VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
| REVENUES |
|
|
| Total revenues |
$ 66,925
|
$ 46,169
|
| EXPENSES |
|
|
| Real estate taxes |
11,142
|
7,837
|
| Utilities |
2,689
|
2,409
|
| Operating services |
11,970
|
8,480
|
| Real estate services expenses |
1,943
|
2,363
|
| General and administrative |
10,286
|
19,451
|
| Transaction related costs |
1,027
|
0
|
| Depreciation and amortization |
23,876
|
18,838
|
| Land and other impairments, net |
3,396
|
2,932
|
| Total expenses |
66,329
|
62,310
|
| OTHER (EXPENSE) INCOME |
|
|
| Interest expense |
(22,014)
|
(11,606)
|
| Interest and other investment income |
116
|
158
|
| Equity in earnings (loss) of unconsolidated joint ventures |
(68)
|
(487)
|
| (Loss) gain on disposition of developable land |
(22)
|
2,623
|
| Other income, net |
1,998
|
0
|
| Total other (expense) income, net |
(19,990)
|
(9,312)
|
| Net loss from continuing operations |
(19,394)
|
(25,453)
|
| Discontinued operations: |
|
|
| Income from discontinued operations |
2,384
|
19,090
|
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |
780
|
1,836
|
| Total discontinued operations, net |
3,164
|
20,926
|
| Net loss |
(16,230)
|
(4,527)
|
| Noncontrolling interests in consolidated joint ventures |
587
|
974
|
| Noncontrolling interests in Operating Partnership of income from continuing operations |
2,329
|
2,779
|
| Noncontrolling interests in Operating Partnership in discontinued operations |
(293)
|
(1,881)
|
| Redeemable noncontrolling interests |
(6,366)
|
(6,437)
|
| Net loss available to common shareholders |
$ (19,973)
|
$ (9,092)
|
| Basic earnings per common share: |
|
|
| Loss from continuing operations (in dollars per share) |
$ (0.30)
|
$ (0.34)
|
| Discontinued operations (in dollars per share) |
0.03
|
0.21
|
| Net loss available to common shareholders (in dollars per share) |
(0.27)
|
(0.13)
|
| Diluted earnings per common share: |
|
|
| Loss from continuing operations (in dollars per share) |
(0.30)
|
(0.34)
|
| Discontinued operations (in dollars per share) |
0.03
|
0.21
|
| Net loss available to common shareholders (in dollars per share) |
$ (0.27)
|
$ (0.13)
|
| Basic weighted average shares outstanding (in shares) |
91,226
|
90,951
|
| Diluted weighted average shares outstanding (in shares) |
100,526
|
99,934
|
| Revenue from leases |
|
|
| REVENUES |
|
|
| Total revenues |
$ 59,678
|
$ 40,508
|
| Real estate services |
|
|
| REVENUES |
|
|
| Total revenues |
911
|
910
|
| Parking income |
|
|
| REVENUES |
|
|
| Total revenues |
4,459
|
3,682
|
| Other income |
|
|
| REVENUES |
|
|
| Total revenues |
$ 1,877
|
$ 1,069
|