# EDGAR Filing Document

**Accession Number:** 0000924901
**File Stem:** 0000924901-25-000050
**Filing Date:** 2025-7
**Character Count:** 224816
**Document Hash:** 952a13561e23d7b1887ad3a874076abd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000924901-25-000050.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000924901-25-000050

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250723

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Veris Residential, Inc.
- **CENTRAL INDEX KEY:** 0000924901
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 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:** 251143321

**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' encoding='ASCII'? vre-20250723

**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: July 23, 2025

(Date of earliest event reported)

**VERIS RESIDENTIAL, INC.** 

(Exact name of Registrant as specified in its charter)

**Maryland** 

(State or other jurisdiction of incorporation)

---

| | |
|:---|:---|
| **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 07311**

(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:

---

| | | |
|:---|:---|:---|
| <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 |

---

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. □

------

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

On July 23, 2025, Veris Residential, Inc. (the "Company") issued a press release announcing its financial results for the second quarter 2025. A copy of the press release is attached hereto as Exhibit 99.2.

**Item 7.01 Regulation FD Disclosure** 

For the quarter ended June 30, 2025, the Company hereby makes available supplemental data regarding its operations. The Company is attaching such supplemental data as Exhibit 99.1 to this Current Report on Form 8-K.

Also, on July 23, 2025, the Company published a corporate presentation to the Company`s website. The Company is attaching such such corporate presentation as Exhibit 99.3 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

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Title** |
| 99.1 | <u>[Second Quarter 2025 Supplemental Operating and Financial Data.](a991earningsreleaseandsupp.htm)</u> |
| 99.2 | <u>[Second Quarter 2025 earnings press release of Veris Residential, Inc. dated July 23, 2025.](a992earningsreleaseandsupp.htm)</u> |
| 99.3 | <u>[Corporate Presentation](a2025veriscorporatedeck_.htm)</u> |
| 104.1 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

---

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.

------

**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.

---

| | | |
|:---|:---|:---|
| | VERIS RESIDENTIAL, INC. | VERIS RESIDENTIAL, INC. |
| Date: July 23, 2025 | By: | /s/ Mahbod Nia |
|  |  | Mahbod Nia |
|  |  | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: July 23, 2025 | By: | /s/ Amanda Lombard |
|  |  | Amanda Lombard |
|  |  | Chief Financial Officer |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Title** |
| 99.1 | <u>[Second Quarter 2025 Supplemental Operating and Financial Data.](a991earningsreleaseandsupp.htm)</u> |
| 99.2 | <u>[Second Quarter 2025 earnings press release of Veris Residential, Inc. dated July 23, 2025.](a992earningsreleaseandsupp.htm)</u> |
| 99.3 | <u>[Corporate Presentation](a2025veriscorporatedeck_.htm)</u> |
| 104.1 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

---

## Exhibit 99.1

------

**Table Of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Page(s)** | |
| &nbsp;&nbsp;<u>[3](#i5cfa75181b6d4f7b8dfb06abb2e23140_7)</u> | &nbsp;&nbsp;<u>[Earnings Release](#i5cfa75181b6d4f7b8dfb06abb2e23140_7)</u> |
|  |  ***Key Financial Data*** |
| &nbsp;&nbsp;<u>[8](#i5cfa75181b6d4f7b8dfb06abb2e23140_16)</u> | &nbsp;&nbsp;<u>[Consolidated Balance Sheet](#i5cfa75181b6d4f7b8dfb06abb2e23140_16)</u> |
| &nbsp;&nbsp;<u>[9](#i5cfa75181b6d4f7b8dfb06abb2e23140_19)</u> | &nbsp;&nbsp;<u>[Consolidated Statement of Operations](#i5cfa75181b6d4f7b8dfb06abb2e23140_19)</u> |
| &nbsp;&nbsp;<u>[10](#i5cfa75181b6d4f7b8dfb06abb2e23140_22)</u> | &nbsp;&nbsp;<u>[FFO, Core FFO and Core AFFO](#i5cfa75181b6d4f7b8dfb06abb2e23140_22)</u> |
| &nbsp;&nbsp;<u>[11](#i5cfa75181b6d4f7b8dfb06abb2e23140_25)</u> | &nbsp;&nbsp;<u>[Adjusted EBITDA](#i5cfa75181b6d4f7b8dfb06abb2e23140_25)</u> |
| &nbsp;&nbsp;<u>[12](#i5cfa75181b6d4f7b8dfb06abb2e23140_28)</u> | &nbsp;&nbsp;<u>[Components of Net Asset Value](#i5cfa75181b6d4f7b8dfb06abb2e23140_28)</u> |
|  |  ***Operating Portfolio*** |
| &nbsp;&nbsp;<u>[13](#i5cfa75181b6d4f7b8dfb06abb2e23140_31)</u> | &nbsp;&nbsp;<u>[Multifamily Operating Portfolio](#i5cfa75181b6d4f7b8dfb06abb2e23140_31)</u> |
| &nbsp;&nbsp;<u>[14](#i5cfa75181b6d4f7b8dfb06abb2e23140_34)</u> | &nbsp;&nbsp;<u>[Commercial Assets and Developable Land](#i5cfa75181b6d4f7b8dfb06abb2e23140_34)</u> |
| &nbsp;&nbsp;<u>[15](#i5cfa75181b6d4f7b8dfb06abb2e23140_37)</u> | &nbsp;&nbsp;<u>[Same Store Market Information](#i5cfa75181b6d4f7b8dfb06abb2e23140_37)</u> |
| &nbsp;&nbsp;<u>[16](#i5cfa75181b6d4f7b8dfb06abb2e23140_40)</u> | &nbsp;&nbsp;<u>[Same Store Performance](#i5cfa75181b6d4f7b8dfb06abb2e23140_40)</u> |
|  | &nbsp;&nbsp;***Debt*** |
| &nbsp;&nbsp;<u>[17](#i5cfa75181b6d4f7b8dfb06abb2e23140_43)</u> | &nbsp;&nbsp;<u>[Debt Profile](#i5cfa75181b6d4f7b8dfb06abb2e23140_43)</u> |
| &nbsp;&nbsp;<u>[18](#i5cfa75181b6d4f7b8dfb06abb2e23140_46)</u> | &nbsp;&nbsp;<u>[Debt Summary and Maturity Schedule](#i5cfa75181b6d4f7b8dfb06abb2e23140_46)</u> |
|  |  ***Reconciliations and Additional Details*** |
| &nbsp;&nbsp;<u>[19](#i5cfa75181b6d4f7b8dfb06abb2e23140_49)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Annex 1: <u>[Transaction Activity](#i5cfa75181b6d4f7b8dfb06abb2e23140_49)</u> |
| &nbsp;&nbsp;<u>[20](#i5cfa75181b6d4f7b8dfb06abb2e23140_52)</u> | &nbsp;&nbsp;Annex 2: <u>[Reconciliation of NOI](#i5cfa75181b6d4f7b8dfb06abb2e23140_52)</u> |
| &nbsp;&nbsp;<u>[21](#i5cfa75181b6d4f7b8dfb06abb2e23140_55)</u> | &nbsp;&nbsp;Annex 3: <u>[Consolidated Statements of Operations and Non-GAAP Financial Footnotes](#i5cfa75181b6d4f7b8dfb06abb2e23140_55)</u> |
| &nbsp;&nbsp;<u>[22](#i5cfa75181b6d4f7b8dfb06abb2e23140_58)</u> | &nbsp;&nbsp;Annex 4: <u>[Unconsolidated Joint Ventures](#i5cfa75181b6d4f7b8dfb06abb2e23140_58)</u> |
| &nbsp;&nbsp;<u>[23](#i5cfa75181b6d4f7b8dfb06abb2e23140_61)</u> | &nbsp;&nbsp;Annex 5: <u>[Debt Profile Footnotes](#i5cfa75181b6d4f7b8dfb06abb2e23140_61)</u> |
| &nbsp;&nbsp;<u>[24](#i5cfa75181b6d4f7b8dfb06abb2e23140_64)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Annex 6: <u>[Multifamily Property Information](#i5cfa75181b6d4f7b8dfb06abb2e23140_64)</u> |
| &nbsp;&nbsp;<u>[25](#i5cfa75181b6d4f7b8dfb06abb2e23140_67)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Annex 7: <u>[Noncontrolling Interests in Consolidated Joint Ventures](#i5cfa75181b6d4f7b8dfb06abb2e23140_67)</u> |
| &nbsp;&nbsp;<u>[26](#i5cfa75181b6d4f7b8dfb06abb2e23140_70)</u> | &nbsp;&nbsp;<u>[Non-GAAP Financial Definitions](#i5cfa75181b6d4f7b8dfb06abb2e23140_70)</u> |
| &nbsp;&nbsp;<u>[28](#i5cfa75181b6d4f7b8dfb06abb2e23140_73)</u> | &nbsp;&nbsp;<u>[Company Information](#i5cfa75181b6d4f7b8dfb06abb2e23140_73)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

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 Second Quarter 2025 Results** 

JERSEY CITY, N.J., July 23, 2025 –– Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the second quarter 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net Income (loss) per Diluted Share | $0.12 | $0.03 | $0.00 | $(0.01) |
| Core FFO per Diluted Share | $0.17 | $0.18 | $0.33 | $0.32 |
| Core AFFO per Diluted Share | $0.19 | $0.21 | $0.36 | $0.39 |
| Dividend per Diluted Share | $0.08 | $0.06 | $0.16 | $0.11 |

---

**STRATEGIC PROGRESS**

–$448 million of non-strategic asset sales completed or under contract year to date. On track to achieve Net Debt-to-EBITDA around of 10.0x by year-end 2025 and below 9.0x by year-end 2026.

–$268 million in closed sales, including Signature Place and 145 Front Street.

–$180 million in sales under binding contract, including two multifamily assets.

–Secured amendment to Revolver and Term Loan agreement, including a leverage-based pricing grid, realizing an immediate 55-basis-point interest rate reduction.

**CONTINUED OPERATIONAL STRENGTH**

–Year-over-year Same Store Blended Net Rental Growth Rate of 4.7% for the quarter and 3.5% year to date.

–Year-over-year Same Store NOI growth of 5.6% for the quarter and 4.4% year to date, further improving operating margin to 67.4% year to date.

–Same Store occupancy of 93.9% (95.5% excluding Liberty Towers).

–Raised 2025 guidance to reflect significant progress in corporate plan and continued operational strength.

"We have made significant progress on our corporate initiatives both operationally and strategically, enabling us to raise guidance. We continued to see strength in our operations, and with nearly $450 million of sales already completed or under binding contract, we are well ahead of schedule and on track to realize our near-term leverage targets, including Net Debt-to-EBITDA below 9x next year," said Mahbod Nia, Chief Executive Officer of Veris Residential.

"We are proud to have made meaningful progress on our strategic plan to continue optimizing our balance sheet. With the amendment to our credit facility, we secured an immediate reduction in our corporate borrowing costs of 55 basis points, with the potential to realize additional interest savings as we seek to further de-lever over time. We remain focused on executing our multi-pronged optimization strategy as we seek to continue enhancing value for all Veris Residential stakeholders."

------

**SAME STORE PORTFOLIO PERFORMANCE**

The following table uses the current Same Store pool for both the first and second quarter of 2025, as it is consistently reported throughout the Supplemental package. The actual Same Store pool on March 31 was 7,621 units, which included units from The Metropolitan at 40 Park.

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** | **Change** |
| Same Store Units | 7491 | 7491 | —% |
| Same Store Occupancy | 93.9% | 94.0% | (0.1)% |
| Same Store Blended Rental Growth Rate (Quarter) | 4.7% | 2.3% | 2.4% |
| Average Rent per Home | $4085 | $4023 | 1.5% |

---

The following table shows Same Store performance:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **($ in 000s)** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
| **Total Property Revenue** | **$75999** | **$74160** | **2.5%** | **$151378** | **$147768** | **2.4%** |
| Controllable Expenses | 12799 | 13286 | (3.7)% | 25736 | 25775 | (0.2)% |
| Non-Controllable Expenses | 11891 | 12283 | (3.2)% | 23651 | 24280 | (2.6)% |
| **Total Property Expenses** | **24690** | **25569** | **(3.4)%** | **49387** | **50055** | **(1.3)%** |
| **Same Store NOI** | **$51309** | **$48591** | **5.6%** | **$101991** | **$97713** | **4.4%** |

---

**TRANSACTION ACTIVITY** 

Year to date, the Company has closed $268 million of non-strategic asset sales, including two unconsolidated joint ventures and two wholly owned multifamily assets. Two additional multifamily assets, The James in New Jersey and Quarry Place in New York, are under binding contract for a further $180 million.

---

| | | | |
|:---|:---|:---|:---|
| **Name ($ in 000s)** | **Date** | **Location** | **GAV** |
| 65 Livingston | 1/24/2025 | Roseland, NJ | $7300 |
| Wall Land | 4/3/2025 | Wall Township, NJ | 31000 |
| PI - North Building (two parcels) and Metropolitan at 40 Park | 4/21/2025 | West New York, NJ and Morristown, NJ | 7100 |
| 1 Water | 4/29/2025 | White Plains, NY | 15500 |
| Signature Place | 7/9/2025 | Morris Plains, NJ | 85000 |
| 145 Front Street | 7/22/2025 | Worcester, MA | 122200 |
| **Total Assets Sold in 2025-to-Date** |  |  | **$268100** |

---

In April, Veris purchased its partner's interest in the Jersey City Urby for $38.5 million, eliminating the Company's largest remaining unconsolidated joint venture, rebranding the property to "Sable" and assuming management. The consolidation is expected to create over one million dollars in annualized synergies.

**FINANCE AND LIQUIDITY**

As of July 22, 2025, following [the completion of the previously announced sales], the Company had liquidity of $181 million, a weighted average effective interest rate of 4.86% and a weighted average maturity of 2.6 years, with all of the Company's debt either hedged or fixed.

In July, subsequent to quarter end, the Company amended its $300 million Revolving Credit Facility ("Revolver") and $200 million delayed-draw Term Loan ("Term Loan" and collectively, the "Amended Facility"), as discussed in greater detail below. The Amended Facility, combined with completed and announced asset sales, allows the Company to reduce interest expense as it continues to de-lever over time.

------

---

| | | |
|:---|:---|:---|
| **Balance Sheet Metric ($ in 000s)** | **June 30, 2025** | **March 31, 2025** |
| Weighted Average Interest Rate | 5.08% | 4.95% |
| Weighted Average Years to Maturity | 2.6 | 3.1 |
| TTM Interest Coverage Ratio  | 1.7x | 1.7x |
| Net Debt | $1795320 | $1643411 |
| TTM Adjusted EBITDA (Normalized) | $159162 | $144659 |
| Net Debt-to-EBITDA (Normalized) | 11.3x | 11.4x |

---

Note: Calculation of Net Debt-to-EBITDA ratio includes an adjusted EBITDA figure, normalizing the Trailing Twelve Month ("TTM") period for recent transactions. Please see page 11 of the Supplemental Package for reconciliation.

**AMENDED CREDIT FACILITY** 

Subsequent to quarter end, the Company announced the amendment of its $500 million credit facility established in April 2024. The Amended Facility package—comprising a $300 million Revolver and a $200 million delayed-draw Term Loan—introduces a leverage-based pricing grid for the Revolver, with spreads ranging from 1.20% to 1.75% over SOFR (inclusive of the 5-basis-point spread reduction associated with meeting certain KPIs) and reduces the required number of secured properties in the collateral pool from five to two. At closing, the Company's total leverage ratio as defined by the Amended Facility was between 50% and 55%, resulting in a borrowing rate on the Revolver of SOFR + 1.50%, representing a 55-basis-point reduction from the prior rate. The Amended Facility matures in April 2027 and retains a one-year extension option on the Revolver.

At closing, the Company repaid $80 million of the Term Loan using proceeds from the sale of Signature Place. Subsequent to the amendment, the Company fully repaid the remaining balance of the Term Loan using proceeds from the sale of 145 Front Street.

**DIVIDEND**

The Company paid a dividend of $0.08 per share on July 10, 2025, for shareholders of record as of June 30, 2025.

**GUIDANCE**

The Company is raising its operational guidance for 2025 in accordance with the following table. The increased operational guidance reflect continued strength in rental growth and a higher degree of certainty around controllable expense projections.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Current Guidance** | **Current Guidance** | **Initial Guidance** | **Initial Guidance** |
| **2025 Guidance Ranges** | **Low** | **High** | **Low** | **High** |
| Same Store Revenue Growth | 2.2% | 2.7% | 2.1% | 2.7% |
| Same Store Expense Growth | 2.4% | 2.8% | 2.6% | 3.0% |
| Same Store NOI Growth | 2.0% | 2.8% | 1.7% | 2.7% |

---

The Company is raising its 2025 Core FFO per share guidance range to $0.63 to $0.64. This reflects the accretive impact of the consolidation of Sable and interest expense savings from debt repayment associated with recent sales and from reduced corporate borrowing costs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Current Guidance** | **Current Guidance** | **Initial Guidance** | **Initial Guidance** |
| **Core FFO per Share Guidance** | **Low** | **High** | **Low** | **High** |
| Net Loss per Share | $(0.22) | $(0.21) | $(0.24) | $(0.22) |
| Depreciation per Share | $0.85 | $0.85 | $0.85 | $0.85 |
| Core FFO per Share | $0.63 | $0.64 | $0.61 | $0.63 |

---

------

**CONFERENCE CALL/SUPPLEMENTAL INFORMATION** 

An earnings conference call with management is scheduled for Thursday, July 24, 2025, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: http://investors.verisresidential.com.

The live conference call is also accessible by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international) and requesting the Veris Residential second quarter 2025 earnings conference call.

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

http://investors.verisresidential.com beginning at 8:30 a.m. Eastern Time on Thursday, July 24, 2025.

A replay of the call will also be accessible Thursday, July 24, 2025, through Sunday, August 24, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13753249.

Copies of Veris Residential, Inc.'s second quarter 2025 Form 10-Q and second quarter 2025 Supplemental Operating and Financial Data are available on Veris Residential, Inc.'s website under Financial Results.

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

**ABOUT THE COMPANY** 

Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.

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 Annual 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-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings, available at https://investors.verisresidential.com/financial-information.

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 may not 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.

------

---

| | |
|:---|:---|
| **Investors** | **Media** |
| Mackenzie Rice | Amanda Shpiner/Grace Cartwright |
| Director, Investor Relations | Gasthalter & Co. |
| investors@verisresidential.com | veris-residential@gasthalter.com |

---

Additional details on <u>[Company Information](#i5cfa75181b6d4f7b8dfb06abb2e23140_73)</u> page.

------

&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated Balance Sheet**

*(in thousands) (unaudited)* 

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **<u>ASSETS</u>** | | |
| **<u>Rental property</u>** | | |
| &nbsp;&nbsp;&nbsp;Land and leasehold interests | $442566 | $458946 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 2611276 | 2634321 |
| &nbsp;&nbsp;&nbsp;Tenant improvements | 16145 | 14784 |
| &nbsp;&nbsp;&nbsp;Furniture, fixtures and equipment | 112424 | 112201 |
|  | 3182411 | 3220252 |
| &nbsp;&nbsp;&nbsp;Less – accumulated depreciation and amortization | (475073) | (432531) |
|  | 2707338 | 2787721 |
| Real estate held for sale, net | 288575 | 7291 |
| Net investment in rental property | 2995913 | 2795012 |
| Cash and cash equivalents | 11438 | 7251 |
| Restricted cash | 18581 | 17059 |
| Investments in unconsolidated joint ventures | 53618 | 111301 |
| Unbilled rents receivable, net | 3252 | 2253 |
| Deferred charges and other assets, net | 43059 | 48476 |
| Accounts receivable | 1119 | 1375 |
| **Total assets** | **$3126980** | **$2982727** |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |
| Revolving credit facility and term loans | 324513 | 348839 |
| Mortgages, loans payable and other obligations, net | 1459964 | 1323474 |
| Liabilities held for sale, net | 40862 |  |
| Dividends and distributions payable | 8529 | 8533 |
| Accounts payable, accrued expenses and other liabilities | 50262 | 42744 |
| Rents received in advance and security deposits | 13185 | 11512 |
| Accrued interest payable | 5806 | 5262 |
| **Total liabilities** | **1903121** | **1740364** |
| Redeemable noncontrolling interests | 9294 | 9294 |
| **Total Stockholders' Equity** | **1086095** | **1099391** |
| Noncontrolling interests in subsidiaries: |  |  |
| Operating Partnership | 100183 | 102588 |
| Consolidated joint ventures | 28287 | 31090 |
| **Total noncontrolling interests in subsidiaries** | **$128470** | **$133678** |
| **Total equity** | **$1214565** | **$1233069** |
| **Total liabilities and equity** | **$3126980** | **$2982727** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8

------

**Consolidated Statement of Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(In thousands, except per share amounts) (unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>REVENUES</u>** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Revenue from leases | $69348 | $60917 | $131313 | $121559 |
| &nbsp;&nbsp;Management fees | 766 | 871 | 1484 | 1793 |
| &nbsp;&nbsp;Parking income | 4376 | 3922 | 8125 | 7667 |
| &nbsp;&nbsp;Other income | 1438 | 1766 | 2762 | 3797 |
| **Total revenues** | **75928** | **67476** | **143684** | **134816** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>EXPENSES</u>** |  |  |  |  |
| &nbsp;&nbsp;Real estate taxes | 10105 | 9502 | 19317 | 18679 |
| &nbsp;&nbsp;Utilities | 2103 | 1796 | 4910 | 4067 |
| &nbsp;&nbsp;Operating services | 12887 | 12628 | 23880 | 25198 |
| &nbsp;&nbsp;Property management | 4088 | 4366 | 8473 | 9608 |
| &nbsp;&nbsp;General and administrative | 9605 | 8975 | 19673 | 20063 |
| &nbsp;&nbsp;Transaction related costs | 1570 | 890 | 1878 | 1406 |
| &nbsp;&nbsp;Depreciation and amortization | 22471 | 20316 | 43724 | 40433 |
| &nbsp;&nbsp;Land and other impairments, net | 12467 |  | 15667 |  |
| **Total expenses** | **75296** | **58473** | **137522** | **119454** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>OTHER (EXPENSE) INCOME</u>** |  |  |  |  |
| &nbsp;&nbsp;Interest expense | (24604) | (21676) | (47564) | (43176) |
| &nbsp;&nbsp;Interest and other investment income | 70 | 1536 | 95 | 2074 |
| &nbsp;&nbsp;Equity in earnings (losses) of unconsolidated joint ventures | 526 | 2933 | 4368 | 3187 |
| &nbsp;&nbsp;Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | (6877) |  | (6877) |  |
| &nbsp;&nbsp;Gain (loss) on disposition of developable land | 36566 | 10731 | 36410 | 11515 |
| &nbsp;&nbsp;Gain (loss) on sale of unconsolidated joint venture interests | 5122 |  | 5122 | 7100 |
| &nbsp;&nbsp;Gain (loss) from extinguishment of debt, net |  | (785) | **—** | (785) |
| &nbsp;&nbsp;Other income (expense), net | 528 | (250) | 423 | 5 |
| **Total other (expense) income, net** | **11331** | **(7511)** | **(8023)** | **(20080)** |
| &nbsp;&nbsp;Income (loss) from continuing operations before income tax expense | 11963 | 1492 | (1861) | (4718) |
| &nbsp;&nbsp;Provision for income taxes | (93) | (176) | (135) | (235) |
| **Income (loss) from continuing operations after income tax expense** | **11870** | **1316** | **(1996)** | **(4953)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations | (27) | 1419 | 109 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |  |  |  | 1548 |
| **Total discontinued operations, net** | **(27)** | **1419** | **109** | **3219** |
| **Net income (loss)** | **11843** | **2735** | **(1887)** | **(1734)** |
| &nbsp;&nbsp;Noncontrolling interests in consolidated joint ventures | 149 | 543 | 2274 | 1038 |
| &nbsp;&nbsp;Noncontrolling interests in Operating Partnership of income (loss) from continuing operations | (1009) | (153) | (11) | 370 |
| &nbsp;&nbsp;Noncontrolling interests in Operating Partnership in discontinued operations | 2 | (122) | (9) | (277) |
| &nbsp;&nbsp;Redeemable noncontrolling interests | (81) | (81) | (162) | (378) |
| **Net income (loss) available to common shareholders** | **$10904** | **$2922** | **$205** | **$(981)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic earnings per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to common shareholders | $0.12 | $0.03 | $0.00 | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted earnings per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to common shareholders | $0.12 | $0.03 | $0.00 | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average shares outstanding | 93392 | 92663 | 93227 | 92469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average shares outstanding<sup>1</sup> | 102259 | 101952 | 102164 | 101160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See <u>[Reconciliation to Net Income (Loss) to NOI](#i5cfa75181b6d4f7b8dfb06abb2e23140_52)</u> page for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

------

**FFO, Core FFO and Core AFFO** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss) available to common shareholders** | $**10904** | $**2922** | $**205** | $**(981)** |
| <u>Add/(Deduct):</u> |  |  |  |  |
| Noncontrolling interests in Operating Partnership | 1009 | 153 | 11 | (370) |
| Noncontrolling interests in discontinued operations | (2) | 122 | 9 | 277 |
| Real estate-related depreciation and amortization on continuing operations<sup>2</sup> | 23231 | 22514 | 46676 | 45146 |
| Real estate-related depreciation and amortization on discontinued operations |  |  |  | 668 |
| Continuing operations: (Gain) loss on sale from unconsolidated joint ventures | (5122) |  | (5122) | (7100) |
| Continuing operations: Realized and unrealized (gains) losses on disposition of rental property | 6877 |  | 6877 |  |
| Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net |  |  |  | (1548) |
| **FFO**<sup>3</sup> | $**36897** | $**25711** | $**48656** | $**36092** |
| <u>Add/(Deduct):</u> |  |  |  |  |
| (Gain) loss from extinguishment of debt, net |  | 785 |  | 785 |
| Land and other impairments<sup>4</sup> | 12467 |  | 14067 |  |
| (Gain) loss on disposition of developable land | (36566) | (10731) | (36410) | (11515) |
| Severance/Compensation related costs (G&A)<sup>5</sup> | 1352 | 236 | 1520 | 1873 |
| Severance/Compensation related costs (Property Management)<sup>6</sup> | 889 | 838 | 1399 | 2364 |
| Amortization of derivative premium<sup>7</sup> | 878 | 886 | 1962 | 1790 |
| Derivative mark to market adjustment | 270 |  | 525 |  |
| Transaction related costs | 1570 | 890 | 1878 | 1406 |
| **Core FFO** | $**17757** | $**18615** | $**33597** | $**32795** |
| <u>Add/(Deduct):</u> |  |  |  |  |
| Straight-line rent adjustments<sup>8</sup> | (605) | (367) | (751) | (342) |
| Amortization of market lease intangibles, net | (3) | (9) | (6) | (16) |
| Amortization of lease inducements |  |  |  | 7 |
| Amortization of debt discounts (premiums) | 9 |  | 9 |  |
| Amortization of stock compensation | 2813 | 3247 | 6179 | 6974 |
| Non-real estate depreciation and amortization | 139 | 219 | 289 | 429 |
| Amortization of deferred financing costs | 1777 | 1569 | 3484 | 2811 |
| <u>Add/(Deduct):</u> |  |  |  |  |
| Non-incremental revenue generating capital expenditures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building improvements | (2675) | (1562) | (5981) | (2602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements and leasing commissions<sup>9</sup> | (63) | (78) | (96) | (87) |
| **Core AFFO**<sup>3</sup> | $**19149** | $**21634** | $**36724** | $**39969** |
| Funds from Operations per share/unit-diluted | $0.36 | $0.25 | $0.48 | $0.35 |
| Core Funds from Operations per share/unit-diluted | $0.17 | $0.18 | $0.33 | $0.32 |
| Core Adjusted Funds from Operations per share/unit-diluted | $0.19 | $0.21 | $0.36 | $0.39 |
| Dividends declared per common share | $0.08 | $0.06 | $0.16 | $0.11 |

---

See <u>[Consolidated Statements of Operations and Non-GAAP Financial Footnotes](#i5cfa75181b6d4f7b8dfb06abb2e23140_55)</u> page.

See <u>[Consolidated Statements of Operations](#i5cfa75181b6d4f7b8dfb06abb2e23140_55)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10

------

**Adjusted EBITDA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*($ in thousands)* (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Core FFO (calculated on a previous page)** | $**17757** | $**18615** | $**33597** | $**32795** |
| <u>Deduct:</u> |  |  |  |  |
| Equity in (earnings) loss of unconsolidated joint ventures | (526) | (2990) | (4368) | (3449) |
| Equity in earnings share of depreciation and amortization | (898) | (2417) | (3241) | (5142) |
| <u>Add:</u> |  |  |  |  |
| Interest expense | 24604 | 21676 | 47564 | 43176 |
| Amortization of derivative premium | (878) | (886) | (1962) | (1790) |
| Derivative mark to market adjustment | (270) |  | (525) |  |
| Recurring joint venture distributions | 2388 | 4177 | 8189 | 5878 |
| Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments<sup>1</sup> | (149) | (543) | (674) | (1038) |
| Redeemable noncontrolling interests | 81 | 81 | 162 | 378 |
| Income tax expense | 93 | 176 | 136 | 258 |
| **Adjusted EBITDA** | $**42202** | $**37889** | $**78878** | $**71066** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Before** | **Before** | **Before** | **Before** | **Before** |
| | **3Q24** | **4Q24** | **1Q25** | **2Q25** |
| Adjusted EBITDA | $37119 | $32509 | $36675 | $42202 |
| TTM Adjusted EBITDA |  |  |  | 148504 |
| Net Debt as of 6/30/25 |  |  |  | $1795320 |
| **Net Debt-to-EBITDA** |  |  |  | **12.1x** |
| **After** | **After** | **After** | **After** | **After** |
|  | **3Q24** | **4Q24** | **1Q25** | **2Q25** |
| Adjusted EBITDA | $37119 | $32509 | $36675 | $42202 |
| Add: Consolidated 100% NOI Sable | 5867 | 6455 | 5879 | 1242 |
| Less: JV Distributions from Dissolved JVs | (1456) | (2465) | (4904) | (470) |
| Add: Carry Costs from Sold Land | 133 | 278 | 91 | 7 |
| **Adjusted EBITDA (Normalized)** | $**41663** | $**36776** | $**37742** | $**42981** |
| TTM Adjusted EBITDA (Normalized) |  |  |  | $159162 |
| Net Debt as of 6/30/25 |  |  |  | $1795320 |
| **Net Debt-to-EBITDA (Normalized)** |  |  |  | **11.3x** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <u>[Consolidated Statements of Operations and Non-GAAP Financial Footnotes](#i5cfa75181b6d4f7b8dfb06abb2e23140_55)</u> page.

See <u>[Non-GAAP Financial Definitions.](#i5cfa75181b6d4f7b8dfb06abb2e23140_70)</u>

<sup>1</sup>See <u>[Annex 7](#i5cfa75181b6d4f7b8dfb06abb2e23140_67)</u> for breakout of noncontrolling interests in consolidated joint ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

------

**Components of Net Asset Value** 

&nbsp;&nbsp;&nbsp;&nbsp;($ in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Real Estate Portfolio** | **Real Estate Portfolio** | **Real Estate Portfolio** | **Other Assets** | **Other Assets** |
| Operating Multifamily NOI<sup>1</sup> | **Total** | **At Share** | Cash and Cash Equivalents<sup>2</sup> | $10887 |
| &nbsp;&nbsp;&nbsp;New Jersey Waterfront | $170008 | $149371 | Restricted Cash | 18581 |
| &nbsp;&nbsp;&nbsp;Massachusetts | 20420 | 20420 | Other Assets | 47430 |
| &nbsp;&nbsp;&nbsp;Other | 30064 | 23689 | **Subtotal Other Assets** | **$76898** |
| **Total Multifamily NOI as of 6/30** | **$220492** | **$193480** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Less: Sold properties in July<sup>3</sup>* | *(10936)* | *(10936)* | **Liabilities and Other Considerations** |  |
| **Total Multifamily NOI as of 7/22** | **$209556** | **$182544** |  |  |
| Commercial NOI<sup>4</sup> | 4732 | 3792 | Operating - Consolidated Debt at Share<sup>5</sup> | $1438479 |
| **Total NOI as of 7/22** | **$214288** | **$186336** | Operating - Unconsolidated Debt at Share | 129170 |
|  |  |  | Other Liabilities | 77782 |
| **Non-Strategic Assets** | **Non-Strategic Assets** | **Non-Strategic Assets** | Revolving Credit Facility<sup>5</sup> | 126000 |
|  |  |  | Term Loan<sup>5</sup> |  |
| Estimated Value of Remaining Land | Estimated Value of Remaining Land | $134194 | Preferred Units | 9294 |
| **Total Non-Strategic Assets<sup>6</sup>** | **Total Non-Strategic Assets<sup>6</sup>** | **$134194** | **Subtotal Liabilities and Other Considerations** | **$1780725** |
|  |  |  | **Outstanding Shares<sup>7</sup>** |  |
|  |  |  | Diluted Weighted Average Shares Outstanding for 2Q 2025 (in 000s) | 102259 |

---

<sup>1</sup> See <u>[Multifamily Operating Portfolio](#i5cfa75181b6d4f7b8dfb06abb2e23140_31)</u> page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees. Displayed NOI values reflect the change in ownership % associated with consolidation of Sable (f.k.a. Jersey City Urby) from 85% to 100% and exclude NOI from Metropolitan at 40 Park due to the sale of our interest in April 2025.

<sup>2</sup> Cash and cash equivalents is of July 22, 2025.

<sup>3</sup> Signature Place contributed $1.1 million and 145 Front Street contributed $1.6 million in NOI for the second quarter of 2025. Both properties were sold in July and have been deducted from our NOI on an annualized basis at their respective former ownership levels of 100%.

<sup>4</sup> See <u>[Commercial Assets and Developable Land](#i5cfa75181b6d4f7b8dfb06abb2e23140_34)</u> page for more details.

<sup>5</sup> See <u>[Debt Summary and Maturity Schedule](#i5cfa75181b6d4f7b8dfb06abb2e23140_46)</u> for pro forma reconciliation.

<sup>6</sup> The land values are VRE's share of value. For more details see <u>[Commercial Assets and Developable Land](#i5cfa75181b6d4f7b8dfb06abb2e23140_34)</u> page.

<sup>7</sup> Outstanding shares for the quarter ended June 30, 2025 is comprised of the following (in 000s): 93,392 weighted average common shares outstanding, 8,619 weighted average Operating Partnership common and vested LTIP units outstanding, and (248) shares representing the dilutive effect of stock-based compensation awards.

See <u>[Non-GAAP Financial Definitions.](#i5cfa75181b6d4f7b8dfb06abb2e23140_70)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Operating Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(in thousands, except Revenue per home)* 

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** |
| | | | &nbsp;&nbsp;&nbsp;**Percentage**<br>**Occupied** | &nbsp;&nbsp;&nbsp;**Percentage**<br>**Occupied** | **Average Revenue<br>per Home** | **Average Revenue<br>per Home** | **NOI<sup>1</sup>** | **NOI<sup>1</sup>** | **Debt**<br>**Balance** |
| | **Ownership** | **Apartments** | **2Q 2025** | **1Q 2025** | **2Q 2025** | **1Q 2025** | **2Q 2025** | **1Q 2025** | **Debt**<br>**Balance** |
| <u>NJ Waterfront</u> |  |  |  |  |  |  |  |  |  |
| Haus25 | 100.0% | 750 | 95.6% | 95.6% | $5027 | $4969 | $8083 | $8195 | $343061 |
| Liberty Towers\* | 100.0% | 648 | 77.7% | 80.5% | 4688 | 4428 | 4462 | 4289 |  |
| BLVD 401 | 74.3% | 311 | 96.0% | 95.0% | 4288 | 4272 | 2498 | 2431 | 114500 |
| BLVD 425 | 74.3% | 412 | 95.7% | 95.9% | 4217 | 4143 | 3359 | 3426 | 131000 |
| BLVD 475 | 100.0% | 523 | 97.2% | 96.4% | 4308 | 4235 | 4429 | 4197 | 162969 |
| Soho Lofts\* | 100.0% | 377 | 93.9% | 94.2% | 4871 | 4828 | 3193 | 3232 |  |
| Sable (f.k.a. Jersey City Urby)<sup>2</sup> | 100.0% | 762 | 94.7% | 94.5% | 4224 | 4223 | 5655 | 5879 | 181544 |
| RiverHouse 9 at Port Imperial | 100.0% | 313 | 96.7% | 96.4% | 4507 | 4493 | 2798 | 2715 | 110000 |
| RiverHouse 11 at Port Imperial | 100.0% | 295 | 96.6% | 95.8% | 4403 | 4391 | 2543 | 2527 | 100000 |
| RiverTrace | 22.5% | 316 | 93.8% | 94.2% | 3830 | 3808 | 2084 | 2151 | 82000 |
| Capstone | 40.0% | 360 | 94.9% | 95.6% | 4692 | 4603 | 3398 | 3323 | 135000 |
| **NJ Waterfront Subtotal** | **87.2%** | **5067** | **93.2%** | **93.4%** | **$4499** | **$4430** | **$42502** | **$42365** | **$1360074** |
| <u>Massachusetts</u> |  |  |  |  |  |  |  |  |  |
| Portside at East Pier | 100.0% | 180 | 97.3% | 96.4% | $3336 | $3283 | $1277 | $1156 | $56500 |
| Portside 2 at East Pier | 100.0% | 296 | 95.9% | 95.8% | 3567 | 3502 | 2217 | 2115 | 94614 |
| 145 Front at City Square<sup>3</sup> | 100.0% | 365 | 95.2% | 94.8% | 2498 | 2513 | 1611 | 1636 |  |
| The Emery at Overlook Ridge | 100.0% | 326 | 94.7% | 93.9% | 2899 | 2845 | 1664 | 1648 | 69902 |
| **Massachusetts Subtotal** | **100.0%** | **1167** | **95.6%** | **95.0%** | **$3010** | **$2975** | **$6769** | **$6555** | **$221016** |
| <u>Other</u> |  |  |  |  |  |  |  |  |  |
| The Upton | 100.0% | 193 | 95.0% | 93.3% | $4468 | $4355 | $1466 | $1290 | $75000 |
| The James\* | 100.0% | 240 | 96.4% | 97.8% | 3107 | 3074 | 1561 | 1570 |  |
| Signature Place<sup>4</sup> | 100.0% | 197 | 96.8% | 95.7% | 3317 | 3350 | 1123 | 1101 |  |
| Quarry Place at Tuckahoe | 100.0% | 108 | 97.6% | 96.8% | 4409 | 4406 | 795 | 798 | 41000 |
| Riverpark at Harrison | 45.0% | 141 | 97.0% | 97.6% | 2924 | 2857 | 584 | 568 | 30192 |
| Station House | 50.0% | 378 | 92.6% | 93.2% | 3018 | 2909 | 1987 | 1855 | 86267 |
| **Other Subtotal** | **78.8%** | **1257** | **95.3%** | **95.3%** | **$3413** | **$3354** | **$7516** | **$7182** | **$232459** |
| **Operating Portfolio**<sup>5,6</sup> | **87.8%** | **7491** | **93.9%** | **94.0%** | **$4085** | **$4023** | **$56787** | **$56102** | **$1813549** |
| Metropolitan at 40 Park<sup>7</sup> | 25.0% | 130 | 94.8% | 94.0% | 3781 | $3800 | $140 | $798 | $— |
|  | **86.7%** | **7621** | **93.9%** | **94.0%** | **$4080** | **$4019** | **$56927** | **$56900** | **$1813549** |

---

<sup>1</sup> The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.

<sup>2</sup> In April, the Company purchased joint venture partner's 15% interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".

<sup>3</sup> 145 Front Street was sold on July 22, 2025.

<sup>4</sup> Signature Place was sold on July 9, 2025.

<sup>5</sup> Rental revenue associated with retail leases is included in the NOI disclosure above.

<sup>6</sup> See <u>[Unconsolidated Joint Ventures](#i5cfa75181b6d4f7b8dfb06abb2e23140_58)</u> and <u>[Annex 6: Multifamily Operating Portfolio](#i5cfa75181b6d4f7b8dfb06abb2e23140_64)</u> for more details.

<sup>7</sup> The Company sold its interest in Metropolitan at 40 Park in April 2025.

\*Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility. 145 Front Street and Signature Place were both sold in July 2025 and were removed from the collateral pool. Following the July 9, 2025 amendment of the facility, the required number of collateral assets was reduced from five to two.

See <u>[Non-GAAP Financial Definitions.](#i5cfa75181b6d4f7b8dfb06abb2e23140_70)</u>

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**Commercial Assets and Developable Land**

*($ in thousands)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commercial** | **Location** | **Ownership** | **Rentable**<br>**SF**<sup>1</sup> | **Percentage**<br>**Leased**<br>**2Q 2025** | **Percentage**<br>**Leased**<br>**1Q 2025** | **NOI**<br>**2Q 2025** | **NOI**<br>**1Q 2025** | **Debt**<br>**Balance** |
| Port Imperial South - Garage | Weehawken, NJ | 70.0% | Fn 1 | N/A | N/A | $713 | $413 | $30815 |
| Port Imperial South - Retail | Weehawken, NJ | 70.0% | 18064 | 77.0% | 77.0% | 70 | 112 |  |
| Port Imperial North - Garage  | Weehawken, NJ | 100.0% | Fn 1 | N/A | N/A | 66 | (54) |  |
| Port Imperial North - Retail | Weehawken, NJ | 100.0% | 8400 | 100.0% | 100.0% | 145 | 89 |  |
| Riverwalk at Port Imperial | West New York, NJ | 100.0% | 29923 | 88.0% | 80.0% | 189 | 35 |  |
| **Commercial Total** |  | **90.4%** | **56387** | **86.3%** | **82.0%** | **$1183** | **$595** | **$30815** |

---

---

| | | |
|:---|:---|:---|
| **Developable Land Parcel Units<sup>2</sup>** | | |
| | **Total Units** | **VRE Share** |
| NJ Waterfront | 1522 | 1400 |
| Massachusetts | 737 | 737 |
| Other | 160 | 160 |
| **Developable Land Parcel Units Total at July 22, 2025** | **2419** | **2297** |
| Less: land under binding contract |  |  |
| **Developable Land Parcel Units Remaining** | **2419** | **2297** |

---

<sup>1</sup> Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively.

<sup>2</sup> The Company has an additional 34,375 SF of developable retail space within land developments that is not represented in this table.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Same Store Market Information**<sup>1</sup>

**Sequential Quarter Comparison** 

*(NOI in thousands)* &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **NOI at Share** | **NOI at Share** | **NOI at Share** | **Occupancy** | **Occupancy** | **Occupancy** | **Blended Lease Tradeouts<sup>2</sup>** | **Blended Lease Tradeouts<sup>2</sup>** | **Blended Lease Tradeouts<sup>2</sup>** |
| | **Apartments** | **2Q 2025** | **1Q 2025** | **Change** | **2Q 2025** | **1Q 2025** | **Change** | **2Q 2025** | **1Q 2025** | **Change** |
| New Jersey Waterfront | 5067 | $37814 | $37672 | 0.4% | 93.2% | 93.4% | (0.2)% | 4.7% | 0.3% | 4.4% |
| Massachusetts | 1167 | 7029 | 6816 | 3.1% | 95.6% | 95.0% | 0.6% | 3.4% | 2.4% | 1.0% |
| Other<sup>3</sup> | 1257 | 6466 | 6195 | 4.4% | 95.3% | 95.3% | —% | 7.2% | 2.8% | 4.4% |
| **Total** | **7491** | **$51309** | **$50683** | **1.2%** | **93.9%** | **94.0%** | **(0.1)%** | **4.7%** | **2.3%** | **2.4%** |

---

**Year-over-Year Second Quarter Comparison** 

*(NOI in thousands)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **NOI at Share** | **NOI at Share** | **NOI at Share** | **Occupancy** | **Occupancy** | **Occupancy** | **Blended Lease Tradeouts**<sup>2</sup>  | **Blended Lease Tradeouts**<sup>2</sup>  | **Blended Lease Tradeouts**<sup>2</sup>  |
| | **Apartments** | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;**2Q 2024** | &nbsp;&nbsp;**Change** | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;**2Q 2024** | &nbsp;&nbsp;**Change** | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;**2Q 2024** | &nbsp;&nbsp;**Change** |
| New Jersey Waterfront | 5067 | $37814 | $36181 | 4.5% | 93.2% | 95.1% | (1.9)% | 4.7% | 6.2% | (1.5)% |
| Massachusetts | 1167 | 7029 | 6635 | 5.9% | 95.6% | 95.2% | 0.4% | 3.4% | 4.4% | (1.0)% |
| Other<sup>3</sup>  | 1257 | 6466 | 5775 | 12.0% | 95.3% | 93.0% | 2.3% | 7.2% | 2.0% | 5.2% |
| &nbsp;&nbsp;**Total** | **7491** | **$51309** | **$48591** | **5.6%** | **93.9%** | **94.7%** | **(0.8)%** | **4.7%** | **5.3%** | **(0.6)%** |

---

**Average Revenue per Home** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Apartments** | **2Q 2025** | **1Q 2025** | **4Q 2024** | **3Q 2024** | **2Q 2024** |
| New Jersey Waterfront | 5067 | $4499 | $4430 | $4441 | $4371 | $4291 |
| Massachusetts | 1167 | 3010 | 2975 | 2962 | 2946 | 2931 |
| Other<sup>3</sup>  | 1257 | 3413 | 3354 | 3411 | 3390 | 3376 |
| **Total** | **7491** | **$4085** | **$4023** | **$4038** | **$3984** | **$3926** |

---

<sup>1</sup> All statistics are based off the current 7,491 Same Store pool. These values are an our ownership percentage, Sable is shown as 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025.

<sup>2</sup> Blended lease tradeouts exclude properties not managed by Veris.

<sup>3</sup> "Other" includes properties in Suburban NJ, New York, and Washington, DC. See <u>[Multifamily Operating Portfolio](#i5cfa75181b6d4f7b8dfb06abb2e23140_31)</u> page for breakout.

See <u>[Non-GAAP Financial Definitions.](#i5cfa75181b6d4f7b8dfb06abb2e23140_70)</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Same Store Performance**

 *($ in thousands)*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multifamily Same Store<sup>1</sup>** | | | | | | | | | | | | |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Sequential** | **Sequential** | **Sequential** | **Sequential** |
|  | **2025** | **2024** | **Change** | **%** | **2025** | **2024** | **Change** | **%** | **2Q 25** | **1Q 25** | **Change** | **%** |
| Apartment Rental Income | $68553 | $67173 | $1380 | 2.1% | $136912 | $133566 | $3346 | 2.5% | $68553 | $68359 | $194 | 0.3% |
| Parking/Other Income | 7446 | 6987 | 459 | 6.6% | 14466 | 14202 | 264 | 1.9% | 7446 | 7021 | 425 | 6.1% |
| **Total Property Revenues<sup>2</sup>** | **$75999** | **$74160** | **$1839** | **2.5%** | **$151378** | **$147768** | **$3610** | **2.4%** | **$75999** | **$75380** | **$619** | **0.8%** |
| Marketing & Administration | 2168 | 2511 | (343) | (13.7)% | 4298 | 4634 | (336) | (7.3)% | 2168 | 2130 | 38 | 1.8% |
| Utilities | 2204 | 2162 | 42 | 1.9% | 5413 | 4695 | 718 | 15.3% | 2204 | 3209 | (1005) | (31.3)% |
| Payroll | 4294 | 4280 | 14 | 0.3% | 8549 | 8538 | 11 | 0.1% | 4294 | 4255 | 39 | 0.9% |
| Repairs & Maintenance | 4133 | 4333 | (200) | (4.6)% | 7476 | 7908 | (432) | (5.5)% | 4133 | 3343 | 790 | 23.6% |
| **Controllable Expenses** | **$12799** | **$13286** | **$(487)** | **(3.7)%** | **$25736** | **$25775** | **$(39)** | **(0.2)%** | **$12799** | **$12937** | **$(138)** | **(1.1)%** |
| Other Fixed Fees | 778 | 695 | 83 | 11.9% | 1496 | 1401 | 95 | 6.8% | 778 | 718 | 60 | 8.4% |
| Insurance | 1544 | 1773 | (229) | (12.9)% | 3004 | 3545 | (541) | (15.3)% | 1544 | 1460 | 84 | 5.8% |
| Real Estate Taxes | 9569 | 9815 | (246) | (2.5)% | 19151 | 19334 | (183) | (0.9)% | 9569 | 9582 | (13) | (0.1)% |
| **Non-Controllable Expenses** | **$11891** | **$12283** | **$(392)** | **(3.2)%** | **$23651** | **$24280** | **$(629)** | **(2.6)%** | **$11891** | **$11760** | **$131** | **1.1%** |
| **Total Property Expenses** | **$24690** | **$25569** | **$(879)** | **(3.4)%** | **$49387** | **$50055** | **$(668)** | **(1.3)%** | **$24690** | **$24697** | **$(7)** | **—%** |
| **Same Store GAAP NOI** | **$51309** | **$48591** | **$2718** | **5.6%** | **$101991** | **$97713** | **$4278** | **4.4%** | **$51309** | **$50683** | **$626** | **1.2%** |
| Same Store NOI Margin | 67.5% | 65.5% | 2.0% |  | 67.4% | 66.1% | 1.3% |  | 67.5% | 67.2% | 0.3% |  |
| Total Units | 7491 | 7491 |  |  | 7491 | 7491 |  |  | 7491 | 7491 |  |  |
| % Ownership<sup>1</sup> | 86.3% | 86.3% |  |  | 86.3% | 86.3% |  |  | 86.3% | 86.3% |  |  |
| % Occupied  | 93.9% | 94.7% | (0.8)% |  | 93.9% | 94.7% | (0.8)% |  | 93.9% | 94.0% | (0.1)% |  |

---

<sup>1</sup> Values represent the Company's pro rata ownership of the operating portfolio. All periods displayed have the same properties in the pool. These are shown at share and exclude management fees. These values are at our ownership percentage, and Sable is reflected at 85% for all comparative periods.

<sup>2</sup> Revenues reported based on Generally Accepted Accounting Principals or "GAAP".

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------

**Debt Profile**

*($ in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Lender** | **Effective**<br>**Interest Rate**<sup>1</sup> | **June 30, 2025** | **December 31, 2024** | **Date of<br>Maturity** |
| **<u>Secured Permanent Loans</u>** | | | | | |
| Portside 2 at East Pier | New York Life Insurance Co. | 4.56% | 94614 | 95427 | 03/10/26 |
| BLVD 425 | New York Life Insurance Co. | 4.17% | 131000 | 131000 | 08/10/26 |
| BLVD 401 | New York Life Insurance Co. | 4.29% | 114500 | 115515 | 08/10/26 |
| Portside at East Pier<sup>2</sup> | KKR | SOFR + 2.75% | 56500 | 56500 | 09/07/26 |
| The Upton<sup>3</sup> | Bank of New York Mellon | SOFR + 1.58% | 75000 | 75000 | 10/27/26 |
| RiverHouse 9 at Port Imperial<sup>4</sup> | JP Morgan | SOFR + 1.41% | 110000 | 110000 | 06/21/27 |
| Quarry Place at Tuckahoe<sup>5</sup> | Natixis Real Estate Capital, LLC | 4.48% | 41000 | 41000 | 08/05/27 |
| BLVD 475 | The Northwestern Mutual Life Insurance Co. | 2.91% | 162969 | 164712 | 11/10/27 |
| Haus25 | Freddie Mac | 6.04% | 343061 | 343061 | 09/01/28 |
| RiverHouse 11 at Port Imperial | The Northwestern Mutual Life Insurance Co. | 4.52% | 100000 | 100000 | 01/10/29 |
| Sable<sup>6</sup> | Pacific Life | 5.20% | 181544 |  | 08/01/29 |
| Port Imperial Garage South | American General Life & A/G PC | 4.85% | 30815 | 31098 | 12/01/29 |
| The Emery at Overlook Ridge<sup>7</sup> | Flagstar Bank | 3.21% | 69902 | 70653 | 01/01/31 |
| **Secured Permanent Loans Outstanding** |  |  | **$1510903** | **$1333966** |  |
| Unamortized Deferred Financing Costs<sup>5</sup> |  |  | (10077) | (10492) |  |
| **Secured Permanent Loans** |  |  | **$1500826** | **$1323474** |  |
| **<u>Secured RCF & Term Loans:</u>** |  |  |  |  |  |
| Revolving Credit Facility<sup>8</sup> | Various Lenders | SOFR + 2.73% | $127000 | $152000 | 04/22/27 |
| Term Loan<sup>8</sup> | Various Lenders | SOFR + 2.73% | 200000 | 200000 | 04/22/27 |
| **RCF & Term Loan Balances** |  |  | **$327000** | **$352000** |  |
| Unamortized Deferred Financing Costs<sup>5</sup> |  |  | (2487) | (3161) |  |
| **Total RCF & Term Loan Debt** |  |  | **$324513** | **$348839** |  |
| **Total Debt** |  |  | **$1825339** | **$1672313** |  |

---

See to <u>[Debt Profile Footnotes](#i5cfa75181b6d4f7b8dfb06abb2e23140_61)</u> page.

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**Debt Summary and Maturity Schedule**

&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

 *($ in thousands)* &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of 6/30** | **Balance** | **% <br>of Total** | **Weighted Average<br>Interest Rate** | **Weighted Average<br>Maturity in Years** |
| **<u>Fixed Rate & Hedged Debt</u>** | | | | |
| Fixed Rate & Hedged Secured Debt | $1710903 | 93.1% | 4.96% | 2.49 |
| **<u>Variable Rate Debt</u>** |  |  |  |  |
| Variable Rate Debt | 127000 | 6.9% | 7.06% | 1.81 |
| **Totals / Weighted Average** | **$1837903** | **100.0%** | **5.11%** | **2.44** |
| Unamortized Deferred Financing Costs | (12564) |  |  |  |
| **Total Consolidated Debt, net** | **$1825339** |  |  |  |
| Partners' Share | (72424) |  |  |  |
| **VRE Share of Total Consolidated Debt, net<sup>1</sup>** | **$1752915** |  |  |  |
| **Unconsolidated Secured Debt** |  |  |  |  |
| VRE Share | $129170 | 38.7% | 4.33% | 4.12 |
| Partners' Share | 204289 | 61.3% | 4.33% | 4.12 |
| **Total Unconsolidated Secured Debt** | **$333459** | **100.0%** | **4.33%** | **4.12** |

---

As of July 22, all of the Company's total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed, resulting from the transfer of outstanding interest rate caps from the recently repaid term loan to the outstanding borrowings on the revolver. The Company's total pro forma debt portfolio has a weighted average interest rate of 4.86% and a weighted average maturity of 2.6 years.

**<u>Debt Maturity Schedule as of July 22, 2025</u>**<sup>2,3</sup> ![chart-9b1e9bb62d5949db822a.jpg](chart-9b1e9bb62d5949db822a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pro Forma 7/22** | Balance | % of Total | Weighted Average Interest Rate | Weighted Average Maturity in Years |
| Fixed Rate & Hedged Secured Debt | $1693649 | 100.0% | 4.86% | 2.63 |
| Variable Rate Secured Debt |  | —% | —% |  |
| **Total Pro Forma Debt Portfolio** | **$1693649** | **100.0%** | **4.86%** | **2.63** |

---

---

| | |
|:---|:---|
| | Pro Forma 7/22 |
| Total Consolidated Debt, gross as of 6/30/25 | $1837903 |
| Partners' Share | (72424) |
| **VRE Share of Total Consolidated Debt, as of 6/30/25** | **$1765479** |
| Term loan paydown from July multifamily sale proceeds | (200000) |
| Revolver activity in July | (1000) |
| **VRE Share of Total Consolidated Debt, as of 7/22/25** | **$1564479** |
| **VRE Share of Total Unconsolidated Debt, as of 6/30/25** | **$129170** |
| **Total Pro Forma Debt Portfolio** | **$1693649** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.5 million at BLVD 401 and $9.2 million at Port Imperial South Garage.

<sup>2</sup> The Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities. On June 30, the Term Loan was fully drawn at $200 million but was fully repaid in July.

<sup>3</sup> The graphic reflects VRE share of consolidated debt balances only. The loan encumbering Emery is represented among the 2026 maturities as it features a contractual rate step-up in January 2026. Dollars are shown in millions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annex 1: Transaction Activity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $ in thousands except per SF | $ in thousands except per SF | $ in thousands except per SF | $ in thousands except per SF | $ in thousands except per SF | $ in thousands except per SF |
|  | **Location** | **Transaction Date** | **Number of Buildings** | **Units** | **Gross Asset Value** |
| **2025 dispositions-to-date** |  |  |  |  |  |
| **Land** |  |  |  |  |  |
| 65 Livingston | Roseland, NJ | 1/24/2025 | N/A | N/A | $7300 |
| Wall Land | Wall Township, NJ | 4/3/2025 | N/A | N/A | 31000 |
| PI North - Building 6 and Riverbend I | West New York, NJ | 4/21/2025 | N/A | N/A | 6500 |
| 1 Water | White Plains, NY | 4/29/2025 | N/A | N/A | 15500 |
| **Land dispositions-to-date** |  |  | **N/A** | **N/A** | **$60300** |
| **Multifamily** |  |  |  |  |  |
| Metropolitan at 40 Park | Morristown, NJ | 4/21/2025 | 1 | 130 | $600 |
| Signature Place | Morris Plains, NJ | 7/9/2025 | 1 | 197 | 85000 |
| 145 Front Street | Worcester, MA | 7/22/2025 | 1 | 365 | 122200 |
| **Multifamily dispositions-to-date** |  |  | **3** | **692** | **$207800** |
| **Total dispositions-to-date** |  |  | **3** | **692** | **$268100** |
| **2025 acquisitions-to-Date** |  |  |  |  |  |
| **Multifamily** |  |  |  |  |  |
| Sable | Jersey City, NJ | 4/21/2025 | 1 | 762 | $38500<sup>1</sup> |
| **Multifamily acquisitions-to-date** |  |  | **1** | **762** | **$38500** |

---

<sup>1</sup> Represents gross value associated with the purchase of our partner's 15% equity interest in the Jersey City property now known as Sable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19

------

**Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended)**

---

| | | |
|:---|:---|:---|
| | **2Q 2025** | **1Q 2025** |
| | **Total** | **Total** |
| **Net Income (loss)** | $**11843** | $**(13730)** |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | (766) | (718) |
| &nbsp;&nbsp;&nbsp;Loss (income) from discontinued operations | 27 | (136) |
| &nbsp;&nbsp;&nbsp;Interest and other investment income | (70) | (25) |
| &nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated joint ventures | (526) | (3842) |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposition of developable land | (36566) | 156 |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 6877 |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of unconsolidated joint venture interests | (5122) |  |
| &nbsp;&nbsp;&nbsp;Other (income) expense, net | (528) | 105 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;Property management | 4088 | 4385 |
| &nbsp;&nbsp;&nbsp;General and administrative | 9605 | 10068 |
| &nbsp;&nbsp;&nbsp;Transaction-related costs | 1570 | 308 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 22471 | 21253 |
| &nbsp;&nbsp;&nbsp;Interest expense | 24604 | 22960 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 93 | 42 |
| &nbsp;&nbsp;&nbsp;Land and other impairments, net | 12467 | 3200 |
| **Net operating income (NOI)** | $**50067** | $**44026** |

---

---

| | | |
|:---|:---|:---|
| **<u>Summary of Consolidated Multifamily NOI by Type (unaudited):</u>** | **2Q 2025** | **1Q 2025** |
| Total Consolidated Multifamily - Operating Portfolio | $47316 | $42326 |
| Total Consolidated Commercial | 1183 | 595 |
| **Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)** | $**48499** | $**42921** |
| NOI (loss) from services, land/development/repurposing & other assets | 1675 | 1250 |
| **Total Consolidated Multifamily NOI** | $**50174** | $**44171** |

---

See <u>[Consolidated Statement of Operations](#i5cfa75181b6d4f7b8dfb06abb2e23140_19)</u> page.

See <u>[Non-GAAP Financial Definitions.](#i5cfa75181b6d4f7b8dfb06abb2e23140_70)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20

------

**Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes**

FFO, Core FFO, AFFO, NOI, & Adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,619 and 8,689 shares for the three months ended June 30, 2025 and 2024, respectively, and 8,625 and 8,691 shares for the six months ended June 30, 2025 and 2024, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $0.9 million and $2.4 million for the three months ended June 30, 2025 and 2024, respectively, and $3.2 million and $5.1 million for the six months ended June 30, 2025 and 2024 respectively. Excludes non-real estate-related depreciation and amortization of $0.1 million and $0.2 million for each of the three months ended June 30, 2025 and 2024 respectively $0.3 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See <u>[Non-GAAP Financial Definitions](#i5cfa75181b6d4f7b8dfb06abb2e23140_70)</u> for information About FFO, Core FFO, AFFO, NOI & Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Represents the Company's controlling interest portion of $15.7 million land and other impairment charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $8.3 million and $8.7 million for the three months ended June 30, 2025 and 2024, respectively, and $18.2 million and $18.2 million for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.2 million and $3.5 million for the three months ended June 30, 2025 and 2024, respectively, and $7.0 million and $7.2 million for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Includes the Company's share from unconsolidated joint ventures of $2 thousand and $19 thousand for the three months ended June 30, 2025 and 2024, respectively, and $14 thousand and $38 thousand for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Includes the Company's share from unconsolidated joint ventures of ($10) thousand and $103 thousand for the three months ended June 30, 2025 and 2024, respectively and ($21) thousand and $93 thousand for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.

&nbsp;&nbsp;&nbsp;&nbsp;Back to <u>[Consolidated Statement of Operations](#i5cfa75181b6d4f7b8dfb06abb2e23140_19)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;Back to <u>[FFO, Core FFO and Core AFFO](#i5cfa75181b6d4f7b8dfb06abb2e23140_22)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;Back to <u>[Adjusted EBITDA](#i5cfa75181b6d4f7b8dfb06abb2e23140_25)</u> page

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21

------

**Annex 4: Unconsolidated Joint Ventures**

*($ in thousands)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Units** | **Percentage**<br>**Occupied** | **VRE's Nominal<br>Ownership** | **2Q 2025<br>NOI<sup>1</sup>** | **Total<br>Debt** | **VRE Share<br>of 2Q NOI** | **VRE Share<br>of Debt** |
| **Multifamily** | | | | | | | |
| RiverTrace at Port Imperial | 316 | 93.8% | 22.5% | 2084 | 82000 | 469 | 18450 |
| Capstone at Port Imperial | 360 | 94.9% | 40.0% | 3398 | 135000 | 1359 | 54000 |
| Riverpark at Harrison | 141 | 97.0% | 45.0% | 584 | 30192 | 263 | 13586 |
| Station House | 378 | 92.6% | 50.0% | 1987 | 86267 | 994 | 43134 |
| **Total UJV <sup>2</sup>** | **1195** | **94.1%** | **39.1%** | **$8053** | **$333459** | **$3085** | **$129170** |

---

<sup>1</sup> The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.

<sup>2</sup> In April, the Company purchased its joint venture partner`s interest in the Jersey City property that was previously known as the "Urby", now named Sable, officially consolidating it. The Company also sold its interest in the Metropolitan at 40 Park in April 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22

------

**Annex 5: Debt Profile Footnotes**

&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The loan on Portside at East Pier is hedged with a 3-year cap at a strike rate of 3.5%, expiring in September 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The loan on Upton is hedged with an interest rate cap at a strike rate of 3.5%, expiring in November 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The loan on RiverHouse 9 is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The $41 million mortgage on Quarry Place, and the $0.1 million of unamortized deferred financing costs are presented as Liabilities held for sale, net on the Company's Consolidated Balance Sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The loan on Sable was consolidated in April 2025 upon the acquisition of the remaining 15% controlling interest in the joint venture previously referred to as "Urby at Harborside".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time interest rate election of either: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Company's facilities consist of a $300 million Revolver and $200 million delayed-draw Term Loan and are supported by a group of eight lenders. The eight lenders consists of JP Morgan Chase and Bank of New York Mellon as Joint Bookrunners; Bank of America Securities, Capital One, Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers; and Associated Bank and Eastern Bank as participants. The facilities have a three-year term ending April 22, 2027, with a one-year extension option. The Term Loan was fully drawn and hedged with interest rate caps at strike rates of 3.5%, expiring in July 2026.

As noted throughout the document, subsequent to quarter end the Company amended its existing facility, as of July 22, 2025, there is no remaining balance on the Term Loan and there is $126 million drawn on the Revolver. The Revolver is fully hedged by the existing caps on the Term Loan, which expire in July 2026.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Balance as of June 30, 2025 | Initial Spread | Deferred Financing Costs | 5 bps reduction KPI | Updated Spread | SOFR or SOFR Cap | All In Rate |
| Secured Revolving Credit Facility | $127000000 | 2.10% | 0.68% | (0.05)% | 2.73% | 4.33% | 7.06% |
| Secured Term Loan | $200000000 | 2.10% | 0.68% | (0.05)% | 2.73% | 3.50% | 6.23% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Balance as of July 22, 2025 | Initial Spread | Deferred Financing Costs | 5 bps reduction KPI | Updated Spread | SOFR or SOFR Cap | All In Rate |
| Secured Revolving Credit Facility | $126000000 | 1.55% | 0.88% | (0.05)% | 2.38% | 3.50% | 5.88% |
| Secured Term Loan |  |  |  |  |  |  |  |

---

Back to <u>[Debt Profile](#i5cfa75181b6d4f7b8dfb06abb2e23140_43)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23

------

**Annex 6: Multifamily Property Information**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Location** | **Ownership** | **Apartments** | **Rentable SF<sup>1</sup>** | **Average Size** | **Year Complete** |
| <u>NJ Waterfront</u> |  |  |  |  |  |  |
| Haus25 | Jersey City, NJ | 100.0% | 750 | 617787 | 824 | 2022 |
| Liberty Towers | Jersey City, NJ | 100.0% | 648 | 602210 | 929 | 2003 |
| BLVD 401 | Jersey City, NJ | 74.3% | 311 | 273132 | 878 | 2016 |
| BLVD 425 | Jersey City, NJ | 74.3% | 412 | 369515 | 897 | 2003 |
| BLVD 475 | Jersey City, NJ | 100.0% | 523 | 475459 | 909 | 2011 |
| Soho Lofts | Jersey City, NJ | 100.0% | 377 | 449067 | 1191 | 2017 |
| Sable<sup>2</sup> | Jersey City, NJ | 100.0% | 762 | 474476 | 623 | 2017 |
| RiverHouse 9 at Port Imperial | Weehawken, NJ | 100.0% | 313 | 245127 | 783 | 2021 |
| RiverHouse 11 at Port Imperial | Weehawken, NJ | 100.0% | 295 | 250591 | 849 | 2018 |
| RiverTrace | West New York, NJ | 22.5% | 316 | 295767 | 936 | 2014 |
| Capstone | West New York, NJ | 40.0% | 360 | 337991 | 939 | 2021 |
| **NJ Waterfront Subtotal** |  | **87.2%** | **5067** | **4391122** | **867** |  |
| <u>Massachusetts</u> |  |  |  |  |  |  |
| Portside at East Pier | East Boston, MA | 100.0% | 180 | 154859 | 862 | 2015 |
| Portside 2 at East Pier | East Boston, MA | 100.0% | 296 | 230614 | 779 | 2018 |
| 145 Front at City Square<sup>3</sup> | Worcester, MA | 100.0% | 365 | 304936 | 835 | 2018 |
| The Emery at Overlook Ridge | Revere, MA | 100.0% | 326 | 273140 | 838 | 2020 |
| **Massachusetts Subtotal** |  | **100.0%** | **1167** | **963549** | **826** |  |
| <u>Other</u> |  |  |  |  |  |  |
| The Upton | Short Hills, NJ | 100.0% | 193 | 217030 | 1125 | 2021 |
| The James | Park Ridge, NJ | 100.0% | 240 | 215283 | 897 | 2021 |
| Signature Place<sup>4</sup> | Morris Plains, NJ | 100.0% | 197 | 203716 | 1034 | 2018 |
| Quarry Place at Tuckahoe | Eastchester, NY | 100.0% | 108 | 105551 | 977 | 2016 |
| Riverpark at Harrison | Harrison, NJ | 45.0% | 141 | 124774 | 885 | 2014 |
| Station House | Washington, DC | 50.0% | 378 | 290348 | 768 | 2015 |
| **Other Subtotal** |  | **78.8%** | **1257** | **1156702** | **920** |  |
| **Operating Portfolio**<sup>5</sup> |  | **87.8%** | **7491** | **6511373** | **869** |  |
| Metropolitan at 40 Park<sup>6</sup> | Morristown, NJ | 25.0% | 130 | 124237 | 956 | 2010 |
|  |  | **86.7%** | **7621** | **6635610** | **871** |  |

---

Back to <u>[Multifamily Operating Portfolio](#i5cfa75181b6d4f7b8dfb06abb2e23140_31)</u> page.

<sup>1</sup> Total sf outlined above excludes approximately 181,483 sqft of ground floor retail, of which 141,782 sf was leased as of June 30, 2025. This figure has removed the Metropolitan from contemplated square footage as it sold in April.

<sup>2</sup> In April, purchased joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable" and is owned at 100%.

<sup>3</sup> 145 Front Street was sold on July 22, 2025.

<sup>4</sup> Signature Place was sold on July 9, 2025.

<sup>5</sup> Rental revenue associated with retail leases is included in the NOI disclosure on the <u>[Multifamily Operating Portfolio](#i5cfa75181b6d4f7b8dfb06abb2e23140_31)</u> page.

<sup>6</sup> On April 21, 2025, the Company sold its interest in Metropolitan at 40 Park.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;**Annex 7: Noncontrolling Interests in Consolidated JVs**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| BLVD 425 | $131 | $92 | $283 | $172 |
| BLVD 401 | (572) | (607) | (1124) | (1159) |
| Port Imperial Garage South | (37) | 11 | (119) | (15) |
| Port Imperial Retail South | (4) | (5) | 4 | 29 |
| Other consolidated joint ventures | 333 | (34) | (1318) | (65) |
| **Net losses in noncontrolling interests** | $**(149)** | $**(543)** | $**(2274)** | $**(1038)** |
| Depreciation in noncontrolling interests | 739 | 737 | 1475 | 1458 |
| **Funds from operations - noncontrolling interest in consolidated joint ventures** | $**590** | $**194** | $**(799)** | $**420** |
| Interest expense in noncontrolling interest in consolidated joint ventures | 777 | 784 | 1559 | 1572 |
| **Net operating income before debt service in consolidated joint ventures** | $**1367** | $**978** | $**760** | $**1992** |

---

Back to <u>[Adjusted EBITDA](#i5cfa75181b6d4f7b8dfb06abb2e23140_25)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25

------

**Non-GAAP Financial Definitions**

**NON-GAAP FINANCIAL MEASURES** 

Included in this financial package 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.

***<u>Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")</u>***

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.

***<u>Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted "EBITDA"(Normalized))</u>***

The Company defines Adjusted EBITDA (Normalized) as Adjusted EBITDA, adjusted to reflect the effects of non-recurring property transactions. In the case of acquisition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the Company's income (loss) for its ownership period annualized and included on a trailing twelve month basis. In the case of disposition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA minus the disposition property's actual income (loss) on a trailing twelve month basis. In the case of joint venture transaction properties whereby the Company acquires a controlling interest and subsequently consolidates the acquired asset, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the actual income (loss) on a trailing twelve month basis in proportion to the Company's economic interests in the joint venture as of the reporting date minus recurring joint venture distributions (the Company's practice for EBITDA recognition for joint ventures). The Company presents Adjusted EBITDA (Normalized) because the Company believes that Adjusted EBITDA (Normalized) provides a more appropriate denominator for its calculation of the Net Debt-to-EBITDA ratio as it reflects the leverage profile of the Company as of the reporting date. Adjusted EBITDA (Normalized) 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.

***<u>Blended Net Rental Growth Rate or Blended Lease 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.

***<u>Core FFO and</u> <u>Adjusted FFO ("AFFO")</u>***

Core FFO is defined as FFO, as adjusted for certain items to facilitate 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 Adjusted AFFO are 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 and Adjusted FFO are 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. As there is not a generally accepted definition established for Core FFO and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying this press release.

***<u>Funds From Operations ("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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Non-GAAP Financial Definitions**

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>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 includes joint ventures at their pro rata share based on legal ownership.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Company Information**

---

| | | |
|:---|:---|:---|
| **<u>Company Information</u>** | | |
| **Corporate Headquarters** | **Stock Exchange Listing** | **Contact Information** |
| Veris Residential, Inc. | New York Stock Exchange | Veris Residential, Inc. |
| 210 Hudson St., Suite 400 |  | Investor Relations Department |
| Jersey City, New Jersey 07311 | **Trading Symbol** | 210 Hudson St., Suite 400 |
| (732) 590-1010 | Common Shares: VRE | Jersey City, New Jersey 07311 |
|  |  | **Mackenzie Rice** |
|  |  | *Director, Investor Relations* |
|  |  | E-Mail: investors@verisresidential.com |
|  |  | Web: www.verisresidential.com |
| **<u>Executive Officers</u>** |  |  |
| **Mahbod Nia** | **Amanda Lombard** | **Taryn Fielder** |
| *Chief Executive Officer* | *Chief Financial Officer* | *General Counsel and Secretary* |
| **Anna Malhari** |  |  |
| *Chief Operating Officer* |  |  |
| **<u>Equity Research Coverage</u>** |  |  |
| **Bank of America Merrill Lynch** | **BTIG, LLC** | **Citigroup** |
| Jana Galan | Thomas Catherwood | Nicholas Joseph |
| **Evercore ISI** | **Green Street Advisors** | **JP Morgan** |
| Steve Sakwa | John Pawlowski | Anthony Paolone |
| **Truist** |  |  |
| Michael R. Lewis |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28

## Exhibit 99.2

------

**Table Of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Page(s)** | |
| &nbsp;&nbsp;<u>[3](#ibb65580ca3e047bba23081c4eeabbefb_7)</u> | &nbsp;&nbsp;<u>[Earnings Release](#ibb65580ca3e047bba23081c4eeabbefb_7)</u> |
|  |  ***Key Financial Data*** |
| &nbsp;&nbsp;<u>[8](#ibb65580ca3e047bba23081c4eeabbefb_16)</u> | &nbsp;&nbsp;<u>[Consolidated Balance Sheet](#ibb65580ca3e047bba23081c4eeabbefb_16)</u> |
| &nbsp;&nbsp;<u>[9](#ibb65580ca3e047bba23081c4eeabbefb_19)</u> | &nbsp;&nbsp;<u>[Consolidated Statement of Operations](#ibb65580ca3e047bba23081c4eeabbefb_19)</u> |
| &nbsp;&nbsp;<u>[10](#ibb65580ca3e047bba23081c4eeabbefb_22)</u> | &nbsp;&nbsp;<u>[FFO, Core FFO and Core AFFO](#ibb65580ca3e047bba23081c4eeabbefb_22)</u> |
| &nbsp;&nbsp;<u>[11](#ibb65580ca3e047bba23081c4eeabbefb_25)</u> | &nbsp;&nbsp;<u>[Adjusted EBITDA](#ibb65580ca3e047bba23081c4eeabbefb_25)</u> |
| &nbsp;&nbsp;<u>[12](#ibb65580ca3e047bba23081c4eeabbefb_28)</u> | &nbsp;&nbsp;<u>[Components of Net Asset Value](#ibb65580ca3e047bba23081c4eeabbefb_28)</u> |
|  |  ***Operating Portfolio*** |
| &nbsp;&nbsp;<u>[13](#ibb65580ca3e047bba23081c4eeabbefb_31)</u> | &nbsp;&nbsp;<u>[Multifamily Operating Portfolio](#ibb65580ca3e047bba23081c4eeabbefb_31)</u> |
| &nbsp;&nbsp;<u>[14](#ibb65580ca3e047bba23081c4eeabbefb_34)</u> | &nbsp;&nbsp;<u>[Commercial Assets and Developable Land](#ibb65580ca3e047bba23081c4eeabbefb_34)</u> |
| &nbsp;&nbsp;<u>[15](#ibb65580ca3e047bba23081c4eeabbefb_37)</u> | &nbsp;&nbsp;<u>[Same Store Market Information](#ibb65580ca3e047bba23081c4eeabbefb_37)</u> |
| &nbsp;&nbsp;<u>[16](#ibb65580ca3e047bba23081c4eeabbefb_40)</u> | &nbsp;&nbsp;<u>[Same Store Performance](#ibb65580ca3e047bba23081c4eeabbefb_40)</u> |
|  | &nbsp;&nbsp;***Debt*** |
| &nbsp;&nbsp;<u>[17](#ibb65580ca3e047bba23081c4eeabbefb_43)</u> | &nbsp;&nbsp;<u>[Debt Profile](#ibb65580ca3e047bba23081c4eeabbefb_43)</u> |
| &nbsp;&nbsp;<u>[18](#ibb65580ca3e047bba23081c4eeabbefb_46)</u> | &nbsp;&nbsp;<u>[Debt Summary and Maturity Schedule](#ibb65580ca3e047bba23081c4eeabbefb_46)</u> |
|  |  ***Reconciliations and Additional Details*** |
| &nbsp;&nbsp;<u>[19](#ibb65580ca3e047bba23081c4eeabbefb_49)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Annex 1: <u>[Transaction Activity](#ibb65580ca3e047bba23081c4eeabbefb_49)</u> |
| &nbsp;&nbsp;<u>[20](#ibb65580ca3e047bba23081c4eeabbefb_52)</u> | &nbsp;&nbsp;Annex 2: <u>[Reconciliation of NOI](#ibb65580ca3e047bba23081c4eeabbefb_52)</u> |
| &nbsp;&nbsp;<u>[21](#ibb65580ca3e047bba23081c4eeabbefb_55)</u> | &nbsp;&nbsp;Annex 3: <u>[Consolidated Statements of Operations and Non-GAAP Financial Footnotes](#ibb65580ca3e047bba23081c4eeabbefb_55)</u> |
| &nbsp;&nbsp;<u>[22](#ibb65580ca3e047bba23081c4eeabbefb_58)</u> | &nbsp;&nbsp;Annex 4: <u>[Unconsolidated Joint Ventures](#ibb65580ca3e047bba23081c4eeabbefb_58)</u> |
| &nbsp;&nbsp;<u>[23](#ibb65580ca3e047bba23081c4eeabbefb_61)</u> | &nbsp;&nbsp;Annex 5: <u>[Debt Profile Footnotes](#ibb65580ca3e047bba23081c4eeabbefb_61)</u> |
| &nbsp;&nbsp;<u>[24](#ibb65580ca3e047bba23081c4eeabbefb_64)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Annex 6: <u>[Multifamily Property Information](#ibb65580ca3e047bba23081c4eeabbefb_64)</u> |
| &nbsp;&nbsp;<u>[25](#ibb65580ca3e047bba23081c4eeabbefb_67)</u> | &nbsp;&nbsp;&nbsp;&nbsp;Annex 7: <u>[Noncontrolling Interests in Consolidated Joint Ventures](#ibb65580ca3e047bba23081c4eeabbefb_67)</u> |
| &nbsp;&nbsp;<u>[26](#ibb65580ca3e047bba23081c4eeabbefb_70)</u> | &nbsp;&nbsp;<u>[Non-GAAP Financial Definitions](#ibb65580ca3e047bba23081c4eeabbefb_70)</u> |
| &nbsp;&nbsp;<u>[28](#ibb65580ca3e047bba23081c4eeabbefb_73)</u> | &nbsp;&nbsp;<u>[Company Information](#ibb65580ca3e047bba23081c4eeabbefb_73)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

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 Second Quarter 2025 Results** 

JERSEY CITY, N.J., July 23, 2025 –– Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the second quarter 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net Income (loss) per Diluted Share | $0.12 | $0.03 | $0.00 | $(0.01) |
| Core FFO per Diluted Share | $0.17 | $0.18 | $0.33 | $0.32 |
| Core AFFO per Diluted Share | $0.19 | $0.21 | $0.36 | $0.39 |
| Dividend per Diluted Share | $0.08 | $0.06 | $0.16 | $0.11 |

---

**STRATEGIC PROGRESS**

–$448 million of non-strategic asset sales completed or under contract year to date. On track to achieve Net Debt-to-EBITDA of around 10.0x by year-end 2025 and below 9.0x by year-end 2026.

–$268 million in closed sales, including Signature Place and 145 Front Street.

–$180 million in sales under binding contract, including two multifamily assets.

–Secured amendment to Revolver and Term Loan agreement, including a leverage-based pricing grid, realizing an immediate 55-basis-point interest rate reduction.

**CONTINUED OPERATIONAL STRENGTH**

–Year-over-year Same Store Blended Net Rental Growth Rate of 4.7% for the quarter and 3.5% year to date.

–Year-over-year Same Store NOI growth of 5.6% for the quarter and 4.4% year to date, further improving operating margin to 67.4% year to date.

–Same Store occupancy of 93.9% (95.5% excluding Liberty Towers).

–Raised 2025 guidance to reflect significant progress in corporate plan and continued operational strength.

"We have made significant progress on our corporate initiatives both operationally and strategically, enabling us to raise guidance. We continued to see strength in our operations, and with nearly $450 million of sales already completed or under binding contract, we are well ahead of schedule and on track to realize our near-term leverage targets, including Net Debt-to-EBITDA below 9x next year," said Mahbod Nia, Chief Executive Officer of Veris Residential.

"We are proud to have made meaningful progress on our strategic plan to continue optimizing our balance sheet. With the amendment to our credit facility, we secured an immediate reduction in our corporate borrowing costs of 55 basis points, with the potential to realize additional interest savings as we seek to further de-lever over time. We remain focused on executing our multi-pronged optimization strategy as we seek to continue enhancing value for all Veris Residential stakeholders."

------

**SAME STORE PORTFOLIO PERFORMANCE**

The following table uses the current Same Store pool for both the first and second quarter of 2025, as it is consistently reported throughout the Supplemental package. The actual Same Store pool on March 31 was 7,621 units, which included units from The Metropolitan at 40 Park.

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** | **Change** |
| Same Store Units | 7491 | 7491 | —% |
| Same Store Occupancy | 93.9% | 94.0% | (0.1)% |
| Same Store Blended Rental Growth Rate (Quarter) | 4.7% | 2.3% | 2.4% |
| Average Rent per Home | $4085 | $4023 | 1.5% |

---

The following table shows Same Store performance:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **($ in 000s)** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **%** | **2025** | **2024** | **%** |
| **Total Property Revenue** | **$75999** | **$74160** | **2.5%** | **$151378** | **$147768** | **2.4%** |
| Controllable Expenses | 12799 | 13286 | (3.7)% | 25736 | 25775 | (0.2)% |
| Non-Controllable Expenses | 11891 | 12283 | (3.2)% | 23651 | 24280 | (2.6)% |
| **Total Property Expenses** | **24690** | **25569** | **(3.4)%** | **49387** | **50055** | **(1.3)%** |
| **Same Store NOI** | **$51309** | **$48591** | **5.6%** | **$101991** | **$97713** | **4.4%** |

---

**TRANSACTION ACTIVITY** 

Year to date, the Company has closed $268 million of non-strategic asset sales, including two unconsolidated joint ventures and two wholly owned multifamily assets. Two additional multifamily assets, The James in New Jersey and Quarry Place in New York, are under binding contract for a further $180 million.

---

| | | | |
|:---|:---|:---|:---|
| **Name ($ in 000s)** | **Date** | **Location** | **GAV** |
| 65 Livingston | 1/24/2025 | Roseland, NJ | $7300 |
| Wall Land | 4/3/2025 | Wall Township, NJ | 31000 |
| PI - North Building (two parcels) and Metropolitan at 40 Park | 4/21/2025 | West New York, NJ and Morristown, NJ | 7100 |
| 1 Water | 4/29/2025 | White Plains, NY | 15500 |
| Signature Place | 7/9/2025 | Morris Plains, NJ | 85000 |
| 145 Front Street | 7/22/2025 | Worcester, MA | 122200 |
| **Total Assets Sold in 2025-to-Date** |  |  | **$268100** |

---

In April, Veris purchased its partner's interest in the Jersey City Urby for $38.5 million, eliminating the Company's largest remaining unconsolidated joint venture, rebranding the property to "Sable" and assuming management. The consolidation is expected to create over one million dollars in annualized synergies.

**FINANCE AND LIQUIDITY**

As of July 22, 2025, following [the completion of the previously announced sales], the Company had liquidity of $181 million, a weighted average effective interest rate of 4.86% and a weighted average maturity of 2.6 years, with all of the Company's debt either hedged or fixed.

In July, subsequent to quarter end, the Company amended its $300 million Revolving Credit Facility ("Revolver") and $200 million delayed-draw Term Loan ("Term Loan" and collectively, the "Amended Facility"), as discussed in greater detail below. The Amended Facility, combined with completed and announced asset sales, allows the Company to reduce interest expense as it continues to de-lever over time.

------

---

| | | |
|:---|:---|:---|
| **Balance Sheet Metric ($ in 000s)** | **June 30, 2025** | **March 31, 2025** |
| Weighted Average Interest Rate | 5.08% | 4.95% |
| Weighted Average Years to Maturity | 2.6 | 3.1 |
| TTM Interest Coverage Ratio  | 1.7x | 1.7x |
| Net Debt | $1795320 | $1643411 |
| TTM Adjusted EBITDA (Normalized) | $159162 | $144659 |
| Net Debt-to-EBITDA (Normalized) | 11.3x | 11.4x |

---

Note: Calculation of Net Debt-to-EBITDA ratio includes an adjusted EBITDA figure, normalizing the Trailing Twelve Month ("TTM") period for recent transactions. Please see page 11 of the Supplemental Package for reconciliation.

**AMENDED CREDIT FACILITY** 

Subsequent to quarter end, the Company announced the amendment of its $500 million credit facility established in April 2024. The Amended Facility package—comprising a $300 million Revolver and a $200 million delayed-draw Term Loan—introduces a leverage-based pricing grid for the Revolver, with spreads ranging from 1.20% to 1.75% over SOFR (inclusive of the 5-basis-point spread reduction associated with meeting certain KPIs) and reduces the required number of secured properties in the collateral pool from five to two. At closing, the Company's total leverage ratio as defined by the Amended Facility was between 50% and 55%, resulting in a borrowing rate on the Revolver of SOFR + 1.50%, representing a 55-basis-point reduction from the prior rate. The Amended Facility matures in April 2027 and retains a one-year extension option on the Revolver.

At closing, the Company repaid $80 million of the Term Loan using proceeds from the sale of Signature Place. Subsequent to the amendment, the Company fully repaid the remaining balance of the Term Loan using proceeds from the sale of 145 Front Street.

**DIVIDEND**

The Company paid a dividend of $0.08 per share on July 10, 2025, for shareholders of record as of June 30, 2025.

**GUIDANCE**

The Company is raising its operational guidance for 2025 in accordance with the following table. The increased operational guidance reflects continued strength in rental growth and a higher degree of certainty around controllable expense projections.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Current Guidance** | **Current Guidance** | **Initial Guidance** | **Initial Guidance** |
| **2025 Guidance Ranges** | **Low** | **High** | **Low** | **High** |
| Same Store Revenue Growth | 2.2% | 2.7% | 2.1% | 2.7% |
| Same Store Expense Growth | 2.4% | 2.8% | 2.6% | 3.0% |
| Same Store NOI Growth | 2.0% | 2.8% | 1.7% | 2.7% |

---

The Company is raising its 2025 Core FFO per share guidance range to $0.63 to $0.64. This reflects the accretive impact of the consolidation of Sable and interest expense savings from debt repayment associated with recent sales and from reduced corporate borrowing costs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Current Guidance** | **Current Guidance** | **Initial Guidance** | **Initial Guidance** |
| **Core FFO per Share Guidance** | **Low** | **High** | **Low** | **High** |
| Net Loss per Share | $(0.22) | $(0.21) | $(0.24) | $(0.22) |
| Depreciation per Share | $0.85 | $0.85 | $0.85 | $0.85 |
| Core FFO per Share | $0.63 | $0.64 | $0.61 | $0.63 |

---

------

**CONFERENCE CALL/SUPPLEMENTAL INFORMATION** 

An earnings conference call with management is scheduled for Thursday, July 24, 2025, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: http://investors.verisresidential.com.

The live conference call is also accessible by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international) and requesting the Veris Residential second quarter 2025 earnings conference call.

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

http://investors.verisresidential.com beginning at 8:30 a.m. Eastern Time on Thursday, July 24, 2025.

A replay of the call will also be accessible Thursday, July 24, 2025, through Sunday, August 24, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13753249.

Copies of Veris Residential, Inc.'s second quarter 2025 Form 10-Q and second quarter 2025 Supplemental Operating and Financial Data are available on Veris Residential, Inc.'s website under Financial Results.

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

**ABOUT THE COMPANY** 

Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.

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 Annual 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-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings, available at https://investors.verisresidential.com/financial-information.

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 may not 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.

------

---

| | |
|:---|:---|
| **Investors** | **Media** |
| Mackenzie Rice | Amanda Shpiner/Grace Cartwright |
| Director, Investor Relations | Gasthalter & Co. |
| investors@verisresidential.com | veris-residential@gasthalter.com |

---

Additional details on <u>[Company Information](#ibb65580ca3e047bba23081c4eeabbefb_73)</u> page.

------

&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated Balance Sheet**

*(in thousands) (unaudited)* 

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **<u>ASSETS</u>** | | |
| **<u>Rental property</u>** | | |
| &nbsp;&nbsp;&nbsp;Land and leasehold interests | $442566 | $458946 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 2611276 | 2634321 |
| &nbsp;&nbsp;&nbsp;Tenant improvements | 16145 | 14784 |
| &nbsp;&nbsp;&nbsp;Furniture, fixtures and equipment | 112424 | 112201 |
|  | 3182411 | 3220252 |
| &nbsp;&nbsp;&nbsp;Less – accumulated depreciation and amortization | (475073) | (432531) |
|  | 2707338 | 2787721 |
| Real estate held for sale, net | 288575 | 7291 |
| Net investment in rental property | 2995913 | 2795012 |
| Cash and cash equivalents | 11438 | 7251 |
| Restricted cash | 18581 | 17059 |
| Investments in unconsolidated joint ventures | 53618 | 111301 |
| Unbilled rents receivable, net | 3252 | 2253 |
| Deferred charges and other assets, net | 43059 | 48476 |
| Accounts receivable | 1119 | 1375 |
| **Total assets** | **$3126980** | **$2982727** |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |
| Revolving credit facility and term loans | 324513 | 348839 |
| Mortgages, loans payable and other obligations, net | 1459964 | 1323474 |
| Liabilities held for sale, net | 40862 |  |
| Dividends and distributions payable | 8529 | 8533 |
| Accounts payable, accrued expenses and other liabilities | 50262 | 42744 |
| Rents received in advance and security deposits | 13185 | 11512 |
| Accrued interest payable | 5806 | 5262 |
| **Total liabilities** | **1903121** | **1740364** |
| Redeemable noncontrolling interests | 9294 | 9294 |
| **Total Stockholders' Equity** | **1086095** | **1099391** |
| Noncontrolling interests in subsidiaries: |  |  |
| Operating Partnership | 100183 | 102588 |
| Consolidated joint ventures | 28287 | 31090 |
| **Total noncontrolling interests in subsidiaries** | **$128470** | **$133678** |
| **Total equity** | **$1214565** | **$1233069** |
| **Total liabilities and equity** | **$3126980** | **$2982727** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8

------

**Consolidated Statement of Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(In thousands, except per share amounts) (unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>REVENUES</u>** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Revenue from leases | $69348 | $60917 | $131313 | $121559 |
| &nbsp;&nbsp;Management fees | 766 | 871 | 1484 | 1793 |
| &nbsp;&nbsp;Parking income | 4376 | 3922 | 8125 | 7667 |
| &nbsp;&nbsp;Other income | 1438 | 1766 | 2762 | 3797 |
| **Total revenues** | **75928** | **67476** | **143684** | **134816** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>EXPENSES</u>** |  |  |  |  |
| &nbsp;&nbsp;Real estate taxes | 10105 | 9502 | 19317 | 18679 |
| &nbsp;&nbsp;Utilities | 2103 | 1796 | 4910 | 4067 |
| &nbsp;&nbsp;Operating services | 12887 | 12628 | 23880 | 25198 |
| &nbsp;&nbsp;Property management | 4088 | 4366 | 8473 | 9608 |
| &nbsp;&nbsp;General and administrative | 9605 | 8975 | 19673 | 20063 |
| &nbsp;&nbsp;Transaction related costs | 1570 | 890 | 1878 | 1406 |
| &nbsp;&nbsp;Depreciation and amortization | 22471 | 20316 | 43724 | 40433 |
| &nbsp;&nbsp;Land and other impairments, net | 12467 |  | 15667 |  |
| **Total expenses** | **75296** | **58473** | **137522** | **119454** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>OTHER (EXPENSE) INCOME</u>** |  |  |  |  |
| &nbsp;&nbsp;Interest expense | (24604) | (21676) | (47564) | (43176) |
| &nbsp;&nbsp;Interest and other investment income | 70 | 1536 | 95 | 2074 |
| &nbsp;&nbsp;Equity in earnings (losses) of unconsolidated joint ventures | 526 | 2933 | 4368 | 3187 |
| &nbsp;&nbsp;Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | (6877) |  | (6877) |  |
| &nbsp;&nbsp;Gain (loss) on disposition of developable land | 36566 | 10731 | 36410 | 11515 |
| &nbsp;&nbsp;Gain (loss) on sale of unconsolidated joint venture interests | 5122 |  | 5122 | 7100 |
| &nbsp;&nbsp;Gain (loss) from extinguishment of debt, net |  | (785) | **—** | (785) |
| &nbsp;&nbsp;Other income (expense), net | 528 | (250) | 423 | 5 |
| **Total other (expense) income, net** | **11331** | **(7511)** | **(8023)** | **(20080)** |
| &nbsp;&nbsp;Income (loss) from continuing operations before income tax expense | 11963 | 1492 | (1861) | (4718) |
| &nbsp;&nbsp;Provision for income taxes | (93) | (176) | (135) | (235) |
| **Income (loss) from continuing operations after income tax expense** | **11870** | **1316** | **(1996)** | **(4953)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations | (27) | 1419 | 109 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net |  |  |  | 1548 |
| **Total discontinued operations, net** | **(27)** | **1419** | **109** | **3219** |
| **Net income (loss)** | **11843** | **2735** | **(1887)** | **(1734)** |
| &nbsp;&nbsp;Noncontrolling interests in consolidated joint ventures | 149 | 543 | 2274 | 1038 |
| &nbsp;&nbsp;Noncontrolling interests in Operating Partnership of income (loss) from continuing operations | (1009) | (153) | (11) | 370 |
| &nbsp;&nbsp;Noncontrolling interests in Operating Partnership in discontinued operations | 2 | (122) | (9) | (277) |
| &nbsp;&nbsp;Redeemable noncontrolling interests | (81) | (81) | (162) | (378) |
| **Net income (loss) available to common shareholders** | **$10904** | **$2922** | **$205** | **$(981)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic earnings per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to common shareholders | $0.12 | $0.03 | $0.00 | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted earnings per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to common shareholders | $0.12 | $0.03 | $0.00 | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average shares outstanding | 93392 | 92663 | 93227 | 92469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average shares outstanding<sup>1</sup> | 102259 | 101952 | 102164 | 101160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See <u>[Reconciliation to Net Income (Loss) to NOI](#ibb65580ca3e047bba23081c4eeabbefb_52)</u> page for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

------

**FFO, Core FFO and Core AFFO** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss) available to common shareholders** | $**10904** | $**2922** | $**205** | $**(981)** |
| <u>Add/(Deduct):</u> |  |  |  |  |
| Noncontrolling interests in Operating Partnership | 1009 | 153 | 11 | (370) |
| Noncontrolling interests in discontinued operations | (2) | 122 | 9 | 277 |
| Real estate-related depreciation and amortization on continuing operations<sup>2</sup> | 23231 | 22514 | 46676 | 45146 |
| Real estate-related depreciation and amortization on discontinued operations |  |  |  | 668 |
| Continuing operations: (Gain) loss on sale from unconsolidated joint ventures | (5122) |  | (5122) | (7100) |
| Continuing operations: Realized and unrealized (gains) losses on disposition of rental property | 6877 |  | 6877 |  |
| Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net |  |  |  | (1548) |
| **FFO**<sup>3</sup> | $**36897** | $**25711** | $**48656** | $**36092** |
| <u>Add/(Deduct):</u> |  |  |  |  |
| (Gain) loss from extinguishment of debt, net |  | 785 |  | 785 |
| Land and other impairments<sup>4</sup> | 12467 |  | 14067 |  |
| (Gain) loss on disposition of developable land | (36566) | (10731) | (36410) | (11515) |
| Severance/Compensation related costs (G&A)<sup>5</sup> | 1352 | 236 | 1520 | 1873 |
| Severance/Compensation related costs (Property Management)<sup>6</sup> | 889 | 838 | 1399 | 2364 |
| Amortization of derivative premium<sup>7</sup> | 878 | 886 | 1962 | 1790 |
| Derivative mark to market adjustment | 270 |  | 525 |  |
| Transaction related costs | 1570 | 890 | 1878 | 1406 |
| **Core FFO** | $**17757** | $**18615** | $**33597** | $**32795** |
| <u>Add/(Deduct):</u> |  |  |  |  |
| Straight-line rent adjustments<sup>8</sup> | (605) | (367) | (751) | (342) |
| Amortization of market lease intangibles, net | (3) | (9) | (6) | (16) |
| Amortization of lease inducements |  |  |  | 7 |
| Amortization of debt discounts (premiums) | 9 |  | 9 |  |
| Amortization of stock compensation | 2813 | 3247 | 6179 | 6974 |
| Non-real estate depreciation and amortization | 139 | 219 | 289 | 429 |
| Amortization of deferred financing costs | 1777 | 1569 | 3484 | 2811 |
| <u>Add/(Deduct):</u> |  |  |  |  |
| Non-incremental revenue generating capital expenditures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building improvements | (2675) | (1562) | (5981) | (2602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements and leasing commissions<sup>9</sup> | (63) | (78) | (96) | (87) |
| **Core AFFO**<sup>3</sup> | $**19149** | $**21634** | $**36724** | $**39969** |
| Funds from Operations per share/unit-diluted | $0.36 | $0.25 | $0.48 | $0.35 |
| Core Funds from Operations per share/unit-diluted | $0.17 | $0.18 | $0.33 | $0.32 |
| Core Adjusted Funds from Operations per share/unit-diluted | $0.19 | $0.21 | $0.36 | $0.39 |
| Dividends declared per common share | $0.08 | $0.06 | $0.16 | $0.11 |

---

See <u>[Consolidated Statements of Operations and Non-GAAP Financial Footnotes](#ibb65580ca3e047bba23081c4eeabbefb_55)</u> page.

See <u>[Consolidated Statements of Operations](#ibb65580ca3e047bba23081c4eeabbefb_55)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10

------

**Adjusted EBITDA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*($ in thousands)* (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Core FFO (calculated on a previous page)** | $**17757** | $**18615** | $**33597** | $**32795** |
| <u>Deduct:</u> |  |  |  |  |
| Equity in (earnings) loss of unconsolidated joint ventures | (526) | (2990) | (4368) | (3449) |
| Equity in earnings share of depreciation and amortization | (898) | (2417) | (3241) | (5142) |
| <u>Add:</u> |  |  |  |  |
| Interest expense | 24604 | 21676 | 47564 | 43176 |
| Amortization of derivative premium | (878) | (886) | (1962) | (1790) |
| Derivative mark to market adjustment | (270) |  | (525) |  |
| Recurring joint venture distributions | 2388 | 4177 | 8189 | 5878 |
| Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments<sup>1</sup> | (149) | (543) | (674) | (1038) |
| Redeemable noncontrolling interests | 81 | 81 | 162 | 378 |
| Income tax expense | 93 | 176 | 136 | 258 |
| **Adjusted EBITDA** | $**42202** | $**37889** | $**78878** | $**71066** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Before** | **Before** | **Before** | **Before** | **Before** |
| | **3Q24** | **4Q24** | **1Q25** | **2Q25** |
| Adjusted EBITDA | $37119 | $32509 | $36675 | $42202 |
| TTM Adjusted EBITDA |  |  |  | 148504 |
| Net Debt as of 6/30/25 |  |  |  | $1795320 |
| **Net Debt-to-EBITDA** |  |  |  | **12.1x** |
| **After** | **After** | **After** | **After** | **After** |
|  | **3Q24** | **4Q24** | **1Q25** | **2Q25** |
| Adjusted EBITDA | $37119 | $32509 | $36675 | $42202 |
| Add: Consolidated 100% NOI Sable | 5867 | 6455 | 5879 | 1242 |
| Less: JV Distributions from Dissolved JVs | (1456) | (2465) | (4904) | (470) |
| Add: Carry Costs from Sold Land | 133 | 278 | 91 | 7 |
| **Adjusted EBITDA (Normalized)** | $**41663** | $**36776** | $**37742** | $**42981** |
| TTM Adjusted EBITDA (Normalized) |  |  |  | $159162 |
| Net Debt as of 6/30/25 |  |  |  | $1795320 |
| **Net Debt-to-EBITDA (Normalized)** |  |  |  | **11.3x** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <u>[Consolidated Statements of Operations and Non-GAAP Financial Footnotes](#ibb65580ca3e047bba23081c4eeabbefb_55)</u> page.

See <u>[Non-GAAP Financial Definitions.](#ibb65580ca3e047bba23081c4eeabbefb_70)</u>

<sup>1</sup>See <u>[Annex 7](#ibb65580ca3e047bba23081c4eeabbefb_67)</u> for breakout of noncontrolling interests in consolidated joint ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

------

**Components of Net Asset Value** 

&nbsp;&nbsp;&nbsp;&nbsp;($ in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Real Estate Portfolio** | **Real Estate Portfolio** | **Real Estate Portfolio** | **Other Assets** | **Other Assets** |
| Operating Multifamily NOI<sup>1</sup> | **Total** | **At Share** | Cash and Cash Equivalents<sup>2</sup> | $10887 |
| &nbsp;&nbsp;&nbsp;New Jersey Waterfront | $170008 | $149371 | Restricted Cash | 18581 |
| &nbsp;&nbsp;&nbsp;Massachusetts | 20420 | 20420 | Other Assets | 47430 |
| &nbsp;&nbsp;&nbsp;Other | 30064 | 23689 | **Subtotal Other Assets** | **$76898** |
| **Total Multifamily NOI as of 6/30** | **$220492** | **$193480** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Less: Sold properties in July<sup>3</sup>* | *(10936)* | *(10936)* | **Liabilities and Other Considerations** |  |
| **Total Multifamily NOI as of 7/22** | **$209556** | **$182544** |  |  |
| Commercial NOI<sup>4</sup> | 4732 | 3792 | Operating - Consolidated Debt at Share<sup>5</sup> | $1438479 |
| **Total NOI as of 7/22** | **$214288** | **$186336** | Operating - Unconsolidated Debt at Share | 129170 |
|  |  |  | Other Liabilities | 77782 |
| **Non-Strategic Assets** | **Non-Strategic Assets** | **Non-Strategic Assets** | Revolving Credit Facility<sup>5</sup> | 126000 |
|  |  |  | Term Loan<sup>5</sup> |  |
| Estimated Value of Remaining Land | Estimated Value of Remaining Land | $134194 | Preferred Units | 9294 |
| **Total Non-Strategic Assets<sup>6</sup>** | **Total Non-Strategic Assets<sup>6</sup>** | **$134194** | **Subtotal Liabilities and Other Considerations** | **$1780725** |
|  |  |  | **Outstanding Shares<sup>7</sup>** |  |
|  |  |  | Diluted Weighted Average Shares Outstanding for 2Q 2025 (in 000s) | 102259 |

---

<sup>1</sup> See <u>[Multifamily Operating Portfolio](#ibb65580ca3e047bba23081c4eeabbefb_31)</u> page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees. Displayed NOI values reflect the change in ownership % associated with consolidation of Sable (f.k.a. Jersey City Urby) from 85% to 100% and exclude NOI from Metropolitan at 40 Park due to the sale of our interest in April 2025.

<sup>2</sup> Cash and cash equivalents is of July 22, 2025.

<sup>3</sup> Signature Place contributed $1.1 million and 145 Front Street contributed $1.6 million in NOI for the second quarter of 2025. Both properties were sold in July and have been deducted from our NOI on an annualized basis at their respective former ownership levels of 100%.

<sup>4</sup> See <u>[Commercial Assets and Developable Land](#ibb65580ca3e047bba23081c4eeabbefb_34)</u> page for more details.

<sup>5</sup> See <u>[Debt Summary and Maturity Schedule](#ibb65580ca3e047bba23081c4eeabbefb_46)</u> for pro forma reconciliation.

<sup>6</sup> The land values are VRE's share of value. For more details see <u>[Commercial Assets and Developable Land](#ibb65580ca3e047bba23081c4eeabbefb_34)</u> page.

<sup>7</sup> Outstanding shares for the quarter ended June 30, 2025 is comprised of the following (in 000s): 93,392 weighted average common shares outstanding, 8,619 weighted average Operating Partnership common and vested LTIP units outstanding, and (248) shares representing the dilutive effect of stock-based compensation awards.

See <u>[Non-GAAP Financial Definitions.](#ibb65580ca3e047bba23081c4eeabbefb_70)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Operating Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(in thousands, except Revenue per home)* 

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating Highlights** |
| | | | &nbsp;&nbsp;&nbsp;**Percentage**<br>**Occupied** | &nbsp;&nbsp;&nbsp;**Percentage**<br>**Occupied** | **Average Revenue<br>per Home** | **Average Revenue<br>per Home** | **NOI<sup>1</sup>** | **NOI<sup>1</sup>** | **Debt**<br>**Balance** |
| | **Ownership** | **Apartments** | **2Q 2025** | **1Q 2025** | **2Q 2025** | **1Q 2025** | **2Q 2025** | **1Q 2025** | **Debt**<br>**Balance** |
| <u>NJ Waterfront</u> |  |  |  |  |  |  |  |  |  |
| Haus25 | 100.0% | 750 | 95.6% | 95.6% | $5027 | $4969 | $8083 | $8195 | $343061 |
| Liberty Towers\* | 100.0% | 648 | 77.7% | 80.5% | 4688 | 4428 | 4462 | 4289 |  |
| BLVD 401 | 74.3% | 311 | 96.0% | 95.0% | 4288 | 4272 | 2498 | 2431 | 114500 |
| BLVD 425 | 74.3% | 412 | 95.7% | 95.9% | 4217 | 4143 | 3359 | 3426 | 131000 |
| BLVD 475 | 100.0% | 523 | 97.2% | 96.4% | 4308 | 4235 | 4429 | 4197 | 162969 |
| Soho Lofts\* | 100.0% | 377 | 93.9% | 94.2% | 4871 | 4828 | 3193 | 3232 |  |
| Sable (f.k.a. Jersey City Urby)<sup>2</sup> | 100.0% | 762 | 94.7% | 94.5% | 4224 | 4223 | 5655 | 5879 | 181544 |
| RiverHouse 9 at Port Imperial | 100.0% | 313 | 96.7% | 96.4% | 4507 | 4493 | 2798 | 2715 | 110000 |
| RiverHouse 11 at Port Imperial | 100.0% | 295 | 96.6% | 95.8% | 4403 | 4391 | 2543 | 2527 | 100000 |
| RiverTrace | 22.5% | 316 | 93.8% | 94.2% | 3830 | 3808 | 2084 | 2151 | 82000 |
| Capstone | 40.0% | 360 | 94.9% | 95.6% | 4692 | 4603 | 3398 | 3323 | 135000 |
| **NJ Waterfront Subtotal** | **87.2%** | **5067** | **93.2%** | **93.4%** | **$4499** | **$4430** | **$42502** | **$42365** | **$1360074** |
| <u>Massachusetts</u> |  |  |  |  |  |  |  |  |  |
| Portside at East Pier | 100.0% | 180 | 97.3% | 96.4% | $3336 | $3283 | $1277 | $1156 | $56500 |
| Portside 2 at East Pier | 100.0% | 296 | 95.9% | 95.8% | 3567 | 3502 | 2217 | 2115 | 94614 |
| 145 Front at City Square<sup>3</sup> | 100.0% | 365 | 95.2% | 94.8% | 2498 | 2513 | 1611 | 1636 |  |
| The Emery at Overlook Ridge | 100.0% | 326 | 94.7% | 93.9% | 2899 | 2845 | 1664 | 1648 | 69902 |
| **Massachusetts Subtotal** | **100.0%** | **1167** | **95.6%** | **95.0%** | **$3010** | **$2975** | **$6769** | **$6555** | **$221016** |
| <u>Other</u> |  |  |  |  |  |  |  |  |  |
| The Upton | 100.0% | 193 | 95.0% | 93.3% | $4468 | $4355 | $1466 | $1290 | $75000 |
| The James\* | 100.0% | 240 | 96.4% | 97.8% | 3107 | 3074 | 1561 | 1570 |  |
| Signature Place<sup>4</sup> | 100.0% | 197 | 96.8% | 95.7% | 3317 | 3350 | 1123 | 1101 |  |
| Quarry Place at Tuckahoe | 100.0% | 108 | 97.6% | 96.8% | 4409 | 4406 | 795 | 798 | 41000 |
| Riverpark at Harrison | 45.0% | 141 | 97.0% | 97.6% | 2924 | 2857 | 584 | 568 | 30192 |
| Station House | 50.0% | 378 | 92.6% | 93.2% | 3018 | 2909 | 1987 | 1855 | 86267 |
| **Other Subtotal** | **78.8%** | **1257** | **95.3%** | **95.3%** | **$3413** | **$3354** | **$7516** | **$7182** | **$232459** |
| **Operating Portfolio**<sup>5,6</sup> | **87.8%** | **7491** | **93.9%** | **94.0%** | **$4085** | **$4023** | **$56787** | **$56102** | **$1813549** |
| Metropolitan at 40 Park<sup>7</sup> | 25.0% | 130 | 94.8% | 94.0% | 3781 | $3800 | $140 | $798 | $— |
|  | **86.7%** | **7621** | **93.9%** | **94.0%** | **$4080** | **$4019** | **$56927** | **$56900** | **$1813549** |

---

<sup>1</sup> The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.

<sup>2</sup> In April, the Company purchased joint venture partner's 15% interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".

<sup>3</sup> 145 Front Street was sold on July 22, 2025.

<sup>4</sup> Signature Place was sold on July 9, 2025.

<sup>5</sup> Rental revenue associated with retail leases is included in the NOI disclosure above.

<sup>6</sup> See <u>[Unconsolidated Joint Ventures](#ibb65580ca3e047bba23081c4eeabbefb_58)</u> and <u>[Annex 6: Multifamily Operating Portfolio](#ibb65580ca3e047bba23081c4eeabbefb_64)</u> for more details.

<sup>7</sup> The Company sold its interest in Metropolitan at 40 Park in April 2025.

\*Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility. 145 Front Street and Signature Place were both sold in July 2025 and were removed from the collateral pool. Following the July 9, 2025 amendment of the facility, the required number of collateral assets was reduced from five to two.

See <u>[Non-GAAP Financial Definitions.](#ibb65580ca3e047bba23081c4eeabbefb_70)</u>

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**Commercial Assets and Developable Land**

*($ in thousands)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commercial** | **Location** | **Ownership** | **Rentable**<br>**SF**<sup>1</sup> | **Percentage**<br>**Leased**<br>**2Q 2025** | **Percentage**<br>**Leased**<br>**1Q 2025** | **NOI**<br>**2Q 2025** | **NOI**<br>**1Q 2025** | **Debt**<br>**Balance** |
| Port Imperial South - Garage | Weehawken, NJ | 70.0% | Fn 1 | N/A | N/A | $713 | $413 | $30815 |
| Port Imperial South - Retail | Weehawken, NJ | 70.0% | 18064 | 77.0% | 77.0% | 70 | 112 |  |
| Port Imperial North - Garage  | Weehawken, NJ | 100.0% | Fn 1 | N/A | N/A | 66 | (54) |  |
| Port Imperial North - Retail | Weehawken, NJ | 100.0% | 8400 | 100.0% | 100.0% | 145 | 89 |  |
| Riverwalk at Port Imperial | West New York, NJ | 100.0% | 29923 | 88.0% | 80.0% | 189 | 35 |  |
| **Commercial Total** |  | **90.4%** | **56387** | **86.3%** | **82.0%** | **$1183** | **$595** | **$30815** |

---

---

| | | |
|:---|:---|:---|
| **Developable Land Parcel Units<sup>2</sup>** | | |
| | **Total Units** | **VRE Share** |
| NJ Waterfront | 1522 | 1400 |
| Massachusetts | 737 | 737 |
| Other | 160 | 160 |
| **Developable Land Parcel Units Total at July 22, 2025** | **2419** | **2297** |
| Less: land under binding contract |  |  |
| **Developable Land Parcel Units Remaining** | **2419** | **2297** |

---

<sup>1</sup> Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively.

<sup>2</sup> The Company has an additional 34,375 SF of developable retail space within land developments that is not represented in this table.

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Same Store Market Information**<sup>1</sup>

**Sequential Quarter Comparison** 

*(NOI in thousands)* &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **NOI at Share** | **NOI at Share** | **NOI at Share** | **Occupancy** | **Occupancy** | **Occupancy** | **Blended Lease Tradeouts<sup>2</sup>** | **Blended Lease Tradeouts<sup>2</sup>** | **Blended Lease Tradeouts<sup>2</sup>** |
| | **Apartments** | **2Q 2025** | **1Q 2025** | **Change** | **2Q 2025** | **1Q 2025** | **Change** | **2Q 2025** | **1Q 2025** | **Change** |
| New Jersey Waterfront | 5067 | $37814 | $37672 | 0.4% | 93.2% | 93.4% | (0.2)% | 4.7% | 0.3% | 4.4% |
| Massachusetts | 1167 | 7029 | 6816 | 3.1% | 95.6% | 95.0% | 0.6% | 3.4% | 2.4% | 1.0% |
| Other<sup>3</sup> | 1257 | 6466 | 6195 | 4.4% | 95.3% | 95.3% | —% | 7.2% | 2.8% | 4.4% |
| **Total** | **7491** | **$51309** | **$50683** | **1.2%** | **93.9%** | **94.0%** | **(0.1)%** | **4.7%** | **2.3%** | **2.4%** |

---

**Year-over-Year Second Quarter Comparison** 

*(NOI in thousands)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **NOI at Share** | **NOI at Share** | **NOI at Share** | **Occupancy** | **Occupancy** | **Occupancy** | **Blended Lease Tradeouts**<sup>2</sup>  | **Blended Lease Tradeouts**<sup>2</sup>  | **Blended Lease Tradeouts**<sup>2</sup>  |
| | **Apartments** | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;**2Q 2024** | &nbsp;&nbsp;**Change** | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;**2Q 2024** | &nbsp;&nbsp;**Change** | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;**2Q 2024** | &nbsp;&nbsp;**Change** |
| New Jersey Waterfront | 5067 | $37814 | $36181 | 4.5% | 93.2% | 95.1% | (1.9)% | 4.7% | 6.2% | (1.5)% |
| Massachusetts | 1167 | 7029 | 6635 | 5.9% | 95.6% | 95.2% | 0.4% | 3.4% | 4.4% | (1.0)% |
| Other<sup>3</sup>  | 1257 | 6466 | 5775 | 12.0% | 95.3% | 93.0% | 2.3% | 7.2% | 2.0% | 5.2% |
| &nbsp;&nbsp;**Total** | **7491** | **$51309** | **$48591** | **5.6%** | **93.9%** | **94.7%** | **(0.8)%** | **4.7%** | **5.3%** | **(0.6)%** |

---

**Average Revenue per Home** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Apartments** | **2Q 2025** | **1Q 2025** | **4Q 2024** | **3Q 2024** | **2Q 2024** |
| New Jersey Waterfront | 5067 | $4499 | $4430 | $4441 | $4371 | $4291 |
| Massachusetts | 1167 | 3010 | 2975 | 2962 | 2946 | 2931 |
| Other<sup>3</sup>  | 1257 | 3413 | 3354 | 3411 | 3390 | 3376 |
| **Total** | **7491** | **$4085** | **$4023** | **$4038** | **$3984** | **$3926** |

---

<sup>1</sup> All statistics are based off the current 7,491 Same Store pool. These values are an our ownership percentage, Sable is shown as 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025.

<sup>2</sup> Blended lease tradeouts exclude properties not managed by Veris.

<sup>3</sup> "Other" includes properties in Suburban NJ, New York, and Washington, DC. See <u>[Multifamily Operating Portfolio](#ibb65580ca3e047bba23081c4eeabbefb_31)</u> page for breakout.

See <u>[Non-GAAP Financial Definitions.](#ibb65580ca3e047bba23081c4eeabbefb_70)</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Same Store Performance**

 *($ in thousands)*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multifamily Same Store<sup>1</sup>** | | | | | | | | | | | | |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Sequential** | **Sequential** | **Sequential** | **Sequential** |
|  | **2025** | **2024** | **Change** | **%** | **2025** | **2024** | **Change** | **%** | **2Q 25** | **1Q 25** | **Change** | **%** |
| Apartment Rental Income | $68553 | $67173 | $1380 | 2.1% | $136912 | $133566 | $3346 | 2.5% | $68553 | $68359 | $194 | 0.3% |
| Parking/Other Income | 7446 | 6987 | 459 | 6.6% | 14466 | 14202 | 264 | 1.9% | 7446 | 7021 | 425 | 6.1% |
| **Total Property Revenues<sup>2</sup>** | **$75999** | **$74160** | **$1839** | **2.5%** | **$151378** | **$147768** | **$3610** | **2.4%** | **$75999** | **$75380** | **$619** | **0.8%** |
| Marketing & Administration | 2168 | 2511 | (343) | (13.7)% | 4298 | 4634 | (336) | (7.3)% | 2168 | 2130 | 38 | 1.8% |
| Utilities | 2204 | 2162 | 42 | 1.9% | 5413 | 4695 | 718 | 15.3% | 2204 | 3209 | (1005) | (31.3)% |
| Payroll | 4294 | 4280 | 14 | 0.3% | 8549 | 8538 | 11 | 0.1% | 4294 | 4255 | 39 | 0.9% |
| Repairs & Maintenance | 4133 | 4333 | (200) | (4.6)% | 7476 | 7908 | (432) | (5.5)% | 4133 | 3343 | 790 | 23.6% |
| **Controllable Expenses** | **$12799** | **$13286** | **$(487)** | **(3.7)%** | **$25736** | **$25775** | **$(39)** | **(0.2)%** | **$12799** | **$12937** | **$(138)** | **(1.1)%** |
| Other Fixed Fees | 778 | 695 | 83 | 11.9% | 1496 | 1401 | 95 | 6.8% | 778 | 718 | 60 | 8.4% |
| Insurance | 1544 | 1773 | (229) | (12.9)% | 3004 | 3545 | (541) | (15.3)% | 1544 | 1460 | 84 | 5.8% |
| Real Estate Taxes | 9569 | 9815 | (246) | (2.5)% | 19151 | 19334 | (183) | (0.9)% | 9569 | 9582 | (13) | (0.1)% |
| **Non-Controllable Expenses** | **$11891** | **$12283** | **$(392)** | **(3.2)%** | **$23651** | **$24280** | **$(629)** | **(2.6)%** | **$11891** | **$11760** | **$131** | **1.1%** |
| **Total Property Expenses** | **$24690** | **$25569** | **$(879)** | **(3.4)%** | **$49387** | **$50055** | **$(668)** | **(1.3)%** | **$24690** | **$24697** | **$(7)** | **—%** |
| **Same Store GAAP NOI** | **$51309** | **$48591** | **$2718** | **5.6%** | **$101991** | **$97713** | **$4278** | **4.4%** | **$51309** | **$50683** | **$626** | **1.2%** |
| Same Store NOI Margin | 67.5% | 65.5% | 2.0% |  | 67.4% | 66.1% | 1.3% |  | 67.5% | 67.2% | 0.3% |  |
| Total Units | 7491 | 7491 |  |  | 7491 | 7491 |  |  | 7491 | 7491 |  |  |
| % Ownership<sup>1</sup> | 86.3% | 86.3% |  |  | 86.3% | 86.3% |  |  | 86.3% | 86.3% |  |  |
| % Occupied  | 93.9% | 94.7% | (0.8)% |  | 93.9% | 94.7% | (0.8)% |  | 93.9% | 94.0% | (0.1)% |  |

---

<sup>1</sup> Values represent the Company's pro rata ownership of the operating portfolio. All periods displayed have the same properties in the pool. These are shown at share and exclude management fees. These values are at our ownership percentage, and Sable is reflected at 85% for all comparative periods.

<sup>2</sup> Revenues reported based on Generally Accepted Accounting Principals or "GAAP".

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**Debt Profile**

*($ in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Lender** | **Effective**<br>**Interest Rate**<sup>1</sup> | **June 30, 2025** | **December 31, 2024** | **Date of<br>Maturity** |
| **<u>Secured Permanent Loans</u>** | | | | | |
| Portside 2 at East Pier | New York Life Insurance Co. | 4.56% | 94614 | 95427 | 03/10/26 |
| BLVD 425 | New York Life Insurance Co. | 4.17% | 131000 | 131000 | 08/10/26 |
| BLVD 401 | New York Life Insurance Co. | 4.29% | 114500 | 115515 | 08/10/26 |
| Portside at East Pier<sup>2</sup> | KKR | SOFR + 2.75% | 56500 | 56500 | 09/07/26 |
| The Upton<sup>3</sup> | Bank of New York Mellon | SOFR + 1.58% | 75000 | 75000 | 10/27/26 |
| RiverHouse 9 at Port Imperial<sup>4</sup> | JP Morgan | SOFR + 1.41% | 110000 | 110000 | 06/21/27 |
| Quarry Place at Tuckahoe<sup>5</sup> | Natixis Real Estate Capital, LLC | 4.48% | 41000 | 41000 | 08/05/27 |
| BLVD 475 | The Northwestern Mutual Life Insurance Co. | 2.91% | 162969 | 164712 | 11/10/27 |
| Haus25 | Freddie Mac | 6.04% | 343061 | 343061 | 09/01/28 |
| RiverHouse 11 at Port Imperial | The Northwestern Mutual Life Insurance Co. | 4.52% | 100000 | 100000 | 01/10/29 |
| Sable<sup>6</sup> | Pacific Life | 5.20% | 181544 |  | 08/01/29 |
| Port Imperial Garage South | American General Life & A/G PC | 4.85% | 30815 | 31098 | 12/01/29 |
| The Emery at Overlook Ridge<sup>7</sup> | Flagstar Bank | 3.21% | 69902 | 70653 | 01/01/31 |
| **Secured Permanent Loans Outstanding** |  |  | **$1510903** | **$1333966** |  |
| Unamortized Deferred Financing Costs<sup>5</sup> |  |  | (10077) | (10492) |  |
| **Secured Permanent Loans** |  |  | **$1500826** | **$1323474** |  |
| **<u>Secured RCF & Term Loans:</u>** |  |  |  |  |  |
| Revolving Credit Facility<sup>8</sup> | Various Lenders | SOFR + 2.73% | $127000 | $152000 | 04/22/27 |
| Term Loan<sup>8</sup> | Various Lenders | SOFR + 2.73% | 200000 | 200000 | 04/22/27 |
| **RCF & Term Loan Balances** |  |  | **$327000** | **$352000** |  |
| Unamortized Deferred Financing Costs<sup>5</sup> |  |  | (2487) | (3161) |  |
| **Total RCF & Term Loan Debt** |  |  | **$324513** | **$348839** |  |
| **Total Debt** |  |  | **$1825339** | **$1672313** |  |

---

See to <u>[Debt Profile Footnotes](#ibb65580ca3e047bba23081c4eeabbefb_61)</u> page.

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------

**Debt Summary and Maturity Schedule**

&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

 *($ in thousands)* &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of 6/30** | **Balance** | **% <br>of Total** | **Weighted Average<br>Interest Rate** | **Weighted Average<br>Maturity in Years** |
| **<u>Fixed Rate & Hedged Debt</u>** | | | | |
| Fixed Rate & Hedged Secured Debt | $1710903 | 93.1% | 4.96% | 2.49 |
| **<u>Variable Rate Debt</u>** |  |  |  |  |
| Variable Rate Debt | 127000 | 6.9% | 7.06% | 1.81 |
| **Totals / Weighted Average** | **$1837903** | **100.0%** | **5.11%** | **2.44** |
| Unamortized Deferred Financing Costs | (12564) |  |  |  |
| **Total Consolidated Debt, net** | **$1825339** |  |  |  |
| Partners' Share | (72424) |  |  |  |
| **VRE Share of Total Consolidated Debt, net<sup>1</sup>** | **$1752915** |  |  |  |
| **Unconsolidated Secured Debt** |  |  |  |  |
| VRE Share | $129170 | 38.7% | 4.33% | 4.12 |
| Partners' Share | 204289 | 61.3% | 4.33% | 4.12 |
| **Total Unconsolidated Secured Debt** | **$333459** | **100.0%** | **4.33%** | **4.12** |

---

As of July 22, all of the Company's total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed, resulting from the transfer of outstanding interest rate caps from the recently repaid term loan to the outstanding borrowings on the revolver. The Company's total pro forma debt portfolio has a weighted average interest rate of 4.86% and a weighted average maturity of 2.6 years.

**<u>Debt Maturity Schedule as of July 22, 2025</u>**<sup>2,3</sup> ![chart-9fc7bcd67c8244f891e.jpg](chart-9fc7bcd67c8244f891e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pro Forma 7/22** | Balance | % of Total | Weighted Average Interest Rate | Weighted Average Maturity in Years |
| Fixed Rate & Hedged Secured Debt | $1693649 | 100.0% | 4.86% | 2.63 |
| Variable Rate Secured Debt |  | —% | —% |  |
| **Total Pro Forma Debt Portfolio** | **$1693649** | **100.0%** | **4.86%** | **2.63** |

---

---

| | |
|:---|:---|
| | Pro Forma 7/22 |
| Total Consolidated Debt, gross as of 6/30/25 | $1837903 |
| Partners' Share | (72424) |
| **VRE Share of Total Consolidated Debt, as of 6/30/25** | **$1765479** |
| Term loan paydown from July multifamily sale proceeds | (200000) |
| Revolver activity in July | (1000) |
| **VRE Share of Total Consolidated Debt, as of 7/22/25** | **$1564479** |
| **VRE Share of Total Unconsolidated Debt, as of 6/30/25** | **$129170** |
| **Total Pro Forma Debt Portfolio** | **$1693649** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.5 million at BLVD 401 and $9.2 million at Port Imperial South Garage.

<sup>2</sup> The Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities. On June 30, the Term Loan was fully drawn at $200 million but was fully repaid in July.

<sup>3</sup> The graphic reflects VRE share of consolidated debt balances only. The loan encumbering Emery is represented among the 2026 maturities as it features a contractual rate step-up in January 2026. Dollars are shown in millions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annex 1: Transaction Activity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $ in thousands except per SF | $ in thousands except per SF | $ in thousands except per SF | $ in thousands except per SF | $ in thousands except per SF | $ in thousands except per SF |
|  | **Location** | **Transaction Date** | **Number of Buildings** | **Units** | **Gross Asset Value** |
| **2025 dispositions-to-date** |  |  |  |  |  |
| **Land** |  |  |  |  |  |
| 65 Livingston | Roseland, NJ | 1/24/2025 | N/A | N/A | $7300 |
| Wall Land | Wall Township, NJ | 4/3/2025 | N/A | N/A | 31000 |
| PI North - Building 6 and Riverbend I | West New York, NJ | 4/21/2025 | N/A | N/A | 6500 |
| 1 Water | White Plains, NY | 4/29/2025 | N/A | N/A | 15500 |
| **Land dispositions-to-date** |  |  | **N/A** | **N/A** | **$60300** |
| **Multifamily** |  |  |  |  |  |
| Metropolitan at 40 Park | Morristown, NJ | 4/21/2025 | 1 | 130 | $600 |
| Signature Place | Morris Plains, NJ | 7/9/2025 | 1 | 197 | 85000 |
| 145 Front Street | Worcester, MA | 7/22/2025 | 1 | 365 | 122200 |
| **Multifamily dispositions-to-date** |  |  | **3** | **692** | **$207800** |
| **Total dispositions-to-date** |  |  | **3** | **692** | **$268100** |
| **2025 acquisitions-to-Date** |  |  |  |  |  |
| **Multifamily** |  |  |  |  |  |
| Sable | Jersey City, NJ | 4/21/2025 | 1 | 762 | $38500<sup>1</sup> |
| **Multifamily acquisitions-to-date** |  |  | **1** | **762** | **$38500** |

---

<sup>1</sup> Represents gross value associated with the purchase of our partner's 15% equity interest in the Jersey City property now known as Sable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19

------

**Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended)**

---

| | | |
|:---|:---|:---|
| | **2Q 2025** | **1Q 2025** |
| | **Total** | **Total** |
| **Net Income (loss)** | $**11843** | $**(13730)** |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | (766) | (718) |
| &nbsp;&nbsp;&nbsp;Loss (income) from discontinued operations | 27 | (136) |
| &nbsp;&nbsp;&nbsp;Interest and other investment income | (70) | (25) |
| &nbsp;&nbsp;&nbsp;Equity in (earnings) loss of unconsolidated joint ventures | (526) | (3842) |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposition of developable land | (36566) | 156 |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 6877 |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of unconsolidated joint venture interests | (5122) |  |
| &nbsp;&nbsp;&nbsp;Other (income) expense, net | (528) | 105 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;Property management | 4088 | 4385 |
| &nbsp;&nbsp;&nbsp;General and administrative | 9605 | 10068 |
| &nbsp;&nbsp;&nbsp;Transaction-related costs | 1570 | 308 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 22471 | 21253 |
| &nbsp;&nbsp;&nbsp;Interest expense | 24604 | 22960 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 93 | 42 |
| &nbsp;&nbsp;&nbsp;Land and other impairments, net | 12467 | 3200 |
| **Net operating income (NOI)** | $**50067** | $**44026** |

---

---

| | | |
|:---|:---|:---|
| **<u>Summary of Consolidated Multifamily NOI by Type (unaudited):</u>** | **2Q 2025** | **1Q 2025** |
| Total Consolidated Multifamily - Operating Portfolio | $47316 | $42326 |
| Total Consolidated Commercial | 1183 | 595 |
| **Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)** | $**48499** | $**42921** |
| NOI (loss) from services, land/development/repurposing & other assets | 1675 | 1250 |
| **Total Consolidated Multifamily NOI** | $**50174** | $**44171** |

---

See <u>[Consolidated Statement of Operations](#ibb65580ca3e047bba23081c4eeabbefb_19)</u> page.

See <u>[Non-GAAP Financial Definitions.](#ibb65580ca3e047bba23081c4eeabbefb_70)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20

------

**Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes**

FFO, Core FFO, AFFO, NOI, & Adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,619 and 8,689 shares for the three months ended June 30, 2025 and 2024, respectively, and 8,625 and 8,691 shares for the six months ended June 30, 2025 and 2024, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $0.9 million and $2.4 million for the three months ended June 30, 2025 and 2024, respectively, and $3.2 million and $5.1 million for the six months ended June 30, 2025 and 2024 respectively. Excludes non-real estate-related depreciation and amortization of $0.1 million and $0.2 million for each of the three months ended June 30, 2025 and 2024 respectively $0.3 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See <u>[Non-GAAP Financial Definitions](#ibb65580ca3e047bba23081c4eeabbefb_70)</u> for information About FFO, Core FFO, AFFO, NOI & Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Represents the Company's controlling interest portion of $15.7 million land and other impairment charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $8.3 million and $8.7 million for the three months ended June 30, 2025 and 2024, respectively, and $18.2 million and $18.2 million for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.2 million and $3.5 million for the three months ended June 30, 2025 and 2024, respectively, and $7.0 million and $7.2 million for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Includes the Company's share from unconsolidated joint ventures of $2 thousand and $19 thousand for the three months ended June 30, 2025 and 2024, respectively, and $14 thousand and $38 thousand for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Includes the Company's share from unconsolidated joint ventures of ($10) thousand and $103 thousand for the three months ended June 30, 2025 and 2024, respectively and ($21) thousand and $93 thousand for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.

&nbsp;&nbsp;&nbsp;&nbsp;Back to <u>[Consolidated Statement of Operations](#ibb65580ca3e047bba23081c4eeabbefb_19)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;Back to <u>[FFO, Core FFO and Core AFFO](#ibb65580ca3e047bba23081c4eeabbefb_22)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;Back to <u>[Adjusted EBITDA](#ibb65580ca3e047bba23081c4eeabbefb_25)</u> page

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21

------

**Annex 4: Unconsolidated Joint Ventures**

*($ in thousands)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Units** | **Percentage**<br>**Occupied** | **VRE's Nominal<br>Ownership** | **2Q 2025<br>NOI<sup>1</sup>** | **Total<br>Debt** | **VRE Share<br>of 2Q NOI** | **VRE Share<br>of Debt** |
| **Multifamily** | | | | | | | |
| RiverTrace at Port Imperial | 316 | 93.8% | 22.5% | 2084 | 82000 | 469 | 18450 |
| Capstone at Port Imperial | 360 | 94.9% | 40.0% | 3398 | 135000 | 1359 | 54000 |
| Riverpark at Harrison | 141 | 97.0% | 45.0% | 584 | 30192 | 263 | 13586 |
| Station House | 378 | 92.6% | 50.0% | 1987 | 86267 | 994 | 43134 |
| **Total UJV <sup>2</sup>** | **1195** | **94.1%** | **39.1%** | **$8053** | **$333459** | **$3085** | **$129170** |

---

<sup>1</sup> The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.

<sup>2</sup> In April, the Company purchased its joint venture partner`s interest in the Jersey City property that was previously known as the "Urby", now named Sable, officially consolidating it. The Company also sold its interest in the Metropolitan at 40 Park in April 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22

------

**Annex 5: Debt Profile Footnotes**

&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The loan on Portside at East Pier is hedged with a 3-year cap at a strike rate of 3.5%, expiring in September 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The loan on Upton is hedged with an interest rate cap at a strike rate of 3.5%, expiring in November 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The loan on RiverHouse 9 is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The $41 million mortgage on Quarry Place, and the $0.1 million of unamortized deferred financing costs are presented as Liabilities held for sale, net on the Company's Consolidated Balance Sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The loan on Sable was consolidated in April 2025 upon the acquisition of the remaining 15% controlling interest in the joint venture previously referred to as "Urby at Harborside".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time interest rate election of either: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Company's facilities consist of a $300 million Revolver and $200 million delayed-draw Term Loan and are supported by a group of eight lenders. The eight lenders consists of JP Morgan Chase and Bank of New York Mellon as Joint Bookrunners; Bank of America Securities, Capital One, Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers; and Associated Bank and Eastern Bank as participants. The facilities have a three-year term ending April 22, 2027, with a one-year extension option. The Term Loan was fully drawn and hedged with interest rate caps at strike rates of 3.5%, expiring in July 2026.

As noted throughout the document, subsequent to quarter end the Company amended its existing facility, as of July 22, 2025, there is no remaining balance on the Term Loan and there is $126 million drawn on the Revolver. The Revolver is fully hedged by the existing caps on the Term Loan, which expire in July 2026.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Balance as of June 30, 2025 | Initial Spread | Deferred Financing Costs | 5 bps reduction KPI | Updated Spread | SOFR or SOFR Cap | All In Rate |
| Secured Revolving Credit Facility | $127000000 | 2.10% | 0.68% | (0.05)% | 2.73% | 4.33% | 7.06% |
| Secured Term Loan | $200000000 | 2.10% | 0.68% | (0.05)% | 2.73% | 3.50% | 6.23% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Balance as of July 22, 2025 | Initial Spread | Deferred Financing Costs | 5 bps reduction KPI | Updated Spread | SOFR or SOFR Cap | All In Rate |
| Secured Revolving Credit Facility | $126000000 | 1.55% | 0.88% | (0.05)% | 2.38% | 3.50% | 5.88% |
| Secured Term Loan |  |  |  |  |  |  |  |

---

Back to <u>[Debt Profile](#ibb65580ca3e047bba23081c4eeabbefb_43)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23

------

**Annex 6: Multifamily Property Information**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Location** | **Ownership** | **Apartments** | **Rentable SF<sup>1</sup>** | **Average Size** | **Year Complete** |
| <u>NJ Waterfront</u> |  |  |  |  |  |  |
| Haus25 | Jersey City, NJ | 100.0% | 750 | 617787 | 824 | 2022 |
| Liberty Towers | Jersey City, NJ | 100.0% | 648 | 602210 | 929 | 2003 |
| BLVD 401 | Jersey City, NJ | 74.3% | 311 | 273132 | 878 | 2016 |
| BLVD 425 | Jersey City, NJ | 74.3% | 412 | 369515 | 897 | 2003 |
| BLVD 475 | Jersey City, NJ | 100.0% | 523 | 475459 | 909 | 2011 |
| Soho Lofts | Jersey City, NJ | 100.0% | 377 | 449067 | 1191 | 2017 |
| Sable<sup>2</sup> | Jersey City, NJ | 100.0% | 762 | 474476 | 623 | 2017 |
| RiverHouse 9 at Port Imperial | Weehawken, NJ | 100.0% | 313 | 245127 | 783 | 2021 |
| RiverHouse 11 at Port Imperial | Weehawken, NJ | 100.0% | 295 | 250591 | 849 | 2018 |
| RiverTrace | West New York, NJ | 22.5% | 316 | 295767 | 936 | 2014 |
| Capstone | West New York, NJ | 40.0% | 360 | 337991 | 939 | 2021 |
| **NJ Waterfront Subtotal** |  | **87.2%** | **5067** | **4391122** | **867** |  |
| <u>Massachusetts</u> |  |  |  |  |  |  |
| Portside at East Pier | East Boston, MA | 100.0% | 180 | 154859 | 862 | 2015 |
| Portside 2 at East Pier | East Boston, MA | 100.0% | 296 | 230614 | 779 | 2018 |
| 145 Front at City Square<sup>3</sup> | Worcester, MA | 100.0% | 365 | 304936 | 835 | 2018 |
| The Emery at Overlook Ridge | Revere, MA | 100.0% | 326 | 273140 | 838 | 2020 |
| **Massachusetts Subtotal** |  | **100.0%** | **1167** | **963549** | **826** |  |
| <u>Other</u> |  |  |  |  |  |  |
| The Upton | Short Hills, NJ | 100.0% | 193 | 217030 | 1125 | 2021 |
| The James | Park Ridge, NJ | 100.0% | 240 | 215283 | 897 | 2021 |
| Signature Place<sup>4</sup> | Morris Plains, NJ | 100.0% | 197 | 203716 | 1034 | 2018 |
| Quarry Place at Tuckahoe | Eastchester, NY | 100.0% | 108 | 105551 | 977 | 2016 |
| Riverpark at Harrison | Harrison, NJ | 45.0% | 141 | 124774 | 885 | 2014 |
| Station House | Washington, DC | 50.0% | 378 | 290348 | 768 | 2015 |
| **Other Subtotal** |  | **78.8%** | **1257** | **1156702** | **920** |  |
| **Operating Portfolio**<sup>5</sup> |  | **87.8%** | **7491** | **6511373** | **869** |  |
| Metropolitian at 40 Park<sup>6</sup> | Morristown, NJ | 25.0% | 130 | 124237 | 956 | 2010 |
|  |  | **86.7%** | **7621** | **6635610** | **871** |  |

---

Back to <u>[Multifamily Operating Portfolio](#ibb65580ca3e047bba23081c4eeabbefb_31)</u> page.

<sup>1</sup> Total sf outlined above excludes approximately 181,483 sqft of ground floor retail, of which 141,782 sf was leased as of June 30, 2025. This figure has removed the Metropolitan from contemplated square footage as it sold in April.

<sup>2</sup> In April, purchased joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable" and is owned at 100%.

<sup>3</sup> 145 Front Street was sold on July 22, 2025.

<sup>4</sup> Signature Place was sold on July 9, 2025.

<sup>5</sup> Rental revenue associated with retail leases is included in the NOI disclosure on the <u>[Multifamily Operating Portfolio](#ibb65580ca3e047bba23081c4eeabbefb_31)</u> page.

<sup>6</sup> On April 21, 2025, the Company sold its interest in Metropolitan at 40 Park.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;**Annex 7: Noncontrolling Interests in Consolidated JVs**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| BLVD 425 | $131 | $92 | $283 | $172 |
| BLVD 401 | (572) | (607) | (1124) | (1159) |
| Port Imperial Garage South | (37) | 11 | (119) | (15) |
| Port Imperial Retail South | (4) | (5) | 4 | 29 |
| Other consolidated joint ventures | 333 | (34) | (1318) | (65) |
| **Net losses in noncontrolling interests** | $**(149)** | $**(543)** | $**(2274)** | $**(1038)** |
| Depreciation in noncontrolling interests | 739 | 737 | 1475 | 1458 |
| **Funds from operations - noncontrolling interest in consolidated joint ventures** | $**590** | $**194** | $**(799)** | $**420** |
| Interest expense in noncontrolling interest in consolidated joint ventures | 777 | 784 | 1559 | 1572 |
| **Net operating income before debt service in consolidated joint ventures** | $**1367** | $**978** | $**760** | $**1992** |

---

Back to <u>[Adjusted EBITDA](#ibb65580ca3e047bba23081c4eeabbefb_25)</u> page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25

------

**Non-GAAP Financial Definitions**

**NON-GAAP FINANCIAL MEASURES** 

Included in this financial package 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.

***<u>Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")</u>***

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.

***<u>Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted "EBITDA"(Normalized))</u>***

The Company defines Adjusted EBITDA (Normalized) as Adjusted EBITDA, adjusted to reflect the effects of non-recurring property transactions. In the case of acquisition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the Company's income (loss) for its ownership period annualized and included on a trailing twelve month basis. In the case of disposition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA minus the disposition property's actual income (loss) on a trailing twelve month basis. In the case of joint venture transaction properties whereby the Company acquires a controlling interest and subsequently consolidates the acquired asset, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the actual income (loss) on a trailing twelve month basis in proportion to the Company's economic interests in the joint venture as of the reporting date minus recurring joint venture distributions (the Company's practice for EBITDA recognition for joint ventures). The Company presents Adjusted EBITDA (Normalized) because the Company believes that Adjusted EBITDA (Normalized) provides a more appropriate denominator for its calculation of the Net Debt-to-EBITDA ratio as it reflects the leverage profile of the Company as of the reporting date. Adjusted EBITDA (Normalized) 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.

***<u>Blended Net Rental Growth Rate or Blended Lease 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.

***<u>Core FFO and</u> <u>Adjusted FFO ("AFFO")</u>***

Core FFO is defined as FFO, as adjusted for certain items to facilitate 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 Adjusted AFFO are 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 and Adjusted FFO are 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. As there is not a generally accepted definition established for Core FFO and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying this press release.

***<u>Funds From Operations ("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

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**Non-GAAP Financial Definitions**

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>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 includes joint ventures at their pro rata share based on legal ownership.

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.

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**Company Information**

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| | | |
|:---|:---|:---|
| **<u>Company Information</u>** | | |
| **Corporate Headquarters** | **Stock Exchange Listing** | **Contact Information** |
| Veris Residential, Inc. | New York Stock Exchange | Veris Residential, Inc. |
| 210 Hudson St., Suite 400 |  | Investor Relations Department |
| Jersey City, New Jersey 07311 | **Trading Symbol** | 210 Hudson St., Suite 400 |
| (732) 590-1010 | Common Shares: VRE | Jersey City, New Jersey 07311 |
|  |  | **Mackenzie Rice** |
|  |  | *Director, Investor Relations* |
|  |  | E-Mail: investors@verisresidential.com |
|  |  | Web: www.verisresidential.com |
| **<u>Executive Officers</u>** |  |  |
| **Mahbod Nia** | **Amanda Lombard** | **Taryn Fielder** |
| *Chief Executive Officer* | *Chief Financial Officer* | *General Counsel and Secretary* |
| **Anna Malhari** |  |  |
| *Chief Operating Officer* |  |  |
| **<u>Equity Research Coverage</u>** |  |  |
| **Bank of America Merrill Lynch** | **BTIG, LLC** | **Citigroup** |
| Jana Galan | Thomas Catherwood | Nicholas Joseph |
| **Evercore ISI** | **Green Street Advisors** | **JP Morgan** |
| Steve Sakwa | John Pawlowski | Anthony Paolone |
| **Truist** |  |  |
| Michael R. Lewis |  |  |

---

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## Exhibit 99.3

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Corporate Presentation J U LY 23, 2025

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 2 T H I S O P E R AT I N G A N D F I N A N C I A L D ATA S H O U L D B E R E A D I N C O N N E CT I O N W I T H O U R Q U A RT E R LY R E P O RT O N F O R M 10-Q F O R T H E Q U A RT E R E N D E D J U N E 30, 2025. Statements made in this presentation may be forward-looking statements within the mean- ing of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-look- ing statements are intended 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 iden- tified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "ex- pect," "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 materi- ally 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 Regard- ing Forward-Looking Statements" and "Risk Factors" in our annual reports on Form 10-K, as may be supplemented or amended by our quarterly reports on Form 10-Q, which are incorpo- rated herein by reference. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. Forward-Looking Statements

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 3 Our Vision To continuously innovate and transform residential living by creating exceptional spaces where residents thrive and feel truly at home, while positively impacting the communities we serve. Our Mission To deliver comprehensive residential solutions that blend luxury, energy efficiency and thoughtful design. Through our commitment to excellence in development and management, we create lasting value for our residents while fostering vibrant, connected communities.

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Veris At-A-Glance C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 4 93.9%1 O C C U PA N C Y R AT E $445,334 4.7% AV E R A G E H O U S E H O L D I N C O M E P E R U N I T Q2 B L E N D E D N E T R E N TA L G R O W T H R AT E 10 Years 7,491 AV E R A G E A G E O F P R O P E RT Y A PA RT M E N T U N I TS 1. 95.5% excluding Liberty Towers. 4.4% 21 R E S I D E N T I A L B U I L D I N G S 10.6% AV E R A G E R E N T-TO-I N C O M E R AT I O 2025 N O I G R O W T H Y T D YOY A S O F J U N E 30, 2025

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 5 2025 Financial & Operating Performance H I G H L I G HTS • Secured amendment to Revolver and Term Loan agreement, including a leverage-based pricing grid, realizing an immediate 55-basis point interest rate reduction. • Increased retention to 60%, 300 basis points above Q1 2025. • Same Store NOI growth year-over-year of 5.6% for the quarter and 4.4% year to date. • Increased operating margin to 67.5%, 200 basis points above Q2 2024. 1H Q2 Core FFO per Diluted Share $0.33 $0.17 Same Store Revenue Growth 2.4% 2.5% Same Store Expense Growth (1.3)% (3.4)% Same Store NOI Growth 4.4% 5.6% Blended Net Rental Growth Rate 3.5% 4.7% Operating Margin 67.4% 67.5% S T R O N G R E S U LT S R E F L E CT I N G D E BT R E D U CT I O N A N D R O B U S T O P E R AT I N G P E R F O R M A N C E

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 6 2025 Guidance 2025 Guidance Ranges Low High Low High Same Store Revenue Growth 2.2% 2.7% 2.1% 2.7% Same Store Expense Growth 2.4% 2.8% 2.6% 3.0% Same Store NOI Growth 2.0% 2.8% 1.7% 2.7% Core FFO per Share $0.63 $0.64 $0.61 $0.63 Core FFO per Share Growth 5.0% 6.7% 1.7% 5.0% Note: Please refer to this Corporate Presentation and our supplementary filings for the quarter ended June 30, 2025, for additional details about NOI, Core FFO and the Company's 2025 guidance. Q2 C U R R E N T G U I D A N C E I N I T I A L G U I D A N C E

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 7 2025 Corporate Plan Platform Optimization Capital Allocation • Targeting land bank, JVs and select multifamily assets where opportunity exists to crystallize values at or near NAV • Proceeds from sales primarily used to repay debt, further delveraging and strengthening our balance sheet • Investing in value-enhancing Capex programs across our portfolio E N H A N C I N G O U R P O RT F O L I O A N D H I G H LY S C A L A B L E P L AT F O R M TO D R I V E N O I G R O W T H M O N E T I Z I N G S E L E CT A S S E TS TO C RYS TA L L I Z E VA LU E A N D R E D U C E L E V E R A G E • Centralized leasing and operations, including hybrid-style, "floating" leasing team and area-focused maintenance team in Jersey City • Technology and AI tools enabling prospect and resident interactions while increasing productivity of corporate teams • Elevated resident experience driven by our best-in-class teams, unmatched program and initiatives

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With $448 million1 of non-strategic assets sold or under binding contract this year, we continue to reduce leverage and unlock value embedded within the Company. $7M $38M $45M $61M $146M $268M $385M $448M January 24 Sold 65 Livingston, Roseland, NJ $7M April 21 Sold The Metropolitan at 40 Park, Morristown, NJ Sold PI North, West New York, NJ $7M April 29 Sold 1 Water, White Plains, NJ $16M July 9 Sold Signature Place, Morris Plains, NJ $85M July 22 Sold 145 Front St., Worcester, MA $122M Under Binding Contract: The James, Park Ridge, NJ $117M April 3 Sold Land in Wall Township, NJ $31M Under Binding Contract: Quarry Place, Tuckahoe, NY $63M C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 8 Significant Progress with Corporate Plan 1. Includes the pending sales of Quarry Place and The James, both are under contract and slated to close in August. Also includes Signature Place and 145 Front Street, which were sold in July 2025.

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 9 Improving Our Liquidity and Reducing Borrowing Costs Subsequent to the end of Q2 2025, Veris announced the amendment of its $500 million credit facility established in April 2024. The Amended Facility package—comprising a $300 million Revolver and a $200 million delayed- draw Term Loan. • Improved Cost of Debt: Revolver's new, leverage-based pricing grid initial spread ranges from SOFR + 1.20% to 1.75%1; initial 55-basis point improvement in borrowing costs. • Increased Asset-Level Flexibility: Reduced required number of secured properties in collateral pool from five to two. • Reduced Debt Outstanding: Paid off $200 million of term loan with sale proceeds from Signature Place and 145 Front Street subsequent to quarter end. • Balance Sheet Optimization: Positions the Company to achieve goal of reducing Net Debt-to-EBITDA (Normalized) to around 10.0x by year-end 2025 and below 9.0x by year-end 2026. M O D I F I C AT I O N O F E X I S T I N G C R E D I T FA C I L I T Y 11.7x Y E 2024 ~10.0x TA R G E T Y E 2025 <9.0x TA R G E T Y E 2026 Further 3x Leverage Reduction by Year-End 2026 V E R I S N E T D E BT-TO-E B I T D A (N O R M A L I Z E D) $300M R E VO LV I N G C R E D I T FA C I L I T Y S+1.50%1 B O R R O W I N G S P R E A D AT T I M E O F C LO S I N G 1. Inclusive of the 5-basis-point spread reduction associated with meeting certain KPIs.

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 10 Acquisition of Sable, Formerly Urby Jersey City On April 21, Veris acquired Ironstate's minority stake in the Jersey City Urby, a 762-unit asset and rebranded the property to Sable. • $38 million cost (includes consideration for Ironstate's share of the remaining tax credit and termination of their management contract) • 6.1% cap rate, including 35 basis points related to synergies Cost-saving synergies from integrating the asset into the Veris platform: • Over one million dollars in annualized synergies from internalizing management • Payroll savings of 10% ($400k) from creating area-focused staffing model with Haus25 Fully onboarded to the Veris platform: • Transitioned from Entrata to Yardi • Integrated into the Veris website including online leasing assistant and virtual tour capabilities previously unavailable • Launched upgraded myVeris app to all residents

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 11 Land Bank Potential H A R B O R S I D E 8 Jersey City, NJ 2,297 Units F O R P OT E N T I A L D E V E LO P M E N T AT S H A R E 1,400 Units N J W AT E R F R O N T 737 Units M A S S A C H U S E T T S 1633 L I T T L E TO N Parsippany, NJ U P TO N PA R C E L Short Hills, NJ OV E R LO O K 1 Revere, MA OV E R LO O K 15 Revere, MA OV E R LO O K 14A Malden, MA OV E R LO O K 13 Malden, MA OV E R LO O K 14B Malden, MA H A R B O R S I D E 9 Jersey City, NJ The Company has an additional 34,375 sq. ft. of developable retail space within its land developments that is not represented above. P I S O U T H, B L D G 2 Weehawken, NJ Our ~$134 Million Land Bank A S O F J U LY 22, 2025 160 Units OT H E R

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 12 Q2 2025 Components of Net Asset Value REAL ESTATE PORTFOLIO Operating Multifamily NOI1 Total At Share New Jersey Waterfront $170,008 $149,371 Massachusetts 20,420 20,420 Other 30,064 23,689 Total Multifamily NOI as of 6/30/25 $220,492 $193,480 Less: Sold Properties in July 3 (10,936) (10,936) Total Multifamily NOI as of 7/22/25 $209,556 $182,544 Commercial NOI4 4,732 3,792 Total NOI as of 7/22/25 $214,288 $186,336 Non-Strategic Assets Estimated Value of Remaining Land $134,194 Total Non-Strategic Assets6 $134,194 OTHER ASSETS TOTAL Cash and Cash Equivalents2 $10,887 Restricted Cash 18,581 Other Assets 47,430 Subtotal Other Assets $76,898 LIABILITIES & OTHER CONSIDERATIONS Operating – Consolidated Debt at Share5 $1,438,479 Operating – Unconsolidated Debt at Share 129,170 Other Liabilities 77,782 Revolving Credit Facility5 126,000 Term Loan5 - Preferred Units 9,294 Subtotal Liabilities & Other Considerations $1,780,725 OUTSTANDING SHARES7 Diluted Weighted Average Shares Outstanding for Q2 2025 (in 000s) 102,259 1. See Multifamily Operating Portfolio page in the Supplemental for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees. Displayed NOI values reflect the change in ownership % associated with consolidation of Sable (f.k.a. Jersey City Urby) from 85% to 100% and exclude NOI from Metropolitan at 40 Park due to the sale of our interest in April 2025. 2. Cash and cash equivalents as of July 22, 2025. 3. Signature Place contributed $1.1 million and 145 Front Street contributed $1.6 million in NOI for the second quarter of 2025. Both properties were sold in July and have been deducted from our NOI on an annualized basis at their respective former ownership levels of 100%. 4. See Commercial Assets and Developable Land page in the Supplemental for more details. 5. See Debt Summary and Maturity Schedule in the Supplemental for pro forma reconciliation. 6. The land values are VRE`s share of land value. For more details see Commercial Assets and Developable Land page in the Supplemental. 7. Outstanding shares for the quarter ended June 30, 2025 is comprised of the following (in 000s): 93,392 weighted average common shares outstanding, 8,619 weighted average Operating Partnership common and vested LTIP units outstanding, and (248) shares representing the dilutive effect of stock-based compensation awards. $ in Thousands A S O F J U LY 22, 2025

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 13 Our Competitive Advantage Class A Portfolio Newest Portfolio \| Unparalleled Amenity Offering Highest Average Rent & Growth Rate Desirable Northeast Markets with Limited New Supply Leading Operating Platform Vertically Integrated & Highly Scalable \| Customer Experience-Focused Innovative Use of Technology & AI Significant Capital Allocation Opportunities to Drive Growth Unconsolidated Joint Ventures \| Land Bank \| Value-Add Programs Experienced Team Management with Proven Track Record Seasoned Board \| Best-in-Class Governance Focused on the Creation and Crystallization of Shareholder Value

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 14 2024 R A N K C O M PA N Y O R A S C O R E 2023 R A N K 1 Veris Residential (VRE) 85.94 1 2 BSR (BSRTF) 81.29 2 3 AvalonBay Communities (AVB) 77.66 5 4 Camden Property Trust (CPT) 77.27 4 5 MAA (MAA) 75.31 3 6 JBG Smith (JBGS) 74.22 7 7 Equity Residential (EQR) 72.14 8 8 Centerspace (CSR) 71.34 9 9 Nextpoint Residential (NREF) 71.09 6 10 Air Communities (AIRC) 67.38 13 11 Independent Realty Trust (IRT) 66.14 12 12 Elme Communities (ELME) 65.76 10 13 Essex Property Trust (ESS) 60.17 14 14 UDR (UDR) 54.37 15 15 Clipper Realty (CLPR) 46.88 N/A Top REITs by ORA L E A D I N G J T U R N E R ' S O N L I N E R E P U TAT I O N A S S E S S M E N T

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 16 Ancillary Information

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&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 Q1 2025 Net Income (Loss) $11,843 $(13,730) Deduct: Management fees (766) (718) Loss (income) from discontinued operations 27 (136) Interest and other investment income (70) (25) Equity in (earnings) losses of unconsolidated joint ventures (526) (3,842) (Gain) loss on disposition of developable land (36,566) 156 Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 6,877 - (Gain) on sale of unconsolidated joint venture interests (5,122) - Other (income) expense, net (528) 105 Add: Property management 4,088 4,385 General and administrative 9,605 10,068 Transaction-related costs 1,570 308 Depreciation and amortization 22,471 21,253 Interest expense 24,604 22,960 Provision for income taxes 93 42 Land impairments and other impairments, net 12,467 3,200 Net Operating Income (NOI) $50,067 $44,026 Summary of Consolidated Multifamily NOI by Type (unaudited): Q2 2025 Q1 2025 Total Consolidated Multifamily - Operating Portfolio 47,316 42,326 Total Consolidated Commercial 1,183 595 Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests) $48,499 $42,921 NOI (loss) from services, land/development/repurposing and other assets 1,675 1,250 Total Consolidated Multifamily NOI $50,174 $44,171 C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 17 DEFINITION OF NET OPERATING INCOME (NOI): 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. Information About Net Operating Income (NOI) R E C O N C I L I AT I O N O F N E T I N C O M E (LO S S) T O N E T O P E R AT I N G I N C O M E (N O I) $ in Thousands

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 18 2025 2024 2025 2024 Net income (loss) available to common shareholders $10,904 $2,922 $205 $(981) Add/(Deduct): Noncontrolling interests in Operating Partnership 1,009 153 11 (370) Noncontrolling interests in discontinued operations (2) 122 9 277 Real estate-related depreciation and amortization on continuing operations 23,231 22,514 46,676 45,146 Real estate-related depreciation and amortization on discontinued operations - - - 668 Continuing operations: (Gain) loss on sale from unconsolidated joint ventures (5,122) - (5,122) (7,100) Continuing operations: Realized and unrealized (gains) losses on disposition of rental property, net 6,877 - 6,877 - Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net - - - (1,548) FFO $36,897 $25,711 $48,656 $36,092 Add/(Deduct): (Gain)/Loss from extinguishment of debt, net - 785 - 785 Land and other impairments 12,467 - 14,067 - (Gain) loss on disposition of developable land (36,566) (10,731) (36,410) (11,515) Severance/Compensation-related costs (G&A) 1,352 236 1,520 1,873 Severance/Compensation-related costs (Property Management) 889 838 1,399 2,364 Amortization of derivative premium 878 886 1,962 1,790 Derivative mark-to-market adjustment 270 - 525 - Transaction-related costs 1,570 890 1,878 1,406 Core FFO $17,757 $18,615 $33,597 $32,795 FFO and Core FFO 1. Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $0.9 million and $2.4 million for the three months ended June 30, 2025 and 2024, respectively, and $3.2 million and $5.1 million for the six months ended June 30, 2025 and 2024 respectively. Excludes non-real estate-related depreciation and amortization of $0.1 million and $0.2 million for each of the three months ended June 30, 2025 and 2024 respectively $0.3 million and $0.4 million for the six months ended June 30, 2025 and 2024, 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 Non-GAAP Financial Definitions for information About FFO, Core FFO, AFFO, NOI & Adjusted EBITDA. 3. Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $8.2 million and $8.7 million for the three months ended June 30, 2025 and 2024, respectively, and $18.2 million and $18.2 million for the six months ended June 30, 2025 and 2024, respectively. 4. Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.2 million and $3.5 million for the three months ended June 30, 2025 and 2024, respectively, and $7.0 million and $7.2 million for the six months ended June 30, 2025 and 2024, respectively. 5. Includes the Company's share from unconsolidated joint ventures of $2 thousand and $19 thousand for the three months ended June 30, 2025 and 2024, respectively, and $14 thousand and $38 thousand for the six months ended June 30, 2025 and 2024, respectively. 6. Represents the Company's controlling interest portion of $15.7 million land and other impairment charge. T H R E E M O N T H S E N D E D J U N E 30, S I X M O N T H S E N D E D J U N E 30,$ in Thousands

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 19 Adjusted EBITDA 2025 2024 2025 2024 Core FFO (calculated on previous page) $17,757 $18,615 $33,597 $32,795 Deduct: Equity in (earnings) loss of unconsolidated joint ventures (526) (2,990) (4,368) (3,449) Equity in earnings share of depreciation and amortization (898) (2,417) (3,241) (5,142) Add: Interest expense 24,604 21,676 47,564 43,176 Amortization of derivative premium (878) (886) (1,962) (1,790) Derivative mark-to-market adjustment (270) - (525) - Recurring JV distributions 2,388 4,177 8,189 5,878 Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments (149) (543) (674) (1,038) Redeemable noncontrolling interest 81 81 162 378 Income tax expense 93 176 136 258 Adjusted EBITDA $42,202 $37,889 $78,878 $71,066 T H R E E M O N T H S E N D E D J U N E 30, S I X M O N T H S E N D E D J U N E 30,$ in Thousands

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 20 Continued Balance Sheet Optimization Debt Strategy: • Maximizing operational flexibility • Actively managing debt maturity profile • Reducing leverage over time • Diversifying lender base and composition of debt Debt Maturity Schedule1 A S O F J U LY 22, 2025 Unused Revolver CapacityConsolidate Maturities Revolver $478 $314 $343 $174 2025 2026 2 2027 2028 2029 D E - L E V E R I N G , D E - R I S K I N G A N D M A X I M I Z I N G F L E X I B I L I T Y 1. This graphic reflects consolidated debt balances only. The loan encumbering The Emery at Overlook Ridge is represented with the 2026 maturities, as it features a contractual rate step- up in January 2026. 2. The Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities. On June 30, 2025, the Term Loan was fully drawn at $200 million but was fully repaid in July. As of July 22, 2025, all 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 interest rate of 4.86% and a weighted average maturity of 2.6 years. $303 $126 $ in Millions

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 21 The Veris Residential Team Ex ec ut ive Te am De pt . H ea ds Mahbod Nia Taryn Fielder Amanda Lombard Anna Malhari Chief Executive Officer General Counsel & Secretary Chief Financial Officer Chief Operating Officer Carmen DeGuida Lori Milo Karen Cusmano PJ Lefort SVP, CIO/CISO Information Technology Senior Vice President Human Resources Senior Vice President Sustainability & ESG Senior Vice President Operations Senior Vice President Operations & Asset Mgmt Nicole Jones Senior Vice President Marketing & Comms Jay Minchilli Brian Primost Senior Vice President Head of Investments A P R OV E N T R A C K R E C O R D O F VA LU E C R E AT I O N Heather Gamble Senior Vice President Chief Accounting Officer

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 22 Property Directory B LV D 401 401 Washington Blvd. Jersey City, NJ 07310 B LV D 425 425 Washington Blvd. Jersey City, NJ 07310 B LV D 475 475 Washington Blvd. Jersey City, NJ 07310 T H E C A P S TO N E AT P O RT I M P E R I A L 17 Avenue at Port Imperial West New York, NJ 07093 T H E E M E RY AT OV E R LO O K R I D G E 21 Quarry Lane Malden, MA 02148 H AU S25 25 Christopher Columbus Drive Jersey City, NJ 07302 L I B E RT Y TO W E R S 33 Hudson Street Jersey City, NJ 07302 T H E J A M E S 87 Madison Avenue Park Ridge, NJ 07656 P O RTS I D E I AT E A S T P I E R 40 East Pier Drive East Boston, MA 02128 P O RTS I D E I I AT E A S T P I E R 40 East Pier Drive East Boston, MA 02128 Q UA R RY P L A C E AT T U C K A H O E 64 Midland Place Tuckahoe, NY 10707 R I V E R H O U S E 9 AT P O RT I M P E R I A L 900 Avenue at Port Imperial Weehawken, NJ 07086 R I V E R H O U S E 11 AT P O RT I M P E R I A L 1100 Avenue at Port Imperial Weehawken, NJ 07086 R I V E R PA R K AT H A R R I S O N 201 Dey Street Harrison, NJ 07029 R I V E RT R A C E AT P O RT I M P E R I A L 11 Ave. at Port Imperial West New York, NJ 07093 S A B L E 200 Greene Street Jersey City, NJ 07310 S O H O LO F TS 273 16th Street Jersey City, NJ 07310 S TAT I O N H O U S E 701 2nd St NE Washington, DC 20002 T H E U P TO N AT S H O RT H I L L S 1 Fineran Way Short Hills, NJ 07078 145 Front Street in Worchester, MA, and Signature Place in Morris Plains, NJ, were sold in July 2025.

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C O R P O R AT E P R E S E N TAT I O N, J U LY 23, 2025 \| 23 Definitions AV E R A G E E F F E CT I V E M O N T H LY R E N T P E R H O M E represents the average effective rent (net of concessions) for in-place leases and the market rent for vacant homes. B L E N D E D N E T R E N TA L G R O W T H R AT E combines new lease and renewal lease growth rates. New lease growth rate refers to the difference in rent a new occupant of a unit is paying compared to the rent the unit's previous occupant was paying on a net effective basis. Renewal lease growth rate refers to the increase or decrease in monthly rent in a renewed lease compared to the previous lease on a net effective basis. C O R E F F O A N D A D J U S T E D F F O ("A F F O") 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 measures 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 Core FFO may not be comparable to the Core FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying our quarterly and annual filings. N E T D E BT-TO-E B I T D A (N O R M A L I Z E D) Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted EBTIDA (Normalized)): The Company defines Adjusted EBITDA (Normalized) as Adjusted EBITDA, adjusted to reflect the effects of non-recurring property transactions. In the case of acquisition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the Company's income (loss) for its ownership period annualized and included on a trailing twelve month basis. In the case of disposition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA minus the disposition property's actual income (loss) on a trailing twelve month basis. In the case of joint venture transaction properties whereby the Company acquires a controlling interest and subsequently consolidates the acquired asset, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the actual income (loss) on a trailing twelve month basis in proportion to the Company's economic interests in the joint venture as of the reporting date minus recurring joint venture distributions (the Company's practice for EBITDA recognition for joint ventures). The Company presents Adjusted EBITDA (Normalized) because the Company believes that Adjusted EBITDA (Normalized) provides a more appropriate denominator for its calculation of the Net Debt-to- EBITDA ratio as it reflects the leverage profile of the Company as of the reporting date. Adjusted EBITDA (Normalized) 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. N E T O P E R AT I N G I N C O M E (N O I) 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 non-controlling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed. O R A™ score is an aggregate compilation of a property's ratings across various review sites. Each month, J Turner Research monitors the online ratings of properties nationwide. Using a statistical model, a single score based on a scale of 0 to 100 is assigned to each property. S A M E S TO R E includes properties that were owned for the entirety of the years being compared and exclude properties under redevelopment or development and properties acquired, sold or classified as held for sale during the years being compared.

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Thank You

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