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EDISON, NJ-For Mack-Cali Realty, the Q1 results were a bit mixed, perhaps reflecting the uncertainty of the market. While the REIT’s net dropped by about 20% from a year earlier, both total revenues and funds from operations were marginally higher.

Specifically, net income available to common shareholders came in at $14.9 million, or $0.23 per share. FFO for the quarter ended March 31 amounted to $70.90, or $0.88 per share, up slighting from the $70.1 million and $0.86 numbers registered a year earlier. And total revenues for Q1 rose to $194.7 million from $193.3 million a year ago.

“In today’s uncertain economic environment, we remain focused on maintaining high occupancy rates within our portfolio by securing long-term leases and providing tenants with superior work environments,” says Mitchell Hersh, Mack-Cali’s president and CEO. “In that regard, our longstanding track record of outperforming the industry in our core markets is clear. And our strong balance sheet leaves us well positioned to navigate through this period of illiquidity in the capital markets and to capitalize on new opportunities as they arise.”

According to company officials, the REIT’s in-service portfolio was 92.1% leased as of March 31, compared to 92.7% at Dec. 31, 2007. Q1 saw 111 leases totaling just more than 815,000 sf signed across that portfolio, with approximately 460,200 sf in new leases and the rest in renewals and other tenant retention transactions.

And as of March 31, the company also reports total indebtedness of $2.2 billion with a weighted average annual interest rate of 5.8%. The company had a total market capitalization of $5.1 billion and a debt-to-undepreciated assets ratio of 40.8%.

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