Form 4: Veris Residential CFO Amanda Lombard Reports Stock Vesting and Forfeiture

Amanda Lombard, CFO of Veris Residential, reports vesting of performance and outperformance restricted stock units, as well as forfeiture of unvested units and shares for tax settlement.

Summary

• On March 10, 2025, Amanda Lombard, CFO of Veris Residential, reported transactions involving the company's common stock.
• She vested in 3,371 performance vesting restricted stock units (PVRSUs) and forfeited 7,036 PVRSUs that did not meet the performance criteria over a three-year period.
• Additionally, she vested in 8,455 outperformance vesting restricted stock units (OPVRSUs) based on performance criteria achieved as of December 31, 2024.
• 5,279 shares were forfeited for net share settlement of taxes related to the vesting of restricted stock units.
• Following these transactions, Lombard directly owns 89,824 shares of Veris Residential common stock.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing stock transactions. The vesting of some units is a slightly positive signal, while the forfeiture of others is slightly negative. Overall, it's a neutral event.

Positives

• The vesting of OPVRSUs suggests that the company achieved certain levels of adjusted funds from operations per share for the fiscal year ending December 31, 2024.

Negatives

• The forfeiture of 7,036 PVRSUs indicates that the company did not fully achieve its total stockholder return (TSR) targets over the three-year performance period for those units.

Risks

• Future performance may not meet the criteria for vesting of similar performance-based restricted stock units.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in the real estate investment trust (REIT) sector.

Comparison to Industry Standards

• Performance-based equity compensation is a common practice among REITs to align executive incentives with shareholder value creation.
• The specific TSR metrics and AFFO per share targets used by Veris Residential would be detailed in their proxy statements and compensation disclosures, allowing comparison to peers such as AvalonBay Communities (AVB) or Equity Residential (EQR).

Stakeholder Impact

• The vesting and forfeiture of stock units can impact shareholder perception of management performance.
• The tax settlement through share forfeiture reduces the number of outstanding shares, potentially affecting earnings per share.

Key Dates