Mack-cali Realty Stock News

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J.P. Morgan Stick to Their Sell Rating for Mack-Cali Realty Corp.

With its transition into a pure-play multifamily REIT, Mack-Cali (CLI) changes its name to Veris Residential.

With its transition into a pure-play multifamily REIT, Mack-Cali (CLI) changes its name to Veris Residential.

Mack-Cali Realty is making its office-to-multifamily pivot official. On Friday, the New Jersey-based real estate investment trust will begin trading on the New York Stock Exchange under the ticker symbol VRE, reflecting its name change to Veris Residential. The REIT has spent the last several months retreating from the suburban office market, its former bread and butter, tallying more than $1 billion in property sales since March in New Jersey alone. The shift in focus The post Mack-Cali rebrands as Veris Residential, signifying shift in focus appeared first on The Real Deal New York .

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.

Analysts forecast that Mack-Cali Realty Co. (NYSE:CLI) will report sales of $74.77 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Mack-Cali Realtys earnings, with estimates ranging from $67.81 million to $81.73 million. Mack-Cali Realty posted sales of $76.56 million during the same quarter last year, which would indicate []

Mack-Cali Realty Corporation found using ticker (CLI) have now 7 analysts covering the stock with the consensus suggesting a rating of ''Hold''. The target price ranges between 26 and 16 calculating the average target price we see 18.71. Now with the previous closing price of 17.04 this now indicates there is a potential upside of 9.8%. The 50 day moving average now sits at 18.15 and the 200 day MA is 17.11. The market capitalisation for the company is $1,620m. Company Website: https://www.mack-cali.com [stock_market_widget type="chart" symbol="CLI" chart="bar" range="6mo" interval="1d" line-color="rgb(49, 125, 189)"] One of the country''s leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout New Jersey. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city''s flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

Mack-Cali (CLI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

While Mack-Cali Realty (CLI) is likely to capitalize on its solid presence in high barrier-to-entry markets and investments in waterfront properties, a leveraged balance sheet is concerning.