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Latest Quarterly Metrics

Oct 30, 2024 • 4:15 PM EDT

Q3 2024

Quarter Ended Sep 30, 2024

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$0.17

Core FFO per share for the third quarter 2024

95.1%

The 7,621-unit operating Same Store multifamily portfolio occupancy as of September 30, 2024

6.7%

Same Store operating multifamily portfolio year-over-year NOI increase, 8.0% when normalized for the impact of RE tax appeals.

4.6%

Same Store Multifamily Blended Net Rental Growth Rate for the quarter and 4.8% YTD

For complete information regarding our financials, see our periodic filings

Communities with Purpose

Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment.

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Third Quarter 2024 Earnings Conference Call

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Latest Quarterly Metrics

Q3 2024

Quarter Ended Sep 30, 2024

$0.17

Core FFO per share for the third quarter 2024

95.1%

The 7,621-unit operating Same Store multifamily portfolio occupancy as of September 30, 2024

6.7%

Same Store operating multifamily portfolio year-over-year NOI increase, 8.0% when normalized for the impact of RE tax appeals.

4.6%

Same Store Multifamily Blended Net Rental Growth Rate for the quarter and 4.8% YTD

For complete information regarding our financials, see our periodic filings

Stock Information

Veris Residential, Inc.

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Veris Residential, Inc. at a Glance

7,621

Same Store units in our portfolio

95.1%

Same Store occupancy

8

Average Asset Age (Year)

As of September 30, 2024 · Q3 2024 Earnings Release

Veris Residential Key Financial Metrics

We continue to cultivate sustainable communities across the Northeast.

Key Financial Metrics

Metric Q3 2024 Q2 2024
Net Income / (Loss) per Diluted Share ($0.10) $0.03
Core FFO Per Diluted Share1 $0.17 $0.18
Weighted Average - Diluted Shares2 102,312 101,952
Total Equity $1.8 billion $1.5 billion
Total Debt $1.7 billion $1.7 billion
Total Capitalization $3.5 billion $3.3 billion
Debt-to-Undepreciated Assets 49.1% 49.2%
Interest Coverage Ratio1 1.7x 1.7x
Net Debt $1.6 billion $1.6 billion
TTM EBITDA $140,682 $139,654
TTM Net Debt to EBITDA 11.7x 11.8x

Key Portfolio Statistics

Metric Q3 2024 Q2 2024
Multifamily Portfolio
Operating Units 7,621 7,621
% Physical Occupancy 95.1% 95.1%
Blended Rental Growth Rate 4.6% 5.4%
Average Rent per Home $3,980 $3,923

Notes

For complete information regarding our financials, see our periodic filings.

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1 See "Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre" in the latest Supplemental Operating and Financial Data. FFO is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (Nareit). Interest Coverage Ratio is calculated as Adjusted EBITDA divided by interest expense.

2 Figures are in thousands. Includes any outstanding preferred units presented on a converted basis into common units, noncontrolling interests in consolidated joint ventures and redeemable noncontrolling interests.

3 Harborside 5 is the only in-service office property remaining as of October 24, 2023.

Same Store Multifamily Occupancy

  • 2021
  • 2022
  • 2023
  • 2024