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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 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.
Veris Residential (NYSE: VRE) announced the withdrawal of its proposed public offering of common stock. CEO Mahbod Nia stated that the decision aligns with the company’s disciplined capital allocation approach and aims to protect shareholder interests. Consequently, no shares will be sold, and the pending acquisition of 55 Riverwalk Place will be terminated. The announcement emphasized that this press release does not serve as a solicitation for the sale or purchase of securities in any jurisdiction where it would be unlawful.
Veris Residential announced a public offering of 10.5 million shares of its common stock, managed by J.P. Morgan, Goldman Sachs, and BofA Securities. Underwriters have a 30-day option to purchase an additional 1.575 million shares. The proceeds will fund the acquisition of 55 Riverwalk Place, a residential and retail property in West New York, NJ. If the acquisition fails, funds may address general corporate needs and repay $157 million in mortgage debt for the Soho Lofts property in Jersey City, NJ. Shares are offered under the company's effective shelf registration statement filed with the SEC.
Veris Residential, Inc. CEO Mahbod Nia delivered a lecture at MIT Center for Real Estate on integrating ESG considerations into business decisions. The company, a real estate investment trust, focuses on Class A multifamily properties. Nia emphasized the importance of balancing stakeholder priorities with ESG values and shared insights on the company's transformation.
Veris Residential, Inc. (NYSE: VRE) declared a cash dividend of $0.06 per share for the second quarter of 2024. The dividend, reflecting increased liquidity from a new credit facility, will be paid on July 16, 2024. The company's transformation to a pure-play multifamily REIT signals positive financial growth.
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