JERSEY
CITY, N.J., June 17,
2024 /PRNewswire/ -- Veris Residential, Inc. (NYSE:
VRE) (the "Company") announced today that it has commenced an
underwritten public offering of 10,500,000 shares of its common
stock.
J.P. Morgan, Goldman Sachs & Co. LLC and BofA
Securities are acting as the joint book-running managers for the
offering.
The underwriters are expected to be granted a 30-day option,
exercisable in whole or in part from time to time, to purchase up
to an additional 1,575,000 shares of the Company's common
stock.
The Company intends to use the net proceeds from the offering to
fund its pending acquisition of 55 Riverwalk Place, a 348 unit
residential asset with 48,000 square feet of retail space located
in the Port Imperial waterfront in West
New York, New Jersey. If the Company is unable to consummate
this acquisition, it may use the proceeds for general corporate
purposes and working capital, including contributing to the
repayment of approximately $157
million in outstanding mortgage debt that is secured by its
Soho Lofts property in Jersey City, New
Jersey, a 377 unit multifamily residential property.
All of the shares of common stock will be offered pursuant to
the Company's effective shelf registration statement filed with the
Securities and Exchange Commission (the "SEC"). A preliminary
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC. A copy of the preliminary
prospectus supplement and accompanying prospectus relating to the
offering may be obtained from J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 or by emailing
prospectus-eq_fi@jpmchase.com and
postsalemanualrequests@broadridge.com; Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526,
facsimile: 212-902-9316 or by emailing
prospectus-ny@ny.email.gs.com; BofA Securities, Attention:
Prospectus Department, NC1-022-02-25, 201 North Tryon Street,
Charlotte, NC 28255-0001 or by
emailing dg.prospectus_requests@bofa.com; or by visiting the EDGAR
database on the SEC's web site at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor will there be any sale of these
securities in any state or other jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements relate to, without limitation, the Company's 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
the Company cannot predict with accuracy and some of which the
Company might not even anticipate. Although the Company believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions at the time made, the Company
can give no assurance that such expectations will be achieved.
Future events and actual results, financial and otherwise, may
differ materially from what is expressed or forecast in this press
release. Readers are cautioned not to place undue reliance on these
forward-looking statements. Factors that could materially affect
results of the Company include those risk factors contained in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2023, the Company's
preliminary prospectus supplement relating to the offering under
the sections titled "Forward-Looking Statements" and "Risk
Factors", and the Company's other public filings. Copies of each
filing may be obtained from the Company or the SEC. The Company
assumes no obligation to update and supplement forward-looking
statements that become untrue because of subsequent events, new
information or otherwise.
About Veris Residential, Inc.
Veris Residential, Inc. is 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 that meet the
sustainability-conscious lifestyle needs of today's residents while
seeking to positively impact the communities it serves and the
planet at large. As of March 31,
2024, the Company owned or had interests in 22 multifamily
rental properties, as well as non-core assets comprised of four
parking/retail properties, plus developable land.
Investor Contact
Amanda Lombard
Chief Financial Officer
732-590-1010
alombard@verisresidential.com
Anna Malhari
Chief Operating Officer
732-590-1010
amalhari@verisresidential.com
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SOURCE Veris Residential, Inc.