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Veris Residential, Inc. Reports Second Quarter 2025 Results

1. VRE reports Q2 2025 earnings with net income at $0.12 per share. 2. Company achieved Net Debt-to-EBITDA targets ahead of schedule. 3. Dividends increased to $0.08 per share from $0.06 last year. 4. Same Store NOI growth was 5.6%, reflecting operational strength. 5. Secured interest rate reductions contributing to lower borrowing costs.

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Why Bullish?

The increase in earnings and dividends, along with strategic asset sales, positively impacts investor sentiment and stock confidence.

How important is it?

The positive financial performance, including increased dividends and operational growth, indicates strong company performance likely to boost stock price.

Why Short Term?

Immediate investor reactions expected due to positive Q2 results and guidance increases.

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, /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the second quarter 2025. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net Income (loss) per Diluted Share $0.12 $0.03 $0.00 $(0.01) Core FFO per Diluted Share $0.17 $0.18 $0.33 $0.32 Core AFFO per Diluted Share $0.19 $0.21 $0.36 $0.39 Dividend per Diluted Share $0.08 $0.06 $0.16 $0.11 STRATEGIC PROGRESS $448 million of non-strategic asset sales completed or under contract year to date. On track to achieve Net Debt-to-EBITDA of around 10.0x by year-end 2025 and below 9.0x by year-end 2026.         - $268 million in closed sales, including Signature Place and 145 Front Street.         - $180 million in sales under binding contract, including two multifamily assets. Secured amendment to Revolver and Term Loan agreement, including a leverage-based pricing grid, realizing an immediate 55-basis-point interest rate reduction. CONTINUED OPERATIONAL STRENGTH Year-over-year Same Store Blended Net Rental Growth Rate of 4.7% for the quarter and 3.5% year to date. Year-over-year Same Store NOI growth of 5.6% for the quarter and 4.4% year to date, further improving operating margin to 67.4% year to date. Same Store occupancy of 93.9% (95.5% excluding Liberty Towers). Raised 2025 guidance to reflect significant progress in corporate plan and continued operational strength. "We have made significant progress on our corporate initiatives both operationally and strategically, enabling us to raise guidance. We continued to see strength in our operations, and with nearly $450 million of sales already completed or under binding contract, we are well ahead of schedule and on track to realize our near-term leverage targets, including Net Debt-to-EBITDA below 9x next year," said Mahbod Nia, Chief Executive Officer of Veris Residential. "We are proud to have made meaningful progress on our strategic plan to continue optimizing our balance sheet. With the amendment to our credit facility, we secured an immediate reduction in our corporate borrowing costs of 55 basis points, with the potential to realize additional interest savings as we seek to further de-lever over time. We remain focused on executing our multi-pronged optimization strategy as we seek to continue enhancing value for all Veris Residential stakeholders." SAME STORE PORTFOLIO PERFORMANCE The following table uses the current Same Store pool for both the first and second quarter of 2025, as it is consistently reported throughout the Supplemental package. The actual Same Store pool on March 31 was 7,621 units, which included units from The Metropolitan at 40 Park. June 30, 2025 March 31, 2025 Change Same Store Units 7,491 7,491 — % Same Store Occupancy 93.9 % 94.0 % (0.1) % Same Store Blended Rental Growth Rate (Quarter) 4.7 % 2.3 % 2.4 % Average Rent per Home $4,085 $4,023 1.5 % The following table shows Same Store performance: ($ in 000s) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % 2025 2024 % Total Property Revenue $75,999 $74,160 2.5 % $151,378 $147,768 2.4 % Controllable Expenses 12,799 13,286 (3.7) % 25,736 25,775 (0.2) % Non-Controllable Expenses 11,891 12,283 (3.2) % 23,651 24,280 (2.6) % Total Property Expenses 24,690 25,569 (3.4) % 49,387 50,055 (1.3) % Same Store NOI $51,309 $48,591 5.6 % $101,991 $97,713 4.4 % TRANSACTION ACTIVITY Year to date, the Company has closed $268 million of non-strategic asset sales, including two unconsolidated joint ventures and two wholly owned multifamily assets. Two additional multifamily assets, The James in New Jersey and Quarry Place in New York, are under binding contract for a further $180 million. Name ($ in 000s) Date Location GAV 65 Livingston 1/24/2025 Roseland, NJ $7,300 Wall Land 4/3/2025 Wall Township, NJ 31,000 PI - North Building (two parcels) and Metropolitan at 40 Park 4/21/2025 West New York, NJ and Morristown, NJ 7,100 1 Water 4/29/2025 White Plains, NY 15,500 Signature Place 7/9/2025 Morris Plains, NJ 85,000 145 Front Street 7/22/2025 Worcester, MA 122,200 Total Assets Sold in 2025-to-Date $268,100 In April, the Company purchased its partner's interest in the Jersey City Urby for $38.5 million, eliminating the Company's largest remaining unconsolidated joint venture, rebranding the property to "Sable" and assuming management. The consolidation is expected to create over one million dollars in annualized synergies. FINANCE AND LIQUIDITY As of July 22, 2025, following the completion of the previously announced sales, the Company had liquidity of $181 million, a weighted average effective interest rate of 4.86% and a weighted average maturity of 2.6 years, with all of the Company's debt either hedged or fixed. In July, subsequent to quarter end, the Company amended its $300 million Revolving Credit Facility ("Revolver") and $200 million delayed-draw Term Loan ("Term Loan" and collectively, the "Amended Facility"), as discussed in greater detail below. The Amended Facility, combined with completed and announced asset sales, allows the Company to reduce interest expense as it continues to de-lever over time. Balance Sheet Metric ($ in 000s) June 30, 2025 March 31, 2025 Weighted Average Interest Rate 5.08 % 4.95 % Weighted Average Years to Maturity 2.6 3.1 TTM Interest Coverage Ratio 1.7x 1.7x Net Debt $1,795,320 $1,643,411 TTM Adjusted EBITDA (Normalized) $159,162 $144,659 Net Debt-to-EBITDA (Normalized) 11.3x 11.4x Note: Calculation of Net Debt-to-EBITDA ratio includes an adjusted EBITDA figure, normalizing the Trailing Twelve Month ("TTM") period for recent transactions. Please see the Supplemental Package for reconciliation. AMENDED CREDIT FACILITY Subsequent to quarter end, the Company announced the amendment of its $500 million credit facility established in April 2024. The Amended Facility package—comprising a $300 million Revolver and a $200 million delayed-draw Term Loan—introduces a leverage-based pricing grid for the Revolver, with spreads ranging from 1.20% to 1.75% over SOFR (inclusive of the 5-basis-point spread reduction associated with meeting certain KPIs) and reduces the required number of secured properties in the collateral pool from five to two. At closing, the Company's total leverage ratio as defined by the Amended Facility was between 50% and 55%, resulting in a borrowing rate on the Revolver of SOFR + 1.50%, representing a 55-basis-point reduction from the prior rate. The Amended Facility matures in April 2027 and retains a one-year extension option on the Revolver. At closing, the Company repaid $80 million of the Term Loan using proceeds from the sale of Signature Place. Subsequent to the amendment, the Company fully repaid the remaining balance of the Term Loan using proceeds from the sale of 145 Front Street.  DIVIDEND The Company paid a dividend of $0.08 per share on July 10, 2025, for shareholders of record as of June 30, 2025. GUIDANCE The Company is raising its operational guidance for 2025 in accordance with the following table. The increased operational guidance reflects continued strength in rental growth and a higher degree of certainty around controllable expense projections. Current Guidance Initial Guidance 2025 Guidance Ranges Low High Low High Same Store Revenue Growth 2.2 % — 2.7 % 2.1 % — 2.7 % Same Store Expense Growth 2.4 % — 2.8 % 2.6 % — 3.0 % Same Store NOI Growth 2.0 % — 2.8 % 1.7 % — 2.7 % The Company is raising its 2025 Core FFO per share guidance range to $0.63 to $0.64. This reflects the accretive impacts of the consolidation of Sable and interest expense savings from debt repayment associated with recent sales and from reduced corporate borrowing costs. Current Guidance Initial Guidance Core FFO per Share Guidance Low High Low High Net Loss per Share $(0.22) — $(0.21) $(0.24) — $(0.22) Depreciation per Share $0.85 — $0.85 $0.85 — $0.85 Core FFO per Share $0.63 — $0.64 $0.61 — $0.63 CONFERENCE CALL/SUPPLEMENTAL INFORMATION An earnings conference call with management is scheduled for Thursday, July 24, 2025, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: http://investors.verisresidential.com. The live conference call is also accessible by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international) and requesting the Veris Residential second quarter 2025 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, July 24, 2025. A replay of the call will also be accessible Thursday, July 24, 2025, through Sunday, August 24, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13753249. Copies of Veris Residential, Inc.'s second quarter 2025 Form 10-Q and second 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 DepartmentHarborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311 ABOUT THE COMPANY  Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment. For additional information on Veris Residential, Inc. and our properties available for lease, please visit http://www.verisresidential.com/. The information in this press release must be read in conjunction with, and is modified in its entirety by, the Annual Report on Form 10-K (the "10-K") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-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. Additional details in Company Information. Consolidated Balance Sheet (in thousands) (unaudited) ‌ June 30, 2025 December 31, 2024 ASSETS Rental property Land and leasehold interests $442,566 $458,946 Buildings and improvements 2,611,276 2,634,321 Tenant improvements 16,145 14,784 Furniture, fixtures and equipment 112,424 112,201 3,182,411 3,220,252 Less – accumulated depreciation and amortization (475,073) (432,531) 2,707,338 2,787,721 Real estate held for sale, net 288,575 7,291 Net investment in rental property 2,995,913 2,795,012 Cash and cash equivalents 11,438 7,251 Restricted cash 18,581 17,059 Investments in unconsolidated joint ventures 53,618 111,301 Unbilled rents receivable, net 3,252 2,253 Deferred charges and other assets, net 43,059 48,476 Accounts receivable 1,119 1,375 Total assets $3,126,980 $2,982,727 LIABILITIES AND EQUITY Revolving credit facility and term loans 324,513 348,839 Mortgages, loans payable and other obligations, net 1,459,964 1,323,474 Liabilities held for sale, net 40,862 — Dividends and distributions payable 8,529 8,533 Accounts payable, accrued expenses and other liabilities 50,262 42,744 Rents received in advance and security deposits 13,185 11,512 Accrued interest payable 5,806 5,262 Total liabilities 1,903,121 1,740,364 Redeemable noncontrolling interests 9,294 9,294 Total Stockholders' Equity 1,086,095 1,099,391 Noncontrolling interests in subsidiaries: Operating Partnership 100,183 102,588 Consolidated joint ventures 28,287 31,090 Total noncontrolling interests in subsidiaries $128,470 $133,678 Total equity $1,214,565 $1,233,069 Total liabilities and equity $3,126,980 $2,982,727 Consolidated Statement of Operations (In thousands, except per share amounts) (unaudited) ‌ Three Months Ended June 30, Six Months Ended June 30, REVENUES 2025 2024 2025 2024  Revenue from leases $69,348 $              60,917 $131,313 $            121,559  Management fees 766 871 1,484 1,793  Parking income 4,376 3,922 8,125 7,667  Other income 1,438 1,766 2,762 3,797 Total revenues 75,928 67,476 143,684 134,816 EXPENSES  Real estate taxes 10,105 9,502 19,317 18,679  Utilities 2,103 1,796 4,910 4,067  Operating services 12,887 12,628 23,880 25,198  Property management 4,088 4,366 8,473 9,608  General and administrative 9,605 8,975 19,673 20,063  Transaction related costs 1,570 890 1,878 1,406  Depreciation and amortization 22,471 20,316 43,724 40,433  Land and other impairments, net 12,467 — 15,667 — Total expenses 75,296 58,473 137,522 119,454 OTHER (EXPENSE) INCOME Interest expense (24,604) (21,676) (47,564) (43,176) Interest and other investment income 70 1,536 95 2,074 Equity in earnings (losses) of unconsolidated joint ventures 526 2,933 4,368 3,187 Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net (6,877) — (6,877) — Gain (loss) on disposition of developable land 36,566 10,731 36,410 11,515 Gain (loss) on sale of unconsolidated joint venture interests 5,122 — 5,122 7,100 Gain (loss) from extinguishment of debt, net — (785) — (785) Other income (expense), net 528 (250) 423 5 Total other (expense) income, net 11,331 (7,511) (8,023) (20,080) Income (loss) from continuing operations before income tax expense 11,963 1,492 (1,861) (4,718) Provision for income taxes (93) (176) (135) (235) Income (loss) from continuing operations after income tax expense 11,870 1,316 (1,996) (4,953) Discontinued operations: Income (loss) from discontinued operations (27) 1,419 109 1,671 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net — — — 1,548 Total discontinued operations, net (27) 1,419 109 3,219  Net income (loss) 11,843 2,735 (1,887) (1,734)  Noncontrolling interests in consolidated joint ventures 149 543 2,274 1,038  Noncontrolling interests in Operating Partnership of income (loss) from continuing operations (1,009) (153) (11) 370  Noncontrolling interests in Operating Partnership in discontinued operations 2 (122) (9) (277)  Redeemable noncontrolling interests (81) (81) (162) (378)  Net income (loss) available to common shareholders $10,904 $2,922 $205 $(981)  Basic earnings per common share:  Net income (loss) available to common shareholders $0.12 $0.03 $0.00 $(0.01)  Diluted earnings per common share:  Net income (loss) available to common shareholders $0.12 $0.03 $0.00 $(0.01)  Basic weighted average shares outstanding 93,392 92,663 93,227 92,469  Diluted weighted average shares outstanding1 102,259 101,952 102,164 101,160 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) available to common shareholders $            10,904 $              2,922 $                 205 $               (981) Add/(Deduct): Noncontrolling interests in Operating Partnership 1,009 153 11 (370) Noncontrolling interests in discontinued operations (2) 122 9 277 Real estate-related depreciation and amortization on continuing operations2 23,231 22,514 46,676 45,146 Real estate-related depreciation and amortization on discontinued operations — — — 668 Continuing operations: (Gain) loss on sale from unconsolidated joint ventures (5,122) — (5,122) (7,100) Continuing operations: Realized and unrealized (gains) losses on disposition of rental property 6,877 — 6,877 — Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net — — — (1,548) FFO3 $            36,897 $            25,711 $            48,656 $            36,092  ‌ Add/(Deduct): (Gain) loss from extinguishment of debt, net — 785 — 785 Land and other impairments4 12,467 — 14,067 — (Gain) loss on disposition of developable land (36,566) (10,731) (36,410) (11,515) Severance/Compensation related costs (G&A)5 1,352 236 1,520 1,873 Severance/Compensation related costs (Property Management)6 889 838 1,399 2,364 Amortization of derivative premium7 878 886 1,962 1,790 Derivative mark to market adjustment 270 — 525 — Transaction related costs 1,570 890 1,878 1,406 Core FFO $            17,757 $            18,615 $            33,597 $            32,795  ‌ Add/(Deduct): Straight-line rent adjustments8 (605) (367) (751) (342) Amortization of market lease intangibles, net (3) (9) (6) (16) Amortization of lease inducements — — — 7 Amortization of debt discounts (premiums) 9 — 9 — Amortization of stock compensation 2,813 3,247 6,179 6,974 Non-real estate depreciation and amortization 139 219 289 429 Amortization of deferred financing costs 1,777 1,569 3,484 2,811 Add/(Deduct): Non-incremental revenue generating capital expenditures: Building improvements (2,675) (1,562) (5,981) (2,602) Tenant improvements and leasing commissions9 (63) (78) (96) (87) Core AFFO3 $            19,149 $            21,634 $            36,724 $            39,969  ‌ Funds from Operations per share/unit-diluted $0.36 $0.25 $0.48 $0.35 Core Funds from Operations per share/unit-diluted $0.17 $0.18 $0.33 $0.32 Core Adjusted Funds from Operations per share/unit-diluted $0.19 $0.21 $0.36 $0.39 Dividends declared per common share $0.08 $0.06 $0.16 $0.11 See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.   See Consolidated Statements of Operations.  Adjusted EBITDA  ($ in thousands) (unaudited) ‌ Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Core FFO (calculated on a previous page) $             17,757 $            18,615 $           33,597 $           32,795 Deduct: Equity in (earnings) loss of unconsolidated joint ventures (526) (2,990) (4,368) (3,449) Equity in earnings share of depreciation and amortization (898) (2,417) (3,241) (5,142) Add: Interest expense 24,604 21,676 47,564 43,176 Amortization of derivative premium (878) (886) (1,962) (1,790) Derivative mark to market adjustment (270) — (525) — Recurring joint venture distributions 2,388 4,177 8,189 5,878 Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments1 (149) (543) (674) (1,038) Redeemable noncontrolling interests 81 81 162 378 Income tax expense 93 176 136 258 Adjusted EBITDA $             42,202 $            37,889 $           78,878 $           71,066 Before 3Q24 4Q24 1Q25 2Q25 Adjusted EBITDA $                 37,119 $                 32,509 $                 36,675 $                 42,202 TTM Adjusted EBITDA 148,504 Net Debt as of 6/30/25 $            1,795,320 Net Debt-to-EBITDA 12.1x ‌ After 3Q24 4Q24 1Q25 2Q25 Adjusted EBITDA $                 37,119 $                 32,509 $                 36,675 $                 42,202 Add: Consolidated 100% NOI Sable 5,867 6,455 5,879 1,242 Less: JV Distributions from Dissolved JVs (1,456) (2,465) (4,904) (470) Add: Carry Costs from Sold Land 133 278 91 7 Adjusted EBITDA (Normalized) $                41,663 $                 36,776 $                37,742 $                 42,981 TTM Adjusted EBITDA (Normalized) $               159,162 Net Debt as of 6/30/25 $            1,795,320 Net Debt-to-EBITDA (Normalized) 11.3x ‌ See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.   See Non-GAAP Financial Definitions. ___________________________________ 1See Annex 7 for breakout of noncontrolling interests in consolidated joint ventures. Components of Net Asset Value   ($ in thousands) ‌ Real Estate Portfolio Other Assets Operating Multifamily NOI1  Total   At Share  Cash and Cash Equivalents2 $10,887 New Jersey Waterfront $170,008 $149,371 Restricted Cash 18,581 Massachusetts 20,420 20,420 Other Assets 47,430 Other 30,064 23,689 Subtotal Other Assets $76,898 Total Multifamily NOI as of 6/30 $220,492 $193,480 Less: Sold properties in July3 (10,936) (10,936) Liabilities and Other Considerations Total Multifamily NOI as of 7/22 $209,556 $182,544 Commercial NOI4 4,732 3,792 Operating - Consolidated Debt at Share5 $1,438,479 Total NOI as of 7/22 $214,288 $186,336 Operating - Unconsolidated Debt at Share 129,170 Other Liabilities 77,782 Non-Strategic Assets Revolving Credit Facility5 126,000 Term Loan5 — Estimated Value of Remaining Land $134,194 Preferred Units 9,294 Total Non-Strategic Assets6 $134,194 Subtotal Liabilities and Other Considerations $1,780,725  ‌ Outstanding Shares7  ‌ Diluted Weighted Average Shares Outstanding for 2Q 2025  (in 000s) 102,259 ‌___________________________________ 1 See Multifamily Operating Portfolio for more details.  The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees. Displayed NOI values reflect the change in ownership % associated with consolidation of Sable (f.k.a. Jersey City Urby) from 85% to 100% and exclude NOI from Metropolitan at 40 Park due to the sale of our interest in April 2025. 2 Cash and cash equivalents is of July 22, 2025. 3 Signature Place contributed $1.1 million and 145 Front Street contributed $1.6 million in NOI for the second quarter of 2025. Both properties were sold in July and have been deducted from our NOI on an annualized basis at their respective former ownership levels of 100%.  4 See Commercial Assets and Developable Land for more details. 5 See Debt Summary and Maturity Schedule for pro forma reconciliation. 6 The land values are VRE's share of value.  For more details see Commercial Assets and Developable Land. 7 Outstanding shares for the quarter ended June 30, 2025 is comprised of the following (in 000s): 93,392 weighted average common shares outstanding, 8,619 weighted average Operating Partnership common and vested LTIP units outstanding, and (248) 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 NOI1 Debt Balance Ownership Apartments 2Q 2025 1Q 2025 2Q 2025 1Q 2025 2Q 2025 1Q 2025 NJ Waterfront Haus25 100.0 % 750 95.6 % 95.6 % $5,027 $4,969 $8,083 $8,195 $343,061 Liberty Towers* 100.0 % 648 77.7 % 80.5 % 4,688 4,428 4,462 4,289 — BLVD 401 74.3 % 311 96.0 % 95.0 % 4,288 4,272 2,498 2,431 114,500 BLVD 425 74.3 % 412 95.7 % 95.9 % 4,217 4,143 3,359 3,426 131,000 BLVD 475 100.0 % 523 97.2 % 96.4 % 4,308 4,235 4,429 4,197 162,969 Soho Lofts* 100.0 % 377 93.9 % 94.2 % 4,871 4,828 3,193 3,232 — Sable (f.k.a. Jersey City Urby)2 100.0 % 762 94.7 % 94.5 % 4,224 4,223 5,655 5,879 181,544 RiverHouse 9 at Port Imperial 100.0 % 313 96.7 % 96.4 % 4,507 4,493 2,798 2,715 110,000 RiverHouse 11 at Port Imperial 100.0 % 295 96.6 % 95.8 % 4,403 4,391 2,543 2,527 100,000 RiverTrace 22.5 % 316 93.8 % 94.2 % 3,830 3,808 2,084 2,151 82,000 Capstone 40.0 % 360 94.9 % 95.6 % 4,692 4,603 3,398 3,323 135,000 NJ Waterfront Subtotal 87.2 % 5,067 93.2 % 93.4 % $4,499 $4,430 $42,502 $42,365 $1,360,074 Massachusetts Portside at East Pier 100.0 % 180 97.3 % 96.4 % $3,336 $3,283 $1,277 $1,156 $56,500 Portside 2 at East Pier 100.0 % 296 95.9 % 95.8 % 3,567 3,502 2,217 2,115 94,614 145 Front at City Square3 100.0 % 365 95.2 % 94.8 % 2,498 2,513 1,611 1,636 — The Emery at Overlook Ridge 100.0 % 326 94.7 % 93.9 % 2,899 2,845 1,664 1,648 69,902 Massachusetts Subtotal 100.0 % 1,167 95.6 % 95.0 % $3,010 $2,975 $6,769 $6,555 $221,016 Other The Upton 100.0 % 193 95.0 % 93.3 % $4,468 $4,355 $1,466 $1,290 $75,000 The James* 100.0 % 240 96.4 % 97.8 % 3,107 3,074 1,561 1,570 — Signature Place4 100.0 % 197 96.8 % 95.7 % 3,317 3,350 1,123 1,101 — Quarry Place at Tuckahoe 100.0 % 108 97.6 % 96.8 % 4,409 4,406 795 798 41,000 Riverpark at Harrison 45.0 % 141 97.0 % 97.6 % 2,924 2,857 584 568 30,192 Station House 50.0 % 378 92.6 % 93.2 % 3,018 2,909 1,987 1,855 86,267 Other Subtotal 78.8 % 1,257 95.3 % 95.3 % $3,413 $3,354 $7,516 $7,182 $232,459 Operating Portfolio5,6 87.8 % 7,491 93.9 % 94.0 % $4,085 $4,023 $56,787 $56,102 $1,813,549 Metropolitan at 40 Park7 25.0 % 130 94.8 % 94.0 % 3,781 $3,800 $140 $798 $— 86.7 % 7,621 93.9 % 94.0 % $4,080 $4,019 $56,927 $56,900 $1,813,549 ‌___________________________________ 1 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees. 2 In April, the Company purchased joint venture partner's 15% interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable". 3 145 Front Street was sold on July 22, 2025. 4 Signature Place was sold on July 9, 2025. 5 Rental revenue associated with retail leases is included in the NOI disclosure above. 6 See Unconsolidated Joint Ventures and Annex 6: Multifamily Operating Portfolio for more details. 7 The Company sold its interest in Metropolitan at 40 Park in April 2025. ‌ *Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility. 145 Front Street and Signature Place were both sold in July 2025 and were removed from the collateral pool. Following the July 9, 2025 amendment of the facility, the required number of collateral assets was reduced from five to two. ‌ See Non-GAAP Financial Definitions. Commercial Assets and Developable Land ($ in thousands) ‌ Commercial Location Ownership Rentable SF1 Percentage Leased 2Q 2025 Percentage Leased 1Q 2025 NOI 2Q 2025 NOI 1Q 2025 Debt Balance Port Imperial South - Garage Weehawken, NJ 70.0 % Fn 1 N/A N/A $713 $413 $30,815 Port Imperial South - Retail Weehawken, NJ 70.0 % 18,064 77.0 % 77.0 % 70 112 — Port Imperial North - Garage Weehawken, NJ 100.0 % Fn 1 N/A N/A 66 (54) — Port Imperial North - Retail Weehawken, NJ 100.0 % 8,400 100.0 % 100.0 % 145 89 — Riverwalk at Port Imperial West New York, NJ 100.0 % 29,923 88.0 % 80.0 % 189 35 — Commercial Total 90.4 % 56,387 86.3 % 82.0 % $1,183 $595 $30,815 Developable Land Parcel Units2 Total Units VRE Share NJ Waterfront 1,522 1,400 Massachusetts 737 737 Other 160 160 Developable Land Parcel Units Total at July 22, 2025 2,419 2,297 Less: land under binding contract — — Developable Land Parcel Units Remaining 2,419 2,297 ___________________________________ 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. Same Store Market Information1  ‌ Sequential Quarter Comparison (NOI in thousands)  ‌ NOI at Share Occupancy Blended Lease Tradeouts2 Apartments 2Q 2025 1Q 2025 Change 2Q 2025 1Q 2025 Change 2Q 2025 1Q 2025 Change New Jersey Waterfront 5,067 $37,814 $37,672 0.4 % 93.2 % 93.4 % (0.2) % 4.7 % 0.3 % 4.4 % Massachusetts 1,167 7,029 6,816 3.1 % 95.6 % 95.0 % 0.6 % 3.4 % 2.4 % 1.0 % Other3 1,257 6,466 6,195 4.4 % 95.3 % 95.3 % — % 7.2 % 2.8 % 4.4 % Total 7,491 $51,309 $50,683 1.2 % 93.9 % 94.0 % (0.1) % 4.7 % 2.3 % 2.4 %  ‌ Year-over-Year Second Quarter Comparison (NOI in thousands)  ‌ NOI at Share Occupancy Blended Lease Tradeouts2  Apartments 2Q 2025 2Q 2024 Change 2Q 2025 2Q 2024 Change 2Q 2025 2Q 2024 Change New Jersey Waterfront 5,067 $37,814 $36,181 4.5 % 93.2 % 95.1 % (1.9) % 4.7 % 6.2 % (1.5) % Massachusetts 1,167 7,029 6,635 5.9 % 95.6 % 95.2 % 0.4 % 3.4 % 4.4 % (1.0) % Other3 1,257 6,466 5,775 12.0 % 95.3 % 93.0 % 2.3 % 7.2 % 2.0 % 5.2 % Total 7,491 $51,309 $48,591 5.6 % 93.9 % 94.7 % (0.8) % 4.7 % 5.3 % (0.6) % Average Revenue per Home ‌ Apartments 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 New Jersey Waterfront 5,067 $4,499 $4,430 $4,441 $4,371 $4,291 Massachusetts 1,167 3,010 2,975 2,962 2,946 2,931 Other3 1,257 3,413 3,354 3,411 3,390 3,376 Total 7,491 $4,085 $4,023 $4,038 $3,984 $3,926 ___________________________________ 1 All statistics are based off the current 7,491 Same Store pool. These values are an our ownership percentage, Sable is shown as 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025. 2 Blended lease tradeouts exclude properties not managed by Veris. 3 "Other" includes properties in Suburban NJ, New York, and Washington, DC. See Multifamily Operating Portfolio for breakout. ‌ See Non-GAAP Financial Definitions. Same Store Performance ($ in thousands) ‌ Multifamily Same Store1 Three Months Ended June 30, Six Months Ended June 30, Sequential 2025 2024 Change % 2025 2024 Change % 2Q 25 1Q 25 Change % Apartment Rental Income $68,553 $67,173 $1,380 2.1 % $136,912 $133,566 $3,346 2.5 % $68,553 $68,359 $194 0.3 % Parking/Other Income 7,446 6,987 459 6.6 % 14,466 14,202 264 1.9 % 7,446 7,021 425 6.1 % Total Property Revenues2 $75,999 $74,160 $1,839 2.5 % $151,378 $147,768 $3,610 2.4 % $75,999 $75,380 $619 0.8 % Marketing & Administration 2,168 2,511 (343) (13.7) % 4,298 4,634 (336) (7.3) % 2,168 2,130 38 1.8 % Utilities 2,204 2,162 42 1.9 % 5,413 4,695 718 15.3 % 2,204 3,209 (1,005) (31.3) % Payroll 4,294 4,280 14 0.3 % 8,549 8,538 11 0.1 % 4,294 4,255 39 0.9 % Repairs & Maintenance 4,133 4,333 (200) (4.6) % 7,476 7,908 (432) (5.5) % 4,133 3,343 790 23.6 % Controllable Expenses $12,799 $13,286 $(487) (3.7) % $25,736 $25,775 $(39) (0.2) % $12,799 $12,937 $(138) (1.1) % Other Fixed Fees 778 695 83 11.9 % 1,496 1,401 95 6.8 % 778 718 60 8.4 % Insurance 1,544 1,773 (229) (12.9) % 3,004 3,545 (541) (15.3) % 1,544 1,460 84 5.8 % Real Estate Taxes 9,569 9,815 (246) (2.5) % 19,151 19,334 (183) (0.9) % 9,569 9,582 (13) (0.1) % Non-Controllable Expenses $11,891 $12,283 $(392) (3.2) % $23,651 $24,280 $(629) (2.6) % $11,891 $11,760 $131 1.1 % Total Property Expenses $24,690 $25,569 $(879) (3.4) % $49,387 $50,055 $(668) (1.3) % $24,690 $24,697 $(7) — % Same Store GAAP NOI $51,309 $48,591 $2,718 5.6 % $101,991 $97,713 $4,278 4.4 % $51,309 $50,683 $626 1.2 % Same Store NOI Margin 67.5 % 65.5 % 2.0 % 67.4 % 66.1 % 1.3 % 67.5 % 67.2 % 0.3 % Total Units 7,491 7,491 7,491 7,491 7,491 7,491 % Ownership1 86.3 % 86.3 % 86.3 % 86.3 % 86.3 % 86.3 % % Occupied 93.9 % 94.7 % (0.8) % 93.9 % 94.7 % (0.8) % 93.9 % 94.0 % (0.1) % ___________________________________ 1 Values represent the Company's pro rata ownership of the operating portfolio. All periods displayed have the same properties in the pool. These are shown at share and exclude management fees. These values are at our ownership percentage, and Sable is reflected at 85% for all comparative periods. 2 Revenues reported based on Generally Accepted Accounting Principals or "GAAP". Debt Profile ($ in thousands) ‌‌ Lender Effective Interest Rate1 June 30, 2025 December 31, 2024 Date of Maturity Secured Permanent Loans Portside 2 at East Pier New York Life Insurance Co. 4.56 % 94,614 95,427 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 % 114,500 115,515 08/10/26 Portside at East Pier2 KKR SOFR + 2.75% 56,500 56,500 09/07/26 The Upton3 Bank of New York Mellon SOFR + 1.58% 75,000 75,000 10/27/26 RiverHouse 9 at Port Imperial4 JP Morgan SOFR + 1.41% 110,000 110,000 06/21/27 Quarry Place at Tuckahoe5 Natixis Real Estate Capital, LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 The Northwestern Mutual Life Insurance Co. 2.91 % 162,969 164,712 11/10/27 Haus25 Freddie Mac 6.04 % 343,061 343,061 09/01/28 RiverHouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Sable6 Pacific Life 5.20 % 181,544 — 08/01/29 Port Imperial Garage South American General Life & A/G PC 4.85 % 30,815 31,098 12/01/29 The Emery at Overlook Ridge7 Flagstar Bank 3.21 % 69,902 70,653 01/01/31 Secured Permanent Loans Outstanding $1,510,903 $1,333,966 Unamortized Deferred Financing Costs5 (10,077) (10,492) Secured Permanent Loans $1,500,826 $1,323,474 Secured RCF & Term Loans: Revolving Credit Facility8 Various Lenders SOFR + 2.73% $127,000 $152,000 04/22/27 Term Loan8 Various Lenders SOFR + 2.73% 200,000 200,000 04/22/27 RCF & Term Loan Balances $327,000 $352,000 Unamortized Deferred Financing Costs5 (2,487) (3,161) Total RCF & Term Loan Debt $324,513 $348,839 Total Debt $1,825,339 $1,672,313 ‌ See Debt Profile Footnotes. Debt Summary and Maturity Schedule ($ in thousands) ‌ As of 6/30 Balance % of Total Weighted Average Interest Rate Weighted Average Maturity in Years Fixed Rate & Hedged Debt Fixed Rate & Hedged Secured Debt $1,710,903 93.1 % 4.96 % 2.49 Variable Rate Debt Variable Rate Debt 127,000 6.9 % 7.06 % 1.81 Totals / Weighted Average $1,837,903 100.0 % 5.11 % 2.44 Unamortized Deferred Financing Costs (12,564) Total Consolidated Debt, net $1,825,339 Partners' Share (72,424) VRE Share of Total Consolidated Debt, net1 $1,752,915  ‌ Unconsolidated Secured Debt VRE Share $129,170 38.7 % 4.33 % 4.12 Partners' Share 204,289 61.3 % 4.33 % 4.12 Total Unconsolidated Secured Debt $333,459 100.0 % 4.33 % 4.12 ‌ As of July 22, all of the Company's total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed, resulting from the transfer of outstanding interest rate caps from the recently repaid term loan to the outstanding borrowings on the revolver. The Company's total pro forma debt portfolio has a weighted average interest rate of 4.86% and a weighted average maturity of 2.6 years. Debt Maturity Schedule as of July 22, 20252,3 ‌ 2025 2026 2027 2028 2029 2030 Secured Debt $478 $314 $343 $303 Revolver $126 Unused Revolver Capacity $174 Pro Forma 7/22 Balance % of Total Weighted AverageInterest Rate Weighted AverageMaturity in Years Fixed Rate & Hedged Secured Debt $1,693,649 100.0 % 4.86 % 2.63 Variable Rate Secured Debt — — % — % — Total Pro Forma Debt Portfolio $1,693,649 100.0 % 4.86 % 2.63 Pro Forma 7/22 Total Consolidated Debt, gross as of 6/30/25 $1,837,903 Partners' Share (72,424) VRE Share of Total Consolidated Debt, as of 6/30/25 $1,765,479 Term loan paydown from July multifamily sale proceeds (200,000) Revolver activity in July (1,000) VRE Share of Total Consolidated Debt, as of 7/22/25 $1,564,479 VRE Share of Total Unconsolidated Debt, as of 6/30/25 $129,170 Total Pro Forma Debt Portfolio $1,693,649 ___________________________________ 1 Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.5 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. On June 30, the Term Loan was fully drawn at $200 million but was fully repaid in July. 3 The graphic reflects VRE share of consolidated debt balances only. The loan encumbering Emery is represented among the 2026 maturities as it features a contractual rate step-up in January 2026. Dollars are shown in millions. Annex 1: Transaction Activity ($ in thousands except per SF)  ‌ Location TransactionDate Number ofBuildings Units Gross Asset Value 2025 dispositions-to-date Land 65 Livingston Roseland, NJ 1/24/2025 N/A N/A $7,300 Wall Land Wall Township, NJ 4/3/2025 N/A N/A 31,000 PI North - Building 6 and Riverbend I West New York, NJ 4/21/2025 N/A N/A 6,500 1 Water White Plains, NY 4/29/2025 N/A N/A 15,500 Land dispositions-to-date N/A N/A $60,300 Multifamily Metropolitan at 40 Park Morristown, NJ 4/21/2025 1 130 $600 Signature Place Morris Plains, NJ 7/9/2025 1 197 85,000 145 Front Street Worcester, MA 7/22/2025 1 365 122,200 Multifamily dispositions-to-date 3 692 $207,800 Total dispositions-to-date 3 692 $268,100 2025 acquisitions-to-Date Multifamily Sable Jersey City, NJ 4/21/2025 1 762 $38,5001 Multifamily acquisitions-to-date 1 762 $38,500 ___________________________________ 1 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) ‌ 2Q 2025 1Q 2025 Total Total Net Income (loss) $                   11,843 $                 (13,730) Deduct: Management fees (766) (718) Loss (income) from discontinued operations 27 (136) Interest and other investment income (70) (25) Equity in (earnings) loss of unconsolidated joint ventures (526) (3,842) (Gain) loss on disposition of developable land (36,566) 156 Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 6,877 — (Gain) loss on sale of unconsolidated joint venture interests (5,122) — Other (income) expense, net (528) 105 Add: Property management 4,088 4,385 General and administrative 9,605 10,068 Transaction-related costs 1,570 308 Depreciation and amortization 22,471 21,253 Interest expense 24,604 22,960 Provision for income taxes 93 42 Land and other impairments, net 12,467 3,200 Net operating income (NOI) $                   50,067 $                   44,026 ‌ Summary of Consolidated Multifamily NOI by Type (unaudited): 2Q 2025 1Q 2025 Total Consolidated Multifamily - Operating Portfolio $                   47,316 $                   42,326 Total Consolidated Commercial 1,183 595 Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests) $                   48,499 $                   42,921 NOI (loss) from services, land/development/repurposing & other assets 1,675 1,250 Total Consolidated Multifamily NOI $                   50,174 $                   44,171 ‌ See Consolidated Statement of Operations. See Non-GAAP Financial Definitions. Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes ‌ FFO, Core FFO, AFFO, NOI, & Adjusted EBITDA ‌ 1. Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,619 and 8,689 shares for the three months ended June 30, 2025 and 2024, respectively, and 8,625 and 8,691 shares for the six months ended June 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 $0.9 million and $2.4 million for the three months ended June 30, 2025 and 2024, respectively, and $3.2 million and $5.1 million for the six months ended June 30, 2025 and 2024 respectively.  Excludes non-real estate-related depreciation and amortization of $0.1 million and $0.2 million for each of the three months ended June 30, 2025 and 2024 respectively $0.3 million and $0.4 million for the six months ended June 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 $15.7 million land and other impairment charge. 5. Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $8.3 million and $8.7 million for the three months ended June 30, 2025 and 2024, respectively, and $18.2 million and $18.2 million for the six months ended June 30, 2025 and 2024, respectively. 6. Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.2 million and $3.5 million for the three months ended June 30, 2025 and 2024, respectively, and $7.0 million and $7.2 million for the six months ended June 30, 2025 and 2024, respectively. 7. Includes the Company's share from unconsolidated joint ventures of $2 thousand and $19 thousand for the three months ended June 30, 2025 and 2024, respectively, and $14 thousand and $38 thousand for the six months ended June 30, 2025 and 2024, respectively. 8. Includes the Company's share from unconsolidated joint ventures of ($10) thousand and $103 thousand for the three months ended June 30, 2025 and 2024, respectively and ($21) thousand and $93 thousand for the six months ended June 30, 2025 and 2024, respectively. 9. Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year. ‌ Back to Consolidated Statement of Operations. Back to FFO, Core FFO and Core AFFO. Back to Adjusted EBITDA. Annex 4: Unconsolidated Joint Ventures ($ in thousands) ‌ Property Units Percentage Occupied VRE's Nominal Ownership 2Q 2025 NOI1 Total Debt VRE Share of 2Q NOI VRE Share of Debt Multifamily RiverTrace at Port Imperial 316 93.8 % 22.5 % 2,084 82,000 469 18,450 Capstone at Port Imperial 360 94.9 % 40.0 % 3,398 135,000 1,359 54,000 Riverpark at Harrison 141 97.0 % 45.0 % 584 30,192 263 13,586 Station House 378 92.6 % 50.0 % 1,987 86,267 994 43,134 Total UJV2 1,195 94.1 % 39.1 % $8,053 $333,459 $3,085 $129,170 ___________________________________ 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. 2 In April, the Company purchased its joint venture partner`s interest in the Jersey City property that was previously known as the "Urby", now named Sable, officially consolidating it. The Company also sold its interest in the Metropolitan at 40 Park in April 2025. Annex 5: Debt Profile Footnotes ‌ 1. Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable. 2. The loan on Portside at East Pier is hedged with a 3-year cap at a strike rate of 3.5%, expiring in September 2026. 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 is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026. 5. The $41 million mortgage on Quarry Place, and the $0.1 million of unamortized deferred financing costs are presented as Liabilities held for sale, net on the Company's Consolidated Balance Sheet. 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. The facilities have a three-year term ending April 22, 2027,  with a one-year extension option. The Term Loan was fully drawn and hedged with interest rate caps at strike rates of 3.5%, expiring in July 2026. ‌ As noted throughout the document, subsequent to quarter end the Company amended its existing facility, as of July 22, 2025, there is no remaining balance on the Term Loan and there is $126 million drawn on the Revolver. The Revolver is fully hedged by the existing caps on the Term Loan, which expire in July 2026. Balance as of June 30, 2025 InitialSpread DeferredFinancingCosts 5 bpsreductionKPI UpdatedSpread SOFR orSOFR Cap All InRate Secured Revolving Credit Facility $127,000,000 2.10 % 0.68 % (0.05) % 2.73 % 4.33 % 7.06 % Secured Term Loan $200,000,000 2.10 % 0.68 % (0.05) % 2.73 % 3.50 % 6.23 % ‌ Balance as ofJuly 22, 2025 InitialSpread DeferredFinancingCosts 5 bpsreductionKPI UpdatedSpread SOFR orSOFR Cap All InRate Secured Revolving Credit Facility $126,000,000 1.55 % 0.88 % (0.05) % 2.38 % 3.50 % 5.88 % Secured Term Loan — — — — — — — Annex 6: Multifamily Property Information ‌ Location Ownership Apartments Rentable SF1 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 % 311 273,132 878 2016 BLVD 425 Jersey City, NJ 74.3 % 412 369,515 897 2003 BLVD 475 Jersey City, NJ 100.0 % 523 475,459 909 2011 Soho Lofts Jersey City, NJ 100.0 % 377 449,067 1,191 2017 Sable2 Jersey City, NJ 100.0 % 762 474,476 623 2017 RiverHouse 9 at Port Imperial Weehawken, NJ 100.0 % 313 245,127 783 2021 RiverHouse 11 at Port Imperial 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 87.2 % 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 Square3 Worcester, MA 100.0 % 365 304,936 835 2018 The Emery at Overlook Ridge 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 Place4 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 Station House Washington, DC 50.0 % 378 290,348 768 2015 Other Subtotal 78.8 % 1,257 1,156,702 920 Operating Portfolio5 87.8 % 7,491 6,511,373 869 Metropolitan at 40 Park6 Morristown, NJ 25.0 % 130 124,237 956 2010 86.7 % 7,621 6,635,610 871 ‌ Back to Multifamily Operating Portfolio. ‌ ___________________________________ 1 Total sf outlined above excludes approximately 181,483 sqft of ground floor retail, of which 141,782 sf was leased as of June 30, 2025. This figure has removed the Metropolitan from contemplated square footage as it sold in April.  2 In April, purchased joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable" and is owned at 100%. 3 145 Front Street was sold on July 22, 2025. 4 Signature Place was sold on July 9, 2025. 5 Rental revenue associated with retail leases is included in the NOI disclosure on the Multifamily Operating Portfolio. 6 On April 21, 2025, the Company sold its interest in Metropolitan at 40 Park. Annex 7: Noncontrolling Interests in Consolidated JVs ‌ Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 BLVD 425 $              131 $                92 $              283 $               172 BLVD 401 (572) (607) (1,124) (1,159) Port Imperial Garage South (37) 11 (119) (15) Port Imperial Retail South (4) (5) 4 29 Other consolidated joint ventures 333 (34) (1,318) (65) Net losses in noncontrolling interests $            (149) $            (543) $          (2,274) $           (1,038) Depreciation in noncontrolling interests 739 737 1,475 1,458 Funds from operations - noncontrolling interest in consolidated joint ventures $              590 $              194 $            (799) $               420 Interest expense in noncontrolling interest in consolidated joint ventures 777 784 1,559 1,572 Net operating income before debt service in consolidated joint ventures $           1,367 $              978 $              760 $            1,992 Non-GAAP Financial Definitions NON-GAAP FINANCIAL MEASURES  Included in this financial package are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a "non-GAAP financial measure," measuring Veris Residential, Inc.'s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles ("U.S. GAAP"), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance which is further defined. Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")The Company defines Adjusted EBITDA as Core FFO, plus interest expense, plus income tax expense, plus income (loss) in noncontrolling interest in consolidated joint ventures, and plus adjustments to reflect the entity's share of Adjusted EBITDA of unconsolidated joint ventures. The Company presents Adjusted EBITDA because the Company believes that Adjusted EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company's liquidity. Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted "EBITDA"(Normalized))The Company defines Adjusted EBITDA (Normalized) as Adjusted EBITDA, adjusted to reflect the effects of non-recurring property transactions. In the case of acquisition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the Company's income (loss) for its ownership period annualized and included on a trailing twelve month basis. In the case of disposition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA minus the disposition property's actual income (loss) on a trailing twelve month basis. In the case of joint venture transaction properties whereby the Company acquires a controlling interest and subsequently consolidates the acquired asset, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the actual income (loss) on a trailing twelve month basis in proportion to the Company's economic interests in the joint venture as of the reporting date minus recurring joint venture distributions (the Company's practice for EBITDA recognition for joint ventures). The Company presents Adjusted EBITDA (Normalized) because the Company believes that Adjusted EBITDA (Normalized) provides a more appropriate denominator for its calculation of the Net Debt-to-EBITDA ratio as it reflects the leverage profile of the Company as of the reporting date. Adjusted EBITDA (Normalized) should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company's liquidity. Blended Net Rental Growth Rate or Blended Lease RateWeighted 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. Same Store NOI includes joint ventures at their pro rata share based on legal ownership. 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 Mackenzie Rice Director, Investor Relations E-Mail:  [email protected] Web: www.verisresidential.com ‌ Executive Officers ‌ Mahbod Nia Amanda Lombard Taryn Fielder Chief Executive Officer Chief Financial Officer General Counsel and Secretary ‌ Anna Malhari Chief Operating Officer ‌ Equity Research Coverage ‌ Bank of America Merrill Lynch BTIG, LLC Citigroup Jana Galan Thomas Catherwood Nicholas Joseph ‌ Evercore ISI Green Street Advisors JP Morgan Steve Sakwa John Pawlowski Anthony Paolone ‌ Truist Michael R. Lewis SOURCE Veris Residential, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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