Veris Residential, Inc. reported a total revenue of $271.1 million for the fiscal year ending December 31, 2024, marking a 4.1% increase from $260.3 million in 2023. The revenue growth was primarily driven by a $10.6 million increase in lease revenue, attributed to rising market rental rates. The company also noted a significant reduction in net loss, which decreased to $26.7 million from $112.4 million in the previous year, reflecting an improvement of 76.3%. This positive shift in profitability was supported by a substantial increase in operating income, which rose to $34 million from $5.3 million in 2023.
In terms of operational changes, Veris Residential completed its transition to a pure-play multifamily real estate investment trust (REIT) in 2024, divesting its last office asset for $85 million and selling over $230 million in non-strategic assets since the beginning of the year. The company also reported that as of December 31, 2024, it owned or had interests in 22 multifamily rental properties, with a total of 7,681 apartment units. The average occupancy rate across its properties remained stable, contributing to the overall revenue growth.
The company’s strategic focus on enhancing its environmental, social, and governance (ESG) initiatives was highlighted by its achievement of a 5-Star rating from GRESB for the third consecutive year. This recognition underscores Veris Residential's commitment to sustainability, with 79% of its managed multifamily communities being green certified. The company aims to continue integrating sustainability into its operations, which it believes will enhance property value and attract environmentally conscious residents.
Looking ahead, Veris Residential plans to optimize its balance sheet by reducing total indebtedness and improving its cost of capital. As of December 31, 2024, the company reported total outstanding indebtedness of $1.7 billion, with a weighted average interest rate of 5.05%. The company is also focused on maintaining compliance with its debt covenants and expects to leverage proceeds from asset sales to fund future growth initiatives, including potential acquisitions and developments in the multifamily sector. The management remains optimistic about the company’s growth trajectory, supported by its strategic initiatives and operational efficiencies.
About Veris Residential, Inc.
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