Veris Residential, a forward-thinking multifamily REIT, announced its first-quarter 2024 financial results, showcasing a positive start to the year. CEO highlighted the company’s focus on value-enhancing initiatives and strong financial performance. Despite a challenging credit environment, Veris secured new credit facilities and term loans, providing substantial liquidity and potential for enhanced earnings. The company also sold non-strategic assets, generating additional capital and unlocking value. Same Store NOI growth of 14% reflected solid operational performance. Veris’ strategy centers around optimization, maximizing shareholder value through operational efficiency, capital recycling, and balance sheet management.
Haus25 and The James properties were added to the Same Store pool in 2024, contributing significantly to NOI. The company closed on the sale of two joint ventures and the last office asset in its portfolio, releasing substantial net proceeds. Additional land parcels are under contract for sale, further unlocking capital.
Nearly all of Veris’ debt is hedged or fixed, with a weighted average rate of 4.4% and maturity of 3.5 years. The company replaced its existing credit facility package with a new one featuring sustainability-linked KPIs and an accordion feature. Funds will be used to repay existing loans and for general corporate purposes.
Veris paid a dividend per share in the first quarter. ESG performance remained strong, with the company earning the highest ISS ESG Corporate Score among real estate companies in the United States. It was also recognized as a Gold Green Lease Leader and received awards from the International WELL Building Institute.
Anticipating earnings impact from new credit facilities and debt reduction, Veris raised its Core FFO per Share guidance. The company will host an earnings conference call on , 2024, at , which will be broadcast live and accessible via the internet. A replay will be available on the company’s website.
Veris Residential’s commitment to environmental and social consciousness is evident in its Class A multifamily properties, designed to meet the sustainability-conscious lifestyle needs of modern residents. The company believes in positively impacting communities and the planet.
Please note that the information in this press release should be read in conjunction with the Quarterly Report on Form 10-Q filed by the company with the Securities and Exchange Commission (SEC) and all of the company’s other public filings with the SEC. Investors are advised to consider the factors listed under the headings “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the company’s Annual Report on Form 10-K, as supplemented by Quarterly Reports on Form 10-Q.
