Veris Residential, Inc. Reports Fourth Quarter and Full Year 2025 Results

Core Insights - Veris Residential, Inc. reported a net income of $0.00 per diluted share for Q4 2025, compared to a loss of $0.13 in Q4 2024, and a full-year net income of $0.80 per diluted share, up from a loss of $0.25 in 2024 [1] - The company achieved a Same Store NOI growth of 5.9% for Q4 2025 and 2.7% for the full year, maintaining an operating margin of approximately 68% [1][2] - The company completed $542 million in non-strategic asset sales in 2025, including the sale of two land parcels in Jersey City for $75 million [1] Financial Performance - Core FFO per diluted share increased to $0.19 in Q4 2025 from $0.11 in Q4 2024, and for the full year, it rose to $0.72 from $0.60 [1] - Core AFFO per diluted share also increased to $0.19 in Q4 2025 from $0.13 in Q4 2024, with a full-year increase to $0.74 from $0.71 [1] - Total property revenue for Q4 2025 was $69.8 million, a 3.2% increase from $67.6 million in Q4 2024, while full-year revenue rose to $273.3 million from $266.7 million, a 2.5% increase [1][2] Operational Highlights - Same Store occupancy was reported at 94.4% for Q4 2025, a slight decrease from 94.7% in Q3 2025 [1] - Average revenue per home was $4,252 in Q4 2025, down marginally from $4,255 in Q3 2025 [1] - Controllable expenses improved by 54 basis points to 16.5% of total revenue [1] Transaction Activity - The company sold its last two land parcels in Jersey City, reducing its land bank value to approximately $35 million [1] - The acquisition of a partner's interest in the Jersey City Urby for $38.5 million resulted in annualized synergies of approximately $1 million [1] Financial Position - As of December 31, 2025, the company had liquidity of $280 million and a weighted average effective interest rate of 4.88% [1] - The net debt stood at $1.33 billion with a net debt-to-EBITDA ratio of 9.0x [1][2] - The company exercised a one-year extension option on a mortgage, maturing in Q4 2026, and used proceeds from asset sales to repay a $69 million mortgage [1] Dividend Information - A dividend of $0.08 per share was paid on January 9, 2026, to shareholders of record as of December 31, 2025 [1]