Veris Residential, Inc. (VRE) Q4 2024 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, good morning. And welcome to the Veris Residential, Inc. Fourth Quarter and Full Year 2024 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 and Secretary. Please go ahead.

Taryn Fielder

Good morning, everyone. And welcome to Veris Residential’s fourth quarter and full year 2024 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 law. 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; and Anna Malhari, Chief Operating Officer. Mahbod?

Mahbod Nia

Thank you, Taryn, and good morning, everyone. To begin, I’d like to take a moment to reflect on Veris Residential’s evolution since the reconstitution of our Board and establishment of the Strategic Review Committee or SRC over four years ago.

We successfully pivoted away from our office exposure, proactively executing large-scale asset sales at advantageous pricing and challenging market conditions, preserving significant value for our shareholders while accelerating Veris Residential’s successful transformation into a consistently top-performing pure-play multifamily REIT with core Class A properties concentrated in one of the top performing residential markets in the U.S.

Concurrently, management has worked closely with the Board, the SRC and the company’s advisors to stay abreast of the state of the transaction market and related capital flows, as well as capital markets, as we evaluate all available avenues to maximize value for Veris Residential shareholders.

We recognize that despite our successful transformation, intrinsic value of our company is not accurately reflected in our share price today. Both management and the Board are keenly focused on closing this gap to intrinsic value through measures including, but not limited to, the crystallization of assets at or close to the intrinsic value where opportunities exist to do so.