Veris Residential, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Veris Residential, Inc. (VRE) has submitted its 2023 annual report (10-K), detailing its financial performance and corporate information.</b>

AI Summary

Veris Residential, Inc. (VRE) filed a Annual Report (10-K) with the SEC on February 21, 2024. Veris Residential, Inc. (VRE) filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Mack Cali Realty Corp. Veris Residential, L.P. is also listed with a Delaware incorporation. The business and mailing address for both entities is 210 Hudson St., Ste. 400, Jersey City, NJ.

Why It Matters

For investors and stakeholders tracking Veris Residential, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Veris Residential's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future outlook. The inclusion of former company names and the dual filing structure (Veris Residential, Inc. and Veris Residential, L.P.) indicates potential corporate restructuring or historical context that investors should consider.

Risk Assessment

Risk Level: medium — Veris Residential, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the lack of specific financial performance data within the provided text necessitates a medium risk assessment as the full financial picture is not immediately available.

Analyst Insight

Investors should review the full 10-K filing to analyze Veris Residential's financial statements, risk factors, and management's discussion and analysis for a complete understanding of the company's performance and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date of submission)

Key Players & Entities

• Veris Residential, Inc. (company) — Filer name
• VRE (company) — Ticker symbol
• 2024-02-21 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• Mack Cali Realty Corp (company) — Former company name
• Veris Residential, L.P. (company) — Related entity
• 210 Hudson St., Ste. 400, Jersey City, NJ (location) — Business and mailing address

FAQ

Industry Context

Veris Residential operates within the Real Estate Investment Trusts (REITs) sector, focusing on real estate and construction.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, indicating compliance with SEC regulations for public companies.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and performance metrics.
2. Analyze the risk factors section for potential challenges and uncertainties.
3. Investigate the company's operational segments and any disclosed growth strategies.

Key Dates

• 2024-02-21: 10-K Filing — Annual report submission for fiscal year 2023

Year-Over-Year Comparison

This is the initial 10-K filing for Veris Residential, Inc. under its current name, following its previous identity as Mack Cali Realty Corp. Specific year-over-year comparisons are not available from this filing alone.

Key Financial Figures

• $0.01 — Veris Residential, Inc. Common Stock, $0.01 par value VRE New York Stock Exchange
• $1,000 — contributions dollar for dollar (up to $1,000 per employee per year). More informati

Filing Documents

• vre-20231231.htm (10-K) — 3732KB
• ex191-insidertrading.htm (EX-19.1) — 93KB
• ex211.htm (EX-21.1) — 74KB
• ex212.htm (EX-21.2) — 78KB
• ex231.htm (EX-23.1) — 2KB
• ex232.htm (EX-23.2) — 2KB
• vre-20231231xexx311.htm (EX-31.1) — 10KB
• vre-20231231xexx312.htm (EX-31.2) — 10KB
• vre-20231231xexx313.htm (EX-31.3) — 11KB
• vre-20231231xexx314.htm (EX-31.4) — 10KB
• vre-20231231xexx321.htm (EX-32.1) — 8KB
• vre-20231231xexx322.htm (EX-32.2) — 9KB
• veris1a.jpg (GRAPHIC) — 19KB
• veris2.jpg (GRAPHIC) — 5KB
• vre-20231231_g1.jpg (GRAPHIC) — 264KB
• 0000924901-24-000006.txt (&nbsp;) — 19860KB
• vre-20231231.xsd (EX-101.SCH) — 157KB
• vre-20231231_cal.xml (EX-101.CAL) — 161KB
• vre-20231231_def.xml (EX-101.DEF) — 818KB
• vre-20231231_lab.xml (EX-101.LAB) — 1341KB
• vre-20231231_pre.xml (EX-101.PRE) — 1054KB
• vre-20231231_htm.xml (XML) — 3338KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 21 I tem 1C C y bersecurity 21 Item 2

Properties

Properties 23 Item 3

Legal Proceedings

Legal Proceedings 26 Item 4 Mine Safety Disclosures 26 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6 Reserved 28 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 41 Item 9A

Controls and Procedures

Controls and Procedures 41 Item 9B Other Information 43 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III Item 10 Directors, Executive Officers and Corporate Governance 44 Item 11

Executive Compensation

Executive Compensation 44 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44 Item 13 Certain Relationships and Related Transactions, and Director Independence 44 Item 14 Principal Accounting Fees and Services 44 PART IV Item 15 Exhibits and Financial Statement Schedules 45 Item 16 Form 10-K Summary 45 EXHIBIT INDEX 103

SIGNATURES

SIGNATURES 108 4 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS GENERAL Veris Residential, Inc., a Maryland corporation, together with its subsidiaries (collectively the "General Partner"), is a fully-integrated, self-administered and self-managed real estate investment trust ("REIT"). The Company owns, operates and develops multifamily rental properties located primarily in the Northeast, as well as a portfolio of non-strategic land and commercial assets. The Company is focused on conducting business in a socially, ethically, and environmentally responsible manner, while seeking to maximize value for all stakeholders. Veris Residential, Inc. was incorporated on May 24, 1994. The General Partner controls Veris Residential, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the "Operating Partnership"), as its sole general partner and owned a 91.4 percent and 90.7 percent common unit interest in the Operating Partnership as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company owned or had interests in 24 multifamily rental properties as well as non-strategic assets comprised of one office property and four parking/retail properties, plus developable land (collectively, the "Properties"). The Properties are comprised of: (a) 21 wholly-owned or Company-controlled properties, comprised of 17 multifamily properties and four non-core assets, and (b) eight properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and one non-core asset. The Properties are located in three states in the Northeast, plus the District of Columbia. For more information on the Properties, refer to Item 2. THE COMPANY During 2023, the Company substantially completed its multi-year transformation to a pure-play multifamily REIT. As part of this strategic initiative, the Company sought to unlock shareholder value by simplifying its business, strengthening its balance sheet, enhancing its operational

View Full Filing

View this 10-K filing on SEC EDGAR