Revenue Performance - Revenue from leases increased by $2.7 million, or 4.7%, to $60.9 million in Q2 2024 compared to Q2 2023, driven by higher market rental rates and reduced concessions[35] - Total revenues from rental operations rose by $3.0 million, or 4.8%, to $66.6 million in Q2 2024 compared to Q2 2023[32] - Revenue from leases increased by $7.3 million, or 6.4%, in 2024 compared to 2023, primarily due to higher market rental rates and reduced concessions[63] - The company's total non-property revenues increased by 35.5% to $871,000 for the three months ended June 30, 2024, compared to $643,000 in the prior year[131] Profitability - Operating profit surged by $9.4 million, or 157.7%, to $15.4 million in Q2 2024 compared to Q2 2023[39] - Operating profit for the three months ended June 30, 2024, was $9.0 million, an increase of 87.4% from $4.8 million in the same period of 2023[131] - Net loss decreased significantly by $44.6 million, or 96.3%, to $(1.7) million in Q2 2024 compared to $(46.4) million in Q2 2023[39] - Funds from operations (FFO) available to common stock and Operating Partnership unitholders for the three months ended June 30, 2024, was $25.7 million, a significant increase from a loss of $0.3 million in the same period of 2023[109] Expenses - Total property expenses increased by $4.6 million, or 10.7%, to $47.9 million in Q2 2024 compared to Q2 2023[39] - General and administrative expenses increased by $0.2 million, or 1.1%, due to new office lease expenses and satisfaction of stay-on award conditions[42] - Real estate services expense increased by $3.3 million, or 51.7%, due to the satisfaction of stay-on award conditions and reorganization of the multifamily management structure[65] - Real estate taxes rose by $2.8 million, or 17.8%, mainly due to prior period tax appeal refunds and increased PILOT taxes based on higher revenues in 2024[64] Depreciation and Amortization - Depreciation and amortization decreased by $1.5 million, or 6.9%, primarily due to lease intangibles acquired in 2022 being fully amortized prior to 2024[36] - Depreciation and amortization decreased by $3.2 million, or 7.3%, primarily due to lease intangibles acquired in 2022 being fully amortized prior to 2024[66] Interest Income and Debt - Interest income decreased by $2.4 million, primarily due to lower interest earned on higher cash balances from sales proceeds received in 2023[37] - Interest income decreased by $2.0 million, or 48.7%, related to interest earned on larger cash balances from sales proceeds received in 2023[67] - The company's total debt as of June 30, 2024, was $1.7 billion, with an estimated fair value of $1.6 billion[112] - As of June 30, 2024, the company has approximately $1.4 billion in long-term debt with a weighted average coupon of 4.35%[141] Discontinued Operations - Income from discontinued operations was $1.7 million in Q2 2024, compared to $0.6 million in Q2 2023, reflecting a 164.8% increase[39] - The company experienced a significant increase in income from discontinued operations, reporting $1.4 million for the three months ended June 30, 2024, compared to a loss of $1.2 million in the same period of 2023[131] Transaction Costs - Transaction related costs decreased by $2.4 million, or 73.2%, due to fewer transactions in Q2 2024 compared to Q2 2023[58] - Transaction-related costs decreased by $2.9 million, or 67.7%, compared to 2023, primarily related to the sale of the former Office Portfolio[86] Joint Ventures and Dividends - Equity in earnings of unconsolidated joint ventures increased by $0.6 million, or 21.0%, due to improved operating performance from higher rental rates[88] - The company declared a $0.06 dividend per common share, paid on July 16, 2024[76] Risk Factors - The company has not experienced significant credit losses, but rising interest rates could increase tenant vacancies or defaults, adversely affecting operating results and liquidity[114] - If market interest rates increase or decrease by 100 basis points, the fair value of the company's fixed rate debt would change by approximately $34.4 million[141] - The company has placed an interest rate cap on the 2024 Term Loan with a notional amount of $55 million, with a strike rate of 3.50% expiring in July 2026[143] Other Financial Metrics - The company reported a loss from extinguishment of debt, netting $(785,000) for the three months ended June 30, 2024, compared to $(2.7 million) in the same period of 2023, a decrease of 70.5%[131] - The company had $14.5 million of total unrecognized compensation cost related to unvested LTIP Awards, expected to be recognized over a remaining weighted average period of 2.2 years[126] - As of June 30, 2024, the company had three unencumbered properties with a carrying value of $264.9 million[104]

JERSEY CITY, N.J., July 24, 2024 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, environmentally and socially conscious multifamily REIT, today reported results for the second quarter 2024. The following table shows Same Store performance as well as the benefit of successful real estate tax appeals recognized in the second quarter of last year. $47,458 3.1 % $98,341 $91,178 7.9 % As previously announced, the Company closed on the sale of 107 Morgan for $54 million, r ...

JERSEY CITY, N.J., July 8, 2024 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential" or the "Company") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, today announces that it will host its second quarter 2024 financial results webcast and conference call on Thursday, July 25, 2024, at 8:30 a.m., eastern. The Company will release its results after the close of market on Wednesday, July 24 ...

Veris Residential, Inc. (NYSE:VRE) Q1 2024 Earnings Conference Call April 25, 2024 8:30 AM ET Company Participants Taryn Fielder - General Counsel Mahbod Nia - Chief Executive Officer Amanda Lombard - Chief Financial Officer Conference Call Participants Steve Sakwa - Evercore ISI Eric Wolfe - Citibank Josh Dennerlein - Bank of America Tom Catherwood - BTIG Michael Lewis - Truist securities Operator Greetings, and welcome to the Veris Residential First Quarter 2024 Earnings Conference Call. At this time, all ...

veris RESIDENTIAL™ A STATULAR AND A STATION CHARA STATUS THE STATUS THE Earnings Release and Supplemen Q1 2024 = Bloomberg Garder Squ 3000 METT METT RESB Great Place Work. Certified Table Of Contents Page(s) 3 Earnings Release Annex 3: Consolidated Statements of Operations and Non-GAAP Financial Footnotes | --- | --- | |-------|---------------------------------------------------------------------| | | | | | | | | Key Financial Data | | 7 | Consolidated Balance Sheet | | 8 | Consolidated Statement of Operati ...

Financial Performance - For Q1 2024, Veris Residential reported a Core FFO per diluted share of $0.14, up from $0.12 in Q4 2023, and a Core AFFO per diluted share of $0.18, up from $0.14[5]. - The company reported a net loss per diluted share of $(0.04) for Q1 2024, an improvement from $(0.06) in Q4 2023[5]. - Total revenues for Q1 2024 increased to $67,340,000, up 7.8% from $62,598,000 in Q1 2023[27]. - Net loss available to common shareholders improved to $(3,903,000) in Q1 2024, compared to $(19,973,000) in Q1 2023, representing a 80.5% reduction[29]. - Funds from Operations (FFO) for Q1 2024 were $10,380,000, a 27.3% increase from $8,155,000 in Q1 2023[29]. - Core Funds from Operations (Core FFO) decreased slightly to $14,179,000 in Q1 2024 from $14,893,000 in Q1 2023, a decline of 4.8%[29]. - Adjusted EBITDA for Q1 2024 was $33,177,000, down 20.0% from $41,465,000 in Q1 2023[31]. - The company reported a net loss of $4,469 for Q1 2024, compared to a net loss of $5,746 in Q4 2023[58]. - For the three months ended March 31, 2024, the company reported Funds from Operations (FFO) of $14,083 thousand, compared to $14,164 thousand for the same period in 2023, reflecting a decrease of 0.6%[64]. Revenue and Growth - The company achieved Same Store NOI growth of 14.2% year-over-year, with total property revenue increasing by 8.9% to $74.1 million compared to $68.1 million in Q1 2023[9]. - The Same Store blended rental growth rate was 4.6%, down from 10.2% in the previous year, with average rent per home increasing to $3,899 from $3,622[6]. - Total property revenues reached $74,092 in Q1 2024, reflecting a growth of $6,029 or 8.9% year-over-year[47]. - Same Store GAAP NOI increased to $49,387, up $6,159 or 14.2% from the previous year[47]. - Apartment rental income for Q1 2024 was $66,697, an increase of $4,824 or 7.8% compared to Q1 2023[47]. - The total Net Operating Income (NOI) for the multifamily portfolio was $225,000,000 in Q1 2024, compared to $191,387,000 in Q1 2023, reflecting a significant growth[33]. Debt and Financing - Veris Residential secured a $500 million credit facility and term loan, enhancing liquidity and financial flexibility, while also raising its 2024 guidance for Core FFO per share to a range of $0.50 to $0.54[6][17]. - Total debt portfolio has a weighted average interest rate of 4.4% and a weighted average maturity of 3.5 years, with 99.9% of the debt hedged or fixed[12][13]. - The company plans to utilize proceeds from new credit facilities for debt repayment and general corporate purposes, with no funds drawn at closing[14]. - The company's total debt as of March 31, 2024, was $1,853,149, slightly down from $1,853,897 at the end of 2023[50]. - The effective rate of debt includes a loan on Portside at East Pier capped at a strike rate of 3.5%, expiring in September 2026[67]. - The company plans to prepay the loan on 145 Front Street in May 2024, which is capped at a strike rate of 4.0%[67]. Asset Management - The company sold $179 million of non-strategic assets, including the last office asset, and has two land parcels under contract for an additional $28 million[8][10]. - The company disposed of assets totaling $179,300 in 2024 to date, including land and multifamily properties[57]. - The company has 4,139 thousand square feet of developable land parcels available, excluding those under binding contract for sale[40]. - The company experienced a gain of $7,100,000 on the sale of unconsolidated joint venture interests in Q1 2024, with no comparable gain reported in Q1 2023[27]. Occupancy and Rental Rates - As of 1Q 2024, the total portfolio occupancy rate was 94.1%, a slight decrease from 94.4% in 4Q 2023[43]. - The percentage of occupied units at the end of the quarter was 94.1%, down from 95.9% in Q1 2023, a decrease of 1.8%[47]. - The total occupancy rate for multifamily properties was 92.5% in Q1 2024, with Urby Harborside achieving 90.7% and RiverTrace at Port Imperial reaching 94.5%[64]. - The average revenue per home increased to $3,899 in 1Q 2024, up from $3,855 in 4Q 2023, reflecting a year-over-year increase of 14.2%[45]. - The New Jersey Waterfront segment's average revenue per home rose to $4,274 in 1Q 2024, compared to $4,219 in 4Q 2023[45]. Corporate Recognition - Veris Residential achieved the highest Online Reputation Assessment (ORA®) Score among REITs in the U.S. and received the highest ISS ESG Corporate Score among real estate companies[8][16]. - The company declared dividends of $0.0525 per common share in Q1 2024, marking a new dividend issuance[29]. - The dividend paid was $0.0525 per share, consistent with the previous quarter[15].

Table of Contents VERIS RESIDENTIAL, INC. VERIS RESIDENTIAL, L.P. 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 March 31, 2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13274 Veris Residential, Inc. Commission File Number: 333-57103 Ver ...

Veris Residential, Inc. (NYSE:VRE) Q4 2023 Earnings Conference Call February 22, 2024 8:30 AM ET Company Participants Taryn Fielder – General Counsel Mahbod Nia – Chief Executive Officer Amanda Lombard – Chief Financial Officer Conference Call Participants Steve Sakwa – Evercore ISI Anthony Paolone – JPMorgan Josh Dennerlein – Bank of America Eric Wolfe – Citi Tom Catherwood – BTIG Operator Greetings, and welcome to the Veris Residential, Inc. Fourth Quarter 2023 Earnings Conference Call. At this time, all ...

rporate Presentation FEBRUARY 21, 2024 ll Bloomberg Gender- Equality Index 2023 WELL ... WELL. Great Place Work. Certified FORWARD-LOOKING STATEMENTS This Operating and Financial Data should be read in connection with our Annual Report on Form 10-K for the year ended December 31, 2023. 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. Such forward-looking statements are intended to be covered by the sa ...

Table Of Contents Page(s) | | | Key Financial Data 7 Consolidated Balance Sheet 8 Consolidated Statement of Operations 9 FFO and Core FFO 10 AFFO and Adjusted EBITDA 11 EBITDAre 12 Components of Net Asset Value Operating Portfolio 13 Multifamily Operating Portfolio 14 Commercial, Developable Land and Other Non-Strategic Assets 15 Same Store Market Information 16 Same Store Performance Debt 17 Debt Profile 18 Debt Summary and Maturity Schedule Reconciliations and Additional Details 19 Annex 1: Transaction Ac ...