Net income was off in Q2, however, coming in at $26.6 million, or $0.43 per share, compared to $36 million, or $0.58 per share a year earlier. For the six months, net income rose slightly to $59.2 million ($0.95 a share), compared to $58.5 million (also $0.95 a share) a year earlier.
"During the second quarter we strengthened our Northeast presence through our acquisitions," Mitchell E. Hersh, the REIT's president/CEO, told analysts during this morning's conference call, a reference to the Gale acquisition and the acquisition of a portfolio in the Boston market. "We look forward to capitalizing on the growth opportunities resulting from these transactions. We were also able to profitably exit a none-core market with the sale of our sole Dutchess County, NY asset."
Mack-Cali also reported this morning that funds from operations available to common shareholders for Q2 were $74.4 million, or $0.95 a share, versus $71.4 million ($0.94 a share) a year earlier. For the six months, FFO amounted to $155.2 million ($2 a share), compared to $138.5 million ($1.83 a share).
Finally, the REIT reported total indebtedness, as of June 30, of $2.4 billion, with a weighted average annual interest rate of 6.08%. The company also reported total market capitalization of $6 billion, a debt-to-undepreciated assets ratio of 43.8% and an interest coverage ratio of 3.2 times.
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