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) 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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