Veris Residential (VRE) Q4 2025 earnings summary

Executive summary

• Achieved annual Core FFO per share growth of over 20% year-over-year to $0.72, exceeding guidance.

• Same Store NOI increased 2.7% for the year and 5.9% for the quarter; operating margin held at 68%.

• Completed $542 million in non-strategic asset sales, surpassing the original target.

• Used sale proceeds to reduce debt by $490 million, lowering Net Debt-to-EBITDA (Normalized) to 9.0x from 11.7x.

Financial highlights

• Net income per diluted share was $0.00 for Q4 2025 and $0.80 for the year, compared to $(0.13) and $(0.25) in 2024.

• Core FFO per diluted share was $0.19 for Q4 and $0.72 for the year, up from $0.11 and $0.60 in 2024.

• Core AFFO per diluted share was $0.19 for Q4 and $0.74 for the year, up from $0.13 and $0.71 in 2024.

• Dividend per share was $0.08 for Q4 and $0.32 for the year.

• Total property revenue rose 2.5% year-over-year to $273.3 million.

Outlook and guidance

• Annual Core FFO per share exceeded the upper end of guidance.

• Continued focus on expense control and deleveraging.