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Table Of Contents



Page(s)
   Key Financial Data
  Operating Portfolio
Debt
   Reconciliations and Additional Details
   Annex 1: Transaction Activity









    


V E R I S    R E S I D  E  N  T  I  A  L,    I N C.  
NEWS RELEASE
For Immediate Release
Veris Residential, Inc.
Reports Fourth Quarter and Full Year 2023 Results
JERSEY CITY, N.J., Feb. 21, 2024 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, environmentally and socially conscious multifamily REIT, today reported results for the fourth quarter and full year 2023.

Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
Net Income (Loss) per Diluted Share$(0.06)$0.34$(1.22)$(0.63)
Core FFO per Diluted Share$0.12$0.05$0.53$0.44
Dividends Declared per Share$0.0525$—$0.1025$—

ANOTHER YEAR OF OPERATIONAL OUTPERFORMANCE

–Grew Core FFO per share to $0.53, an increase of 20% compared to last year.
–Exceeded upper end of NOI guidance, achieving 17.6% annual growth, driven by strong revenue growth and effective expense mitigation measures.
–Further improved NOI margin to 64% from 62% in 2022 and 57% in 2021.
–Same Store multifamily Blended Net Rental Growth Rate of 5.0% for the quarter and 9.3% for the year.
–Reduced Core G&A by 13% compared to 2022.
–Reinstated quarterly dividend, subsequently raising it by 5% in the fourth quarter.
–Recognized by Nareit for leadership in sustainability and DEI efforts.


COMPLETED TRANSFORMATION TO A PURE-PLAY MULTIFAMILY REIT

–Sold over $700 million of non-strategic assets since the beginning of 2023, comprising eight properties and four land parcels.
–Signed a binding contract to sell Harborside 5, our last office property, for $85 million in January 2024.
–Negotiated the early redemption of Rockpoint's preferred interest for $520 million.
–Refinanced $400 million of debt and reduced overall indebtedness by $50 million.


December 31, 2023December 31, 2022% Change
Operating Units7,6816,93110.8%
% Physical Occupancy94.4%95.3%(1.0)%
Same Store Units6,6915,82514.9%
Same Store Occupancy94.4%95.6%(1.3)%
Same Store Blended Rental Growth Rate5.0%11.7%(57.3)%
Average Rent per Home$3,792$3,4828.9%

Mahbod Nia, Chief Executive Officer, commented: "Over the past three years, we have successfully transformed Veris Residential from a complex company to a pure-play multifamily REIT underpinned by a high-quality portfolio of Class A properties and a vertically integrated, best-in-class operating platform. While we have built a strong foundation to date, the potential for continued value creation and relative outperformance as we mature as a multifamily company is tremendous. We look forward to this next phase, during which we will work to further optimize our operations, capital and balance sheet to the benefit of our stakeholders."



SAME STORE PORTFOLIO PERFORMANCE

2023 Actual Growth Original Guidance Range for 2023Adjusted Guidance Range from Previous Quarter
Same Store Revenue Growth11.0%4-6%9-10%
Same Store Expense Growth0.4%4-6%2-3%
Same Store NOI Growth17.6%4-6%14-15%

The following table presents a more detailed breakout of Same Store performance:

Three Months Ended December 31,Twelve Months Ended December 31,
20232022%20232022%
Total Property Revenue$61,497$57,1337.6%$241,078$217,28411.0%
Controllable Expenses11,72911,1914.8%44,55842,7734.2%
Non-Controllable Expenses10,69312,169(12.1)%40,26041,669(3.4)%
Total Property Expenses22,42223,360(4.0)%84,81884,4420.4%
Same Store NOI
$39,075$33,77315.7%$156,260$132,84217.6%

Haus25 and The James will be added to the Same Store pool in the first quarter of this year. These properties contributed over $8 million to NOI in the fourth quarter.

TRANSACTION ACTIVITY

In 2023, the Company closed over $660 million of non-strategic sales, including two hotel properties, five office properties and three land plots.

QuarterGross Price (000s)
1Q$105,000
2Q$420,000
3Q$46,000
4Q$89,000

In October 2023, the Company closed on the sales of Harborside 4, 3 Campus and 23 Main for a combined gross price of $89 million, releasing approximately $82 million in net proceeds.

Subsequent to year end, the Company closed on the sales of 2 Campus and The Metropolitan Lofts joint venture for a combined gross price of $40 million, releasing approximately $16 million in net proceeds.

Currently, $139 million of non-strategic assets remain under binding contract, including our last office property, Harborside 5.

FINANCE AND LIQUIDITY

As of February 20, 2024, available liquidity is approximately $95 million, taking into account cash on hand and the capacity of the Revolver. Virtually all (99.9%) of the Company`s debt is hedged or fixed. The Company`s total debt portfolio has a weighted average rate of 4.5% and weighted average maturity of 3.7 years.



Three Months Ended December 31,
Balance Sheet Metric20232022
Weighted Average Interest Rate4.5%4.4%
Weighted Average Years to Maturity3.7 years4.1 years
Net-Debt-to-Adjusted EBITDA 13.8x13.5x
Annualized Adjusted EBITDA129,992137,892
Interest Coverage Ratio1.5x1.5x

In the fourth quarter, the Company reestablished an "ATM" (At-the-Market) program, through which the Company may issue and sell, from time to time, up to $100 million of shares of its common stock. The Company intends to use net proceeds from any sales of these shares under the ATM program for general corporate purposes.

The $60 million Revolving Credit Facility ("Revolver") remains undrawn as of February 20, 2024.

ESG

Throughout the fourth quarter, the Company earned recognition from top real estate and business organizations for leadership in ESG, DEI and corporate stewardship. Most significantly, the Company was named a Leader in the Light by Nareit for superior sustainability efforts in the residential sector. The achievement partially reflects the results of the GRESB Annual Survey, through which the Company was honored as a Global Listed and Regional Sector Leader with a second-consecutive 5 Star rating. The Company was also awarded Nareit's Bronze Diversity, Equity & Inclusion Recognition.

DIVIDEND POLICY

As previously announced, the Company`s Board of Directors declared a quarterly dividend on its common stock for the fourth quarter 2023 in the amount of $0.0525 per share, an increase of 5% from the previous dividend. The dividend was paid on January 10th.

OPERATIONAL GUIDANCE

Recognizing the tremendous operational outperformance realized in 2023 while also considering the state of the current market and potential for Veris to achieve continued positive growth, the Company is establishing its 2024 guidance ranges in accordance with the following table:

2024 Guidance RangesLowHigh
Same Store Revenue Growth4.0%—5.0%
Same Store Expense Growth5.0%—6.0%
Same Store NOI Growth2.5%—5.0%

Core FFO per Share Guidance LowHigh
Net Loss per Share$(0.40)—$(0.35)
Add back: Depreciation per Share$0.88—$0.88
Core FFO per Share$0.48—$0.53


CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for Thursday, February 22, 2024, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: http://investors.verisresidential.com/.

The live conference call is also accessible by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international) and requesting the Veris Residential fourth quarter 2023 earnings conference call.

The conference call will be rebroadcast on Veris Residential, Inc.’s website at:
http://investors.verisresidential.com/ beginning at 8:30 a.m. Eastern Time on Thursday, February 22, 2024.



A replay of the call will also be accessible Thursday, February 22, 2024, through Friday, March 22, 2024, by calling (844) 512-2921 (domestic) or (412) 317-6671 (international) and using the passcode, 13743562.
Copies of Veris Residential, Inc.’s 2023 Form 10-K and fourth quarter 2023 Supplemental Operating and Financial Data are available on Veris Residential, Inc.’s website: Financial Results

In addition, once filed, these items will be available upon request from:
Veris Residential, Inc. Investor Relations Department
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311
ABOUT THE COMPANY
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 principle; a best-in-class and sustainable approach to operations; and an inclusive culture based on equality and meritocratic empowerment.
For additional information on Veris Residential, Inc. and our properties available for lease, please visit http:// www.verisresidential.com/.
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-K (the “10-K”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-K and the Public Filings.
We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “projected,” “should,” “expect,” “anticipate,” “estimate,” “target,” “continue” or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.
InvestorsMedia
Anna MalhariAmanda Shipiner/Grace Cartwright
Chief Operating OfficerGasthalter & Co.
investors@verisresidential.comveris-residential@gasthalter.com

Additional details on Company Information page.

Consolidated Balance Sheet
(in thousands) (unaudited)

December 31, 2023December 31, 2022
ASSETSMultifamilyOffice/Corp.Total
Rental property
Land and leasehold interests$468,556$5,943$474,499$492,204
Buildings and improvements2,642,626139,8422,782,4683,332,315
Tenant improvements7,86623,04230,908122,509
Furniture, fixtures and equipment96,0577,556103,61399,094
3,215,105176,3833,391,4884,046,122
Less – accumulated depreciation and amortization(345,386)(98,395)(443,781)(631,910)
2,869,71977,9882,947,7073,414,212
Real estate held for sale, net58,608—58,608193,933
Net investment in rental property2,928,32777,9883,006,3153,608,145
Cash and cash equivalents6,68521,32228,00726,782
Restricted cash19,8916,68126,57220,867
Investments in unconsolidated joint ventures117,954—117,954126,158
Unbilled rents receivable, net1,5583,9425,50039,734
Deferred charges and other assets, net1,243,39210,56453,95696,162
Accounts receivable1,7969462,7422,920
Total Assets$3,119,603$121,443$3,241,046$3,920,768
LIABILITIES & EQUITY
Mortgages, loans payable and other obligations, net1,853,897—1,853,8971,903,977
Dividends and distributions payable—5,5405,540110
Accounts payable, accrued expenses and other liabilities30,34125,15155,49272,041
Rents received in advance and security deposits11,5903,39514,98522,941
Accrued interest payable6,580—6,5807,131
Total Liabilities1,902,40834,0861,936,4942,006,200
Redeemable noncontrolling interests—24,99924,999515,231
Total Stockholders’/Members Equity1,182,056(44,578)1,137,4781,235,685
Noncontrolling interests in subsidiaries:
Operating Partnership—107,206107,206126,109
Consolidated joint ventures35,139(270)34,86937,543
Total Noncontrolling Interests in Subsidiaries$35,139$106,936$142,075$163,652
Total Equity$1,217,195$62,358$1,279,553$1,399,337
Total Liabilities and Equity$3,119,603$121,443$3,241,046$3,920,768


1Includes mark-to-market lease intangible net assets of $10,034 and mark-to-market lease intangible net liabilities of $298 as of 4Q 2023.
2 Includes Prepaid Expenses and Other Assets attributable to Multifamily of $29,481 as follows: (i) deposits of $4,819, (i) other receivables of $14,544, (iii) other prepaid/assets of $8,882, and (iv) prepaid taxes of $1,236.
7

Consolidated Statement of Operations
(In thousands, except per share amounts) (unaudited) 1,2

Three Months Ended December 31,Twelve Months Ended December 31,
REVENUES2023202220232022
Revenue from leases$66,183$60,032$252,144$206,052
Real estate services1,0848883,8683,581
Parking income4,4624,16018,03615,819
Other income1,1882,1045,8117,996
Total revenues72,91767,184279,859233,448
EXPENSES
Real estate taxes11,07712,44740,81039,112
Utilities2,2932,1919,9228,921
Operating services16,36413,44357,92552,797
Real estate services expenses4,3232,51414,18810,549
General and administrative9,99212,22144,47256,014
Transaction-related costs5762,1197,6273,468
Depreciation and amortization23,04623,61993,58985,434
Property impairments32,516—32,516—
Land and other impairments, net5,928—9,3249,368
Total expenses106,11568,554310,373265,663
OTHER (EXPENSE) INCOME
Interest expense(21,933)(21,215)(89,355)(66,381)
Interest cost of mandatorily redeemable noncontrolling interests——(49,782)—
Interest and other investment income2321025,515729
Equity in earnings (loss) of unconsolidated joint ventures260(647)3,1021,200
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net (3)———
Gain (loss) on disposition of developable land7,090(486)7,06857,262
    Loss from extinguishment of debt, net(1,903)—(5,606)(129)
Other income, net77—2,871—
Total other income (expense), net(16,180)(22,246)(126,187)(7,319)
Loss from continuing operations before income tax expense(49,378)(23,616)(156,701)(39,534)
Provision for income taxes(199)—(492)—
Loss from continuing operations after income tax expense(49,577)(23,616)(157,193)(39,534)
(Loss) income from discontinued operations(140)(12,547)3,150(64,704)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net43,97177,05741,68269,353
Total discontinued operations, net43,83164,51044,8324,649
Net (loss) income(5,746)40,894(112,361)(34,885)
Noncontrolling interest in consolidated joint ventures5045952,3193,079
Noncontrolling interests in Operating Partnership of income from continuing operations4,2522,72314,2675,652
Noncontrolling interests in Operating Partnership in discontinued operations(3,776)(5,975)(3,872)(378)
Redeemable noncontrolling interests(285)(6,366)(7,618)(25,534)
Net (loss) income available to common shareholders$(5,051)$31,871$(107,265)$(52,066)
Basic earnings per common share:
Net loss available to common shareholders$(0.06)$0.34$(1.22)$(0.63)
Diluted earnings per common share:
Net loss available to common shareholders$(0.06)$0.34$(1.22)$(0.63)
Basic weighted average shares outstanding92,24091,11591,88391,046
Diluted weighted average shares outstanding100,936100,417100,812100,265
    






1 For more details see Reconciliation to Net Income (Loss) to NOI
2 For detailed contribution breakout see Consolidated Statement of Operations (Year-End)
8
FFO and Core FFO



(in thousands, except per share/unit amounts)

Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
Net income (loss) available to common shareholders$(5,051)$31,871$(107,265)$(52,066)
Add (deduct): Noncontrolling interests in Operating Partnership(4,252)(2,723)(14,267)(5,652)
Noncontrolling interests in discontinued operations3,7765,975 3,872 378 
Real estate-related depreciation and amortization on continuing operations(1)
25,42825,949 103,049 95,103 
Real estate-related depreciation and amortization on discontinued operations—5,036 5,335 26,370 
Property impairments on continuing operations32,516— 32,516 — 
Property impairments on discontinued operations—10,302 — 94,811 
Discontinued operations: Gain on sale from unconsolidated joint ventures—(7,677)— (7,677)
Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net3— — — 
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net(4,700)(69,380)(2,411)(61,676)
FFO(2)
$47,720$(647)$20,829$89,591
Add/(Deduct):
Loss from extinguishment of debt, net1,9031,014 5,618 7,432 
Land and other impairments5,928— 9,324 9,368 
Loss (gain) on disposition of developable land(46,361)486 (46,339)(57,262)
Rebranding and Severance/Compensation related costs (G&A)1291,836 7,987 14,080 
Rebranding and Severance/Compensation related costs (RE Services)829— 1,128 — 
Rebranding and Severance/Compensation related costs (Operating Services)—— 649 — 
Rockpoint buyout premium—— 34,775 — 
Redemption value adjustment to mandatorily redeemable noncontrolling interests—— 7,641 — 
Lease breakage fee, net —— — (22,664)
Amortization of derivative premium9025004,654287
Transaction related costs5762,1197,6273,468
Core FFO$11,626$5,308$53,893$44,300
Diluted weighted average shares/units outstanding(6)
100,936100,417100,812100,265
Funds from operations per share-diluted$0.47$(0.01)$0.21$0.89
Core Funds from Operations per share/unit-diluted$0.12$0.05$0.53$0.44
Dividends declared per common share$0.0525—$0.1025—














See Core FFO per Diluted Share page.
See Consolidated Statements of Operations Footnotes page.
See Non GAAP Financial Definitions.
9
AFFO and Adjusted EBITDA

($ in thousands, except per share amounts) (unaudited)


Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
Core FFO (calculated on previous page)$11,626$5,308$53,893$44,300
Add (Deduct) Non-Cash Items:
Straight-line rent adjustments(3)
81(1,273)502157
Amortization of market lease intangibles, net—(30)(80)(155)
Amortization of lease inducements51657129
Amortization of stock compensation3,2702,82912,99511,339
Non-real estate depreciation and amortization2163951,0281,328
Amortization of deferred financing costs1,2551,2194,4404,821
Deduct:
Non-incremental revenue generating capital expenditures:
Building improvements(1,670)(3,748)(8,348)(14,992)
Tenant improvements and leasing commissions(4)
(229)(255)(789)(10,773)
Tenant improvements and leasing commissions on space vacant for more than one year(659)(4,546)(1,205)(23,823)
Core AFFO(2)
$13,895$(85)$62,493$12,331
Core FFO (calculated on previous page)$11,626$5,308$53,893$44,300
Deduct:
Equity in (earnings) loss of unconsolidated joint ventures(260)647(3,102)(1,200)
Equity in earnings share of depreciation and amortization(2,597)(2,574)(10,337)(10,392)
Add-back:
Interest expense21,93323,17190,17778,040
Amortization of derivative premium(902)(500)(4,654)(287)
Recurring joint venture distributions2,7182,47111,70012,000
Noncontrolling interests in consolidated joint ventures(504)(595)(2,319)(3,079)
Interest cost of mandatorily redeemable noncontrolling interests——7,366—
Redeemable noncontrolling interests2856,3667,61825,534
Provision for income taxes199179492274
Adjusted EBITDA$32,498$34,473$150,834$145,190
Net debt at period end(5)
1,799,3181,856,3281,799,3181,856,328
Net debt to Adjusted EBITDA13.8x13.5x11.9x12.8x




















See Consolidated Statements of Operations Footnotes page.
See Non GAAP Financial Definitions.

                                                 10
EBITDAre (Quarterly Comparison)

($ in thousands) (unaudited)

Three Months Ended December 31,
20232022
Net income (loss) available to common shareholders$(5,051)$31,871
Add/(Deduct):
Noncontrolling interests in Operating Partnership of income from continuing operations(4,252)(2,723)
Noncontrolling interests in Operating Partnership in discontinued operations3,7765,975
Noncontrolling interests in consolidated joint ventures(a)
(504)(595)
Redeemable noncontrolling interests2856,366
Interest expense21,93323,171
Provision for income taxes199179
Depreciation and amortization23,04628,806
Deduct:
Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net3—
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net(4,700)(69,380)
Discontinued operations: Gain on sale from unconsolidated joint ventures—(7,677)
Equity in (earnings) loss of unconsolidated joint ventures(260)647
Add:
Property impairments32,51610,302
Company's share of property NOI's in unconsolidated joint ventures(1)
7,7686,694
EBITDAre$74,759$33,636
Add:
Loss from extinguishment of debt, net1,9031,014
Severance and compensation-related costs1291,836
Transaction-related costs5762,119
Land and other impairments, net5,928—
Gain on disposition of developable land(46,361)486
Amortization of derivative premium902500
Adjusted EBITDAre$37,836$39,591
(a) Noncontrolling interests in consolidated joint ventures:
BLVD 425726
BLVD 401(568)(600)
Port Imperial Garage South(12)—
Port Imperial Retail South2916
Other consolidated joint ventures(25)(17)
Net losses in noncontrolling interests$(504)$(595)
Depreciation in noncontrolling interest in consolidated joint ventures712708
Funds from operations - noncontrolling interest in consolidated joint ventures$208$113
Interest expense in noncontrolling interest in consolidated joint ventures789791
Net operating income before debt service in consolidated joint ventures$997$904




















See Consolidated Statements of Operations Footnotes page.
See Non GAAP Financial Definitions.
11
Components of Net Asset Value
($ in thousands)



Real Estate PortfolioOther Assets
Operating Multifamily NOI1 Total  At Share Cash and Cash Equivalents2$34,673
New Jersey Waterfront$156,400$132,910Restricted Cash26,572
Massachusetts25,28025,280Other Assets62,198
Other329,99622,123Subtotal Other Assets$123,443
Total Multifamily NOI$211,676$180,313
Commercial NOI46,3965,174Liabilities and Other Considerations
Total NOI$218,072$185,488
Operating - Consolidated Debt at Share$1,795,667
Non-Strategic Assets
Operating - Unconsolidated Debt at Share2
298,679
Other Liabilities82,597
Non-Strategic Assets Under Binding Contract5$139,000Revolving Credit Facility6—
Estimated Land Value7214,659
Term Loan6
—
Subtotal Non-Strategic Assets$353,659Preferred Units819,299
Subtotal Liabilities and Other Considerations$2,196,242
Outstanding Shares9
Diluted Weighted Average Shares Outstanding for 4Q 2023100,936,000

1 See Multifamily Operating Portfolio page for more details.
2 Pro forma for transaction activity completed subsequent to quarter end.
3 Metropolitan Lofts was sold on January 12, 2024 and is not reflected in this line.
4 See Commercial, Developable Land & Other Non-Strategic Assets page for more details.
5 Represents the gross price of two assets, Harborside 5 and 107 Morgan.
6 In July 2023, the Company entered into a transitional $60 million Revolving Credit Facility and $115 million Term Loan agreement to fund the buyout of Rockpoint`s interest and provide corporate liquidity, The Revolving Credit Facility and Term Loan were both fully repaid in October 2023.
7 Based off 4,578 potential units, see Commercial, Developable Land & Other Non-Strategic Assets page for more details.
8 In February 2024, $5.7 million of units were redeemed, and the Company was notified that an additional $10.0 million would be redeemed, to be paid out in March.
9 Common Shares Outstanding as of December 31, 2023 were 92,229,424.

See Non GAAP Financial Definitions.
12
Multifamily Operating Portfolio





(in thousands, except Revenue per home)     

Operating Highlights
Percentage
Occupied
Average Revenue
per Home		NOI
Debt
Balance
OwnershipApartments4Q 20233Q 20234Q 20233Q 20234Q 20233Q 2023
NJ Waterfront
Haus25100.0%75094.1%94.8%$4,665$4,437$6,884$6,759$343,061
Liberty Towers100.0%64893.2%95.2%4,2204,1244,9304,727265,000
BLVD 40174.3%31197.4%96.8%4,1384,0772,4272,372117,000
BLVD 42574.3%41295.6%97.3%3,9874,0123,0383,026131,000
BLVD 475100.0%52396.5%98.2%4,0784,0214,1803,799165,000
Soho Lofts100.0%37794.4%92.0%4,6274,6482,6162,753158,777
Urby Harborside85.0%76292.3%95.3%4,0143,9465,3705,490185,742
RiverHouse 9100.0%31396.2%97.8%4,1484,0272,3582,450110,000
RiverHouse 11100.0%29594.6%96.3%4,1774,1232,1402,422100,000
RiverTrace22.5%31695.6%96.5%3,7113,6822,1842,12082,000
Capstone 40.0%36095.0%96.4%4,3794,3542,9733,086135,000
NJ Waterfront Subtotal
85.0%5,06794.6%95.9%$4,219$4,143$39,100$39,004$1,792,580
Massachusetts
Portside at East Pier100.0%18194.9%92.6%$3,174$3,216$1,163$1,266$56,500
Portside 2 at East Pier100.0%29696.2%95.8%3,3843,2682,0342,02497,000
145 Front at City Square100.0%36592.9%93.7%2,5762,6711,6081,71163,000
The Emery100.0%32692.3%93.9%2,7602,7111,5151,56572,000
Massachusetts Subtotal
100.0%1,16893.9%94.1%$2,925$2,918$6,320$6,566$288,500
Other
The Upton100.0%19391.7%92.7%$4,752$4,820$1,475$1,578$75,000
The James100.0%24096.3%95.0%3,0523,0261,3301,461—
Signature Place100.0%19797.5%94.4%3,1743,1959741,08143,000
Quarry Place at Tuckahoe100.0%10893.5%93.5%4,3214,29370971441,000
Riverpark at Harrison45.0%14192.2%94.0%2,8852,77257752630,192
Metropolitan at 40 Park125.0%13095.4%93.8%3,6133,56872178434,100
Metropolitan Lofts250.0%5994.4%94.9%3,7253,61031930317,200
Station House50.0%37892.1%94.7%2,5622,7571,7131,51389,440
Other Subtotal
72.8%1,44694.0%94.2%$3,324$3,361$7,818$7,960$329,932
Operating Portfolio3,4
85.0%7,68194.4%95.3%$3,854$3,809$53,238$53,530$2,411,012


1 As of December 31, 2023, Priority Capital included Metropolitan at $23,314,422 (Prudential). The Company paid down the loan $2.4M in the fourth quarter.
2 On January 12, 2024, the joint venture was sold for a gross valuation of approximately $30 million, VRE`s share of net proceeds was $6 million.
3 Operating Portfolio includes properties that have achieved over 95% leased for six consecutive weeks. Excludes approximately 190,525 sqft of ground floor retail of which 137,477 sf was leased as of December 31, 2023.
4 See Unconsolidated Joint Ventures and Multifamily Property Information pages for more details.

See Non GAAP Financial Definitions.
                                                            13
Commercial, Developable Land and Other Non-Strategic Assets







($ in thousands)
CommercialLocationOwnership
Rentable
SF
Percentage
Leased
4Q 2023
Percentage
Leased
3Q 2023
NOI
4Q 2023
NOI
3Q 2023
Debt
Balance
Port Imperial Garage SouthWeehawken, NJ70.0%320,426N/AN/A$517$541$31,645
Port Imperial Garage NorthWeehawken, NJ100.0%304,617N/AN/A36(33)—
Port Imperial Retail SouthWeehawken, NJ70.0%18,064100.0%100.0%185173—
Port Imperial Retail NorthWeehawken, NJ100.0%8,400100.0%100.0%37390—
Riverwalk at Port ImperialWest New York, NJ100.0%30,42659.2%65.0%221158—
Shops at 40 ParkMorristown, NJ25.0%50,97369.0%69.0%2672816,067
Commercial Total80.9%732,90673.8%75.5%$1,599$1,210$37,712




Developable Land Parcels1
NJ Waterfront3,134
Massachusetts849
Other1,378
Developable Land Parcels Total    5,361
Under Binding Contract for Sale783
Total Less Under Binding Contract4,578




One in-service office asset remains in the portfolio:

Avg. Base Rent
+ Escalations
BuildingLocationTotal SFLeased SF% Leased2
Harborside 53Jersey City, NJ977,225338,10934.6%$44.28
Total Office Portfolio977,225338,10934.6%$44.28







1 The Company has an additional 13,775 SF of potential retail space within land developments that is not represented in this table.
2 Harborside 5 has 42,964 SF of leased space expiring in 2024 and 28,856 SF expiring in 2025.
3 Harborside 5 is currently under binding contract for sale.


See Non GAAP Financial Definitions.
14

Same Store Market Information1





Sequential Quarter Comparison

(NOI in thousands)                     

NOIOccupancyBlended Lease Rate
Apartments4Q 20233Q 2023Change4Q 20233Q 2023Change4Q 20233Q 2023
New Jersey Waterfront4,317$32,216$32,245(0.1)%94.7%96.1%(1.4)%6.3%10.3%
Massachusetts1,1686,3206,566(3.7)%93.9%94.1%(0.3)%0.5%7.8%
Other21,2066,4886,499(0.2)%93.5%94.1%(0.6)%3.5%7.9%
Total6,69145,02445,310(0.6)%94.4%95.4%(1.1)%5.0%9.4%





Year-over-Year Fourth Quarter Comparison

(NOI in thousands)

NOIOccupancyBlended Lease Rate
Apartments4Q 20234Q 2022Change4Q 20234Q 2022Change4Q 20234Q 2022
New Jersey Waterfront4,317$32,216$27,40917.5%94.7%95.7%(1.0)%6.3%18.7%
Massachusetts1,1686,3205,67611.3%93.9%94.9%(1.1)%0.5%3.7%
Other2
1,2066,4886,2553.7%93.5%94.2%(0.7)%3.5%10.1%
Total6,69145,02439,34014.4%94.4%95.3%(0.9)%5.0%14.4%





Average Revenue per Home (based on 6,691 units)


4Q 20233Q 20232Q 20231Q 20234Q 20224Q 2021
New Jersey Waterfront$4,142$4,092$4,014$3,863$3,765$3,194
Massachusetts2,9252,9182,8362,8122,7692,444
Other2
3,3783,4273,4533,3263,2752,795
Total$3,792$3,767$3,708$3,583$3,503$2,974
1 All statistics are based off the current 6,691 unit Same Store pool. Same Store 4Q22 and 4Q21 were actually 5,825 units when initially reported.
2 "Other" includes properties in Suburban NJ, New York, and Washington, DC. See Multifamily Operating Portfolio page for breakout.

See Non GAAP Financial Definitions.
15
Same Store Performance
($ in thousands)





Multifamily Same Store1
Three Months Ended December 31,Twelve Months Ended December 31,Sequential
20232022Change%20232022Change%4Q 20233Q 2023Change%
Apartment Rental Income$55,456$51,275$4,1818.2%$216,873$195,267$21,60611.1%$55,456$55,316$1400.3%
Parking/Other Income6,0415,8581833.1%24,20522,0172,1889.9%6,0416,182(141)(2.3)%
Total Property Revenues2$61,497$57,133$4,3647.6%$241,078$217,284$23,79411.0%$61,497$61,498$(1)—%
Marketing & Administration2,1002,237(137)(6.1)7,8627,6382242.9%2,1002,076241.2%
Utilities1,9171,7901277.1%7,7657,6261391.8%1,9172,020(103)(5.1)%
Payroll4,0263,8521744.5%15,60014,9456554.4%4,0264,074(48)(1.2)%
Repairs & Maintenance3,6863,31237411.3%13,33112,5647676.1%3,6863,4172697.9%
Controllable Expenses$11,729$11,191$5384.8%$44,558$42,773$1,7854.2%$11,729$11,587$1421.2%
Other Fixed Fees73853120739.0%2,9572,55640115.7%738764(26)(3.4)%
Insurance1,4691,513(44)(2.9)%5,3865,2491372.6%1,46994552455.4%
Real Estate Taxes8,48610,125(1,639)(16.2)%31,91733,864(1,947)(5.7)%8,4868,764(278)(3.2)%
Non-Controllable Expenses$10,693$12,169$(1,476)(12.1)%$40,260$41,669$(1,409)(3.4)%$10,693$10,473$2202.1%
Total Property Expenses$22,422$23,360$(938)(4.0)%$84,818$84,442$3760.4%$22,422$22,060$3621.6%
Same Store GAAP NOI
$39,075$33,773$5,30215.7%$156,260$132,842$23,41817.6%$39,075$39,438$(363)(0.9)%
Real Estate Tax Adjustments3—(1,456)1,4561,689(1,170)2,859—20(20)
Normalized Same Store NOI$39,075$35,229$3,84610.9%$154,571$134,012$20,55915.3%$39,075$39,418$(343)(0.9)%
Total Units
6,6916,6916,6916,6916,6916,691
% Ownership
82.7%82.7%82.7%82.7%82.7%82.7%
% Occupied - Quarter End
94.4%95.3%(0.9)%94.4%95.3%(0.9)%94.4%95.4%(1.0)%
1 Values represent the Company`s pro rata ownership of the operating portfolio.
2 Revenues reported based on Generally Accepted Accounting Principals or "GAAP".
3 Represents tax settlements and final tax rate adjustments recognized that are applicable to prior periods.

See Non GAAP Financial Definitions.
16

Debt Profile



($ in thousands)

Lender
Effective
Interest Rate(1)
December 31, 2023December 31, 2022Date of
Maturity
Secured Permanent Loans
Port Imperial Hotels(2)
Fifth Third BankN/A$—$84,000N/A
Signature PlaceNationwide Life Insurance Company3.74%43,00043,00008/01/24
Liberty TowersAmerican General Life Insurance Company3.37%265,000265,00010/01/24
Portside 2 at East PierNew York Life Insurance Co.4.56%97,00097,00003/10/26
BLVD 425New York Life Insurance Co.4.17%131,000131,00008/10/26
BLVD 401New York Life Insurance Co.4.29%117,000117,00008/10/26
Portside at East Pier(3)
KKRSOFR + 2.75%56,50058,99809/07/26
The Upton(4)
Bank of New York MellonSOFR + 1.58%75,00075,00010/27/26
145 Front at City Square(5)
US BankSOFR + 1.84%63,00063,00012/10/26
RiverHouse 9(6)
JP MorganSOFR + 1.41%110,000110,00006/21/27
Quarry Place at TuckahoeNatixis Real Estate Capital, LLC4.48%41,00041,00008/05/27
BLVD 475The Northwestern Mutual Life Insurance Co.2.91%165,000165,00011/10/27
Haus25(7)
Freddie Mac6.04%343,061297,32409/01/28
RiverHouse 11The Northwestern Mutual Life Insurance Co.4.52%100,000100,00001/10/29
Soho LoftsNew York Community Bank3.77%158,777160,00007/01/29
Port Imperial Garage SouthAmerican General Life & A/G PC4.85%31,64532,16612/01/29
The EmeryNew York Community Bank3.21%72,00072,00001/01/31
Principal Balance Outstanding$1,868,983$1,911,488
Unamortized Deferred Financing Costs(15,086)(7,511)
Total Secured Permanent Loans$1,853,897$1,903,977
Secured RCF & Term Loans:
Revolving Credit Facility(8)
JP Morgan & Goldman SachsSOFR + 3.85%$—$—07/25/24
Term Loan(8)
JP Morgan & Goldman SachsSOFR + 3.85%——07/25/24
Total RCF & Term Loan Debt$—$—
Total Debt$1,853,897$1,903,977







See to Debt Profile Footnotes page.
17
Debt Summary and Maturity Schedule
        



99.9% of the Company`s total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed. The Company`s total debt portfolio has a weighted average interest rate of 4.5% and a weighted average maturity of 3.7 years.

($ in thousands)     
Balance%
of Total		Weighted Average
Interest Rate		Weighted Average
Maturity in Years
Fixed Rate & Hedged Debt
Fixed Rate & Hedged Secured Debt$1,868,983100.0%4.34%3.5
Variable Rate Debt1
Variable Rate Debt——%—%—
Totals / Weighted Average$1,868,983100.0%4.34%3.5
Unamortized Deferred Financing Costs(15,086)
Total Consolidated Debt, net$1,853,897
Partners’ Share(73,316)
VRE Share of Total Consolidated Debt, net2$1,780,581
Unconsolidated Secured Debt
VRE Share$307,27953.0%4.83%4.6
Partners’ Share272,46247.0%4.83%4.6
Total Unconsolidated Secured Debt$579,741100.0%4.83%4.6
Pro Rata Debt Portfolio
Fixed Rate & Hedged Secured Debt$2,092,82899.9%4.46%3.7
Variable Rate Secured Debt1,5170.1%7.31%1.0
Total Pro Rata Debt Portfolio$2,094,345100.0%4.47%3.7
chart-361372a97b0c48778aba.jpg    
Pro Forma Debt Portfolio Reconciliation

4Q 2023
Total Consolidated Debt, net on 12/31$1,868,983
Partners Share of Consolidated Debt on 12/31(73,316)
VRE Share of Consolidated Debt on 12/31$1,795,667
VRE Share of Total Unconsolidated Debt on 12/31307,279
Metropolitan Lofts Sale (VRE Share of Debt Extinguishment)(8,601)
VRE Share of Unconsolidated Secured Debt$298,678
Total Pro Rata Debt Portfolio$2,094,345
1 Variable rate debt includes the Revolver and reflects the balances on the Revolver and Term Loan.
2 Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $30.1 million at BLVD 401 and $9.5 million at Port Imperial South Garage.
18
Annex 1: Transaction Activity


2023
$ in thousands except per SF
Location
Transaction
Date
Number of
Buildings
SF
Gross Asset
Value
Hotels
Port Imperial HotelsWeehawken, NJ2/10/20232N/A$97,000
Subtotal Hotels2$97,000
Office
Harborside 1, 2, & 3Jersey City, NJ4/04/202331,886,800$420,000
Harborside 6Jersey City, NJ9/13/20231231,85646,000
23 Main StreetHolmdel, NJ10/13/20231350,00017,500
Subtotal Office52,468,656$483,500
Land
101 Columbia Rd.Morris Plains, NJ3/17/2023N/AN/A$8,300
Harborside 4Jersey City, NJ10/05/2023N/AN/A58,000
3 Campus DriveJersey City, NJ10/12/2023N/AN/A13,500
Subtotal Land $79,800
2023 Total Dispositions$660,300



2024 Dispositions to Date
$ in thousands except per SF
Location
Transaction
Date
Number of BuildingsSF
Gross Asset
Value
Land
2 Campus DriveJersey City, NJ1/3/2024N/AN/A$9,700
Subtotal Land$9,700
Multifamily
Metropolitan Lofts1Morristown, NJ1/12/2024154,683$30,300
Subtotal Multifamily154,683$30,300
2024 Dispositions to Date$40,000

1 The joint venture sold releasing approximately $6 million of net proceeds to the Company.
19
Annex 2: Reconciliation of Net Income (Loss) to NOI (three months ended)





4Q 20233Q 2023
MultifamilyOffice / CorpDisc. OpsTotalMultifamilyOffice / CorpTotal
Net loss$(7,636)$1,890$—$(5,746)$(39,797)$(20,453)$(60,250)
Deduct:
Real estate services income(1,084)——(1,084)(1,230)—(1,230)
Interest and other investment loss (income)(1)(231)—(232)(1)(1,239)(1,240)
Equity in (earnings) loss of unconsolidated joint ventures(260)——(260)(210)—(210)
Realized and unrealized (gains) losses on dispositions—(4,697)4,7003———
(Gain) loss on disposition of developable land(1,690)(44,671)39,271(7,090)———
Loss from early extinguishment of debt, net—1,903—1,9031,046—1,046
Other Income—(77)—(77)—5757
Add:
Real estate services expenses3,0251,298—4,3232,1061,4273,533
General and administrative4379,555—9,99232714,29314,620
Transaction-related costs132444—576—2,7042,704
Depreciation and amortization20,9432,10323,04621,1152,09723,212
Interest expense21,568365—21,93357,6642,44360,107
Provision for income taxes11188—19945248293
Property impairments—32,516—32,516———
Land and other impairments, net5,928——5,928———
Net operating income (NOI)$41,373$586$43,971$85,930$41,065$1,577$42,642


Summary of Consolidated Multifamily NOI by Type (unaudited):4Q 20233Q 2023
Total Consolidated Multifamily - Operating Portfolio$39,381$39,708
Total Consolidated Commercial$1,332$929
Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)$40,713$40,637
NOI (loss) from services, land/development/repurposing & other assets$660$428
Total Consolidated Multifamily NOI$41,373$41,065













See Consolidated Statement of Operations page.

See Non GAAP Financial Definitions.
20
Annex 3: Consolidated Statement of Operations Footnotes



FFO, Core FFO, AFFO, NOI, Adjusted EBITDA, & EBITDAre
(1)Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $2,597 and $2,574 for the three months ended December 31, 2023 and 2022, respectively and $10,337 and $10,392 for the twelve months ended December 31, 2023 and 2022, respectively. Excludes non-real estate-related depreciation and amortization of $216 and $395 for the three months ended December 31, 2023 and 2022, respectively, and $1,028 and $1,328 for the twelve months ended December 31, 2023 and 2022, respectively.
(2)Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See Non-GAAP Financial Definitions for information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre.
(3)Includes free rent of $56 and $3,252 for the three months ended December 31, 2023 and 2022, respectively and $4,414 and $13,312 for the twelve months ended December 31, 2023 and 2022, respectively. Also includes the Company's share from unconsolidated joint ventures of $23 and $4 for the three months ended December 31, 2023 and 2022, respectively and $(4) and $(815) for the twelve months ended December 31, 2023 and 2022, respectively.
(4)Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year and excludes Collector`s Universe.
(5)Net Debt calculated by taking the sum of senior unsecured notes, unsecured revolving credit facility, and mortgages, loans payable and other obligations, and deducting cash and cash equivalents and restricted cash, all at period end.
(6)Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,420 and 8,656 shares for the three months ended December 31, 2023 and 2022, respectively, and 8,669 and 8,639 for the twelve months ended December 31, 2023 and 2022, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).



Back to Consolidated Statement of Operations page.
21
Annex 4: Detailed Consolidated Statement of Operations (Year-End)




Twelve Months Ended December 31, 2023Twelve Months Ended December 31, 2022
REVENUESAll OperationsLess: Disc. OpsTotalAll OperationsLess: Disc. OpsTotal
Revenue from leases$271,873$(19,729)$252,144$290,033$(83,981)$206,052
Real estate services3,868—3,8683,581—3,581
Parking income18,942(906)18,03618,556(2,737)15,819
Hotel income594(594)—15,506(15,506)—
Other income5,6681435,81133,314(25,318)7,996
Total revenues300,945(21,086)279,859360,990(127,542)233,448
EXPENSES
Real estate taxes45,531(4,721)40,81059,235(20,123)39,112
Utilities11,033(1,111)9,92214,343(5,422)8,921
Operating services63,693(5,768)57,92578,589(25,792)52,797
Real estate services expenses14,188—14,18810,549—10,549
General and administrative44,521(49)44,47256,176(162)56,014
Transaction-related costs7,627—7,6273,468—3,468
Depreciation and amortization99,075(5,486)93,589112,408(26,974)85,434
Property Impairments32,516—32,51694,811(94,811)—
Land and other impairments, net9,324—9,3249,368—9,368
Total expenses327,508(17,135)310,373438,947(173,284)265,663
Operating income (expense)(26,563)(3,951)(30,514)(77,957)45,742(32,215)
OTHER (EXPENSE) INCOME
Interest expense(90,177)822(89,355)(78,040)11,659(66,381)
Interest cost of mandatorily redeemable noncontrolling interests(49,782)—(49,782)———
Interest and other investment income (loss)5,548(33)5,515729—729
Equity in earnings (loss) of unconsolidated joint ventures3,102—3,1021,200—1,200
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net2,411(2,411)—61,676(61,676)—
Gain (loss) on disposition of developable land46,339(39,271)7,06857,262—57,262
Gain (loss) on sale of unconsolidated joint venture interests———7,677(7,677)—
    Gain (loss) from extinguishment of debt, net(5,618)12(5,606)(7,432)7,303(129)
Other Income, net2,871—2,871———
Total other income (expense), net(85,306)(40,881)(126,187)43,072(50,391)(7,319)
Loss from continuing operations before income tax expense(111,869)(44,832)(156,701)(34,885)(4,649)(39,534)
Provision for income taxes(492)—(492)———
Income from continuing operations after income tax expense(112,361)(44,832)(157,193)(34,885)(4,649)(39,534)
Income (loss) from discontinued operations—3,1503,150—(64,704)(64,704)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net—41,68241,682—69,35369,353
Total discontinued operations—44,83244,832—4,6494,649
Net Loss(112,361)—(112,361)(34,885)—(34,885)
Noncontrolling interests in consolidated joint ventures2,319—2,3193,079—3,079
Noncontrolling interests in Operating Partnership of income from continuing operations14,267—14,2675,652—5,652
Noncontrolling interests in Operating Partnership in discontinued operations(3,872)—(3,872)(378)—(378)
Redeemable noncontrolling interests(7,618)—(7,618)(25,534)—(25,534)
Net loss available to common shareholders$(107,265)$—$(107,265)$(52,066)$—$(52,066)











See Consolidated Statement of Operations page.
22
Annex 5: Core FFO per Diluted Share
                        

Three Months Ended September 30,Twelve Months Ended December 31,
2023202220232022
Net income (loss) available to common shareholders$(0.05)$0.32$(1.06)$(0.52)
Add (deduct): Noncontrolling interests in Operating Partnership(0.04)(0.03)(0.14)(0.06)
Noncontrolling interests in discontinued operations0.040.06 0.04 — 
Real estate-related depreciation and amortization on continuing operations0.250.26 1.02 0.95 
Real estate-related depreciation and amortization on discontinued operations—0.05 0.05 0.26 
Property impairments on continuing operations0.32— 0.32 — 
Property impairments on discontinued operations—0.10 — 0.95 
Discontinued operations: Gain on sale from unconsolidated joint ventures—(0.08)— (0.08)
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net(0.05)(0.69)(0.02)(0.61)
FFO$0.47$(0.01)$0.21$0.89
Add/(Deduct):
Loss from extinguishment of debt, net0.020.01 0.06 0.07 
Land and other impairments0.06— 0.09 0.09 
Loss (gain) on disposition of developable land(0.46)— (0.46)(0.56)
Rebranding and Severance/Compensation related costs (G&A)—0.02 0.07 0.14 
Rebranding and Severance/Compensation related costs (RE Services)0.01— 0.01 — 
Rebranding and Severance/Compensation related costs (Operating Services)—— 0.01 — 
Rockpoint buyout premium—— 0.34 — 
Redemption value adjustment to mandatorily redeemable noncontrolling interests—— 0.08 — 
Lease breakage fee, net —— — (0.23)
Amortization of derivative premium0.01—0.05—
Transaction related costs0.010.030.070.04
Core FFO$0.12$0.05$0.53$0.44



























See FFO and Core FFO page.

See Non GAAP Financial Definitions.

23
Annex 6: Unconsolidated Joint Ventures

($ in thousands)
PropertyUnitsPhysical
Occupancy		VRE's Nominal
Ownership1		4Q 2023
NOI2		Total
Debt		VRE Share
of 4Q NOI		VRE Share
of Debt
Multifamily
Urby Harborside76292.3%85.0%$5,370$185,742$4,565$157,881
RiverTrace at Port Imperial31695.6%22.5%2,18482,00049118,450
Capstone at Port Imperial36095.0%40.0%2,973135,0001,18954,000
Riverpark at Harrison14192.2%45.0%57730,19226013,586
Metropolitan at 40 Park313095.4%25.0%72134,1001808,525
Metropolitan Lofts45994.4%50.0%31917,2001608,600
Station House37892.1%50.0%1,71389,44085744,720
Total Multifamily2,14693.4%54.9%$13,857$573,674$7,701$305,762
Retail
Shops at 40 ParkN/A69.0%25.0%$2676,067671,517
Total RetailN/A69.0%25.0%$267$6,067$67$1,517
Total UJV$14,124$579,741$7,768$307,279
1 Amounts represent the Company`s share based on ownership percentage.
2 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities.
3 The Company paid down the loan balance $2.1 million in 4Q 2023.
4 On January 12, 2024, the joint venture was sold for a gross valuation of approximately $30 million, VRE`s share of net proceeds was $6 million.

See Non GAAP Financial Definitions.
24
Annex 7: Debt Profile Footnotes
            


1.Effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.
2.Port Imperial Hotels sold on February 10, 2023.
3.In August 2023, the fixed rate Freddie Mac loan on Portside at East Pier was refinanced and placed a 3- year SOFR cap at a strike rate of 3.5%.
4.The Upton loan has been capped at a strike rate of 1.0%, expiring in October 2024.
5.In September 2023, the Company placed a 9 month SOFR cap at a strike rate of 4.0% on the loan at 145 Front at City Square.
6.The loan on RiverHouse 9 is capped at a strike rate of 3.0%, expiring in June 2024.
7.In August 2023, the Company fully repaid its construction loan on Haus25 with a new permanent financing provided by Freddie Mac. The balance shown as of December 31, 2022 ($297M) reflects the outstanding construction loan provided by QuadReal at that time.
8.In July 2023, the Company purchased Rockpoint`s interest in the Company. Concurrently, the Company entered into a $175 million transitional facility package. The entire $115 million Term Loan and initial draw of $52 million on the Revolving Credit Facility were fully repaid in October 2023.



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25
Annex 8: Multifamily Property Information




LocationOwnershipApartmentsRentable SFAverage SizeYear Complete
NJ Waterfront
Haus25Jersey City, NJ100.0%750617,7878242022
Liberty TowersJersey City, NJ100.0%648602,2109292003
BLVD 401Jersey City, NJ74.3%311273,1328782016
BLVD 425Jersey City, NJ74.3%412369,5158972003
BLVD 475Jersey City, NJ100.0%523475,4599092011
Soho LoftsJersey City, NJ100.0%377449,0671,1912017
Urby HarborsideJersey City, NJ85.0%762474,4766232017
RiverHouse 9Weehawken, NJ100.0%313245,1277832021
RiverHouse 11Weehawken, NJ100.0%295250,5918492018
RiverTraceWest New York, NJ22.5%316295,7679362014
CapstoneWest New York, NJ40.0%360337,9919392021
NJ Waterfront Subtotal
85.0%5,0674,391,122867
Massachusetts
Portside at East PierEast Boston, MA100.0%181156,0918622015
Portside 2 at East PierEast Boston, MA100.0%296230,6147792018
145 Front at City SquareWorcester, MA100.0%365304,9368352018
The EmeryRevere, MA100.0%326273,1408382020
Massachusetts Subtotal
100.0%1,168964,781826
Other
The UptonShort Hills, NJ100.0%193217,0301,1252021
The JamesPark Ridge, NJ100.0%240215,2838972021
Signature PlaceMorris Plains, NJ100.0%197203,7161,0342018
Quarry Place at TuckahoeEastchester, NY100.0%108105,5519772016
Riverpark at HarrisonHarrison, NJ45.0%141124,7748852014
Metropolitan at 40 ParkMorristown, NJ25.0%130124,2379562010
Metropolitan LoftsMorristown, NJ50.0%5954,6839272018
Station HouseWashington, DC50.0%378290,3487682015
Other Subtotal
72.8%1,4461,335,622924
Operating Portfolio
85.0%7,6816,691,525871




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Non-GAAP Financial Definitions

NON-GAAP FINANCIAL MEASURES
Included in this financial package are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, and EBIDAre or Earnings Before Interest, Taxes, Depreciation, Amortization and Rent Costs, each a “non-GAAP financial measure,” measuring Veris Residential, Inc.’s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles (“U.S. GAAP”), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance which is further defined.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")
The Company defines Adjusted EBITDA as Core FFO, plus interest expense, plus income tax expense, plus income (loss) in noncontrolling interest in consolidated joint ventures, and plus adjustments to reflect the entity's share of Adjusted EBITDA of unconsolidated joint ventures. The Company presents Adjusted EBITDA because the Company believes that Adjusted EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Blended Net Rental Growth Rate or Blended Lease Rate
Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.
Core FFO and Adjusted FFO ("AFFO")
Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions, and capital expenditures, (ii) straight-line rents and amortization of acquired above/below market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. Core FFO and Adjusted AFFO are presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO and Adjusted FFO are non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying this press release.

Earnings Before Interest, Tax, Depreciation, Amortization, and Rent Costs ("EBITDAre")
The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. The Company presents EBITDAre, because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.


Funds From Operations ("FFO")
FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.
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Non-GAAP Financial Definitions
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“Nareit”). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
NOI and Same Store 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, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company’s use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed.
Same Store NOI is presented for the same store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.
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Company Information



Company Information
Corporate HeadquartersStock Exchange ListingContact Information
Veris Residential, Inc.New York Stock ExchangeVeris Residential, Inc.
210 Hudson St., Suite 400Investor Relations Department
Jersey City, New Jersey 07311Trading Symbol210 Hudson St., Suite 400
(732) 590-1010Common Shares: VREJersey City, New Jersey 07311
Anna Malhari
Chief Operating Officer
E-Mail: amalhari@verisresidential.com
Web: www.verisresidential.com
Executive Officers
Mahbod NiaAmanda LombardTaryn Fielder
Chief Executive OfficerChief Financial OfficerGeneral Counsel and Secretary
Anna MalhariJeff Turkanis
Chief Operating OfficerEVP & Chief Investment Officer
Equity Research Coverage
Bank of America Merrill LynchBTIG, LLCCitigroup
Josh DennerleinThomas CatherwoodNicholas Joseph
Evercore ISIGreen Street Advisors JP Morgan
Steve SakwaJohn PawlowskiAnthony Paolone
Truist
Michael R. Lewis
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