Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 75

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 75
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 Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Veris Residential, Inc. Stockholders’ equity is increased.LTIP UnitsLTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. As of December 31, 2024, there are no unvested LTIP Units.Unit TransactionsThe following table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units and LTIP Units in the Operating Partnership for the years ended December 31, 2024, 2023 and 2022: 

84

Common Units/Vested LTIP UnitsUnvested LTIPUnitsBalance at January 1, 20229,013,5341,246,752Redemption of common units for shares of common stock(11,508)—Redemption of common units (110,084)—Conversion of vested LTIP Units to common units228,579—Vested LTIP Units181,000(409,579)Cancellation of units—(279,089)Balance at December 31, 20229,301,521558,084Redemption of common units for shares of common stock(820,540)—Redemption of common units(9,229)—Conversion of vested LTIP Units to common units452,328 Vested LTIP Units(231,519)(220,809)Cancellation of units—(335,392)Balance at December 31, 20238,692,5611,883Redemption of common units for shares of common stock(22,197)—Vested LTIP Units1,883(1,883)Balance at December 31, 20248,672,247—Noncontrolling Interests Ownership in Operating PartnershipAs of December 31, 2024 and 2023, the noncontrolling interests common unit and LTIP Units holders owned 8.5 percent and 8.6 percent of the Operating Partnership, respectively.NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership)The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals