Veris Residential, Inc. · NYSE:VRE
Veris Residential — Investor Presentation (December 2021)
20 slides from Veris Residential's investor presentation, Dec 7, 2021
Slide 1: Corporate Presentation
Corporate Presentation D E C E M B E R 7, 2 0 2 1 1
Slide 2: Maximizing Value from Class A Residential Platform
Corporate Presentation Maximizing Value from Class A Residential Platform VERIS RESIDENTIAL ENCAPSULATES RESPONSIBLE, TRANSPARENT, FORWARD-THINKING APPROACH • New brand aligns with new strategic direction, corporate values and evolution into an environmentally and socially-conscious multifamily focu
Slide 3: Operating and Financial Data; forward-looking statements
Corporate Presentation 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 stat
Slide 4: Significant Progress in Stated Initiatives, Unlocking Value for Our Shareholders
Corporate Presentation Significant Progress in Stated Initiatives, Unlocking Value for Our Shareholders STRATEGIC DISPOSALS BOND REPAYMENT NEW CREDIT FACILITY Balance Sheet Strengthened $1 billion $575 million $250 million Gross proceeds from Repayment of Revolving credit facility secured suburban o
Slide 5: Transition Into Multifamily Focused REIT
Corporate Presentation Transition Into Multifamily Focused REIT Multifamily assets to contribute 70% of total NOI (excl. suburban and two under contract Waterfront assets) Q3 2021 NOI Q3 2021 NOI Q3 2021 + CIP STAB. NOI (excluding Suburban and two Waterfront (excluding Suburban and two Waterfront As
Slide 6: Maximizing Value from Class A Residential Platform
Corporate Presentation Maximizing Value from Class A Residential Platform 6
Slide 7: Establishing Veris Residential as a Multifamily Focused REIT
Corporate Presentation Establishing Veris Residential as a Multifamily Focused REIT ASSETS AT A GLANCE Boston Worcester Massachusetts Market Morris County Market Jersey City Market New York Market New York Newark MASSACHUSETTS MORRIS COUNTY PORT IMPERIAL • 145 Front at C i t y S q u a r e • Signatur
Slide 8: Multifamily Stabilization through Active Asset Management
Corporate Presentation Multifamily Stabilization through Active Asset Management LEASE-UP ASSETS DEVELOPMENT Three lease-up properties launched earlier this year leased Haus 25, a 750-unit asset located in Jersey City, is the only ahead of schedule and are above 95% leased. property currently under
Slide 9: Multifamily properties feature luxury amenities and curated resident events
Corporate Presentation 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 energiz
Slide 10: Performance Underpinned by Strong Market Fundamentals
Corporate Presentation Performance Underpinned by Strong Market Fundamentals… • Resurgence in occupancy and increasing net effective rents Growing sectors and top universities driving talent into Northeast support an improving outlook EMPLOYMENT GROWTH • Defensive sector that is resilient through do
Slide 11: ... and Pursuit of Operational Excellence
Corporate Presentation ... and Pursuit of Operational Excellence Veris Residential is well positioned to deliver competitive growth over time with high-quality assets, and the lowest average asset age, that attract the highest average monthly rents. Number of 18 288 96 169 246 303 296 153 22 Propert
Slide 12: Revitalizing Waterfront Leasing
Corporate Presentation Revitalizing Waterfront Leasing 12
Slide 13: Harborside Transformed to a Complete Campus Offering
Corporate Presentation 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
Slide 14: EMBRACE by Veris Residential
Corporate Presentation EMBRACE by Veris Residential 14
Slide 15: EMBRACE by Veris Residential
Corporate Presentation EMBRACE by Veris Residential PROPERTIES: CREATING BEST-IN-CLASS COMMUNITIES THAT ALIGN RESIDENTS’ VALUES WITH OURS THROUGH A SUSTAINABLE LIFESTYLE OFFERING Committed to cutting-edge technology to improve energy consumption Piloting a number of initiatives to further reduce
Slide 16: Appendix
Corporate Presentation Appendix 16
Slide 17: Suburban Disposition Program Nearing Completion
Corporate Presentation Suburban Disposition Program Nearing Completion TRANSACTION NUMBER OF GROSS ASSET LOCATION SF DATE BUILDINGS 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 Totals 5
Slide 18: Financing and Liquidity - Debt Overview
Corporate Presentation Financing and Liquidity - Debt Overview • 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 30, 2021 • Existing construction loan for
Slide 19: Information About Net Operating Income (NOI)
Corporate Presentation Information About Net Operating Income (NOI) RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME (NOI) $ in thousands (unaudited) Q3 2021 Q2 2021 Office / Corp Multifamily Total Office / Corp Multifamily Total NET INCOME (LOSS) ($7,342) ($18,450) ($25,792) ($50,891) ($
Slide 20: Thank you.
Thank you. VERISRESIDENTIAL.COM
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