Veris Residential Boosts Core FFO 20% to $0.72 and Cuts Net Debt-to-EBITDA to 9.0x
Veris Residential reported FY2025 net income per diluted share of $0.80 and Core FFO up over 20% to $0.72, beating guidance. The REIT completed $542 million of non-strategic asset sales, used $490 million to reduce debt and lowered net debt-to-EBITDA to 9.0x from 11.7x.
1. Financial Results
In the fourth quarter Veris reported net income per diluted share of $0.00 versus a $0.13 loss a year earlier, while full-year net income per share rose to $0.80 from a $0.25 loss in 2024. Core FFO per diluted share climbed to $0.19 in Q4 and $0.72 for the year, with Core AFFO at $0.19 quarterly and $0.74 annually; the quarterly dividend held at $0.08.
2. Operational Performance
Same Store NOI grew 5.9% in Q4 and 2.7% for the full year, supporting an operating margin near 68%. Controllable expenses improved by 54 basis points to 16.5%, rental rates increased by 2.5% in the quarter (2.7% for the year), and occupancy stood at 95.2% excluding the under-renovation Liberty Towers.
3. Asset Sales and Leverage
Veris completed $542 million of non-strategic asset sales, exceeding its $300–500 million target, and applied $490 million of proceeds to debt reduction. Net Debt-to-EBITDA fell to 9.0x from 11.7x a year ago, liquidity remained at $280 million, and all debt was hedged or fixed with a weighted average interest rate of 4.88%.