Veris Residential (NYSE:VRE), a Sun Belt-focused multifamily real estate investment trust, reported fourth-quarter and full-year 2025 results on February 23, 2026.
For the full year 2025, Core Funds From Operations (Core FFO) per share rose 20% year-over-year to $0.72, reflecting higher same-property net operating income, improved occupancy trends, and effective expense management across the company's high-quality multifamily portfolio concentrated in high-growth markets such as Florida, Georgia, North Carolina, and Texas.
Core Adjusted Funds From Operations (Core AFFO) per share came in at $0.74 for the year.
The company declared total dividends of $0.32 per share for 2025, maintaining its commitment to returning capital to shareholders while prioritizing deleveraging and portfolio repositioning.
Veris also completed non-strategic asset sales totaling $542.1 million during 2025, primarily consisting of properties outside the company's core Sun Belt focus or with lower growth profiles.
Proceeds were predominantly used to repay debt, reducing outstanding borrowings by approximately $490 million.
This contributed to a significant improvement in leverage, with Net Debt-to-Normalized EBITDA declining to 9x at year-end from higher levels in prior periods.
Liquidity remained robust at $280 million as of December 31, 2025, providing flexibility for future acquisitions, development opportunities, or further balance sheet optimization.