Veris Residential

Veris Residential, Inc. is a real estate investment trust, which owns and operates a real estate portfolio comprised predominantly of Class A office and flex properties located primarily in the Northeast. It operates through the following segments: Commercial and Other Real Estate, and Multi-Family Real Estate and Services. The Commercial and Other Real Estate and Multi-Family Real Estate Portfolio segments provides leasing, property management, acquisition, development, construction, and tenant-related services. The company was founded on May 24, 1994 and is headquartered in Jersey City, NJ.

Earnings data Q1 2021

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Earnings data Q1 2022

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Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Veris Residential (VRE) advances as a pure play multi-family company

Veris Residential (VRE) reported strong operational performance and progress in its strategic transformation in Q4 2022, focusing on multi-family business growth and sustainability.
Despite challenges in dividend reinstatement and muted leasing, VRE's focus on balance sheet strength, cost optimization, and strategic assets positions it well for future growth.
With opportunities for NOI growth, asset optimization, and potential acquisitions, VRE remains poised to capitalize on its multi-family portfolio and drive shareholder value.

Veris Residential (VRE) reports strong Q1 performance and reinstates dividends

Veris Residential (VRE) delivered a solid Q1 2023 performance, showcasing operational strength, financial resilience, and commitment to ESG initiatives. The company's decision to reinstate dividends and revise guidance upward reflect confidence in its future prospects. While challenges in normalizing AFFO performance exist, Veris Residential (VRE) is well-positioned to leverage opportunities for growth.

Veris Residential reports record revenue and strong operational performance in Q2 2023

Veris Residential (VRE) showcased strong operational and financial performance in Q2 2023, driven by strategic asset sales, successful ESG initiatives, and efficient cost management.
While challenges like net losses and raised expectations exist, the company's strengths in stable debt management, occupancy rates, and product launches position it well for future growth.
By leveraging opportunities in ESG, raised guidance, and management optimism, Veris Residential (VRE) can navigate challenges, drive profitability, and maintain investor interest.

Veris Residential (VRE) excels in Q3 performance and sustainability initiatives

Veris Residential (VRE) reported strong Q3 results driven by operational excellence, strategic asset sales, and prudent financial management. The company's focus on sustainable growth, debt refinancing, and expense control positions it well for future success amidst market challenges and opportunities.

Veris Residential reports strong Q4 performance and outlines growth strategies

Veris Residential (VRE) showcased strong operational and financial performance in Q4 2023, driven by rental growth and cost efficiencies.
Despite challenges like net losses and interest income impacts, the company's strategic focus on value creation and operational enhancements bode well for the future.
With a positive market outlook in the Northeast and ongoing initiatives for efficiency and growth, Veris Residential is poised for continued success in 2024.

Veris Residential (VRE) reports strong Q1 performance and boosts financial flexibility

Veris Residential (VRE) demonstrated resilience and growth potential in Q1 2024, leveraging operational strengths and strategic financial initiatives.
While facing challenges in profitability and debt refinancing, the company's focus on sustainability and cost management presents opportunities for long-term value creation.
Investors can look forward to improved earnings outlook, enhanced liquidity, and a proactive approach to capital optimization from Veris Residential (VRE).

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Apartment Income REIT Corp

American Homes 4 Rent

AvalonBay Communities

Beazer Homes USA

Century Communities

Camden Property

D.R. Horton

Elme Communities

Equity LifeStyle Properties

Equity Residential

Essex Property Trust

Invitation Homes

Independence Realty Trust

KB Home

Mid-America Apartment Communities

Meritage Homes

PulteGroup

Sun Communities

Taylor Morrison Home

Toll Brothers

UMH Properties

The homebuilding market is crashing even as we are dealing with a massive housing shortage. This should create a nice catalyst for homebuilding companies down the road, but perhaps the more interesting catalyst involves REITs that lease properties out.

Pain In The Housing Market Is Setting The Stage For Significant Value Creation

Veris Residential, Inc. (NYSE:VRE ) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET Company Participants Taryn Fielder - General Counsel, Secretary Mahbod Nia - Chief Executive Officer Amanda Lombard - Chief Financial Officer Conference Call Participants Tom Catherwood - BTIG Joshua Dennerlein - Bank of America Eric Wolfe - Citi Derek Johnston - Deutsche Bank Operator Good morning, and welcome to Veris Residential Inc.'s First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode.

Veris Residential, Inc. (VRE) Q1 2023 Earnings Call Transcript

Veris Residential (VRE) came out with quarterly funds from operations (FFO) of $0.15 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to FFO of $0.17 per share a year ago.

Veris Residential (VRE) Beats Q1 FFO Estimates

JERSEY CITY, N.J. , April 26, 2023 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company") today reported results for the first quarter 2023.

Veris Residential, Inc. Reports First Quarter 2023 Results

Veris Residential, Inc. (NYSE: VRE) (the "Company"), 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, today announces that it will host its first quarter 2023 financial results webcast and conference call on Thursday, April 27, 2023, at 9:00 a.m., eastern. The Company will release its results after the close of market on Wednesday, April 26, 2023.

Veris Residential, Inc. Announces Dates for First Quarter 2023 Financial Results and Webcast

JERSEY CITY, N.J. , April 5, 2023 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company), a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops Class A multifamily properties, today announced the completion of its $420 million sale of Harborside 1, 2, and 3 ("Harborside 1/2/3"), Class A office buildings in Jersey City, New Jersey, releasing approximately $360 million of net proceeds.

Veris Residential Completes $420 Million Sale of Harborside 1, 2, and 3

NexPoint Residential Trust

iStar Inc

Even cheap sectors have overpriced stocks. We examine 3 of the most overpriced REITs.

The 3 Most Overvalued REITs

The company has almost $600 million in maturities for 2024 with EBITDA of just $145 million. There is an expected FFO drop in 2023 from $0.89 to $0.44.

Veris Residential: Likely To Decline Further

Veris Residential shares are up more than 50% over the past 5 months, mostly due to takeover speculation. Over the past 10 years, the company's shares have lost over 40%of their value.

Veris Residential: Sell For Short Run, Hold For Long

NEW YORK , Feb. 27, 2023 /PRNewswire/ -- Kushner (together with its affiliates, "Kushner"), a seasoned real estate owner and operator and one of the largest shareholders of Veris Residential (NYSE: VRE) ("Veris"), today sent a press release regarding Veris' two new board appointments: Kushner Applauds New Board Appointments at Veris The full text of the press release follows: Kushner Companies LLC ("Kushner") today issued the following statement: As one of the largest shareholders of Veris Residential Inc. (NYSE: VRE), Kushner applauds today's announcement of the appointment of Stephanie Williams and Ronald Dickerman to Veris' Board of Directors. Stephanie and Ronald are deeply experienced real estate professionals each with a long history of residential real estate management and transactional success.

Kushner Applauds New Board Appointments at Veris

Real Estate Industry Veterans Ronald M. Dickerman and Stephanie L.

Veris Residential Appoints Two New Independent Directors to Board

Veris Residential Inc. (NYSE:VRE ) Q4 2022 Earnings Conference Call February 22, 2023 8:30 AM ET Company Participants Mahbod Nia - Chief Executive Officer Amanda Lombard - Chief Financial Officer Taryn Fielder - General Counsel, Secretary Conference Call Participants Steve Sakwa - Evercore ISI Tom Catherwood - BTIG Joshua Dennerlein - Bank of America Nicholas Joseph - Citi John Pawlowski - Green Street Advisors Derek Johnston - Deutsche Bank Operator Good morning and welcome to the Veris Residential Inc. fourth quarter 2022 earnings conference call. All participants will be in listen-only mode.

Veris Residential (VRE) Q4 2022 Earnings Call Transcript

750-Unit State-of-the-Art Jersey City Waterfront High-Rise Achieves Milestone Three Months Ahead of Schedule JERSEY CITY, N.J. , Feb. 22, 2023 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops Class A multifamily properties, today announced that it has stabilized Haus25, a 750-unit luxury apartment tower located in downtown Jersey City.

Veris Residential Announces Stabilization of Haus25

JERSEY CITY, N.J. , Feb. 21, 2023 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company") today reported results for the fourth quarter and full year 2022.

Veris Residential, Inc. Reports Fourth Quarter and Full Year 2022 Results

NEW YORK , Jan. 31, 2023 /PRNewswire/ -- Kushner (together with its affiliates, "Kushner"), a seasoned real estate owner and operator and one of the largest shareholders of Veris Residential (NYSE: VRE) ("Veris"), today sent a letter to Fellow Veris Shareholders: Kushner Companies' Letter to Fellow Veris Shareholders The full text of the letter follows: January 31, 2023 Kushner Companies'  Letter to Fellow Veris Shareholders Dear Fellow Veris Shareholders, We, Kushner Companies, write to you as a substantial shareholder of Veris, owning over 4.5 million shares. Over the past 10 months, we have made repeated efforts to advance a value-maximizing transaction for Veris shareholders and have been frustrated by the Veris Board's lack of constructive engagement or transparency.

Kushner Companies' Letter to Fellow Veris Shareholders

JERSEY CITY, N.J. , Jan. 27, 2023 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), 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, today announces that it will host its fourth quarter and full year 2022 financial results webcast and conference call on Wednesday, February 22, 2023, at 8:30 a.m.

Veris Residential, Inc. Announces Dates for Fourth Quarter 2022 Financial Results and Webcast

Board Provides Update on Discussions with Kushner Companies and Other Indications of Acquisition Interest from Institutional Operators and Investors Kushner Companies Leaves Fully Negotiated Non-Disclosure Agreement on the Table Board Remains Open to Evaluating All Credible Proposals to Maximize Shareholder Value JERSEY CITY, N.J. , Jan. 18, 2023 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops Class A multifamily properties, today issued the following statement from its Board of Directors (the "Board") detailing a path to unlocking shareholder value as the Company's strategic transformation nears completion.

Veris Residential Outlines Path to Unlocking Shareholder Value

Veris Residential Joins MIT Center for Real Estate Program as Strategic Partner

Homebuilder Veris Residential's Board has been busy again in discussions, this time with shareholder Madison International Realty.

Veris Residential (VRE) Holds Discussions With Shareholder Madison International Realty Seeking Board Seat

Releases Letter to Kushner Companies in the Spirit of Transparency and to Ensure All Veris Residential Shareholders Have Equal Access to Important Information Regarding the Company Board Unanimously Concluded that Kushner Companies' Increased Unsolicited Acquisition Proposals Failed to Compensate Shareholders for the Intrinsic Value of Their Shares and Lacked Certainty of Financing Sources Board Remains Open to Evaluating Any Proposals to Enhance Shareholder Value JERSEY CITY, N.J. , Dec. 12, 2022 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops Class A multifamily properties, today announced that its Board of Directors (the "Board") is releasing a letter it sent to Kushner Companies in the spirit of transparency and to ensure that all Veris Residential shareholders have equal access to important information regarding the Company.

Veris Residential Welcomes Constructive Dialogue with Kushner Companies to Maximize Value for All Shareholders

Highlights Achievements in Support of Becoming a More Sustainable, Responsible and Inclusive Owner, Operator and Developer JERSEY CITY, N.J. , Dec. 7, 2022 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company"), a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops Class A multifamily properties, today celebrates the one-year anniversary of its rebranding—an effort undertaken to align the Company's brand with its corporate values, multifamily-focused strategic direction, and objective of generating long-term value for shareholders while meeting the sustainability-conscious lifestyle preferences of its residents.

Veris Residential Celebrates Anniversary of Rebranding

Hyatt Hotels

NEW YORK--( BUSINESS WIRE )--Taconic Capital Advisors LP (“Taconic”) and HEI Hotels & Resorts (“HEI”), today announced that they have jointly acquired Hyatt Regency Jersey City from affiliates of Hyatt Hotels Corporation (NYSE: H) and Veris Residential Inc. (NYSE: VRE). The property is a full-service, 351-key hotel located adjacent to Exchange Place situated on a pier extending over the Hudson River in Jersey City, NJ.

Taconic Capital Advisors and HEI Hotels & Resorts Jointly Acquire Hyatt Regency Jersey City

Veris Residential Inc. VRE, +0.84% said Friday it continues to reject a buyout price of $16 a share from Kushner Cos. and Fortress Investment Group as "grossly" undervaluing the company, according to a filing.

Veris Residential continues to reject buyout offer from Kusher Cos. and Fortress Investment Group

Veris Residential, Inc. (NYSE:VRE ) Q3 2022 Results Conference Call November 3, 2022 8:30 AM ET Company Participants Taryn Fielder - General Counsel Mahbod Nia - Chief Executive Officer Amanda Lombard - CFO Conference Call Participants Stephen Sakwa - Evercore ISI Nick Joseph - Citi Tom Catherwood - BTIG John Pawlowski - Green Street Advisors Operator Good morning, and welcome to the Veris Residential Third Quarter 2022 Earnings Conference Call [Operator Instructions. Please note, this event is being recorded.

Veris Residential, Inc. (VRE) Q3 2022 Earnings Call Transcript

NEW YORK , Nov. 3, 2022 /PRNewswire/ -- Kushner (together with its affiliates, "Kushner"), a seasoned real estate owner and operator and one of the largest shareholders of Veris Residential (NYSE: VRE) ("Veris"), today sent a response to Veris' Board of Directors following their unanimous rejection of Kushner's proposals to the Company: The full text of the letter follows: Dear Members of the Board, I received your letter which I found to be uninformed at best and disingenuous at worst. Kushner's bid is fully capitalized and committed, which Kushner is happy to substantiate and disclose to the Board if the Board is actually interested in engaging with us.

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