Veris Residential, Inc. Reports Fourth Quarter and Full Year 2024 Results

Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the fourth quarter and full year 2024.

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Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023Net Income (loss) per Diluted Share $(0.13) $(0.06) $(0.25) $(1.22)Core FFO per Diluted Share $0.11 $0.12 $0.60 $0.53Core AFFO per Diluted Share $0.13 $0.14 $0.71 $0.62Dividend per Diluted Share $0.08 $0.0525 $0.2625 $0.1025

FOURTH QUARTER 2024 AND FULL YEAR HIGHLIGHTS

— Net loss per share for 2024 was ($0.25), an increase of around $1 compared to full year 2023.

— Grew 2024 Core FFO per share by 13% year over year, surpassing original guidance.

— Normalized Same Store NOI growth of 7.9% for the full year and 7.3% for the fourth quarter.

— Further improved Normalized Same Store NOI margin by 160 basis points to 66.8% for the full year and 200 basis points to 66.5% for the fourth quarter compared to 2023.

— Blended Net Rental Growth Rate of 4.0% for full year and 0.5% for the quarter.

— Refinanced $526 million of mortgages, leaving no remaining consolidated debt maturities until 2026. All debt fixed or hedged.

— Raised the dividend by approximately 60% on an annualized basis.

— Completed $230 million of non-strategic asset sales during the year.

STRATEGIC UPDATE AND OUTLOOK

— Identified pipeline of $300 to $500 million of assets, comprising the majority of our land bank and select multifamily properties, to be sold during the next 12-24 months, with proceeds used to fund up to a $100 million share repurchase program and the balance used to repay debt.

— Targeting leverage below 9.0x Net Debt-to-EBITDA as these sales are completed.

Mahbod Nia, Chief Executive Officer, commented, “Since the reconstitution of our Board and establishment of the Strategic Review Committee over four years ago, we have successfully transformed Veris Residential into a top-performing pure-play multifamily REIT with core, Class A properties, while staying abreast of the state of the transaction market and related capital flows, as well as capital markets, as we evaluate all available avenues to maximize value for our shareholders.

“Despite our continued operational outperformance, we recognize that the intrinsic value of Veris Residential is not accurately reflected in our share price today. We are keenly focused on closing thisvaluationgap through measures, including but not limited to, the crystallization of assets where we believe we can achieve strong pricing at or neartotheir intrinsic value,despite broader challenges in the investment market amidst the backdrop of heightened economic and geopolitical uncertainty.

“Accordingly,over the next 12-24 months, weplan topursue $300 to $500 million of sales for assets that fit this profile given their size, location and buyer interest. We intend to use proceeds from these sales tofund a share repurchase program of up to $100 million-taking advantage of the dislocation that exists between our public trading value and our intrinsic value today on behalf of our shareholders-with the balance being used to repay debt,further de-leveringthe Company to below 9x Net Debt-to-EBITDA. Looking ahead, as we monetize these assets, we will maintain our ability to be nimble and to continue exploringany and allpaths to further crystallize value for all shareholders.”

SAME STORE PORTFOLIO PERFORMANCE

December 31, 2024 September 30, 2024 ChangeSame Store Units 7,621 7,621 -%Same Store Occupancy 93.9% 95.1% (1.2)%Same Store Blended Rental Growth Rate (Quarter) 0.5% 4.6% (4.1)%Average Rent per Home $4,033 $3,980 1.3%

As anticipated, due to the value-add renovation projects at Liberty Towers, Same Store occupancy ended the year at 93.9%, compared to 95.1%last quarter. Excluding Liberty Towers, occupancy for the Same Store portfolio would have been 94.6% in the fourth quarter, in line with the fourth quarter of 2023.

The following table shows Same Store performance:

($ in 000s) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 % 2024 2023 %Total Property Revenue $76,375 $73,371 4.1% $300,679 $285,247 5.4%Controllable Expenses 13,907 13,829 0.6% 53,349 52,190 2.2%Non-Controllable Expenses 11,649 12,199 (4.5)% 46,589 45,263 2.9%Total Property Expenses 25,556 26,028 (1.8)% 99,938 97,453 2.5%Same Store NOI $50,819 $47,343 7.3% $200,741 $187,794 6.9%Less: Real Estate Tax Adjustments – – – 1,689Normalized Same Store NOI $50,819 $47,343 7.3% $200,741 $186,105 7.9%

In October, the Company's joint venture sold the Shops at 40 Park retail property. As a result, it has been removed from the Same Store pool.

FINANCING AND LIQUIDITY

All of the Company's debt is hedged or fixed. The Company's total debt portfolio has a weighted average effective interest rate of 4.95% and weighted average maturity of 3.1 years.

Balance Sheet Metric ($ in 000s) December 31, 2024 September 30, 2024Weighted Average Interest Rate 4.95% 4.96%Weighted Average Years to Maturity 3.1 3.3TTM Interest Coverage Ratio 1.7x 1.7xNet Debt $1,647,892 $1,645,447TTM EBITDA $140,694 $140,682TTM Net Debt to EBITDA 11.7x 11.7x

As of February 21, 2025, the Company had liquidity of $158 million in addition to $45 million of land sales under binding contract to sell. All of the Company's debt portfolio is fixed or hedged. The Company has no consolidated debt maturities until 2026.

In the fourth quarter, the Company exercised one-year extension options relating to mortgages on two unconsolidated joint ventures, Capstone and Metropolitan at 40 Park, now maturing in the fourth quarter of 2025.

SALES

In 2024, the Company completed $223 million of non-strategic sales, releasing approximately $175 million in net proceeds. Subsequent to year end, the 65 Livingston land parcel sold for $7 million. The proceeds from these sales were used to repay debt.

Two land parcels, 1 Water and Wall Land, are under binding contract for approximately $45 million.

DIVIDEND

The Company paid a dividend of $0.08 per share on January 10, 2025, for shareholders of record as of December 31, 2024.

SHARE REPURCHASE PROGRAM

The Board of Directors approved a $100 million share repurchase program over the next two years, withshare repurchases under the new program authorized to begin on March 26, 2025.

Repurchases may be made from time to time in the open market, private purchases, through forward, derivative, alternative, accelerated repurchase or automatic purchase transactions, or otherwise. The share repurchase program does not, however, obligate the Company to acquire any particular amount of shares and repurchases may be suspended or terminated at any time at the Company's discretion. The amount and timing of repurchases are subject to a variety of factors, including liquidity, share price, market conditions and legal requirements.

GUIDANCE

The Company's 2025 Revenue Guidance range reflects continued strength in rental growth, albeit at a more moderate pace following the Company's extremely strong performance during the past three years.

Guidance provided includes the impact of assets currently under binding contract, with these proceeds utilized to repay debt.

The Company has identified a disposition pipeline of $300 to $500 million of assets, comprising the majority of its land bank, including approximately $45 million of land under binding contract, and select multifamily assets. Management expects that it may take 12 to 24 months to complete the sales and intends to use the proceeds to fund a share repurchase program of up to $100 million, taking advantage of the dislocation that exists between our public trading value and our intrinsic value today on behalf of our shareholders, with the balance being used to repay debt, further de-levering the Company to below 9.0x Net Debt-to-EBITDA .

2025 Guidance Ranges Low HighSame 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 HighNet Loss per Share $(0.24) – $(0.22)Depreciation per Share $0.85 – $0.85Core FFO per Share $0.61 – $0.63

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Tuesday, February 25, 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 fourth quarter 2024 earnings conference call.

The conference call will be rebroadcast on Veris Residential, Inc.'s website at:

http://investors.verisresidential.com beginning at 8:30 a.m. Eastern Time on Tuesday, February 25, 2024.

A replay of the call will also be accessible Tuesday, February 25, 2025, through Tuesday, March 25, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13751046.

Copies of Veris Residential, Inc.'s 2024 Form 10-K and fourthquarter 2024 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 Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-K and the Public Filings, 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 statementsand 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 MediaMackenzie Rice Amanda Shpiner/Grace CartwrightDirector, Investor Relations Gasthalter & Co.investors@verisresidential.com veris-residential@gasthalter.com

Additional details in Company Information.

Consolidated Balance Sheet(in thousands) (unaudited) December 31, 2024 December 31, 2023ASSETSRental propertyLand and leasehold interests $458,946 $474,499Buildings and improvements 2,634,321 2,782,468Tenant improvements 14,784 30,908Furniture, fixtures and equipment 112,201 103,613 3,220,252 3,391,488Less – accumulated depreciation and amortization (432,531) (443,781) 2,787,721 2,947,707Real estate held for sale, net 7,291 58,608Net investment in rental property 2,795,012 3,006,315Cash and cash equivalents 7,251 28,007Restricted cash 17,059 26,572Investments in unconsolidated joint ventures 111,301 117,954Unbilled rents receivable, net 2,253 5,500Deferred charges and other assets, net 48,476 53,956Accounts receivable 1,375 2,742Total Assets $2,982,727 $3,241,046LIABILITIES & EQUITYRevolving credit facility and term loans 348,839 -Mortgages, loans payable and other obligations, net 1,323,474 1,853,897Dividends and distributions payable 8,533 5,540Accounts payable, accrued expenses and other liabilities 42,744 55,492Rents received in advance and security deposits 11,512 14,985Accrued interest payable 5,262 6,580Total Liabilities 1,740,364 1,936,494Redeemable noncontrolling interests 9,294 24,999Total Stockholders' Equity 1,099,391 1,137,478Noncontrolling interests in subsidiaries:Operating Partnership 102,588 107,206Consolidated joint ventures 31,090 34,869Total Noncontrolling Interests in Subsidiaries $133,678 $142,075Total Equity $1,233,069 $1,279,553Total Liabilities and Equity $2,982,727 $3,241,046

Consolidated Statement of Operations(in thousands, except per share amounts) (unaudited) Three Months Ended December 31, Twelve Months Ended December 31,REVENUES 2024 2023 2024 2023Revenue from leases $61,904 $60,896 $245,690 $235,117Management fees 751 1,084 3,338 3,868Parking income 3,893 3,824 15,463 15,498Other income 1,535 1,216 6,583 5,812Total revenues 68,083 67,020 271,074 260,295EXPENSESReal estate taxes 10,173 9,529 37,424 34,687Utilities 1,955 1,836 8,151 7,700Operating services 12,885 13,570 48,239 50,769Property management 3,877 4,323 17,247 14,188General and administrative 10,040 9,992 39,059 44,443Transaction-related costs 159 576 1,565 7,627Depreciation and amortization 21,182 21,227 82,774 86,235Land and other impairments, net – 5,928 2,619 9,324Total expenses 60,271 66,981 237,078 254,973OTHER (EXPENSE) INCOMEInterest expense (23,293) (21,933) (87,976) (89,355)Interest cost of mandatorily redeemable noncontrolling interests – – – (49,782)Interest and other investment income 111 232 2,366 5,515Equity in earnings (loss) of unconsolidated joint ventures 1,015 260 3,934 3,102Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net – (3) – -Gain (loss) on disposition of developable land – 7,090 11,515 7,068Gain (loss) on sale of unconsolidated joint venture interests (154) – 6,946 -Gain (loss) from extinguishment of debt, net – (1,903) (777) (5,606)Other income (expense), net (396) 77 (701) 2,871Total other (expense) income, net (22,717) (16,180) (64,693) (126,187)Income (loss) from continuing operations before income tax expense (14,905) (16,141) (30,697) (120,865)Provision for income taxes (2) (199) (276) (492)Income (loss) from continuing operations after income tax expense (14,907) (16,340) (30,973) (121,357)Income (loss) from discontinued operations (1,015) (33,377) 862 (32,686)Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 1,899 43,971 3,447 41,682Total discontinued operations, net 884 10,594 4,309 8,996Net Income (loss) (14,023) (5,746) (26,664) (112,361)Noncontrolling interest in consolidated joint ventures 495 504 1,924 2,319Noncontrolling interests in Operating Partnership of loss (income) from continuing operations 1,238 1,389 2,531 11,174Noncontrolling interests in Operating Partnership in discontinued operations (76) (913) (371) (779)Redeemable noncontrolling interests (81) (285) (540) (7,618)Net income (loss) available to common shareholders $(12,447) $(5,051) $(23,120) $(107,265)Basic earnings per common share:Net income (loss) available to common shareholders $(0.13) $(0.06) $(0.25) $(1.22)Diluted earnings per common share:Net income (loss) available to common shareholders $(0.13) $(0.06) $(0.25) $(1.22)Basic weighted average shares outstanding 92,934 92,240 92,695 91,883Diluted weighted average shares outstanding(1) 101,611 100,936 101,381 100,812

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

FFO, Core FFO and Core AFFO(in thousands, except per share/unit amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023Net loss available to common shareholders $ (12,447) $ (5,051) $ (23,120) $ (107,265)Add/(Deduct):Noncontrolling interests in Operating Partnership (1,238) (1,389) (2,531) (11,174)Noncontrolling interests in discontinued operations 76 913 371 779Real estate-related depreciation and amortization on continuing operations(2) 23,617 23,609 92,164 95,695Real estate-related depreciation and amortization on discontinued operations (33) 1,819 635 12,689Property impairments on discontinued operations – 32,516 – 32,516Continuing operations: (Gain) loss on sale from unconsolidated joint ventures 154 – (6,946) -Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition – 3 – -of rental property, netDiscontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition – (4,700) (1,548) (2,411)of rental property, netFFO(3) $ 10,129 $ 47,720 $ 59,025 $ 20,829Add/(Deduct):(Gain) loss from extinguishment of debt, net – 1,903 777 5,618Land and other impairments – 5,928 2,619 9,324(Gain) loss on disposition of developable land (1,899) (46,361) (13,414) (46,339)Rebranding and Severance/Compensation related costs (G&A)(4) 32 129 2,111 7,987Rebranding and Severance/Compensation related costs (Property Management)(5) 766 829 3,156 1,128Severance/Compensation related costs (Operating Expenses) – – – 649Rockpoint buyout premium – – – 34,775Redemption value adjustments to mandatorily redeemable noncontrolling interests – – – 7,641Amortization of derivative premium(6) 1,461 902 4,554 4,654Derivative mark to market adjustment 186 – 202 -Transaction related costs 578 576 1,984 7,627Core FFO $ 11,253 $ 11,626 $ 61,014 $ 53,893Add/(Deduct):Straight-line rent adjustments(7) (107) 81 (790) 502Amortization of market lease intangibles, net (5) – (30) (80)Amortization of lease inducements – 5 7 57Amortization of stock compensation 3,013 3,270 12,992 12,995Non-real estate depreciation and amortization 169 216 763 1,028Amortization of deferred financing costs 1,639 1,255 6,125 4,440Add/(Deduct):Non-incremental revenue generating capital expenditures:Building improvements (2,784) (1,670) (7,674) (8,348)Tenant improvements and leasing commissions(8) (94) (888) (236) (1,994)Core AFFO(3) $ 13,084 $ 13,895 $ 72,171 $ 62,493Funds from Operations per share/unit-diluted $0.10 $0.47 $0.58 $0.21Core Funds from Operations per share/unit-diluted $0.11 $0.12 $0.60 $0.53Core Adjusted Funds from Operations per share/unit-diluted $0.13 $0.14 $0.71 $0.62Dividends declared per common share $0.08 $0.0525 $0.2625 $0.1025

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

Adjusted EBITDA($ in thousands)(unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023Core FFO (calculated on a previous page) $ 11,253 $ 11,626 $ 61,014 $ 53,893Deduct:Equity in (earnings) loss of unconsolidated joint ventures (1,015) (260) (4,196) (3,102)Equity in earnings share of depreciation and amortization (2,605) (2,597) (10,154) (10,337)Add:Interest expense 23,294 21,933 87,977 90,177Amortization of derivative premium (1,461) (902) (4,554) (4,654)Derivative mark to market adjustment (186) – (202) -Recurring joint venture distributions 3,641 2,718 11,893 11,700Noncontrolling interests in consolidated joint ventures1 (495) (504) (1,924) (2,319)Interest cost for mandatorily redeemable noncontrolling interests – – – 7,366Redeemable noncontrolling interests 81 285 540 7,618Income tax expense 3 199 300 492Adjusted EBITDA $ 32,510 $ 32,498 $ 140,694 $ 150,834

SeeConsolidated Statements of Operations and Non-GAAP Financial Footnotes.SeeNon-GAAP Financial Definitions.

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

Components of Net Asset Value($ in thousands)Real Estate Portfolio Other AssetsOperating Multifamily NOI1 Total At Share Cash and Cash Equivalents2 $6,493New Jersey Waterfront $169,888 $145,446 Restricted Cash 17,059Massachusetts 26,100 26,100 Other Assets 52,104Other 31,832 24,132 Subtotal Other Assets $75,656Total Multifamily NOI $227,820 $195,678Commercial NOI3 1,980 1,159 Liabilities and Other ConsiderationsAdd Back: Non-recurring NOI Impact4 1,368 1,368Total NOI $231,168 $198,205 Operating – Consolidated Debt at Share $1,261,196 Operating – Unconsolidated Debt at Share 293,450Non-Strategic Assets Other Liabilities 68,051 Revolving Credit Facility5 145,000Estimated Value of Remaining Land $134,819 Term Loan 200,000Estimated Value of Land Under Binding Contract for Sale 45,250 Preferred Units 9,294Total Non-Strategic Assets6 $180,069 Subtotal Liabilities and Other Considerations $1,976,991 Outstanding Shares7 Diluted Weighted Average Shares 102,587 Outstanding for 4Q 2024 (in 000s)SeeNon-GAAP Financial Definitions.

1 See Multifamily Operating Portfolio for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized.2 Reflects the cash balance on February 21, 2025. Cash balance at quarter end was $7.3 million.3 See Commercial Assets and Developable Land for more details.4 In the fourth quarter, the Company had lower than normal NOI value, driven primarily by two non-recurring costs.5 Revolver balance on 12/31 was $152 million, subsequent to the sale of 65 Livingston, the Company repaid $7 million of the Revolver bringing the balance to $145 million. See Debt Summary and Maturity Schedule for more details.6 The land values are VRE`s share of value. 65 Livingston was removed from the total as it closed on January 24, 2025. Land under binding contract reflects two land parcels (Wall Land 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.7 Outstanding shares for the quarter ended December 31, 2024 is comprised of the following (in 000s): 92,934 weighted average common shares outstanding, 8,677 weighted average Operating Partnership common and vested LTIP units outstanding, and 976 shares representing the dilutive effect of stock-based compensation awards.

Multifamily Operating Portfolio(in thousands, except Revenue per home)Operating Highlights Percentage Average Revenue NOI Debt Occupied per Home Balance Ownership Apartments 4Q 2024 3Q 2024 4Q 2024 3Q 2024 4Q 2024 3Q 2024NJ WaterfrontHaus25 100.0% 750 95.3% 95.8% $4,986 $4,950 $7,803 $7,931 $343,061Liberty Towers* 100.0% 648 85.6% 91.7% 4,319 4,237 4,543 5,506 -BLVD 401 74.3% 311 95.7% 94.7% 4,309 4,304 2,428 2,592 115,515BLVD 425 74.3% 412 95.6% 95.2% 4,175 4,147 3,246 3,413 131,000BLVD 475 100.0% 523 94.4% 96.8% 4,201 4,241 4,100 4,319 164,712Soho Lofts* 100.0% 377 94.7% 95.6% 4,860 4,832 3,258 3,375 -Urby Harborside 85.0% 762 94.4% 96.5% 4,322 4,094 6,455 5,866 182,604RiverHouse 9 at Port Imperial 100.0% 313 95.4% 96.2% 4,516 4,392 2,674 2,661 110,000RiverHouse 11 at Port Imperial 100.0% 295 96.3% 96.3% 4,405 4,363 2,479 2,500 100,000RiverTrace 22.5% 316 94.4% 95.3% 3,851 3,829 2,243 2,113 82,000Capstone 40.0% 360 95.1% 94.4% 4,590 4,471 3,243 3,154 135,000NJ Waterfront Subtotal 85.0% 5,067 93.8% 95.3% $4,441 $4,371 $42,472 $43,430 $1,363,892MassachusettsPortside at East Pier 100.0% 180 95.2% 95.9% $3,265 $3,269 $1,207 $1,245 $56,500Portside 2 at East Pier 100.0% 296 93.9% 94.8% 3,425 3,446 2,070 2,108 95,427145 Front at City Square* 100.0% 365 94.0% 95.1% 2,524 2,475 1,549 1,467 -The Emery at Overlook Ridge 100.0% 326 92.9% 94.0% 2,865 2,840 1,699 1,688 70,653Massachusetts Subtotal 100.0% 1,167 93.9% 94.8% $2,962 $2,946 $6,525 $6,508 $222,580OtherThe Upton 100.0% 193 91.4% 88.8% $4,411 $4,525 $1,238 $1,392 $75,000The James* 100.0% 240 95.8% 93.8% 3,168 3,148 1,447 1,535 -Signature Place* 100.0% 197 96.5% 96.1% 3,312 3,201 1,050 1,022 -Quarry Place at Tuckahoe 100.0% 108 95.8% 98.1% 4,368 4,293 821 723 41,000Riverpark at Harrison 45.0% 141 95.7% 97.2% 2,995 2,823 626 570 30,192Metropolitan at 40 Park 25.0% 130 93.7% 95.6% 3,741 3,722 771 731 34,100Station House 50.0% 378 91.8% 94.7% 2,989 3,017 2,005 1,705 87,350Other Subtotal 73.8% 1,387 94.0% 94.5% $3,442 $3,421 $7,958 $7,678 $267,642Operating Portfolio12 85.2% 7,621 93.9% 95.1% $4,033 $3,980 $56,955 $57,616 $1,854,114

SeeNon-GAAP Financial Definitions.

1 Rental revenue associated with retail leases is included in the NOI disclosure above.2 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.

Commercial Assets and Developable Land($ in thousands)Commercial Location Ownership Rentable Percentage Percentage NOI NOI Debt SF1 Leased Leased 4Q 2024 3Q 2024 Balance 4Q 2024 3Q 2024Port Imperial South – Garage Weehawken, NJ 70.0% Fn 1 N/A N/A $537 $590 $31,098Port Imperial South – Retail Weehawken, NJ 70.0% 18,064 92.0% 92.0% 147 115 -Port Imperial North – Garage Weehawken, NJ 70.0% Fn 1 N/A N/A 25 12 -Port Imperial North – Retail Weehawken, NJ 100.0% 8,400 100.0% 100.0% (275) 46 -Riverwalk at Port Imperial West New York, NJ 100.0% 29,923 80.0% 80.0% 61 164 -Commercial Total 85.1% 56,387 86.8% 86.8% $495 $927 $31,098Shops at 40 Park2 Morristown, NJ 25.0% 50,973 69.0% 69.0% 68 (46) -Commercial Total with Shops at 40 Park 80.9% 107,360 78.4% 78.4% $563 $881 $31,098

Developable Land Parcel Units3 Total Units VRE ShareNJ Waterfront 2,351 1,565Massachusetts 849 849Other 939 939Developable Land Parcel Units Total at December 31, 2024 4,139 3,353Less: One land parcel rezoned from hotel to retail use 112 112Less: 65 Livingston sold in January 2025 252 252Less: Two land parcels under binding contract for sale 527 527Developable Land Parcel Units Remaining4 3,248 2,462

SeeNon-GAAP Financial Definitions.

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 The unit count reduced subsequently when the Company sold 65 Livingston in January 2025. Wall Land and 1 Water Street are represented in the under binding contract bucket. One land parcel in Malden, MA was rezoned for retail use, reducing the total unit count by 112.

Same Store Market Information1Sequential Quarter Comparison(NOI in thousands) NOI at Share Occupancy Blended Lease Rate2 Apartments 4Q 2024 3Q 2024 Change 4Q 2024 3Q 2024 Change 4Q 2024 3Q 2024 ChangeNew Jersey Waterfront 5,067 $37,733 $38,836 (2.8)% 93.8% 95.3% (1.5)% 1.2% 6.6% (5.4)%Massachusetts 1,167 6,787 6,765 0.3% 93.9% 94.8% (0.9)% -% 0.7% (0.7)%Other3 1,387 6,299 6,226 1.2% 94.0% 94.5% (0.5)% (1.7)% 0.5% (2.2)%Total 7,621 $50,819 $51,827 (1.9)% 93.9% 95.1% (1.2)% 0.5% 4.6% (4.1)%

Year-over-Year Fourth Quarter Comparison(NOI in thousands) NOI at Share Occupancy Blended Lease Rate2 Apartments 4Q 2024 4Q 2023 Change 4Q 2024 4Q 2023 Change 4Q 2024 4Q 2023 ChangeNew Jersey Waterfront 5,067 $37,733 $34,756 8.6% 93.8% 94.6% (0.8)% 1.2% 7.8% (6.6)%Massachusetts 1,167 6,787 6,570 3.3% 93.9% 93.9% -% -% 0.5% (0.5)%Other3 1,387 6,299 6,017 4.7% 94.0% 94.0% -% (1.7)% 5.0% (6.7)%Total 7,621 $50,819 $47,343 7.3% 93.9% 94.4% (0.5)% 0.5% 6.2% (5.7)%

Average Revenue per Home Apartments 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023New Jersey Waterfront 5,067 $4,441 $4,371 $4,291 $4,274 $4,219Massachusetts 1,167 2,962 2,946 2,931 2,893 2,925Other3 1,387 3,442 3,421 3,411 3,374 3,307Total 7,621 $4,033 $3,980 $3,923 $3,899 $3,855

See Non-GAAP Financial Definitions.

1 All statistics are based off the current 7,621 Same Store pool.2 Blended lease rates exclude properties not managed by Veris.3 “Other” includes properties in Suburban NJ, New York, and Washington, DC. See Multifamily Operating Portfolio for breakout.

Same Store Performance($ in thousands)Multifamily Same Store1 Three Months Ended December 31, Twelve Months Ended December 31, Sequential 2024 2023 Change % 2024 2023 Change % 4Q24 3Q24 Change %Apartment Rental Income $69,149 $66,603 $2,546 3.8% $272,198 $258,816 $13,382 5.2% $69,149 $68,862 $287 0.4%Parking/Other Income 7,226 6,768 458 6.8% 28,481 26,431 2,050 7.8% 7,226 6,930 296 4.3%Total Property Revenues2 $76,375 $73,371 $3,004 4.1% $300,679 $285,247 $15,432 5.4% $76,375 $75,792 $583 0.8%Marketing & Administration 2,618 2,559 59 2.3% 9,733 9,741 (8) (0.1)% 2,618 2,444 174 7.1%Utilities 2,278 2,181 97 4.4% 9,521 9,057 464 5.1% 2,278 2,491 (213) (8.6)%Payroll 4,525 4,666 (141) (3.0)% 17,531 17,956 (425) (2.4)% 4,525 4,398 127 2.9%Repairs & Maintenance 4,486 4,423 63 1.4% 16,564 15,436 1,128 7.3% 4,486 4,095 391 9.5%Controllable Expenses $13,907 $13,829 $78 0.6% $53,349 $52,190 $1,159 2.2% $13,907 $13,428 $479 3.6%Other Fixed Fees 719 728 (9) (1.2)% 2,879 2,918 (39) (1.3)% 719 745 (26) (3.5)%Insurance 1,388 1,743 (355) (20.4)% 5,649 6,464 (815) (12.6)% 1,388 702 686 97.7%Real Estate Taxes 9,542 9,728 (186) (1.9)% 38,061 35,881 2,180 6.1% 9,542 9,090 452 5.0%Non-Controllable Expenses $11,649 $12,199 $(550) (4.5)% $46,589 $45,263 $1,326 2.9% $11,649 $10,537 $1,112 10.6%Total Property Expenses $25,556 $26,028 $(472) (1.8)% $99,938 $97,453 $2,485 2.5% $25,556 $23,965 $1,591 6.6%Same Store GAAP NOI $50,819 $47,343 $3,476 7.3% $200,741 $187,794 $12,947 6.9% $50,819 $51,827 $(1,008) (1.9)%Real Estate Tax Adjustments3 – – – – 1,689 (1,689) – – -Normalized Same Store NOI $50,819 $47,343 $3,476 7.3% $200,741 $186,105 $14,636 7.9% $50,819 $51,827 $(1,008) (1.9)%Normalized SS NOI Margin 66.5% 64.5% 2.0% 66.8% 65.2% 1.6% 66.5% 68.4% (1.9)%Total Units 7,621 7,621 7,621 7,621 7,621 7,621% Ownership 85.2% 85.2% 85.2% 85.2% 85.2% 85.2%% Occupied 93.9% 94.4% (0.5)% 93.9% 94.4% (0.5)% 93.9% 95.1% (1.2)%

1 Values represent the Company's pro rata ownership of the operating portfolio. The James and Haus25 were added to the Same Store pool in 1Q 2024. All periods displayed have an adjusted Same Store pool to reflect the sales of both Met Lofts and Shops at 40 Park.2 Revenues reported based on Generally Accepted Accounting Principals or “GAAP”.3 Represents tax settlements and final tax rate adjustments recognized that are applicable to prior periods.

Debt Profile($ in thousands) Lender Effective December 31, 2024 December 31, 2023 Date of Interest Rate(1) MaturityPermanent Loans Repaid in 2024Soho Lofts(2) Flagstar Bank 3.77% – 158,777 07/01/29145 Front at City Square(3) US Bank SOFR+1.84% – 63,000 12/10/26Signature Place(4) Nationwide Life Insurance Company 3.74% – 43,000 08/01/24Liberty Towers(5) American General Life Insurance Company 3.37% – 265,000 10/01/24Permanent Loans Repaid in 2024 $- $529,777Secured Permanent LoansPortside 2 at East Pier New York Life Insurance Co. 4.56% 95,427 97,000 03/10/26BLVD 425 New York Life Insurance Co. 4.17% 131,000 131,000 08/10/26BLVD 401 New York Life Insurance Co. 4.29% 115,515 117,000 08/10/26Portside at East Pier(6) KKR SOFR + 2.75% 56,500 56,500 09/07/26The Upton(7) Bank of New York Mellon SOFR + 1.58% 75,000 75,000 10/27/26RiverHouse 9 at Port Imperial(8) JP Morgan SOFR + 1.41% 110,000 110,000 06/21/27Quarry Place at Tuckahoe Natixis Real Estate Capital, LLC 4.48% 41,000 41,000 08/05/27BLVD 475 The Northwestern Mutual Life Insurance Co. 2.91% 164,712 165,000 11/10/27Haus25 Freddie Mac 6.04% 343,061 343,061 09/01/28RiverHouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52% 100,000 100,000 01/10/29Port Imperial Garage South American General Life & A/G PC 4.85% 31,098 31,645 12/01/29The Emery at Overlook Ridge(9) Flagstar Bank 3.21% 70,653 72,000 01/01/31Secured Permanent Loans Outstanding $1,333,966 $1,339,206Secured and/or Repaid Permanent Loans $1,333,966 $1,868,983Unamortized Deferred Financing Costs (10,492) (15,086)Secured Permanent Loans $1,323,474 $1,853,897Secured RCF & Term Loans:Revolving Credit Facility(10) Various Lenders SOFR + 2.72% $152,000 $- 04/22/27Term Loan(10) Various Lenders SOFR + 2.73% 200,000 – 04/22/27RCF & Term Loan Balances $352,000 $-Unamortized Deferred Financing Costs (3,161) -Total RCF & Term Loan Debt $348,839 $-Total Debt $1,672,313 $1,853,897

See to Debt Profile Footnotes.

Debt Summary and Maturity Schedule($ in thousands)100% of the Company's total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed. The Company's total pro rata debt portfolio has a weighted average interest rate of 4.95% and a weighted average maturity of 3.1 years.

Balance % Weighted Average Weighted Average of Total Interest Rate Maturity in YearsFixed Rate & Hedged DebtFixed Rate & Hedged Secured Debt $1,683,966 99.9% 5.05% 2.76Variable Rate DebtVariable Rate Debt1 2,000 0.1% 7.08% 2.31Totals / Weighted Average $1,685,966 100.0% 5.05% 2.76Unamortized Deferred Financing Costs (13,654)Total Consolidated Debt, net $1,672,312Partners' Share (72,770)VRE Share of Total Consolidated Debt, net2 $1,599,542Unconsolidated Secured DebtVRE Share $293,450 53.2% 4.72% 4.00Partners' Share 257,796 46.8% 4.72% 4.00Total Unconsolidated Secured Debt $551,246 100.0% 4.72% 4.00Pro Rata Debt PortfolioFixed Rate & Hedged Secured Debt $1,899,646 100.0% 4.95% 3.10Variable Rate Secured Debt – -% -% -Total Pro Rata Debt Portfolio $1,899,646 100.0% 4.95% 3.10

Debt Maturity Schedule as of December 31, 202434 2025 2026 2027 2028 2029 2030 2031Secured Debt 473 316 343 131 71Term Loan 200Revolver 152Unused Revolver Capacity 148

Pro FormaTotal Consolidated Debt, net on 12/31/24 1,685,966Partners' Share (72,770)VRE Share of Total Consolidated Debt, net as of 12/31/24 1,613,196Repayment of outstanding Revolver borrowings from sale of 65 Livingston in January 2025 (7,000)VRE Share of Total Consolidated Debt, net on 2/20/25 1,606,196VRE Share of Total Unconsolidated Debt, net on 12/31/24 293,450Total Pro Rata Debt Portfolio 1,899,646

1 Variable rate debt includes the unhedged balance on the Revolver at year end.2 Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.7 million at BLVD 401 and $9.3 million at Port Imperial South Garage.3 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 at a strike of 3.5%, expiring July 2026. The Revolver is partially capped with $150 million notional capped at a strike rate of 3.5%, expiring in June 2025.The graphic reflects consolidated debt balances only. Dollars are shown in millions.

Annex 1: Transaction Activity($ in thousands except per SF) Location Transaction Date Number of SF Gross Asset Value Buildings2024 DispositionsLand2 Campus Drive Parsippany-Troy Hills, NJ 1/3/2024 N/A N/A $9,700107 Morgan Jersey City, NJ 4/16/2024 N/A N/A 54,0006 Becker/85 Livingston Roseland, NJ 4/30/2024 N/A N/A 27,900Subtotal Land $91,600MultifamilyMetropolitan Lofts1 Morristown, NJ 1/12/2024 1 54,683 $30,300Subtotal Multifamily 1 54,683 $30,300OfficeHarborside 5 Jersey City, NJ 3/20/2024 1 977,225 $85,000Subtotal Office 1 977,225 $85,000RetailShops at 40 Park2 Morristown, NJ 10/22/2024 1 50,973 $15,700Subtotal Retail 1 50,973 $15,700 2024 Dispositions Total $222,6002025 Dispositions-to-DateLand65 Livingston Roseland, NJ 1/24/2025 N/A N/A $7,300 2025 Dispositions-to-Date $7,300Under Binding ContractWall Land Wall Township, NJ N/A N/A1 Water Street White Plains, NY N/A N/A

1 The joint venture sold the property; releasing approximately $6 million of net proceeds to the Company.2 The Company`s joint venture sold the Shops at 40 Park retail for $15.7 million, of which the Company did not receive any net proceeds after repayment of property-level debt, selling expenses, and preferred return distributions to its joint venture partner.

Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended) 4Q 2024 3Q 2024 Total TotalNet Income (loss) $ (14,023) $ (10,907)Deduct:Loss (income) from discontinued operations 1,015 (206)Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (1,899) -Management fees (751) (794)Interest and other investment income (111) (181)Equity in (earnings) loss of unconsolidated joint ventures (1,015) 268(Gain) loss from extinguishment of debt, net – (8)(Gain) loss on sale of unconsolidated joint venture interests 154 -Other (income) expense, net 396 310Add:Property management 3,877 3,762General and administrative 10,040 8,956Transaction-related costs 159 -Depreciation and amortization 21,182 21,159Interest expense 23,293 21,507Provision for income taxes 2 39Land and other impairments, net – 2,619Net operating income (NOI) $ 42,319 $ 46,524Summary of Consolidated Multifamily NOI by Type (unaudited): 4Q 2024 3Q 2024Total Consolidated Multifamily – Operating Portfolio $ 41,612 $ 43,477Total Consolidated Commercial 495 927Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests) $ 42,107 $ 44,404NOI (loss) from services, land/development/repurposing & other assets 398 427Total Consolidated Multifamily NOI $ 42,505 $ 44,831

See Consolidated Statement of Operations.See Non-GAAP Financial Definitions.

Annex 3: Consolidated Statement of Operations and Non-GAAP Financial FootnotesFFO, Core FFO, AFFO, NOI, & Adjusted EBITDA1. Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 9,653 and 8,696 shares for the three months ended December 31, 2024 and 2023, respectively, and 9,472 and 8,929 for the twelve months ended December 31, 2024 and 2023, 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 $2.6 million and $2.6 million for the three months ended December 31, 2024 and 2023, respectively, and $10.2 million and $10.3 million for the twelve months ended December 31, 2024 and 2023, respectively. Excludes non-real estate-related depreciation and amortization of $0.2 million and $0.2 million for the three months ended December 31, 2024 and 2023, respectively, and $0.8 million and $1.0 million for the twelve months ended December 31, 2024 and 2023, 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. Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $10.0 million and $9.9 million for the three months ended December 31, 2024 and 2023, respectively, and $37.0 million and $36.5 million for the twelve months ended December 31, 2024 and 2023, respectively.5. Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.1 million and $3.5 million for the three months ended December 31, 2024 and 2023, respectively, and $14.1 million and $13.1 million for the twelve months ended December 31, 2024 and 2023, respectively.6. Includes the Company's share from unconsolidated joint ventures of $20 thousand and $92 thousand for the three months and twelve months ended December 31, 2024.7. Includes the Company's share from unconsolidated joint ventures of $59 thousand and $23 thousand for the three months ended December 31, 2024 and 2023, respectively, and $94 thousand and ($4) thousand for the twelve months ended December 31, 2024 and 2023, respectively.8. Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.See Consolidated Statement of Operations.See FFO, Core FFO and Core AFFO.See Adjusted EBITDA.

Annex 4: Unconsolidated Joint Ventures($ in thousands)Property Units Percentage VRE's Nominal 4Q 2024 Total VRE Share VRE Share Occupied Ownership1 NOI2 Debt of 4Q NOI of DebtMultifamilyUrby Harborside 762 94.4% 85.0% $6,455 $182,604 $5,487 $155,213RiverTrace at Port Imperial 316 94.4% 22.5% 2,243 82,000 505 18,450Capstone at Port Imperial 360 95.1% 40.0% 3,243 135,000 1,297 54,000Riverpark at Harrison 141 95.7% 45.0% 626 30,192 282 13,586Metropolitan at 40 Park 130 93.7% 25.0% 771 34,100 193 8,525Station House 378 91.8% 50.0% 2,005 87,350 1,003 43,675Total Multifamily 2,087 94.1% 55.0% $15,343 $551,246 $8,766 $293,450Total UJV 2,087 94.1% 55.0% $15,343 $551,246 $8,766 $293,450Retail Sold in 4QShops at 40 Park3 N/A 69.0% 25.0% 68 – 17 -Total Retail Sold in 4Q N/A 69.0% 25.0% $68 $- $17 $-

1 Amounts represent the Company's share based on ownership percentage.2 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities.3 The Company`s joint venture sold the Shops at 40 Park retail for $15.7 million, of which the Company did not receive any net proceeds after repayment of property-level debt, selling expenses, and preferred return distributions to its joint venture partner.

Annex 5: Debt Profile Footnotes1. Effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.2. The loan on Soho Lofts was prepaid in full on June 28, 2024, through a $55 million Term Loan draw.3. The loan on 145 Front Street was prepaid in full on May 22, 2024, using cash on hand.4. The loan on Signature Place was repaid on August 1, 2024, through a $43 million Term Loan draw.5. The loan on Liberty Towers was repaid on September 30, 2024, through a combination of a $102 million Term Loan draw, $157 million Revolver draw and cash on hand.6. The loan on Portside at East Pier is hedged with a 3-year cap at a strike rate of 3.5%, expiring in September 2026.7. The loan on Upton was hedged with an interest rate cap at a strike rate of 1.0% that expired in October 2024. The Company elected to place a new interest rate cap at a strike of 3.5%, expiring in November 2026.8. The loan on RiverHouse 9 is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026.9. 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.10. 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 accessed three times ($55 million in June, $43 million in August and $102 million in September) and was fully drawn as of December 31, 2024. The three Term Loan tranches are hedged with interest rate caps at strike rates of 3.5%, expiring in July 2026. As of December 31, 2024, the balance outstanding under the Revolver was $152 million, of which $150 million was hedged with an interest rate cap at a strike rate of 3.5%, expiring in June 2025.

Balance as of Initial Deferred 5 bps Updated SOFR or All In December 31, 2024 Spread Financing reduction KPI Spread SOFR Cap Rate CostsSecured Revolving Credit Facility (Unhedged) $2,000,000 2.10% 0.67% (0.05)% 2.72% 4.36% 7.08%Secured Revolving Credit Facility $150,000,000 2.10% 0.67% (0.05)% 2.72% 3.50% 6.22%Secured Term Loan $200,000,000 2.10% 0.68% (0.05)% 2.73% 3.50% 6.23%

SeeDebt Profile.

Annex 6: Multifamily Property Information Location Ownership Apartments Rentable SF1 Average Size Year CompleteNJ WaterfrontHaus25 Jersey City, NJ 100.0% 750 617,787 824 2022Liberty Towers Jersey City, NJ 100.0% 648 602,210 929 2003BLVD 401 Jersey City, NJ 74.3% 311 273,132 878 2016BLVD 425 Jersey City, NJ 74.3% 412 369,515 897 2003BLVD 475 Jersey City, NJ 100.0% 523 475,459 909 2011Soho Lofts Jersey City, NJ 100.0% 377 449,067 1,191 2017Urby Harborside Jersey City, NJ 85.0% 762 474,476 623 2017RiverHouse 9 at Port Imperial Weehawken, NJ 100.0% 313 245,127 783 2021RiverHouse 11 at Port Imperial Weehawken, NJ 100.0% 295 250,591 849 2018RiverTrace West New York, NJ 22.5% 316 295,767 936 2014Capstone West New York, NJ 40.0% 360 337,991 939 2021NJ Waterfront Subtotal 85.0% 5,067 4,391,122 867MassachusettsPortside at East Pier East Boston, MA 100.0% 180 154,859 862 2015Portside 2 at East Pier East Boston, MA 100.0% 296 230,614 779 2018145 Front at City Square Worcester, MA 100.0% 365 304,936 835 2018The Emery at Overlook Ridge Revere, MA 100.0% 326 273,140 838 2020Massachusetts Subtotal 100.0% 1,167 963,549 826OtherThe Upton Short Hills, NJ 100.0% 193 217,030 1,125 2021The James Park Ridge, NJ 100.0% 240 215,283 897 2021Signature Place Morris Plains, NJ 100.0% 197 203,716 1,034 2018Quarry Place at Tuckahoe Eastchester, NY 100.0% 108 105,551 977 2016Riverpark at Harrison Harrison, NJ 45.0% 141 124,774 885 2014Metropolitan at 40 Park Morristown, NJ 25.0% 130 124,237 956 2010Station House Washington, DC 50.0% 378 290,348 768 2015Other Subtotal 73.8% 1,387 1,280,939 924Operating Portfolio2 85.2% 7,621 6,635,610 871

See Multifamily Operating Portfolio.

1 Total sf outlined above excludes approximately 189,367 sqft of ground floor retail, of which 142,739 sf was leased as of December 31, 2024.2 Rental revenue associated with retail leases is included in the NOI disclosure on the Multifamily Operating Portfolio.

Annex 7: Noncontrolling Interests in Consolidated Joint Ventures Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023BLVD 425 $ 96 $ 72 $ 423 $ 202BLVD 401 (571) (568) (2,258) (2,487)Port Imperial Garage South (2) (12) (5) (52)Port Imperial Retail South 18 29 52 113Other consolidated joint ventures (36) (25) (136) (95)Net losses in noncontrolling interests $ (495) $ (504) $ (1,924) $ (2,319)Depreciation in noncontrolling interests 744 712 2,923 2,853Funds from operations – noncontrolling interest in consolidated joint ventures $ 249 $ 208 $ 999 $ 534Interest expense in noncontrolling interest in consolidated joint ventures 786 789 3,146 3,163Net operating income before debt service in consolidated joint ventures $ 1,035 $ 997 $ 4,145 $ 3,697

See 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.

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.