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Veris Residential (VRE) investor relations material
Veris Residential Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational performance with 3.9% blended net rental growth and Core FFO per share of $0.20, outperforming the national market.
Net income for Q3 2025 was $81.3 million, a turnaround from a net loss of $10.9 million in Q3 2024, driven by property sales and improved operations.
Monetized $542 million in non-strategic asset sales year-to-date, using proceeds to reduce debt by $394 million in Q3 2025.
Raised 2025 Core FFO per share guidance to $0.67–$0.68, reflecting strong performance and one-time tax appeal refunds.
Consolidated full ownership of the Sable property, acquiring the remaining 15% interest and assuming a $181.8 million mortgage.
Financial highlights
Q3 2025 net income available to common shareholders was $75.2 million, up from a loss of $9.7 million in Q3 2024.
Core FFO per share for Q3 2025 was $0.20, up from $0.17 in Q3 2024, aided by $0.04 in one-time tax appeal refunds.
Year-to-date core FFO is $0.52 per share, up from $0.49 last year.
Total property revenue for the Same Store portfolio increased 2.2% year-over-year for both the quarter and year-to-date.
Same Store NOI margin declined to 66.0% from 69.3% year-over-year.
Outlook and guidance
2025 Core FFO per share guidance raised to $0.67–$0.68, up from prior guidance of $0.63–$0.64, reflecting 12%-13% year-over-year growth.
Affirmed same store NOI growth guidance of 2.0%-2.8% for the year.
Net Debt-to-EBITDA targeted at approximately 9.0x after Harborside 8/9 sale, with a goal of 8.0x or lower by year-end 2026.
Management expects to meet liquidity needs through operating cash flow, property sales, and credit facility draws.
Limited revenue exposure in Q4, with only 0.5% of NOI outstanding for renewal and renewal rates set just below mid-single digits.
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