Company: VRE
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000924901-25-000035
Chunk: 60

Company: Veris Residential, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 60
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WHY WAS THIS MEASURE CHOSEN?

In connection with the Company’s continued efforts to reduce the amount of its equity allocated to its land, the Board announced that the disposition of a portion of the Company’s land bank and other non-strategic assets would be a focus in 2024.

WHAT WAS THE TARGET AND CONSIDERATIONS IN ESTABLISHING THE TARGET?

In establishing the Target for the 2024 Asset Sales metric, the Compensation Committee reviewed the Company’s business plan and considered, among other things, the following:

• The need for sales proceeds in order to meet near-term financial obligations.

• The Company’s stated goal to sell off non-strategic assets as part of its transformation to a pure-play multifamily REIT.

• The relative size of its land bank and development pipeline as compared to its peers.

Based on, among other factors, the items considered above, the Compensation Committee established (and the Board ratified) a Target for 2023 of $85 million of Asset Sales, with a range of $65 million (Threshold) to $115 million (Maximum).

WHAT WERE THE ACTUAL RESULTS?

We sold $82.3 million of non-strategic assets in 2023 , which was between the Threshold and Target goal.

#### OBJECTIVE 4: DEBT REPAYMENT
WHY WAS THIS MEASURE CHOSEN?

Since commencing the transformation to a pure play multifamily REIT, the Company has also been focused on repaying debt and reducing its leverage over time. In 2024, the Company had $526 million in mortgages maturing or resetting to an above market interest rate, and the Company believed that repaying some or a portion of those mortgages with debt would procure more advantageous financing terms.

WHAT WAS THE TARGET AND CONSIDERATIONS IN ESTABLISHING THE TARGET?

In establishing the Target for the 2024 Debt Repayment, the Compensation Committee reviewed the Company's sources and uses of cash flow including free cash flow and planned dispositions as well as the current state of the debt capital markets and macroeconomic factors, the Compensation Committee established (and the Board ratified) a Target for 2024 of $100 million of Debt Repayment , with a range of $50 million (Threshold) to $150 million (Maximum).

WHAT WERE THE ACTUAL RESULTS?

The Company's 2024 Debt Repayment was $181.7 million , exceeding the Maximum goals.

#### OBJECTIVE 5: ESG & CYBERSECURITY
WHY WAS THIS MEASURE