Veris Residential reported a positive start to the year with strong financial results, driven by operational performance and capital recycling initiatives. The company secured a new $500 million credit facility and term loan, addressing debt maturities through 2025 and raised 2024 guidance.
Sold $179 million of non-strategic assets, including the last office asset.
Secured a new $500 million revolving credit facility and term loan package.
Same Store multifamily Blended Net Rental Growth Rate of 4.6%.
Same Store NOI growth of over 14% YOY and 4% sequentially.
As a result of the anticipated earnings impact of the Company`s new credit facilities and associated debt reduction, the Company is raising its Core FFO per Share guidance.
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