DDM Analysis: VRE

Valuation Snapshot

Stable Growth	$5.78 - $8.92	$7.24
Multi-Stage	$15.28 - $16.85	$16.05
Blended Fair Value	$11.64
Current Price	$15.20
Upside	-23.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.61	0.81	0.81	0.78	0.60	0.60
YoY Growth	-	-	0.00%	-100.00%	-87.16%	-99.22%	-24.98%	0.15%	3.52%	29.62%	0.09%	-33.22%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.03%	3.92%	5.31%	3.66%	4.66%	2.23%	2.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.00
(-) Cash Dividends Paid (M)	16.55
(=) Cash Retained (M)	46.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.60	7.87	4.72
Cash Retained (M)	46.44	46.44	46.44
(-) Cash Required (M)	-12.60	-7.87	-4.72
(=) Excess Retained (M)	33.84	38.57	41.72
(/) Shares Outstanding (M)	99.84	99.84	99.84
(=) Excess Retained per Share	0.34	0.39	0.42
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.34	0.39	0.42
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	5.88%	5.88%	5.88%
Growth Rate	-2.63%	-1.63%	-0.63%
Fair Value	$5.78	$7.24	$8.92
Upside / Downside	-61.98%	-52.39%	-41.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.00	61.97	60.96	59.97	59.00	58.04	59.78
Payout Ratio	26.28%	39.02%	51.77%	64.51%	77.26%	90.00%	92.50%
Projected Dividends (M)	16.55	24.18	31.56	38.69	45.58	52.24	55.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.88%	5.88%	5.88%
Growth Rate	-2.63%	-1.63%	-0.63%
Year 1 PV (M)	22.61	22.84	23.07
Year 2 PV (M)	27.58	28.15	28.73
Year 3 PV (M)	31.61	32.60	33.60
Year 4 PV (M)	34.82	36.27	37.77
Year 5 PV (M)	37.30	39.26	41.29
PV of Terminal Value (M)	1,371.41	1,443.29	1,518.15
Equity Value (M)	1,525.33	1,602.40	1,682.61
Shares Outstanding (M)	99.84	99.84	99.84
Fair Value	$15.28	$16.05	$16.85
Upside / Downside	0.51%	5.59%	10.87%

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Veris Residential, Inc. (VRE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener