Veris Residential, Inc. · NYSE:VRE
Veris Residential — Investor Presentation (June 2022)
18 slides from Veris Residential's investor presentation, Jun 7, 2022
Slide 1: Corporate Presentation June 2022
Corporate Presentation JUNE 2022
Slide 2: Forward-looking statements
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.Such forward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E
Slide 3: Portfolio transformation: multifamily units, office properties and pro forma NOI mix
3 5,825 6,691 2020 2022 750 2022 24 6 2020 2022(2) Multifamily 39% Waterfront Office 37% Suburban Office 24% Q1 2021 NOI Q1 2022 NOI P R O F O R M A NOI( 1 ) Waterfront Office 33% Multifamily 64% Suburban Office 3% Waterfront Office 16% Multifamily 84% Note: The annualized Q1 2022 corporate NOI incl
Slide 4: Strategic acquisition, disposition, development, financing, ESG and operational enhancements
STRATEGIC ACQUISITION DEVELOPMENT FINANCINGESG OPERATIONAL ENHANCEMENTS Acquiring The James — a Class A, 240-unit property in Park Ridge, NJ — in an off-market transaction for $130M, or a 4.0% cap rate (expected to close in Q2 2022) STRATEGIC DISPOSITION Successfully executed strategic disposals • O
Slide 5: Same store occupancy, NOI growth and blended net rental growth
16% Q1 2022 Blended Net Rental Growth Rate SAME STORE MULTIFAMILY OCCUPANCY ( 1 ) 20% Same Store Q1 2022 year-over-year NOI growth 7% Same Store Q1 2022 quarter-over-quarter NOI growth 70% 75% 80% 85% 90% 95% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 BLENDED NET RENTAL GROW
Slide 6: Assets at a glance
MASSACHUSETTS • 145 Front at City Square • Portside I / II at East Pier • The Emery at Overlook Ridge MORRIS COUNTY • Signature Place Morris Plains • The Metropolitan at 40 Park • The Metropolitan Lofts SHORT HILLS • The Upton Short Hills JERSEY CITY • Soho Lofts • The BLVD Collection • Urby • Haus2
Slide 7: Class A multifamily platform
• Class A multifamily platform • 6,691 units across 21 stabilized assets • Locations across New Jersey, Boston Metropolitan area, suburban New York and Washington DC • Resort-style amenities and energized social spaces including clubrooms, fitness centers and rooftop swimming pools • Committed to pr
Slide 8: Haus25 newest development amenities
Haus25, a 750-unit building located in Jersey City, commenced leasing on April 6 and was 44% leased as of May 29 with 330 new leases signed. Haus25 offers hospitality-inspired services, resort-style amenities, stunning residences, and spectacular skyline views. • Eco-friendly, environmentally-consci
Slide 9: Our newest acquisition: The James
• Year Built: 2021 • Units: 240 • % Leased: 99.5% • Sustainability: National Green Building Standard Silver Certification • Targeting Q2 2022 closing date • Entertainment lounges & party room with fully equipped kitchen • Co-working lounge with private offices • Clubroom with billiards & shuffleboar
Slide 10: Environmental, Social, Governance
ENVIRONMENTAL SOCIAL GOVERNANCE Science Based Targets Initiative Target of reducing Scope 1 and 2 emissions by 50% from 2019 levels by year 2030 as validated by the Science Based Targets Initiative Green Certified 33% of wholly owned multifamily units Green Certified (LEED® or equivalent) Renewable
Slide 11: Multifamily portfolio peer comparison
Note: Veris Residential properties as of December 31, 2021. Peer comparable data as of May 23, 2022. Sources include Green Street Advisors and company reporting. 1. Excludes Haus25. 2. LEED Silver and above. Number of Properties 22 297 84 171 253 310 290 160 26 Number of Units 7,441 79,560 23,291 55
Slide 12: Appendix
Appendix Corporate Presentation \/
Slide 13: Waterfront office and Hudson River market highlights
• Capitalizes on growing demand for business districts outside of Manhattan by offering high-quality office space attractive to a diverse tenant base • New 15-year, 130,400 square foot lease with Collectors Universe was executed in January 2022 • Premier residential options with strong sense of comm
Slide 14: Debt maturity schedule
• Current debt comprised of primarily of senior fixed rate mortgages secured on the multifamily portfolio with no office mortgage maturities until 2026 • Over 70% of the total debt (consolidated and unconsolidated) is hedged or fixed at a weighted average interest rate of 3.78% with a maturity of 5.
Slide 15: Q1 and Q2 2022 dispositions
TRANSACTION GROSS ASSET LOCATION DATE VALUE Q1 2022 DISPOSITIONS Palladium Residential Land West Windsor, NJ 03/22/22 $24,250 Palladium Commercial Land West Windsor, NJ 03/22/22 5,250 Total Q1 2022 Dispositions $29,500 Q2 2022 DISPOSITIONS TO DATE PI Park Weehawken, NJ 04/15/22 $30,000 Urby II / III
Slide 16: Definition of Net Operating Income (NOI)
DEFINITION OF NET OPERATING INCOME (NOI) $ in thousands (unaudited) Q 1 2 0 2 2 Q 4 2 0 2 1 Multifamily Office / Corp Total Multifamily Office / Corp Total NET INCOME (LOSS) ($11,354) $6,827 ($4,527) ($29,708) $6,471 ($23,237) DEDUCT: Real estate services income (910) –(910) (1,848) –(1,848) Interes
Slide 17: Other Definitions
Other Definitions Blended Net Rental Growth Rate is weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease on an apartment unit compared to the rent for the prior lease of the identical apartment unit. Average Monthly Re
Slide 18: Thank you
RESIDENTIAL™ Thank you.
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