VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
| REVENUES |
|
|
|
|
| Total revenues |
$ 79,826
|
$ 79,687
|
$ 177,459
|
$ 154,220
|
| EXPENSES |
|
|
|
|
| Real estate taxes |
12,032
|
12,010
|
24,532
|
23,629
|
| Utilities |
3,477
|
3,151
|
7,410
|
7,243
|
| Operating services |
18,706
|
18,943
|
37,106
|
34,265
|
| Real estate services expenses |
2,920
|
3,213
|
5,283
|
6,531
|
| General and administrative |
11,582
|
18,066
|
31,056
|
32,052
|
| Transaction related costs |
1,345
|
2,745
|
1,345
|
2,745
|
| Depreciation and amortization |
27,733
|
28,498
|
53,851
|
56,276
|
| Property impairments |
0
|
6,041
|
0
|
6,041
|
| Land and other impairments, net |
3,900
|
7,519
|
6,832
|
7,932
|
| Total expenses |
81,695
|
100,186
|
167,415
|
176,714
|
| OTHER (EXPENSE) INCOME |
|
|
|
|
| Interest expense |
(17,707)
|
(16,554)
|
(32,733)
|
(34,164)
|
| Interest and other investment income (loss) |
189
|
95
|
347
|
112
|
| Equity in earnings (loss) of unconsolidated joint ventures |
2,638
|
349
|
2,151
|
(1,107)
|
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net |
0
|
3,521
|
1,836
|
3,521
|
| Gain on disposition of developable land |
55,125
|
111
|
57,748
|
111
|
| Gain (loss) from extinguishment of debt, net |
(129)
|
(46,735)
|
(6,418)
|
(46,735)
|
| Total other income (expense) |
40,116
|
(59,213)
|
22,931
|
(78,262)
|
| Income (loss) from continuing operations |
38,247
|
(79,712)
|
32,975
|
(100,756)
|
| Discontinued operations: |
|
|
|
|
| Income from discontinued operations |
843
|
3,601
|
1,588
|
15,385
|
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |
(4,440)
|
2,080
|
(4,440)
|
24,861
|
| Total discontinued operations, net |
(3,597)
|
5,681
|
(2,852)
|
40,246
|
| Net income (loss) |
34,650
|
(74,031)
|
30,123
|
(60,510)
|
| Noncontrolling interests in consolidated joint ventures |
784
|
1,198
|
1,758
|
2,533
|
| Noncontrolling interests in Operating Partnership of income from continuing operations |
(3,029)
|
7,742
|
(2,064)
|
10,122
|
| Noncontrolling interests in Operating Partnership in discontinued operations |
334
|
(517)
|
267
|
(3,659)
|
| Redeemable noncontrolling interests |
(6,366)
|
(6,471)
|
(12,803)
|
(12,942)
|
| Net income (loss) available to common shareholders |
$ 26,373
|
$ (72,079)
|
$ 17,281
|
$ (64,456)
|
| Basic earnings per common share: |
|
|
|
|
| Income (loss) from continuing operations (in dollars per share) |
$ 0.29
|
$ (0.87)
|
$ 0.15
|
$ (1.15)
|
| Discontinued operations (in dollars per share) |
(0.04)
|
0.06
|
(0.03)
|
0.40
|
| Net income (loss) available to common shareholders (in dollars per share) |
0.25
|
(0.81)
|
0.12
|
(0.75)
|
| Diluted earnings per common share: |
|
|
|
|
| Income (loss) from continuing operations (in dollars per share) |
0.29
|
(0.87)
|
0.15
|
(1.15)
|
| Discontinued operations (in dollars per share) |
(0.04)
|
0.06
|
(0.03)
|
0.40
|
| Net income (loss) available to common shareholders (in dollars per share) |
$ 0.25
|
$ (0.81)
|
$ 0.12
|
$ (0.75)
|
| Basic weighted average shares outstanding (in shares) |
91,027
|
90,774
|
90,989
|
90,733
|
| Diluted weighted average shares outstanding (in shares) |
100,352
|
99,873
|
100,171
|
99,817
|
| Revenue from leases |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
$ 68,490
|
$ 67,376
|
$ 132,832
|
$ 131,587
|
| Real estate services |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
897
|
2,593
|
1,807
|
5,119
|
| Parking income |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
4,754
|
3,484
|
8,931
|
6,570
|
| Hotel income |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
4,536
|
2,714
|
5,953
|
3,767
|
| Other income |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
$ 1,149
|
$ 3,520
|
$ 27,936
|
$ 7,177
|