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Mack-Cali Posts Solid Q1

EDISON, NJ-First-quarter leasing activity in Mack-Cali Realty Corp.'s portfolio outpaced Q4 '08.

By Maria Wood | Updated on April 30, 2009

EDISON, NJ-Despite a tough economic environment, Mack-Cali Realty Corp. managed to score 644,932 square feet of lease deals in Q1–a 20% jump over the fourth quarter of 2008. The locally based REIT also revealed its first-quarter financial results during a conference call yesterday.

For the quarter, FFO available to common shareholders amounted to $68.1 million, or 84 cents per share, compared to $70.9 million, or 88 cents per share, for the same period a year earlier. Those numbers include a four-cent impairment charge related to a write-off of a joint venture in the Boston area. Total revenues between January and March totaled $186.7 million versus $194.7 million in Q1 ’08.

Last month, the company declared a cash dividend of 45 cents per common share, which represents an annualized figure of $1.80 per share, down from the previous rate of $2.56. The move is expected to help the company retain additional cash of approximately $62 million on an annualized basis.

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