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REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended
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Dec. 31, 2025
Temporary Equity Disclosure [Abstract] |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS Rockpoint Transactions On April 5, 2023, Veris Residential Trust (“VRT”), the Company’s former subsidiary through which the Company conducted its multifamily residential real estate operations prior to its transformation to a pure play multifamily REIT, exercised its right to purchase and redeem direct and indirect interests (the “Put/Call Interests”) in preferred units of limited partnership interests in VRLP (the "Preferred Units") from certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). On April 6, 2023, Rockpoint exercised its right under the Veris Residential Partners, L.P. (“VRLP”) Partnership Agreement to defer the closing of VRT’s purchase and redemption of the Put/Call Interests for one year. The exercise of the call right resulted in a reclassification of Rockpoint's interests as mandatorily redeemable noncontrolling interests under the accounting guidance, and included within the Total liabilities on the Company's Consolidated Balance Sheets. Following this, subsequent changes in redemption value at each period end were recorded as interest cost, provided that the carrying value is not reduced below the initial measurement amount. On July 25, 2023, VRT and the Operating Partnership entered into the Rockpoint Purchase Agreement with Rockpoint pursuant to which VRT and the Operating Partnership acquired from Rockpoint all of the Preferred Units that constituted the Put/Call Interests for an aggregate purchase price of approximately $520 million. Under the terms of the Rockpoint Purchase Agreement, the Original Investment Agreement and the Add On Investment Agreement have been terminated and are of no further force and effect (other than certain tax and related indemnification rights and obligations), Rockpoint ceased to be, direct or indirect, as applicable, members of VRLP, and all obligations of VRT and VRLP and all rights, title and interest of Rockpoint in and pursuant to the VRLP Partnership Agreement (except for certain tax, confidentiality and indemnification rights and obligations) and all other agreements by and between the General Partner, the Operating Partnership, VRT, VRLP and Rockpoint were terminated, including without limitation all provisions relating to the valuation and repurchase of the Put/Call Interests. As a result of the redemption, the Company recorded the change in redemption value for the year ended December 31, 2023, of approximately $34.8 million as Interest cost of mandatorily redeemable noncontrolling interests on the Company's Consolidated Statements of Operations. Preferred Units The Operating Partnership has 9,213 Series A-1 Preferred Units (the "Preferred Units") outstanding as of December 31, 2025. The Series A Preferred Units were all redeemed as of March 13, 2024. The key terms of the Preferred Units are summarized as follows:
| Series A-1 Preferred Units
Issuance date | February and April, 2017
Number of units issued | 9,213
Stated value per unit | $1,000
Annual dividend rate paid quarterly | (a)
Conversion rate | 27.936
Conversion value per unit | $35.80
Maximum common unit conversion | 257,375
(a)Series A-1 Preferred Units pay dividends quarterly at an annual rate equal to the greater of (x) 3.50 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock. The Preferred Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Preferred Units are convertible into common units of limited partnership interests of the Operating Partnership and are redeemable for cash at their stated value at the option of the holder. During the year ended December 31, 2024, 15,700 Series A Units were redeemed for cash at the stated value. Summary of Redeemable Noncontrolling Interest s The following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine equity section for the years ended December 31, 2025 and 2024 (dollars in thousands):
| Series A-1 Preferred Units |  |
Balance at January 1, 2025 | $ | 9,294 |  |  |
Income Attributed to Noncontrolling Interests | 324 |  |  |
Distributions | (324) |  |  |
Balance at December 31, 2025 | $ | 9,294 |  |  |
| Series A and A-1 Preferred Units |  |
Balance at January 1, 2024 | $ | 24,999 |  |  |
Redeemable Noncontrolling Interests Redemption | (15,700) |  |  |
Income Attributed to Noncontrolling Interests | 539 |  |  |
Distributions | (544) |  |  |
Balance at December 31, 2024 | $ | 9,294 |  |  |

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