VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Rental property |
|
|
| Land and leasehold interests |
$ 483,195
|
$ 492,204
|
| Buildings and improvements |
2,845,193
|
3,332,315
|
| Tenant improvements |
40,809
|
122,509
|
| Furniture, fixtures and equipment |
100,803
|
99,094
|
| Gross investment in rental property |
3,470,000
|
4,046,122
|
| Less – accumulated depreciation and amortization |
(438,113)
|
(631,910)
|
| Total investment in rental property |
3,031,887
|
3,414,212
|
| Real estate held for sale, net |
122,690
|
193,933
|
| Net investment in rental property |
3,154,577
|
3,608,145
|
| Cash and cash equivalents |
396,940
|
26,782
|
| Restricted cash |
27,614
|
20,867
|
| Investments in unconsolidated joint ventures |
122,435
|
126,158
|
| Unbilled rents receivable, net |
7,808
|
39,734
|
| Deferred charges and other assets, net |
58,961
|
96,162
|
| Accounts receivable |
4,498
|
2,920
|
| Total assets |
3,772,833
|
3,920,768
|
| LIABILITIES AND EQUITY |
|
|
| Mortgages, loans payable and other obligations, net |
1,820,981
|
1,903,977
|
| Mandatorily redeemable noncontrolling interests |
487,619
|
0
|
| Dividends and distributions payable |
72
|
110
|
| Accounts payable, accrued expenses and other liabilities |
53,239
|
72,041
|
| Rents received in advance and security deposits |
15,710
|
22,941
|
| Accrued interest payable |
6,963
|
7,131
|
| Total liabilities |
2,384,584
|
2,006,200
|
| Commitments and contingencies |
|
|
| Redeemable noncontrolling interests |
40,231
|
515,231
|
| Partners’ Capital: |
|
|
| Accumulated other comprehensive income |
4,518
|
3,977
|
| Total liabilities and equity |
3,772,833
|
3,920,768
|
| VERIS RESIDENTIAL, L.P. |
|
|
| Rental property |
|
|
| Land and leasehold interests |
483,195
|
492,204
|
| Buildings and improvements |
2,845,193
|
3,332,315
|
| Tenant improvements |
40,809
|
122,509
|
| Furniture, fixtures and equipment |
100,803
|
99,094
|
| Gross investment in rental property |
3,470,000
|
4,046,122
|
| Less – accumulated depreciation and amortization |
(438,113)
|
(631,910)
|
| Total investment in rental property |
3,031,887
|
3,414,212
|
| Real estate held for sale, net |
122,690
|
193,933
|
| Net investment in rental property |
3,154,577
|
3,608,145
|
| Cash and cash equivalents |
396,940
|
26,782
|
| Restricted cash |
27,614
|
20,867
|
| Investments in unconsolidated joint ventures |
122,435
|
126,158
|
| Unbilled rents receivable, net |
7,808
|
39,734
|
| Deferred charges and other assets, net |
58,961
|
96,162
|
| Accounts receivable |
4,498
|
2,920
|
| Total assets |
3,772,833
|
3,920,768
|
| LIABILITIES AND EQUITY |
|
|
| Mortgages, loans payable and other obligations, net |
1,820,981
|
1,903,977
|
| Mandatorily redeemable noncontrolling interests |
487,619
|
0
|
| Dividends and distributions payable |
72
|
110
|
| Accounts payable, accrued expenses and other liabilities |
53,239
|
72,041
|
| Rents received in advance and security deposits |
15,710
|
22,941
|
| Accrued interest payable |
6,963
|
7,131
|
| Total liabilities |
2,384,584
|
2,006,200
|
| Commitments and contingencies |
|
|
| Redeemable noncontrolling interests |
40,231
|
515,231
|
| Partners’ Capital: |
|
|
| General Partner, 92,041,386 and 91,141,649 common units outstanding |
1,127,647
|
1,163,935
|
| Limited partners, 8,666,675 and 9,301,521 common units/LTIPs outstanding |
180,095
|
193,882
|
| Accumulated other comprehensive income |
4,518
|
3,977
|
| Total Veris Residential, L.P. partners’ capital |
1,312,260
|
1,361,794
|
| Noncontrolling interests in consolidated joint ventures |
35,758
|
37,543
|
| Total equity |
1,348,018
|
1,399,337
|
| Total liabilities and equity |
$ 3,772,833
|
$ 3,920,768
|