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Jun 30, 2021
Veris Residentia Q2 2021 Earnings Report
Veris Residentia's performance was marked by a net loss per share, but saw occupancy and NOI increases in the multifamily portfolio, alongside strategic asset disposals and debt management.
Key Takeaways
Veris Residential reported a net loss of $(0.81) per share, alongside a Core FFO of $0.15 per share. The operating multifamily portfolio saw an increase in occupancy to 94.4%, leading to a 1.4% sequential increase in NOI. The company completed $387 million in suburban office disposals and strengthened its balance sheet through debt redemption and repayment.
Net loss of $(0.81) per share for the second quarter 2021.
Core FFO per share was $0.15 for the second quarter 2021.
Operating multifamily portfolio occupancy increased to 94.4%.
Completed $387 million in suburban office disposals.
Forward Guidance
The company expects annual run-rate cash expense savings of $4-5 million from the end of 2021 due to internal reorganization.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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