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Mack-Cali announces first quarter results

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Edison-based Mack-Cali Realty Corporation announced Thursday its results for the first quarter ending March 31, 2014.

Mack-Cali highlighted that it acquired Andover Place for approximately $37.7 million.  The property is a 220-unit, an apartment community located in Massachusetts.  The company also entered into an agreement to sell 15 office properties for $230 million, acquiring 2.3 million square feet in northern New Jersey, New York and Connecticut.

Financially, funds from operations for the first quarter added up to $30.1 million, or 30 cents per share, Mack-Cali said.  Net loss for shareholders was $15.3 million, or 17 cents per share.  Total revenue for the first quarter was $169.6 million.

Mitchell E. Hersh, president and CEO, said, “Despite the challenging market environment for suburban office properties and unprecedented winter weather conditions that directly impacted our first quarter results, we continue to execute on our transformational strategy. We have successfully capitalized on opportunities to advance our diversification into the multi-family sector, positioning Mack-Cali for renewed growth and success. Our recent multi-family acquisition in Andover, Massachusetts, is a perfect example of such an opportunity. As we move forward, we remain focused on building an even stronger company to generate long-term value for shareholders."

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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