Company: VRE
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000924901-25-000035
Chunk: 62

Company: Veris Residential, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 62
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 addition to the objectives outlined above):

• Secured a new $500 million three-plus-one-year term revolving credit facility and term loan package

• Applied proceeds from closed asset sales and new facilities to address all consolidated debt maturities through the end of 2025

• Completed sale of Harborside 5, the Company's last office asset, concluding the transformation to a pure-play multifamily REIT

• Implemented additional AI applications including resident communication, maintenance and delinquency tools

• Conducted successful property insurance renewal resulting in a premium reduction without altering the policy parameters

• Exhibited continued leadership in sustainability resulting in recognition by GRESB's Regional Listed Sector Leader designation as well as achievement of the highest ISS ESG Corporate Score of real estate companies in the United States

• Completion of the dissolution of the legacy Rockpoint joint venture and simplification of the internal cost structure

ACHIEVEMENT OF 2024 INDIVIDUAL PERFORMANCE MEASURES

In the case of the individual objectives (30% weighting) portion of the 2024 Annual Cash Incentive Performance Awards, the Compensation Committee reviewed and determined the performance of each NEO with Mr. Nia providing his evaluation of performance and recommended assessment for each of the other executives.

MR. NIA

With respect to the Compensation Committee's determination of the CEO's performance, the following factors were considered: delivering another year of sector-leading operational performance resulting in strong same store NOI growth and further improvement in the portfolio's operating margin; Core FFO growth of 13% for 2024, representing a 36% growth compared to 2022; the successful completion of $223 million of non-strategic sales, including fully exiting the office segment and further rationalizing the Company's land bank and strengthening of the Company's balance sheet through securing a new $500 million credit facility and term loan package while reducing indebtedness. The Compensation Committee also acknowledged the CEO's continued leadership in innovation and continued platform enhancements, including implementation of AI-enabled tools across multiple departments.

With respect to the evaluation of the performance of the other executives, the Compensation Committee considered the achievements detailed above, as well as the individual accomplishments of each executive officer as follows:

MR. TURKANIS

Mr. Turkanis executed over $220M of non-strategic dispositions in 2024 across six transactions, including the disposition of the last office asset owned by the Company. Under his leadership, the Company has completed more than $1.5 billion of strategic asset sales since joining the