Mack-Cali Becomes Veris Residential

Investor Relations

Q4 2022 Earnings Conference Call

February 22, 2023 - 8:30 AM ET

Latest Quarterly Metrics

$0.15

Core FFO per share for the third quarter 2022

95.8%

The 6,931-unit operating multifamily portfolio occupancy as of September 30, 2022

21%

Operating multifamily portfolio year-over-year NOI increase for the third quarter 2022

20%

Multifamily Blended Net Rental Growth Rate during the third quarter 2022

For complete information regarding our financials, see our periodic filings

Veris Residential as a Pure-Play Multifamily REIT

Q1 2021 NOI

Q2 2022 NOI

PRO FORMA NOI(1)

(1) Excludes one remaining Suburban and one Waterfront office under contract and includes The James and stabilized Haus25.

Properties, People, Planet

Veris Residential promotes meaningful connections with its communities by sustaining a lifestyle centered around shared values. EMBRACE by Veris Residential formalizes our efforts towards diversity, equity & inclusion, philanthropy, and sustainability efforts.

Embrace Our Values

Stock Information

Veris Residential, Inc.

Veris Residential, Inc. at a Glance

6,931

Multifamily units in our portfolio

95.8%

Multifamily occupancy

6

Average Asset Age (Year)

As of September 30, 2022 · Q3 2022 Earnings Release

Veris Residential Key Financial Metrics

We continue to cultivate sustainable communities across the Northeast.

Key Financial Metrics

Metric Q3 2022 Q2 2022
Net Income / (Loss) per Diluted Share ($1.10) $0.25
Core FFO Per Diluted Share1 $0.15 $0.15
Weighted Average - Diluted Shares2 100,377,927 100,352,307
Total Equity $1.7 billion $1.8 billion
Total Debt $2.3 billion $2.2 billion
Total Capitalization $4.0 billion $4.1 billion
Debt-to-Undepreciated Assets 46.6% 45.2%
Net Debt $2.2 billion $2.2 billion
Annualized Adjusted EBITDA1 $173,724 $154,588
Net Debt-to-Adjusted EBITDA 12.7x 14.1x
Interest Coverage Ratio1 2.0x 2.2x

Key Portfolio Statistics

Metric Q3 2022 Q2 2022
Multifamily Portfolio
Operating Units 6,931 6,691
% Physical Occupancy 95.8% 97.1%
Average Rent per Home $3,373.00 $3,198
Lease-Up Units 750 750
Land Bank Units 5,459 5,459
Office Portfolio
Square Feet of Office Space 4.3 million 4.3 million
Consolidated In-Service Properties 6 6
% Leased Office 72.4% 73.0%
% Commenced Occupancy 70.1% 66.9%
Cash Rental Rate Roll-Up/(Down)3 N/A -4.0%
GAAP Rental Rate Roll-Up/(Down)3 N/A -4.5%
Average In-Place Rent per Square Foot $37.92 $38.24

Notes

For complete information regarding our financials, see our periodic filings.

1 See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre" in the latest Supplemental Operating and Financial Data. FFO is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (Nareit). Interest Coverage Ratio is calculated as Adjusted EBITDA divided by interest expense.

2 Includes any outstanding preferred units presented on a converted basis into common units, noncontrolling interests in consolidated joint ventures and redeemable noncontrolling interests.

3 Cash Rental Rate Roll-Up is the change in starting rent for applicable signed lease transactions in the period compared to the last month’s rent for the prior space leased. GAAP Rental Rate Roll-Up is the change in average monthly rent for applicable signed lease transactions in the period compared to the average monthly rent for the prior space leased.

Same Store Multifamily Occupancy

  • 2020
  • 2021
  • 2022

Incredible Spaces, Inspired Locations

Multifamily Portfolio

Our multifamily portfolio features stunning, sustainable spaces crafted to make a meaningful difference. Our connected locations, exceptional service and luxurious living spaces create a community you want to call home.

Explore our multifamily portfolio

Other Properties

Our remaining portfolio features properties made for the new age of work-life balance and wellness. Just minutes away from nearly every transit option and neighborhood parks and residential areas, our commercial locations are perfect for a hybrid-work environment.

Explore our other properties

IR Contacts

Company

Veris Residential, Inc.
Harborside 3, 210 Hudson St.
Ste. 400
Jersey City, NJ 07311

Investor Relations

Anna Malhari
Chief Operating Officer
investors@verisresidential.com

Transfer Agent

Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3006
T: 800.317.4445