Veris Residential reports Q2 core AFFO 19c, consensus 14c

Reports Q2 revenue $75.93M vs. $67.48M last year. “We have made significant progress on our corporate initiatives both operationally and strategically, enabling us to raise guidance. We continued to see strength in our operations, and with nearly $450 million of sales already completed or under binding contract, we are well ahead of schedule and on track to realize our near-term leverage targets, including Net Debt-to-EBITDA below 9x next year,” said CEO Mahbod Nia. “We are proud to have made meaningful progress on our strategic plan to continue optimizing our balance sheet. With the amendment to our credit facility, we secured an immediate reduction in our corporate borrowing costs of 55 basis points, with the potential to realize additional interest savings as we seek to further de-lever over time. We remain focused on executing our multi-pronged optimization strategy as we seek to continue enhancing value for all Veris Residential (VRE) stakeholders.”