Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 75

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 credits. The agreement is expected to expire in 2027. As of September 30, 2025, the Company had outstanding letters of credits totaling $3.7 million issued in connection with insurance requirements and for environmental financial assurance, collateralized by the available balance on the 2024 Credit Agreement.

13.    REDEEMABLE NONCONTROLLING INTERESTS

Preferred UnitsThe Operating Partnership has 9,213 Series A-1 Preferred Units (the "Preferred Units") outstanding as of September 30, 2025. The Series A Preferred Units were all redeemed as of March 13, 2024. The key terms of the Preferred Units are summarized as follows: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.

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Summary of Redeemable Noncontrolling InterestsThe following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine section for the three and nine months ended September 30, 2025 and 2024, respectively (dollars in thousands):SeriesA-1 Preferred UnitsIn VRLPBalance at July 1, 2025$9,294Income Attributed to Noncontrolling Interests81Distributions(81)Balance at September 30, 2025$9,294SeriesA-1 Preferred UnitsIn VRLPBalance at January 1, 2025$9,294Income Attributed to Noncontrolling Interests243Distributions (243)Balance at September 30, 2025$9,294Series A-1 Preferred UnitsIn VRLPBalance at July 1, 2024$9,294Income Attributed to Noncontrolling Interests81Distributions(81