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].

Rebrands 762-Unit, Class A Waterfront Property to Sable JERSEY CITY, N.J., April 22, 2025 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential" or the "Company") (NYSE: VRE), a forward-thinking, Northeast-focused, Class A multifamily REIT, and Urby, a design-forward, hospitality-driven multifamily development brand, today announced that Veris Residential has acquired Ironstate Holdings' ("Ironstate") 15% stake in Jersey City Urby, a 762-unit, Class A multifamily property located on the Jersey City Wa ...

Company Overview - Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) focused on owning, operating, acquiring, and developing premier Class A multifamily properties in the Northeast [4] - The company utilizes a technology-enabled, vertically integrated operating platform to enhance the living experience for residents and positively impact the communities it serves [4] - Veris Residential is guided by an experienced management team and Board of Directors, emphasizing corporate governance principles and an inclusive culture based on meritocratic empowerment [4] Upcoming Financial Results - Veris Residential will host its first quarter 2025 financial results webcast and conference call on April 24, 2025, at 8:30 a.m. eastern [1] - The financial results will be released after the market closes on April 23, 2025 [1] - Participants are encouraged to log on or dial in approximately 10 minutes before the scheduled start time [2] Conference Call Replay - A replay of the conference call will be available starting at 11:30 a.m. eastern on April 24, 2025, until 11:59 p.m. eastern on May 25, 2025 [3] - Listeners can access the replay using specific domestic and international phone numbers, with a passcode required for access [3] - The audio replay will also be available on Veris Residential's website for one year following the call date [3]

Financial Data and Key Metrics Changes - For the full year 2024, the company reported a net loss available to common shareholders of $0.25 per fully diluted share, compared to a net loss of $1.22 in the prior year [29] - Core FFO per share was $0.11 for Q4 2024, at the high end of guidance, compared to $0.12 in Q4 2023 and $0.17 in Q3 2024 [29] - Same-store NOI growth was 7.3% for the quarter and 6.9% for the year, with revenues up 4.1% for the quarter and 5.4% for the year [30] Business Line Data and Key Metrics Changes - The Class A portfolio recorded NOI growth of 6.9% compared to an average of 1.6% for the peer group, with blended net rental growth of 4% [18] - The average rent per home across the portfolio is now above $4,000, reflecting a 4.6% year-over-year increase [20] - The affordability ratio across the portfolio stands at 12.9%, supported by move-ins with an average income of $180,000 per person [21] Market Data and Key Metrics Changes - New York City and New Jersey led national rental growth in 2024, with 5% and 3.8% year-over-year growth, respectively [16] - Multifamily investment volumes in 2024 were 35% below the historical average, although higher than 2023, which was 44% below the historical average [14] - Jersey City has a projected housing shortage of between 27,000 and 36,000 units, with 10,000 units currently under construction [16] Company Strategy and Development Direction - The company plans to sell approximately $300 million to $500 million of select assets over the next 12 to 24 months to maximize shareholder value [8] - The focus remains on operational outperformance, capital allocation initiatives, and strengthening the balance sheet [10] - The company aims to maintain flexibility to respond to evolving market conditions while pursuing value creation through targeted investments [28] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing economic uncertainty and inflationary pressures, with expectations of a higher-for-longer rate environment impacting the multifamily investment market [14] - The company anticipates continued rental growth supported by favorable household formation trends and limited near-term supply in select markets [15] - Management expressed confidence in the company's ability to achieve strong pricing for asset sales despite broader market challenges [8] Other Important Information - The company refinanced over $526 million of mortgages in 2024, reducing indebtedness by over $180 million [11] - The operating margin improved to 66.8%, reflecting operational excellence and cost containment efforts [23] - The company introduced strategic technology initiatives aimed at enhancing operational efficiency and reducing controllable expenses [26] Q&A Session Summary Question: What environment would make pursuing a larger sale more favorable? - Management indicated that it is a combination of factors including economic outlook, rate environment, and capital flows that influence the decision [44][46] Question: Can you provide more details on the $300 million to $500 million asset sales? - Management clarified that the land bank is marked at about $180 million, with $100 million to $130 million of land included in the sales target [49][50] Question: How much of the land bank is currently on the market? - Management stated that they are working to enhance the value of their land continuously and would look to market assets expeditiously while maximizing value [55][56] Question: What are the assumptions for same-store revenue growth? - Management projected revenue growth of approximately 3.3%, with a slight reduction due to one-time items recognized in the previous year [72] Question: How does the company handle unit pricing strategy? - Management explained that the pricing strategy is a combination of proprietary systems and market considerations, aiming to maximize NOI rather than just occupancy [62]

分组1 - Veris Residential reported quarterly funds from operations (FFO) of $0.11 per share, missing the Zacks Consensus Estimate of $0.12 per share, and down from $0.12 per share a year ago, representing an FFO surprise of -8.33% [1] - The company posted revenues of $68.08 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 1.29%, and down from $72.92 million year-over-year [2] - Veris shares have underperformed the market, losing about 5.8% since the beginning of the year compared to the S&P 500's gain of 2.2% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.14 on revenues of $69.35 million, and for the current fiscal year, it is $0.61 on revenues of $281.49 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the bottom 30% of over 250 Zacks industries, indicating potential challenges for the sector [8] - The estimate revisions trend for Veris is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6]

Portfolio and Acquisitions - As of December 31, 2024, the Company owned or had interests in 22 multifamily rental properties, including 19 wholly-owned properties and six properties owned by unconsolidated joint ventures[23]. - The Company aims to enhance its portfolio primarily through acquisitions, value-add redevelopments, and developments, with a focus on converting low-yielding assets into cash-flowing, high-quality assets[27]. - The Company sold over $230 million of non-strategic assets since the beginning of 2024, including its last office property for $85 million, releasing approximately $82 million of net proceeds[48]. - The Company has a robust and disciplined underwriting process for acquisitions, focusing on improving geographic diversity and asset quality[28]. - The company intends to acquire new properties in the multifamily rental sector, but these acquisitions may not perform as expected and could involve unknown liabilities[63]. Financial Performance - Revenue from leases increased by $10.6 million, or 4.5%, in 2024 compared to 2023, primarily due to an increase in market rental rates[150]. - Other income rose by $0.8 million, or 13.3%, in 2024 compared to 2023, mainly driven by lease termination fees[150]. - Real estate taxes increased by $2.7 million, or 7.9%, in 2024 compared to 2023, due to prior period tax appeal refunds and increased PILOT taxes[151]. - Property management expenses increased by $3.1 million, or 21.6%, in 2024 compared to 2023, primarily due to satisfaction of stay-on award conditions[154]. - General and administrative expenses decreased by $5.4 million, or 12.1%, in 2024 compared to 2023, due to higher stock compensation expenses in 2023[155]. - Interest expense decreased by $1.4 million, or 1.5%, in 2024 compared to 2023, primarily due to the payoff of various mortgage loans[158]. - Equity in earnings of unconsolidated joint ventures increased by $0.8 million, or 26.8%, in 2024 compared to 2023, due to improved operating performance[160]. - The company recognized a gain of $11.5 million on the sale of developable land in 2024, compared to a gain of $7.1 million in 2023[161]. - Income from discontinued operations was $0.9 million in 2024, a significant recovery from a loss of $32.7 million in 2023[165]. - Net income loss for 2024 was $26.7 million, a reduction of $85.7 million or 76.3% compared to a loss of $112.4 million in 2023[168]. - Funds from operations (FFO) available to common stock and unit holders for the year ended December 31, 2024, was $59.025 million, compared to $20.829 million in 2023[191]. Debt and Financing - As of December 31, 2024, the company had total outstanding indebtedness of $1.7 billion, including $200 million under the Term Loan, $152 million under the Revolving Credit Facility, and approximately $1.3 billion in mortgages and other obligations[79]. - Approximately $241.5 million of the company's mortgage indebtedness bears interest at variable rates, which could increase debt service requirements if market interest rates rise[82]. - The company is obligated to distribute at least 90 percent of its net taxable income to qualify as a real estate investment trust, necessitating reliance on external capital sources for future growth[84]. - The company may face challenges in refinancing its indebtedness on acceptable terms, which could limit its ability to pursue acquisition and development opportunities[80]. - Total debt as of December 31, 2024, was $1.685966 billion, with a weighted average interest rate of 5.05% and a maturity of 2.76 years[6]. - Approximately $1.1 billion of the Company's long-term debt bears fixed interest rates with a weighted average coupon of 4.62%[196]. - If market interest rates change by 100 basis points, the fair value of the Company's fixed-rate debt could change by approximately $29.8 million[196]. - The effective interest rates on the Company's $591.5 million variable rate debt ranged from SOFR plus 141 to 275 basis points as of December 31, 2024[197]. Sustainability and ESG - The Company achieved a 5-Star rating from GRESB for the third consecutive year, recognizing its distinguished ESG leadership and performance[47]. - 79% of the Company's managed multifamily communities are green certified (LEED®, ENERGY STAR® or equivalent), reflecting its commitment to sustainability[30]. - The Company reduced its like-for-like Scope 1 and 2 greenhouse gas emissions by 54% in 2022, with a further reduction of 12% in 2023 compared to 2019[33]. - The company is subject to evolving Environmental, Social, and Governance (ESG) regulations, which may require costly initiatives to comply with new standards[70]. - The company’s reputation and financial results could be adversely impacted if it fails to meet ESG initiatives or goals, affecting investor perceptions[72]. Risks and Challenges - The company faces risks related to the general economic climate, which may negatively impact its business fundamentals and financial condition[52]. - Inflation may increase operating expenses, including property-related services and taxes, potentially affecting the company's financial condition and cash flows[60][62]. - Compliance with the Americans with Disabilities Act (ADA) may incur significant costs, impacting the company's ability to make distributions to investors[65][66]. - Environmental liabilities related to hazardous substances could impose substantial costs on the company, affecting its financial stability[67]. - The company may experience increased risks and costs associated with volatility in commodity and labor prices, which could adversely affect construction project statuses[75]. - The company relies on third-party suppliers and contractors for construction materials and skilled labor, which may be impacted by economic or political changes[76]. - The company may face difficulties in obtaining financing for development projects on favorable terms due to market conditions[78]. - The average lease term for multifamily properties is 14 months, exposing the company to quicker revenue impacts from declining market rents[55]. - Operating costs do not necessarily decline in proportion to revenue, which could lead to financial strain if revenues decrease significantly[56]. - The company’s ability to lease properties may be affected by competition from other multifamily operators and alternative housing options[54]. - The company’s insurance coverage may be inadequate in the event of a catastrophe, potentially leading to significant financial losses[57]. Corporate Governance - The General Partner owned approximately 91.5% of the Operating Partnership's outstanding common partnership units as of February 18, 2025, requiring consent from at least 85% of partnership unit holders for significant actions[91]. - The General Partner's charter limits any single stockholder from owning more than 9.8% of its outstanding capital stock to maintain its status as a real estate investment trust[98]. - The General Partner has operated as a real estate investment trust since the taxable year ended December 31, 1994, but cannot guarantee continued qualification due to complex IRS requirements[104]. - Failure to qualify as a real estate investment trust would eliminate the requirement to pay dividends and could adversely affect the Company's financial condition[105]. - The General Partner's bylaws require advance written notice for stockholders to nominate directors or propose business, limiting stockholder participation[95]. - The Maryland Business Combination Act restricts certain business combinations for five years after an interested stockholder becomes such, affecting potential mergers and acquisitions[100]. Employee and Management - As of December 31, 2024, approximately 188 employees were employed by the Company, with 26% having been with the Company for at least 10 years[34]. - The company is dependent on key personnel for strategic direction, and loss of these individuals could adversely affect operations[90]. - Competitive pressures may increase labor costs, impacting the Company's ability to attract and retain qualified personnel[89]. Cybersecurity - The company has implemented a multi-year cybersecurity plan focusing on detection, protection, incident response, and risk management[118]. - In 2023, the company appointed a Chief Information Security Officer (CISO) to enhance its cybersecurity strategy, bringing over 30 years of experience[115]. - The company utilizes the NIST Cyber Security Framework to assess and report on its cybersecurity maturity and controls[116]. - The Audit Committee oversees the cybersecurity strategy and receives quarterly updates from the CISO regarding the company's cybersecurity status[120]. - The company has not experienced any material cybersecurity incidents that have affected its business strategy or financial condition[119]. - The company has policies in place to manage risks associated with third-party vendors, including cybersecurity assessments and contractual requirements[117]. Market and Stock Performance - The market price of the Company's common stock is influenced by various market conditions, including the general reputation of REITs and the attractiveness of its equity securities compared to others[88]. - The Company declared dividends for 2024, starting with $0.0525 per share in April, increasing to $0.0800 per share by January 2025[173]. - The Company issued 11,123 shares of common stock during the three months ended December 31, 2024, as part of a redemption of common units[140]. - The Company has an effective shelf registration statement for $2.0 billion in securities, with $100 million allocated for its ATM Program[182].

Financial Performance - Net loss per share for 2024 was $(0.25), an improvement of approximately $0.97 compared to a loss of $(1.22) in 2023[5] - Core FFO per share increased by 13% year-over-year, reaching $0.60 for 2024, surpassing original guidance[10] - Net income available to common shareholders for Q4 2024 was $(12,447,000), compared to $(5,051,000) in Q4 2023, indicating a decline of 146.5%[32] - Funds from Operations (FFO) for Q4 2024 was $10,129,000, down from $47,720,000 in Q4 2023, a decrease of 78.8%[34] - Core FFO for Q4 2024 was $11,253,000, slightly down from $11,626,000 in Q4 2023, a decrease of 3.2%[34] - Adjusted EBITDA for Q4 2024 was $32,510,000, compared to $32,498,000 in Q4 2023, a slight increase of 0.04%[38] - The company reported a net loss from continuing operations of $(14,907,000) for Q4 2024, compared to $(16,340,000) in Q4 2023, an improvement of 8.7%[32] Revenue and Occupancy - Total Property Revenue for the fourth quarter of 2024 was $76.375 million, reflecting a 4.1% increase year-over-year[12] - Total revenues for Q4 2024 increased to $68,083,000, up from $67,020,000 in Q4 2023, representing a growth of 1.6%[32] - Same Store occupancy decreased to 93.9% from 95.1% in the previous quarter, primarily due to renovations at Liberty Towers[11] - The average occupancy rate across all segments decreased from 95.1% in Q3 2024 to 93.9% in Q4 2024[53] - The occupancy rate for the total portfolio decreased to 93.9% in Q4 2024 from 94.4% in Q4 2023[57] - Apartment rental income for Q4 2024 increased by 3.8% to $69,149,000 compared to $66,603,000 in Q4 2023[57] Assets and Liabilities - Total assets decreased to $2,982,727,000 as of December 31, 2024, from $3,241,046,000 as of December 31, 2023, a decline of 8.0%[30] - Total liabilities decreased to $1,740,364,000 as of December 31, 2024, from $1,936,494,000 as of December 31, 2023, a decline of 10.1%[30] - The total debt balance, including consolidated and unconsolidated debt, was $1,554,646,000[43] - Total debt as of December 31, 2024, was $1,672,313,000, down from $1,853,897,000 in the previous year[62] - The company's total pro rata debt portfolio has a weighted average interest rate of 4.95% and a weighted average maturity of 3.1 years[61] Dividends and Shareholder Returns - The dividend was raised by approximately 60% on an annualized basis, reaching $0.08 per share[10] - The company declared dividends of $0.08 per common share in Q4 2024, compared to $0.0525 in Q4 2023, an increase of 52.4%[34] Future Plans and Guidance - The Company plans to pursue $300 to $500 million in asset sales over the next 12-24 months, with proceeds allocated for a $100 million share repurchase program and debt repayment[9] - 2025 guidance includes Same Store Revenue Growth projected between 2.1% and 2.7%[22] Operational Metrics - Total Net Operating Income (NOI) for the fourth quarter of 2024 was $231,168,000, with a share of $198,205,000[41] - Total Same Store GAAP NOI for Q4 2024 was $50,819,000, representing a 7.3% increase from $47,343,000 in Q4 2023[57] - The total multifamily NOI for the company was $227,820,000, reflecting a decrease in occupancy from 95.3% in Q3 2024 to 93.9% in Q4 2024[53] Property and Development - The company has identified a pipeline of $300 to $500 million in assets for sale, including approximately $45 million under binding contract[21] - The company has 4,139 developable land parcel units, with 3,248 remaining after accounting for sales and rezoning[49] - The New Jersey Waterfront properties have an average ownership of 85.0% and include 5,067 apartments with a total rentable area of 4,391,122 SF[80] - The Massachusetts properties total 1,167 apartments with a total rentable area of 963,549 SF, all fully owned[80] Joint Ventures and Noncontrolling Interests - The company’s share from unconsolidated joint ventures for Q4 2024 was $8,766 thousand, with total debt of $293,450 thousand[75] - Noncontrolling interests reported net losses of $495 million for the three months ended December 31, 2024, compared to $504 million in the same period of 2023[82] - Funds from operations (FFO) for noncontrolling interests in consolidated joint ventures reached $249 million for the three months ended December 31, 2024, up from $208 million in 2023[82]

Core Insights - Veris Residential, Inc. reported a net loss per diluted share of $(0.13) for Q4 2024, compared to $(0.06) in Q4 2023, and $(0.25) for the full year 2024, an improvement from $(1.22) in 2023 [3][11] - Core FFO per diluted share was $0.11 for Q4 2024, slightly down from $0.12 in Q4 2023, while for the full year, it increased to $0.60 from $0.53 [3][11] - The company plans to pursue $300 to $500 million in asset sales over the next 12-24 months to close the valuation gap between its share price and intrinsic value [5][6] Financial Performance - Total property revenue for Q4 2024 was $76.375 million, a 4.1% increase from $73.371 million in Q4 2023, and for the full year, it rose 5.4% to $300.679 million from $285.247 million [8] - Same Store NOI for Q4 2024 was $50.819 million, up 7.3% from $47.343 million in Q4 2023, and for the full year, it increased 6.9% to $200.741 million from $187.794 million [8][11] - The company raised its dividend by approximately 60% on an annualized basis, paying $0.08 per share in January 2025 [13][11] Strategic Outlook - The CEO emphasized the transformation of Veris Residential into a top-performing multifamily REIT, focusing on Class A properties and evaluating capital flows to maximize shareholder value [4][5] - The company aims to de-leverage to below 9x Net Debt-to-EBITDA through asset sales and share repurchase programs, with a target of up to $100 million for share repurchases [6][11] - 2025 revenue guidance reflects continued strength in rental growth, with Same Store revenue growth expected between 2.1% and 2.7% [16][18] Operational Metrics - Same Store occupancy decreased to 93.9% in Q4 2024 from 95.1% in Q3 2024, attributed to renovations at Liberty Towers [7] - Average rent per home increased by 1.3% to $4,033 in Q4 2024 compared to $3,980 in Q3 2024 [7] - The company’s total debt portfolio has a weighted average effective interest rate of 4.95% and a weighted average maturity of 3.1 years [9][10] Asset Management - The company completed $230 million in non-strategic asset sales during 2024, releasing approximately $175 million in net proceeds [11][12] - A pipeline of $300 to $500 million in assets has been identified for sale, primarily consisting of land and select multifamily properties [17][11] - The company has liquidity of $158 million as of February 21, 2025, in addition to $45 million of land sales under binding contract [10][11]

Group 1 - Veris Residential, Inc. announced the tax treatment of its 2024 distributions, totaling $0.235 per share of common stock [1] - The distributions are classified as follows: $0.053 on 12/29/2023, $0.053 on 4/3/2024, $0.060 on 7/3/2024, and $0.070 on 6/30/2024, all categorized as return of capital [1] - Shareholders are advised to consult tax advisors regarding the specific tax treatment of the distributions [1] Group 2 - Veris Residential, Inc. is a real estate investment trust (REIT) focused on owning, operating, acquiring, and developing Class A multifamily properties in the Northeast [2] - The company utilizes a technology-enabled, vertically integrated operating platform to enhance the living experience for residents and positively impact communities [2] - Veris Residential is guided by an experienced management team and Board of Directors, emphasizing corporate governance and an inclusive culture [2]