Veris Residential, Inc. · NYSE:VRE
Veris Residential — Investor Presentation (June 2025)
35 slides from Veris Residential's investor presentation, Jun 2, 2025
Slide 1: Corporate Presentation June 2, 2025
Corporate Presentation JUNE 2, 2025
Slide 2: Forward-Looking Statements
CORPORATE PRESENTATION, JUNE 2, 2025 | 2 THIS OPERATING AND FIN ANCI AL DATA SHOULD BE READ IN CONNECTION W IT H O U R Q U A RT E R LY R E P O RT O N F O R M 1 0-Q F O R T H E Q U A RT E R E N D E D MARCH 31, 2025. Statements made in this presentation may be forward-looking statements within the mea
Slide 3: Our Vision and Mission
CORPORATE PRESENTATION, JUNE 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 solutions
Slide 4: Veris At-A-Glance
Veris At-A-Glance CORPORATE PRESENTATION, JUNE 2, 2025 Overview | 4 93.9%2,3 OCCUPANCY RATE $333,664 4.4% 4 AVERAGE HOUSEHOLD INCOME PER UNIT BLENDED NET RENTAL GROWTH RATE Q2 QTD 10 Years 7,491 1 AVERAGE AGE OF PROPERTY APARTMENT UNITS 1. The Metropolitan at 40 Park, which sold in April, comprised
Slide 5: Strong Start to 2025
CORPORATE PRESENTATION, JUNE 2, 2025 | 5 Strong Start to 2025 Overview HIGHLIGHTS • $60 million of non-strategic asset sales YTD • In April, the Company purchased its partners’ 15% stake in the Jersey City Urby, consolidating the JV, assuming management and rebranding the property to Sable Q1 Core F
Slide 6: 2025 Corporate Plan
CORPORATE PRESENTATION, JUNE 2, 2025 | 6 2025 Corporate Plan Platform Optimization Capital Allocation Overview • Targeting land bank, JVs and select multifamily assets where we believe we will be able to crystallize values at or near NAV • Investing in value-enhancing Capex programs across our portf
Slide 7: 2025 Guidance
CORPORATE PRESENTATION, JUNE 2, 2025 Overview | 7 2025 Guidance 2025 Guidance Ranges Low High Same Store Revenue Growth 2.1% 2.7% Same Store Expense Growth 2.6% 3.0% Same Store NOI Growth 1.7% 2.7% Core FFO per Share $0.61 $0.63 Core FFO per Share (% Growth) 1.7% 5.0% Note: Please refer to this Corp
Slide 8: Our Vision
CORPORATE PRESENTATION, JUNE 2, 2025 | 8 Our Vision Our Vision
Slide 9: Excellence Always
CORPORATE PRESENTATION, JUNE 2, 2025 | 9 Excellence Always As of April 2025 Average Property Google Review 86.47 VERIS RESIDENTIAL ORA SCORE 62.58 NATIONAL AVERAGE ORA SCORE As of April 2025 “Haus25 is exceptional across the board. The apartments are lovely, the amenities top notch, and the staff ar
Slide 10: Our Competitive Advantage
CORPORATE PRESENTATION, JUNE 2, 2025 | 10 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 | Customer
Slide 11: A Highly Desirable Class A Portfolio Commanding the Highest Rents
CORPORATE PRESENTATION, JUNE 2, 2025 | 11 A Highly Desirable Class A Portfolio Commanding the Highest Rents AV E R A G E R E NT-P E R-H O M E 8.4% 5.5% Rental Growth Outpacing Peers VERIS PEERS R E NT-P E R-H O M E (CAGR 2021-2024) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2
Slide 12: In Line with Larger Multifamily Peers
I N L I N E W IT H L A R G E R M U LT I FA M I LY P E E R S Operating Margin Veris Residential Multifamily Public Peer Average 2022 2023 2025 15% 17% 19% 21% 23% 25% 2021 19.5% 17.2% 2025 Veris Residential Multifamily Public Peers Controllable Expenses Peer Average CORPORATE PRESENTATION, JUNE 2, 20
Slide 13: Liberty Towers Value-Add
CORPORATE PRESENTATION, JUNE 2, 2025 | 13 RENOVATE, REBRAND, REPOSITION Liberty Towers Value-Add ~$30 Million INVESTMENT 18% ESTIMATED ROI $0.06/Share CORE FFO ACCRETION AT COMPLETION APARTMENT RENOVATIONS • Kitchens include modern cabinetry, quartz countertops, stainless steel appliances and more •
Slide 14: Liberty Towers Before & After
CORPORATE PRESENTATION, JUNE 2, 2025 | 14 Liberty Towers Before & After Our Vision Before Same Spaces After
Slide 15: Land Bank Potential
CORPORATE PRESENTATION, JUNE 2, 2025 | 15 Land Bank Potential HARBORSIDE 8 Jersey City, NJ 2,297 Units FOR POTENTIAL DEVELOPMENT 1,400 Units NJ WATERFRONT 737 Units MASSACHUSETTS Under Review 1633 LITTLETON Parsippany, NJ UPTON PARCEL Short Hills, NJ OVERLOOK 1 Revere, MA OVERLOOK 15 Revere, MA OVER
Slide 16: Introducing Prism
CORPORATE PRESENTATION, JUNE 2, 2025 | 16 Introducing Our Vision 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 impleme
Slide 17: Market Overview
CORPORATE PRESENTATION, JUNE 2, 2025 | 17 Market Overview Market Overview
Slide 18: Jersey City Market Overview
Under Construction Proposed Housing Units per 1,000 People CORPORATE PRESENTATION, JUNE 2, 2025 | 18 Jersey City Market Overview 8-15% POPULATION GROWTH BY 2032 74% 40,000 OF POPULATION ARE RENTERS CLASS A UNITS 317,171 JERSEY CITY POPULATION By 2032, Jersey City could face a housing shortage of 27,
Slide 19: Jersey City Waterfront
CORPORATE PRESENTATION, JUNE 2, 2025 | 19 Jersey City Waterfront 19,507 EXISTING TOTAL CLASS A INVENTORY 3.5% CLASS A VACANCY RATE $4,407 AVERAGE CLASS A RENT ~40% HOMEOWNERSHIP PREMIUM1 0.4% PROJECTED ANNUAL POPULATION GROWTH2 0.5% PROJECTED ANNUAL JOB GROWTH2 4.0% PROJECTED ANNUAL GDP GROWTH2 2,74
Slide 20: Veris Buildings and Competitor Map
CORPORATE PRESENTATION, JUNE 2, 2025 | 20 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 D1 55 Hudson (1,017 units) 50 Hudson (924 units) 425 Marin (802 units) VERIS OWNED LAND COMPETITOR IN CONSTRUCTION D2 D3 D2 D1 D3 1
Slide 21: East Boston/Chelsea
CORPORATE PRESENTATION, JUNE 2, 2025 | 21 East Boston/Chelsea 12.1% CLASS A VACANCY RATE 1 $2,960 AVERAGE CLASS A RENT 0.3% PROJECTED ANNUAL POPULATION GROWTH2 0.5% PROJECTED ANNUAL JOB GROWTH2 4.2% PROJECTED ANNUAL GDP GROWTH 94 (1.3%) CLASS A IN-CONSTRUCTION As of May 2025. Source: Oxford Economic
Slide 22: Corporate Responsibility
CORPORATE PRESENTATION, JUNE 2, 2025 | 22 Corporate Responsibility Corporate Responsibility
Slide 23: Sustainability & Wellness, Community, Governance
CORPORATE PRESENTATION, JUNE 2, 2025 | 23 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 Walk
Slide 24: Our Values
CORPORATE PRESENTATION, JUNE 2, 2025 | 24 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 create
Slide 25: Ancillary Information
CORPORATE PRESENTATION, JUNE 2, 2025 | 25 Ancillary Information Ancillary Information
Slide 26: Multifamily Peer Benchmarking
CORPORATE PRESENTATION, JUNE 2, 2025 | 26 Multifamily Peer Benchmarking OPERATIONAL METRICS (1Q25) Number of Properties 221 306 171 254 311 299 187 28 Number of Units 7,6211 94,865 61,178 63,315 84,648 101,752 59,747 9,374 Same Store NOI Growth YTD YOY 3.2% 2.6% 0.9% 3.3% 1.3% (0.6%) 2.8% 5.5% NOI M
Slide 27: Q1 2025 Components of Net Asset Value
Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 27 Q1 2025 Components of Net Asset Value REAL ESTATE PORTFOLIO Operating Multifamily NOI1 Total At Share New Jersey Waterfront $169,460 $148,796 Massachusetts 26,220 26,220 Other 28,728 23,768 Total Multifamily NOI $224,408 $198,784 Commer
Slide 28: Balance Sheet Optimization and Debt Maturity Schedule
Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 28 Continued Balance Sheet Optimization Debt Strategy: • Maximizing operational flexibility • Actively managing debt maturity profile • Reducing leverage over time • Diversifying lender base and composition of debt Debt Maturity Schedule A
Slide 29: Net Operating Income Reconciliation
Consolidated Q1 2025 Q4 2024 Net Income (Loss) $(13,730) $(14,023) Deduct: Management fees (718) (751) Loss (income) from discontinued operations (136) 1,015 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net - (1,899) Interest and other inve
Slide 30: FFO and Core FFO Reconciliation
Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 30 2025 2024 Net loss available to common shareholders ($10,699) ($3,903) Add/(Deduct): Noncontrolling interests in Operating Partnership (998) (523) Noncontrolling interests in discontinued operations 11 155 Real estate-related depreciati
Slide 31: Adjusted EBITDA
Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 31 2025 2024 Core FFO calculated on previous page $15,840 $14,179 Deduct: Equity in (earnings) loss of unconsolidated joint ventures, net (3,842) (459) Equity in earnings share of depreciation and amortization (2,343) (2,724) Add: Interest
Slide 32: The Veris Residential Team
CORPORATE PRESENTATION, JUNE 2, 2025 | 32 The Veris Residential Team Executive Team Dept. Heads Mahbod Nia Taryn Fielder Amanda Lombard Anna Malhari Jeff Turkanis Chief Executive Officer General Counsel & Secretary Chief Financial Officer Chief Operating Officer Chief Investment Officer Carmen DeGui
Slide 33: Property Directory
Ancillary Information CORPORATE PRESENTATION, JUNE 2, 2025 | 33 Property Directory 145 FRONT AT CITY SQUARE 145 Front Street Worcester, MA 01608 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
Slide 34: Definitions
CORPORATE PRESENTATION, JUNE 2, 2025 | 34 Definitions AV E R AG E E F F E CT I V E M O NT H LY R E NT 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. CORE FFO AND ADJUSTED FFO (“AFFO”) Core FFO is defined as FFO, as a
Slide 35: Thank You
Thank You
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