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.
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.
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