KUSHNER COMPANIES ISSUES STATEMENT REGARDING VERIS RESIDENTIAL

Rhea-AI Summary

Kushner recognizes Veris Residential's progress in addressing concerns, positive on focus on multifamily properties, disposal of non-core assets, simplification of balance sheet, and reinstatement of distributions to shareholders.

NEW YORK, Aug. 18, 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" or the "Company"), today issued the following statement.

"While we have openly expressed concerns in the past regarding certain aspects of Veris's operations, governance and capital structure, we feel that, in keeping with our open communication with the Veris and its shareholders, it is important to recognize tangible progress when we see it. We believe that in an ongoing complex macro environment Veris's board and management have gone a long way to address many of the concerns that we, as a major shareholder of the Company, have raised in the past. The Company's focus on multifamily residential properties in its core markets, disposal of non-core assets such as the Harborside properties, simplification of its balance sheet, and reinstatement of distributions to shareholders demonstrates to us that Veris is on the right track for the benefit of all stakeholders. We are gratified that our involvement at Veris has led to greater boardroom accountability and look forward to continuing to monitor our investment and the Company's progress."

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 currently owns and operates over 21,000 units across the country, with a strong presence in New Jersey, and has a multifamily development pipeline of over 9,300 units.

For all media inquiries, please reach out to mediainquiries@kushner.com

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SOURCE Kushner