Veris Residential (VRE) Financials

$19.00 -0.01 (-0.03%)

As of 02:35 PM Eastern

Annual Income Statements for Veris Residential

This table shows Veris Residential's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-126	117	23	178	112	-51	-119	-52	-107	-23	75
Consolidated Net Income / (Loss)	-142	130	34	213	144	-34	-110	-35	-112	-27	79
Net Income / (Loss) Continuing Operations	-142	130	11	166	253	-121	-157	-39	-121	-31	75
Total Pre-Tax Income	-142	130	11	88	253	-121	-157	-39	-121	-31	75
Total Operating Income	-96	214	74	146	-18	-77	-59	-32	-44	34	122
Total Gross Profit	595	564	430	600	339	294	186	206	203	263	279
Total Revenue	595	613	459	648	357	307	195	213	260	271	288
Operating Revenue	590	613	459	648	357	307	195	213	260	271	288
Total Cost of Revenue	0.00	50	29	48	18	14	8.31	7.02	57	8.15	9.29
Operating Cost of Revenue	-	50	29	48	18	14	8.31	7.02	57	8.15	9.29
Total Operating Expenses	691	349	356	454	357	371	246	238	247	229	157
Selling, General & Admin Expense	157	156	128	249	130	139	102	103	95	87	85
Depreciation Expense	170	187	142	228	134	120	69	78	86	83	86
Other Operating Expenses / (Income)	164	114	85	126	61	61	54	48	57	56	59
Impairment Charge	198	0.00	0.00	49	32	53	24	9.37	9.32	2.62	18
Other Special Charges / (Income)	-	-110	-	-199	-	-2.66	-3.02	-	0.00	0.00	-91
Total Other Income / (Expense), net	-46	-84	-63	-59	270	-44	-98	-7.32	-76	-65	-47
Interest Expense	103	125	85	155	89	81	95	67	95	89	92
Interest & Investment Income	4.07	26	20	6.19	2.00	31	-5.61	1.93	8.62	13	11
Other Income / (Expense), net	53	15	2.36	90	357	5.79	2.12	57	9.94	11	34
Income Tax Expense	-	-	-	-	-	-	0.00	0.00	0.49	0.28	0.23
Net Income / (Loss) Discontinued Operations	-	-	23	47	-109	88	48	4.50	9.00	4.31	4.12
Net Income / (Loss) Attributable to Noncontrolling Interest	-16	13	11	35	32	18	9.50	17	-5.10	-3.54	3.70
Basic Earnings per Share	($1.41)	$1.31	$0.06	$1.60	$0.95	($0.70)	($1.39)	($0.63)	($1.22)	($0.25)	$0.81
Weighted Average Basic Shares Outstanding	189.51M	189.99M	190.42M	90.39M	191.08M	90.65M	90.84M	91.05M	91.88M	92.70M	93.36M
Diluted Earnings per Share	($1.41)	$1.30	$0.06	$1.60	$0.95	($0.70)	($1.39)	($0.63)	($1.22)	($0.25)	$0.80
Weighted Average Diluted Shares Outstanding	200.44M	201.00M	201.41M	100.72M	201.38M	100.26M	99.89M	100.27M	100.81M	101.38M	102.36M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	91.16M	92.23M	92.95M	93.46M
Cash Dividends to Common per Share	$0.60	$0.60	$0.70	$0.80	$0.80	$0.60	$0.60	-	$0.05	-	$0.32

This table shows Veris Residential's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-55	-5.05	-3.90	2.92	-9.69	-12	-11	11	75	-0.20	-14
Consolidated Net Income / (Loss)	-60	-5.75	-4.47	2.74	-11	-14	-14	12	81	-0.50	-16
Net Income / (Loss) Continuing Operations	-61	-16	-6.27	1.32	-11	-15	-14	12	78	-0.72	-16
Total Pre-Tax Income	-60	-16	-6.21	1.49	-11	-15	-14	12	78	-0.66	-16
Total Operating Income	-37	-13	6.36	9.00	11	7.81	5.53	-6.25	104	19	2.06
Total Gross Profit	28	58	65	66	66	76	65	74	71	69	67
Total Revenue	66	67	67	67	68	68	68	76	73	71	70
Operating Revenue	66	67	67	67	68	68	68	76	73	71	70
Total Cost of Revenue	38	8.93	2.27	1.80	2.13	-7.55	2.81	2.10	2.38	2.00	2.88
Operating Cost of Revenue	38	8.93	2.27	1.80	2.13	-7.55	2.81	2.10	2.38	2.00	2.88
Total Operating Expenses	65	71	59	57	55	68	59	80	-33	50	65
Selling, General & Admin Expense	28	24	24	22	19	23	21	22	21	20	21
Depreciation Expense	21	21	20	20	21	21	21	22	21	21	21
Other Operating Expenses / (Income)	16	21	15	15	12	24	14	16	16	13	23
Impairment Charge	0.00	5.93	0.00	0.00	2.62	-	3.20	12	0.00	2.32	0.00
Total Other Income / (Expense), net	-23	-2.79	-13	-7.51	-22	-23	-19	18	-26	-20	-18
Interest Expense	25	10	22	22	21	23	23	25	25	19	18
Interest & Investment Income	1.45	0.51	7.89	15	-0.09	0.19	3.87	42	0.51	-36	0.56
Other Income / (Expense), net	-0.06	7.15	1.04	-0.25	-0.31	0.39	-0.26	0.53	-1.24	35	-0.28
Income Tax Expense	0.29	0.20	0.06	0.18	0.04	0.00	0.04	0.09	0.04	0.06	0.07
Net Income / (Loss) Discontinued Operations	0.48	11	1.80	1.42	0.21	0.88	0.14	-0.03	3.78	0.22	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.44	-0.70	-0.57	-0.19	-1.22	-1.58	-3.03	0.94	6.09	-0.30	-1.59
Basic Earnings per Share	($0.60)	($0.05)	($0.04)	$0.03	($0.10)	($0.14)	($0.12)	$0.12	$0.81	-	($0.15)
Weighted Average Basic Shares Outstanding	92.18M	91.88M	92.28M	92.66M	92.90M	92.70M	93.06M	93.39M	93.48M	93.36M	93.60M
Diluted Earnings per Share	($0.60)	($0.05)	($0.04)	$0.03	($0.10)	($0.14)	($0.12)	$0.12	$0.80	-	($0.15)
Weighted Average Diluted Shares Outstanding	100.93M	100.81M	100.97M	101.95M	101.59M	101.38M	101.69M	102.26M	102.49M	102.36M	102.14M
Weighted Average Basic & Diluted Shares Outstanding	92.22M	92.23M	92.58M	92.89M	92.90M	92.95M	93.32M	93.42M	93.43M	93.46M	93.84M
Cash Dividends to Common per Share	-	-	-	$0.06	$0.07	-	$0.08	$0.08	$0.08	-	$0.08

This table details how cash moves in and out of Veris Residential's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	7.53	13	-18	-18	-8.39	11	-0.85	-3.81	6.93	-30	5.05
Net Cash From Operating Activities	169	100	196	167	132	85	56	66	46	52	76
Net Cash From Continuing Operating Activities	169	100	111	87	53	7.75	-3.15	14	42	54	71
Net Income / (Loss) Continuing Operations	-142	130	11	83	253	-121	-157	-39	-121	-31	75
Consolidated Net Income / (Loss)	-142	130	34	106	144	-34	-110	-35	-112	-27	79
Net Income / (Loss) Discontinued Operations	-	-	23	24	-109	88	48	4.50	9.00	4.31	4.12
Depreciation Expense	172	187	136	109	130	118	69	78	86	83	86
Amortization Expense	9.79	12	12	4.59	4.00	11	15	19	25	24	22
Non-Cash Adjustments To Reconcile Net Income	147	-156	-19	-93	-311	15	80	-49	52	-19	-114
Changes in Operating Assets and Liabilities, net	-17	-73	-29	-17	-22	-16	-9.17	5.55	1.33	-2.63	2.49
Net Cash From Discontinued Operating Activities	-	-	85	80	79	78	59	53	3.06	-1.97	4.60
Net Cash From Investing Activities	-223	-138	-565	-168	-416	28	446	220	580	162	445
Net Cash From Continuing Investing Activities	-223	-138	-181	-113	-341	-310	-119	-24	20	83	445
Purchase of Property, Plant & Equipment	-	-	-90	-	-	-156	-42	-17	-12	-18	-31
Acquisitions	-148	-444	-271	-177	-965	-2.96	-1.28	-0.16	-0.76	-0.28	-36
Sale of Property, Plant & Equipment	81	605	313	338	826	65	52	153	23	89	163
Divestitures	6.45	6.42	99	0.00	4.04	65	3.87	0.00	0.00	6.10	7.13
Sale and/or Maturity of Investments	8.25	0.50	-	12	47	-	7.26	2.93	1.30	0.03	0.00
Other Investing Activities, net	5.35	22	-230	-173	-164	-282	-139	-33	8.52	6.53	343
Net Cash From Discontinued Investing Activities	-	-	-384	-55	-75	339	565	244	560	79	0.00
Net Cash From Financing Activities	61	51	351	-17	276	-103	-503	-290	-618	-245	-516
Net Cash From Continuing Financing Activities	61	51	351	-17	276	-103	-503	-290	-618	-245	-516
Repayment of Debt	-225	-1,841	-1,282	-916	-784	-223	-822	-352	-255	-573	-707
Repurchase of Common Equity	0.00	-38	0.00	-13	-35	-2.69	-27	-28	-17	-0.55	-0.78
Payment of Dividends	-58	-59	-78	-88	-81	-86	-0.48	-0.06	-5.53	-26	-53
Issuance of Debt	345	1,639	1,574	895	1,706	212	346	102	196	374	248
Issuance of Common Equity	0.00	0.00	-	105	145	-	0.21	-12	-535	-15	0.23
Other Financing Activities, net	-1.17	350	137	-	-675	-3.15	-	-	-0.60	-3.99	-4.42

This table details how cash moves in and out of Veris Residential's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-384	14	84	-97	-8.46	-8.16	-2.20	7.91	-4.20	3.54	-6.26
Net Cash From Operating Activities	8.91	12	16	11	14	12	13	24	14	25	14
Net Cash From Continuing Operating Activities	7.29	14	15	11	14	14	13	24	9.28	25	14
Net Income / (Loss) Continuing Operations	-61	-16	-6.27	1.32	-11	-15	-14	12	78	-0.72	-16
Consolidated Net Income / (Loss)	-60	-5.75	-4.47	2.74	-11	-14	-14	12	81	-0.50	-16
Net Income / (Loss) Discontinued Operations	0.48	11	1.80	1.42	0.21	0.88	0.14	-0.03	3.78	0.22	0.00
Depreciation Expense	21	21	20	20	21	21	21	22	21	21	21
Amortization Expense	11	4.53	5.54	4.82	7.70	6.09	6.15	5.48	5.25	4.67	5.48
Non-Cash Adjustments To Reconcile Net Income	38	-2.73	-8.39	-14	2.20	0.63	-0.63	-23	-89	-1.64	0.07
Changes in Operating Assets and Liabilities, net	-2.60	7.74	4.32	-1.92	-5.82	1.19	0.13	6.92	-5.91	1.49	2.87
Net Cash From Discontinued Operating Activities	1.62	-2.15	0.40	0.15	-0.19	-2.32	0.16	-0.02	4.24	0.22	0.00
Net Cash From Investing Activities	43	85	94	72	-0.90	-2.99	3.44	17	366	59	-3.93
Net Cash From Continuing Investing Activities	0.68	14	13	76	-0.90	-4.89	3.44	17	366	59	-3.93
Purchase of Property, Plant & Equipment	-3.35	-2.61	-	-2.44	-5.44	-7.26	-5.81	-	-8.27	-8.87	-4.39
Sale of Property, Plant & Equipment	1.26	15	10	79	-	-	7.14	51	37	68	0.00
Other Investing Activities, net	2.85	0.36	-0.37	-0.05	4.54	2.39	2.11	4.43	337	-0.39	0.45
Net Cash From Financing Activities	-436	-84	-26	-180	-21	-17	-19	-33	-383	-81	-16
Net Cash From Continuing Financing Activities	-436	-84	-26	-180	-21	-17	-19	-33	-383	-81	-16
Repayment of Debt	-91	-63	-1.91	-230	-317	-27	-26	-74	-487	-120	-101
Repurchase of Common Equity	13	-17	-0.30	-0.08	-0.08	-0.08	-0.23	-0.08	-0.39	-0.08	-0.90
Payment of Dividends	-17	11	-6.27	-5.71	-6.64	-7.49	-8.44	-8.76	-27	-8.31	-8.80
Issuance of Debt	180	-	0.00	55	302	17	20	50	131	47	99
Issuance of Common Equity	0.08	-535	-16	0.16	-	-16	0.07	0.05	0.11	-	0.00
Other Financing Activities, net	-520	-	-1.53	-	-	-	-3.92	-0.39	-0.09	-0.01	-5.07

This table presents Veris Residential's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,054	4,297	4,958	5,061	5,293	5,148	4,527	3,921	3,241	2,983	2,707
Total Current Assets	48	41	35	35	33	47	54	51	57	26	30
Cash & Equivalents	37	32	28	30	26	38	32	27	28	7.25	14
Restricted Cash	-	-	-	-	-	-	20	21	27	17	15
Accounts Receivable	11	9.62	6.79	5.37	7.19	9.38	2.36	2.92	2.74	1.38	0.91
Plant, Property, & Equipment, net	3,343	3,513	4,187	4,317	4,665	4,639	3,493	3,608	3,006	2,795	2,580
Plant, Property & Equipment, gross	4,808	4,845	5,274	5,415	5,223	5,296	4,077	4,240	3,450	3,228	3,097
Accumulated Depreciation	1,464	1,332	1,087	1,098	559	656	583	632	444	433	516
Total Noncurrent Assets	663	743	736	709	595	461	5,057	262	177	162	96
Long-Term Investments	303	320	253	233	209	162	138	126	118	111	52
Other Noncurrent Operating Assets	359	423	483	476	386	299	4,228	136	59	51	44
Total Liabilities & Shareholders' Equity	4,054	4,297	4,958	5,061	5,293	5,148	4,527	3,921	3,241	2,983	2,707
Total Liabilities	2,370	2,570	3,077	3,033	3,090	3,042	2,557	2,006	1,936	1,740	1,432
Total Current Liabilities	380	864	1,090	1,031	610	265	135	102	77	408	91
Short-Term Debt	155	634	822	791	329	25	-	-	0.00	349	30
Accounts Payable	135	160	193	168	210	195	135	72	55	43	45
Other Current Liabilities	50	46	44	41	39	34	-	23	15	12	11
Other Current Nonoperating Liabilities	24	8.43	9.52	9.12	10	10	-	7.13	6.58	5.26	5.03
Total Noncurrent Liabilities	1,990	1,706	1,987	2,002	2,480	2,777	2,421	1,904	1,859	1,332	1,341
Long-Term Debt	1,990	1,706	1,987	2,002	2,480	2,777	2,389	1,904	1,854	1,323	1,332
Other Noncurrent Operating Liabilities	-	-	-	-	-	-	32	-	5.54	8.53	8.70
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	212	330	503	513	521	515	25	9.29	9.29
Total Equity & Noncontrolling Interests	1,684	1,727	1,669	1,697	1,699	1,592	1,449	1,399	1,280	1,233	1,266
Total Preferred & Common Equity	1,456	1,527	1,476	1,487	1,494	1,399	1,282	1,236	1,137	1,099	1,152
Total Common Equity	1,456	1,527	1,476	1,487	1,494	1,399	1,282	1,236	1,137	1,099	1,152
Common Stock	2,571	2,577	2,566	2,562	2,536	2,529	2,531	2,533	2,554	2,565	2,574
Retained Earnings	-1,116	-1,052	-1,096	-1,085	-1,043	-1,130	-1,249	-1,301	-1,418	-1,466	-1,421
Accumulated Other Comprehensive Income / (Loss)	0.00	1.99	6.69	8.77	-0.02	0.00	0.01	3.98	1.81	0.15	-0.69
Noncontrolling Interest	228	200	192	211	206	194	167	164	142	134	114

This table presents Veris Residential's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,256	3,801	3,773	3,330	3,213	3,038	3,006	2,952	3,127	2,792	2,680
Total Current Assets	66	62	401	45	140	20	35	23	31	27	24
Cash & Equivalents	38	37	397	17	113	18	13	7.60	11	8.78	9.42
Restricted Cash	26	20	-	24	26	-	20	15	19	17	14
Accounts Receivable	2.34	4.55	4.50	3.86	1.67	2.00	2.04	1.17	1.12	0.92	1.30
Plant, Property, & Equipment, net	3,896	3,610	3,155	3,219	2,906	2,823	2,806	2,771	2,996	2,662	2,564
Plant, Property & Equipment, gross	4,508	4,052	3,470	3,679	3,212	3,214	3,218	3,213	3,471	3,158	3,101
Accumulated Depreciation	612	442	438	461	372	391	412	452	475	496	537
Total Noncurrent Assets	294	129	340	66	233	194	165	167	100	103	92
Long-Term Investments	130	-	122	-	119	120	114	112	54	53	52
Noncurrent Note & Lease Receivables	-	-	-	-	1.54	-	-	2.41	-	-	3.51
Other Noncurrent Operating Assets	164	129	217	66	46	74	51	44	46	50	36
Total Liabilities & Shareholders' Equity	4,256	3,801	3,773	3,330	3,213	3,038	3,006	2,952	3,127	2,792	2,680
Total Liabilities	2,379	1,906	2,385	1,999	1,931	1,758	1,747	1,733	1,903	1,511	1,431
Total Current Liabilities	221	86	53	145	59	47	415	41	394	100	44
Accounts Payable	81	56	53	58	54	47	46	41	50	52	44
Total Noncurrent Liabilities	2,158	1,820	2,331	1,854	1,872	1,710	1,332	1,692	1,509	1,411	1,387
Long-Term Debt	2,158	1,820	1,821	1,854	1,853	1,687	1,324	1,667	1,460	1,403	1,361
Other Noncurrent Operating Liabilities	-	-	510	-	19	23	7.47	25	8.53	8.59	26
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	515	520	40	40	9.29	9.29	9.29	9.29	9.29	9.29	9.29
Total Equity & Noncontrolling Interests	1,362	1,374	1,348	1,291	1,272	1,271	1,250	1,209	1,215	1,272	1,240
Total Preferred & Common Equity	1,202	1,217	1,197	1,148	1,132	1,132	1,114	1,080	1,086	1,157	1,129
Total Common Equity	1,202	1,217	1,197	1,148	1,132	1,132	1,114	1,080	1,086	1,157	1,129
Common Stock	2,531	2,535	2,541	2,552	2,557	2,560	2,563	2,566	2,568	2,571	2,573
Retained Earnings	-1,333	-1,321	-1,349	-1,408	-1,427	-1,430	-1,446	-1,484	-1,481	-1,414	-1,443
Accumulated Other Comprehensive Income / (Loss)	4.28	3.12	4.52	3.87	2.81	2.04	-2.36	-0.86	-0.94	-0.68	-0.26
Noncontrolling Interest	160	157	151	143	140	139	136	129	128	115	110

This table displays calculated financial ratios and metrics derived from Veris Residential's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	80.25%	3.11%	-25.17%	41.08%	-44.84%	-13.92%	-36.70%	9.61%	22.00%	4.14%	6.40%
EBITDA Growth	-118.05%	4,289.01%	-95.35%	56.43%	35.01%	-87.79%	-54.15%	359.09%	-37.27%	98.77%	74.16%
EBIT Growth	-259.96%	1,266.38%	-133.77%	211.37%	282.24%	-121.02%	20.09%	144.15%	-237.00%	229.81%	249.07%
NOPAT Growth	-351.86%	835.61%	-131.24%	98.78%	-112.04%	-206.41%	23.34%	45.82%	-38.66%	176.46%	412.05%
Net Income Growth	-552.52%	191.72%	-148.24%	531.12%	-32.41%	-123.36%	-226.03%	68.15%	-222.09%	76.27%	396.06%
EPS Growth	-1,081.25%	192.20%	-190.77%	2,566.67%	-40.63%	-173.68%	-98.57%	54.68%	-93.65%	79.51%	420.00%
Operating Cash Flow Growth	6.41%	-40.92%	191.86%	-14.82%	-42.17%	-35.21%	-34.31%	18.42%	-31.47%	14.91%	45.17%
Free Cash Flow Firm Growth	-67.85%	-190.89%	-18,235.49%	99.67%	-11,402.90%	115.39%	-8,163.05%	233.96%	-84.11%	-63.08%	48.98%
Invested Capital Growth	-8.94%	12.65%	37.53%	3.35%	4.80%	-1.89%	61.69%	-52.13%	-18.06%	-6.96%	-8.04%
Revenue Q/Q Growth	97.51%	2.40%	-27.71%	68.63%	19.36%	-22.41%	0.00%	78.10%	6.89%	0.39%	1.13%
EBITDA Q/Q Growth	-39.94%	146.70%	5.26%	48.25%	4.58%	1,607.44%	0.00%	5,943.32%	2.68%	11.73%	15.30%
EBIT Q/Q Growth	-184.58%	3,972.04%	183.19%	102.22%	489.37%	6.43%	0.00%	137.65%	-10.71%	47.37%	30.11%
NOPAT Q/Q Growth	-40.84%	3,528.00%	-109.48%	203.23%	-118.23%	-1.15%	0.00%	52.09%	-32.76%	164.87%	10.23%
Net Income Q/Q Growth	-35.45%	471.38%	-25.19%	258.92%	-59.84%	79.92%	0.00%	64.77%	-70.97%	-45.02%	20.68%
EPS Q/Q Growth	-21.55%	371.96%	-73.91%	357.14%	-19.14%	11.39%	0.00%	51.16%	-48.78%	-56.25%	21.21%
Operating Cash Flow Q/Q Growth	1.20%	-33.06%	48.39%	4.56%	-18.48%	-2.40%	0.00%	-11.01%	13.87%	-0.78%	21.83%
Free Cash Flow Firm Q/Q Growth	-133.64%	202.51%	-126.82%	97.91%	125.02%	-91.82%	-663.53%	1,837.85%	-12.40%	-45.87%	30.31%
Invested Capital Q/Q Growth	3.98%	-5.48%	1.85%	0.05%	-8.08%	-0.26%	81.34%	-7.69%	-6.93%	-0.41%	-3.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	200.00%	183.82%	187.15%	92.65%	189.99%	95.54%	95.73%	96.71%	77.92%	96.99%	96.78%
EBITDA Margin	23.34%	139.71%	97.69%	54.16%	132.56%	18.80%	13.61%	57.02%	29.32%	55.96%	91.60%
Operating Margin	-16.19%	69.87%	32.10%	22.62%	-4.94%	-25.11%	-30.41%	-15.03%	-17.08%	12.54%	42.38%
EBIT Margin	-7.24%	74.88%	33.13%	36.56%	95.12%	-23.23%	-29.32%	11.81%	-13.26%	16.53%	54.23%
Profit (Net Income) Margin	-47.76%	21.24%	14.69%	32.86%	80.53%	-10.93%	-56.28%	-16.35%	-43.17%	-9.84%	27.37%
Tax Burden Percent	200.00%	200.00%	622.10%	242.44%	0.00%	27.70%	69.65%	88.58%	92.96%	86.86%	105.17%
Interest Burden Percent	659.62%	113.47%	28.51%	37.07%	148.83%	169.83%	275.57%	-156.30%	350.12%	-68.50%	47.99%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.31%
Return on Invested Capital (ROIC)	-1.87%	11.83%	3.62%	3.24%	4.92%	-1.13%	-0.67%	-0.40%	-0.94%	0.82%	4.56%
ROIC Less NNEP Spread (ROIC-NNEP)	-11.90%	3.08%	0.05%	5.84%	12.75%	-0.35%	-2.32%	-0.73%	-5.68%	-2.30%	1.52%
Return on Net Nonoperating Assets (RNNOA)	-6.10%	3.49%	0.07%	7.64%	15.52%	-0.43%	-4.70%	-1.40%	-6.04%	-2.92%	1.71%
Return on Equity (ROE)	-15.94%	15.28%	3.74%	10.89%	0.00%	-1.56%	-5.37%	-1.80%	-6.98%	-2.09%	6.27%
Cash Return on Invested Capital (CROIC)	5.84%	0.23%	-30.64%	-0.05%	0.00%	0.77%	-47.82%	70.11%	18.91%	8.03%	12.93%
Operating Return on Assets (OROA)	-2.09%	11.00%	3.29%	4.73%	13.13%	-1.37%	-1.18%	0.60%	-0.96%	1.44%	5.50%
Return on Assets (ROA)	-6.89%	6.24%	0.73%	4.25%	5.56%	-0.64%	-2.26%	-0.83%	-3.14%	-0.86%	2.77%
Return on Common Equity (ROCE)	-13.77%	13.37%	3.11%	8.25%	0.00%	-1.05%	-3.53%	-1.16%	-5.15%	-1.84%	5.61%
Return on Equity Simple (ROE_SIMPLE)	-19.52%	17.06%	2.28%	14.31%	9.63%	-2.40%	-8.54%	-2.82%	-9.88%	-2.43%	0.00%
Net Operating Profit after Tax (NOPAT)	-67	214	74	146	-18	-54	-41	-22	-31	24	122
NOPAT Margin	-11.34%	69.87%	32.10%	22.62%	86.17%	-17.58%	-21.28%	-10.52%	-11.96%	8.78%	42.25%
Net Nonoperating Expense Percent (NNEP)	12.26%	8.77%	3.52%	-2.59%	0.00%	-0.78%	1.65%	0.34%	4.74%	3.12%	3.04%
Return On Investment Capital (ROIC_SIMPLE)	-1.76%	5.27%	1.65%	3.26%	-0.39%	-1.23%	-1.08%	-0.68%	-0.99%	0.82%	4.64%
Cost of Revenue to Revenue	0.00%	16.18%	12.85%	7.35%	5.01%	4.46%	4.27%	3.29%	22.08%	3.01%	3.22%
SG&A Expenses to Revenue	52.82%	50.84%	55.82%	38.52%	36.45%	45.09%	52.63%	48.33%	36.58%	32.20%	29.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	232.39%	113.95%	155.05%	70.03%	199.86%	120.65%	126.14%	111.74%	95.00%	84.45%	54.40%
Earnings before Interest and Taxes (EBIT)	-43	230	76	237	340	-71	-57	25	-35	45	156
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	139	428	224	351	473	58	27	122	76	152	264
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.91	4.76	1.14	1.08	1.32	0.79	1.27	1.15	1.25	1.41	1.21
Price to Tangible Book Value (P/TBV)	1.18	4.76	3.76	1.08	1.32	0.79	1.27	1.15	1.25	1.41	1.21
Price to Revenue (P/Rev)	2.89	11.85	12.11	2.47	5.50	3.58	8.35	6.65	5.48	5.70	4.82
Price to Earnings (P/E)	0.00	61.99	72.57	9.00	57.73	0.00	0.00	0.00	0.00	0.00	18.48
Dividend Yield	3.05%	2.40%	3.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.66%	1.58%	2.15%
Earnings Yield	0.00%	10.63%	2.75%	11.11%	5.69%	0.00%	0.00%	0.00%	0.00%	0.00%	5.41%
Enterprise Value to Invested Capital (EV/IC)	2.77	3.13	1.04	1.02	2.70	0.93	0.59	1.05	1.09	1.16	1.09
Enterprise Value to Revenue (EV/Rev)	16.40	19.01	10.06	7.21	14.69	14.34	23.19	17.94	12.58	11.90	9.69
Enterprise Value to EBITDA (EV/EBITDA)	27.04	27.22	50.95	13.32	33.34	76.26	170.37	31.46	42.92	21.26	10.58
Enterprise Value to EBIT (EV/EBIT)	0.00	50.79	60.70	19.73	46.47	0.00	0.00	151.90	0.00	71.96	17.86
Enterprise Value to NOPAT (EV/NOPAT)	0.00	54.43	155.04	31.89	0.00	0.00	0.00	0.00	0.00	135.50	22.93
Enterprise Value to Operating Cash Flow (EV/OCF)	22.15	116.51	58.24	27.96	39.81	51.60	80.46	57.59	71.93	61.62	36.78
Enterprise Value to Free Cash Flow (EV/FCFF)	38.47	1,058.51	0.00	0.00	0.00	120.39	0.00	0.97	5.21	13.90	8.09
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.55	2.71	2.99	1.38	1.27	1.33	1.21	0.99	1.42	1.35	1.07
Long-Term Debt to Equity	2.46	2.34	2.55	0.99	3.31	1.32	1.21	0.99	1.42	1.07	1.04
Financial Leverage	2.05	2.26	2.53	1.31	0.00	1.21	2.03	1.90	1.06	1.27	1.12
Leverage Ratio	4.63	4.90	5.13	2.56	0.00	2.42	2.37	2.17	2.22	2.44	2.26
Compound Leverage Factor	15.25	2.78	0.73	0.95	4.36	4.12	6.54	-3.40	7.79	-1.67	1.08
Debt to Total Capital	112.06%	115.08%	119.80%	57.94%	0.00%	57.09%	54.80%	49.86%	58.70%	57.38%	51.65%
Short-Term Debt to Total Capital	8.10%	31.18%	35.06%	16.41%	0.00%	0.51%	0.00%	0.00%	0.00%	11.97%	1.14%
Long-Term Debt to Total Capital	0.00%	99.49%	102.27%	41.53%	0.00%	56.58%	54.80%	49.86%	58.70%	45.41%	50.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	11.91%	10.30%	17.25%	11.22%	28.30%	14.40%	15.80%	17.78%	5.29%	4.91%	4.68%
Common Equity to Total Capital	76.03%	75.11%	62.95%	30.84%	0.00%	28.50%	29.40%	32.36%	36.01%	37.72%	43.67%
Debt to EBITDA	30.91	10.92	25.06	7.96	17.80	48.48	90.15	15.65	24.29	11.02	5.16
Net Debt to EBITDA	26.00	9.28	22.56	7.21	16.28	45.01	83.01	14.22	22.03	10.13	4.85
Long-Term Debt to EBITDA	28.67	9.44	21.39	5.71	17.10	48.04	90.15	15.65	24.29	8.72	5.04
Debt to NOPAT	-47.72	21.84	76.26	19.07	-141.98	-51.84	-57.67	-84.83	-59.57	70.27	11.18
Net Debt to NOPAT	-26.77	18.56	68.64	17.28	-130.16	-48.14	-53.10	-77.08	-54.02	64.57	10.51
Long-Term Debt to NOPAT	-45.42	18.88	65.10	13.67	-123.33	-51.38	-57.67	-84.83	-59.57	55.61	10.93
Altman Z-Score	0.70	1.39	0.46	0.06	0.99	-0.13	-0.02	0.02	-0.13	-0.17	0.12
Noncontrolling Interest Sharing Ratio	27.22%	25.61%	33.97%	24.19%	0.00%	32.87%	34.24%	35.20%	26.28%	12.17%	10.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.44	0.31	0.21	0.03	0.22	0.18	0.40	0.49	0.74	0.06	0.33
Quick Ratio	0.00	0.31	0.21	0.03	0.19	0.18	0.25	0.29	0.40	0.02	0.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	98	4.15	-628	-2.07	-238	37	-2,952	3,955	628	232	346
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	94.32%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.95	0.07	-14.70	-0.01	-5.35	0.45	-31.21	59.46	6.62	2.61	3.75
Operating Cash Flow to Interest Expense	1.64	0.80	4.64	1.08	1.48	1.05	0.59	1.00	0.48	0.59	0.82
Operating Cash Flow Less CapEx to Interest Expense	2.43	5.62	4.92	3.25	21.54	-0.06	0.71	3.05	0.59	1.39	2.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.29	0.20	0.13	0.07	0.06	0.04	0.05	0.07	0.09	0.10
Accounts Receivable Turnover	184.65	120.45	111.94	106.53	113.72	37.11	33.16	80.77	91.94	131.69	252.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.52	0.36	0.24	0.15	0.16	0.07	0.05	0.06	0.08	0.09	0.11
Accounts Payable Turnover	0.00	0.67	0.33	0.26	0.09	0.07	0.05	0.07	0.90	0.17	0.21
Days Sales Outstanding (DSO)	11.86	12.12	13.04	3.43	6.42	9.84	11.01	4.52	3.97	2.77	1.45
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	2,169.31	4,363.59	1,383.50	9,846.69	5,378.10	7,243.19	5,383.41	404.91	2,199.49	1,716.05
Cash Conversion Cycle (CCC)	11.86	-2,157.19	-4,350.55	-1,380.07	-4,941.08	-5,368.27	-7,232.18	-5,378.89	-400.94	-2,196.72	-1,714.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,529	3,739	4,440	4,589	4,809	4,718	7,629	3,652	2,992	2,784	2,561
Invested Capital Turnover	0.49	0.34	0.23	0.14	0.15	0.06	0.03	0.04	0.08	0.09	0.11
Increase / (Decrease) in Invested Capital	-165	210	702	149	220	-91	2,911	-3,977	-659	-208	-224
Enterprise Value (EV)	9,756	11,664	4,616	4,671	15,788	4,408	4,515	3,827	3,275	3,225	2,794
Market Capitalization	5,690	7,267	1,683	1,600	1,966	1,100	1,626	1,418	1,427	1,545	1,390
Book Value per Share	$16.30	$17.03	$16.42	$16.46	$16.50	$15.42	$14.11	$13.57	$12.33	$11.83	$12.33
Tangible Book Value per Share	$16.30	$17.03	$16.42	$16.46	$16.50	$15.42	$14.11	$13.57	$12.33	$11.83	$12.33
Total Capital	3,829	4,067	4,690	4,820	5,011	4,907	4,360	3,819	3,158	2,915	2,637
Total Debt	2,145	2,340	2,810	2,793	2,809	2,802	2,389	1,904	1,854	1,672	1,362
Total Long-Term Debt	1,990	1,706	1,987	2,002	2,480	2,777	2,389	1,904	1,854	1,323	1,332
Net Debt	1,805	1,988	2,529	2,530	2,574	2,601	2,200	1,730	1,681	1,537	1,281
Capital Expenditures (CapEx)	-81	-605	-222	-338	-826	91	-11	-136	-11	-71	-132
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-214	-220	-261	-235	-274	-231	-133	-99	-74	-58	-60
Debt-free Net Working Capital (DFNWC)	-177	-189	-232	-205	-249	-193	-82	-52	-20	-34	-31
Net Working Capital (NWC)	-332	-823	-1,055	-996	-578	-218	-82	-52	-20	-383	-61
Net Nonoperating Expense (NNE)	75	84	40	-66	-161	-20	68	12	81	50	43
Net Nonoperating Obligations (NNO)	1,845	2,012	2,559	2,561	2,606	2,613	5,658	1,737	1,688	1,542	1,286
Total Depreciation and Amortization (D&A)	182	199	148	114	134	129	84	96	111	107	108
Debt-free, Cash-free Net Working Capital to Revenue	-35.99%	-60.44%	-97.28%	-36.29%	-76.77%	-75.11%	-68.33%	-46.54%	-28.55%	-21.45%	-20.85%
Debt-free Net Working Capital to Revenue	-38.40%	-50.13%	-85.00%	-31.71%	-139.22%	-62.72%	-41.89%	-24.21%	-7.58%	-12.48%	-10.67%
Net Working Capital to Revenue	-55.81%	-153.50%	-264.13%	-153.85%	-276.44%	-70.85%	-41.89%	-24.21%	-7.58%	-141.17%	-21.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.06	$0.80	$0.95	($0.70)	($1.39)	($0.63)	($1.22)	($0.25)	$0.81
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	190.42M	191.02M	191.08M	190.91M	190.73M	91.05M	91.88M	92.70M	93.36M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.06	$0.80	$0.95	($0.70)	($1.39)	($0.63)	($1.22)	($0.25)	$0.80
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	201.41M	201.45M	201.38M	200.52M	199.79M	100.27M	100.81M	101.38M	102.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	91.16M	92.23M	92.95M	93.46M
Normalized Net Operating Profit after Tax (NOPAT)	72	75	52	-2.29	10	-19	-27	-16	-25	26	49
Normalized NOPAT Margin	12.14%	49.57%	22.47%	-0.35%	5.80%	-6.02%	-13.84%	-7.45%	-9.45%	9.46%	17.07%
Pre Tax Income Margin	-23.88%	42.48%	4.72%	13.55%	141.57%	-39.45%	-80.80%	-18.46%	-46.43%	-11.32%	26.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.84	5.40	1.80	1.53	3.82	-0.88	-0.60	0.38	-0.36	0.50	1.70
NOPAT to Interest Expense	-0.65	5.04	1.74	0.94	3.46	-0.67	-0.44	-0.34	-0.33	0.27	1.32
EBIT Less CapEx to Interest Expense	0.74	19.62	9.21	3.70	13.11	-1.99	-0.49	2.43	-0.25	1.30	3.13
NOPAT Less CapEx to Interest Expense	0.13	19.26	9.15	3.12	22.03	-1.78	-0.32	1.71	-0.22	1.06	2.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-40.72%	90.53%	461.74%	41.40%	112.85%	-256.69%	-0.43%	-0.17%	-4.92%	-97.91%	66.62%
Augmented Payout Ratio	-40.72%	148.77%	461.74%	47.72%	161.05%	-264.71%	-24.97%	-81.39%	-20.29%	-99.96%	67.61%

This table displays calculated financial ratios and metrics derived from Veris Residential's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	93,458,388.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	93,458,388.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.29%	33.40%	7.58%	5.09%	2.56%	1.59%	0.62%	12.53%	7.72%	4.74%	3.46%
EBITDA Growth	-121.59%	11.34%	7.28%	41.07%	899.90%	81.48%	-1.16%	-34.37%	227.32%	77.17%	-12.80%
EBIT Growth	-891.19%	-116.62%	109.57%	244.42%	128.31%	232.17%	-28.78%	-165.31%	875.25%	199.48%	-66.26%
NOPAT Growth	-889.67%	-461.35%	449.14%	136.14%	129.19%	158.52%	-13.04%	-178.03%	1,269.04%	145.61%	-62.73%
Net Income Growth	43.11%	-114.05%	72.46%	109.08%	81.90%	-144.05%	-207.23%	333.02%	845.63%	96.45%	-13.62%
EPS Growth	45.45%	-114.29%	85.19%	110.00%	83.33%	-180.00%	-200.00%	300.00%	900.00%	0.00%	-25.00%
Operating Cash Flow Growth	-36.48%	82.56%	29.87%	-11.69%	56.33%	-3.33%	-16.02%	119.61%	-2.95%	114.77%	6.44%
Free Cash Flow Firm Growth	187.86%	-83.65%	145.35%	-100.65%	-40.24%	-67.14%	-82.82%	-1,769.46%	-39.51%	11.01%	61.67%
Invested Capital Growth	-18.72%	-18.06%	-21.33%	0.57%	-13.05%	-6.96%	-4.55%	5.05%	-5.53%	-8.04%	-7.88%
Revenue Q/Q Growth	3.53%	0.82%	0.48%	0.20%	1.04%	-0.13%	-0.48%	12.06%	-3.28%	-2.90%	-1.69%
EBITDA Q/Q Growth	-115.56%	497.18%	65.08%	38.26%	-11.76%	-9.89%	-5.83%	-31.93%	479.50%	-37.54%	-64.60%
EBIT Q/Q Growth	-756.36%	83.29%	206.61%	194.59%	-46.05%	-21.99%	-28.95%	-208.50%	1,893.21%	-46.99%	-96.73%
NOPAT Q/Q Growth	-871.71%	63.99%	147.64%	78.40%	-4.60%	-27.81%	-29.21%	-260.07%	1,773.70%	-87.05%	-89.26%
Net Income Q/Q Growth	-99.93%	90.46%	22.22%	161.20%	-498.79%	-28.57%	2.09%	186.26%	586.70%	-100.61%	-3,032.53%
EPS Q/Q Growth	-100.00%	91.67%	20.00%	175.00%	-433.33%	-40.00%	14.29%	200.00%	566.67%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-27.38%	37.72%	28.06%	-31.04%	28.55%	-14.84%	11.25%	80.32%	-43.19%	88.45%	-44.86%
Free Cash Flow Firm Q/Q Growth	-41.45%	-9.04%	20.91%	-101.01%	5,457.85%	-49.98%	-36.80%	-210.37%	273.37%	-8.21%	-7.95%
Invested Capital Q/Q Growth	14.32%	-6.93%	-3.66%	-1.89%	-1.16%	-0.41%	-1.16%	7.97%	-11.11%	-3.05%	-1.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.19%	86.68%	96.63%	83.26%	96.88%	111.09%	95.86%	97.23%	96.76%	97.20%	95.89%
EBITDA Margin	-7.40%	29.16%	47.91%	66.11%	57.74%	52.10%	48.21%	29.28%	175.44%	112.84%	40.63%
Operating Margin	-55.77%	-19.92%	9.44%	13.34%	15.87%	11.47%	8.16%	-8.22%	141.28%	26.91%	2.94%
EBIT Margin	-55.86%	-9.26%	9.82%	28.88%	15.42%	12.04%	7.78%	-7.53%	139.59%	76.21%	2.54%
Profit (Net Income) Margin	-90.64%	-8.57%	-6.64%	4.05%	-16.00%	-20.60%	-20.26%	15.60%	110.74%	-0.70%	-22.25%
Tax Burden Percent	99.68%	35.61%	71.96%	183.31%	98.49%	94.08%	99.32%	99.00%	104.83%	75.34%	100.44%
Interest Burden Percent	162.78%	260.11%	-93.89%	7.66%	-105.35%	-181.77%	-262.36%	-209.25%	75.67%	-1.22%	-873.51%
Effective Tax Rate	0.00%	0.00%	0.00%	11.80%	0.00%	0.00%	0.00%	0.78%	0.05%	0.00%	0.00%
Return on Invested Capital (ROIC)	-2.65%	-1.09%	0.54%	1.12%	1.00%	0.75%	0.55%	-0.79%	14.82%	2.03%	0.23%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.38%	-0.88%	0.01%	0.77%	-0.08%	-0.45%	-0.57%	0.31%	13.27%	1.05%	-0.98%
Return on Net Nonoperating Assets (RNNOA)	-5.41%	-0.94%	0.01%	0.86%	-0.11%	-0.57%	-0.72%	0.40%	15.13%	1.18%	-1.12%
Return on Equity (ROE)	-8.06%	-2.03%	0.54%	1.98%	0.89%	0.18%	-0.17%	-0.38%	29.95%	3.21%	-0.90%
Cash Return on Invested Capital (CROIC)	20.00%	18.91%	23.03%	-1.43%	14.26%	8.03%	5.48%	-4.49%	9.76%	12.93%	12.68%
Operating Return on Assets (OROA)	-3.59%	-0.67%	0.74%	2.28%	1.31%	1.05%	0.69%	-0.68%	13.73%	7.73%	0.26%
Return on Assets (ROA)	-5.82%	-0.62%	-0.50%	0.32%	-1.36%	-1.79%	-1.78%	1.42%	10.90%	-0.07%	-2.30%
Return on Common Equity (ROCE)	-5.91%	-1.50%	0.40%	1.73%	0.78%	0.16%	-0.15%	-0.34%	26.77%	2.87%	-0.80%
Return on Equity Simple (ROE_SIMPLE)	-5.73%	0.00%	-8.89%	-5.98%	-1.65%	0.00%	-3.32%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-26	-9.34	4.45	7.94	7.58	5.47	3.87	-6.20	104	13	1.44
NOPAT Margin	-39.04%	-13.94%	6.61%	11.77%	11.11%	8.03%	5.71%	-8.16%	141.22%	18.83%	2.06%
Net Nonoperating Expense Percent (NNEP)	1.73%	-0.21%	0.53%	0.35%	1.08%	1.21%	1.12%	-1.09%	1.55%	0.99%	1.21%
Return On Investment Capital (ROIC_SIMPLE)	-0.81%	-0.30%	0.14%	0.27%	0.26%	0.19%	0.13%	-0.21%	3.83%	0.51%	0.06%
Cost of Revenue to Revenue	57.81%	13.32%	3.37%	16.74%	3.12%	-11.09%	4.14%	2.77%	3.24%	2.80%	4.11%
SG&A Expenses to Revenue	42.40%	35.15%	35.13%	32.02%	28.03%	33.67%	31.08%	29.62%	29.04%	27.82%	30.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	97.96%	106.60%	87.18%	69.91%	81.00%	99.61%	87.70%	105.46%	-44.52%	70.29%	92.95%
Earnings before Interest and Taxes (EBIT)	-37	-6.20	6.61	19	11	8.20	5.27	-5.72	103	54	1.78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.92	20	32	45	39	35	33	22	129	80	28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.30	1.25	1.22	1.21	1.48	1.41	1.46	1.27	1.23	1.21	1.56
Price to Tangible Book Value (P/TBV)	1.30	1.25	1.22	1.21	1.48	1.41	1.46	1.27	1.23	1.21	1.56
Price to Revenue (P/Rev)	6.12	5.48	5.21	5.11	6.11	5.70	5.79	4.94	4.98	4.82	6.06
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.54	18.48	24.52
Dividend Yield	0.31%	0.66%	0.69%	1.05%	1.32%	1.58%	1.71%	2.09%	2.11%	2.15%	1.70%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.44%	5.41%	4.08%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.09	1.08	1.08	1.19	1.16	1.18	1.08	1.10	1.09	1.25
Enterprise Value to Revenue (EV/Rev)	14.56	12.58	11.79	11.43	12.33	11.90	11.95	11.51	10.17	9.69	10.90
Enterprise Value to EBITDA (EV/EBITDA)	47.69	42.92	39.81	33.52	24.51	21.26	21.44	23.06	12.65	10.58	12.19
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	109.45	71.96	76.01	114.17	24.12	17.86	20.72
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	370.42	135.50	139.74	256.77	26.23	22.93	26.78
Enterprise Value to Operating Cash Flow (EV/OCF)	88.64	71.93	63.58	64.27	63.11	61.62	65.13	51.31	46.49	36.78	41.26
Enterprise Value to Free Cash Flow (EV/FCFF)	4.94	5.21	4.14	0.00	7.77	13.90	21.02	0.00	10.93	8.09	9.45
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.44	1.42	1.45	1.32	1.33	1.35	1.37	1.46	1.12	1.07	1.09
Long-Term Debt to Equity	1.39	1.42	1.45	1.32	1.05	1.07	1.37	1.19	1.09	1.04	1.09
Financial Leverage	1.24	1.06	1.06	1.11	1.32	1.27	1.25	1.32	1.14	1.12	1.14
Leverage Ratio	2.36	2.22	2.21	2.55	2.45	2.44	2.47	2.46	2.28	2.26	2.28
Compound Leverage Factor	3.85	5.79	-2.07	0.20	-2.58	-4.44	-6.47	-5.15	1.73	-0.03	-19.94
Debt to Total Capital	58.96%	58.70%	59.12%	56.85%	57.13%	57.38%	57.78%	59.32%	52.81%	51.65%	52.16%
Short-Term Debt to Total Capital	1.82%	0.00%	0.00%	0.00%	12.04%	11.97%	0.00%	10.79%	1.14%	1.14%	0.00%
Long-Term Debt to Total Capital	57.14%	58.70%	59.12%	56.85%	45.09%	45.41%	57.78%	48.53%	51.67%	50.52%	52.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.66%	5.29%	4.76%	4.99%	4.94%	4.91%	4.78%	4.58%	4.58%	4.68%	4.57%
Common Equity to Total Capital	35.37%	36.01%	36.12%	38.16%	37.93%	37.72%	37.44%	36.10%	42.62%	43.67%	43.27%
Debt to EBITDA	25.73	24.29	23.60	18.44	12.36	11.02	11.02	12.78	6.26	5.16	5.24
Net Debt to EBITDA	25.18	22.03	20.33	16.92	11.28	10.13	10.13	12.18	5.91	4.85	4.95
Long-Term Debt to EBITDA	24.94	24.29	23.60	18.44	9.75	8.72	11.02	10.45	6.12	5.04	5.24
Debt to NOPAT	-81.60	-59.57	-67.43	-68.74	186.76	70.27	71.81	142.27	12.97	11.18	11.50
Net Debt to NOPAT	-79.86	-54.02	-58.07	-63.08	170.50	64.57	66.05	135.60	12.26	10.51	10.87
Long-Term Debt to NOPAT	-79.08	-59.57	-67.43	-68.74	147.40	55.61	71.81	116.39	12.69	10.93	11.50
Altman Z-Score	-0.14	-0.10	-0.07	-0.09	-0.16	-0.21	-0.07	-0.28	0.05	-0.01	0.09
Noncontrolling Interest Sharing Ratio	26.78%	26.28%	26.04%	12.71%	12.70%	12.17%	11.49%	11.41%	10.61%	10.58%	10.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.31	0.74	2.35	0.43	0.08	0.06	0.57	0.08	0.27	0.33	0.55
Quick Ratio	0.15	0.40	1.92	0.43	0.04	0.02	0.22	0.03	0.10	0.17	0.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	715	650	786	-7.97	427	214	135	-149	258	237	218
Operating Cash Flow to CapEx	426.42%	0.00%	0.00%	0.00%	256.23%	163.26%	0.00%	0.00%	0.00%	0.00%	320.18%
Free Cash Flow to Firm to Interest Expense	28.87	62.23	36.56	-0.35	19.87	9.17	5.88	-6.06	10.15	12.42	12.22
Operating Cash Flow to Interest Expense	0.36	1.17	0.73	0.48	0.65	0.51	0.57	0.97	0.53	1.33	0.79
Operating Cash Flow Less CapEx to Interest Expense	0.28	2.38	1.05	3.88	0.39	0.20	0.89	3.03	1.65	4.45	0.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.07	0.08	0.08	0.09	0.09	0.09	0.09	0.10	0.10	0.10
Accounts Receivable Turnover	78.65	91.94	85.19	82.61	91.59	131.69	191.19	179.62	192.77	252.35	235.26
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.07	0.08	0.08	0.09	0.09	0.09	0.10	0.10	0.10	0.11	0.11
Accounts Payable Turnover	0.71	0.90	1.05	1.21	0.48	0.17	0.18	0.18	0.19	0.21	0.22
Days Sales Outstanding (DSO)	4.64	3.97	4.28	4.42	3.99	2.77	1.91	2.03	1.89	1.45	1.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	517.58	404.91	347.44	300.60	765.11	2,199.49	1,985.02	1,975.95	1,920.40	1,716.05	1,650.80
Cash Conversion Cycle (CCC)	-512.94	-400.94	-343.16	-296.18	-761.13	-2,196.72	-1,983.11	-1,973.92	-1,918.51	-1,714.60	-1,649.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,215	2,992	2,883	2,829	2,796	2,784	2,752	2,971	2,641	2,561	2,535
Invested Capital Turnover	0.07	0.08	0.08	0.10	0.09	0.09	0.10	0.10	0.10	0.11	0.11
Increase / (Decrease) in Invested Capital	-741	-659	-782	16	-420	-208	-131	143	-155	-224	-217
Enterprise Value (EV)	3,545	3,275	3,125	3,067	3,328	3,225	3,244	3,221	2,899	2,794	3,169
Market Capitalization	1,489	1,427	1,380	1,371	1,651	1,545	1,573	1,382	1,420	1,390	1,764
Book Value per Share	$12.47	$12.33	$12.27	$12.23	$11.99	$11.83	$11.62	$11.64	$12.38	$12.33	$12.07
Tangible Book Value per Share	$12.47	$12.33	$12.27	$12.23	$11.99	$11.83	$11.62	$11.64	$12.38	$12.33	$12.07
Total Capital	3,244	3,158	3,135	2,967	2,937	2,915	2,886	3,008	2,715	2,637	2,610
Total Debt	1,913	1,854	1,853	1,687	1,678	1,672	1,667	1,784	1,434	1,362	1,361
Total Long-Term Debt	1,854	1,854	1,853	1,687	1,324	1,323	1,667	1,460	1,403	1,332	1,361
Net Debt	1,872	1,681	1,596	1,548	1,532	1,537	1,533	1,701	1,355	1,281	1,286
Capital Expenditures (CapEx)	2.09	-13	-6.88	-76	5.44	7.26	-7.14	-51	-29	-59	4.39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-82	-74	-58	-45	-59	-58	-39	-68	-68	-60	-43
Debt-free Net Working Capital (DFNWC)	-41	-20	81	-27	-27	-34	-17	-38	-42	-31	-20
Net Working Capital (NWC)	-100	-20	81	-27	-380	-383	-17	-363	-73	-61	-20
Net Nonoperating Expense (NNE)	34	-3.60	8.92	5.21	18	19	18	-18	22	14	17
Net Nonoperating Obligations (NNO)	1,884	1,688	1,602	1,548	1,537	1,542	1,533	1,748	1,360	1,286	1,286
Total Depreciation and Amortization (D&A)	32	26	26	25	29	27	27	28	26	26	27
Debt-free, Cash-free Net Working Capital to Revenue	-33.62%	-28.55%	-21.81%	-16.82%	-21.95%	-21.45%	-14.54%	-24.34%	-23.70%	-20.85%	-14.70%
Debt-free Net Working Capital to Revenue	-16.83%	-7.58%	30.39%	-9.96%	-9.93%	-12.48%	-6.40%	-13.62%	-14.65%	-10.67%	-6.75%
Net Working Capital to Revenue	-41.09%	-7.58%	30.39%	-9.96%	-140.88%	-141.17%	-6.40%	-129.54%	-25.51%	-21.08%	-6.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.60)	($0.05)	($0.04)	$0.03	($0.10)	($0.14)	($0.12)	$0.12	$0.81	$0.00	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	92.18M	91.88M	92.28M	92.66M	92.90M	92.70M	93.06M	93.39M	93.48M	93.36M	93.60M
Adjusted Diluted Earnings per Share	($0.60)	($0.05)	($0.04)	$0.03	($0.10)	($0.14)	($0.12)	$0.12	$0.80	$0.00	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	100.93M	100.81M	100.97M	101.95M	101.59M	101.38M	101.69M	102.26M	102.49M	102.36M	102.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	92.22M	92.23M	92.58M	92.89M	92.90M	92.95M	93.32M	93.42M	93.43M	93.46M	93.84M
Normalized Net Operating Profit after Tax (NOPAT)	-26	-5.19	4.45	7.94	9.41	5.47	6.11	13	13	15	1.44
Normalized NOPAT Margin	-39.04%	-7.75%	6.61%	11.77%	13.80%	8.03%	9.02%	17.12%	17.31%	21.11%	2.06%
Pre Tax Income Margin	-90.93%	-24.08%	-9.22%	2.21%	-16.24%	-21.89%	-20.40%	15.76%	105.64%	-0.93%	-22.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.50	-0.59	0.31	0.87	0.49	0.35	0.23	-0.23	4.03	2.85	0.10
NOPAT to Interest Expense	-1.05	-0.89	0.21	0.35	0.35	0.23	0.17	-0.25	4.07	0.70	0.08
EBIT Less CapEx to Interest Expense	-1.58	0.62	0.63	4.27	0.24	0.04	0.54	1.83	5.15	5.96	-0.15
NOPAT Less CapEx to Interest Expense	-1.13	0.32	0.53	3.76	0.10	-0.08	0.48	1.81	5.20	3.82	-0.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-25.52%	-4.92%	-11.73%	-25.81%	-40.31%	-97.91%	-78.72%	-116.80%	79.14%	66.62%	68.70%
Augmented Payout Ratio	-35.41%	-20.29%	-22.87%	-32.93%	-136.20%	-99.96%	-80.03%	-118.55%	80.33%	67.61%	70.58%

Financials Breakdown Chart

Key Financial Trends

Here are key takeaways from Veris Residential, Inc. (NYSE: VRE) quarterly statements over the last four years, focusing on trends in income, cash flow, and the balance sheet. The data show revenue growth momentum in 2025, positive operating cash flow, notable asset disposals, and debt activity, but also volatility in earnings and sizable financing outflows in some quarters.

Revenue momentum in 2025: Operating revenue trended higher across the year, with Q2 2025 around 75.9M, Q3 2025 about 73.4M, and Q4 2025 about 71.3M, compared with roughly 68.1M in Q4 2024.
Positive operating cash flow through 2025: Net cash from continuing operating activities stayed positive in all 2025 quarters (Q1 ~13.2M, Q2 ~23.8M, Q3 ~9.28M, Q4 ~25.25M).
Asset disposals boosting investing cash flow: PPE sale proceeds contributed meaningfully in 2025 (e.g., Q3 2025 PPE sale ~36.84M; Q4 2025 PPE sale ~68.35M), and net cash from continuing investing activities was substantial (Q3 2025 around 365.5M; Q4 2025 around 59.1M).
Debt issuance in mid-2025 improved liquidity: A notable issuance of debt in Q3 2025 (approximately 131.0M) supported financing activity, though later quarters saw debt repayments that reduced cash.
Balance sheet scale is stable: Total assets generally sit in the 2.8–3.1B range across 2024–2025, with long-term debt around 1.4–1.7B and total equity around 1.1–1.3B, indicating a moderate leverage profile.
Earnings volatility remains: Net income swung between gains and losses across quarters. For example, Q3 2025 showed a solid consolidated net income, while other quarters posted smaller or negative results, reflecting non-operating items and potential one-time charges.
Seasonality evident in quarterly results: Revenue and operating income exhibit quarter-to-quarter fluctuations within a year, suggesting timing effects in lease activity and rent collections.
Earnings per share variability: Basic and diluted EPS fluctuated across quarters, with some quarters reporting positive per-share figures (e.g., Q3 2025), and others showing negative or muted earnings per share due to mix of operating and non-operating items.
Financing outflows were sizable in late 2025: Net cash from financing activities were negative in Q4 2025 (around -81.0M), driven by debt repayments and other financing activities, which reduces cash on hand even as operating cash flow remained positive.
Profitability can be pressured by non-operating items: Periods with impairments or significant other expenses can depress pretax and net income, adding volatility to reported results and potentially affecting near-term earnings visibility.

05/21/26 02:35 PM ETAI Generated. May Contain Errors.

Veris Residential Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Veris Residential's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Veris Residential's net income appears to be on a downward trend, with a most recent value of $78.94 million in 2025, falling from -$142.05 million in 2015. The previous period was -$26.66 million in 2024. See where experts think Veris Residential is headed by visiting Veris Residential's forecast page.

Veris Residential's total operating income in 2025 was $122.23 million, based on the following breakdown:

Total Gross Profit: $279.14 million
Total Operating Expenses: $156.92 million

Over the last 10 years, Veris Residential's total revenue changed from $594.88 million in 2015 to $288.43 million in 2025, a change of -51.5%.

Veris Residential's total liabilities were at $1.43 billion at the end of 2025, a 17.7% decrease from 2024, and a 39.6% decrease since 2015.

In the past 10 years, Veris Residential's cash and equivalents has ranged from $7.25 million in 2024 to $38.10 million in 2020, and is currently $14.13 million as of their latest financial filing in 2025.

Over the last 10 years, Veris Residential's book value per share changed from 16.30 in 2015 to 12.33 in 2025, a change of -24.4%.

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Financial statements for NYSE:VRE last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Veris Residential (VRE) Financials

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Veris Residential (VRE) Financials

Annual Income Statements for Veris Residential

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Quarterly Cash Flow Statements for Veris Residential

Annual Balance Sheets for Veris Residential

Quarterly Balance Sheets for Veris Residential

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Quarterly Metrics And Ratios for Veris Residential

Financials Breakdown Chart

Key Financial Trends

Veris Residential Financials - Frequently Asked Questions

When does Veris Residential's fiscal year end?

How has Veris Residential's net income changed over the last 10 years?

What is Veris Residential's operating income?

How has Veris Residential's revenue changed over the last 10 years?

How much debt does Veris Residential have?

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How has Veris Residential's book value per share changed over the last 10 years?

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