Veris Residential Reports Q1 2025 Results and Strategic Moves

Veris Residential, Inc. ( (VRE) ) has released its Q1 earnings. Here is a breakdown of the information Veris Residential, Inc. presented to its investors.

Veris Residential, Inc. is a real estate investment trust (REIT) that focuses on owning, operating, acquiring, and developing premier Class A multifamily properties in the Northeast, utilizing a technology-enabled, vertically integrated platform to enhance resident experiences and community impact.

In its first quarter of 2025, Veris Residential, Inc. reported a net loss per diluted share of $0.12, an improvement from the previous year’s loss of $0.04. The company highlighted a year-over-year same-store multifamily blended net rental growth rate of 2.4% and a same-store NOI growth of 3.2%, alongside strategic asset sales and joint venture consolidations.

Key financial metrics included a core FFO per diluted share of $0.16, up from $0.14 the previous year, and a core AFFO per diluted share of $0.17, slightly down from $0.18. The company successfully sold $45 million in non-strategic assets and has $34 million under binding contract. Additionally, Veris acquired its partner’s interest in the Jersey City Urby joint venture, rebranding it as ‘Sable,’ which is expected to generate over $1 million in annualized synergies.

Veris Residential’s financial stability is underscored by a hedged or fixed debt portfolio with a weighted average interest rate of 4.96% and a maturity of 2.8 years. The company maintains liquidity of approximately $146 million and has announced a $100 million share repurchase program, though no shares have been repurchased yet.

Looking ahead, Veris Residential remains focused on unlocking value through strategic asset sales and portfolio simplification, maintaining its 2025 guidance for same-store revenue and expense growth, and core FFO per share, reflecting a cautious yet optimistic outlook amidst market volatility.