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Veris Residential, Inc. Reports First Quarter 2025 Results
JERSEY CITY, N.J., April 23, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the first quarter 2025.
| | Three Months Ended March 31, | |
| | 2025 | 2024 |
| Net Income (loss) per Diluted Share | $(0.12) | $(0.04) |
| Core FFO per Diluted Share | $0.16 | $0.14 |
| Core AFFO per Diluted Share | $0.17 | $0.18 |
| Dividend per Diluted Share | $0.08 | $0.0525 |
FIRST QUARTER UPDATE
- Year-over-year Same Store multifamily Blended Net Rental Growth Rate of 2.4%.
- Year-over-year Same Store NOI growth of 3.2%.
- Same Store occupancy of 94.0% (95.3% excluding Liberty Towers).
- $45 million of non-strategic assets sold year to date, unwinding two joint ventures, with an additional $34 million under binding contract.
- Subsequent to quarter-end, purchased our partner's interest in the Jersey City Urby joint venture, eliminating the Company's largest remaining unconsolidated joint venture for $38.5 million, rebranding the property to "Sable" and taking over management. The consolidation is expected to create over $1 million in annualized synergies.
Mahbod Nia, Chief Executive Officer, commented, "During the first quarter, Veris Residential continued to achieve strong operational results while advancing the corporate plan announced earlier this year. With a combined $79 million of non-strategic asset sales either closed or under binding contract this year, we continue to unlock value embedded within the Company, despite elevated levels of market volatility.
"In parallel, we further simplified our portfolio, consolidating our interest in the Jersey City Urby, now Sable, assuming management of the property. Leveraging the Veris Residential platform, we expect the property to realize over $1 million of annualized synergies on a run-rate basis."
SAME STORE PORTFOLIO PERFORMANCE
| | March 31, 2025 | December 31, 2024 | Change |
| Same Store Units | 7,621 | 7,621 | — % |
| Same Store Occupancy | 94.0 % | 93.9 % | 0.1 % |
| Same Store Blended Rental Growth Rate (Quarter) | 2.4 % | 0.5 % | 1.9 % |
| Average Rent per Home | $4,019 | $4,033 | (0.3) % |
The following table shows Same Store performance:
| ($ in 000s) | Three Months Ended March 31, | ||
| | 2025 | 2024 | % |
| Total Property Revenue | $75,761 | $73,978 | 2.4 % |
| Controllable Expenses | 13,046 | 12,607 | 3.5 % |
| Non-Controllable Expenses | 11,822 | 12,057 | (1.9) % |
| Total Property Expenses | 24,868 | 24,664 | 0.8 % |
| Same Store NOI | $50,893 | $49,314 | 3.2 % |
FINANCE AND LIQUIDITY
Substantially all of the Company's debt is hedged or fixed with a weighted average effective interest rate of 4.96% and weighted average maturity of 2.8 years. Subsequent to quarter-end, the Company consolidated the mortgage on Sable and simultaneously modified it to suspend principal amortization through the remaining term.
| Balance Sheet Metric ($ in 000s) | March 31, 2025 | December 31, 2024 |
| Weighted Average Interest Rate | 4.96 % | 4.95 % |
| Weighted Average Years to Maturity | 2.8 | 3.1 |
| TTM Interest Coverage Ratio | 1.7x | 1.7x |
| Net Debt | $1,643,411 | $1,647,892 |
| TTM EBITDA | $144,191 | $140,694 |
| TTM Net Debt to EBITDA | 11.4x | 11.7x |
As of April 21, 2025, the Company had liquidity of approximately $146 million, including funds available on the revolver and cash on hand.
TRANSACTION ACTIVITY
Year to date, the Company has closed on $45 million of non-strategic asset sales, including two unconsolidated joint ventures. An additional $34 million across two land parcels are under binding contract, with an expected close in the first half of 2025.
| Name ($ in 000s) | Date | Location | GAV |
| 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 | 7,100 |
| Total Assets Sold in 2025-to-date | | | $45,400 |
JV INTEREST ACQUISITION
In April 2025, the Company acquired its joint venture partner's 15% interest in the entity that owns the property now known as "Sable" at Harborside for $38.5 million, including consideration for the tax credit and termination of the management contract. The acquisition was funded through proceeds from non-strategic asset sales.
Upon closing, the Company owned 100% interest in the property, and as a result, consolidated the asset and its corresponding property-level mortgage of $181.8 million. The property-level mortgage was subsequently modified to be an interest-only mortgage.
The Company anticipates over $1 million of annualized synergies as a result of integrating the asset into the Veris platform.
SHARE BUYBACK PROGRAM
The Company announced a $100 million share repurchase program in February. No shares have been repurchased year to date.
DIVIDEND
The Company paid a dividend of $0.08 per share on April 10, 2025, for shareholders of record as of March 31, 2025.
GUIDANCE
The Company is maintaining its guidance for 2025 in accordance with the following table:
| 2025 Guidance Ranges | Low | | High |
| Same Store Revenue Growth | 2.1 % | — | 2.7 % |
| Same Store Expense Growth | 2.6 % | — | 3.0 % |
| Same Store NOI Growth | 1.7 % | — | 2.7 % |
| | | | |
| Core FFO per Share Guidance | Low | | High |
| Net Loss per Share | $(0.24) | — | $(0.22) |
| Depreciation per Share | $0.85 | — | $0.85 |
| Core FFO per Share | $0.61 | — | $0.63 |
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for Thursday, April 24, 2025, at 8:30 a.m. Eastern Time and will be broadcast live via the Internet at: http://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 first quarter 2025 earnings conference call.
The conference call will be rebroadcast on Veris Residential, Inc.'s website at:
http://investors.verisresidential.com beginning at 8:30 a.m. Eastern Time on Thursday, April 24, 2025.
A replay of the call will also be accessible Thursday, April 24, 2025, through Saturday, May 25, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13751071.
Copies of Veris Residential, Inc.'s first quarter 2025 Form 10-Q and first 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 Department
Harborside 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 http://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. |
| investors@verisresidential.com | | veris-residential@gasthalter.com |
Additional details in Company Information.
| Consolidated Balance Sheet (in thousands) (unaudited)
| ||
| | ||
| | March 31, 2025 | December 31, 2024 |
| ASSETS | | |
| Rental property | | |
| Land and leasehold interests | $456,789 | $458,946 |
| Buildings and improvements | 2,627,149 | 2,634,321 |
| Tenant improvements | 15,067 | 14,784 |
| Furniture, fixtures and equipment | 113,997 | 112,201 |
| | 3,213,002 | 3,220,252 |
| Less – accumulated depreciation and amortization | (451,540) | (432,531) |
| | 2,761,462 | 2,787,721 |
| Real estate held for sale, net | 9,138 | 7,291 |
| Net investment in rental property | 2,770,600 | 2,795,012 |
| Cash and cash equivalents | 7,596 | 7,251 |
| Restricted cash | 14,512 | 17,059 |
| Investments in unconsolidated joint ventures | 111,607 | 111,301 |
| Unbilled rents receivable, net | 2,409 | 2,253 |
| Deferred charges and other assets, net | 43,680 | 48,476 |
| Accounts receivable | 1,169 | 1,375 |
| Total Assets | $2,951,573 | $2,982,727 |
| LIABILITIES & EQUITY | | |
| Revolving credit facility and term loans | 345,172 | 348,839 |
| Mortgages, loans payable and other obligations, net | 1,322,036 | 1,323,474 |
| Dividends and distributions payable | 8,485 | 8,533 |
| Accounts payable, accrued expenses and other liabilities | 40,648 | 42,744 |
| Rents received in advance and security deposits | 11,529 | 11,512 |
| Accrued interest payable | 5,232 | 5,262 |
| Total Liabilities | 1,733,102 | 1,740,364 |
| Redeemable noncontrolling interests | 9,294 | 9,294 |
| Total Stockholders' Equity | 1,080,486 | 1,099,391 |
| Noncontrolling interests in subsidiaries: | | |
| Operating Partnership | 99,814 | 102,588 |
| Consolidated joint ventures | 28,877 | 31,090 |
| Total Noncontrolling Interests in Subsidiaries | $128,691 | $133,678 |
| Total Equity | $1,209,177 | $1,233,069 |
| Total Liabilities and Equity | $2,951,573 | $2,982,727 |
| Consolidated Statement of Operations (In thousands, except per share amounts) (unaudited) | |||
| | |||
| | Three Months Ended March 31, | | |
| REVENUES | 2025 | 2024 | |
| Revenue from leases | $61,965 | $60,642 | |
| Management fees | 718 | 922 | |
| Parking income | 3,749 | 3,745 | |
| Other income | 1,324 | 2,031 | |
| Total revenues | 67,756 | 67,340 | |
| EXPENSES | | | |
| Real estate taxes | 9,212 | 9,177 | |
| Utilities | 2,807 | 2,271 | |
| Operating services | 10,993 | 12,570 | |
| Property management | 4,385 | 5,242 | |
| General and administrative | 10,068 | 11,088 | |
| Transaction-related costs | 308 | 516 | |
| Depreciation and amortization | 21,253 | 20,117 | |
| Land and other impairments, net | 3,200 | — | |
| Total expenses | 62,226 | 60,981 | |
| OTHER (EXPENSE) INCOME | | | |
| Interest expense | (22,960) | (21,500) | |
| Interest and other investment income | 25 | 538 | |
| Equity in earnings (loss) of unconsolidated joint ventures | 3,842 | 254 | |
| Gain (loss) on disposition of developable land | (156) | 784 | |
| Gain (loss) on sale of unconsolidated joint venture interests | — | 7,100 | |
| Other income (expense), net | (105) | 255 | |
| Total other (expense) income, net | (19,354) | (12,569) | |
| Income (loss) from continuing operations before income tax expense | (13,824) | (6,210) | |
| Provision for income taxes | (42) | (59) | |
| Income (loss) from continuing operations after income tax expense | (13,866) | (6,269) | |
| Income (loss) from discontinued operations | 136 | 252 | |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | — | 1,548 | |
| Total discontinued operations, net | 136 | 1,800 | |
| Net Income (loss) | (13,730) | (4,469) | |
| Noncontrolling interest in consolidated joint ventures | 2,125 | 495 | |
| Noncontrolling interests in Operating Partnership of loss (income) from continuing operations | 998 | 523 | |
| Noncontrolling interests in Operating Partnership in discontinued operations | (11) | (155) | |
| Redeemable noncontrolling interests | (81) | (297) | |
| Net income (loss) available to common shareholders | $(10,699) | $(3,903) | |
| Basic earnings per common share: | | | |
| Net income (loss) available to common shareholders | $(0.12) | $(0.04) | |
| Diluted earnings per common share: | | | |
| Net income (loss) available to common shareholders | $(0.12) | $(0.04) | |
| Basic weighted average shares outstanding | 93,059 | 92,275 | |
| Diluted weighted average shares outstanding(1) | 101,690 | 100,968 | |
| |
| 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 March 31, | | |
| | 2025 | 2024 | |
| Net loss available to common shareholders | $ (10,699) | $ (3,903) | |
| Add/(Deduct): | | | |
| Noncontrolling interests in Operating Partnership | (998) | (523) | |
| Noncontrolling interests in discontinued operations | 11 | 155 | |
| Real estate-related depreciation and amortization on continuing operations(2) | 23,445 | 22,631 | |
| Real estate-related depreciation and amortization on discontinued operations | — | 668 | |
| Continuing operations: Loss (gain) on sale from unconsolidated joint ventures | — | (7,100) | |
| Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | — | (1,548) | |
| FFO(3) | $ 11,759 | $ 10,380 | |
| | | | |
| Add/(Deduct): | | | |
| Land and other impairments(4) | 1,600 | — | |
| (Gain) loss on disposition of developable land | 156 | (784) | |
| Rebranding and Severance/Compensation related costs (G&A)(5) | 168 | 1,637 | |
| Rebranding and Severance/Compensation related costs (Property Management)(6) | 510 | 1,526 | |
| Amortization of derivative premium(7) | 1,084 | 904 | |
| Derivative mark to market adjustment | 255 | — | |
| Transaction related costs | 308 | 516 | |
| Core FFO | $ 15,840 | $ 14,179 | |
| | | | |
| Add/(Deduct): | | | |
| Straight-line rent adjustments(8) | (146) | 25 | |
| Amortization of market lease intangibles, net | (3) | (7) | |
| Amortization of lease inducements | — | 7 | |
| Amortization of stock compensation | 3,366 | 3,727 | |
| Non-real estate depreciation and amortization | 150 | 210 | |
| Amortization of deferred financing costs | 1,707 | 1,242 | |
| Add/(Deduct): | | | |
| Non-incremental revenue generating capital expenditures: | | | |
| Building improvements | (3,306) | (1,040) | |
| Tenant improvements and leasing commissions(9) | (33) | (9) | |
| Core AFFO(3) | $ 17,575 | $ 18,334 | |
| | | | |
| Funds from Operations per share/unit-diluted | $0.12 | $0.10 | |
| Core Funds from Operations per share/unit-diluted | $0.16 | $0.14 | |
| Core Adjusted Funds from Operations per share/unit-diluted | $0.17 | $0.18 | |
| Dividends declared per common share | $0.08 | $0.0525 | |
| |
| See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
| See Consolidated Statements of Operations. |
| Adjusted EBITDA ($ in thousands) (unaudited) | |||
| | |||
| | Three Months Ended March 31, | | |
| | 2025 | 2024 | |
| Core FFO (calculated on a previous page) | $ 15,840 | $ 14,179 | |
| Deduct: | | | |
| Equity in (earnings) loss of unconsolidated joint ventures | (3,842) | (459) | |
| Equity in earnings share of depreciation and amortization | (2,343) | (2,724) | |
| Add: | | | |
| Interest expense | 22,960 | 21,500 | |
| Amortization of derivative premium | (1,084) | (904) | |
| Derivative mark to market adjustment | (255) | — | |
| Recurring joint venture distributions | 5,801 | 1,701 | |
| Income (loss) in noncontrolling interest in consolidated joint ventures, net of land and other impairments1 | (525) | (495) | |
| Redeemable noncontrolling interests | 81 | 297 | |
| Income tax expense | 43 | 82 | |
| Adjusted EBITDA | $ 36,675 | $ 33,177 | |
| | | | |
| See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
| See Non-GAAP Financial Definitions. |
| | | | | | | | | | | | | |
| 1 | See Annex 7 for breakout of Noncontrolling interests in consolidated joint ventures. | |||||||||||
| Components of Net Asset Value ($ in thousands)
| |||||
| | |||||
| Real Estate Portfolio | | Other Assets | |||
| | | | | | |
| Operating Multifamily NOI1 | Total | At Share | | Cash and Cash Equivalents | $7,596 |
| New Jersey Waterfront | $169,460 | $145,268 | | Restricted Cash | 14,512 |
| Massachusetts | 26,220 | 26,220 | | Other Assets | 47,258 |
| Other | 31,920 | 24,566 | | Subtotal Other Assets | $69,366 |
| Total Multifamily NOI | $227,600 | $196,054 | | | |
| Commercial NOI2 | 2,380 | 1,949 | | Liabilities and Other | |
| Total NOI | $229,980 | $198,003 | | | |
| | | | | Operating - Consolidated Debt at Share3 | $1,440,886 |
| Non-Strategic Assets | | Operating - Unconsolidated Debt at Share3 | 129,442 | ||
| | | Other Liabilities | 65,894 | ||
| Estimated Value of Land Under Binding Contract | $34,250 | | Revolving Credit Facility3 | 161,000 | |
| Estimated Value of Remaining Land | 115,194 | | Term Loan | 200,000 | |
| Total Non-Strategic Assets4 | $149,444 | | Preferred Units | 9,294 | |
| | | | Subtotal Liabilities and Other | $2,006,516 | |
| | | | | | |
| | | | | Outstanding Shares5 | |
| | | | | | |
| | | | | Diluted Weighted Average Shares | 102,066 |
| | | | | | |
| | | | | | | | | | | | | |
| 1 | See Multifamily Operating Portfolio for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized. | |||||||||||
| 2 | See Commercial Assets and Developable Land for more details. | |||||||||||
| 3 | See Debt Summary and Maturity Schedule for pro forma reconciliation. | |||||||||||
| 4 | The land values are VRE`s share of value. Wall Land, PI North - Buillding 6 and Riverbend I parcels were removed from the totals as the sales of these assets closed in April 2025. Estimated value of land under binding contract reflects two land parcels (PI South - Building 2 and 1 Water Street) and the value VRE expects to receive upon completion of the sale. For more details on unit change see Commercial Assets and Developable Land. | |||||||||||
| 5 | Outstanding shares for the quarter ended March 31, 2025 is comprised of the following (in 000s): 93,059 weighted average common shares outstanding, 8,631 weighted average Operating Partnership common and vested LTIP units outstanding, and 377 shares representing the dilutive effect of stock-based compensation awards. | |||||||||||
| | | |||||||||||
| See Non-GAAP Financial Definitions. | ||||||||||||
| Multifamily Operating Portfolio (in thousands, except Revenue per home) | |||||||||
| | |||||||||
| | Operating Highlights | ||||||||
| | | ||||||||
| | | | Percentage Occupied | Average Revenue per Home | NOI1 | Debt Balance | |||
| | Ownership | Apartments | 1Q 2025 | 4Q 2024 | 1Q 2025 | 4Q 2024 | 1Q 2025 | 4Q 2024 | |
| NJ Waterfront | | | | | | | | | |
| Haus25 | 100.0 % | 750 | 95.6 % | 95.3 % | $4,969 | $4,986 | $8,195 | $7,803 | $343,061 |
| Liberty Towers* | 100.0 % | 648 | 80.5 % | 85.6 % | 4,428 | 4,319 | 4,289 | 4,543 | — |
| BLVD 401 | 74.3 % | 311 | 95.0 % | 95.7 % | 4,272 | 4,309 | 2,431 | 2,428 | 115,010 |
| BLVD 425 | 74.3 % | 412 | 95.9 % | 95.6 % | 4,143 | 4,175 | 3,426 | 3,246 | 131,000 |
| BLVD 475 | 100.0 % | 523 | 96.4 % | 94.4 % | 4,235 | 4,201 | 4,197 | 4,100 | 163,844 |
| Soho Lofts* | 100.0 % | 377 | 94.2 % | 94.7 % | 4,828 | 4,860 | 3,232 | 3,258 | — |
| Sable (f.k.a. Jersey City Urby)2 | 85.0 % | 762 | 94.5 % | 94.4 % | 4,223 | 4,322 | 5,879 | 6,455 | 181,810 |
| RiverHouse 9 at Port Imperial | 100.0 % | 313 | 96.4 % | 95.4 % | 4,493 | 4,516 | 2,715 | 2,674 | 110,000 |
| RiverHouse 11 at Port Imperial | 100.0 % | 295 | 95.8 % | 96.3 % | 4,391 | 4,405 | 2,527 | 2,479 | 100,000 |
| RiverTrace | 22.5 % | 316 | 94.2 % | 94.4 % | 3,808 | 3,851 | 2,151 | 2,243 | 82,000 |
| Capstone | 40.0 % | 360 | 95.6 % | 95.1 % | 4,603 | 4,590 | 3,323 | 3,243 | 135,000 |
| NJ Waterfront Subtotal | 85.0 % | 5,067 | 93.4 % | 93.8 % | $4,430 | $4,441 | $42,365 | $42,472 | $1,361,725 |
| Massachusetts | | | | | | | | | |
| Portside at East Pier | 100.0 % | 180 | 96.4 % | 95.2 % | $3,283 | $3,265 | $1,156 | $1,207 | $56,500 |
| Portside 2 at East Pier | 100.0 % | 296 | 95.8 % | 93.9 % | 3,502 | 3,425 | 2,115 | 2,070 | 95,022 |
| 145 Front at City Square* | 100.0 % | 365 | 94.8 % | 94.0 % | 2,513 | 2,524 | 1,636 | 1,549 | — |
| The Emery at Overlook Ridge | 100.0 % | 326 | 93.9 % | 92.9 % | 2,845 | 2,865 | 1,648 | 1,699 | 70,279 |
| Massachusetts Subtotal | 100.0 % | 1,167 | 95.0 % | 93.9 % | $2,975 | $2,962 | $6,555 | $6,525 | $221,801 |
| Other | | | | | | | | | |
| The Upton | 100.0 % | 193 | 93.3 % | 91.4 % | $4,355 | $4,411 | $1,290 | $1,238 | $75,000 |
| The James* | 100.0 % | 240 | 97.8 % | 95.8 % | 3,074 | 3,168 | 1,570 | 1,447 | — |
| Signature Place* | 100.0 % | 197 | 95.7 % | 96.5 % | 3,350 | 3,312 | 1,101 | 1,050 | — |
| Quarry Place at Tuckahoe | 100.0 % | 108 | 96.8 % | 95.8 % | 4,406 | 4,368 | 798 | 821 | 41,000 |
| Riverpark at Harrison | 45.0 % | 141 | 97.6 % | 95.7 % | 2,857 | 2,995 | 568 | 626 | 30,192 |
| Metropolitan at 40 Park3 | 25.0 % | 130 | 94.0 % | 93.7 % | 3,800 | 3,741 | 798 | 771 | 34,100 |
| Station House | 50.0 % | 378 | 93.2 % | 91.8 % | 2,909 | 2,989 | 1,855 | 2,005 | 86,812 |
| Other Subtotal | 73.8 % | 1,387 | 95.2 % | 94.0 % | $3,396 | $3,442 | $7,980 | $7,958 | $267,104 |
| Operating Portfolio45 | 85.2 % | 7,621 | 94.0 % | 93.9 % | $4,019 | $4,033 | $56,900 | $56,955 | $1,850,630 |
| | | | | | | | | | | | | |
| 1 | The sum of property level revenue, straight line and ASC 805 adjustments; less: operating expenses, real estate taxes and utilities. | |||||||||||
| 2 | Subsequent to quarter-end, purchased joint venture partner's interest in the Jersey City property that was previously known as the "Urby" and is now named "Sable". | |||||||||||
| 3 | On April 21, 2025, the Company sold its interests in the Metropolitan joint venture. | |||||||||||
| 4 | Rental revenue associated with retail leases is included in the NOI disclosure above. | |||||||||||
| 5 | See Unconsolidated Joint Ventures and Annex 6: Multifamily Operating Portfolio for more details. | |||||||||||
| *Properties that are currently in the collateral pool for the Term Loan and Revolving Credit Facility. | ||||||||||||
| | | |||||||||||
| See Non-GAAP Financial Definitions. | ||||||||||||
| Commercial Assets and Developable Land ($ in thousands)
| ||||||||
| | ||||||||
| Commercial | Location | Ownership | Rentable SF1 | Percentage Leased 1Q 2025 | Percentage Leased 4Q 2024 | NOI 1Q 2025 | NOI 4Q 2024 | Debt Balance |
| Port Imperial South - Garage | Weehawken, NJ | 70.0 % | Fn 1 | N/A | N/A | $413 | $537 | $30,957 |
| Port Imperial South - Retail | Weehawken, NJ | 70.0 % | 18,064 | 77.0 % | 92.0 % | 112 | 147 | — |
| Port Imperial North - Garage | Weehawken, NJ | 70.0 % | Fn 1 | N/A | N/A | (54) | 25 | — |
| Port Imperial North - Retail | Weehawken, NJ | 100.0 % | 8,400 | 100.0 % | 100.0 % | 89 | (275) | — |
| Riverwalk at Port Imperial | West New York, NJ | 100.0 % | 29,923 | 80.0 % | 80.0 % | 35 | 61 | — |
| Commercial Total | | | 56,387 | 82.0 % | 86.8 % | $595 | $495 | $30,957 |
| Shops at 40 Park2 | Morristown, NJ | N/A | N/A | N/A | 69.0 % | — | 68 | — |
| Commercial Total with Shops at 40 Park | | | | 82.0 % | 78.4 % | $595 | $563 | $30,957 |
| Developable Land Parcel Units3 | | |
| | Total Units | VRE Share |
| NJ Waterfront | 1,522 | 1,400 |
| Massachusetts | 737 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend |
