Veris Residential reports Q3 core FFO 17c, consensus 12c

Reports Q3 revenue $68.18B, consensus $66.17M. Reports Q3 core AFFO 19c vs. 15c a year ago. CEO Mahbod Nia commented, “Our portfolio continues to exhibit strong revenue growth, underpinned by robust demand for our premium properties and limited new supply in our key markets. I am extremely proud of the work our teams have done to mitigate controllable expense growth during a period of elevated inflation. These efforts, combined with a better than expected resolution of our non-controllable expenses last quarter, drove a substantial 17% year-over-year increase in Core FFO per share during the first nine months of the year, further improving our operating margin to 66.8% and allowing us to once again raise guidance.”