Veris Residential, Inc. · NYSE:VRE
Veris Residential — Investor Presentation (September 2025)
37 slides from Veris Residential's investor presentation, Sep 2, 2025
Slide 1: Corporate Presentation September 2, 2025
Corporate Presentation SEPTEMBER 2, 2025
Slide 2: Forward-Looking Statements
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 2 THIS OPERATING AND FINANCIAL DATA SHOULD BE READ IN CONNECTION W I T H O U R Q U A RT E R LY R E P O RT O N F O R M 10-Q F O R T H E Q U A RT E R E N D E D JUNE 30, 2025. Statements made in this presentation may be forward-looking statements within the m
Slide 3: Our Vision and Mission
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 3 Our Vision To continuously innovate and transform residential living by creating exceptional spaces where residents thrive and feel truly at home, while positively impacting the communities we serve. Our Mission To deliver comprehensive residential solut
Slide 4: Veris At-A-Glance
Veris At-A-Glance CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 4 93.5% 2 OCCUPANCY RATE $354,164 3.4% AVERAGE HOUSEHOLD INCOME PER UNIT Q3 QT D B L E N D E D N E T RENTAL GROWTH RATE 9 Years 1 6,689 1 AVERAGE AGE OF PROPERTY APARTMENT UNITS 1. Pro forma for recently sold properties (145 Front Street,
Slide 5: 2025 Financial & Operating Performance
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 5 2025 Financial & Operating Performance HIGHLIGHTS • Secured amendment to Revolver and Term Loan agreement, including a leverage-based pricing grid, realizing an immediate 55-basis-point interest rate reduction. • Increased retention to 60%, 300 basis poi
Slide 6: 2025 Guidance
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 6 2025 Guidance 2025 Guidance Ranges Low High Low High Same Store Revenue Growth 2.2% 2.7% 2.1% 2.7% Same Store Expense Growth 2.4% 2.8% 2.6% 3.0% Same Store NOI Growth 2.0% 2.8% 1.7% 2.7% Core FFO per Share $0.63 $0.64 $0.61 $0.63 Core FFO per Share Growt
Slide 7: 2025 Corporate Plan
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 7 2025 Corporate Plan Platform Optimization Capital Allocation • Targeting land bank, JVs and select multifamily assets where opportunity exists to crystallize values at or near NAV • Further deleveraging and strengthening our balance sheet by primarily us
Slide 8: Significant Progress with Corporate Plan
With $448 million of non-strategic assets sold or under binding contract this year, we continue to reduce leverage and unlock value embedded within the Company. $38M $45M $61M $146M $268M $385M $448M January 24 Sold 65 Livingston, Roseland, NJ $7M April 21 Sold The Metropolitan at 40 Park, Morristow
Slide 9: Improving Our Liquidity & Reducing Borrowing Costs
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 9 Improving Our Liquidity & Reducing Borrowing Costs Subsequent to the end of Q2 2025, Veris announced the amendment of its $500 million credit facility, which was established in April 2024. The Amended Facility package comprises a $300 million Revolver an
Slide 10: Land Bank Potential
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 10 Land Bank Potential HARBORSIDE 8 Jersey City, NJ 2,297 Units FOR POTENTIAL DEVELOPMENT AT SHARE 1,400 Units NJ WATERFRONT 737 Units MASSACHUSETTS 1633 LITTLETON Parsippany, NJ UPTON PARCEL Short Hills, NJ OVERLOOK 1 Revere, MA OVERLOOK 15 Revere, MA OVE
Slide 11: Q2 2025 Components of Net Asset Value
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 11 Q2 2025 Components of Net Asset Value REAL ESTATE PORTFOLIO Operating Multifamily NOI2 Total At Share New Jersey Waterfront $170,008 $149,371 Massachusetts 27,076 27,076 Other 30,064 23,689 Total Multifamily NOI as of 6/30/25 $227,148 $200,136 Less: Sol
Slide 12: Our Competitive Advantage
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 12 Our Competitive Advantage Class A Portfolio Newest Portfolio | Unparalleled Amenity Offering Highest Average Rent & Growth Rate Desirable Northeast Markets with Limited New Supply Leading Operating Platform Vertically Integrated & Highly Scalable | Cust
Slide 13: A Highly Desirable Class A Portfolio Commanding the Highest Rents
Source: Company filings Peers include AvalonBay Communities, Essex Property Trust, Elme Communities, Camden Property Trust, Equity Residential, UDR and MAA CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 13 A Highly Desirable Class A Portfolio Commanding the Highest Rents AV E R A G E R E N T-P E R-H O
Slide 14: Driving Operating Margin Improvements
70% 65% 60% 55% 56% Veris Residential Source: Company filings Peers include AvalonBay Communities, Essex Property Trust, Elme Communities, Camden Property Trust, Equity Residential, UDR and MAA 75% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Peer Average Driving Operating Margin
Slide 15: Leading Online Reputation: Top REITs by ORA Score
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 15 COMPANY ORA SCORE 2023 RANK 2024 RANK Veris Residential (VRE) 85.94 1 1 BSR (BSRTF) 81.29 2 2 AvalonBay Communities (AVB) 77.66 5 3 Camden Property Trust (CPT) 77.27 4 4 MAA (MAA) 75.31 3 5 JBG Smith (JBGS) 74.22 7 6 Equity Residential (EQR) 72.14 8 7 C
Slide 16: Prism: Powered by People + Tech
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 16 Technology without people is just circuits and code—but people partnered with technology forms the foundation for sustainable value creation. Prism, powered by people + tech, is our overarching approach to purposeful technology implementation, focused o
Slide 17: Onsite Technology Solutions that Enhance the Customer Experience
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 17 Self-Guided Tours Meta Glasses and More... myVeris App Bilt Rewards Evergreen AI Website VR Tours Virtual Tours Yardi AI-Powered Leasing (INCLUDES QUINN, TAYLOR, SIDEKICK) Building Technology (I N C LU D E S B U T T E R F LY M X) EV CHARGERS SOURCE HYDR
Slide 18: Our Onsite Technology Solutions
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 18 Our Onsite Technology Solutions AI-ENHANCED WEBSITE SEO and LLM-optimized website equipped with an intelligent chatbot for prospect and resident inquiries allows residents to tour virtually or using VR, as well as schedule self-guided and traditional to
Slide 19: AI & Automation Implementation Across Corporate Functions
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 19 AI & Automation Implementation Across Corporate Functions DRIVING ENTERPRISE-WIDE INNOVATION & EFFICIENCY CORPORATE-WIDE • AI-powered meeting assistant to capture notes, action items and transcripts • Document management and collaboration tools to strea
Slide 20: Market Overview
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 20 Market Overview
Slide 21: Jersey City Waterfront
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 21 Jersey City Waterfront 19,327 EXISTING TOTAL CLASS A INVENTORY 4.0% CLASS A VACANCY RATE $4,451 AVERAGE CLASS A RENT ~40% HOMEOWNERSHIP PREMIUM1 1.0% PROJECTED ANNUAL POPULATION GROWTH2 1.5% PROJECTED ANNUAL JOB GROWTH2 1.6% PROJECTED ANNUAL GDP GROWTH2
Slide 22: Veris Buildings: Jersey City and Port Imperial Maps
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 22 Downtown Manhattan Haus25 Liberty Towers 401 BLVD 425 BLVD 8 Harborside 8 & 9 1 2 4 5 3 475 BLVD Soho Lofts 6 Sable 7 8 VERIS BUILDINGS VERIS OWNED LAND 4 1 2 3 Midtown Manhattan 1 7 2 3 4 5 6 Jersey City, NJ Port Imperial, NJ RiverHouse 11 RiverHouse 9
Slide 23: Resident Overview
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 23 53% O U T- O F - S TAT E MOVE-INS 60% RETENTION Q2 2025 9% MOVE WITHIN THE VERIS PORTFOLIO 9% M OV E TO P U R C H A S E A HOME Q2 2025 Resident Overview 70% RESIDENTS AGE 18-39 • Our SEO-optimized website, AI leasing assistant and virtual tours drive ou
Slide 24: East Boston/Chelsea
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 24 East Boston/Chelsea 10.9% CLASS A VACANCY RATE 1 $3,042 AVERAGE CLASS A RENT 0.9% PROJECTED ANNUAL POPULATION GROWTH2 0.4% PROJECTED ANNUAL JOB GROWTH2 1.7% PROJECTED ANNUAL GDP GROWTH2 94 (2.0%) CLASS A UNITS UNDER CONSTRUCTION As of August 2025. Sourc
Slide 25: Renters by Choice
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 25 9% of new Veris renters have an average income of over $2.4 million Renters by Choice 66%1 O F R E N T E R S S AY R E N T I N G F I TS T H E I R C U R R E N T L I F E S T Y L E MORE THAN OWNING A HOME >33%1 O F R E N T E R S S AY B E I N G A R E N T E R
Slide 26: Corporate Responsibility
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 26 Corporate Responsibility
Slide 27: Corporate Responsibility
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 27 SUSTAINABILITY & WELLNESS GOVERNANCE • 66% reduction in Scope 1 & 2 emissions • 22% reduction in Scope 3 emissions • 28% reduction in energy consumption • 79% of properties Green Certified • 95% of properties have EV chargers • 90% of properties have a
Slide 28: Our Values
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 28 Our Values EXCELLENCE ALWAYS FORWARD-THINKING Our properties are part of wider communities, and we recognize our responsibility to those around us. By putting our residents and employees first, we ensure exceptional living and working experiences that c
Slide 29: Ancillary Information
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 29 Ancillary Information
Slide 30: Net Operating Income Reconciliation
Q2 2025 Q1 2025 Net Income (Loss) $11,843 $(13,730) Deduct: Management fees (766) (718) Loss (income) from discontinued operations 27 (136) Interest and other investment income (70) (25) Equity in (earnings) losses of unconsolidated joint ventures (526) (3,842) (Gain) loss on disposition of developa
Slide 31: FFO and Core FFO Reconciliation
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 31 2025 2024 2025 2024 Net income (loss) available to common shareholders $10,904 $2,922 $ 205 $(981) Add/(Deduct): Noncontrolling interests in Operating Partnership 1,009 153 11 (370) Noncontrolling interests in discontinued operations (2) 122 9 277 Real
Slide 32: Adjusted EBITDA
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 32 Adjusted EBITDA 2025 2024 2025 2024 Core FFO (calculated on previous page) $17,757 $18,615 $33,597 $32,795 Deduct: Equity in (earnings) loss of unconsolidated joint ventures (526) (2,990) (4,368) (3,449) Equity in earnings share of depreciation and amor
Slide 33: Multifamily Peer Benchmarking
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 33 Multifamily Peer Benchmarking OPERATIONAL METRICS, Q2 2025 Number of Properties1 21 286 174 254 312 293 186 28 Number of Units1 7,491 78,103 56,781 49,203 75,950 96,568 54,915 9,374 Same Store NOI Growth YOY 5.6% 2.7% 0.2% 3.3% 2.3% (2.6%) 2.9% 4.5% NOI
Slide 34: The Veris Residential Team
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 34 The Veris Residential Team Executive Team Dept. Heads Mahbod Nia Taryn Fielder Amanda Lombard Anna Malhari Chief Executive Officer General Counsel & Secretary Chief Financial Officer Chief Operating Officer Carmen DeGuida Lori Milo Karen Cusmano PJ Lefo
Slide 35: Property Directory
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 35 Property Directory BLVD 401 401 Washington Blvd. Jersey City, NJ 07310 BLVD 425 425 Washington Blvd. Jersey City, NJ 07310 BLVD 475 475 Washington Blvd. Jersey City, NJ 07310 THE CAPSTONE AT PORT IMPERIAL 17 Avenue at Port Imperial West New York, NJ 070
Slide 36: Definitions
CORPORATE PRESENTATION, SEPTEMBER 2, 2025 | 36 Definitions AV E R A G E E F F E CT I V E M O N T H LY R E N T P E R H O M E represents the average effective rent (net of concessions) for in-place leases and the market rent for vacant homes. BLENDED NET RENTAL GROWTH RATE combines new lease and renew
Slide 37: Thank You
Thank You
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