Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 135

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 Preferred Units were all redeemed as of March 13, 2024. The key terms of the Preferred Units are summarized as follows:

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Series A-1 Preferred UnitsIssuance dateFebruary and April, 2017Number of units issued9,213Stated value per unit$1,000Annual dividend rate paid quarterly(a)Conversion rate27.936Conversion value per unit$35.80Maximum common unit conversion257,375(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.Summary of Redeemable Noncontrolling InterestsThe following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine section for the three and six months ended June 30, 2025 and 2024, respectively (dollars in thousands):SeriesA-1 Preferred UnitsIn VRLPBalance at April 1, 2025$9,294Income Attributed to Noncontrolling Interests81Distributions(81)Balance at June 30, 2025$9,294SeriesA-1 Preferred UnitsIn VRLPBalance at January 1, 2025$9,294Income Attributed to Noncontrolling Interests162Distributions (162)Balance at June 30, 2025$9,294Series A-1 Preferred UnitsIn VRLPBalance at April 1, 2024$9,294Income Attributed to Noncontrolling Interests81Distributions(81)Balance at June 30, 2024$9,294

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Series A and A-1 Preferred Units In VRLPBalance at January 1, 2024$24,999Redemption/Payout(15,700)Income Attributed to Noncontrolling Interests378Distributions(383)Balance at June 30, 2024$9,294

14.    VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’