The following is a summary of the Veris Residential, Inc. (VRE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Veris Residential Inc. reported a robust 17% increase in Core FFO during the first nine months of 2024, supported by a strong market rent growth and better-than-expected non-controllable expenses resolution.

• Core FFO per share for Q3 2024 increased by 42% year-over-year to $0.17 from $0.12 in Q3 2023.

• Net loss per share improved significantly to $0.10 in Q3 2024 from a net loss of $0.60 in the same period last year.

Business Progress:

• Veris successfully refinanced an additional $308 million in mortgages, enhancing financial stability and reducing property-level debt with no consolidated debt maturities until 2026.

• The company reported 95.1% occupancy rate in their properties with a 55% retention rate.

• Launched extensive renovations at Liberty Towers projected to deliver mid- to high teens return on invested capital and boost annual Core FFO by $0.06 per share upon completion.

• Veris was recognized for its ESG efforts, receiving a third consecutive 5-star rating and being designated a regional listed sector leader by GRESB.

Opportunities:

• Consistent market rent growth and limited new supply in key areas like Jersey City and Port Imperial contribute to the strength and sustained demand for Veris's portfolio.

• The AI-based leasing assistant, Quinn, is reducing operational costs and enhancing resident engagement, underscoring Veris's commitment to technological integration and operational efficiency.

• Veris is set to capitalize on strategic capital recycling within the company and potential investments in their existing portfolio which exemplifies a focus on operational efficiency and portfolio enhancement.

Risks:

• Market slowdown poses a potential challenge, although Veris continues to achieve strong operational results. The impact of seasonal slower leasing periods affects overall performance but is mitigated by strategic management and planning.

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