Release ngs a and Supplemental Q3 2024 = Bloombe MEFT WELT fil E 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 Summary and Maturity Schedule Reconciliations an ...

Raises Full-Year 2024 Guidance | --- | --- | --- | --- | --- | |-------------------------------------|---------|---------------------------------------|---------|--------------------------------------| | | 2024 | Three Months Ended September 30, 2023 | 2024 | Nine Months Ended September 30, 2023 | | Net Income (Loss) per Diluted Share | $(0.10) | $(0.60) | $(0.12) | $(1.16) | | Core FFO per Diluted Share | $0.17 | $0.12 | $0.49 | $0.42 | | Core AFFO per Diluted Share | $0.19 | $0.15 | $0.58 | $0.48 | | Divi ...

JERSEY CITY, N.J., Oct. 10, 2024 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential" or the "Company") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, today announces that it will host its third quarter 2024 financial results webcast and conference call on Thursday, October 31, 2024, at 8:30 a.m., eastern. The Company will release its results after the close of market on Wednesday, Octo ...

JERSEY CITY, N.J., Aug. 5, 2024 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) ("Veris Residential" or the "Company"), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, today announced that the Company's Board of Directors has declared a cash dividend on its common stock for the third quarter 2024 in the amount of $0.07 for the period ending September 30, 2024, representing an increase of 7% from the prio ...

I H u H H E H I 4 117 I I th H I I T H I F H t H L H 1 P I H Like any company, REITs evolve over time. Some of the oldest and most established REITs have changed the most, reshaping themselves as the times change. These changes can include new management teams, new mission statements, or new investment focuses. By and large, change is for the better, bringing forth new opportunities and growth. For example, we recently published an article celebrating my tenth year as a shareholder of Realty Income (O), the ...

Veris Residential, Inc. (NYSE:VRE) Q2 2024 Earnings Conference Call July 25, 2024 8:30 AM ET Company Participants Taryn Fielder - General Counsel & Secretary Mahbod Nia - Chief Executive Officer Amanda Lombard - Chief Financial Officer Conference Call Participants Steven Song - Bank of America Eric Wolfe - Citi Tom Catherwood - BTIG David Segall - Green Street Michael Lewis - Truist Securities Operator Greetings and welcome to the Veris Residential Inc. Second Quarter 2024 Earnings Conference Call. At this ...

Veris Residential (VRE) came out with quarterly funds from operations (FFO) of $0.18 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to FFO of $0.16 per share a year ago. These figures are adjusted for non-recurring items. Veris, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $67.48 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.38%. This compares to year-ago revenues of $68.73 million. The com ...

Table Of Contents JERSEY CITY, N.J., July 24, 2024 –– Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, environmentally and socially conscious multifamily REIT, today reported results for the second quarter 2024. | | Three Months Ended June 30, | | Six Months Ended June 30, | | | --- | --- | --- | --- | --- | | | 2024 | 2023 | 2024 | 2023 | | Net Income (Loss) per Diluted Share | $0.03 | $(0.30) | $(0.01) | $(0.56) | | Core FFO per Diluted Share | $0.18 | $0.16 | $0.32 | $0.30 | | Cor ...

Revenue Performance - Revenue from leases increased by $2.7 million, or 4.7%, to $60.9 million in Q2 2024 compared to Q2 2023, driven by higher market rental rates and reduced concessions[35] - Total revenues from rental operations rose by $3.0 million, or 4.8%, to $66.6 million in Q2 2024 compared to Q2 2023[32] - Revenue from leases increased by $7.3 million, or 6.4%, in 2024 compared to 2023, primarily due to higher market rental rates and reduced concessions[63] - The company's total non-property revenues increased by 35.5% to $871,000 for the three months ended June 30, 2024, compared to $643,000 in the prior year[131] Profitability - Operating profit surged by $9.4 million, or 157.7%, to $15.4 million in Q2 2024 compared to Q2 2023[39] - Operating profit for the three months ended June 30, 2024, was $9.0 million, an increase of 87.4% from $4.8 million in the same period of 2023[131] - Net loss decreased significantly by $44.6 million, or 96.3%, to $(1.7) million in Q2 2024 compared to $(46.4) million in Q2 2023[39] - Funds from operations (FFO) available to common stock and Operating Partnership unitholders for the three months ended June 30, 2024, was $25.7 million, a significant increase from a loss of $0.3 million in the same period of 2023[109] Expenses - Total property expenses increased by $4.6 million, or 10.7%, to $47.9 million in Q2 2024 compared to Q2 2023[39] - General and administrative expenses increased by $0.2 million, or 1.1%, due to new office lease expenses and satisfaction of stay-on award conditions[42] - Real estate services expense increased by $3.3 million, or 51.7%, due to the satisfaction of stay-on award conditions and reorganization of the multifamily management structure[65] - Real estate taxes rose by $2.8 million, or 17.8%, mainly due to prior period tax appeal refunds and increased PILOT taxes based on higher revenues in 2024[64] Depreciation and Amortization - Depreciation and amortization decreased by $1.5 million, or 6.9%, primarily due to lease intangibles acquired in 2022 being fully amortized prior to 2024[36] - Depreciation and amortization decreased by $3.2 million, or 7.3%, primarily due to lease intangibles acquired in 2022 being fully amortized prior to 2024[66] Interest Income and Debt - Interest income decreased by $2.4 million, primarily due to lower interest earned on higher cash balances from sales proceeds received in 2023[37] - Interest income decreased by $2.0 million, or 48.7%, related to interest earned on larger cash balances from sales proceeds received in 2023[67] - The company's total debt as of June 30, 2024, was $1.7 billion, with an estimated fair value of $1.6 billion[112] - As of June 30, 2024, the company has approximately $1.4 billion in long-term debt with a weighted average coupon of 4.35%[141] Discontinued Operations - Income from discontinued operations was $1.7 million in Q2 2024, compared to $0.6 million in Q2 2023, reflecting a 164.8% increase[39] - The company experienced a significant increase in income from discontinued operations, reporting $1.4 million for the three months ended June 30, 2024, compared to a loss of $1.2 million in the same period of 2023[131] Transaction Costs - Transaction related costs decreased by $2.4 million, or 73.2%, due to fewer transactions in Q2 2024 compared to Q2 2023[58] - Transaction-related costs decreased by $2.9 million, or 67.7%, compared to 2023, primarily related to the sale of the former Office Portfolio[86] Joint Ventures and Dividends - Equity in earnings of unconsolidated joint ventures increased by $0.6 million, or 21.0%, due to improved operating performance from higher rental rates[88] - The company declared a $0.06 dividend per common share, paid on July 16, 2024[76] Risk Factors - The company has not experienced significant credit losses, but rising interest rates could increase tenant vacancies or defaults, adversely affecting operating results and liquidity[114] - If market interest rates increase or decrease by 100 basis points, the fair value of the company's fixed rate debt would change by approximately $34.4 million[141] - The company has placed an interest rate cap on the 2024 Term Loan with a notional amount of $55 million, with a strike rate of 3.50% expiring in July 2026[143] Other Financial Metrics - The company reported a loss from extinguishment of debt, netting $(785,000) for the three months ended June 30, 2024, compared to $(2.7 million) in the same period of 2023, a decrease of 70.5%[131] - The company had $14.5 million of total unrecognized compensation cost related to unvested LTIP Awards, expected to be recognized over a remaining weighted average period of 2.2 years[126] - As of June 30, 2024, the company had three unencumbered properties with a carrying value of $264.9 million[104]

JERSEY CITY, N.J., July 24, 2024 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, environmentally and socially conscious multifamily REIT, today reported results for the second quarter 2024. The following table shows Same Store performance as well as the benefit of successful real estate tax appeals recognized in the second quarter of last year. $47,458 3.1 % $98,341 $91,178 7.9 % As previously announced, the Company closed on the sale of 107 Morgan for $54 million, r ...