Veris Residential, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Veris Residential, Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Veris Residential, Inc. (VRE) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Veris Residential, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business address is in Jersey City, NJ. Veris Residential, Inc. was formerly known as Mack Cali Realty Corp. The filing includes data for Veris Residential, L.P. as well.

Why It Matters

For investors and stakeholders tracking Veris Residential, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Veris Residential, Inc. during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks or opportunities.

Risk Assessment

Risk Level: medium — Veris Residential, Inc. shows moderate risk based on this filing. The company has a history of name changes and operates through multiple entities (Veris Residential, Inc. and Veris Residential, L.P.), which can indicate complex corporate structures that may warrant closer scrutiny.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook for the upcoming quarters.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report)
• 2024-04-24 — Filing Date (10-Q filing)
• 0000924901-24-000020 — Accession Number (SEC filing identifier)

Key Players & Entities

• Veris Residential, Inc. (company) — Filer and company name
• Veris Residential, L.P. (company) — Filer and company name
• Mack Cali Realty Corp (company) — Former company name
• Jersey City, NJ (location) — Business and mailing address
• 2024-03-31 (date) — Period of report
• 2024-04-24 (date) — Filing date

FAQ

Industry Context

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

Regulatory Implications

As a publicly traded company, Veris Residential, Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
2. Examine any disclosures related to debt, equity, and cash flow.
3. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.

Key Dates

• 2024-03-31: End of Reporting Period — Covers the first quarter of 2024 financial data.
• 2024-04-24: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, and comparative data from prior periods will be detailed within the document itself.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share VRE New York Stock Exchange

Filing Documents

• vre-20240331.htm (10-Q) — 1903KB
• vre10-qexhibit102.htm (EX-10.2) — 1210KB
• vre10-qexhibit103.htm (EX-10.3) — 59KB
• vre10-qexhibit104.htm (EX-10.4) — 91KB
• vre10-qexhibit105.htm (EX-10.5) — 184KB
• vre-20240331xexx311.htm (EX-31.1) — 10KB
• vre-20240331xexx312.htm (EX-31.2) — 11KB
• vre-20240331xexx313.htm (EX-31.3) — 11KB
• vre-20240331xexx314.htm (EX-31.4) — 11KB
• vre-20240331xexx321.htm (EX-32.1) — 7KB
• vre-20240331xexx322.htm (EX-32.2) — 12KB
• jpmorgan.jpg (GRAPHIC) — 25KB
• 0000924901-24-000020.txt (&nbsp;) — 12468KB
• vre-20240331.xsd (EX-101.SCH) — 105KB
• vre-20240331_cal.xml (EX-101.CAL) — 112KB
• vre-20240331_def.xml (EX-101.DEF) — 550KB
• vre-20240331_lab.xml (EX-101.LAB) — 788KB
• vre-20240331_pre.xml (EX-101.PRE) — 713KB
• vre-20240331_htm.xml (XML) — 1484KB

Financial Statements ( unaudited)

Financial Statements ( unaudited) : Veris Residential, Inc. Consolidated Balance Sheets as of March 31 , 202 4 and December 31, 20 23 6 Consolidated Statements of Operations for the three months ended March 31 , 202 4 and 20 23 7 Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31 , 202 4 and 20 23 8 Consolidated Statements of Changes in Equity for the three months ended March 3 1 , 202 4 and 20 23 9 Consolidated Statements of Cash Flows for the three months ended Mar ch 3 1 , 202 4 and 20 23 10 Veris Residential, L.P. Consolidated Balance Sheets as of Ma rch 3 1 , 202 4 and December 31, 20 23 11 Consolidated Statements of Operations for the three months ended March 3 1 , 202 4 and 20 23 12 Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 3 1 , 202 4 and 20 23 13 Consolidated Statements of Changes in Equity for the three months ended March 3 1 , 202 4 and 20 23 14 Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 20 23 15 Veris Residential, Inc. and Veris Residential, L.P.

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 16 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 47 Part II Other Information Veris Residential, Inc. and Veris Residential, L.P. Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 50 Exhibit Index 51

Signatures

Signatures 52 4 Table of Contents VERIS RESIDENTIAL, INC. VERIS RESIDENTIAL, L.P.

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements The accompanying unaudited consolidated balance sheets, statements of operations, of comprehensive income (loss), of changes in equity, and of cash flows and related notes thereto, have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. The financial statements reflect all adjustments consisting only of normal, recurring adjustments, which are, in the opinion of management, necessary for a fair statement for the interim periods. The aforementioned financial statements should be read in conjunction with the notes to the aforementioned financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in Veris Residential, Inc.'s and Veris Residential, L.P.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The results of operations for the three-month periods ended March 31, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period. 5 Table of Contents VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) ASSETS March 31, 2024 December 31, 2023 Rental property Land and leasehold interests $ 463,826 $ 474,499 Buildings and improvements 2,633,849 2,782,468 Tenant improvements 8,391 30,908 Furniture, fixtures and equipment 105,668 103,613 3,211,734 3,391,488 Less – accumulated depreciation and amortization ( 372,241 ) ( 443,781 ) 2,839,493 2,947,707 Real estate held for sale, net 66,975 58,608 Net investment in rental property 2,906,468 3,006,315 Cash and cash equivalents 112,701 28,007 Restricted cash 25,64

View Full Filing

View this 10-Q filing on SEC EDGAR