Veris Residential, Inc. (NYSE:VRE) Q3 2023 Earnings Conference Call October 26, 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
Eric Wolfe - Citi Research
Steve Sakwa - Evercore ISI
Anthony Paolone - JPMorgan
Josh Dennerlein - Bank of America
Thomas Catherwood - BTIG
Operator
Greetings and welcome to the Veris Residential Inc. Third 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. Thank you, Ms Fielder, you may begin.
Taryn Fielder
Good morning, everyone, and welcome to Veris Residential's Third 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. In the third quarter, we continue to build upon the strong results we delivered during the first half of the year. Since redeeming Rockpoint’s preferred interest in July, we’ve closed on the sales of four non-strategic asset releasing a $122 million of net proceeds which were used to repay the balance of the term loan and revolving credit facility and refinance approximately $350 million of debt proactively addressing near term debt maturities and enhancing our overall debt maturity profile.
Operationally, we continue to outperform during the third quarter achieving a blended same-store net rental growth rate of 9.3% and same-store NOI growth of 17.1% despite wide spread suffering of rents across the multifamily sector.
The $122 million of non-strategic assets closed since the end of the second quarter versus the total value of transactions closed this year worth $0.5 billion, specifically the most recent transactions completed include two further office buildings, Harborside 6 and 23 Main Street and two Land plots Harborside 4 and 3 Campus.