Form 4: Veris Residential EVP Jeffrey Scott Turkanis Reports Stock Vesting and Tax Settlement

Jeffrey Scott Turkanis, EVP & Chief Investment Officer of Veris Residential, reports vesting of restricted stock units and forfeiture of shares for tax obligations.

Summary

• On April 29, 2025, Jeffrey Scott Turkanis, EVP & Chief Investment Officer of Veris Residential, Inc., vested in 15,615 outperformance vesting restricted stock units (OPVRSUs).
• These OPVRSUs vested based on performance criteria achieved as of December 31, 2024, and each represents a contingent right to receive one share of the company's common stock.
• Turkanis also forfeited 9,853 shares to cover taxes on shares issued upon the vesting of both time vesting restricted stock units and OPVRSUs at a price of $15.363 per share.
• Following these transactions, Turkanis directly owns 114,066 shares of Veris Residential, Inc.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reflects routine executive compensation activity. The vesting indicates achievement of performance targets, which is mildly positive, but the tax settlement is a standard procedure.

Positives

• The vesting of outperformance restricted stock units suggests that the company met certain performance targets as of December 31, 2024.

Future Outlook

There is no future outlook information provided in this document.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in the real estate industry and other publicly traded companies. It provides transparency into the alignment of executive incentives with company performance.

Comparison to Industry Standards

• Executive compensation packages including restricted stock units are standard practice among publicly traded REITs like Veris Residential.
• The vesting criteria based on adjusted funds from operations (AFFO) per share is a common metric used in the REIT industry to incentivize performance.
• Net share settlement for taxes is a typical method for handling tax obligations related to equity compensation.

Stakeholder Impact

• The vesting of stock units aligns executive interests with shareholder value.
• The disclosure provides transparency to shareholders regarding executive compensation.

Key Dates

Keywords

Veris Residential, Jeffrey Scott Turkanis, Form 4, Stock Vesting, OPVRSU, Restricted Stock Units, Beneficial Ownership, Tax Settlement