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Analogy 1: The Equity Residential of sustainable, Class A apartments.

Analogy 2: The Whole Foods of apartment buildings.

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Veris Residential (VRE) primarily provides the following services:

• Ownership and Operation of Multifamily Properties: The company owns and manages Class A apartment complexes, generating rental income from residents.
• Acquisition of Multifamily Properties: Veris Residential expands its portfolio by purchasing existing Class A multifamily properties that align with its sustainability criteria.
• Development of Multifamily Properties: The company undertakes new construction or significant redevelopment projects to create holistically-inspired, sustainable Class A multifamily communities.

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Veris Residential (VRE) primarily owns, operates, acquires, and develops Class A multifamily properties. As such, its major customers are individual tenants who lease residential units. Based on the company's description, the categories of customers it serves can be described as:

• Individuals and families seeking premium, modern living spaces: These customers are drawn to Veris Residential's Class A multifamily properties, which typically offer high-quality finishes, modern amenities, and desirable locations.
• Environmentally and socially conscious residents: A key aspect of Veris Residential's mission is to meet the sustainability-conscious lifestyle needs of its residents. This category includes individuals who prioritize green living, energy efficiency, and properties that positively impact the community and environment.
• Urban and suburban professionals: Given the focus on Class A properties, many tenants are likely professionals or young professionals who value well-located residences with convenient access to employment centers, transportation, and urban amenities.

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Mahbod Nia, Chief Executive Officer

Mahbod Nia serves as Veris Residential's Chief Executive Officer and has been a member of its Board of Directors since June 2020. Under his leadership, Veris Residential has advanced its strategic transformation to a pure-play multifamily REIT. Mr. Nia has over 20 years of real estate industry experience, including multifamily and office investment, management, financing, and advisory roles. Before joining Veris Residential, he was the CEO of NorthStar Realty Europe Corp. (NRE), a NYSE-listed REIT focused on European properties, and led the successful sale of NRE to AXA Investment Managers. He also served as Managing Director, Head of European Investments of NorthStar Asset Management Group, where he established the company's European investment platform.

Amanda E. Lombard, Chief Financial Officer

Amanda E. Lombard serves as Chief Financial Officer of Veris Residential, a role she assumed in 2022. Prior to this, she served as Chief Financial Officer of publicly-traded REIT Seritage Growth Properties, where she was responsible for finance, investor relations, accounting, financial reporting, tax, information technology, and treasury. Ms. Lombard was also Chief Accounting Officer at Seritage Growth Properties. Earlier in her career, she spent more than eight years at Gramercy Property Trust, most recently as Chief Accounting Officer, where she led accounting and reporting aspects for numerous value-creating transactions that contributed to the company's transformation from a diversified REIT to an $8 billion industrial REIT. Ms. Lombard began her career at PricewaterhouseCoopers LLP, focusing on private equity and hedge funds.

Anna Malhari, Chief Operating Officer

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

Taryn Fielder, General Counsel and Secretary

Taryn Fielder serves as General Counsel and Secretary of Veris Residential. She has extensive experience providing legal counsel for capital market transactions, securities, corporate governance, and regulatory compliance matters. Ms. Fielder is responsible for corporate governance, supervising outside legal counsel, overseeing risk management, ensuring environmental and legal compliance, and the preparation of required disclosure documents. Prior to Veris Residential, she served as General Counsel at WashREIT, Senior Vice President and General Counsel for ASB Real Estate Investments, and Assistant General Counsel for DiamondRock Hospitality Company.

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

Jay V. Minchilli serves as Senior Vice President of Operations & Asset Management of Veris Residential, where he is responsible for overseeing the operations of the residential portfolio. Most recently, Mr. Minchilli was Principal and Founder of LSM RE Inc., a manufactured housing portfolio. Before that, he spent two years at the private equity firm Carmel Partners as Vice President of Asset Management, overseeing the firm's Northeast portfolio.

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Key Risks to Veris Residential (VRE):

1. Economic Downturns and Interest Rate Fluctuations: As a real estate investment trust focused on multifamily properties, Veris Residential is highly susceptible to macroeconomic shifts. Economic instability, such as recessions or job losses, can significantly depress rental demand, increase vacancy rates, and negatively impact property values. Simultaneously, rising interest rates directly increase the company's borrowing costs, affecting profitability and its capacity to fund new acquisitions or developments.
2. Increased Competition and New Supply in Core Markets: The residential rental market is intensely competitive, with numerous players vying for tenants. Veris Residential's concentrated geographical focus on specific urban markets, particularly the Northeast and areas like Hudson County, makes it vulnerable to new multifamily unit supply. This increased supply can cap same-store rent growth and necessitate concessions, thereby impacting net operating income.
3. High Debt Levels and Refinancing Risk: Veris Residential carries significant debt to finance its property acquisitions and developments, which can affect its financial stability. The company's balance sheet is noted as highly levered compared to its peers. Furthermore, material debt maturities clustered in 2026-2027 present refinancing risk, potentially forcing the company into more expensive borrowing terms or requiring asset sales.

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The addressable market for Veris Residential (symbol: VRE) pertains to Class A multifamily properties, primarily within the Northeast United States. While granular market data for this specific sub-sector is proprietary, the broader United States multifamily market provides context for their operations.

The overall United States multifamily market was valued at approximately USD 265 billion in 2022. This market is projected to expand to USD 466 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 7.31% during the forecast period between 2023 and 2030.

Veris Residential's portfolio is entirely concentrated in high-barrier-to-entry markets within the Northeast U.S., including significant assets along the Hudson Waterfront in New Jersey, Boston, suburban New Jersey and New York, and Washington D.C.

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For Veris Residential (VRE), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:

1. Continued Same-Store Revenue Growth: Veris Residential anticipates positive same-store revenue growth, with forecasts indicating a 4.1% increase in 2026, building on a projected 2.4% increase in the current year (2025). This growth is expected to be driven by market rent increases, although a moderation of rents to normalized levels is projected after several years of strong growth. The company has demonstrated strong blended net rental growth rates, with 3.5% for the first nine months of 2025, comprising 2.3% in new leases and 4.2% in renewals. Optimizing pricing by submarket and unit type, along with effective marketing and minimizing downtime between leases, will be crucial for sustained revenue outcomes.
2. Lease-up and Redevelopment of Existing Properties: A significant driver of future revenue growth is the lease-up of redeveloped spaces, particularly the Liberty Towers project. Veris Residential is investing approximately $30 million over the next three years to modernize this 648-unit asset in Jersey City, anticipating a mid- to high-teens return through rent increases. This strategic capital investment aims to enhance the property's appeal and rental income potential.
3. Strategic Portfolio Optimization and Accretive Capital Allocation: The company's ongoing transformation into a pure-play Class A multifamily REIT, focusing exclusively on high-demand Northeast markets, is a fundamental growth driver. This involves strategic sales of non-strategic assets, such as land and under-leased office properties, to enable capital reinvestment into its diversified apartment footprint. For example, the consolidation of ownership in Jersey City Urby (rebranded Sable) in April 2025 is expected to accrete earnings through strategic capital allocation and realize approximately $1 million of annualized synergies. The company also has a pipeline of 2,174 units for potential development, indicating further organic growth opportunities.
4. Operational Efficiencies and Technology-Driven Enhancements: Veris Residential is focused on enhancing operational efficiency and leveraging technology to drive performance. The company has rebuilt its operating platform with new processes and technology, which has enabled it to extract high performance from its assets. The implementation of innovative solutions, such as the AI-based leasing assistant 'Quint,' has improved operational efficiency and the resident experience. Furthermore, cost-saving initiatives and improved controllable expenses contribute to stronger net operating income (NOI), supporting revenue growth.

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Share Issuance

• In June 2024, Veris Residential announced an underwritten public offering of 10,500,000 shares of its common stock, with net proceeds intended to fund the acquisition of 55 Riverwalk Place or repay mortgage debt.
• An At-The-Market (ATM) equity offering for $100 million commenced in November 2023.

Inbound Investments

• Veris Residential has entered into a definitive merger agreement to be acquired by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners for $19.00 per share in an all-cash transaction.
• The transaction represents an implied enterprise value of approximately $3.4 billion and is expected to close in the second quarter of 2026.
• Financing for the acquisition will include a $2.08 billion committed senior secured bridge loan facility, alongside equity investments.

Outbound Investments

• In 2025, the company completed $542 million of non-strategic asset sales, surpassing its initial target of $300 million to $500 million.
• From 2021 to 2024, Veris Residential exited non-core office holdings, generating over $1.5 billion to $2.0 billion in gross proceeds, which were redeployed into Class A multifamily assets.
• Proceeds from non-strategic asset sales in 2025 were primarily used to reduce debt by approximately $490 million.

Capital Expenditures

• Non-incremental revenue generating capital expenditures for building improvements amounted to approximately $14.7 million for the full year 2025.
• Veris Residential plans a significant capital investment of about $30 million over three years (from March 2024) to modernize its 648-unit Liberty Towers project in Jersey City.
• The company invests in innovation for its multifamily properties, including AI-driven revenue management, digital leasing, IoT for predictive maintenance, and electrification.