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Here are 1-2 brief analogies for Veris Residential (VRE):

• The Four Seasons of apartment buildings.
• Like Ritz-Carlton, but owning and managing luxury apartment complexes instead of hotels.

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• Multifamily Residential Leasing: Providing rental units within apartment communities primarily located in the New York metropolitan area to individual tenants.

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Veris Residential (symbol: VRE) is a Real Estate Investment Trust (REIT) that owns, operates, and develops premier transit-oriented multifamily properties in the Northeast United States. As such, its primary customers are individuals who lease apartments in its properties.

The company primarily sells to individuals. Up to three categories of customers it serves are:

1. Urban and Suburban Professionals: These customers are typically working professionals, including young professionals and established career individuals or couples, who prioritize convenience, access to public transit, proximity to employment hubs, and vibrant urban or suburban amenities. They seek modern apartments with desirable building amenities that support their lifestyle.

2. Lifestyle Renters: This category includes individuals and couples who value a maintenance-free living experience and seek out properties offering a robust suite of amenities such as fitness centers, co-working spaces, resident lounges, and concierge services. They are often willing to pay a premium for a managed community environment and convenient, upscale living.

3. Individuals and Families Seeking Flexibility and Quality: These customers might be relocating for work, new to a region, or prefer the flexibility of renting over homeownership. They prioritize well-maintained, high-quality properties with professional management and a strong sense of community, often seeking larger units or specific layouts to accommodate their family needs while still benefiting from transit access and amenities.

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Mahbod Nia, Chief Executive Officer

Mahbod Nia has served as Veris Residential's Chief Executive Officer and a member of its Board of Directors since June 2020, becoming CEO in March 2021. Under his leadership, Veris Residential has transitioned into a pure-play multifamily REIT. Mr. Nia possesses over 20 years of real estate industry experience, encompassing multifamily and office investment, management, financing, and advisory roles. Previously, he was CEO of NorthStar Realty Europe Corp. (NRE), a NYSE-listed REIT focused on European properties, where he led a strategic transformation that culminated in its successful sale to AXA Investment Managers. During his tenure at NRE, Mr. Nia achieved a 16% IRR and 1.5x equity multiple for shareholders. Prior to NRE, he served as Managing Director, Head of European Investments at NorthStar Asset Management Group (subsequently Colony Capital), establishing and growing its European investment platform to $2.6 billion in assets under management across nine countries and five asset classes. His career also includes roles within real estate groups at Goldman Sachs, where he was a Senior Executive Director, and Citigroup Inc. (formerly Salomon Brothers). Notably, he was involved in the restructuring of LEG Immobilien GmbH, a 91,000-unit multifamily company acquired by Goldman Sachs managed funds, focusing on maximizing FFO for a public listing at an approximate $6 billion valuation.

Amanda Lombard, Chief Financial Officer

Amanda Lombard serves as Chief Financial Officer of Veris Residential, joining the company in 2022. Before Veris Residential, Ms. Lombard served as CFO of the publicly-traded REIT Seritage Growth Properties, where she oversaw finance, investor relations, accounting, financial reporting, tax, information technology, and treasury. Prior to that, she was Chief Accounting Officer at Seritage. Earlier in her career, she spent over eight years at Gramercy Property Trust, most recently as Chief Accounting Officer, where she played a key role in numerous value-creating transactions that helped transform the company from a $300 million diversified REIT to an $8 billion industrial REIT. She began her career at PricewaterhouseCoopers LLP.

Anna Malhari, Chief Operating Officer

Anna Malhari serves as Chief Operating Officer of Veris Residential, overseeing operations and supporting the CEO. She joined Veris Residential in 2021. Ms. Malhari leads the firm's corporate responsibility efforts and has spearheaded initiatives such as cybersecurity programs, contributing to Veris Residential becoming the first company globally to achieve the WELL Equity Rating portfolio-wide. Before joining Veris Residential, Ms. Malhari was a Vice President at Colony Capital, Inc., where she was responsible for NorthStar Realty Europe's capital markets activity and involved in investment and management. She also held various investment positions at NorthStar and Peakside Capital.

Taryn Fielder, General Counsel & Secretary

Taryn Fielder serves as General Counsel and Secretary of Veris Residential. Ms. Fielder has significant experience providing legal counsel for capital market transactions, as well as securities, corporate governance, and regulatory compliance matters. Her responsibilities include corporate governance, supervising outside legal counsel, overseeing risk management, ensuring environmental and legal compliance, and legal oversight of all company lease transactions.

Jay V. Minchilli, Senior Vice President of Operations & Asset Management

Jay V. Minchilli serves as Senior Vice President of Operations & Asset Management for Veris Residential, where he is responsible for overseeing the operations of the residential portfolio. Most recently, Mr. Minchilli was the Principal and Founder of LSM RE Inc., a manufactured housing portfolio, which he established in 2017. Prior to that, he spent two years at the private equity firm Carmel Partners, serving as Vice President of Asset Management and overseeing the firm's Northeast portfolio. Before joining Carmel Partners, he spent 19 years at JP Morgan Investment Management, with 13 of those years in Real Estate Asset Management, executing business plans across various property types, primarily focusing on multifamily and mixed-use assets.

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The key risks to Veris Residential's business primarily stem from macroeconomic factors, its concentrated geographical portfolio, and regulatory changes impacting the multifamily real estate sector.

1. Financial and Credit Risks, including Interest Rate Volatility: Veris Residential is significantly exposed to financial and credit risks tied to general economic and market conditions. Volatility in financial and credit markets, broader global economic conditions, and specific challenges within the U.S. economy or the real estate industry, particularly in the Northeast where its properties are located, can adversely affect the company's operations, financial health, and ability to service debt and pay shareholder distributions. Rising interest rates are a particular concern, as they can lead to increased interest expenses, despite a significant portion of the company's debt portfolio being hedged or fixed.
2. Geographical Concentration Risk in the Northeast Market: The company's strategic focus on multifamily rental properties predominantly in the Northeast market presents a geographical concentration risk. Any adverse economic or regulatory changes specific to this region could disproportionately impact Veris Residential's revenue streams and asset values.
3. Regulatory Changes in the Multifamily Real Estate Sector: Veris Residential operates within a sector subject to evolving regulatory changes, including potential rent control and housing regulations. Unfavorable shifts in these laws or regulations could restrict the company's ability to increase rents, thereby affecting revenue growth and property valuations.

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The evolving long-term impact of remote and hybrid work models on urban residential demand. While the initial shift to remote work occurred during the pandemic, the full extent of its permanent structural effects on urban population density, commuting patterns, and sustained demand for premium urban residential real estate is still uncertain and unfolding. As companies continue to refine their long-term work policies and individuals adapt their living preferences, there is an emerging threat that the historical demand drivers and pricing power for concentrated luxury urban multifamily assets, particularly in core metropolitan areas like those where Veris Residential operates, could be fundamentally altered.

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Veris Residential, Inc. (VRE) primarily operates in the market of Class A multifamily rental properties. The addressable market for their main product, multifamily residential properties, can be sized for the United States.

The United States multifamily market was valued at USD 265 billion in 2022 and is projected to reach USD 466 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 7.31% for the forecast period between 2023 and 2030.

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Here are the expected drivers of future revenue growth for Veris Residential (VRE) over the next 2-3 years:

1. Strong Blended Net Rental Growth: Veris Residential has consistently reported robust blended net rental growth rates, with 3.9% for the third quarter of 2025 and 3.5% for the first nine months of the year, significantly outperforming the national market. This growth is driven by increases in both new leases and renewals. The company's portfolio continues to see strong rental growth, with average revenue per home increasing to $4,255.
2. Strategic Asset Sales and Deleveraging for Portfolio Optimization: The company is actively monetizing non-strategic assets, having sold or entered contracts for $542 million worth, exceeding its initial target and raising it to $650 million. These sales are primarily used for debt reduction, strengthening the balance sheet, and enabling the company to focus on its core multifamily properties. This strategic pivot to a concentrated, high-quality multifamily portfolio is expected to enhance overall revenue quality and growth.
3. Increased Occupancy and Rental Revenue from Renovated Units: Veris Residential has demonstrated an ability to increase occupancy and rental revenue through improvements. For example, the leasing season in 2025 showed a gradual increase in rental growth, with blended net rental growth exceeding 4% in March and 4.8% through April 21, notably as they started leasing renovated units at Liberty Towers. This indicates that ongoing renovations and property enhancements can drive higher rental income.
4. Operational Efficiencies and Technology Initiatives: The company has been implementing technology and operational initiatives that contribute to realized savings and support net operating income (NOI) guidance. For instance, Veris Residential reported operational efficiency improvements, including the success of its AI-based leasing assistant, Quinn, in customer engagement. These efficiencies can lead to improved profitability and indirectly support revenue growth by optimizing property management and attracting tenants more effectively.

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Share Repurchases

• Veris Residential announced a $100 million share repurchase program in February 2025.
• As of April 2025, no shares had been repurchased under the program year-to-date.
• Management believes share buybacks would be a logical capital allocation decision given the perceived significant value in the company above its current share price.

Outbound Investments

• In April 2025, Veris Residential acquired its joint venture partner's 15% interest in the entity owning "Sable" at Harborside for $38.5 million, funded through proceeds from non-strategic asset sales.

Capital Expenditures

• Capital expenditures (CapEx) were -$136 million in 2022, -$11 million in 2023, and -$11 million in 2024.
• For 2025, estimated capital expenditures are -$71 million.
• Primary focus of non-incremental revenue-generating capital expenditures includes building improvements and tenant improvements and leasing commissions.