Veris Residential Reports 12.8% Revenue Growth to $75.9 Million in Q2 2025

Veris Residential, Inc. reported its financial results for the second quarter and first half of 2025, showing a total revenue of $75.9 million for the three months ended June 30, 2025, a 12.8% increase from $67.5 million in the same period of 2024. For the six months ended June 30, 2025, total revenues reached $143.7 million, up from $134.8 million in the prior year. The company achieved a net income of $11.8 million for the second quarter, compared to $2.7 million in the same quarter of 2024, and a net loss of $1.9 million for the first half of 2025, an improvement from a loss of $1.7 million in the first half of 2024.

The company experienced significant changes in its financial performance, particularly in rental income, which rose to $69.3 million in Q2 2025 from $60.9 million in Q2 2024, reflecting a 13.8% increase. This growth was attributed to higher market rental rates and increased occupancy across its properties. However, management fees and other income saw declines, contributing to a mixed performance in non-rental revenues. Total expenses for the second quarter increased to $75.3 million from $58.5 million, driven by higher depreciation, transaction-related costs, and impairment charges totaling $12.5 million on developable land.

Strategically, Veris Residential made notable moves, including the acquisition of a 15% controlling interest in the Sable joint venture for $38.5 million, consolidating it into its financial statements. The company also disposed of several properties, generating significant gains, including $36.6 million from the sale of developable land. As of June 30, 2025, Veris Residential owned or had interests in 21 multifamily rental properties, with a focus on the Northeast U.S. market.

Operationally, the company reported a total asset value of $3.1 billion, with cash and cash equivalents increasing to $30.0 million from $24.3 million at the end of 2024. The company’s total liabilities rose to $1.9 billion, primarily due to increased borrowings. The employee headcount remained stable, reflecting the company's focus on maintaining operational efficiency amid its strategic initiatives.

Looking ahead, Veris Residential anticipates continued growth in rental income driven by market demand and strategic property management. The company plans to leverage its recent acquisitions and property sales to enhance its portfolio and improve financial performance. However, management remains cautious about potential market fluctuations and their impact on occupancy rates and rental income, emphasizing the importance of maintaining liquidity and managing debt effectively.