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Sep 30, 2021
Veris Residentia Q3 2021 Earnings Report
Veris Residential's Q3 2021 performance reflected continued multifamily leasing activity and progress in transitioning towards a pure-play multifamily REIT.
Key Takeaways
Veris Residential reported a net loss per diluted share of ($0.33). The company continued to show strong multifamily leasing activity with 96.5% occupancy in operating multifamily portfolio. Two Waterfront office assets are under contract for a combined sales price of $590 million.
Continued strong multifamily leasing activity with 96.5% occupancy in operating multifamily portfolio as of October 24, 2021, 2.7% above pre-pandemic levels and up from 92.3% in the second quarter.
Three lease-up properties launched earlier this year were above 95% leased as of October 24, 2021
Two Waterfront office assets, totaling approximately 1.8 million square feet, are under contract for a combined sales price of $590 million, simplifying and transitioning towards a pure-play multifamily REIT
Implementing cost saving initiatives with $5 million annual run-rate saving anticipated from the end of 2021 onwards as a result of internal reorganization
Historical Earnings Impact
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Avg. Return Before/After Earnings
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