Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Net Income (loss) per Diluted Share
$0.00
$(0.13)
$0.80
$(0.25)
Core FFO per Diluted Share
$0.19
$0.11
$0.72
$0.60
Core AFFO per Diluted Share
$0.19
$0.13
$0.74
$0.71
Dividend per Diluted Share
$0.08
$0.08
$0.32
$0.26
FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS
Increased annual Core FFO per share by over 20% year over year to $0.72, surpassing the upper end of guidance.
Same Store NOI growth of 2.7% and 5.9% for the full year and quarter, respectively, and maintained an operating margin of approximately 68% for the full year.
Further improved controllable expenses by 54 basis points to 16.5%.
Year-over-year Same Store Blended Net Rental Growth Rate of 2.7% for the full year and 2.5% for the fourth quarter.
Further reduced year-over-year core general and administrative expense by approximately 6% for the full year and 18% since 2022.
Occupancy of 95.2% excluding Liberty Towers, which remains under renovation with over a third of the units completed; Same Store occupancy of 94.4% including Liberty Towers.
Completed $542 million of non-strategic asset sales, exceeding the Company's original target of $300 to $500 million.
Utilized non-strategic sale proceeds to reduce debt by approximately $490 million, improving Net Debt-to-EBITDA (Normalized) to 9.0x, representing year-end reductions of 23% from 11.7x in 2024 and 53% from 19.3x in 2021.
SAME STORE PORTFOLIO PERFORMANCE
December 31, 2025
September 30, 2025
Change
Same Store Units
6,581
6,581
— %
Same Store Occupancy
94.4 %
94.7 %
(0.3) %
Same Store Blended Rental Growth Rate (Quarter)
2.5 %
3.9 %
(1.4) %
Average Revenue per Home
$4,252
$4,255
(0.1) %
($ in 000s)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
%
2025
2024
%
Total Property Revenue
$69,823
$67,638
3.2 %
$273,275
$266,726
2.5 %
Controllable Expenses
10,843
11,843
(8.4) %
45,062
45,429
(0.8) %
Non-Controllable Expenses
10,740
10,257
4.7 %
43,168
41,117
5.0 %
Total Property Expenses
21,583
22,100
(2.3) %
88,230
86,546
1.9 %
Same Store NOI
$48,240
$45,538
5.9 %
$185,045
$180,180
2.7 %
2025 TRANSACTION ACTIVITY
In 2025, the Company completed $542 million of non-strategic asset sales. During the fourth quarter, the Company sold its last two land parcels in Jersey City, New Jersey, for $75 million, reducing its land bank value to approximately $35 million.
Name ($ 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, and Morristown, 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
Harborside 8 and 9
12/8/2025
Jersey City, NJ
75,000
Total Assets Sold in 2025
$542,100
In the second quarter of 2025, the Company purchased its partner's interest in its largest unconsolidated joint venture, the Jersey City Urby, for $38.5 million, assuming management of the property, which was rebranded to Sable. The consolidation resulted in approximately $1 million of annualized synergies.
FINANCE AND LIQUIDITY
As of December 31, 2025, the Company had liquidity of $280 million, a weighted average effective interest rate of 4.88% and a weighted average maturity of 2.2 years. All of the Company's debt was either hedged or fixed at year-end 2025.
Balance Sheet Metric ($ in 000s)
December 31, 2025
September 30, 2025
Weighted Average Interest Rate
4.88 %
4.76 %
Weighted Average Years to Maturity
2.2
2.6
TTM Interest Coverage Ratio
1.9x
1.7x
Net Debt
$1,332,798
$1,407,717
TTM Adjusted EBITDA (Normalized)
$148,103
$141,151
Net Debt-to-EBITDA (Normalized)
9.0x
10.0x
During the fourth quarter of 2025, the Company exercised a one-year extension option relating to the unconsolidated joint venture's mortgage on The Capstone property, which will now mature in the fourth quarter of 2026. In addition, the Company utilized proceeds from non-strategic asset sales to repay the $69 million mortgage secured by The Emery property.
The Company's current total leverage ratio as defined by the Revolving Credit Facility is between 40% and 45%, resulting in a borrowing rate on the Revolver of SOFR + 1.30%. The 20-basis-point quarter-over-quarter decrease reflects the Company's disciplined approach to deleveraging and the resulting savings under the leverage-based pricing grid of the Revolving Credit Facility.
DIVIDEND
The Company paid a dividend of $0.08 per share on January 9, 2026, to shareholders of record as of December 31, 2025.
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 http://www.verisresidential.com/.
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," "assume," "believe," "contemplate," "could," "intend," "predict," "would," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology, although not all forward-looking statements contain these identifying words.
Forward-looking statements are inherently subject to certain risks, trends, changes in circumstances 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 as anticipated or that our results, estimates or assumptions will be correct. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements, many of which are beyond the Company's control. 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.
[email protected]
[email protected]
212-257-4170
Additional details on Company Information.
Consolidated Balance Sheet
(in thousands) (unaudited)
December 31, 2025
December 31, 2024
ASSETS
Rental property
Land and leasehold interests
$ 376,710
$ 458,946
Buildings and improvements
2,584,333
2,634,321
Tenant improvements
16,745
14,784
Furniture, fixtures and equipment
118,797
112,201
3,096,585
3,220,252
Less, accumulated depreciation and amortization
(516,404)
(432,531)
2,580,181
2,787,721
Real estate held for sale, net
—
7,291
Net investment in rental property
2,580,181
2,795,012
Cash and cash equivalents
14,128
7,251
Restricted cash
15,232
17,059
Investments in unconsolidated joint ventures
52,188
111,301
Unbilled rents receivable, net
3,643
2,253
Deferred charges and other assets, net
40,588
48,476
Accounts receivable
911
1,375
Total assets
$ 2,706,871
$ 2,982,727
LIABILITIES AND EQUITY
Revolving credit facility and term loans
30,000
348,839
Mortgages, loans payable and other obligations, net
1,332,158
1,323,474
Dividends and distributions payable
8,697
8,533
Accounts payable, accrued expenses and other liabilities
44,610
42,744
Rents received in advance and security deposits
11,419
11,512
Accrued interest payable
5,031
5,262
Total liabilities
1,431,915
1,740,364
Redeemable noncontrolling interests
9,294
9,294
Total Stockholders' Equity
1,151,621
1,099,391
Noncontrolling interests in subsidiaries:
Operating Partnership
105,849
102,588
Consolidated joint ventures
8,192
31,090
Total noncontrolling interests in subsidiaries
$ 114,041
$ 133,678
Total equity
$ 1,265,662
$ 1,233,069
Total liabilities and equity
$ 2,706,871
$ 2,982,727
Consolidated Statement of Operations
(In thousands, except per share amounts) (unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
REVENUES
2025
2024
2025
2024
Revenue from leases
$ 65,521
$ 61,904
$ 264,459
$ 245,690
Management fees
554
751
2,561
3,338
Parking income
3,816
3,893
15,834
15,463
Other income
1,419
1,535
5,580
6,583
Total revenues
71,310
68,083
288,434
271,074
EXPENSES
Real estate taxes
8,915
10,173
38,361
37,424
Utilities
1,998
1,955
9,290
8,151
Operating services
11,274
12,885
47,962
48,239
Property management
3,939
3,877
16,673
17,247
General and administrative
8,563
10,040
36,753
39,059
Transaction-related costs
322
159
3,750
1,565
Depreciation and amortization
21,466
21,182
86,263
82,774
Land and other impairments, net
2,317
—
17,984
2,619
Total expenses
58,794
60,271
257,036
237,078
OTHER (EXPENSE) INCOME
Interest expense
(18,775)
(23,293)
(88,579)
(87,976)
Interest and other investment income
102
111
370
2,366
Equity in earnings (losses) of unconsolidated joint ventures
549
1,015
5,257
3,934
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net1
6,671
—
90,831
—
Gain (loss) on disposition of developable land
(1,252)
—
34,040
11,515
Gain (loss) on sale of unconsolidated joint venture interests
—
(154)
5,122
6,946
Gain (loss) from extinguishment of debt, net
(318)
—
(3,530)
(777)
Other income (expense), net
(154)
(396)
148
(701)
Total other income (expense), net
(13,177)
(22,717)
43,659
(64,693)
Income (loss) from continuing operations before income tax expense
(661)
(14,905)
75,057
(30,697)
Provision for income taxes
(61)
(2)
(231)
(276)
Income (loss) from continuing operations after income tax expense
(722)
(14,907)
74,826
(30,973)
Discontinued operations:
Income (loss) from discontinued operations
224
(1,015)
4,115
862
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
—
1,899
—
3,447
Total discontinued operations, net
224
884
4,115
4,309
Net income (loss)
(498)
(14,023)
78,941
(26,664)
Noncontrolling interests in consolidated joint ventures
357
495
3,538
1,924
Noncontrolling interests in Operating Partnership of loss (income) from continuing operations
38
1,238
(6,569)
2,531
Noncontrolling interests in Operating Partnership in discontinued operations
(19)
(76)
(347)
(371)
Redeemable noncontrolling interests
(81)
(81)
(324)
(540)
Net income (loss) available to common shareholders
$ (203)
$ (12,447)
$ 75,239
$ (23,120)
Basic earnings per common share:
Net income (loss) available to common shareholders
$0.00
$(0.13)
$0.81
$(0.25)
Diluted earnings per common share:
Net income (loss) available to common shareholders
$0.00
$(0.13)
$0.80
$(0.25)
Basic weighted average shares outstanding
93,488
92,934
93,355
92,695
Diluted weighted average shares outstanding2
102,077
101,611
102,363
101,381
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes.See Consolidated Statements of Operations.
FFO, Core FFO and Core AFFO
(in thousands, except per share/unit amounts)
Three Months Ended December 31
Twelve months ended December 31,
2025
2024
2025
2024
Net income (loss) available to common shareholders
$ (203)
$ (12,447)
$ 75,239
$ (23,120)
Add/(Deduct):
Noncontrolling interests in Operating Partnership
(38)
(1,238)
6,569
(2,531)
Noncontrolling interests in discontinued operations
19
76
347
371
Real estate-related depreciation and amortization on continuing operations3
21,735
23,617
89,806
92,164
Real estate-related depreciation and amortization on discontinued operations
—
(33)
—
635
Continuing operations: (Gain) loss on sale from unconsolidated joint ventures
—
154
(5,122)
(6,946)
Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net
(6,671)
—
(90,831)
—
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net
—
—
—
(1,548)
FFO4
$ 14,842
$ 10,129
$ 76,008
$ 59,025
Add/(Deduct):
(Gain) loss from extinguishment of debt, net
318
—
3,530
777
Land and other impairments5
2,317
—
16,384
2,619
(Gain) loss on disposition of developable land6
1,252
(1,899)
(34,600)
(13,414)
Severance/Compensation related costs (G&A)7
108
32
2,175
2,111
Severance/Compensation related costs (Property Management)8
375
766
2,431
3,156
Amortization of derivative premium9
374
1,461
2,759
4,554
Derivative mark to market adjustment & losses on de-designation/early terminations
31
186
1,117
202
Transaction-related costs
323
578
3,751
1,984
Core FFO
$ 19,940
$ 11,253
$ 73,555
$ 61,014
Add/(Deduct):
Straight-line rent adjustments10
(463)
(107)
(1,707)
(790)
Amortization of market lease intangibles, net
(11)
(5)
(17)
(30)
Amortization of lease inducements
—
—
—
7
Amortization of debt discounts (premiums)
11
—
30
—
Amortization of stock compensation
2,797
3,013
11,843
12,992
Non-real estate depreciation and amortization
197
169
631
763
Amortization of deferred financing costs
1,484
1,639
6,641
6,125
Add/(Deduct):
Non-incremental revenue generating capital expenditures:
Building improvements
(3,997)
(2,784)
(14,697)
(7,674)
Tenant improvements and leasing commissions11
(205)
(94)
(326)
(236)
Core AFFO3
$ 19,753
$ 13,084
$ 75,953
$ 72,171
Funds from Operations per share/unit-diluted
$0.14
$0.10
$0.74
$0.58
Core Funds from Operations per share/unit-diluted
$0.19
$0.11
$0.72
$0.60
Core Adjusted Funds from Operations per share/unit-diluted
$0.19
$0.13
$0.74
$0.71
Dividends declared per common share
$0.08
$0.08
$0.32
$0.2625
See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. See Consolidated Statements of Operations.
Adjusted EBITDA
($ in thousands) (unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Net income (loss) available to common shareholders
$ (203)
$ (12,447)
$ 75,239
$ (23,120)
Add/(Deduct):
Noncontrolling interests in Operating Partnership
(38)
(1,238)
6,569
(2,531)
Noncontrolling interests in discontinued operations
19
76
347
371
Real estate-related depreciation and amortization on continuing operations
21,735
23,617
89,806
92,164
Real estate-related depreciation and amortization on discontinued operations
—
(33)
—
635
Continuing operations: Loss (Gain) on sale from unconsolidated joint ventures
—
