Mack-Cali Realty Corporation reported its results for the second quarter 2014.
Funds from operations for the quarter amounted to $50.3 million, or $0.50 per diluted share.
Net income was $51.1 million, or $0.58 per diluted share.
Mitchell E. Hersh, president and chief executive officer, said the company remains focused on providing “a superior work environment for the 2,000 tenants that have chosen our premier office properties to house their businesses. We are disciplined in continually assessing the most efficient and effective ways to improve our portfolio, including, for example, renovating lobbies and upgrading HVAC systems, and enhancing curb appeal with improved landscaping.”
Hersh added, “We are pleased with our continued progress in the multi-family sector. Consistent with our multi-family growth strategy, we are committed to completing the current multi-year development pipeline, as well as our value-added acquisitions.”
During the quarter, Mack-Cali acquired Andover Place, a 220-unit multi-family property in Massachusetts, for $37.7 million. Along with the Keystone Property Group, the REIT also bought the Curtis Center, an 885,000 s/f commercial office/retail property in Philadelphia, for $125 million.
In all, Mack-Cali sold nine office properties totaling approximately 1.7 million square feet for net sales proceeds of $235 million during the quarter.
The sales included 22 Sylvan Way, Parsippany, New Jersey for $96.6 million to Griffin Capital Corporation.
Mack-Cali’s commercial portfolio was 83.7 percent leased at June 30, 2014.