He will not be replaced, at least not directly. Jones' responsibilities will be divvied up among other members of the company's senior management. For one, Mack-Cali CEO Mitchell E. Hersh will add the title of president to his business card.
According to company officials, additional management responsibilities will be taken up by EVP Michael Grossman, who will have responsibility for leasing and acquisitions; Barry Lefkowitz, executive vice president and CFO; Anthony Krug, senior vice president of finance; and Roger Thomas, EVP, general counsel and secretary.
"Tim has been a valued member of the Mack-Cali team over the past seven years," Hersh says. "We have a deep management team that is committed to our strategic plan of serving our tenants and growing in our core Northeast markets."
The REIT's portfolio currently stands at 264 properties totaling some 28.6 million sf, with a tenant base of 2,100. Mack-Cali simultaneously released its first quarter financial report. Among the highlights: Net income per diluted share was 44¢; FFO per diluted share was 87¢; and the common stock dividend was 63¢ a share. The company also sold $200 million worth of 10-year senior unsecured notes during the first quarter, and saw total revenues decrease by 1% to $145.9 million compared to $147.3 million a year earlier.
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