04/24/2024 | Press release | Distributed by Public on 04/24/2024 14:34
Page(s) | |
Key Financial Data | |
Operating Portfolio | |
Debt | |
Reconciliations and Additional Details | |
Annex 1: Transaction Activity
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Annex 2:Reconciliation of NOI
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Annex 4: Unconsolidated Joint Ventures
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Annex 5: Debt Profile Footnotes
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Annex 6: Multifamily Property Information
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Three Months Ended, | ||
March 31, 2024 | December 31, 2023 | |
Net Income (Loss) per Diluted Share | $(0.04) | $(0.06) |
Core FFO per Diluted Share | $0.14 | $0.12 |
Core AFFO per Diluted Share | $0.18 | $0.14 |
Dividend per Diluted Share
|
$0.0525 | $0.0525 |
March 31, 2024 | March 31, 2023 | |
Same Store Units | 7,622 | 7,622 |
Same Store Occupancy | 94.1% | 95.9% |
Same Store Blended Rental Growth Rate | 4.6% | 10.2% |
Average Rent per Home | $3,899 | $3,622 |
Three Months Ended March 31, | |||
2024 | 2023 | % | |
Total Property Revenue | $74,092 | $68,063 | 8.9% |
Controllable Expenses | 12,622 | 12,517 | 0.8% |
Non-Controllable Expenses | 12,083 | 12,318 | (1.9)% |
Total Property Expenses | 24,705 | 24,835 | (0.5)% |
Same Store NOI
|
$49,387 | $43,228 | 14.2% |
Three Months Ended, | ||
Balance Sheet Metric | March 31, 2024 | December 31, 2023 |
Weighted Average Interest Rate | 4.4% | 4.5% |
Weighted Average Years to Maturity | 3.5 | 3.7 |
Interest Coverage Ratio
|
1.5x | 1.5x |
Net Debt | 1,714,800 | 1,799,318 |
TTM EBITDA
|
142,543 | 151,201 |
TTM Net Debt to EBITDA
|
12.0x | 11.9x |
2024 Guidance Ranges | Low | High | |
Same Store Revenue Growth | 4.0% | - | 5.0% |
Same Store Expense Growth | 5.0% | - | 6.0% |
Same Store NOI Growth | 2.5% | - | 5.0% |
Core FFO per Share Guidance | Low | High | |
Net Loss per Share | $(0.38) | - | $(0.34) |
Add back: Depreciation per Share | $0.88 | - | $0.88 |
Core FFO per Share | $0.50 | - | $0.54 |
Investors | Media |
Anna Malhari | Amanda Shpiner/Grace Cartwright |
Chief Operating Officer | Gasthalter & Co. |
[email protected] | [email protected] |
March 31, 2024 | December 31, 2023 | |
ASSETS | ||
Rental property | ||
Land and leasehold interests | $463,826 | $474,499 |
Buildings and improvements | 2,633,849 | 2,782,468 |
Tenant improvements | 8,391 | 30,908 |
Furniture, fixtures and equipment | 105,668 | 103,613 |
3,211,734 | 3,391,488 | |
Less - accumulated depreciation and amortization | (372,241) | (443,781) |
2,839,493 | 2,947,707 | |
Real estate held for sale, net | 66,975 | 58,608 |
Net investment in rental property | 2,906,468 | 3,006,315 |
Cash and cash equivalents | 112,701 | 28,007 |
Restricted cash | 25,649 | 26,572 |
Investments in unconsolidated joint ventures | 118,830 | 117,954 |
Unbilled rents receivable, net | 1,542 | 5,500 |
Deferred charges and other assets, net | 45,999 | 53,956 |
Accounts receivable | 1,671 | 2,742 |
Total Assets | $3,212,860 | $3,241,046 |
LIABILITIES & EQUITY | ||
Mortgages, loans payable and other obligations, net | 1,853,149 | 1,853,897 |
Dividends and distributions payable | 5,642 | 5,540 |
Accounts payable, accrued expenses and other liabilities | 53,839 | 55,492 |
Rents received in advance and security deposits | 12,234 | 14,985 |
Accrued interest payable | 6,486 | 6,580 |
Total Liabilities | 1,931,350 | 1,936,494 |
Redeemable noncontrolling interests | 9,294 | 24,999 |
Total Stockholders' Equity
|
1,132,231 | 1,137,478 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 106,544 | 107,206 |
Consolidated joint ventures | 33,441 | 34,869 |
Total Noncontrolling Interests in Subsidiaries | $139,985 | $142,075 |
Total Equity | $1,272,216 | $1,279,553 |
Total Liabilities and Equity | $3,212,860 | $3,241,046 |
Three Months Ended March 31, | ||
REVENUES | 2024 | 2023 |
Revenue from leases | $60,642 | $56,097 |
Real estate services | 922 | 911 |
Parking income | 3,745 | 3,728 |
Other income | 2,031 | 1,862 |
Total revenues | 67,340 | 62,598 |
EXPENSES | ||
Real estate taxes | 9,177 | 9,559 |
Utilities | 2,271 | 2,063 |
Operating services | 12,570 | 11,383 |
Real estate services expenses | 5,242 | 1,943 |
General and administrative | 11,088 | 10,281 |
Transaction related costs | 516 | 1,027 |
Depreciation and amortization | 20,117 | 21,788 |
Land and other impairments, net | - | 3,396 |
Total expenses | 60,981 | 61,440 |
OTHER (EXPENSE) INCOME | ||
Interest expense | (21,500) | (22,014) |
Interest and other investment income | 538 | 116 |
Equity in earnings (losses) of unconsolidated joint ventures | 254 | (68) |
Gain (loss) on disposition of developable land | 784 | (22) |
Gain (loss) on sale of unconsolidated joint venture interests | 7,100 | - |
Other income (expense), net | 255 | 1,998 |
Total other (expense) income, net
|
(12,569) | (19,990) |
Loss from continuing operations before income tax expense | (6,210) | (18,832) |
Provision for income taxes | (59) | - |
Loss from continuing operations after income tax expense | (6,269) | (18,832) |
Income from discontinued operations | 252 | 1,822 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 1,548 | 780 |
Total discontinued operations, net | 1,800 | 2,602 |
Net loss | (4,469) | (16,230) |
Noncontrolling interest in consolidated joint ventures | 495 | 587 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 523 | 2,277 |
Noncontrolling interests in Operating Partnership in discontinued operations | (155) | (241) |
Redeemable noncontrolling interests | (297) | (6,366) |
Net loss available to common shareholders | $(3,903) | $(19,973) |
Basic earnings per common share: | ||
Net loss available to common shareholders | $(0.04) | $(0.27) |
Diluted earnings per common share: | ||
Net loss available to common shareholders | $(0.04) | $(0.27) |
Basic weighted average shares outstanding | 92,275 | 91,226 |
Diluted weighted average shares outstanding(6)
|
100,968 | 100,526 |
Three Months Ended March 31, | ||
2024 | 2023 | |
Net loss available to common shareholders
|
$(3,903) | $(19,973) |
Add (deduct): Noncontrolling interests in Operating Partnership | (523) | (2,277) |
Noncontrolling interests in discontinued operations | 155 | 241 |
Real estate-related depreciation and amortization on continuing operations(1)
|
22,631 | 24,129 |
Real estate-related depreciation and amortization on discontinued operations | 668 | 6,815 |
Continuing operations: Gain on sale from unconsolidated joint ventures | (7,100) | - |
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (1,548) | (780) |
FFO(2)
|
$10,380 | $8,155 |
Add/(Deduct): | ||
Loss from extinguishment of debt, net | - | 12 |
Land and other impairments | - | 3,396 |
(Gain) Loss on disposition of developable land | (784) | 22 |
Rebranding and Severance/Compensation related costs (G&A) | 1,637 | 1,148 |
Rebranding and Severance/Compensation related costs (RE Services) | 1,526 | - |
Amortization of derivative premium | 904 | 1,133 |
Transaction related costs | 516 | 1,027 |
Core FFO | $14,179 | $14,893 |
Add (Deduct) Non-Cash Items: | ||
Straight-line rent adjustments(3)
|
25 | (1,253) |
Amortization of market lease intangibles, net | (7) | (30) |
Amortization of lease inducements | 7 | 15 |
Amortization of stock compensation | 3,727 | 2,877 |
Non-real estate depreciation and amortization | 210 | 384 |
Amortization of deferred financing costs | 1,242 | 1,211 |
Deduct: | ||
Non-incremental revenue generating capital expenditures: | ||
Building improvements | (1,040) | (2,092) |
Tenant improvements and leasing commissions(4)
|
(9) | (352) |
Tenant improvements and leasing commissions on space vacant for more than one year | - | (736) |
Core AFFO(2)
|
$18,334 | $14,917 |
Funds from Operations per share/unit-diluted
|
$0.10 | $0.08 |
Core Funds from Operations per share/unit-diluted | $0.14 | $0.15 |
Dividends declared per common share | $0.0525 | - |
Three Months Ended March 31, | ||
2024 | 2023 | |
Core FFO (calculated on a previous page) | $14,179 | $14,893 |
Deduct: | ||
Equity in (earnings) loss of unconsolidated joint ventures | (459) | 68 |
Equity in earnings share of depreciation and amortization | (2,724) | (2,576) |
Add-back: | ||
Interest expense | 21,500 | 22,836 |
Amortization of derivative premium | (904) | (1,133) |
Recurring joint venture distributions | 1,701 | 1,547 |
Noncontrolling interests in consolidated joint ventures | (495) | (587) |
Redeemable noncontrolling interests | 297 | 6,366 |
Income tax expense | 82 | 51 |
Adjusted EBITDA | $33,177 | $41,465 |
Add/(Deduct): | ||
Noncontrolling interests in Operating Partnership of income from continuing operations | (523) | (2,277) |
Noncontrolling interests in Operating Partnership in discontinued operations | 155 | 241 |
Noncontrolling interests in consolidated joint ventures(a)
|
(495) | (587) |
Redeemable noncontrolling interests | 297 | 6,366 |
Interest expense | 21,500 | 22,836 |
Income tax expense | 82 | 51 |
Depreciation and amortization | 20,785 | 28,754 |
Deduct: | ||
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (1,548) | (780) |
Equity in (earnings) loss of unconsolidated joint ventures | (254) | 68 |
Add: | ||
Company's share of property NOI's in unconsolidated joint ventures(1)
|
7,728 | 13,381 |
EBITDAre | $43,824 | $48,080 |
Add: | ||
Loss from extinguishment of debt, net | - | 12 |
Severance and compensation-related costs | 1,637 | 1,148 |
Transaction related costs
|
516 | 1,027 |
Land and other impairments, net | - | 3,396 |
Gain on disposition of developable land | (784) | 22 |
Amortization of derivative premium | 904 | 1,133 |
Adjusted EBITDAre | $46,097 | $54,818 |
Net debt at period end(5)
|
$1,714,800 | $1,763,369 |
Net debt to Adjusted EBITDA | 12.9x | 10.6x |
Real Estate Portfolio | Other Assets | |||
Operating Multifamily NOI1 | Total | At Share | Cash and Cash Equivalents2 | $142,180 |
New Jersey Waterfront | $165,056 | $140,266 | Restricted Cash | 25,649 |
Massachusetts | 25,080 | 25,080 | Other Assets | 49,212 |
Other | 30,276 | 22,329 | Subtotal Other Assets | $217,041 |
Total Multifamily NOI | $220,412 | $187,676 | ||
Commercial NOI3 | 4,588 | 3,712 | Liabilities and Other Considerations | |
Total NOI | $225,000 | $191,387 | ||
Operating - Consolidated Debt at Share | $1,793,947 | |||
Non-Strategic Assets | Operating - Unconsolidated Debt at Share | 297,806 | ||
Other Liabilities | 78,201 | |||
Non-Strategic Assets Under Binding Contract4 | $28,000 | Revolving Credit Facility5 | - | |
Estimated Land Value6 | 187,311 |
Term Loan5
|
- | |
Subtotal Non-Strategic Assets | $215,311 | Preferred Units | 9,294 | |
Subtotal Liabilities and Other Considerations | $2,179,248 | |||
Outstanding Shares7 | ||||
Diluted Weighted Average Shares Outstanding for 1Q 2024 | 100,967,737 | |||
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Operating Highlights | ||||||||
Percentage
Occupied
|
Average Revenue per Home |
NOI |
Debt
Balance
|
||||||
Ownership | Apartments | 1Q 2024 | 4Q 2023 | 1Q 2024 | 4Q 2023 | 1Q 2024 | 4Q 2023 | ||
NJ Waterfront
|
|||||||||
Haus25 | 100.0% | 750 | 91.4% | 94.1% | $4,788 | $4,665 | $7,279 | $6,884 | $343,061 |
Liberty Towers | 100.0% | 648 | 94.7% | 93.2% | 4,221 | 4,220 | 4,665 | 4,930 | 265,000 |
BLVD 401 | 74.3% | 311 | 95.0% | 97.4% | 4,134 | 4,138 | 2,470 | 2,427 | 117,000 |
BLVD 425 | 74.3% | 412 | 95.7% | 95.6% | 3,995 | 3,987 | 3,103 | 3,038 | 131,000 |
BLVD 475 | 100.0% | 523 | 96.4% | 96.5% | 4,063 | 4,078 | 4,675 | 4,180 | 165,000 |
Soho Lofts | 100.0% | 377 | 95.9% | 94.4% | 4,718 | 4,627 | 2,905 | 2,616 | 158,034 |
Urby Harborside | 85.0% | 762 | 90.7% | 92.3% | 4,072 | 4,014 | 5,318 | 5,370 | 185,017 |
RiverHouse 9 | 100.0% | 313 | 94.8% | 96.2% | 4,242 | 4,148 | 2,899 | 2,358 | 110,000 |
RiverHouse 11 | 100.0% | 295 | 95.9% | 94.6% | 4,405 | 4,177 | 2,518 | 2,140 | 100,000 |
RiverTrace | 22.5% | 316 | 94.5% | 95.6% | 3,804 | 3,711 | 2,273 | 2,184 | 82,000 |
Capstone | 40.0% | 360 | 96.6% | 95.0% | 4,339 | 4,379 | 3,159 | 2,973 | 135,000 |
NJ Waterfront Subtotal
|
85.0% | 5,067 | 94.2% | 94.6% | $4,274 | $4,219 | $41,264 | $39,100 | $1,791,112 |
Massachusetts | |||||||||
Portside at East Pier | 100.0% | 181 | 94.4% | 94.9% | $3,206 | $3,174 | $1,159 | $1,163 | $56,500 |
Portside 2 at East Pier | 100.0% | 296 | 95.7% | 96.2% | 3,328 | 3,384 | 1,997 | 2,034 | 96,613 |
145 Front at City Square | 100.0% | 365 | 94.2% | 92.9% | 2,531 | 2,576 | 1,549 | 1,608 | 62,746 |
The Emery | 100.0% | 326 | 96.1% | 92.3% | 2,730 | 2,760 | 1,565 | 1,515 | 71,758 |
Massachusetts Subtotal
|
100.0% | 1,168 | 95.1% | 93.9% | $2,893 | $2,925 | $6,270 | $6,320 | $287,617 |
Other | |||||||||
The Upton | 100.0% | 193 | 91.8% | 91.7% | $4,614 | $4,752 | $1,417 | $1,475 | $75,000 |
The James | 100.0% | 240 | 93.9% | 96.3% | 3,027 | 3,052 | 1,380 | 1,330 | - |
Signature Place | 100.0% | 197 | 95.8% | 97.5% | 3,157 | 3,174 | 1,017 | 974 | 43,000 |
Quarry Place at Tuckahoe | 100.0% | 108 | 93.9% | 93.5% | 4,352 | 4,321 | 707 | 709 | 41,000 |
Riverpark at Harrison | 45.0% | 141 | 92.9% | 92.2% | 2,886 | 2,885 | 514 | 577 | 30,192 |
Metropolitan at 40 Park1 | 25.0% | 130 | 89.9% | 95.4% | 3,675 | 3,613 | 711 | 721 | 34,100 |
Station House | 50.0% | 378 | 91.5% | 92.1% | 2,873 | 2,562 | 1,823 | 1,713 | 88,927 |
Other Subtotal
|
73.8% | 1,387 | 92.7% | 94.0% | $3,374 | $3,307 | $7,569 | $7,499 | $312,219 |
Operating Portfolio2,3
|
85.2% | 7,622 | 94.1% | 94.4% | $3,899 | $3,855 | $55,103 | $52,919 | $2,390,948 |
Metropolitan Lofts4 | $81 | $319 | $- | ||||||
Total Portfolio | $55,184 | $53,238 | $2,390,948 |
Commercial | Location | Ownership |
Rentable
SF
|
Percentage
Leased
1Q 2024
|
Percentage
Leased
4Q 2023
|
NOI
1Q 2024
|
NOI
4Q 2023
|
Debt
Balance
|
Port Imperial Garage South | Weehawken, NJ | 70.0% | 320,426 | N/A | N/A | $468 | $517 | $31,511 |
Port Imperial Garage North | Weehawken, NJ | 100.0% | 304,617 | N/A | N/A | (57) | 36 | - |
Port Imperial Retail South | Weehawken, NJ | 70.0% | 18,064 | 100.0% | 100.0% | 202 | 185 | - |
Port Imperial Retail North | Weehawken, NJ | 100.0% | 8,400 | 100.0% | 100.0% | 72 | 373 | - |
Riverwalk at Port Imperial | West New York, NJ | 100.0% | 30,426 | 73.2% | 59.2% | 177 | 221 | - |
Shops at 40 Park | Morristown, NJ | 25.0% | 50,973 | 69.0% | 69.0% | 285 | 267 | 6,067 |
Commercial Total | 80.9% | 732,906 | 77.8% | 73.8% | $1,147 | $1,599 | $37,578 |
Developable Land Parcels1 | |
NJ Waterfront2 | 2,351 |
Massachusetts | 849 |
Other | 1,378 |
Developable Land Parcels Total | 4,578 |
Under Binding Contract for Sale | 439 |
Total Less Under Binding Contract | 4,139 |
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NOI at Share | Occupancy |
Blended Lease Rate2
|
|||||||
Apartments | 1Q 2024 | 4Q 2023 | Change | 1Q 2024 | 4Q 2023 | Change | 1Q 2024 | 4Q 2023 | |
New Jersey Waterfront | 5,067 | $36,697 | $34,754 | 5.6% | 94.2% | 94.6% | (0.4)% | 4.1% | 7.7% |
Massachusetts | 1,168 | 6,520 | 6,572 | (0.8)% | 95.1% | 93.9% | 1.2% | 2.9% | 0.5% |
Other3 | 1,387 | 6,170 | 6,089 | 1.3% | 92.7% | 94.0% | (1.3)% | 4.8% | 4.6% |
Total | 7,622 | $49,387 | $47,415 | 4.2% | 94.1% | 94.4% | (0.3)% | 4.6% | 6.1% |
|
|||||||||
NOI at Share
|
Occupancy |
Blended Lease Rate2
|
|||||||
Apartments | 1Q 2024 | 1Q 2023 | Change | 1Q 2024 | 1Q 2023 | Change | 1Q 2024 | 1Q 2023 | |
New Jersey Waterfront | 5,067 | $36,697 | $31,159 | 17.8% | 94.2% | 96.2% | (2.0)% | 4.1% | 13.2% |
Massachusetts | 1,168 | 6,520 | 6,155 | 5.9% | 95.1% | 95.5% | (0.4)% | 2.9% | 4.2% |
Other3
|
1,387 | 6,170 | 5,914 | 4.3% | 92.7% | 94.8% | (2.1)% | 4.8% | 3.6% |
Total | 7,622 | $49,387 | $43,228 | 14.2% | 94.1% | 95.9% | (1.8)% | 4.6% | 10.2% |
|
||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | 1Q 20224 | |
New Jersey Waterfront | $4,274 | $4,219 | $4,084 | $4,048 | $3,919 | $3,298 |
Massachusetts | 2,893 | 2,925 | 2,918 | 2,836 | 2,798 | 2,554 |
Other3
|
3,374 | 3,307 | 3,350 | 3,356 | 3,227 | 2,930 |
Total | $3,899 | $3,855 | $3,772 | $3,736 | $3,622 | $3,103 |
Multifamily Same Store1 | ||||||||
Three Months Ended March 31, | Sequential | |||||||
2024 | 2023 | Change | % | 1Q24 | 4Q23 | Change | % | |
Apartment Rental Income | $66,697 | $61,873 | $4,824 | 7.8% | $66,697 | $66,597 | $100 | 0.2% |
Parking/Other Income | 7,395 | 6,190 | 1,205 | 19.5% | 7,395 | 6,887 | 508 | 7.4% |
Total Property Revenues2 | $74,092 | $68,063 | $6,029 | 8.9% | $74,092 | $73,484 | $608 | 0.8% |
Marketing & Administration | 2,138 | 2,345 | (207) | (8.8)% | 2,138 | 2,559 | (421) | (16.5)% |
Utilities | 2,573 | 2,424 | 149 | 6.1% | 2,573 | 2,190 | 383 | 17.5% |
Payroll | 4,298 | 4,445 | (147) | (3.3)% | 4,298 | 4,667 | (369) | (7.9)% |
Repairs & Maintenance | 3,613 | 3,303 | 310 | 9.4% | 3,613 | 4,431 | (818) | (18.5)% |
Controllable Expenses | $12,622 | $12,517 | $105 | 0.8% | $12,622 | $13,847 | $(1,225) | (8.8)% |
Other Fixed Fees | 722 | 717 | 5 | 0.7% | 722 | 737 | (15) | (2.0)% |
Insurance | 1,780 | 1,781 | (1) | (0.1)% | 1,780 | 1,744 | 36 | 2.1% |
Real Estate Taxes | 9,581 | 9,820 | (239) | (2.4)% | 9,581 | 9,741 | (160) | (1.6)% |
Non-Controllable Expenses | $12,083 | $12,318 | $(235) | (1.9)% | $12,083 | $12,222 | $(139) | (1.1)% |
Total Property Expenses | $24,705 | $24,835 | $(130) | (0.5)% | $24,705 | $26,069 | $(1,364) | (5.2)% |
Same Store GAAP NOI
|
$49,387 | $43,228 | $6,159 | 14.2% | $49,387 | $47,415 | $1,972 | 4.2% |
Real Estate Tax Adjustments3 | - | (490) | 490 | - | - | - | ||
Normalized Same Store NOI | $49,387 | $43,718 | $5,669 | 13.0% | $49,387 | $47,415 | $1,972 | 4.2% |
Total Units
|
7,622 | 7,622 | 7,622 | 7,622 | ||||
% Ownership
|
85.2% | 85.2% | 85.2% | 85.2% | ||||
% Occupied - Quarter End
|
94.1% | 95.9% | (1.8)% | 94.1% | 94.4% | (0.3)% |
Lender |
Effective
Interest Rate(1)
|
March 31, 2024 | December 31, 2023 |
Date of Maturity |
|
Secured Permanent Loans | |||||
Signature Place | Nationwide Life Insurance Company | 3.74% | 43,000 | 43,000 | 08/01/24 |
Liberty Towers | American General Life Insurance Company | 3.37% | 265,000 | 265,000 | 10/01/24 |
Portside 2 at East Pier | New York Life Insurance Co. | 4.56% | 96,613 | 97,000 | 03/10/26 |
BLVD 425 | New York Life Insurance Co. | 4.17% | 131,000 | 131,000 | 08/10/26 |
BLVD 401 | New York Life Insurance Co. | 4.29% | 117,000 | 117,000 | 08/10/26 |
Portside at East Pier(2)
|
KKR | SOFR + 2.75% | 56,500 | 56,500 | 09/07/26 |
The Upton(3)
|
Bank of New York Mellon | SOFR + 1.58% | 75,000 | 75,000 | 10/27/26 |
145 Front at City Square(4)
|
US Bank | SOFR + 1.84% | 62,746 | 63,000 | 12/10/26 |
RiverHouse 9(5)
|
JP Morgan | SOFR + 1.41% | 110,000 | 110,000 | 06/21/27 |
Quarry Place at Tuckahoe | Natixis Real Estate Capital, LLC | 4.48% | 41,000 | 41,000 | 08/05/27 |
BLVD 475 | The Northwestern Mutual Life Insurance Co. | 2.91% | 165,000 | 165,000 | 11/10/27 |
Haus25 | Freddie Mac | 6.04% | 343,061 | 343,061 | 09/01/28 |
RiverHouse 11 | The Northwestern Mutual Life Insurance Co. | 4.52% | 100,000 | 100,000 | 01/10/29 |
Soho Lofts | Flagstar Bank | 3.77% | 158,034 | 158,777 | 07/01/29 |
Port Imperial Garage South | American General Life & A/G PC | 4.85% | 31,511 | 31,645 | 12/01/29 |
The Emery |
Flagstar Bank
|
3.21% | 71,758 | 72,000 | 01/01/31 |
Principal Balance Outstanding | $1,867,223 | $1,868,983 | |||
Unamortized Deferred Financing Costs | (14,074) | (15,086) | |||
Total Secured Permanent Loans | $1,853,149 | $1,853,897 | |||
Secured RCF & Term Loans: | |||||
Revolving Credit Facility | JP Morgan & Goldman Sachs | SOFR + 4.10% | $- | $- | 07/25/24 |
Term Loan | JP Morgan & Goldman Sachs | SOFR + 4.10% | - | - | 07/25/24 |
Total RCF & Term Loan Debt(6)
|
$- | $- | |||
Total Debt | $1,853,149 | $1,853,897 |
Balance |
% of Total |
Weighted Average Interest Rate |
Weighted Average Maturity in Years |
|
Fixed Rate & Hedged Debt | ||||
Fixed Rate & Hedged Secured Debt | $1,867,223 | 100.0% | 4.34% | 3.2 |
Variable Rate Debt | ||||
Variable Rate Debt1 | - | -% | -% | - |
Totals / Weighted Average | $1,867,223 | 100.0% | 4.34% | 3.2 |
Unamortized Deferred Financing Costs | (14,074) | |||
Total Consolidated Debt, net | $1,853,149 | |||
Partners' Share | (73,276) | |||
VRE Share of Total Consolidated Debt, net2 | $1,779,873 | |||
Unconsolidated Secured Debt | ||||
VRE Share | $297,806 | 53.1% | 4.89% | 5.0 |
Partners' Share | 263,497 | 46.9% | 4.89% | 5.0 |
Total Unconsolidated Secured Debt | $561,303 | 100.0% | 4.89% | 5.0 |
Pro Rata Debt Portfolio | ||||
Fixed Rate & Hedged Secured Debt | $2,090,236 | 99.9% | 4.42% | 3.5 |
Variable Rate Secured Debt | 1,517 | 0.1% | 7.31% | 0.8 |
Total Pro Rata Debt Portfolio | $2,091,753 | 100.0% | 4.42% | 3.5 |
2024 Dispositions to Date | |||||
$ in thousands except per SF | |||||
Location |
Transaction
Date
|
Number of Buildings | SF |
Gross Asset
Value
|
|
Land | |||||
2 Campus Drive |
Parsippany-Troy Hills, NJ
|
1/3/2024 | N/A | N/A | $9,700 |
107 Morgan | Jersey City, NJ | 4/16/2024 | N/A | N/A | 54,000 |
Subtotal Land | $63,700 | ||||
Multifamily | |||||
Metropolitan Lofts1 | Morristown, NJ | 1/12/2024 | 1 | 54,683 | $30,300 |
Subtotal Multifamily | 1 | 54,683 | $30,300 | ||
Office | |||||
Harborside 5 | Jersey City, NJ | 3/20/2024 | 1 | 977,225 | $85,300 |
Subtotal Office | 1 | 977,225 | $85,300 | ||
2024 Dispositions to Date | $179,300 |
1Q 2024 | 4Q 2023 | |||
Total | Total | |||
Net Income (Loss) | $ | (4,469) | $ | (5,746) |
Deduct: | ||||
Income from discontinued operations | (252) | 33,489 | ||
Realized gains and unrealized gains on disposition of rental property and impairments, net | (1,548) | (43,970) | ||
Real estate services income | (922) | (1,084) | ||
Interest and other investment income | (538) | (232) | ||
Equity in (earnings) losses of unconsolidated joint ventures | (254) | (260) | ||
(Gain) loss on disposition of developable land | (784) | (7,090) | ||
Loss from extinguishment of debt, net | - | 1,903 | ||
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | - | 2 | ||
Gain on sale of unconsolidated joint venture interests | (7,100) | - | ||
Other income, net | (255) | (77) | ||
Add: | ||||
Real estate services expenses | 5,242 | 4,323 | ||
General and administrative | 11,088 | 9,990 | ||
Transaction related costs | 516 | 576 | ||
Depreciation and amortization | 20,117 | 21,227 | ||
Interest expense | 21,500 | 21,933 | ||
Provision for income taxes | 59 | 199 | ||
Land impairments and other impairments, net | - | 5,928 | ||
Net Operating Income (NOI) | $ | 42,400 | $ | 41,111 |
Summary of Consolidated Multifamily NOI by Type (unaudited): | 1Q 2024 | 4Q 2023 | ||
Total Consolidated Multifamily - Operating Portfolio | $ | 41,305 | $ | 39,381 |
Total Consolidated Commercial | 862 | 1,332 | ||
Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests) | $ | 42,167 | $ | 40,713 |
NOI (loss) from services, land/development/repurposing & other assets | 875 | 660 | ||
Total Consolidated Multifamily NOI | $ | 43,042 | $ | 41,373 |
Property | Units |
Physical Occupancy |
VRE's Nominal Ownership1 |
1Q 2024 NOI2 |
Total Debt |
VRE Share of 1Q NOI |
VRE Share of Debt |
Multifamily | |||||||
Urby Harborside | 762 | 90.7% | 85.0% | $5,318 | $185,017 | $4,520 | $157,264 |
RiverTrace at Port Imperial | 316 | 94.5% | 22.5% | 2,273 | 82,000 | 511 | 18,450 |
Capstone at Port Imperial | 360 | 96.6% | 40.0% | 3,159 | 135,000 | 1,264 | 54,000 |
Riverpark at Harrison | 141 | 92.9% | 45.0% | 514 | 30,192 | 231 | 13,586 |
Metropolitan at 40 Park | 130 | 89.9% | 25.0% | 711 | 34,100 | 178 | 8,525 |
Station House | 378 | 91.5% | 50.0% | 1,823 | 88,927 | 912 | 44,464 |
Total Multifamily | 2,087 | 92.5% | 55.0% | $13,798 | $555,236 | $7,616 | $296,289 |
Retail | |||||||
Shops at 40 Park | N/A | 69.0% | 25.0% | 285 | 6,067 | 71 | 1,517 |
Total Retail | N/A | 69.0% | 25.0% | $285 | $6,067 | $71 | $1,517 |
Total UJV | $14,083 | $561,303 | $7,687 | $297,806 | |||
Metropolitan Lofts3 | 81 | 41 | |||||
Total UJV Adjusted | $14,164 | $7,728 |
Location | Ownership | Apartments | Rentable SF | Average Size | Year Complete | |
NJ Waterfront
|
||||||
Haus25 | Jersey City, NJ | 100.0% | 750 | 617,787 | 824 | 2022 |
Liberty Towers | Jersey City, NJ | 100.0% | 648 | 602,210 | 929 | 2003 |
BLVD 401 | Jersey City, NJ | 74.3% | 311 | 273,132 | 878 | 2016 |
BLVD 425 | Jersey City, NJ | 74.3% | 412 | 369,515 | 897 | 2003 |
BLVD 475 | Jersey City, NJ | 100.0% | 523 | 475,459 | 909 | 2011 |
Soho Lofts | Jersey City, NJ | 100.0% | 377 | 449,067 | 1,191 | 2017 |
Urby Harborside | Jersey City, NJ | 85.0% | 762 | 474,476 | 623 | 2017 |
RiverHouse 9 | Weehawken, NJ | 100.0% | 313 | 245,127 | 783 | 2021 |
RiverHouse 11 | Weehawken, NJ | 100.0% | 295 | 250,591 | 849 | 2018 |
RiverTrace | West New York, NJ | 22.5% | 316 | 295,767 | 936 | 2014 |
Capstone | West New York, NJ | 40.0% | 360 | 337,991 | 939 | 2021 |
NJ Waterfront Subtotal
|
85.0% | 5,067 | 4,391,122 | 867 | ||
Massachusetts | ||||||
Portside at East Pier | East Boston, MA | 100.0% | 181 | 156,091 | 862 | 2015 |
Portside 2 at East Pier | East Boston, MA | 100.0% | 296 | 230,614 | 779 | 2018 |
145 Front at City Square | Worcester, MA | 100.0% | 365 | 304,936 | 835 | 2018 |
The Emery | Revere, MA | 100.0% | 326 | 273,140 | 838 | 2020 |
Massachusetts Subtotal
|
100.0% | 1,168 | 964,781 | 826 | ||
Other | ||||||
The Upton | Short Hills, NJ | 100.0% | 193 | 217,030 | 1,125 | 2021 |
The James | Park Ridge, NJ | 100.0% | 240 | 215,283 | 897 | 2021 |
Signature Place | Morris Plains, NJ | 100.0% | 197 | 203,716 | 1,034 | 2018 |
Quarry Place at Tuckahoe | Eastchester, NY | 100.0% | 108 | 105,551 | 977 | 2016 |
Riverpark at Harrison | Harrison, NJ | 45.0% | 141 | 124,774 | 885 | 2014 |
Metropolitan at 40 Park | Morristown, NJ | 25.0% | 130 | 124,237 | 956 | 2010 |
Station House | Washington, DC | 50.0% | 378 | 290,348 | 768 | 2015 |
Other Subtotal
|
73.8% | 1,387 | 1,280,939 | 924 | ||
Operating Portfolio
|
85.2% | 7,622 | 6,636,842 | 871 | ||
Metropolitan Lofts1 | Morristown, NJ | 50.0% | 59 | 54,683 | 927 | 2018 |
Operating Portfolio 4Q23 | 85.0% | 7,681 | 6,691,525 | 871 |
Three Months Ended March 31, | ||||
2024 | 2023 | |||
BLVD 425 | $ | 80 | $ | 17 |
BLVD 401 | (552) | (558) | ||
Port Imperial Garage South | (26) | (45) | ||
Port Imperial Retail South | 34 | 25 | ||
Other consolidated joint ventures | (31) | (26) | ||
Net losses in noncontrolling interests | $ | (495) | $ | (587) |
Depreciation in noncontrolling interests | 721 | 712 | ||
Funds from operations - noncontrolling interest in consolidated joint ventures | $ | 226 | $ | 125 |
Interest expense in noncontrolling interest in consolidated joint ventures | 788 | 792 | ||
Net operating income before debt service in consolidated joint ventures | $ | 1,014 | $ | 917 |
Company Information | ||
Corporate Headquarters | Stock Exchange Listing | Contact Information |
Veris Residential, Inc. | New York Stock Exchange | Veris Residential, Inc. |
210 Hudson St., Suite 400 | Investor Relations Department | |
Jersey City, New Jersey 07311 | Trading Symbol | 210 Hudson St., Suite 400 |
(732) 590-1010 | Common Shares: VRE | Jersey City, New Jersey 07311 |
Anna Malhari | ||
Chief Operating Officer | ||
E-Mail: [email protected] | ||
Web: www.verisresidential.com | ||
Executive Officers | ||
Mahbod Nia | Amanda Lombard | Taryn Fielder |
Chief Executive Officer | Chief Financial Officer | General Counsel and Secretary |
Anna Malhari | Jeff Turkanis | |
Chief Operating Officer | EVP & Chief Investment Officer | |
Equity Research Coverage | ||
Bank of America Merrill Lynch | BTIG, LLC | Citigroup |
Josh Dennerlein | Thomas Catherwood | Nicholas Joseph |
Evercore ISI | Green Street Advisors | JP Morgan |
Steve Sakwa | John Pawlowski | Anthony Paolone |
Truist | ||
Michael R. Lewis |