DDM Analysis: VRE

Valuation Snapshot

Stable Growth	$5.22 - $7.83	$6.46
Multi-Stage	$11.52 - $12.70	$12.10
Blended Fair Value	$9.28
Current Price	$15.20
Upside	-38.96%
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	6.78%	6.78%	6.78%
Growth Rate	-2.63%	-1.63%	-0.63%
Fair Value	$5.22	$6.46	$7.83
Upside / Downside	-65.63%	-57.50%	-48.49%

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	6.78%	6.78%	6.78%
Growth Rate	-2.63%	-1.63%	-0.63%
Year 1 PV (M)	22.42	22.65	22.88
Year 2 PV (M)	27.12	27.68	28.24
Year 3 PV (M)	30.82	31.78	32.75
Year 4 PV (M)	33.65	35.06	36.50
Year 5 PV (M)	35.75	37.62	39.58
PV of Terminal Value (M)	1,000.62	1,053.07	1,107.69
Equity Value (M)	1,150.38	1,207.85	1,267.65
Shares Outstanding (M)	99.84	99.84	99.84
Fair Value	$11.52	$12.10	$12.70
Upside / Downside	-24.20%	-20.41%	-16.47%

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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