Business
Veris Residential Completes $75 Million Sale of Harborside 8/9 Land Parcel
Veris Residential, Inc. (NYSE: VRE), (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today announced that it has sold its 4.2-acre Harborside 8/9 land parcel in Jersey City, New Jersey, for $75 million.
About this update from Veris Residential, Inc.
[{"type":"text","content":"Proceeds Will Reduce Net Debt-to-EBITDA to approximately 9.0x","length":61,"tagName":"p","attribs":{}},{"type":"text","content":"Transaction Expected to Be Accretive by Approximately $0.04 per Share to Core FFO","length":81,"tagName":"p","attribs":{}},{"type":"text","content":"JERSEY CITY, N.J., Dec. 9, 2025 /PRNewswire/ -- Veris Residential, Inc. (NYSE: VRE), (the "Company"), a forward-thinking, Northeast-focused, Class A multifamily REIT, today announced that it has sold its 4.2-acre Harborside 8/9 land parcel in Jersey City, New Jersey, for $75 million.","length":294,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Veris Residential, Inc.)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Veris Residential, Inc.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":170,"url":"https://media.zenfs.com/en/prnewswire.com/1e107c0a210c8405522764666ce38461"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/NOlvLj_C54J3dz7._5pB7w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTMwMDtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/1e107c0a210c8405522764666ce38461","width":400,"height":170}},"href":"https://mma.prnewswire.com/media/1703847/Veris_Residential_Logo_V1.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Net proceeds are estimated to be approximately $69 million, which the Company intends to use to further reduce debt, improving Net Debt-to-EBITDA (Normalized) to approximately 9.0x from 10.0x in the third quarter and 11.7x at year-end 2024. The transaction is also expected to be accretive by approximately $0.04 per share of Core FFO on a run-rate basis. Following this sale, the Company's remaining land bank is valued at approximately $35 million, with parcels primarily located in Massachusetts.","length":503,"tagName":"p"},{"type":"text","content":"Mahbod Nia, Chief Executive Officer, commented, "The sale of the Harborside 8/9 land parcel represents a significant milestone in the continued execution of our strategic plan to monetize non-strategic assets and further strengthen our balance sheet. The proceeds from this transaction will be used to repay debt, resulting in $0.04 per share of earnings accretion on a run rate basis and further delevering our company to 9.0x, a 53% reduction in Net Debt-to-EBITDA (Normalized) since 2021.","length":496,"tagName"...