) (12,641) (106,615)
Noncontrolling interests in consolidated joint ventures 391 592 1,429 1,815
Redeemable noncontrolling interests (81) (350) (459) (7,333)
Net loss available to common shareholders $ (9,692) $ (54,807) $ (10,673) $ (102,214)
Basic earnings per common share:        
Loss from continuing operations (in dollars per share) $ (0.10) $ (0.60) $ (0.15) $ (1.14)
Discontinued operations (in dollars per share) 0 0 0.03 (0.02)
Net loss available to common shareholders (in dollars per share) (0.10) (0.60) (0.12) (1.16)
Diluted earnings per common share:        
Loss from continuing operations (in dollars per share) (0.10) (0.60) (0.15) (1.14)
Discontinued operations (in dollars per share) 0 0 0.03 (0.02)
Net loss available to common shareholders (in dollars per share) $ (0.10) $ (0.60) $ (0.12) $ (1.16)
Revenue from leases        
REVENUES        
Total revenues $ 62,227 $ 59,935 $ 183,786 $ 174,223
Management fees        
REVENUES        
Total revenues 794 1,230 2,587 2,785
Parking income        
REVENUES        
Total revenues 3,903 3,947 11,570 11,673
Other income        
REVENUES        
Total revenues 1,251 1,361 5,048 4,596
VERIS RESIDENTIAL, L.P.        
REVENUES        
Total revenues 68,175 66,473 202,991 193,277
EXPENSES        
Real estate taxes 8,572 9,301 27,251 25,158
Utilities 2,129 2,039 6,196 5,863
Operating services 10,156 13,583 35,354 37,195
Property management 3,762 3,533 13,370 9,864
General and administrative 8,956 14,604 29,019 34,460
Transaction related costs 0 2,704 1,406 7,051
Depreciation and amortization 21,159 21,390 61,592 65,008
Land and other impairments, net 2,619 0 2,619 3,396
Total expenses 57,353 67,154 176,807 187,995
OTHER (EXPENSE) INCOME        
Interest expense (21,507) (23,715) (64,683) (67,422)
Interest cost of mandatorily redeemable noncontrolling interests 0 (36,392) 0 (49,782)
Interest and other investment income 181 1,240 2,255 5,283
Equity in earnings (loss) of unconsolidated joint ventures (268) 210 2,919 2,843
Gain (loss) on disposition of developable land 0 0 11,515 (23)
Gain on sale of unconsolidated joint venture interests 0 0 7,100 0
Gain (loss) from extinguishment of debt, net 8 (1,046) (777) (3,702)
Other income (expense), net (310) (57) (305) 2,794
Total other (expense) income, net (21,896) (59,760) (41,976) (110,009)
Loss from continuing operations before income tax expense (11,074) (60,441) (15,792) (104,727)
Provision for income taxes (39) (293) (274) (293)
Net loss from continuing operations (11,113) (60,734) (16,066) (105,020)
Discontinued operations:        
Income from discontinued operations 206 61 1,877 691
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 423 1,548 (2,286)
Total discontinued operations, net 206 484 3,425 (1,595)
Net loss (10,907) (60,250) (12,641) (106,615)
Noncontrolling interests in consolidated joint ventures 391 592 1,429 1,815
Redeemable noncontrolling interests (81) (350) (459) (7,333)
Net loss available to common shareholders $ (10,597) $ (60,008) $ (11,671) $ (112,133)
Basic earnings per common share:        
Loss from continuing operations (in dollars per share) $ (0.10) $ (0.60) $ (0.15) $ (1.14)
Discontinued operations (in dollars per share) 0 0 0.03 (0.02)
Net loss available to common shareholders (in dollars per share) (0.10) (0.60) (0.12) (1.16)
Diluted earnings per common share:        
Loss from continuing operations (in dollars per share) (0.10) (0.60) (0.15) (1.14)
Discontinued operations (in dollars per share) 0 0 0.03 (0.02)
Net loss available to common shareholders (in dollars per share) $ (0.10) $ (0.60) $ (0.12) $ (1.16)
Basic weighted average units outstanding (in shares) 101,587 100,925 101,304 100,770
Diluted weighted average units outstanding (in shares) 101,587 100,925 101,304 100,770
VERIS RESIDENTIAL, L.P. | Revenue from leases        
REVENUES        
Total revenues $ 62,227 $ 59,935 $ 183,786 $ 174,223
VERIS RESIDENTIAL, L.P. | Management fees        
REVENUES        
Total revenues 794 1,230 2,587 2,785
VERIS RESIDENTIAL, L.P. | Parking income        
REVENUES        
Total revenues 3,903 3,947 11,570 11,673
VERIS RESIDENTIAL, L.P. | Other income        
REVENUES        
Total revenues $ 1,251 $ 1,361 $ 5,048 $ 4,596