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Dec 31, 2021
Veris Residentia Q4 2021 Earnings Report
Veris Residential's strategic shift to a pure-play multifamily REIT was highlighted by strong Q4 performance.
Key Takeaways
Veris Residential reported a net loss per diluted share of ($0.32). The multifamily portfolio was 96.4% occupied, and Same Store NOI increased by 21.0% year-over-year and 7.0% quarter-over-quarter. The company made progress in its transition to a pure-play multifamily REIT, with the multifamily portfolio accounting for 56% of Q4 NOI.
Same Store 5,499-unit operating multifamily portfolio was 96.4% occupied as of December 31, 2021, 2.8% above pre-pandemic levels.
Q4 2021 multifamily year-over-year and quarter-over-quarter Same Store NOI increased by 21.0% and 7.0%, respectively, reflecting higher occupancy, scaling back of concessions and increasing market rents during the quarter.
Multifamily portfolio accounts for 56% of Q4 NOI following $741 million of suburban office sales and the $210 million disposal of 111 River Street in Hoboken, NJ, completed in January 2022.
Corporate rebranding to Veris Residential, Inc., signifies strategic shift to environmentally- and socially-conscious multifamily REIT
Forward Guidance
The Company considers portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.
Positive Outlook
- Our future economic performance
- Plans and objectives for future operations
- Projections of revenue and other financial items
- The Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made
- For further information on factors which could impact us and the statements contained herein, see Item 1A: Risk Factors in Veris Residential, Inc.’s (“VRE”) Annual Report on Form 10-K for the year ended December 31, 2021.
Challenges Ahead
- Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate.
- The Company can give no assurance that such expectations will be achieved.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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