Veris Residential, Inc. · NYSE:VRE
Veris Residential — Mack-Cali Realty — Corporate Update (June 2017)
9 slides from Veris Residential's corporate update, Jun 6, 2017
Slide 1: Disclosure Regarding Forward-looking Statements
Disclosure Regarding Forward-looking Statements 2 Statements made in this presentation may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan
Slide 2: Leadership Team
Leadership Team 3 Mike DeMarco CEO Marshall Tycher Chairman, Roseland Mitch Rudin Vice Chairman Tony Krug CFO Gary Wagner General Counsel Ricardo Cardoso CIO Chris DeLorenzo EVP of Leasing Andrew Marshall President and COO of Roseland
Slide 3: Company Update
Company Update 4 We recently released earnings on May 9th, 2017. This presentation is an update of our strategy and the market conditions we operate in. Office revenue – Strong second quarter to date, rollup in rents continue across all our assets, occupancy expected to be approximately the same as
Slide 4: Multi-family revenue – Hitting on all cylinders in our markets
Company Update 5 Multi-family revenue – Hitting on all cylinders in our markets Occupancy has gone up to 98% Urby, Chase II, and Quarry Place, representing over 1,100 units of new product, are all leasing up more quickly at or above pro forma rents Urby – 56% (426 units) in 90 days at $56.76 average
Slide 5: Simple steps for the remainder of 2017
Company Update 6 Simple steps for the remainder of 2017- Staff reduction by June 30th, 2017 as we streamline our operations $2.5 million full year effect Expense reductions in operating costs are projected to be $3 million full year effect Asset sales are on track for $700 to $800 million, GAAP cap
Slide 6: Where we expect to be at the end of 2017
Company Update 7 Where we expect to be at the end of 2017- Less than half of the buildings we started with in 2015 (270 to 120) Quality of cash flow will be further improved with 75% office and 25% apartments with the waterfront being over 65% Better margins in both office and multi-family (65% or g
Slide 7: Definitions
Definitions 8 This presentation includes references to the following defined terms: Funds from operations (“FFO”): Net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciab
Slide 8: Definitions
Definitions This presentation includes references to the following defined terms: Funds from operations ("FFO"): Net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from depreciable
Slide 9: Mack-Cali Realty Corporation
aX MACK-CALI® Realty Corporation