Group 1 - Veris Residential, Inc. (VRE) is identified as a compelling mispriced opportunity in the high-end residential REIT space, having undergone a successful transformation into a luxury residential operator [2][4] - The company owns a portfolio of young, high-quality properties with an average age of just nine years, which reduces recurring CapEx and allows a larger share of rental income to flow to the bottom line [3] - The tenant quality is strong, with an average household income exceeding $390,000 and a rent-to-income ratio of only 12.9%, providing stability and flexibility for potential rent increases [3] Group 2 - Valuation is attractive as shares trade below replacement cost for the assets, creating a margin of safety [4] - Management has focused on simplifying the business, divesting legacy office assets, and reducing debt, positioning the company for organic growth or potential acquisition by private equity [4] - Geographic positioning in Jersey City enhances advantages, benefiting from halted new construction in Manhattan and local regulatory headwinds that increase costs for older buildings [5] Group 3 - The current market price of Veris Residential is seen as a significant discount to the intrinsic value of its luxury-focused portfolio, offering both safety and upside for investors [5] - The company is compared to STAG Industrial, Inc., highlighting a similar bullish view on mispricing opportunities within different REIT segments [6]