Veris Residential(VRE) - 2024 Q4 - Annual Results

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]