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Veris Residential (VRE)
NYSE:VRE
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Earnings Data
Report Date
Feb 19, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-0.1Last Year’s EPS
0.37Same Quarter Last Year
Moderate Buy
Based on 5 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 31, 2018
|% Change Since: -4.48%
|Next Earnings Date:Aug 01, 2018
Earnings Call Sentiment|Positive
The earnings call reflected a positive sentiment with strong core FFO growth, improvements in operational metrics, and successful debt refinancing. However, challenges such as net loss per share and increased interest expenses were acknowledged. The company remains optimistic about future performance despite seasonal leasing slowdowns.Company Guidance
During the third quarter of 2024 earnings call for Veris Residential (VRE), the company announced a 17% increase in core FFO for the first nine months of the year. This was driven by a 6.7% NOI growth and a 4.8% blended net rental growth, leading to a core FFO per share of $0.17, a 42% increase from $0.12 in the same quarter of the previous year. The occupancy rate was maintained at 95.1%, with retention rising to 55% and renewal growth stable at 6.5%, outperforming the national average for new leases. Additionally, Veris refinanced $308 million in mortgages, resulting in no consolidated debt maturities until 2026. The company raised its core FFO guidance range to $0.59-$0.60 per share and improved its same-store NOI guidance to 5.4%-6.2%, reflecting favorable resolutions in noncontrollable expenses and continued rental revenue growth. The average rent per home reached nearly $4,000, with the portfolio's affordability ratio at 12%. The AI-based leasing assistant, Quinn, contributed to a 2% payroll saving and improved resident engagement, while Veris was recognized with a 5-star ESG rating and the MidCap Diversity Impact Award.Strong Core FFO Growth
Core FFO increased by 17% during the first 9 months of 2024. Core FFO per share in Q3 2024 was $0.17, a 42% increase from $0.12 in Q3 2023.
Operational Improvements and Occupancy
Portfolio maintained 95.1% occupancy with a 4.6% blended net rental growth for Q3 2024. Renewal growth remained stable at 6.5%, and new leases grew by 1.3%, above the national average of 0.9%.
Debt Refinancing and Reduced Maturities
Refinanced $308 million of mortgages, reducing property level debt with no remaining consolidated debt maturities until 2026.
ESG Recognition
Veris received its third consecutive 5-star ESG rating from GRESB and was designated as a regional listed sector leader in the residential category.
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VRE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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VRE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 30, 2024 | $16.74 | $16.39 | -2.09% |
| Jul 24, 2024 | $15.42 | $15.43 | +0.06% |
| Apr 24, 2024 | $14.88 | $14.46 | -2.82% |
| Feb 22, 2024 | $15.33 | $14.73 | -3.91% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Veris Residential (VRE) report earnings?
Veris Residential (VRE) is schdueled to report earning on Feb 19, 2025, TBA Not Confirmed.
What is Veris Residential (VRE) earnings time?
Veris Residential (VRE) earnings time is at Feb 19, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VRE EPS forecast?
VRE EPS forecast for the fiscal quarter 2024 (Q4) is -0.1.
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