Veris Residential, Inc. · NYSE:VRE
Veris Residential — Investor Presentation (November 2024)
37 slides from Veris Residential's investor presentation, Nov 18, 2024
Slide 1: Corporate Presentation November 18, 2024
Corporate Presentation NOVEMBER 18, 2024
Slide 2: Forward-Looking Statements
This Operating and Financial Data should be read in connection with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. 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.
Slide 3: Company Overview
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 3 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG COMPANY OVERVIEW OVERVIEW The Upton, Short Hills, NJ Company Overview
Slide 4: At-A-Glance: Key Company Highlights
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 4 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG COMPANY OVERVIEW E X P E R I E N C E D L E A D E R S H I P T E A M W I T H A P R OV E N T R A C K R E C O R D O F VA LU E CREATION N E W E S T, H I G H
Slide 5: Q3 2024 Components of Net Asset Value
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 5 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG Q3 2024 Components of Net Asset Value REAL ESTATE PORTFOLIO Operating Multifamily NOI1 Total At Share New Jersey Waterfront $173,720 $147,629 Massachus
Slide 6: A Multi-Faceted Approach to Value Creation
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 6 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG COMPANY OVERVIEW VALUE CREATION PLATFORM/PORTFOLIO OPTIMIZATION CAPITAL ALLOCATION BALANCE SHEET OPTIMIZATION A Multi-Faceted Approach to Value Creatio
Slide 7: Veris' Value Proposition
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 7 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG COMPANY OVERVIEW 1 2 3 4 5 6 7 8 Veris' Value Proposition W E L L-P O S I T I O N E D W I T H S T R O N G U N D E R LY I N G F U N D A M E N TA L S Sec
Slide 8: Northeast Coastal Focused Portfolio
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 8 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG COMPANY OVERVIEW MORRIS COUNTY • Signature Place • The Metropolitan at 40 Park BERGEN COUNTY • The James HARRISON • RiverPark at Harrison SHORT HILLS •
Slide 9: Superior Portfolio Quality
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 9 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG COMPANY OVERVIEW Superior Portfolio Quality Portfolio differentiators: • Highly-amenitized, Class A assets • Youngest multifamily portfolio • Located i
Slide 10: Our Leadership Team
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 10 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG COMPANY OVERVIEW Executive Team Dept. Heads Mahbod Nia Taryn Fielder Amanda Lombard Anna Malhari Jeff Turkanis Chief Executive Officer General Counsel
Slide 11: Market Overview
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 11 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG MARKET OVERVIEW Market Overview The Capstone at Port Imperial, West New York, NJ
Slide 12: Tri-State, Jersey City Waterfront and Boston Metro Market Data
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 12 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG MARKET OVERVIEW Tri-State (NY, NJ, CT)1 303,000 EXISTING TOTAL CLASS A INVENTORY 50,575 (16.7%) CLASS A IN-CONSTRUCTION PIPELINE $4,260 AVERAGE CLASS
Slide 13: Rising Incomes Support Growing Rents
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 13 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG MARKET OVERVIEW Rent/Income % (Mean) 14% 13% 15% 13% 14% 14% 16% 15% 15% 13% 14% 13% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q
Slide 14: Portfolio Optimization
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 14 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION PORTFOLIO Portfolio Optimization Signature Place, Morris Plains, NJ
Slide 15: Ongoing Portfolio Optimization Strategies
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 15 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION Ongoing Portfolio Optimization Strategies FOCUS ON MAXIMIZING NOI GROWTH AND MARGIN Revenue Maximization Expense Mitigation Cap
Slide 16: Class A Portfolio with Peer-Leading Revenue & NOI Growth
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 16 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION Peer (Median) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Veris Residential
Slide 17: Driving Operating Margin Improvements
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 17 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION 70% 65% 60% 55% 56% Veris Residential Multifamily Public Peers Source: Company filings Peers include AvalonBay Communities, Ess
Slide 18: Peer Average Driving Operating Margin Improvements
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 18 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG 15% 17% 19% 21% 23% 25% PORTFOLIO OPTIMIZATION 2021 19.5% 17.6% H1 2024 Veris Residential Multifamily Public Peers Controllable Expenses 160 BPS VERIS
Slide 19: Renovating and Repositioning Liberty Towers
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 19 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION RENOVATING AND REPOSITIONING LIBERTY TOWERS Extensive renovations are currently underway at Liberty Towers, a 648- unit apartme
Slide 20: Technology—myVeris App
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 20 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION Technology—myVeris App ALL-ENCOMPASSING RESIDENT ENGAGEMENT APP Our comprehensive resident mobile application, myVeris, streaml
Slide 21: Technology—Quinn, Our AI Property Assistant
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 21 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION All data is year to date as of November 12, 2024. * Does not include hours saved through community and maintenance assistant fu
Slide 22: Technology—Virtual and Self-Guided Tours
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 22 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION Data taken from August 18, 2024 to November 15, 2024. Technology—Virtual and Self-Guided Tours STREAMLINING OPERATIONS AND REDU
Slide 23: Customer Service—The Veris Promise
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 23 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION Customer Service—The Veris Promise CREATING EXCEPTIONAL RESIDENT EXPERIENCES Our Pledge. Our Promise. The Veris Promise is our
Slide 24: Peer Comparison
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 24 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG PORTFOLIO OPTIMIZATION Number of Properties 21 300 171 255 299 290 169 28 Number of Units 7,621 92,908 59,996 62,271 84,018 101,944 60,123 9,374 Same
Slide 25: Average Property Google Review
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 25 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG Average Property Google Review Ever, the maintenance technician was very helpful! I put a request in for my ice maker to be fixed on a Monday night, a
Slide 26: Capital Allocation
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 26 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG CAPITAL ALLOCATION PORTFOLIO Soho Lofts, Jersey City, NJ Capital Allocation
Slide 27: Capital Allocation: A Disciplined, Value-Oriented Approach
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 27 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG CAPITAL ALLOCATION DEVELOPMENT ACQUISITIONS VALUE-ADD CAPITAL ALLOCATION LEVERAGE REDUCTION RETURN OF CAPITAL OTHER $ Capital Allocation A D I S C I P
Slide 28: Our Current Land Bank
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 28 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG Jersey City, NJ Weehawken, NJ Short Hills, NJ West New York, NJ Roseland, NJ Parsippany, NJ White Plains, NY Malden, MA Revere, MA Wall Township, NJ C
Slide 29: Transaction Track Record
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 29 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG CAPITAL ALLOCATION THE HYATT JERSEY CITY HARBORSIDE 1, 2 & 3 JERSEY CITY 101 HUDSON JERSEY CITY HARBORSIDE 5 & 6 JERSEY CITY METROPOLITAN Transaction
Slide 30: Balance Sheet Optimization
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 30 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG Liberty Towers, Jersey City, NJ Balance Sheet Optimization BALANCE SHEET
Slide 31: Current Debt Portfolio & Debt Maturity Schedule
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 31 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG BALANCE SHEET Current Debt Portfolio & Recent Payments: • Current debt comprises almost entirely (99.6%) of senior fixed-rate mortgages secured by the
Slide 32: ESG
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 32 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG ESG Signature Place, Morris Plains, NJ ESG
Slide 33: ESG as an Amenity
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 33 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG + + + = ESG Environmental Social Governance ESG as an Amenity ESG Leader • 66% reduction in Scope 1 & 2 emissions • 22% reduction in Scope 3 emissions
Slide 34: ESG Memberships & Awards
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 34 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG ESG Memberships & Awards Bloomberg Gender-Equality Index Climate Disclosure Project (CDP) GRESB S&P Corporate Sustainability Assessment Science Based
Slide 35: Information About Net Operating Income (NOI)
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 35 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG ESG Information About Net Operating Income (NOI) RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME (NOI) DEFINITION OF NET OPERATING INCOME
Slide 36: Definitions
CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 36 Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG Definitions Net Blended Rental Growth Rate combines new lease and renewal lease growth rates. New lease growth rate refers to the difference in rent a
Slide 37: Thank You
The Emery, Malden, MA THIS PRESENTATION HAS BEEN FORMATTED FOR SCREENS. PLEASE CONSIDER THE ENVIRONMENT BEFORE PRINTING. Thank You
Veris Residential — Investor Presentation (November 2024) on 6ix