Form 4: Veris Residential EVP Jeffrey Scott Turkanis Reports Stock Transactions

EVP & Chief Investment Officer of Veris Residential, Jeffrey Scott Turkanis, reports vesting of performance-based restricted stock units and forfeiture of unvested units.

Summary

• On March 10, 2025, Jeffrey Scott Turkanis, EVP & Chief Investment Officer of Veris Residential, Inc., reported transactions involving the company's common stock.
• Turkanis vested in 6,528 performance vesting restricted stock units (PVRSUs) and forfeited 14,151 PVRSUs that did not meet the performance criteria over a three-year period.
• He also forfeited 1,915 shares for net share settlement of taxes on shares issued upon vesting of PVRSUs at a price of $16.575.
• Following these transactions, Turkanis directly owns 115,527 shares of Veris Residential, Inc.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine disclosure of insider transactions. The vesting suggests some positive performance, while the forfeiture indicates some targets were not met.

Positives

• The vesting of PVRSUs indicates that certain performance targets were met.

Negatives

• The forfeiture of 14,151 PVRSUs suggests that some performance goals were not achieved.

Risks

• Future performance may not meet the targets required for vesting of performance-based equity awards.

Future Outlook

The document does not contain specific forward-looking statements, but future vesting of PVRSUs is contingent on the company's performance.

Industry Context

This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the equity holdings and compensation of company executives.

Comparison to Industry Standards

• Performance-based equity compensation is a common practice among REITs and other publicly traded companies to align management's interests with those of shareholders.
• The specific TSR metrics used by Veris Residential are not detailed enough to compare to other companies, but TSR is a standard metric for performance-based compensation.
• Comparing Veris Residential's executive compensation structure to peers like Equity Residential (EQR) or AvalonBay Communities (AVB) would require more detailed information on their compensation plans.

Stakeholder Impact

• Shareholders may be interested in the performance metrics tied to the PVRSUs, as they reflect the company's strategic goals.
• Employees may be impacted by the performance metrics, as they can affect compensation.

Key Dates