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Veris Residential, Inc. Reports Fourth Quarter and Full Year 2024 Results
JERSEY CITY, N.J., Feb. 24, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the fourth quarter and full year 2024.
| | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||
| | | 2024 | 2023 | 2024 | 2023 | |
| Net Income (loss) per Diluted Share | $(0.13) | $(0.06) | $(0.25) | $(1.22) | ||
| Core FFO per Diluted Share | $0.11 | $0.12 | $0.60 | $0.53 | ||
| Core AFFO per Diluted Share | $0.13 | $0.14 | $0.71 | $0.62 | ||
| Dividend per Diluted Share | $0.08 | $0.0525 | $0.2625 | $0.1025 | ||
| | | | | | | |
FOURTH QUARTER 2024 AND FULL YEAR HIGHLIGHTS
- Net loss per share for 2024 was ($0.25), an increase of around $1 compared to full year 2023.
- Grew 2024 Core FFO per share by 13% year over year, surpassing original guidance.
- Normalized Same Store NOI growth of 7.9% for the full year and 7.3% for the fourth quarter.
- Further improved Normalized Same Store NOI margin by 160 basis points to 66.8% for the full year and 200 basis points to 66.5% for the fourth quarter compared to 2023.
- Blended Net Rental Growth Rate of 4.0% for full year and 0.5% for the quarter.
- Refinanced $526 million of mortgages, leaving no remaining consolidated debt maturities until 2026. All debt fixed or hedged.
- Raised the dividend by approximately 60% on an annualized basis.
- Completed $230 million of non-strategic asset sales during the year.
STRATEGIC UPDATE AND OUTLOOK
- Identified pipeline of $300 to $500 million of assets, comprising the majority of our land bank and select multifamily properties, to be sold during the next 12-24 months, with proceeds used to fund up to a $100 million share repurchase program and the balance used to repay debt.
- Targeting leverage below 9.0x Net Debt-to-EBITDA as these sales are completed.
Mahbod Nia, Chief Executive Officer, commented, "Since the reconstitution of our Board and establishment of the Strategic Review Committee over four years ago, we have successfully transformed Veris Residential into a top-performing pure-play multifamily REIT with core, Class A properties, while staying abreast of the state of the transaction market and related capital flows, as well as capital markets, as we evaluate all available avenues to maximize value for our shareholders.
"Despite our continued operational outperformance, we recognize that the intrinsic value of Veris Residential is not accurately reflected in our share price today. We are keenly focused on closing this valuation gap through measures, including but not limited to, the crystallization of assets where we believe we can achieve strong pricing at or near to their intrinsic value, despite broader challenges in the investment market amidst the backdrop of heightened economic and geopolitical uncertainty.
"Accordingly, over the next 12-24 months, we plan to pursue $300 to $500 million of sales for assets that fit this profile given their size, location and buyer interest. We intend to use proceeds from these sales to fund a share repurchase program of up to $100 million—taking advantage of the dislocation that exists between our public trading value and our intrinsic value today on behalf of our shareholders—with the balance being used to repay debt, further de-levering the Company to below 9x Net Debt-to-EBITDA. Looking ahead, as we monetize these assets, we will maintain our ability to be nimble and to continue exploring any and all paths to further crystallize value for all shareholders."
SAME STORE PORTFOLIO PERFORMANCE
| | December 31, 2024 | September 30, 2024 | Change |
| Same Store Units | 7,621 | 7,621 | — % |
| Same Store Occupancy | 93.9 % | 95.1 % | (1.2) % |
| Same Store Blended Rental Growth Rate (Quarter) | 0.5 % | 4.6 % | (4.1) % |
| Average Rent per Home | $4,033 | $3,980 | 1.3 % |
As anticipated, due to the value-add renovation projects at Liberty Towers, Same Store occupancy ended the year at 93.9%, compared to 95.1% last quarter. Excluding Liberty Towers, occupancy for the Same Store portfolio would have been 94.6% in the fourth quarter, in line with the fourth quarter of 2023.
The following table shows Same Store performance:
| ($ in 000s) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||
| | 2024 | 2023 | % | 2024 | 2023 | % |
| Total Property Revenue | $76,375 | $73,371 | 4.1 % | $300,679 | $285,247 | 5.4 % |
| Controllable Expenses | 13,907 | 13,829 | 0.6 % | 53,349 | 52,190 | 2.2 % |
| Non-Controllable Expenses | 11,649 | 12,199 | (4.5) % | 46,589 | 45,263 | 2.9 % |
| Total Property Expenses | 25,556 | 26,028 | (1.8) % | 99,938 | 97,453 | 2.5 % |
| Same Store NOI | $50,819 | $47,343 | 7.3 % | $200,741 | $187,794 | 6.9 % |
| Less: Real Estate Tax Adjustments | — | — | | — | 1,689 | |
| Normalized Same Store NOI | $50,819 | $47,343 | 7.3 % | $200,741 | $186,105 | 7.9 % |
In October, the Company's joint venture sold the Shops at 40 Park retail property. As a result, it has been removed from the Same Store pool.
FINANCING AND LIQUIDITY
All of the Company's debt is hedged or fixed. The Company's total debt portfolio has a weighted average effective interest rate of 4.95% and weighted average maturity of 3.1 years.
| Balance Sheet Metric ($ in 000s) | December 31, 2024 | September 30, 2024 |
| Weighted Average Interest Rate | 4.95 % | 4.96 % |
| Weighted Average Years to Maturity | 3.1 | 3.3 |
| TTM Interest Coverage Ratio | 1.7x | 1.7x |
| Net Debt | $1,647,892 | $1,645,447 |
| TTM EBITDA | $140,694 | $140,682 |
| TTM Net Debt to EBITDA | 11.7x | 11.7x |
As of February 21, 2025, the Company had liquidity of $158 million in addition to $45 million of land sales under binding contract to sell. All of the Company's debt portfolio is fixed or hedged. The Company has no consolidated debt maturities until 2026.
In the fourth quarter, the Company exercised one-year extension options relating to mortgages on two unconsolidated joint ventures, Capstone and Metropolitan at 40 Park, now maturing in the fourth quarter of 2025.
SALES
In 2024, the Company completed $223 million of non-strategic sales, releasing approximately $175 million in net proceeds. Subsequent to year end, the 65 Livingston land parcel sold for $7 million. The proceeds from these sales were used to repay debt.
Two land parcels, 1 Water and Wall Land, are under binding contract for approximately $45 million.
DIVIDEND
The Company paid a dividend of $0.08 per share on January 10, 2025, for shareholders of record as of December 31, 2024.
SHARE REPURCHASE PROGRAM
The Board of Directors approved a $100 million share repurchase program over the next two years, with share repurchases under the new program authorized to begin on March 26, 2025.
Repurchases may be made from time to time in the open market, private purchases, through forward, derivative, alternative, accelerated repurchase or automatic purchase transactions, or otherwise. The share repurchase program does not, however, obligate the Company to acquire any particular amount of shares and repurchases may be suspended or terminated at any time at the Company's discretion. The amount and timing of repurchases are subject to a variety of factors, including liquidity, share price, market conditions and legal requirements.
GUIDANCE
The Company's 2025 Revenue Guidance range reflects continued strength in rental growth, albeit at a more moderate pace following the Company's extremely strong performance during the past three years.
Guidance provided includes the impact of assets currently under binding contract, with these proceeds utilized to repay debt.
The Company has identified a disposition pipeline of $300 to $500 million of assets, comprising the majority of its land bank, including approximately $45 million of land under binding contract, and select multifamily assets. Management expects that it may take 12 to 24 months to complete the sales and intends to use the proceeds to fund a share repurchase program of up to $100 million, taking advantage of the dislocation that exists between our public trading value and our intrinsic value today on behalf of our shareholders, with the balance being used to repay debt, further de-levering the Company to below 9.0x Net Debt-to-EBITDA .
| 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 Tuesday, February 25, 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 fourth quarter 2024 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 Tuesday, February 25, 2024.
A replay of the call will also be accessible Tuesday, February 25, 2025, through Tuesday, March 25, 2025, by calling (844) 512-2921 (domestic) or +1(412) 317-6671 (international) and using the passcode, 13751046.
Copies of Veris Residential, Inc.'s 2024 Form 10-K and fourth quarter 2024 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-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-K 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) | ||
| | ||
| | December 31, 2024 | December 31, 2023 |
| ASSETS | | |
| Rental property | | |
| Land and leasehold interests | $458,946 | $474,499 |
| Buildings and improvements | 2,634,321 | 2,782,468 |
| Tenant improvements | 14,784 | 30,908 |
| Furniture, fixtures and equipment | 112,201 | 103,613 |
| | 3,220,252 | 3,391,488 |
| Less – accumulated depreciation and amortization | (432,531) | (443,781) |
| | 2,787,721 | 2,947,707 |
| Real estate held for sale, net | 7,291 | 58,608 |
| Net investment in rental property | 2,795,012 | 3,006,315 |
| Cash and cash equivalents | 7,251 | 28,007 |
| Restricted cash | 17,059 | 26,572 |
| Investments in unconsolidated joint ventures | 111,301 | 117,954 |
| Unbilled rents receivable, net | 2,253 | 5,500 |
| Deferred charges and other assets, net | 48,476 | 53,956 |
| Accounts receivable | 1,375 | 2,742 |
| Total Assets | $2,982,727 | $3,241,046 |
| LIABILITIES & EQUITY | | |
| Revolving credit facility and term loans | 348,839 | — |
| Mortgages, loans payable and other obligations, net | 1,323,474 | 1,853,897 |
| Dividends and distributions payable | 8,533 | 5,540 |
| Accounts payable, accrued expenses and other liabilities | 42,744 | 55,492 |
| Rents received in advance and security deposits | 11,512 | 14,985 |
| Accrued interest payable | 5,262 | 6,580 |
| Total Liabilities | 1,740,364 | 1,936,494 |
| Redeemable noncontrolling interests | 9,294 | 24,999 |
| Total Stockholders' Equity | 1,099,391 | 1,137,478 |
| Noncontrolling interests in subsidiaries: | | |
| Operating Partnership | 102,588 | 107,206 |
| Consolidated joint ventures | 31,090 | 34,869 |
| Total Noncontrolling Interests in Subsidiaries | $133,678 | $142,075 |
| Total Equity | $1,233,069 | $1,279,553 |
| Total Liabilities and Equity | $2,982,727 | $3,241,046 |
| Consolidated Statement of Operations (in thousands, except per share amounts) (unaudited) | |||||
| | |||||
| | Three Months Ended December 31, | | Twelve Months Ended December 31, | ||
| REVENUES | 2024 | 2023 | | 2024 | 2023 |
| Revenue from leases | $61,904 | $60,896 | | $245,690 | $235,117 |
| Management fees | 751 | 1,084 | | 3,338 | 3,868 |
| Parking income | 3,893 | 3,824 | | 15,463 | 15,498 |
| Other income | 1,535 | 1,216 | | 6,583 | 5,812 |
| Total revenues | 68,083 | 67,020 | | 271,074 | 260,295 |
| EXPENSES | | | | | |
| Real estate taxes | 10,173 | 9,529 | | 37,424 | 34,687 |
| Utilities | 1,955 | 1,836 | | 8,151 | 7,700 |
| Operating services | 12,885 | 13,570 | | 48,239 | 50,769 |
| Property management | 3,877 | 4,323 | | 17,247 | 14,188 |
| General and administrative | 10,040 | 9,992 | | 39,059 | 44,443 |
| Transaction-related costs | 159 | 576 | | 1,565 | 7,627 |
| Depreciation and amortization | 21,182 | 21,227 | | 82,774 | 86,235 |
| Land and other impairments, net | — | 5,928 | | 2,619 | 9,324 |
| Total expenses | 60,271 | 66,981 | | 237,078 | 254,973 |
| OTHER (EXPENSE) INCOME | | | | | |
| Interest expense | (23,293) | (21,933) | | (87,976) | (89,355) |
| Interest cost of mandatorily redeemable noncontrolling interests | — | — | | — | (49,782) |
| Interest and other investment income | 111 | 232 | | 2,366 | 5,515 |
| Equity in earnings (loss) of unconsolidated joint ventures | 1,015 | 260 | | 3,934 | 3,102 |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | — | (3) | | — | — |
| Gain (loss) on disposition of developable land | — | 7,090 | | 11,515 | 7,068 |
| Gain (loss) on sale of unconsolidated joint venture interests | (154) | — | | 6,946 | — |
| Gain (loss) from extinguishment of debt, net | — | (1,903) | | (777) | (5,606) |
| Other income (expense), net | (396) | 77 | | (701) | 2,871 |
| Total other (expense) income, net | (22,717) | (16,180) | | (64,693) | (126,187) |
| Income (loss) from continuing operations before income tax expense | (14,905) | (16,141) | | (30,697) | (120,865) |
| Provision for income taxes | (2) | (199) | | (276) | (492) |
| Income (loss) from continuing operations after income tax expense | (14,907) | (16,340) | | (30,973) | (121,357) |
| Income (loss) from discontinued operations | (1,015) | (33,377) | | 862 | (32,686) |
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 1,899 | 43,971 | | 3,447 | 41,682 |
| Total discontinued operations, net | 884 | 10,594 | | 4,309 | 8,996 |
| Net Income (loss) | (14,023) | (5,746) | | (26,664) | (112,361) |
| Noncontrolling interest in consolidated joint ventures | 495 | 504 | | 1,924 | 2,319 |
| Noncontrolling interests in Operating Partnership of loss (income) from continuing operations | 1,238 | 1,389 | | 2,531 | 11,174 |
| Noncontrolling interests in Operating Partnership in discontinued operations | (76) | (913) | | (371) | (779) |
| Redeemable noncontrolling interests | (81) | (285) | | (540) | (7,618) |
| Net income (loss) available to common shareholders | $(12,447) | $(5,051) | | $(23,120) | $(107,265) |
| Basic earnings per common share: | | | | | |
| Net income (loss) available to common shareholders | $(0.13) | $(0.06) | | $(0.25) | $(1.22) |
| Diluted earnings per common share: | | | | | |
| Net income (loss) available to common shareholders | $(0.13) | $(0.06) | | $(0.25) | $(1.22) |
| Basic weighted average shares outstanding | 92,934 | 92,240 | | 92,695 | 91,883 |
| Diluted weighted average shares outstanding(1) | 101,611 | 100,936 | | 101,381 | 100,812 |
| |
| See Reconciliation to Net Income (Loss) to NOI for more detail. |
| FFO, Core FFO and Core AFFO (in thousands, except per share/unit amounts) | |||||
| | |||||
| | Three Months Ended December 31, | | Twelve Months Ended December 31, | ||
| | 2024 | 2023 | | 2024 | 2023 |
| Net loss available to common shareholders | $ (12,447) | $ (5,051) | | $ (23,120) | $ (107,265) |
| Add/(Deduct): | | | | | |
| Noncontrolling interests in Operating Partnership | (1,238) | (1,389) | | (2,531) | (11,174) |
| Noncontrolling interests in discontinued operations | 76 | 913 | | 371 | 779 |
| Real estate-related depreciation and amortization on continuing operations(2) | 23,617 | 23,609 | | 92,164 | 95,695 |
| Real estate-related depreciation and amortization on discontinued operations | (33) | 1,819 | | 635 | 12,689 |
| Property impairments on discontinued operations | — | 32,516 | | — | 32,516 |
| Continuing operations: (Gain) loss on sale from unconsolidated joint ventures | 154 | — | | (6,946) | — |
| Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition | — | 3 | | — | — |
| Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition | — | (4,700) | | (1,548) | (2,411) |
| FFO(3) | $ 10,129 | $ 47,720 | | $ 59,025 | $ 20,829 |
| | | | | | |
| Add/(Deduct): | | | | | |
| (Gain) loss from extinguishment of debt, net | — | 1,903 | | 777 | 5,618 |
| Land and other impairments | — | 5,928 | | 2,619 | 9,324 |
| (Gain) loss on disposition of developable land | (1,899) | (46,361) | | (13,414) | (46,339) |
| Rebranding and Severance/Compensation related costs (G&A)(4) | 32 | 129 | | 2,111 | 7,987 |
| Rebranding and Severance/Compensation related costs (Property Management)(5) | 766 | 829 | | 3,156 | 1,128 |
| Severance/Compensation related costs (Operating Expenses) | — | — | | — | 649 |
| Rockpoint buyout premium | — | — | | — | 34,775 |
| Redemption value adjustments to mandatorily redeemable noncontrolling interests | — | — | | — | 7,641 |
| Amortization of derivative premium(6) | 1,461 | 902 | | 4,554 | 4,654 |
| Derivative mark to market adjustment | 186 | — | | 202 | — |
| Transaction related costs | 578 | 576 | | 1,984 | 7,627 |
| Core FFO | $ 11,253 | $ 11,626 | | $ 61,014 | $ 53,893 |
| | | | | | |
| Add/(Deduct): | | | | | |
| Straight-line rent adjustments(7) | (107) | 81 | | (790) | 502 |
| Amortization of market lease intangibles, net | (5) | — | | (30) | (80) |
| Amortization of lease inducements | — | 5 | | 7 | 57 |
| Amortization of stock compensation | 3,013 | 3,270 | | 12,992 | 12,995 |
| Non-real estate depreciation and amortization | 169 | 216 | | 763 | 1,028 |
| Amortization of deferred financing costs | 1,639 | 1,255 | | 6,125 | 4,440 |
| Add/(Deduct): | | | | | |
| Non-incremental revenue generating capital expenditures: | | | | | |
| Building improvements | (2,784) | (1,670) | | (7,674) | (8,348) |
| Tenant improvements and leasing commissions(8) | (94) | (888) | | (236) | (1,994) |
| Core AFFO(3) | $ 13,084 | $ 13,895 | | $ 72,171 | $ 62,493 |
| | | | | | |
| Funds from Operations per share/unit-diluted | $0.10 | $0.47 | | $0.58 | $0.21 |
| Core Funds from Operations per share/unit-diluted | $0.11 | $0.12 | | $0.60 | $0.53 |
| Core Adjusted Funds from Operations per share/unit-diluted | $0.13 | $0.14 | | $0.71 | $0.62 |
| Dividends declared per common share | $0.08 | $0.0525 | | $0.2625 | $0.1025 |
| |
| See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
| See Consolidated Statements of Operations. |
| Adjusted EBITDA ($ in thousands) (unaudited) | |||||
| | |||||
| | Three Months Ended December 31, | | Twelve Months Ended December 31, | ||
| | 2024 | 2023 | | 2024 | 2023 |
| Core FFO (calculated on a previous page) | $ 11,253 | $ 11,626 | | $ 61,014 | $ 53,893 |
| Deduct: | | | | | |
| Equity in (earnings) loss of unconsolidated joint ventures | (1,015) | (260) | | (4,196) | (3,102) |
| Equity in earnings share of depreciation and amortization | (2,605) | (2,597) | | (10,154) | (10,337) |
| Add: | | | | | |
| Interest expense | 23,294 | 21,933 | | 87,977 | 90,177 |
| Amortization of derivative premium | (1,461) | (902) | | (4,554) | (4,654) |
| Derivative mark to market adjustment | (186) | — | | (202) | — |
| Recurring joint venture distributions | 3,641 | 2,718 | | 11,893 | 11,700 |
| Noncontrolling interests in consolidated joint ventures1 | (495) | (504) | | (1,924) | (2,319) |
| Interest cost for mandatorily redeemable noncontrolling interests | — | — | | — | 7,366 |
| Redeemable noncontrolling interests | 81 | 285 | | 540 | 7,618 |
| Income tax expense | 3 | 199 | | 300 | 492 |
| Adjusted EBITDA | $ 32,510 | $ 32,498 | | $ 140,694 | $ 150,834 |
| |
| 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 Equivalents2 | $6,493 |
| New Jersey Waterfront | $169,888 | $145,446 | | Restricted Cash | 17,059 |
| Massachusetts | 26,100 | 26,100 | | Other Assets | 52,104 |
| Other | 31,832 | 24,132 | | Subtotal Other Assets | $75,656 |
| Total Multifamily NOI | $227,820 | $195,678 | | | |
| Commercial NOI3 | 1,980 | 1,159 | | Liabilities and Other Considerations | |
| Add Back: Non-recurring NOI Impact4 | 1,368 | 1,368 | | | |
| Total NOI | $231,168 | $198,205 | | Operating - Consolidated Debt at Share | $1,261,196 |
| | | | | Operating - Unconsolidated Debt at Share | 293,450 |
| Non-Strategic Assets | | Other Liabilities | 68,051 | ||
| | | | | Revolving Credit Facility5 | 145,000 |
| Estimated Value of Remaining Land | | $134,819 | | Term Loan | 200,000 |
| Estimated Value of Land Under Binding Contract for Sale | 45,250 | | Preferred Units | 9,294 | |
| Total Non-Strategic Assets6 | $180,069 | | Subtotal Liabilities and Other Considerations | $1,976,991 | |
| | | | | | |
| | | | | Outstanding Shares7 | |
| | | | | | |
| | | | | Diluted Weighted Average Shares | 102,587 |
| | | | | | |
| See Non-GAAP Financial Definitions. | | | | | |
| | | | | | | | | | | |
| 1 | See Multifamily Operating Portfolio for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized. | |||||||||
| 2 | Reflects the cash balance on February 21, 2025. Cash balance at quarter end was $7.3 million. | |||||||||
| 3 | See Commercial Assets and Developable Land for more details. | |||||||||
| 4 | In the fourth quarter, the Company had lower than normal NOI value, driven primarily by two non-recurring costs. | |||||||||
| 5 | Revolver balance on 12/31 was $152 million, subsequent to the sale of 65 Livingston, the Company repaid $7 million of the Revolver bringing the balance to $145 million. See Debt Summary and Maturity Schedule for more details. | |||||||||
| 6 | The land values are VRE`s share of value. 65 Livingston was removed from the total as it closed on January 24, 2025. Land under binding contract reflects two land parcels (Wall Land 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. | |||||||||
| 7 | Outstanding shares for the quarter ended December 31, 2024 is comprised of the following (in 000s): 92,934 weighted average common shares outstanding, 8,677 weighted average Operating Partnership common and vested LTIP units outstanding, and 976 shares representing the dilutive effect of stock-based compensation awards. | |||||||||
| Multifamily Operating Portfolio (in thousands, except Revenue per home) | |||||||||
| | |||||||||
| Operating Highlights | |||||||||
| | | | Percentage Occupied | Average Revenue per Home | NOI | Debt Balance | |||
| | Ownership | Apartments | 4Q 2024 | 3Q 2024 | 4Q 2024 | 3Q 2024 | 4Q 2024 | 3Q 2024 | |
| NJ Waterfront | | | | | | | | | |
| Haus25 | 100.0 % | 750 | 95.3 % | 95.8 % | $4,986 | $4,950 | $7,803 | $7,931 | $343,061 |
| Liberty Towers* | 100.0 % | 648 | 85.6 % | 91.7 % | 4,319 | 4,237 | 4,543 | 5,506 | — |
| BLVD 401 | 74.3 % | 311 | 95.7 % | 94.7 % | 4,309 | 4,304 | 2,428 | 2,592 | 115,515 |
| BLVD 425 | 74.3 % | 412 | 95.6 % | 95.2 % | 4,175 | 4,147 | 3,246 | 3,413 | 131,000 |
| BLVD 475 | 100.0 % | 523 | 94.4 % | 96.8 % | 4,201 | 4,241 | 4,100 | 4,319 | 164,712 |
| Soho Lofts* | 100.0 % | 377 | 94.7 % | 95.6 % | 4,860 | 4,832 | 3,258 | 3,375 | — |
| Urby Harborside | 85.0 % | 762 | 94.4 % | 96.5 % | 4,322 | 4,094 | 6,455 | 5,866 | 182,604 |
| RiverHouse 9 at Port Imperial | 100.0 % | 313 | 95.4 % | 96.2 % | 4,516 | 4,392 | 2,674 | 2,661 | 110,000 |
| RiverHouse 11 at Port Imperial | 100.0 % | 295 | 96.3 % | 96.3 % | 4,405 | 4,363 | 2,479 | 2,500 | 100,000 |
| RiverTrace | 22.5 % | 316 | 94.4 % | 95.3 % | 3,851 | 3,829 | 2,243 | 2,113 | 82,000 |
| Capstone | 40.0 % | 360 | 95.1 % | 94.4 % | 4,590 | 4,471 | 3,243 | 3,154 | 135,000 |
| NJ Waterfront Subtotal | 85.0 % | 5,067 | 93.8 % | 95.3 % | $4,441 | $4,371 | $42,472 | $43,430 | $1,363,892 |
| Massachusetts | | | | | | | | | |
| Portside at East Pier | 100.0 % 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 | ||||||||