Annual report pursuant to Section 13 and 15(d)

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

v3.24.0.1
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2021 ($17.31)
 972,495 $ 16.79  $ —
Granted 1,107,505 16.10 
Outstanding at December 31, 2021 ($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  $ —
Options exercisable at December 31, 2023 1,846,666
Schedule of Weighted Average Assumptions The following assumptions are included in the Company’s fair value calculations of stock options granted during the years ended December 31, 2023, 2022 and 2021:
2022
April		 2021
March		 2021
June regular		 2021
June premium
Expected life (in years) 4.0 4.5 4.6 5.3
Risk-free interest rate 2.77  % 0.79  % 0.71  % 0.94  %
Volatility 38.0  % 35.0  % 35.0  % 34.0  %
Dividend yield 2.6  % 1.6  % 1.5  % 1.4  %
Schedule of Restricted Stock Awards
Information regarding the RSAs grant activity is summarized below:
Shares Weighted-Average
Grant – Date
Fair Value
Outstanding at January 1, 2021 52,974  $ 15.29 
Granted 39,529  17.71 
Vested (52,974) 15.29 
Outstanding at December 31, 2021 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 
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, 2023, 2022 and 2021 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 2023 2022 2021
Loss from continuing operations after income tax expense $ (157,193) $ (39,534) $ (157,265)
Add (deduct): Noncontrolling interests in consolidated joint ventures 2,319  3,079  4,595 
Add (deduct): Noncontrolling interests in Operating Partnership 14,267  5,652  16,212 
Add (deduct): Redeemable noncontrolling interests (7,618) (25,534) (25,977)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (4,516) (5,475) (7,290)
Loss from continuing operations available to common shareholders (152,741) (61,812) (169,725)
Loss from discontinued operations available to common shareholders 40,960  4,271  43,393 
Net loss available to common shareholders for basic earnings per share $ (111,781) $ (57,541) $ (126,332)
Weighted average common shares 91,883  91,046  90,839 
Basic EPS:
Loss from continuing operations available to common shareholders $ (1.66) $ (0.68) $ (1.87)
Loss from discontinued operations available to common shareholders 0.44  0.05  0.48 
Net loss available to common shareholders $ (1.22) $ (0.63) $ (1.39)
Year Ended December 31,
Computation of Diluted EPS 2023 2022 2021
Net loss from continuing operations available to common shareholders $ (152,741) $ (61,812) $ (169,725)
Add (deduct): Noncontrolling interests in Operating Partnership (14,267) (5,652) (16,212)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (461) (548) (726)
Loss from continuing operations for diluted earnings per share (167,469) (68,012) (186,663)
Loss from discontinued operations for diluted earnings per share 44,832  4,649  47,726 
Net loss available for diluted earnings per share $ (122,637) $ (63,363) $ (138,937)
Weighted average common shares 100,812  100,265  99,893 
Diluted EPS:
Loss from continuing operations available to common shareholders $ (1.66) $ (0.68) $ (1.87)
Loss from discontinued operations available to common shareholders 0.44  0.05  0.48 
Net loss available to common shareholders $ (1.22) $ (0.63) $ (1.39)
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,
2023 2022 2021
Basic EPS Shares 91,883  91,046  90,839 
Add: Operating Partnership – common and vested LTIP units 8,929  9,219  9,054 
Diluted EPS Shares 100,812  100,265  99,893 
Year Ended December 31,
Computation of Basic EPU 2023 2022 2021
Loss from continuing operations after income tax expense $ (157,193) $ (39,534) $ (157,265)
Add (deduct): Noncontrolling interests in consolidated joint ventures 2,319  3,079  4,595 
Add (deduct): Redeemable noncontrolling interests (7,618) (25,534) (25,977)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests (4,977) (6,023) (8,016)
Loss from continuing operations available to unitholders (167,469) (68,012) (186,663)
Loss from discontinued operations available to unitholders 44,832  4,649  47,726 
Net loss available to common unitholders for basic earnings per unit $ (122,637) $ (63,363) $ (138,937)
Weighted average common units 100,812  100,265  99,893 
Basic EPU:
        
Loss from continuing operations available to unitholders $ (1.66) $ (0.68) $ (1.87)
Loss from discontinued operations available to unitholders 0.44  0.05  0.48 
Net loss available to common unitholders for basic earnings per unit $ (1.22) $ (0.63) $ (1.39)
Year Ended December 31,
Computation of Diluted EPU 2023 2022 2021
Net loss from continuing operations available to common unitholders $ (167,469) $ (68,012) $ (186,663)
Loss from discontinued operations for diluted earnings per unit 44,832  4,649  47,726 
Net loss available to common unitholders for diluted earnings per unit $ (122,637) $ (63,363) $ (138,937)
Weighted average common unit 100,812  100,265  99,893 
Diluted EPU:
Loss from continuing operations available to common unitholders $ (1.66) $ (0.68) $ (1.87)
Loss from discontinued operations available to common unitholders 0.44  0.05  0.48 
Net loss available to common unitholders $ (1.22) $ (0.63) $ (1.39)
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,
2023 2022 2021
Basic EPU Units 100,812  100,265  99,893 
Diluted EPU Units 100,812  100,265  99,893