Multifamily REIT Veris Residential is set to be acquired by an investor consortium led by institutional real estate investment firm Affinius Capital in partnership with Vista Hill Partners, a real estate investment and development firm, for $3.4 billion in cash.
This is the culmination of Veris’ strategic transformation and its comprehensive review of alternatives. Under the terms of the agreement, shareholders will receive $19 per share of Veris common stock in cash—a 23.2% premium to the unaffected closing share price on Feb. 4 and a 27.5% premium to its 30-day volume weighted average price for the period ended Feb. 4.
“Since the reconstitution of the board in 2020, Veris has undergone a remarkable transformation into a sector-leading, pure-play multifamily REIT. Throughout this period, the board has remained focused on enhancing value for shareholders, executing on initiatives that drive operational improvements while divesting non-strategic assets,” said board chair Tammy K. Jones.
The Jersey City, New Jersey-based Veris, formerly known as Mack-Cali Realty Corp., was assisted by financial advisers J.P. Morgan and Morgan Stanley and legal advisers Weil Gotshal & Manges and Seyfarth Shaw, and the transaction was unanimously approved by the board of directors. It’s expected to close in the second quarter; after the closing it no longer will be listed on the New York Stock Exchange.
“Over the past five years, we have undertaken meaningful steps to pivot away from office, simplifying and focusing the business, strengthening our balance sheet, and enhancing our operational platform,” added CEO Mahbod Nia. “Today’s announcement marks the culmination of our strategic transformation into a top-performing pure-play multifamily REIT with core, Class A properties concentrated in premier U.S. residential markets and our stated objective of realizing intrinsic value on behalf of our shareholders. I would like to thank our remarkable employees for their hard work, dedication, and invaluable contributions over the past five years.”
Veris Residential also reported its results for the fourth quarter and full-year 2025. It increased its core FFO per share by over 20% year over year to $0.72. Same-store NOI increased 2.7% and 5.9% for the full year and fourth quarter, respectively. In addition, Veris further improved controllable expenses by 54 basis points to 16.5%.
Last year, the REIT completed $542 million on non-strategic asset sales, exceeding its original target of $300 million to $500 million. It also sold its last two land parcels in Jersey City for $75 million to reduce its land bank value to approximately $35 million.