Total revenues for the period were off slightly, from $146.5 million in 2001's first quarter to $141.8 million this year, a 3.2% differential. The difference came from a drop in equity earnings from unconsolidated joint ventures, from earnings of just over $3.4 million last year to a loss of just over $1.3 in 2002.
"While uncertain economic conditions continue, we're seeing signs of increased activity in the office sector," according to Mitchell E. Hersh, CEO of Mack-Cali. "Overall, our tenant base is healthy and stable and we are confident that we are well positioned for the future.
The period also showed an increase of 3.4% per diluted share in funds from operations, adjusted for straight-lining of rents. And cash available for distribution per share was up by 2.6% for the first quarter of this year over the same period last year.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.