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Veris Residential (VRE) investor relations material
Veris Residential Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q2 2025 rose to $11.8 million, up from $2.7 million in Q2 2024, driven by higher rental revenues and land sale gains.
Core FFO per share was $0.17 for Q2 2025, with same store NOI growth of 5.6% and margin expansion to 67.5%.
$448 million in non-strategic asset sales completed or under contract year-to-date, accelerating deleveraging and exceeding the 2026 target.
Amended $500 million credit facility, reducing borrowing costs and increasing flexibility.
Acquired full ownership of Sable (Jersey City), realizing operational synergies and integration.
Financial highlights
Q2 2025 net income available to common shareholders was $10.9–$11.8 million, up from $2.7–$2.9 million in Q2 2024.
Core FFO per share was $0.17 for Q2 2025; FFO reached $36.9 million.
Same store NOI growth was 5.6% for Q2 and 4.4% year-to-date; blended net rental growth rate was 4.7%.
Operating margin improved by 200 bps YoY to 67.5%.
Total revenues for Q2 2025 were $75.9 million, up from $67.5 million in Q2 2024.
Outlook and guidance
2025 Core FFO per share guidance raised to $0.63–$0.64, representing 5–6.7% growth over 2024.
Same store NOI growth guidance increased to 2–2.8% (up to 3.0% in some reports) for 2025.
Net Debt-to-EBITDA targeted at ~10.0x by year-end 2025 and below 9.0x by year-end 2026.
Proceeds from asset sales expected to support debt reduction and future investments.
G&A expected to be flat YoY, with Q3 in line with Q2 and a seasonal uptick in Q4.
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