Mack optimistic despite earnings dip: Mack-Cali Realty Corp.
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."
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||FINANCE ROUNDUP|
|Comment:||Mack optimistic despite earnings dip: Mack-Cali Realty Corp.(FINANCE ROUNDUP)|
|Publication:||Real Estate Weekly|
|Date:||May 12, 2010|
|Previous Article:||Hudson zeroes in on senior debt: Hudson Realty Capital.|
|Next Article:||Pi charts low rates to ink $31m refinance.|