Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity Central Index Key | 0000924901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Veris Residential, Inc. | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity File Number | 1-13274 | |
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, par value $0.01 per share | |
Trading Symbol | VRE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 91,030,726 | |
VERIS RESIDENTIAL, L.P. [Member] | ||
Entity Central Index Key | 0001067063 | |
Entity Registrant Name | Veris Residential, L.P. | |
Entity File Number | 333-57103 | |
Entity Filer Category | Large Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Rental property | ||
Land and leasehold interests | $ 494,935 | $ 494,935 |
Buildings and improvements | 3,404,452 | 3,375,266 |
Tenant improvements | 108,173 | 106,654 |
Furniture, fixtures and equipment | 101,690 | 100,011 |
Gross investment in rental property | 4,109,250 | 4,076,866 |
Less - accumulated depreciation and amortization | (606,625) | (583,416) |
Total investment in rental property | 3,502,625 | 3,493,450 |
Real estate held for sale, net | 412,058 | 618,646 |
Net investment in rental property | 3,914,683 | 4,112,096 |
Cash and cash equivalents | 26,138 | 31,754 |
Restricted cash | 21,153 | 19,701 |
Investments in unconsolidated joint ventures | 135,116 | 137,772 |
Unbilled rents receivable, net | 53,161 | 72,285 |
Deferred charges and other assets, net | 107,341 | 151,347 |
Accounts receivable | 2,233 | 2,363 |
Total assets | 4,259,825 | 4,527,318 |
LIABILITIES AND EQUITY | ||
Revolving credit facility and term loans | 78,000 | 148,000 |
Mortgages, loans payable and other obligations, net | 2,108,943 | 2,241,070 |
Distributions payable | 132 | 384 |
Accounts payable, accrued expenses and other liabilities | 89,980 | 134,977 |
Rents received in advance and security deposits | 24,275 | 26,396 |
Accrued interest payable | 5,182 | 5,760 |
Total liabilities | 2,306,512 | 2,556,587 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 512,512 | 521,313 |
Veris Residential, Inc. stockholders’ equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 90,955,759 and 90,948,008 shares outstanding | 909 | 909 |
Additional paid-in capital | 2,531,188 | 2,530,383 |
Dividends in excess of net earnings | (1,258,411) | (1,249,319) |
Accumulated other comprehensive income (loss) | 1,995 | 9 |
Total Veris Residential, Inc. stockholders’ equity | 1,275,681 | 1,281,982 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 125,700 | 127,053 |
Consolidated joint ventures | 39,420 | 40,383 |
Total noncontrolling interests in subsidiaries | 165,120 | 167,436 |
Total equity | 1,440,801 | 1,449,418 |
Total liabilities and equity | 4,259,825 | 4,527,318 |
VERIS RESIDENTIAL, L.P. [Member] | ||
Rental property | ||
Land and leasehold interests | 494,935 | 494,935 |
Buildings and improvements | 3,404,452 | 3,375,266 |
Tenant improvements | 108,173 | 106,654 |
Furniture, fixtures and equipment | 101,690 | 100,011 |
Gross investment in rental property | 4,109,250 | 4,076,866 |
Less - accumulated depreciation and amortization | (606,625) | (583,416) |
Total investment in rental property | 3,502,625 | 3,493,450 |
Real estate held for sale, net | 412,058 | 618,646 |
Net investment in rental property | 3,914,683 | 4,112,096 |
Cash and cash equivalents | 26,138 | 31,754 |
Restricted cash | 21,153 | 19,701 |
Investments in unconsolidated joint ventures | 135,116 | 137,772 |
Unbilled rents receivable, net | 53,161 | 72,285 |
Deferred charges and other assets, net | 107,341 | 151,347 |
Accounts receivable | 2,233 | 2,363 |
Total assets | 4,259,825 | 4,527,318 |
LIABILITIES AND EQUITY | ||
Revolving credit facility and term loans | 78,000 | 148,000 |
Mortgages, loans payable and other obligations, net | 2,108,943 | 2,241,070 |
Distributions payable | 132 | 384 |
Accounts payable, accrued expenses and other liabilities | 89,980 | 134,977 |
Rents received in advance and security deposits | 24,275 | 26,396 |
Accrued interest payable | 5,182 | 5,760 |
Total liabilities | 2,306,512 | 2,556,587 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 512,512 | 521,313 |
Veris Residential, Inc. stockholders’ equity: | ||
General Partner, 90,955,759 and 90,948,008 common units outstanding | 1,201,834 | 1,211,790 |
Limited partners, 8,962,385 and 9,013,534 common units/LTIPs outstanding | 197,552 | 197,236 |
Accumulated other comprehensive income (loss) | 1,995 | 9 |
Total Veris Residential, L.P. partners’ capital | 1,401,381 | 1,409,035 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in consolidated joint ventures | 39,420 | 40,383 |
Total equity | 1,440,801 | 1,449,418 |
Total liabilities and equity | $ 4,259,825 | $ 4,527,318 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 90,955,759 | 90,948,008 |
VERIS RESIDENTIAL, L.P. [Member] | ||
General Partner common units outstanding | 90,955,759 | 90,948,008 |
Limited partners common units outstanding | 8,962,385 | 9,013,534 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES | ||
Revenue from leases | $ 65,808 | $ 65,771 |
Total revenues | 99,099 | 76,093 |
EXPENSES | ||
Real estate taxes | 12,694 | 11,831 |
Utilities | 3,933 | 4,092 |
Operating services | 18,531 | 15,450 |
Real estate services expenses | 2,363 | 3,318 |
General and administrative | 19,475 | 13,989 |
Depreciation and amortization | 26,514 | 28,173 |
Land and other impairments, net | 2,932 | 413 |
Total expenses | 86,442 | 77,266 |
OTHER (EXPENSE) INCOME | ||
Interest expense | (15,025) | (17,610) |
Interest and other investment income (loss) | 158 | 17 |
Equity in earnings (loss) of unconsolidated joint ventures | (487) | (1,456) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 1,836 | |
Gain on disposition of developable land | 2,623 | |
Gain (loss) from extinguishment of debt, net | (6,289) | |
Total other income (expense) | (17,184) | (19,049) |
Income (loss) from continuing operations | (4,527) | (20,222) |
Discontinued operations: | ||
Income from discontinued operations | 10,962 | |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 22,781 | |
Total discontinued operations, net | 33,743 | |
Net income (loss) | (4,527) | 13,521 |
Noncontrolling interests in consolidated joint ventures | 974 | 1,335 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 898 | 2,305 |
Noncontrolling interests in Operating Partnership in discontinued operations | (3,067) | |
Redeemable noncontrolling interests | (6,437) | (6,471) |
Net income (loss) available to common shareholders | $ (9,092) | $ 7,623 |
Basic earnings per common share: | ||
Income (loss) from continuing operations | $ (0.13) | $ (0.28) |
Discontinued operations | 0.34 | |
Net income (loss) available to common shareholders | (0.13) | 0.06 |
Diluted earnings per common share: | ||
Income (loss) from continuing operations | (0.13) | (0.28) |
Discontinued operations | 0.34 | |
Net income (loss) available to common shareholders | $ (0.13) | $ 0.06 |
Basic weighted average shares outstanding | 90,951 | 90,692 |
Diluted weighted average shares outstanding | 99,934 | 99,760 |
Real Estate Services [Member] | ||
REVENUES | ||
Total revenues | $ 910 | $ 2,527 |
Parking Income [Member] | ||
REVENUES | ||
Total revenues | 4,177 | 3,086 |
Hotel Income [Member] | ||
REVENUES | ||
Total revenues | 1,417 | 1,053 |
Other Income [Member] | ||
REVENUES | ||
Total revenues | 26,787 | 3,656 |
VERIS RESIDENTIAL, L.P. [Member] | ||
REVENUES | ||
Revenue from leases | 65,808 | 65,771 |
Total revenues | 99,099 | 76,093 |
EXPENSES | ||
Real estate taxes | 12,694 | 11,831 |
Utilities | 3,933 | 4,092 |
Operating services | 18,531 | 15,450 |
Real estate services expenses | 2,363 | 3,318 |
General and administrative | 19,475 | 13,989 |
Depreciation and amortization | 26,514 | 28,173 |
Land and other impairments, net | 2,932 | 413 |
Total expenses | 86,442 | 77,266 |
OTHER (EXPENSE) INCOME | ||
Interest expense | (15,025) | (17,610) |
Interest and other investment income (loss) | 158 | 17 |
Equity in earnings (loss) of unconsolidated joint ventures | (487) | (1,456) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 1,836 | |
Gain on disposition of developable land | 2,623 | |
Gain (loss) from extinguishment of debt, net | (6,289) | |
Total other income (expense) | (17,184) | (19,049) |
Income (loss) from continuing operations | (4,527) | (20,222) |
Discontinued operations: | ||
Income from discontinued operations | 10,962 | |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 22,781 | |
Total discontinued operations, net | 33,743 | |
Net income (loss) | (4,527) | 13,521 |
Noncontrolling interests in consolidated joint ventures | 974 | 1,335 |
Redeemable noncontrolling interests | (6,437) | (6,471) |
Net income (loss) available to common shareholders | $ (9,990) | $ 8,385 |
Basic earnings per common share: | ||
Income (loss) from continuing operations | $ (0.13) | $ (0.28) |
Discontinued operations | 0.34 | |
Net income (loss) available to common shareholders | (0.13) | 0.06 |
Diluted earnings per common share: | ||
Income (loss) from continuing operations | (0.13) | (0.28) |
Discontinued operations | 0.34 | |
Net income (loss) available to common shareholders | $ (0.13) | $ 0.06 |
Basic weighted average units outstanding | 99,934 | 99,760 |
Diluted weighted average units outstanding | 99,934 | 99,760 |
VERIS RESIDENTIAL, L.P. [Member] | Real Estate Services [Member] | ||
REVENUES | ||
Total revenues | $ 910 | $ 2,527 |
VERIS RESIDENTIAL, L.P. [Member] | Parking Income [Member] | ||
REVENUES | ||
Total revenues | 4,177 | 3,086 |
VERIS RESIDENTIAL, L.P. [Member] | Hotel Income [Member] | ||
REVENUES | ||
Total revenues | 1,417 | 1,053 |
VERIS RESIDENTIAL, L.P. [Member] | Other Income [Member] | ||
REVENUES | ||
Total revenues | $ 26,787 | $ 3,656 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income (loss) | $ (4,527) | $ 13,521 |
Other comprehensive income (loss): | ||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 2,182 | |
Comprehensive (income) loss | (2,345) | 13,521 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 974 | 1,335 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests | (6,437) | (6,471) |
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership | 702 | 762 |
Comprehensive loss attributable to common unitholders | (7,106) | 9,147 |
VERIS RESIDENTIAL, L.P. [Member] | ||
Net income (loss) | (4,527) | 13,521 |
Other comprehensive income (loss): | ||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 2,182 | |
Comprehensive (income) loss | (2,345) | 13,521 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 974 | 1,335 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests | (6,437) | (6,471) |
Comprehensive loss attributable to common unitholders | $ (7,808) | $ 8,385 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | VERIS RESIDENTIAL, L.P. [Member]General Partner Common Units [Member] | VERIS RESIDENTIAL, L.P. [Member]Limited Partner Common Units/Vested LTIP Units [Member] | VERIS RESIDENTIAL, L.P. [Member]General Partner Common Unitholders [Member] | VERIS RESIDENTIAL, L.P. [Member]Limited Partner Common Unitholders [Member] | VERIS RESIDENTIAL, L.P. [Member]Noncontrolling Interest In Consolidated Joint Ventures [Member] | VERIS RESIDENTIAL, L.P. [Member]Accumulated Other Comprehensive Income (Loss) [Member] | VERIS RESIDENTIAL, L.P. [Member] | General Partner Common Unitholders [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Net Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests In Subsidiaries [Member] | Total |
Balance, value at Dec. 31, 2020 | $ 907 | $ 2,528,187 | $ (1,130,277) | $ 193,563 | $ 1,592,380 | |||||||||
Balance, shares at Dec. 31, 2020 | 90,712 | |||||||||||||
Balance, value at Dec. 31, 2020 | $ 1,330,048 | $ 217,560 | $ 44,772 | $ 1,592,380 | ||||||||||
Balance, units at Dec. 31, 2020 | 90,712 | 9,649 | ||||||||||||
Net income (loss) | 7,623 | 762 | 5,136 | 13,521 | 7,623 | 5,898 | 13,521 | |||||||
Common unit distributions | 4 | 4 | 4 | 4 | ||||||||||
Redeemable noncontrolling interests | (1,791) | (179) | (6,471) | (8,441) | (1,791) | (6,650) | (8,441) | |||||||
Change in noncontrolling interests in consolidated joint ventures | 10 | 10 | 10 | 10 | ||||||||||
Vested LTIP units, shares | 9 | |||||||||||||
Redemption of common units, value | (10,459) | (10,459) | (10,459) | (10,459) | ||||||||||
Redemption of common units, shares | (678) | |||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 18 | 18 | 18 | 18 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 1 | 1 | ||||||||||||
Directors' deferred compensation plan, value | 72 | 72 | $ 72 | 72 | 72 | |||||||||
Stock compensation, value | 646 | 1,883 | 2,529 | 646 | 1,883 | 2,529 | ||||||||
Stock compensation, shares | 16 | 16 | ||||||||||||
Cancellation of common stock, value | (118) | (118) | (118) | (118) | ||||||||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,556 | 1,556 | (1,556) | |||||||||||
Balance, value at Mar. 31, 2021 | $ 907 | 2,528,570 | (1,122,654) | 182,693 | 1,589,516 | |||||||||
Balance, shares at Mar. 31, 2021 | 90,729 | |||||||||||||
Balance, value at Mar. 31, 2021 | 1,336,498 | 209,571 | 43,447 | 1,589,516 | ||||||||||
Balance, units at Mar. 31, 2021 | 90,729 | 8,980 | ||||||||||||
Balance, value at Dec. 31, 2021 | $ 909 | 2,530,383 | (1,249,319) | $ 9 | 167,436 | 1,449,418 | ||||||||
Balance, shares at Dec. 31, 2021 | 90,948 | |||||||||||||
Balance, value at Dec. 31, 2021 | 1,211,790 | 197,236 | 40,383 | $ 9 | 1,449,418 | |||||||||
Balance, units at Dec. 31, 2021 | 90,948 | 9,013 | ||||||||||||
Net income (loss) | (9,092) | (898) | 5,463 | (4,527) | (9,092) | 4,565 | (4,527) | |||||||
Common unit distributions | 218 | 218 | 218 | 218 | ||||||||||
Redeemable noncontrolling interests | (2,942) | (291) | (6,437) | (9,670) | (2,942) | (6,728) | (9,670) | |||||||
Change in noncontrolling interests in consolidated joint ventures | 11 | 11 | 11 | 11 | ||||||||||
Vested LTIP units, shares | 35 | |||||||||||||
Redemption of common units, value | $ (86) | (1,442) | (1,442) | (1,442) | (1,442) | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 11 | 11 | 11 | 11 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 1 | 1 | ||||||||||||
Directors' deferred compensation plan, value | 110 | 110 | 110 | 110 | 110 | |||||||||
Stock compensation, value | 1,957 | 2,533 | 4,490 | 1,957 | 2,533 | 4,490 | ||||||||
Stock compensation, shares | 7 | 7 | ||||||||||||
Other comprehensive income (loss) | 196 | 1,986 | 2,182 | 1,986 | 1,986 | 196 | 2,182 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | $ 1,669 | 1,669 | (1,669) | |||||||||||
Balance, value at Mar. 31, 2022 | $ 909 | $ 2,531,188 | $ (1,258,411) | $ 1,995 | $ 165,120 | $ 1,440,801 | ||||||||
Balance, shares at Mar. 31, 2022 | 90,956 | |||||||||||||
Balance, value at Mar. 31, 2022 | $ 1,201,834 | $ 197,552 | $ 39,420 | $ 1,995 | $ 1,440,801 | |||||||||
Balance, units at Mar. 31, 2022 | 90,956 | 8,962 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ (4,527) | $ 13,521 | |
Net income (loss) from discontinued operations | (33,743) | ||
Income (loss) from continuing operations | (4,527) | (20,222) | |
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||
Depreciation and amortization, including related intangible assets | 26,429 | 27,111 | |
Amortization of directors deferred compensation stock units | 110 | 72 | |
Amortization of stock compensation | 4,490 | 2,529 | |
Amortization of deferred financing costs | 1,177 | 907 | |
Amortization of debt discount and mark-to-market | 167 | ||
Equity in (earnings) loss of unconsolidated joint ventures | 487 | 1,456 | |
Distributions of cumulative earnings from unconsolidated joint ventures | 13 | 114 | |
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (1,836) | ||
(Gain) on disposition of developable land | (2,623) | ||
Land and other impairments, net | 2,932 | 413 | |
(Gain) Loss from extinguishment of debt | 6,289 | ||
Changes in operating assets and liabilities: | |||
Decrease (increase) in unbilled rents receivable, net | 4,341 | (964) | |
(Increase) decrease in deferred charges and other assets | (5,776) | 1,719 | |
Decrease in accounts receivable, net | 118 | 1,859 | |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 3,260 | (3,760) | |
(Decrease) increase in rents received in advance and security deposits | (2,114) | 296 | |
(Decrease) increase in accrued interest payable | (578) | 5,738 | |
Net cash flows provided by operating activities - continuing operations | 32,192 | 17,435 | |
Net cash flows (used in) provided by operating activities - discontinued operations | (691) | 8,719 | |
Net cash provided by operating activities | 31,501 | 26,154 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | (5,000) | ||
Rental property additions and improvements | (8,163) | (16,978) | |
Development of rental property and other related costs | (33,582) | (57,313) | |
Proceeds from the sales of rental property | 236,864 | ||
Repayment of notes receivable | 709 | 167 | |
Investment in unconsolidated joint ventures | (509) | ||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 2,227 | 1,407 | |
Net cash used in investing activities - continuing operations | 193,055 | (73,226) | |
Net cash provided by investing activities - discontinuing operations | 263,196 | ||
Net cash provided by investing activities | 193,055 | 189,970 | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 18,000 | 8,000 | |
Repayment of revolving credit facility | (88,000) | (33,000) | |
Proceeds from mortgages and loans payable | 16,479 | 44,150 | |
Repayment of mortgages, loans payable and other obligations | (150,122) | (134) | |
Redemption of redeemable noncontrolling interests, net | (12,000) | ||
Payment of early debt extinguishment costs | (5,140) | ||
Common unit redemptions | (1,442) | ||
Payment of financing costs | (450) | ||
Contributions from noncontrolling interests | 11 | 10 | |
Distributions to redeemable noncontrolling interests | (6,471) | (6,471) | |
Payment of common dividends and distributions | (35) | (13) | |
Net cash (used in) provided by financing activities | (228,720) | 12,092 | |
Net (decrease) increase in cash and cash equivalents | (4,164) | 228,216 | |
Cash, cash equivalents and restricted cash, beginning of period | [1] | 51,455 | 52,302 |
Cash, cash equivalents and restricted cash, end of period | [2] | 47,291 | 280,518 |
VERIS RESIDENTIAL, L.P. [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | (4,527) | 13,521 | |
Net income (loss) from discontinued operations | (33,743) | ||
Income (loss) from continuing operations | (4,527) | (20,222) | |
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||
Depreciation and amortization, including related intangible assets | 26,429 | 27,111 | |
Amortization of directors deferred compensation stock units | 110 | 72 | |
Amortization of stock compensation | 4,490 | 2,529 | |
Amortization of deferred financing costs | 1,177 | 907 | |
Amortization of debt discount and mark-to-market | 167 | ||
Equity in (earnings) loss of unconsolidated joint ventures | 487 | 1,456 | |
Distributions of cumulative earnings from unconsolidated joint ventures | 13 | 114 | |
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (1,836) | ||
(Gain) on disposition of developable land | (2,623) | ||
Land and other impairments, net | 2,932 | 413 | |
(Gain) Loss from extinguishment of debt | 6,289 | ||
Changes in operating assets and liabilities: | |||
Decrease (increase) in unbilled rents receivable, net | 4,341 | (964) | |
(Increase) decrease in deferred charges and other assets | (5,776) | 1,719 | |
Decrease in accounts receivable, net | 118 | 1,859 | |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 3,260 | (3,760) | |
(Decrease) increase in rents received in advance and security deposits | (2,114) | 296 | |
(Decrease) increase in accrued interest payable | (578) | 5,738 | |
Net cash flows provided by operating activities - continuing operations | 32,192 | 17,435 | |
Net cash flows (used in) provided by operating activities - discontinued operations | (691) | 8,719 | |
Net cash provided by operating activities | 31,501 | 26,154 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | (5,000) | ||
Rental property additions and improvements | (8,163) | (16,978) | |
Development of rental property and other related costs | (33,582) | (57,313) | |
Proceeds from the sales of rental property | 236,864 | ||
Repayment of notes receivable | 709 | 167 | |
Investment in unconsolidated joint ventures | (509) | ||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 2,227 | 1,407 | |
Net cash used in investing activities - continuing operations | 193,055 | (73,226) | |
Net cash provided by investing activities - discontinuing operations | 263,196 | ||
Net cash provided by investing activities | 193,055 | 189,970 | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 18,000 | 8,000 | |
Repayment of revolving credit facility | (88,000) | (33,000) | |
Proceeds from mortgages and loans payable | 16,479 | 44,150 | |
Repayment of mortgages, loans payable and other obligations | (150,122) | (134) | |
Redemption of redeemable noncontrolling interests, net | (12,000) | ||
Payment of early debt extinguishment costs | (5,140) | ||
Common unit redemptions | (1,442) | ||
Payment of financing costs | (450) | ||
Contributions from noncontrolling interests | 11 | 10 | |
Distributions to redeemable noncontrolling interests | (6,471) | (6,471) | |
Payment of common dividends and distributions | (35) | (13) | |
Net cash (used in) provided by financing activities | (228,720) | 12,092 | |
Net (decrease) increase in cash and cash equivalents | (4,164) | 228,216 | |
Cash, cash equivalents and restricted cash, beginning of period | [1] | 51,455 | 52,302 |
Cash, cash equivalents and restricted cash, end of period | [2] | $ 47,291 | $ 280,518 |
[1] | Includes Restricted Cash of $ 19,701 and $ 14,207 as of December 31, 2021 and 2020, respectively. | ||
[2] | Includes Restricted Cash of $ 21,153 and $ 18,836 as of March 31, 2022 and 2021, respectively. |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted cash | $ 21,153 | $ 19,701 | $ 18,836 | $ 14,207 |
VERIS RESIDENTIAL, L.P. [Member] | ||||
Restricted cash | $ 21,153 | $ 19,701 | $ 18,836 | $ 14,207 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization And Basis Of Presentation [Line Items] | |
Organization And Basis Of Presentation | 1. 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”). In December 2021, the Company changed its names from Mack-Cali Realty Corporation to Veris Residential, Inc. and Mack-Cali Realty, L.P. to Veris Residential, L.P. reflecting the Company’s continued transition to a multifamily REIT, and on December 10, 2021, the General Partner began trading on the New York Stock Exchange (“NYSE”) under its new ticker symbol, “VRE.” 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 91.0 percent common unit interest in the Operating Partnership as of March 31, 2022 and December 31, 2021, respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing management, leasing, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Veris property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. 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 March 31, 2022, the Company owned or had interests in 35 properties (the “Properties”) and developable land. The Properties are comprised of 22 multifamily rental properties as well as non-core assets comprised of six office properties, four parking/retail properties, three hotels. The Properties are comprised of: (a) 26 wholly-owned or Company-controlled properties comprised of 15 multifamily properties and 11 non-core assets, and (b) nine properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and two non-core assets . BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2 to the 2021 10-K: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Veris Residential, Inc.. As the Operating Partnership is already consolidated in the balance sheets of Veris Residential, Inc., the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Veris Residential, Inc.. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of March 31, 2022 and December 31, 2021, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Veris Residential Partners, L.P., formerly known as Roseland Residential, L.P. (See Note 14: Redeemable Noncontrolling Interests – Rockpoint Transaction), have total real estate assets of $ 475.4 million and $ 477.5 million, respectively, other assets of $ 5.5 million and $ 5.3 million, respectively, mortgages of $ 285.7 million and $ 285.7 million, respectively, and other liabilities of $ 20.9 million and $ 21.2 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations. |
VERIS RESIDENTIAL, L.P. [Member] | |
Organization And Basis Of Presentation [Line Items] | |
Organization And Basis Of Presentation | 1. 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”). In December 2021, the Company changed its names from Mack-Cali Realty Corporation to Veris Residential, Inc. and Mack-Cali Realty, L.P. to Veris Residential, L.P. reflecting the Company’s continued transition to a multifamily REIT, and on December 10, 2021, the General Partner began trading on the New York Stock Exchange (“NYSE”) under its new ticker symbol, “VRE.” 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 91.0 percent common unit interest in the Operating Partnership as of March 31, 2022 and December 31, 2021, respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing management, leasing, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Veris property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. 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 March 31, 2022, the Company owned or had interests in 35 properties (the “Properties”) and developable land. The Properties are comprised of 22 multifamily rental properties as well as non-core assets comprised of six office properties, four parking/retail properties, three hotels. The Properties are comprised of: (a) 26 wholly-owned or Company-controlled properties comprised of 15 multifamily properties and 11 non-core assets, and (b) nine properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and two non-core assets . BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2 to the 2021 10-K: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Veris Residential, Inc.. As the Operating Partnership is already consolidated in the balance sheets of Veris Residential, Inc., the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Veris Residential, Inc.. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of March 31, 2022 and December 31, 2021, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Veris Residential Partners, L.P., formerly known as Roseland Residential, L.P. (See Note 14: Redeemable Noncontrolling Interests – Rockpoint Transaction), have total real estate assets of $ 475.4 million and $ 477.5 million, respectively, other assets of $ 5.5 million and $ 5.3 million, respectively, mortgages of $ 285.7 million and $ 285.7 million, respectively, and other liabilities of $ 20.9 million and $ 21.2 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements should be read in conjunction with the Company’s audited Annual Report on Form 10-K for the year ended December 31, 2021, as certain disclosures in this Quarterly Report on Form 10-Q that would duplicate those included in the 10-K are not included in these financial statements. Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.4 million and $ 0.6 million for the three months ended March 31, 2022 and 2021, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of March 31, 2022 and December 31, 2021 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : March 31, December 31, 2022 2021 Land held for development (including pre-development costs, if any) (a)(b) $ 315,585 $ 341,496 Development and construction in progress, including land (c) 726,599 694,768 Total $ 1,042,184 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.9 million and $ 150.9 million as of March 31, 2022 and December 31, 2021, respectively. (b) Includes land of $ 68.8 million as of March 31, 2022 and December 31, 2021. (c) Includes $ 92.7 million of land and $ 3.4 million of building and improvements pertaining to assets held for sale at March 31, 2022. 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. Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividend obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with its estimated taxable income/loss for 2021, it will meet its dividend obligations as a REIT for the year with no dividends paid. The Company anticipates its regular quarterly common dividend to remain suspended in 2022 while it seeks to conclude its transition into a pureplay multifamily REIT. T he dividends and distributions payable at March 31, 2022 and December 31, 2021 represent amounts payable on unvested LTIP units . Impact of Recently-Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. |
VERIS RESIDENTIAL, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements should be read in conjunction with the Company’s audited Annual Report on Form 10-K for the year ended December 31, 2021, as certain disclosures in this Quarterly Report on Form 10-Q that would duplicate those included in the 10-K are not included in these financial statements. Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.4 million and $ 0.6 million for the three months ended March 31, 2022 and 2021, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of March 31, 2022 and December 31, 2021 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : March 31, December 31, 2022 2021 Land held for development (including pre-development costs, if any) (a)(b) $ 315,585 $ 341,496 Development and construction in progress, including land (c) 726,599 694,768 Total $ 1,042,184 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.9 million and $ 150.9 million as of March 31, 2022 and December 31, 2021, respectively. (b) Includes land of $ 68.8 million as of March 31, 2022 and December 31, 2021. (c) Includes $ 92.7 million of land and $ 3.4 million of building and improvements pertaining to assets held for sale at March 31, 2022. 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. Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividend obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with its estimated taxable income/loss for 2021, it will meet its dividend obligations as a REIT for the year with no dividends paid. The Company anticipates its regular quarterly common dividend to remain suspended in 2022 while it seeks to conclude its transition into a pureplay multifamily REIT. T he dividends and distributions payable at March 31, 2022 and December 31, 2021 represent amounts payable on unvested LTIP units . Impact of Recently-Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. |
Recent Transactions
Recent Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Acquisition On March 16, 2022, the Company agreed to acquire a 240 -apartment unit multifamily property in Park Ridge, New Jersey, for a purchase price of $ 130.0 million. The Company has placed an earnest money deposit of $ 5.0 million in escrow and the transaction is expected to close in the second quarter of 2022. Real Estate Held for Sale/Discontinued Operations/Dispositions The Company had discontinued operations related to its former suburban New Jersey office portfolio (collectively, the “Suburban Office Portfolio”) which represented a strategic shift in the Company’s operations in 2019. The Company has sold all but one of those assets. See Note 7: Discontinued Operations. As of March 31, 2022, the Company identified as held for sale one office property totaling approximately 1.2 million square feet and several developable land parcels, which are located in Jersey City, Morris Township, Wall and Weehawken, New Jersey. The total estimated sales proceeds, net of expected selling costs but before the required paydown of $ 250.0 million of mortgage encumbering the office property and related costs, are expected to be approximately $ 683.3 million. The Company may need to pay significant prepayment costs of up to $ 15.0 million to pay down this mortgage loan which will be expensed when incurred at the time of such paydown. In April 2022, the Company completed the disposition of two of the developable land parcels held for sale at March 31, 2022 for gross sales proceeds of $ 100.0 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Assets Held for Sale Land $ 142,212 Building & Other 398,288 Less: Accumulated depreciation ( 128,442 ) Real estate held for sale, net $ 412,058 Assets Other assets and liabilities Held for Sale Unbilled rents receivable, net (a) $ 15,894 Deferred charges, net (a) 12,637 Total deferred charges & other assets, net 15,573 Mortgages & loans payable, net (a) ( 249,106 ) Accounts payable, accrued exp & other liability 3,833 Unearned rents/deferred rental income (a) ( 3,694 ) (a)Expected to be removed with the completion of the sales. The Company disposed of the following rental property during the three months ended March 31, 2022 (dollars in thousands) : Realized Gains Rentable Net Net (Losses)/ Disposition # of Square Property Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Type Proceeds Value Losses, net 01/21/22 111 River Street Hoboken, New Jersey 1 566,215 Office $ 208,268 (a) $ 206,432 $ 1,836 Totals 1 566,215 $ 208,268 $ 206,432 $ 1,836 (a) The 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 three months ended March 31, 2022. The Company disposed of the following developable land holdings during the three months ended March 31, 2022 (dollars in thousands): Realized Gains Net Net (Losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 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 Totals $ 28,596 25,973 2,623 Impairments on Properties and Land Held and Used The Company determined that, due to the shortening of its expected hold period for several land parcels, it was necessary to reduce the carrying value of these assets to their estimated fair values. Accordingly, the Company recorded an impairment charge $ 2.9 million on the land parcels in land and other impairments on the consolidated statement of operations for the three months ended March 31, 2022. |
VERIS RESIDENTIAL, L.P. [Member] | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Acquisition On March 16, 2022, the Company agreed to acquire a 240 -apartment unit multifamily property in Park Ridge, New Jersey, for a purchase price of $ 130.0 million. The Company has placed an earnest money deposit of $ 5.0 million in escrow and the transaction is expected to close in the second quarter of 2022. Real Estate Held for Sale/Discontinued Operations/Dispositions The Company had discontinued operations related to its former suburban New Jersey office portfolio (collectively, the “Suburban Office Portfolio”) which represented a strategic shift in the Company’s operations in 2019. The Company has sold all but one of those assets. See Note 7: Discontinued Operations. As of March 31, 2022, the Company identified as held for sale one office property totaling approximately 1.2 million square feet and several developable land parcels, which are located in Jersey City, Morris Township, Wall and Weehawken, New Jersey. The total estimated sales proceeds, net of expected selling costs but before the required paydown of $ 250.0 million of mortgage encumbering the office property and related costs, are expected to be approximately $ 683.3 million. The Company may need to pay significant prepayment costs of up to $ 15.0 million to pay down this mortgage loan which will be expensed when incurred at the time of such paydown. In April 2022, the Company completed the disposition of two of the developable land parcels held for sale at March 31, 2022 for gross sales proceeds of $ 100.0 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Assets Held for Sale Land $ 142,212 Building & Other 398,288 Less: Accumulated depreciation ( 128,442 ) Real estate held for sale, net $ 412,058 Assets Other assets and liabilities Held for Sale Unbilled rents receivable, net (a) $ 15,894 Deferred charges, net (a) 12,637 Total deferred charges & other assets, net 15,573 Mortgages & loans payable, net (a) ( 249,106 ) Accounts payable, accrued exp & other liability 3,833 Unearned rents/deferred rental income (a) ( 3,694 ) (a)Expected to be removed with the completion of the sales. The Company disposed of the following rental property during the three months ended March 31, 2022 (dollars in thousands) : Realized Gains Rentable Net Net (Losses)/ Disposition # of Square Property Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Type Proceeds Value Losses, net 01/21/22 111 River Street Hoboken, New Jersey 1 566,215 Office $ 208,268 (a) $ 206,432 $ 1,836 Totals 1 566,215 $ 208,268 $ 206,432 $ 1,836 (a) The 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 three months ended March 31, 2022. The Company disposed of the following developable land holdings during the three months ended March 31, 2022 (dollars in thousands): Realized Gains Net Net (Losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 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 Totals $ 28,596 25,973 2,623 Impairments on Properties and Land Held and Used The Company determined that, due to the shortening of its expected hold period for several land parcels, it was necessary to reduce the carrying value of these assets to their estimated fair values. Accordingly, the Company recorded an impairment charge $ 2.9 million on the land parcels in land and other impairments on the consolidated statement of operations for the three months ended March 31, 2022. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2022 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of March 31, 2022, the Company had an aggregate investment of approximately $ 135.1 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 March 31, 2022, the unconsolidated joint ventures owned: seven multifamily properties totaling 2,146 apartment units, a retail property aggregating approximately 51,000 square feet, a 351 -room hotel and interests and/or rights to developable land parcels able to accommodate up to 771 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. Unless otherwise noted below, 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 March 31, 2022, the outstanding balance of such debt, subject to guarantees, totaled $ 190.5 million of which $ 22 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $ 0.9 million and $ 0.8 million for such services in the three months ended March 31, 2022 and 2021, respectively. The Company had $ 0.1 million and $ 0.2 million in accounts receivable due from its unconsolidated joint ventures as of March 31, 2022 and December 31, 2021, respectively. The Company does not have any investments in unconsolidated joint ventures as of March 31, 2022 that are considered VIEs. The Company had three investments in unconsolidated joint ventures which were primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. The Company determined that these unconsolidated joint ventures are no longer VIEs since these ventures have completed their development projects and are now in operation. The following is a summary of the Company's unconsolidated joint ventures as of March 31, 2022 and December 31, 2021 (dollars in thousands) : Property Debt Number of Company's Carrying Value As of March 31, 2022 Apartment Units Effective March 31, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2022 2021 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,282 $ 2,547 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 5,894 6,077 82,000 11/10/26 3.21 % PI North - Riverwalk C 360 units 40.00 % 26,596 27,401 135,000 12/22/24 SOFR+ 1.2 % Riverpark at Harrison 141 units 45.00 % - - 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,646 33,004 92,863 07/01/33 4.82 % Urby at Harborside (e) 762 units 85.00 % 65,373 66,418 190,480 08/01/29 5.197 % PI North - Land (b) (f) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (g) 850 potential units 50.00 % 300 300 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (h) 347 347 - - - Totals: $ 135,116 $ 137,772 $ 691,302 (a)Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b)The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c)Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multifamily rental property ("Lofts at 40 Park"). (d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.50 percent and matures in January 2023. (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 has guaranteed $ 22 million of the principal outstanding debt. (f)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (g)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. (h)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 three months ended March 31, 2022 and 2021 (dollars in thousands) : Three Months Ended March 31, Entity / Property Name 2022 2021 Multifamily Metropolitan and Lofts at 40 Park $ ( 139 ) $ ( 231 ) RiverTrace at Port Imperial 67 ( 5 ) PI North - Riverwalk C (a) 26 - Riverpark at Harrison - ( 50 ) Station House ( 358 ) ( 364 ) Urby at Harborside ( 26 ) ( 745 ) PI North - Land ( 70 ) ( 57 ) Office Offices at Crystal Lake (b) - ( 118 ) Other Other 13 114 Company's equity in earnings (loss) of unconsolidated joint ventures (c) $ ( 487 ) $ ( 1,456 ) (a)The property commenced operations in second quarter 2021. (b)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $ 1.9 million. (c)Amounts are net of amortization of basis differences of $ 154 and $ 143 for the three months ended March 31, 2022 and 2021, respectively. |
VERIS RESIDENTIAL, L.P. [Member] | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of March 31, 2022, the Company had an aggregate investment of approximately $ 135.1 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 March 31, 2022, the unconsolidated joint ventures owned: seven multifamily properties totaling 2,146 apartment units, a retail property aggregating approximately 51,000 square feet, a 351 -room hotel and interests and/or rights to developable land parcels able to accommodate up to 771 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. Unless otherwise noted below, 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 March 31, 2022, the outstanding balance of such debt, subject to guarantees, totaled $ 190.5 million of which $ 22 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $ 0.9 million and $ 0.8 million for such services in the three months ended March 31, 2022 and 2021, respectively. The Company had $ 0.1 million and $ 0.2 million in accounts receivable due from its unconsolidated joint ventures as of March 31, 2022 and December 31, 2021, respectively. The Company does not have any investments in unconsolidated joint ventures as of March 31, 2022 that are considered VIEs. The Company had three investments in unconsolidated joint ventures which were primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. The Company determined that these unconsolidated joint ventures are no longer VIEs since these ventures have completed their development projects and are now in operation. The following is a summary of the Company's unconsolidated joint ventures as of March 31, 2022 and December 31, 2021 (dollars in thousands) : Property Debt Number of Company's Carrying Value As of March 31, 2022 Apartment Units Effective March 31, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2022 2021 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,282 $ 2,547 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 5,894 6,077 82,000 11/10/26 3.21 % PI North - Riverwalk C 360 units 40.00 % 26,596 27,401 135,000 12/22/24 SOFR+ 1.2 % Riverpark at Harrison 141 units 45.00 % - - 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,646 33,004 92,863 07/01/33 4.82 % Urby at Harborside (e) 762 units 85.00 % 65,373 66,418 190,480 08/01/29 5.197 % PI North - Land (b) (f) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (g) 850 potential units 50.00 % 300 300 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (h) 347 347 - - - Totals: $ 135,116 $ 137,772 $ 691,302 (a)Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b)The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c)Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multifamily rental property ("Lofts at 40 Park"). (d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.50 percent and matures in January 2023. (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 has guaranteed $ 22 million of the principal outstanding debt. (f)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (g)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. (h)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 three months ended March 31, 2022 and 2021 (dollars in thousands) : Three Months Ended March 31, Entity / Property Name 2022 2021 Multifamily Metropolitan and Lofts at 40 Park $ ( 139 ) $ ( 231 ) RiverTrace at Port Imperial 67 ( 5 ) PI North - Riverwalk C (a) 26 - Riverpark at Harrison - ( 50 ) Station House ( 358 ) ( 364 ) Urby at Harborside ( 26 ) ( 745 ) PI North - Land ( 70 ) ( 57 ) Office Offices at Crystal Lake (b) - ( 118 ) Other Other 13 114 Company's equity in earnings (loss) of unconsolidated joint ventures (c) $ ( 487 ) $ ( 1,456 ) (a)The property commenced operations in second quarter 2021. (b)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $ 1.9 million. (c)Amounts are net of amortization of basis differences of $ 154 and $ 143 for the three months ended March 31, 2022 and 2021, respectively. |
Deferred Charges And Other Asse
Deferred Charges And Other Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges And Other Assets, Net | 5. DEFERRED CHARGES AND OTHER ASSETS, NET March 31, December 31, (dollars in thousands) 2022 2021 Deferred leasing costs $ 85,436 $ 88,265 Deferred financing costs - revolving credit facility (a) 6,684 6,684 92,120 94,949 Accumulated amortization ( 38,369 ) ( 40,956 ) Deferred charges, net 53,751 53,993 Notes receivable (b) 3,380 4,015 In-place lease values, related intangibles and other assets, net (c) 10,865 42,183 Right of use assets (c) 2,896 22,298 Prepaid expenses and other assets, net 36,449 28,858 Total deferred charges and other assets, net $ 107,341 $ 151,347 (a) Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of March 31, 2022 and December 31, 2021, respectively, an interest-free note receivable with a net present value of $ 0.5 million and $ 0.7 million which matures in April 2023. The Company believes this balance is fully collectible. Also includes $ 2.6 million, net of a loan loss allowance of $ 0.2 million, as of March 31, 2022 and $ 3.1 million, net of a loan loss allowance of $ 0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. (c) This amount has a corresponding liability of $ 3.2 million and $ 23.7 million as of March 31, 2022 and December 31, 2021, 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 add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are 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 $ 0.6 million will be reclassified as a decrease to interest expense. As of March 31, 2022, the Company had one interest rate cap outstanding with a notional amount of $ 75 million designated as a cash flow hedge 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 March 31, 2022 and December 31, 2021 (dollars in thousands) : Fair Value Asset Derivatives designated March 31, December 31, as hedging instruments 2022 2021 Balance sheet location Interest rate caps $ 3,032 $ 850 Deferred charges and other assets The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ending March 31, 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 from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Total Amount of Interest Expense presented in the consolidated statements of operations Three months ended March 31, 2022 2021 2022 2021 2022 2021 Interest Rate Caps $ 2,182 $ - Interest expense $ 1 $ - $ 15,025 $ 17,610 Credit-risk-related Contingent Features As of March 31, 2022, the Company did no t have any interest rate derivatives in a net liability position. If the Company had breached any of these provisions at March 31, 2022, it could have been required to settle its obligations under the agreements at their termination value which includes accrued interest but excludes any adjustment for nonperformance risk. |
VERIS RESIDENTIAL, L.P. [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges And Other Assets, Net | 5. DEFERRED CHARGES AND OTHER ASSETS, NET March 31, December 31, (dollars in thousands) 2022 2021 Deferred leasing costs $ 85,436 $ 88,265 Deferred financing costs - revolving credit facility (a) 6,684 6,684 92,120 94,949 Accumulated amortization ( 38,369 ) ( 40,956 ) Deferred charges, net 53,751 53,993 Notes receivable (b) 3,380 4,015 In-place lease values, related intangibles and other assets, net (c) 10,865 42,183 Right of use assets (c) 2,896 22,298 Prepaid expenses and other assets, net 36,449 28,858 Total deferred charges and other assets, net $ 107,341 $ 151,347 (a) Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of March 31, 2022 and December 31, 2021, respectively, an interest-free note receivable with a net present value of $ 0.5 million and $ 0.7 million which matures in April 2023. The Company believes this balance is fully collectible. Also includes $ 2.6 million, net of a loan loss allowance of $ 0.2 million, as of March 31, 2022 and $ 3.1 million, net of a loan loss allowance of $ 0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. (c) This amount has a corresponding liability of $ 3.2 million and $ 23.7 million as of March 31, 2022 and December 31, 2021, 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 add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are 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 $ 0.6 million will be reclassified as a decrease to interest expense. As of March 31, 2022, the Company had one interest rate cap outstanding with a notional amount of $ 75 million designated as a cash flow hedge 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 March 31, 2022 and December 31, 2021 (dollars in thousands) : Fair Value Asset Derivatives designated March 31, December 31, as hedging instruments 2022 2021 Balance sheet location Interest rate caps $ 3,032 $ 850 Deferred charges and other assets The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ending March 31, 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 from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Total Amount of Interest Expense presented in the consolidated statements of operations Three months ended March 31, 2022 2021 2022 2021 2022 2021 Interest Rate Caps $ 2,182 $ - Interest expense $ 1 $ - $ 15,025 $ 17,610 Credit-risk-related Contingent Features As of March 31, 2022, the Company did no t have any interest rate derivatives in a net liability position. If the Company had breached any of these provisions at March 31, 2022, it could have been required to settle its obligations under the agreements at their termination value which includes accrued interest but excludes any adjustment for nonperformance risk. |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2022 | |
Restricted Cash [Line Items] | |
Restricted Cash | 6. RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : March 31, December 31, 2022 2021 Security deposits $ 6,960 $ 6,884 Escrow and other reserve funds 14,193 12,817 Total restricted cash $ 21,153 $ 19,701 |
VERIS RESIDENTIAL, L.P. [Member] | |
Restricted Cash [Line Items] | |
Restricted Cash | 6. RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : March 31, December 31, 2022 2021 Security deposits $ 6,960 $ 6,884 Escrow and other reserve funds 14,193 12,817 Total restricted cash $ 21,153 $ 19,701 |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet, excluding the Company’s office properties in Jersey City and Hoboken, New Jersey. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) were being classified as discontinued operations for all periods through December 31, 2021. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in the Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $ 1.0 billion. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three months ended March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2021 Total revenues $ 21,637 Operating and other expenses ( 8,723 ) Depreciation and amortization ( 659 ) Interest expense ( 1,293 ) Income from discontinued operations 10,962 Unrealized gains (losses) on disposition of rental property (a) 1,020 Realized gains (losses) on disposition of rental property 21,761 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 22,781 Total discontinued operations, net $ 33,743 (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2021. |
VERIS RESIDENTIAL, L.P. [Member] | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet, excluding the Company’s office properties in Jersey City and Hoboken, New Jersey. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) were being classified as discontinued operations for all periods through December 31, 2021. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in the Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $ 1.0 billion. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three months ended March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2021 Total revenues $ 21,637 Operating and other expenses ( 8,723 ) Depreciation and amortization ( 659 ) Interest expense ( 1,293 ) Income from discontinued operations 10,962 Unrealized gains (losses) on disposition of rental property (a) 1,020 Realized gains (losses) on disposition of rental property 21,761 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 22,781 Total discontinued operations, net $ 33,743 (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2021. |
Revolving Credit Facility And T
Revolving Credit Facility And Term Loans | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Line Items] | |
Revolving Credit Facility And Term Loans | 8. REVOLVING CREDIT FACILITY AND TERM LOANS On May 6, 2021, the Company entered into a revolving credit and term loan agreement (“2021 Credit Agreement”) with a group of seven lenders that provides for a $ 250 million senior secured revolving credit facility (the “2021 Credit Facility") and a $ 150 million senior secured term loan facility (the “2021 Term Loan”), and delivered written notice to the administrative agent to terminate the 2017 credit agreement, which termination became effective on May 13, 2021. The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $ 250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $ 50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $ 800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. The terms of the 2021 Term Loan included: (1) an eighteen month term ending in November 2022; (2) a single draw of the term loan commitments up to an aggregate principal amount of $ 150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $ 800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. Interest on borrowings under the 2021 Credit Facility and 2021 Term Loan shall be based on applicable base rate (the “Base Rate”) plus a margin ranging from 125 basis points to 275 basis points depending on the Base Rate elected, currently 0.12 %. The Base Rate shall be either (A) the highest of (i) the Wall Street Journal prime rate, (ii) the greater of the then effective (x) Federal Funds Effective Rate, or (y) Overnight Bank Funding Rate plus 50 basis points, and (iii) a LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Adjusted LIBO Rate”) and calculated for a one-month interest period, plus 100 basis points (such highest amount being the “ABR Rate”), or (B) the Adjusted LIBO Rate for the applicable interest period; provided, however, that the ABR Rate shall not be less than 1 % and the Adjusted LIBO Rate shall not be less than zero . The 2021 Credit Agreement, which applies to both the 2021 Credit Facility and 2021 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties, and which require compliance with financial ratios relating to the minimum collateral pool value ($ 800 million), maximum collateral pool leverage ratio ( 40 percent), minimum number of collateral pool properties ( two ), the maximum total leverage ratio ( 65 percent), the minimum debt service coverage ratio ( 1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter), and the minimum tangible net worth ratio ( 80 % of tangible net worth as of December 31, 2020 plus 80 % of net cash proceeds of equity issuances by the General Partner or the Operating Partnership). The 2021 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2021 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board of Directors, nor appointed by the Board of Directors. Furthermore, construction loans secured by two multifamily residential property development projects contain cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the construction loans if the change of control provisions under the 2021 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2021 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2021 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. On May 6, 2021, the Company drew the full $ 150 million available under the 2021 Term Loan and borrowed $ 145 million from the 2021 Credit Facility to retire the Company’s Senior Unsecured Notes. In June 2021, the Company paid down a total of $ 123 million of borrowings under the 2021 Term Loan, using sales proceeds from several of the Company’s suburban office property dispositions. On July 27, 2021, the Company repaid the outstanding balance of the 2021 Term Loan of $ 27 million using proceeds from the disposition of a suburban office properties previously held for sale. The Company was in compliance with its debt covenants under its revolving credit facility as of March 31, 2022. As of March 31, 2022 and December 31, 2021, the Company had borrowings of $ 78 million and $ 148 million under its revolving credit facility, respectively. |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Disclosure [Line Items] | |
Revolving Credit Facility And Term Loans | 8. REVOLVING CREDIT FACILITY AND TERM LOANS On May 6, 2021, the Company entered into a revolving credit and term loan agreement (“2021 Credit Agreement”) with a group of seven lenders that provides for a $ 250 million senior secured revolving credit facility (the “2021 Credit Facility") and a $ 150 million senior secured term loan facility (the “2021 Term Loan”), and delivered written notice to the administrative agent to terminate the 2017 credit agreement, which termination became effective on May 13, 2021. The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $ 250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $ 50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $ 800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. The terms of the 2021 Term Loan included: (1) an eighteen month term ending in November 2022; (2) a single draw of the term loan commitments up to an aggregate principal amount of $ 150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $ 800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. Interest on borrowings under the 2021 Credit Facility and 2021 Term Loan shall be based on applicable base rate (the “Base Rate”) plus a margin ranging from 125 basis points to 275 basis points depending on the Base Rate elected, currently 0.12 %. The Base Rate shall be either (A) the highest of (i) the Wall Street Journal prime rate, (ii) the greater of the then effective (x) Federal Funds Effective Rate, or (y) Overnight Bank Funding Rate plus 50 basis points, and (iii) a LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Adjusted LIBO Rate”) and calculated for a one-month interest period, plus 100 basis points (such highest amount being the “ABR Rate”), or (B) the Adjusted LIBO Rate for the applicable interest period; provided, however, that the ABR Rate shall not be less than 1 % and the Adjusted LIBO Rate shall not be less than zero . The 2021 Credit Agreement, which applies to both the 2021 Credit Facility and 2021 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties, and which require compliance with financial ratios relating to the minimum collateral pool value ($ 800 million), maximum collateral pool leverage ratio ( 40 percent), minimum number of collateral pool properties ( two ), the maximum total leverage ratio ( 65 percent), the minimum debt service coverage ratio ( 1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter), and the minimum tangible net worth ratio ( 80 % of tangible net worth as of December 31, 2020 plus 80 % of net cash proceeds of equity issuances by the General Partner or the Operating Partnership). The 2021 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2021 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board of Directors, nor appointed by the Board of Directors. Furthermore, construction loans secured by two multifamily residential property development projects contain cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the construction loans if the change of control provisions under the 2021 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2021 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2021 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. On May 6, 2021, the Company drew the full $ 150 million available under the 2021 Term Loan and borrowed $ 145 million from the 2021 Credit Facility to retire the Company’s Senior Unsecured Notes. In June 2021, the Company paid down a total of $ 123 million of borrowings under the 2021 Term Loan, using sales proceeds from several of the Company’s suburban office property dispositions. On July 27, 2021, the Company repaid the outstanding balance of the 2021 Term Loan of $ 27 million using proceeds from the disposition of a suburban office properties previously held for sale. The Company was in compliance with its debt covenants under its revolving credit facility as of March 31, 2022. As of March 31, 2022 and December 31, 2021, the Company had borrowings of $ 78 million and $ 148 million under its revolving credit facility, respectively. |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Line Items] | |
Mortgages, Loans Payable And Other Obligations | 9. 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 March 31, 2022, 21 of the Company’s properties, with a total carrying value of approximately $ 3.2 billion, and one of the Company’s land and development projects, with a total carrying value of approximately $ 476.4 million, 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 March 31, 2022, except as otherwise disclosed. A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2022 and December 31, 2021 is as follows (dollars in thousands) : Effective March 31, December 31, Property/Project Name Lender Rate (a) 2022 2021 Maturity 111 River St. (b) Athene Annuity and Life Company 3.90 % $ - $ 150,000 - Riverhouse 9 at Port Imperial (c) Bank of New York Mellon LIBOR+ 2.13 % 90,024 87,175 12/19/22 Port Imperial 4/5 Hotel (d) Fifth Third Bank LIBOR+ 3.40 % 89,000 89,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 Haus 25 (e) QuadReal Finance LIBOR+ 2.70 % 269,083 255,453 12/01/24 Portside 5/6 (f) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 The Upton (g) Bank of New York Mellon LIBOR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 N/S The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (h) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Port Imperial South 4/5 Garage (i) American General Life & A/G PC 4.85 % 32,542 32,664 12/01/29 Emery at Overlook Ridge New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 2,118,647 2,252,290 Unamortized deferred financing costs ( 9,704 ) ( 11,220 ) Total mortgages, loans payable and other obligations, net $ 2,108,943 $ 2,241,070 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. This mortgage loan does not permit early pre-payment. As a result of the disposal of the property, the Company incurred costs of approximately $ 6.3 million at closing, which was expensed as loss from extinguishment of debt in the first quarter of 2022. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. The Company has agreed to terms on a new mortgage loan, which is expected to close in the second quarter of 2022, that will repay the existing constructing loan. (d) In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $ 5 million of the outstanding principal and has guaranteed $ 14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company was not in compliance with for the quarter ended December 31, 2021. Therefore, the Company is required to deposit three months of interest amounting to $ 0.7 million into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition. (e) This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $ 300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. (f) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (g) On October 27, 2021, the Company obtained a $ 75 million mortgage loan maturing in October 2026 and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan. (h) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (i) The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of March 31, 2022, deferred interest of $ 0.8 million has been added to the principal balance. CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the three months ended March 31, 2022 and 2021 was $ 17.8 million and $ 18.1 million (of which zero and $ 1.3 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the three months ended March 31, 2022 and 2021 was $ 6.4 million and $ 8.6 million, respectively (which amounts included zero and $ 0.3 million for the three months ended March 31, 2022 and 2021, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS March 31, December 31, (dollars in thousands) 2022 2021 Weighted Average Weighted Average Balance Interest Rate (a) Balance Interest Rate (a) Fixed Rate Debt $ 1,526,685 3.70 % $ 1,675,353 3.71 % Revolving Credit Facility & Other Variable Rate Debt 660,258 3.51 % 713,717 3.32 % Totals/Weighted Average: $ 2,186,943 3.64 % $ 2,389,070 3.60 % |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Disclosure [Line Items] | |
Mortgages, Loans Payable And Other Obligations | 9. 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 March 31, 2022, 21 of the Company’s properties, with a total carrying value of approximately $ 3.2 billion, and one of the Company’s land and development projects, with a total carrying value of approximately $ 476.4 million, 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 March 31, 2022, except as otherwise disclosed. A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2022 and December 31, 2021 is as follows (dollars in thousands) : Effective March 31, December 31, Property/Project Name Lender Rate (a) 2022 2021 Maturity 111 River St. (b) Athene Annuity and Life Company 3.90 % $ - $ 150,000 - Riverhouse 9 at Port Imperial (c) Bank of New York Mellon LIBOR+ 2.13 % 90,024 87,175 12/19/22 Port Imperial 4/5 Hotel (d) Fifth Third Bank LIBOR+ 3.40 % 89,000 89,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 Haus 25 (e) QuadReal Finance LIBOR+ 2.70 % 269,083 255,453 12/01/24 Portside 5/6 (f) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 The Upton (g) Bank of New York Mellon LIBOR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 N/S The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (h) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Port Imperial South 4/5 Garage (i) American General Life & A/G PC 4.85 % 32,542 32,664 12/01/29 Emery at Overlook Ridge New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 2,118,647 2,252,290 Unamortized deferred financing costs ( 9,704 ) ( 11,220 ) Total mortgages, loans payable and other obligations, net $ 2,108,943 $ 2,241,070 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. This mortgage loan does not permit early pre-payment. As a result of the disposal of the property, the Company incurred costs of approximately $ 6.3 million at closing, which was expensed as loss from extinguishment of debt in the first quarter of 2022. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. The Company has agreed to terms on a new mortgage loan, which is expected to close in the second quarter of 2022, that will repay the existing constructing loan. (d) In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $ 5 million of the outstanding principal and has guaranteed $ 14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company was not in compliance with for the quarter ended December 31, 2021. Therefore, the Company is required to deposit three months of interest amounting to $ 0.7 million into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition. (e) This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $ 300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. (f) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (g) On October 27, 2021, the Company obtained a $ 75 million mortgage loan maturing in October 2026 and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan. (h) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (i) The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of March 31, 2022, deferred interest of $ 0.8 million has been added to the principal balance. CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the three months ended March 31, 2022 and 2021 was $ 17.8 million and $ 18.1 million (of which zero and $ 1.3 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the three months ended March 31, 2022 and 2021 was $ 6.4 million and $ 8.6 million, respectively (which amounts included zero and $ 0.3 million for the three months ended March 31, 2022 and 2021, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS March 31, December 31, (dollars in thousands) 2022 2021 Weighted Average Weighted Average Balance Interest Rate (a) Balance Interest Rate (a) Fixed Rate Debt $ 1,526,685 3.70 % $ 1,675,353 3.71 % Revolving Credit Facility & Other Variable Rate Debt 660,258 3.51 % 713,717 3.32 % Totals/Weighted Average: $ 2,186,943 3.64 % $ 2,389,070 3.60 % |
Employee Benefit 401(k) Plans
Employee Benefit 401(k) Plans | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 10. EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Veris Residential, Inc. 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended March 31, 2022 and 2021 was $ 182 thousand and $ 180 thousand, respectively. |
VERIS RESIDENTIAL, L.P. [Member] | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 10. EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Veris Residential, Inc. 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended March 31, 2022 and 2021 was $ 182 thousand and $ 180 thousand, respectively. |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Line Items] | |
Disclosure Of Fair Value Of Assets And Liabilities | 11. 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 March 31, 2022 and December 31, 2021. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of March 31, 2022 and December 31, 2021. The fair value of the Company’s long-term debt, consisting of revolving credit facility and term loan and mortgages, loans payable and other obligations aggregated approximately $ 2.1 billion and $ 2.4 billion as compared to the book value of approximately $ 2.2 billion and $ 2.4 billion as of March 31, 2022 and December 31, 2021, respectively. The fair value of the Company’s long-term debt was valued using level 3 inputs (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt and the unsecured notes was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The notes receivable by the Company are presented at the lower of cost basis or net amount expected to be collected in accordance with ASC 326. For its seller-financing note receivable provided to the buyers of the Metropark portfolio, the Company calculated the net present value of contractual cash flows of the total receivable. The Company accordingly recorded a loan loss allowance charge of $ 172 thousand at March 31, 2022, which was deducted from the amortized cost basis of the note receivable. Such charge was recorded in Interest and other investment income (loss) for the three months ended March 31, 2022. See Note 5: Deferred charges and other assets, net. The fair value measurements used in the evaluation of the Company’s rental properties for impairment analysis are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to, discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third-party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions, including, but not limited to, the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. As of March 31, 2022, assumptions that were utilized in the fair value calculation included: Primary Valuation Unobservable Location Range of Description Techniques Assumptions Type Rates Land holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rate per residential unit Waterfront $ 76,000 - $ 78,000 The Company determined that, due to the shortening of its expected hold period for several land parcels, it was necessary to reduce the carrying value of these assets to their estimated fair values. Accordingly, the Company recorded an impairment charge of $ 2.9 million on the land parcels in land and other impairments on the consolidated statement of operations for the three months ended March 31, 2022. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of March 31, 2022 and December 31, 2021. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2022 and current estimates of fair value may differ significantly from the amounts presented herein. The ongoing impact of COVID-19 worldwide has impacted global economic activity and continues to cause volatility in financial markets. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of March 31, 2022. |
VERIS RESIDENTIAL, L.P. [Member] | |
Fair Value Disclosures [Line Items] | |
Disclosure Of Fair Value Of Assets And Liabilities | 11. 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 March 31, 2022 and December 31, 2021. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of March 31, 2022 and December 31, 2021. The fair value of the Company’s long-term debt, consisting of revolving credit facility and term loan and mortgages, loans payable and other obligations aggregated approximately $ 2.1 billion and $ 2.4 billion as compared to the book value of approximately $ 2.2 billion and $ 2.4 billion as of March 31, 2022 and December 31, 2021, respectively. The fair value of the Company’s long-term debt was valued using level 3 inputs (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt and the unsecured notes was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The notes receivable by the Company are presented at the lower of cost basis or net amount expected to be collected in accordance with ASC 326. For its seller-financing note receivable provided to the buyers of the Metropark portfolio, the Company calculated the net present value of contractual cash flows of the total receivable. The Company accordingly recorded a loan loss allowance charge of $ 172 thousand at March 31, 2022, which was deducted from the amortized cost basis of the note receivable. Such charge was recorded in Interest and other investment income (loss) for the three months ended March 31, 2022. See Note 5: Deferred charges and other assets, net. The fair value measurements used in the evaluation of the Company’s rental properties for impairment analysis are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to, discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third-party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions, including, but not limited to, the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. As of March 31, 2022, assumptions that were utilized in the fair value calculation included: Primary Valuation Unobservable Location Range of Description Techniques Assumptions Type Rates Land holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rate per residential unit Waterfront $ 76,000 - $ 78,000 The Company determined that, due to the shortening of its expected hold period for several land parcels, it was necessary to reduce the carrying value of these assets to their estimated fair values. Accordingly, the Company recorded an impairment charge of $ 2.9 million on the land parcels in land and other impairments on the consolidated statement of operations for the three months ended March 31, 2022. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of March 31, 2022 and December 31, 2021. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2022 and current estimates of fair value may differ significantly from the amounts presented herein. The ongoing impact of COVID-19 worldwide has impacted global economic activity and continues to cause volatility in financial markets. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of March 31, 2022. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 12. 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 Three Months Ended March 31, PILOT 2022 2021 Property Name Location Asset Type Expiration Dates (Dollars in Thousands) BLVD 475 (Monaco) (a) Jersey City, NJ Multifamily 2/2021 $ - $ 474 111 River Street (b) Hoboken, NJ Office 4/2022 85 370 Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 218 264 Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 1,109 1,080 BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 359 260 RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 350 326 Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 733 737 RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 322 - Haus 25 (i) Jersey City, NJ Mixed-Use 3/2047 - - Park Apartments at Port Imperial (j) Weehawken, NJ Multifamily (j) - - Total Pilot taxes $ 3,176 $ 3,511 (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 annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $ 49.5 million. (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. (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)For a term of 25 years following substantial completion, which occurred on April 1, 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined. (j)For a term of 25 years following substantial completion. 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 . The land parcel was subsequently sold in the second quarter of 2022. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of March 31, 2022 and December 31, 2021, are as follows (dollars in thousands) : As of March 31, 2022 Year Amount (a) April 1 through December 31, 2022 $ 144 2023 192 2024 192 2025 199 2026 199 2027 through 2101 31,864 Total lease payments 32,790 Less: imputed interest ( 29,600 ) Total $ 3,190 As of December 31, 2021 Year Amount 2022 $ 1,695 2023 1,702 2024 1,721 2025 1,728 2026 1,728 2027 through 2101 151,253 Total lease payments 159,827 Less: imputed interest ( 136,141 ) Total $ 23,686 Ground lease expense incurred by the Company amounted to $ 348 thousand and $ 568 thousand for the three months ended March 31, 2022 and 2021, respectively. In conjunction with the adoption of ASU 2016-02 (Topic 842), starting on January 1, 2019, the Company capitalized operating leases, which had a balance of $ 2.9 million at March 31, 2022 for two ground leases. Such amount represents the net present value (“NPV”) of future payments detailed above. The incremental borrowing rate used to arrive at the NPV was 7.618 percent for the remaining ground lease terms of 82.58 years each. These rates were arrived at by adjusting the fixed rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s ground leases and calculating notional rates for fully-collateralized loans. CONSTRUCTION PROJECTS The Company is developing a 750 -unit multifamily project at 25 Christopher Columbus, also known as Haus 25, in Jersey City, New Jersey, which began construction in the first quarter of 2019. The construction project, which is estimated to cost $ 469.5 million, of which $ 438.6 million has been incurred through March 31, 2022, was partially ready for occupancy in April 2022. The Company has funded $ 169.5 million of the construction costs, and the remaining construction costs are expected to be funded from a $ 300 million construction loan (of which $ 269.1 million was drawn as of March 31, 2022). MANAGEMENT CHANGES In the first quarter of 2022, the Company announced a number of management changes. Effective, January 12, 2022, the Company terminated the employment of its Chief Accounting Officer, Mr. Giovanni M. DeBari, and appointed Ms. Amanda Lombard in his place. In addition, the Company also disclosed that its Chief Financial Officer, David Smetana, would leave the Company at the end of 2022, and that Ms. Lombard would assume the role of CFO at his departure. Mr. Smetana subsequently decided to leave the Company effective March 31, 2022. Ms. Lombard will serve as both principal financial officer and principal accounting officer. In addition, on March 31, 2022, the Company terminated the employment of its Executive Vice President and Chief Investment Officer Ricardo Cardoso effective April 1, 2022 and the employment of its Executive Vice President, General Counsel and Secretary Gary T. Wagner effective April 15, 2022. It has appointed Jeff Turkanis and Taryn Fielder to succeed each officer, respectively. During the three months ended March 31, 2022, the Company’s total costs incurred relating to the management changes discussed above, including the severance and related costs for the departure of the Company’s former executive officers, as well as other terminated employees, amounted to $ 7.6 million, which was included in general and administrative expense. OTHER Certain Company properties acquired by contribution from unrelated common unitholders of the Operating Partnership, were subject to restrictions on disposition, except in a manner which did not result in recognition of built-in-gain allocable to such unitholders or which reimbursed the unitholders for the tax consequences thereof (collectively, the “Property Lock-Ups”). While these Property Lock-Ups, have expired, the Company is generally required to use commercially reasonable efforts to prevent any disposition of the subject properties from resulting in the recognition of built-in gain to these unitholders, which include members of the Mack Group (which includes William L. Mack, a former director and David S. Mack, a former director. As of March 31, 2022, taking into account tax-free exchanges on the originally contributed properties, either wholly or partially, over time, five of the Company’s properties, as well as certain land and development projects, including properties classified as held for sale as of March 31, 2022, with an aggregate carrying value of approximately $ 1.0 billion, are subject to these conditions. As of March 31, 2022, the Company has outstanding stay-on award agreements with 34 employees, which provides them with the potential to receive compensation, in cash or Company stock at the employees’ option, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $ 1.8 million, including the potential future issuance of up to 82,629 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. |
VERIS RESIDENTIAL, L.P. [Member] | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 12. 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 Three Months Ended March 31, PILOT 2022 2021 Property Name Location Asset Type Expiration Dates (Dollars in Thousands) BLVD 475 (Monaco) (a) Jersey City, NJ Multifamily 2/2021 $ - $ 474 111 River Street (b) Hoboken, NJ Office 4/2022 85 370 Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 218 264 Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 1,109 1,080 BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 359 260 RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 350 326 Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 733 737 RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 322 - Haus 25 (i) Jersey City, NJ Mixed-Use 3/2047 - - Park Apartments at Port Imperial (j) Weehawken, NJ Multifamily (j) - - Total Pilot taxes $ 3,176 $ 3,511 (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 annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $ 49.5 million. (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. (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)For a term of 25 years following substantial completion, which occurred on April 1, 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined. (j)For a term of 25 years following substantial completion. 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 . The land parcel was subsequently sold in the second quarter of 2022. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of March 31, 2022 and December 31, 2021, are as follows (dollars in thousands) : As of March 31, 2022 Year Amount (a) April 1 through December 31, 2022 $ 144 2023 192 2024 192 2025 199 2026 199 2027 through 2101 31,864 Total lease payments 32,790 Less: imputed interest ( 29,600 ) Total $ 3,190 As of December 31, 2021 Year Amount 2022 $ 1,695 2023 1,702 2024 1,721 2025 1,728 2026 1,728 2027 through 2101 151,253 Total lease payments 159,827 Less: imputed interest ( 136,141 ) Total $ 23,686 Ground lease expense incurred by the Company amounted to $ 348 thousand and $ 568 thousand for the three months ended March 31, 2022 and 2021, respectively. In conjunction with the adoption of ASU 2016-02 (Topic 842), starting on January 1, 2019, the Company capitalized operating leases, which had a balance of $ 2.9 million at March 31, 2022 for two ground leases. Such amount represents the net present value (“NPV”) of future payments detailed above. The incremental borrowing rate used to arrive at the NPV was 7.618 percent for the remaining ground lease terms of 82.58 years each. These rates were arrived at by adjusting the fixed rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s ground leases and calculating notional rates for fully-collateralized loans. CONSTRUCTION PROJECTS The Company is developing a 750 -unit multifamily project at 25 Christopher Columbus, also known as Haus 25, in Jersey City, New Jersey, which began construction in the first quarter of 2019. The construction project, which is estimated to cost $ 469.5 million, of which $ 438.6 million has been incurred through March 31, 2022, was partially ready for occupancy in April 2022. The Company has funded $ 169.5 million of the construction costs, and the remaining construction costs are expected to be funded from a $ 300 million construction loan (of which $ 269.1 million was drawn as of March 31, 2022). MANAGEMENT CHANGES In the first quarter of 2022, the Company announced a number of management changes. Effective, January 12, 2022, the Company terminated the employment of its Chief Accounting Officer, Mr. Giovanni M. DeBari, and appointed Ms. Amanda Lombard in his place. In addition, the Company also disclosed that its Chief Financial Officer, David Smetana, would leave the Company at the end of 2022, and that Ms. Lombard would assume the role of CFO at his departure. Mr. Smetana subsequently decided to leave the Company effective March 31, 2022. Ms. Lombard will serve as both principal financial officer and principal accounting officer. In addition, on March 31, 2022, the Company terminated the employment of its Executive Vice President and Chief Investment Officer Ricardo Cardoso effective April 1, 2022 and the employment of its Executive Vice President, General Counsel and Secretary Gary T. Wagner effective April 15, 2022. It has appointed Jeff Turkanis and Taryn Fielder to succeed each officer, respectively. During the three months ended March 31, 2022, the Company’s total costs incurred relating to the management changes discussed above, including the severance and related costs for the departure of the Company’s former executive officers, as well as other terminated employees, amounted to $ 7.6 million, which was included in general and administrative expense. OTHER Certain Company properties acquired by contribution from unrelated common unitholders of the Operating Partnership, were subject to restrictions on disposition, except in a manner which did not result in recognition of built-in-gain allocable to such unitholders or which reimbursed the unitholders for the tax consequences thereof (collectively, the “Property Lock-Ups”). While these Property Lock-Ups, have expired, the Company is generally required to use commercially reasonable efforts to prevent any disposition of the subject properties from resulting in the recognition of built-in gain to these unitholders, which include members of the Mack Group (which includes William L. Mack, a former director and David S. Mack, a former director. As of March 31, 2022, taking into account tax-free exchanges on the originally contributed properties, either wholly or partially, over time, five of the Company’s properties, as well as certain land and development projects, including properties classified as held for sale as of March 31, 2022, with an aggregate carrying value of approximately $ 1.0 billion, are subject to these conditions. As of March 31, 2022, the Company has outstanding stay-on award agreements with 34 employees, which provides them with the potential to receive compensation, in cash or Company stock at the employees’ option, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $ 1.8 million, including the potential future issuance of up to 82,629 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 | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Line Items] | |
Tenant Leases | 13. TENANT LEASES The Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2038 . Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass - through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands) : As of March 31, 2022 Year Amount April 1 through December 31, 2022 $ 69,547 2023 91,051 2024 81,283 2025 76,830 2026 74,519 2027 and thereafter 381,341 Total $ 774,571 As of December 31, 2021 Year Amount 2022 $ 115,256 2023 114,355 2024 98,374 2025 94,042 2026 91,297 2027 and thereafter 416,712 Total $ 930,036 Multifamily rental property residential leases are excluded from the above table as they generally expire within one year . |
VERIS RESIDENTIAL, L.P. [Member] | |
Leases [Line Items] | |
Tenant Leases | 13. TENANT LEASES The Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2038 . Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass - through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands) : As of March 31, 2022 Year Amount April 1 through December 31, 2022 $ 69,547 2023 91,051 2024 81,283 2025 76,830 2026 74,519 2027 and thereafter 381,341 Total $ 774,571 As of December 31, 2021 Year Amount 2022 $ 115,256 2023 114,355 2024 98,374 2025 94,042 2026 91,297 2027 and thereafter 416,712 Total $ 930,036 Multifamily rental property residential leases are excluded from the above table as they generally expire within one year . |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2022 | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 14. REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Veris Residential Trust (“VRT”), formerly known as Roseland Residential Trust, the Company’s subsidiary through which the Company conducts its multifamily residential real estate operations, Veris Residential Partners, L.P. (“VRLP”), formerly known as Roseland Residential, L.P., the operating partnership through which VRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for VRT to contribute property to VRLP in exchange for common units of limited partnership interests in VRLP (the “Common Units”) and for multiple equity investments by Rockpoint in VRLP from time to time for up to an aggregate of $ 300 million of preferred units of limited partnership interests in VRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $ 150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“VRT Contributed Equity Value”), was $ 1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $ 105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the three months ended March 31, 2019, a total additional amount of $ 45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $ 300 million . In addition, certain contributions of property to VRLP by VRT subsequent to the execution of the Original Investment Agreement resulted in VRT being issued approximately $ 46 million of Preferred Units and Common Units in VRLP prior to June 26, 2019. On June 26, 2019, the Company, VRT, VRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $ 100 million in Preferred Units and the Company and VRT agreed to contribute to VRLP two additional properties located in Jersey City, New Jersey. The Company used the $ 100 million in proceeds received to repay outstanding borrowings under its revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $ 100 million in Preferred Units in the event VRT determines that VRLP requires additional capital prior to March 1, 2023 and, subject thereto, VRLP may issue up to approximately $ 154 million in Preferred Units to VRT or an affiliate so long as at the time of such funding VRT determines in good faith that VRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $ 371 thousand in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of VRLP will be distributable to Rockpoint and VRT as follows: first, to provide a 6 % annual return to Rockpoint and VRT on their capital invested in Preferred Units (the “Preferred Base Return”); second, 95.36 % to VRT and 4.64 % to Rockpoint until VRT has received a 6 % annual return (the “VRT Base Return”) on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; and third, pro rata to Rockpoint and VRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $ 400 million of invested capital at March 31, 2022, this pro rata distribution would be approximately 21.89 % to Rockpoint in respect of Preferred Units, 2.65 % to VRT in respect of Preferred Units and 75.46 % to VRT in respect of Common Units). VRLP’s cash flow from capital events will generally be distributable by VRLP to Rockpoint and VRT as follows: first, to Rockpoint and VRT to the extent there is any unpaid, accrued Preferred Base Return; second, as a return of capital to Rockpoint and to VRT in respect of Preferred Units; third, 95.36 % to VRT and 4.64 % to Rockpoint until VRT has received the VRT Base Return in respect of Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; fourth, 95.36 % to VRT and 4.64 % to Rockpoint until VRT has received a return of capital based on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to the capital of VRLP in the future; fifth, pro rata to Rockpoint and VRT based on respective total capital invested in and contributed equity value of Preferred and Common Units until Rockpoint has received an 11 % internal rate of return (based on Rockpoint’s $ 400 million of invested capital at March 31, 2022, this pro rata distribution would be approximately 21.89 % to Rockpoint in respect of Preferred Units, 2.65 % to VRT in respect of Preferred Units and 75.46 % to VRT in respect of Common Units); and sixth, to Rockpoint and VRT in respect of their Preferred Units based on 50 % of their pro rata shares described in “fifth” above and the balance to VRT in respect of its Common Units (based on Rockpoint’s $ 400 million of invested capital at March 31, 2022, this pro rata distribution would be approximately 10.947 % to Rockpoint in respect of Preferred Units, 1.325 % to VRT in respect of Preferred Units and 87.728 % to VRT in respect of Common Units). In general, VRLP may not sell its properties in taxable transactions, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gain for tax purposes. In connection with the Add On Investment Agreement, on June 26, 2019, VRT increased the size of its board of trustees from six to seven persons, with five trustees being designated by the Company and two trustees being designated by Rockpoint. In addition, as was the case under the Original Investment Agreement, VRT and VRLP are required to obtain Rockpoint’s consent with respect to: debt financings in excess of a 65 % loan-to-value ratio; corporate level financings that are pari-passu or senior to the Preferred Units; new investment opportunities to the extent the opportunity requires an equity capitalization in excess of 10 % of VRLP’s NAV; new investment opportunities located in a Metropolitan Statistical Area where VRLP owns no property as of the previous quarter; declaration of bankruptcy of VRT; transactions between VRT and the Company, subject to certain limited exceptions; any equity granted or equity incentive plan adopted by VRLP or any of its subsidiaries; and certain matters relating to the Credit Enhancement Note (as defined below) between the Company and VRLP (other than ordinary course borrowings or repayments thereunder). Under a Discretionary Demand Promissory Note (the “Credit Enhancement Note”), the Company may provide periodic cash advances to VRLP. The Credit Enhancement Note provides for an interest rate equal to the London Inter-Bank Offered Rate plus fifty ( 50 ) basis points above the applicable interest rate under the Company’s revolving credit facility. The maximum aggregate principal amount of advances at any one time outstanding under the Credit Enhancement Note is limited to $ 50 million, an increase of $ 25 million from the prior transaction. VRT and VRLP also have agreed, as was the case under the Original Investment Agreement, to register the Preferred Units under certain circumstances in the future in the event VRT or VRLP becomes a publicly traded company. During the period commencing on June 28, 2019 and ending on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except in connection with (a) a sale of all or substantially all of VRLP or a sale of a majority of the then-outstanding interests in VRLP, in each case, which sale is not approved by Rockpoint, or (b) a spin-out or initial public offering of common stock of VRT, or distributions of VRT equity interests by the Company or its affiliates to shareholders or their respective parent interestholders (an acquisition pursuant clauses (a) or (b) above, an “Early Purchase”). VRT has the right to acquire Rockpoint’s interest in the Preferred Units in connection with an Early Purchase for a purchase price generally equal to (i) the amount that Rockpoint would receive upon the sale of the assets of VRLP for fair market value and a distribution of the net sale proceeds in accordance with (A) the capital event distribution priorities discussed above (in the case of certain Rockpoint Preferred Holders) and (B) the distribution priorities applicable in the case of a liquidation of VRLP (in the case of the other Rockpoint Preferred Holder), plus (ii) a make whole premium (such purchase price, the “Purchase Payment”). The make whole premium is an amount equal to (i) $ 173.5 million until December 28, 2020, or $ 198.5 million thereafter, less distributions theretofore made to Rockpoint with respect to its Preferred Base Return or any deficiency therein, plus (ii) $ 1.5 million less certain other distributions theretofore made to Rockpoint. The fair market value of VRLP’s assets is determined by a third party appraisal of the net asset value (“NAV”) of VRLP and the fair market value of VRLP’s assets, to be completed within ninety (90) calendar days of March 1, 2023 and annually thereafter. After the Lockout Period, either VRT may acquire from Rockpoint, or Rockpoint may sell to VRT, all, but not less than all, of Rockpoint’s interest in the Preferred Units (each, a “Put/Call Event”) for a purchase price equal to the Purchase Payment (determined without regard to the make whole premium and any related tax allocations). An acquisition of Rockpoint’s interest in the Preferred Units pursuant to a Put/Call Event is generally required to be structured as a purchase of the common equity in the applicable Rockpoint entities holding direct or indirect interests in the Preferred Units. Subject to certain exceptions, Rockpoint also has a right of first offer and a participation right with respect to other common equity interests of VRLP or any subsidiary of VRLP that may be offered for sale by VRLP or its subsidiaries from time to time. Upon a Put/Call Event, other than in the event of a sale of VRLP, Rockpoint may elect to convert all, but not less than all, of its Preferred Units to Common Units in VRLP. As such, the Preferred Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1—S99-3A, the Preferred Units are classified in mezzanine equity measured based on the estimated future redemption value as of March 31, 2022. The Company determines the redemption value of these interests by hypothetically liquidating the estimated NAV of the VRT real estate portfolio including debt principal through the applicable waterfall provisions of the new transaction with Rockpoint. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of VRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties, the direct capitalization method is used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption is considered based on development rights or plans for the land. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of the Preferred Units is approximately $ 482.0 million as of March 31, 2022. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $ 1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $ 35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. In March 2022, 12,000 Series A Units were redeemed for cash at the stated value. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $ 1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $ 35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5 % Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRT Interests Balance at January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redemption/Payout ( 12,000 ) - ( 12,000 ) Redeemable Noncontrolling Interests Issued - - - Net 40,324 468,989 509,313 Income Attributed to Noncontrolling Interests 421 6,016 6,437 Distributions ( 421 ) ( 6,016 ) ( 6,437 ) Redemption Value Adjustment ( 22 ) 3,221 3,199 Balance at March 31, 2022 $ 40,302 $ 472,210 $ 512,512 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRT Interests Balance at January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued - - - Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 1,970 1,970 Balance at March 31, 2021 $ 52,324 $ 462,943 $ 515,267 |
VERIS RESIDENTIAL, L.P. [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 14. REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Veris Residential Trust (“VRT”), formerly known as Roseland Residential Trust, the Company’s subsidiary through which the Company conducts its multifamily residential real estate operations, Veris Residential Partners, L.P. (“VRLP”), formerly known as Roseland Residential, L.P., the operating partnership through which VRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for VRT to contribute property to VRLP in exchange for common units of limited partnership interests in VRLP (the “Common Units”) and for multiple equity investments by Rockpoint in VRLP from time to time for up to an aggregate of $ 300 million of preferred units of limited partnership interests in VRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $ 150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“VRT Contributed Equity Value”), was $ 1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $ 105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the three months ended March 31, 2019, a total additional amount of $ 45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $ 300 million . In addition, certain contributions of property to VRLP by VRT subsequent to the execution of the Original Investment Agreement resulted in VRT being issued approximately $ 46 million of Preferred Units and Common Units in VRLP prior to June 26, 2019. On June 26, 2019, the Company, VRT, VRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $ 100 million in Preferred Units and the Company and VRT agreed to contribute to VRLP two additional properties located in Jersey City, New Jersey. The Company used the $ 100 million in proceeds received to repay outstanding borrowings under its revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $ 100 million in Preferred Units in the event VRT determines that VRLP requires additional capital prior to March 1, 2023 and, subject thereto, VRLP may issue up to approximately $ 154 million in Preferred Units to VRT or an affiliate so long as at the time of such funding VRT determines in good faith that VRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $ 371 thousand in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of VRLP will be distributable to Rockpoint and VRT as follows: first, to provide a 6 % annual return to Rockpoint and VRT on their capital invested in Preferred Units (the “Preferred Base Return”); second, 95.36 % to VRT and 4.64 % to Rockpoint until VRT has received a 6 % annual return (the “VRT Base Return”) on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; and third, pro rata to Rockpoint and VRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $ 400 million of invested capital at March 31, 2022, this pro rata distribution would be approximately 21.89 % to Rockpoint in respect of Preferred Units, 2.65 % to VRT in respect of Preferred Units and 75.46 % to VRT in respect of Common Units). VRLP’s cash flow from capital events will generally be distributable by VRLP to Rockpoint and VRT as follows: first, to Rockpoint and VRT to the extent there is any unpaid, accrued Preferred Base Return; second, as a return of capital to Rockpoint and to VRT in respect of Preferred Units; third, 95.36 % to VRT and 4.64 % to Rockpoint until VRT has received the VRT Base Return in respect of Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; fourth, 95.36 % to VRT and 4.64 % to Rockpoint until VRT has received a return of capital based on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to the capital of VRLP in the future; fifth, pro rata to Rockpoint and VRT based on respective total capital invested in and contributed equity value of Preferred and Common Units until Rockpoint has received an 11 % internal rate of return (based on Rockpoint’s $ 400 million of invested capital at March 31, 2022, this pro rata distribution would be approximately 21.89 % to Rockpoint in respect of Preferred Units, 2.65 % to VRT in respect of Preferred Units and 75.46 % to VRT in respect of Common Units); and sixth, to Rockpoint and VRT in respect of their Preferred Units based on 50 % of their pro rata shares described in “fifth” above and the balance to VRT in respect of its Common Units (based on Rockpoint’s $ 400 million of invested capital at March 31, 2022, this pro rata distribution would be approximately 10.947 % to Rockpoint in respect of Preferred Units, 1.325 % to VRT in respect of Preferred Units and 87.728 % to VRT in respect of Common Units). In general, VRLP may not sell its properties in taxable transactions, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gain for tax purposes. In connection with the Add On Investment Agreement, on June 26, 2019, VRT increased the size of its board of trustees from six to seven persons, with five trustees being designated by the Company and two trustees being designated by Rockpoint. In addition, as was the case under the Original Investment Agreement, VRT and VRLP are required to obtain Rockpoint’s consent with respect to: debt financings in excess of a 65 % loan-to-value ratio; corporate level financings that are pari-passu or senior to the Preferred Units; new investment opportunities to the extent the opportunity requires an equity capitalization in excess of 10 % of VRLP’s NAV; new investment opportunities located in a Metropolitan Statistical Area where VRLP owns no property as of the previous quarter; declaration of bankruptcy of VRT; transactions between VRT and the Company, subject to certain limited exceptions; any equity granted or equity incentive plan adopted by VRLP or any of its subsidiaries; and certain matters relating to the Credit Enhancement Note (as defined below) between the Company and VRLP (other than ordinary course borrowings or repayments thereunder). Under a Discretionary Demand Promissory Note (the “Credit Enhancement Note”), the Company may provide periodic cash advances to VRLP. The Credit Enhancement Note provides for an interest rate equal to the London Inter-Bank Offered Rate plus fifty ( 50 ) basis points above the applicable interest rate under the Company’s revolving credit facility. The maximum aggregate principal amount of advances at any one time outstanding under the Credit Enhancement Note is limited to $ 50 million, an increase of $ 25 million from the prior transaction. VRT and VRLP also have agreed, as was the case under the Original Investment Agreement, to register the Preferred Units under certain circumstances in the future in the event VRT or VRLP becomes a publicly traded company. During the period commencing on June 28, 2019 and ending on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except in connection with (a) a sale of all or substantially all of VRLP or a sale of a majority of the then-outstanding interests in VRLP, in each case, which sale is not approved by Rockpoint, or (b) a spin-out or initial public offering of common stock of VRT, or distributions of VRT equity interests by the Company or its affiliates to shareholders or their respective parent interestholders (an acquisition pursuant clauses (a) or (b) above, an “Early Purchase”). VRT has the right to acquire Rockpoint’s interest in the Preferred Units in connection with an Early Purchase for a purchase price generally equal to (i) the amount that Rockpoint would receive upon the sale of the assets of VRLP for fair market value and a distribution of the net sale proceeds in accordance with (A) the capital event distribution priorities discussed above (in the case of certain Rockpoint Preferred Holders) and (B) the distribution priorities applicable in the case of a liquidation of VRLP (in the case of the other Rockpoint Preferred Holder), plus (ii) a make whole premium (such purchase price, the “Purchase Payment”). The make whole premium is an amount equal to (i) $ 173.5 million until December 28, 2020, or $ 198.5 million thereafter, less distributions theretofore made to Rockpoint with respect to its Preferred Base Return or any deficiency therein, plus (ii) $ 1.5 million less certain other distributions theretofore made to Rockpoint. The fair market value of VRLP’s assets is determined by a third party appraisal of the net asset value (“NAV”) of VRLP and the fair market value of VRLP’s assets, to be completed within ninety (90) calendar days of March 1, 2023 and annually thereafter. After the Lockout Period, either VRT may acquire from Rockpoint, or Rockpoint may sell to VRT, all, but not less than all, of Rockpoint’s interest in the Preferred Units (each, a “Put/Call Event”) for a purchase price equal to the Purchase Payment (determined without regard to the make whole premium and any related tax allocations). An acquisition of Rockpoint’s interest in the Preferred Units pursuant to a Put/Call Event is generally required to be structured as a purchase of the common equity in the applicable Rockpoint entities holding direct or indirect interests in the Preferred Units. Subject to certain exceptions, Rockpoint also has a right of first offer and a participation right with respect to other common equity interests of VRLP or any subsidiary of VRLP that may be offered for sale by VRLP or its subsidiaries from time to time. Upon a Put/Call Event, other than in the event of a sale of VRLP, Rockpoint may elect to convert all, but not less than all, of its Preferred Units to Common Units in VRLP. As such, the Preferred Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1—S99-3A, the Preferred Units are classified in mezzanine equity measured based on the estimated future redemption value as of March 31, 2022. The Company determines the redemption value of these interests by hypothetically liquidating the estimated NAV of the VRT real estate portfolio including debt principal through the applicable waterfall provisions of the new transaction with Rockpoint. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of VRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties, the direct capitalization method is used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption is considered based on development rights or plans for the land. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of the Preferred Units is approximately $ 482.0 million as of March 31, 2022. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $ 1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $ 35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. In March 2022, 12,000 Series A Units were redeemed for cash at the stated value. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $ 1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $ 35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5 % Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRT Interests Balance at January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redemption/Payout ( 12,000 ) - ( 12,000 ) Redeemable Noncontrolling Interests Issued - - - Net 40,324 468,989 509,313 Income Attributed to Noncontrolling Interests 421 6,016 6,437 Distributions ( 421 ) ( 6,016 ) ( 6,437 ) Redemption Value Adjustment ( 22 ) 3,221 3,199 Balance at March 31, 2022 $ 40,302 $ 472,210 $ 512,512 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRT Interests Balance at January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued - - - Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 1,970 1,970 Balance at March 31, 2021 $ 52,324 $ 462,943 $ 515,267 |
Veris Residential, Inc. Stockho
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders Equity [Line Items] | |
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital | 15. 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. The following table reflects the activity of the General Partner capital for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands) : Three Months Ended March 31, 2022 2021 Opening Balance $ 1,281,982 $ 1,398,817 Net income (loss) available to common shareholders ( 9,092 ) 7,623 Common stock distributions - - Redeemable noncontrolling interests ( 2,942 ) ( 1,791 ) Shares issued under Dividend Reinvestment and Stock Purchase Plan 11 18 Directors' deferred compensation plan 110 72 Stock Compensation 1,957 646 Cancellation of common stock - ( 118 ) Other comprehensive income (loss) 1,986 - Rebalancing of ownership percent between parent and subsidiaries 1,669 1,556 Balance at March 31 $ 1,275,681 $ 1,406,823 Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. ATM PROGRAM On December 13, 2021, the Company entered into a distribution agreement (the “Distribution Agreement”) with J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Comerica Securities, Inc., Goldman Sachs & Co. LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Company, Inc., as sales agents. Pursuant to the Distribution Agreement, the Company may issue and sell, from time to time, shares of common stock, par value $ 0.01 per share, having a combined aggregate offering price of up to $ 200 million. T he Company will pay a commission that will not exceed, but may be lower than, 2 % of the gross proceeds of all shares sold through the ATM Program. As of March 31, 2022, the Company had no t sold any shares pursuant to the ATM Program. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $ 5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. INCENTIVE STOCK PLAN In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares has been reserved for issuance. In June 2021, stockholders of the Company approved amendments to the 2013 Plan to increase the total shares reserved for issuance under the plan from 4,600,000 to 6,565,000 shares. Stock Options In addition to stock options issued in June 2021 under the 2013 Plan, in March 2021, the General Partner granted 950,000 stock options with an exercise price equal to the closing price of the Company’s common stock on the grant date of $ 15.79 per share to the Chief Executive Officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. The stock options will vest in one-third increments on each of the first three anniversaries of the date of grant, subject to earlier vesting on certain termination events. There were no stock options that were exercised under any stock option plans for the three months ended March 31, 2022 and 2021, respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of March 31, 2022 and December 31, 2021, the stock options outstanding had a weighted average remaining contractual life of approximately 5.2 and 5.5 years, respectively. The Company recognized stock options expense of $ 253 thousand and $ 114 thousand for the three months ended March 31, 2022 and 2021, respectively. Appreciation-Only LTIP Units In March 2019, the Company granted 625,000 Appreciation-Only LTIP Units (“AO LTIP Units”) which are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The AO LTIP Units allow the former executive to earn zero to 100% of the AO LTIP Units granted on a graduated basis of 250,000 , 250,000 and 125,000 AO LTIP Units if the fair market value of the Company’s common stock exceeds the threshold levels of $ 25.00 , $ 28.00 and $ 31.00 for 30 consecutive days prior to March 13, 2023. Upon conversion of AO LTIP Units to Common Units, a special cash distribution will be granted equal to 10 % (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion in respect of each such AO LTIP Unit, on a per unit basis. As of March 31, 2022, the Company had $ 0.6 million of total unrecognized compensation cost related to unvested AO LTIP Units granted under the Company’s stock compensation plans. That cost is expected to be recognized over a remaining weighted average period of 0.9 years. The Company recognized AO LTIP unit expense of $ 155 thousand for each of the three months ended March 31, 2022 and 2021. Time-based Restricted Stock Awards and Restricted Stock Units The Company has issued restricted stock units and common stock (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors of the General Partner, which allow the holders to each receive a certain amount of shares of the General Partner’s common stock generally over a one-year to three-year vesting period. On June 9, 2021, the Company issued Restricted Stock Awards to non-employee members of the Board of Directors of the General Partner which vest within one year, of which 39,529 unvested Restricted Stock Awards were outstanding at March 31, 2022. During the year ended December 31, 2021 and the three months ended March 31, 2022, respectively, the Company granted restricted stock units to certain non executive employees of the Company which will vest after three years , of which 407,943 were still outstanding as of March 31, 2022. Restricted Stock Awards allow holders to receive shares of the Company’s common stock upon vesting. Vesting of the Restricted Stock Awards issued is based on time and service. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the General Partner were issued under the 2013 Plan. As of March 31, 2022, the Company had $ 0.1 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.2 years. Long-Term Incentive Plan Awards The Company has granted long-term incentive plans awards (“LTIP Awards”) to senior management of the Company, including the General Partner’s executive officers. LTIP Awards generally are granted in the form of LTIP Units, except for awards granted in 2021 and 2022 which were in the form of restricted stock units (each, an “RSU” and collectively, the “RSU LTIP Awards”) and constitute awards under the 2013 Plan. LTIP Awards are typically issued from the Company’s Outperformance Plan adopted by the General Partner’s Board of Directors. For LTIP Awards granted in 2019, approximately 25 percent to 100 percent of the grant date fair value of the LTIP Awards were in the form of time-based awards that vest after three years and the remaining portion of the grant date fair value of the 2019 LTIP Awards and all of the 2020 LTIP Awards consist of multi-year, market-based awards. Participants of performance-based awards will only earn the full awards if, over the three year performance period, the Company achieves a 36 percent absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index for awards granted in 2019 and as compared to the REITs in the NAREIT index for awards granted in 2020. The performance period for the 2019 performance-based awards ended in 2022 and the awards were forfeited as they did not vest. In January 2021, the Company granted LTIP Units (the “J Series 2021 LTIP Awards”) under the 2013 Plan. The J Series 2021 LTIP Awards are subject to the achievement of certain sales performance milestones with respect to commercial asset dispositions by the Company over a performance period from August 1, 2020 through December 31, 2022. These sales milestones will be based on the aggregate gross sales prices of the assets, provided that the asset will only be included in the milestone if it is sold for not less than 85 percent of its estimated net asset value, as defined in the agreement. These awards were granted to one executive who was terminated in the first quarter of 2022, and as a result of the termination, the Company has determined that these awards were fully earned based on the achievement of the maximum sales milestones and vested as of the termination date which is April 1, 2022. In April 2021, the Company granted LTIP Awards in the form of RSUs. Each RSU entitles the holder to one share of the General Partner’s common stock upon settlement. Approximately 292,000 of the RSUs are subject to time-based vesting conditions and will vest in three equal, annual installments over a three year period ending in April 2024, of which 55,825 of the RSUs vested in April 2022. Approximately 453,000 of the RSUs are subject to market-based vesting conditions Recipients will only earn the full amount of the market-based RSUs if, over the three year performance period, the General Partner achieves a 36 percent absolute TSR and if the General Partner’s TSR is in the 75th percentile of performance as compared to a group of 24 peer REITs. Up to an additional approximately 292,000 RSUs were granted subject to the achievement of adjusted funds from operations of $ 0.60 per share in the fiscal year ending December 31, 2023. The 2021 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period. In March 2022, the Company also granted LTIP Awards in the form of restricted stock units (each, an “RSU”). Each RSU entitles the holder to one share of the General Partner’s common stock upon settlement. Approximately 179,000 of the RSUs are subject to time-based vesting conditions and will vest in three equal, annual installments over a three year period ending in March 2025. Approximately 194,000 of the RSUs are subject to market-based vesting conditions Recipients will only earn the target amount of the market-based RSUs if, over the three year performance period, the General Partner achieves a twenty-four percent absolute TSR and if the General Partner’s TSR is in the 55th percentile of performance as compared to a group of 23 peer REITs. Recipients can earn up to 160 percent of the target amount of market-based RSUs if, over the three year performance period, the General Partner achieves a 33 percent absolute TSR and if the General Partner’s TSR is at least equal to the 75 th percentile of performance as compared to the same group. Up to an additional approximately 179,000 RSUs were granted subject to the achievement of adjusted funds from operations ranging from $ 0.40 to $ 0.60 per share in the fiscal year ending December 31, 2024. The 2022 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period. LTIP Awards are subject to forfeiture depending on the extent that awards vest. The number of market-based and performance-based LTIP Units that actually vest for each award recipient will be determined at the end of the related measurement period. Prior to vesting, recipients of LTIP Units will generally be entitled to receive per unit distributions equal to one-tenth of the regular quarterly distributions payable on a common share but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. As of March 31, 2022, the Company had $ 1.8 million of total unrecognized compensation cost related to unvested LTIP awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.9 years. Deferred Stock Compensation Plan For Directors The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non - employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the three months ended March 31, 2022 and 2021, 6,183 and 4,583 deferred stock units were earned, respectively. As of March 31, 2022 and December 31, 2021, there were 42,172 and 37,603 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the three months ended March 31, 2022 and 2021 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Veris Residential, Inc.: Three Months Ended March 31, Computation of Basic EPS 2022 2021 Income (loss) from continuing operations $ ( 4,527 ) $ ( 20,222 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 974 1,335 Add (deduct): Noncontrolling interests in Operating Partnership 898 2,305 Add (deduct): Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 2,942 ) ( 1,791 ) Income (loss) from continuing operations available to common shareholders ( 12,034 ) ( 24,844 ) Income (loss) from discontinued operations available to common shareholders - 30,676 Net income (loss) available to common shareholders for basic earnings per share $ ( 12,034 ) $ 5,832 Weighted average common shares 90,951 90,692 Basic EPS : Income (loss) from continuing operations available to common shareholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common shareholders - 0.34 Net income (loss) available to common shareholders $ ( 0.13 ) $ 0.06 Three Months Ended March 31, Computation of Diluted EPS 2022 2021 Net income (loss) from continuing operations available to common shareholders $ ( 12,034 ) $ ( 24,844 ) Add (deduct): Noncontrolling interests in Operating Partnership ( 898 ) ( 2,305 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 291 ) ( 179 ) Income (loss) from continuing operations for diluted earnings per share ( 13,223 ) ( 27,328 ) Income (loss) from discontinued operations for diluted earnings per share - 33,743 Net income (loss) available for diluted earnings per share $ ( 13,223 ) $ 6,415 Weighted average common shares 99,934 99,760 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common shareholders - 0.34 Net (income) loss available to common shareholders $ ( 0.13 ) $ 0.06 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) : Three Months Ended March 31, 2022 2021 Basic EPS shares 90,951 90,692 Add: Operating Partnership – common and vested LTIP units 8,983 9,068 Stock Options - - Diluted EPS Shares 99,934 99,760 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPS were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Awards outstanding as of March 31, 2022 and 2021 were 2,218,081 and 2,035,766 , respectively. Unvested restricted common stock outstanding as of March 31, 2022 and 2021 were 39,529 and 52,974 shares, respectively. Unvested AO LTIP Units outstanding as of each of March 31, 2022 and 2021 were 625,000 . No dividends were declared per common share for the three-month periods ended March 31, 2022 and 2021. Veris Residential, L.P.: Three Months Ended March 31, Computation of Basic EPU 2022 2021 Income (loss) from continuing operations $ ( 4,527 ) $ ( 20,222 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 974 1,335 Add (deduct): Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 3,233 ) ( 1,970 ) Income (loss) from continuing operations available to unitholders ( 13,223 ) ( 27,328 ) Income (loss) from discontinued operations available to unitholders - 33,743 Net income (loss) available to common unitholders for basic earnings per unit $ ( 13,223 ) $ 6,415 Weighted average common units 99,934 99,760 Basic EPU : Income (loss) from continuing operations available to unitholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to unitholders - 0.34 Net income (loss) available to common unitholders for basic earnings per unit $ ( 0.13 ) $ 0.06 Three Months Ended March 31, Computation of Diluted EPU 2022 2021 Net income (loss) from continuing operations available to common unitholders $ ( 13,223 ) $ ( 27,328 ) Income (loss) from discontinued operations for diluted earnings per unit - 33,743 Net income (loss) available to common unitholders for diluted earnings per unit $ ( 13,223 ) $ 6,415 Weighted average common unit 99,934 99,760 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common unitholders - 0.34 Net income (loss) available to common unitholders $ ( 0.13 ) $ 0.06 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) : Three Months Ended March 31, 2022 2021 Basic EPU units 99,934 99,760 Add: Stock Options - - Diluted EPU Units 99,934 99,760 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPU were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Awards outstanding as of March 31, 2022 and 2021 were 2,218,081 and 2,035,766 , respectively. Unvested restricted common stock outstanding as of March 31, 2022 and 2021 were 39,529 and 52,974 shares, respectively. Unvested AO LTIP Units outstanding as of each of March 31, 2022 and 2021 were 625,000 . No distributions were declared per common unit for the three-month periods ended March 31, 2022 and 2021. |
VERIS RESIDENTIAL, L.P. [Member] | |
Stockholders Equity [Line Items] | |
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital | 15. 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. The following table reflects the activity of the General Partner capital for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands) : Three Months Ended March 31, 2022 2021 Opening Balance $ 1,281,982 $ 1,398,817 Net income (loss) available to common shareholders ( 9,092 ) 7,623 Common stock distributions - - Redeemable noncontrolling interests ( 2,942 ) ( 1,791 ) Shares issued under Dividend Reinvestment and Stock Purchase Plan 11 18 Directors' deferred compensation plan 110 72 Stock Compensation 1,957 646 Cancellation of common stock - ( 118 ) Other comprehensive income (loss) 1,986 - Rebalancing of ownership percent between parent and subsidiaries 1,669 1,556 Balance at March 31 $ 1,275,681 $ 1,406,823 Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. ATM PROGRAM On December 13, 2021, the Company entered into a distribution agreement (the “Distribution Agreement”) with J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Comerica Securities, Inc., Goldman Sachs & Co. LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Company, Inc., as sales agents. Pursuant to the Distribution Agreement, the Company may issue and sell, from time to time, shares of common stock, par value $ 0.01 per share, having a combined aggregate offering price of up to $ 200 million. T he Company will pay a commission that will not exceed, but may be lower than, 2 % of the gross proceeds of all shares sold through the ATM Program. As of March 31, 2022, the Company had no t sold any shares pursuant to the ATM Program. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $ 5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. INCENTIVE STOCK PLAN In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares has been reserved for issuance. In June 2021, stockholders of the Company approved amendments to the 2013 Plan to increase the total shares reserved for issuance under the plan from 4,600,000 to 6,565,000 shares. Stock Options In addition to stock options issued in June 2021 under the 2013 Plan, in March 2021, the General Partner granted 950,000 stock options with an exercise price equal to the closing price of the Company’s common stock on the grant date of $ 15.79 per share to the Chief Executive Officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. The stock options will vest in one-third increments on each of the first three anniversaries of the date of grant, subject to earlier vesting on certain termination events. There were no stock options that were exercised under any stock option plans for the three months ended March 31, 2022 and 2021, respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of March 31, 2022 and December 31, 2021, the stock options outstanding had a weighted average remaining contractual life of approximately 5.2 and 5.5 years, respectively. The Company recognized stock options expense of $ 253 thousand and $ 114 thousand for the three months ended March 31, 2022 and 2021, respectively. Appreciation-Only LTIP Units In March 2019, the Company granted 625,000 Appreciation-Only LTIP Units (“AO LTIP Units”) which are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The AO LTIP Units allow the former executive to earn zero to 100% of the AO LTIP Units granted on a graduated basis of 250,000 , 250,000 and 125,000 AO LTIP Units if the fair market value of the Company’s common stock exceeds the threshold levels of $ 25.00 , $ 28.00 and $ 31.00 for 30 consecutive days prior to March 13, 2023. Upon conversion of AO LTIP Units to Common Units, a special cash distribution will be granted equal to 10 % (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion in respect of each such AO LTIP Unit, on a per unit basis. As of March 31, 2022, the Company had $ 0.6 million of total unrecognized compensation cost related to unvested AO LTIP Units granted under the Company’s stock compensation plans. That cost is expected to be recognized over a remaining weighted average period of 0.9 years. The Company recognized AO LTIP unit expense of $ 155 thousand for each of the three months ended March 31, 2022 and 2021. Time-based Restricted Stock Awards and Restricted Stock Units The Company has issued restricted stock units and common stock (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors of the General Partner, which allow the holders to each receive a certain amount of shares of the General Partner’s common stock generally over a one-year to three-year vesting period. On June 9, 2021, the Company issued Restricted Stock Awards to non-employee members of the Board of Directors of the General Partner which vest within one year, of which 39,529 unvested Restricted Stock Awards were outstanding at March 31, 2022. During the year ended December 31, 2021 and the three months ended March 31, 2022, respectively, the Company granted restricted stock units to certain non executive employees of the Company which will vest after three years , of which 407,943 were still outstanding as of March 31, 2022. Restricted Stock Awards allow holders to receive shares of the Company’s common stock upon vesting. Vesting of the Restricted Stock Awards issued is based on time and service. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the General Partner were issued under the 2013 Plan. As of March 31, 2022, the Company had $ 0.1 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.2 years. Long-Term Incentive Plan Awards The Company has granted long-term incentive plans awards (“LTIP Awards”) to senior management of the Company, including the General Partner’s executive officers. LTIP Awards generally are granted in the form of LTIP Units, except for awards granted in 2021 and 2022 which were in the form of restricted stock units (each, an “RSU” and collectively, the “RSU LTIP Awards”) and constitute awards under the 2013 Plan. LTIP Awards are typically issued from the Company’s Outperformance Plan adopted by the General Partner’s Board of Directors. For LTIP Awards granted in 2019, approximately 25 percent to 100 percent of the grant date fair value of the LTIP Awards were in the form of time-based awards that vest after three years and the remaining portion of the grant date fair value of the 2019 LTIP Awards and all of the 2020 LTIP Awards consist of multi-year, market-based awards. Participants of performance-based awards will only earn the full awards if, over the three year performance period, the Company achieves a 36 percent absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index for awards granted in 2019 and as compared to the REITs in the NAREIT index for awards granted in 2020. The performance period for the 2019 performance-based awards ended in 2022 and the awards were forfeited as they did not vest. In January 2021, the Company granted LTIP Units (the “J Series 2021 LTIP Awards”) under the 2013 Plan. The J Series 2021 LTIP Awards are subject to the achievement of certain sales performance milestones with respect to commercial asset dispositions by the Company over a performance period from August 1, 2020 through December 31, 2022. These sales milestones will be based on the aggregate gross sales prices of the assets, provided that the asset will only be included in the milestone if it is sold for not less than 85 percent of its estimated net asset value, as defined in the agreement. These awards were granted to one executive who was terminated in the first quarter of 2022, and as a result of the termination, the Company has determined that these awards were fully earned based on the achievement of the maximum sales milestones and vested as of the termination date which is April 1, 2022. In April 2021, the Company granted LTIP Awards in the form of RSUs. Each RSU entitles the holder to one share of the General Partner’s common stock upon settlement. Approximately 292,000 of the RSUs are subject to time-based vesting conditions and will vest in three equal, annual installments over a three year period ending in April 2024, of which 55,825 of the RSUs vested in April 2022. Approximately 453,000 of the RSUs are subject to market-based vesting conditions Recipients will only earn the full amount of the market-based RSUs if, over the three year performance period, the General Partner achieves a 36 percent absolute TSR and if the General Partner’s TSR is in the 75th percentile of performance as compared to a group of 24 peer REITs. Up to an additional approximately 292,000 RSUs were granted subject to the achievement of adjusted funds from operations of $ 0.60 per share in the fiscal year ending December 31, 2023. The 2021 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period. In March 2022, the Company also granted LTIP Awards in the form of restricted stock units (each, an “RSU”). Each RSU entitles the holder to one share of the General Partner’s common stock upon settlement. Approximately 179,000 of the RSUs are subject to time-based vesting conditions and will vest in three equal, annual installments over a three year period ending in March 2025. Approximately 194,000 of the RSUs are subject to market-based vesting conditions Recipients will only earn the target amount of the market-based RSUs if, over the three year performance period, the General Partner achieves a twenty-four percent absolute TSR and if the General Partner’s TSR is in the 55th percentile of performance as compared to a group of 23 peer REITs. Recipients can earn up to 160 percent of the target amount of market-based RSUs if, over the three year performance period, the General Partner achieves a 33 percent absolute TSR and if the General Partner’s TSR is at least equal to the 75 th percentile of performance as compared to the same group. Up to an additional approximately 179,000 RSUs were granted subject to the achievement of adjusted funds from operations ranging from $ 0.40 to $ 0.60 per share in the fiscal year ending December 31, 2024. The 2022 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period. LTIP Awards are subject to forfeiture depending on the extent that awards vest. The number of market-based and performance-based LTIP Units that actually vest for each award recipient will be determined at the end of the related measurement period. Prior to vesting, recipients of LTIP Units will generally be entitled to receive per unit distributions equal to one-tenth of the regular quarterly distributions payable on a common share but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. As of March 31, 2022, the Company had $ 1.8 million of total unrecognized compensation cost related to unvested LTIP awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.9 years. Deferred Stock Compensation Plan For Directors The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non - employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the three months ended March 31, 2022 and 2021, 6,183 and 4,583 deferred stock units were earned, respectively. As of March 31, 2022 and December 31, 2021, there were 42,172 and 37,603 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the three months ended March 31, 2022 and 2021 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Veris Residential, Inc.: Three Months Ended March 31, Computation of Basic EPS 2022 2021 Income (loss) from continuing operations $ ( 4,527 ) $ ( 20,222 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 974 1,335 Add (deduct): Noncontrolling interests in Operating Partnership 898 2,305 Add (deduct): Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 2,942 ) ( 1,791 ) Income (loss) from continuing operations available to common shareholders ( 12,034 ) ( 24,844 ) Income (loss) from discontinued operations available to common shareholders - 30,676 Net income (loss) available to common shareholders for basic earnings per share $ ( 12,034 ) $ 5,832 Weighted average common shares 90,951 90,692 Basic EPS : Income (loss) from continuing operations available to common shareholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common shareholders - 0.34 Net income (loss) available to common shareholders $ ( 0.13 ) $ 0.06 Three Months Ended March 31, Computation of Diluted EPS 2022 2021 Net income (loss) from continuing operations available to common shareholders $ ( 12,034 ) $ ( 24,844 ) Add (deduct): Noncontrolling interests in Operating Partnership ( 898 ) ( 2,305 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 291 ) ( 179 ) Income (loss) from continuing operations for diluted earnings per share ( 13,223 ) ( 27,328 ) Income (loss) from discontinued operations for diluted earnings per share - 33,743 Net income (loss) available for diluted earnings per share $ ( 13,223 ) $ 6,415 Weighted average common shares 99,934 99,760 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common shareholders - 0.34 Net (income) loss available to common shareholders $ ( 0.13 ) $ 0.06 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) : Three Months Ended March 31, 2022 2021 Basic EPS shares 90,951 90,692 Add: Operating Partnership – common and vested LTIP units 8,983 9,068 Stock Options - - Diluted EPS Shares 99,934 99,760 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPS were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Awards outstanding as of March 31, 2022 and 2021 were 2,218,081 and 2,035,766 , respectively. Unvested restricted common stock outstanding as of March 31, 2022 and 2021 were 39,529 and 52,974 shares, respectively. Unvested AO LTIP Units outstanding as of each of March 31, 2022 and 2021 were 625,000 . No dividends were declared per common share for the three-month periods ended March 31, 2022 and 2021. Veris Residential, L.P.: Three Months Ended March 31, Computation of Basic EPU 2022 2021 Income (loss) from continuing operations $ ( 4,527 ) $ ( 20,222 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 974 1,335 Add (deduct): Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 3,233 ) ( 1,970 ) Income (loss) from continuing operations available to unitholders ( 13,223 ) ( 27,328 ) Income (loss) from discontinued operations available to unitholders - 33,743 Net income (loss) available to common unitholders for basic earnings per unit $ ( 13,223 ) $ 6,415 Weighted average common units 99,934 99,760 Basic EPU : Income (loss) from continuing operations available to unitholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to unitholders - 0.34 Net income (loss) available to common unitholders for basic earnings per unit $ ( 0.13 ) $ 0.06 Three Months Ended March 31, Computation of Diluted EPU 2022 2021 Net income (loss) from continuing operations available to common unitholders $ ( 13,223 ) $ ( 27,328 ) Income (loss) from discontinued operations for diluted earnings per unit - 33,743 Net income (loss) available to common unitholders for diluted earnings per unit $ ( 13,223 ) $ 6,415 Weighted average common unit 99,934 99,760 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common unitholders - 0.34 Net income (loss) available to common unitholders $ ( 0.13 ) $ 0.06 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) : Three Months Ended March 31, 2022 2021 Basic EPU units 99,934 99,760 Add: Stock Options - - Diluted EPU Units 99,934 99,760 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPU were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Awards outstanding as of March 31, 2022 and 2021 were 2,218,081 and 2,035,766 , respectively. Unvested restricted common stock outstanding as of March 31, 2022 and 2021 were 39,529 and 52,974 shares, respectively. Unvested AO LTIP Units outstanding as of each of March 31, 2022 and 2021 were 625,000 . No distributions were declared per common unit for the three-month periods ended March 31, 2022 and 2021. |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 16. 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. The following table reflects the activity of noncontrolling interests for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands): Three Months Ended March 31, 2022 2021 Opening Balance $ 167,436 $ 193,563 Net (loss) income 4,565 5,898 Unit distributions 218 4 Redeemable noncontrolling interests ( 6,728 ) ( 6,650 ) Change in noncontrolling interests in consolidated joint ventures 11 10 Redemption of common units for common stock - - Redemption of common units ( 1,442 ) ( 10,459 ) Stock compensation 2,533 1,883 Cancellation of unvested LTIP units - - Other comprehensive income (loss) 196 - Rebalancing of ownership percentage between parent and subsidiaries ( 1,669 ) ( 1,556 ) Balance at March 31 $ 165,120 $ 182,693 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 three months ended March 31, 2022, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Veris Residential, Inc. stockholders’ equity by approximately $ 1.7 million as of March 31, 2022. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the three months ended March 31, 2022, the Company redeemed for cash 85,779 common units at their fair value of $ 1.4 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Veris Residential, Inc. Stockholders’ equity is increased. LTIP Units From time to time, the Company has granted LTIP awards to executive officers of the Company. All of the LTIP Awards granted through January 2021 are in the form of units in the Operating Partnership. See Note 15: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. AO LTIP Units (Appreciation-Only LTIP Units) On March 13, 2019, the Company granted 625,000 AO LTIP Units pursuant to the AO Long Term Incentive Plan Award Agreement. See Note 15: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – AO LTIP Units (Appreciation-Only LTIP Units). AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profit interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Common Units. The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted, divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, not in excess of ten years from the grant date of the AO LTIP Units. Noncontrolling Interests Ownership in Operating Partnership As of March 31, 2022 and December 31, 2021, the noncontrolling interests common unitholders owned 9.0 percent and 9.0 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in a potential future development provides for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
VERIS RESIDENTIAL, L.P. [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 16. 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. The following table reflects the activity of noncontrolling interests for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands): Three Months Ended March 31, 2022 2021 Opening Balance $ 167,436 $ 193,563 Net (loss) income 4,565 5,898 Unit distributions 218 4 Redeemable noncontrolling interests ( 6,728 ) ( 6,650 ) Change in noncontrolling interests in consolidated joint ventures 11 10 Redemption of common units for common stock - - Redemption of common units ( 1,442 ) ( 10,459 ) Stock compensation 2,533 1,883 Cancellation of unvested LTIP units - - Other comprehensive income (loss) 196 - Rebalancing of ownership percentage between parent and subsidiaries ( 1,669 ) ( 1,556 ) Balance at March 31 $ 165,120 $ 182,693 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 three months ended March 31, 2022, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Veris Residential, Inc. stockholders’ equity by approximately $ 1.7 million as of March 31, 2022. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the three months ended March 31, 2022, the Company redeemed for cash 85,779 common units at their fair value of $ 1.4 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Veris Residential, Inc. Stockholders’ equity is increased. LTIP Units From time to time, the Company has granted LTIP awards to executive officers of the Company. All of the LTIP Awards granted through January 2021 are in the form of units in the Operating Partnership. See Note 15: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. AO LTIP Units (Appreciation-Only LTIP Units) On March 13, 2019, the Company granted 625,000 AO LTIP Units pursuant to the AO Long Term Incentive Plan Award Agreement. See Note 15: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – AO LTIP Units (Appreciation-Only LTIP Units). AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profit interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Common Units. The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted, divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, not in excess of ten years from the grant date of the AO LTIP Units. Noncontrolling Interests Ownership in Operating Partnership As of March 31, 2022 and December 31, 2021, the noncontrolling interests common unitholders owned 9.0 percent and 9.0 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in a potential future development provides for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | |
Segment Reporting | 17. 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 commercial and other real estate and multifamily real estate portfolio. The Company’s multifamily services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the three months ended March 31, 2022 and 2021. The Company had no long lived assets in foreign locations as of March 31, 2022 and December 31, 2021. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate and multifamily real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the three months ended March 31, 2022 and 2021 and selected asset information as of March 31, 2022 and December 31, 2021 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multifamily Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: March 31, 2022 $ 53,084 $ 46,517 $ ( 502 ) $ 99,099 March 31, 2021 39,072 37,316 ( 295 ) 76,093 Total operating and interest expenses (a): Three months ended: March 31, 2022 $ 14,476 $ 24,786 $ 32,601 $ 71,863 March 31, 2021 16,122 22,156 27,995 66,273 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: March 31, 2022 $ - $ ( 487 ) $ - $ ( 487 ) March 31, 2021 ( 119 ) ( 1,337 ) - ( 1,456 ) Net operating income (loss) (b): Three months ended: March 31, 2022 $ 38,608 $ 21,244 $ ( 33,103 ) $ 26,749 March 31, 2021 22,831 13,823 ( 28,290 ) 8,364 Total assets: March 31, 2022 $ 951,402 $ 3,297,133 $ 11,290 $ 4,259,825 December 31, 2021 1,216,717 3,294,226 16,375 4,527,318 Total long-lived assets (c): March 31, 2022 $ 875,098 $ 3,094,290 $ ( 1,544 ) $ 3,967,844 December 31, 2021 1,087,198 3,098,492 ( 1,309 ) 4,184,381 Total investments in unconsolidated joint ventures: March 31, 2022 $ - $ 135,116 $ - $ 135,116 December 31, 2021 - 137,772 - 137,772 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property and unbilled rents receivable. (d) Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Veris Residential, Inc. The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Three Months Ended March 31, 2022 2021 Net operating income $ 26,749 $ 8,364 Add (deduct): Depreciation and amortization ( 26,514 ) ( 28,173 ) Land and other impairments, net ( 2,932 ) ( 413 ) Realized gains (losses) and unrealized losses on disposition of rental property, net 1,836 - Gain on disposition of developable land 2,623 - Gain (loss) from extinguishment of debt, net ( 6,289 ) - Income (loss) from continuing operations ( 4,527 ) ( 20,222 ) Discontinued operations Income from discontinued operations - 10,962 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net - 22,781 Total discontinued operations, net - 33,743 Net income (loss) ( 4,527 ) 13,521 Noncontrolling interests in consolidated joint ventures 974 1,335 Noncontrolling interests in Operating Partnership 898 2,305 Noncontrolling interest in discontinued operations - ( 3,067 ) Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Net income (loss) available to common shareholders $ ( 9,092 ) $ 7,623 Veris Residential, L.P. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Three Months Ended March 31, 2022 2021 Net operating income $ 26,749 $ 8,364 Add (deduct): Depreciation and amortization ( 26,514 ) ( 28,173 ) Land and other impairments, net ( 2,932 ) ( 413 ) Realized gains (losses) and unrealized losses on disposition of rental property, net 1,836 - Gain on disposition of developable land 2,623 - Gain (loss) from extinguishment of debt, net ( 6,289 ) - Income (loss) from continuing operations ( 4,527 ) ( 20,222 ) Discontinued operations Income from discontinued operations - 10,962 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net - 22,781 Total discontinued operations, net - 33,743 Net income (loss) ( 4,527 ) 13,521 Noncontrolling interests in consolidated joint ventures 974 1,335 Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Net income (loss) available to common unitholders $ ( 9,990 ) $ 8,385 |
VERIS RESIDENTIAL, L.P. [Member] | |
Segment Reporting Information [Line Items] | |
Segment Reporting | 17. 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 commercial and other real estate and multifamily real estate portfolio. The Company’s multifamily services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the three months ended March 31, 2022 and 2021. The Company had no long lived assets in foreign locations as of March 31, 2022 and December 31, 2021. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate and multifamily real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the three months ended March 31, 2022 and 2021 and selected asset information as of March 31, 2022 and December 31, 2021 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multifamily Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: March 31, 2022 $ 53,084 $ 46,517 $ ( 502 ) $ 99,099 March 31, 2021 39,072 37,316 ( 295 ) 76,093 Total operating and interest expenses (a): Three months ended: March 31, 2022 $ 14,476 $ 24,786 $ 32,601 $ 71,863 March 31, 2021 16,122 22,156 27,995 66,273 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: March 31, 2022 $ - $ ( 487 ) $ - $ ( 487 ) March 31, 2021 ( 119 ) ( 1,337 ) - ( 1,456 ) Net operating income (loss) (b): Three months ended: March 31, 2022 $ 38,608 $ 21,244 $ ( 33,103 ) $ 26,749 March 31, 2021 22,831 13,823 ( 28,290 ) 8,364 Total assets: March 31, 2022 $ 951,402 $ 3,297,133 $ 11,290 $ 4,259,825 December 31, 2021 1,216,717 3,294,226 16,375 4,527,318 Total long-lived assets (c): March 31, 2022 $ 875,098 $ 3,094,290 $ ( 1,544 ) $ 3,967,844 December 31, 2021 1,087,198 3,098,492 ( 1,309 ) 4,184,381 Total investments in unconsolidated joint ventures: March 31, 2022 $ - $ 135,116 $ - $ 135,116 December 31, 2021 - 137,772 - 137,772 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property and unbilled rents receivable. (d) Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Veris Residential, Inc. The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Three Months Ended March 31, 2022 2021 Net operating income $ 26,749 $ 8,364 Add (deduct): Depreciation and amortization ( 26,514 ) ( 28,173 ) Land and other impairments, net ( 2,932 ) ( 413 ) Realized gains (losses) and unrealized losses on disposition of rental property, net 1,836 - Gain on disposition of developable land 2,623 - Gain (loss) from extinguishment of debt, net ( 6,289 ) - Income (loss) from continuing operations ( 4,527 ) ( 20,222 ) Discontinued operations Income from discontinued operations - 10,962 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net - 22,781 Total discontinued operations, net - 33,743 Net income (loss) ( 4,527 ) 13,521 Noncontrolling interests in consolidated joint ventures 974 1,335 Noncontrolling interests in Operating Partnership 898 2,305 Noncontrolling interest in discontinued operations - ( 3,067 ) Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Net income (loss) available to common shareholders $ ( 9,092 ) $ 7,623 Veris Residential, L.P. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Three Months Ended March 31, 2022 2021 Net operating income $ 26,749 $ 8,364 Add (deduct): Depreciation and amortization ( 26,514 ) ( 28,173 ) Land and other impairments, net ( 2,932 ) ( 413 ) Realized gains (losses) and unrealized losses on disposition of rental property, net 1,836 - Gain on disposition of developable land 2,623 - Gain (loss) from extinguishment of debt, net ( 6,289 ) - Income (loss) from continuing operations ( 4,527 ) ( 20,222 ) Discontinued operations Income from discontinued operations - 10,962 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net - 22,781 Total discontinued operations, net - 33,743 Net income (loss) ( 4,527 ) 13,521 Noncontrolling interests in consolidated joint ventures 974 1,335 Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Net income (loss) available to common unitholders $ ( 9,990 ) $ 8,385 |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies [Line Items] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.4 million and $ 0.6 million for the three months ended March 31, 2022 and 2021, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of March 31, 2022 and December 31, 2021 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : March 31, December 31, 2022 2021 Land held for development (including pre-development costs, if any) (a)(b) $ 315,585 $ 341,496 Development and construction in progress, including land (c) 726,599 694,768 Total $ 1,042,184 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.9 million and $ 150.9 million as of March 31, 2022 and December 31, 2021, respectively. (b) Includes land of $ 68.8 million as of March 31, 2022 and December 31, 2021. (c) Includes $ 92.7 million of land and $ 3.4 million of building and improvements pertaining to assets held for sale at March 31, 2022. 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. |
Impact Of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. |
VERIS RESIDENTIAL, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.4 million and $ 0.6 million for the three months ended March 31, 2022 and 2021, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of March 31, 2022 and December 31, 2021 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : March 31, December 31, 2022 2021 Land held for development (including pre-development costs, if any) (a)(b) $ 315,585 $ 341,496 Development and construction in progress, including land (c) 726,599 694,768 Total $ 1,042,184 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.9 million and $ 150.9 million as of March 31, 2022 and December 31, 2021, respectively. (b) Includes land of $ 68.8 million as of March 31, 2022 and December 31, 2021. (c) Includes $ 92.7 million of land and $ 3.4 million of building and improvements pertaining to assets held for sale at March 31, 2022. 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. |
Dividends And Distributions Payable | Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividend obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with its estimated taxable income/loss for 2021, it will meet its dividend obligations as a REIT for the year with no dividends paid. The Company anticipates its regular quarterly common dividend to remain suspended in 2022 while it seeks to conclude its transition into a pureplay multifamily REIT. T he dividends and distributions payable at March 31, 2022 and December 31, 2021 represent amounts payable on unvested LTIP units |
Impact Of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | Included in net investment in rental property as of March 31, 2022 and December 31, 2021 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : March 31, December 31, 2022 2021 Land held for development (including pre-development costs, if any) (a)(b) $ 315,585 $ 341,496 Development and construction in progress, including land (c) 726,599 694,768 Total $ 1,042,184 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.9 million and $ 150.9 million as of March 31, 2022 and December 31, 2021, respectively. (b) Includes land of $ 68.8 million as of March 31, 2022 and December 31, 2021. (c) Includes $ 92.7 million of land and $ 3.4 million of building and improvements pertaining to assets held for sale at March 31, 2022. |
VERIS RESIDENTIAL, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | Included in net investment in rental property as of March 31, 2022 and December 31, 2021 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : March 31, December 31, 2022 2021 Land held for development (including pre-development costs, if any) (a)(b) $ 315,585 $ 341,496 Development and construction in progress, including land (c) 726,599 694,768 Total $ 1,042,184 $ 1,036,264 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.9 million and $ 150.9 million as of March 31, 2022 and December 31, 2021, respectively. (b) Includes land of $ 68.8 million as of March 31, 2022 and December 31, 2021. (c) Includes $ 92.7 million of land and $ 3.4 million of building and improvements pertaining to assets held for sale at March 31, 2022. |
Recent Transactions (Tables)
Recent Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate Properties [Line Items] | |
Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions | The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Assets Held for Sale Land $ 142,212 Building & Other 398,288 Less: Accumulated depreciation ( 128,442 ) Real estate held for sale, net $ 412,058 Assets Other assets and liabilities Held for Sale Unbilled rents receivable, net (a) $ 15,894 Deferred charges, net (a) 12,637 Total deferred charges & other assets, net 15,573 Mortgages & loans payable, net (a) ( 249,106 ) Accounts payable, accrued exp & other liability 3,833 Unearned rents/deferred rental income (a) ( 3,694 ) (a)Expected to be removed with the completion of the sales. |
Schedule Of Real Estate Properties Sold And Disposed | The Company disposed of the following rental property during the three months ended March 31, 2022 (dollars in thousands) : Realized Gains Rentable Net Net (Losses)/ Disposition # of Square Property Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Type Proceeds Value Losses, net 01/21/22 111 River Street Hoboken, New Jersey 1 566,215 Office $ 208,268 (a) $ 206,432 $ 1,836 Totals 1 566,215 $ 208,268 $ 206,432 $ 1,836 (a) The 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 three months ended March 31, 2022. |
Schedule Of Disposed Developable Land | The Company disposed of the following developable land holdings during the three months ended March 31, 2022 (dollars in thousands): Realized Gains Net Net (Losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 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 Totals $ 28,596 25,973 2,623 |
VERIS RESIDENTIAL, L.P. [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions | The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Assets Held for Sale Land $ 142,212 Building & Other 398,288 Less: Accumulated depreciation ( 128,442 ) Real estate held for sale, net $ 412,058 Assets Other assets and liabilities Held for Sale Unbilled rents receivable, net (a) $ 15,894 Deferred charges, net (a) 12,637 Total deferred charges & other assets, net 15,573 Mortgages & loans payable, net (a) ( 249,106 ) Accounts payable, accrued exp & other liability 3,833 Unearned rents/deferred rental income (a) ( 3,694 ) (a)Expected to be removed with the completion of the sales. |
Schedule Of Real Estate Properties Sold And Disposed | The Company disposed of the following rental property during the three months ended March 31, 2022 (dollars in thousands) : Realized Gains Rentable Net Net (Losses)/ Disposition # of Square Property Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Type Proceeds Value Losses, net 01/21/22 111 River Street Hoboken, New Jersey 1 566,215 Office $ 208,268 (a) $ 206,432 $ 1,836 Totals 1 566,215 $ 208,268 $ 206,432 $ 1,836 (a) The 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 three months ended March 31, 2022. |
Schedule Of Disposed Developable Land | The Company disposed of the following developable land holdings during the three months ended March 31, 2022 (dollars in thousands): Realized Gains Net Net (Losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 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 Totals $ 28,596 25,973 2,623 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | The following is a summary of the Company's unconsolidated joint ventures as of March 31, 2022 and December 31, 2021 (dollars in thousands) : Property Debt Number of Company's Carrying Value As of March 31, 2022 Apartment Units Effective March 31, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2022 2021 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,282 $ 2,547 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 5,894 6,077 82,000 11/10/26 3.21 % PI North - Riverwalk C 360 units 40.00 % 26,596 27,401 135,000 12/22/24 SOFR+ 1.2 % Riverpark at Harrison 141 units 45.00 % - - 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,646 33,004 92,863 07/01/33 4.82 % Urby at Harborside (e) 762 units 85.00 % 65,373 66,418 190,480 08/01/29 5.197 % PI North - Land (b) (f) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (g) 850 potential units 50.00 % 300 300 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (h) 347 347 - - - Totals: $ 135,116 $ 137,772 $ 691,302 (a)Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b)The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c)Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multifamily rental property ("Lofts at 40 Park"). (d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.50 percent and matures in January 2023. (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 has guaranteed $ 22 million of the principal outstanding debt. (f)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (g)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. (h)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. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Three Months Ended March 31, Entity / Property Name 2022 2021 Multifamily Metropolitan and Lofts at 40 Park $ ( 139 ) $ ( 231 ) RiverTrace at Port Imperial 67 ( 5 ) PI North - Riverwalk C (a) 26 - Riverpark at Harrison - ( 50 ) Station House ( 358 ) ( 364 ) Urby at Harborside ( 26 ) ( 745 ) PI North - Land ( 70 ) ( 57 ) Office Offices at Crystal Lake (b) - ( 118 ) Other Other 13 114 Company's equity in earnings (loss) of unconsolidated joint ventures (c) $ ( 487 ) $ ( 1,456 ) (a)The property commenced operations in second quarter 2021. (b)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $ 1.9 million. (c)Amounts are net of amortization of basis differences of $ 154 and $ 143 for the three months ended March 31, 2022 and 2021, respectively. |
VERIS RESIDENTIAL, L.P. [Member] | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Three Months Ended March 31, Entity / Property Name 2022 2021 Multifamily Metropolitan and Lofts at 40 Park $ ( 139 ) $ ( 231 ) RiverTrace at Port Imperial 67 ( 5 ) PI North - Riverwalk C (a) 26 - Riverpark at Harrison - ( 50 ) Station House ( 358 ) ( 364 ) Urby at Harborside ( 26 ) ( 745 ) PI North - Land ( 70 ) ( 57 ) Office Offices at Crystal Lake (b) - ( 118 ) Other Other 13 114 Company's equity in earnings (loss) of unconsolidated joint ventures (c) $ ( 487 ) $ ( 1,456 ) (a)The property commenced operations in second quarter 2021. (b)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $ 1.9 million. (c)Amounts are net of amortization of basis differences of $ 154 and $ 143 for the three months ended March 31, 2022 and 2021, respectively. |
Deferred Charges And Other As_2
Deferred Charges And Other Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | March 31, December 31, (dollars in thousands) 2022 2021 Deferred leasing costs $ 85,436 $ 88,265 Deferred financing costs - revolving credit facility (a) 6,684 6,684 92,120 94,949 Accumulated amortization ( 38,369 ) ( 40,956 ) Deferred charges, net 53,751 53,993 Notes receivable (b) 3,380 4,015 In-place lease values, related intangibles and other assets, net (c) 10,865 42,183 Right of use assets (c) 2,896 22,298 Prepaid expenses and other assets, net 36,449 28,858 Total deferred charges and other assets, net $ 107,341 $ 151,347 (a) Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of March 31, 2022 and December 31, 2021, respectively, an interest-free note receivable with a net present value of $ 0.5 million and $ 0.7 million which matures in April 2023. The Company believes this balance is fully collectible. Also includes $ 2.6 million, net of a loan loss allowance of $ 0.2 million, as of March 31, 2022 and $ 3.1 million, net of a loan loss allowance of $ 0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. (c) This amount has a corresponding liability of $ 3.2 million and $ 23.7 million as of March 31, 2022 and December 31, 2021, 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 Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated March 31, December 31, as hedging instruments 2022 2021 Balance sheet location Interest rate caps $ 3,032 $ 850 Deferred charges and other assets |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Total Amount of Interest Expense presented in the consolidated statements of operations Three months ended March 31, 2022 2021 2022 2021 2022 2021 Interest Rate Caps $ 2,182 $ - Interest expense $ 1 $ - $ 15,025 $ 17,610 |
VERIS RESIDENTIAL, L.P. [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | March 31, December 31, (dollars in thousands) 2022 2021 Deferred leasing costs $ 85,436 $ 88,265 Deferred financing costs - revolving credit facility (a) 6,684 6,684 92,120 94,949 Accumulated amortization ( 38,369 ) ( 40,956 ) Deferred charges, net 53,751 53,993 Notes receivable (b) 3,380 4,015 In-place lease values, related intangibles and other assets, net (c) 10,865 42,183 Right of use assets (c) 2,896 22,298 Prepaid expenses and other assets, net 36,449 28,858 Total deferred charges and other assets, net $ 107,341 $ 151,347 (a) Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of March 31, 2022 and December 31, 2021, respectively, an interest-free note receivable with a net present value of $ 0.5 million and $ 0.7 million which matures in April 2023. The Company believes this balance is fully collectible. Also includes $ 2.6 million, net of a loan loss allowance of $ 0.2 million, as of March 31, 2022 and $ 3.1 million, net of a loan loss allowance of $ 0.2 million, as of December 31, 2021, of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. (c) This amount has a corresponding liability of $ 3.2 million and $ 23.7 million as of March 31, 2022 and December 31, 2021, 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 Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated March 31, December 31, as hedging instruments 2022 2021 Balance sheet location Interest rate caps $ 3,032 $ 850 Deferred charges and other assets |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Total Amount of Interest Expense presented in the consolidated statements of operations Three months ended March 31, 2022 2021 2022 2021 2022 2021 Interest Rate Caps $ 2,182 $ - Interest expense $ 1 $ - $ 15,025 $ 17,610 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | March 31, December 31, 2022 2021 Security deposits $ 6,960 $ 6,884 Escrow and other reserve funds 14,193 12,817 Total restricted cash $ 21,153 $ 19,701 |
VERIS RESIDENTIAL, L.P. [Member] | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | March 31, December 31, 2022 2021 Security deposits $ 6,960 $ 6,884 Escrow and other reserve funds 14,193 12,817 Total restricted cash $ 21,153 $ 19,701 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three months ended March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2021 Total revenues $ 21,637 Operating and other expenses ( 8,723 ) Depreciation and amortization ( 659 ) Interest expense ( 1,293 ) Income from discontinued operations 10,962 Unrealized gains (losses) on disposition of rental property (a) 1,020 Realized gains (losses) on disposition of rental property 21,761 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 22,781 Total discontinued operations, net $ 33,743 (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2021. |
VERIS RESIDENTIAL, L.P. [Member] | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three months ended March 31, 2021 (dollars in thousands): Three Months Ended March 31, 2021 Total revenues $ 21,637 Operating and other expenses ( 8,723 ) Depreciation and amortization ( 659 ) Interest expense ( 1,293 ) Income from discontinued operations 10,962 Unrealized gains (losses) on disposition of rental property (a) 1,020 Realized gains (losses) on disposition of rental property 21,761 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 22,781 Total discontinued operations, net $ 33,743 (a)Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2021. |
Mortgages, Loans Payable And _2
Mortgages, Loans Payable And Other Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective March 31, December 31, Property/Project Name Lender Rate (a) 2022 2021 Maturity 111 River St. (b) Athene Annuity and Life Company 3.90 % $ - $ 150,000 - Riverhouse 9 at Port Imperial (c) Bank of New York Mellon LIBOR+ 2.13 % 90,024 87,175 12/19/22 Port Imperial 4/5 Hotel (d) Fifth Third Bank LIBOR+ 3.40 % 89,000 89,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 Haus 25 (e) QuadReal Finance LIBOR+ 2.70 % 269,083 255,453 12/01/24 Portside 5/6 (f) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 The Upton (g) Bank of New York Mellon LIBOR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 N/S The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (h) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Port Imperial South 4/5 Garage (i) American General Life & A/G PC 4.85 % 32,542 32,664 12/01/29 Emery at Overlook Ridge New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 2,118,647 2,252,290 Unamortized deferred financing costs ( 9,704 ) ( 11,220 ) Total mortgages, loans payable and other obligations, net $ 2,108,943 $ 2,241,070 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. This mortgage loan does not permit early pre-payment. As a result of the disposal of the property, the Company incurred costs of approximately $ 6.3 million at closing, which was expensed as loss from extinguishment of debt in the first quarter of 2022. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. The Company has agreed to terms on a new mortgage loan, which is expected to close in the second quarter of 2022, that will repay the existing constructing loan. (d) In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $ 5 million of the outstanding principal and has guaranteed $ 14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company was not in compliance with for the quarter ended December 31, 2021. Therefore, the Company is required to deposit three months of interest amounting to $ 0.7 million into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition. (e) This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $ 300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. (f) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (g) On October 27, 2021, the Company obtained a $ 75 million mortgage loan maturing in October 2026 and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan. (h) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (i) The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of March 31, 2022, deferred interest of $ 0.8 million has been added to the principal balance. |
Summary Of Indebtedness | March 31, December 31, (dollars in thousands) 2022 2021 Weighted Average Weighted Average Balance Interest Rate (a) Balance Interest Rate (a) Fixed Rate Debt $ 1,526,685 3.70 % $ 1,675,353 3.71 % Revolving Credit Facility & Other Variable Rate Debt 660,258 3.51 % 713,717 3.32 % Totals/Weighted Average: $ 2,186,943 3.64 % $ 2,389,070 3.60 % |
VERIS RESIDENTIAL, L.P. [Member] | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective March 31, December 31, Property/Project Name Lender Rate (a) 2022 2021 Maturity 111 River St. (b) Athene Annuity and Life Company 3.90 % $ - $ 150,000 - Riverhouse 9 at Port Imperial (c) Bank of New York Mellon LIBOR+ 2.13 % 90,024 87,175 12/19/22 Port Imperial 4/5 Hotel (d) Fifth Third Bank LIBOR+ 3.40 % 89,000 89,000 04/01/23 Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 Haus 25 (e) QuadReal Finance LIBOR+ 2.70 % 269,083 255,453 12/01/24 Portside 5/6 (f) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 The Upton (g) Bank of New York Mellon LIBOR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 N/S The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (h) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Port Imperial South 4/5 Garage (i) American General Life & A/G PC 4.85 % 32,542 32,664 12/01/29 Emery at Overlook Ridge New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 2,118,647 2,252,290 Unamortized deferred financing costs ( 9,704 ) ( 11,220 ) Total mortgages, loans payable and other obligations, net $ 2,108,943 $ 2,241,070 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. This mortgage loan does not permit early pre-payment. As a result of the disposal of the property, the Company incurred costs of approximately $ 6.3 million at closing, which was expensed as loss from extinguishment of debt in the first quarter of 2022. See Note 3-Recent Transactions. (c) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. The Company has agreed to terms on a new mortgage loan, which is expected to close in the second quarter of 2022, that will repay the existing constructing loan. (d) In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $ 5 million of the outstanding principal and has guaranteed $ 14.5 million of the outstanding principal, subject to certain conditions. The loan requires a one month trailing debt service coverage charge test (“DSCR Test”), which the Company was not in compliance with for the quarter ended December 31, 2021. Therefore, the Company is required to deposit three months of interest amounting to $ 0.7 million into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition. (e) This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $ 300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. (f) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (g) On October 27, 2021, the Company obtained a $ 75 million mortgage loan maturing in October 2026 and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan. (h) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (i) The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of March 31, 2022, deferred interest of $ 0.8 million has been added to the principal balance. |
Summary Of Indebtedness | March 31, December 31, (dollars in thousands) 2022 2021 Weighted Average Weighted Average Balance Interest Rate (a) Balance Interest Rate (a) Fixed Rate Debt $ 1,526,685 3.70 % $ 1,675,353 3.71 % Revolving Credit Facility & Other Variable Rate Debt 660,258 3.51 % 713,717 3.32 % Totals/Weighted Average: $ 2,186,943 3.64 % $ 2,389,070 3.60 % |
Disclosure Of Fair Value Of A_2
Disclosure Of Fair Value Of Assets And Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Line Items] | |
Schedule Of Valuation Techniques And Significant Unobservable Assumptions | Primary Valuation Unobservable Location Range of Description Techniques Assumptions Type Rates Land holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rate per residential unit Waterfront $ 76,000 - $ 78,000 |
VERIS RESIDENTIAL, L.P. [Member] | |
Fair Value Disclosures [Line Items] | |
Schedule Of Valuation Techniques And Significant Unobservable Assumptions | Primary Valuation Unobservable Location Range of Description Techniques Assumptions Type Rates Land holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rate per residential unit Waterfront $ 76,000 - $ 78,000 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Line Items] | |
Tax Abatement Agreements [Table Text Block] | 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 Three Months Ended March 31, PILOT 2022 2021 Property Name Location Asset Type Expiration Dates (Dollars in Thousands) BLVD 475 (Monaco) (a) Jersey City, NJ Multifamily 2/2021 $ - $ 474 111 River Street (b) Hoboken, NJ Office 4/2022 85 370 Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 218 264 Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 1,109 1,080 BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 359 260 RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 350 326 Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 733 737 RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 322 - Haus 25 (i) Jersey City, NJ Mixed-Use 3/2047 - - Park Apartments at Port Imperial (j) Weehawken, NJ Multifamily (j) - - Total Pilot taxes $ 3,176 $ 3,511 (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 annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $ 49.5 million. (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. (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)For a term of 25 years following substantial completion, which occurred on April 1, 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined. (j)For a term of 25 years following substantial completion. 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 . The land parcel was subsequently sold in the second quarter of 2022. |
Future Minimum Rental Payments Of Ground Leases | As of March 31, 2022 Year Amount (a) April 1 through December 31, 2022 $ 144 2023 192 2024 192 2025 199 2026 199 2027 through 2101 31,864 Total lease payments 32,790 Less: imputed interest ( 29,600 ) Total $ 3,190 As of December 31, 2021 Year Amount 2022 $ 1,695 2023 1,702 2024 1,721 2025 1,728 2026 1,728 2027 through 2101 151,253 Total lease payments 159,827 Less: imputed interest ( 136,141 ) Total $ 23,686 |
VERIS RESIDENTIAL, L.P. [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Tax Abatement Agreements [Table Text Block] | 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 Three Months Ended March 31, PILOT 2022 2021 Property Name Location Asset Type Expiration Dates (Dollars in Thousands) BLVD 475 (Monaco) (a) Jersey City, NJ Multifamily 2/2021 $ - $ 474 111 River Street (b) Hoboken, NJ Office 4/2022 85 370 Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 218 264 Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 1,109 1,080 BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 359 260 RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 350 326 Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 733 737 RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 322 - Haus 25 (i) Jersey City, NJ Mixed-Use 3/2047 - - Park Apartments at Port Imperial (j) Weehawken, NJ Multifamily (j) - - Total Pilot taxes $ 3,176 $ 3,511 (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 annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $ 49.5 million. (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. (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)For a term of 25 years following substantial completion, which occurred on April 1, 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined. (j)For a term of 25 years following substantial completion. 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 . The land parcel was subsequently sold in the second quarter of 2022. |
Future Minimum Rental Payments Of Ground Leases | As of March 31, 2022 Year Amount (a) April 1 through December 31, 2022 $ 144 2023 192 2024 192 2025 199 2026 199 2027 through 2101 31,864 Total lease payments 32,790 Less: imputed interest ( 29,600 ) Total $ 3,190 As of December 31, 2021 Year Amount 2022 $ 1,695 2023 1,702 2024 1,721 2025 1,728 2026 1,728 2027 through 2101 151,253 Total lease payments 159,827 Less: imputed interest ( 136,141 ) Total $ 23,686 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | As of March 31, 2022 Year Amount April 1 through December 31, 2022 $ 69,547 2023 91,051 2024 81,283 2025 76,830 2026 74,519 2027 and thereafter 381,341 Total $ 774,571 As of December 31, 2021 Year Amount 2022 $ 115,256 2023 114,355 2024 98,374 2025 94,042 2026 91,297 2027 and thereafter 416,712 Total $ 930,036 |
VERIS RESIDENTIAL, L.P. [Member] | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | As of March 31, 2022 Year Amount April 1 through December 31, 2022 $ 69,547 2023 91,051 2024 81,283 2025 76,830 2026 74,519 2027 and thereafter 381,341 Total $ 774,571 As of December 31, 2021 Year Amount 2022 $ 115,256 2023 114,355 2024 98,374 2025 94,042 2026 91,297 2027 and thereafter 416,712 Total $ 930,036 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRT Interests Balance at January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redemption/Payout ( 12,000 ) - ( 12,000 ) Redeemable Noncontrolling Interests Issued - - - Net 40,324 468,989 509,313 Income Attributed to Noncontrolling Interests 421 6,016 6,437 Distributions ( 421 ) ( 6,016 ) ( 6,437 ) Redemption Value Adjustment ( 22 ) 3,221 3,199 Balance at March 31, 2022 $ 40,302 $ 472,210 $ 512,512 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRT Interests Balance at January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued - - - Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 1,970 1,970 Balance at March 31, 2021 $ 52,324 $ 462,943 $ 515,267 |
VERIS RESIDENTIAL, L.P. [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRT Interests Balance at January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redemption/Payout ( 12,000 ) - ( 12,000 ) Redeemable Noncontrolling Interests Issued - - - Net 40,324 468,989 509,313 Income Attributed to Noncontrolling Interests 421 6,016 6,437 Distributions ( 421 ) ( 6,016 ) ( 6,437 ) Redemption Value Adjustment ( 22 ) 3,221 3,199 Balance at March 31, 2022 $ 40,302 $ 472,210 $ 512,512 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In VRLP in VRT Interests Balance at January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued - - - Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 1,970 1,970 Balance at March 31, 2021 $ 52,324 $ 462,943 $ 515,267 |
Veris Residential, Inc. Stock_2
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders Equity [Line Items] | |
Schedule Of General Partner Capital | Three Months Ended March 31, 2022 2021 Opening Balance $ 1,281,982 $ 1,398,817 Net income (loss) available to common shareholders ( 9,092 ) 7,623 Common stock distributions - - Redeemable noncontrolling interests ( 2,942 ) ( 1,791 ) Shares issued under Dividend Reinvestment and Stock Purchase Plan 11 18 Directors' deferred compensation plan 110 72 Stock Compensation 1,957 646 Cancellation of common stock - ( 118 ) Other comprehensive income (loss) 1,986 - Rebalancing of ownership percent between parent and subsidiaries 1,669 1,556 Balance at March 31 $ 1,275,681 $ 1,406,823 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Three Months Ended March 31, Computation of Basic EPS 2022 2021 Income (loss) from continuing operations $ ( 4,527 ) $ ( 20,222 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 974 1,335 Add (deduct): Noncontrolling interests in Operating Partnership 898 2,305 Add (deduct): Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 2,942 ) ( 1,791 ) Income (loss) from continuing operations available to common shareholders ( 12,034 ) ( 24,844 ) Income (loss) from discontinued operations available to common shareholders - 30,676 Net income (loss) available to common shareholders for basic earnings per share $ ( 12,034 ) $ 5,832 Weighted average common shares 90,951 90,692 Basic EPS : Income (loss) from continuing operations available to common shareholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common shareholders - 0.34 Net income (loss) available to common shareholders $ ( 0.13 ) $ 0.06 Three Months Ended March 31, Computation of Diluted EPS 2022 2021 Net income (loss) from continuing operations available to common shareholders $ ( 12,034 ) $ ( 24,844 ) Add (deduct): Noncontrolling interests in Operating Partnership ( 898 ) ( 2,305 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 291 ) ( 179 ) Income (loss) from continuing operations for diluted earnings per share ( 13,223 ) ( 27,328 ) Income (loss) from discontinued operations for diluted earnings per share - 33,743 Net income (loss) available for diluted earnings per share $ ( 13,223 ) $ 6,415 Weighted average common shares 99,934 99,760 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common shareholders - 0.34 Net (income) loss available to common shareholders $ ( 0.13 ) $ 0.06 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) : Three Months Ended March 31, 2022 2021 Basic EPS shares 90,951 90,692 Add: Operating Partnership – common and vested LTIP units 8,983 9,068 Stock Options - - Diluted EPS Shares 99,934 99,760 |
VERIS RESIDENTIAL, L.P. [Member] | |
Stockholders Equity [Line Items] | |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Three Months Ended March 31, Computation of Basic EPU 2022 2021 Income (loss) from continuing operations $ ( 4,527 ) $ ( 20,222 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 974 1,335 Add (deduct): Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 3,233 ) ( 1,970 ) Income (loss) from continuing operations available to unitholders ( 13,223 ) ( 27,328 ) Income (loss) from discontinued operations available to unitholders - 33,743 Net income (loss) available to common unitholders for basic earnings per unit $ ( 13,223 ) $ 6,415 Weighted average common units 99,934 99,760 Basic EPU : Income (loss) from continuing operations available to unitholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to unitholders - 0.34 Net income (loss) available to common unitholders for basic earnings per unit $ ( 0.13 ) $ 0.06 Three Months Ended March 31, Computation of Diluted EPU 2022 2021 Net income (loss) from continuing operations available to common unitholders $ ( 13,223 ) $ ( 27,328 ) Income (loss) from discontinued operations for diluted earnings per unit - 33,743 Net income (loss) available to common unitholders for diluted earnings per unit $ ( 13,223 ) $ 6,415 Weighted average common unit 99,934 99,760 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ ( 0.13 ) $ ( 0.28 ) Income (loss) from discontinued operations available to common unitholders - 0.34 Net income (loss) available to common unitholders $ ( 0.13 ) $ 0.06 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) : Three Months Ended March 31, 2022 2021 Basic EPU units 99,934 99,760 Add: Stock Options - - Diluted EPU Units 99,934 99,760 |
Noncontrolling Interests In S_2
Noncontrolling Interests In Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Line Items] | |
Schedule Of Activity Of Noncontrolling Interests | Three Months Ended March 31, 2022 2021 Opening Balance $ 167,436 $ 193,563 Net (loss) income 4,565 5,898 Unit distributions 218 4 Redeemable noncontrolling interests ( 6,728 ) ( 6,650 ) Change in noncontrolling interests in consolidated joint ventures 11 10 Redemption of common units for common stock - - Redemption of common units ( 1,442 ) ( 10,459 ) Stock compensation 2,533 1,883 Cancellation of unvested LTIP units - - Other comprehensive income (loss) 196 - Rebalancing of ownership percentage between parent and subsidiaries ( 1,669 ) ( 1,556 ) Balance at March 31 $ 165,120 $ 182,693 |
VERIS RESIDENTIAL, L.P. [Member] | |
Noncontrolling Interest [Line Items] | |
Schedule Of Activity Of Noncontrolling Interests | Three Months Ended March 31, 2022 2021 Opening Balance $ 167,436 $ 193,563 Net (loss) income 4,565 5,898 Unit distributions 218 4 Redeemable noncontrolling interests ( 6,728 ) ( 6,650 ) Change in noncontrolling interests in consolidated joint ventures 11 10 Redemption of common units for common stock - - Redemption of common units ( 1,442 ) ( 10,459 ) Stock compensation 2,533 1,883 Cancellation of unvested LTIP units - - Other comprehensive income (loss) 196 - Rebalancing of ownership percentage between parent and subsidiaries ( 1,669 ) ( 1,556 ) Balance at March 31 $ 165,120 $ 182,693 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multifamily Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: March 31, 2022 $ 53,084 $ 46,517 $ ( 502 ) $ 99,099 March 31, 2021 39,072 37,316 ( 295 ) 76,093 Total operating and interest expenses (a): Three months ended: March 31, 2022 $ 14,476 $ 24,786 $ 32,601 $ 71,863 March 31, 2021 16,122 22,156 27,995 66,273 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: March 31, 2022 $ - $ ( 487 ) $ - $ ( 487 ) March 31, 2021 ( 119 ) ( 1,337 ) - ( 1,456 ) Net operating income (loss) (b): Three months ended: March 31, 2022 $ 38,608 $ 21,244 $ ( 33,103 ) $ 26,749 March 31, 2021 22,831 13,823 ( 28,290 ) 8,364 Total assets: March 31, 2022 $ 951,402 $ 3,297,133 $ 11,290 $ 4,259,825 December 31, 2021 1,216,717 3,294,226 16,375 4,527,318 Total long-lived assets (c): March 31, 2022 $ 875,098 $ 3,094,290 $ ( 1,544 ) $ 3,967,844 December 31, 2021 1,087,198 3,098,492 ( 1,309 ) 4,184,381 Total investments in unconsolidated joint ventures: March 31, 2022 $ - $ 135,116 $ - $ 135,116 December 31, 2021 - 137,772 - 137,772 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property and unbilled rents receivable. (d) Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Three Months Ended March 31, 2022 2021 Net operating income $ 26,749 $ 8,364 Add (deduct): Depreciation and amortization ( 26,514 ) ( 28,173 ) Land and other impairments, net ( 2,932 ) ( 413 ) Realized gains (losses) and unrealized losses on disposition of rental property, net 1,836 - Gain on disposition of developable land 2,623 - Gain (loss) from extinguishment of debt, net ( 6,289 ) - Income (loss) from continuing operations ( 4,527 ) ( 20,222 ) Discontinued operations Income from discontinued operations - 10,962 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net - 22,781 Total discontinued operations, net - 33,743 Net income (loss) ( 4,527 ) 13,521 Noncontrolling interests in consolidated joint ventures 974 1,335 Noncontrolling interests in Operating Partnership 898 2,305 Noncontrolling interest in discontinued operations - ( 3,067 ) Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Net income (loss) available to common shareholders $ ( 9,092 ) $ 7,623 |
VERIS RESIDENTIAL, L.P. [Member] | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multifamily Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: March 31, 2022 $ 53,084 $ 46,517 $ ( 502 ) $ 99,099 March 31, 2021 39,072 37,316 ( 295 ) 76,093 Total operating and interest expenses (a): Three months ended: March 31, 2022 $ 14,476 $ 24,786 $ 32,601 $ 71,863 March 31, 2021 16,122 22,156 27,995 66,273 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: March 31, 2022 $ - $ ( 487 ) $ - $ ( 487 ) March 31, 2021 ( 119 ) ( 1,337 ) - ( 1,456 ) Net operating income (loss) (b): Three months ended: March 31, 2022 $ 38,608 $ 21,244 $ ( 33,103 ) $ 26,749 March 31, 2021 22,831 13,823 ( 28,290 ) 8,364 Total assets: March 31, 2022 $ 951,402 $ 3,297,133 $ 11,290 $ 4,259,825 December 31, 2021 1,216,717 3,294,226 16,375 4,527,318 Total long-lived assets (c): March 31, 2022 $ 875,098 $ 3,094,290 $ ( 1,544 ) $ 3,967,844 December 31, 2021 1,087,198 3,098,492 ( 1,309 ) 4,184,381 Total investments in unconsolidated joint ventures: March 31, 2022 $ - $ 135,116 $ - $ 135,116 December 31, 2021 - 137,772 - 137,772 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property and unbilled rents receivable. (d) Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Three Months Ended March 31, 2022 2021 Net operating income $ 26,749 $ 8,364 Add (deduct): Depreciation and amortization ( 26,514 ) ( 28,173 ) Land and other impairments, net ( 2,932 ) ( 413 ) Realized gains (losses) and unrealized losses on disposition of rental property, net 1,836 - Gain on disposition of developable land 2,623 - Gain (loss) from extinguishment of debt, net ( 6,289 ) - Income (loss) from continuing operations ( 4,527 ) ( 20,222 ) Discontinued operations Income from discontinued operations - 10,962 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net - 22,781 Total discontinued operations, net - 33,743 Net income (loss) ( 4,527 ) 13,521 Noncontrolling interests in consolidated joint ventures 974 1,335 Redeemable noncontrolling interests ( 6,437 ) ( 6,471 ) Net income (loss) available to common unitholders $ ( 9,990 ) $ 8,385 |
Organization And Basis Of Pre_2
Organization And Basis Of Presentation (Narrative) (Details) $ in Millions | Mar. 31, 2022USD ($)propertyitem | Dec. 31, 2021USD ($) |
Real Estate Properties [Line Items] | ||
Percentage of ownership interest | 91.00% | |
Number of real estate properties | 35 | |
Consolidated joint ventures, total real estate assets | $ | $ 475.4 | $ 477.5 |
Consolidated joint ventures, other assets | $ | 5.5 | 5.3 |
Consolidated joint ventures, mortgages | $ | 285.7 | 285.7 |
Consolidated joint ventures, other liabilities | $ | $ 20.9 | $ 21.2 |
Company Controlled Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 26 | |
Nvestment Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 9 | |
Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 22 | |
Non-Core Assets [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 11 | |
Multi-Family Properties, Investment [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 7 | |
Non-Core Assets, Investment [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 2 | |
Multi-Family Properties, Company Controlled [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 15 | |
Office [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 6 | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 7 | |
Number of units | item | 2,146 | |
Parking/Retail [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 4 | |
Hotels [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | 3 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | ||
Capitalized development and construction salaries and other related costs | $ 0.4 | $ 0.6 |
Maximum period after cessation of major construction activity that projects are considered complete | 1 year |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Rental Property Improvements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Land held for development (including pre-development costs, if any) | $ 315,585 | $ 341,496 |
Development and construction in progress, including land | 726,599 | 694,768 |
Total | 1,042,184 | 1,036,264 |
Buildings and improvement | 147,900 | 150,900 |
Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | 68,800 | $ 68,800 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 3,400 | |
Land | $ 92,700 |
Recent Transactions (Acquisitio
Recent Transactions (Acquisitions) (Narrative) (Details) $ in Thousands | Mar. 16, 2022USD ($)item | Mar. 31, 2022USD ($)property | Mar. 31, 2021USD ($) |
Real Estate Properties [Line Items] | |||
Number of real estate properties | property | 35 | ||
Purchase price of property | $ 8,163 | $ 16,978 | |
Multifamily In Park Ridge [Member] | |||
Real Estate Properties [Line Items] | |||
Purchase price of property | $ 130,000 | ||
Number Of Units | item | 240 | ||
Escrow Deposit Disbursements Related to Property Acquisition | $ 5,000 |
Recent Transactions (Real Estat
Recent Transactions (Real Estate Held For Sale/Discontinued Operations/Dispositions) (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2022property | Mar. 31, 2022USD ($)ft²property | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 35 | |||
Land and other impairments, net | $ 2,932 | $ 413 | ||
Proceeds from the sale of property | 236,864 | |||
Book value | 4,109,250 | $ 4,076,866 | ||
Less - accumulated depreciation and amortization | 606,625 | $ 583,416 | ||
Impairment Of Land And Other | $ 2,932 | $ 413 | ||
Subsequent Event [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of properties sold | property | 2 | |||
Office [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 6 | |||
Multi-Family Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 22 | |||
Disposal Group, Not Discontinued Operations [Member] | ||||
Real Estate Properties [Line Items] | ||||
Area of property (in square feet) | ft² | 566,215 | |||
Jersey City And Hoboken [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 1 | |||
Area of property (in square feet) | ft² | 1,200,000 | |||
Estimated expected sales proceeds | $ 683,300 | |||
Repayment of debt | 250,000 | |||
Jersey City And Hoboken [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Estimated Prepayment Costs | $ 15,000 |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less: Accumulated depreciation | $ (606,625) | $ (583,416) |
Real estate held for sale, net | 412,058 | $ 618,646 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Other Assets Held for Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 142,212 | |
Buildings & Other | 398,288 | |
Less: Accumulated depreciation | (128,442) | |
Real estate held for sale, net | 412,058 | |
Unbilled rents receivable, net | 15,894 | |
Deferred charges, net | 12,637 | |
Total deferred charges & other assets, net | 15,573 | |
Mortgages & loans payable, net | (249,106) | |
Accounts payable, accrued exp & other liability | 3,833 | |
Unearned rents/deferred rental income | $ (3,694) |
Recent Transactions (Schedule_2
Recent Transactions (Schedule Of Disposed Properties) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)ft²item | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gains (Losses) on Extinguishment of Debt | $ (6,289) |
Short Hills Portfolio [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gains (Losses) on Extinguishment of Debt | (6,300) |
Jersey City, New Jersey [Member] | 111 River Street [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Realized Gains (Losses)/Unrealized Losses, net | $ 1,836 |
Disposal Group, Not Discontinued Operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of buildings | item | 1 |
Rentable Square Feet (sf) | ft² | 566,215 |
Net Sales Proceeds | $ 208,268 |
Net Carrying Value | 206,432 |
Realized Gains (Losses)/Unrealized Losses, net | $ 1,836 |
Area of property (in square feet) | ft² | 566,215 |
Disposal Group, Not Discontinued Operations [Member] | Jersey City, New Jersey [Member] | 111 River Street [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of buildings | item | 1 |
Rentable Square Feet (sf) | ft² | 566,215 |
Net Sales Proceeds | $ 208,268 |
Net Carrying Value | $ 206,432 |
Area of property (in square feet) | ft² | 566,215 |
Recent Transactions (Schedule_3
Recent Transactions (Schedule Of Disposed Developable Land) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land impairments | $ 2,932 | $ 413 |
Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 28,596 | |
Net Carrying Value | 25,973 | |
Realized Gains (losses)/Unrealized Losses, net | 2,623 | |
Palladium Residential Land [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
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 [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
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 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)ft²propertyitem | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 135,116 | $ 137,772 | |
Number of properties | property | 35 | ||
Amount outstanding | $ 78,000 | 148,000 | |
Management, leasing, development and other services fees | 900 | $ 800 | |
Accounts receivable due from unconsolidated joint ventures | $ 100 | 200 | |
Variable Interest Entity [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of VIEs | property | 3 | ||
Unconsolidated Joint Venture Other Property [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 135,116 | $ 137,772 | |
Unconsolidated Joint Venture Retail Buildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of mixed use project (in square feet) | ft² | 51,000 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 7 | ||
Number of units | item | 2,146 | ||
Unconsolidated Joint Venture Hotel [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 351 | ||
Unconsolidated Joint Venture Land Parcels [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 771 | ||
Unconsolidated Joint Ventures [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amount outstanding | $ 190,500 | ||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Guaranteed amount | $ 22,000 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) $ in Thousands | Sep. 01, 2021USD ($) | Mar. 31, 2022USD ($)ft²item | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 135,116 | $ 137,772 | ||
Purchase price of property | $ 8,163 | $ 16,978 | ||
PI North - Land [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 771 | |||
Residual ownership interest | 20.00% | |||
The Shops At 40 Park Property [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rentable Square Feet (sf) | ft² | 50,973 | |||
Residual ownership interest | 25.00% | |||
Lofts At 40 Park Property [Member] | Debt Maturity C [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance | $ 6,067 | |||
Property Debt, Interest Rate, Spread Over LIBOR | 1.50% | |||
Lofts At 40 Park Property [Member] | Debt Maturity D [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance | $ 18,200 | |||
Property Debt, Interest Rate, Spread Over LIBOR | 1.50% | |||
Lofts At 40 Park Property [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 59 | |||
Indirect ownership interest | 50.00% | |||
Number of stories | item | 5 | |||
Metropolitan Property [Member] | Debt Maturity B [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance | $ 36,500 | |||
Property Debt, Interest Rate, Spread Over LIBOR | 2.85% | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 2,146 | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 189 | |||
Company's Effective Ownership % | 25.00% | |||
Carrying Value | $ 2,282 | 2,547 | ||
Balance | $ 60,767 | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 316 | |||
Company's Effective Ownership % | 22.50% | |||
Carrying Value | $ 5,894 | 6,077 | ||
Balance | $ 82,000 | |||
Property Debt, Maturity Date | Nov. 10, 2026 | |||
Property Debt, Interest Rate | 3.21% | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 360 | |||
Company's Effective Ownership % | 40.00% | |||
Carrying Value | $ 26,596 | 27,401 | ||
Balance | $ 135,000 | |||
Property Debt, Maturity Date | Dec. 22, 2024 | |||
Property Debt, Interest Rate | 1.20% | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Property Debt, Interest Rate, Spread Over LIBOR | 1.20% | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 141 | |||
Company's Effective Ownership % | 45.00% | |||
Balance | $ 30,192 | |||
Property Debt, Maturity Date | Jul. 1, 2035 | |||
Property Debt, Interest Rate | 3.19% | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 378 | |||
Company's Effective Ownership % | 50.00% | |||
Carrying Value | $ 32,646 | 33,004 | ||
Balance | $ 92,863 | |||
Property Debt, Maturity Date | Jul. 1, 2033 | |||
Property Debt, Interest Rate | 4.82% | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 762 | |||
Company's Effective Ownership % | 85.00% | |||
Carrying Value | $ 65,373 | 66,418 | ||
Balance | $ 190,480 | |||
Property Debt, Maturity Date | Aug. 1, 2029 | |||
Property Debt, Interest Rate | 5.197% | |||
Guaranteed amount | $ 22,000 | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Land [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 771 | |||
Company's Effective Ownership % | 20.00% | |||
Carrying Value | $ 1,678 | 1,678 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 850 | |||
Company's Effective Ownership % | 50.00% | |||
Carrying Value | $ 300 | 300 | ||
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Sale price | $ 1,900 | |||
Unconsolidated Joint Venture Office Buildings [Member] | Hyatt Regency Hotel Jersey City [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 351 | |||
Company's Effective Ownership % | 50.00% | |||
Balance | $ 100,000 | |||
Property Debt, Maturity Date | Oct. 1, 2026 | |||
Property Debt, Interest Rate | 3.668% | |||
Unconsolidated Joint Venture Other Property [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 135,116 | 137,772 | ||
Balance | 691,302 | |||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 347 | $ 347 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Sep. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (487) | $ (1,456) | |
Amortization of basis difference | 154 | 143 | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan And Lofts At 40 Park [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (139) | (231) | |
Company's Effective Ownership % | 25.00% | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 67 | (5) | |
Company's Effective Ownership % | 22.50% | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 26 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (50) | ||
Company's Effective Ownership % | 45.00% | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (358) | (364) | |
Company's Effective Ownership % | 50.00% | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (26) | (745) | |
Company's Effective Ownership % | 85.00% | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North Pier Land [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (70) | (57) | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's Effective Ownership % | 50.00% | ||
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (118) | ||
Sale price | $ 1,900 | ||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 13 | $ 114 |
Deferred Charges And Other As_3
Deferred Charges And Other Assets, Net (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Revenue from leases | $ 65,808,000 | $ 65,771,000 |
Estimated additional amount to be reclassified to interest expense | 600,000 | |
Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives, Net liability position | 0 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Cap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Value | 75,000,000 | |
Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Cap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of increase in the fair value of derivatives | $ 2,182,000,000 |
Deferred Charges And Other As_4
Deferred Charges And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Deferred leasing costs | $ 85,436 | $ 88,265 | |
Deferred financing costs - unsecured revolving credit facility | 6,684 | 6,684 | |
Deferred charges, gross | 92,120 | 94,949 | |
Accumulated amortization | (38,369) | (40,956) | |
Deferred charges, net | 53,751 | 53,993 | |
Notes receivable | 3,380 | 4,015 | |
In-place lease values, related intangibles and other assets, net | 10,865 | 42,183 | |
Right of use assets | 2,896 | 22,298 | |
Prepaid expenses and other assets, net | 36,449 | 28,858 | |
Total deferred charges, goodwill and other assets, net | 107,341 | 151,347 | |
Liability | 3,200 | 23,700 | |
Revenue from leases | 65,808 | $ 65,771 | |
Interest-Free Notes Receivable [Member] | |||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Notes receivable | 500 | $ 700 | |
Interest rate | 15.00% | ||
Annual return on the equity value | 4.00% | ||
Seller Financing Receivable [Member] | |||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Notes receivable | 2,600 | $ 3,100 | |
Provision for Loan and Lease Losses | $ 200 | $ 200 |
Deferred Charges And Other As_5
Deferred Charges And Other Assets, Net (Schedule Of Fair Value Of The Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Deferred Charges, Goodwill And Other Assets [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 3,032 | $ 850 |
Deferred Charges And Other As_6
Deferred Charges And Other Assets, Net (Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Amount of Interest Expense presented in the consolidated statements | $ (15,025) | $ (17,610) |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 2,182,000 | |
Total Amount of Interest Expense presented in the consolidated statements | (15,025,000) | $ (17,610,000) |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ 1,000 |
Restricted Cash (Schedule Of Re
Restricted Cash (Schedule Of Restricted Cash) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash [Abstract] | ||||
Security deposits | $ 6,960 | $ 6,884 | ||
Escrow and other reserve funds | 14,193 | 12,817 | ||
Total restricted cash | $ 21,153 | $ 19,701 | $ 18,836 | $ 14,207 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 36 Months Ended | ||
Apr. 30, 2022USD ($)property | Mar. 31, 2022USD ($)ft²itemproperty | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)ft²property | Dec. 19, 2019ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Unrealized gains (losses) on disposition of rental property | $ 1,020 | ||||
Number of real estate properties | property | 35 | ||||
Proceeds from the sale of property | $ 236,864 | ||||
Suburban Office Portfolio [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Area of property (in square feet) | ft² | 6,600,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties sold | item | 1 | ||||
Area of property (in square feet) | ft² | 566,215 | ||||
Sales proceeds | $ 208,268 | ||||
Disposal Group, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties sold | property | 37 | ||||
Area of property (in square feet) | ft² | 6,300,000 | ||||
Sales proceeds | $ 1,000,000 | ||||
Subsequent Event [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales proceeds | $ 100,000 | ||||
Number of properties sold | property | 2 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses)) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Total revenues | $ 21,637 |
Operating and other expenses | (8,723) |
Depreciation and amortization | (659) |
Interest expense | (1,293) |
Income from discontinued operations | 10,962 |
Unrealized gains (losses) on disposition of rental property | 1,020 |
Realized gains (losses) on disposition of rental property | 21,761 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 22,781 |
Total discontinued operations, net | 33,743 |
VERIS RESIDENTIAL, L.P. [Member] | |
Income from discontinued operations | 10,962 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 22,781 |
Total discontinued operations, net | $ 33,743 |
Revolving Credit Facility And_2
Revolving Credit Facility And Term Loans (Narrative) (Details) $ in Thousands | Jul. 27, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2022USD ($)property | Dec. 31, 2021USD ($) |
Line of Credit Facility [Line Items] | ||||
Loan balance | $ 2,200,000 | $ 2,400,000 | ||
Gain (Loss) from extinguishment of debt, net | (6,289) | |||
Outstanding borrowings under the facility | 78,000 | $ 148,000 | ||
2021 Credit Agreement, Letter Of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity under the credit facility | $ 50,000 | |||
2021 Credit Facility, Usage Less Or Equal To Fifty Percent [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Facility fee basis points | 0.35% | |||
2021 Credit Facility, Usage Greater Than Fifty Percent [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Facility fee basis points | 0.25% | |||
2021 Credit Facility [Member] | Date Range 1 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt service coverage ratio | 1.10% | |||
2021 Credit Facility [Member] | Date Range 2 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt service coverage ratio | 1.20% | |||
2021 Credit Facility [Member] | Date Range 3 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt service coverage ratio | 1.40% | |||
2021 Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loan period | 18 months | |||
2021 Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loan period | 3 years | |||
Unsecured Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loan balance | $ 148,000 | |||
Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Outstanding borrowings under the facility | $ 78,000 | |||
2021 Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Variable Interest Rate | 0.0012% | |||
Secured debt | $ 250,000 | |||
Percentage of net cash proceeds of equity issuances | 80.00% | |||
2021 Credit Facility [Member] | 2021 Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Appraisal value | 800,000 | |||
2021 Credit Facility [Member] | Harborside 2/3 And Harborside 5 [Member] | 2021 Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Appraisal value | 800,000 | |||
2021 Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowing capacity under the credit facility | 250,000 | |||
Outstanding borrowings under the facility | 145,000 | |||
2021 Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loan balance | 150,000 | |||
Borrowing capacity under the credit facility | 150,000 | |||
Secured debt | 150,000 | |||
Debt paid | $ 27,000 | $ 123,000 | ||
2021 Term Loan [Member] | Harborside 2/3 And Harborside 5 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Appraisal value | $ 800,000 | |||
Minimum [Member] | 2021 Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Variable Interest Rate | 1.25% | |||
Number of collateral pool properties | property | 2 | |||
Tangible net worth ratio | 80.00% | |||
Maximum [Member] | 2021 Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Variable Interest Rate | 2.75% | |||
Maximum collateral pool leverage ratio | 40.00% | |||
Total leverage ratio | 65.00% | |||
Adjusted LIBO Rate [Member] | 2021 Credit Facility [Member] | 2021 Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Variable Interest Rate | 1.00% | |||
Adjusted LIBO Rate [Member] | 2021 Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Variable Interest Rate | 1.00% | |||
Overnight Bank Funding Rate [Member] | 2021 Credit Facility [Member] | 2021 Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Variable Interest Rate | 0.50% | |||
Overnight Bank Funding Rate [Member] | 2021 Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Variable Interest Rate | 0.00% |
Mortgages, Loans Payable And _3
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)itemproperty | Mar. 31, 2021USD ($) | |
Debt Instrument [Line Items] | ||
Number of properties with encumbered company mortgages | property | 21 | |
Carrying value of encumbered properties | $ 3,200 | |
Cash paid for interest | 17.8 | $ 18.1 |
Interest capitalized | 6.4 | 8.6 |
Discontinued Operations [Member] | ||
Debt Instrument [Line Items] | ||
Cash paid for interest | $ 0 | 1.3 |
Projects Under Development And Developable Land [Member] | ||
Debt Instrument [Line Items] | ||
Number of projects with encumbered company mortgages | item | 1 | |
Carrying value of encumbered properties | $ 476.4 | |
Unconsolidated Joint Venture [Member] | ||
Debt Instrument [Line Items] | ||
Interest capitalized | $ 0 | $ 0.3 |
Mortgages, Loans Payable And _4
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2022 | May 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 2,200,000,000 | $ 2,400,000,000 | |||
Repayment of revolving credit facility and money market loans | 88,000,000 | $ 33,000,000 | |||
Escrow Deposit | $ 14,193,000 | 12,817,000 | |||
Port Imperial South 4/5 Garage [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan maturity date | Dec. 1, 2029 | ||||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 2,118,647,000 | 2,252,290,000 | |||
Unamortized deferred financing costs | (9,704,000) | (11,220,000) | |||
Total mortgages, loans payable and other obligations, net | 2,108,943,000 | 2,241,070,000 | |||
Secured Debt [Member] | Riverhouse 9 At Port Imperia [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 90,024,000 | 87,175,000 | |||
Loan maturity date | Dec. 19, 2022 | ||||
Maximum borrowing capacity | $ 92,000,000 | ||||
Debt Instrument, Term | 1 year | ||||
Extension fee | 15.00% | ||||
Debt Instrument, Percent Guaranteed | 10.00% | ||||
Secured Debt [Member] | Riverhouse 9 At Port Imperia [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 2.13% | ||||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 2.13% | ||||
Principal balance outstanding | $ 89,000,000 | 89,000,000 | |||
Loan maturity date | Apr. 1, 2023 | ||||
Debt Instrument, Term | 6 months | ||||
Guaranteed amount | $ 14,500,000 | ||||
Repayment of debt | $ 5,000,000 | ||||
Escrow Deposit | 700,000 | ||||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 3.40% | ||||
Secured Debt [Member] | Portside At Pier One [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.57% | ||||
Principal balance outstanding | $ 58,998,000 | 58,998,000 | |||
Secured Debt [Member] | Signature Place [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.74% | ||||
Principal balance outstanding | $ 43,000,000 | 43,000,000 | |||
Loan maturity date | Aug. 1, 2024 | ||||
Secured Debt [Member] | Liberty Towers [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.37% | ||||
Principal balance outstanding | $ 265,000,000 | 265,000,000 | |||
Secured Debt [Member] | Haus 25 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 269,083,000 | 255,453,000 | |||
Loan maturity date | Dec. 1, 2024 | ||||
Maximum borrowing capacity | $ 300,000,000 | ||||
Debt Instrument, Term | 1 year | ||||
Extension fee | 25.00% | ||||
Secured Debt [Member] | Haus 25 [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 2.70% | ||||
Secured Debt [Member] | Haus 25 [Member] | Minimum [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 2.00% | ||||
Secured Debt [Member] | Portside 5/6 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 4.56% | ||||
Principal balance outstanding | $ 97,000,000 | 97,000,000 | |||
Loan maturity date | Mar. 10, 2026 | ||||
Debt Instrument, Percent Guaranteed | 10.00% | ||||
Secured Debt [Member] | BLVD 425 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 4.17% | ||||
Principal balance outstanding | $ 131,000,000 | 131,000,000 | |||
Loan maturity date | Aug. 10, 2026 | ||||
Secured Debt [Member] | BLVD 401 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 4.29% | ||||
Principal balance outstanding | $ 117,000,000 | 117,000,000 | |||
Loan maturity date | Aug. 10, 2026 | ||||
Secured Debt [Member] | 101 Hudson Street [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.20% | ||||
Principal balance outstanding | $ 250,000,000 | 250,000,000 | |||
Secured Debt [Member] | Upton [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 75,000,000 | 75,000,000 | |||
Loan maturity date | Oct. 27, 2026 | ||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||
Secured Debt [Member] | Upton [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 1.58% | ||||
Secured Debt [Member] | 145 Front at City Square [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal balance outstanding | $ 63,000,000 | 63,000,000 | |||
Loan maturity date | Dec. 10, 2026 | ||||
Secured Debt [Member] | 145 Front at City Square [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 1.84% | ||||
Secured Debt [Member] | Quarry Place At Tuckahoe [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 4.48% | ||||
Principal balance outstanding | $ 41,000,000 | 41,000,000 | |||
Loan maturity date | Aug. 5, 2027 | ||||
Secured Debt [Member] | Monaco (BLVD 495 N/S) [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 2.91% | ||||
Principal balance outstanding | $ 165,000,000 | 165,000,000 | |||
Loan maturity date | Nov. 10, 2027 | ||||
Secured Debt [Member] | Riverhouse 11 at Port Imperial [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 4.52% | ||||
Principal balance outstanding | $ 100,000,000 | 100,000,000 | |||
Loan maturity date | Jan. 10, 2029 | ||||
Secured Debt [Member] | Soho Lofts [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.77% | ||||
Principal balance outstanding | $ 160,000,000 | 160,000,000 | |||
Loan maturity date | Jul. 1, 2029 | ||||
Secured Debt [Member] | Soho Lofts [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Interest Rate | 2.75% | ||||
Secured Debt [Member] | 111 River St. [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.90% | ||||
Principal balance outstanding | 150,000,000 | ||||
Closing costs to defease loan | $ 6,300,000 | ||||
Secured Debt [Member] | Port Imperial South 9 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.90% | ||||
Secured Debt [Member] | Short Hills Residential [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.20% | ||||
Loan maturity date | Oct. 11, 2026 | ||||
Secured Debt [Member] | 250 Johnson Road [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.57% | ||||
Loan maturity date | Aug. 1, 2023 | ||||
Secured Debt [Member] | The Charlotte [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.37% | ||||
Loan maturity date | Oct. 1, 2024 | ||||
Secured Debt [Member] | Worcester [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 1.58% | ||||
Secured Debt [Member] | Port Imperial South 4/5 Garage [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 4.85% | ||||
Principal balance outstanding | $ 32,542,000 | 32,664,000 | |||
Deferred interest | $ 800,000 | ||||
Secured Debt [Member] | Emery At Overlook Ridge [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective rate | 3.21% | ||||
Principal balance outstanding | $ 72,000,000 | $ 72,000,000 | |||
Loan maturity date | Jan. 1, 2031 |
Mortgages, Loans Payable And _5
Mortgages, Loans Payable And Other Obligations (Summary Of Indebtedness) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 78,000 | $ 148,000 |
Debt and Lease Obligation, Total | $ 2,186,943 | $ 2,389,070 |
Debt, Weighted Average Interest Rate | 3.64% | 3.60% |
Fixed Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,526,685 | $ 1,675,353 |
Debt, Weighted Average Interest Rate | 3.70% | 3.71% |
Revolving Credit Facility & Other Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 660,258 | $ 713,717 |
Debt, Weighted Average Interest Rate | 3.51% | 3.32% |
Employee Benefit 401(k) Plans (
Employee Benefit 401(k) Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Minimum employee subscription rate, percentage of compensation | 1.00% | |
Maximum employee subscription rate, percentage of compensation | 60.00% | |
Employee pre-tax contributions vested percentage | 100.00% | |
Vesting rate | 20.00% | |
Percentage vested after total service period | 100.00% | |
Expenses for employee benefit plan | $ 182 | $ 180 |
Minimum [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Employer contribution vesting period | 2 years | |
Maximum [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Employer contribution vesting period | 6 years |
Disclosure Of Fair Value Of A_3
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)ft²property | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of Company's long-term debt | $ 2,100,000 | $ 2,400,000 | |
Principal balance outstanding | $ 2,200,000 | $ 2,400,000 | |
Number of real estate properties | property | 35 | ||
Land and other impairments, net | $ 2,932 | $ 413 | |
Office [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Number of real estate properties | property | 6 | ||
Multi-Family Properties [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Number of real estate properties | property | 22 | ||
Metropark Portfolio [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Provision for Loan and Lease Losses | $ 172 | ||
Disposal Group, Not Discontinued Operations [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Area of property (in square feet) | ft² | 566,215 | ||
Disposal Group, Not Discontinued Operations [Member] | Hoboken, New Jersey [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Property impairments | $ 2,900 |
Disclosure Of Fair Value Of A_4
Disclosure Of Fair Value Of Assets And Liabilities (Schedule Of Valuation Techniques And Significant Unobservable Assumptions) (Details) - Land Holdings Held For Sale [Member] - Waterfront [Member] - Valuation Technique, Consensus Pricing Model [Member] - Measurement Assumptions, Market Rates Per Square Foot [Member] | Mar. 31, 2022item |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing Asset, Measurement Input | 76,000 |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing Asset, Measurement Input | 78,000 |
Commitments And Contingencies_2
Commitments And Contingencies (Tax Abatement Agreements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments And Contingencies [Line Items] | ||
Payments in lieu of property taxes (PILOT) | $ 3,176 | $ 3,511 |
BLVD 475 N/S [Member] | ||
Commitments And Contingencies [Line Items] | ||
Payments in lieu of property taxes (PILOT) | 474 | |
Percentage of PILOT on gross revenues | 10.00% | |
111 River Realty [Member] | ||
Commitments And Contingencies [Line Items] | ||
Payments in lieu of property taxes (PILOT) | $ 85 | 370 |
Harborside Financial Center Plaza 4A [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on project costs | 2.00% | |
Total project costs | $ 49,500 | |
Payments in lieu of property taxes (PILOT) | $ 218 | 264 |
Harborside Financial Center Plaza 5 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on project costs | 2.00% | |
Total project costs | $ 170,900 | |
Payments in lieu of property taxes (PILOT) | 1,109 | 1,080 |
BLVD 401 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Payments in lieu of property taxes (PILOT) | $ 359 | 260 |
BLVD 401 [Member] | Years 1-4 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 10.00% | |
BLVD 401 [Member] | Years 5-8 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 12.00% | |
BLVD 401 [Member] | Years 9-10 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 14.00% | |
Riverhouse 11 at Port Imperial [Member] | ||
Commitments And Contingencies [Line Items] | ||
Payments in lieu of property taxes (PILOT) | $ 350 | 326 |
Riverhouse 11 at Port Imperial [Member] | Years 1-5 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 12.00% | |
Riverhouse 11 at Port Imperial [Member] | Years 6-10 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 13.00% | |
Riverhouse 11 at Port Imperial [Member] | Years 11-15 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 14.00% | |
Port Imperial South 4/5 Garage [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on project costs | 2.00% | |
Payments in lieu of property taxes (PILOT) | $ 733 | $ 737 |
Riverhouse 9 At Port Imperia [Member] | ||
Commitments And Contingencies [Line Items] | ||
Payments in lieu of property taxes (PILOT) | $ 322 | |
Riverhouse 9 At Port Imperia [Member] | Years 1-10 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 11.00% | |
Riverhouse 9 At Port Imperia [Member] | Years 11-18 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 12.50% | |
Riverhouse 9 At Port Imperia [Member] | Years 19-25 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 14.00% | |
Haus 25 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Project period | 25 years | |
Percentage of PILOT on gross revenues | 7.00% | |
Park Apartments at Port Imperial [Member] | ||
Commitments And Contingencies [Line Items] | ||
Project period | 25 years | |
Park Apartments at Port Imperial [Member] | Years 1-10 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 11.00% | |
Park Apartments at Port Imperial [Member] | Years 11-18 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 12.50% | |
Park Apartments at Port Imperial [Member] | Years 19-25 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of PILOT on gross revenues | 14.00% |
Commitments And Contingencies_3
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Ground lease expense incurred | $ 348 | $ 568 | |
Operating lease | $ 3,190 | $ 23,686 | |
Number of ground leases | item | 2 | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Term of lease contract | 82 years 6 months 29 days | ||
Borrowing rate | 7.618% | ||
Accounting Standards Update 2016-02 [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease | $ 2,900 |
Commitments And Contingencies_4
Commitments And Contingencies (Construction Projects) (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)itemproperty | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Commitments And Contingencies [Line Items] | |||
Number of properties | property | 35 | ||
Costs of the project incurred | $ 3,933 | $ 4,092 | |
Amount outstanding | 78,000 | $ 148,000 | |
25 Christopher Columbus [Member] | |||
Commitments And Contingencies [Line Items] | |||
Construction costs incurred | $ 438,600 | ||
Number of units | item | 750 | ||
Amount outstanding | $ 269,100 | ||
Total project costs | 469,500 | ||
Amount to fund | 169,500 | ||
Construction Loan [Member] | 25 Christopher Columbus [Member] | |||
Commitments And Contingencies [Line Items] | |||
Amount outstanding | $ 300,000 |
Commitments And Contingencies_5
Commitments And Contingencies (Management Changes) (Narrative) (Details) - USD ($) $ in Millions | Mar. 30, 2022 | Mar. 10, 2021 | Apr. 30, 2022 | Mar. 31, 2022 | Apr. 30, 2021 | Mar. 31, 2022 |
Restricted Stock Units (RSUs) [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares granted | 179,000 | 179,000 | 292,000 | |||
Performance period | 3 years | 3 years | ||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares vested | 55,825 | |||||
Mahbod Nia, CEO [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Shares granted | 950,000 | |||||
Employee Severance [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Restructuring costs | $ 7.6 |
Commitments And Contingencies_6
Commitments And Contingencies (Other) (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2020USD ($)employeeshares | Mar. 31, 2022USD ($)property | Mar. 31, 2021USD ($) | |
Commitments And Contingencies [Line Items] | |||
Number of properties | property | 35 | ||
General and administrative | $ 19,475 | $ 13,989 | |
Stay-On Award Agreement [Member] | |||
Commitments And Contingencies [Line Items] | |||
Number of employees | employee | 34 | ||
Potential shares | shares | 82,629 | ||
Exercisable time period | 7 years | ||
Property Lock-Ups [Member] | |||
Commitments And Contingencies [Line Items] | |||
Number of properties | property | 5 | ||
Property Lock-Ups Expired [Member] | |||
Commitments And Contingencies [Line Items] | |||
Properties aggregate net book value | $ 1,000,000 | ||
Maximum [Member] | Stay-On Award Agreement [Member] | |||
Commitments And Contingencies [Line Items] | |||
Stay on award agreement cost | $ 1,800 |
Commitments And Contingencies_7
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments And Contingencies [Abstract] | ||
Remaining | $ 144 | |
Year one | 192 | $ 1,695 |
Year two | 192 | 1,702 |
Year three | 199 | 1,721 |
Year four | 199 | 1,728 |
Year five | 1,728 | |
2026 through 2101 | 31,864 | 151,253 |
Total lease payments | 32,790 | 159,827 |
Less: imputed interest | (29,600) | (136,141) |
Total | $ 3,190 | $ 23,686 |
Tenant Leases (Future Minimum R
Tenant Leases (Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
October 1 through December 31, 2021 | $ 69,547 | |
Year one | 91,051 | $ 115,256 |
Year two | 81,283 | 114,355 |
Year three | 76,830 | 98,374 |
Year four | 74,519 | 94,042 |
Year Five | 91,297 | |
2026 and thereafter | 381,341 | 416,712 |
Total | $ 774,571 | $ 930,036 |
Tenant Leases [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Operating leases with various expiration dates through year | 2038 | |
Multi-Family Properties [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Lease period | 1 year |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Narrative) (Details) | Jun. 30, 2019USD ($) | Jun. 28, 2019USD ($) | Jun. 26, 2019USD ($)propertyitem | Mar. 10, 2017USD ($) | Feb. 28, 2017USD ($)$ / sharesshares | Feb. 27, 2017USD ($) | Feb. 03, 2017USD ($)$ / sharesshares | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2022USD ($)$ / shares | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2021$ / shares | Jun. 25, 2019item | Apr. 30, 2017shares |
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
General and administrative | $ 19,475,000 | $ 13,989,000 | ||||||||||||||
Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Payment for borrowings | $ 88,000,000 | 33,000,000 | ||||||||||||||
VERIS RESIDENTIAL, L.P. [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
General and administrative | $ 19,475,000 | $ 13,989,000 | ||||||||||||||
Common unit distribution per unit declared | $ / shares | $ 0 | $ 0 | ||||||||||||||
Payment for borrowings | $ 88,000,000 | $ 33,000,000 | ||||||||||||||
Rockpoint [Member] | Designated By Rockpoint [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Number Of Board Members | item | 2 | |||||||||||||||
RRT [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Number Of Board Members | item | 7 | 6 | ||||||||||||||
RRT [Member] | Designated By Mack Cali [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Number Of Board Members | item | 5 | |||||||||||||||
Series A Units [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Stock Redeemed or Called During Period, Shares | shares | 12,000 | |||||||||||||||
Series A Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Preferred units shares issued | shares | 42,800 | |||||||||||||||
Preferred unit annual rate | 3.50% | |||||||||||||||
Preferred unit in operating partnership | $ 1,000 | |||||||||||||||
Convertible preferred units | shares | 28.15 | |||||||||||||||
Expiration period | 5 years | |||||||||||||||
Shares that may be converted to common units | shares | 1,204,820 | |||||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.52 | |||||||||||||||
Series A Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | The Joint Venture [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Percentage of interest in venture | 37.50% | |||||||||||||||
Series A-1 Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Preferred units shares issued | shares | 9,213 | 91 | ||||||||||||||
Preferred unit annual rate | 3.50% | |||||||||||||||
Preferred unit in operating partnership | $ 1,000 | |||||||||||||||
Convertible preferred units | shares | 27.936 | |||||||||||||||
Expiration period | 5 years | 5 years | ||||||||||||||
Shares that may be converted to common units | shares | 257,375 | |||||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.80 | |||||||||||||||
Series A-1 Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | Monaco (BLVD 495 N/S) [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Preferred units shares issued | shares | 9,122 | |||||||||||||||
Series A-1 Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | The Joint Venture [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Percentage of interest in venture | 13.80% | |||||||||||||||
Investment Agreement [Member] | Minimum [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Incremental closing payments, Limited Partnership interest | $ 105,000,000 | |||||||||||||||
RRLP [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Annual return on the equity value | 6.00% | |||||||||||||||
RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 5.00% | |||||||||||||||
RRLP [Member] | Credit Enhancement Note [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Increased line of credit | 25,000,000 | $ 25,000,000 | ||||||||||||||
Variable Interest Rate | 50.00% | |||||||||||||||
Rockpoint [Member] | Rockpoint [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Estimated redemption value | $ 482,000,000 | |||||||||||||||
Rockpoint [Member] | Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 4.64% | |||||||||||||||
Rockpoint [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Invested capital | 400,000,000 | $ 400,000,000 | ||||||||||||||
Rockpoint [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Invested capital | 400,000,000 | $ 400,000,000 | ||||||||||||||
Rockpoint [Member] | Rockpoint [Member] | Distribution One [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Purchase price | $ 173,500,000 | |||||||||||||||
Purchase price, less distributions | 198,500,000 | |||||||||||||||
Rockpoint [Member] | Rockpoint [Member] | Distribution Two [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Purchase price, less distributions | $ 1,500,000 | |||||||||||||||
Rockpoint [Member] | Preferred Units [Member] | Rockpoint [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 10.947% | |||||||||||||||
Rockpoint [Member] | Preferred Units [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||||
Rockpoint [Member] | Investment Agreement [Member] | Maximum [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||||||||||||
Rockpoint [Member] | Investment Agreement [Member] | Rockpoint [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Contributed equity value | $ 1,230,000,000 | |||||||||||||||
Incremental closing payments, Limited Partnership interest | $ 46,000,000 | $ 150,000,000 | $ 45,000,000 | |||||||||||||
Rockpoint [Member] | Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||||||||||||
Rockpoint [Member] | Add On Investment Agreement [Member] | Rockpoint [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Contributed amount to obtain equity units | $ 100,000,000 | |||||||||||||||
Number of properties in which additional interest was acquired during period | property | 2 | |||||||||||||||
Right of first refusal to invest | $ 100,000,000 | |||||||||||||||
General and administrative | $ 371,000 | |||||||||||||||
Payment for borrowings | $ 100,000,000 | |||||||||||||||
Rockpoint [Member] | Add On Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Contributed amount to obtain equity units | 154,000,000 | |||||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Invested capital | $ 400,000,000 | $ 400,000,000 | ||||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 4.64% | |||||||||||||||
Rockpoint [Member] | RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 4.64% | |||||||||||||||
Rockpoint [Member] | RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Internal rate of return | 11.00% | |||||||||||||||
Rockpoint [Member] | RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata share | 50.00% | |||||||||||||||
Rockpoint [Member] | RRLP [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Annual return on the equity value | 6.00% | |||||||||||||||
Rockpoint [Member] | RRLP [Member] | Preferred Units [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||||
Rockpoint [Member] | RRLP [Member] | Investment Agreement [Member] | Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 5.00% | |||||||||||||||
Rockpoint [Member] | RRLP [Member] | Investment Agreement [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 95.00% | |||||||||||||||
RRT [Member] | Preferred Units [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||||
RRT [Member] | Preferred Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||||
RRT [Member] | Preferred Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 1.325% | |||||||||||||||
RRT [Member] | Common Units [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||||
RRT [Member] | Common Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||||
RRT [Member] | Common Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Pro rata distribution | 87.728% | |||||||||||||||
RRT [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 95.36% | |||||||||||||||
RRT [Member] | RRLP [Member] | RRT [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Loan-to-value ratio | 65.00% | |||||||||||||||
Equity capitalization percent | 10.00% | |||||||||||||||
RRT [Member] | RRLP [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Annual return on the equity value | 95.36% | |||||||||||||||
RRT [Member] | RRLP [Member] | RRT [Member] | Cash Flow From Capital Events [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 95.36% | |||||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 95.00% | |||||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Annual return on the equity value | 95.00% | |||||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||
Base return | 5.00% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Balance | $ 521,313 | |
Income Attributed to Noncontrolling Interests | (6,437) | $ (6,471) |
Redemption Value Adjustment | (9,670) | (8,441) |
Balance | 512,512 | |
Redeemable Noncontrolling Interests [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance | 521,313 | 513,297 |
Redemption/Payout | (12,000) | |
Net | 509,313 | 513,297 |
Income Attributed to Noncontrolling Interests | 6,437 | 6,471 |
Distributions | (6,437) | (6,471) |
Redemption Value Adjustment | 3,199 | 1,970 |
Balance | 512,512 | 515,267 |
Redeemable Noncontrolling Interests [Member] | Series A And Series A-1 Preferred Units In VRLP [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance | 52,324 | 52,324 |
Redemption/Payout | (12,000) | |
Net | 40,324 | 52,324 |
Income Attributed to Noncontrolling Interests | 421 | 455 |
Distributions | (421) | (455) |
Redemption Value Adjustment | (22) | |
Balance | 40,302 | 52,324 |
Rockpoint [Member] | Redeemable Noncontrolling Interests [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance | 460,973 | |
Net | 460,973 | |
Income Attributed to Noncontrolling Interests | 6,016 | |
Distributions | (6,016) | |
Redemption Value Adjustment | 1,970 | |
Balance | $ 462,943 | |
Rockpoint [Member] | Redeemable Noncontrolling Interests [Member] | Rockpoint [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance | 468,989 | |
Net | 468,989 | |
Income Attributed to Noncontrolling Interests | 6,016 | |
Distributions | (6,016) | |
Redemption Value Adjustment | 3,221 | |
Balance | $ 472,210 |
Veris Residential, Inc. Stock_3
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Share/Unit Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Stockholders Equity [Line Items] | ||
Common stock, par value per share | $ 0.01 | $ 0.01 |
Combined Aggregate Offering Price | $ 200,000,000 | |
ATM, Shares Issued | 0 | |
Dividend Reinvestment And Stock Purchase Plan [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock reserved for future issuance | 5,500,000 | |
Monthly cash investment without restriction, maximum | $ 5,000 | |
Minimum [Member] | ||
Stockholders Equity [Line Items] | ||
ATM Commission | 2.00% |
Veris Residential, Inc. Stock_4
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Stock Option Plans) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 10, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jun. 30, 2021 | May 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average remaining contractual life | 5 years 2 months 12 days | 5 years 6 months | ||||
Options exercised | 0 | 0 | ||||
Stock options expense | $ 253 | $ 114 | ||||
Mahbod Nia, CEO [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share price | $ 15.79 | |||||
Shares Under Options - Granted | 950,000 | |||||
2013 Incentive Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 6,565,000 | 4,600,000 |
Veris Residential, Inc. Stock_5
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (AO LTIP Units (Appreciation-Only LTIP Units)) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 13, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2019 | Mar. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options expense | $ 253 | $ 114 | |||
AO LTIP Units Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercisable period | 10 years | ||||
Total unrecognized compensation cost | $ 600 | $ 600 | |||
Total unrecognized compensation cost, period of recognition | 10 months 24 days | ||||
Stock options expense | $ 155 | ||||
AO LTIP Units Award [Member] | Messr Rudin | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 625,000 | ||||
Shares to be vested and exercisable | 625,000 | ||||
Percent of cash distribution | 10.00% | ||||
AO LTIP Units Award [Member] | Messr Rudin | Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares to be vested and exercisable | 250,000 | ||||
Common stock trade share price | $ 25 | ||||
AO LTIP Units Award [Member] | Messr Rudin | Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares to be vested and exercisable | 250,000 | ||||
Common stock trade share price | $ 28 | ||||
AO LTIP Units Award [Member] | Messr Rudin | Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares to be vested and exercisable | 125,000 | ||||
Common stock trade share price | $ 31 |
Veris Residential, Inc. Stock_6
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Restricted Stock Awards) (Narrative) (Details) - shares | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2021 | Mar. 31, 2022 | |
Unvested Restricted Stock [Member] | Board Member [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding | 39,529 | 39,529 | |
Unvested Restricted Stock [Member] | Non-Executive Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Unvested stock outstanding | 407,943 | 407,943 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |
Unvested stock outstanding | 194,000 | 194,000 | |
Performance period | 3 years | 3 years |
Veris Residential, Inc. Stock_7
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Long-Term Incentive Plan Awards) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 30, 2022 | Apr. 21, 2021 | Nov. 03, 2020 | Apr. 30, 2022 | Mar. 31, 2022 | Apr. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2023 |
Time-Based Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance period | 3 years | ||||||||
TSR percent | 36.00% | ||||||||
Total unrecognized compensation cost | $ 0.1 | $ 0.1 | |||||||
Total unrecognized compensation cost, period of recognition | 2 months 12 days | ||||||||
Exercisable time period | 3 years | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance period | 3 years | 3 years | |||||||
TSR percent | 36.00% | ||||||||
Shares granted | 179,000 | 179,000 | 292,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 194,000 | 194,000 | |||||||
Exercisable time period | 3 years | 3 years | |||||||
Unvested LTIP [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total unrecognized compensation cost | $ 1.8 | $ 1.8 | |||||||
Total unrecognized compensation cost, period of recognition | 1 year 10 months 24 days | ||||||||
2021 RSU LTIP Awards [Member] | Time-Based Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted | 453,000 | ||||||||
2021 RSU LTIP Awards [Member] | Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance period | 3 years | ||||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 55,825 | ||||||||
Ricardo Cardoso [Member] | J Series 2021 OPP [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percent of estimated net asset | 85.00% | ||||||||
Minimum [Member] | Time-Based Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percent of the award | 25.00% | ||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price | $ 0.40 | ||||||||
Maximum [Member] | Time-Based Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percent of the award | 100.00% | ||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price | $ 0.60 | ||||||||
Maximum [Member] | Outperformance RSUs [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted | 292,000 | ||||||||
Scenario, Forecast [Member] | Outperformance RSUs [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price | $ 0.60 |
Veris Residential, Inc. Stock_8
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital [Abstract] | |||
Maximum percentage of retainer fee that directors may defer | 100.00% | ||
Deferred stock units earned | 6,183 | 4,583 | |
Deferred stock units outstanding | 42,172 | 37,603 |
Veris Residential, Inc. Stock_9
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Earnings Per Share/Unit) (Narrative) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
VERIS RESIDENTIAL, L.P. [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Distribution declared per common unit | $ 0 | $ 0 |
Unvested Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share | 39,529 | 52,974 |
Unvested Restricted Stock [Member] | VERIS RESIDENTIAL, L.P. [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share | 39,529 | 52,974 |
Unvested LTIP Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share | 2,218,081 | 2,035,766 |
Unvested LTIP Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share | 2,218,081 | 2,035,766 |
Unvested AO LTIP Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share | 625,000 | 625,000 |
Unvested AO LTIP Units [Member] | VERIS RESIDENTIAL, L.P. [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share | 625,000 | 625,000 |
Veris Residential, Inc. Stoc_10
Veris Residential, Inc. Stockholders’ Equity And Veris Residential, L.P.’s Partners’ Capital (Schedule Of General Partner Capital) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Company, Financial Highlights [Line Items] | ||
Balance | $ 1,281,982 | |
Redeemable noncontrolling interests | (6,437) | $ (6,471) |
Redemption of common units | (1,442) | (10,459) |
Directors' deferred compensation plan | 110 | 72 |
Cancellation of common stock, value | (118) | |
Other comprehensive income (loss) | 2,182 | |
Balance | 1,275,681 | |
General Partner Common Unitholders [Member] | ||
Investment Company, Financial Highlights [Line Items] | ||
Balance | 1,281,982 | 1,398,817 |
Net income (loss) available to common shareholders | (9,092) | 7,623 |
Redeemable noncontrolling interests | (2,942) | (1,791) |
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 11 | 18 |
Directors' deferred compensation plan | 110 | 72 |
Stock compensation | 1,957 | 646 |
Cancellation of restricted shares | (118) | |
Other comprehensive income (loss) | 1,986 | |
Rebalancing of ownership percent between parent and subsidiaries | 1,669 | 1,556 |
Balance | $ 1,275,681 | $ 1,406,823 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stockholders Equity [Line Items] | ||
Income (loss) from continuing operations | $ (4,527) | $ (20,222) |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 974 | 1,335 |
Add (deduct): Noncontrolling interests in Operating Partnership | 898 | 2,305 |
Add (deduct): Redeemable noncontrolling interests | (6,437) | (6,471) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (2,942) | (1,791) |
Income (loss) from continuing operations available to common shareholders | (12,034) | (24,844) |
Income (loss) from discontinued operations available to common shareholders | 30,676 | |
Net income (loss) available to common shareholders for basic earnings per share | $ (12,034) | $ 5,832 |
Weighted average common shares | 90,951 | 90,692 |
Income (loss) from continuing operations available to common shareholders | $ (0.13) | $ (0.28) |
Income (loss) from discontinued operations available to common shareholders | 0.34 | |
Net income (loss) available to common shareholders | $ (0.13) | $ 0.06 |
VERIS RESIDENTIAL, L.P. [Member] | ||
Stockholders Equity [Line Items] | ||
Income (loss) from continuing operations | $ (4,527) | $ (20,222) |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 974 | 1,335 |
Add (deduct): Redeemable noncontrolling interests | (6,437) | (6,471) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (3,233) | (1,970) |
Income (loss) from continuing operations available to common shareholders | (13,223) | (27,328) |
Income (loss) from discontinued operations available to common shareholders | 33,743 | |
Net income (loss) available to common shareholders for basic earnings per share | $ (13,223) | $ 6,415 |
Weighted average common units | 99,934 | 99,760 |
Income (loss) from continuing operations available to common shareholders | $ (0.13) | $ (0.28) |
Income (loss) from discontinued operations available to common shareholders | 0.34 | |
Net income (loss) available to common shareholders | $ (0.13) | $ 0.06 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stockholders Equity [Line Items] | ||
Net income (loss) from continuing operations available to common shareholders | $ (12,034) | $ (24,844) |
Add (deduct): Noncontrolling interests in Operating Partnership | (898) | (2,305) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests in the Operating Partnership unitholders | (291) | (179) |
Income (loss) from continuing operations for diluted earnings per share | (13,223) | (27,328) |
Income (loss) from discontinued operations for diluted earnings per share | 33,743 | |
Net income (loss) available for diluted earnings per share | $ (13,223) | $ 6,415 |
Weighted average common shares | 99,934 | 99,760 |
Income (loss) from continuing operations available to common shareholders | $ (0.13) | $ (0.28) |
Income (loss) from discontinued operations available to common shareholders | 0.34 | |
Net income (loss) available to common shareholders | $ (0.13) | $ 0.06 |
VERIS RESIDENTIAL, L.P. [Member] | ||
Stockholders Equity [Line Items] | ||
Income (loss) from discontinued operations for diluted earnings per share | $ 33,743 | |
Net income (loss) available for diluted earnings per share | $ (13,223) | $ 6,415 |
Weighted average common unit | 99,934 | 99,760 |
Income (loss) from continuing operations available to common shareholders | $ (0.13) | $ (0.28) |
Income (loss) from discontinued operations available to common shareholders | 0.34 | |
Net income (loss) available to common shareholders | $ (0.13) | $ 0.06 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stockholders Equity [Line Items] | ||
Basic EPS shares | 90,951 | 90,692 |
Add: Operating Partnership - common and vested LTIP units | 8,983 | 9,068 |
Diluted EPS Shares | 99,934 | 99,760 |
VERIS RESIDENTIAL, L.P. [Member] | ||
Stockholders Equity [Line Items] | ||
Basic EPU units | 99,934 | 99,760 |
Diluted EPU Units | 99,934 | 99,760 |
Noncontrolling Interests In S_3
Noncontrolling Interests In Subsidiaries (Narrative) (Details) $ in Millions | Mar. 13, 2019shares | Mar. 31, 2022USD ($)ft²propertyshares | Dec. 31, 2021 |
Noncontrolling Interest [Line Items] | |||
Number of common shares received upon redemption of common units | 1 | ||
Rebalance of ownership percentage | $ | $ 1.7 | ||
Number of properties | property | 35 | ||
Participation Rights [Member] | |||
Noncontrolling Interest [Line Items] | |||
Excess net cash flow remaining after the distribution to the Company | 50.00% | ||
Internal rate of return | 10.00% | ||
VERIS RESIDENTIAL, L.P. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percentage of noncontrolling interest | 9.00% | 9.00% | |
Flex Portfolio [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redemption of common units, shares | 85,779 | ||
Proceeds from sale of properties | $ | $ 1.4 | ||
Disposal Group, Not Discontinued Operations [Member] | |||
Noncontrolling Interest [Line Items] | |||
Rentable Square Feet (sf) | ft² | 566,215 | ||
AO LTIP Units Award [Member] | |||
Noncontrolling Interest [Line Items] | |||
Exercisable period | 10 years | ||
AO LTIP Units Award [Member] | Messr Rudin | |||
Noncontrolling Interest [Line Items] | |||
Shares granted | 625,000 |
Noncontrolling Interests In S_4
Noncontrolling Interests In Subsidiaries (Schedule Of Activity Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Noncontrolling Interest [Line Items] | ||
Balance, value | $ 167,436 | |
Common unit distributions | 218 | $ 4 |
Redeemable noncontrolling interests | (6,437) | (6,471) |
Redemption of common units, value | (1,442) | (10,459) |
Other comprehensive income (loss) | 2,182 | |
Balance, value | 165,120 | |
Noncontrolling Interests In Subsidiaries [Member] | ||
Noncontrolling Interest [Line Items] | ||
Balance, value | 167,436 | 193,563 |
Net income | 4,565 | 5,898 |
Common unit distributions | 218 | 4 |
Redeemable noncontrolling interests | (6,728) | (6,650) |
Change in noncontrolling interests in consolidated joint ventures | 11 | 10 |
Redemption of common units, value | (1,442) | (10,459) |
Stock compensation | 2,533 | 1,883 |
Other comprehensive income (loss) | 196 | |
Rebalancing of ownership percentage between parent and subsidiaries | (1,669) | (1,556) |
Balance, value | $ 165,120 | $ 182,693 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of business segments | segment | 2 | ||
Total revenues | $ 99,099,000 | $ 76,093,000 | |
Foreign Locations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | $ 0 | |
Long lived assets | $ 0 | $ 0 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Selected Results Of Operations And Asset Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 99,099 | $ 76,093 | |
Total operating and interest expenses | 71,863 | 66,273 | |
Equity in earnings (loss) of unconsolidated joint ventures | (487) | (1,456) | |
Net operating income (loss) | 26,749 | 8,364 | |
Total assets | 4,259,825 | $ 4,527,318 | |
Total long-lived assets | 3,967,844 | 4,184,381 | |
Total investments in unconsolidated joint ventures | 135,116 | 137,772 | |
Commercial And Other Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 53,084 | 39,072 | |
Total operating and interest expenses | 14,476 | 16,122 | |
Equity in earnings (loss) of unconsolidated joint ventures | (119) | ||
Net operating income (loss) | 38,608 | 22,831 | |
Total assets | 951,402 | 1,216,717 | |
Total long-lived assets | 875,098 | 1,087,198 | |
Multiple-Family Real Estate & Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 46,517 | 37,316 | |
Total operating and interest expenses | 24,786 | 22,156 | |
Equity in earnings (loss) of unconsolidated joint ventures | (487) | (1,337) | |
Net operating income (loss) | 21,244 | 13,823 | |
Total assets | 3,297,133 | 3,294,226 | |
Total long-lived assets | 3,094,290 | 3,098,492 | |
Total investments in unconsolidated joint ventures | 135,116 | 137,772 | |
Corporate & Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (502) | (295) | |
Total operating and interest expenses | 32,601 | 27,995 | |
Net operating income (loss) | (33,103) | $ (28,290) | |
Total assets | 11,290 | 16,375 | |
Total long-lived assets | $ (1,544) | $ (1,309) |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net operating income | $ 26,749 | $ 8,364 |
Depreciation and amortization | (26,514) | (28,173) |
Land and other impairments | (2,932) | (413) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 1,836 | |
Gain on disposition of developable land | 2,623 | |
Gain (loss) from extinguishment of debt, net | (6,289) | |
Income (loss) from continuing operations | (4,527) | (20,222) |
Income from discontinued operations | 10,962 | |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 22,781 | |
Total discontinued operations, net | 33,743 | |
Net income (loss) | (4,527) | 13,521 |
Noncontrolling interests in consolidated joint ventures | 974 | 1,335 |
Noncontrolling interests in Operating Partnership | 898 | 2,305 |
Noncontrolling interests in Operating Partnership in discontinued operations | (3,067) | |
Redeemable noncontrolling interests | (6,437) | (6,471) |
Net income (loss) available to common shareholders | (9,092) | 7,623 |
VERIS RESIDENTIAL, L.P. [Member] | ||
Segment Reporting Information [Line Items] | ||
Net operating income | 26,749 | 8,364 |
Depreciation and amortization | (26,514) | (28,173) |
Land and other impairments | (2,932) | (413) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 1,836 | |
Gain on disposition of developable land | 2,623 | |
Gain (loss) from extinguishment of debt, net | (6,289) | |
Income (loss) from continuing operations | (4,527) | (20,222) |
Income from discontinued operations | 10,962 | |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 22,781 | |
Total discontinued operations, net | 33,743 | |
Net income (loss) | (4,527) | 13,521 |
Noncontrolling interests in consolidated joint ventures | 974 | 1,335 |
Redeemable noncontrolling interests | (6,437) | (6,471) |
Net income (loss) available to common shareholders | $ (9,990) | $ 8,385 |