In a recent SEC filing, Veris Residential, Inc., a Maryland-based real estate investment trust, reported the results of its annual meeting held on June 12, 2024. Shareholders elected a slate of nine directors and passed three additional proposals, including the approval of executive compensation and the adoption of a new incentive stock plan.
The nine directors, elected to serve one-year terms, are Frederic Cumenal, Ronald M. Dickerman, Tammy K. Jones, A. Akiva Katz, Nori Gerardo Lietz, Victor B. MacFarlane, Mahbod Nia, Howard S. Stern, and Stephanie L. Williams. The election saw a range of votes for each candidate, with Cumenal receiving 73,080,754 votes for and 1,350,700 withheld, and Nia receiving the highest number of votes for at 74,140,775.
Additionally, the non-binding advisory vote on executive compensation was approved with 71,493,742 votes for, 2,904,411 against, and 33,301 abstentions. Shareholders also approved the 2024 Incentive Stock Plan with 64,606,789 votes for, 9,798,483 against, and 26,182 abstentions.
The company's independent registered public accounting firm, PricewaterhouseCoopers LLP, was ratified to serve for the fiscal year ending December 31, 2024, receiving 79,441,696 votes for, 1,309,939 against, and 19,425 abstentions.
Veris Residential, Inc., which conducts its business through Veris Residential, L.P., operates under the New York Stock Exchange with the trading symbol VRE. The company's business address is at Harborside 3, 210 Hudson (NYSE:HUD) St., Ste. 400, Jersey City, New Jersey, with a business phone number of 732-590-1000.
The company, previously known as Mack Cali Realty Corp, has undergone several name changes in its history, reflecting its evolving business strategy and market positioning.
This information is based on the SEC Form 8-K filing by Veris Residential, Inc., and provides an overview of the key decisions made by the company's shareholders at the annual meeting.
In other recent news, Veris Residential has been the subject of several key developments. The company's earnings call revealed a strategic focus on value creation and balance sheet optimization, despite reporting a net loss of $0.04 per share. The firm has secured a $500 million credit facility and term loan, which has mitigated refinancing risk until 2025. Furthermore, the company's core Funds From Operations (FFO) guidance was increased to $0.50-$0.54 per share.
In a related development, Truist Securities raised its price target for Veris Residential shares to $15.00, maintaining a Hold rating. The revised target follows an adjustment in the firm's FFO estimates for 2024. Despite one-time expenses, the normalized FFO estimate aligns with the upper end of the management's guidance range, indicating a strong performance anticipation.
Additionally, Veris Residential has declared a quarterly dividend of $0.06 per share for the second quarter ending June 30, 2024. Supported by a new $500 million credit facility and term loan package, the decision to increase the dividend is based on several factors, including the company's adjusted funds from operations and actual cash flow. As these recent developments unfold, Veris Residential continues to focus on operational efficiency and strategic asset management.
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