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The documentation link reports

https://docs.intersystems.com/hs20241/csp/docbook/DocBook.UI.Page.cls?KE...

When version checking is implemented, the property specified by VERSIONPROPERTY is automatically incremented each time an instance of the class is updated (either by objects or SQL). Prior to incrementing the property, InterSystems IRIS compares its in-memory value to its stored value. If they are different, then a concurrency conflict is indicated and an error is returned; if they are the same, then the property is incremented and saved.

I've used the VERSIONPROPERTY  parameter before and have observed that it is updated each time the object is saved.

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