Veris Residential Announces Establishment of At-The-Market Share Offering Program

Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) announced a new At-The-Market (ATM) share offering program, allowing the sale of up to $200 million in common stock. The funds raised will be used for general corporate purposes. The shares may be sold through various sales agents, including J.P. Morgan Securities and Goldman Sachs, in compliance with SEC regulations. This program does not obligate the company or agents to sell any shares. The company emphasizes its commitment to sustainable, Class A multifamily properties that benefit both residents and communities.

JERSEY CITY, N.J., Dec. 13, 2021 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE), a forward-thinking, environmentally- and socially-conscious REIT that primarily owns, operates, acquires, and develops Class A multifamily properties, today announced the establishment of an At-The-Market share offering program (the "ATM Program") through which the company may issue and sell, from time to time, up to $200 million shares of its common stock.  The company intends to use net proceeds from any sales of the shares under the ATM Program for general corporate purposes.

Under the ATM Program, the shares of common stock may be offered and sold through sales agents, from time to time, in transactions that are deemed to be "at-the-market" offerings as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended.  The shares would be offered pursuant to a distribution agreement with J.P. Morgan Securities LLC, BofA Securities, BNY Mellon Capital Markets, LLC, Capital One Securities, Comerica Securities, Goldman Sachs & Co. LLC, R. Seelaus & Co., LLC, and Ramirez & Co., Inc. serving as sales agents.

Sales may also be made by any other method permitted by law, including by means of ordinary brokers' transactions on the New York Stock Exchange, on any other existing trading market for Veris Residential's common stock, to or through a market maker at prices prevailing at the time of sale or in privately negotiated transactions. Only one of the sales agents may sell shares on a particular day or specified period of days.  The company is not obligated to sell, and none of the sales agents are obligated to buy or sell, any shares under the ATM Program.

The company has filed a registration statement (including a prospectus) with the SEC for the offering of common shares described in this communication.  You may obtain these documents by visiting EDGAR on the SEC website at www.sec.gov.  Alternatively, the company or the sales agents will arrange to send you the prospectus if you request it by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attention: Prospectus Group or by calling toll free at (866) 803-9204; BofA Securities, NC1-004-03-43, 200 North College Street, 3^rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department (email: dg.prospectus_requests@bofa.com); BNY Mellon Capital Markets, LLC, 240 Greenwich St., New York, New York 10286, Attention: Mike Palma (email: Michael.x.palma@bnymellon.com or telephone: (201) 615-3108); Capital One Securities, Inc., 201 St. Charles Ave, Suite 1830, New Orleans, Louisiana 70170, Attention: Gabrielle Halprin (email: gabrielle.halprin@capitalone.com); Comerica Securities, Inc., Mail Code 7476, 3551 Hamlin Road, 4^th Floor, Auburn Hills, Michigan 48326; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282 (telephone: (866) 471-2526 or email: prospectus-ny@ny.email.gs.com); R. Seelaus & Co., LLC, Attention: Karolina Pajdak, 26 Main Street, Suite 300, Chatham, New Jersey 07928 (telephone: (908) 273-3011 ext. 3004 or telecopier: (908) 273-7730 or email: kpajdak@rseelaus.com); or Samuel A. Ramirez & Company, Inc., Attention: Sandra Baumb, 61 Broadway – 29th Floor, New York, New York 10006.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the company's common shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Veris Residential, Inc.
Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment.

Forward-Looking Statements
Statements made in this communication may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the company cannot predict with accuracy and some of which the company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the company's Annual Report on Form 10-K, as may be supplemented or amended by the company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.

Contact:

Investors
investors@verisresidential.com

Media
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
212-257-4170
veris-residential@gasthalter.com

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SOURCE Veris Residential, Inc.

FAQ

What is the ATM share offering program established by VRE?

Veris Residential, Inc. has established an At-The-Market (ATM) share offering program allowing the company to sell up to $200 million in common stock for general corporate purposes.

Who are the sales agents for Veris Residential's ATM program?

The sales agents for the ATM program include J.P. Morgan Securities LLC, BofA Securities, and Goldman Sachs & Co. LLC among others.

What is the purpose of the ATM share offering for VRE?

The net proceeds from the ATM share offering will be used for general corporate purposes.

When was the ATM program for VRE announced?

The ATM share offering program was announced on December 13, 2021.

How much capital can Veris Residential raise through the ATM share offering?

Veris Residential can raise up to $200 million through the ATM share offering.