Veris Residential Inc (VRE, Financial) released its Q3 2023 earnings report on October 25, 2023. The company reported a net loss per diluted share of $(0.60), a decrease from the $(0.30) reported in the previous quarter. The Core FFO per diluted share stood at $0.12, down from $0.16 in Q2 2023. The company's total debt increased to $1.9 billion from $1.8 billion in the previous quarter.
Financial Performance
The company's total equity decreased to $1.7 billion in Q3 2023 from $2.2 billion in the previous quarter. The total capitalization also decreased to $3.7 billion from $4.0 billion in Q2 2023. The company's net debt increased to $1.9 billion from $1.4 billion in the previous quarter. The annualized Adjusted EBITDA was $144,227, down from $163,113 in Q2 2023.
Key Portfolio Statistics
Veris Residential Inc (VRE, Financial) reported that its multifamily portfolio operating units remained unchanged at 7,681 units. The physical occupancy rate was 95.3%, slightly down from 95.6% in the previous quarter. The same-store units remained unchanged at 6,691 units, with the same-store occupancy rate slightly down to 95.5% from 95.7% in Q2 2023. The average rent per home increased to $3,809 from $3,734 in the previous quarter.
Balance Sheet Overview
As of September 30, 2023, the company's total assets stood at $3.3 billion, down from $3.9 billion as of December 31, 2022. The total liabilities and equity also decreased to $3.3 billion from $3.9 billion over the same period. The company's total liabilities stood at $2.0 billion, down from $2.1 billion as of December 31, 2022. The total equity decreased to $1.3 billion from $1.4 billion over the same period.
Same Store Performance
The company's total property revenues (GAAP) for Q3 2023 stood at $61.5 million, up 10.5% from the same period in 2022. The total property expenses for the same period were $22.1 million, up 0.4% from the same period in 2022. The same-store GAAP NOI for Q3 2023 was $39.4 million, up 17.1% from the same period in 2022.
Despite the challenging market conditions, Veris Residential Inc (VRE, Financial) continues to maintain a strong balance sheet and remains committed to delivering value to its shareholders.
Explore the complete 8-K earnings release (here) from Veris Residential Inc for further details.
