Veris Residential, Inc. · NYSE:VRE
Veris Residential — Mack-Cali Realty — Investor Presentation (November 2021)
18 slides from Veris Residential's investor presentation, Nov 8, 2021
Slide 1: Corporate Presentation November 9, 2021
Corporate Presentation November 9, 2021
Slide 2: Forward-looking statements disclaimer
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 September 30, 2021. Statements made in this presentation may be forward-looking statements within the mean
Slide 3: Significant Progress in Stated Initiatives, Unlocking Value for Our Shareholders
3 3 Strategic Disposals $1bn Gross proceeds from suburban office sales Bond Repayment $575m Repayment of corporate bonds Multifamily Leasing 97.9% Leased as of October 24, 2021 +2.3% above pre-Covid levels Strengthened Balance Sheet $5m p.a. Anticipated cash run-rate GAAP G&A savings as a result of
Slide 4: Transition Into Pure-Play Multifamily REIT
4 Note: The annualized Q3 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 Q3 2021 Total Portfolio NOI assuming all assets held as construc
Slide 5: Maximizing Value from Class A Residential Platform
5 Maximizing Value from Class A Residential Platform
Slide 6: Establishing Mack-Cali as a Pure-Play Multifamily REIT
6 Establishing Mack-Cali as a Pure-Play Multifamily REIT Assets 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 MORRISCOUNTY
Slide 7: Multifamily Stabilization through Active Asset Management
7 Multifamily Stabilization through Active Asset Management Lease-Up Assets The Upton Short Hills, NJ The Capstone West New York, NJ RiverHouse 9 Weehawken, NJ 99.5% Leased 96.4% Leased 95.8% Leased As of October 24, 2021. ▪ Three lease-up properties launched earlier this year leased ahead of schedu
Slide 8: Multifamily properties feature luxury amenities and curated resident programming
8 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 spaces incl
Slide 9: Performance Underpinned by Strong Market Fundamentals
9 – $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2011 2016 2021 2026 Northern New Jersey Boston Washington DC 3.3% 4.3% 3.9% 5Yr CAGR – 2.0% 4.0% 6.0% 8.0% 10.0% 2011 2016 2021 2026 Northern New Jersey Boston Washington DC 4.0% 5.2% 6.6% Forecast Vacancy Rate ▪ Returning occupancy and increasing m
Slide 10: and Pursuit of Operational Excellence
10 Note: Comparable data is as of October 22, 2021. Sources include Green Street Advisors. Number of Properties 18 288 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 $ 2,930 $ 2,450 $ 2,215 $ 1,596 $ 2,287 $ 2,574
Slide 11: Revitalizing Waterfront Leasing
11 Revitalizing Waterfront Leasing
Slide 12: Harborside Transformed to a Complete Campus Offering
12 Harborside Transformed to a Complete Campus Offering ▪ Capitalize on growing demand for business districts outside of Manhattan by offering high-quality, office space attractive to a diverse tenants ▪ Premier residential options with strong sense of community, expansive views of Hudson River and
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 Q2 2021 Dispo
Slide 17: Financing and Liquidity - Debt Overview
17 Financing and Liquidity - Debt Overview Debt Maturity Schedule (As of September 30, 2021, $ million) ▪ Current debt comprises primarily of senior secured residential mortgages at fixed rates with no office mortgage maturities until 2026 ▪ $174 million revolver balance outstanding as of September
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
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