Communities with Purpose
Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents’ preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.
Latest Financial Results
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
Latest Annual Filing
For Fiscal Year Ending Dec 31, 2023
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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.
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