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VRE

Veris Residential, Inc.

VRE

Veris Residential, Inc. • NYSE
$15.06 ▲ 0.07% (+0.01)
Market Cap $1.41 B
52w High $18.29
52w Low $13.69
Dividend Yield 0.32%
P/E 23.9
Volume 324.40K
Outstanding Shares 93.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $73.44M ▼ $29.59M ▼ $75.237M ▲ 102.447% ▲ $0.81 ▲ $120.892M ▲
Q2-2025 $75.928M ▲ $32.076M ▲ $10.904M ▲ 14.361% ▲ $0.12 ▲ $59.038M ▲
Q1-2025 $67.756M ▼ $31.321M ▲ $-10.699M ▲ -15.79% ▲ $-0.11 ▲ $30.389M ▲
Q4-2024 $68.083M ▼ $31.222M ▲ $-12.447M ▼ -18.282% ▼ $-0.14 ▼ $29.57M ▼
Q3-2024 $68.175M $30.115M $-9.692M -14.216% $-0.1 $31.592M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.778M ▼ $2.792B ▼ $1.511B ▼ $1.157B ▲
Q2-2025 $11.438M ▲ $3.127B ▲ $1.903B ▲ $1.086B ▲
Q1-2025 $7.596M ▲ $2.952B ▼ $1.733B ▼ $1.08B ▼
Q4-2024 $7.251M ▼ $2.983B ▼ $1.74B ▼ $1.099B ▼
Q3-2024 $12.782M $3.006B $1.747B $1.114B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $71.774M ▲ $14.556M ▼ $364.576M ▲ $-383.331M ▼ $-4.199M ▼ $6.288M ▼
Q2-2025 $11.843M ▲ $23.79M ▲ $17.38M ▲ $-33.259M ▼ $7.911M ▲ $23.79M ▲
Q1-2025 $-13.73M ▼ $13.193M ▼ $3.442M ▲ $-18.837M ▼ $-2.202M ▲ $13.193M ▲
Q4-2024 $-11.356M ▼ $15.725M ▲ $-6.764M ▼ $-17.12M ▲ $-8.159M ▲ $8.461M ▼
Q3-2024 $-10.907M $13.926M $-899K $-21.489M $-8.462M $13.926M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Management Fees
Management Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Operating Leases
Operating Leases
 $120.00M ▲$60.00M ▼$70.00M ▲$70.00M ▲
Parking
Parking
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Veris has been slowly growing its rental income while improving how efficiently it runs its properties. Profit at the property level looks healthy, and operating performance has moved from weak to moderately solid over the last few years. However, after all costs, the company is still reporting accounting losses each year. Those losses have generally been shrinking over time, but they are a reminder that, on a net basis, the business is not yet consistently profitable under standard accounting. The trend is moving in the right direction, but earnings quality and stability remain key watchpoints.

Balance Sheet

Balance Sheet The balance sheet shows a business that has been slimming down and refocusing. Total assets have been shrinking, which lines up with the company selling non-core properties and concentrating on higher-quality multifamily assets. Debt has come down meaningfully from earlier years, which is a positive sign for financial risk, but leverage is still an important consideration, especially in a higher interest-rate environment. Equity has edged down rather than grown, and cash on hand is modest, so there is not a large liquidity cushion. Overall, the direction is toward a cleaner, less indebted balance sheet, but the room for error is not huge.

Cash Flow

Cash Flow Day-to-day cash flow from the properties has been fairly steady, showing that the core rental operations are generating reliable cash, even if reported earnings are negative. Earlier years showed heavy investment spending and negative free cash flow, but more recently, capital spending has been pulled back, and free cash flow has turned modestly positive. That shift supports debt reduction and portfolio upgrades, but it also means there may be less room for large new development projects without outside funding. The key question is whether the company can keep free cash flow positive while still investing enough to maintain and enhance the portfolio.

Competitive Edge

Competitive Edge Veris has carved out a focused niche as a high-end apartment owner in the Northeast, an area where new supply is often limited and demand for quality rentals tends to be resilient. By exiting office properties and concentrating on Class A multifamily, the company has simplified its story and aligned itself with a segment that generally benefits from urbanization and housing affordability pressures. Its competitive edge leans heavily on service, brand, and sustainability. The “Veris Promise,” wellness-focused living, and pet-inclusive policies are designed to create stickier tenant relationships and lower turnover. Strong third-party sustainability and health certifications reinforce the brand. On the flip side, the company is geographically concentrated and focused on higher-end renters, so it is more exposed to regional economic swings and competition from other luxury landlords. Many of its tech and service initiatives could be copied over time, so keeping that edge will require ongoing execution, not just one-time differentiation.

Innovation and R&D

Innovation and R&D Innovation at Veris is less about traditional research spending and more about how it uses technology and sustainability to run better buildings and deliver a smoother resident experience. Its digital platform (Prism), AI leasing assistant, and myVeris app aim to make leasing and living in a Veris property more convenient, while also reducing staff workload and operating costs. On the building side, the company has been early in adopting energy-efficient systems, on-site power solutions, and advanced water and energy management, which can lower operating costs and appeal to environmentally minded residents. Awards from sustainability and wellness frameworks suggest this is more than marketing. The risk is that technology and “proptech” tools can quickly become standard across the industry, so Veris will need to keep iterating rather than relying on a one-time lead. Larger REITs with deeper pockets could also narrow any technological gap over time.

Summary

Veris looks like a REIT in the middle of a strategic cleanup: selling legacy assets, focusing on upscale apartments in dense Northeast markets, and using technology and sustainability to stand out. Operating performance and cash generation from the core portfolio have improved, even though reported net income is still negative. The balance sheet is moving in the right direction as debt comes down, but leverage and limited cash keep financial discipline front and center. The company’s brand, resident experience focus, and sustainability credentials give it a clear identity in a crowded market, though they will need to be continuously reinforced as competitors catch up. Key things to watch going forward include: the success and pricing of planned asset sales, progress on further debt reduction, whether modernization projects actually deliver stronger rents and occupancy, and whether the tech- and sustainability-led differentiation still resonates with residents in a shifting economic and interest-rate environment.

NEWS

November 5, 2025 · 8:30 AM UTC

Veris Residential Declares Fourth Quarter 2025 Cash Dividend

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October 22, 2025 · 4:39 PM UTC

Veris Residential, Inc. Reports Third Quarter 2025 Results

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October 6, 2025 · 8:30 AM UTC

Veris Residential, Inc. Announces Dates for Third Quarter 2025 Financial Results and Webcast

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September 22, 2025 · 4:15 PM UTC

Veris Residential Releases 2024 Sustainability Report

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