VRE
Veris Residential, Inc.14.61
-0.22-1.48%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
1.62BP/E (TTM)
23.19Basic EPS (TTM)
0.63Dividend Yield
0.02%Recent Filings
8-K
10-Q
Q3 FY2025 results
Veris Residential swung to a strong quarter, posting net income of $81.3 million for Q3 ended September 30, 2025, fueled by $91.0 million in gains from selling four multifamily properties, while revenue from leases climbed 8.7% year-over-year to $67.6 million on higher market rates. Same-store revenue rose 1.9% year-over-year, but expenses jumped 21.4% due to elevated real estate taxes and operating costs, squeezing operating profit to $12.7 million from $10.8 million. The company generated $50.5 million in operating cash flow year-to-date, bolstered by $386.3 million from asset sales including developable land, yet used $435.3 million in financing to repay $522.0 million in debt, slashing total debt to $1.4 billion at a weighted average rate of 4.77%. In April 2025, Veris closed the Sable JV acquisition for $38.5 million cash, assuming $181.8 million in mortgage debt and recognizing $267.3 million in net rental property. Cash sits at $8.8 million with $269.0 million in revolver availability; no covenant issues noted. Antitrust scrutiny from New Jersey's AG over revenue software adds regulatory heat.
8-K
Veris accelerates deleveraging
Veris Residential accelerated deleveraging in Q3 2025, selling $406 million in non-strategic assets and using proceeds to slash debt by $394 million, dropping net debt-to-EBITDA to 10.0x. Same-store NOI dipped 2.7% year-over-year amid rising expenses, yet blended rental growth hit 3.9% with 94.7% occupancy. Core FFO guidance rose to $0.67-$0.68 per share. Deleveraging targets 8.0x by 2026.
8-K
Veris updates on sales, deleveraging
Veris Residential released its September 2, 2025 corporate presentation, highlighting $448 million in non-strategic asset sales year-to-date to deleverage the balance sheet. Same-store NOI grew 5.6% year-over-year in Q2, with operating margins hitting 67.5%, while an amended $500 million credit facility slashed borrowing costs by 55 basis points. Sales proceeds repaid the $200 million term loan. Guidance holds Core FFO per share at $0.61-$0.63. Forward-looking statements carry risks from market uncertainties.
10-Q
Q2 FY2025 results
Veris Residential posted solid Q2 revenue growth of 12.8% year-over-year to $75.9M, driven by 2.8% higher same-store lease income from market rate hikes and the April consolidation of the 762-unit Sable property, while parking added 11.6%. Expenses climbed 28.8% to $75.3M, fueled by $12.5M land impairments and $2.2M more depreciation, squeezing operating profit to $0.6M from $9.0M. Yet gains on land sales ($36.6M) and joint venture exits ($5.1M) flipped the quarter profitable at $11.8M net income, with diluted EPS at $0.12 on 102M shares. Cash from operations hit $37.0M for the half-year, supporting $11.4M cash and $1.8B debt at 5.1% weighted average; the $300M revolver holds $173M availability post-July term loan payoff. Sable's April close for $38.5M cash assumed $181.8M mortgage, recognizing $267.3M net property. Antitrust litigation from New Jersey's AG over revenue software adds regulatory scrutiny.
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