Rockpoint's Preferred Equity Interest Redeemed for $520 Million BOSTON and JERSEY CITY, N.J., July 26, 2023 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential") (NYSE: VRE), a forward . BOSTON and JERSEY CITY, N.J. (July 26, 2023) Veris Residential, Inc. ("Veris Residential") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, and Rockpoint, a Boston-based real estate investment management firm, today announced that the companies have completed a . of annual interest while paving the way for additional expense savings starting in 2024. The transaction was funded with approximately $360 million of cash on hand released from the sale of Harborside 1, 2 and 3 in April 2023, as well as a new $115 million transitional term loan and $60 million credit facility that are expected to be repaid with approximately $200 million of proceeds anticipated from non-strategic assets under binding contract. Rockpoint Amanda Shpiner If the page has not redirected, please visit the 3E site here. Free parking on site. Veris Residential Eastdil Secured acted as an advisor to the joint venture. Veris Residential Investor ContactAnna MalhariChief Operating OfficerVeris Residentialinvestors@verisresidential.com, Veris Residential Media ContactsAmanda Shpiner/Grace CartwrightGasthalter & Co.212-257-4170veris-residential@gasthalter.com, Rockpoint Media ContactSarah KulkaRockpointskulka@rockpoint.com, View original content to download multimedia:https://www.prnewswire.com/news-releases/veris-residential-and-rockpoint-announce-early-redemption-of-rockpoints-interest-in-veris-residential-trust-301886802.html, Veris Residential 210 Hudson Street Suite 400 Jersey City NJ 07311, https://www.prnewswire.com/news-releases/veris-residential-and-rockpoint-announce-early-redemption-of-rockpoints-interest-in-veris-residential-trust-301886802.html. Veris Residential stock jumps on early redemption of Rockpoint interest, Q2 FFO beat Seeking Alpha 22d Veris Residential FFO of $0.16 beats by $0.07, revenue of $60.34M misses by $7.32M Veris Residential and Rockpoint Announce Early Redemption of | Vre We look forward to watching their continued success.". To learn more, visitwww.rockpoint.com. "The negotiated early redemption of Rockpoint's interestsubstantially simplifies the Company's overall structure while maximizing our strategic and operational flexibility moving forward," said Mahbod Nia, Chief Executive Officer of Veris Residential. Jul 27, 2023 8:30 am EDT. When typing in this field, a list of search results will appear and be automatically updated as you type. Veris Residential Investor ContactAnna MalhariChief Operating OfficerVeris Residentialinvestors@verisresidential.com, Veris Residential Media ContactsAmanda Shpiner/Grace CartwrightGasthalter & Co.212-257-4170veris-residential@gasthalter.com, Rockpoint Media ContactSarah KulkaRockpointskulka@rockpoint.com. Sarah Kulka J.P. Morgan and Goldman Sachs & Co. LLC provided the term loan and revolving credit facility, and acted as financial advisors to Veris Residential on its strategic transformation. To learn more, visit www.rockpoint.com. View Company Info for Free Who is Veris Residential Headquarters 210 Harborside 3 Ste 400, Jersey City, New Jersey, 07311, United States Phone Number (732) 590-1010 Website www.verisresidential.com Revenue $355M Stock Symbol VRE Industry Veris Seals $340M Refi for Jersey City Luxury Multifamily Property /PRNewswire/ --Veris Residential, Inc. ("Veris Residential") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, and Rockpoint, a The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. 15. Upload your latest press release or suggest a story idea to our editorial team. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rental unit in Orsay. 08 | 26 | 2022 City Says High Street Place Can Keep its Patio Open Year-round The . For additional information on Veris Residential, Inc. and our properties available for lease, please visit, Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. Transaction Marks Pivotal Point for Veris Residential and Cements Company's Position as a Pure-Play Multifamily REIT, Rockpoint's Preferred Equity Interest Redeemed for $520 Million. Grace Cartwright Rockpoint continually assesses the market opportunity and evaluates potential investments relative to intrinsic value and cash flow, targeting investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. veris-residential@gasthalter.com, Rockpoint Media Contact -based real estate investment management firm, today announced that the companies have completed a transaction in which Veris Residential has purchased and redeemed the preferred units and certain other ownership interests from Rockpoint and its affiliates in Veris Residential Trust for 212-257-4170 Veris Residential, Amanda Shpiner/Grace Cartwright As of March 31, 2023, Rockpoint's investment team with others has invested or committed to invest in 498 transactions with a total peak capitalization of approximately $80 billion (inclusive of fund equity, co-investor equity and debt). About Veris Residential, Inc. Sarah Kulka ft. / View All Properties Prices and special offers valid for new residents only. 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. Recent Event Second Quarter 2023 Earnings Conference Call . Veris Residential and Rockpoint Announce Early Redemption of Rockpoint CBRE (CBRE) originated the five-year, fixed-rate agency loan . "We are grateful to Rockpoint for their unwavering support and commitment to the joint venture, through which we have developed a unique, best-in-class multifamily portfolio. Jul 27, 202307:02 PDT VRE Veris Residential VRE shares spiked 10% in Thursday morning trading a day after the REIT said it completed the purchase and redemption of preferred units from Rockpoint and its affiliates in Veris Residential Trust for $520M. About RockpointRockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. All Rights Reserved. The Company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. Investing in stocks, bonds, option and other financial instruments involve risks and may not be suitable for everyone. We look forward to watching their continued success.". April 2023 BOSTON and JERSEY CITY, N.J., July 26, 2023 /PRNewswire/ --Veris Residential, Inc. ("Veris Residential") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, and Rockpoint, a Boston-based real estate investment management firm, today announced that the companies have completed a transaction in which Veris Residential has purchased and redeemed the preferred units and certain other ownership interests from Rockpoint and its affiliates in Veris Residential Trust for $520 million. We look forward to watching their continued success.". Jul 12, 2023 9:00am EDT . "We are grateful to Rockpoint for their unwavering support and commitment to the joint venture, through which we have developed a unique, best-in-class multifamily portfolio. As of March 31, 2023, Rockpoint's investment team with others has invested or committed to invest in 498 transactions with a total peak capitalization of approximately $80 billion (inclusive of fund equity, co-investor equity and debt). The transaction substantially simplifies Veris Residentials overall structure and is projected to save approximately $24 million of annual interest while paving the way for additional expense savings starting in 2024. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. The transaction substantially simplifies Veris Residential's overall structure and is projected to save approximately $24 million of annual interest while paving the way for additional expense savings starting in 2024. BOSTON and JERSEY CITY, N.J. , July 26, 2023 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, and Rockpoint, a Boston -based real estate investment management firm, today . We look forward to watching their continued success.". Thank you. The negotiated early redemption of Rockpoints interest substantially simplifies the Companys overall structure while maximizing our strategic and operational flexibility moving forward, said Mahbod Nia, Chief Executive Officer of Veris Residential. Youll receive updates on upcoming events, special As of August 2, 2023, the average one-year price target for Veris Residential is 19.99. The transaction substantially simplifies Veris Residential's overall structure and is projected to save approximately $24 million of annual interest while paving the way for additional expense savings starting in 2024. With 10,000+ line items and easy-to-use estimation templates, it is easy to create and manage repair and preservation bids. 26. Studio 30 m2 Orsay near RER and Saclay plateau. To learn more, visit New contemporary studio, Orsay Plateau de Saclay. BOSTON and JERSEY CITY, N.J., July 26, 2023 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that. Golf de l'le Fleurie - Golf Paris - Golf Chatou "The negotiated early redemption of Rockpoint's interestsubstantially simplifies the Company's overall structure while maximizing our strategic and operational flexibility moving forward," said Mahbod Nia, Chief Executive Officer of Veris Residential. Create precise estimates for remodeling projects of all types and sizeshelping you to streamline your workflow, win more bids, and maximize your profits. ", "Rockpoint has been pleased to partner with Veris Residential since 2017, and through multiple stages of its growth and transformation," said Tom Gilbane, a Managing Member of Rockpoint. VERIS RESIDENTIAL AND ROCKPOINT ANNOUNCE EARLY REDEMPTION OF ROCKPOINT'S INTEREST IN VERIS RESIDENTIAL TRUST by PRNewswire July 26, 2023 5:49 PM | 4 min read Transaction Marks Pivotal. Chief Operating Officer Please tell us what you'd like to know about Veris Residential. Veris Residential, Inc. : VRE Stock Price - MarketScreener Transaction Marks Pivotal Point for Veris Residential and Cements Company's Position as a Pure-Play Multifamily REIT, Rockpoint's Preferred Equity Interest Redeemed for Please visit our newsroom to learn more about this agreement: Verisk Announces Sale of 3E Business to New Mountain Capital. Thank you for signing up! Login to Your Resident Account or Apply Online | Veris Residential News & Events :: Veris Residential, Inc. (VRE) For additional information on Veris Residential, Inc. and our properties available for lease, please visit https://www.verisresidential.com/. Point Rock Solutions is your small business partner in providing CUSTOMER-FOCUSED IT Solutions in Northern Virginia while ensuring the highest standards of performance. 220 Broadway, Suite 305 Lynnfield, MA 01940 . Eastdil Secured acted as an advisor to the joint venture. veris-residential@gasthalter.com, Rockpoint Media Contact Veris Residential and Rockpoint Announce Early Redemption of Rockpoint Veris Residential Investor Contact , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Veris Residential Issues Clarification Regarding Scheduled Time for Second Quarter 2023 Earnings Conference Call, Veris Residential, Inc. Reports Second Quarter 2023 Results. About Rockpoint . To learn more, visit www.rockpoint.com. To learn more, visitwww.rockpoint.com. By signing up you agree to receive content from us. Portfolio results are unaudited and based on varying investment expiration dates. Cozy, new studio, with modern decor of 20 m2 in quiet and pleasant pavilion area. of proceeds anticipated from non-strategic assets under binding contract. The transaction was funded with approximately $360 million of cash on hand released from the sale of Harborside 1, 2 and 3 in April 2023, as well as a new $115 million transitional term loan and $60 million credit facility that are expected to be repaid with approximately $200 million of proceeds anticipated from non-strategic assets under binding contract. July 26, 2023 . BOSTON and JERSEY CITY, N.J., July 26, 2023 /PRNewswire/ -- Veris Residential, Inc. ("Veris Residential") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that. Home - Rockpoint BOSTON and JERSEY CITY, N.J., July 26, 2023 -- Veris Residential, Inc. ("Veris Residential") (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, and Rockpoint, a Boston -based real estate investment management firm, today announced that . info trafic Ile-de-France | trafic routier en temps rel en rgion 09. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Gasthalter & Co. Eastdil Secured acted as an advisor to the joint venture. As of August 2, 2023, the average one-year price target for Veris Residential is 19.99. Veris Residential and Rockpoint Announce Early Redemption of Rockpoint CORRECTION : Truist Securities Raises Price Target on Veris Residential to $15 From $13, Maintains Hold Rating. "The negotiated early redemption of Rockpoint's interestsubstantially simplifies the Company's overall structure while maximizing our strategic and operational flexibility moving forward," said Mahbod Nia, Chief Executive Officer of Veris Residential. Fdration des Socits Historiques & Archologiques de Paris Ile de Gasthalter & Co. The transaction substantially simplifies Veris Residential's overall structure and is projected to save approximately $24 million of annual interest while paving the way for additional expense savings starting in 2024. Rockpoint is a real estate private equity firm headquartered in Boston with additional offices in San Francisco, Dallas, London, and Dubai. Veris & Rockpoint Announce Early Redemption of Rockpoints Interest in Veris Residential Trust, BOSTON and JERSEY CITY, N.J. (July 26, 2023) , Veris Residential, Inc. (Veris Residential) (NYSE: VRE), a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, and. The Company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. BOSTON and JERSEY CITY, N.J., July 26, 2023 /PRNewswire/ --Veris Residential, Inc. ("Veris Residential") VRE, a forward-thinking, environmentally and socially conscious REIT that primarily owns, operates, acquires and develops Class A multifamily properties, and Rockpoint, a Boston-based real estate investment management firm, today announced that the companies have completed a transaction in which Veris Residential has purchased and redeemed the preferred units and certain other ownership interests from Rockpoint and its affiliates in Veris Residential Trust for $520 million.
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