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VRE Stock Price Correlated With Veris-Residential Financials
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Income Statement
Cash Flow
Balance Sheet
VRE Income Statement
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VRE Cash Flow
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VRE Balance Sheet
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COMPANY PROFILE
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 name from Mack-Cali Realty Corporation to Veris Residential, Inc. reflecting the Company’s continued transition to a multifamily REIT, and on December 10, 2021, the Company 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 and 90.4 percent common unit interest in the Operating Partnership as of December 31, 2021 and 2020, 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 December 31, 2021, the Company owned or had interests in 36 properties (the “Properties”). The Properties are comprised of 22 multifamily rental properties as well as non-core assets comprised of seven office properties, four parking/retail properties, three hotels, plus developable land (collectively, the “Properties”). The properties are comprised of: (a) 27 wholly-owned or Company-controlled properties comprised of 15 multifamily properties and 12 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. On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey (collectively, the “Suburban Office Portfolio”). 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) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. 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: 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, i
Free historical financial statements for Veris Residential, Inc. See how revenue, income, cash flow, and balance sheet financials have changed over 55 quarters since 2011. Compare with VRE stock chart to see long term trends.
Data imported from Veris Residential, Inc SEC filings. Check original filings before making any investment decision.