Veris Residential Q2 Core FFO $0.18 beats $0.16 YoY; raises FY guidance

Veris Residential, Inc.

2024-Q2 EPS reported -$0.01 revenue$134,816,000

Net income of $0.03 per diluted share vs -$0.30 YoY; Core FFO per share $0.18 vs $0.16.
Same Store NOI normalized grew 3.1% QoQ and 7.9% YoY; occupancy up 100 bps to 95.1%.
Raised Core FFO guidance by $0.02 to $0.52–$0.56; tightened Same Store NOI growth to 3.0%–5.0%.
Closed $82M in asset sales in Q2; total YTD proceeds >$200M; secured new $500M credit facility.
Dividend raised 14.3% sequentially to $0.06 per share; net debt/EBITDA improved to 11.8x.

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