Veris Residential reports Q4 core AFFO 13c-14c, consensus 12c

Reports Q4 revenue $68.08M, consensus $67.85M. CEO Mahbod Nia commented, “Since the reconstitution of our Board and establishment of the Strategic Review Committee over four years ago, we have successfully transformed Veris Residential (VRE) into a top-performing pure-play multifamily REIT with core, Class A properties, while staying abreast of the state of the transaction market and related capital flows, as well as capital markets, as we evaluate all available avenues to maximize value for our shareholders. Despite our continued operational outperformance, we recognize that the intrinsic value of Veris Residential is not accurately reflected in our share price today. We are keenly focused on closing this valuation gap through measures, including but not limited to, the crystallization of assets where we believe we can achieve strong pricing at or near to their intrinsic value, despite broader challenges in the investment market amidst the backdrop of heightened economic and geopolitical uncertainty. Accordingly, over the next 12-24 months, we plan to pursue $300M-$500M of sales for assets that fit this profile given their size, location and buyer interest. We intend to use proceeds from these sales to fund a share repurchase program of up to $100M -. taking advantage of the dislocation that exists between our public trading value and our intrinsic value today on behalf of our shareholders-with the balance being used to repay debt, further de-levering the company to below 9x Net Debt-to-EBITDA.”