Veris Residential(VRE) Prnewswire·2025-02-24 21:15Core 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]