- Veris Residential (VRE, Financial) reports a 3.2% year-over-year same-store NOI growth for Q1 2025.
- Core FFO per share increased to $0.16 from $0.14 year-over-year.
- The company achieved $45 million in non-strategic asset sales and has an additional $34 million under contract.
Veris Residential, Inc. (VRE), a leading multifamily REIT, has reported mixed financial results for the first quarter of 2025. The company saw a net loss per diluted share widen to $(0.12) from $(0.04) in Q1 2024. However, Core Funds from Operations (FFO) per diluted share improved year-over-year, rising to $0.16 from $0.14.
Operationally, Veris demonstrated strong performance with a same-store Net Operating Income (NOI) growth of 3.2% compared to the previous year. This growth was driven by a 2.4% increase in revenue that outpaced the modest expense growth of 0.8%. The company's same-store occupancy rate was relatively stable at 94.0%, showing slight improvement from 93.9% at the end of 2024.
Veris Residential continues to execute its portfolio optimization strategy, completing $45 million in non-strategic asset sales year-to-date, with an additional $34 million under binding contract. A notable strategic transaction was the acquisition of a 15% interest in the property formerly known as Jersey City Urby (now branded as "Sable") for $38.5 million. This consolidation is expected to generate over $1 million in annualized synergies.
The company maintained its financial guidance for 2025 with projected same-store NOI growth of 1.7% to 2.7% and Core FFO per share guidance between $0.61 and $0.63. Despite facing a widened net loss, Veris increased its quarterly dividend by 52.4% to $0.08 per share, up from $0.0525 in the previous year. Additionally, while a $100 million share repurchase program was announced in February 2025, no shares have been repurchased to date.
Veris Residential remains well-positioned financially, with $146 million in liquidity and a portfolio primarily comprising fixed or hedged debt, featuring a weighted average interest rate of 4.96% and an average maturity of 2.8 years.
