VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
| REVENUES |
|
|
|
|
| Total revenues |
$ 91,356
|
$ 82,184
|
$ 268,815
|
$ 236,404
|
| EXPENSES |
|
|
|
|
| Real estate taxes |
14,900
|
11,764
|
39,432
|
35,393
|
| Utilities |
3,955
|
3,573
|
11,365
|
10,816
|
| Operating services |
20,565
|
17,135
|
57,671
|
51,400
|
| Real estate services expenses |
2,752
|
3,307
|
8,035
|
9,838
|
| General and administrative |
12,863
|
11,288
|
43,919
|
43,340
|
| Transaction related costs |
3
|
3,671
|
1,348
|
6,416
|
| Depreciation and amortization |
28,960
|
28,950
|
82,812
|
85,226
|
| Property impairments |
84,509
|
0
|
84,509
|
6,041
|
| Land and other impairments, net |
2,536
|
3,401
|
9,368
|
11,333
|
| Total expenses |
171,043
|
83,089
|
338,459
|
259,803
|
| OTHER (EXPENSE) INCOME |
|
|
|
|
| Interest expense |
(22,137)
|
(15,200)
|
(54,869)
|
(49,364)
|
| Interest and other investment income (loss) |
280
|
(4,731)
|
627
|
(4,619)
|
| Equity in earnings (loss) of unconsolidated joint ventures |
(304)
|
(1,724)
|
1,847
|
(2,831)
|
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net |
(5,100)
|
(3,000)
|
(3,264)
|
521
|
| Gain on disposition of developable land |
0
|
0
|
57,748
|
111
|
| Loss on sale of unconsolidated joint venture interests |
0
|
(1,886)
|
0
|
(1,886)
|
| Loss from extinguishment of debt, net |
0
|
0
|
(6,418)
|
(46,735)
|
| Total other income (expense) |
(27,261)
|
(26,541)
|
(4,329)
|
(104,803)
|
| Loss from continuing operations |
(106,948)
|
(27,446)
|
(73,973)
|
(128,202)
|
| Discontinued operations: |
|
|
|
|
| Income from discontinued operations |
1,046
|
1,045
|
2,634
|
16,431
|
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |
0
|
609
|
(4,440)
|
25,469
|
| Total discontinued operations, net |
1,046
|
1,654
|
(1,806)
|
41,900
|
| Net income (loss) |
(105,902)
|
(25,792)
|
(75,779)
|
(86,302)
|
| Noncontrolling interests in consolidated joint ventures |
726
|
1,137
|
2,484
|
3,670
|
| Noncontrolling interests in Operating Partnership of income from continuing operations |
10,420
|
2,962
|
8,356
|
13,084
|
| Noncontrolling interests in Operating Partnership in discontinued operations |
(97)
|
(150)
|
170
|
(3,809)
|
| Redeemable noncontrolling interests |
(6,365)
|
(6,471)
|
(19,168)
|
(19,413)
|
| Net income (loss) available to common shareholders |
$ (101,218)
|
$ (28,314)
|
$ (83,937)
|
$ (92,770)
|
| Basic earnings per common share: |
|
|
|
|
| Income (loss) from continuing operations (in dollars per share) |
$ (1.11)
|
$ (0.35)
|
$ (0.96)
|
$ (1.50)
|
| Discontinued operations (in dollars per share) |
0.01
|
0.02
|
(0.02)
|
0.42
|
| Net income (loss) available to common shareholders (in dollars per share) |
(1.10)
|
(0.33)
|
(0.98)
|
(1.08)
|
| Diluted earnings per common share: |
|
|
|
|
| Income (loss) from continuing operations (in dollars per share) |
(1.11)
|
(0.35)
|
(0.96)
|
(1.50)
|
| Discontinued operations (in dollars per share) |
0.01
|
0.02
|
(0.02)
|
0.42
|
| Net income (loss) available to common shareholders (in dollars per share) |
$ (1.10)
|
$ (0.33)
|
$ (0.98)
|
$ (1.08)
|
| Basic weighted average shares outstanding (in shares) |
91,087
|
90,941
|
91,022
|
90,803
|
| Diluted weighted average shares outstanding (in shares) |
100,378
|
99,975
|
100,215
|
99,870
|
| Revenue from leases |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
$ 77,765
|
$ 70,683
|
$ 210,597
|
$ 202,270
|
| Real estate services |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
886
|
2,628
|
2,693
|
7,747
|
| Parking income |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
4,873
|
3,950
|
13,804
|
10,520
|
| Hotel income |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
4,489
|
3,018
|
10,442
|
6,785
|
| Other income |
|
|
|
|
| REVENUES |
|
|
|
|
| Total revenues |
$ 3,343
|
$ 1,905
|
$ 31,279
|
$ 9,082
|