Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 64

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 64
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Number of units issued 9,213 Stated value per unit$1,000 Annual dividend rate paid quarterly(a)Conversion rate27.936Conversion value per unit$35.80 Maximum common unit conversion 257,375 (a)Series A-1 Preferred Units pay dividends quarterly at an annual rate equal to the greater of (x) 3.50 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock.The Preferred Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Preferred Units are convertible into common units of limited partnership interests of the Operating Partnership and are redeemable for cash at their stated value at the option of the holder. During the year ended December 31, 2024 and 2023, 15,700 and 15,100 Series A Units were redeemed for cash at the stated value, respectively. Summary of Redeemable Noncontrolling InterestsThe following tables set forth the changes in Mandatorily redeemable noncontrolling interests for the year ended December 31, 2023 (dollars in thousands):RockpointInterestsin VRTBalance at April 5, 2023$—Reclassification from Redeemable Non-controlling Interests479,977Income Attributed to Noncontrolling Interests7,365Distributions(9,371)Redemption Value Adjustment42,417Redemption(520,388)Balance at December 31, 2023$—

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The following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine equity section for the years ended December 31, 2024 and 2023 (dollars in thousands):Series A andA-1 PreferredUnitsIn VRLP Balance at January 1, 2024$24,999 Redeemable Noncontrolling Interests Redemption(15,700)Income Attributed to Noncontrolling Interests539 Distributions (544)Balance at December 31, 2024$9,294 Series A andA-1 PreferredUnitsin VRLP RockpointInterestsin VRTTotalRedeemableNoncontrollingInterestsBalance at January 1, 2023$40,231 $475,000 $515,231 Redeemable Noncontrolling Interests Redemption(15,100)— (15,100)Income Attributed to Noncontrolling