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

What is Veris Residential's gross profit margin?

Did Veris Residential beat or miss consensus estimates last quarter?

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

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

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

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

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

- **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.


Veris Residential, Inc. (VRE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VRE

VRE fundamentals

You can ask Aime