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Mack-Cali Realty Corporation has announced its rebranding to Veris Residential, Inc., focusing on multifamily properties and aligning with sustainability practices. Effective December 10, 2021, the company will trade under the new ticker symbol VRE. The transition involves the sale of over $1 billion in suburban assets and significant debt repayment. The company is nearing a pure-play multifamily status with a portfolio featuring a sector-leading average property age of 7 years. Veris aims to maximize long-term shareholder value while committing to ESG best practices.
Mack-Cali Realty Corporation (NYSE: CLI) reported a net loss of $(0.33) per share for Q3 2021, down from the previous year's $(0.49) per share. Despite challenges, Core FFO was $0.17 per share, reflecting ongoing impacts from COVID-19. The company is transitioning towards a pure-play multifamily REIT, with two office assets under contract for $590 million. Its multifamily portfolio was 96.5% occupied, exceeding pre-pandemic levels, and NOI increased by 4.0% sequentially. The Waterfront office portfolio's leasing rate decreased to 73.3%.
Mack-Cali Realty Corporation (NYSE: CLI) will host its third quarter 2021 earnings conference call on November 4, 2021, at 8:30 a.m. ET. The call will be accessible via the company's website or by calling (323) 794-2598 with confirmation code 5487368. As a leading REIT, Mack-Cali specializes in office and multifamily property management and development in New Jersey's prime locations, contributing to the growth of the local economy through innovative amenities and lifestyle enhancements.
Mack-Cali Realty Corporation (CLI) reported a net loss of $(0.81) per share for Q2 2021, a decline from $(0.41) in Q2 2020. Core Funds from Operations (FFO) were $0.15 per share, down from $0.28. Despite a multifamily occupancy rate of 94.4%, Same Store Net Operating Income (NOI) dropped 12.7% year-over-year due to revenue decreases and higher operating expenses. The company completed $387 million in suburban office asset disposals, generating $226 million in net cash. Operational efficiencies are expected to yield annual savings of up to $5 million.
Mack-Cali Realty Corporation (NYSE: CLI) is set to host its second quarter 2021 earnings conference call on Thursday, July 29, 2021, at 8:30 a.m. Eastern Time. Participants can join the call via the company's website or by dialing (323) 794-2588 with the confirmation code 3389870. Mack-Cali is a leading real estate investment trust focused on owning, managing, and developing premier office and multifamily properties in New Jersey, emphasizing innovation and lifestyle amenities to enhance tenant experiences.
Mack-Cali Realty Corporation (CLI) has appointed Victor B. MacFarlane to its Board of Directors, effective June 9, 2021. With over 40 years of real estate experience, MacFarlane will also serve on the Audit and Compensation Committees. He is the Chairman and CEO of MacFarlane Partners, overseeing a $13 billion urban investment portfolio. Board Chair Tammy K. Jones expressed enthusiasm for MacFarlane's wealth of knowledge, aiming to unlock value for shareholders. MacFarlane emphasized the company's potential during a strategic transformation phase.
Mack-Cali Realty Corporation (NYSE: CLI) has announced the sale of its last suburban office portfolio, River Centre, for $84 million to First Mile Properties. This 639,490 sq. ft. complex in Red Bank, New Jersey is currently 66% leased and aims to streamline the company's operations. Proceeds will be allocated towards repaying a term loan. The sale follows two significant transactions earlier this year, with $255 million from Short Hills and $254 million from Metropark, highlighting Mack-Cali's strategic focus on improving its balance sheet.
Mack-Cali Realty Corporation (NYSE: CLI) announced the latest phase of the Harborside campus transformation in Jersey City on May 10, 2021. The renovation of Harborside 1 includes significant upgrades and a new façade, enhancing its status as a premier office destination. The campus will feature new public spaces, retail, and dining options, alongside the launch of New Jersey's first Smorgasburg food market. The improvements aim to attract top talent with amenities that support flexibility and wellness, positioning Harborside as a competitive workplace solution.
Mack-Cali Realty Corporation (CLI) reported a net income of $0.06 per diluted share for Q1 2021, a significant recovery from a loss of $(0.47) in Q1 2020. Core Funds from Operations (Core FFO) decreased to $0.18 per share from $0.33 year-over-year. The company completed $547 million in office disposals, releasing approximately $370 million in cash for debt repayment. The office portfolio was 74.2% leased, down from 78.7%, while the multifamily portfolio improved to 92.8% leased. A new $250 million revolving credit facility and a $150 million term loan were established to strengthen balance sheet stability.
Mack-Cali Realty Corporation (NYSE: CLI) will release its Q1 2021 earnings results on May 6, 2021, after market close. A conference call with management is scheduled for May 7, 2021, at 8:00 a.m. ET. Investors can listen live on the company's website or by dialing (323) 289-6581 with the confirmation code 5316213. Mack-Cali is a prominent real estate investment trust focused on premier office and multifamily properties in New Jersey, particularly in waterfront and transit-oriented markets, supporting local development initiatives.
