VRE earnings analysis
What we found in VRE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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).
- 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.
- 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).
- 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).
- 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).
- 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).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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).
- 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).
- 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).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.15
- Operating margin
- 2.94%
- Segment
- Revenue from leases: $64,591,000 (Q1 2026) vs. $61,965,000 (Q1 2025)
- Segment
- Parking income: $3,459,000 (Q1 2026) vs. $3,749,000 (Q1 2025)
- Segment
- Management fees: $534,000 (Q1 2026) vs. $718,000 (Q1 2025)
- Segment
- Other income: $1,518,000 (Q1 2026) vs. $1,324,000 (Q1 2025)
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing VRE makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever