In a statement, the company said that with the revised yearly dividend, it expects to "enhance its balance sheet by retaining additional cash of approximately $60 million on an annualized basis." Holders of preferred stock will receive 50 cents per share.
Common and preferred dividends are to be paid on April 13 and April 15, respectively.Headquartered here, Mack-Cali's portfolio contains 293 buildings, mostly office properties in the Northeast, spanning roughly 33.5 million square feet.
In terms of leasing, the company had a rather busy first quarter. Earlier this week, Wockhardt USA LLC--a subsidiary of India-based pharmaceutical and biotechnology company Wockhardt Limited--relocated to 12,000 square feet at its 13-acre Waterview Corporate Center in Parsippany.Also in Parsippany, financial company Ayco Co. LP renewed its lease for 34,035 square feet of office space at Mack-Cali's 8 Campus Dr. The contract, finalized earlier this month, runs for 10 years and three months.
In February, Mack-Cali inked deals for 109,873 square feet of office space at its properties in Parsippany, Princeton, Fort Lee, Clark, Cranford, Wall Township and Jersey City. The deals are a combination of new leases and renewals. And in January, the company scored a total of $64.5 million in mortgage financing covering two of its Central New Jersey office properties. The two separate mortgages were obtained from Guardian Life Insurance Co. of America, and both carry terms of 10 years and bear an interest rate of 7.25%.
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