# EDGAR Filing Document

**Accession Number:** 0000924901
**File Stem:** 0000924901-23-000011
**Filing Date:** 2023-2
**Character Count:** 95586
**Document Hash:** d138413cbef822cb58238d0e1817c874
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000924901-23-000011.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0000924901-23-000011

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Veris Residential, Inc.
- **CENTRAL INDEX KEY:** 0000924901
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 223305147
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13274
- **FILM NUMBER:** 23650391

**BUSINESS ADDRESS:**
- **STREET 1:** HARBORSIDE 3
- **STREET 2:** 210 HUDSON ST., STE. 400
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07311
- **BUSINESS PHONE:** 7325901000

**MAIL ADDRESS:**
- **STREET 1:** HARBORSIDE 3
- **STREET 2:** 210 HUDSON ST., STE. 400
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07311

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MACK CALI REALTY CORP
- **DATE OF NAME CHANGE:** 19971224

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALI REALTY CORP /NEW/
- **DATE OF NAME CHANGE:** 19960730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALI REALTY L P
- **DATE OF NAME CHANGE:** 19941025

?xml version="1.0" ? vre-20230222

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report: February 22, 2023

(Date of earliest event reported)

**VERIS RESIDENTIAL, INC.** 

(Exact name of Registrant as specified in its charter)

**Maryland** 

(State or other jurisdiction of incorporation)

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| | |
|:---|:---|
| **1-13274** | **22-3305147** |
| (Commission File No.) | (I.R.S. Employer<br>Identification No.) |

---

**Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 7311**

(Address of Principal Executive Offices) (Zip Code)

**(732) 590-1010**

(Registrant's telephone number, including area code)

**N/A**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, par value $0.01 | VRE | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02 Results of Operations and Financial Condition** 

On February 22, 2023, Veris Residential, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and full year 2022. A copy of the press release is attached hereto as Exhibit 99.2.

**Item 7.01 Regulation FD Disclosure** 

For the quarter ended December 31, 2022, the Company hereby makes available supplemental data regarding its operations, as well as its multifamily real estate platform. The Company is attaching such supplemental data as Exhibit 99.1 to this Current Report on Form 8-K.

In connection with the foregoing, the Company hereby furnishes the following documents:

**Item 9.01 Financial Statements and Exhibits**

(d)Exhibits

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Title** |
| 99.1 | <u>[Fourth Quarter 2022 Supplemental Operating and Financial Data.](verisresidentialinc-exx9.htm)</u> |
| 99.2 | <u>[Fourth Quarter 2022 earnings press release of Veris Residential, Inc. dated February 21, 2023.](vre-2022123122ex992.htm#i756578fe6d414a86971d70fbfccdb54a_1)</u> |
| 104.1 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

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The information included in this Current Report on Form 8-K (including the exhibits hereto) is being furnished under Item 2.02, "Results of Operations and Financial Condition," Item 7.01, "Regulation FD Disclosure" and Item 9.01 "Financial Statements and Exhibits" of Form 8-K. As such, the information (including the exhibits) herein shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibits hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | VERIS RESIDENTIAL, INC. | VERIS RESIDENTIAL, INC. |
| Date: February 22, 2023 | By: | /s/ MAHBOD NIA |
|  |  | Mahbod Nia |
|  |  | Chief Executive Officer |

---

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| | | |
|:---|:---|:---|
| Date: February 22, 2023 | By: | /s/ AMANDA LOMBARD |
|  |  | Amanda Lombard |
|  |  | Chief Financial Officer |

---

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Title** |
| 99.1 | <u>[Fourth Quarter 2022 Supplemental Operating and Financial Data](verisresidentialinc-exx9.htm)</u>. |
| 99.2 | <u>[Fourth Quarter 2022 earnings press release of Veris Residential, Inc. dated February 21, 2023.](vre-2022123122ex992.htm)</u> |
| 104.1 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

---

## Exhibit 99.1

![](verisresidentialinc-exx9001.jpg)

Supplemental Operating and Financial Data Q4 2022 Exhibit 99.1

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![](verisresidentialinc-exx9002.jpg)

Veris Residential Inc. (the "Company", "VRE", "we", "our", "us") considers 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 might not even 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. Among the factors about which we have made assumptions are: • risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of our business and the financial condition of our tenants and residents; • the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis; • the extent of any tenant bankruptcies or of any early lease terminations; • our ability to lease or re-lease space at current or anticipated rents; • changes in the supply of and demand for our properties; • changes in interest rate levels and volatility in the securities markets; • our ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment; • our ability to attract, hire and retain qualified personnel; • forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, leasing activities, capitalization rates, and projected revenue and income; • changes in operating costs; • our ability to obtain adequate insurance, including coverage for natural disasters and terrorist acts; • our credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and refinance existing debt and our future interest expense; • changes in governmental regulation, tax rates and similar matters; and • other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants or residents will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact us and the statements contained herein, see Item 1A: Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022. We assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of VRE. Any offers to sell or solicitations of VRE shall be made by means of a prospectus. The information in this Supplemental Package 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 VRE for the same period with the Securities and Exchange Commission (the "SEC") and all of the VRE'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-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-K and the Public Filings. Any investors' receipt of, or access to, the information contained herein is subject to this qualification. This Supplemental Operating and Financial Data should be read in connection with the Company's fourth quarter 2022 earnings press release (included as Exhibit 99.2 of the Company's Current Report on Form 8-K, filed on February 22, 2023), as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Operating and Financial Data. Forward-Looking Statements 2 Exhibit 99.1

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![](verisresidentialinc-exx9003.jpg)

Funds from operations ("FFO") is defined as net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles ("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 above. Core FFO is defined as FFO, as adjusted for items that may distort the 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 AFFO are both 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. Core FFO and AFFO are presented solely as supplemental disclosures that the Company's management believes provides useful information regarding the Company's operating performance and its ability to fund its dividends. There are not generally accepted definitions established for Core FFO or AFFO. Therefore, the Company's measures of Core FFO and AFFO may not be comparable to the Core FFO and AFFO reported by other REITs. A reconciliation of net income to Core FFO and AFFO are included in the financial tables above. Net operating income ("NOI") represents total revenues less total operating expenses, as reconciled to net income above. Same Store GAAP NOI and Same Store Cash NOI are reconciled to Total Property Revenues. The Company considers NOI, Same Store GAAP NOI, and Same Store Cash NOI to be meaningful non-GAAP financial measures 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, Same Store GAAP NOI, Same Store Cash 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 includes specific properties, which represent all in-service properties owned by the Company during the reported period, excluding properties sold, disposed of, held for sale, removed from service, or for any reason considered not stabilized, or being redeveloped or repositioned in the reporting period. Adjusted EBITDA is a non-GAAP financial measure. The Company computes Adjusted EBITDA in accordance with what it believes are industry standards for this type of measure, which may not be comparable to Adjusted EBITDA reported by other REITs. 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. EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. The Company presents EBITDAre, because the Company believes that EBITDAre, 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. EBITDAre 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. 3 Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre Exhibit 99.1

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![](verisresidentialinc-exx9004.jpg)

4 Company Highlights Exhibit 99.1

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![](verisresidentialinc-exx9005.jpg)

5 Q4 2022 Highlights Strong operational performance • Our 6,931-unit operating multifamily portfolio and Same Store 5,825-unit operating multifamily portfolio were 95.3% and 95.6% occupied, respectively, as of December 31, 2022. • Haus25, our 750-unit property in Jersey City, NJ, achieved stable occupancy in early February 2023, significantly ahead of schedule and initial underwriting. • Full year and fourth quarter 2022 multifamily Same Store Net Operating Income (NOI) increased by 20.1% and 12.6%, compared to the same period last year, reflecting higher revenues, reduced concessions and stable controllable expenses offset by higher real estate taxes. • Same Store multifamily Blended Net Rental Growth Rate of 11.7% for the quarter and 17.0% for the year. $1.4 billion of non-strategic sales including $437 million of non-strategic assets currently under contract • $831 million of non-strategic assets sold in 2022 releasing approximately $301 million of proceeds used to repay debt and acquire The James. • Entered into an agreement to sell Harborside 1, 2, and 3 for an aggregate price of $420 million, which is expected to release approximately $350 million of net proceeds. • Completed the sale of Hyatt Hotel for $117 million on November 30, 2022, releasing $8.2 million of net proceeds after debt repayment. • On February 10, 2023, the Company closed on the sale of the Port Imperial Hotels for $97 million, fully exiting the hotel segment. Reduced indebtedness by $569 million since the beginning of 2022 • 96% 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 rate of 4.4% and weighted average maturity of 4.1 years.1 Other • Formed a strategic partnership with Massachusetts Institute of Technology`s Center for Real Estate. 1. As of December 31, 2022; adjusted to reflect an interest rate cap placed on 145 Front St. in January 2023 and the sale of Port Imperial Hotel in February 2023. Exhibit 99.1

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![](verisresidentialinc-exx9006.jpg)

Three Months Ended Three Months Ended December 31, 2022 September 30, 2022 December 31, 2022 September 30, 2022 Net Income / (Loss) per Diluted Share $0.35 $(1.10) Key Portfolio Statistics Core FFO per Diluted Share(1) $0.05 $0.15 Multifamily Portfolio Weighted Average - Diluted Shares(2) 100,416,881 100,377,927 Operating Units 6,931 6,931 Total Equity $2.1 billion $1.7 billion % Physical Occupancy 95.3% 95.8% Total Debt $1.9 billion $2.3 billion Same Store Units 5,825 5,825 Total Capitalization $4.0 billion $4.0 billion Same Store Occupancy 95.6% 95.7% Debt-to-Undepreciated Assets 41.8% 46.6% Same Store Blended Rental Growth Rate 11.7% 19.2% Net Debt $1.9 billion $2.2 billion Average Rent per Home $3,482 $3,373 Annualized Adjusted EBITDA(1) $139,888 $173,727 Lease-Up Units 750 750 Net Debt-to-Adjusted EBITDA 13.3x 12.7x Land Bank Units 5,009 5,459 Interest Coverage Ratio(1) 1.5x 2.0x Office Portfolio Area (sqft) 3.0 million 4.3 million Consolidated In-Service Properties 5 6 % Leased Office 67.9% 72.4% % Commenced Occupancy 66.3% 70.1% Average In-Place Rent per sqft $36.91 $37.92 6 Q4 2022 Key Financial Metrics 1. See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". FFO is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (Nareit). Interest Coverage Ratio is calculated as Adjusted EBITDA divided by interest expense. 2. Includes any outstanding preferred units presented on a converted basis into common units, noncontrolling interests in consolidated joint ventures and redeemable noncontrolling interests. Exhibit 99.1

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![](verisresidentialinc-exx9007.jpg)

Notes: See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". Net Asset Value ("NAV") is the metric represents the net projected value of the Company's interest after accounting for all priority debt and equity payments. The metric includes capital invested by the Company. Excludes other unconsolidated JV. 1. Please see Operating Portfolio – Multifamily details for breakdown. 2. Includes RiverHouse 9, Capstone at Port Imperial and The Upton. 3. See page 21 for property detail. 4. Represents GAAP NOI from Harborside 5 & Harborside 6. 5. Gross values for the under contract sales of Harborside 1, 2, & 3 and 23 Main St. These sales are expected to generate $365M of net proceeds. 6. Based on 5,009 potential units. Real Estate Portfolio Operating Multifamily NOI(1) Total At Share Cash and Cash Equivalents $26,782 New Jersey Waterfront $90,848 $76,698 Restricted Cash 20,867 Massachusetts 22,704 22,704 Other Assets 140,816 Other 23,536 16,271 Subtotal Other Assets $188,465 Lease-up Properties stabilized in Q4 2021(2) 24,736 18,422 Haus25 (Stabilized NOI) 30,426 30,426 Liabilities Total Multifamily NOI $192,250 $164,521 Commercial NOI(3) 4,664 3,773 Operating - Consolidated Debt at Share $1,456,704 Office NOI(4) 923 923 Operating - Unconsolidated Debt at Share 311,738 Total NOI $197,837 $169,217 Lease-Up - Wholly Owned Debt 297,324 Lease-Up - Unfunded Wholly Owned Debt 2,676 Hotels Debt 84,000 Other Liabilities 102,223 Revolving Credit Facility — Subtotal Liabilities $2,254,665 Non-Strategic Assets Gross Proceeds from Under Contract Sales(5) 437,000 Other Considerations Gross Proceeds from the Port Imperial Hotels 97,000 Estimated Land Value - Outside Rockpoint JV 79,608 Rockpoint Interest $473,200 Estimated Land Value - Inside Rockpoint JV(6) 238,045 Preferred Equity / LP Interest $40,231 Total Value $851,653 Subtotal Other Considerations $513,431 Outstanding Shares Common Shares (Outstanding as of December 31, 2022) 100,443,170 Fully Diluted Shares for Q4 2022 100,416,881 7 Components of Net Asset Value $ in thousands Exhibit 99.1

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![](verisresidentialinc-exx9008.jpg)

Office and Hotels $ in thousands except per SF Location Transaction Date Number of Buildings SF Percentage Leased Gross Asset Value Price per SF Q1 2022 Disposition 111 River Street Hoboken, NJ 01/21/22 1 566,215 81.3% $210,000 $371 Total Q1 2022 Disposition 1 566,215 81.3% $210,000 $371 Q4 2022 Dispositions 101 Hudson Street Jersey City, NJ 10/7/2022 1 1,246,283 81.0% $346,000 $278 Hyatt Hotel(1) Jersey City, NJ 11/30/2022 1 NA NA 117,000 NA Total Q4 2022 Dispositions 2 1,246,283 81.0% $463,000 $278 Q1 2023 Dispositions to Date Port Imperial Hotels Weehawken, NJ 2/10/2023 2 NA NA $97,000 NA Q1 2023 Dispositions to Date 2 NA NA $97,000 NA Land $ in thousands Location Transaction Date Gross Asset Value(1) Q1 2022 Dispositions Palladium Residential Land West Windsor, NJ 03/22/22 $24,250 Palladium Commercial Land West Windsor, NJ 03/22/22 5,250 Total Q1 2022 Dispositions $29,500 Q2 2022 Dispositions Port Imperial Park Parcel Weehawken, NJ 04/15/22 $30,000 Urby II / III Jersey City, NJ 04/21/22 70,000 Total Q2 2022 Dispositions $100,000 Q4 2022 Dispositons Port Imperial Parcels 3 &16 Port Imperial, NJ 11/3/2022 $28,000 Total Q4 2022 Dispositions $28,000 1. Gross values owned in a 50/50 joint venture. VRE`s share of net proceeds after debt repayment was $8 million. 8 Transaction Activity Dispositions Multifamily $ in thousands Location Units Transaction Date Gross Asset Value Q3 2022 Acquisition The James Park Ridge, NJ 240 07/21/22 $129,600 Total Q3 2022 Acquisition $129,600 Acquisition Exhibit 99.1

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![](verisresidentialinc-exx9009.jpg)

Multifamily Same Store(1) Three Months Ended December 31, Twelve Months Ended December 31, Sequential 2022 2021 Change % 2022 2021 Change % Q4 2022 Q3 2022 Change % Total Property Revenues (GAAP) $49,300 $42,679 $6,622 15.5% $188,180 $162,278 $25,902 16.0% $49,300 $48,241 $1,060 2.2% Marketing 1,171 1,176 (5) (0.4)% 3,666 4,897 (1,230) (25.1)% 1,171 892 279 31.2% Payroll 3,380 3,316 64 1.9% 13,030 12,214 816 6.7% 3,380 3,296 83 2.5% Repairs & Maintenance 3,418 3,449 (31) (0.9)% 13,300 13,007 293 2.3% 3,418 3,545 (127) (3.6)% Total Controllable Expenses $7,969 $7,940 $29 0.4% $29,996 $30,117 $(121) (0.4)% $7,969 $7,733 $235 3.0% Utilities 1,378 1,248 130 10.4% 5,305 5,446 (141) (2.6)% 1,378 1,304 74 5.7% Insurance 1,313 890 424 47.6% 4,563 3,536 1,026 29.0% 1,313 1,083 231 21.3% Real Estate Taxes 9,225 5,813 3,412 58.7% 30,415 24,154 6,261 25.9% 9,225 8,303 922 11.1% Total Non-Controllable Expenses $11,917 $7,951 $3,966 49.9% $40,282 $33,137 $7,146 21.6% $11,917 $10,690 $1,226 11.5% Management Fees & Other 1,507 2,003 (496) (24.8)% 7,084 6,785 299 4.4% 1,507 1,851 (344) (18.6)% Total Property Expenses $21,393 $17,894 $3,499 19.6% $77,362 $70,039 $7,323 10.5% $21,393 $20,275 $1,118 5.5% Same Store GAAP NOI $27,908 $24,785 $3,123 12.6% $110,817 $92,239 $18,578 20.1% $27,908 $27,966 $(58) (0.2)% Total Units 5,825 5,825 - - 5,825 5,825 - - 5,825 5,825 - - % Ownership 83.9% 83.9% - - 83.9% 83.9% - - 83.9% 83.9% - - % Occupied - Quarter End 95.6% 96.4% (0.8)% - 95.6% 96.4% (0.8)% - 95.6% 95.7% (0.1)% Notes: See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". 1. Values represent the Company's pro rata ownership of operating portfolio. 9 Same Store Performance $ in thousands (unaudited) Exhibit 99.1

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![](verisresidentialinc-exx9010.jpg)

1. Includes mark-to-market lease intangible net assets of $12,298 and mark-to-market lease intangible net liabilities of $485 as of Q4 2022. 2. Includes Prepaid Expenses and Other Assets attributable to Multifamily of $25,278 as follows: (i) deposits of $5,202, (ii) other receivables of $3,592, (iii) other prepaid/assets of $14,608, and (iv) prepaid taxes of $1,876. December 31, 2022 December 31, 2021 ASSETS Multifamily Office/Corp. Elim. / Other Total Rental property Land and leasehold interests $466,623 $25,581 — $492,204 $494,935 Buildings and improvements 2,631,856 700,459 — 3,332,315 3,375,266 Tenant improvements 7,429 115,080 — 122,509 106,654 Furniture, fixtures and equipment 91,425 7,669 — 99,094 100,011 3,197,333 848,789 — 4,046,122 4,076,866 Less – accumulated depreciation and amortization (263,113) (368,797) — (631,910) (583,416) 2,934,220 479,992 — 3,414,212 3,493,450 Rental property held for sale, net 160,754 33,179 — 193,933 618,646 Net Investment in Rental Property 3,094,974 513,171 — 3,608,145 4,112,096 Cash and cash equivalents 10,276 16,506 — 26,782 31,754 Restricted cash 20,798 69 — 20,867 19,701 Investments in unconsolidated joint ventures 126,158 — — 126,158 137,772 Unbilled rents receivable, net 3,313 36,421 — 39,734 72,285 Deferred charges, goodwill and other assets, net(1)(2) 41,639 56,523 (2,000) 96,162 151,347 Accounts receivable 2,029 891 — 2,920 2,363 Total Assets $3,299,187 $623,581 $(2,000) $3,920,768 $4,527,318 LIABILITIES & EQUITY Revolving credit facility $— $— $— $— $148,000 Mortgages, loans payable and other obligations, net 1,903,977 — — 1,903,977 2,241,070 Note payable to affiliate 2,000 — (2,000) — — Dividends and distributions payable — 110 — 110 384 Accounts payable, accrued expenses and other liabilities 31,556 40,485 — 72,041 134,977 Rents received in advance and security deposits 11,263 11,678 — 22,941 26,396 Accrued interest payable 6,670 461 — 7,131 5,760 Total Liabilities 1,955,466 52,734 (2,000) 2,006,200 2,556,587 Commitments and contingencies — — — — — Redeemable noncontrolling interests 475,000 40,231 — 515,231 521,313 Total Stockholders'/Members Equity 830,941 404,744 — 1,235,685 1,281,982 Noncontrolling interests in subsidiaries: Operating Partnership — 126,109 — 126,109 127,053 Consolidated joint ventures 37,780 (237) — 37,543 40,383 Total Noncontrolling Interests in Subsidiaries $37,780 $125,872 $— $163,652 $167,436 Total Equity $868,721 $530,616 $— $1,399,337 $1,449,418 Total Liabilities and Equity $3,299,187 $623,581 $(2,000) $3,920,768 $4,527,318 10 Balance Sheet $ in thousands (unaudited) Exhibit 99.1

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Q4 2022 Q4 2021 REVENUES Multifamily Office/Corp. Less: Disc. Ops Total Revenue from leases: Base rents $52,462 $18,175 $(1,141) $69,496 $67,116 Escalations and recoveries from tenants 1,712 2,666 (410) 3,968 7,477 Real estate services 888 — — 888 1,848 Parking income 3,609 1,144 — 4,753 4,483 Hotel income 5,063 — — 5,063 3,834 Other income 1,242 792 — 2,034 2,228 Total revenues 64,976 22,777 (1,551) 86,202 86,986 EXPENSES Real estate taxes 11,421 7,895 (163) 19,153 11,713 Utilities 2,005 974 — 2,979 3,986 Operating services 14,018 6,397 (231) 20,184 19,846 Real estate services expenses 2,479 35 — 2,514 3,019 General and administrative(1) 2,400 9,850 — 12,250 13,849 Dead deal and transaction-related costs — 2,119 — 2,119 5,805 Depreciation and amortization 21,481 7,324 (99) 28,706 24,814 Property impairments — 10,302 — 10,302 7,426 Land and other impairments — — — — 12,386 Total expenses 53,804 44,896 (493) 98,207 102,844 Operating Income (expense) 11,172 (22,119) (1,058) (12,005) (15,858) OTHER (EXPENSE) INCOME Interest expense (21,832) (1,339) — (23,171) (15,828) Interest and other investment income (loss) 1 101 — 102 5,144 Equity in earnings (loss) of unconsolidated joint ventures (647) — — (647) (1,420) Realized and unrealized gains (losses) on disposition (3,000) 72,380 — 69,380 2,501 Gain on disposition of developable land (486) — — (486) 2,004 Gain (loss) on sale of unconsolidated joint venture interests — 7,677 — 7,677 — Gain (loss) from extinguishment of debt, net — (1,014) — (1,014) (343) Total other income (expense) (25,964) 77,805 — 51,841 (7,942) Income from continuing operations (14,792) 55,686 (1,058) 39,836 (23,800) Income from discontinued operations — — 1,058 1,058 480 Realized gains (losses) on disposition — — — — 83 Total discontinued operations — — 1,058 1,058 563 Net Income (14,792) 55,686 — 40,894 (23,237) Noncontrolling interest in consolidated joint ventures 595 — — 595 925 Noncontrolling interests in Operating Partnership from continuing operations — (3,154) — (3,154) 2,656 Noncontrolling interests in Operating Partnership in discontinued operations — (98) — (98) (52) Redeemable noncontrolling interest (6,016) (349) — (6,365) (6,564) Net income (loss) available to common shareholders $(20,213) $52,085 $— $31,872 $(26,272) Basic earnings per common share: Net income (loss) available to common shareholders $0.35 $(0.32) Diluted earnings per common share: Net income (loss) available to common shareholders $0.35 $(0.32) Basic weighted average shares outstanding 91,046 90,946 Diluted weighted average shares outstanding 100,417 99,963 1. General and administrative includes $1.2 million of General and administrative – property level which is also included in multifamily NOI. 11 Income Statement - Quarterly Comparison $ in thousands, except per share amounts (unaudited) Exhibit 99.1

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Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 REVENUES Multifamily Office/Corp. Less: Disc. Ops Total All Operations Less: Disc. Ops Total Revenue from leases: Base rents $181,802 $88,174 $(4,566) $265,410 $285,684 $(30,810) $254,874 Escalations and recoveries from tenants 6,243 13,815 (1,406) 18,652 25,687 (3,698) 21,989 Real estate services 3,581 — — 3,581 9,596 — 9,596 Parking income 13,558 4,999 — 18,557 15,022 (19) 15,003 Hotel income 15,505 — — 15,505 10,618 — 10,618 Other income 4,044 29,269 — 33,313 11,324 (14) 11,310 Total revenues 224,733 136,257 (5,972) 355,018 357,931 (34,541) 323,390 EXPENSES — Real estate taxes 36,913 22,322 (650) 58,585 51,648 (4,542) 47,106 Utilities 7,856 6,488 — 14,344 17,310 (2,508) 14,802 Operating services 50,822 27,767 (734) 77,855 77,678 (6,432) 71,246 Real estate services expenses 10,384 165 — 10,549 12,857 — 12,857 General and administrative(1) 8,389 47,787 (7) 56,169 57,214 (24) 57,190 Dead deal and transaction-related costs 82 3,385 — 3,467 12,221 — 12,221 Depreciation and amortization 80,611 31,796 (889) 111,518 112,592 (2,554) 110,038 Property impairments — 94,811 — 94,811 13,467 — 13,467 Land and other impairments 9,368 — — 9,368 23,719 — 23,719 Total expenses 204,425 234,521 (2,280) 436,666 378,706 (16,060) 362,646 Operating Income (expense) 20,308 (98,264) (3,692) (81,648) (20,775) (18,481) (39,256) OTHER (EXPENSE) INCOME — Interest expense (69,583) (8,457) — (78,040) (66,762) 1,570 (65,192) Interest and other investment income (loss) 213 516 — 729 524 — 524 Equity in earnings (loss) of unconsolidated joint ventures 1,200 — — 1,200 (4,251) — (4,251) Realized and unrealized gains (losses) on disposition (8,100) 69,775 4,440 66,115 28,574 (25,552) 3,022 Gain on disposition of developable land 54,640 2,622 — 57,262 2,115 — 2,115 Gain (loss) on sale of unconsolidated joint venture interests — 7,677 — 7,677 (1,886) — (1,886) Gain (loss) from extinguishment of debt, net (129) (7,303) — (7,432) (47,078) — (47,078) Total other income (expense) (21,759) 64,830 4,440 47,511 (88,764) (23,982) (112,746) Income from continuing operations (1,451) (33,434) 748 (34,137) (109,539) (42,463) (152,002) Income from discontinued operations — — 3,692 3,692 — 16,911 16,911 Realized gains (losses) on disposition — — (4,440) (4,440) — 25,552 25,552 Total discontinued operations — — (748) (748) — 42,463 42,463 Net Income (1,451) (33,434) — (34,885) (109,539) — (109,539) Noncontrolling interest in consolidated joint ventures 3,079 — — 3,079 4,595 — 4,595 Noncontrolling interests in Operating Partnership from continuing operations — 5,202 — 5,202 15,739 — 15,739 Noncontrolling interests in Operating Partnership in discontinued operations — 72 — 72 (3,860) — (3,860) Redeemable noncontrolling interest (24,062) (1,472) — (25,534) (25,977) — (25,977) Net income (loss) available to common shareholders $(22,434) $(29,632) $— $(52,066) $(119,042) $— $(119,042) Basic earnings per common share: Net income (loss) available to common shareholders $(0.63) $(1.39) Diluted earnings per common share: Net income (loss) available to common shareholders $(0.63) $(1.39) Basic weighted average shares outstanding 91,046 90,839 Diluted weighted average shares outstanding 100,265 99,893 1. General and administrative includes $4.4 million of General and administrative – property level which is also included in multifamily NOI. 12 Income Statement - Year-to-Date Comparison $ in thousands, except per share amounts (unaudited) Exhibit 99.1

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Notes: See endnotes and "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net income (loss) available to common shareholders $31,872 $(26,272) $(52,066) $(119,042) Add (deduct): Noncontrolling interests in Operating Partnership 3,154 (2,656) (5,202) (15,740) Noncontrolling interests in discontinued operations 98 52 (72) 3,861 Real estate-related depreciation and amortization on continuing operations(1) 30,886 27,179 120,584 118,835 Real estate-related depreciation and amortization on discontinued operations 99 404 889 2,555 Property impairments on continuing operations 10,302 7,426 94,811 13,467 Impairment of unconsolidated joint venture investment (included in Equity in earnings) — — — (2) Gain on sale from unconsolidated joint ventures (7,677) — (7,677) 1,886 Continuing operations: Realized and unrealized (gains) losses on disposition of rental property, net (69,380) (2,501) (66,116) (3,022) Discontinued operations: Realized and unrealized (gains) losses on disposition of rental property, net — (83) 4,440 (25,552) Funds from operations(2) $(646) $3,549 $89,591 $(22,754) Add/(Deduct): (Gain)/Loss from extinguishment of debt, net 1,014 343 7,432 47,078 Dead deal and other post-sale items in other income/expense — — — (2,957) Dead deal and transaction-related costs 2,119 5,805 3,467 12,221 Land and other impairments — 12,386 9,368 23,719 Loan receivable loss allowance — (4,906) — 246 (Gain) on disposition of developable land 486 (2,004) (57,262) (2,115) CEO and related management changes costs — — — 2,089 Severance/Rebranding costs 1,836 1,938 14,080 10,634 Lease breakage fee, net — — (22,664) — Non-cash derivative expense 500 — 287 — Core FFO $5,308 $17,111 $44,299 $68,161 Diluted weighted average shares/units outstanding(6) 100,417 99,963 100,265 99,893 Funds from operations per share-diluted $(0.01) $0.04 $0.89 $(0.23) Core Funds from Operations per share/unit-diluted $0.05 $0.17 $0.44 $0.68 Dividends declared per common share — — — — FFO & Core FFO $ in thousands except per share and ratios (unaudited) 13 Exhibit 99.1

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Notes: See endnotes and "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". 14 Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Core FFO (calculated on previous page) $5,308 $17,111 $44,299 $68,161 Add (Deduct) Non-Cash Items: Straight-line rent adjustments(3) (1,273) 169 157 (7,681) Amortization of market lease intangibles, net (30) (525) (155) (2,712) Amortization of lease inducements 16 17 129 (10) Amortization of stock compensation 2,829 3,167 11,339 11,160 Non-real estate depreciation and amortization 395 325 1,328 1,304 Amortization of debt discount/(premium) and mark-to-market, net — — — 231 Amortization of deferred financing costs 1,219 1,199 4,821 4,569 Deduct: Non-incremental revenue generating capital expenditures: Building improvements (3,748) (2,295) (14,992) (13,301) Tenant improvements and leasing commissions(4) (255) (930) (10,773) (3,338) Tenant improvements and leasing commissions on space vacant for more than one year (4,546) (4,507) (23,823) (19,142) Core AFFO(2) $(84) $13,731 $12,329 $39,241 Core FFO (calculated on previous page) $5,308 $17,111 $44,299 $68,161 Deduct: Equity in earnings (loss) of unconsolidated joint ventures, net 647 1,420 (1,200) 4,251 Equity in earnings share of depreciation and amortization (2,574) (2,691) (10,392) (10,101) Add-back: Interest expense 23,171 15,829 78,040 66,762 Recurring JV distributions 2,471 847 12,000 6,637 Income (loss) in noncontrolling interest in consolidated joint ventures (595) (925) (3,079) (4,594) Redeemable noncontrolling interest 6,365 6,565 25,533 25,977 Income tax expense 179 27 274 305 Adjusted EBITDA $34,972 $38,183 $145,475 $157,398 Net debt at period end(5) 1,856,329 2,337,615 1,856,329 2,337,615 Net debt to Adjusted EBITDA 13.3x 15.3x 12.8x 14.9x AFFO & Adjusted EBITDA $ in thousands, except per share amounts and ratios (unaudited) Exhibit 99.1

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Notes: See unconsolidated joint venture NOI details and "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". 15 Three Months Ended December 31, 2022 2021 Net Income (loss) available to common shareholders $31,872 $(26,272) Add/(Deduct): Noncontrolling interest in operating partnership 3,154 (2,611) Noncontrolling interest in discontinued operations 98 7 Noncontrolling interest in consolidated joint ventures(a) (595) (925) Redeemable noncontrolling interest 6,365 6,564 Interest expense 23,171 15,828 Income tax expense 179 27 Depreciation and amortization 28,806 25,217 Deduct: Continuing operations: Realized and unrealized (gains) losses on disposition of rental property, net (69,380) (2,501) Discontinued operations: Realized and unrealized (gains) losses on disposition of rental property, net — (83) (Gain)/loss on sale from unconsolidated joint ventures (7,677) — Equity in (earnings) loss of unconsolidated joint ventures 647 1,420 Add: Property impairments 10,302 7,426 Company's share of property NOI's in unconsolidated joint ventures(1) 6,694 6,651 EBITDAre $33,636 $30,748 Add: Loss from extinguishment of debt, net 1,014 343 Severance/Rebranding costs 1,836 1,938 Dead deal and transaction-related costs (2,119) 5,805 Land and other impairments — 12,386 Loan receivable loss allowance — (4,906) Gain on disposition of developable land 486 (2,004) Non-cash derivative expense 500 — Adjusted EBITDAre $35,353 $44,310 (a) Noncontrolling interests in consolidated joint ventures: BLVD 425 6 (163) BLVD 401 (600) (738) Port Imperial Garage South — (56) Port Imperial Retail South 16 57 Other consolidated joint ventures (17) (25) Net losses in noncontrolling interests $(595) $(925) Depreciation in noncontrolling interest in consolidated JV's 708 696 Funds from operations - noncontrolling interest in consolidated JV's $113 $(229) Interest expense in noncontrolling interest in consolidated JV's 791 801 Net operating income before debt service in consolidated JV's $904 $572 EBITDAre - Quarterly Comparison $ in thousands (unaudited) Exhibit 99.1

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• 96% 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 of 4.4% and a weighted average maturity of 4.1 years3 $ in thousands Debt Maturity Schedule (As of February 13, 2023) 16 Balance % of Total Weighted Average Interest Rate(1) Weighted Average Maturity in Years Fixed Rate Debt Fixed Rate Secured Debt $1,764,488 92.3% 4.27% 3.7 Variable Rate Debt Variable Rate Secured Debt 147,000 7.7% 6.86% 1.8 Totals / Weighted Average $1,911,488 100.0% 4.47% 3.6 Unamortized Deferred Financing Costs (7,511) Total Consolidated Debt, net $1,903,977 Partners' Share (73,473) VRE Share of Total Consolidated Debt, net(2) $1,830,504 Unconsolidated Secured Debt VRE Share $311,738 53.0% 4.93% 6.1 Partners' Share 276,175 47.0% 4.93% 6.1 Total Unconsolidated Secured Debt $587,913 100.0% 4.93% 6.1 Pro Rata Debt Portfolio(3) Fixed Rate & Hedged Secured Debt 1,992,011 96.4% 4.39% 4.2 Variable Rate Secured Debt 73,742 3.6% 5.19% 1.6 Total Pro Rata Debt Portfolio $2,065,753 100.0% 4.42% 4.1 Debt Summary & Maturity Schedule 1. The actual weighted average of floating rates (LIBOR and SOFR) for the Company's outstanding variable rate debt was 2.72 percent as of December 31, 2022, plus the applicable spread. 2. Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $30.1 million at BLVD 401 and $9.6 million at Port Imperial South Garage. 3. As of December 31, 2022; adjusted to reflect an interest rate cap placed on 145 Front St. in January 2023 and the sale of Port Imperial Hotel in February 2023. Exhibit 99.1

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1. Effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. 2. Includes a 1-year LIBOR cap strike rate at 4.0% with hedge expiring in October 2023. 3. 101 Hudson sold on October 7, 2022. 4. Port Imperial Hotels sold on February 10, 2023. 5. Includes a 3-year LIBOR cap at a strike rate of 1.0% with a hedge expiring October 2024. 6. On January 12, 2023, the Company executed an amendment to convert the loan on 145 Front St. from LIBOR+ to SOFR+ and placed a 9 months SOFR cap with a strike rate of 4%. The hedge expires in September 2023. 7. Includes a 2-year SOFR cap at a strike rate of 3.0% with hedge expiring June 2024. 17 Lender Effective Interest Rate(1) December 31, 2022 December 31, 2021 Date of Maturity Secured Construction Loans Haus25(2) QuadReal Finance LIBOR+ 2.70% $297,324 $255,453 12/01/24 Total Secured Construction Debt $297,324 $255,453 Secured Permanent Loans - Multifamily and Office 111 River St. Athene Annuity and Life Company 3.90% $— $150,000 N/A 101 Hudson (3) Wells Fargo CMBS 3.20% — 250,000 N/A Port Imperial Hotels(4) Fifth Third Bank LIBOR+ 3.40% 84,000 89,000 04/01/23 Portside at East Pier CBRE Capital Markets/FreddieMac 3.57% 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74% 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37% 265,000 265,000 10/01/24 Portside II at East Pier New York Life Insurance Co. 4.56% 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Co. 4.17% 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Co. 4.29% 117,000 117,000 08/10/26 The Upton(5) Bank of New York Mellon LIBOR+ 1.58% 75,000 75,000 10/27/26 145 Front at City Square (6) MUFG Union Bank LIBOR+ 1.84% 63,000 63,000 12/10/26 RiverHouse 9(7) JP Morgan SOFR+ 1.41% 110,000 87,175 06/21/27 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48% 41,000 41,000 08/05/27 BLVD 475 Northwestern Mutual Life 2.91% 165,000 165,000 11/10/27 RiverHouse 11 Northwestern Mutual Life 4.52% 100,000 100,000 01/10/29 Soho Lofts New York Community Bank 3.77% 160,000 160,000 07/01/29 Port Imperial Garage South American General Life & A/G PC 4.85% 32,166 32,664 12/01/29 The Emery New York Community Bank 3.21% 72,000 72,000 01/01/31 Principal Balance Outstanding $1,614,164 $1,996,837 Unamortized Deferred Financing Costs (7,511) (11,220) Total Secured Permanent Debt 1,606,653 1,985,617 Total Debt $1,903,977 $2,241,070 Secured Revolving Credit Facilities & Term Loans: Secured Revolving Credit Facility 8 Lenders LIBOR + 2.75% — 148,000 05/06/24 Total Consolidated Debt $1,903,977 $2,389,070 Debt Profile $ in thousands Exhibit 99.1

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Property Units Physical Occupancy VRE's Nominal Ownership(1) Q4 2022 NOI(2) Total Debt VRE Share of Q4 NOI VRE Share of Debt Multifamily Urby Harborside 762 95.1% 85.0% $4,346 $188,522 $3,694 $160,244 RiverTrace at Port Imperial 316 95.3% 22.5% 2,050 82,000 461 18,450 Capstone at Port Imperial 360 95.0% 40.0% 2,631 135,000 1,052 54,000 Riverpark at Harrison 141 95.7% 45.0% 553 30,192 249 13,586 Metropolitan at 40 Park 130 96.9% 25.0% 1,002 42,567 251 10,642 Metropolitan Lofts 59 98.3% 50.0% 266 18,200 133 9,100 Station House 378 94.2% 50.0% 1,708 91,432 854 45,716 Subtotal - Multifamily 2,146 95.2% 54.9% $12,556 $587,913 $6,694 $311,738 Total Operating Other Unconsolidated JVs(3) 351 —% 50.0% $1,760 $— $880 $— Total Unconsolidated JVs $14,316 $587,913 $7,574 $311,738 Notes: See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". 1. Amounts represent the Company's share based on ownership percentage. 2. The sum of property-level revenue, straight-line and ASC 805 adjustments; less: operating expense, real estate taxes and utilities. 3. Hyatt Regency hotel was sold on 11/30/22. 18 Unconsolidated Joint Ventures $ in thousands Exhibit 99.1

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Multifamily Portfolio 19 Exhibit 99.1

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Operating Highlights Rentable SF Avg. Size Year Complete Percentage Occupied Average Revenue per Home NOI Debt BalanceLocation Ownership Apartments Q4 2022 Q3 2022 Q4 2022 Q3 2022 Q4 2022 Q3 2022 NJ Waterfront Liberty Towers Jersey City, NJ 100.0% 648 602,210 929 2003 95.8% 95.8% $3,838 $3,761 $3,609 $3,828 $265,000 BLVD 425 Jersey City, NJ 74.3% 412 369,515 897 2003 96.1% 96.8% 3,696 3,499 2,774 2,420 131,000 BLVD 475 Jersey City, NJ 100.0% 523 475,459 909 2011 96.4% 96.7% 3,852 3,636 3,288 3,184 165,000 BLVD 401 Jersey City, NJ 74.3% 311 273,132 878 2016 96.1% 95.8% 3,825 3,740 2,265 2,186 117,000 Soho Lofts Jersey City, NJ 100.0% 377 449,067 1,191 2017 97.6% 96.8% 4,409 4,221 2,287 2,281 160,000 Urby Harborside Jersey City, NJ 85.0% 762 474,476 623 2017 95.1% 97.1% 3,447 3,393 4,346 4,755 188,522 RiverHouse 9 Weehawken, NJ 100.0% 313 245,127 783 2021 92.7% 99.0% 3,512 3,233 2,066 1,876 110,000 RiverHouse 11 Weehawken, NJ 100.0% 295 250,591 849 2018 96.3% 94.2% 3,866 3,735 2,093 1,997 100,000 RiverTrace at Port Imperial West New York, NJ 22.5% 316 295,767 936 2014 95.3% 95.9% 3,544 3,428 2,050 1,989 82,000 Capstone at Port Imperial West New York, NJ 40.0% 360 337,991 939 2021 95.0% 97.2% 3,866 3,439 2,631 2,245 135,000 NJ Waterfront Subtotal 82.4% 4,317 3,773,335 874 95.7% 96.6% $3,765 $3,603 $27,409 $26,761 $1,453,522 Massachusetts Portside at East Pier East Boston, MA 100.0% 181 156,091 862 2015 93.1% 93.7% $3,047 $3,036 $1,179 $1,165 $58,998 Portside II at East Pier East Boston, MA 100.0% 296 230,614 779 2018 95.5% 94.8% 3,093 3,138 1,778 1,834 97,000 145 Front at City Square Worcester, MA 100.0% 365 304,936 835 2018 95.6% 95.3% 2,520 2,474 1,512 1,484 63,000 The Emery Revere, MA 100.0% 326 273,140 838 2020 94.5% 92.9% 2,601 2,578 1,207 1,333 72,000 Massachusetts Subtotal 100.0% 1,168 964,781 826 94.9% 94.3% $2,769 $2,758 $5,676 $5,816 $290,998 Other The Upton Short Hills, NJ 100.0% 193 217,030 1,125 2021 89.1% 95.3% $4,680 $4,307 $1,487 $1,423 $75,000 The James (1) Park Ridge, NJ 100.0% 240 215,283 897 2021 95.0% 91.7% 2,882 N/A 1,116 1,011 — Signature Place Morris Plains, NJ 100.0% 197 203,716 1,034 2018 95.9% 94.4% 3,015 2,982 886 900 43,000 Quarry Place at Tuckahoe Eastchester, NY 100.0% 108 105,551 977 2016 94.4% 92.6% 3,915 3,868 655 681 41,000 RiverPark at Harrison Harrison, NJ 45.0% 141 124,774 885 2014 95.7% 96.7% 2,567 2,440 553 469 30,192 Metropolitan at 40 Park(2) Morristown, NJ 25.0% 130 124,237 956 2010 96.9% 96.2% 3,424 3,283 700 614 36,500 Metropolitan Lofts Morristown, NJ 50.0% 59 54,683 927 2018 98.3% 100.0% 3,466 3,416 266 268 18,200 Station House Washington, DC 50.0% 378 290,348 768 2015 94.2% 94.4% 2,694 2,602 1,708 1,606 91,432 Other Subtotal 72.8% 1,446 1,335,622 924 94.5% 94.6% $3,210 $3,145 $7,371 $6,972 $335,324 Operating Portfolio(3) 83.3% 6,931 6,073,738 876 95.3% 95.8% $3,482 $3,373 $40,456 $39,549 $2,079,844 Notes: See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". Unconsolidated joint venture income represented at 100% venture NOI. Average Revenue per Home is calculated as total apartment revenue for the quarter divided by the average percent occupied for the quarter, divided by the number of apartments and divided by three. 1. The James 3Q NOI represents a partial quarter of NOI. 2. As of December 31, 2022, Priority Capital included Metropolitan at $20,914,422 (Prudential). 3. Operating Portfolio includes properties that have achieved over 95% leased for six consecutive weeks. Excludes approximately 168,000 sqft of ground floor retail. 20 Operating Portfolio - Multifamily $ in thousands, except per home Haus25 Jersey City, NJ 100% 750 618,000 824 2022 88.3% 76.0% $4,193 $3,828 $4,479 $2,854 $297,324 Operating Portfolio (includes Lease-Up) 85.0% 7,681 6,691,738 871 94.6% 93.8% $3,551 $3,410 $44,935 $42,403 $2,377,168 Exhibit 99.1

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![](verisresidentialinc-exx9021.jpg)

Commercial Location Ownership Spaces Rentable SF Year Complete Percentage Leased Q4 2022 Percentage Leased Q3 2022 NOI Q4 2022 NOI Q3 2022 Debt Balance Port Imperial Garage South Weehawken, NJ 70.0% 800 320,426 2013 N/A N/A $561 $461 $32,166 Port Imperial Garage North Weehawken, NJ 100.0% 786 304,617 2016 N/A N/A (113) (24) — Port Imperial Retail South Weehawken, NJ 70.0% 18,064 2013 88.1% 88.1% 142 159 — Port Imperial Retail North Weehawken, NJ 100.0% 8,400 2016 100.0% 100.0% 86 111 — Riverwalk at Port Imperial West New York, NJ 100.0% 30,423 2008 65.0% 65.0% 189 173 — Shops at 40 Park Morristown, NJ 25.0% 50,973 2010 69.0% 69.0% 302 291 6,067 Commercial Total 80.9% 732,903 73.5% 73.5% $1,166 $1,171 $38,233 Hotels Location Ownership Keys Year Complete Average Occupancy Q4 2022 Average Occupancy Q3 2022 ADR Q4 2022 ADR Q3 2022 NOI Q4 2022 NOI Q3 2022 Debt Balance Envue, Autograph Collection Weehawken, NJ 100.0% 208 2019 70.1% 67.2% $254 $235 $1,259 $619 Residence Inn at Port Imperial Weehawken, NJ 100.0% 164 2018 81.2% 85.5% 220 213 $854 810 Port Imperial Hotels (1) 100.0% 372 75.7% 76.4% $474 $448 $2,113 $1,429 $84,000 Notes: See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". 1. Port Imperial Hotels sold on February 10, 2023. 21 Operating Portfolio - Commercial & Land Bank $ in thousands Land Bank Potential Units Hudson Waterfront 3,076 Greater NY/NJ 1,069 Boston Metro 864 Land Bank Total 5,009 Exhibit 99.1

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![](verisresidentialinc-exx9022.jpg)

22 Office Portfolio Exhibit 99.1

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![](verisresidentialinc-exx9023.jpg)

1. Includes annualized base rental revenue plus escalations for square footage leased to commercial and retail tenants only. Excludes leases for amenity, parking and month-to-month tenants. Annualized base rental revenue plus escalations is based on actual December 2022 billings times 12. For leases whose rent commences after January 1, 2023 annualized base rental revenue is based on the first full month's billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. 2. Harborside 1 was taken out of service in Q4 2019. 3. Average base rents + escalations reflect rental values on a triple net basis. Avg. Base Rent + Escalations(1) 2023 Expirations Building Location Total SF Leased SF % Leased SF % Total In-Place Rent Harborside 2 & 3 Jersey City, NJ 1,487,222 1,277,686 85.9% $39.94 134,346 9.0% $36.21 Harborside 5 Jersey City, NJ 977,225 392,499 40.2% 43.50 62,090 6.4% 54.04 Harborside 6 Jersey City, NJ 231,856 47,542 20.5% N/A — —% — Total Waterfront (In-Service) 2,696,303 1,717,717 63.7% $40.80 196,436 7.3% $41.84 Harborside 1(2) Jersey City, NJ 399,578 — N/A N/A N/A N/A N/A Total Waterfront 3,095,881 1,717,717 55.5% $40.80 196,436 7.3% $41.84 23 Main Street(3) Holmdel, NJ 350,000 350,000 100.0% 19.12 350,000 100.0% 19.12 Total Suburban 350,000 350,000 100.0% $19.12 350,000 100.0% $19.12 Total In-Service Office Portfolio 3,046,303 2,067,717 67.9% $36.91 546,436 $27.29 23 Property Listing & Leasing Statistics For the twelve months ended December 31, 2022 Leased (%) Q4 2021 Inventory Q4 2021 Leased (SF) Q4 2021 Inventory (Acquired/ Disposed) Leased (SF) (Acquired/ Disposed) Expiring/ Adj. SF Incoming SF Net Leasing Activity Inventory Q4 2022 Leased (SF) Q4 2022 Leased (%) Q4 2022 Waterfront 72.0% 4,508,801 3,244,653 (1,812,498) (1,465,144) (232,019) 170,267 (61,752) 2,696,303 1,717,727 63.7% Suburban 100.0% 350,000 350,000 — — — — — 350,000 350,000 100.0% Subtotals 74.0% 4,858,801 3,594,653 (1,812,498) (1,465,144) (232,019) 170,267 (61,752) 3,046,303 2,067,727 67.9% Leasing Activity For the three months ended December 31, 2022 Number of Transactions Total SF New Leases SF Renewed / Other Retained (SF) Weighted SF Weighted Avg. Term (Yrs) Wtd. Avg. Base Rent ($)(1) Wtd. Avg. Costs SF Per Year ($) Waterfront 1 1,522 — 1,522 1,522 1.0 $50.00 $3.70 Suburban — — — — — — — — Subtotals 1 1,522 — 1,522 1,522 1.0 $50.00 $3.70 Exhibit 99.1

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![](verisresidentialinc-exx9024.jpg)

1. Includes office & standalone retail property tenants only. Excludes leases for amenity, retail, parking & month-to-month tenants. Some tenants have multiple leases. 2. Annualized base rental revenue plus escalations is based on actual December 2022 billings times 12. For leases whose rent commences after January 1, 2023 annualized base rental revenue is based on the first full month's billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. 3. Includes leases in effect as of the period end date, some of which have commencement dates in the future. 24 Year of Expiration/Market Number of Leases Expiring(1) Net Rentable Area Subject to Expiring Leases (SF) Percentage of Total Leased Square Feet Represented by Expiring Leases (%) Annualized Base Rental Revenue Under Expiring Leases ($'000)(2)(3) Average Annualized Base Rent Per Net Rentable Square Foot Represented by Expiring Leases ($) Percentage of Annual Base Rent Under Expiring Leases (%) 2023 Waterfront 10 196,436 10.1% $7,625 $38.82 11.2% Suburban 1 350,000 17.9% 5,124 14.64 7.5% Total – 2023 11 546,436 28.0% $12,749 $23.33 18.7% 2024 Waterfront 8 162,776 8.3% $6,781 $41.66 10.0% Total – 2024 8 162,776 8.3% $6,781 $41.66 10.0% 2025 Waterfront 8 104,572 5.4% $3,171 $30.33 4.7% Total – 2025 8 104,572 5.4% $3,171 $30.33 4.7% 2026 Waterfront 4 138,553 7.1% $4,900 $35.37 7.2% Total – 2026 4 138,553 7.1% $4,900 $35.37 7.2% 2027 Waterfront — — — — — — Total – 2027 — — — — — — 2028 Waterfront 5 88,842 4.6% $3,543 $39.88 5.2% Total – 2028 5 88,842 4.6% $3,543 $39.88 5.2% 2029 and thereafter Waterfront 16 909,772 46.6% $36,892 $163.40 54.2% Total – 2029 and thereafter 16 909,772 46.6% $36,892 $163.40 54.2% Totals by Type Waterfront 51 1,600,951 82.1% $62,913 $39.30 92.5% Suburban 1 350,000 17.9% 5,124 14.64 7.5% Totals/Weighted Average 52 1,950,951 100.0% $68,037 $53.94 100.0% Lease Expirations Exhibit 99.1

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![](verisresidentialinc-exx9025.jpg)

FFO, Core FFO, AFFO, NOI, Adjusted EBITDA, & EBITDAre (1) Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $2,574 and $2,690 for the three months ended December 31, 2022 and 2021, respectively and $10,393 and $10,103 for the twelve months December 31, 2022 and 2021, respectively. Excludes non-real estate-related depreciation and amortization of $395 and $325 for the three months ended December 31, 2022 and 2021, respectively, and $1,328 and $1,304 for the twelve months ended December 31, 2022 and 2021, respectively. (2) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre". (3) Includes free rent of $3,252 and $3,554 for the three months ended December 31, 2022 and 2021, respectively and $13,312 and $18,385 for the twelve months ended December 31, 2022 and 2021, respectively. Also includes the Company's share from unconsolidated joint ventures of $4 and $(75) for the three months ended December 31, 2022 and 2021, respectively and $(815) and $746 for the twelve months ended December 31, 2022 and 2021, respectively. (4) Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year and excludes Collector`s Universe. (5) Net Debt calculated by taking the sum of senior unsecured notes, unsecured revolving credit facility, and mortgages, loans payable and other obligations, and deducting cash and cash equivalents and restricted cash, all at period end. (6) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,656 and 8,690 shares for the three months ended December 31, 2022 and 2021, respectively and 8,639 and 8,741 shares for the twelve months ended December 31, 2022 and 2021, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). Pro Forma Debt Portfolio Reconciliation 25 Endnotes Q4 2022 VRE Share of Total Consolidated Debt, net $1,830,504 145 Front Street - No longer floating (as a result of an interest rate cap) (63,000) 145 Front Street - Newly fixed (as a result of interest rate cap) 63,000 Port Imperial Hotels Sale (84,000) Unamortized Deferred Financing Costs 7,511 Subtotal $1,754,015 VRE's Share of Unconsolidated Joint Venture Debt 311,738 Total Pro Rata Debt Portfolio $2,065,753 $ in thousands Exhibit 99.1

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![](verisresidentialinc-exx9026.jpg)

26 Q4 2022 Q3 2022 Multifamily Office / Corp Total Multifamily Office / Corp Total Net Income (loss) $(14,791) $55,686 $40,894 $(19,986) $(85,916) $(105,902) Deduct: Real estate services income (888) — (888) (886) — (886) Interest and other investment loss (income) (1) (101) (102) (152) (128) (280) Equity in (earnings) loss of unconsolidated joint ventures 647 — 647 304 — 304 General & Administrative - property level (1,184) — (1,184) (1,428) — (1,428) Realized and unrealized (gains) losses on disposition 3,000 (72,380) (69,380) 5,100 — 5,100 (Gain) loss on disposition of developable land 486 — 486 — — — (Gain) loss on sale of investment in unconsolidated joint venture — (7,677) (7,677) — — — (Gain) loss from early extinguishment of debt, net — 1,014 1,014 — — — Add: Real estate services expenses 2,479 35 2,514 2,704 48 2,752 General and administrative 2,400 9,850 12,250 2,755 10,108 12,863 Dead deal and transaction-related costs — 2,119 2,119 — — — Depreciation and amortization 21,481 7,324 28,806 21,578 7,383 28,961 Interest expense 21,832 1,339 23,171 19,866 2,271 22,137 Property impairments — 10,302 10,302 — 84,509 84,509 Land impairments — — — 2,536 — 2,536 Net operating income (NOI) $35,461 $7,510 $42,971 $32,391 $18,275 $50,666 Summary of Consolidated Multifamily NOI by Type (unaudited): Q4 2022 Q3 2022 Total Consolidated Multifamily - Operating Portfolio $32,681 $30,457 Total Consolidated Commercial $864 $880 Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests): $33,545 $31,337 NOI (loss) from services, land/development/repurposing & other assets $1,916 $1,054 Total Consolidated Multifamily NOI $35,461 $32,391 Reconciliation of Net Income (Loss) to NOI (three months ended) $ in thousands (unaudited) Exhibit 99.1

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![](verisresidentialinc-exx9027.jpg)

27 Company Information Corporate Headquarters Stock Exchange Listing Contact Information Veris Residential, Inc. New York Stock Exchange Veris Residential, Inc. Harborside 3, 210 Hudson St., Ste. Investor Relations Department Jersey City, New Jersey 07311 Trading Symbol Harborside 3, 210 Hudson St., Ste. 400 (732) 590-1010 Common Shares: VRE Jersey City, New Jersey 07311 Anna Malhari Chief Operating Officer E-Mail: amalhari@verisresidential.com Web: www.verisresidential.com Executive Officers Mahbod Nia Amanda Lombard Taryn Fielder Jeff Turkanis Chief Executive Officer Chief Financial Officer General Counsel and Secretary EVP and Chief Investment Officer Anna Malhari Gwen Marnell Chief Operating Officer Chief Accounting Officer Equity Research Coverage Bank of America Merrill Lynch BTIG, LLC Citigroup Deutsche Bank North America Josh Dennerlein Thomas Catherwood Nicholas Joseph Derek Johnston Evercore ISI Green Street Advisors JP Morgan Truist Steve Sakwa John Pawlowski Anthony Paolone Michael R. Lewis Any opinions, estimates, forecasts or predictions regarding Veris Residential, Inc's performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Veris Residential, Inc. or its management. Veris Residential, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions. Company Information, Executive Officers & Analysts Exhibit 99.1

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## Exhibit 99.2

Exhibit 99.2

V E R I S&nbsp;&nbsp;&nbsp;&nbsp;R E S I D E N T I A L, I N C.

NEWS RELEASE

For Immediate Release

**Veris Residential, Inc.** 

**Reports Fourth Quarter and Full Year 2022 Results** 

Jersey City, New Jersey – (February 21, 2023) – Veris Residential, Inc. (NYSE: VRE) (the "Company") today reported results for the fourth quarter and full year 2022.

**OPERATIONAL HIGHLIGHTS** 

–Net income (loss) of $0.35 and $(0.63) per share for the fourth quarter and full year 2022, respectively.

–Core Funds from Operations ("Core FFO") per share of $0.05 and $0.44 for the fourth quarter and full year 2022, respectively.

–Our 6,931-unit operating multifamily portfolio and Same Store 5,825-unit operating multifamily portfolio were 95.3% and 95.6% occupied, respectively, as of December 31, 2022.

–Full year and fourth quarter 2022 multifamily Same Store Net Operating Income ("NOI") increased by 20.1% and 12.6%, compared to the same period last year, reflecting higher revenues, reduced concessions and stable controllable expenses offset by higher real estate taxes and insurance.

–Same Store multifamily Blended Net Rental Growth Rate of 11.7% for the quarter and 17.0% for the year.

–Haus25, our 750-unit property located in Jersey City, NJ, achieved stable occupancy in early February 2023, significantly ahead of schedule and initial underwriting.

–96% 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 rate of 4.4% and weighted average maturity of 4.1 years.

–Formed a strategic partnership with Massachusetts Institute of Technology`s Center for Real Estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CONTINUED PROGRESS OF TRANSFORMATION TO PURE-PLAY MULTIFAMILY REIT**

–$1.4 billion of non-strategic asset sales since the beginning of 2022, including $437 million under binding contract, of which Harborside 1, 2 and 3 represents $420 million.

–Closed on the sale of the Port Imperial Hotels, fully exiting the hotel segment, subsequent to quarter end.

Mahbod Nia, Chief Executive Officer, commented: "2022 marked another year of significant progress on our path to becoming a pure-play multifamily company. We continued to successfully execute on non-core asset sales despite substantial market volatility. Our multifamily portfolio continues to outperform, reflecting the high quality of our properties and dedication of our team to delivering excellence. We begin 2023 in a position of strength, as we seek to conclude our transformation and continue creating value for shareholders."

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Exhibit 99.2

**FINANCIAL HIGHLIGHTS** 

Net income (loss) available to common shareholders for the quarter ended December 31, 2022 was $0.35 per share, compared to $(0.32) per share, for the quarter ended December 31, 2021.

For the fourth quarter 2022, Core FFO was $5.3 million, or $0.05 per share, compared to $17.1 million, or $0.17 per share, for the quarter ended December 31, 2021.

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| | |
|:---|:---|
| **3Q22 Core FFO per share** | **$0.15** |
| 101 Hudson Sale | ($0.04) |
| &nbsp;&nbsp;G&A / Other Corporate | ($0.02) |
| Office CAM / RE Tax Adjustments | ($0.02) |
| Residential Operations | $0.02 |
| Interest Expense (excludes 101 Hudson sale impact) | ($0.04) |
| **4Q22 Core FFO per share** | **$0.05** |

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For more information and a reconciliation of FFO, Core FFO, Adjusted EBITDA and NOI to net income (loss) attributable to common shareholders, please refer to the following pages and the Company's Supplemental Operating and Financial Data package for the fourth quarter 2022. Please note that all presented per share amounts are on a diluted basis.

**MULTIFAMILY PORTFOLIO HIGHLIGHTS** 

The Company's 6,931-unit operating multifamily portfolio and Same Store 5,825-unit operating multifamily portfolio were 95.3% and 95.6% occupied, respectively, as of December 31, 2022.

Same Store multifamily Blended Net Rental Growth Rate was 11.7% for the quarter and 17.0% for the year.

Full year Same Store NOI for the operating multifamily portfolio increased year-over-year by 20.1%, reflecting burn-off of existing concessions, increased revenue and reduction in controllable expenses. Same Store NOI quarter-over-quarter decreased by (0.2)%, driven by the real estate tax increase in Jersey City, NJ.

The three lease-up properties that stabilized in the fourth quarter 2021, the Upton in Short Hills, NJ, Capstone in West New York, NJ, and RiverHouse 9 in Weehawken, NJ, contributed $4.6 million to NOI for the fourth quarter 2022, an increase of 9.8% compared to the prior quarter.

Haus25, a 750-unit property located at 25 Christopher Columbus in Jersey City, NJ achieved stable occupancy in early February, significantly ahead of schedule and underwritten rents, and was 92.7% occupied as of February 13. The property contributed $4.5 million to NOI during the fourth quarter 2022.

**TRANSACTION ACTIVITY** 

In 2022, the Company closed on $831 million of non-strategic asset sales, releasing approximately $301 million of proceeds used to repay debt and acquire The James, a Class A multifamily property in Park Ridge, NJ.

On September 21, 2022, the Company entered into an agreement to sell Harborside 1, 2, and 3 for an aggregate price of $420 million (subject to closing adjustments for several ongoing construction projects), which is expected to release approximately $350 million of net proceeds. On October 7, 2022, the Company completed the sale of 101 Hudson Street for $346 million, releasing approximately $90 million of net proceeds used to pay down the revolving credit facility.

Furthermore, the Company fully exited the hotels segment. The Hyatt Hotel sale closed on November 30, 2022 for $117 million and the Port Imperial Hotels sale closed on February 10, 2023 for $97 million. These transactions released over $22 million of net proceeds in aggregate.

Approximately $157 million of land was sold during 2022, with the majority of the proceeds used to purchase The James in a 1031 Exchange. This includes two Port Imperial Land Parcels that were sold in November.

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Exhibit 99.2

**BALANCE SHEET/CAPITAL MARKETS** 

As of December 31, 2022, the Company had a debt-to-undepreciated assets ratio of 41.8%. Total liquidity was $277 million, comprised of $27 million in unrestricted cash and $250 million available under the revolving credit facility, which was fully repaid in the fourth quarter.

During the fourth quarter 2022, the Company purchased a 1-year LIBOR cap for the Haus25 loan of $300 million at a strike rate of 4%. Subsequent to quarter-end, the Company purchased a 9 month SOFR cap for the 145 Front Street loan of $63 million at a strike rate of 4%.

96% 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 rate of 4.4% and weighted average maturity of 4.1 years. This is inclusive of the Port Imperial Hotels that sold in February 2023 and a cap that was placed on 145 Front Street detailed above.

**OPERATIONAL GUIDANCE**

The Company expects growth projection ranges for 2023 shown below (compared to the full year 2022 Same Store NOI).

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| | | |
|:---|:---|:---|
| **Operational Guidance** | **Low** | **High** |
| Same Store Revenue Growth | 4.0% | 6.0% |
| Same Store Expense Growth | 4.0% | 6.0% |
| Same Store NOI Growth | 4.0% | 6.0% |

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**DIVIDEND POLICY**

The Company anticipates its regular quarterly common dividend to remain suspended while it seeks to conclude the final stage of its transition into a pure-play multifamily REIT.

**CONFERENCE CALL/SUPPLEMENTAL INFORMATION** 

An earnings conference call with management is scheduled for February 22, 2023 at 8:30 a.m. Eastern Time, and will be broadcast live via the Internet at: http://investors.verisresidential.com/corporate-overview.

The live conference call is also accessible by dialing (844) 825-9789 (domestic) or (412) 317-5180 (international) and requesting the Veris Residential fourth quarter 2022 earnings conference call.

The conference call will be rebroadcast on Veris Residential, Inc.'s website at:

http://investors.verisresidential.com/corporate-overview beginning at 8:30 a.m. Eastern Time on February 22, 2023.

A replay of the call will also be accessible February 22, 2023 through March 22, 2023 by calling (844) 825-9789 (domestic) or (412) 317-5180 (international) and using the passcode, 10174822.

Copies of Veris Residential, Inc.'s fourth quarter 2022 Form 10-K and fourth quarter 2022 Supplemental Operating and Financial Data are available on Veris Residential, Inc.'s website, as follows:

Fourth Quarter 2022 Form 10-K:

http://investors.verisresidential.com/sec-filings

Fourth Quarter 2022 Supplemental Operating and Financial Data:

http://investors.verisresidential.com/quarterly-supplementals

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

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Exhibit 99.2

**NON-GAAP FINANCIAL MEASURES** 

Included in this press release 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 below.

For reconciliation of FFO and Core FFO to Net Income (Loss), please refer to the following pages. For reconciliation of NOI, and Adjusted EBITDA to Net Income (Loss), please refer to the Company's disclosure in the Quarterly Financial and Operating Data package for the fourth quarter 2022.

***<u>FFO</u>*** 

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.

***<u>Core FFO</u>*** 

Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Core FFO is 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 is a non-GAAP financial measure that is not intended to represent cash flow and is 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, the Company's measures of Core FFO may not be comparable to the Core FFO reported by other REITs. A reconciliation of net income per share to Core FFO in dollars and per share is included in the financial tables accompanying this press release.

***<u>NOI and Same Store NOI</u>*** 

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.

***<u>Blended Net Rental Growth Rate</u>*** 

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.

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Exhibit 99.2

**ABOUT THE COMPANY** 

Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and 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 Quarterly 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-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-K and the Public Filings.

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 might not even 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.

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Exhibit 99.2

**Investors** 

Anna Malhari

Chief Operating Officer

investors@verisresidential.com

**Media** 

Amanda Shpiner/Grace Cartwright

Gasthalter & Co.

212-257-4170

veris-residential@gasthalter.com

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Exhibit 99.2

**Veris Residential, Inc.** 

**Consolidated Statements of Operations** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
|<br>**REVENUES** | **2022** | **2021** | **2022** | **2021** |
| Revenue from leases | $73464 | $74593 | $284062 | $276864 |
| Real estate services | 888 | 1848 | 3581 | 9596 |
| Parking income | 4753 | 4483 | 18557 | 15003 |
| Hotel income | 5063 | 3834 | 15505 | 10618 |
| Other income | 2034 | 2228 | 33313 | 11310 |
| &nbsp;&nbsp;&nbsp;Total revenues | 86202 | 86986 | 355018 | 323390 |
| **EXPENSES** |  |  |  |  |
| Real estate taxes | 19153 | 11713 | 58585 | 47106 |
| Utilities | 2979 | 3986 | 14344 | 14802 |
| Operating services | 20184 | 19846 | 77855 | 71246 |
| Real estate services expenses | 2514 | 3019 | 10549 | 12857 |
| General and administrative | 12250 | 13849 | 56169 | 57190 |
| Transaction related costs | 2119 | 5805 | 3467 | 12221 |
| Depreciation and amortization | 28706 | 24814 | 111518 | 110038 |
| Property impairments | 10302 | 7426 | 94811 | 13467 |
| Land and other impairments, net |  | 12386 | 9368 | 23719 |
| &nbsp;&nbsp;&nbsp;Total expenses | 98207 | 102844 | 436666 | 362646 |
| **OTHER (EXPENSE) INCOME** |  |  |  |  |
| Interest expense | (23171) | (15828) | (78040) | (65192) |
| Interest and other investment income (loss) | 102 | 5144 | 729 | 524 |
| Equity in earnings (loss) of unconsolidated joint ventures | (647) | (1420) | 1200 | (4251) |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 69380 | 2501 | 66115 | 3022 |
| Gain on disposition of developable land | (486) | 2004 | 57262 | 2115 |
| Loss on sale of unconsolidated joint venture interests | 7677 |  | 7677 | (1886) |
| Loss from extinguishment of debt, net | (1014) | (343) | (7432) | (47078) |
| &nbsp;&nbsp;&nbsp;Total other income (expense) | 51841 | (7942) | 47511 | (112746) |
| Loss from continuing operations | 39836 | (23800) | (34137) | (152002) |
| Discontinued operations: |  |  |  |  |
| Income from discontinued operations | 1058 | 480 | 3692 | 16911 |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |  | 83 | (4440) | 25552 |
| Total discontinued operations, net | 1058 | 563 | (748) | 42463 |
| Net income (loss) | 40894 | (23237) | (34885) | (109539) |
| Noncontrolling interests in consolidated joint ventures | 595 | 925 | 3079 | 4595 |
| Noncontrolling interests in Operating Partnership of income from continuing operations | (3154) | 2656 | 5202 | 15739 |
| Noncontrolling interests in Operating Partnership in discontinued operations | (98) | (52) | 72 | (3860) |
| Redeemable noncontrolling interests | (6365) | (6564) | (25534) | (25977) |
| Net income (loss) available to common shareholders | $31872 | $(26272) | $(52066) | $(119042) |
| **Basic earnings per common share:** |  |  |  |  |
| Income (loss) from continuing operations | $0.34 | $(0.32) | $(0.62) | $(1.82) |
| Discontinued operations | 0.01 |  | (0.01) | 0.43 |
| Net income (loss) available to common shareholders | $0.35 | $(0.32) | $(0.63) | $(1.39) |
| **Diluted earnings per common share:** |  |  |  |  |
| Income (loss) from continuing operations | $0.34 | $(0.32) | $(0.62) | $(1.82) |
| Discontinued operations | 0.01 |  | (0.01) | 0.43 |
| Net income (loss) available to common shareholders | $0.35 | $(0.32) | $(0.63) | $(1.39) |
| Basic weighted average shares outstanding | 91296 | 90946 | 91046 | 90839 |
| Diluted weighted average shares outstanding | 100417 | 99963 | 100265 | 99893 |

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Exhibit 99.2

**Veris Residential, Inc.** 

**Statements of Funds from Operations and Core FFO** 

*(in thousands, except per share/unit amounts) (unaudited)* 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income (loss) available to common shareholders | $31872 | $(26272) | $(52.066) | $(119042) |
| Add (deduct): Noncontrolling interests in Operating Partnership | 3154 | (2656) | (5202) | (15740) |
| Noncontrolling interests in discontinued operations | 98 | 52 | (72) | 3861 |
| Real estate-related depreciation and amortization <br> on continuing operations (a) | 30886 | 27179 | 120584 | 118835 |
| Real estate-related depreciation and amortization <br> on discontinued operations | 99 | 404 | 889 | 2555 |
| Property impairments on continuing operations | 10302 | 7426 | 94811 | 13467 |
| Impairment of unconsolidated joint venture investment(included in Equity in earnings) |  |  |  | (2) |
| Gain on sale from unconsolidated joint ventures | (7677) |  | (7677) | 1886 |
| Continuing operations: Realized (gains) losses and unrealized (gains)&nbsp;&nbsp;&nbsp;&nbsp;losses on disposition of rental property, net | (69380) | (2501) | (66116) | (3022) |
| Discontinued operations: Realized (gains) losses and unrealized (gains) &nbsp;&nbsp;&nbsp;&nbsp;losses on disposition of rental property, net |  | (83) | 4440 | (25552) |
| **Funds from operations (b)** | $**(646)** | $**3549** | $**89591** | $**(22754)** |
| Add (Deduct): |  |  |  |  |
| (Gain) loss from early extinguishment of debt, net | 1014 | 343 | 7432 | 47078 |
| Dead deal and post sales items in Other Income/expense |  |  |  | (2957) |
| Dead deal and transaction-related costs | 2119 | 5805 | 3467 | 12221 |
| Land and other impairments |  | 12386 | 9368 | 23719 |
| Loan receivable loss allowance |  | (4906) |  | 246 |
| (Gain) on disposition of developable land | 486 | (2004) | (57262) | (2115) |
| CEO and related management change costs |  |  |  | 2089 |
| Severance/Rebranding costs | 1836 | 1938 | 14080 | 10634 |
| Lease breakage fee, net |  |  | (22664) |  |
| Non-cash derivative expense | 500 |  | 287 |  |
| **Core FFO** | $**5308** | $**17111** | $**44299** | $**68161** |
| Diluted weighted average shares/units outstanding (c) | 100416881 | 99962745 | 100264845 | 99893491 |
| Funds from operations per share/unit-diluted | $(0.01) | $0.04 | $0.89 | $(0.23) |
| Core funds from operations per share/unit diluted | $0.05 | $0.17 | $0.44 | $0.68 |
| Dividends declared per common share | $— | $— | $— | $— |
| **Supplemental Information:** |  |  |  |  |
| Non-incremental revenue generating capital expenditures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building improvements | $(3748) | $(2295) | $(14992) | $(13301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant improvements & leasing commissions (d) | (8943) | (930) | (14051) | (3338) |
| Tenant improvements & leasing commissions <br> on space vacant for more than a year | (4546) | (4507) | (29233) | (19142) |
| Straight-line rent adjustments (e) | (1273) | 169 | 157 | (7681) |
| Amortization of (above)/below market lease intangibles, net | (30) | (525) | (155) | (2712) |
| Amortization of stock compensation | 2829 | 3167 | 11339 | 11160 |
| Amortization of lease inducements | 16 | 17 | 129 | (10) |
| Non real estate depreciation and amortization | 395 | 325 | 1328 | 1304 |
| Amortization of debt discount/(premium) and mark-to-market, net |  |  |  | 231 |
| Amortization of deferred financing costs | 1219 | 1199 | 4821 | 4569 |

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(a) Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $2,574 and $2,690 for the three months ended December 31, 2022 and 2021, respectively and $10,393 and $10,103 for the twelve months December 31,, 2022 and 2021, respectively. Excludes non-real estate-related depreciation and amortization of $395 and $325 for the three months ended December 31, 2022 and 2021, respectively, and $1,328 and $1,304 for the twelve months ended December 31, 2022 and 2021, respectively.

(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See "Information About FFO" in this release.

(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,656 and 8,690 shares for the three months ended December 31, 2022 and 2021, respectively and 8,639 and 8,741 shares for the twelve months ended December 31, 2022 and 2021, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).

(d) Excludes expenditures for tenant spaces that have not been owned for at least a year.

(e) Includes free rent of $3,252 and $3,554 for the three months ended December 31, 2022 and 2021, respectively and $13,312 and $18,385 for the twelve months ended December 31, 2022 and 2021, respectively. Also includes the Company's share from unconsolidated joint ventures of $4 and $(75) for the three months ended December 31, 2022 and 2021, respectively and $(815) and $746 for the twelve months ended December 31, 2022 and 2021, respectively.

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Exhibit 99.2

**Veris Residential, Inc.** 

**Consolidated Balance Sheets** 

*(in thousands, except per share amounts) (unaudited)* 

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| | | |
|:---|:---|:---|
| **ASSETS** | **December 31,<br>2022** | **December 31,<br>2021** |
| Rental property |  |  |
| Land and leasehold interests | $492204 | $494935 |
| Buildings and improvements | 3332315 | 3375266 |
| Tenant improvements | 122509 | 106654 |
| Furniture, fixtures and equipment | 99094 | 100011 |
|  | 4046122 | 4076866 |
| Less – accumulated depreciation and amortization | (631910) | (583416) |
|  | 3414212 | 3493450 |
| Real estate held for sale, net | 193933 | 618646 |
| Net investment in rental property | 3608145 | 4112096 |
| Cash and cash equivalents | 26782 | 31754 |
| Restricted cash | 20867 | 19701 |
| Investments in unconsolidated joint ventures | 126158 | 137772 |
| Unbilled rents receivable, net | 39734 | 72285 |
| Deferred charges and other assets, net | 96162 | 151347 |
| Accounts receivable | 2920 | 2363 |
| **Total assets** | $**3920768** | $**4527318** |
| **LIABILITIES AND EQUITY** |  |  |
| Revolving credit facility and term loans |  | 148000 |
| Mortgages, loans payable and other obligations, net | 1903977 | 2241070 |
| Dividends and distributions payable | 110 | 384 |
| Accounts payable, accrued expenses and other liabilities | 72041 | 134977 |
| Rents received in advance and security deposits | 22941 | 26396 |
| Accrued interest payable | 7131 | 5760 |
| Total liabilities | 2006200 | 2556587 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 515231 | 521313 |
| **Equity:** |  |  |
| Veris Residential, Inc. stockholders' equity: |  |  |
| Common stock, $0.01 par value, 190,000,000 shares authorized, 91,083,837 and 90,948,008 shares outstanding | 911 | 909 |
| Additional paid-in capital | 2532182 | 2530383 |
| Dividends in excess of net earnings | (1301385) | (1249319) |
| Accumulated other comprehensive income (loss) | 3977 | 9 |
| &nbsp;&nbsp;&nbsp;Total Veris Residential, Inc. stockholders' equity | 1235685 | 1281982 |
| Noncontrolling interests in subsidiaries: |  |  |
| Operating Partnership | 126109 | 127053 |
| Consolidated joint ventures | 37543 | 40383 |
| Total noncontrolling interests in subsidiaries | 163652 | 167436 |
| Total equity | 1399337 | 1449418 |
| **Total liabilities and equity** | $**3920768** | $**4527318** |

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