Veris Residential, Inc. · NYSE:VRE
Veris Residential — Q2 2025 Earnings Presentation
24 slides from Veris Residential's earnings presentation, Jul 23, 2025
Slide 1: Corporate Presentation July 23, 2025
Corporate Presentation J U LY 23, 2025
Slide 2: Forward-Looking Statements
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 2 T H I S O P E R AT I N G A N D F I N A N C I A L D ATA S H O U L D B E R E A D I N C O N N E CT I O N W I T H O U R Q U A RT E R LY R E P O RT O N F O R M 10-Q F O R T H E Q U A RT E R E N D E D J U N E 30, 2025. Statements made in this pre
Slide 3: Our Vision and Our Mission
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 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 res
Slide 4: Veris At-A-Glance
Veris At-A-Glance C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 4 93.9%1 O C C U PA N C Y R AT E $445,334 4.7% AV E R A G E H O U S E H O L D I N C O M E P E R U N I T Q2 B L E N D E D N E T R E N TA L G R O W T H R AT E 10 Years 7,491 AV E R A G E A G E O F P R O P E RT Y A PA RT M E N
Slide 5: 2025 Financial & Operating Performance Highlights
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 5 2025 Financial & Operating Performance H I G H L I G HTS • Secured amendment to Revolver and Term Loan agreement, including a leverage-based pricing grid, realizing an immediate 55-basis point interest rate reduction. • Increased retention
Slide 6: 2025 Guidance
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 6 2025 Guidance 2025 Guidance Ranges Low High Low High Same Store Revenue Growth 2.2% 2.7% 2.1% 2.7% Same Store Expense Growth 2.4% 2.8% 2.6% 3.0% Same Store NOI Growth 2.0% 2.8% 1.7% 2.7% Core FFO per Share $0.63 $0.64 $0.61 $0.63 Core FFO p
Slide 7: 2025 Corporate Plan
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 7 2025 Corporate Plan Platform Optimization Capital Allocation • Targeting land bank, JVs and select multifamily assets where opportunity exists to crystallize values at or near NAV • Proceeds from sales primarily used to repay debt, further
Slide 8: Significant Progress with Corporate Plan
With $448 million1 of non-strategic assets sold or under binding contract this year, we continue to reduce leverage and unlock value embedded within the Company. $7M $38M $45M $61M $146M $268M $385M $448M January 24 Sold 65 Livingston, Roseland, NJ $7M April 21 Sold The Metropolitan at 40 Park, Morr
Slide 9: Improving Our Liquidity and Reducing Borrowing Costs
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 9 Improving Our Liquidity and Reducing Borrowing Costs Subsequent to the end of Q2 2025, Veris announced the amendment of its $500 million credit facility established in April 2024. The Amended Facility package—comprising a $300 million Revol
Slide 10: Acquisition of Sable, Formerly Urby Jersey City
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 10 Acquisition of Sable, Formerly Urby Jersey City On April 21, Veris acquired Ironstate’s minority stake in the Jersey City Urby, a 762-unit asset and rebranded the property to Sable. • $38 million cost (includes consideration for Ironstate’
Slide 11: Land Bank Potential
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 11 Land Bank Potential H A R B O R S I D E 8 Jersey City, NJ 2,297 Units F O R P OT E N T I A L D E V E LO P M E N T AT S H A R E 1,400 Units N J W AT E R F R O N T 737 Units M A S S A C H U S E T T S 1633 L I T T L E TO N Parsippany, NJ U P
Slide 12: Q2 2025 Components of Net Asset Value
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 12 Q2 2025 Components of Net Asset Value REAL ESTATE PORTFOLIO Operating Multifamily NOI1 Total At Share New Jersey Waterfront $170,008 $149,371 Massachusetts 20,420 20,420 Other 30,064 23,689 Total Multifamily NOI as of 6/30/25 $220,492 $193
Slide 13: Our Competitive Advantage
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 13 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 S
Slide 14: Top REITs by Turner's Online Reputation Assessment
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 14 2024 R A N K C O M PA N Y O R A S C O R E 2023 R A N K 1 Veris Residential (VRE) 85.94 1 2 BSR (BSRTF) 81.29 2 3 AvalonBay Communities (AVB) 77.66 5 4 Camden Property Trust (CPT) 77.27 4 5 MAA (MAA) 75.31 3 6 JBG Smith (JBGS) 74.22 7 7 Equ
Slide 15: Prism: Powered by People + Tech
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 15 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 implementat
Slide 16: Ancillary Information
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 16 Ancillary Information
Slide 17: Net Operating Income Reconciliation
Q2 2025 Q1 2025 Net Income (Loss) $11,843 $(13,730) Deduct: Management fees (766) (718) Loss (income) from discontinued operations 27 (136) Interest and other investment income (70) (25) Equity in (earnings) losses of unconsolidated joint ventures (526) (3,842) (Gain) loss on disposition of developa
Slide 18: FFO and Core FFO Reconciliation
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 18 2025 2024 2025 2024 Net income (loss) available to common shareholders $10,904 $2,922 $ 205 $(981) Add/(Deduct): Noncontrolling interests in Operating Partnership 1,009 153 11 (370) Noncontrolling interests in discontinued operations (2) 1
Slide 19: Adjusted EBITDA
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 19 Adjusted EBITDA 2025 2024 2025 2024 Core FFO (calculated on 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 depreci
Slide 20: Continued Balance Sheet Optimization
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 20 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 Schedule1 A S
Slide 21: The Veris Residential Team
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 21 The Veris Residential Team Ex ec ut ive Te am De pt . H ea ds Mahbod Nia Taryn Fielder Amanda Lombard Anna Malhari Chief Executive Officer General Counsel & Secretary Chief Financial Officer Chief Operating Officer Carmen DeGuida Lori Milo
Slide 22: Property Directory
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 22 Property Directory B LV D 401 401 Washington Blvd. Jersey City, NJ 07310 B LV D 425 425 Washington Blvd. Jersey City, NJ 07310 B LV D 475 475 Washington Blvd. Jersey City, NJ 07310 T H E C A P S TO N E AT P O RT I M P E R I A L 17 Avenue a
Slide 23: Definitions
C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 | 23 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. B L E N D E D N E T R E N TA L G R O W T H R
Slide 24: Thank You
Thank You