Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Net Income (loss) per Diluted Share
$0.80
$(0.10)
$0.81
$(0.12)
Core FFO per Diluted Share
$0.20
$0.17
$0.52
$0.49
Core AFFO per Diluted Share
$0.19
$0.19
$0.55
$0.58
Dividend per Diluted Share
$0.08
$0.07
$0.24
$0.1825
STRATEGIC UPDATE
Meaningfully accelerated the Company's deleveraging progress with $542 million of non-strategic asset sales completed or under contract year to date, including $75 million under contract for the Harborside 8/9 land parcel.
Utilized asset sale proceeds to reduce debt by $394 million during the third quarter, further reducing Net Debt-to-EBITDA (Normalized) to 10.0x ahead of schedule.
On track to achieve Net Debt-to-EBITDA (Normalized) of approximately 9.0x upon the sale of Harborside 8/9, anticipated to close in the first quarter next year.
Raised high-end of non-strategic asset disposition guidance to $650 million, positioning the Company to achieve Net Debt-to-EBITDA (Normalized) of around 8.0x or potentially lower by year-end 2026.
Raised 2025 Core FFO per share guidance for the second consecutive quarter to reflect one-time tax appeal refunds recognized in the third quarter.
OPERATIONAL HIGHLIGHTS
Year-over-year Same Store Blended Net Rental Growth Rate of 3.9% for the quarter and 3.5% year to date.
Year-over-year Same Store NOI growth of 1.6% year to date.
Occupancy of 95.8% excluding Liberty Towers, which remains under renovation, with Same Store occupancy of 94.7% (including Liberty Towers).
Named 2025 Regional Listed Sector Leader and Top Performer by GRESB for distinguished sustainability leadership among residential companies in the Americas.
Mahbod Nia, Chief Executive Officer, commented, "The third quarter marked another period of significant progress advancing Veris Residential's corporate plan, as we seek to continue accelerating our balance sheet transformation while delivering outsized earnings growth. With $542 million in non-core asset sales either closed or under contract year to date—exceeding our target for non-strategic asset sales—we are pleased to raise our disposition target to $650 million, positioning us to potentially delever to below 8x by year-end 2026.
"Operationally, we delivered another solid quarter, achieving 3.9% blended net rental growth and further raising our Core FFO guidance to $0.67 to $0.68 per share, representing year-over-year growth of 12.5%. We remain well positioned to drive continued outperformance for shareholders in 2025 and beyond through disciplined execution, operational efficiency and strategic capital deployment."
SAME STORE PORTFOLIO PERFORMANCE
Following the sale of The James, 145 Front Street, Signature Place and Quarry Place, the Company has removed these assets from its Same Store pool for all periods presented. All Same Store financial and operational results have been revised for comparability.
September 30,2025
June 30, 2025
Change
Same Store Units
6,581
6,581
— %
Same Store Occupancy
94.7 %
93.3 %
1.4 %
Same Store Blended Rental Growth Rate (Quarter)
3.9 %
5.8 %
(1.9) %
Average Revenue per Home
$4,255
$4,226
0.7 %
The following table shows Same Store performance:
($ in 000s)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
%
2025
2024
%
Total Property Revenue
$68,870
$67,359
2.2 %
$203,451
$199,088
2.2 %
Controllable Expenses
12,034
11,383
5.7 %
34,219
33,586
1.9 %
Non-Controllable Expenses
11,394
9,295
22.6 %
32,428
30,859
5.1 %
Total Property Expenses
23,428
20,678
13.3 %
66,647
64,445
3.4 %
Same Store NOI
$45,442
$46,681
(2.7) %
$136,804
$134,643
1.6 %
TRANSACTION ACTIVITY
During the third quarter, the Company sold four multifamily properties and one land parcel, generating $406 million in gross proceeds. Year to date, the Company has sold $467 million of non-strategic assets, with an additional $75 million under contract for Harborside 8/9, reducing our land bank to $35 million.
Name ($ in 000s)
Date
Location
Gross Proceeds
65 Livingston
1/24/2025
Roseland, NJ
$7,300
Wall Land
4/3/2025
Wall Township, NJ
31,000
PI - North Building (two parcels) and Metropolitan at 40 Park
4/21/2025
West New York, NJ, andMorristown, NJ
7,100
1 Water
4/29/2025
White Plains, NY
15,500
Signature Place
7/9/2025
Morris Plains, NJ
85,000
145 Front Street
7/22/2025
Worcester, MA
122,200
The James
8/14/2025
Park Ridge, NJ
117,000
PI South - Building 2
8/28/2025
Weehawken, NJ
19,000
Quarry Place at Tuckahoe
9/25/2025
Eastchester, NY
63,000
Total Assets Sold in 2025
$467,100
FINANCE AND LIQUIDITY
As of September 30, 2025, the Company had liquidity of $274 million, a weighted average effective interest rate of 4.76% and a weighted average maturity of 2.6 years, with all of the Company's debt either hedged or fixed.
During the quarter, the Company utilized proceeds from asset sales to repay the $200 million Term Loan, $96 million on the Revolver and the $56.5 million mortgage secured by Portside at East Pier. In addition, the buyer assumed the $41 million mortgage secured by Quarry Place.
Balance Sheet Metric ($ in 000s)
September 30, 2025
June 30, 2025
Weighted Average Interest Rate
4.76 %
5.08 %
Weighted Average Years to Maturity
2.6
2.6
TTM Interest Coverage Ratio
1.7x
1.7x
Net Debt
$1,407,717
$1,795,320
TTM Adjusted EBITDA (Normalized)
$141,151
$159,162
Net Debt-to-EBITDA (Normalized)
10.0x
11.3x
AMENDED CREDIT FACILITY
In July, the Company amended its $500 million credit facility established in April 2024. The Amended Facility package—comprising a $300 million Revolver and a $200 million Term Loan, which has been repaid-introduced a leverage-based pricing grid for the Revolver, with spreads ranging from 1.20% to 1.75% over SOFR (inclusive of a 5-basis-point spread reduction associated with meeting certain KPIs), and reduced the required number of secured properties in the collateral pool from five to two.
The Company's current total leverage ratio as defined by the Amended Facility is between 50% and 55%, resulting in a borrowing rate on the Revolver of SOFR + 1.50%. The Amended Facility matures in April 2027 and retains a one-year extension option on the Revolver.
DIVIDEND
The Company paid a dividend of $0.08 per share on October 10, 2025, to shareholders of record as of September 30, 2025.
GUIDANCE
The Company is maintaining its operational guidance for 2025 in accordance with the following table:
2025 Guidance Ranges
Low
High
Same Store Revenue Growth
2.2 %
—
2.7 %
Same Store Expense Growth
2.4 %
—
2.8 %
Same Store NOI Growth
2.0 %
—
2.8 %
The Company is raising its 2025 Core FFO per share guidance range to $0.67 to $0.68, reflecting $4 million recognized this quarter from the successful resolution of real estate tax appeals related to formerly owned office properties.
Current Guidance
Previous Guidance (July)
Core FFO per Share Guidance
Low
High
Low
High
Net Income (Loss) per Share
$(0.64)
—
$(0.65)
$(0.22)
—
$(0.21)
Realized and Unrealized (Gains) Losses on Sales
$(0.82)
—
$(0.82)
$—
—
$—
Depreciation per Share
$0.85
—
$0.85
$0.85
—
$0.85
Core FFO per Share
$0.67
—
$0.68
$0.63
—
$0.64
SUSTAINABILITY
The Company's 2025 Global Real Estate Sustainability Benchmark (GRESB) score improved by one point to 90, ranking the Company first in its peer group and maintaining its 5 Star Rating and Green Star designation. The Company was also named a 2025 Regional Listed Sector Leader and Top Performer, recognizing the Company's commitment to sustainability excellence across its portfolio.
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for Thursday, October 23, 2025, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: https://investors.verisresidential.com/.
The live conference call is also accessible by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international) and requesting the Veris Residential third quarter 2025 earnings conference call.
The conference call will be rebroadcast on Veris Residential, Inc.'s website at:https://investors.verisresidential.com/ beginning at 8:30 a.m. Eastern Time on Thursday, October 23, 2025.
A replay of the call will also be accessible Thursday, October 23, 2025, through Sunday, November 23, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13753250.
Copies of Veris Residential, Inc.'s third quarter 2025 Form 10-Q and third quarter 2025 Supplemental Operating and Financial Data are available on Veris Residential, Inc.'s website under Financial Results.
In addition, once filed, these items will be available upon request from:Veris Residential, Inc. Investor Relations DepartmentHarborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311
ABOUT THE COMPANY
Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.
For additional information on Veris Residential, Inc. and our properties available for lease, please visit www.verisresidential.com.
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Annual Report on Form 10-K (the "10-K") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings, available at https://investors.verisresidential.com/financial-information.
We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations, and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we may not anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.
Investors
Media
Mackenzie Rice
Amanda Shpiner/Grace Cartwright
Director, Investor Relations
Gasthalter & Co.
Additional details on Company Information.
Consolidated Balance Sheet
(in thousands) (unaudited)
September 30, 2025
December 31, 2024
ASSETS
Rental property
Land and leasehold interests
$ 438,018
$ 458,946
Buildings and improvements
2,587,883
2,634,321
Tenant improvements
16,388
14,784
Furniture, fixtures and equipment
115,693
112,201
3,157,982
3,220,252
Less, accumulated depreciation and amortization
(495,698)
(432,531)
2,662,284
2,787,721
Real estate held for sale, net
—
7,291
Net investment in rental property
2,662,284
2,795,012
Cash and cash equivalents
8,778
7,251
Restricted cash
17,042
17,059
Investments in unconsolidated joint ventures
52,841
111,301
Unbilled rents receivable, net
3,302
2,253
Deferred charges and other assets, net
46,598
48,476
Accounts receivable
918
1,375
Total assets
$ 2,791,763
$ 2,982,727
LIABILITIES AND EQUITY
Revolving credit facility and term loans
31,000
348,839
Mortgages, loans payable and other obligations, net
1,402,537
1,323,474
Dividends and distributions payable
8,587
8,533
Accounts payable, accrued expenses and other liabilities
51,795
42,744
Rents received in advance and security deposits
11,582
11,512
Accrued interest payable
5,131
5,262
Total liabilities
1,510,632
1,740,364
Redeemable noncontrolling interests
9,294
9,294
Total Stockholders' Equity
1,156,864
1,099,391
Noncontrolling interests in subsidiaries:
Operating Partnership
106,342
102,588
Consolidated joint ventures
8,631
31,090
Total noncontrolling interests in subsidiaries
$ 114,973
$ 133,678
Total equity
$ 1,271,837
$ 1,233,069
Total liabilities and equity
$ 2,791,763
$ 2,982,727
Consolidated Statement of Operations
(In thousands, except per share amounts) (unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
REVENUES
2025
2024
2025
2024
Revenue from leases
$ 67,625
$ 62,227
$ 198,938
$ 183,786
Management fees
523
794
2,007
2,587
Parking income
3,893
3,903
12,018
11,570
Other income
1,399
1,251
4,161
5,048
Total revenues
73,440
68,175
217,124
202,991
EXPENSES
Real estate taxes
10,129
8,572
29,446
27,251
Utilities
2,382
2,129
7,292
6,196
Operating services
12,808
10,156
36,688
35,354
Property management
4,261
3,762
12,734
13,370
General and administrative
8,517
8,956
28,190
29,019
Transaction related costs
1,550
—
3,428
1,406
Depreciation and amortization
21,073
21,159
64,797
61,592
Land and other impairments, net
—
2,619
15,667
2,619
Total expenses
60,720
57,353
198,242
176,807
OTHER (EXPENSE) INCOME
Interest expense
(22,240)
(21,507)
(69,804)
(64,683)
Interest and other investment income
173
181
268
2,255
Equity in earnings (losses) of unconsolidated joint ventures
340
(268)
4,708
2,919
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net
91,037
—
84,160
—
Gain (loss) on disposition of developable land
(1,118)
—
35,292
11,515
Gain (loss) on sale of unconsolidated joint venture interests
—
—
5,122
7,100
Gain (loss) from extinguishment of debt, net
(3,212)
8
(3,212)
(777)
Other income (expense), net
(121)
(310)
302
(305)
Total other (expense) income, net
64,859
(21,896)
56,836
(41,976)
Income (loss) from continuing operations before income tax expense
77,579
(11,074)
75,718
(15,792)
Provision for income taxes
(35)
(39)
(170)
(274)
Income (loss) from continuing operations after income tax expense
77,544
(11,113)
75,548
(16,066)
Discontinued operations:
Income (loss) from discontinued operations
3,782
206
3,891
1,877
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
—
—
—
1,548
Total discontinued operations, net
3,782
206
3,891
3,425
Net income (loss)
81,326
(10,907)
79,439
(12,641)
Noncontrolling interests in consolidated joint ventures
907
391
3,181
1,429
Noncontrolling interests in Operating Partnership of income (loss) from continuing operations
(6,596)
923
(6,607)
1,293
Noncontrolling interests in Operating Partnership in discontinued operations
(319)
(18)
(328)
(295)
Redeemable noncontrolling interests
(81)
(81)
(243)
(459)
Net income (loss) available to common shareholders
$ 75,237
$ (9,692)
$ 75,442
$ (10,673)
Basic earnings per common share:
Net income (loss) available to common shareholders
$0.81
$(0.10)
$0.81
$(0.12)
Diluted earnings per common share:
Net income (loss) available to common shareholders
$0.80
$(0.10)
$0.81
$(0.12)
Basic weighted average shares outstanding
93,476
92,903
93,310
92,615
Diluted weighted average shares outstanding1
102,493
101,587
102,273
101,304
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.
See Reconciliation to Net Income (Loss) to NOI for more details.
FFO, Core FFO and Core AFFO (in thousands, except per share/unit amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Net income (loss) available to common shareholders
$ 75,237
$ (9,692)
$ 75,442
$ (10,673)
Add/(Deduct):
Noncontrolling interests in Operating Partnership
6,596
(923)
6,607
(1,293)
Noncontrolling interests in discontinued operations
319
18
328
295
Real estate-related depreciation and amortization on continuing operations2
21,395
23,401
68,071
68,547
Real estate-related depreciation and amortization on discontinued operations
—
—
—
668
Continuing operations: (Gain) loss on sale from unconsolidated joint ventures
—
—
(5,122)
(7,100)
Continuing operations: Realized and unrealized (gains) losses on disposition of rental property
(91,037)
—
(84,160)
—
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net
—
—
—
(1,548)
FFO3
$ 12,510
$ 12,804
$ 61,166
$ 48,896
Add/(Deduct):
(Gain) loss from extinguishment of debt, net
3,212
(8)
3,212
777
Land and other impairments4
—
2,619
14,067
2,619
(Gain) loss on disposition of developable land5
558
—
(35,852)
(11,515)
Severance/Compensation related costs (G&A)6
547
206
2,067
2,079
Severance/Compensation related costs (Property Management)7
657
26
2,056
2,390
Amortization of derivative premium8
423
1,303
2,385
3,093
Derivative mark to market adjustment & losses on de-designation/early terminations
561
16
1,086
16
Transaction related costs
1,550
—
3,428
1,406
Core FFO
$ 20,018
$ 16,966
$ 53,615
$ 49,761
Add/(Deduct):
Straight-line rent adjustments9
(493)
(341)
(1,244)
(683)
Amortization of market lease intangibles, net
—
(9)
(6)
(25)
Amortization of lease inducements
—
—
—
7
Amortization of debt discounts (premiums)
10
—
19
—
Amortization of stock compensation
2,867
3,005
9,046
9,979
Non-real estate depreciation and amortization
145
165
434
594
Amortization of deferred financing costs
1,673
1,675
5,157
4,486
Add/(Deduct):
Non-incremental revenue generating capital expenditures:
Building improvements
(4,719)
(2,288)
(10,700)
(4,890)
Tenant improvements and leasing commissions10
(25)
(55)
(121)
(142)
Core AFFO3
$ 19,476
$ 19,118
$ 56,200
$ 59,087
Funds from Operations per share/unit-diluted
$0.12
$0.13
