V E R I S    R E S I D  E  N  T  I  A  L,    I N C.  

NEWS RELEASE

For Immediate Release

Veris Residential, Inc.

Reports Fourth Quarter and Full Year 2023 Results

JERSEY CITY, N.J., Feb. 21, 2024 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, environmentally and socially conscious multifamily REIT, today reported results for the fourth quarter and full year 2023.

ANOTHER YEAR OF OPERATIONAL OUTPERFORMANCE

–Grew Core FFO per share to $0.53, an increase of 20% compared to last year.

–Exceeded upper end of NOI guidance, achieving 17.6% annual growth, driven by strong revenue growth and effective expense mitigation measures.

–Further improved NOI margin to 64% from 62% in 2022 and 57% in 2021.

–Same Store multifamily Blended Net Rental Growth Rate of 5.0% for the quarter and 9.3% for the year.

–Reduced Core G&A by 13% compared to 2022.

–Reinstated quarterly dividend, subsequently raising it by 5% in the fourth quarter.

–Recognized by Nareit for leadership in sustainability and DEI efforts.

COMPLETED TRANSFORMATION TO A PURE-PLAY MULTIFAMILY REIT

–Sold over $700 million of non-strategic assets since the beginning of 2023, comprising eight properties and four land parcels.

–Signed a binding contract to sell Harborside 5, our last office property, for $85 million in January 2024.

–Negotiated the early redemption of Rockpoint's preferred interest for $520 million.

–Refinanced $400 million of debt and reduced overall indebtedness by $50 million.

Mahbod Nia, Chief Executive Officer, commented: "Over the past three years, we have successfully transformed Veris Residential from a complex company to a pure-play multifamily REIT underpinned by a high-quality portfolio of Class A properties and a vertically integrated, best-in-class operating platform. While we have built a strong foundation to date, the potential for continued value creation and relative outperformance as we mature as a multifamily company is tremendous. We look forward to this next phase, during which we will work to further optimize our operations, capital and balance sheet to the benefit of our stakeholders."

SAME STORE PORTFOLIO PERFORMANCE

The following table presents a more detailed breakout of Same Store performance:

Haus25 and The James will be added to the Same Store pool in the first quarter of this year. These properties contributed over $8 million to NOI in the fourth quarter.

TRANSACTION ACTIVITY

In 2023, the Company closed over $660 million of non-strategic sales, including two hotel properties, five office properties and three land plots.

In October 2023, the Company closed on the sales of Harborside 4, 3 Campus and 23 Main for a combined gross price of $89 million, releasing approximately $82 million in net proceeds.

Subsequent to year end, the Company closed on the sales of 2 Campus and The Metropolitan Lofts joint venture for a combined gross price of $40 million, releasing approximately $16 million in net proceeds.

Currently, $139 million of non-strategic assets remain under binding contract, including our last office property, Harborside 5.

FINANCE AND LIQUIDITY

As of February 20, 2024, available liquidity is approximately $95 million, taking into account cash on hand and the capacity of the Revolver. Virtually all (99.9%) of the Company`s debt is hedged or fixed. The Company`s total debt portfolio has a weighted average rate of 4.5% and weighted average maturity of 3.7 years.

In the fourth quarter, the Company reestablished an "ATM" (At-the-Market) program, through which the Company may issue and sell, from time to time, up to $100 million of shares of its common stock. The Company intends to use net proceeds from any sales of these shares under the ATM program for general corporate purposes.

The $60 million Revolving Credit Facility ("Revolver") remains undrawn as of February 20, 2024.

ESG

Throughout the fourth quarter, the Company earned recognition from top real estate and business organizations for leadership in ESG, DEI and corporate stewardship. Most significantly, the Company was named a Leader in the Light by Nareit for superior sustainability efforts in the residential sector. The achievement partially reflects the results of the GRESB Annual Survey, through which the Company was honored as a Global Listed and Regional Sector Leader with a second-consecutive 5 Star rating. The Company was also awarded Nareit's Bronze Diversity, Equity & Inclusion Recognition.

DIVIDEND POLICY

As previously announced, the Company`s Board of Directors declared a quarterly dividend on its common stock for the fourth quarter 2023 in the amount of $0.0525 per share, an increase of 5% from the previous dividend. The dividend was paid on January 10th.

OPERATIONAL GUIDANCE

Recognizing the tremendous operational outperformance realized in 2023 while also considering the state of the current market and potential for Veris to achieve continued positive growth, the Company is establishing its 2024 guidance ranges in accordance with the following table:

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Thursday, February 22, 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 fourth quarter 2023 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, February 22, 2024.

A replay of the call will also be accessible Thursday, February 22, 2024, through Friday, March 22, 2024, by calling (844) 512-2921 (domestic) or (412) 317-6671 (international) and using the passcode, 13743562.

Copies of Veris Residential, Inc.’s 2023 Form 10-K and fourth quarter 2023 Supplemental Operating and Financial Data are available on Veris Residential, Inc.’s website: 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 and is underpinned by leading corporate governance principle; a best-in-class and 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-K (the “10-K”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-K and the Public Filings.

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 might not even 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.

(in thousands) (unaudited)

Consolidated Statement of Operations

(In thousands, except per share amounts) (unaudited) 1,2

(in thousands, except per share/unit amounts)

See Non GAAP Financial Definitions.

($ in thousands, except per share amounts) (unaudited)

See Non GAAP Financial Definitions.

($ in thousands) (unaudited)

See Non GAAP Financial Definitions.

($ in thousands)

See Non GAAP Financial Definitions.

(in thousands, except Revenue per home)     

									Operating Highlights
									Percentage Occupied						Average Revenue per Home						NOI						Debt Balance
			Ownership			Apartments			4Q 2023			3Q 2023			4Q 2023			3Q 2023			4Q 2023			3Q 2023
NJ Waterfront
Haus25			100.0%			750			94.1%			94.8%			$4,665			$4,437			$6,884			$6,759			$343,061
Liberty Towers			100.0%			648			93.2%			95.2%			4,220			4,124			4,930			4,727			265,000
BLVD 401			74.3%			311			97.4%			96.8%			4,138			4,077			2,427			2,372			117,000
BLVD 425			74.3%			412			95.6%			97.3%			3,987			4,012			3,038			3,026			131,000
BLVD 475			100.0%			523			96.5%			98.2%			4,078			4,021			4,180			3,799			165,000
Soho Lofts			100.0%			377			94.4%			92.0%			4,627			4,648			2,616			2,753			158,777
Urby Harborside			85.0%			762			92.3%			95.3%			4,014			3,946			5,370			5,490			185,742
RiverHouse 9			100.0%			313			96.2%			97.8%			4,148			4,027			2,358			2,450			110,000
RiverHouse 11			100.0%			295			94.6%			96.3%			4,177			4,123			2,140			2,422			100,000
RiverTrace			22.5%			316			95.6%			96.5%			3,711			3,682			2,184			2,120			82,000
Capstone			40.0%			360			95.0%			96.4%			4,379			4,354			2,973			3,086			135,000
NJ Waterfront Subtotal			85.0%			5,067			94.6%			95.9%			$4,219			$4,143			$39,100			$39,004			$1,792,580
Massachusetts
Portside at East Pier			100.0%			181			94.9%			92.6%			$3,174			$3,216			$1,163			$1,266			$56,500
Portside 2 at East Pier			100.0%			296			96.2%			95.8%			3,384			3,268			2,034			2,024			97,000
145 Front at City Square			100.0%			365			92.9%			93.7%			2,576			2,671			1,608			1,711			63,000
The Emery			100.0%			326			92.3%			93.9%			2,760			2,711			1,515			1,565			72,000
Massachusetts Subtotal			100.0%			1,168			93.9%			94.1%			$2,925			$2,918			$6,320			$6,566			$288,500
Other
The Upton			100.0%			193			91.7%			92.7%			$4,752			$4,820			$1,475			$1,578			$75,000
The James			100.0%			240			96.3%			95.0%			3,052			3,026			1,330			1,461			—
Signature Place			100.0%			197			97.5%			94.4%			3,174			3,195			974			1,081			43,000
Quarry Place at Tuckahoe			100.0%			108			93.5%			93.5%			4,321			4,293			709			714			41,000
Riverpark at Harrison			45.0%			141			92.2%			94.0%			2,885			2,772			577			526			30,192
Metropolitan at 40 Park1			25.0%			130			95.4%			93.8%			3,613			3,568			721			784			34,100
Metropolitan Lofts2			50.0%			59			94.4%			94.9%			3,725			3,610			319			303			17,200
Station House			50.0%			378			92.1%			94.7%			2,562			2,757			1,713			1,513			89,440
Other Subtotal			72.8%			1,446			94.0%			94.2%			$3,324			$3,361			$7,818			$7,960			$329,932
Operating Portfolio3,4			85.0%			7,681			94.4%			95.3%			$3,854			$3,809			$53,238			$53,530			$2,411,012

See Non GAAP Financial Definitions.

($ in thousands)

One in-service office asset remains in the portfolio:

See Non GAAP Financial Definitions.

Same Store Market Information1

Sequential Quarter Comparison

(NOI in thousands)                     

						NOI									Occupancy									Blended Lease Rate
			Apartments			4Q 2023			3Q 2023			Change			4Q 2023			3Q 2023			Change			4Q 2023			3Q 2023
New Jersey Waterfront			4,317			$32,216			$32,245			(0.1)%			94.7%			96.1%			(1.4)%			6.3%			10.3%
Massachusetts			1,168			6,320			6,566			(3.7)%			93.9%			94.1%			(0.3)%			0.5%			7.8%
Other2			1,206			6,488			6,499			(0.2)%			93.5%			94.1%			(0.6)%			3.5%			7.9%
Total			6,691			45,024			45,310			(0.6)%			94.4%			95.4%			(1.1)%			5.0%			9.4%

Year-over-Year Fourth Quarter Comparison

(NOI in thousands)

Average Revenue per Home (based on 6,691 units)

See Non GAAP Financial Definitions.

($ in thousands)

See Non GAAP Financial Definitions.

($ in thousands)

99.9% 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 4.5% and a weighted average maturity of 3.7 years.

($ in thousands)     

			Balance			% of Total			Weighted Average Interest Rate			Weighted Average Maturity in Years
Fixed Rate & Hedged Debt
Fixed Rate & Hedged Secured Debt			$1,868,983			100.0%			4.34%			3.5
Variable Rate Debt1
Variable Rate Debt			—			—%			—%			—
Totals / Weighted Average			$1,868,983			100.0%			4.34%			3.5
Unamortized Deferred Financing Costs			(15,086)
Total Consolidated Debt, net			$1,853,897
Partners’ Share			(73,316)
VRE Share of Total Consolidated Debt, net2			$1,780,581
Unconsolidated Secured Debt
VRE Share			$307,279			53.0%			4.83%			4.6
Partners’ Share			272,462			47.0%			4.83%			4.6
Total Unconsolidated Secured Debt			$579,741			100.0%			4.83%			4.6
Pro Rata Debt Portfolio
Fixed Rate & Hedged Secured Debt			$2,092,828			99.9%			4.46%			3.7
Variable Rate Secured Debt			1,517			0.1%			7.31%			1.0
Total Pro Rata Debt Portfolio			$2,094,345			100.0%			4.47%			3.7

Pro Forma Debt Portfolio Reconciliation

See Non GAAP Financial Definitions.

FFO, Core FFO, AFFO, NOI, Adjusted EBITDA, & EBITDAre

See Non GAAP Financial Definitions.

($ in thousands)

Property			Units			Physical Occupancy			VRE's Nominal Ownership1			4Q 2023 NOI2			Total Debt			VRE Share of 4Q NOI			VRE Share of Debt
Multifamily
Urby Harborside			762			92.3%			85.0%			$5,370			$185,742			$4,565			$157,881
RiverTrace at Port Imperial			316			95.6%			22.5%			2,184			82,000			491			18,450
Capstone at Port Imperial			360			95.0%			40.0%			2,973			135,000			1,189			54,000
Riverpark at Harrison			141			92.2%			45.0%			577			30,192			260			13,586
Metropolitan at 40 Park3			130			95.4%			25.0%			721			34,100			180			8,525
Metropolitan Lofts4			59			94.4%			50.0%			319			17,200			160			8,600
Station House			378			92.1%			50.0%			1,713			89,440			857			44,720
Total Multifamily			2,146			93.4%			54.9%			$13,857			$573,674			$7,701			$305,762
Retail
Shops at 40 Park			N/A			69.0%			25.0%			$267			6,067			67			1,517
Total Retail			N/A			69.0%			25.0%			$267			$6,067			$67			$1,517
Total UJV												$14,124			$579,741			$7,768			$307,279

See 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, and EBIDAre or Earnings Before Interest, Taxes, Depreciation, Amortization and Rent Costs, 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.

Earnings Before Interest, Tax, Depreciation, Amortization, and Rent Costs ("EBITDAre")

The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. The Company presents EBITDAre, because the Company believes that EBITDAre, 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. EBITDAre 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.

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.

V E R I S    R E S I D  E  N  T  I  A  L,    I N C.  

NEWS RELEASE

For Immediate Release

Veris Residential, Inc.

Reports Fourth Quarter and Full Year 2023 Results

JERSEY CITY, N.J., Feb. 21, 2024 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, environmentally and socially conscious multifamily REIT, today reported results for the fourth quarter and full year 2023.

ANOTHER YEAR OF OPERATIONAL OUTPERFORMANCE

–Grew Core FFO per share to $0.53, an increase of 20% compared to last year.

–Exceeded upper end of NOI guidance, achieving 17.6% annual growth, driven by strong revenue growth and effective expense mitigation measures.

–Further improved NOI margin to 64% from 62% in 2022 and 57% in 2021.

–Same Store multifamily Blended Net Rental Growth Rate of 5.0% for the quarter and 9.3% for the year.

–Reduced Core G&A by 13% compared to 2022.

–Reinstated quarterly dividend, subsequently raising it by 5% in the fourth quarter.

–Recognized by Nareit for leadership in sustainability and DEI efforts.

COMPLETED TRANSFORMATION TO A PURE-PLAY MULTIFAMILY REIT

–Sold over $700 million of non-strategic assets since the beginning of 2023, comprising eight properties and four land parcels.

–Signed a binding contract to sell Harborside 5, our last office property, for $85 million in January 2024.

–Negotiated the early redemption of Rockpoint's preferred interest for $520 million.

–Refinanced $400 million of debt and reduced overall indebtedness by $50 million.

Mahbod Nia, Chief Executive Officer, commented: "Over the past three years, we have successfully transformed Veris Residential from a complex company to a pure-play multifamily REIT underpinned by a high-quality portfolio of Class A properties and a vertically integrated, best-in-class operating platform. While we have built a strong foundation to date, the potential for continued value creation and relative outperformance as we mature as a multifamily company is tremendous. We look forward to this next phase, during which we will work to further optimize our operations, capital and balance sheet to the benefit of our stakeholders."

SAME STORE PORTFOLIO PERFORMANCE

The following table presents a more detailed breakout of Same Store performance:

Haus25 and The James will be added to the Same Store pool in the first quarter of this year. These properties contributed over $8 million to NOI in the fourth quarter.

TRANSACTION ACTIVITY

In 2023, the Company closed over $660 million of non-strategic sales, including two hotel properties, five office properties and three land plots.

In October 2023, the Company closed on the sales of Harborside 4, 3 Campus and 23 Main for a combined gross price of $89 million, releasing approximately $82 million in net proceeds.

Subsequent to year end, the Company closed on the sales of 2 Campus and The Metropolitan Lofts joint venture for a combined gross price of $40 million, releasing approximately $16 million in net proceeds.

Currently, $139 million of non-strategic assets remain under binding contract, including our last office property, Harborside 5.

FINANCE AND LIQUIDITY

As of February 20, 2024, available liquidity is approximately $95 million, taking into account cash on hand and the capacity of the Revolver. Virtually all (99.9%) of the Company`s debt is hedged or fixed. The Company`s total debt portfolio has a weighted average rate of 4.5% and weighted average maturity of 3.7 years.

In the fourth quarter, the Company reestablished an "ATM" (At-the-Market) program, through which the Company may issue and sell, from time to time, up to $100 million of shares of its common stock. The Company intends to use net proceeds from any sales of these shares under the ATM program for general corporate purposes.

The $60 million Revolving Credit Facility ("Revolver") remains undrawn as of February 20, 2024.

ESG

Throughout the fourth quarter, the Company earned recognition from top real estate and business organizations for leadership in ESG, DEI and corporate stewardship. Most significantly, the Company was named a Leader in the Light by Nareit for superior sustainability efforts in the residential sector. The achievement partially reflects the results of the GRESB Annual Survey, through which the Company was honored as a Global Listed and Regional Sector Leader with a second-consecutive 5 Star rating. The Company was also awarded Nareit's Bronze Diversity, Equity & Inclusion Recognition.

DIVIDEND POLICY

As previously announced, the Company`s Board of Directors declared a quarterly dividend on its common stock for the fourth quarter 2023 in the amount of $0.0525 per share, an increase of 5% from the previous dividend. The dividend was paid on January 10th.

OPERATIONAL GUIDANCE

Recognizing the tremendous operational outperformance realized in 2023 while also considering the state of the current market and potential for Veris to achieve continued positive growth, the Company is establishing its 2024 guidance ranges in accordance with the following table:

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Thursday, February 22, 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 fourth quarter 2023 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, February 22, 2024.

A replay of the call will also be accessible Thursday, February 22, 2024, through Friday, March 22, 2024, by calling (844) 512-2921 (domestic) or (412) 317-6671 (international) and using the passcode, 13743562.

Copies of Veris Residential, Inc.’s 2023 Form 10-K and fourth quarter 2023 Supplemental Operating and Financial Data are available on Veris Residential, Inc.’s website: 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 and is underpinned by leading corporate governance principle; a best-in-class and 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-K (the “10-K”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-K and the Public Filings.

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 might not even 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.

(in thousands) (unaudited)