Mack-Cali Realty Corporation has rebranded to Veris Residential, Inc. It will operate under its new name and publicly trade on the New York Stock Exchange with the new ticker symbol VRE, effective Dec 10, 2021.
The move reflects Mack-Cali’s transformational plan to change into a pure-play multifamily real estate investment trust (REIT). This comes as part of CLI’s objectives to simplify its business, strengthen the balance sheet and enhance its operational platform.
Since late December 2019 through the end of third-quarter 2021, Mack-Cali disposed of 35 such suburban office properties, aggregating 6 million square feet, for net sales proceeds of $1 billion. Further, the progress includes the repayment of all corporate level recourse debt, a huge internal reorganization resulting in $5 million of run-rate cash expense savings, and a renewed commitment to Environmental, Social and Governance practices.
Mack-Cali’s current multifamily portfolio consists of a sector-leading average property age of seven years. This asset class is comparatively stable and is expected to steadily contribute to CLI’s cash flows in the upcoming period.
Together with the rebranding, Mack-Cali started implementing several initiatives at the property and corporate levels. These include formal endorsement of global-sustainability initiatives, support enhancement for diverse and all-inclusive communities, reduction of its overall carbon footprint, adoption of cutting-edge technology to improve energy consumption, improvement of the health and wellbeing of its residents and employees, and implementation of a flexible, hybrid working structure while maintaining a deep connection with its residents and communities.
Shares of this currently Zacks Rank #3 (Hold) player have gained 6% over the past three months, outperforming the
industry's growth of 1.1%. Image Source: Zacks Investment Research Stocks to Consider
Some better-ranked picks from the REIT sector are
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Alpine Income carries a Zacks Rank #2 (Buy) at present. Over the last four quarters, PINE’s FFO per share surpassed the consensus mark thrice and missed the same once, the average surprise being 2.71%.
The Zacks Consensus Estimate for Alpine Income’s 2021 FFO per share has been revised 2.8% in the past two months to $1.49. Shares of PINE have inched up 1.3% in the past three months.
Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.