Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 84

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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: Dilutive effect of stock-based compensation awards406 — 343 — Diluted EPU Units102,493 101,587 102,273 101,304 

 15.    NONCONTROLLING INTERESTS IN SUBSIDIARIES

Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company.The following table reflects the activity of noncontrolling interests for the three and nine months ended September 30, 2025 and 2024, respectively: Three Months EndedSeptember 30,Nine Months EndedSeptember 30, (dollars in thousands)2025 202420252024Opening Balance$128,470 $138,648 $133,678 $142,075 Net income (loss)6,089 (1,215)3,997 (1,968)Unit distributions(691)(613)(2,070)(1,591)Redeemable noncontrolling interests(81)(81)(243)(459)Change in noncontrolling interests in consolidated joint ventures(18,749)(486)(19,278)(1,628)Redemption of common units for common stock(70)(22)(609)(135)Redemption of common units(308)— (456)— Other comprehensive income (loss)23 (411)(78)(389)Rebalancing of ownership percentage between parent and subsidiaries290 83 32 (2)Balance at September 30$114,973 $135,903 $114,973 $135,903 Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interests unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interests shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Veris Residential, Inc. stockholders’ equity and noncontrolling interests in the Operating