#United States #Jersey City #Sustainability Report #Veris Residential #multifamily REIT

Veris Residential Unveils 2024 Sustainability Report

Veris Residential, Inc. (NYSE: VRE), a prominent Class A multifamily real estate investment trust (REIT) based in the Northeast, has recently published its 2024 Sustainability Report. This report illustrates how focused investments in sustainability are providing measurable advantages and enhancing the Company’s competitive stance in the multifamily housing market.

Having divested its office portfolio, this report predominantly reflects the performance of its multifamily assets, showcasing a strategic pivot towards environmentally conscious operations. The Company’s CEO, Mahbod Nia, emphasized the significant returns from sustainability initiatives, highlighting that they have successfully met their 2030 carbon reduction goals eight years ahead of schedule, achieving a remarkable 58% decrease in Scope 1 and 2 emissions from 2019 levels while reducing energy consumption by 13%. Such achievements not only bolster the Company’s market value but also contribute to the financial benefits for shareholders.

Key Highlights from the Sustainability Report

• - GRESB Leadership: Veris Residential has been recognized as a leader in the 2024 Global Real Estate Sustainability Benchmark (GRESB), sustaining a prestigious 5-Star Rating for the third consecutive year. This accolade includes the highest multifamily residential score in the United States and ranks third globally.
• - Diversity and Innovation Awards: The Company received the Nareit’s Mid Cap Diversity Impact Award, along with other honors from the International WELL Building Institute, such as the Equity Leadership Award and the WELL Concept Leadership Award for Innovation.
• - Green Certification Accolades: A remarkable 79% of Veris Residential’s managed multifamily portfolio has achieved Green Certifications (LEED or equivalent), further solidifying its commitment to sustainability.
• - Sustainability-Linked Financing: Veris has secured a new $500 million revolving credit facility and term loan package with sustainability Key Performance Indicator (KPI) provisions, resulting in a 5-basis-point margin reduction for successfully meeting targets.
• - Solar Energy Investments: The Company has initiated an approximately $825,000 solar power project at Portside II, with expectations of generating mid-teen internal rates of return and a six-year payback period following its early 2026 installation.
• - Workplace Recognition: Veris maintained its Great Place to Work® certification with an impressive score of 93 out of 100, indicating an excellent work environment for its employees.

Looking Ahead: The Future of Sustainable Real Estate

As Veris Residential charts its path forward, the Company’s VP of Sustainability and ESG, Karen Cusmano, expressed optimism regarding the pipeline of sustainability projects that are systematically evaluated to ensure they further both sustainability goals and financial targets. By setting a precedent that sustainable practices can yield superior financial returns, Veris Residential is poised to define the future of multifamily real estate.

The complete 2024 Sustainability Report by Veris Residential is available on their website, providing further insights into their eco-friendly strategies and success stories in enhancing the living experience while benefiting the environment.

Veris Residential, Inc. focuses on acquiring, operating, and developing prime Class A multifamily properties in the Northeast, utilizing a technology-driven and vertically integrated approach to create living environments that resonate with modern residents. For further information on their available properties for lease, visit Veris Residential's website.