Veris Residential, Inc. reported a net loss of $13.7 million for the first quarter of 2025, a significant increase from the $4.5 million loss recorded in the same period of 2024. The company's revenue from rental operations and other sources rose slightly to $67 million, up from $66.4 million year-over-year, primarily driven by a 2.2% increase in revenue from leases, which totaled $62 million. However, the overall financial performance was impacted by increased operating expenses, including a notable rise in utility costs and a $3.2 million impairment charge on a developable land parcel.
In terms of operational changes, Veris Residential has undergone a strategic shift by discontinuing its former New Jersey office and hotel portfolio, which has been classified as discontinued operations. This decision reflects a focus on its multifamily rental properties, which now comprise 22 properties primarily located in the Northeast. The company also reported a significant increase in equity earnings from unconsolidated joint ventures, which rose to $3.8 million compared to $254,000 in the prior year, largely due to improved performance and tax credits recognized in its joint ventures.
The company’s cash flow from operations was $13.2 million, a decrease from $15.3 million in the previous year, while cash and cash equivalents decreased to $22.1 million from $24.3 million at the end of 2024. Veris Residential utilized $18.8 million in financing activities, including $24 million for repayments of its revolving credit facility. As of March 31, 2025, the company had total debt of approximately $1.7 billion, with a weighted average interest rate of 5.05%. The company remains in compliance with its debt covenants.
Looking ahead, Veris Residential has declared a dividend of $0.08 per common share, which was paid on April 10, 2025. The company has also initiated a $100 million share repurchase program, which is expected to enhance shareholder value. Management remains optimistic about the future, citing ongoing efforts to improve operational efficiency and capitalize on market opportunities within the multifamily sector. The company continues to evaluate its portfolio and may pursue additional asset sales to strengthen its financial position.
About Veris Residential, Inc.
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