Veris Residential, Inc. · NYSE:VRE
Veris Residential — Investor Presentation (September 2022)
17 slides from Veris Residential's investor presentation, Sep 13, 2022
Slide 1: Corporate Presentation September 2022
Corporate Presentation 1 SEPTEMBER 2022
Slide 2: Forward-looking statements disclaimer
This Operating and Financial Data should be read in connection with our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. Statements made in this presentation may be forward-looking statements within the meaning
Slide 3: Significant Progress in Transition to a Pure-Play Multifamily REIT
Significant Progress in Transition to a Pure-Play Multifamily REIT Multifamily 39% Waterfront Office 37% Suburban Office 24% Q1 2021 NOI Q2 2022 NOI PRO FORMA NOI ( 1 ) Waterfront Office 30% Multifamily 68% Suburban Office 2% Waterfront Office 17% Multifamily 83% Corporate Presentation 24 4 2020 202
Slide 4: Consistent Outperformance Driven by Focus on Operational Excellence
Note: Peers included are AvalonBay Communities, AIR Communities, Camden Property Trust, Essex Property Trust, Equity Residential, MAA, UDR and WashREIT. Veris Residential Q4 2021 Same Store revenue and NOI exclude Emery, which was included in Q1 2022 and Q2 2022. Veris Residential Blended Net Rental
Slide 5: Significant Progress on Stated Initiatives, Creating Value for Shareholders
Significant Progress on Stated Initiatives, Creating Value for Shareholders STRATEGIC ACQUISITION Acquired The James—a Class A, 240-unit property in Park Ridge, NJ—in an off-market transaction for $130M in Q3 2022 STRATEGIC DISPOSITION Successfully executed strategic disposals • The Hyatt hotel and
Slide 6: Establishing Veris Residential as a Best-In-Class Pure-Play Multifamily REIT
Establishing Veris Residential as a Best-In-Class Pure-Play Multifamily REIT 6 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
Slide 7: Multifamily properties feature luxury amenities and curated resident programming
Multifamily properties feature luxury amenities and seasonally curated resident events and programming • Class A multifamily platform • 7,441(1) units across 21 stabilized assets and 1 lease-up asset • Locations across New Jersey, Boston Metropolitan area, suburban New York and Washington DC • Resor
Slide 8: Haus25
Haus25 Haus25, a 750-unit building located in Jersey City, commenced leasing on April 6 and was 72% leased as of Sept 4 with 542 leases signed. Haus25 offers hospitality-inspired services, resort-style amenities, stunning residences, and spectacular skyline views. Stabilized NOI: $28.7M • Eco-friend
Slide 9: The James
• Year Built: 2021 • Units: 240 •% Leased: 96.7% • Sustainability: National Green Building Standard Silver Certification • Completed the acquisition in July 2022 • Entertainment lounges & party room with fully equipped kitchen • Co-working lounge with private offices • Clubroom with billiards & shuf
Slide 10: Environmental, Social, Governance
Corporate Presentation ENVIRONMENTALSOCIALGOVERNANCE 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 41% of wholly owned multifamily units Green Certified (LEED® or e
Slide 11: Debt Overview
Debt Overview • Current debt comprised primarily of senior fixed rate mortgages secured on the multifamily portfolio with no office mortgage maturities until 2026 • 76% of the total debt portfolio (consolidated and unconsolidated) is hedged or fixed at a weighted average interest rate of 3.69% with
Slide 12: Peer Benchmarking
12 Corporate Presentation Peer Benchmarking Note: Veris Residential properties as of June 30, 2022. Peer comparable data as of Q2 2022 reporting. (1) Veris Residential portfolio includes Haus25, except for Same Store metrics. Same Store also excludes the Upton, RiverHouse 9 and Capstone. (2) Veris R
Slide 13: Appendix
Appendix 13 Corporate Presentation
Slide 14: Transaction Activity
Transaction Activity Corporate Presentation 14 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 PI Park Weeha
Slide 15: Information About Net Operating Income (NOI)
NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets,
Slide 16: 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 Rent per Home repres
Slide 17: Thank you
VerisResidential.com Thank you.
Veris Residential — Investor Presentation (September 2022) on 6ix