Veris Residential Inc - VRE STOCK NEWS

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.

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.

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.

Kushner, a significant shareholder of Veris Residential (NYSE: VRE), has welcomed the recent appointments of Stephanie Williams and Ronald Dickerman to the Board of Directors. These appointments are seen as a critical step towards improving the company’s performance, which has lagged behind industry standards since Bow Street took control almost three years ago. Kushner highlights that Veris has not provided shareholder distributions in two years, has a high operating expense ratio, and has faced substantial value destruction. Kushner is optimistic that new board members will help steer the company towards regaining lost shareholder value.

Veris Residential (NYSE: VRE) announces the appointment of Ronald M. Dickerman and Stephanie L. Williams as new independent directors to its board, effective May 4, 2023. This change follows the retirement of Alan R. Batkin. The board refreshment aims to enhance corporate governance and propel shareholder value amidst the company's transition to a multifamily REIT. Dickerman, a major shareholder with extensive transaction experience, and Williams, a recognized leader in multifamily property management, are expected to contribute significantly to Veris Residential's strategic direction. The company emphasizes its ongoing commitment to sustainability and stakeholder engagement.

Veris Residential, Inc. (NYSE: VRE) has successfully stabilized its Haus25 luxury apartment tower in Jersey City, achieving this milestone three months ahead of schedule. The 750-unit high-rise is 95.47% leased with nearly 93% occupancy rates as of February 22, 2023. Demand was strong, with almost 150 leases signed pre-launch in April 2022. The project's rapid stabilization reflects Veris Residential's commitment to innovative, environmentally friendly living spaces and a strategic action plan by their experienced team, achieving rents nearly 14% above initial underwriting.

Veris Residential, Inc. (NYSE: VRE) reported its fourth quarter and full year 2022 results, revealing a net income of $0.35 per share and a loss of $(0.63) for the full year. The Core Funds from Operations (Core FFO) was $0.05 per share for Q4 and $0.44 for the year. The multifamily portfolio maintained occupancy rates of 95.3% and 95.6%. Same Store Net Operating Income (NOI) saw increases of 20.1% for the year, driven by higher revenues. The company successfully sold $1.4 billion in non-strategic assets, aiding in its transition to a multifamily REIT. Despite anticipated growth, the regular quarterly dividend remains suspended.