NYSE$VRE
Veris Residentia · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Veris Residential reported third quarter results and raised full-year 2024 guidance.
Veris Residential, Inc. reported strong revenue growth, driven by robust demand for premium properties and limited new supply in key markets, resulting in a substantial 17% year-over-year increase in Core FFO per share during the first nine months of the year. The company has raised its 2024 guidance ranges to reflect the favorable outcome of certain non-controllable expenses that were finalized in the third quarter and continued multifamily outperformance.
- Same Store multifamily Blended Net Rental growth rate of 4.6% for the quarter and 4.8% year to date.
- Year-over-year Normalized Same Store NOI growth of 8.4% for the third quarter and 8.0% year to date.
- Reduced net debt by approximately $227 million since September 30, 2023, and refinanced $531 million of mortgage debt, leaving no remaining consolidated debt maturities until 2026.
- Core FFO guidance raised by over 13% at the low end and 7% at the high end, resulting in a revised range of $0.59 - $0.60.
Headline financials
Revenue & EPS history
Veris Residentia · Revenue · Quarterly
$68.2M
Revenue by segment
Veris Residentia · $72.5M total across 3 segments · Q1 2020
- Revenue from leases$65.5M—90.4%
- Parking income$5.27M—7.3%
- Other income$1.72M—2.4%
Forward guidance
The Company has raised its 2024 guidance ranges to reflect the favorable outcome of certain non-controllable expenses that were finalized in the third quarter and continued multifamily outperformance.
Tailwinds
- Same Store Revenue Growth: 4.6% - 5.0%
- Same Store Expense Growth: 2.5% - 3.0%
- Same Store NOI Growth: 5.4% - 6.2%
- Other FFO adjustments per share: $(0.16)
- Depreciation per Share: $0.90
Headwinds
- Net Loss per Share: $(0.15) - $(0.14)
- Core FFO per Share Guidance: $0.59 - $0.60
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2024
-0.6%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.3%
Avg return
30 days after
41%
28 / 68 earnings
Positive
+12.4%
Q4 2025
Best reaction
-9.9%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.1% | +0.2% | +0.4% | |
| Q4 2025 | +12.4% | +12.4% | +12.9% | |
| Q3 2025 | +0.2% | -0.9% | +1.6% | |
| Q2 2025 | +0.5% | +0.8% | +4.9% | |
| Q1 2025 | -2.2% | -4.6% | -9.3% | |
| Q4 2024 | +1.4% | +5.8% | +4.4% | |
| Q3 2024 | -1.8% | -1.5% | +9.1% | |
| Q2 2024 | -0.7% | +1.3% | +7.1% | |
| Q1 2024 | -4.1% | -4.2% | -1.3% | |
| Q4 2023 | -4.5% | -5.8% | -4.9% | |
| Q3 2023 | -8.6% | -14.0% | -12.5% | |
| Q2 2023 | +10.4% | +14.1% | +12.6% | |
| Q1 2023 | +3.9% | +5.1% | +3.5% | |
| Q4 2022 | +1.5% | +1.0% | -14.3% | |
| Q3 2022 | -2.9% | -3.9% | +3.2% | |
| Q2 2022 | -1.0% | +3.2% | -0.2% | |
| Q1 2022 | +0.1% | -9.2% | +1.6% | |
| Q4 2021 | -0.6% | -1.7% | -0.9% | |
| Q3 2021 | +3.7% | +4.8% | -7.4% | |
| Q2 2021 | +1.7% | -1.9% | +0.7% | |
| Q1 2021 | +0.1% | -0.2% | +7.3% | |
| Q4 2020 | -9.9% | -8.1% | +4.4% | |
| Q3 2020 | -6.8% | +15.0% | +27.0% | |
| Q2 2020 | -7.1% | -7.0% | -12.2% | |
| Q1 2020 | +5.1% | +2.2% | +21.0% | |
| Q4 2019 | -4.9% | -3.6% | -30.6% | |
| Q3 2019 | -3.0% | +1.0% | -3.1% | |
| Q2 2019 | -0.4% | -0.8% | -6.5% | |
| Q1 2019 | -1.4% | +1.5% | -2.4% | |
| Q4 2018 | +2.8% | +0.3% | +3.6% | |
| Q3 2018 | -1.0% | -0.1% | +6.1% | |
| Q2 2018 | -1.9% | -1.3% | +12.2% | |
| Q1 2018 | +3.9% | +5.6% | +12.7% | |
| Q4 2017 | -8.4% | -2.8% | -12.6% | |
| Q3 2017 | -6.4% | -1.2% | -6.7% | |
| Q2 2017 | -6.2% | -5.8% | -11.3% | |
| Q1 2017 | +0.0% | -1.6% | -0.1% | |
| Q4 2016 | -0.0% | -0.6% | -8.7% | |
| Q3 2016 | -1.7% | -5.2% | -0.2% | |
| Q2 2016 | -0.4% | -1.4% | -0.6% | |
| Q1 2016 | +3.8% | — | — | |
| Q4 2015 | +4.3% | — | — | |
| Q3 2015 | +0.1% | — | — | |
| Q2 2015 | +4.9% | — | — | |
| Q1 2015 | +2.2% | — | — | |
| Q4 2014 | -1.8% | — | — | |
| Q3 2014 | -3.6% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | -0.5% | — | — | |
| Q4 2013 | +0.0% | — | — | |
| Q3 2013 | -0.4% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | -1.3% | — | — | |
| Q4 2012 | -1.2% | — | — | |
| Q3 2012 | -4.4% | — | — | |
| Q2 2012 | -4.4% | — | — | |
| Q1 2012 | -1.7% | — | — | |
| Q4 2011 | -2.5% | — | — | |
| Q3 2011 | +4.5% | — | — | |
| Q2 2011 | -0.4% | — | — | |
| Q1 2010 | -0.5% | — | — | |
| Q1 2011 | -1.6% | — | — | |
| Q4 2008 | +1.8% | — | — | |
| Q4 2010 | +1.8% | — | — | |
| Q3 2009 | +0.8% | — | — | |
| Q3 2010 | +0.8% | — | — | |
| Q2 2010 | -0.6% | — | — | |
| Q2 2009 | -0.6% | — | — |
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