JERSEY CITY, N.J., Oct. 22, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the third quarter 2025.
Three Months Ended September Nine Months Ended September
30, 30,
2025 2024 2025 2024
Net Income
(loss) per
Diluted Share $0.80 $(0.10) $0.81 $(0.12)
Core FFO per
Diluted Share $0.20 $0.17 $0.52 $0.49
Core AFFO per
Diluted Share $0.19 $0.19 $0.55 $0.58
Dividend per
Diluted Share $0.08 $0.07 $0.24 $0.1825
=============== ============== ============== ============= ==============
STRATEGIC UPDATE
-- Meaningfully accelerated the Company's deleveraging progress with $542
million of non-strategic asset sales completed or under contract year to
date, including $75 million under contract for the Harborside 8/9 land
parcel.
-- Utilized asset sale proceeds to reduce debt by $394 million during
the third quarter, further reducing Net Debt-to-EBITDA
(Normalized) to 10.0x ahead of schedule.
-- On track to achieve Net Debt-to-EBITDA (Normalized) of
approximately 9.0x upon the sale of Harborside 8/9, anticipated to
close in the first quarter next year.
-- Raised high-end of non-strategic asset disposition guidance to $650
million, positioning the Company to achieve Net Debt-to-EBITDA
(Normalized) of around 8.0x or potentially lower by year-end 2026.
-- Raised 2025 Core FFO per share guidance for the second consecutive
quarter to reflect one-time tax appeal refunds recognized in the third
quarter.
OPERATIONAL HIGHLIGHTS
-- Year-over-year Same Store Blended Net Rental Growth Rate of 3.9% for the
quarter and 3.5% year to date.
-- Year-over-year Same Store NOI growth of 1.6% year to date.
-- Occupancy of 95.8% excluding Liberty Towers, which remains under
renovation, with Same Store occupancy of 94.7% (including Liberty
Towers).
-- Named 2025 Regional Listed Sector Leader and Top Performer by GRESB for
distinguished sustainability leadership among residential companies in
the Americas.
Mahbod Nia, Chief Executive Officer, commented, "The third quarter marked another period of significant progress advancing Veris Residential's corporate plan, as we seek to continue accelerating our balance sheet transformation while delivering outsized earnings growth. With $542 million in non-core asset sales either closed or under contract year to date--exceeding our target for non-strategic asset sales--we are pleased to raise our disposition target to $650 million, positioning us to potentially delever to below 8x by year-end 2026.
"Operationally, we delivered another solid quarter, achieving 3.9% blended net rental growth and further raising our Core FFO guidance to $0.67 to $0.68 per share, representing year-over-year growth of 12.5%. We remain well positioned to drive continued outperformance for shareholders in 2025 and beyond through disciplined execution, operational efficiency and strategic capital deployment."
SAME STORE PORTFOLIO PERFORMANCE
Following the sale of The James, 145 Front Street, Signature Place and Quarry Place, the Company has removed these assets from its Same Store pool for all periods presented. All Same Store financial and operational results have been revised for comparability.
September 30,
2025 June 30, 2025 Change
Same Store Units 6,581 6,581 -- %
Same Store Occupancy 94.7 % 93.3 % 1.4 %
Same Store Blended Rental Growth Rate
(Quarter) 3.9 % 5.8 % (1.9) %
Average Revenue per Home $4,255 $4,226 0.7 %
--------------------------------------- ------------- ------------- -------
The following table shows Same Store performance:
Three Months Ended September Nine Months Ended September
($ in 000s) 30, 30,
2025 2024 % 2025 2024 %
Total Property
Revenue $68,870 $67,359 2.2 % $203,451 $199,088 2.2 %
Controllable
Expenses 12,034 11,383 5.7 % 34,219 33,586 1.9 %
Non-Controllable
Expenses 11,394 9,295 22.6 % 32,428 30,859 5.1 %
Total Property
Expenses 23,428 20,678 13.3 % 66,647 64,445 3.4 %
----------------- -------- --------- --------- -------- -------- -------
Same Store NOI $45,442 $46,681 (2.7) % $136,804 $134,643 1.6 %
----------------- -------- --------- --------- -------- -------- -------
TRANSACTION ACTIVITY
During the third quarter, the Company sold four multifamily properties and one land parcel, generating $406 million in gross proceeds. Year to date, the Company has sold $467 million of non-strategic assets, with an additional $75 million under contract for Harborside 8/9, reducing our land bank to $35 million.
Name ($ in 000s) Date Location Gross Proceeds 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 West New York, NJ, and Metropolitan at 40 Park 4/21/2025 Morristown, NJ 7,100 1 Water 4/29/2025 White Plains, NY 15,500 Signature Place 7/9/2025 Morris Plains, NJ 85,000 145 Front Street 7/22/2025 Worcester, MA 122,200 The James 8/14/2025 Park Ridge, NJ 117,000 PI South - Building 2 8/28/2025 Weehawken, NJ 19,000 Quarry Place at Tuckahoe 9/25/2025 Eastchester, NY 63,000 ------------------------- ---------- ----------------------- -------------- Total Assets Sold in 2025 $467,100 ============================================================== ==============
FINANCE AND LIQUIDITY
As of September 30, 2025, the Company had liquidity of $274 million, a weighted average effective interest rate of 4.76% and a weighted average maturity of 2.6 years, with all of the Company's debt either hedged or fixed.
During the quarter, the Company utilized proceeds from asset sales to repay the $200 million Term Loan, $96 million on the Revolver and the $56.5 million mortgage secured by Portside at East Pier. In addition, the buyer assumed the $41 million mortgage secured by Quarry Place.
Balance Sheet Metric ($ in 000s) September 30, 2025 June 30, 2025 Weighted Average Interest Rate 4.76 % 5.08 % Weighted Average Years to Maturity 2.6 2.6 ----------------------------------- ------------------ ------------- TTM Interest Coverage Ratio 1.7x 1.7x ----------------------------------- ------------------ ------------- Net Debt $1,407,717 $1,795,320 TTM Adjusted EBITDA (Normalized) $141,151 $159,162 Net Debt-to-EBITDA (Normalized) 10.0x 11.3x ----------------------------------- ------------------ -------------
AMENDED CREDIT FACILITY
In July, the Company amended its $500 million credit facility established in April 2024. The Amended Facility package--comprising a $300 million Revolver and a $200 million Term Loan, which has been repaid-introduced a leverage-based pricing grid for the Revolver, with spreads ranging from 1.20% to 1.75% over SOFR (inclusive of a 5-basis-point spread reduction associated with meeting certain KPIs), and reduced the required number of secured properties in the collateral pool from five to two.
The Company's current total leverage ratio as defined by the Amended Facility is between 50% and 55%, resulting in a borrowing rate on the Revolver of SOFR + 1.50%. The Amended Facility matures in April 2027 and retains a one-year extension option on the Revolver.
DIVIDEND
The Company paid a dividend of $0.08 per share on October 10, 2025, to shareholders of record as of September 30, 2025.
GUIDANCE
The Company is maintaining its operational guidance for 2025 in accordance with the following table:
2025 Guidance Ranges Low High Same Store Revenue Growth 2.2 % -- 2.7 % Same Store Expense Growth 2.4 % -- 2.8 % Same Store NOI Growth 2.0 % -- 2.8 % -------------------------- ----- -----
The Company is raising its 2025 Core FFO per share guidance range to $0.67 to $0.68, reflecting $4 million recognized this quarter from the successful resolution of real estate tax appeals related to formerly owned office properties.
Current Guidance Previous Guidance (July)
Core FFO per Share
Guidance Low High Low High
Net Income (Loss) per
Share $(0.64) -- $(0.65) $(0.22) -- $(0.21)
Realized and Unrealized
(Gains) Losses on Sales $(0.82) -- $(0.82) $-- -- $--
Depreciation per Share $0.85 -- $0.85 $0.85 -- $0.85
Core FFO per Share $0.67 -- $0.68 $0.63 -- $0.64
-------------------------- ------- ------- ----------- --- ----------
SUSTAINABILITY
The Company's 2025 Global Real Estate Sustainability Benchmark (GRESB) score improved by one point to 90, ranking the Company first in its peer group and maintaining its 5 Star Rating and Green Star designation. The Company was also named a 2025 Regional Listed Sector Leader and Top Performer, recognizing the Company's commitment to sustainability excellence across its portfolio.
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for Thursday, October 23, 2025, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: https://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 third quarter 2025 earnings conference call.
The conference call will be rebroadcast on Veris Residential, Inc.'s website at:
https://investors.verisresidential.com/ beginning at 8:30 a.m. Eastern Time on Thursday, October 23, 2025.
A replay of the call will also be accessible Thursday, October 23, 2025, through Sunday, November 23, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13753250.
Copies of Veris Residential, Inc.'s third quarter 2025 Form 10-Q and third 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 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 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.
Consolidated Balance Sheet
(in thousands) (unaudited)
September 30, 2025 December 31, 2024
ASSETS
----------------
Rental property
----------------
Land and
leasehold
interests $ 438,018 $ 458,946
Buildings and
improvements 2,587,883 2,634,321
Tenant
improvements 16,388 14,784
Furniture,
fixtures and
equipment 115,693 112,201
---------------------------- ----------------------------
3,157,982 3,220,252
Less --
accumulated
depreciation
and
amortization (495,698) (432,531)
---------------------------- ----------------------------
2,662,284 2,787,721
Real estate held
for sale, net -- 7,291
---------------------------- ----------------------------
Net investment
in rental
property 2,662,284 2,795,012
---------------------------- ----------------------------
Cash and cash
equivalents 8,778 7,251
Restricted cash 17,042 17,059
Investments in
unconsolidated
joint ventures 52,841 111,301
Unbilled rents
receivable,
net 3,302 2,253
Deferred charges
and other
assets, net 46,598 48,476
Accounts
receivable 918 1,375
---------------------------- ----------------------------
Total assets $ 2,791,763 $ 2,982,727
---------------- ============================ ============================
LIABILITIES AND
EQUITY
----------------
Revolving credit
facility and
term loans 31,000 348,839
Mortgages, loans
payable and
other
obligations,
net 1,402,537 1,323,474
Dividends and
distributions
payable 8,587 8,533
Accounts
payable,
accrued
expenses and
other
liabilities 51,795 42,744
Rents received
in advance and
security
deposits 11,582 11,512
Accrued interest
payable 5,131 5,262
---------------------------- ----------------------------
Total
liabilities 1,510,632 1,740,364
Redeemable
noncontrolling
interests 9,294 9,294
Total
Stockholders'
Equity 1,156,864 1,099,391
Noncontrolling
interests in
subsidiaries:
Operating
Partnership 106,342 102,588
Consolidated
joint ventures 8,631 31,090
---------------------------- ----------------------------
Total
noncontrolling
interests in
subsidiaries $ 114,973 $ 133,678
---------------------------- ----------------------------
Total equity $ 1,271,837 $ 1,233,069
---------------------------- ----------------------------
Total
liabilities and
equity $ 2,791,763 $ 2,982,727
============================ ============================
Consolidated Statement of Operations
(In thousands, except per share amounts) (unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
REVENUES 2025 2024 2025 2024
----------------
Revenue from
leases $ 67,625 $ 62,227 $ 198,938 $ 183,786
Management fees 523 794 2,007 2,587
Parking income 3,893 3,903 12,018 11,570
Other income 1,399 1,251 4,161 5,048
-------------------- --------------------- -------------------- -------------------
Total revenues 73,440 68,175 217,124 202,991
-------------------- --------------------- -------------------- -------------------
EXPENSES
----------------
Real estate
taxes 10,129 8,572 29,446 27,251
Utilities 2,382 2,129 7,292 6,196
Operating
services 12,808 10,156 36,688 35,354
Property
management 4,261 3,762 12,734 13,370
General and
administrative 8,517 8,956 28,190 29,019
Transaction
related costs 1,550 -- 3,428 1,406
Depreciation and
amortization 21,073 21,159 64,797 61,592
Land and other
impairments,
net -- 2,619 15,667 2,619
-------------------- --------------------- -------------------- -------------------
Total expenses 60,720 57,353 198,242 176,807
-------------------- --------------------- -------------------- -------------------
OTHER (EXPENSE)
INCOME
----------------
Interest expense (22,240) (21,507) (69,804) (64,683)
Interest and
other
investment
income 173 181 268 2,255
Equity in
earnings
(losses) of
unconsolidated
joint ventures 340 (268) 4,708 2,919
Realized gains
(losses) and
unrealized
gains (losses)
on disposition
of rental
property, net 91,037 -- 84,160 --
Gain (loss) on
disposition of
developable
land (1,118) -- 35,292 11,515
Gain (loss) on
sale of
unconsolidated
joint venture
interests -- -- 5,122 7,100
Gain (loss) from
extinguishment
of debt, net (3,212) 8 (3,212) (777)
Other income
(expense), net (121) (310) 302 (305)
-------------------- --------------------- -------------------- -------------------
Total other
(expense)
income, net 64,859 (21,896) 56,836 (41,976)
-------------------- --------------------- -------------------- -------------------
Income (loss)
from continuing
operations
before income
tax expense 77,579 (11,074) 75,718 (15,792)
Provision for
income taxes (35) (39) (170) (274)
-------------------- --------------------- -------------------- -------------------
Income (loss)
from continuing
operations
after income
tax expense 77,544 (11,113) 75,548 (16,066)
-------------------- --------------------- -------------------- -------------------
Discontinued
operations:
Income (loss)
from
discontinued
operations 3,782 206 3,891 1,877
Realized gains
(losses) and
unrealized
gains (losses)
on disposition
of rental
property and
impairments,
net -- -- -- 1,548
-------------------- --------------------- -------------------- -------------------
Total
discontinued
operations,
net 3,782 206 3,891 3,425
-------------------- --------------------- -------------------- -------------------
Net income
(loss) 81,326 (10,907) 79,439 (12,641)
Noncontrolling
interests in
consolidated
joint ventures 907 391 3,181 1,429
Noncontrolling
interests in
Operating
Partnership of
income (loss)
from continuing
operations (6,596) 923 (6,607) 1,293
Noncontrolling
interests in
Operating
Partnership in
discontinued
operations (319) (18) (328) (295)
Redeemable
noncontrolling
interests (81) (81) (243) (459)
-------------------- --------------------- -------------------- -------------------
Net income
(loss)
available to
common
shareholders $ 75,237 $ (9,692) $ 75,442 $ (10,673)
==================== ===================== ==================== ===================
Basic earnings
per common
share:
Net income
(loss)
available to
common
shareholders $0.81 $(0.10) $0.81 $(0.12)
Diluted
earnings per
common share:
Net income
(loss)
available to
common
shareholders $0.80 $(0.10) $0.81 $(0.12)
Basic weighted
average shares
outstanding 93,476 92,903 93,310 92,615
Diluted
weighted
average shares
outstanding(1) 102,493 101,587 102,273 101,304
==================== ===================== ==================== ===================
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.
---------------------------------------------------------------------------
See Reconciliation to Net Income (Loss) to NOI for more details.
---------------------------------------------------------------------------
FFO, Core FFO and Core AFFO
(in thousands, except per share/unit amounts)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Net income (loss)
available to common
shareholders $ 75,237 $ (9,692) $ 75,442 $ (10,673)
Add/(Deduct):
-------------------------
Noncontrolling interests
in Operating
Partnership 6,596 (923) 6,607 (1,293)
Noncontrolling interests
in discontinued
operations 319 18 328 295
Real estate-related
depreciation and
amortization on
continuing
operations(2) 21,395 23,401 68,071 68,547
Real estate-related
depreciation and
amortization on
discontinued operations -- -- -- 668
Continuing operations:
(Gain) loss on sale from
unconsolidated joint
ventures -- -- (5,122) (7,100)
Continuing operations:
Realized and unrealized
(gains) losses on
disposition of rental
property (91,037) -- (84,160) --
Discontinued operations:
Realized (gains) losses
and unrealized (gains)
losses on disposition of
rental property, net -- -- -- (1,548)
------------------ -------------------- ------------------ -------------------
FFO(3) $ 12,510 $ 12,804 $ 61,166 $ 48,896
================== ==================== ================== ===================
Add/(Deduct):
-------------------------
(Gain) loss from
extinguishment of debt,
net 3,212 (8) 3,212 777
Land and other
impairments(4) -- 2,619 14,067 2,619
(Gain) loss on
disposition of
developable land(5) 558 -- (35,852) (11,515)
Severance/Compensation
related costs (G&A)(6) 547 206 2,067 2,079
Severance/Compensation
related costs (Property
Management)(7) 657 26 2,056 2,390
Amortization of
derivative premium(8) 423 1,303 2,385 3,093
Derivative mark to market
adjustment & losses on
de-designation/early
terminations 561 16 1,086 16
Transaction related costs 1,550 -- 3,428 1,406
------------------ -------------------- ------------------ -------------------
Core FFO $ 20,018 $ 16,966 $ 53,615 $ 49,761
Add/(Deduct):
-------------------------
Straight-line rent
adjustments(9) (493) (341) (1,244) (683)
Amortization of market
lease intangibles, net -- (9) (6) (25)
Amortization of lease
inducements -- -- -- 7
Amortization of debt
discounts (premiums) 10 -- 19 --
Amortization of stock
compensation 2,867 3,005 9,046 9,979
Non-real estate
depreciation and
amortization 145 165 434 594
Amortization of deferred
financing costs 1,673 1,675 5,157 4,486
Add/(Deduct):
-------------------------
Non-incremental revenue
generating capital
expenditures:
Building improvements (4,719) (2,288) (10,700) (4,890)
Tenant improvements
and leasing
commissions(10) (25) (55) (121) (142)
------------------ -------------------- ------------------ -------------------
Core AFFO(3) $ 19,476 $ 19,118 $ 56,200 $ 59,087
================== ==================== ================== ===================
Funds from Operations per
share/unit-diluted $0.12 $0.13 $0.60 $0.48
Core Funds from
Operations per
share/unit-diluted $0.20 $0.17 $0.52 $0.49
Core Adjusted Funds from
Operations per
share/unit-diluted $0.19 $0.19 $0.55 $0.58
Dividends declared per
common share $0.08 $0.07 $0.24 $0.1825
================== ==================== ================== ===================
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.
---------------------------------------------------------------------------
See Consolidated Statements of Operations.
---------------------------------------------------------------------------
Adjusted EBITDA
($ in thousands) (unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Core FFO (calculated
previously) $ 20,018 $ 16,966 $ 53,615 $ 49,761
Deduct:
------------------------
Equity in (earnings)
loss of unconsolidated
joint ventures (340) 268 (4,708) (3,181)
Equity in earnings share
of depreciation and
amortization (468) (2,407) (3,709) (7,549)
Add:
------------------------
Interest expense 22,240 21,507 69,804 64,683
Amortization of
derivative premium (423) (1,303) (2,385) (3,093)
Derivative mark to
market adjustment &
losses on
de-designation/early
terminations (561) (16) (1,086) (16)
Recurring joint venture
distributions 1,040 2,374 9,229 8,252
Income (loss) from
noncontrolling interest
in consolidated joint
ventures, net(1) (348) (391) (1,022) (1,429)
Redeemable
noncontrolling
interests 81 81 243 459
Income tax expense 35 39 171 297
------------------- ------------------ ----------------- -----------------
Adjusted EBITDA $ 41,274 $ 37,118 $ 120,152 $ 108,184
------------------- ------------------ ----------------- -----------------
3Q 2025
TTM Adjusted EBITDA $ 152,662
Net Debt 1,407,717
---------------------------------------------
Net Debt-to-EBITDA 9.2x
---------------------------------------------
TTM Adjusted EBITDA $ 152,662
Deduct:
--------------------------
TTM Multifamily Sales
Adjustments (16,720)
TTM Carry Costs from Sold
Land (510)
Add:
--------------------------
TTM Unconsolidated JV
Sales Adjustments 5,719
---------------------------------------------
TTM Adjusted EBITDA
(Normalized) $ 141,151
---------------------------------------------
Net Debt 1,407,717
---------------------------------------------
Net Debt-to-EBITDA 10.0x
(Normalized)
---------------------------------------------
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.
---------------------------------------------------------------------------
See Non-GAAP Financial Definitions.
---------------------------------------------------------------------------
1 Net of land and other impairments, and loss on disposition of developable
land. See Annex 7 for breakout of noncontrolling interests in consolidated
joint ventures.
Components of Net Asset Value
($ in thousands)
Real Estate Portfolio Other Assets
Operating Multifamily Cash and Cash
NOI(1) Total At Share Equivalents $8,778
--------------------- -------- --------- -------------------- ----------
New Jersey
Waterfront $168,828 $147,807 Restricted Cash 17,042
--------------------- -------- --------- -------------------- ----------
Massachusetts 20,264 20,264 Other Assets 50,818
--------------------- -------- --------- -------------------- ----------
Subtotal Other
Other 15,324 9,587 Assets $76,638
---------------------
Total Multifamily
NOI(2) $204,416 $177,658
Liabilities and Other
Commercial NOI(3) 4,240 3,346 Considerations
Total NOI $208,656 $181,004
-------------------- ----------
Operating -
Consolidated Debt at
Share $1,338,821
-------------------- ----------
Operating -
Unconsolidated Debt
Non-Strategic Assets at Share 128,852
-------------------- ----------
Other Liabilities 77,095
--------------------- -------- --------- -------------------- ----------
Estimated Value of Land Under Revolving Credit
Contract $75,000 Facility 31,000
--------- -------------------- ----------
Estimated Value of Remaining
Land 35,395 Preferred Units 9,294
-------------------- ----------
Subtotal Liabilities
and Other
Total Non-Strategic Assets(4) $110,395 Considerations $1,585,062
Outstanding
Shares(5)
Diluted Weighted
Average Shares
Outstanding for 3Q
2025 (in 000s) 102,493
-------------------- ----------
(1) See Multifamily Operating Portfolio for more details. The Real Estate
Portfolio table is reflective of the quarterly NOI annualized, including
management fees.
2 Signature Place, 145 Front Street, The James and Quarry Place were sold in
the third quarter. They contributed $43K, $398K, $571K, and $753K of NOI,
respectively, for the quarter and have been removed from this subtotal.
Normalized Real Estate Taxes are $8.8 million, $400 thousand lower than what
was reported in the third quarter.
(3) See Commercial Assets and Developable Land for more details.
(4) The land values are VRE's share of value. For more details see Commercial
Assets and Developable Land.
(5) Outstanding shares for the quarter ended September 30, 2025 is comprised
of the following (in 000s): 93,476 weighted average common shares outstanding,
8,611 weighted average Operating Partnership common and vested LTIP units
outstanding, and 406 shares representing the dilutive effect of stock-based
compensation awards.
See Non-GAAP Financial Definitions.
Multifamily Operating Portfolio
(in thousands, except Revenue per home)
Operating Highlights
Percentage
Occupied(1) NOI(2)
3Q 2Q Debt
Ownership Apartments 3Q 2025 2Q 2025 2025 2025 3Q 2025 2Q 2025 Balance
NJ Waterfront
---------------
Haus25 100.0 % 750 96.5 % 95.5 % $5,118 $5,027 $8,275 $8,083 $343,061
Liberty Towers* 100.0 % 648 84.9 % 78.0 % 4,630 4,688 4,596 4,462 --
BLVD 401 74.3 % 311 95.9 % 95.8 % 4,376 4,288 2,416 2,498 113,984
BLVD 425 74.3 % 412 95.8 % 95.0 % 4,236 4,217 3,320 3,359 131,000
BLVD 475 100.0 % 523 97.5 % 97.0 % 4,349 4,308 4,247 4,429 162,088
Soho Lofts* 100.0 % 377 94.8 % 94.1 % 4,878 4,871 2,875 3,193 --
Sable 100.0 % 762 96.6 % 92.1 % 4,245 4,224 5,638 5,655 181,544
RiverHouse 9 at
Port Imperial 100.0 % 313 94.9 % 95.9 % 4,590 4,507 2,717 2,798 110,000
RiverHouse 11
at Port
Imperial 100.0 % 295 97.3 % 97.4 % 4,394 4,403 2,470 2,543 100,000
RiverTrace 22.5 % 316 95.1 % 94.2 % 3,869 3,830 2,225 2,084 82,000
Capstone 40.0 % 360 94.7 % 95.1 % 4,651 4,692 3,428 3,398 135,000
--------- ---------- ------- ------- ------ ------ ------- ------- ----------
NJ Waterfront
Subtotal 87.2 % 5,067 94.6 % 92.8 % $4,524 $4,499 $42,207 $42,502 $1,358,677
Massachusetts
---------------
Portside at
East Pier(3) 100.0 % 180 95.5 % 96.0 % $3,377 $3,336 $1,186 $1,277 $--
Portside 2 at
East Pier 100.0 % 296 96.3 % 96.1 % 3,563 3,567 2,158 2,217 94,200
The Emery at
Overlook
Ridge 100.0 % 326 95.2 % 95.1 % 2,928 2,899 1,722 1,664 69,522
--------- ---------- ------- ------- ------ ------ ------- ------- ----------
Massachusetts
Subtotal 100.0 % 802 95.7 % 95.7 % $3,263 $3,244 $5,066 $5,158 $163,722
Other
---------------
The Upton 100.0 % 193 94.5 % 96.0 % $4,660 $4,468 $1,467 $1,466 $75,000
Riverpark at
Harrison 45.0 % 141 95.7 % 96.5 % 2,940 2,924 579 584 30,097
Station House 50.0 % 378 93.9 % 92.6 % 3,029 3,018 1,785 1,987 85,716
--------- ---------- ------- ------- ------ ------ ------- ------- ----------
Other Subtotal 62.6 % 712 94.4 % 94.3 % $3,453 $3,392 $3,831 $4,037 $190,813
Operating
Portfolio(4,5) 86.1 % 6,581 94.7 % 93.3 % $4,255 $4,226 $51,104 $51,697 $1,713,212
(1) Average of the last month of each quarter.
(2) The sum of property level revenue, straight line and ASC 805 adjustments;
less: operating expenses, real estate taxes and utilities. These are shown at
100% and include management fees.
(3) The loan on Portside at East Pier was paid off in August 2025.
(4) Rental revenue associated with retail leases is included in the NOI
disclosure above.
(5) See Unconsolidated Joint Ventures and Annex 6: Multifamily Operating
Portfolio for more details.
*Properties that are currently in the collateral pool for the Revolving Credit
Facility. Following the July 9, 2025 amendment of the facility, the required
number of collateral assets was reduced from five to two. Subsequent to the
quarter end, negative pledge and assignment of proceeds of Portside at East
Pier were added as incremental collateral.
See Non-GAAP Financial Definitions.
Commercial Assets and Developable Land
-----------------------------------------------------------------------------------------------
($ in thousands)
-----------------------------------------------------------------------------------------------
Percentage Percentage
Rentable Leased Leased NOI 3Q NOI 2Q Debt
Commercial Location Ownership SF(1) 3Q 2025 2Q 2025 2025 2025 Balance
----------- ----------- --------- -------- ---------- ---------- ------ ------ --------
Port
Imperial
South - Weehawken,
Garage NJ 70.0 % Fn 1 N/A N/A $619 $713 $30,670
Port
Imperial
South - Weehawken,
Retail NJ 70.0 % 18,064 77.0 % 77.0 % 126 70 --
Port
Imperial
North - Weehawken,
Garage NJ 100.0 % Fn 1 N/A N/A (13) 66 --
Port
Imperial
North - Weehawken,
Retail NJ 100.0 % 8,400 100.0 % 100.0 % 119 145 --
Riverwalk
at Port West New
Imperial York, NJ 100.0 % 29,923 88.0 % 88.0 % 209 189 --
Commercial Total 90.4 % 56,387 86.3 % 86.3 % $1,060 $1,183 $30,670
Developable Land Parcel Units(2)
Total Units
NJ Waterfront(3) 1,277
Massachusetts 737
Other 160
------------------------------------------- -----------
Developable Land Parcel Units Total 2,174
------------------------------------------- -----------
Less: land under contract (Harborside 8/9) 1,277
Developable Land Parcel Units Remaining 897
------------------------------------------- -----------
(1) Port Imperial South - Garage and Port Imperial North - Garage include
approximately 850 and 686 parking spaces, respectively.
(2) The Company has an additional 34,375 SF of developable retail space within
land developments that is not represented in this table. The company owns 100%
of the developable land parcel units.
(3) PI South - Building 2 land was sold in August 2025, representing 245 total
units and 123 units at share.
Same Store Market Information(1)
Sequential Quarter Comparison
(NOI in thousands)
Blended Lease
NOI at Share Occupancy Tradeouts(2)
3Q 2Q 3Q 2Q
Apartments 3Q 2025 2Q 2025 Change 2025 2025 Change 2025 2025 Change
New Jersey
Waterfront 5,067 $37,442 $37,814 (1.0) % 94.6 % 92.8 % 1.8 % 3.9 % 6.0 % (2.1) %
Massachusetts 802 5,261 5,346 (1.6) % 95.7 % 95.7 % -- % 2.5 % 4.1 % (1.6) %
Other(3) 712 2,739 2,835 (3.4) % 94.4 % 94.3 % 0.1 % 9.8 % 11.1 % (1.3) %
Total 6,581 $45,442 $45,995 (1.2) % 94.7 % 93.3 % 1.4 % 3.9 % 5.8 % (1.9) %
Year-over-Year Third Quarter Comparison
(NOI in thousands)
Blended Lease
NOI at Share Occupancy Tradeouts(2)
3Q 3Q 3Q 3Q 3Q 3Q
Apartments 2025 2024 Change 2025 2024 Change 2025 2024 Change
New Jersey
Waterfront 5,067 $37,442 $38,837 (3.6) % 94.6 % 95.3 % (0.7) % 3.9 % 6.0 % (2.1) %
Massachusetts 802 5,261 5,230 0.6 % 95.7 % 94.7 % 1.0 % 2.5 % 2.7 % (0.2) %
Other(3) 712 2,739 2,614 4.8 % 94.4 % 93.6 % 0.8 % 9.8 % (7.2) % 17.0 %
Total 6,581 $45,442 $46,681 (2.7) % 94.7 % 95.0 % (0.3) % 3.9 % 5.0 % (1.1) %
Average Revenue per Home
Apartments 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024
New Jersey Waterfront 5,067 $4,524 $4,499 $4,430 $4,441 $4,371
Massachusetts 802 3,263 3,244 3,186 3,161 3,160
Other(3) 712 3,453 3,392 3,291 3,376 3,387
Total 6,581 $4,255 $4,226 $4,155 $4,170 $4,117
(1) All statistics are based off the current 6,581 Same Store pool. These
values reflect the Company's pro-rata ownership. Sable is shown as 85% for all
comparative periods, reflecting VRE ownership level prior to the consolidation
in April 2025.
(2) Blended lease tradeouts exclude properties not managed by Veris for all
periods shown.
(3) "Other" includes properties in Suburban NJ and Washington, DC. See
Multifamily Operating Portfolio for breakout.
See Non-GAAP Financial Definitions.
Same Store Performance
($ in thousands)
Multifamily Same
Store1
Three Months Ended September 30, Nine Months Ended September30, Sequential
2025 2024 Change % 2025 2024 Change % 3Q 25 2Q 25 Change %
Apartment Rental
Income $62,111 $61,270 $841 1.4 % $184,050 $180,354 $3,696 2.0 % $62,111 $61,025 $1,086 1.8 %
Parking/Other
Income 6,759 6,089 670 11.0 % 19,401 18,734 667 3.6 % 6,759 6,559 200 3.0 %
------- ------- -------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Total Property
Revenues(2) $68,870 $67,359 $1,511 2.2 % $203,451 $199,088 $4,363 2.2 % $68,870 $67,584 $1,286 1.9 %
------- ------- -------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Marketing &
Administration 1,993 2,011 (18) (0.9) % 5,592 5,818 (226) (3.9) % 1,993 1,816 177 9.7 %
Utilities 2,357 2,201 156 7.1 % 7,160 6,338 822 13.0 % 2,357 1,979 378 19.1 %
Payroll 3,878 3,735 143 3.8 % 11,195 11,114 81 0.7 % 3,878 3,666 212 5.8 %
Repairs &
Maintenance 3,806 3,436 370 10.8 % 10,272 10,316 (44) (0.4) % 3,806 3,588 218 6.1 %
------- ------- -------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Controllable
Expenses $12,034 $11,383 $651 5.7 % $34,219 $33,586 $633 1.9 % $12,034 $11,049 $985 8.9 %
------- ------- -------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Other Fixed Fees 781 738 43 5.8 % 2,329 2,139 190 8.9 % 781 778 3 0.4 %
Insurance 1,355 645 710 110.1 % 4,050 3,816 234 6.1 % 1,355 1,384 (29) (2.1) %
Real Estate Taxes 9,258 7,912 1,346 17.0 % 26,049 24,904 1,145 4.6 % 9,258 8,378 880 10.5 %
------- ------- -------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Non-Controllable
Expenses $11,394 $9,295 $2,099 22.6 % $32,428 $30,859 $1,569 5.1 % $11,394 $10,540 $854 8.1 %
------- ------- -------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Total Property
Expenses $23,428 $20,678 $2,750 13.3 % $66,647 $64,445 $2,202 3.4 % $23,428 $21,589 $1,839 8.5 %
------- ------- -------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Same Store GAAP
NOI $45,442 $46,681 $(1,239) (2.7) % $136,804 $134,643 $2,161 1.6 % $45,442 $45,995 $(553) (1.2) %
======= ======= ======== ======= ======== ======== ======= ======= ======= ======= ======= =======
Same Store NOI
Margin 66.0 % 69.3 % (3.3) % 67.2 % 67.6 % (0.4) % 66.0 % 68.1 % (2.1) %
Total Units 6,581 6,581 6,581 6,581 6,581 6,581
% Ownership(1) 86.1 % 86.1 % 86.1 % 86.1 % 86.1 % 86.1 %
% Occupied 94.7 % 95.0 % (0.3) % 94.37 % 95.0 % (0.3) % 94.7 % 93.3 % 1.4 %
(1) These values represent the Company's pro-rata ownership. Sable is shown as
85% for all comparative periods, reflecting VRE ownership level prior to the
consolidation in April 2025. These are shown at share and exclude management
fees.
(2) Revenues reported based on Generally Accepted Accounting Principals or
"GAAP".
Debt Profile
($ in thousands)
Effective
Interest September December 31, Date of
Lender Rate(1) 30, 2025 2024 Maturity
Secured
Permanent
Loans
------------
Portside 2 New York Life
at East Insurance
Pier Co. 4.56 % $94,200 $95,427 03/10/26
New York Life
Insurance
BLVD 425 Co. 4.17 % 131,000 131,000 08/10/26
New York Life
Insurance
BLVD 401 Co. 4.29 % 113,984 115,515 08/10/26
Portside at
East SOFR +
Pier(2) KKR 2.75% -- 56,500 09/07/26
Bank of New SOFR +
The Upton(3) York Mellon 1.58% 75,000 75,000 10/27/26
RiverHouse 9
at Port SOFR +
Imperial(4) JP Morgan 1.41% 110,000 110,000 06/21/27
Natixis Real
Quarry Place Estate
at Capital,
Tuckahoe(5) LLC 4.48 % -- 41,000 08/05/27
The
Northwestern
Mutual Life
Insurance
BLVD 475 Co. 2.91 % 162,088 164,712 11/10/27
Haus25 Freddie Mac 6.04 % 343,061 343,061 09/01/28
The
Northwestern
RiverHouse Mutual Life
11 at Port Insurance
Imperial Co. 4.52 % 100,000 100,000 01/10/29
Sable(6) Pacific Life 5.20 % 181,544 -- 08/01/29
Port
Imperial American
Garage General Life
South & A/G PC 4.85 % 30,670 31,098 12/01/29
The Emery(7) Flagstar Bank 3.21 % 69,522 70,653 01/01/31
Secured Permanent Loans
Outstanding $1,411,069 $1,333,966
Unamortized Deferred
Financing Costs(5) (8,532) (10,492)
Secured Permanent Loans $1,402,537 $1,323,474
Secured RCF
& Term
Loans:
------------
Revolving
Credit Various SOFR +
Facility(8) Lenders 2.39% $31,000 $152,000 04/22/27
Various SOFR +
Term Loan(8) Lenders 2.39% -- 200,000 04/22/27
RCF & Term Loan Balances $31,000 $352,000
Unamortized Deferred
Financing Costs(5) -- (3,161)
Total RCF & Term Loan Debt $31,000 $348,839
Total Debt $1,433,537 $1,672,313
See to Debt Profile Footnotes.
------------------------------
Debt Summary and Maturity Schedule
As of September 30, all of the Company's total debt portfolio (consolidated
and unconsolidated) is hedged or fixed with a weighted average interest rate
of 4.76% and a weighted average maturity of 2.6 years.
($ in thousands)
Weighted Average
% Weighted Average Maturity in
As of 9/30 Balance of Total Interest Rate Years
Fixed Rate &
Hedged Debt
------------------
Fixed Rate &
Hedged Secured
Debt $1,442,069 100.0 % 4.77 % 2.38
Variable Rate Debt
------------------
Variable Rate Debt -- -- % -- % --
Totals / Weighted
Average $1,442,069 100.0 % 4.77 % 2.38
Unamortized
Deferred
Financing Costs (8,532)
Total Consolidated
Debt, net $1,433,537
Partners' Share (72,248)
VRE Share of Total
Consolidated
Debt, net(1) $1,361,289
Unconsolidated
Secured Debt
VRE Share $128,852 38.7 % 4.32 % 3.86
Partners' Share 203,961 61.3 % 4.32 % 3.86
Total
Unconsolidated
Secured Debt $332,813 100.0 % 4.32 % 3.86
Pro Rata
Fixed Rate &
Hedged Secured
Debt $1,498,673 100.0 % 4.76 % 2.56
Variable Rate
Secured Debt -- -- % -- % --
Total Pro Rata
Debt Portfolio $1,498,673 100.0 % 4.76 % 2.56
Debt Maturity Schedule as of September 30, 2025 (2,3)
--------------------------------------------------------------------
2025 2026 2027 2028 2029 2030
Secured Debt $421 $272 $343 $303
Revolver $31
Unused Revolver Capacity $269
(1) Minority interest share of consolidated debt is comprised of $33.7 million
at BLVD 425, $29.3 million at BLVD 401 and $9.2 million at Port Imperial South
Garage.
(2) The Revolver and Unused Revolver Capacity are shown with the one-year
extension option utilized on the facilities.
(3) The graphic reflects VRE share of consolidated debt balances only. The
loan encumbering Emery is represented among the 2026 maturities as it features
a contractual rate step-up in January 2026. Dollars are shown in millions.
Annex 1: Transaction Activity
$ in thousands
Transaction Number of Gross
Location Date Buildings Units Proceeds
2025
dispositions-to-date
Land
65 Livingston Roseland, NJ 1/24/2025 N/A N/A $7,300
Wall
Township,
Wall Land NJ 4/3/2025 N/A N/A 31,000
PI North - Building 6 West New
and Riverbend I(1) York, NJ 4/21/2025 N/A N/A 6,500
White Plains,
1 Water NY 4/29/2025 N/A N/A 15,500
PI South - Building
21 Weehawken, NJ 8/28/2025 N/A N/A 19,000
--------------------- ------------- ------------ --------- ----- -----------
Land dispositions-to-date N/A N/A $79,300
Multifamily
Metropolitan at 40 Morristown,
Park(1) NJ 4/21/2025 1 130 $600
Morris
Signature Place Plains, NJ 7/9/2025 1 197 85,000
145 Front Street Worcester, MA 7/22/2025 1 365 122,200
Park Ridge,
The James NJ 8/14/2025 1 240 117,000
Eastchester,
Quarry Place NY 9/25/2025 1 108 63,000(2)
--------------------- ------------- ------------ --------- ----- -----------
Multifamily dispositions-to-date 5 1,040 $387,800
-------------------------------------------------- --------- ----- -----------
Total dispositions-to-date $467,100
================================================== ========= ===== ===========
2025
acquisitions-to-date
Multifamily
Jersey City,
Sable NJ 4/21/2025 1 762 $38,500(3)
--------------------- ------------- ------------ --------- ----- -----------
Multifamily acquisitions-to-date 1 762 $38,500
(1) Represents gross value associated with Veris' share of the sale.
(2) Gross proceeds include the buyer's assumption of the $41.0 million
mortgage loan encumbering the property.
3 Represents gross value associated with the purchase of our partner's 15%
equity interest in the Jersey City property now known as Sable.
Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended)
3Q 2025 2Q 2025
Total Total
Net Income (loss) $ 81,326 $ 11,843
Deduct:
Management fees (523) (766)
Loss (income) from
discontinued operations (3,782) 27
Interest and other
investment income (173) (70)
Equity in (earnings) loss of
unconsolidated joint
ventures (340) (526)
(Gain) loss on disposition
of developable land 1,118 (36,566)
(Gain) loss from
extinguishment of debt, net 3,212 --
Realized gains (losses) and
unrealized gains (losses)
on disposition of rental
property, net (91,037) 6,877
(Gain) loss on sale of
unconsolidated joint
venture interests -- (5,122)
Other (income) expense, net 121 (528)
Add:
Property management 4,261 4,088
General and administrative 8,517 9,605
Transaction-related costs 1,550 1,570
Depreciation and
amortization 21,073 22,471
Interest expense 22,240 24,604
Provision for income taxes 35 93
Land and other impairments,
net -- 12,467
------------------------- -------------------------
Net operating income (NOI) $ 47,598 $ 50,067
------------------------- -------------------------
Summary of Consolidated
Multifamily NOI by Type
(unaudited): 3Q 2025 2Q 2025
-----------------------------
Total Consolidated
Multifamily - Operating
Portfolio $ 44,851 $ 47,316
Total Consolidated Commercial 1,060 1,183
------------------------- -------------------------
Total NOI from Consolidated
Properties (excl.
unconsolidated
JVs/subordinated interests) $ 45,911 $ 48,499
------------------------- -------------------------
NOI (loss) from services,
land/development/repurposing
& other assets 1,778 1,675
------------------------- -------------------------
Total Consolidated
Multifamily NOI $ 47,689 $ 50,174
------------------------- -------------------------
See Consolidated Statement of Operations.
-----------------------------------------
See Non-GAAP Financial Definitions.
-----------------------------------------
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
8,611 and 8,684 shares for the three months ended September 30, 2025 and
2024, respectively, and 8,620 and 8,689 shares for the nine months ended
September 30, 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 $0.5 million and $2.4 million
for the three months ended September 30, 2025 and 2024, respectively,
and $3.7 million and $7.5 million for the nine months ended September
30, 2025 and 2024 respectively. Excludes non-real estate-related
depreciation and amortization of $0.2 million for each of the three
months ended September 30, 2025 and 2024, respectively, and $0.4 million
and $0.6 million for the nine months ended September 30, 2025 and 2024,
respectively.
(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 the $15.7
million land and other impairment charge during the nine months ended
September 30, 2025.
(5) Represents the Company's controlling interest portion of the $1.1
million loss and $35.3 million gain on disposition of developable land
during the three and nine months ended September 30, 2025,
respectively.
(6) Accounting for the impact of Severance/Compensation related costs,
General and Administrative expense was $8.0 million and $8.8 million for
the three months ended September 30, 2025 and 2024, respectively, and
$26.1 million and $26.9 million for the nine months ended September 30,
2025 and 2024, respectively.
(7) Accounting for the impact of Severance/Compensation related costs,
Property Management expense was $3.6 million and $3.7 million for the
three months ended September 30, 2025 and 2024, respectively, and $10.7
million and $11.0 million for the nine months ended September 30, 2025
and 2024, respectively.
(8) Includes the Company's share from unconsolidated joint ventures of $0
and ($72) thousand for the three months ended September 30, 2025 and
2024, respectively, and ($14) thousand and ($72) thousand for the nine
months ended September 30, 2025 and 2024, respectively.
(9) Includes the Company's share from unconsolidated joint ventures of ($5)
thousand and ($58) thousand for the three months ended September 30,
2025 and 2024, respectively and ($27) thousand and $35 thousand for the
nine months ended September 30, 2025 and 2024, respectively.
(10) Excludes expenditures for tenant spaces in properties that have not been
owned by the Company for at least a year.
Back to Consolidated Statement of Operations.
---------------------------------------------
Back to FFO, Core FFO and Core AFFO.
---------------------------------------------
Back to Adjusted EBITDA.
---------------------------------------------
Annex 4: Unconsolidated Joint Ventures
($ in thousands)
VRE
VRE's 3Q Share
Percentage Nominal 2025 Total of 3Q VRE Share
Property Units Occupied Ownership NOI(1) Debt NOI of Debt
Multifamily
RiverTrace 316 95.1 % 22.5 % $2,225 $82,000 $501 $18,450
Capstone 360 94.7 % 40.0 % 3,428 135,000 1,400 54,000
Riverpark at
Harrison 141 95.7 % 45.0 % 579 30,097 300 13,544
Station
House 378 93.9 % 50.0 % 1,785 85,716 900 42,858
----- ---------- --------- ------ -------- ------ ---------
Total UJV 1,195 94.7 % 39.1 % $8,017 $332,813 $3,025 $128,852
(1) The sum of property level revenue, straight line and ASC 805 adjustments;
less: operating expenses, real estate taxes and utilities. These are shown at
100% and include management fees.
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 was fully repaid in August 2025, the
three-year cap was also terminated.
(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 at Port Imperial is hedged with an interest rate
cap at a strike rate of 3.5%, expiring in July 2026.
(5) In September 2025, the Company sold the property (Quarry Place),
simultaneously assigning the $41 million mortgage to the purchaser.
(6) The loan on Sable was consolidated in April 2025 upon the acquisition of
the remaining 15% controlling interest in the joint venture previously
referred to as "Urby at Harborside".
(7) 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.
(8) 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. In July
2025, the Company amended its existing facility and fully repaid the Term
Loan. In August 2025, the Company terminated $55 million of the $200
million of interest rate cap at strike rate of 3.5%, expiring in July
2026. The amendment also reduced the number of participating Lenders from
eight to seven. The facilities have a three-year term ending April 22,
2027, with a one-year extension option. The Revolver remains fully hedged
through interest rate caps at a 3.5% strike rate, also expiring in July
2026.
Balance
as of Deferred 5 bps SOFR or
September Initial Financing reduction Updated SOFR All In
30, 2025 Spread Costs KPI Spread Cap Rate
Secured
Revolving
Credit
Facility $31,000 1.55 % 0.89 % (0.05) % 2.39 % 3.50 % 5.89 %
Back to Debt Profile.
---------------------
Annex 6: Multifamily Property Information
Rentable Average Year
Location Ownership Apartments SF(1) Size Complete
NJ Waterfront
--------------
Jersey City,
Haus25 NJ 100.0 % 750 617,787 824 2022
Jersey City,
Liberty Towers NJ 100.0 % 648 602,210 929 2003
Jersey City,
BLVD 401 NJ 74.3 % 311 273,132 878 2016
Jersey City,
BLVD 425 NJ 74.3 % 412 369,515 897 2003
Jersey City,
BLVD 475 NJ 100.0 % 523 475,459 909 2011
Jersey City,
Soho Lofts NJ 100.0 % 377 449,067 1,191 2017
Jersey City,
Sable NJ 100.0 % 762 474,476 623 2017
RiverHouse 9
at Port Weehawken,
Imperial NJ 100.0 % 313 245,127 783 2021
RiverHouse 11
at Port Weehawken,
Imperial NJ 100.0 % 295 250,591 849 2018
West New
RiverTrace York, NJ 22.5 % 316 295,767 936 2014
West New
Capstone York, NJ 40.0 % 360 337,991 939 2021
--------- ---------- --------- ------- -----------
NJ Waterfront Subtotal 87.2 % 5,067 4,391,122 888
Massachusetts
--------------
Portside at East Boston,
East Pier MA 100.0 % 180 154,859 862 2015
Portside 2 at East Boston,
East Pier MA 100.0 % 296 230,614 779 2018
The Emery Revere, MA 100.0 % 326 273,140 838 2020
--------- ---------- --------- ------- -----------
Massachusetts Subtotal 100.0 % 802 658,613 823
Other
--------------
Short Hills,
The Upton NJ 100.0 % 193 217,030 1,125 2021
Riverpark at
Harrison Harrison, NJ 45.0 % 141 124,774 885 2014
Washington,
Station House DC 50.0 % 378 290,348 768 2015
--------- ---------- --------- ------- -----------
Other Subtotal 62.6 % 712 632,152 914
Operating Portfolio 86.1 % 6,581 5,681,887 884
Back to Multifamily Operating Portfolio.
------------------------------------------------------------------------------
(1) Total sf outlined above excludes approximately 152,052 SF of ground floor
retail, of which 119,366 SF was leased as of September 30, 2025.
Annex 7: Noncontrolling Interests in Consolidated JVs
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
BLVD 425 $ 119 $ 155 $ 402 $ 327
BLVD 401 (568) (528) (1,692) (1,687)
Port Imperial
Garage South 130 12 11 (3)
Port Imperial
Retail South 10 5 14 34
Other
consolidated
joint
ventures (598) (35) (1,916) (100)
----------------- ----------------- ----------------- ------------------
Net losses in
noncontrolling
interests $ (907) $ (391) $ (3,181) $ (1,429)
----------------- ----------------- ----------------- ------------------
Depreciation in
noncontrolling
interests 745 721 2,220 2,179
----------------- ----------------- ----------------- ------------------
Funds from
operations -
noncontrolling
interest in
consolidated
joint
ventures $ (162) $ 330 $ (961) $ 750
----------------- ----------------- ----------------- ------------------
Interest
expense in
noncontrolling
interest in
consolidated
joint
ventures 801 787 2,359 2,359
----------------- ----------------- ----------------- ------------------
Net operating
income before
debt service
in
consolidated
joint
ventures $ 639 $ 1,117 $ 1,398 $ 3,109
----------------- ----------------- ----------------- ------------------
Back to Adjusted EBITDA.
------------------------
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.
Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted "EBITDA" (Normalized))
The Company defines Adjusted EBITDA (Normalized) as Adjusted EBITDA, adjusted to reflect the effects of non-recurring property transactions. In the case of acquisition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the Company's income (loss) for its ownership period annualized and included on a trailing twelve month basis. In the case of disposition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA minus the disposition property's actual income (loss) on a trailing twelve month basis. In the case of joint venture transaction properties whereby the Company acquires a controlling interest and subsequently consolidates the acquired asset, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the actual income (loss) on a trailing twelve month basis in proportion to the Company's economic interests in the joint venture as of the reporting date minus recurring joint venture distributions (the Company's practice for EBITDA recognition for joint ventures). The Company presents Adjusted EBITDA (Normalized) because the Company believes that Adjusted EBITDA (Normalized) provides a more appropriate denominator for its calculation of the Net Debt-to-EBITDA ratio as it reflects the leverage profile of the Company as of the reporting date. Adjusted EBITDA (Normalized) 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 includes joint ventures at their pro rata share based on legal ownership.
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.
See Multifamily Operating Portfolio for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees.
Company Information
-------------------
Corporate Stock Exchange Contact Information
Headquarters Listing
Veris Residential, New York Stock Veris Residential, Inc.
Inc. Exchange
210 Hudson St., Investor Relations Department
Suite 400
Jersey City, New Trading Symbol 210 Hudson St., Suite 400
Jersey 07311
(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 Chief Financial General Counsel and Secretary
Officer Officer
Anna Malhari
Chief Operating
Officer
Equity Research
Coverage
-------------------
Bank of America BTIG, LLC Citigroup
Merrill Lynch
Jana Galan Thomas Catherwood Nicholas Joseph
Evercore ISI Green Street JP Morgan
Advisors
Steve Sakwa John Pawlowski Anthony Paolone
Truist
Michael R. Lewis
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SOURCE Veris Residential, Inc.
(END) Dow Jones Newswires
October 22, 2025 16:40 ET (20:40 GMT)