Veris Residential Completes $75 Million Sale of Harborside 8/9 Land Parcel

Rhea-AI Summary

Veris Residential (NYSE: VRE) sold its 4.2-acre Harborside 8/9 land parcel in Jersey City for $75.0 million on Dec 9, 2025. Net proceeds are estimated at $69 million, which the company intends to use to reduce debt and improve Net Debt-to-EBITDA (Normalized) to approximately 9.0x from 10.0x in Q3 and 11.7x at year-end 2024. The sale is expected to be accretive by approximately $0.04 per share of Core FFO on a run-rate basis.

Post-sale, remaining land bank value is ~$35 million, largely in Massachusetts. The company reported $542 million of non-strategic asset sales year-to-date, raised its sales target to $650 million, and said Cushman & Wakefield represented the company in the sale to Panepinto Properties.

Positive

• Net proceeds estimated at $69 million
• Net Debt-to-EBITDA improved to approximately 9.0x
• Accretive by approximately $0.04 per share Core FFO
• Year-to-date asset sales of $542 million exceed prior target

Negative

• Remaining land bank valued at only $35 million
• Net Debt-to-EBITDA remains elevated at approximately 9.0x

Key Figures

Harborside 8/9 sale price $75 million Gross consideration for 4.2-acre land parcel in Jersey City

Net sale proceeds $69 million Estimated proceeds earmarked to repay debt

Net Debt-to-EBITDA (Normalized) 9.0x Target level after applying sale proceeds

Core FFO accretion $0.04 per share Expected run-rate accretion from the transaction

Remaining land bank value $35 million Estimated value of land holdings post-transaction

Non-strategic asset sales YTD $542 million Year-to-date non-strategic dispositions including this sale period

Revised sales target $650 million Raised disposition target under ongoing strategy

Potential leverage target 8.0x Management’s stated potential Net Debt-to-EBITDA (Normalized) goal

Market Reality Check

$14.57 Last Close

Volume Volume 909,144 is 1.38x the 20-day average of 660,409 ahead of this news. normal

Technical Shares at $14.18 are trading below the 200-day MA of $15.21 and about 20.5% under the 52-week high of $17.84.

Peers on Argus

VRE slipped 0.7% with elevated volume while key residential REIT peers also traded lower: NXRT -0.81%, ELME -0.58%, UMH -2.03%, AIV -0.36%, CSR -2.32%. The stock’s modest decline contrasted with the balance-sheet improvement highlighted in the sale announcement.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 05	Dividend declaration	Positive	+1.5%	Announced Q4 2025 cash dividend of $0.08 per common share.
Oct 22	Earnings results	Positive	+0.5%	Reported Q3 2025 results with asset sales, deleveraging, and higher Core FFO guidance.
Oct 06	Earnings logistics	Neutral	-1.9%	Set dates and access details for Q3 2025 earnings release and webcast.
Sep 22	ESG report	Positive	+0.4%	Released 2024 Sustainability Report with top GRESB score and green initiatives.
Aug 25	Dividend declaration	Positive	-0.7%	Declared Q3 2025 dividend of $0.08 per share to common shareholders.

Pattern Detected

Recent news has generally been positive, with three of the last five announcements followed by modest gains and two seeing small pullbacks despite constructive updates.

Recent Company History

Over the past few months, Veris Residential has focused on balance sheet improvement and capital recycling. Q3 2025 results on Oct 22 highlighted $542M of non‑strategic asset sales, debt reduction, and Net Debt‑to‑EBITDA (Normalized) at 10.0x, targeting ~9.0x after the Harborside 8/9 deal. Dividend declarations on Aug 25 and Nov 5 maintained a $0.08 per‑share payout. The 2024 Sustainability Report on Sep 22 emphasized ESG achievements and sustainability‑linked financing, supporting the broader deleveraging and portfolio‑upgrade narrative behind today’s land sale.

Market Pulse Summary

This announcement highlights a major step in Veris Residential’s deleveraging plan via the $75 million Harborside 8/9 land sale. Estimated net proceeds of about $69 million are earmarked for debt reduction, targeting 9.0x Net Debt‑to‑EBITDA (Normalized) and roughly $0.04 per‑share Core FFO accretion. Combined with $542 million in non‑strategic sales year‑to‑date and a raised $650 million disposition goal, investors can track future asset sales, leverage metrics, and Core FFO trends as key indicators of ongoing balance‑sheet progress.

Key Terms

net debt-to-ebitda financial

"Net proceeds are estimated to be approximately $69 million, which the Company intends to use to further reduce debt, improving Net Debt-to-EBITDA (Normalized) to approximately 9.0x..."

Net debt-to-EBITDA is a financial ratio that compares a company's total debt, minus its cash reserves, to its earnings before interest, taxes, depreciation, and amortization (EBITDA). It shows how many years it would take for the company to pay off its net debt if all its earnings were used for that purpose. Investors use this ratio to assess whether a company has manageable debt levels and its ability to meet its financial obligations.

core ffo financial

"The transaction is also expected to be accretive by approximately $0.04 per share of Core FFO on a run-rate basis."

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

AI-generated analysis. Not financial advice.

Proceeds Will Reduce Net Debt-to-EBITDA to approximately 9.0x

Transaction Expected to Be Accretive by Approximately $0.04 per Share to Core FFO

JERSEY CITY, N.J., Dec. 9, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE), (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today announced that it has sold its 4.2-acre Harborside 8/9 land parcel in Jersey City, New Jersey, for $75 million.

Net proceeds are estimated to be approximately $69 million, which the Company intends to use to further reduce debt, improving Net Debt-to-EBITDA (Normalized) to approximately 9.0x from 10.0x in the third quarter and 11.7x at year-end 2024. The transaction is also expected to be accretive by approximately $0.04 per share of Core FFO on a run-rate basis. Following this sale, the Company's remaining land bank is valued at approximately $35 million, with parcels primarily located in Massachusetts.

Mahbod Nia, Chief Executive Officer, commented, "The sale of the Harborside 8/9 land parcel represents a significant milestone in the continued execution of our strategic plan to monetize non-strategic assets and further strengthen our balance sheet. The proceeds from this transaction will be used to repay debt, resulting in $0.04 per share of earnings accretion on a run rate basis and further delevering our company to 9.0x, a 53% reduction in Net Debt-to-EBITDA (Normalized) since 2021.

"With $542 million of non-strategic asset sales year to date, we have exceeded our original target of $300 to $500 million in asset sales and achieved our year-end 2026 Net Debt-to-EBITDA (Normalized) target of 9.0x a full year ahead of schedule. As we continue executing our disposition strategy, we have raised our sales target to $650 million and believe that we are well positioned to potentially delever to below 8.0x by year-end 2026."

Located at 3 Second Street and 242 Hudson Street, the Harborside 8/9 land parcel is currently a large surface parking lot zoned for mixed-use development. Harborside 8 is approved for development of a 68-story tower with 680 residential units. Harborside 9 is approved for development of a 57-story tower with 579 units, including a 15% affordable housing component.

Cushman & Wakefield represented the Company in the sale to Panepinto Properties.

About Veris Residential, Inc.

Veris Residential, Inc. is a forward-thinking real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast. Our technology-enabled, vertically integrated operating platform delivers a contemporary living experience aligned with residents' preferences while positively impacting the communities we serve. We are guided by an experienced management team and Board of Directors, underpinned by leading corporate governance principles; a best-in-class approach to operations; and an inclusive culture based on meritocratic empowerment.

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

We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations, and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we may not anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.

Investors
 Mackenzie Rice
 Director, Investor Relations
 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

What did Veris Residential (VRE) sell on December 9, 2025?

Veris sold a 4.2-acre Harborside 8/9 land parcel in Jersey City for $75 million.

How much net cash did Veris Residential (VRE) expect from the Harborside sale?

Net proceeds were estimated at approximately $69 million to be used to reduce debt.

How will the Harborside sale affect Veris Residential's (VRE) leverage?

The company expects Net Debt-to-EBITDA (Normalized) to improve to about 9.0x from 10.0x in Q3.

What is the per-share Core FFO impact of the Harborside 8/9 sale for VRE?

The transaction is expected to be accretive by approximately $0.04 per share on a run-rate basis.

What is Veris Residential's (VRE) updated asset-sale target after the transaction?

Veris raised its sales target to $650 million after achieving $542 million year-to-date in asset sales.

Where is Veris Residential's remaining land bank located and what is its value?

Following the sale, the remaining land bank is valued at about $35 million, primarily in Massachusetts.