About Mahbod A.c.a.
Mahbod Nia, CEO of Veris Residential, has described the company’s transformation from a two-thirds office firm to a pure-play multifamily REIT, a process he said involved selling over $2.5 billion of office assets and growing its multifamily portfolio to over 7,000 units. In interviews, Nia stated that the company’s strategy is supported by strong market fundamentals, including job and wage growth, limited new supply in its core Jersey City waterfront market, and a long-term housing shortfall. He noted that Veris Residential has raised guidance, reinstated its dividend, and announced a plan to sell $300–500 million of less strategic assets to further deleverage its balance sheet and fund up to $100 million in share repurchases.
Nia has also emphasized the company’s focus on environmental, social, and governance (ESG) initiatives, describing them as a lens for decision-making that aligns with shareholder value. He cited examples such as installing smart thermostats with a payback period of under a year, achieving a 50% reduction in scope 1 and 2 emissions over three years, and partnering with MIT’s Center for Real Estate on decarbonization research. Nia characterized the company’s approach as one that seeks to address climate risks while reducing operating expenses and improving returns.
Source: AI-verified profile updated from Mahbod A.c.a.'s recent appearances.
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Transcript (10 segments)
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Interviewer0:00
That's right, joining me now is Beus Residential CEO, as you said, Mahbod Nia. He just is fresh off the bell podium, opening up the US equity markets to celebrate 30 years of Beus Residential. How are you feeling right now, and tell me why it was important for you to celebrate this monumental milestone here at the exchange?
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Mahbod Nia0:17
Well, firstly, thank you, Trinity, and the New York Stock Exchange for having us here. It's an absolute pleasure and a really momentous moment to be here. This is the 30th anniversary of the company's public IPO, which happened in 1994. I think we're really here to celebrate 30 years of the company's existence, which is really an accomplishment for any company, if you think about all the external shocks and challenges and evolving trends that one faces over that timeframe. The company's been remarkably adaptable at transforming itself over that timeframe and really positioning itself not only to survive for 30 years but to be in a very strong position to thrive from here.
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Interviewer0:59
And speaking of thriving, you are one of the leading competitors when it comes to the residential housing space, and you've had significant growth over the past three years, continued growth I should say. Talk to me about what you think is driving this momentum and how you think you're going to continue to sustain it.
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Mahbod Nia1:16
Yeah, no, look, it's really remarkable, and I could not be more thankful to the team. We have a little over 200 employees who come in day in and day out and really put a lot of effort to extract the maximum value from our assets. We are in a fortunate position as a relatively new multifamily company. We have the highest quality properties in the market, we've developed most of them, the best amenitized in growth markets, and there seems to be a lot of demand for them, particularly in a post-COVID world where people are still spending one or two days a week typically working from home. They want to be in a place that's comfortable, that has all the health and well-being benefits of our properties, the amenities, the ability to allow them to work, socialize, exercise, and play in our property.
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Interviewer2:03
Well, home is where the heart is, right? Home is where the heart is. Well said. Now, I know that you have been with Beus Residential for about four years now. The company's existence, as you said, was established in 1994, for 30 years. So talk to me, walk me through some of the biggest transitions that you have noticed with this company and some of the most memorable moments.
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Mahbod Nia2:23
Well, this has to be one of the most memorable moments for myself and the team. But I've been there for four years. When I joined, we were really an office company, two-thirds of the business was suburban office. There was a reconstitution of the board and management team, and we really shifted the strategy. It's turned out to be the right call, away from office where we saw negative headwinds, to multifamily where we believe there are still continued long-term fundamental demand drivers that position the company very well for continued success. So we've gone from really two-thirds office to no office in our multifamily, and as you said, it's really high performing, overlaid with a best-in-class operating platform using the latest technology, including a number of AI solutions. We have the best personnel, and they're really extracting a lot of value from those assets.
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Interviewer3:17
Now we have about 60 seconds left. I do want to know about what you think right now consumers want when it comes to their home, and how are you staying up with that as well as staying ahead of the curve and innovative and continuing to meet your business strategies?
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Mahbod Nia3:33
Well, there's been a trend that we've seen for some time now of almost a convergence of residential multifamily with hospitality and technology, candidly. So I think what residents want is to have all the efficiencies and the benefits of a tech-oriented solution to managing their properties, but with a human touch and the availability of humans when they need it. They want to have amenities, as I said, to be able to not only live in their apartment but also have shared space where they can work, socialize, exercise. Our properties have a wide range of amenities, from bowling alleys to karaoke rooms to amphitheaters and a whole host of golf simulators. I think that's very sought after, particularly today.
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Interviewer4:24
Amazing. Well, thank you so much. It was a pleasure speaking with you. Congratulations again. I'll let you join your team to continue the celebration.
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Mahbod Nia4:30
Thank you for having me. Thank you.
