Mahbod A.c.a. on business strategy
From Mahbod Nia, CEO at Veris Residential Joins NYSE TV Live · · New York Stock Exchange
“When I joined, we were really an office company; two-thirds of the business was suburban office and there was a reconstitution of the board and then management team and we really shifted the strategy and it 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.”
On , Mahbod A.c.a., Chief Executive Officer & Director at VERIS RESIDENTIAL INC, spoke about business strategy during Mahbod Nia, CEO at Veris Residential Joins NYSE TV Live on New York Stock Exchange.
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.