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Veris Residentia Q1 2025 Earnings Report
Veris Residential reported its first quarter 2025 results, highlighting strong operational performance and strategic asset sales.
Key Takeaways
Veris Residential, Inc. reported strong operational results for Q1 2025, with a year-over-year Same Store NOI growth of 3.2% and a Blended Net Rental Growth Rate of 2.4%. The company also advanced its corporate plan by selling $45 million in non-strategic assets and consolidating its interest in the Jersey City Urby joint venture, now rebranded as 'Sable', which is expected to generate over $1 million in annualized synergies.
Same Store multifamily Blended Net Rental Growth Rate increased by 2.4% year-over-year.
Same Store NOI growth was 3.2% year-over-year.
$45 million of non-strategic assets were sold year-to-date, unwinding two joint ventures.
The company acquired its partner's interest in the Jersey City Urby joint venture for $38.5 million, consolidating the asset and expecting over $1 million in annualized synergies.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Veris Residential is maintaining its full-year 2025 guidance, expecting continued growth in revenue and NOI, alongside positive Core FFO per share.
Positive Outlook
- Same Store Revenue Growth is projected to be between 2.1% and 2.7%.
- Same Store Expense Growth is projected to be between 2.6% and 3.0%.
- Same Store NOI Growth is projected to be between 1.7% and 2.7%.
- Core FFO per Share is projected to be between $0.61 and $0.63.
- Depreciation per Share is projected to be $0.85.
Challenges Ahead
- Net Loss per Share is projected to be between $(0.24) and $(0.22).
- No specific negative guidance points were highlighted beyond the net loss projection.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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