Veris Residential (NYSE:VRE) Q3 2025 Earnings Call October 23, 2025 08:30 AM ET Company ParticipantsTaryn Fielder - General Counsel and SecretaryMahbod Nia - CEOAmanda Lombard - CFOAnna Malhari - COOConference Call ParticipantsSanket Agrawal - AnalystTom Catherwood - Equity Research AnalystJana Galan - Research AnalystEric Jon Wolfe - AnalystEric Wolfe - Equity Research AnalystOperatorGreetings and welcome to the Veris Residential Inc. Third Quarter 2025 Earnings Conference Call. At this time, all participa ...

Veris Residential (NYSE:VRE) Q3 2025 Earnings Call October 23, 2025 08:30 AM ET Company ParticipantsTaryn Fielder - General Counsel and SecretaryMahbod Nia - CEOAmanda Lombard - CFOAnna Malhari - COOConference Call ParticipantsSanket Agrawal - AnalystTom Catherwood - Equity Research AnalystJana Galan - Research AnalystEric Wolfe - Equity Research AnalystOperatorGreetings and welcome to the Veris Residential Inc. third quarter 2025 earnings conference call. At this time, all participants are in a listen-only ...

Veris Residential (NYSE:VRE) Q3 2025 Earnings Call October 23, 2025 08:30 AM ET Speaker5Greetings and welcome to the Veris Residential Inc. Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. Please note this conference is being recorded. I would now like to turn the conference over ...

Veris Residential (NYSE:VRE) Q3 2025 Earnings Call October 23, 2025 08:30 AM ET Speaker0Greetings, and welcome to the Verus Residential Inc. Third Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded.I would now like to turn the conference over to your host, Ms. Terren Fielder. Please go ahead.Speaker1Good morning, everyone, and welcome to ...

Core Insights - Veris Residential (VRE) reported revenue of $73.44 million for Q3 2025, marking a year-over-year increase of 7.7% [1] - The company's EPS for the same period was $0.20, a significant improvement from -$0.10 a year ago, with an EPS surprise of +33.33% compared to the consensus estimate of $0.15 [1] - The reported revenue fell short of the Zacks Consensus Estimate of $74.99 million, resulting in a surprise of -2.06% [1] Revenue Breakdown - Other income was reported at $1.4 million, slightly below the two-analyst average estimate of $1.44 million, but showed a year-over-year increase of 11.8% [4] - Management fees were reported at $0.52 million, significantly lower than the average estimate of $0.75 million, reflecting a year-over-year decline of 34.1% [4] Stock Performance - Over the past month, Veris shares have returned -6.8%, contrasting with the Zacks S&P 500 composite's increase of +1.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Veris Residential, Inc. reported a significant improvement in financial performance for Q3 2025, with net income per diluted share of $0.80 compared to a loss of $(0.10) in Q3 2024 [2][28] - The company achieved a Core FFO per diluted share of $0.20, up from $0.17 in the same quarter last year, and raised its guidance for Core FFO per share to a range of $0.67 to $0.68 for 2025 [2][10] - The company has successfully executed $542 million in non-core asset sales year-to-date, exceeding its initial target and raising the disposition target to $650 million [4][10] Financial Performance - For the three months ended September 30, 2025, total property revenue increased by 2.2% year-over-year to $68.87 million, while controllable expenses rose by 5.7% [7][30] - Same Store NOI decreased by 2.7% for the quarter but increased by 1.6% year-to-date [7][10] - The company reported a Same Store blended rental growth rate of 3.9% for the quarter and 3.5% year-to-date [10] Operational Highlights - The company achieved a Same Store occupancy rate of 94.7%, up from 93.3% in the previous quarter [6][10] - Veris Residential sold four multifamily properties and one land parcel during Q3, generating $406 million in gross proceeds [8][10] - The company utilized asset sale proceeds to reduce debt by $394 million during the quarter, lowering its Net Debt-to-EBITDA (Normalized) to 10.0x [10][12] Strategic Initiatives - The company is on track to achieve a Net Debt-to-EBITDA (Normalized) of approximately 9.0x upon the anticipated sale of Harborside 8/9 [10] - Veris Residential was recognized as a 2025 Regional Listed Sector Leader and Top Performer by GRESB for its sustainability efforts [10][19] - The company amended its $500 million credit facility to introduce a leverage-based pricing grid, which is expected to enhance financial flexibility [15][16] Dividend Information - The company declared a dividend of $0.08 per share, payable on October 10, 2025 [17][30] - The dividend represents an increase from $0.07 per share in the same period last year [30] Guidance - The company maintained its operational guidance for 2025, projecting Same Store revenue growth between 2.2% and 2.7% [17] - The updated guidance for Core FFO per share reflects a positive adjustment due to one-time tax appeal refunds recognized in Q3 [10][17]

For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-13274 Veris Residential, Inc. Commission File Number: 333-57103 Veris Residential, L.P. VERIS RESIDENTIAL, INC. ...

Table of Contents | Page(s) | | | --- | --- | | 3 | Earnings Release | | | Key Financial Data | | 8 | Consolidated Balance Sheet | | 9 | Consolidated Statement of Operations | | 10 | FFO, Core FFO and Core AFFO | | 11 | Adjusted EBITDA | | 12 | Components of Net Asset Value | | | Operating Portfolio | | 13 | Multifamily Operating Portfolio | | 14 | Commercial Assets and Developable Land | | 15 | Same Store Market Information | | 16 | Same Store Performance | | | Debt | | 17 | Debt Profile | | 18 | Debt Summ ...

Core Viewpoint - Veris Residential, Inc. will host its third quarter 2025 financial results webcast and conference call on October 23, 2025, with results released after market close on October 22, 2025 [1]. Group 1: Conference Call Details - The conference call can be accessed via the internet on the Company's website or by dialing specific numbers for domestic and international participants [2]. - Participants are advised to log on or dial in approximately 10 minutes before the scheduled start time [2]. Group 2: Replay Information - A replay of the conference call will be available from October 23, 2025, at 12:00 p.m. ET until November 23, 2025, at 11:59 p.m. ET [3]. - Listeners can access the replay using designated phone numbers and a passcode, with audio also available on the Company's website for one year [3]. Group 3: Company Overview - Veris Residential, Inc. is a multifamily REIT focused on owning, operating, acquiring, and developing Class A properties in the Northeast [4]. - The Company utilizes a technology-enabled, vertically integrated operating platform to enhance living experiences and positively impact communities [4]. - The management team and Board of Directors emphasize corporate governance, operational excellence, and an inclusive culture [4].

Core Insights - Veris Residential achieved the highest score among U.S. listed residential multifamily companies in the GRESB 2024 assessment and secured the third-highest score globally [1] - The company increased the share of green-certified properties (LEED or equivalent) to 79% of its managed multifamily portfolio [1] - Veris Residential secured sustainability-linked financing, resulting in a 5-basis-point margin reduction [1] Sustainability Performance - The 2024 Sustainability Report highlights strategic sustainability investments that generate measurable returns [1] - These investments are positioned to strengthen the company's competitive position in the multifamily market [1]