Veris Residential Inc Stock Price, News & Analysis

Veris Residential (NYSE: VRE) reported its Q4 and full-year 2024 results, highlighting significant operational improvements. The company posted a net loss per share of ($0.25) for 2024, but achieved 13% growth in Core FFO per share year-over-year. Notable achievements include a 7.9% increase in Normalized Same Store NOI for the full year and refinancing of $526 million in mortgages.

The company announced plans to sell $300-500 million in assets over the next 12-24 months, primarily from their land bank and select multifamily properties. Proceeds will fund a new $100 million share repurchase program and debt reduction, targeting leverage below 9.0x Net Debt-to-EBITDA. In 2024, VRE completed $223 million in non-strategic asset sales and increased its dividend by approximately 60% on an annualized basis.

Veris Residential (NYSE: VRE) has announced the tax treatment of its 2024 distributions. The company's total distributions amounted to $0.235 per share of common stock, distributed across four payments throughout 2024:

- January 10: $0.053 per share
- April 16: $0.053 per share
- July 16: $0.060 per share
- October 16: $0.070 per share

All distributions are classified as Return of Capital for income tax purposes, with no portions classified as ordinary dividends, capital gains, unrecaptured Section 1250 gain, or Section 199A dividends. Shareholders are advised to consult with their tax advisors regarding the specific tax treatment of these distributions.

Veris Residential (NYSE: VRE) has scheduled its fourth quarter and full year 2024 financial results announcement. The company will release its results after market close on Monday, February 24, 2025, followed by a webcast and conference call on Tuesday, February 25, 2025, at 8:30 a.m. eastern.

Investors can access the webcast through the company's website at investors.verisresidential.com/corporate-overview or join the conference call by dialing +1 (877) 451-6152 (domestic) or +1 (201) 389-0879 (international). A replay will be available until March 25, 2025, accessible via phone using +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international) with passcode 13751046, or through the company's website for one year.

Veris Residential (NYSE: VRE) has declared a quarterly cash dividend of $0.08 per common share for Q4 2024. The dividend will be paid on January 10, 2025, to shareholders of record as of December 31, 2024. As a forward-thinking, environmentally and socially conscious multifamily REIT, the company's future dividend distributions will be determined by the Board of Directors based on factors including AFFO, cash flows, taxable income requirements, and capital needs.

Veris Residential reported strong Q3 2024 results and raised its full-year guidance. The company achieved a 4.6% Same Store multifamily Blended Net Rental growth for the quarter and 8.4% year-over-year Normalized Same Store NOI growth. Notable improvements include reducing net debt by $227 million since September 2023 and refinancing $531 million of mortgage debt. The company raised its Core FFO guidance to $0.59-$0.60 and Same Store NOI guidance to 5.4%-6.2%. The portfolio maintained a 95.1% occupancy rate with an average rent per home of $3,980. The company's debt portfolio has a weighted average interest rate of 4.96% and maturity of 3.3 years.

Veris Residential, Inc. (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT focused on Class A multifamily properties, has announced the dates for its third quarter 2024 financial results release and webcast. The company will release its results after market close on Wednesday, October 30, 2024, followed by a webcast and conference call on Thursday, October 31, 2024, at 8:30 a.m. eastern.

Investors can access the webcast via the company's website or join the conference call by dialing +1 (877) 451-6152 (domestic) or +1 (201) 389-0879 (international). A replay of the call will be available until December 1, 2024, accessible through the website or by phone using the provided replay numbers and passcode 13747452.

Veris Residential (NYSE: VRE), a forward-thinking REIT focused on Class A multifamily properties, has declared a quarterly cash dividend of $0.07 per share for Q3 2024. This represents a 7% increase from the previous dividend. The dividend will be paid on October 16, 2024 to shareholders of record as of September 30, 2024. Veris Residential emphasizes its commitment to sustainability and social responsibility in its operations and property development. The company's Board of Directors considers multiple factors when determining future dividends, including AFFO, cash flows, and distribution requirements.

Veris Residential (NYSE: VRE) reported Q2 2024 results, showing robust financial and operational performance. Key metrics include a Net Income per Share of $0.03 versus a loss of $(0.30) in Q2 2023 and Core FFO per Share of $0.18, up from $0.16. Core AFFO per Share improved to $0.21 from $0.19. The company declared a quarterly dividend of $0.06 per share.

Year-to-date highlights: Same Store multifamily Blended Net Rental Growth Rate of 5.4% for the quarter and 5.0% year-to-date. Same Store NOI grew 7.9% year-over-year and 3.1% quarter-over-quarter. Occupancy increased by 100 basis points to 95.1%. Veris completed the sales of three assets for $82 million, making total non-strategic asset sales over $200 million.

Financial moves: Secured a new $500 million revolver and term loan, repaid $220 million in mortgages. Raised Core FFO guidance by 4% and NOI guidance by 50 basis points.

The company reported a 5.0% increase in Total Property Revenue to $74.7 million, while Total Property Expenses rose 19.5% to $25.8 million.

Veris Residential will announce its second quarter 2024 financial results on July 24, 2024, after the market closes. A webcast and conference call discussing these results will be held the following day, July 25, 2024, at 8:30 a.m. ET. Participants can access the webcast via the company's website, or join the conference call by dialing specified domestic and international numbers. A replay of the call will be available from July 25, 2024, at noon ET through August 25, 2024, and can be accessed via phone or the company's website.