Annual report pursuant to Section 13 and 15(d)

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

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VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Stock Option Plans
Information regarding the Company’s stock option plans is summarized below:
  Shares
Under Options		 Weighted
Average
Exercise
Price		 Aggregate
Intrinsic
Value
$(000’s)
Outstanding at January 1, 2022 ($14.39 - $17.31)
 2,080,000 $ 16.42  $ 4,072
Granted 250,000 16.33 
Outstanding at December 31, 2022 ($14.39 - $20.00)
 2,330,000 $ 16.41  —
Granted —  — 
Outstanding at December 31, 2023 ($14.39 - $20.00)
 2,330,000 $ 16.41  —
Granted —  — 
Outstanding at December 31, 2024 ($14.39 - $20.00)
 2,330,000 $ 16.41  $ 1,363
Options exercisable at December 31, 2024 1,346,667
Schedule of Weighted Average Assumptions The following assumptions are included in the Company’s fair value calculations of stock options granted during the year ended December 31, 2022. No stock options were granted during the years ended December 31, 2024 and 2023.
2022
April
Expected life (in years) 4.0
Risk-free interest rate 2.77  %
Volatility 38.0  %
Dividend yield 2.6  %
Schedule of Restricted Stock Awards and Long-Term Incentive Plan Awards
Information regarding the RSAs grant activity is summarized below:
Shares Weighted-Average
Grant – Date
Fair Value
Outstanding at January 1, 2022 39,529  $ 17.71 
Granted 49,784  14.06 
Vested (39,529) 17.71 
Outstanding at December 31, 2022 49,784  $ 14.06 
Granted 54,184  16.98 
Vested (49,784) 14.06 
Outstanding at December 31, 2023 54,184  $ 16.98 
Granted 71,232  14.60 
Vested (54,184) 16.98 
Outstanding at December 31, 2024 71,232  $ 14.60 
Information regarding the LTIP Awards grant activity is summarized below:
Shares Weighted-Average
Grant – Date
Fair Value
Outstanding at January 1, 2022 1,064,596  $ 13.79 
Granted 849,544  16.84 
Vested (183,820) 16.25 
Forfeited (157,162) 15.06 
Outstanding at December 31, 2022 1,573,158  $ 15.02 
Granted 1,013,153  14.26 
Vested (230,306) 16.69 
Forfeited (59,893) 16.04 
Outstanding at December 31, 2023 2,296,112  $ 14.49 
Granted 1,080,023  14.47 
Vested (722,602) 15.39 
Forfeited (305,029) 9.04 
Outstanding at December 31, 2024 2,348,504  $ 14.92 
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 years ended December 31, 2024, 2023 and 2022 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts):
Veris Residential, Inc.:
  Year Ended December 31,
Computation of Basic EPS 2024 2023 2022
Income (loss) from continuing operations after income tax expense $ (30,973) $ (121,357) $ (39,384)
Add (deduct): Noncontrolling interests in consolidated joint ventures 1,924  2,319  3,079 
Add (deduct): Noncontrolling interests in Operating Partnership 2,531  11,174  5,688 
Add (deduct): Redeemable noncontrolling interests (540) (7,618) (25,534)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders —  (4,516) (5,475)
Income (loss) from continuing operations available to common shareholders (27,058) (119,998) (61,626)
Income (loss) from discontinued operations available to common shareholders 3,938  8,217  4,085 
Net income (loss) available to common shareholders for basic earnings per share $ (23,120) $ (111,781) $ (57,541)
Weighted average common shares 92,695  91,883  91,046 
Basic EPS:
Income (loss) from continuing operations available to common shareholders $ (0.29) $ (1.31) $ (0.68)
Income (loss) from discontinued operations available to common shareholders 0.04  0.09  0.05 
Net income (loss) available to common shareholders $ (0.25) $ (1.22) $ (0.63)
Year Ended December 31,
Computation of Diluted EPS 2024 2023 2022
Net income (loss) from continuing operations available to common shareholders $ (27,058) $ (119,998) $ (61,626)
Add (deduct): Noncontrolling interests in Operating Partnership (2,531) (11,174) (5,688)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders —  (461) (548)
Income (loss) from continuing operations for diluted earnings per share (29,589) (131,633) (67,862)
Income (loss) from discontinued operations for diluted earnings per share 4,309  8,996  4,499 
Net income (loss) available for diluted earnings per share $ (25,280) $ (122,637) $ (63,363)
Weighted average common shares 101,381  100,812  100,265 
Diluted EPS:
Income (loss) from continuing operations available to common shareholders $ (0.29) $ (1.31) $ (0.68)
Income (loss) from discontinued operations available to common shareholders 0.04  0.09  0.05 
Net income (loss) available to common shareholders $ (0.25) $ (1.22) $ (0.63)
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):
Year Ended December 31,
2024 2023 2022
Basic EPS Shares 92,695  91,883  91,046 
Add: Operating Partnership – common and vested LTIP units 8,686  8,929  9,219 
Diluted EPS Shares 101,381  100,812  100,265 
Year Ended December 31,
Computation of Basic EPU 2024 2023 2022
Income (loss) from continuing operations after income tax expense $ (30,973) $ (121,357) $ (39,384)
Add (deduct): Noncontrolling interests in consolidated joint ventures 1,924  2,319  3,079 
Add (deduct): Redeemable noncontrolling interests (540) (7,618) (25,534)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests —  (4,977) (6,023)
Income (loss) from continuing operations available to unitholders (29,589) (131,633) (67,862)
Income (loss) from discontinued operations available to unitholders 4,309  8,996  4,499 
Net income (loss) available to common unitholders for basic earnings per unit $ (25,280) $ (122,637) $ (63,363)
Weighted average common units 101,381  100,812  100,265 
Basic EPU:
        
Income (loss) from continuing operations available to unitholders $ (0.29) $ (1.31) $ (0.68)
Income (loss) from discontinued operations available to unitholders 0.04  0.09  0.05 
Net income (loss) available to common unitholders for basic earnings per unit $ (0.25) $ (1.22) $ (0.63)
Year Ended December 31,
Computation of Diluted EPU 2024 2023 2022
Income (loss) from continuing operations available to common unitholders $ (29,589) $ (131,633) $ (67,862)
Income (loss) from discontinued operations for diluted earnings per unit 4,309  8,996  4,499 
Net income (loss) available to common unitholders for diluted earnings per unit $ (25,280) $ (122,637) $ (63,363)
Weighted average common unit 101,381  100,812  100,265 
Diluted EPU:
Income (loss) from continuing operations available to common unitholders $ (0.29) $ (1.31) $ (0.68)
Income (loss) from discontinued operations available to common unitholders 0.04  0.09  0.05 
Net income (loss) available to common unitholders $ (0.25) $ (1.22) $ (0.63)
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):
Year Ended December 31,
2024 2023 2022
Basic EPU Units 101,381  100,812  100,265 
Diluted EPU Units 101,381  100,812  100,265