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Mack-Cali Realty CEO Discusses Q2 2011 Results - Earnings Call Transcript

On another note, we continue to be recognized for expertise in property management and superior energy performance. Just several weeks ago we announced that our 125 Broadstreet property became the first lead silver certified building in Downtown Manhattan and clearly this important designation enhancements the institutional quality of the asset and we are working with a number of our assets to gain lead EB or Existing Building designations.

Also during the quarter, we achieved a number of Energy Star designations in our portfolio, throughout our portfolio a designation that indicates that we are at the top of the game with respect to energy efficacy and efficiencies. As well, several of our properties were recognized by BOMA, Building Owners and Managers Association, the local chapters recognized our assets throughout our portfolio for the manner in which they are managed and the level of service that we provide to our clients, our customers.

And with that now, I’ll turn the call over to Barry Lefkowitz who will review our financial results for the quarter.

Barry Lefkowitz

Thanks, Mitchell. For the second quarter of 2011, net income available to common shareholders amounted to $17.3 million or $0.20 a share as compared to $18.7 million or $0.24 a share for the same quarter last year. FFO for the quarter amounted to $69.1 million or $0.69 a share versus $66.1 million or $0.71 a share in 2010.

Other income in the quarter included approximately $1,86,000 in lease termination fees, as compared to $611,000 in the same quarter last year. Same-store net operating income, which excludes lease termination fees decreased by 3.8% on a GAAP basis and 4.4% on a cash basis for the second quarter. Our same-store portfolio for the quarter was 30.8 million square feet, our unencumbered portfolio at quarter end, totaled 237 properties aggregating 24.5 million square feet of space, which represents around 79% of our portfolio.

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