Veris Residential, Inc. ( (VRE) ) has released its Q4 earnings. Here is a breakdown of the information Veris Residential, Inc. presented to its investors.
Veris Residential, Inc. is a real estate investment trust (REIT) that specializes in owning, operating, and developing Class A multifamily properties in the Northeast, leveraging a technology-enabled platform to enhance resident experiences.
In its latest earnings report, Veris Residential, Inc. announced its financial results for the fourth quarter and full year of 2024, highlighting a net loss per share of $0.25 for the year, but a notable 13% increase in Core FFO per share compared to the previous year. The company also reported a significant increase in dividends and successful refinancing activities.
Key financial metrics from the report include a 7.9% growth in Normalized Same Store NOI for the year and a 4.0% blended net rental growth rate. The company also completed $223 million in non-strategic asset sales and refinanced $526 million in mortgages, effectively managing its debt profile with no maturities until 2026. Additionally, Veris Residential announced a $100 million share repurchase program funded by planned asset sales.
Looking ahead, Veris Residential plans to sell $300 to $500 million worth of assets over the next 12 to 24 months, aiming to reduce leverage below 9.0x Net Debt-to-EBITDA. The company remains focused on closing the valuation gap between its intrinsic value and current share price, with strategic asset sales and share repurchases as key initiatives.
Overall, Veris Residential’s management remains optimistic about the company’s strategic direction and financial health, despite broader economic challenges, as it continues to focus on maximizing shareholder value through strategic asset management and operational excellence.
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