Veris Residential, Inc. (VRE) Q3 2022 Earnings Call Transcript

Nov. 05, 2022 1:51 PM ETVeris Residential, Inc. (VRE)
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Veris Residential, Inc. (NYSE:VRE) Q3 2022 Results Conference Call November 3, 2022 8:30 AM ET

Company Participants

Taryn Fielder - General Counsel

Mahbod Nia - Chief Executive Officer

Amanda Lombard - CFO

Conference Call Participants

Stephen Sakwa - Evercore ISI

Nick Joseph - Citi

Tom Catherwood - BTIG

John Pawlowski - Green Street Advisors


Good morning, and welcome to the Veris Residential Third Quarter 2022 Earnings Conference Call [Operator Instructions. Please note, this event is being recorded.

I would now like to turn the conference over to Taryn Fielder, the General Counsel of Veris Residential. Please go ahead.

Taryn Fielder

Good morning, everyone, and welcome to Veris Residential's third quarter 2022 earnings conference call. I would like to remind everyone that certain information discussed on this call may constitute forward-looking statements within the meaning of the federal securities laws. Although we believe the estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved. We refer you to the company's press release and annual and quarterly reports filed with the SEC for risk factors that impact the company.

With that, I would like to hand you over to Mahbod Nia, Veris Residential's Chief Executive Officer. Mahbod?

Mahbod Nia

Good morning, and welcome to our third quarter 2022 earnings call. I'm joined by our CFO, Amanda Lombard. During the quarter, we continued to make meaningful progress on our strategic transformation despite the significant market volatility, while delivering a fourth consecutive quarter of strong rental and NOI growth across our multifamily portfolio. As evidenced by our binding agreement to sell Harborside 1, 2 and 3 and the completion of the sale of 101 Hudson Street, we're now in the final phase of our transformation. Inclusive of these transactions and pro forma for the stabilization of Haus25, multifamily will represent approximately 98% of NOI, up

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