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Veris Residential, Inc. Reports First Quarter 2025 Results

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Veris Residential (NYSE: VRE) reported Q1 2025 results with mixed performance metrics. The company posted a net loss of $(0.12) per diluted share, compared to $(0.04) in Q1 2024, while Core FFO improved to $0.16 from $0.14 per share. Same Store NOI grew 3.2% year-over-year, with a blended net rental growth rate of 2.4%.

The company maintained a 94.0% Same Store occupancy rate and achieved an average rent per home of $4,019. Notable transactions include $45 million in non-strategic asset sales year-to-date, with an additional $34 million under contract. The company acquired its partner's 15% interest in Jersey City Urby (now 'Sable') for $38.5 million, expecting over $1 million in annualized synergies.

Financial metrics show a weighted average interest rate of 4.96% with 2.8 years to maturity. The company maintains its 2025 guidance with Same Store NOI growth projected at 1.7% to 2.7% and Core FFO per share guidance of $0.61 to $0.63.

Veris Residential (NYSE: VRE) ha riportato i risultati del primo trimestre 2025 con performance contrastanti. La società ha registrato una perdita netta di $(0,12) per azione diluita, rispetto a $(0,04) nel primo trimestre 2024, mentre il Core FFO è migliorato a $0,16 da $0,14 per azione. Il NOI Same Store è cresciuto del 3,2% su base annua, con un tasso di crescita netto degli affitti combinato del 2,4%.

L'azienda ha mantenuto un tasso di occupazione Same Store del 94,0% e ha raggiunto un affitto medio per unità abitativa di $4.019. Tra le operazioni rilevanti figurano vendite di asset non strategici per $45 milioni da inizio anno, con ulteriori $34 milioni in fase di contratto. La società ha acquisito la quota del 15% del partner in Jersey City Urby (ora 'Sable') per $38,5 milioni, prevedendo sinergie annualizzate superiori a $1 milione.

I dati finanziari mostrano un tasso di interesse medio ponderato del 4,96% con una scadenza media di 2,8 anni. L'azienda conferma le previsioni per il 2025 con una crescita del NOI Same Store stimata tra l'1,7% e il 2,7% e una guidance sul Core FFO per azione tra $0,61 e $0,63.

Veris Residential (NYSE: VRE) reportó resultados del primer trimestre de 2025 con métricas de desempeño mixtas. La compañía registró una pérdida neta de $(0.12) por acción diluida, frente a $(0.04) en el primer trimestre de 2024, mientras que el Core FFO mejoró a $0.16 desde $0.14 por acción. El NOI de Tiendas Similares creció un 3.2% interanual, con una tasa combinada de crecimiento neto de alquiler del 2.4%.

La empresa mantuvo una tasa de ocupación Same Store del 94.0% y alcanzó un alquiler promedio por vivienda de $4,019. Entre las transacciones destacadas se incluyen ventas de activos no estratégicos por $45 millones en lo que va del año, con otros $34 millones bajo contrato. La compañía adquirió el 15% de participación de su socio en Jersey City Urby (ahora 'Sable') por $38.5 millones, esperando sinergias anualizadas superiores a $1 millón.

Las métricas financieras muestran una tasa de interés promedio ponderada del 4.96% con 2.8 años hasta el vencimiento. La empresa mantiene su guía para 2025 con un crecimiento proyectado del NOI Same Store entre 1.7% y 2.7% y una guía de Core FFO por acción de $0.61 a $0.63.

Veris Residential (NYSE: VRE)는 2025년 1분기 실적을 발표하며 혼재된 성과 지표를 보였습니다. 회사는 희석 주당 순손실이 $(0.12)로 2024년 1분기 $(0.04)보다 악화되었으나, Core FFO는 주당 $0.14에서 $0.16으로 개선되었습니다. 동일 점포 NOI는 전년 대비 3.2% 성장했으며, 종합 순 임대료 성장률은 2.4%였습니다.

회사는 동일 점포 점유율 94.0%를 유지했고, 주택당 평균 임대료는 $4,019를 기록했습니다. 주목할 만한 거래로는 연초부터 4,500만 달러 규모의 비전략 자산 매각과 추가로 3,400만 달러가 계약 중입니다. 또한 회사는 파트너의 Jersey City Urby(현재 'Sable') 지분 15%를 3,850만 달러에 인수했으며, 연간 100만 달러 이상의 시너지 효과를 기대하고 있습니다.

재무 지표는 가중 평균 이자율 4.96%, 만기까지 2.8년임을 보여줍니다. 회사는 2025년 가이던스를 유지하며 동일 점포 NOI 성장률을 1.7%에서 2.7% 사이로, Core FFO 주당 가이던스를 $0.61에서 $0.63로 전망하고 있습니다.

Veris Residential (NYSE : VRE) a publié ses résultats du premier trimestre 2025 avec des indicateurs de performance mitigés. La société a enregistré une perte nette de $(0,12) par action diluée, contre $(0,04) au premier trimestre 2024, tandis que le Core FFO est passé à $0,16 contre $0,14 par action. Le NOI Same Store a augmenté de 3,2 % en glissement annuel, avec un taux de croissance net des loyers combiné de 2,4 %.

La société a maintenu un taux d’occupation Same Store de 94,0 % et a atteint un loyer moyen par logement de $4 019. Parmi les transactions notables figurent des ventes d’actifs non stratégiques de 45 millions de dollars depuis le début de l’année, avec 34 millions de dollars supplémentaires en cours de contrat. La société a acquis la participation de 15 % de son partenaire dans Jersey City Urby (désormais « Sable ») pour 38,5 millions de dollars, s’attendant à plus d’un million de dollars de synergies annualisées.

Les indicateurs financiers montrent un taux d’intérêt moyen pondéré de 4,96 % avec une échéance moyenne de 2,8 ans. La société maintient ses prévisions pour 2025, avec une croissance du NOI Same Store prévue entre 1,7 % et 2,7 % et une guidance de Core FFO par action entre $0,61 et $0,63.

Veris Residential (NYSE: VRE) meldete gemischte Ergebnisse für das erste Quartal 2025. Das Unternehmen verzeichnete einen Nettogewinnverlust von $(0,12) je verwässerter Aktie, im Vergleich zu $(0,04) im ersten Quartal 2024, während das Core FFO sich von $0,14 auf $0,16 je Aktie verbesserte. Das Same Store NOI wuchs im Jahresvergleich um 3,2%, mit einer gemischten Nettomietwachstumsrate von 2,4%.

Das Unternehmen hielt eine Same Store Belegungsrate von 94,0% und erreichte eine durchschnittliche Miete pro Wohneinheit von $4.019. Bedeutende Transaktionen umfassen Verkäufe von nicht-strategischen Vermögenswerten in Höhe von $45 Millionen seit Jahresbeginn, mit weiteren $34 Millionen in Vertragsverhandlungen. Das Unternehmen erwarb die 15% Beteiligung seines Partners an Jersey City Urby (jetzt 'Sable') für $38,5 Millionen und erwartet jährliche Synergien von über $1 Million.

Finanzkennzahlen zeigen einen gewichteten durchschnittlichen Zinssatz von 4,96% bei einer Laufzeit von 2,8 Jahren. Das Unternehmen hält an seiner Prognose für 2025 fest, mit einem erwarteten Same Store NOI-Wachstum von 1,7% bis 2,7% und einer Core FFO-Prognose je Aktie von $0,61 bis $0,63.

Positive
  • Same Store NOI growth of 3.2% year-over-year
  • Core FFO per share increased to $0.16 from $0.14 year-over-year
  • Dividend increased to $0.08 from $0.0525 per share
  • $45 million in non-strategic asset sales completed with additional $34 million under contract
  • Expected $1 million in annualized synergies from Sable acquisition
Negative
  • Net loss per share widened to $(0.12) from $(0.04) year-over-year
  • Average rent per home decreased 0.3% to $4,019
  • Controllable expenses increased 3.5% year-over-year
  • High leverage with TTM Net Debt to EBITDA at 11.4x
  • Lower Core AFFO per share at $0.17 vs $0.18 year-over-year

Insights

Veris shows operational improvement with 3.2% NOI growth and higher Core FFO despite wider net loss; strategic asset sales and JV consolidation advance portfolio optimization.

Veris Residential's Q1 2025 results present a mixed financial picture that merits careful analysis. The multifamily REIT reported a wider net loss per diluted share of $(0.12) compared to $(0.04) in Q1 2024, while Core FFO per diluted share improved to $0.16 from $0.14 year-over-year. Core AFFO slightly declined to $0.17 from $0.18.

The company's Same Store portfolio demonstrated solid operational performance with NOI growth of 3.2% year-over-year, driven by revenue growth of 2.4% outpacing expense growth of 0.8%. Same Store occupancy held relatively stable at 94.0%, a marginal improvement from 93.9% at year-end 2024. The blended rental growth rate of 2.4% shows modest pricing power in their Northeast multifamily markets.

Veris continues executing its portfolio optimization strategy with $45 million in non-strategic asset sales completed year-to-date and another $34 million under binding contract. A strategic highlight was the acquisition of their joint venture partner's 15% interest in "Sable" (formerly Jersey City Urby) for $38.5 million, which consolidated $181.8 million of property-level mortgage debt. This consolidation is expected to create over $1 million in annualized synergies.

The balance sheet shows $146 million in liquidity with debt metrics including a weighted average interest rate of 4.96% and 2.8 years to maturity. The TTM Net Debt to EBITDA ratio improved slightly to 11.4x from 11.7x at year-end, while the interest coverage ratio remains at 1.7x.

Notably, Veris increased its quarterly dividend 52.4% to $0.08 per share from $0.0525 in the prior year. The company also announced but has not yet utilized a $100 million share repurchase program.

Management maintained full-year 2025 guidance with projected Same Store NOI growth of 1.7% to 2.7% and Core FFO per share of $0.61 to $0.63, despite forecasting a net loss per share between $(0.22) and $(0.24).

JERSEY CITY, N.J., April 23, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the first quarter 2025.


Three Months Ended March 31,


2025

2024

Net Income (loss) per Diluted Share

$(0.12)

$(0.04)

Core FFO per Diluted Share

$0.16

$0.14

Core AFFO per Diluted Share

$0.17

$0.18

Dividend per Diluted Share

$0.08

$0.0525

FIRST QUARTER UPDATE

  • Year-over-year Same Store multifamily Blended Net Rental Growth Rate of 2.4%.
  • Year-over-year Same Store NOI growth of 3.2%.
  • Same Store occupancy of 94.0% (95.3% excluding Liberty Towers).
  • $45 million of non-strategic assets sold year to date, unwinding two joint ventures, with an additional $34 million under binding contract.
  • Subsequent to quarter-end, purchased our partner's interest in the Jersey City Urby joint venture, eliminating the Company's largest remaining unconsolidated joint venture for $38.5 million, rebranding the property to "Sable" and taking over management. The consolidation is expected to create over $1 million in annualized synergies.

Mahbod Nia, Chief Executive Officer, commented, "During the first quarter, Veris Residential continued to achieve strong operational results while advancing the corporate plan announced earlier this year. With a combined $79 million of non-strategic asset sales either closed or under binding contract this year, we continue to unlock value embedded within the Company, despite elevated levels of market volatility.

"In parallel, we further simplified our portfolio, consolidating our interest in the Jersey City Urby, now Sable, assuming management of the property. Leveraging the Veris Residential platform, we expect the property to realize over $1 million of annualized synergies on a run-rate basis."

SAME STORE PORTFOLIO PERFORMANCE


March 31, 2025

December 31, 2024

Change

Same Store Units

7,621

7,621

— %

Same Store Occupancy

94.0 %

93.9 %

0.1 %

Same Store Blended Rental Growth Rate (Quarter)

2.4 %

0.5 %

1.9 %

Average Rent per Home

$4,019

$4,033

(0.3) %

The following table shows Same Store performance:

($ in 000s)

Three Months Ended March 31,


2025

2024

%

Total Property Revenue

$75,761

$73,978

2.4 %

Controllable Expenses

13,046

12,607

3.5 %

Non-Controllable Expenses

11,822

12,057

(1.9) %

Total Property Expenses

24,868

24,664

0.8 %

Same Store NOI

$50,893

$49,314

3.2 %

FINANCE AND LIQUIDITY

Substantially all of the Company's debt is hedged or fixed with a weighted average effective interest rate of 4.96% and weighted average maturity of 2.8 years. Subsequent to quarter-end, the Company consolidated the mortgage on Sable and simultaneously modified it to suspend principal amortization through the remaining term.

Balance Sheet Metric ($ in 000s)

March 31, 2025

December 31, 2024

Weighted Average Interest Rate

4.96 %

4.95 %

Weighted Average Years to Maturity

2.8

3.1

TTM Interest Coverage Ratio

1.7x

1.7x

Net Debt

$1,643,411

$1,647,892

TTM EBITDA

$144,191

$140,694

TTM Net Debt to EBITDA

11.4x

11.7x

As of April 21, 2025, the Company had liquidity of approximately $146 million, including funds available on the revolver and cash on hand.

TRANSACTION ACTIVITY 

Year to date, the Company has closed on $45 million of non-strategic asset sales, including two unconsolidated joint ventures. An additional $34 million across two land parcels are under binding contract, with an expected close in the first half of 2025.    

Name ($ in 000s)

Date

Location

GAV

65 Livingston

1/24/2025

Roseland, NJ

$7,300

Wall Land

4/3/2025

Wall Township, NJ

31,000

PI - North Building (two parcels) and Metropolitan at 40 Park

4/21/2025

West New York, NJ
and Morristown, NJ

7,100

Total Assets Sold in 2025-to-date



$45,400

JV INTEREST ACQUISITION

In April 2025, the Company acquired its joint venture partner's 15% interest in the entity that owns the property now known as "Sable" at Harborside for $38.5 million, including consideration for the tax credit and termination of the management contract. The acquisition was funded through proceeds from non-strategic asset sales.

Upon closing, the Company owned 100% interest in the property, and as a result, consolidated the asset and its corresponding property-level mortgage of $181.8 million. The property-level mortgage was subsequently modified to be an interest-only mortgage.

The Company anticipates over $1 million of annualized synergies as a result of integrating the asset into the Veris platform.

SHARE BUYBACK PROGRAM

The Company announced a $100 million share repurchase program in February. No shares have been repurchased year to date.

DIVIDEND

The Company paid a dividend of $0.08 per share on April 10, 2025, for shareholders of record as of March 31, 2025.

GUIDANCE

The Company is maintaining its guidance for 2025 in accordance with the following table:

2025 Guidance Ranges

Low


High

Same Store Revenue Growth

2.1 %

—

2.7 %

Same Store Expense Growth

2.6 %

—

3.0 %

Same Store NOI Growth

1.7 %

—

2.7 %





Core FFO per Share Guidance

Low


High

Net Loss per Share

$(0.24)

—

$(0.22)

Depreciation per Share

$0.85

—

$0.85

Core FFO per Share

$0.61

—

$0.63

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for Thursday, April 24, 2025, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: http://investors.verisresidential.com.

The live conference call is also accessible by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international) and requesting the Veris Residential first quarter 2025 earnings conference call.

The conference call will be rebroadcast on Veris Residential, Inc.'s website at:
http://investors.verisresidential.com beginning at 8:30 a.m. Eastern Time on Thursday, April 24, 2025.

A replay of the call will also be accessible Thursday, April 24, 2025, through Saturday, May 25, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13751071.

Copies of Veris Residential, Inc.'s first quarter 2025 Form 10-Q and first quarter 2025 Supplemental Operating and Financial Data are available on Veris Residential, Inc.'s website under Financial Results.

In addition, once filed, these items will be available upon request from:
Veris Residential, Inc. Investor Relations Department
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311

ABOUT THE COMPANY 

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.

For additional information on Veris Residential, Inc. and our properties available for lease, please visit http://www.verisresidential.com/.  

The information in this press release must be read in conjunction with, and is modified in its entirety by, the Annual Report on Form 10-K (the "10-K") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings, available at https://investors.verisresidential.com/financial-information.

We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations, and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we may not anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.

Investors


Media

Mackenzie Rice


Amanda Shpiner/Grace Cartwright

Director, Investor Relations


Gasthalter & Co.

investors@verisresidential.com


veris-residential@gasthalter.com

 

Additional details in Company Information.

Consolidated Balance Sheet

(in thousands) (unaudited)  

 



March 31, 2025

December 31, 2024

ASSETS



Rental property



Land and leasehold interests

$456,789

$458,946

Buildings and improvements

2,627,149

2,634,321

Tenant improvements

15,067

14,784

Furniture, fixtures and equipment

113,997

112,201


3,213,002

3,220,252

Less – accumulated depreciation and amortization

(451,540)

(432,531)


2,761,462

2,787,721

Real estate held for sale, net

9,138

7,291

Net investment in rental property

2,770,600

2,795,012

Cash and cash equivalents

7,596

7,251

Restricted cash

14,512

17,059

Investments in unconsolidated joint ventures

111,607

111,301

Unbilled rents receivable, net

2,409

2,253

Deferred charges and other assets, net

43,680

48,476

Accounts receivable

1,169

1,375

Total Assets

$2,951,573

$2,982,727

LIABILITIES & EQUITY



Revolving credit facility and term loans

345,172

348,839

Mortgages, loans payable and other obligations, net

1,322,036

1,323,474

Dividends and distributions payable

8,485

8,533

Accounts payable, accrued expenses and other liabilities

40,648

42,744

Rents received in advance and security deposits

11,529

11,512

Accrued interest payable

5,232

5,262

Total Liabilities

1,733,102

1,740,364

Redeemable noncontrolling interests

9,294

9,294

Total Stockholders' Equity

1,080,486

1,099,391

Noncontrolling interests in subsidiaries:



Operating Partnership

99,814

102,588

Consolidated joint ventures

28,877

31,090

Total Noncontrolling Interests in Subsidiaries

$128,691

$133,678

Total Equity

$1,209,177

$1,233,069

Total Liabilities and Equity

$2,951,573

$2,982,727

 

Consolidated Statement of Operations

(In thousands, except per share amounts) (unaudited)



Three Months Ended March 31,


REVENUES

2025

2024


Revenue from leases

$61,965

$60,642


Management fees

718

922


Parking income

3,749

3,745


Other income

1,324

2,031


Total revenues

67,756

67,340


EXPENSES




Real estate taxes

9,212

9,177


Utilities

2,807

2,271


Operating services

10,993

12,570


Property management

4,385

5,242


General and administrative

10,068

11,088


Transaction-related costs

308

516


Depreciation and amortization

21,253

20,117


Land and other impairments, net

3,200

—


Total expenses

62,226

60,981


OTHER (EXPENSE) INCOME




Interest expense

(22,960)

(21,500)


Interest and other investment income

25

538


Equity in earnings (loss) of unconsolidated joint ventures

3,842

254


Gain (loss) on disposition of developable land

(156)

784


Gain (loss) on sale of unconsolidated joint venture interests

—

7,100


Other income (expense), net

(105)

255


Total other (expense) income, net

(19,354)

(12,569)


Income (loss) from continuing operations before income tax expense

(13,824)

(6,210)


Provision for income taxes

(42)

(59)


Income (loss) from continuing operations after income tax expense

(13,866)

(6,269)


Income (loss) from discontinued operations

136

252


Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net

—

1,548


Total discontinued operations, net

136

1,800


Net Income (loss)

(13,730)

(4,469)


Noncontrolling interest in consolidated joint ventures

2,125

495


Noncontrolling interests in Operating Partnership of loss (income) from continuing operations

998

523


Noncontrolling interests in Operating Partnership in discontinued operations

(11)

(155)


Redeemable noncontrolling interests

(81)

(297)


Net income (loss) available to common shareholders

$(10,699)

$(3,903)


Basic earnings per common share:




Net income (loss) available to common shareholders

$(0.12)

$(0.04)


Diluted earnings per common share:




Net income (loss) available to common shareholders

$(0.12)

$(0.04)


Basic weighted average shares outstanding

93,059

92,275


Diluted weighted average shares outstanding(1)

101,690

100,968



See Reconciliation to Net Income (Loss) to NOI for more details.

 

FFO, Core FFO and Core AFFO  

(in thousands, except per share/unit amounts)



Three Months Ended March 31,



2025

2024


Net loss available to common shareholders

$           (10,699)

$             (3,903)


Add/(Deduct):




Noncontrolling interests in Operating Partnership

(998)

(523)


Noncontrolling interests in discontinued operations

11

155


Real estate-related depreciation and amortization on continuing operations(2)

23,445

22,631


Real estate-related depreciation and amortization on discontinued operations

—

668


Continuing operations: Loss (gain) on sale from unconsolidated joint ventures

—

(7,100)


Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net

—

(1,548)


FFO(3)

$            11,759

$            10,380






Add/(Deduct):




Land and other impairments(4)

1,600

—


 (Gain) loss on disposition of developable land

156

(784)


Rebranding and Severance/Compensation related costs (G&A)(5)

168

1,637


Rebranding and Severance/Compensation related costs (Property Management)(6)

510

1,526


Amortization of derivative premium(7)

1,084

904


Derivative mark to market adjustment

255

—


Transaction related costs

308

516


Core FFO

$            15,840

$            14,179






Add/(Deduct):




Straight-line rent adjustments(8)

(146)

25


Amortization of market lease intangibles, net

(3)

(7)


Amortization of lease inducements

—

7


Amortization of stock compensation

3,366

3,727


Non-real estate depreciation and amortization

150

210


Amortization of deferred financing costs

1,707

1,242


Add/(Deduct):




Non-incremental revenue generating capital expenditures:




Building improvements

(3,306)

(1,040)


Tenant improvements and leasing commissions(9)

(33)

(9)


Core AFFO(3)

$            17,575

$            18,334






Funds from Operations per share/unit-diluted

$0.12

$0.10


Core Funds from Operations per share/unit-diluted

$0.16

$0.14


Core Adjusted Funds from Operations per share/unit-diluted

$0.17

$0.18


Dividends declared per common share

$0.08

$0.0525



See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.

See Consolidated Statements of Operations. 

 

Adjusted EBITDA

($ in thousands) (unaudited)



Three Months Ended March 31,



2025

2024


Core FFO (calculated on a previous page)

$             15,840

$            14,179


Deduct:




Equity in (earnings) loss of unconsolidated joint ventures

(3,842)

(459)


Equity in earnings share of depreciation and amortization

(2,343)

(2,724)


Add:




Interest expense

22,960

21,500


Amortization of derivative premium

(1,084)

(904)


Derivative mark to market adjustment

(255)

—


Recurring joint venture distributions

5,801

1,701


Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments1

(525)

(495)


Redeemable noncontrolling interests

81

297


Income tax expense

43

82


Adjusted EBITDA

$             36,675

$            33,177






See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.  

See Non-GAAP Financial Definitions.














1

See Annex 7 for breakout of Noncontrolling interests in consolidated joint ventures.

 

Components of Net Asset Value

($ in thousands)

 


Real Estate Portfolio


Other Assets







Operating Multifamily NOI1

 Total 

 At Share 


Cash and Cash Equivalents

$7,596

New Jersey Waterfront

$169,460

$145,268


Restricted Cash

14,512

Massachusetts

26,220

26,220


Other Assets

47,258

Other

31,920

24,566


Subtotal Other Assets

$69,366

Total Multifamily NOI

$227,600

$196,054




Commercial NOI2

2,380

1,949


Liabilities and Other
Considerations


Total NOI

$229,980

$198,003








Operating - Consolidated Debt at Share3

$1,440,886

Non-Strategic Assets


Operating - Unconsolidated Debt at Share3

129,442



Other Liabilities

65,894

Estimated Value of Land Under Binding Contract

$34,250


Revolving Credit Facility3

161,000

Estimated Value of Remaining Land

115,194


Term Loan

200,000

Total Non-Strategic Assets4

$149,444


Preferred Units

9,294




Subtotal Liabilities and Other
Considerations

$2,006,516











Outstanding Shares5












Diluted Weighted Average Shares
Outstanding for 1Q 2025  (in 000s)

102,066




















1

See Multifamily Operating Portfolio for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized.

2

See Commercial Assets and Developable Land for more details.

3

See Debt Summary and Maturity Schedule for pro forma reconciliation.

4

The land values are VRE`s share of value. Wall Land, PI North - Buillding 6 and Riverbend I parcels were removed from the totals as the sales of these assets closed in April 2025. Estimated value of land under binding contract reflects two land parcels (PI South - Building 2 and 1 Water Street) and the value VRE expects to receive upon completion of the sale. For more details on unit change see Commercial Assets and Developable Land.

5

Outstanding shares for the quarter ended March 31, 2025 is comprised of the following (in 000s): 93,059 weighted average common shares outstanding, 8,631 weighted average Operating Partnership common and vested LTIP units outstanding, and 377 shares representing the dilutive effect of stock-based compensation awards.



See Non-GAAP Financial Definitions.

           

Multifamily Operating Portfolio

(in thousands, except Revenue per home)



Operating Highlights






Percentage

Occupied

Average Revenue

per Home

NOI1

Debt

Balance


Ownership

Apartments

1Q 2025

4Q 2024

1Q 2025

4Q 2024

1Q 2025

4Q 2024

NJ Waterfront










Haus25

100.0 %

750

95.6 %

95.3 %

$4,969

$4,986

$8,195

$7,803

$343,061

Liberty Towers*

100.0 %

648

80.5 %

85.6 %

4,428

4,319

4,289

4,543

—

BLVD 401

74.3 %

311

95.0 %

95.7 %

4,272

4,309

2,431

2,428

115,010

BLVD 425

74.3 %

412

95.9 %

95.6 %

4,143

4,175

3,426

3,246

131,000

BLVD 475

100.0 %

523

96.4 %

94.4 %

4,235

4,201

4,197

4,100

163,844

Soho Lofts*

100.0 %

377

94.2 %

94.7 %

4,828

4,860

3,232

3,258

—

Sable (f.k.a. Jersey City Urby)2

85.0 %

762

94.5 %

94.4 %

4,223

4,322

5,879

6,455

181,810

RiverHouse 9 at Port Imperial

100.0 %

313

96.4 %

95.4 %

4,493

4,516

2,715

2,674

110,000

RiverHouse 11 at Port Imperial

100.0 %

295

95.8 %

96.3 %

4,391

4,405

2,527

2,479

100,000

RiverTrace

22.5 %

316

94.2 %

94.4 %

3,808

3,851

2,151

2,243

82,000

Capstone

40.0 %

360

95.6 %

95.1 %

4,603

4,590

3,323

3,243

135,000

NJ Waterfront Subtotal

85.0 %

5,067

93.4 %

93.8 %

$4,430

$4,441

$42,365

$42,472

$1,361,725

Massachusetts










Portside at East Pier

100.0 %

180

96.4 %

95.2 %

$3,283

$3,265

$1,156

$1,207

$56,500

Portside 2 at East Pier

100.0 %

296

95.8 %

93.9 %

3,502

3,425

2,115

2,070

95,022

145 Front at City Square*

100.0 %

365

94.8 %

94.0 %

2,513

2,524

1,636

1,549

—

The Emery at Overlook Ridge

100.0 %

326

93.9 %

92.9 %

2,845

2,865

1,648

1,699

70,279

Massachusetts Subtotal

100.0 %

1,167

95.0 %

93.9 %

$2,975

$2,962

$6,555

$6,525

$221,801

Other










The Upton

100.0 %

193

93.3 %

91.4 %

$4,355

$4,411

$1,290

$1,238

$75,000

The James*

100.0 %

240

97.8 %

95.8 %

3,074

3,168

1,570

1,447

—

Signature Place*

100.0 %

197

95.7 %

96.5 %

3,350

3,312

1,101

1,050

—

Quarry Place at Tuckahoe

100.0 %

108

96.8 %

95.8 %

4,406

4,368

798

821

41,000

Riverpark at Harrison

45.0 %

141

97.6 %

95.7 %

2,857

2,995

568

626

30,192

Metropolitan at 40 Park3

25.0 %

130

94.0 %

93.7 %

3,800

3,741

798

771

34,100

Station House

50.0 %

378

93.2 %

91.8 %

2,909

2,989

1,855

2,005

86,812

Other Subtotal

73.8 %

1,387

95.2 %

94.0 %

$3,396

$3,442

$7,980

$7,958

$267,104

Operating Portfolio45

85.2 %

7,621

94.0 %

93.9 %

$4,019

$4,033

$56,900

$56,955

$1,850,630














1

The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities.

2

Subsequent to quarter-end, purchased  joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".

3

On April 21, 2025, the Company sold its interests in the Metropolitan joint venture.

4

Rental revenue associated with retail leases is included in the NOI disclosure above.

5

See Unconsolidated Joint Ventures and Annex 6: Multifamily Operating Portfolio for more details.

*Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility.



See Non-GAAP Financial Definitions.

 

Commercial Assets and Developable Land

($ in thousands)

 


Commercial

Location

Ownership

Rentable

SF1

Percentage

Leased

1Q 2025

Percentage

Leased

4Q 2024

NOI

1Q 2025

NOI

4Q 2024

Debt

Balance

Port Imperial South - Garage

Weehawken, NJ

70.0 %

Fn 1

N/A

N/A

$413

$537

$30,957

Port Imperial South - Retail

Weehawken, NJ

70.0 %

18,064

77.0 %

92.0 %

112

147

—

Port Imperial North - Garage

Weehawken, NJ

70.0 %

Fn 1

N/A

N/A

(54)

25

—

Port Imperial North - Retail

Weehawken, NJ

100.0 %

8,400

100.0 %

100.0 %

89

(275)

—

Riverwalk at Port Imperial

West New York, NJ

100.0 %

29,923

80.0 %

80.0 %

35

61

—

Commercial Total



56,387

82.0 %

86.8 %

$595

$495

$30,957

Shops at 40 Park2

Morristown, NJ

N/A

N/A

N/A

69.0 %

—

68

—

Commercial Total with Shops at 40 Park




82.0 %

78.4 %

$595

$563

$30,957

 

Developable Land Parcel Units3




Total Units

VRE Share

NJ Waterfront

1,522

1,400

Massachusetts

737

737

Other

459

459

Developable Land Parcel Units Total at April 22, 20254

2,718

2,596

Less: land under binding contract

544

422

Developable Land Parcel Units Remaining

2,174

2,174














1

Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively.

2

The Company`s joint venture sold the Shops at 40 Park retail property on October 22, 2024.

3

The Company has an additional 34,375 SF of developable retail space within land developments that is not represented in this table.

4

Includes the impact of the three land parcels that sold in April 2025.

 

Same Store Market Information1


Sequential Quarter Comparison

(NOI in thousands)














NOI at Share

Occupancy

Blended Lease Tradeouts2


Apartments

1Q 2025

4Q 2024

Change

1Q 2025

4Q 2024

Change

1Q 2025

4Q 2024

Change

New Jersey Waterfront

5,067

$37,673

$37,733

(0.2) %

93.4 %

93.8 %

(0.3) %

2.4 %

1.2 %

1.2 %

Massachusetts

1,167

6,816

6,787

0.4 %

95.0 %

93.9 %

1.2 %

2.5 %

— %

2.5 %

Other3

1,387

6,404

6,299

1.7 %

95.2 %

94.0 %

1.1 %

2.6 %

(1.7) %

4.3 %

Total

7,621

$50,893

$50,819

0.1 %

94.0 %

93.9 %

0.1 %

2.4 %

0.5 %

1.9 %

 

Year-over-Year First Quarter Comparison

(NOI in thousands)














NOI at Share

Occupancy

Blended Lease Tradeouts2 


Apartments

1Q 2025

1Q 2024

Change

1Q 2025

1Q 2024

Change

1Q 2025

1Q 2024

Change

New Jersey Waterfront

5,067

$37,673

$36,698

2.7 %

93.4 %

94.2 %

(0.8) %

2.4 %

4.1 %

(1.7) %

Massachusetts

1,167

6,816

6,520

4.5 %

95.0 %

95.1 %

(0.1) %

2.5 %

2.9 %

(0.4) %

Other3

1,387

6,404

6,096

5.1 %

95.2 %

92.7 %

2.7 %

2.6 %

4.8 %

(2.2) %

Total

7,621

$50,893

$49,314

3.2 %

94.0 %

94.1 %

(0.1) %

2.4 %

4.6 %

(2.2) %

 

Average Revenue per Home



Apartments

1Q 2025

4Q 2024

3Q 2024

2Q 2024

1Q 2024

New Jersey Waterfront

5,067

$4,430

$4,441

$4,371

$4,291

$4,274

Massachusetts

1,167

2,975

2,962

2,946

2,931

2,893

Other3

1,387

3,396

3,442

3,421

3,411

3,374

Total

7,621

$4,019

$4,033

$3,980

$3,923

$3,899














1

All statistics are based off the current 7,621 Same Store pool.

2

Blended lease tradeouts exclude properties not managed by Veris.

3

"Other" includes properties in Suburban NJ, New York, and Washington, DC. See Multifamily Operating Portfolio for breakout.



See Non-GAAP Financial Definitions.

 

Same Store Performance 

 ($ in thousands)

 


Multifamily Same Store1












Three Months Ended March 31,



Sequential


2025

2024

Change

%



1Q25

4Q24

Change

%

Apartment Rental Income

$68,679

$66,701

$1,978

3.0 %



$68,679

$69,149

$(470)

(0.7) %

Parking/Other Income

7,082

7,277

(195)

(2.7) %



7,082

7,226

(144)

(2.0) %

Total Property Revenues2

$75,761

$73,978

$1,783

2.4 %



$75,761

$76,375

$(614)

(0.8) %

Marketing & Administration

2,145

2,138

7

0.3 %



2,145

2,618

(473)

(18.1) %

Utilities

3,244

2,570

674

26.2 %



3,244

2,278

966

42.4 %

Payroll

4,291

4,295

(4)

(0.1) %



4,291

4,525

(234)

(5.2) %

Repairs & Maintenance

3,366

3,604

(238)

(6.6) %



3,366

4,486

(1,120)

(25.0) %

Controllable Expenses

$13,046

$12,607

$439

3.5 %



$13,046

$13,907

$(861)

(6.2) %

Other Fixed Fees

725

712

13

1.8 %



725

719

6

0.8 %

Insurance

1,467

1,779

(312)

(17.5) %



1,467

1,388

79

5.7 %

Real Estate Taxes

9,630

9,566

64

0.7 %



9,630

9,542

88

0.9 %

Non-Controllable Expenses

$11,822

$12,057

$(235)

(1.9) %



$11,822

$11,649

$173

1.5 %

Total Property Expenses

$24,868

$24,664

$204

0.8 %



$24,868

$25,556

$(688)

(2.7) %

Same Store GAAP NOI

$50,893

$49,314

$1,579

3.2 %



$50,893

$50,819

$74

0.1 %












Same Store NOI Margin

67.2 %

66.7 %

0.5 %




67.2 %

66.5 %

0.7 %


Total Units

7,621

7,621





7,621

7,621



% Ownership

85.2 %

85.2 %





85.2 %

85.2 %



% Occupied

94.0 %

94.1 %

(0.1) %




94.0 %

93.9 %

0.1 %















1

Values represent the Company's pro rata ownership of the operating portfolio. All periods displayed have the same properties in the pool.

2

Revenues reported based on Generally Accepted Accounting Principals or "GAAP".

 

Debt Profile

($ in thousands)



Lender

Effective

Interest Rate(1)

March 31, 2025

December 31, 2024

Date of

Maturity

Secured Permanent Loans






Portside 2 at East Pier

New York Life Insurance Co.

4.56 %

95,022

95,427

03/10/26

BLVD 425

New York Life Insurance Co.

4.17 %

131,000

131,000

08/10/26

BLVD 401

New York Life Insurance Co.

4.29 %

115,010

115,515

08/10/26

Portside at East Pier(2)

KKR

SOFR + 2.75%

56,500

56,500

09/07/26

The Upton(3)

Bank of New York Mellon

SOFR + 1.58%

75,000

75,000

10/27/26

RiverHouse 9 at Port Imperial(4)

JP Morgan

SOFR + 1.41%

110,000

110,000

06/21/27

Quarry Place at Tuckahoe

Natixis Real Estate Capital, LLC

4.48 %

41,000

41,000

08/05/27

BLVD 475

The Northwestern Mutual Life Insurance Co.

2.91 %

163,844

164,712

11/10/27

Haus25

Freddie Mac

6.04 %

343,061

343,061

09/01/28

RiverHouse 11 at Port Imperial

The Northwestern Mutual Life Insurance Co.

4.52 %

100,000

100,000

01/10/29

Port Imperial Garage South

American General Life & A/G PC

4.85 %

30,957

31,098

12/01/29

The Emery at Overlook Ridge(5)

Flagstar Bank

3.21 %

70,279

70,653

01/01/31

Secured Permanent Loans Outstanding



$1,331,673

$1,333,966


Unamortized Deferred Financing Costs



(9,637)

(10,492)


Secured Permanent Loans



$1,322,036

$1,323,474


Secured RCF & Term Loans:






Revolving Credit Facility(6)

Various Lenders

SOFR + 2.73%

$148,000

$152,000

04/22/27

Term Loan(6)

Various Lenders

SOFR + 2.73%

200,000

200,000

04/22/27

RCF & Term Loan Balances



$348,000

$352,000


Unamortized Deferred Financing Costs



(2,828)

(3,161)


Total RCF & Term Loan Debt



$345,172

$348,839


Total Debt



$1,667,208

$1,672,313



See to Debt Profile Footnotes.

 

Debt Summary and Maturity Schedule

($ in thousands)  

Nearly all of the Company's total pro forma debt portfolio (consolidated and unconsolidated) is hedged or fixed. The Company's total pro forma debt portfolio has a weighted average interest rate of 4.96% and a weighted average maturity of 2.8 years.

                            


Balance

%

of Total

Weighted Average

Interest Rate

Weighted Average

Maturity in Years

Fixed Rate & Hedged Debt





Fixed Rate & Hedged Secured Debt

$1,679,673

100.0 %

5.05 %

2.51

Variable Rate Debt





Variable Rate Debt

—

— %

— %

—

Totals / Weighted Average

$1,679,673

100.0 %

5.05 %

2.51

Unamortized Deferred Financing Costs

(12,465)




Total Consolidated Debt, net

$1,667,208




Partners' Share

(72,597)




VRE Share of Total Consolidated Debt, net1

$1,594,611









Unconsolidated Secured Debt





VRE Share

$292,506

53.2 %

4.71 %

3.80

Partners' Share

257,408

46.8 %

4.71 %

3.80

Total Unconsolidated Secured Debt

$549,914

100.0 %

4.71 %

3.80






Pro Forma Debt Portfolio





Fixed Rate & Hedged Secured Debt

$1,920,328

99.4 %

4.94 %

2.84

Variable Rate Secured Debt

11,000

0.6 %

7.04 %

2.06

Total Pro Forma Debt Portfolio

$1,931,328

100.0 %

4.96 %

2.83

 

Debt Maturity Schedule as of March 31, 202523



2025

2026

2027

2028

2029

2030

2031

Secured Debt


473

315

343

131


70

Term Loan




200




Revolver




148




Unused Revolver Capacity




152




 


Pro Forma

Total Consolidated Debt, gross on 3/31/25

1,679,673

Partners' Share

(72,597)

VRE Share of Total Consolidated Debt, as of 3/31/25

1,607,076

Net Revolver activity in April

13,000

Consolidation of debt associated with JV interest acquisition

181,810

VRE Share of Total Consolidated Debt, as of 4/21/25

1,800,886



VRE Share of Unconsolidated Secured Debt, on 3/31/25

292,506

Consolidation of debt associated with JV interest acquisition

(154,539)

Disposition of our interest in Metropolitan at 40 Park joint venture

(8,525)

VRE Share of Total Unconsolidated Debt, on 4/21/25

129,442



Total Pro Forma Debt Portfolio

1,931,328














1

Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $29.6 million at BLVD 401 and $9.3 million at Port Imperial South Garage.

2

The Term Loan, Revolver and Unused Revolver Capacity are shown with the one-year extension option utilized on the facilities. At quarter end, the Term Loan was fully drawn and hedged with an interest-rate cap with a strike rate of 3.5%, expiring July 2026. The Revolver is fully hedged with an interest-rate cap of 3.5%, expiring in June 2025.

3

The graphic reflects consolidated debt balances only. Dollars are shown in millions.

 

Annex 1: Transaction Activity

($ in thousands except per SF)



Location

Transaction Date

Number of
Buildings

Units

Gross Asset Value

2025 dispositions-to-date






Land






65 Livingston

Roseland, NJ

1/24/2025

N/A

N/A

$7,300

Wall Land

Wall Township, NJ

4/3/2025

N/A

N/A

31,000

PI North - Building 6 and Riverbend I

West New York, NJ

4/21/2025

N/A

N/A

6,500




Land dispositions-to-date

$44,800

Multifamily






Metropolitan at 40 Park

Morristown, NJ

4/21/2025

1

130

$600




Multifamily dispositions-to-date

$600




Total dispositions-to-date

$45,400

Land Under Binding Contract






1 Water Street

White Plains, NY

N/A

N/A

N/A


PI South - Building 2

Weehawken, NJ

N/A

N/A

N/A








2025 Acquisitions-to-Date






Multifamily






Sable (f.k.a Jersey City Urby)

Jersey City, NJ

4/21/2025

1

762

$38,5001




Multifamily acquisitions-to-date

$38,500














1

Represents gross value associated with the purchase of our partner`s equity interest in the Jersey City property now known as Sable.

 

Annex 2: Reconciliation of Net Income (loss) to NOI (three months ended)



1Q 2025


4Q 2024


Total


Total

Net Income (loss)

$                 (13,730)


$                 (14,023)

Deduct:




Management fees

(718)


(751)

Loss (income) from discontinued operations

(136)


1,015

Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairment, net

—


(1,899)

Interest and other investment income

(25)


(111)

Equity in (earnings) loss of unconsolidated joint ventures

(3,842)


(1,015)

(Gain) loss on disposition of developable land

156


—

Gain on sale of unconsolidated joint venture interests

—


154

Other (income) expense, net

105


396

Add:




Property management

4,385


3,877

General and administrative

10,068


10,040

Transaction-related costs

308


159

Depreciation and amortization

21,253


21,182

Interest expense

22,960


23,293

Provision for income taxes

42


2

Land and other impairments, net

3,200


—

Net operating income (NOI)

$                   44,026


$                   42,319





Summary of Consolidated Multifamily NOI by Type (unaudited):

1Q 2025


4Q 2024

Total Consolidated Multifamily - Operating Portfolio

$                   42,326


$                   41,612

Total Consolidated Commercial

595


495

Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests)

$                   42,921


$                   42,107

NOI (loss) from services, land/development/repurposing & other assets

1,250


398

Total Consolidated Multifamily NOI

$                   44,171


$                   42,505






See Consolidated Statement of Operations.

See Non-GAAP Financial Definitions.

 

Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes


FFO, Core FFO, AFFO, NOI, & Adjusted EBITDA


1.

Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,360 and 8,418 shares for the three months ended March 31, 2025 and 2024, respectively, plus dilutive Common Stock Equivalents (i.e. stock options).

2.

Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interest of $2.3 million and $2.7 million for the three months ended March 31, 2025 and 2024, respectively. Excludes non-real estate-related depreciation and amortization of $0.2 million and $0.2 million for each of the three months ended March 31, 2025 and 2024.

3.

Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (Nareit). See Non-GAAP Financial Definitions for information About FFO, Core FFO, AFFO, NOI & Adjusted EBITDA.

4.

Represents the Company`s controlling interest portion of $3.2 million land and other impairment charge.

5.

Accounting for the impact of Severance/Compensation related costs, General and Administrative expense was $9.9 million and $9.6 million for the three months ended March 31, 2025 and 2024, respectively.

6.

Accounting for the impact of Severance/Compensation related costs, Property Management expense was $3.9 million and $3.7 million for the three months ended March 31, 2025 and 2024, respectively.

7.

Includes the Company's share from unconsolidated joint ventures of $12 thousand and $19 thousand for the three months ended March 31, 2025 and 2024, respectively.

8.

Includes the Company's share from unconsolidated joint ventures of $10 thousand for each of the three months ended March 31, 2025 and 2024.

9.

Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.



Back to Consolidated Statement of Operations.

Back to FFO, Core FFO and Core AFFO.

Back to Adjusted EBITDA.

 

Annex 4: Unconsolidated Joint Ventures

($ in thousands)

 


Property

Units

Percentage

Occupied

VRE's Nominal

Ownership1

1Q 2025

NOI2

Total

Debt

VRE Share

of 1Q NOI

VRE Share

of Debt

Multifamily








Sable (f.k.a Jersey City Urby)3

762

94.5 %

85.0 %

$5,879

$181,810

$4,997

$154,539

RiverTrace at Port Imperial

316

94.2 %

22.5 %

2,151

82,000

484

18,450

Capstone at Port Imperial

360

95.6 %

40.0 %

3,323

135,000

1,329

54,000

Riverpark at Harrison

141

97.6 %

45.0 %

568

30,192

256

13,586

Metropolitan at 40 Park4

130

94.0 %

25.0 %

798

34,100

200

8,525

Station House

378

93.2 %

50.0 %

1,855

86,812

928

43,406

Total Multifamily

2,087

94.6 %

55.0 %

$14,574

$549,914

$8,193

$292,506

Total UJV

2,087

94.6 %

55.0 %

$14,574

$549,914

$8,193

$292,506






















1

Amounts represent the Company's share based on ownership percentage.

2

The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities.

3

Subsequent to quarter-end, purchased  joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".

4

On April 21,  the Company sold its interests in the Metropolitan joint venture.

 

Annex 5: Debt Profile Footnotes



1.

Effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.

2.

The loan on Portside at East Pier is hedged with a 3-year cap at a strike rate of 3.5%, expiring in September 2026.

3.

The loan on Upton is hedged with an interest rate cap at a strike rate of 3.5%, expiring in November 2026.

4.

The loan on RiverHouse 9 is hedged with an interest rate cap at a strike rate of 3.5%, expiring in July 2026.

5.

Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time interest rate election of either: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.

6.

The Company's facilities consist of a $300 million Revolver and $200 million delayed-draw Term Loan and are supported by a group of eight lenders. The eight lenders consists of JP Morgan Chase and Bank of New York Mellon as Joint Bookrunners; Bank of America Securities, Capital One, Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers; and Associated Bank and Eastern Bank as participants. The facilities have a three-year term ending April 22, 2027,  with a one-year extension option. The Term Loan was fully drawn and hedged with interest rate caps at strike rates of 3.5%, expiring in July 2026. As of March 31, 2025, the balance outstanding under the Revolver was $148 million, of which was fully hedged with an interest rate cap at a strike rate of 3.5%, expiring in June 2025.

                                       


Balance as of
March 31, 2025

Initial
Spread

Deferred
Financing
Costs

5 bps
reduction
KPI

Updated
Spread

SOFR or
SOFR Cap

All In
Rate

Secured Revolving Credit Facility

$148,000,000

2.10 %

0.68 %

(0.05) %

2.73 %

3.50 %

6.23 %

Secured Term Loan

$200,000,000

2.10 %

0.68 %

(0.05) %

2.73 %

3.50 %

6.23 %


Back to Debt Profile.

 

Annex 6: Multifamily Property Information



Location

Ownership

Apartments

Rentable SF1

Average Size

Year Complete

NJ Waterfront







Haus25

Jersey City, NJ

100.0 %

750

617,787

824

2022

Liberty Towers

Jersey City, NJ

100.0 %

648

602,210

929

2003

BLVD 401

Jersey City, NJ

74.3 %

311

273,132

878

2016

BLVD 425

Jersey City, NJ

74.3 %

412

369,515

897

2003

BLVD 475

Jersey City, NJ

100.0 %

523

475,459

909

2011

Soho Lofts

Jersey City, NJ

100.0 %

377

449,067

1,191

2017

Sable (f.k.a Jersey City Urby)2

Jersey City, NJ

85.0 %

762

474,476

623

2017

RiverHouse 9 at Port Imperial

Weehawken, NJ

100.0 %

313

245,127

783

2021

RiverHouse 11 at Port Imperial

Weehawken, NJ

100.0 %

295

250,591

849

2018

RiverTrace

West New York, NJ

22.5 %

316

295,767

936

2014

Capstone

West New York, NJ

40.0 %

360

337,991

939

2021

NJ Waterfront Subtotal


85.0 %

5,067

4,391,122

867


Massachusetts







Portside at East Pier

East Boston, MA

100.0 %

180

154,859

862

2015

Portside 2 at East Pier

East Boston, MA

100.0 %

296

230,614

779

2018

145 Front at City Square

Worcester, MA

100.0 %

365

304,936

835

2018

The Emery at Overlook Ridge

Revere, MA

100.0 %

326

273,140

838

2020

Massachusetts Subtotal


100.0 %

1,167

963,549

826


Other







The Upton

Short Hills, NJ

100.0 %

193

217,030

1,125

2021

The James

Park Ridge, NJ

100.0 %

240

215,283

897

2021

Signature Place

Morris Plains, NJ

100.0 %

197

203,716

1,034

2018

Quarry Place at Tuckahoe

Eastchester, NY

100.0 %

108

105,551

977

2016

Riverpark at Harrison

Harrison, NJ

45.0 %

141

124,774

885

2014

Metropolitan at 40 Park3

Morristown, NJ

25.0 %

130

124,237

956

2010

Station House

Washington, DC

50.0 %

378

290,348

768

2015

Other Subtotal


73.8 %

1,387

1,280,939

924


Operating Portfolio4


85.2 %

7,621

6,635,610

871




Back to Multifamily Operating Portfolio.















1

Total sf outlined above excludes approximately 191,838 sqft of ground floor retail, of which 149,497 sf was leased as of March 31, 2025. 

2

Subsequent to quarter-end, purchased  joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable".

3

On April 21, the Company sold the Metropolitan joint venture.

4

Rental revenue associated with retail leases is included in the NOI disclosure on the Multifamily Operating Portfolio.

 

Annex 7: Noncontrolling Interests in Consolidated Joint Ventures



Three Months Ended March 31,



2025

2024


BLVD 425

$              152

$                80


BLVD 401

(552)

(552)


Port Imperial Garage South

(82)

(26)


Port Imperial Retail South

8

34


Other consolidated joint ventures

(1,651)

(31)


Net losses in noncontrolling interests

$          (2,125)

$            (495)


Depreciation in noncontrolling interests

736

721


Funds from operations - noncontrolling interest in consolidated joint ventures

$          (1,389)

$              226


Interest expense in noncontrolling interest in consolidated joint ventures

782

788


Net operating income before debt service in consolidated joint ventures

$            (607)

$           1,014



Back to Adjusted EBITDA.

 

Non-GAAP Financial Definitions

NON-GAAP FINANCIAL MEASURES 

Included in this financial package are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a "non-GAAP financial measure," measuring Veris Residential, Inc.'s historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles ("U.S. GAAP"), within the meaning of the applicable Securities and Exchange Commission rules. Veris Residential, Inc. believes these metrics can be a useful measure of its performance which is further defined.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted "EBITDA")
The Company defines Adjusted EBITDA as Core FFO, plus interest expense, plus income tax expense, plus income (loss) in noncontrolling interest in consolidated joint ventures, and plus adjustments to reflect the entity's share of Adjusted EBITDA of unconsolidated joint ventures. The Company presents Adjusted EBITDA because the Company believes that Adjusted EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company's liquidity.

Blended Net Rental Growth Rate or Blended Lease Rate
Weighted average of the net effective change in rent (inclusive of concessions) for a lease with a new resident or for a renewed lease compared to the rent for the prior lease of the identical apartment unit.

Core FFO and Adjusted FFO ("AFFO")
Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions, and capital expenditures, (ii) straight-line rents and amortization of acquired above/below market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. Core FFO and Adjusted AFFO are presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO and Adjusted FFO are non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO and Adjusted FFO, the Company's measures of Core FFO may not be comparable to the Core FFO and Adjusted FFO reported by other REITs. A reconciliation of net income per share to Core FFO and Adjusted FFO in dollars and per share are included in the financial tables accompanying this press release.

Funds From Operations ("FFO")
FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("Nareit"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.

NOI and Same Store NOI
NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company's use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed.

Same Store NOI is presented for the same store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.

Company Information

Company Information






Corporate Headquarters

Stock Exchange Listing

Contact Information

Veris Residential, Inc.

New York Stock Exchange

Veris Residential, Inc.

210 Hudson St., Suite 400


Investor Relations Department

Jersey City, New Jersey 07311

Trading Symbol

210 Hudson St., Suite 400

(732) 590-1010

Common Shares: VRE

Jersey City, New Jersey 07311






Mackenzie Rice



Director, Investor Relations



E-Mail:  investors@verisresidential.com



Web: www.verisresidential.com







Executive Officers






Mahbod Nia

Amanda Lombard

Taryn Fielder

Chief Executive Officer

Chief Financial Officer

General Counsel and Secretary




Anna Malhari

Jeff Turkanis


Chief Operating Officer

EVP & Chief Investment Officer











Equity Research Coverage






Bank of America Merrill Lynch

BTIG, LLC

Citigroup

Jana Galan

Thomas Catherwood

Nicholas Joseph




Evercore ISI

Green Street Advisors

JP Morgan

Steve Sakwa

John Pawlowski

Anthony Paolone




Truist



Michael R. Lewis



 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/veris-residential-inc-reports-first-quarter-2025-results-302436416.html

SOURCE Veris Residential, Inc.

FAQ

What is VRE's Same Store NOI growth for Q1 2025?

Veris Residential reported a Same Store NOI growth of 3.2% year-over-year in Q1 2025.

How much has VRE's dividend increased in Q1 2025?

VRE's dividend increased to $0.08 per share from $0.0525 in the previous year's quarter.

What is the status of VRE's $100 million share buyback program announced in February 2025?

No shares have been repurchased year to date under the program.

How much in non-strategic asset sales has VRE completed in 2025?

VRE has closed $45 million in non-strategic asset sales year-to-date, with an additional $34 million under binding contract.

What is VRE's projected Core FFO per share guidance for 2025?

VRE projects Core FFO per share guidance of $0.61 to $0.63 for 2025.
Stock VRE logo
Veris Residential Inc

NYSE:VRE

VRE Rankings

#1464 Ranked by Market Cap
#1503 Ranked by Dividends

VRE Latest News

Apr 22, 2025
Veris Residential Consolidates Majority Stake in Jersey City Urby
Apr 4, 2025
Veris Residential, Inc. Announces Dates for First Quarter 2025 Financial Results and Webcast
Feb 27, 2025
Veris Residential Declares Quarterly Cash Dividend
Feb 24, 2025
Veris Residential, Inc. Reports Fourth Quarter and Full Year 2024 Results
Feb 18, 2025
Veris Residential Announces Tax Treatment of 2024 Distributions

VRE Stock Data

1.42B
78.11M
9.44%
101.7%
2.5%
REIT - Residential
Real Estate Investment Trusts
Link
United States
JERSEY CITY