EDISON, NJ—Mack-Cali Realty Corporation says lower levels of asset sales and lower lease revenues caused its net income available to shareholders for the second quarter of 2015 to drop 31 percent ($35.4 million, or $0.40 per share, vs. $51.1 million, or $0.58 per share). Mack-Cali's funds from operations were 7.6 percent lower ($46.5 million, or $0.46 per share, as compared to $50.3 million, or $0.50 per share) in the same period.
Analysts and investors were, nevertheless, encouraged by new CEO Mitch Rudin's analysis of the firm's value, and his plans to reposition the company.
The company says the reduced asset sales and lower lease revenues were partly offset by lower acquisition costs and decreased interest expense. Mack-Cali says it's comfortable with net income guidance in the range of $0.22-$0.32 and funds from operations of $1.22 to $1.32 for the full year.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
