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Veris Residential, Inc. Reports Third Quarter 2025 Results
JERSEY CITY, N.J., Oct. 22, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today reported results for the third quarter 2025.
| | 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, | 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, and | 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 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 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 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 | — | — | | — | 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 | |||||
| | |||||
| | 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 | — | — | | — | (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 | | $0.60 | $0.48 |
| Core Funds from Operations per share/unit-diluted | $0.20 | $0.17 | | $0.52 | $0.49 |
| Core Adjusted Funds from Operations per share/unit-diluted | $0.19 | $0.19 | | $0.55 | $0.58 |
| Dividends declared per common share | $0.08 | $0.07 | | $0.24 | $0.1825 |
| |
| See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
| See Consolidated Statements of Operations. |
| Adjusted EBITDA ($ in thousands) (unaudited)
| |||||
| | |||||
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||
| | 2025 | 2024 | | 2025 | 2024 |
| Core FFO (calculated previously) | $ 20,018 | $ 16,966 | | $ 53,615 | $ 49,761 |
| Deduct: | | | | | |
| Equity in (earnings) loss of unconsolidated joint ventures | (340) | 268 | | (4,708) | (3,181) |
| Equity in earnings share of depreciation and amortization | (468) | (2,407) | | (3,709) | (7,549) |
| Add: | | | | | |
| Interest expense | 22,240 | 21,507 | | 69,804 | 64,683 |
| Amortization of derivative premium | (423) | (1,303) | | (2,385) | (3,093) |
| Derivative mark to market adjustment & losses on de-designation/early terminations | (561) | (16) | | (1,086) | (16) |
| Recurring joint venture distributions | 1,040 | 2,374 | | 9,229 | 8,252 |
| Income (loss) from noncontrolling interest in consolidated joint ventures, net1 | (348) | (391) | | (1,022) | (1,429) |
| Redeemable noncontrolling interests | 81 | 81 | | 243 | 459 |
| Income tax expense | 35 | 39 | | 171 | 297 |
| Adjusted EBITDA | $ 41,274 | $ 37,118 | | $ 120,152 | $ 108,184 |
| | | 3Q 2025 | |
| | TTM Adjusted EBITDA | $ 152,662 | |
| | Net Debt | 1,407,717 | |
| | Net Debt-to-EBITDA | 9.2x | |
| | | | |
| | TTM Adjusted EBITDA | $ 152,662 | |
| | Deduct: | | |
| | TTM Multifamily Sales Adjustments | (16,720) | |
| | TTM Carry Costs from Sold Land | (510) | |
| | Add: | | |
| | TTM Unconsolidated JV Sales Adjustments | 5,719 | |
| | TTM Adjusted EBITDA (Normalized) | $ 141,151 | |
| | | | |
| | Net Debt | 1,407,717 | |
| | Net Debt-to-EBITDA (Normalized) | 10.0x | |
| |
| See Consolidated Statements of Operations and Non-GAAP Financial Footnotes. |
| See Non-GAAP Financial Definitions. |
| | | | | | | | | | | | | |
| 1 | Net of land and other impairments, and loss on disposition of developable land. See Annex 7 for breakout of noncontrolling interests in consolidated joint ventures. | |||||||||||
| Components of Net Asset Value | |||||
| | |||||
| Real Estate Portfolio | | Other Assets | |||
| | | | | | |
| Operating Multifamily NOI1 | Total | At Share | | Cash and Cash Equivalents | $8,778 |
| New Jersey Waterfront | $168,828 | $147,807 | | Restricted Cash | 17,042 |
| Massachusetts | 20,264 | 20,264 | | Other Assets | 50,818 |
| Other | 15,324 | 9,587 | | Subtotal Other Assets | $76,638 |
| Total Multifamily NOI2 | $204,416 | $177,658 | | | |
| Commercial NOI3 | 4,240 | 3,346 | | Liabilities and Other Considerations | |
| Total NOI | $208,656 | $181,004 | | | |
| | | | | Operating - Consolidated Debt at Share | $1,338,821 |
| Non-Strategic Assets | | Operating - Unconsolidated Debt at Share | 128,852 | ||
| | | | | Other Liabilities | 77,095 |
| Estimated Value of Land Under Contract | $75,000 | | Revolving Credit Facility | 31,000 | |
| Estimated Value of Remaining Land | 35,395 | | Preferred Units | 9,294 | |
| Total Non-Strategic Assets4 | $110,395 | | Subtotal Liabilities and Other Considerations | $1,585,062 | |
| | | | | | |
| | | | | Outstanding Shares5 | |
| | | | | | |
| | | | | Diluted Weighted Average Shares | 102,493 |
| | | | | | |
| | | | | | | | | | | | |
| 1 See Multifamily Operating Portfolio for more details. The Real Estate Portfolio table is reflective of the quarterly NOI annualized, including management fees. | |||||||||||
| 2 Signature Place, 145 Front Street, The James and Quarry Place were sold in the third quarter. They contributed $43K, $398K, $571K, and $753K of NOI, respectively, for the quarter and have been removed from this subtotal. Normalized Real Estate Taxes are $8.8 million, $400 thousand lower than what was reported in the third quarter. | |||||||||||
| 3 See Commercial Assets and Developable Land for more details. | |||||||||||
| 4 The land values are VRE's share of value. For more details see Commercial Assets and Developable Land. | |||||||||||
| 5 Outstanding shares for the quarter ended September 30, 2025 is comprised of the following (in 000s): 93,476 weighted average common shares outstanding, 8,611 weighted average Operating Partnership common and vested LTIP units outstanding, and 406 shares representing the dilutive effect of stock-based compensation awards. | |||||||||||
| | |||||||||||
| See Non-GAAP Financial Definitions. | |||||||||||
| Multifamily Operating Portfolio | |||||||||
| | |||||||||
| | Operating Highlights | ||||||||
| | | | Percentage Occupied1 | | NOI2 | Debt Balance | |||
| | Ownership | Apartments | 3Q 2025 | 2Q 2025 | 3Q 2025 | 2Q 2025 | 3Q 2025 | 2Q 2025 | |
| NJ Waterfront | | | | | | | | | |
| Haus25 | 100.0 % | 750 | 96.5 % | 95.5 % | $5,118 | $5,027 | $8,275 | $8,083 | $343,061 |
| Liberty Towers* | 100.0 % | 648 | 84.9 % | 78.0 % | 4,630 | 4,688 | 4,596 | 4,462 | — |
| BLVD 401 | 74.3 % | 311 | 95.9 % | 95.8 % | 4,376 | 4,288 | 2,416 | 2,498 | 113,984 |
| BLVD 425 | 74.3 % | 412 | 95.8 % | 95.0 % | 4,236 | 4,217 | 3,320 | 3,359 | 131,000 |
| BLVD 475 | 100.0 % | 523 | 97.5 % | 97.0 % | 4,349 | 4,308 | 4,247 | 4,429 | 162,088 |
| Soho Lofts* | 100.0 % | 377 | 94.8 % | 94.1 % | 4,878 | 4,871 | 2,875 | 3,193 | — |
| Sable | 100.0 % | 762 | 96.6 % | 92.1 % | 4,245 | 4,224 | 5,638 | 5,655 | 181,544 |
| RiverHouse 9 at Port Imperial | 100.0 % | 313 | 94.9 % | 95.9 % | 4,590 | 4,507 | 2,717 | 2,798 | 110,000 |
| RiverHouse 11 at Port Imperial | 100.0 % | 295 | 97.3 % | 97.4 % | 4,394 | 4,403 | 2,470 | 2,543 | 100,000 |
| RiverTrace | 22.5 % | 316 | 95.1 % | 94.2 % 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 | |||||