Veris Residential, Inc. (NYSE: VRE) has announced a public offering of 10,500,000 shares of its common stock, with the underwriters having an option to purchase an additional 1,575,000 shares. The company plans 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. If the acquisition falls through, the company may allocate the proceeds for other general corporate purposes and working capital, including contributing to the repayment of approximately $157 million in outstanding mortgage debt secured by its Soho Lofts property in Jersey City, New Jersey.
The shares of common stock will be offered pursuant to the company’s effective shelf registration statement filed with the SEC. 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. The market has reacted to these announcements by moving the company's shares 0.5% to a price of $15.19. For more information, read the company's full 8-K submission here.
