Veris Residential Q1 net loss $0.04/shr, core FFO $0.14; same store NOI up 14.2% YoY; raises 2024 guidance

Veris Residential, Inc.

2024-Q1 EPS reported -$0.04 revenue$67,340,000

Net loss per diluted share $(0.04) in Q1 2024 vs $(0.06) in Q4 2023; Core FFO per share $0.14 vs $0.12.
Same Store NOI grew 14.2% YoY to $49.4M; blended rental growth 4.6%; occupancy 94.1%.
Sold $179M of non-strategic assets including last office asset (Harborside 5 for $85M).
Secured new $500M secured facility (rev credit & term loan) on Apr 22, 2024; no funds drawn at close.
Raising 2024 Core FFO guidance to $0.50–$0.54 per share; dividend maintained at $0.0525/shr.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Veris Residential, Inc. updated its Full year 2024 guidance (raised).

Period: Full year 2024
Guidance: raised
Result: guidance update

Exact text from the filing

Raising 2024 guidance, reflecting positive earnings impact anticipated from new, alternative financing strategy and anticipated debt reduction.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Veris Residential, Inc. reported financial results for Q1 2024.

Period: Q1 2024
Result: reported results

Exact text from the filing

Veris Residential, Inc. (the "Company") issued a press release announcing its financial results for the first quarter 2024.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Veris Residential, Inc. updated its 2024 guidance (raised).

Period: 2024
Guidance: raised
Result: guidance update

Exact text from the filing

As a result of the anticipated earnings impact of the Company's new credit facilities and associated debt reduction, the Company is raising its Core FFO per Share guidance in accordance with the following table:

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Veris Residential, Inc. filing history →

Source: SEC EDGAR

accession 0000924901-24-000021

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