JERSEY CITY, N.J., Dec. 7, 2021 /PRNewswire/
-- Mack-Cali Realty Corporation (NYSE: CLI) today
announced that it has rebranded to Veris Residential,
Inc. reflecting the company's new strategic direction and
corporate values as it transitions into a pure-play multifamily
REIT and seeks to generate long-term value for shareholders.
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 as of December 10,
2021.
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 resulting in
$5 million of run-rate cash expense
savings, and a renewed commitment to ESG best practices. 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. 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.
Mahbod Nia, Chief Executive
Officer, said, "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. 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, including:
- Formally endorsing global sustainability initiatives,
such as the Ten Principles of the United Nations Global Compact and
the Climate Group's EV 100 (the first U.S. real estate company to
do so).
- Enhancing support for diverse and all-inclusive
communities, including increasing gender and ethnic diversity
within the company and Board of Directors, establishing employee
affinity groups, introducing company wide diversity training, and
becoming a signatory of the CEO Action for Diversity &
Inclusion Pledge and the UN Women Empowerment Principles.
- Reducing its overall carbon footprint by establishing
thoughtfully-designed new developments, a number of which have
received LEED certifications; upgrading building management systems
to include smart meters and thermostats as well as remote energy
conservation via mobile devices; and considering further ways to
mitigate the carbon footprint of existing properties. The company
has also adopted 100% renewable electricity within its office
headquarters and across the communal areas within its multifamily
portfolio.
- Adopting cutting-edge technology to improve energy
consumption by partnering with like-minded organizations that
help enhance the resident experience with smart meter technology
and by arming employees with the necessary tools to deliver
outperformance.
- Improving the health and wellbeing of its residents and
employees, including earning WELL Health and Safety
certification across its multifamily properties earlier this year
and selectively piloting a number of sustainable technologies,
including hydroponic vegetable planting and net zero drinking water
solutions, in addition to a wide range of in-place health and
wellbeing initiatives.
- Implementing a flexible, hybrid working structure that
ensures the company continues to attract and retain experienced,
curious, and passionate team members dedicated to helping Veris
Residential continue to achieve success.
- Continuing to maintain a deep connection with the residents
and communities it serves by aligning with national and local
organizations that share its values. Veris Residential is proud to
partner with national organizations, including Habitat for
Humanity, American Red Cross, and the National Forest Foundation
while supporting local communities through philanthropic
initiatives with Jersey City Medical Center, New City Kids, Boys
& Girls Clubs, among others.
Tammy K. 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. This integrated approach to the way we conduct
our business – one that acknowledges the importance of all
stakeholders, strong corporate governance as well as its
responsibility to the communities we serve and the planet we
inhabit – will be a strong competitive advantage and position Veris
for future growth and success."
About Veris Residential, Inc.
Veris Residential, Inc. is a forward-thinking, environmentally-
and socially-conscious real estate investment trust (REIT) that
primarily owns, operates, acquires, and develops
holistically-inspired, Class A multifamily properties that meet the
sustainability-conscious lifestyle needs of today's residents while
seeking to positively impact the communities it serves and the
planet at large. The company is guided by an experienced management
team and Board of Directors and is underpinned by leading corporate
governance principles, a best-in-class and sustainable approach to
operations, and an inclusive culture based on equality and
meritocratic empowerment. For additional information on Veris
Residential, Inc. and our properties available for lease, please
visit http://www.verisresidential.com/.
Forward-Looking Statements
Statements made in this communication may be forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements can be
identified by the use of words such as "may," "will," "plan,"
"potential," "projected," "should," "expect," "anticipate,"
"estimate," "target," "continue," or comparable terminology. Such
forward-looking statements are inherently subject to certain risks,
trends and uncertainties, many of which the Company cannot predict
with accuracy and some of which the Company might not even
anticipate and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading "Disclosure
Regarding Forward-Looking Statements" and "Risk Factors" in the
Company's Annual Report on Form 10-K, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q, which are
incorporated herein by reference. The Company assumes no obligation
to update or supplement forward-looking statements that become
untrue because of subsequent events, new information or otherwise,
except as required under applicable law.
Media Contact:
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
212-257-4170
Veris-Residential@gasthalter.com
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SOURCE Mack-Cali Realty Corporation
