Mahbod Nia, CEO of Veris Residential, Inc. (NYSE: VRE), sat down for a video interview during Nareit’s REITweek: 2025 Investor Conference in New York City June 2-5.
Nia discussed the favorable supply-demand dynamics in the Jersey City waterfront, where Veris has significant holdings. With limited new supply expected—only about 3,000 units over the next few years—and strong demand driven by spillover from Manhattan, the company has successfully continued growing rents. Over 15 years, the market doubled in unit count and absorbed supply seamlessly. Looking ahead, a projected housing shortfall of 27,000–36,000 units is anticipated due to population growth outpacing new development, Nia said.
Nia also highlighted a key 2025–2026 milestone: the full consolidation and rebranding of a joint venture property, now called Sable, which added three cents per share in earnings, or about 5% FFO accretion. Strategically, Veris is focused on selling $300 million–$500 million in non-core assets over 12–24 months to strengthen the balance sheet and potentially repurchase up to $100 million in shares, leveraging their stock's current discount to intrinsic value.