Veris Residential, Inc. (NYSE:VRE) Q2 2023 Earnings Conference Call April 27, 2023 8:30 AM ET
Company Participants
Taryn Fielder - General Counsel and Secretary
Mahbod Nia - Chief Executive Officer
Amanda Lombard - Chief Financial Officer
Conference Call Participants
Jay Poskitt - Evercore ISI
Eric Wolfe - Citi
Joshua Dennerlein - Bank of America
Thomas Catherwood - BTIG
John Pawlowski - Green Street
Michael Lewis - Truist Securities
Operator
Ladies and gentlemen, greetings, and welcome to the Veris Residential Inc. Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Taryn Fielder, General Counsel at Veris Residential. Please go ahead.
Taryn Fielder
Good morning, everyone, and welcome to Veris Residential's Second Quarter 2023 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 the call over to Mahbod Nia, Veris Residential's Chief Executive Officer, who is joined by Amanda Lombard, Chief Financial Officer. Mahbod?
Mahbod Nia
Thank you, Taryn, and good morning, everyone. The advancements made during this past quarter cements our strategic transformation to a pure-play multifamily REIT. We continue to build on our tremendous momentum, achieving a number of significant milestones, including a set of five additional nonstrategic assets despite an extremely challenging transaction market, a negotiated early redemption of Rockpoint's preferred interest in Veris Residential Trust, the reinstatement of our dividend and continued operational outperformance, achieving 12% blended net rental growth and 22% same-store NOI growth despite the broader softening of rents across the sector.
The $360 million of proceeds released from the sale of Harborside 1, 2 and 3 in April provide us with substantial liquidity, allowing for the core Rockpoint's preferred interest, which they subsequently deferred for 12 months. Since then, we have signed binding agreements for the sale of four additional nonstrategic land plots, 107 Morgan Street, Harborside 4, and 2 and 3 Campus for $142 million as well as Harborside 6 for $46 million, alongside 23 Main Street, which also remains under contract for $17 million.