CLI - Earnings call transcript Q3 2017 | Veris Residential, Inc.

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Operator

Good day, everyone, and welcome to the Mack-Cali Realty Corporation Third Quarter 2017 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Michael DeMarco, Chief Executive Officer. Please go ahead, sir.

Michael DeMarco

Operator. you, Thank and Quarter everyone, for the joining Good Earnings thank Call. Third XXXX Mack-Cali morning, you This DeMarco, is Mike CEO of Mack-Cali. It's in Jersey on the day a City. great waterfront Tycher, multifamily I'm of our partners, by joined Marshall today CFO. Roseland, and operation; our Tony Krug, my Chairman legal the everyone certain On federal on securities note, information within statements must constitute may law. call forward-looking I the discussed remind a that this meaning of

the reports cannot a filed filed and anticipated impact one for press statements of believe will number it this factors are we in the based for give supplemental that the assurance assumptions, revamped reasonable release, we the company suggestions. We that with Although could achieved. these the we results SEC our slimmed-down quarter be refer quarterly night, on company. based estimates Last and risk on again to reflected you annual

We'll information, key this most We we welcome work only will continue call. to comments. the be refine this contain supplement and during therefore, in to the also document referring relevant to all pages to

fourth strategic results provide Tony and our As recap we're questions. our overview break quarter to on the will we and down of insight view as of as call an performance I guidance before will going the office into update sections. an our XXXX our then before, take then our I for provide multifamily of Marshall markets. we operations. will activities capital market the following plan provide your well discuss operating and quarter, to our our have for done the leasing will

a for of and groundwork and tenth had quarter, we laid the delivered positive XXXX night, results good last XXXX our disclosed we in for as a row as very team, beyond. beginning the As a

as The XXXX balance as lease-up a delivered the reasons. completed that units early and fourth quarter XX% the close. Our we portfolio, or we which number coming has dispositions key are quarter rebalancing of this our a have for to We now this completed close up of involved year to over of is today. tax X,XXX been disposition strategy, in occupied

waterfront tight historic we've early expansions with of per a Lastly, some the rent concessions all and on in like form of renewals, comments with new square areas some in $XX to business. deals, X to at activity some of I'd highs foot. make our $XX additional seen the

again, and I'd which of a continues X.X% operations, to point of this excellent operation our objectives company. allowed us, we same-store the growth for regarding produce also all in to effort press in a on We a highlighted transform year-to-date release. XX, First, Page we had quarter AFFO, on another growth out, The quarter and for solid outperform. quarter results business our our executed XXXX. had residential disposition perspective, from NOI to we in leasing operate

Second, sheet We the quarter, ratio and strengthening maintained fixed X.Xx coverage is a core focus. with interest of our at balance leverage X.X. charge ratio at this our

on we've quarter longer reducing sales to sheet, now quarter, due debt our balance we no line Our focus drawn which is and this each can as being started levels, we down effort. refinanced our

both early As first available in complete and targeted of a credit, we upcoming in Tony over debt of pay to quarter and sales now will this go line detail, off are and have quarter unsecured XXXX. secured

defined. been has portfolio our Third,

locations office multifamily. focus other key transit-based and a both waterfront the for have We on and

X needs but quarters, after the do both increasing sales flow investing revenues we our of XXXX. for real for our quarter our in complete activity and of completed earlier, office results in platform new improvements being funded gyms while transformation by our stated last delivering early has and will a perceived the the increasing first net million stronger XXXX, approximately million As note multifamily using producing we're be margins. the dividend In future, in cash the The dramatically. are This been it in that are assets way to $XX flow of substantially CapEx noted These fact number to cash expect net in and and changing and is be of operating be showing by early we'll Take will The we totaling renovations the XXXX. marketplace lobbies. brokers. $XX cafe, tenants fund in our are is Harborside. highly transformation

leasing. Moving on to

portfolio significant leasing flex square some excellent from quarter, quarter, bringing at activity We leased and XX, year-to-date waterfront X.X as transactions at of XX.X% core million our to levels. feet October fourth was XX.X%. signed quarter September last over up properties square a leasing currently solid of activity slightly XXX,XXX during feet. Our We're had commercial having almost the

on on As X.X% we in XXX,XXX segments, previous our exceeded XX.X% indicated on previous portfolio, of feet calls, quarter, GAAP and have a set given third -- rolled deals for per quarter cash rents goal we repositioned up basis. square this quarter. all a our and Across it

the For year, GAAP. and rents on X.X% at a XX.X% up cash have we full rolled

on We costs. continue line the leasing to hold

per For term. we of $X.XX this committed quarter, per year square foot lease

third XXXX migration several is that where total, average long-term renewal we've with in on quarter signed rollover. transaction XXXX Montefiore buildings for XXX,XXX been our in year-to-date mentioned New of Westchester I well Center recent of last across represent and highlight our feet And call, York. as $X.XX, we County, is square of feet XXX,XXX below Our years. Medical our the Of

feet. supplemental, X.X to As XXXX preliminary this thoughts XX. XXX,XXX remaining on rollover some In for how million have plan feet, expirations have we square approximately sell, handle to is reduced Page and XXXX we the rollover properties the square for been to

have a underway, tenant connecting companies slow less but our than Place Hudson and addition interest continues, X and those Brookfield great directly addition for us. transformation Our been is in commit. us is Harborside believe still ferry to Harborside We in of well minutes station Yards to of a

the asking Hudson already historic Waterfront, on rents rose increased highs. above X.X%, vacancies While slightly again market their

markets. Looking at the broader

$XX.XX. drops the A activity is rich and lag XXXX's to have science waterfront Leasing Direct the life anticipate being produced Demand in be We and vacancy. pace. by positive look across transit we such stayed increased largely behind that state Tony. call drawn to rents as $XX.XX continues quarter. this key year. and now County to Metropark Jersey the locations. bay breakneck turn to to from our over finish sectors Class significant Monmouth But will many year-over-year third markets course have to tech driven forward New during a I'll

Anthony Krug

per quarter to XXXX. ended from as or share $X.XX or September for for Thanks, the ended $XX.X operation compared Funds share September the million XX, XXXX, $XX.X per million amounted $X.XX XX, Mike. quarter to

per $X.XX for XX, XX, per share per ended net XX, million million for was quarter X the September Core to or $X.XX share the $XX.X per share year. as $X.XX equaled FFO for to per or period for September for loss $XX.X last compared or $X.XX quarter XXXX. For the quarter as available million ended share quarter income XX, same share per $X.XX ended compared share Net million $XXX.X September months the $X.X was September million the shareholders to XXXX. as XXXX, or million ended to XXXX, or to the FFO or $X.XX $XX.X compared $XXX.X common of a

for year. period share income months of a $X.XX September Included cash $XXX to gains ended was per months same were with $XX.X store X.X% property XX, $XX the and million X for company GAAP net and from million gains the XXXX. net GAAP last transactions the the million, property quarter for X.X% in basis the quarter, for of of the and a million transactions $X.X office public from cash. net X.X% Same months per million for Roseland income first for X common an was share $XX.X on XX, X and NOI or $XX.X September the for on quarter of with at ended X.X% million XXXX, for to up as $X.XX or million for basis increase our shareholders income $XX.X compared available G&A Total For was subsidiary. the company

Turning statistics. to financial our

XX.X%, weighted the and assets of quarter-end net ratio charge interest was billion for fixed X.XX%. debt-to-EBITDA Our of a total coverage had a indebtedness rate Debt-to-undepreciated at quarter. with X.Xx. annualized interest Xx We coverage X.Xx was for average the quarter $X.X was and of ratio

million I now will turn call was $XXX facility to quarter-end. unsecured over undrawn credit Marshall. at the Our

Marshall Tycher

X approximately communities as to $XX large of Urby, Thanks, FFO. a our lease of strong portfolio Overlook in additional phase Monaco and XX% had XXX-unit, commenced Urby XX.X% of of Jersey MX north which during expect, Tony. XX-floor Boston. over percentage of respectively. of City the representing quarter, waterfront, along Moreover, $XX; average Place, with Collectively, maintained sub-markets of total in XXX-apartment leased City our percentage XX.X% Ridge Chase quarter's At stabilized in Overlook XX.X% Roseland II operating XX% the a X,XXX end, MX, is X% portfolio a our lease-up apartment community will year, is quarter. our II, City Ridge, rents and tower Roseland's up were and million and Chase most last we had third master delivered community, we Lower recent deliver stabilize in the Jersey development in early stabilization XXXX. over for Marbella, compared average and stabilized led apartments that March, Jersey Urby. Rents these recent of Westchester plan of X year-over-year, last our approximately will lease-ups leased XXX-unit project Quarry activities currently X.X% and an where stabilized adjacent by and, Tuckahoe in leasing lease

has construction projects. leased-up X X,XXX in addition our hotel In and and Roseland to and XXX portfolios, keys stabilized apartments

at Eastern X, and a These XX%. Massachusetts. X%. in hotel, Average $XX.X Page a first community forecast produce of of Square Port Roseland including deliveries in additional apartments from represents the costs Phase the Waterfront upon stabilization. FFO NOI, in community X,XXX Signature downtown on Imperial; New million Plains, City ownership $XX quarter detailed of construction XXXX in to XX Hudson portfolio construction community representing program; $XXX re-purposing XXX-unit approximately portfolio, Phase waterfront; XXX-unit supplemental, across including the this a million untrended apartment this Boston yield, RiverHouse forecast located generating million apartment XXX-unit of of blended quarter of first Jersey, community with X, As XXX-unit Morris our XX, of was the projected delivery are in Place, on the deliveries the portfolio Residences Portside East initial of first our a We

the generate of sup, active our forecast and Roseland As would recently we million into acquisitions after Jersey City. in acquired of construction site on portfolio property. future ultimately and utilize service. the entered land combined new X exchanges. which detailed development note on lease-up encumbering third Page the will develop XX enable debt We're In acquire company XXXX will company a quarter, approximately FFO $XX us million the a to working and which potential $XX.X had additional approvals,

In acquire addition, subsequent development to waterfront to a sub-market. quarter-end, in and Roseland improve agreement Jersey an reached City's site residential

construction a allow commencing school end for us are XX-year before and will We corridor. We a start tax Development mid-November in and of retail of the to targeting -- anticipate XXX-unit construction Port a a elementary XXX-unit mixed-use from will Imperial. Port abatement. Riverwalk benefit an close Riverwalk project, this include below-market will Imperial's mid-XXXX year's neighborhood complete which construction C site

City, We of Ridge. future pre-development in XXXX, Jersey Overlook activities number Imperial on finalizing and Port including starts a are also Harborside in

approximately supplemental, the per be Rockpoint $X.XX participation, share. approximately $XX.XX NAV NAV $X.XX detailed Roseland share Mack-Cali of Roseland a accounting billion. for outstanding in or billion As Mack-Cali's After will of we estimate

turn is to or Group Waterfront in of submarkets. in-construction and capital this along investment geographically Roseland. key primarily quarter-end, Hudson operating $XXX over At concentrated Mike remarks. the the Boston Rockpoint value and had now for million closing the assets call I'll Importantly, in

Michael DeMarco

Marshall. Thanks,

as on Before we we take quarter note. questions, third I finished the a strong earlier, stated XXXX

expected, making FFO You quarter started a the year, our deal would in last have range sold pending in in of by of of believe of we to of $X.XX which XXXX is and updating in early is looking even of for the in us months, our Consider over guidance $X.XX. the great and than however. We've FFO. earnings in the accretive. results. of allowing to significantly million transactions. also difference bit our work it's our strengthen done execute assets a XXXX complete XX assets June. We all share half efforts know stronger guidance provide in that Selling $X.X We'll company, we when more to Fourth we sale year-end, XXXX really of rarely a equates will a results $X.XX objectives. billion $XX loss approximately to we're or X%, therefore, time The per the inherited

the costs, X over costs. We vacant our accomplished margins. multifamily platform time now in forward. We always of quarters I How and reversed The and we ways. rent reduced However, up real And cost is established roll-down growth our this? looked why XX sixth We expanding We GAAP a this do mentioned reduced it earnings prospects. this operating have capital. of increased least, significantly. confidently We actually reason leased not and cash lowered which in roll-up. we've we personnel did supported We thereby, space.

do -- Someone to personally still, future at in that that in will which the of Once guess, past last these an week talk me in XX solely which is areas the I for what end a to coming over leave we early months. moment accrete to XXXX, exists told we look about, the next gains us we've take this will I accomplished earnings. year, sale should we all complete to the process, the

preview, As that XXXX major in opinion. we'll year be on a a will be X areas, our focused

First, current outlined. the -- of We And on this lease-up excellent based go that multifamily then a conditions, of as will come that they from very the well. projects. throughout come variety and Marshall the deliveries believe, year,

waterfront of and productive I earnings our will the value believe Second, turn based our steady progress lease-up now it for and greater first please? ultimately higher over in make improvements. drive the and we Operator, planned the questions. will and completed for vacancies on shareholders. question, We

Operator

Instructions]. to John [Operator Guinee, Stifel. We'll go

John Guinee

see. Let's

correct, from I there's and think your was there that and year-to-date of a sup, omitted noticed acquisitions no Is list property list Tony? I dispositions. First,

Michael DeMarco

rule checking. He'll to or it. when XX down struggle, do He's of we less. we through look get a pages sup, we to John, it the have --

have might particularly those we -- relevant. thought So about pages that not being

Anthony Krug

places. we But guess a a forward, past, in as and we have the look in future, and I XX-Q. the dispositions, property making number But the the in I put in don't Yes, the different pointed is activity out and going information page have in change sup list, we'll can is acquisitions the you a the might John, of to the to

Michael DeMarco

assume your next that's suggestion quarter. will for done If it John, be

John Guinee

for that it looks proceeds and like the $XXX want paid understand you're you only you $XXX And order and dirt? don't X you other probably something dirt. that about that is is their price million. and on that a yet piece understand guess pound replacement correct? and looks million costs adjusting that What this I everyone that who And the for cost million simple? rates don't that that people per NAVs of $XX wants Second information key, piece the did for that understand in $XXX,XXX guys call to Do do like it cap you of and Is to pay development accordingly.

Michael DeMarco

are The projects in about... we look City at Jersey

John Guinee

Just answer the question.

Michael DeMarco

Yes, that's XXX...

John Guinee

it how much the did that? one, much it answer how dirt? And XXX-unit does is you close? for the the Yes, you when to -- going What for Just question. pay cost

Michael DeMarco

for land. $XXX would about the million And million. $XXX million to -- be It's closing project about $XX at the of

correct. You're

John Guinee

Okay.

just closed at of you when land So you're million debt-to-EBITDA. an $XXX Xx on net

the us $XXX delever told just worth math you're million told debt. on of your on $XX and of to Harborside, Jersey going down renovating I work. plus know and pay you're core spend that $XXX portfolio North you've million to going office us million also You doesn't

Michael DeMarco

work, does John. It actually

John Guinee

Can you why I'm me explain wrong? to

Michael DeMarco

all so of up. jumbled them together we already put funded... you've One, because it Well, you kind quickly,

John Guinee

Okay.

Let you me to give it again.

it give again. you to me Let

Michael DeMarco

I the Thank at of has It I that November, That's million funded give we it, I as The all you completed in January money in out. you. don't substantially. been left, it But John. to again. latest. already here almost done, sit we renovation, need little need right? already John, February again. bit have don't aside. a that been There's right? gets put or So $XX

million, we comes all, to million a project That's cash of renovation X-year can Harborside we easily Second $XX It's of project. the $XX to handle. off flow. X- which

Marshall getting we was the I reinvest out, acquisitions penalty because I mean the proceeds. tax made what in the XXXXs, Third, pointed had to were money exceeded as basically which

really we down. why XXXX. down this didn't it I taking money we used Fourth, quarter and already paying of laid about lines with the down slightly went some as a So That's have being debt in out debt. choice I that paid

new We made acquisitions. any haven't really

But doing and we're Plaza objectives on the reinvest our going all are what them. outlined. laid have assets. in dispositions, balance due flow and the X accomplished now have So I forward December Otherwise, sales which is that want to X, still bonds out, continuing for in pay we coming to I right? go come that to through the mortgage a our we have that cash the of I to off

John Guinee

the quarter, proceeds? $XXX million your of acquisitions debt Trust sale plus the the few plus quarter from do fund finance So what of out Harborside, you fourth the Realty third land units the of those $XXX of debt, of then end how a worth starts? $XX million, plus sale thousand And is proceeds until of end Roseland million of --

Michael DeMarco

land sales next River, to order or embedded sold deals in has cap which I parcels, large avoid. for new is fairly which Saddle gains, are one already year, right? we can't No we the debt substantially have starts than -- starts construction XXXX deliveries lines draw of been already funded. new that draw the are don't a sheet. down don't the acquisitions sell -- going the fund -- well, little bit X a due balance put It's is off project. will start to Upper our on we The a we The -- which already in, that money Other the

we been the that I with which I just sometime it's a City River, future, and Saddle a money Once Jersey use. safe So moving could on, Upper easily which and JV you own institutional more any in I'm land, Jersey we capital will, City, it don't dead can essentially sitting have have develop in to could an site in which, because you is, XX-XX in put to using the those a which land do partner. proceeds,

I'm not looking So was basis. expand to to more looking protect deals. buying tax sheet by our the balance I

to Center, we then which another tax had the into embedded transaction, which deal over on the gains get proceeds we was site. Curtis the into to sold an we roll other City we don't prior the gain needed Curtis, sales don't the into Wyndham rolled, base. The had Again, my we which taking Jersey over, roll rolled if because I tax

So I dead and in rolled had a both which put can X I them the money deals, X which or parcels, joint of to partner into NOI to just future I land then think EBITDA us, venture develop. attract

putting goes years. aside, already has that funded. the The over out Harborside So X been suburban

line So core now The question, we're undrawn. left is with sales. is which sales, right the the now, the

it. future So laid X. the down it proceeds. out. The and a pay had then Plaza Between And we to quarter, We first enough paid out. mortgage to off basically use the sales line basically We bonds, balance have it's the off. pay go on it on it basically and use the we now

John Guinee

done been more done sales of done X/XX? of mentioned hasn't been much but hasn't listed what's been many how times you and And so never much how -- as the what asset

Michael DeMarco

the $XXX use. are I contract. Page the we million And additional another did page, I and $XXX-some-odd give probably the had in what scheduled take. it on lot. essence I contracted might sup, year. have a the That have might have put the about I bonds says I of of beginning next I over million, to X/XX, million On that basically little on million. have to what forms about XX we for. $XXX under through for have bit mortgages, ones some John, disposition or $XX That's would be

Operator

next to go Bilerman, We'll Citi. Michael

Michael Bilerman

the 'XX leased just massive to wanting I because you about the stuff the lag your wondering and up and of on leasing Look, of if I that's sup your rolling. stay the through of what's XXXX have this Based think you for in Xx as was can yet some office only the sheet in under go expirations coming balance and goal will debt-to-EBITDA. stated not that's portfolio, activity

got the then you leased, You rent. tenants to redemise start work ultimately, The to cash to space. have got they'll out, then got paying and and it

gets that's And us -- of walk amount So question not recognize through a that It's go it inconsequential of not space you time. to away going if gets say it it's re-leased. NOI and and during I rented. EBITDA it's or when

So stuff right? big a space chunk potentially is the leased, yet still as it's that's to Someone big rolling quarter, be not in take is, plus not fourth and going XXXX. the the it could lag, in a

to walk timing down up. where can through you like the go potential it what stand things maybe before that, is and just some because of So sounds is EBITDA it goes going

Michael DeMarco

right the combined, if you out, we've feet it's a it's down XXXX sup It to about portion on for what is we're that's million which normally at puts number. selling. the So non-core, square Page right? portfolio. X breaks components XXXX the redefined smallest because XX have to basically So the for XXXX than us that The we get look allow been and easy some lighter to little

Hills those Metropark, that in XX% give low The been County, that maybe be XXs, So X%, feel Short on with remaining that. which uncomfortable The to take, been remainder. relatively core to don't has we and about so is expand. little flex or the portfolio high good over. tenants of is there's really tenants that and about, which a mostly have want enjoy which Flex urban don't occupancies, We're XX% we the gone, in rolling X%, deal or is is we rollover. just Westchester some will always so

it a quarter. quarter the core, on we some tenants The first easily. suburban couple we're the hopefully, the or have taking new of So in, fourth XX% relatively good of space

us. million, I a means So believe they'll that $XXX soon, paying they'll achieve rent which shouldn't in which which early, will for then problem be us be be help

bigger tenants, bigger waterfront, really rents, bigger it vacancy. to comes So down the

probably totally there building, get I is as offline, Bank The basically John, So the to Plaza expiring upon from get $XX $XX should standard to in Deutsche to that buildings to that we get which level, which we we which $XX just rents that those in rent $XX, with on standard and the to, going the it other marketplace, if the we discussed do we'll be the what redo that could going is think, we able get the is to redo to given is we want. to X rents.

on return the is excellent. invested So dollars

would be how that you vacancy long okay, say, problematic the Now if with. does block last it deal take. that's of But we'll

We in looking floor. tenant to have expand XXX Hudson take a a to

tenant tenant We in expand. a -- looking a a of new have a looking to have at then tenants to And couple we looking Hoboken. space

and the think still we And up square it If fourth we leasing and recoup it stuff we need have in feet should roll that next we XXX,XXX on new of almost year. XXX,XXX square quarter, XXX,XXX we're we could quarter, XXX,XXX, to eat around same plus that basically the do losing. some way, programmably, about the do leftover. do about to between waterfront So for of quarter fourth that each will feet the us everything

hope it's problem. X-quarter So we a

first the The we moves. we think right made quarter,

to year, losing, that to place. to act. as quarter the first get the of we're a at obviously, The have and you we quarter subsequently then, it rents each balancing have Now next to look need same

ramped has multifamily Our up.

provide cash year have course the revenue. greater And during that the us the deliver of now the the So quarter delivered year next things year. flow we Marshall this that units in fourth

steadily while office the bottom So out. hit. that's we're one meaty a the more don't we're losing other gaining balance multifamily line because and on And revenue on side, X

and -- That think then, the have during a cylinders, I the loss multifamily we Michael? on growth then substantial two The answer question, to up 'XX you'll been it's because have add numbers. which combined re-rented, have all an waterfront stabilized. we will should can us Did our year course running your recoup the is to of by then we 'XX. engine that for but a the have excellent loss, We sets have

Michael Bilerman

certain I cash and numbers for quarter rebuild-out to the the lost Well, re-lease there's fourth period be and to XXXX There's it, have mean, me go tenants. can be a right? going NOI space, before EBITDA of time let and to roll, recommit of a space the going roll, the rent-paying ultimately amount you

to developments hard and understanding having not pretty loss some the So to significantly benefit by business amount put the of there, does talked you out, your I leverage I'm time ramp understand you're office which up EBITDA. from how multifamily then get the about, going of but that in business the and need a capital you've

perspective. in right? and in of second trying And will a it, have we when get discussion a the much bridge getting the debt call first on EBITDA you're the going from so or higher, stats to quarter your sort show I'm there about and So leverage lower of understand have to just to your sort

Michael DeMarco

leverage. perspective, leverage the is we've what we've done bifurcated a From

So been while has the really at right, on. looks where we put the split. it's Xx, is leverage says Xx The and John most business it of office

-- in business. that sorry, added, the much of we office really, the haven't We in the multifamily not business, added leverage leverage

or project one, acquired XX% debt-to-EBITDA. we at we which So obviously blows leverage, a every net your build we're time

started somewhat the office now Plaza through take we've of the on earnings it the side, is On hit, take rent-up thought X the can't everyone we months I sell. couldn't the pointed what and do, fact people earlier you down. XX Michael. we which paying said, is lease-up quarter, continue muted When been care ago, by And bonds but we sales, said have to the also roll-up. or progressively an would this we've done loan we

You'll be dilutive.

into multifamily the can't You go business.

with we first quarter $X.XX off started We the worked. there. get won't You

portfolio, higher, by able quarter, right? -- to first cut $X.XX. Now And We've this I lose will $X.XX to math. We to up. core is about the day reduced should we're simple ramps occupied. My which We quarters where X was at new bridge. it's or personnel multifamily That's some My XX% XX%. We're some my to to cost. I my we numbers expenses. is cost. have coming are going office. in We've then, coming up just have be and our quarter reduced first do same-store of we're me rented $X.XX We're thinking at the -- worst. mean, get then the probably, different leverage it. there. get right 'XX. took it which space. spot over The the I been end getting We I of out deals definitely

Michael Bilerman

the sales. is those sold XXX in pending, timing? Okay. dollars that's question the anticipated on How third What exit then the the cap what what cap assets? on at Last rate? just much the was were quarter, And of

Michael DeMarco

I'll the we We've just give foot. it. the look averaging because for really you the square around blend it's whole a been $XXX at way

Michael Bilerman

Yes, need right, the third because we reported. third was but quarter, quarter

So much the was cap? quarter? of timing then exit that? on And -- in sold cap what's it? was how the much the rate how third the What XXX, the What on was

Michael DeMarco

probably sold We end XXX. It's give take. Right. the toward the of it or quarter,

July. stuff in, Some in came

in might footage that a little price The year, towards averaged. stuff probably way And just square rate is worked. for bulk The we August. Some the $XXX where came came about the of calendar the are it go X.X%. we're was About Cap in September, foot. a projecting a like cap square substantially there's rate We bit average essentially little lower because per vacant. bit same X.X%. some buildings about might the a

Michael Bilerman

the for XXX? That's

Michael DeMarco

range. that In Yes.

Operator

Our next question ISI. Evercore comes from Rob Simone,

Robert Simone

of a that than -- taking you're or asset the where expected midpoint and pricing pieces, And more guys you your couple to getting could pin whether real a took not sales. conservative sales just exactly if down trying approach the sheet. a Mike, the given on quick I taking just are be a the in by moving noticed result all NAV down on or just and bucks. the lower you more quarter

Just components that. the and different up the all to ins building and outs

Michael DeMarco

at? look quarter hard exactly maybe looked the some X% to a what us, took where and We at have of And then laid The our getting took this had that's we more looked do are quarter. assumptions. new not XX% more X%. of the around out move end to had the this for view okay, activity. at pages were NAV It sales that then once on what we at $X. -- are usually looking it estimates trading took at sales? move, said, year, by a looked at compatible at redefined and some and third And didn't we a activity It's than with and sales then because we It's sure. Street we and But where and look we've we a things were quarter more harder -- a probably we it, most said, by it's And

a business. We division more We office view also bridge it on clearcut stringently gives and the it took because do for the we view. think what a partnership, into of the we chance quarter pretty activity us multifamily every and is same have leasing to our then

Operator

Street Jed go Advisors. We'll Reagan, to Green

Joseph Reagan

I guess on just a follow-up there. last question that

for is through see makes that stuff little that of giving you internal what in view of worth? what the your portfolio expectations? sort look a of sold your less robust than do I that a you of terms In year-to-date us on feel mean, rest kind a NAV. you're weaker little of Was the you reflection of bit Or, coming your kind

Michael DeMarco

at As have leasing Manulife over we what look What's And my rate? and where embedded is We got the Jed, look of portfolio did New ourselves, I example, didn't cap XXXX, my and come I probably think on it my business, $XX -- the Exchange said, They building trade more owned would I it called thought have little the Hancock. sold for a Jersey. appropriate. could would rid Exchange $X, sold extrapolated stuff the was sorry. on want of or less there whole should I my by a What's reflected in proceeds, okay, IRR? But the I activity out got okay they to it NAV. growth? said I Flex where have to? a I've back John don't that, come that been I we waterfront, was. and that bit current Singapore but got We took square And in for foot. a looked XX -- a Ned what for projected we at but

the Park we other sold Metro JFK you could at and buildings that suburban There a for. next numbers as what off accretive. hard about view those portfolio, took is buckets to remaining took which be, If trades. the to what look some We the view had were Hills, back of to number. what applied data, to should think sales came should activity some in that a Metropark a look at took it comp we and Hills in the sell been have, some asset looked what a Short there Parkway. We sell, took new numbers, at. what the would at a Short There we are buildings not toward Summit, hard the We are that actually trade was ongoing. it's There's effectively

we year. approach thoughtful a a once do Just

Joseph Reagan

me on Page And this been sup million to difficulties. sales you which a X X this Okay. be that sold the off And you've too square that's to or like feet per sold then X $XX page, more the this. covered because on dropped of Page feet year? year-to-date that, going second your stats off But math shows suggests year of I on right? this there cut tie X is -- million for about technical shown that have been foot. that if Is does the sold square actually year how

Michael DeMarco

I'll right. -- on in get this so to a anywhere The will $XXX. back to and I'm focused put in sell. my rate's a range get per cap acquisitions everyone's back foot. though of another it's is we put out. that even I'll going sell, The I we partial. seem mid-X, have gone not I'll Jed, It's know page I opinion. made not our because from I $XXX dispositions by putting a to stand because some what -- a remiss -- numbers. get look, $XX by you. It's listed I disclosure what to you square is stuff

of loves it frustrated everyone data. little mean, to because I I I'm loved a stuff what deal opposed I'll get with I I'll as I But remain. the will that you sold accordingly. be Some -- JVs. this mean, could to focus what on

Joseph Reagan

feet over It were portfolio give from core there? a little for your Okay, square us kind noncore. that like about specific view assets flavor into moved urban looked appreciate changed the a And on that. submarket? you of XXX,XXX Can that moved what were has you

Michael DeMarco

Yes, markets. outlying we we through, that and we had the went a suggestion from were somebody

So and really what some Metropark. have view we then this. essentially we in we obviously, we want say, and reclassified harder XX just And said, sell. we some our is to we, and portfolio? suburban, I the took do I we really as company -- things think think about come that our a ongoing Short product, is A what Hills then it. okay, is now It's Class way which say going moved that stuff and emphatic it. this do I to be just back through we we never go ago. to And months I'm worked mean, think

basically Flex, that the quarter-to-quarter do guys own. I've it been portfolio, trying hold. that buckets, [indiscernible]. and between out I And and you stuff stuff the think the fundamentally, is can try over a waterfront to So decision we are assets made best out the really that results. that sell right I core has to I to I it's A is trade Class is sell and remainder is. math I should Westchester, break should own Suburban could IRR but holding which get for supposed a defined. I assets The on. only to to my think the two the has be into That's institutions, where use, exactly Multifamily best XX not put It's should that months, in it my standard. me time, been figure or what which to we we to that the want to intelligence

Joseph Reagan

of timing unwinding that sort what's couple And portfolio? Is the a flex years? the for

Michael DeMarco

I gotten I'd have question to I've a that again, with may at bid. like do move the number. I think with proceeds. What of on board. to No. hold it a we'll to and a remaining, the offers what take up It's good get I unsolicited then, good

them, and debt. company that see We an it have than to of proceeds time. We've long easy, the sold art them. When owned Selling things degree, history own embedded When you for in you and the gains, our not to REITs. we'd probably We accordingly. move and we any have that our some size gain around down we've can with It's in you that it appropriately form. depreciate use pay now have so more then is a deal fairly portfolio. to decent we things, you depreciate a

Joseph Reagan

I've the lease there? it's perspectives that that curious size change just distressed and But urban jump offering I'm back Can conversations full future also, ability Okay, think credit great. the been still could program been for then of more impact tax maybe of what hold the like night. broker might last And given you to on me and offer And areas. the they've you of the to state tenants just had space your in any I'll governorship the if last the relocating incentives for the they're has queue. offering maybe one the waterfront, in for Jersey suggest sounds reducing recent but New

Michael DeMarco

the incentives. that open-minded think indicate I've governor's to Yes, had I he's staff with conversations that would the

be that to of were packages county considered given the just I one were another. large, intrastate so incentive too move people would from think to maybe some maybe

mostly Governor's away, tell I've that good getting think been a not that program. to he's It's from range, a businessman, people who The on been $XX it'll school change very incentive he's renewals dissipation the comparison a to do. Rahway still districts. than dramatically. and a a And little us. qualifies Regarding negative to as argue brokers other don't getting the the they a as early are my so area a any know does $XX does but does the -- the been incentives much the don't. have the know that activity, There few too what Camden, same. Abbott It's the know is probably bodes Jersey are, of credits. it's at City waterfront, I well. hasn't towns policies that more would as if distressed Newark, don't as pragmatic, incentives really we haven't seen went I are so if straight I I we

York would can't going price an City. And argue Can't both the for argue to overall it's have we've cost I comparative easier people that still redefined by New rent it, market a connectivity, over beat to that get the be You we to in still right. and the way place on cost point. and time.

Operator

we'll And Lewis, SunTrust. to go Michael

Michael Lewis

stabilization occupancy those where question the the bit first at it development looks for some from a Marshall. I the what like of ago, in was you XX My several was as list this look them well. initial of supplemental, listed a date the back When active little is Page quarter pushed projects,

is, timeline them the So my the time far completed anything has of getting as leased? line buildings and/or as changed question getting for

Marshall Tycher

we've mean, mean, I go. lease-up, pretty but not part, -- the it the for it's gone on should never money, our lease-up. been most I close on has it's right as

movement days our stuff outside at as when -- stays itself slips has far to As but in the dates, the and within process, development something most of and it. XX, the we're both XX from starts construction the deliver starts, able

and project bids as approvals is and getting started. -- to these are the in development and subject your getting starts land far job themselves, use a As

your those permit exact do whether financing to close. bids pretty by the it's we a of not months. other. can't XX a and Each we're We forecast move contractor things number science. They're or XX It's of each impact usually way of a building or good the cetera. one forecast, can forecasting, that an control around So add things rigor, pretty issuances, do those et days job that

Michael Lewis

that per be the sold. the Okay. square including will a essentially Mike, But lot quarter, of the whole leasing noncore to XXXX obviously, expirations, X,XXX feet that's of on equal thing.

XXXX? feet XXX,XXX for going So is to -- goes be smaller? because rate still Or run your is good square down portfolio next quarter you -- think per does you that go do do think that a year

Michael DeMarco

our run little a renewals, is from so smaller, XX%. a lot it can portfolio obviously, The to of anywhere is activity, XX%

at they'll So do as we tenants them way point renewals, are, though, less also out, it, if that's in because we'll some do do 'XX less have look there's I deals activity. early. 'XX you the little a

much little 'XX waterfront doesn't So My what lower. larger also a and are than expirations we But little have. expirations getting in actually the a 'XX. have 'XX it's

the So to is deal really, with. 'XX year

feel we can and in Because the it then comfortable go won't with reduced. they problem, 'XX 'XX if over away should 'XX. of course it expirations into are So deal we up pile pretty because further this somewhat

XXX,XXX when is what year be maybe what it answer We'll we to we it as I'm full year, as or of activity. the sticking will look at go XXX,XXX. could with indicative that XXX,XXX to but your question, end of But it as now So the the end even of think about low the at update calendar. the maybe year at

Michael Lewis

last one XXXX just for you And earnings, the Okay. one When guidance. you me. your issued gave XQ 'XX

it moving delay Was uncertainty call out XXXX give there to made this more decide you that one this parts didn't on or there were -- year. quarter? XQ You

Michael DeMarco

you to sell just we got pieces, forth the based presentation take at and do, isn't foolish it When last moving projecting moving year isn't same pricing. the there. I at develop into have on take promised look lot So when It so give we as decided, and my criticized, as of pieces. over wasn't 'XX's guidance. be that we September, June, or competitors plan. we what that movements. at end lost The either so, what, we do and the -- This got in That like a time, right the the a we walked got like we a It us 'XX there's did to didn't ago deals. much weren't people Activity down a were we so gave, And It XXX-day a we Four did Seasons, at deals did that happened as we deals we looking should activity. was took a 'XX we numbers. year. presentation know there. rightly hard as year, much we and -- given because the over we at exact all then team as of in year, sales really you

also, months Michael basically things, wind expenses some I'm to be going 'XX So will on the guidance thoughtful then give I'd also a a take few our you be at give get from reduction 'XX, where to how to road in and I in we'll look like and to I'll on map 'XX point, process. numbers, I'll probably an brackets. Bilerman's give a where 'XX And then to other up, see doing more cost to -- projection.

Operator

Feldman, We'll America go to of Merrill Lynch. Jamie Bank

James Feldman

Waterfront. on just I kind more focuses. of the give you said was key hoping -- you know one at progress I color your that's of your could leasing

and time stands to maybe talk versus how us this about pipeline it last Just the quarter.

Michael DeMarco

Sure.

cash booked to have a wanted Hudson could have I tenants I in the a just I lease what have cap to -- a at deals possible up have for tenant space of expand. existing because X who who stack. them. they tenant new expand. have take my I tenant is, renewal want both So if that a floors. I announced, I I floor, early may Hoboken full But for who's XXX wants roll Plazas an in tenant XX% were X XXX X in Hudson a a X to announce and and to

to X to money years. another actually they'll don't basically to invest their years, Jamie, or have and in want so X They for they left want have X So, they X extend years lease. X

technology-based, looking XXX,XXX Most the trend way, to additional take e-commerce, by hopefully take to a And to I that's them lately. that or of these more tenant to have of want who's going little us some get be space. the tends XXX,XXX And this bit another slip next space. done up. about X that an for weeks new for art form the probably always have. and is get the they us. they renewals just feet for pipeline is in square we But quarter coming of of deals the waterfront Whether January into that or are

James Feldman

tenants and in of there, of moving how Okay kind does that interested terms in new look?

Michael DeMarco

tour gotten companies, companies have actually tours for various all e-commerce. the medical So time, insurance we activities been get space, okay. We've technology look

look, -- connectivity the that market for about think -- we big New transportation I hopefully, large to X that where space like track There's blocks these be a put we Jersey are in. One, the of are. XXX,XXX XXX,XXX only of thing all very a and stop we to going There's we of going we candid, be is the few them. forward. commitments. ferry size, And on things Some in to

can that XXth Once you their our XX% cars to go X right stop, will So you Center adjacent extending they'll get station trains. run from we to up are X they These which Place Trade The XX, PATH Brookfield things a easier. is and will Street is Newark think PATH they're X. bode which well. in minutes to to to The lot in get make Grove means the rebuilding. going in capacity, World redo Street almost

And since Brooklyn, once rather realize in New workers. when for get know, people New We the people downtown living be stop to also City a structure we're you attract Jersey in believe they different you a are as they away. still one look, and younger can cost York employee today the Oculus, easily most obviously,

we So basically We where started. work 'XX when we were. at to XX%, to got We to XX% right. waterfront. leasing we in it the up have to were We get did

high to probably XXs, up to XXs. down to again. we're going we the Now back go Not back XX% but and need then the

James Feldman

leases that tenants Okay. Like if you're where where are And in places? other guys are you signed that losing to losing -- anywhere, to to? have have there spoken you

Michael DeMarco

announce guys want I've tour decide in significance. and stay lost Jersey who oops, I workforce relocate yet on had come, I from the in younger signed New had I and committed. of they I've to that that haven't do, people looked tenant have I say, it a haven't City. yet tour when anyone someplace else that to to haven't really New and York call. a get western had they order will

James Feldman

known you things same-store next do know like an happening? Okay. year just the will you the your on And what you moves, read are early as from just drag be then think what -- about on have

Michael DeMarco

us early for early we'll But guidance. a we That's do do yet. it's as Not can. as it No. why to little

James Feldman

full just you're you start back the I approvals, that is to to that site, City is then but working to have full need Jersey And said on assemblage land a more know you a buy -- construction? site? do to Okay.

Michael DeMarco

the in are owned anything through sites. by Goldman detail, go there company are no, the on other under are shipping owned X Sachs. had No, This buildable is this Mack-Cali. Two and are a all -- I a these which on to full sites chance, waterfront. by is We Taiwanese a control Company, Newport. absent is managed One by called to and EverTrust, X

you within the buildable there blocks the If are of XX to X waterfront, want sites. build first large

have We them. X of

The other X every are EverTrust. area and we Of Goldman in building, held the and we for time contiguous, I which new a Sachs ones the said, essentially as the means think own, market buildings district. we the same that they're the we by, change other build

marketplace go build XA, So in Hudson, to X, units, X, that, thing. to X, the planning Plaza add that'll also XXX to do Plaza which we will upcoming do and of is we do X,XXX when we're if it Plaza same we expect the year, which Urby affect, to the do which Harborside,

XX-year owned, bought they who unique involved Was revenue. a parking could X.X% to probably and the we only of were what of were had person we payment them deal. two buy a had a we school, ring a expertise. of because of needed just sites tax the break, The outside We move it of other and pilot the X the

a pretty We site. it's we They pay we simple us. it pay debt, of site had type rebalance, to JV. other just redeploy. right algorithm. -- have We redeploy for to can I Money have returns become think XXXX just thing be as I down the It use the tax money for down It's easily debt. money. Same that all can I happened to I a with reasons,

James Feldman

act question think last then? you is be round you you early will leverage finish my say did next -- your then of dispositions when just And by of what the Okay. 'XX, target

Michael DeMarco

goals. same No, stated have still we the

Operator

Citi. Bilerman, We'll go to Michael

Michael Bilerman

Mike, NAV is you were obviously if quarter, if your XX, Slide last you NAV at which about the look the X using are now, Slide look NOI, your office million. is numbers X, you and to Slide, XQ slide up projections you portfolio, which total using NOI. from add And instead XXXX the XXXX NOI, you're projected if of of back $XXX.X for 'XX just

were $XXX.X 'XX for to from expected it totaled total up last you If core same million. XQ and the Waterfront, Hudson, urban supplemental, your flex, for core suburban

million, talking NOI between given you're every $XX penny, a of which, just differential $X.XX a about share a million those So about differential is X. on

can help So you number -- a substantial is is on $X.XX which a number. $X pretty obviously

you perspective to walk NOI why $XXX.X through given 'XX? this million versus headwind your of can from So published not of be of an going NOI massive earnings there's XQ $XXX million numbers

Michael DeMarco

is step missed, debt Michael, the is one gone. you Well,

that sold be So fourth I I'll in million a the debt cost repaying, quarter, whatever the has to $XXX of it.

on Assume X%, take. give average, it's, around or

million. that's So literally $XX

then in now So that number goes the to $X.XX... from And $X.XX right. $X.XX,

Michael Bilerman

But the asset in that [indiscernible] sales. I thought all was

Michael DeMarco

It's off the taken yet. not It's not page, right. no. No, done

earlier. for you given is me to you for make keep one just guidance. above of $X, number I it set yet. to waiting haven't emphatically, still won't to pretty at to out looking XXXX, will numbers have you're on earnings I've down. we and about $X.XX a cost. haven't So point I right. guidance I for if I higher. costs. operating on the give it think higher. cut my My roll but lease going it It that go out. math, is to It be substantially expenses. be. hit My yet, think I $X.XX today, taken right. $X. where be could all I'll I down. to will worked It go below out I be were to kind The will My probably leverage it work right. around XXXX That's of will number, I $X.XX, rolls up, multifamily reduce and said reduce I personnel balances initial back will

I when took first couldn't we me what do told I You it did. over,

original I You sell state research the told have reports multifamily me the business. I still couldn't that. I and basically into that go couldn't

at equity, you don't X% actually us. the X.X% that you Roseland X% do we're right. down spot, selling way or or the but X done can land, to caps just do of caps raising in your options who is had get debt, are the slightly spot. way net you We'll the could business have or going just It's and which right are other sold right caps have by realize it. I doesn't I There's thinks be It's down going it. it. when sell debt, We way right, pay down to to you pay to work do have either we Anyone going down selling front to get to only debt-to-EBITDA. or The no to that model could assets the

I and your on December be return of Our But is looking board over did XX. answer [indiscernible] question? will leverage

Michael Bilerman

there's the mean, million is which $XX sales or is that executed So, right. to million are were swing, it I I $XX assume part flex, of Part million. that sales is $XX right, pending,

massive XXXX recognize a a in from needs between it's it's projection, just for to numbers, Street million is a give of guidance of talk in XXXX. expecting you I at of $X.XX Street want when be and surprise $X.XX $XX not waterfront piece NOI. other last think when, leverage. quarter I elevated. about don't question XXXX question in XQ drop an what million the earnings when, $XX just but too change it's That's question of and fourth be there's -- I question to a if increase you $XXX That's you going million The The to not if in if, the a and annualized today a are there to prepared The share. is a be

Michael DeMarco

I it just then up. guidance historically I to have this have down complete to assumptions we'll will need all pay a numbers, I it as I second walk point The don't I'm market not When I I earnings to the right. the need is to update for facts do lease The to other I so, too. a I as a wasn't don't still get Last of moment, down the earlier, made I the today, 'XX. to right? to I aggressive. it. did And I early. my yet. I projection I achieve said able felt I prepared have do made correct Street, year, time, had think still I do still programs. which have want to bunch I make. to all changed, sales I I because right have And time. debt. the to the

X So come the are, and on is I'd which a substantial that ramp-up and this amount to year, down the the like with activities, The then multifamily at sales an extra sold what to estimate. months have look all what to after we've deliveries Street sit

Michael Bilerman

is have develop XXXX projected use NAV, I what numbers, NAV guess of -- cash right, your you your the which $XX.XX. you in NOI to

in shouldn't What and NOIs? take run let's you've are of is vacancy what at NOI embedded what's the terms biggest in why it, million, those guess those XXXX? that terms of take-up -- rate? our Harborside, piece in use embedded NOI in based So on vacancy for XXXX numbers of and of lease-up in put we that out XXXX in as these number I just $XX.X

Michael DeMarco

wouldn't of use but the to yet. look haven't the you you given at math I rest numbers, those why that don't we have you know just

waterfront to rest sell losing. I really reduction emphatic. down the asset, The on I either $X.XX in and resulting cost. That's debt All That's really all what's down out. pay are the roll haven't that I'm leverage to is I and do the pretty losing. know the in to I it don't you already asking taking $X.XX I'm you're It's my I range. we'll You a mean, the all. whether and on numbers just to Why Michael, X page, bit? up wait on you looking wanting something going out spot? right NAV at I extrapolate. earnings on think keep me to are -- the keep I and and for sit at told little going going rolled rents an precision wind come you of

how On get seeing you're this not they on. right spot. side obviously ramp-up of come multifamily it, the on to the is those what page We'll which on my and the because same and line, deliveries it's is

Michael Bilerman

quarter's and No, that which right. at, 'XX XQ can are is what and I'm where $XX a given understand projection, changed obviously, versus a you've what And the delta, to you million million from XXXX to we XQ and given 'XX look given there's us is relative comes the of have just disclosure a us last what sup XXXX. trying that what assumptions $XX though,

Michael DeMarco

That's multifamily, down. in a we expenses, a better reduction have had same-store. in costs we have why Increase come

an work the other view You're NAV be we do disclosure disclosure. focusing when and But all in item a revenue line out pursuit. about and offset to we as think If the number. we'll put next next a down that that days couple cash of expanded things we the what basically we'll going. supplemental It take question. have we need attempt same flows think value on people we -- it one it. I'll with that is where in to We've comes give the the are event

Operator

Reagan, Street Jed to Advisors. Green next go we'll And

Joseph Reagan

and Just NOI X. Quarry missed flow housekeeping, and looks talk a reductions? Place estimate cut I'm quick Page stabilized what apologize follow-up Urby if this. and about cash on drove for cut cash as Can like flow well. the then I it those you But I for estimates the you

Michael DeMarco

how did on lease, we people Urby's into it or it's X-month how book how online, a versus a coming much Yes, late. and it whether Depending we took XXXX early how of revenue deal. we concessions they question on will two-month indicate did

So are. more a is expenses it it's actually a of And what big a brand-new Jed, at the change. operating smoothing than building we're and us, factor, still also, it's for looking

bit more Still excellent a taking of we're deal. a an conservative So assumption. little

back the who this look managing let's for at partner us is leases Just came it going [indiscernible] said, way forward. and

made an exemption. slightly is So slower And basically Quarry than leasing just up we expected.

de XX% today, XXX-unit It's numbers. so So XX%, it's our leased about minimis relatively XX%. for a project, it's

Joseph Reagan

quite than just one cash And basis, a cut flow rates bit it's to? have you for so a that had maybe lower you on you'd more stabilized to just thought

Michael DeMarco

ramp-ups. a little slower it's on market Yes,

little to deal, Again, did X-bedrooms XXX than small us. for units. be discounted. It's new Xs. a are a the relatively So a The better having the Xs market it's

months project, to of is ramp-up as at opposed traditional suburban more excellent the the the It market. be end. Within Urby, which took months. But us the we'll X XX us takes

Joseph Reagan

waterfront the on it are the supply that that's say rolling mean kind in -- to asking that impacted I some rates of is being sort negatively fair Urby of by of rates through market?

Michael DeMarco

I opposite the actually. No, think

during have the $XX rates wound the to rates our course projection $XX. up, the almost $XX, think of times I months. go X of an so of average with continued raised X Urby up to We started rent

plus It So was it. on small we plus finished It the [indiscernible]. $XX buildings last were $XX doing [indiscernible]. to happens be the when

Joseph Reagan

Did up little bit? you was pre-rent say a

Michael DeMarco

a been parking, occasionally, a right, opened XX%. we an months The XX, building that balance were leased It's things all It make amenity right. X $XX average that, to to a work. waived your we're let's about phones for foot. we month apologize, around off but do order did. March plus essentially fee concessions the the X XXX leases square I started averaged lease-up. little last, up, have X rent deals a bit, months, just or X. on a standard breaking order it's or to to $XX for to That we on say, have at up, do it's the XXX $XX that in losing What X opened In deals on We $XX above to XX, March

excellent I to it would success. wonderfully. huge track absorbing, everything us So behind an on that we that We prior and do City the by Jersey the starts, a plan your as projects been But was they're absorbed question has was, to supply? impacted has next basis. say,

Some a I bit been math not simple. has a It have pretty mean, bargain. a and just of I little them off, is are might in problem. thought locations the

a to you Manhattan If in make in need you to want $XXX,XXX. live bedroom, X

You want the us. to of X-bedroom less. size, It's for same live to in a you Jersey big City market in make $XXX,XXX need a

Operator

remarks. over call any for I'd to back conclude the like to Mr. turn question-and-answer or the And that DeMarco additional closing will session.

Michael DeMarco

Thank None, operator. soon. talk you you so to much. I'll

Operator

for participation. will call. Thank that conference you Again, your today's conclude

Veris Residential (VRE) 11 Nov 172017 Q3 Earnings call transcript