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

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

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