Form 8-K - Current report
08 9월 2023 - 5:01AM
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2023-09-06
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2023-09-06
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2023-09-06
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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): September 7, 2023 (September 6, 2023)
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 |
2023-09-06 |
Co-Registrant Written Communications |
false |
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 September 8, 2023, 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 Evercore ISI Annual
Real Estate Conference and the BofA Securities 2023 Global Real Estate 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
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: September 7, 2023 |
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: September 7, 2023 |
|
By: |
/s/ Taryn Fielder |
|
|
|
Taryn Fielder |
|
|
|
Executive Vice President, General Counsel and Corporate Secretary |
Exhibit 99.1 | CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 1
Overview | Portfolio | ESG | Appendix
S E R V I N G P R O P E RT I E S , P E O P L E , A N D T H E P L A N E T.
Corporate Presentation
SEPTEMBER 6, 2023 |
| | 2
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
This Operating and Financial Data should be read in connection with our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
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.
OVERVIEW
FORWARD-LOOKING STATEMENTS |
| CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 3
Overview | Portfolio | ESG | Appendix
OVERVIEW
Haus25, Jersey City, NJ
Overview
THE QUARTER IN REVIEW |
| | 4
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Cements Position as Pure-Play
Multifamily REIT
• 99% of NOI from multifamily
(vs 39% in Q1 2021)
• Youngest multifamily portfolio
commanding highest rents and lowest
capex per unit among peers
• Reinstated a quarterly dividend of $0.05
per common share effective for the third
quarter of 2023
Transformation Highlights
Simplification
& Refocus
• Over $2 billion of non-strategic sales
closed, including 25 office properties and
two hotels since Q1 2021, simplifying and
refocusing the business on multifamily
• Developed and stabilized four new
multifamily properties adding 1,856 units
since Q1 2021
• Recently signed binding agreements for four
non-strategic land plots, Harborside 6 and
23 Main Street for $205 million
• Consummated early redemption of
Rockpoint's interest in Veris Residential
Trust for $520 million
• G & A reduced to lowest level in two decades
in real terms
Sector-Leading Operational
Performance
• Developed leading operational platform
incorporating new personnel, processes
and technology
• Eight (8) consecutive quarters of sector
leading performance (supported by leading
platform)
• Same store NOI growth of 22% compared
to the same quarter last year
• Same Store blended rental growth rate
of 12% during the second quarter
• 7,681-unit multifamily portfolio and Same
Store 6,691-unit multifamily portfolio were
95.6% and 95.7% occupied, respectively, as
of June 30, 2023
+ = |
| | 5
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Rapid Transformation to a Prime Multifamily REIT
OVERVIEW
1. Pro forma closing of Harborside 1, 2 and 3 and stabilized NOI from Haus25 (post burn-off of concessions).
Refer to the appendix to this presentation for NOI reconciliation.
Residential Office
39%
45%
53% 56%
64%
68%
75%
86%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
84%
2023
Q4
2021 2022
I N C R E A S I N G S H A R E O F N O I F R O M M U LT I FA M I LY
99%
Q2
32% Growth
in Our Multifamily Portfolio
• Four (4) developments completed & stabilized
ahead of budget
• 1,856 units added
• Haus25 (750 units) stabilized within 10 months |
| | 6
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Class A Portfolio Demanding Highest Rents
OVERVIEW
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2021 2022 2023
Peers include AvalonBay
Communities, AIR
Communities, Camden
Property Trust, Essex
Property Trust, Equity
Residential, MAA, UDR
and Elme Communities.
Information is based on
Same Store.
Peers
WIDENING RENTAL PREMIUMS REFLECT OPERATIONAL ENHANCEMENTS
Veris Residential average
revenue based off of the
entire multifamily portfolio.
$2,974 $2,925
$3,734
$2,064
$2,438
Rebranded to
VRE
RiverHouse 9
Stabilized
Refined Operations
Model & Business
Platform
Launched Full
Website
Haus25
Stabilized
$3,103 $3,198
$3,621
53% Rent
Premium to
Peers
$2,930
The Capstone &
The Upton
Stabilized
Mahbod Nia
named CEO
42% Rent
Premium to
Peers |
| | 7
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Continued Outperformance
OVERVIEW
Note: Peers included are AvalonBay Communities, AIR Communities, Camden Property Trust, Essex Property Trust, Equity Residential, MAA, UDR and Elme Communities. Peer information is based on Same Store. Riverhouse 9, Capstone and Upton were added to Same Store in Q1 2023.
Veris
22%
Q2 2023
S A M E S TO R E
YOY NOI GROWTH
SAME STORE YOY REVENUE
G R O W T H (Q UA RT E R LY)
SAME STORE BLENDED NET RENTAL
G R O W T H R AT E (Q UA RT E R LY)
vs. Peers
7%
Veris Peers Average |
| | 8
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Focus on Operational Excellence
OVERVIEW
Number of Properties 23 294 73 172 252 304 292 181 27
Number of Units 7,681 88,659 22,455 60,514 62,261 80,212 99,407 57,997 8,873
Same Store NOI Growth YoY 21.8% 7.9% 11.2% 7.1% 3.6% 5.4% 8.6% 7.7% 10.8%
Net Blended Rental Growth Rate(2) 11.2% 6.4% 6.5% 4.1% 2.2% 4.3% 3.8% 3.1% 3.7%
Same Store Ave. Monthly Rent per Home $3,708 $2,920 $2,870 $1,998 $2,597 $3,026 $1,673 $2,532 $1,890
Average Asset Age(3) 7 15 38 13 28 23 19 23 42
Capex Reserve per Home(3) $1,750 $2,300 $4,575 $3,150 $3,550 $2,500 $2,350 $3,250 $3,250
ORATM Score(4) 80.65 78.46 67.16 78.57 59.39 70.73 79.06 58.31 68.32
Elite 1% ORA®(4) Properties for 2021 5 20 1 13 1 7 29 0 0
Note: Veris Residential properties as of June 30, 2023. Peer comparable data as of Q2 2023 reporting.
1. Veris Residential portfolio includes Haus25 and The James, except for Same Store metrics.
2. Veris Residential had an unadjusted NOI Margin of 68.4% for Q2. The 64.8% includes tax adjustments realized in Q2.
3. Information based on Green Street as of July 24, 2023.
4. ORA Rankings as published by J Turner as of June 2023.
(1) |
| | 9
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Debt Overview
FINANCING AND LIQUIDITY
OVERVIEW
• As of August 30, 99% of the Company`s total debt portfolio
(consolidated and unconsolidated) is hedged or fixed. The
Company`s total debt portfolio has a weighted average
interest rate of 4.4% and weighted average maturity of 4 years.
• The loans on Portside 1 and Haus25 were refinanced in August
and reflected in the above statement.
• Leverage primarily comprised of senior secured mortgage
debt on multifamily properties.
DEBT MATURITY SCHEDULE
(AS OF AUGUST 30, 2023)
Note: Chart reflects the refinancing activity around Haus25 and Portside 1. Chart does not include balances on the new RCF or Term Loan. Multifamily Secured
2023 2024 2025 2026 2027 2028 2029 2030 2031
$308
$540
$316
$292
$72
$343 |
| | 10
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
OVERVIEW
Components of Net Asset Value
REAL ESTATE PORTFOLIO TOTAL AT SHARE
New Jersey Waterfront $137,660 $114,454
Normalized impact of successful tax appeals (8,716) (8,716)
Massachusetts 24,144 24,144
Other 32,972 23,998
Haus25 (Stabilized NOI) 30,426 30,426
Total Multifamily NOI $216,486 $184,306
Commercial NOI 5,336 4,317
Total NOI $221,822 $188,623
NON-STRATEGIC ASSETS
Book Value of Harborside 5 $119,544
Gross Price of Non-Strategic Assets Under Binding Contract 205,000
Estimated Land Value 210,551
Subtotal Non-Strategic Assets $504,783
OTHER ASSETS TOTAL
Cash and Cash Equivalents $17,907
Restricted Cash 22,430
Other Assets 71,267
Subtotal Other Assets $111,604
LIABILITIES AND OTHER CONSIDERATIONS
Operating - Consolidated Debt at Share $1,753,835
Operating - Unconsolidated Debt at Share 310,067
Other Liabilities 75,984
Revolving Credit Facility 25,000
Term Loan 115,000
Preferred Equity/LP interest 40,231
Subtotal Liabilities and Other Considerations $2,320,117
OUTSTANDING SHARES
Common Shares (Outstanding as of June 30, 2023) 100,908,061
Fully Diluted Shares for Q2 2023 100,854,172
$ IN THOUSANDS
Notes: See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”. Net Asset Value (“NAV”) is the metric that represents the net projected value of the
Company’s interest after accounting for all priority debt and equity payments. The metric includes capital invested by the Company. Please refer to the Company's Supplemental
Operating and Financial Data, furnished as Exhibit 99.1 to the Company's Current Report on Form 8-K as filed with the SEC on July 26, 2023, and the 10-Q for more details. |
| CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 11
Overview | Portfolio | ESG | Appendix
RiverHouse 11, Weehawken, NJ
PORTFOLIO
Portfolio
WHERE PROGRESS COMES TO LIFE |
| CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 12
Overview | Portfolio | ESG | Appendix
Best-In-Class, Northeast
Multifamily REIT
ASSETS AT A GLANCE
MORRIS COUNTY
• Signature Place
• The Metropolitan at 40 Park
• The Metropolitan Lofts
BERGEN COUNTY
• The James
HARRISON
• RiverPark at Harrison
SHORT HILLS
• The Upton
JERSEY CITY
• Soho Lofts
• Urby
• 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
7,681 Premium units across 23 assets, with
locations across New Jersey, Boston, Suburban
New York and Washington, D.C.
Since endeavoring to become a pure-play,
multifamily REIT, we have added 1,856 residential
units to our portfolio—that’s a growth of 32% in just
two years. All acquisitions and developments stay
true to our vision: Class A properties with resort-style amenities, professionally-curated events and a
commitment to ESG.
PORTFOLIO |
| | 13
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Class-A Portfolio
Properties boast lounges with picturesque views, advanced
fitness centers, dog parks and grooming areas, rooftop
swimming pools and rec areas, as well as ESG-driven
features like EV charging stations, green roofs, and resident
programs like rooftop beehives and Veris Farm.
Note: Veris peers include Avalon Bay, AIR Communities, Camden, ESSEX Property Trust, Equity
Residential, UDR, MAA, and Elme Communities. Veris Residential as of June 30, 2023. Peer
information based off Green Street as of July 24, 2023.
N E W E S T P O RT F O L I O ( AV E R A G E A G E )
WITH THE LOWEST CAPEX REQUIREMENT
The James, Park Ridge, NJ
We also allow residents to book private events in shared
spaces, such as our lounges, rooftop areas, conference
rooms and work pods—all providing additional income.
PORTFOLIO
0 years 10 years 20 years 30 years 40 years
$2000
$2500
$3000
$3500
$4000
$4500
$5000
ELME
AIRC
EQR ESS
UDR
MAA AVB
CPT
VRE |
| | 14
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Our integrated suite of front office technology
provides multifamily owners and operators the
levers they need to improve efficiency, maximize
NOI and effortlessly guide tenants from lead to
lease.
MyVeris App
The MyVeris app allows residents to pay rent,
reserve amenities, RSVP to events and manage
maintenance requests. It also serves as a
communication tool.
Self-Service Leasing
This service allows prospects to schedule and
adjust appointments and lease apartments sight-unseen directly through our website.
Technology-Focused
Approach
M O D E R N E F F I C I E N C I E S
Virtual Tours
Prospects can now remotely tour selected
apartments via our website, allowing them to
visualize their apartment home. Stats from this
service also provide analytics and market insights
to our teams.
Revenue Optimization Platform
Analytical, informed approach to pricing,
maximizing revenue for new leases and renewals.
RiverHouse 11, Weehawken, NJ
PORTFOLIO |
| | 15
Overview | Portfolio
| ESG
| Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
The Upton, Short Hills, NJ
PORTFOLIO
An Excellent
Reputation
Average Property Google Review
We have been at Signature since
the opening and I could not have
been happier. The Management
and maintenance staff have been
extremely responsive and very
nice. I have to give a shout out
to some of the old employees
and new ones like Cheryl,
Katharine, Jose, Gilbert and the
management teams of Carol-Ann,
Erga and Antonio have really
made sure the staff on top of the
game. The buildings and grounds
are very well maintained. Great
place to live.
- Signature Place, Yelp
The RiverTrace community (residents and management
alike) has been nothing short of excellent! The
community resources, concierges, attention to residents,
and events offered are awesome. Each resident here
stays for a long period of time because of the warmth
and comfort that the RiverTrace provides. Franer,
Chanelly, and Gary work hard to guarantee satisfaction.
I couldn't recommend more!
– RiverTrace, Google
Emery is such a great
place! Management
is extremely helpful,
especially Maria! She
completely answered
all my questions and
beyond! If I could give
her 10 stars I would!
– The Emery, Google
From the moment I stepped inside the lobby, I was impressed
by the elegant design, attention to detail, and amazing
ambiance. The downtown location couldn't be more perfect
– there are tons of restaurants, shops, stunning waterfront/
NYC views & super easy access to the city. Whole Foods is
opening across the street! The amenities are top-notch & very
well maintained. The entire on-site team from concierge to
the leasing/management are incredibly friendly, attentive &
hospitable. If you're looking for an elevated living experience in
the heart of downtown Jersey City, Haus25 is the place to be!
– Haus25, Apartments.com
“
“
“
“
“
“
“
We've been at 475 Blvd for over 2 years now. We have loved our stay and the building
has very great amenities. Staff is very friendly. The maintenance team is very quick to
respond. A special shout out to Keston. He goes above and beyond to fix any issues and
he is very quick and efficient. – BLVD Collection, Google “
“ |
| CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 16
Overview | Portfolio | ESG | Appendix
RiverHouse 11, Weehawken, NJ
PORTFOLIO
Commitment to ESG
P R O P E RT I E S , P E O P L E , P L A N E T.
ESG |
| | 17
Overview | Portfolio | ESG | Appendix
CORPORATE PRESENTATION, SEPTEMBER 6, 2023
Environmental Social Governance ESG as an Amenity ESG Leader
ESG Initiatives
+ + + =
• 54% Reduction in Scope 1 & 2
Emissions (compared to 2019)
• More than 90% of Operational
Carbon Footprint Disclosed
(including Scope 3)
• Neary 70% of properties are
green certified
• Planted over 10,000 trees in
honor of residents & employees
• WELL Equity Rated (1st
company globally to achieve
this portfolio-wide)
• WELL Health & Safety Rated
• Met Gender Equality Target
at Management Level (ahead
of 2025 goal)
• Part of CEO Action for Diversity
& Inclusion
• Joined Pledge 1%
• Launched Ethics Hotline
• Introduced Green Lease
Addendums to 90% of Leases
• Launched Supplier Diversity
Program
• Beehives installed at majority
of portfolio
• BLVD Collection's Veris Farm
yielded 1,091 lbs of produce
• All appliances are ENERGY
STAR®
• Ecobee smart thermostats save
residents 26% on energy bills
• Majority of communities receive
a Walk Score of 90+
• Leading ISS QualityScore,
rating of 1 for both Social and
Environmental disclosures and
1 for Governance (10 being
the highest risk)
• GRESB Score of 5 Star for ESG
Leadership and Performance
(the highest score offered)
• Consecutive years being Great
Place to Work® Certified
• Inclusion in Bloomberg
Gender Equality Index (upon
1st submission) |
| CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 18
Overview | Portfolio | ESG | Appendix
Portside, East Boston, MA
APPENDIX
ADDITIONAL CONTENT & DEFINITIONS
Appendix |
| CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 19
Overview | Portfolio | ESG | Appendix
Multifamily Office / Corp Disc. Ops Total Multifamily Office / Corp Total
Net Income (loss) $(12,805) $(17,330) $— $(30,135) $(11,015) $(5,215) $(16,230)
Deduct:
Real estate services income (644) 1 — (643) (911) — (911)
Interest and other investment loss (income) (1) (3,926) — (3,927) (29) (87) (116)
Equity in (earnings) loss of unconsolidated joint ventures (2,700) — — (2,700) 68 — 68
General & Administrative – property level — 3,488 (3,488) — 3 — 3
Realized and unrealized (gains) losses on disposition — — — — — (780) (780)
(Gain) loss on disposition of developable land — — — — — 22 22
(Gain) loss from early extinguishment of debt, net — 2,657 — 2,657 (12) 12 —
Other Income (710) (143) — (853) — — —
Add:
Real estate services expenses 2,352 2,037 — 4,389 1,897 46 1,943
General and administrative 660 8,932 (10) 9,582 1,354 8,932 10,286
Dead deal and transaction-related costs — 3,319 — 3,319 — 1,027 1,027
Depreciation and amortization 21,583 2,376 (275) 23,684 21,506 2,370 23,876
Interest expense 35,068 14 — 35,082 21,986 28 22,014
Land impairments — 3,396 — 3,396 3,396 — 3,396
Net Operating Income (NOI) $42,803 $4,821 $(3,773) $43,851 $38,243 $6,355 $44,598
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.
Information About Net Operating Income (NOI)
RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME (NOI)
Q2 2023 Q1 2023
APPENDIX |
| CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 20
Overview | Portfolio | ESG | Appendix
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.
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 more than 120,000 properties nationwide. Using a statistical
model, a single score based on a scale of 0 to 100 is assigned to each
property.
Elite 1% ORA® Properties for 2021 is an annual ranking of the 128,000
properties assessed by ORA® nationally. The top 1% make it to the list,
typically requiring a property score above 95.
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.
APPENDIX |
| THIS PRESENTATION HAS BEEN FORMATTED FOR SCREENS.
PLEASE CONSIDER THE ENVIRONMENT BEFORE PRINTING.
Thank You |
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Veris Residential (NYSE:VRE)
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부터 4월(4) 2024 으로 5월(5) 2024
Veris Residential (NYSE:VRE)
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부터 5월(5) 2023 으로 5월(5) 2024