Veris Residential Q3 Core FFO $0.17/share, raises FY2024 guidance, NOI up 8.4%

Veris Residential, Inc.

2024-Q3 EPS reported -$0.12 revenue$202,991,000

Q3 net loss per diluted share ($0.10) narrowed from ($0.60) a year ago; Core FFO rose to $0.17 from $0.12.
Normalized Same Store NOI grew 8.4% y/y in Q3; YTD NOI margin improved 130bps to 66.8%.
Reduced net debt by ~$227M since Sep 2023; refinanced $531M of mortgages, no consolidated maturities until 2026.
Raised FY2024 Core FFO guidance to $0.59-$0.60 per share; Same Store NOI growth guidance raised to 5.4%-6.2%.
Paid $0.07/share dividend on Oct 16 (up from $0.05 in prior year); GRESB named Company Regional Listed Sector Leader.

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