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

Earnings data Q2 2021

Earnings data Q3 2021

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

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).

Revenue

Cost of revenue

Gross profit

Operating expenses

SG&A

Other

Operating income

EBITDA

Net income

Earnings per share

Total assets

Current assets

Cash & equivalents

Receivables

Inventory

Non-current assets

Net PPE

Intangibles

Total liabilities

Current liabilities

Short term debt

Income tax payable

Non-current liabilities

Long-term debt

Total equity

Stockholders equity

Minority interest

Total liabilities & equity

Total debt

Net debt

Book value per share

Cash from operations

Funds from operations

Change in working capital

Cash from investing

Capital expenditure

Purchase/sale of investments

Purchase/sale of business

Other sources

Cash from financing

Change in stock

Change in debt

Cash dividends paid

Cash from other sources

Net change in cash

Free cash flow

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.

Kushner Responds to Board of Directors of Veris Residential

Board is Open to Evaluating All Credibly Financed Proposals That Maximize Value for Shareholders JERSEY CITY, N.J. , Nov. 3, 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") has unanimously rejected Kushner Companies' unsolicited proposals to acquire the Company for $16.00 per share or to externally manage the Company.

Veris Residential Unanimously Rejects Unsolicited Proposals from Kushner Companies

Veris (VRE) delivered FFO and revenue surprises of 25% and 10.77%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?

Veris Residential (VRE) Beats Q3 FFO and Revenue Estimates

JERSEY CITY, N.J. , Nov. 2, 2022 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company") today reported results for the third quarter 2022.

Veris Residential, Inc. Reports Third Quarter 2022 Results

NEW YORK , Oct. 26, 2022 /PRNewswire/ -- In furtherance of the open letter released by Kushner on October 20, 2022, Kushner is making the attached materials available to all Veris Residential, Inc. (NYSE: VRE) ("Veris") shareholders.  Kushner Follow Up Presentation to Veris Letter About Kushner Founded in New Jersey in 1985, Kushner is a diversified real estate organization responsible for the ownership, management, development, and redevelopment of properties through the country.

Kushner Makes Presentation Available to All Veris Shareholders

Achievements Demonstrate Veris Residential's Ongoing Commitment to Advancing ESG at Both the Local and Global Level JERSEY CITY, N.J. , Oct. 25, 2022 /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 that Chief Operating Officer Anna Malhari has joined New Jersey Governor Phil Murphy's Clean Buildings Working Group ("Working Group").

Veris Residential COO Anna Malhari Named to New Jersey Governor's Clean Buildings Working Group as REIT Earns 2022 GRESB 5 Star Rating

Veris Residential (NYSE: VRE ) stock is rising higher on Friday after the company received a buyout offer from Kushner Companies. That offer, which is unsolicited, has Kushner Companies seeking to externally manage Veris Residential.

Veris Residential (VRE) Stock Soars 18% on Buyout Offer

Shares of Veris Residential Inc. VRS, soared 19.6% toward a two-month high in premarket trading Friday, after the real estate investment trust focused on multifamily properties confirmed that it received an unsolicited buyout bid from Kushner Companies. Veris said the bid was for $16 a share, which is 28.8% above Thursday's closing price of $12.42 and implies a market capitalization of $1.46 billion.

Veris Residential stock soars after confirming Kushner's hostile buyout bid at a 29% premium

JERSEY CITY, N.J. , Oct. 21, 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 confirmed receipt of unsolicited proposals from Kushner Companies to externally manage the Company or to acquire the Company for $16.00 per share.

Veris Residential Confirms Receipt of Unsolicited Proposals from Kushner Companies

NEW YORK , Oct. 20, 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 the following letter to Veris' Board of Directors: Kushner-Letter-to-Veris-Residential-Board-of-Directors-10.20.22.pdf The full text of the letter follows: October 20, 2022 Board of DirectorsVeris Residential, Inc.210 Hudson Street, Suite 400 Jersey City, NJ 07311 Dear Members of the Board, This letter is an open response to the letters we received from Tammy Jones, Veris' Board Chair, on October 4, 2022 and October 16, 2022. We are writing in light of the fact that our attempts at fruitful engagement with the Board and management over the last several months have effectively been ignored, despite the serious ongoing operational issues at Veris Residential, Inc. Upon review of publicly reported investor holdings, Kushner is one of the six largest shareholders of Veris.

Kushner Sends Letter to Board of Directors of Veris Residential

JERSEY CITY, N.J. , Oct. 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 holistically-inspired, Class A multifamily properties, today announces that it will host its third quarter 2022 financial results webcast and conference call on Thursday, November 3, 2022, at 8:30 a.m.

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

Veris (VRE) was a big mover last session on higher-than-average trading volume. The latest trend in FFO estimate revisions might not help the stock continue moving higher in the near term.

Veris (VRE) Surges 10.7%: Is This an Indication of Further Gains?

Mark Significant Milestones on Path to Becoming a Pure-Play Multifamily REIT JERSEY CITY, N.J. , Oct. 10, 2022 /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 that it has entered into a binding agreement to sell Harborside 1, 2, and 3 ("Harborside 1/2/3") for an aggregate price of $420 million (subject to closing adjustments for several ongoing construction projects) and completed its sale of 101 Hudson Street for $346 million.

Veris Residential Nears Completion of Strategic Transformation with Anticipated Sale of Harborside 1, 2 and 3 and Closing of 101 Hudson Street Transaction

Takes Main Stage on September 22 to Join Panel Discussion on a Brand's Role in the Shift to Sustainable Choices for Businesses and Consumers JERSEY CITY, N.J. , Sept. 19, 2022 /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 that Anna Malhari, Chief Operating Officer and Head of the Company's ESG Task Force, will take Main Stage at The Nest Summit Campus during Climate Week NYC to discuss "A Brand's Role in the Shift to Sustainable Choices for Businesses & Consumers: Living and Thinking Differently.

Veris Residential COO Anna Malhari to Speak at The Nest Summit Campus During Climate Week NYC

Seeks to Raise $100,000 to Help Fund Care for Children with Cancer, Aid for their Families, and Ongoing Research Peloton Instructor Kirsten Ferguson to Lead Walk/Run Participants in Warm-Up Stretch JERSEY CITY, N.J. , Sept. 19, 2022 /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 its lead sponsor role in the St. Jude Children's Research Hospital® ("St. Jude") Walk/Run 5K to be held on Saturday, September 24, 2022, at MetLife Stadium in East Rutherford, N.J.

Veris Residential Announces Headline Sponsorship of St. Jude Children's Research Hospital® Walk/Run 5K at MetLife Stadium on September 24, 2022

Apartment Investment and Management

Caesars Entertainment

Hertz

Jackson Financial

M&T Bank

Plymouth Industrial REIT

Signature Bank

Martin Hughes is a popular figure in the hedge fund community.

These Are The Top Holdings Of Martin Hughes

Veris Residential is nearing the end of a transition from a diversified REIT to a pure multifamily play. As of Q2 2022, Veris Residential's multifamily portfolio generates 83% of total NOI for the REIT, up from 39% at the end of Q1 2021.

Veris Residential: Analysis Of The Newest 'Pure Play' Multi-Family REIT

Veris Residential, Inc. (NYSE:VRE ) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET Company Participants Mahbod Nia – Chief Executive Officer Amanda Lombard – Chief Financial Officer Conference Call Participants Brian Spahn – Evercore Michael Bilerman – Citi Nicholas Joseph – Citi Tom Catherwood – BTIG John Pawlowski – Green Street Advisors Operator Good day, everyone, and welcome to Veris Residential Second Quarter 2022 Earnings Conference Call. Today's call is being recorded.

Veris Residential, Inc's (VRE) CEO Mahbod Nia on Q2 2022 Results - Earnings Call Transcript

Veris (VRE) delivered FFO and revenue surprises of 25% and 11.94%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?

Veris Residential (VRE) Surpasses Q2 FFO and Revenue Estimates

JERSEY CITY, N.J. , Aug. 3, 2022 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE) (the "Company") today reported results for the second quarter 2022.

Veris Residential, Inc. Reports Second Quarter 2022 Results

Achieves Top ISS ESG QualityScore Rating for Environmental and Social Disclosures ~40% of Wholly-Owned Multifamily Portfolio is Green Certified (LEED® or equivalent) JERSEY CITY, N.J. , July 28, 2022 /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 that it has further advanced its mission of being a responsible, sustainable, inclusive, and equitable member of the built environment while continuing to generate long-term value for shareholders.

VERIS RESIDENTIAL ADVANCES COMMITMENT TO ENVIRONMENTAL, SOCIAL, AND GOVERNANCE RESPONSIBILITY

JERSEY CITY, N.J. , July 21, 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 holistically-inspired, Class A multifamily properties, today announces that it will host its second quarter 2022 financial results webcast and conference call on Thursday, August 4, 2022, at 8:30 a.m.

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

Formally Announces Karen Cusmano Head of Sustainability and ESG Launches New Website Unifying Company's Entire Portfolio on One User-Friendly Platform JERSEY CITY, N.J. , May 31, 2022 /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 released its 2021 ESG Report.

News for Veris Residential Stock (VRE)