EDISON, NJ-Mack-Cali Realty Corp. announced a first-quarter jump in profits of 59% despite an overall dip in revenues. It gained $4 million on the sale of rental property during the quarter.
The REIT reported $25.8 million profits in Q1, compared with a $16.2 million gain in the same period a year ago, and preferred share dividends of 29 cents compared to 19 cents a year ago. Operating revenue was down 0.7%, to $183 million.
CEO Mitchell E. Hersh says in the company’s public earnings statement that 1.1 million square feet of leasing was accomplished early this year. The overall occupancy rate for Mack-Cali’s 38 million-square-foot office portfolio in the Northeast stood out 87.9 %, down slightly from the end of 2011.
In New Jersey, some of the more significant leasing activity included:
- Tower Insurance Company of New York’s lease of 76,892 square feet at Harborside Financial Center Plaza 2 in Jersey City.
- Wells Fargo Advisors lease of 29,391 square feet at Mack-Cali Centre VI in Paramus.
- The State of New Jersey lease of 23,316 square feet at 201 Littleton Road in Morris Plains.
- Mannkind Corporation’s renewal of a lease of 22,746 square feet at Mack-Cali Centre IV in Paramus.
- A global engineering company renewal for 39,060 square feet in Hamilton.
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