EDISON, NJ-Despite a challenging economic climate, Mack-Cali signed 112 first quarter leases totaling 802,621 square feet–555,594 square feet of which was office space, while 247,027 were office/flex space. Of these totals, 308,096 square feet were for new leases and 494,525 square feet represented renewals and other tenant retention transactions.

The locally based REIT also revealed its second-quarter financial results during a conference call late last week. For the quarter, FFO available to common shareholders amounted to $66.5 million, or 72 cents per share. Total revenues for the first quarter of 2009 were $195.9 million, up slightly from $194.9 million in fourth quarter 2009.

Mack-Cali’s portfolio was 88.8% leased at close of the quarter, down from90.1% at the end of Q4. “The first quarter 2010 occupancy decline was not unanticipated given the scheduled Citigroup lease expiration at 125 Broad St. in New York City,” said Mack-Cali’s president and CEO Mitchell Hersh. “Although this first quarter reflected a gap in NOI of -2.8%, if we were to adjust for the exclusion of the Citigroup situation, it would be -0.8%, which is a dramatic life in the reduction.” The REIT currently has 1.5 million square feet of space that is set to expire in 2010, representing 5.3% of its leased space.

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