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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
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
26			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 2025 Results

JERSEY CITY, N.J., April 23, 2025 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the first quarter 2025.

			Three Months Ended March 31,
			2025			2024
Net Income (loss) per Diluted Share			$(0.12)			$(0.04)
Core FFO per Diluted Share			$0.16			$0.14
Core AFFO per Diluted Share			$0.17			$0.18
Dividend per Diluted Share			$0.08			$0.0525

FIRST QUARTER UPDATE

–Year-over-year Same Store multifamily Blended Net Rental Growth Rate of 2.4%.

–Year-over-year Same Store NOI growth of 3.2%.

–Same Store occupancy of 94.0% (95.3% excluding Liberty Towers).

–$45 million of non-strategic assets sold year to date, unwinding two joint ventures, with an additional $34 million under binding contract.

– Subsequent to quarter-end, purchased our partner's interest in the Jersey City Urby joint venture, eliminating the Company’s largest remaining unconsolidated joint venture for $38.5 million, rebranding the property to "Sable" and taking over management. The consolidation is expected to create over $1 million in annualized synergies.

Mahbod Nia, Chief Executive Officer, commented, “During the first quarter, Veris Residential continued to achieve strong operational results while advancing the corporate plan announced earlier this year. With a combined $79 million of non-strategic asset sales either closed or under binding contract this year, we continue to unlock value embedded within the Company, despite elevated levels of market volatility.

“In parallel, we further simplified our portfolio, consolidating our interest in the Jersey City Urby, now Sable, assuming management of the property. Leveraging the Veris Residential platform, we expect the property to realize over $1 million of annualized synergies on a run-rate basis.”

SAME STORE PORTFOLIO PERFORMANCE

			March 31, 2025			December 31, 2024			Change
Same Store Units			7,621			7,621			—%
Same Store Occupancy			94.0%			93.9%			0.1%
Same Store Blended Rental Growth Rate (Quarter)			2.4%			0.5%			1.9%
Average Rent per Home			$4,019			$4,033			(0.3)%

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The following table shows Same Store performance:

($ in 000s)			Three Months Ended March 31,
			2025			2024			%
Total Property Revenue			$75,761			$73,978			2.4%
Controllable Expenses			13,046			12,607			3.5%
Non-Controllable Expenses			11,822			12,057			(1.9)%
Total Property Expenses			24,868			24,664			0.8%
Same Store NOI			$50,893			$49,314			3.2%

FINANCE AND LIQUIDITY

Substantially all of the Company's debt is hedged or fixed with a weighted average effective interest rate of 4.96% and weighted average maturity of 2.8 years. Subsequent to quarter-end, the Company consolidated the mortgage on Sable and simultaneously modified it to suspend principal amortization through the remaining term.

Balance Sheet Metric ($ in 000s)			March 31, 2025			December 31, 2024
Weighted Average Interest Rate			4.96%			4.95%
Weighted Average Years to Maturity			2.8			3.1
TTM Interest Coverage Ratio			1.7x			1.7x
Net Debt			$1,643,411			$1,647,892
TTM EBITDA			$144,191			$140,694
TTM Net Debt to EBITDA			11.4x			11.7x

As of April 21, 2025, the Company had liquidity of approximately $146 million, including funds available on the revolver and cash on hand.

TRANSACTION ACTIVITY

Year to date, the Company has closed on $45 million of non-strategic asset sales, including two unconsolidated joint ventures. An additional $34 million across two land parcels are under binding contract, with an expected close in the first half of 2025.

Name ($ in 000s)			Date			Location			GAV
65 Livingston			1/24/2025			Roseland, NJ			$7,300
Wall Land			4/3/2025			Wall Township, NJ			31,000
PI - North Building (two parcels) and Metropolitan at 40 Park			4/21/2025			West New York, NJ and Morristown, NJ			7,100
Total Assets Sold in 2025-to-date									$45,400

JV INTEREST ACQUISITION

In April 2025, the Company acquired its joint venture partner’s 15% interest in the entity that owns the property now known as “Sable” at Harborside for $38.5 million, including consideration for the tax credit and termination of the management contract. The acquisition was funded through proceeds from non-strategic asset sales.

Upon closing, the Company owned 100% interest in the property, and as a result, consolidated the asset and its corresponding property-level mortgage of $181.8 million. The property-level mortgage was subsequently modified to be an interest-only mortgage.

The Company anticipates over $1 million of annualized synergies as a result of integrating the asset into the Veris platform.

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SHARE BUYBACK PROGRAM

The Company announced a $100 million share repurchase program in February. No shares have been repurchased year to date.

DIVIDEND

The Company paid a dividend of $0.08 per share on April 10, 2025, for shareholders of record as of March 31, 2025.

GUIDANCE

The Company is maintaining its guidance for 2025 in accordance with the following table.

2025 Guidance Ranges			Low						High
Same Store Revenue Growth			2.1%			—			2.7%
Same Store Expense Growth			2.6%			—			3.0%
Same Store NOI Growth			1.7%			—			2.7%

Core FFO per Share Guidance			Low						High
Net Loss per Share			$(0.24)			—			$(0.22)
Depreciation per Share			$0.85			—			$0.85
Core FFO per Share			$0.61			—			$0.63

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Thursday, April 24, 2025, 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 2025 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 24, 2025.

A replay of the call will also be accessible Thursday, April 24, 2025, through Saturday, May 25, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13751071.

Copies of Veris Residential, Inc.’s first quarter 2025 Form 10-Q and first quarter 2025 Supplemental Operating and Financial Data are available on Veris Residential, Inc.’s website under 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 real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on 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 Annual 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

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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, available at https://investors.verisresidential.com/financial-information.

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 may not 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
Mackenzie Rice						Amanda Shpiner/Grace Cartwright
Director, Investor Relations						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, 2025			December 31, 2024
ASSETS
Rental property
Land and leasehold interests			$456,789			$458,946
Buildings and improvements			2,627,149			2,634,321
Tenant improvements			15,067			14,784
Furniture, fixtures and equipment			113,997			112,201
			3,213,002			3,220,252
Less – accumulated depreciation and amortization			(451,540)			(432,531)
			2,761,462			2,787,721
Real estate held for sale, net			9,138			7,291
Net investment in rental property			2,770,600			2,795,012
Cash and cash equivalents			7,596			7,251
Restricted cash			14,512			17,059
Investments in unconsolidated joint ventures			111,607			111,301
Unbilled rents receivable, net			2,409			2,253
Deferred charges and other assets, net			43,680			48,476
Accounts receivable			1,169			1,375
Total Assets			$2,951,573			$2,982,727
LIABILITIES & EQUITY
Revolving credit facility and term loans			345,172			348,839
Mortgages, loans payable and other obligations, net			1,322,036			1,323,474
Dividends and distributions payable			8,485			8,533
Accounts payable, accrued expenses and other liabilities			40,648			42,744
Rents received in advance and security deposits			11,529			11,512
Accrued interest payable			5,232			5,262
Total Liabilities			1,733,102			1,740,364
Redeemable noncontrolling interests			9,294			9,294
Total Stockholders’ Equity			1,080,486			1,099,391
Noncontrolling interests in subsidiaries:
Operating Partnership			99,814			102,588
Consolidated joint ventures			28,877			31,090
Total Noncontrolling Interests in Subsidiaries			$128,691			$133,678
Total Equity			$1,209,177			$1,233,069
Total Liabilities and Equity			$2,951,573			$2,982,727

7

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Consolidated Statement of Operations

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

			Three Months Ended March 31,
REVENUES			2025			2024
Revenue from leases			$61,965			$60,642
Management fees			718			922
Parking income			3,749			3,745
Other income			1,324			2,031
Total revenues			67,756			67,340
EXPENSES
Real estate taxes			9,212			9,177
Utilities			2,807			2,271
Operating services			10,993			12,570
Property management			4,385			5,242
General and administrative			10,068			11,088
Transaction-related costs			308			516
Depreciation and amortization			21,253			20,117
Land and other impairments, net			3,200			—
Total expenses			62,226			60,981
OTHER (EXPENSE) INCOME
Interest expense			(22,960)			(21,500)
Interest and other investment income			25			538
Equity in earnings (loss) of unconsolidated joint ventures			3,842			254
Gain (loss) on disposition of developable land			(156)			784
Gain (loss) on sale of unconsolidated joint venture interests			—			7,100
Other income (expense), net			(105)			255
Total other (expense) income, net			(19,354)			(12,569)
Income (loss) from continuing operations before income tax expense			(13,824)			(6,210)
Provision for income taxes			(42)			(59)
Income (loss) from continuing operations after income tax expense			(13,866)			(6,269)
Income (loss) from discontinued operations			136			252
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net			—			1,548
Total discontinued operations, net			136			1,800
Net Income (loss)			(13,730)			(4,469)
Noncontrolling interest in consolidated joint ventures			2,125			495
Noncontrolling interests in Operating Partnership of loss (income) from continuing operations			998			523
Noncontrolling interests in Operating Partnership in discontinued operations			(11)			(155)
Redeemable noncontrolling interests			(81)			(297)
Net income (loss) available to common shareholders			$(10,699)			$(3,903)
Basic earnings per common share:
Net income (loss) available to common shareholders			$(0.12)			$(0.04)
Diluted earnings per common share:
Net income (loss) available to common shareholders			$(0.12)			$(0.04)
Basic weighted average shares outstanding			93,059			92,275
Diluted weighted average shares outstanding(1)			101,690			100,968

    

See Reconciliation to Net Income (Loss) to NOI page for more details.

8

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FFO, Core FFO and Core AFFO

(in thousands, except per share/unit amounts)

			Three Months Ended March 31,
			2025			2024
Net loss available to common shareholders			$	(10,699)		$	(3,903)
Add/(Deduct):
Noncontrolling interests in Operating Partnership			(998)			(523)
Noncontrolling interests in discontinued operations			11			155
Real estate-related depreciation and amortization on continuing operations(2)			23,445			22,631
Real estate-related depreciation and amortization on discontinued operations			—			668
Continuing operations: Loss (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)
FFO(3)			$	11,759		$	10,380
Add/(Deduct):
Land and other impairments(4)			1,600			—
(Gain) loss on disposition of developable land			156			(784)
Rebranding and Severance/Compensation related costs (G&A)(5)			168			1,637
Rebranding and Severance/Compensation related costs (Property Management)(6)			510			1,526
Amortization of derivative premium(7)			1,084			904
Derivative mark to market adjustment			255			—
Transaction related costs			308			516
Core FFO			$	15,840		$	14,179
Add/(Deduct):
Straight-line rent adjustments(8)			(146)			25
Amortization of market lease intangibles, net			(3)			(7)
Amortization of lease inducements			—			7
Amortization of stock compensation			3,366			3,727
Non-real estate depreciation and amortization			150			210
Amortization of deferred financing costs			1,707			1,242
Add/(Deduct):
Non-incremental revenue generating capital expenditures:
Building improvements			(3,306)			(1,040)
Tenant improvements and leasing commissions(9)			(33)			(9)
Core AFFO(3)			$	17,575		$	18,334
Funds from Operations per share/unit-diluted			$0.12			$0.10
Core Funds from Operations per share/unit-diluted			$0.16			$0.14
Core Adjusted Funds from Operations per share/unit-diluted			$0.17			$0.18
Dividends declared per common share			$0.08			$0.0525

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

See Consolidated Statements of Operations page.

9

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Adjusted EBITDA

($ in thousands) (unaudited)

			Three Months Ended March 31,
			2025			2024
Core FFO (calculated on a previous page)			$	15,840		$	14,179
Deduct:
Equity in (earnings) loss of unconsolidated joint ventures			(3,842)			(459)
Equity in earnings share of depreciation and amortization			(2,343)			(2,724)
Add:
Interest expense			22,960			21,500
Amortization of derivative premium			(1,084)			(904)
Derivative mark to market adjustment			(255)			—
Recurring joint venture distributions			5,801			1,701
Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments1			(525)			(495)
Redeemable noncontrolling interests			81			297
Income tax expense			43			82
Adjusted EBITDA			$	36,675		$	33,177

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

See Non-GAAP Financial Definitions.

1See Annex 7 for breakout of Noncontrolling interests in consolidated joint ventures.

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			$11,625
New Jersey Waterfront			$169,460			$148,796						Restricted Cash			14,512
Massachusetts			26,220			26,220						Other Assets			47,258
Other			28,728			23,768						Subtotal Other Assets			$73,395
Total Multifamily NOI			$224,408			$198,784
Commercial NOI3			2,380			1,949						Liabilities and Other Considerations
Total NOI			$226,788			$200,733
												Operating - Consolidated Debt at Share4			$1,440,886
Non-Strategic Assets												Operating - Unconsolidated Debt at Share4			129,442
												Other Liabilities			65,894
Estimated Value of Land Under Binding Contract						$34,250						Revolving Credit Facility4			161,000
Estimated Value of Remaining Land						115,194						Term Loan			200,000
Total Non-Strategic Assets5						$149,444						Preferred Units			9,294
												Subtotal Liabilities and Other Considerations			$2,006,516
												Outstanding Shares6
												Diluted Weighted Average Shares Outstanding for 1Q 2025 (in 000s)			102,066

1 See Multifamily Operating Portfolio page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized. Displayed NOI values reflect the change in ownership % associated with consolidation of Sable (f.k.a. Jersey City Urby) and exclude NOI from Metropolitan at 40 Park due to the sale of our interest.

2 Cash and cash equivalents is of April 21, 2025.

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

4 See Debt Summary and Maturity Schedule for pro forma reconciliation.

5 The land values are VRE`s share of value. Wall Land, PI North - Buillding 6 and Riverbend I parcels were removed from the totals as the sales of these assets closed in April 2025. Estimated value of land under binding contract reflects two land parcels (PI South - Building 2 and 1 Water Street) and the value VRE expects to receive upon completion of the sale. For more details on unit change see Commercial Assets and Developable Land page.

6 Outstanding shares for the quarter ended March 31, 2025 is comprised of the following (in 000s): 93,059 weighted average common shares outstanding, 8,631 weighted average Operating Partnership common and vested LTIP units outstanding, and 377 shares representing the dilutive effect of stock-based compensation awards.

See Non-GAAP Financial Definitions.

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Multifamily Operating Portfolio

(in thousands, except Revenue per home)

    

									Operating Highlights
									Percentage Occupied						Average Revenue per Home						NOI1						Debt Balance
			Ownership			Apartments			1Q 2025			4Q 2024			1Q 2025			4Q 2024			1Q 2025			4Q 2024
NJ Waterfront
Haus25			100.0%			750			95.6%			95.3%			$4,969			$4,986			$8,195			$7,803			$343,061
Liberty Towers*			100.0%			648			80.5%			85.6%			4,428			4,319			4,289			4,543			—
BLVD 401			74.3%			311			95.0%			95.7%			4,272			4,309			2,431			2,428			115,010
BLVD 425			74.3%			412			95.9%			95.6%			4,143			4,175			3,426			3,246			131,000
BLVD 475			100.0%			523			96.4%			94.4%			4,235			4,201			4,197			4,100			163,844
Soho Lofts*			100.0%			377			94.2%			94.7%			4,828			4,860			3,232			3,258			—
Sable (f.k.a. Jersey City Urby)2			85.0%			762			94.5%			94.4%			4,223			4,322			5,879			6,455			181,810
RiverHouse 9 at Port Imperial			100.0%			313			96.4%			95.4%			4,493			4,516			2,715			2,674			110,000
RiverHouse 11 at Port Imperial			100.0%			295			95.8%			96.3%			4,391			4,405			2,527			2,479			100,000
RiverTrace			22.5%			316			94.2%			94.4%			3,808			3,851			2,151			2,243			82,000
Capstone			40.0%			360			95.6%			95.1%			4,603			4,590			3,323			3,243			135,000
NJ Waterfront Subtotal			85.0%			5,067			93.4%			93.8%			$4,430			$4,441			$42,365			$42,472			$1,361,725
Massachusetts
Portside at East Pier			100.0%			180			96.4%			95.2%			$3,283			$3,265			$1,156			$1,207			$56,500
Portside 2 at East Pier			100.0%			296			95.8%			93.9%			3,502			3,425			2,115			2,070			95,022
145 Front at City Square*			100.0%			365			94.8%			94.0%			2,513			2,524			1,636			1,549			—
The Emery at Overlook Ridge			100.0%			326			93.9%			92.9%			2,845			2,865			1,648			1,699			70,279
Massachusetts Subtotal			100.0%			1,167			95.0%			93.9%			$2,975			$2,962			$6,555			$6,525			$221,801
Other
The Upton			100.0%			193			93.3%			91.4%			$4,355			$4,411			$1,290			$1,238			$75,000
The James*			100.0%			240			97.8%			95.8%			3,074			3,168			1,570			1,447			—
Signature Place*			100.0%			197			95.7%			96.5%			3,350			3,312			1,101			1,050			—
Quarry Place at Tuckahoe			100.0%			108			96.8%			95.8%			4,406			4,368			798			821			41,000
Riverpark at Harrison			45.0%			141			97.6%			95.7%			2,857			2,995			568			626			30,192
Metropolitan at 40 Park3			25.0%			130			94.0%			93.7%			3,800			3,741			798			771			34,100
Station House			50.0%			378			93.2%			91.8%			2,909			2,989			1,855			2,005			86,812
Other Subtotal			73.8%			1,387			95.2%			94.0%			$3,396			$3,442			$7,980			$7,958			$267,104
Operating Portfolio4,5			85.2%			7,621			94.0%			93.9%			$4,019			$4,033			$56,900			$56,955			$1,850,630

1 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities.

2 Subsequent to quarter-end, purchased joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".

3 On April 21, 2025, the Company sold its interests in the Metropolitan joint venture.

4 Rental revenue associated with retail leases is included in the NOI disclosure above.

5 See Unconsolidated Joint Ventures and Annex 6: Multifamily Operating Portfolio for more details.

*Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility.

See Non-GAAP Financial Definitions.

                                                            12

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Commercial Assets and Developable Land

($ in thousands)

Commercial			Location			Ownership			Rentable SF1			Percentage Leased 1Q 2025			Percentage Leased 4Q 2024			NOI 1Q 2025			NOI 4Q 2024			Debt Balance
Port Imperial South - Garage			Weehawken, NJ			70.0%			Fn 1			N/A			N/A			$413			$537			$30,957
Port Imperial South - Retail			Weehawken, NJ			70.0%			18,064			77.0%			92.0%			112			147			—
Port Imperial North - Garage			Weehawken, NJ			70.0%			Fn 1			N/A			N/A			(54)			25			—
Port Imperial North - Retail			Weehawken, NJ			100.0%			8,400			100.0%			100.0%			89			(275)			—
Riverwalk at Port Imperial			West New York, NJ			100.0%			29,923			80.0%			80.0%			35			61			—
Commercial Total									56,387			82.0%			86.8%			$595			$495			$30,957
Shops at 40 Park2			Morristown, NJ			N/A			N/A			N/A			69.0%			—			68			—
Commercial Total with Shops at 40 Park												82.0%			78.4%			$595			$563			$30,957

Developable Land Parcel Units3
			Total Units			VRE Share
NJ Waterfront			1,522			1,400
Massachusetts			737			737
Other			459			459
Developable Land Parcel Units Total at April 22, 20254			2,718			2,596
Less: land under binding contract			544			422
Developable Land Parcel Units Remaining			2,174			2,174

1 Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively.

2 The Company`s joint venture sold the Shops at 40 Park retail property on October 22, 2024.

3 The Company has an additional 34,375 SF of developable retail space within land developments that is not represented in this table.

4 Includes the impact of the three land parcels that sold in April 2025.

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Same Store Market Information1

Sequential Quarter Comparison

(NOI in thousands)     

						NOI at Share									Occupancy									Blended Lease Tradeouts2
			Apartments			1Q 2025			4Q 2024			Change			1Q 2025			4Q 2024			Change			1Q 2025			4Q 2024			Change
New Jersey Waterfront			5,067			$37,673			$37,733			(0.2)%			93.4%			93.8%			(0.3)%			2.4%			1.2%			1.2%
Massachusetts			1,167			6,816			6,787			0.4%			95.0%			93.9%			1.2%			2.5%			—%			2.5%
Other3			1,387			6,404			6,299			1.7%			95.2%			94.0%			1.1%			2.6%			(1.7)%			4.3%
Total			7,621			$50,893			$50,819			0.1%			94.0%			93.9%			0.1%			2.4%			0.5%			1.9%

Year-over-Year First Quarter Comparison

(NOI in thousands)

						NOI at Share									Occupancy									Blended Lease Tradeouts2
			Apartments			1Q 2025			1Q 2024			Change			1Q 2025			1Q 2024			Change			1Q 2025			1Q 2024			Change
New Jersey Waterfront			5,067			$37,673			$36,698			2.7%			93.4%			94.2%			(0.8)%			2.4%			4.1%			(1.7)%
Massachusetts			1,167			6,816			6,520			4.5%			95.0%			95.1%			(0.1)%			2.5%			2.9%			(0.4)%
Other3			1,387			6,404			6,096			5.1%			95.2%			92.7%			2.7%			2.6%			4.8%			(2.2)%
Total			7,621			$50,893			$49,314			3.2%			94.0%			94.1%			(0.1)%			2.4%			4.6%			(2.2)%

Average Revenue per Home

			Apartments			1Q 2025			4Q 2024			3Q 2024			2Q 2024			1Q 2024
New Jersey Waterfront			5,067			$4,430			$4,441			$4,371			$4,291			$4,274
Massachusetts			1,167			2,975			2,962			2,946			2,931			2,893
Other3			1,387			3,396			3,442			3,421			3,411			3,374
Total			7,621			$4,019			$4,033			$3,980			$3,923			$3,899

1 All statistics are based off the current 7,621 Same Store pool.

2 Blended lease tradeouts 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.

See Non-GAAP Financial Definitions.

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Same Store Performance

($ in thousands)

Multifamily Same Store1
			Three Months Ended March 31,																		Sequential
			2025			2024			Change			%									1Q25			4Q24			Change			%
Apartment Rental Income			$68,679			$66,701			$1,978			3.0%									$68,679			$69,149			$(470)			(0.7)%
Parking/Other Income			7,082			7,277			(195)			(2.7)%									7,082			7,226			(144)			(2.0)%
Total Property Revenues2			$75,761			$73,978			$1,783			2.4%									$75,761			$76,375			$(614)			(0.8)%
Marketing & Administration			2,145			2,138			7			0.3%									2,145			2,618			(473)			(18.1)%
Utilities			3,244			2,570			674			26.2%									3,244			2,278			966			42.4%
Payroll			4,291			4,295			(4)			(0.1)%									4,291			4,525			(234)			(5.2)%
Repairs & Maintenance			3,366			3,604			(238)			(6.6)%									3,366			4,486			(1,120)			(25.0)%
Controllable Expenses			$13,046			$12,607			$439			3.5%									$13,046			$13,907			$(861)			(6.2)%
Other Fixed Fees			725			712			13			1.8%									725			719			6			0.8%
Insurance			1,467			1,779			(312)			(17.5)%									1,467			1,388			79			5.7%
Real Estate Taxes			9,630			9,566			64			0.7%									9,630			9,542			88			0.9%
Non-Controllable Expenses			$11,822			$12,057			$(235)			(1.9)%									$11,822			$11,649			$173			1.5%
Total Property Expenses			$24,868			$24,664			$204			0.8%									$24,868			$25,556			$(688)			(2.7)%
Same Store GAAP NOI			$50,893			$49,314			$1,579			3.2%									$50,893			$50,819			$74			0.1%
Same Store NOI Margin			67.2%			66.7%			0.5%												67.2%			66.5%			0.7%
Total Units			7,621			7,621															7,621			7,621
% Ownership			85.2%			85.2%															85.2%			85.2%
% Occupied			94.0%			94.1%			(0.1)%												94.0%			93.9%			0.1%

1 Values represent the Company's pro rata ownership of the operating portfolio. All periods displayed have the same properties in the pool.

2 Revenues reported based on Generally Accepted Accounting Principals or "GAAP".

15

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Debt Profile

($ in thousands)

			Lender			Effective Interest Rate(1)			March 31, 2025			December 31, 2024			Date of Maturity
Secured Permanent Loans
Portside 2 at East Pier			New York Life Insurance Co.			4.56%			95,022			95,427			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%			115,010			115,515			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
RiverHouse 9 at Port Imperial(4)			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%			163,844			164,712			11/10/27
Haus25			Freddie Mac			6.04%			343,061			343,061			09/01/28
RiverHouse 11 at Port Imperial			The Northwestern Mutual Life Insurance Co.			4.52%			100,000			100,000			01/10/29
Port Imperial Garage South			American General Life & A/G PC			4.85%			30,957			31,098			12/01/29
The Emery at Overlook Ridge(5)			Flagstar Bank			3.21%			70,279			70,653			01/01/31
Secured Permanent Loans Outstanding									$1,331,673			$1,333,966
Unamortized Deferred Financing Costs									(9,637)			(10,492)
Secured Permanent Loans									$1,322,036			$1,323,474
Secured RCF & Term Loans:
Revolving Credit Facility(6)			Various Lenders			SOFR + 2.73%			$148,000			$152,000			04/22/27
Term Loan(6)			Various Lenders			SOFR + 2.73%			200,000			200,000			04/22/27
RCF & Term Loan Balances									$348,000			$352,000
Unamortized Deferred Financing Costs									(2,828)			(3,161)
Total RCF & Term Loan Debt									$345,172			$348,839
Total Debt									$1,667,208			$1,672,313

See to Debt Profile Footnotes page.

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Debt Summary and Maturity Schedule

        

Nearly all of the Company's total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed. The Company's total pro forma debt portfolio has a weighted average interest rate of 4.96% and a weighted average maturity of 2.8 years.

($ in thousands)     

			Balance			% of Total			Weighted Average Interest Rate			Weighted Average Maturity in Years
Fixed Rate & Hedged Debt
Fixed Rate & Hedged Secured Debt			$1,679,673			100.0%			5.05%			2.51
Variable Rate Debt
Variable Rate Debt			—			—%			—%			—
Totals / Weighted Average			$1,679,673			100.0%			5.05%			2.51
Unamortized Deferred Financing Costs			(12,465)
Total Consolidated Debt, net			$1,667,208
Partners’ Share			(72,597)
VRE Share of Total Consolidated Debt, net1			$1,594,611
Unconsolidated Secured Debt
VRE Share			$292,506			53.2%			4.71%			3.80
Partners’ Share			257,408			46.8%			4.71%			3.80
Total Unconsolidated Secured Debt			$549,914			100.0%			4.71%			3.80
Pro Forma Debt Portfolio
Fixed Rate & Hedged Secured Debt			$1,920,328			99.4%			4.94%			2.84
Variable Rate Secured Debt			11,000			0.6%			7.04%			2.06
Total Pro Forma Debt Portfolio			$1,931,328			100.0%			4.96%			2.83

Debt Maturity Schedule as of March 31, 20252,3

			Pro Forma
Total Consolidated Debt, gross on 3/31/25			1,679,673
Partners' Share			(72,597)
VRE Share of Total Consolidated Debt, as of 3/31/25			1,607,076
Net Revolver activity in April			13,000
Consolidation of debt associated with JV interest acquisition			181,810
VRE Share of Total Consolidated Debt, as of 4/21/25			1,800,886
VRE Share of Unconsolidated Secured Debt, on 3/31/25			292,506
Consolidation of debt associated with JV interest acquisition			(154,539)
Disposition of our interest in Metropolitan at 40 Park joint venture			(8,525)
VRE Share of Total Unconsolidated Debt, on 4/21/25			129,442
Total Pro Forma Debt Portfolio			1,931,328

    

1 Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.6 million at BLVD 401 and $9.3 million at Port Imperial South Garage.

2 The Term Loan, Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities. At quarter end, the Term Loan was fully drawn and hedged with an interest-rate cap with a strike rate of 3.5%, expiring July 2026. The Revolver is fully hedged with an interest-rate cap of 3.5%, expiring in June 2025.

3 The graphic reflects consolidated debt balances only. Dollars are shown in millions.

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Annex 1: Transaction Activity

$ in thousands except per SF

Location

Transaction Date

Number of Buildings

Units

Gross Asset Value

2025 dispositions-to-date

Land

65 Livingston

Roseland, NJ

1/24/2025

N/A

N/A

$7,300

Wall Land

Wall Township, NJ

4/3/2025

N/A

N/A

31,000

PI North - Building 6 and Riverbend I

West New York, NJ

4/21/2025

N/A

N/A

6,500

Land dispositions-to-date

$44,800

Multifamily

Metropolitan at 40 Park

Morristown, NJ

4/21/2025

1

130

$600

Multifamily dispositions-to-date

$600

Total dispositions-to-date

$45,400

Land Under Binding Contract

1 Water Street

White Plains, NY

N/A

N/A

N/A

PI South - Building 2

Weehawken, NJ

N/A

N/A

N/A

2025 Acquisitions-to-Date

Multifamily

Sable (f.k.a Jersey City Urby)

Jersey City, NJ

4/21/2025

1

762

$38,5001

Multifamily acquisitions-to-date

$38,500

1 Represents gross value associated with the purchase of our partner`s equity interest in the Jersey City property now known as Sable.

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

			1Q 2025						4Q 2024
			Total						Total
Net Income (loss)			$	(13,730)					$	(14,023)
Deduct:
Management fees			(718)						(751)
Loss (income) from discontinued operations			(136)						1,015
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairment, net			—						(1,899)
Interest and other investment income			(25)						(111)
Equity in (earnings) loss of unconsolidated joint ventures			(3,842)						(1,015)
(Gain) loss on disposition of developable land			156						—
Gain on sale of unconsolidated joint venture interests			—						154
Other (income) expense, net			105						396
Add:
Property management			4,385						3,877
General and administrative			10,068						10,040
Transaction-related costs			308						159
Depreciation and amortization			21,253						21,182
Interest expense			22,960						23,293
Provision for income taxes			42						2
Land and other impairments, net			3,200						—
Net operating income (NOI)			$	44,026					$	42,319

Summary of Consolidated Multifamily NOI by Type (unaudited):			1Q 2025						4Q 2024
Total Consolidated Multifamily - Operating Portfolio			$	42,326					$	41,612
Total Consolidated Commercial			595						495
Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)			$	42,921					$	42,107
NOI (loss) from services, land/development/repurposing & other assets			1,250						398
Total Consolidated Multifamily NOI			$	44,171					$	42,505

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

1.Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,360 and 8,418 shares for the three months ended March 31, 2025 and 2024, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).

2.Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $2.3 million and $2.7 million for the three months ended March 31, 2025 and 2024, respectively. Excludes non-real estate-related depreciation and amortization of $0.2 million and $0.2 million for each of the three months ended March 31, 2025 and 2024.

3.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.

4.Represents the Company`s controlling interest portion of $3.2 million land and other impairment charge.

5.Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $9.9 million and $9.6 million for the three months ended March 31, 2025 and 2024, respectively.

6.Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.9 million and $3.7 million for the three months ended March 31, 2025 and 2024, respectively.

7.Includes the Company's share from unconsolidated joint ventures of $12 thousand and $19 thousand for the three months ended March 31, 2025 and 2024, respectively.

8.Includes the Company's share from unconsolidated joint ventures of $10 thousand for each of the three months ended March 31, 2025 and 2024.

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

Back to Consolidated Statement of Operations page.

Back to FFO, Core FFO and Core AFFO page.

Back to Adjusted EBITDA page

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Annex 4: Unconsolidated Joint Ventures

($ in thousands)

Property			Units			Percentage Occupied			VRE's Nominal Ownership1			1Q 2025 NOI2			Total Debt			VRE Share of 1Q NOI			VRE Share of Debt
Multifamily
Sable (f.k.a Jersey City Urby)3			762			94.5%			85.0%			$5,879			$181,810			$4,997			$154,539
RiverTrace at Port Imperial			316			94.2%			22.5%			2,151			82,000			484			18,450
Capstone at Port Imperial			360			95.6%			40.0%			3,323			135,000			1,329			54,000
Riverpark at Harrison			141			97.6%			45.0%			568			30,192			256			13,586
Metropolitan at 40 Park4			130			94.0%			25.0%			798			34,100			200			8,525
Station House			378			93.2%			50.0%			1,855			86,812			928			43,406
Total Multifamily			2,087			94.6%			55.0%			$14,574			$549,914			$8,193			$292,506
Total UJV			2,087			94.6%			55.0%			$14,574			$549,914			$8,193			$292,506

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 Subsequent to quarter-end, purchased joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".

4 On April 21, the Company sold its interests in the Metropolitan joint venture.

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Annex 5: Debt Profile Footnotes

            

1.Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.

2.The loan on Portside at East Pier is hedged with a 3-year cap at a strike rate of 3.5%, expiring in September 2026.

3.The loan on Upton is hedged with an interest rate cap at a strike rate of 3.5%, expiring in November 2026.

4.The loan on RiverHouse 9 is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026.

5.Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time interest rate election of either: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.

6.The Company's facilities consist of a $300 million Revolver and $200 million delayed-draw Term Loan and are supported by a group of eight lenders. The eight lenders consists of JP Morgan Chase and Bank of New York Mellon as Joint Bookrunners; Bank of America Securities, Capital One, Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers; and Associated Bank and Eastern Bank as participants. The facilities have a three-year term ending April 22, 2027, with a one-year extension option. The Term Loan was fully drawn and hedged with interest rate caps at strike rates of 3.5%, expiring in July 2026. As of March 31, 2025, the balance outstanding under the Revolver was $148 million, of which was fully hedged with an interest rate cap at a strike rate of 3.5%, expiring in June 2025.

			Balance as of March 31, 2025			Initial Spread			Deferred Financing Costs			5 bps reduction KPI			Updated Spread			SOFR or SOFR Cap			All In Rate
Secured Revolving Credit Facility			$148,000,000			2.10%			0.68%			(0.05)%			2.73%			3.50%			6.23%
Secured Term Loan			$200,000,000			2.10%			0.68%			(0.05)%			2.73%			3.50%			6.23%

Back to Debt Profile page.

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Annex 6: Multifamily Property Information

			Location			Ownership			Apartments			Rentable SF1			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
Sable (f.k.a Jersey City Urby)2			Jersey City, NJ			85.0%			762			474,476			623			2017
RiverHouse 9 at Port Imperial			Weehawken, NJ			100.0%			313			245,127			783			2021
RiverHouse 11 at Port Imperial			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%			180			154,859			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 at Overlook Ridge			Revere, MA			100.0%			326			273,140			838			2020
Massachusetts Subtotal						100.0%			1,167			963,549			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 Park3			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 Portfolio4						85.2%			7,621			6,635,610			871

Back to Multifamily Operating Portfolio page.

1 Total sf outlined above excludes approximately 191,838 sqft of ground floor retail, of which 149,497 sf was leased as of March 31, 2025.

2 Subsequent to quarter-end, purchased joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".

3 On April 21, the Company sold the Metropolitan joint venture.

4 Rental revenue associated with retail leases is included in the NOI disclosure on the Multifamily Operating Portfolio page.

23                                                                         

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Annex 7: Noncontrolling Interests in Consolidated Joint Ventures

			Three Months Ended March 31,
			2025			2024
BLVD 425			$	152		$	80
BLVD 401			(552)			(552)
Port Imperial Garage South			(82)			(26)
Port Imperial Retail South			8			34
Other consolidated joint ventures			(1,651)			(31)
Net losses in noncontrolling interests			$	(2,125)		$	(495)
Depreciation in noncontrolling interests			736			721
Funds from operations - noncontrolling interest in consolidated joint ventures			$	(1,389)		$	226
Interest expense in noncontrolling interest in consolidated joint ventures			782			788
Net operating income before debt service in consolidated joint ventures			$	(607)		$	1,014

Back to Adjusted EBITDA 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, 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.

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.

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
						Mackenzie Rice
						Director, Investor Relations
						E-Mail: investors@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
Jana Galan			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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