Veris Residential Inc - VRE STOCK NEWS

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.

Veris Residential, Inc. (NYSE: VRE) has taken significant steps in its transition to a pure-play multifamily real estate investment trust (REIT). The company announced it has entered a binding agreement to sell Harborside 1, 2, and 3 for approximately $420 million and completed the sale of 101 Hudson Street for $346 million. Following these transactions, multifamily properties are expected to account for about 98% of the company's Net Operating Income. These moves aim to enhance liquidity and streamline operations amid a challenging market environment.

Veris Residential, Inc. (NYSE: VRE) announced that Anna Malhari, COO, will participate in a panel at The Nest Summit Campus during Climate Week NYC on September 22, 2022. The discussion, titled "A Brand's Role in the Shift to Sustainable Choices for Businesses & Consumers," aims to address sustainable practices within the built environment, which contributes to 40% of global carbon emissions. Malhari emphasizes Veris's commitment to sustainable living options and corporate responsibility in climate action. The event is open for free registration to the public.

Veris Residential (NYSE: VRE) announced its sponsorship of the St. Jude Children's Research Hospital Walk/Run 5K on September 24, 2022, at MetLife Stadium, aiming to raise $100,000 for childhood cancer support and research. Peloton Instructor Kirsten Ferguson will lead participants in a warm-up. The event marks St. Jude's first in-person event since the pandemic, highlighting Veris's commitment to community support. Since 1962, St. Jude has increased childhood cancer survival rates from 20% to over 80%.

Veris Residential, Inc. (NYSE: VRE) reported strong Q2 2022 results, with net income of $0.25 per share and Core FFO of $0.15 per share. The multifamily portfolio achieved 97.1% occupancy, and Same Store NOI rose 28.0% year-over-year. The company acquired The James, a 240-unit property for $129.6 million, and is set to generate $19.6 million from the sale of non-core assets. Despite challenges in the office sector, Veris has a solid liquidity position of $203 million and a commitment to reduce emissions by 50% by 2030, reflecting its strategic transformation efforts.

Veris Residential (NYSE: VRE) has achieved a top ISS ESG QualityScore rating of '1' for both Environmental and Social disclosures, significantly improving from previous scores of 9 and 8. Approximately 40% of its multifamily portfolio is now Green Certified, an increase from 33% just two months prior. The company has signed sustainability addendums for more than 20% of its residential portfolio and has successfully earned LEED® Silver certification for several properties. These advancements highlight Veris Residential's commitment to sustainability and long-term shareholder value.