Mack-Cali Q2 net loss $(0.81)/sh, Core FFO $0.15, suburban office dispositions $387M

Veris Residential, Inc.

2021-Q2 EPS reported -$0.75 revenue$157,340,000

Net loss available to common shareholders $(72.1M), or $(0.81) per diluted share, vs $(34.9M), $(0.41) last year.
Core FFO per share fell to $0.15 from $0.28, driven by pandemic impact on hotel and multifamily and suburban asset disposals.
Multifamily operating portfolio reached 94.4% occupancy as of July 25, up from 89.7% at March 31, above pre-pandemic levels.
Suburban office dispositions of $387M in Q2; post-quarter, redeemed $575M bonds and repaid $150M term loan.
Expected up to $5M in annual run-rate cash expense savings from reorganization by end of 2021.

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