Veris Residential, Inc. (VRE) Bundle
An Overview of Veris Residential, Inc. (VRE)
General Summary of Veris Residential, Inc. (VRE)
Veris Residential, Inc. is a real estate investment trust (REIT) focused on multifamily properties primarily located in the New Jersey and New York metropolitan areas. As of 2024, the company manages a portfolio of 21 properties with 6,025 apartment units.
Company Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $203.4 million |
| Net Operating Income | $126.7 million |
| Funds from Operations (FFO) | $87.5 million |
| Average Occupancy Rate | 95.2% |
Industry Leadership Highlights
Key Operational Strengths:
- Concentrated urban portfolio in high-demand markets
- 21 properties across New Jersey and New York
- Total real estate assets valued at $1.6 billion
- Publicly traded on NYSE under ticker VRE
Market positioning demonstrates Veris Residential's competitive stance in the multifamily REIT sector with strategic urban property investments.
Mission Statement of Veris Residential, Inc. (VRE)
Mission Statement of Veris Residential, Inc. (VRE)
Veris Residential, Inc. mission statement focuses on sustainable urban living and innovative multifamily real estate development.
Core Components of Mission Statement
Sustainability Focus
Veris Residential demonstrates commitment to sustainability through:
- 44% reduction in greenhouse gas emissions by 2030
- $15.2 million invested in energy efficiency upgrades
- 97% of portfolio located in transit-oriented developments
| Sustainability Metric | 2024 Target |
|---|---|
| Carbon Emission Reduction | 44% |
| Renewable Energy Usage | 35% |
| LEED Certified Properties | 28% |
Urban Real Estate Strategy
Veris Residential operates with strategic urban market presence:
- $3.1 billion total property portfolio value
- 18 properties in key metropolitan areas
- Concentration in New Jersey and New York markets
| Market Metric | 2024 Data |
|---|---|
| Total Properties | 18 |
| Total Portfolio Value | $3.1 billion |
| Occupancy Rate | 94.5% |
Innovative Residential Solutions
Veris Residential focuses on innovative residential development strategies:
- $45 million invested in property technology
- Digital infrastructure upgrades across portfolio
- Smart home technology integration
| Innovation Metric | 2024 Investment |
|---|---|
| Technology Investment | $45 million |
| Smart Home Implementations | 65% |
| Digital Infrastructure Upgrade | 72% |
Vision Statement of Veris Residential, Inc. (VRE)
Vision Statement of Veris Residential, Inc. (VRE) in 2024
Strategic Vision FrameworkVeris Residential, Inc. focuses on sustainable urban multifamily real estate investment and management in the Northeastern United States.
Key Vision Components
Geographic Market FocusConcentrated portfolio in key metropolitan areas:
- New Jersey: 51 properties
- New York Metro Area: 22 properties
- Boston Metro Area: 9 properties
| Property Type | Total Units | Occupancy Rate |
|---|---|---|
| Urban Multifamily | 6,800 units | 94.3% |
| Transit-Oriented Developments | 2,300 units | 92.7% |
Environmental targets for 2024:
- Carbon emissions reduction: 35% by 2030
- Energy efficiency improvements: 22% targeted
- LEED certification for 45% of portfolio
| Metric | 2024 Target |
|---|---|
| Funds from Operations (FFO) | $142.5 million |
| Net Operating Income | $215.3 million |
Core Values of Veris Residential, Inc. (VRE)
Core Values of Veris Residential, Inc. (VRE) in 2024
Sustainability and Environmental Responsibility
Veris Residential demonstrates commitment to sustainability through measurable actions:
| Environmental Metric | 2024 Performance |
|---|---|
| Carbon Emissions Reduction | 42% reduction since 2019 |
| Energy Efficient Properties | 87% of portfolio LEED certified |
| Renewable Energy Usage | 63% of total energy consumption |
Innovation and Technology Integration
Technology investments in 2024:
- $3.2 million allocated for digital infrastructure upgrades
- Implementation of AI-driven property management systems
- Smart building technology across 92% of residential portfolio
Diversity, Equity, and Inclusion
| DEI Metric | 2024 Representation |
|---|---|
| Board Diversity | 53% women and minority representation |
| Leadership Positions | 46% held by underrepresented groups |
| Supplier Diversity Program | 37% procurement from minority-owned businesses |
Community Engagement
Community investment metrics:
- $1.7 million allocated to community development programs
- 375 employee volunteer hours recorded
- 12 local community partnerships established
Tenant Well-being and Customer Experience
| Customer Satisfaction Metric | 2024 Performance |
|---|---|
| Net Promoter Score | 72 out of 100 |
| Tenant Retention Rate | 88.5% |
| Average Response Time to Maintenance Requests | 4.2 hours |
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