Welcome to our dedicated page for Veris Residential news (Ticker: VRE), a resource for investors and traders seeking the latest updates and insights on Veris Residential stock.
Veris Residential, Inc. (NYSE: VRE) is a leading real estate investment trust (REIT) that primarily focuses on the development, ownership, and management of premier multifamily communities. With its roots in the former Mack-Cali Realty Corporation and its subsidiary, Roseland Residential, Veris Residential has evolved with a new vision and emphasis on sustainability and community impact.
Headquartered in Jersey City, New Jersey, Veris Residential owns and operates a diverse real estate portfolio predominantly comprised of multifamily rental properties in the Northeast, alongside Class A office properties. The company manages all aspects of real estate operations, including management, leasing, acquisition, and development, internally.
Veris Residential's mission is to create holistic living experiences that cater to the sustainability-conscious lifestyles of modern residents. The company's portfolio is underpinned by high-quality assets and cutting-edge technology, ensuring a sustainable and enriching living environment. The company is committed to reducing its environmental footprint, enhancing community well-being, and promoting diversity within its workforce.
Recent achievements highlight Veris Residential's adaptive approach and financial health. The company has strategically divested non-core assets, such as the Harborside properties, to streamline its portfolio and focus on core multifamily properties. These moves have improved the company's balance sheet and allowed for the reinstatement of shareholder distributions. Notably, the company's operational strength was evident in its third quarter of 2023, where it outperformed with a Same Store NOI growth of over 17%, despite a softening rental market.
Veris Residential is also recognized for its strong corporate governance and leadership in environmental, social, and governance (ESG) practices. The company has earned accolades such as the Nareit Leader in the Light award for sustainability and a 5 Star rating from the GRESB Annual Survey.
Looking forward, Veris Residential continues to focus on optimizing its operations, capital, and balance sheet to create value for its stakeholders. The company actively engages with academic institutions like MIT's Center for Real Estate to drive innovation and sustainability in the real estate sector.
Veris Residential (NYSE: VRE), a Northeast-focused Class A multifamily REIT, has announced its Q1 2025 dividend declaration. The company will distribute a quarterly cash dividend of $0.08 per common share for the period ending March 31, 2025. The dividend is scheduled for payment on April 10, 2025, to shareholders of record as of March 31, 2025.
Future dividend distributions will be subject to Board approval, considering multiple factors including AFFO, cash flows from operations, taxable income requirements, and capital needs. Veris Residential operates as a technology-enabled REIT, focusing on premier multifamily properties in the Northeast region, with an emphasis on contemporary living experiences and community impact.
Veris Residential (NYSE: VRE) reported its Q4 and full-year 2024 results, highlighting significant operational improvements. The company posted a net loss per share of ($0.25) for 2024, but achieved 13% growth in Core FFO per share year-over-year. Notable achievements include a 7.9% increase in Normalized Same Store NOI for the full year and refinancing of $526 million in mortgages.
The company announced plans to sell $300-500 million in assets over the next 12-24 months, primarily from their land bank and select multifamily properties. Proceeds will fund a new $100 million share repurchase program and debt reduction, targeting leverage below 9.0x Net Debt-to-EBITDA. In 2024, VRE completed $223 million in non-strategic asset sales and increased its dividend by approximately 60% on an annualized basis.
Veris Residential (NYSE: VRE) has announced the tax treatment of its 2024 distributions. The company's total distributions amounted to $0.235 per share of common stock, distributed across four payments throughout 2024:
- January 10: $0.053 per share
- April 16: $0.053 per share
- July 16: $0.060 per share
- October 16: $0.070 per share
All distributions are classified as Return of Capital for income tax purposes, with no portions classified as ordinary dividends, capital gains, unrecaptured Section 1250 gain, or Section 199A dividends. Shareholders are advised to consult with their tax advisors regarding the specific tax treatment of these distributions.
Veris Residential (NYSE: VRE) has scheduled its fourth quarter and full year 2024 financial results announcement. The company will release its results after market close on Monday, February 24, 2025, followed by a webcast and conference call on Tuesday, February 25, 2025, at 8:30 a.m. eastern.
Investors can access the webcast through the company's website at investors.verisresidential.com/corporate-overview or join the conference call by dialing +1 (877) 451-6152 (domestic) or +1 (201) 389-0879 (international). A replay will be available until March 25, 2025, accessible via phone using +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international) with passcode 13751046, or through the company's website for one year.
Veris Residential (NYSE: VRE) has declared a quarterly cash dividend of $0.08 per common share for Q4 2024. The dividend will be paid on January 10, 2025, to shareholders of record as of December 31, 2024. As a forward-thinking, environmentally and socially conscious multifamily REIT, the company's future dividend distributions will be determined by the Board of Directors based on factors including AFFO, cash flows, taxable income requirements, and capital needs.
Veris Residential reported strong Q3 2024 results and raised its full-year guidance. The company achieved a 4.6% Same Store multifamily Blended Net Rental growth for the quarter and 8.4% year-over-year Normalized Same Store NOI growth. Notable improvements include reducing net debt by $227 million since September 2023 and refinancing $531 million of mortgage debt. The company raised its Core FFO guidance to $0.59-$0.60 and Same Store NOI guidance to 5.4%-6.2%. The portfolio maintained a 95.1% occupancy rate with an average rent per home of $3,980. The company's debt portfolio has a weighted average interest rate of 4.96% and maturity of 3.3 years.
Veris Residential, Inc. (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT focused on Class A multifamily properties, has announced the dates for its third quarter 2024 financial results release and webcast. The company will release its results after market close on Wednesday, October 30, 2024, followed by a webcast and conference call on Thursday, October 31, 2024, at 8:30 a.m. eastern.
Investors can access the webcast via the company's website or join the conference call by dialing +1 (877) 451-6152 (domestic) or +1 (201) 389-0879 (international). A replay of the call will be available until December 1, 2024, accessible through the website or by phone using the provided replay numbers and passcode 13747452.
Veris Residential (NYSE: VRE), a forward-thinking REIT focused on Class A multifamily properties, has declared a quarterly cash dividend of $0.07 per share for Q3 2024. This represents a 7% increase from the previous dividend. The dividend will be paid on October 16, 2024 to shareholders of record as of September 30, 2024. Veris Residential emphasizes its commitment to sustainability and social responsibility in its operations and property development. The company's Board of Directors considers multiple factors when determining future dividends, including AFFO, cash flows, and distribution requirements.
Veris Residential (NYSE: VRE) reported Q2 2024 results, showing robust financial and operational performance. Key metrics include a Net Income per Share of $0.03 versus a loss of $(0.30) in Q2 2023 and Core FFO per Share of $0.18, up from $0.16. Core AFFO per Share improved to $0.21 from $0.19. The company declared a quarterly dividend of $0.06 per share.
Year-to-date highlights: Same Store multifamily Blended Net Rental Growth Rate of 5.4% for the quarter and 5.0% year-to-date. Same Store NOI grew 7.9% year-over-year and 3.1% quarter-over-quarter. Occupancy increased by 100 basis points to 95.1%. Veris completed the sales of three assets for $82 million, making total non-strategic asset sales over $200 million.
Financial moves: Secured a new $500 million revolver and term loan, repaid $220 million in mortgages. Raised Core FFO guidance by 4% and NOI guidance by 50 basis points.
The company reported a 5.0% increase in Total Property Revenue to $74.7 million, while Total Property Expenses rose 19.5% to $25.8 million.
Veris Residential will announce its second quarter 2024 financial results on July 24, 2024, after the market closes. A webcast and conference call discussing these results will be held the following day, July 25, 2024, at 8:30 a.m. ET. Participants can access the webcast via the company's website, or join the conference call by dialing specified domestic and international numbers. A replay of the call will be available from July 25, 2024, at noon ET through August 25, 2024, and can be accessed via phone or the company's website.
FAQ
What is the current stock price of Veris Residential (VRE)?
What is the market cap of Veris Residential (VRE)?
What is Veris Residential, Inc.?
What does Veris Residential specialize in?
What recent achievements has Veris Residential accomplished?
How does Veris Residential approach sustainability?
What recognition has Veris Residential received for its ESG efforts?
Who leads Veris Residential?
What are Veris Residential's future plans?
How does Veris Residential engage with the academic community?
Where is Veris Residential headquartered?
How can I learn more about Veris Residential?
