Veris Residential, Inc. reported a modest increase in total revenues for the three months ended September 30, 2024, amounting to $68.2 million, up from $66.5 million in the same period of 2023. Revenue from leases also rose to $62.2 million, a 3.8% increase from $59.9 million in the prior year. For the nine months ended September 30, 2024, total revenues reached $203.0 million, compared to $193.3 million in 2023, with lease revenues increasing by 5.5% to $183.8 million.
Despite the revenue growth, the company reported a significant reduction in losses. The loss from continuing operations before income tax for Q3 2024 was $(11.1) million, a substantial improvement from $(60.4) million in Q3 2023. For the nine-month period, the loss decreased to $(15.8) million from $(104.7) million in the previous year. The net loss available to common shareholders for Q3 2024 was $(9.7) million, down from $(54.8) million in Q3 2023, and for the nine months, it was $(10.7) million compared to $(102.2) million in 2023.
The company’s comprehensive loss also showed improvement, with a comprehensive loss of $(15.7) million for Q3 2024, down from $(61.0) million in Q3 2023. For the nine months, the comprehensive loss was $(17.2) million, compared to $(106.7) million in the prior year.
Veris Residential's operational efficiency improved, as total property expenses decreased to $20.9 million in Q3 2024 from $24.9 million in 2023, a 16.3% reduction. Non-property expenses also fell by 13.6% to $36.5 million. The company recorded impairment charges of $2.6 million for a developable land parcel in Q3 2024, consistent with the previous year.
Strategically, Veris Residential has undergone significant changes, including the sale of its last remaining non-strategic office asset in Q1 2024, leading to a reassessment of its reportable segments. The company now operates under a single reportable segment. Additionally, it has been active in managing its debt, entering into a $300 million senior secured revolving credit facility and a $200 million senior secured term loan facility in April 2024.
Cash flow from operating activities for the nine months ended September 30, 2024, was $40.5 million, an increase from $33.3 million in 2023. However, cash, cash equivalents, and restricted cash decreased to $32.5 million from $40.9 million year-over-year. The company’s total indebtedness stood at $1.7 billion as of September 30, 2024, with a fair value also at $1.7 billion.
About Veris Residential, Inc.
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