Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 144

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 144
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Three Months EndedJune 30,Six Months EndedJune 30, (dollars in thousands)2025 202420252024Opening Balance$128,691 $139,985 $133,678 $142,075 Net income (loss)939 (187)(2,092)(753)Unit distributions(689)(521)(1,379)(978)Redeemable noncontrolling interests(81)(81)(162)(378)Change in noncontrolling interests in consolidated joint ventures(441)(209)(529)(1,142)Redemption of common units for common stock(30)(113)(539)(113)Redemption of common units— — (148)— Other comprehensive income (loss)(8)(72)(101)22 Rebalancing of ownership percentage between parent and subsidiaries89 (154)(258)(85)Balance at June 30$128,470 $138,648 $128,470 $138,648 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 six months ended June 30, 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 June 30, 2025.NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner)Common UnitsDuring the three months ended June 30, 2025, the Company redeemed 2,580 common units for common shares, at their fair value of $30 thousand.  During the six months ended June 30, 2025, the Company redeemed 45,613 common units for 

39

common shares, at their fair value of $0.5 million, and redeemed 9,271 common units