Veris Residential, Inc. Reports Fourth Quarter and Full Year 2025 Results
JERSEY CITY, N.J., Feb. 23, 2026 /PRNewswire/ -- Veris Residential, Inc. (NYSE:VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the fourth quarter and full year 2025.
Three Months Ended December 31, | Twelve Months Ended December 31, | |||
2025 | 2024 | 2025 | 2024 | |
Net Income (loss) per Diluted Share | $0.00 | $(0.13) | $0.80 | $(0.25) |
Core FFO per Diluted Share | $0.19 | $0.11 | $0.72 | $0.60 |
Core AFFO per Diluted Share | $0.19 | $0.13 | $0.74 | $0.71 |
Dividend per Diluted Share | $0.08 | $0.08 | $0.32 | $0.26 |
FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS
- Increased annual Core FFO per share by over 20% year over year to $0.72, surpassing the upper end of guidance.
- Same Store NOI growth of 2.7% and 5.9% for the full year and quarter, respectively, and maintained an operating margin of approximately 68% for the full year.
- Further improved controllable expenses by 54 basis points to 16.5%.
- Year-over-year Same Store Blended Net Rental Growth Rate of 2.7% for the full year and 2.5% for the fourth quarter.
- Further reduced year-over-year core general and administrative expense by approximately 6% for the full year and 18% since 2022.
- Occupancy of 95.2% excluding Liberty Towers, which remains under renovation with over a third of the units completed; Same Store occupancy of 94.4% including Liberty Towers.
- Completed $542 million of non-strategic asset sales, exceeding the Company's original target of $300 to $500 million.
- Utilized non-strategic sale proceeds to reduce debt by approximately $490 million, improving Net Debt-to-EBITDA (Normalized) to 9.0x, representing year-end reductions of 23% from 11.7x in 2024 and 53% from 19.3x in 2021.
SAME STORE PORTFOLIO PERFORMANCE
December 31, | September 30, | Change | |
Same Store Units | 6,581 | 6,581 | — % |
Same Store Occupancy | 94.4 % | 94.7 % | (0.3) % |
Same Store Blended Rental Growth Rate (Quarter) | 2.5 % | 3.9 % | (1.4) % |
Average Revenue per Home | $4,252 | $4,255 | (0.1) % |
($ in 000s) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||
2025 | 2024 | % | 2025 | 2024 | % | |
Total Property Revenue | $69,823 | $67,638 | 3.2 % | $273,275 | $266,726 | 2.5 % |
Controllable Expenses | 10,843 | 11,843 | (8.4) % | 45,062 | 45,429 | (0.8) % |
Non-Controllable Expenses | 10,740 | 10,257 | 4.7 % | 43,168 | 41,117 | 5.0 % |
Total Property Expenses | 21,583 | 22,100 | (2.3) % | 88,230 | 86,546 | 1.9 % |
Same Store NOI | $48,240 | $45,538 | 5.9 % | $185,045 | $180,180 | 2.7 % |
2025 TRANSACTION ACTIVITY
In 2025, the Company completed $542 million of non-strategic asset sales. During the fourth quarter, the Company sold its last two land parcels in Jersey City, New Jersey, for $75 million, reducing its land bank value to approximately $35 million.
Name ($ in 000s) | Date | Location | Gross Proceeds |
65 Livingston | 1/24/2025 | Roseland, NJ | $7,300 |
Wall Land | 4/3/2025 | Wall Township, NJ | 31,000 |
PI - North Building (two parcels) and Metropolitan at 40 Park | 4/21/2025 | West New York, NJ, and | 7,100 |
1 Water | 4/29/2025 | White Plains, NY | 15,500 |
Signature Place | 7/9/2025 | Morris Plains, NJ | 85,000 |
145 Front Street | 7/22/2025 | Worcester, MA | 122,200 |
The James | 8/14/2025 | Park Ridge, NJ | 117,000 |
PI South - Building 2 | 8/28/2025 | Weehawken, NJ | 19,000 |
Quarry Place at Tuckahoe | 9/25/2025 | Eastchester, NY | 63,000 |
Harborside 8 and 9 | 12/8/2025 | Jersey City, NJ | 75,000 |
Total Assets Sold in 2025 | $542,100 |
In the second quarter of 2025, the Company purchased its partner's interest in its largest unconsolidated joint venture, the Jersey City Urby, for $38.5 million, assuming management of the property, which was rebranded to Sable. The consolidation resulted in approximately $1 million of annualized synergies.
FINANCE AND LIQUIDITY
As of December 31, 2025, the Company had liquidity of $280 million, a weighted average effective interest rate of 4.88% and a weighted average maturity of 2.2 years. All of the Company's debt was either hedged or fixed at year-end 2025.
Balance Sheet Metric ($ in 000s) | December 31, 2025 | September 30, 2025 |
Weighted Average Interest Rate | 4.88 % | 4.76 % |
Weighted Average Years to Maturity | 2.2 | 2.6 |
TTM Interest Coverage Ratio | 1.9x | 1.7x |
Net Debt | $1,332,798 | $1,407,717 |
TTM Adjusted EBITDA (Normalized) | $148,103 | $141,151 |
Net Debt-to-EBITDA (Normalized) | 9.0x | 10.0x |
During the fourth quarter of 2025, the Company exercised a one-year extension option relating to the unconsolidated joint venture's mortgage on The Capstone property, which will now mature in the fourth quarter of 2026. In addition, the Company utilized proceeds from non-strategic asset sales to repay the $69 million mortgage secured by The Emery property.
The Company's current total leverage ratio as defined by the Revolving Credit Facility is between 40% and 45%, resulting in a borrowing rate on the Revolver of SOFR + 1.30%. The 20-basis-point quarter-over-quarter decrease reflects the Company's disciplined approach to deleveraging and the resulting savings under the leverage-based pricing grid of the Revolving Credit Facility.
DIVIDEND
The Company paid a dividend of $0.08 per share on January 9, 2026, to shareholders of record as of December 31, 2025.
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/.
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," "assume," "believe," "contemplate," "could," "intend," "predict," "would," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology, although not all forward-looking statements contain these identifying words.
Forward-looking statements are inherently subject to certain risks, trends, changes in circumstances 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 as anticipated or that our results, estimates or assumptions will be correct. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements, many of which are beyond the Company's control. 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. | |
212-257-4170 |
Additional details on Company Information.
Consolidated Balance Sheet | |||
(in thousands) (unaudited) | |||
December 31, 2025 | December 31, 2024 | ||
ASSETS | |||
Rental property | |||
Land and leasehold interests | $ 376,710 | $ 458,946 | |
Buildings and improvements | 2,584,333 | 2,634,321 | |
Tenant improvements | 16,745 | 14,784 | |
Furniture, fixtures and equipment | 118,797 | 112,201 | |
3,096,585 | 3,220,252 | ||
Less – accumulated depreciation and amortization | (516,404) | (432,531) | |
2,580,181 | 2,787,721 | ||
Real estate held for sale, net | — | 7,291 | |
Net investment in rental property | 2,580,181 | 2,795,012 | |
Cash and cash equivalents | 14,128 | 7,251 | |
Restricted cash | 15,232 | 17,059 | |
Investments in unconsolidated joint ventures | 52,188 | 111,301 | |
Unbilled rents receivable, net | 3,643 | 2,253 | |
Deferred charges and other assets, net | 40,588 | 48,476 | |
Accounts receivable | 911 | 1,375 | |
Total assets | $ 2,706,871 | $ 2,982,727 | |
LIABILITIES AND EQUITY | |||
Revolving credit facility and term loans | 30,000 | 348,839 | |
Mortgages, loans payable and other obligations, net | 1,332,158 | 1,323,474 | |
Dividends and distributions payable | 8,697 | 8,533 | |
Accounts payable, accrued expenses and other liabilities | 44,610 | 42,744 | |
Rents received in advance and security deposits | 11,419 | 11,512 | |
Accrued interest payable | 5,031 | 5,262 | |
Total liabilities | 1,431,915 | 1,740,364 | |
Redeemable noncontrolling interests | 9,294 | 9,294 | |
Total Stockholders' Equity | 1,151,621 | 1,099,391 | |
Noncontrolling interests in subsidiaries: | |||
Operating Partnership | 105,849 | 102,588 | |
Consolidated joint ventures | 8,192 | 31,090 | |
Total noncontrolling interests in subsidiaries | $ 114,041 | $ 133,678 | |
Total equity | $ 1,265,662 | $ 1,233,069 | |
Total liabilities and equity | $ 2,706,871 | $ 2,982,727 | |
Consolidated Statement of Operations | |||||
(In thousands, except per share amounts) (unaudited) | |||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||
REVENUES | 2025 | 2024 | 2025 | 2024 | |
Revenue from leases | $ 65,521 | $ 61,904 | $ 264,459 | $ 245,690 | |
Management fees | 554 | 751 | 2,561 | 3,338 | |
Parking income | 3,816 | 3,893 | 15,834 | 15,463 | |
Other income | 1,419 | 1,535 | 5,580 | 6,583 | |
Total revenues | 71,310 | 68,083 | 288,434 | 271,074 | |
EXPENSES | |||||
Real estate taxes | 8,915 | 10,173 | 38,361 | 37,424 | |
Utilities | 1,998 | 1,955 | 9,290 | 8,151 | |
Operating services | 11,274 | 12,885 | 47,962 | 48,239 | |
Property management | 3,939 | 3,877 | 16,673 | 17,247 | |
General and administrative | 8,563 | 10,040 | 36,753 | 39,059 | |
Transaction-related costs | 322 | 159 | 3,750 | 1,565 | |
Depreciation and amortization | 21,466 | 21,182 | 86,263 | 82,774 | |
Land and other impairments, net | 2,317 | — | 17,984 | 2,619 | |
Total expenses | 58,794 | 60,271 | 257,036 | 237,078 | |
OTHER (EXPENSE) INCOME | |||||
Interest expense | (18,775) | (23,293) | (88,579) | (87,976) | |
Interest and other investment income | 102 | 111 | 370 | 2,366 | |
Equity in earnings (losses) of unconsolidated joint ventures | 549 | 1,015 | 5,257 | 3,934 | |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net1 | 6,671 | — | 90,831 | — | |
Gain (loss) on disposition of developable land | (1,252) | — | 34,040 | 11,515 | |
Gain (loss) on sale of unconsolidated joint venture interests | — | (154) | 5,122 | 6,946 | |
Gain (loss) from extinguishment of debt, net | (318) | — | (3,530) | (777) | |
Other income (expense), net | (154) | (396) | 148 | (701) | |
Total other income (expense), net | (13,177) | (22,717) | 43,659 | (64,693) | |
Income (loss) from continuing operations before income tax expense | (661) | (14,905) | 75,057 | (30,697) | |
Provision for income taxes | (61) | (2) | (231) | (276) | |
Income (loss) from continuing operations after income tax expense | (722) | (14,907) | 74,826 | (30,973) | |
Discontinued operations: | |||||
Income (loss) from discontinued operations | 224 | (1,015) | 4,115 | 862 | |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | — | 1,899 | — | 3,447 | |
Total discontinued operations, net | 224 | 884 | 4,115 | 4,309 | |
Net income (loss) | (498) | (14,023) | 78,941 | (26,664) | |
Noncontrolling interests in consolidated joint ventures | 357 | 495 | 3,538 | 1,924 | |
Noncontrolling interests in Operating Partnership of loss (income) from continuing operations | 38 | 1,238 | (6,569) | 2,531 | |
Noncontrolling interests in Operating Partnership in discontinued operations | (19) | (76) | (347) | (371) | |
Redeemable noncontrolling interests | (81) | (81) | (324) | (540) | |
Net income (loss) available to common shareholders | $ (203) | $ (12,447) | $ 75,239 | $ (23,120) | |
Basic earnings per common share: | |||||
Net income (loss) available to common shareholders | $0.00 | $(0.13) | $0.81 | $(0.25) | |
Diluted earnings per common share: | |||||
Net income (loss) available to common shareholders | $0.00 | $(0.13) | $0.80 | $(0.25) | |
Basic weighted average shares outstanding | 93,488 | 92,934 | 93,355 | 92,695 | |
Diluted weighted average shares outstanding2 | 102,077 | 101,611 | 102,363 | 101,381 | |
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
FFO, Core FFO and Core AFFO | |||||
(in thousands, except per share/unit amounts) | |||||
Three Months Ended December 31 | Twelve months ended December 31, | ||||
2025 | 2024 | 2025 | 2024 | ||
Net income (loss) available to common shareholders | $ (203) | $ (12,447) | $ 75,239 | $ (23,120) | |
Add/(Deduct): | |||||
Noncontrolling interests in Operating Partnership | (38) | (1,238) | 6,569 | (2,531) | |
Noncontrolling interests in discontinued operations | 19 | 76 | 347 | 371 | |
Real estate-related depreciation and amortization on continuing operations3 | 21,735 | 23,617 | 89,806 | 92,164 | |
Real estate-related depreciation and amortization on discontinued operations | — | (33) | — | 635 | |
Continuing operations: (Gain) loss on sale from unconsolidated joint ventures | — | 154 | (5,122) | (6,946) | |
Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (6,671) | — | (90,831) | — | |
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | — | — | — | (1,548) | |
FFO4 | $ 14,842 | $ 10,129 | $ 76,008 | $ 59,025 | |
Add/(Deduct): | |||||
(Gain) loss from extinguishment of debt, net | 318 | — | 3,530 | 777 | |
Land and other impairments5 | 2,317 | — | 16,384 | 2,619 | |
(Gain) loss on disposition of developable land6 | 1,252 | (1,899) | (34,600) | (13,414) | |
Severance/Compensation related costs (G&A)7 | 108 | 32 | 2,175 | 2,111 | |
Severance/Compensation related costs (Property Management)8 | 375 | 766 | 2,431 | 3,156 | |
Amortization of derivative premium9 | 374 | 1,461 | 2,759 | 4,554 | |
Derivative mark to market adjustment & losses on de-designation/early terminations | 31 | 186 | 1,117 | 202 | |
Transaction-related costs | 323 | 578 | 3,751 | 1,984 | |
Core FFO | $ 19,940 | $ 11,253 | $ 73,555 | $ 61,014 | |
Add/(Deduct): | |||||
Straight-line rent adjustments10 | (463) | (107) | (1,707) | (790) | |
Amortization of market lease intangibles, net | (11) | (5) | (17) | (30) | |
Amortization of lease inducements | — | — | — | 7 | |
Amortization of debt discounts (premiums) | 11 | — | 30 | — | |
Amortization of stock compensation | 2,797 | 3,013 | 11,843 | 12,992 | |
Non-real estate depreciation and amortization | 197 | 169 | 631 | 763 | |
Amortization of deferred financing costs | 1,484 | 1,639 | 6,641 | 6,125 | |
Add/(Deduct): | |||||
Non-incremental revenue generating capital expenditures: | |||||
Building improvements | (3,997) | (2,784) | (14,697) | (7,674) | |
Tenant improvements and leasing commissions11 | (205) | (94) | (326) | (236) | |
Core AFFO3 | $ 19,753 | $ 13,084 | $ 75,953 | $ 72,171 | |
Funds from Operations per share/unit-diluted | $0.14 | $0.10 | $0.74 | $0.58 | |
Core Funds from Operations per share/unit-diluted | $0.19 | $0.11 | $0.72 | $0.60 | |
Core Adjusted Funds from Operations per share/unit-diluted | $0.19 | $0.13 | $0.74 | $0.71 | |
Dividends declared per common share | $0.08 | $0.08 | $0.32 | $0.2625 | |
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
Adjusted EBITDA | |||||
($ in thousands) (unaudited) | |||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||
2025 | 2024 | 2025 | 2024 | ||
Net income (loss) available to common shareholders | $ (203) | $ (12,447) | $ 75,239 | $ (23,120) | |
Add/(Deduct): | |||||
Noncontrolling interests in Operating Partnership | (38) | (1,238) | 6,569 | (2,531) | |
Noncontrolling interests in discontinued operations | 19 | 76 | 347 | 371 | |
Real estate-related depreciation and amortization on continuing operations | 21,735 | 23,617 | 89,806 | 92,164 | |
Real estate-related depreciation and amortization on discontinued operations | — | (33) | — | 635 | |
Continuing operations: Loss (Gain) on sale from unconsolidated joint ventures | — | 154 | (5,122) | (6,946) | |
Continuing operations: Realized and unrealized (gains) losses on disposition of rental property, net | (6,671) | — | (90,831) | — | |
Discontinued operations: Realized and unrealized (gains) losses on disposition of rental property, net | — | — | — | (1,548) | |
(Gain)/Loss from extinguishment of debt, net | 318 | — | 3,530 | 777 | |
Land and other impairments | 2,317 | — | 16,384 | 2,619 | |
(Gain) loss on disposition of developable land | 1,252 | (1,899) | (34,600) | (13,414) | |
Severance/Compensation related costs (G&A) | 108 | 32 | 2,175 | 2,111 | |
Severance/Compensation related costs (Property Management) | 375 | 766 | 2,431 | 3,156 | |
Transaction-related costs | 323 | 578 | 3,751 | 1,984 | |
Equity in (earnings) loss of unconsolidated joint ventures, net | (549) | (1,015) | (5,257) | (4,196) | |
Equity in earnings share of depreciation and amortization | (466) | (2,605) | (4,175) | (10,154) | |
Interest expense | 18,775 | 23,294 | 88,579 | 87,977 | |
Recurring JV distributions | 1,035 | 3,641 | 10,264 | 11,893 | |
Income (loss) in noncontrolling interest in consolidated joint ventures, net | (357) | (495) | (1,379) | (1,924) | |
Redeemable noncontrolling interest | 81 | 81 | 324 | 540 | |
Income tax expense | 61 | 3 | 232 | 300 | |
Adjusted EBITDA | $ 38,115 | $ 32,510 | $ 158,267 | $ 140,694 | |
4Q 2025 | |
TTM Adjusted EBITDA | $ 158,267 |
Net Debt | 1,332,798 |
Net Debt-to-EBITDA | 8.4x |
After | |
TTM Adjusted EBITDA | $ 158,267 |
Deduct: | |
TTM Multifamily Sales Adjustments | (11,856) |
TTM Carry Costs from Sold Land | (154) |
Add: | |
TTM Unconsolidated JV Sales Adjustments | 1,845 |
TTM Adjusted EBITDA (Normalized) | $ 148,103 |
Net Debt | 1,332,798 |
Net Debt-to-EBITDA (Normalized) | 9.0x |
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
Components of Net Asset Value | |||||
($ in thousands) | |||||
Real Estate Portfolio | Other Assets | ||||
Operating Multifamily NOI1 | Total | At Share | Cash and Cash Equivalents | $14,128 | |
New Jersey Waterfront | $179,540 | $157,498 | Restricted Cash | 15,232 | |
Massachusetts | 20,944 | 20,944 | Other Assets | 45,142 | |
Other | 16,348 | 11,084 | Subtotal Other Assets | $74,502 | |
Total Multifamily NOI | $216,832 | $189,526 | |||
Commercial NOI2 | 5,016 | 4,165 | Liabilities and Other Considerations | ||
Total NOI | $221,848 | $193,691 | |||
Operating - Consolidated Debt at Share | $1,267,504 | ||||
Non-Strategic Assets | Operating - Unconsolidated Debt at Share | 128,506 | |||
Other Liabilities | 69,757 | ||||
Estimated Value of Remaining Land | $35,360 | Revolving Credit Facility | 30,000 | ||
Total Non-Strategic Assets3 | $35,360 | Preferred Units | 9,294 | ||
Subtotal Liabilities and Other Considerations | $1,505,061 | ||||
Outstanding Shares4 | |||||
Diluted Weighted Average Shares Outstanding for 4Q 2025 (in 000s) | 102,622 | ||||
__________________________________________ |
1 See Multifamily Operating Portfolio for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees. |
2 See Commercial Assets and Developable Land for more details. |
3 The land values are VRE's share of value. For more details see Commercial Assets and Developable Land. |
4 Outstanding shares for the quarter ended December 31, 2025 is comprised of the following (in 000s): 93,488 weighted average common shares outstanding, 8,589 weighted average Operating Partnership common and vested LTIP units outstanding, and 545 shares representing the dilutive effect of stock-based compensation awards. |
See Non-GAAP Financial Definitions. |
Multifamily Operating Portfolio | |||||||||
(in thousands, except Revenue per home) | |||||||||
Operating Highlights | |||||||||
Percentage Occupied1 | Average Revenue per Home | NOI2 | Debt Balance | ||||||
Ownership | Apartments | Q4 2025 | Q3 2025 | Q4 2025 | Q3 2025 | Q4 2025 | Q3 2025 | ||
NJ Waterfront | |||||||||
Haus25 | 100.0 % | 750 | 95.7 % | 96.5 % | $5,158 | $5,118 | $8,911 | $8,275 | $343,061 |
Liberty Towers* | 100.0 % | 648 | 87.1 % | 84.9 % | 4,534 | 4,630 | 5,023 | 4,596 | — |
BLVD 401 | 74.3 % | 311 | 95.4 % | 95.9 % | 4,357 | 4,376 | 2,669 | 2,416 | 113,462 |
BLVD 425 | 74.3 % | 412 | 95.3 % | 95.8 % | 4,184 | 4,236 | 3,398 | 3,320 | 131,000 |
BLVD 475 | 100.0 % | 523 | 95.3 % | 97.5 % | 4,335 | 4,349 | 4,634 | 4,247 | 161,201 |
Soho Lofts* | 100.0 % | 377 | 96.0 % | 94.8 % | 4,870 | 4,878 | 3,362 | 2,875 | — |
Sable | 100.0 % | 762 | 95.0 % | 96.6 % | 4,191 | 4,245 | 5,536 | 5,638 | 181,544 |
RiverHouse 9 at Port Imperial | 100.0 % | 313 | 95.8 % | 94.9 % | 4,594 | 4,590 | 2,848 | 2,717 | 110,000 |
RiverHouse 11 at Port Imperial | 100.0 % | 295 | 95.9 % | 97.3 % | 4,481 | 4,394 | 2,593 | 2,470 | 100,000 |
RiverTrace | 22.5 % | 316 | 94.9 % | 95.1 % | 3,850 | 3,869 | 2,313 | 2,225 | 82,000 |
Capstone | 40.0 % | 360 | 95.0 % | 94.7 % | 4,698 | 4,651 | 3,598 | 3,428 | 135,000 |
NJ Waterfront Subtotal | 87.2 % | 5,067 | 94.3 % | 94.6 % | $4,510 | $4,524 | $44,885 | $42,207 | $1,357,268 |
Massachusetts | |||||||||
Portside at East Pier* | 100.0 % | 180 | 95.3 % | 95.5 % | $3,393 | $3,377 | $1,275 | $1,186 | $— |
Portside 2 at East Pier | 100.0 % | 296 | 95.2 % | 96.3 % | 3,592 | 3,563 | 2,189 | 2,158 | 93,782 |
The Emery at Overlook Ridge3 | 100.0 % | 326 | 94.0 % | 95.2 % | 2,970 | 2,928 | 1,772 | 1,722 | — |
Massachusetts Subtotal | 100.0 % | 802 | 94.7 % | 95.7 % | $3,295 | $3,263 | $5,236 | $5,066 | $93,782 |
Other | |||||||||
The Upton | 100.0 % | 193 | 93.5 % | 94.5 % | $4,751 | $4,660 | $1,519 | $1,467 | $75,000 |
Riverpark at Harrison | 45.0 % | 141 | 93.6 % | 95.7 % | 3,169 | 2,940 | 638 | 579 | 29,948 |
Station House | 50.0 % | 378 | 94.7 % | 93.9 % | 2,984 | 3,029 | 1,930 | 1,785 | 85,158 |
Other Subtotal | 62.6 % | 712 | 94.2 % | 94.4 % | $3,500 | $3,453 | $4,087 | $3,831 | $190,106 |
Operating Portfolio4 5 | 86.1 % | 6,581 | 94.4 % | 94.7 % | $4,252 | $4,255 | $54,208 | $51,104 | $1,641,156 |
_______________________________________ |
1 Average of the last month of each quarter. |
2 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees. |
3 The loan on The Emery at Overlook Ridge was paid off in December 2025. |
4 Rental revenue associated with retail leases is included in the NOI disclosure above. |
5 See Unconsolidated Joint Ventures and Annex 6: Multifamily Operating Portfolio for more details. |
*Properties that are currently in the collateral pool for the Revolving Credit Facility. Following the July 9, 2025 amendment of the facility, the required number of collateral assets was reduced from five to two. In October, a negative pledge and assignment of proceeds of Portside at East Pier were added as incremental collateral. |
See Non-GAAP Financial Definitions. |
Commercial Assets and Developable Land | ||||||||
($ in thousands) | ||||||||
Commercial | Location | Ownership | Rentable SF1 | Percentage Leased 4Q 2025 | Percentage Leased 3Q 2025 | NOI 4Q 2025 | NOI 3Q 2025 | Debt Balance |
Port Imperial South - Garage | Weehawken, NJ | 70.0 % | Fn 1 | N/A | N/A | $578 | $619 | $30,524 |
Port Imperial South - Retail | Weehawken, NJ | 70.0 % | 18,064 | 84.0 % | 77.0 % | 131 | 126 | — |
Port Imperial North - Garage | Weehawken, NJ | 100.0 % | Fn 1 | N/A | N/A | 37 | (13) | — |
Port Imperial North - Retail | Weehawken, NJ | 100.0 % | 8,400 | 100.0 % | 100.0 % | 106 | 119 | — |
Riverwalk at Port Imperial | West New York, NJ | 100.0 % | 29,923 | 88.0 % | 88.0 % | 402 | 209 | — |
Commercial Total | 90.4 % | 56,387 | 88.5 % | 86.3 % | $1,254 | $1,060 | $30,524 | |
Developable Land Parcel Units2 | |
Total Units3 | |
NJ Waterfront4 | — |
Massachusetts | 736 |
Other | 115 |
Developable Land Parcel Units Total | 851 |
____________________________ |
1 Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively. |
2 The Company has an additional 34,375 SF of developable retail space within land developments that is not represented in this table. The Company owns 100% of the developable land parcel units. |
3 The Company is in the process of rezoning the parcel in Short Hills, NJ from 160 hotel keys to 115 multifamily units. |
4 Harborside 8 and 9 land parcels were sold in December 2025, representing 1,277 total units. |
Same Store Market Information | ||||||||||
Sequential Quarter Comparison1 | ||||||||||
(NOI in thousands) | ||||||||||
NOI at Share | Occupancy | Blended Lease Tradeouts2 | ||||||||
Apartments | 4Q 2025 | 3Q 2025 | Change | 4Q 2025 | 3Q 2025 | Change | 4Q 2025 | 3Q 2025 | Change | |
New Jersey Waterfront | 5,067 | $39,916 | $37,442 | 6.6 % | 94.3 % | 94.6 % | (0.3) % | 2.8 % | 3.9 % | (1.1) % |
Massachusetts | 802 | 5,434 | 5,261 | 3.3 % | 94.7 % | 95.7 % | (1.0) % | (1.2) % | 2.5 % | (3.7) % |
Other3 | 712 | 2,890 | 2,739 | 5.5 % | 94.2 % | 94.4 % | (0.2) % | 5.9 % | 9.8 % | (3.9) % |
Total | 6,581 | $48,240 | $45,442 | 6.2 % | 94.4 % | 94.7 % | (0.3) % | 2.5 % | 3.9 % | (1.4) % |
Year-over-Year Fourth Quarter Comparison1 | ||||||||||
(NOI in thousands) | ||||||||||
NOI at Share | Occupancy | Blended Lease Tradeouts2 | ||||||||
Apartments | 4Q | 4Q | Change | 4Q 2025 | 4Q 2024 | Change | 4Q 2025 | 4Q 2024 | Change | |
New Jersey Waterfront | 5,067 | $39,916 | $37,733 | 5.8 % | 94.3 % | 93.8 % | 0.5 % | 2.8 % | 0.8 % | 2.0 % |
Massachusetts | 802 | 5,434 | 5,171 | 5.1 % | 94.7 % | 93.8 % | 0.9 % | (1.2) % | 0.1 % | (1.3) % |
Other3 | 712 | 2,890 | 2,634 | 9.7 % | 94.2 % | 92.5 % | 1.7 % | 5.9 % | (13.2) % | 19.1 % |
Total | 6,581 | $48,240 | $45,538 | 5.9 % | 94.4 % | 93.7 % | 0.7 % | 2.5 % | (0.8) % | 3.3 % |
Average Revenue per Home | |||||||
Apartments | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | ||
New Jersey Waterfront | 5,067 | $4,510 | $4,524 | $4,499 | $4,430 | $4,441 | |
Massachusetts | 802 | 3,295 | 3,263 | 3,244 | 3,186 | 3,161 | |
Other3 | 712 | 3,500 | 3,453 | 3,392 | 3,291 | 3,376 | |
Total | 6,581 | $4,252 | $4,255 | $4,226 | $4,155 | $4,170 | |
___________________________________________ |
1 All statistics are based off the current 6,581 Same Store pool. These values reflect the Company`s pro-rata ownership. Sable is shown at 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025. |
2 Blended lease tradeouts exclude properties not managed by Veris for all periods shown. The Upton is the only property included in the blended lease tradeouts in the "Other" submarket. |
3 "Other" includes properties in Suburban NJ and Washington, DC. See Multifamily Operating Portfolio for breakout. |
See Non-GAAP Financial Definitions. |
Same Store Performance | ||||||||||||||
($ in thousands) | ||||||||||||||
Multifamily Same Store1 | ||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | Sequential | ||||||||||||
2025 | 2024 | Change | % | 2025 | 2024 | Change | % | 4Q 25 | 3Q 25 | Change | % | |||
Apartment Rental Income | $62,793 | $61,157 | $1,636 | 2.7 % | $246,349 | $240,980 | $5,369 | 2.2 % | $62,793 | $61,976 | $817 | 1.3 % | ||
Parking/Other Income | 7,030 | 6,481 | 549 | 8.5 % | 26,926 | 25,746 | 1,180 | 4.6 % | 7,030 | 6,894 | 136 | 2.0 % | ||
Total Property Revenues2 | $69,823 | $67,638 | $2,185 | 3.2 % | $273,275 | $266,726 | $6,549 | 2.5 % | $69,823 | $68,870 | $953 | 1.4 % | ||
Marketing & Administration | 1,775 | 2,198 | (423) | (19.2) % | 7,367 | 8,016 | (649) | (8.1) % | 1,775 | 1,993 | (218) | (10.9) % | ||
Utilities | 2,051 | 1,998 | 53 | 2.7 % | 9,211 | 8,336 | 875 | 10.5 % | 2,051 | 2,357 | (306) | (13.0) % | ||
Payroll | 3,704 | 3,854 | (150) | (3.9) % | 14,899 | 14,968 | (69) | (0.5) % | 3,704 | 3,878 | (174) | (4.5) % | ||
Repairs & Maintenance | 3,313 | 3,793 | (480) | (12.7) % | 13,585 | 14,109 | (524) | (3.7) % | 3,313 | 3,806 | (493) | (13.0) % | ||
Controllable Expenses | $10,843 | $11,843 | $(1,000) | (8.4) % | $45,062 | $45,429 | $(367) | (0.8) % | $10,843 | $12,034 | $(1,191) | (9.9) % | ||
Other Fixed Fees | 783 | 711 | 72 | 10.1 % | 3,112 | 2,851 | 261 | 9.2 % | 783 | 781 | 2 | 0.3 % | ||
Insurance | 1,331 | 1,230 | 101 | 8.2 % | 5,381 | 5,046 | 335 | 6.6 % | 1,331 | 1,355 | (24) | (1.8) % | ||
Real Estate Taxes | 8,626 | 8,316 | 310 | 3.7 % | 34,675 | 33,220 | 1,455 | 4.4 % | 8,626 | 9,258 | (632) | (6.8) % | ||
Non-Controllable Expenses | $10,740 | $10,257 | $483 | 4.7 % | $43,168 | $41,117 | $2,051 | 5.0 % | $10,740 | $11,394 | $(654) | (5.7) % | ||
Total Property Expenses | $21,583 | $22,100 | $(517) | (2.3) % | $88,230 | $86,546 | $1,684 | 1.9 % | $21,583 | $23,428 | $(1,845) | (7.9) % | ||
Same Store GAAP NOI | $48,240 | $45,538 | $2,702 | 5.9 % | $185,045 | $180,180 | $4,865 | 2.7 % | $48,240 | $45,442 | $2,798 | 6.2 % | ||
Same Store NOI Margin | 69.1 % | 67.3 % | 1.8 % | 67.7 % | 67.6 % | 0.1 % | 69.1 % | 66.0 % | 3.1 % | |||||
Total Units | 6,581 | 6,581 | 6,581 | 6,581 | 6,581 | 6,581 | ||||||||
% Ownership1 | 86.1 % | 86.1 % | 86.1 % | 86.1 % | 86.1 % | 86.1 % | ||||||||
% Occupied | 94.4 % | 93.7 % | 0.7 % | 94.4 % | 93.7 % | 0.7 % | 94.4 % | 94.7 % | (0.3) % | |||||
______________________________ |
1 These values represent the Company's pro-rata ownership. Sable is shown as 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025. These are shown at share and exclude management fees. |
2 Revenues reported based on Generally Accepted Accounting Principles or "GAAP". |
Debt Profile | |||||
($ in thousands) | |||||
Lender | Effective Interest Rate1 | December 31, 2025 | December 31, 2024 | Date of Maturity | |
Secured Permanent Loans | |||||
Portside 2 at East Pier | New York Life Insurance Co. | 4.56 % | $93,782 | $95,427 | 03/10/26 |
BLVD 425 | New York Life Insurance Co. | 4.17 % | 131,000 | 131,000 | 08/10/26 |
BLVD 401 | New York Life Insurance Co. | 4.29 % | 113,462 | 115,515 | 08/10/26 |
Portside at East Pier2 | KKR | SOFR + 2.75% | — | 56,500 | 09/07/26 |
The Upton3 | Bank of New York Mellon | SOFR + 1.58% | 75,000 | 75,000 | 10/27/26 |
RiverHouse 9 at Port Imperial4 | JP Morgan | SOFR + 1.41% | 110,000 | 110,000 | 06/21/27 |
Quarry Place at Tuckahoe5 | Natixis Real Estate Capital, LLC | 4.48 % | — | 41,000 | 08/05/27 |
BLVD 475 | The Northwestern Mutual Life Insurance Co. | 2.91 % | 161,201 | 164,712 | 11/10/27 |
Haus25 | Freddie Mac | 6.04 % | 343,061 | 343,061 | 09/01/28 |
RiverHouse 11 at Port Imperial | The Northwestern Mutual Life Insurance Co. | 4.52 % | 100,000 | 100,000 | 01/10/29 |
Sable6 | Pacific Life | 5.59 % | 181,544 | — | 08/01/29 |
Port Imperial Garage South | American General Life & A/G PC | 4.85 % | 30,524 | 31,098 | 12/01/29 |
The Emery7 | Flagstar Bank | 3.21 % | — | 70,653 | 01/01/31 |
Secured Permanent Loans Outstanding | $1,339,574 | $1,333,966 | |||
Unamortized Deferred Financing Costs | (7,416) | (10,492) | |||
Secured Permanent Loans | $1,332,158 | $1,323,474 | |||
Secured RCF & Term Loans: | |||||
Revolving Credit Facility8 | Various Lenders | SOFR + 2.22% | $30,000 | $152,000 | 04/22/27 |
Term Loan8 | Various Lenders | SOFR + 2.22% | — | 200,000 | 04/22/27 |
RCF & Term Loan Balances | $30,000 | $352,000 | |||
Unamortized Deferred Financing Costs | — | (3,161) | |||
Total RCF & Term Loan Debt | $30,000 | $348,839 | |||
Total Debt | $1,362,158 | $1,672,313 | |||
See Debt Profile Footnotes. |
Debt Summary and Maturity Schedule | ||||
As of December 31, all of the Company's total debt portfolio (consolidated and unconsolidated) is hedged or fixed with a | ||||
($ in thousands) | ||||
As of 12/31 | Balance | % of Total | Weighted Average Interest Rate | Weighted Average Maturity in Years |
Fixed Rate & Hedged Debt | ||||
Fixed Rate & Hedged Secured Debt | $1,369,574 | 100.0 % | 4.90 % | 1.99 |
Variable Rate Debt | ||||
Variable Rate Debt | — | — % | — % | — |
Totals / Weighted Average | $1,369,574 | 100.0 % | 4.90 % | 1.99 |
Unamortized Deferred Financing Costs | (7,416) | |||
Total Consolidated Debt, net | $1,362,158 | |||
Partners' Share | (72,070) | |||
VRE Share of Total Consolidated Debt, net1 | $1,290,088 | |||
Unconsolidated Secured Debt | ||||
VRE Share | $128,506 | 38.7 % | 4.32 % | 4.02 |
Partners' Share | 203,600 | 61.3 % | 4.32 % | 4.02 |
Total Unconsolidated Secured Debt | $332,106 | 100.0 % | 4.32 % | 4.02 |
Pro Rata | ||||
Fixed Rate & Hedged Secured Debt | $1,426,010 | 100.0 % | 4.88 % | 2.22 |
Variable Rate Secured Debt | — | — % | — % | — |
Total Pro Rata Debt Portfolio | $1,426,010 | 100.0 % | 4.88 % | 2.22 |
Debt Maturity Schedule as of December 31, 20252 3 | |||||
2026 | 2027 | 2028 | 2029 | 2030 | |
Secured Debt | $350 | $271 | $343 | $303 | |
Revolver | $30 | ||||
Unused Revolver Capacity | $270 | ||||
______________________________________ |
1 Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.2 million at BLVD 401 and $9.2 million at Port Imperial South Garage. |
2 The Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities. |
3 The graphic reflects VRE share of consolidated debt balances only. Dollars are shown in millions. |
Annex 1: Transaction Activity | |||||
$ in thousands | |||||
Location | Transaction | Number of | Units | Gross Proceeds | |
2025 dispositions-to-date | |||||
Land | |||||
65 Livingston | Roseland, NJ | 1/24/2025 | N/A | N/A | $7,300 |
Wall Land | Wall Township, NJ | 4/3/2025 | N/A | N/A | 31,000 |
PI North - Building 6 and Riverbend I1 | West New York, NJ | 4/21/2025 | N/A | N/A | 6,500 |
1 Water | White Plains, NY | 4/29/2025 | N/A | N/A | 15,500 |
PI South - Building 21 | Weehawken, NJ | 8/28/2025 | N/A | N/A | 19,000 |
Harborside 8 and 9 | Jersey City, NJ | 12/8/2025 | N/A | N/A | 75,000 |
Land dispositions-to-date | N/A | N/A | $154,300 | ||
Multifamily | |||||
Metropolitan at 40 Park1 | Morristown, NJ | 4/21/2025 | 1 | 130 | $600 |
Signature Place | Morris Plains, NJ | 7/9/2025 | 1 | 197 | 85,000 |
145 Front Street | Worcester, MA | 7/22/2025 | 1 | 365 | 122,200 |
The James | Park Ridge, NJ | 8/14/2025 | 1 | 240 | 117,000 |
Quarry Place | Eastchester, NY | 9/25/2025 | 1 | 108 | 63,0002 |
Multifamily dispositions-to-date | 5 | 1,040 | $387,800 | ||
Total dispositions-to-date | $542,100 | ||||
2025 acquisitions-to-date | |||||
Multifamily | |||||
Sable | Jersey City, NJ | 4/21/2025 | 1 | 762 | $38,5003 |
Multifamily acquisitions-to-date | 1 | 762 | $38,500 | ||
___________________________ |
1 Represents gross value associated with Veris' share of the sale. |
2 Gross proceeds include the buyer's assumption of the $41.0 million mortgage loan encumbering the property. |
3 Represents gross value associated with the purchase of our partner's 15% equity interest in the Jersey City property now known as Sable. |
Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended) | |||
4Q 2025 | 3Q 2025 | ||
Total | Total | ||
Net Income (loss) | $ (498) | $ 81,326 | |
Deduct: | |||
Management fees | (554) | (523) | |
Loss (income) from discontinued operations | (224) | (3,782) | |
Interest and other investment income | (102) | (173) | |
Equity in (earnings) loss of unconsolidated joint ventures | (549) | (340) | |
(Gain) loss on disposition of developable land | 1,252 | 1,118 | |
(Gain) loss from extinguishment of debt, net | 318 | 3,212 | |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | (6,671) | (91,037) | |
Other (income) expense, net | 154 | 121 | |
Add: | |||
Property management | 3,939 | 4,261 | |
General and administrative | 8,563 | 8,517 | |
Transaction-related costs | 322 | 1,550 | |
Depreciation and amortization | 21,466 | 21,073 | |
Interest expense | 18,775 | 22,240 | |
Provision for income taxes | 61 | 35 | |
Land and other impairments, net | 2,317 | — | |
Net operating income (NOI) | $ 48,569 | $ 47,598 | |
Summary of Consolidated Multifamily NOI by Type (unaudited): | 4Q 2025 | 3Q 2025 | |
Total Consolidated Multifamily - Operating Portfolio | $ 45,728 | $ 44,851 | |
Total Consolidated Commercial | 1,254 | 1,060 | |
Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests) | $ 46,982 | $ 45,911 | |
NOI (loss) from services, land/development/repurposing & other assets | 1,524 | 1,778 | |
Total Consolidated Multifamily NOI | $ 48,506 | $ 47,689 | |
See Consolidated Statement of Operations. |
Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes | |
1. | Includes $5.1 million relating to assets sold in the third quarter of 2025 and $1.6 million related to years prior to 2022. Refer to Note 3 in the 10-K for additional information. |
2. | Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,589 and 8,677 shares for the three months ended December 31, 2025 and 2024, respectively, and 8,612 and 8,686 shares for the twelve months ended December 31, 2025 and 2024, respectively, plus dilutive Common Stock Equivalents (i.e. stock options). |
3. | Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $0.5 million and $2.6 million for the three months ended December 31, 2025 and 2024, respectively, and $4.2 million and $10.2 million for the twelve months ended December 31, 2025 and 2024 respectively. Excludes non-real estate-related depreciation and amortization of $0.2 million for each of the three months ended December 31, 2025 and 2024, respectively, and $0.6 million and $0.8 million for the twelve months ended December 31, 2025 and 2024, respectively. |
4. | 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. |
5. | Represents the Company's controlling interest portion of the $18.0 million land and other impairment charge during the twelve months ended December 31, 2025. |
6. | Represents the Company's controlling interest portion of the $34.0 million gain on disposition of developable land during the twelve months ended December 31, 2025. |
7. | Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $8.5 million and $10.0 million for the three months ended December 31, 2025 and 2024, respectively, and $34.6 million and $36.9 million for the twelve months ended December 31, 2025 and 2024, respectively. |
8. | Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.6 million and $3.1 million for the three months ended December 31, 2025 and 2024, respectively, and $14.2 million and $14.1 million for the twelve months ended December 31, 2025 and 2024, respectively. |
9. | Includes the Company's share from unconsolidated joint ventures of $0 and $(20) thousand for the three months ended December 31, 2025 and 2024, respectively, and $(14) thousand and $(92) thousand for the twelve months ended December 31, 2025 and 2024, respectively. |
10. | Includes the Company's share from unconsolidated joint ventures of $122 thousand and $59 thousand for the three months ended December 31, 2025 and 2024, respectively and $96 thousand and $94 thousand for the twelve months ended December 31, 2025 and 2024, respectively. |
11. | Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year. |
Back to Consolidated Statement of Operations. |
Annex 4: Unconsolidated Joint Ventures | |||||||
($ in thousands) | |||||||
Property | Units | Percentage Occupied | VRE's Nominal Ownership | 4Q 2025 NOI1 | Total Debt | VRE Share of 4Q NOI | VRE Share of Debt |
Multifamily | |||||||
RiverTrace | 316 | 94.9 % | 22.5 % | $2,313 | $82,000 | $520 | $18,450 |
Capstone | 360 | 95.0 % | 40.0 % | 3,598 | 135,000 | 1,439 | 54,000 |
Riverpark at Harrison | 141 | 93.6 % | 45.0 % | 638 | 29,948 | 287 | 13,477 |
Station House | 378 | 94.7 % | 50.0 % | 1,930 | 85,158 | 965 | 42,579 |
Total UJV | 1,195 | 94.7 % | 39.1 % | $8,479 | $332,106 | $3,212 | $128,506 |
___________________________ |
1 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. |
Annex 5: Debt Profile Footnotes | |
1. | Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable. |
2. | The loan on Portside at East Pier was fully repaid in August 2025, the three-year cap was also terminated. |
3. | The loan on Upton is hedged with an interest rate cap at a strike rate of 3.5%, expiring in November 2026. |
4. | The loan on RiverHouse 9 at Port Imperial is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026. |
5. | In September 2025, the Company sold the property (Quarry Place), simultaneously assigning the $41 million mortgage to the purchaser. |
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". |
7. | The Company elected to prepay the loan on December 31, 2025. Effective rate reflects the fixed rate period, which ended on January 1, 2026. |
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. In July 2025, the Company amended its existing facility and fully repaid the Term Loan. In August 2025, the Company terminated $55 million of the $200 million of interest rate cap at strike rate of 3.5%, expiring in July 2026. The amendment also reduced the number of participating Lenders from eight to seven. The facilities have a three-year term ending April 22, 2027, with a one-year extension option. The Revolver remains fully hedged through interest rate caps at a 3.5% strike rate, also expiring in July 2026. |
Balance as of | Initial | Deferred | 5 bps | Updated | SOFR or | All In | |
Secured Revolving Credit Facility | $30,000 | 1.35 % | 0.92 % | (0.05) % | 2.22 % | 3.50 % | 5.72 % |
Back to Debt Profile. |
Annex 6: Multifamily Property Information | ||||||
Location | Ownership | Apartments | Rentable SF1 | Average Size | Year Complete | |
NJ Waterfront | ||||||
Haus25 | Jersey City, NJ | 100.0 % | 750 | 617,787 | 824 | 2022 |
Liberty Towers | Jersey City, NJ | 100.0 % | 648 | 602,210 | 929 | 2003 |
BLVD 401 | Jersey City, NJ | 74.3 % | 311 | 273,132 | 878 | 2016 |
BLVD 425 | Jersey City, NJ | 74.3 % | 412 | 369,515 | 897 | 2003 |
BLVD 475 | Jersey City, NJ | 100.0 % | 523 | 475,459 | 909 | 2011 |
Soho Lofts | Jersey City, NJ | 100.0 % | 377 | 449,067 | 1,191 | 2017 |
Sable | Jersey City, NJ | 100.0 % | 762 | 474,476 | 623 | 2017 |
RiverHouse 9 at Port Imperial | Weehawken, NJ | 100.0 % | 313 | 245,127 | 783 | 2021 |
RiverHouse 11 at Port Imperial | Weehawken, NJ | 100.0 % | 295 | 250,591 | 849 | 2018 |
RiverTrace | West New York, NJ | 22.5 % | 316 | 295,767 | 936 | 2014 |
Capstone | West New York, NJ | 40.0 % | 360 | 337,991 | 939 | 2021 |
NJ Waterfront Subtotal | 87.2 % | 5,067 | 4,391,122 | 888 | ||
Massachusetts | ||||||
Portside at East Pier | East Boston, MA | 100.0 % | 180 | 154,859 | 862 | 2015 |
Portside 2 at East Pier | East Boston, MA | 100.0 % | 296 | 230,614 | 779 | 2018 |
The Emery | Revere, MA | 100.0 % | 326 | 273,140 | 838 | 2020 |
Massachusetts Subtotal | 100.0 % | 802 | 658,613 | 823 | ||
Other | ||||||
The Upton | Short Hills, NJ | 100.0 % | 193 | 217,030 | 1,125 | 2021 |
Riverpark at Harrison | Harrison, NJ | 45.0 % | 141 | 124,774 | 885 | 2014 |
Station House | Washington, DC | 50.0 % | 378 | 290,348 | 768 | 2015 |
Other Subtotal | 62.6 % | 712 | 632,152 | 914 | ||
Operating Portfolio | 86.1 % | 6,581 | 5,681,887 | 884 | ||
Back to Multifamily Operating Portfolio. |
_______________________________________ |
1 Total sf outlined above excludes approximately 151,898 SF of ground floor retail, of which 129,489 SF was leased as of December 31, 2025. |
Annex 7: Noncontrolling Interests in Consolidated JVs | ||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||
2025 | 2024 | 2025 | 2024 | |
BLVD 425 | $ 140 | $ 97 | $ 543 | $ 424 |
BLVD 401 | (518) | (571) | (2,211) | (2,258) |
Port Imperial Garage South | 10 | (2) | 21 | (5) |
Port Imperial Retail South | 13 | 18 | 28 | 52 |
Other consolidated joint ventures | (2) | (37) | (1,919) | (137) |
Net losses in noncontrolling interests | $ (357) | $ (495) | $ (3,538) | $ (1,924) |
Depreciation in noncontrolling interests | 750 | 744 | 2,969 | 2,923 |
Funds from operations - noncontrolling interest in consolidated joint ventures | $ 393 | $ 249 | $ (569) | $ 999 |
Interest expense in noncontrolling interest in consolidated joint ventures | 780 | 787 | 3,140 | 3,146 |
Net operating income before debt service in consolidated joint ventures | $ 1,173 | $ 1,036 | $ 2,571 | $ 4,145 |
Back to Adjusted EBITDA. |
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 below.
Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")
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.
Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted "EBITDA" (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.
Blended Net Rental Growth Rate or Blended Lease Rate
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.
Core FFO and Adjusted FFO ("AFFO")
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.
Funds From Operations ("FFO")
FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("Nareit"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
NOI and Same Store 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. 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.
Company Information | ||
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: [email protected] | ||
Web: www.verisresidential.com | ||
Executive Officers | ||
Mahbod Nia | Amanda Lombard | Taryn Fielder |
Chief Executive Officer | Chief Financial Officer | General Counsel and Secretary |
Anna Malhari | ||
Chief Operating Officer | ||
Equity Research Coverage | ||
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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SOURCE Veris Residential, Inc.