Specifically, net income available to common shareholders camein at $14.9 million, or $0.23 per share. FFO for the quarter endedMarch 31 amounted to $70.90, or $0.88 per share, up slighting fromthe $70.1 million and $0.86 numbers registered a year earlier. Andtotal revenues for Q1 rose to $194.7 million from $193.3 million ayear ago.

|

"In today's uncertain economic environment, we remain focused onmaintaining high occupancy rates within our portfolio by securinglong-term leases and providing tenants with superior workenvironments," says Mitchell Hersh, Mack-Cali's president and CEO."In that regard, our longstanding track record of outperforming theindustry in our core markets is clear. And our strong balance sheetleaves us well positioned to navigate through this period ofilliquidity in the capital markets and to capitalize on newopportunities as they arise."

|

According to company officials, the REIT's in-service portfoliowas 92.1% leased as of March 31, compared to 92.7% at Dec. 31,2007. Q1 saw 111 leases totaling just more than 815,000 sf signedacross that portfolio, with approximately 460,200 sf in new leasesand the rest in renewals and other tenant retentiontransactions.

|

And as of March 31, the company also reports total indebtednessof $2.2 billion with a weighted average annual interest rate of5.8%. The company had a total market capitalization of $5.1 billionand a debt-to-undepreciated assets ratio of 40.8%.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.