Financial Data and Key Metrics Changes - The company reported a healthy first quarter with core FFO per share exceeding the midpoint of guidance by $0.05 [4][12] - Same property revenues grew by 3.4% year-over-year, which was 40 basis points ahead of plan [12] - Delinquency improved to 1.3% of scheduled rent compared to 3.9% for the same period last year [5][12] Business Line Data and Key Metrics Changes - The first quarter saw a blended net effective rent growth of 2.8%, with new lease rates improving sequentially from the fourth quarter [5] - New lease rates turned positive in all three major regions, led by Northern California at 1.5%, Seattle at 1.3%, and Southern California at 20 basis points [7] - The turnover rate was notably low at 35%, contributing to stable occupancy levels [6] Market Data and Key Metrics Changes - Total new housing supply delivery as a percentage of stock in 2025 is exceptionally low at only 50 basis points in the Essex markets [9] - Deal volume in the markets was higher in the first quarter compared to the same period last year, totaling $2.5 billion with cap rates in the mid to high 4% range [10] Company Strategy and Development Direction - The company is reallocating into higher rent growth markets and optimizing its operating platform to generate above-market returns [5] - The focus remains on maximizing revenues and generating long-term accretion, with a cautious approach due to macroeconomic uncertainties [8][9] - The company is actively pursuing opportunities to expand in Northern California and is studying other markets for potential investments [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the West Coast multifamily fundamentals being well-positioned for various economic outcomes due to low supply [9][96] - There is a cautious outlook regarding macroeconomic uncertainties impacting business investment and job growth, leading to a decision not to revise guidance upward at this time [8][12] - The labor market remains soft in Los Angeles, affecting pricing power, but there is optimism about recovery as delinquency levels improve [62] Other Important Information - The company has refinanced the majority of its 2025 debt maturities earlier this year, maintaining a strong balance sheet with over $1 billion in available liquidity [17] - The preferred equity portfolio saw around $27 million in redemptions, with expectations for further redemptions later in the year [15][16] Q&A Session Summary Question: Guidance on blended rate growth - Management confirmed that the original guidance included a slight increase in blended rate growth in the second half of the year, and they remain confident in achieving that [20][21] Question: Impact of the tech sector on the portfolio - Management noted that job openings in the top 20 tech companies have remained steady, indicating health in the sector, and they are not seeing signs of weakness [23][24] Question: Occupancy strategy for the second quarter - The occupancy strategy remains consistent, with a focus on pushing rents in Northern California while maintaining occupancy in Southern California due to supply dynamics [30][31] Question: Renewal rates and market tracking - Renewal rates in April were steady, landing in the low fours, consistent with expectations [40] Question: Changes in migration trends - No noticeable changes in international migration trends were reported, but domestic migration to San Francisco and San Mateo has turned positive [102][103]

Financial Data and Key Metrics Changes - For Q1 2025, the net loss available to common shareholders was $0.12 per fully diluted share, compared to a net loss of $0.04 for the prior year [21] - Core FFO per share was $0.16, three cents higher than expected due to early recognition of the Urby tax credit [21] - Same-store NOI growth was 3.2%, with rental revenue up 2.4%, driven by increased occupancy [23] - Core G&A was $9.9 million, in line with the last quarter, with seasonal increases expected to not recur next quarter [25] Business Line Data and Key Metrics Changes - The portfolio recorded a blended net rental growth rate of 2.4%, with renewals at 3.7% and new leases at 0.6% [15] - The Jersey City assets outperformed, benefiting from proximity to New York City, with a projected population growth of 8% to 15% over the next seven years [8] - The company closed $45 million in non-strategic asset sales and entered contracts for an additional $34 million [5] Market Data and Key Metrics Changes - The Northeast multifamily markets showed strong fundamentals, with robust demand and constrained supply [7] - Jersey City experienced a 4.2% new lease rental growth rate, compared to 3.6% in the broader market [9] - There are currently 10,000 units under construction in Jersey City, with limited supply expected to drive rental growth [9] Company Strategy and Development Direction - The company aims to sell $300 to $500 million of non-strategic assets over the next 12 to 24 months [5] - The strategic focus includes recycling capital from asset sales into debt repayment and share repurchases [49] - The company is maintaining guidance due to market volatility and economic uncertainty, despite positive operational performance [28] Management's Comments on Operating Environment and Future Outlook - Management noted that while the multifamily markets have started positively in 2025, there are risks from tariffs and economic uncertainty [7] - The company remains confident in its ability to navigate market challenges and achieve strategic goals [44] - Management emphasized that operational performance remains strong, but guidance is held due to potential economic impacts [54] Other Important Information - The company completed the consolidation of its partner's 15% stake in the Jersey City Urby for $38 million, which is expected to be accretive to earnings [6] - The new resident mobile app has been adopted by over 65% of units, enhancing resident engagement and operational efficiency [18] Q&A Session Summary Question: Can you provide the progression of blended spreads from January to April? - Management indicated that new leases traded positively in February, with blended spreads exceeding 4% in March and 4.8% through April 21st [35] Question: What is the demand trend from Manhattan? - Management noted that 20% to 25% of move-ins come from Manhattan, driven by rent differentials and quality offerings [38] Question: How challenging is it to achieve the $300 to $500 million asset sales target? - Management expressed confidence in navigating market conditions, citing a proven track record despite volatility [44] Question: What is the strategic focus for the company's next chapter? - The focus is on selling non-strategic assets and recycling capital for debt repayment and share repurchases [49] Question: Are there any operational impacts from layoffs or roommate applications? - Management reported no current operational impacts but acknowledged economic uncertainty [52] Question: Can you discuss the Urby acquisition process? - Management explained that acquiring the partner's stake was deemed the best path due to accretion and operational flexibility [62] Question: What is the cap rate for the Urby acquisition? - The cap rate is 6.1%, driven by Q1 annualized NOI and synergies from the acquisition [64] Question: What is the occupancy outlook for Liberty Tower? - Management expects an improvement in occupancy as renovations progress [86] Question: What percentage of the portfolio is excluded from blended lease statistics? - Management clarified that only two immaterial assets are excluded from the blended lease statistics [88]

Core Viewpoint - Veris Residential, Inc. reported strong operational results in Q1 2025, despite market volatility, with a focus on asset sales and portfolio simplification to unlock value [3][4]. Financial Performance - Net income (loss) per diluted share was $(0.12) in Q1 2025, compared to $(0.04) in Q1 2024 [2]. - Core FFO per diluted share increased to $0.16 from $0.14 year-over-year [2]. - Core AFFO per diluted share decreased slightly to $0.17 from $0.18 [2]. - The dividend per diluted share was $0.08, up from $0.0525 [2]. Operational Highlights - The company achieved a Same Store occupancy rate of 94.0%, up from 93.9% [4]. - Same Store blended rental growth rate for the quarter was 2.4%, compared to 0.5% in the previous quarter, reflecting a 1.9% increase [4]. - Average rent per home decreased slightly to $4,019 from $4,033 [4]. Asset Management - The company has closed or is under contract for $79 million in non-strategic asset sales in 2025 [3]. - Year-to-date, $45 million of non-strategic asset sales have been completed, with an additional $34 million under contract [7][8]. - The acquisition of the remaining interest in the Jersey City property, now named "Sable," was completed for $38.5 million, expected to generate over $1 million in annualized synergies [9][10]. Financial Position - The company maintains a weighted average effective interest rate of 4.96% on its debt, with a maturity of 2.8 years [5][6]. - As of April 21, 2025, liquidity stood at approximately $146 million [6]. - Net debt was reported at $1,643,411, with a TTM Net Debt to EBITDA ratio of 11.4x [6]. Guidance - The company maintains its 2025 guidance for Same Store revenue growth between 2.1% and 2.7%, and Same Store NOI growth between 1.7% and 2.7% [13].

Group 1 - Elme Communities will release its first quarter earnings results on May 1, 2025, after market close [1] - A conference call to discuss the earnings will take place on May 2, 2025, at 10:00 am ET, with a webcast presentation available [1] - The company operates approximately 9,400 apartment homes in the Washington, DC metro and Atlanta metro regions, along with about 300,000 square feet of commercial space [2] Group 2 - Elme Communities focuses on providing quality, affordable homes to middle-income renters, aiming to elevate their living experience [2] - The company is committed to building long-term value for shareholders by catering to a deep and underserved base of mid-market demand [2]

Seaport Entertainment Group Inc. (NYSE:SEG) Q4 2024 Earnings Conference Call March 11, 2025 8:30 AM ET Company Participants Matt Partridge - Chief Financial Officer Anton Nikodemus - Chairman, President and Chief Executive Officer Conference Call Participants Operator Greetings, and welcome to the Seaport Entertainment Group Fourth Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] A ...