By Al Barbarino
Mack-Cali Realty Corporation’s fourth-quarter 2011 earnings per share doubled compared with the same period last year, jumping from 9 to 18 cents, according to the company’s quarterly report.
Revenues and expenses fell by 6.5 and 10.9 percent, respectively, to $179.7 and $130.3 million, with the declines due primarily to lags in construction activity.
Funds from operations rose by roughly $4 million, to $68.1 million, while funds from operations per share (diluted) declined slightly from 69 to 68 cents.
The company executed 126 leases at its consolidated in-service portfolio totaling 773,707 s/f — counting both new leases and renewals. The total for 2011 was 4,229,337 s/f.
“Despite ongoing uncertainty in the economy and a lack of meaningful job growth, we continue to outperform in our key markets,” said Mitchell E. Hersh, president and CEO, in a statement. “With premier assets that are well located, along with our teams of outstanding professionals to service our tenants, we expect to be at the forefront of the eventual market recovery.”
Total 2011 assets fell slightly to $4.3 billion — from $4.36 billion in 2010 — and stayed well above the $2.1 billion in liabilities.
On December 7, 2011, Mack-Cali announced that it had signed a development agreement with Ironstate Development Company to build two multi-family, luxury rental towers consisting of 500 apartments each on the Jersey City waterfront. The company plans to break ground on the project in the fourth quarter of 2012.
*this article appeared in the Feb. 15, 2012 print edition of Real Estate Weekly