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The agreement is subject to closing conditions and other terms and conditions customary for real estate transactions. Under the terms of the Harborside 1/2/3 sales agreement, executed on September 22, 2022, Veris Residential anticipates closing the transaction in the first quarter of 2023. The company has closed on over $1.4 billion of non-core assets, repaid over $1.2 billion of debt, and added approximately 1,900 units to its residential portfolio, all while delivering sector-leading multifamily operating performance. Since the beginning of 2021, Veris Residential has simplified and focused its business, strengthened its balance sheet, and enhanced its operational platform in pursuit of its new strategic direction. In addition, notwithstanding the extraordinary market dislocation, the Strategic Review Committee and Board will be evaluating the best opportunities to unlock the substantial value that has been created for our shareholders."
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Jones, Board Chair, added, "With our exit of the office sector nearly complete, we intend to continue streamlining operations as we become a pure-play multifamily REIT with a more resilient cashflow profile. Looking ahead, the sizable proceeds anticipated from these transactions provide the company with meaningful liquidity and optionality as we enter the next phase of our transformation." I would like to thank the Veris Residential team for their perseverance and tenacity, which have allowed us to continue making progress on our strategic goals despite an extremely challenging market environment. Mahbod Nia, Chief Executive Officer, said, "These are significant milestones in our transition to a pure-play multifamily company.
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