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Mack optimistic despite earnings dip: Mack-Cali Realty Corp.

After reporting a 2% dip in earings for the first quarter, Mack-Cali boss Mitch Hersch said he was "cautiously optimistic" that the office market will improve as the year progresses.

New Jersey's largest office landlord reported it earned $66.5 million, or 72 cents a share, in funds from operations in the first quarter, down from $68.1 million, or 84 cents, in the same period last year. The REIT's portfolio was 88.8% leased at March 31, as compared to 90.1% leased at December 31, 2009,

Hersh, president and chief executive officer, said, the occupancy decline was not unanticipated given the scheduled Citigroup lease expiration at 125 Broad Street in New York City. "While office demand generally remains sluggish.., we are cautiously optimistic that fundamental tals will begin to stabilize as the year progresses."
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Title Annotation:FINANCE ROUNDUP
Comment:Mack optimistic despite earnings dip: Mack-Cali Realty Corp.(FINANCE ROUNDUP)
Publication:Real Estate Weekly
Date:May 12, 2010
Words:136
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