Mack-Cali Nets $16M for Q3

CRANFORD, NJ-The Q3 numbers are in and for the period Mack-Cali Realty produced a net income available to common shareholders of $16 million, or $0.26 per share, compared to $20.6 million, or $0.33 per share a year earlier. For the nine months ended September 30, net income was $75.2 million, or $1.20 per share, versus $79.1 million, or $1.29 per share a year earlier.

FFO available to common shareholders for the quarter amounted to $67.1 million, or $0.86 per share, vs. $66.7 million, or $0.88 per share a year earlier. For the nine months, FFO was $222.3 million, or $2.86 per share, versus $205.2 million, or $2.71 per share.

The results came on Q3 revenues of $203.2 million, a 31.8% increase from the $154.2 million generated a year earlier. For the nine months, revenues were $542.1 million, an increase of 21.3% over last year’s $446.8 million.

“During the third quarter, we strengthened occupancies, increased our dividend and announced our exit from our remaining western markets,” says Mitchell E. Hersh, president and CEO of Mack-Cali. As reported by GlobeSt.com, Mack-Cali, in August, sold its remaining property and land portfolio in Denver and Colorado Springs to Westcore Properties. And in September, the REIT announced it had sold its ownership interests in three San Francisco-area properties, marking its exit from that market.

“We’re pleased with our results and the progress we’ve made on our strategic plan,” Hersh says. “We look forward to further enhancing our presence in our core Northeast markets.”

The company also revealed today that as of September 30 it had total indebtedness of $2.4 billion with a weighted average annual interest rate of 6.07%. The company’s total market capitalization is about $6.5 billion, it has a debt-to-undepreciated assets ratio of 45% and it has an interest coverage ratio of 2.9 times.