Veris Residential (VRE) reported $67.76 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 0.6%. EPS of $0.16 for the same period compares to -$0.06 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $68.51 million, representing a surprise of -1.09%. The company delivered an EPS surprise of +23.08%, with the consensus EPS estimate being $0.13.While investors scrutinize revenue and earnings changes year-over-year and how they compare with W ...

Revenue and Income - Total revenues for the three months ended March 31, 2025, were $67,756,000, an increase of 0.6% compared to $67,340,000 for the same period in 2024[27]. - Revenue from leases increased to $61,965,000, up 2.2% from $60,642,000 year-over-year[27]. - Net income (loss) for the three months ended March 31, 2025, was $(13,730,000), compared to $(4,469,000) for the same period in 2024, reflecting a significant decline[28]. - Basic earnings per common share for continuing operations was $(0.12) for Q1 2025, compared to $(0.06) for Q1 2024[27]. - Comprehensive loss attributable to common shareholders for the three months ended March 31, 2025, was $(11,487,000), compared to $(2,905,000) for the same period in 2024[28]. - For the three months ended March 31, 2025, Veris Residential reported a net loss of $13.73 million, compared to a net loss of $4.47 million for the same period in 2024, indicating a significant decline in performance[32]. - Net income (loss) for Q1 2025 was $(13,730), compared to $(4,469) in Q1 2024, reflecting a significant decline[37]. - Basic earnings per common unit for continuing operations was $(0.12) in Q1 2025, compared to $(0.06) in Q1 2024[36]. - Comprehensive loss for Q1 2025 was $(14,834), compared to $(3,377) in Q1 2024[37]. - For the three months ended March 31, 2025, the net loss was $13,730,000, compared to a net loss of $4,469,000 for the same period in 2024, representing an increase in loss of approximately 207%[39]. - The net income available to common shareholders was $(10.7) million, compared to $(3.9) million for the same period in 2024, reflecting a decrease of 174%[159]. Assets and Liabilities - Total assets decreased to $2,951,573,000 as of March 31, 2025, down from $2,982,727,000 at the end of 2024[26]. - Total liabilities decreased slightly to $1,733,102,000 from $1,740,364,000 at the end of 2024[26]. - Total equity as of March 31, 2025, was $1.21 billion, down from $1.27 billion at the same time in 2024[30]. - Total assets decreased from $1.41 billion as of December 31, 2024, to $1.35 billion as of March 31, 2025[32]. - Total liabilities decreased slightly to $1,733,102 as of March 31, 2025, from $1,740,364 at the end of 2024[35]. - Total equity decreased to $1,209,177 as of March 31, 2025, down from $1,233,069 at the end of 2024[35]. Cash Flow and Investments - Cash and cash equivalents increased to $7,596,000 from $7,251,000 at the end of 2024[26]. - The company experienced a decrease in cash and cash equivalents, ending the period with $22.11 million, down from $138.35 million a year earlier[32][33]. - Operating cash flows from continuing operations were $13.03 million for Q1 2025, a decrease from $15.31 million in Q1 2024[32]. - Veris Residential's cash flows from investing activities for Q1 2025 were $3.44 million, a significant decrease from $93.77 million in Q1 2024[32]. - The company reported cash flows from investing activities of $3,442,000 for the three months ended March 31, 2025, a significant decrease of 96.3% compared to $93,773,000 in the same period of 2024[39]. - The company reported funds from operations (FFO) of $11.8 million for Q1 2025, compared to $10.4 million for Q1 2024[217]. Expenses - The company incurred $21,253,000 in depreciation and amortization expenses for the three months ended March 31, 2025, compared to $20,117,000 for the same period in 2024[27]. - The company reported depreciation and amortization expenses of $21.25 million for Q1 2025, compared to $20.11 million in Q1 2024[32]. - Interest expense increased to $(22,960) in Q1 2025, compared to $(21,500) in Q1 2024[36]. - Utilities expenses increased by $0.5 million, or 23.6%, due to higher electric and gas consumption and rates[183]. - General and administrative expenses decreased by $1.0 million, or 9.2%, primarily due to the satisfaction of stay-on award conditions in 2024[184]. - Non-property expenses increased by $2.251 million, or 6.1%, totaling $39.214 million[181]. Real Estate and Joint Ventures - As of March 31, 2025, the company owned or had interests in 22 multifamily rental properties, including 19 wholly-owned properties and 6 properties owned by unconsolidated joint ventures[44]. - The company had total real estate assets in consolidated joint ventures of $438.2 million as of March 31, 2025, a slight decrease from $442.4 million as of December 31, 2024[47]. - The Company’s equity in earnings of unconsolidated joint ventures for Q1 2025 was $3.842 million, compared to $254,000 in Q1 2024[74]. - Equity in earnings of unconsolidated joint ventures increased by $3.6 million, or 1412.6%, due to the recognition of a tax credit and improved operating performance[187]. Debt and Financing - The outstanding principal balance of the 2024 Term Loan was $200 million, and the 2024 Revolving Credit Facility was $148 million[96]. - The effective interest rate applicable to the 2024 Credit Facility as of March 31, 2025, was 6.23%[96]. - Total mortgages, loans payable, and other obligations amounted to approximately $1.322 billion as of March 31, 2025[100]. - The Company was in compliance with its debt covenants under the 2024 Credit Agreement as of March 31, 2025[97]. - The fair value of the Company's long-term debt is approximately $1.6 billion, compared to a book value of approximately $1.7 billion as of March 31, 2025[109]. Strategic Initiatives and Risks - The Company has discontinued operations related to its former New Jersey office and hotel portfolio, representing a strategic shift in operations[65]. - The company is exposed to market risk primarily from changes in market interest rates, which is monitored as part of its overall risk management strategy[220]. - The company faces risks related to the general economic climate that may negatively affect its business fundamentals and the financial condition of its residents and tenants[221]. - The company’s ability to attract, hire, and retain qualified personnel is a critical factor for its operational success[221]. - The company must navigate changes in operating costs, which could impact its financial performance[221]. - The company’s creditworthiness and the availability of financing on attractive terms are essential for pursuing acquisition and development opportunities[221]. - The company is at risk of not completing construction and development activities on time and within budget due to regulatory permits and material costs[221]. - The company’s real estate asset values may limit its ability to dispose of assets at favorable prices or secure debt financing[221]. - The company is subject to risks associated with governmental regulations, including changes in tax rates and housing laws[221].

Table Of Contents | Page(s) | | | --- | --- | | 3 | Earnings Release | | | Key Financial Data | | 7 | Consolidated Balance Sheet | | 8 | Consolidated Statement of Operations | | 9 | FFO, Core FFO and Core AFFO | | 10 | Adjusted EBITDA | | 11 | Components of Net Asset Value | | | Operating Portfolio | | 12 | Multifamily Operating Portfolio | | 13 | Commercial Assets and Developable Land | | 14 | Same Store Market Information | | 15 | Same Store Performance | | Debt | | | 16 | Debt Profile | | 17 | Debt Summa ...

JERSEY CITY, N.J., April 23, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the first quarter 2025. Three Months Ended March 31, 2025 2024 Net Income (loss) per Diluted Share $(0.12) $(0.04) Core FFO per Diluted Share $0.16 $0.14 Core AFFO per Diluted Share $0.17 $0.18 Dividend per Diluted Share $0.08 $0.0525 FIRST QUARTER UPDATE Year-over-year Same Store mul ...

JERSEY CITY, N.J., April 4, 2025 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential" or the "Company") (NYSE: VRE), a forward-thinking, Northeast-focused, Class A multifamily REIT, today announced that it will host its first quarter 2025 financial results webcast and conference call on Thursday, April 24, 2025, at 8:30 a.m., eastern. The Company will release its results after the close of market on Wednesday, April 23, 2025. The webcast can be listened to via the Internet by accessing the Company's ...

Veris Residential, Inc. (NYSE:VRE) Q4 2024 Earnings Conference Call February 25, 2025 8:30 AM ET Company Participants Taryn Fielder - General Counsel and Secretary Mahbod Nia - Chief Executive Officer Amanda Lombard - Chief Financial Officer Anna Malhari - Chief Operating Officer Conference Call Participants Steve Sakwa - Evercore ISI Tom Catherwood - BTIG Nick Kerr - Citi Jana Galan - Bank of America David Segall - Green Street Operator Ladies and gentlemen, good morning. And welcome to the Veris Residenti ...

Veris Residential (VRE) came out with quarterly funds from operations (FFO) of $0.11 per share, missing the Zacks Consensus Estimate of $0.12 per share. This compares to FFO of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -8.33%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.12 per share when it actually produced FFO of $0.17, delivering a surprise of 41.67%.Over the last four q ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 As of June 30, 2024, the aggregate market value of the voting stock held by non-affiliates of Veris Residential, Inc. was $1,212,706,217. The aggregate market value was computed with referen ...

Table Of Contents | Page(s) | | | --- | --- | | 3 | Earnings Release | | | Key Financial Data | | 7 | Consolidated Balance Sheet | | 8 | Consolidated Statement of Operations | | 9 | FFO, Core FFO and Core AFFO | | 10 | Adjusted EBITDA | | 11 | Components of Net Asset Value | | | Operating Portfolio | | 12 | Multifamily Operating Portfolio | | 13 | Commercial Assets and Developable Land | | 14 | Same Store Market Information | | 15 | Same Store Performance | | Debt | | | 16 | Debt Profile | | 17 | Debt Summa ...

JERSEY CITY, N.J., Feb. 24, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the fourth quarter and full year 2024. Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net Income (loss) per Diluted Share $(0.13) $(0.06) $(0.25) $(1.22) Core FFO per Diluted Share $0.11 $0.12 $0.60 $0.53 Core AFFO per Diluted Share $0.13 $0.14 $0. ...