10-K · February 23, 2026
Veris continues a three-pronged strategy of capital allocation, deleveraging and platform optimization, using $542.1 million of 2025 dispositions (gross proceeds of $387.7M from operating assets + $154.4M from land…
Earnings analysis · 10-Q
VRE earnings analysis
Filed April 22, 2026 · Our reading of the company's report
The latest report
Veris reported Q1 2026 revenue of $70,102,000 (up $2,346,000 vs. Q1 2025) but reported a GAAP net loss of $15,600,000 (net loss available to common shareholders $(14,008,000)) producing diluted EPS of $(0.15), worse…
Read full summary
Veris reported Q1 2026 revenue of $70,102,000 (up $2,346,000 vs. Q1 2025) but reported a GAAP net loss of $15,600,000 (net loss available to common shareholders $(14,008,000)) producing diluted EPS of $(0.15), worse than $(0.12) in Q1 2025. Operating income was $2,061,000 (operating margin ~2.94%), compressed by $10,486,000 of transaction and merger-related costs recorded in the quarter. Operating cash flow remained positive at $14,043,000 and capex totaled $4,386,000 (plus $370,000 of development), producing approximate free cash flow of $9,287,000.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.15
- Operating margin
- 2.94%
What stood out
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Revenue increased year-over-year
Total revenues were $70,102,000 in Q1 2026 vs. $67,756,000 in Q1 2025 (increase of $2,346,000).
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Operating cash flow remained positive
Net cash provided by operating activities was $14,043,000 for the three months ended March 31, 2026 vs. $13,029,000 in the prior-year period.
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Material reduction in interest expense
Interest expense declined to $17,871,000 in Q1 2026 from $22,960,000 in Q1 2025 (decrease of $5,089,000).
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Large deleveraging / mortgage repayments this quarter
Mortgages, loans payable and other obligations, net decreased to $1,237,339,000 as of March 31, 2026 from $1,332,158,000 as of December 31, 2025 (decrease of $94,819,000).
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Significant transaction/merger costs recognized
Transaction and merger-related costs were $10,486,000 in Q1 2026 compared with $308,000 in Q1 2025 (increase of $10,178,000).
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Dividend declared consistent with merger restriction
The Company declared a dividend of $0.08 per share for the quarter (dividend declared March 4, 2026: $0.0800).
What to watch
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GAAP loss widened and EPS deteriorated
Net income (loss) was $(15,600,000) in Q1 2026 and net income (loss) available to common shareholders was $(14,008,000) producing diluted EPS of $(0.15) vs. $(0.12) in Q1 2025.
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Merger-related costs materially depressed results
Transaction and merger-related costs of $10,486,000 (Q1 2026) drove a large portion of the decline versus $308,000 a year ago.
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Drop in equity earnings from JVs
Equity in earnings of unconsolidated joint ventures fell to $460,000 in Q1 2026 from $3,842,000 in Q1 2025 (decrease of $3,382,000).
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Cash declined and revolver usage surged
Cash and cash equivalents decreased to $9,415,000 as of March 31, 2026 from $14,128,000 as of December 31, 2025 (decrease of $4,713,000), while borrowings under the revolving credit facility increased to $124,000,000 from $30,000,000 (increase of $94,000,000).
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Operating margin compression
Operating income was $2,061,000 (operating margin ~2.94%) in Q1 2026 vs. historical Q1 2025 operating margin of 8.2% (per prior quarterly history).
Management's outlook
The 10-Q contains no numeric forward revenue or EPS guidance. Management discloses the February 23, 2026 Merger Agreement (merger consideration $19.00 per share) and notes a dividend cap: the Company declared $0.08 per share for the quarter; numeric outlook is deferred to earnings press release/quarterly call.
Earlier filings 4
10-Q · October 22, 2025
Veris Residential reported Q3 total revenues of $73,440,000 (up from $68,175,000 in Q3 2024) and diluted EPS of $0.80 (vs $(0.10) in Q3 2024). Operating margin was ~17.3% (operating income $12,720,000 on $73,440,000…
10-Q · July 23, 2025
Veris Residential reported Q2 2025 total revenues of $75,928,000 (up from $67,476,000 in Q2 2024) and generated net income available to common shareholders of $10,904,000 (vs. $2,922,000 a year ago). Operating income…
10-Q · April 23, 2025
Veris Residential reported stable revenue of $67,756,000 for Q1 2025, up $416,000 versus Q1 2024, but operating profitability and earnings declined due to higher expenses, impairments and other losses. The company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.