Company officials today also reported funds from operations to common shareholders of $77.5 million or $0.93 per share, versus $67.1 million or $0.86 per share a year ago. For the nine months, FFO amounted to $220.9 million or $2.67 per share vs. $222.3 million or $2.86 per share.
Included in both net income and FFO for the 2007 periods was $7.1 million, or $5.8 million after a deduction for minority interest, from an early lease termination fee received in Q3. That was partially offset by a write-off of $2.1 million, or $1.7 million after deduction for minority interest, tied to a development project no longer considered viable, officials of the REIT report.
The results come on the basis of a 5.8% increase in year-to-year Q3 revenues, which came in at $212.9 million for the latest period. A year ago the number was $201.3 million. And for the full three quarters, revenues rose 13.2% to $606.7 million from $535.9 million a year earlier.
"Despite widely documented disruptions in the commercial credit markets and cautionary reports regarding the potential impact on commercial real estate, Mack-Cali continues to deliver solid results," said president and CEO Mitchell E. Hersh during Thursday's earnings conference call. "This is a testament to our focus on delivering customer service, maximizing occupancy, refining our Northeast portfolio and strengthening our balance sheet."
Company officials today also report that as of September 30, Mack-Cali had a total indebtedness of approximately $2.1 billion, with a weighted average annual interest rate of 6.1%.
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