Form 4: Veris Residential EVP Jeffrey Scott Turkanis Reports Changes in Beneficial Ownership

Jeffrey Scott Turkanis, EVP & Chief Investment Officer of Veris Residential, reports a transaction involving the forfeiture of shares for net share settlement of taxes on vested restricted stock units.

Summary

• On March 17, 2025, Jeffrey Scott Turkanis, EVP & Chief Investment Officer of Veris Residential, Inc. (VRE), reported a transaction.
• The transaction involved the forfeiture of 2,909 shares of common stock at a price of $16.27 per share.
• This forfeiture was for the net share settlement of taxes on shares issued upon the vesting of time-vesting restricted stock units.
• Following the reported transaction, Turkanis beneficially owns 110,473 shares of Veris Residential, Inc.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing related to executive compensation and tax obligations, and does not indicate any significant positive or negative sentiment.

Industry Context

Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company executives and directors. This filing indicates a standard tax settlement process related to the vesting of restricted stock units, which is a common form of executive compensation.

Comparison to Industry Standards

• Executive compensation packages often include restricted stock units (RSUs) that vest over time.
• Upon vesting, these RSUs are subject to income tax, and companies often facilitate the payment of these taxes through net share settlement, where a portion of the shares are forfeited to cover the tax liability.
• This practice is common across publicly traded companies and is not unique to Veris Residential.
• Comparable companies such as AvalonBay Communities (AVB) and Equity Residential (EQR) also utilize similar RSU programs and tax settlement methods for their executives.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a standard tax settlement process.
• The forfeiture of shares does not dilute the overall shareholding significantly.

Key Dates

Keywords

Form 4, Beneficial Ownership, Veris Residential, VRE, Jeffrey Scott Turkanis, EVP, Chief Investment Officer, Stock Forfeiture, Tax Settlement, Restricted Stock Units