Veris Residential, Inc. Reports Second Quarter 2023 Results
- Veris Residential reports Q2 2023 net loss of $(0.30) per share
- Same Store NOI increased by 21.8% compared to last year
- Negotiated early redemption of Rockpoint's interest for $520 million
- Signed agreements for four non-strategic land plots and Harborside 6 for $188 million
- Reinstated quarterly dividend of $0.05 per common share
- Exceeded 2022 ESG targets and received the WELL Equity Rating
- Raised annual Same Store NOI growth guidance to 10% to 12%
- None.
OPERATIONAL HIGHLIGHTS FOR SECOND QUARTER 2023
- Net loss available to common shareholders was
per share.$(0.30) - Core Funds from Operations ("Core FFO") per share of
.$0.16 - 7,681-unit multifamily portfolio and Same Store 6,691-unit multifamily portfolio were
95.6% and95.7% occupied, respectively, as of June 30, 2023. - Same Store multifamily Blended Net Rental Growth Rate of
11.7% for the quarter. - Same Store Net Operating Income ("NOI") increased by
21.8% , compared to the same quarter last year. - Raising annual Same Store NOI growth guidance to a range of
10% to12% .
LATEST ADVANCEMENTS CEMENT POSITION AS A PURE-PLAY MULTIFAMILY REIT
- Negotiated early redemption of Rockpoint interest in Veris Residential Trust for
.$520 million - Concurrently, entered into a
term loan and$115 million revolving credit facility, of which,$60 million of the term loan and$115 million of the revolving credit facility were drawn as of July 26, 2023.$25 million - Signed binding agreements for four non-strategic land plots, and Harborside 6 for
.$188 million - Reinstated a quarterly dividend of
per common share effective for the third quarter of 2023.$0.05
ESG
- Exceeded
50% Scope 1&2 reduction target for 2022 and the first company globally to achieve the WELL Equity Rating at the enterprise level.
Mahbod Nia, Chief Executive Officer, commented: "The negotiated early redemption of Rockpoint's interest substantially simplifies the Company`s overall structure while maximizing our strategic and operational flexibility. This latest advancement, alongside our continued progress with a further
FINANCIAL HIGHLIGHTS
Net (loss)/income available to common shareholders for the quarter ended June 30, 2023, was
For the second quarter 2023, Core FFO was
For more information and a reconciliation of FFO, Core FFO, Core AFFO, Adjusted EBITDA and NOI to net income (loss) attributable to common shareholders, please refer to the following pages and the Company's Supplemental Operating and Financial Data package for the second quarter of 2023. Please note that all presented per share amounts are on a diluted basis.
For the six months ended June 30, Same Store NOI was up
The following table presents percentage changes in Same Store Residential rental revenue, operating expenses and NOI for the three months ended June 30, 2023, compared to the three months ended June 30, 2022, and the prior quarter.
Three Months Ended June 30, | Sequential | ||||||
2023 | 2022 | % | Q2 2023 | Q1 2023 | % | ||
Total Property Revenue | 13.3 % | 4.5 % | |||||
Controllable Expenses | 10,764 | 10,225 | 5.3 % | 10,764 | 10,475 | 2.8 % | |
Non-Controllable Expenses | 8,299 | 9,126 | (9.1) % | 8,299 | 10,794 | (23.1) % | |
Total Property Expenses | 19,063 | 19,351 | (1.5) % | 19,063 | 21,269 | (10.4) % | |
Same Store NOI | 21.8 % | 13.1 % |
MULTIFAMILY PORTFOLIO HIGHLIGHTS
As of June 30, the Company's operating multifamily portfolio is comprised of 7,681-units and the Same Store portfolio comprised 6,691-units.
June 30, 2023 | March 31, 2023 | |
Operating Units | 7,681 | 7,681 |
% Physical Occupancy | 95.6 % | 95.9 % |
Same Store Units | 6,691 | 6,691 |
Same Store Occupancy | 95.7 % | 96.0 % |
Same Store Blended Rental Growth Rate | 11.7 % | 10.7 % |
Same Store Blended Rental Growth Rate (YTD) | 11.2 % | 11.2 % |
Average Rent per Home |
TRANSACTION ACTIVITY
The Company closed on
- In February, the Company closed on the sale of its Port Imperial Hotels for
, fully exiting the hotel segment.$97 million - In March, the Company closed on a land parcel located at 101 Columbia Road for approximately
.$8 million - In April, the Company closed the sale of Harborside 1, 2, & 3 for an aggregate price of
, releasing approximately$420 million of net proceeds.$360 million
Currently, the Company has
Asset | Land/Commercial | Gross Price (000s) |
Harborside 6 | Commercial | |
107 Morgan Street | Land | |
2/3 Campus | Land | |
Harborside 4 | Land | |
23 Main Street | Commercial |
BALANCE SHEET/CAPITAL MARKETS
On July 25, the Company purchased and redeemed the preferred units and certain other ownership interests ("Put/Call Interests") from Rockpoint and its affiliates in Veris Residential Trust for
As of June 30, 2023, the Company had a Debt-to-Undepreciated Assets ratio of
As of June 30, 2023,
As of July 26, 2023, the Company had a Net-Debt-to-EBITDA of 13.3x and total liquidity of approximately
OPERATIONAL GUIDANCE
The Company is raising its growth projection ranges for 2023 shown below (compared to the full year 2022 Same Store NOI). The Company`s initial Same Store NOI growth projection range was 4
Operational Guidance | Low | High | |
Same Store Revenue Growth | 8 % | - | 10 % |
Same Store Expense Growth | 4 % | - | 6 % |
Same Store NOI Growth | 10 % | - | 12 % |
DIVIDEND POLICY
Given the recent advancements in our strategic transformation, the Board of Directors approved a quarterly dividend of
ESG
During the quarter, the Company released its 2022 ESG report detailing the progress it has made in becoming a more responsible, sustainable, and inclusive owner, operator, and developer, while continuing its pursuit of long-term value creation for shareholders.
The Company has exceeded its previously announced target to reduce its Scope 1 and 2 emissions by
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for July 27, 2023, at 9:00 a.m. Eastern Time, and will be broadcast live via the Internet at: http://investors.verisresidential.com/corporate-overview.
The live conference call is also accessible by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international) and requesting the Veris Residential second quarter 2023 earnings conference call.
The conference call will be rebroadcast on Veris Residential, Inc.'s website at: http://investors.verisresidential.com/corporate-overview beginning at 9:00 a.m. Eastern Time on July 27, 2023.
A replay of the call will also be accessible July 27, 2023 through August 27, 2023 by calling (844) 512-2921 (domestic) or (412) 317-6671 (international) and using the passcode, 13739320.
Copies of Veris Residential, Inc.'s second quarter 2023 Form 10-Q and second quarter 2023 Supplemental Operating and Financial Data are available on Veris Residential, Inc.'s website, as follows:
Second Quarter 2023 Form 10-Q:
http://investors.verisresidential.com/sec-filings
Second Quarter 2023 Supplemental Operating and Financial Data:
https://investors.verisresidential.com/financial-information
In addition, once filed, these items will be available upon request from:
Veris Residential, Inc. Investor Relations Department
Harborside 3, 210 Hudson St., Ste. 400,
NON-GAAP FINANCIAL MEASURES
Included in this press release are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a "non-GAAP financial measure," measuring Veris Residential, Inc.'s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles ("
For reconciliation of FFO and Core FFO to Net Income (Loss), please refer to the following pages. For reconciliation of NOI, and Adjusted EBITDA to Net Income (Loss), please refer to the Company's disclosure in the Quarterly Financial and Operating Data package for the second quarter 2023.
FFO
FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("Nareit"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
Core FFO and Adjusted FFO ("AFFO")
Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions, and capital expenditures, (ii) straight-line rents and amortization of acquired above/below market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. Core FFO and Adjusted AFFO are presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO and Adjusted FFO are non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying this press release.
NOI and Same Store NOI
NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company's use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed.
Same Store NOI is presented for the same store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.
Blended Net Rental Growth Rate
Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.
ABOUT THE COMPANY
Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment.
For additional information on Veris Residential, Inc. and our properties available for lease, please visit http://www.verisresidential.com/.
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the "10-Q") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings.
We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.
Investors
Anna Malhari
Chief Operating Officer
investors@verisresidential.com
Media
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
212-257-4170
veris-residential@gasthalter.com
Veris Residential, Inc. | |||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||
REVENUES | 2023 | 2022 | 2023 | 2022 | |||
Revenue from leases | $ 61,909 | $ 47,313 | $ 121,747 | $ 91,256 | |||
Real estate services | 643 | 896 | 1,554 | 1,807 | |||
Parking income | 4,796 | 4,173 | 9,129 | 7,760 | |||
Other income | 1,381 | 1,431 | 3,258 | 2,491 | |||
Total revenues | 68,729 | 53,813 | 135,688 | 103,314 | |||
EXPENSES | |||||||
Real estate taxes | 7,860 | 7,911 | 18,980 | 16,201 | |||
Utilities | 2,379 | 1,895 | 4,882 | 4,247 | |||
Operating services | 14,044 | 13,100 | 26,307 | 25,964 | |||
Real estate services expenses | 4,389 | 2,920 | 6,332 | 5,283 | |||
General and administrative | 9,582 | 11,527 | 19,865 | 30,976 | |||
Transaction related costs | 3,319 | 1,345 | 4,347 | 1,345 | |||
Depreciation and amortization | 23,684 | 21,015 | 47,331 | 39,456 | |||
Land and other impairments, net | — | 3,900 | 3,396 | 6,832 | |||
Total expenses | 65,257 | 63,613 | 131,440 | 130,304 | |||
OTHER (EXPENSE) INCOME | |||||||
Interest expense | (21,692) | (14,741) | (43,706) | (26,348) | |||
Interest cost of mandatorily redeemable noncontrolling interests | (13,390) | — | (13,390) | — | |||
Interest and other investment income | 3,927 | 189 | 4,043 | 347 | |||
Equity in earnings of unconsolidated joint venture | 2,700 | 2,638 | 2,633 | 2,151 | |||
Gain (loss) on disposition of developable land | — | 55,125 | (22) | 57,748 | |||
Loss from extinguishment of debt, net | (2,657) | (129) | (2,657) | (129) | |||
Other income, net | 853 | — | 2,851 | — | |||
Total other (expense) income, net | (30,259) | 43,082 | (50,248) | 33,769 | |||
(Loss) Income from continuing operations | (26,787) | 33,282 | (46,000) | 6,779 | |||
Discontinued operations: | |||||||
Income from discontinued operations | 140 | 5,808 | 2,344 | 25,948 | |||
Realized gains (losses) and unrealized gains (losses) on disposition of rental | (3,488) | (4,440) | (2,709) | (2,604) | |||
Total discontinued operations, net | (3,348) | 1,368 | (365) | 23,344 | |||
Net (loss) Income | (30,135) | 34,650 | (46,365) | 30,123 | |||
Noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 | |||
Noncontrolling interests in Operating Partnership from continuing operations | 2,384 | (2,568) | 4,696 | 305 | |||
Noncontrolling interests in Operating Partnership in discontinued operations | 298 | (127) | 22 | (2,102) | |||
Redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) | |||
Net (loss) Income available to common shareholders | $ (27,434) | $ 26,373 | $ (47,407) | $ 17,281 | |||
Basic earnings per common share: | |||||||
Loss from continuing operations | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) | |||
Discontinued operations | $ (0.03) | $ 0.01 | $ 0.00 | $ 0.23 | |||
Net loss available to common shareholders | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 | |||
Diluted earnings per common share: | |||||||
(Loss) Income from continuing operations | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) | |||
Discontinued operations | $ (0.03) | 0.01 | 0.00 | 0.23 | |||
Net (loss) income available to common shareholders | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 | |||
Basic weighted average shares outstanding | 91,873 | 91,027 | 91,551 | 90,989 | |||
Diluted weighted average shares outstanding | 100,854 | 100,352 | 100,691 | 100,171 |
Veris Residential, Inc. | |||||||
Three Months Ended | Six Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net (loss)/gain available to common shareholders | $ (27,434) | $ 26,373 | $ (47,407) | $ 17,281 | |||
Add (deduct): Noncontrolling interests in Operating Partnership | (2,384) | 2,568 | (4,696) | (305) | |||
Noncontrolling interests in discontinued operations | (298) | 127 | (22) | 2,102 | |||
Real estate-related depreciation and amortization on continuing operations (a) | 26,064 | 23,413 | 52,053 | 44,352 | |||
Real estate-related depreciation and amortization on discontinued operations | 275 | 6,863 | 5,231 | 14,784 | |||
Discontinued operations: Realized losses and unrealized losses on | 3,488 | 4,440 | 2,709 | 2,604 | |||
Funds from operations (b) | $ (289) | $ 63,784 | $ 7,868 | $ 80,818 | |||
Add (Deduct): | |||||||
Loss from early extinguishment of debt, net | 2,657 | 129 | 2,669 | 6,418 | |||
Land and other impairments | — | 3,900 | 3,396 | 6,832 | |||
(Gain)/loss on disposition of developable land | — | (55,125) | 22 | (57,748) | |||
Rebranding and Severance/Compensation related costs | 817 | 1,225 | 1,781 | 8,867 | |||
Redemption value adjustment to mandatorily redeemable | 7,641 | — | 7,641 | — | |||
Lease breakage fee, net | — | — | — | (22,664) | |||
Interest derivative | 1,619 | (2) | 2,752 | (2) | |||
Dead deal and transaction-related costs | 3,319 | 1,345 | 4,347 | 1,345 | |||
Core FFO | $ 15,764 | $ 15,256 | $ 30,476 | $ 23,866 | |||
Diluted weighted average shares/units outstanding (c) | 100,854 | 100,352 | 100,691 | 100,171 | |||
Funds from operations per share/unit-diluted | $ 0.00 | $ 0.64 | $ 0.08 | $ 0.81 | |||
Core funds from operations per share/unit-diluted | $ 0.16 | $ 0.15 | $ 0.30 | $ 0.24 | |||
Dividends declared per common share | $ — | $ — | $ — | $ — | |||
Supplemental Information: | |||||||
Non-incremental revenue generating capital expenditures: | |||||||
Building improvements | $ (2,339) | $ (2,243) | $ (4,431) | $ (5,492) | |||
Tenant improvements & leasing commissions (d) | (195) | (1,611) | (547) | (6,261) | |||
Tenant improvements & leasing commissions on space vacant for more than a year | 302 | (9,606) | (434) | (15,898) | |||
Straight-line rent adjustments (e) | 893 | 1,981 | (360) | 6,627 | |||
Amortization of (above)/below market lease intangibles, net | (49) | 4 | (79) | (106) | |||
Amortization of stock compensation | 3,614 | 3,019 | 5,761 | 5,638 | |||
Amortization of lease inducements | — | 37 | 15 | 75 | |||
Non real estate depreciation and amortization | 199 | 325 | 584 | 650 | |||
Amortization of deferred financing costs | 621 | 1,181 | 1,832 | 2,358 |
(a) | Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of |
(b) | Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See "Information About FFO" in this release. |
(c) | Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,651 and 8,620 shares for the three months ended June 30, 2023 and 2022, respectively, and 8,897 and 8,642 for the six months ended June 30, 2023 and 2022, respectively, plus dilutive Common Stock Equivalents (i.e. stock options). |
(d) | Excludes expenditures for tenant spaces that have not been owned for at least a year. |
(e) | Includes free rent of |
Veris Residential, Inc. | |||||||
Three Months Ended | Six Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net (loss)/gain available to common shareholders | $ (0.27) | $ 0.26 | $ (0.47) | $ 0.17 | |||
Add (deduct):Real estate-related depreciation and amortization on | (0.02) | 0.03 | (0.05) | 0.00 | |||
Noncontrolling interests in discontinued operations | 0.00 | 0.00 | 0.00 | 0.02 | |||
Real estate-related depreciation and amortization on discontinued | 0.26 | 0.23 | 0.52 | 0.44 | |||
Real estate-related depreciation and amortization on continuing | 0.00 | 0.07 | 0.05 | 0.15 | |||
Real estate-related depreciation and amortization on discontinued | 0.03 | 0.04 | 0.03 | 0.03 | |||
Funds from operations (b) | $ 0.00 | $ 0.64 | $ 0.08 | $ 0.81 | |||
Add (Deduct): | |||||||
Loss from early extinguishment of debt, net | 0.03 | 0.00 | 0.03 | 0.06 | |||
Land and other impairments | 0.00 | 0.04 | 0.03 | 0.07 | |||
(Gain) on disposition of developable land | 0.00 | (0.55) | 0.00 | (0.58) | |||
Rebranding and Severance/Compensation related costs | 0.01 | 0.01 | 0.02 | 0.09 | |||
Redemption value adjustment to mandatorily redeemable | 0.08 | 0.00 | 0.08 | 0.00 | |||
Lease breakage fee, net | 0.00 | 0.00 | 0.00 | (0.23) | |||
Amortization of derivative premium | 0.02 | 0.00 | 0.03 | 0.00 | |||
Dead Deal and Transaction related costs | 0.03 | 0.01 | 0.04 | 0.01 | |||
Core FFO | $ 0.16 | $ 0.15 | $ 0.30 | $ 0.24 | |||
Diluted weighted average shares/units outstanding (c) | 100,854 | 100,352 | 100,691 | 100,171 |
(a) | Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of |
(b) | Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See "Information About FFO" in this release. |
(c) | Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,651 and 8,620 shares for the three months ended June 30, 2023 and 2022, respectively, and 8,897 and 8,642 for the six months ended June 30, 2023 and 2022, respectively, plus dilutive Common Stock Equivalents (i.e. stock options). |
Veris Residential, Inc. | |||
ASSETS | June 30, | December 31, | |
Rental property | |||
Land and leasehold interests | $ 483,195 | $ 492,204 | |
Buildings and improvements | 2,845,193 | 3,332,315 | |
Tenant improvements | 40,809 | 122,509 | |
Furniture, fixtures and equipment | 100,803 | 99,094 | |
3,470,000 | 4,046,122 | ||
Less – accumulated depreciation and amortization | (438,113) | (631,910) | |
3,031,887 | 3,414,212 | ||
Real estate held for sale, net | 122,690 | 193,933 | |
Net investment in rental property | 3,154,577 | 3,608,145 | |
Cash and cash equivalents | 396,940 | 26,782 | |
Restricted cash | 27,614 | 20,867 | |
Investments in unconsolidated joint ventures | 122,435 | 126,158 | |
Unbilled rents receivable, net | 7,808 | 39,734 | |
Deferred charges and other assets, net | 58,961 | 96,162 | |
Accounts receivable | 4,498 | 2,920 | |
Total Assets | $ 3,772,833 | $ 3,920,768 | |
LIABILITIES & EQUITY | |||
Mortgages, loans payable and other obligations, net | $ 1,820,981 | $ 1,903,977 | |
Mandatorily redeemable noncontrolling interests | 487,619 | — | |
Dividends and distributions payable | 72 | 110 | |
Accounts payable, accrued expenses and other liabilities | 53,239 | 72,041 | |
Rents received in advance and security deposits | 15,710 | 22,941 | |
Accrued interest payable | 6,963 | 7,131 | |
Total Liabilities | $ 2,384,584 | $ 2,006,200 | |
Redeemable noncontrolling interests | 40,231 | 515,231 | |
Equity: | |||
Veris Residential, Inc. stockholders' equity: | |||
Common stock, par value, shares authorized, and shares outstanding | 918 | 911 | |
Additional paid-in capital | 2,540,309 | 2,532,182 | |
Dividends in excess of net earnings | (1,348,792) | (1,301,385) | |
Accumulated other comprehensive income | 4,518 | 3,977 | |
Total Veris Residential, Inc. Stockholders' Equity | $ 1,196,953 | $ 1,235,685 | |
Noncontrolling interests in subsidiaries: | |||
Operating Partnership | 115,307 | 126,109 | |
Consolidated joint ventures | 35,758 | 37,543 | |
Total Noncontrolling Interests in Subsidiaries | 151,065 | 163,652 | |
Total Equity | 1,348,018 | 1,399,337 | |
Total Liabilities and Equity | $ 3,772,833 | $ 3,920,768 |
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SOURCE Veris Residential, Inc.
FAQ
What were Veris Residential's Q2 2023 earnings per share?
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What was the value of the negotiated early redemption of Rockpoint's interest?
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Did Veris Residential achieve its 2022 ESG targets?