The first thing I did was to change the WiFi DNS settings to Google at 188.8.131.52. This improved speeds a little bit but the connections kept dropping.
I took me a while to figure it out but I realized each iPad had the same name. By simply changing the name of each iPad the reception problems improved drastically.
Verizon Fios apparently views devices with the same name on the network as the same device and thus each of the iPads were competing for the same IP address from the router.