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Table Of Contents

Page(s)
3			Earnings Release
			Key Financial Data
7			Consolidated Balance Sheet
8			Consolidated Statement of Operations
9			FFO, Core FFO and Core AFFO
10			Adjusted EBITDA and EBITDAre
11			Components of Net Asset Value
			Operating Portfolio
12			Multifamily Operating Portfolio
13			Commercial Assets and Developable Land
14			Same Store Market Information
15			Same Store Performance
			Debt
16			Debt Profile
17			Debt Summary and Maturity Schedule
			Reconciliations and Additional Details
18			Annex 1: Transaction Activity
19			Annex 2: Reconciliation of NOI
20			Annex 3: Consolidated Statements of Operations and Non-GAAP Financial Footnotes
21			Annex 4: Unconsolidated Joint Ventures
22			Annex 5: Debt Profile Footnotes
23			Annex 6: Multifamily Property Information
23			Annex 7: Noncontrolling Interests in Consolidated Joint Ventures
25			Non-GAAP Financial Definitions
27			Company Information

    

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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 First Quarter 2024 Results

JERSEY CITY, N.J., April 24, 2024 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, environmentally and socially conscious multifamily REIT, today reported results for the first quarter 2024.

			Three Months Ended,
			March 31, 2024			December 31, 2023
Net Income (Loss) per Diluted Share			$(0.04)			$(0.06)
Core FFO per Diluted Share			$0.14			$0.12
Core AFFO per Diluted Share			$0.18			$0.14
Dividend per Diluted Share			$0.0525			$0.0525

CAPITAL ALLOCATION AND BALANCE SHEET

–Sold $179 million of non-strategic assets, including the last office asset; two land parcels are currently under binding contract for $28 million.

–Secured a new $500 million three-plus-one-year term revolving credit facility and term loan package.

–Combination of proceeds from closed asset sales and new facilities to address all consolidated debt maturities through the end of 2025.

–Raising 2024 guidance, reflecting positive earnings impact anticipated from new, alternative financing strategy and anticipated debt reduction.

OPERATIONAL PERFORMANCE

–Same Store multifamily Blended Net Rental Growth Rate of 4.6%.

–Same Store NOI growth of over 14% YOY and 4% sequentially.

–Earned highest Online Reputation Assessment (ORA®) Score of REITs in the United States.

–Achieved highest ISS ESG Corporate Score of real estate companies in the United States.

Mahbod Nia, Chief Executive Officer, commented:"We had a positive start to the year, implementing and advancing a number of value-enhancing operational, capital recycling and balance-sheet-related initiatives, while continuing to deliver strong financial results."

"Despite the challenging credit environment, we were able to secure a $500 million credit facility and term loan from a broad range of lenders, providing us with substantial liquidity, financial flexibility and potential for enhanced earnings, as reflected in our raised guidance. We also unlocked another $145 million of idle equity from non-strategic asset sales while continuing to generate solid operational performance, as evidenced by our Same Store year-over-year NOI growth of 14%. Looking ahead, we are well positioned to execute on our multi-pronged optimization strategy as we seek to continue creating value for our shareholders."

			March 31, 2024			March 31, 2023
Same Store Units			7,622			7,622
Same Store Occupancy			94.1%			95.9%
Same Store Blended Rental Growth Rate			4.6%			10.2%
Average Rent per Home			$3,899			$3,622

SAME STORE PORTFOLIO PERFORMANCE

Haus25 and The James were added to the Same Store pool in 2024. These properties contributed nearly $8.7 million to NOI in the first quarter.

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

			Three Months Ended March 31,
			2024			2023			%
Total Property Revenue			$74,092			$68,063			8.9%
Controllable Expenses			12,622			12,517			0.8%
Non-Controllable Expenses			12,083			12,318			(1.9)%
Total Property Expenses			24,705			24,835			(0.5)%
Same Store NOI			$49,387			$43,228			14.2%

TRANSACTION ACTIVITY

As previously announced, 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.

The last office asset in the portfolio, Harborside 5, sold for $85 million, releasing approximately $81 million in net proceeds.

Subsequent to quarter end, 107 Morgan land parcel sold for $54 million, releasing approximately $48 million in net proceeds. An additional $28 million across two land parcels are under binding contract with an expected close in the first half of 2024.

FINANCE AND LIQUIDITY

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 4.4% and weighted average maturity of 3.5 years.

			Three Months Ended,
Balance Sheet Metric			March 31, 2024			December 31, 2023
Weighted Average Interest Rate			4.4%			4.5%
Weighted Average Years to Maturity			3.5			3.7
Interest Coverage Ratio			1.5x			1.5x
Net Debt			1,714,800			1,799,318
TTM EBITDA			142,543			151,201
TTM Net Debt to EBITDA			12.0x			11.9x

On April 22, 2024, the Company successfully replaced its existing revolving credit facility and term loan package with a new $500 million secured facility package, comprising a $200 million delayed-draw term loan and $300 million revolving credit facility. Both the revolving credit facility and term loan have a three-year term and a one-year extension option. The facility package also has sustainability linked KPIs and includes a $200 million accordion feature.

Proceeds from the facilities will be used to repay existing loans over time as well as for general corporate purposes. No funds were drawn at closing. The Company expects to utilize interest rate caps to partially hedge future drawn funds.

DIVIDEND

The Company paid a dividend of $0.0525 per share on April 16, 2024.

ESG

In the first quarter, Veris Residential earned the highest ISS ESG Corporate Score of all real estate companies in the United States, surpassing all but three real estate companies globally. The Company was also named a Gold Green Lease Leader by the US Department of Energy and secured three awards from the International WELL Building Institute: the WELL Concept Leader Award, Equity Leadership Award, and Commitment and Engagement Award.

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GUIDANCE

As a result of the anticipated earnings impact of the Company`s new credit facilities and associated debt reduction, the Company is raising its Core FFO per Share guidance in accordance with the following table:

2024 Guidance Ranges			Low						High
Same Store Revenue Growth			4.0%			—			5.0%
Same Store Expense Growth			5.0%			—			6.0%
Same Store NOI Growth			2.5%			—			5.0%

Core FFO per Share Guidance			Low						High
Net Loss per Share			$(0.38)			—			$(0.34)
Add back: Depreciation per Share			$0.88			—			$0.88
Core FFO per Share			$0.50			—			$0.54

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Thursday, April 25, 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 first quarter 2024 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, April 25, 2024.

A replay of the call will also be accessible Friday, April 26, 2024, through Sunday, May 26, 2024, by calling (844) 512-2921 (domestic) or (412) 317-6671 (international) and using the passcode, 137343562.

Copies of Veris Residential, Inc.’s first quarter 2024 Form 10-Q and first quarter 2024 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-Q (the “10-Q”) 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-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q 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.

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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.

Investors						Media
Anna Malhari						Amanda Shpiner/Grace Cartwright
Chief Operating Officer						Gasthalter & Co.
investors@verisresidential.com						veris-residential@gasthalter.com

Additional details on Company Information page.

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Consolidated Balance Sheet

(in thousands) (unaudited)

			March 31, 2024			December 31, 2023
ASSETS
Rental property
Land and leasehold interests			$463,826			$474,499
Buildings and improvements			2,633,849			2,782,468
Tenant improvements			8,391			30,908
Furniture, fixtures and equipment			105,668			103,613
			3,211,734			3,391,488
Less – accumulated depreciation and amortization			(372,241)			(443,781)
			2,839,493			2,947,707
Real estate held for sale, net			66,975			58,608
Net investment in rental property			2,906,468			3,006,315
Cash and cash equivalents			112,701			28,007
Restricted cash			25,649			26,572
Investments in unconsolidated joint ventures			118,830			117,954
Unbilled rents receivable, net			1,542			5,500
Deferred charges and other assets, net			45,999			53,956
Accounts receivable			1,671			2,742
Total Assets			$3,212,860			$3,241,046
LIABILITIES & EQUITY
Mortgages, loans payable and other obligations, net			1,853,149			1,853,897
Dividends and distributions payable			5,642			5,540
Accounts payable, accrued expenses and other liabilities			53,839			55,492
Rents received in advance and security deposits			12,234			14,985
Accrued interest payable			6,486			6,580
Total Liabilities			1,931,350			1,936,494
Redeemable noncontrolling interests			9,294			24,999
Total Stockholders’ Equity			1,132,231			1,137,478
Noncontrolling interests in subsidiaries:
Operating Partnership			106,544			107,206
Consolidated joint ventures			33,441			34,869
Total Noncontrolling Interests in Subsidiaries			$139,985			$142,075
Total Equity			$1,272,216			$1,279,553
Total Liabilities and Equity			$3,212,860			$3,241,046

7

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Consolidated Statement of Operations

(In thousands, except per share amounts) (unaudited) 1

			Three Months Ended March 31,
REVENUES			2024			2023
Revenue from leases			$60,642			$56,097
Real estate services			922			911
Parking income			3,745			3,728
Other income			2,031			1,862
Total revenues			67,340			62,598
EXPENSES
Real estate taxes			9,177			9,559
Utilities			2,271			2,063
Operating services			12,570			11,383
Real estate services expenses			5,242			1,943
General and administrative			11,088			10,281
Transaction related costs			516			1,027
Depreciation and amortization			20,117			21,788
Land and other impairments, net			—			3,396
Total expenses			60,981			61,440
OTHER (EXPENSE) INCOME
Interest expense			(21,500)			(22,014)
Interest and other investment income			538			116
Equity in earnings (losses) of unconsolidated joint ventures			254			(68)
Gain (loss) on disposition of developable land			784			(22)
Gain (loss) on sale of unconsolidated joint venture interests			7,100			—
Other income (expense), net			255			1,998
Total other (expense) income, net			(12,569)			(19,990)
Loss from continuing operations before income tax expense			(6,210)			(18,832)
Provision for income taxes			(59)			—
Loss from continuing operations after income tax expense			(6,269)			(18,832)
Income from discontinued operations			252			1,822
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net			1,548			780
Total discontinued operations, net			1,800			2,602
Net loss			(4,469)			(16,230)
Noncontrolling interest in consolidated joint ventures			495			587
Noncontrolling interests in Operating Partnership of income from continuing operations			523			2,277
Noncontrolling interests in Operating Partnership in discontinued operations			(155)			(241)
Redeemable noncontrolling interests			(297)			(6,366)
Net loss available to common shareholders			$(3,903)			$(19,973)
Basic earnings per common share:
Net loss available to common shareholders			$(0.04)			$(0.27)
Diluted earnings per common share:
Net loss available to common shareholders			$(0.04)			$(0.27)
Basic weighted average shares outstanding			92,275			91,226
Diluted weighted average shares outstanding(6)			100,968			100,526

    

1 For more details see Reconciliation to Net Income (Loss) to NOI

8

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FFO, Core FFO and Core AFFO

(in thousands, except per share/unit amounts)

			Three Months Ended March 31,
			2024			2023
Net loss available to common shareholders			$(3,903)			$(19,973)
Add (deduct): Noncontrolling interests in Operating Partnership			(523)			(2,277)
Noncontrolling interests in discontinued operations			155			241
Real estate-related depreciation and amortization on continuing operations(1)			22,631			24,129
Real estate-related depreciation and amortization on discontinued operations			668			6,815
Continuing operations: Gain on sale from unconsolidated joint ventures			(7,100)			—
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net			(1,548)			(780)
FFO(2)			$10,380			$8,155
Add/(Deduct):
Loss from extinguishment of debt, net			—			12
Land and other impairments			—			3,396
(Gain) Loss on disposition of developable land			(784)			22
Rebranding and Severance/Compensation related costs (G&A)			1,637			1,148
Rebranding and Severance/Compensation related costs (RE Services)			1,526			—
Amortization of derivative premium			904			1,133
Transaction related costs			516			1,027
Core FFO			$14,179			$14,893
Add (Deduct) Non-Cash Items:
Straight-line rent adjustments(3)			25			(1,253)
Amortization of market lease intangibles, net			(7)			(30)
Amortization of lease inducements			7			15
Amortization of stock compensation			3,727			2,877
Non-real estate depreciation and amortization			210			384
Amortization of deferred financing costs			1,242			1,211
Deduct:
Non-incremental revenue generating capital expenditures:
Building improvements			(1,040)			(2,092)
Tenant improvements and leasing commissions(4)			(9)			(352)
Tenant improvements and leasing commissions on space vacant for more than one year			—			(736)
Core AFFO(2)			$18,334			$14,917
Funds from Operations per share/unit-diluted			$0.10			$0.08
Core Funds from Operations per share/unit-diluted			$0.14			$0.15
Dividends declared per common share			$0.0525			—

See Non-GAAP Financial Definitions.

See Consolidated Statements of Operations and Non-GAAP Financial Footnotes page.

9

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Adjusted EBITDA and EBITDAre

($ in thousands) (unaudited)

			Three Months Ended March 31,
			2024			2023
Core FFO (calculated on a previous page)			$14,179			$14,893
Deduct:
Equity in (earnings) loss of unconsolidated joint ventures			(459)			68
Equity in earnings share of depreciation and amortization			(2,724)			(2,576)
Add-back:
Interest expense			21,500			22,836
Amortization of derivative premium			(904)			(1,133)
Recurring joint venture distributions			1,701			1,547
Noncontrolling interests in consolidated joint ventures			(495)			(587)
Redeemable noncontrolling interests			297			6,366
Income tax expense			82			51
Adjusted EBITDA			$33,177			$41,465
Add/(Deduct):
Noncontrolling interests in Operating Partnership of income from continuing operations			(523)			(2,277)
Noncontrolling interests in Operating Partnership in discontinued operations			155			241
Noncontrolling interests in consolidated joint ventures(a)			(495)			(587)
Redeemable noncontrolling interests			297			6,366
Interest expense			21,500			22,836
Income tax expense			82			51
Depreciation and amortization			20,785			28,754
Deduct:
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net			(1,548)			(780)
Equity in (earnings) loss of unconsolidated joint ventures			(254)			68
Add:
Company's share of property NOI's in unconsolidated joint ventures(1)			7,728			13,381
EBITDAre			$43,824			$48,080
Add:
Loss from extinguishment of debt, net			—			12
Severance and compensation-related costs			1,637			1,148
Transaction related costs			516			1,027
Land and other impairments, net			—			3,396
Gain on disposition of developable land			(784)			22
Amortization of derivative premium			904			1,133
Adjusted EBITDAre			$46,097			$54,818
Net debt at period end(5)			$1,714,800			$1,763,369
Net debt to Adjusted EBITDA			12.9x			10.6x

See Consolidated Statements of Operations and Non-GAAP Financial Footnotes page.

See Non-GAAP Financial Definitions.

a) See Noncontrolling Interests in Consolidated Joint Ventures page.

10

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Components of Net Asset Value

($ in thousands)

Real Estate Portfolio												Other Assets
Operating Multifamily NOI1			Total			At Share						Cash and Cash Equivalents2			$142,180
New Jersey Waterfront			$165,056			$140,266						Restricted Cash			25,649
Massachusetts			25,080			25,080						Other Assets			49,212
Other			30,276			22,329						Subtotal Other Assets			$217,041
Total Multifamily NOI			$220,412			$187,676
Commercial NOI3			4,588			3,712						Liabilities and Other Considerations
Total NOI			$225,000			$191,387
												Operating - Consolidated Debt at Share			$1,793,947
Non-Strategic Assets												Operating - Unconsolidated Debt at Share			297,806
												Other Liabilities			78,201
Non-Strategic Assets Under Binding Contract4						$28,000						Revolving Credit Facility5			—
Estimated Land Value6						187,311						Term Loan5			—
Subtotal Non-Strategic Assets						$215,311						Preferred Units			9,294
												Subtotal Liabilities and Other Considerations			$2,179,248
												Outstanding Shares7
												Diluted Weighted Average Shares Outstanding for 1Q 2024			100,967,737

1 See Multifamily Operating Portfolio page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized.

2 Pro forma cash as of April 22, 2024, for transaction activity that occurred subsequent to quarter end.

3 See Commercial Assets and Developable Land page for more details.

4 Represents the estimated gross price of two land parcels, 6 Becker and 85 Livingston.

5 The prior facility comprised of a $115 million term loan and $60 million revolver was terminated on April 22, 2024. The Company simultaneously secured a $500 million facility comprised of a $300 million revolver and $200 million delayed-draw term loan. The facility has a three-year term with a one-year extension option and a $200 million accordion feature.

6 Based off 4,139 potential units, see Commercial Assets and Developable Land page for more details.

7 Common Shares Outstanding as of March 31, 2024 were 92,385,167.

See Non-GAAP Financial Definitions.

11

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Multifamily Operating Portfolio

(in thousands, except Revenue per home)     

									Operating Highlights
									Percentage Occupied						Average Revenue per Home						NOI						Debt Balance
			Ownership			Apartments			1Q 2024			4Q 2023			1Q 2024			4Q 2023			1Q 2024			4Q 2023
NJ Waterfront
Haus25			100.0%			750			91.4%			94.1%			$4,788			$4,665			$7,279			$6,884			$343,061
Liberty Towers			100.0%			648			94.7%			93.2%			4,221			4,220			4,665			4,930			265,000
BLVD 401			74.3%			311			95.0%			97.4%			4,134			4,138			2,470			2,427			117,000
BLVD 425			74.3%			412			95.7%			95.6%			3,995			3,987			3,103			3,038			131,000
BLVD 475			100.0%			523			96.4%			96.5%			4,063			4,078			4,675			4,180			165,000
Soho Lofts			100.0%			377			95.9%			94.4%			4,718			4,627			2,905			2,616			158,034
Urby Harborside			85.0%			762			90.7%			92.3%			4,072			4,014			5,318			5,370			185,017
RiverHouse 9			100.0%			313			94.8%			96.2%			4,242			4,148			2,899			2,358			110,000
RiverHouse 11			100.0%			295			95.9%			94.6%			4,405			4,177			2,518			2,140			100,000
RiverTrace			22.5%			316			94.5%			95.6%			3,804			3,711			2,273			2,184			82,000
Capstone			40.0%			360			96.6%			95.0%			4,339			4,379			3,159			2,973			135,000
NJ Waterfront Subtotal			85.0%			5,067			94.2%			94.6%			$4,274			$4,219			$41,264			$39,100			$1,791,112
Massachusetts
Portside at East Pier			100.0%			181			94.4%			94.9%			$3,206			$3,174			$1,159			$1,163			$56,500
Portside 2 at East Pier			100.0%			296			95.7%			96.2%			3,328			3,384			1,997			2,034			96,613
145 Front at City Square			100.0%			365			94.2%			92.9%			2,531			2,576			1,549			1,608			62,746
The Emery			100.0%			326			96.1%			92.3%			2,730			2,760			1,565			1,515			71,758
Massachusetts Subtotal			100.0%			1,168			95.1%			93.9%			$2,893			$2,925			$6,270			$6,320			$287,617
Other
The Upton			100.0%			193			91.8%			91.7%			$4,614			$4,752			$1,417			$1,475			$75,000
The James			100.0%			240			93.9%			96.3%			3,027			3,052			1,380			1,330			—
Signature Place			100.0%			197			95.8%			97.5%			3,157			3,174			1,017			974			43,000
Quarry Place at Tuckahoe			100.0%			108			93.9%			93.5%			4,352			4,321			707			709			41,000
Riverpark at Harrison			45.0%			141			92.9%			92.2%			2,886			2,885			514			577			30,192
Metropolitan at 40 Park1			25.0%			130			89.9%			95.4%			3,675			3,613			711			721			34,100
Station House			50.0%			378			91.5%			92.1%			2,873			2,562			1,823			1,713			88,927
Other Subtotal			73.8%			1,387			92.7%			94.0%			$3,374			$3,307			$7,569			$7,499			$312,219
Operating Portfolio2,3			85.2%			7,622			94.1%			94.4%			$3,899			$3,855			$55,103			$52,919			$2,390,948
Metropolitan Lofts4																					$81			$319			$—
Total Portfolio																					$55,184			$53,238			$2,390,948

1 As of March 31, 2024, Priority Capital included Metropolitan at $23.3M (Prudential).

2 Excludes approximately 189,367 sqft of ground floor retail of which 140,522 sf was leased as of March 31, 2024.

3 See Unconsolidated Joint Ventures and Multifamily Property Information pages for more details.

4 In January 2024, the Company's joint venture sold Lofts at 40 Park ("Metropolitan Lofts") thus it is excluded from same store calculations. Proceeds from the sale were used to repay the outstanding loan balance.

                                                            12

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Commercial Assets and Developable Land

($ in thousands)

Commercial			Location			Ownership			Rentable SF			Percentage Leased 1Q 2024			Percentage Leased 4Q 2023			NOI 1Q 2024			NOI 4Q 2023			Debt Balance
Port Imperial Garage South			Weehawken, NJ			70.0%			320,426			N/A			N/A			$468			$517			$31,511
Port Imperial Garage North			Weehawken, NJ			100.0%			304,617			N/A			N/A			(57)			36			—
Port Imperial Retail South			Weehawken, NJ			70.0%			18,064			100.0%			100.0%			202			185			—
Port Imperial Retail North			Weehawken, NJ			100.0%			8,400			100.0%			100.0%			72			373			—
Riverwalk at Port Imperial			West New York, NJ			100.0%			30,426			73.2%			59.2%			177			221			—
Shops at 40 Park			Morristown, NJ			25.0%			50,973			69.0%			69.0%			285			267			6,067
Commercial Total						80.9%			732,906			77.8%			73.8%			$1,147			$1,599			$37,578

Developable Land Parcels1
NJ Waterfront2			2,351
Massachusetts			849
Other			1,378
Developable Land Parcels Total			4,578
Under Binding Contract for Sale			439
Total Less Under Binding Contract			4,139

1 The Company has an additional 13,775 SF of potential retail space within land developments that is not represented in this table.

2 Reflects the sale of 107 Morgan subsequent to quarter end.

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Same Store Market Information1

Sequential Quarter Comparison

(NOI in thousands)                     

						NOI at Share									Occupancy									Blended Lease Rate2
			Apartments			1Q 2024			4Q 2023			Change			1Q 2024			4Q 2023			Change			1Q 2024			4Q 2023
New Jersey Waterfront			5,067			$36,697			$34,754			5.6%			94.2%			94.6%			(0.4)%			4.1%			7.7%
Massachusetts			1,168			6,520			6,572			(0.8)%			95.1%			93.9%			1.2%			2.9%			0.5%
Other3			1,387			6,170			6,089			1.3%			92.7%			94.0%			(1.3)%			4.8%			4.6%
Total			7,622			$49,387			$47,415			4.2%			94.1%			94.4%			(0.3)%			4.6%			6.1%

Year-over-Year First Quarter Comparison

(NOI in thousands)

						NOI at Share									Occupancy									Blended Lease Rate2
			Apartments			1Q 2024			1Q 2023			Change			1Q 2024			1Q 2023			Change			1Q 2024			1Q 2023
New Jersey Waterfront			5,067			$36,697			$31,159			17.8%			94.2%			96.2%			(2.0)%			4.1%			13.2%
Massachusetts			1,168			6,520			6,155			5.9%			95.1%			95.5%			(0.4)%			2.9%			4.2%
Other3			1,387			6,170			5,914			4.3%			92.7%			94.8%			(2.1)%			4.8%			3.6%
Total			7,622			$49,387			$43,228			14.2%			94.1%			95.9%			(1.8)%			4.6%			10.2%

Average Revenue per Home (based on 7,622 units from 1Q23 to Present)

			1Q 2024			4Q 2023			3Q 2023			2Q 2023			1Q 2023			1Q 20224
New Jersey Waterfront			$4,274			$4,219			$4,084			$4,048			$3,919			$3,298
Massachusetts			2,893			2,925			2,918			2,836			2,798			2,554
Other3			3,374			3,307			3,350			3,356			3,227			2,930
Total			$3,899			$3,855			$3,772			$3,736			$3,622			$3,103

1 All statistics are based off the current 7,622 Same Store pool. Same Store 4Q23 was 6,691 and before 2023 the actual pool was 5,825 units when initially reported.

2 Blended lease rates exclude properties not managed by Veris.

3 "Other" includes properties in Suburban NJ, New York, and Washington, DC. See Multifamily Operating Portfolio page for breakout.

4 The total portfolio included 6,691 units in 2022. The average revenue per home is based on the total portfolio less Metropolitan Lofts for 1Q 2022.

See Non-GAAP Financial Definitions.

14

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Same Store Performance

($ in thousands)

Multifamily Same Store1
			Three Months Ended March 31,															Sequential
			2024			2023			Change			%						1Q24			4Q23			Change			%
Apartment Rental Income			$66,697			$61,873			$4,824			7.8%						$66,697			$66,597			$100			0.2%
Parking/Other Income			7,395			6,190			1,205			19.5%						7,395			6,887			508			7.4%
Total Property Revenues2			$74,092			$68,063			$6,029			8.9%						$74,092			$73,484			$608			0.8%
Marketing & Administration			2,138			2,345			(207)			(8.8)%						2,138			2,559			(421)			(16.5)%
Utilities			2,573			2,424			149			6.1%						2,573			2,190			383			17.5%
Payroll			4,298			4,445			(147)			(3.3)%						4,298			4,667			(369)			(7.9)%
Repairs & Maintenance			3,613			3,303			310			9.4%						3,613			4,431			(818)			(18.5)%
Controllable Expenses			$12,622			$12,517			$105			0.8%						$12,622			$13,847			$(1,225)			(8.8)%
Other Fixed Fees			722			717			5			0.7%						722			737			(15)			(2.0)%
Insurance			1,780			1,781			(1)			(0.1)%						1,780			1,744			36			2.1%
Real Estate Taxes			9,581			9,820			(239)			(2.4)%						9,581			9,741			(160)			(1.6)%
Non-Controllable Expenses			$12,083			$12,318			$(235)			(1.9)%						$12,083			$12,222			$(139)			(1.1)%
Total Property Expenses			$24,705			$24,835			$(130)			(0.5)%						$24,705			$26,069			$(1,364)			(5.2)%
Same Store GAAP NOI			$49,387			$43,228			$6,159			14.2%						$49,387			$47,415			$1,972			4.2%
Real Estate Tax Adjustments3			—			(490)			490									—			—			—
Normalized Same Store NOI			$49,387			$43,718			$5,669			13.0%						$49,387			$47,415			$1,972			4.2%
Total Units			7,622			7,622												7,622			7,622
% Ownership			85.2%			85.2%												85.2%			85.2%
% Occupied - Quarter End			94.1%			95.9%			(1.8)%									94.1%			94.4%			(0.3)%

1 Values represent the Company`s pro rata ownership of the operating portfolio. The James and Haus25 were added to the Same Store pool in 1Q 2024.

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.

15

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Debt Profile

($ in thousands)

			Lender			Effective Interest Rate(1)			March 31, 2024			December 31, 2023			Date of Maturity
Secured Permanent Loans
Signature Place			Nationwide Life Insurance Company			3.74%			43,000			43,000			08/01/24
Liberty Towers			American General Life Insurance Company			3.37%			265,000			265,000			10/01/24
Portside 2 at East Pier			New York Life Insurance Co.			4.56%			96,613			97,000			03/10/26
BLVD 425			New York Life Insurance Co.			4.17%			131,000			131,000			08/10/26
BLVD 401			New York Life Insurance Co.			4.29%			117,000			117,000			08/10/26
Portside at East Pier(2)			KKR			SOFR + 2.75%			56,500			56,500			09/07/26
The Upton(3)			Bank of New York Mellon			SOFR + 1.58%			75,000			75,000			10/27/26
145 Front at City Square(4)			US Bank			SOFR + 1.84%			62,746			63,000			12/10/26
RiverHouse 9(5)			JP Morgan			SOFR + 1.41%			110,000			110,000			06/21/27
Quarry Place at Tuckahoe			Natixis Real Estate Capital, LLC			4.48%			41,000			41,000			08/05/27
BLVD 475			The Northwestern Mutual Life Insurance Co.			2.91%			165,000			165,000			11/10/27
Haus25			Freddie Mac			6.04%			343,061			343,061			09/01/28
RiverHouse 11			The Northwestern Mutual Life Insurance Co.			4.52%			100,000			100,000			01/10/29
Soho Lofts			Flagstar Bank			3.77%			158,034			158,777			07/01/29
Port Imperial Garage South			American General Life & A/G PC			4.85%			31,511			31,645			12/01/29
The Emery			Flagstar Bank			3.21%			71,758			72,000			01/01/31
Principal Balance Outstanding									$1,867,223			$1,868,983
Unamortized Deferred Financing Costs									(14,074)			(15,086)
Total Secured Permanent Loans									$1,853,149			$1,853,897
Secured RCF & Term Loans:
Revolving Credit Facility			JP Morgan & Goldman Sachs			SOFR + 4.10%			$—			$—			07/25/24
Term Loan			JP Morgan & Goldman Sachs			SOFR + 4.10%			—			—			07/25/24
Total RCF & Term Loan Debt(6)									$—			$—
Total Debt									$1,853,149			$1,853,897

See to Debt Profile Footnotes page.

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Debt Summary and Maturity Schedule

        

As of March 31, 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 4.4% and a weighted average maturity of 3.5 years.

($ in thousands)     

			Balance			% of Total			Weighted Average Interest Rate			Weighted Average Maturity in Years
Fixed Rate & Hedged Debt
Fixed Rate & Hedged Secured Debt			$1,867,223			100.0%			4.34%			3.2
Variable Rate Debt
Variable Rate Debt1			—			—%			—%			—
Totals / Weighted Average			$1,867,223			100.0%			4.34%			3.2
Unamortized Deferred Financing Costs			(14,074)
Total Consolidated Debt, net			$1,853,149
Partners’ Share			(73,276)
VRE Share of Total Consolidated Debt, net2			$1,779,873
Unconsolidated Secured Debt
VRE Share			$297,806			53.1%			4.89%			5.0
Partners’ Share			263,497			46.9%			4.89%			5.0
Total Unconsolidated Secured Debt			$561,303			100.0%			4.89%			5.0
Pro Rata Debt Portfolio
Fixed Rate & Hedged Secured Debt			$2,090,236			99.9%			4.42%			3.5
Variable Rate Secured Debt			1,517			0.1%			7.31%			0.8
Total Pro Rata Debt Portfolio			$2,091,753			100.0%			4.42%			3.5

Pro Forma Debt Maturity Schedule3

    

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.

3 The Unused Term Loan and Unused Revolver Capacity balances are shown with the one-year extension option utilized on the new facilities.

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Annex 1: Transaction Activity

2024 Dispositions to Date

$ in thousands except per SF

Location

Transaction Date

Number of Buildings

SF

Gross Asset Value

Land

2 Campus Drive

Parsippany-Troy Hills, NJ

1/3/2024

N/A

N/A

$9,700

107 Morgan

Jersey City, NJ

4/16/2024

N/A

N/A

54,000

Subtotal Land

$63,700

Multifamily

Metropolitan Lofts1

Morristown, NJ

1/12/2024

1

54,683

$30,300

Subtotal Multifamily

1

54,683

$30,300

Office

Harborside 5

Jersey City, NJ

3/20/2024

1

977,225

$85,300

Subtotal Office

1

977,225

$85,300

2024 Dispositions to Date

$179,300

1 The joint venture sold the property; releasing approximately $6 million of net proceeds to the Company.

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Annex 2: Reconciliation of Net Income (Loss) to NOI (three months ended)

			1Q 2024						4Q 2023
			Total						Total
Net Income (Loss)			$	(4,469)					$	(5,746)
Deduct:
Income from discontinued operations			(252)						33,489
Realized gains and unrealized gains on disposition of rental property and impairments, net			(1,548)						(43,970)
Real estate services income			(922)						(1,084)
Interest and other investment income			(538)						(232)
Equity in (earnings) losses of unconsolidated joint ventures			(254)						(260)
(Gain) loss on disposition of developable land			(784)						(7,090)
Loss from extinguishment of debt, net			—						1,903
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net			—						2
Gain on sale of unconsolidated joint venture interests			(7,100)						—
Other income, net			(255)						(77)
Add:
Real estate services expenses			5,242						4,323
General and administrative			11,088						9,990
Transaction related costs			516						576
Depreciation and amortization			20,117						21,227
Interest expense			21,500						21,933
Provision for income taxes			59						199
Land impairments and other impairments, net			—						5,928
Net Operating Income (NOI)			$	42,400					$	41,111

Summary of Consolidated Multifamily NOI by Type (unaudited):			1Q 2024						4Q 2023
Total Consolidated Multifamily - Operating Portfolio			$	41,305					$	39,381
Total Consolidated Commercial			862						1,332
Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)			$	42,167					$	40,713
NOI (loss) from services, land/development/repurposing & other assets			875						660
Total Consolidated Multifamily NOI			$	43,042					$	41,373

See Consolidated Statement of Operations page.

See Non-GAAP Financial Definitions.

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Annex 3: Consolidated Statement of Operations and Non-GAAP Financial 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 $2.7 million and $2.6 million for the three months ended March 31, 2024 and 2023, respectively. Excludes non-real estate-related depreciation and amortization of $0.2 million for the three months ended March 31, 2024 and 2023, 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 the Company's share from unconsolidated joint ventures of $9.3 thousand and $26.6 thousand for the three months ended March 31, 2024 and 2023, respectively.

4.Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.

5.Net Debt calculated by taking the sum of secured revolving credit facility, secured term loan, 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 8,418 and 9,146 shares for the three months ended March 31, 2024 and 2023, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).

Back to Consolidated Statement of Operations page.

Back to FFO, Core FFO and Core AFFO page.

Back to Adjusted EBITDA and EBITDAre page

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Annex 4: Unconsolidated Joint Ventures

($ in thousands)

Property			Units			Physical Occupancy			VRE's Nominal Ownership1			1Q 2024 NOI2			Total Debt			VRE Share of 1Q NOI			VRE Share of Debt
Multifamily
Urby Harborside			762			90.7%			85.0%			$5,318			$185,017			$4,520			$157,264
RiverTrace at Port Imperial			316			94.5%			22.5%			2,273			82,000			511			18,450
Capstone at Port Imperial			360			96.6%			40.0%			3,159			135,000			1,264			54,000
Riverpark at Harrison			141			92.9%			45.0%			514			30,192			231			13,586
Metropolitan at 40 Park			130			89.9%			25.0%			711			34,100			178			8,525
Station House			378			91.5%			50.0%			1,823			88,927			912			44,464
Total Multifamily			2,087			92.5%			55.0%			$13,798			$555,236			$7,616			$296,289
Retail
Shops at 40 Park			N/A			69.0%			25.0%			285			6,067			71			1,517
Total Retail			N/A			69.0%			25.0%			$285			$6,067			$71			$1,517
Total UJV												$14,083			$561,303			$7,687			$297,806
Metropolitan Lofts3												81						41
Total UJV Adjusted												$14,164						$7,728

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 Metropolitan Lofts sold on January 12, 2024.

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Annex 5: 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.The loan on Portside at East Pier is capped at a strike rate of 3.5%, expiring in September 2026.

3.The loan on Upton is capped at a strike rate of 1.0%, expiring in October 2024.

4.The loan on 145 Front Street is capped at a strike rate of 4.0%, expiring in June 2024. Subsequent to quarter end, the Company noticed the lender of its intention to prepay the loan in May 2024. After the loan is repaid, the Company plans to contribute the asset to the collateral pool of its new facility package.

5.The loan on RiverHouse 9 is capped at a strike rate of 3.0%, expiring in June 2024.

6.On April 22, 2024, the Company terminated its existing facility comprised of a $115 million term loan and $60 million revolver. The Company simultaneously secured a $500 million facility with a group of eight lenders, comprised of a $300 million revolver and $200 million delayed-draw term loan. The facility has a three-year term ending April 2027, with a one-year extension option. For more details on the facility please refer to the terms outlined in the first quarter 2024 10-Q.

Back to Debt Profile page.

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Annex 6: Multifamily Property Information

			Location			Ownership			Apartments			Rentable SF			Average Size			Year Complete
NJ Waterfront
Haus25			Jersey City, NJ			100.0%			750			617,787			824			2022
Liberty Towers			Jersey City, NJ			100.0%			648			602,210			929			2003
BLVD 401			Jersey City, NJ			74.3%			311			273,132			878			2016
BLVD 425			Jersey City, NJ			74.3%			412			369,515			897			2003
BLVD 475			Jersey City, NJ			100.0%			523			475,459			909			2011
Soho Lofts			Jersey City, NJ			100.0%			377			449,067			1,191			2017
Urby Harborside			Jersey City, NJ			85.0%			762			474,476			623			2017
RiverHouse 9			Weehawken, NJ			100.0%			313			245,127			783			2021
RiverHouse 11			Weehawken, NJ			100.0%			295			250,591			849			2018
RiverTrace			West New York, NJ			22.5%			316			295,767			936			2014
Capstone			West New York, NJ			40.0%			360			337,991			939			2021
NJ Waterfront Subtotal						85.0%			5,067			4,391,122			867
Massachusetts
Portside at East Pier			East Boston, MA			100.0%			181			156,091			862			2015
Portside 2 at East Pier			East Boston, MA			100.0%			296			230,614			779			2018
145 Front at City Square			Worcester, MA			100.0%			365			304,936			835			2018
The Emery			Revere, MA			100.0%			326			273,140			838			2020
Massachusetts Subtotal						100.0%			1,168			964,781			826
Other
The Upton			Short Hills, NJ			100.0%			193			217,030			1,125			2021
The James			Park Ridge, NJ			100.0%			240			215,283			897			2021
Signature Place			Morris Plains, NJ			100.0%			197			203,716			1,034			2018
Quarry Place at Tuckahoe			Eastchester, NY			100.0%			108			105,551			977			2016
Riverpark at Harrison			Harrison, NJ			45.0%			141			124,774			885			2014
Metropolitan at 40 Park			Morristown, NJ			25.0%			130			124,237			956			2010
Station House			Washington, DC			50.0%			378			290,348			768			2015
Other Subtotal						73.8%			1,387			1,280,939			924
Operating Portfolio						85.2%			7,622			6,636,842			871
Metropolitan Lofts1			Morristown, NJ			50.0%			59			54,683			927			2018
Operating Portfolio 4Q23						85.0%			7,681			6,691,525			871

Back to Multifamily Operating Portfolio page.

1 Metropolitan Lofts sold on January 12, 2024.

22                                                                         

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Annex 7: Noncontrolling Interests in Consolidated Joint Ventures

			Three Months Ended March 31,
			2024			2023
BLVD 425			$	80		$	17
BLVD 401			(552)			(558)
Port Imperial Garage South			(26)			(45)
Port Imperial Retail South			34			25
Other consolidated joint ventures			(31)			(26)
Net losses in noncontrolling interests			$	(495)		$	(587)
Depreciation in noncontrolling interests			721			712
Funds from operations - noncontrolling interest in consolidated joint ventures			$	226		$	125
Interest expense in noncontrolling interest in consolidated joint ventures			788			792
Net operating income before debt service in consolidated joint ventures			$	1,014		$	917

Back to Adjusted EBITDA and EBITDAre page.

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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 Headquarters			Stock Exchange Listing			Contact Information
Veris Residential, Inc.			New York Stock Exchange			Veris Residential, Inc.
210 Hudson St., Suite 400						Investor Relations Department
Jersey City, New Jersey 07311			Trading Symbol			210 Hudson St., Suite 400
(732) 590-1010			Common Shares: VRE			Jersey City, New Jersey 07311
						Anna Malhari
						Chief Operating Officer
						E-Mail: amalhari@verisresidential.com
						Web: www.verisresidential.com
Executive Officers
Mahbod Nia			Amanda Lombard			Taryn Fielder
Chief Executive Officer			Chief Financial Officer			General Counsel and Secretary
Anna Malhari			Jeff Turkanis
Chief Operating Officer			EVP & Chief Investment Officer
Equity Research Coverage
Bank of America Merrill Lynch			BTIG, LLC			Citigroup
Josh Dennerlein			Thomas Catherwood			Nicholas Joseph
Evercore ISI			Green Street Advisors			JP Morgan
Steve Sakwa			John Pawlowski			Anthony Paolone
Truist
Michael R. Lewis

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