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EDISON, NJ-Mack-Cali Realty Corp. today reported net income for the fiscal year ended December 31 of $142.7 million, or $2.28 per share. That’s a 34% increase from the $93.5 million, or $1.51 per share, reported a year earlier. For Q4, the net was $67.4 million, or $1.07 per share, versus $14.4 million, or $0.23 per share a year earlier.

Total revenues for 2006 were $740.3 million, a 23.4% increase from 2005′s $600.1 million. And for Q4, revenues rose 29.5% to $198.2 million from the comparable period’s $153.1 million.

The results were buoyed by the REIT’s final exit from the western marketplace. 2006 saw the company depart that market with the sale of its remaining properties in Colorado, which generated $194.3 million. The company also sold its two remaining office properties in San Francisco for $126 million, as well as its 50% interest in that city’s Convention Plaza, which generated an additional $16.3 million.

“Having completed the exit of our western markets, we enter 2007 fully focused on our core Northeast markets,” says Mitchell Hersh, the REIT’s president and CEO. “We are well-positioned to capitalize on strategic growth opportunities in our core markets.”

Q4 also saw Mack-Cali complete the redemption of its interests in the entertainment and retail portion of the Meadowlands Xanadu project in East Rutherford, generating $25 million. The billion-dollar project, currently under construction and formerly in the domain of Mills Corp. and Mack-Cali, is now in the hands of Colony Capital. Mack-Cali may still participate in later phases that involve office buildings and a hotel.

Mack-Cali also completed an offering of 4.65 million share of common stock earlier this month. As of Dec. 31, meanwhile, the company had a total indebtedness of about $2.2 billion, with a weighted average annual interest rate of 6.11%, officials announced today. Total market capitalization amounted to $6.2 billion with a debt-to-undepreciated assets ratio of 41.4%.

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