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 First Quarter 2025 Results

JERSEY CITY, N.J., April 23, 2025 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the first quarter 2025.

FIRST QUARTER UPDATE

–Year-over-year Same Store multifamily Blended Net Rental Growth Rate of 2.4%.

–Year-over-year Same Store NOI growth of 3.2%.

–Same Store occupancy of 94.0% (95.3% excluding Liberty Towers).

–$45 million of non-strategic assets sold year to date, unwinding two joint ventures, with an additional $34 million under binding contract.

– Subsequent to quarter-end, purchased our partner's interest in the Jersey City Urby joint venture, eliminating the Company’s largest remaining unconsolidated joint venture for $38.5 million, rebranding the property to "Sable" and taking over management. The consolidation is expected to create over $1 million in annualized synergies.

Mahbod Nia, Chief Executive Officer, commented, “During the first quarter, Veris Residential continued to achieve strong operational results while advancing the corporate plan announced earlier this year. With a combined $79 million of non-strategic asset sales either closed or under binding contract this year, we continue to unlock value embedded within the Company, despite elevated levels of market volatility.

“In parallel, we further simplified our portfolio, consolidating our interest in the Jersey City Urby, now Sable, assuming management of the property. Leveraging the Veris Residential platform, we expect the property to realize over $1 million of annualized synergies on a run-rate basis.”

SAME STORE PORTFOLIO PERFORMANCE

The following table shows Same Store performance:

FINANCE AND LIQUIDITY

Substantially all of the Company's debt is hedged or fixed with a weighted average effective interest rate of 4.96% and weighted average maturity of 2.8 years. Subsequent to quarter-end, the Company consolidated the mortgage on Sable and simultaneously modified it to suspend principal amortization through the remaining term.

As of April 21, 2025, the Company had liquidity of approximately $146 million, including funds available on the revolver and cash on hand.

TRANSACTION ACTIVITY

Year to date, the Company has closed on $45 million of non-strategic asset sales, including two unconsolidated joint ventures. An additional $34 million across two land parcels are under binding contract, with an expected close in the first half of 2025.

JV INTEREST ACQUISITION

In April 2025, the Company acquired its joint venture partner’s 15% interest in the entity that owns the property now known as “Sable” at Harborside for $38.5 million, including consideration for the tax credit and termination of the management contract. The acquisition was funded through proceeds from non-strategic asset sales.

Upon closing, the Company owned 100% interest in the property, and as a result, consolidated the asset and its corresponding property-level mortgage of $181.8 million. The property-level mortgage was subsequently modified to be an interest-only mortgage.

The Company anticipates over $1 million of annualized synergies as a result of integrating the asset into the Veris platform.

SHARE BUYBACK PROGRAM

The Company announced a $100 million share repurchase program in February. No shares have been repurchased year to date.

DIVIDEND

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

GUIDANCE

The Company is maintaining its guidance for 2025 in accordance with the following table.

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Thursday, April 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 first 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, April 24, 2025.

A replay of the call will also be accessible Thursday, April 24, 2025, through Saturday, May 25, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13751071.

Copies of Veris Residential, Inc.’s first quarter 2025 Form 10-Q and first quarter 2025 Supplemental Operating and Financial Data are available on Veris Residential, Inc.’s website under Financial Results.

In addition, once filed, these items will be available upon request from:

Veris Residential, Inc. Investor Relations Department

Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311

ABOUT THE COMPANY

Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.

For additional information on Veris Residential, Inc. and our properties available for lease, please visit 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.

(in thousands) (unaudited)

Consolidated Statement of Operations

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

(in thousands, except per share/unit amounts)

($ in thousands) (unaudited)

See Non-GAAP Financial Definitions.

($ in thousands)

See Non-GAAP Financial Definitions.

(in thousands, except Revenue per home)

*Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility.

See Non-GAAP Financial Definitions.

($ in thousands)

Same Store Market Information1

Sequential Quarter Comparison

(NOI in thousands)     

						NOI at Share									Occupancy									Blended Lease Tradeouts2
			Apartments			1Q 2025			4Q 2024			Change			1Q 2025			4Q 2024			Change			1Q 2025			4Q 2024			Change
New Jersey Waterfront			5,067			$37,673			$37,733			(0.2)%			93.4%			93.8%			(0.3)%			2.4%			1.2%			1.2%
Massachusetts			1,167			6,816			6,787			0.4%			95.0%			93.9%			1.2%			2.5%			—%			2.5%
Other3			1,387			6,404			6,299			1.7%			95.2%			94.0%			1.1%			2.6%			(1.7)%			4.3%
Total			7,621			$50,893			$50,819			0.1%			94.0%			93.9%			0.1%			2.4%			0.5%			1.9%

Year-over-Year First Quarter Comparison

(NOI in thousands)

Average Revenue per Home

See Non-GAAP Financial Definitions.

($ in thousands)

($ in thousands)

Nearly all of the Company's total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed. The Company's total pro forma debt portfolio has a weighted average interest rate of 4.96% and a weighted average maturity of 2.8 years.

($ in thousands)     

			Balance			% of Total			Weighted Average Interest Rate			Weighted Average Maturity in Years
Fixed Rate & Hedged Debt
Fixed Rate & Hedged Secured Debt			$1,679,673			100.0%			5.05%			2.51
Variable Rate Debt
Variable Rate Debt			—			—%			—%			—
Totals / Weighted Average			$1,679,673			100.0%			5.05%			2.51
Unamortized Deferred Financing Costs			(12,465)
Total Consolidated Debt, net			$1,667,208
Partners’ Share			(72,597)
VRE Share of Total Consolidated Debt, net1			$1,594,611
Unconsolidated Secured Debt
VRE Share			$292,506			53.2%			4.71%			3.80
Partners’ Share			257,408			46.8%			4.71%			3.80
Total Unconsolidated Secured Debt			$549,914			100.0%			4.71%			3.80
Pro Forma Debt Portfolio
Fixed Rate & Hedged Secured Debt			$1,920,328			99.4%			4.94%			2.84
Variable Rate Secured Debt			11,000			0.6%			7.04%			2.06
Total Pro Forma Debt Portfolio			$1,931,328			100.0%			4.96%			2.83

Debt Maturity Schedule as of March 31, 20252,3

See Non-GAAP Financial Definitions.

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

($ in thousands)

Property			Units			Percentage Occupied			VRE's Nominal Ownership1			1Q 2025 NOI2			Total Debt			VRE Share of 1Q NOI			VRE Share of Debt
Multifamily
Sable (f.k.a Jersey City Urby)3			762			94.5%			85.0%			$5,879			$181,810			$4,997			$154,539
RiverTrace at Port Imperial			316			94.2%			22.5%			2,151			82,000			484			18,450
Capstone at Port Imperial			360			95.6%			40.0%			3,323			135,000			1,329			54,000
Riverpark at Harrison			141			97.6%			45.0%			568			30,192			256			13,586
Metropolitan at 40 Park4			130			94.0%			25.0%			798			34,100			200			8,525
Station House			378			93.2%			50.0%			1,855			86,812			928			43,406
Total Multifamily			2,087			94.6%			55.0%			$14,574			$549,914			$8,193			$292,506
Total UJV			2,087			94.6%			55.0%			$14,574			$549,914			$8,193			$292,506

NON-GAAP FINANCIAL MEASURES

Included in this financial package are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a “non-GAAP financial measure,” measuring Veris Residential, Inc.’s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles (“U.S. GAAP”), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance which is further defined.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")

The Company defines Adjusted EBITDA as Core FFO, plus interest expense, plus income tax expense, plus income (loss) in noncontrolling interest in consolidated joint ventures, and plus adjustments to reflect the entity's share of Adjusted EBITDA of unconsolidated joint ventures. The Company presents Adjusted EBITDA because the Company believes that Adjusted EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Blended Net Rental Growth Rate or Blended Lease Rate

Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.

Core FFO and Adjusted FFO ("AFFO")

Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions, and capital expenditures, (ii) straight-line rents and amortization of acquired above/below market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. Core FFO and Adjusted AFFO are presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO and Adjusted FFO are non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying this press release.

Funds From Operations ("FFO")

FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“Nareit”). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.

NOI and Same Store NOI

NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company’s use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed.

Same Store NOI is presented for the same store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.

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 First Quarter 2025 Results

JERSEY CITY, N.J., April 23, 2025 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the first quarter 2025.

FIRST QUARTER UPDATE

–Year-over-year Same Store multifamily Blended Net Rental Growth Rate of 2.4%.

–Year-over-year Same Store NOI growth of 3.2%.

–Same Store occupancy of 94.0% (95.3% excluding Liberty Towers).

–$45 million of non-strategic assets sold year to date, unwinding two joint ventures, with an additional $34 million under binding contract.

– Subsequent to quarter-end, purchased our partner's interest in the Jersey City Urby joint venture, eliminating the Company’s largest remaining unconsolidated joint venture for $38.5 million, rebranding the property to "Sable" and taking over management. The consolidation is expected to create over $1 million in annualized synergies.

Mahbod Nia, Chief Executive Officer, commented, “During the first quarter, Veris Residential continued to achieve strong operational results while advancing the corporate plan announced earlier this year. With a combined $79 million of non-strategic asset sales either closed or under binding contract this year, we continue to unlock value embedded within the Company, despite elevated levels of market volatility.

“In parallel, we further simplified our portfolio, consolidating our interest in the Jersey City Urby, now Sable, assuming management of the property. Leveraging the Veris Residential platform, we expect the property to realize over $1 million of annualized synergies on a run-rate basis.”

SAME STORE PORTFOLIO PERFORMANCE

The following table shows Same Store performance:

FINANCE AND LIQUIDITY

Substantially all of the Company's debt is hedged or fixed with a weighted average effective interest rate of 4.96% and weighted average maturity of 2.8 years. Subsequent to quarter-end, the Company consolidated the mortgage on Sable and simultaneously modified it to suspend principal amortization through the remaining term.

As of April 21, 2025, the Company had liquidity of approximately $146 million, including funds available on the revolver and cash on hand.

TRANSACTION ACTIVITY

Year to date, the Company has closed on $45 million of non-strategic asset sales, including two unconsolidated joint ventures. An additional $34 million across two land parcels are under binding contract, with an expected close in the first half of 2025.

JV INTEREST ACQUISITION

In April 2025, the Company acquired its joint venture partner’s 15% interest in the entity that owns the property now known as “Sable” at Harborside for $38.5 million, including consideration for the tax credit and termination of the management contract. The acquisition was funded through proceeds from non-strategic asset sales.

Upon closing, the Company owned 100% interest in the property, and as a result, consolidated the asset and its corresponding property-level mortgage of $181.8 million. The property-level mortgage was subsequently modified to be an interest-only mortgage.

The Company anticipates over $1 million of annualized synergies as a result of integrating the asset into the Veris platform.

SHARE BUYBACK PROGRAM

The Company announced a $100 million share repurchase program in February. No shares have been repurchased year to date.

DIVIDEND

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

GUIDANCE

The Company is maintaining its guidance for 2025 in accordance with the following table.

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Thursday, April 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 first 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, April 24, 2025.

A replay of the call will also be accessible Thursday, April 24, 2025, through Saturday, May 25, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13751071.

Copies of Veris Residential, Inc.’s first quarter 2025 Form 10-Q and first quarter 2025 Supplemental Operating and Financial Data are available on Veris Residential, Inc.’s website under Financial Results.

In addition, once filed, these items will be available upon request from:

Veris Residential, Inc. Investor Relations Department

Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311

ABOUT THE COMPANY

Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.

For additional information on Veris Residential, Inc. and our properties available for lease, please visit 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.

(in thousands) (unaudited)

Consolidated Statement of Operations

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

(in thousands, except per share/unit amounts)

($ in thousands) (unaudited)

See Non-GAAP Financial Definitions.

($ in thousands)

See Non-GAAP Financial Definitions.

(in thousands, except Revenue per home)

*Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility.

See Non-GAAP Financial Definitions.

($ in thousands)