Veris Residential, Inc. (VRE)

Industry: REIT - Residential Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
INA.AX	14	Ingenia Communitie	661	15.84	10.89	10.69	6.55	14.19	7.80
IRT	15	Independence Realt	652	176.16	180.67	10.92	8.50	31.57	17.27
3269.T	16	Advance Residence	507	14.01	13.23	13.48	12.86	16.44	18.19
BEI-UN.TO	17	Boardwalk Real Est	456	10.83	10.83	14.74	12.15	17.66	13.62
8986.T	18	Daiwa Securities L	439	9.96	8.28	10.99	9.41	14.44	12.85
SNR	19	New Senior Investm	324	-	-	23.28	26.70	-	582.91
3282.T	20	Comforia Residenti	296	12.19	9.77	13.83	11.13	17.51	14.73
VRE	21	Veris Residential,	285	22.55	22.55	5.89	5.03	24.74	30.73
KMP-UN.TO	22	Killam Apartment R	277	4.39	3.68	19.13	17.41	16.71	17.43
CSR-PC	23	Centerspace	273	-	-	13.31	12.57	4.89	12.57
UMH	24	UMH Properties, In	257	52.45	52.45	11.86	9.72	27.51	27.71
MRG-UN.TO	25	Morguard North Ame	256	6.80	7.44	13.68	11.92	10.32	9.88
NXRT	26	NexPoint Residenti	251	-	-	4.03	3.86	27.21	27.83
BRG	27	Bluerock Residenti	234	-	-	10.89	9.49	24.47	35.00
IRES.IR	28	Irish Residential	201	-	-	10.17	7.57	10.00	7.64
AIV	29	Apartment Investme	194	4.52	4.06	24.96	36.84	-	275.04

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.83	9.77	11.86	9.72	16.44	14.73
Full Range Median Multiple	11.51	10.30	13.31	11.13	16.71	17.27
Industry Multiple	30.71	30.13	13.73	13.11	17.92	72.03
Market Implied Multiple	22.12	22.12	5.77	4.93	24.26	30.14
Company (VRE) Multiple	22.55	22.55	5.89	5.03	24.74	30.73
(*) Net Income / EBITDA / Revenue	63	63	240	281	57	46
Winsorized Enterprise Value	N/A	N/A	2,846	2,730	938	677
Full Range Median Enterprise Value	N/A	N/A	3,193	3,126	954	793
(-) Net Debt	-9	-9	-9	-9	-9	-9
Winsorized Equity Value	682	615	2,855	2,738	947	686
Full Range Median Equity Value	725	649	3,202	3,135	963	802
(/) Shares Outstanding	93	93	93	93	93	93
Winsorized Fair Value	$7.30	$6.58	$30.54	$29.30	$10.13	$7.33
Full Range Median Fair Value	$7.75	$6.94	$34.25	$33.54	$10.30	$8.58
Current Price	$14.91	$14.91	$14.91	$14.91	$14.91	$14.91
Upside / Downside	-51.07%	-55.84%	104.83%	96.48%	-32.04%	-50.81%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.11	$4.61	$21.38	$20.51	$7.09	$5.13
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy