Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,287,891,323 | ||
Entity Common Stock, Shares Outstanding | 92,229,209 | ||
Documents Incorporated by Reference | Portions of the Veris Residential, Inc.’s definitive proxy statement for fiscal year ended December 31, 2023 to be issued in conjunction with the registrant’s annual meeting of shareholders expected to be held on June 12, 2024 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, 2023. | ||
Entity Central Index Key | 0000924901 | ||
Document Fiscal Year Focus | 2023 | ||
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 | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | Dec. 31, 2022 |
Rental property | ||
Land and leasehold interests | $ 474,499 | $ 492,204 |
Buildings and improvements | 2,782,468 | 3,332,315 |
Tenant improvements | 30,908 | 122,509 |
Furniture, fixtures and equipment | 103,613 | 99,094 |
Gross investment in rental property | 3,391,488 | 4,046,122 |
Less – accumulated depreciation and amortization | (443,781) | (631,910) |
Total investment in rental property | 2,947,707 | 3,414,212 |
Real estate held for sale, net | 58,608 | 193,933 |
Net investment in rental property | 3,006,315 | 3,608,145 |
Cash and cash equivalents | 28,007 | 26,782 |
Restricted cash | 26,572 | 20,867 |
Investments in unconsolidated joint ventures | 117,954 | 126,158 |
Unbilled rents receivable, net | 5,500 | 39,734 |
Deferred charges and other assets, net | 53,956 | 96,162 |
Accounts receivable | 2,742 | 2,920 |
Total assets | 3,241,046 | 3,920,768 |
LIABILITIES AND EQUITY | ||
Mortgages, loans payable and other obligations, net | 1,853,897 | 1,903,977 |
Dividends and distributions payable | 5,540 | 110 |
Accounts payable, accrued expenses and other liabilities | 55,492 | 72,041 |
Rents received in advance and security deposits | 14,985 | 22,941 |
Accrued interest payable | 6,580 | 7,131 |
Total liabilities | 1,936,494 | 2,006,200 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 24,999 | 515,231 |
Veris Residential, Inc. stockholders’ equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 92,229,424 and 91,141,649 shares outstanding | 922 | 911 |
Additional paid-in capital | 2,553,060 | 2,532,182 |
Dividends in excess of net earnings | (1,418,312) | (1,301,385) |
Accumulated other comprehensive income | 1,808 | 3,977 |
Total Veris Residential, Inc. stockholders’ equity | 1,137,478 | 1,235,685 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 107,206 | 126,109 |
Consolidated joint ventures | 34,869 | 37,543 |
Total noncontrolling interests in subsidiaries | 142,075 | 163,652 |
Total equity | 1,279,553 | 1,399,337 |
Total liabilities and equity | $ 3,241,046 | $ 3,920,768 |
VERIS RESIDENTIAL, INC. AND S_2
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 92,229,424 | 91,141,649 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | |||
Total revenues | $ 279,859 | $ 233,448 | $ 194,645 |
EXPENSES | |||
Real estate taxes | 40,810 | 39,112 | 28,818 |
Utilities | 9,922 | 8,921 | 8,307 |
Operating services | 57,925 | 52,797 | 45,460 |
Real estate services expenses | 14,188 | 10,549 | 12,858 |
General and administrative | 44,472 | 56,014 | 56,977 |
Transaction-related costs | 7,627 | 3,468 | 12,208 |
Depreciation and amortization | 93,589 | 85,434 | 68,506 |
Property impairments | 32,516 | 0 | 0 |
Land and other impairments, net | 9,324 | 9,368 | 23,719 |
Total expenses | 310,373 | 265,663 | 256,853 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (89,355) | (66,381) | (47,505) |
Interest cost of mandatorily redeemable noncontrolling interests | (49,782) | 0 | 0 |
Interest and other investment income (loss) | 5,515 | 729 | 524 |
Equity in earnings (loss) of unconsolidated joint ventures | 3,102 | 1,200 | (4,250) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 0 | 0 | 3,023 |
Gain on disposition of developable land | 7,068 | 57,262 | 2,115 |
Loss on sale of unconsolidated joint venture interests | 0 | 0 | (1,886) |
Loss from extinguishment of debt, net | (5,606) | (129) | (47,078) |
Other income, net | 2,871 | 0 | 0 |
Total other income (expense), net | (126,187) | (7,319) | (95,057) |
Loss from continuing operations before income tax expense | (156,701) | (39,534) | (157,265) |
Provision for income taxes | (492) | 0 | 0 |
Loss from continuing operations after income tax expense | (157,193) | (39,534) | (157,265) |
Discontinued operations: | |||
Income (Loss) from discontinued operations | 3,150 | (64,704) | 22,174 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | 69,353 | 25,552 |
Total discontinued operations, net | 44,832 | 4,649 | 47,726 |
Net loss | (112,361) | (34,885) | (109,539) |
Noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 14,267 | 5,652 | 16,212 |
Noncontrolling interests in Operating Partnership in discontinued operations | (3,872) | (378) | (4,333) |
Redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Net loss available to common shareholders | $ (107,265) | $ (52,066) | $ (119,042) |
Basic earnings per common share: | |||
Loss from continuing operations (in dollars per share) | $ (1.66) | $ (0.68) | $ (1.87) |
Discontinued operations (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | (1.22) | (0.63) | (1.39) |
Diluted earnings per common share: | |||
Loss from continuing operations (in dollars per share) | (1.66) | (0.68) | (1.87) |
Discontinued operations (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | $ (1.22) | $ (0.63) | $ (1.39) |
Basic weighted average shares outstanding (in shares) | 91,883 | 91,046 | 90,839 |
Diluted weighted average shares outstanding (in shares) | 100,812 | 100,265 | 99,893 |
Revenue from leases | |||
REVENUES | |||
Total revenues | $ 252,144 | $ 206,052 | $ 162,082 |
Real estate services | |||
REVENUES | |||
Total revenues | 3,868 | 3,581 | 9,596 |
Parking income | |||
REVENUES | |||
Total revenues | 18,036 | 15,819 | 12,274 |
Other income | |||
REVENUES | |||
Total revenues | $ 5,811 | $ 7,996 | $ 10,693 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (112,361) | $ (34,885) | $ (109,539) |
Other comprehensive income (loss): | |||
Net unrealized (loss) gain on derivative instruments for interest rate caps | (2,375) | 4,366 | 10 |
Comprehensive loss | (114,736) | (30,519) | (109,529) |
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Comprehensive income attributable to redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Comprehensive loss attributable to noncontrolling interests in Operating Partnership | 10,601 | 4,876 | 11,878 |
Comprehensive loss attributable to common shareholders | $ (109,434) | $ (48,098) | $ (119,033) |
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, 2020 | 90,712,000 | |||||
Beginning balance 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 (loss) income | (109,539) | (119,042) | 9,503 | |||
Units 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 | $ 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 | 90,948,000 | |||||
Ending balance 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 (loss) income | (34,885) | (52,066) | 17,181 | |||
Units 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 | $ 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 | ||||
Ending balance at Dec. 31, 2022 | $ 1,399,337 | $ 911 | 2,532,182 | (1,301,385) | 3,977 | 163,652 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (112,361) | (107,265) | (5,096) | |||
Shares issued under ATM Program, net | (540) | (540) | ||||
Common stock dividends | (9,662) | (9,662) | ||||
Units Distributions | (891) | (891) | ||||
Redeemable noncontrolling interests | (12,595) | (4,516) | (8,079) | |||
Change in noncontrolling interests in consolidated joint ventures | (885) | (530) | (355) | |||
Redemption of common units for common stock (in shares) | 821,000 | |||||
Redemption of common units for common stock | 0 | $ 8 | 11,363 | (11,371) | ||
Redemption of common units | (142) | (142) | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 4 | 4 | ||||
Directors' deferred compensation plan (in shares) | 21,000 | |||||
Directors' deferred compensation plan | 394 | 394 | ||||
Stock compensation (in shares) | 284,000 | |||||
Stock compensation | 19,876 | $ 3 | 19,386 | 487 | ||
Cancellation of restricted shares (in shares) | (39,000) | |||||
Cancellation of restricted shares | (607) | (607) | ||||
Other comprehensive income (loss) | (2,375) | (2,169) | (206) | |||
Rebalancing of ownership percentage between parent and subsidiaries | $ 0 | (4,076) | 4,076 | |||
Ending balance (in shares) at Dec. 31, 2023 | 92,229,424 | 92,229,000 | ||||
Ending balance at Dec. 31, 2023 | $ 1,279,553 | $ 922 | $ 2,553,060 | $ (1,418,312) | $ 1,808 | $ 142,075 |
VERIS RESIDENTIAL, INC. AND S_6
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | $ (112,361) | $ (34,885) | $ (109,539) | ||||
Net income from discontinued operations | (44,832) | (4,649) | (47,726) | ||||
Net loss from continuing operations | (157,193) | (39,534) | (157,265) | ||||
Adjustments to reconcile net income (loss) to net cash provided by | |||||||
Depreciation and amortization, including related intangible assets | 93,542 | 85,425 | 68,525 | ||||
Amortization of directors deferred compensation stock units | 394 | 440 | 314 | ||||
Amortization of stock compensation | 19,876 | 13,767 | 10,847 | ||||
Amortization of deferred financing costs | 4,416 | 4,394 | 3,652 | ||||
Amortization of debt discount and mark-to-market | 0 | 0 | 232 | ||||
Equity in (earnings) loss of unconsolidated joint ventures | (3,102) | (1,200) | 4,250 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 0 | 13 | 759 | ||||
Write-off transaction-related costs | 0 | 0 | 7,922 | ||||
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | 0 | 0 | (3,023) | ||||
Gain on disposition of developable land | (7,068) | (57,262) | (2,115) | ||||
Property impairments | 32,516 | 0 | 0 | ||||
Land and other impairments, net | 9,324 | 9,368 | 23,719 | ||||
Loss from sale of investment in unconsolidated joint venture | 0 | 0 | 1,886 | ||||
Loss from extinguishment of debt | 5,606 | 129 | 47,078 | ||||
Gain on insurance proceeds | (2,871) | 0 | 0 | ||||
Interest cost of mandatorily redeemable noncontrolling interests | 49,782 | 0 | 0 | ||||
Changes in operating assets and liabilities: | |||||||
Decrease (Increase) in unbilled rents receivable, net | 2,826 | 3,567 | (1,928) | ||||
Decrease (Increase) in deferred charges and other assets | 2,081 | (5,050) | (1,401) | ||||
Decrease (Increase) in accounts receivable, net | 215 | (609) | 157 | ||||
(Decrease) Increase in accounts payable, accrued expenses and other liabilities | (4,263) | 1,496 | (8,086) | ||||
Increase in rents received in advance and security deposits | 202 | 3,040 | 1,050 | ||||
Increase in accrued interest payable | 42 | 2,152 | 280 | ||||
Net cash flows provided by (used in) operating activities - continuing operations | 46,325 | 20,136 | (3,147) | ||||
Net cash flows (used in) provided by operating activities - discontinued operations | (785) | 46,318 | 59,262 | ||||
Net cash provided by operating activities | 45,540 | 66,454 | 56,115 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | 0 | (130,500) | 0 | ||||
Rental property additions and improvements | (12,464) | (16,784) | (41,632) | ||||
Development of rental property, other related costs and deposits | (8,395) | (45,817) | (154,926) | ||||
Proceeds from the sales of rental property and developable land | 23,035 | 153,015 | 52,391 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 0 | 0 | 3,865 | ||||
Repayment of notes receivable | 1,303 | 2,926 | 7,257 | ||||
Investment in unconsolidated joint ventures | (762) | (162) | (1,280) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 12,068 | 13,132 | 15,703 | ||||
Proceeds from insurance settlements | 3,812 | 0 | 0 | ||||
Other investing activities | 1,030 | 0 | 0 | ||||
Net cash provided by (used in) investing activities - continuing operations | 19,627 | (24,190) | (118,622) | ||||
Net cash provided by investing activities - discontinued operations | 560,023 | 244,278 | 564,851 | ||||
Net cash provided by investing activities | 579,650 | 220,088 | 446,229 | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 81,000 | 102,000 | 196,000 | ||||
Repayment of revolving credit facility | (81,000) | (250,000) | (73,000) | ||||
Borrowings from term loans | 115,000 | 0 | 150,000 | ||||
Repayment of term loans | (115,000) | 0 | (150,000) | ||||
Repayment of senior unsecured notes | 0 | 0 | (573,727) | ||||
Proceeds from mortgages and loans payable | 399,561 | 154,720 | 226,422 | ||||
Repayment of mortgages, loans payable and other obligations | (442,066) | (245,522) | (192,995) | ||||
Redemption of redeemable noncontrolling interests, net | (535,488) | (12,000) | 0 | ||||
Payment of early debt extinguishment costs | (255) | (5,140) | (49,874) | ||||
Common unit redemptions | (142) | (2,692) | (898) | ||||
Payment of financing costs | (16,158) | (6,037) | (8,874) | ||||
Contributions from noncontrolling interests | 84 | 24 | 207 | ||||
Distributions to noncontrolling interests | (409) | 0 | 0 | ||||
Distributions to redeemable noncontrolling interests | (17,121) | (25,640) | (25,977) | ||||
Payment of common dividends and distributions | (5,123) | (61) | (475) | ||||
Share issuance proceeds (costs), net | (540) | 0 | 0 | ||||
Other financing activities | (603) | 0 | 0 | ||||
Net cash used in financing activities | (618,260) | (290,348) | (503,191) | ||||
Net increase (decrease) in cash and cash equivalents | 6,930 | (3,806) | (847) | ||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | 47,649 | [2] | 51,455 | [2] | 52,302 | |
Cash, cash equivalents and restricted cash, end of period | [2] | $ 54,579 | $ 47,649 | [1] | $ 51,455 | [1] | |
[1] Includes Restricted Cash of $20,867, $19,701 and $14,207 as of December 31, 2022, 2021 and 2020, respectively. Includes Restricted Cash of $26,572, $20,867 and $19,701 as of December 31, 2023, 2022 and 2021, respectively. |
VERIS RESIDENTIAL, INC. AND S_7
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Cash Flows [Abstract] | ||||
Restricted cash | $ 26,572 | $ 20,867 | $ 19,701 | $ 14,207 |
VERIS RESIDENTIAL, L.P. AND SUB
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Rental property | ||
Land and leasehold interests | $ 474,499 | $ 492,204 |
Buildings and improvements | 2,782,468 | 3,332,315 |
Tenant improvements | 30,908 | 122,509 |
Furniture, fixtures and equipment | 103,613 | 99,094 |
Gross investment in rental property | 3,391,488 | 4,046,122 |
Less – accumulated depreciation and amortization | (443,781) | (631,910) |
Total investment in rental property | 2,947,707 | 3,414,212 |
Real estate held for sale, net | 58,608 | 193,933 |
Net investment in rental property | 3,006,315 | 3,608,145 |
Cash and cash equivalents | 28,007 | 26,782 |
Restricted cash | 26,572 | 20,867 |
Investments in unconsolidated joint ventures | 117,954 | 126,158 |
Unbilled rents receivable, net | 5,500 | 39,734 |
Deferred charges and other assets, net | 53,956 | 96,162 |
Accounts receivable | 2,742 | 2,920 |
Total assets | 3,241,046 | 3,920,768 |
LIABILITIES AND EQUITY | ||
Mortgages, loans payable and other obligations, net | 1,853,897 | 1,903,977 |
Dividends payable | 5,540 | 110 |
Accounts payable, accrued expenses and other liabilities | 55,492 | 72,041 |
Rents received in advance and security deposits | 14,985 | 22,941 |
Accrued interest payable | 6,580 | 7,131 |
Total liabilities | 1,936,494 | 2,006,200 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 24,999 | 515,231 |
Partners’ Capital: | ||
Accumulated other comprehensive income | 1,808 | 3,977 |
Total liabilities and equity | 3,241,046 | 3,920,768 |
VERIS RESIDENTIAL, L.P. | ||
Rental property | ||
Land and leasehold interests | 474,499 | 492,204 |
Buildings and improvements | 2,782,468 | 3,332,315 |
Tenant improvements | 30,908 | 122,509 |
Furniture, fixtures and equipment | 103,613 | 99,094 |
Gross investment in rental property | 3,391,488 | 4,046,122 |
Less – accumulated depreciation and amortization | (443,781) | (631,910) |
Total investment in rental property | 2,947,707 | 3,414,212 |
Real estate held for sale, net | 58,608 | 193,933 |
Net investment in rental property | 3,006,315 | 3,608,145 |
Cash and cash equivalents | 28,007 | 26,782 |
Restricted cash | 26,572 | 20,867 |
Investments in unconsolidated joint ventures | 117,954 | 126,158 |
Unbilled rents receivable, net | 5,500 | 39,734 |
Deferred charges and other assets, net | 53,956 | 96,162 |
Accounts receivable | 2,742 | 2,920 |
Total assets | 3,241,046 | 3,920,768 |
LIABILITIES AND EQUITY | ||
Mortgages, loans payable and other obligations, net | 1,853,897 | 1,903,977 |
Dividends payable | 5,540 | 110 |
Accounts payable, accrued expenses and other liabilities | 55,492 | 72,041 |
Rents received in advance and security deposits | 14,985 | 22,941 |
Accrued interest payable | 6,580 | 7,131 |
Total liabilities | 1,936,494 | 2,006,200 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 24,999 | 515,231 |
Partners’ Capital: | ||
General Partner, 92,229,424 and 91,141,649 common units outstanding | 1,071,973 | 1,163,935 |
Limited partners, 8,692,561 and 9,301,521 common units/LTIPs outstanding | 170,903 | 193,882 |
Accumulated other comprehensive income | 1,808 | 3,977 |
Total Veris Residential, L.P. partners’ capital | 1,244,684 | 1,361,794 |
Noncontrolling interests in consolidated joint ventures | 34,869 | 37,543 |
Total equity | 1,279,553 | 1,399,337 |
Total liabilities and equity | $ 3,241,046 | $ 3,920,768 |
VERIS RESIDENTIAL, L.P. AND S_2
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - VERIS RESIDENTIAL, L.P. - shares | Dec. 31, 2023 | Dec. 31, 2022 |
General Partner common units outstanding (in shares) | 92,229,424 | 91,141,649 |
Limited partners common units outstanding (in shares) | 8,692,561 | 9,301,521 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | |||
Total revenues | $ 279,859 | $ 233,448 | $ 194,645 |
EXPENSES | |||
Real estate taxes | 40,810 | 39,112 | 28,818 |
Utilities | 9,922 | 8,921 | 8,307 |
Operating services | 57,925 | 52,797 | 45,460 |
Real estate services expenses | 14,188 | 10,549 | 12,858 |
General and administrative | 44,472 | 56,014 | 56,977 |
Transaction-related costs | 7,627 | 3,468 | 12,208 |
Depreciation and amortization | 93,589 | 85,434 | 68,506 |
Property impairments | 32,516 | 0 | 0 |
Land and other impairments, net | 9,324 | 9,368 | 23,719 |
Total expenses | 310,373 | 265,663 | 256,853 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (89,355) | (66,381) | (47,505) |
Interest cost of mandatorily redeemable noncontrolling interests | (49,782) | 0 | 0 |
Interest and other investment income (loss) | 5,515 | 729 | 524 |
Equity in earnings (loss) of unconsolidated joint ventures | 3,102 | 1,200 | (4,250) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 0 | 0 | 3,023 |
Gain on disposition of developable land | 7,068 | 57,262 | 2,115 |
Loss on sale of unconsolidated joint venture interests | 0 | 0 | (1,886) |
Loss from extinguishment of debt, net | (5,606) | (129) | (47,078) |
Other income, net | 2,871 | 0 | 0 |
Total other income (expense), net | (126,187) | (7,319) | (95,057) |
Loss from continuing operations before income tax expense | (156,701) | (39,534) | (157,265) |
Provision for income taxes | (492) | 0 | 0 |
Loss from continuing operations after income tax expense | (157,193) | (39,534) | (157,265) |
Discontinued operations: | |||
Income (Loss) from discontinued operations | 3,150 | (64,704) | 22,174 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | 69,353 | 25,552 |
Total discontinued operations, net | 44,832 | 4,649 | 47,726 |
Net loss | (112,361) | (34,885) | (109,539) |
Noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Net loss available to common shareholders | $ (107,265) | $ (52,066) | $ (119,042) |
Basic earnings per common share: | |||
Loss from continuing operations (in dollars per share) | $ (1.66) | $ (0.68) | $ (1.87) |
Discontinued operations (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | (1.22) | (0.63) | (1.39) |
Diluted earnings per common share: | |||
Loss from continuing operations (in dollars per share) | (1.66) | (0.68) | (1.87) |
Discontinued operations (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | $ (1.22) | $ (0.63) | $ (1.39) |
Revenue from leases | |||
REVENUES | |||
Total revenues | $ 252,144 | $ 206,052 | $ 162,082 |
Real estate services | |||
REVENUES | |||
Total revenues | 3,868 | 3,581 | 9,596 |
Parking income | |||
REVENUES | |||
Total revenues | 18,036 | 15,819 | 12,274 |
Other income | |||
REVENUES | |||
Total revenues | 5,811 | 7,996 | 10,693 |
VERIS RESIDENTIAL, L.P. | |||
REVENUES | |||
Total revenues | 279,859 | 233,448 | 194,645 |
EXPENSES | |||
Real estate taxes | 40,810 | 39,112 | 28,818 |
Utilities | 9,922 | 8,921 | 8,307 |
Operating services | 57,925 | 52,797 | 45,460 |
Real estate services expenses | 14,188 | 10,549 | 12,858 |
General and administrative | 44,472 | 56,014 | 56,977 |
Transaction-related costs | 7,627 | 3,468 | 12,208 |
Depreciation and amortization | 93,589 | 85,434 | 68,506 |
Property impairments | 32,516 | 0 | 0 |
Land and other impairments, net | 9,324 | 9,368 | 23,719 |
Total expenses | 310,373 | 265,663 | 256,853 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (89,355) | (66,381) | (47,505) |
Interest cost of mandatorily redeemable noncontrolling interests | (49,782) | 0 | 0 |
Interest and other investment income (loss) | 5,515 | 729 | 524 |
Equity in earnings (loss) of unconsolidated joint ventures | 3,102 | 1,200 | (4,250) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 0 | 0 | 3,023 |
Gain on disposition of developable land | 7,068 | 57,262 | 2,115 |
Loss on sale of unconsolidated joint venture interests | 0 | 0 | (1,886) |
Loss from extinguishment of debt, net | (5,606) | (129) | (47,078) |
Other income, net | 2,871 | 0 | 0 |
Total other income (expense), net | (126,187) | (7,319) | (95,057) |
Loss from continuing operations before income tax expense | (156,701) | (39,534) | (157,265) |
Provision for income taxes | (492) | 0 | 0 |
Loss from continuing operations after income tax expense | (157,193) | (39,534) | (157,265) |
Discontinued operations: | |||
Income (Loss) from discontinued operations | 3,150 | (64,704) | 22,174 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | 69,353 | 25,552 |
Total discontinued operations, net | 44,832 | 4,649 | 47,726 |
Net loss | (112,361) | (34,885) | (109,539) |
Noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Net loss available to common shareholders | $ (117,660) | $ (57,340) | $ (130,921) |
Basic earnings per common share: | |||
Loss from continuing operations (in dollars per share) | $ (1.66) | $ (0.68) | $ (1.87) |
Discontinued operations (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | (1.22) | (0.63) | (1.39) |
Diluted earnings per common share: | |||
Loss from continuing operations (in dollars per share) | (1.66) | (0.68) | (1.87) |
Discontinued operations (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | $ (1.22) | $ (0.63) | $ (1.39) |
Basic weighted average units outstanding (in shares) | 100,812 | 100,265 | 99,893 |
Diluted weighted average units outstanding (in shares) | 100,812 | 100,265 | 99,893 |
VERIS RESIDENTIAL, L.P. | Revenue from leases | |||
REVENUES | |||
Total revenues | $ 252,144 | $ 206,052 | $ 162,082 |
VERIS RESIDENTIAL, L.P. | Real estate services | |||
REVENUES | |||
Total revenues | 3,868 | 3,581 | 9,596 |
VERIS RESIDENTIAL, L.P. | Parking income | |||
REVENUES | |||
Total revenues | 18,036 | 15,819 | 12,274 |
VERIS RESIDENTIAL, L.P. | Other income | |||
REVENUES | |||
Total revenues | $ 5,811 | $ 7,996 | $ 10,693 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss | $ (112,361) | $ (34,885) | $ (109,539) |
Other comprehensive income (loss): | |||
Net unrealized (loss) gain on derivative instruments for interest rate caps | (2,375) | 4,366 | 10 |
Comprehensive loss | (114,736) | (30,519) | (109,529) |
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Comprehensive income attributable to redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Comprehensive loss attributable to common shareholders | (109,434) | (48,098) | (119,033) |
VERIS RESIDENTIAL, L.P. | |||
Net loss | (112,361) | (34,885) | (109,539) |
Other comprehensive income (loss): | |||
Net unrealized (loss) gain on derivative instruments for interest rate caps | (2,375) | 4,366 | 10 |
Comprehensive loss | (114,736) | (30,519) | (109,529) |
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Comprehensive income attributable to redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Comprehensive loss attributable to common shareholders | $ (120,035) | $ (52,974) | $ (130,911) |
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. | Accumulated Other Comprehensive Income (Loss) VERIS RESIDENTIAL, L.P. | 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, 2020 | 90,712,000 | 9,649,000 | ||||||
Beginning balance at Dec. 31, 2020 | $ 1,592,380 | $ 0 | $ 1,330,048 | $ 217,560 | $ 44,772 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net (loss) income | $ (109,539) | (109,539) | (119,042) | (11,879) | 21,382 | |||
Units Distributions | 645 | 645 | 0 | 645 | ||||
Redeemable noncontrolling interests | (33,993) | (33,993) | (7,290) | (726) | (25,977) | |||
Change in noncontrolling interests in consolidated joint ventures | 206 | 206 | 206 | |||||
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 | 2,716 | (2,716) | |||||
Vested LTIP units (in shares) | 65,176 | 270,000 | ||||||
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 (in shares) | 0 | |||||||
Cancellation of restricted shares | 123 | 123 | 123 | 0 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 90,948,000 | 9,013,000 | ||||||
Ending balance at Dec. 31, 2021 | 1,449,418 | 9 | 1,211,790 | 197,236 | 40,383 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net (loss) income | (34,885) | (34,885) | (52,066) | (5,274) | 22,455 | |||
Units Distributions | 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 | |||||
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 | $ 0 | 161 | (161) | ||||
Vested LTIP units (in shares) | 181,000 | 410,000 | ||||||
Redemption of limited partners common units (in shares) | (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 | 0 | ||||
Ending balance (in shares) at Dec. 31, 2022 | 91,141,649 | 91,142,000 | 9,301,000 | |||||
Ending balance at Dec. 31, 2022 | 1,399,337 | 3,977 | 1,163,935 | 193,882 | 37,543 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Net (loss) income | $ (112,361) | (112,361) | (107,265) | (10,395) | 5,299 | |||
Shares issued under ATM Program, net | (540) | (540) | ||||||
Units Distributions | (891) | (10,553) | (9,662) | (891) | ||||
Redeemable noncontrolling interests | (12,595) | (12,595) | (4,516) | (461) | (7,618) | |||
Change in noncontrolling interests in consolidated joint ventures | (885) | $ (885) | (530) | (355) | ||||
Redemption of limited partner common units for shares of general partner common units (in shares) | 821,000 | (821,000) | ||||||
Redemption of limited partner common units for shares of general partner common units | $ 0 | 11,371 | (11,371) | |||||
Vested LTIP units (in shares) | (231,519) | 221,000 | ||||||
Redemption of limited partners common units (in shares) | (9,229) | (820,540) | (8,000) | |||||
Redemption of limited partners common units | $ (142) | $ (142) | (142) | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 4 | 4 | 4 | |||||
Directors' deferred compensation plan (in shares) | 21,000 | |||||||
Directors' deferred compensation plan | 394 | 394 | 394 | |||||
Other comprehensive income (loss) | (2,375) | (2,375) | (2,169) | (206) | ||||
Stock compensation (in shares) | 284,000 | |||||||
Stock compensation | 19,876 | 19,876 | 19,389 | 487 | ||||
Cancellation of restricted shares (in shares) | (39,000) | |||||||
Cancellation of restricted shares | $ 607 | 607 | 607 | |||||
Ending balance (in shares) at Dec. 31, 2023 | 92,229,424 | 92,229,000 | 8,693,000 | |||||
Ending balance at Dec. 31, 2023 | $ 1,279,553 | $ 1,808 | $ 1,071,973 | $ 170,903 | $ 34,869 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | $ (112,361) | $ (34,885) | $ (109,539) | ||||
Net income from discontinued operations | (44,832) | (4,649) | (47,726) | ||||
Net loss from continuing operations | (157,193) | (39,534) | (157,265) | ||||
Adjustments to reconcile net income (loss) to net cash provided by | |||||||
Depreciation and amortization, including related intangible assets | 93,542 | 85,425 | 68,525 | ||||
Amortization of directors deferred compensation stock units | 394 | 440 | 314 | ||||
Amortization of stock compensation | 19,876 | 13,767 | 10,847 | ||||
Amortization of deferred financing costs | 4,416 | 4,394 | 3,652 | ||||
Amortization of debt discount and mark-to-market | 0 | 0 | 232 | ||||
Equity in (earnings) loss of unconsolidated joint ventures | (3,102) | (1,200) | 4,250 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 0 | 13 | 759 | ||||
Write-off transaction-related costs | 0 | 0 | 7,922 | ||||
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | 0 | 0 | (3,023) | ||||
Gain on disposition of developable land | (7,068) | (57,262) | (2,115) | ||||
Property impairments | 32,516 | 0 | 0 | ||||
Land and other impairments, net | 9,324 | 9,368 | 23,719 | ||||
Loss from sale of investment in unconsolidated joint venture | 0 | 0 | 1,886 | ||||
Loss from extinguishment of debt | 5,606 | 129 | 47,078 | ||||
Gain on insurance proceeds | (2,871) | 0 | 0 | ||||
Interest cost of mandatorily redeemable noncontrolling interests | 49,782 | 0 | 0 | ||||
Changes in operating assets and liabilities: | |||||||
Decrease (Increase) in unbilled rents receivable, net | 2,826 | 3,567 | (1,928) | ||||
Decrease (Increase) in deferred charges and other assets | 2,081 | (5,050) | (1,401) | ||||
Decrease (Increase) in accounts receivable, net | 215 | (609) | 157 | ||||
(Decrease) Increase in accounts payable, accrued expenses and other liabilities | (4,263) | 1,496 | (8,086) | ||||
Increase in rents received in advance and security deposits | 202 | 3,040 | 1,050 | ||||
Increase in accrued interest payable | 42 | 2,152 | 280 | ||||
Net cash flows provided by (used in) operating activities - continuing operations | 46,325 | 20,136 | (3,147) | ||||
Net cash flows (used in) provided by operating activities - discontinued operations | (785) | 46,318 | 59,262 | ||||
Net cash provided by operating activities | 45,540 | 66,454 | 56,115 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | 0 | (130,500) | 0 | ||||
Rental property additions and improvements | (12,464) | (16,784) | (41,632) | ||||
Development of rental property, other related costs and deposits | (8,395) | (45,817) | (154,926) | ||||
Proceeds from the sales of rental property and developable land | 23,035 | 153,015 | 52,391 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 0 | 0 | 3,865 | ||||
Repayment of notes receivable | 1,303 | 2,926 | 7,257 | ||||
Investment in unconsolidated joint ventures | (762) | (162) | (1,280) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 12,068 | 13,132 | 15,703 | ||||
Proceeds from insurance settlements | 3,812 | 0 | 0 | ||||
Other investing activities | 1,030 | 0 | 0 | ||||
Net cash provided by (used in) investing activities - continuing operations | 19,627 | (24,190) | (118,622) | ||||
Net cash provided by investing activities - discontinued operations | 560,023 | 244,278 | 564,851 | ||||
Net cash provided by investing activities | 579,650 | 220,088 | 446,229 | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 81,000 | 102,000 | 196,000 | ||||
Repayment of revolving credit facility | (81,000) | (250,000) | (73,000) | ||||
Borrowings from term loans | 115,000 | 0 | 150,000 | ||||
Repayment of term loans | (115,000) | 0 | (150,000) | ||||
Repayment of senior unsecured notes | 0 | 0 | (573,727) | ||||
Proceeds from mortgages and loans payable | 399,561 | 154,720 | 226,422 | ||||
Repayment of mortgages, loans payable and other obligations | (442,066) | (245,522) | (192,995) | ||||
Redemption of redeemable noncontrolling interests, net | (535,488) | (12,000) | 0 | ||||
Payment of early debt extinguishment costs | (255) | (5,140) | (49,874) | ||||
Common unit redemptions | (142) | (2,692) | (898) | ||||
Payment of financing costs | (16,158) | (6,037) | (8,874) | ||||
Contributions from noncontrolling interests | 84 | 24 | 207 | ||||
Distributions to noncontrolling interests | (409) | 0 | 0 | ||||
Distributions to redeemable noncontrolling interests | (17,121) | (25,640) | (25,977) | ||||
Payment of common dividends and distributions | (5,123) | (61) | (475) | ||||
Share issuance proceeds (costs), net | (540) | 0 | 0 | ||||
Other financing activities | (603) | 0 | 0 | ||||
Net cash used in financing activities | (618,260) | (290,348) | (503,191) | ||||
Net increase (decrease) in cash and cash equivalents | 6,930 | (3,806) | (847) | ||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | 47,649 | [2] | 51,455 | [2] | 52,302 | |
Cash, cash equivalents and restricted cash, end of period | [2] | 54,579 | 47,649 | [1] | 51,455 | [1] | |
VERIS RESIDENTIAL, L.P. | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | (112,361) | (34,885) | (109,539) | ||||
Net income from discontinued operations | (44,832) | (4,649) | (47,726) | ||||
Net loss from continuing operations | (157,193) | (39,534) | (157,265) | ||||
Adjustments to reconcile net income (loss) to net cash provided by | |||||||
Depreciation and amortization, including related intangible assets | 93,542 | 85,425 | 68,525 | ||||
Amortization of directors deferred compensation stock units | 394 | 440 | 314 | ||||
Amortization of stock compensation | 19,876 | 13,767 | 10,847 | ||||
Amortization of deferred financing costs | 4,416 | 4,394 | 3,652 | ||||
Amortization of debt discount and mark-to-market | 0 | 0 | 232 | ||||
Equity in (earnings) loss of unconsolidated joint ventures | (3,102) | (1,200) | 4,250 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 0 | 13 | 759 | ||||
Write-off transaction-related costs | 0 | 0 | 7,922 | ||||
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | 0 | 0 | (3,023) | ||||
Gain on disposition of developable land | (7,068) | (57,262) | (2,115) | ||||
Property impairments | 32,516 | 0 | 0 | ||||
Land and other impairments, net | 9,324 | 9,368 | 23,719 | ||||
Loss from sale of investment in unconsolidated joint venture | 0 | 0 | 1,886 | ||||
Loss from extinguishment of debt | 5,606 | 129 | 47,078 | ||||
Gain on insurance proceeds | (2,871) | 0 | 0 | ||||
Interest cost of mandatorily redeemable noncontrolling interests | 49,782 | 0 | 0 | ||||
Changes in operating assets and liabilities: | |||||||
Decrease (Increase) in unbilled rents receivable, net | 2,826 | 3,567 | (1,928) | ||||
Decrease (Increase) in deferred charges and other assets | 2,081 | (5,050) | (1,401) | ||||
Decrease (Increase) in accounts receivable, net | 215 | (609) | 157 | ||||
(Decrease) Increase in accounts payable, accrued expenses and other liabilities | (4,263) | 1,496 | (8,086) | ||||
Increase in rents received in advance and security deposits | 202 | 3,040 | 1,050 | ||||
Increase in accrued interest payable | 42 | 2,152 | 280 | ||||
Net cash flows provided by (used in) operating activities - continuing operations | 46,325 | 20,136 | (3,147) | ||||
Net cash flows (used in) provided by operating activities - discontinued operations | (785) | 46,318 | 59,262 | ||||
Net cash provided by operating activities | 45,540 | 66,454 | 56,115 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | 0 | (130,500) | 0 | ||||
Rental property additions and improvements | (12,464) | (16,784) | (41,632) | ||||
Development of rental property, other related costs and deposits | (8,395) | (45,817) | (154,926) | ||||
Proceeds from the sales of rental property and developable land | 23,035 | 153,015 | 52,391 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 0 | 0 | 3,865 | ||||
Repayment of notes receivable | 1,303 | 2,926 | 7,257 | ||||
Investment in unconsolidated joint ventures | (762) | (162) | (1,280) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 12,068 | 13,132 | 15,703 | ||||
Proceeds from insurance settlements | 3,812 | 0 | 0 | ||||
Other investing activities | 1,030 | 0 | 0 | ||||
Net cash provided by (used in) investing activities - continuing operations | 19,627 | (24,190) | (118,622) | ||||
Net cash provided by investing activities - discontinued operations | 560,023 | 244,278 | 564,851 | ||||
Net cash provided by investing activities | 579,650 | 220,088 | 446,229 | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 81,000 | 102,000 | 196,000 | ||||
Repayment of revolving credit facility | (81,000) | (250,000) | (73,000) | ||||
Borrowings from term loans | 115,000 | 0 | 150,000 | ||||
Repayment of term loans | (115,000) | 0 | (150,000) | ||||
Repayment of senior unsecured notes | 0 | 0 | (573,727) | ||||
Proceeds from mortgages and loans payable | 399,561 | 154,720 | 226,422 | ||||
Repayment of mortgages, loans payable and other obligations | (442,066) | (245,522) | (192,995) | ||||
Redemption of redeemable noncontrolling interests, net | (535,488) | (12,000) | 0 | ||||
Payment of early debt extinguishment costs | (255) | (5,140) | (49,874) | ||||
Common unit redemptions | (142) | (2,692) | (898) | ||||
Payment of financing costs | (16,158) | (6,037) | (8,874) | ||||
Contributions from noncontrolling interests | 84 | 24 | 207 | ||||
Distributions to noncontrolling interests | (409) | 0 | 0 | ||||
Distributions to redeemable noncontrolling interests | (17,121) | (25,640) | (25,977) | ||||
Payment of common dividends and distributions | (5,123) | (61) | (475) | ||||
Share issuance proceeds (costs), net | (540) | 0 | 0 | ||||
Other financing activities | (603) | 0 | 0 | ||||
Net cash used in financing activities | (618,260) | (290,348) | (503,191) | ||||
Net increase (decrease) in cash and cash equivalents | 6,930 | (3,806) | (847) | ||||
Cash, cash equivalents and restricted cash, beginning of period | [4] | 47,649 | [3] | 51,455 | [3] | 52,302 | |
Cash, cash equivalents and restricted cash, end of period | [3] | $ 54,579 | $ 47,649 | [4] | $ 51,455 | [4] | |
[1] Includes Restricted Cash of $20,867, $19,701 and $14,207 as of December 31, 2022, 2021 and 2020, respectively. Includes Restricted Cash of $26,572, $20,867 and $19,701 as of December 31, 2023, 2022 and 2021, respectively. Includes Restricted Cash of $26,572, $20,867 and $19,701 as of December 31, 2023, 2022 and 2021, respectively. |
VERIS RESIDENTIAL, L.P. AND S_7
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted cash | $ 26,572 | $ 20,867 | $ 19,701 | $ 14,207 |
VERIS RESIDENTIAL, L.P. | ||||
Restricted cash | $ 26,572 | $ 20,867 | $ 19,701 | $ 14,207 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
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 91.4 and 90.7 percent common unit interest in the Operating Partnership as of December 31, 2023 and 2022, respectively. The Company develops, owns and operates predominantly multifamily rental properties located primarily in the Northeast, as well as a portfolio of non-strategic commercial properties and land parcels. The Company recently completed its transition 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, 2023, the Company owned or had interests in 24 multifamily rental properties as well as non-core assets comprised of one office property and four parking/retail properties, plus developable land (collectively, the "Properties"). The Properties are comprised of: (a) 21 wholly-owned or Company-controlled properties, comprised of 17 multifamily properties and four non-core assets, and (b) eight properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and one non-core asset. BASIS OF PRESENTATION The accompanying consolidated financial statements reflect all accounts of the Company, including its 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. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. 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. The Company consolidates variable interest entities ("VIEs") in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have a controlling financial interest. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance; and (2) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company continuously assesses its determination of the primary beneficiary for each entity and assesses reconsideration events that may cause a change in the original determinations. The Operating Partnership is considered a VIE 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, 2023 and 2022, 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., (See Note 14: Redeemable Noncontrolling Interests - Rockpoint Transactions, the Rockpoint interests have been fully redeemed during 2023), have total real estate assets of $449.8 million and $468.1 million, respectively, other assets of $6.7 million and $6.0 million, respectively, mortgages of $285.2 million and $285.5 million, respectively, and other liabilities of $14.7 million and $17.3 million, respectively. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("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. 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, 2023, the Company identified and recorded out-of-period adjustments related to stock-based compensation expenses incurred in prior years. These adjustments were deemed not material to our consolidated financial statements for any periods presented resulting in an increase of $2.9 million and $0.6 million in General and Administrative and Operating Services, respectively, with a corresponding increase of Additional paid-in capital. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
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. Where an acquisition has been determined to be an asset acquisition, acquisition-related transaction 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 $0.7 million, $1.5 million and $2.4 million for the years ended December 31, 2023, 2022 and 2021, 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. 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, including property operating performance, changes in anticipated holding period, and general market conditions, that the value of the Company’s rental properties held for use may be impaired. A p roperty’s value is considered impaired when the expected undiscounted cash flows for a property are less than its carrying value. 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 estimated fair value of the property. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. In addition, such cash flow models consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. Real Estate Held for Sale and Discontinued Operations 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 that the disposition will occur within one year and there are no significant contingencies relating to a sale. When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value. If the fair value of the assets, less estimated cost to sell, is less than the carrying value of the assets, an adjustment to the carrying value would be recognized and recorded within the Unrealized gains (losses) on disposition of rental property to reflect the estimated fair value of the assets. The Company will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. 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 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, including the underlying investment property operating performance and general market conditions, 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 fair 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 estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. 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. 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 $4.4 million, $4.8 million and $4.6 million for each of the years ended December 31, 2023, 2022 and 2021, 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 losses from extinguishment of debt, net, of $5.6 million, $7.4 million and $47.1 million for the years ended December 31, 2023, 2022 and 2021 were unamortized deferred financing costs. Deferred Leasing Costs Costs incurred in connection with successfully executed residential and commercial 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 in Land and other impairments, net on the Consolidated Statement of Operations. 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 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. For leases that include rent concessions and/or scheduled fixed and determinable rent increases, revenue from leases is recognized on a straight-line basis over the non-cancellable term of the lease. 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 commercial 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 unconsolidated joint ventures in which the Company is the managing member. Parking income is comprised of income from parking spaces leased to tenants and others. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. The Company reviews its accounts receivables related to rental income and other lease income, including straight-line rent receivable, for collectability. The factors considered by management in determining which individual tenant’s revenues are uncollectible 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. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the uncollectible receivable balances associated with the lease and will only recognize lease income on a cash basis. The Company includes provision for doubtful accounts as a reduction of corresponding revenue account, in accordance with Topic 842. Ground/Office Leases The Company is the lessee under long-term office and ground leases classified as operating leases. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. The Company makes significant assumptions and judgments when determining the discount rate for the lease to calculate the present value of the lease payments. As the rate implicit in the lease is not readily determinable, the Company estimates the incremental borrowing rate (“IBR”) that it would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments in a similar economic environment, over a similar lease term. The Company utilizes a market-based approach to estimate the IBR for each individual lease. The base IBR is estimated utilizing observable mortgage rates, which are then adjusted to account for considerations related to the Company’s credit rating and the lease term to select an incremental borrowing rate for each lease. The lease liabilities and right of use assets are amortized on a straight-line basis over the lease term. See Note 5: Deferred Charges and Other Assets, Net for additional disclosures on the presentation of these amounts in our consolidated balance sheets. 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. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may hold certain assets and generate certain income that a REIT could not otherwise hold or generate. 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. The TRS has sold the hotel during the year ended December 31, 2023. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of temporary differences between book and tax basis of assets and liabilities, and net operating losses. The deferred tax asset balance at December 31, 2023 and 2022, amounted to $31.1 million and $30.7 million, respectively, which has been fully reserved through a valuation allowance. 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, 2023, the Company’s open tax years are from December 31, 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 (loss) 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, using the treasury stock method. 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 As a result of the Company substantially completing its transformation to a pure-play multifamily REIT, as well as the Company’s current estimates of taxable income, the Board of Directors of the General Partner (the "Board of Directors") reinstated a quarterly dividend beginning with the third quarter of 2023. 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. On December 18, 2023, the Company declared a $0.0525 distribution per common share to be payable on January 10, 2024 to shareholders of record as of the close of business on December 29, 2023. At December 31, 2023, the balance of the distributions payable was $5.5 million. The $0.0525 distribution per common share will be reported to shareholders for the year ending December 31, 2024. On July 24, 2023, the Company declared a $0.05 distribution per common share with a payment date of October 10, 2023, to shareholders of record as of the close of business on September 30, 2023. The Company has determined that the total distribution of $0.05 per common share paid during the year ended December 31, 2023 represented 100% return of capital distributions. The dividends and distributions payable at December 31, 2022 represent amounts payable on unvested LTIP units. 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 $19.9 million, $13.8 million and $10.8 million for the years ended December 31, 2023, 2022 and 2021, 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. Redeemable Noncontrolling Interests The Company accounts for noncontrolling interests in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Operations. Redeemable noncontrolling interests that are mandatorily redeemable are classified as Mandatorily redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets, and are measured at the amount of cash that would be paid if settlement occurred at the balance sheet date, with any change from the prior period recognized as interest expense. The carrying amount is not reduced below the initial measurement amount. Provided redeemable noncontrolling interests are not classified as liability based on this guidance, the Company assesses whether they should be classified as mezzanine or permanent equity. The redeemable noncontrolling interests which embody an unconditional obligation requiring the Company to redeem the interests for cash or other assets at a fixed or determinable price on a fixed or determinable date 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. 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 fair value measurement will be based upon the lowest level input that is significant to the fair value measurement. 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. |
INVESTMENTS IN RENTAL PROPERTY
INVESTMENTS IN RENTAL PROPERTY | 12 Months Ended |
Dec. 31, 2023 | |
Investments in Rental Properties [Abstract] | |
INVESTMENTS IN RENTAL PROPERTY | INVESTMENTS IN RENTAL PROPERTY Acquisitions of Rental Property During the year ended December 31, 2022, the Company acquired the following rental property (dollars in thousands): Acquisition Date Property Location Property # of Acquisition 7/21/2022 The James (a) Park Ridge, NJ Multifamily 240 $ 130,308 Totals 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 During the year ended December 31, 2022, the following property commenced initial operations ( dollars in thousands ): 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 were in service. The development costs included approximately $53.4 million in land costs. During the year ended December 31, 2021, the following properties commenced initial operations ( dollars in thousands ): 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 were in service. The development costs included approximately $2.9 million in land costs. (b) As of December 31, 2021, all apartment units were 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. Dispositions of Rental Properties and Developable Land Dispositions during 2023 The Company disposed of the following rental property during the year ended December 31, 2023 (dollars in thousands) : Disposition Property Location # of Rentable Property Net Net Discontinued 02/10/23 XS Hotels Weehawken, New Jersey 2 — Hotel $ 93,358 (a) $ 92,578 $ 780 04/04/23 Harborside 1, 2 and 3 Jersey City, New Jersey 3 1,886,800 Office 362,446 362,304 142 09/13/23 Harborside 6 Jersey City, New Jersey 1 231,856 Office 44,145 43,722 423 10/13/23 23 Main Street Holmdel, New Jersey 1 350,000 Office 15,884 (b) 13,372 2,512 Others (c) 2,184 Unrealized gains (losses) on real estate held for sale (3,630) Totals 7 2,468,656 $ 515,833 $ 511,976 $ 2,411 (a) Included proceeds of $84.0 million used to repay the mortgage loan encumbering the property at closing. (b) Included deposits totaling $1.3 million received by the Company in February and August 2023. (c) Others represent reversals of estimated accrued expenses from previously sold rental properties. The Company disposed of the following developable land during the year ended December 31, 2023 (dollars in thousands): Disposition Property Location Net Net Realized Discontinued 03/17/23 Columbia-Honeywell Morris Township, New Jersey $ 8,214 (a) $ 8,236 $ (22) $ — 10/12/23 3 Campus Parsippany-Troy Hills, New Jersey 13,248 7,847 5,401 — 10/05/23 Harborside 4 Jersey City, New Jersey 53,656 14,385 — 39,271 Others (b) 1,689 — Totals $ 75,118 $ 30,468 $ 7,068 $ 39,271 (a) Included deposits totaling $1.1 million received by the Company in December 2022 and January 2023. (b) Others represent reversals of estimated accrued expenses from previously sold developable land holdings. Dispositions during 2022 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 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 (12,540) Totals 2 1,812,498 $ 550,846 $ 476,630 $ 61,676 (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 during the year ended December 31, 2022 (dollars in thousands): Disposition Property 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) Included non-cash expenses of $2.5 million. Dispositions during 2021 The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands) : Disposition Property 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 41,958 37,951 4,007 — 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 $ 711,271 $ 682,696 $ 3,023 $ 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 during the year ended December 31, 2021 (dollars in thousands): Disposition Property 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 Dispositions of Unconsolidated Joint Venture 2022 — On November 30, 2022, the Company's Hyatt Regency Hotel Jersey City joint venture was sold for $117.0 million and the Company recorded a gain on the sale (included in discontinued operations) 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 (included in discontinued operations) 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 $2.0 million, with no gain or loss on the transaction. Real Estate Held for Sale The following table summarizes the real estate held for sale, net (dollars in thousands) : Year Ended December 31, 2023 2022 Land $ 59,464 $ 92,843 Building & Other 9,688 142,554 Less: Accumulated depreciation — (28,924) Less: Cumulative unrealized losses on property held for sale (10,544) (12,540) Real estate held for sale, net $ 58,608 $ 193,933 As of December 31, 2022, the disposal group for assets classified as held for sale also included $0.4 million and $0.4 million recorded within Unbilled rents receivable, net and Total deferred charges & other assets, net, respectively. 2023 — As of December 31, 2023, the Company had classified as held for sale several developable land parcels, which are located in Jersey City and Parsippany, New Jersey. In January 2024, a land parcel was sold for gross proceeds of $10.2 million. 2022 — As of December 31, 2022, the Company had classified 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. Discontinued Operations The Company has discontinued operations related to its former New Jersey office and hotel portfolio (collectively, the “Office Portfolio”) which represented a strategic shift in the Company’s operations beginning in 2019. See Note 7: Discontinued Operations. |
INVESTMENTS IN UNCONSOLIDATED J
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2023, the Company had an aggregate investment of approximately $118.0 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, 2023, 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, 2023, the outstanding balance of such debt, subject to guarantees, totaled $17.2 million of which $1.5 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 $3.9 million, $3.6 million and $3.4 million for such services in the years ended December 31, 2023, 2022 and 2021, respectively. The Company had $0.7 million and $0.2 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2023 and 2022. As of December 31, 2023, the Company does not have any investments in unconsolidated joint ventures that are considered VIEs. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2023 and 2022 (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 % $ 908 $ 1,747 $ 57,367 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 4,506 5,114 82,000 11/10/26 3.21 % The Capstone at Port Imperial 360 units 40.00 % 21,361 23,234 135,000 12/22/24 SOFR+ 1.20 % Riverpark at Harrison 141 units 45.00 % — — 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,022 32,372 89,440 07/01/33 4.82 % Urby at Harborside (e) 762 units 85.00 % 57,060 61,594 185,742 08/01/29 5.20 % PI North - Land (b) (f) 829 potential units 20.00 % 1,678 1,678 — — — Other Other (g) 419 419 — — — Totals: $ 117,954 $ 126,158 $ 579,741 (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 $34.1 million as of December 31, 2023, bears interest at SOFR +2.85%, matures on October 10, 2024; (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.1 million. On January 10, 2023, the loan was modified bearing interest at SOFR +2.00% and matures on January 9, 2025; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $17.2 million as of December 31, 2023, which bears interest at SOFR +2.00% and matures on February 1, 2024. In January 2024, the joint venture sold the Lofts at 40 Park property and the proceeds were used to repay the $17.2 million loan. (e) 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 formerly guaranteed $22 million of the principal outstanding debt, which on February 1, 2023, the lender released the Company of all obligations under the Guaranty Agreement. (f) 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. (g) 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, 2023, 2022 and 2021 (dollars in thousands) : Year Ended December 31, Entity / Property Name 2023 2022 2021 Multifamily Metropolitan and Lofts at 40 Park (a) $ (1,239) $ (674) $ (801) RiverTrace at Port Imperial 546 356 92 The Capstone at Port Imperial (b) (294) (212) (506) Riverpark at Harrison (c) 540 234 (1,153) Station House (299) (722) (1,647) Urby at Harborside 4,110 2,374 (580) PI North - Land (240) (205) (250) Liberty Landing (d) (22) 36 (40) Office 12 Vreeland Road (e) — — 2 Offices at Crystal Lake (f) — — (113) Other Other — 13 746 Company's equity in earnings (loss) of unconsolidated joint ventures (g) $ 3,102 $ 1,200 $ (4,250) (a) On January 12, 2024, the joint venture sold the Lofts at 40 Park property for a net sale proceeds of $12.1 million of which the Company's share is approximately $6 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) Amounts are net of amortization of basis differences of $618 thousand, $154 thousand and $138 thousand for the year ended December 31, 2023, 2022 and 2021, 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, 2023 and 2022 (dollars in thousands) : December 31, December 31, Assets: Rental Property, net $ 741,932 $ 745,210 Other assets 31,480 39,241 Total assets $ 773,412 $ 784,451 Liabilities and partners'/members' capital: Mortgages and loans payable $ 579,741 $ 587,913 Other liabilities 8,898 15,545 Partners'/members' capital 184,773 180,993 Total liabilities and partners'/members' capital $ 773,412 $ 784,451 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, 2023, 2022 and 2021 (dollars in thousands) : Year Ended December 31, 2023 2022 2021 Total revenues $ 94,272 $ 140,637 $ 173,169 Operating and other expenses (36,045) (81,914) (131,709) Depreciation and amortization (22,341) (25,412) (25,095) Interest expense (30,488) (29,777) (27,145) Net income (loss) $ 5,398 $ 3,534 $ (10,780) |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2023 | |
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 $ 8,324 $ 59,651 Deferred financing costs - revolving credit facility (a) 771 6,684 9,095 66,335 Accumulated amortization (5,063) (30,471) Deferred charges, net 4,032 35,864 Notes receivable (b) 32 1,309 In-place lease values, related intangibles and other assets, net (c)(d) 10,034 12,298 Right of use assets (e) 6,161 2,896 Prepaid expenses and other assets, net 33,697 43,795 Total deferred charges and other assets, net (f) $ 53,956 $ 96,162 (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, balance included an interest-free note receivable with a net present value of $0.2 million which matured in April 2023, and seller-financing of $1.0 million, net of a loan loss allowance of $26.0 thousand, to the buyers of the Metropark portfolio, which matured in May 2023. (c) 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 $0.1 million, $0.2 million and $2.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes, as of December 31, 2023, 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 2024 $ (175) $ 93 $ (82) 2025 (162) 64 (98) 2026 (143) 62 (81) 2027 (124) 26 (98) 2028 (121) 15 (106) (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 $2.0 million, $1.5 million and $2.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes, as of December 31, 2023, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year Acquired In-place Lease Intangibles 2024 $ 310 2025 209 2026 195 2027 127 2028 105 (e) This amount has a corresponding liability of $7.4 million and $3.2 million as of December 31, 2023 and 2022, respectively, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details. 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 caps as part of its interest rate risk management strategy. 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 $3.8 million will be reclassified as a decrease to interest expense. As of December 31, 2023, the Company had four interest rate caps outstanding with a notional amount of $304.5 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, 2023 and 2022 (dollars in thousands) : Fair Value Asset Derivatives designated December 31, December 31, Balance sheet location Interest rate caps $ 5,098 $ 9,808 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 ended December 31, 2023, 2022 and 2021 (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 Total Amount of Interest Expense presented in the Consolidated Statements of Operations Year Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Interest rate caps $ 1,184 $ 5,032 $ 10 Interest expense $ 3,559 $ 666 $ — $ (89,355) $ (66,381) $ (47,505) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. Specifically, the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Restricted cash generally includes resident and tenant 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 $ 9,996 $ 9,175 Escrow and other reserve funds 16,576 11,692 Total restricted cash $ 26,572 $ 20,867 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS As of December 31, 2023, the Company completed the sale of the entire Office Portfolio except for one waterfront office property. As the sale of the Office Portfolio represented a strategic shift in the Company’s operations, the results of these properties that were disposed of or classified as held for sale are being classified as discontinued operations for all periods presented. The following table summarizes income (loss) from discontinued operations and the related realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net, for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2023 2022 2021 Total Revenues $ 21,085 $ 127,541 $ 163,284 Operating and other (expenses) income, net (12,437) (63,157) (83,557) Property impairments — (94,811) (13,467) Depreciation and amortization (5,486) (26,974) (44,086) Loss from extinguishment of debt, net (12) (7,303) — Income (Loss) from discontinued operations 3,150 (64,704) 22,174 Gain on disposition of developable land 39,271 — — Gain on sale of unconsolidated joint venture interests — 7,677 — Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 2,411 61,676 25,552 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 41,682 69,353 25,552 Total discontinued operations, net $ 44,832 $ 4,649 $ 47,726 |
REVOLVING CREDIT FACILITY AND T
REVOLVING CREDIT FACILITY AND TERM LOANS | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
REVOLVING CREDIT FACILITY AND TERM LOANS | REVOLVING CREDIT FACILITY AND TERM LOANS On July 25, 2023, the Company entered into a revolving credit and term loan agreement (“2023 Credit Agreement”) with a group of two lenders that provides for a $60 million senior secured revolving credit facility (the “2023 Revolving Credit Facility”) and a $115 million senior secured term loan facility (the “2023 Term Loan”). On July 25, 2023, the Operating Partnership drew the full $115 million available under the 2023 Term Loan and borrowed $52 million from the 2023 Revolving Credit Facility which proceeds, together with available cash, were used to fund the purchase price under the Rockpoint Purchase Agreement. During the fourth quarter of 2023, the Company fully repaid the remaining balances of the 2023 Term Loan and 2023 Revolving Credit Facility. As of December 31, 2023 and December 31, 2022, the Company had no borrowings outstanding under its term loan and revolving credit facilities. The terms of the 2023 Revolving Credit Facility include: (1) a one-year term ending in July 2024, subject to one six-month extension option; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $60 million; (3) a first priority lien on the unencumbered property known as The James, a 240 unit multi-family residential property located at 87 Madison Avenue, Park Ridge, New Jersey (the “Collateral Pool Property”); and (4) a commitment fee payable quarterly equal to 35 basis points per annum on the daily unused amount of the 2023 Revolving Credit Facility. The terms of the 2023 Term Loan included: (1) a one-year term ending in July 2024, subject to one six-month extension option; (2) a single draw of the term loan commitments up to an aggregate principal amount of $115 million; and (3) a first priority lien in the Collateral Pool Property. Interest on borrowings under the 2023 Revolving Credit Facility and the 2023 Term Loan shall be based on applicable interest rate (the “Interest Rate”) plus a margin ranging from 250 basis points to 350 basis points (the “Applicable Margin”) depending on the Interest Rate elected. The Applicable Margin is subject to automatic increases of 25 basis points every three months. With respect to borrowings under the 2023 Revolving Credit Facility and the 2023 Term Loan, the Interest Rate shall be either (A) the Alternative Base Rate plus the Applicable Margin and/or (B) the Adjusted Term SOFR Rate plus the Applicable Margin or, with respect to the 2023 Revolving Credit Facility only, (C) the Adjusted Daily Effective SOFR Rate plus the Applicable Margin. As used herein: “Alternative Base Rate” means, subject to a floor of 1.00%, the highest of (i) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect (the “Prime Rate”), (ii) the NYFRB Rate from time to time plus 0.50% and (iii) the Adjusted Term SOFR Rate for a one month interest period plus 1%; “Adjusted Term SOFR Rate” means, subject to a floor of 0.0%, the Term SOFR Rate, plus 10 basis points; and “Adjusted Daily Effective SOFR Rate” means, subject to a floor of 0.0%, for any day, the secured overnight financing rate for such business day published by the NYFRB on the NYFRB’s on the immediately succeeding business day (“SOFR”) plus 10 basis points. As of December 31, 2023, the effective interest rate for the 2023 Revolving Credit Facility was SOFR + 3.85%. The General Partner and certain subsidiaries of the Operating Partnership are the guarantors of the obligations of the Operating Partnership under the 2023 Credit Agreement, and certain subsidiaries of the Operating Partnership also granted the lenders a security interest in certain subsidiary guarantors in order to further secure the obligations, liabilities and indebtedness of the Operating Partnership under the 2023 Credit Agreement. The 2023 Credit Agreement 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 (a) the maximum total leverage ratio (65%), (b) the minimum debt service coverage ratio (1.25 times), (c) the minimum tangible net worth ratio (80% of tangible net worth as of July 25, 2023 plus 80% of net cash proceeds of equity issuances by the General Partner or the Operating Partnership), and (d) the maximum unhedged variable rate debt ratio (30%). Subject to certain exceptions, the net proceeds from any property sales are to be used to mandatorily repay the 2023 Term Loan until it is retired. In addition, the 2023 Credit Agreement includes a mandatory cash sweep provision that provides that any cash, cash equivalents or marketable securities of the General Partner or Operating Partnership in excess of $25 million as of the end of the last business day of any calendar week shall be applied to repayment of any outstanding borrowings under the 2023 Credit Agreement. On April 7, 2023, the Company terminated the 2021 Credit Agreement for both the 2021 Credit Facility and 2021 Term Loan. As a result of the termination, the Company wrote off the unamortized deferred financing costs in an amount of $2.7 million during the second quarter of 2023, which is recorded within Loss from extinguishment of debt, net, on the Consolidated Statements of Operations. The Company was in compliance with its debt covenants under its revolving credit facility as of December 31, 2023 |
MORTGAGES, LOANS PAYABLE AND OT
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 17 of the Company’s properties, with a total carrying value of approximately $2.6 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, 2023. A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2023 and 2022 is as follows (dollars in thousands) : Property/Project Name Lender Effective Rate (a) December 31, December 31, Maturity Port Imperial 4/5 Hotel (b) Fifth Third Bank N/A — 84,000 N/A 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 Portside 2 at East Pier (c) 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 Portside at East Pier (d) KKR SOFR+ 2.75 % 56,500 58,998 09/07/26 The Upton (e) Bank of New York Mellon SOFR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square (f) US Bank SOFR+ 1.84 % 63,000 63,000 12/10/26 RiverHouse 9 at Port Imperial (g) JP Morgan SOFR+ 1.41 % 110,000 110,000 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 Haus25 (h) Freddie Mac 6.04 % 343,061 297,324 09/01/28 RiverHouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (i) New York Community Bank 3.77 % 158,777 160,000 07/01/29 Port Imperial Garage South American General Life & A/G PC 4.85 % 31,645 32,166 12/01/29 The Emery at Overlook Ridge (j) New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 1,868,983 1,911,488 Unamortized deferred financing costs (15,086) (7,511) Total mortgages, loans payable and other obligations, net $ 1,853,897 $ 1,903,977 (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) The loan was paid off on disposition of the hotels on February 10, 2023. (c) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (d) On August 10, 2023, the Company refinanced the Freddie Mac fixed rate loan. Additionally, a 3-year cap at a strike rate of 3.5% was placed. (e) As of December 31, 2023, an interest-rate cap agreement was in place for this mortgage loan with a strike rate of 1.0%, expiring in October 2024. (f) On September 30, 2023 the Company placed a 9-month SOFR cap at a strike rate of 4.0%. (g) As of December 31, 2023, an interest-rate cap agreement was in place for this mortgage loan, with a strike rate of 3.0%, expiring in June 2024. (h) On August 15, 2023, the $297 million QuadReal Finance backed construction loan was fully repaid and the existing cap was terminated through refinancing activity. (i) Effective rate reflects the fixed rate period, which ends in July 1, 2024. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually. (j) Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s mortgages, loans payable and other obligations as of December 31, 2023 are as follows (dollars in thousands) : Period Scheduled Amortization Principal Maturities Total 2024 $ 6,076 $ 308,000 $ 314,076 2025 9,487 — 9,487 2026 9,651 536,487 546,138 2027 8,158 305,320 313,478 2028 5,331 343,061 348,392 Thereafter 5,574 331,838 337,412 Sub-total 44,277 1,824,706 1,868,983 Unamortized deferred financing costs (15,086) — (15,086) Totals $ 29,191 $ 1,824,706 $ 1,853,897 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the years ended December 31, 2023, 2022 and 2021 was $81.6 million, $80.3 million and $85.2 million, (of which $1.4 million, $13.3 million and $18.5 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the years ended December 31, 2023, 2022 and 2021 was zero, $12.2 million and $30.5 million, respectively (which amounts included zero, zero and $0.3 million for the years ended December 31, 2023, 2022 and 2021, 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 Balance Weighted Average Interest Rate Fixed Rate & Hedged Debt (a) $ 1,853,897 4.34 % $ 1,757,308 4.27 % Revolving Credit Facility & Other Variable Rate Debt — — % 146,669 6.86 % Totals/Weighted Average: $ 1,853,897 4.34 % $ 1,903,977 4.47 % (a) As of December 31, 2023 and 2022, includes debt with interest rate caps outstanding with a notional amount of $304.5 million and $485.0 million, respectively. |
EMPLOYEE BENEFIT 401(k) PLANS
EMPLOYEE BENEFIT 401(k) PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT 401(k) PLANS | EMPLOYEE BENEFIT 401(k) PLANS |
DISCLOSURE OF FAIR VALUE OF ASS
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Items Measured at Fair Value on a Recurring Basis 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, 2023 and 2022. The fair value of the Company’s long-term debt, consisting of mortgages, loans payable and other obligations aggregated approximately $1.8 billion and $1.8 billion as compared to the book value of approximately $1.9 billion and $1.9 billion as of December 31, 2023 and 2022, 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. Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) 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, 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. The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis: Years Ended December 31, 2023 2022 2021 (dollars in thousands) Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Investment in Real Estate $ 169,839 $ 45,471 $ 314,512 $ 116,718 $ 421,053 $ 34,241 Goodwill — — — — — 2,945 The impairment charges described below are reflected within Property impairments, Land and other impairments, net or Unrealized gains (losses) on disposition of rental property for real estate in our Consolidated Statements of Operations. For properties classified as discontinued operations as of December 31, 2023, the impairment charges described below are reflected within the Discontinued operations section in our Consolidated Statements of Operations for all periods presented. Impairment charges, and their related triggering events and fair value measurements, recognized during the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 — During the year ended December 31, 2023, the Company recognized impairment charges for the following properties in order to reduce their carrying values to their estimated fair values, as follows: • $32.5 million on one office property due to the shortening of its expected hold period; the fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (11%) and terminal capitalization rate (9%); • $3.6 million on one office property based on its estimated selling price; the property was sold in September 2023; • $9.3 million on three land parcels based on their estimated selling prices. 2022 — During the year ended December 31, 2022, the Company recognized impairment charges for the following properties in order to reduce their carrying values to their estimated fair values, as follows: • $94.8 million on four office properties due to the shortening of their expected hold periods; the fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (range of 7.5% to 13%) and terminal capitalization rate (range of 5.5% to 8.75%); the properties were sold during 2023; • $12.5 million on two hotels and one office property based on their estimated selling price; the properties were sold during 2023; • $9.4 million on four land parcels based on their estimated selling prices. One parcel of the land was sold in November 2022. 2021 — During the year ended December 31, 2021, the Company recognized impairment charges for the following properties in order to reduce their carrying values to their estimated fair values, as follows: • $6.0 million on one office property due to the shortening of its expected hold period; the fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (8.0%) and terminal capitalization rate (5.75%); the property was sold in January 2022; • $7.4 million on two hotels due to the adverse effect of the COVID-19 pandemic has had on the hotel operations; the fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (8.67%) and terminal capitalization rate (6.5%); the two hotels were sold in February 2023; • $20.8 million on several land parcels based on their estimated selling price; • $2.9 million on goodwill which was fully impaired based on management's impairment test. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Property Name Location Asset Type Expiration Dates (Dollars in Thousands) BLVD 475 (Monaco) (a) Jersey City, NJ Multifamily 2/2021 — — 443 111 River Street (b) Hoboken, NJ Office 4/2022 — — 1,470 Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 — — 1,057 Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 — — 4,324 BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 1,754 1,692 1,277 RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 1,735 1,514 1,369 Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 224 2,925 2,925 RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 1,608 1,295 350 Haus25 (i) Jersey City, NJ Mixed-Use 3/2047 2,619 975 — The James (j) Park Ridge, NJ Multifamily 6/2051 714 318 — Total Pilot taxes $ 8,654 $ 8,719 $ 13,215 (a) The annual PILOT is equal to ten percent of Gross Revenues, as defined. (b) The property was disposed of in the first quarter of 2022. (c) The property was disposed of in the third quarter of 2023. (d) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million. (e) 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. (f) 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. (g) The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023. (h) 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. (i) The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years following the substantial completion which occurred in April 2022. (j) The property was acquired in July 2022. 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. OFFICE AND GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable office and ground leases under which the Company is the lessee, as of December 31, 2023, are as follows (dollars in thousands): As of December 31, 2023 Year Amount 2024 $ 1,272 2025 1,279 2026 1,279 2027 1,280 2028 494 2029 through 2101 31,447 Total lease payments 37,051 Less: imputed interest (29,700) Total $ 7,351 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 Office and ground lease expense incurred by the Company for the years ended December 31, 2023, 2022 and 2021 amounted to $2.0 million, $0.9 million and $1.8 million, respectively. The Company had classified operating leases for one office and two ground leases, which had balances of $4.1 million and $2.1 million, respectively, at December 31, 2023. Such amounts represent the net present value (“NPV”) of future payments detailed above. The office and two ground leases used incremental borrowing rates of 6.0 percent and 7.6 percent, respectively, to arrive at the NPV and have weighted average remaining lease terms of 4.3 years and 77.6 years, respectively. 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 office and ground leases and calculating notional rates for fully-collateralized loans. The initial recognition of a lease liability and right-of-use asset in an amount of $4.7 million for the office lease is a noncash activity during the year ended December 31, 2023. OTHER As of December 31, 2023, the Company has outstanding stay-on award agreements with 20 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 $2.8 million, including the potential future issuance of up to 42,095 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, 2023 | |
Leases [Abstract] | |
TENANT LEASES | TENANT LEASES The Company’s consolidated office property is leased to tenants under operating leases with various expiration dates through 2034. 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, 2023 and 2022 are as follows (dollars in thousands) : As of December 31, 2023 Year Amount 2024 $ 12,231 2025 10,952 2026 8,822 2027 5,748 2028 2,113 2029 and thereafter 5,706 Total $ 45,572 As of December 31, 2022 Year Amount 2023 $ 14,798 2024 12,231 2025 10,952 2026 8,822 2027 5,748 2028 and thereafter 7,819 Total $ 60,370 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, 2023 | |
Temporary Equity Disclosure [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS Rockpoint Transactions 2023 Transactions On April 5, 2023, Veris Residential Trust (“VRT”), the Company’s subsidiary through which the Company conducts its multifamily residential real estate operations, exercised its right to purchase and redeem direct and indirect interests (the “Put/Call Interests”) in preferred units of limited partnership interests in VRLP (the "Preferred Units") from certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). On April 6, 2023, Rockpoint exercised its right under the Veris Residential Partners, L.P. (“VRLP”) Partnership Agreement to defer the closing of VRT’s purchase and redemption of the Put/Call Interests for one year. The exercise of the call right caused Rockpoint's interests to be reclassified as mandatorily redeemable noncontrolling interests under the accounting guidance, and included within the Total liabilities on the Company's Consolidated Balance Sheets. The impact of subsequent change in redemption value at each period end is recorded as interest cost. The carrying amount is not reduced below the initial measurement amount. On July 25, 2023, VRT and the Operating Partnership entered into the Rockpoint Purchase Agreement with Rockpoint pursuant to which VRT and the Operating Partnership acquired from Rockpoint all of the Preferred Units that constituted the Put/Call Interests for an aggregate purchase price of approximately $520 million. Under the terms of the Rockpoint Purchase Agreement, the Original Investment Agreement and the Add On Investment Agreement have been terminated and are of no further force and effect (other than certain tax and related indemnification rights and obligations), Rockpoint ceased to be, direct or indirect, as applicable, members of VRLP, and all obligations of VRT and VRLP and all rights, title and interest of Rockpoint in and pursuant to the VRLP Partnership Agreement (except for certain tax, confidentiality and indemnification rights and obligations) and all other agreements by and between the General Partner, the Operating Partnership, VRT, VRLP and Rockpoint were terminated, including without limitation all provisions relating to the valuation and repurchase of the Put/Call Interests. As a result of the redemption, the Company recorded the change in redemption value of approximately $34.8 million as Interest cost of mandatorily redeemable noncontrolling interests on the Company's Consolidated Statements of Operations. Transactions prior to 2023 Previously, on February 27, 2017, the Company, VRT, VRLP, 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 Rockpoint. Under the Original Investment Agreement, VRT contributed 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 for an aggregate of $300 million of Preferred Units. 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 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. Under the terms set forth in the Third Amended and Restated Limited Partnership Agreement of VRLP, dated as of June 28, 2019 (the “VRLP Partnership Agreement”), 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, 2023, 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, 2023, 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, 2023, 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). During the period commencing on June 28, 2019 and ended on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except for certain conditions stated in the VRLP Partnership Agreement. 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 Payments determined based on the VRLP Partnership Agreement. 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. 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 (the “Put/Call Interests”). 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 contained a substantive redemption feature that was outside of the Company’s control and accordingly, the Preferred Units were previously classified in mezzanine equity measured based on the estimated future redemption value before the redemption right was exercised. The Company determined 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 transaction with Rockpoint. The estimation of NAV included unobservable inputs that consider assumptions of market participants in pricing the underlying assets of VRLP. For properties under development, the Company applied 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 was used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption was considered based on development rights or plans for the land. Estimated future cash flows used in such analyses were based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considered 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, was approximately $487.6 million before the redemption occurred on July 25, 2023. Preferred Units The Operating Partnership has issued two classes of Preferred Limited Partnership Units of the Operating Partnership (the “Preferred Units”). The key terms of the Preferred Units are summarized as follows: Series A Preferred Units Series A-1 Preferred Units Issuance date February 2017 February and April, 2017 Number of units issued 42,800 9,213 Stated value per unit $1,000 $1,000 Annual dividend rate paid quarterly 3.50 % (a) Conversion rate 28.15 27.936 Conversion value per unit $35.52 $35.80 Maximum common unit conversion 1,204,820 257,375 (a) Series A-1 Preferred Units pay 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. The Series A-1 Preferred Units are pari passu with the 3.5% Series A Units issued on February 3, 2017. The Preferred 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 Preferred Units are convertible into common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance. In addition, the Preferred 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, 2023 and 2022, 15,100 and 12,000 Series A Units were redeemed for cash at the stated value, respectively. In February 2024, a unit holder redeemed 5,700 Series A Units for cash at the stated value. Additionally, during February 2024, the Company received notice from a unit holder electing to have 10,000 Series A Units redeemed for cash at the stated value, which the Company expects to settle in March 2024. Summary of Redeemable Noncontrolling Interest s The following tables set forth the changes in Mandatorily redeemable noncontrolling interests for the year ended December 31, 2023 (dollars in thousands) : Rockpoint Balance at April 5, 2023 $ — Reclassification from Redeemable Non-controlling Interests 479,977 Income Attributed to Noncontrolling Interests 7,365 Distributions (9,371) Redemption Value Adjustment 42,417 Redemption (520,388) Balance at December 31, 2023 $ — The following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine equity section for the years ended December 31, 2023 and 2022 (dollars in thousands) : Series A and A-1 Preferred Units In VRLP Rockpoint Interests in VRT Total Redeemable Noncontrolling Interests Balance at January 1, 2023 $ 40,231 $ 475,000 $ 515,231 Redeemable Noncontrolling Interests Redemption (15,100) — (15,100) Net 25,131 475,000 500,131 Income Attributed to Noncontrolling Interests 1,336 6,282 7,618 Distributions (1,468) (6,282) (7,750) Redemption Value Adjustment — 4,977 4,977 Reclassification to Mandatorily Redeemable Non-controlling Interests — (479,977) (479,977) Balance at December 31, 2023 $ 24,999 $ — $ 24,999 Series A and A-1 Preferred Units In VRLP Rockpoint Interests in VRT Total Redeemable Noncontrolling Interests Balance at January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redeemable Noncontrolling Interests Redemption (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 Balance at December 31, 2022 $ 40,231 $ 475,000 $ 515,231 |
VERIS RESIDENTIAL, INC. STOCKHO
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
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 November 15, 2023, we reestablished a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $100 million may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (“ATM Forwards”). Effective as of that date, the Company terminated a prior ATM Program that was established on December 13, 2021 , under which we were able to offer and sell shares of our common stock from time to time, up to an aggregate gross sales price of $200 million, with a syndicate of banks. As of December 31, 2023, 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 5.4 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 5.4 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. At December 31, 2023, 269,072 shares remained available for issuance under the 2013 Plan. 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. Both of these inducement awards have a three-year vesting period. Information regarding the Company’s stock option plans is summarized below: Shares Weighted Aggregate Outstanding at January 1, 2021 ($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 — Granted — — Outstanding at December 31, 2023 ($14.39 - $20.00) 2,330,000 $ 16.41 $ — Options exercisable at December 31, 2023 1,846,666 The fair value of each option grant is estimated on the date of grant using the Black-Scholes model. The following assumptions are included in the Company’s fair value calculations of stock options granted during the years ended December 31, 2023, 2022 and 2021: 2022 2021 2021 2021 Expected life (in years) 4.0 4.5 4.6 5.3 Risk-free interest rate 2.77 % 0.79 % 0.71 % 0.94 % Volatility 38.0 % 35.0 % 35.0 % 34.0 % Dividend yield 2.6 % 1.6 % 1.5 % 1.4 % There were no stock options that were exercised under any stock option plans for the years ended December 31, 2023, 2022 and 2021. The Company has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2023 and 2022, the stock options outstanding had a weighted average remaining contractual life of approximately 3.6 years and 4.6 years, respectively. The Company recognized stock compensation expense related to stock options of $1.7 million, $1.2 million and $844 thousand for the years ended December 31, 2023, 2022 and 2021, respectively. Restricted Stock Awards The Company has issued Restricted Stock Awards ("RSAs") in the form of restricted stock units to non-employee members of the Board of Directors, which allow the holders to each receive shares of the Company’s common stock following a one-year vesting period. Vesting of the RSAs issued is based on time and service. On June 14, 2023, the Company issued RSAs to non-employee members of the Board of Directors, of which 54,184 unvested RSAs were outstanding at December 31, 2023. The Company recognized stock compensation expense related to RSAs of $0.8 million, $0.7 million, and $0.8 million, for the years ended December 31, 2023, 2022 and 2021, respectively. Information regarding the RSAs grant activity is summarized below: Shares Weighted-Average Outstanding at January 1, 2021 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 Granted 54,184 16.98 Vested (49,784) 14.06 Outstanding at December 31, 2023 54,184 $ 16.98 As of December 31, 2023, the Company had $0.4 million of total unrecognized compensation cost related to unvested RSAs granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.5 years. All currently outstanding and unvested RSAs provided to the non-employee members of the Board of Directors were issued under the 2013 Plan. Long-Term Incentive Plan Awards The Company has granted long-term incentive plans awards (“LTIP Awards”) to executive officers, senior management, and certain other employees of the Company. 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. A portion of the RSUs are subject to time-based vesting conditions and will vest over three-year period ("TRSUs"). In April 2022, the General Partner granted 59,707 TRSUs 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. As of December 31, 2023, there are 781,972 TRSUs outstanding and unvested. Another portion of the annual LTIP Awards have market-based vesting conditions ("PRSUs"), 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. As of December 31, 2023, there are 853,430 PRSUs outstanding and unvested. In addition, the Company has granted RSUs with a three-year cliff vest subject to the achievement of adjusted funds from operations targets ("OPRSUs"). As of December 31, 2023, there are 660,710 OPRSUs outstanding and unvested. The Company recognized stock compensation expense related to LTIP awards of $13.8 million, $9.9 million, $9.8 million for each of the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the Company had $9.9 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 remaining weighted average period of 1.7 years. All currently outstanding and unvested RSU LTIP Awards provided to the officers, senior management and certain other employees were issued under the 2013 Plan. 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, 2023, 2022 and 2021, deferred stock units earned were 25,671, 30,899 and 17,894, respectively. As of December 31, 2023 and 2022, there were 77,975 and 73,071 deferred stock units outstanding, respectively. Pursuant to the retirement of a director from the Board of Directors in May 2023, the Company converted 20,767 deferred stock units into shares of common stock. 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, 2023, 2022 and 2021 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 2023 2022 2021 Loss from continuing operations after income tax expense $ (157,193) $ (39,534) $ (157,265) Add (deduct): Noncontrolling interests in consolidated joint ventures 2,319 3,079 4,595 Add (deduct): Noncontrolling interests in Operating Partnership 14,267 5,652 16,212 Add (deduct): Redeemable noncontrolling interests (7,618) (25,534) (25,977) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (4,516) (5,475) (7,290) Loss from continuing operations available to common shareholders (152,741) (61,812) (169,725) Loss from discontinued operations available to common shareholders 40,960 4,271 43,393 Net loss available to common shareholders for basic earnings per share $ (111,781) $ (57,541) $ (126,332) Weighted average common shares 91,883 91,046 90,839 Basic EPS : Loss from continuing operations available to common shareholders $ (1.66) $ (0.68) $ (1.87) Loss from discontinued operations available to common shareholders 0.44 0.05 0.48 Net loss available to common shareholders $ (1.22) $ (0.63) $ (1.39) Year Ended December 31, Computation of Diluted EPS 2023 2022 2021 Net loss from continuing operations available to common shareholders $ (152,741) $ (61,812) $ (169,725) Add (deduct): Noncontrolling interests in Operating Partnership (14,267) (5,652) (16,212) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (461) (548) (726) Loss from continuing operations for diluted earnings per share (167,469) (68,012) (186,663) Loss from discontinued operations for diluted earnings per share 44,832 4,649 47,726 Net loss available for diluted earnings per share $ (122,637) $ (63,363) $ (138,937) Weighted average common shares 100,812 100,265 99,893 Diluted EPS : Loss from continuing operations available to common shareholders $ (1.66) $ (0.68) $ (1.87) Loss from discontinued operations available to common shareholders 0.44 0.05 0.48 Net loss available to common shareholders $ (1.22) $ (0.63) $ (1.39) 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, 2023 2022 2021 Basic EPS Shares 91,883 91,046 90,839 Add: Operating Partnership – common and vested LTIP units 8,929 9,219 9,054 Diluted EPS Shares 100,812 100,265 99,893 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 as such securities were anti-dilutive during all periods presented. Veris Residential, L.P.: Year Ended December 31, Computation of Basic EPU 2023 2022 2021 Loss from continuing operations after income tax expense $ (157,193) $ (39,534) $ (157,265) Add (deduct): Noncontrolling interests in consolidated joint ventures 2,319 3,079 4,595 Add (deduct): Redeemable noncontrolling interests (7,618) (25,534) (25,977) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (4,977) (6,023) (8,016) Loss from continuing operations available to unitholders (167,469) (68,012) (186,663) Loss from discontinued operations available to unitholders 44,832 4,649 47,726 Net loss available to common unitholders for basic earnings per unit $ (122,637) $ (63,363) $ (138,937) Weighted average common units 100,812 100,265 99,893 Basic EPU : Loss from continuing operations available to unitholders $ (1.66) $ (0.68) $ (1.87) Loss from discontinued operations available to unitholders 0.44 0.05 0.48 Net loss available to common unitholders for basic earnings per unit $ (1.22) $ (0.63) $ (1.39) Year Ended December 31, Computation of Diluted EPU 2023 2022 2021 Net loss from continuing operations available to common unitholders $ (167,469) $ (68,012) $ (186,663) Loss from discontinued operations for diluted earnings per unit 44,832 4,649 47,726 Net loss available to common unitholders for diluted earnings per unit $ (122,637) $ (63,363) $ (138,937) Weighted average common unit 100,812 100,265 99,893 Diluted EPU : Loss from continuing operations available to common unitholders $ (1.66) $ (0.68) $ (1.87) Loss from discontinued operations available to common unitholders 0.44 0.05 0.48 Net loss available to common unitholders $ (1.22) $ (0.63) $ (1.39) 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, 2023 2022 2021 Basic EPU Units 100,812 100,265 99,893 Diluted EPU Units 100,812 100,265 99,893 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 as such securities were anti-dilutive during all periods presented. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in Veris Residential, Inc. stockholders’ equity by approximately $4.1 million. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the year ended December 31, 2023, the Company redeemed for cash 9,229 common units at their fair value of $142 thousand. 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/senior management of the Company. All of the LTIP Awards granted through January 2021 were in the form of units in the Operating Partnership, which were 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. 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, 2023, 2022 and 2021: Common Units/ Unvested LTIP Balance at January 1, 2021 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) Cancellation of units — (279,089) Balance at December 31, 2022 9,301,521 558,084 Redemption of common units for shares of common stock (820,540) — Redemption of common units (9,229) — Conversion of vested LTIP units to common units 452,328 — Vested LTIP units (231,519) (220,809) Cancellation of units — (335,392) Balance at December 31, 2023 8,692,561 1,883 Noncontrolling Interests Ownership in Operating Partnership As of December 31, 2023 and 2022, the noncontrolling interests common unit and LTIP units holders owned 8.6 percent and 9.3 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, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The 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 multifamily real estate portfolio and commercial and other real estate located in the United States. The Company’s multifamily services business also provides similar services for third parties. 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 (multifamily real estate and services, and commercial and other real estate). All properties classified as discontinued operations have been excluded. Selected results of operations for the years ended December 31, 2023, 2022 and 2021, and selected asset information as of December 31, 2023 and 2022 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: 2023 $ 19,171 $ 259,523 $ 1,165 $ 279,859 2022 2,956 224,733 5,759 233,448 2021 14,936 171,030 8,679 194,645 Total operating and interest expenses (a): 2023 $ 14,267 $ 103,776 $ 187,652 $ 305,695 2022 (1,089) 114,448 123,154 236,513 2021 2,828 108,197 100,584 211,609 Equity in earnings (loss) of unconsolidated joint ventures: 2023 $ — $ 3,102 $ — $ 3,102 2022 — 1,200 — 1,200 2021 (111) (4,139) — (4,250) Net operating income (loss) (b): 2023 $ 4,904 $ 158,849 $ (186,487) $ (22,734) 2022 4,045 111,485 (117,395) (1,865) 2021 11,997 58,694 (91,905) (21,214) Total assets: 2023 $ 97,253 $ 3,119,602 $ 24,191 $ 3,241,046 2022 597,459 3,302,188 21,121 3,920,768 Total long-lived assets (c): 2023 $ 83,785 $ 2,929,884 $ (1,854) $ 3,011,815 2022 547,923 3,101,286 (1,330) 3,647,879 Total investments in unconsolidated joint ventures: 2023 $ — $ 117,954 $ — $ 117,954 2022 — 126,158 — 126,158 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, transaction-related costs and interest expense, net of interest and other investment income and other income, net. All interest expense, net of interest and other investment income (including for property-level mortgages interests, and interest cost of mandatorily redeemable noncontrolling interests) is included under Corporate & Other for all periods. (b) Net operating income (loss) 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 periods. (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. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, interest cost of mandatorily redeemable noncontrolling interests, 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, 2023 2022 2021 Net operating income $ (22,734) $ (1,865) $ (21,214) Add (deduct): Depreciation and amortization (a) (93,589) (85,434) (68,506) Land and other impairments, net (9,324) (9,368) (23,719) Property impairments (32,516) — — Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net — — 3,023 Gain on disposition of developable land 7,068 57,262 2,115 Loss on sale from unconsolidated joint venture interests — — (1,886) Loss from extinguishment of debt, net (5,606) (129) (47,078) Loss from continuing operations before income tax expense (156,701) (39,534) (157,265) Provision for income taxes (492) — — Loss from continuing operations after income tax expense (157,193) (39,534) (157,265) Discontinued operations Income (loss) from discontinued operations 3,150 (64,704) 22,174 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 41,682 69,353 25,552 Total discontinued operations, net 44,832 4,649 47,726 Net loss (112,361) (34,885) (109,539) Noncontrolling interests in consolidated joint ventures 2,319 3,079 4,595 Noncontrolling interests in Operating Partnership of income from continuing operations 14,267 5,652 16,212 Noncontrolling interests in Operating Partnership of income from discontinued operations (3,872) (378) (4,333) Redeemable noncontrolling interests (7,618) (25,534) (25,977) Net loss available to common shareholders $ (107,265) $ (52,066) $ (119,042) (a) Depreciation and amortization included in each segment for the years ending December 31, 2023, 2022 and 2021 is $7.4 million, $3.9 million and $3.0 million for Commercial & Other Real Estate, $85.1 million, $80.6 million and $64.6 million for Multifamily Real Estate & Services, and $1.1 million, $0.9 million and $0.9 million 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, 2023 2022 2021 Net operating income $ (22,734) $ (1,865) $ (21,214) Add (deduct): Depreciation and amortization (a) (93,589) (85,434) (68,506) Land and other impairments, net (9,324) (9,368) (23,719) Property impairments (32,516) — — Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net — — 3,023 Gain on disposition of developable land 7,068 57,262 2,115 Loss on sale from unconsolidated joint venture interests — — (1,886) Loss from extinguishment of debt, net (5,606) (129) (47,078) Loss from continuing operations before income tax expense (156,701) (39,534) (157,265) Provision for income taxes (492) — — Income (loss) from continuing operations after income tax expense (157,193) (39,534) (157,265) Discontinued operations Income (loss) from discontinued operations 3,150 (64,704) 22,174 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 41,682 69,353 25,552 Total discontinued operations, net 44,832 4,649 47,726 Net loss (112,361) (34,885) (109,539) Noncontrolling interests in consolidated joint ventures 2,319 3,079 4,595 Redeemable noncontrolling interests (7,618) (25,534) (25,977) Net loss available to common unitholders $ (117,660) $ (57,340) $ (130,921) (a) Depreciation and amortization included in each segment for the years ending December 31, 2023, 2022 and 2021 is $7.4 million, $3.9 million and $3.0 million for Commercial & Other Real Estate, $85.1 million, $80.6 million and $64.6 million for Multifamily Real Estate & Services, and $1.1 million, $0.9 million and $0.9 million for Corporate & Other, respectively. |
REAL ESTATE INVESTMENTS AND ACC
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
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 2022 — 12,047 114,208 584 12,047 114,792 126,839 4,419 Essex County Millburn (Short Hills) The Upton Multifamily 2021 — 74,606 2,850 — 91,960 2,850 91,960 94,810 8,930 Hudson County Jersey City Harborside Plaza 5 Office 2002 2002 6,218 170,682 (8,422) 3,996 164,482 168,478 92,411 Haus25 Multifamily 2022 333,512 53,421 420,959 (384) 53,421 420,575 473,996 21,888 Liberty Towers Multifamily 2003 2019 264,697 66,670 328,347 11,341 66,670 339,688 406,358 38,466 BLVD 475 N/S Multifamily 2011 2017 164,944 58,761 240,871 8,471 58,761 249,342 308,103 49,205 Soho Lofts Multifamily 2017 2019 158,126 27,601 224,039 6,060 27,601 230,099 257,700 32,837 BLVD 425 Multifamily 2003 2018 130,673 48,820 160,740 5,525 48,820 166,265 215,085 27,463 BLVD 401 Multifamily 2016 2019 116,642 36,595 152,440 391 36,595 152,831 189,426 20,555 Weehawken 100 Avenue at Port Imperial Other 2016 2016 — 350 — 30,644 1,958 29,036 30,994 7,053 500 Avenue at Port Imperial Other 2013 2013 31,480 13,099 56,669 (19,213) 13,099 37,456 50,555 9,894 RiverHouse 9 at Port Imperial Multifamily 2021 — 109,221 2,686 — 154,575 2,686 154,575 157,261 11,925 RiverHouse 11 at Port Imperial Multifamily 2018 2018 99,896 22,047 — 112,471 22,047 112,471 134,518 18,946 West New York Port Imperial North Retail Other 2008 2020 — 4,305 8,216 1,123 4,305 9,339 13,644 1,230 Morris County Morris Plains Signature Place Multifamily 2018 2018 42,944 930 — 56,498 930 56,498 57,428 9,528 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multifamily 2016 2016 40,763 5,585 3,400 49,002 5,585 52,402 57,987 11,086 MASSACHUSETTS Middlesex County Malden The Emery at Overlook Ridge Multifamily 2020 2014 71,554 4,115 86,093 10,091 9,104 91,195 100,299 12,150 Suffolk County East Boston Portside at East Pier Multifamily 2015 2016 55,252 — 73,713 861 — 74,574 74,574 19,008 Portside 2 at East Pier Multifamily 2018 2018 96,809 — 37,114 77,324 — 114,438 114,438 19,654 Worcester County Worcester 145 Front at City Square Multifamily 2018 2015 62,778 4,380 — 92,306 4,380 92,306 96,686 16,933 Projects Under Development and Developable Land — 99,644 59,052 — 99,644 59,052 158,696 10,200 Furniture, Fixtures and Equipment — — — 103,613 — 103,613 103,613 TOTALS 1,853,897 470,124 2,136,543 784,821 474,499 2,916,989 3,391,488 (e) 443,781 (a) The aggregate cost for federal income tax purposes at December 31, 2023 was approximately $2.4 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. NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2023, 2022 and 2021 are as follows: (dollars in thousands) 2023 2022 2021 Rental Properties Balance at beginning of year $ 4,046,122 $ 4,076,866 $ 4,638,643 Additions 25,661 845,900 1,002,342 Sales and assets held-for-sale (608,276) (747,407) (1,522,994) Impairments (72,019) (129,237) (27,547) Retirements/disposals — — (13,578) Balance at end of year $ 3,391,488 $ 4,046,122 $ 4,076,866 Accumulated Depreciation Balance at beginning of year $ 631,910 $ 583,416 $ 656,331 Depreciation expense 94,590 102,476 102,062 Sales and assets held-for-sale (243,217) (28,924) (159,541) Impairments (39,502) (25,058) (1,858) Retirements/disposals — — (13,578) Balance at end of year $ 443,781 $ 631,910 $ 583,416 |
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 2022 — 12,047 114,208 584 12,047 114,792 126,839 4,419 Essex County Millburn (Short Hills) The Upton Multifamily 2021 — 74,606 2,850 — 91,960 2,850 91,960 94,810 8,930 Hudson County Jersey City Harborside Plaza 5 Office 2002 2002 6,218 170,682 (8,422) 3,996 164,482 168,478 92,411 Haus25 Multifamily 2022 333,512 53,421 420,959 (384) 53,421 420,575 473,996 21,888 Liberty Towers Multifamily 2003 2019 264,697 66,670 328,347 11,341 66,670 339,688 406,358 38,466 BLVD 475 N/S Multifamily 2011 2017 164,944 58,761 240,871 8,471 58,761 249,342 308,103 49,205 Soho Lofts Multifamily 2017 2019 158,126 27,601 224,039 6,060 27,601 230,099 257,700 32,837 BLVD 425 Multifamily 2003 2018 130,673 48,820 160,740 5,525 48,820 166,265 215,085 27,463 BLVD 401 Multifamily 2016 2019 116,642 36,595 152,440 391 36,595 152,831 189,426 20,555 Weehawken 100 Avenue at Port Imperial Other 2016 2016 — 350 — 30,644 1,958 29,036 30,994 7,053 500 Avenue at Port Imperial Other 2013 2013 31,480 13,099 56,669 (19,213) 13,099 37,456 50,555 9,894 RiverHouse 9 at Port Imperial Multifamily 2021 — 109,221 2,686 — 154,575 2,686 154,575 157,261 11,925 RiverHouse 11 at Port Imperial Multifamily 2018 2018 99,896 22,047 — 112,471 22,047 112,471 134,518 18,946 West New York Port Imperial North Retail Other 2008 2020 — 4,305 8,216 1,123 4,305 9,339 13,644 1,230 Morris County Morris Plains Signature Place Multifamily 2018 2018 42,944 930 — 56,498 930 56,498 57,428 9,528 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multifamily 2016 2016 40,763 5,585 3,400 49,002 5,585 52,402 57,987 11,086 MASSACHUSETTS Middlesex County Malden The Emery at Overlook Ridge Multifamily 2020 2014 71,554 4,115 86,093 10,091 9,104 91,195 100,299 12,150 Suffolk County East Boston Portside at East Pier Multifamily 2015 2016 55,252 — 73,713 861 — 74,574 74,574 19,008 Portside 2 at East Pier Multifamily 2018 2018 96,809 — 37,114 77,324 — 114,438 114,438 19,654 Worcester County Worcester 145 Front at City Square Multifamily 2018 2015 62,778 4,380 — 92,306 4,380 92,306 96,686 16,933 Projects Under Development and Developable Land — 99,644 59,052 — 99,644 59,052 158,696 10,200 Furniture, Fixtures and Equipment — — — 103,613 — 103,613 103,613 TOTALS 1,853,897 470,124 2,136,543 784,821 474,499 2,916,989 3,391,488 (e) 443,781 (a) The aggregate cost for federal income tax purposes at December 31, 2023 was approximately $2.4 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. NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2023, 2022 and 2021 are as follows: (dollars in thousands) 2023 2022 2021 Rental Properties Balance at beginning of year $ 4,046,122 $ 4,076,866 $ 4,638,643 Additions 25,661 845,900 1,002,342 Sales and assets held-for-sale (608,276) (747,407) (1,522,994) Impairments (72,019) (129,237) (27,547) Retirements/disposals — — (13,578) Balance at end of year $ 3,391,488 $ 4,046,122 $ 4,076,866 Accumulated Depreciation Balance at beginning of year $ 631,910 $ 583,416 $ 656,331 Depreciation expense 94,590 102,476 102,062 Sales and assets held-for-sale (243,217) (28,924) (159,541) Impairments (39,502) (25,058) (1,858) Retirements/disposals — — (13,578) Balance at end of year $ 443,781 $ 631,910 $ 583,416 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
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. Where an acquisition has been determined to be an asset acquisition, acquisition-related transaction 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 $0.7 million, $1.5 million and $2.4 million for the years ended December 31, 2023, 2022 and 2021, 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. 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, including property operating performance, changes in anticipated holding period, and general market conditions, that the value of the Company’s rental properties held for use may be impaired. A p |
Real Estate Held For Sale And Discontinued Operations | Real Estate Held for Sale and Discontinued Operations 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 that the disposition will occur within one year and there are no significant contingencies relating to a sale. When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value. If the fair value of the assets, less estimated cost to sell, is less than the carrying value of the assets, an adjustment to the carrying value would be recognized and recorded within the Unrealized gains (losses) on disposition of rental property to reflect the estimated fair value of the assets. The Company will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. 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. On a periodic basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, 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 fair 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 estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. |
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 residential and commercial 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 |
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. For leases that include rent concessions and/or scheduled fixed and determinable rent increases, revenue from leases is recognized on a straight-line basis over the non-cancellable term of the lease. 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 commercial 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 unconsolidated joint ventures in which the Company is the managing member. Parking income is comprised of income from parking spaces leased to tenants and others. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. The Company reviews its accounts receivables related to rental income and other lease income, including straight-line rent receivable, for collectability. The factors considered by management in determining which individual tenant’s revenues are uncollectible 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. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the uncollectible receivable balances associated with the lease and will only recognize lease income on a cash basis. The Company includes provision for doubtful accounts as a reduction of corresponding revenue account, in accordance with Topic 842. Ground/Office Leases The Company is the lessee under long-term office and ground leases classified as operating leases. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. The Company makes significant assumptions and judgments when determining the discount rate for the lease to calculate the present value of the lease payments. As the rate implicit in the lease is not readily determinable, the Company estimates the incremental borrowing rate (“IBR”) that it would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments in a similar economic environment, over a similar lease term. The Company utilizes a market-based approach to estimate the IBR for each individual lease. The base IBR is estimated utilizing observable mortgage rates, which are then adjusted to account for considerations related to the Company’s credit rating and the lease term to select an incremental borrowing rate for each lease. The lease liabilities and right of use assets are amortized on a straight-line basis over the lease term. See Note 5: Deferred Charges and Other Assets, Net for additional disclosures on the presentation of these amounts in our consolidated balance sheets. |
Ground/Office Leases | Ground/Office Leases The Company is the lessee under long-term office and ground leases classified as operating leases. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. The Company makes significant assumptions and judgments when determining the discount rate for the lease to calculate the present value of the lease payments. As the rate implicit in the lease is not readily determinable, the Company estimates the incremental borrowing rate (“IBR”) that it would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments in a similar economic environment, over a similar lease term. The Company utilizes a market-based approach to estimate the IBR for each individual lease. The base IBR is estimated utilizing observable mortgage rates, which are then adjusted to account for considerations related to the Company’s credit rating and the lease term to select an incremental borrowing rate for each lease. The lease liabilities and right of use assets are amortized on a straight-line basis over the lease term. See Note 5: Deferred Charges and Other Assets, Net for additional disclosures on the presentation of these amounts in our consolidated balance sheets. |
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. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may hold certain assets and generate certain income that a REIT could not otherwise hold or generate. 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. The TRS has sold the hotel during the year ended December 31, 2023. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of temporary differences between book and tax basis of assets and liabilities, and net operating losses. The deferred tax asset balance at December 31, 2023 and 2022, amounted to $31.1 million and $30.7 million, respectively, which has been fully reserved through a valuation allowance. 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, 2023, the Company’s open tax years are from December 31, 2019 forward. |
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 (loss) 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, using the treasury stock method. 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 As a result of the Company substantially completing its transformation to a pure-play multifamily REIT, as well as the Company’s current estimates of taxable income, the Board of Directors of the General Partner (the "Board of Directors") reinstated a quarterly dividend beginning with the third quarter of 2023. 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. |
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 Compensation |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company accounts for noncontrolling interests in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Operations. |
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. |
Impact of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The guidance requires incremental disclosures related to a public entity’s reportable segments. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 will have on the Company's consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 |
INVESTMENTS IN RENTAL PROPERTY
INVESTMENTS IN RENTAL PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in Rental Properties [Abstract] | |
Schedule of Real Estate Properties Acquired | During the year ended December 31, 2022, the Company acquired the following rental property (dollars in thousands): Acquisition Date Property Location Property # of Acquisition 7/21/2022 The James (a) Park Ridge, NJ Multifamily 240 $ 130,308 Totals 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 | During the year ended December 31, 2022, the following property commenced initial operations ( dollars in thousands ): 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 were in service. The development costs included approximately $53.4 million in land costs. During the year ended December 31, 2021, the following properties commenced initial operations ( dollars in thousands ): 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 were in service. The development costs included approximately $2.9 million in land costs. (b) As of December 31, 2021, all apartment units were in service. The development costs included approximately $2.7 million in land costs. |
Schedule of Real Estate Properties Sold and Disposed | The Company disposed of the following rental property during the year ended December 31, 2023 (dollars in thousands) : Disposition Property Location # of Rentable Property Net Net Discontinued 02/10/23 XS Hotels Weehawken, New Jersey 2 — Hotel $ 93,358 (a) $ 92,578 $ 780 04/04/23 Harborside 1, 2 and 3 Jersey City, New Jersey 3 1,886,800 Office 362,446 362,304 142 09/13/23 Harborside 6 Jersey City, New Jersey 1 231,856 Office 44,145 43,722 423 10/13/23 23 Main Street Holmdel, New Jersey 1 350,000 Office 15,884 (b) 13,372 2,512 Others (c) 2,184 Unrealized gains (losses) on real estate held for sale (3,630) Totals 7 2,468,656 $ 515,833 $ 511,976 $ 2,411 (a) Included proceeds of $84.0 million used to repay the mortgage loan encumbering the property at closing. (b) Included deposits totaling $1.3 million received by the Company in February and August 2023. (c) Others represent reversals of estimated accrued expenses from previously sold rental properties. 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 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 (12,540) Totals 2 1,812,498 $ 550,846 $ 476,630 $ 61,676 (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 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 41,958 37,951 4,007 — 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 $ 711,271 $ 682,696 $ 3,023 $ 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 during the year ended December 31, 2023 (dollars in thousands): Disposition Property Location Net Net Realized Discontinued 03/17/23 Columbia-Honeywell Morris Township, New Jersey $ 8,214 (a) $ 8,236 $ (22) $ — 10/12/23 3 Campus Parsippany-Troy Hills, New Jersey 13,248 7,847 5,401 — 10/05/23 Harborside 4 Jersey City, New Jersey 53,656 14,385 — 39,271 Others (b) 1,689 — Totals $ 75,118 $ 30,468 $ 7,068 $ 39,271 (a) Included deposits totaling $1.1 million received by the Company in December 2022 and January 2023. (b) Others represent reversals of estimated accrued expenses from previously sold developable land holdings. The Company disposed of the following developable land during the year ended December 31, 2022 (dollars in thousands): Disposition Property 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) Included non-cash expenses of $2.5 million. The Company disposed of the following developable land during the year ended December 31, 2021 (dollars in thousands): Disposition Property 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 |
Schedule of Assets Held for Sale | The following table summarizes the real estate held for sale, net (dollars in thousands) : Year Ended December 31, 2023 2022 Land $ 59,464 $ 92,843 Building & Other 9,688 142,554 Less: Accumulated depreciation — (28,924) Less: Cumulative unrealized losses on property held for sale (10,544) (12,540) Real estate held for sale, net $ 58,608 $ 193,933 |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022 (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 % $ 908 $ 1,747 $ 57,367 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 4,506 5,114 82,000 11/10/26 3.21 % The Capstone at Port Imperial 360 units 40.00 % 21,361 23,234 135,000 12/22/24 SOFR+ 1.20 % Riverpark at Harrison 141 units 45.00 % — — 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,022 32,372 89,440 07/01/33 4.82 % Urby at Harborside (e) 762 units 85.00 % 57,060 61,594 185,742 08/01/29 5.20 % PI North - Land (b) (f) 829 potential units 20.00 % 1,678 1,678 — — — Other Other (g) 419 419 — — — Totals: $ 117,954 $ 126,158 $ 579,741 (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 $34.1 million as of December 31, 2023, bears interest at SOFR +2.85%, matures on October 10, 2024; (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.1 million. On January 10, 2023, the loan was modified bearing interest at SOFR +2.00% and matures on January 9, 2025; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $17.2 million as of December 31, 2023, which bears interest at SOFR +2.00% and matures on February 1, 2024. In January 2024, the joint venture sold the Lofts at 40 Park property and the proceeds were used to repay the $17.2 million loan. (e) 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 formerly guaranteed $22 million of the principal outstanding debt, which on February 1, 2023, the lender released the Company of all obligations under the Guaranty Agreement. (f) 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. (g) |
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, 2023, 2022 and 2021 (dollars in thousands) : Year Ended December 31, Entity / Property Name 2023 2022 2021 Multifamily Metropolitan and Lofts at 40 Park (a) $ (1,239) $ (674) $ (801) RiverTrace at Port Imperial 546 356 92 The Capstone at Port Imperial (b) (294) (212) (506) Riverpark at Harrison (c) 540 234 (1,153) Station House (299) (722) (1,647) Urby at Harborside 4,110 2,374 (580) PI North - Land (240) (205) (250) Liberty Landing (d) (22) 36 (40) Office 12 Vreeland Road (e) — — 2 Offices at Crystal Lake (f) — — (113) Other Other — 13 746 Company's equity in earnings (loss) of unconsolidated joint ventures (g) $ 3,102 $ 1,200 $ (4,250) (a) On January 12, 2024, the joint venture sold the Lofts at 40 Park property for a net sale proceeds of $12.1 million of which the Company's share is approximately $6 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. |
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, 2023 and 2022 (dollars in thousands) : December 31, December 31, Assets: Rental Property, net $ 741,932 $ 745,210 Other assets 31,480 39,241 Total assets $ 773,412 $ 784,451 Liabilities and partners'/members' capital: Mortgages and loans payable $ 579,741 $ 587,913 Other liabilities 8,898 15,545 Partners'/members' capital 184,773 180,993 Total liabilities and partners'/members' capital $ 773,412 $ 784,451 |
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, 2023, 2022 and 2021 (dollars in thousands) : Year Ended December 31, 2023 2022 2021 Total revenues $ 94,272 $ 140,637 $ 173,169 Operating and other expenses (36,045) (81,914) (131,709) Depreciation and amortization (22,341) (25,412) (25,095) Interest expense (30,488) (29,777) (27,145) Net income (loss) $ 5,398 $ 3,534 $ (10,780) |
DEFERRED CHARGES AND OTHER AS_2
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Schedule of Deferred Charges and Other Assets | (dollars in thousands) December 31, December 31, Deferred leasing costs $ 8,324 $ 59,651 Deferred financing costs - revolving credit facility (a) 771 6,684 9,095 66,335 Accumulated amortization (5,063) (30,471) Deferred charges, net 4,032 35,864 Notes receivable (b) 32 1,309 In-place lease values, related intangibles and other assets, net (c)(d) 10,034 12,298 Right of use assets (e) 6,161 2,896 Prepaid expenses and other assets, net 33,697 43,795 Total deferred charges and other assets, net (f) $ 53,956 $ 96,162 (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, balance included an interest-free note receivable with a net present value of $0.2 million which matured in April 2023, and seller-financing of $1.0 million, net of a loan loss allowance of $26.0 thousand, to the buyers of the Metropark portfolio, which matured in May 2023. (c) 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 $0.1 million, $0.2 million and $2.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes, as of December 31, 2023, 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 2024 $ (175) $ 93 $ (82) 2025 (162) 64 (98) 2026 (143) 62 (81) 2027 (124) 26 (98) 2028 (121) 15 (106) (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 $2.0 million, $1.5 million and $2.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes, as of December 31, 2023, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year Acquired In-place Lease Intangibles 2024 $ 310 2025 209 2026 195 2027 127 2028 105 (e) This amount has a corresponding liability of $7.4 million and $3.2 million as of December 31, 2023 and 2022, respectively, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details. |
Schedule of Scheduled Amortization | The following table summarizes, as of December 31, 2023, 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 2024 $ (175) $ 93 $ (82) 2025 (162) 64 (98) 2026 (143) 62 (81) 2027 (124) 26 (98) 2028 (121) 15 (106) December 31, 2023, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year Acquired In-place Lease Intangibles 2024 $ 310 2025 209 2026 195 2027 127 2028 105 |
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, 2023 and 2022 (dollars in thousands) : Fair Value Asset Derivatives designated December 31, December 31, Balance sheet location Interest rate caps $ 5,098 $ 9,808 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 ended December 31, 2023, 2022 and 2021 (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 Total Amount of Interest Expense presented in the Consolidated Statements of Operations Year Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Interest rate caps $ 1,184 $ 5,032 $ 10 Interest expense $ 3,559 $ 666 $ — $ (89,355) $ (66,381) $ (47,505) |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash and Investments [Abstract] | |
Schedule of Restricted Cash | Restricted cash generally includes resident and tenant 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 $ 9,996 $ 9,175 Escrow and other reserve funds 16,576 11,692 Total restricted cash $ 26,572 $ 20,867 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Income (loss) from Discontinued Operations and Related Realized and Unrealized Gains (Losses) | The following table summarizes income (loss) from discontinued operations and the related realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net, for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2023 2022 2021 Total Revenues $ 21,085 $ 127,541 $ 163,284 Operating and other (expenses) income, net (12,437) (63,157) (83,557) Property impairments — (94,811) (13,467) Depreciation and amortization (5,486) (26,974) (44,086) Loss from extinguishment of debt, net (12) (7,303) — Income (Loss) from discontinued operations 3,150 (64,704) 22,174 Gain on disposition of developable land 39,271 — — Gain on sale of unconsolidated joint venture interests — 7,677 — Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 2,411 61,676 25,552 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 41,682 69,353 25,552 Total discontinued operations, net $ 44,832 $ 4,649 $ 47,726 |
MORTGAGES, LOANS PAYABLE AND _2
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022 is as follows (dollars in thousands) : Property/Project Name Lender Effective Rate (a) December 31, December 31, Maturity Port Imperial 4/5 Hotel (b) Fifth Third Bank N/A — 84,000 N/A 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 Portside 2 at East Pier (c) 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 Portside at East Pier (d) KKR SOFR+ 2.75 % 56,500 58,998 09/07/26 The Upton (e) Bank of New York Mellon SOFR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square (f) US Bank SOFR+ 1.84 % 63,000 63,000 12/10/26 RiverHouse 9 at Port Imperial (g) JP Morgan SOFR+ 1.41 % 110,000 110,000 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 Haus25 (h) Freddie Mac 6.04 % 343,061 297,324 09/01/28 RiverHouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (i) New York Community Bank 3.77 % 158,777 160,000 07/01/29 Port Imperial Garage South American General Life & A/G PC 4.85 % 31,645 32,166 12/01/29 The Emery at Overlook Ridge (j) New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 1,868,983 1,911,488 Unamortized deferred financing costs (15,086) (7,511) Total mortgages, loans payable and other obligations, net $ 1,853,897 $ 1,903,977 (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) The loan was paid off on disposition of the hotels on February 10, 2023. (c) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (d) On August 10, 2023, the Company refinanced the Freddie Mac fixed rate loan. Additionally, a 3-year cap at a strike rate of 3.5% was placed. (e) As of December 31, 2023, an interest-rate cap agreement was in place for this mortgage loan with a strike rate of 1.0%, expiring in October 2024. (f) On September 30, 2023 the Company placed a 9-month SOFR cap at a strike rate of 4.0%. (g) As of December 31, 2023, an interest-rate cap agreement was in place for this mortgage loan, with a strike rate of 3.0%, expiring in June 2024. (h) On August 15, 2023, the $297 million QuadReal Finance backed construction loan was fully repaid and the existing cap was terminated through refinancing activity. (i) Effective rate reflects the fixed rate period, which ends in July 1, 2024. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually. (j) Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually. |
Schedule of Principal Payments | Scheduled principal payments for the Company’s mortgages, loans payable and other obligations as of December 31, 2023 are as follows (dollars in thousands) : Period Scheduled Amortization Principal Maturities Total 2024 $ 6,076 $ 308,000 $ 314,076 2025 9,487 — 9,487 2026 9,651 536,487 546,138 2027 8,158 305,320 313,478 2028 5,331 343,061 348,392 Thereafter 5,574 331,838 337,412 Sub-total 44,277 1,824,706 1,868,983 Unamortized deferred financing costs (15,086) — (15,086) Totals $ 29,191 $ 1,824,706 $ 1,853,897 |
Schedule of Indebtedness | SUMMARY OF INDEBTEDNESS (dollars in thousands) December 31, December 31, Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate Fixed Rate & Hedged Debt (a) $ 1,853,897 4.34 % $ 1,757,308 4.27 % Revolving Credit Facility & Other Variable Rate Debt — — % 146,669 6.86 % Totals/Weighted Average: $ 1,853,897 4.34 % $ 1,903,977 4.47 % (a) As of December 31, 2023 and 2022, includes debt with interest rate caps outstanding with a notional amount of $304.5 million and $485.0 million, respectively. |
DISCLOSURE OF FAIR VALUE OF A_2
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis: Years Ended December 31, 2023 2022 2021 (dollars in thousands) Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Investment in Real Estate $ 169,839 $ 45,471 $ 314,512 $ 116,718 $ 421,053 $ 34,241 Goodwill — — — — — 2,945 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Property Name Location Asset Type Expiration Dates (Dollars in Thousands) BLVD 475 (Monaco) (a) Jersey City, NJ Multifamily 2/2021 — — 443 111 River Street (b) Hoboken, NJ Office 4/2022 — — 1,470 Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 — — 1,057 Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 — — 4,324 BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 1,754 1,692 1,277 RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 1,735 1,514 1,369 Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 224 2,925 2,925 RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 1,608 1,295 350 Haus25 (i) Jersey City, NJ Mixed-Use 3/2047 2,619 975 — The James (j) Park Ridge, NJ Multifamily 6/2051 714 318 — Total Pilot taxes $ 8,654 $ 8,719 $ 13,215 (a) The annual PILOT is equal to ten percent of Gross Revenues, as defined. (b) The property was disposed of in the first quarter of 2022. (c) The property was disposed of in the third quarter of 2023. (d) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million. (e) 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. (f) 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. (g) The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023. (h) 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. (i) The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years following the substantial completion which occurred in April 2022. (j) The property was acquired in July 2022. 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 office and ground leases under which the Company is the lessee, as of December 31, 2023, are as follows (dollars in thousands): As of December 31, 2023 Year Amount 2024 $ 1,272 2025 1,279 2026 1,279 2027 1,280 2028 494 2029 through 2101 31,447 Total lease payments 37,051 Less: imputed interest (29,700) Total $ 7,351 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 |
TENANT LEASES (Tables)
TENANT LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022 are as follows (dollars in thousands) : As of December 31, 2023 Year Amount 2024 $ 12,231 2025 10,952 2026 8,822 2027 5,748 2028 2,113 2029 and thereafter 5,706 Total $ 45,572 As of December 31, 2022 Year Amount 2023 $ 14,798 2024 12,231 2025 10,952 2026 8,822 2027 5,748 2028 and thereafter 7,819 Total $ 60,370 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Preferred Units | The key terms of the Preferred Units are summarized as follows: Series A Preferred Units Series A-1 Preferred Units Issuance date February 2017 February and April, 2017 Number of units issued 42,800 9,213 Stated value per unit $1,000 $1,000 Annual dividend rate paid quarterly 3.50 % (a) Conversion rate 28.15 27.936 Conversion value per unit $35.52 $35.80 Maximum common unit conversion 1,204,820 257,375 (a) Series A-1 Preferred Units pay 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. |
Schedule of Changes in the Value of the Redeemable Noncontrolling Interests | The following tables set forth the changes in Mandatorily redeemable noncontrolling interests for the year ended December 31, 2023 (dollars in thousands) : Rockpoint Balance at April 5, 2023 $ — Reclassification from Redeemable Non-controlling Interests 479,977 Income Attributed to Noncontrolling Interests 7,365 Distributions (9,371) Redemption Value Adjustment 42,417 Redemption (520,388) Balance at December 31, 2023 $ — The following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine equity section for the years ended December 31, 2023 and 2022 (dollars in thousands) : Series A and A-1 Preferred Units In VRLP Rockpoint Interests in VRT Total Redeemable Noncontrolling Interests Balance at January 1, 2023 $ 40,231 $ 475,000 $ 515,231 Redeemable Noncontrolling Interests Redemption (15,100) — (15,100) Net 25,131 475,000 500,131 Income Attributed to Noncontrolling Interests 1,336 6,282 7,618 Distributions (1,468) (6,282) (7,750) Redemption Value Adjustment — 4,977 4,977 Reclassification to Mandatorily Redeemable Non-controlling Interests — (479,977) (479,977) Balance at December 31, 2023 $ 24,999 $ — $ 24,999 Series A and A-1 Preferred Units In VRLP Rockpoint Interests in VRT Total Redeemable Noncontrolling Interests Balance at January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redeemable Noncontrolling Interests Redemption (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 Balance at December 31, 2022 $ 40,231 $ 475,000 $ 515,231 |
VERIS RESIDENTIAL, INC. STOCK_2
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2021 ($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 — Granted — — Outstanding at December 31, 2023 ($14.39 - $20.00) 2,330,000 $ 16.41 $ — Options exercisable at December 31, 2023 1,846,666 |
Schedule of Weighted Average Assumptions | The following assumptions are included in the Company’s fair value calculations of stock options granted during the years ended December 31, 2023, 2022 and 2021: 2022 2021 2021 2021 Expected life (in years) 4.0 4.5 4.6 5.3 Risk-free interest rate 2.77 % 0.79 % 0.71 % 0.94 % Volatility 38.0 % 35.0 % 35.0 % 34.0 % Dividend yield 2.6 % 1.6 % 1.5 % 1.4 % |
Schedule of Restricted Stock Awards | Information regarding the RSAs grant activity is summarized below: Shares Weighted-Average Outstanding at January 1, 2021 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 Granted 54,184 16.98 Vested (49,784) 14.06 Outstanding at December 31, 2023 54,184 $ 16.98 |
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, 2023, 2022 and 2021 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 2023 2022 2021 Loss from continuing operations after income tax expense $ (157,193) $ (39,534) $ (157,265) Add (deduct): Noncontrolling interests in consolidated joint ventures 2,319 3,079 4,595 Add (deduct): Noncontrolling interests in Operating Partnership 14,267 5,652 16,212 Add (deduct): Redeemable noncontrolling interests (7,618) (25,534) (25,977) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (4,516) (5,475) (7,290) Loss from continuing operations available to common shareholders (152,741) (61,812) (169,725) Loss from discontinued operations available to common shareholders 40,960 4,271 43,393 Net loss available to common shareholders for basic earnings per share $ (111,781) $ (57,541) $ (126,332) Weighted average common shares 91,883 91,046 90,839 Basic EPS : Loss from continuing operations available to common shareholders $ (1.66) $ (0.68) $ (1.87) Loss from discontinued operations available to common shareholders 0.44 0.05 0.48 Net loss available to common shareholders $ (1.22) $ (0.63) $ (1.39) Year Ended December 31, Computation of Diluted EPS 2023 2022 2021 Net loss from continuing operations available to common shareholders $ (152,741) $ (61,812) $ (169,725) Add (deduct): Noncontrolling interests in Operating Partnership (14,267) (5,652) (16,212) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (461) (548) (726) Loss from continuing operations for diluted earnings per share (167,469) (68,012) (186,663) Loss from discontinued operations for diluted earnings per share 44,832 4,649 47,726 Net loss available for diluted earnings per share $ (122,637) $ (63,363) $ (138,937) Weighted average common shares 100,812 100,265 99,893 Diluted EPS : Loss from continuing operations available to common shareholders $ (1.66) $ (0.68) $ (1.87) Loss from discontinued operations available to common shareholders 0.44 0.05 0.48 Net loss available to common shareholders $ (1.22) $ (0.63) $ (1.39) 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, 2023 2022 2021 Basic EPS Shares 91,883 91,046 90,839 Add: Operating Partnership – common and vested LTIP units 8,929 9,219 9,054 Diluted EPS Shares 100,812 100,265 99,893 Year Ended December 31, Computation of Basic EPU 2023 2022 2021 Loss from continuing operations after income tax expense $ (157,193) $ (39,534) $ (157,265) Add (deduct): Noncontrolling interests in consolidated joint ventures 2,319 3,079 4,595 Add (deduct): Redeemable noncontrolling interests (7,618) (25,534) (25,977) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (4,977) (6,023) (8,016) Loss from continuing operations available to unitholders (167,469) (68,012) (186,663) Loss from discontinued operations available to unitholders 44,832 4,649 47,726 Net loss available to common unitholders for basic earnings per unit $ (122,637) $ (63,363) $ (138,937) Weighted average common units 100,812 100,265 99,893 Basic EPU : Loss from continuing operations available to unitholders $ (1.66) $ (0.68) $ (1.87) Loss from discontinued operations available to unitholders 0.44 0.05 0.48 Net loss available to common unitholders for basic earnings per unit $ (1.22) $ (0.63) $ (1.39) Year Ended December 31, Computation of Diluted EPU 2023 2022 2021 Net loss from continuing operations available to common unitholders $ (167,469) $ (68,012) $ (186,663) Loss from discontinued operations for diluted earnings per unit 44,832 4,649 47,726 Net loss available to common unitholders for diluted earnings per unit $ (122,637) $ (63,363) $ (138,937) Weighted average common unit 100,812 100,265 99,893 Diluted EPU : Loss from continuing operations available to common unitholders $ (1.66) $ (0.68) $ (1.87) Loss from discontinued operations available to common unitholders 0.44 0.05 0.48 Net loss available to common unitholders $ (1.22) $ (0.63) $ (1.39) 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, 2023 2022 2021 Basic EPU Units 100,812 100,265 99,893 Diluted EPU Units 100,812 100,265 99,893 |
NONCONTROLLING INTERESTS IN S_2
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021: Common Units/ Unvested LTIP Balance at January 1, 2021 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) Cancellation of units — (279,089) Balance at December 31, 2022 9,301,521 558,084 Redemption of common units for shares of common stock (820,540) — Redemption of common units (9,229) — Conversion of vested LTIP units to common units 452,328 — Vested LTIP units (231,519) (220,809) Cancellation of units — (335,392) Balance at December 31, 2023 8,692,561 1,883 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 (multifamily real estate and services, and commercial and other real estate). All properties classified as discontinued operations have been excluded. Selected results of operations for the years ended December 31, 2023, 2022 and 2021, and selected asset information as of December 31, 2023 and 2022 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: 2023 $ 19,171 $ 259,523 $ 1,165 $ 279,859 2022 2,956 224,733 5,759 233,448 2021 14,936 171,030 8,679 194,645 Total operating and interest expenses (a): 2023 $ 14,267 $ 103,776 $ 187,652 $ 305,695 2022 (1,089) 114,448 123,154 236,513 2021 2,828 108,197 100,584 211,609 Equity in earnings (loss) of unconsolidated joint ventures: 2023 $ — $ 3,102 $ — $ 3,102 2022 — 1,200 — 1,200 2021 (111) (4,139) — (4,250) Net operating income (loss) (b): 2023 $ 4,904 $ 158,849 $ (186,487) $ (22,734) 2022 4,045 111,485 (117,395) (1,865) 2021 11,997 58,694 (91,905) (21,214) Total assets: 2023 $ 97,253 $ 3,119,602 $ 24,191 $ 3,241,046 2022 597,459 3,302,188 21,121 3,920,768 Total long-lived assets (c): 2023 $ 83,785 $ 2,929,884 $ (1,854) $ 3,011,815 2022 547,923 3,101,286 (1,330) 3,647,879 Total investments in unconsolidated joint ventures: 2023 $ — $ 117,954 $ — $ 117,954 2022 — 126,158 — 126,158 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, transaction-related costs and interest expense, net of interest and other investment income and other income, net. All interest expense, net of interest and other investment income (including for property-level mortgages interests, and interest cost of mandatorily redeemable noncontrolling interests) is included under Corporate & Other for all periods. (b) Net operating income (loss) 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 periods. (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. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, interest cost of mandatorily redeemable noncontrolling interests, 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, 2023 2022 2021 Net operating income $ (22,734) $ (1,865) $ (21,214) Add (deduct): Depreciation and amortization (a) (93,589) (85,434) (68,506) Land and other impairments, net (9,324) (9,368) (23,719) Property impairments (32,516) — — Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net — — 3,023 Gain on disposition of developable land 7,068 57,262 2,115 Loss on sale from unconsolidated joint venture interests — — (1,886) Loss from extinguishment of debt, net (5,606) (129) (47,078) Loss from continuing operations before income tax expense (156,701) (39,534) (157,265) Provision for income taxes (492) — — Loss from continuing operations after income tax expense (157,193) (39,534) (157,265) Discontinued operations Income (loss) from discontinued operations 3,150 (64,704) 22,174 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 41,682 69,353 25,552 Total discontinued operations, net 44,832 4,649 47,726 Net loss (112,361) (34,885) (109,539) Noncontrolling interests in consolidated joint ventures 2,319 3,079 4,595 Noncontrolling interests in Operating Partnership of income from continuing operations 14,267 5,652 16,212 Noncontrolling interests in Operating Partnership of income from discontinued operations (3,872) (378) (4,333) Redeemable noncontrolling interests (7,618) (25,534) (25,977) Net loss available to common shareholders $ (107,265) $ (52,066) $ (119,042) (a) Depreciation and amortization included in each segment for the years ending December 31, 2023, 2022 and 2021 is $7.4 million, $3.9 million and $3.0 million for Commercial & Other Real Estate, $85.1 million, $80.6 million and $64.6 million for Multifamily Real Estate & Services, and $1.1 million, $0.9 million and $0.9 million 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, 2023 2022 2021 Net operating income $ (22,734) $ (1,865) $ (21,214) Add (deduct): Depreciation and amortization (a) (93,589) (85,434) (68,506) Land and other impairments, net (9,324) (9,368) (23,719) Property impairments (32,516) — — Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net — — 3,023 Gain on disposition of developable land 7,068 57,262 2,115 Loss on sale from unconsolidated joint venture interests — — (1,886) Loss from extinguishment of debt, net (5,606) (129) (47,078) Loss from continuing operations before income tax expense (156,701) (39,534) (157,265) Provision for income taxes (492) — — Income (loss) from continuing operations after income tax expense (157,193) (39,534) (157,265) Discontinued operations Income (loss) from discontinued operations 3,150 (64,704) 22,174 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 41,682 69,353 25,552 Total discontinued operations, net 44,832 4,649 47,726 Net loss (112,361) (34,885) (109,539) Noncontrolling interests in consolidated joint ventures 2,319 3,079 4,595 Redeemable noncontrolling interests (7,618) (25,534) (25,977) Net loss available to common unitholders $ (117,660) $ (57,340) $ (130,921) (a) Depreciation and amortization included in each segment for the years ending December 31, 2023, 2022 and 2021 is $7.4 million, $3.9 million and $3.0 million for Commercial & Other Real Estate, $85.1 million, $80.6 million and $64.6 million for Multifamily Real Estate & Services, and $1.1 million, $0.9 million and $0.9 million for Corporate & Other, respectively. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 91.40% | 90.70% | |
Consolidated joint ventures, total real estate assets | $ | $ 449,800 | $ 468,100 | |
Consolidated joint ventures, other assets | $ | 6,700 | 6,000 | |
Consolidated joint ventures, mortgages | $ | 285,200 | 285,500 | |
Consolidated joint ventures, other liabilities | $ | 14,700 | 17,300 | |
General and administrative | $ | 44,472 | 56,014 | $ 56,977 |
Operating services | $ | 57,925 | $ 52,797 | $ 45,460 |
Revision of Prior Period, Adjustment | |||
Real Estate Properties [Line Items] | |||
General and administrative | $ | 2,900 | ||
Operating services | $ | $ 600 | ||
Multi-Family Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | 24 | ||
Office | |||
Real Estate Properties [Line Items] | |||
Number of properties | 1 | ||
Parking/Retail | |||
Real Estate Properties [Line Items] | |||
Number of properties | 4 | ||
Company Controlled Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | 21 | ||
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 | 4 | ||
Non-Core Assets | Unconsolidated Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | 1 | ||
Investment Properties | Unconsolidated Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | 8 | ||
Multi-Family Properties, Investment | Unconsolidated Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | 7 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 18, 2023 | Oct. 10, 2023 | Jul. 24, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||||||
Capitalized development and construction salaries and other related costs | $ 700,000 | $ 1,500,000 | $ 2,400,000 | |||
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 | 4,400,000 | 4,800,000 | 4,600,000 | |||
Losses on extinguishment of debt, including discontinued operations | 5,600,000 | 7,400,000 | 47,100,000 | |||
Goodwill | 2,900,000 | |||||
Goodwill impairment | 2,900,000 | |||||
Valuation allowance | 31,100,000 | 30,700,000 | ||||
Income taxes, material adjustment amount | 0 | |||||
Dividends declared per common share (in dollars per share) | $ 0.0525 | $ 0.05 | ||||
Dividends payable | $ 5,540,000 | 110,000 | ||||
Dividends paid per common share (in dollars per share) | $ 0.05 | $ 0.05 | ||||
Return of capital (percentage) | 100% | |||||
Stock compensation expense | $ 19,900,000 | 13,800,000 | $ 10,800,000 | |||
VERIS RESIDENTIAL, L.P. | ||||||
Significant Accounting Policies [Line Items] | ||||||
Dividends payable | $ 5,540,000 | $ 110,000 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Assets (Details) | Dec. 31, 2023 |
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 |
INVESTMENTS IN RENTAL PROPERT_2
INVESTMENTS IN RENTAL PROPERTY - Schedule of Real Estate Properties Acquired (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) apartmentUnit | |
Business Acquisition [Line Items] | |
Number of Apartment Units | apartmentUnit | 240 |
Acquisition Cost | $ | $ 130,308 |
Multifamily Unit, Park Ridge, NJ | |
Business Acquisition [Line Items] | |
Number of Apartment Units | apartmentUnit | 240 |
Acquisition Cost | $ | $ 130,308 |
INVESTMENTS IN RENTAL PROPERTY-
INVESTMENTS IN RENTAL PROPERTY- 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 |
INVESTMENTS IN RENTAL PROPERT_3
INVESTMENTS IN RENTAL PROPERTY - Narrative (Details) $ in Thousands, ft² in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2022 USD ($) | Sep. 01, 2021 USD ($) | Apr. 29, 2021 USD ($) | Jan. 31, 2024 USD ($) | Dec. 31, 2022 USD ($) ft² apartmentUnit | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | ||||||
Development costs | $ 485,587 | $ 265,902 | ||||
Held-for-sale | ||||||
Real Estate Properties [Line Items] | ||||||
Rental property held-for-sale, net | 400 | |||||
Other assets | 400 | |||||
Office | Hyatt Regency Hotel | ||||||
Real Estate Properties [Line Items] | ||||||
Sale price | $ 117,000 | |||||
Gain on sale of investments | $ 7,700 | |||||
Office | Offices At Crystal Lake | ||||||
Real Estate Properties [Line Items] | ||||||
Sale price | $ 1,900 | |||||
Loss on sale of investments | (1,900) | |||||
Office | 12 Vreeland Road | ||||||
Real Estate Properties [Line Items] | ||||||
Sale price | $ 2,000 | |||||
Gain (loss) on transaction | $ 0 | |||||
Parsippany, New Jersey | Land | ||||||
Real Estate Properties [Line Items] | ||||||
Development costs | $ 5,100 | |||||
Jersey City, and Parsippany, New Jersey | Subsequent Event | ||||||
Real Estate Properties [Line Items] | ||||||
Proceeds from sale of properties | $ 10,200 | |||||
Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | Office | Held-for-sale | ||||||
Real Estate Properties [Line Items] | ||||||
Area of property (in square feet) | ft² | 0.4 | |||||
Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | Hotels | Held-for-sale | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties, unrecoverable | apartmentUnit | 2 |
INVESTMENTS IN RENTAL PROPERT_4
INVESTMENTS IN RENTAL PROPERTY - Schedule of Disposed Properties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ft² building shares | Dec. 31, 2022 USD ($) ft² building | Dec. 31, 2021 USD ($) ft² building shares | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from extinguishment of debt, net | $ (5,606) | $ (129) | $ (47,078) |
Redemption of limited partners common units (in shares) | shares | 9,229 | ||
111 River Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from extinguishment of debt | 150,000 | ||
Loss from extinguishment of debt, net | 6,300 | ||
101 Hudson Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from extinguishment of debt | 250,000 | ||
Loss from 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 on properties sold | building | 7 | 2 | 16 |
Area of property (in square feet) | ft² | 2,468,656,000 | 1,812,498,000 | 3,049,313 |
Net Sales Proceeds | $ 515,833 | $ 550,846 | $ 711,271 |
Net Carrying Value | $ 511,976 | $ 476,630 | 682,696 |
Realized Gains (Losses)/ Unrealized Losses, net | $ 3,023 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | XS Hotels | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings on properties sold | building | 2 | ||
Area of property (in square feet) | ft² | 0 | ||
Net Sales Proceeds | $ 93,358 | ||
Net Carrying Value | 92,578 | ||
Loss from extinguishment of debt | $ 84,000 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Harborside 1, 2 and 3 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings on properties sold | building | 3 | ||
Area of property (in square feet) | ft² | 1,886,800,000 | ||
Net Sales Proceeds | $ 362,446 | ||
Net Carrying Value | $ 362,304 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Harborside 6 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings on properties sold | building | 1 | ||
Area of property (in square feet) | ft² | 231,856,000 | ||
Net Sales Proceeds | $ 44,145 | ||
Net Carrying Value | $ 43,722 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 23 Main Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings on properties sold | building | 1 | ||
Area of property (in square feet) | ft² | 350,000,000 | ||
Net Sales Proceeds | $ 15,884 | ||
Net Carrying Value | 13,372 | ||
Deposits received | 1,300 | ||
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 on properties sold | building | 1 | ||
Area of property (in square feet) | ft² | 566,215,000 | ||
Net Sales Proceeds | $ 208,268 | ||
Net Carrying Value | $ 206,432 | ||
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 on properties sold | building | 1 | ||
Area of property (in square feet) | ft² | 1,246,283,000 | ||
Net Sales Proceeds | $ 342,578 | ||
Net Carrying Value | 270,198 | ||
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 on properties sold | building | 1 | ||
Area of property (in square feet) | ft² | 149,600 | ||
Net 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 on properties sold | building | 4 | ||
Area of property (in square feet) | ft² | 926,656 | ||
Net 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 on properties sold | building | 4 | ||
Area of property (in square feet) | ft² | 828,413 | ||
Net 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 on properties sold | building | 5 | ||
Area of property (in square feet) | ft² | 659,490 | ||
Net 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 on properties sold | building | 0 | ||
Area of property (in square feet) | ft² | 0 | ||
Net Sales Proceeds | $ 41,958 | ||
Net Carrying Value | 37,951 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ 4,007 | ||
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 on properties sold | building | 1 | ||
Area of property (in square feet) | ft² | 236,674 | ||
Net 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 on properties sold | building | 1 | ||
Area of property (in square feet) | ft² | 248,480 | ||
Net 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 on properties sold | building | 0 | ||
Area of property (in square feet) | ft² | 0 | ||
Net Sales Proceeds | $ 5,423 | ||
Net Carrying Value | 6,407 | ||
Realized Gains (Losses)/ Unrealized Losses, net | (984) | ||
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 | 2,411 | 61,676 | 25,552 |
Disposed of by Sale | XS Hotels | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 780 | ||
Disposed of by Sale | Harborside 1, 2 and 3 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 142 | ||
Disposed of by Sale | Harborside 6 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 423 | ||
Disposed of by Sale | 23 Main Street | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 2,512 | ||
Disposed of by Sale | Other Properties | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 2,184 | ||
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 | $ (3,630) | (12,540) | |
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 | 1,836 | ||
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 | $ 72,380 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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) | ||
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 | ||
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 limited partners 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 |
INVESTMENTS IN RENTAL PROPERT_5
INVESTMENTS IN RENTAL PROPERTY- Schedule of Disposed Developable Land (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | $ 75,118 | $ 151,666 | $ 5,011 |
Net Carrying Value | 30,468 | 94,404 | 2,896 |
Realized Gains (losses)/ Unrealized Losses, net | 7,068 | 57,262 | 2,115 |
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 39,271 | ||
Columbia-Honeywell | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 8,214 | ||
Net Carrying Value | 8,236 | ||
Realized Gains (losses)/ Unrealized Losses, net | (22) | ||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 0 | ||
Deposits received | 1,100 | ||
3 Campus | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 13,248 | ||
Net Carrying Value | 7,847 | ||
Realized Gains (losses)/ Unrealized Losses, net | 5,401 | ||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 0 | ||
Harborside 4 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 53,656 | ||
Net Carrying Value | 14,385 | ||
Realized Gains (losses)/ Unrealized Losses, net | 0 | ||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | 39,271 | ||
Other Properties | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized Gains (losses)/ Unrealized Losses, net | 1,689 | ||
Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net | $ 0 | ||
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 | |||
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 RENTAL PROPERT_6
INVESTMENTS IN RENTAL PROPERTY - Schedule of Real Estate Held for Sale/Discontinued Operations/Dispositions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in Rental Properties [Abstract] | ||
Land | $ 59,464 | $ 92,843 |
Building & Other | 9,688 | 142,554 |
Less: Accumulated depreciation | 0 | (28,924) |
Less: Cumulative unrealized losses on property held for sale | (10,544) | (12,540) |
Real estate held for sale, net | $ 58,608 | $ 193,933 |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ft² apartmentUnit property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in equity method joint ventures | $ 118,000 | ||
Management, leasing, development and other services fees | 3,900 | $ 3,600 | $ 3,400 |
Accounts receivable | 2,742 | 2,920 | |
Unconsolidated Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Accounts receivable | $ 700 | $ 200 | |
Unconsolidated Joint Venture | Minimum | Unconsolidated Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in venture (as a percent) | 20% | ||
Unconsolidated Joint Venture | Maximum | Unconsolidated Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in venture (as a percent) | 85% | ||
Multifamily | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 7 | ||
Number of apartment units | 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 | apartmentUnit | 829 | ||
Unconsolidated Joint Ventures | Guarantee of Indebtedness of Others | |||
Schedule of Equity Method Investments [Line Items] | |||
Revolving credit facility and term loans | $ 17,200 | ||
Unconsolidated Joint Ventures | Parent Company | Guarantee of Indebtedness of Others | |||
Schedule of Equity Method Investments [Line Items] | |||
Guaranteed amount | $ 1,500 |
INVESTMENTS IN UNCONSOLIDATED_4
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Schedule of Unconsolidated Joint Venture (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) ft² apartmentUnit potentialApartmentUnit floor | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $ 117,954 | $ 126,158 |
Metropolitan and Lofts at 40 Park | The Shops At 40 Park Property | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance | $ 6,100 | |
Residual ownership interest (as a percent) | 25% | |
Area of property (in square feet) | ft² | 50,973 | |
Metropolitan and Lofts at 40 Park | Lofts At 40 Park Property | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | apartmentUnit | 59 | |
Balance | $ 17,200 | |
Indirect ownership interest (as a percent) | 50% | |
Number of stories | floor | 5 | |
Metropolitan and Lofts at 40 Park | Metropolitan at 40 Park | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance | $ 34,100 | |
Metropolitan and Lofts at 40 Park | SOFR | The Shops At 40 Park Property | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate, variable (as a percent) | 200% | |
Metropolitan and Lofts at 40 Park | SOFR | Lofts At 40 Park Property | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate, variable (as a percent) | 2% | |
Metropolitan and Lofts at 40 Park | SOFR | Metropolitan at 40 Park | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate, variable (as a percent) | 2.85% | |
PI North - Land | ||
Schedule of Equity Method Investments [Line Items] | ||
Residual ownership interest (as a percent) | 20% | |
Number of units available for development | apartmentUnit | 829 | |
Multifamily | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | apartmentUnit | 2,146 | |
Multifamily | Metropolitan and Lofts at 40 Park | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | apartmentUnit | 189 | |
Company's Effective Ownership Percentage (as a percent) | 25% | |
Investments in unconsolidated joint ventures | $ 908 | 1,747 |
Balance | $ 57,367 | |
Multifamily | RiverTrace at Port Imperial | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | apartmentUnit | 316 | |
Company's Effective Ownership Percentage (as a percent) | 22.50% | |
Investments in unconsolidated joint ventures | $ 4,506 | 5,114 |
Balance | $ 82,000 | |
Interest rate, stated (as a percent) | 3.21% | |
Multifamily | Capstone at Port Imperial | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | apartmentUnit | 360 | |
Company's Effective Ownership Percentage (as a percent) | 40% | |
Investments in unconsolidated joint ventures | $ 21,361 | 23,234 |
Balance | $ 135,000 | |
Multifamily | Capstone at Port Imperial | SOFR | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest rate, variable (as a percent) | 1.20% | |
Multifamily | Riverpark at Harrison | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | apartmentUnit | 141 | |
Company's Effective Ownership Percentage (as a percent) | 45% | |
Investments in unconsolidated joint ventures | $ 0 | 0 |
Balance | $ 30,192 | |
Interest rate, stated (as a percent) | 3.19% | |
Multifamily | Station House | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | apartmentUnit | 378 | |
Company's Effective Ownership Percentage (as a percent) | 50% | |
Investments in unconsolidated joint ventures | $ 32,022 | 32,372 |
Balance | $ 89,440 | |
Interest rate, stated (as a percent) | 4.82% | |
Multifamily | Urby at Harborside | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | apartmentUnit | 762 | |
Company's Effective Ownership Percentage (as a percent) | 85% | |
Investments in unconsolidated joint ventures | $ 57,060 | 61,594 |
Balance | $ 185,742 | |
Interest rate, stated (as a percent) | 5.20% | |
Guaranteed amount | $ 22,000 | |
Multifamily | PI North - Land | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of apartment units | potentialApartmentUnit | 829 | |
Company's Effective Ownership Percentage (as a percent) | 20% | |
Investments in unconsolidated joint ventures | $ 1,678 | 1,678 |
Balance | $ 0 | |
Interest rate, stated (as a percent) | 0% | |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $ 117,954 | 126,158 |
Balance | 579,741 | |
Other | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | 419 | $ 419 |
Balance | $ 0 | |
Interest rate, stated (as a percent) | 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 | |||||
Jan. 12, 2024 | Sep. 01, 2021 | Apr. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | $ 3,102 | $ 1,200 | $ (4,250) | |||
Gain (loss) from the sale | 0 | 0 | (1,886) | |||
Amortization of basis difference | 618 | 154 | 138 | |||
Metropolitan and Lofts at 40 Park | Subsequent Event | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale of investments | $ 12,100 | |||||
Metropolitan and Lofts at 40 Park | Subsequent Event | Veris Residential, Inc. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale of investments | $ 6,000 | |||||
Riverpark at Harrison | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Litigation Settlement, Expense | 900 | |||||
Multifamily | Metropolitan and Lofts at 40 Park | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | (1,239) | (674) | (801) | |||
Multifamily | RiverTrace at Port Imperial | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | 546 | 356 | 92 | |||
Multifamily | Capstone at Port Imperial | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | (294) | (212) | (506) | |||
Multifamily | Riverpark at Harrison | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | 540 | 234 | (1,153) | |||
Multifamily | Station House | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | (299) | (722) | (1,647) | |||
Multifamily | Urby at Harborside | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | 4,110 | 2,374 | (580) | |||
Multifamily | PI North - Land | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | (240) | (205) | (250) | |||
Multifamily | Liberty Landing | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | (22) | 36 | (40) | |||
Office | 12 Vreeland Road | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | 0 | 0 | 2 | |||
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 | 0 | (113) | |||
Gain (loss) from the sale | $ 1,900 | |||||
Sale price | $ 1,900 | |||||
Other | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | 3,102 | 1,200 | (4,250) | |||
Other | Other | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale from unconsolidated joint ventures | $ 0 | $ 13 | $ 746 |
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, 2023 | Dec. 31, 2022 |
Assets: | ||
Rental Property, net | $ 3,006,315 | $ 3,608,145 |
Other assets | 53,956 | 96,162 |
Total assets | 3,241,046 | 3,920,768 |
Liabilities and partners'/members' capital: | ||
Mortgages and loans payable | 1,853,897 | 1,903,977 |
Total liabilities and equity | 3,241,046 | 3,920,768 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Assets: | ||
Rental Property, net | 741,932 | 745,210 |
Other assets | 31,480 | 39,241 |
Total assets | 773,412 | 784,451 |
Liabilities and partners'/members' capital: | ||
Mortgages and loans payable | 579,741 | 587,913 |
Other liabilities | 8,898 | 15,545 |
Partners'/members' capital | 184,773 | 180,993 |
Total liabilities and equity | $ 773,412 | $ 784,451 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | $ 279,859 | $ 233,448 | $ 194,645 |
Operating and other expenses | (57,925) | (52,797) | (45,460) |
Depreciation and amortization | (93,589) | (85,434) | (68,506) |
Interest expense | (89,355) | (66,381) | (47,505) |
Net loss | (112,361) | (34,885) | (109,539) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 94,272 | 140,637 | 173,169 |
Operating and other expenses | (36,045) | (81,914) | (131,709) |
Depreciation and amortization | (22,341) | (25,412) | (25,095) |
Interest expense | (30,488) | (29,777) | (27,145) |
Net loss | $ 5,398 | $ 3,534 | $ (10,780) |
DEFERRED CHARGES AND OTHER AS_3
DEFERRED CHARGES AND OTHER ASSETS, NET - Schedule of Deferred Charges and Other Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Deferred leasing costs | $ 8,324,000 | $ 59,651,000 | |
Deferred financing costs - revolving credit facility | 771,000 | 6,684,000 | |
Deferred charges, gross | 9,095,000 | 66,335,000 | |
Accumulated amortization | (5,063,000) | (30,471,000) | |
Deferred charges, net | 4,032,000 | 35,864,000 | |
Note receivable | 32,000 | 1,309,000 | |
In-place lease values, related intangibles and other assets, net | 10,034,000 | 12,298,000 | |
Right of use assets | 6,161,000 | 2,896,000 | |
Prepaid expenses and other assets, net | 33,697,000 | 43,795,000 | |
Total deferred charges and other assets, net | 53,956,000 | 96,162,000 | |
Acquired Above And Below Market Lease Intangibles | |||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Revenue from leases | $ 100,000 | 200,000 | $ 2,700,000 |
Interest-Free Notes Receivable | |||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Note receivable | 200,000 | ||
Seller Financing Receivable | |||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Note receivable | 1,000,000 | ||
Loan loss allowance charge, net | $ 26,000 |
DEFERRED CHARGES AND OTHER AS_4
DEFERRED CHARGES AND OTHER ASSETS, NET - Scheduled Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Liability | $ 7,400 | $ 3,200 | |
Other assets | 53,956 | 96,162 | |
Acquired Above And Below Market Lease Intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
2024 | 82 | ||
2025 | 98 | ||
2026 | 81 | ||
2027 | 98 | ||
2028 | 106 | ||
Acquired Above- Market Lease Intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
2024 | 175 | ||
2025 | 162 | ||
2026 | 143 | ||
2027 | 124 | ||
2028 | 121 | ||
Acquired Below- Market Lease Intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
2024 | 93 | ||
2025 | 64 | ||
2026 | 62 | ||
2027 | 26 | ||
2028 | 15 | ||
In-Place Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
2024 | 310 | ||
2025 | 209 | ||
2026 | 195 | ||
2027 | 127 | ||
2028 | 105 | ||
Amortization expense | $ 2,000 | $ 1,500 | $ 2,100 |
DEFERRED CHARGES AND OTHER AS_5
DEFERRED CHARGES AND OTHER ASSETS, NET - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) interestRateCap | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated additional amount to be reclassified to interest expense | $ 3,800 |
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 | 4,000,000 |
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, 2023 | Dec. 31, 2022 |
Interest rate caps | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 5,098 | $ 9,808 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||
Total Amount of Interest Expense presented in the Consolidated Statements of Operations | $ (89,355) | $ (66,381) | $ (47,505) |
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 | 1,184 | 5,032 | 10 |
Total Amount of Interest Expense presented in the Consolidated Statements of Operations | (89,355) | (66,381) | (47,505) |
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 | $ 3,559 | $ 666 | $ 0 |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Investments [Abstract] | ||||
Security deposits | $ 9,996 | $ 9,175 | ||
Escrow and other reserve funds | 16,576 | 11,692 | ||
Total restricted cash | $ 26,572 | $ 20,867 | $ 19,701 | $ 14,207 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from extinguishment of debt, net | $ (5,606) | $ (129) | $ (47,078) |
Income (Loss) from discontinued operations | 3,150 | (64,704) | 22,174 |
Gain on disposition of developable land | 7,068 | 57,262 | 2,115 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | 69,353 | 25,552 |
Total discontinued operations, net | 44,832 | 4,649 | 47,726 |
Discontinued Operations | Suburban Office Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total Revenues | 21,085 | 127,541 | 163,284 |
Operating and other (expenses) income, net | (12,437) | (63,157) | (83,557) |
Property impairments | 0 | (94,811) | (13,467) |
Depreciation and amortization | (5,486) | (26,974) | (44,086) |
Loss from extinguishment of debt, net | (12) | (7,303) | 0 |
Income (Loss) from discontinued operations | 3,150 | (64,704) | 22,174 |
Gain on disposition of developable land | 39,271 | 0 | 0 |
Proceeds from the sale of investments in unconsolidated joint ventures | 0 | 7,677 | 0 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 2,411 | 61,676 | 25,552 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | 69,353 | 25,552 |
Total discontinued operations, net | $ 44,832 | $ 4,649 | $ 47,726 |
REVOLVING CREDIT FACILITY AND_2
REVOLVING CREDIT FACILITY AND TERM LOANS - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Jul. 25, 2023 USD ($) extension multi-familyResidentialUnit lender | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||
Borrowings from revolving credit facility | $ 81,000 | $ 102,000 | $ 196,000 | ||
Loan balance | $ 1,900,000 | 1,900,000 | |||
Revolving Credit Facility | Credit Agreement | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Number of lenders | lender | 2 | ||||
Secured debt | $ 60,000 | ||||
Borrowings from revolving credit facility | $ 52,000 | ||||
Loan period | 1 year | ||||
Number of extensions | extension | 1 | ||||
Extension option period | 6 months | ||||
Number of units in unencumbered properties | multi-familyResidentialUnit | 240 | ||||
Facility fee basis points | 3,500% | ||||
Increase in interest rate (as a percent) | 0.25% | ||||
Total leverage ratio | 65% | ||||
Debt service coverage ratio | 125% | ||||
Tangible net worth ratio | 80% | ||||
Percentage of net cash proceeds of equity issuances | 80% | ||||
Percentage of maximum unhedged variable rate debt ratio | 30% | ||||
Cash sweep threshold | $ 25,000 | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | Alternative Base Rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 1% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | New York Federal Reserve Bank Rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 0.50% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | Adjusted Term Secured Overnight Financing Rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 1% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | Adjusted Term Secured Overnight Financing Rate Subject To Floor | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 0% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | Term Secured Overnight Financing Rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 1,000% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | Adjusted Daily Effective Secured Overnight Financing Rate | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 0% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | SOFR | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 1,000% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 25,000% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate, variable (as a percent) | 35,000% | ||||
Revolving Credit Facility | Credit Agreement | Line of Credit | Maximum | SOFR | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 3.85% | ||||
Term Loan | Credit Agreement | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Secured debt | $ 115,000 | ||||
Loan balance | $ 115,000 | ||||
Loan period | 1 year | ||||
Number of extensions | extension | 1 | ||||
Extension option period | 6 months | ||||
Unsecured Revolving Credit Facility | Unsecured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Loan balance | $ 0 | ||||
Revolving Credit Facility and Term Loan | 2021 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Written off unamortized deferred financing costs | $ 2,700 |
MORTGAGES, LOANS PAYABLE AND _3
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 17 | ||
Carrying value of encumbered properties | $ 2,600 | ||
Cash paid for interest | 81.6 | $ 80.3 | $ 85.2 |
Interest capitalized | 0 | 12.2 | 30.5 |
Unconsolidated Joint Venture | |||
Debt Instrument [Line Items] | |||
Interest capitalized | 0 | 0 | 0.3 |
Discontinued Operations | |||
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 1.4 | $ 13.3 | $ 18.5 |
MORTGAGES, LOANS PAYABLE AND _4
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Schedule of Mortgages, Loans Payable and Other Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Aug. 15, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Aug. 10, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 1,900,000 | $ 1,900,000 | |||
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | 1,868,983 | 1,911,488 | |||
Unamortized deferred financing costs | (15,086) | (7,511) | |||
Total mortgages, loans payable and other obligations, net | 1,853,897 | 1,903,977 | |||
Secured Debt | Port Imperial 4/5 Hotel | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 0 | 84,000 | |||
Secured Debt | Signature Place | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 3.74% | ||||
Principal balance outstanding | $ 43,000 | 43,000 | |||
Secured Debt | Liberty Towers | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 3.37% | ||||
Principal balance outstanding | $ 265,000 | 265,000 | |||
Secured Debt | Portside 2 at East Pier | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 4.56% | ||||
Principal balance outstanding | $ 97,000 | 97,000 | |||
Debt instrument, percent guaranteed | 10% | ||||
Secured Debt | BLVD 425 | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 4.17% | ||||
Principal balance outstanding | $ 131,000 | 131,000 | |||
Secured Debt | BLVD 401 | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 4.29% | ||||
Principal balance outstanding | $ 117,000 | 117,000 | |||
Secured Debt | Portside at East Pier | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 56,500 | 58,998 | |||
Derivative, cap interest rate | 3.50% | ||||
Secured Debt | Portside at East Pier | SOFR | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 2.75% | ||||
Secured Debt | The Upton | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 75,000 | 75,000 | |||
Derivative, cap interest rate | 1% | ||||
Secured Debt | The Upton | SOFR | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 1.58% | ||||
Secured Debt | 145 Front at City Square | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 63,000 | 63,000 | |||
Secured Debt | 145 Front at City Square | SOFR | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 4% | 1.84% | |||
Secured Debt | RiverHouse 9 at Port Imperial | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 110,000 | 110,000 | |||
Derivative, cap interest rate | 3% | ||||
Secured Debt | RiverHouse 9 at Port Imperial | SOFR | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 1.41% | ||||
Secured Debt | Quarry Place at Tuckahoe | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 4.48% | ||||
Principal balance outstanding | $ 41,000 | 41,000 | |||
Secured Debt | BLVD 475 N/S | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 2.91% | ||||
Principal balance outstanding | $ 165,000 | 165,000 | |||
Secured Debt | Haus 25 | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 6.04% | ||||
Principal balance outstanding | $ 343,061 | 297,324 | |||
Secured Debt | RiverHouse 11 at Port Imperial | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 4.52% | ||||
Principal balance outstanding | $ 100,000 | 100,000 | |||
Secured Debt | Soho Lofts | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 3.77% | ||||
Principal balance outstanding | $ 158,777 | 160,000 | |||
Secured Debt | Soho Lofts | Prime Rate | Variable Income Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 2.75% | ||||
Secured Debt | Soho Lofts | Prime Rate | Fixed Income Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 3% | ||||
Secured Debt | Port Imperial Garage South | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 4.85% | ||||
Principal balance outstanding | $ 31,645 | 32,166 | |||
Secured Debt | The Emery at Overlook Ridge | |||||
Debt Instrument [Line Items] | |||||
Effective Rate (as a percent) | 3.21% | ||||
Principal balance outstanding | $ 72,000 | $ 72,000 | |||
Secured Debt | The Emery at Overlook Ridge | Prime Rate | Variable Income Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 2.75% | ||||
Secured Debt | The Emery at Overlook Ridge | Prime Rate | Fixed Income Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 3% | ||||
Secured Debt | QuadReal | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 297,000 |
MORTGAGES, LOANS PAYABLE AND _5
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Schedule of Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Scheduled Amortization, 2024 | $ 6,076 | |
Scheduled Amortization, 2025 | 9,487 | |
Scheduled Amortization, 2026 | 9,651 | |
Scheduled Amortization, 2027 | 8,158 | |
Scheduled Amortization, 2028 | 5,331 | |
Scheduled Amortization, Thereafter | 5,574 | |
Scheduled Amortization, Sub-total | 44,277 | |
Scheduled Amortization, unamortized deferred financing costs | (15,086) | |
Scheduled Amortization, Total | 29,191 | |
Principal Maturities, 2024 | 308,000 | |
Principal Maturities, 2025 | 0 | |
Principal Maturities, 2026 | 536,487 | |
Principal Maturities, 2027 | 305,320 | |
Principal Maturities, 2028 | 343,061 | |
Principal Maturities, Thereafter | 331,838 | |
Principal Maturities, Sub-total | 1,824,706 | |
Principal Costs, unamortized deferred financing costs | 0 | |
Principal Maturities, Total | 1,824,706 | |
Total, 2024 | 314,076 | |
Total, 2025 | 9,487 | |
Total, 2026 | 546,138 | |
Total, 2027 | 313,478 | |
Total, 2028 | 348,392 | |
Total, Thereafter | 337,412 | |
Total, Sub-total | 1,868,983 | |
Total, Unamortized deferred financing costs | (15,086) | |
Total debt | $ 1,853,897 | $ 1,903,977 |
MORTGAGES, LOANS PAYABLE AND _6
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Schedule of Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Balance | $ 1,853,897 | $ 1,903,977 |
Weighted Average Interest Rate (as a percent) | 4.34% | 4.47% |
Fixed Rate & Hedged Debt | ||
Debt Instrument [Line Items] | ||
Balance | $ 1,853,897 | $ 1,757,308 |
Weighted Average Interest Rate (as a percent) | 4.34% | 4.27% |
Fixed Rate & Hedged Debt | Interest rate caps | ||
Debt Instrument [Line Items] | ||
Notional value | $ 304,500 | $ 485,000 |
Revolving Credit Facility & Other Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Balance | $ 0 | $ 146,669 |
Weighted Average Interest Rate (as a percent) | 0% | 6.86% |
EMPLOYEE BENEFIT 401(k) PLANS (
EMPLOYEE BENEFIT 401(k) PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Minimum employee subscription rate, percentage of compensation (as a percent) | 1% | ||
Maximum employee subscription rate, percentage of compensation (as a percent) | 60% | ||
Employee pre-tax contributions vested percentage (as a percent) | 100% | ||
Employee post-tax contributions vested percentage (as a percent) | 100% | ||
Expenses for employee benefit plan | $ 507 | $ 631 | $ 537 |
DISCLOSURE OF FAIR VALUE OF A_3
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 USD ($) officeProperty | Dec. 31, 2023 USD ($) property landParcel officeProperty | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) officeProperty | Dec. 31, 2022 officeProperty | Dec. 31, 2022 landParcel | Dec. 31, 2022 Hotel | Nov. 30, 2022 landParcel | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Fair value of long-term debt | $ 1,800,000,000 | $ 1,800,000,000 | ||||||
Loan balance | 1,900,000,000 | 1,900,000,000 | ||||||
Land and other impairments, net | $ 9,324,000 | $ 9,368,000 | $ 23,719,000 | |||||
Goodwill impairment | $ 2,900,000 | |||||||
Office | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Number of properties | property | 1 | |||||||
Office | Cash flow discount rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Servicing asset, measurement input | 0.11 | 0.080 | ||||||
Office | Cash flow discount rate | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Servicing asset, measurement input | 0.075 | |||||||
Office | Cash flow discount rate | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Servicing asset, measurement input | 0.13 | |||||||
Office | Terminal capitalization rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Servicing asset, measurement input | 0.09 | 0.0575 | ||||||
Office | Terminal capitalization rate | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Servicing asset, measurement input | 0.055 | |||||||
Office | Terminal capitalization rate | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Servicing asset, measurement input | 0.0875 | |||||||
Office | Held-for-sale | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Property impairments | $ 32,500,000 | $ 94,800,000 | $ 6,000,000 | |||||
Number of properties | 1 | 1 | 4 | 4 | ||||
Office | Disposed of by Sale | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Property impairments | $ 3,600,000 | $ 12,500,000 | ||||||
Number of properties | 1 | 1 | 1 | |||||
Land and other impairments, net | $ 9,400,000 | |||||||
Land Parcel | Held-for-sale | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Number of properties | landParcel | 3 | |||||||
Land and other impairments, net | $ 9,300,000 | $ 20,800,000 | ||||||
Hotels | Cash flow discount rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Servicing asset, measurement input | 0.0867 | |||||||
Hotels | Terminal capitalization rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Servicing asset, measurement input | 0.065 | |||||||
Hotels | Held-for-sale | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Property impairments | $ 7,400,000 | |||||||
Number of properties | officeProperty | 2 | |||||||
Hotels | Disposed of by Sale | ||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
Number of properties | Hotel | 2 |
DISCLOSURE OF FAIR VALUE OF A_4
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES - Schedule of Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Goodwill, Impairment Charges | $ 2,900 | ||
Fair Value, Nonrecurring | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Goodwill, Fair Value Measurements | $ 0 | $ 0 | 0 |
Goodwill, Impairment Charges | 0 | 0 | 2,945 |
Fair Value, Nonrecurring | Real Estate | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Investment in Real Estate, Fair Value Measurements | 169,839 | 314,512 | 421,053 |
Investment in Real Estate Impairment Charges | $ 45,471 | $ 116,718 | $ 34,241 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Tax Abatement Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 8,654 | $ 8,719 | $ 13,215 |
BLVD 475 N/S | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 0 | 0 | 443 |
Percentage of PILOT on gross revenues (as a percent) | 10% | ||
111 River Street | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 0 | 0 | 1,470 |
Harborside Plaza 4A | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | 0 | 0 | 1,057 |
Harborside Plaza 5 | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 0 | 0 | 4,324 |
Percentage of PILOT on project costs (as a percent) | 2% | ||
Total project costs | $ 170,900 | ||
BLVD 401 | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 1,754 | 1,692 | 1,277 |
BLVD 401 | Years 1-4 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 10% | ||
BLVD 401 | Years 5-8 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 12% | ||
BLVD 401 | Years 9-10 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 14% | ||
RiverHouse 11 at Port Imperial | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 1,735 | 1,514 | 1,369 |
RiverHouse 11 at Port Imperial | Years 1-5 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 12% | ||
RiverHouse 11 at Port Imperial | Years 6-10 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 13% | ||
RiverHouse 11 at Port Imperial | Years 11-15 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 14% | ||
Port Imperial Garage South | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 224 | 2,925 | 2,925 |
Percentage of PILOT on project costs (as a percent) | 2% | ||
RiverHouse 9 at Port Imperial | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 1,608 | 1,295 | 350 |
RiverHouse 9 at Port Imperial | Years 1-10 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 11% | ||
RiverHouse 9 at Port Imperial | Years 11-18 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 12.50% | ||
RiverHouse 9 at Port Imperial | Years 19-25 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on project costs (as a percent) | 14% | ||
Haus 25 | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 2,619 | 975 | 0 |
Percentage of PILOT on project costs (as a percent) | 7% | ||
Project period | 25 years | ||
The James | |||
Commitments And Contingencies [Line Items] | |||
Total Pilot taxes | $ 714 | $ 318 | $ 0 |
Percentage of PILOT on gross revenues (as a percent) | 10% | ||
Project period | 30 years | ||
The James | Years 11-21 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on gross revenues (as a percent) | 11.50% | ||
The James | Years 22-30 | |||
Commitments And Contingencies [Line Items] | |||
Percentage of PILOT on gross revenues (as a percent) | 12.50% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments Of Ground Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Year one | $ 1,272 | $ 192 |
Year two | 1,279 | 192 |
Year three | 1,279 | 199 |
Year four | 1,280 | 199 |
Year five | 494 | 200 |
After year five | 31,447 | 31,664 |
Total lease payments | 37,051 | 32,646 |
Less: imputed interest | (29,700) | (29,418) |
Total | $ 7,351 | $ 3,228 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Ground Lease Agreements - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) groundLease property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Commitments And Contingencies [Line Items] | |||
Ground lease expense incurred | $ 2,000 | $ 900 | $ 1,800 |
Operating lease | 7,351 | 3,228 | |
Right of use assets | $ 6,161 | $ 2,896 | |
Office | |||
Commitments And Contingencies [Line Items] | |||
Number of property | property | 1 | ||
Operating lease | $ 4,700 | ||
Borrowing rate | 6% | ||
Remaining lease term | 4 years 3 months 18 days | ||
Right of use assets | $ 4,700 | ||
Office | Accounting Standards Update 2016-02 | |||
Commitments And Contingencies [Line Items] | |||
Operating lease | $ 4,100 | ||
Ground Lease | |||
Commitments And Contingencies [Line Items] | |||
Number of ground leases | groundLease | 2 | ||
Borrowing rate | 7.60% | ||
Remaining lease term | 77 years 7 months 6 days | ||
Ground Lease | Accounting Standards Update 2016-02 | |||
Commitments And Contingencies [Line Items] | |||
Operating lease | $ 2,100 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Other - Narrative (Details) - Stay-On Award Agreement $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) employee shares | |
Commitments And Contingencies [Line Items] | |
Number of employees | employee | 20 |
Potential shares (in shares) | shares | 42,095 |
Exercisable time period | 7 years |
Maximum | |
Commitments And Contingencies [Line Items] | |
Stay on award agreement cost | $ | $ 2.8 |
TENANT LEASES - Narrative (Deta
TENANT LEASES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Tenant Leases | |
Leases [Line Items] | |
Operating leases with various expiration dates through year | 2034 |
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, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Year one | $ 12,231 | $ 14,798 |
Year two | 10,952 | 12,231 |
Year three | 8,822 | 10,952 |
Year four | 5,748 | 8,822 |
Year five | 2,113 | 5,748 |
After year five | 5,706 | 7,819 |
Total | $ 45,572 | $ 60,370 |
REDEEMABLE NONCONTROLLING INT_3
REDEEMABLE NONCONTROLLING INTERESTS - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Jul. 25, 2023 USD ($) | Jul. 24, 2023 USD ($) | Jun. 26, 2019 USD ($) property | Feb. 27, 2017 USD ($) | Feb. 03, 2017 | Mar. 31, 2024 shares | Feb. 29, 2024 shares | Feb. 28, 2017 | Apr. 30, 2017 | Dec. 31, 2023 USD ($) classOfPreferredUnit shares | Dec. 31, 2022 shares | |
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Preferred return payments | $ 2 | ||||||||||
Number of classes of preferred units issued | classOfPreferredUnit | 2 | ||||||||||
Series A Preferred Units | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Stock redeemed or called (in shares) | shares | 15,100,000 | 12,000,000 | |||||||||
Series A Preferred Units | Forecast | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Stock redeemed or called (in shares) | shares | 10,000 | ||||||||||
Series A Preferred Units | Forecast | Subsequent Event | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Stock redeemed or called (in shares) | shares | 5,700,000 | ||||||||||
Cash Flow From Operations | RRLP | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Annual return on the equity value | 6% | ||||||||||
VERIS RESIDENTIAL, L.P. | Series A Preferred Units | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Annual dividend rate paid quarterly | 3.50% | 3.50% | |||||||||
Exercisable period | 5 years | ||||||||||
VERIS RESIDENTIAL, L.P. | Series A-1 Preferred Units | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Annual dividend rate paid quarterly | 350% | ||||||||||
Investment Agreement | Cash Flow From Capital Events, Distribution Four | RRLP | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Base return | 5% | ||||||||||
Rockpoint Group L.L.C. | Rockpoint Purchase Agreement | Rockpoint Group L.L.C. | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Purchase price | $ 520 | ||||||||||
Redemption value adjustment | $ 34.8 | ||||||||||
Rockpoint Interests in VRT | Cash Flow From Operations | RRLP | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Invested capital | $ 400 | ||||||||||
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] | |||||||||||
Estimated redemption value | $ 487.6 | ||||||||||
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 | ||||||||||
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 | ||||||||||
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 | 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 | Maximum | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Contributed amount to obtain equity units | $ 300 | ||||||||||
Rockpoint Interests in VRT | Investment Agreement | Rockpoint Interests in VRT | |||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||
Incremental closing payments, Limited Partnership interest | $ 46 | ||||||||||
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 | ||||||||||
Number of properties in which additional interest was acquired during period | property | 2 | ||||||||||
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 | 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 Preferred Units (Details) - VERIS RESIDENTIAL, L.P. | 1 Months Ended | 3 Months Ended | |
Feb. 03, 2017 | Feb. 28, 2017 $ / shares shares | Apr. 30, 2017 $ / shares shares | |
Series A Preferred Units | |||
Preferred Units [Line Items] | |||
Number of units issued (in shares) | shares | 42,800 | ||
Stated value per unit (in dollars per share) | $ / shares | $ 1,000 | ||
Annual dividend rate paid quarterly | 3.50% | 3.50% | |
Conversion rate | 28.15 | ||
Conversion value per unit (in dollars per share) | $ / shares | $ 35.52 | ||
Maximum common unit conversion (in shares) | shares | 1,204,820 | ||
Series A-1 Preferred Units | |||
Preferred Units [Line Items] | |||
Number of units issued (in shares) | shares | 9,213 | ||
Stated value per unit (in dollars per share) | $ / shares | $ 1,000 | ||
Annual dividend rate paid quarterly | 350% | ||
Conversion rate | 27.936 | ||
Conversion value per unit (in dollars per share) | $ / shares | $ 35.80 | ||
Maximum common unit conversion (in shares) | shares | 257,375 |
REDEEMABLE NONCONTROLLING INT_5
REDEEMABLE NONCONTROLLING INTERESTS - Schedule of Changes in the Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Income Attributed to Noncontrolling Interests | $ (7,618) | $ (25,534) | $ (25,977) | |
Mandatorily Redeemable Noncontrolling Interests | Rockpoint Group L.L.C. | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | $ 0 | |||
Redeemable Noncontrolling Interests Redemption | (520,388) | |||
Income Attributed to Noncontrolling Interests | 7,365 | |||
Distributions | (9,371) | |||
Redemption Value Adjustment | 42,417 | |||
Reclassification from Redeemable Non-controlling Interests | 479,977 | |||
Ending balance | 0 | 0 | ||
Redeemable Noncontrolling Interests | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | 515,231 | 521,313 | ||
Redeemable Noncontrolling Interests Redemption | (15,100) | (12,000) | ||
Net | 500,131 | 509,313 | ||
Income Attributed to Noncontrolling Interests | 7,618 | 25,534 | ||
Distributions | (7,750) | (25,627) | ||
Redemption Value Adjustment | 4,977 | 6,011 | ||
Reclassification from Redeemable Non-controlling Interests | (479,977) | |||
Ending balance | 24,999 | 24,999 | 515,231 | 521,313 |
Redeemable Noncontrolling Interests | Series A and A-1 Preferred Units In VRLP | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | 40,231 | 52,324 | ||
Redeemable Noncontrolling Interests Redemption | (15,100) | (12,000) | ||
Net | 25,131 | 40,324 | ||
Income Attributed to Noncontrolling Interests | 1,336 | 1,471 | ||
Distributions | (1,468) | (1,564) | ||
Redemption Value Adjustment | 0 | 0 | ||
Reclassification from Redeemable Non-controlling Interests | 0 | |||
Ending balance | 24,999 | 24,999 | 40,231 | 52,324 |
Redeemable Noncontrolling Interests | Rockpoint Group L.L.C. | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | 475,000 | 468,989 | ||
Redeemable Noncontrolling Interests Redemption | 0 | 0 | ||
Net | 475,000 | 468,989 | ||
Income Attributed to Noncontrolling Interests | 6,282 | 24,063 | ||
Distributions | (6,282) | (24,063) | ||
Redemption Value Adjustment | 4,977 | 6,011 | ||
Reclassification from Redeemable Non-controlling Interests | (479,977) | |||
Ending balance | $ 0 | $ 0 | $ 475,000 | $ 468,989 |
VERIS RESIDENTIAL, INC. STOCK_3
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - ATM Program And Dividend Reinvestment And Stock Purchase Plan - Narrative (Details) - USD ($) | 12 Months Ended | ||
Nov. 15, 2023 | Dec. 31, 2023 | Dec. 31, 2021 | |
Stockolders Equity [Line Items] | |||
Combined aggregate offering price | $ 100,000,000 | $ 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) | 5,400,000 | ||
Monthly cash investment without restriction, maximum | $ 5,000 |
VERIS RESIDENTIAL, INC. STOCK_4
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Incentive Stock Plan And Stock Options - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Mar. 01, 2021 | Apr. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | May 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options exercised (in shares) | 0 | 0 | 0 | |||||
Weighted average remaining contractual life | 3 years 7 months 6 days | 4 years 7 months 6 days | ||||||
Stock options expense | $ 1,700 | $ 1,200 | $ 844 | |||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercisable time period | 3 years | |||||||
Chief Executive Officer | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
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] | ||||||||
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) | 269,072 | 6,565,000 | 4,600,000 | |||||
Granted (in shares) | 0 | 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, beginning balance (in shares) | 2,330,000 | 2,080,000 | 972,495 | |
Granted (in shares) | 0 | 250,000 | 1,107,505 | |
Outstanding, ending balance (in shares) | 2,330,000 | 2,330,000 | 2,080,000 | 972,495 |
Weighted Average Exercise Price | ||||
Weighted Average Exercise Price - Outstanding, beginning balance (in dollars per share) | $ 16.41 | $ 16.42 | $ 16.79 | |
Weighted Average Exercise Price - Granted (in dollars per share) | 0 | 16.33 | 16.10 | |
Weighted Average Exercise Price - Outstanding, ending balance (in dollars per share) | $ 16.41 | $ 16.41 | $ 16.42 | $ 16.79 |
Stock Options Additional Disclosures | ||||
Aggregate intrinsic value | $ 0 | $ 0 | $ 4,072 | $ 0 |
Options exercisable (in shares) | 1,846,666 | |||
Outstanding stock option price (in dollars per share) | $ 17.31 | |||
Minimum | ||||
Stock Options Additional Disclosures | ||||
Outstanding stock option price (in dollars per share) | $ 14.39 | $ 14.39 | $ 14.39 | |
Maximum | ||||
Stock Options Additional Disclosures | ||||
Outstanding stock option price (in dollars per share) | $ 20 | $ 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, 2023 | |
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% |
VERIS RESIDENTIAL, INC. STOCK_7
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Restricted Stock Awards - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unvested Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable time period | 1 year | ||
Total unrecognized compensation cost | $ 400 | ||
Total unrecognized compensation cost, period of recognition | 6 months | ||
Unvested Restricted Stock | Board member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding (in shares) | 54,184 | ||
Restricted Stock Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 800 | $ 700 | $ 800 |
VERIS RESIDENTIAL, INC. STOCK_8
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Outstanding, Beginning balance (in shares) | 49,784 | 39,529 | 52,974 |
Granted (in shares) | 54,184 | 49,784 | 39,529 |
Vested (in shares) | (49,784) | (39,529) | (52,974) |
Outstanding, Ending balance (in shares) | 54,184 | 49,784 | 39,529 |
Weighted-Average Grant – Date Fair Value | |||
Outstanding beginning balance (in dollars per share) | $ 14.06 | $ 17.71 | $ 15.29 |
Granted (in dollars per share) | 16.98 | 14.06 | 17.71 |
Vested (in dollars per share) | 14.06 | 17.71 | 15.29 |
Outstanding ending balance (in dollars per share) | $ 16.98 | $ 14.06 | $ 17.71 |
VERIS RESIDENTIAL, INC. STOCK_9
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Long-Term Incentive Plan Awards - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 executive shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options expense | $ | $ 1,700 | $ 1,200 | $ 844 | |
2021 RSU LTIP Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 3 years | |||
Time Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable time period | 3 years | |||
Time Based Restricted Stock Units | Three Executive Officers | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable time period | 3 years | |||
Granted (in shares) | 59,707 | |||
Number of executives | executive | 3 | |||
Time Based Restricted Stock Units | Non Executive Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding (in shares) | 781,972 | |||
Performance Based Restricted Stock Units | 2021 RSU LTIP Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 853,430,000 | |||
Operations Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, vested (in shares) | 660,710,000 | |||
LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options expense | $ | $ 13,800 | $ 9,900 | $ 9,800 | |
Total unrecognized compensation cost | $ | $ 9,900 | |||
Total unrecognized compensation cost, period of recognition | 1 year 8 months 12 days |
VERIS RESIDENTIAL, INC. STOC_10
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Deferred Stock Compensation Plan for Directors - Narrative (Details) - shares | 1 Months Ended | 12 Months Ended | ||
May 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||||
Maximum percentage of retainer fee that directors may defer | 100% | |||
Deferred stock units earned (in shares) | 25,671 | 30,899 | 17,894 | |
Deferred stock units outstanding (in shares) | 77,975 | 73,071 | ||
Deferred stock units converted (in shares) | 20,767 |
VERIS RESIDENTIAL, INC. STOC_11
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders Equity [Line Items] | |||
Loss from continuing operations after income tax expense | $ (157,193) | $ (39,534) | $ (157,265) |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Add (deduct): Noncontrolling interests in Operating Partnership | 14,267 | 5,652 | 16,212 |
Add (deduct): Redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Add (deduct): Redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (4,516) | (5,475) | (7,290) |
Loss from continuing operations available to common shareholders | (152,741) | (61,812) | (169,725) |
Loss from discontinued operations available to common shareholders | 40,960 | 4,271 | 43,393 |
Net loss available to common shareholders for basic earnings per share | $ (111,781) | $ (57,541) | $ (126,332) |
Weighted average common shares (in shares) | 91,883 | 91,046 | 90,839 |
Loss from continuing operations available to unitholders (in dollars per share) | $ (1.66) | $ (0.68) | $ (1.87) |
Loss from discontinued operations available to common shareholders (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | $ (1.22) | $ (0.63) | $ (1.39) |
VERIS RESIDENTIAL, L.P. | |||
Stockholders Equity [Line Items] | |||
Loss from continuing operations after income tax expense | $ (157,193) | $ (39,534) | $ (157,265) |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Add (deduct): Redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (4,977) | (6,023) | (8,016) |
Loss from continuing operations available to common shareholders | (167,469) | (68,012) | (186,663) |
Loss from discontinued operations available to common shareholders | 44,832 | 4,649 | 47,726 |
Net loss available to common shareholders for basic earnings per share | $ (122,637) | $ (63,363) | $ (138,937) |
Weighted average common shares (in shares) | 100,812 | 100,265 | 99,893 |
Loss from continuing operations available to unitholders (in dollars per share) | $ (1.66) | $ (0.68) | $ (1.87) |
Loss from discontinued operations available to common shareholders (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | $ (1.22) | $ (0.63) | $ (1.39) |
VERIS RESIDENTIAL, INC. STOC_12
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders Equity [Line Items] | |||
Net loss from continuing operations available to common shareholders | $ (152,741) | $ (61,812) | $ (169,725) |
Add (deduct): Noncontrolling interests in Operating Partnership | (14,267) | (5,652) | (16,212) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders | (461) | (548) | (726) |
Loss from continuing operations for diluted earnings per share | (167,469) | (68,012) | (186,663) |
Loss from discontinued operations for diluted earnings per share | 44,832 | 4,649 | 47,726 |
Net loss available for diluted earnings per share | $ (122,637) | $ (63,363) | $ (138,937) |
Weighted average common shares (in shares) | 100,812 | 100,265 | 99,893 |
Loss from continuing operations available to common unitholders (in dollars per share) | $ (1.66) | $ (0.68) | $ (1.87) |
Loss from discontinued operations available to common shareholders (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | $ (1.22) | $ (0.63) | $ (1.39) |
VERIS RESIDENTIAL, L.P. | |||
Stockholders Equity [Line Items] | |||
Net loss from continuing operations available to common shareholders | $ (167,469) | $ (68,012) | $ (186,663) |
Loss from discontinued operations for diluted earnings per share | 44,832 | 4,649 | 47,726 |
Net loss available for diluted earnings per share | $ (122,637) | $ (63,363) | $ (138,937) |
Weighted average common unit (in shares) | 100,812 | 100,265 | 99,893 |
Loss from continuing operations available to common unitholders (in dollars per share) | $ (1.66) | $ (0.68) | $ (1.87) |
Loss from discontinued operations available to common shareholders (in dollars per share) | 0.44 | 0.05 | 0.48 |
Net loss available to common shareholders (in dollars per share) | $ (1.22) | $ (0.63) | $ (1.39) |
VERIS RESIDENTIAL, INC. STOC_13
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockolders Equity [Line Items] | |||
Basic weighted average shares outstanding (in shares) | 91,883 | 91,046 | 90,839 |
Diluted EPS shares (in shares) | 100,812 | 100,265 | 99,893 |
VERIS RESIDENTIAL, L.P. | |||
Stockolders Equity [Line Items] | |||
Basic EPU units (in shares) | 100,812 | 100,265 | 99,893 |
Diluted weighted average units outstanding (in shares) | 100,812 | 100,265 | 99,893 |
Operating Partnership – common and vested LTIP units | |||
Stockolders Equity [Line Items] | |||
Weighted average number of shares outstanding, diluted adjustment (in shares) | 8,929 | 9,219 | 9,054 |
NONCONTROLLING INTERESTS IN S_3
NONCONTROLLING INTERESTS IN SUBSIDIARIES - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 | |
Noncontrolling Interest [Line Items] | ||
Rebalance of ownership percentage | $ | $ 4,100 | |
Redemption of limited partners common units (in shares) | shares | 9,229 | |
Proceeds from redemption of common units | $ | $ 142 | |
Number of common shares received upon redemption of common units (in shares) | 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 | 8.60% | 9.30% |
NONCONTROLLING INTERESTS IN S_4
NONCONTROLLING INTERESTS IN SUBSIDIARIES - Changes in Noncontrolling Interests of Subsidiaries (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Redemption of common units (in shares) | (9,229) | ||
VERIS RESIDENTIAL, L.P. | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, Beginning, Common Units/Vested LTIP Units (in shares) | 9,301,521 | 9,013,534 | 9,649,031 |
Redemption of common units (in shares) | (820,540) | (11,508) | (175,257) |
Redemption of common units (in shares) | (9,229) | (110,084) | (730,850) |
Conversion of vested LTIP units to common units (in shares) | 452,328 | 228,579 | 205,434 |
Vested LTIP units (in shares) | (231,519) | 181,000 | 65,176 |
Cancellation of units (in shares) | 0 | ||
Balance, Ending, Common Units/Vested LTIP Units (in shares) | 8,692,561 | 9,301,521 | 9,013,534 |
Balance, Beginning, Unvested LTIP Units (in shares) | 558,084 | 1,246,752 | 1,722,929 |
Vested LTIP units (in shares) | (220,809) | (409,579) | (270,610) |
Issuance of units, LTIP Units (in shares) | 334,449 | ||
Cancellation of units (in shares) | (335,392) | (279,089) | (540,016) |
Balance, Ending, Unvested LTIP Units (in shares) | 1,883 | 558,084 | 1,246,752 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
SEGMENT REPORTING - Schedule Of
SEGMENT REPORTING - Schedule Of Selected Results Of Operations And Asset Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 279,859 | $ 233,448 | $ 194,645 |
Total operating and interest expenses | 305,695 | 236,513 | 211,609 |
Equity in earnings (loss) of unconsolidated joint ventures | 3,102 | 1,200 | (4,250) |
Net operating income (loss) | (22,734) | (1,865) | (21,214) |
Total assets: | 3,241,046 | 3,920,768 | |
Total long-lived assets | 3,011,815 | 3,647,879 | |
Total investments in unconsolidated joint ventures: | 117,954 | 126,158 | |
Corporate Reconciling Items And Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,165 | 5,759 | 8,679 |
Total operating and interest expenses | 187,652 | 123,154 | 100,584 |
Equity in earnings (loss) of unconsolidated joint ventures | 0 | 0 | 0 |
Net operating income (loss) | (186,487) | (117,395) | (91,905) |
Total assets: | 24,191 | 21,121 | |
Total long-lived assets | (1,854) | (1,330) | |
Total investments in unconsolidated joint ventures: | 0 | 0 | |
Commercial & Other Real Estate | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 19,171 | 2,956 | 14,936 |
Total operating and interest expenses | 14,267 | (1,089) | 2,828 |
Equity in earnings (loss) of unconsolidated joint ventures | 0 | 0 | (111) |
Net operating income (loss) | 4,904 | 4,045 | 11,997 |
Total assets: | 97,253 | 597,459 | |
Total long-lived assets | 83,785 | 547,923 | |
Total investments in unconsolidated joint ventures: | 0 | 0 | |
Multiple-Family Real Estate & Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 259,523 | 224,733 | 171,030 |
Total operating and interest expenses | 103,776 | 114,448 | 108,197 |
Equity in earnings (loss) of unconsolidated joint ventures | 3,102 | 1,200 | (4,139) |
Net operating income (loss) | 158,849 | 111,485 | $ 58,694 |
Total assets: | 3,119,602 | 3,302,188 | |
Total long-lived assets | 2,929,884 | 3,101,286 | |
Total investments in unconsolidated joint ventures: | $ 117,954 | $ 126,158 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net operating income | $ (22,734) | $ (1,865) | $ (21,214) |
Depreciation and amortization | (93,589) | (85,434) | (68,506) |
Land and other impairments, net | (9,324) | (9,368) | (23,719) |
Property impairments | (32,516) | 0 | 0 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 0 | 0 | 3,023 |
Gain on disposition of developable land | 7,068 | 57,262 | 2,115 |
Loss on sale of unconsolidated joint venture interests | 0 | 0 | (1,886) |
Loss from extinguishment of debt, net | (5,606) | (129) | (47,078) |
Loss from continuing operations before income tax expense | (156,701) | (39,534) | (157,265) |
Provision for income taxes | (492) | 0 | 0 |
Net loss from continuing operations | (157,193) | (39,534) | (157,265) |
Income (Loss) from discontinued operations | 3,150 | (64,704) | 22,174 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | 69,353 | 25,552 |
Total discontinued operations, net | 44,832 | 4,649 | 47,726 |
Net loss | (112,361) | (34,885) | (109,539) |
Noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 14,267 | 5,652 | 16,212 |
Noncontrolling interests in Operating Partnership in discontinued operations | (3,872) | (378) | (4,333) |
Redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Net loss available to common shareholders | (107,265) | (52,066) | (119,042) |
Commercial & Other Real Estate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | (7,400) | (3,900) | (3,000) |
Multiple-Family Real Estate & Services | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | (85,100) | (80,600) | (64,600) |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | (1,100) | (900) | (900) |
VERIS RESIDENTIAL, L.P. | |||
Segment Reporting Information [Line Items] | |||
Net operating income | (22,734) | (1,865) | (21,214) |
Depreciation and amortization | (93,589) | (85,434) | (68,506) |
Land and other impairments, net | (9,324) | (9,368) | (23,719) |
Property impairments | (32,516) | 0 | 0 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 0 | 0 | 3,023 |
Gain on disposition of developable land | 7,068 | 57,262 | 2,115 |
Loss on sale of unconsolidated joint venture interests | 0 | 0 | (1,886) |
Loss from extinguishment of debt, net | (5,606) | (129) | (47,078) |
Loss from continuing operations before income tax expense | (156,701) | (39,534) | (157,265) |
Provision for income taxes | (492) | 0 | 0 |
Net loss from continuing operations | (157,193) | (39,534) | (157,265) |
Income (Loss) from discontinued operations | 3,150 | (64,704) | 22,174 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | 69,353 | 25,552 |
Total discontinued operations, net | 44,832 | 4,649 | 47,726 |
Net loss | (112,361) | (34,885) | (109,539) |
Noncontrolling interests in consolidated joint ventures | 2,319 | 3,079 | 4,595 |
Redeemable noncontrolling interests | (7,618) | (25,534) | (25,977) |
Net loss available to common shareholders | (117,660) | (57,340) | (130,921) |
VERIS RESIDENTIAL, L.P. | Commercial & Other Real Estate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | (7,400) | (3,900) | (3,000) |
VERIS RESIDENTIAL, L.P. | Multiple-Family Real Estate & Services | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | (85,100) | (80,600) | (64,600) |
VERIS RESIDENTIAL, L.P. | Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ (1,100) | $ (900) | $ (900) |
REAL ESTATE INVESTMENTS AND A_2
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION - Schedule of Real Estate Investments and Accumulated Depreciation (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | $ 1,853,897 |
Initial Costs, Land | 470,124 |
Initial Costs, Building and Improvements | 2,136,543 |
Costs Capitalized Subsequent to Acquisition | 784,821 |
Gross Amount at Which Carried at Close of Period, Land | 474,499 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,916,989 |
Total | 3,391,488 |
Accumulated Depreciation | 443,781 |
Real estate aggregate cost, tax purpose | 2,400,000 |
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 | 584 |
Gross Amount at Which Carried at Close of Period, Land | 12,047 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 114,792 |
Total | 126,839 |
Accumulated Depreciation | 4,419 |
Multi-Family Properties | The Upton | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 74,606 |
Initial Costs, Land | 2,850 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 91,960 |
Gross Amount at Which Carried at Close of Period, Land | 2,850 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 91,960 |
Total | 94,810 |
Accumulated Depreciation | 8,930 |
Multi-Family Properties | Haus 25 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 333,512 |
Initial Costs, Land | 53,421 |
Initial Costs, Building and Improvements | 420,959 |
Costs Capitalized Subsequent to Acquisition | (384) |
Gross Amount at Which Carried at Close of Period, Land | 53,421 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 420,575 |
Total | 473,996 |
Accumulated Depreciation | 21,888 |
Multi-Family Properties | Liberty Towers | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 264,697 |
Initial Costs, Land | 66,670 |
Initial Costs, Building and Improvements | 328,347 |
Costs Capitalized Subsequent to Acquisition | 11,341 |
Gross Amount at Which Carried at Close of Period, Land | 66,670 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 339,688 |
Total | 406,358 |
Accumulated Depreciation | 38,466 |
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 | 164,944 |
Initial Costs, Land | 58,761 |
Initial Costs, Building and Improvements | 240,871 |
Costs Capitalized Subsequent to Acquisition | 8,471 |
Gross Amount at Which Carried at Close of Period, Land | 58,761 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 249,342 |
Total | 308,103 |
Accumulated Depreciation | 49,205 |
Multi-Family Properties | Soho Lofts | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 158,126 |
Initial Costs, Land | 27,601 |
Initial Costs, Building and Improvements | 224,039 |
Costs Capitalized Subsequent to Acquisition | 6,060 |
Gross Amount at Which Carried at Close of Period, Land | 27,601 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 230,099 |
Total | 257,700 |
Accumulated Depreciation | 32,837 |
Multi-Family Properties | BLVD 425 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 130,673 |
Initial Costs, Land | 48,820 |
Initial Costs, Building and Improvements | 160,740 |
Costs Capitalized Subsequent to Acquisition | 5,525 |
Gross Amount at Which Carried at Close of Period, Land | 48,820 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 166,265 |
Total | 215,085 |
Accumulated Depreciation | 27,463 |
Multi-Family Properties | BLVD 401 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 116,642 |
Initial Costs, Land | 36,595 |
Initial Costs, Building and Improvements | 152,440 |
Costs Capitalized Subsequent to Acquisition | 391 |
Gross Amount at Which Carried at Close of Period, Land | 36,595 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 152,831 |
Total | 189,426 |
Accumulated Depreciation | 20,555 |
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 | 109,221 |
Initial Costs, Land | 2,686 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 154,575 |
Gross Amount at Which Carried at Close of Period, Land | 2,686 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 154,575 |
Total | 157,261 |
Accumulated Depreciation | 11,925 |
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 | 99,896 |
Initial Costs, Land | 22,047 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 112,471 |
Gross Amount at Which Carried at Close of Period, Land | 22,047 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 112,471 |
Total | 134,518 |
Accumulated Depreciation | 18,946 |
Multi-Family Properties | Signature Place | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 42,944 |
Initial Costs, Land | 930 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 56,498 |
Gross Amount at Which Carried at Close of Period, Land | 930 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 56,498 |
Total | 57,428 |
Accumulated Depreciation | 9,528 |
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 | 40,763 |
Initial Costs, Land | 5,585 |
Initial Costs, Building and Improvements | 3,400 |
Costs Capitalized Subsequent to Acquisition | 49,002 |
Gross Amount at Which Carried at Close of Period, Land | 5,585 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 52,402 |
Total | 57,987 |
Accumulated Depreciation | 11,086 |
Multi-Family Properties | The Emery at Overlook Ridge | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 71,554 |
Initial Costs, Land | 4,115 |
Initial Costs, Building and Improvements | 86,093 |
Costs Capitalized Subsequent to Acquisition | 10,091 |
Gross Amount at Which Carried at Close of Period, Land | 9,104 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 91,195 |
Total | 100,299 |
Accumulated Depreciation | 12,150 |
Multi-Family Properties | Portside at East Pier | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 55,252 |
Initial Costs, Land | 0 |
Initial Costs, Building and Improvements | 73,713 |
Costs Capitalized Subsequent to Acquisition | 861 |
Gross Amount at Which Carried at Close of Period, Land | 0 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 74,574 |
Total | 74,574 |
Accumulated Depreciation | 19,008 |
Multi-Family Properties | Portside 2 at East Pier | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 96,809 |
Initial Costs, Land | 0 |
Initial Costs, Building and Improvements | 37,114 |
Costs Capitalized Subsequent to Acquisition | 77,324 |
Gross Amount at Which Carried at Close of Period, Land | 0 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 114,438 |
Total | 114,438 |
Accumulated Depreciation | 19,654 |
Multi-Family Properties | 145 Front at City Square | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | 62,778 |
Initial Costs, Land | 4,380 |
Initial Costs, Building and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | 92,306 |
Gross Amount at Which Carried at Close of Period, Land | 4,380 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 92,306 |
Total | 96,686 |
Accumulated Depreciation | 16,933 |
Office | Harborside Plaza 5 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Related Encumbrances | |
Initial Costs, Land | 6,218 |
Initial Costs, Building and Improvements | 170,682 |
Costs Capitalized Subsequent to Acquisition | (8,422) |
Gross Amount at Which Carried at Close of Period, Land | 3,996 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 164,482 |
Total | 168,478 |
Accumulated Depreciation | 92,411 |
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 | 7,053 |
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 | 31,480 |
Initial Costs, Land | 13,099 |
Initial Costs, Building and Improvements | 56,669 |
Costs Capitalized Subsequent to Acquisition | (19,213) |
Gross Amount at Which Carried at Close of Period, Land | 13,099 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 37,456 |
Total | 50,555 |
Accumulated Depreciation | 9,894 |
Other Property | Port Imperial North Retail | |
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 | 1,230 |
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 | 99,644 |
Initial Costs, Building and Improvements | 59,052 |
Costs Capitalized Subsequent to Acquisition | 0 |
Gross Amount at Which Carried at Close of Period, Land | 99,644 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 59,052 |
Total | 158,696 |
Accumulated Depreciation | 10,200 |
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 | 103,613 |
Gross Amount at Which Carried at Close of Period, Land | 0 |
Gross Amount at Which Carried at Close of Period, Building and Improvements | 103,613 |
Total | $ 103,613 |
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 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Rental Properties | |||
Balance at beginning of year | $ 4,046,122 | $ 4,076,866 | $ 4,638,643 |
Additions | 25,661 | 845,900 | 1,002,342 |
Sales and assets held-for-sale | (608,276) | (747,407) | (1,522,994) |
Impairments | (72,019) | (129,237) | (27,547) |
Retirements/disposals | 0 | 0 | (13,578) |
Balance at end of year | 3,391,488 | 4,046,122 | 4,076,866 |
Accumulated Depreciation | |||
Balance at beginning of year | 631,910 | 583,416 | 656,331 |
Depreciation expense | 94,590 | 102,476 | 102,062 |
Sales and assets held-for-sale | (243,217) | (28,924) | (159,541) |
Impairments | (39,502) | (25,058) | (1,858) |
Retirements/disposals | 0 | 0 | (13,578) |
Balance at end of year | $ 443,781 | $ 631,910 | $ 583,416 |