Mack-Cali Revenues Up Nearly 11%

CRANFORD, NJ-Mack-Cali Realty Corp.’s total revenues were up 10.8% for Q3 ended September 30, while net income available to shareholders was off by about 25%, according to numbers just released by the REIT. Net income available to common shareholders for Q3 2005 equaled $20.6 million, or $0.33 per share, compared to $28.1 million, or $0.46 per share for Q3 2004. For the first nine months of 2005, net income rose to $79.1 million, or $1.29 per share, from $70.2 million, or $1.16 per share for the same period a year ago.

Funds from operations available to common shareholders for Q3 were $66.7 million, or $0.88 per share, vs. $69.7 million, or $0.93 per share for the same period a year ago. For the nine months, FFO amounted to $205.2 million, or $2.71 per share, compared to $202.2 million, or $2.70 per share for the same period last year.

And total revenues for Q3 2005 increased to $164 million from $148 million a year earlier. For the nine months, total revenues were $480.9 million, up 11.9% from the $429.8 million registered a year earlier.

“We continue to remain focused on executing our strategic plan of enhancing our Northeast presence, securing long-term leases with high-caliber tenants, and strengthening our balance sheet,” says Mitchell E. Hersh, the REIT’s president and CEO. “We are well-poised to capitalize on the recovering economy.”

Mack-Cali also reported that as of September 30, it had total indebtedness of about $2 billion, with a weighted average annual interest rate of 6.11%. The company also reported a total market capitalization of $5.4 billion and a debt-to-undepreciated assets ratio of 41.5%.