Veris Residential, Inc. (NYSE:VRE) stock rose Monday on news that it will be acquired by an Affinius Capital-led consortium. The definitive merger agreement values the REIT at approximately $3.4 billion in enterprise value.
Details
As per the terms, Veris shareholders will receive $19.00 in cash for each share of common stock, and holders of operating partnership common units will receive the same $19.00 cash consideration per unit.
The deal price represents a 23.2% premium to Veris’ unaffected closing share price on Feb. 4, 2026, and a 27.5% premium to its 30-day volume-weighted average price through that date.
The transaction will be funded through a mix of equity and debt, including a committed $2.08 billion senior secured bridge facility.
Veris plans to pay its regular quarterly dividend for the first quarter of fiscal 2026, but the company will suspend dividend payments thereafter.
The transaction has been unanimously approved by Veris’ Board of Directors and is expected to close in the second quarter of 2026, pending shareholder approval and customary closing conditions.
The company has undergone a significant transformation into a sector-leading multifamily REIT, focusing on enhancing shareholder value and operational improvements.
Earnings Snapshot
In a separate release on Monday, the company reported funds from operations (FFO) of 19 cents per share, which beat the analyst consensus estimate of 18 cents. Sales of $71.3 million missed the analyst consensus estimate of $73.022 million.
Same-store net operating income climbed 5.9%, while the same-store blended net rental growth rate rose 2.5% during the quarter.
Same-store occupancy was 94.4%, including Liberty Towers. As of Dec. 31, 2025, the company had $280 million in liquidity.
In light of the merger, Veris will not hold an earnings conference call or provide guidance for 2026.
VRE Price Action: Veris Residential shares were up 12.46% at $18.86 during premarket trading on Monday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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