Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the third quarter 2025.
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Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024Net Income (loss) per Diluted Share $0.80 $(0.10) $0.81 $(0.12)Core FFO per Diluted Share $0.20 $0.17 $0.52 $0.49Core AFFO per Diluted Share $0.19 $0.19 $0.55 $0.58Dividend 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 deliveringoutsized 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, June 30, 2025 Change 2025Same 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 $4,226 0.7%
The following table shows Same Store performance:
($ in 000s) Three Months Ended September 30, Nine Months Ended September 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 Proceeds65 Livingston 1/24/2025 Roseland, NJ $7,300Wall Land 4/3/2025 Wall Township, NJ 31,000PI – North Building (two parcels) and Metropolitan at 40 Park 4/21/2025 West New York, NJ, and 7,100 Morristown, NJ1 Water 4/29/2025 White Plains, NY 15,500Signature Place 7/9/2025 Morris Plains, NJ 85,000145 Front Street 7/22/2025 Worcester, MA 122,200The James 8/14/2025 Park Ridge, NJ 117,000PI South – Building 2 8/28/2025 Weehawken, NJ 19,000Quarry Place at Tuckahoe 9/25/2025 Eastchester, NY 63,000Total 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, 2025Weighted Average Interest Rate 4.76% 5.08%Weighted Average Years to Maturity 2.6 2.6TTM Interest Coverage Ratio 1.7x 1.7xNet Debt $1,407,717 $1,795,320TTM Adjusted EBITDA (Normalized) $141,151 $159,162Net 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'scurrent 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 HighSame 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 HighNet 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 – $0.85Core 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 MediaMackenzie Rice Amanda Shpiner/Grace CartwrightDirector, 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, 2024ASSETSRental propertyLand and leasehold interests $ 438,018 $ 458,946Buildings and improvements 2,587,883 2,634,321Tenant improvements 16,388 14,784Furniture, fixtures and equipment 115,693 112,201 3,157,982 3,220,252Less – accumulated depreciation and amortization (495,698) (432,531) 2,662,284 2,787,721Real estate held for sale, net – 7,291Net investment in rental property 2,662,284 2,795,012Cash and cash equivalents 8,778 7,251Restricted cash 17,042 17,059Investments in unconsolidated joint ventures 52,841 111,301Unbilled rents receivable, net 3,302 2,253Deferred charges and other assets, net 46,598 48,476Accounts receivable 918 1,375Total assets $ 2,791,763 $ 2,982,727LIABILITIES AND EQUITYRevolving credit facility and term loans 31,000 348,839Mortgages, loans payable and other obligations, net 1,402,537 1,323,474Dividends and distributions payable 8,587 8,533Accounts payable, accrued expenses and other liabilities 51,795 42,744Rents received in advance and security deposits 11,582 11,512Accrued interest payable 5,131 5,262Total liabilities 1,510,632 1,740,364Redeemable noncontrolling interests 9,294 9,294Total Stockholders' Equity 1,156,864 1,099,391Noncontrolling interests in subsidiaries:Operating Partnership 106,342 102,588Consolidated joint ventures 8,631 31,090Total noncontrolling interests in subsidiaries $ 114,973 $ 133,678Total equity $ 1,271,837 $ 1,233,069Total 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 5,048Total 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 2,619Total 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 – – – 1,548 impairments, netTotal 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 92,615Diluted weighted average shares outstanding1 102,493 101,587 102,273 101,304
SeeConsolidated 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 2024Net 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 295Real estate-related depreciation and amortization on continuing operations2 21,395 23,401 68,071 68,547Real estate-related depreciation and amortization on discontinued operations – – – 668Continuing 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 – – – (1,548)rental property, netFFO3 $ 12,510 $ 12,804 $ 61,166 $ 48,896Add/(Deduct):(Gain) loss from extinguishment of debt, net 3,212 (8) 3,212 777Land and other impairments4 – 2,619 14,067 2,619(Gain) loss on disposition of developable land5 558 – (35,852) (11,515)Severance/Compensation related costs (G&A)6 547 206 2,067 2,079Severance/Compensation related costs (Property Management)7 657 26 2,056 2,390Amortization of derivative premium8 423 1,303 2,385 3,093Derivative mark to market adjustment & losses on de-designation/early terminations 561 16 1,086 16Transaction related costs 1,550 – 3,428 1,406Core FFO $ 20,018 $ 16,966 $ 53,615 $ 49,761Add/(Deduct):Straight-line rent adjustments9 (493) (341) (1,244) (683)Amortization of market lease intangibles, net – (9) (6) (25)Amortization of lease inducements – – – 7Amortization of debt discounts (premiums) 10 – 19 -Amortization of stock compensation 2,867 3,005 9,046 9,979Non-real estate depreciation and amortization 145 165 434 594Amortization of deferred financing costs 1,673 1,675 5,157 4,486Add/(Deduct):Non-incremental revenue generating capital expenditures:Building improvements (4,719) (2,288) (10,700) (4,890)Tenant improvements and leasing commissions10 (25) (55) (121) (142)Core AFFO3 $ 19,476 $ 19,118 $ 56,200 $ 59,087Funds from Operations per share/unit-diluted $0.12 $0.13 $0.60 $0.48Core Funds from Operations per share/unit-diluted $0.20 $0.17 $0.52 $0.49Core Adjusted Funds from Operations per share/unit-diluted $0.19 $0.19 $0.55 $0.58Dividends 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 2024Core FFO (calculated previously) $ 20,018 $ 16,966 $ 53,615 $ 49,761Deduct: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 64,683Amortization 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 8,252Income (loss) from noncontrolling interest in consolidated joint ventures, net1 (348) (391) (1,022) (1,429)Redeemable noncontrolling interests 81 81 243 459Income tax expense 35 39 171 297Adjusted 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 (Normalized) 10.0x
SeeConsolidated 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 AssetsOperating Multifamily NOI1 Total At Share Cash and Cash Equivalents $8,778New Jersey Waterfront $168,828 $147,807 Restricted Cash 17,042Massachusetts 20,264 20,264 Other Assets 50,818Other 15,324 9,587 Subtotal Other Assets $76,638Total Multifamily NOI2 $204,416 $177,658Commercial NOI3 4,240 3,346 Liabilities and Other ConsiderationsTotal NOI $208,656 $181,004 Operating – Consolidated Debt at Share $1,338,821Non-Strategic Assets Operating – Unconsolidated Debt at Share 128,852 Other Liabilities 77,095Estimated Value of Land Under Contract $75,000 Revolving Credit Facility 31,000Estimated Value of Remaining Land 35,395 Preferred Units 9,294Total Non-Strategic Assets4 $110,395 Subtotal Liabilities and Other Considerations $1,585,062 Outstanding Shares5 Diluted Weighted Average Shares 102,493 Outstanding for 3Q 2025 (in 000s)
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 thousandlower 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 NOI2 Debt Occupied1 Balance Ownership Apartments 3Q 2025 2Q 2025 3Q 2025 2Q 2025 3Q 2025 2Q 2025NJ WaterfrontHaus25 100.0% 750 96.5% 95.5% $5,118 $5,027 $8,275 $8,083 $343,061Liberty 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 2,498 113,984BLVD 425 74.3% 412 95.8% 95.0% 4,236 4,217 3,320 3,359 131,000BLVD 475 100.0% 523 97.5% 97.0% 4,349 4,308 4,247 4,429 162,088Soho 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 5,655 181,544RiverHouse 9 at Port Imperial 100.0% 313 94.9% 95.9% 4,590 4,507 2,717 2,798 110,000RiverHouse 11 at Port Imperial 100.0% 295 97.3% 97.4% 4,394 4,403 2,470 2,543 100,000RiverTrace 22.5% 316 95.1% 94.2% 3,869 3,830 2,225 2,084 82,000Capstone 40.0% 360 94.7% 95.1% 4,651 4,692 3,428 3,398 135,000NJ Waterfront Subtotal 87.2% 5,067 94.6% 92.8% $4,524 $4,499 $42,207 $42,502 $1,358,677MassachusettsPortside at East Pier3 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 94,200The Emery at Overlook Ridge 100.0% 326 95.2% 95.1% 2,928 2,899 1,722 1,664 69,522Massachusetts Subtotal 100.0% 802 95.7% 95.7% $3,263 $3,244 $5,066 $5,158 $163,722OtherThe Upton 100.0% 193 94.5% 96.0% $4,660 $4,468 $1,467 $1,466 $75,000Riverpark at Harrison 45.0% 141 95.7% 96.5% 2,940 2,924 579 584 30,097Station House 50.0% 378 93.9% 92.6% 3,029 3,018 1,785 1,987 85,716Other Subtotal 62.6% 712 94.4% 94.3% $3,453 $3,392 $3,831 $4,037 $190,813Operating Portfolio4,5 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)Commercial Location Ownership Rentable Percentage Percentage NOI NOI Debt SF1 Leased Leased 3Q 2025 2Q 2025 Balance 3Q 2025 2Q 2025Port Imperial South – Garage Weehawken, NJ 70.0% Fn 1 N/A N/A $619 $713 $30,670Port Imperial South – Retail Weehawken, NJ 70.0% 18,064 77.0% 77.0% 126 70 -Port Imperial North – Garage Weehawken, NJ 100.0% Fn 1 N/A N/A (13) 66 -Port Imperial North – Retail Weehawken, NJ 100.0% 8,400 100.0% 100.0% 119 145 -Riverwalk at Port Imperial West New 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 Units2 Total UnitsNJ Waterfront3 1,277Massachusetts 737Other 160Developable Land Parcel Units Total 2,174Less: land under contract (Harborside 8/9) 1,277Developable 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 Information1Sequential Quarter Comparison(NOI in thousands) NOI at Share Occupancy Blended Lease Tradeouts2 Apartments 3Q 2025 2Q 2025 Change 3Q 2025 2Q 2025 Change 3Q 2025 2Q 2025 ChangeNew 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)%Other3 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) NOI at Share Occupancy Blended Lease Tradeouts2 Apartments 3Q 2025 3Q 2024 Change 3Q 2025 3Q 2024 Change 3Q 2025 3Q 2024 ChangeNew 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)%Other3 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 2024New Jersey Waterfront 5,067 $4,524 $4,499 $4,430 $4,441 $4,371Massachusetts 802 3,263 3,244 3,186 3,161 3,160Other3 712 3,453 3,392 3,291 3,376 3,387Total 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 Revenues2 $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 $(553) (1.2)%Same Store NOI Margin 66.0% 69.3% (3.3)% 67.2% 67.6% (0.4)% 66.0% 68.1% (2.1)%Total Units 6,581 6,581 6,581 6,581 6,581 6,581% Ownership1 86.1% 86.1% 86.1% 86.1% 86.1% 86.1%% Occupied 94.7% 95.0% (0.3)% 94.37% 95.0% (0.3)% 94.7% 93.3% 1.4%
1 These values represent the Company's pro-rata ownership. Sable is shown as 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025. These are shown at share and exclude management fees.2 Revenues reported based on Generally Accepted Accounting Principals or “GAAP”.
Debt Profile($ in thousands) Lender Effective September 30, 2025 December 31, 2024 Date of Interest Rate1 MaturitySecured Permanent LoansPortside 2 at East Pier New York Life Insurance Co. 4.56% $94,200 $95,427 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% 113,984 115,515 08/10/26Portside at East Pier2 KKR SOFR + 2.75% – 56,500 09/07/26The Upton3 Bank of New York Mellon SOFR + 1.58% 75,000 75,000 10/27/26RiverHouse 9 at Port Imperial4 JP Morgan SOFR + 1.41% 110,000 110,000 06/21/27Quarry Place at Tuckahoe5 Natixis Real Estate Capital, LLC 4.48% – 41,000 08/05/27BLVD 475 The Northwestern Mutual Life Insurance Co. 2.91% 162,088 164,712 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 01/10/29Sable6 Pacific Life 5.20% 181,544 – 08/01/29Port Imperial Garage South American General Life & A/G PC 4.85% 30,670 31,098 12/01/29The Emery7 Flagstar Bank 3.21% 69,522 70,653 01/01/31Secured Permanent Loans Outstanding $1,411,069 $1,333,966Unamortized Deferred Financing Costs5 (8,532) (10,492)Secured Permanent Loans $1,402,537 $1,323,474Secured RCF & Term Loans:Revolving Credit Facility8 Various Lenders SOFR + 2.39% $31,000 $152,000 04/22/27Term Loan8 Various Lenders SOFR + 2.39% – 200,000 04/22/27RCF & Term Loan Balances $31,000 $352,000Unamortized Deferred Financing Costs5 – (3,161)Total RCF & Term Loan Debt $31,000 $348,839Total Debt $1,433,537 $1,672,313
See to Debt Profile Footnotes.
Debt Summary and Maturity ScheduleAs of September 30, all of the Company's total debt portfolio (consolidated and unconsolidated) is hedged or fixed with a weighted average interest rate of 4.76% and a weighted average maturity of 2.6 years.
($ in thousands)As of 9/30 Balance % Weighted Average Weighted Average of Total Interest Rate Maturity in YearsFixed Rate & Hedged DebtFixed Rate & Hedged Secured Debt $1,442,069 100.0% 4.77% 2.38Variable Rate DebtVariable Rate Debt – -% -% -Totals / Weighted Average $1,442,069 100.0% 4.77% 2.38Unamortized Deferred Financing Costs (8,532)Total Consolidated Debt, net $1,433,537Partners' Share (72,248)VRE Share of Total Consolidated Debt, net1 $1,361,289Unconsolidated Secured DebtVRE Share $128,852 38.7% 4.32% 3.86Partners' Share 203,961 61.3% 4.32% 3.86Total Unconsolidated Secured Debt $332,813 100.0% 4.32% 3.86Pro RataFixed Rate & Hedged Secured Debt $1,498,673 100.0% 4.76% 2.56Variable Rate Secured Debt – -% -% -Total Pro Rata Debt Portfolio $1,498,673 100.0% 4.76% 2.56
Debt Maturity Schedule as of September 30, 20252,3 2025 2026 2027 2028 2029 2030Secured Debt $421 $272 $343 $303Revolver $31Unused 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 Location Transaction Number of Units Gross Proceeds Date Buildings2025 dispositions-to-dateLand65 Livingston Roseland, NJ 1/24/2025 N/A N/A $7,300Wall Land Wall Township, NJ 4/3/2025 N/A N/A 31,000PI North – Building 6 and Riverbend I1 West New York, NJ 4/21/2025 N/A N/A 6,5001 Water White Plains, NY 4/29/2025 N/A N/A 15,500PI South – Building 21 Weehawken, NJ 8/28/2025 N/A N/A 19,000Land dispositions-to-date N/A N/A $79,300MultifamilyMetropolitan at 40 Park1 Morristown, NJ 4/21/2025 1 130 $600Signature Place Morris Plains, NJ 7/9/2025 1 197 85,000145 Front Street Worcester, MA 7/22/2025 1 365 122,200The James Park Ridge, NJ 8/14/2025 1 240 117,000Quarry Place Eastchester, NY 9/25/2025 1 108 63,0002Multifamily dispositions-to-date 5 1,040 $387,800Total dispositions-to-date $467,1002025 acquisitions-to-dateMultifamilySable Jersey City, NJ 4/21/2025 1 762 $38,5003Multifamily 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 TotalNet Income (loss) $ 81,326 $ 11,843Deduct:Management fees (523) (766)Loss (income) from discontinued operations (3,782) 27Interest 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 4,088General and administrative 8,517 9,605Transaction-related costs 1,550 1,570Depreciation and amortization 21,073 22,471Interest expense 22,240 24,604Provision for income taxes 35 93Land and other impairments, net – 12,467Net operating income (NOI) $ 47,598 $ 50,067Summary of Consolidated Multifamily NOI by Type (unaudited): 3Q 2025 2Q 2025Total Consolidated Multifamily – Operating Portfolio $ 44,851 $ 47,316Total Consolidated Commercial 1,060 1,183Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests) $ 45,911 $ 48,499NOI (loss) from services, land/development/repurposing & other assets 1,778 1,675Total 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 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 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 Includesthe 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 $35 thousand for the nine months ended September 30, 2025 and 2024, respectively.10 Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.
Back toConsolidated Statement of Operations.Back toFFO, Core FFO and Core AFFO.Back toAdjusted EBITDA.
Annex 4: Unconsolidated Joint Ventures($ in thousands)Property Units Percentage VRE's Nominal 3Q 2025 Total VRE Share VRE Share Occupied Ownership NOI1 Debt of 3Q NOI of DebtMultifamilyRiverTrace 316 95.1% 22.5% $2,225 $82,000 $501 $18,450Capstone 360 94.7% 40.0% 3,428 135,000 1,400 54,000Riverpark at Harrison 141 95.7% 45.0% 579 30,097 300 13,544Station House 378 93.9% 50.0% 1,785 85,716 900 42,858Total 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 Footnotes1 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 Initial Deferred 5 bps Updated SOFR or All In September 30, Spread Financing reduction Spread SOFR Cap Rate 2025 Costs KPISecured Revolving Credit Facility $31,000 1.55% 0.89% (0.05)% 2.39% 3.50% 5.89%
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 2017Sable Jersey City, NJ 100.0% 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 87.2% 5,067 4,391,122 888MassachusettsPortside 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 2018The Emery Revere, MA 100.0% 326 273,140 838 2020Massachusetts Subtotal 100.0% 802 658,613 823OtherThe Upton Short Hills, NJ 100.0% 193 217,030 1,125 2021Riverpark at Harrison Harrison, NJ 45.0% 141 124,774 885 2014Station House Washington, DC 50.0% 378 290,348 768 2015Other Subtotal 62.6% 712 632,152 914Operating 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 2024BLVD 425 $ 119 $ 155 $ 402 $ 327BLVD 401 (568) (528) (1,692) (1,687)Port Imperial Garage South 130 12 11 (3)Port Imperial Retail South 10 5 14 34Other 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 2,179Funds from operations – noncontrolling interest in consolidated joint ventures $ (162) $ 330 $ (961) $ 750Interest expense in noncontrolling interest in consolidated joint ventures 801 787 2,359 2,359Net operating income before debt service in consolidated joint ventures $ 639 $ 1,117 $ 1,398 $ 3,109
Non-GAAP Financial Definitions
NON-GAAP FINANCIAL MEASURES
Included in this financial package are Funds from Operations, orFFO, 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 InformationCorporate Headquarters Stock Exchange Listing Contact InformationVeris Residential, Inc. New York Stock Exchange Veris Residential, Inc.210 Hudson St., Suite 400 Investor Relations DepartmentJersey City, New Jersey 07311 Trading Symbol 210 Hudson St., Suite 400(732) 590-1010 Common Shares: VRE Jersey City, New Jersey 07311 Mackenzie Rice Director, Investor Relations E-Mail: investors@verisresidential.com Web: www.verisresidential.comExecutive OfficersMahbod Nia Amanda Lombard Taryn FielderChief Executive Officer Chief Financial Officer General Counsel and SecretaryAnna MalhariChief Operating OfficerEquity Research CoverageBank of America Merrill Lynch BTIG, LLC CitigroupJana Galan Thomas Catherwood Nicholas JosephEvercore ISI Green Street Advisors JP MorganSteve Sakwa John Pawlowski Anthony PaoloneTruistMichael R. Lewis
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