Veris Residential, Inc. - VRE STOCK NEWS

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.

Kushner, a major shareholder of Veris Residential (VRE), expressed dissatisfaction with the Veris Board's lack of engagement regarding a proposed buyout. Holding over 4.5 million shares, Kushner initially offered $16.00 per share on October 20, 2022, later increasing it to $18.50 on December 9, 2022. This offer represents a nearly 50% premium over the pre-offer price of $12.42. Despite reassuring financing, the Board has not provided any counteroffer or price guidance. Kushner claims the Board is entrenched and unwilling to negotiate, urging shareholders to contact the Board directly.

Veris Residential, Inc. (NYSE: VRE) has announced that it will host its fourth quarter and full year 2022 financial results webcast and conference call on February 22, 2023, at 8:30 a.m. ET. The release of financial results will occur after the market closes on February 21, 2023. Participants can access the call via the company’s website or by dialing specific numbers for domestic and international listeners. The company is known for its commitment to sustainability and social responsibility in operating its Class A multifamily properties.

Kushner Companies, a major shareholder of Veris Residential (NYSE: VRE), responded to the company's board regarding acquisition discussions. Despite raising their offer multiple times, Veris has not provided a counterproposal or valuation guidance. Following a postponed video conference on January 13, 2023, Kushner expressed disappointment over learning that a significant shareholder sought board representation via an SEC filing. The actions of the Veris board have led to a drop in stock price below $15.00 after hours, raising concerns about the board's engagement and decision-making process. Kushner calls for a board that prioritizes shareholder value.

Veris Residential, Inc. (NYSE: VRE) has provided an update regarding acquisition discussions with Kushner Companies. After negotiations, Kushner has expressed no interest in proceeding with a previously negotiated non-disclosure agreement. The Board is committed to maximizing shareholder value and will consider credible proposals amid strategic interest from other institutional investors. Veris is shifting focus towards multifamily residential assets, with expectations for finalizing its exit from the office sector. As it enters the new year, Veris believes it is in a strong position to enhance shareholder value.

Veris Residential, Inc. (NYSE: VRE) has announced a strategic partnership with MIT's Center for Real Estate to enhance multifamily real estate operations. This collaboration aims to implement innovative solutions that optimize the management of Class A properties. Veris Residential also introduced The Veris Innovation Lab, initiated in summer 2022, designed to tackle real estate challenges and promote sustainability. CEO Mahbod Nia emphasized the importance of diverse perspectives in driving innovation. The partnership is expected to leverage MIT's expertise to benefit Veris's operations and the broader real estate sector.

Veris Residential, Inc. (NYSE: VRE) released a letter outlining its rejection of recent unsolicited acquisition proposals from Kushner Companies, citing insufficient compensation for shareholders and lack of financing certainty. The Board remains open to evaluating any proposals aimed at enhancing shareholder value. Despite the proposals being deemed undervalued, the Board is willing to engage in constructive dialogue to explore future opportunities that align with the intrinsic value of the company. The Board consulted with financial advisors during this decision-making process.