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Mar 31, 2023
Veris Residentia Q1 2023 Earnings Report
Veris Residentia's financial position and operational performance were detailed for Q1 2023, highlighting strategic asset sales and strong multifamily NOI growth.
Key Takeaways
Veris Residential reported a net loss per diluted share of $(0.27). However, the company experienced strong operational performance with high occupancy rates in its multifamily portfolio and a significant increase in Same Store Net Operating Income (NOI). Strategic asset sales were also a key highlight, contributing to a reduction in net-debt-to-EBITDA.
Multifamily portfolio achieved 95.9% occupancy, with Same Store portfolio at 96.0% occupancy.
Same Store Net Operating Income (NOI) for the multifamily segment increased by 15.8% compared to the same period last year.
Completed $525 million in non-strategic asset sales, including exiting the hotel segment.
Net-debt-to-EBITDA decreased to 10.3x, a significant reduction from 18.8x in the first quarter of 2022.
Revenue by Geographic Location
Forward Guidance
The report does not include any quantitative forward guidance. The report contains cautionary language regarding forward-looking statements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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