Raises Full-Year 2024 Guidance
JERSEY
CITY, N.J., Oct. 30,
2024 /PRNewswire/ -- Veris Residential, Inc. (NYSE:
VRE) (the "Company"), a forward-thinking, environmentally and
socially conscious multifamily REIT, today reported results for the
third quarter 2024.
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|
2024
|
2023
|
2024
|
2023
|
|
Net Income (Loss) per
Diluted Share
|
$(0.10)
|
$(0.60)
|
$(0.12)
|
$(1.16)
|
|
Core FFO per Diluted
Share
|
$0.17
|
$0.12
|
$0.49
|
$0.42
|
|
Core AFFO per Diluted
Share
|
$0.19
|
$0.15
|
$0.58
|
$0.48
|
|
Dividend per Diluted
Share
|
$0.07
|
$0.05
|
$0.18
|
$0.05
|
YEAR-TO-DATE HIGHLIGHTS
- Same Store multifamily Blended Net Rental growth rate of 4.6%
for the quarter and 4.8% year to date.
- Year-over-year Normalized Same Store NOI growth of 8.4% for the
third quarter and 8.0% year to date.
- Year-to-date Normalized Same Store NOI margin of 66.8%, a 130
basis point improvement from the same period last year.
- Reduced net debt by approximately $227
million since September 30,
2023, and refinanced $531
million of mortgage debt, leaving no remaining consolidated
debt maturities until 2026.
- Raised guidance as a result of the favorable resolutions of
certain non-controllable expenses and better-than-expected revenue
growth.
- Core FFO guidance raised by over 13% at the low end and 7% at
the high end, resulting in a revised range of $0.59 - $0.60.
- Same Store NOI guidance raised by 240 basis points at the low
end and 120 basis points at the high end, resulting in a revised
range of 5.4% - 6.2%.
- Named 2024 Regional Listed Sector Leader by GRESB for
distinguished ESG leadership and performance, with the highest
listed residential score in the U.S. and the third-best listed
residential score worldwide.
|
September 30,
2024
|
June 30,
2024
|
Change
|
|
Same Store
Units
|
7,621
|
7,621
|
— %
|
|
Same Store
Occupancy
|
95.1 %
|
95.1 %
|
— %
|
|
Same Store Blended
Rental Growth Rate (Quarter)
|
4.6 %
|
5.4 %
|
(0.8) %
|
|
Average Rent per
Home
|
$3,980
|
$3,923
|
1.5 %
|
Mahbod Nia, Chief Executive
Officer, commented, "Our portfolio continues to exhibit strong
revenue growth, underpinned by robust demand for our premium
properties and limited new supply in our key markets. I am
extremely proud of the work our teams have done to mitigate
controllable expense growth during a period of elevated inflation.
These efforts, combined with a better than expected resolution of
our non-controllable expenses last quarter, drove a substantial 17%
year-over-year increase in Core FFO per share during the first nine
months of the year, further improving our operating margin to 66.8%
and allowing us to once again raise guidance."
SAME STORE PORTFOLIO PERFORMANCE
The following table shows Same Store performance:
|
($ in
000s)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
|
Total Property
Revenue
|
$75,843
|
$72,948
|
4.0 %
|
$224,680
|
$212,227
|
5.9 %
|
|
Controllable
Expenses
|
13,452
|
13,543
|
(0.7) %
|
39,499
|
38,421
|
2.8 %
|
|
Non-Controllable
Expenses
|
10,572
|
11,596
|
(8.8) %
|
35,023
|
33,130
|
5.7 %
|
|
Total Property
Expenses
|
24,024
|
25,139
|
(4.4) %
|
74,522
|
71,551
|
4.2 %
|
|
Same Store
NOI
|
$51,819
|
$47,809
|
8.4 %
|
$150,158
|
$140,676
|
6.7 %
|
|
Less: Real Estate Tax
Adjustments
|
—
|
20
|
|
—
|
1,689
|
|
|
Normalized Same
Store NOI
|
$51,819
|
$47,789
|
8.4 %
|
$150,158
|
$138,987
|
8.0 %
|
In the third quarter, the Company renewed its property insurance
program and finalized property taxes for its Jersey City assets, reducing Same Store
non-controllable expenses by 8.8% for the quarter.
FINANCE AND LIQUIDITY
Approximately all of the Company's debt is hedged or fixed. The
Company's total debt portfolio has a weighted average effective
interest rate of 4.96% and weighted average maturity of 3.3
years.
|
Balance Sheet Metric
($ in 000s)
|
September 30,
2024
|
June 30,
2024
|
|
Weighted Average
Interest Rate
|
4.96 %
|
4.51 %
|
|
Weighted Average Years
to Maturity
|
3.3
|
3.1
|
|
Interest Coverage
Ratio
|
1.7x
|
1.7x
|
|
Net Debt
|
$1,645,447
|
$1,646,023
|
|
TTM EBITDA
|
$140,682
|
$139,654
|
|
TTM Net Debt to
EBITDA
|
11.7x
|
11.8x
|
During the third quarter, the Company repaid the $43 million mortgage on Signature Place and the
$265 million mortgage on Liberty
Towers using a combination of cash on hand, $145 million of additional draws on the Term Loan
and a $157 million draw on the
Secured Revolving Credit Facility. At quarter end, the Company had
liquidity of approximately $170
million.
The $200 million Term Loan balance
and $150 million of the Revolver were
hedged with interest rate caps at a strike rate of 3.5%. The
nine-month interest rate cap on the Revolver has not been
designated as an effective accounting hedge to allow for
flexibility should the Company repay a portion of the Revolver
balance before the interest rate cap expires.
At the beginning of the third quarter, the Company successfully
met Sustainable KPI provisions that resulted in a 5-basis-point
spread reduction for all borrowings on the Term Loan and
Revolver.
ESG
The Company has again been recognized by global and national
real estate organizations for its accomplishments in ESG and DEI.
Most significantly, GRESB designated the Company as a Regional
Listed Sector Leader in the Residential category, a recognition
highlighting the top GRESB assessment performers in the Americas.
The Company achieved the highest listed residential score in the
U.S. and third-best listed residential score worldwide, earning its
third-consecutive 5 Star rating.
The Company was also recognized by Nareit with the Mid Cap
Diversity Impact Award for its social responsibility policies.
DIVIDEND
The Company paid a dividend of $0.07 per share on October
16, 2024, for shareholders of record as of September 30, 2024.
GUIDANCE
The Company has raised its 2024 guidance ranges to reflect the
favorable outcome of certain non-controllable expenses that were
finalized in the third quarter and continued multifamily
outperformance.
|
Revised
Guidance
|
Previous Guidance
(July)
|
|
2024 Guidance
Ranges
|
Low
|
|
High
|
Low
|
|
High
|
|
Same Store Revenue
Growth
|
4.6 %
|
—
|
5.0 %
|
4.0 %
|
—
|
5.0 %
|
|
Same Store Expense
Growth
|
2.5 %
|
—
|
3.0 %
|
4.5 %
|
—
|
5.5 %
|
|
Same Store NOI
Growth
|
5.4 %
|
—
|
6.2 %
|
3.0 %
|
—
|
5.0 %
|
|
Core FFO per Share
Guidance
|
Low
|
|
High
|
|
Net Loss per
Share
|
$(0.15)
|
—
|
$(0.14)
|
|
Other FFO adjustments
per share
|
$(0.16)
|
—
|
$(0.16)
|
|
Depreciation per
Share
|
$0.90
|
—
|
$0.90
|
|
Core FFO per
Share
|
$0.59
|
—
|
$0.60
|
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for
Thursday, October 31, 2024, 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 third 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 Thursday, October 31,
2024.
A replay of the call will also be accessible Thursday, October 31, 2024, through Sunday, December 1, 2024, by calling (844)
512-2921 (domestic) or +1(412) 317-6671 (international) and using
the passcode, 13747452.
Copies of Veris Residential, Inc.'s third quarter 2024 Form 10-Q
and third quarter 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, environmentally
and socially conscious real estate investment trust (REIT) that
primarily owns, operates, acquires and develops holistically
inspired, Class A multifamily properties that meet the
sustainability-conscious lifestyle needs of today's residents while
seeking to positively impact the communities it serves and the
planet at large. The Company is guided by an experienced management
team and Board of Directors, underpinned by leading corporate
governance principles; a best-in-class, sustainable approach to
operations; and an inclusive culture based on equality and
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 Quarterly
Report on Form 10-Q (the "10-Q") filed by the Company for the
same period with the Securities and Exchange Commission (the "SEC")
and all of the Company's other public filings with the SEC (the
"Public Filings"). In particular, the financial information
contained herein is subject to and qualified by reference to the
financial statements contained in the 10-Q, the footnotes thereto
and the limitations set forth therein. Investors may not rely on
the press release without reference to the 10-Q and the Public
Filings, available at
https://investors.verisresidential.com/financial-information.
We consider portions of this information, including the
documents incorporated by reference, to be forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. We intend such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 21E of such act.
Such forward-looking statements relate to, without limitation, our
future economic performance, plans and objectives for future
operations, and projections of revenue and other financial items.
Forward-looking statements can be identified by the use of words
such as "may," "will," "plan," "potential," "projected," "should,"
"expect," "anticipate," "estimate," "target," "continue" or
comparable terminology. Forward-looking statements are inherently
subject to certain risks, trends and uncertainties, many of which
we cannot predict with accuracy and some of which we may not
anticipate. Although we believe that the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions at the time made, we can give no assurance that such
expectations will be achieved. Future events and actual results,
financial and otherwise, may differ materially from the results
discussed in the forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements and
are advised to consider the factors listed above together with the
additional factors under the heading "Disclosure Regarding
Forward-Looking Statements" and "Risk Factors" in the Company's
Annual Report on Form 10-K, as may be supplemented or amended by
the Company's Quarterly Reports on Form 10-Q, which are
incorporated herein by reference. The Company assumes no obligation
to update or supplement forward-looking statements that become
untrue because of subsequent events, new information or otherwise,
except as required under applicable law.
|
Investors
|
|
Media
|
|
Anna Malhari
|
|
Amanda Shpiner/Grace
Cartwright
|
|
Chief Operating
Officer
|
|
Gasthalter &
Co.
|
|
investors@verisresidential.com
|
|
veris-residential@gasthalter.com
|
Additional details in Company Information.
|
Consolidated Balance
Sheet
(in thousands)
(unaudited)
|
|
|
September 30,
2024
|
December 31,
2023
|
|
ASSETS
|
|
|
|
Rental
property
|
|
|
|
Land and leasehold
interests
|
$462,531
|
$474,499
|
|
Buildings and
improvements
|
2,635,580
|
2,782,468
|
|
Tenant
improvements
|
12,946
|
30,908
|
|
Furniture, fixtures and
equipment
|
106,901
|
103,613
|
|
3,217,958
|
3,391,488
|
|
Less – accumulated
depreciation and amortization
|
(411,537)
|
(443,781)
|
|
2,806,421
|
2,947,707
|
|
Real estate held for
sale, net
|
—
|
58,608
|
|
Net investment in
rental property
|
2,806,421
|
3,006,315
|
|
Cash and cash
equivalents
|
12,782
|
28,007
|
|
Restricted
cash
|
19,687
|
26,572
|
|
Investments in
unconsolidated joint ventures
|
113,595
|
117,954
|
|
Unbilled rents
receivable, net
|
2,204
|
5,500
|
|
Deferred charges and
other assets, net
|
49,110
|
53,956
|
|
Accounts
receivable
|
2,041
|
2,742
|
|
Total
Assets
|
$3,005,840
|
$3,241,046
|
|
LIABILITIES &
EQUITY
|
|
|
|
Revolving credit
facility and term loans
|
353,580
|
—
|
|
Mortgages, loans
payable and other obligations, net
|
1,324,336
|
1,853,897
|
|
Dividends and
distributions payable
|
7,467
|
5,540
|
|
Accounts payable,
accrued expenses and other liabilities
|
45,509
|
55,492
|
|
Rents received in
advance and security deposits
|
10,993
|
14,985
|
|
Accrued interest
payable
|
4,816
|
6,580
|
|
Total
Liabilities
|
1,746,701
|
1,936,494
|
|
Redeemable
noncontrolling interests
|
9,294
|
24,999
|
|
Total Stockholders'
Equity
|
1,116,337
|
1,137,478
|
|
Noncontrolling
interests in subsidiaries:
|
|
|
|
Operating
Partnership
|
104,092
|
107,206
|
|
Consolidated joint
ventures
|
31,811
|
34,869
|
|
Total Noncontrolling
Interests in Subsidiaries
|
$135,903
|
$142,075
|
|
Total
Equity
|
$1,249,845
|
$1,279,553
|
|
Total Liabilities
and Equity
|
$3,005,840
|
$3,241,046
|
|
Consolidated
Statement of Operations
(In thousands,
except per share amounts) (unaudited) 1
|
|
|
Three Months Ended
September 30,
|
|
Nine Months
Ended September 30,
|
|
REVENUES
|
2024
|
2023
|
|
2024
|
2023
|
|
Revenue from
leases
|
$62,227
|
$59,935
|
|
$183,786
|
$174,223
|
|
Management
fees
|
794
|
1,230
|
|
2,587
|
2,785
|
|
Parking
income
|
3,903
|
3,947
|
|
11,570
|
11,673
|
|
Other income
|
1,251
|
1,361
|
|
5,048
|
4,596
|
|
Total
revenues
|
68,175
|
66,473
|
|
202,991
|
193,277
|
|
EXPENSES
|
|
|
|
|
|
|
Real estate
taxes
|
8,572
|
9,301
|
|
27,251
|
25,158
|
|
Utilities
|
2,129
|
2,039
|
|
6,196
|
5,863
|
|
Operating
services
|
10,156
|
13,583
|
|
35,354
|
37,195
|
|
Property
management
|
3,762
|
3,533
|
|
13,370
|
9,864
|
|
General and
administrative
|
8,956
|
14,604
|
|
29,019
|
34,460
|
|
Transaction related
costs
|
—
|
2,704
|
|
1,406
|
7,051
|
|
Depreciation and
amortization
|
21,159
|
21,390
|
|
61,592
|
65,008
|
|
Land and other
impairments, net
|
2,619
|
—
|
|
2,619
|
3,396
|
|
Total
expenses
|
57,353
|
67,154
|
|
176,807
|
187,995
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
|
|
Interest
expense
|
(21,507)
|
(23,715)
|
|
(64,683)
|
(67,422)
|
|
Interest cost of
mandatorily redeemable noncontrolling interests
|
—
|
(36,392)
|
|
—
|
(49,782)
|
|
Interest and other
investment income
|
181
|
1,240
|
|
2,255
|
5,283
|
|
Equity in earnings
(loss) of unconsolidated joint ventures
|
(268)
|
210
|
|
2,919
|
2,843
|
|
Gain (loss) on
disposition of developable land
|
—
|
—
|
|
11,515
|
(23)
|
|
Gain on sale of
unconsolidated joint venture interests
|
—
|
—
|
|
7,100
|
—
|
|
Gain (loss) from
extinguishment of debt, net
|
8
|
(1,046)
|
|
(777)
|
(3,702)
|
|
Other income (expense),
net
|
(310)
|
(57)
|
|
(305)
|
2,794
|
|
Total other
(expense) income, net
|
(21,896)
|
(59,760)
|
|
(41,976)
|
(110,009)
|
|
Loss from continuing
operations before income tax expense
|
(11,074)
|
(60,441)
|
|
(15,792)
|
(104,727)
|
|
Provision for income
taxes
|
(39)
|
(293)
|
|
(274)
|
(293)
|
|
Loss from continuing
operations after income tax expense
|
(11,113)
|
(60,734)
|
|
(16,066)
|
(105,020)
|
|
Income from
discontinued operations
|
206
|
61
|
|
1,877
|
691
|
|
Realized gains (losses)
and unrealized gains (losses) on disposition of rental property and
impairments, net
|
—
|
423
|
|
1,548
|
(2,286)
|
|
Total discontinued
operations, net
|
206
|
484
|
|
3,425
|
(1,595)
|
|
Net
loss
|
(10,907)
|
(60,250)
|
|
(12,641)
|
(106,615)
|
|
Noncontrolling interest
in consolidated joint ventures
|
391
|
592
|
|
1,429
|
1,815
|
|
Noncontrolling
interests in Operating Partnership of income from continuing
operations
|
923
|
5,243
|
|
1,293
|
9,785
|
|
Noncontrolling
interests in Operating Partnership in discontinued
operations
|
(18)
|
(42)
|
|
(295)
|
134
|
|
Redeemable
noncontrolling interests
|
(81)
|
(350)
|
|
(459)
|
(7,333)
|
|
Net loss available
to common shareholders
|
$(9,692)
|
$(54,807)
|
|
$(10,673)
|
$(102,214)
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
Net loss available to
common shareholders
|
$(0.10)
|
$(0.60)
|
|
$(0.12)
|
$(1.16)
|
|
Diluted earnings per
common share:
|
|
|
|
|
|
|
Net loss available to
common shareholders
|
$(0.10)
|
$(0.60)
|
|
$(0.12)
|
$(1.16)
|
|
Basic weighted average
shares outstanding
|
92,903
|
92,177
|
|
92,615
|
91,762
|
|
Diluted weighted
average shares outstanding(6)
|
101,587
|
100,925
|
|
101,304
|
100,770
|
|
|
1 For more
details see Reconciliation to Net Income (Loss) to
NOI.
|
|
FFO, Core FFO and
Core AFFO
(in thousands,
except per share/unit amounts)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024
|
2023
|
|
2024
|
2023
|
|
Net loss available
to common shareholders
|
$
(9,692)
|
$
(54,807)
|
|
$
(10,673)
|
$
(102,214)
|
|
Add (deduct):
Noncontrolling interests in Operating Partnership
|
(923)
|
(5,243)
|
|
(1,293)
|
(9,785)
|
|
Noncontrolling
interests in discontinued operations
|
18
|
42
|
|
295
|
(134)
|
|
Real estate-related
depreciation and amortization on continuing
operations(1)
|
23,401
|
23,746
|
|
68,547
|
72,087
|
|
Real estate-related
depreciation and amortization on discontinued operations
|
—
|
1,926
|
|
668
|
10,870
|
|
Continuing operations:
Gain on sale from unconsolidated joint ventures
|
—
|
—
|
|
(7,100)
|
—
|
|
Discontinued
operations: Realized (gains) losses and unrealized (gains) losses
on disposition of rental property, net
|
—
|
(423)
|
|
(1,548)
|
2,286
|
|
FFO(2)
|
$
12,804
|
$
(34,759)
|
|
$
48,896
|
$
(26,890)
|
|
|
|
|
|
|
|
Add/(Deduct):
|
|
|
|
|
|
|
Gain (Loss) from
extinguishment of debt, net
|
(8)
|
1,046
|
|
777
|
3,714
|
|
Land and other
impairments
|
2,619
|
—
|
|
2,619
|
3,396
|
|
(Gain) Loss on
disposition of developable land
|
—
|
—
|
|
(11,515)
|
23
|
|
Rebranding and
Severance/Compensation related costs (G&A)
|
206
|
5,904
|
|
2,079
|
7,869
|
|
Rebranding and
Severance/Compensation related costs (Property
Management)
|
26
|
288
|
|
2,390
|
288
|
|
Severance/Compensation
related costs (Operating Expenses)
|
—
|
649
|
|
—
|
649
|
|
Rockpoint buyout
premium
|
—
|
34,775
|
|
—
|
34,775
|
|
Redemption value
adjustments to mandatorily redeemable noncontrolling
interests
|
—
|
—
|
|
—
|
7,641
|
|
Amortization of
derivative premium(7)
|
1,303
|
999
|
|
3,093
|
3,751
|
|
Derivative mark to
market adjustment
|
16
|
—
|
|
16
|
—
|
|
Transaction related
costs
|
—
|
2,704
|
|
1,406
|
7,051
|
|
Core
FFO
|
$
16,966
|
$
11,606
|
|
$
49,761
|
$
42,267
|
|
|
|
|
|
|
|
Add (Deduct) Non-Cash
Items:
|
|
|
|
|
|
|
Straight-line rent
adjustments(3)
|
(341)
|
781
|
|
(683)
|
421
|
|
Amortization of market
lease intangibles, net
|
(9)
|
—
|
|
(25)
|
(79)
|
|
Amortization of lease
inducements
|
—
|
37
|
|
7
|
52
|
|
Amortization of stock
compensation
|
3,005
|
3,234
|
|
9,979
|
9,725
|
|
Non-real estate
depreciation and amortization
|
165
|
228
|
|
594
|
813
|
|
Amortization of
deferred financing costs
|
1,675
|
1,353
|
|
4,486
|
3,185
|
|
Deduct:
|
|
|
|
|
|
|
Non-incremental revenue
generating capital expenditures:
|
|
|
|
|
|
|
Building
improvements
|
(2,288)
|
(2,247)
|
|
(4,890)
|
(6,678)
|
|
Tenant improvements
and leasing commissions(4)
|
(55)
|
(125)
|
|
(142)
|
(1,106)
|
|
Core
AFFO(2)
|
$
19,118
|
$
14,867
|
|
$
59,087
|
$
48,600
|
|
|
|
|
|
|
|
Funds from Operations
per share/unit-diluted
|
$0.13
|
$(0.35)
|
|
$0.48
|
$(0.27)
|
|
Core Funds from
Operations per share/unit-diluted
|
$0.17
|
$0.12
|
|
$0.49
|
$0.42
|
|
Core Adjusted Funds
from Operations per share/unit-diluted
|
$0.19
|
$0.15
|
|
$0.58
|
$0.48
|
|
Dividends declared per
common share
|
$0.07
|
$0.05
|
|
$0.1825
|
$0.05
|
|
See Non-GAAP
Financial Definitions.
|
|
See Consolidated
Statements of Operations.
|
|
Adjusted
EBITDA
($ in
thousands) (unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024
|
2023
|
|
2024
|
2023
|
|
Core FFO (calculated
on a previous page)
|
$
16,966
|
$
11,606
|
|
$
49,761
|
$
42,267
|
|
Deduct:
|
|
|
|
|
|
|
Equity in (earnings)
loss of unconsolidated joint ventures
|
268
|
(210)
|
|
(3,181)
|
(2,843)
|
|
Equity in earnings
share of depreciation and amortization
|
(2,407)
|
(2,584)
|
|
(7,549)
|
(7,740)
|
|
Add-back:
|
|
|
|
|
|
|
Interest
expense
|
21,507
|
23,715
|
|
64,683
|
68,244
|
|
Amortization of
derivative premium
|
(1,303)
|
(999)
|
|
(3,093)
|
(3,751)
|
|
Derivative mark to
market adjustment
|
(16)
|
—
|
|
(16)
|
—
|
|
Recurring joint venture
distributions
|
2,374
|
2,896
|
|
8,252
|
8,982
|
|
Noncontrolling
interests in consolidated joint ventures
|
(391)
|
(592)
|
|
(1,429)
|
(1,815)
|
|
Interest cost for
mandatorily redeemable noncontrolling interests
|
—
|
1,617
|
|
—
|
7,366
|
|
Redeemable
noncontrolling interests
|
81
|
350
|
|
459
|
7,333
|
|
Income tax
expense
|
39
|
293
|
|
297
|
293
|
|
Adjusted
EBITDA
|
$
37,118
|
$
36,092
|
|
$
108,184
|
$
118,336
|
|
See Consolidated
Statements of Operations and Non-GAAP Financial
Footnotes.
|
|
See Non-GAAP
Financial Definitions.
|
|
|
Components of Net
Asset Value
($ in
thousands)
|
|
|
Real Estate
Portfolio
|
|
Other
Assets
|
|
|
|
|
|
|
|
Operating Multifamily
NOI1
|
Total
|
At
Share
|
|
Cash and Cash
Equivalents
|
$12,782
|
|
New Jersey
Waterfront
|
$173,720
|
$147,629
|
|
Restricted
Cash
|
19,687
|
|
Massachusetts
|
26,032
|
26,032
|
|
Other Assets
|
53,355
|
|
Other
|
30,712
|
22,651
|
|
Subtotal Other
Assets
|
$85,824
|
|
Total Multifamily
NOI
|
$230,464
|
$196,312
|
|
|
|
|
Commercial
NOI2
|
3,524
|
2,851
|
|
Liabilities and
Other
Considerations
|
|
|
Total
NOI
|
$233,988
|
$199,163
|
|
|
|
|
|
|
|
Operating -
Consolidated Debt at Share
|
$1,262,734
|
|
Non-Strategic
Assets
|
|
Operating -
Unconsolidated Debt at Share
|
295,863
|
|
|
Other
Liabilities
|
68,785
|
|
Estimated Land
Value3
|
|
$187,311
|
|
Revolving Credit
Facility4
|
157,000
|
|
Total Non-Strategic
Assets
|
|
$187,311
|
|
Term
Loan4
|
200,000
|
|
|
|
|
Preferred
Units
|
9,294
|
|
|
|
|
Subtotal Liabilities
and Other Considerations
|
$1,993,676
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Shares5
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Shares
Outstanding for 3Q 2024 (in 000s)
|
102,312
|
|
|
|
|
|
|
|
1 See
Multifamily Operating Portfolio for more details. The Real
Estate Portfolio table is reflective of the quarterly NOI
annualized.
|
|
2 See
Commercial Assets and Developable Land for more
details.
|
|
3 Based off
4,139 potential units, see Commercial Assets and Developable Land
for more details.
|
|
4 On
April 22, 2024, the Company secured a $500 million facility
comprised of a $300 million revolver and $200 million delayed-draw
term loan. The facility has a three-year term with a one-year
extension option and a $200 million accordion feature. As of
September 30, 2024. the Term Loan was fully drawn and hedged at a
strike rate of 3.5%, expiring in July 2026. The Revolver was $157
million drawn, $150 million of the Revolver is hedged at a strike
rate of 3.5%, expiring in June 2025.
|
|
5
Outstanding shares for the quarter ended September 30, 2024 is
comprised of the following (in 000s): 92,903 weighted average
common shares outstanding, 8,684 weighted average Operating
Partnership common and vested LTIP units outstanding, and 725
shares representing the dilutive effect of stock-based compensation
awards.
|
|
|
See Non-GAAP Financial
Definitions.
|
|
Multifamily
Operating Portfolio
(in thousands,
except Revenue per home)
|
|
|
|
Operating
Highlights
|
|
|
|
|
|
|
Percentage
Occupied
|
Average
Revenue
per
Home
|
NOI
|
Debt
Balance
|
|
Ownership
|
Apartments
|
3Q
2024
|
2Q
2024
|
3Q
2024
|
2Q
2024
|
3Q
2024
|
2Q
2024
|
|
NJ
Waterfront
|
|
|
|
|
|
|
|
|
|
|
Haus25
|
100.0 %
|
750
|
95.8 %
|
95.3 %
|
$4,950
|
$4,842
|
$7,931
|
$7,337
|
$343,061
|
|
Liberty
Towers*
|
100.0 %
|
648
|
91.7 %
|
94.9 %
|
4,237
|
4,206
|
5,506
|
4,833
|
—
|
|
BLVD 401
|
74.3 %
|
311
|
94.7 %
|
95.4 %
|
4,304
|
4,186
|
2,592
|
2,236
|
116,016
|
|
BLVD 425
|
74.3 %
|
412
|
95.2 %
|
94.6 %
|
4,147
|
4,052
|
3,413
|
3,161
|
131,000
|
|
BLVD 475
|
100.0 %
|
523
|
96.8 %
|
95.5 %
|
4,241
|
4,122
|
4,319
|
4,474
|
165,000
|
|
Soho Lofts*
|
100.0 %
|
377
|
95.6 %
|
96.6 %
|
4,832
|
4,731
|
3,375
|
3,067
|
—
|
|
Urby
Harborside
|
85.0 %
|
762
|
96.5 %
|
96.7 %
|
4,094
|
4,051
|
5,866
|
5,291
|
183,362
|
|
RiverHouse 9
|
100.0 %
|
313
|
96.2 %
|
96.6 %
|
4,392
|
4,275
|
2,661
|
2,565
|
110,000
|
|
RiverHouse
11
|
100.0 %
|
295
|
96.3 %
|
96.7 %
|
4,363
|
4,319
|
2,500
|
2,328
|
100,000
|
|
RiverTrace
|
22.5 %
|
316
|
95.3 %
|
94.7 %
|
3,829
|
3,764
|
2,113
|
2,176
|
82,000
|
|
Capstone
|
40.0 %
|
360
|
94.4 %
|
95.9 %
|
4,471
|
4,405
|
3,154
|
3,137
|
135,000
|
|
NJ Waterfront
Subtotal
|
85.0 %
|
5,067
|
95.3 %
|
95.7 %
|
$4,371
|
$4,291
|
$43,430
|
$40,605
|
$1,365,439
|
|
Massachusetts
|
|
|
|
|
|
|
|
|
|
|
Portside at East
Pier
|
100.0 %
|
180
|
95.9 %
|
95.5 %
|
$3,269
|
$3,208
|
$1,245
|
$1,198
|
$56,500
|
|
Portside 2 at East
Pier
|
100.0 %
|
296
|
94.8 %
|
96.7 %
|
3,446
|
3,395
|
2,108
|
2,117
|
95,827
|
|
145 Front at City
Square*
|
100.0 %
|
365
|
95.1 %
|
93.0 %
|
2,475
|
2,535
|
1,467
|
1,540
|
—
|
|
The Emery
|
100.0 %
|
326
|
94.0 %
|
94.2 %
|
2,840
|
2,801
|
1,688
|
1,530
|
71,024
|
|
Massachusetts
Subtotal
|
100.0 %
|
1,167
|
94.8 %
|
94.7 %
|
$2,946
|
$2,931
|
$6,508
|
$6,385
|
$223,351
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
The Upton
|
100.0 %
|
193
|
88.8 %
|
87.7 %
|
$4,525
|
$4,637
|
$1,392
|
$1,320
|
$75,000
|
|
The James*
|
100.0 %
|
240
|
93.8 %
|
94.5 %
|
3,148
|
3,113
|
1,535
|
1,365
|
—
|
|
Signature
Place*
|
100.0 %
|
197
|
96.1 %
|
93.7 %
|
3,201
|
3,210
|
1,022
|
978
|
—
|
|
Quarry Place at
Tuckahoe
|
100.0 %
|
108
|
98.1 %
|
97.1 %
|
4,293
|
4,436
|
723
|
815
|
41,000
|
|
Riverpark at
Harrison
|
45.0 %
|
141
|
97.2 %
|
93.6 %
|
2,823
|
2,923
|
570
|
526
|
30,192
|
|
Metropolitan at 40
Park1
|
25.0 %
|
130
|
95.6 %
|
92.8 %
|
3,722
|
3,750
|
731
|
735
|
34,100
|
|
Station
House
|
50.0 %
|
378
|
94.7 %
|
93.4 %
|
3,017
|
2,851
|
1,705
|
1,627
|
87,883
|
|
Other
Subtotal
|
73.8 %
|
1,387
|
94.5 %
|
93.1 %
|
$3,421
|
$3,411
|
$7,678
|
$7,366
|
$268,175
|
|
Operating
Portfolio23
|
85.2 %
|
7,621
|
95.1 %
|
95.1 %
|
$3,980
|
$3,923
|
$57,616
|
$54,356
|
$1,856,965
|
|
|
1 As of
September 30, 2024, Priority Capital included Metropolitan at $23.3
million (Prudential).
|
|
2 Rental revenue associated with
retail leases is included in the NOI disclosure above. Total sf
outlined on Annex 6: Multifamily Operating Portfolio excludes
approximately 189,367 sqft of ground floor retail, of which 142,739
sf was leased as of September 30, 2024.
|
|
3 See
Unconsolidated Joint Ventures and Annex 6: Multifamily Operating
Portfolio for more details.
|
|
*Properties that are
currently in the collateral pool for the Term Loan and Revolving
Credit Facility.
|
|
|
See Non-GAAP Financial
Definitions.
|
|
Commercial Assets
and Developable Land
($ in
thousands)
|
|
Commercial
|
Location
|
Ownership
|
Rentable
SF
|
Percentage
Leased
3Q
2024
|
Percentage
Leased
2Q
2024
|
NOI
3Q
2024
|
NOI
2Q
2024
|
Debt
Balance
|
|
Port Imperial Garage
South
|
Weehawken,
NJ
|
70.0 %
|
320,426
|
N/A
|
N/A
|
$590
|
$591
|
$31,237
|
|
Port Imperial Garage
North
|
Weehawken,
NJ
|
100.0 %
|
304,617
|
N/A
|
N/A
|
12
|
(1)
|
—
|
|
Port Imperial Retail
South
|
Weehawken,
NJ
|
70.0 %
|
18,064
|
92.0 %
|
92.0 %
|
115
|
77
|
—
|
|
Port Imperial Retail
North
|
Weehawken,
NJ
|
100.0 %
|
8,400
|
100.0 %
|
100.0 %
|
46
|
127
|
—
|
|
Riverwalk at Port
Imperial
|
West New York,
NJ
|
100.0 %
|
29,923
|
80.0 %
|
80.0 %
|
164
|
111
|
—
|
|
Shops at 40
Park1
|
Morristown,
NJ
|
25.0 %
|
50,973
|
69.0 %
|
69.0 %
|
(46)
|
656
|
6,010
|
|
Commercial
Total
|
|
80.9 %
|
732,403
|
78.4 %
|
78.4 %
|
$881
|
$1,561
|
$37,247
|
|
Developable Land
Parcel Units2
|
|
NJ
Waterfront
|
2,351
|
|
Massachusetts
|
849
|
|
Other
|
939
|
|
Developable Land
Parcel Units
Total
|
4,139
|
|
|
1 The
Company sold this joint venture on October 22, 2024.
|
|
2 The
Company has an additional 13,775 SF of developable retail space
within land developments that is not represented in this
table.
|
|
|
See Non-GAAP Financial
Definitions.
|
|
Same Store Market
Information1
|
|
|
Sequential Quarter
Comparison
(NOI in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI at
Share
|
Occupancy
|
Blended Lease
Rate2
|
|
Apartments
|
3Q
2024
|
2Q
2024
|
Change
|
3Q
2024
|
2Q
2024
|
Change
|
3Q
2024
|
2Q
2024
|
Change
|
|
New Jersey
Waterfront
|
5,067
|
$38,836
|
$36,180
|
7.3 %
|
95.3 %
|
95.7 %
|
(0.4) %
|
6.6 %
|
6.0 %
|
0.6 %
|
|
Massachusetts
|
1,167
|
6,765
|
6,636
|
1.9 %
|
94.8 %
|
94.7 %
|
0.1 %
|
0.7 %
|
5.0 %
|
(4.3) %
|
|
Other3
|
1,387
|
6,218
|
6,135
|
1.4 %
|
94.5 %
|
93.1 %
|
1.4 %
|
0.5 %
|
3.0 %
|
(2.5) %
|
|
Total
|
7,621
|
$51,819
|
$48,951
|
5.9 %
|
95.1 %
|
95.1 %
|
— %
|
4.6 %
|
5.4 %
|
(0.8) %
|
|
Year-over-Year Third
Quarter Comparison
(NOI in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI at
Share
|
Occupancy
|
Blended Lease
Rate2
|
|
Apartments
|
3Q
2024
|
3Q
2023
|
Change
|
3Q
2024
|
3Q
2023
|
Change
|
3Q
2024
|
3Q
2023
|
Change
|
|
New Jersey
Waterfront
|
5,067
|
$38,836
|
$34,591
|
12.3 %
|
95.3 %
|
95.9 %
|
(0.6) %
|
6.6 %
|
10.3 %
|
(3.7) %
|
|
Massachusetts
|
1,167
|
6,765
|
6,822
|
(0.8) %
|
94.8 %
|
94.1 %
|
0.7 %
|
0.7 %
|
7.3 %
|
(6.6) %
|
|
Other3
|
1,387
|
6,218
|
6,376
|
(2.5) %
|
94.5 %
|
94.2 %
|
0.3 %
|
0.5 %
|
8.3 %
|
(7.8) %
|
|
Total
|
7,621
|
$51,819
|
$47,789
|
8.4 %
|
95.1 %
|
95.3 %
|
(0.2) %
|
4.6 %
|
9.6 %
|
(5.0) %
|
|
Average Revenue per
Home (based on 7,621 units)
|
|
|
|
|
|
|
|
|
|
Apartments
|
3Q
2024
|
2Q
2024
|
1Q
2024
|
4Q
2023
|
3Q
2023
|
2Q
2023
|
|
New Jersey
Waterfront
|
5,067
|
$4,371
|
$4,291
|
$4,274
|
$4,219
|
$4,084
|
$4,048
|
|
Massachusetts
|
1,167
|
2,946
|
2,931
|
2,893
|
2,925
|
2,918
|
2,836
|
|
Other3
|
1,387
|
3,421
|
3,411
|
3,374
|
3,307
|
3,350
|
3,356
|
|
Total
|
7,621
|
$3,980
|
$3,923
|
$3,899
|
$3,855
|
$3,772
|
$3,736
|
|
|
1 All
statistics are based off the current 7,621 Same Store
pool.
|
|
2 Blended
lease rates exclude properties not managed by Veris.
|
|
3 "Other"
includes properties in Suburban NJ, New York, and Washington, DC.
See Multifamily Operating Portfolio for breakout.
|
|
See Non-GAAP Financial
Definitions.
|
|
Same Store
Performance
($ in
thousands)
|
|
|
Multifamily Same
Store1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
Sequential
|
|
2024
|
2023
|
Change
|
%
|
|
2024
|
2023
|
Change
|
%
|
|
3Q24
|
2Q24
|
Change
|
%
|
|
Apartment Rental
Income
|
$68,830
|
$66,061
|
$2,769
|
4.2 %
|
|
$203,111
|
$192,212
|
$10,899
|
5.7 %
|
|
$68,830
|
$67,584
|
$1,246
|
1.8 %
|
|
Parking/Other
Income
|
7,013
|
6,887
|
126
|
1.8 %
|
|
21,569
|
20,015
|
1,554
|
7.8 %
|
|
7,013
|
7,161
|
(148)
|
(2.1) %
|
|
Total Property
Revenues2
|
$75,843
|
$72,948
|
$2,895
|
4.0 %
|
|
$224,680
|
$212,227
|
$12,453
|
5.9 %
|
|
$75,843
|
$74,745
|
$1,098
|
1.5 %
|
|
Marketing &
Administration
|
2,447
|
2,520
|
(73)
|
(2.9) %
|
|
7,120
|
7,188
|
(68)
|
(0.9) %
|
|
2,447
|
2,535
|
(88)
|
(3.5) %
|
|
Utilities
|
2,503
|
2,415
|
88
|
3.6 %
|
|
7,265
|
6,894
|
371
|
5.4 %
|
|
2,503
|
2,188
|
315
|
14.4 %
|
|
Payroll
|
4,399
|
4,666
|
(267)
|
(5.7) %
|
|
13,012
|
13,297
|
(285)
|
(2.1) %
|
|
4,399
|
4,315
|
84
|
1.9 %
|
|
Repairs &
Maintenance
|
4,103
|
3,942
|
161
|
4.1 %
|
|
12,102
|
11,042
|
1,060
|
9.6 %
|
|
4,103
|
4,386
|
(283)
|
(6.5) %
|
|
Controllable
Expenses
|
$13,452
|
$13,543
|
$(91)
|
(0.7) %
|
|
$39,499
|
$38,421
|
$1,078
|
2.8 %
|
|
$13,452
|
$13,424
|
$28
|
0.2 %
|
|
Other Fixed
Fees
|
755
|
763
|
(8)
|
(1.0) %
|
|
2,188
|
2,216
|
(28)
|
(1.3) %
|
|
755
|
712
|
43
|
6.0 %
|
|
Insurance
|
703
|
1,163
|
(460)
|
(39.6) %
|
|
4,264
|
4,724
|
(460)
|
(9.7) %
|
|
703
|
1,781
|
(1,078)
|
(60.5) %
|
|
Real Estate
Taxes
|
9,114
|
9,670
|
(556)
|
(5.7) %
|
|
28,571
|
26,190
|
2,381
|
9.1 %
|
|
9,114
|
9,877
|
(763)
|
(7.7) %
|
|
Non-Controllable
Expenses
|
$10,572
|
$11,596
|
$(1,024)
|
(8.8) %
|
|
$35,023
|
$33,130
|
$1,893
|
5.7 %
|
|
$10,572
|
$12,370
|
$(1,798)
|
(14.5) %
|
|
Total Property
Expenses
|
$24,024
|
$25,139
|
$(1,115)
|
(4.4) %
|
|
$74,522
|
$71,551
|
$2,971
|
4.2 %
|
|
$24,024
|
$25,794
|
$(1,770)
|
(6.9) %
|
|
Same Store GAAP
NOI
|
$51,819
|
$47,809
|
$4,010
|
8.4 %
|
|
$150,158
|
$140,676
|
$9,482
|
6.7 %
|
|
$51,819
|
$48,951
|
$2,868
|
5.9 %
|
|
Real Estate Tax
Adjustments3
|
—
|
20
|
(20)
|
|
|
—
|
1,689
|
(1,689)
|
|
|
—
|
—
|
—
|
|
|
Normalized Same
Store NOI
|
$51,819
|
$47,789
|
$4,030
|
8.4 %
|
|
$150,158
|
$138,987
|
$11,171
|
8.0 %
|
|
$51,819
|
$48,951
|
$2,868
|
5.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normalized SS NOI
Margin
|
68.3 %
|
65.5 %
|
2.8 %
|
|
|
66.8 %
|
65.5 %
|
1.3 %
|
|
|
68.3 %
|
65.5 %
|
2.8 %
|
|
|
Total Units
|
7,621
|
7,621
|
|
|
|
7,621
|
7,621
|
|
|
|
7,621
|
7,621
|
|
|
|
% Ownership
|
85.2 %
|
85.2 %
|
|
|
|
85.2 %
|
85.2 %
|
|
|
|
85.2 %
|
85.2 %
|
|
|
|
% Occupied - Quarter
End
|
95.1 %
|
95.3 %
|
(0.2) %
|
|
|
95.1 %
|
95.3 %
|
(0.2) %
|
|
|
95.1 %
|
95.1 %
|
— %
|
|
|
|
1 Values represent the Company's pro
rata ownership of the operating portfolio. The James and Haus25
were added to the Same Store pool in 1Q 2024.
|
|
2 Revenues reported based on
Generally Accepted Accounting Principals or "GAAP".
|
|
3 Represents tax settlements and
final tax rate adjustments recognized that are applicable to prior
periods.
|
|
Debt
Profile
($ in
thousands)
|
|
|
Lender
|
Effective
Interest
Rate(1)
|
September 30,
2024
|
December 31,
2023
|
Date
of
Maturity
|
|
Repaid Permanent
Loans in 2024
|
|
|
|
|
|
|
Soho
Lofts(2)
|
Flagstar
Bank
|
3.77 %
|
—
|
158,777
|
07/01/29
|
|
145 Front at City
Square(3)
|
US Bank
|
SOFR+1.84%
|
—
|
63,000
|
12/10/26
|
|
Signature
Place(4)
|
Nationwide Life
Insurance Company
|
3.74 %
|
—
|
43,000
|
08/01/24
|
|
Liberty
Towers(5)
|
American General Life
Insurance Company
|
3.37 %
|
—
|
265,000
|
10/01/24
|
|
Repaid Permanent
Loans in 2024
|
|
|
$—
|
$529,777
|
|
|
Secured Permanent
Loans
|
|
|
|
|
|
|
Portside 2 at East
Pier
|
New York Life Insurance
Co.
|
4.56 %
|
95,827
|
97,000
|
03/10/26
|
|
BLVD 425
|
New York Life Insurance
Co.
|
4.17 %
|
131,000
|
131,000
|
08/10/26
|
|
BLVD 401
|
New York Life Insurance
Co.
|
4.29 %
|
116,016
|
117,000
|
08/10/26
|
|
Portside at East
Pier(6)
|
KKR
|
SOFR + 2.75%
|
56,500
|
56,500
|
09/07/26
|
|
The
Upton(7)
|
Bank of New York
Mellon
|
SOFR + 1.58%
|
75,000
|
75,000
|
10/27/26
|
|
RiverHouse
9(8)
|
JP Morgan
|
SOFR + 1.41%
|
110,000
|
110,000
|
06/21/27
|
|
Quarry Place at
Tuckahoe
|
Natixis Real Estate
Capital, LLC
|
4.48 %
|
41,000
|
41,000
|
08/05/27
|
|
BLVD 475
|
The Northwestern Mutual
Life Insurance Co.
|
2.91 %
|
165,000
|
165,000
|
11/10/27
|
|
Haus25
|
Freddie Mac
|
6.04 %
|
343,061
|
343,061
|
09/01/28
|
|
RiverHouse
11
|
The Northwestern Mutual
Life Insurance Co.
|
4.52 %
|
100,000
|
100,000
|
01/10/29
|
|
Port Imperial Garage
South
|
American General Life
& A/G PC
|
4.85 %
|
31,237
|
31,645
|
12/01/29
|
|
The Emery
|
Flagstar
Bank
|
3.21 %
|
71,024
|
72,000
|
01/01/31
|
|
Secured Permanent
Loans Outstanding
|
|
|
$1,335,665
|
$1,339,206
|
|
|
Secured and/or
Repaid Permanent Loans
|
|
|
$1,335,665
|
$1,868,983
|
|
|
Unamortized Deferred
Financing Costs
|
|
|
(11,329)
|
(15,086)
|
|
|
Secured Permanent
Loans
|
|
|
$1,324,336
|
$1,853,897
|
|
|
Secured RCF &
Term Loans:
|
|
|
|
|
|
|
Revolving Credit
Facility(9)
|
Various
Lenders
|
SOFR + 2.71%
|
$157,000
|
$—
|
04/22/27
|
|
Term
Loan(9)
|
Various
Lenders
|
SOFR + 2.71%
|
200,000
|
—
|
04/22/27
|
|
RCF & Term Loan
Balances
|
|
|
$357,000
|
$—
|
|
|
Unamortized Deferred
Financing Costs
|
|
|
(3,420)
|
—
|
|
|
Total RCF & Term
Loan Debt
|
|
|
$353,580
|
$—
|
|
|
Total
Debt
|
|
|
$1,677,916
|
$1,853,897
|
|
|
|
See Debt Profile
Footnotes.
|
|
Debt Summary and
Maturity Schedule
($ in
thousands)
|
|
|
As of September 30,
99.6% of the Company's total pro forma debt portfolio (consolidated
and unconsolidated) is hedged or fixed. The Company's total debt
portfolio has a weighted average interest rate of 4.96% and a
weighted average maturity of 3.3 years.
|
|
|
Balance
|
%
of
Total
|
Weighted
Average
Interest
Rate
|
Weighted
Average
Maturity in
Years
|
|
Fixed Rate &
Hedged Debt
|
|
|
|
|
|
Fixed Rate & Hedged
Secured Debt
|
$1,685,665
|
99.6 %
|
4.93 %
|
3.0
|
|
Variable Rate
Debt
|
|
|
|
|
|
Variable Rate
Debt1
|
7,000
|
0.4 %
|
7.65 %
|
2.6
|
|
Totals / Weighted
Average
|
$1,692,665
|
100.0 %
|
4.94 %
|
3.0
|
|
Unamortized Deferred
Financing Costs
|
(14,749)
|
|
|
|
|
Total Consolidated
Debt, net
|
$1,677,916
|
|
|
|
|
Partners'
Share
|
(72,941)
|
|
|
|
|
VRE Share of Total
Consolidated Debt, net2
|
$1,604,975
|
|
|
|
|
|
|
|
|
|
Unconsolidated
Secured Debt
|
|
|
|
|
|
VRE Share
|
$295,863
|
53.0 %
|
4.88 %
|
4.5
|
|
Partners'
Share
|
262,684
|
47.0 %
|
4.88 %
|
4.5
|
|
Total Unconsolidated
Secured Debt
|
$558,547
|
100.0 %
|
4.88 %
|
4.5
|
|
|
|
|
|
|
Pro Rata Debt
Portfolio
|
|
|
|
|
|
Fixed Rate & Hedged
Secured Debt
|
$1,907,280
|
99.6 %
|
4.95 %
|
3.3
|
|
Variable Rate Secured
Debt
|
8,503
|
0.4 %
|
7.59 %
|
2.2
|
|
Total Pro Rata Debt
Portfolio
|
$1,915,783
|
100.0 %
|
4.96 %
|
3.3
|
|
Debt Maturity
Schedule as of September 3034
|
|
|
2024
|
2025
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
|
Secured Debt
|
|
|
$474
|
$316
|
$343
|
$131
|
|
$71
|
|
Term Loan
Draw
|
|
|
|
|
$200
|
|
|
|
|
Revolver
|
|
|
|
|
$157
|
|
|
|
|
Unused Revolver
Capacity
|
|
|
|
|
$143
|
|
|
|
|
|
1 Variable rate debt includes the
unhedged balance on the Revolver.
|
|
2 Minority
interest share of consolidated debt is comprised of $33.7 million
at BLVD 425, $29.9 million at BLVD 401 and $9.4 million at Port
Imperial South Garage.
|
|
3 The Term
Loan, Revolver and Unused Revolver Capacity are are shown with the
one-year extension option utilized on the new 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
$150 million notional capped at a strike rate of 3.5%, expiring in
June 2025.
|
|
4 The
graphic reflects consolidated debt balances only.
|
|
Annex 1: Transaction
Activity
|
|
|
2024 Dispositions to
Date
|
|
|
|
|
|
|
($ in thousands
except per SF)
|
|
Location
|
Transaction
Date
|
Number of
Buildings
|
SF
|
Gross
Asset
Value
|
|
Land
|
|
|
|
|
|
|
2 Campus
Drive
|
Parsippany-Troy Hills,
NJ
|
1/3/2024
|
N/A
|
N/A
|
$9,700
|
|
107 Morgan
|
Jersey City,
NJ
|
4/16/2024
|
N/A
|
N/A
|
54,000
|
|
6 Becker/85
Livingston
|
Roseland, NJ
|
4/30/2024
|
N/A
|
N/A
|
27,900
|
|
Subtotal
Land
|
|
|
|
|
$91,600
|
|
Multifamily
|
|
|
|
|
|
|
Metropolitan
Lofts1
|
Morristown,
NJ
|
1/12/2024
|
1
|
54,683
|
$30,300
|
|
Subtotal
Multifamily
|
|
|
1
|
54,683
|
$30,300
|
|
Office
|
|
|
|
|
|
|
Harborside 5
|
Jersey City,
NJ
|
3/20/2024
|
1
|
977,225
|
$85,000
|
|
Subtotal
Office
|
|
|
1
|
977,225
|
$85,000
|
|
Retail
|
|
|
|
|
|
|
Shops at 40
Park2
|
Morristown,
NJ
|
10/22/2024
|
1
|
50,973
|
$15,700
|
|
Subtotal
Retail
|
|
|
1
|
50,973
|
$15,700
|
|
|
|
2024 Dispositions to
Date
|
$222,600
|
|
|
1 The joint
venture sold the property; releasing approximately $6 million of
net proceeds to the Company.
|
|
2 The joint
venture sold the property 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 to our joint venture
partner.
|
|
Annex 2:
Reconciliation of Net Income (Loss) to NOI (three months
ended)
|
|
|
3Q
2024
|
|
2Q
2024
|
|
Total
|
|
Total
|
|
Net Income
(Loss)
|
$
(10,907)
|
|
$
2,735
|
|
Deduct:
|
|
|
|
|
Income from
discontinued operations
|
(206)
|
|
(1,419)
|
|
Management
Fees
|
(794)
|
|
(871)
|
|
Interest and other
investment income
|
(181)
|
|
(1,536)
|
|
Equity in (earnings)
loss of unconsolidated joint ventures
|
268
|
|
(2,933)
|
|
(Gain) loss on
disposition of developable land
|
—
|
|
(10,731)
|
|
(Gain) loss from
extinguishment of debt, net
|
(8)
|
|
785
|
|
Other income,
net
|
310
|
|
250
|
|
Add:
|
|
|
|
|
Property
management
|
3,762
|
|
4,366
|
|
General and
administrative
|
8,956
|
|
8,975
|
|
Transaction related
costs
|
—
|
|
890
|
|
Depreciation and
amortization
|
21,159
|
|
20,316
|
|
Interest
expense
|
21,507
|
|
21,676
|
|
Provision for income
taxes
|
39
|
|
176
|
|
Net Operating Income
(NOI)
|
$
41,286
|
|
$
42,679
|
|
Summary of
Consolidated Multifamily NOI by Type (unaudited):
|
3Q
2024
|
|
2Q
2024
|
|
Total Consolidated
Multifamily - Operating Portfolio
|
$
43,477
|
|
$
40,864
|
|
Total Consolidated
Commercial
|
927
|
|
905
|
|
Total NOI from
Consolidated Properties (excl. unconsolidated JVs/subordinated
interests)
|
$
44,404
|
|
$
41,769
|
|
NOI (loss) from
services, land/development/repurposing & other
assets
|
427
|
|
1,166
|
|
Total Consolidated
Multifamily NOI
|
$
44,831
|
|
$
42,935
|
|
|
|
|
|
|
See Consolidated
Statement of Operations.
|
|
See Non-GAAP Financial
Definitions.
|
|
Annex 3:
Consolidated Statement of Operations and Non-GAAP Financial
Footnotes
|
|
|
|
FFO, Core FFO, AFFO,
NOI, & Adjusted EBITDA
|
|
|
|
1.
|
Includes the Company's
share from unconsolidated joint ventures, and adjustments for
noncontrolling interest of $2.4 million and $2.6 million for the
three months ended September 30, 2024 and 2023, respectively, and
$7.5 million and $7.7 million for the nine months ended September
30, 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 September 30, 2024 and 2023, respectively,
and $0.6 million and $0.8 million for the nine months ended
September 30, 2024 and 2023, respectively.
|
|
2.
|
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.
|
|
3.
|
Includes the Company's
share from unconsolidated joint ventures of $58 thousand and $40
thousand for the three months ended September 30, 2024 and 2023,
respectively, and ($35) thousand and $26 thousand for the nine
months ended September 30, 2024 and 2023, respectively.
|
|
4.
|
Excludes expenditures
for tenant spaces in properties that have not been owned by the
Company for at least a year.
|
|
5.
|
Net Debt calculated by
taking the sum of secured revolving credit facility, secured term
loan, and mortgages, loans payable and other obligations, and
deducting cash and cash equivalents and restricted cash, all at
period end.
|
|
6.
|
Calculated based on
weighted average common shares outstanding, assuming redemption of
Operating Partnership common units into common shares 8,684 and
8,748 shares for the three months ended September 30, 2024 and
2023, respectively, and 8,689 and 9,007 for the nine months ended
September 30, 2024 and 2023, respectively, plus dilutive Common
Stock Equivalents (i.e. stock options).
|
|
7.
|
Includes the Company's
share from unconsolidated joint ventures of $72 thousand for the
three months and nine months ended September 30, 2024.
|
|
|
|
See Consolidated
Statement of Operations.
|
|
See FFO, Core
FFO and Core AFFO.
|
|
See Adjusted
EBITDA.
|
|
Annex 4:
Unconsolidated Joint Ventures
($ in
thousands)
|
|
|
Property
|
Units
|
Physical
Occupancy
|
VRE's
Nominal
Ownership1
|
3Q
2024
NOI2
|
Total
Debt
|
VRE
Share
of 3Q
NOI
|
VRE
Share
of
Debt
|
|
Multifamily
|
|
|
|
|
|
|
|
|
Urby
Harborside
|
762
|
96.5 %
|
85.0 %
|
$5,866
|
$183,362
|
$4,986
|
$155,858
|
|
RiverTrace at Port
Imperial
|
316
|
95.3 %
|
22.5 %
|
2,113
|
82,000
|
475
|
18,450
|
|
Capstone at Port
Imperial
|
360
|
94.4 %
|
40.0 %
|
3,154
|
135,000
|
1,262
|
54,000
|
|
Riverpark at
Harrison
|
141
|
97.2 %
|
45.0 %
|
570
|
30,192
|
257
|
13,586
|
|
Metropolitan at 40
Park
|
130
|
95.6 %
|
25.0 %
|
731
|
34,100
|
183
|
8,525
|
|
Station
House
|
378
|
94.7 %
|
50.0 %
|
1,705
|
87,883
|
853
|
43,942
|
|
Total
Multifamily
|
2,087
|
95.6 %
|
55.0 %
|
$14,139
|
$552,537
|
$8,015
|
$294,361
|
|
Retail
|
|
|
|
|
|
|
|
|
Shops at 40
Park3
|
N/A
|
69.0 %
|
25.0 %
|
(46)
|
6,010
|
(12)
|
1,503
|
|
Total
Retail
|
N/A
|
69.0 %
|
25.0 %
|
$(46)
|
$6,010
|
$(12)
|
$1,503
|
|
Total
UJV
|
2,087
|
|
55.0 %
|
$14,093
|
$558,547
|
$8,003
|
$295,863
|
|
|
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 sold this joint venture on October 22, 2024.
|
|
Annex 5: Debt
Profile Footnotes
|
|
|
|
1.
|
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 repaid in full on June 28, 2024, through a $55 million Term
Loan draw.
|
|
3.
|
The loan on 145 Front
Street was repaid in full on May 22, 2024 using cash on
hand.
|
|
4.
|
The loan on Signature
Place was repaid in full at maturity on August 1, 2024, through a
$43 million Term Loan draw.
|
|
5.
|
The loan on Liberty
Towers was repaid in full at maturity 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 capped at a strike rate of 3.5%, expiring in September
2026.
|
|
7.
|
The loan on Upton is
capped at a strike rate of 1.0%, expiring in October 2024. The
Company intends to place a new cap on this loan at
expiration.
|
|
8.
|
The loan on RiverHouse
9 is capped at a strike rate of 3.5%, expiring in July
2026.
|
|
9.
|
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
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 September
30, 2024. The three Term Loan tranches are capped at a strike rate
of 3.5%, expiring in July 2026. As of September 30, 2024, the
Revolver was $157 million drawn, of which $150 million was capped
at a strike rate of 3.5%, expiring in June 2025.
|
|
Balance as of
September 30,
2024
|
Initial
Spread
|
Deferred
Financing
Costs
|
5 bps
reduction
KPI
|
Updated
Spread
|
SOFR or
SOFR Cap
|
All In
Rate
|
|
Secured Revolving
Credit Facility (Unhedged)
|
$7,000,000
|
2.10 %
|
0.66 %
|
(0.05) %
|
2.71 %
|
4.94 %
|
7.65 %
|
|
Secured Revolving
Credit Facility
|
$150,000,000
|
2.10 %
|
0.66 %
|
(0.05) %
|
2.71 %
|
3.50 %
|
6.21 %
|
|
Secured Term
Loan
|
$200,000,000
|
2.10 %
|
0.66 %
|
(0.05) %
|
2.71 %
|
3.50 %
|
6.21 %
|
|
Annex 6: Multifamily
Property Information
|
|
|
Location
|
Ownership
|
Apartments
|
Rentable
SF
|
Average
Size
|
Year
Complete
|
|
NJ
Waterfront
|
|
|
|
|
|
|
|
Haus25
|
Jersey City,
NJ
|
100.0 %
|
750
|
617,787
|
824
|
2022
|
|
Liberty
Towers
|
Jersey City,
NJ
|
100.0 %
|
648
|
602,210
|
929
|
2003
|
|
BLVD 401
|
Jersey City,
NJ
|
74.3 %
|
412
|
369,515
|
897
|
2003
|
|
BLVD 425
|
Jersey City,
NJ
|
100.0 %
|
523
|
475,459
|
909
|
2011
|
|
BLVD 475
|
Jersey City,
NJ
|
74.3 %
|
311
|
273,132
|
878
|
2016
|
|
Soho Lofts
|
Jersey City,
NJ
|
100.0 %
|
377
|
449,067
|
1,191
|
2017
|
|
Urby
Harborside
|
Jersey City,
NJ
|
85.0 %
|
762
|
474,476
|
623
|
2017
|
|
RiverHouse 9
|
Weehawken,
NJ
|
100.0 %
|
313
|
245,127
|
783
|
2021
|
|
RiverHouse
11
|
Weehawken,
NJ
|
100.0 %
|
295
|
250,591
|
849
|
2018
|
|
RiverTrace
|
West New York,
NJ
|
22.5 %
|
316
|
295,767
|
936
|
2014
|
|
Capstone
|
West New York,
NJ
|
40.0 %
|
360
|
337,991
|
939
|
2021
|
|
NJ Waterfront
Subtotal
|
|
85.0 %
|
5,067
|
4,391,122
|
867
|
|
|
Massachusetts
|
|
|
|
|
|
|
|
Portside at East
Pier
|
East Boston,
MA
|
100.0 %
|
180
|
154,859
|
862
|
2015
|
|
Portside 2 at East
Pier
|
East Boston,
MA
|
100.0 %
|
296
|
230,614
|
779
|
2018
|
|
145 Front at City
Square
|
Worcester,
MA
|
100.0 %
|
365
|
304,936
|
835
|
2018
|
|
The Emery
|
Revere, MA
|
100.0 %
|
326
|
273,140
|
838
|
2020
|
|
Massachusetts
Subtotal
|
|
100.0 %
|
1,167
|
963,549
|
826
|
|
|
Other
|
|
|
|
|
|
|
|
The Upton
|
Short Hills,
NJ
|
100.0 %
|
193
|
217,030
|
1,125
|
2021
|
|
The James
|
Park Ridge,
NJ
|
100.0 %
|
240
|
215,283
|
897
|
2021
|
|
Signature
Place
|
Morris Plains,
NJ
|
100.0 %
|
197
|
203,716
|
1,034
|
2018
|
|
Quarry Place at
Tuckahoe
|
Eastchester,
NY
|
100.0 %
|
108
|
105,551
|
977
|
2016
|
|
Riverpark at
Harrison
|
Harrison, NJ
|
45.0 %
|
141
|
124,774
|
885
|
2014
|
|
Metropolitan at 40
Park
|
Morristown,
NJ
|
25.0 %
|
130
|
124,237
|
956
|
2010
|
|
Station
House
|
Washington,
DC
|
50.0 %
|
378
|
290,348
|
768
|
2015
|
|
Other
Subtotal
|
|
73.8 %
|
1,387
|
1,280,939
|
924
|
|
|
Operating
Portfolio1
|
|
85.2 %
|
7,621
|
6,635,610
|
871
|
|
|
|
|
See Multifamily
Operating Portfolio.
|
|
|
|
1 Total
sf outlined excludes approximately 189,367 sqft of ground floor
retail, of which 142,739 sf was leased as of September 30,
2024.
|
|
Annex 7:
Noncontrolling Interests in Consolidated Joint
Ventures
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024
|
2023
|
|
2024
|
2023
|
|
BLVD 425
|
$
155
|
$
59
|
|
$
327
|
$
130
|
|
BLVD 401
|
(528)
|
(672)
|
|
(1,687)
|
(1,919)
|
|
Port Imperial Garage
South
|
12
|
21
|
|
(3)
|
(40)
|
|
Port Imperial Retail
South
|
5
|
21
|
|
34
|
84
|
|
Other consolidated
joint ventures
|
(35)
|
(21)
|
|
(100)
|
(70)
|
|
Net losses in
noncontrolling interests
|
$
(391)
|
$
(592)
|
|
$
(1,429)
|
$
(1,815)
|
|
Depreciation in
noncontrolling interests
|
721
|
715
|
|
2,179
|
2,141
|
|
Funds from
operations - noncontrolling interest in consolidated joint
ventures
|
$
330
|
$
123
|
|
$
750
|
$
326
|
|
Interest expense in
noncontrolling interest in consolidated joint ventures
|
787
|
790
|
|
2,359
|
2,374
|
|
Net operating income
before debt service in consolidated joint ventures
|
$
1,117
|
$
913
|
|
$
3,109
|
$
2,700
|
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.
|
Company
Information
|
|
|
Company
Information
|
|
|
|
|
|
|
Corporate
Headquarters
|
Stock Exchange
Listing
|
Contact
Information
|
|
Veris Residential,
Inc.
|
New York Stock
Exchange
|
Veris Residential,
Inc.
|
|
210 Hudson St., Suite
400
|
|
Investor Relations
Department
|
|
Jersey City, New Jersey
07311
|
Trading
Symbol
|
210 Hudson St., Suite
400
|
|
(732)
590-1010
|
Common Shares:
VRE
|
Jersey City, New Jersey
07311
|
|
|
|
|
|
Anna
Malhari
|
|
|
Chief Operating
Officer
|
|
|
E-Mail:
amalhari@verisresidential.com
|
|
|
Web:
www.verisresidential.com
|
|
|
|
|
|
|
|
|
|
|
Executive
Officers
|
|
|
|
|
|
|
Mahbod
Nia
|
Amanda
Lombard
|
Taryn
Fielder
|
|
Chief Executive
Officer
|
Chief Financial
Officer
|
General Counsel and
Secretary
|
|
|
|
|
Anna
Malhari
|
Jeff
Turkanis
|
|
|
Chief Operating
Officer
|
EVP & Chief
Investment Officer
|
|
|
|
|
|
|
|
|
|
|
|
Equity Research
Coverage
|
|
|
|
|
|
|
Bank of America
Merrill Lynch
|
BTIG,
LLC
|
Citigroup
|
|
Josh
Dennerlein
|
Thomas
Catherwood
|
Nicholas
Joseph
|
|
|
|
|
Evercore
ISI
|
Green Street
Advisors
|
JP
Morgan
|
|
Steve Sakwa
|
John
Pawlowski
|
Anthony
Paolone
|
|
|
|
|
Truist
|
|
|
|
Michael R.
Lewis
|
|
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SOURCE Veris Residential, Inc.