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

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

The following table reflects the activity of the General Partner capital for the three and nine months ended September 30, 2023 and 2022, respectively (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Opening Balance	$	1,196,953	$	1,296,280	$	1,235,685	$	1,281,982
Net loss available to common shareholders	(54,807)		(101,218)		(102,214)		(83,937)
Common stock distributions	(4,714)		—		(4,714)		—
Redeemable noncontrolling interests	—		1,279		(4,516)		(5,187)
Redemption of common units for common stock	2,297		—		11,348		161
Shares issued under Dividend Reinvestment and Stock Purchase Plan	1		(4)		3		23
Directors' deferred compensation plan	99		110		295		330
Stock Compensation	9,366		2,790		16,218		7,256
Cancellation of common stock	(31)		(156)		(497)		(852)
Other comprehensive (loss) income	(652)		2,338		(111)		4,270
Rebalancing of ownership percent between parent and subsidiaries	(902)		160		(3,887)		(2,467)
Balance at September 30	$	1,147,610	$	1,201,579	$	1,147,610	$	1,201,579

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 nine months ended September 30, 2023 and 2022 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts):

Veris Residential, Inc.:


	Three Months Ended September 30,				Nine Months Ended September 30,
Computation of Basic EPS	2023		2022		2023		2022
Loss from continuing operations after income tax expense	$	(61,644)	$	(22,589)	$	(107,619)	$	(15,917)
Add (deduct): Noncontrolling interests in consolidated joint ventures	592		726		1,815		2,484
Add (deduct): Noncontrolling interests in Operating Partnership	5,322		2,613		10,016		2,929
Add (deduct): Redeemable noncontrolling interests	(350)		(6,365)		(7,333)		(19,168)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders	—		1,279		(4,516)		(5,187)
Loss from continuing operations available to common shareholders	$	(56,080)	$	(24,336)	$	(107,637)	$	(34,859)
Income (loss) from discontinued operations available to common shareholders	1,273		(75,603)		907		(54,265)
Net loss available to common shareholders for basic earnings per share	(54,807)		(99,939)		(106,730)		(89,124)

Weighted average common shares	92,177		91,087		91,762		91,022

Basic EPS:
Loss from continuing operations available to common shareholders	$	(0.61)	$	(0.27)	$	(1.17)	$	(0.38)
Income (loss) from discontinued operations available to common shareholders	0.01		(0.83)		0.01		(0.60)
Net loss available to common shareholders	$	(0.60)	$	(1.10)	$	(1.16)	$	(0.98)


	Three Months Ended September 30,				Nine Months Ended September 30,
Computation of Diluted EPS	2023		2022		2023		2022
Net loss from continuing operations available to common shareholders	$	(56,080)	$	(24,336)	$	(107,637)	$	(34,859)
Add (deduct): Noncontrolling interests in Operating Partnership	(5,322)		(2,613)		(10,016)		(2,929)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders	—		131		(461)		(520)
Loss from continuing operations for diluted earnings per share	(61,402)		(26,818)		(118,114)		(38,308)
Income (loss) from discontinued operations for diluted earnings per share	1,394		(83,313)		1,004		(59,862)
Net loss available for diluted earnings per share	$	(60,008)	$	(110,131)	$	(117,110)	$	(98,170)

Weighted average common shares	100,925		100,378		100,770		100,215

Diluted EPS:
Loss from continuing operations available to common shareholders	$	(0.61)	$	(0.27)	$	(1.17)	$	(0.38)
Income (loss) from discontinued operations available to common shareholders	0.01		(0.83)		0.01		(0.60)
Net loss available to common shareholders	$	(0.60)	$	(1.10)	$	(1.16)	$	(0.98)

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):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Basic EPS shares	92,177	91,087	91,762	91,022
Add: Operating Partnership – common and vested LTIP units	8,748	9,291	9,008	9,193


Diluted EPS Shares	100,925	100,378	100,770	100,215

Veris Residential, L.P.:


	Three Months Ended September 30,				Nine Months Ended September 30,
Computation of Basic EPU	2023		2022		2023		2022
Loss from continuing operations after income tax expense	$	(61,644)	$	(22,589)	$	(107,619)	$	(15,917)
Add (deduct): Noncontrolling interests in consolidated joint ventures	592		726		1,815		2,484
Add (deduct): Redeemable noncontrolling interests	(350)		(6,365)		(7,333)		(19,168)
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests	—		1,410		(4,977)		(5,707)
Loss from continuing operations available to unitholders	(61,402)		(26,818)		(118,114)		(38,308)
Income (loss) from discontinued operations available to unitholders	1,394		(83,313)		1,004		(59,862)
Net loss available to common unitholders for basic earnings per unit	$	(60,008)	$	(110,131)	$	(117,110)	$	(98,170)

Weighted average common units	100,925		100,378		100,770		100,215

Basic EPU:
Loss from continuing operations available to unitholders	$	(0.61)	$	(0.27)	$	(1.17)	$	(0.38)
Income (loss) from discontinued operations available to unitholders	0.01		(0.83)		0.01		(0.60)
Net loss available to common unitholders for basic earnings per unit	$	(0.60)	$	(1.10)	$	(1.16)	$	(0.98)

	Three Months Ended September 30,				Nine Months Ended September 30,
Computation of Diluted EPU	2023		2022		2023		2022
Loss from continuing operations available to common unitholders	$	(61,402)	$	(26,818)	$	(118,114)	$	(38,308)
Income (loss) income from discontinued operations for diluted earnings per unit	1,394		(83,313)		1,004		(59,862)
Net loss available to common unitholders for diluted earnings per unit	$	(60,008)	$	(110,131)	$	(117,110)	$	(98,170)

Weighted average common unit	100,925		100,378		100,770		100,215

Diluted EPU:
Loss from continuing operations available to common unitholders	$	(0.61)	$	(0.27)	$	(1.17)	$	(0.38)
Income (loss) from discontinued operations available to common unitholders	0.01		(0.83)		0.01		(0.60)
Net loss available to common unitholders	$	(0.60)	$	(1.10)	$	(1.16)	$	(0.98)

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):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Basic EPU units	100,925	100,378	100,770	100,215


Diluted EPU Units	100,925	100,378	100,770	100,215