Veris Residential Q1 net loss $0.13/share; Core FFO $0.09; Same Store NOI up 20%

Veris Residential, Inc.

2022-Q1 EPS reported -$0.13 revenue$99,099,000

Net loss of $9.1M ($0.13 diluted EPS) vs net income of $7.6M ($0.06) in Q1 2021.
Core FFO per share of $0.09, down from $0.18 YoY, due to asset disposals offset by multifamily growth.
Same Store multifamily NOI increased 20.0% YoY and 6.8% QoQ; occupancy 97.2% vs pre-pandemic +3.6%.
Acquired The James for $130M (4.0% cap rate); disposed four land parcels for $129.5M and 111 River St for $210M.
Appointed Jeff Turkanis CIO, Taryn Fielder GC, Amanda Lombard CFO, effective April 2022.

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