Mack-Cali Realty Corp. said Tuesday it has changed its name to Veris Residential Inc., as the company transitions to a pure-play multifamily real estate investment trust (REIT).
The company said it will own, operate and acquire properties that meet the "sustainability-conscious" lifestyle needs of current residents. The company said its stock will continue to trade on the NYSE, but the ticker symbol will change to "VRE" on Dec. 10.
"Our new brand, Veris Residential, encapsulates our responsible, transparent, and forward-thinking approach, underpinned by a unified culture grounded in equality and meritocratic empowerment," said Chief Executive Mahbod Nia.
The stock, which was still inactive in premarket trading, has rallied 42.9% year to date, while the SPDR Real Estate Select Sector ETF has climbed 32.7% and the S&P 500 has advanced 22.3%.
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