Veris Residential, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2013

Schedule Of Segment Reporting Information, By Segment


				Construction		Corporate		Total
		Real Estate		Services		& Other (d)		Company
Total revenues:
Three months ended:
March 31, 2013	$	169,092	$	8,779	$	3,961	$	181,832
March 31, 2012		173,731		3,832		260		177,823

Total operating and interest expenses(a):
March 31, 2013	$	67,673	$	8,546	$	46,167	$	122,386
March 31, 2012		63,511		3,890		41,165		108,566

Equity in earnings (loss) of unconsolidated
joint ventures(i):
March 31, 2013	$	(1,750)		-		-	$	(1,750)
March 31, 2012		600		-		-		600

Net operating income (loss) (b):
March 31, 2013	$	99,669	$	233	$	(42,206)	$	57,696
March 31, 2012		110,820		(58)		(40,905)		69,857

Total assets:
March 31, 2013	$	4,545,587	$	10,726	$	28,956	$	4,585,269
December 31, 2012		4,448,656		6,255		71,134		4,526,045

Total long-lived assets (c):
March 31, 2013	$	4,311,640		-	$	11,628	$	4,323,268
December 31, 2012		4,223,837		-		10,571		4,234,408

(a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b) Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and investments in unconsolidated joint ventures.

(d) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense and non-property general and administrative expense) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Also includes the revenues and expenses attributable to the Roseland Business.

The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands)


		Three Months Ended
		March 31,
		2013		2012
Net operating income	$	57,696	$	69,857
Less:
Depreciation and amortization		(46,504)		(46,594)
Income from continuing operations		11,192		23,263
Discontinued operations:
Income (loss) from discontinued operations		1,897		1,992
Realized gains (losses) and unrealized losses
on disposition of rental property, net		-		4,012
Total discontinued operations, net		1,897		6,004
Net income		13,089		29,267
Noncontrolling interest in consolidated joint ventures		62		79
Noncontrolling interest in Operating Partnership		(1,365)		(2,846)
Noncontrolling interest in discontinued operations		(230)		(733)
Net income available to common shareholders	$	11,556		25,767

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details