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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company operates in two business segments: (i) multifamily real estate and services and (ii) commercial and other real estate. The Company provides property management, leasing, acquisition, development, construction and tenant-related services for its multifamily real estate portfolio and commercial and other real estate located in the United States. The
Company’s multifamily services business also provides similar services for third parties. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization.
The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (multifamily real estate and services, and commercial and other real estate). All properties classified as discontinued operations have been excluded.
Selected results of operations for the years ended December 31, 2023, 2022 and 2021, and selected asset information as of December 31, 2023 and 2022 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands):
Commercial
& Other Real Estate		Multifamily
Real Estate & Services (d)		Corporate
& Other (e)		Total
Company
Total revenues:
2023$19,171 $259,523 $1,165 $279,859 
20222,956 224,733 5,759 233,448 
202114,936 171,030 8,679 194,645 
Total operating and interest expenses (a):
2023$14,267 $103,776 $187,652 $305,695 
2022(1,089)114,448 123,154 236,513 
20212,828 108,197 100,584 211,609 
Equity in earnings (loss) of unconsolidated joint ventures:
2023$— $3,102 $— $3,102 
2022— 1,200 — 1,200 
2021(111)(4,139)— (4,250)
Net operating income (loss) (b):
2023$4,904 $158,849 $(186,487)$(22,734)
20224,045 111,485 (117,395)(1,865)
202111,997 58,694 (91,905)(21,214)
Total assets:
2023$97,253 $3,119,602 $24,191 $3,241,046 
2022597,459 3,302,188 21,121 3,920,768 
Total long-lived assets (c):
2023$83,785 $2,929,884 $(1,854)$3,011,815 
2022547,923 3,101,286 (1,330)3,647,879 
Total investments in unconsolidated joint ventures:
2023$— $117,954 $— $117,954 
2022— 126,158 — 126,158 
(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, transaction-related costs and interest expense, net of interest and other investment income and other income, net. All interest expense, net of interest and other investment income (including for property-level mortgages interests, and interest cost of mandatorily redeemable noncontrolling interests) is included under Corporate & Other for all periods.
(b)Net operating income (loss) represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the periods.
(c)Long-lived assets are comprised of net investment in rental property and unbilled rents receivable.
(d)Segment assets and operations were owned through a consolidated and variable interest entity.
(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, interest cost of mandatorily redeemable noncontrolling interests, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals.
Veris Residential, Inc.
The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands):
Year Ended December 31,
202320222021
Net operating income$(22,734)$(1,865)$(21,214)
Add (deduct):
Depreciation and amortization (a)(93,589)(85,434)(68,506)
Land and other impairments, net(9,324)(9,368)(23,719)
Property impairments(32,516)— —
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net——3,023
Gain on disposition of developable land7,06857,2622,115
Loss on sale from unconsolidated joint venture interests— —(1,886)
Loss from extinguishment of debt, net(5,606)(129)(47,078)
Loss from continuing operations before income tax expense(156,701)(39,534)(157,265)
Provision for income taxes(492)— — 
Loss from continuing operations after income tax expense
(157,193)(39,534)(157,265)
Discontinued operations
Income (loss) from discontinued operations3,150(64,704)22,174
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net41,68269,35325,552 
Total discontinued operations, net44,8324,64947,726 
Net loss(112,361)(34,885)(109,539)
Noncontrolling interests in consolidated joint ventures2,3193,0794,595
Noncontrolling interests in Operating Partnership of income from continuing operations14,2675,65216,212 
Noncontrolling interests in Operating Partnership of income from discontinued operations(3,872)(378)(4,333)
Redeemable noncontrolling interests(7,618)(25,534)(25,977)
Net loss available to common shareholders$(107,265)$(52,066)$(119,042)
(a)     Depreciation and amortization included in each segment for the years ending December 31, 2023, 2022 and 2021 is $7.4 million, $3.9 million and $3.0 million for Commercial & Other Real Estate, $85.1 million, $80.6 million and $64.6 million for Multifamily Real Estate & Services, and $1.1 million, $0.9 million and $0.9 million for Corporate & Other, respectively.
Veris Residential, L.P.
The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands):
Year Ended December 31,
202320222021
Net operating income$(22,734)$(1,865)$(21,214)
Add (deduct):
Depreciation and amortization (a)(93,589)(85,434)(68,506)
Land and other impairments, net(9,324)(9,368)(23,719)
Property impairments(32,516)— —
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net——3,023
Gain on disposition of developable land7,06857,2622,115
Loss on sale from unconsolidated joint venture interests— —(1,886)
Loss from extinguishment of debt, net(5,606)(129)(47,078)
Loss from continuing operations before income tax expense(156,701)(39,534)(157,265)
Provision for income taxes(492)— — 
Income (loss) from continuing operations after income tax expense(157,193)(39,534)(157,265)
Discontinued operations
Income (loss) from discontinued operations3,150(64,704)22,174
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net41,68269,35325,552 
Total discontinued operations, net44,8324,64947,726 
Net loss(112,361)(34,885)(109,539)
Noncontrolling interests in consolidated joint ventures2,3193,0794,595
Redeemable noncontrolling interests(7,618)(25,534)(25,977)
Net loss available to common unitholders$(117,660)$(57,340)$(130,921)
(a)     Depreciation and amortization included in each segment for the years ending December 31, 2023, 2022 and 2021 is $7.4 million, $3.9 million and $3.0 million for Commercial & Other Real Estate, $85.1 million, $80.6 million and $64.6 million for Multifamily Real Estate & Services, and $1.1 million, $0.9 million and $0.9 million for Corporate & Other, respectively.