Veris Residential Posts $15.3M Net Loss in Q1 2026 as Revenue Climbs 3.5%

Veris Residential, L.P., a real estate investment partnership focused on multifamily properties, reported a net loss of $15.3 million for the three months ended March 31, 2026, compared with a loss of $11.7 million in the same period a year earlier. The loss translates to $0.15 per diluted share, versus $0.12 per share in the prior-year quarter. Read more earnings reports.

Total revenue for the quarter rose to $70.1 million from $67.8 million in the first quarter of 2025, an increase of 3.5%. The company's rental revenue, which makes up the bulk of its top line, reached $64.6 million, up from $62.0 million a year earlier.

Operating Performance and Cash Position

Cash from operations improved to $14.0 million for the quarter, up from $13.2 million in the first quarter of 2025. The company reported depreciation and amortization of $21.2 million, essentially flat compared with $21.3 million a year earlier.

Interest expense declined to $17.9 million from $23.0 million in the prior-year period, a drop of 22%. The company's cash and cash equivalents stood at $9.4 million as of March 31, 2026, down from $14.1 million at the end of 2025.

Balance Sheet and Debt

Total assets declined to $2.68 billion as of March 31, 2026, from $2.71 billion at year-end 2025. Long-term debt remained stable at approximately $1.36 billion.

Stockholders' equity decreased to $1.13 billion from $1.15 billion at the end of 2025. The company's retained deficit widened to $1.44 billion from $1.42 billion over the same period.

Cash Flow Allocation

Veris Residential used $3.9 million in investing activities during the quarter, reversing from a positive $3.4 million inflow in the first quarter of 2025. Cash used in financing activities totaled $16.4 million, an improvement from $18.8 million used a year earlier.

The company had 93.8 million shares outstanding as of March 31, 2026, compared with 93.4 million shares at the end of 2025.

Key Financial Metrics