Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-13274 | ||
Entity Registrant Name | VERIS RESIDENTIAL, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 22-3305147 | ||
Entity Address, Address Line One | Harborside 3, 210 Hudson St. | ||
Entity Address, Address Line Two | Ste. 400 | ||
Entity Address, City or Town | Jersey City | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07311 | ||
City Area Code | 732 | ||
Local Phone Number | 590-1010 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | VRE | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,148,886,979 | ||
Entity Common Stock, Shares Outstanding | 91,164,664 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Veris Residential, Inc.’s definitive proxy statement for fiscal year ended December 31, 2022 to be issued in conjunction with the registrant’s annual meeting of shareholders expected to be held on June 14, 2023 are incorporated by reference in Part III of this Form 10-K. The definitive proxy statement will be filed by the registrant with the SEC not later than 120 days from the end of the registrant’s fiscal year ended December 31, 2022. | ||
Entity Central Index Key | 0000924901 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
VERIS RESIDENTIAL, L.P. | |||
Document Information [Line Items] | |||
Entity File Number | 333-57103 | ||
Entity Registrant Name | VERIS RESIDENTIAL, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-3315804 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York |
VERIS RESIDENTIAL, INC. AND SUB
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Rental property | ||
Land and leasehold interests | $ 492,204 | $ 494,935 |
Buildings and improvements | 3,332,315 | 3,375,266 |
Tenant improvements | 122,509 | 106,654 |
Furniture, fixtures and equipment | 99,094 | 100,011 |
Gross investment in rental property | 4,046,122 | 4,076,866 |
Less – accumulated depreciation and amortization | (631,910) | (583,416) |
Total investment in rental property | 3,414,212 | 3,493,450 |
Real estate held for sale, net | 193,933 | 618,646 |
Net investment in rental property | 3,608,145 | 4,112,096 |
Cash and cash equivalents | 26,782 | 31,754 |
Restricted cash | 20,867 | 19,701 |
Investments in unconsolidated joint ventures | 126,158 | 137,772 |
Unbilled rents receivable, net | 39,734 | 72,285 |
Deferred charges and other assets, net | 96,162 | 151,347 |
Accounts receivable | 2,920 | 2,363 |
Total assets | 3,920,768 | 4,527,318 |
LIABILITIES AND EQUITY | ||
Revolving credit facility and term loans | 0 | 148,000 |
Mortgages, loans payable and other obligations, net | 1,903,977 | 2,241,070 |
Dividends and distributions payable | 110 | 384 |
Accounts payable, accrued expenses and other liabilities | 72,041 | 134,977 |
Rents received in advance and security deposits | 22,941 | 26,396 |
Accrued interest payable | 7,131 | 5,760 |
Total liabilities | 2,006,200 | 2,556,587 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 515,231 | 521,313 |
Veris Residential, Inc. stockholders’ equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 91,141,649 and 90,948,008 shares outstanding | 911 | 909 |
Additional paid-in capital | 2,532,182 | 2,530,383 |
Dividends in excess of net earnings | (1,301,385) | (1,249,319) |
Accumulated other comprehensive income (loss) | 3,977 | 9 |
Total Veris Residential, Inc. stockholders’ equity | 1,235,685 | 1,281,982 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 126,109 | 127,053 |
Consolidated joint ventures | 37,543 | 40,383 |
Total noncontrolling interests in subsidiaries | 163,652 | 167,436 |
Total equity | 1,399,337 | 1,449,418 |
Total liabilities and equity | $ 3,920,768 | $ 4,527,318 |
VERIS RESIDENTIAL, INC. AND S_2
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 190,000,000 | 190,000,000 |
Common stock, shares outstanding (in shares) | 91,141,649 | 90,948,008 |
VERIS RESIDENTIAL, INC. AND S_3
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Total revenues | $ 355,018 | $ 323,390 | $ 307,476 |
EXPENSES | |||
Real estate taxes | 58,585 | 47,106 | 44,977 |
Utilities | 14,344 | 14,802 | 13,717 |
Operating services | 77,855 | 71,246 | 67,592 |
Real estate services expenses | 10,549 | 12,857 | 13,555 |
General and administrative | 56,169 | 57,190 | 71,058 |
Transaction-related costs | 3,467 | 12,221 | 2,583 |
Depreciation and amortization | 111,518 | 110,038 | 120,455 |
Property impairments | 94,811 | 13,467 | 36,582 |
Land and other impairments, net | 9,368 | 23,719 | 16,817 |
Total expenses | 436,666 | 362,646 | 387,336 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (78,040) | (65,192) | (80,991) |
Interest and other investment income (loss) | 729 | 524 | 43 |
Equity in earnings (loss) of unconsolidated joint ventures | 1,200 | (4,251) | (3,832) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 66,115 | 3,022 | 2,657 |
Gain on disposition of developable land | 57,262 | 2,115 | 5,787 |
Gain (loss) on sale of unconsolidated joint venture interests | 7,677 | (1,886) | 35,184 |
Gain (loss) from extinguishment of debt, net | (7,432) | (47,078) | (272) |
Total other income (expense) | 47,511 | (112,746) | (41,424) |
Income (loss) from continuing operations | (34,137) | (152,002) | (121,284) |
Discontinued operations: | |||
Income from discontinued operations | 3,692 | 16,911 | 73,660 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (4,440) | 25,552 | 14,026 |
Total discontinued operations, net | (748) | 42,463 | 87,686 |
Net income (loss) | (34,885) | (109,539) | (33,598) |
Noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 5,202 | 15,739 | 13,831 |
Noncontrolling interests in Operating Partnership in discontinued operations | 72 | (3,860) | (8,432) |
Redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Net income (loss) available to common shareholders | $ (52,066) | $ (119,042) | $ (51,387) |
Basic earnings per common share: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.62) | $ (1.82) | $ (1.57) |
Discontinued operations (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | (0.63) | (1.39) | (0.70) |
Diluted earnings per common share: | |||
Income (loss) from continuing operations (in dollars per share) | (0.62) | (1.82) | (1.57) |
Discontinued operations (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | $ (0.63) | $ (1.39) | $ (0.70) |
Basic weighted average shares outstanding (in shares) | 91,046 | 90,839 | 90,648 |
Diluted weighted average shares outstanding (in shares) | 100,265 | 99,893 | 100,260 |
Revenue from leases | |||
REVENUES | |||
Total revenues | $ 284,062 | $ 276,864 | $ 266,884 |
Real estate services | |||
REVENUES | |||
Total revenues | 3,581 | 9,596 | 11,390 |
Parking income | |||
REVENUES | |||
Total revenues | 18,557 | 15,003 | 15,604 |
Hotel income | |||
REVENUES | |||
Total revenues | 15,505 | 10,618 | 4,287 |
Other income | |||
REVENUES | |||
Total revenues | $ 33,313 | $ 11,309 | $ 9,311 |
VERIS RESIDENTIAL, INC. AND S_4
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (34,885) | $ (109,539) | $ (33,598) |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 4,366 | 10 | (16) |
Comprehensive income (loss) | (30,519) | (109,529) | (33,614) |
Comprehensive income (loss) attributable to noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Comprehensive income (loss) attributable to redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Comprehensive income (loss) attributable to noncontrolling interests in Operating Partnership | 4,876 | 11,878 | 5,433 |
Comprehensive income (loss) attributable to common shareholders | $ (48,098) | $ (119,033) | $ (51,369) |
VERIS RESIDENTIAL, INC. AND S_5
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Dividends in Excess of Net Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Subsidiaries |
Beginning balance (in shares) at Dec. 31, 2019 | 90,595,000 | |||||
Balance, beginning at Dec. 31, 2019 | $ 1,699,475 | $ 906 | $ 2,535,440 | $ (1,042,629) | $ (18) | $ 205,776 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (33,598) | (51,387) | 17,789 | |||
Common stock dividends | (36,261) | (36,261) | ||||
Common unit distributions | (3,509) | (3,509) | ||||
Redeemable noncontrolling interests | (38,951) | (11,814) | (27,137) | |||
Change in noncontrolling interests in consolidated joint ventures | 171 | 171 | ||||
Redemption of common units | (2,693) | (2,693) | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 3,000 | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 37 | 37 | ||||
Directors' deferred compensation plan (in shares) | 61,000 | |||||
Directors' deferred compensation plan | 291 | $ 1 | 290 | |||
Stock compensation (in shares) | 53,000 | |||||
Stock compensation | 7,635 | 1,614 | 6,021 | |||
Cancellation of unvested LTIP units | (201) | (201) | ||||
Other comprehensive income (loss) | (16) | 18 | (34) | |||
Rebalancing of ownership percentage between parent and subsidiaries | 0 | 2,620 | (2,620) | |||
Ending balance (in shares) at Dec. 31, 2020 | 90,712,000 | |||||
Balance, ending at Dec. 31, 2020 | 1,592,380 | $ 907 | 2,528,187 | (1,130,277) | 0 | 193,563 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (109,539) | (119,042) | 9,503 | |||
Common unit distributions | 645 | 645 | ||||
Redeemable noncontrolling interests | (33,993) | (7,290) | (26,703) | |||
Change in noncontrolling interests in consolidated joint ventures | 206 | 206 | ||||
Redemption of common units for common stock (in shares) | 175,000 | |||||
Redemption of common units for common stock | 0 | $ 2 | 2,714 | (2,716) | ||
Redemption of common units | (11,357) | (11,357) | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 3,000 | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 28 | 28 | ||||
Directors' deferred compensation plan | 314 | 314 | ||||
Stock compensation (in shares) | 58,000 | |||||
Stock compensation | 10,847 | 5,139 | 5,708 | |||
Cancellation of restricted shares | (123) | (123) | ||||
Other comprehensive income (loss) | 10 | 9 | 1 | |||
Rebalancing of ownership percentage between parent and subsidiaries | $ 0 | 1,414 | (1,414) | |||
Ending balance (in shares) at Dec. 31, 2021 | 90,948,008 | 90,948,000 | ||||
Balance, ending at Dec. 31, 2021 | $ 1,449,418 | $ 909 | 2,530,383 | (1,249,319) | 9 | 167,436 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (34,885) | (52,066) | 17,181 | |||
Common unit distributions | 218 | 218 | ||||
Redeemable noncontrolling interests | (31,557) | (5,475) | (26,082) | |||
Change in noncontrolling interests in consolidated joint ventures | 239 | 239 | ||||
Redemption of common units for common stock (in shares) | 12,000 | |||||
Redemption of common units for common stock | 0 | 161 | (161) | |||
Redemption of common units | (1,826) | (1,826) | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 2,000 | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 23 | 23 | ||||
Directors' deferred compensation plan | 440 | 440 | ||||
Stock compensation (in shares) | 231,000 | |||||
Stock compensation | 13,767 | $ 2 | 9,926 | 3,839 | ||
Cancellation of restricted shares (in shares) | (51,000) | |||||
Cancellation of restricted shares | (866) | (866) | ||||
Other comprehensive income (loss) | 4,366 | 3,968 | 398 | |||
Rebalancing of ownership percentage between parent and subsidiaries | $ 0 | (2,410) | 2,410 | |||
Ending balance (in shares) at Dec. 31, 2022 | 91,141,649 | 91,142,000 | ||||
Balance, ending at Dec. 31, 2022 | $ 1,399,337 | $ 911 | $ 2,532,182 | $ (1,301,385) | $ 3,977 | $ 163,652 |
VERIS RESIDENTIAL, INC. AND S_6
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income (loss) | $ (34,885) | $ (109,539) | $ (33,598) | ||||
Net (income) loss from discontinued operations | 748 | (42,463) | (87,686) | ||||
Net income (loss) from continuing operations | (34,137) | (152,002) | (121,284) | ||||
Adjustments to reconcile net income (loss) to net cash provided by | |||||||
Depreciation and amortization, including related intangible assets | 111,392 | 107,201 | 117,745 | ||||
Amortization of directors deferred compensation stock units | 440 | 314 | 291 | ||||
Amortization of stock compensation | 13,767 | 10,847 | 7,635 | ||||
Amortization of deferred financing costs | 4,821 | 4,568 | 4,625 | ||||
Amortization of debt discount and mark-to-market | 0 | 232 | (1,083) | ||||
Equity in (earnings) loss of unconsolidated joint ventures | (1,200) | 4,251 | 3,832 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 13 | 759 | 5,300 | ||||
Write-off transaction-related costs | 0 | 7,922 | 0 | ||||
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (66,115) | (3,022) | (2,657) | ||||
Gain on disposition of developable land | (57,262) | (2,115) | (5,787) | ||||
Property impairments | 94,811 | 13,467 | 36,582 | ||||
Land and other impairments, net | 9,368 | 23,719 | 16,817 | ||||
(Gain) Loss from sale of investment in unconsolidated joint venture | (7,677) | 1,886 | (35,184) | ||||
Loss from extinguishment of debt | 7,432 | 47,078 | 272 | ||||
Changes in operating assets and liabilities: | |||||||
Decrease (Increase) in unbilled rents receivable, net | 1,578 | (7,251) | (1,311) | ||||
Increase in deferred charges, goodwill and other assets | (12,565) | (4,954) | (750) | ||||
(Increase) Decrease in accounts receivable, net | (505) | 5,544 | (5,117) | ||||
Increase (Decrease) in accounts payable, accrued expenses and other liabilities | 328 | (11,445) | (9,550) | ||||
(Decrease) Increase in rents received in advance and security deposits | (3,173) | 55 | (2,446) | ||||
Increase (Decrease) in accrued interest payable | 1,371 | 258 | (184) | ||||
Net cash flows provided by operating activities - continuing operations | 62,687 | 47,312 | 7,746 | ||||
Net cash flows provided by operating activities - discontinued operations | 3,767 | 8,803 | 77,676 | ||||
Net cash provided by operating activities | 66,454 | 56,115 | 85,422 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (130,500) | 0 | (16,811) | ||||
Rental property additions and improvements | (51,480) | (65,101) | (138,700) | ||||
Development of rental property, other related costs and deposits | (73,189) | (211,617) | (295,892) | ||||
Proceeds from the sales of rental property and developable land | 451,860 | 52,391 | 64,947 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 7,677 | 3,865 | 64,773 | ||||
Repayment of notes receivable | 2,926 | 7,257 | 458 | ||||
Investment in unconsolidated joint ventures | (162) | (1,280) | (2,959) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 13,132 | 15,703 | 13,826 | ||||
Net cash provided by (used in) investing activities - continuing operations | 220,264 | (198,782) | (310,358) | ||||
Net cash (used in) provided by investing activities - discontinued operations | (176) | 645,011 | 338,823 | ||||
Net cash provided by investing activities | 220,088 | 446,229 | 28,465 | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 102,000 | 196,000 | 212,000 | ||||
Repayment of revolving credit facility | (250,000) | (73,000) | (516,000) | ||||
Borrowings from term loans | 0 | 150,000 | 0 | ||||
Repayment of term loans | 0 | (150,000) | 0 | ||||
Repayment of senior unsecured notes | 0 | (573,727) | 0 | ||||
Proceeds from mortgages and loans payable | 154,720 | 226,422 | 381,577 | ||||
Repayment of mortgages, loans payable and other obligations | (245,522) | (192,995) | (86,561) | ||||
(Redemption) issuance of redeemable noncontrolling interests, net | (12,000) | 0 | (3,153) | ||||
Payment of early debt extinguishment costs | (5,140) | (49,874) | 0 | ||||
Common unit redemptions | (2,692) | (898) | (2,693) | ||||
Payment of financing costs | (6,037) | (8,874) | (1,677) | ||||
(Contributions) distributions to noncontrolling interests | 24 | 207 | 171 | ||||
Distributions to redeemable noncontrolling interests | (25,640) | (25,977) | (25,883) | ||||
Payment of common dividends and distributions | (61) | (475) | (60,532) | ||||
Net cash used in financing activities | (290,348) | (503,191) | (102,751) | ||||
Net (decrease) increase in cash and cash equivalents | (3,806) | (847) | 11,136 | ||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | 51,455 | [2] | 52,302 | [2] | 41,166 | |
Cash, cash equivalents and restricted cash, end of period | [2] | $ 47,649 | $ 51,455 | [1] | $ 52,302 | [1] | |
[1]Includes Restricted Cash of $19,701, $14,207 and $15,577 as of December 31, 2021, 2020 and 2019, respectively.[2]Includes Restricted Cash of $20,867, $19,701 and $14,207 as of December 31, 2022, 2021 and 2020, respectively. |
VERIS RESIDENTIAL, INC. AND S_7
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Cash Flows [Abstract] | ||||
Restricted cash | $ 20,867 | $ 19,701 | $ 14,207 | $ 15,577 |
VERIS RESIDENTIAL, L.P. AND SUB
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Rental property | ||
Land and leasehold interests | $ 492,204 | $ 494,935 |
Buildings and improvements | 3,332,315 | 3,375,266 |
Tenant improvements | 122,509 | 106,654 |
Furniture, fixtures and equipment | 99,094 | 100,011 |
Gross investment in rental property | 4,046,122 | 4,076,866 |
Less – accumulated depreciation and amortization | (631,910) | (583,416) |
Total investment in rental property | 3,414,212 | 3,493,450 |
Real estate held for sale, net | 193,933 | 618,646 |
Net investment in rental property | 3,608,145 | 4,112,096 |
Cash and cash equivalents | 26,782 | 31,754 |
Restricted cash | 20,867 | 19,701 |
Investments in unconsolidated joint ventures | 126,158 | 137,772 |
Unbilled rents receivable, net | 39,734 | 72,285 |
Deferred charges and other assets, net | 96,162 | 151,347 |
Accounts receivable | 2,920 | 2,363 |
Total assets | 3,920,768 | 4,527,318 |
LIABILITIES AND EQUITY | ||
Revolving credit facility and term loans | 0 | 148,000 |
Mortgages, loans payable and other obligations, net | 1,903,977 | 2,241,070 |
Dividends and distributions payable | 110 | 384 |
Accounts payable, accrued expenses and other liabilities | 72,041 | 134,977 |
Rents received in advance and security deposits | 22,941 | 26,396 |
Accrued interest payable | 7,131 | 5,760 |
Total liabilities | 2,006,200 | 2,556,587 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 515,231 | 521,313 |
Partners’ Capital: | ||
Accumulated other comprehensive income (loss) | 3,977 | 9 |
Total liabilities and equity | 3,920,768 | 4,527,318 |
VERIS RESIDENTIAL, L.P. | ||
Rental property | ||
Land and leasehold interests | 492,204 | 494,935 |
Buildings and improvements | 3,332,315 | 3,375,266 |
Tenant improvements | 122,509 | 106,654 |
Furniture, fixtures and equipment | 99,094 | 100,011 |
Gross investment in rental property | 4,046,122 | 4,076,866 |
Less – accumulated depreciation and amortization | (631,910) | (583,416) |
Total investment in rental property | 3,414,212 | 3,493,450 |
Real estate held for sale, net | 193,933 | 618,646 |
Net investment in rental property | 3,608,145 | 4,112,096 |
Cash and cash equivalents | 26,782 | 31,754 |
Restricted cash | 20,867 | 19,701 |
Investments in unconsolidated joint ventures | 126,158 | 137,772 |
Unbilled rents receivable, net | 39,734 | 72,285 |
Deferred charges and other assets, net | 96,162 | 151,347 |
Accounts receivable | 2,920 | 2,363 |
Total assets | 3,920,768 | 4,527,318 |
LIABILITIES AND EQUITY | ||
Revolving credit facility and term loans | 0 | 148,000 |
Mortgages, loans payable and other obligations, net | 1,903,977 | 2,241,070 |
Dividends and distributions payable | 110 | 384 |
Accounts payable, accrued expenses and other liabilities | 72,041 | 134,977 |
Rents received in advance and security deposits | 22,941 | 26,396 |
Accrued interest payable | 7,131 | 5,760 |
Total liabilities | 2,006,200 | 2,556,587 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 515,231 | 521,313 |
Partners’ Capital: | ||
General Partner, 91,141,649 and 90,948,008 common units outstanding | 1,163,935 | 1,211,790 |
Limited partners, 9,301,521 and 9,013,534 common units/LTIPs outstanding | 193,882 | 197,236 |
Accumulated other comprehensive income (loss) | 3,977 | 9 |
Total Veris Residential, L.P. partners’ capital | 1,361,794 | 1,409,035 |
Noncontrolling interests in consolidated joint ventures | 37,543 | 40,383 |
Total equity | 1,399,337 | 1,449,418 |
Total liabilities and equity | $ 3,920,768 | $ 4,527,318 |
VERIS RESIDENTIAL, L.P. AND S_2
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - VERIS RESIDENTIAL, L.P. - shares | Dec. 31, 2022 | Dec. 31, 2021 |
General Partner common units outstanding (in shares) | 91,141,649 | 90,948,008 |
Limited partners common units outstanding (in shares) | 9,301,521 | 9,013,534 |
VERIS RESIDENTIAL, L.P. AND S_3
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Total revenues | $ 355,018 | $ 323,390 | $ 307,476 |
EXPENSES | |||
Real estate taxes | 58,585 | 47,106 | 44,977 |
Utilities | 14,344 | 14,802 | 13,717 |
Operating services | 77,855 | 71,246 | 67,592 |
Real estate services expenses | 10,549 | 12,857 | 13,555 |
General and administrative | 56,169 | 57,190 | 71,058 |
Transaction-related costs | 3,467 | 12,221 | 2,583 |
Depreciation and amortization | 111,518 | 110,038 | 120,455 |
Property impairments | 94,811 | 13,467 | 36,582 |
Land and other impairments, net | 9,368 | 23,719 | 16,817 |
Total expenses | 436,666 | 362,646 | 387,336 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (78,040) | (65,192) | (80,991) |
Interest and other investment income (loss) | 729 | 524 | 43 |
Equity in earnings (loss) of unconsolidated joint ventures | 1,200 | (4,251) | (3,832) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 66,115 | 3,022 | 2,657 |
Gain on disposition of developable land | 57,262 | 2,115 | 5,787 |
Gain (loss) on sale of unconsolidated joint venture interests | 7,677 | (1,886) | 35,184 |
Gain (loss) from extinguishment of debt, net | (7,432) | (47,078) | (272) |
Total other income (expense) | 47,511 | (112,746) | (41,424) |
Income (loss) from continuing operations | (34,137) | (152,002) | (121,284) |
Discontinued operations: | |||
Income from discontinued operations | 3,692 | 16,911 | 73,660 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (4,440) | 25,552 | 14,026 |
Total discontinued operations, net | (748) | 42,463 | 87,686 |
Net income (loss) | (34,885) | (109,539) | (33,598) |
Noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Income Attributed to Noncontrolling Interests | (25,534) | (25,977) | (25,883) |
Net income (loss) available to common shareholders | $ (52,066) | $ (119,042) | $ (51,387) |
Basic earnings per common share: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.62) | $ (1.82) | $ (1.57) |
Discontinued operations (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | (0.63) | (1.39) | (0.70) |
Diluted earnings per common share: | |||
Income (loss) from continuing operations (in dollars per share) | (0.62) | (1.82) | (1.57) |
Discontinued operations (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | $ (0.63) | $ (1.39) | $ (0.70) |
Revenue from leases | |||
REVENUES | |||
Total revenues | $ 284,062 | $ 276,864 | $ 266,884 |
Real estate services | |||
REVENUES | |||
Total revenues | 3,581 | 9,596 | 11,390 |
Parking income | |||
REVENUES | |||
Total revenues | 18,557 | 15,003 | 15,604 |
Hotel income | |||
REVENUES | |||
Total revenues | 15,505 | 10,618 | 4,287 |
Other income | |||
REVENUES | |||
Total revenues | 33,313 | 11,309 | 9,311 |
VERIS RESIDENTIAL, L.P. | |||
REVENUES | |||
Total revenues | 355,018 | 323,390 | 307,476 |
EXPENSES | |||
Real estate taxes | 58,585 | 47,106 | 44,977 |
Utilities | 14,344 | 14,802 | 13,717 |
Operating services | 77,855 | 71,246 | 67,592 |
Real estate services expenses | 10,549 | 12,857 | 13,555 |
General and administrative | 56,169 | 57,190 | 71,058 |
Transaction-related costs | 3,467 | 12,221 | 2,583 |
Depreciation and amortization | 111,518 | 110,038 | 120,455 |
Property impairments | 94,811 | 13,467 | 36,582 |
Land and other impairments, net | 9,368 | 23,719 | 16,817 |
Total expenses | 436,666 | 362,646 | 387,336 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (78,040) | (65,192) | (80,991) |
Interest and other investment income (loss) | 729 | 524 | 43 |
Equity in earnings (loss) of unconsolidated joint ventures | 1,200 | (4,251) | (3,832) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 66,115 | 3,022 | 2,657 |
Gain on disposition of developable land | 57,262 | 2,115 | 5,787 |
Gain (loss) on sale of unconsolidated joint venture interests | 7,677 | (1,886) | 35,184 |
Gain (loss) from extinguishment of debt, net | (7,432) | (47,078) | (272) |
Total other income (expense) | 47,511 | (112,746) | (41,424) |
Income (loss) from continuing operations | (34,137) | (152,002) | (121,284) |
Discontinued operations: | |||
Income from discontinued operations | 3,692 | 16,911 | 73,660 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (4,440) | 25,552 | 14,026 |
Total discontinued operations, net | (748) | 42,463 | 87,686 |
Net income (loss) | (34,885) | (109,539) | (33,598) |
Noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Income Attributed to Noncontrolling Interests | (25,534) | (25,977) | (25,883) |
Net income (loss) available to common shareholders | $ (57,340) | $ (130,921) | $ (56,786) |
Basic earnings per common share: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.62) | $ (1.82) | $ (1.57) |
Discontinued operations (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | (0.63) | (1.39) | (0.70) |
Diluted earnings per common share: | |||
Income (loss) from continuing operations (in dollars per share) | (0.62) | (1.82) | (1.57) |
Discontinued operations (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | $ (0.63) | $ (1.39) | $ (0.70) |
Basic weighted average units outstanding (in shares) | 100,265 | 99,893 | 100,260 |
Diluted weighted average units outstanding (in shares) | 100,265 | 99,893 | 100,260 |
VERIS RESIDENTIAL, L.P. | Revenue from leases | |||
REVENUES | |||
Total revenues | $ 284,062 | $ 276,864 | $ 266,884 |
VERIS RESIDENTIAL, L.P. | Real estate services | |||
REVENUES | |||
Total revenues | 3,581 | 9,596 | 11,390 |
VERIS RESIDENTIAL, L.P. | Parking income | |||
REVENUES | |||
Total revenues | 18,557 | 15,003 | 15,604 |
VERIS RESIDENTIAL, L.P. | Hotel income | |||
REVENUES | |||
Total revenues | 15,505 | 10,618 | 4,287 |
VERIS RESIDENTIAL, L.P. | Other income | |||
REVENUES | |||
Total revenues | $ 33,313 | $ 11,309 | $ 9,311 |
VERIS RESIDENTIAL, L.P. AND S_4
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ (34,885) | $ (109,539) | $ (33,598) |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 4,366 | 10 | (16) |
Comprehensive income (loss) | (30,519) | (109,529) | (33,614) |
Comprehensive income (loss) attributable to noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Comprehensive income (loss) attributable to redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Comprehensive income (loss) attributable to common shareholders | (48,098) | (119,033) | (51,369) |
VERIS RESIDENTIAL, L.P. | |||
Net income (loss) | (34,885) | (109,539) | (33,598) |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 4,366 | 10 | (16) |
Comprehensive income (loss) | (30,519) | (109,529) | (33,614) |
Comprehensive income (loss) attributable to noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Comprehensive income (loss) attributable to redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Comprehensive income (loss) attributable to common shareholders | $ (52,974) | $ (130,911) | $ (56,802) |
VERIS RESIDENTIAL, L.P. AND S_5
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | VERIS RESIDENTIAL, L.P. | VERIS RESIDENTIAL, L.P. Accumulated Other Comprehensive Income (Loss) | General Partner Common Units VERIS RESIDENTIAL, L.P. | Limited Partner Common Units/ Vested LTIP Units VERIS RESIDENTIAL, L.P. | General Partner Common Unitholders VERIS RESIDENTIAL, L.P. | Limited Partner Common Unitholders VERIS RESIDENTIAL, L.P. | Noncontrolling Interest in Consolidated Joint Ventures VERIS RESIDENTIAL, L.P. |
Beginning balance (in shares) at Dec. 31, 2019 | 90,595,000 | 9,612,000 | ||||||
Balance, beginning at Dec. 31, 2019 | $ 1,699,475 | $ 1,699,475 | $ (18) | $ 1,427,568 | $ 224,629 | $ 47,296 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | (33,598) | (33,598) | (51,387) | (5,399) | 23,188 | |||
Distributions to unitholders | (3,509) | (39,770) | (36,261) | (3,509) | ||||
Redeemable noncontrolling interests | (38,951) | (38,951) | (11,814) | (1,254) | (25,883) | |||
Change in noncontrolling interests in consolidated joint ventures | 171 | $ 171 | 171 | |||||
Vested LTIP units (in shares) | 136,957 | 175,000 | ||||||
Redemption of limited partners common units (in shares) | (138,615) | (138,000) | ||||||
Redemption of limited partners common units | 2,693 | $ (2,693) | (2,693) | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 3,000 | |||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 37 | 37 | 37 | |||||
Directors' deferred compensation plan (in shares) | 61,000 | |||||||
Directors' deferred compensation plan | 291 | 291 | 291 | |||||
Other comprehensive income (loss) | (16) | (16) | 18 | (34) | ||||
Stock compensation (in shares) | 53,000 | |||||||
Stock compensation | 7,635 | 7,635 | 1,614 | 6,021 | ||||
Cancellation of unvested LTIP units | (201) | (201) | (201) | |||||
Ending balance (in shares) at Dec. 31, 2020 | 90,712,000 | 9,649,000 | ||||||
Balance, ending at Dec. 31, 2020 | 1,592,380 | 1,592,380 | 0 | 1,330,048 | 217,560 | 44,772 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | (109,539) | (109,539) | (119,042) | (11,879) | 21,382 | |||
Distributions to unitholders | 645 | 645 | 645 | |||||
Redeemable noncontrolling interests | (33,993) | (33,993) | (7,290) | (726) | (25,977) | |||
Change in noncontrolling interests in consolidated joint ventures | 206 | $ 206 | 206 | |||||
Vested LTIP units (in shares) | 65,176 | 270,000 | ||||||
Redemption of limited partner common units for shares of general partner common units (in shares) | 175,000 | (175,000) | ||||||
Redemption of limited partner common units for shares of general partner common units | 0 | $ 0 | 2,716 | (2,716) | ||||
Redemption of limited partners common units (in shares) | (175,257) | (731,000) | ||||||
Redemption of limited partners common units | 11,357 | $ (11,357) | (11,357) | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 3,000 | |||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 28 | 28 | 28 | |||||
Directors' deferred compensation plan | 314 | 314 | 314 | |||||
Other comprehensive income (loss) | 10 | 10 | 9 | 1 | ||||
Stock compensation (in shares) | 58,000 | |||||||
Stock compensation | 10,847 | 10,847 | 5,139 | 5,708 | ||||
Cancellation of restricted shares | $ 123 | 123 | 123 | 0 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 90,948,008 | 90,948,000 | 9,013,000 | |||||
Balance, ending at Dec. 31, 2021 | $ 1,449,418 | 1,449,418 | 9 | 1,211,790 | 197,236 | 40,383 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net income (loss) | (34,885) | (34,885) | (52,066) | (5,274) | 22,455 | |||
Distributions to unitholders | 218 | 218 | 218 | |||||
Redeemable noncontrolling interests | (31,557) | (31,557) | (5,475) | (548) | (25,534) | |||
Change in noncontrolling interests in consolidated joint ventures | 239 | $ 239 | 239 | |||||
Vested LTIP units (in shares) | 181,000 | 410,000 | ||||||
Redemption of limited partner common units for shares of general partner common units (in shares) | 12,000 | (12,000) | ||||||
Redemption of limited partner common units for shares of general partner common units | $ 0 | 161 | (161) | |||||
Redemption of limited partners common units (in shares) | (110,084) | (11,508) | (110,000) | |||||
Redemption of limited partners common units | $ 1,826 | $ (1,826) | (1,826) | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 2,000 | |||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 23 | 23 | 23 | |||||
Directors' deferred compensation plan | 440 | 440 | 440 | |||||
Other comprehensive income (loss) | 4,366 | 4,366 | 3,968 | 398 | ||||
Stock compensation (in shares) | 231,000 | |||||||
Stock compensation | 13,767 | 13,767 | 9,928 | 3,839 | ||||
Cancellation of restricted shares (in shares) | (51,000) | |||||||
Cancellation of restricted shares | $ 866 | 866 | 866 | |||||
Ending balance (in shares) at Dec. 31, 2022 | 91,141,649 | 91,142,000 | 9,301,000 | |||||
Balance, ending at Dec. 31, 2022 | $ 1,399,337 | $ 1,399,337 | $ 3,977 | $ 1,163,935 | $ 193,882 | $ 37,543 |
VERIS RESIDENTIAL, L.P. AND S_6
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income (loss) | $ (34,885) | $ (109,539) | $ (33,598) | ||||
Net (income) loss from discontinued operations | 748 | (42,463) | (87,686) | ||||
Net income (loss) from continuing operations | (34,137) | (152,002) | (121,284) | ||||
Adjustments to reconcile net income (loss) to net cash provided by | |||||||
Depreciation and amortization, including related intangible assets | 111,392 | 107,201 | 117,745 | ||||
Amortization of directors deferred compensation stock units | 440 | 314 | 291 | ||||
Amortization of stock compensation | 13,767 | 10,847 | 7,635 | ||||
Amortization of deferred financing costs | 4,821 | 4,568 | 4,625 | ||||
Amortization of debt discount and mark-to-market | 0 | 232 | (1,083) | ||||
Equity in (earnings) loss of unconsolidated joint ventures | (1,200) | 4,251 | 3,832 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 13 | 759 | 5,300 | ||||
Write-off transaction-related costs | 0 | 7,922 | 0 | ||||
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (66,115) | (3,022) | (2,657) | ||||
Gain on disposition of developable land | (57,262) | (2,115) | (5,787) | ||||
Property impairments | 94,811 | 13,467 | 36,582 | ||||
Land and other impairments, net | 9,368 | 23,719 | 16,817 | ||||
(Gain) Loss from sale of investment in unconsolidated joint venture | (7,677) | 1,886 | (35,184) | ||||
Loss from extinguishment of debt | 7,432 | 47,078 | 272 | ||||
Changes in operating assets and liabilities: | |||||||
Decrease (Increase) in unbilled rents receivable, net | 1,578 | (7,251) | (1,311) | ||||
Increase in deferred charges, goodwill and other assets | (12,565) | (4,954) | (750) | ||||
(Increase) Decrease in accounts receivable, net | (505) | 5,544 | (5,117) | ||||
Increase (Decrease) in accounts payable, accrued expenses and other liabilities | 328 | (11,445) | (9,550) | ||||
(Decrease) Increase in rents received in advance and security deposits | (3,173) | 55 | (2,446) | ||||
Increase (Decrease) in accrued interest payable | 1,371 | 258 | (184) | ||||
Net cash flows provided by operating activities - continuing operations | 62,687 | 47,312 | 7,746 | ||||
Net cash flows provided by operating activities - discontinued operations | 3,767 | 8,803 | 77,676 | ||||
Net cash provided by operating activities | 66,454 | 56,115 | 85,422 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (130,500) | 0 | (16,811) | ||||
Rental property additions and improvements | (51,480) | (65,101) | (138,700) | ||||
Development of rental property, other related costs and deposits | (73,189) | (211,617) | (295,892) | ||||
Proceeds from the sales of rental property and developable land | 451,860 | 52,391 | 64,947 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 7,677 | 3,865 | 64,773 | ||||
Repayment of notes receivable | 2,926 | 7,257 | 458 | ||||
Investment in unconsolidated joint ventures | (162) | (1,280) | (2,959) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 13,132 | 15,703 | 13,826 | ||||
Net cash provided by (used in) investing activities - continuing operations | 220,264 | (198,782) | (310,358) | ||||
Net cash (used in) provided by investing activities - discontinued operations | (176) | 645,011 | 338,823 | ||||
Net cash provided by investing activities | 220,088 | 446,229 | 28,465 | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 102,000 | 196,000 | 212,000 | ||||
Repayment of revolving credit facility | (250,000) | (73,000) | (516,000) | ||||
Borrowings from term loans | 0 | 150,000 | 0 | ||||
Repayment of term loans | 0 | (150,000) | 0 | ||||
Repayment of senior unsecured notes | 0 | (573,727) | 0 | ||||
Proceeds from mortgages and loans payable | 154,720 | 226,422 | 381,577 | ||||
Repayment of mortgages, loans payable and other obligations | (245,522) | (192,995) | (86,561) | ||||
(Redemption) issuance of redeemable noncontrolling interests, net | (12,000) | 0 | (3,153) | ||||
Payment of early debt extinguishment costs | (5,140) | (49,874) | 0 | ||||
Common unit redemptions | (2,692) | (898) | (2,693) | ||||
Payment of financing costs | (6,037) | (8,874) | (1,677) | ||||
(Contributions) distributions to noncontrolling interests | 24 | 207 | 171 | ||||
Distributions to redeemable noncontrolling interests | (25,640) | (25,977) | (25,883) | ||||
Payment of common dividends and distributions | (61) | (475) | (60,532) | ||||
Net cash used in financing activities | (290,348) | (503,191) | (102,751) | ||||
Net (decrease) increase in cash and cash equivalents | (3,806) | (847) | 11,136 | ||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | 51,455 | [2] | 52,302 | [2] | 41,166 | |
Cash, cash equivalents and restricted cash, end of period | [2] | 47,649 | 51,455 | [1] | 52,302 | [1] | |
VERIS RESIDENTIAL, L.P. | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income (loss) | (34,885) | (109,539) | (33,598) | ||||
Net (income) loss from discontinued operations | 748 | (42,463) | (87,686) | ||||
Net income (loss) from continuing operations | (34,137) | (152,002) | (121,284) | ||||
Adjustments to reconcile net income (loss) to net cash provided by | |||||||
Depreciation and amortization, including related intangible assets | 111,392 | 107,201 | 117,745 | ||||
Amortization of directors deferred compensation stock units | 440 | 314 | 291 | ||||
Amortization of stock compensation | 13,767 | 10,847 | 7,635 | ||||
Amortization of deferred financing costs | 4,821 | 4,568 | 4,625 | ||||
Amortization of debt discount and mark-to-market | 0 | 232 | (1,083) | ||||
Equity in (earnings) loss of unconsolidated joint ventures | (1,200) | 4,251 | 3,832 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 13 | 759 | 5,300 | ||||
Write-off transaction-related costs | 0 | 7,922 | 0 | ||||
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (66,115) | (3,022) | (2,657) | ||||
Gain on disposition of developable land | (57,262) | (2,115) | (5,787) | ||||
Property impairments | 94,811 | 13,467 | 36,582 | ||||
Land and other impairments, net | 9,368 | 23,719 | 16,817 | ||||
(Gain) Loss from sale of investment in unconsolidated joint venture | (7,677) | 1,886 | (35,184) | ||||
Loss from extinguishment of debt | 7,432 | 47,078 | 272 | ||||
Changes in operating assets and liabilities: | |||||||
Decrease (Increase) in unbilled rents receivable, net | 1,578 | (7,251) | (1,311) | ||||
Increase in deferred charges, goodwill and other assets | (12,565) | (4,954) | (750) | ||||
(Increase) Decrease in accounts receivable, net | (505) | 5,544 | (5,117) | ||||
Increase (Decrease) in accounts payable, accrued expenses and other liabilities | 328 | (11,445) | (9,550) | ||||
(Decrease) Increase in rents received in advance and security deposits | (3,173) | 55 | (2,446) | ||||
Increase (Decrease) in accrued interest payable | 1,371 | 258 | (184) | ||||
Net cash flows provided by operating activities - continuing operations | 62,687 | 47,312 | 7,746 | ||||
Net cash flows provided by operating activities - discontinued operations | 3,767 | 8,803 | 77,676 | ||||
Net cash provided by operating activities | 66,454 | 56,115 | 85,422 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (130,500) | 0 | (16,811) | ||||
Rental property additions and improvements | (51,480) | (65,101) | (138,700) | ||||
Development of rental property, other related costs and deposits | (73,189) | (211,617) | (295,892) | ||||
Proceeds from the sales of rental property and developable land | 451,860 | 52,391 | 64,947 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 7,677 | 3,865 | 64,773 | ||||
Repayment of notes receivable | 2,926 | 7,257 | 458 | ||||
Investment in unconsolidated joint ventures | (162) | (1,280) | (2,959) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 13,132 | 15,703 | 13,826 | ||||
Net cash provided by (used in) investing activities - continuing operations | 220,264 | (198,782) | (310,358) | ||||
Net cash (used in) provided by investing activities - discontinued operations | (176) | 645,011 | 338,823 | ||||
Net cash provided by investing activities | 220,088 | 446,229 | 28,465 | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 102,000 | 196,000 | 212,000 | ||||
Repayment of revolving credit facility | (250,000) | (73,000) | (516,000) | ||||
Borrowings from term loans | 0 | 150,000 | 0 | ||||
Repayment of term loans | 0 | (150,000) | 0 | ||||
Repayment of senior unsecured notes | 0 | (573,727) | 0 | ||||
Proceeds from mortgages and loans payable | 154,720 | 226,422 | 381,577 | ||||
Repayment of mortgages, loans payable and other obligations | (245,522) | (192,995) | (86,561) | ||||
(Redemption) issuance of redeemable noncontrolling interests, net | (12,000) | 0 | (3,153) | ||||
Payment of early debt extinguishment costs | (5,140) | (49,874) | 0 | ||||
Common unit redemptions | (2,692) | (898) | (2,693) | ||||
Payment of financing costs | (6,037) | (8,874) | (1,677) | ||||
(Contributions) distributions to noncontrolling interests | 24 | 207 | 171 | ||||
Distributions to redeemable noncontrolling interests | (25,640) | (25,977) | (25,883) | ||||
Payment of common dividends and distributions | (61) | (475) | (60,532) | ||||
Net cash used in financing activities | (290,348) | (503,191) | (102,751) | ||||
Net (decrease) increase in cash and cash equivalents | (3,806) | (847) | 11,136 | ||||
Cash, cash equivalents and restricted cash, beginning of period | [3] | 51,455 | [4] | 52,302 | [4] | 41,166 | |
Cash, cash equivalents and restricted cash, end of period | [4] | $ 47,649 | $ 51,455 | [3] | $ 52,302 | [3] | |
[1]Includes Restricted Cash of $19,701, $14,207 and $15,577 as of December 31, 2021, 2020 and 2019, respectively.[2]Includes Restricted Cash of $20,867, $19,701 and $14,207 as of December 31, 2022, 2021 and 2020, respectively.[3]Includes Restricted Cash of $19,701, $14,207 and $15,577 as of December 31, 2021, 2020 and 2019, respectively[4]Includes Restricted Cash of $20,867, $19,701 and $14,207 as of December 31, 2022, 2021 and 2020, respectively. |
VERIS RESIDENTIAL, L.P. AND S_7
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 20,867 | $ 19,701 | $ 14,207 | $ 15,577 |
VERIS RESIDENTIAL, L.P. | ||||
Restricted cash | $ 20,867 | $ 19,701 | $ 14,207 | $ 15,577 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION Veris Residential, Inc., a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”), is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”). The General Partner controls Veris Residential, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a 90.7 and 91.0 percent common unit interest in the Operating Partnership as of December 31, 2022 and 2021, respectively. The Company develops, owns and operates predominantly multifamily rental properties located primarily in the Northeast, as well as a portfolio of Class A office properties. The Company is in the process of transitioning to a pure-play multifamily REIT and is focused on conducting business in a socially, ethically, and environmentally responsible manner, while seeking to maximize value for all stakeholders. Veris Residential, Inc. was incorporated on May 24, 1994. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of December 31, 2022, the Company owned or had interests in 24 multifamily rental properties as well as non-core assets comprised of five office properties, four parking/retail properties and two hotels (collectively, the "Properties"). The Properties are comprised of: (a) 27 wholly-owned or Company-controlled properties comprised of 17 multifamily properties and 10 non-core assets, and (b) eight properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and a non-core asset. BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Under ASC 810, the Operating Partnership is considered a variable interest entity of the parent company, Veris Residential, Inc. As the Operating Partnership is already consolidated in the balance sheets of Veris Residential, Inc., this has no impact on the consolidated financial statements of Veris Residential, Inc. As of December 31, 2022 and 2021, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Veris Residential Partners, L.P., formerly known as Roseland Residential, L.P. (See Note 14: Redeemable Noncontrolling Interests-Rockpoint Transaction), have total real estate assets of $468.1 million and $477.5 million, respectively, other assets of $6.0 million and $5.3 million, respectively, mortgages of $285.5 million and $285.7 million, respectively, and other liabilities of $17.3 million and $21.2 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations. During the year ended December 31, 2020, the Company’s management recorded an out-of-period adjustment relating to Land and other impairments expense, which was understated for the period ended December 31, 2019. Management concluded that this error was not material to the Company’s consolidated financial statements for any of the current or prior periods. The adjustment is reflected herein as a $2.5 million increase to Land and other impairments expense in the Company’s consolidated statements of operations for the year ended December 31, 2020, and a corresponding decrease in Real estate held for sale, net, in the Company’s balance sheets as of December 31, 2020 . |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Rental Property Rental properties are reported at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $1.5 million, $2.4 million and $2.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and improvements, which enhance or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of December 31, 2022 and 2021 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, Land held for development (including pre-development costs, if any) (a)(b) $ 264,934 $ 341,496 Development and construction in progress, including land (c) 205,173 694,768 Total $ 470,107 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $97.7 million and $150.9 million as of December 31, 2022 and December 31, 2021, respectively. (b) Includes $73.2 million of land and $13.8 million of building and improvements classified as to assets held for sale at December 31, 2022. (c) Includes land of $13.6 million and $68.8 million as of December 31, 2022 and December 31, 2021, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multifamily units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and uses various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing properties with below market occupancy levels, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different potential outcomes for a property, the Company will take a probability weighted approach to estimating future cash flows. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows and estimated fair values for each property are based on a number of assumptions, including but not limited to estimated holding periods, outcome probabilities, market capitalization rates and discount rates, as applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of expected selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of expected selling costs, of the disposal groups identified as held for sale is less than the carrying value, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company has determined that an asset previously classified as held for sale, no longer meets the held for sale criteria, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date the asset qualified as held for sale. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 4: Investments in Unconsolidated Joint Ventures. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $4.8 million, $4.6 million and $4.6 million for each of the years ended December 31, 2022, 2021 and 2020, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in the gains(losses) from extinguishment of debt, net, of $(7.4) million, $(47.1) million and $(0.3) million for the years ended December 31, 2022, 2021 and 2020 were unamortized deferred financing costs. Deferred Leasing Costs Costs incurred in connection with successfully executed commercial and residential leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was fully impaired at December 31, 2021 after management performed its impairment tests and recognized an impairment of $2.9 million. Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Revenue Recognition The majority of the Company’s revenue is derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842, Leases. Revenue from leases is reported on a straight-line basis over the non-cancellable term of the lease for residential and commercial leases which provide for concessions and/or scheduled fixed or determinable rent increases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 13: Tenant Leases. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under ASC 606, Revenue from Contracts with Customers (such as tenant reimbursements of property operating expenses), from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease. This enables the Company to account for the lease component and non-lease components as an operating lease since the lease component is the predominant component. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is recorded as a reduction of the corresponding revenue account. Management performs a detailed review of amounts due from tenants for collectability, based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2022, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $451.0 million. The Operating Partnership’s taxable income (loss) for the year ended December 31, 2022, 2021 and 2020 was estimated to be approximately zero, $(17.7) million and $79.3 million, respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The deferred tax asset balance at December 31, 2022 amounted to $30.7 million which has been fully reserved through a valuation allowance. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2022, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2019 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable The Company has suspended its common dividends since September 2020, which was initially a strategic decision by the Board of Directors to allow for greater financial flexibility during the COVID-19 pandemic and to retain incremental capital to support the Company's value-enhancing investments across the portfolio and was based upon its estimates of taxable income. Based upon its current estimates of taxable income and its expectation of disposition activity, the Board has made the strategic decision to continue to suspend its dividend to support the transformation of the Company to a pure-play multifamily REIT and will re-evaluate this decision when such transition is substantially complete. The declaration and payment of dividends and distributions will continue to be determined by the Board of Directors of the General Partner in light of conditions then existing, including the Company’s earnings, cash flows, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions and the general overall economic conditions and other factors. The dividends and distributions payable at December 31, 2022 and 2021 represent amounts payable on unvested LTIP units. The Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2020 represented 19 percent ordinary income and 81 percent capital gain. Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital. Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $13.8 million, $10.8 million and $7.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: • Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and • Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
RECENT TRANSACTIONS
RECENT TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Recent Transactions [Abstract] | |
RECENT TRANSACTIONS | RECENT TRANSACTIONS Acquisition The Company acquired the following rental property during the year ended December 31, 2022 (dollars in thousands): Acquisition Date Property Location Property # of Acquisition 7/21/2022 The James (a) Park Ridge, NJ Multifamily 240 $ 130,308 Total Acquisitions 240 $ 130,308 (a) This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's revolving credit facility. Properties Commencing Initial Operations The following property commenced initial operations during the years ended December 31, 2022 and 2021 ( dollars in thousands ): 2022 In Service Property Location Property # of Total Development 04/01/22 Haus25 (a) Jersey City Multifamily 750 $ 485,587 Totals 750 $ 485,587 (a) As of December 31, 2022, all apartment units are in service. The development costs includes approximately $53.4 million in land costs. 2021 In Service Property Location Property # of Total Development 03/01/21 The Upton (a) Short Hills, NJ Multifamily 193 $ 101,269 07/01/21 Riverhouse 9 at Port Imperial (b) Weehawken, NJ Multifamily 313 164,633 Totals 506 $ 265,902 (a) As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs. (b) As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs. Additionally, a land lease located in Parsippany, New Jersey also commenced initial operations during the first quarter 2021. Development costs incurred amounted to $5.1 million. This land lease was sold by the Company during 2021. Real Estate Held for Sale/Discontinued Operations/Dispositions 2022 The Company has discontinued operations related to its former suburban New Jersey office portfolio (collectively, the “Suburban Office Portfolio”) which represented a strategic shift in the Company’s operations beginning in 2019. The Company has sold all but one of those assets and expects to dispose of this final suburban office asset in the first quarter of 2023. See Note 7: Discontinued Operations. As of December 31, 2022, the Company identified as held for sale an office property of 0.4 million square feet, two hotels and several developable land parcels, which are located in Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey. As a result of recent sales contracts in place, the Company determined that the carrying value of the remaining held for sale office property, two hotels and two land parcels held for sale were not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2022, respectively, recognized an unrealized held for sale loss allowance of $12.5 million ($4.4 million of which is included in discontinued operations) and also recorded land and other impairments of $6.4 million during the year ended December 31, 2022. In February 2023, the Company completed the disposition of its hotels held for sale at December 31, 2022, for gross proceeds of $97 million and paid down the $84.0 million mortgage encumbering the property. During the third quarter of 2022, the Company entered into a contract with a non-refundable deposit to dispose of three office properties totaling approximately 1.9 million square feet for a gross sales price of $420 million. As of December 31, 2022, due to current market conditions for office sales, the Company determined that this transaction did not meet all of the criteria for classification as held for sale under ASC 360-10-45-9 and hence the assets were not reclassified as held for sale. The Company recorded an impairment charge of $84.5 million on these properties for the period ending September 30, 2022. As of June 30, 2022 two land parcels that were previously identified as held for sale were reclassified as held and used, resulting in transaction-related costs of $0.1 million. The total estimated sales proceeds of real estate held for sale, net of expected selling costs, are expected to be approximately $212.1 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Office Portfolio Other Assets & Liabilities Held for Sale Total Land $ 4,336 $ 88,507 $ 92,843 Building & Other 30,389 112,165 142,554 Less: Accumulated depreciation (12,165) (16,759) (28,924) Less: Cumulative unrealized losses on property held for sale (4,440) (8,100) (12,540) Real estate held for sale, net $ 18,120 $ 175,813 $ 193,933 Other assets and liabilities Suburban Other Total Unbilled rents receivable, net (a) $ 368 $ — $ 368 Deferred charges, net (a) 426 — 426 Total deferred charges & other assets, net 457 985 1,442 Mortgages & loans payable, net (a) — (85,664) (85,664) Accounts payable, accrued exp & other liability (759) (473) (1,232) (a) Expected to be removed with the completion of the sales. The Company disposed of the following rental property during the year ended December 31, 2022 (dollars in thousands) : Disposition Property Location # of Rentable Property Net Net Realized Discontinued 01/21/22 111 River Street Hoboken, New Jersey 1 566,215 Office $ 208,268 (a) $ 206,432 $ 1,836 $ — 10/07/22 101 Hudson Street Jersey City, New Jersey 1 1,246,283 Office 342,578 (b) 270,198 72,380 — Unrealized gains (losses) on real estate held for sale $ (8,100) $ (4,440) Totals 2 1,812,498 $ 550,846 $ 476,630 $ 66,116 $ (4,440) (a) The $150 million mortgage loan encumbering the property was repaid at closing, for which the Company incurred costs of $6.3 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022. (b) The $250 million mortgage loan encumbering the property was assumed by the purchaser at closing, for which the Company incurred costs of $1.0 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022. The assumed mortgage was a non-cash portion of this sales transaction. The Company disposed of the following developable land holdings during the year ended December 31, 2022 (dollars in thousands): Disposition Property Address Location Net Net Realized 03/22/22 Palladium residential land West Windsor, New Jersey $ 23,908 $ 24,182 $ (274) 03/22/22 Palladium commercial land West Windsor, New Jersey 4,688 1,791 2,897 04/15/22 Port Imperial Park parcel Weehawken, New Jersey 29,331 29,744 (413) 04/21/22 Urby II/III Jersey City, New Jersey 68,854 13,316 55,538 11/03/22 Port Imperial Parcels 3 & 16 (a) Weehawken, New Jersey 24,885 25,371 (486) Totals $ 151,666 $ 94,404 $ 57,262 (a) Includes non-cash expenses of $2.5 million. 2021 As of December 31, 2021, the Company identified as held for sale two office properties totaling approximately 1.8 million square feet to be sold separately, which were located in Jersey City and Hoboken, New Jersey. The total estimated sales proceeds, net of expected selling costs but before the required aggregate paydown or buyer assumption of $400 million of mortgages encumbering the properties and related costs, were expected to be approximately $575 million. Additionally, the Company also identified several developable land parcels as held for sale as of December 31, 2021. As a result of recent sales contracts in place and after considering the market conditions due to the challenging economic climate and the COVID-19 pandemic, the Company determined that the carrying value of several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2021, recognized land impairments of $10.2 million. The Company also recognized an unrealized gain of $3.7 million during the year ended December 31, 2021 (reversing cumulative held for sale loss allowances recognized) for a held for sale land parcel that was previously impaired when the Company entered into a contract to sell the land parcel. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Assets Land $ 159,968 Building & Other 618,216 Less: Accumulated depreciation (159,538) Real estate held for sale, net $ 618,646 Other assets and liabilities Assets Unbilled rents receivable, net (a) $ 30,526 Deferred charges, net (a) 16,056 Total intangibles, net (a) 31,155 Total deferred charges & other assets, net (b) 69,410 Mortgages & loans payable, net (a) (397,953) Total below market liability (a) (24,098) Accounts payable, accrued exp & other liability (c) (49,648) Unearned rents/deferred rental income (a) (5,831) (a) Expected to be removed with the completion of the sales. (b) Includes $19.2 million of right of use assets expected to be removed with the completion of the sales. (c) Includes $20.5 million of right of use liabilities expected to be removed with the completion of the sales. The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands) : Disposition Property/Address Location # of Rentable Property Net Net Realized Discontinued 01/13/21 100 Overlook Center Princeton, New Jersey 1 149,600 Office $ 34,724 (a) $ 26,488 $ — $ 8,236 03/25/21 Metropark portfolio (b) Edison and Iselin, New Jersey 4 926,656 Office 247,351 233,826 — 13,525 04/20/21 Short Hills portfolio (c) Short Hills, New Jersey 4 828,413 Office 248,664 245,800 — 2,864 06/11/21 Red Bank portfolio Red Bank, New Jersey 5 659,490 Office 80,730 78,364 — 2,366 06/30/21 Retail land leases Hanover and Parsippany, New Jersey — — Land Lease 41,957 37,951 4,006 — 07/26/21 7 Giralda Farms Madison, New Jersey 1 236,674 Office 28,182 30,143 — (1,961) 10/20/21 4 Gatehall Drive Parsippany, New Jersey 1 248,480 Office 24,239 23,717 — 522 12/16/21 Retail land lease Unit B Hanover, New Jersey — — Land Lease 5,423 6,407 (984) — Totals 16 3,049,313 $ 711,270 $ 682,696 $ 3,022 $ 25,552 (a) As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 16: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership. (b) Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges and other assets, net. (c) The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt. The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands): Disposition Property Address Location Net Net Realized 05/24/21 Horizon common area Hamilton, New Jersey $ 745 $ 634 $ 111 12/22/21 346/360 University Ave Newark, New Jersey 4,266 2,262 2,004 Totals $ 5,011 $ 2,896 $ 2,115 Impairments on Properties and Land Held and Used 2022 The Company determined that, due to the shortening of its expected hold period for four office properties and several land parcels, it was necessary to reduce the carrying value of these assets to their estimated fair values. Accordingly, the Company recorded impairment charges of $94.8 million on the office properties and $2.9 million on the land parcels in the consolidated statement of operations for the year ended December 31, 2022. 2021 The Company determined that, due to the shortening of its expected hold period for one office property and its land parcels, it was necessary to reduce the carrying value of these assets to their estimated fair values. Accordingly, the Company recorded an impairment charge of $6.0 million on the office asset, which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021 and $14.3 million on the land parcels in land and other impairments on the consolidated statement of operations for the year ended December 31, 2021 . Additionally, the Company determined that, due to the shortening of its expected hold period and as a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its two adjacent hotel properties and determined that it was necessary to reduce the carrying values of its three hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $7.4 million on these hotels at December 31, 2021 , which is included in property impairments on the consolidated statement of operations for the year ended December 31, 2021 . Unconsolidated Joint Venture Activity 2022 On November 30, 2022, the Company's Cal-Harbor joint venture was sold for $117.0 million and the Company recorded a gain on the sale for its interest of approximately $7.7 million in the year ended December 31, 2022. 2021 On September 1, 2021, the Company sold its interest in the Offices at Crystal Lake joint venture to its venture partner for $1.9 million and recorded a loss on the sale of approximately $1.9 million in the year ended December 31, 2021. On April 29, 2021, the Company sold its interest in the 12 Vreeland Road joint venture for a gross sales price of approximately $2 million, with no gain or loss on the transaction. |
INVESTMENTS IN UNCONSOLIDATED J
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | INVESTMENTS IN UNCONSOLIDATED JOINT VENTURESAs of December 31, 2022, the Company had an aggregate investment of approximately $126.2 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage properties, or to acquire land in anticipation of possible development of rental properties. As of December 31, 2022, the unconsolidated joint ventures owned: seven multifamily properties totaling 2,146 apartment units, a retail property aggregating approximately 51,000 square feet and interests and/or rights to developable land parcels able to accommodate up to 829 apartment units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. The debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of December 31, 2022, the outstanding balance of such debt, subject to guarantees, totaled $188.5 million of which $22 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $3.6 million, $3.4 million and $4.9 million for such services in the years ended December 31, 2022, 2021 and 2020, respectively. The Company had $0.2 million and $0.2 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2022 and 2021. As of December 31, 2022, the Company does not have any investments in unconsolidated joint ventures that are considered VIEs. The Company previously had three investments in unconsolidated joint ventures which were primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. The Company determined that these unconsolidated joint ventures are no longer VIEs since these ventures have completed their development projects and are now in operation. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2022 and 2021 (dollars in thousands): Number of Company's Carrying Value Property Debt Entity / Property Name Apartment Units Effective December 31, December 31, Balance Maturity Interest Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 1,747 $ 2,547 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 5,114 6,077 82,000 11/10/26 3.21 % PI North - Riverwalk C (e) 360 units 40.00 % 23,234 27,401 135,000 12/22/24 SOFR+ 1.2 % Riverpark at Harrison 141 units 45.00 % — — 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,372 33,004 91,432 07/01/33 4.82 % Urby at Harborside (f) 762 units 85.00 % 61,594 66,418 188,522 08/01/29 5.197 % PI North - Land (b) (g) 829 potential units 20.00 % 1,678 1,678 — — — Liberty Landing (h) — — 50.00 % — 300 — — — Office 12 Vreeland Road (i) 139,750 sf 50.00 % — — — — — Offices at Crystal Lake (j) 106,345 sf 31.25 % — — — — — Other Hyatt Regency Hotel Jersey City (k) 351 rooms 50.00 % — — — — — Other (l) 419 347 — — — Totals: $ 126,158 $ 137,772 $ 587,913 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bears interest at LIBOR +1.50 percent and matures in October 2022. The loan was extended on October 11, 2022, for three months and matured in January 2023 with a fixed rate of 5.125%. On January 10, 2023, the loan was modified bearing interest at SOFR +2% and matures in January 2025; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.50 percent and matures in January 2023. On January 10, 2023, the loan was extended for three months and matures on April 1, 2023. (e) On December 22, 2021, the venture paid off the $108.3 million construction loan and simultaneously obtained a new $135 million mortgage loan, collateralized by the property and received its share of net loan proceeds of $9.2 million. The property commenced operations in second quarter 2021. (f) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $22 million of the principal outstanding debt. On February 1, 2023, the lender has released the guarantor of all obligations under the Guaranty Agreement. (g) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6 and I that can accommodate the development of 829 apartment units. (h) Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (i) On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $2 million. See Note 3: Recent Transactions - Unconsolidated Joint Venture (j) On September 1, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $1.9 million. See Note 3: Recent Transactions - Unconsolidated Joint Venture (k) On November 30, 2022, the Company sold its interest in the joint venture for a venture gross sales price of approximately $117.0 million. See Note 3: Recent Transactions - Unconsolidated Joint Venture. (l) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands) : Year Ended December 31, Entity / Property Name 2022 2021 2020 Multifamily Metropolitan and Lofts at 40 Park $ (674) $ (801) $ (1,010) RiverTrace at Port Imperial 356 92 111 Crystal House (a) — — (924) PI North - Riverwalk C (b) (212) (506) (368) Riverpark at Harrison (c) 234 (1,153) (273) Station House (722) (1,647) (1,650) Urby at Harborside 2,374 (580) 1,095 PI North - Land (205) (250) — Liberty Landing (d) 36 (40) (5) Office 12 Vreeland Road (e) — 2 (2,035) Offices at Crystal Lake (f) — (113) 224 Other Riverwalk Retail (g) — — (10) Hyatt Regency Hotel Jersey City (h) — — 625 Other 13 745 388 Company's equity in earnings (loss) of unconsolidated joint ventures (i) $ 1,200 $ (4,251) $ (3,832) (a) On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million. (b) The property commenced operations in second quarter 2021. (c) In September 2021, the joint venture agreed to settle certain obligations regarding a previously owned development project, of which the Company’s share of the expense for such settlement was $0.9 million, which was recorded in equity in earnings for this venture in the year ended December 31, 2021. (d) Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (e) On April 29, 2021, the Company sold its interest in the joint venture and realized no gain or loss on the sale. (f) On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $1.9 million, and realized a loss on the sale of approximately $1.9 million. (g) On March 12, 2020, the Company acquired the remaining 80 percent interest from its equity partner and consolidated the asset. (h) On November 30, 2022, the Company sold its interest in the joint venture and realized a gain on the sale of approximately $7.7 million. (i) Amounts are net of amortization of basis differences of $154, $138 and $143 for the year ended December 31, 2022, 2021 and 2020, respectively. The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2022 and 2021 (dollars in thousands) : December 31, December 31, Assets: Rental Property, net $ 745,210 $ 787,787 Other assets 39,241 72,955 Total assets $ 784,451 $ 860,742 Liabilities and partners'/members' capital: Mortgages and loans payable $ 587,913 $ 692,448 Other liabilities 15,545 36,732 Partners'/members' capital 180,993 131,562 Total liabilities and partners'/members' capital $ 784,451 $ 860,742 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2022, 2021 and 2020 (dollars in thousands) : Year Ended December 31, 2022 2021 2020 Total revenues $ 140,637 $ 173,169 $ 275,246 Operating and other expenses (81,914) (131,709) (224,195) Depreciation and amortization (25,412) (25,095) (34,587) Interest expense (29,777) (27,145) (29,420) Net income (loss) $ 3,534 $ (10,780) $ (12,956) |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
DEFERRED CHARGES AND OTHER ASSETS, NET | DEFERRED CHARGES AND OTHER ASSETS, NET (dollars in thousands) December 31, December 31, Deferred leasing costs $ 59,651 $ 88,265 Deferred financing costs - revolving credit facility (a) 6,684 6,684 66,335 94,949 Accumulated amortization (30,471) (40,956) Deferred charges, net 35,864 53,993 Notes receivable (b) 1,309 4,015 In-place lease values, related intangibles and other assets, net (c)(d) 12,298 42,183 Right of use assets (e) 2,896 22,298 Prepaid expenses and other assets, net 43,795 28,858 Total deferred charges and other assets, net (f) $ 96,162 $ 151,347 (a) Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) As of December 31, 2022 and 2021, includes an interest-free note receivable with a net present value of $0.2 million and $0.7 million, respectively, which matures in April 2023 . The Company believes this balance is fully collectible. Also includes $1.0 million, net of a loan loss allowance of $26.0 thousand, as of December 31, 2022, and $3.1 million, net of a loan loss allowance of $0.2 million as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. See Note 3: Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $0.2 million, $2.7 million and $3.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes, as of December 31, 2022, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Year Acquired Above- Acquired Below- Total 2023 $ (219) $ 92 $ (127) 2024 (175) 84 (91) 2025 (162) 51 (111) 2026 (142) 41 (101) 2027 (123) 6 (117) (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $1.5 million, $2.1 million and $9.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes, as of December 31, 2022, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2023 $ 384 2024 305 2025 193 2026 156 2027 89 Total $ 1,127 (e) This amount has a corresponding liability of $3.2 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details. (f) The amount as of December 31, 2022 and 2021, includes $1.4 million and $0.5 million, respectively, for properties classified as held for sale. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates $2.7 million will be reclassified as a decrease to interest expense. As of December 31, 2022, the Company had three interest rate caps outstanding with a notional amount of $485 million designated as cash flow hedges of interest rate risk. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2022 and 2021 (dollars in thousands) : Fair Value Asset Derivatives designated December 31, December 31, Balance sheet location Interest rate caps $ 9,808 $ 850 Deferred charges and other assets, net The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ending December 31, 2022, 2021 and 2020 (dollars in thousands) : Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Total Amount of Interest Expense presented in the consolidated statements of operations Year Ended December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 Interest rate caps $ 5,032 $ 10 $ — Interest expense $ 666 $ — $ — $ (78,040) $ (65,192) $ (80,991) Interest rate swaps $ — $ — $ — Interest expense $ — $ — $ 16 Interest and other investment income (loss) $ (78,040) $ (65,192) $ (80,991) |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : December 31, December 31, Security deposits $ 9,175 $ 6,884 Escrow and other reserve funds 11,692 12,817 Total restricted cash $ 20,867 $ 19,701 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet, excluding the Company’s office properties in Jersey City and Hoboken, New Jersey. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results are being classified as discontinued operations for all periods presented. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. The last property in the Suburban Office Portfolio, a 350,000 square foot office property, was reclassified as held for sale at September 30, 2022, and the Company expects to dispose of this property in the first quarter of 2023. As a result of the sales contract in place, the Company determined that the carrying value of the held for sale property was not expected to be recovered from estimated net sales proceeds and accordingly, during the year ended December 31, 2022, recognized an unrealized held for sale loss allowance of $4.4 million. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands): Year Ended December 31, 2022 2021 2020 Total revenues $ 5,971 $ 34,541 $ 141,002 Operating and other expenses (1,390) (13,506) (55,700) Depreciation and amortization (889) (2,554) (6,386) Interest expense — (1,570) (5,256) Income from discontinued operations 3,692 16,911 73,660 Unrealized gains (losses) on disposition of rental property (a) (4,440) 569 (36,816) Realized gains (losses) on disposition of rental property (b) — 24,983 50,840 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 14,024 Total discontinued operations, net $ (748) $ 42,463 $ 87,684 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations. (b) See N ote 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) |
REVOLVING CREDIT FACILITY AND T
REVOLVING CREDIT FACILITY AND TERM LOANS | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
REVOLVING CREDIT FACILITY AND TERM LOANS | REVOLVING CREDIT FACILITY AND TERM LOANS On May 6, 2021, the Company entered into a revolving credit and term loan agreement (“2021 Credit Agreement”) with a group of seven lenders that provides for a $250 million senior secured revolving credit facility (the “2021 Credit Facility") and a $150 million senior secured term loan facility (the “2021 Term Loan”), and delivered written notice to the administrative agent to terminate the 2017 credit agreement, which termination became effective on May 13, 2021. The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. The terms of the 2021 Term Loan included: (1) an eighteen-month term ending in November 2022; (2) a single draw of the term loan commitments up to an aggregate principal amount of $150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. Interest on borrowings under the 2021 Credit Facility and 2021 Term Loan shall be based on applicable base rate (the “Base Rate”) plus a margin ranging from 125 basis points to 275 basis points depending on the Base Rate elected, currently 0.12%. The Base Rate shall be either (A) the highest of (i) the Wall Street Journal prime rate, (ii) the greater of the then effective (x) Federal Funds Effective Rate, or (y) Overnight Bank Funding Rate plus 50 basis points, and (iii) a LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Adjusted LIBO Rate”) and calculated for a one-month interest period, plus 100 basis points (such highest amount being the “ABR Rate”), or (B) the Adjusted LIBO Rate for the applicable interest period; provided, however, that the ABR Rate shall not be less than 1% and the Adjusted LIBO Rate shall not be less than zero. The 2021 Credit Agreement, which applies to both the 2021 Credit Facility and 2021 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties, and which require compliance with financial ratios relating to the minimum collateral pool value ($800 million), maximum collateral pool leverage ratio (40 percent), minimum number of collateral pool properties (two), the maximum total leverage ratio (65 percent), the minimum debt service coverage ratio (1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter), and the minimum tangible net worth ratio (80% of tangible net worth as of December 31, 2020 plus 80% of net cash proceeds of equity issuances by the General Partner or the Operating Partnership). The 2021 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2021 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board of Directors, nor appointed by the Board of Directors. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2021 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. On May 6, 2021, the Company drew the full $150 million available under the 2021 Term Loan and borrowed $145 million from the 2021 Credit Facility to retire the Company’s Senior Unsecured Notes. In June 2021, the Company paid down a total of $123 million of borrowings under the 2021 Term Loan, using sales proceeds from several of the Company’s suburban office property dispositions. On July 27, 2021, the Company repaid the outstanding balance of the 2021 Term Loan of $27 million using proceeds from the disposition of a suburban office properties previously held for sale. (See Note 3: Recent Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions). After electing to use the defined leverage ratio in 2018 to determine the interest rate, the interest rate under the 2017 credit facility was based on the following total leverage ratio grid: Total Leverage Ratio Interest Rate - Applicable Basis Points Above LIBOR Interest Rate - Applicable Basis Points Above LIBOR for Alternate Base Rate Loans Facility Fee Basis Points <45% 125.0 25.0 20.0 ≥45% and <50% 130.0 30.0 25.0 ≥50% and <55% (ratio through May 6, 2021) 135.0 35.0 30.0 ≥55% 160.0 60.0 35.0 The Company was in compliance with its debt covenants under its revolving credit facility as of December 31, 2022. As of December 31, 2022 and December 31, 2021, the Company had no borrowings and $148 million under its revolving credit facility, respectively. |
MORTGAGES, LOANS PAYABLE AND OT
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS | MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of December 31, 2022, 21 of the Company’s properties, with a total carrying value of approximately $3.3 billion are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. The Company was in compliance with its debt covenants under its mortgages and loans payable as of December 31, 2022, except as otherwise disclosed. A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2022 and 2021 is as follows (dollars in thousands) : Property/Project Name Lender Effective Rate (a) December 31, December 31, Maturity 111 River St. (b) Athene Annuity and Life Company 3.90 % $ — $ 150,000 — 101 Hudson (c) Wells Fargo CMBS 3.20 % — 250,000 — Port Imperial 4/5 Hotel (d) Fifth Third Bank LIBOR+ 3.40 % 84,000 89,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 Haus 25 (e) QuadReal Finance LIBOR+ 2.70 % 297,324 255,453 12/01/24 Portside 5/6 (f) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 The Upton (g) Bank of New York Mellon LIBOR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square (h) MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Riverhouse 9 at Port Imperial (i) JP Morgan Chase SOFR+ 1.41 % 110,000 87,175 06/21/27 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 N/S The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,166 32,664 12/01/29 Emery at Overlook Ridge New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 1,911,488 2,252,290 Unamortized deferred financing costs (7,511) (11,220) Total mortgages, loans payable and other obligations, net $ 1,903,977 $ 2,241,070 (a) R eflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. This mortgage loan did not permit early pre-payment. As a result of the disposal of the property, the Company incurred costs of approximately $6.3 million at closing, which was expensed as loss from extinguishment of debt in the year ended December 31, 2022. See Note 3-Recent Transactions. (c) In October 2022, this loan was assumed by the purchaser of the property encumbered by the loan. The assumed mortgage was a non-cash portion of the sales transaction. As a result of the disposal of the property, the Company incurred costs of approximately $1.0 million at closing, which was expensed as loss from extinguishment of debt in the year ended December 31 2022. See Note 3-Recent Transactions. (d) In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $13.7 million of the outstanding principal, subject to certain conditions. The loan requires a debt service coverage charge test (“DSCR Test”), with which the Company was not in compliance for the quarter ended September 30, 2022. Therefore the Company was required to make a partial principal repayment of $5.0 million as well as deposit three months of interest amounting to $1.2 million into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. In February 2023, the Company repaid this mortgage loan upon disposition of the hotels which were collateral against the mortgage loan. (e) The construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points. The Company entered into an interest-rate cap agreement for the mortgage loan. (f) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (g) On October 27, 2021, the Company obtained a $75 million mortgage loan maturing in October 2026 and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan. (h) On January 12, 2023 the Company entered into an interest-rate cap agreement for the mortgage loan. (i) This construction loan had a maximum borrowing capacity of $92 million. On June 21, 2022, the Company obtained a $110 million mortgage loan maturing in June 2027 from a different lender and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s revolving credit facility (see Note 8) and mortgages, loans payable and other obligations (See Note 9) as of December 31, 2022 are as follows (dollars in thousands) : Period Scheduled Amortization Principal Maturities Total 2023 $ 2,047 $ 142,998 $ 145,045 2024 5,037 605,324 610,361 2025 8,384 — 8,384 2026 8,780 483,000 491,780 2027 8,158 305,319 313,477 Thereafter 7,418 335,023 342,441 Sub-total 39,824 1,871,664 1,911,488 Unamortized deferred financing costs (7,511) — (7,511) Totals $ 32,313 $ 1,871,664 $ 1,903,977 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the years ended December 31, 2022, 2021 and 2020 was $80.3 million, $85.2 million and $103.5 million, (of which zero, $1.7 million and $5.1 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the years ended December 31, 2022, 2021 and 2020 was $12.2 million, $30.5 million and $26.4 million, respectively (which amounts included zero, $0.3 million and $1.4 million for the years ended December 31, 2022, 2021 and 2020, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS (dollars in thousands) December 31, December 31, Balance Weighted Average Interest Rate (a) Balance Weighted Average Interest Rate (a) Fixed Rate & Hedged Debt (a) $ 1,757,308 4.27 % $ 1,675,353 3.71 % Revolving Credit Facility & Other Variable Rate Debt 146,669 6.86 % 713,717 3.32 % Totals/Weighted Average: $ 1,903,977 4.47 % $ 2,389,070 3.60 % (a) As of December 31, 2022 and 2021, includes debt with interest rate caps outstanding with a notional amount of $485 million and $75 million, respectively. |
EMPLOYEE BENEFIT 401(k) PLANS
EMPLOYEE BENEFIT 401(k) PLANS | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT 401(k) PLANS | EMPLOYEE BENEFIT 401(k) PLANSEmployees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Veris Residential, Inc. 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the years ended December 31, 2022, 2021 and 2020 was $631 thousand, $537 thousand and $771 thousand, respectively. |
DISCLOSURE OF FAIR VALUE OF ASS
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES | DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at December 31, 2022 and 2021. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of December 31, 2022 and 2021. The fair value of the Company’s long-term debt, consisting of revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $1.8 billion and $2.4 billion as compared to the book value of approximately $1.9 billion and $2.4 billion as of December 31, 2022 and 2021, respectively. The fair value of the Company’s long-term debt was valued using level 3 inputs (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The notes receivable by the Company are presented at the lower of cost basis or net amount expected to be collected in accordance with ASC 326. For its seller-financing note receivable provided to the buyers of the Metropark portfolio, the Company calculated the net present value of contractual cash flows of the total receivable. The Company accordingly recorded a loan loss allowance charge of $26 thousand at December 31, 2022, which was deducted from the amortized cost basis of the note receivable. Such charge was recorded in Interest and other investment income (loss) for the year ended December 31, 2022. See Note 5: Deferred charges and other assets, net. The fair value measurements used in the evaluation of the Company’s rental properties for impairment analysis are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to, discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third-party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions, including, but not limited to, the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. As of December 31, 2022, significant unobservable assumptions that were utilized in the fair value calculation included: Description Primary Valuation Unobservable Location Range of Properties held and used on which the Company recognized impairment losses Discounted cash flows Discount rates Waterfront 7.50% - 13.0% Residual cap rates Waterfront 5.50% - 8.75% During the year ended December 31, 2022, the Company recognized an unrealized held for sale loss allowance of $12.5 million ($4.4 million of which is included in discontinued operations) and also recorded land and other impairments of $6.4 million during the year ended December 31, 2022. The Company recorded an impairment charge of $94.8 million on certain office properties held and used for the year ended December 31, 2022 and $2.9 million on land parcels on the consolidated statement of operations for the year ended December 31, 2022. During the year ended December 31, 2021, the Company determined that, due to the shortening of its expected hold period, it was necessary to reduce the carrying value of one office property and its land parcels to their estimated fair values. Accordingly, the Company recorded an impairment charge of $6.0 million on the office asset, which is included in property impairments on the consolidated statement of operations, and $14.3 million on the land parcels in land and other impairments on the consolidated statement of operations for the year ended December 31, 2021. The Company also recorded an impairment charge of $7.4 million on its hotel assets, which is included in property impairments on the consolidated statement of operations at December 31, 2021. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2022 and 2021. The ongoing impact of COVID-19 worldwide has impacted global economic activity and continues to cause volatility in financial markets. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of December 31, 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: Pilot Payments PILOT 2022 2021 2020 Property Name Location Asset Type Expiration Dates (Dollars in Thousands) Port Imperial South 1/3 Garage (a) Weehawken, NJ Parking Garage 12/2020 $ — $ — $ 303 BLVD 475 (Monaco) (b) Jersey City, NJ Multifamily 2/2021 — 443 1,811 111 River Street (c) Hoboken, NJ Office 4/2022 — 1,470 1,470 Harborside Plaza 4A (d) Jersey City, NJ Office 2/2022 — 1,057 1,062 Harborside Plaza 5 (e) Jersey City, NJ Office 6/2022 — 4,324 4,415 BLVD 401 (Marbella 2) (f) Jersey City, NJ Multifamily 4/2026 1,692 1,277 1,151 RiverHouse 11 at Port Imperial (g) Weehawken, NJ Multifamily 7/2033 1,514 1,369 1,143 Port Imperial 4/5 Hotel (h) Weehawken, NJ Hotel 12/2033 2,925 2,925 2,161 RiverHouse 9 at Port Imperial (i) Weehawken, NJ Multifamily 6/2046 1,295 350 — Haus 25 (j) Jersey City, NJ Mixed-Use (i) 975 — — The James (k) Park Ridge, NJ Multifamily 6/2051 318 — — Total Pilot taxes $ 8,719 $ 13,215 $ 13,516 (a) Taxes to be paid at 100 percent on the land value of the project only over five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five. (b) The annual PILOT is equal to ten percent of Gross Revenues, as defined. (c) The property was disposed of in the first quarter of 2022. (d) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million. (e) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million. (f) The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined. (g) The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined. (h) The annual PILOT is equal to two percent of Total Project Costs, as defined. (i) The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined. (j) For a term of 25 years following substantial completion, which occured in the second quarter of 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined. (k) For a term of 30 years following substantial completion which occurred in June 2021. The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and 12.5 percent for years 22-30; as defined. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of December 31, 2022, are as follows (dollars in thousands): As of December 31, 2022 Year Amount 2023 $ 192 2024 192 2025 199 2026 199 2027 200 2028 through 2101 31,664 Total lease payments 32,646 Less: imputed interest (29,418) Total $ 3,228 As of December 31, 2021 Year Amount 2022 $ 1,695 2023 1,702 2024 1,721 2025 1,728 2026 1,728 2027 through 2101 151,253 Total lease payments 159,827 Less: imputed interest (136,141) Total $ 23,686 Ground lease expense incurred by the Company for the years ended December 31, 2022, 2021 and 2020 amounted to $0.9 million, $1.8 million and $1.6 million, respectively. In accordance with ASU 2016-02 (Topic 842), the Company capitalized operating leases for two ground leases, which had a balance of $2.9 million at December 31, 2022. Such amount represents the net present value (“NPV”) of future payments detailed above. The incremental borrowing rate used to arrive at the NPV was 7.618 percent for the remaining ground lease term 82.58 years each. These rates were arrived at by adjusting the fixed rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s ground leases and calculating notional rates for fully-collateralized loans. MANAGEMENT CHANGES In the first quarter of 2022, the Company announced a number of management changes. Effective January 12, 2022, the Company terminated the employment of its Chief Accounting Officer, Mr. Giovanni M. DeBari, and appointed Ms. Amanda Lombard in his place. In addition, the Company also disclosed that its Chief Financial Officer, David Smetana, would leave the Company at the end of 2022, and that Ms. Lombard would assume the role of CFO at his departure. Mr. Smetana subsequently decided to leave the Company effective March 31, 2022. Ms. Lombard serves as both principal financial officer and principal accounting officer. In addition, on March 31, 2022, the Company terminated the employment of its Executive Vice President and Chief Investment Officer Ricardo Cardoso effective April 1, 2022 and the employment of its Executive Vice President, General Counsel and Secretary Gary T. Wagner effective April 15, 2022. It has appointed Jeff Turkanis and Taryn Fielder to succeed each officer, respectively. During the year ended December 31, 2022, the Company’s total costs incurred relating to the management changes discussed above, including the severance and related costs for the departure of the Company’s former executive officers, as well as other terminated employees, amounted to $14.1 million, which was included in general and administrative expense. OTHER As of December 31, 2022, the Company has outstanding stay-on award agreements with 26 select employees, which provides them with the potential to receive compensation, in cash or Company stock at the employees’ option, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $1.6 million, including the potential future issuance of up to 40,919 shares of the Company’s common stock. Such cash or stock awards would only be earned and payable if such transaction was identified and communicated to the employee within seven years of the agreement dates, all of which were signed in late 2020 and early 2021, and all other conditions were satisfied. |
TENANT LEASES
TENANT LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
TENANT LEASES | TENANT LEASES The Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2038. Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass-through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at December 31, 2022 and 2021 are as follows (dollars in thousands) : As of December 31, 2022 Year Amount 2023 $ 60,353 2024 55,461 2025 51,495 2026 49,170 2027 46,501 2028 and thereafter 277,324 Total $ 540,304 As of December 31, 2021 Year Amount 2022 $ 115,256 2023 114,355 2024 98,374 2025 94,042 2026 91,297 2026 and thereafter 416,712 Total $ 930,036 Multifamily rental property residential leases are excluded from the above table as they generally expire within one year. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Veris Residential Trust (“VRT”), formerly known as Roseland Residential Trust, the Company’s subsidiary through which the Company conducts its multifamily residential real estate operations, Veris Residential Partners, L.P. (“VRLP”), formerly known as Roseland Residential, L.P., the operating partnership through which VRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for VRT to contribute property to VRLP in exchange for common units of limited partnership interests in VRLP (the “Common Units”) and for multiple equity investments by Rockpoint in VRLP from time to time for up to an aggregate of $300 million of preferred units of limited partnership interests in VRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“VRT Contributed Equity Value”), was $1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the year ended December 31, 2019, a total additional amount of $45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $300 million. In addition, certain contributions of property to VRLP by VRT subsequent to the execution of the Original Investment Agreement resulted in VRT being issued approximately $46 million of Preferred Units and Common Units in VRLP prior to June 26, 2019. On June 26, 2019, the Company, VRT, VRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $100 million in Preferred Units and the Company and VRT agreed to contribute to VRLP two additional properties located in Jersey City, New Jersey. The Company used the $100 million in proceeds received to repay outstanding borrowings under its revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $100 million in Preferred Units in the event VRT determines that VRLP requires additional capital prior to March 1, 2023 and, subject thereto, VRLP may issue up to approximately $154 million in Preferred Units to VRT or an affiliate so long as at the time of such funding VRT determines in good faith that VRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $371 thousand in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of VRLP will be distributable to Rockpoint and VRT as follows: • first, to provide a 6% annual return to Rockpoint and VRT on their capital invested in Preferred Units (the “Preferred Base Return”); • second, 95.36% to VRT and 4.64% to Rockpoint until VRT has received a 6% annual return (the “VRT Base Return”) on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; and • third, pro rata to Rockpoint and VRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $400 million of invested capital at December 31, 2022, this pro rata distribution would be approximately 21.89% to Rockpoint in respect of Preferred Units, 2.65% to VRT in respect of Preferred Units and 75.46% to VRT in respect of Common Units). VRLP’s cash flow from capital events will generally be distributable by VRLP to Rockpoint and VRT as follows: • first, to Rockpoint and VRT to the extent there is any unpaid, accrued Preferred Base Return; • second, as a return of capital to Rockpoint and to VRT in respect of Preferred Units; • third, 95.36% to VRT and 4.64% to Rockpoint until VRT has received the VRT Base Return in respect of Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; • fourth, 95.36% to VRT and 4.64% to Rockpoint until VRT has received a return of capital based on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to the capital of VRLP in the future; • fifth, pro rata to Rockpoint and VRT based on respective total capital invested in and contributed equity value of Preferred and Common Units until Rockpoint has received an 11% internal rate of return (based on Rockpoint’s $400 million of invested capital at December 31, 2022, this pro rata distribution would be approximately 21.89% to Rockpoint in respect of Preferred Units, 2.65% to VRT in respect of Preferred Units and 75.46% to VRT in respect of Common Units); and • sixth, to Rockpoint and VRT in respect of their Preferred Units based on 50% of their pro rata shares described in “fifth” above and the balance to VRT in respect of its Common Units (based on Rockpoint’s $400 million of invested capital at December 31, 2022, this pro rata distribution would be approximately 10.947% to Rockpoint in respect of Preferred Units, 1.325% to VRT in respect of Preferred Units and 87.728% to VRT in respect of Common Units). In general, VRLP may not sell its properties in taxable transactions, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gain for tax purposes. In connection with the Add On Investment Agreement, on June 26, 2019, VRT increased the size of its board of trustees from six to seven persons, with five trustees being designated by the Company and two trustees being designated by Rockpoint. In addition, as was the case under the Original Investment Agreement, VRT and VRLP are required to obtain Rockpoint’s consent with respect to: • debt financings in excess of a 65% loan-to-value ratio; • corporate level financings that are pari-passu or senior to the Preferred Units; • new investment opportunities to the extent the opportunity requires an equity capitalization in excess of 10% of VRLP’s NAV; • new investment opportunities located in a Metropolitan Statistical Area where VRLP owns no property as of the previous quarter; • declaration of bankruptcy of VRT; • transactions between VRT and the Company, subject to certain limited exceptions; • any equity granted or equity incentive plan adopted by VRLP or any of its subsidiaries; and • certain matters relating to the Credit Enhancement Note (as defined below) between the Company and VRLP (other than ordinary course borrowings or repayments thereunder). Under a Discretionary Demand Promissory Note (the “Credit Enhancement Note”), the Company may provide periodic cash advances to VRLP. The Credit Enhancement Note provides for an interest rate equal to the London Inter-Bank Offered Rate plus fifty (50) basis points above the applicable interest rate under the Company’s revolving credit facility. The maximum aggregate principal amount of advances at any one time outstanding under the Credit Enhancement Note is limited to $50 million, an increase of $25 million from the prior transaction. VRT and VRLP also have agreed, as was the case under the Original Investment Agreement, to register the Preferred Units under certain circumstances in the future in the event VRT or VRLP becomes a publicly traded company. During the period commencing on June 28, 2019 and ending on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except in connection with (a) a sale of all or substantially all of VRLP or a sale of a majority of the then-outstanding interests in VRLP, in each case, which sale is not approved by Rockpoint, or (b) a spin-out or initial public offering of common stock of VRT, or distributions of VRT equity interests by the Company or its affiliates to shareholders or their respective parent interestholders (an acquisition pursuant clauses (a) or (b) above, an “Early Purchase”). VRT has the right to acquire Rockpoint’s interest in the Preferred Units in connection with an Early Purchase for a purchase price generally equal to (i) the amount that Rockpoint would receive upon the sale of the assets of VRLP for fair market value and a distribution of the net sale proceeds in accordance with (A) the capital event distribution priorities discussed above (in the case of certain Rockpoint Preferred Holders) and (B) the distribution priorities applicable in the case of a liquidation of VRLP (in the case of the other Rockpoint Preferred Holder), plus (ii) a make whole premium (such purchase price, the “Purchase Payment”). The make whole premium is an amount equal to (i) $173.5 million until December 28, 2020, or $198.5 million thereafter, less distributions theretofore made to Rockpoint with respect to its Preferred Base Return or any deficiency therein, plus (ii) $1.5 million less certain other distributions theretofore made to Rockpoint. The fair market value of VRLP’s assets is determined by a third party appraisal of the net asset value (“NAV”) of VRLP and the fair market value of VRLP’s assets, to be completed within ninety (90) calendar days of March 1, 2023 and annually thereafter. After the Lockout Period, either VRT may acquire from Rockpoint, or Rockpoint may sell to VRT, all, but not less than all, of Rockpoint’s interest in the Preferred Units (each, a “Put/Call Event”) for a purchase price equal to the Purchase Payment (determined without regard to the make whole premium and any related tax allocations). An acquisition of Rockpoint’s interest in the Preferred Units pursuant to a Put/Call Event is generally required to be structured as a purchase of the common equity in the applicable Rockpoint entities holding direct or indirect interests in the Preferred Units. Subject to certain exceptions, Rockpoint also has a right of first offer and a participation right with respect to other common equity interests of VRLP or any subsidiary of VRLP that may be offered for sale by VRLP or its subsidiaries from time to time. Upon a Put/Call Event, other than in the event of a sale of VRLP, Rockpoint may elect to convert all, but not less than all, of its Preferred Units to Common Units in VRLP. As such, the Preferred Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1—S99-3A, the Preferred Units are classified in mezzanine equity measured based on the estimated future redemption value as of December 31, 2022. The Company determines the redemption value of these interests by hypothetically liquidating the estimated NAV of the VRT real estate portfolio including debt principal through the applicable waterfall provisions of the new transaction with Rockpoint. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of VRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties, the direct capitalization method is used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption is considered based on development rights or plans for the land. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of the Preferred Units, including current preferred return payments of $2.0 million, is approximately $475.2 million as of December 31, 2022. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $1,000, pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. During the year ended December 31, 2022, 12,000 Series A Units were redeemed for cash at the stated value. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.50 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 3.5% Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the year ended December 31, 2022 (dollars in thousands) : Series A and A-1 Preferred Units In VRLP Rockpoint Interests in VRT Total Redeemable Noncontrolling Interests Balance January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redeemable Noncontrolling Interests Issued (12,000) — (12,000) Net 40,324 468,989 509,313 Income Attributed to Noncontrolling Interests 1,471 24,063 25,534 Distributions (1,564) (24,063) (25,627) Redemption Value Adjustment — 6,011 6,011 Redeemable noncontrolling interests as of December 31, 2022 $ 40,231 $ 475,000 $ 515,231 Series A and A-1 Preferred Units In VRLP Rockpoint Interests in VRT Total Redeemable Noncontrolling Interests Balance January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued — — — Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 1,820 24,157 25,977 Distributions (1,820) (24,157) (25,977) Other Distributions — — — Redemption Value Adjustment — 8,016 8,016 Redeemable noncontrolling interests as of December 31, 2021 $ 52,324 $ 468,989 $ 521,313 |
VERIS RESIDENTIAL, INC. STOCKHO
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL | VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP units held by the limited partners. See Note 16: Noncontrolling Interests in Subsidiaries. Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. ATM PROGRAM On December 13, 2021, the Company entered into a distribution agreement (the “Distribution Agreement”) with J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Comerica Securities, Inc., Goldman Sachs & Co. LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Company, Inc., as sales agents. Pursuant to the Distribution Agreement, the Company may issue and sell, from time to time, shares of common stock, par value $0.01 per share, having a combined aggregate offering price of up to $200 million. The Company will pay a commission that will not exceed, but may be lower than, 2% of the gross proceeds of all shares sold through the ATM Program. As of December 31, 2022, the Company had not sold any shares pursuant to the ATM Program. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. INCENTIVE STOCK PLAN In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares has been reserved for issuance. In June 2021, stockholders of the Company approved amendments to the 2013 Plan to increase the total shares reserved for issuance under the plan from 4,600,000 to 6,565,000 shares. Stock Options In addition to stock options issued in June 2021 under the 2013 Plan, in March 2021, the General Partner granted 950,000 stock options with an exercise price equal to the closing price of the Company’s common stock on the grant date of $15.79 per share to the Chief Executive Officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. In April 2022, the General Partner granted 250,000 stock options with an exercise price equal to the closing price of the Company’s common stock on the grant date of $16.33 per share to the Chief Investment Officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. Information regarding the Company’s stock option plans is summarized below: Shares Weighted Aggregate Outstanding at January 1, 2020 ($17.31) 800,000 $ 17.31 $ 4,656 Granted, Lapsed or Cancelled 172,495 14.39 Outstanding at December 31, 2020 ($17.31) 972,495 $ 16.79 — Granted 1,107,505 16.10 Outstanding at December 31, 2021 ($14.39 - $17.31) 2,080,000 $ 16.42 4,072 Granted 250,000 16.33 Outstanding at December 31, 2022 ($14.39 - $20.00) 2,330,000 $ 16.41 $ — Options exercisable at December 31, 2022 1,446,667 Available for grant at December 31, 2022 1,113,036 The weighted average fair value of options granted during the year ended December 31, 2022 was $4.40 per option. The fair value of each option grant is estimated on the date of grant using the Black-Scholes model. The following weighted average assumptions are included in the Company’s fair value calculations of stock options granted during the year ended December 31, 2022: 2022 2021 2021 2021 2020 Expected life (in years) 4.0 4.5 4.6 5.3 5.3 Risk-free interest rate 2.77 % 0.79 % 0.71 % 0.94 % 0.41 % Volatility 38.0 % 35.0 % 35.0 % 34.0 % 31.0 % Dividend yield 2.6 % 1.6 % 1.5 % 1.4 % 2.7 % There were no stock options that were exercised under any stock option plans for the years ended December 31, 2022, 2021 and 2020. The Company has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2022 and 2021, the stock options outstanding had a weighted average remaining contractual life of approximately 4.6 and 5.5 years, respectively. The Company recognized stock options expense of $1.2 million, $844 thousand and $446 thousand for the years ended December 31, 2022, 2021 and 2020, respectively. Appreciation-Only LTIP Units In March 2019, the Company granted 625,000 Appreciation-Only LTIP Units (“AO LTIP Units”) which are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The AO LTIP Units allow the former executive to earn zero to 100% of the AO LTIP Units granted on a graduated basis of 250,000, 250,000 and 125,000 AO LTIP Units if the fair market value of the Company’s common stock exceeds the threshold levels of $25.00, $28.00 and $31.00 for 30 consecutive days prior to March 13, 2023. Upon conversion of AO LTIP Units to Common Units, a special cash distribution will be granted equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion in respect of each such AO LTIP Unit, on a per unit basis. As of December 31, 2022, the Company had $0.2 million of total unrecognized compensation cost related to unvested AO LTIP Units granted under the Company’s stock compensation plans. That cost is expected to be recognized over a remaining weighted average period of 0.3 years. The Company recognized AO LTIP unit expense of $622 thousand for each of the years ended December 31, 2022, 2021 and 2020. Time-based Restricted Stock Awards and Restricted Stock Units The Company has issued restricted stock units and common stock (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors of the General Partner, which allow the holders to each receive a certain amount of shares of the General Partner’s common stock generally over a one-year to three-year vesting period. On June 15, 2022, the Company issued Restricted Stock Awards to non-employee members of the Board of Directors of the General Partner which vest within one year, of which 49,784 unvested Restricted Stock Awards were outstanding at December 31, 2022. During the years ended December 31, 2022 and 2021, the Company granted restricted stock units to certain non-executive employees of the Company, which will vest after three years, of which 145,002 were still outstanding at December 31, 2022. Restricted Stock Awards allow holders to receive shares of the Company’s common stock upon vesting. Vesting of the Restricted Stock Awards issued is based on time and service. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the General Partner were issued under the 2013 Plan and as inducement awards. Information regarding the Restricted Stock Awards grant activity is summarized below: Shares Weighted-Average Outstanding at January 1, 2020 42,690 $ 21.08 Granted 52,974 15.29 Vested (42,690) 21.08 Outstanding at December 31, 2020 52,974 $ 15.29 Granted 39,529 17.71 Vested (52,974) 15.29 Outstanding at December 31, 2021 39,529 $ 17.71 Granted 49,784 14.06 Vested (39,529) 17.71 Outstanding at December 31, 2022 49,784 $ 14.06 As of December 31, 2022, the Company had $0.3 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.4 years. Long-Term Incentive Plan Awards The Company has granted long-term incentive plans awards (“LTIP Awards”) to senior management of the Company, including the General Partner’s executive officers. LTIP Awards generally are granted in the form of restricted stock units (each, an “RSU” and collectively, the “RSU LTIP Awards”) and constitute awards under the 2013 Plan. Prior to 2021, LTIP Awards were in the form of LTIP Units. LTIP Awards are typically issued from the Company’s Outperformance Plan adopted by the General Partner’s Board of Directors. Each RSU entitles the holder to one share of the General Partner's common stock upon vesting. LTIP Awards are subject to forfeiture depending on the extent that awards vest. The number of market-based and performance-based LTIP Units that actually vest for each award recipient will be determined at the end of the related measurement period. For LTIP Awards granted in 2019, approximately 25 percent to 100 percent of the grant date fair value of the LTIP Awards were in the form of time-based awards that vest after three years and the remaining portion of the grant date fair value of the 2019 LTIP Awards and all of the 2020 LTIP Awards consist of multi-year, market-based awards. Participants of performance-based awards will only earn the full awards if, over the three year performance period, the Company achieves a 36 percent absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index for awards granted in 2019 and as compared to the REITs in the NAREIT index for awards granted in 2020. The performance period for the 2019 performance-based awards ended in 2022 and the awards were forfeited as they did not vest. In January 2021, the Company granted LTIP Units (the “J Series 2021 LTIP Awards”) under the 2013 Plan. The J Series 2021 LTIP Awards are subject to the achievement of certain sales performance milestones with respect to commercial asset dispositions by the Company over a performance period from August 1, 2020 through December 31, 2022. These sales milestones will be based on the aggregate gross sales prices of the assets, provided that the asset will only be included in the milestone if it is sold for not less than 85 percent of its estimated net asset value, as defined in the agreement. These awards were granted to one executive who was terminated in the first quarter of 2022, and as a result of the termination, the Company has determined that these awards were fully earned based on the achievement of the maximum sales milestones and vested as of the termination date which is April 1, 2022. In 2021, the Company has adopted an annual LTIP Award grant program in the form of RSUs. A portion of the RSUs are subject to time-based vesting conditions and will vest in three equal, annual installments over a three year period ending on the three year anniversary of the grant date. Currently, there are 507,273 awards outstanding and unvested. Another portion of the annual LTIP Awards have market-based vesting conditions, and recipients will only earn the full amount of the market-based RSUs if, over the three-year performance period, the General Partner achieves an absolute TSR target and if the General Partner’s relative TSR as compared to a group of peer REITs exceeds certain thresholds. The market-based award targets are determined annually by the compensation committee of the Board of Directors. Currently, there are 580,415 awards outstanding and unvested. In addition, the Company has granted RSUs subject to the achievement of adjusted funds from operations targets. The 2021 and 2022 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period. In April 2022, the General Partner granted approximately 60,000 RSUs subject to time-vesting conditions, vesting over three years, to three executive officers as “inducement awards” intended to comply with New York Stock Exchange Rule 303A.08. Prior to vesting, recipients of LTIP Units will generally be entitled to receive per unit distributions equal to one-tenth of the regular quarterly distributions payable on a common share but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. As of December 31, 2022, the Company had $0.9 million of total unrecognized compensation cost related to unvested LTIP awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.5 years. Deferred Stock Compensation Plan For Directors The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non-employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the years ended December 31, 2022, 2021 and 2020, 30,899, 17,894 and 22,086 deferred stock units were earned, respectively. As of December 31, 2022 and 2021, there were 6,875 and 37,603 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the years ended December 31, 2022, 2021 and 2020 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Veris Residential, Inc.: Year Ended December 31, Computation of Basic EPS 2022 2021 2020 Income (loss) from continuing operations $ (34,137) $ (152,002) $ (121,284) Add (deduct): Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695 Add (deduct): Noncontrolling interests in Operating Partnership 5,202 15,739 13,831 Add (deduct): Redeemable noncontrolling interests (25,534) (25,977) (25,883) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (5,475) (7,290) (11,814) Income (loss) from continuing operations available to common shareholders (56,865) (164,935) (142,455) Income (loss) from discontinued operations available to common shareholders (676) 38,603 79,254 Net income (loss) available to common shareholders for basic earnings per share $ (57,541) $ (126,332) $ (63,201) Weighted average common shares 91,046 90,839 90,648 Basic EPS : Income (loss) from continuing operations available to common shareholders $ (0.62) $ (1.82) $ (1.57) Income (loss) from discontinued operations available to common shareholders (0.01) 0.43 0.87 Net income (loss) available to common shareholders $ (0.63) $ (1.39) $ (0.70) Year Ended December 31, Computation of Diluted EPS 2022 2021 2020 Net income (loss) from continuing operations available to common shareholders $ (56,865) $ (164,935) $ (142,455) Add (deduct): Noncontrolling interests in Operating Partnership (5,202) (15,739) (13,831) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (548) (726) (1,254) Income (loss) from continuing operations for diluted earnings per share (62,615) (181,400) (157,540) Income (loss) from discontinued operations for diluted earnings per share (748) 42,463 87,686 Net income (loss) available for diluted earnings per share (63,363) (138,937) (69,854) Weighted average common shares 100,265 99,893 100,260 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ (0.62) $ (1.82) $ (1.57) Income (loss) from discontinued operations available to common shareholders $ (0.01) $ 0.43 $ 0.87 Net income (loss) available to common shareholders $ (0.63) $ (1.39) $ (0.70) The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands): Year Ended December 31, 2022 2021 2020 Basic EPS shares 91,046 90,839 90,648 Add: Operating Partnership – common and vested LTIP units 9,219 9,054 9,612 Diluted EPS Shares 100,265 99,893 100,260 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPS were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2022, 2021 and 2020 were 558,084 1,246,752 and 1,722,929, respectively. Unvested restricted common stock outstanding as of December 31, 2022, 2021 and 2020 were 49,784, 39,529 and 52,974 shares, respectively. Unvested AO LTIP Units outstanding as of each of December 31, 2022, 2021 and 2020 were 625,000. Dividends declared per common share for the years ended December 31, 2022, 2021 and 2020 were zero, zero and $0.40 per share, respectively. Veris Residential, L.P.: Year Ended December 31, Computation of Basic EPU 2022 2021 2020 Income (loss) from continuing operations $ (34,137) $ (152,002) $ (121,284) Add (deduct): Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695 Add (deduct): Redeemable noncontrolling interests (25,534) (25,977) (25,883) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (6,023) (8,016) (13,068) Income (loss) from continuing operations available to unitholders (62,615) (181,400) (157,540) Income (loss) from discontinued operations available to unitholders (748) 42,463 87,686 Net income (loss) available to common unitholders for basic earnings per unit $ (63,363) $ (138,937) $ (69,854) Weighted average common units 100,265 99,893 100,260 Basic EPU : Income (loss) from continuing operations available to unitholders $ (0.62) $ (1.82) $ (1.57) Income (loss) from discontinued operations available to unitholders (0.01) 0.43 0.87 Net income (loss) available to common unitholders for basic earnings per unit $ (0.63) $ (1.39) $ (0.70) Year Ended December 31, Computation of Diluted EPU 2022 2021 2020 Net income (loss) from continuing operations available to common unitholders $ (62,615) $ (181,400) $ (157,540) Income (loss) from discontinued operations for diluted earnings per unit (748) 42,463 87,686 Net income (loss) available to common unitholders for diluted earnings per unit $ (63,363) $ (138,937) $ (69,854) Weighted average common unit 100,265 99,893 100,260 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ (0.62) $ (1.82) $ (1.57) Income (loss) from discontinued operations available to common unitholders (0.01) 0.43 0.87 Net income (loss) available to common unitholders $ (0.63) $ (1.39) $ (0.70) The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Year Ended December 31, 2022 2021 2020 Basic EPU units 100,265 99,893 100,260 Add: Stock Options — — — Diluted EPU Units 100,265 99,893 100,260 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPU were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2022, 2021 and 2020 were 558,084, 1,246,752 and 1,722,929, respectively. Unvested restricted common stock outstanding as of December 31, 2022, 2021 and 2020 were 49,784, 39,529 and 52,974 shares, respectively. Unvested AO LTIP Units outstanding as of each of December 31, 2022, 2021 and 2020 were 625,000. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS IN SUBSIDIARIES | NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interests unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interests shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Veris Residential, Inc. stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the year ended December 31, 2022, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in Veris Residential, Inc. stockholders’ equity by approximately $2.4 million as of December 31, 2022. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the year ended December 31, 2022, the Company redeemed for cash 110,084 common units at their fair value of $1.8 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Veris Residential, Inc. Stockholders’ equity is increased. LTIP Units From time to time, the Company has granted LTIP awards to executive officers of the Company. All of the LTIP Awards granted through January 2021 are in the form of units in the Operating Partnership. See Note 15: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. AO LTIP Units (Appreciation-Only LTIP Units) On March 13, 2019, the Company granted 625,000 AO LTIP Units pursuant to the AO Long-Term Incentive Plan Award Agreement. See Note 15: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – AO LTIP Units (Appreciation-Only LTIP Units). AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profit interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Common Units. The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted, divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, not in excess of ten years from the grant date of the AO LTIP Units. Unit Transactions The following table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units and LTIP units in the Operating Partnership for the years ended December 31, 2022, 2021 and 2020: Common Units/ Unvested LTIP Balance at January 1, 2020 9,612,064 1,826,331 Redemption of common units (138,615) — Conversion of vested LTIP units to common units 38,626 — Vested LTIP units 136,957 (175,583) Issuance of units — 1,287,568 Cancellation of units (1) (1,215,387) Balance at December 31, 2020 9,649,031 1,722,929 Redemption of common units for shares of common stock (175,257) — Redemption of common units (730,850) — Conversion of vested LTIP units to common units 205,434 Vested LTIP units 65,176 (270,610) Issuance of units — 334,449 Cancellation of units — (540,016) Balance at December 31, 2021 9,013,534 1,246,752 Redemption of common units for shares of common stock (11,508) — Redemption of common units (110,084) — Conversion of vested LTIP units to common units 228,579 — Vested LTIP units 181,000 (409,579) Issuance of units — — Cancellation of units — (279,089) Balance at December 31, 2022 9,301,521 558,084 Noncontrolling Interests Ownership in Operating Partnership As of December 31, 2022 and 2021, the noncontrolling interests common unitholders owned 9.3 percent and 9.0 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in a potential future development provides for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTINGThe Company operates in two business segments: (i) multifamily real estate and services and (ii) commercial and other real estate. The Company provides property management, leasing, acquisition, development, construction and tenant-related services for its commercial and other real estate and multifamily real estate portfolio. The Company’s multifamily services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the years ended December 31, 2022, 2021 and 2020. The Company had no long lived assets in foreign locations as of December 31, 2022 and 2021. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate, and multifamily real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the years ended December 31, 2022, 2021 and 2020, and selected asset information as of December 31, 2022 and 2021 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multifamily Corporate Total Total revenues: 2022 $ 131,681 $ 224,732 $ (1,395) $ 355,018 2021 153,605 171,030 (1,245) 323,390 2020 148,959 156,841 1,676 307,476 Total operating and interest expenses (a): 2022 $ 55,318 $ 114,447 $ 128,515 $ 298,280 2021 63,044 108,196 108,850 280,090 2020 71,615 95,631 127,184 294,430 Equity in earnings (loss) of unconsolidated joint ventures: 2022 $ — $ 1,200 $ — $ 1,200 2021 (111) (4,140) — (4,251) 2020 (2,254) (1,578) — (3,832) Net operating income (loss) (b): 2022 $ 76,363 $ 111,485 $ (129,910) $ 57,938 2021 90,450 58,694 (110,095) 39,049 2020 75,090 59,632 (125,508) 9,214 Total assets: 2022 $ 597,459 $ 3,302,188 $ 21,121 $ 3,920,768 2021 1,216,717 3,294,226 16,375 4,527,318 Total long-lived assets (c): 2022 $ 547,923 $ 3,101,286 $ (1,330) $ 3,647,879 2021 1,087,198 3,098,492 (1,309) 4,184,381 Total investments in unconsolidated joint ventures: 2022 $ — $ 126,158 $ — $ 126,158 2021 — 137,772 — 137,772 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition-related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property and unbilled rents receivable. (d) Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Veris Residential, Inc. The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Year Ended December 31, 2022 2021 2020 Net operating income $ 57,938 $ 39,049 $ 9,214 Add (deduct): Depreciation and amortization (a) (111,518) (110,038) (120,455) Land and other impairments, net (9,368) (23,719) (16,817) Property impairments (94,811) (13,467) (36,582) Gain on change of control of interests — — — Realized gains (losses) and unrealized losses on disposition of rental property, net 66,115 3,022 2,657 Gain on disposition of developable land 57,262 2,115 5,787 Gain on sale from unconsolidated joint ventures 7,677 (1,886) 35,184 Gain (loss) from extinguishment of debt, net (7,432) (47,078) (272) Income (loss) from continuing operations (34,137) (152,002) (121,284) Discontinued operations Income from discontinued operations 3,692 16,911 73,660 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 14,026 Total discontinued operations, net (748) 42,463 87,686 Net income (loss) (34,885) (109,539) (33,598) Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695 Noncontrolling interests in Operating Partnership 5,202 15,739 13,831 Noncontrolling interest in discontinued operations 72 (3,860) (8,432) Redeemable noncontrolling interests (25,534) (25,977) (25,883) Net income (loss) available to common shareholders $ (52,066) $ (119,042) $ (51,387) (a) Depreciation and amortization included in each segment for the years ending December 31, 2022, 2021 and 2020 is $29,958, $44,553 and $52,631 for Commercial & Other Real Estate, $80,610, $64,605 and $66,943 for Multifamily Real Estate & Services, and $950, $881 and $881 for Corporate & Other, respectively. Veris Residential, L.P. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Year Ended December 31, 2022 2021 2020 Net operating income $ 57,938 $ 39,049 $ 9,214 Add (deduct): Depreciation and amortization (a) (111,518) (110,038) (120,455) Land and other impairments, net (9,368) (23,719) (16,817) Property impairments (94,811) (13,467) (36,582) Gain on change of control of interests — — — Realized gains (losses) and unrealized losses on disposition of rental property, net 66,115 3,022 2,657 Gain on disposition of developable land 57,262 2,115 5,787 Gain on sale from unconsolidated joint ventures 7,677 (1,886) 35,184 Gain (loss) from extinguishment of debt, net (7,432) (47,078) (272) Income (loss) from continuing operations (34,137) (152,002) (121,284) Discontinued operations Income from discontinued operations 3,692 16,911 73,660 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 14,026 Total discontinued operations, net (748) 42,463 87,686 Net income (loss) (34,885) (109,539) (33,598) Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695 Redeemable noncontrolling interests (25,534) (25,977) (25,883) Net income (loss) available to common unitholders $ (57,340) $ (130,921) $ (56,786) (a) Depreciation and amortization included in each segment for the years ending December 31, 2022, 2021 and 2020 is $29,958, $44,552 and $52,631 for Commercial & Other Real Estate, $80,610, $64,605 and $66,943 for Multifamily Real Estate & Services, and $950, $881 and $881 for Corporate & Other, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS William L. Mack and David S. Mack, former directors of the General Partner and members of a group that beneficially owns more than 5% of the Company's common stock under Regulation 13D of the Securities Exchange Act of 1934 are the executive officers, directors and stockholders of a corporation that leased 5,930 square feet at one of the Company’s office properties, which was scheduled to expire in January 2025 (the Company disposed of this property in March 2020). The Company recognized $48,000 under this lease for the year ended December 31, 2020 and had no accounts receivable from the corporation as of December 31, 2022 and 2021. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2020 and 2021 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021, which the Company has recorded the $6.1 million as general and administrative expense for the year ended December 31, 2020. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
REAL ESTATE INVESTMENTS AND ACC
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Investments And Accumulated Depreciation | Property Location Property Year Acquired Related Initial Costs Costs Gross Amount at Which Total (d) Accumulated Land Building and Land Building and NEW JERSEY Bergen County Park Ridge The James Multifamily 2021 — — 12,047 114,208 18 12,047 114,226 126,273 1,298 Essex County Millburn (Short Hills) The Upton Multifamily 2021 — 74,467 2,850 — 91,993 2,850 91,993 94,843 5,531 Hudson County Jersey City Harborside Plaza 2 Office 1990 1996 — 17,655 101,546 85,609 8,363 196,447 204,810 95,016 Harborside Plaza 3 Office 1990 1996 — 17,655 101,878 85,277 8,363 196,447 204,810 95,016 Harborside Plaza 5 Office 2002 2002 — 6,218 170,682 63,534 5,705 234,729 240,434 125,140 Harborside Plaza 6 Office 2000 2000 — 1,244 56,144 9,338 991 65,735 66,726 26,182 Liberty Towers Multifamily 2003 2019 264,293 66,670 328,347 7,482 66,670 335,829 402,499 28,980 BLVD 475 N/S Multifamily 2011 2017 164,929 58,761 240,871 7,645 58,761 248,516 307,277 41,041 Soho Lofts Multifamily 2017 2019 159,230 27,601 224,039 5,438 27,601 229,477 257,078 25,778 BLVD 425 Multifamily 2003 2018 130,546 48,820 160,740 5,234 48,820 165,974 214,794 21,852 BLVD 401 Multifamily 2016 2019 116,545 36,595 152,440 307 36,595 152,747 189,342 16,272 Haus25 Multifamily 2022 — 295,736 53,421 420,959 — 53,421 420,959 474,380 8,482 Weehawken 100 Avenue at Port Imperial Other 2016 2016 — 350 — 30,644 1,958 29,036 30,994 6,183 500 Avenue at Port Imperial Other 2013 2013 31,974 13,099 56,669 (19,321) 13,099 37,348 50,447 8,895 Riverhouse 9 Multifamily 2021 — 108,998 2,686 — 154,507 2,686 154,507 157,193 6,623 Riverhouse 11 Multifamily 2018 2018 99,875 22,047 — 112,390 22,047 112,390 134,437 15,093 Residence Inn/Envue Autograph Collection Other 2019 2015 83,964 23,660 — 86,341 15,560 94,441 110,001 16,759 West New York Port Imperial North Retail Other 2008 2020 — 4,305 8,216 1,123 4,305 9,339 13,644 928 Monmouth County Holmdel 23 Main Street Office 1977 2005 — 4,336 19,544 1,965 4,336 21,509 25,845 12,166 Morris County Morris Plains Signature Place Multifamily 2018 2018 42,848 930 — 56,455 930 56,455 57,385 7,808 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multifamily 2016 2016 40,697 5,585 3,400 48,995 5,585 52,395 57,980 9,426 MASSACHUSETTS Middlesex County Malden The Emery at Overlook Ridge Multifamily 2020 2014 71,490 4,115 86,093 10,090 9,103 91,195 100,298 8,724 Suffolk County East Boston Portside at Pier One Multifamily 2015 2016 58,959 — 73,713 914 — 74,627 74,627 16,546 Portside 5/6 Multifamily 2018 2018 96,721 — 37,114 77,301 — 114,415 114,415 15,988 Worcester County Worcester 145 Front Street Multifamily 2018 2015 62,705 4,380 — 92,237 4,380 92,237 96,617 13,828 Projects Under Development and Developable Land — 171,107 191,628 — 171,107 191,628 362,735 31,280 Furniture, Fixtures and Equipment — — — 99,095 — 99,095 99,095 TOTALS 1,903,977 606,137 2,548,231 1,114,611 585,283 3,683,696 4,268,979 (e) 660,835 (a) The aggregate cost for federal income tax purposes at December 31, 2022 was approximately $3.2 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) These costs are net of impairments and valuation allowances recorded, if any. (d) Includes properties classified as held for sale at December 31, 2022. The gross amount includes $93.1 million of land and $129.8 million of building improvements related to these held for sale assets at period end. (e) Accumulated depreciation includes $28.9 million from assets classified as held for sale as of December 31, 2022. NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2022, 2021 and 2020 are as follows: (dollars in thousands) 2022 2021 2020 Rental Properties Balance at beginning of year $ 4,076,866 $ 4,638,643 $ 4,256,681 Additions 845,901 1,002,342 1,776,276 Real estate held for sale (222,857) (778,184) (944,082) Properties sold (524,550) (744,810) (443,755) Impairments (129,237) (27,547) — Retirements/disposals — (13,578) (6,477) Balance at end of year $ 4,046,123 $ 4,076,866 $ 4,638,643 Accumulated Depreciation Balance at beginning of year $ 583,416 $ 656,331 $ 558,617 Depreciation expense 102,476 102,062 104,421 Real estate held for sale (28,924) (159,541) 2,238 Properties sold — — — Impairments (25,058) (1,858) (2,469) Retirements/disposals — (13,578) (6,476) Balance at end of year $ 631,910 $ 583,416 $ 656,331 |
VERIS RESIDENTIAL, L.P. | |
Real Estate Investments And Accumulated Depreciation | Property Location Property Year Acquired Related Initial Costs Costs Gross Amount at Which Total (d) Accumulated Land Building and Land Building and NEW JERSEY Bergen County Park Ridge The James Multifamily 2021 — — 12,047 114,208 18 12,047 114,226 126,273 1,298 Essex County Millburn (Short Hills) The Upton Multifamily 2021 — 74,467 2,850 — 91,993 2,850 91,993 94,843 5,531 Hudson County Jersey City Harborside Plaza 2 Office 1990 1996 — 17,655 101,546 85,609 8,363 196,447 204,810 95,016 Harborside Plaza 3 Office 1990 1996 — 17,655 101,878 85,277 8,363 196,447 204,810 95,016 Harborside Plaza 5 Office 2002 2002 — 6,218 170,682 63,534 5,705 234,729 240,434 125,140 Harborside Plaza 6 Office 2000 2000 — 1,244 56,144 9,338 991 65,735 66,726 26,182 Liberty Towers Multifamily 2003 2019 264,293 66,670 328,347 7,482 66,670 335,829 402,499 28,980 BLVD 475 N/S Multifamily 2011 2017 164,929 58,761 240,871 7,645 58,761 248,516 307,277 41,041 Soho Lofts Multifamily 2017 2019 159,230 27,601 224,039 5,438 27,601 229,477 257,078 25,778 BLVD 425 Multifamily 2003 2018 130,546 48,820 160,740 5,234 48,820 165,974 214,794 21,852 BLVD 401 Multifamily 2016 2019 116,545 36,595 152,440 307 36,595 152,747 189,342 16,272 Haus25 Multifamily 2022 — 295,736 53,421 420,959 — 53,421 420,959 474,380 8,482 Weehawken 100 Avenue at Port Imperial Other 2016 2016 — 350 — 30,644 1,958 29,036 30,994 6,183 500 Avenue at Port Imperial Other 2013 2013 31,974 13,099 56,669 (19,321) 13,099 37,348 50,447 8,895 Riverhouse 9 Multifamily 2021 — 108,998 2,686 — 154,507 2,686 154,507 157,193 6,623 Riverhouse 11 Multifamily 2018 2018 99,875 22,047 — 112,390 22,047 112,390 134,437 15,093 Residence Inn/Envue Autograph Collection Other 2019 2015 83,964 23,660 — 86,341 15,560 94,441 110,001 16,759 West New York Port Imperial North Retail Other 2008 2020 — 4,305 8,216 1,123 4,305 9,339 13,644 928 Monmouth County Holmdel 23 Main Street Office 1977 2005 — 4,336 19,544 1,965 4,336 21,509 25,845 12,166 Morris County Morris Plains Signature Place Multifamily 2018 2018 42,848 930 — 56,455 930 56,455 57,385 7,808 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multifamily 2016 2016 40,697 5,585 3,400 48,995 5,585 52,395 57,980 9,426 MASSACHUSETTS Middlesex County Malden The Emery at Overlook Ridge Multifamily 2020 2014 71,490 4,115 86,093 10,090 9,103 91,195 100,298 8,724 Suffolk County East Boston Portside at Pier One Multifamily 2015 2016 58,959 — 73,713 914 — 74,627 74,627 16,546 Portside 5/6 Multifamily 2018 2018 96,721 — 37,114 77,301 — 114,415 114,415 15,988 Worcester County Worcester 145 Front Street Multifamily 2018 2015 62,705 4,380 — 92,237 4,380 92,237 96,617 13,828 Projects Under Development and Developable Land — 171,107 191,628 — 171,107 191,628 362,735 31,280 Furniture, Fixtures and Equipment — — — 99,095 — 99,095 99,095 TOTALS 1,903,977 606,137 2,548,231 1,114,611 585,283 3,683,696 4,268,979 (e) 660,835 (a) The aggregate cost for federal income tax purposes at December 31, 2022 was approximately $3.2 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) These costs are net of impairments and valuation allowances recorded, if any. (d) Includes properties classified as held for sale at December 31, 2022. The gross amount includes $93.1 million of land and $129.8 million of building improvements related to these held for sale assets at period end. (e) Accumulated depreciation includes $28.9 million from assets classified as held for sale as of December 31, 2022. NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2022, 2021 and 2020 are as follows: (dollars in thousands) 2022 2021 2020 Rental Properties Balance at beginning of year $ 4,076,866 $ 4,638,643 $ 4,256,681 Additions 845,901 1,002,342 1,776,276 Real estate held for sale (222,857) (778,184) (944,082) Properties sold (524,550) (744,810) (443,755) Impairments (129,237) (27,547) — Retirements/disposals — (13,578) (6,477) Balance at end of year $ 4,046,123 $ 4,076,866 $ 4,638,643 Accumulated Depreciation Balance at beginning of year $ 583,416 $ 656,331 $ 558,617 Depreciation expense 102,476 102,062 104,421 Real estate held for sale (28,924) (159,541) 2,238 Properties sold — — — Impairments (25,058) (1,858) (2,469) Retirements/disposals — (13,578) (6,476) Balance at end of year $ 631,910 $ 583,416 $ 656,331 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Rental Property | Rental Property Rental properties are reported at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $1.5 million, $2.4 million and $2.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and improvements, which enhance or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of December 31, 2022 and 2021 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, Land held for development (including pre-development costs, if any) (a)(b) $ 264,934 $ 341,496 Development and construction in progress, including land (c) 205,173 694,768 Total $ 470,107 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $97.7 million and $150.9 million as of December 31, 2022 and December 31, 2021, respectively. (b) Includes $73.2 million of land and $13.8 million of building and improvements classified as to assets held for sale at December 31, 2022. (c) Includes land of $13.6 million and $68.8 million as of December 31, 2022 and December 31, 2021, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multifamily units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and uses various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing properties with below market occupancy levels, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different potential outcomes for a property, the Company will take a probability weighted approach to estimating future cash flows. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows and estimated fair values for each property are based on a number of assumptions, including but not limited to estimated holding periods, outcome probabilities, market capitalization rates and discount rates, as applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, |
Real Estate Held For Sale And Discontinued Operations | Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of expected selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of expected selling costs, of the disposal groups identified as held for sale is less than the carrying value, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. |
Investments In Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Deferred Financing Costs | Deferred Financing Costs |
Deferred Leasing Costs | Deferred Leasing Costs Costs incurred in connection with successfully executed commercial and residential leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was fully impaired at December 31, 2021 after management performed its impairment tests and recognized an impairment of $2.9 million. |
Derivative Instruments | Derivative Instruments |
Revenue Recognition | Revenue Recognition The majority of the Company’s revenue is derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842, Leases. Revenue from leases is reported on a straight-line basis over the non-cancellable term of the lease for residential and commercial leases which provide for concessions and/or scheduled fixed or determinable rent increases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 13: Tenant Leases. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under ASC 606, Revenue from Contracts with Customers (such as tenant reimbursements of property operating expenses), from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease. This enables the Company to account for the lease component and non-lease components as an operating lease since the lease component is the predominant component. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is recorded as a reduction of the corresponding revenue account. Management performs a detailed review of amounts due from tenants for collectability, based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. |
Income and Other Taxes | Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2022, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $451.0 million. The Operating Partnership’s taxable income (loss) for the year ended December 31, 2022, 2021 and 2020 was estimated to be approximately zero, $(17.7) million and $79.3 million, respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The deferred tax asset balance at December 31, 2022 amounted to $30.7 million which has been fully reserved through a valuation allowance. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. |
Earnings Per Share or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends and Distributions Payable | Dividends and Distributions Payable The Company has suspended its common dividends since September 2020, which was initially a strategic decision by the Board of Directors to allow for greater financial flexibility during the COVID-19 pandemic and to retain incremental capital to support the Company's value-enhancing investments across the portfolio and was based upon its estimates of taxable income. Based upon its current estimates of taxable income and its expectation of disposition activity, the Board has made the strategic decision to continue to suspend its dividend to support the transformation of the Company to a pure-play multifamily REIT and will re-evaluate this decision when such transition is substantially complete. The declaration and payment of dividends and distributions will continue to be determined by the Board of Directors of the General Partner in light of conditions then existing, including the Company’s earnings, cash flows, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions and the general overall economic conditions and other factors. The dividends and distributions payable at December 31, 2022 and 2021 represent amounts payable on unvested LTIP units. |
Costs Incurred For Stock Issuances | Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital. |
Stock Compensation | Stock CompensationThe Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $13.8 million, $10.8 million and $7.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: • Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and • Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule Of Rental Property Improvements | Included in net investment in rental property as of December 31, 2022 and 2021 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, Land held for development (including pre-development costs, if any) (a)(b) $ 264,934 $ 341,496 Development and construction in progress, including land (c) 205,173 694,768 Total $ 470,107 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $97.7 million and $150.9 million as of December 31, 2022 and December 31, 2021, respectively. (b) Includes $73.2 million of land and $13.8 million of building and improvements classified as to assets held for sale at December 31, 2022. |
Schedule of Estimated Useful Lives Of Assets | Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years |
RECENT TRANSACTIONS (Tables)
RECENT TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Recent Transactions [Abstract] | |
Schedule Of Real Estate Properties Acquired | The Company acquired the following rental property during the year ended December 31, 2022 (dollars in thousands): Acquisition Date Property Location Property # of Acquisition 7/21/2022 The James (a) Park Ridge, NJ Multifamily 240 $ 130,308 Total Acquisitions 240 $ 130,308 (a) This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's revolving credit facility. |
Schedule Of Properties Which Commenced Initial Operations | The following property commenced initial operations during the years ended December 31, 2022 and 2021 ( dollars in thousands ): 2022 In Service Property Location Property # of Total Development 04/01/22 Haus25 (a) Jersey City Multifamily 750 $ 485,587 Totals 750 $ 485,587 (a) As of December 31, 2022, all apartment units are in service. The development costs includes approximately $53.4 million in land costs. 2021 In Service Property Location Property # of Total Development 03/01/21 The Upton (a) Short Hills, NJ Multifamily 193 $ 101,269 07/01/21 Riverhouse 9 at Port Imperial (b) Weehawken, NJ Multifamily 313 164,633 Totals 506 $ 265,902 (a) As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs. (b) As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs. |
Schedule Of Assets Held For Sale | The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Office Portfolio Other Assets & Liabilities Held for Sale Total Land $ 4,336 $ 88,507 $ 92,843 Building & Other 30,389 112,165 142,554 Less: Accumulated depreciation (12,165) (16,759) (28,924) Less: Cumulative unrealized losses on property held for sale (4,440) (8,100) (12,540) Real estate held for sale, net $ 18,120 $ 175,813 $ 193,933 Other assets and liabilities Suburban Other Total Unbilled rents receivable, net (a) $ 368 $ — $ 368 Deferred charges, net (a) 426 — 426 Total deferred charges & other assets, net 457 985 1,442 Mortgages & loans payable, net (a) — (85,664) (85,664) Accounts payable, accrued exp & other liability (759) (473) (1,232) (a) Expected to be removed with the completion of the sales. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Assets Land $ 159,968 Building & Other 618,216 Less: Accumulated depreciation (159,538) Real estate held for sale, net $ 618,646 Other assets and liabilities Assets Unbilled rents receivable, net (a) $ 30,526 Deferred charges, net (a) 16,056 Total intangibles, net (a) 31,155 Total deferred charges & other assets, net (b) 69,410 Mortgages & loans payable, net (a) (397,953) Total below market liability (a) (24,098) Accounts payable, accrued exp & other liability (c) (49,648) Unearned rents/deferred rental income (a) (5,831) (a) Expected to be removed with the completion of the sales. (b) Includes $19.2 million of right of use assets expected to be removed with the completion of the sales. (c) Includes $20.5 million of right of use liabilities expected to be removed with the completion of the sales. |
Schedule Of Real Estate Properties Sold And Disposed | The Company disposed of the following rental property during the year ended December 31, 2022 (dollars in thousands) : Disposition Property Location # of Rentable Property Net Net Realized Discontinued 01/21/22 111 River Street Hoboken, New Jersey 1 566,215 Office $ 208,268 (a) $ 206,432 $ 1,836 $ — 10/07/22 101 Hudson Street Jersey City, New Jersey 1 1,246,283 Office 342,578 (b) 270,198 72,380 — Unrealized gains (losses) on real estate held for sale $ (8,100) $ (4,440) Totals 2 1,812,498 $ 550,846 $ 476,630 $ 66,116 $ (4,440) (a) The $150 million mortgage loan encumbering the property was repaid at closing, for which the Company incurred costs of $6.3 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022. (b) The $250 million mortgage loan encumbering the property was assumed by the purchaser at closing, for which the Company incurred costs of $1.0 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022. The assumed mortgage was a non-cash portion of this sales transaction. The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands) : Disposition Property/Address Location # of Rentable Property Net Net Realized Discontinued 01/13/21 100 Overlook Center Princeton, New Jersey 1 149,600 Office $ 34,724 (a) $ 26,488 $ — $ 8,236 03/25/21 Metropark portfolio (b) Edison and Iselin, New Jersey 4 926,656 Office 247,351 233,826 — 13,525 04/20/21 Short Hills portfolio (c) Short Hills, New Jersey 4 828,413 Office 248,664 245,800 — 2,864 06/11/21 Red Bank portfolio Red Bank, New Jersey 5 659,490 Office 80,730 78,364 — 2,366 06/30/21 Retail land leases Hanover and Parsippany, New Jersey — — Land Lease 41,957 37,951 4,006 — 07/26/21 7 Giralda Farms Madison, New Jersey 1 236,674 Office 28,182 30,143 — (1,961) 10/20/21 4 Gatehall Drive Parsippany, New Jersey 1 248,480 Office 24,239 23,717 — 522 12/16/21 Retail land lease Unit B Hanover, New Jersey — — Land Lease 5,423 6,407 (984) — Totals 16 3,049,313 $ 711,270 $ 682,696 $ 3,022 $ 25,552 (a) As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 16: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership. (b) Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges and other assets, net. (c) The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt. |
Schedule Of Disposition Of Developable Land | The Company disposed of the following developable land holdings during the year ended December 31, 2022 (dollars in thousands): Disposition Property Address Location Net Net Realized 03/22/22 Palladium residential land West Windsor, New Jersey $ 23,908 $ 24,182 $ (274) 03/22/22 Palladium commercial land West Windsor, New Jersey 4,688 1,791 2,897 04/15/22 Port Imperial Park parcel Weehawken, New Jersey 29,331 29,744 (413) 04/21/22 Urby II/III Jersey City, New Jersey 68,854 13,316 55,538 11/03/22 Port Imperial Parcels 3 & 16 (a) Weehawken, New Jersey 24,885 25,371 (486) Totals $ 151,666 $ 94,404 $ 57,262 The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands): Disposition Property Address Location Net Net Realized 05/24/21 Horizon common area Hamilton, New Jersey $ 745 $ 634 $ 111 12/22/21 346/360 University Ave Newark, New Jersey 4,266 2,262 2,004 Totals $ 5,011 $ 2,896 $ 2,115 |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Unconsolidated Joint Ventures | The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2022 and 2021 (dollars in thousands): Number of Company's Carrying Value Property Debt Entity / Property Name Apartment Units Effective December 31, December 31, Balance Maturity Interest Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 1,747 $ 2,547 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 5,114 6,077 82,000 11/10/26 3.21 % PI North - Riverwalk C (e) 360 units 40.00 % 23,234 27,401 135,000 12/22/24 SOFR+ 1.2 % Riverpark at Harrison 141 units 45.00 % — — 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,372 33,004 91,432 07/01/33 4.82 % Urby at Harborside (f) 762 units 85.00 % 61,594 66,418 188,522 08/01/29 5.197 % PI North - Land (b) (g) 829 potential units 20.00 % 1,678 1,678 — — — Liberty Landing (h) — — 50.00 % — 300 — — — Office 12 Vreeland Road (i) 139,750 sf 50.00 % — — — — — Offices at Crystal Lake (j) 106,345 sf 31.25 % — — — — — Other Hyatt Regency Hotel Jersey City (k) 351 rooms 50.00 % — — — — — Other (l) 419 347 — — — Totals: $ 126,158 $ 137,772 $ 587,913 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bears interest at LIBOR +1.50 percent and matures in October 2022. The loan was extended on October 11, 2022, for three months and matured in January 2023 with a fixed rate of 5.125%. On January 10, 2023, the loan was modified bearing interest at SOFR +2% and matures in January 2025; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.50 percent and matures in January 2023. On January 10, 2023, the loan was extended for three months and matures on April 1, 2023. (e) On December 22, 2021, the venture paid off the $108.3 million construction loan and simultaneously obtained a new $135 million mortgage loan, collateralized by the property and received its share of net loan proceeds of $9.2 million. The property commenced operations in second quarter 2021. (f) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $22 million of the principal outstanding debt. On February 1, 2023, the lender has released the guarantor of all obligations under the Guaranty Agreement. (g) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6 and I that can accommodate the development of 829 apartment units. (h) Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (i) On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $2 million. See Note 3: Recent Transactions - Unconsolidated Joint Venture (j) On September 1, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $1.9 million. See Note 3: Recent Transactions - Unconsolidated Joint Venture (k) On November 30, 2022, the Company sold its interest in the joint venture for a venture gross sales price of approximately $117.0 million. See Note 3: Recent Transactions - Unconsolidated Joint Venture. |
Schedule of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands) : Year Ended December 31, Entity / Property Name 2022 2021 2020 Multifamily Metropolitan and Lofts at 40 Park $ (674) $ (801) $ (1,010) RiverTrace at Port Imperial 356 92 111 Crystal House (a) — — (924) PI North - Riverwalk C (b) (212) (506) (368) Riverpark at Harrison (c) 234 (1,153) (273) Station House (722) (1,647) (1,650) Urby at Harborside 2,374 (580) 1,095 PI North - Land (205) (250) — Liberty Landing (d) 36 (40) (5) Office 12 Vreeland Road (e) — 2 (2,035) Offices at Crystal Lake (f) — (113) 224 Other Riverwalk Retail (g) — — (10) Hyatt Regency Hotel Jersey City (h) — — 625 Other 13 745 388 Company's equity in earnings (loss) of unconsolidated joint ventures (i) $ 1,200 $ (4,251) $ (3,832) (a) On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million. (b) The property commenced operations in second quarter 2021. (c) In September 2021, the joint venture agreed to settle certain obligations regarding a previously owned development project, of which the Company’s share of the expense for such settlement was $0.9 million, which was recorded in equity in earnings for this venture in the year ended December 31, 2021. (d) Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (e) On April 29, 2021, the Company sold its interest in the joint venture and realized no gain or loss on the sale. (f) On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $1.9 million, and realized a loss on the sale of approximately $1.9 million. (g) On March 12, 2020, the Company acquired the remaining 80 percent interest from its equity partner and consolidated the asset. (h) On November 30, 2022, the Company sold its interest in the joint venture and realized a gain on the sale of approximately $7.7 million. |
Schedule of Equity Method Investment, Summarized Financial Information, Balance Sheet | The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2022 and 2021 (dollars in thousands) : December 31, December 31, Assets: Rental Property, net $ 745,210 $ 787,787 Other assets 39,241 72,955 Total assets $ 784,451 $ 860,742 Liabilities and partners'/members' capital: Mortgages and loans payable $ 587,913 $ 692,448 Other liabilities 15,545 36,732 Partners'/members' capital 180,993 131,562 Total liabilities and partners'/members' capital $ 784,451 $ 860,742 |
Schedule of Equity Method Investment, Summarized Financial Information, Income Statement | The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2022, 2021 and 2020 (dollars in thousands) : Year Ended December 31, 2022 2021 2020 Total revenues $ 140,637 $ 173,169 $ 275,246 Operating and other expenses (81,914) (131,709) (224,195) Depreciation and amortization (25,412) (25,095) (34,587) Interest expense (29,777) (27,145) (29,420) Net income (loss) $ 3,534 $ (10,780) $ (12,956) |
DEFERRED CHARGES AND OTHER AS_2
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Schedule of Deferred Charges and Other Assets | (dollars in thousands) December 31, December 31, Deferred leasing costs $ 59,651 $ 88,265 Deferred financing costs - revolving credit facility (a) 6,684 6,684 66,335 94,949 Accumulated amortization (30,471) (40,956) Deferred charges, net 35,864 53,993 Notes receivable (b) 1,309 4,015 In-place lease values, related intangibles and other assets, net (c)(d) 12,298 42,183 Right of use assets (e) 2,896 22,298 Prepaid expenses and other assets, net 43,795 28,858 Total deferred charges and other assets, net (f) $ 96,162 $ 151,347 (a) Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) As of December 31, 2022 and 2021, includes an interest-free note receivable with a net present value of $0.2 million and $0.7 million, respectively, which matures in April 2023 . The Company believes this balance is fully collectible. Also includes $1.0 million, net of a loan loss allowance of $26.0 thousand, as of December 31, 2022, and $3.1 million, net of a loan loss allowance of $0.2 million as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. See Note 3: Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $0.2 million, $2.7 million and $3.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes, as of December 31, 2022, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Year Acquired Above- Acquired Below- Total 2023 $ (219) $ 92 $ (127) 2024 (175) 84 (91) 2025 (162) 51 (111) 2026 (142) 41 (101) 2027 (123) 6 (117) (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $1.5 million, $2.1 million and $9.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes, as of December 31, 2022, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2023 $ 384 2024 305 2025 193 2026 156 2027 89 Total $ 1,127 (e) This amount has a corresponding liability of $3.2 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details. (f) The amount as of December 31, 2022 and 2021, includes $1.4 million and $0.5 million, respectively, for properties classified as held for sale. |
Schedule of Scheduled Amortization | The following table summarizes, as of December 31, 2022, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Year Acquired Above- Acquired Below- Total 2023 $ (219) $ 92 $ (127) 2024 (175) 84 (91) 2025 (162) 51 (111) 2026 (142) 41 (101) 2027 (123) 6 (117) (dollars in thousands) : Year 2023 $ 384 2024 305 2025 193 2026 156 2027 89 Total $ 1,127 |
Schedule Of Fair Value Of The Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2022 and 2021 (dollars in thousands) : Fair Value Asset Derivatives designated December 31, December 31, Balance sheet location Interest rate caps $ 9,808 $ 850 Deferred charges and other assets, net |
Schedule of Cash Flow Hedging, Derivative Financial Instruments on the Income Statement | The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ending December 31, 2022, 2021 and 2020 (dollars in thousands) : Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Total Amount of Interest Expense presented in the consolidated statements of operations Year Ended December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 Interest rate caps $ 5,032 $ 10 $ — Interest expense $ 666 $ — $ — $ (78,040) $ (65,192) $ (80,991) Interest rate swaps $ — $ — $ — Interest expense $ — $ — $ 16 Interest and other investment income (loss) $ (78,040) $ (65,192) $ (80,991) |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash and Investments [Abstract] | |
Schedule Of Restricted Cash | Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : December 31, December 31, Security deposits $ 9,175 $ 6,884 Escrow and other reserve funds 11,692 12,817 Total restricted cash $ 20,867 $ 19,701 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands): Year Ended December 31, 2022 2021 2020 Total revenues $ 5,971 $ 34,541 $ 141,002 Operating and other expenses (1,390) (13,506) (55,700) Depreciation and amortization (889) (2,554) (6,386) Interest expense — (1,570) (5,256) Income from discontinued operations 3,692 16,911 73,660 Unrealized gains (losses) on disposition of rental property (a) (4,440) 569 (36,816) Realized gains (losses) on disposition of rental property (b) — 24,983 50,840 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 14,024 Total discontinued operations, net $ (748) $ 42,463 $ 87,684 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations. (b) See N ote 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) |
REVOLVING CREDIT FACILITY AND_2
REVOLVING CREDIT FACILITY AND TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule Of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee | Total Leverage Ratio Interest Rate - Applicable Basis Points Above LIBOR Interest Rate - Applicable Basis Points Above LIBOR for Alternate Base Rate Loans Facility Fee Basis Points <45% 125.0 25.0 20.0 ≥45% and <50% 130.0 30.0 25.0 ≥50% and <55% (ratio through May 6, 2021) 135.0 35.0 30.0 ≥55% 160.0 60.0 35.0 |
MORTGAGES, LOANS PAYABLE AND _2
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages, Loans Payable And Other Obligations | A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2022 and 2021 is as follows (dollars in thousands) : Property/Project Name Lender Effective Rate (a) December 31, December 31, Maturity 111 River St. (b) Athene Annuity and Life Company 3.90 % $ — $ 150,000 — 101 Hudson (c) Wells Fargo CMBS 3.20 % — 250,000 — Port Imperial 4/5 Hotel (d) Fifth Third Bank LIBOR+ 3.40 % 84,000 89,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 Haus 25 (e) QuadReal Finance LIBOR+ 2.70 % 297,324 255,453 12/01/24 Portside 5/6 (f) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 The Upton (g) Bank of New York Mellon LIBOR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square (h) MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Riverhouse 9 at Port Imperial (i) JP Morgan Chase SOFR+ 1.41 % 110,000 87,175 06/21/27 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 N/S The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,166 32,664 12/01/29 Emery at Overlook Ridge New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 1,911,488 2,252,290 Unamortized deferred financing costs (7,511) (11,220) Total mortgages, loans payable and other obligations, net $ 1,903,977 $ 2,241,070 (a) R eflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. This mortgage loan did not permit early pre-payment. As a result of the disposal of the property, the Company incurred costs of approximately $6.3 million at closing, which was expensed as loss from extinguishment of debt in the year ended December 31, 2022. See Note 3-Recent Transactions. (c) In October 2022, this loan was assumed by the purchaser of the property encumbered by the loan. The assumed mortgage was a non-cash portion of the sales transaction. As a result of the disposal of the property, the Company incurred costs of approximately $1.0 million at closing, which was expensed as loss from extinguishment of debt in the year ended December 31 2022. See Note 3-Recent Transactions. (d) In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $13.7 million of the outstanding principal, subject to certain conditions. The loan requires a debt service coverage charge test (“DSCR Test”), with which the Company was not in compliance for the quarter ended September 30, 2022. Therefore the Company was required to make a partial principal repayment of $5.0 million as well as deposit three months of interest amounting to $1.2 million into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. In February 2023, the Company repaid this mortgage loan upon disposition of the hotels which were collateral against the mortgage loan. (e) The construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points. The Company entered into an interest-rate cap agreement for the mortgage loan. (f) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (g) On October 27, 2021, the Company obtained a $75 million mortgage loan maturing in October 2026 and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan. (h) On January 12, 2023 the Company entered into an interest-rate cap agreement for the mortgage loan. (i) This construction loan had a maximum borrowing capacity of $92 million. On June 21, 2022, the Company obtained a $110 million mortgage loan maturing in June 2027 from a different lender and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually. |
Schedule of Principal Payments | Scheduled principal payments for the Company’s revolving credit facility (see Note 8) and mortgages, loans payable and other obligations (See Note 9) as of December 31, 2022 are as follows (dollars in thousands) : Period Scheduled Amortization Principal Maturities Total 2023 $ 2,047 $ 142,998 $ 145,045 2024 5,037 605,324 610,361 2025 8,384 — 8,384 2026 8,780 483,000 491,780 2027 8,158 305,319 313,477 Thereafter 7,418 335,023 342,441 Sub-total 39,824 1,871,664 1,911,488 Unamortized deferred financing costs (7,511) — (7,511) Totals $ 32,313 $ 1,871,664 $ 1,903,977 |
Schedule of Indebtedness | SUMMARY OF INDEBTEDNESS (dollars in thousands) December 31, December 31, Balance Weighted Average Interest Rate (a) Balance Weighted Average Interest Rate (a) Fixed Rate & Hedged Debt (a) $ 1,757,308 4.27 % $ 1,675,353 3.71 % Revolving Credit Facility & Other Variable Rate Debt 146,669 6.86 % 713,717 3.32 % Totals/Weighted Average: $ 1,903,977 4.47 % $ 2,389,070 3.60 % (a) As of December 31, 2022 and 2021, includes debt with interest rate caps outstanding with a notional amount of $485 million and $75 million, respectively. |
DISCLOSURE OF FAIR VALUE OF A_2
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Valuation Techniques And Significant Unobservable Assumptions | As of December 31, 2022, significant unobservable assumptions that were utilized in the fair value calculation included: Description Primary Valuation Unobservable Location Range of Properties held and used on which the Company recognized impairment losses Discounted cash flows Discount rates Waterfront 7.50% - 13.0% Residual cap rates Waterfront 5.50% - 8.75% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Tax Abatement Agreements | Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: Pilot Payments PILOT 2022 2021 2020 Property Name Location Asset Type Expiration Dates (Dollars in Thousands) Port Imperial South 1/3 Garage (a) Weehawken, NJ Parking Garage 12/2020 $ — $ — $ 303 BLVD 475 (Monaco) (b) Jersey City, NJ Multifamily 2/2021 — 443 1,811 111 River Street (c) Hoboken, NJ Office 4/2022 — 1,470 1,470 Harborside Plaza 4A (d) Jersey City, NJ Office 2/2022 — 1,057 1,062 Harborside Plaza 5 (e) Jersey City, NJ Office 6/2022 — 4,324 4,415 BLVD 401 (Marbella 2) (f) Jersey City, NJ Multifamily 4/2026 1,692 1,277 1,151 RiverHouse 11 at Port Imperial (g) Weehawken, NJ Multifamily 7/2033 1,514 1,369 1,143 Port Imperial 4/5 Hotel (h) Weehawken, NJ Hotel 12/2033 2,925 2,925 2,161 RiverHouse 9 at Port Imperial (i) Weehawken, NJ Multifamily 6/2046 1,295 350 — Haus 25 (j) Jersey City, NJ Mixed-Use (i) 975 — — The James (k) Park Ridge, NJ Multifamily 6/2051 318 — — Total Pilot taxes $ 8,719 $ 13,215 $ 13,516 (a) Taxes to be paid at 100 percent on the land value of the project only over five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five. (b) The annual PILOT is equal to ten percent of Gross Revenues, as defined. (c) The property was disposed of in the first quarter of 2022. (d) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million. (e) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million. (f) The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined. (g) The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined. (h) The annual PILOT is equal to two percent of Total Project Costs, as defined. (i) The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined. (j) For a term of 25 years following substantial completion, which occured in the second quarter of 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined. (k) For a term of 30 years following substantial completion which occurred in June 2021. The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and 12.5 percent for years 22-30; as defined. |
Schedule of Future Minimum Rental Payments Of Ground Leases | Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of December 31, 2022, are as follows (dollars in thousands): As of December 31, 2022 Year Amount 2023 $ 192 2024 192 2025 199 2026 199 2027 200 2028 through 2101 31,664 Total lease payments 32,646 Less: imputed interest (29,418) Total $ 3,228 As of December 31, 2021 Year Amount 2022 $ 1,695 2023 1,702 2024 1,721 2025 1,728 2026 1,728 2027 through 2101 151,253 Total lease payments 159,827 Less: imputed interest (136,141) Total $ 23,686 |
TENANT LEASES (Tables)
TENANT LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at December 31, 2022 and 2021 are as follows (dollars in thousands) : As of December 31, 2022 Year Amount 2023 $ 60,353 2024 55,461 2025 51,495 2026 49,170 2027 46,501 2028 and thereafter 277,324 Total $ 540,304 As of December 31, 2021 Year Amount 2022 $ 115,256 2023 114,355 2024 98,374 2025 94,042 2026 91,297 2026 and thereafter 416,712 Total $ 930,036 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Changes in the Value of the Redeemable Noncontrolling Interests | The following tables set forth the changes in Redeemable noncontrolling interests for the year ended December 31, 2022 (dollars in thousands) : Series A and A-1 Preferred Units In VRLP Rockpoint Interests in VRT Total Redeemable Noncontrolling Interests Balance January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redeemable Noncontrolling Interests Issued (12,000) — (12,000) Net 40,324 468,989 509,313 Income Attributed to Noncontrolling Interests 1,471 24,063 25,534 Distributions (1,564) (24,063) (25,627) Redemption Value Adjustment — 6,011 6,011 Redeemable noncontrolling interests as of December 31, 2022 $ 40,231 $ 475,000 $ 515,231 Series A and A-1 Preferred Units In VRLP Rockpoint Interests in VRT Total Redeemable Noncontrolling Interests Balance January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued — — — Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 1,820 24,157 25,977 Distributions (1,820) (24,157) (25,977) Other Distributions — — — Redemption Value Adjustment — 8,016 8,016 Redeemable noncontrolling interests as of December 31, 2021 $ 52,324 $ 468,989 $ 521,313 |
VERIS RESIDENTIAL, INC. STOCK_2
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock Option Plans | Information regarding the Company’s stock option plans is summarized below: Shares Weighted Aggregate Outstanding at January 1, 2020 ($17.31) 800,000 $ 17.31 $ 4,656 Granted, Lapsed or Cancelled 172,495 14.39 Outstanding at December 31, 2020 ($17.31) 972,495 $ 16.79 — Granted 1,107,505 16.10 Outstanding at December 31, 2021 ($14.39 - $17.31) 2,080,000 $ 16.42 4,072 Granted 250,000 16.33 Outstanding at December 31, 2022 ($14.39 - $20.00) 2,330,000 $ 16.41 $ — Options exercisable at December 31, 2022 1,446,667 Available for grant at December 31, 2022 1,113,036 |
Schedule of Weighted Average Assumptions | The following weighted average assumptions are included in the Company’s fair value calculations of stock options granted during the year ended December 31, 2022: 2022 2021 2021 2021 2020 Expected life (in years) 4.0 4.5 4.6 5.3 5.3 Risk-free interest rate 2.77 % 0.79 % 0.71 % 0.94 % 0.41 % Volatility 38.0 % 35.0 % 35.0 % 34.0 % 31.0 % Dividend yield 2.6 % 1.6 % 1.5 % 1.4 % 2.7 % |
Schedule of Restricted Stock Awards | Information regarding the Restricted Stock Awards grant activity is summarized below: Shares Weighted-Average Outstanding at January 1, 2020 42,690 $ 21.08 Granted 52,974 15.29 Vested (42,690) 21.08 Outstanding at December 31, 2020 52,974 $ 15.29 Granted 39,529 17.71 Vested (52,974) 15.29 Outstanding at December 31, 2021 39,529 $ 17.71 Granted 49,784 14.06 Vested (39,529) 17.71 Outstanding at December 31, 2022 49,784 $ 14.06 |
Schedule of Reconciliation of Shares Used in Basic EPS Calculation to Shares Used in Diluted EPS Calculation | The following information presents the Company’s results for the years ended December 31, 2022, 2021 and 2020 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Veris Residential, Inc.: Year Ended December 31, Computation of Basic EPS 2022 2021 2020 Income (loss) from continuing operations $ (34,137) $ (152,002) $ (121,284) Add (deduct): Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695 Add (deduct): Noncontrolling interests in Operating Partnership 5,202 15,739 13,831 Add (deduct): Redeemable noncontrolling interests (25,534) (25,977) (25,883) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (5,475) (7,290) (11,814) Income (loss) from continuing operations available to common shareholders (56,865) (164,935) (142,455) Income (loss) from discontinued operations available to common shareholders (676) 38,603 79,254 Net income (loss) available to common shareholders for basic earnings per share $ (57,541) $ (126,332) $ (63,201) Weighted average common shares 91,046 90,839 90,648 Basic EPS : Income (loss) from continuing operations available to common shareholders $ (0.62) $ (1.82) $ (1.57) Income (loss) from discontinued operations available to common shareholders (0.01) 0.43 0.87 Net income (loss) available to common shareholders $ (0.63) $ (1.39) $ (0.70) Year Ended December 31, Computation of Diluted EPS 2022 2021 2020 Net income (loss) from continuing operations available to common shareholders $ (56,865) $ (164,935) $ (142,455) Add (deduct): Noncontrolling interests in Operating Partnership (5,202) (15,739) (13,831) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (548) (726) (1,254) Income (loss) from continuing operations for diluted earnings per share (62,615) (181,400) (157,540) Income (loss) from discontinued operations for diluted earnings per share (748) 42,463 87,686 Net income (loss) available for diluted earnings per share (63,363) (138,937) (69,854) Weighted average common shares 100,265 99,893 100,260 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ (0.62) $ (1.82) $ (1.57) Income (loss) from discontinued operations available to common shareholders $ (0.01) $ 0.43 $ 0.87 Net income (loss) available to common shareholders $ (0.63) $ (1.39) $ (0.70) The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands): Year Ended December 31, 2022 2021 2020 Basic EPS shares 91,046 90,839 90,648 Add: Operating Partnership – common and vested LTIP units 9,219 9,054 9,612 Diluted EPS Shares 100,265 99,893 100,260 Year Ended December 31, Computation of Basic EPU 2022 2021 2020 Income (loss) from continuing operations $ (34,137) $ (152,002) $ (121,284) Add (deduct): Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695 Add (deduct): Redeemable noncontrolling interests (25,534) (25,977) (25,883) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (6,023) (8,016) (13,068) Income (loss) from continuing operations available to unitholders (62,615) (181,400) (157,540) Income (loss) from discontinued operations available to unitholders (748) 42,463 87,686 Net income (loss) available to common unitholders for basic earnings per unit $ (63,363) $ (138,937) $ (69,854) Weighted average common units 100,265 99,893 100,260 Basic EPU : Income (loss) from continuing operations available to unitholders $ (0.62) $ (1.82) $ (1.57) Income (loss) from discontinued operations available to unitholders (0.01) 0.43 0.87 Net income (loss) available to common unitholders for basic earnings per unit $ (0.63) $ (1.39) $ (0.70) Year Ended December 31, Computation of Diluted EPU 2022 2021 2020 Net income (loss) from continuing operations available to common unitholders $ (62,615) $ (181,400) $ (157,540) Income (loss) from discontinued operations for diluted earnings per unit (748) 42,463 87,686 Net income (loss) available to common unitholders for diluted earnings per unit $ (63,363) $ (138,937) $ (69,854) Weighted average common unit 100,265 99,893 100,260 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ (0.62) $ (1.82) $ (1.57) Income (loss) from discontinued operations available to common unitholders (0.01) 0.43 0.87 Net income (loss) available to common unitholders $ (0.63) $ (1.39) $ (0.70) The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Year Ended December 31, 2022 2021 2020 Basic EPU units 100,265 99,893 100,260 Add: Stock Options — — — Diluted EPU Units 100,265 99,893 100,260 |
NONCONTROLLING INTERESTS IN S_2
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Noncontrolling Interests of Subsidiaries | The following table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units and LTIP units in the Operating Partnership for the years ended December 31, 2022, 2021 and 2020: Common Units/ Unvested LTIP Balance at January 1, 2020 9,612,064 1,826,331 Redemption of common units (138,615) — Conversion of vested LTIP units to common units 38,626 — Vested LTIP units 136,957 (175,583) Issuance of units — 1,287,568 Cancellation of units (1) (1,215,387) Balance at December 31, 2020 9,649,031 1,722,929 Redemption of common units for shares of common stock (175,257) — Redemption of common units (730,850) — Conversion of vested LTIP units to common units 205,434 Vested LTIP units 65,176 (270,610) Issuance of units — 334,449 Cancellation of units — (540,016) Balance at December 31, 2021 9,013,534 1,246,752 Redemption of common units for shares of common stock (11,508) — Redemption of common units (110,084) — Conversion of vested LTIP units to common units 228,579 — Vested LTIP units 181,000 (409,579) Issuance of units — — Cancellation of units — (279,089) Balance at December 31, 2022 9,301,521 558,084 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule Of Selected Results Of Operations And Asset Information | The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate, and multifamily real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the years ended December 31, 2022, 2021 and 2020, and selected asset information as of December 31, 2022 and 2021 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multifamily Corporate Total Total revenues: 2022 $ 131,681 $ 224,732 $ (1,395) $ 355,018 2021 153,605 171,030 (1,245) 323,390 2020 148,959 156,841 1,676 307,476 Total operating and interest expenses (a): 2022 $ 55,318 $ 114,447 $ 128,515 $ 298,280 2021 63,044 108,196 108,850 280,090 2020 71,615 95,631 127,184 294,430 Equity in earnings (loss) of unconsolidated joint ventures: 2022 $ — $ 1,200 $ — $ 1,200 2021 (111) (4,140) — (4,251) 2020 (2,254) (1,578) — (3,832) Net operating income (loss) (b): 2022 $ 76,363 $ 111,485 $ (129,910) $ 57,938 2021 90,450 58,694 (110,095) 39,049 2020 75,090 59,632 (125,508) 9,214 Total assets: 2022 $ 597,459 $ 3,302,188 $ 21,121 $ 3,920,768 2021 1,216,717 3,294,226 16,375 4,527,318 Total long-lived assets (c): 2022 $ 547,923 $ 3,101,286 $ (1,330) $ 3,647,879 2021 1,087,198 3,098,492 (1,309) 4,184,381 Total investments in unconsolidated joint ventures: 2022 $ — $ 126,158 $ — $ 126,158 2021 — 137,772 — 137,772 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition-related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property and unbilled rents receivable. (d) Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Year Ended December 31, 2022 2021 2020 Net operating income $ 57,938 $ 39,049 $ 9,214 Add (deduct): Depreciation and amortization (a) (111,518) (110,038) (120,455) Land and other impairments, net (9,368) (23,719) (16,817) Property impairments (94,811) (13,467) (36,582) Gain on change of control of interests — — — Realized gains (losses) and unrealized losses on disposition of rental property, net 66,115 3,022 2,657 Gain on disposition of developable land 57,262 2,115 5,787 Gain on sale from unconsolidated joint ventures 7,677 (1,886) 35,184 Gain (loss) from extinguishment of debt, net (7,432) (47,078) (272) Income (loss) from continuing operations (34,137) (152,002) (121,284) Discontinued operations Income from discontinued operations 3,692 16,911 73,660 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 14,026 Total discontinued operations, net (748) 42,463 87,686 Net income (loss) (34,885) (109,539) (33,598) Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695 Noncontrolling interests in Operating Partnership 5,202 15,739 13,831 Noncontrolling interest in discontinued operations 72 (3,860) (8,432) Redeemable noncontrolling interests (25,534) (25,977) (25,883) Net income (loss) available to common shareholders $ (52,066) $ (119,042) $ (51,387) (a) Depreciation and amortization included in each segment for the years ending December 31, 2022, 2021 and 2020 is $29,958, $44,553 and $52,631 for Commercial & Other Real Estate, $80,610, $64,605 and $66,943 for Multifamily Real Estate & Services, and $950, $881 and $881 for Corporate & Other, respectively. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Year Ended December 31, 2022 2021 2020 Net operating income $ 57,938 $ 39,049 $ 9,214 Add (deduct): Depreciation and amortization (a) (111,518) (110,038) (120,455) Land and other impairments, net (9,368) (23,719) (16,817) Property impairments (94,811) (13,467) (36,582) Gain on change of control of interests — — — Realized gains (losses) and unrealized losses on disposition of rental property, net 66,115 3,022 2,657 Gain on disposition of developable land 57,262 2,115 5,787 Gain on sale from unconsolidated joint ventures 7,677 (1,886) 35,184 Gain (loss) from extinguishment of debt, net (7,432) (47,078) (272) Income (loss) from continuing operations (34,137) (152,002) (121,284) Discontinued operations Income from discontinued operations 3,692 16,911 73,660 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 14,026 Total discontinued operations, net (748) 42,463 87,686 Net income (loss) (34,885) (109,539) (33,598) Noncontrolling interests in consolidated joint ventures 3,079 4,595 2,695 Redeemable noncontrolling interests (25,534) (25,977) (25,883) Net income (loss) available to common unitholders $ (57,340) $ (130,921) $ (56,786) (a) Depreciation and amortization included in each segment for the years ending December 31, 2022, 2021 and 2020 is $29,958, $44,552 and $52,631 for Commercial & Other Real Estate, $80,610, $64,605 and $66,943 for Multifamily Real Estate & Services, and $950, $881 and $881 for Corporate & Other, respectively. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 90.70% | 91% | |
Consolidated joint ventures, total real estate assets | $ | $ 468.1 | $ 477.5 | |
Consolidated joint ventures, other assets | $ | 6 | 5.3 | |
Consolidated joint ventures, mortgages | $ | 285.5 | 285.7 | |
Consolidated joint ventures, other liabilities | $ | $ 17.3 | $ 21.2 | |
Increase in land and other impairments | $ | $ 2.5 | ||
Multi-Family Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | 24 | ||
Office | |||
Real Estate Properties [Line Items] | |||
Number of properties | 5 | ||
Parking/Retail | |||
Real Estate Properties [Line Items] | |||
Number of properties | 4 | ||
Hotels | |||
Real Estate Properties [Line Items] | |||
Number of properties | 2 | ||
Company Controlled Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | 27 | ||
Multi-Family Properties, Company Controlled | |||
Real Estate Properties [Line Items] | |||
Number of properties | 17 | ||
Non-Core Assets | |||
Real Estate Properties [Line Items] | |||
Number of properties | 10 | ||
Investment Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | 8 | ||
Multi-Family Properties, Investment | |||
Real Estate Properties [Line Items] | |||
Number of properties | 7 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
Capitalized development and construction salaries and other related costs | $ 1,500,000 | $ 2,400,000 | $ 2,000,000 |
Maximum period after cessation of major construction activity that projects are considered complete | 1 year | ||
Threshold of investment value for discontinuation of equity method accounting | $ 0 | ||
Amortization of deferred financing costs | 4,800,000 | 4,600,000 | 4,600,000 |
Losses on extinguishment of debt, including discontinued operations | (7,400,000) | (47,100,000) | $ (300,000) |
Goodwill | 2,900,000 | ||
Goodwill impairment | 2,900,000 | ||
Difference between the estimated net basis and net assets of the rental property for federal income tax purposes | 451,000,000 | ||
Valuation allowance | 30,700,000 | ||
Income taxes, material adjustment amount | 0 | ||
Dividends paid per common share (in dollars per share) | $ 0.60 | ||
Dividends paid, percent representing ordinary income | 19% | ||
Dividends paid, percent representing capital gain | 81% | ||
Stock compensation expense | 13,800,000 | 10,800,000 | $ 7,600,000 |
VERIS RESIDENTIAL, L.P. | |||
Significant Accounting Policies [Line Items] | |||
Taxable income | $ 0 | $ (17,700,000) | $ 79,300,000 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Schedule Of Rental Property Improvements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Land held for development (including pre-development costs, if any) | $ 264,934 | $ 341,496 |
Development and construction in progress, including land | 205,173 | 694,768 |
Total | 470,107 | 1,036,264 |
Buildings and improvement | 97,700 | 150,900 |
Land | 13,600 | $ 68,800 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 13,800 | |
Land | $ 73,200 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives Of Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Minimum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
RECENT TRANSACTIONS - Schedule
RECENT TRANSACTIONS - Schedule Of Real Estate Properties Acquired (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) apartmentUnit | |
Business Acquisition [Line Items] | |
# of Apartment Units | apartmentUnit | 240 |
Acquisition Cost | $ | $ 130,308 |
Multifamily Unit, Park Ridge, NJ | |
Business Acquisition [Line Items] | |
# of Apartment Units | apartmentUnit | 240 |
Acquisition Cost | $ | $ 130,308 |
RECENT TRANSACTIONS - Schedul_2
RECENT TRANSACTIONS - Schedule of Properties Which Commenced Initial Operations (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) apartmentUnit | Dec. 31, 2021 USD ($) apartmentUnit | |
Real Estate Properties [Line Items] | ||
Number of apartment units | apartmentUnit | 750 | 506 |
Total Development Costs Incurred | $ 485,587 | $ 265,902 |
Haus 25 | ||
Real Estate Properties [Line Items] | ||
Number of apartment units | apartmentUnit | 750 | |
Total Development Costs Incurred | $ 485,587 | |
Haus 25 | Land | ||
Real Estate Properties [Line Items] | ||
Total Development Costs Incurred | $ 53,400 | |
The Upton | ||
Real Estate Properties [Line Items] | ||
Number of apartment units | apartmentUnit | 193 | |
Total Development Costs Incurred | $ 101,269 | |
The Upton | Land | ||
Real Estate Properties [Line Items] | ||
Total Development Costs Incurred | $ 2,900 | |
Riverhouse 9 At Port Imperial | ||
Real Estate Properties [Line Items] | ||
Number of apartment units | apartmentUnit | 313 | |
Total Development Costs Incurred | $ 164,633 | |
Riverhouse 9 At Port Imperial | Land | ||
Real Estate Properties [Line Items] | ||
Total Development Costs Incurred | $ 2,700 |
RECENT TRANSACTIONS - Narrative
RECENT TRANSACTIONS - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2022 USD ($) | Sep. 01, 2021 USD ($) | Apr. 29, 2021 USD ($) | Feb. 21, 2023 USD ($) | Sep. 30, 2022 USD ($) ft² landParcel | Jun. 30, 2022 USD ($) landParcel | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) ft² property apartmentUnit landParcel | Dec. 31, 2021 USD ($) ft² property | Dec. 31, 2020 USD ($) | |
Real Estate Properties [Line Items] | ||||||||||
Total Development Costs Incurred | $ 485,587 | $ 265,902 | ||||||||
Unrealized held-for-sale loss allowance | 12,500 | |||||||||
Land and other impairments, net | 9,368 | 23,719 | $ 16,817 | |||||||
Proceeds from the sales of rental property and developable land | 451,860 | $ 52,391 | $ 64,947 | |||||||
Sale price | $ 1,900 | |||||||||
12 Vreeland Road | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Sale price | $ 2,000 | |||||||||
Discontinued Operations, Held-for-sale | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Unrealized held-for-sale loss allowance | 4,400 | |||||||||
Land and other impairments, net | $ 6,400 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Area of property (in square feet) | ft² | 1,812,498,000 | 3,049,313 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Proceeds from the sales of rental property and developable land | $ 97,000 | |||||||||
Repayments of debt | $ 84,000 | |||||||||
Discontinued Operations | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Land and other impairments, net | $ 10,200 | |||||||||
Unrealized gain on investments | 3,700 | |||||||||
Office | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Land and other impairments, net | $ 94,800 | |||||||||
Number of properties | property | 5 | |||||||||
Property impairments | $ 94,800 | $ 6,000 | ||||||||
Office | Disposal Not Held For Sale | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Area of property (in square feet) | ft² | 1,900,000 | |||||||||
Number of properties | 3 | 4 | 1 | |||||||
Sale price | $ 420,000 | |||||||||
Property impairments | $ 84,500 | |||||||||
Office | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Property impairments | $ 6,000 | |||||||||
Hotels | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of properties | property | 2 | |||||||||
Land Parcel | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Property impairments | $ 2,900 | 14,300 | ||||||||
Land Parcel | Held For Sale Transaction Reclassified To Held And Used | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of properties | landParcel | 2 | |||||||||
Transaction related costs | $ 100 | |||||||||
Land Parcel | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Land and other impairments, net | 14,300 | |||||||||
Office | Cal-Harbor | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Sale price | $ 117,000 | |||||||||
Gain (loss) on sale of investments | $ 7,700 | |||||||||
Office | Offices At Crystal Lake | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Area of property (in square feet) | ft² | 106,345 | |||||||||
Sale price | $ 1,900 | |||||||||
Gain (loss) on sale of investments | $ (1,900) | |||||||||
Office | 12 Vreeland Road | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Area of property (in square feet) | ft² | 139,750 | |||||||||
Sale price | 2,000 | |||||||||
Gain (loss) on transaction | $ 0 | |||||||||
Parsippany, New Jersey | Land | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Total Development Costs Incurred | $ 5,100 | |||||||||
Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | Office | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Estimated expected sales proceeds | $ 212,100 | |||||||||
Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | Office | Discontinued Operations, Held-for-sale | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Area of property (in square feet) | ft² | 400,000 | |||||||||
Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | Hotels | Discontinued Operations, Held-for-sale | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of real estate properties, unrecoverable | apartmentUnit | 2 | |||||||||
Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | Land Parcel | Discontinued Operations, Held-for-sale | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of real estate properties, unrecoverable | property | 2 | |||||||||
Jersey City And Hoboken | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Area of property (in square feet) | ft² | 1,800,000 | |||||||||
Number of properties | property | 2 | |||||||||
Hoboken, New Jersey | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Repayments of debt | $ 400,000 | |||||||||
Net proceeds | 575,000 | |||||||||
Weehawken, New Jersey | Hotels | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Land and other impairments, net | $ 7,400 | |||||||||
Weehawken, New Jersey | Hotel income | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of properties | property | 2 | |||||||||
Properties | property | 3 |
RECENT TRANSACTIONS - Schedul_3
RECENT TRANSACTIONS - Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less: Accumulated depreciation | $ (631,910) | $ (583,416) |
Real estate held for sale, net | 193,933 | 618,646 |
Right of use assets | 19,200 | |
Right of use liabilities | 20,500 | |
Suburban Office Portfolio | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 4,336 | |
Building & Other | 30,389 | |
Less: Accumulated depreciation | (12,165) | |
Less: Cumulative unrealized losses on property held for sale | (4,440) | |
Real estate held for sale, net | 18,120 | |
Unbilled rents receivable, net | 368 | |
Deferred charges, net | 426 | |
Total deferred charges & other assets, net | 457 | |
Mortgages & loans payable, net | 0 | |
Accounts payable, accrued exp & other liability | (759) | |
Other Assets & Liabilities Held for Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 88,507 | |
Building & Other | 112,165 | |
Less: Accumulated depreciation | (16,759) | |
Less: Cumulative unrealized losses on property held for sale | (8,100) | |
Real estate held for sale, net | 175,813 | |
Unbilled rents receivable, net | 0 | |
Deferred charges, net | 0 | |
Total deferred charges & other assets, net | 985 | |
Mortgages & loans payable, net | (85,664) | |
Accounts payable, accrued exp & other liability | (473) | |
Total | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 92,843 | 159,968 |
Building & Other | 142,554 | 618,216 |
Less: Accumulated depreciation | (28,924) | (159,538) |
Less: Cumulative unrealized losses on property held for sale | (12,540) | 618,646 |
Real estate held for sale, net | 193,933 | |
Unbilled rents receivable, net | 368 | 30,526 |
Deferred charges, net | 426 | 16,056 |
Total intangibles, net | 31,155 | |
Total deferred charges & other assets, net | 1,442 | 69,410 |
Mortgages & loans payable, net | (85,664) | (397,953) |
Total below market liability | (24,098) | |
Accounts payable, accrued exp & other liability | $ (1,232) | (49,648) |
Unearned rents/deferred rental income | $ (5,831) |
RECENT TRANSACTIONS - Schedul_4
RECENT TRANSACTIONS - Schedule Of Disposed Properties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) ft² building property shares | Dec. 31, 2021 USD ($) ft² building shares | Dec. 31, 2020 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Extinguishment of debt, net | $ (7,432) | $ (47,078) | $ (272) |
Redemption of common units (in shares) | shares | 110,084 | ||
111 River Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Repayments of debt | $ 150,000 | ||
Extinguishment of debt, net | 6,300 | ||
101 Hudson Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Repayments of debt | 250,000 | ||
Extinguishment of debt, net | $ 1,000 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 2 | 16 | |
Rentable Square Feet (in square feet) | ft² | 1,812,498,000 | 3,049,313 | |
Sales proceeds | $ 550,846 | $ 711,270 | |
Net Carrying Value | 476,630 | 682,696 | |
Realized Gains (Losses)/ Unrealized Losses, net | $ 66,116 | $ 3,022 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 111 River Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 1 | ||
Rentable Square Feet (in square feet) | ft² | 566,215,000 | ||
Sales proceeds | $ 208,268 | ||
Net Carrying Value | 206,432 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 1,836 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 101 Hudson Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 1 | ||
Rentable Square Feet (in square feet) | ft² | 1,246,283,000 | ||
Sales proceeds | $ 342,578 | ||
Net Carrying Value | 270,198 | ||
Realized Gains (Losses)/ Unrealized Losses, net | 72,380 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Unrealized gains (losses) on real estate held for sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (Losses)/ Unrealized Losses, net | $ (8,100) | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 100 Overlook Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 1 | ||
Rentable Square Feet (in square feet) | ft² | 149,600 | ||
Sales proceeds | $ 34,724 | ||
Net Carrying Value | 26,488 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 0 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Metropark Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | 1 | 4 | |
Rentable Square Feet (in square feet) | ft² | 926,656 | ||
Sales proceeds | $ 247,351 | ||
Net Carrying Value | 233,826 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 0 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Short Hills Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 4 | ||
Rentable Square Feet (in square feet) | ft² | 828,413 | ||
Sales proceeds | $ 248,664 | ||
Net Carrying Value | 245,800 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 0 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Red Bank portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 5 | ||
Rentable Square Feet (in square feet) | ft² | 659,490 | ||
Sales proceeds | $ 80,730 | ||
Net Carrying Value | 78,364 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 0 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Retail land leases | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 0 | ||
Rentable Square Feet (in square feet) | ft² | 0 | ||
Sales proceeds | $ 41,957 | ||
Net Carrying Value | 37,951 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 4,006 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 7 Giralda Farms | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 1 | ||
Rentable Square Feet (in square feet) | ft² | 236,674 | ||
Sales proceeds | $ 28,182 | ||
Net Carrying Value | 30,143 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 0 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 4 Gatehall Drive | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 1 | ||
Rentable Square Feet (in square feet) | ft² | 248,480 | ||
Sales proceeds | $ 24,239 | ||
Net Carrying Value | 23,717 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 0 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Retail land lease Unit B | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | building | 0 | ||
Rentable Square Feet (in square feet) | ft² | 0 | ||
Sales proceeds | $ 5,423 | ||
Net Carrying Value | 6,407 | ||
Realized Gains (Losses)/ Unrealized Losses, net | (984) | ||
Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | $ (4,440) | 25,552 | |
Discontinued Operations, Disposed of by Sale | 111 River Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 0 | ||
Discontinued Operations, Disposed of by Sale | 101 Hudson Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 0 | ||
Discontinued Operations, Disposed of by Sale | Unrealized gains (losses) on real estate held for sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | $ (4,440) | ||
Discontinued Operations, Disposed of by Sale | 100 Overlook Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 8,236 | ||
Discontinued Operations, Disposed of by Sale | Metropark Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 13,525 | ||
Discontinued Operations, Disposed of by Sale | Short Hills Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 2,864 | ||
Discontinued Operations, Disposed of by Sale | Red Bank portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 2,366 | ||
Discontinued Operations, Disposed of by Sale | Retail land leases | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 0 | ||
Discontinued Operations, Disposed of by Sale | 7 Giralda Farms | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | (1,961) | ||
Discontinued Operations, Disposed of by Sale | 4 Gatehall Drive | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 522 | ||
Discontinued Operations, Disposed of by Sale | Retail land lease Unit B | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | $ 0 | ||
Disposal Group, Not Discontinued Operations | 100 Overlook Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Redemption of common units (in shares) | shares | 678,302 | ||
Value of units redeemed | $ 10,500 | ||
Disposal Group, Not Discontinued Operations | Metropark Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Notes receivable to an affiliate | 10,000 | ||
Disposal Group, Not Discontinued Operations | Short Hills Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Extinguishment of debt, net | $ 22,600 |
RECENT TRANSACTIONS - Schedul_5
RECENT TRANSACTIONS - Schedule Of Disposed Developable Land (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | $ 151,666 | $ 5,011 |
Net Carrying Value | 94,404 | 2,896 |
Realized Gains (losses)/ Unrealized Losses, net | 57,262 | 2,115 |
Palladium residential land | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 23,908 | |
Net Carrying Value | 24,182 | |
Realized Gains (losses)/ Unrealized Losses, net | (274) | |
Palladium commercial land | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 4,688 | |
Net Carrying Value | 1,791 | |
Realized Gains (losses)/ Unrealized Losses, net | 2,897 | |
Port Imperial Park parcel | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 29,331 | |
Net Carrying Value | 29,744 | |
Realized Gains (losses)/ Unrealized Losses, net | (413) | |
Urby II/III | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 68,854 | |
Net Carrying Value | 13,316 | |
Realized Gains (losses)/ Unrealized Losses, net | 55,538 | |
Port Imperial Parcels 3 & 16 (a) | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 24,885 | |
Net Carrying Value | 25,371 | |
Realized Gains (losses)/ Unrealized Losses, net | (486) | |
Non-cash expenses | $ 2,500 | |
Horizon common area | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 745 | |
Net Carrying Value | 634 | |
Realized Gains (losses)/ Unrealized Losses, net | 111 | |
346/360 University Ave | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 4,266 | |
Net Carrying Value | 2,262 | |
Realized Gains (losses)/ Unrealized Losses, net | $ 2,004 |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) ft² investment apartmentUnit property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in equity method joint ventures | $ 126,200 | ||
Revolving credit facility and term loans | 0 | $ 148,000 | |
Management, leasing, development and other services fees | 3,600 | 3,400 | $ 4,900 |
Accounts receivable due from unconsolidated joint ventures | $ 200 | $ 200 | |
Unconsolidated Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of VIEs | investment | 3 | ||
Unconsolidated Joint Venture | Minimum | Unconsolidated Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in venture | 20% | ||
Unconsolidated Joint Venture | Maximum | Unconsolidated Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in venture | 85% | ||
Multifamily | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 7 | ||
Number of Apartment Units or Rentable SF | apartmentUnit | 2,146 | ||
Unconsolidated Joint Venture Retail Buildings | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of mixed use project (in square feet) | ft² | 51,000 | ||
Unconsolidated Joint Venture Land Parcels | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 829 | ||
Unconsolidated Joint Ventures | Guarantee of Indebtedness of Others | |||
Schedule of Equity Method Investments [Line Items] | |||
Revolving credit facility and term loans | $ 188,500 | ||
Unconsolidated Joint Ventures | Parent Company | Guarantee of Indebtedness of Others | |||
Schedule of Equity Method Investments [Line Items] | |||
Guaranteed amount | $ 22,000 |
INVESTMENTS IN UNCONSOLIDATED_4
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Schedule of Unconsolidated Joint Venture (Details) $ in Thousands | 12 Months Ended | |||||||
Jan. 10, 2023 | Nov. 30, 2022 USD ($) | Dec. 22, 2021 USD ($) | Sep. 01, 2021 USD ($) | Apr. 29, 2021 USD ($) | Dec. 31, 2022 USD ($) ft² apartmentUnit potentialApartmentUnit room floor | Oct. 11, 2022 | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Carrying Value | $ 126,158 | $ 137,772 | ||||||
Sale price | $ 1,900 | |||||||
The Shops At 40 Park Property | Debt Maturity B | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Balance | $ 6,067 | |||||||
Interest rate, stated | 5.125% | |||||||
Interest Rate, Variable | 1.50% | |||||||
Lofts At 40 Park Property | Debt Maturity C | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Balance | $ 18,200 | |||||||
Interest Rate, Variable | 1.50% | |||||||
Metropolitan at 40 Park | Debt Maturity A | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Balance | $ 36,500 | |||||||
Interest Rate, Variable | 2.85% | |||||||
SOFR | The Shops At 40 Park Property | Debt Maturity C | Subsequent Event | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate, Variable | 2% | |||||||
Metropolitan and Lofts at 40 Park | The Shops At 40 Park Property | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Area of property (in square feet) | ft² | 50,973 | |||||||
Residual ownership interest | 25% | |||||||
Metropolitan and Lofts at 40 Park | Lofts At 40 Park Property | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | apartmentUnit | 59 | |||||||
Indirect ownership interest | 50% | |||||||
Number of stories | floor | 5 | |||||||
PI North - Riverwalk C | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Repayments of debt | $ 108,300 | |||||||
Debt instrument, face amount | 135,000 | |||||||
Issuance of loan | $ 9,200 | |||||||
PI North - Land | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Residual ownership interest | 20% | |||||||
Number of units available for development | apartmentUnit | 829 | |||||||
12 Vreeland Road | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Sale price | $ 2,000 | |||||||
Multifamily | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | apartmentUnit | 2,146 | |||||||
Multifamily | Metropolitan and Lofts at 40 Park | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | apartmentUnit | 189 | |||||||
Company's Effective Ownership Percentage | 25% | |||||||
Carrying Value | $ 1,747 | 2,547 | ||||||
Balance | $ 60,767 | |||||||
Multifamily | RiverTrace at Port Imperial | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | apartmentUnit | 316 | |||||||
Company's Effective Ownership Percentage | 22.50% | |||||||
Carrying Value | $ 5,114 | 6,077 | ||||||
Balance | $ 82,000 | |||||||
Interest rate, stated | 3.21% | |||||||
Multifamily | PI North - Riverwalk C | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | apartmentUnit | 360 | |||||||
Company's Effective Ownership Percentage | 40% | |||||||
Carrying Value | $ 23,234 | 27,401 | ||||||
Balance | $ 135,000 | |||||||
Multifamily | PI North - Riverwalk C | SOFR | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate, Variable | 1.20% | |||||||
Multifamily | Riverpark at Harrison | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | apartmentUnit | 141 | |||||||
Company's Effective Ownership Percentage | 45% | |||||||
Carrying Value | $ 0 | 0 | ||||||
Balance | $ 30,192 | |||||||
Interest rate, stated | 3.19% | |||||||
Multifamily | Station House | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | apartmentUnit | 378 | |||||||
Company's Effective Ownership Percentage | 50% | |||||||
Carrying Value | $ 32,372 | 33,004 | ||||||
Balance | $ 91,432 | |||||||
Interest rate, stated | 4.82% | |||||||
Multifamily | Urby at Harborside | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | apartmentUnit | 762 | |||||||
Company's Effective Ownership Percentage | 85% | |||||||
Carrying Value | $ 61,594 | 66,418 | ||||||
Balance | $ 188,522 | |||||||
Interest rate, stated | 5.197% | |||||||
Guaranteed amount | $ 22,000 | |||||||
Multifamily | PI North - Land | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | potentialApartmentUnit | 829 | |||||||
Company's Effective Ownership Percentage | 20% | |||||||
Carrying Value | $ 1,678 | 1,678 | ||||||
Balance | $ 0 | |||||||
Interest rate, stated | 0% | |||||||
Multifamily | Liberty Landing | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | potentialApartmentUnit | 0 | |||||||
Company's Effective Ownership Percentage | 50% | |||||||
Carrying Value | $ 0 | 300 | ||||||
Balance | $ 0 | |||||||
Interest rate, stated | 0% | |||||||
Office | 12 Vreeland Road | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's Effective Ownership Percentage | 50% | |||||||
Carrying Value | $ 0 | 0 | ||||||
Balance | $ 0 | |||||||
Interest rate, stated | 0% | |||||||
Area of property (in square feet) | ft² | 139,750 | |||||||
Sale price | $ 2,000 | |||||||
Office | Offices At Crystal Lake | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's Effective Ownership Percentage | 31.25% | |||||||
Carrying Value | $ 0 | 0 | ||||||
Balance | $ 0 | |||||||
Interest rate, stated | 0% | |||||||
Area of property (in square feet) | ft² | 106,345 | |||||||
Sale price | $ 1,900 | |||||||
Office | Cal-Harbor | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Sale price | $ 117,000 | |||||||
Other | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Carrying Value | $ 126,158 | 137,772 | ||||||
Balance | $ 587,913 | |||||||
Other | Hyatt Regency Hotel Jersey City | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of Apartment Units or Rentable SF | room | 351 | |||||||
Company's Effective Ownership Percentage | 50% | |||||||
Carrying Value | $ 0 | 0 | ||||||
Balance | $ 0 | |||||||
Interest rate, stated | 0% | |||||||
Other | Other | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Carrying Value | $ 419 | $ 347 | ||||||
Balance | $ 0 | |||||||
Interest rate, stated | 0% |
INVESTMENTS IN UNCONSOLIDATED_5
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Schedule of Company's Equity in Earnings (Loss) of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Nov. 30, 2022 | Sep. 01, 2021 | Apr. 29, 2021 | Mar. 12, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | $ 1,200 | $ (4,251) | $ (3,832) | ||||
Gain (loss) from the sale | 7,677 | (1,886) | 35,184 | ||||
Sale price | $ 1,900 | ||||||
Amortization of basis difference | 154 | 138 | 143 | ||||
Crystal House | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale | 35,100 | ||||||
Riverpark at Harrison | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Litigation Settlement, Expense | 900 | ||||||
12 Vreeland Road | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Sale price | $ 2,000 | ||||||
Riverwalk Retail | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of additional interest acquired | 80% | ||||||
Multifamily | Metropolitan and Lofts at 40 Park | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | (674) | (801) | (1,010) | ||||
Multifamily | RiverTrace at Port Imperial | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 356 | 92 | 111 | ||||
Multifamily | Crystal House | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 0 | 0 | (924) | ||||
Multifamily | PI North - Riverwalk C | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | (212) | (506) | (368) | ||||
Multifamily | Riverpark at Harrison | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 234 | (1,153) | (273) | ||||
Multifamily | Station House | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | (722) | (1,647) | (1,650) | ||||
Multifamily | Urby at Harborside | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 2,374 | (580) | 1,095 | ||||
Multifamily | PI North - Land | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | (205) | (250) | 0 | ||||
Multifamily | Liberty Landing | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 36 | (40) | (5) | ||||
Office | 12 Vreeland Road | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 0 | 2 | (2,035) | ||||
Gain (loss) from the sale | 0 | ||||||
Sale price | $ 2,000 | ||||||
Office | Offices At Crystal Lake | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 0 | (113) | 224 | ||||
Gain (loss) from the sale | 1,900 | ||||||
Sale price | $ 1,900 | ||||||
Office | Cal-Harbor | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain (loss) from the sale | $ (7,700) | ||||||
Sale price | $ 117,000 | ||||||
Other | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 1,200 | (4,251) | (3,832) | ||||
Other | Riverwalk Retail | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 0 | 0 | (10) | ||||
Other | Hyatt Regency Hotel Jersey City (h) | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | 0 | 0 | 625 | ||||
Other | Other | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale from unconsolidated joint ventures | $ 13 | $ 745 | $ 388 |
INVESTMENTS IN UNCONSOLIDATED_6
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Schedule of Equity Method Investment, Summarized Financial Information, Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Net investment in rental property | $ 3,608,145 | $ 4,112,096 |
Deferred charges and other assets, net | 96,162 | 151,347 |
Total assets | 3,920,768 | 4,527,318 |
Liabilities and partners'/members' capital: | ||
Mortgages, loans payable and other obligations, net | 1,903,977 | 2,241,070 |
Total liabilities and equity | 3,920,768 | 4,527,318 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Assets: | ||
Net investment in rental property | 745,210 | 787,787 |
Deferred charges and other assets, net | 39,241 | 72,955 |
Total assets | 784,451 | 860,742 |
Liabilities and partners'/members' capital: | ||
Mortgages, loans payable and other obligations, net | 587,913 | 692,448 |
Other liabilities | 15,545 | 36,732 |
Partners'/members' capital | 180,993 | 131,562 |
Total liabilities and equity | $ 784,451 | $ 860,742 |
INVESTMENTS IN UNCONSOLIDATED_7
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Schedule of Equity Method Investment, Summarized Financial Information, Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | $ 355,018 | $ 323,390 | $ 307,476 |
Operating and other expenses | (77,855) | (71,246) | (67,592) |
Depreciation and amortization | (111,518) | (110,038) | (120,455) |
Interest expense | (78,040) | (65,192) | (80,991) |
Net income (loss) | (34,885) | (109,539) | (33,598) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 140,637 | 173,169 | 275,246 |
Operating and other expenses | (81,914) | (131,709) | (224,195) |
Depreciation and amortization | (25,412) | (25,095) | (34,587) |
Interest expense | (29,777) | (27,145) | (29,420) |
Net income (loss) | $ 3,534 | $ (10,780) | $ (12,956) |
DEFERRED CHARGES AND OTHER AS_3
DEFERRED CHARGES AND OTHER ASSETS, NET - Schedule of Deferred Charges and Other Assets (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) property building | Dec. 31, 2021 USD ($) building | Dec. 31, 2020 USD ($) | Nov. 19, 2021 | Nov. 18, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Deferred leasing costs | $ 59,651,000 | $ 88,265,000 | |||
Deferred financing costs - revolving credit facility | 6,684,000 | 6,684,000 | |||
Deferred charges, gross | 66,335,000 | 94,949,000 | |||
Accumulated amortization | (30,471,000) | (40,956,000) | |||
Deferred charges, net | 35,864,000 | 53,993,000 | |||
Note receivable | 1,309,000 | 4,015,000 | |||
In-place lease values, related intangibles and other assets, net | 12,298,000 | 42,183,000 | |||
Right of use assets | 2,896,000 | 22,298,000 | |||
Prepaid expenses and other assets, net | 43,795,000 | 28,858,000 | |||
Total deferred charges and other assets, net | 96,162,000 | 151,347,000 | |||
Liability | 3,200,000 | ||||
Acquired Above And Below Market Lease Intangibles | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Revenue from leases | 200,000 | 2,700,000 | $ 3,700,000 | ||
In-Place Leases | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Amortization expense | 1,500,000 | $ 2,100,000 | $ 9,100,000 | ||
Metropark Portfolio | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Loan loss allowance charge, net | $ 26,000 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Number of buildings on properties sold | building | 2 | 16 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Metropark Portfolio | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Number of buildings on properties sold | 1 | 4 | |||
Discontinued Operations | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Total deferred charges and other assets, net | $ 1,400,000 | $ 500,000 | |||
Interest-Free Notes Receivable | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Mortgage receivable | 200,000 | 700,000 | |||
Seller Financing Receivable | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Note receivable | 1,000,000 | 3,100,000 | |||
Loan loss allowance charge, net | $ 26,000 | $ 200,000 | |||
Annual return on the equity value | 4% | ||||
Interest rate, stated | 10% | ||||
Notes Receivable | |||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||
Interest rate, stated | 15% |
DEFERRED CHARGES AND OTHER AS_4
DEFERRED CHARGES AND OTHER ASSETS, NET - Scheduled Amortization (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Acquired Above And Below Market Lease Intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | $ 127 |
2024 | 91 |
2025 | 111 |
2026 | 101 |
2027 | 117 |
Acquired Above- Market Lease Intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 219 |
2024 | 175 |
2025 | 162 |
2026 | 142 |
2027 | 123 |
Acquired Below- Market Lease Intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 92 |
2024 | 84 |
2025 | 51 |
2026 | 41 |
2027 | 6 |
In-Place Leases | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 384 |
2024 | 305 |
2025 | 193 |
2026 | 156 |
2027 | 89 |
Total | $ 1,127 |
DEFERRED CHARGES AND OTHER AS_5
DEFERRED CHARGES AND OTHER ASSETS, NET - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) interestRateCap | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated additional amount to be reclassified to interest expense | $ 2,700 |
Interest rate caps | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivatives, Net liability position | $ 0 |
Interest rate caps | Cash Flow Hedging | Designated as Hedging Instrument | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Number of Interest Rate Derivatives Held | interestRateCap | 3 |
Notional Value | $ 485,000 |
DEFERRED CHARGES AND OTHER AS_6
DEFERRED CHARGES AND OTHER ASSETS, NET - Schedule Of Fair Value Of The Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Interest rate caps | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 9,808 | $ 850 |
DEFERRED CHARGES AND OTHER AS_7
DEFERRED CHARGES AND OTHER ASSETS, NET - Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Total Amount of Interest Expense presented in the consolidated statements of operations | $ (78,040) | $ (65,192) | $ (80,991) |
Interest rate caps | Cash Flow Hedging | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 5,032 | 10 | 0 |
Total Amount of Interest Expense presented in the consolidated statements of operations | (78,040) | (65,192) | (80,991) |
Interest rate caps | Cash Flow Hedging | Not Designated as Hedging Instrument | Interest expense | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | 666 | 0 | 0 |
Interest rate swaps | Cash Flow Hedging | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 0 | 0 | 0 |
Total Amount of Interest Expense presented in the consolidated statements of operations | (78,040) | (65,192) | (80,991) |
Interest rate swaps | Cash Flow Hedging | Not Designated as Hedging Instrument | Interest expense | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ 0 | $ 0 | $ 16 |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Investments [Abstract] | ||||
Security deposits | $ 9,175 | $ 6,884 | ||
Escrow and other reserve funds | 11,692 | 12,817 | ||
Total restricted cash | $ 20,867 | $ 19,701 | $ 14,207 | $ 15,577 |
DISCONTINUED OPERATIONS - Narra
DISCONTINUED OPERATIONS - Narrative (Details) - Suburban Office Portfolio ft² in Thousands, $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) property | Sep. 30, 2022 ft² | Dec. 19, 2019 ft² | |
Discontinued Operations, Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Area of property (in square feet) | ft² | 350 | 6,600 | ||
Number of buildings on properties sold | property | 1 | |||
Unrealized loss on real estate held for sale | $ | $ 4.4 | |||
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Area of property (in square feet) | ft² | 6,300 | |||
Number of buildings on properties sold | property | 37 | |||
Sales proceeds | $ | $ 1,000 |
DISCONTINUED OPERATIONS - Sched
DISCONTINUED OPERATIONS - Schedule Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations | $ 3,692 | $ 16,911 | $ 73,660 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (4,440) | 25,552 | 14,026 |
Total discontinued operations, net | (748) | 42,463 | 87,686 |
Discontinued Operations | Suburban Office Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total revenues | 5,971 | 34,541 | 141,002 |
Operating and other expenses | (1,390) | (13,506) | (55,700) |
Depreciation and amortization | (889) | (2,554) | (6,386) |
Interest expense | 0 | (1,570) | (5,256) |
Income from discontinued operations | 3,692 | 16,911 | 73,660 |
Unrealized gains (losses) on disposition of rental property | (4,440) | 569 | (36,816) |
Realized gains (losses) on disposition of rental property | 0 | 24,983 | 50,840 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (4,440) | 25,552 | 14,024 |
Total discontinued operations, net | $ (748) | $ 42,463 | $ 87,684 |
REVOLVING CREDIT FACILITY AND_3
REVOLVING CREDIT FACILITY AND TERM LOANS - Narrative (Details) $ in Thousands | 1 Months Ended | |||||
Jul. 27, 2021 USD ($) | May 06, 2021 USD ($) property lender | Dec. 31, 2020 | Jun. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Loan balance | $ 1,900,000 | $ 2,400,000 | ||||
Outstanding borrowings under the facility | 0 | 148,000 | ||||
2021 Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan period | 3 years | |||||
2021 Credit Agreement, Letter Of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity under the credit facility | $ 50,000 | |||||
2021 Credit Facility, Usage Less Or Equal To Fifty Percent | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility fee basis points | 0.35% | |||||
2021 Credit Facility, Usage Greater Than Fifty Percent | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility fee basis points | 0.25% | |||||
2021 Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan period | 18 months | |||||
2021 Credit Facility | Until May 6, 2022 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 110% | |||||
2021 Credit Facility | May 7, 2022 through May 6, 2023 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 120% | |||||
2021 Credit Facility | After May 6, 2023 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt service coverage ratio | 140% | |||||
2021 Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Number of lenders | lender | 7 | |||||
Secured debt | $ 250,000 | |||||
Variable interest rate | 0.12% | |||||
Maximum collateral pool leverage ratio | 40% | |||||
Tangible net worth ratio | 80% | |||||
Percentage of net cash proceeds of equity issuances | 80% | |||||
2021 Credit Facility | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable interest rate | 1.25% | |||||
Number of collateral pool properties | property | 2 | |||||
2021 Credit Facility | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable interest rate | 2.75% | |||||
Total leverage ratio | 65% | |||||
2021 Credit Facility | 2021 Credit Agreement | Harborside 2/3 And Harborside 5 | ||||||
Line of Credit Facility [Line Items] | ||||||
Appraisal value | $ 800,000 | |||||
2021 Credit Facility | 2021 Credit Facility | Overnight Bank Funding Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable interest rate | 0.50% | |||||
2021 Credit Facility | 2021 Credit Facility | Adjusted LIBO Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable interest rate | 1% | |||||
2021 Credit Facility | 2021 Credit Facility | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Appraisal value | $ 800,000 | |||||
2021 Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Secured debt | 150,000 | |||||
Borrowing capacity under the credit facility | 150,000 | |||||
Loan balance | 150,000 | |||||
Debt paid | $ 123,000 | |||||
2021 Term Loan | Harborside 2/3 And Harborside 5 | ||||||
Line of Credit Facility [Line Items] | ||||||
Appraisal value | 800,000 | |||||
2021 Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity under the credit facility | 250,000 | |||||
Outstanding borrowings under the facility | $ 145,000 | |||||
Debt paid | $ 27,000 | |||||
2021 Credit Agreement | Overnight Bank Funding Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable interest rate | 0% | |||||
2021 Credit Agreement | Adjusted LIBO Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable interest rate | 1% | |||||
Unsecured Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | $ 0 | 0 | ||||
Unsecured Term Loan | Unsecured Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | $ 148,000 |
REVOLVING CREDIT FACILITY AND_4
REVOLVING CREDIT FACILITY AND TERM LOANS - Schedule of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee (Details) - 2017 Credit Facility | 12 Months Ended |
Dec. 31, 2022 | |
45% Unsecured Term Loan Leverage Ratio | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.25% |
Facility Fee Basis Points | 0.20% |
45% Unsecured Term Loan Leverage Ratio | Maximum | |
Debt Instrument [Line Items] | |
Total Leverage Ratio | 45% |
45% And 50% Unsecured Term Loan Leverage Ratio | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.25% |
45% And 50% Unsecured Term Loan Leverage Ratio | Minimum | |
Debt Instrument [Line Items] | |
Total Leverage Ratio | 45% |
45% And 50% Unsecured Term Loan Leverage Ratio | Maximum | |
Debt Instrument [Line Items] | |
Total Leverage Ratio | 50% |
50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.35% |
Facility Fee Basis Points | 0.30% |
50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio | Minimum | |
Debt Instrument [Line Items] | |
Total Leverage Ratio | 50% |
50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio | Maximum | |
Debt Instrument [Line Items] | |
Total Leverage Ratio | 55% |
55% Unsecured Term Loan Leverage Ratio | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.60% |
Facility Fee Basis Points | 0.35% |
55% Unsecured Term Loan Leverage Ratio | Minimum | |
Debt Instrument [Line Items] | |
Total Leverage Ratio | 55% |
Base Rate | 45% Unsecured Term Loan Leverage Ratio | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.25% |
Base Rate | 45% And 50% Unsecured Term Loan Leverage Ratio | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.30% |
Base Rate | 50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.35% |
Base Rate | 55% Unsecured Term Loan Leverage Ratio | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.60% |
MORTGAGES, LOANS PAYABLE AND _3
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 21 | ||
Carrying value of encumbered properties | $ 3,300 | ||
Cash paid for interest | 80.3 | $ 85.2 | $ 103.5 |
Interest capitalized | 12.2 | 30.5 | 26.4 |
Unconsolidated Joint Venture | |||
Debt Instrument [Line Items] | |||
Interest capitalized | 0 | 0.3 | 1.4 |
Discontinued Operations | |||
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 0 | $ 1.7 | $ 5.1 |
MORTGAGES, LOANS PAYABLE AND _4
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Schedule of Mortgages, Loans Payable And Other Obligations (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Oct. 27, 2021 USD ($) | Jun. 21, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | $ 1,900,000 | $ 2,400,000 | |||||
Escrow and other reserve funds | 11,692 | 12,817 | |||||
Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | 1,911,488 | 2,252,290 | |||||
Unamortized deferred financing costs | (7,511) | (11,220) | |||||
Total mortgages, loans payable and other obligations, net | $ 1,903,977 | 2,241,070 | |||||
Secured Debt | 111 River St. | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 3.90% | ||||||
Principal balance outstanding | $ 0 | 150,000 | |||||
Secured Debt | 101 Hudson Street | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 3.20% | ||||||
Principal balance outstanding | $ 0 | 250,000 | |||||
Closing costs to defease loan | $ 1,000 | ||||||
Secured Debt | Port Imperial 4/5 Hotel | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | $ 84,000 | 89,000 | |||||
Loan period | 6 months | ||||||
Repayments of debt | $ 5,000 | $ 5,000 | |||||
Guaranteed amount | $ 13,700 | ||||||
Escrow and other reserve funds | $ 1,200 | ||||||
Secured Debt | Port Imperial 4/5 Hotel | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 3.40% | ||||||
Secured Debt | Portside at Pier One | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 3.57% | ||||||
Principal balance outstanding | $ 58,998 | 58,998 | |||||
Secured Debt | Signature Place | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 3.74% | ||||||
Principal balance outstanding | $ 43,000 | 43,000 | |||||
Secured Debt | Liberty Towers | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 3.37% | ||||||
Principal balance outstanding | $ 265,000 | 265,000 | |||||
Secured Debt | Haus 25 | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | $ 297,324 | 255,453 | |||||
Loan period | 1 year | ||||||
Borrowing capacity under the credit facility | $ 300,000 | ||||||
Number of extension options | item | 1 | ||||||
Extension fee | 25% | ||||||
Secured Debt | Haus 25 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 2.70% | ||||||
Secured Debt | Haus 25 | LIBOR | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 2% | ||||||
Secured Debt | Portside 5/6 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 4.56% | ||||||
Principal balance outstanding | $ 97,000 | 97,000 | |||||
Debt instrument, percent guaranteed | 10% | ||||||
Secured Debt | BLVD 425 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 4.17% | ||||||
Principal balance outstanding | $ 131,000 | 131,000 | |||||
Secured Debt | BLVD 401 | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 4.29% | ||||||
Principal balance outstanding | $ 117,000 | 117,000 | |||||
Secured Debt | The Upton | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | 75,000 | 75,000 | |||||
Borrowing capacity under the credit facility | $ 92,000 | ||||||
Secured Debt | The Upton | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 1.58% | ||||||
Secured Debt | 145 Front at City Square (h) | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | $ 63,000 | 63,000 | |||||
Secured Debt | 145 Front at City Square (h) | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 1.84% | ||||||
Secured Debt | Riverhouse 9 At Port Imperial | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | $ 110,000 | 87,175 | |||||
Secured Debt | Riverhouse 9 At Port Imperial | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 1.41% | ||||||
Secured Debt | Quarry Place at Tuckahoe | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 4.48% | ||||||
Principal balance outstanding | $ 41,000 | 41,000 | |||||
Secured Debt | BLVD 475 N/S | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 2.91% | ||||||
Principal balance outstanding | $ 165,000 | 165,000 | |||||
Secured Debt | Riverhouse 11 at Port Imperial | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 4.52% | ||||||
Principal balance outstanding | $ 100,000 | 100,000 | |||||
Secured Debt | Soho Lofts | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 3.77% | ||||||
Principal balance outstanding | $ 160,000 | 160,000 | |||||
Secured Debt | Soho Lofts | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate | 2.75% | ||||||
Secured Debt | Port Imperial South 4/5 Garage | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 4.85% | ||||||
Principal balance outstanding | $ 32,166 | 32,664 | |||||
Secured Debt | Emery at Overlook Ridge | |||||||
Debt Instrument [Line Items] | |||||||
Effective Rate | 3.21% | ||||||
Principal balance outstanding | $ 72,000 | $ 72,000 | |||||
Secured Debt | 111 River Street | |||||||
Debt Instrument [Line Items] | |||||||
Closing costs to defease loan | $ 6,300 | ||||||
Secured Debt | The Upton | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 75,000 | $ 110,000 |
MORTGAGES, LOANS PAYABLE AND _5
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Schedule Of Principal Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Scheduled Amortization, 2023 | $ 2,047 |
Scheduled Amortization, 2023 | 5,037 |
Scheduled Amortization, 2024 | 8,384 |
Scheduled Amortization, 2025 | 8,780 |
Scheduled Amortization, 2026 | 8,158 |
Scheduled Amortization, Thereafter | 7,418 |
Scheduled Amortization, Sub-total | 39,824 |
Unamortized deferred financing costs, Scheduled Amortization | (7,511) |
Scheduled Amortization, Total | 32,313 |
Principal Maturities, 2022 | 142,998 |
Principal Maturities, 2023 | 605,324 |
Principal Maturities, 2024 | 0 |
Principal Maturities, 2025 | 483,000 |
Principal Maturities, 2026 | 305,319 |
Principal Maturities, Thereafter | 335,023 |
Principal Maturities, Sub-total | 1,871,664 |
Unamortized deferred financing costs, Principal Costs | 0 |
Principal Maturities, Total | 1,871,664 |
Total, 2022 | 145,045 |
Total, 2023 | 610,361 |
Total, 2024 | 8,384 |
Total, 2025 | 491,780 |
Total, 2026 | 313,477 |
Total, Thereafter | 342,441 |
Total, Sub-total | 1,911,488 |
Total, Unamortized deferred financing costs | (7,511) |
Total debt | $ 1,903,977 |
MORTGAGES, LOANS PAYABLE AND _6
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Schedule of Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Balance | $ 1,903,977 | |
Totals/Weighted Average | $ 1,903,977 | $ 2,389,070 |
Weighted Average Interest Rate | 4.47% | 3.60% |
Fixed Rate & Hedged Debt | ||
Debt Instrument [Line Items] | ||
Balance | $ 1,757,308 | $ 1,675,353 |
Weighted Average Interest Rate | 4.27% | 3.71% |
Revolving Credit Facility & Other Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Balance | $ 146,669 | $ 713,717 |
Weighted Average Interest Rate | 6.86% | 3.32% |
Revolving Credit Facility & Other Variable Rate Debt | Interest rate caps | ||
Debt Instrument [Line Items] | ||
Balance | $ 485,000 | $ 75,000 |
EMPLOYEE BENEFIT 401(k) PLANS (
EMPLOYEE BENEFIT 401(k) PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Minimum employee subscription rate, percentage of compensation | 1% | ||
Maximum employee subscription rate, percentage of compensation | 60% | ||
Employee pre-tax contributions vested percentage | 100% | ||
Vesting rate | 20% | ||
Percentage vested after total service period | 100% | ||
Expenses for employee benefit plan | $ 631 | $ 537 | $ 771 |
Minimum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer contribution vesting period | 2 years | ||
Maximum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer contribution vesting period | 6 years |
DISCLOSURE OF FAIR VALUE OF A_3
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) landParcel | Dec. 31, 2022 USD ($) property landParcel | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value of long-term debt | $ 1,800,000 | $ 2,400,000 | ||
Loan balance | 1,900,000 | 2,400,000 | ||
Unrealized held-for-sale loss allowance | 12,500 | |||
Land and other impairments, net | 9,368 | 23,719 | $ 16,817 | |
Discontinued Operations, Held-for-sale | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unrealized held-for-sale loss allowance | 4,400 | |||
Land and other impairments, net | 6,400 | |||
Office | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Land and other impairments, net | $ 94,800 | |||
Number of properties | property | 5 | |||
Property impairments | $ 94,800 | 6,000 | ||
Office | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Property impairments | 6,000 | |||
Land Parcel | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Property impairments | 2,900 | 14,300 | ||
Land Parcel | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Land and other impairments, net | $ 14,300 | |||
Metropark Portfolio | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loan loss allowance charge, net | $ 26 | |||
Disposal Not Held For Sale | Office | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Number of properties | 3 | 4 | 1 | |
Property impairments | $ 84,500 |
DISCLOSURE OF FAIR VALUE OF A_4
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES - Schedule of Valuation Techniques And Significant Unobservable Assumptions (Details) - Properties Held For Use - Waterfront - Valuation Technique, Discounted Cash Flow | Dec. 31, 2022 USD ($) |
Minimum | Discount rates | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing asset, measurement input | 0.0750 |
Minimum | Residual cap rates | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing asset, measurement input | 0.0550 |
Maximum | Discount rates | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing asset, measurement input | 0.130 |
Maximum | Residual cap rates | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing asset, measurement input | 0.0875 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Tax Abatement Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 8,719 | $ 13,215 | $ 13,516 |
Port Imperial South 1/3 Garage | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 0 | 0 | 303 |
Port Imperial South 1/3 Garage | Years 1-5 | |||
Commitments And Contingencies [Line Items] | |||
Annual percentage of cost for phase in | 100% | ||
Port Imperial South 1/3 Garage | Year 1 | |||
Commitments And Contingencies [Line Items] | |||
Annual percentage of cost for phase in | 0% | ||
Port Imperial South 1/3 Garage | Years 2-5 | |||
Commitments And Contingencies [Line Items] | |||
Annual percentage of cost for phase in | 95% | ||
BLVD 475 N/S | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 0 | 443 | 1,811 |
Percentage of PILOT on gross revenues | 10% | ||
111 River Street | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 0 | 1,470 | 1,470 |
Harborside Plaza 4A | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 0 | 1,057 | 1,062 |
Percentage of PILOT on project costs | 2% | ||
Total project costs | $ 49,500 | ||
Harborside Plaza 5 | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 0 | 4,324 | 4,415 |
Percentage of PILOT on project costs | 2% | ||
Total project costs | $ 170,900 | ||
BLVD 401 | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 1,692 | 1,277 | 1,151 |
BLVD 401 | Years 1-4 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 10% | ||
BLVD 401 | Years 5-8 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 12% | ||
BLVD 401 | Years 9-10 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 14% | ||
Riverhouse 11 at Port Imperial | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 1,514 | 1,369 | 1,143 |
Riverhouse 11 at Port Imperial | Years 1-5 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 12% | ||
Riverhouse 11 at Port Imperial | Years 6-10 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 13% | ||
Riverhouse 11 at Port Imperial | Years 11-15 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 14% | ||
Port Imperial South 4/5 Garage | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 2,925 | 2,925 | 2,161 |
Percentage of PILOT on project costs | 2% | ||
Riverhouse 9 At Port Imperial | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 1,295 | 350 | 0 |
Riverhouse 9 At Port Imperial | Years 1-10 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 11% | ||
Riverhouse 9 At Port Imperial | Years 11-18 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 12.50% | ||
Riverhouse 9 At Port Imperial | Years 19-25 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 14% | ||
Haus 25 | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 975 | 0 | 0 |
Percentage of PILOT on project costs | 7% | ||
Project period | 25 years | ||
The James | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 318 | $ 0 | $ 0 |
Project period | 30 years | ||
The James | Years 1-10 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 10% | ||
The James | Years 11-21 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 11.50% | ||
The James | Years 22-30 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs | 12.50% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments Of Ground Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Year one | $ 192 | $ 1,695 |
Year two | 192 | 1,702 |
Year three | 199 | 1,721 |
Year four | 199 | 1,728 |
Year five | 200 | 1,728 |
After year five | 31,664 | 151,253 |
Total lease payments | 32,646 | 159,827 |
Less: imputed interest | $ (29,418) | $ (136,141) |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities |
Total | $ 3,228 | $ 23,686 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Ground Lease Agreements - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) groundLease | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Ground lease expense incurred | $ 900 | $ 1,800 | $ 1,600 |
Number of ground leases | groundLease | 2 | ||
Total | $ 3,228 | $ 23,686 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Borrowing rate | 7.618% | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 82 years 6 months 29 days | ||
Accounting Standards Update 2016-02 | |||
Lessee, Lease, Description [Line Items] | |||
Total | $ 2,900 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Management Changes - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Employee Severance | |
Commitments And Contingencies [Line Items] | |
Restructuring costs | $ 14.1 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Other - Narrative (Details) - Stay-On Award Agreement $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) employee shares | |
Commitments And Contingencies [Line Items] | |
Number of employees | employee | 26 |
Potential shares (in shares) | shares | 40,919 |
Exercisable time period | 7 years |
Maximum | |
Commitments And Contingencies [Line Items] | |
Stay on award agreement cost | $ | $ 1.6 |
TENANT LEASES - Narrative (Deta
TENANT LEASES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Tenant Leases | |
Leases [Line Items] | |
Operating leases with various expiration dates through year | 2038 |
Multi-Family Properties | |
Leases [Line Items] | |
Lease period | 1 year |
TENANT LEASES - Future Minimum
TENANT LEASES - Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Year one | $ 60,353 | $ 115,256 |
Year two | 55,461 | 114,355 |
Year three | 51,495 | 98,374 |
Year four | 49,170 | 94,042 |
Year five | 46,501 | 91,297 |
After year five | 277,324 | 416,712 |
Total | $ 540,304 | $ 930,036 |
REDEEMABLE NONCONTROLLING INT_3
REDEEMABLE NONCONTROLLING INTERESTS - Narrative (Details) | 12 Months Ended | |||||||||||||
Jun. 30, 2019 USD ($) | Jun. 28, 2019 USD ($) | Jun. 26, 2019 USD ($) trustee property | Mar. 10, 2017 USD ($) | Feb. 28, 2017 USD ($) $ / shares shares | Feb. 27, 2017 USD ($) | Feb. 03, 2017 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Jun. 25, 2019 trustee | Apr. 30, 2017 shares | |
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Payment for borrowings | $ 250,000,000 | $ 73,000,000 | $ 516,000,000 | |||||||||||
General and administrative | 56,169,000 | $ 57,190,000 | $ 71,058,000 | |||||||||||
Noncontrolling Interest, Estimated Redemption Value, Current Portion Of Preferred Return Payments | $ 2,000,000 | |||||||||||||
Common unit distribution per unit declared (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0.40 | |||||||||||
Series A Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Stock redeemed or called (in shares) | shares | 12,000 | |||||||||||||
RRLP | Credit Enhancement Note | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Variable interest rate | 0.50% | |||||||||||||
Borrowing capacity under the credit facility | $ 50,000,000 | |||||||||||||
Increased line of credit | $ 25,000,000 | |||||||||||||
Cash Flow From Operations | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return on the equity value | 6% | |||||||||||||
Rockpoint Interests in VRT | Designated By Rockpoint | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Number of board members | trustee | 2 | |||||||||||||
Roseland Residential Trust | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Number of board members | trustee | 7 | 6 | ||||||||||||
Roseland Residential Trust | Designated By Veris | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Number of board members | trustee | 5 | |||||||||||||
VERIS RESIDENTIAL, L.P. | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Payment for borrowings | $ 250,000,000 | $ 73,000,000 | $ 516,000,000 | |||||||||||
General and administrative | $ 56,169,000 | $ 57,190,000 | $ 71,058,000 | |||||||||||
Common unit distribution per unit declared (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0.40 | |||||||||||
VERIS RESIDENTIAL, L.P. | Series A Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred units shares issued (in shares) | shares | 42,800 | |||||||||||||
Preferred unit annual rate | 3.50% | |||||||||||||
Preferred unit in operating partnership | $ 1,000 | |||||||||||||
Convertible preferred units ratio | 28.15 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Shares that may be converted to common units (in shares) | shares | 1,204,820 | |||||||||||||
Common unit distribution per unit declared (in dollars per share) | $ / shares | $ 35.52 | |||||||||||||
VERIS RESIDENTIAL, L.P. | Series A Units | Joint Venture | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Percentage of interest in venture | 37.50% | |||||||||||||
VERIS RESIDENTIAL, L.P. | Series A-1 Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred units shares issued (in shares) | shares | 9,213 | 91 | ||||||||||||
Preferred unit annual rate | 3.50% | |||||||||||||
Preferred unit in operating partnership | $ 1,000 | |||||||||||||
Convertible preferred units ratio | 27.936 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Shares that may be converted to common units (in shares) | shares | 257,375 | |||||||||||||
Common unit distribution per unit declared (in dollars per share) | $ / shares | $ 35.80 | |||||||||||||
VERIS RESIDENTIAL, L.P. | Series A-1 Units | Joint Venture | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Percentage of interest in venture | 13.80% | |||||||||||||
VERIS RESIDENTIAL, L.P. | Series A-1 Units | Monaco (BLVD 495 N/S) | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred units shares issued (in shares) | shares | 9,122 | |||||||||||||
Investment Agreement | Cash Flow From Capital Events, Distribution Four | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5% | |||||||||||||
Minimum | Investment Agreement | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Incremental closing payments, Limited Partnership interest | $ 105,000,000 | |||||||||||||
Rockpoint Interests in VRT | Cash Flow From Operations | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | $ 400,000,000 | |||||||||||||
Rockpoint Interests in VRT | Cash Flow From Operations | RRLP | Preferred Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||
Rockpoint Interests in VRT | Cash Flow From Capital Events, Distribution Four | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 4.64% | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Fair market value estimated period | 90 days | |||||||||||||
Estimated redemption value | $ 475,200,000 | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Preferred Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 10.947% | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Cash Flow From Operations | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 4.64% | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Cash Flow From Capital Events, Distribution Three | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 4.64% | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Cash Flow From Capital Events, Distribution Five | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | $ 400,000,000 | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Cash Flow From Capital Events, Distribution Five | Preferred Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Cash Flow From Capital Events, Distribution Five | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Internal rate of return | 11% | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Cash Flow From Capital Events, Distribution Six | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | $ 400,000,000 | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Cash Flow From Capital Events, Distribution Six | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata share | 50% | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Distribution One | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Purchase price | $ 173,500,000 | |||||||||||||
Purchase price, less distributions | 198,500,000 | |||||||||||||
Rockpoint Interests in VRT | Rockpoint Interests in VRT | Distribution Two | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Purchase price, less distributions | $ 1,500,000 | |||||||||||||
Rockpoint Interests in VRT | Roseland Residential Trust | Cash Flow From Operations | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return on the equity value | 6% | |||||||||||||
Rockpoint Interests in VRT | Investment Agreement | Rockpoint Interests in VRT | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Incremental closing payments, Limited Partnership interest | $ 46,000,000 | $ 150,000,000 | $ 45,000,000 | |||||||||||
Contributed equity value | $ 1,230,000,000 | |||||||||||||
Rockpoint Interests in VRT | Investment Agreement | Rockpoint Interests in VRT | Cash Flow From Operations | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5% | |||||||||||||
Rockpoint Interests in VRT | Investment Agreement | Rockpoint Interests in VRT | Cash Flow From Capital Events, Distribution Three | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95% | |||||||||||||
Rockpoint Interests in VRT | Add On Investment Agreement | Rockpoint Interests in VRT | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 100,000,000 | |||||||||||||
Number of properties in which additional interest was acquired during period | property | 2 | |||||||||||||
Payment for borrowings | $ 100,000,000 | |||||||||||||
Right of first refusal to invest | 100,000,000 | |||||||||||||
General and administrative | 371,000 | |||||||||||||
Rockpoint Interests in VRT | Maximum | Investment Agreement | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||||||||||
Rockpoint Interests in VRT | Maximum | Investment Agreement | Rockpoint Interests in VRT | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||||||||||
Rockpoint Interests in VRT | Maximum | Add On Investment Agreement | Rockpoint Interests in VRT | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 154,000,000 | |||||||||||||
Roseland Residential Trust | Cash Flow From Capital Events, Distribution Four | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.36% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Loan-to-value ratio | 65% | |||||||||||||
Equity capitalization percent | 10% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | Cash Flow From Operations | Common Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | Cash Flow From Operations | Preferred Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | Cash Flow From Operations | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return on the equity value | 95.36% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | Cash Flow From Capital Events | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.36% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | Cash Flow From Capital Events, Distribution Five | Common Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | Cash Flow From Capital Events, Distribution Five | Preferred Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | Cash Flow From Capital Events, Distribution Six | Common Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 87.728% | |||||||||||||
Roseland Residential Trust | Roseland Residential Trust | Cash Flow From Capital Events, Distribution Six | Preferred Units | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 1.325% | |||||||||||||
Roseland Residential Trust | Investment Agreement | Cash Flow From Capital Events, Distribution Four | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95% | |||||||||||||
Roseland Residential Trust | Investment Agreement | Roseland Residential Trust | Cash Flow From Operations | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return on the equity value | 95% | |||||||||||||
Roseland Residential Trust | Investment Agreement | Roseland Residential Trust | Cash Flow From Capital Events, Distribution Three | RRLP | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5% |
REDEEMABLE NONCONTROLLING INT_4
REDEEMABLE NONCONTROLLING INTERESTS - Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Income Attributed to Noncontrolling Interests | $ (25,534) | $ (25,977) | $ (25,883) |
Redemption Value Adjustment | (31,557) | (33,993) | (38,951) |
Redeemable Noncontrolling Interests | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Beginning balance | 521,313 | 513,297 | |
Redeemable Noncontrolling Interests Issued | (12,000) | 0 | |
Net | 509,313 | 513,297 | |
Income Attributed to Noncontrolling Interests | 25,534 | 25,977 | |
Distributions | (25,627) | (25,977) | |
Other Distributions | 0 | ||
Redemption Value Adjustment | 6,011 | 8,016 | |
Ending balance | 515,231 | 521,313 | 513,297 |
Redeemable Noncontrolling Interests | Rockpoint Interests in VRT | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Beginning balance | 468,989 | 460,973 | |
Redeemable Noncontrolling Interests Issued | 0 | 0 | |
Net | 468,989 | 460,973 | |
Income Attributed to Noncontrolling Interests | 24,063 | 24,157 | |
Distributions | (24,063) | (24,157) | |
Other Distributions | 0 | ||
Redemption Value Adjustment | 6,011 | 8,016 | |
Ending balance | 475,000 | 468,989 | 460,973 |
Series A and A-1 Preferred Units In VRLP | Redeemable Noncontrolling Interests | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Beginning balance | 52,324 | 52,324 | |
Redeemable Noncontrolling Interests Issued | (12,000) | 0 | |
Net | 40,324 | 52,324 | |
Income Attributed to Noncontrolling Interests | 1,471 | 1,820 | |
Distributions | (1,564) | (1,820) | |
Other Distributions | 0 | ||
Redemption Value Adjustment | 0 | 0 | |
Ending balance | $ 40,231 | $ 52,324 | $ 52,324 |
VERIS RESIDENTIAL, INC. STOCK_3
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Share/Unit Repurchase Program And Dividend Reinvestment And Stock Purchase Plan - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stockolders Equity [Line Items] | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Combined aggregate offering price | $ 200,000,000 | |
ATM, shares Issued (in shares) | 0 | |
Dividend Reinvestment And Stock Purchase Plan | ||
Stockolders Equity [Line Items] | ||
Reserved stocks for issuance (in shares) | 5,500,000 | |
Monthly cash investment without restriction, maximum | $ 5,000 | |
Minimum | ||
Stockolders Equity [Line Items] | ||
ATM, commission | 2% |
VERIS RESIDENTIAL, INC. STOCK_4
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Stock Option Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 01, 2021 | Apr. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | May 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price - weighted average fair value of options granted (in dollars per share) | $ 4.40 | ||||||
Options exercised (in shares) | 0 | 0 | 0 | ||||
Weighted average remaining contractual life | 4 years 7 months 6 days | 5 years 6 months | |||||
Stock options expense | $ 1,200 | $ 844 | $ 446 | ||||
Chief Executive Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted (in shares) | 950,000 | ||||||
Share price (in dollars per share) | $ 15.79 | ||||||
Chief Investment Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted (in shares) | 250,000 | ||||||
Share price (in dollars per share) | $ 16.33 | ||||||
2013 Incentive Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Reserved stocks for issuance (in shares) | 6,565,000 | 4,600,000 | |||||
Shares granted (in shares) | 250,000 | 1,107,505 |
VERIS RESIDENTIAL, INC. STOCK_5
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Schedule of Stock Option Plans (Details) - 2013 Incentive Stock Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||||
Shares Under Options - Outstanding, beginning balance (in shares) | 2,080,000 | 972,495 | 800,000 | |
Shares Under Options - Granted, Lapsed or Cancelled (in shares) | 172,495 | |||
Shares granted (in shares) | 250,000 | 1,107,505 | ||
Shares Under Options - Outstanding, ending balance (in shares) | 2,330,000 | 2,080,000 | 972,495 | 800,000 |
Weighted Average Exercise Price | ||||
Weighted Average Exercise Price - Outstanding, beginning balance (in dollars per share) | $ 16.42 | $ 16.79 | $ 17.31 | |
Weighted Average Exercise Price - Granted, Lapsed or Cancelled (in dollars per share) | 14.39 | |||
Weighted Average Exercise Price - Granted (in dollars per share) | 16.33 | 16.10 | ||
Weighted Average Exercise Price - Outstanding, ending balance (in dollars per share) | $ 16.41 | $ 16.42 | $ 16.79 | $ 17.31 |
Stock Options Additional Disclosures | ||||
Shares Under Options - Available for grant (in shares) | 1,113,036 | |||
Shares Under Options - Options exercisable (in shares) | 1,446,667 | |||
Aggregate intrinsic value | $ 0 | $ 4,072 | $ 0 | $ 4,656 |
Outstanding stock option price (in dollars per share) | $ 17.31 | $ 17.31 | ||
Minimum | ||||
Stock Options Additional Disclosures | ||||
Outstanding stock option price (in dollars per share) | $ 14.39 | $ 14.39 | ||
Maximum | ||||
Stock Options Additional Disclosures | ||||
Outstanding stock option price (in dollars per share) | $ 20 | $ 17.31 |
VERIS RESIDENTIAL, INC. STOCK_6
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Schedule of Weighted Average Assumptions (Details) | 12 Months Ended |
Dec. 31, 2022 | |
2022 April | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 4 years |
Risk-free interest rate | 2.77% |
Volatility | 38% |
Dividend yield | 2.60% |
2021 March | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 4 years 6 months |
Risk-free interest rate | 0.79% |
Volatility | 35% |
Dividend yield | 1.60% |
2021 June regular | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 4 years 7 months 6 days |
Risk-free interest rate | 0.71% |
Volatility | 35% |
Dividend yield | 1.50% |
2021 June premium | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 5 years 3 months 18 days |
Risk-free interest rate | 0.94% |
Volatility | 34% |
Dividend yield | 1.40% |
2020 stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 5 years 3 months 18 days |
Risk-free interest rate | 0.41% |
Volatility | 31% |
Dividend yield | 2.70% |
VERIS RESIDENTIAL, INC. STOCK_7
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Appreciation-Only LTIP Units - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 day $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price - weighted average fair value of options granted (in dollars per share) | $ / shares | $ 4.40 | |||
Stock options expense | $ | $ 1,200 | $ 844 | $ 446 | |
AO LTIP Units Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares to be vested and exercisable (in shares) | shares | 625,000 | |||
Number of consecutive days | day | 30 | |||
Percent of cash distribution | 10% | |||
Total unrecognized compensation cost | $ | $ 200 | |||
Total unrecognized compensation cost, period of recognition | 3 months 18 days | |||
Stock options expense | $ | $ 622 | $ 622 | $ 622 | |
AO LTIP Units Award | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares to be vested and exercisable (in shares) | shares | 250,000 | |||
Common stock trade share price (in dollars per share) | $ / shares | $ 25 | |||
AO LTIP Units Award | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares to be vested and exercisable (in shares) | shares | 250,000 | |||
Common stock trade share price (in dollars per share) | $ / shares | $ 28 | |||
AO LTIP Units Award | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares to be vested and exercisable (in shares) | shares | 125,000 | |||
Common stock trade share price (in dollars per share) | $ / shares | $ 31 | |||
AO LTIP Units Award | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares eligible to be earned, percent | 0% | |||
AO LTIP Units Award | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares eligible to be earned, percent | 100% |
VERIS RESIDENTIAL, INC. STOCK_8
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Restricted Stock Awards - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Unvested Restricted Common Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable time period | 1 year | ||
Unvested Restricted Common Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable time period | 3 years | ||
Unvested Restricted Common Stock | Board Member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable time period | 1 year | ||
Unvested stock outstanding (in shares) | 49,784 | ||
Unvested Restricted Common Stock | Non Executive Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable time period | 3 years | ||
Unvested stock outstanding (in shares) | 145,002 | ||
Time-Based Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable time period | 3 years | ||
Total unrecognized compensation cost | $ 0.3 | ||
Total unrecognized compensation cost, period of recognition | 4 months 24 days | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable time period | 3 years |
VERIS RESIDENTIAL, INC. STOCK_9
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Schedule of Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Outstanding, Beginning balance (in shares) | 39,529 | 52,974 | 42,690 |
Granted (in shares) | 49,784 | 39,529 | 52,974 |
Vested (in shares) | (39,529) | (52,974) | (42,690) |
Outstanding, Ending balance (in shares) | 49,784 | 39,529 | 52,974 |
Weighted-Average Grant – Date Fair Value | |||
Outstanding beginning balance (in dollars per share) | $ 17.71 | $ 15.29 | $ 21.08 |
Granted (in dollars per share) | 14.06 | 17.71 | 15.29 |
Vested (in dollars per share) | 17.71 | 15.29 | 21.08 |
Outstanding ending balance (in dollars per share) | $ 14.06 | $ 17.71 | $ 15.29 |
VERIS RESIDENTIAL, INC. STOC_10
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Long-Term Incentive Plan Awards - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2022 executive shares | Mar. 31, 2022 | Jan. 31, 2022 | Jan. 31, 2021 | Mar. 31, 2022 executive | Dec. 31, 2022 USD ($) | Dec. 31, 2021 installment shares | Dec. 31, 2019 | |
J Series 2021 OPP | One Terminated Executive | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of estimated net asset | 85% | |||||||
Number of executives | executive | 1 | |||||||
2021 RSU LTIP Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
Unvested LTIP | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ | $ 0.9 | |||||||
Total unrecognized compensation cost, period of recognition | 1 year 6 months | |||||||
Time-Based Award | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercisable time period | 3 years | |||||||
Performance period | 3 years | |||||||
TSR percent | 36% | |||||||
TSR percentile threshold | 7,500% | |||||||
Total unrecognized compensation cost | $ | $ 0.3 | |||||||
Total unrecognized compensation cost, period of recognition | 4 months 24 days | |||||||
Time-Based Award | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of the award | 25% | |||||||
Time-Based Award | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of the award | 100% | |||||||
Time-Based Award | 2021 RSU LTIP Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted (in shares) | 580,415,000 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercisable time period | 3 years | |||||||
Number of installments | installment | 3 | |||||||
Share-based compensation arrangement by share-based payment award, vested (in shares) | 507,273 | |||||||
Unit distribution per common share distribution, percentage | 10% | |||||||
Unit distribution per common share, accrued percentage | 90% | |||||||
Restricted Stock Units (RSUs) | Three Executive Officers | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercisable time period | 3 years | |||||||
Number of executives | executive | 3 | |||||||
Shares granted (in shares) | 60,000 | |||||||
Performance Shares | 2021 RSU LTIP Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years |
VERIS RESIDENTIAL, INC. STOC_11
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Deferred Stock Compensation Plan For Directors - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Maximum percentage of retainer fee that directors may defer | 100% | ||
Deferred stock units earned (in shares) | 30,899 | 17,894 | 22,086 |
Deferred stock units outstanding (in shares) | 6,875 | 37,603 |
VERIS RESIDENTIAL, INC. STOC_12
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Earnings Per Share Tables - Basic Computation Of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders Equity [Line Items] | |||
Income (loss) from continuing operations | $ (34,137) | $ (152,002) | $ (121,284) |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Add (deduct): Noncontrolling interests in Operating Partnership | 5,202 | 15,739 | 13,831 |
Add (deduct): Redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Add (deduct): Redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (5,475) | (7,290) | (11,814) |
Income (loss) from continuing operations available to common shareholders | (56,865) | (164,935) | (142,455) |
Income (loss) from discontinued operations available to common shareholders | (676) | 38,603 | 79,254 |
Net income (loss) available to common shareholders for basic earnings per share | $ (57,541) | $ (126,332) | $ (63,201) |
Weighted average common shares (in shares) | 91,046 | 90,839 | 90,648 |
Income (loss) from continuing operations, basic (in dollars per share) | $ (0.62) | $ (1.82) | $ (1.57) |
Income (loss) from discontinued operations available to common shareholders (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | $ (0.63) | $ (1.39) | $ (0.70) |
VERIS RESIDENTIAL, L.P. | |||
Stockholders Equity [Line Items] | |||
Income (loss) from continuing operations | $ (34,137) | $ (152,002) | $ (121,284) |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Add (deduct): Redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (6,023) | (8,016) | (13,068) |
Income (loss) from continuing operations available to common shareholders | (62,615) | (181,400) | (157,540) |
Income (loss) from discontinued operations available to common shareholders | (748) | 42,463 | 87,686 |
Net income (loss) available to common shareholders for basic earnings per share | $ (63,363) | $ (138,937) | $ (69,854) |
Weighted average common shares (in shares) | 100,265 | 99,893 | 100,260 |
Income (loss) from continuing operations, basic (in dollars per share) | $ (0.62) | $ (1.82) | $ (1.57) |
Income (loss) from discontinued operations available to common shareholders (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | $ (0.63) | $ (1.39) | $ (0.70) |
VERIS RESIDENTIAL, INC. STOC_13
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Earnings Per Share Tables - Diluted Computation Of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders Equity [Line Items] | |||
Net income (loss) from continuing operations available to common shareholders | $ (56,865) | $ (164,935) | $ (142,455) |
Add (deduct): Noncontrolling interests in Operating Partnership | (5,202) | (15,739) | (13,831) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders | (548) | (726) | (1,254) |
Income (loss) from continuing operations for diluted earnings per share | (62,615) | (181,400) | (157,540) |
Income (loss) from discontinued operations for diluted earnings per share | (748) | 42,463 | 87,686 |
Net income (loss) available for diluted earnings per share | $ (63,363) | $ (138,937) | $ (69,854) |
Weighted average common shares (in shares) | 100,265 | 99,893 | 100,260 |
Income (loss) from continuing operations available to common shareholders (in dollars per share) | $ (0.62) | $ (1.82) | $ (1.57) |
Income (loss) from discontinued operations available to common shareholders (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | $ (0.63) | $ (1.39) | $ (0.70) |
VERIS RESIDENTIAL, L.P. | |||
Stockholders Equity [Line Items] | |||
Net income (loss) from continuing operations available to common shareholders | $ (62,615) | $ (181,400) | $ (157,540) |
Income (loss) from discontinued operations for diluted earnings per share | (748) | 42,463 | 87,686 |
Net income (loss) available for diluted earnings per share | $ (63,363) | $ (138,937) | $ (69,854) |
Weighted average common unit (in shares) | 100,265 | 99,893 | 100,260 |
Income (loss) from continuing operations available to common shareholders (in dollars per share) | $ (0.62) | $ (1.82) | $ (1.57) |
Income (loss) from discontinued operations available to common shareholders (in dollars per share) | (0.01) | 0.43 | 0.87 |
Net income (loss) available to common shareholders (in dollars per share) | $ (0.63) | $ (1.39) | $ (0.70) |
VERIS RESIDENTIAL, INC. STOC_14
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockolders Equity [Line Items] | |||
Basic weighted average shares outstanding (in shares) | 91,046 | 90,839 | 90,648 |
Diluted EPS shares (in shares) | 100,265 | 99,893 | 100,260 |
VERIS RESIDENTIAL, L.P. | |||
Stockolders Equity [Line Items] | |||
Stock Options (in shares) | 0 | 0 | 0 |
Basic EPU units (in shares) | 100,265 | 99,893 | 100,260 |
Diluted EPU Units (in shares) | 100,265 | 99,893 | 100,260 |
Operating Partnership – common and vested LTIP units | |||
Stockolders Equity [Line Items] | |||
Weighted average number of shares outstanding, diluted adjustment (in shares) | 9,219 | 9,054 | 9,612 |
VERIS RESIDENTIAL, INC. STOC_15
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Earnings Per Share/Unit - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Distribution declared per common unit (in dollars per share) | $ 0 | $ 0 | $ 0.40 |
VERIS RESIDENTIAL, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Distribution declared per common unit (in dollars per share) | $ 0 | $ 0 | $ 0.40 |
Unvested LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 558,084 | 1,246,752 | 1,722,929 |
Unvested LTIP Units | VERIS RESIDENTIAL, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 558,084 | 1,246,752 | 1,722,929 |
Unvested Restricted Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 49,784 | 39,529 | 52,974 |
Unvested Restricted Common Stock | VERIS RESIDENTIAL, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 49,784 | 39,529 | 52,974 |
Unvested AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 625,000 | 625,000 | 625,000 |
Unvested AO LTIP Units | VERIS RESIDENTIAL, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 625,000 | 625,000 | 625,000 |
NONCONTROLLING INTERESTS IN S_3
NONCONTROLLING INTERESTS IN SUBSIDIARIES - Narrative (Details) $ in Millions | 12 Months Ended | ||
Mar. 13, 2019 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | |||
Rebalance of ownership percentage | $ | $ 2.4 | ||
Redemption of common units (in shares) | 110,084 | ||
Proceeds from redemption of common units | $ | $ 1.8 | ||
Number of common shares received upon redemption of common units (in shares) | 1 | ||
Conversion ratio | 1 | ||
Participation Rights | |||
Noncontrolling Interest [Line Items] | |||
Excess net cash flow remaining after the distribution to the Company | 50% | ||
Internal rate of return | 10% | ||
VERIS RESIDENTIAL, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Percentage of noncontrolling interest | 9.30% | 9% | |
AO LTIP Units Award | |||
Noncontrolling Interest [Line Items] | |||
Shares granted (in shares) | 625,000 | ||
Exercisable period | 10 years |
NONCONTROLLING INTERESTS IN S_4
NONCONTROLLING INTERESTS IN SUBSIDIARIES - Changes in Noncontrolling Interests of Subsidiaries (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Redemption of common units (in shares) | (110,084) | ||
VERIS RESIDENTIAL, L.P. | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, Beginning, Common Units/Vested LTIP Units (in shares) | 9,013,534 | 9,649,031 | 9,612,064 |
Redemption of common units (in shares) | (11,508) | (175,257) | (138,615) |
Redemption of common units (in shares) | (110,084) | (730,850) | |
Conversion of vested LTIP units to common units (in shares) | 228,579 | (205,434) | (38,626) |
Vested LTIP units (in shares) | 181,000 | 65,176 | 136,957 |
Cancellation of units (in shares) | (1) | ||
Balance, Ending, Common Units/Vested LTIP Units (in shares) | 9,301,521 | 9,013,534 | 9,649,031 |
Balance, Beginning, Unvested LTIP Units (in shares) | 1,246,752 | 1,722,929 | 1,826,331 |
Vested LTIP units (in shares) | (409,579) | (270,610) | (175,583) |
Issuance of units, LTIP Units (in shares) | 0 | 334,449 | 1,287,568 |
Cancellation of units (in shares) | (279,089) | (540,016) | (1,215,387) |
Balance, Ending, Unvested LTIP Units (in shares) | 558,084 | 1,246,752 | 1,722,929 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of business segments | segment | 2 | ||
Total revenues | $ 355,018 | $ 323,390 | $ 307,476 |
Foreign Locations | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | 0 | $ 0 |
Long lived assets | $ 0 | $ 0 |
SEGMENT REPORTING - Schedule Of
SEGMENT REPORTING - Schedule Of Selected Results Of Operations And Asset Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 355,018 | $ 323,390 | $ 307,476 |
Total operating and interest expenses | 298,280 | 280,090 | 294,430 |
Equity in earnings (loss) of unconsolidated joint ventures | 1,200 | (4,251) | (3,832) |
Net operating income (loss) | 57,938 | 39,049 | 9,214 |
Total assets: | 3,920,768 | 4,527,318 | |
Total long-lived assets | 3,647,879 | 4,184,381 | |
Total investments in unconsolidated joint ventures: | 126,158 | 137,772 | |
Corporate Reconciling Items And Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (1,395) | (1,245) | 1,676 |
Total operating and interest expenses | 128,515 | 108,850 | 127,184 |
Equity in earnings (loss) of unconsolidated joint ventures | 0 | 0 | 0 |
Net operating income (loss) | (129,910) | (110,095) | (125,508) |
Total assets: | 21,121 | 16,375 | |
Total long-lived assets | (1,330) | (1,309) | |
Total investments in unconsolidated joint ventures: | 0 | 0 | |
Commercial & Other Real Estate | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 131,681 | 153,605 | 148,959 |
Total operating and interest expenses | 55,318 | 63,044 | 71,615 |
Equity in earnings (loss) of unconsolidated joint ventures | 0 | (111) | (2,254) |
Net operating income (loss) | 76,363 | 90,450 | 75,090 |
Total assets: | 597,459 | 1,216,717 | |
Total long-lived assets | 547,923 | 1,087,198 | |
Total investments in unconsolidated joint ventures: | 0 | 0 | |
Multiple-Family Real Estate & Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 224,732 | 171,030 | 156,841 |
Total operating and interest expenses | 114,447 | 108,196 | 95,631 |
Equity in earnings (loss) of unconsolidated joint ventures | 1,200 | (4,140) | (1,578) |
Net operating income (loss) | 111,485 | 58,694 | $ 59,632 |
Total assets: | 3,302,188 | 3,294,226 | |
Total long-lived assets | 3,101,286 | 3,098,492 | |
Total investments in unconsolidated joint ventures: | $ 126,158 | $ 137,772 |
SEGMENT REPORTING - Schedule _2
SEGMENT REPORTING - Schedule Of Reconciliation Of Net Operating Income (Loss) To Net Income Available To Common Shareholders (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net operating income | $ 57,938 | $ 39,049 | $ 9,214 |
Depreciation and amortization (a) | (111,518) | (110,038) | (120,455) |
Land and other impairments, net | (9,368) | (23,719) | (16,817) |
Property impairments | (94,811) | (13,467) | (36,582) |
Gain on change of control of interests | 0 | 0 | 0 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 66,115 | 3,022 | 2,657 |
Gain on disposition of developable land | 57,262 | 2,115 | 5,787 |
Gain (loss) on sale of unconsolidated joint venture interests | 7,677 | (1,886) | 35,184 |
Gain (loss) from extinguishment of debt, net | (7,432) | (47,078) | (272) |
Income (loss) from continuing operations | (34,137) | (152,002) | (121,284) |
Income from discontinued operations | 3,692 | 16,911 | 73,660 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (4,440) | 25,552 | 14,026 |
Total discontinued operations, net | (748) | 42,463 | 87,686 |
Net income (loss) | (34,885) | (109,539) | (33,598) |
Noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Noncontrolling interests in Operating Partnership | 5,202 | 15,739 | 13,831 |
Noncontrolling interests in Operating Partnership in discontinued operations | 72 | (3,860) | (8,432) |
Redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Net income (loss) available to common shareholders | (52,066) | (119,042) | (51,387) |
Commercial & Other Real Estate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization (a) | (29,958) | (44,553) | (52,631) |
Multiple-Family Real Estate & Services | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization (a) | (80,610) | (64,605) | (66,943) |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization (a) | (950) | (881) | (881) |
VERIS RESIDENTIAL, L.P. | |||
Segment Reporting Information [Line Items] | |||
Net operating income | 57,938 | 39,049 | 9,214 |
Depreciation and amortization (a) | (111,518) | (110,038) | (120,455) |
Land and other impairments, net | (9,368) | (23,719) | (16,817) |
Property impairments | (94,811) | (13,467) | (36,582) |
Gain on change of control of interests | 0 | 0 | 0 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 66,115 | 3,022 | 2,657 |
Gain on disposition of developable land | 57,262 | 2,115 | 5,787 |
Gain (loss) on sale of unconsolidated joint venture interests | 7,677 | (1,886) | 35,184 |
Gain (loss) from extinguishment of debt, net | (7,432) | (47,078) | (272) |
Income (loss) from continuing operations | (34,137) | (152,002) | (121,284) |
Income from discontinued operations | 3,692 | 16,911 | 73,660 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (4,440) | 25,552 | 14,026 |
Total discontinued operations, net | (748) | 42,463 | 87,686 |
Net income (loss) | (34,885) | (109,539) | (33,598) |
Noncontrolling interests in consolidated joint ventures | 3,079 | 4,595 | 2,695 |
Redeemable noncontrolling interests | (25,534) | (25,977) | (25,883) |
Net income (loss) available to common shareholders | (57,340) | (130,921) | (56,786) |
VERIS RESIDENTIAL, L.P. | Commercial & Other Real Estate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization (a) | (29,958) | (44,552) | (52,631) |
VERIS RESIDENTIAL, L.P. | Multiple-Family Real Estate & Services | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization (a) | (80,610) | (64,605) | (66,943) |
VERIS RESIDENTIAL, L.P. | Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization (a) | $ (950) | $ (881) | $ (881) |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) ft² property item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Related Party Transaction [Line Items] | ||||
General and administrative | $ 56,169 | $ 57,190 | $ 71,058 | |
Mack | ||||
Related Party Transaction [Line Items] | ||||
Percent of common stock owned | 5% | |||
Bow Street LLC | ||||
Related Party Transaction [Line Items] | ||||
Reimbursement expense | $ 6,100 | |||
Number of payments | item | 3 | |||
General and administrative | $ 6,100 | |||
Leased Office Space 1 | Mack | ||||
Related Party Transaction [Line Items] | ||||
Area of property (in square feet) | ft² | 5,930 | |||
Number of properties | property | 1 | |||
Leased Property | Mack | ||||
Related Party Transaction [Line Items] | ||||
Revenue from leases | $ 48 | |||
Accounts receivable, related party | $ 0 | $ 0 |
REAL ESTATE INVESTMENTS AND A_2
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION - Schedule Of Real Estate Investments And Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | $ 1,903,977 |
Initial Costs, Land | 606,137 |
Initial Costs, Building and Improvements | 2,548,231 |
Costs Capitalized Subsequent to Acquisition | 1,114,611 |
Gross Amount at Which Carried at Close of Period, Land | 585,283 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,683,696 |
Total | 4,268,979 |
Accumulated Depreciation | 660,835 |
Real estate aggregate cost, tax purpose | 3,200,000 |
Real estate held-for-sale accumulated depreciation | 28,900 |
Multi-Family Properties | The James | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 12,047 |
Initial Costs, Building and Improvements | 114,208 |
Costs Capitalized Subsequent to Acquisition | 18 |
Gross Amount at Which Carried at Close of Period, Land | 12,047 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 114,226 |
Total | 126,273 |
Accumulated Depreciation | 1,298 |
Multi-Family Properties | The Upton | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 74,467 |
Initial Costs, Land | 2,850 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 91,993 |
Gross Amount at Which Carried at Close of Period, Land | 2,850 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 91,993 |
Total | 94,843 |
Accumulated Depreciation | 5,531 |
Multi-Family Properties | Liberty Towers | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 264,293 |
Initial Costs, Land | 66,670 |
Initial Costs, Building and Improvements | 328,347 |
Costs Capitalized Subsequent to Acquisition | 7,482 |
Gross Amount at Which Carried at Close of Period, Land | 66,670 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 335,829 |
Total | 402,499 |
Accumulated Depreciation | 28,980 |
Multi-Family Properties | BLVD 475 N/S | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 164,929 |
Initial Costs, Land | 58,761 |
Initial Costs, Building and Improvements | 240,871 |
Costs Capitalized Subsequent to Acquisition | 7,645 |
Gross Amount at Which Carried at Close of Period, Land | 58,761 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 248,516 |
Total | 307,277 |
Accumulated Depreciation | 41,041 |
Multi-Family Properties | Soho Lofts | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 159,230 |
Initial Costs, Land | 27,601 |
Initial Costs, Building and Improvements | 224,039 |
Costs Capitalized Subsequent to Acquisition | 5,438 |
Gross Amount at Which Carried at Close of Period, Land | 27,601 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 229,477 |
Total | 257,078 |
Accumulated Depreciation | 25,778 |
Multi-Family Properties | BLVD 425 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 130,546 |
Initial Costs, Land | 48,820 |
Initial Costs, Building and Improvements | 160,740 |
Costs Capitalized Subsequent to Acquisition | 5,234 |
Gross Amount at Which Carried at Close of Period, Land | 48,820 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 165,974 |
Total | 214,794 |
Accumulated Depreciation | 21,852 |
Multi-Family Properties | BLVD 401 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 116,545 |
Initial Costs, Land | 36,595 |
Initial Costs, Building and Improvements | 152,440 |
Costs Capitalized Subsequent to Acquisition | 307 |
Gross Amount at Which Carried at Close of Period, Land | 36,595 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 152,747 |
Total | 189,342 |
Accumulated Depreciation | 16,272 |
Multi-Family Properties | Haus 25 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 295,736 |
Initial Costs, Land | 53,421 |
Initial Costs, Building and Improvements | 420,959 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount at Which Carried at Close of Period, Land | 53,421 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 420,959 |
Total | 474,380 |
Accumulated Depreciation | 8,482 |
Multi-Family Properties | Riverhouse 9 At Port Imperial | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 108,998 |
Initial Costs, Land | 2,686 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 154,507 |
Gross Amount at Which Carried at Close of Period, Land | 2,686 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 154,507 |
Total | 157,193 |
Accumulated Depreciation | 6,623 |
Multi-Family Properties | Riverhouse 11 at Port Imperial | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 99,875 |
Initial Costs, Land | 22,047 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 112,390 |
Gross Amount at Which Carried at Close of Period, Land | 22,047 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 112,390 |
Total | 134,437 |
Accumulated Depreciation | 15,093 |
Multi-Family Properties | Signature Place At Morris Plains | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 42,848 |
Initial Costs, Land | 930 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 56,455 |
Gross Amount at Which Carried at Close of Period, Land | 930 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 56,455 |
Total | 57,385 |
Accumulated Depreciation | 7,808 |
Multi-Family Properties | Quarry Place at Tuckahoe | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 40,697 |
Initial Costs, Land | 5,585 |
Initial Costs, Building and Improvements | 3,400 |
Costs Capitalized Subsequent to Acquisition | 48,995 |
Gross Amount at Which Carried at Close of Period, Land | 5,585 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 52,395 |
Total | 57,980 |
Accumulated Depreciation | 9,426 |
Multi-Family Properties | Emery at Overlook Ridge | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 71,490 |
Initial Costs, Land | 4,115 |
Initial Costs, Building and Improvements | 86,093 |
Costs Capitalized Subsequent to Acquisition | 10,090 |
Gross Amount at Which Carried at Close of Period, Land | 9,103 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 91,195 |
Total | 100,298 |
Accumulated Depreciation | 8,724 |
Multi-Family Properties | Portside at Pier One | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 58,959 |
Initial Costs, Land | 0 |
Initial Costs, Building and Improvements | 73,713 |
Costs Capitalized Subsequent to Acquisition | 914 |
Gross Amount at Which Carried at Close of Period, Land | 0 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 74,627 |
Total | 74,627 |
Accumulated Depreciation | 16,546 |
Multi-Family Properties | Portside 5/6 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 96,721 |
Initial Costs, Land | 0 |
Initial Costs, Building and Improvements | 37,114 |
Costs Capitalized Subsequent to Acquisition | 77,301 |
Gross Amount at Which Carried at Close of Period, Land | 0 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 114,415 |
Total | 114,415 |
Accumulated Depreciation | 15,988 |
Multi-Family Properties | 145 Front Street | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 62,705 |
Initial Costs, Land | 4,380 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 92,237 |
Gross Amount at Which Carried at Close of Period, Land | 4,380 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 92,237 |
Total | 96,617 |
Accumulated Depreciation | 13,828 |
Office | Harborside Plaza 2 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 17,655 |
Initial Costs, Building and Improvements | 101,546 |
Costs Capitalized Subsequent to Acquisition | 85,609 |
Gross Amount at Which Carried at Close of Period, Land | 8,363 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 196,447 |
Total | 204,810 |
Accumulated Depreciation | 95,016 |
Office | Harborside Plaza 3 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 17,655 |
Initial Costs, Building and Improvements | 101,878 |
Costs Capitalized Subsequent to Acquisition | 85,277 |
Gross Amount at Which Carried at Close of Period, Land | 8,363 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 196,447 |
Total | 204,810 |
Accumulated Depreciation | 95,016 |
Office | Harborside Plaza 5 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 6,218 |
Initial Costs, Building and Improvements | 170,682 |
Costs Capitalized Subsequent to Acquisition | 63,534 |
Gross Amount at Which Carried at Close of Period, Land | 5,705 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 234,729 |
Total | 240,434 |
Accumulated Depreciation | 125,140 |
Office | Harborside Plaza 6 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 1,244 |
Initial Costs, Building and Improvements | 56,144 |
Costs Capitalized Subsequent to Acquisition | 9,338 |
Gross Amount at Which Carried at Close of Period, Land | 991 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 65,735 |
Total | 66,726 |
Accumulated Depreciation | 26,182 |
Office | 23 Main Street | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 4,336 |
Initial Costs, Building and Improvements | 19,544 |
Costs Capitalized Subsequent to Acquisition | 1,965 |
Gross Amount at Which Carried at Close of Period, Land | 4,336 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 21,509 |
Total | 25,845 |
Accumulated Depreciation | 12,166 |
Other Property | 100 Avenue At Port Imperial | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 350 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 30,644 |
Gross Amount at Which Carried at Close of Period, Land | 1,958 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 29,036 |
Total | 30,994 |
Accumulated Depreciation | 6,183 |
Other Property | 500 Avenue At Port Imperial | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 31,974 |
Initial Costs, Land | 13,099 |
Initial Costs, Building and Improvements | 56,669 |
Costs Capitalized Subsequent to Acquisition | (19,321) |
Gross Amount at Which Carried at Close of Period, Land | 13,099 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 37,348 |
Total | 50,447 |
Accumulated Depreciation | 8,895 |
Other Property | Autograph Collection By Marriott (Phase II) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 83,964 |
Initial Costs, Land | 23,660 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 86,341 |
Gross Amount at Which Carried at Close of Period, Land | 15,560 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 94,441 |
Total | 110,001 |
Accumulated Depreciation | 16,759 |
Other Property | Port Imperial North Retail, L.L.C. | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 4,305 |
Initial Costs, Building and Improvements | 8,216 |
Costs Capitalized Subsequent to Acquisition | 1,123 |
Gross Amount at Which Carried at Close of Period, Land | 4,305 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,339 |
Total | 13,644 |
Accumulated Depreciation | 928 |
Projects Under Development And Developable Land | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 171,107 |
Initial Costs, Building and Improvements | 191,628 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount at Which Carried at Close of Period, Land | 171,107 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 191,628 |
Total | 362,735 |
Accumulated Depreciation | 31,280 |
Furniture, fixtures and equipment | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 0 |
Initial Costs, Land | 0 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 99,095 |
Gross Amount at Which Carried at Close of Period, Land | 0 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 99,095 |
Total | $ 99,095 |
Buildings and improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Useful live | 40 years |
Real estate held-for-sale | $ 129,800 |
Land | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Real estate held-for-sale | $ 93,100 |
REAL ESTATE INVESTMENTS AND A_3
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION - Schedule Of Changes In Rental Properties And Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Rental Properties | |||
Balance at beginning of year | $ 4,076,866 | $ 4,638,643 | $ 4,256,681 |
Additions | 845,901 | 1,002,342 | 1,776,276 |
Real estate held for sale | (222,857) | (778,184) | (944,082) |
Properties sold | (524,550) | (744,810) | (443,755) |
Impairments | (129,237) | (27,547) | 0 |
Retirements/disposals | 0 | (13,578) | (6,477) |
Balance at end of year | 4,046,123 | 4,076,866 | 4,638,643 |
Accumulated Depreciation | |||
Balance at beginning of year | 583,416 | 656,331 | 558,617 |
Depreciation expense | 102,476 | 102,062 | 104,421 |
Real estate held for sale | (28,924) | (159,541) | 2,238 |
Properties sold | 0 | 0 | 0 |
Impairments | (25,058) | (1,858) | (2,469) |
Retirements/disposals | 0 | (13,578) | (6,476) |
Balance at end of year | $ 631,910 | $ 583,416 | $ 656,331 |