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Veris Residential, Inc. Reports Second Quarter 2025 Results
JERSEY CITY, N.J., July 23, 2025 /PRNewswire/ -- 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, | 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 | 7,491 | 7,491 | — % |
| 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 | $4,085 | $4,023 | 1.5 % |
The following table shows Same Store performance:
| ($ in 000s) | Three Months Ended June 30, | Six Months Ended June 30, | ||||
| | 2025 | 2024 | % | 2025 | 2024 | % |
| Total Property Revenue | $75,999 | $74,160 | 2.5 % | $151,378 | $147,768 | 2.4 % |
| Controllable Expenses | 12,799 | 13,286 | (3.7) % | 25,736 | 25,775 | (0.2) % |
| Non-Controllable Expenses | 11,891 | 12,283 | (3.2) % | 23,651 | 24,280 | (2.6) % |
| Total Property Expenses | 24,690 | 25,569 | (3.4) % | 49,387 | 50,055 | (1.3) % |
| Same Store NOI | $51,309 | $48,591 | 5.6 % | $101,991 | $97,713 | 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 | $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 Morristown, NJ | 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 |
| Total Assets Sold in 2025-to-Date | | | $268,100 |
In April, the Company 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 | $1,795,320 | $1,643,411 |
| TTM Adjusted EBITDA (Normalized) | $159,162 | $144,659 |
| 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 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 | 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 impacts of the consolidation of Sable and interest expense savings from debt repayment associated with recent sales and from reduced corporate borrowing costs.
| | Current 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 in Company Information.
| Consolidated Balance Sheet (in thousands) (unaudited) | | ||
| | | ||
| | June 30, 2025 | December 31, 2024 | |
| ASSETS | | | |
| Rental property | | | |
| Land and leasehold interests | $442,566 | $458,946 | |
| Buildings and improvements | 2,611,276 | 2,634,321 | |
| Tenant improvements | 16,145 | 14,784 | |
| Furniture, fixtures and equipment | 112,424 | 112,201 | |
| | 3,182,411 | 3,220,252 | |
| Less – accumulated depreciation and amortization | (475,073) | (432,531) | |
| | 2,707,338 | 2,787,721 | |
| Real estate held for sale, net | 288,575 | 7,291 | |
| Net investment in rental property | 2,995,913 | 2,795,012 | |
| Cash and cash equivalents | 11,438 | 7,251 | |
| Restricted cash | 18,581 | 17,059 | |
| Investments in unconsolidated joint ventures | 53,618 | 111,301 | |
| Unbilled rents receivable, net | 3,252 | 2,253 | |
| Deferred charges and other assets, net | 43,059 | 48,476 | |
| Accounts receivable | 1,119 | 1,375 | |
| Total assets | $3,126,980 | $2,982,727 | |
| LIABILITIES AND EQUITY | | | |
| Revolving credit facility and term loans | 324,513 | 348,839 | |
| Mortgages, loans payable and other obligations, net | 1,459,964 | 1,323,474 | |
| Liabilities held for sale, net | 40,862 | — | |
| Dividends and distributions payable | 8,529 | 8,533 | |
| Accounts payable, accrued expenses and other liabilities | 50,262 | 42,744 | |
| Rents received in advance and security deposits | 13,185 | 11,512 | |
| Accrued interest payable | 5,806 | 5,262 | |
| Total liabilities | 1,903,121 | 1,740,364 | |
| Redeemable noncontrolling interests | 9,294 | 9,294 | |
| Total Stockholders' Equity | 1,086,095 | 1,099,391 | |
| Noncontrolling interests in subsidiaries: | | | |
| Operating Partnership | 100,183 | 102,588 | |
| Consolidated joint ventures | 28,287 | 31,090 | |
| Total noncontrolling interests in subsidiaries | $128,470 | $133,678 | |
| Total equity | $1,214,565 | $1,233,069 | |
| Total liabilities and equity | $3,126,980 | $2,982,727 | |
| Consolidated Statement of Operations (In thousands, except per share amounts) (unaudited) | |||||
| | |||||
| | Three Months Ended June 30, | | Six Months Ended June 30, | ||
| REVENUES | 2025 | 2024 | | 2025 | 2024 |
| Revenue from leases | $69,348 | $ 60,917 | | $131,313 | $ 121,559 |
| Management fees | 766 | 871 | | 1,484 | 1,793 |
| Parking income | 4,376 | 3,922 | | 8,125 | 7,667 |
| Other income | 1,438 | 1,766 | | 2,762 | 3,797 |
| Total revenues | 75,928 | 67,476 | | 143,684 | 134,816 |
| EXPENSES | | | | | |
| Real estate taxes | 10,105 | 9,502 | | 19,317 | 18,679 |
| Utilities | 2,103 | 1,796 | | 4,910 | 4,067 |
| Operating services | 12,887 | 12,628 | | 23,880 | 25,198 |
| Property management | 4,088 | 4,366 | | 8,473 | 9,608 |
| General and administrative | 9,605 | 8,975 | | 19,673 | 20,063 |
| Transaction related costs | 1,570 | 890 | | 1,878 | 1,406 |
| Depreciation and amortization | 22,471 | 20,316 | | 43,724 | 40,433 |
| Land and other impairments, net | 12,467 | — | | 15,667 | — |
| Total expenses | 75,296 | 58,473 | | 137,522 | 119,454 |
| OTHER (EXPENSE) INCOME | | | | | |
| Interest expense | (24,604) | (21,676) | | (47,564) | (43,176) |
| Interest and other investment income | 70 | 1,536 | | 95 | 2,074 |
| Equity in earnings (losses) of unconsolidated joint ventures | 526 | 2,933 | | 4,368 | 3,187 |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | (6,877) | — | | (6,877) | — |
| Gain (loss) on disposition of developable land | 36,566 | 10,731 | | 36,410 | 11,515 |
| Gain (loss) on sale of unconsolidated joint venture interests | 5,122 | — | | 5,122 | 7,100 |
| Gain (loss) from extinguishment of debt, net | — | (785) | | — | (785) |
| Other income (expense), net | 528 | (250) | | 423 | 5 |
| Total other (expense) income, net | 11,331 | (7,511) | | (8,023) | (20,080) |
| Income (loss) from continuing operations before income tax expense | 11,963 | 1,492 | | (1,861) | (4,718) |
| Provision for income taxes | (93) | (176) | | (135) | (235) |
| Income (loss) from continuing operations after income tax expense | 11,870 | 1,316 | | (1,996) | (4,953) |
| Discontinued operations: | | | | | |
| Income (loss) from discontinued operations | (27) | 1,419 | | 109 | 1,671 |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | — | — | | — | 1,548 |
| Total discontinued operations, net | (27) | 1,419 | | 109 | 3,219 |
| Net income (loss) | 11,843 | 2,735 | | (1,887) | (1,734) |
| Noncontrolling interests in consolidated joint ventures | 149 | 543 | | 2,274 | 1,038 |
| Noncontrolling interests in Operating Partnership of income (loss) from continuing operations | (1,009) | (153) | | (11) | 370 |
| Noncontrolling interests in Operating Partnership in discontinued operations | 2 | (122) | | (9) | (277) |
| Redeemable noncontrolling interests | (81) | (81) | | (162) | (378) |
| Net income (loss) available to common shareholders | $10,904 | $2,922 | | $205 | $(981) |
| Basic earnings per common share: | | | | | |
| Net income (loss) available to common shareholders | $0.12 | $0.03 | | $0.00 | $(0.01) |
| Diluted earnings per common share: | | | | | |
| Net income (loss) available to common shareholders | $0.12 | $0.03 | | $0.00 | $(0.01) |
| Basic weighted average shares outstanding | 93,392 | 92,663 | | 93,227 | 92,469 |
| Diluted weighted average shares outstanding1 | 102,259 | 101,952 | | 102,164 | 101,160 |
| |
| See Reconciliation to Net Income (Loss) to NOI for more details. |
| FFO, Core FFO and Core AFFO (in thousands, except per share/unit amounts) | |||||
| | |||||
| | Three Months Ended June 30, | | Six Months Ended June 30, | ||
| | 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 operations2 | 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 | 6,877 | — | | 6,877 | — |
| Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | — | — | | — | (1,548) |
| FFO3 | $ 36,897 | $ 25,711 | | $ 48,656 | $ 36,092 |
| | | | | | |
| Add/(Deduct): | | | | | |
| (Gain) loss from extinguishment of debt, net | — | 785 | | — | 785 |
| Land and other impairments4 | 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)5 | 1,352 | 236 | | 1,520 | 1,873 |
| Severance/Compensation related costs (Property Management)6 | 889 | 838 | | 1,399 | 2,364 |
| Amortization of derivative premium7 | 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 |
| | | | | | |
| Add/(Deduct): | | | | | |
| Straight-line rent adjustments8 | (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 | 2,813 | 3,247 | | 6,179 | 6,974 |
| Non-real estate depreciation and amortization | 139 | 219 | | 289 | 429 |
| Amortization of deferred financing costs | 1,777 | 1,569 | | 3,484 | 2,811 |
| Add/(Deduct): | | | | | |
| Non-incremental revenue generating capital expenditures: | | | | | |
| Building improvements | (2,675) | (1,562) | | (5,981) | (2,602) |
| Tenant improvements and leasing commissions9 | (63) | (78) | | (96) | (87) |
| Core AFFO3 | $ 19,149 | $ 21,634 | | $ 36,724 | $ 39,969 |
| | | | | | |
| 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 | $0.11 |
| |
| See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
| See Consolidated Statements of Operations. |
| Adjusted EBITDA ($ in thousands) (unaudited) | |||||
| | |||||
| | Three Months Ended June 30, | | Six Months Ended June 30, | ||
| | 2025 | 2024 | | 2025 | 2024 |
| Core FFO (calculated on a 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 joint venture distributions | 2,388 | 4,177 | | 8,189 | 5,878 |
| Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments1 | (149) | (543) | | (674) | (1,038) |
| Redeemable noncontrolling interests | 81 | 81 | | 162 | 378 |
| Income tax expense | 93 | 176 | | 136 | 258 |
| Adjusted EBITDA | $ 42,202 | $ 37,889 | | $ 78,878 | $ 71,066 |
| Before | ||||
| | 3Q24 | 4Q24 | 1Q25 | 2Q25 |
| Adjusted EBITDA | $ 37,119 | $ 32,509 | $ 36,675 | $ 42,202 |
| TTM Adjusted EBITDA | | | | 148,504 |
| Net Debt as of 6/30/25 | | | | $ 1,795,320 |
| Net Debt-to-EBITDA | | | | 12.1x |
| | | | | |
| After | ||||
| | 3Q24 | 4Q24 | 1Q25 | 2Q25 |
| Adjusted EBITDA | $ 37,119 | $ 32,509 | $ 36,675 | $ 42,202 |
| Add: Consolidated 100% NOI Sable | 5,867 | 6,455 | 5,879 | 1,242 |
| Less: JV Distributions from Dissolved JVs | (1,456) | (2,465) | (4,904) | (470) |
| Add: Carry Costs from Sold Land | 133 | 278 | 91 | 7 |
| Adjusted EBITDA (Normalized) | $ 41,663 | $ 36,776 | $ 37,742 | $ 42,981 |
| TTM Adjusted EBITDA (Normalized) | | | | $ 159,162 |
| Net Debt as of 6/30/25 | | | | $ 1,795,320 |
| Net Debt-to-EBITDA (Normalized) | | | | 11.3x |
| |
| See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
| See Non-GAAP Financial Definitions. |
| ___________________________________ |
| 1See Annex 7 for breakout of noncontrolling interests in consolidated joint ventures. |
| Components of Net Asset Value ($ in thousands) | |||||
| | |||||
| Real Estate Portfolio | | Other Assets | |||
| | | | | | |
| Operating Multifamily NOI1 | Total | At Share | | Cash and Cash Equivalents2 | $10,887 |
| New Jersey Waterfront | $170,008 | $149,371 | | Restricted Cash | 18,581 |
| Massachusetts | 20,420 | 20,420 | | Other Assets | 47,430 |
| Other | 30,064 | 23,689 | | Subtotal Other Assets | $76,898 |
| Total Multifamily NOI as of 6/30 | $220,492 | $193,480 | | | |
| Less: Sold properties in July3 | (10,936) | (10,936) | | Liabilities and Other Considerations | |
| Total Multifamily NOI as of 7/22 | $209,556 | $182,544 | | | |
| Commercial NOI4 | 4,732 | 3,792 | | Operating - Consolidated Debt at Share5 | $1,438,479 |
| Total NOI as of 7/22 | $214,288 | $186,336 | | Operating - Unconsolidated Debt at Share | 129,170 |
| | | | | Other Liabilities | 77,782 |
| Non-Strategic Assets | | Revolving Credit Facility5 | 126,000 | ||
| | | | | Term Loan5 | — |
| Estimated Value of Remaining Land | $134,194 | | Preferred Units | 9,294 | |
| Total Non-Strategic Assets6 | $134,194 | | Subtotal Liabilities and Other Considerations | $1,780,725 | |
| | | | | | |
| | | | | Outstanding Shares7 | |
| | | | | | |
| | | | | Diluted Weighted Average Shares Outstanding for 2Q 2025 (in 000s) | 102,259 |
| ___________________________________ |
| 1 See Multifamily Operating Portfolio 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 is 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 for more details. |
| 5 See Debt Summary and Maturity Schedule for pro forma reconciliation. |
| 6 The land values are VRE's share of value. For more details see Commercial Assets and Developable Land. |
| 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. |
| |
| See Non-GAAP Financial Definitions. |
| Multifamily Operating Portfolio (in thousands, except Revenue per home) | |||||||||
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| Operating Highlights | |||||||||
| | | | Percentage Occupied | Average Revenue per Home | NOI1 | Debt Balance | |||
| | Ownership | Apartments | 2Q 2025 | 1Q 2025 | 2Q 2025 | 1Q 2025 | 2Q 2025 | 1Q 2025 | |
| NJ Waterfront | | | | | | | | | |
| Haus25 | 100.0 % | 750 | 95.6 % | 95.6 % | $5,027 | $4,969 | $8,083 | $8,195 | $343,061 |
| Liberty Towers* | 100.0 % | 648 | 77.7 % | 80.5 % | 4,688 | 4,428 | 4,462 | 4,289 | — |
| BLVD 401 | 74.3 % | 311 | 96.0 % | 95.0 % | 4,288 | 4,272 | 2,498 | 2,431 | 114,500 |
| BLVD 425 | 74.3 % | 412 | 95.7 % | 95.9 % | 4,217 | 4,143 | 3,359 | 3,426 | 131,000 |
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