Veris Residential slides on stock offering to fund acquisition
17/06/2024 22:11
** Veris Residential's VRE.N shares down 7.2% at $14.10 in
extended trading as co looks to raise equity
** Multifamily rental properties REIT commences 10.5 mln
share offering
** It plans to use net offering proceeds to fund pending
~$158.5 mln acquisition of 348 unit residential asset with
48,000 square feet of retail space in New Jersey
** If unable to complete this acquisition, co says may use
proceeds for general purposes, working capital, including
contributing to repayment of ~$157 mln in outstanding mortgage
debt
** JP Morgan, Goldman and BofA are joint book-running
managers for offering
** VRE shares on Mon finished up 0.5% at $15.19. Stock off
~3% YTD and down ~11% over the past 12 months
** Veris has ~92.75 mln shares outstanding as of Jun 14, per
the SEC prospectus filing
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))