Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 113

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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 the units used in the diluted EPU calculation (in thousands):Three Months EndedMarch 31,20252024Basic EPU units101,690 100,968 Diluted EPU Units101,690 100,968 

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 months ended March 31, 2025 and 2024, respectively: Three Months EndedMarch 31, (dollars in thousands)2025 2024Opening Balance$133,678 $142,075 Net income (loss)(3,031)(566)Unit distributions(690)(457)Redeemable noncontrolling interests(81)(297)Change in noncontrolling interests in consolidated joint ventures(88)(933)Redemption of common units for common stock(509)— Redemption of common units(148)— Other comprehensive income (loss)(93)94 Rebalancing of ownership percentage between parent and subsidiaries(347)69 Balance at March 31$128,691 $139,985 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 Partnership that occurred during the three months ended March 31, 2025, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Veris Residential, Inc. stockholders’ equity by approximately $0.3 million as of March 31, 2025.NONCONTROLLING INTERESTS IN OPERATING PARTN