EX-99.1 2 a991earningsreleaseandsupp.htm EX-99.1 Document

















Table Of Contents



Page(s)
   Key Financial Data
  Operating Portfolio
Debt
   Reconciliations and Additional Details
   Annex 1: Transaction Activity









    


V E R I S    R E S I D  E  N  T  I  A  L,    I N C.  
NEWS RELEASE
For Immediate Release
Veris Residential, Inc.
Reports Second Quarter 2025 Results
JERSEY CITY, N.J., July 23, 2025 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the second quarter 2025.

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net Income (loss) per Diluted Share$0.12$0.03$0.00$(0.01)
Core FFO per Diluted Share$0.17$0.18$0.33$0.32
Core AFFO per Diluted Share$0.19$0.21$0.36$0.39
Dividend per Diluted Share$0.08$0.06$0.16$0.11

STRATEGIC PROGRESS

–$448 million of non-strategic asset sales completed or under contract year to date. On track to achieve Net Debt-to-EBITDA around of 10.0x by year-end 2025 and below 9.0x by year-end 2026.
–$268 million in closed sales, including Signature Place and 145 Front Street.
–$180 million in sales under binding contract, including two multifamily assets.
–Secured amendment to Revolver and Term Loan agreement, including a leverage-based pricing grid, realizing an immediate 55-basis-point interest rate reduction.

CONTINUED OPERATIONAL STRENGTH

–Year-over-year Same Store Blended Net Rental Growth Rate of 4.7% for the quarter and 3.5% year to date.
–Year-over-year Same Store NOI growth of 5.6% for the quarter and 4.4% year to date, further improving operating margin to 67.4% year to date.
–Same Store occupancy of 93.9% (95.5% excluding Liberty Towers).
–Raised 2025 guidance to reflect significant progress in corporate plan and continued operational strength.

"We have made significant progress on our corporate initiatives both operationally and strategically, enabling us to raise guidance. We continued to see strength in our operations, and with nearly $450 million of sales already completed or under binding contract, we are well ahead of schedule and on track to realize our near-term leverage targets, including Net Debt-to-EBITDA below 9x next year," said Mahbod Nia, Chief Executive Officer of Veris Residential.

"We are proud to have made meaningful progress on our strategic plan to continue optimizing our balance sheet. With the amendment to our credit facility, we secured an immediate reduction in our corporate borrowing costs of 55 basis points, with the potential to realize additional interest savings as we seek to further de-lever over time. We remain focused on executing our multi-pronged optimization strategy as we seek to continue enhancing value for all Veris Residential stakeholders."










SAME STORE PORTFOLIO PERFORMANCE

The following table uses the current Same Store pool for both the first and second quarter of 2025, as it is consistently reported throughout the Supplemental package. The actual Same Store pool on March 31 was 7,621 units, which included units from The Metropolitan at 40 Park.

June 30, 2025March 31, 2025Change
Same Store Units
7,4917,491—%
Same Store Occupancy93.9%94.0%(0.1)%
Same Store Blended Rental Growth Rate (Quarter)4.7%2.3%2.4%
Average Rent per Home$4,085$4,0231.5%

The following table shows Same Store performance:

($ in 000s)Three Months Ended June 30,Six Months Ended June 30,
20252024%20252024%
Total Property Revenue$75,999$74,1602.5%$151,378$147,7682.4%
Controllable Expenses12,79913,286(3.7)%25,73625,775(0.2)%
Non-Controllable Expenses11,89112,283(3.2)%23,65124,280(2.6)%
Total Property Expenses24,69025,569(3.4)%49,38750,055(1.3)%
Same Store NOI
$51,309$48,5915.6%$101,991$97,7134.4%

TRANSACTION ACTIVITY

Year to date, the Company has closed $268 million of non-strategic asset sales, including two unconsolidated joint ventures and two wholly owned multifamily assets. Two additional multifamily assets, The James in New Jersey and Quarry Place in New York, are under binding contract for a further $180 million.

Name ($ in 000s)DateLocationGAV
65 Livingston1/24/2025Roseland, NJ$7,300
Wall Land 4/3/2025Wall Township, NJ31,000
PI - North Building (two parcels) and Metropolitan at 40 Park4/21/2025West New York, NJ and Morristown, NJ7,100
1 Water4/29/2025White Plains, NY15,500
Signature Place7/9/2025Morris Plains, NJ85,000
145 Front Street7/22/2025Worcester, MA122,200
Total Assets Sold in 2025-to-Date$268,100

In April, Veris purchased its partner's interest in the Jersey City Urby for $38.5 million, eliminating the Company’s largest remaining unconsolidated joint venture, rebranding the property to "Sable" and assuming management. The consolidation is expected to create over one million dollars in annualized synergies.


FINANCE AND LIQUIDITY

As of July 22, 2025, following [the completion of the previously announced sales], the Company had liquidity of $181 million, a weighted average effective interest rate of 4.86% and a weighted average maturity of 2.6 years, with all of the Company's debt either hedged or fixed.

In July, subsequent to quarter end, the Company amended its $300 million Revolving Credit Facility ("Revolver") and $200 million delayed-draw Term Loan ("Term Loan" and collectively, the "Amended Facility"), as discussed in greater detail below. The Amended Facility, combined with completed and announced asset sales, allows the Company to reduce interest expense as it continues to de-lever over time.


Balance Sheet Metric ($ in 000s)June 30, 2025March 31, 2025
Weighted Average Interest Rate5.08%4.95%
Weighted Average Years to Maturity2.63.1
TTM Interest Coverage Ratio
1.7x1.7x
Net Debt$1,795,320$1,643,411
TTM Adjusted EBITDA (Normalized)$159,162$144,659
Net Debt-to-EBITDA (Normalized)11.3x11.4x

Note: Calculation of Net Debt-to-EBITDA ratio includes an adjusted EBITDA figure, normalizing the Trailing Twelve Month ("TTM") period for recent transactions. Please see page 11 of the Supplemental Package for reconciliation.

AMENDED CREDIT FACILITY

Subsequent to quarter end, the Company announced the amendment of its $500 million credit facility established in April 2024. The Amended Facility package—comprising a $300 million Revolver and a $200 million delayed-draw Term Loan—introduces a leverage-based pricing grid for the Revolver, with spreads ranging from 1.20% to 1.75% over SOFR (inclusive of the 5-basis-point spread reduction associated with meeting certain KPIs) and reduces the required number of secured properties in the collateral pool from five to two. At closing, the Company's total leverage ratio as defined by the Amended Facility was between 50% and 55%, resulting in a borrowing rate on the Revolver of SOFR + 1.50%, representing a 55-basis-point reduction from the prior rate. The Amended Facility matures in April 2027 and retains a one-year extension option on the Revolver.

At closing, the Company repaid $80 million of the Term Loan using proceeds from the sale of Signature Place. Subsequent to the amendment, the Company fully repaid the remaining balance of the Term Loan using proceeds from the sale of 145 Front Street.

DIVIDEND

The Company paid a dividend of $0.08 per share on July 10, 2025, for shareholders of record as of June 30, 2025.

GUIDANCE

The Company is raising its operational guidance for 2025 in accordance with the following table. The increased operational guidance reflect continued strength in rental growth and a higher degree of certainty around controllable expense projections.

Current GuidanceInitial Guidance
2025 Guidance RangesLowHighLowHigh
Same Store Revenue Growth2.2%—2.7%2.1%—2.7%
Same Store Expense Growth2.4%—2.8%2.6%—3.0%
Same Store NOI Growth2.0%—2.8%1.7%—2.7%

The Company is raising its 2025 Core FFO per share guidance range to $0.63 to $0.64. This reflects the accretive impact of the consolidation of Sable and interest expense savings from debt repayment associated with recent sales and from reduced corporate borrowing costs.

Current GuidanceInitial Guidance
Core FFO per Share Guidance LowHighLowHigh
Net Loss per Share$(0.22)—$(0.21)$(0.24)—$(0.22)
Depreciation per Share$0.85—$0.85$0.85—$0.85
Core FFO per Share$0.63—$0.64$0.61—$0.63






CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Thursday, July 24, 2025, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: http://investors.verisresidential.com.

The live conference call is also accessible by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international) and requesting the Veris Residential second quarter 2025 earnings conference call.

The conference call will be rebroadcast on Veris Residential, Inc.'s website at:
http://investors.verisresidential.com beginning at 8:30 a.m. Eastern Time on Thursday, July 24, 2025.

A replay of the call will also be accessible Thursday, July 24, 2025, through Sunday, August 24, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13753249.
Copies of Veris Residential, Inc.’s second quarter 2025 Form 10-Q and second quarter 2025 Supplemental Operating and Financial Data are available on Veris Residential, Inc.’s website under Financial Results.

In addition, once filed, these items will be available upon request from:
Veris Residential, Inc. Investor Relations Department
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311
ABOUT THE COMPANY
Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.
For additional information on Veris Residential, Inc. and our properties available for lease, please visit http:// www.verisresidential.com/.
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Annual Report on Form 10-K (the “10-K”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings, available at https://investors.verisresidential.com/financial-information.
We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements 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 identified by the use of words such as “may,” “will,” “plan,” “potential,” “projected,” “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 may not 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. 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 Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.



InvestorsMedia
Mackenzie RiceAmanda Shpiner/Grace Cartwright
Director, Investor RelationsGasthalter & Co.
investors@verisresidential.comveris-residential@gasthalter.com

Additional details on Company Information page.

Consolidated Balance Sheet
(in thousands) (unaudited)

June 30, 2025December 31, 2024
ASSETS
Rental property
Land and leasehold interests$442,566$458,946
Buildings and improvements2,611,2762,634,321
Tenant improvements16,14514,784
Furniture, fixtures and equipment112,424112,201
3,182,4113,220,252
Less – accumulated depreciation and amortization(475,073)(432,531)
2,707,3382,787,721
Real estate held for sale, net288,5757,291
Net investment in rental property2,995,9132,795,012
Cash and cash equivalents11,4387,251
Restricted cash18,58117,059
Investments in unconsolidated joint ventures53,618111,301
Unbilled rents receivable, net3,2522,253
Deferred charges and other assets, net43,05948,476
Accounts receivable1,1191,375
Total assets$3,126,980$2,982,727
LIABILITIES AND EQUITY
Revolving credit facility and term loans324,513348,839
Mortgages, loans payable and other obligations, net1,459,9641,323,474
Liabilities held for sale, net40,862—
Dividends and distributions payable8,5298,533
Accounts payable, accrued expenses and other liabilities50,26242,744
Rents received in advance and security deposits13,18511,512
Accrued interest payable5,8065,262
Total liabilities1,903,1211,740,364
Redeemable noncontrolling interests9,2949,294
Total Stockholders’ Equity
1,086,0951,099,391
Noncontrolling interests in subsidiaries:
Operating Partnership100,183102,588
Consolidated joint ventures28,28731,090
Total noncontrolling interests in subsidiaries$128,470$133,678
Total equity$1,214,565$1,233,069
Total liabilities and equity$3,126,980$2,982,727


8

Consolidated Statement of Operations
(In thousands, except per share amounts) (unaudited)




Three Months Ended June 30,Six Months Ended June 30,
REVENUES2025202420252024
Revenue from leases$69,348$60,917 $131,313$121,559 
Management fees766871 1,4841,793 
Parking income4,3763,922 8,1257,667 
Other income1,4381,7662,7623,797
Total revenues75,92867,476143,684134,816
EXPENSES
Real estate taxes10,1059,50219,31718,679
Utilities2,1031,7964,9104,067
Operating services12,88712,62823,88025,198
Property management4,0884,3668,4739,608
General and administrative9,6058,97519,67320,063
Transaction related costs1,5708901,8781,406
Depreciation and amortization22,47120,31643,72440,433
Land and other impairments, net12,467—15,667—
Total expenses75,29658,473137,522119,454
OTHER (EXPENSE) INCOME
Interest expense(24,604)(21,676)(47,564)(43,176)
Interest and other investment income 701,536952,074
Equity in earnings (losses) of unconsolidated joint ventures5262,9334,3683,187
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net(6,877)—(6,877)—
Gain (loss) on disposition of developable land36,56610,73136,41011,515
Gain (loss) on sale of unconsolidated joint venture interests5,122—5,1227,100
Gain (loss) from extinguishment of debt, net—(785)—(785)
Other income (expense), net528(250)4235
Total other (expense) income, net11,331(7,511)(8,023)(20,080)
Income (loss) from continuing operations before income tax expense11,9631,492(1,861)(4,718)
Provision for income taxes(93)(176)(135)(235)
Income (loss) from continuing operations after income tax expense11,8701,316(1,996)(4,953)
Discontinued operations:
Income (loss) from discontinued operations(27)1,4191091,671
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net———1,548
Total discontinued operations, net(27)1,4191093,219
Net income (loss)11,8432,735(1,887)(1,734)
Noncontrolling interests in consolidated joint ventures1495432,2741,038
Noncontrolling interests in Operating Partnership of income (loss) from continuing operations(1,009)(153)(11)370
Noncontrolling interests in Operating Partnership in discontinued operations2(122)(9)(277)
Redeemable noncontrolling interests(81)(81)(162)(378)
Net income (loss) available to common shareholders$10,904$2,922$205$(981)
Basic earnings per common share:
Net income (loss) available to common shareholders$0.12$0.03$0.00$(0.01)
Diluted earnings per common share:
Net income (loss) available to common shareholders$0.12$0.03$0.00$(0.01)
Basic weighted average shares outstanding93,39292,66393,22792,469
Diluted weighted average shares outstanding1
102,259101,952102,164101,160
    












9
FFO, Core FFO and Core AFFO



(in thousands, except per share/unit amounts)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income (loss) available to common shareholders$10,904 $2,922 $205 $(981)
Add/(Deduct):
Noncontrolling interests in Operating Partnership1,009 153 11 (370)
Noncontrolling interests in discontinued operations(2)122 9 277 
Real estate-related depreciation and amortization on continuing operations2
23,231 22,514 46,676 45,146 
Real estate-related depreciation and amortization on discontinued operations— — — 668 
Continuing operations: (Gain) loss on sale from unconsolidated joint ventures(5,122)— (5,122)(7,100)
Continuing operations: Realized and unrealized (gains) losses on disposition of rental property6,877 — 6,877 — 
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net— — — (1,548)
FFO3
$36,897 $25,711 $48,656 $36,092 
Add/(Deduct):
(Gain) loss from extinguishment of debt, net—785 — 785 
Land and other impairments4
12,467— 14,067 — 
(Gain) loss on disposition of developable land(36,566)(10,731)(36,410)(11,515)
Severance/Compensation related costs (G&A)5
1,352236 1,520 1,873 
Severance/Compensation related costs (Property Management)6
889838 1,399 2,364 
Amortization of derivative premium7
8788861,9621,790
Derivative mark to market adjustment270—525—
Transaction related costs1,570 8901,8781,406
Core FFO$17,757 $18,615 $33,597 $32,795 
Add/(Deduct):
Straight-line rent adjustments8
(605)(367)(751)(342)
Amortization of market lease intangibles, net(3)(9)(6)(16)
Amortization of lease inducements———7
Amortization of debt discounts (premiums)9—9—
Amortization of stock compensation2,8133,2476,1796,974
Non-real estate depreciation and amortization139219289429
Amortization of deferred financing costs1,7771,5693,4842,811
Add/(Deduct):
Non-incremental revenue generating capital expenditures:
Building improvements(2,675)(1,562)(5,981)(2,602)
Tenant improvements and leasing commissions9
(63)(78)(96)(87)
Core AFFO3
$19,149 $21,634 $36,724 $39,969 
Funds from Operations per share/unit-diluted
$0.36$0.25$0.48$0.35
Core Funds from Operations per share/unit-diluted$0.17$0.18$0.33$0.32
Core Adjusted Funds from Operations per share/unit-diluted
$0.19$0.21$0.36$0.39
Dividends declared per common share$0.08$0.06$0.16$0.11






10

Adjusted EBITDA
($ in thousands) (unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Core FFO (calculated on a previous page)$17,757 $18,615 $33,597 $32,795 
Deduct:
Equity in (earnings) loss of unconsolidated joint ventures
(526)(2,990)(4,368)(3,449)
Equity in earnings share of depreciation and amortization(898)(2,417)(3,241)(5,142)
Add:
Interest expense24,60421,67647,56443,176
Amortization of derivative premium(878)(886)(1,962)(1,790)
Derivative mark to market adjustment(270)—(525)—
Recurring joint venture distributions2,3884,1778,1895,878
Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments1(149)(543)(674)(1,038)
Redeemable noncontrolling interests8181162378
Income tax expense93176136258
Adjusted EBITDA$42,202 $37,889 $78,878 $71,066 



Before
3Q244Q241Q252Q25
Adjusted EBITDA$37,119 $32,509 $36,675 $42,202 
TTM Adjusted EBITDA148,504
Net Debt as of 6/30/25$1,795,320 
Net Debt-to-EBITDA12.1x
After
3Q244Q241Q252Q25
Adjusted EBITDA$37,119 $32,509 $36,675 $42,202 
Add: Consolidated 100% NOI Sable5,8676,4555,8791,242
Less: JV Distributions from Dissolved JVs(1,456)(2,465)(4,904)(470)
Add: Carry Costs from Sold Land133278917
Adjusted EBITDA (Normalized)$41,663 $36,776 $37,742 $42,981 
TTM Adjusted EBITDA (Normalized)$159,162 
Net Debt as of 6/30/25$1,795,320 
Net Debt-to-EBITDA (Normalized)11.3x












1See Annex 7 for breakout of noncontrolling interests in consolidated joint ventures.
11
Components of Net Asset Value
($ in thousands)



Real Estate PortfolioOther Assets
Operating Multifamily NOI1 Total  At Share Cash and Cash Equivalents2$10,887
New Jersey Waterfront$170,008$149,371Restricted Cash18,581
Massachusetts20,42020,420Other Assets47,430
Other30,06423,689Subtotal Other Assets$76,898
Total Multifamily NOI as of 6/30$220,492$193,480
Less: Sold properties in July3(10,936)(10,936)Liabilities and Other Considerations
Total Multifamily NOI as of 7/22$209,556$182,544
Commercial NOI44,7323,792Operating - Consolidated Debt at Share5$1,438,479
Total NOI as of 7/22$214,288$186,336Operating - Unconsolidated Debt at Share129,170
Other Liabilities77,782
Non-Strategic Assets
Revolving Credit Facility5
126,000
Term Loan5
—
Estimated Value of Remaining Land $134,194Preferred Units9,294
Total Non-Strategic Assets6$134,194Subtotal Liabilities and Other Considerations$1,780,725
Outstanding Shares7
Diluted Weighted Average Shares Outstanding for 2Q 2025 (in 000s)102,259
1 See Multifamily Operating Portfolio page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees. Displayed NOI values reflect the change in ownership % associated with consolidation of Sable (f.k.a. Jersey City Urby) from 85% to 100% and exclude NOI from Metropolitan at 40 Park due to the sale of our interest in April 2025.
2 Cash and cash equivalents is of July 22, 2025.
3 Signature Place contributed $1.1 million and 145 Front Street contributed $1.6 million in NOI for the second quarter of 2025. Both properties were sold in July and have been deducted from our NOI on an annualized basis at their respective former ownership levels of 100%.
4 See Commercial Assets and Developable Land page for more details.
5 See Debt Summary and Maturity Schedule for pro forma reconciliation.
6 The land values are VRE's share of value. For more details see Commercial Assets and Developable Land page.
7 Outstanding shares for the quarter ended June 30, 2025 is comprised of the following (in 000s): 93,392 weighted average common shares outstanding, 8,619 weighted average Operating Partnership common and vested LTIP units outstanding, and (248) shares representing the dilutive effect of stock-based compensation awards.

12

Multifamily Operating Portfolio



(in thousands, except Revenue per home)
    

Operating Highlights
Percentage
Occupied
Average Revenue
per Home		NOI1
Debt
Balance
OwnershipApartments2Q 20251Q 20252Q 20251Q 20252Q 20251Q 2025
NJ Waterfront
Haus25100.0%75095.6%95.6%$5,027$4,969$8,083$8,195$343,061
Liberty Towers*100.0%64877.7%80.5%4,6884,4284,4624,289—
BLVD 40174.3%31196.0%95.0%4,2884,2722,4982,431114,500
BLVD 42574.3%41295.7%95.9%4,2174,1433,3593,426131,000
BLVD 475100.0%52397.2%96.4%4,3084,2354,4294,197162,969
Soho Lofts*100.0%37793.9%94.2%4,8714,8283,1933,232—
Sable (f.k.a. Jersey City Urby)2100.0%76294.7%94.5%4,2244,2235,6555,879181,544
RiverHouse 9 at Port Imperial100.0%31396.7%96.4%4,5074,4932,7982,715110,000
RiverHouse 11 at Port Imperial100.0%29596.6%95.8%4,4034,3912,5432,527100,000
RiverTrace22.5%31693.8%94.2%3,8303,8082,0842,15182,000
Capstone 40.0%36094.9%95.6%4,6924,6033,3983,323135,000
NJ Waterfront Subtotal
87.2%5,06793.2%93.4%$4,499$4,430$42,502$42,365$1,360,074
Massachusetts
Portside at East Pier100.0%18097.3%96.4%$3,336$3,283$1,277$1,156$56,500
Portside 2 at East Pier100.0%29695.9%95.8%3,5673,5022,2172,11594,614
145 Front at City Square3100.0%36595.2%94.8%2,4982,5131,6111,636—
The Emery at Overlook Ridge100.0%32694.7%93.9%2,8992,8451,6641,64869,902
Massachusetts Subtotal
100.0%1,16795.6%95.0%$3,010$2,975$6,769$6,555$221,016
Other
The Upton100.0%19395.0%93.3%$4,468$4,355$1,466$1,290$75,000
The James*100.0%24096.4%97.8%3,1073,0741,5611,570—
Signature Place4100.0%19796.8%95.7%3,3173,3501,1231,101—
Quarry Place at Tuckahoe100.0%10897.6%96.8%4,4094,40679579841,000
Riverpark at Harrison45.0%14197.0%97.6%2,9242,85758456830,192
Station House50.0%37892.6%93.2%3,0182,9091,9871,85586,267
Other Subtotal
78.8%1,25795.3%95.3%$3,413$3,354$7,516$7,182$232,459
Operating Portfolio5,6
87.8%7,49193.9%94.0%$4,085$4,023$56,787$56,102$1,813,549
Metropolitan at 40 Park725.0%13094.8%94.0%3,781$3,800$140$798$—
86.7%7,62193.9%94.0%$4,080$4,019$56,927$56,900$1,813,549


1 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.
2 In April, the Company purchased joint venture partner's 15% interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".
3 145 Front Street was sold on July 22, 2025.
4 Signature Place was sold on July 9, 2025.
5 Rental revenue associated with retail leases is included in the NOI disclosure above.
7 The Company sold its interest in Metropolitan at 40 Park in April 2025.

*Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility. 145 Front Street and Signature Place were both sold in July 2025 and were removed from the collateral pool. Following the July 9, 2025 amendment of the facility, the required number of collateral assets was reduced from five to two.


                                                            13
Commercial Assets and Developable Land






($ in thousands)
CommercialLocationOwnership
Rentable
SF1
Percentage
Leased
2Q 2025
Percentage
Leased
1Q 2025
NOI
2Q 2025
NOI
1Q 2025
Debt
Balance
Port Imperial South - Garage
Weehawken, NJ70.0%
Fn 1
N/AN/A$713$413$30,815
Port Imperial South - Retail
Weehawken, NJ70.0%18,06477.0%77.0%70112—
Port Imperial North - Garage
Weehawken, NJ100.0%
Fn 1
N/AN/A66(54)—
Port Imperial North - Retail
Weehawken, NJ100.0%8,400100.0%100.0%14589—
Riverwalk at Port ImperialWest New York, NJ100.0%29,92388.0%80.0%18935—
Commercial Total90.4%56,38786.3%82.0%$1,183$595$30,815




Developable Land Parcel Units2
Total UnitsVRE Share
NJ Waterfront1,5221,400
Massachusetts737737
Other160160
Developable Land Parcel Units Total at July 22, 20252,4192,297
Less: land under binding contract——
Developable Land Parcel Units Remaining2,4192,297








1 Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively.
2 The Company has an additional 34,375 SF of developable retail space within land developments that is not represented in this table.
14

Same Store Market Information1





Sequential Quarter Comparison
(NOI in thousands)     

NOI at ShareOccupancyBlended Lease Tradeouts2
Apartments2Q 20251Q 2025Change2Q 20251Q 2025Change2Q 20251Q 2025
Change
New Jersey Waterfront5,067$37,814$37,6720.4%93.2%93.4%(0.2)%4.7%0.3%4.4%
Massachusetts1,1677,0296,8163.1%95.6%95.0%0.6%3.4%2.4%1.0%
Other31,2576,4666,1954.4%95.3%95.3%—%7.2%2.8%4.4%
Total7,491$51,309$50,6831.2%93.9%94.0%(0.1)%4.7%2.3%2.4%



Year-over-Year Second Quarter Comparison
(NOI in thousands)

NOI at ShareOccupancy
Blended Lease Tradeouts2
Apartments2Q 20252Q 2024Change2Q 20252Q 2024Change2Q 20252Q 2024Change
New Jersey Waterfront5,067$37,814$36,1814.5%93.2%95.1%(1.9)%4.7%6.2%(1.5)%
Massachusetts1,1677,0296,6355.9%95.6%95.2%0.4%3.4%4.4%(1.0)%
Other3
1,2576,4665,77512.0%95.3%93.0%2.3%7.2%2.0%5.2%
Total7,491$51,309$48,5915.6%93.9%94.7%(0.8)%4.7%5.3%(0.6)%




Average Revenue per Home


Apartments
2Q 20251Q 20254Q 20243Q 20242Q 2024
New Jersey Waterfront5,067$4,499$4,430$4,441$4,371$4,291
Massachusetts1,1673,0102,9752,9622,9462,931
Other3
1,2573,4133,3543,4113,3903,376
Total7,491$4,085$4,023$4,038$3,984$3,926
1 All statistics are based off the current 7,491 Same Store pool. These values are an our ownership percentage, Sable is shown as 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025.
2 Blended lease tradeouts exclude properties not managed by Veris.
3 "Other" includes properties in Suburban NJ, New York, and Washington, DC. See Multifamily Operating Portfolio page for breakout.
15
Same Store Performance
($ in thousands)





Multifamily Same Store1
Three Months Ended June 30,Six Months Ended June 30,Sequential
20252024Change%20252024Change%2Q 251Q 25Change%
Apartment Rental Income$68,553$67,173$1,3802.1%$136,912$133,566$3,3462.5%$68,553$68,359$1940.3%
Parking/Other Income7,4466,9874596.6%14,46614,2022641.9%7,4467,0214256.1%
Total Property Revenues2$75,999$74,160$1,8392.5%$151,378$147,768$3,6102.4%$75,999$75,380$6190.8%
Marketing & Administration2,1682,511(343)(13.7)%4,2984,634(336)(7.3)%2,1682,130381.8%
Utilities2,2042,162421.9%5,4134,69571815.3%2,2043,209(1,005)(31.3)%
Payroll4,2944,280140.3%8,5498,538110.1%4,2944,255390.9%
Repairs & Maintenance4,1334,333(200)(4.6)%7,4767,908(432)(5.5)%4,1333,34379023.6%
Controllable Expenses$12,799$13,286$(487)(3.7)%$25,736$25,775$(39)(0.2)%$12,799$12,937$(138)(1.1)%
Other Fixed Fees7786958311.9%1,4961,401956.8%778718608.4%
Insurance1,5441,773(229)(12.9)%3,0043,545(541)(15.3)%1,5441,460845.8%
Real Estate Taxes9,5699,815(246)(2.5)%19,15119,334(183)(0.9)%9,5699,582(13)(0.1)%
Non-Controllable Expenses$11,891$12,283$(392)(3.2)%$23,651$24,280$(629)(2.6)%$11,891$11,760$1311.1%
Total Property Expenses$24,690$25,569$(879)(3.4)%$49,387$50,055$(668)(1.3)%$24,690$24,697$(7)—%
Same Store GAAP NOI
$51,309$48,591$2,7185.6%$101,991$97,713$4,2784.4%$51,309$50,683$6261.2%
Same Store NOI Margin67.5%65.5%2.0%67.4%66.1%1.3%67.5%67.2%0.3%
Total Units
7,4917,4917,4917,4917,4917,491
% Ownership1
86.3%86.3%86.3%86.3%86.3%86.3%
% Occupied
93.9%94.7%(0.8)%93.9%94.7%(0.8)%93.9%94.0%(0.1)%
1 Values represent the Company's pro rata ownership of the operating portfolio. All periods displayed have the same properties in the pool. These are shown at share and exclude management fees. These values are at our ownership percentage, and Sable is reflected at 85% for all comparative periods.
2 Revenues reported based on Generally Accepted Accounting Principals or "GAAP".
16

Debt Profile



($ in thousands)

Lender
Effective
Interest Rate1
June 30, 2025December 31, 2024Date of
Maturity
Secured Permanent Loans
Portside 2 at East PierNew York Life Insurance Co.4.56%94,61495,42703/10/26
BLVD 425New York Life Insurance Co.4.17%131,000131,00008/10/26
BLVD 401New York Life Insurance Co.4.29%114,500115,51508/10/26
Portside at East Pier2
KKRSOFR + 2.75%56,50056,50009/07/26
The Upton3
Bank of New York MellonSOFR + 1.58%75,00075,00010/27/26
RiverHouse 9 at Port Imperial4
JP MorganSOFR + 1.41%110,000110,00006/21/27
Quarry Place at Tuckahoe5
Natixis Real Estate Capital, LLC4.48%41,00041,00008/05/27
BLVD 475The Northwestern Mutual Life Insurance Co.2.91%162,969164,71211/10/27
Haus25Freddie Mac6.04%343,061343,06109/01/28
RiverHouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co.4.52%100,000100,00001/10/29
Sable6
Pacific Life5.20%181,544—08/01/29
Port Imperial Garage SouthAmerican General Life & A/G PC4.85%30,81531,09812/01/29
The Emery at Overlook Ridge7
Flagstar Bank
3.21%69,90270,65301/01/31
Secured Permanent Loans Outstanding$1,510,903$1,333,966
Unamortized Deferred Financing Costs5
(10,077)(10,492)
Secured Permanent Loans
$1,500,826$1,323,474
Secured RCF & Term Loans:
Revolving Credit Facility8
Various Lenders
SOFR + 2.73%$127,000$152,00004/22/27
Term Loan8
Various Lenders
SOFR + 2.73%200,000200,00004/22/27
RCF & Term Loan Balances$327,000$352,000
Unamortized Deferred Financing Costs5
(2,487)(3,161)
Total RCF & Term Loan Debt$324,513$348,839
Total Debt$1,825,339$1,672,313







17
Debt Summary and Maturity Schedule
        



($ in thousands)     
As of 6/30Balance%
of Total		Weighted Average
Interest Rate		Weighted Average
Maturity in Years
Fixed Rate & Hedged Debt
Fixed Rate & Hedged Secured Debt$1,710,90393.1%4.96%2.49
Variable Rate Debt
Variable Rate Debt127,0006.9%7.06%1.81
Totals / Weighted Average$1,837,903100.0%5.11%2.44
Unamortized Deferred Financing Costs(12,564)
Total Consolidated Debt, net$1,825,339
Partners’ Share(72,424)
VRE Share of Total Consolidated Debt, net1$1,752,915
Unconsolidated Secured Debt
VRE Share$129,17038.7%4.33%4.12
Partners’ Share204,28961.3%4.33%4.12
Total Unconsolidated Secured Debt$333,459100.0%4.33%4.12
As of July 22, all of the Company's total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed, resulting from the transfer of outstanding interest rate caps from the recently repaid term loan to the outstanding borrowings on the revolver. The Company's total pro forma debt portfolio has a weighted average interest rate of 4.86% and a weighted average maturity of 2.6 years.

Debt Maturity Schedule as of July 22, 20252,3 chart-9b1e9bb62d5949db822a.jpg
Pro Forma 7/22Balance% of TotalWeighted Average Interest RateWeighted Average Maturity in Years
Fixed Rate & Hedged Secured Debt$1,693,649100.0%4.86%2.63
Variable Rate Secured Debt——%—%—
Total Pro Forma Debt Portfolio$1,693,649100.0%4.86%2.63
Pro Forma 7/22
Total Consolidated Debt, gross as of 6/30/25$1,837,903
Partners' Share(72,424)
VRE Share of Total Consolidated Debt, as of 6/30/25$1,765,479
Term loan paydown from July multifamily sale proceeds(200,000)
Revolver activity in July(1,000)
VRE Share of Total Consolidated Debt, as of 7/22/25$1,564,479
VRE Share of Total Unconsolidated Debt, as of 6/30/25$129,170
Total Pro Forma Debt Portfolio$1,693,649
    
1 Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.5 million at BLVD 401 and $9.2 million at Port Imperial South Garage.
2 The Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities. On June 30, the Term Loan was fully drawn at $200 million but was fully repaid in July.
3 The graphic reflects VRE share of consolidated debt balances only. The loan encumbering Emery is represented among the 2026 maturities as it features a contractual rate step-up in January 2026. Dollars are shown in millions.
18
Annex 1: Transaction Activity

$ in thousands except per SF
Location
Transaction Date
Number of BuildingsUnits
Gross Asset Value
2025 dispositions-to-date
Land
65 LivingstonRoseland, NJ1/24/2025N/AN/A$7,300
Wall LandWall Township, NJ4/3/2025N/AN/A31,000
PI North - Building 6 and Riverbend IWest New York, NJ4/21/2025N/AN/A6,500
1 WaterWhite Plains, NY4/29/2025N/AN/A15,500
Land dispositions-to-dateN/AN/A$60,300
Multifamily
Metropolitan at 40 ParkMorristown, NJ4/21/20251130$600
Signature PlaceMorris Plains, NJ7/9/2025119785,000
145 Front StreetWorcester, MA7/22/20251365122,200
Multifamily dispositions-to-date3692$207,800
Total dispositions-to-date3692$268,100
2025 acquisitions-to-Date
Multifamily
Sable Jersey City, NJ4/21/20251762$38,5001
Multifamily acquisitions-to-date1762$38,500



















1 Represents gross value associated with the purchase of our partner's 15% equity interest in the Jersey City property now known as Sable.
19
Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended)





2Q 20251Q 2025
TotalTotal
Net Income (loss)
$11,843 $(13,730)
Deduct:
Management fees(766)(718)
Loss (income) from discontinued operations27 (136)
Interest and other investment income(70)(25)
Equity in (earnings) loss of unconsolidated joint ventures
(526)(3,842)
(Gain) loss on disposition of developable land(36,566)156 
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net6,877 — 
(Gain) loss on sale of unconsolidated joint venture interests(5,122)— 
Other (income) expense, net
(528)105 
Add:
Property management4,088 4,385 
General and administrative9,605 10,068 
Transaction-related costs
1,570 308 
Depreciation and amortization22,471 21,253 
Interest expense24,604 22,960 
Provision for income taxes93 42 
Land and other impairments, net
12,467 3,200 
Net operating income (NOI)
$50,067 $44,026 


Summary of Consolidated Multifamily NOI by Type (unaudited):2Q 20251Q 2025
Total Consolidated Multifamily - Operating Portfolio$47,316 $42,326 
Total Consolidated Commercial1,183 595 
Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)$48,499 $42,921 
NOI (loss) from services, land/development/repurposing & other assets1,675 1,250 
Total Consolidated Multifamily NOI$50,174 $44,171 















20
Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes



FFO, Core FFO, AFFO, NOI, & Adjusted EBITDA

1.Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,619 and 8,689 shares for the three months ended June 30, 2025 and 2024, respectively, and 8,625 and 8,691 shares for the six months ended June 30, 2025 and 2024, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).
2.Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $0.9 million and $2.4 million for the three months ended June 30, 2025 and 2024, respectively, and $3.2 million and $5.1 million for the six months ended June 30, 2025 and 2024 respectively. Excludes non-real estate-related depreciation and amortization of $0.1 million and $0.2 million for each of the three months ended June 30, 2025 and 2024 respectively $0.3 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.
3.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.
4.Represents the Company's controlling interest portion of $15.7 million land and other impairment charge.
5.Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $8.3 million and $8.7 million for the three months ended June 30, 2025 and 2024, respectively, and $18.2 million and $18.2 million for the six months ended June 30, 2025 and 2024, respectively.
6.Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.2 million and $3.5 million for the three months ended June 30, 2025 and 2024, respectively, and $7.0 million and $7.2 million for the six months ended June 30, 2025 and 2024, respectively.
7.Includes the Company's share from unconsolidated joint ventures of $2 thousand and $19 thousand for the three months ended June 30, 2025 and 2024, respectively, and $14 thousand and $38 thousand for the six months ended June 30, 2025 and 2024, respectively.
8.Includes the Company's share from unconsolidated joint ventures of ($10) thousand and $103 thousand for the three months ended June 30, 2025 and 2024, respectively and ($21) thousand and $93 thousand for the six months ended June 30, 2025 and 2024, respectively.
9.Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.




Back to Adjusted EBITDA page
21
Annex 4: Unconsolidated Joint Ventures

($ in thousands)
PropertyUnits
Percentage
Occupied
VRE's Nominal
Ownership		2Q 2025
NOI1		Total
Debt		VRE Share
of 2Q NOI		VRE Share
of Debt
Multifamily
RiverTrace at Port Imperial31693.8%22.5%2,08482,00046918,450
Capstone at Port Imperial36094.9%40.0%3,398135,0001,35954,000
Riverpark at Harrison14197.0%45.0%58430,19226313,586
Station House37892.6%50.0%1,98786,26799443,134
Total UJV 21,19594.1%39.1%$8,053$333,459$3,085$129,170
1 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.
2 In April, the Company purchased its joint venture partner`s interest in the Jersey City property that was previously known as the "Urby", now named Sable, officially consolidating it. The Company also sold its interest in the Metropolitan at 40 Park in April 2025.
22
Annex 5: Debt Profile Footnotes
            


1.Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.
2.The loan on Portside at East Pier is hedged with a 3-year cap at a strike rate of 3.5%, expiring in September 2026.
3.The loan on Upton is hedged with an interest rate cap at a strike rate of 3.5%, expiring in November 2026.
4.The loan on RiverHouse 9 is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026.
5.The $41 million mortgage on Quarry Place, and the $0.1 million of unamortized deferred financing costs are presented as Liabilities held for sale, net on the Company's Consolidated Balance Sheet.
6.The loan on Sable was consolidated in April 2025 upon the acquisition of the remaining 15% controlling interest in the joint venture previously referred to as "Urby at Harborside".
7.Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time interest rate election of either: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.
8.The Company's facilities consist of a $300 million Revolver and $200 million delayed-draw Term Loan and are supported by a group of eight lenders. The eight lenders consists of JP Morgan Chase and Bank of New York Mellon as Joint Bookrunners; Bank of America Securities, Capital One, Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers; and Associated Bank and Eastern Bank as participants. The facilities have a three-year term ending April 22, 2027, with a one-year extension option. The Term Loan was fully drawn and hedged with interest rate caps at strike rates of 3.5%, expiring in July 2026.

As noted throughout the document, subsequent to quarter end the Company amended its existing facility, as of July 22, 2025, there is no remaining balance on the Term Loan and there is $126 million drawn on the Revolver. The Revolver is fully hedged by the existing caps on the Term Loan, which expire in July 2026.

Balance as of June 30, 2025Initial SpreadDeferred Financing Costs5 bps reduction KPIUpdated SpreadSOFR or SOFR CapAll In Rate
Secured Revolving Credit Facility$127,000,0002.10%0.68%(0.05)%2.73%4.33%7.06%
Secured Term Loan$200,000,0002.10%0.68%(0.05)%2.73%3.50%6.23%

Balance as of July 22, 2025Initial SpreadDeferred Financing Costs5 bps reduction KPIUpdated SpreadSOFR or SOFR CapAll In Rate
Secured Revolving Credit Facility$126,000,0001.55%0.88%(0.05)%2.38%3.50%5.88%
Secured Term Loan———————




Back to Debt Profile page.



































23
Annex 6: Multifamily Property Information




LocationOwnershipApartmentsRentable SF1Average SizeYear Complete
NJ Waterfront
Haus25Jersey City, NJ100.0%750617,7878242022
Liberty TowersJersey City, NJ100.0%648602,2109292003
BLVD 401Jersey City, NJ74.3%311273,1328782016
BLVD 425Jersey City, NJ74.3%412369,5158972003
BLVD 475Jersey City, NJ100.0%523475,4599092011
Soho LoftsJersey City, NJ100.0%377449,0671,1912017
Sable2Jersey City, NJ100.0%762474,4766232017
RiverHouse 9 at Port ImperialWeehawken, NJ100.0%313245,1277832021
RiverHouse 11 at Port ImperialWeehawken, NJ100.0%295250,5918492018
RiverTraceWest New York, NJ22.5%316295,7679362014
CapstoneWest New York, NJ40.0%360337,9919392021
NJ Waterfront Subtotal
87.2%5,0674,391,122867
Massachusetts
Portside at East PierEast Boston, MA100.0%180154,8598622015
Portside 2 at East PierEast Boston, MA100.0%296230,6147792018
145 Front at City Square3Worcester, MA100.0%365304,9368352018
The Emery at Overlook RidgeRevere, MA100.0%326273,1408382020
Massachusetts Subtotal
100.0%1,167963,549826
Other
The UptonShort Hills, NJ100.0%193217,0301,1252021
The JamesPark Ridge, NJ100.0%240215,2838972021
Signature Place4Morris Plains, NJ100.0%197203,7161,0342018
Quarry Place at TuckahoeEastchester, NY100.0%108105,5519772016
Riverpark at HarrisonHarrison, NJ45.0%141124,7748852014
Station HouseWashington, DC50.0%378290,3487682015
Other Subtotal
78.8%1,2571,156,702920
Operating Portfolio5
87.8%7,4916,511,373869
Metropolitan at 40 Park6
Morristown, NJ25.0%130124,2379562010
86.7%7,6216,635,610871




1 Total sf outlined above excludes approximately 181,483 sqft of ground floor retail, of which 141,782 sf was leased as of June 30, 2025. This figure has removed the Metropolitan from contemplated square footage as it sold in April.
2 In April, purchased joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable" and is owned at 100%.
3 145 Front Street was sold on July 22, 2025.
4 Signature Place was sold on July 9, 2025.
5 Rental revenue associated with retail leases is included in the NOI disclosure on the Multifamily Operating Portfolio page.
6 On April 21, 2025, the Company sold its interest in Metropolitan at 40 Park.
24                                                                     
Annex 7: Noncontrolling Interests in Consolidated JVs



Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
BLVD 425$131 $92 $283 $172 
BLVD 401(572)(607)(1,124)(1,159)
Port Imperial Garage South(37)11 (119)(15)
Port Imperial Retail South (4)(5)4 29 
Other consolidated joint ventures333 (34)(1,318)(65)
Net losses in noncontrolling interests$(149)$(543)$(2,274)$(1,038)
Depreciation in noncontrolling interests739 737 1,475 1,458 
Funds from operations - noncontrolling interest in consolidated joint ventures$590 $194 $(799)$420 
Interest expense in noncontrolling interest in consolidated joint ventures777 784 1,559 1,572 
Net operating income before debt service in consolidated joint ventures$1,367 $978 $760 $1,992 




Back to Adjusted EBITDA page.
25
Non-GAAP Financial Definitions
NON-GAAP FINANCIAL MEASURES
Included in this financial package are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a “non-GAAP financial measure,” measuring Veris Residential, Inc.’s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles (“U.S. GAAP”), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance which is further defined.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "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.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted "EBITDA"(Normalized))
The Company defines Adjusted EBITDA (Normalized) as Adjusted EBITDA, adjusted to reflect the effects of non-recurring property transactions. In the case of acquisition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the Company’s income (loss) for its ownership period annualized and included on a trailing twelve month basis. In the case of disposition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA minus the disposition property’s actual income (loss) on a trailing twelve month basis. In the case of joint venture transaction properties whereby the Company acquires a controlling interest and subsequently consolidates the acquired asset, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the actual income (loss) on a trailing twelve month basis in proportion to the Company’s economic interests in the joint venture as of the reporting date minus recurring joint venture distributions (the Company’s practice for EBITDA recognition for joint ventures). The Company presents Adjusted EBITDA (Normalized) because the Company believes that Adjusted EBITDA (Normalized) provides a more appropriate denominator for its calculation of the Net Debt-to-EBITDA ratio as it reflects the leverage profile of the Company as of the reporting date. Adjusted EBITDA (Normalized) 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.

Blended Net Rental Growth Rate or Blended Lease Rate
Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.
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. Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions, and capital expenditures, (ii) straight-line rents and amortization of acquired above/below market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. Core FFO and Adjusted AFFO are 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 and Adjusted FFO are non-GAAP financial measures that are not intended to represent cash flow and are 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 and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted 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 this press release.

Funds From Operations ("FFO")
FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that
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Non-GAAP Financial Definitions
not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“Nareit”). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
NOI and Same Store 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. Same Store NOI includes joint ventures at their pro rata share based on legal ownership.
Same Store NOI is presented for the same store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.
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Company Information



Company Information
Corporate HeadquartersStock Exchange ListingContact Information
Veris Residential, Inc.New York Stock ExchangeVeris Residential, Inc.
210 Hudson St., Suite 400Investor Relations Department
Jersey City, New Jersey 07311Trading Symbol210 Hudson St., Suite 400
(732) 590-1010Common Shares: VREJersey City, New Jersey 07311
Mackenzie Rice
Director, Investor Relations
E-Mail: investors@verisresidential.com
Web: www.verisresidential.com
Executive Officers
Mahbod NiaAmanda LombardTaryn Fielder
Chief Executive OfficerChief Financial OfficerGeneral Counsel and Secretary
Anna Malhari
Chief Operating Officer
Equity Research Coverage
Bank of America Merrill LynchBTIG, LLCCitigroup
Jana GalanThomas CatherwoodNicholas Joseph
Evercore ISIGreen Street Advisors JP Morgan
Steve SakwaJohn PawlowskiAnthony Paolone
Truist
Michael R. Lewis
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