EDISON, NJ—Mack-Cali Realty Corp. formally named Anthony Krug as its chief financial officer and Gary T. Wagner as chief legal officer and secretary at its board meeting today.
Both men had been appointed to be “acting” in those positions in March at the same time that two long-time executives agreed to resign. Barry Lefkowitz, the former CFO and Roger Thomas, the company’s general counsel, resigned after 20 years with the company, in what Mack-Cali termed a reorganization to save money.
Also Friday, the publicly traded REIT announced a second quarter dividend of $0.15 per common share (in line with a projected annual rate of $0.60 per common share.),
Mitchell E. Hersh, president and CEO, issued another in a series of statements he has made over the past year saying that the company is holding fast to a strategy of building its multi-family portfolio to better its financial picture.
“As we continue to execute on our strategy, we are taking the appropriate steps to improve our balance sheet and maintain financial flexibility,” Hersh said. “Mack-Cali has great assets that, over the long term, we believe will deliver superior returns. Our focus continues to be on building an even stronger company to drive growth and generate long-term value for shareholders.”
Mack-Cali owns or has interests in 279 properties; they include 266 office and office/flex properties totaling 31 million square feet and 13 multi-family rental with 3,900 residential units, all located in the Northeast.
Mack-Cali has been selling office properties to finance growth of its muli-family portfolio. Last month, it sold the Parsippany headquarters building long-term leased to Wyndham Worldwide to a private California REIT, Griffin Capital, for $96.6 million.