Jersey City-based Mack-Cali Realty Corp. on Tuesday announced that it rebranded as Veris Residential Inc., reflecting the company’s new strategic direction and corporate values as it transitions into a pure-play multifamily real estate investment trust and seeks to generate long-term value for shareholders.
Under its new brand ethos, the company will be dedicated to meeting the sustainability-conscious lifestyle needs of its residents by operating in a socially, ethically and environmentally responsible manner, while seeking to maximize value for all stakeholders.
The company will continue to be publicly traded on the New York Stock Exchange and will do so under its new name and new ticker symbol, VRE, effective Friday.
Over the past several months, Mack-Cali has made significant progress in achieving its strategic objectives of simplifying its business, strengthening its balance sheet and enhancing its operational platform. This progress has included over $1 billion of suburban asset sales, the repayment of all corporate-level recourse debt, an extensive internal reorganization. As a result, the company is now less than a handful of office assets away from transitioning into a pure-play multifamily company in growth markets across the Northeast, building upon the strong leasing momentum of its residential portfolio.
“Since the establishment of our ESG committee in July 2020, the board of directors and management team have worked tirelessly to intricately weave environmental and social considerations into the fabric of the company, serving as a compass to inform our current and future decision-making,” Mahbod Nia, CEO, said in a prepared statement. “Our new brand, Veris Residential, encapsulates our responsible, transparent and forward-thinking approach, underpinned by a unified culture grounded in equality and meritocratic empowerment. I look forward to leading the company through this next phase of its evolution and building upon our strong momentum this year to continue generating long-term value for our shareholders while positively impacting our residents and the communities we serve.”
The company’s current multifamily portfolio has a sector-leading average property age of only 7 years. Energy efficiency and other environmental considerations have already been integrated into many existing properties and development projects, positioning the portfolio to deliver competitive growth over time. Additionally, in conjunction with its rebrand, the company has begun implementing a number of initiatives at the property and corporate levels that align with its core values.
Tammy Jones, board chair, added: “The decision to reposition Mack-Cali as Veris Residential is an important milestone following the transformative steps the company has taken since the reconstitution of the board of directors. As we look ahead, we remain committed to maximizing long-term value for our shareholders while also strategically managing evolving ESG risks and opportunities.”