Veris Residential, Inc.

Third-quarter 2025 net income available to common shareholders was $0.80 per fully diluted share, versus a loss of $0.10 a year ago. Core FFO per share was $0.20, up from the prior quarter, and year-to-date core FFO was $0.52 per share versus $0.49 last year. Same-store revenue increased 2.2% for the quarter and year to date, while same-store NOI was down 2.7% for the quarter and up 1.6% year to date. Veris raised full-year core FFO guidance to $0.67 to $0.68 per share from $0.63 to $0.64, and reaffirmed same-store NOI guidance of 2% to 2.8%.

Mahbod Nia framed the quarter as another period of strong execution, emphasizing blended net rental growth of 3.9% and progress on monetizing non-strategic assets. He said the company has already sold or contracted $542 million of assets, raised the target to $650 million, and is using proceeds to delever and unlock embedded value. His tone was confident on operations and constructive on markets, especially in New York and Jersey City, while acknowledging that larger transaction markets remain challenging.

Amanda Lombard highlighted that core FFO rose to $0.20 per share in Q3, helped by $0.04 of tax appeal benefits on sold assets, partially offset by $0.01 from finalized Jersey City property taxes. She said same-store revenue rose 2.2% and that controllable expenses were up 5.7% in the quarter but only 1.9% year to date, with year-to-date overall expenses up 3.4%. She also noted debt reduction of $394 million from quarter sales, net debt-to-EBITDA at 10x, weighted-average coupon down 32 basis points to 4.8%, liquidity of $274 million, and G&A savings of more than $1 million expected for the full year.

Analysts focused on whether the maintained same-store NOI guidance could be reached given a softer year-to-date trend, and management said Q3 was distorted by unusually favorable prior-year expense comparisons and higher tax rates, while Q4 should benefit from limited open revenue and no major one-time items. Questions also centered on the higher $650 million disposition target and whether more assets would be sold; management said the increase reflected improving market conditions and a broader review of value-creation options with the board and strategic review committee. On capital allocation, management said share repurchases remain attractive in theory but deleveraging is the priority for now, given the value of lowering leverage and financing costs.