Quarterly report pursuant to Section 13 or 15(d)

VERIS RESIDENTIAL, INC. STOCKHOLDERS??? EQUITY AND VERIS RESIDENTIAL, L.P.???S PARTNERS??? CAPITAL (Tables)

v3.22.2
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL (Tables)
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
Schedule Of General Partner Capital
The following table reflects the activity of the General Partner capital for the three and six months ended June 30, 2022 and 2021, respectively (dollars in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2022 2021 2022 2021
Opening Balance $ 1,275,681 $ 1,406,823 $ 1,281,982 $ 1,398,817
Net income (loss) available to common shareholders 26,373  (72,079) 17,281  (64,456)
Common stock distributions — — — —
Redeemable noncontrolling interests (3,524) (1,550) (6,466) (3,341)
Redemption of common units for common stock 161  2,716  161  2,716 
Shares issued under Dividend Reinvestment and Stock Purchase Plan 16 11 27 29
Directors' deferred compensation plan 110 66 220 138
Stock Compensation 2,509 1,239 4,466 1,885
Cancellation of common stock (696) —  (696) (118)
Other comprehensive income (loss) (54) — 1,932 —
Rebalancing of ownership percent between parent and subsidiaries (4,296) (2,000) (2,627) (444)
Balance at June 30 $ 1,296,280 $ 1,335,226 $ 1,296,280 $ 1,335,226
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation
The following information presents the Company’s results for the three and six months ended June 30, 2022 and 2021 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts):
Veris Residential, Inc.:
Three Months Ended
June 30,		 Six Months Ended
June 30,
Computation of Basic EPS 2022 2021 2022 2021
Income (loss) from continuing operations $ 38,247  $ (79,712) $ 32,975  $ (100,756)
Add (deduct): Noncontrolling interests in consolidated joint ventures 784  1,198  1,758  2,533 
Add (deduct): Noncontrolling interests in Operating Partnership (3,029) 7,742  (2,064) 10,122 
Add (deduct): Redeemable noncontrolling interests (6,366) (6,471) (12,803) (12,942)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (3,524) (1,550) (6,466) (3,341)
Income (loss) from continuing operations available to common shareholders $ 26,112  $ (78,793) $ 13,400  $ (104,384)
Income (loss) from discontinued operations available to common shareholders (3,263) 5,164  (2,585) 36,587 
Net income (loss) available to common shareholders for basic earnings per share 22,849  (73,629) 10,815  (67,797)
Weighted average common shares 91,027  90,774  90,989  90,733 
Basic EPS:
Income (loss) from continuing operations available to common shareholders $ 0.29  $ (0.87) $ 0.15  $ (1.15)
Income (loss) from discontinued operations available to common shareholders (0.04) 0.06  (0.03) 0.40 
Net income (loss) available to common shareholders $ 0.25  $ (0.81) $ 0.12  $ (0.75)
Three Months Ended
June 30,		 Six Months Ended
June 30,
Computation of Diluted EPS 2022 2021 2022 2021
Net income (loss) from continuing operations available to common shareholders $ 26,112  $ (78,793) $ 13,400  $ (104,384)
Add (deduct): Noncontrolling interests in Operating Partnership 3,029  (7,742) 2,064  (10,122)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (360) (155) (651) (334)
Income (loss) from continuing operations for diluted earnings per share 28,781  (86,690) 14,813  (114,840)
Income (loss) from discontinued operations for diluted earnings per share (3,597) 5,681  (2,852) 40,246 
Net income (loss) available for diluted earnings per share $ 25,184  $ (81,009) $ 11,961  $ (74,594)
Weighted average common shares 100,352  99,873  100,171  99,817 
Diluted EPS:
Income (loss) from continuing operations available to common shareholders $ 0.29  $ (0.87) $ 0.15  $ (1.15)
Income (loss) from discontinued operations available to common shareholders (0.04) 0.06  (0.03) 0.40 
Net (income) loss available to common shareholders $ 0.25  $ (0.81) $ 0.12  $ (0.75)
The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2022 2021 2022 2021
Basic EPS shares 91,027  90,774  90,989  90,733 
Add: Operating Partnership – common and vested LTIP units 9,302  9,099  9,144  9,084 
Restricted Stock Awards 7  —  10  — 
Stock Options 16  —  28  — 
Diluted EPS Shares 100,352  99,873  100,171  99,817 
Veris Residential, L.P.:
Three Months Ended
June 30,		 Six Months Ended
June 30,
Computation of Basic EPU 2022 2021 2022 2021
Income (loss) from continuing operations $ 38,247  $ (79,712) $ 32,975  $ (100,756)
Add (deduct): Noncontrolling interests in consolidated joint ventures 784  1,198  1,758  2,533 
Add (deduct): Redeemable noncontrolling interests (6,366) (6,471) (12,803) (12,942)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (3,884) (1,705) (7,117) (3,675)
Income (loss) from continuing operations available to unitholders 28,781  (86,690) 14,813  (114,840)
Income (loss) from discontinued operations available to unitholders (3,597) 5,681  (2,852) 40,246 
Net income (loss) available to common unitholders for basic earnings per unit $ 25,184  $ (81,009) $ 11,961  $ (74,594)
Weighted average common units 100,329  99,873  100,133  99,817 
Basic EPU:
Income (loss) from continuing operations available to unitholders $ 0.29  $ (0.87) $ 0.15  $ (1.15)
Income (loss) from discontinued operations available to unitholders (0.04) 0.06  (0.03) 0.40 
Net income (loss) available to common unitholders for basic earnings per unit $ 0.25  $ (0.81) $ 0.12  $ (0.75)
Three Months Ended
June 30,		 Six Months Ended
June 30,
Computation of Diluted EPU 2022 2021 2022 2021
Net income (loss) from continuing operations available to common unitholders $ 28,781  $ (86,690) $ 14,813  $ (114,840)
Income (loss) from discontinued operations for diluted earnings per unit (3,597) 5,681  (2,852) 40,246 
Net income (loss) available to common unitholders for diluted earnings per unit $ 25,184  $ (81,009) $ 11,961  $ (74,594)
Weighted average common unit 100,352  99,873  100,171  99,817 
Diluted EPU:
Income (loss) from continuing operations available to common unitholders $ 0.29  $ (0.87) $ 0.15  $ (1.15)
Income (loss) from discontinued operations available to common unitholders (0.04) 0.06  (0.03) 0.40 
Net income (loss) available to common unitholders $ 0.25  $ (0.81) $ 0.12  $ (0.75)
The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2022 2021 2022 2021
Basic EPU units 100,329  99,873  100,133  99,817 
Add: Restricted Stock Awards 7  —  10  — 
Stock Options 16  —  28  — 
Diluted EPU Units 100,352  99,873  100,171  99,817