Veris Residential, Inc.
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ROIC.AI
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- Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops premier Class A multifamily properties in the Northeast United States, including studio, one-bedroom, and two-bedroom apartments featuring modern finishes, extensive amenities such as fitness centers, yoga studios, heated rooftop pools, resident lounges, co-working spaces, and dog recreation areas; its technology-enabled, vertically integrated operating platform delivers contemporary living experiences aligned with sustainability-conscious residents' preferences while positively impacting communities and the planet. Headquartered in Jersey City, New Jersey, with operations concentrated in high-growth markets across New Jersey (Jersey City, Short Hills, West New York, Weehawken), New York, and Massachusetts (Boston, Malden), the company traces its roots to the 1994 IPO of predecessor Cali Realty Corporation and the 1997 merger forming Mack-Cali Realty Corporation, rebranding to Veris Residential in 2021 to signify its pivot to a pure-play multifamily REIT with a strong emphasis on ESG principles. Recent developments include the April 2025 acquisition of its joint venture partner's interest in Jersey City Urby for $38.5 million, rebranding the 69-story property as Sable, assuming management, and expecting over $1 million in annualized synergies; the sale of non-strategic Signature Place multifamily asset in Morris Plains, New Jersey, for $85 million to reduce leverage and fund term loan repayment; ongoing portfolio optimization with up to $500 million in non-strategic asset dispositions; and a $30 million investment over three years in the 648-unit Liberty Towers project in Jersey City to modernize the asset and generate mid- to high-teens returns through rent increases.
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