8-K
Veris Residential, Inc. (VRE)
8-K
2025-06-02
For: 2025-06-02
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OFTHE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): June 2, 2025
VERIS RESIDENTIAL, INC.
(Exact Name of Registrant as Specified in Charter)
| Maryland | 1-13274 | 22-3305147 |
|---|---|---|
| (State<br> or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS<br> Employer<br> Identification No.) |
Harborside3**, 210 Hudson St.** , Ste.400
JerseyCity**, New Jersey**
07311
(Address of Principal Executive Offices) (Zip Code)
(732
)
590-1010
(Registrant’s telephone number, including area code)
VERIS
RESIDENTIAL, L.P.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 333-57103 | 22-3315804 |
|---|---|---|
| (State<br> or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS<br> Employer<br> Identification No.) |
Harborside3**, 210Hudson St.** , Ste.400
JerseyCity**, NewJersey**
07311
(Address of Principal Executive Offices) (Zip Code)
(732
)
590-1010
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ¨ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ¨ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which<br><br> registered |
|---|---|---|
| Common<br> Stock, par value $0.01 | VRE | New<br> York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Co-Registrant CIK | 0001067063 |
|---|---|
| Co-Registrant Amendment Flag | false |
| Co-Registrant Form Type | 8-K |
| Co-Registrant DocumentPeriodEndDate | 2025-06-02 |
| Co-Registrant Written Communications | false |
| Co-Registrant Solicitating Materials | false |
| Co-Registrant PreCommencement Tender Offer | false |
| Co-Registrant PreCommencement Issuer Tender Offer | false |
| Item 7.01 | Regulation FD Disclosure |
| --- | --- |
Beginning on June 2, 2025, Veris Residential, Inc., a Maryland corporation (the “General Partner”) and the general partner of Veris Residential, L.P. (the “Company,” and together with the General Partner, the “Registrants”), will participate in investor meetings and the NAREIT REITWeek 2025 Investor Conference during which members of the General Partner’s management will make presentations to investors. A copy of the General Partner’s investor presentation is furnished herewith as Exhibit 99.1.
Limitation of Incorporation by Reference
In accordance with General Instruction B.2. of Form 8-K, this information, including Exhibit 99.1 furnished herewith, is furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act. The information in this Item 7.01 of this Current Report on Form 8-K (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
Cautionary Statements
This Current Report on Form 8-K, including the exhibits furnished herewith, contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “project,” “should,” “expect,” “anticipate,” “estimate,” “target,” “continue” or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements as a result of various factors, including those listed in Exhibit 99.1 on page 2 and incorporated by reference herein. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by U.S. federal securities laws, we do not intend to update any of the forward-looking statements to reflect circumstances or events that occur after the statements are made or to conform the statements to actual results. The information contained in this Current Report on Form 8-K, including the exhibit filed herewith, should be viewed in conjunction with the consolidated financial statements and notes thereto appearing in the Registrants’ Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
In connection with the foregoing, the Registrants hereby furnishes the following documents:
| Item 9.01 | Financial Statements and Exhibits |
|---|
(d) Exhibits
| Exhibit Number **** | Exhibit Title **** |
|---|---|
| 99.1 | Investor Presentation. |
| 104.1 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VERIS RESIDENTIAL, INC. | |||
|---|---|---|---|
| Dated: June 2, 2025 | By: | /s/ Taryn Fielder | |
| Taryn Fielder | |||
| Executive Vice President, General Counsel and Corporate Secretary | |||
| VERIS RESIDENTIAL, L.P. | |||
| By: | Veris Residential, Inc. | ||
| its general partner | |||
| Dated: June 2, 2025 | By: | /s/ Taryn Fielder | |
| Taryn Fielder | |||
| Executive Vice President, General Counsel and Corporate Secretary |
Exhibit 99.1
| Corporate Presentation<br>JUNE 2, 2025 | ||||||
|---|---|---|---|---|---|---|
| CORPORATE PRESENTATION, JUNE 2, 2025 | 2<br>THIS OPERATING AND FIN ANCI AL DATA SHOULD BE READ IN CONNECTION<br>W IT H O U R Q U A RT E R LY R E P O RT O N F O R M 1 0-Q F O R T H E Q U A RT E R E N D E D<br>MARCH 31, 2025.<br>Statements made in this presentation may be forward-looking statements within the mean-ing of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-look-ing statements are intended to be covered by the safe harbor provisions for forward-looking<br>statements contained in Section 21E of such act. Such forward-looking statements relate to,<br>without limitation, our future economic performance, plans and objectives for future operations<br>and projections of revenue and other financial items. Forward-looking statements can be iden-tified by the use of words such as “may,” “will,” “plan,” “potential,” “projected,” “should,” “ex-pect,” “anticipate,” “estimate,” “target,” “continue” or comparable terminology. Forward-looking<br>statements are inherently subject to certain risks, trends and uncertainties, many of which we<br>cannot predict with accuracy and some of which we might not even anticipate. Although we<br>believe that the expectations reflected in such forward-looking statements are based upon<br>reasonable assumptions at the time made, we can give no assurance that such expectations<br>will be achieved. Future events and actual results, financial and otherwise, may differ materi-ally from the results discussed in the forward-looking statements. Readers are cautioned not<br>to place undue reliance on these forward-looking statements and are advised to consider the<br>factors listed above together with the additional factors under the heading “Disclosure Regard-ing Forward-Looking Statements” and “Risk Factors” in our annual reports on Form 10-K, as<br>may be supplemented or amended by our quarterly reports on Form 10-Q, which are incorpo-rated herein by reference. We assume no obligation to update or supplement forward-looking<br>statements that become untrue because of subsequent events, new information or otherwise.<br>Forward-Looking Statements<br>Forward-Looking Statements | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 3<br>Our Vision<br>To continuously innovate and transform residential<br>living by creating exceptional spaces where<br>residents thrive and feel truly at home, while<br>positively impacting the communities we serve.<br>Our Mission<br>To deliver comprehensive residential solutions<br>that blend luxury, energy efficiency and<br>thoughtful design. Through our commitment to<br>excellence in development and management,<br>we create lasting value for our residents while<br>fostering vibrant, connected communities.<br>Overview | |||||
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| Veris At-A-Glance<br>CORPORATE PRESENTATION, JUNE 2, 2025 Overview<br> | <br>4<br>93.9%2,3<br>OCCUPANCY RATE<br>$333,664<br>4.4%<br>4<br>AVERAGE HOUSEHOLD<br>INCOME PER UNIT<br>BLENDED NET RENTAL<br>GROWTH RATE Q2 QTD<br>10 Years<br>7,491<br>1<br>AVERAGE AGE OF<br>PROPERTY<br>APARTMENT UNITS<br>1. The Metropolitan at 40 Park, which sold in April, comprised 130 units. As of<br>March 31, 2025, Veris had 22 residential buildings and 7,621 apartment units.<br>2.<br>Average as of May 22, 2025.<br>3. 95.4% excluding Liberty Towers.<br>4. Blended net rental growth rate YTD through May 22 was 3.0%.<br>3.2%<br>21<br>1<br>RESIDENTIAL BUILDINGS<br>12.9%<br>AV E R AG E R E NT-TO-I N C O M E<br>RATIO<br>2025 NOI GROWTH<br>YTD YOY | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 5<br>Strong Start to 2025<br>Overview<br>HIGHLIGHTS<br> • $60 million of non-strategic asset sales YTD<br> • In April, the Company purchased its partners’ 15% stake in the<br>Jersey City Urby, consolidating the JV, assuming management<br>and rebranding the property to Sable<br>Q1<br>Core FFO per Diluted Share $0.16<br>Same Store Revenue Growth 2.4%<br>Same Store Expense Growth 0.8%<br>Same Store NOI Growth 3.2%<br>Same Store Blended Net Rental Growth Rate 2.4%<br>Asset Sales YTD $60M<br>Net Debt Reduction YOY for 1Q25 vs 1Q24 $71M<br>STRONG FINANCIAL AND OPERATING PERFORMANCE | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 6<br>2025 Corporate Plan<br>Platform<br>Optimization<br>Capital<br>Allocation<br>Overview<br> • Targeting land bank, JVs and select<br>multifamily assets where we believe<br>we will be able to crystallize values at<br>or near NAV<br> • Investing in value-enhancing Capex<br>programs across our portfolio<br> • Repurchasing stock to take advantage<br>of disconnect between share price and<br>intrinsic value of Company<br>With $60 million of non-strategic asset sales this<br>year, we continue to<br>unlock value embedded<br>within the Company,<br>advancing our goal<br>to sell $300–$500 million<br>of nonstrategic assets by<br>the end of 2026.<br>ENHANCING OUR PORTFOLIO AND<br>H I G H LY S C A L A B L E P L AT F O R M TO<br>DRIVE NOI GROWTH<br>MONETIZING SELECT ASSETS TO<br>CRYSTALLIZE VALUE AND REDUCE<br>LEVERAGE<br> • Centralized leasing & operations,<br>including hybrid-style, “floating” leasing<br>team and area- focused maintenance<br>team in Jersey City<br> • Technology & AI tools enabling prospect<br>and resident interactions while increasing<br>productivity of corporate teams<br> • Elevated resident experience driven by<br>our best-in-class teams and unmatched<br>programs and initiatives | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 Overview | 7<br>2025 Guidance<br>2025 Guidance Ranges Low High<br>Same Store Revenue Growth 2.1% 2.7%<br>Same Store Expense Growth 2.6% 3.0%<br>Same Store NOI Growth 1.7% 2.7%<br>Core FFO per Share $0.61 $0.63<br>Core FFO per Share (% Growth) 1.7% 5.0%<br>Note: Please refer to this Corporate Presentations and our supplementary filings for the year ended March 31, 2025, for details about NOI,<br>Core FFO and the Company’s 2025 guidance. | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025<br> | <br>8<br>Our<br>Vision<br>Our Vision | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 9<br>Excellence Always<br>As of April 2025<br>Average Property Google Review<br>86.47<br>VERIS RESIDENTIAL<br>ORA SCORE<br>62.58<br>NATIONAL AVERAGE<br>ORA SCORE<br>As of April 2025<br> “Haus25 is exceptional across the board.<br>The apartments are lovely, the amenities<br>top notch, and the staff are warm and<br>helpful. Laura in the leasing office is the<br>best! Highly recommend renting here.”<br>H A U S 2 5 R E S I D E N T, FA C E B O O K<br> “Location is great, amenities are<br>clean and staff is amazing! Such a<br>beautiful and fun place to live!”<br>S O H O LO F T S R E S I D E N T, G O O G L E<br>Our Vision | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025<br> | 10<br>Our Competitive Advantage<br>Class A Portfolio<br>Newest Portfolio | Unparalleled Amenity Offering<br>Highest Average Rent & Growth Rate<br>Desirable Northeast Markets with Limited New Supply<br>Leading Operating Platform<br>Vertically Integrated & Highly Scalable | Customer Experience Focused<br>Innovative Use of Technology & AI<br>Significant Capital Allocation Opportunities<br>to Drive Growth<br>Unconsolidated Joint Ventures | Landbank | Value-Add Programs<br>Experienced Team<br>Management with Proven Track Record<br>Seasoned Board | Best-in-Class Governance<br>Focused on the Creation and Crystallization of Shareholder Value<br>Our Vision |
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 11<br>A Highly Desirable Class A Portfolio<br>Commanding the Highest Rents<br>AV E R A G E R E NT-P E R-H O M E<br>8.4%<br>5.5%<br>Rental Growth<br>Outpacing<br>Peers<br>VERIS PEERS<br>R E NT-P E R-H O M E<br>(CAGR 2021-2024)<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>Q1<br>2022<br>Q2<br>2022<br>Q3<br>2022<br>Q4<br>2022<br>Q1<br>2023<br>Q2<br>2023<br>Q3<br>2023<br>Q4<br>2023<br>Q1<br>2024<br>Q2<br>2024<br>Q3<br>2024<br>Q4<br>2024<br>Our Vision<br>$500<br>$1,000<br>$1,500<br>$2,000<br>$2,500<br>$3,000<br>$3,500<br>$4,000<br>$4,500<br>Veris Average Peer Average<br>30%<br>40%<br>Q1<br>2025 | |||||
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| I N L I N E W IT H L A R G E R M U LT I FA M I LY P E E R S<br>Operating Margin<br>Veris Residential Multifamily Public Peer Average<br>2022 2023 2025<br>15%<br>17%<br>19%<br>21%<br>23%<br>25%<br>2021<br>19.5%<br>17.2%<br>2025<br>Veris Residential Multifamily Public Peers<br>Controllable Expenses<br>Peer Average<br>CORPORATE PRESENTATION, JUNE 2, 2025 | 12<br>10%<br>20%<br>30%<br>40%<br>50%<br>60%<br>70%<br>80%<br>Tangible Improvement in<br>Operating Margin & Controllable Expenses<br>Our Vision<br>0%<br>2024<br>Multifamily public peers include AVB, CPT, ESS, EQR, MAA, UDR and ELME. | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 13<br>RENOVATE, REBRAND, REPOSITION<br>Liberty Towers Value-Add<br>~$30 Million<br>INVESTMENT<br>18%<br>ESTIMATED ROI<br>$0.06/Share<br>CORE FFO ACCRETION AT COMPLETION<br>APARTMENT RENOVATIONS<br> • Kitchens include modern cabinetry, quartz countertops, stainless steel<br>appliances and more<br> • Bathrooms include new vanities, porcelain floor and shower tiles, chrome<br>bathroom accessories, low-flow plumbing fixtures and more<br> • New LED lights, ELFA closet systems, PTHP units, roller shades and more<br>8TH FLOOR AMENITY CORE RENOVATIONS<br> • New co-working spaces and private work pods<br> • Updated social spaces with designer furnishings and contemporary finishes<br>REPOSITION & REBRAND OF BUILDING<br> • Elevated market position through upscale enhancements<br>Our Vision<br>NEW UNITS<br>ADDED WORKPODS | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 14<br>Liberty Towers Before & After<br>Our Vision<br>Before<br>Same Spaces After | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 15<br>Land Bank Potential<br>HARBORSIDE 8<br>Jersey City, NJ<br>2,297 Units<br>FOR POTENTIAL DEVELOPMENT<br>1,400 Units<br>NJ WATERFRONT<br>737 Units<br>MASSACHUSETTS<br>Under Review<br>1633 LITTLETON<br>Parsippany, NJ<br>UPTON PARCEL<br>Short Hills, NJ<br>OVERLOOK 1<br>Revere, MA<br>OVERLOOK 15<br>Revere, MA<br>OVERLOOK 14A<br>Malden, MA<br>OVERLOOK 13<br>Malden, MA<br>OVERLOOK 14B<br>Malden, MA<br>HARBORSIDE 9<br>Jersey City, NJ<br>The Company has an additional 34,375 SF of developable retail space within the land<br>developments that is not represented above.<br>Our Vision<br>PI SOUTH, BLDG 2<br>Weehawken, NJ<br>Our ~$134 Million Land Bank<br>AS OF MAY 28, 2025<br>160 Units<br>OTHER | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 16<br>Introducing<br>Our Vision<br>Technology without people is just circuits and code—but people partnered with technology forms the<br>foundation for sustainable value creation.<br>Prism, powered by people + tech, is our overarching approach to purposeful technology implementation,<br>focused on solutions that drive measurable returns rather than innovation for innovation’s sake.<br>We use technology to amplify our human talent, transforming operational friction points into opportunities<br>while ensuring our technology evolves with the needs of our communities and the residents who inhabit them. | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 17<br>Market<br>Overview<br>Market Overview | |||||
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| Under Construction Proposed Housing Units per 1,000 People<br>CORPORATE PRESENTATION, JUNE 2, 2025 | 18<br>Jersey City Market Overview<br>8-15%<br>POPULATION GROWTH BY 2032<br>74% 40,000<br>OF POPULATION ARE RENTERS CLASS A UNITS<br>317,171<br>JERSEY CITY POPULATION<br>By 2032, Jersey City could face a housing<br>shortage of 27,000-36,500 units.<br>27<br>90<br>JERSEY<br>CITY<br>NYC<br>METRO<br>OVER THE LAST 12 YEARS,<br>COMPLETIONS IN JERSEY CITY OUT-PACED THE BROADER NYC AREA<br>3,140<br>11,386<br>7,305<br>6,340<br>THE<br>WATERFRONT<br>OTHER<br>JERSEY CITY<br>10,500 UNITS UNDER CONSTRUCTION<br>AND 17,700 UNITS PROPOSED TO BE<br>COMPLETED BY 2032<br>DURING THAT SAME TIME,<br>VACANCY DECREASED FROM<br>12% TO 5%<br>2012 2014 2016 2018 2020 2022 2024<br>5%<br>12%<br>Source: CoStar, JLL, Veris Research<br>Market Overview<br>- REGIONAL PLAN ASSOCIATION DECEMBER 2024 | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 19<br>Jersey City Waterfront<br>19,507<br>EXISTING TOTAL<br>CLASS A INVENTORY<br>3.5%<br>CLASS A VACANCY RATE<br>$4,407<br>AVERAGE<br>CLASS A RENT<br>~40%<br>HOMEOWNERSHIP<br>PREMIUM1<br>0.4%<br>PROJECTED ANNUAL<br>POPULATION GROWTH2<br>0.5%<br>PROJECTED ANNUAL<br>JOB GROWTH2<br>4.0%<br>PROJECTED ANNUAL<br>GDP GROWTH2<br>2,744 (14.0%)<br>CLASS A UNITS<br>IN-CONSTRUCTION<br>As of May 2025. Sources: Oxford Economics & CoStar.<br>1. Analysis based on VRE rent to the average cost of one/two-bedroom homes in the area from Apartments.com<br>(accounting for a 20% down payment on purchase, RE taxes, HOA dues and homeowners insurance).<br>2. Includes all of Metro New York.<br>1.8%<br>2025 YTD MARKET<br>RENT GROWTH<br>Jersey City Rental Growth<br>V E R I S H A S C O N S I S T E NT LY O U T P E R F O R M E D<br>THE MARKET SINCE MID-2022<br>100%<br>105%<br>110%<br>115%<br>120%<br>125%<br>130%<br>135%<br>140%<br>145%<br>Q1<br>2022<br>Q2<br>2022<br>Q3<br>2022<br>Q4<br>2022<br>Q1<br>2023<br>Q2<br>2023<br>Q3<br>2023<br>Q4<br>2023<br>Q1<br>2024<br>Q2<br>2024<br>Q3<br>2024<br>Q4<br>2024<br>Jersey City Waterfront Rent Portfolio Veris Jersey City Rent<br>37% GROWTH<br>15% GROWTH<br>Market Overview<br>Q1<br>2025 | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 20<br>Manhattan<br>Haus25<br>Liberty Towers<br>401 BLVD<br>425 BLVD<br>8 Harborside 8 & 9<br>1<br>2<br>4<br>5<br>3<br>475 BLVD<br>Soho Lofts<br>6<br>Sable<br>7<br>8<br>VERIS BUILDINGS<br>D1 55 Hudson (1,017 units)<br>50 Hudson (924 units)<br>425 Marin (802 units)<br>VERIS OWNED LAND<br>COMPETITOR IN CONSTRUCTION<br>D2<br>D3<br>D2<br>D1<br>D3<br>1<br>2<br>3<br>4<br>5 Manhattan<br>1 7<br>2<br>3<br>4<br>5<br>6<br>Jersey City, NJ Port Imperial, NJ<br>RiverTrace<br>RiverHouse 11<br>RiverHouse 9<br>The Capstone<br>VERIS BUILDINGS VERIS OWNED LAND<br>1<br>2<br>3<br>4<br>5 PI South 2<br>Market Overview | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 21<br>East Boston/Chelsea<br>12.1%<br>CLASS A VACANCY RATE 1<br>$2,960<br>AVERAGE<br>CLASS A RENT<br>0.3%<br>PROJECTED ANNUAL<br>POPULATION GROWTH2<br>0.5%<br>PROJECTED ANNUAL<br>JOB GROWTH2<br>4.2%<br>PROJECTED ANNUAL<br>GDP GROWTH<br>94 (1.3%)<br>CLASS A IN-CONSTRUCTION<br>As of May 2025. Source: Oxford Economics & CoStar.<br>1. For first quarter 2025, Portside I & II were 4.0% vacant.<br>2. Includes all of Metro Boston.<br>Veris Massachusetts Properties<br>Market Overview<br>Worcester<br>Boston<br>Malden<br>East Boston<br>The Emery<br>Malden<br>East Boston<br>Portside I<br>Portside II<br>145 Front<br>Worcester<br>4.2%<br>VRE RENT GROWTH YOY<br>(FOR PORTSIDE I & II)<br>0.3%<br>2025 YTD MARKET<br>RENT GROWTH | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 22<br>Corporate<br>Responsibility<br>Corporate Responsibility | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 23<br>SUSTAINABILITY & WELLNESS GOVERNANCE<br> • 66% reduction in Scope 1 & 2 emissions<br> • 22% reduction in Scope 3 emissions<br> • 28% reduction in energy consumption<br> • 79% of properties Green Certified<br> • 95% of properties have EV chargers<br> • 90% of properties have a Walk Score<br>of 70+<br> • 100% of managed portfolio WELL<br>Equity Rated – 1st company globally<br>to achieve portfolio wide<br> • 100% of managed portfolio WELL<br>Health-Safety Rated<br> • Pledge 1% member<br> • 100% of leases with a Sustainability<br>Addendum<br> • Highly independent Board of<br>Directors<br> • Strong ethics and compliance<br>program<br> • Ethics hotline<br> • Veris Farms, hydroponic farming, at<br>select communities<br> • 30 urban beehives<br> • Health-focused spaces like gyms, saunas<br>and green spaces<br><br> • 100% ENERGY STAR® appliances<br> • Ecobee smart thermostats, saving<br>residents 26% on energy bills<br>Corporate Responsibility<br>COMMUNITY-ORIENTED P L A N E T-C O N S C I O U S<br>Corporate Responsibility | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 24<br>Our Values<br>EXCELLENCE ALWAYS FORWARD-THINKING<br>Our properties are part of wider<br>communities, and we recognize<br>our responsibility to those<br>around us.<br>By putting our residents and<br>employees first, we ensure exceptional<br>living and working experiences that<br>create long-term value.<br>We pioneer innovative solutions<br>that transform residential<br>living and create resilient<br>communities.<br>Life in a Veris Residential community<br>promises excellence at every turn.<br>Our tailor-made programs assure<br>consistent, best-in-class service from<br>move-in to move-out.<br>PEOPLE FIRST COMMUNITY IMPACT<br>Corporate Responsibility | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 25<br>Ancillary<br>Information<br>Ancillary Information | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 26<br>Multifamily Peer Benchmarking<br>OPERATIONAL METRICS (1Q25)<br>Number of Properties 221 306 171 254 311 299 187 28<br>Number of Units 7,6211 94,865 61,178 63,315 84,648 101,752 59,747 9,374<br>Same Store NOI Growth YTD YOY 3.2% 2.6% 0.9% 3.3% 1.3% (0.6%) 2.8% 5.5%<br>NOI Margin (YTD) 67.2% 69.0% 64.7% 69.6% 67.1% 64.1% 68.3% 64.0%<br>Blended Net Rental Growth Rate 2.4% 3.0% 0.8% 3.4% 2.2% 0.1% 2.6% 3.9%<br>Same Store Average Monthly Rent per Home $4,019 $3,032 $1,995 $2,667 $3,092 $1,690 $2,597 $1,908<br>Average Asset Age2 10 17 14 29 23 20 23 41<br>Capex Reserve per Home2 $1,750 $2,300 $3,000 $3,400 $2,900 $2,600 $3,100 $3,250<br>ORA Ranking3 86.47 78.02 77.79 60.59 72.81 77.21 56.15 67.39<br>Note: Veris Residential properties as of March 31, 2025. Peer comparable data as of 1Q 2025 reporting.<br>1. Veris’ same store pool was reduced to 21 properties and 7,491 units after the sale of The Metropolitan at 40 Park in April 2025.<br>2. Information based on Green Street as of May 6, 2025.<br>3. ORA® Rankings as published by J Turner as of April 2025.<br>Ancillary Information | |||||
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| Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 27<br>Q1 2025 Components of Net Asset Value<br>REAL ESTATE PORTFOLIO<br>Operating Multifamily NOI1 Total At Share<br>New Jersey Waterfront $169,460 $148,796<br>Massachusetts 26,220 26,220<br>Other 28,728 23,768<br>Total Multifamily NOI $224,408 $198,784<br>Commercial NOI2 2,380 1,949<br>Total NOI $226,788 $200,733<br>Non-Strategic Assets as of May 28, 20256<br>Estimated Value of Remaining Land $134,194<br>Total Non-Strategic Asset Value $134,194<br>OTHER ASSETS TOTAL<br>Cash and Cash Equivalents3 $11,625<br>Restricted Cash 14,512<br>Other Assets 47,258<br>Subtotal Other Assets $73,395<br>LIABILITIES AND OTHER CONSIDERATIONS<br>Operating - Consolidated Debt at Share4 $1,440,886<br>Operating - Unconsolidated Debt at Share4 129,442<br>Other Liabilities 65,894<br>Revolving Credit Facility6 138,000<br>Term Loan 200,000<br>Preferred Units 9,294<br>Subtotal Liabilities and Other Considerations $1,983,516<br>OUTSTANDING SHARES5<br>Fully Diluted Shares for 1Q 2025 (in 000s) 102,066<br>The pages referenced below are available in the Q1 2025 Supplemental.<br>1. See Multifamily Operating Portfolio page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized. Displayed NOI Values reflect change<br>in ownership percentage associated with the consolidation of Sable and excludes NOI from The Metropolitan at 40 Park.<br>2. See Commercial Assets and Developable Land page for more details.<br>3. Cash and cash equivalents as of April 21, 2025.<br>4. See Debt Summary and Maturity Schedule for pro forma reconciliation.<br>5. Outstanding shares for the quarter ended March 31, 2025 is compromised of the following (in 000s): 93,059 weighted average common shares outstanding: 8,631 weighted<br>average Operating Partnership common and vested LTIP units outstanding, and 377 shares representing the dilutive effect of stock-based compensation awards.<br>6. Values of land and revolver as of May 28, 2025 reflecting land sales and subsequent paydowns on the revolver after March 31, 2025.<br>$ in Thousands<br>AS OF APRIL 21, 2025 | |||||
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| Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 28<br>Continued Balance Sheet Optimization<br>Debt Strategy:<br> • Maximizing operational flexibility<br> • Actively managing debt maturity profile<br> • Reducing leverage over time<br> • Diversifying lender base and composition of debt<br>Debt Maturity Schedule<br>AS OF MAY 28, 2025<br>Secured Debt Unused Revolver Capacity Revolver<br>$480<br>$315 $343<br>$162<br>2025 20261 2027 2028 2029<br>Term Loan<br>DE-LEVERING, DE-RISKING AND MAXIMIZING FLEXIBILITY<br>The graphic reflects consolidated debt at share balances only.<br>The Revolver and Term Loan maturities displayed assume the Company utilizes its one-year extension options on top of the three-year tenor.<br>1. The loan on Emery is shown at a January 1, 2026 maturity due to a contractual rate reset.<br>As of May 28, all of the Company’s<br>total pro forma debt portfolio<br>(consolidated and unconsolidated)<br>is hedged or fixed. The Company’s<br>total pro forma debt portfolio has<br>a weighted average interest rate of<br>5.03% and 2.7 years.<br>$303<br>$138<br>$200<br>$ in Millions | |||||
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| Consolidated Q1 2025 Q4 2024<br>Net Income (Loss) $(13,730) $(14,023)<br>Deduct:<br>Management fees (718) (751)<br>Loss (income) from discontinued operations (136) 1,015<br>Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net - (1,899)<br>Interest and other investment income (25) (111)<br>Equity in (earnings) losses of unconsolidated joint ventures (3,842) (1,015)<br>(Gain) Loss from extinguishment of debt, net 156 -<br>Gain on sale of unconsolidated joint venture interests - 154<br>Other income, net 105 396<br>Add:<br>Property management 4,385 3,877<br>General and administrative 10,068 10,040<br>Transaction related costs 308 159<br>Depreciation and amortization 21,253 21,182<br>Interest expense 22,960 23,293<br>Provision for income taxes 42 2<br>Land impairments and other impairments, net 3,200 -<br>Net Operating Income (NOI) $44,026 $42,319<br>Summary of Consolidated Multifamily NOI by Type (unaudited) Q1 2025 Q4 2024<br>Total Consolidated Multifamily - Operating Portfolio $42,326 $41,612<br>Total Consolidated Commercial 595 495<br>Total NOI from Consolidated Properties (excl. unconsolidated JVs subordinated interests) $42,921 $42,107<br>NOI (loss) from services, land/development/repurposing & other assets 1,250 398<br>Total Consolidated Multifamily NOI $44,171 $42,505<br>Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 29<br>DEFINITION OF NET OPERATING INCOME (NOI):<br>NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets as it relates to total return on assets, as<br>opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net<br>income, and the Company’s use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed.<br>Information About Net Operating Income (NOI)<br>RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME (NOI) | |||||
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| Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 30<br> 2025 2024<br>Net loss available to common shareholders ($10,699) ($3,903)<br>Add/(Deduct):<br>Noncontrolling interests in Operating Partnership (998) (523)<br>Noncontrolling interests in discontinued operations 11 155<br>Real estate-related depreciation and amortization on continuing operations1 23,445 22,631<br>Real estate-related depreciation and amortization on discontinued operations - 668<br>Continuing operations: (Loss)/Gain on sale from unconsolidated joint ventures - (7,100)<br>Discontinued operations: Realized and unrealized (gains) losses on disposition of rental property, net - (1,548)<br>FFO2 $11,759 $10,380<br>Add/(Deduct):<br>Land and other impairments6 1,600 -<br>(Gain) loss on disposition of developable land 156 (784)<br>Rebranding and Severance/Compensation related costs (G&A)3 168 1,637<br>Rebranding and Severance/Compensation related costs (Property Management)4 510 1,526<br>Amortization of derivative premium5 1,084 904<br>Derivative mark to market adjustment 255 -<br>Transaction related costs 308 516<br>Core FFO $15,840 $14,179<br>FFO and Core FFO<br>1. Includes the Company’s share from unconsolidated joint ventures and adjustments for noncontrolling interest of $2.7 million and $2.6 million for the three months ended March 31, 2025 and 2024, respectively. Excludes non-real estate-related<br>depreciation and amortization of $0.2 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively.<br>2. Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See Non-GAAP Financial Definitions for information about FFO, Core FFO, AFFO, NOI & Adjusted EBITDA.<br>3. Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $9.9 million and $9.6 million for the three months ended March 31, 2025 and 2024, respectively.<br>4. Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.9 million and $3.7 million for the three months ended March 31, 2025 and 2024, respectively.<br>5. Includes the Company’s share from unconsolidated joint ventures of $12,000 and $19,000 for the three months ended March 31, 2025, respectively.<br>6. Represents the company’s controlling interest portion of $3.2 million land and other impairment charges.<br>THREE MONTHS ENDED MARCH 31, | |||||
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| Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 31<br> 2025 2024<br>Core FFO calculated on previous page $15,840 $14,179<br>Deduct:<br>Equity in (earnings) loss of unconsolidated joint ventures, net (3,842) (459)<br>Equity in earnings share of depreciation and amortization (2,343) (2,724)<br>Add:<br>Interest expense 22,960 21,500<br>Amortization of derivative premium (1,084) (904)<br>Derivative mark to market adjustment (255) -<br>Recurring joint venture distributions 5,801 1,701<br>Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments (525) (495)<br>Redeemable noncontrolling interests 81 297<br>Income tax expense 43 82<br>Adjusted EBITDA $36,675 $33,177<br>Adjusted EBITDA<br>THREE MONTHS ENDED MARCH 31, | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 32<br>The Veris Residential Team<br>Executive Team Dept. Heads<br>Mahbod Nia Taryn Fielder Amanda Lombard Anna Malhari Jeff Turkanis<br>Chief Executive<br>Officer<br>General Counsel<br> & Secretary<br>Chief Financial<br>Officer<br>Chief Operating<br>Officer<br>Chief Investment<br>Officer<br>Carmen DeGuida Lori Milo Karen Cusmano PJ Lefort<br>SVP, CIO/CISO<br>Information Technology<br>Senior Vice President<br>Human Resources<br>Senior Vice President<br>Sustainability & ESG<br>Senior Vice President<br>Operations<br>Senior Vice President<br>Operations & Asset Mgmt<br>Nicole Jones<br>Senior Vice President<br>Marketing & Comms<br>Jay Minchilli Javairia Waseem<br>Vice President<br>Tax<br>A PROVEN TRACK RECORD OF VALUE CREATION<br>Ancillary Information<br>Heather Gamble<br>Senior Vice President<br>Chief Accounting Officer | |||||
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| Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 33<br>Property Directory<br>145 FRONT AT CITY SQUARE<br>145 Front Street<br>Worcester, MA 01608<br>BLVD 401<br>401 Washington Blvd.<br>Jersey City, NJ 07310<br>BLVD 425<br>425 Washington Blvd.<br>Jersey City, NJ 07310<br>BLVD 475<br>475 Washington Blvd.<br>Jersey City, NJ 07310<br>THE CAPSTONE AT PORT IMPERIAL<br>17 Avenue at Port Imperial<br>West New York, NJ 07093<br>THE EMERY AT OVERLOOK RIDGE<br>21 Quarry Lane<br>Malden, MA 02148<br>HAUS25<br>25 Christopher Columbus Drive<br>Jersey City, NJ 07302<br>LIBERTY TOWERS<br>33 Hudson Street<br>Jersey City, NJ 07302<br>THE JAMES<br>87 Madison Avenue<br>Park Ridge, NJ 07656<br>PORTSIDE AT EAST PIER<br>40 East Pier Drive<br>East Boston, MA 02128<br>PORTSIDE II AT EAST PIER<br>40 East Pier Drive<br>East Boston, MA 02128<br>QUARRY PLACE AT TUCKAHOE<br>64 Midland Place<br>Tuckahoe, NY 10707<br>RIVERHOUSE 9<br>900 Avenue at Port Imperial<br>Weehawken, NJ 07086<br>RIVERHOUSE 11<br>1100 Avenue at Port Imperial<br>Weehawken, NJ 07086<br>RIVERPARK AT HARRISON<br>201 Dey Street<br>Harrison, NJ 07029<br>RIVERTRACE AT PORT IMPERIAL<br>11 Ave. at Port Imperial<br>West New York, NJ 07093<br>SABLE<br>200 Greene Street<br>Jersey City, NJ 07310<br>SIGNATURE PLACE<br>250 Johnson Road<br>Morris Plains, NJ 07950<br>SOHO LOFTS<br>273 16th Street<br>Jersey City, NJ 07310<br>STATION HOUSE<br>701 2nd St NE<br>Washington, DC 20002<br>THE UPTON AT SHORT HILLS<br>1 Fineran Way<br>Short Hills, NJ 07078 | |||||
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| CORPORATE PRESENTATION, JUNE 2, 2025 | 34<br>Definitions<br>AV E R AG E E F F E CT I V E M O NT H LY R E NT P E R H O M E<br>represents the average effective rent (net of concessions) for<br>in-place leases and the market rent for vacant homes.<br>CORE FFO AND ADJUSTED FFO (“AFFO”) Core FFO<br>is defined as FFO, as adjusted for certain items to facilitate<br>comparative measurement of the Company’s performance<br>over time. Core FFO is presented solely as supplemental<br>disclosure that the Company’s management believes provides<br>useful information to investors and analysts of its results, after<br>adjusting for certain items to facilitate comparability of its<br>performance from period to period. Core FFO is a non-GAAP<br>financial measures that is not intended to represent cash<br>flow and is not indicative of cash flows provided by operating<br>activities as determined in accordance with GAAP. As there is<br>not a generally accepted definition established for Core FFO,<br>the Company’s Core FFO may not be comparable to the Core<br>FFO reported by other REITs. A reconciliation of net income<br>per share to Core FFO and Adjusted FFO in dollars and per<br>share are included in the financial tables accompanying our<br>quarterly and annual filings.<br>BLENDED NET RENTAL GROWTH RATE combines new<br>lease and renewal lease growth rates. New lease growth<br>rate refers to the difference in rent a new occupant of a unit<br>is paying compared to the rent the unit’s previous occupant<br>was paying on a net effective basis. Renewal lease growth<br>rate refers to the increase or decrease in monthly rent in<br>a renewed lease compared to the previous lease on a net<br>effective basis.<br>NET DEBT/EBITDA The Company defines Adjusted<br>EBITDA as Core FFO, plus interest expense, plus income<br>tax expense, plus income (loss) in noncontrolling interest in<br>consolidated joint ventures and plus adjustments to reflect<br>the entity’s share of Adjusted EBITDA of unconsolidated joint<br>ventures. The Company presents Adjusted EBITDA because<br>the Company believes that Adjusted EBITDA, along with<br>cash flow from operating activities, investing activities and<br>financing activities, provides investors with an additional<br>indicator of the Company’s ability to incur and service debt.<br>Adjusted EBITDA should not be considered as an alternative<br>to net income (determined in accordance with GAAP), as<br>an indication of the Company’s financial performance, as<br>an alternative to net cash flows from operating activities<br>(determined in accordance with GAAP) or as a measure of<br>the Company’s liquidity.<br>NET OPERATING INCOME (NOI) represents total<br>revenues less total operating expenses, as reconciled to net<br>income above. The Company considers NOI to be a meaningful<br>non-GAAP financial measure for making decisions and<br>assessing unlevered performance of its property types and<br>markets as it relates to total return on assets, as opposed<br>to levered return on equity. As properties are considered for<br>sale and acquisition based on NOI estimates and projections,<br>the Company utilizes this measure to make investment<br>decisions, as well as compare the performance of its<br>assets to those of its peers. NOI should not be considered<br>a substitute for net income, and the Company’s use of NOI<br>may not be comparable to similarly titled measures used by<br>other companies. The Company calculates NOI before any<br>allocations to non-controlling interests, as those interests do<br>not affect the overall performance of the individual assets<br>being measured and assessed.<br>ORA™ score is an aggregate compilation of a property’s<br>ratings across various review sites. Each month, J Turner<br>Research monitors the online ratings of properties nationwide.<br>Using a statistical model, a single score based on a scale of 0<br>to 100 is assigned to each property.<br>SAME STORE includes properties that were owned for the<br>entirety of the years being compared and exclude properties<br>under redevelopment or development and properties<br>acquired, sold or classified as held for sale during the years<br>being compared.<br>Ancillary Information | |||||
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