Veris Residential completed the sale of its 4.2‑acre Harborside 8/9 land parcel in Jersey City for $75 million, with net proceeds of roughly $69 million. The parcel, which is zoned for mixed‑use development, was sold to Panepinto Properties, a developer focused on high‑density urban projects.
The transaction reduces the company’s normalized net debt‑to‑EBITDA ratio to about 9.0x, down from 10.0x in the third quarter of 2025 and 11.7x at the end of 2024. By cutting debt, Veris is moving closer to its target of below 8.0x by year‑end 2026, a key metric for REIT investors that signals improved financial flexibility and lower interest burden.
The sale is expected to accrete core FFO by $0.04 per share on a run‑rate basis. This accretion reflects the cash generated from the sale that will be applied to debt repayment, thereby boosting earnings per share without affecting operating cash flows from the company’s core multifamily portfolio.
The transaction is part of Veris’s broader transformation into a pure‑play multifamily REIT. Since March 2021, the company has been divesting non‑core office assets and monetizing its land bank. Year‑to‑date, it has sold $542 million of non‑strategic assets, exceeding its original $300‑$500 million target and prompting a raise of the sales target to $650 million. The Harborside sale demonstrates the pace of execution and the company’s confidence in achieving its deleveraging goals ahead of schedule.
CEO Mahbod Nia said the sale “represents a significant milestone in the continued execution of our strategic plan to monetize non‑strategic assets and further strengthen our balance sheet.” He added that the proceeds will be used to repay debt, resulting in the $0.04 per share accretion and further delevering the company to 9.0x, a 53% reduction in Net Debt‑to‑EBITDA (Normalized) since 2021.
The sale signals to investors that Veris is aggressively trimming its balance sheet and focusing on high‑quality multifamily assets. By monetizing land that is unlikely to be developed in the near term, the company preserves capital for future acquisitions and aligns its portfolio with its long‑term growth strategy, while also reinforcing its ESG commitments through responsible land stewardship.
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