Income was off slightly, however. Income from operations before minority interest in operating partnership equaled $43 million compared to last year's 3Q total of $44.5 million. Income per share amounted to $0.61 in both cases.
"In light of current economic conditions, I am satisfied with our third quarter results," according to Mack-Cali CEO Mitchell E. Hersh. "I am also satisfied with the progress we have made with lease renewals, occupancies and our property sales and development programs."
The company's funds from operations (FFO) per diluted share for the quarter increased by 2.2% over the same period in 2000. After adjustment for straight-lining of rents and non-recurring charges, FFO amounted to $64.3 million, or $0.91 per share, compared to $65 million, or $0.89 per share. The per-share increase was 2.2%. Cash available for distribution (CAD) was $53.5 million, or $0.76 per share, versus $53.6 million, or $0.73 per share. The per-share increase was 4.1%.
As far as Mack-Cali's ongoing effort to refocus on its core markets in the Northeast, the third quarter saw the REIT sell off office buildings in Dallas; Des Moines, IA; and Washington, DC. The proceeds from those sales were about $81.5 million. In the first nine months of the year Mack-Cali sold seven office properties totaling just over one million sf and a 327-unit residential complex, garnering a total of about $215.1 million.
In terms of acquisitions, the firm added to its significant presence in Westchester County, NY with the buy of two office/flex properties in the Mid-Westchester Executive Park in Hawthorne. Mack-Cali is also continuing its development efforts at its signature Harborside Financial Center in Jersey City, NJ, with Plaza 5, Plaza 10 and the Hyatt Regency South Pier Hotel all under construction. The third quarter also saw the start of construction of an office/flex building in Elmsford, NY.
"We continue to focus our efforts on our strategy of selling non-core and non-strategic assets," according to Hersh, "and using the proceeds to enhance our presence in the Northeast and Mid-Atlantic regions."
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