Veris Residential Q4 2023: Core FFO $0.12; 2024 guidance for same-store NOI growth 2.5-5%

Veris Residential, Inc.

2023-FY EPS reported -$1.22 revenue$279,859,000

Q4 net loss per diluted share $(0.06) vs $0.34 YoY; Core FFO per share $0.12 vs $0.05.
Full year Core FFO per share $0.53, up 20% YoY; same-store NOI growth 17.6% exceeded guidance.
Completed transformation to pure-play multifamily REIT, sold >$700M non-strategic assets; $85M contract to sell last office property Harborside 5.
2024 guidance: same-store NOI growth 2.5-5.0%, Core FFO per share $0.48-$0.53.
Quarterly dividend raised 5% to $0.0525 per share; established $100M ATM program.

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