BTIG analyst Michael Gorman maintained a Buy rating on Veris Residential (VRE – Research Report) yesterday and set a price target of $26.00.
Michael Gorman has given his Buy rating to Veris Residential based on a variety of factors. First and foremost, Veris delivered a robust performance in the third quarter which surpassed his expectations, reporting a core FFO/sh of $0.12. This was driven by a strong net rental growth of 9.3%, which significantly contributed to a 17.1% SSNOI growth during the same period. Management has also been successful in executing their business transformation strategy, moving away from non-core assets and focusing on the multifamily platform.
Significant steps in this direction included the successful buyout of JV shares from Rockpoint for $520M, the sale of assets worth $46M in the third quarter, and a further $89M in October. The company also managed to repay its outstanding term loan and revolver balances, and refinanced two of its multifamily assets. In light of these positive indicators, Gorman is looking forward to management’s commentary on future growth avenues, including potential asset sales and value-add improvements within its own portfolio. His estimates are currently under review in light of these recent developments.
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Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of VRE in relation to earlier this year.
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Veris Residential (VRE) Company Description:
Mack-Cali Realty Corp. is a real estate investment trust, which owns and operates a real estate portfolio comprised predominantly of Class A office and office flex properties located primarily in the Northeast. It operates through the following two segments: Commercial and Other Real Estate and Multi-Family Real Estate and Services. The Commercial and Other Real Estate and Multi-Family Real Estate Portfolio segments provides leasing, property management, acquisition, development, construction, and tenant-related services. The company was founded on May 24, 1994 and is headquartered in Jersey City, NJ.
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