Company Overview - Veris Residential 的入住率为 94.4%[8]，拥有 7,621 套公寓[8]。 - 截至 2024 年 11 月 8 日，混合净租金增长率为 4.5%[8]。 - 2024 年至今的 NOI 为 6.7%[11]。 - 83% 的房产获得了绿色认证[11]。 Financial Performance - 截至 2024 年 9 月 30 日，新泽西州海滨的运营多户型 NOI 为 1.7372 亿美元[12]，马萨诸塞州为 2603.2 万美元[12]，其他地区为 3071.2 万美元[12]，商业 NOI 为 352.4 万美元[12]。 - 非战略资产的估计土地价值为 1.87311 亿美元[13]，基于 4,139 个潜在单元[13]。 - 截至 2024 年 9 月 30 日，未偿还股份包括 9290.3 万股加权平均流通普通股[15]。 Market Overview - Tri-State 地区（纽约州、新泽西州、康涅狄格州）现有 A 级总库存为 30.3 万套[48]，在建 A 级项目为 50,575 套（占 16.7%）[48]，A 级平均租金为 4,260 美元[48]。 - Jersey City 海滨现有 A 级总库存为 19,500 套[48]，在建 A 级项目为 2,743 套（占 14.1%）[48]，A 级平均租金为 4,251 美元[48]。 - 波士顿都会区现有 A 级总库存为 11.6 万套[48]，在建 A 级项目为 10,174 套（占 8.7%）[51]，A 级平均租金为 3,290 美元[51]。 Portfolio Optimization - Veris Residential 的 ORA® 评分为 85.00（截至 2024 年 10 月 31 日）[36]。 - Liberty Towers 正在进行大规模翻新，投资额约为 3000 万美元[79]，预计 5 年 IRR 为 18%[80]，核心 FFO 增厚 0.06 美元/股[81]。 - myVeris 应用程序的居民采用率超过 90%[86]。

Industry Overview - The Zacks REIT and Equity Trust - Residential industry includes companies that own, develop, and manage various residential properties, generating revenues by renting spaces to tenants [3] - The demand for student housing is closely tied to enrollment growth at educational institutions, making it a key driver for this market segment [3] Current Market Dynamics - Strong rental demand is supported by a resilient labor market, demographic trends driving household formation, and rising homeownership costs making renting more attractive [1][4] - Residential REITs are leveraging technology to enhance tenant experience and improve operational efficiency [5] - Economic uncertainty and regional oversupply of apartments are creating challenges, potentially dampening consumer confidence and affecting renter affordability [2][6][7] Performance Metrics - The REIT and Equity Trust - Residential industry has underperformed the broader Zacks Finance sector and the S&P 500 over the past year, returning 0.5% compared to the S&P 500's increase of 9.6% [11] - The industry is currently trading at a forward 12-month price-to-FFO ratio of 16.46, above the Finance sector's forward P/E of 16.11 but below the S&P 500's forward P/E of 21.89 [14] Future Outlook - The industry is positioned in the top 38% of around 250 Zacks industries, indicating robust near-term prospects [8][9] - Analysts are gaining confidence in the growth potential of the industry, as reflected in upward revisions of funds from operations (FFO) per share estimates [10] Investment Opportunities - Veris Residential focuses on Class A multifamily properties in high-demand Northeast markets, with upward revisions in FFO per share estimates suggesting growth potential [19][21] - Elme Communities targets value-oriented multifamily assets in supply-constrained markets, with a projected net operating income upside in 2025 [23][24][25] - NexPoint Residential Trust offers exposure to middle-income multifamily assets in high-growth Sunbelt markets, with upward revisions in FFO per share estimates indicating strong performance [26][27][28]

Core Viewpoint - Veris Residential (VRE) shares have shown a slight increase of 0.2% over the past four weeks, closing at $15.33, with a potential upside of 25.9% based on Wall Street analysts' mean price target of $19.30 [1][11]. Price Targets and Analyst Estimates - The mean estimate for VRE comprises five short-term price targets with a standard deviation of $4.02, indicating variability among analysts; the lowest estimate suggests a 4.4% increase to $16, while the highest predicts a surge of 69.6% to $26 [2][9]. - Analysts have recently shown increasing optimism regarding VRE's earnings prospects, as evidenced by a strong consensus in revising EPS estimates higher, which correlates with potential stock price movements [4][11]. - The Zacks Consensus Estimate for the current year has risen by 2.5% over the past month, with two estimates increasing and no negative revisions [12]. Analyst Behavior and Price Target Reliability - There is skepticism regarding the reliability of analysts' price targets, as empirical research indicates that these targets often mislead investors rather than provide accurate guidance [7][10]. - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations for stocks they cover [8]. - A low standard deviation in price targets suggests a high degree of agreement among analysts about the stock's price direction, serving as a starting point for further research [9]. Investment Ranking - VRE currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating a strong potential upside in the near term [13].

Core Viewpoint - Veris Residential, Inc. has declared a cash dividend of $0.08 per share for the second quarter of 2025, payable on July 10, 2025, to shareholders of record as of June 30, 2025 [1]. Group 1: Dividend Announcement - The cash dividend for the second quarter of 2025 is set at $0.08 per share [1]. - The payment date for the dividend is July 10, 2025 [1]. - Shareholders must be on record by June 30, 2025, to receive the dividend [1]. Group 2: Future Dividend Considerations - Future dividends will be subject to Board approval and will consider various factors such as AFFO, cash flows from operations, taxable income estimates, and capital requirements [2]. Group 3: Company Overview - Veris Residential, Inc. is a multifamily REIT focused on Class A properties in the Northeast [3]. - The company operates a technology-enabled, vertically integrated platform aimed at enhancing the living experience for residents [3]. - The management team and Board of Directors emphasize strong corporate governance and a meritocratic culture [3].

Financial Data and Key Metrics Changes - For Q1 2025, the net loss available to common shareholders was $0.12 per fully diluted share, compared to a net loss of $0.04 for the prior year [21] - Core FFO per share was $0.16, three cents higher than expected due to early recognition of the Urby tax credit [21] - Same-store NOI growth was 3.2%, with rental revenue up 2.4%, driven by increased occupancy [23] - Core G&A was $9.9 million, in line with the last quarter, with seasonal increases expected to not recur next quarter [25] Business Line Data and Key Metrics Changes - The portfolio recorded a blended net rental growth rate of 2.4%, with renewals at 3.7% and new leases at 0.6% [15] - The Jersey City assets outperformed, benefiting from proximity to New York City, with a projected population growth of 8% to 15% over the next seven years [8] - The company closed $45 million in non-strategic asset sales and entered contracts for an additional $34 million [5] Market Data and Key Metrics Changes - The Northeast multifamily markets showed strong fundamentals, with robust demand and constrained supply [7] - Jersey City experienced a 4.2% new lease rental growth rate, compared to 3.6% in the broader market [9] - There are currently 10,000 units under construction in Jersey City, with limited supply expected to drive rental growth [9] Company Strategy and Development Direction - The company aims to sell $300 to $500 million of non-strategic assets over the next 12 to 24 months [5] - The strategic focus includes recycling capital from asset sales into debt repayment and share repurchases [49] - The company is maintaining guidance due to market volatility and economic uncertainty, despite positive operational performance [28] Management's Comments on Operating Environment and Future Outlook - Management noted that while the multifamily markets have started positively in 2025, there are risks from tariffs and economic uncertainty [7] - The company remains confident in its ability to navigate market challenges and achieve strategic goals [44] - Management emphasized that operational performance remains strong, but guidance is held due to potential economic impacts [54] Other Important Information - The company completed the consolidation of its partner's 15% stake in the Jersey City Urby for $38 million, which is expected to be accretive to earnings [6] - The new resident mobile app has been adopted by over 65% of units, enhancing resident engagement and operational efficiency [18] Q&A Session Summary Question: Can you provide the progression of blended spreads from January to April? - Management indicated that new leases traded positively in February, with blended spreads exceeding 4% in March and 4.8% through April 21st [35] Question: What is the demand trend from Manhattan? - Management noted that 20% to 25% of move-ins come from Manhattan, driven by rent differentials and quality offerings [38] Question: How challenging is it to achieve the $300 to $500 million asset sales target? - Management expressed confidence in navigating market conditions, citing a proven track record despite volatility [44] Question: What is the strategic focus for the company's next chapter? - The focus is on selling non-strategic assets and recycling capital for debt repayment and share repurchases [49] Question: Are there any operational impacts from layoffs or roommate applications? - Management reported no current operational impacts but acknowledged economic uncertainty [52] Question: Can you discuss the Urby acquisition process? - Management explained that acquiring the partner's stake was deemed the best path due to accretion and operational flexibility [62] Question: What is the cap rate for the Urby acquisition? - The cap rate is 6.1%, driven by Q1 annualized NOI and synergies from the acquisition [64] Question: What is the occupancy outlook for Liberty Tower? - Management expects an improvement in occupancy as renovations progress [86] Question: What percentage of the portfolio is excluded from blended lease statistics? - Management clarified that only two immaterial assets are excluded from the blended lease statistics [88]

Financial Data and Key Metrics Changes - For Q1 2025, the net loss available to common shareholders was $0.12 per fully diluted share compared to a net loss of $0.04 in the prior year [14] - Core FFO per share was $0.16 for Q1 2025, which is $0.03 higher than expected due to early recognition of the IRBY tax credit, compared to $0.11 in Q4 2024 and $0.14 in Q1 2024 [14][15] - Same store NOI growth was 3.2%, with blended net rental growth of 2.4% [10][15] Business Line Data and Key Metrics Changes - The company closed $45 million in non-strategic asset sales and entered contracts for an additional $34 million in land sales [4] - The Jersey City assets outperformed, benefiting from proximity to New York City, with a 4.2% new lease rental growth rate in March [6][7] - Occupancy rates improved to 95.3% excluding Liberty Towers, which was undergoing renovations [10] Market Data and Key Metrics Changes - Jersey City is projected to see population growth of 8% to 15% over the next seven years, leading to a potential housing shortage of 27,000 to 36,000 units [7] - The Northeast market continues to show strong fundamentals, with robust demand and constrained supply [5][6] Company Strategy and Development Direction - The company aims to sell $300 million to $500 million of non-strategic assets over the next 12 to 24 months to improve leverage and reduce debt [4][17] - The strategic focus includes recycling capital from asset sales into debt repayment and share repurchases [33] Management Comments on Operating Environment and Future Outlook - Management noted that while the economic outlook is uncertain due to tariffs and inflation, most multifamily markets have started positively in 2025 [5][18] - The company is maintaining guidance due to market volatility, despite strong operational performance [19] Other Important Information - The company has implemented a new resident mobile app that has been adopted by over 65% of units, enhancing resident engagement and operational efficiency [12] - The balance sheet remains a focus, with a goal to reduce net debt to EBITDA below nine times by the end of 2026 [17] Q&A Session Summary Question: Can you provide progression on blended spreads for January, February, and March? - Management confirmed that blended spreads were around 2.5% in February, exceeding 4% in March, and 4.8% through April 21 [21][22] Question: What is the demand trend from Manhattan? - Approximately 20% to 25% of move-ins come from Manhattan, driven by rent differentials and the quality of offerings [25][26] Question: How challenging is it to achieve the $300 to $500 million asset sales target? - Management expressed confidence in navigating challenging market conditions and remains on track to meet stated objectives [28][29] Question: What is the strategic focus for the company's next chapter? - The focus is on selling non-strategic assets and recycling capital for debt repayment and share repurchases [33] Question: Are there any concerns regarding layoffs or bad debt in the portfolio? - Management indicated no current operational impacts but acknowledged economic uncertainty [34][35] Question: Can you discuss the process behind the Urby acquisition? - The decision to acquire was based on the valuation and the benefits of simplifying operations and enhancing flexibility [40][41] Question: What is the expected occupancy trend for Liberty Towers? - Management expects occupancy to improve from current levels as renovations are completed [59][61] Question: What percentage of the portfolio is excluded from blended lease statistics? - The excluded properties are immaterial to the overall portfolio, primarily two assets not managed by the company [62]

Core Insights - Veris Residential (VRE) reported revenue of $67.76 million for Q1 2025, a year-over-year increase of 0.6% [1] - The EPS for the same period was $0.16, compared to -$0.06 a year ago, indicating a significant improvement [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $68.51 million, resulting in a surprise of -1.09% [1] - The company delivered an EPS surprise of +23.08%, with the consensus EPS estimate being $0.13 [1] Financial Performance Metrics - Other income was reported at $1.32 million, which is -34.8% year-over-year and below the average estimate of $1.55 million [4] - Management fees were reported at $0.72 million, representing a year-over-year decline of -22.1% and below the average estimate of $0.88 million [4] - Net Earnings Per Share (Diluted) was -$0.12, slightly worse than the estimated -$0.11 [4] Stock Performance - Over the past month, shares of Veris have returned -2.9%, while the Zacks S&P 500 composite experienced a -6.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

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].

Financial Performance - For Q1 2025, Veris Residential reported a net loss per diluted share of $(0.12), compared to $(0.04) in Q1 2024[6]. - Core FFO per diluted share increased to $0.16 from $0.14 year-over-year, while Core AFFO per diluted share decreased slightly to $0.17 from $0.18[6]. - Total revenues for Q1 2025 increased to $67,756 thousand, up from $67,340 thousand in Q1 2024, representing a growth of 0.6%[33]. - Net loss available to common shareholders for Q1 2025 was $(10,699) thousand, compared to $(3,903) thousand in Q1 2024, indicating a deterioration of 173.1%[35]. - Core Funds from Operations (Core FFO) rose to $15,840 thousand in Q1 2025, compared to $14,179 thousand in Q1 2024, reflecting an increase of 11.7%[37]. - Adjusted EBITDA for Q1 2025 was $36,675 thousand, up from $33,177 thousand in Q1 2024, marking an increase of 10.5%[37]. - Total expenses for Q1 2025 were $62,226 thousand, compared to $60,981 thousand in Q1 2024, an increase of 2.0%[33]. - Interest expense increased to $(22,960) thousand in Q1 2025 from $(21,500) thousand in Q1 2024, a rise of 6.8%[33]. - Basic earnings per common share for Q1 2025 was $(0.12), compared to $(0.04) in Q1 2024, reflecting a decline of 200%[35]. - The Company reported a net loss of $13,730,000 for Q1 2025, compared to a net loss of $14,023,000 in Q4 2024[69]. Operational Metrics - Same Store NOI growth was 3.2% year-over-year, with total property revenue increasing by 2.4% to $75.761 million[10]. - Same Store occupancy improved to 94.0% from 93.9% quarter-over-quarter[9]. - The New Jersey Waterfront portfolio achieved an average occupancy rate of 93.4% in Q1 2025, a slight decrease of 0.3% from Q4 2024[53]. - Massachusetts properties reported an occupancy rate of 95.0% in Q1 2025, up 1.2% from 93.9% in Q4 2024[53]. - The total NOI for the operating portfolio was $56,900 in Q1 2025, showing a marginal increase of 0.1% compared to $56,955 in Q4 2024[53]. - Year-over-year, the NOI for New Jersey Waterfront increased by 2.7% from $36,698 in Q1 2024 to $37,673 in Q1 2025[54]. - The total number of apartments in the operating portfolio was 7,621, with an average revenue per home of $4,019 in Q1 2025[55]. - The total multifamily properties occupied rate was 94.6% as of March 31, 2025, with a total of 2,087 units[75]. - The average occupancy rate for the multifamily properties was 94.6%, with the highest occupancy at Riverpark at Harrison at 97.6%[75]. Asset Management - The Company sold $45 million of non-strategic assets year-to-date, with an additional $34 million under binding contract[10]. - The acquisition of the remaining 15% interest in the Jersey City Urby joint venture for $38.5 million is expected to generate over $1 million in annualized synergies[16][18]. - The estimated value of land under binding contract is $34,250 thousand, with an additional estimated value of remaining land at $115,194 thousand[41]. - The company has 2,174 developable land parcel units remaining, after accounting for 544 units under binding contract[50]. - The Company completed land dispositions totaling $44,800,000 in 2025 to date[67]. - The Company acquired the Sable property in Jersey City for $38,500,000, adding 762 units to its portfolio[67]. - The company completed the purchase of its joint venture partner's interest in the Jersey City property, now named "Sable," subsequent to the quarter-end[80]. Financial Guidance and Liquidity - The Company maintains its 2025 guidance for Same Store Revenue Growth between 2.1% and 2.7%[22]. - A dividend of $0.08 per share was paid on April 10, 2025, for shareholders of record as of March 31, 2025[20]. - As of April 21, 2025, the Company had liquidity of approximately $146 million, including funds available on the revolver and cash on hand[12]. - The weighted average effective interest rate on the Company's debt is 4.96%, with a weighted average maturity of 2.8 years[12]. - Total Debt as of March 31, 2025, was $1,667,208,000, a slight decrease from $1,672,313,000 at the end of 2024[59]. - The Company’s Secured Permanent Loans Outstanding totaled $1,331,673,000 as of March 31, 2025[59]. - The secured revolving credit facility balance as of March 31, 2025, was $148 million, with an effective rate of 6.23%[77]. - The Company’s total debt as of March 31, 2025, included a secured term loan of $200 million, also at an effective rate of 6.23%[77]. Company Overview - The company is listed on the New York Stock Exchange under the trading symbol VRE[92]. - The corporate headquarters is located in Jersey City, New Jersey[92]. - The executive team includes Mahbod Nia as CEO and Amanda Lombard as CFO, among others[93]. - The company engages with several equity research firms, including Bank of America Merrill Lynch and Citigroup[93]. Performance Metrics - FFO per share is a key performance measure for the company, defined as net income before noncontrolling interests, excluding gains or losses from property transactions and impairments[88]. - The company believes FFO per share facilitates comparison of operating performance between equity REITs, although it may not be comparable to other real estate companies' definitions[89]. - NOI is considered a meaningful non-GAAP financial measure for assessing unlevered performance and making investment decisions[90]. - Same Store NOI is reported for properties owned throughout both reporting periods, providing insights into consistent performance[90].

Core Viewpoint - Veris Residential, Inc. reported strong operational results in Q1 2025, despite market volatility, with a focus on asset sales and portfolio simplification to unlock value [3][4]. Financial Performance - Net income (loss) per diluted share was $(0.12) in Q1 2025, compared to $(0.04) in Q1 2024 [2]. - Core FFO per diluted share increased to $0.16 from $0.14 year-over-year [2]. - Core AFFO per diluted share decreased slightly to $0.17 from $0.18 [2]. - The dividend per diluted share was $0.08, up from $0.0525 [2]. Operational Highlights - The company achieved a Same Store occupancy rate of 94.0%, up from 93.9% [4]. - Same Store blended rental growth rate for the quarter was 2.4%, compared to 0.5% in the previous quarter, reflecting a 1.9% increase [4]. - Average rent per home decreased slightly to $4,019 from $4,033 [4]. Asset Management - The company has closed or is under contract for $79 million in non-strategic asset sales in 2025 [3]. - Year-to-date, $45 million of non-strategic asset sales have been completed, with an additional $34 million under contract [7][8]. - The acquisition of the remaining interest in the Jersey City property, now named "Sable," was completed for $38.5 million, expected to generate over $1 million in annualized synergies [9][10]. Financial Position - The company maintains a weighted average effective interest rate of 4.96% on its debt, with a maturity of 2.8 years [5][6]. - As of April 21, 2025, liquidity stood at approximately $146 million [6]. - Net debt was reported at $1,643,411, with a TTM Net Debt to EBITDA ratio of 11.4x [6]. Guidance - The company maintains its 2025 guidance for Same Store revenue growth between 2.1% and 2.7%, and Same Store NOI growth between 1.7% and 2.7% [13].