EDISON, NJ—Mack-Cali Realty Corp. came back strong from a subpar first quarter, with Q2 funds from operations up by more than 50% over Q1 levels and beating a consensus estimate by three cents per share. The office and apartment REIT also raised its full-year FFO guidance while narrowing the range, projecting a range of $1.70 to $1.78 per diluted share, compared to $1.62 to $1.72 per share at the end of Q1.

“We remain focused on providing a superior work environment for the 2,000 tenants that have chosen our premier office properties to house their businesses,” says Mitchell E. Hersh, chairman and CEO of CLI. “We are disciplined in continually assessing the most efficient and effective ways to improve our portfolio, including, for example, renovating lobbies and upgrading HVAC systems, and enhancing curb appeal with improved landscaping.”

Further, Hersh says, “We are pleased with our continued progress in the multifamily sector. Consistent with our multifamily growth strategy, we are committed to completing the current multi-year development pipeline, as well as our value-added acquisitions.”

FFO for the three months ended June 30 amounted to $50.3 million, or $0.50 per share, compared to 30 cents per share. For the six months that ended June 30, FFO equaled $80.5 million, or $0.81 per share.

Net income available to CLI's common shareholders for Q2 equaled $51.1 million, or $0.58 per share, with net income to common shareholders for the six-month period amounting to $35.8 million, or $0.40 per share. Included in net income and FFO for the six months that ended June 30 was $4.8 million or $0.05 per share related to the net effect of unusual electricity rate spikes and $11 million or $0.11 per share related to EVP severance costs. Total revenues for Q2 were $160.3 million, compared to a consensus estimate of $156.5 million, and $329.9 million for the six-month period.