JERSEY
CITY, N.J., June 18,
2024 /PRNewswire/ -- Veris Residential, Inc. (NYSE:
VRE) (the "Company") today announced that it has withdrawn its
proposed public offering of shares of its common stock.
Mahbod Nia, Chief Executive
Officer of Veris Residential, said, "Following careful
consideration of all relevant factors, consistent with our
disciplined approach and with the best interests of our
shareholders in mind, we have made the decision to withdraw our
previously announced public offering of common stock. We greatly
appreciate the continued trust and support of our shareholders as
we seek to continue executing our three-pronged approach to value
creation encompassing capital allocation and further optimization
of our platform, portfolio and balance sheet."
As a result of the withdrawal, no shares of common stock will be
sold pursuant to the offering. Additionally, Veris Residential
intends to terminate its pending acquisition of 55 Riverwalk
Place.
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, 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.