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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.
Veris Residential promotes meaningful connections with its communities by sustaining a lifestyle centered around shared values. EMBRACE by Veris Residential formalizes our efforts towards diversity, equity & inclusion, philanthropy, and sustainability efforts.
Embrace Our ValuesSame Store units in our portfolio
Same Store occupancy
Average Asset Age (Year)
As of June 30, 2024 · Q2 2024 Earnings Release
We continue to cultivate sustainable communities across the Northeast.
Metric | Q2 2024 | Q1 2024 |
---|---|---|
Net Income / (Loss) per Diluted Share | $0.03 | ($0.04) |
Core FFO Per Diluted Share1 | $0.18 | $0.14 |
Weighted Average - Diluted Shares2 | 101,952 | 100,968 |
Total Equity | $1.5 billion | $1.5 billion |
Total Debt | $1.7 billion | $1.9 billion |
Total Capitalization | $3.3 billion | $3.4 billion |
Debt-to-Undepreciated Assets | 49.2% | 51.7% |
Interest Coverage Ratio1 | 1.7x | 1.5x |
Net Debt | $1.6 billion | $1.7 billion |
TTM EBITDA | $139,654 | $142,543 |
TTM Net Debt to EBITDA | 11.8x | 12.0x |
Metric | Q2 2024 | Q1 2024 |
---|---|---|
Multifamily Portfolio | ||
Operating Units | 7,621 | 7,621 |
% Physical Occupancy | 95.1% | 94.1% |
Blended Rental Growth Rate | 5.4% | 4.6% |
Average Rent per Home | $3,923 | $3,899 |
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.
Veris Residential, Inc.
Harborside 3, 210 Hudson St.
Ste. 400
Jersey City, NJ 07311
Anna Malhari
Chief Operating Officer
investors@verisresidential.com
Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3006
T: 800.317.4445