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Sep 30, 2024
Veris Residentia Q3 2024 Earnings Report
Veris Residential reported third quarter results and raised full-year 2024 guidance.
Key Takeaways
Veris Residential, Inc. reported strong revenue growth, driven by robust demand for premium properties and limited new supply in key markets, resulting in a substantial 17% year-over-year increase in Core FFO per share during the first nine months of the year. The company has raised its 2024 guidance ranges to reflect the favorable outcome of certain non-controllable expenses that were finalized in the third quarter and continued multifamily outperformance.
Same Store multifamily Blended Net Rental growth rate of 4.6% for the quarter and 4.8% year to date.
Year-over-year Normalized Same Store NOI growth of 8.4% for the third quarter and 8.0% year to date.
Reduced net debt by approximately $227 million since September 30, 2023, and refinanced $531 million of mortgage debt, leaving no remaining consolidated debt maturities until 2026.
Core FFO guidance raised by over 13% at the low end and 7% at the high end, resulting in a revised range of $0.59 - $0.60.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company has raised its 2024 guidance ranges to reflect the favorable outcome of certain non-controllable expenses that were finalized in the third quarter and continued multifamily outperformance.
Positive Outlook
- Same Store Revenue Growth: 4.6% - 5.0%
- Same Store Expense Growth: 2.5% - 3.0%
- Same Store NOI Growth: 5.4% - 6.2%
- Other FFO adjustments per share: $(0.16)
- Depreciation per Share: $0.90
Challenges Ahead
- Net Loss per Share: $(0.15) - $(0.14)
- Core FFO per Share Guidance: $0.59 - $0.60
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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