Veris Residential jumps on $766M sale of Jersey City properties

Oct. 10, 2022 10:48 AM ETVeris Residential, Inc. (VRE)By: Max Gottlich, SA News Editor

Veris Residential (NYSE:VRE) shares spiked 11.2% in Monday morning trading after the REIT, which is nearing its exit of the office sector, agreed to sell Harborside 1, 2, and 3 for $420M, and completed its sale of 101 Hudson Street for $346M.
Upon closing of Harborside 1/2/3 and pro-forma for the stabilization of Haus25, multifamily will represent approximately 98% of Veris' (VRE) net operating income, up from 39% in Q1 2021.
"These are significant milestones in our transition to a pure-play multifamily company," said Veris CEO Mahbod Nia.
Under the terms of the Harborside 1/2/3 sales transaction, which is expected to close in Q1 2023, Veris (VRE), formerly known as Mack-Cali, anticipates receiving ~$350M of net proceeds. For 101 Hudson Street, the company expects to receive $90M of net proceeds. The locations are based in Jersey City, New Jersey.
Previously, (April 20) Veris Residential announced $255M sale of short hills office portfolio.