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Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $288M | $250M | $75M | $76M | 6.5% | 6.4% | -425.4% |
| 2024 | $271M | $140M | $-23M | $52M | -2.1% | 4.1% | -78.4% |
| 2023 | $260M | $105M | $-107M | $46M | -9.4% | 22.0% | 106.0% |
| 2022 | $213M | $105M | $-52M | $66M | -4.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 213.36 | 260.30 | 271.07 | 288.43 |
| Cost Of Revenue | - | 98.76 | 107.34 | 111.06 | 112.29 |
| Gross Profit | - | 114.59 | 152.95 | 160.01 | 176.15 |
| Operating Expense | - | 133.82 | 130.68 | 121.83 | 123.02 |
| Operating Income | - | -19.23 | 22.27 | 38.18 | 53.13 |
| EBITDA | - | 104.90 | 104.51 | 140.05 | 249.90 |
| EBIT | - | 27 | 18.27 | 57.28 | 163.64 |
| Pretax Income | - | -39.38 | -120.86 | -30.70 | 75.06 |
| Tax Provision | - | 0 | 0.49 | 0.28 | 0.23 |
| Net Income | - | -52.07 | -107.26 | -23.12 | 75.24 |
| Net Income Common Stockholders | - | -52.07 | -107.26 | -23.12 | 75.24 |
| Total Expenses | - | 232.58 | 238.02 | 232.89 | 235.30 |
| Interest Expense | - | 66.38 | 139.14 | 87.98 | 88.58 |
| Interest Income | - | 0.73 | 5.52 | 2.37 | 0.37 |
| Selling General And Administration | - | 55.92 | 44.44 | 39.06 | 36.75 |
| Normalized EBITDA | - | 60.60 | 120 | 126.55 | 145.17 |
| Normalized Income | - | -100.86 | -104.02 | -38.09 | -33.28 |
| Market Cap | 1,776.35 | 1,776.35 | 1,776.35 | 1,776.35 | 1,776.35 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Veris Residential, Inc.this co. | VRE | - | 23.61↑ premium | 1.54 | 6.5% | 12.50 |
| Seven Hills Realty Trust | SEVN | $182M | 8.97 | 0.55 | 4.6% | - |
| Douglas Elliman Inc. | DOUG | $174M | 11.59 | 0.95 | 8.3% | -46.49 |
| Modiv Industrial, Inc. | MDV | $165M | - | 1.01 | 0.5% | 13.16 |
| ACRES Commercial Realty Corp. | ACR | $151M |
| - |
| - |
| - |
| - |
| - |
| 688.67 |
| 0.32 |
| 3.9% |
| - |
| Clipper Realty Inc. | CLPR | $144M | - | -1.79 | 24.6% | 17.96 |
| RPT | RPT | $109M | - | 0.45 | 0.5% | - |
| Sunrise Realty Trust, Inc. | SUNS | $100M | 7.98 | 0.55 | 6.7% | - |
| Franklin Street Properties Corp. | FSP | $65M | - | 0.11 | -7.4% | 8.75 |
| Peer Median | - | 10.28 | 0.50 | 4.3% | 10.96 | |