Exceptional Operational Performance
Veris Residential reported a strong operational performance with a blended net rental growth of 3.9%, significantly outperforming the national market.
Successful Asset Sales and Deleveraging
The company sold or entered contracts for $542 million of non-strategic assets, exceeding its initial target and raising it to $650 million, which has led to a 15% reduction in net debt-to-EBITDA since the beginning of the year.
Increased Core FFO Guidance
Core FFO per share increased to $0.20, with guidance raised for the second consecutive quarter to $0.67 to $0.68, 12.5% above 2024.
GRESB Recognition
The company's GRESB score improved to 90, maintaining a 5-star rating and earning it the top rank in its peer group.
Strong Financial Position
Net income available to common shareholders was $0.80 per fully diluted share, reflecting substantial gains from sales during the quarter.