Veris Residential : 2023 2023 Annual Report

2023 Annual Report

SERVING PROPERTIES, PEOPLE, AND THE PL ANE T

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 seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best- in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment.

RiverHouse 11 at Port Imperial, Weehawken, NJ

A Letter to Our Stakeholders

To Our Stakeholders,

As we embark on another year of progress at Veris Residential, I am proud to reflect upon all that we accomplished in 2023, culminating in the completion of our strategic transformation into a top-tier,pure-play multifamily REIT that is well positioned for continued value creation.

Over the past three years, Veris Residential has undergone a substantial evolution, achieving key strategic objectives that have fundamentally reshaped our company and operational landscape. We successfully executed $2.5 billion in non-strategic asset sales across 51 transactions and repaid approximately $1 billion in net debt, strengthening our balance sheet and positioning the company for enhanced resilience and flexibility to navigate a rapidly evolving market landscape. In parallel, we negotiated the early redemption of Rockpoint's preferred interest in the company; strategically grew our multifamily portfolio by nearly 2,000 units through four new developments and one acquisition; reinstated the dividend; and continued to build a best-in-class, vertically integrated operating platform underpinned by new personnel, processes and technologies.

This last year, during the final phase of our transformation, we sold over $660 million of non-strategic assets, including two hotel properties, five office properties and three land plots-the largest transaction being the $420 million sale of Harborside 1, 2 and 3, which set a record in New Jersey. In early 2024, we closed on the sales of Harborside 5, our last remaining office asset, as well as approximately $95 million of other non-strategic assets.

As we enter this next chapter as a multifamily REIT, we remain highly focused on three key areas to drive continued value creation:

1. Operational outperformance through ongoingplatformandportfoliooptimization;
2. Capital allocation initiatives focused on generating earnings and value accretion to augment the inherent strength of our multifamily portfolio; and
3. Further strengthening of our balance sheet.

4. We will continue to advance this three- pronged approach to optimization as we seek to continue maximizing shareholder value.

P R O P E R T I E S

Operating fundamentals across our multifamily portfolio remained strong during the year, with the fourth quarter of 2023 marking our tenth consecutive quarter of sector-leading results. Strong rental growth, effective expense mitigation efforts and our proactive approach to insurance and tax appeals contributed to Same Store NOI growth of 17.6%, as

well as an improved NOI margin of 64%-up from 62% in 2022 and 57% in 2021 on a normalized basis.

Blended Same Store net rental growth remained strong at 9.3% for the full year. Our Jersey City Waterfront Class A assets, which comprise nearly half of our portfolio, significantly outperformed, with rents increasing by 11% as resident demand for our limited supply of well-located, modern (average age eight years), and exceptionally well-amenitized properties remained strong. Despite sustained, strong rental growth, affordability across our portfolio remained healthy, with the average rent-to- income ratio holding steady at 13% while the average annual household income exceeded $300,000.

We also continued to implement organizational and technological solutions aimed at enhancing operational efficiency across our properties. These included centralizing certain back- office functions; implementing a hybrid-style, "floating" leasing team; and introducing a smart maintenance platform, as well as an AI-based leasing assistant tool. The leasing assistant has proven particularly effective at communicating directly with prospects, saving approximately 1,200 staff hours per month while allowing us to tend to our prospects' needs around the clock without sacrificing the exceptional customer service that they have come to expect.

Soho Lofts, Jersey City, NJ

As further testament to our differentiated resident offerings, in late 2023 we launched The Veris Promise, an extensive collection of unique resident benefits, including a 30-day move in guarantee, a 24-hour maintenance guarantee and exclusive promotions from brand partners, among other programs. Our commitment to excellence was further validated by our peer-leading Online Reputation Assessment (ORA) Score of 83-the highest among REITs nationwide as of year-end.

OUR PEOPLE

Our commitment to our people was also validated last year. Based on results from an employee survey completed in 2023, Veris Residential has been certified as a Great Place to Work® for the third year in a row, with 93% of employees reporting that Veris Residential is a great place to work, as compared to 57% of employees at a typical U.S.-based company.

We also achieved gender equality at the management level, two years ahead of our stated 2025 goal, and reported a pay gap of only 2% based on a third-party gender pay equity assessment. In recognition of our diverse leadership and equitable approach to compensation, Veris Residential was named a member of the 2023 Bloomberg Gender- Equality Index and honored with Nareit's Bronze Diversity, Equity and Inclusion Recognition Award.

Finally, we were recognized as the first company globally to achieve the International WELL Building Institute's (IWBI) WELL Equity Rating portfolio wide. This rating provides a framework for us to act on our diversity, equity, inclusion and accessibility goals, as well as improve company culture and employee health. Its implementation has validated and enhanced our efforts to advance employee and resident health and well-being, celebrate DEI and accessibility and promote increased sensitivity and commitment to equitable working conditions.

OUR PLANET

Our dedication to operating as an environmentally sustainable company remains resolute, as evidenced by the accolades we receive throughout 2023. Most significantly, we earned Nareit's 2023 Leader in the Light award for our outstanding sustainability efforts in the

residential sector. We were also named a Global Listed and Regional Sector Leader by the 2023 Global Real Estate Sustainability Benchmark (GRESB), earning a 5 Star rating for the second consecutive year with a score of 92-well above the 2023 average GRESB survey score of 75 and our 2022 score of 88.

These accolades underscore our numerous environmental milestones, including: reducing Scope 1 & 2 emissions by 54% since 2019, reducing energy consumption by 24% since 2019, earning Green Certifications (LEED or equivalent) throughout 80% of our portfolio, equipping 65% of our portfolio with electric chargers and procuring 100% of operationally controlled electricity in our multifamily portfolio from renewable sources, among other initiatives.

What we achieved in 2023 was no small feat. I would like to extend my sincere gratitude to our exceptional team, whose loyalty and unwavering support has been instrumental in driving our transformation. Today, Veris Residential represents an extremely compelling value proposition. Our portfolio comprises the highest quality and newest Class A multifamily properties in established Northeast markets with limited near-term supply and high barriers to entry, allowing us to command the highest average rent and growth rate among our peers.

I am confident in our ability to continue navigating the evolving market landscape and capitalize on emerging trends and opportunities as we seek to continue enhancing value for our shareholders. Thank you for your continued support of and trust in Veris Residential.

Warm regards,

Mahbod Nia

Chief Executive Officer

Haus25, Jersey City, NJ

Rapid Transformation to a Pure-Play Multifamily REIT

		Announced strategic shift to	39%
		pure-play multifamily
	2021	$731m of suburban office sales	45%
	across 20 properties
	Repaid $575m of corporate bonds	53%
		Rebranded to Veris Residential			56%
		Transformed remaining C-Suite leadership		64%
	2022	$831m of non-strategic sales (5 land parcels,	68%
	2 offices and 1 hotel)
	Acquired The James				75%
		Launched Haus25							84%
		$660m of non-strategic sales (3 land parcels, 5 office and 2 hotels)	99%
	2023	Negotiated early redemption of Rockpoint preferred interest
	Reinstated dividend
		10th Quarter of sector leading operational performance
		Harborside 5, last office property, sold for $85m
	2024
	$179m of non-strategic sales year-to-date (including Harborside 5)

99%

99%

99%

100%

100%

The Capstone at Port Imperial, West New York, NJ

Malden

Veris Residential's Worcester Current Multifamily Assets

Boston

Massachusetts Market

Port Imperial Market		New York Market

Morris County Market

New York

Newark

Short Hills Market Jersey City Market

22*	7 Years	94.4%
Residential Buildings	Ave. Age of Property	Occupancy Rate
7,622*	3,854*	17.6%
Residential Units	Ave. Revenue per Home	2023 NOI Growth

NEW YORK	MORRIS COUNT Y, NJ	JERSEY CIT Y, NJ
• Quarry Place	•	Signature Place	•	Soho Lofts
	•	The Metropolitan at 40 Park	•	Urby
MASSACHUSE T TS			•	BLVD Collection
• 145 Front at City Square	BERGEN COUNT Y, NJ	•	Haus25
• Portside I/II at East Pier	•	The James	•	Liberty Towers
• The Emery	H ARRISON, NJ	PORT IMPERIAL, NJ
WASHINGTON, D . C .	•	RiverPark at Harrison	•	RiverTrace
• Station House			•	The Capstone
	SHORT HILLS, NJ	•	RiverHouse 9
* Excludes Metropolitan Lofts.	•	The Upton	•	RiverHouse 11

Portside at East Pier, Boston, MA