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Mar 31, 2022
Veris Residentia Q1 2022 Earnings Report
Reported a net loss for Q1 2022 and made strategic moves in property acquisitions and disposals.
Key Takeaways
Veris Residential reported a net loss of $0.13 per diluted share for Q1 2022. The company disposed of four land parcels for $129.5 million and acquired The James for $130 million. The operating multifamily portfolio was 97.5% occupied.
Operating multifamily portfolio was 97.5% occupied as of March 31, 2022.
Same Store NOI for the operating multifamily portfolio increased by 20.0% year-over-year.
Multifamily Blended Net Rental Growth Rate was 16% during the first quarter 2022.
Acquired The James, a Class-A 240-unit property in Park Ridge, NJ for $130 million.
Forward Guidance
The company provided forward-looking statements regarding future economic performance, plans, objectives, and projections, while also acknowledging risks, trends, and uncertainties.
Positive Outlook
- The Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made
- The Company’s credit worthiness and the availability of financing on attractive terms or at all
- The Company’s ability to obtain adequate insurance, including coverage for natural disasters and terrorist acts
- Forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, leasing activities, capitalization rates and projected revenue and income
- The Company’s ability to attract, hire and retain qualified personnel
Challenges Ahead
- Risks and uncertainties affecting the general economic climate and conditions
- The value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis
Historical Earnings Impact
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Avg. Return Before/After Earnings
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