Mack-Cali Revenues Up 11% in Q4

CRANFORD, NJ-Following on the heels of its announcement last week that it has a deal to acquire most of the assets of the rival Gale Co. for $545 million, Mack-Cali Realty Corp. today released its financial results for Q4 2005 and the full year. For Q4, net income available to common shareholders was $14.4 million or 23 cents a share, compared to $30.3 million, or 49 cents a share a year earlier. For the year ended December 31, 2005, net income was $93.5 million, or $1.51 a share, off slightly from $100.5 million, or $1.65 a share, for 2004.

Total revenues for Q4 were $163.3 million compared to $149.1 million a year earlier, an increase of 9.5%. And for the year ended Dec. 31, total revenues were $643.4 million compared to $577.7 million the previous year, an increase of 11.4%.

Funds from operations available to common shareholders for the quarter amounted to $65.1 million, or 86 cents a share, versus $67.9 million, or 90 cents a share, a year earlier. For the full year, FFO available to common shareholders was $270.3 million, $3.57 a share, compared to $270.1 million and $3.60 a share a year earlier.

"During the quarter, we remained focused on enhancing our Northeast presence, securing long-term leases with tenants and strengthening our balance sheet," says Mitchell E. Hersh, the REIT's president and CEO. "For 2006, we're excited about the new growth opportunities we are pursuing with our agreement in principle to acquire the Gale Real Estate Services Co. and interests in almost 2.8 million sf of properties in New Jersey."

The company also reported that as of Dec. 31, it had a total indebtedness of about $2.1 billion, with a weighted average annual interest rate of 6.15%. Total market capitalization was $5.4 billion, with a debt-to-undepreciated assets ratio of 42.8%. The company also reported an interest coverage ratio of 3.1 times at the end of the quarter.