What factors drove the changes in Veris Residential's revenue and profit?

What guidance did Veris Residential's management provide for the next earnings period?

What does Veris Residential do and what are its main business segments?

What is the revenue and EPS growth rate for Veris Residential year over year?

What is Veris Residential's gross profit margin?

What were the key takeaways from Veris Residential’s earnings call?

What is the market's earnings forecast for Veris Residential next quarter?

Did Veris Residential beat or miss consensus estimates last quarter?

- **Asset sales overachieve**: $542M sold/closed vs. $300-500M target, raising to $650M.
- **Debt deleveraging**: Net debt/EBITDA 10x (down 14.5% YTD), targeting below 8x by end-2026.
- **Market strength**: 3.9% rental growth, 95.8% occupancy in resilient Northeast markets.
- **Financial outperformance**: Core FFO guidance raised to $0.67-$0.68 (+12-13% YoY), 1.9% expense growth below inflation.
- **Strategic flexibility**: $274M liquidity, potential share buybacks after deleveraging.

**【CEO Summary Section】**
- Exceeded non-strategic asset sales target, raising 2025 target to $650 million (vs. initial $300-500M), with $542M sold/closed to date.
- Harborside 8/9 sale expected to close early 2026, reducing net debt-to-EBITDA to ~9x and potentially below 8x by end-2026.
- Northeast markets outperforming: NYC rental growth 4.8% YoY, Jersey City waterfront 3% blended growth, 95.8% occupancy.
- GRESB score improved to 90 (5-star rating), #1 in peer group.

**【COO Operational Update】**
- Same-store blended net rental growth 3.9% Q3, 3.5% YTD, vs. national average 2.3%.
- 95.8% occupancy (excl. Liberty Towers), 61% tenant retention rate.
- $4,255 avg. revenue per home, 40% premium vs. peers; 55% new move-ins from out-of-state.
- Technology investments (PRISM) drive 1.9% YTD controllable expense growth below inflation.

**【CFO Financial Highlights】**
- Core FFO per share $0.20 (Q3), up $0.03 QoQ; raised 2025 guidance to $0.67-$0.68 (+12-13% YoY).
- Debt reduction: $394M repayments, weighted avg. coupon 4.8%, liquidity $274M.
- Same-store NOI growth 1.6% YTD, -2.7% Q3 (due to tax increases, lapping 2024 expense benefits).
- Controllable expenses +1.9% YTD, offset by 20% property insurance savings.

**【Q&A Key Highlights】**
- Buyer pool improving for smaller assets ($200M+), driven by lower front-end rates (10Y ~4%).
- Share buybacks ($100M authorized) prioritized after deleveraging to 8x net debt/EBITDA.
- Core-Plus capital showing early interest, potentially narrowing illiquidity discount for core assets.
- 2026 outlook: 9-10x net debt/EBITDA, $0.04 FFO accretion from Harborside sale.


VRE

VRE fundamentals

You can ask Aime