Company: VRE
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000924901-25-000035
Chunk: 59

Company: Veris Residential, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 59
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, 2024.

#### OBJECTIVE 1: SAME STORE NOI
WHY WAS THIS MEASURE CHOSEN?

Operating residential properties are the fundamental contributor to net cash flows generated by the Company. Therefore, the Compensation Committee included an objective to incentivize the management team to maximize same-store net operating income during 2024.

Same Store NOI is used to measure the net operating income of properties that were owned by us during both the current period and prior reporting periods. The NOI levels of our properties directly impact Company performance and shareholder returns.

WHAT WAS THE TARGET AND CONSIDERATIONS IN ESTABLISHING THE TARGET?

In establishing the Target for the 2023 Same Store NOI metric, the Compensation Committee considered, among other things, the Company's 2023 operating budget and forecasts, historical operating trends and macroeconomic factors.

Based on, among other factors, the items considered above, the Compensation Committee established (and the Board ratified) a Target for 2024 of 5.5% Same Store NOI growth, with a range of 4.5% (Threshold) to 7.0% (Maximum).

WHAT WERE THE ACTUAL RESULTS?

We achieved Same Store NOI in 2023 of 6.9% , between the Target and Maximum goals.

#### OBJECTIVE 2: CORE FFO
WHY WAS THIS MEASURE CHOSEN?

Core FFO is the financial metric that the Company utilizes to evaluate the Company's overall performance and is similar to metrics utilized within the REIT sector and our peer group as a measure of performance.

WHAT WAS THE TARGET AND CONSIDERATIONS IN ESTABLISHING THE TARGET?

In establishing the Target for the 2024 Core FFO metric, the Compensation Committee reviewed the Company’s business plan and macroeconomics factors as well as considering the potential impact the Company's planned dispositions would have to expected earnings as well as the amount and timing of cash proceeds available from sales to repay indebtedness.

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Based on, among other factors, the items considered above, the Compensation Committee established (and the Board ratified) a Target for 2024 for Core FFO of $0.54 per share, reflecting growth over prior year's actual results, with a range of $0.52 per share (Threshold) to $0.58 per share (Maximum).

WHAT WERE THE ACTUAL RESULTS?

Core FFO was $0.60 per share , exceeding the Maximum goal.

#### OBJECTIVE 3: ASSET SALES