Veris Residential (VRE) Investor presentation summary

Portfolio overview

• Operates 17 residential buildings with 6,581 apartment units and an average property age of 10 years.

• Maintains a high occupancy rate of 94.7% and an average household income per unit of $481,057.

• Average rent-to-income ratio stands at 10.1%.

Financial and operating performance

• Achieved a year-over-year blended net rental growth rate of 3.9% for Q3 and 3.5% YTD.

• Core FFO per diluted share was $0.20 for Q3 and $0.52 YTD.

• Same store NOI growth was 1.6% YTD, with an operating margin of 67.2% YTD.

• Raised 2025 Core FFO per share guidance to $0.67–$0.68, reflecting 11.7%–13.3% growth.

Asset sales and deleveraging

• Completed $467M in non-strategic asset sales YTD, with $75M under contract and sales target raised to $650M.

• Net Debt-to-EBITDA (Normalized) reduced by 15% YTD to 10.0x, targeting 8.0x by end of 2026.

• Land bank valued at $110M, with $75M under contract and potential for 2,174 units in Massachusetts and 1,277 units in New Jersey.