Core Insights - Veris Residential, Inc. has sold its Harborside 8/9 land parcel in Jersey City for $75 million, with net proceeds estimated at approximately $69 million [1][2] - The transaction is expected to reduce the company's Net Debt-to-EBITDA ratio to approximately 9.0x, down from 10.0x in Q3 and 11.7x at year-end 2024, marking a 53% reduction since 2021 [2][3] - The sale is projected to be accretive by approximately $0.04 per share to Core FFO on a run-rate basis [2][3] Financial Impact - The proceeds will be utilized to further reduce debt, enhancing the company's financial position [2][3] - The remaining land bank is valued at approximately $35 million, primarily located in Massachusetts [2] - Year-to-date, the company has achieved $542 million in non-strategic asset sales, surpassing its original target of $300 to $500 million [4] Strategic Goals - The sale aligns with the company's strategic plan to monetize non-strategic assets and strengthen its balance sheet [3] - The company has raised its asset sales target to $650 million and aims to potentially reduce its Net Debt-to-EBITDA below 8.0x by year-end 2026 [4] - The Harborside 8 parcel is approved for a 68-story tower with 680 residential units, while Harborside 9 is approved for a 57-story tower with 579 units, including a 15% affordable housing component [4]

Core Insights - Veris Residential is experiencing improvements in its fundamentals, including occupancy gains and rental growth, despite its stock price being significantly undervalued [6][9] - Argosy-Lionbridge Management has reduced its stake in Veris Residential, indicating a cautious approach among large investors [2][3] Company Overview - Veris Residential specializes in Class A multifamily properties, focusing on sustainability and community impact [5][7] - As of the latest market close, Veris Residential's stock price is $14.18, with a market capitalization of $1.6 billion, revenue of $285.2 million, and net income of $63 million [4] Financial Performance - In the third quarter, Veris Residential reported a net income of $0.80 per diluted share, a significant improvement from a loss of $0.10 per share a year earlier [9] - The company achieved a 94.7% occupancy rate and reaffirmed same-store revenue growth of 2.2% to 2.7% for the year [9] Investment Position - Argosy-Lionbridge's current holding in Veris Residential is 265,413 shares valued at $4 million, representing 2.7% of its reportable assets under management [2][3] - Despite the company's solid fundamentals, its stock has underperformed, down 19% over the past year compared to a 12% increase in the S&P 500 [3][6] Strategic Focus - Veris Residential aims to meet evolving lifestyle needs of residents while maintaining a competitive edge through environmentally responsible practices [5][7] - The company is actively working on asset sales to reduce debt, currently carrying a normalized net debt-to-EBITDA ratio of 10x [8][9]

Core Viewpoint - Portugal's largest utility, EDP, plans to invest €12 billion ($13.99 billion) from 2026 to 2028, primarily to expand its renewable energy capacity, with a significant focus on the United States [1] Investment Plans - EDP's investment strategy emphasizes the expansion of renewable energy sources [1] - The planned investment period is set between 2026 and 2028 [1] - The total investment amount is €12 billion, equivalent to $13.99 billion [1] Geographic Focus - The company is particularly targeting the United States for its renewable capacity expansion [1]

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha and other financial platforms, with a focus on Real Estate Investment Trusts (REITs) [1] - He has a background in business information systems and experience at Charles Schwab, which supports his analytical capabilities in equities research [1] - Anthony operates his own boutique equities research firm, Albert Anthony & Company, remotely from Texas, and is actively involved in the REIT investment space [1] Company Background - Albert Anthony & Company is a Texas-registered business that provides market commentary and research based on publicly available data [1] - The firm does not manage client funds or provide personalized financial advisory services, focusing instead on general market insights [1] Author's Qualifications - Anthony holds a B.A. in Political Science and is certified in Microsoft Fundamentals and CompTIA Project+ [1] - He is pursuing ongoing certifications in Capital Markets & Securities Analyst (CMSA) and business intelligence/data analysis through the Corporate Finance Institute [1] Media Presence - Anthony has a growing presence on YouTube, where he discusses REITs and shares insights from his investment portfolio [1] - He has participated in numerous business and innovation conferences, enhancing his visibility in the financial community [1]

Core Viewpoint - Veris Residential, Inc. has declared a cash dividend of $0.08 per share for the fourth quarter of 2025, payable on January 9, 2026, to shareholders of record as of December 31, 2025 [1]. Company Overview - Veris Residential, Inc. is a Northeast-focused, Class A multifamily real estate investment trust (REIT) that owns, operates, acquires, and develops premier multifamily properties [3]. - The company utilizes a technology-enabled, vertically integrated operating platform to enhance the living experience for residents and positively impact the communities it serves [3]. - Veris Residential is guided by an experienced management team and Board of Directors, emphasizing strong corporate governance and an inclusive, meritocratic culture [3].

Group 1 - Crude Value Insights provides an investment service and community focused on the oil and natural gas sectors, emphasizing cash flow and companies that generate it [1] - The service offers subscribers access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1] Group 2 - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas market [2]

Group 1 - The briefing is focused on APRA's proposed capital standards for longevity products, with a consultation period ending on December 17th [1][3] - The company is currently engaging with APRA regarding these proposed reforms and will submit written feedback [3] - Certain topics, such as target ranges and capital allocation, will not be discussed during the session as they require approval from the Challenger Board or APRA [3] Group 2 - The event is being held at Challenger's head office in Sydney, acknowledging the traditional custodians of the land [2] - A Q&A session will follow the briefing, limited to analysts and investors who join via telephone [3] - The session aims to provide clarifications and guidance on the proposed capital standards [3]

Financial Data and Key Metrics Changes - The company reported blended net rental growth of 3.9%, significantly outperforming the national market [3] - Core FFO per share increased to $0.20 for the quarter, up $0.03 from the previous quarter [16] - Year-to-date Core FFO is $0.52 per share, compared to $0.49 at the same time last year [16] - Net income available to common shareholders was $0.80 per fully diluted share, reflecting substantial gains from sales during the quarter [16] - The company raised its Core FFO guidance for the second consecutive quarter to $0.67 to $0.68 per share, representing a year-over-year growth of 12% to 13% [22] Business Line Data and Key Metrics Changes - Same store blended net rental growth rate was 3.9% for the quarter, with 3.6% growth in new leases and 4.3% in renewals [12] - Average revenue per home increased to $4,255, over a 40% premium compared to peers [12] - Same store NOI growth was 1.6% year-to-date, with a decline of 2.7% for the quarter compared to last year [17] - New lease net blended rental growth for the Jersey City waterfront portfolio was 6% during the quarter [14] Market Data and Key Metrics Changes - The national multifamily market remains structurally undersupplied, but demand has weakened in select markets due to an influx of new supply [5] - New York City led the nation in rental growth at 4.8%, supported by favorable supply-demand dynamics [6] - The broader New York metro area averaged rental growth of 2.3%, with the Jersey City waterfront maintaining low vacancy levels and rental growth of almost 3% [7] Company Strategy and Development Direction - The company is focused on monetizing select non-strategic assets, raising its sales target from $500 million to $650 million [3][4] - The strategy includes reducing net debt to EBITDA, aiming to deleverage to below 8 times by the end of 2026 [4] - The company is investing in innovative technologies to enhance operational efficiency and customer experience [14] Management's Comments on Operating Environment and Future Outlook - Management noted that softening labor markets, declining consumer sentiment, and more stringent immigration policies could present headwinds to the sector [5] - The company expressed confidence in its ability to maintain strong performance despite broader market challenges [12] - Management highlighted the importance of continued operational excellence and disciplined financial management to maximize shareholder value [22] Other Important Information - The company improved its GRESB score to 90, maintaining a five-star rating and ranking first in its peer group [10] - The company disposed of four smaller non-strategic multifamily assets for a combined $387 million, reflecting an average cap rate of 5.1% [9] Q&A Session Summary Question: Follow-up on same store guidance ranges - Management explained that Q3 same store NOI growth was an anomaly due to the resetting of non-controllable expenses and expects to remain within the guidance range for Q4 [27][29] Question: Visibility into rental revenue and renewal rates - Management confirmed strong visibility into renewals, with only about 0.5% of NOI outstanding to renew, and renewal rates settling around 4% to 5% [31] Question: Leverage target and future focus - Management indicated that the focus will be on executing the extended plan while continuing operational improvements, with potential for further amendments to the plan [34][35] Question: Buyer pool for disposed assets - Management noted a broader buyer pool for smaller assets, while larger assets still face a thinner buyer pool [36][38] Question: Disposition guidance and asset sales - Management explained that the increase in disposition guidance reflects improved market conditions and ongoing evaluation of alternatives to create shareholder value [42][53]

Financial Data and Key Metrics Changes - The company reported blended net rental growth of 3.9%, significantly outperforming the national market, with core FFO per share of $0.20, an increase of $0.03 from the previous quarter [3][5] - Core FFO guidance was raised for the second consecutive quarter to $0.67-$0.68, reflecting a 12.5% increase compared to 2024 [5][23] - Net income available to common shareholders was $0.80 per fully diluted share, compared to a loss of $0.10 in the prior year [17] Business Line Data and Key Metrics Changes - Same store blended net rental growth rate was 3.9% for the quarter, with 3.6% growth in new leases and 4.3% in renewals [12] - Average revenue per home increased to $4,255, representing over a 40% premium compared to peers [13] - Same store NOI growth was 1.6% year-to-date, with a decrease of 2.7% for the quarter compared to last year [18] Market Data and Key Metrics Changes - The national multifamily market remains structurally undersupplied, but demand has weakened in select markets due to an influx of new supply [6] - New York City led the nation in rental growth at 4.8%, supported by limited supply and strong demand [7] - The broader New York metro area averaged rental growth of 2.3%, with the Jersey City waterfront maintaining low vacancy levels and rental growth of almost 3% [8] Company Strategy and Development Direction - The company is focused on monetizing select non-strategic assets, having sold or entered contracts for $542 million, raising the target to $650 million [3][4] - The strategy aims to strengthen the balance sheet and reduce net debt to EBITDA, which has decreased by 15% to 10x [3][22] - The company is exploring a wider range of financing strategies to reduce the cost of capital over time [4] Management's Comments on Operating Environment and Future Outlook - Management noted potential headwinds from softening labor markets, declining consumer sentiment, and stricter immigration policies [6] - The company anticipates continued outperformance relative to peers, driven by strategic asset sales and operational efficiencies [4][23] - Management expressed confidence in achieving the same store NOI guidance of 2%-2.8% for the year [23] Other Important Information - The company improved its GRESB score to 90, maintaining a five-star rating and ranking first in its peer group [11] - The company’s properties primarily attract affluent young urban professionals with an average household income of over $480,000 [15] Q&A Session Summary Question: Follow-up on same store guidance ranges - Management explained that Q3 same store NOI growth was impacted by non-controllable expenses and expects to remain within guidance for Q4 due to low expense growth in previous quarters [28][29] Question: Visibility into rental revenue - Management confirmed strong visibility into renewals, with only 0.5% of NOI outstanding to renew, and renewal rates settling around 4%-5% [30][31] Question: Leverage target and future focus - Management indicated that the focus will be on executing the current plan while continuing operational improvements, with potential for further amendments to the plan [34][35] Question: Buyer pool for asset sales - Management noted a broader buyer pool for smaller assets, while larger assets see a thinner buyer pool, primarily consisting of value-add and opportunistic buyers [36][37] Question: Disposition guidance and asset sales - Management explained that the increase in disposition guidance reflects improved market conditions and ongoing evaluation of alternatives to create shareholder value [41][52] Question: Stock repurchases framework - Management stated that while there is significant value in the company, the priority is currently on deleveraging rather than stock repurchases [43][45] Question: Pricing on asset sales - Management confirmed that the pricing on sold assets met expectations, with a blended cap rate of around 5.1% [50]

Financial Data and Key Metrics Changes - The company reported a blended net rental growth of 3.9%, significantly outperforming the national market [3] - Core FFO per share increased to $0.20 for the quarter, up $0.03 from the previous quarter, and guidance for the year was raised to $0.67 to $0.68, reflecting a 12.5% increase over 2024 [5][22] - Net income available to common shareholders was $0.80 per fully diluted share, compared to a loss of $0.10 in the prior year [17] Business Line Data and Key Metrics Changes - Same store blended net rental growth rate was 3.9% for the quarter, with 3.6% growth in new leases and 4.3% in renewals [12] - Average revenue per home increased to $4,255, representing over a 40% premium compared to peers [12] - Occupancy rate was 95.8% excluding Liberty Towers, and overall occupancy was 94.7% [13] Market Data and Key Metrics Changes - The national multifamily market remains structurally undersupplied, but demand has weakened in select markets due to new supply [5] - New York City led the nation in rental growth at 4.8%, with limited supply driving robust demand [6] - The Jersey City waterfront maintained low vacancy levels and rental growth of almost 3%, reflecting strong demand [8] Company Strategy and Development Direction - The company is focused on monetizing non-strategic assets, raising its sales target from $500 million to $650 million [3][4] - The strategy includes reducing net debt to EBITDA, aiming to reach below 8 times by the end of 2026 [4] - Continued investment in technology to enhance operational efficiency and customer experience [15] Management's Comments on Operating Environment and Future Outlook - Management noted potential headwinds from softening labor markets and declining consumer sentiment [5] - The company anticipates that the New York City demand-supply imbalance will continue to fuel sustained demand for housing [9] - Management expressed confidence in achieving the same store NOI guidance of 2% to 2.8% for the year [23] Other Important Information - The company improved its GRESB score to 90, maintaining a five-star rating and ranking first in its peer group [11] - Year-to-date controllable expenses grew by only 1.9%, well below inflation [15] Q&A Session Summary Question: Follow-up on same store guidance ranges - Management explained that Q3 same store NOI growth was impacted by non-controllable expenses and expressed confidence in staying within guidance for Q4 [28][29] Question: Visibility into rental revenue and expirations - Management confirmed limited exposure in Q4 and strong visibility into renewals, with renewal rates around 4% to 5% [30][32] Question: Leverage target and future focus - Management indicated that the focus will remain on executing the current plan while evaluating operational initiatives [34] Question: Buyer pool for asset sales - Management noted a broader buyer pool for smaller assets, while larger assets have a thinner buyer pool [36] Question: Disposition guidance and asset sales - Management clarified that the increase in sales guidance reflects improved market conditions and ongoing evaluations of asset sales [40][50] Question: Share repurchase framework - Management stated that while share buybacks are seen as valuable, the priority is currently on deleveraging [42][44] Question: Transaction market activity - Management observed early signs of renewed interest from Core Plus Capital, indicating a potential shift in market dynamics [51][52]