Veris Residential Declares Quarterly Cash Dividend

Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) declared a cash dividend of $0.06 per share for the second quarter of 2024. The dividend, reflecting increased liquidity from a new credit facility, will be paid on July 16, 2024. The company's transformation to a pure-play multifamily REIT signals positive financial growth.

Positive

• Veris Residential declared a $0.06 cash dividend per share, indicating a commitment to rewarding shareholders.

• The company's new $500 million credit facility and term loan package enhance liquidity, providing financial flexibility for future growth.

• Veris Residential's transition to a pure-play multifamily REIT reflects a strategic move to focus on a specific real estate sector, potentially increasing investor interest.

Negative

• None.

JERSEY CITY, N.J., May 6, 2024 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) ("Veris Residential" or the "Company"), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, today announced that the Company's Board of Directors has declared a cash dividend on its common stock for the second quarter 2024 in the amount of $0.06 for the period ending June 30, 2024. The dividend will be paid on July 16, 2024 to shareholders of record as of July 3, 2024.

The dividend increase reflects the increased liquidity and financial flexibility provided by the Company's new $500 million revolving credit facility and term loan package and follows the completion of Veris Residential's transformation to a pure-play multifamily REIT.

The timing and amount of future dividends is subject to approval by the Board of Directors taking into consideration multiple factors including but not limited to the Company's AFFO and actual cash flows from operations, its estimate of taxable income and related distribution requirements as well as any capital requirements.

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. For additional information on Veris Residential, Inc. and our properties available for lease, please visit https://verisresidential.com. 

Investors
Anna Malhari
Chief Operating Officer
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

<p>When will Veris Residential pay the declared dividend for the second quarter of 2024?</p>

The dividend will be paid on July 16, 2024.

<p>What is the amount of the cash dividend declared by Veris Residential for the second quarter of 2024?</p>

The cash dividend declared is $0.06 per share.

<p>What factors influence the timing and amount of future dividends by Veris Residential?</p>

The Board of Directors considers factors such as the company's AFFO, actual cash flows, taxable income, distribution requirements, and capital needs.