Veris Residential Inc (NYSE:VRE)
$ 16.73 -0.25 (-1.47%) Market Cap: 1.55 Bil Enterprise Value: 3.25 Bil PE Ratio: 0 PB Ratio: 1.37 GF Score: 63/100

Q2 2024 Veris Residential Inc Earnings Call Transcript

Jul 25, 2024 / 12:30 PM GMT
Release Date Price: $15.57 (+0.06%)

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

=====================
Presentation
--------------------------------------------------------------------------------
Operator [1]
--------------------------------------------------------------------------------
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.

--------------------------------------------------------------------------------
Unidentified_2 [2]
--------------------------------------------------------------------------------
Good morning,
Already have an account? Log in
Get the full story
Access to All Earning Calls and Stock Analysis
30-Year Financial on one screen
All-in-one Stock Screener with unlimited filters
Customizable Stock Dashboard
Real Time Insider Trading Transactions
8,000+ Institutional investors’ 13F holdings
Powerful Excel Add-in and Google sheets Add-on
All data downloadable
Quick customer support
And much more...
30-Day 100% money back guarantee
You are not charged until the trial ends. Subscription fee may be tax deductible.
Excellent
4.6 out of 5 Trustpilot