VERIS RESIDENTIAL AND ROCKPOINT ANNOUNCE EARLY REDEMPTION OF ROCKPOINT'S INTEREST IN VERIS RESIDENTIAL TRUST

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Evercore ISI Upgrades Veris Residential (VRE) to Outperform

July 27, 2023 5:05 AM EDT

Evercore ISI analyst Steve Sakwa upgraded Veris Residential (NYSE: VRE) from In Line to Outperform with a price target of $19.00 (from $18.00).

The analyst comments "VREs core FFO of $0.16 was slightly above our $0.15 estimate and the upside came from higher rental revenue and lower real estate taxes, partially offset by higher operating services expenses. FFO estimates continue to be volatile and less relevant as VRE has now completed the last major hurdle to becoming a pureplay multifamily company. In addition to closing on Harborside 1, 2 & 3 (reported during 1Q earnings), the company negotiated... More