Veris Residential : Supplemental Operating and Financial Data Q3 2023

Supplemental Operating and Financial Data

Q3 2023

Forward-Looking Statements

Veris Residential Inc. (the "Company", "VRE", "we", "our", "us") considers portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward- looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Among the factors about which we have made assumptions are:

• risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of our business and the financial condition of our tenants and residents;
• the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis;
• the extent of any tenant bankruptcies or of any early lease terminations;
• our ability to lease or re-lease space at current or anticipated rents;
• changes in the supply of and demand for our properties;
• changes in interest rate levels and volatility in the securities markets;
• our ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment;
• our ability to attract, hire and retain qualified personnel;
• forward-lookingfinancial and operational information, including information relating to future development projects, potential acquisitions or dispositions, leasing activities, capitalization rates, and projected revenue and income;
• changes in operating costs;
• our ability to obtain adequate insurance, including coverage for natural disasters and terrorist acts;
• our credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and refinance existing debt and our future interest expense;
• changes in governmental regulation, tax rates and similar matters; and
• other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants or residents will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.

For further information on factors which could impact us and the statements contained herein, see Item 1A: Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022. We assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of VRE. Any offers to sell or solicitations of VRE shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the "10-Q") filed by VRE for the same period with the Securities and Exchange Commission (the "SEC") and all of the VRE's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-Q and the Public Filings. Any investors' receipt of, or access to, the information contained herein is subject to this qualification.

This Supplemental Operating and Financial Data should be read in connection with the Company's third quarter 2023 earnings press release (included as Exhibit 99.2 of the Company's Current Report on Form 8-K, filed on October 25, 2023, as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Operating and Financial Data.

2

Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre

Funds from operations ("FFO") is defined as net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("Nareit"). A reconciliation of net income per share to FFO per share is included in the financial tables below.

Core FFO is defined as FFO, as adjusted for items that may distort the comparative measurement of the Company's performance over time. Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired above/below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. Core FFO and AFFO are both non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP. Core FFO and AFFO are presented solely as supplemental disclosures that the Company's management believes provides useful information regarding the Company's operating performance and its ability to fund its dividends. There are not generally accepted definitions established for Core FFO or AFFO. Therefore, the Company's measures of Core FFO and AFFO may not be comparable to the Core FFO and AFFO reported by other REITs. A reconciliation of net income to Core FFO and AFFO are included in the financial tables below.

Net operating income ("NOI") represents total revenues less total operating expenses, as reconciled to net income above. Same Store GAAP NOI and Same Store Cash NOI are reconciled to Total Property Revenues. The Company considers NOI, Same Store GAAP NOI, and Same Store Cash NOI to be meaningful non-GAAP financial measures for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company's use of NOI, Same Store GAAP NOI, Same Store Cash NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed.

Same Store includes specific properties, which represent all in-service properties owned by the Company during the reported period, excluding properties sold, disposed of, held for sale, removed from service, or for any reason considered not stabilized, or being redeveloped or repositioned in the reporting period.

Adjusted EBITDA is a non-GAAP financial measure. The Company computes Adjusted EBITDA in accordance with what it believes are industry standards for this type of measure, which may not be comparable to Adjusted EBITDA reported by other REITs. The Company defines Adjusted EBITDA as Core FFO , plus interest expense, plus income tax expense, plus income (loss) in noncontrolling interest in consolidated joint ventures, and plus adjustments to reflect the entity's share of Adjusted EBITDA of unconsolidated joint ventures. The Company presents Adjusted EBITDA because the Company believes that Adjusted EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company's liquidity.

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. The Company presents EBITDAre, because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company's ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company's liquidity.

3

Company Highlights

4

Q3 2023 Key Financial Metrics

	Three Months Ended
	September 30, 2023	June 30, 2023
Net Loss per Diluted Share	$(0.60)	$(0.30)
Core FFO per Diluted Share(1)	$0.12	$0.16
Weighted Average - Diluted Shares(2)	100,924,794	100,854,172
Total Equity	$1.7 billion	$2.2 billion
Total Debt	$1.9 billion	$1.8 billion
Total Capitalization	$3.7 billion	$4.0 billion
Debt-to-Undepreciated Assets	50.5%	43.2%
Net Debt	$1.9 billion	$1.4 billion
Annualized Adjusted EBITDA(1)	144,227	163,113
Net Debt-to-Adjusted EBITDA	13.0x	8.6x
Interest Coverage Ratio(1)	1.5x	1.9x

	Three Months Ended
	September 30, 2023	June 30, 2023
Key Portfolio Statistics
Multifamily Portfolio
Operating Units	7,681	7,681
% Physical Occupancy	95.3%	95.6%
Same Store Units	6,691	6,691
Same Store Occupancy	95.5%	95.7%
Same Store Blended Rental Growth Rate	9.3%	11.7%
Average Rent per Home	$3,809	$3,734
Office Portfolio
Area (sqft)(3)	.97 million	1.6 million
Consolidated In-Service Properties(3)	1	3

1. See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". FFO is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (Nareit). Interest Coverage Ratio is calculated as Adjusted EBITDA divided by interest expense.
2. Includes any outstanding preferred units presented on a converted basis into common units, noncontrolling interests in consolidated joint ventures and redeemable noncontrolling interests.

3.	Harborside 5 is the only in-service office property remaining as of October 24, 2023.	5

Components of Net Asset Value

$ in thousands

Real Estate Portfolio

Operating Multifamily NOI(1)	Total	At Share
New Jersey Waterfront	$128,980	$106,243
Massachusetts	26,264	26,264
Other	31,840	23,174
Haus25 (Stabilized NOI)(2)	30,426	30,426
Total Multifamily NOI	$217,510	$186,107
Commercial NOI(3)	4,840	3,916
Total NOI	$222,350	$190,023
Non-Strategic Assets
Book Value of Harborside 5		$117,927
Gross Price of Non-Strategic Assets Under Binding Contract		71,000
Estimated Land Value(4)		210,551
Subtotal Non-Strategic Assets		$399,478

Other Assets

Cash and Cash Equivalents	$17,274
Restricted Cash	23,603
Other Assets	70,245
Subtotal Other Assets	$111,122
Liabilities and Other Considerations
Operating - Consolidated Debt at Share	1,796,496
Operating - Unconsolidated Debt at Share	309,240
Other Liabilities	85,719
Revolving Credit Facility(5)	-
Term Loan(5)	-
Preferred Equity / LP interest(6)	40,231
Subtotal Liabilities and Other Considerations	$2,231,686
Outstanding Shares
Common Shares (Outstanding as of September 30, 2023)	100,913,085
Fully Diluted Shares for Q3 2023	100,924,794

Notes:See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". Net Asset Value ("NAV") is the metric that represents the net projected value of the Company's interest after accounting for all priority debt and equity payments. The metricincludes capital invested by the Company.

1. See page 19 entitled Property Listing - Multifamily.
2. In Q3 2023, Haus25 NOI was $6.8 million or $27.0 million annualized.
3. See page 20 entitled Property Listing - Commercial, Land Bank, & Other Non-Strategic Assets.
4. Based on 4,283 potential units. See page 20 for more detailed breakout.
5. The Company entered into a transitional $60 million revolving credit facility and $115 million term loan agreement to fund the buyout of Rockpoint`s interest and provide corporate liquidity. The revolving credit facility and term loan were both fully repaid subsequent to quarter end.

6.	Subsequent to quarter end, the Company was notified that approximately $15 million in preferred interest would be redeemed, to be paid out in November.	6

Same Store Performance

$ in thousands (unaudited)

Multifamily Same Store(1)

	Three Months Ended September 30,		Nine Months Ended September 30,			Sequential
	2023	2022	Change	%	2023	2022	Change	%		Q3 2023	Q2 2023	Change	%
Total Property Revenues (GAAP)	$61,498	$55,631	$5,867	10.5%	$179,581	$160,151	$19,430	12.1%	$61,498	$60,336	$1,162	1.9%
Marketing & Administration	2,076	1,841	235	12.8%	5,762	5,401	361	6.7%	2,076	1,947	129	6.6%
Utilities	2,020	1,937	83	4.3%	5,848	5,836	12	0.2%	2,020	1,780	240	13.5%
Payroll	4,074	3,758	316	8.4%	11,574	11,093	481	4.3%	4,074	3,686	388	10.5%
Repairs & Maintenance	3,417	3,353	64	1.9%		9,645	9,252	393	4.2%		3,417	3,354	63	1.9%
Total Controllable Expenses	$11,587	$10,889	$698	6.4%		$32,829	$31,582	$1,247	3.9%		$11,587	$10,767	$820	7.6%
Other Fixed Fees	764	709	55	7.8%	2,219	2,025	194	9.6%	764	738	26	3.5%
Insurance	945	1,244	(299)	(24.0)%	3,917	3,736	181	4.8%	945	1,486	(541)	(36.4)%
Real Estate Taxes	8,764	9,124	(360)	(3.9)%		23,431	23,739	(308)	(1.3)%		8,764	6,076	2,688	44.2%
Total Non-Controllable Expenses	$10,473	$11,077	$(604)	(5.5)%		$29,567	$29,500	$67	0.2%		$10,473	$8,300	$2,173	26.2%
Total Property Expenses	$22,060	$21,966	$94	0.4%		$62,396	$61,082	$1,314	2.2%		$22,060	$19,067	$2,993	15.7%
Same Store GAAP NOI	$39,438	$33,665	$5,773	17.1%		$117,185	$99,069	$18,116	18.3%		$39,438	$41,269	$(1,831)	(4.4)%
Real Estate Tax Adjustments(2)
20	734	(714)			1,689	1,467	222			20	2,169	(2,149)
Normalized Same Store NOI	39,418	32,931	6,487	19.7%		115,496	97,602	17,894	18.3%		39,418	39,100	318	0.8%
Total Units
6,691	6,691			6,691	6,691			6,691	6,691
% Ownership	82.7%	82.7%			82.7%	82.7%			82.7%	82.7%
% Occupied - Quarter End	95.5%	95.9%	(0.4)%		95.5%	95.9%	(0.4)%		95.5%	95.7%	(0.2)%

Notes:See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre".

1. Values represent the Company's pro rata ownership of operating portfolio.

2.	Represents tax settlements and final tax rate adjustments recognized that are applicable to prior periods.	7

Balance Sheet

$ in thousands (unaudited)

		September 30, 2023		December 31, 2022
ASSETS	Multifamily	Office/Corp.	Total
Rental property
Land and leasehold interests	$468,556	$7,651	$476,207	$492,204
Buildings and improvements	2,641,768	199,805	2,841,573	3,332,315
Tenant improvements	7,523	33,323	40,846	122,509
Furniture, fixtures and equipment	94,250	7,543	101,793	99,094
	3,212,097	248,322	3,460,419	4,046,122
Less - accumulated depreciation and amortization	(324,742)	(135,922)	(460,664)	(631,910)
	2,887,355	112,400	2,999,755	3,414,212
Real estate held for sale, net	63,668	35,515	99,183	193,933
Net Investment in Rental Property	2,951,023	147,915	3,098,938	3,608,145
Cash and cash equivalents	7,150	10,124	17,274	26,782
Restricted cash	19,374	4,229	23,603	20,867
Investments in unconsolidated joint ventures	119,830	-	119,830	126,158
Unbilled rents receivable, net	1,427	4,199	5,626	39,734
Deferred charges and other assets, net(1)(2)	44,924	15,840	60,764	96,162
Accounts receivable	3,232	623	3,855	2,920
Total Assets	$3,146,960	$182,930	$3,329,890	$3,920,768
LIABILITIES & EQUITY
Revolving credit facility and term loans	$-	$59,067	$59,067	$-
Mortgages, loans payable and other obligations, net	1,853,799	-	1,853,799	1,903,977
Dividends and distributions payable	-	5,221	5,221	110
Accounts payable, accrued expenses and other liabilities	30,729	27,008	57,737	72,041
Rents received in advance and security deposits	12,207	3,709	15,916	22,941
Accrued interest payable	6,462	383	6,845	7,131
Total Liabilities	1,903,197	95,388	1,998,585	2,006,200
Redeemable noncontrolling interests	-	40,231	40,231	515,231
Total Stockholders'/Members Equity	1,207,712	(60,102)	1,147,610	1,235,685
Noncontrolling interests in subsidiaries:
Operating Partnership	-	108,214	108,214	126,109
Consolidated joint ventures	36,051	(801)	35,250	37,543
Total Noncontrolling Interests in Subsidiaries	$36,051	$107,413	$143,464	$163,652
Total Equity	$1,243,763	$47,311	$1,291,074	$1,399,337
Total Liabilities and Equity	$3,146,960	$182,930	$3,329,890	$3,920,768

1.	Includes mark-to-market lease intangible net assets of $10,165 and mark-to-market lease intangible net liabilities of $320 as of Q3 2023.	8
2.	Includes Prepaid Expenses and Other Assets attributable to Multifamily of $29,870 as follows: (i) deposits of $4,919, (ii) other receivables of $9,663, (iii) other prepaid/assets of $11,683, and (iv) prepaid taxes of $3,605.

Income Statement - Quarterly Comparison

$ in thousands, except per share amounts (unaudited)

REVENUES

Revenue from leases

Real estate services

Parking income

Other income

Total revenues

EXPENSES

Real estate taxes

Utilities

Operating services

Real estate services expenses

General and administrative(1)

Transaction related costs

Depreciation and amortization

Land and other impairments

Total expenses

Operating income (expense)

OTHER (EXPENSE) INCOME

Interest expense

Interest cost of mandatorily redeemable noncontrolling interests Interest and other investment income (loss)

Equity in earnings (losses) of unconsolidated joint ventures

Realized and unrealized gains (losses) on disposition of rental property and impairments, net Loss from extinguishment of debt, net

Other Income, net

Total other expense

Loss from continuing operations before income tax expense

Provision for income taxes

Loss from continuing operations after income tax expense

Income (loss) from discontinued operations

Realized and unrealized gains (loss) on disposition of rental property and impairments, net

Total discontinued operations

Net loss

Noncontrolling interest in consolidated joint ventures

Noncontrolling interests in Operating Partnership from continuing operations Noncontrolling interests in Operating Partnership in discontinued operations Redeemable noncontrolling interest

Net loss available to common shareholders

Basic earnings per common share:

Net loss available to common shareholders

Diluted earnings per common share:

	Q3 2023		Q3 2022
Multifamily	Office/Corp.	Less: Disc. Ops	Total
$59,931	$6,367	$(2,084)	$64,214	$54,764
1,230	-	-	1,230	886
3,947	1,063	(336)	4,674	4,083
1,094	271	(1)	1,364	3,402
66,202	7,701	(2,421)	71,482	63,135
9,293	2,260	(644)	10,909	10,463
2,016	876	(146)	2,746	2,483
12,598	3,303	(552)	15,349	13,468
2,106	1,427	-	3,533	2,752
327	14,302	(9)	14,620	12,818
-	2,704	-	2,704	3
21,115	2,201	(104)	23,212	22,359
-	-	-	-	2,535
47,455	27,073	(1,455)	73,073	66,881
18,747	(19,372)	(966)	(1,591)	(3,746)
(21,272)	(2,443)	-	(23,715)	(18,819)
(36,392)	-	-	(36,392)	-
1	1,244	(5)	1,240	280
210	-	-	210	(304)
-	423	(423)	-	-
(1,046)	-	-	(1,046)	-
-	(57)	-	(57)	-
(58,499)	(833)	(428)	(59,760)	(18,843)
(39,752)	(20,205)	(1,394)	(61,351)	(22,589)
(45)	(248)	-	(293)	-
(39,797)	(20,453)	(1,394)	(61,644)	(22,589)
-	-	971	971	(78,213)
-	-	423	423	(5,100)
-	-	1,394	1,394	(83,313)
(39,797)	(20,453)	-	(60,250)	(105,902)
592	-	-	592	726
-	5,322	-	5,322	2,613
-	(121)	-	(121)	7,710
-	(350)	-	(350)	(6,365)
$(39,205)	$(15,602)	$-	$(54,807)	$(101,218)
			$(0.60)	$(1.10)

Net loss available to common shareholders

Basic weighted average shares outstanding

Diluted weighted average shares outstanding

1. Core G&A Expense of $8.7 million for the third quarter 2023. Reconciliation detailed on page 21.

$(0.60)	$(1.10)
92,177	91,087
100,925	100,378

9

Income Statement - Year-to-Date Comparison

$ in thousands, except per share amounts (unaudited)
	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
			Less: Disc.				Less: Disc.
REVENUES	Multifamily	Office/Corp.	Ops	Total		All Operations	Ops	Total
Revenue from leases	$174,221	$32,310	$(20,570)	$185,961	$215,019	$(68,999)	$146,020
Real estate services	2,785	-	-	2,785	2,693	-	2,693
Parking income	11,673	2,766	(865)	13,574	13,803	(2,144)	11,659
Hotel income	594	-	(594)	-	10,443	(10,443)	-
Other income	3,353	1,224	46	4,623	31,279	(25,387)	5,892
Total revenues	192,626	36,300	(21,983)	206,943		273,237	(106,973)	166,264
EXPENSES
Real estate taxes	25,361	9,034	(4,662)	29,733	39,919	(13,255)	26,664
Utilities	5,937	2,799	(1,107)	7,629	11,365	(4,635)	6,730
Operating services	38,408	9,737	(6,588)	41,557	58,174	(18,820)	39,354
Real estate services expenses	6,355	3,509	-	9,864	8,035	-	8,035
General and administrative	2,341	32,195	(49)	34,487	43,926	(133)	43,793
Transaction related costs	-	7,051	-	7,051	1,348	-	1,348
Depreciation and amortization	64,204	11,825	(5,486)	70,543	83,602	(21,787)	61,815
Property Impairments	-	-	-	-	84,509	(84,509)	-
Land and other impairments	3,396	-	-	3,396	9,367	-	9,367
Total expenses	146,002	76,150	(17,892)	204,260		340,245	(143,139)	197,106
Operating income (expense)	46,624	(39,850)	(4,091)	2,683		(67,008)	36,166	(30,842)
OTHER (EXPENSE) INCOME	(64,935)	(3,309)	822	(67,422)	(54,870)	9,703	(45,167)
Interest expense
Interest cost of mandatorily redeemable noncontrolling interests	(49,782)	-	-	(49,782)		-	-	-
Interest and other investment income (loss)	31	5,285	(33)	5,283	627	-	627
Equity in earnings of unconsolidated joint ventures	2,843	-	-	2,843	1,847	-	1,847
Realized and unrealized (gains) losses on disposition of rental property and impairments net	780	(3,066)	2,286	-	(7,704)	7,704	-
(Loss) gain on disposition of developable land	-	(23)	-	(23)	57,747	-	57,747
Gain (loss) from extinguishment of debt, net	(1,058)	(2,656)	12	(3,702)	(6,418)	6,289	(129)
Other Income, net	2,708	86	-	2,794		-	-	-
Total other (expense) income	(109,413)	(3,683)	3,087	(110,009)		(8,771)	23,696	14,925
Loss from continuing operations before income tax expense	(62,789)	(43,533)	(1,004)	(107,326)		(75,779)	59,862	(15,917)
Provision for income taxes	(45)	(248)	-	(293)		-	-	-
Income from continuing operations after income tax expense	(62,834)	(43,781)	(1,004)	(107,619)		(75,779)	59,862	(15,917)
Income (loss) from discontinued operations	-	-	3,290	3,290		-	(52,158)	(52,158)
Realized losses on disposition of rental property and impairments, net	-	-	(2,286)	(2,286)		-	(7,704)	(7,704)
Total discontinued operations	-	-	1,004	1,004		-	(59,862)	(59,862)
Net Loss	(62,834)	(43,781)	-	(106,615)		(75,779)	-	(75,779)
Noncontrolling interest in consolidated joint ventures	1,815	-	-	1,815	2,484	-	2,484
Noncontrolling interests in Operating Partnership from continuing operations	-	10,016	-	10,016	2,929	-	2,929
Noncontrolling interests in Operating Partnership in discontinued operations	-	(97)	-	(97)	5,597	-	5,597
Redeemable noncontrolling interest	(6,633)	(700)	-	(7,333)	(19,168)	-	(19,168)
Net loss available to common shareholders	$(67,652)	$(34,562)	$-	$(102,214)		$(83,937)	$-	$(83,937)
Basic earnings per common share:
			$(1.16)				$(0.98)
Net loss available to common shareholders
Diluted earnings per common share:				$(1.16)				$(0.98)
Net loss available to common shareholders
Basic weighted average shares outstanding				91,762				91,022
Diluted weighted average shares outstanding				100,770				100,215

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