Veris Residential(VRE)
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Veris Residential(VRE) - 2021 Q3 - Quarterly Report
2021-11-03 20:33
Table of Contents Mack-Cali Realty Corporation Mack-Cali Realty, L.P. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-1327 ...
Veris Residential(VRE) - 2021 Q2 - Earnings Call Transcript
2021-07-31 16:48
Mack-Cali Realty Corporation (CLI) Q2 2021 Results Conference Call July 29, 2021 8:30 AM ET Company Participants Mahbod Nia - CEO David Smetana - CFO Conference Call Participants Manny Korchman - Citi Brian Spahn - Evercore Jamie Feldman - Bank of America Tom Catherwood - BTIG Operator Good day, and welcome to the Mack-Cali's Realty Corporation Second Quarter 2021 Earnings Conference Call. Today's call is being recorded. I would like to remind everyone that certain information discussed on this call may con ...
Veris Residential(VRE) - 2021 Q2 - Earnings Call Presentation
2021-07-30 17:34
MACK-CALI® Supplemental Operating and Financial Data 2Q2021 July 29, 2021 The Upton – Short Hills, NJ (Commenced Lease-Up) RiverHouse 9 - Weehawken, NJ (In-Construction) Table of Contents | --- | --- | |--------------------|-------| | | | | Company Highlights | Page | | ▪ | 4 | | ▪ | 5 | | ▪ | 6 | | ▪ | 8 | | ▪ | 17 | | ▪ | 20 | | ▪ | 21 | | --- | --- | |-------|-----------------------| | | | | | | | | Multifamily Portfolio | | ▪ | | | | Operating Schedules | | ▪ | Financial Statements | 23 26 ▪ Office Port ...
Veris Residential(VRE) - 2021 Q2 - Quarterly Report
2021-07-28 20:31
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13274 Mack-Cali Realty Corporation Commission File Number: 333-57103 Mack-Cali Realty, L.P. Mack-Cali Realty Corpora ...
Veris Residential(VRE) - 2021 Q1 - Quarterly Report
2021-05-06 21:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Table of Contents (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13274 Mack-Cali Realty Corporation Commission File Number: 333-57103 Mack-Cali Realty, L.P. Mack-Cali Realty Corpor ...
Veris Residential(VRE) - 2020 Q4 - Earnings Call Transcript
2021-02-26 18:39
Mack-Cali Realty Corporation (CLI) Q4 2020 Earnings Conference Call February 26, 2021 8:30 AM ET Company Participants Ashley Cotton - IR MaryAnne Gilmartin - Interim CEO & Chairman David Smetana - CFO Ricardo Cardoso - EVP & CIO Marshall Tycher - Chairman, Roseland Residential Trust Edward Guiltinan - SVP, Leasing Conference Call Participants Derek Johnston - Deutsche Bank Steve Sakwa - Evercore ISI Manny Korchman - Citi Elvis Rodriguez - Bank of America Merrill Lynch Operator Good day, everyone, and welcom ...
Veris Residential(VRE) - 2020 Q4 - Earnings Call Presentation
2021-02-26 14:58
MACK-CALI® Supplemental Operating and Financial Data 4Q2020 February 25, 2021 | --- | --- | --- | |------------------|-----------------------------------|-------| | | | | | | | | | | | | | The Upton – | Short Hills, NJ (In-Construction) | | | | | | | RiverHouse 9 - | Weehawken, NJ (In-Construction) | | | | | | The Capstone – West New York, NJ (In-Construction) Table of Contents | --- | --- | --- | |-------|-------------------------------|-------| | | | | | | Company Highlights | Page | | ▪ | Company Overvie ...
Veris Residential(VRE) - 2020 Q4 - Annual Report
2021-02-25 21:54
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-13274 Mack-Cali Realty Corporation Commission File Number: 333-57103: Mack-Cali Realty, L.P. MACK-CALI REALTY CORPORATION MACK-CALI REALTY, L.P. (Exact Name of Regi ...
Veris Residential(VRE) - 2020 Q3 - Earnings Call Transcript
2020-11-08 08:16
Financial Data and Key Metrics Changes - The company reported core FFO per share for Q3 2020 of $0.30, down from $0.38 per share in the prior year period, primarily due to asset sales and pandemic-related disruptions [16] - The office portfolio achieved a 2.1% GAAP same-store NOI increase and a 15.2% cash increase for same-store NOI in the quarter [17] - Rent collections averaged 96.9% in the office portfolio and 99.5% in the multifamily portfolio for the quarter [19] Business Line Data and Key Metrics Changes - The multifamily portfolio experienced occupancy pressures, with the Roseland portfolio finishing Q3 at 91.7% leased, down from 92.6% in the previous quarter [33] - The suburban office portfolio executed over 107,000 square feet of transactions with rental increases of 11.8% on a cash basis and 23.7% on a GAAP basis [22] - The same-store portfolio, excluding two assets under renovation, saw an 11.7% decrease in NOI due to a 3.3% loss in revenues and a 10.3% increase in expenses [34] Market Data and Key Metrics Changes - Investment demand for suburban office in New Jersey remains healthy, with year-to-date sales totaling approximately $2 billion [28] - The company has 9 suburban assets under contract totaling $395 million, with expectations to close 3 of these properties before year-end [31] - The company anticipates approximately 375,000 square feet rolling at the Waterfront next year, with significant move-outs expected [69] Company Strategy and Development Direction - The company is focused on three key initiatives: noncore asset sales, waterfront commercial asset focus, and optimizing the Roseland portfolio [6] - The strategy includes targeting New York City users, particularly tech companies, and repositioning waterfront assets to meet post-COVID demands [12][13] - The company is exploring life sciences offerings at Harborside to capitalize on Jersey's dominance in this sector [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the pandemic but remains optimistic about the long-term value of the portfolio and the demand for multifamily assets [14] - The company plans to continue selling suburban assets at or close to NAV and is focused on strategic repositioning of commercial waterfront assets [15] - Management is optimistic about the execution of the disposition strategy, assuming financial markets remain stable [31] Other Important Information - The company suspended its third and fourth quarter dividends to preserve liquidity [25] - The net debt-to-EBITDA metric was 12.1x at quarter end, elevated due to multifamily development debt and negative impacts from hotel and parking operations [24] Q&A Session Summary Question: Interest in Permanent CEO Position - Management stated that the interim CEO is focused on current responsibilities and not on the search committee for a permanent CEO [43] Question: Selling Waterfront Assets - The focus remains on suburban asset sales, but the company is open to considering waterfront asset sales in the future [44] Question: Attracting NYC Tenants - The new team is targeting large users needing contiguous space and offering a range of alternatives to meet tenant needs [47] Question: Suburban Asset Sales Challenges - There is strong interest from private investors, but financing remains a challenge due to selective lending practices [53] Question: Timing for Suburban Sales Completion - Management expects to execute suburban asset sales throughout 2021, managing expectations due to external factors [56] Question: Construction Projects Yield Expectations - The company anticipates maintaining yields above 6% on construction projects, with strategies to utilize free rent during lease-up [57] Question: Pricing Discussions for Suburban Assets - Pricing discussions for assets remain within 5% of initial contracted numbers, with no significant cap rate changes [62] Question: Life Sciences Space Demand - The company is assessing capital requirements for transforming buildings for life sciences tenants and is in early discussions with potential partners [66] Question: Hoboken Office Asset Sale - The sale fell through due to a reduced purchase price that the company was unwilling to accept, but they remain confident in creating value from the asset [84]
Veris Residential(VRE) - 2020 Q3 - Quarterly Report
2020-11-04 21:36
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13274 Mack-Cali Realty Corporation Commission File Number: 333-57103 Mack-Cali Realty, L.P. Mack-Cali Realty Co ...