| 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, 2024 and 2023, respectively (dollars in thousands):
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|
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|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Opening Balance |
|
$ |
1,132,231 |
|
$ |
1,216,530 |
|
$ |
1,137,478 |
|
$ |
1,235,685 |
| Net income (loss) available to common shareholders |
|
2,922 |
|
|
(27,434) |
|
(981) |
|
|
(47,407) |
| Shares issued under ATM Program, net |
|
1,886 |
|
|
— |
|
|
1,831 |
|
— |
| Common stock distributions |
|
(5,610) |
|
— |
|
|
(10,594) |
|
— |
| Redeemable noncontrolling interests |
|
— |
|
|
— |
|
|
— |
|
|
(4,516) |
|
| Redemption of common units for common stock |
|
113 |
|
|
4,192 |
|
|
113 |
|
|
9,051 |
|
| Shares issued under Dividend Reinvestment and Stock Purchase Plan |
|
3 |
|
1 |
|
4 |
|
2 |
| Directors' deferred compensation plan |
|
99 |
|
86 |
|
198 |
|
196 |
| Stock Compensation |
|
3,199 |
|
3,381 |
|
7,399 |
|
6,852 |
| Cancellation of common stock |
|
(1,807) |
|
(219) |
|
|
(3,341) |
|
(466) |
|
| Other comprehensive (loss) income |
|
(766) |
|
1,399 |
|
232 |
|
541 |
| Rebalancing of ownership percent between parent and subsidiaries |
|
154 |
|
(983) |
|
85 |
|
(2,985) |
| Balance at June 30 |
|
$ |
1,132,424 |
|
$ |
1,196,953 |
|
$ |
1,132,424 |
|
$ |
1,196,953 |
|
| 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, 2024 and 2023 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts):
Veris Residential, Inc.:
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|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| Computation of Basic EPS |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Income (loss) from continuing operations after income tax expense |
|
$ |
1,316 |
|
|
$ |
(25,455) |
|
|
$ |
(4,953) |
|
|
$ |
(44,287) |
|
| Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
543 |
|
|
636 |
|
|
1,038 |
|
|
1,223 |
|
| Add (deduct): Noncontrolling interests in Operating Partnership |
|
(153) |
|
|
2,265 |
|
|
370 |
|
|
4,542 |
|
| Add (deduct): Redeemable noncontrolling interests |
|
(81) |
|
|
(617) |
|
|
(378) |
|
|
(6,983) |
|
| Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders |
|
— |
|
|
— |
|
|
— |
|
|
(4,516) |
|
| Income (loss) from continuing operations available to common shareholders |
|
$ |
1,625 |
|
|
$ |
(23,171) |
|
|
$ |
(3,923) |
|
|
$ |
(50,021) |
|
| Income (loss) from discontinued operations available to common shareholders |
|
1,297 |
|
|
(4,263) |
|
|
2,942 |
|
|
(1,902) |
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| Net income (loss) available to common shareholders for basic earnings per share |
|
$ |
2,922 |
|
|
$ |
(27,434) |
|
|
$ |
(981) |
|
|
$ |
(51,923) |
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares |
|
92,663 |
|
|
91,873 |
|
|
92,469 |
|
|
91,551 |
|
|
|
|
|
|
|
|
|
|
Basic EPS:
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|
|
|
|
|
|
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| Income (loss) from continuing operations available to common shareholders |
|
$ |
0.02 |
|
|
$ |
(0.25) |
|
|
$ |
(0.04) |
|
|
$ |
(0.54) |
|
| Income (loss) from discontinued operations available to common shareholders |
|
0.01 |
|
|
(0.05) |
|
|
0.03 |
|
|
(0.02) |
|
| Net income (loss) available to common shareholders |
|
$ |
0.03 |
|
|
$ |
(0.30) |
|
|
$ |
(0.01) |
|
|
$ |
(0.56) |
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|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| Computation of Diluted EPS |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Net income (loss) from continuing operations available to common shareholders |
|
$ |
1,625 |
|
|
$ |
(23,171) |
|
|
$ |
(3,923) |
|
|
$ |
(50,021) |
|
| Add (deduct): Noncontrolling interests in Operating Partnership |
|
153 |
|
|
(2,265) |
|
|
(370) |
|
|
(4,542) |
|
| Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders |
|
— |
|
|
— |
|
|
— |
|
|
(461) |
|
| Income (loss) from continuing operations for diluted earnings per share |
|
$ |
1,778 |
|
|
$ |
(25,436) |
|
|
$ |
(4,293) |
|
|
$ |
(55,024) |
|
| Income (loss) from discontinued operations for diluted earnings per share |
|
1,419 |
|
|
(4,680) |
|
|
3,219 |
|
|
(2,078) |
|
| Net income (loss) available for diluted earnings per share |
|
$ |
3,197 |
|
|
$ |
(30,116) |
|
|
$ |
(1,074) |
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|
$ |
(57,102) |
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|
|
|
|
|
|
|
|
| Weighted average common shares |
|
101,952 |
|
|
100,854 |
|
|
101,160 |
|
|
100,691 |
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|
|
|
|
|
|
|
|
|
Diluted EPS:
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|
|
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| Income (loss) from continuing operations available to common shareholders |
|
$ |
0.02 |
|
|
$ |
(0.25) |
|
|
$ |
(0.04) |
|
|
$ |
(0.54) |
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| Income (loss) from discontinued operations available to common shareholders |
|
0.01 |
|
|
(0.05) |
|
|
0.03 |
|
|
(0.02) |
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| Net income (loss) available to common shareholders |
|
$ |
0.03 |
|
|
$ |
(0.30) |
|
|
$ |
(0.01) |
|
|
$ |
(0.56) |
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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):
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|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Basic EPS shares |
|
92,663 |
|
|
91,873 |
|
|
92,469 |
|
|
91,551 |
|
| Add: Operating Partnership – common and vested LTIP units |
|
8,689 |
|
|
8,981 |
|
|
8,691 |
|
|
9,140 |
|
| Add: Dilutive effect of stock-based compensation awards |
|
600 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
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| Diluted EPS Shares |
|
101,952 |
|
|
100,854 |
|
|
101,160 |
|
|
100,691 |
|
|
|
|
|
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|
|
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|
Veris Residential, L.P.:
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| Computation of Basic EPU |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Income (loss) from continuing operations after income tax expense |
|
$ |
1,316 |
|
|
$ |
(25,455) |
|
|
$ |
(4,953) |
|
|
$ |
(44,287) |
|
| Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
543 |
|
|
636 |
|
|
1,038 |
|
|
1,223 |
|
| Add (deduct): Redeemable noncontrolling interests |
|
(81) |
|
|
(617) |
|
|
(378) |
|
|
(6,983) |
|
| Add (deduct): Redemption value adjustment of redeemable noncontrolling interests |
|
— |
|
|
— |
|
|
— |
|
|
(4,977) |
|
| Income (loss) from continuing operations available to unitholders |
|
$ |
1,778 |
|
|
$ |
(25,436) |
|
|
$ |
(4,293) |
|
|
$ |
(55,024) |
|
| Income (loss) from discontinued operations available to unitholders |
|
1,419 |
|
|
(4,680) |
|
|
3,219 |
|
|
(2,078) |
|
| Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
3,197 |
|
|
$ |
(30,116) |
|
|
$ |
(1,074) |
|
|
$ |
(57,102) |
|
|
|
|
|
|
|
|
|
|
| Weighted average common units |
|
101,352 |
|
|
100,854 |
|
|
101,160 |
|
|
100,691 |
|
|
|
|
|
|
|
|
|
|
Basic EPU:
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations available to unitholders |
|
$ |
0.02 |
|
|
$ |
(0.25) |
|
|
$ |
(0.04) |
|
|
$ |
(0.54) |
|
| Income (loss) from discontinued operations available to unitholders |
|
0.01 |
|
|
(0.05) |
|
|
0.03 |
|
|
(0.02) |
|
| Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
0.03 |
|
|
$ |
(0.30) |
|
|
$ |
(0.01) |
|
|
$ |
(0.56) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| Computation of Diluted EPU |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Income (loss) from continuing operations available to common unitholders |
|
$ |
1,778 |
|
|
$ |
(25,436) |
|
|
$ |
(4,293) |
|
|
$ |
(55,024) |
|
| Income (loss) from discontinued operations for diluted earnings per unit |
|
1,419 |
|
|
(4,680) |
|
|
3,219 |
|
|
(2,078) |
|
| Net income (loss) available to common unitholders for diluted earnings per unit |
|
$ |
3,197 |
|
|
$ |
(30,116) |
|
|
$ |
(1,074) |
|
|
$ |
(57,102) |
|
|
|
|
|
|
|
|
|
|
| Weighted average common unit |
|
101,952 |
|
|
100,854 |
|
|
101,160 |
|
|
100,691 |
|
|
|
|
|
|
|
|
|
|
Diluted EPU:
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations available to common unitholders |
|
$ |
0.02 |
|
|
$ |
(0.25) |
|
|
$ |
(0.04) |
|
|
$ |
(0.54) |
|
| Income (loss) from discontinued operations available to common unitholders |
|
0.01 |
|
|
(0.05) |
|
|
0.03 |
|
|
(0.02) |
|
| Net income (loss) available to common unitholders |
|
$ |
0.03 |
|
|
$ |
(0.30) |
|
|
$ |
(0.01) |
|
|
$ |
(0.56) |
|
|
|
|
|
|
|
|
|
|
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):
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Basic EPU units |
|
101,352 |
|
|
100,854 |
|
|
101,160 |
|
|
100,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Add: Dilutive effect of stock-based compensation awards |
|
600 |
|
|
— |
|
|
— |
|
|
— |
|
| Diluted EPU Units |
|
101,952 |
|
|
100,854 |
|
|
101,160 |
|
|
100,691 |
|
|