Veris Residential withdraws equity offering; shares down
18/06/2024 11:23
** Shares of Veris Residential VRE.N off 0.5% at $15.11 on
light premarket volume as co withdraws planned equity offering
** "Following careful consideration of all relevant factors,
consistent with our disciplined approach and with the best
interests of our shareholders in mind, we have made the decision
to withdraw our previously announced public offering of common
stock," CEO Mahbod Nia says in statement
** Additionally, co intends to terminate pending acquisition
of 55 Riverwalk Place located in New Jersey
** Multifamily rental properties REIT's shares fell >7% in
extended trading Mon after co commenced 10.5 mln share offering
to fund the property purchase
** Through Mon, VRE shares have lost ~3% in 2024 and ~11%
over the past year
(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))