Mack-Cali Becomes Veris Residential
Purposeful Communities Built for Positive Impact
Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment.
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 ValuesVeris 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
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