Quarterly report [Sections 13 or 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
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (13,730) $ (4,469)
Net loss (income) from discontinued operations (136) (1,800)
Net income (loss) from continuing operations (13,866) (6,269)
Adjustments to reconcile net loss to net cash provided by    
Depreciation and amortization, including related intangible assets 21,250 20,109
Amortization of deferred compensation stock units 98 99
Amortization of stock compensation 3,268 4,200
Amortization of deferred financing costs and derivative premiums 2,779 1,242
Equity in (earnings) loss of unconsolidated joint ventures (3,842) (254)
(Gain) loss on disposition of developable land 156 (784)
(Gain) loss on sale of unconsolidated joint ventures 0 (7,100)
Land and other impairments, net 3,200 0
Gain on insurance proceeds 0 (255)
Changes in operating assets and liabilities:    
Decrease (increase) in unbilled rents receivable, net (156) 16
Decrease (increase) in deferred charges and other assets 1,844 3,909
Decrease (increase) in accounts receivable, net 206 (131)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (1,895) 239
(Decrease) increase in rents received in advance and security deposits 17 383
(Decrease) increase in accrued interest payable (30) (94)
Net cash flows provided by (used in) operating activities - continuing operations 13,029 15,310
Net cash flows provided by (used in) operating activities - discontinued operations 164 400
Net cash provided by (used in) operating activities 13,193 15,710
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property additions, improvements and other costs (5,805) (3,228)
Development of rental property and other related costs (1,084) (2,329)
Proceeds from the sales of rental property and developable land 7,139 10,111
Proceeds from sale of investments in unconsolidated joint ventures 0 6,095
Repayment of notes receivable 0 24
Investment in unconsolidated joint ventures 0 (61)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 3,192 1,702
Proceeds from insurance settlements 0 255
Net cash provided by (used in) investing activities - continuing operations 3,442 12,569
Net cash provided by (used in) investing activities - discontinued operations 0 81,204
Net cash provided by (used in) investing activities 3,442 93,773
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 20,000 0
Repayment of revolving credit facility (24,000) 0
Repayment of mortgages, loans payable and other obligations (2,293) (1,760)
Redemption of redeemable noncontrolling interests, net 0 (15,700)
Common unit redemptions (148) 0
Payment of financing costs and derivative premiums, net (18) (90)
Contribution from noncontrolling interests 70 0
Distribution to noncontrolling interests (158) (933)
Distributions to redeemable noncontrolling interests (81) (302)
Payment of common dividends and distributions (8,286) (5,338)
Share issuance proceeds (costs), net 0 (55)
Payment for taxes related to the net share settlement of stock compensation awards (3,923) (1,534)
Net cash provided by (used in) financing activities (18,837) (25,712)
Net increase (decrease) in cash and cash equivalents (2,202) 83,771
Cash, cash equivalents and restricted cash, beginning of period [1] 24,310 54,579
Cash, cash equivalents and restricted cash, end of period [2] $ 22,108 $ 138,350
[1] Includes Restricted Cash of $17,059 and $26,572 as of December 31, 2024 and 2023, respectively.
[2] Includes Restricted Cash of $14,512 and $25,649 as of March 31, 2025 and 2024, respectively.