Form 8-K - Current report
2024年11月18日 - 10:00PM
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2024-11-19
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2024-11-18
2024-11-18
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2024-11-18
2024-11-18
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event
reported): November 18, 2024
VERIS RESIDENTIAL, INC.
(Exact Name of Registrant as Specified in Charter)
| Maryland |
|
1-13274 |
|
22-3305147 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
Harborside
3, 210 Hudson St., Ste.
400
Jersey
City, New Jersey 07311
(Address of Principal Executive Offices) (Zip
Code)
(732)
590-1010
(Registrant’s telephone number, including
area code)
VERIS
RESIDENTIAL, L.P.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
|
333-57103 |
|
22-3315804 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
Harborside
3, 210
Hudson St., Ste.
400
Jersey
City, New
Jersey 07311
(Address of Principal Executive Offices) (Zip
Code)
(732)
590-1010
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
| ¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which
registered |
| Common
Stock, par value $0.01 |
|
VRE |
|
New
York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Co-Registrant CIK |
0001067063 |
| Co-Registrant Amendment Flag |
false |
| Co-Registrant Form Type |
8-K |
| Co-Registrant DocumentPeriodEndDate |
2024-11-19 |
| Co-Registrant Written Communications |
|
| Co-Registrant Solicitating Materials |
false |
| Co-Registrant PreCommencement Tender Offer |
false |
| Co-Registrant PreCommencement Issuer Tender Offer |
false |
Item 7.01 Regulation FD Disclosure
Beginning on November 19, 2024, Veris Residential,
Inc., a Maryland corporation (the “General Partner”) and the general partner of Veris Residential, L.P. (the “Company,”
and together with the General Partner, the “Registrants”), will participate in investor meetings and the NAREIT REITweek 2024
Investor Conference during which members of the General Partner’s management will make presentations to investors. A copy of the
General Partner’s investor presentation is furnished herewith as Exhibit 99.1.
Limitation of Incorporation by Reference
In accordance with General Instruction B.2. of
Form 8-K, this information, including Exhibit 99.1 furnished herewith, is furnished pursuant to Item 7.01 and shall not be deemed to be
“filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities
Act of 1933, as amended (the “Securities Act”), or the Exchange Act. The information in this Item 7.01 of this Current Report
on Form 8-K (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed
solely to satisfy the requirements of Regulation FD.
Cautionary Statements
This Current Report on Form 8-K, including the
exhibits furnished herewith, contains “forward-looking statements” within the meaning of Section 21E of the Exchange 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,” “project,” “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 might not even
anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions
at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise,
may differ materially from the results discussed in the forward-looking statements as a result of various factors, including those listed
in Exhibit 99.1 on page 2 and incorporated by reference herein. Readers are cautioned not to place undue reliance on these forward-looking
statements. Unless required by U.S. federal securities laws, we do not intend to update any of the forward-looking statements to reflect
circumstances or events that occur after the statements are made or to conform the statements to actual results. The information contained
in this Current Report on Form 8-K, including the exhibit filed herewith, should be viewed in conjunction with the consolidated financial
statements and notes thereto appearing in the Registrants’ Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
In connection with the foregoing, the Registrants
hereby furnishes the following documents:
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
|
Exhibit Number |
|
Exhibit Title |
| 99.1 |
|
Investor Presentation. |
| 104.1 |
|
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
| |
VERIS RESIDENTIAL, INC. |
| |
|
| Dated: November 18, 2024 |
By: |
/s/ Taryn Fielder |
| |
|
Taryn Fielder |
| |
|
Executive Vice President, General Counsel and Corporate Secretary |
| |
|
| |
VERIS RESIDENTIAL, L.P. |
| |
|
| |
By: |
Veris Residential, Inc. |
| |
|
its general partner |
| |
|
| Dated: November 18, 2024 |
|
By: |
/s/ Taryn Fielder |
| |
|
|
Taryn Fielder |
| |
|
|
Executive Vice President, General Counsel and Corporate Secretary |
Exhibit 99.1
| Corporate Presentation
NOVEMBER 18, 2024 |
| This Operating and Financial Data should be read in connection with our
Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
Statements made in this presentation may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such for-ward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-look-ing 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 might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based
upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise,
may differ 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 our annual reports on Form 10-K, as may be supplemented or amended by our quarterly reports on Form 10-Q, which are incorporated herein by reference. We
assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
FORWARD-LOOKING STATEMENTS |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 3
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
COMPANY OVERVIEW OVERVIEW
The Upton, Short Hills, NJ
Company Overview |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 4
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
COMPANY OVERVIEW
E X P E R I E N C E D L E A D E R S H I P
T E A M W I T H A P R OV E N
T R A C K R E C O R D O F VA LU E
CREATION
N E W E S T, H I G H E S T- Q U A L I T Y
C L A S S A M U LT I FA M I LY
PORTFOLIO
B E S T- I N - C L A S S ,
V E RT I C A L LY
INTEGRATED
O P E R AT I O N A L
PLATFORM
VERIS'
VALUE
PROPOSITION
At-A-Glance
KEY COMPANY HIGHLIGHTS
Veris Residential, Inc.
is a forward-thinking,
environmentally and socially
conscious real estate investment
trust (REIT) that primarily
owns, operates, acquires and
develops holistically inspired,
Class A multifamily properties
that meet the sustainability-conscious lifestyle needs of
today's residents while positively
impacting the communities it
serves and the planet at large.
94.4%1
OCCUPANCY RATE
4.5%3 7,621
B L E N D E D N E T R E N TA L
GROWTH RATE
APARTMENT HOMES
83% 89
OF PROPERTIES
A R E G R E E N
CERTIFIED
2024 GRESB SCORE
1. Average as of October 31, 2024.
2. As of September 30, 2024.
3. Year-toDate as of November 8, 2024.
6.7%2
YEAR-TO-DATE 2024 NOI |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 5
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
Q3 2024 Components of Net Asset Value
REAL ESTATE PORTFOLIO
Operating Multifamily NOI1 Total At Share
New Jersey Waterfront $173,720 $147,629
Massachusetts 26,032 26,032
Other 30,712 22,651
Total Multifamily NOI $230,464 $196,312
Commercial NOI2 3,524 2,851
Total NOI $233,988 $199,163
NON-STRATEGIC ASSETS
Estimated Land Value3 $187,311
Total Non-Strategic Assets $187,311
OTHER ASSETS TOTAL
Cash and Cash Equivalents $12,782
Restricted Cash 19,687
Other Assets 53,355
Subtotal Other Assets $85,824
LIABILITIES AND OTHER CONSIDERATIONS
Operating - Consolidated Debt at Share $1,262,734
Operating - Unconsolidated Debt at Share 295,863
Other Liabilities 68,785
Revolving Credit Facility4 157,000
Term Loan4 200,000
Preferred Units 9,294
Subtotal Liabilities and Other Considerations $1,993,676
OUTSTANDING SHARES5
Diluted Weighted Average Shares Outstanding 102,312
for Q3 2024 (in 000s)
1. See the 3Q 2024 Supplemental, Multifamily Operating Portfolio page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized.
2. See the 3Q 2024 Supplemental, Commercial Assets and Developable Land page for more details.
3. Based off 4,139 potential units, see the 3Q 2024 Supplemental, Commercial Assets and Developable Land page for more details.
4. On April 22, 2024, the Company secured a $500 million facility comprised of a $300 million revolver and $200 million delayed-draw term loan. The facility has a three-year
term with a one-year extension option and a $200 million accordion feature. As of September 30, 2024. the Term Loan was fully drawn and hedged at a strike rate of 3.5%,
expiring in July 2026. The Revolver was $157 million drawn, $150 million of the Revolver is hedged at a strike rate of 3.5%, expiring in June 2025.
5. Outstanding shares for the quarter ended September 30, 2024 is comprised of the following (in 000s): 92,903 weighted average common shares outstanding, 8,684
weighted average Operating Partnership common and vested LTIP units outstanding, and 725 shares representing the dilutive effect of stock-based compensation awards.
AS OF SEPTEMBER 30, 2024
$ in Thousands |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 6
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
COMPANY OVERVIEW
VALUE
CREATION
PLATFORM/PORTFOLIO
OPTIMIZATION
CAPITAL
ALLOCATION
BALANCE SHEET
OPTIMIZATION
A Multi-Faceted Approach to Value Creation
OPTIMIZATION INITIATIVES TO ENHANCE ENTITY VALUE
With the transformation behind us, our focus turns to the
significant opportunities for continued value creation that lie
ahead.
• Capital Allocation: Initiatives focused on generating
earnings and value accretion, providing a further boost
to the positive baseline performance from our existing
multifamily portfolio over time
• Platform/Portfolio Optimization: Continued operational
outperformance through platform and portfolio
optimization strategies
• Balance Sheet Optimization: Focused on the
composition and level of debt over time |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 7
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
COMPANY OVERVIEW
1 2 3 4
5 6 7 8
Veris' Value Proposition
W E L L-P O S I T I O N E D W I T H S T R O N G U N D E R LY I N G F U N D A M E N TA L S
Sector-leading,
vertically integrated
operational platform.
Strong track record of
developing to core
(1,616 units—or 32%
since 2021).
Technology-guided/AI-based approach to revenue
optimization.
Newest Class A portfolio in
established Northeast markets
commanding the highest average
rent /unit and growth rate.
Highly scalable
platform.
Experienced management team
with strong track record.
Diverse, experienced Board highly
focused on value creation.
Best-in-class governance
and commitment to value-enhancing sustainability
initiatives.
Disciplined, value-oriented
approach to evaluating capital
allocation opportunities. |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 8
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
COMPANY OVERVIEW
MORRIS COUNTY
• Signature Place
• The Metropolitan at 40 Park
BERGEN COUNTY
• The James
HARRISON
• RiverPark at Harrison
SHORT HILLS
• The Upton
JERSEY CITY
• Soho Lofts
• Urby
• The BLVD Collection
• Haus25
• Liberty Towers
PORT IMPERIAL
• RiverTrace
• The Capstone
• RiverHouse 9
• RiverHouse 11
NEW YORK
• Quarry Place
MASSACHUSETTS
• 145 Front at City Square
• Portside I/II at East Pier
• The Emery
WASHINGTON, D.C.
• Station House
Northeast Coastal
Focused
7,621 premium units across 22 assets, with
locations across New Jersey, Massachusetts,
Suburban New York and Washington, D.C.
Almost half of our properties are located on the
Jersey City Waterfront, where Class A rents continue
to reflect a discount of approximately 30% to
top Manhattan submarkets and 12% to those of
Downtown Brooklyn while offering generally newer
product, more space and a wider selection of
amenities.
OUR CORE MARKETS |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 9
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
COMPANY OVERVIEW
Superior Portfolio Quality
Portfolio differentiators:
• Highly-amenitized, Class A assets
• Youngest multifamily portfolio
• Located in top-performing submarkets
• Commanding highest rents
• Sector-leading ORA® Score of 85.00 (October 31, 2024),
reflecting high resident satisfaction
Unmatched finishes and amenities:
• Resident lounges with picturesque views
• State-of-the-art fitness centers
• Rooftop swimming pools
• Dog parks and grooming areas
• EV charging stations
• Green roofs
• Hydroponic farms
• Rooftop beehives
• Private event spaces
• Conference rooms
• Work pods
• Golf simulator rooms
H I G H LY A M E N I T I Z E D & S PA C I O U S
APARTMENT HOMES
RiverTrace at Port Imperial, West New York, NJ |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 10
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
COMPANY OVERVIEW
Executive Team Dept. Heads
Mahbod Nia Taryn Fielder Amanda Lombard Anna Malhari Jeff Turkanis
Chief Executive
Officer
General Counsel
& Secretary
Chief Financial
Officer
Chief Operating
Officer
Chief Investment
Officer
Our Leadership Team
PROVEN TRACK RECORD OF VALUE CREATION
Carmen DeGuida Lori Milo Karen Cusmano PJ Lefort
CISO & Vice President
Information Technology
Senior Vice President
Human Resources
Senior Vice President
Sustainability & ESG
Senior Vice President
Operations
Senior Vice President
Operations & Asset Mgmt
Nicole Jones
Senior Vice President
Marketing & Comms
Jay Minchilli Javairia Waseem
Vice President
Tax
Chief Accounting
Officer
Heather Gamble |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 11
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
MARKET OVERVIEW
Market Overview
The Capstone at Port Imperial, West New York, NJ |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 12
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
MARKET OVERVIEW
Tri-State (NY, NJ, CT)1
303,000
EXISTING TOTAL
CLASS A INVENTORY
50,575 (16.7%)
CLASS A IN-CONSTRUCTION PIPELINE
$4,260
AVERAGE CLASS A
RENTS
2.4%
RENT GROWTH
FORECAST
0.6%
PROJECTED ANNUAL
POPULATION GROWTH
0.5%
PROJECTED ANNUAL
JOB GROWTH
3.4%
PROJECTED ANNUAL
GDP GROWTH
6.8%
CLASS A VACANCY RATE
Jersey City Waterfront
19,500
EXISTING TOTAL
CLASS A INVENTORY
3.6%
CLASS A VACANCY RATE
$4,251
AVERAGE
CLASS A RENTS
3.0%
RENT GROWTH
FORECAST
0.6%
PROJECTED ANNUAL
POPULATION GROWTH2
0.5%
PROJECTED ANNUAL
JOB GROWTH2
3.4%
PROJECTED ANNUAL
GDP GROWTH2
2,743 (14.1%)
CLASS A IN-CONSTRUCTION PIPELINE
Boston Metro
116,000
EXISTING TOTAL
CLASS A INVENTORY
10,174 (8.7%)
CLASS A IN-CONSTRUCTION PIPELINE
$3,290
AVERAGE CLASS A
RENTS
3.3%
RENT GROWTH
FORECAST
0.6%
PROJECTED ANNUAL
POPULATION GROWTH
0.6%
PROJECTED ANNUAL
JOB GROWTH
3.8%
PROJECTED ANNUAL
GDP GROWTH
7.2%
CLASS A VACANCY RATE
As of November 2024. Source: Oxford Economics; CoStar for Jersey City Waterfront.
1. Stats do not include Connecticut. 2. Includes all of Jersey City, NJ.
Our Core Markets
COMMUNITIES CONCENTRATED IN THE NORTHEAST |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 13
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
MARKET OVERVIEW
Rent/Income % (Mean)
14% 13% 15% 13% 14% 14% 16% 15% 15% 13% 14% 13%
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Average Revenue per Home
$4,100
$3,900
$3,700
$3,500
$3,300
$3,100
$2,900
$2,700
$2,500
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Rising Incomes Support Growing Rents
Q1
2024
12%
Q2
2024
12%
Q3
2024
12%
Our Residents' Income Profile
R E S I D E N T I N C O M E S S T E A D I LY G R O W I N G I N PA R A L L E L W I T H R E N T S
12%
AV E R A G E R E S I D E N T
R E N T- T O - N E T- D I S P O S A B L E -
INCOME RATIO
$224,682
AVERAGE RESIDENT
INCOME
$385,121
AV E R A G E H O U S E H O L D
INCOME
Resident income information reflects Q3 2024. |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 14
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION PORTFOLIO
Portfolio Optimization
Signature Place, Morris Plains, NJ |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 15
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
Ongoing Portfolio Optimization Strategies
FOCUS ON MAXIMIZING NOI GROWTH AND MARGIN
Revenue
Maximization
Expense
Mitigation
Capital
Investment
• Guided, AI-based approach to
revenue optimization.
• Prioritization of resident retention.
• Focus on resident experience
(The Veris Promise).
• Ancillary revenue opportunities.
• Controls/budgeting/accountability.
• Simplification of organizational
structure/streamlined processes.
• Technology driving efficiencies
across functions (EliseAI, Peek,
Maintenance IQ and others).
• Hybrid-style, "floating" leasing team.
• Centralized back office.
• ROIC-focused capex to grow
revenue and/or reduce expenses,
driving NOI growth.
• Value-enhancing ESG initiatives. |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 16
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
Peer (Median)
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Veris Residential
20%
15%
10%
5%
0%
-5%
-10%
-15%
Year-Over-Year Revenue Growth
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Veris
6.7%
vs. Peers
1.7%
YOY NOI GROWTH
(THROUGH Q3)
Class A Portfolio with Peer-Leading Revenue & NOI Growth
THREE CONSECUTIVE YEARS OF SECTOR-LEADING PERFORMANCE |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 17
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
70%
65%
60%
55%
56%
Veris Residential Multifamily Public Peers
Source: Company filings
Peers include AvalonBay Communities, Essex, Elme Communities,
Camden Property Trust, Equity Residential, UDR and MAA
75%
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Peer Average
Driving Operating Margin Improvements
C O N T I N U E D U P WA R D T R E N D I N V E R I S O P E R AT I N G M A R G I N, B R I N G I N G T H E C O M PA N Y I N L I N E W I T H P U B L I C M U LT I FA M I LY P E E R S
What Has Helped to Increased Our
NOI Margin to Date:
• Accountability: introduction of controls and
budgeting accountability
• Simplification: organizational structure and
processes
• Centralized back-office functions including vendor
management and certain accounting functions
• Technology: AI-enabled leasing assistant for
prospects
• Innovation: hybrid-style, "floating" leasing team
What Can Continue to Drive
Improvement Going Forward:
Technology:
• AI-based maintenance assistant
• AI-based leasing assistant for prospects
• AI-based community assistant for residents
• Smart budgeting platform
56.6%
63.2%
68.4%
64.1% 64.5%
66.7%
65.5% 68.3% |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 18
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
15%
17%
19%
21%
23%
25%
PORTFOLIO OPTIMIZATION
2021
19.5% 17.6%
H1 2024
Veris Residential Multifamily Public Peers
Controllable Expenses
160
BPS
VERIS
RESIDENTIAL
MULTIFAMILY PUBLIC
PEERS
The Emery, Malden, MA
15.5%
13.9%
Peer Average
Driving Operating Margin Improvements
Some Margin Drag from
Non-Controllable Expenses
SAME STORE REAL ESTATE TAXES
A N D I N S U R A N C E V S. R E V E N U E,
H1 2024
NOW AHEAD OF PEER AVERAGE |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 19
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
RENOVATING AND REPOSITIONING LIBERTY TOWERS
Extensive renovations are currently
underway at Liberty Towers, a 648-
unit apartment building in Jersey
City. Recently, we completed major
renovations to the 8th floor amenity
core and have commenced unit and
corridor renovations.
Value-Add Opportunity—Liberty Towers
18%
ESTIMATED 5 YEAR IRR
$0.06/Share
CORE FFO ACCRETION
AT COMPLETION
~$30 Million
INVESTMENT |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 20
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
Technology—myVeris App
ALL-ENCOMPASSING RESIDENT ENGAGEMENT APP
Our comprehensive resident mobile application,
myVeris, streamlines business operations while
offering a convenient, all-in-one solution for
residents to:
• Pay rent
• Request maintenance
• Message community management
• Reserve amenities
• View package deliveries
• RSVP to events
• Browse community information
and resources
• Register visitors
• Connect with brand partners
• Post on a digital community bulletin board
Homepage Property events Amenity reservations, including
work-from-home areas
Partner Promotions, where
residents receive exclusive deals
from handpicked partners
>90%
RESIDENT ADOPTION
RATE: |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 21
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
All data is year to date as of November 12, 2024.
* Does not include hours saved through community and maintenance assistant functionality.
Technology—Quinn, Our AI Property Assistant
COMMUNICATING WITH PROSPECTS AND RESIDENTS
Quinn, powered by EliseAI is a virtual leasing agent
that replies to prospects using natural language
AI. This powerful tool automates the entire leasing
workflow, allowing leasing agents to prioritize tours.
In addition to acting as a leasing agent, Quinn also
serves as a community and maintenance assistant.
They can:
• Provides information about the community
• Answers a large portion of resident inquiries
• Processes and responds to maintenance requests
15,312*
EMPLOYEE HOURS SAVED YTD
21,369
LEADS GENERATED YTD
6,547
TOURS BOOKED YTD
30.6%
LEAD TO TOUR CONVERSION YTD
Messages Sent YTD 183,746
Follow-Ups YTD 72,925
Hours Saved YTD 15,312
78,288
34,981
6,524
BUSINESS HOURS AFTER HOURS
262,034
107,906
21,836
TOTAL HOURS |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 22
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
Data taken from August 18, 2024 to November 15, 2024.
Technology—Virtual and Self-Guided Tours
STREAMLINING OPERATIONS AND REDUCING COSTS
Using Peek, we create virtual tours for
all vacant apartments in our portfolio,
allowing for:
• Self-guided tours
• Streamlined operations
• Reduced costs
• Reduced prospect travel time
• Engaging customer experiences
Website allows user to see actual unit
they are interested in renting
Sample of reporting features
>87,831
M O N T H LY V I E W S
>3,369
TOTAL SPACES SCANNED |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 23
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
Customer Service—The Veris Promise
CREATING EXCEPTIONAL RESIDENT EXPERIENCES
Our Pledge. Our Promise.
The Veris Promise is our
commitment to providing
best-in-class services while
creating vibrant, sustainable
communities. This is a pledge to
our residents, current and future,
and a true differentiator for our
portfolio.
30-DAY MOVE-IN
GUARANTEE
24-HR MAINTENANCE
GUARANTEE
CURATED PARTNER
PROMOTIONS
EMBRACE BY VERIS
RESIDENTIAL
INCLUSIVE DOG
Welcome
& CAT POLICY
Home
SMOKE-FREE COMMUNITIES &
Wellness
ELEVATOR PURIFICATION
ONE COMPLIMENTARY
LOCK-OUT
ONE COURTESY
LATE PAYMENT
CREDIT BUILDER
PROGRAM
VERBAL TRANSLATION
SERVICES
Extra
Perks
COMPLIMENTARY BIKE
STORAGE SPACE
75-POINT MOVE-IN
INSPECTION
WELL HEALTH-SAFETY
& EQUITY RATED SPACES
ENHANCED RESIDENT
REFERRAL PROGRAM
BILT REWARDS
PROGRAM |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 24
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
PORTFOLIO OPTIMIZATION
Number of Properties 21 300 171 255 299 290 169 28
Number of Units 7,621 92,908 59,996 62,271 84,018 101,944 60,123 9,374
Same Store NOI Growth YTD YoY 6.7% 2.9% 1.0% 2.9% 3.7% (1.1%) 1.4% 1.3%
NOI Margin (YTD)1 66.8% 68.9% 64.2% 70.1% 68.2% 63.3% 68.9% 63.8%
Net Blended Rental Growth Rate 4.6% 3.2% 0.9% 2.5% 2.0% (0.2)% 1.8% 2.1%
Same Store Average Monthly Rent per Home $3,980 $3,033 $1,995 $2,669 $3,116 $1,691 $2,602 $1,916
Average Asset Age2 8 17 14 29 23 20 23 40
Capex Reserve per Home2 $1,750 $2,300 $3,000 $3,400 $2,900 $2,600 $3,100 $3,250
ORA Ranking3 85.00 78.36 77.64 59.79 72.23 75.34 55.48 66.38
Note: Veris Residential properties as of September 30, 2024. Peer comparable data as of 3Q 2024 reporting.
1. Same Store NOI growth for the three months ended September 30 was 68.3% for VRE.
2. Information based on Green Street as of October 31, 2024.
3. ORA® Rankings as published by J Turner as of October 2024.
Focus on Operational Excellence
PEER-LEADING PERFORMANCE |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 25
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
Average Property Google Review
Ever, the maintenance technician was
very helpful! I put a request in for my ice
maker to be fixed on a Monday night,
and Ever was there first thing Tuesday
morning to get our ice maker back up and
running again. He was polite, kind, and
professional. We have loved our time at
Portside East so far and would recommend
these apartments to anyone!
– Yelp, Portside at East Pier I cannot say enough good things about Haus25. This building
is super clean and everyone from concierge, maintenance, and
the leasing office have been great! Trisha and Joseph have
made the transition to a new apartment within the building so
seamless. They were extremely helpful with all questions and
made sure we knew exactly what to expect from the lease terms,
amenities, and moving. Haus25 is a wonderful community to be
a part of, and I’m so happy to call it home! – Haus25, Google
We love The James! Whenever we submit a maintenance request, Armando arrives typically
within an hour or two to help fix the problem. He is extremely kind and very helpful! The
amenities are amazing and the building is beautiful and very clean. We would recommend
living here to anyone! – Apartments.com, The James
Customer Service—An Excellent Reputation
National Average: 62.12
I made a self-tour yesterday at Haus25 and it was
a really great experience! Trisha responded to my
inquiry and arranged for my tour immediately and
the staffs in the building are nice too. They offered
me with detailed instructions on my tour. And the
building is a nice one! – Haus25, Google
Veris ORA® Score: 85.00
As of October 2024.
I love Riverhouse 11! Best decision was to live here
with my daughter. We enjoy all the amenities and
neighborhood. Our building is always clean and taken
care of. The staff is amazing specially Michael, the
leasing Manager who truly goes above and beyond
for us and has always made me feel appreciated and
valued. I truly appreciate people who deal with others
with courtesy and genuine care, thank you Michael so
much! I highly recommend Riverhouse 11.
– Google, RiverHouse 11 at Port Imperial
We love living in BLVD. The location is
excellent, the views are breathtaking and the
staff is amazing. Would recommend to anyone
looking for an apartment in Jersey City!
– Facebook, The BLVD Collection |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 26
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
CAPITAL ALLOCATION PORTFOLIO
Soho Lofts, Jersey City, NJ
Capital Allocation |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 27
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
CAPITAL ALLOCATION
DEVELOPMENT
ACQUISITIONS
VALUE-ADD
CAPITAL
ALLOCATION
LEVERAGE
REDUCTION
RETURN OF
CAPITAL
OTHER
$
Capital Allocation
A D I S C I P L I N E D, VA LU E-O R I E N T E D A P P R OA C H TA R G E T I N G T H E
M O S T- C O M P E L L I N G R I S K- A D J U S T E D R E T U R N S
Strong Track
Record
Disciplined
Approach
Scaleable
Platform
• Experienced Board and
management team with
proven track record of
value creation
• Comprehensive review
of all capital allocation
alternatives with focus on
maximizing shareholder
value
• Expertise in evaluating
construction, development,
redevelopment and value-add opportunities
• Proven ability to source
deals off market
• Disciplined underwriting
approach
• Qualitative and
quantitative analysis for
market and asset-level
fundamentals with cross-functional input
• Operational insight into
local and sector market
fundamentals and capital
markets
• Proprietary analysis and
tracking of key markets
• Board oversight/approval
• Best-in-class, vertically
integrated platform
• Ability to leverage
regional and corporate
teams
• Technology driving
efficiencies |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 28
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
Jersey City, NJ
Weehawken, NJ
Short Hills, NJ West New York, NJ
Roseland, NJ
Parsippany, NJ
White Plains, NY
Malden, MA
Revere, MA
Wall Township, NJ
CAPITAL ALLOCATION
Our Current Land Bank
S U B S TA N T I A L P OT E N T I A L F O R F U T U R E D E V E LO P M E N T
OR CAPITAL RECYCLING
We are continuously evaluating our land bank as we
contemplate potential future development starts
and/or further land sales.
4,139
UNITS FOR POTENTIAL DEVELOPMENT
$187 Million
LAND BANK VALUE |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 29
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
CAPITAL ALLOCATION
THE HYATT
JERSEY CITY
HARBORSIDE 1, 2 & 3
JERSEY CITY
101 HUDSON
JERSEY CITY
HARBORSIDE 5 & 6
JERSEY CITY
METROPOLITAN Transaction Track Record LOFTS
H I G H LY A CT I V E O V E R T H E PA S T F O U R Y E A R S D E S P I T E
CHALLENGING TRANSACTION MARKETS
Transactions completed since 2020 include
thirty-four offices, three hotels, seventeen
land parcels, one retail and one multifamily
property.
$2.7B
OF TRANSACTIONS
CLOSED
56
ASSETS
SOLD
4 Years of
Transactions
TRACK RECORD SINCE JANUARY 1, 2020 |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 30
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
Liberty Towers, Jersey City, NJ
Balance Sheet Optimization
BALANCE SHEET |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 31
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
BALANCE SHEET
Current Debt Portfolio & Recent Payments:
• Current debt comprises almost entirely (99.6%) of senior fixed-rate mortgages secured by the multifamily portfolio.
• The Company’s total debt portfolio has a weighted average
interest rate of 4.96% and weighted average maturity of 3.3
years.
• The company exercised its one-year extension options for the
two loans on Metropolitan at 40 Park and Capstone (as shown in
the chart as unconsolidated mortgages for 2025), delaying those
maturities until Q4 2025.
• The loan on Shops at 40 Park was repaid concurrently with the
sale of the Company`s joint venture interest.
Debt Strategy:
• Maximizing operational flexibility
• Actively managing debt maturity profile
• Reducing leverage over time
• Diversifying lender base and composition of debt
Debt Maturity Schedule
AS OF OCTOBER 31, 2024
2024
Unconsolidated Mortgages Consolidated Mortgages Revolver
$63
$482
$316 $343
$200
$156
$122
2025 2026 2027 2028 2029 BEYOND
Term Loan
$18
$157
$58
Continued Balance Sheet Optimization Over Time
DE-LEVERING, DE-RISKING AND MAXIMIZING FLEXIBILITY
The Revolver and Term Loan maturities displayed assume the Company utilizes
its one-year extension options on top of the three-year tenor. |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 32
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
ESG
Signature Place, Morris Plains, NJ
ESG |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 33
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
+ + + =
ESG
Environmental Social Governance ESG as an Amenity ESG Leader
• 66% reduction in Scope 1 & 2
emissions
• 22% reduction in Scope 3
emissions
• 28% reduction in energy
consumption
• 83% of properties green certified
• 65% of properties with EV
charging points
• 90% of properties with a Walk
Score of 70 or higher
• 100% of managed portfolio
WELL Equity Rated (1st
company globally to achieve
portfolio wide)
• 100% of managed portfolio
WELL Health-Safety Rated
• 53% racially/ethnically diverse
across all employees
• Included in Bloomberg
Gender-Equality Index
• Pledge 1% member
• 100% of leases with a
Sustainability Addendum
• Supplier Diversity Program
• Diverse, highly independent
Board of Directors
• Strong ethics and compliance
program
• Ethics hotline
• Veris Farms, hydroponic
farming, at select properties
• 30 urban beehives
• Health-focused spaces like
gyms, saunas and greens
spaces
• 100% ENERGY STAR® appliances
• Ecobee smart thermostats,
saving residents 26% on
energy bills
• Nareit’s 2023 Leader in the
Light Award
• Nareit’s 2023 Bronze DEI
• GRESB Global Listed and
Regional Sector Leader
• Gold Green Lease Leader
• Great Places to Work Certified™
• VerisSustainability.com
launched on Earth Day 2024
Key ESG Initiatives & Achievements
SIGNIFICANT PROGRESS OVER THE PAST 3 YEARS |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 34
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
ESG
Memberships & Awards
Bloomberg Gender-Equality Index
Climate Disclosure Project (CDP)
GRESB
S&P Corporate Sustainability Assessment
Science Based Targets initiative (SBTi)
Task Force for Climate and Financial Disclosures (TCFD)
UN Sustainable Development Goals (SDG)
UN Global Compact Communication on Progress
WELL-RECOGNIZED INDUSTRY LEADER
Leader in the Light
Nareit
Best Corporate Steward
US Chamber of Commerce Foundation
Global Listed and Regional Sector Leader
GRESB
Bronze Diversity Equity & Inclusion Recognition
Nareit
Best Transaction
MHN Excellence Awards
Best Workplaces in New York
Fortune
Best Workplaces in Real Estate
Fortune
Best Places to Work in New Jersey
NJBIZ
Leading Organization in Diversity, Equity & Inclusion
MAA President's & Achievement Awards
Best ESG Program
MHN Excellence Awards
Green Lease Leader
US Department of Energy
CEO Action for Diversity Pledge
UN Global Compact
UN Women Empowerment Principles (WEPs)
USGBC
NMHC
Nareit
DOE Better Buildings Initiative - partners in the Better
Climate Challenge and Water Savings Network
Voluntary Best Practices
Major Company Awards
Signatory
Memberships |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 35
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
ESG
Information About Net Operating Income (NOI)
RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME (NOI)
DEFINITION OF NET OPERATING INCOME (NOI):
NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets as it relates to total return on assets, as opposed to
levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and
the Company’s use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed
Q3 2024 Total Q2 2024 Total
Net Income (loss) ($10,907) $(2,735)
Deduct:
Income from discontinued operations (206) (1,419)
Management fees (794) (871)
Interest and other investment income (181) (1,536)
Equity in (earnings) loss of unconsolidated joint ventures 268 (2,933)
(Gain) loss on disposition of developable land - (10,731)
(Gain) loss from extinguishment of debt, net (8) 785
Other income, net 310 250
Add:
Property Management 3,762 4,366
General and administrative 8,956 8,975
Transaction related costs - 890
Depreciation and amortization 21,159 20,316
Interest expense 21,507 21,676
Provision for income taxes 39 176
Net Operating Income (NOI) $41,286 $42,679 |
| CORPORATE PRESENTATION, NOVEMBER 18, 2024 | 36
Company Overview | Market Overview | Portfolio Optimization | Capital Allocation | Balance Sheet | ESG
Definitions
Net Blended Rental Growth Rate combines new lease and renewal
lease growth rates. New lease growth rate refers to the difference in rent a
new occupant of a unit is paying compared to the rent the unit’s previous
occupant was paying on a net effective basis. Renewal lease growth rate
refers to the increase or decrease in monthly rent in a renewed lease
compared to the previous lease on a net effective basis.
Net Operating Income (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
non-controlling interests, as those interests do not affect the overall
performance of the individual assets being measured and assessed.
Average Effective Monthly Rent Per Home represents the average
effective rent (net of concessions) for in-place leases and the market rent
for vacant homes.
ORA™ score is an aggregate compilation of a property’s ratings across
various review sites. Each month, J Turner Research monitors the online
ratings of properties nationwide. Using a statistical model, a single score
based on a scale of 0 to 100 is assigned to each property.
Same Store includes properties that were owned for the entirety of the
years being compared and exclude properties under redevelopment or
development and properties acquired, sold or classified as held for sale
during the years being compared. |
| The Emery, Malden, MA
THIS PRESENTATION HAS BEEN FORMATTED FOR SCREENS. PLEASE CONSIDER THE ENVIRONMENT BEFORE PRINTING.
Thank You |
Cover
|
Nov. 18, 2024 |
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VERIS RESIDENTIAL, INC.
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0000924901
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| Entity Tax Identification Number |
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Ste.
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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Veris Residential (NYSE:VRE)
過去 株価チャート
から 10 2024 まで 11 2024
Veris Residential (NYSE:VRE)
過去 株価チャート
から 11 2023 まで 11 2024
