Total revenues for Q2 rose 9.7% to $200.5 million, compared to $182.8 million a year earlier. For the six-month period, revenues were $393.8 million, a 17.7% increase from last year's $334.7 million.
And funds from operations available to common shareholders for Q2 amounted to $73.2 million, or $0.88 per share, vs. $74.4 million, or $0.95 per share for Q2 2006. For the six-month period, FFO amounted to $143.4 million, or $1.74 per share, vs. $155.2 million, or $2 per share a year ago.
"During the quarter, we continued to refine our portfolio by acquiring and developing properties in our core Northeast markets, and by selling assets that did not meet our strategic goals," says Mitchell E. Hersh, the REIT's president/CEO. "In addition, we expanded into the adjacent and rapidly improving Downtown Manhattan market, which we believe offers synergies with our Jersey City holdings and substantial upside potential for our company."
The Downtown Manhattan expansion by Mack-Cali involves the purchase, during Q2, of 125 Broad St. for $273 million. Development efforts included a series of transactions in Hamilton Twp., NJ, while the non-core sell-offs included two office buildings in Connecticut and two office properties in South Jersey's Egg Harbor Twp.
As of June 30, the REIT had total indebtedness of approximately $2.1 billion, company officials reported today, with a weighted average annual interest rate of 6.13%. The company had total market capitalization of $5.7 billion and a debt-to-undepreciated assets ratio of 38.2%. Its interest coverage ratio at the end of Q2 was 3.3 times.
© 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.