Funds from operations available to common shareholders for Q4 were $73 million or $0.89 per share, vs. $68.2 million or $0.87 per share a year earlier. For the year ended Dec. 31, FFO amounted to $293.9 million or $3.56 per share compared to $290.5 million or $3.73 per share a year earlier.
Total revenues for Q4 '07 increased 2.9% to $201.7 million, compared to $196.1 million for the same period a year ago. And for the full year, total revenues came in at $808.4 million, an increase of 10.4% over the year-earlier total of $732 million.
"Our fourth quarter was marked by solid leasing activity and improved occupancies," says Mitchell Hersh, Mack-Cali's president & CEO, in a statement. "While it is widely held that the nation's economy is slowing and the capital markets are constrained, we enter this period of uncertainty with an extremely well-leased portfolio with high-caliber tenants, minimal 2008 lease expirations and a strong balance sheet.
"The combination of these factors will allow Mack-Cali to operate efficiently as well as be opportunistic going forward," Hersh says.
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