Funds from operations available to common shareholders for Q1 ended March 31 was $80.8 million, or $1.05, compared to $67.1 million, or $0.89 a year earlier. Included in income and FFO for the 2006 period was $16 million ($13 million after deduction for minority interest) resulting from the investment and sale of marketable securities available for sale during the period. That amounts to $0.21 per share in net income and FFO. "During the quarter we continued to strengthen our position in the Northeast through strategic acquisitions and build-to-suit development," says Mitchell E. Hersh, the REIT's president and CEO.
Company officials also reported that Mack-Cali had total indebtedness of about $2.1 billion as of March 31, with a weighted average annual interest rate of 6.1%. Mack-Cali also reported a total market capitalization of $5.9 billion and a debt-to-undepreciated assets ratio of 41.6%. The company reported an interest coverage ratio of 3.6 times for the quarter.
During Q1, as reported by GlobeSt.com, Mack-Cali also went under contract to buy the Florham Park, NJ-based Gale Real Estate Services Co. and ownership interests in 20 Northern and Central New Jersey office buildings totaling more than 2.8 million sf. The final price for the acquisition is in the $545-million range.
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