Veris Residential (NYSE: VRE) boosts 2025 FFO and sells $542M assets

Rhea-AI Filing Summary

Veris Residential reported stronger 2025 results, driven by higher recurring earnings and asset sales. Net income available to common shareholders was $75.2 million, or $0.80 per diluted share, compared with a loss of $23.1 million, or $(0.25) per diluted share in 2024.

Core FFO per diluted share rose to $0.72 from $0.60, which the company says is more than 20% year-over-year and above the top end of guidance. Same store NOI grew 2.7% for the year and 5.9% in the fourth quarter, with same store occupancy at 94.4%. Veris completed $542 million of non-strategic asset sales and used about $490 million of proceeds to cut debt, bringing Net Debt-to-EBITDA (Normalized) down to 9.0x. All debt was hedged or fixed at a 4.88% weighted average interest rate, and liquidity totaled $280 million at year-end. The company paid total 2025 dividends of $0.32 per share.

Positive

• Core FFO growth and guidance beat: Core FFO per diluted share rose to $0.72 from $0.60, described as over 20% year-over-year growth and above the upper end of the company’s guidance range.
• Deleveraging via asset recycling: The company completed $542 million of non-strategic asset sales and applied roughly $490 million to debt reduction, lowering Net Debt-to-EBITDA (Normalized) to 9.0x from 11.7x in 2024.

Negative

• None.

Insights

REIT and balance sheet analyst

Recurring cash earnings improved and leverage moved lower, helped by large asset sales.

Veris Residential showed a notable recovery in 2025. Net income swung to a $75.2M profit from a prior-year loss, largely influenced by realized gains on property and land sales totaling $542M, while Core FFO per diluted share increased to $0.72 from $0.60.

Operationally, same store NOI rose 2.7% for the year and 5.9% in Q4, supported by high occupancy of 94.4% and steady average revenue per home. Controllable expenses declined, improving margins, while core general and administrative expense fell about 6% year over year.

On the balance sheet, the company used roughly $490M of non-strategic sale proceeds to reduce debt, pushing Net Debt-to-EBITDA (Normalized) to 9.0x, down from 11.7x in 2024. All debt was hedged or fixed at a weighted average rate of 4.88% with 2.2 years of average maturity, and liquidity stood at $280M at year-end.

FALSE000092490100009249012026-02-232026-02-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report: February 23, 2026

(Date of earliest event reported)

VERIS RESIDENTIAL, INC.

(Exact name of Registrant as specified in its charter)

Maryland

(State or other jurisdiction of incorporation)

1-13274			22-3305147
(Commission File No.)			(I.R.S. 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)

N/A

(Former Name or Former Address, if Changed Since Last Report)

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):

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			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 o

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. o

Item 2.02 Results of Operations and Financial Condition

On February 23, 2026, Veris Residential, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter 2025. A copy of the press release is attached hereto as Exhibit 99.2.

Item 7.01 Regulation FD Disclosure

For the quarter ended December 31, 2025, the Company hereby makes available supplemental data regarding its operations. The Company is attaching such supplemental data as Exhibit 99.1 to this Current Report on Form 8-K.

In connection with the foregoing, the Company hereby furnishes the following documents:

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit Number						Exhibit Title
99.1						Fourth Quarter 2025 Supplemental Operating and Financial Data.
99.2						Fourth Quarter 2025 earnings press release of Veris Residential, Inc. dated February 23, 2026.
104.1						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

The information included in this Current Report on Form 8-K (including the exhibits hereto) is being furnished under Item 2.02, "Results of Operations and Financial Condition," Item 7.01, "Regulation FD Disclosure" and Item 9.01 “Financial Statements and Exhibits” of Form 8-K. As such, the information (including the exhibits) herein shall not be deemed to be "filed" for the purposes 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, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibits 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			VERIS RESIDENTIAL, INC.
Date: February 23, 2026			By:			/s/ Mahbod Nia
						Mahbod Nia
						Chief Executive Officer

Date: February 23, 2026			By:			/s/ Amanda Lombard
						Amanda Lombard
						Chief Financial Officer

EXHIBIT INDEX

Exhibit Number			Exhibit Title
99.1			Fourth Quarter 2025 Supplemental Operating and Financial Data.
99.2			Fourth Quarter 2025 earnings press release of Veris Residential, Inc. dated February 23, 2026.
104.1			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

Table of Contents

Page(s)
3			Earnings Release
			Key Financial Data
6			Consolidated Balance Sheet
7			Consolidated Statement of Operations
8			FFO, Core FFO and Core AFFO
9			Adjusted EBITDA
10			Components of Net Asset Value
			Operating Portfolio
11			Multifamily Operating Portfolio
12			Commercial Assets and Developable Land
13			Same Store Market Information
14			Same Store Performance
			Debt
15			Debt Profile
16			Debt Summary and Maturity Schedule
			Reconciliations and Additional Details
17			Annex 1: Transaction Activity
18			Annex 2: Reconciliation of NOI
19			Annex 3: Consolidated Statements of Operations and Non-GAAP Financial Footnotes
20			Annex 4: Unconsolidated Joint Ventures
21			Annex 5: Debt Profile Footnotes
22			Annex 6: Multifamily Property Information
24			Annex 7: Noncontrolling Interests in Consolidated Joint Ventures
24			Non-GAAP Financial Definitions
26			Company Information

V E R I S    R E S I D  E  N  T  I  A  L,    I N C.  

NEWS RELEASE

For Immediate Release

Veris Residential, Inc.

Reports Fourth Quarter and Full Year 2025 Results

JERSEY CITY, N.J., February 23, 2026 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the fourth quarter and full year 2025.

			Three Months Ended December 31,						Twelve Months Ended December 31,
			2025			2024			2025			2024
Net Income (loss) per Diluted Share			$0.00			$(0.13)			$0.80			$(0.25)
Core FFO per Diluted Share			$0.19			$0.11			$0.72			$0.60
Core AFFO per Diluted Share			$0.19			$0.13			$0.74			$0.71
Dividend per Diluted Share			$0.08			$0.08			$0.32			$0.26

FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS

–Increased annual Core FFO per share by over 20% year over year to $0.72, surpassing the upper end of guidance.

–Same Store NOI growth of 2.7% and 5.9% for the full year and quarter, respectively, and maintained an operating margin of approximately 68% for the full year.

–Further improved controllable expenses by 54 basis points to 16.5%.

–Year-over-year Same Store Blended Net Rental Growth Rate of 2.7% for the full year and 2.5% for the fourth quarter.

–Further reduced year-over-year core general and administrative expense by approximately 6% for the full year and 18% since 2022.

–Occupancy of 95.2% excluding Liberty Towers, which remains under renovation with over a third of the units completed; Same Store occupancy of 94.4% including Liberty Towers.

–Completed $542 million of non-strategic asset sales, exceeding the Company's original target of $300 to $500 million.

–Utilized non-strategic sale proceeds to reduce debt by approximately $490 million, improving Net Debt-to-EBITDA (Normalized) to 9.0x, representing year-end reductions of 23% from 11.7x in 2024 and 53% from 19.3x in 2021.

SAME STORE PORTFOLIO PERFORMANCE

			December 31, 2025			September 30, 2025			Change
Same Store Units			6,581			6,581			—%
Same Store Occupancy			94.4%			94.7%			(0.3)%
Same Store Blended Rental Growth Rate (Quarter)			2.5%			3.9%			(1.4)%
Average Revenue per Home			$4,252			$4,255			(0.1)%

($ in 000s)			Three Months Ended December 31,									Twelve Months Ended December 31,
			2025			2024			%			2025			2024			%
Total Property Revenue			$69,823			$67,638			3.2%			$273,275			$266,726			2.5%
Controllable Expenses			10,843			11,843			(8.4)%			45,062			45,429			(0.8)%
Non-Controllable Expenses			10,740			10,257			4.7%			43,168			41,117			5.0%
Total Property Expenses			21,583			22,100			(2.3)%			88,230			86,546			1.9%
Same Store NOI			$48,240			$45,538			5.9%			$185,045			$180,180			2.7%

2025 TRANSACTION ACTIVITY

In 2025, the Company completed $542 million of non-strategic asset sales. During the fourth quarter, the Company sold its last two land parcels in Jersey City, New Jersey, for $75 million, reducing its land bank value to approximately $35 million.

Name ($ in 000s)			Date			Location			Gross Proceeds
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
The James			8/14/2025			Park Ridge, NJ			117,000
PI South - Building 2			8/28/2025			Weehawken, NJ			19,000
Quarry Place at Tuckahoe			9/25/2025			Eastchester, NY			63,000
Harborside 8 and 9			12/8/2025			Jersey City, NJ			75,000
Total Assets Sold in 2025									$542,100

In the second quarter of 2025, the Company purchased its partner's interest in its largest unconsolidated joint venture, the Jersey City Urby, for $38.5 million, assuming management of the property, which was rebranded to Sable. The consolidation resulted in approximately $1 million of annualized synergies.

FINANCE AND LIQUIDITY

As of December 31, 2025, the Company had liquidity of $280 million, a weighted average effective interest rate of 4.88% and a weighted average maturity of 2.2 years. All of the Company's debt was either hedged or fixed at year-end 2025.

Balance Sheet Metric ($ in 000s)			December 31, 2025			September 30, 2025
Weighted Average Interest Rate			4.88%			4.76%
Weighted Average Years to Maturity			2.2			2.6
TTM Interest Coverage Ratio			1.9x			1.7x
Net Debt			$1,332,798			$1,407,717
TTM Adjusted EBITDA (Normalized)			$148,103			$141,151
Net Debt-to-EBITDA (Normalized)			9.0x			10.0x

During the fourth quarter of 2025, the Company exercised a one-year extension option relating to the unconsolidated joint venture's mortgage on The Capstone property, which will now mature in the fourth quarter of 2026. In addition, the Company utilized proceeds from non-strategic asset sales to repay the $69 million mortgage secured by The Emery property.

The Company's current total leverage ratio as defined by the Revolving Credit Facility is between 40% and 45%, resulting in a borrowing rate on the Revolver of SOFR + 1.30%. The 20-basis-point quarter-over-quarter decrease reflects the Company's disciplined approach to deleveraging and the resulting savings under the leverage-based pricing grid of the Revolving Credit Facility.

DIVIDEND

The Company paid a dividend of $0.08 per share on January 9, 2026, to shareholders of record as of December 31, 2025.

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/.

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,” “assume,” “believe,” “contemplate,” “could,” “intend,” “predict,” “would,” “plan,” “potential,” “projected,” “should,” “expect,” “anticipate,” “estimate,” “target,” “continue” or comparable terminology, although not all forward-looking statements contain these identifying words.

Forward-looking statements are inherently subject to certain risks, trends, changes in circumstances 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 as anticipated or that our results, estimates or assumptions will be correct. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements, many of which are beyond the Company’s control. 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
						212-257-4170

Additional details on Company Information page.

Consolidated Balance Sheet

(in thousands) (unaudited)

			December 31, 2025			December 31, 2024
ASSETS
Rental property
Land and leasehold interests			$	376,710		$	458,946
Buildings and improvements			2,584,333			2,634,321
Tenant improvements			16,745			14,784
Furniture, fixtures and equipment			118,797			112,201
			3,096,585			3,220,252
Less – accumulated depreciation and amortization			(516,404)			(432,531)
			2,580,181			2,787,721
Real estate held for sale, net			—			7,291
Net investment in rental property			2,580,181			2,795,012
Cash and cash equivalents			14,128			7,251
Restricted cash			15,232			17,059
Investments in unconsolidated joint ventures			52,188			111,301
Unbilled rents receivable, net			3,643			2,253
Deferred charges and other assets, net			40,588			48,476
Accounts receivable			911			1,375
Total assets			$	2,706,871		$	2,982,727
LIABILITIES AND EQUITY
Revolving credit facility and term loans			30,000			348,839
Mortgages, loans payable and other obligations, net			1,332,158			1,323,474
Dividends and distributions payable			8,697			8,533
Accounts payable, accrued expenses and other liabilities			44,610			42,744
Rents received in advance and security deposits			11,419			11,512
Accrued interest payable			5,031			5,262
Total liabilities			1,431,915			1,740,364
Redeemable noncontrolling interests			9,294			9,294
Total Stockholders’ Equity			1,151,621			1,099,391
Noncontrolling interests in subsidiaries:
Operating Partnership			105,849			102,588
Consolidated joint ventures			8,192			31,090
Total noncontrolling interests in subsidiaries			$	114,041		$	133,678
Total equity			$	1,265,662		$	1,233,069
Total liabilities and equity			$	2,706,871		$	2,982,727

6

Consolidated Statement of Operations

(In thousands, except per share amounts) (unaudited)

			Three Months Ended December 31,									Twelve Months Ended December 31,
REVENUES			2025			2024						2025			2024
Revenue from leases			$	65,521		$	61,904					$	264,459		$	245,690
Management fees			554			751						2,561			3,338
Parking income			3,816			3,893						15,834			15,463
Other income			1,419			1,535						5,580			6,583
Total revenues			71,310			68,083						288,434			271,074
EXPENSES
Real estate taxes			8,915			10,173						38,361			37,424
Utilities			1,998			1,955						9,290			8,151
Operating services			11,274			12,885						47,962			48,239
Property management			3,939			3,877						16,673			17,247
General and administrative			8,563			10,040						36,753			39,059
Transaction-related costs			322			159						3,750			1,565
Depreciation and amortization			21,466			21,182						86,263			82,774
Land and other impairments, net			2,317			—						17,984			2,619
Total expenses			58,794			60,271						257,036			237,078
OTHER (EXPENSE) INCOME
Interest expense			(18,775)			(23,293)						(88,579)			(87,976)
Interest and other investment income			102			111						370			2,366
Equity in earnings (losses) of unconsolidated joint ventures			549			1,015						5,257			3,934
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net1			6,671			—						90,831			—
Gain (loss) on disposition of developable land			(1,252)			—						34,040			11,515
Gain (loss) on sale of unconsolidated joint venture interests			—			(154)						5,122			6,946
Gain (loss) from extinguishment of debt, net			(318)			—						(3,530)			(777)
Other income (expense), net			(154)			(396)						148			(701)
Total other income (expense), net			(13,177)			(22,717)						43,659			(64,693)
Income (loss) from continuing operations before income tax expense			(661)			(14,905)						75,057			(30,697)
Provision for income taxes			(61)			(2)						(231)			(276)
Income (loss) from continuing operations after income tax expense			(722)			(14,907)						74,826			(30,973)
Discontinued operations:
Income (loss) from discontinued operations			224			(1,015)						4,115			862
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net			—			1,899						—			3,447
Total discontinued operations, net			224			884						4,115			4,309
Net income (loss)			(498)			(14,023)						78,941			(26,664)
Noncontrolling interests in consolidated joint ventures			357			495						3,538			1,924
Noncontrolling interests in Operating Partnership of loss (income) from continuing operations			38			1,238						(6,569)			2,531
Noncontrolling interests in Operating Partnership in discontinued operations			(19)			(76)						(347)			(371)
Redeemable noncontrolling interests			(81)			(81)						(324)			(540)
Net income (loss) available to common shareholders			$	(203)		$	(12,447)					$	75,239		$	(23,120)
Basic earnings per common share:
Net income (loss) available to common shareholders			$0.00			$(0.13)						$0.81			$(0.25)
Diluted earnings per common share:
Net income (loss) available to common shareholders			$0.00			$(0.13)						$0.80			$(0.25)
Basic weighted average shares outstanding			93,488			92,934						93,355			92,695
Diluted weighted average shares outstanding2			102,077			101,611						102,363			101,381

See Consolidated Statements of Operations and Non-GAAP Financial Footnotes page.

See Consolidated Statements of Operations page.

7

FFO, Core FFO and Core AFFO

(in thousands, except per share/unit amounts)

			Three Months Ended December 31									Twelve months ended December 31,
			2025			2024						2025			2024
Net income (loss) available to common shareholders			$	(203)		$	(12,447)					$	75,239		$	(23,120)
Add/(Deduct):
Noncontrolling interests in Operating Partnership			(38)			(1,238)						6,569			(2,531)
Noncontrolling interests in discontinued operations			19			76						347			371
Real estate-related depreciation and amortization on continuing operations3			21,735			23,617						89,806			92,164
Real estate-related depreciation and amortization on discontinued operations			—			(33)						—			635
Continuing operations: (Gain) loss on sale from unconsolidated joint ventures			—			154						(5,122)			(6,946)
Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net			(6,671)			—						(90,831)			—
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net			—			—						—			(1,548)
FFO4			$	14,842		$	10,129					$	76,008		$	59,025
Add/(Deduct):
(Gain) loss from extinguishment of debt, net			318			—						3,530			777
Land and other impairments5			2,317			—						16,384			2,619
(Gain) loss on disposition of developable land6			1,252			(1,899)						(34,600)			(13,414)
Severance/Compensation related costs (G&A)7			108			32						2,175			2,111
Severance/Compensation related costs (Property Management)8			375			766						2,431			3,156
Amortization of derivative premium9			374			1,461						2,759			4,554
Derivative mark to market adjustment & losses on de-designation/early terminations			31			186						1,117			202
Transaction-related costs			323			578						3,751			1,984
Core FFO			$	19,940		$	11,253					$	73,555		$	61,014
Add/(Deduct):
Straight-line rent adjustments10			(463)			(107)						(1,707)			(790)
Amortization of market lease intangibles, net			(11)			(5)						(17)			(30)
Amortization of lease inducements			—			—						—			7
Amortization of debt discounts (premiums)			11			—						30			—
Amortization of stock compensation			2,797			3,013						11,843			12,992
Non-real estate depreciation and amortization			197			169						631			763
Amortization of deferred financing costs			1,484			1,639						6,641			6,125
Add/(Deduct):
Non-incremental revenue generating capital expenditures:
Building improvements			(3,997)			(2,784)						(14,697)			(7,674)
Tenant improvements and leasing commissions11			(205)			(94)						(326)			(236)
Core AFFO3			$	19,753		$	13,084					$	75,953		$	72,171
Funds from Operations per share/unit-diluted			$0.14			$0.10						$0.74			$0.58
Core Funds from Operations per share/unit-diluted			$0.19			$0.11						$0.72			$0.60
Core Adjusted Funds from Operations per share/unit-diluted			$0.19			$0.13						$0.74			$0.71
Dividends declared per common share			$0.08			$0.08						$0.32			$0.2625

See Consolidated Statements of Operations and Non-GAAP Financial Footnotes page.

See Consolidated Statements of Operations page.

8

Adjusted EBITDA

($ in thousands) (unaudited)

			Three Months Ended December 31,									Twelve Months Ended December 31,
			2025			2024						2025			2024
Net income (loss) available to common shareholders			$	(203)		$	(12,447)					$	75,239		$	(23,120)
Add/(Deduct):
Noncontrolling interests in Operating Partnership			(38)			(1,238)						6,569			(2,531)
Noncontrolling interests in discontinued operations			19			76						347			371
Real estate-related depreciation and amortization on continuing operations			21,735			23,617						89,806			92,164
Real estate-related depreciation and amortization on discontinued operations			—			(33)						—			635
Continuing operations: Loss (Gain) on sale from unconsolidated joint ventures			—			154						(5,122)			(6,946)
Continuing operations: Realized and unrealized (gains) losses on disposition of rental property, net			(6,671)			—						(90,831)			—
Discontinued operations: Realized and unrealized (gains) losses on disposition of rental property, net			—			—						—			(1,548)
(Gain)/Loss from extinguishment of debt, net			318			—						3,530			777
Land and other impairments			2,317			—						16,384			2,619
(Gain) loss on disposition of developable land			1,252			(1,899)						(34,600)			(13,414)
Severance/Compensation related costs (G&A)			108			32						2,175			2,111
Severance/Compensation related costs (Property Management)			375			766						2,431			3,156
Transaction-related costs			323			578						3,751			1,984
Equity in (earnings) loss of unconsolidated joint ventures, net			(549)			(1,015)						(5,257)			(4,196)
Equity in earnings share of depreciation and amortization			(466)			(2,605)						(4,175)			(10,154)
Interest expense			18,775			23,294						88,579			87,977
Recurring JV distributions			1,035			3,641						10,264			11,893
Income (loss) in noncontrolling interest in consolidated joint ventures, net			(357)			(495)						(1,379)			(1,924)
Redeemable noncontrolling interest			81			81						324			540
Income tax expense			61			3						232			300
Adjusted EBITDA			$	38,115		$	32,510					$	158,267		$	140,694

						4Q 2025
			TTM Adjusted EBITDA			$	158,267
			Net Debt			1,332,798
			Net Debt-to-EBITDA			8.4x
			After
			TTM Adjusted EBITDA			$	158,267
			Deduct:
			TTM Multifamily Sales Adjustments			(11,856)
			TTM Carry Costs from Sold Land			(154)
			Add:
			TTM Unconsolidated JV Sales Adjustments			1,845
			TTM Adjusted EBITDA (Normalized)			$	148,103
			Net Debt			1,332,798
			Net Debt-to-EBITDA (Normalized)			9.0x

See Consolidated Statements of Operations and Non-GAAP Financial Footnotes page.

See Non-GAAP Financial Definitions.

9

Components of Net Asset Value

($ in thousands)

Real Estate Portfolio												Other Assets
Operating Multifamily NOI1			Total			At Share						Cash and Cash Equivalents			$14,128
New Jersey Waterfront			$179,540			$157,498						Restricted Cash			15,232
Massachusetts			20,944			20,944						Other Assets			45,142
Other			16,348			11,084						Subtotal Other Assets			$74,502
Total Multifamily NOI			$216,832			$189,526
Commercial NOI2			5,016			4,165						Liabilities and Other Considerations
Total NOI			$221,848			$193,691
												Operating - Consolidated Debt at Share			$1,267,504
Non-Strategic Assets												Operating - Unconsolidated Debt at Share			128,506
												Other Liabilities			69,757
Estimated Value of Remaining Land						$35,360						Revolving Credit Facility			30,000
Total Non-Strategic Assets3						$35,360						Preferred Units			9,294
												Subtotal Liabilities and Other Considerations			$1,505,061
												Outstanding Shares4
												Diluted Weighted Average Shares Outstanding for 4Q 2025 (in 000s)			102,622

1 See Multifamily Operating Portfolio page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees.

2 See Commercial Assets and Developable Land page for more details.

3 The land values are VRE's share of value. For more details see Commercial Assets and Developable Land page.

4 Outstanding shares for the quarter ended December 31, 2025 is comprised of the following (in 000s): 93,488 weighted average common shares outstanding, 8,589 weighted average Operating Partnership common and vested LTIP units outstanding, and 545 shares representing the dilutive effect of stock-based compensation awards.

See Non-GAAP Financial Definitions.

10

Multifamily Operating Portfolio

(in thousands, except Revenue per home)

									Operating Highlights
									Percentage Occupied1						Average Revenue per Home						NOI2						Debt Balance
			Ownership			Apartments			Q4 2025			Q3 2025			Q4 2025			Q3 2025			Q4 2025			Q3 2025
NJ Waterfront
Haus25			100.0%			750			95.7%			96.5%			$5,158			$5,118			$8,911			$8,275			$343,061
Liberty Towers*			100.0%			648			87.1%			84.9%			4,534			4,630			5,023			4,596			—
BLVD 401			74.3%			311			95.4%			95.9%			4,357			4,376			2,669			2,416			113,462
BLVD 425			74.3%			412			95.3%			95.8%			4,184			4,236			3,398			3,320			131,000
BLVD 475			100.0%			523			95.3%			97.5%			4,335			4,349			4,634			4,247			161,201
Soho Lofts*			100.0%			377			96.0%			94.8%			4,870			4,878			3,362			2,875			—
Sable			100.0%			762			95.0%			96.6%			4,191			4,245			5,536			5,638			181,544
RiverHouse 9 at Port Imperial			100.0%			313			95.8%			94.9%			4,594			4,590			2,848			2,717			110,000
RiverHouse 11 at Port Imperial			100.0%			295			95.9%			97.3%			4,481			4,394			2,593			2,470			100,000
RiverTrace			22.5%			316			94.9%			95.1%			3,850			3,869			2,313			2,225			82,000
Capstone			40.0%			360			95.0%			94.7%			4,698			4,651			3,598			3,428			135,000
NJ Waterfront Subtotal			87.2%			5,067			94.3%			94.6%			$4,510			$4,524			$44,885			$42,207			$1,357,268
Massachusetts
Portside at East Pier*			100.0%			180			95.3%			95.5%			$3,393			$3,377			$1,275			$1,186			$—
Portside 2 at East Pier			100.0%			296			95.2%			96.3%			3,592			3,563			2,189			2,158			93,782
The Emery at Overlook Ridge3			100.0%			326			94.0%			95.2%			2,970			2,928			1,772			1,722			—
Massachusetts Subtotal			100.0%			802			94.7%			95.7%			$3,295			$3,263			$5,236			$5,066			$93,782
Other
The Upton			100.0%			193			93.5%			94.5%			$4,751			$4,660			$1,519			$1,467			$75,000
Riverpark at Harrison			45.0%			141			93.6%			95.7%			3,169			2,940			638			579			29,948
Station House			50.0%			378			94.7%			93.9%			2,984			3,029			1,930			1,785			85,158
Other Subtotal			62.6%			712			94.2%			94.4%			$3,500			$3,453			$4,087			$3,831			$190,106
Operating Portfolio4,5			86.1%			6,581			94.4%			94.7%			$4,252			$4,255			$54,208			$51,104			$1,641,156

1 Average of the last month of each quarter.

2 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.

3 The loan on The Emery at Overlook Ridge was paid off in December 2025.

4 Rental revenue associated with retail leases is included in the NOI disclosure above.

5 See Unconsolidated Joint Ventures and Annex 6: Multifamily Operating Portfolio for more details.

*Properties that are currently in the collateral pool for the Revolving Credit Facility. Following the July 9, 2025 amendment of the facility, the required number of collateral assets was reduced from five to two. In October, a negative pledge and assignment of proceeds of Portside at East Pier were added as incremental collateral.

See Non-GAAP Financial Definitions.

                                                            11

Commercial Assets and Developable Land

($ in thousands)

Commercial			Location			Ownership			Rentable SF1			Percentage Leased 4Q 2025			Percentage Leased 3Q 2025			NOI 4Q 2025			NOI 3Q 2025			Debt Balance
Port Imperial South - Garage			Weehawken, NJ			70.0%			Fn 1			N/A			N/A			$578			$619			$30,524
Port Imperial South - Retail			Weehawken, NJ			70.0%			18,064			84.0%			77.0%			131			126			—
Port Imperial North - Garage			Weehawken, NJ			100.0%			Fn 1			N/A			N/A			37			(13)			—
Port Imperial North - Retail			Weehawken, NJ			100.0%			8,400			100.0%			100.0%			106			119			—
Riverwalk at Port Imperial			West New York, NJ			100.0%			29,923			88.0%			88.0%			402			209			—
Commercial Total						90.4%			56,387			88.5%			86.3%			$1,254			$1,060			$30,524

Developable Land Parcel Units2
			Total Units3
NJ Waterfront4			—
Massachusetts			736
Other			115
Developable Land Parcel Units Total			851

1 Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively.

2 The Company has an additional 34,375 SF of developable retail space within land developments that is not represented in this table. The Company owns 100% of the developable land parcel units.

3 The Company is in the process of rezoning the parcel in Short Hills, NJ from 160 hotel keys to 115 multifamily units.

4 Harborside 8 and 9 land parcels were sold in December 2025, representing 1,277 total units.

12

Same Store Market Information

Sequential Quarter Comparison1

(NOI in thousands)

						NOI at Share									Occupancy									Blended Lease Tradeouts2
			Apartments			4Q 2025			3Q 2025			Change			4Q 2025			3Q 2025			Change			4Q 2025			3Q 2025			Change
New Jersey Waterfront			5,067			$39,916			$37,442			6.6%			94.3%			94.6%			(0.3)%			2.8%			3.9%			(1.1)%
Massachusetts			802			5,434			5,261			3.3%			94.7%			95.7%			(1.0)%			(1.2)%			2.5%			(3.7)%
Other3			712			2,890			2,739			5.5%			94.2%			94.4%			(0.2)%			5.9%			9.8%			(3.9)%
Total			6,581			$48,240			$45,442			6.2%			94.4%			94.7%			(0.3)%			2.5%			3.9%			(1.4)%

Year-over-Year Fourth Quarter Comparison1

(NOI in thousands)

						NOI at Share									Occupancy									Blended Lease Tradeouts2
			Apartments			4Q 2025			4Q 2024			Change			4Q 2025			4Q 2024			Change			4Q 2025			4Q 2024			Change
New Jersey Waterfront			5,067			$39,916			$37,733			5.8%			94.3%			93.8%			0.5%			2.8%			0.8%			2.0%
Massachusetts			802			5,434			5,171			5.1%			94.7%			93.8%			0.9%			(1.2)%			0.1%			(1.3)%
Other3			712			2,890			2,634			9.7%			94.2%			92.5%			1.7%			5.9%			(13.2)%			19.1%
Total			6,581			$48,240			$45,538			5.9%			94.4%			93.7%			0.7%			2.5%			(0.8)%			3.3%

Average Revenue per Home

			Apartments			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
New Jersey Waterfront			5,067			$4,510			$4,524			$4,499			$4,430			$4,441
Massachusetts			802			3,295			3,263			3,244			3,186			3,161
Other3			712			3,500			3,453			3,392			3,291			3,376
Total			6,581			$4,252			$4,255			$4,226			$4,155			$4,170

1 All statistics are based off the current 6,581 Same Store pool. These values reflect the Company`s pro-rata ownership. Sable is shown at 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025.

2 Blended lease tradeouts exclude properties not managed by Veris for all periods shown. The Upton is the only property included in the blended lease tradeouts in the "Other" submarket.

3 "Other" includes properties in Suburban NJ and Washington, DC. See Multifamily Operating Portfolio page for breakout.

See Non-GAAP Financial Definitions.

13

Same Store Performance

($ in thousands)

Multifamily Same Store1
			Three Months Ended December 31,															Twelve Months Ended December 31,															Sequential
			2025			2024			Change			%						2025			2024			Change			%						4Q 25			3Q 25			Change			%
Apartment Rental Income			$62,793			$61,157			$1,636			2.7%						$246,349			$240,980			$5,369			2.2%						$62,793			$61,976			$817			1.3%
Parking/Other Income			7,030			6,481			549			8.5%						26,926			25,746			1,180			4.6%						7,030			6,894			136			2.0%
Total Property Revenues2			$69,823			$67,638			$2,185			3.2%						$273,275			$266,726			$6,549			2.5%						$69,823			$68,870			$953			1.4%
Marketing & Administration			1,775			2,198			(423)			(19.2)%						7,367			8,016			(649)			(8.1)%						1,775			1,993			(218)			(10.9)%
Utilities			2,051			1,998			53			2.7%						9,211			8,336			875			10.5%						2,051			2,357			(306)			(13.0)%
Payroll			3,704			3,854			(150)			(3.9)%						14,899			14,968			(69)			(0.5)%						3,704			3,878			(174)			(4.5)%
Repairs & Maintenance			3,313			3,793			(480)			(12.7)%						13,585			14,109			(524)			(3.7)%						3,313			3,806			(493)			(13.0)%
Controllable Expenses			$10,843			$11,843			$(1,000)			(8.4)%						$45,062			$45,429			$(367)			(0.8)%						$10,843			$12,034			$(1,191)			(9.9)%
Other Fixed Fees			783			711			72			10.1%						3,112			2,851			261			9.2%						783			781			2			0.3%
Insurance			1,331			1,230			101			8.2%						5,381			5,046			335			6.6%						1,331			1,355			(24)			(1.8)%
Real Estate Taxes			8,626			8,316			310			3.7%						34,675			33,220			1,455			4.4%						8,626			9,258			(632)			(6.8)%
Non-Controllable Expenses			$10,740			$10,257			$483			4.7%						$43,168			$41,117			$2,051			5.0%						$10,740			$11,394			$(654)			(5.7)%
Total Property Expenses			$21,583			$22,100			$(517)			(2.3)%						$88,230			$86,546			$1,684			1.9%						$21,583			$23,428			$(1,845)			(7.9)%
Same Store GAAP NOI			$48,240			$45,538			$2,702			5.9%						$185,045			$180,180			$4,865			2.7%						$48,240			$45,442			$2,798			6.2%
Same Store NOI Margin			69.1%			67.3%			1.8%									67.7%			67.6%			0.1%									69.1%			66.0%			3.1%
Total Units			6,581			6,581												6,581			6,581												6,581			6,581
% Ownership1			86.1%			86.1%												86.1%			86.1%												86.1%			86.1%
% Occupied			94.4%			93.7%			0.7%									94.4%			93.7%			0.7%									94.4%			94.7%			(0.3)%

1 These values represent the Company's pro-rata ownership. Sable is shown as 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025. These are shown at share and exclude management fees.

2 Revenues reported based on Generally Accepted Accounting Principles or "GAAP".

                                        14

Debt Profile

($ in thousands)

			Lender			Effective Interest Rate1			December 31, 2025			December 31, 2024			Date of Maturity
Secured Permanent Loans
Portside 2 at East Pier			New York Life Insurance Co.			4.56%			$93,782			$95,427			03/10/26
BLVD 425			New York Life Insurance Co.			4.17%			131,000			131,000			08/10/26
BLVD 401			New York Life Insurance Co.			4.29%			113,462			115,515			08/10/26
Portside at East Pier2			KKR			SOFR + 2.75%			—			56,500			09/07/26
The Upton3			Bank of New York Mellon			SOFR + 1.58%			75,000			75,000			10/27/26
RiverHouse 9 at Port Imperial4			JP Morgan			SOFR + 1.41%			110,000			110,000			06/21/27
Quarry Place at Tuckahoe5			Natixis Real Estate Capital, LLC			4.48%			—			41,000			08/05/27
BLVD 475			The Northwestern Mutual Life Insurance Co.			2.91%			161,201			164,712			11/10/27
Haus25			Freddie Mac			6.04%			343,061			343,061			09/01/28
RiverHouse 11 at Port Imperial			The Northwestern Mutual Life Insurance Co.			4.52%			100,000			100,000			01/10/29
Sable6			Pacific Life			5.59%			181,544			—			08/01/29
Port Imperial Garage South			American General Life & A/G PC			4.85%			30,524			31,098			12/01/29
The Emery7			Flagstar Bank			3.21%			—			70,653			01/01/31
Secured Permanent Loans Outstanding									$1,339,574			$1,333,966
Unamortized Deferred Financing Costs									(7,416)			(10,492)
Secured Permanent Loans									$1,332,158			$1,323,474
Secured RCF & Term Loans:
Revolving Credit Facility8			Various Lenders			SOFR + 2.22%			$30,000			$152,000			04/22/27
Term Loan8			Various Lenders			SOFR + 2.22%			—			200,000			04/22/27
RCF & Term Loan Balances									$30,000			$352,000
Unamortized Deferred Financing Costs									—			(3,161)
Total RCF & Term Loan Debt									$30,000			$348,839
Total Debt									$1,362,158			$1,672,313

See Debt Profile Footnotes page.

15

Debt Summary and Maturity Schedule

As of December 31, all of the Company's total debt portfolio (consolidated and unconsolidated) is hedged or fixed with a weighted average interest rate of 4.88% and a weighted average maturity of 2.2 years.

($ in thousands)

As of 12/31			Balance			% of Total			Weighted Average Interest Rate			Weighted Average Maturity in Years
Fixed Rate & Hedged Debt
Fixed Rate & Hedged Secured Debt			$1,369,574			100.0%			4.90%			1.99
Variable Rate Debt
Variable Rate Debt			—			—%			—%			—
Totals / Weighted Average			$1,369,574			100.0%			4.90%			1.99
Unamortized Deferred Financing Costs			(7,416)
Total Consolidated Debt, net			$1,362,158
Partners’ Share			(72,070)
VRE Share of Total Consolidated Debt, net1			$1,290,088
Unconsolidated Secured Debt
VRE Share			$128,506			38.7%			4.32%			4.02
Partners’ Share			203,600			61.3%			4.32%			4.02
Total Unconsolidated Secured Debt			$332,106			100.0%			4.32%			4.02
Pro Rata
Fixed Rate & Hedged Secured Debt			$1,426,010			100.0%			4.88%			2.22
Variable Rate Secured Debt			—			—%			—%			—
Total Pro Rata Debt Portfolio			$1,426,010			100.0%			4.88%			2.22

Debt Maturity Schedule as of December 31, 20252,3

1 Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.2 million at BLVD 401 and $9.2 million at Port Imperial South Garage.

2 The Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities.

3 The graphic reflects VRE share of consolidated debt balances only. Dollars are shown in millions.

16

Annex 1: Transaction Activity

$ in thousands

Location

Transaction Date

Number of Buildings

Units

Gross Proceeds

2025 dispositions-to-date

Land

65 Livingston

Roseland, NJ

1/24/2025

N/A

N/A

$7,300

Wall Land

Wall Township, NJ

4/3/2025

N/A

N/A

31,000

PI North - Building 6 and Riverbend I1

West New York, NJ

4/21/2025

N/A

N/A

6,500

1 Water

White Plains, NY

4/29/2025

N/A

N/A

15,500

PI South - Building 21

Weehawken, NJ

8/28/2025

N/A

N/A

19,000

Harborside 8 and 9

Jersey City, NJ

12/8/2025

N/A

N/A

75,000

Land dispositions-to-date

N/A

N/A

$154,300

Multifamily

Metropolitan at 40 Park1

Morristown, NJ

4/21/2025

1

130

$600

Signature Place

Morris Plains, NJ

7/9/2025

1

197

85,000

145 Front Street

Worcester, MA

7/22/2025

1

365

122,200

The James

Park Ridge, NJ

8/14/2025

1

240

117,000

Quarry Place

Eastchester, NY

9/25/2025

1

108

63,0002

Multifamily dispositions-to-date

5

1,040

$387,800

Total dispositions-to-date

$542,100

2025 acquisitions-to-date

Multifamily

Sable

Jersey City, NJ

4/21/2025

1

762

$38,5003

Multifamily acquisitions-to-date

1

762

$38,500

1 Represents gross value associated with Veris' share of the sale.

2 Gross proceeds include the buyer's assumption of the $41.0 million mortgage loan encumbering the property.

3 Represents gross value associated with the purchase of our partner's 15% equity interest in the Jersey City property now known as Sable.

17

Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended)

			4Q 2025						3Q 2025
			Total						Total
Net Income (loss)			$	(498)					$	81,326
Deduct:
Management fees			(554)						(523)
Loss (income) from discontinued operations			(224)						(3,782)
Interest and other investment income			(102)						(173)
Equity in (earnings) loss of unconsolidated joint ventures			(549)						(340)
(Gain) loss on disposition of developable land			1,252						1,118
(Gain) loss from extinguishment of debt, net			318						3,212
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net			(6,671)						(91,037)
Other (income) expense, net			154						121
Add:
Property management			3,939						4,261
General and administrative			8,563						8,517
Transaction-related costs			322						1,550
Depreciation and amortization			21,466						21,073
Interest expense			18,775						22,240
Provision for income taxes			61						35
Land and other impairments, net			2,317						—
Net operating income (NOI)			$	48,569					$	47,598

Summary of Consolidated Multifamily NOI by Type (unaudited):			4Q 2025						3Q 2025
Total Consolidated Multifamily - Operating Portfolio			$	45,728					$	44,851
Total Consolidated Commercial			1,254						1,060
Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)			$	46,982					$	45,911
NOI (loss) from services, land/development/repurposing & other assets			1,524						1,778
Total Consolidated Multifamily NOI			$	48,506					$	47,689

See Consolidated Statement of Operations page.

See Non-GAAP Financial Definitions.

18

Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes

1.Includes $5.1 million relating to assets sold in the third quarter of 2025 and $1.6 million related to years prior to 2022. Refer to Note 3 in the 10-K for additional information.

2.Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,589 and 8,677 shares for the three months ended December 31, 2025 and 2024, respectively, and 8,612 and 8,686 shares for the twelve months ended December 31, 2025 and 2024, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).

3.Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $0.5 million and $2.6 million for the three months ended December 31, 2025 and 2024, respectively, and $4.2 million and $10.2 million for the twelve months ended December 31, 2025 and 2024 respectively. Excludes non-real estate-related depreciation and amortization of $0.2 million for each of the three months ended December 31, 2025 and 2024, respectively, and $0.6 million and $0.8 million for the twelve months ended December 31, 2025 and 2024, respectively.

4.Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See Non-GAAP Financial Definitions for information About FFO, Core FFO, AFFO, NOI & Adjusted EBITDA.

5.Represents the Company's controlling interest portion of the $18.0 million land and other impairment charge during the twelve months ended December 31, 2025.

6.Represents the Company's controlling interest portion of the $34.0 million gain on disposition of developable land during the twelve months ended December 31, 2025.

7.Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $8.5 million and $10.0 million for the three months ended December 31, 2025 and 2024, respectively, and $34.6 million and $36.9 million for the twelve months ended December 31, 2025 and 2024, respectively.

8.Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.6 million and $3.1 million for the three months ended December 31, 2025 and 2024, respectively, and $14.2 million and $14.1 million for the twelve months ended December 31, 2025 and 2024, respectively.

9.Includes the Company's share from unconsolidated joint ventures of $0 and $(20) thousand for the three months ended December 31, 2025 and 2024, respectively, and $(14) thousand and $(92) thousand for the twelve months ended December 31, 2025 and 2024, respectively.

10.Includes the Company's share from unconsolidated joint ventures of $122 thousand and $59 thousand for the three months ended December 31, 2025 and 2024, respectively and $96 thousand and $94 thousand for the twelve months ended December 31, 2025 and 2024, respectively.

11.Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.

Back to Consolidated Statement of Operations page.

Back to FFO, Core FFO and Core AFFO page.

Back to Adjusted EBITDA page

19

Annex 4: Unconsolidated Joint Ventures

($ in thousands)

Property			Units			Percentage Occupied			VRE's Nominal Ownership			4Q 2025 NOI1			Total Debt			VRE Share of 4Q NOI			VRE Share of Debt
Multifamily
RiverTrace			316			94.9%			22.5%			$2,313			$82,000			$520			$18,450
Capstone			360			95.0%			40.0%			3,598			135,000			1,439			54,000
Riverpark at Harrison			141			93.6%			45.0%			638			29,948			287			13,477
Station House			378			94.7%			50.0%			1,930			85,158			965			42,579
Total UJV			1,195			94.7%			39.1%			$8,479			$332,106			$3,212			$128,506

1 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.

20

Annex 5: Debt Profile Footnotes

1.Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.

2.The loan on Portside at East Pier was fully repaid in August 2025, the three-year cap was also terminated.

3.The loan on Upton is hedged with an interest rate cap at a strike rate of 3.5%, expiring in November 2026.

4.The loan on RiverHouse 9 at Port Imperial is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026.

5.In September 2025, the Company sold the property (Quarry Place), simultaneously assigning the $41 million mortgage to the purchaser.

6.The loan on Sable was consolidated in April 2025 upon the acquisition of the remaining 15% controlling interest in the joint venture previously referred to as "Urby at Harborside".

7.The Company elected to prepay the loan on December 31, 2025. Effective rate reflects the fixed rate period, which ended on January 1, 2026.

8.The Company's facilities consist of a $300 million Revolver and $200 million delayed-draw Term Loan and are supported by a group of eight lenders. The eight lenders consists of JP Morgan Chase and Bank of New York Mellon as Joint Bookrunners; Bank of America Securities, Capital One, Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers; and Associated Bank and Eastern Bank as participants. In July 2025, the Company amended its existing facility and fully repaid the Term Loan. In August 2025, the Company terminated $55 million of the $200 million of interest rate cap at strike rate of 3.5%, expiring in July 2026. The amendment also reduced the number of participating Lenders from eight to seven. The facilities have a three-year term ending April 22, 2027, with a one-year extension option. The Revolver remains fully hedged through interest rate caps at a 3.5% strike rate, also expiring in July 2026.

			Balance as of December 31, 2025			Initial Spread			Deferred Financing Costs			5 bps reduction KPI			Updated Spread			SOFR or SOFR Cap			All In Rate
Secured Revolving Credit Facility			$30,000			1.35%			0.92%			(0.05)%			2.22%			3.50%			5.72%

Back to Debt Profile page.

21

Annex 6: Multifamily Property Information

			Location			Ownership			Apartments			Rentable SF1			Average Size			Year Complete
NJ Waterfront
Haus25			Jersey City, NJ			100.0%			750			617,787			824			2022
Liberty Towers			Jersey City, NJ			100.0%			648			602,210			929			2003
BLVD 401			Jersey City, NJ			74.3%			311			273,132			878			2016
BLVD 425			Jersey City, NJ			74.3%			412			369,515			897			2003
BLVD 475			Jersey City, NJ			100.0%			523			475,459			909			2011
Soho Lofts			Jersey City, NJ			100.0%			377			449,067			1,191			2017
Sable			Jersey City, NJ			100.0%			762			474,476			623			2017
RiverHouse 9 at Port Imperial			Weehawken, NJ			100.0%			313			245,127			783			2021
RiverHouse 11 at Port Imperial			Weehawken, NJ			100.0%			295			250,591			849			2018
RiverTrace			West New York, NJ			22.5%			316			295,767			936			2014
Capstone			West New York, NJ			40.0%			360			337,991			939			2021
NJ Waterfront Subtotal						87.2%			5,067			4,391,122			888
Massachusetts
Portside at East Pier			East Boston, MA			100.0%			180			154,859			862			2015
Portside 2 at East Pier			East Boston, MA			100.0%			296			230,614			779			2018
The Emery			Revere, MA			100.0%			326			273,140			838			2020
Massachusetts Subtotal						100.0%			802			658,613			823
Other
The Upton			Short Hills, NJ			100.0%			193			217,030			1,125			2021
Riverpark at Harrison			Harrison, NJ			45.0%			141			124,774			885			2014
Station House			Washington, DC			50.0%			378			290,348			768			2015
Other Subtotal						62.6%			712			632,152			914
Operating Portfolio						86.1%			6,581			5,681,887			884

Back to Multifamily Operating Portfolio page.

1 Total sf outlined above excludes approximately 151,898 SF of ground floor retail, of which 129,489 SF was leased as of December 31, 2025.

23                                                                     

Annex 7: Noncontrolling Interests in Consolidated JVs

			Three Months Ended December 31,						Twelve Months Ended December 31,
			2025			2024			2025			2024
BLVD 425			$	140		$	97		$	543		$	424
BLVD 401			(518)			(571)			(2,211)			(2,258)
Port Imperial Garage South			10			(2)			21			(5)
Port Imperial Retail South			13			18			28			52
Other consolidated joint ventures			(2)			(37)			(1,919)			(137)
Net losses in noncontrolling interests			$	(357)		$	(495)		$	(3,538)		$	(1,924)
Depreciation in noncontrolling interests			750			744			2,969			2,923
Funds from operations - noncontrolling interest in consolidated joint ventures			$	393		$	249		$	(569)		$	999
Interest expense in noncontrolling interest in consolidated joint ventures			780			787			3,140			3,146
Net operating income before debt service in consolidated joint ventures			$	1,173		$	1,036		$	2,571		$	4,145

Back to Adjusted EBITDA page.

23

Non-GAAP Financial Definitions

NON-GAAP FINANCIAL MEASURES

Included in this financial package are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a “non-GAAP financial measure,” measuring Veris Residential, Inc.’s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles (“U.S. GAAP”), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance, which is further defined below.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")

The Company defines Adjusted EBITDA as Core FFO, plus interest expense, plus income tax expense, plus income

(loss) in noncontrolling interest in consolidated joint ventures, and plus adjustments to reflect the entity's share of

Adjusted EBITDA of unconsolidated joint ventures. The Company presents Adjusted EBITDA because the Company

believes that Adjusted EBITDA, along with cash flow from operating activities, investing activities and financing

activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. Adjusted

EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an

indication of the Company’s financial performance, as an alternative to net cash flows from operating activities

(determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted "EBITDA" (Normalized))

The Company defines Adjusted EBITDA (Normalized) as Adjusted EBITDA, adjusted to reflect the effects of non-recurring property transactions. In the case of acquisition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the Company’s income (loss) for its ownership period annualized and included on a trailing twelve month basis. In the case of disposition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA minus the disposition property’s actual income (loss) on a trailing twelve month basis. In the case of joint venture transaction properties whereby the Company acquires a controlling interest and subsequently consolidates the acquired asset, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the actual income (loss) on a trailing twelve month basis in proportion to the Company’s economic interests in the joint venture as of the reporting date minus recurring joint venture distributions (the Company’s practice for EBITDA recognition for joint ventures). The Company presents Adjusted EBITDA (Normalized) because the Company believes that Adjusted EBITDA (Normalized) provides a more appropriate denominator for its calculation of the Net Debt-to-EBITDA ratio as it reflects the leverage profile of the Company as of the reporting date. Adjusted EBITDA (Normalized) should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Blended Net Rental Growth Rate or Blended Lease Rate

Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.

Core FFO and Adjusted FFO ("AFFO")

Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions, and capital expenditures, (ii) straight-line rents and amortization of acquired above/below market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. Core FFO and Adjusted AFFO are presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO and Adjusted FFO are non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying this press release.

Funds From Operations ("FFO")

FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that

24            

Non-GAAP Financial Definitions

not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“Nareit”). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.

NOI and Same Store 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. Same Store NOI includes joint ventures at their pro rata share based on legal ownership.

Same Store NOI is presented for the Same Store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.

25            

Company Information

Company Information
Corporate Headquarters			Stock Exchange Listing			Contact Information
Veris Residential, Inc.			New York Stock Exchange			Veris Residential, Inc.
210 Hudson St., Suite 400						Investor Relations Department
Jersey City, New Jersey 07311			Trading Symbol			210 Hudson St., Suite 400
(732) 590-1010			Common Shares: VRE			Jersey City, New Jersey 07311
						Mackenzie Rice
						Director, Investor Relations
						E-Mail: investors@verisresidential.com
						Web: www.verisresidential.com
Executive Officers
Mahbod Nia			Amanda Lombard			Taryn Fielder
Chief Executive Officer			Chief Financial Officer			General Counsel and Secretary
Anna Malhari
Chief Operating Officer
Equity Research Coverage
Bank of America Merrill Lynch			BTIG, LLC			Citigroup
Jana Galan			Thomas Catherwood			Nicholas Joseph
Evercore ISI			Green Street Advisors			JP Morgan
Steve Sakwa			John Pawlowski			Anthony Paolone
Truist
Michael R. Lewis

                                                         26

Table of Contents

Page(s)
3			Earnings Release
			Key Financial Data
6			Consolidated Balance Sheet
7			Consolidated Statement of Operations
8			FFO, Core FFO and Core AFFO
9			Adjusted EBITDA
10			Components of Net Asset Value
			Operating Portfolio
11			Multifamily Operating Portfolio
12			Commercial Assets and Developable Land
13			Same Store Market Information
14			Same Store Performance
			Debt
15			Debt Profile
16			Debt Summary and Maturity Schedule
			Reconciliations and Additional Details
17			Annex 1: Transaction Activity
18			Annex 2: Reconciliation of NOI
19			Annex 3: Consolidated Statements of Operations and Non-GAAP Financial Footnotes
20			Annex 4: Unconsolidated Joint Ventures
21			Annex 5: Debt Profile Footnotes
22			Annex 6: Multifamily Property Information
24			Annex 7: Noncontrolling Interests in Consolidated Joint Ventures
24			Non-GAAP Financial Definitions
26			Company Information

V E R I S    R E S I D  E  N  T  I  A  L,    I N C.  

NEWS RELEASE

For Immediate Release

Veris Residential, Inc.

Reports Fourth Quarter and Full Year 2025 Results

JERSEY CITY, N.J., February 23, 2026 –– Veris Residential, Inc. (NYSE: VRE) (the “Company”), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the fourth quarter and full year 2025.

			Three Months Ended December 31,						Twelve Months Ended December 31,
			2025			2024			2025			2024
Net Income (loss) per Diluted Share			$0.00			$(0.13)			$0.80			$(0.25)
Core FFO per Diluted Share			$0.19			$0.11			$0.72			$0.60
Core AFFO per Diluted Share			$0.19			$0.13			$0.74			$0.71
Dividend per Diluted Share			$0.08			$0.08			$0.32			$0.26

FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS

–Increased annual Core FFO per share by over 20% year over year to $0.72, surpassing the upper end of guidance.

–Same Store NOI growth of 2.7% and 5.9% for the full year and quarter, respectively, and maintained an operating margin of approximately 68% for the full year.

–Further improved controllable expenses by 54 basis points to 16.5%.

–Year-over-year Same Store Blended Net Rental Growth Rate of 2.7% for the full year and 2.5% for the fourth quarter.

–Further reduced year-over-year core general and administrative expense by approximately 6% for the full year and 18% since 2022.

–Occupancy of 95.2% excluding Liberty Towers, which remains under renovation with over a third of the units completed; Same Store occupancy of 94.4% including Liberty Towers.

–Completed $542 million of non-strategic asset sales, exceeding the Company's original target of $300 to $500 million.

–Utilized non-strategic sale proceeds to reduce debt by approximately $490 million, improving Net Debt-to-EBITDA (Normalized) to 9.0x, representing year-end reductions of 23% from 11.7x in 2024 and 53% from 19.3x in 2021.

SAME STORE PORTFOLIO PERFORMANCE

			December 31, 2025			September 30, 2025			Change
Same Store Units			6,581			6,581			—%
Same Store Occupancy			94.4%			94.7%			(0.3)%
Same Store Blended Rental Growth Rate (Quarter)			2.5%			3.9%			(1.4)%
Average Revenue per Home			$4,252			$4,255			(0.1)%

($ in 000s)			Three Months Ended December 31,									Twelve Months Ended December 31,
			2025			2024			%			2025			2024			%
Total Property Revenue			$69,823			$67,638			3.2%			$273,275			$266,726			2.5%
Controllable Expenses			10,843			11,843			(8.4)%			45,062			45,429			(0.8)%
Non-Controllable Expenses			10,740			10,257			4.7%			43,168			41,117			5.0%
Total Property Expenses			21,583			22,100			(2.3)%			88,230			86,546			1.9%
Same Store NOI			$48,240			$45,538			5.9%			$185,045			$180,180			2.7%

2025 TRANSACTION ACTIVITY

In 2025, the Company completed $542 million of non-strategic asset sales. During the fourth quarter, the Company sold its last two land parcels in Jersey City, New Jersey, for $75 million, reducing its land bank value to approximately $35 million.

Name ($ in 000s)			Date			Location			Gross Proceeds
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
The James			8/14/2025			Park Ridge, NJ			117,000
PI South - Building 2			8/28/2025			Weehawken, NJ			19,000
Quarry Place at Tuckahoe			9/25/2025			Eastchester, NY			63,000
Harborside 8 and 9			12/8/2025			Jersey City, NJ			75,000
Total Assets Sold in 2025									$542,100

In the second quarter of 2025, the Company purchased its partner's interest in its largest unconsolidated joint venture, the Jersey City Urby, for $38.5 million, assuming management of the property, which was rebranded to Sable. The consolidation resulted in approximately $1 million of annualized synergies.

FINANCE AND LIQUIDITY

As of December 31, 2025, the Company had liquidity of $280 million, a weighted average effective interest rate of 4.88% and a weighted average maturity of 2.2 years. All of the Company's debt was either hedged or fixed at year-end 2025.

Balance Sheet Metric ($ in 000s)			December 31, 2025			September 30, 2025
Weighted Average Interest Rate			4.88%			4.76%
Weighted Average Years to Maturity			2.2			2.6
TTM Interest Coverage Ratio			1.9x			1.7x
Net Debt			$1,332,798			$1,407,717
TTM Adjusted EBITDA (Normalized)			$148,103			$141,151
Net Debt-to-EBITDA (Normalized)			9.0x			10.0x

During the fourth quarter of 2025, the Company exercised a one-year extension option relating to the unconsolidated joint venture's mortgage on The Capstone property, which will now mature in the fourth quarter of 2026. In addition, the Company utilized proceeds from non-strategic asset sales to repay the $69 million mortgage secured by The Emery property.

The Company's current total leverage ratio as defined by the Revolving Credit Facility is between 40% and 45%, resulting in a borrowing rate on the Revolver of SOFR + 1.30%. The 20-basis-point quarter-over-quarter decrease reflects the Company's disciplined approach to deleveraging and the resulting savings under the leverage-based pricing grid of the Revolving Credit Facility.

DIVIDEND

The Company paid a dividend of $0.08 per share on January 9, 2026, to shareholders of record as of December 31, 2025.

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/.

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,” “assume,” “believe,” “contemplate,” “could,” “intend,” “predict,” “would,” “plan,” “potential,” “projected,” “should,” “expect,” “anticipate,” “estimate,” “target,” “continue” or comparable terminology, although not all forward-looking statements contain these identifying words.

Forward-looking statements are inherently subject to certain risks, trends, changes in circumstances 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 as anticipated or that our results, estimates or assumptions will be correct. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements, many of which are beyond the Company’s control. 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
						212-257-4170

Additional details on Company Information page.

Consolidated Balance Sheet

(in thousands) (unaudited)

			December 31, 2025			December 31, 2024
ASSETS
Rental property
Land and leasehold interests			$	376,710		$	458,946
Buildings and improvements			2,584,333			2,634,321
Tenant improvements			16,745			14,784
Furniture, fixtures and equipment			118,797			112,201
			3,096,585			3,220,252
Less – accumulated depreciation and amortization			(516,404)			(432,531)
			2,580,181			2,787,721
Real estate held for sale, net			—			7,291
Net investment in rental property			2,580,181			2,795,012
Cash and cash equivalents			14,128			7,251
Restricted cash			15,232			17,059
Investments in unconsolidated joint ventures			52,188			111,301
Unbilled rents receivable, net			3,643			2,253
Deferred charges and other assets, net			40,588			48,476
Accounts receivable			911			1,375
Total assets			$	2,706,871		$	2,982,727
LIABILITIES AND EQUITY
Revolving credit facility and term loans			30,000			348,839
Mortgages, loans payable and other obligations, net			1,332,158			1,323,474
Dividends and distributions payable			8,697			8,533
Accounts payable, accrued expenses and other liabilities			44,610			42,744
Rents received in advance and security deposits			11,419			11,512
Accrued interest payable			5,031			5,262
Total liabilities			1,431,915			1,740,364
Redeemable noncontrolling interests			9,294			9,294
Total Stockholders’ Equity			1,151,621			1,099,391
Noncontrolling interests in subsidiaries:
Operating Partnership			105,849			102,588
Consolidated joint ventures			8,192			31,090
Total noncontrolling interests in subsidiaries			$	114,041		$	133,678
Total equity			$	1,265,662		$	1,233,069
Total liabilities and equity			$	2,706,871		$	2,982,727

6

Consolidated Statement of Operations

(In thousands, except per share amounts) (unaudited)

			Three Months Ended December 31,									Twelve Months Ended December 31,
REVENUES			2025			2024						2025			2024
Revenue from leases			$	65,521		$	61,904					$	264,459		$	245,690
Management fees			554			751						2,561			3,338
Parking income			3,816			3,893						15,834			15,463
Other income			1,419			1,535						5,580			6,583
Total revenues			71,310			68,083						288,434			271,074
EXPENSES
Real estate taxes			8,915			10,173						38,361			37,424
Utilities			1,998			1,955						9,290			8,151
Operating services			11,274			12,885						47,962			48,239
Property management			3,939			3,877						16,673			17,247
General and administrative			8,563			10,040						36,753			39,059
Transaction-related costs			322			159						3,750			1,565
Depreciation and amortization			21,466			21,182						86,263			82,774
Land and other impairments, net			2,317			—						17,984			2,619
Total expenses			58,794			60,271						257,036			237,078
OTHER (EXPENSE) INCOME
Interest expense			(18,775)			(23,293)						(88,579)			(87,976)
Interest and other investment income			102			111						370			2,366
Equity in earnings (losses) of unconsolidated joint ventures			549			1,015						5,257			3,934
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net1			6,671			—						90,831			—
Gain (loss) on disposition of developable land			(1,252)			—						34,040			11,515
Gain (loss) on sale of unconsolidated joint venture interests			—			(154)						5,122			6,946
Gain (loss) from extinguishment of debt, net			(318)			—						(3,530)			(777)
Other income (expense), net			(154)			(396)						148			(701)
Total other income (expense), net			(13,177)			(22,717)						43,659			(64,693)
Income (loss) from continuing operations before income tax expense			(661)			(14,905)						75,057			(30,697)
Provision for income taxes			(61)			(2)						(231)			(276)
Income (loss) from continuing operations after income tax expense			(722)			(14,907)						74,826			(30,973)
Discontinued operations:
Income (loss) from discontinued operations			224			(1,015)						4,115			862
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net			—			1,899						—			3,447
Total discontinued operations, net			224			884						4,115			4,309
Net income (loss)			(498)			(14,023)						78,941			(26,664)
Noncontrolling interests in consolidated joint ventures			357			495						3,538			1,924
Noncontrolling interests in Operating Partnership of loss (income) from continuing operations			38			1,238						(6,569)			2,531
Noncontrolling interests in Operating Partnership in discontinued operations			(19)			(76)						(347)			(371)
Redeemable noncontrolling interests			(81)			(81)						(324)			(540)
Net income (loss) available to common shareholders			$	(203)		$	(12,447)					$	75,239		$	(23,120)
Basic earnings per common share:
Net income (loss) available to common shareholders			$0.00			$(0.13)						$0.81			$(0.25)
Diluted earnings per common share:
Net income (loss) available to common shareholders			$0.00			$(0.13)						$0.80			$(0.25)
Basic weighted average shares outstanding			93,488			92,934						93,355			92,695
Diluted weighted average shares outstanding2			102,077			101,611						102,363			101,381

See Consolidated Statements of Operations and Non-GAAP Financial Footnotes page.

See Consolidated Statements of Operations page.

7

FFO, Core FFO and Core AFFO

(in thousands, except per share/unit amounts)

			Three Months Ended December 31									Twelve months ended December 31,
			2025			2024						2025			2024
Net income (loss) available to common shareholders			$	(203)		$	(12,447)					$	75,239		$	(23,120)
Add/(Deduct):
Noncontrolling interests in Operating Partnership			(38)			(1,238)						6,569			(2,531)
Noncontrolling interests in discontinued operations			19			76						347			371
Real estate-related depreciation and amortization on continuing operations3			21,735			23,617						89,806			92,164
Real estate-related depreciation and amortization on discontinued operations			—			(33)						—			635
Continuing operations: (Gain) loss on sale from unconsolidated joint ventures			—			154						(5,122)			(6,946)
Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net			(6,671)			—						(90,831)			—
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net			—			—						—			(1,548)
FFO4			$	14,842		$	10,129					$	76,008		$	59,025
Add/(Deduct):
(Gain) loss from extinguishment of debt, net			318			—						3,530			777
Land and other impairments5			2,317			—						16,384			2,619
(Gain) loss on disposition of developable land6			1,252			(1,899)						(34,600)			(13,414)
Severance/Compensation related costs (G&A)7			108			32						2,175			2,111
Severance/Compensation related costs (Property Management)8			375			766						2,431			3,156
Amortization of derivative premium9			374			1,461						2,759			4,554
Derivative mark to market adjustment & losses on de-designation/early terminations			31			186						1,117			202
Transaction-related costs			323			578						3,751			1,984
Core FFO			$	19,940		$	11,253					$	73,555		$	61,014
Add/(Deduct):
Straight-line rent adjustments10			(463)			(107)						(1,707)			(790)
Amortization of market lease intangibles, net			(11)			(5)						(17)			(30)
Amortization of lease inducements			—			—						—			7
Amortization of debt discounts (premiums)			11			—						30			—
Amortization of stock compensation			2,797			3,013						11,843			12,992
Non-real estate depreciation and amortization			197			169						631			763
Amortization of deferred financing costs			1,484			1,639						6,641			6,125
Add/(Deduct):
Non-incremental revenue generating capital expenditures:
Building improvements			(3,997)			(2,784)						(14,697)			(7,674)
Tenant improvements and leasing commissions11			(205)			(94)						(326)			(236)
Core AFFO3			$	19,753		$	13,084					$	75,953		$	72,171
Funds from Operations per share/unit-diluted			$0.14			$0.10						$0.74			$0.58
Core Funds from Operations per share/unit-diluted			$0.19			$0.11						$0.72			$0.60
Core Adjusted Funds from Operations per share/unit-diluted			$0.19			$0.13						$0.74			$0.71
Dividends declared per common share			$0.08			$0.08						$0.32			$0.2625

See Consolidated Statements of Operations and Non-GAAP Financial Footnotes page.

See Consolidated Statements of Operations page.

8

Adjusted EBITDA

($ in thousands) (unaudited)

			Three Months Ended December 31,									Twelve Months Ended December 31,
			2025			2024						2025			2024
Net income (loss) available to common shareholders			$	(203)		$	(12,447)					$	75,239		$	(23,120)
Add/(Deduct):
Noncontrolling interests in Operating Partnership			(38)			(1,238)						6,569			(2,531)
Noncontrolling interests in discontinued operations			19			76						347			371
Real estate-related depreciation and amortization on continuing operations			21,735			23,617						89,806			92,164
Real estate-related depreciation and amortization on discontinued operations			—			(33)						—			635
Continuing operations: Loss (Gain) on sale from unconsolidated joint ventures			—			154						(5,122)			(6,946)
Continuing operations: Realized and unrealized (gains) losses on disposition of rental property, net			(6,671)			—						(90,831)			—
Discontinued operations: Realized and unrealized (gains) losses on disposition of rental property, net			—			—						—			(1,548)
(Gain)/Loss from extinguishment of debt, net			318			—						3,530			777
Land and other impairments			2,317			—						16,384			2,619
(Gain) loss on disposition of developable land			1,252			(1,899)						(34,600)			(13,414)
Severance/Compensation related costs (G&A)			108			32						2,175			2,111
Severance/Compensation related costs (Property Management)			375			766						2,431			3,156
Transaction-related costs			323			578						3,751			1,984
Equity in (earnings) loss of unconsolidated joint ventures, net			(549)			(1,015)						(5,257)			(4,196)
Equity in earnings share of depreciation and amortization			(466)			(2,605)						(4,175)			(10,154)
Interest expense			18,775			23,294						88,579			87,977
Recurring JV distributions			1,035			3,641						10,264			11,893
Income (loss) in noncontrolling interest in consolidated joint ventures, net			(357)			(495)						(1,379)			(1,924)
Redeemable noncontrolling interest			81			81						324			540
Income tax expense			61			3						232			300
Adjusted EBITDA			$	38,115		$	32,510					$	158,267		$	140,694

						4Q 2025
			TTM Adjusted EBITDA			$	158,267
			Net Debt			1,332,798
			Net Debt-to-EBITDA			8.4x
			After
			TTM Adjusted EBITDA			$	158,267
			Deduct:
			TTM Multifamily Sales Adjustments			(11,856)
			TTM Carry Costs from Sold Land			(154)
			Add:
			TTM Unconsolidated JV Sales Adjustments			1,845
			TTM Adjusted EBITDA (Normalized)			$	148,103
			Net Debt			1,332,798
			Net Debt-to-EBITDA (Normalized)			9.0x

See Consolidated Statements of Operations and Non-GAAP Financial Footnotes page.

See Non-GAAP Financial Definitions.

9

Components of Net Asset Value

($ in thousands)

Real Estate Portfolio												Other Assets
Operating Multifamily NOI1			Total			At Share						Cash and Cash Equivalents			$14,128
New Jersey Waterfront			$179,540			$157,498						Restricted Cash			15,232
Massachusetts			20,944			20,944						Other Assets			45,142
Other			16,348			11,084						Subtotal Other Assets			$74,502
Total Multifamily NOI			$216,832			$189,526
Commercial NOI2			5,016			4,165						Liabilities and Other Considerations
Total NOI			$221,848			$193,691
												Operating - Consolidated Debt at Share			$1,267,504
Non-Strategic Assets												Operating - Unconsolidated Debt at Share			128,506
												Other Liabilities			69,757
Estimated Value of Remaining Land						$35,360						Revolving Credit Facility			30,000
Total Non-Strategic Assets3						$35,360						Preferred Units			9,294
												Subtotal Liabilities and Other Considerations			$1,505,061
												Outstanding Shares4
												Diluted Weighted Average Shares Outstanding for 4Q 2025 (in 000s)			102,622

1 See Multifamily Operating Portfolio page for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees.

2 See Commercial Assets and Developable Land page for more details.

3 The land values are VRE's share of value. For more details see Commercial Assets and Developable Land page.

4 Outstanding shares for the quarter ended December 31, 2025 is comprised of the following (in 000s): 93,488 weighted average common shares outstanding, 8,589 weighted average Operating Partnership common and vested LTIP units outstanding, and 545 shares representing the dilutive effect of stock-based compensation awards.

See Non-GAAP Financial Definitions.

10

Multifamily Operating Portfolio

(in thousands, except Revenue per home)

									Operating Highlights
									Percentage Occupied1						Average Revenue per Home						NOI2						Debt Balance
			Ownership			Apartments			Q4 2025			Q3 2025			Q4 2025			Q3 2025			Q4 2025			Q3 2025
NJ Waterfront
Haus25			100.0%			750			95.7%			96.5%			$5,158			$5,118			$8,911			$8,275			$343,061
Liberty Towers*			100.0%			648			87.1%			84.9%			4,534			4,630			5,023			4,596			—
BLVD 401			74.3%			311			95.4%			95.9%			4,357			4,376			2,669			2,416			113,462
BLVD 425			74.3%			412			95.3%			95.8%			4,184			4,236			3,398			3,320			131,000
BLVD 475			100.0%			523			95.3%			97.5%			4,335			4,349			4,634			4,247			161,201
Soho Lofts*			100.0%			377			96.0%			94.8%			4,870			4,878			3,362			2,875			—
Sable			100.0%			762			95.0%			96.6%			4,191			4,245			5,536			5,638			181,544
RiverHouse 9 at Port Imperial			100.0%			313			95.8%			94.9%			4,594			4,590			2,848			2,717			110,000
RiverHouse 11 at Port Imperial			100.0%			295			95.9%			97.3%			4,481			4,394			2,593			2,470			100,000
RiverTrace			22.5%			316			94.9%			95.1%			3,850			3,869			2,313			2,225			82,000
Capstone			40.0%			360			95.0%			94.7%			4,698			4,651			3,598			3,428			135,000
NJ Waterfront Subtotal			87.2%			5,067			94.3%			94.6%			$4,510			$4,524			$44,885			$42,207			$1,357,268
Massachusetts
Portside at East Pier*			100.0%			180			95.3%			95.5%			$3,393			$3,377			$1,275			$1,186			$—
Portside 2 at East Pier			100.0%			296			95.2%			96.3%			3,592			3,563			2,189			2,158			93,782
The Emery at Overlook Ridge3			100.0%			326			94.0%			95.2%			2,970			2,928			1,772			1,722			—
Massachusetts Subtotal			100.0%			802			94.7%			95.7%			$3,295			$3,263			$5,236			$5,066			$93,782
Other
The Upton			100.0%			193			93.5%			94.5%			$4,751			$4,660			$1,519			$1,467			$75,000
Riverpark at Harrison			45.0%			141			93.6%			95.7%			3,169			2,940			638			579			29,948
Station House			50.0%			378			94.7%			93.9%			2,984			3,029			1,930			1,785			85,158
Other Subtotal			62.6%			712			94.2%			94.4%			$3,500			$3,453			$4,087			$3,831			$190,106
Operating Portfolio4,5			86.1%			6,581			94.4%			94.7%			$4,252			$4,255			$54,208			$51,104			$1,641,156

1 Average of the last month of each quarter.

2 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.

3 The loan on The Emery at Overlook Ridge was paid off in December 2025.

4 Rental revenue associated with retail leases is included in the NOI disclosure above.

5 See Unconsolidated Joint Ventures and Annex 6: Multifamily Operating Portfolio for more details.

*Properties that are currently in the collateral pool for the Revolving Credit Facility. Following the July 9, 2025 amendment of the facility, the required number of collateral assets was reduced from five to two. In October, a negative pledge and assignment of proceeds of Portside at East Pier were added as incremental collateral.

See Non-GAAP Financial Definitions.

                                                            11

Commercial Assets and Developable Land

($ in thousands)

Commercial			Location			Ownership			Rentable SF1			Percentage Leased 4Q 2025			Percentage Leased 3Q 2025			NOI 4Q 2025			NOI 3Q 2025			Debt Balance
Port Imperial South - Garage			Weehawken, NJ			70.0%			Fn 1			N/A			N/A			$578			$619			$30,524
Port Imperial South - Retail			Weehawken, NJ			70.0%			18,064			84.0%			77.0%			131			126			—
Port Imperial North - Garage			Weehawken, NJ			100.0%			Fn 1			N/A			N/A			37			(13)			—
Port Imperial North - Retail			Weehawken, NJ			100.0%			8,400			100.0%			100.0%			106			119			—
Riverwalk at Port Imperial			West New York, NJ			100.0%			29,923			88.0%			88.0%			402			209			—
Commercial Total						90.4%			56,387			88.5%			86.3%			$1,254			$1,060			$30,524

Developable Land Parcel Units2
			Total Units3
NJ Waterfront4			—
Massachusetts			736
Other			115
Developable Land Parcel Units Total			851

1 Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively.

2 The Company has an additional 34,375 SF of developable retail space within land developments that is not represented in this table. The Company owns 100% of the developable land parcel units.

3 The Company is in the process of rezoning the parcel in Short Hills, NJ from 160 hotel keys to 115 multifamily units.

4 Harborside 8 and 9 land parcels were sold in December 2025, representing 1,277 total units.

12

Same Store Market Information

Sequential Quarter Comparison1

(NOI in thousands)

						NOI at Share									Occupancy									Blended Lease Tradeouts2
			Apartments			4Q 2025			3Q 2025			Change			4Q 2025			3Q 2025			Change			4Q 2025			3Q 2025			Change
New Jersey Waterfront			5,067			$39,916			$37,442			6.6%			94.3%			94.6%			(0.3)%			2.8%			3.9%			(1.1)%
Massachusetts			802			5,434			5,261			3.3%			94.7%			95.7%			(1.0)%			(1.2)%			2.5%			(3.7)%
Other3			712			2,890			2,739			5.5%			94.2%			94.4%			(0.2)%			5.9%			9.8%			(3.9)%
Total			6,581			$48,240			$45,442			6.2%			94.4%			94.7%			(0.3)%			2.5%			3.9%			(1.4)%

Year-over-Year Fourth Quarter Comparison1

(NOI in thousands)

						NOI at Share									Occupancy									Blended Lease Tradeouts2
			Apartments			4Q 2025			4Q 2024			Change			4Q 2025			4Q 2024			Change			4Q 2025			4Q 2024			Change
New Jersey Waterfront			5,067			$39,916			$37,733			5.8%			94.3%			93.8%			0.5%			2.8%			0.8%			2.0%
Massachusetts			802			5,434			5,171			5.1%			94.7%			93.8%			0.9%			(1.2)%			0.1%			(1.3)%
Other3			712			2,890			2,634			9.7%			94.2%			92.5%			1.7%			5.9%			(13.2)%			19.1%
Total			6,581			$48,240			$45,538			5.9%			94.4%			93.7%			0.7%			2.5%			(0.8)%			3.3%

Average Revenue per Home

			Apartments			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
New Jersey Waterfront			5,067			$4,510			$4,524			$4,499			$4,430			$4,441
Massachusetts			802			3,295			3,263			3,244			3,186			3,161
Other3			712			3,500			3,453			3,392			3,291			3,376
Total			6,581			$4,252			$4,255			$4,226			$4,155			$4,170

1 All statistics are based off the current 6,581 Same Store pool. These values reflect the Company`s pro-rata ownership. Sable is shown at 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025.

2 Blended lease tradeouts exclude properties not managed by Veris for all periods shown. The Upton is the only property included in the blended lease tradeouts in the "Other" submarket.

3 "Other" includes properties in Suburban NJ and Washington, DC. See Multifamily Operating Portfolio page for breakout.

See Non-GAAP Financial Definitions.

13

Same Store Performance

($ in thousands)

Multifamily Same Store1
			Three Months Ended December 31,															Twelve Months Ended December 31,															Sequential
			2025			2024			Change			%						2025			2024			Change			%						4Q 25			3Q 25			Change			%
Apartment Rental Income			$62,793			$61,157			$1,636			2.7%						$246,349			$240,980			$5,369			2.2%						$62,793			$61,976			$817			1.3%
Parking/Other Income			7,030			6,481			549			8.5%						26,926			25,746			1,180			4.6%						7,030			6,894			136			2.0%
Total Property Revenues2			$69,823			$67,638			$2,185			3.2%						$273,275			$266,726			$6,549			2.5%						$69,823			$68,870			$953			1.4%
Marketing & Administration			1,775			2,198			(423)			(19.2)%						7,367			8,016			(649)			(8.1)%						1,775			1,993			(218)			(10.9)%
Utilities			2,051			1,998			53			2.7%						9,211			8,336			875			10.5%						2,051			2,357			(306)			(13.0)%
Payroll			3,704			3,854			(150)			(3.9)%						14,899			14,968			(69)			(0.5)%						3,704			3,878			(174)			(4.5)%
Repairs & Maintenance			3,313			3,793			(480)			(12.7)%						13,585			14,109			(524)			(3.7)%						3,313			3,806			(493)			(13.0)%
Controllable Expenses			$10,843			$11,843			$(1,000)			(8.4)%						$45,062			$45,429			$(367)			(0.8)%						$10,843			$12,034			$(1,191)			(9.9)%
Other Fixed Fees			783			711			72			10.1%						3,112			2,851			261			9.2%						783			781			2			0.3%
Insurance			1,331			1,230			101			8.2%						5,381			5,046			335			6.6%						1,331			1,355			(24)			(1.8)%
Real Estate Taxes			8,626			8,316			310			3.7%						34,675			33,220			1,455			4.4%						8,626			9,258			(632)			(6.8)%
Non-Controllable Expenses			$10,740			$10,257			$483			4.7%						$43,168			$41,117			$2,051			5.0%						$10,740			$11,394			$(654)			(5.7)%
Total Property Expenses			$21,583			$22,100			$(517)			(2.3)%						$88,230			$86,546			$1,684			1.9%						$21,583			$23,428			$(1,845)			(7.9)%
Same Store GAAP NOI			$48,240			$45,538			$2,702			5.9%						$185,045			$180,180			$4,865			2.7%						$48,240			$45,442			$2,798			6.2%
Same Store NOI Margin			69.1%			67.3%			1.8%									67.7%			67.6%			0.1%									69.1%			66.0%			3.1%
Total Units			6,581			6,581												6,581			6,581												6,581			6,581
% Ownership1			86.1%			86.1%												86.1%			86.1%												86.1%			86.1%
% Occupied			94.4%			93.7%			0.7%									94.4%			93.7%			0.7%									94.4%			94.7%			(0.3)%

1 These values represent the Company's pro-rata ownership. Sable is shown as 85% for all comparative periods, reflecting VRE ownership level prior to the consolidation in April 2025. These are shown at share and exclude management fees.

2 Revenues reported based on Generally Accepted Accounting Principles or "GAAP".

                                        14

Debt Profile

($ in thousands)

			Lender			Effective Interest Rate1			December 31, 2025			December 31, 2024			Date of Maturity
Secured Permanent Loans
Portside 2 at East Pier			New York Life Insurance Co.			4.56%			$93,782			$95,427			03/10/26
BLVD 425			New York Life Insurance Co.			4.17%			131,000			131,000			08/10/26
BLVD 401			New York Life Insurance Co.			4.29%			113,462			115,515			08/10/26
Portside at East Pier2			KKR			SOFR + 2.75%			—			56,500			09/07/26
The Upton3			Bank of New York Mellon			SOFR + 1.58%			75,000			75,000			10/27/26
RiverHouse 9 at Port Imperial4			JP Morgan			SOFR + 1.41%			110,000			110,000			06/21/27
Quarry Place at Tuckahoe5			Natixis Real Estate Capital, LLC			4.48%			—			41,000			08/05/27
BLVD 475			The Northwestern Mutual Life Insurance Co.			2.91%			161,201			164,712			11/10/27
Haus25			Freddie Mac			6.04%			343,061			343,061			09/01/28
RiverHouse 11 at Port Imperial			The Northwestern Mutual Life Insurance Co.			4.52%			100,000			100,000			01/10/29
Sable6			Pacific Life			5.59%			181,544			—			08/01/29
Port Imperial Garage South			American General Life & A/G PC			4.85%			30,524			31,098			12/01/29
The Emery7			Flagstar Bank			3.21%			—			70,653			01/01/31
Secured Permanent Loans Outstanding									$1,339,574			$1,333,966
Unamortized Deferred Financing Costs									(7,416)			(10,492)
Secured Permanent Loans									$1,332,158			$1,323,474
Secured RCF & Term Loans:
Revolving Credit Facility8			Various Lenders			SOFR + 2.22%			$30,000			$152,000			04/22/27
Term Loan8			Various Lenders			SOFR + 2.22%			—			200,000			04/22/27
RCF & Term Loan Balances									$30,000			$352,000
Unamortized Deferred Financing Costs									—			(3,161)
Total RCF & Term Loan Debt									$30,000			$348,839
Total Debt									$1,362,158			$1,672,313

See Debt Profile Footnotes page.

15

Debt Summary and Maturity Schedule

As of December 31, all of the Company's total debt portfolio (consolidated and unconsolidated) is hedged or fixed with a weighted average interest rate of 4.88% and a weighted average maturity of 2.2 years.

($ in thousands)

As of 12/31			Balance			% of Total			Weighted Average Interest Rate			Weighted Average Maturity in Years
Fixed Rate & Hedged Debt
Fixed Rate & Hedged Secured Debt			$1,369,574			100.0%			4.90%			1.99
Variable Rate Debt
Variable Rate Debt			—			—%			—%			—
Totals / Weighted Average			$1,369,574			100.0%			4.90%			1.99
Unamortized Deferred Financing Costs			(7,416)
Total Consolidated Debt, net			$1,362,158
Partners’ Share			(72,070)
VRE Share of Total Consolidated Debt, net1			$1,290,088
Unconsolidated Secured Debt
VRE Share			$128,506			38.7%			4.32%			4.02
Partners’ Share			203,600			61.3%			4.32%			4.02
Total Unconsolidated Secured Debt			$332,106			100.0%			4.32%			4.02
Pro Rata
Fixed Rate & Hedged Secured Debt			$1,426,010			100.0%			4.88%			2.22
Variable Rate Secured Debt			—			—%			—%			—
Total Pro Rata Debt Portfolio			$1,426,010			100.0%			4.88%			2.22

Debt Maturity Schedule as of December 31, 20252,3

1 Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.2 million at BLVD 401 and $9.2 million at Port Imperial South Garage.

2 The Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities.

3 The graphic reflects VRE share of consolidated debt balances only. Dollars are shown in millions.

16

Annex 1: Transaction Activity

$ in thousands

Location

Transaction Date

Number of Buildings

Units

Gross Proceeds

2025 dispositions-to-date

Land

65 Livingston

Roseland, NJ

1/24/2025

N/A

N/A

$7,300

Wall Land

Wall Township, NJ

4/3/2025

N/A

N/A

31,000

PI North - Building 6 and Riverbend I1

West New York, NJ

4/21/2025

N/A

N/A

6,500

1 Water

White Plains, NY

4/29/2025

N/A

N/A

15,500

PI South - Building 21

Weehawken, NJ

8/28/2025

N/A

N/A

19,000

Harborside 8 and 9

Jersey City, NJ

12/8/2025

N/A

N/A

75,000

Land dispositions-to-date

N/A

N/A

$154,300

Multifamily

Metropolitan at 40 Park1

Morristown, NJ

4/21/2025

1

130

$600

Signature Place

Morris Plains, NJ

7/9/2025

1

197

85,000

145 Front Street

Worcester, MA

7/22/2025

1

365

122,200

The James

Park Ridge, NJ

8/14/2025

1

240

117,000

Quarry Place

Eastchester, NY

9/25/2025

1

108

63,0002

Multifamily dispositions-to-date

5

1,040

$387,800

Total dispositions-to-date

$542,100

2025 acquisitions-to-date

Multifamily

Sable

Jersey City, NJ

4/21/2025

1

762

$38,5003

Multifamily acquisitions-to-date

1

762

$38,500

1 Represents gross value associated with Veris' share of the sale.

2 Gross proceeds include the buyer's assumption of the $41.0 million mortgage loan encumbering the property.

3 Represents gross value associated with the purchase of our partner's 15% equity interest in the Jersey City property now known as Sable.

17

Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended)

			4Q 2025						3Q 2025
			Total						Total
Net Income (loss)			$	(498)					$	81,326
Deduct:
Management fees			(554)						(523)
Loss (income) from discontinued operations			(224)						(3,782)
Interest and other investment income			(102)						(173)
Equity in (earnings) loss of unconsolidated joint ventures			(549)						(340)
(Gain) loss on disposition of developable land			1,252						1,118
(Gain) loss from extinguishment of debt, net			318						3,212
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net			(6,671)						(91,037)
Other (income) expense, net			154						121
Add:
Property management			3,939						4,261
General and administrative			8,563						8,517
Transaction-related costs			322						1,550
Depreciation and amortization			21,466						21,073
Interest expense			18,775						22,240
Provision for income taxes			61						35
Land and other impairments, net			2,317						—
Net operating income (NOI)			$	48,569					$	47,598

Summary of Consolidated Multifamily NOI by Type (unaudited):			4Q 2025						3Q 2025
Total Consolidated Multifamily - Operating Portfolio			$	45,728					$	44,851
Total Consolidated Commercial			1,254						1,060
Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)			$	46,982					$	45,911
NOI (loss) from services, land/development/repurposing & other assets			1,524						1,778
Total Consolidated Multifamily NOI			$	48,506					$	47,689

See Consolidated Statement of Operations page.

See Non-GAAP Financial Definitions.

18

Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes

1.Includes $5.1 million relating to assets sold in the third quarter of 2025 and $1.6 million related to years prior to 2022. Refer to Note 3 in the 10-K for additional information.

2.Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,589 and 8,677 shares for the three months ended December 31, 2025 and 2024, respectively, and 8,612 and 8,686 shares for the twelve months ended December 31, 2025 and 2024, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).

3.Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $0.5 million and $2.6 million for the three months ended December 31, 2025 and 2024, respectively, and $4.2 million and $10.2 million for the twelve months ended December 31, 2025 and 2024 respectively. Excludes non-real estate-related depreciation and amortization of $0.2 million for each of the three months ended December 31, 2025 and 2024, respectively, and $0.6 million and $0.8 million for the twelve months ended December 31, 2025 and 2024, respectively.

4.Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See Non-GAAP Financial Definitions for information About FFO, Core FFO, AFFO, NOI & Adjusted EBITDA.

5.Represents the Company's controlling interest portion of the $18.0 million land and other impairment charge during the twelve months ended December 31, 2025.

6.Represents the Company's controlling interest portion of the $34.0 million gain on disposition of developable land during the twelve months ended December 31, 2025.

7.Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $8.5 million and $10.0 million for the three months ended December 31, 2025 and 2024, respectively, and $34.6 million and $36.9 million for the twelve months ended December 31, 2025 and 2024, respectively.

8.Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.6 million and $3.1 million for the three months ended December 31, 2025 and 2024, respectively, and $14.2 million and $14.1 million for the twelve months ended December 31, 2025 and 2024, respectively.

9.Includes the Company's share from unconsolidated joint ventures of $0 and $(20) thousand for the three months ended December 31, 2025 and 2024, respectively, and $(14) thousand and $(92) thousand for the twelve months ended December 31, 2025 and 2024, respectively.

10.Includes the Company's share from unconsolidated joint ventures of $122 thousand and $59 thousand for the three months ended December 31, 2025 and 2024, respectively and $96 thousand and $94 thousand for the twelve months ended December 31, 2025 and 2024, respectively.

11.Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.

Back to Consolidated Statement of Operations page.

Back to FFO, Core FFO and Core AFFO page.

Back to Adjusted EBITDA page

19

Annex 4: Unconsolidated Joint Ventures

($ in thousands)

Property			Units			Percentage Occupied			VRE's Nominal Ownership			4Q 2025 NOI1			Total Debt			VRE Share of 4Q NOI			VRE Share of Debt
Multifamily
RiverTrace			316			94.9%			22.5%			$2,313			$82,000			$520			$18,450
Capstone			360			95.0%			40.0%			3,598			135,000			1,439			54,000
Riverpark at Harrison			141			93.6%			45.0%			638			29,948			287			13,477
Station House			378			94.7%			50.0%			1,930			85,158			965			42,579
Total UJV			1,195			94.7%			39.1%			$8,479			$332,106			$3,212			$128,506

1 The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. These are shown at 100% and include management fees.

20

Annex 5: Debt Profile Footnotes

1.Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.

2.The loan on Portside at East Pier was fully repaid in August 2025, the three-year cap was also terminated.

3.The loan on Upton is hedged with an interest rate cap at a strike rate of 3.5%, expiring in November 2026.

4.The loan on RiverHouse 9 at Port Imperial is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026.

5.In September 2025, the Company sold the property (Quarry Place), simultaneously assigning the $41 million mortgage to the purchaser.

6.The loan on Sable was consolidated in April 2025 upon the acquisition of the remaining 15% controlling interest in the joint venture previously referred to as "Urby at Harborside".

7.The Company elected to prepay the loan on December 31, 2025. Effective rate reflects the fixed rate period, which ended on January 1, 2026.

8.The Company's facilities consist of a $300 million Revolver and $200 million delayed-draw Term Loan and are supported by a group of eight lenders. The eight lenders consists of JP Morgan Chase and Bank of New York Mellon as Joint Bookrunners; Bank of America Securities, Capital One, Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers; and Associated Bank and Eastern Bank as participants. In July 2025, the Company amended its existing facility and fully repaid the Term Loan. In August 2025, the Company terminated $55 million of the $200 million of interest rate cap at strike rate of 3.5%, expiring in July 2026. The amendment also reduced the number of participating Lenders from eight to seven. The facilities have a three-year term ending April 22, 2027, with a one-year extension option. The Revolver remains fully hedged through interest rate caps at a 3.5% strike rate, also expiring in July 2026.

			Balance as of December 31, 2025			Initial Spread			Deferred Financing Costs			5 bps reduction KPI			Updated Spread			SOFR or SOFR Cap			All In Rate
Secured Revolving Credit Facility			$30,000			1.35%			0.92%			(0.05)%			2.22%			3.50%			5.72%

Back to Debt Profile page.

21

Annex 6: Multifamily Property Information

			Location			Ownership			Apartments			Rentable SF1			Average Size			Year Complete
NJ Waterfront
Haus25			Jersey City, NJ			100.0%			750			617,787			824			2022
Liberty Towers			Jersey City, NJ			100.0%			648			602,210			929			2003
BLVD 401			Jersey City, NJ			74.3%			311			273,132			878			2016
BLVD 425			Jersey City, NJ			74.3%			412			369,515			897			2003
BLVD 475			Jersey City, NJ			100.0%			523			475,459			909			2011
Soho Lofts			Jersey City, NJ			100.0%			377			449,067			1,191			2017
Sable			Jersey City, NJ			100.0%			762			474,476			623			2017
RiverHouse 9 at Port Imperial			Weehawken, NJ			100.0%			313			245,127			783			2021
RiverHouse 11 at Port Imperial			Weehawken, NJ			100.0%			295			250,591			849			2018
RiverTrace			West New York, NJ			22.5%			316			295,767			936			2014
Capstone			West New York, NJ			40.0%			360			337,991			939			2021
NJ Waterfront Subtotal						87.2%			5,067			4,391,122			888
Massachusetts
Portside at East Pier			East Boston, MA			100.0%			180			154,859			862			2015
Portside 2 at East Pier			East Boston, MA			100.0%			296			230,614			779			2018
The Emery			Revere, MA			100.0%			326			273,140			838			2020
Massachusetts Subtotal						100.0%			802			658,613			823
Other
The Upton			Short Hills, NJ			100.0%			193			217,030			1,125			2021
Riverpark at Harrison			Harrison, NJ			45.0%			141			124,774			885			2014
Station House			Washington, DC			50.0%			378			290,348			768			2015
Other Subtotal						62.6%			712			632,152			914
Operating Portfolio						86.1%			6,581			5,681,887			884

Back to Multifamily Operating Portfolio page.

1 Total sf outlined above excludes approximately 151,898 SF of ground floor retail, of which 129,489 SF was leased as of December 31, 2025.

23                                                                     

Annex 7: Noncontrolling Interests in Consolidated JVs

			Three Months Ended December 31,						Twelve Months Ended December 31,
			2025			2024			2025			2024
BLVD 425			$	140		$	97		$	543		$	424
BLVD 401			(518)			(571)			(2,211)			(2,258)
Port Imperial Garage South			10			(2)			21			(5)
Port Imperial Retail South			13			18			28			52
Other consolidated joint ventures			(2)			(37)			(1,919)			(137)
Net losses in noncontrolling interests			$	(357)		$	(495)		$	(3,538)		$	(1,924)
Depreciation in noncontrolling interests			750			744			2,969			2,923
Funds from operations - noncontrolling interest in consolidated joint ventures			$	393		$	249		$	(569)		$	999
Interest expense in noncontrolling interest in consolidated joint ventures			780			787			3,140			3,146
Net operating income before debt service in consolidated joint ventures			$	1,173		$	1,036		$	2,571		$	4,145

Back to Adjusted EBITDA page.

23

Non-GAAP Financial Definitions

NON-GAAP FINANCIAL MEASURES

Included in this financial package are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a “non-GAAP financial measure,” measuring Veris Residential, Inc.’s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles (“U.S. GAAP”), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance, which is further defined below.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")

The Company defines Adjusted EBITDA as Core FFO, plus interest expense, plus income tax expense, plus income

(loss) in noncontrolling interest in consolidated joint ventures, and plus adjustments to reflect the entity's share of

Adjusted EBITDA of unconsolidated joint ventures. The Company presents Adjusted EBITDA because the Company

believes that Adjusted EBITDA, along with cash flow from operating activities, investing activities and financing

activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. Adjusted

EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an

indication of the Company’s financial performance, as an alternative to net cash flows from operating activities

(determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Normalized) (Adjusted "EBITDA" (Normalized))

The Company defines Adjusted EBITDA (Normalized) as Adjusted EBITDA, adjusted to reflect the effects of non-recurring property transactions. In the case of acquisition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the Company’s income (loss) for its ownership period annualized and included on a trailing twelve month basis. In the case of disposition properties, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA minus the disposition property’s actual income (loss) on a trailing twelve month basis. In the case of joint venture transaction properties whereby the Company acquires a controlling interest and subsequently consolidates the acquired asset, Adjusted EBITDA (Normalized) would be calculated based on Adjusted EBITDA plus the actual income (loss) on a trailing twelve month basis in proportion to the Company’s economic interests in the joint venture as of the reporting date minus recurring joint venture distributions (the Company’s practice for EBITDA recognition for joint ventures). The Company presents Adjusted EBITDA (Normalized) because the Company believes that Adjusted EBITDA (Normalized) provides a more appropriate denominator for its calculation of the Net Debt-to-EBITDA ratio as it reflects the leverage profile of the Company as of the reporting date. Adjusted EBITDA (Normalized) should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Blended Net Rental Growth Rate or Blended Lease Rate

Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.

Core FFO and Adjusted FFO ("AFFO")

Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions, and capital expenditures, (ii) straight-line rents and amortization of acquired above/below market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. Core FFO and Adjusted AFFO are presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO and Adjusted FFO are non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying this press release.

Funds From Operations ("FFO")

FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that

24            

Non-GAAP Financial Definitions

not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“Nareit”). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.

NOI and Same Store 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. Same Store NOI includes joint ventures at their pro rata share based on legal ownership.

Same Store NOI is presented for the Same Store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.

25            

Company Information

Company Information
Corporate Headquarters			Stock Exchange Listing			Contact Information
Veris Residential, Inc.			New York Stock Exchange			Veris Residential, Inc.
210 Hudson St., Suite 400						Investor Relations Department
Jersey City, New Jersey 07311			Trading Symbol			210 Hudson St., Suite 400
(732) 590-1010			Common Shares: VRE			Jersey City, New Jersey 07311
						Mackenzie Rice
						Director, Investor Relations
						E-Mail: investors@verisresidential.com
						Web: www.verisresidential.com
Executive Officers
Mahbod Nia			Amanda Lombard			Taryn Fielder
Chief Executive Officer			Chief Financial Officer			General Counsel and Secretary
Anna Malhari
Chief Operating Officer
Equity Research Coverage
Bank of America Merrill Lynch			BTIG, LLC			Citigroup
Jana Galan			Thomas Catherwood			Nicholas Joseph
Evercore ISI			Green Street Advisors			JP Morgan
Steve Sakwa			John Pawlowski			Anthony Paolone
Truist
Michael R. Lewis

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FAQ

How did Veris Residential (VRE) perform financially in full year 2025?

Veris Residential generated net income available to common shareholders of $75.2 million in 2025, compared with a $23.1 million loss in 2024. Diluted earnings per share improved to $0.80 from $(0.25), reflecting stronger operations and sizable gains on property and land transactions.

What were Veris Residential’s Core FFO and Core AFFO per share for 2025?

For 2025, Veris Residential reported Core FFO per diluted share of $0.72 and Core AFFO per diluted share of $0.74. These compared with $0.60 and $0.71, respectively, in 2024, showing improved recurring cash earnings alongside stable dividend coverage.

How strong was Veris Residential’s same store portfolio performance in 2025?

The same store portfolio posted NOI growth of 2.7% for 2025 and 5.9% in the fourth quarter. Same store occupancy reached 94.4%, while same store blended net rental growth was 2.7% for the year and 2.5% in the fourth quarter, with NOI margins around 68–69%.

What asset sales did Veris Residential (VRE) complete in 2025?

In 2025, Veris Residential completed $542.1 million of non-strategic asset sales, including multifamily properties and land such as 145 Front Street, The James, Quarry Place, and Harborside 8 and 9. These transactions exceeded the company’s original $300–$500 million disposition target.

How did Veris Residential use proceeds from 2025 asset sales?

The company used approximately $490 million of non-strategic asset sale proceeds to repay debt, including the $69 million mortgage on The Emery. This helped reduce Net Debt-to-EBITDA (Normalized) to 9.0x and contributed to a lower borrowing spread on the revolving credit facility.

What is Veris Residential’s leverage and liquidity position at year-end 2025?

As of December 31, 2025, Veris Residential had Net Debt of $1.33 billion and TTM Adjusted EBITDA (Normalized) of $148.1 million, implying Net Debt-to-EBITDA (Normalized) of 9.0x. Liquidity totaled $280 million, and all debt was hedged or fixed with a 4.88% weighted average interest rate.

What dividend did Veris Residential (VRE) pay related to 2025 results?

Veris Residential declared total dividends of $0.32 per common share for 2025, up from $0.2625 in 2024. It paid a quarterly dividend of $0.08 per share on January 9, 2026, to shareholders of record as of December 31, 2025.

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