Core Viewpoint - Veris Residential, Inc. has announced the tax treatment of its 2025 distributions, totaling $0.32 per share, with specific classifications for income tax purposes [1]. Distribution Details - The total cash distribution per share is $0.32, broken down as follows: - For the record date of 12/31/2024, the payment date is 1/10/2025, with a cash distribution of $0.08 classified as ordinary dividends and a capital gain of $0.08, with an unrecaptured section 1250 gain of $0.042817 [1]. - For the record date of 3/31/2025, the payment date is 4/10/2025, with the same cash distribution and classifications as above [1]. - For the record date of 6/30/2025, the payment date is 7/10/2025, maintaining the cash distribution of $0.08 and classifications [1]. - For the record date of 9/30/2025, the payment date is 10/10/2025, again with a cash distribution of $0.08 and similar classifications [1]. - The total taxable amount for the distributions is $0.32, with an unrecaptured section 1250 gain totaling $0.171268 [1]. Company Overview - Veris Residential, Inc. is a real estate investment trust (REIT) focused on owning, operating, acquiring, and developing Class A multifamily properties in the Northeast [3]. - The company utilizes a technology-enabled, vertically integrated operating platform to enhance the living experience for residents and positively impact the communities served [3]. - The management team and Board of Directors are experienced, guided by strong corporate governance principles and a meritocratic culture [3].

Industry Overview - The Zacks REIT and Equity Trust - Residential industry includes companies that own, develop, and manage various residential properties, generating revenues by renting spaces to tenants [3] - The industry is currently facing near-term pressure from supply overhangs and uneven demand, leading to inconsistent pricing power and elevated expenses that squeeze margins [1][4] Current Challenges - A significant supply overhang persists despite a slowdown in new construction, affecting pricing power and revenue growth, which is heavily dependent on portfolio mix and lease timing [4] - Cost pressures are limiting cash flow growth, as rent growth has softened while expenses remain high, necessitating a focus on execution and efficient investment in existing assets [5] Long-Term Support Factors - Renting remains the most accessible housing option due to high mortgage rates and limited home supply, supporting steady occupancy and renewals [2][6] - Healthy household formation and demand from AI- and knowledge-based workers contribute to stabilizing cash flows and reinforcing long-term resilience [2][7] Industry Performance - The industry has underperformed the broader Finance sector and the S&P 500, declining 8.4% over the past year compared to the S&P 500's increase of 19.5% [12] - The Zacks Industry Rank indicates dim near-term prospects, placing the industry in the bottom 31% of around 250 Zacks industries [9][10] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-FFO ratio of 14.89, which is below the S&P 500's forward P/E of 23.36 and the Finance sector's forward P/E of 17.70 [15] - Over the last five years, the industry has traded between a high of 26.61 and a low of 13.75, with a median of 17.04 [18] Notable Companies - **Equity LifeStyle Properties**: Focuses on manufactured home communities and has a strong demand outlook due to affordable housing needs and favorable demographics. The Zacks Consensus Estimate for 2025 FFO per share is $3.06, indicating a 5.2% increase year over year [19][21] - **Veris Residential**: Operates Class A multifamily rental properties with high occupancy rates of approximately 94.7%. The Zacks Consensus Estimate for its 2025 FFO per share is 69 cents, reflecting a 3% upward revision [23][25]

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]