This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs