Mack-Cali Realty Corporation Reports Fourth Quarter and Full Year 2019 Results
JERSEY CITY, N.J. , Feb. 26, 2020 |PRNewswire| -- Mack-Cali Realty Corporation (NYSE: CLI ) today reported its results for the fourth quarter and full year 2019. FOURTH QUARTER 2019 HIGHLIGHTS Reported net income (loss) of $(0.64) per diluted share for the quarter and net income of $0.95 per diluted share for the year ended December 31, 2019 ; Achieved Core Funds from Operations per diluted share of $0.44 for the fourth quarter and $1.62 for full year 2019; Roseland's 6,524-unit multifamily stabilized portfolio was 95.0% leased at December 31, 2019 , with an average rent of $2,938 per unit; Roseland's same-store portfolio, consisting of 4,287 units, experienced a 5.4% increase in NOI over fourth quarter 2018. Over the same period, revenues grew 0.6%, and expenses decreased by 6.9%; In October, Roseland completed the sale of Alterra and The Chase at Overlook Ridge for $411.5 million , completing the 1031 Exchange into Liberty Towers in Jersey City, NJ ; Leased 169,333 sq. ft. of commercial space: 27,746 sq. ft. on the Waterfront, 141,587 sq. ft. class A suburban and suburban; growing Core portfolio office rental rates by 6.5% on a cash basis and 19.9% on a GAAP basis; Core office portfolio was 80.7% leased, with the class A suburban portfolio at 89.7%, Suburban at 79.0% and Waterfront at 77.8% leased at December 31, 2019 ; The Company's office same-store portfolio, consisting of 10,130,064 sq. ft., experienced a 3.5% increase in Cash NOI and a 6.0% increase in GAAP NOI over the fourth quarter 2018; and Declared $0.20 per share quarterly common stock dividend.
Mack-Cali Realty Corporation Reports Fourth Quarter and Full Year 2019 Results
JERSEY CITY, N.J. , Feb. 26, 2020 |PRNewswire| -- Mack-Cali Realty Corporation (NYSE: CLI ) today reported its results for the fourth quarter and full year 2019. FOURTH QUARTER 2019 HIGHLIGHTS Reported net income (loss) of $(0.64) per diluted share for the quarter and net income of $0.95 per diluted share for the year ended December 31, 2019 ; Achieved Core Funds from Operations per diluted share of $0.44 for the fourth quarter and $1.62 for full year 2019; Roseland's 6,524-unit multifamily stabilized portfolio was 95.0% leased at December 31, 2019 , with an average rent of $2,938 per unit; Roseland's same-store portfolio, consisting of 4,287 units, experienced a 5.4% increase in NOI over fourth quarter 2018. Over the same period, revenues grew 0.6%, and expenses decreased by 6.9%; In October, Roseland completed the sale of Alterra and The Chase at Overlook Ridge for $411.5 million , completing the 1031 Exchange into Liberty Towers in Jersey City, NJ ; Leased 169,333 sq. ft. of commercial space: 27,746 sq. ft. on the Waterfront, 141,587 sq. ft. class A suburban and suburban; growing Core portfolio office rental rates by 6.5% on a cash basis and 19.9% on a GAAP basis; Core office portfolio was 80.7% leased, with the class A suburban portfolio at 89.7%, Suburban at 79.0% and Waterfront at 77.8% leased at December 31, 2019 ; The Company's office same-store portfolio, consisting of 10,130,064 sq. ft., experienced a 3.5% increase in Cash NOI and a 6.0% increase in GAAP NOI over the fourth quarter 2018; and Declared $0.20 per share quarterly common stock dividend.