VRE

• Delighted to report exceptionally strong operational performance with blended net rental growth and core FFO. - Made progress on monetizing non-strategic assets, sold or rented contracts of $542 million, exceeding initial target and raising to $650 million. - Harborside 8 and 9 expected to close early next year, proceeds to generate 4 cents of run rate earnings. - Northeast, especially New York City, performing well with rental growth. - Jersey City waterfront resilient with low vacancy and rental growth. - GREST score improved to 90, maintaining five-star rating. - Technology investment through PRISM to elevate customer experience and operational efficiency, recognized as SYNC Advisor Luminaires Award finalist. - Controllable expenses growth year-to-date at 1.9%.

• Raised core FFO guidance to 67 to 68 cents per share annually, up from previous 63 to 64 cents, reflecting tax appeal benefits. - Affirming same-store NOI guidance of 2% to 2.8%, based on solid performance year-to-date and visibility into rental revenues. - Deleveraging strategy expected to continue, aiming for net debt to EBITDA below 8 times by end of 2026.

Blended net rental growth of 3.9%, core FFO per share of 20 cents. Same-store blended net rental growth rate was 3.9% for the quarter, with 3.6% growth in new leases and 4.3% in renewals. For the first nine months, same-store blended net rental growth rate was 3.5%. Average revenue per home increased to $4,255. Occupancy excluding Liberty Towers was 95.8% as of September 30th, overall occupancy including Liberty Towers was 94.7%. Jersey City waterfront portfolio had new lease net blended rental growth of 6% in the quarter. Same-store NOI growth was 1.6% year-to-date and off 2.7% for the quarter. Same-store revenue increased by 2.2% both for the quarter and year to date. Year-to-date controllable expenses growth was 1.9%. Net debt to EBITDA on adjusted basis decreased to 10 times.

• Broader multifamily market faces headwinds from softening labor markets, declining consumer sentiment, and stricter immigration policies. - Transaction markets remain challenging, especially for larger sales with core capital on sidelines. - Impact of factors outside control on closing of Harborside 8 and 9.

Q: Following up on same store guidance ranges, timing relating items impacting 4Q.

A: Q3 same store NOI growth anomaly due to non-controllable expense reset, no major one-time items in 4Q, Q1 and Q2 low expense growth, 4Q limited revenue exposure.

Q: Visibility into rental revenue into year end, rental rate increases.

A: Limited exposure in 4Q, strong visibility into renewals, about half a percent of NOI outstanding to renew, renewal rates around 4% to 5%.

Q: Leverage target of eight times through year end 26, path forward.

A: Focus on executing extended plan, continuing operational performance, evaluating wide range of options.

Q: Buyer pool for assets, how was it.

A: Broader buyer pool for smaller assets, larger assets buyer pool thins, front end of curve rates coming in creating more interest.

Q: High end of disposition guidance at $650 million, what assets.

A: Reflective of market, board and team focused on value creation, market conditions improving.

Q: Stock repurchases framework.

A: Prioritizing deleveraging, balance capital recycling through asset sales.

Q: Disposition prices, original pool vs sold.

A: Prices pretty much where expected, sold at around five one cap rate, some assets added due to market improvement.

Q: Renewed interest from core plus capital.

A: Rates coming in, core plus capital becoming more active, earlier focus on credit strategies, now looking at core plus opportunities