Veris Residential, Inc. · NYSE:VRE
Veris Residential — Q2 2025 Earnings Presentation
28 slides from Veris Residential's earnings presentation, Jul 24, 2025
Slide 1: Earnings Release and Supplemental Q2 2025
Slide 2: Table of Contents
Table Of Contents Page(s) 3 Earnings Release Key Financial Data 8 Consolidated Balance Sheet 9 Consolidated Statement of Operations 10 FFO, Core FFO and Core AFFO 11 Adjusted EBITDA 12 Components of Net Asset Value Operating Portfolio 13 Multifamily Operating Portfolio 14 Commercial Assets and Devel
Slide 3: Reports Second Quarter 2025 Results
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, t
Slide 4: Same Store Portfolio Performance
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
Slide 5: Balance Sheet Metrics and Amended Credit Facility
Balance Sheet Metric ($ in 000s) June 30, 2025 March 31, 2025 Weighted Average Interest Rate 5.08% 4.95% Weighted Average Years to Maturity 2.6 3.1 TTM Interest Coverage Ratio 1.7x 1.7x Net Debt $1,795,320 $1,643,411 TTM Adjusted EBITDA (Normalized) $159,162 $144,659 Net Debt-to-EBITDA (Normalized)
Slide 6: Conference Call/Supplemental Information
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)
Slide 7: Investors and Media Contacts
Investors Media Mackenzie Rice Amanda Shpiner/Grace Cartwright Director, Investor Relations Gasthalter & Co. investors@verisresidential.com veris-residential@gasthalter.com Additional details on Company Information page.
Slide 8: Consolidated Balance Sheet
Consolidated Balance Sheet (in thousands) (unaudited) June 30, 2025 December 31, 2024 ASSETS Rental property Land and leasehold interests $442,566 $458,946 Buildings and improvements 2,611,276 2,634,321 Tenant improvements 16,145 14,784 Furniture, fixtures and equipment 112,424 112,201 3,182,411 3,2
Slide 9: Consolidated Statement of Operations
Consolidated Statement of Operations (In thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, REVENUES 2025 2024 2025 2024 Revenue from leases $69,348 $ 60,917 $131,313 $ 121,559 Management fees 766 871 1,484 1,793 Parking income 4,376 3,922 8,125 7,
Slide 10: FFO, Core FFO and Core AFFO
FFO, Core FFO and Core AFFO (in thousands, except per share/unit amounts) Three Months Ended June 30, Six Months Ended June 30, 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
Slide 11: Adjusted EBITDA
Adjusted EBITDA ($ in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 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
Slide 12: Components of Net Asset Value
Components of Net Asset Value ($ in thousands) Real Estate Portfolio Other Assets Operating Multifamily NOI1 Total At Share Cash and Cash Equivalents2 $10,887 New Jersey Waterfront $170,008 $149,371 Restricted Cash 18,581 Massachusetts 20,420 20,420 Other Assets 47,430 Other 30,064 23,689 Subtotal O
Slide 13: Multifamily Operating Portfolio
Multifamily Operating Portfolio (in thousands, except Revenue per home) Operating Highlights Percentage Average Revenue Occupied per Home NOI1 Debt Ownership Apartments 2Q 2025 1Q 2025 2Q 2025 1Q 2025 2Q 2025 1Q 2025 Balance NJ Waterfront Haus25 100.0% 750 95.6% 95.6% $5,027 $4,969 $8,083 $8,195 $34
Slide 14: Commercial Assets and Developable Land
Commercial Assets and Developable Land ($ in thousands) Percentage Percentage Rentable Leased Leased NOI NOI Debt Commercial Location Ownership SF1 2Q 2025 1Q 2025 2Q 2025 1Q 2025 Balance Port Imperial South - Garage Weehawken, NJ 70.0% Fn 1 N/A N/A $713 $413 $30,815 Port Imperial South - Retail Wee
Slide 15: Same Store Market Information
Same Store Market Information1 Sequential Quarter Comparison (NOI in thousands) NOI at Share Occupancy Blended Lease Tradeouts2 Apartments 2Q 2025 1Q 2025 Change 2Q 2025 1Q 2025 Change 2Q 2025 1Q 2025 Change New Jersey Waterfront 5,067 $37,814 $37,672 0.4% 93.2% 93.4% (0.2)% 4.7% 0.3% 4.4% Massachus
Slide 16: Same Store Performance
Same Store Performance ($ in thousands) Multifamily Same Store1 Three Months Ended June 30, Six Months Ended June 30, Sequential 2025 2024 Change % 2025 2024 Change % 2Q 25 1Q 25 Change % Apartment Rental Income $68,553 $67,173 $1,380 2.1% $136,912 $133,566 $3,346 2.5% $68,553 $68,359 $194 0.3% Park
Slide 17: Debt Profile
Debt Profile ($ in thousands) Effective Date of Lender Interest Rate1 June 30, 2025 December 31, 2024 Maturity Secured Permanent Loans Portside 2 at East Pier New York Life Insurance Co. 4.56% 94,614 95,427 03/10/26 BLVD 425 New York Life Insurance Co. 4.17% 131,000 131,000 08/10/26 BLVD 401 New Yor
Slide 18: Debt Summary and Maturity Schedule
Debt Summary and Maturity Schedule ($ in thousands) % Weighted Average Weighted Average As of 6/30 Balance of Total Interest Rate Maturity in Years Fixed Rate & Hedged Debt Fixed Rate & Hedged Secured Debt $1,710,903 93.1% 4.96% 2.49 Variable Rate Debt Variable Rate Debt 127,000 6.9% 7.06% 1.81 Tota
Slide 19: Annex 1: Transaction Activity
Annex 1: Transaction Activity $ in thousands except per SF Location Transaction Date Number of Buildings Units Gross Asset Value 2025 dispositions-to-date Land 65 Livingston Roseland, NJ 1/24/2025 N/A N/A $7,300 Wall Land Wall Township, NJ 4/3/2025 N/A N/A 31,000 PI North - Building 6 and Riverbend
Slide 20: Annex 2: Reconciliation of Net Income (loss) to NOI
Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended) 2Q 2025 1Q 2025 Total Total 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) loss
Slide 21: Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes
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 th
Slide 22: Annex 4: Unconsolidated Joint Ventures
Annex 4: Unconsolidated Joint Ventures ($ in thousands) Percentage VRE's Nominal 2Q 2025 Total VRE Share VRE Share Property Units Occupied Ownership NOI1 Debt of 2Q NOI of Debt Multifamily RiverTrace at Port Imperial 316 93.8% 22.5% 2,084 82,000 469 18,450 Capstone at Port Imperial 360 94.9% 40.0% 3
Slide 23: Annex 5: Debt Profile Footnotes
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
Slide 24: Annex 6: Multifamily Property Information
Annex 6: Multifamily Property Information Location Ownership Apartments Rentable SF1 Average Size Year Complete NJ Waterfront Haus25 Jersey City, NJ 100.0% 750 617,787 824 2022 Liberty Towers Jersey City, NJ 100.0% 648 602,210 929 2003 BLVD 401 Jersey City, NJ 74.3% 311 273,132 878 2016 BLVD 425 Jer
Slide 25: Annex 7: Noncontrolling Interests in Consolidated JVs
Annex 7: Noncontrolling Interests in Consolidated JVs Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 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 consolidate
Slide 26: Non-GAAP Financial Definitions
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, e
Slide 27: Non-GAAP Financial Definitions
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 reconcilia
Slide 28: Company Information
Company Information Company Information Corporate Headquarters Stock Exchange Listing Contact Information Veris Residential, Inc. New York Stock Exchange Veris Residential, Inc. 210 Hudson St., Suite 400 Investor Relations Department Jersey City, New Jersey 07311 Trading Symbol 210 Hudson St., Suite