In terms of total revenues for Q2 ended June 30, they came in at $192.8 million, down 4% from the $200.5 million registered for same period a year earlier. For the six-month period ending June 30, total revenues were $387.5 million, off less than 2% from last year's $393.8 million.
Net income for the period was $18.3 million, or $0.28 per share, vs. $51.1 million, or $0.75, a year ago. For the six months, the REIT netted $33.3 million, or $0.51 per share, roughly half of last year's $69.7 million, or $1.04 per share, for the same period.
FFO available to common shareholders for the recent quarter were $75.2 million, or $0.93 per share, vs. $73.2 million, or $0.88 per share, a year ago. For the six months, FFO amounted to $146.1 million, or $1.81 per share, up from last year's 143.4 million, or $1.74 per share.
And despite challenging marketplace conditions, Mack-Cali signed 158 leases totaling nearly 1.3 million in Q2. About two-thirds of that total involved new leases, the rest renewals and other tenant retention transactions. And more than 915,000 sf of that total involved office deals, with most of the rest flex space. The company's 33.7 million-sf portfolio is currently 92.3% leased.
"Despite what is clearly a challenging economic environment, we're pleased to report strong leasing activity and increased occupancies," says Mack-Cali president and CEO Mitchell Hersh, in a statement. "We're confident that Mack-Cali remains well-poised to navigate through this period, and to capitalize on opportunities as they begin to emerge."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
