VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ (105,902)
|
|
$ (25,792)
|
|
$ (75,779)
|
|
$ (86,302)
|
|
|
|
| Net (income) loss from discontinued operations |
|
(1,046)
|
|
(1,654)
|
|
1,806
|
|
(41,900)
|
|
|
|
| Loss from continuing operations |
|
(106,948)
|
|
(27,446)
|
|
(73,973)
|
|
(128,202)
|
|
|
|
| Adjustments to reconcile net income (loss) to net cash provided by |
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization, including related intangible assets |
|
|
|
|
|
82,738
|
|
82,959
|
|
|
|
| Amortization of directors deferred compensation stock units |
|
|
|
|
|
330
|
|
229
|
|
|
|
| Amortization of stock compensation |
|
|
|
|
|
10,657
|
|
7,979
|
|
|
|
| Amortization of deferred financing costs |
|
|
|
|
|
3,602
|
|
3,369
|
|
|
|
| Amortization of debt discount and mark-to-market |
|
|
|
|
|
0
|
|
232
|
|
|
|
| Equity in (earnings) loss of unconsolidated joint ventures |
|
304
|
|
1,724
|
|
(1,847)
|
|
2,831
|
|
|
|
| Distributions of cumulative earnings from unconsolidated joint ventures |
|
|
|
|
|
13
|
|
759
|
|
|
|
| Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net |
|
|
|
|
|
3,264
|
|
(521)
|
|
|
|
| Write-off transaction-related costs |
|
|
|
|
|
0
|
|
3,091
|
|
|
|
| Gain on disposition of developable land |
|
0
|
|
0
|
|
(57,748)
|
|
(111)
|
|
|
|
| Property impairments |
|
84,509
|
|
0
|
|
84,509
|
|
6,041
|
|
|
|
| Loss on sale of unconsolidated joint ventures |
|
0
|
|
1,886
|
|
0
|
|
1,886
|
|
|
|
| Land and other impairments, net |
|
|
|
|
|
9,368
|
|
11,333
|
|
|
|
| Loss from extinguishment of debt |
|
0
|
|
0
|
|
6,418
|
|
46,735
|
|
|
|
| Loan loss allowance charge |
|
|
|
|
|
0
|
|
5,152
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Decrease (increase) in unbilled rents receivable, net |
|
|
|
|
|
2,884
|
|
(7,246)
|
|
|
|
| (Increase) decrease in deferred charges and other assets |
|
|
|
|
|
(15,713)
|
|
(5,043)
|
|
|
|
| (Increase) decrease in accounts receivable, net |
|
|
|
|
|
(229)
|
|
4,213
|
|
|
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
|
|
|
|
|
12,253
|
|
(5,003)
|
|
|
|
| (Decrease) increase in rents received in advance and security deposits |
|
|
|
|
|
(361)
|
|
1,449
|
|
|
|
| Increase in accrued interest payable |
|
|
|
|
|
171
|
|
237
|
|
|
|
| Net cash flows provided by operating activities - continuing operations |
|
|
|
|
|
66,336
|
|
32,369
|
|
|
|
| Net cash flows provided by operating activities - discontinued operations |
|
|
|
|
|
2,848
|
|
8,806
|
|
|
|
| Net cash flows provided by operating activities - discontinued operations |
|
|
|
|
|
69,184
|
|
41,175
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
| Rental property acquisitions and related intangibles |
|
|
|
|
|
(130,500)
|
|
0
|
|
|
|
| Rental property additions, improvements and other costs |
|
|
|
|
|
(39,692)
|
|
(49,129)
|
|
|
|
| Development of rental property and other related costs |
|
|
|
|
|
(67,260)
|
|
(165,715)
|
|
|
|
| Proceeds from the sales of rental property |
|
|
|
|
|
335,288
|
|
42,702
|
|
|
|
| Proceeds from sale of investments in joint ventures |
|
|
|
|
|
0
|
|
3,865
|
|
|
|
| Repayment of notes receivable |
|
|
|
|
|
2,172
|
|
494
|
|
|
|
| Investment in unconsolidated joint ventures |
|
|
|
|
|
(147)
|
|
(629)
|
|
|
|
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
|
|
|
|
|
10,361
|
|
5,656
|
|
|
|
| Net cash provided by (used in) investing activities - continuing operations |
|
|
|
|
|
110,222
|
|
(162,756)
|
|
|
|
| Net cash (used in) provided by investing activities - discontinued operations |
|
|
|
|
|
(2)
|
|
620,772
|
|
|
|
| Net cash provided by investing activities |
|
|
|
|
|
110,220
|
|
458,016
|
|
|
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
| Borrowings from revolving credit facility |
|
|
|
|
|
89,000
|
|
186,000
|
|
|
|
| Repayment of revolving credit facility |
|
|
|
|
|
(128,000)
|
|
(37,000)
|
|
|
|
| Borrowings from term loans |
|
|
|
|
|
0
|
|
150,000
|
|
|
|
| Repayments of term loans |
|
|
|
|
|
0
|
|
(150,000)
|
|
|
|
| Repayments of unsecured term loans |
|
|
|
|
|
0
|
|
(573,727)
|
|
|
|
| Proceeds from mortgages and loans payable |
|
|
|
|
|
154,720
|
|
123,707
|
|
|
|
| Repayment of mortgages, loans payable and other obligations |
|
|
|
|
|
(240,395)
|
|
(129,907)
|
|
|
|
| Redemption of redeemable noncontrolling interests, net |
|
|
|
|
|
(12,000)
|
|
0
|
|
|
|
| Payment of early debt extinguishment costs |
|
|
|
|
|
(5,140)
|
|
(49,874)
|
|
|
|
| Common unit redemptions |
|
|
|
|
|
(2,653)
|
|
(550)
|
|
|
|
| Payment of financing costs |
|
|
|
|
|
(3,026)
|
|
(7,339)
|
|
|
|
| Contribution from noncontrolling interests |
|
|
|
|
|
24
|
|
197
|
|
|
|
| Distributions to redeemable noncontrolling interests |
|
|
|
|
|
(19,274)
|
|
(19,413)
|
|
|
|
| Payment of common dividends and distributions |
|
|
|
|
|
(56)
|
|
(469)
|
|
|
|
| Net cash used in financing activities |
|
|
|
|
|
(166,800)
|
|
(508,375)
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
|
|
|
|
12,604
|
|
(9,184)
|
|
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
[1] |
|
|
|
|
51,455
|
|
52,302
|
|
$ 52,302
|
|
| Cash, cash equivalents and restricted cash, end of period |
|
$ 64,059
|
[2] |
$ 43,118
|
[2] |
$ 64,059
|
[2] |
$ 43,118
|
[2] |
$ 51,455
|
[1] |
|
|