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Mack-Cali Realty's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Mack-Cali Realty Corp. ( CLI)

Q3 2011 Earnings Conference Call

October 27, 2011 10:00 ET


Mitchell Hersh – President and CEO

Barry Lefkowitz – EVP and CFO

Michael Grossman – EVP


Sloan Bohlen – Goldman Sachs

Jordan Saddler - Keybanc Capital Markets

Sheila McGrath – KBW

Michael Bilerman – Citi

Jamie Feldman – Bank of America/Merrill Lynch

Michael Knott – Green Street Advisors

Jim Sullivan – Cowen and Company



Good day everyone and welcome to the Mack-Cali Realty Corporation Third quarter 2011 Conference Call. Today’s call is being recorded. At this time, I would like to turn the call over to President and Chief Executive Officer, Mr. Mitchell Hersh. Please go ahead sir.

Mitchell Hersh

Thank you, operator. Good morning everyone and thank you all for joining Mack-Cali’s third quarter 2011 earnings conference call. With me today are Barry Lefkowitz, Executive Vice President and Chief Financial Officer and Michael Grossman, Executive Vice President.

On a legal note, I must remind everyone that certain information discussed on this call may constitute forward-looking statements within the meaning of the Federal Securities Law. Although we believe the estimates reflected in these statements are based on reasonable assumptions. We cannot give assurance that the anticipated results will be achieved. We refer you to our press release and annual and quarterly reports filed with the SEC for risk factors that could impact the Company.

First, I’d like to review some of our results and activities for the quarter and what we’re generally seeing in our market, then Barry will review our financial results and Michael give you an update on our leasing results. We had a solid quarter here at Mack-Cali. FFO for the third quarter were $0.73 per diluted share. As you’ve seen in the press release, we did have significant leasing activity during the quarter totaling almost $1.25 million square feet of lease transactions. There were 136 transactions of which approximately 300,000 square feet were new and the balances were renewals.

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