NYSE : VRE
Veris Residential, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 18.99 USD (At close: May 26, 2026) · Market cap 1.94B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 267.08M | 264.46M | 245.69M | 235.12M | 188.18M | 162.08M |
| Property Management Fees | 2.38M | 2.56M | 3.34M | 3.87M | 3.58M | |
| Other Revenue | 22.69M | 26.27M | 25.38M | 23.81M | 22.64M | 28.45M |
| Total Revenue | 292.15M | 293.29M | 274.41M | 262.80M | 214.40M | 190.53M |
| Property Expenses | 110.67M | 112.29M | 111.06M | 107.34M | 98.76M | 95.44M |
| Selling, General & Administrative | 37.23M | 36.75M | 39.06M | 44.44M | 55.92M | 56.98M |
| Depreciation & Amortization | 86.24M | 86.26M | 82.77M | 86.23M | 77.90M | 68.51M |
| Total Operating Expenses | 234.14M | 235.30M | 232.89M | 238.02M | 232.58M | 220.93M |
| Operating Income | 58.02M | 57.99M | 41.51M | 24.77M | -18.18M | -30.39M |
| Interest Expense | -83.49M | -88.58M | -87.98M | -139.14M | -66.38M | -47.51M |
| Interest & Investment Income | 447.00K | 370.00K | 2.37M | 5.51M | 729.00K | 524.00K |
| Other Non-Operating Income | -12.06M | -1.70M | -2.27M | -7.63M | -3.47M | -12.21M |
| EBT Excluding Unusual Items | -37.09M | -31.92M | -46.36M | -116.47M | -87.30M | -89.58M |
| Merger & Restructuring Charges | -1.90M | -1.90M | ||||
| Impairment of Goodwill | -2.90M | |||||
| Gain (Loss) on Sale of Investments | 5.62M | 5.52M | 7.55M | 600.00K | 154.00K | -2.02M |
| Gain (Loss) on Sale of Assets | 125.03M | 124.87M | 11.52M | 7.07M | 57.26M | 5.14M |
| Total Insurance Settlements | 2.87M | |||||
| Asset Writedown | -14.78M | -17.98M | -2.62M | -9.32M | -9.37M | -20.82M |
| Other Unusual Items | -3.53M | -3.53M | -777.00K | -5.61M | -129.00K | -47.08M |
| Pretax Income | 73.35M | 75.06M | -30.70M | -120.86M | -39.38M | -157.26M |
| Income Tax Expense | 258.00K | 231.00K | 276.00K | 492.00K | ||
| Earnings From Continuing Operations | 73.09M | 74.83M | -30.97M | -121.36M | -39.38M | -157.26M |
| Earnings From Discontinued Operations | 3.64M | 3.77M | 3.94M | 8.22M | 4.08M | 43.39M |
| Net Income to Company | 76.73M | 78.59M | -27.04M | -113.14M | -35.30M | -113.87M |
| Minority Interest in Earnings | -4.80M | -3.35M | 3.92M | 5.88M | -16.77M | -5.17M |
| Net Income | 71.93M | 75.24M | -23.12M | -107.27M | -52.07M | -119.04M |
| Preferred Dividends & Other Adjustments | 4.52M | 5.47M | 7.29M | |||
| Net Income to Common | 71.93M | 75.24M | -23.12M | -111.78M | -57.54M | -126.33M |
| Basic Shares Outstanding | 93.49M | 93.36M | 92.69M | 91.88M | 91.05M | 90.84M |
| Diluted Shares Outstanding | 102.47M | 102.36M | 101.38M | 91.88M | 91.05M | 90.84M |
| EPS (Basic) | 0.77 | 0.81 | -0.25 | -1.22 | -0.63 | -1.39 |
| EPS (Diluted) | 0.77 | 0.81 | -0.25 | -1.22 | -0.64 | -1.39 |
| Dividend Per Share | 0.32 | 0.32 | 0.26 | 0.10 | ||
| Operating Margin | 19.86% | 19.77% | 15.13% | 9.43% | -8.48% | -15.95% |
| Profit Margin | 24.62% | 25.65% | -8.43% | -42.54% | -26.84% | -66.31% |
| EBITDA | 144.24M | 144.23M | 124.26M | 110.93M | 59.68M | 38.13M |
| EBITDA Margin | 49.37% | 49.18% | 45.28% | 42.21% | 27.83% | 20.01% |
| D&A For Ebitda | 86.22M | 86.25M | 82.74M | 86.16M | 77.86M | 68.53M |
| EBIT | 58.02M | 57.99M | 41.51M | 24.77M | -18.18M | -30.39M |
| EBIT Margin | 19.86% | 19.77% | 15.13% | 9.43% | -8.48% | -15.95% |
| Funds From Operations (FFO) | 70.53M | 76.01M | 59.02M | 20.83M | 89.59M | -22.75M |
| FFO Per Share | 0.74 | 0.58 | 0.89 | |||
| Adjusted Funds From Operations (AFFO) | 76.01M | 59.02M | 20.83M | 89.59M | -22.75M | |
| FFO Payout Ratio | 47.16% | 43.42% | 40.75% | 24.60% | 0.07% | |
| Effective Tax Rate | 0.35% | 0.31% | ||||
| Revenue as Reported | 290.78M | 288.43M | 271.07M | 260.30M | 213.35M | 194.65M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.57B | 2.58B | 2.79B | 2.95B | 3.42B | 3.52B |
| Cash & Equivalents | 9.41M | 14.13M | 7.25M | 28.01M | 26.78M | 31.75M |
| Accounts Receivable | 4.71M | 4.25M | 3.13M | 7.54M | 42.45M | 74.45M |
| Other Receivables | 100.00K | 300.00K | 500.00K | 700.00K | 200.00K | 200.00K |
| Other Intangible Assets | 8.83M | 9.00M | 9.52M | 10.03M | 12.30M | 42.18M |
| Loans Receivable Current | 1.31M | 4.01M | ||||
| Restricted Cash | 13.69M | 15.23M | 17.06M | 26.57M | 20.87M | 19.70M |
| Other Current Assets | 18.24M | 21.46M | 34.60M | 92.34M | 237.73M | 647.50M |
| Deferred Long-Term Charges | 5.37M | 6.05M | 6.50M | 4.03M | 35.86M | 53.99M |
| Other Long-Term Assets | 51.92M | 52.19M | 111.30M | 117.95M | 126.16M | 137.77M |
| Total Assets | 2.68B | 2.71B | 2.98B | 3.24B | 3.92B | 4.53B |
| Current Portion of Long-Term Debt | 318.94M | 413.24M | 308.00M | 180.25M | ||
| Current Portion of Leases | 960.00K | 1.28M | 1.28M | 1.27M | 192.00K | 1.70M |
| Long-Term Debt | 1.04B | 948.91M | 1.67B | 1.55B | 1.72B | 2.39B |
| Long-Term Leases | 4.50M | 4.40M | 5.26M | 6.08M | 3.04M | 21.99M |
| Accounts Payable | 38.59M | 38.93M | 36.20M | 48.14M | 68.81M | 111.29M |
| Accrued Expenses | 5.06M | 5.03M | 5.26M | 6.58M | 7.13M | 5.76M |
| Other Current Liabilities | 8.64M | 8.70M | 8.53M | 5.54M | 110.00K | 384.00K |
| Long-Term Unearned Revenue | 11.81M | 11.42M | 11.51M | 14.98M | 22.94M | 26.40M |
| Total Liabilities | 1.43B | 1.43B | 1.74B | 1.94B | 2.01B | 2.56B |
| Common Stock | 938.00K | 934.00K | 929.00K | 922.00K | 911.00K | 909.00K |
| Additional Paid-In Capital | 2.57B | 2.57B | 2.56B | 2.55B | 2.53B | 2.53B |
| Distributions in Excess of Earnings | -1.44B | -1.42B | -1.47B | -1.42B | -1.30B | -1.25B |
| Comprehensive Income & Other | -257.00K | -687.00K | 154.00K | 1.81M | 3.98M | 9.00K |
| Total Common Equity | 1.13B | 1.15B | 1.10B | 1.14B | 1.24B | 1.28B |
| Minority Interest | 119.30M | 123.33M | 142.97M | 167.07M | 678.88M | 688.75M |
| Shareholders' Equity | 1.25B | 1.27B | 1.24B | 1.30B | 1.91B | 1.97B |
| Total Liabilities & Equity | 2.68B | 2.71B | 2.98B | 3.24B | 3.92B | 4.53B |
| Total Debt | 1.37B | 1.37B | 1.68B | 1.86B | 1.91B | 2.41B |
| Net Cash (Debt) | -1.36B | -1.35B | -1.67B | -1.83B | -1.88B | -2.38B |
| Net Cash Per Share | -13.25 | -13.22 | -16.49 | -19.95 | -20.65 | -26.21 |
| Filing Date Shares Outstanding | 93.77M | 93.39M | 92.88M | 92.18M | 91.11M | 90.91M |
| Total Common Shares Outstanding | 93.77M | 93.36M | 92.84M | 92.18M | 91.09M | 90.91M |
| Book Value Per Share | 12.05 | 12.33 | 11.84 | 12.34 | 13.57 | 14.10 |
| Tangible Book Value | 1.12B | 1.14B | 1.09B | 1.13B | 1.22B | 1.24B |
| Tangible Book Value Per Share | 11.95 | 12.24 | 11.74 | 12.23 | 13.43 | 13.64 |
| Land | 376.71M | 376.71M | 458.95M | 474.50M | 492.20M | 494.94M |
| Buildings | 2.59B | 2.58B | 2.63B | 2.78B | 3.33B | 3.38B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 71.93M | 75.24M | -23.12M | -107.27M | -52.07M | -119.04M |
| Depreciation & Amortization | 86.22M | 86.25M | 82.74M | 86.16M | 77.86M | 68.53M |
| Other Amortization | 8.44M | 9.39M | 10.59M | 4.42M | 4.39M | 3.88M |
| Gain (Loss) on Sale of Assets | -125.03M | -124.87M | -11.52M | -7.07M | -57.26M | -5.14M |
| Gain (Loss) on Sale of Investments | -5.12M | -5.12M | -6.95M | 1.89M | ||
| Asset Writedown | 14.78M | 17.98M | 2.62M | 9.32M | 9.37M | 23.72M |
| Stock-Based Compensation | 12.44M | 12.16M | 13.56M | 20.27M | 14.21M | 11.16M |
| Income (Loss) on Equity Investments | -1.88M | -5.26M | -3.93M | -3.10M | -1.19M | 5.01M |
| Change in Accounts Receivable | -974.00K | -670.00K | -530.00K | 1.69M | 3.04M | -1.77M |
| Change in Accounts Payable | 3.60M | 1.81M | -5.49M | -4.11M | 1.92M | -8.09M |
| Change in Other Net Operating Assets | 4.10M | 2.55M | 3.71M | 3.12M | -2.54M | -1.12M |
| Other Operating Activities | 4.69M | 3.12M | -7.08M | 38.42M | 12.81M | 16.78M |
| Net Cash from Discontinued Operations | 4.44M | 4.60M | -1.97M | 3.06M | 52.78M | 59.26M |
| Operating Cash Flow | 76.82M | 75.97M | 52.33M | 45.54M | 66.45M | 56.12M |
| Acquisition of Real Estate Assets | -36.63M | -38.77M | -24.51M | -20.80M | -192.94M | -196.56M |
| Sale of Real Estate Assets | 496.04M | 503.18M | 88.96M | 23.04M | 153.01M | 52.39M |
| Net Sale / Acq. of Real Estate Assets | 459.41M | 464.42M | 64.45M | 2.24M | -39.92M | -144.17M |
| Investment in Marketable & Equity Securities | -21.35M | -18.98M | 18.24M | 11.31M | 12.97M | 18.29M |
| Other Investing Activities | 79.36M | 566.10M | 247.04M | 572.11M | ||
| Investing Cash Flow | 438.06M | 445.43M | 162.05M | 579.65M | 220.09M | 446.23M |
| Short-Term Debt Issued | 150.00M | |||||
| Long-Term Debt Issued | 248.00M | 374.00M | 595.56M | 256.72M | 422.42M | |
| Total Debt Issued | 327.00M | 248.00M | 374.00M | 595.56M | 256.72M | 572.42M |
| Short-Term Debt Repaid | -150.00M | |||||
| Long-Term Debt Repaid | -705.21M | -557.02M | -638.07M | -495.52M | -839.72M | |
| Total Debt Repaid | -779.51M | -705.21M | -557.02M | -638.07M | -495.52M | -989.72M |
| Net Debt Issued (Repaid) | -452.51M | -457.21M | -183.02M | -42.51M | -238.80M | -417.30M |
| Issuance of Common Stock | 1.76M | |||||
| Repurchase of Common Stock | -6.69M | -4.87M | -3.99M | -745.00K | -2.69M | -898.00K |
| Common Dividends Paid | -33.26M | -33.01M | -24.05M | -5.12M | -61.00K | -475.00K |
| Other Financing Activities | -21.42M | -21.27M | -35.35M | -569.89M | -48.79M | -84.52M |
| Net Cash Flow | 994.00K | 5.05M | -30.27M | 6.93M | -3.81M | -847.00K |
| Levered Free Cash Flow | 109.34M | 105.37M | 139.46M | 198.98M | 445.54M | 26.72M |
| Unlevered Free Cash Flow | 153.08M | 151.35M | 183.85M | 281.52M | 482.63M | 52.52M |
| Cash Interest Paid | 75.30M | 78.30M | 78.50M | 80.20M | 67.00M | 66.70M |
| Change in Working Capital | 5.90M | 2.49M | -2.63M | 1.33M | 5.55M | -9.93M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.39B | 1.54B | 1.45B | 1.45B | 1.67B | |
| Enterprise Value | 2.94B | 3.36B | 3.54B | 4.38B | 4.74B | |
| Last Close Price | 18.99 | 14.82 | 16.22 | 15.09 | 15.19 | 17.52 |
| Price/FFO Ratio | 20.02 | 27.96 | 17.06 | |||
| PE Ratio | 18.46 | |||||
| PS Ratio | 4.74 | 5.63 | 5.52 | 6.76 | 8.77 | |
| PB Ratio | 1.09 | 1.24 | 1.11 | 0.76 | 0.85 | |
| P/OCF Ratio | 18.29 | 29.51 | 31.84 | 21.82 | 29.77 | |
| EV/Sales Ratio | 10.04 | 12.25 | 13.46 | 20.45 | 24.86 | |
| EV/EBITDA Ratio | 20.41 | 27.05 | 31.88 | 73.45 | 124.19 | |
| EV/EBIT Ratio | 50.77 | 80.96 | 142.75 | |||
| Debt / Equity Ratio | 1.09 | 1.07 | 1.35 | 1.43 | 1.00 | 1.22 |
| Debt / EBITDA Ratio | 9.30 | 9.32 | 13.23 | 16.48 | 31.48 | 60.42 |
| Net Debt / Equity Ratio | 1.09 | 1.06 | 1.35 | 1.41 | 0.98 | 1.21 |
| Net Debt / EBITDA Ratio | 9.41 | 9.39 | 13.45 | 16.53 | 31.51 | 62.44 |
| Asset Turnover | 0.10 | 0.10 | 0.09 | 0.07 | 0.05 | 0.04 |
| Quick Ratio | 0.04 | 0.04 | 0.21 | 0.10 | 0.27 | 0.89 |
| Current Ratio | 0.12 | 0.12 | 1.22 | 0.42 | 1.28 | 6.53 |
| Return on Equity (ROE) | 5.92% | 5.95% | -2.43% | -7.54% | -2.03% | -7.72% |
| Return on Assets (ROA) | 1.29% | 1.27% | 0.83% | 0.43% | -0.27% | -0.39% |
| Return on Invested Capital (ROIC) | 2.20% | 2.08% | 1.36% | 0.71% | -0.44% | -0.65% |
| Earnings Yield | 5.42% | -1.50% | -7.40% | -3.59% | -7.13% | |
| Dividend Yield | 1.69% | 2.15% | 1.58% | 0.65% | ||
| Payout Ratio | 41.59% | 43.87% | ||||
| Buyback Yield / Dilution | -10.32% | -0.97% | -10.34% | -0.92% | -0.23% | 9.40% |
| Total Shareholder Return | -8.63% | 1.18% | -8.76% | -0.27% | -0.23% | 9.40% |