STOCK TITAN

Veris Residential, Inc. - VRE STOCK NEWS

Welcome to our dedicated page for Veris Residential news (Ticker: VRE), a resource for investors and traders seeking the latest updates and insights on Veris Residential stock.

Veris Residential, Inc. (NYSE: VRE) is a leading real estate investment trust (REIT) that primarily focuses on the development, ownership, and management of premier multifamily communities. With its roots in the former Mack-Cali Realty Corporation and its subsidiary, Roseland Residential, Veris Residential has evolved with a new vision and emphasis on sustainability and community impact.

Headquartered in Jersey City, New Jersey, Veris Residential owns and operates a diverse real estate portfolio predominantly comprised of multifamily rental properties in the Northeast, alongside Class A office properties. The company manages all aspects of real estate operations, including management, leasing, acquisition, and development, internally.

Veris Residential's mission is to create holistic living experiences that cater to the sustainability-conscious lifestyles of modern residents. The company's portfolio is underpinned by high-quality assets and cutting-edge technology, ensuring a sustainable and enriching living environment. The company is committed to reducing its environmental footprint, enhancing community well-being, and promoting diversity within its workforce.

Recent achievements highlight Veris Residential's adaptive approach and financial health. The company has strategically divested non-core assets, such as the Harborside properties, to streamline its portfolio and focus on core multifamily properties. These moves have improved the company's balance sheet and allowed for the reinstatement of shareholder distributions. Notably, the company's operational strength was evident in its third quarter of 2023, where it outperformed with a Same Store NOI growth of over 17%, despite a softening rental market.

Veris Residential is also recognized for its strong corporate governance and leadership in environmental, social, and governance (ESG) practices. The company has earned accolades such as the Nareit Leader in the Light award for sustainability and a 5 Star rating from the GRESB Annual Survey.

Looking forward, Veris Residential continues to focus on optimizing its operations, capital, and balance sheet to create value for its stakeholders. The company actively engages with academic institutions like MIT's Center for Real Estate to drive innovation and sustainability in the real estate sector.

Rhea-AI Summary

Veris Residential (NYSE: VRE) announced its sponsorship of the St. Jude Children's Research Hospital Walk/Run 5K on September 24, 2022, at MetLife Stadium, aiming to raise $100,000 for childhood cancer support and research. Peloton Instructor Kirsten Ferguson will lead participants in a warm-up. The event marks St. Jude's first in-person event since the pandemic, highlighting Veris's commitment to community support. Since 1962, St. Jude has increased childhood cancer survival rates from 20% to over 80%.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.38%
Tags
none
-
Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) reported strong Q2 2022 results, with net income of $0.25 per share and Core FFO of $0.15 per share. The multifamily portfolio achieved 97.1% occupancy, and Same Store NOI rose 28.0% year-over-year. The company acquired The James, a 240-unit property for $129.6 million, and is set to generate $19.6 million from the sale of non-core assets. Despite challenges in the office sector, Veris has a solid liquidity position of $203 million and a commitment to reduce emissions by 50% by 2030, reflecting its strategic transformation efforts.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.3%
Tags
none
-
Rhea-AI Summary

Veris Residential (NYSE: VRE) has achieved a top ISS ESG QualityScore rating of '1' for both Environmental and Social disclosures, significantly improving from previous scores of 9 and 8. Approximately 40% of its multifamily portfolio is now Green Certified, an increase from 33% just two months prior. The company has signed sustainability addendums for more than 20% of its residential portfolio and has successfully earned LEED® Silver certification for several properties. These advancements highlight Veris Residential's commitment to sustainability and long-term shareholder value.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.45%
Tags
none
Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) will report its second quarter 2022 financial results on August 3, 2022, after market close. The results will be discussed during a conference call on August 4, 2022, at 8:30 a.m. eastern, accessible via the Company's website or by phone. Veris Residential is committed to environmentally and socially responsible real estate investment, focusing on Class A multifamily properties. For more information, visit verisresidential.com.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.96%
Tags
-
Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.17%
Tags
none
-
Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) announced its Q1 2022 results, reporting a net loss of $0.13 per share, compared to a profit of $0.06 per share in Q1 2021. Core Funds from Operations (Core FFO) dropped to $0.09 per share, down from $0.18 per share year-over-year. Despite these losses, the multifamily portfolio showed strong occupancy, with 97.5% of the 6,691 units occupied. Notably, Same Store Net Operating Income (NOI) increased 20.0% year-over-year, driven by higher rents and reduced concessions. The company completed significant transactions, including acquiring a 240-unit property for $130 million.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-7.73%
Tags
none
Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) will announce its first quarter 2022 financial results on May 4, 2022, after market close. A webcast and conference call will take place on May 5, 2022, at 8:30 a.m. Eastern. Investors can access the call via the company’s website or by dialing (646) 828-8073. Audio replays will be available post-conference on their site. Veris Residential focuses on holistic, environmentally-conscious Class A multifamily properties, guided by strong corporate governance.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.18%
Tags
-
Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) has announced two key executive appointments aimed at reinforcing its transition to a pure-play multifamily REIT. Jeff Turkanis, formerly Head of U.S. Residential at Oxford Properties Group, becomes Chief Investment Officer on April 4, 2022. Taryn Fielder, previously General Counsel at WashREIT, will take on the role of General Counsel effective April 18, 2022. Both appointees bring extensive real estate experience and are expected to enhance the company's investment strategies and legal compliance.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.3%
Tags
none
-
Rhea-AI Summary

Veris Residential reported its Q4 and full year 2021 results, showing a net loss of $(0.32) per share in Q4 and $(1.39) for the year. Core FFO per share was $0.17 for Q4 and $0.68 for the full year. The multifamily portfolio's occupancy was 96.6%, with a 21% increase in Same Store NOI year-over-year. The company sold $741 million in suburban office properties and added 866 units to its multifamily portfolio. A rebranding effort underscores a strategic shift to a multifamily focus while maintaining efforts in sustainability. A CFO transition is planned for April 2022.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.58%
Tags
none
Rhea-AI Summary

Veris Residential, Inc. (NYSE: VRE) will host its fourth quarter and full year 2021 financial results webcast on February 24, 2022, at 8:30 a.m. Eastern. Before the market close on February 23, 2022, the company will issue its financial results. Investors can access the webcast via the company's website or by calling (646) 828-8073. Replay will be available post-call. Veris Residential focuses on environmentally-conscious multifamily properties.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.48%
Tags

FAQ

What is the current stock price of Veris Residential (VRE)?

The current stock price of Veris Residential (VRE) is $17.49 as of October 4, 2024.

What is the market cap of Veris Residential (VRE)?

The market cap of Veris Residential (VRE) is approximately 1.6B.

What is Veris Residential, Inc.?

Veris Residential, Inc. (NYSE: VRE) is a real estate investment trust (REIT) focused on the development, ownership, and management of premier multifamily communities, primarily in the Northeast.

What does Veris Residential specialize in?

Veris Residential specializes in multifamily rental properties and Class A office properties, with a strong emphasis on sustainability and community impact.

What recent achievements has Veris Residential accomplished?

Veris Residential has strategically divested non-core assets to streamline its portfolio, reinstated shareholder distributions, and reported a Same Store NOI growth of over 17% in Q3 2023.

How does Veris Residential approach sustainability?

Veris Residential integrates sustainability into its operations by creating holistic living environments, reducing environmental impact, and promoting community well-being.

What recognition has Veris Residential received for its ESG efforts?

Veris Residential has received accolades such as the Nareit Leader in the Light award for sustainability and a 5 Star rating from the GRESB Annual Survey.

Who leads Veris Residential?

Veris Residential is guided by an experienced management team and a Board of Directors focused on strong corporate governance and sustainable operations.

What are Veris Residential's future plans?

Veris Residential plans to continue optimizing operations, capital, and balance sheet to create value for stakeholders and maintain its leadership in sustainability.

How does Veris Residential engage with the academic community?

Veris Residential collaborates with institutions like MIT's Center for Real Estate to drive innovation and sustainability in the real estate sector.

Where is Veris Residential headquartered?

Veris Residential is headquartered in Jersey City, New Jersey.

How can I learn more about Veris Residential?

For more information on Veris Residential, Inc. and its properties available for lease, visit www.verisresidential.com.

Veris Residential, Inc.

NYSE:VRE

VRE Rankings

VRE Stock Data

1.62B
92.89M
10.05%
109.44%
4.92%
REIT - Residential
Real Estate Investment Trusts
Link
United States of America
JERSEY CITY