Veris: Q2 Earnings Snapshot
JERSEY CITY, N.J. (AP) — JERSEY CITY, N.J. (AP) — Veris Residential, Inc. (VRE) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Jersey City, New Jersey-based real estate investment trust said it had funds from operations of $18.6 million, or 18 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 13 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $2.9 million, or 3 cents per share.
The real estate investment trust, based in Jersey City, New Jersey, posted revenue of $67.5 million in the period.
Veris expects full-year funds from operations in the range of 52 cents to 56 cents per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VRE at https://www.zacks.com/ap/VRE