Veris Residential Management

Management criteria checks 2/4

Veris Residential's CEO is Mahbod Nia, appointed in Mar 2021, has a tenure of 3.17 years. total yearly compensation is $7.06M, comprised of 11.3% salary and 88.7% bonuses, including company stock and options. directly owns 0.68% of the company’s shares, worth €9.44M. The average tenure of the management team and the board of directors is 2.3 years and 3.9 years respectively.

Key information

Mahbod Nia

Chief executive officer

US$7.1m

Total compensation

CEO salary percentage	11.3%
CEO tenure	3.2yrs
CEO ownership	0.7%
Management average tenure	2.3yrs
Board average tenure	3.9yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Mahbod Nia's remuneration changed compared to Veris Residential's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	-US$131m
Dec 31 2023	US$7m	US$800k	-US$153m
Sep 30 2023	n/a	n/a	-US$134m
Jun 30 2023	n/a	n/a	-US$103m
Mar 31 2023	n/a	n/a	-US$57m
Dec 31 2022	US$7m	US$800k	-US$62m
Sep 30 2022	n/a	n/a	-US$64m
Jun 30 2022	n/a	n/a	-US$71m
Mar 31 2022	n/a	n/a	-US$171m
Dec 31 2021	US$11m	US$653k	-US$170m
Sep 30 2021	n/a	n/a	-US$116m
Jun 30 2021	n/a	n/a	-US$160m
Mar 31 2021	n/a	n/a	-US$126m
Dec 31 2020	US$191k	n/a	-US$142m

Compensation vs Market: Mahbod's total compensation ($USD7.06M) is above average for companies of similar size in the German market ($USD1.63M).

Compensation vs Earnings: Mahbod's compensation has increased whilst the company is unprofitable.

CEO

Mahbod Nia (47 yo)

3.2yrs

Tenure

US$7,064,210

Compensation

Mr. Mahbod Nia serves as Chief Executive Officer at Veris Residential, Inc. (formerly known as Mack-Cali Realty Corporation) since March 8, 2021, Director since March 8, 2021 and served as its an Independe...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Mahbod Nia	CEO & Director	3.2yrs	US$7.06m	0.68% $ 9.4m
Amanda Lombard	Chief Financial Officer	2.1yrs	US$1.65m	0.016% $ 218.5k
Anna Malhari	Executive VP & COO	2.9yrs	US$1.62m	0.027% $ 383.5k
Jeffrey Turkanis	Executive VP & Chief Investment Officer	2.1yrs	US$1.75m	0.020% $ 275.3k
Taryn Fielder	General Counsel & Secretary	2.1yrs	US$1.75m	0.029% $ 411.3k
Cindy Mai	SVP & Chief Accounting Officer	1.3yrs	no data	no data
Nicole Jones	Senior Vice President of Marketing & Communications	2.7yrs	no data	no data
Lori Jean Milo	Senior Vice President of Human Resource	2.3yrs	no data	no data
Susan Epstein	Senior Vice President of Legal	2.3yrs	no data	no data
Karen Cusmano	Senior VP of Sustainability & ESG	2.3yrs	no data	no data
Jay Minchilli	Senior Vice President of Operations & Asset Management	2.3yrs	no data	no data
Eric Roehnelt	Senior Vice President of Finance & Investments	2.3yrs	no data	no data

2.3yrs

Average Tenure

41yo

Average Age

Experienced Management: WY4's management team is considered experienced (2.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Mahbod Nia	CEO & Director	3.9yrs	US$7.06m	0.68% $ 9.4m
Victor MacFarlane	Independent Director	2.9yrs	US$201.40k	0.021% $ 295.2k
Howard Stern	Independent Director	3.9yrs	US$224.29k	0.027% $ 384.1k
Ronald Dickerman	Independent Director	less than a year	US$172.83k	0.0073% $ 102.3k
Nori Lietz	Independent Director	4.9yrs	US$209.25k	0.032% $ 448.5k
Frederic Cumenal	Independent Director	4.9yrs	US$218.03k	0.032% $ 448.5k
A. Katz	Independent Director	3.9yrs	US$225.40k	0.030% $ 426.4k
Stephanie Williams	Independent Director	less than a year	US$175.99k	0.0073% $ 102.3k
Tammy Jones	Board Chair & Lead Independent Director	3.9yrs	US$265.50k	0.027% $ 384.1k

3.9yrs

Average Tenure

59yo

Average Age

Experienced Board: WY4's board of directors are considered experienced (3.9 years average tenure).

Veris Residential Management

Management criteria checks 2/4

Key information

Recent management updates

High number of new directors

CEO & Director recently bought €1.0m worth of stock

Veris Residential, Inc., Annual General Meeting, Jun 15, 2022

High number of new and inexperienced directors

Veris Residential, Inc. Terminates Employment of Its Executive Vice President, General Counsel and Secretary Gary T. Wagner

Veris Residential, Inc. Announces Management Changes

Recent updates

Veris Residential, Inc. Provides Earnings Guidance for the Year 2024

First quarter 2024 earnings released: US$0.06 loss per share (vs US$0.30 loss in 1Q 2023)

Veris Residential, Inc. to Report Q1, 2024 Results on Apr 24, 2024

Upcoming dividend of US$0.052 per share

Now 23% overvalued

Now 21% overvalued

Veris Residential, Inc. Declares Cash Dividend for the First Quarter 2024, Payable on April 16, 2024

Veris Residential, Inc. Provides Earnings Guidance for the Year 2024

Veris Residential, Inc. Reports Impairment Charges for the Fourth Quarter Ended December 31, 2023

Full year 2023 earnings released: US$1.61 loss per share (vs US$0.63 loss in FY 2022)

Veris Residential, Inc. to Report Q4, 2023 Results on Feb 21, 2024

Veris Residential, Inc. to Report Q4, 2023 Results on Feb 21, 2024

Veris Residential, Inc. Declares a Cash Dividend for the Fourth Quarter Ending December 31, 2023, Payable on January 10, 2024

Veris Residential, Inc. has filed a Follow-on Equity Offering in the amount of $100 million.

Veris Residential, Inc. Raises Earnings Guidance for the Year 2023

Third quarter 2023 earnings released: US$0.61 loss per share (vs US$1.11 loss in 3Q 2022)

Veris Residential, Inc. to Report Q3, 2023 Results on Oct 25, 2023

Upcoming dividend of US$0.05 per share at 1.1% yield

Veris Residential, Inc. Reinstates Quarterly Dividend Effective for the Third Quarter of 2023, Payable on October 10, 2023

Second quarter 2023 earnings released: US$0.27 loss per share (vs US$0.29 profit in 2Q 2022)

Veris Residential, Inc. to Report Q2, 2023 Results on Jul 26, 2023

Full year 2022 earnings released: US$0.56 loss per share (vs US$1.79 loss in FY 2021)

High number of new directors

Kushner Companies Sends a Letter to Shareholders of Veris Residential

Veris Residential, Inc. to Report Q4, 2022 Results on Feb 21, 2023

Kushner Companies Denies Dropping Veris Buyout Interest

HEI Hospitality, LLC and Taconic Capital Advisors L.P. acquired Hyatt Regency Jersey City from Veris Residential, Inc. (NYSE:VRE) and Hyatt Hotels Corporation (NYSE:H) for approximately $100 million.

Kushner Companies LLC cancelled the acquisition of Veris Residential, Inc. (NYSE:VRE) from Howard Shainker, A. Akiva Katz, Bow Street, LLC, Tammy K. Jones, Alan R. Batkin, Frederic Cumenal, Nori Gerardo Lietz, Victor B. MacFarlane, Mahbod Nia and others.

Third quarter 2022 earnings released: US$1.12 loss per share (vs US$0.34 loss in 3Q 2021)

Now 20% undervalued

CEO & Director recently bought €1.0m worth of stock

Veris Residential, Inc. to Report Q3, 2022 Results on Nov 02, 2022

An unknown buyer entered into a binding agreement to acquire Harborside 1, 2 and 3 from Veris Residential, Inc. (NYSE:VRE) for $420 million.

Second quarter 2022 earnings released: EPS: US$0.33 (vs US$0.86 loss in 2Q 2021)

Veris Residential, Inc. to Report Q2, 2022 Results on Aug 03, 2022

First quarter 2022 earnings released: FFO: US$98.8m per share (vs US$0.18 in 1Q 2021)

Veris Residential, Inc. (NYSE:VRE) entered into an agreement to acquire The James Located In Park Ridge, NJ for $130 million.

Veris Residential, Inc. (NYSE:VRE) entered into an agreement to acquire The James Located In Park Ridge, NJ for $130 million.

Veris Residential, Inc., Annual General Meeting, Jun 15, 2022

High number of new and inexperienced directors

Veris Residential, Inc. Terminates Employment of Its Executive Vice President, General Counsel and Secretary Gary T. Wagner

Veris Residential, Inc. to Report Q1, 2022 Results on May 04, 2022

Veris Residential, Inc. Announces Management Changes

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Veris Residential, Inc. Announces Impairment for the Three Months Ended December 31, 2021

Veris Residential, Inc. to Report Fiscal Year 2021 Results on Feb 23, 2022

SJP Properties and David Werner Real Estate Investments acquired Waterfront Corporate Center I in Hoboken from Veris Residential, Inc. (NYSE:VRE).

Veris Residential, Inc.(NYSE:VRE) dropped from PSE All Share Index

Third quarter 2021 earnings released: US$0.32 loss per share (vs US$0.84 loss in 3Q 2020)

The Birch Group agreed to acquire 101 Hudson Street in Jersey City from Mack-Cali Realty Corporation (NYSE:CLI) for $380 million.

Second quarter 2021 earnings released: US$0.84 loss per share (vs US$0.51 loss in 2Q 2020)

Crown Acquisitions Inc. acquired River Centre from Mack-Cali Realty Corporation (NYSE:CLI) for $84 million.

Independent Director Michael Berman has left the company

Independent Director MaryAnne Gilmartin has left the company

Mack-Cali Realty Corporation Unveils Latest Phase of Harborside Campus

First quarter 2021 earnings released: US$0.25 loss per share (vs US$0.41 loss in 1Q 2020)

Mack-Cali Realty Corporation Announces Executive Changes

Mack-Cali Realty Corporation Names Executive Changes

Full year 2020 earnings released: US$1.38 loss per share (vs US$2.04 profit in FY 2019)

Revenue misses expectations

New 90-day high: €12.50

Mack-Cali Realty Corporation to Report Q4, 2020 Results on Feb 25, 2021

Bergman Real Estate Group, Hornig Capital Partners and Eightfold Real Estate Capital acquired 160,000 Square Foot Office Building in Princeton from Mack-Cali Realty Corporation (NYSE:CLI).

An unknown buyer acquired Riverwatch Commons in New Brunswick from Mack-Cali Realty Corporation (NYSE:CLI) for $47 million.

Mack-Cali Announces $12.75 Million Sale of 7 Campus Drive in Parsippany, New Jersey

The Birch Group acquired 7 Campus Drive from Mack-Cali Realty Corporation (NYSE:CLI) for $12.8 million.

New 90-day low: €8.75

Revenue misses expectations

Third quarter 2020 earnings released: US$0.82 loss per share