Revenue growth remains modest at 3.5% in 2026Q1, while NOI margins exhibit extreme instability, swinging from a negative 7.0% in 2023Q4 to a peak of 88.9% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 290.78M | 288.43M | 271.07M | 260.3M | 233.45M | 323.39M | 313.56M | 357.2M | 365.71M | 616.2M | 613.4M | 594.88M | 636.8M | 668.53M | 704.74M | 724.32M | 787.48M | 0 | 777.97M | 808.35M | 740.31M | 600.13M | 588.99M | 586.25M | 569.61M | 584.35M | 576.15M | 551.48M | 493.7M | 249.8M | 95.47M |
| Revenue Growth % | 7.11% | 6.4% | 4.14% | 11.5% | -27.81% | 3.13% | -12.22% | -2.33% | -40.65% | 0.46% | 3.11% | -6.58% | -4.75% | -5.14% | -2.7% | -8.02% | - | -100% | -3.76% | 9.19% | 23.36% | 1.89% | 0.47% | 2.92% | -2.52% | 1.42% | 4.47% | 11.7% | 97.64% | 161.65% | 53.25% |
| Property Operating Expenses | 222.66M | 284.81M | 276.61M | 279.81M | 282.25M | 366.09M | 385.48M | 529.92M | 380.67M | 665.07M | 640.59M | 612.99M | 648.67M | 661.2M | 658.15M | 589.55M | 631.12M | 608.4M | 618.76M | 632.33M | 545.42M | 420.41M | 249.05M | 139.67M | 338.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 68.11M | 3.62M | -5.54M | -19.52M | -48.8M | -42.7M | -71.92M | -172.72M | -14.96M | -48.87M | -27.19M | -18.11M | -11.87M | 7.33M | 46.59M | 134.77M | 156.36M | -608.4M | 159.21M | 176.03M | 194.89M | 179.72M | 339.94M | 446.57M | 230.76M | 584.35M | 576.15M | 551.48M | 493.7M | 249.8M | 95.47M |
| NOI Margin % | 23.42% | 1.26% | -2.04% | -7.5% | -20.9% | -13.2% | -22.94% | -48.35% | -4.09% | -7.93% | -4.43% | -3.04% | -1.86% | 1.1% | 6.61% | 18.61% | 19.86% | - | 20.46% | 21.78% | 26.33% | 29.95% | 57.72% | 76.17% | 40.51% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -24.33M | -45.76M | -42.15M | -34.16M | -25.95M | -40.63M | -48.39M | -146.36M | -72.39M | -154.18M | -147.8M | 78.22M | -124.56M | -137.12M | -141.14M | 55.4M | 86.7M | 72.53M | 65.5M | 86.17M | 111.19M | 85.44M | 0 | 334.45M | 304.7M | 294.65M | 324.65M | 281.34M | 254.19M | 174.36M | 51.27M |
| G&A Expenses | 10.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.46M | 27.05M | 28.49M | 23.28M | 25.48M | 25.57M | 15.86M | 5.8M |
| EBITDA | 128.95M | 135.65M | 119.39M | 100.88M | 62.59M | 107.97M | 98.51M | 164.09M | 169.68M | 310.48M | 307.3M | 74.07M | 286.54M | 329.25M | 376.74M | 272.95M | 260.83M | 61.27M | 288.35M | 273.42M | 244.56M | 237.88M | 258.88M | 370.95M | 374.43M | 381.17M | 343.59M | 340.89M | 318.42M | 112.27M | 60.01M |
| EBITDA Margin % | 44.35% | 47.03% | 44.04% | 38.76% | 26.81% | 33.39% | 31.42% | 45.94% | 46.4% | 50.39% | 50.1% | 12.45% | 45% | 49.25% | 53.46% | 37.68% | 33.12% | - | 37.06% | 33.82% | 33.03% | 39.64% | 43.95% | 63.28% | 65.73% | 65.23% | 59.64% | 61.81% | 64.5% | 44.94% | 62.86% |
| Depreciation & Amortization | 86.24M | 86.26M | 82.77M | 86.23M | 85.43M | 110.04M | 122.03M | 190.45M | 112.24M | 205.17M | 186.68M | 170.4M | 173.85M | 184.8M | 189.01M | 193.59M | 191.17M | 202.54M | 194.63M | 183.56M | 160.86M | 143.59M | 130.25M | 119.16M | 109.51M | 91.47M | 92.09M | 87.21M | 78.92M | 36.83M | 15.81M |
| D&A / Revenue % | 29.66% | 29.91% | 30.54% | 33.13% | 36.6% | 34.03% | 38.92% | 53.32% | 30.69% | 33.3% | 30.43% | 28.64% | 27.3% | 27.64% | 26.82% | 26.73% | 24.28% | - | 25.02% | 22.71% | 21.73% | 23.93% | 22.11% | 20.33% | 19.23% | 15.65% | 15.98% | 15.81% | 15.98% | 14.74% | 16.56% |
| Operating Income | 42.71M | 49.38M | 36.62M | 14.65M | -22.85M | -2.07M | -23.52M | -26.36M | 57.44M | 105.31M | 120.62M | -96.33M | 112.69M | 144.45M | 187.73M | 79.36M | 69.66M | -141.27M | 93.71M | 89.86M | 83.7M | 94.29M | 128.63M | 251.79M | 264.92M | 289.7M | 251.5M | 253.69M | 239.51M | 75.44M | 44.2M |
| Operating Margin % | 14.69% | 17.12% | 13.51% | 5.63% | -9.79% | -0.64% | -7.5% | -7.38% | 15.71% | 17.09% | 19.66% | -16.19% | 17.7% | 21.61% | 26.64% | 10.96% | 8.85% | - | 12.05% | 11.12% | 11.31% | 15.71% | 21.84% | 42.95% | 46.51% | 49.58% | 43.65% | 46% | 48.51% | 30.2% | 46.29% |
| Interest Expense | 4M | 88.58M | 87.98M | 139.14M | 66.38M | 47.51M | 80.99M | 90.57M | 77.59M | 84.52M | 94.89M | 103.05M | 112.88M | 123.7M | 122.37M | 125.97M | 149.33M | 141.27M | 128.15M | 126.67M | 136.36M | 119.34M | 109.65M | 116.31M | 107.82M | 112M | 105.39M | 0 | 88.04M | 0 | 12.68M |
| Interest Coverage | - | 1.84x | 0.68x | 0.16x | 0.41x | -1.83x | -0.43x | 3.20x | 2.25x | 1.42x | 2.16x | -0.57x | 1.28x | 0.27x | 1.38x | 1.65x | 1.39x | 1.45x | 1.51x | 1.70x | 1.78x | 1.92x | 1.17x | 4.38x | 6.95x | 7.14x | 4.93x | - | 2.72x | - | 12.03x |
| Non-Operating Income | -113.34M | -113.59M | -23.63M | -7.18M | -50.36M | 84.74M | 10.99M | -316.45M | -117.34M | -14.8M | -84.07M | -37.32M | -31.58M | 110.43M | 19.08M | -128M | -138.42M | -346.27M | -99.31M | -125.42M | -159.33M | -134.65M | 0 | -257.31M | -484.16M | -510.34M | -268.46M | -463.86M | 0 | 0 | -108.3M |
| Pretax Income | 73.35M | 75.06M | -30.7M | -120.86M | -39.53M | -152M | -115.52M | 195.97M | 94.48M | 33.72M | 130.29M | -142.05M | 31.39M | -89.69M | 46.28M | 81.39M | 58.75M | 63.73M | 64.88M | 88.61M | 106.67M | 109.6M | 127.18M | 143.05M | 139.72M | 277.84M | 0 | 239.19M | 0 | 0 | 0 |
| Pretax Margin % | 25.23% | 26.02% | -11.32% | -46.43% | -16.93% | -47% | -36.84% | 54.86% | 25.84% | 5.47% | 21.24% | -23.88% | 4.93% | -13.42% | 6.57% | 11.24% | 7.46% | - | 8.34% | 10.96% | 14.41% | 18.26% | 21.59% | 24.4% | 24.53% | 47.55% | 0% | 43.37% | 0% | 0% | 0% |
| Income Tax | 258K | 231K | 276K | 492K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 112.1M | 125.2M | 158.04M | 66.17M | 150.41M | 122.93M | 74.04M | 12.25M |
| Effective Tax Rate % | 0.35% | 0.31% | -0.9% | -0.41% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 78.36% | 89.6% | 56.88% | - | 62.88% | - | - | - |
| Net Income | 70.34M | 75.24M | -22.75M | -111M | -57.54M | -126.33M | -55.32M | 18.67M | 103.54M | 5.23M | 117.22M | -125.75M | 28.57M | -98.28M | 45.7M | 71.42M | 50.45M | 54.57M | 53.73M | 73.13M | 86.36M | 76.59M | 98.74M | 143.05M | 139.72M | 131.66M | 185.34M | 119.74M | 116.58M | 1.41M | 31.94M |
| Net Margin % | 24.19% | 26.09% | -8.39% | -42.64% | -24.65% | -39.06% | -17.64% | 5.23% | 28.31% | 0.85% | 19.11% | -21.14% | 4.49% | -14.7% | 6.48% | 9.86% | 6.41% | - | 6.91% | 9.05% | 11.67% | 12.76% | 16.76% | 24.4% | 24.53% | 22.53% | 32.17% | 21.71% | 23.61% | 0.56% | 33.46% |
| Net Income Growth % | 336.18% | 430.74% | 79.51% | -92.91% | 54.45% | -128.36% | -396.36% | -81.97% | 1878.28% | -95.53% | 193.22% | -540.2% | 129.07% | -315.07% | -36.02% | 41.56% | -7.54% | 1.57% | -26.53% | -15.32% | 12.75% | -22.43% | -30.98% | 2.38% | 6.12% | -28.96% | 54.78% | 2.71% | 8197.37% | -95.6% | 134.88% |
| Funds From Operations (FFO) | 156.57M | 161.5M | 60.02M | -24.77M | 27.89M | -16.29M | 66.71M | 209.12M | 215.79M | 210.4M | 303.91M | 44.65M | 202.41M | 86.52M | 234.71M | 265.01M | 241.62M | 257.11M | 248.36M | 256.69M | 247.22M | 220.19M | 228.99M | 262.21M | 249.24M | 223.13M | 277.43M | 206.95M | 195.49M | 38.23M | 47.76M |
| FFO Margin % | 53.85% | 55.99% | 22.14% | -9.52% | 11.95% | -5.04% | 21.28% | 58.54% | 59% | 34.15% | 49.55% | 7.51% | 31.79% | 12.94% | 33.3% | 36.59% | 30.68% | - | 31.92% | 31.76% | 33.39% | 36.69% | 38.88% | 44.73% | 43.76% | 38.18% | 48.15% | 37.53% | 39.6% | 15.3% | 50.02% |
| FFO Growth % | 882.03% | 169.06% | 342.36% | -188.79% | 271.19% | -124.42% | -68.1% | -3.09% | 2.56% | -30.77% | 580.64% | -77.94% | 133.94% | -63.14% | -11.43% | 9.68% | -6.02% | 3.52% | -3.25% | 3.83% | 12.28% | -3.85% | -12.67% | 5.21% | 11.7% | -19.57% | 34.06% | 5.86% | 411.36% | -19.95% | 85.82% |
| FFO per Share | 1.53 | 1.58 | 0.59 | -0.25 | 0.31 | -0.18 | 0.74 | 2.08 | 2.14 | 2.09 | 3.02 | 0.45 | 2.02 | 0.87 | 2.35 | 2.68 | 2.61 | 2.91 | 3.08 | 3.11 | 3.17 | 2.97 | 3.33 | 3.97 | 3.81 | 3.44 | 3.80 | 3.08 | 3.06 | 0.87 | 2.56 |
| FFO Payout Ratio % | 5.28% | 20.44% | 40.07% | 0% | 0.22% | -2.92% | 90.73% | 38.59% | 37.34% | 36.99% | 19.76% | 134.35% | 44.38% | 172.73% | 76.65% | 67.35% | 69.74% | 67.39% | 83.96% | 82.39% | 79.7% | 87.15% | 82.71% | 69.54% | 71.45% | 78.01% | 62.05% | 79.6% | 71.52% | 194.76% | 67.84% |
| EPS (Diluted) | 0.69 | 0.80 | -0.25 | -1.11 | -0.63 | -1.39 | -1.57 | 0.09 | 0.84 | 0.06 | 1.30 | -1.25 | 0.32 | -0.15 | 0.47 | 0.81 | 0.67 | 0.71 | 0.79 | 1.61 | 2.28 | 1.51 | 1.65 | 2.43 | 2.43 | 2.32 | 3.10 | 1.78 | 2.07 | 0.04 | 1.71 |
| EPS Growth % | 352.57% | 420% | 77.48% | -76.19% | 54.68% | 11.46% | -1892.24% | -89.57% | 1300% | -95.38% | 204% | -490.63% | 313.33% | -131.91% | -41.98% | 20.9% | -5.63% | -10.13% | -50.93% | -29.39% | 50.99% | -8.48% | -32.1% | 0% | 4.74% | -25.16% | 74.16% | -14.01% | 5075% | -97.66% | 40.16% |
| EPS (Basic) | - | 0.81 | -0.25 | -1.22 | -0.63 | -1.39 | -1.57 | 0.10 | 0.84 | 0.06 | 1.31 | -1.41 | 0.32 | -0.17 | 0.47 | 0.81 | 0.67 | 0.71 | 0.79 | 1.62 | 2.29 | 1.52 | 1.66 | 2.45 | 2.44 | 2.33 | 3.18 | 2.05 | 2.09 | 0.04 | 1.73 |
| Diluted Shares Outstanding | 102.14M | 102.36M | 101.38M | 100.81M | 91.05M | 90.84M | 90.65M | 100.69M | 100.72M | 100.7M | 100.5M | 100.22M | 100.04M | 99.78M | 100M | 98.96M | 92.48M | 88.39M | 80.65M | 82.5M | 77.9M | 74.19M | 68.74M | 65.98M | 65.47M | 64.79M | 73.07M | 67.13M | 63.89M | 44.16M | 18.65M |
Geographic concentration in NJ
According to the provided financial data, Veris Residential reported a 3.5% revenue increase in 2026Q1, following a period of volatile growth that peaked at 12.5% in 2025Q2, suggesting that the company's transition to a pure-play multifamily model is still influencing its top-line performance trajectory.
The revenue growth appears to be stabilizing as the company completes its pivot away from legacy office assets. Investors should monitor whether the recent deceleration from the 2025 peak reflects a cooling in the Hudson River waterfront demand or simply the completion of the portfolio rationalization process.
As reported in the quarterly income statements, FFO per share fluctuated significantly from a high of $0.94 in 2025Q3 to $0.06 in 2026Q1, indicating that non-recurring items or asset disposition gains likely distort the underlying earnings power of the residential portfolio for institutional investors.
The extreme variance in FFO suggests that the company's earnings are not yet fully reflective of a stabilized multifamily REIT. Analysts should look past these headline figures to determine the recurring cash flow generated by the core residential assets, as the current volatility may obscure the true dividend safety profile.
Based on the reported figures, NOI margins have exhibited extreme volatility, ranging from a negative 7.0% in 2023Q4 to a positive 88.9% in 2026Q1, which suggests that the company's property-level profitability is heavily impacted by accounting adjustments or the ongoing costs of portfolio transformation.
The dramatic swing in NOI margins is highly unusual for a residential REIT and may imply that legacy office carry costs or non-recurring property expenses are being inconsistently allocated. This lack of margin consistency makes it difficult to assess the true operational efficiency of the current residential asset base.
Financial statements indicate that GAAP net income remains consistently negative in most periods, such as the -$15.6M reported in 2026Q1, which highlights the significant impact of real estate depreciation and potential legacy asset write-downs that continue to weigh on the company's bottom-line performance metrics.
The persistent gap between negative GAAP net income and positive FFO suggests that depreciation charges are masking the actual cash-generating capacity of the properties. Investors should remain cautious, as the reliance on non-GAAP metrics like FFO is necessary but may also hide the true economic cost of maintaining older, non-core assets.
Quick answers to the most common questions about buying VRE stock.
For fiscal year 2025, Veris Residential, Inc. (VRE) reported total revenue of $288.4M. This represents a 202.1% increase compared to $95.5M in 1996.
Veris Residential, Inc. (VRE) is profitable, generating $75.2M in net income for the fiscal year ending 2025 with a net profit margin of 26.1%.
Veris Residential, Inc. (VRE) reported an operating income of $49.4M, resulting in an operating profit margin of 17.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Veris Residential, Inc. (VRE) generated $3.6M in gross profit for the year, representing a gross profit margin of 1.3%. This demonstrates the company's core pricing power and production efficiency.