Veris Residential Inc (FRA:WY4)
€ 15.4 -0.2 (-1.28%) Market Cap: 1.46 Bil Enterprise Value: 3.01 Bil PE Ratio: 0 PB Ratio: 1.39 GF Score: 63/100
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Q2 2024 Veris Residential Inc Earnings Call Transcript

Jul 25, 2024 / 12:30 PM GMT
Release Date Price: €14.3

Key Points

Positve
  • Veris Residential Inc (VRE) reported a strong operational and financial performance for Q2 2024, with a 95.1% occupancy rate and 5.9% NOI growth.
  • The company secured a new $500 million credit facility and term loan, reducing overall debt by $168 million.
  • Veris Residential Inc (VRE) achieved a 5% blended net rental growth in the first half of the year, with significant rent premiums compared to industry peers.
  • The company has implemented innovative solutions, including AI-based leasing assistant 'Quint,' which has improved operational efficiency and resident experience.
  • Veris Residential Inc (VRE) has made significant progress in reducing emissions and increasing the share of green-certified buildings in its portfolio.
Negative
  • The company decided to withdraw its recent public offering of common stock for the proposed acquisition of 55 River Workplace, citing unintended signaling concerns.
  • Veris Residential Inc (VRE) reported a net income of only $0.03 per fully diluted share for Q2 2024, compared to a net loss of $0.3 in the prior year.
  • The company is facing higher property expenses, with an 8.8% increase year-to-date, driven by higher lease turn costs and other factors.
  • Veris Residential Inc (VRE) has a high net debt to EBITDA ratio of 11.8 times, indicating significant leverage.
  • The company expects a temporary impact on NOI due to unit renovations at Liberty Towers, which was not included in the initial 2024 guidance.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

VRE.N - Veris Residential Inc
Q2 2024 Veris Residential Inc Earnings Call
Jul 25, 2024 / 12:30PM GMT

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Presentation
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Operator [1]
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Greetings and welcome to well, especially dental, Inc. second quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded and it is now my pleasure to introduce your host, Ms. Taryn Fielder, General Counsel.

Thank you, Mr. Filton, you may begin.

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Unidentified_2 [2]
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