Veris Residential

Capping a multiyear revolution, Veris Residential started 2024 with the $85 million sale of Harborside 5 in Jersey City, marking the company’s completed transformation into a pure-play multifamily REIT. Nia has guided that transition, since taking on the CEO role in 2021 at what was then Mack-Cali Realty Corp.

“While we have built a strong foundation to date, the potential for continued value creation and relative outperformance as we mature as a multifamily company is tremendous,” Nia said when the deal was announced. “We look forward to this next phase, during which we will work to further optimize our operations, capital and balance sheet to the benefit of our stakeholders.”

Now, Jersey City-based Veris develops, owns and manages premier multifamily communities with a focus toward crafting more sustainable properties. And it’s been recognized for its work toward Environmental, Sustainability and Governance, including achieving the highest listed residential score in the U.S. and third-best listed residential score worldwide from GRESB.

Looking ahead, Veris raised its 2024 guidance ranges upon the release of its Q3 results at the end of October, which topped Wall Street expectations. Among the highlights: the company says it reduced net debt by approximately $227 million since September 30, 2023, and refinanced $531 million of mortgage debt, leaving no remaining consolidated debt maturities until 2026.