Veris Residential appoints Christopher Papa to board as Dickerman steps down

JERSEY CITY - Veris Residential, Inc. (NYSE:VRE), a Northeast-focused multifamily REIT with a market capitalization of $1.48 billion currently trading near its 52-week low at $14.53, announced Wednesday the appointment of Christopher Papa to its Board of Directors, effective immediately, while Ronald M. Dickerman will step down from the board. According to InvestingPro data, the company maintains a FAIR financial health score despite challenging market conditions.

Papa, who currently serves as Executive Vice President and Chief Financial Officer at CenterPoint Properties, brings over 30 years of experience in real estate, accounting and corporate finance to the board. His background includes previous CFO roles at Post Properties, Inc. and Liberty Property Trust, providing him with specialized expertise in multifamily real estate, audit and M&A.

Dickerman, who is President and Founder of Madison International Realty, is departing the board after considering the demands of his position with Madison and the need to provide his firm greater flexibility to trade Veris Residential shares in accordance with its fiduciary duty to fund investors.

"Over the last two years, Ron has brought an important shareholder perspective to the boardroom," said Tammy K. Jones, Board Chair of Veris Residential. She added that Papa’s "multifamily leadership experience at Post Properties, coupled with his deep audit and accounting expertise and proven track record of overseeing complex transactions, powerfully complement the Board’s existing skillset."

Prior to joining CenterPoint Properties in 2020, Papa served as EVP and CFO of Liberty Property Trust for approximately four years and as EVP and CFO of Post Properties, Inc. for over 12 years. Earlier in his career, he was an Audit Partner at both BDO Seidman, LLP and Arthur Andersen LLP.

Veris Residential is a Northeast-focused, Class A multifamily REIT. The company stated in its press release that Ferguson Partners assisted in recruiting Papa to the board. Analysts maintain a positive outlook on the company, with price targets ranging from $16 to $22. For deeper insights into Veris Residential’s valuation and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports.

In other recent news, Veris Residential has been the focus of several analyst updates and company announcements. Truist Securities adjusted its outlook on Veris Residential, reducing the price target to $16.00 from $17.00, while maintaining a Hold rating. This revision comes after the company surpassed first-quarter performance expectations due to an early collection of a tax credit. Meanwhile, Evercore ISI also lowered its price target for Veris Residential to $17.50, maintaining an In Line rating, as they consider potential future monetization events. Additionally, BTIG reduced its price target on the company to $22.00 from $26.00 but retained a Buy rating, indicating confidence in the long-term outlook.

Veris Residential recently held its annual stockholders meeting, where nine directors were elected to serve one-year terms. Shareholders approved executive compensation and ratified PricewaterhouseCoopers LLP as the independent auditor for the fiscal year ending December 31, 2025. The elected board members include Frederic Cumenal and Ronald M. Dickerman, among others. These developments provide investors with insights into the company’s current strategic direction and governance.

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