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Dec 31, 2024
Veris Residentia Q4 2024 Earnings Report
Veris Residential reported its fourth quarter and full year 2024 results, highlighting strong operational performance and strategic asset sales.
Key Takeaways
Veris Residential, Inc. reported a net loss per diluted share of $(0.13) for Q4 2024, an improvement from $(0.06) in Q4 2023. Core FFO per diluted share was $0.11. The company achieved a Normalized Same Store NOI growth of 7.3% for the fourth quarter and 7.9% for the full year, alongside significant debt refinancing and non-strategic asset sales.
Net loss per share for 2024 was ($0.25), an increase of around $1 compared to full year 2023.
Grew 2024 Core FFO per share by 13% year over year, surpassing original guidance.
Normalized Same Store NOI growth of 7.9% for the full year and 7.3% for the fourth quarter.
Refinanced $526 million of mortgages, leaving no remaining consolidated debt maturities until 2026. All debt fixed or hedged.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Veris Residential anticipates continued strength in rental growth for 2025, albeit at a more moderate pace. The company plans to sell $300 million to $500 million of assets over the next 12-24 months, using proceeds to fund a share repurchase program of up to $100 million and repay debt to target leverage below 9.0x Net Debt-to-EBITDA.
Positive Outlook
- Continued strength in rental growth is expected.
- Proceeds from asset sales will fund a share repurchase program.
- Debt repayment will de-lever the Company to below 9.0x Net Debt-to-EBITDA.
- The company will maintain flexibility to explore all paths to maximize shareholder value.
- 2025 Core FFO per Share guidance is positive, ranging from $0.61 to $0.63.
Challenges Ahead
- Rental growth is expected to be at a more moderate pace compared to the past three years.
- The disposition pipeline of $300 million to $500 million may take 12 to 24 months to complete.
- The share repurchase program is subject to various factors including liquidity, share price, market conditions, and legal requirements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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