Veris Residential, Inc. · NYSE:VRE
Veris Residential — Mack-Cali Realty — Citi 2020 Global Property CEO Conference
22 slides from Veris Residential's conference presentation, Mar 2, 2020
Slide 1: Citi 2020 Global Property CEO Conference March 2020
Citi 2020 Global Property CEO Conference March 2020
Slide 2: Forward-looking statements
This Operating and Financial Data should be read in connection with our Annual Report on Form 10-K for the year ended December 31, 2019. Statements made in this presentation may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forwar
Slide 3: Mack-Cali: Portfolio Overview
Mack-Cali: Portfolio Overview $5.7 billion Market Capitalization $3.4 billion Net Asset Value 7,246 4.9 million 95.0% 77.8% 17.1%27.0% 1,942 6.17% Mack-Cali:$39.42 $45.00 Premium: 14% Market: 31% $47.36 61,144 SF 14% (1) (2) (3) (4) (5) (6) Includes RRT operating portfolio (6,524 units), Marriott Ho
Slide 4: Focus: Hudson Waterfront
Focus: Hudson Waterfront Edgewater Port Imperial Hoboken Mack-Cali Assets Jersey City 4 (1) See Gross & Net Asset Value Notes on p.19 and 20. Operating OfficeIn-Construction Operating ResidentialLand Operating HospitalityRetail/Commercial PSF/ Waterfront Holdings: GAV (1) Unit 65% Total GAV Total Wa
Slide 5: NOI Evolution
NOI Evolution Through the executed disposition program, strategic acquisitions and residential development, Company has and will continue to dramatically shift its NOI composition: the NOI Composition (annualized) (1): Residential Portfolio Transformation: 2Q 2015 4Q 2019 Change Residenti l 8% Water
Slide 6: NAV 4Q 2019 (Unaudited)
NAV 4Q 2019 (Unaudited) $ in millions (except per share amounts) 6 See footnotes and “Information About Gross & Net Asset Value (Unaudited)” on pages 19 and 20. N A V C a lc u la t io n ( 2 ) H i g h L o w $1,594 $1,155 514 436 196 175 304 276 $ 2 , 6 0 8 $ 2 , 0 4 2 66 66 25 25 90 90 67 67 $ 2 , 8
Slide 7: Residential Comparative Set
Residential Comparative Set Roseland Portfolio has the highest rents and youngest portfolio of all public market peers. Source: Goldman Sachs & Co. LLC. Data as of December 5, 2019.(2) 7 (1)Mack Cali’s lower capex spend is due to the newer age of its Apartment assets (2)Additional sources include Gr
Slide 8: Consolidated Debt Maturity Schedule
Consolidated Debt Maturity Schedule $ in thousands The Company Credit. has no Corporate or Office debt maturities until 2022 excluding its Revolving Line of $700,00 0 $600,00 0 $500,00 0 $400,00 0 $300,00 0 $300,000 $275,000 $200,00 0 $250,000 $100,00 0 $109,679 $0 $9,431 2023 $5,144 2024 2020 2021
Slide 9: Harborside Transformation: Future
Harborside Transformation: Future MlNJI£0 S23UNlS FUTURE M2 URBY I SOHO LOFTS 377UNITS UBERTY TOWERS 648 UNITS THE CHARLOTTE 150UNITS 101 HUDSON ST. 107MlA3AN 8llUNlS lP UNITS 7152 UNITS MARSELLA 412UNITS (REMm'\ PLAZA4A WHOLE FOOOS PI.AZA \2.3 HARBORSI[); e80UNITS HUDSON RIVER THEWTZE 1M SF OFFICE
Slide 10: Port Imperial Transformation: Future
Port Imperial FUTURE DEVELOPMENT Transformation: Future RIVERHOUISE 11 AT PORT IMPERIAL 2018 295UNITS RIVERBENOl AT PORT IMPERIAL 2000 302UNITS 55 RIVERWALK PLACE AT PORT IMPERIAL 2006 348UNITS THE CAPSTONE RIVERTRACE RIVERSEND 2 AND 3 AT PORT IMPERIAL 2002 2l3UNITS RIVERPARC AT PORT IMPERIAL AT POR
Slide 11: Jersey City: Market Share
Jersey City: Market Share Residential The Company is the largest institutional owner Office Mack-Cali is the largest office owner on the Jersey City Waterfront. Mack-Cali is well positioned for large-scale tenants, as the Company controls 40% of blocks >100KSF. • • of operating class A residential a
Slide 12: Hudson Waterfront Portfolio Overview
Current Communities Transit: 5 3.Building 9* (Dec ’20 delivery) 313 3. Exchange Place 5.Marriott Hotels 372 5. Christopher St. Jersey City 7. 14th Street 7.Marbella 412 9. 33rd Street 10. Soho Lofts 377 1. Port Imperial / Weehawken Subtotal 3,783 3. Paulus Hook ark City Port Imperial 6. Wall Street
Slide 13: New York City: Market Overview
New York City: Market Overview NYC Job Growth is moving west and south, thereby aligning with our holdings. # of Tenants RSF Relocations: 100,000 RSF and Greater (2013 to 2020) Source: CBRE Research. Data as of February 1, 2020. 1 13 From –(1)(172,352) Hudson Yards To +238,894,681 Net Total228,722,3
Slide 14: Waterfront Residential Development Outperformance
Waterfront Residential Development Outperformance The Company had record velocity on recent Waterfront deliveries (1,368 units): Total Waterfront Deliveries 1,368 - - - M2 311 Jersey City June 2016 6 Months Urby 762 Jersey City March 2017 6 Months RiverHouse 11 Units: Location: Initial Occupancy: Le
Slide 15: Development Pipeline
Development Pipeline The Company’s next round of construction deliveries and near-term starts are heavily weighted towards Waterfront (80% of aggregate total project cost) Waterfront-Focused In-Construction: Future Starts: Total Waterfront Pipeline: 1,942 Units 9,373 Units 7,380 Units 15 25 Columbus
Slide 16: Waterfront Office Portfolio Overview
Waterfront Office Portfolio Overview • Mack-Cali will continue to invest in its assets – current plan $156.0M Approx. Date (1) (2) (3) (4) There can be no assumption that actual rents will not vary materially from current asking rents. Excluded from rent calculations. Includes Harborside NY Waterway
Slide 17: Appendix
Appendix 17
Slide 18: Global Definitions
Global Definitions Average Revenue Per Home: Calculated as total apartment revenue for the quarter ended Operating Communities: Communities that have achieved Project Stabilization. September 30, divided by the average percent occupied for the quarter ended September 30, 2018, divided by the number
Slide 19: Notes: Gross & Net Asset Value (Unaudited)
Notes: Gross & Net Asset Value (Unaudited) 1) Reflects 4Q 2019 Annualized Cash NOI for office assets; projected 12-month NOI for stabilized residential assets and the projected stabilized NOI for residential assets in-construction and lease-up. See Information About Net Operating Income on page 22.
Slide 20: Notes: Gross & Net Asset Value (Unaudited)
Notes: Gross & Net Asset Value (Unaudited) 6) Valuations for non-core assets, which are those assets being considered for sale or disposal, or in the active marketing process, are generally based on recent contract prices for similar properties in the process of being sold, letters of intent and ong
Slide 21: Development Activity & Future Cash Flow Growth
Development Activity & Future Cash Flow Growth $ in millions (unaudited) 2 0 1 8 D e l i v e r i e s Signature Place at Morris Plains Metropolitan Lofts 145 Front Street at City Square Portside 5/6 RiverHouse 11 at Port Imperial T o t a l 2 0 1 8 D e l i v e r i e s 2 0 1 9 D e l i v e r i e s 100.0
Slide 22: Information About Net Operating Income (NOI)
Information About Net Operating Income (NOI) $ in thousands (unaudited) Reconciliation of Net Income (Loss) to Net Operating Income (NOI) N et I n c o m e ( L o s s ) Deduct: Real estate services income Interest and other investment loss (income) Equity in (earnings) loss of unconsolidated joint ven
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