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

12 Months Ended

Dec. 31, 2024

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, 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