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Mack-Cali releases 4th quarter figures.

Mack-Cali Realty Corporation reported its results for the fourth quarter and full year 2002.

Funds from operations (FFO), after adjustment for straight-lining of rents, for the quarter ended Dec. 31 amounted to $63.8 million, or $0.89 per share, versus $66.3 million, or $0.93 per share, for the quarter ended Dec. 31, 2001. For the year ended Dec. 31, FFO, after adjustment for straight-lining of rents, amounted to $272.3 million, or $3.80 per share, versus $260.5 million, or $3.66 per share, for the same period last year. While fourth quarter 2002 FFO per share decreased 4.3% from the same period in 2001, full year 2002 FFO per share increased 3.8% over 2001.

Net income for the fourth quarter 2002 equaled $29.8 million, or $0.52 per share, versus $33.2 million, or $0.58 per share, for the same quarter last year, a per share decrease of 10.3%. For the year ended Dec. 31, net income equaled $139.7 million, or $2.43 per share, versus $131.7 million, or $2.32 per share, for the same period last year, an increase of 4.7% on a per share basis.

Total revenues for the fourth quarter 2002 remained relatively unchanged at $141.6 million as compared to $141.8 million for the same quarter last year. For the year ended Dec. 31, total revenues amounted to $569.6 million, a decrease of 1% over total revenues of $575.3 million for the same period last year.

Cash available for distribution (CAD) for the fourth quarter 2002 equaled $51.1 million, or $0.71 per share, versus $49.4 million, or $0.69 per share, for the same quarter last year, a per share increase of 2.9%. For the year ended Dec. 31, CAD equaled $230.9 million, or $3.22 per share, versus $214.7 million, or $3.02 per share, for the same period last year, an increase of 6.6% on a per share basis.

All per share amounts presented above are on a diluted basis; basic per share information is included in the financial tables accompanying this press release.

The company had 57,318,478 shares of common stock, 7,813,806 common operating partnership units and 215,894 $1,000-face-value preferred operating partnership units outstanding as of quarter end. The outstanding preferred units are convertible into 6,230,707 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 71,362,991 shares/common units outstanding at Dec. 31.
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Title Annotation:Mack-Cali Realty Corporation
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Mar 19, 2003
Words:434
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