Form 8-K - Current report
February 25 2025 - 5:00AM
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2025-02-24
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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) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February
25, 2025 (February 24, 2025)
VERIS RESIDENTIAL, INC.
(Exact Name of Registrant as Specified in Charter)
Maryland |
|
1-13274 |
|
22-3305147 |
(State
or Other Jurisdiction of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer Identification No.) |
Harborside
3, 210 Hudson St., Ste.
400
Jersey
City, 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
or Other Jurisdiction of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer Identification No.) |
Harborside
3, 210
Hudson St., Ste.
400
Jersey
City, New
Jersey 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
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement
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
registered |
Common
Stock, par value $0.01 |
|
VRE |
|
New
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 |
2025-02-24 |
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
On February 24, 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”), published its earnings for the quarter and fiscal year ended December
31, 2024 and filed with the Securities and Exchange Commission the Registrants’ combined annual report on Form 10-K for the year
ended December 31, 2024. In connection with the filing of the Form 10-K and earnings release, the General Partner posted to the investor
relations page of its internet website an updated corporate presentation for investors. A copy of the General Partner’s corporate
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 |
|
Corporate
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: February 25, 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: February 25, 2025 |
|
By: |
/s/ Taryn Fielder |
|
|
|
Taryn Fielder |
|
|
|
Executive Vice President, General Counsel and Corporate Secretary |
Exhibit 99.1
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| Corporate Presentation
FEBRUARY 24, 2025 |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 2
THIS OPERATING AND FINANCIAL DATA SHOULD BE READ IN CONNECTION
WITH OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED
DECEMBER 31, 2024.
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
statements contained in Section 21E of such 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 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
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 materi-ally from the results discussed in the forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements and are advised to consider the
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
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
statements that become untrue because of subsequent events, new information or otherwise.
Forward-Looking Statements
Forward-Looking Statements |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 3
Our Vision
To continuously innovate and transform residential
living by creating exceptional spaces where
residents thrive and feel truly at home, while
positively impacting the communities we serve.
Our Mission
To deliver comprehensive residential solutions
that blend luxury, energy efficiency and
thoughtful design. Through our commitment to
excellence in development and management,
we create lasting value for our residents while
fostering vibrant, connected communities.
Overview |
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| Veris At-A-Glance
CORPORATE PRESENTATION, FEBRUARY 24, 2025 Overview | 4
94.0%1,2
OCCUPANCY RATE
$388,000
1.6%1
AVERAGE HOUSEHOLD
INCOME PER UNIT
BLENDED NET RENTAL
GROWTH RATE
9 Years
7,621
AVERAGE AGE OF
PROPERTY
APARTMENT UNITS
1. Average as of February 20, 2025.
2. 95.3% excluding Liberty Towers.
6.9%
2024 NOI GROWTH
22
RESIDENTIAL BUILDINGS
12.9%
AV E R A G E R E N T-TO-I N C O M E
RATIO |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 5
Peer-Leading 2024 Results
Overview
HIGHLIGHTS
• 13% increase in Core FFO YOY and 36% increase from 2022
• 6.9% increase in Same Store NOI
• 4.0% Blended Net Rental Growth Rate
• 160 basis-point improvement in operating margin
• $223 million of non-strategic asset sales
• $526 million of mortgages refinanced
• ~60% increase in dividend on an annualized basis
YOY Change Q4 Full Year
Core FFO per Share $0.11 $0.60
Same Store Revenue Growth 4.1% 5.4%
Same Store Expense Growth (1.8%) 2.5%
Same Store NOI Growth 7.3% 6.9%
Same Store Blended Growth Rate 0.5% 4.0%
2024
Asset Sales $223M
Net Debt Reduction YOY $156M
STRONG FINANCIAL AND OPERATING PERFORMANCE
Leverage Reduced by ~1/3, or Approx. 6x,
During the Past 3 Years
36% Earnings Growth Since 2022
Veris Core FFO
+20%
$0.30
$0.35
$0.40
$0.45
$0.50
$0.55
$0.60
$0.65
VERIS CORE FFO PER SHARE (ANNUAL)
2022 2023 2024
$0.44
$0.53
$0.60
+13%
VERIS NET DEBT / EBIDTA
Note: Net debt in 2021 and 2022 includes Rockpoint’s preferred equity ($400M)
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
17.3x
15.5x
11.9x
11.7x
Q4
2021
Q4
2022
Q4
2023
Q4
2024
Veris Net Debt / EBIDTA
Based on Veris results compared to average peer data |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 6
2025 Corporate Plan
Platform
Optimization
Capital
Allocation
Overview
• Targeting land bank, JV’s and select
multifamily assets where we believe we
will be able to crystallize values at or near
NAV
• Investing in value-enhancing Capex
programs across our portfolio
• Repurchasing stock to take advantage
of disconnect between share price and
intrinsic value of Company
We have identified
$300-500 million
of assets that we
intend to sell in the
next 12-24 months,
enhancing our
earnings while
reducing leverage to
below 9x Net Debt-to-EBITDA.
ENHANCING OUR PORTFOLIO AND
H I G H LY S C A L A B L E P L AT F O R M TO
DRIVE NOI GROWTH
MONETIZING SELECT ASSETS TO
CRYSTALLIZE VALUE AND REDUCE
LEVERAGE
• Centralized leasing & operations, including
hybrid-style, “floating” leasing team and area-focused maintenance team in Jersey City
• Technology & AI tools enabling prospect
and resident interactions while increasing
productivity of corporate teams
• Elevated resident experience driven by our
best-in-class teams and unmatched programs
and initiatives |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 Overview | 7
2025 Guidance
2025 Guidance Ranges Low High
Same Store Revenue Growth 2.1% 2.7%
Same Store Expense Growth 2.6% 3.0%
Same Store NOI Growth 1.7% 2.7%
Core FFO per Share $0.61 $0.63
Core FFO per Share (% Growth) 2% 5%
Note: Please refer to this Corporate Presentations and our supplementary filings for the year ended December 31, 2024, for details about NOI,
Core FFO and the Company’s 2025 guidance. |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025
|
8
Our
Vision
Our Vision |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 9
Excellence Always
As of January 2025
Average Property Google Review
86.69
VERIS RESIDENTIAL
ORA SCORE
62.17
NATIONAL AVERAGE
ORA SCORE
As of January 2025
“Haus25 is exceptional across the board.
The apartments are lovely, the amenities
top notch, and the staff are warm and
helpful. Laura in the leasing office is the
best! Highly recommend renting here.”
H A U S 25 R E S I D E N T, FA C E B O O K
“Location is great, amenities are
clean and staff is amazing! Such and
beautiful and fun place to live!”
SOHO LOFTS, GOOGLE
Our Vision |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025
| 10
Our Competitive Advantage
Class A Portfolio
Newest Portfolio | Unparalleled Amenity Offering
Highest Average Rent & Growth Rate
Desirable Northeast Markets with Limited New Supply
Leading Operating Platform
Vertically Integrated & Highly Scalable | Customer Experience Focused
Innovative Use of Technology & AI
Significant Capital Allocation Opportunities
to Drive Growth
Unconsolidated Joint Ventures | Landbank | Value-Add Programs
Experienced Team
Management with Proven Track Record
Seasoned Board | Best-in-Class Governance
Focused on the Creation and Crystallization of Shareholder Value
Our Vision |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 11
A Highly Desirable Class A Portfolio
Commanding the Highest Rents
AV E R A G E R E N T-P E R-H O M E
8.4%
5.5%
Rental Growth
Outpacing
Peers
VERIS PEERS
R E N T-P E R-H O M E
(CAGR 2021-2024)
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Our Vision
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
Veris Average Peer Average
30%
40% |
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| IN LINE WITH PEER AVERAGE
Operating Margin
Veris Residential Multifamily Public Peer Average
2022 2023 2024
15%
17%
19%
21%
23%
25%
2021
19.5%
17.7%
2024
Veris Residential Multifamily Public Peers
Controllable Expenses
Peer Average
CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 12
10%
20%
30%
40%
50%
60%
70%
80%
Tangible Improvement in
Operating Margin & Controllable Expenses
Our Vision
0% |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 13
RENOVATE, REBRAND, REPOSITION
Liberty Towers Value-Add
~$30 Million
INVESTMENT
18%
ESTIMATED ROI
$0.06/Share
CORE FFO ACCRETION AT COMPLETION
APARTMENT RENOVATIONS
• Kitchens include modern cabinetry, quartz countertops, stainless steel
appliances and more
• Bathrooms include new vanities, porcelain floors and shower tiles, chrome
bathroom accessories, low-flow plumbing fixtures and more
• New LED lights, ELFA closet systems, PTHP units, roller shades and more
8TH FLOOR AMENITY CORE RENOVATIONS
• New co-working spaces and private work pods
• Updated social spaces with designer furnishings and contemporary finishes
REPOSITION & REBRAND OF BUILDING
• Elevated market position through upscale enhancements
Our Vision
NEW UNITS
ADDED WORKPODS |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 14
Liberty Towers’ Amenities Before & After
Our Vision
Before
Same Spaces After |
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| Before
Same Spaces After
CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 15
AFTER
Liberty Towers’ Units Before & After
Our Vision |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 16
PLANNED UNIT & BUILDING RENOVATIONS
Portside Value-Add
~$1.5 Million
INVESTMENT
15%
ESTIMATED ROI
PLANNED UNIT RENOVATIONS
• New washer/dryers, dishwashers, microwaves, kitchen faucets and
kitchen backsplashes
• New LED lights, chrome bathroom accessories and updated shower
trim kit
PLANNED BUILDING RENOVATIONS
• Upgraded fitness center featuring state-of-the art equipment
• Modernized corridor finishes and lighting
CURRENT UNITS SL ATED
FOR RENOVATIONS
Our Vision |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 17
Overview of Our Land Bank
HARBORSIDE 8
Jersey City, NJ
PI SOUTH, BLDG 2
Weehawken, NJ
WALL TOWNSHIP LAND
Monmouth County, NJ
3,775 Units
FOR POTENTIAL DEVELOPMENT
~$180 Million
LAND BANK VALUE
$135 Million
UNDER REVIEW
$45 Million
UNDER BINDING CONTRACT
2,351 Units
NJ WATERFRONT
737 Units
MASSACHUSETTS
687 Units
OTHER CORE MARKET
Under Review Under Binding Contract
PI SOUTH, RIVERBEND 1
West North York, NJ
PI NORTH, BLDG 6
West North York, NJ
1633 LITTLETON
Parsippany, NJ
UPTON PARCEL
Short Hills, NJ
1 WATER STREET
White Plains, NY
OVERLOOK 1
Revere, MA
OVERLOOK 15
Revere, MA
OVERLOOK 14A
Malden, MA
OVERLOOK 13
Malden, MA
OVERLOOK 14B
Malden, MA
HARBORSIDE 9
Jersey City, NJ
The unit count and land value represented above are as of February 18, 2025,
which reflects the sale of 65 Livingston in January 2025.
Our Vision |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 18
Introducing
Our Vision
Technology without people is just circuits and code—but people partnered with technology forms the
foundation for sustainable value creation.
Prism, powered by people + tech, is our overarching approach to purposeful technology implementation,
focused on solutions that drive measurable returns rather than innovation for innovation’s sake.
We use technology to amplify our human talent, transforming operational friction points into opportunities
while ensuring our technology evolves with the needs of our communities and the residents who inhabit them. |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 19
Our Onsite Technology Solutions
DYNAMIC PRICING INTELLIGENCE
Dynamic revenue management leveraging
real-time analytics to optimize unit pricing and
maximize value.
V I RT UA L L E A S I N G A G E N T &
RESIDENT ASSISTANT
A conversational AI offering human-like
responses when scheduling tours, providing
instructions, managing maintenance requests,
addressing delinquencies and sending follow-ups to residents and prospects.
VIRTUAL & SELF-GUIDED TOURS
Self-guided onsite tours and comprehensive
virtual tours of apartments, amenities
and common areas for seamless property
exploration.
RESIDENT MOBILE APP
Self-service app allowing residents to pay rent,
reserve amenities, submit maintenance requests
and communicate with staff.
R E N T PAY M E N T P L AT F O R M &
RESIDENT REWARDS
Loyalty program enabling renters to earn points
on rent payments with points redeemable
toward future rent payments, shopping, airline
miles, hotel points and more.
PROPERTY MANAGEMENT SYSTEM
Comprehensive management of property
operations, streamlining workflows for leasing,
resident transitions, maintenance, purchasing
and communications.
SUSTAINABLE UPGRADES
Various sustainable technologies that improve
energy efficiency and the resident experience,
including EV Chargers, smart thermostats, LED
lighting, Hydropanels, Energy Star® Appliances
and more.
Our Vision |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 20
Prospect Experience
Our Vision
As an industry average,
33% of emails are missed
without AI assistance.
PROSPECT REACHES OUT TO US
AI EMAIL
FOLLOWS-UP
VIA EMAIL
• Creates Guest Cards
• Answers All Questions
• Books Tours
• Sends Tour Confirmation
• Reschedules No-Shows
• Post-Tour Thank You
with Application link
54% of leads come in after hours
AI CHAT
HAND-OFF
QUESTIONS
TO ONSITE IF
NEEDED
USES VIRTUAL TOURS
ON OUR WEBSITE
PROSPECT VISITS OUR
WEBSITE
PROSPECT FINDS PROPERTY
OUTSIDE OF WEBSITE
www.VerisResidential.com Google, Signage, etc.
Next Phase Property Tour
INTEGRATES INTO
PROPERTY MANAGEMENT SOFTWARE
• Immediate Response to
Questions & Availability
• Books Tours
• Starts the Application
Process |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 21
Transforming the Resident Experience
with AI & Automation
Our Vision
CHALLENGE
Manual processing delays response
time to maintenance requests
TECHNOLOGY SOLUTION
AI assistant responds to maintenance
requests within 30 seconds.
• Processed 2,500 maintenance
requests utilizing AI–about 10% of
requests since the portfolio-wide
rollout on May 28, 2024.
CHALLENGE
After-hours support limited by
staff availability
TECHNOLOGY SOLUTION
AI assistant responds to messages
after hours, which comprise 42.6% of
all resident outreach.
• Responded to over 90,000
messages after hours in 2024.
CHALLENGE
Time-consuming follow-up process
for regular resident inquires
TECHNOLOGY SOLUTION
AI assistant responds to majority
of inquiries, escalating those that
require employee input.
• Saved over 17,000 employee
hours in 2024. |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 22
AI & Automation Implementation
Across Corporate Functions
Our Vision
CORPORATE-WIDE
• AI-powered meeting assistance to capture notes, action items and
transcripts
• Document management and collaboration tools that streamline workflow
• Automated task management and project tracking
MARKETING
• AI-assisted content creation and refinement tools
• AI-powered asset management tool
• Social media management and scheduling platforms
I T
• Security monitoring and threat detection systems
• Automated help desk and ticket management
• System integration and data flow automation
ACCOUNTING
• Automated financial close process
• Error reduction through automation
• Financial data visibility tools |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 23
Market
Overview
Market Overview |
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| Individual
CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 24
Transaction Capital Flows
Market Overview
$254 B I L L I O N O F D RY-P O W E R, B U T O N LY 10% F O C U S E D
ON CORE/CORE+ OPPORTUNITIES
Closed-end funds focused on North America.
4%
Core+
6%
Core
18%
Debt
34%
Value-Add
38%
Opportunistic
Multifamily Transaction Volumes
M U LT I FA M I LY I N V E S T M E N T VO LU M E S R E M A I N
WELL BELOW HISTORIC LEVELS
Entity
0
20
40
60
80
100
120
140
160
180
$BN
2019 2020 2021 2022 2023 2024
Portfolio Source: Entrata, December 2024 |
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| Under Construction Proposed Housing Units per 1,000 People
CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 25
Jersey City Market Overview
8-15%
POPULATION GROWTH BY 2032
74% 40,000
OF POPULATION ARE RENTERS CLASS A UNITS
317,171
JERSEY CITY POPULATION
By 2032, Jersey City could face a housing
shortage of 27,000-36,500 units.
27
90
JERSEY
CITY
NYC
METRO
OVER THE LAST 12 YEARS,
COMPLETIONS IN JERSEY CITY OUT-PACED THE BROADER NYC AREA
3,140
11,386
7,305
6,340
THE
WATERFRONT
OTHER
JERSEY CITY
10,500 UNITS UNDER CONSTRUCTION
AND 17,700 UNITS PROPOSED TO BE
COMPLETED BY 2032
DURING THAT SAME TIME,
VACANCY DECREASED FROM
12% TO 5%
2012 2014 2016 2018 2020 2022 2024
5%
12%
Source: CoStar, JLL, Veris Research
Market Overview
- REGIONAL PLAN ASSOCIATION |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 26
Jersey City Waterfront
19,500
EXISTING TOTAL
CLASS A INVENTORY
3.5%
CLASS A VACANCY RATE
$4,225
AVERAGE
CLASS A RENT
~40%
HOMEOWNERSHIP
PREMIUM1
0.4%
PROJECTED ANNUAL
POPULATION GROWTH2
0.5%
PROJECTED ANNUAL
JOB GROWTH2
4.0%
PROJECTED ANNUAL
GDP GROWTH2
2,743 (14.1%)
CLASS A UNITS
IN-CONSTRUCTION
As of January 2025. Sources: Oxford Economics & CoStar.
1. Analysis based of VRE rent to the average cost of one/two bedroom homes in the area from Apartments.com (taking into account
a 20% down payment on purchase, RE taxes, HOA dues and homeowners insurance).
2. Includes all of Metro New York.
2.8%
2024 MARKET
RENT GROWTH
Jersey City Rental Growth
V E R I S H A S C O N S I S T E N T LY O U T P E R F O R M E D
THE MARKET SINCE MID-2022
100%
105%
110%
115%
120%
125%
130%
135%
140%
145%
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Jersey City Waterfront Rent Portfolio Veris Jersey City Rent
41% GROWTH
13% GROWTH
Market Overview |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 27
Manhattan
Haus25
Liberty Towers
410 BLVD
425 BLVD
8 Harborside 8 & 9
1
2
4
5
3
475 BLVD
Soho Lofts
6
Urby
J O I N T-V E N T U R E
7
8
VERIS BUILDINGS
D1 55 Hudson (1,017 units)
50 Hudson (924 units)
425 Marin (802 units)
VERIS OWNED LAND
COMPETITOR IN CONSTRUCTION
D2
D3
D2
D1
D3
1
2
3
4
5
6 Manhattan
1 7
2
3
4
5
6
Jersey City, NJ Port Imperial, NJ
RiverTrace
RiverHouse 11
RiverHouse 9
The Capstone
VERIS BUILDINGS VERIS OWNED LAND
1
2
3
4
5 PI North 6
6 PI South 2
Market Overview |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 28
East Boston/Chelsea
17.6%
CLASS A VACANCY RATE 1
$2,875
AVERAGE
CLASS A RENT
0.4%
PROJECTED ANNUAL
POPULATION GROWTH2
0.5%
PROJECTED ANNUAL
JOB GROWTH2
4.0%
PROJECTED ANNUAL
GDP GROWTH
339 (7.3%)
CLASS A IN-CONSTRUCTION
As of January 2025. Source: Oxford Economics & CoStar.
1. For year-end, Portside I & II was 5.6% vacant.
2. Includes all of Metro Boston.
Veris Massachusetts Properties
Market Overview
Worcester
Boston
Malden
East Boston
The Emery
Malden
East Boston
Portside I
Portside II
145 Front
Worcester
5.9%
VRE RENT GROWTH
(FOR PORTSIDE I & II)
(2.8%)
2024 MARKET
RENT GROWTH |
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| 7% of new Veris renters
have an average income
of over $2.1 million.
CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 29
Renters by Choice
66%
O F R E N T E R S S AY R E N T I N G F I TS
T H E I R C U R R E N T L I F E S T Y L E
MORE THAN OWNING A HOME
>33%
O F R E N T E R S S AY B E I N G A
R E N T E R G I V E S T H E M M O R E
CAREER OPPORTUNITIES
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2019 2020 2021 2022 2023 2024
SINCE 2019, VERIS MOVE-INS WITH INCOMES ABOVE $1M HAVE TRIPLED
Rent-to-Income 7-Figure Salary Move-In
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Rent-to-Income Ratio
Share of 7-Figure Move-Ins
Market Overview
Source: Entrata, December 2024. Company statistics |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 30
Corporate
Responsibility
Corporate Responsibility |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 31
SUSTAINABILITY & WELLNESS GOVERNANCE
• 66% reduction in Scope 1 & 2 emissions
• 22% reduction in Scope 3 emissions
• 28% reduction in energy consumption
• 79% of properties Green Certified
• 65% of properties have EV chargers
• 90% of properties have a Walk Score
of 70+
• 100% of managed portfolio WELL
Equity Rated – 1st company globally
to achieve portfolio wide
• 100% of managed portfolio WELL
Health-Safety Rated
• Pledge 1% member
• 100% of leases with a Sustainability
Addendum
• Highly independent Board of
Directors
• Strong ethics and compliance
program
• Ethics hotline
• Veris Farms, hydroponic farming, at
select communities
• 30 urban beehives
• Health-focused spaces like gyms, saunas
and green spaces
• 100% ENERGY STAR® appliances
• Ecobee smart thermostats, saving
residents 26% on energy bills
Corporate Responsibility
COMMUNITY-ORIENTED P L A N E T-C O N S C I O U S
Corporate Responsibility |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 32
Our Values
EXCELLENCE ALWAYS FORWARD-THINKING
Our properties are part of wider
communities, and we recognize
our responsibility to those
around us.
By putting our residents and
employees first, we ensure exceptional
living and working experiences that
create long-term value.
We pioneer innovative solutions
that transform residential
living and create resilient
communities.
Life in a Veris Residential community
promises excellence at every turn.
Our tailor-made programs assure
consistent, best-in-class service from
move-in to move-out.
PEOPLE FIRST COMMUNITY IMPACT
Corporate Responsibility |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 33
Ancillary
Information
Ancillary Information |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 34
Our Evolution
2024
39% 45%
53% 56%
64% 68% 75%
84% 86%
99% 99% 99% 100%
Named new
CEO and
COO
Announced
strategic shift
to pure-play
multifamily
Repaid
$575M of
corporate
bonds
Rebranded
to
Veris
Residential
Reinstated
dividend
Negotiated
early
redemption
of Rockpoint
preferred
interest
Transformed
remaining
C-Suite
leadership
$831M of
non-strategic
sales (5 land
parcels, 2
offices and
1 hotel)
Acquired
The James
$660M of
non-strategic
sales (3 land
parcels, 5
offices and
2 hotels)
$223M of
non-strategic
sales, including
our last office
asset
Launched
$500M
corporate facility
and refinanced
$526M of
mortgages
$731M
of suburban
office sales
across 20
properties
Launched
Haus25
Three years
of sector-leading
operational
performance
O U R R A P I D T R A N S F O R M AT I O N TO A M U LT I FA M I LY R E I T
2021 2022 2023
Ancillary Information |
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| $2.6B
OF TRANSACTIONS
CLOSED
55
A S S E TS
SOLD
Sales Since June 30, 2020
33
OFFICE BUILDINGS
3
HOTELS
17
LAND PARCELS
1
RETAIL
PROPERTY
1
M U LT I FA M I LY
PROPERTY
Assets Sold Include
CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 35
THE HYATT
JERSEY CITY
HARBORSIDE 1, 2 & 3
JERSEY CITY
HARBORSIDE 5 & 6
JERSEY CITY
THE METROPOLITAN
LOFTS
Transaction Track Record
H I G H LY A CT I V E D E S P I T E C H A L L E N G I N G
TRANSACTION MARKETS
101 HUDSON
JERSEY CITY
Ancillary Information |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 36
Peer-Leading Performance Results
FOCUSED ON OVERALL EXCELLENCE
Number of Properties 22 287 173 262 312 299 193 29
Number of Units 7,621 93,518 59,996 62,157 84,249 102,079 59,747 9,374
Same Store NOI Growth YTD YOY 6.9% 2.3% 1.2% 1.7% 1.6% (2.1%) 2.1% 1.4%
NOI Margin (YTD)1 66.8% 68.9% 64.4% 70.1% 68.3% 63.4% 69.0% 63.3%
Blended Net Rental Growth Rate 0.5% 1.1% (1.1%) 1.6% 1.0% (2.0)% (0.5%) 1.3%
Same Store Average Monthly Rent per Home $4,033 $3,040 $1,999 $2,676 $3,135 $1,684 $2,596 $1,920
Average Asset Age2 9 17 14 29 23 20 23 40
Capex Reserve per Home2 $1,750 $2,300 $3,000 $3,400 $2,900 $2,600 $3,100 $3,250
ORA Ranking3 86.69 78.21 77.34 60.37 72.17 76.04 54.90 66.03
Note: Veris Residential properties as of December 31, 2024. Peer comparable data as of 4Q 2024 reporting.
1. Same Store NOI growth for the three months ended December 31 was 66.5% for VRE.
2. Information based on Green Street as of January 31, 2025.
3. ORA® Rankings as published by J Turner as of January 2025.
Ancillary Information |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 Ancillary Information | 37
Q4 2024 Components of Net Asset Value
REAL ESTATE PORTFOLIO
Operating Multifamily NOI1 Total At Share
New Jersey Waterfront 169,888 145,446
Massachusetts 26,100 26,100
Other 31,832 24,132
Total Multifamily NOI 227,820 195,677
Commercial NOI2 1,980 1,159
Add Back: Non-Recurring NOI Impact3 1,368 1,368
Total NOI 231,168 198,205
Non-Strategic Assets
Estimated Value of Remaining Land 134,819
Estimated Value of Land Under Binding Contract for Sale 45,250
Total Non-Strategic Asset Value5 180,069
OTHER ASSETS TOTAL
Cash and Cash Equivalents4 $6,493
Restricted Cash 17,059
Other Assets 52,104
Subtotal Other Assets $75,656
LIABILITIES AND OTHER CONSIDERATIONS
Operating - Consolidated Debt at Share $1,261,196
Operating - Unconsolidated Debt at Share 293,450
Other Liabilities 68,051
Revolving Credit Facility6 145,000
Term Loan 200,000
Preferred Units 9,294
Subtotal Liabilities and Other Considerations $1,976,991
OUTSTANDING SHARES7
Fully Diluted Shares for 4Q 2024 (in 000s) 102,587 The pages referenced below are available in the Q4 2024 Supplemental.
1. See Multifamily Operating Portfolio page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized.
2. See Commercial Assets and Developable Land page for more details.
3. In the fourth quarter, the Company had lower-than-normal NOI value, driven primarily by two non-recurring costs.
4. Reflects the cash balance on February 21, 2025. Cash balance at quarter end was $7.3 million.
5. The land values reflect VRE’s share of value. 65 Livingston was removed from the total after closing on January 24, 2025. Land under binding contract reflects Wall Land, 1
Water and the value VRE expects to receive upon completion of the sale. For more details on unit change see Commercial Assets and Developable Land page.
6. Revolver balance on 12/31 was $152 million. Subsequent to the sale of 65 Livingston, the Company repaid $7 million of the Revolver, bringing the balance to $145 million.
See Debt Summary and Maturity Schedule page for more details.
7. Outstanding shares for the quarter ended December 31, 2024, is comprised of the following (in 000s): 92,934 weighted average common shares outstanding, 8,677
weighted average Operating Partnership common and vested LTIP units outstanding, and 976 shares representing the dilutive effect of stock-based compensation awards.
AS OF FEBRUARY 21, 2025
$ in Thousands |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 Ancillary Information | 38
$57
Continued Balance Sheet Optimization
Debt Strategy:
• Maximizing operational flexibility
• Actively managing debt maturity profile
• Reducing leverage over time
• Diversifying lender base and composition of debt
Debt Maturity Schedule
AS OF DECEMBER 31, 2024
Consolidated Maturities Unused Revolver Capacity Revolver
$63
$473
$316 $343
$148
$155
2025 2026 2027 2028 2029 BEYOND
Term Loan
$18
DE-LEVERING, DE-RISKING AND MAXIMIZING FLEXIBILITY
The Revolver and Term Loan maturities displayed assume the Company utilizes its one-year extension options on top of the three-year tenor.
100% of the Company’s total pro
forma debt portfolio (consolidated
and unconsolidated) is fixed or
hedged. The Company’s total debt
portfolio has a weighted average
interest rate of 4.95% and a weighted
average maturity of 3.1 years.
$131
$152
$200
$71
Unconsolidated Maturities |
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| Revenues Q4 2024 Total Q3 2024 Total
Net Income (14,023) (10,907)
Deduct:
Management fees (751) (794)
Loss (income) from discontinued operations 1,015 (206)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (1,899) -
Interest and other investment income (111) (181)
Equity in (earnings) losses of unconsolidated joint ventures (1,015) 268
(Gain) Loss from extinguishment of debt, net - (8)
Gain on sale of unconsolidated joint venture interests 154 -
Other income, net 396 310
Add:
Property management 3,877 3,762
General and administrative 10,040 8,956
Transaction related costs 159 -
Depreciation and amortization 21,182 21,159
Interest expense 23,293 21,507
Provision for income taxes 2 39
Land impairments and other impairments, net - 2,619
Net Operating Income (NOI) 42,319 46,524
Summary of Consolidated Multifamily NOI by Type (unaudited) Q4 2024 QTD Q3 2024 QTD
Total Consolidated Multifamily - Operating Portfolio (supplemental) 41,612 43,477
Total Consolidated Commercial (supplemental) 495 927
Total NOI from Consolidated Properties 42,107 44,404
NOI (loss) from services, land/development/repurposing & other assets 398 427
Total Consolidated Multifamily NOI 42,505 44,831
CORPORATE PRESENTATION, FEBRUARY 24, 2025 Ancillary Information | 39
DEFINITION OF NET OPERATING INCOME (NOI):
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
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
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.
Information About Net Operating Income (NOI)
RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME (NOI) |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 Ancillary Information | 40
2024 2023
Net loss available to common shareholders ($23,120) ($107,265)
Add/(Deduct):
Noncontrolling interests in Operating Partnership (2,531) (11,174)
Noncontrolling interests in discontinued operations 371 779
Real estate-related depreciation and amortization on continuing operations1 92,164 95,695
Real estate-related depreciation and amortization on discontinued operations 635 12,689
Property impairments on discontinued operations - 32,516
Continuing operations: (Gain) loss on sale from unconsolidated joint ventures (6,946) -
Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net - -
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (1,548) (2,411)
FFO2 $59,025 $20,829
Add/(Deduct):
(Gain) loss from extinguishment of debt, net 777 5,618
Land and other impairments 2,619 9,324
(Gain) loss on disposition of developable land (13,414) (46,339)
Rebranding and Severance/Compensation related costs (G&A)3 2,111 7,987
Rebranding and Severance/Compensation related costs (Property Management)4 3,156 1,128
Severance/Compensation related costs (Operating Expenses) - 649
Rockpoint buyout premium - 34,775
Redemption value adjustments to mandatorily redeemable noncontrolling interests - 7,641
Amortization of derivative premium5 4,554 4,654
Derivative mark to market adjustment 202 -
Transaction related costs 1,984 7,627
Core FFO $61,014 $53,893
FFO and Core FFO
1. Includes the Company’s share from unconsolidated joint ventures and adjustments for noncontrolling interest of $2.6 million and $2.6 million for the three months ended December 31, 2024 and 2023, respectively, and $10.2 million and $10.3 million for the twelve months ended December 31, 2024 and 2023, respectively. Excludes non-real estate-related
depreciation and amortization of $0.2 million and $0.2 million for the three months ended December 31, 2024 and 2023, respectively, and $0.8 million and $1.0 million for the twelve months ended December 31, 2024 and 2023, respectively.
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.
3. Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $10.0 million and $9.9 million for the three months ended December 31, 2024 and 2023, respectively, and $37.0 million and $36.5 million for the twelve months ended December 31, 2024 and 2023, respectively.
4. Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.1 million and $3.5 million for the three months ended December 31, 2024 and 2023, respectively, and $14.1 million and $13.1 million for the twelve months ended December 31, 2024 and 2023, respectively.
5. Includes the Company’s share from unconsolidated joint ventures of $20,000 and $92,000 for the three months and twelve months ended December 31, 2024, respectively.
TWELVE MONTHS ENDED DECEMBER 31, |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 Ancillary Information | 41
2024 2023
Core FFO calculated on previous page $61,014 $53,893
Deduct:
Equity in (earnings) loss of unconsolidated joint ventures (4,196) (3,102)
Equity in earnings share of depreciation and amortization (10,154) (10,337)
Add:
Interest expense 87,977 90,177
Amortization of derivative premium (4,554) (4,654)
Derivative mark to market adjustment (202) -
Recurring joint venture distributions 11,893 11,700
Noncontrolling interests in consolidated joint ventures (1,924) (2,319)
Interest cost for mandatorily redeemable noncontrolling interests - 7,366
Redeemable noncontrolling interests 540 7,618
Income tax expense 300 492
Adjusted EBITDA $140,694 $150,834
Adjusted EBITDA
TWELVE MONTHS ENDED DECEMBER 31, |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 42
The Veris Residential Team
Executive Team Dept. Heads
Mahbod Nia Taryn Fielder Amanda Lombard Anna Malhari Jeff Turkanis
Chief Executive
Officer
General Counsel
& Secretary
Chief Financial
Officer
Chief Operating
Officer
Chief Investment
Officer
Carmen DeGuida Lori Milo Karen Cusmano PJ Lefort
SVP, CIO/CISO
Information Technology
Senior Vice President
Human Resources
Senior Vice President
Sustainability & ESG
Senior Vice President
Operations
Senior Vice President
Operations & Asset Mgmt
Nicole Jones
Senior Vice President
Marketing & Comms
Jay Minchilli Javairia Waseem
Vice President
Tax
A PROVEN TRACK RECORD OF VALUE CREATION
Ancillary Information
Heather Gamble
Senior Vice President
Chief Accounting Officer |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 Ancillary Information | 43
Property Directory
145 FRONT AT CITY SQUARE
145 Front Street
Worcester, MA 01608
BLVD 401
401 Washington Blvd.
Jersey City, NJ 07310
BLVD 425
425 Washington Blvd.
Jersey City, NJ 07310
BLVD 475
475 Washington Blvd.
Jersey City, NJ 07310
THE CAPSTONE AT PORT IMPERIAL
17 Avenue at Port Imperial
West New York, NJ 07093
THE EMERY AT OVERLOOK RIDGE
21 Quarry Lane
Malden, MA 02148
HAUS25
25 Christopher Columbus Drive
Jersey City, NJ 07302
LIBERTY TOWERS
33 Hudson Street
Jersey City, NJ 07302
THE JAMES
87 Madison Avenue
Park Ridge, NJ 07656
METROPOLITAN AT 40 PARK
40 Market Street
Morristown, NJ 07960
PORTSIDE AT EAST PIER
40 East Pier Drive
East Boston, MA 02128
PORTSIDE II AT EAST PIER
40 East Pier Drive
East Boston, MA 02128
QUARRY PLACE AT TUCKAHOE
64 Midland Place
Tuckahoe, NY 10707
RIVERHOUSE 9
900 Avenue at Port Imperial
Weehawken, NJ 07086
RIVERHOUSE 11
1100 Avenue at Port Imperial
Weehawken, NJ 07086
RIVERTRACE AT PORT IMPERIAL
11 Ave. at Port Imperial
West New York, NJ 07093
SIGNATURE PLACE
250 Johnson Road
Morris Plains, NJ 07950
SOHO LOFTS
273 16th Street
Jersey City, NJ 07310
STATION HOUSE
701 2nd St NE
Washington, DC 20002
THE UPTON AT SHORT HILLS
1 Fineran Way
Short Hills, NJ 07078
URBY JERSEY HARRISON
200 Angelo Cifelli Drive
Harrison, NJ 07029
URBY JERSEY CITY
200 Greene Street
Jersey City, NJ 07310 |
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| CORPORATE PRESENTATION, FEBRUARY 24, 2025 | 44
Definitions
AV E R A G E E F F E CT I V E M O N T H LY R E N T P E R H O M E
represents the average effective rent (net of concessions) for
in-place leases and the market rent for vacant homes.
CORE FFO AND ADJUSTED FFO (“AFFO”) Core FFO
is defined as FFO, as adjusted for certain items to facilitate
comparative measurement of the Company’s performance
over time. Core FFO is presented solely as supplemental
disclosure that the Company’s management believes provides
useful information to investors and analysts of its results, after
adjusting for certain items to facilitate comparability of its
performance from period to period. Core FFO is a non-GAAP
financial measures that is not intended to represent cash
flow and is not indicative of cash flows provided by operating
activities as determined in accordance with GAAP. As there is
not a generally accepted definition established for Core FFO,
the Company’s Core FFO may not be comparable to the Core
FFO reported by other REITs. A reconciliation of net income
per share to Core FFO and Adjusted FFO in dollars and per
share are included in the financial tables accompanying our
quarterly and annual filings.
BLENDED NET RENTAL GROWTH RATE combines new
lease and renewal lease growth rates. New lease growth
rate refers to the difference in rent a new occupant of a unit
is paying compared to the rent the unit’s previous occupant
was paying on a net effective basis. Renewal lease growth
rate refers to the increase or decrease in monthly rent in
a renewed lease compared to the previous lease on a net
effective basis.
NET DEBT/EBITDA The Company defines Adjusted
EBITDA as Core FFO, plus interest expense, plus income
tax expense, plus income (loss) in noncontrolling interest in
consolidated joint ventures and plus adjustments to reflect
the entity’s share of Adjusted EBITDA of unconsolidated joint
ventures. The Company presents Adjusted EBITDA because
the Company believes that Adjusted EBITDA, along with
cash flow from operating activities, investing activities and
financing activities, provides investors with an additional
indicator of the Company’s ability to incur and service debt.
Adjusted EBITDA should not be considered as an alternative
to net income (determined in accordance with GAAP), as
an indication of the Company’s financial performance, as
an alternative to net cash flows from operating activities
(determined in accordance with GAAP) or as a measure of
the Company’s liquidity.
NET OPERATING INCOME (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 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 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 non-controlling interests, as those interests do
not affect the overall performance of the individual assets
being measured and assessed.
ORA™ score is an aggregate compilation of a property’s
ratings across various review sites. Each month, J Turner
Research monitors the online ratings of properties nationwide.
Using a statistical model, a single score based on a scale of 0
to 100 is assigned to each property.
SAME STORE includes properties that were owned for the
entirety of the years being compared and exclude properties
under redevelopment or development and properties
acquired, sold or classified as held for sale during the years
being compared.
Ancillary Information |
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VERIS RESIDENTIAL, INC.
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