Veris Residential, Inc. - VRE STOCK NEWS

Taconic Capital Advisors and HEI Hotels & Resorts have jointly acquired the Hyatt Regency Jersey City from affiliates of Hyatt Hotels Corporation (NYSE: H) and Veris Residential Inc. (NYSE: VRE) for an undisclosed amount. This full-service hotel features 351 keys and is strategically located with stunning views of the Manhattan skyline. The acquisition includes assuming a $100 million fixed-rate mortgage. Future enhancements amounting to over $15 million are planned for the property, focusing on guest amenities and event spaces.

Kushner, a major shareholder in Veris Residential (NYSE: VRE), has responded to Veris' Board after its rejection of Kushner's proposals. The letter criticizes the Board for lack of engagement and clear strategy, asserting that Kushner's bid is fully committed. It highlights the contrast in performance, noting that Kushner has distributed hundreds of millions while Veris has made no distributions. Kushner plans to publicize its proposal, arguing that the current management is misaligned with shareholder interests and is contributing to high operational costs.

On November 3, 2022, Veris Residential (NYSE: VRE) announced the unanimous rejection of unsolicited proposals from Kushner Companies to acquire the Company for $16.00 per share and to externally manage it. The Board determined these proposals undervalued the Company and lacked credible financing. Veris Residential's strategic transformation has significantly increased its multifamily revenue, with 98% of Net Operating Income now derived from multifamily assets, up from 39% 18 months ago. The Board remains open to proposals that maximize shareholder value with verified financing.

Veris Residential, Inc. (NYSE: VRE) reported Q3 2022 results, recording a net loss of $(1.10) per share and Core FFO of $0.15 per share. Their multifamily portfolio showed strong occupancy rates of 95.8% and 95.7% for total and same-store units, respectively. Notably, Same Store NOI increased 20.8% year-over-year. The company entered an agreement to sell asset bundles for $420 million, expecting $350 million in net proceeds. Additionally, it achieved a 5 Star ESG rating from GRESB, reflecting its commitment to sustainability.

Kushner has made additional materials available to Veris Residential, Inc. (NYSE: VRE) shareholders following an open letter from Kushner on October 20, 2022. The Kushner Follow Up Presentation is accessible for shareholders to review. Kushner, founded in 1985, operates over 21,000 rental units nationwide and has a development pipeline exceeding 9,300 units.

Veris Residential (NYSE: VRE) announced that COO Anna Malhari joined New Jersey Governor Phil Murphy's Clean Buildings Working Group, aimed at reducing emissions by 80% by 2050. The group will promote energy efficiency and greener buildings. Veris Residential also achieved a 5 Star rating from the 2022 Global Real Estate Sustainability Benchmark (GRESB), ranking in the top 20% of participants. The company received a score of 88, significantly higher than the average of 74, reflecting its commitment to sustainability and ESG initiatives.

Veris Residential, Inc. (NYSE: VRE) has received unsolicited proposals from Kushner Companies to externally manage or acquire the company for $16.00 per share. The Board of Directors is currently evaluating these proposals with the help of financial and legal advisors, aiming to maximize shareholder value

while fulfilling its fiduciary duties. Veris Residential is known for its commitment to sustainability and community impact through its Class A multifamily properties.

Kushner, a significant shareholder of Veris Residential (NYSE: VRE), addressed ongoing operational issues and management concerns in an open letter to the Board. Holding 4.5 million shares, Kushner denounced excessive G&A costs, stating they reached $57 million in 2021, far exceeding industry averages. Veris has seen a 46% stock value decline since 2019 and has not paid shareholder distributions in over 27 months. Kushner proposed reducing G&A to $10 million and offered to assist in improving operations, while also presenting a potential acquisition offer at $16 per share, a 30% premium over its recent stock price.

Veris Residential, Inc. (NYSE: VRE) will hold its third quarter 2022 financial results webcast on November 3, 2022, at 8:30 a.m. Eastern Time. The results will be released on November 2, 2022, after market close. Investors can access the webcast through the company's website and join the conference call by dialing (844) 825-9789 domestically or (412) 317-5180 internationally. Audio replay of the call will also be available on their website. Veris Residential focuses on environmentally and socially responsible multifamily properties, aiming to meet sustainable living needs.