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Dec 31, 2023
Veris Residentia Q4 2023 Earnings Report
Reported fourth quarter and full year results, completing the transformation to a pure-play multifamily REIT.
Key Takeaways
Veris Residential, Inc. reported strong Q4 and full year 2023 results, marking the completion of its transformation into a pure-play multifamily REIT. The company grew Core FFO per share by 20% compared to last year and exceeded the upper end of NOI guidance, achieving 17.6% annual growth.
Grew Core FFO per share to $0.53, an increase of 20% compared to last year.
Achieved 17.6% annual NOI growth, exceeding the upper end of guidance.
Improved NOI margin to 64% from 62% in 2022.
Sold over $700 million of non-strategic assets since the beginning of 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Veris Residential established its 2024 guidance ranges, anticipating continued positive growth.
Positive Outlook
- Same Store Revenue Growth: 4.0% - 5.0%
- Same Store Expense Growth: 5.0% - 6.0%
- Same Store NOI Growth: 2.5% - 5.0%
- Net Loss per Share: $(0.40) - $(0.35)
- Core FFO per Share: $0.48 - $0.53
Challenges Ahead
- Potential market fluctuations
- Unspecified risks associated with achieving positive growth
- Dependence on operational outperformance
- Expense growth is expected to be higher than revenue growth
- Net loss per share is still expected
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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