Wed, Jul 24, 8:45 PM (45 days ago)
Veris Residential, Inc. and Veris Residential, L.P. reported their financial performance for the quarter ended June 30, 2024. Key highlights include: 1. **Revenue**: Total revenues increased by 4.8% to $67.5 million, driven by higher rental income due to increased market rental rates and reduced concessions. 2. **Expenses**: Real estate taxes rose significantly by 50.9%, primarily due to prior period tax appeal refunds and increased PILOT taxes. Operating services and general and administrative expenses saw modest increases, while transaction-related costs decreased substantially by 73.2%. 3. **Net Income**: The company reported a net income of $2.7 million, a significant improvement from a net loss of $30.1 million in the same period last year, attributed to gains on the disposition of land and reduced transaction-related costs. 4. **Cash Flow**: Net cash provided by operating activities was $26.5 million. Investing activities provided $165.9 million, mainly from the sale of developable land and rental properties. Financing activities used $206.1 million, primarily for debt repayments. 5. **Debt**: The company maintained a debt balance of $1.7 billion, with a weighted average interest rate of 4.43%. 6. **Dividends**: A $0.06 per share dividend was declared, payable on July 16, 2024. The company’s financial health shows improvement with increased revenues and net income, alongside strategic debt management and asset sales.