Company: VRE
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000924901-25-000035
Chunk: 50

Company: Veris Residential, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 50
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 COMPANY
The Company 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. The Company is 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.

The Company currently operates 7,621 multifamily units across 22 properties (the “Multifamily Portfolio”), and owns a handful of land parcels. The portfolio has a sector-leading average property age of only nine years and commands some of the highest rents among its public multifamily peer companies.

#### RECENT DEVELOPMENTS AND STRATEGY
In 2024, the Company completed its strategic transformation to a pure-play multifamily REIT, a process that commenced in 2021 and included selling over $2.5 billion of non strategic assets. Proceeds from the sales were used to repay $1 billion of net debt, de-levering, de-risking and strengthening the balance sheet, and to grow the multifamily portfolio by nearly 2,000 units.

2024 marked another year of improving operational and financial results for the Company as it continued to execute on a three-pronged approach for value creation, focused on ongoing operational outperformance, capital allocation initiatives that deliver earnings accretion and create value, and the further strengthening of the Company's balance sheet.

#### CORE FFO AND NET DEBT / EBITDA GROWTH

#### 2024 BUSINESS HIGHLIGHTS
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COMPLETED TRANSFORMATION TO A PURE-PLAY MULTIFAMILY REIT

• The Company sold over $230 million of non-strategic assets since the beginning of 2024, including its last office asset, Harborside 5.

• The Company utilized the proceeds from its disposition activities to repay, along with proceeds from the new senior secured term loan and revolving credit facility, $526 million of mortgages throughout 2024, leaving no remaining consolidated debt maturities until 2026. All debt is fixed or hedged.

• The Company's annualized quarterly dividend was raised by approximately 60% during 2024 compared to 2023.

• The Company has identified a pipeline of $300 to $500 million of assets, comprising the majority of our land bank and