Veris Residential, Inc. Files Q2 2024 10-Q

TL;DR

Veris Residential filed its Q2 10-Q. Financials look steady.

AI Summary

Veris Residential, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational updates. Veris Residential, Inc. is a real estate investment trust incorporated in Maryland.

Why It Matters

This filing provides investors with a crucial update on Veris Residential's financial health and strategic direction for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240724 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• Veris Residential, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240724 (date) — Date of filing
• Veris Residential, L.P. (company) — Related entity
• Mack Cali Realty Corp (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• vre-20240630.htm (10-Q) — 2581KB
• vre10-qexhibit1022.htm (EX-10.2) — 1210KB
• vre10-qexhibit1032.htm (EX-10.3) — 59KB
• vre10-qexhibit1042.htm (EX-10.4) — 91KB
• vre10-qexhibit1052.htm (EX-10.5) — 184KB
• vre-20240630xexx311.htm (EX-31.1) — 10KB
• vre-20240630xexx312.htm (EX-31.2) — 11KB
• vre-20240630xexx313.htm (EX-31.3) — 11KB
• vre-20240630xexx314.htm (EX-31.4) — 11KB
• vre-20240630xexx321.htm (EX-32.1) — 7KB
• vre-20240630xexx322.htm (EX-32.2) — 12KB
• jpmorgan.jpg (GRAPHIC) — 25KB
• 0000924901-24-000044.txt ( ) — 14150KB
• vre-20240630.xsd (EX-101.SCH) — 103KB
• vre-20240630_cal.xml (EX-101.CAL) — 117KB
• vre-20240630_def.xml (EX-101.DEF) — 560KB
• vre-20240630_lab.xml (EX-101.LAB) — 792KB
• vre-20240630_pre.xml (EX-101.PRE) — 729KB
• vre-20240630_htm.xml (XML) — 1914KB

Financial Statements ( unaudited)

Financial Statements ( unaudited) : Veris Residential, Inc. Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 6 Consolidated Statements of Operations for the three and six months ended June 30 , 2024 and 2023 7 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30 , 2024 and 2023 8 Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2024 and 2023 9 Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 11 Veris Residential, L.P. Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 12 Consolidated Statements of Operations for the three and six months ended June 30 , 2024 and 2023 13 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended J une 30 , 2024 and 2023 14 Consolidated Statements of Changes in Equity for the three and six months ended June 30 , 2024 and 2023 15 Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 17 Veris Residential, Inc. and Veris Residential, L.P.

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 18 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 40 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 53 Part II Other Information Veris Residential, Inc. and Veris Residential, L.P. Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults Upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 54 Exhibit Index 55

Signatures

Signatures 56 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 and six-month periods ended June 30, 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) 183 ASSETS June 30, 2024 December 31, 2023 Rental property Land and leasehold interests $ 463,826 $ 474,499 Buildings and improvements 2,635,611 2,782,468 Tenant improvements 8,682 30,908 Furniture, fixtures and equipment 105,707 103,613 3,213,826 3,391,488 Less – accumulated depreciation and amortization ( 390,556 ) ( 443,781 ) 2,823,270 2,947,707 Real estate held for sale, net — 58,608 Net investment in rental property 2,823,270 3,006,315 Cash and cash equivalents 18,398 28,007 Restricted cash

View Full Filing

View this 10-Q filing on SEC EDGAR