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Jun 30, 2024
Veris Residentia Q2 2024 Earnings Report
Reported strong operational and financial results, raised guidance, and strategically managed the balance sheet.
Key Takeaways
Veris Residential, Inc. reported strong second quarter 2024 results, highlighted by a Same Store multifamily Blended Net Rental Growth Rate of 5.4%, Same Store NOI growth of 7.9%, and an expanded occupancy of 100 basis points sequentially to 95.1%. The company also raised Core FFO guidance range by approximately 4% and tightened Same Store NOI guidance range by 50 basis points.
Achieved a Same Store multifamily Blended Net Rental Growth Rate of 5.4% for the quarter.
Experienced Same Store NOI growth of 7.9% year over year.
Expanded occupancy by 100 basis points sequentially to 95.1%.
Secured a new $500 million revolver and delayed-draw term loan with a three-plus-one-year term.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is raising the low end of its Same Store NOI guidance range by 50 basis points, and is maintaining the high end of the NOI guidance range. In addition, the Company is raising its Core FFO per share guidance range by $0.02.
Positive Outlook
- Favorable initial indications for insurance.
- Favorable initial indications for real estate taxes.
- Higher than projected deposit income due to higher interest rates.
- Higher than projected deposit income due to higher average cash balances.
- Recognition of successful real estate tax appeals.
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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