Veris Residential(US:VRE) ZACKSยท2024-10-30 22:56Core Viewpoint - Veris Residential (VRE) reported quarterly funds from operations (FFO) of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, and showing an increase from $0.12 per share a year ago, indicating a strong performance in the real estate investment trust sector [1][2]. Financial Performance - The company achieved an FFO surprise of 41.67% for the quarter, having previously exceeded expectations with an FFO of $0.18 per share against an estimate of $0.13 per share, resulting in a surprise of 38.46% [1][2]. - Revenues for the quarter ended September 2024 were reported at $68.18 million, slightly missing the Zacks Consensus Estimate by 0.10%, and down from $71.48 million year-over-year [2]. Market Performance - Veris shares have increased approximately 6.4% since the beginning of the year, while the S&P 500 has gained 22.3%, indicating underperformance relative to the broader market [3]. - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future FFO expectations [3][4]. Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.11 on revenues of $68.93 million, and for the current fiscal year, it is $0.55 on revenues of $271.99 million [7]. - The estimate revisions trend for Veris is currently favorable, contributing to a Zacks Rank 2 (Buy), suggesting that the stock is expected to outperform the market in the near future [6]. Industry Context - The REIT and Equity Trust - Residential industry, to which Veris belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable industry outlook that can significantly impact stock performance [8].