VRE Veris Residential Inc

Veris Residential, a multifamily REIT, sold its 4.2-acre Harborside 8/9 land parcel for $75 million, with net proceeds estimated at $69 million. This sale significantly strengthens Veris Residential's balance sheet, reducing its Net Debt-to-EBITDA (Normalized) to 9.0x and exceeding its original asset sales target. The company aims to further delever to below 8.0x by year-end 2026.

Boothbay Fund Management LLC significantly increased its stake in Veris Residential, Inc. (VRE) by 21.2% in Q2, bringing its total holding to 487,868 shares valued at approximately $7.26 million. Other major institutions like Prudential and State Street also boosted their positions, contributing to institutional investors owning about 93.04% of the company. Veris Residential reported strong Q3 earnings, beating EPS expectations, and has an average "Hold" rating from analysts with an $18.25 price target.

Veris Residential has completed the sale of its 4.2-acre Harborside 8/9 land parcel in Jersey City for $75 million, with net proceeds of approximately $69 million. This sale significantly reduces the company's debt, bringing Net Debt-to-EBITDA (Normalized) to an estimated 9.0x, ahead of its 2026 target. The company has exceeded its asset sales target for the year and raised its new target to $650 million.

Panepinto Properties has acquired two Harborside parcels in Jersey City from Veris Residential Inc. for $75 million, facilitated by Cushman & Wakefield. This deal marks a significant step towards developing a 1,257-unit mixed-use project across two high-rise towers. The acquisition enables Panepinto to advance the long-anticipated development, contributing to the evolving Jersey City waterfront.

Norges Bank recently acquired a new position in Veris Residential, Inc. (NYSE:VRE), purchasing 248,371 shares valued at approximately $3.70 million, representing about 0.27% of the company. This move highlights institutional interest, with other major investors like Prudential and Nuveen also holding significant stakes. Veris Residential, a REIT with a $1.33 billion market cap, recently exceeded quarterly EPS estimates and announced a quarterly dividend of $0.08.

Veris Residential, Inc. has sold its 4.2-acre Harborside 8/9 land parcel in Jersey City for $75 million, with net proceeds of approximately $69 million intended for debt reduction. This transaction is expected to improve Net Debt-to-EBITDA to approximately 9.0x and be accretive by $0.04 per share of Core FFO. The company has exceeded its asset sales target for the year and raised its future target to $650 million.