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Veris Residential, Inc. - VRE STOCK NEWS

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.

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Veris Residential, Inc. reports Q2 2023 results with a net loss of $(0.30) per share. Same Store NOI increased by 21.8% compared to last year. The company negotiated early redemption of Rockpoint's interest for $520 million and signed agreements for four non-strategic land plots and Harborside 6 for $188 million. They also reinstated a quarterly dividend of $0.05 per common share. The company exceeded its 2022 ESG targets and received the WELL Equity Rating. They raised their annual Same Store NOI growth guidance to 10% to 12%.
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Veris Residential has completed a transaction to redeem Rockpoint's preferred equity interest for $520 million, simplifying the company's structure and saving approximately $24 million in annual interest. The transaction was funded with cash on hand and new loans, and J.P. Morgan and Goldman Sachs acted as financial advisors.
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Veris Residential to participate in Nareit's REITweek: 2023 Investor Conference
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Veris Residential (NYSE: VRE) reported its first-quarter 2023 results, revealing a net loss of $0.27 per share, compared to a loss of $0.13 in Q1 2022. Core Funds from Operations (Core FFO) improved to $0.15 per share, up from $0.06 a year earlier. The multifamily portfolio achieved high occupancy rates of 95.9% and a Same Store Net Operating Income (NOI) growth of 15.8% year-over-year, attributed to increased rents. Notably, the company completed the sale of Harborside properties for $420 million, generating approximately $360 million in net proceeds. With a reduced net-debt-to-EBITDA ratio of 10.3x, the company is transitioning towards a pure-play multifamily REIT. However, dividend payments remain suspended as it seeks further growth.

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Veris Residential, Inc. (NYSE: VRE) announced it will host a webcast for its first quarter 2023 financial results on April 27, 2023, at 9:00 a.m. eastern. The results will be released after market close on April 26, 2023. Investors can access the conference call via the company's website or by calling designated numbers for domestic and international participants. The company focuses on owning and developing environmentally-conscious, Class A multifamily properties, aiming to meet the sustainability needs of modern residents while benefiting the communities it serves.

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Veris Residential, Inc. (NYSE: VRE) has completed the $420 million sale of its Harborside 1, 2, and 3 office buildings in Jersey City, New Jersey, releasing approximately $360 million in net proceeds. This transaction marks a key milestone in the company's shift to a multifamily-focused strategy, with multifamily assets now accounting for about 98% of net operating income, significantly up from 39% in early 2021. CEO Mahbod Nia highlighted that this sale is part of over $2 billion in non-strategic asset sales over two years, aimed at unlocking shareholder value. Additionally, the company exercised its right to purchase and redeem certain ownership interests from Rockpoint Group, with a repayment expected within thirty days unless deferred. Cushman & Wakefield and CBRE facilitated the transaction, with financial advisory from Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.

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FAQ

What is the current stock price of Veris Residential (VRE)?

The current stock price of Veris Residential (VRE) is $16.48 as of November 4, 2024.

What is the market cap of Veris Residential (VRE)?

The market cap of Veris Residential (VRE) is approximately 1.5B.

What is Veris Residential, Inc.?

Veris Residential, Inc. (NYSE: VRE) is a real estate investment trust (REIT) focused on the development, ownership, and management of premier multifamily communities, primarily in the Northeast.

What does Veris Residential specialize in?

Veris Residential specializes in multifamily rental properties and Class A office properties, with a strong emphasis on sustainability and community impact.

What recent achievements has Veris Residential accomplished?

Veris Residential has strategically divested non-core assets to streamline its portfolio, reinstated shareholder distributions, and reported a Same Store NOI growth of over 17% in Q3 2023.

How does Veris Residential approach sustainability?

Veris Residential integrates sustainability into its operations by creating holistic living environments, reducing environmental impact, and promoting community well-being.

What recognition has Veris Residential received for its ESG efforts?

Veris Residential has received accolades such as the Nareit Leader in the Light award for sustainability and a 5 Star rating from the GRESB Annual Survey.

Who leads Veris Residential?

Veris Residential is guided by an experienced management team and a Board of Directors focused on strong corporate governance and sustainable operations.

What are Veris Residential's future plans?

Veris Residential plans to continue optimizing operations, capital, and balance sheet to create value for stakeholders and maintain its leadership in sustainability.

How does Veris Residential engage with the academic community?

Veris Residential collaborates with institutions like MIT's Center for Real Estate to drive innovation and sustainability in the real estate sector.

Where is Veris Residential headquartered?

Veris Residential is headquartered in Jersey City, New Jersey.

How can I learn more about Veris Residential?

For more information on Veris Residential, Inc. and its properties available for lease, visit www.verisresidential.com.

Veris Residential, Inc.

NYSE:VRE

VRE Rankings

VRE Stock Data

1.53B
92.90M
10.05%
109.13%
4.33%
REIT - Residential
Real Estate Investment Trusts
Link
United States of America
JERSEY CITY