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Latest Quarterly Metrics

Jul 24, 2024 • 4:15 PM EDT

Q2 2024

Quarter Ended Jun 30, 2024

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$0.18

Core FFO per share for the second quarter 2024

95.1%

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

5.9%

Same Store operating multifamily portfolio year-over-year NOI increase, 7.9% when normalized for the impact of RE tax appeals.

5.4%

Same Store Multifamily Blended Net Rental Growth Rate for the quarter and 5.0% YTD

For complete information regarding our financials, see our periodic filings

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Recent Event

Second Quarter 2024 Earnings Conference Call

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Latest Quarterly Metrics

Q2 2024

Quarter Ended Jun 30, 2024

$0.18

Core FFO per share for the second quarter 2024

95.1%

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

5.9%

Same Store operating multifamily portfolio year-over-year NOI increase, 7.9% when normalized for the impact of RE tax appeals.

5.4%

Same Store Multifamily Blended Net Rental Growth Rate for the quarter and 5.0% YTD

For complete information regarding our financials, see our periodic filings

Purposeful Communities Built for Positive Impact

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.

Properties, People, Planet

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 Values

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 June 30, 2024 · Q2 2024 Earnings Release

Veris Residential Key Financial Metrics

We continue to cultivate sustainable communities across the Northeast.

Key Financial Metrics

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

Key Portfolio Statistics

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

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

Incredible Spaces, Inspired Locations

Multifamily Portfolio

Our multifamily portfolio features stunning, sustainable spaces crafted to make a meaningful difference. Our connected locations, exceptional service and luxurious living spaces create a community you want to call home.

Explore our multifamily portfolio

Other Properties

Our remaining portfolio features properties made for the new age of work-life balance and wellness. Just minutes away from nearly every transit option and neighborhood parks and residential areas, our commercial locations are perfect for a hybrid-work environment.

Explore our other properties

IR Contacts

Company

Veris Residential, Inc.
Harborside 3, 210 Hudson St.
Ste. 400
Jersey City, NJ 07311

Investor Relations

Anna Malhari
Chief Operating Officer
investors@verisresidential.com

Transfer Agent

Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3006
T: 800.317.4445