Veris Residential, Inc. · NYSE:VRE
Veris Residential — Mack-Cali Realty — Investor Presentation (September 2021)
19 slides from Veris Residential's investor presentation, Sep 20, 2021
Slide 1: Corporate Presentation September 20, 2021
Corporate Presentation September 20, 2021
Slide 2: Forward-looking statements
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, 2020 and quarterly Report on Form 10-Q for the quarter ended June 30, 2021. Statements made in this presentation may be forward-looking statements within the meaning o
Slide 3: Meaningful Progress on Stated Initiatives, Unlocking Value for Our Shareholders
3 Meaningful Progress on Stated Initiatives, Unlocking Value for Our Shareholders Strategic Disposals $708m Gross proceeds through July Bond Repayment $575m Repayment of corporate bonds $5m p.a. Anticipated cash run-rate GAAP G&A savings as a result of internal reorganization Multifamily Stabilizati
Slide 4: Maximizing Value from Class A Residential Platform
4 Maximizing Value from Class A Residential Platform
Slide 5: Establishing the Company as a Predominantly Residential REIT
5 Note: The annualized Q2 2021 corporate NOI includes income (expense) attributed to entities not directly associated with assets in the portfolio. See Information About Net Operating Income (NOI) in Appendix. (1) Represents annualized Q2 2021 Total Portfolio NOI assuming all assets held as construc
Slide 6: Roseland multifamily properties feature luxury amenities and curated resident events
6 Roseland multifamily properties feature luxury amenities and seasonally curated resident events and programming ▪ Class A multifamily platform ▪ 5,825 units ▪ Locations across New Jersey, Boston Metropolitan area, suburban New York and Washington DC ▪ Resort-style amenities and energized social sp
Slide 7: Multifamily at a Glance
7 Multifamily at a Glance Massachusetts Market Short Hills Market Port Imperial Market Jersey City Market Morris County Market New York Market MASSACHUSETTS ▪ 145 Front at City Square ▪ Portside at East Pier ▪ The Emery at Overlook Ridge ▪ The C ha s e at Overlook Ridge 1 ▪ Alterra at Overlook Ridge
Slide 8: Multifamily Stabilization through Active Asset Management
8 Multifamily Stabilization through Active Asset Management Operating Portfolio 98.2% Leased +2.6% above pre-Covid levels 96.3% Occupied +2.5% above pre-Covid levels +5% Increase in average net effective rents in last 90 days Development The Upton Short Hills, NJ ▪ Launched in January 2021 and alrea
Slide 9: Pursuing Operational Excellence
9 Number of Properties 24 288 96 169 246 303 296 153 22 Number of Units 5,825 75,529 26,422 52,972 51,607 77,066 98,655 50,905 7,059 Average Monthly Rent per Unit $2,914 $ 2,450 $ 2,215 $ 1,596 $ 2,287 $ 2,574 $ 1,291 $ 2,133 $ 1,665 Average Asset Age (years) 6 15 38 13 28 23 19 23 42 Total Enterpri
Slide 10: Revitalizing Waterfront Leasing
10 Revitalizing Waterfront Leasing
Slide 11: Harborside Repositioned as a Complete Campus Offering
11 Harborside Repositioned as a Complete Campus Offering ▪ High-quality and unique office space attractive to different types of tenants ▪ Strong sense of community and active 24/7 lifestyle with excellent residential options ▪ Unique opportunity for user-control ▪ Consistent level of first-class se
Slide 12: Harborside Repositioning: Capitalize on Growing Demand Outside of Manhattan
12 Harborside Repositioning: Capitalize on Growing Demand for Business Districts Outside of Manhattan Revitalize Waterfront Leasing ▪ Opportunity for employees to live adjacent to where they work and play ▪ Incredible connectivity and easy access to Midtown and Downtown ▪ Outstanding commutation opt
Slide 13: Advancing Operational Efficiencies and Commitment to ESG Initiatives
13 Advancing Operational Efficiencies and Commitment to ESG Initiatives
Slide 14: Focus on Sustainability and Strong Corporate Governance
14 Focus on Sustainability and Strong Corporate Governance Mack-Cali strives to create sustainable communities, placing focus on the health and well-being of its employees, tenants and residents while improving the environment. One of Mack-Cali’s most critical objectives is to become an even more in
Slide 15: Appendix
15 Appendix
Slide 16: Suburban Disposition Program Nearing Completion
16 Suburban Disposition Program Nearing Completion Transaction Number of Gross Asset Location Date Buildings SF Value ($M) Q1 2021 Dispositions 100 Overlook Center Princeton, NJ Jan-2021 1 149,600 38 Metropark portfolio Edison & Iselin, NJ Mar-2021 4 926,656 254 Q1 2021 5 1,076,256 292 2Q 2021 Dispo
Slide 17: Financing and Liquidity - Debt Overview
17 Financing and Liquidity - Debt Overview Strengthened balance sheet through new RCF and term loan ▪ $575 million of corporate unsecured bonds maturing over the next 24 months fully redeemed ▪ Current debt comprises primarily of senior secured residential mortgages at fixed rates with no office mor
Slide 18: Information About Net Operating Income (NOI)
Information About 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 mark
Slide 19: Global Definitions
Global Definitions 19 Completion: As evidenced by a certificate of completion by a certified architect or issuance of a final or temporary certificate of occupancy. Stabilization: Multifamily assets achieved over 95 percentage leased for six consecutive weeks. Projected Stabilized Yield: Represents
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