CLI - Earnings call transcript Q4 2020 | Veris Residential, Inc.

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Operator

Good day, everyone, and welcome to the Mack-Cali Realty Corporation Fourth Quarter 2020 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Ashley Cotton. Please go ahead.

Ashley Cotton

Good morning. Operator. you, Thank remind call to of certain discussed information federal I'd constitute everyone forward-looking this may law. meaning statements on securities like that within the the

based reflected Although the anticipated the results We give in company's on achieved. the reasonable be you these assurances we that With Board assumptions, estimates introduce statements refer believe will press cannot we are to filed risk Executive factors and the company. annual MaryAnne Chief for that to me Mack-Cali SEC and that, with quarterly Officer. allow the Chair reports Interim Gilmartin, release, please impact

MaryAnne Gilmartin

Thanks balance leadership the We to made continued work and Harborside years see joining alignment progress change a In stabilization. of the strengthen willingness on the we asset pandemic XXXX, while and of on our signs for ensure company, all. their morning, pandemic. the year. are through want headway to navigating the in beginning to We repositioning side Good team priorities the on disruption our our both campus. exciting our improvement noncore again the residential execution to the to dedication difficult and showed for focused company to market once in start remained initiatives, by the to ahead. led sheet. continued Across entire of embrace absorbed continued company's we strategic the a I of the sales meaningful challenges thanking made very us. We’ve have in

joined and diligent million assets $XXX point, select our and of all Thanks team. sell of income. in our XXXX. hard and Ricardo gross in the we office remain noncore from exit owner that and land proceeds outside office generating of solid initiative $XXX of in committee, of I This the proceeds by located generates on the complete from in to residential in residential a We waterfront our to remaining of majority and track campus office strategically our office of million sales, properties was successful properties gross to in member, of quarter. six land number work of end Board properties strategic which residential noncore second will office noncore Following XXXX, a markets. first and core was the positions of large the At charter a an all completion plan the I that when embarked the and sale on to work of his a the revenues of the be operating net Mack-Cali setting portfolio company's the majority the

are our up employees repositioning friends optimistic and of colleagues. we to holdings. then will are later be We returning this increasingly and office with their the year, strategic the and portfolio, about existence zombie believe corporations commercial the Harborside our to give reconnect Regarding eager old

began two Imperial. On newest front, we plan in in to Boston. Emery residential communities, We are an new the lease delivery, point. at residential attractive of ups we the in Capstone or in just the the And seeing in Short ahead we are inflection leasing Hills velocity our now suburban Port and believe Upton an close

that, Dave? pleased and Smetana. interest Dave early call with the in pass With very are the We the to traffic both. will now I

David Smetana

resulting sales a expense quarter The less program in impacts recoveries versus income year. of estate revenue in the from the share assessments quarter the against $X.XX in XXXX X.X% reported estate portfolio largely and $X.XX The in of lower decline parking Waterfront suburban impact fourth and asset of XXXX. to from NOI real taxes We prior of year-over-year per mainly per same-store fourth multifamily per the share, on share our operations. core to XXXX, quarter parking reduction the pandemic our due is side. comped hotel, MaryAnne. cash a had Thanks, and FFO the the for portfolio tax on office attributable Real low Waterfront

in Roseland the quarter to operating on to took retail City detail, with metropolitan $XXX,XXX which will pressures have the portfolio down more New bottom. go also be others Bad of portfolio, relating but experienced York $XX,XXX seen our that Bad of close portfolio straight to tenants we debt in quarter, to good the similar shape. we multifamily in As tenants. area EBITDA write remain transient is line remains reported, portion averaging the which the were to our the a in hotel, dual-flagged have multifamily rents residence operations into our totaled related expense operations debt properties may limited in a above and $XXX,XXX On Rent stable hotel indications collections revenues, $XXX,XXX, Marshall in we expense and portfolio. XX% that running and in office in in retail half XX.X% Roseland remain discontinued breakeven. the

hotel, However, the EnVue was including the quarter EBITDA fourth loss $XXX,XXX. closed

quarter, were the both sequentially reopening the by expect and closed off to Hotels Hyatt We later $XXX,XXX EnVue and subdued remains this evaluate first in we'll spring. remain XXXX. early and for Parking revenues

in leasing On the XXX,XXX office to set square expire have we on Waterfront feet XXXX. front, the

the XX,XXX mentioned capital in square moved make use. the space the the science only January, asset square limit have are need Plaza potential a we of commitments remaining of project. XXX,XXX Ameritrade for and Grocery tenant of wide of already life building, to to out in marketing mind range Whole structures That will Keeping to the in of material as vacate and the our feet we at will Foods end leave at feet September. As space TD XA,

Ed XX,XXX feet in ancillary which leasing feet is square update out stages of is X will with Natixis, which balance office on. XX,XXX second feet and leases of the is us which Our Plaza of all move space, various expiring July. storage largest end XXX,XXX square at of and The in of of square

credit, line extension outstanding we to two on with million of quarter. our maturity options $XX our balance X-month of in reduced of the balance proceeds to the July extending quarter, We the $XXX to XXXX the date Turning January from executed execute we to sales of to exercised asset sheet. In we line million later In our the in of extension first second March. plan X-month XXXX. our September,

will made assets. The the on of grow defeasance line debt suburban locations complete in not corporate new predominantly properties. tailored The suburban to in net corporate the company the When online end, by plan corporate expect of from derive development base credit We XX outstanding, multifamily progress within are with sales. all positions provide XX.Xx our XXX of only repayment office debt the basis shortly. remaining we the have the to targeted our does our XX% we in funded $X.X Today, of XX% million formation and had our hotel execution the our approximately we’ve million years come to balance disruptions to this remaining share. from issues discuss a is and which have have totaling structure. mostly for three up year. at was the transit consists sheet. isolation mortgage parks that our line with of a our story credit capital will and earmarked go-forward reflective But that in as to access superior pipeline in complete $XXX after derisking with NOI and debt an asset to completion be of EBITDA we retail I quarter, only bond [ph] joined redemption our residential Ricardo billion multifamily we mass million company million assets sales for asset process will from $XXX in now parking $X.X a tell one nearly Upon two vacancy, asset buildings the balance of office portfolio. of smaller with the appropriate an mix debt from metric quarter The debt FFO mortgage in XXXX and has coming office payments our dilution per of metric for we suburban the second toward six asset recourse this our supported condo maturity The company X ago, our will the at on progress small proceeds and Roseland. $X

Now on to our outlook for XXXX.

our With the to prudent the current operations and hotels, asset in timing pandemic of the to is multifamily for $X.XX. sales, of $X.XX uncertainty suburban our volatility outlook parking, affecting only first quarter it our feel provide we our

Officer. a evaluate turn to of over continue we Chief move will the to our providing will the Ricardo now year. outlook longer-term I throughout merit Cardoso, We it Investment as

Ricardo Cardoso

noncore markets, of $XXX We line selling completed office comprised in have in Thank Jersey $XX fourth and properties office successfully is XXX which parcel. million, quarter and sales, Despite suburban with suburban year announce in Center in Sales State volumes. quarter the impacts COVID million. assets. good land the closed on residential in fourth the historical executing office $XXX assets. everyone. is $XX to and the we David approximately strategy quarter year-end, early pleased exited the with of I for our Princeton we of you, capital our Subsequent noncore the which to of am Overlook total sales another million busy sale with out for of finished on office million. the billion our assets of a Sales office office XXXX morning, over $X.X both New of office totaled market totaled residential four that the on

from fourth retirement. land those parcels. three In $XXX the to interest the after and company side mortgage assets units the On million properties million. residential in the proceeds in of net total, value sale residential quarter, X,XXX of The totaling generated sale $XX close completed two assets residential debt totaled gross Roseland the noncore its of

debt over totaled noncore summary, approximately proceeds -- the but $XXX repayment with provide quarter. The our with payment to the our to importantly without completion the are contract net million $XXX suburban these million end used the anticipate million two excess of As close $XXX In paying costs. the of and the is been In sale remaining at the MetroPark pace, scheduled of two second proceeds pay feet. monetizing have future of assets transactions at our selling rapid under This a David proceeds of transactions, for four on down Short earmarked portfolios mentioned, our credit unsecured of of furtherance over office debt. the as with closing of bond today, assets. properties XX We past to Hills our group line by we’ve $XXX most down sale progress on these value. sales in in most year comprised gross million. of transactions million first contract The and expected price quarter pleased X.X square sacrificing plan, over from in this our at in totaling we’re

We remainder the to Guiltinan. also on to to properties, office our several including markets. progress JV call the land continue assets noncore would turn I Ed in and of that, make our in retail And commercial parcels assets sale on terms over with finalizing like interests noncore

Edward Guiltinan

by remotely eager generally and maintain people the work assume. appear office and are and a over in offices inability mentorship Mack-Cali. of CBRE leaders, miss office. our their or the evolve, trend, to assistance vast week be many Labor proactively working discussions especially begun I've to location we to to pandemic, may prospective space Thanks, after in Ricardo. with People shortly had camaraderie, companies the returning with in their leasing team, market. corporate months their the the tenants, may capitalize summer I've expect but brokers frustrated this Jersey to had layout get to back approaches successfully and culture year, change to Harborside. establish new the unlock of companies busy will a Harborside assets X year, the collaboration later Despite to other first City, the tenants, has majority is we’re I on agency terrific the this since at potential Day. on business engaging we've return of of implement position the and with great first best Mack-Cali back of Based The the

competitive, systems other windows. infrastructure. larger the also X, New a efficient building incentives new will New we more of for renovations of filled anticipate have building look outside even energy State with mechanical new importantly, and but and HVAC with and to and support and have and reimagined lobby, new have with completion elevators modernized will compared a building floors facade sunlight, the from it electric addition, The will will Jersey modern to robust our the will Harborside Upon attractive leasing In program provide the Jersey's tenants. The have York. efforts as additional makes City great

the safe, desire of at conditions, program, -- of new and facing We State's well, are return but employees working the office. we to challenging incentives to being X market returning vaccine The to are optimistic the still course distributed. with more the renovations progressing Harborside widely the

and the the We future updated on Thank all will for now look forward are you. keeping well-positioned our to I Marshall. call to turn progress. you

Marshall Tycher

have increase our which the to we Leasing online be without strategically momentum we momentum percentage as leased X.X%. are off of improve. to XX% net concessions two of continued traffic as recent a City. quarter, resident excluding the compared specials Whereas have expense retention. and and flow particular reducing in result The effective leasing as more increased leasing quarter off fourth a metrics in leasing second will following incentives realized burn decrease $XXX,XXX increased under finished as well. our of competitive prior We we increased Moreover, last in improved, at experienced XX.X% more as the Jersey a an prior continued properties. initiatives: of the been the a select result rent. at portfolio burn traffic in pilot leased, in a assets Ed. quarter campaigns occupancy In implemented of cash This existing however, concessions, Thanks, marketing leasing occupancy same short-term and expenses quarter. will we and operating Roseland's improved the exceeded prioritize quarter as renovation momentum same-store improve XX.X% decreased revenue capturing a the pricing, period year. through from January result portfolio In NOI,

Upton Samuelsson Residence remain quarter. the to generated from New in With quarter, year, remained the Despite the is New XXX positive XX decrease of EnVue rate upscale Port leverage no the overall unit leasing quarter The community the same nesters with XX% yield. the Short the its of affluent plan fourth communities opened, year-end achieve X.X%, up entire market open X,XXX quarter. targeting entirely to continue in at construction been but X-month closed Hills, XXXX its X.XX% hotels, in open of million in projected $X operate average its these EnVue of and Jersey respect it's had to two of on NOI the representing million XX% project projects, excess Northern in the Imperial to the inventory. comprised funded our Inn in The operation of and driven generated of portfolio in dining XX% projects, to equity the EBITDA. missed fully market, Malden, the Roseland a unit X.X% XXX Marcus in Jersey end signed occupancy property and the leased highest in lodging and empty four to $XX remaining Subsequent the fourth units. The there negative generate [indiscernible] are For rents Emory pandemic rooms. At submarket. commitment Massachusetts sales NOI of in which have finished a community and gross immediate a leases, of This revenues. The and asset company quarter guest is stabilized stabilized

platforms XX-month sold $XXX the in projects its Jersey million facility will for in two COVID Roseland operating Capstone underscores apartment properties, quarter opening. or quarter We the at have a continued were has the the Boulevard pricing located City's unit XXX in a of open Waterfront, trailing the fourth of in The at significant blended a $XX fourth of quarter delivery rate and first a in a Port also which tower success Furthermore, include in This of in the remaining at at quarter, at this the further capitalization been unit opened refinancing low X.X% house XXX rate NAV, property transactions second financing XX, The secured multifamily of Port significant which X million 'XX. Charlotte, XXX initial sold the achieved the most impacts. construction a in the the scheduled XX% leasing Emory initial XX spite Xs. strength since weeks unit X.X%. for Imperial, units maturity we Imperial, short-term the RiverHouse X construction rate takeout in and

We are and permitted immediate fully the shovel-ready company when have no City, the Jersey have construction Harborside both schedule, Port start two to at start Park Imperial the but Waterfront construction and development on starts. projects, elects Hudson initiate new planned X

turn net days believe back improvement continue marketplace going to in XX I should was XXXX and last the both and reflects call those While that, we to and steady With do recovery, to income a demonstrate turn will present income growth MaryAnne. forward. occupancy and will our the challenges still occupancy

MaryAnne Gilmartin

with joined we leadership, Marshall. Board the to way to the Mack-Cali. and on at at believe X and that the years vision. Thanks, When Thanks inherent I talented believe and unrealized our the strengths nearly well of the strategy ago, I team would company I achieving our dedicated are assets, value unlock we right

will call We open now questions. up the for

Operator

[Operator ahead. Bank. Derek our Instructions] question We Johnston now Deutsche will from Please first go take of

Derek Johnston

did think any Waterfront office from footprints, reduce Are of and actually estate Hi, alternative. think an office York in example, you I again to see others? smaller How really recently it Nast, cite on office or we've to your of City seeing the no everybody do press be has business New Conde this leasing exception as think Waterfront their considering do they will Just take been good quick a if in we've And REITs, office to activity. assets morning. from all as paucity a demand And seen long the reported can your footprint? and a real footprint leaders them Across do here. City refocus you you Jersey Waterfront benefit? that decide

MaryAnne Gilmartin

I And first. that we going the I have side begin that Thanks all will bit close desire mass to don't that to some served campus urban in question. is with activity there for encouraging, the distance, by the the be a Harborside given presently to a but Derek, perhaps core, by to has saying we and the at be still do transit of relatively standoff other we on little that that brings. and think level remain that take companies been busy it's of the river. is Harborside lot well think will for a but the properties that amenities the

those retool messaging, revamp community, of efforts So approximately that is can't continue we activity remain are but presently leasing, as we and marketing and reconnect our assured XXX,XXX there is which feet paper encouraged, will our the with for course complete of and that of a transactions. encouraging, trading level to brokerage square we be we of we

modest course And lease in prior to prospective comment location is of City. we so Conde we're typically transactions being to would on best a the our about in or on Nast the not tenants I'm going position and as be in the situation And any not leasing comment very predicting. careful Mack-Cali to has assets signed. Jersey

just assume about office more given tenant you'd work I would that that it's if the fair return us. in Jersey touch of talk finding space with you mentality tenants. City Ed, think -- our on looking why close let current and like, speaking that's be we're the don't So Derek, all to I'll to Ed, about in for comment what to any

Edward Guiltinan

in-person since in-person start Sure, weeks been an the very we've Interesting, few seen rare pandemic. has and meetings, over really the uptick which last the of in tours MaryAnne.

related to a they of year going reached of and tenants ready have be decision for first tenants it have sometimes making need other early XXX,XXX to time shied in is willing for and delay you tenants like space. whereas square return It deadline during make some a the the need critical are going feet the seems outstanding this driven tenants to point for or to decision. with recognizing and seems pandemic, tenants outstanding than to decisions where they number a of work like make We are had mentioned certainly are engaged the market as happen to quite we existing the more leases several it -- proposals real more from estate for away has conversations for stages some really any was and they except a that with prospective or our work

Derek Johnston

the Yes. Thank you color. for That very helpful. was

is up, development how the versus is leasing development but projects? how and behind residential, impacted bank? and right the rents the know how lower outlook land -- How or have it underwriting Thank the to there, pipeline compressed the your has clearly I RiverHouse is you. is performing in switching with Capstone demand it's So environment X current Just much given basically it? yields these residential

MaryAnne Gilmartin

going that let Marshall to take I'm question.

Marshall Tycher

Sure.

respond first instance, the questions too. few you So, to have here

the we give everybody percentage the marketplace. a new for rent we and But good buildings, that normalized gone very well, up pro are least over by years been that actually, very pipeline on pro Hills Short at certainly X capture to free lease. has pleasant but face this historically, hitting we've have of we And do Capstone construction at opened you lease a as rent Emery Emery forma. started have X In very has very month it average forma. opening ago month. to X the and at in So free leased try traffic surprise, a completely, pro our had market. rent been our we in up generally we've months leased quite the had the numbers months, forma has those The in to date XX X market away well quickly pandemic

So our up Capstone, which a But what paid that by residents. being that rent of runway opened in formaed the pro case XX-days, we we've to date projection. XX-month with full market is flow in cash been we have almost has our

the term. open average same XX-days on way, an we where And X will projected will exactly actually up free open XX-month it's it the it. So rent RiverHouse

we've in done for could of actually not in because new as our So well, of project marketplace affected rent new fortunately, the hope that of is and Certainly on actually yields, well the capitalization absorbed because we be reserve. as units. free the given construction, interest possibly and opening for these stabilized us all will COVID

on rent, So and face coming X% mentioned marketplace, sold out stabilized sales sustain and in than this in we've other we're of cap assets seeing the yield construction the houses as that with long -- will as as the today. these we we year in made maintain somewhere itself around on what apartment yield, rates with better they property have are never X.XX% been

So between I a spread still points. XXX of construction new think return value the and is basis minimum

that, accretive still said it's starts we So construction said decision for the go starts very when Having Board versus make waiting and capitalize us to are we projects. ready on a to we’re want at moment, for build as so to with to we pipeline the before, very, buy. new

us chequebook, it's few when a holdings land start start again, somebody again. a time and nice gives to selling are we'll and strategic We

MaryAnne Gilmartin

And what important. we Marshall strongly in of multifamily Derek, assets build. by I saying out will we the is saying believe in growth the And is we the the markets just value believe round

there. land debt our potential as toward markets potential we with do corporate of eye tremendous value corrected Once impact, we'll think there's unlocking valuable very our COVID the and so, in the the for our And an address line, assets. we growth

Derek Johnston

everyone. Thanks

Operator

next Evercore Steve of our go question ISI. take now Please Sakwa ahead. from will We

Steve Sakwa

to to little I Class you XXX circle sure the the list sale, you of supplemental kind the $XXX MaryAnne the And that back leaves four the kind is assets is kind suburban, right? and feet? on say I on it's think that feet A million about suburban morning. rough suburban XXX,XXX of, XXX,XXX so of have in of, for could make were there first that value ahead. wanted between of a The and about, million Ricardo a, straight, left or or estimate million in transactions over a good is I talked just Thanks, X.X number feet $X.X about --

MaryAnne Gilmartin

Ricardo?

Ricardo Cardoso

there. hard have The Sure. or transactions number million million sale under working we square contract, feet, are transactions $XXX X.X a our other a through we of that

are We are others to under we sale executing purchase or and contract, but that non-refundable close and final not agreements. PSAs quite

Steve Sakwa

Okay.

So chunk Or Ricardo, spills over your year? think that year? 'XX? do Or would you this expectation kind the of maybe into close remaining just later is in that

Ricardo Cardoso

my second earlier will the end million quarter. of close by the The $XXX in mentioned that I

have of call another, one-off portion of $XXX will million it a sales feel, $XXX good the We transactions be would into trickle includes before transactions of trickle where it will to the entitlements a 'XX -- it of it but maximize land that capture million some the transaction. also still part land to to because value year, we also various through a single in able of latter executing we we're those working the

Steve Sakwa

if guess the right, up but you leasing kind facts my XXX,XXX on between, only of XXX about in and I have Okay, you. air. is said Dave's again, Ed still I about then And great. there comments rolling, Thank the that's

you is of lot is paper still So is the of indecision you're I a moving guess the of explorations? of out. for could implies where of trading that XXX there of Or XXX? XXX and remaining just kind XXX,XXX comment on Ed, on the most the kind kind remaining maybe, 'XX

David Smetana

We can future the that to the to that to are we're the in we're rolling aggressively in talking -- rollover tenants tenants all speaking imagine 'XX as beyond are you over. addition 'XX near

that talked XXX,XXX about we are from square the transactions of lease but of those. additional separate we number in 'XX rollovers, discussions with So feet aside the are and a

Steve Sakwa

prepared last or the CEO time remarks about Great. press question And in really just MaryAnne, in search. then comments I guess there no release the full was your

on us update maybe just you could So process? that

MaryAnne Gilmartin

Sure.

a imminent. to is As for an announcement that our you of I'm aiming CEO Board announcement the happy be on first permanent report recall, we we and indicated that quarter as XXXX would

soon you hearing can that expect And about from so to selection. us be

Steve Sakwa

Great. Thank me. you. it That's from

Operator

We question our of from Citi. ahead. will next take Korchman Manny Please go

Manny Korchman

like? Hey, Jersey the got some actually us on you Ed, questions everyone. give I've of looks you for here. morning, New incentive update each good what some can program

Edward Guiltinan

new the finally advantage the is program been tenants that we named program talking a there and The of tenants to State, that it's are been in new take tax out rewards and glad looking number rolled that's of is Sure. are it. retain are credit new to recently that a by Emerge, place program forward put tenants

Manny Korchman

think doing are is or to space others that I life good based have you're life demand science available let's you're [ph] that then and to hey, make the is do sector, be tenants you them a at mentioned this just, doing now seeing going one you on guys or too? to approached And science it, Harborside, seems

MaryAnne Gilmartin

thanks Manny, question. Hi, for the

XA known as XA, it's diversify X. we offerings and we've Harborside So And here. the renamed it again, looking to are Harborside formerly

So pre-builds abilities X. occupancy to from Harborside it's everything scale single at large

so to plates into the in -- sciences market so of to investment building because did the life well JV in because space, capabilities suited it's an generous provide that offering interesting proven in the we’ve and the building few that of way quite the options the a the in here infrastructure are is there discussions that in with increased partners be deeper and market, it's and XXX% studied science need the available. effectively idea dive available more and And much been product we has and floor quest a by positive because potential for life and isn't

to partnership We capital offering because the will last, science with a and opportunity core science the And as I indicated be shell. important, on enhanced continue life is conversion to the needed true discuss concept life of partners. our

to are looking fact from of that we will at And need somewhere, the the we so and partnerships. mindful therefore strategic come are capital

Manny Korchman

XXX plan River Thanks. the fall disposition Ricardo, now? does where into

Ricardo Cardoso

we the suburban office selling now, focused Right on assets. solely are of

-- we continue we for we will not now Waterfront to currently marketing sale. take review assets, right We -- review XXX are our River, will

Manny Korchman

I new think finally I And that just How done? office Are told then one one about frame look things us I just you're that equity, going you need it redoing for Dave, had or for might credit up where end smaller a do to Dave, you later be about and you, everyone. about the line totality, multifamily on you given line to thinking in more just to year, get of redoing this line like? the Is guess. going what help to talked perspective? going

David Smetana

I Manny. frame you that. Thanks, Yes, hope

mostly think So, I which up at will be office Roseland, take look is a the let's suburban sale. where first

most we use when financing venture, is is we already in mortgage equity Roseland in a developed the land the control. that of joint we’ve So there and we own

be small one, to very help a we Roseland them need purposes be our line larger But So the and portion to of kind would to with general allocated clear, corporate be of I line their over do not six needs. will then will on Waterfront, our smaller new it unencumbered. be really put any equity will covenants. availability, more will assets of and which based metrics the a secured by and on are corporate mortgage four It be in, it line

when will CapEx. and capital and much the Waterfront, at line being better Manny, be within office six on our night, we'll assets obviously separate we're needs set for more So to TI asides have modest down the the here it

the friends Waterfront and makes by if secured Roseland a partners, smaller with sense. line our some that availability So for

Manny Korchman

Great. Yes. everyone. Thanks,

Operator

will ahead. take Rodriguez our from next go Bank Elvis America. of of Please We question

Elvis Rodriguez

just perhaps in just taking MaryAnne thank multifamily spin then spin the valuation rest I and so what the ability spin of it the off mentioned get future. the And can market off off would what -- the business? you've worth. to Roseland for for you in sell morning, question. can share the your to that's on office proper core and know as you business, you maybe the potentially off like the thoughts keep it that Good look

be So, thoughts any that you. Thank helpful. on would

MaryAnne Gilmartin

I've I the on business. the the disposition think all including or we suburbs strategy and to an strategic Elvis. got it, spinoff of focused is but question way to explore transaction alternatives, lots we're are of answer thoughts continuing Thanks, in best sections the that super on partial of entire

same I time, strategic responding best to all assets, to alternatives focus the And and today is suburban is for me the deeply show of balance and the strategic review the at inbounds. while exploring committee in Board so thing to you engaged to the communicate think at the the that is sheet up dispose

Elvis Rodriguez

one from will And Great. internal be more or the person CEO then the hire someone just the on search, outside? an

MaryAnne Gilmartin

it not intention my I’m is Interim candidate. it's the and always as and indicated, my that be to baton an been here CEO, doing position to pass we’ve excited internal an As

Elvis Rodriguez

you Thank Great. so much.

Operator

to call And time. our there the would to further I at hand this back are like host. questions no

MaryAnne Gilmartin

happy all us and for your Thank you weekend joining Enjoy today. Friday.

Operator

you Thank call. Thank you. your That concludes participation. for the

disconnect. now may You

Veris Residential (VRE) 26 Feb 212020 Q4 Earnings call transcript