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Mack-Cali Announces Lease Agreement For Over 41,000 Square Feet At Harborside On The Jersey City Waterfront (10/12/15)
SunGard Financial Systems LLC to Lease Space at Harborside Through 2023
EDISON, N.J., Oct. 12, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that SunGard Financial Systems LLC, a leading global financial software company, will occupy 41,061 square feet at Harborside Plaza 3. The lease agreement runs through 2023.
"We are excited to welcome SunGard Financial to Harborside Plaza 3, which features super wide floor plates in the heart of Jersey City's Waterfront," said Christopher DeLorenzo, executive vice president of leasing for Mack-Cali. "The property's design allows companies to provide their employees with collaborative and efficient work space along with great access to transit options, making it one of the most desirable office properties in the region."
SunGard Financial was represented by Aaron Ellison and Tyler Vandegrift of Jones Lang LaSalle. Mack-Cali was represented by Tom Savoca, assistant vice president of leasing, Mack-Cali and Mark Ravesloot, Peter Turchin, David Opper, Gerry Miovski, Arkady Smolyansky, and Suzanne Macnow, all of CBRE.
Harborside, totaling 3.1 million square feet of class A office space, features spectacular views of the Manhattan skyline and powerful architecture with modern spaces, including light-filled glass entrances and lobbies. This premier complex offers tenants access to first-class amenities, including retail, restaurants, a waterfront walkway, and the Hyatt Regency hotel.
As part of Mack-Cali's recently announced three-year strategic plan, the company is embarking on a dramatic transformation of Harborside. The company intends to capitalize on Harborside's skyline views, abundant nearby housing, and access to regional transit, which includes the PATH train, Hudson-Bergen Light Rail, and ferry service. The revamped Harborside will add new retail, fitness centers, and food concepts, including restaurants and bars. Additionally, Mack-Cali recently topped-out URL(R) Harborside, a 763-unit, multi-family residential building, adding another exciting residential option for young professionals in Jersey City.
"While this is already an outstanding property, the amenity package will become even more attractive for TAMI firms like SunGard as Mack-Cali repositions its retail space over the coming years," said Michael DeMarco, president of Mack-Cali. "It is an exhilarating time to be a part of the Jersey City community as we continue creating a dynamic live-work-play environment."
The form 8-K filed with the SEC on September 9, 2015, which outlines Mack-Cali's strategic plan, can be viewed at www.mack-cali.com/investors/company-filings-reports.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family. Mack-Cali owns or has interests in 274 properties, consisting of 146 office and 109 flex properties totaling approximately 29.7 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units and a pipeline of 10,000 units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-announces-lease-agreement-for-over-41000-square-feet-at-harborside-on-the-jersey-city-waterfront-300157838.html
First Urban Ready Life™ Tower At Harborside On Jersey City Waterfront Tops Out At 713 Feet To Become New Jersey's Tallest Residential Building (9/30/15)
69-Story Tower Will Include 763 Sleek, State-of-the-Art, Sustainable Rental Units Overlooking Manhattan Skyline
EDISON, N.J., Sept. 30, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) and Ironstate Development Company announced today the topping out of URL® Harborside 1 at 713 feet, making the new multi-family tower on the Jersey City waterfront the tallest residential building in New Jersey.
Jersey City Mayor Steven Fulop and fellow municipal officials joined the development partners and more than 200 tradespeople to celebrate the construction milestone of URL® Harborside 1, a uniquely-designed, 69-story residential tower that will bring 763 contemporary rental residences to Mack-Cali's Harborside in downtown Jersey City. The approximately $330 million development, the first phase of what will ultimately feature three towers comprising 2,358 residences overlooking the Manhattan skyline, is expected to open for leasing in the fourth quarter of 2016. The ambitious project has created hundreds of jobs in Jersey City, including construction and eventual full-time employment opportunities.
"This is a special project in every way," said Mayor Fulop. "It will help redefine the entire New Jersey skyline. We couldn't be more proud of the growth of Jersey City."
The URL® concept, which stands for Urban Ready Life™, was developed by Ironstate president David Barry to deliver an innovative housing solution that maximizes space, reduces energy use, provides close and easy access to public transit, and serves the community with cafés, residential rooftop gardens, and other unique amenities. Designed by acclaimed Dutch architecture firm Concrete, URL® Harborside 1 will be a flagship property with a distinctive tower reflective of its waterfront landscape.
"Today's topping out of the first Urban Ready Life™ tower at Harborside in Jersey City is extremely exciting for us," said David Barry. "At 713 feet and the tallest residential structure in New Jersey, it is symbolic of Jersey City's vibrancy, growth and importance in this state. When completed, it will capture the spirit of the Jersey City waterfront in a way that hasn't been done before. Similar to what Mies van der Rohe and Philip Johnson created with the Seagrams building in Manhattan, Urban Ready Life™ at Harborside will be a special building for a variety of reasons and a timeless milestone in the trajectory of Jersey city. We're delighted to work alongside our partner, Mack-Cali, who believed in this vision from day one, and appreciate the steadfast support of Mayor Fulop, the City Council, and the New Jersey Economic Development Authority (NJEDA) who have been invaluable to this effort."
Michael DeMarco, president of Mack-Cali, said "With our partner Ironstate, URL® Harborside will be part of our transformed waterfront – where we're creating a true live, work, play neighborhood with amazing views of Manhattan. This project is a key part of a series of developments transforming Mack-Cali into a premier urban waterfront and transit-based office and luxury multi-family owner."
URL® Harborside 1 has risen on a vacant parcel located within Mack-Cali's Harborside mixed-use complex. The project will provide a new east-west connection of Bay Street within Harborside and add public spaces and retail vibrancy to the neighborhood. The location provides unparalleled easy access to public transportation via the Exchange Place PATH station, the Hudson-Bergen Light Rail, and nearby ferry.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its two-platform operations of Waterfront and transit-based office and luxury multi-family. Mack-Cali owns or has interests in 274 properties, consisting of 255 office and office/flex properties totaling approximately 29.7 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units and a pipeline of 10,000 units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
About Ironstate Development Company
Ironstate Development Company is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of residential and hospitality assets. Additional information on Ironstate Development Company is available on the Company's website at www.ironstate.net.
http://www.prnewswire.com/news-releases/first-urban-ready-life-tower-at-harborside-on-jersey-city-waterfront-tops-out-at-713-feet-to-become-new-jerseys-tallest-residential-building-300151616.html
Mack-Cali Announces New 54,000-Square-Foot Lease With KPMG In Centrally Located Short Hills (9/29/15)
KPMG will move into the recently renovated 150 John F. Kennedy Parkway, featuring a redesigned lobby, covered parking, and a lobby-level café
EDISON, N.J., Sept. 29, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that KPMG, a leading global accounting firm, has signed a new long-term lease for 54,341 square feet at 150 John F. Kennedy Parkway in Short Hills, New Jersey. The Mack-Cali property is a 247,476-square-foot, five-story, class A office building ideally located in Essex County, directly off Route 24. The location offers easy access to the Garden State Parkway and the New Jersey Turnpike, as well as to Newark Liberty International Airport.
"We are thrilled to continue Mack-Cali's long-standing relationship with KPMG and we are excited that they have chosen to continue to grow within our portfolio," said Christopher DeLorenzo, Mack-Cali executive vice president of leasing. "The building's recent renovations, unrivaled amenities, and convenient location are extremely attractive to tenants like KPMG who demand a premier space."
Mack-Cali recently renovated the lobby, which now features wood, glass, and granite finishes, media screens, and an enhanced entryway with granite pavers and stainless steel light Bollards. The property also boasts a five-story skylit atrium, covered parking, proximity to world-class shopping at The Mall at Short Hills, as well as award-winning, on-site property management. Other amenities include lobby-level food service and complimentary WiFi in the cafe and lobby. 150 John F. Kennedy Parkway is 100 percent leased.
"This deal is a strong example of the benefits that we expect to come from Mack-Cali's recently announced strategic shift and three-year plan," said Mitchell Rudin, Mack-Cali chief executive officer. "As part of that plan, we are focusing on our class A assets with convenient access to transit options and bolstering those properties through renovations – ultimately providing tenants like KPMG with exactly the services they demand."
The tenant was represented by Jeffrey C. Babikian, Patrick Murphy, and Kenneth J. Boland, all of CBRE.
KPMG is among Mack-Cali's largest corporate tenants, with more than 182,000 square feet of additional space in Roseland and Woodcliff Lake, NJ.
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its two-platform operations of Waterfront and transit-based office and luxury multi-family. Mack-Cali owns or has interests in 274 properties, consisting of 255 office and office/flex properties totaling approximately 29.7 million square feet and 19 multi-family rental properties containing approximately 5,600 residential units and a pipeline of 10,000 units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-announces-new-54000-square-foot-lease-with-kpmg-in-centrally-located-short-hills-300150712.html
Mack-Cali Realty Corporation Declares Quarterly Cash Dividend (9/22/15)
EDISON, N.J., Sept. 22, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that its Board of Directors has declared a cash dividend of $0.15 per common share (indicating an annual rate of $0.60 per common share) for the period July 1, 2015 through September 30, 2015. The dividend will be paid on October 15, 2015 to shareholders of record as of October 5, 2015.
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its two-platform operations of Waterfront and transit-based office and luxury multi-family. Mack-Cali owns or has interests in 274 properties, consisting of 255 office and office/flex properties totaling approximately 29.7 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units and a pipeline of 10,000 units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-realty-corporation-declares-quarterly-cash-dividend-300147463.html
For Mack-Cali, Jersey Waterfront Is Just the Ticket (9/15/15)
Turnaround plan focuses on developing urban, hip Hudson River properties
By Liam Pleven
Young hipsters often look for the next hot urban neighborhood. Mack-Cali Realty Corp. , long associated with suburban office parks, wants to help build one.
The firm is aiming to turn property it owns in communities along the Hudson River in New Jersey into a destination for renters and workers who want to live, work and play in close proximity.
“We think we can turn that into a hip, cool, vibrant area,” Michael DeMarco, the company’s president, said in an interview.
In order to help finance the turnaround plan, Mack-Cali will sell up to $800 million worth of real estate it owns throughout the Northeast. Mr. DeMarco and Chief Executive Mitchell Rudin, who took the top jobs in June, unveiled the plan last week.
The move comes as property owners scramble to adjust to a revived interest in living in urban areas where offices, stores and homes are clustered together. That posed a particular challenge for companies like Mack-Cali, which had built up a portfolio focused largely on the suburbs.
Mack-Cali has tried to shift its strategy in recent years, purchasing Roseland Partners LLC, a developer of apartment complexes, in 2012. But investors have continued to pummel the company’s stock, cutting its share price nearly in half from a post-financial crisis high in 2010.
Mr. Rudin and Mr. DeMarco were brought on board to try to reverse the company’s fortunes. “We shouldn’t be viewed as a suburban company,” Mr. DeMarco said in an interview.
The company’s goal is to make places such as Jersey City, N.J., popular with the kind of young workers and renters who have transformed parts of Brooklyn, N.Y., into destinations in recent years, Mr. DeMarco said.
Mack-Cali owns millions of square feet of commercial property in New Jersey, including office space and apartments in Jersey City, Weehawken and West New York. It also owns properties in Connecticut, Pennsylvania and other states.
Mr. DeMarco cited Smorgasburg, a popular open-air market in Williamsburg, Brooklyn, as a model for the kind of food market it wants to establish at its Harborside office complex in Jersey City.
Mack-Cali also plans to move its headquarters from Edison, N.J., to Jersey City in the first half of next year. Mr. DeMarco, a Jersey City native, said the move would make it easier to oversee the company’s properties and described it as “living above the store.”
Investors have pushed Mack-Cali’s shares up 6.6% since details of the plan were released. Eric Rothman, a portfolio manager at CenterSquare Investment Management, a BNY Mellon unit that holds Mack-Cali stock, said the company’s properties near Manhattan are well-positioned to pursue the new strategy.
“They’ve got a lot of stuff along the waterfront,” he said. “Access into New York City is in many ways as easy as it is from Brooklyn.”
But, Mr. Rothman added, “Nothing is easy, particularly when it comes to dense, urban projects.” Mack-Cali will need to strike the right balance between office space, retail and different types of apartments. “It’s kind of exponentially more complicated,” he said.
In addition, Mack-Cali still faces problems. Vacancy rates are high and a number of existing leases are due to expire in the next few years.
The company also has to sell a lot of property to execute the plan. According to a securities filing, Mack-Cali may sell 30 to 40 properties in Maryland, New York City, Washington, D.C., Paramus, N.J., and elsewhere, and it expects the sales to generate $600 million to $800 million.
After the company shared its plans with investors last week, UBS analyst Ross Nussbaum put out a research report titled “Lots of Wood to Chop.”
“We’re not denying the stock looks cheap,” Mr. Nussbaum said in an interview after the report was released. But, he said, Mack-Cali faces greater challenges than some other real-estate investment trusts that own office space and that also saw their share prices drop amid an August pullback in the stock market. “It should be cheaper” than other office REITs, he said.
Currently, more than a third of the company’s assets by value are in Jersey City and neighboring communities along the Hudson River, according to Mr. DeMarco. He said that figure should rise to more than half as a result of the portfolio overhaul.
Mack-Cali plans to bolster its remaining properties with some of the proceeds of selling assets. Roughly $20 million will go to upgrade property the company owns in long-established suburbs of New York City, including Paramus, N.J., Parsippany, N.J., and White Plains, N.Y.
The company also plans to create a subsidiary for its Roseland unit, which could give Mack-Cali the option of spinning Roseland off as a separate publicly traded company down the road, Mr. DeMarco said.
According to the securities filing, Mack-Cali also plans to cut expenses by about $25 million next year, by cutting jobs and refinancing debt, among other things.
http://www.wsj.com/articles/for-mack-cali-jersey-waterfront-is-just-the-ticket-1442309401
Property Deal of the Week: Where Everyone Walks to Work (9/08/15)
Repurposing office parks for residential use puts employees near job sites
By Robyn A. Friedman
Corporate office parks, suburban campuses created by companies decades ago to escape cities, are being reimagined as small versions of the urban-style communities they once avoided.
The latest example is in Minnetonka, Minn., a suburb of Minneapolis. There, Roers Investments LLC and CPM Cos. want to demolish two vacant warehouses to build a 274-unit luxury-apartment project in the middle of the 600-acre Opus II Business Park.
The $62 million development, which will include a fitness center, rooftop patio, fire pit and underground, heated parking, will feature apartments with monthly rents that range from $1,155 for a studio to $2,520 for a two-bedroom unit.
Adding apartments to corporate parks has numerous advantages for developers, according to Maureen McAvey, a senior resident fellow at the Urban Land Institute in Washington. First, most corporate parks are owned by a single entity, making it easier for developers to aggregate the parcels needed to build. With land increasingly scarce in urban and suburban locations, business parks have an abundance of underused space. Corporate parks also usually have easy access to major highways and mass transit, as well as infrastructure such as roads and utilities, which make redevelopment easier and less expensive.
“Virtually every major city in the country is getting strangled by congestion, so the opportunity to live near where you work is attractive to virtually everyone of all age groups,” Ms. McAvey said.
Ms. McAvey said that, in general, government officials have been supportive of redevelopment, because it increases the tax base. Their concern, she says, is infrastructure—whether substantial new traffic can be accommodated in the immediate neighborhood of the redevelopment. But in many cases, she said, “because these corporate parks were originally situated near freeways and major arterials, often infrastructure is not a major problem.”
Brian Roers, owner of Roers Investments, a real-estate firm based in Long Lake, Minn., said the development site, about a 15-minute drive from downtown Minneapolis, also is attractive because it is heavily wooded, with walking and bike paths and ponds. “It is one of the most peaceful sites in Minneapolis, and you would have no idea that you’re a quarter mile from two of the busiest roads in the area,” he said.
The park is also a major employment center—home to such companies as UnitedHealth Group Inc., Digi International Inc. and Communications Systems Inc. —and is close to a light rail system, allowing future tenants to either walk or bike to work nearby or commute downtown with ease.
Jim DePietro, senior vice president of industrial services at commercial brokerage CBRE Group Inc. in Minneapolis, said he expects retail businesses to come next to Opus II. “We’ve found higher and better uses for the properties, and I think some will be reallocated toward retail to service the people who will be living here,” he said.
Another developer adding apartments to a business park is Jamie Danburg, president of Boca Raton, Fla.-based Danburg Management Corp. Mr. Danburg is developing a 282-unit luxury apartment project within the Park at Broken Sound, a 700-acre corporate park in Boca Raton—where raw land is hard to find. Three residential projects are already approved for the park, which has 5.2 million square feet of office space.
Mr. Danburg’s project, where rents will range from $1,775 to $3,100, will have numerous amenities, including a gym, yoga studio, theater, a pool with cabanas, and bicycle-repair stations. The apartments will be within walking or biking distance of major employers and a commuter railroad. “We’re improving on what already exists rather than pushing farther west,” Mr. Danburg said.
Richard P. Robinson, executive director of the Institutional Property Advisors division at brokerage Marcus & Millichap in Boston, said he knows of several apartment projects under development in commercial parks or industrial areas in the Greater Boston area. He said rents are 5% to 8% higher at these properties than at comparable apartments in suburban locations. “You get a rent boost, not only because the residents are living within walking distance of work, but also because they are new properties and the developers increase the amenity level in them,” he said.
Walkability adds value, even to commercial properties. According to data firm Real Capital Analytics, prices for properties in central business districts have risen 125% over the past decade, but suburban properties that are also considered highly walkable are up 43%. Comparatively, prices are up just 21% to 22% for properties in suburban locations that are somewhat walkable or car-dependent.
But while living close to work may be a boon for many tenants, it isn’t for everybody. “Anything that can increase traffic is always a problem with existing residents of a site,” said Ms. McAvey of the Urban Land Institute. “And if it’s a truly industrial site, there may be some concerns by the industrial users that, once residents are introduced, they can object to truck traffic and delivery schedules.”
http://www.wsj.com/articles/property-deal-of-the-week-where-everyone-walks-to-work-1441755235
Mack-Cali Realty Corporation's New Leadership Announces Strategic Shift And Three Year Plan (9/10/15)
As part of Mack-Cali's strategic shift, the company will focus on urban waterfront properties and transit-oriented markets, while expanding its multi-family portfolio
EDISON, N.J., Sept. 10, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced a comprehensive three-year strategic initiative entitled 20/15 that represents a major step in the transformation of the Company's portfolio. The Company's new executive leadership, which took over operations just 100 days ago, will outline the directional shift at a meeting and webcast for investors and analysts later today, and in a detailed form 8-K filed with the SEC last evening. Under the direction of chief executive officer Mitchell Rudin, and president Michael DeMarco, Mack-Cali will transform itself into an owner of waterfront and transit-oriented office properties and a regional owner of luxury multi-family properties.
"Our team is committed to unlocking value for our stakeholders by refocusing the Company to take advantage of our class A assets and expanding our luxury multi-family holdings," said Mitch Rudin. "People today want to live, work, and play in the same area. They want transit options – how they get to work is almost as important as where they work. Changes we are making to our portfolio and improvements we are making in our efficiency will create a sleeker, more responsive company that is better able to achieve its long-term goals and meet the future needs of our tenants and residents."
Mack-Cali plans to focus on "Gold Coast" waterfront properties in Jersey City, Weehawken, Hoboken, and West New York. As part of the process, the Company has identified approximately $600 million to $800 million in assets that it will dispose to fund its capital plan. Disposition of these properties is planned and Mack-Cali will retain brokers who will work to ensure that each property draws the highest price possible.
"Our actions over the last 100 days are just the beginning of a company-wide overhaul designed to create value, while continuing to enhance transparency and disclosure for our investors," said Mike DeMarco. "We will be disciplined in our approach to allocating capital and managing our balance sheet to ensure the maximum amount of earnings growth and drive our stock price to over NAV."
The proceeds from these sales will fund Mack-Cali's capital needs, including the Company's further expansion in markets such as Jersey City where it is completing the 69-story, 763-unit URL® Harborside project with its partner Ironstate Development Company. URL® Harborside will be the tallest project in New Jersey when completed. The Company also plans to relocate their headquarters to Jersey City in the first half of 2016.
"We're thrilled that Mack-Cali has decided to locate their headquarters in Jersey City, and we agree: Jersey City has a lot to offer," said Jersey City Mayor Steven Fulop. "Over the past two years, businesses have made way for roughly 10,000 new jobs in Jersey City, and each one is more exciting than the last. We're very glad to be adding Mack-Cali jobs to the list."
Mack-Cali's focus on the Waterfront will include both commercial and residential properties. The Company currently owns 4.3 million square feet of waterfront office space and 3,400 luxury multi-family units.
Today, also under development is M2, a 311-unit tower that will join the existing Marbella, a 412-unit, 40-story luxury high rise near Harborside, at the end of 2015. The company also has an interest in Monaco, which consists of 523 luxury apartments on the waterfront overlooking Lower Manhattan.
Mack-Cali's multi-family subsidiary Roseland will be transferred to a distinct subsidiary – Roseland Property Trust (RPT) on September 30, 2015 – which will enable enhanced portfolio performance disclosure. RPT will execute development, construction, financing, and property management while building out and monetizing a geographically diverse portfolio. This will include the strategic repurposing of select Mack-Cali office holdings to multi-family use. The residential portfolio currently includes 6,826 units that are either operating or are "in-construction." By 2018, the new plan calls for that number to more than double, to approximately 14,843 total residential units operating or "in-construction."
"Our expansive planned growth under the Roseland brand will solidify our position as a premier multi-family residential developer, owner, and operator in the Northeast," said Marshall Tycher, president of Roseland. "We will continue to develop assets that are in close proximity to office space, transit, retail, and other quality of life amenities that today's urban professional requires in a home."
In addition to efforts to transform its portfolio, Mack-Cali will also make capital expenditures to upgrade existing assets:
•Harborside Repositioning: The Company will embark on an approximately $25 million repositioning of this mixed-use complex on the Jersey City Waterfront to capitalize on spectacular Manhattan skyline views, abundant nearby housing, and access to major regional transportation options. Harborside will take advantage of its premier waterfront location to add relevant retail, fitness, and food concepts, including restaurants and bars. The reimagined Harborside will include incubator and communal workspace, as well as state-of-the-art technology infrastructure. There is a meaningful long-term growth opportunity to attract TAMI (technology, arts, media, and information) tenants to this transformed development.
•Suburban Assets: Mack-Cali will undertake a $20 million upgrade of key suburban assets in Parsippany, Paramus, and White Plains. These upgrades will include lobby renovations, cafes and lounges, childcare centers, renovated restrooms, and conference and fitness centers. This will transform these buildings to class A properties, thus driving occupancy, presenting the opportunity for higher rents, and enhancing Mack-Cali's position as a key player in these markets.
Improving operating efficiencies is also a key part of the company's strategic shift. During the first 100 days under new leadership, the company has identified approximately $25 million in savings, which will fund the suburban asset upgrades. These cost savings will be accomplished by assessing staffing levels, reducing G&A, rebidding professional services, and refinancing for 2016 and 2017 interest expense savings.
"Mack-Cali will greatly benefit from the recycling of capital out of non-core assets and redeploying the capital into high-yielding opportunities, including development, acquisitions, repurposing, and repositioning assets into class A product," said the Company's chief investment officer Ricardo Cardoso.
A form 8-K filed with the SEC containing materials to be presented today is available on the Company's website at www.mack-cali.com/investors/company-filings-reports. A live webcast, expected to begin at 11:30 a.m., as well as a replay that will be available for 30 days at https://www.mack-cali.com/investors/events/.
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its two-platform operations of Waterfront and transit-based office and luxury multi-family. Mack-Cali owns or has interests in 274 properties, consisting of 255 office and office/flex properties totaling approximately 29.7 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units and a pipeline of 10,000 units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-realty-corporations-new-leadership-announces-strategic-shift-and-three-year-plan-300140832.html
Management is also focusing on repurposing.
Investor Presentation for Roseland Residential Platform (7/22/15)
https://www.mack-cali.com/media/765279/2ndquartersp15Roseland.pdf
Mack-Cali Announces 115,000-Square-Foot Lease With Brown Brothers Harriman On The Jersey City Waterfront (7/23/15)
EDISON, N.J., July 23, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that Brown Brothers Harriman (BBH) has signed a new 11-year lease for 114,798 square feet at the Company's Harborside Plaza 5 in Jersey City, New Jersey.
Moving within the Jersey City Waterfront market, BBH will transfer over 500 employees to their new location. Harborside Plaza 5 is a 977,225-square-foot, class A office tower located in the heart of Jersey City. The building features landscaped outdoor seating areas, restaurants, and breathtaking, panoramic views of the Manhattan skyline and New York Harbor. This premier asset is currently 99 percent leased.
Harborside, a highly successful waterfront complex, is being transformed into a next generation, interconnected, 24/7 mixed-use destination. Its inspirational working places and future aspirational living spaces—featuring a grand atrium, on-site Hyatt Regency, immediate access to the PATH station and light rail, as well as an incredible outdoor esplanade—provide tenants with a cutting-edge location for their business.
The tenant was represented in the transaction by Scott Gamber, Robert Stillman, and Peter Gamber, all of CBRE. Mack-Cali was represented by its in-house team of Chris DeLorenzo, senior vice president of leasing, and Tom Savoca, assistant vice president of leasing, as well as the CBRE team of Mark Ravesloot, Peter Turchin, Gerry Miovski, Suzanne Macnow, and Arkady Smolyansky.
Mitchell E. Rudin, chief executive officer of Mack-Cali, commented, "We're thrilled to welcome Brown Brothers Harriman to the Mack-Cali portfolio. Harborside Plaza 5 was an ideal choice for BBH due to the efficiencies generated by the building's large floor plates, modern design, state-of-the-art infrastructure, and premier telecom connectivity. We look forward to serving their needs for years to come. "
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 278 properties, consisting of 259 office and office/flex properties totaling approximately 30.4 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-announces-115000-square-foot-lease-with-brown-brothers-harriman-on-the-jersey-city-waterfront-300117794.html
Mack-Cali Realty Corporation Announces Second Quarter Results (7/22/15)
EDISON, N.J., July 22, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the second quarter 2015.
Recent highlights include:
•Reported funds from operations for the quarter of $0.46 per diluted share;
•Reported net income of $0.40 per diluted share;
•Sold a 203,000 square-foot office property for $80 million;
•Sold its interest in a multi-family joint venture property for $6.4 million; and
•Declared $0.15 per share quarterly common stock dividend.
FINANCIAL HIGHLIGHTS
Funds from operations (FFO) for the quarter ended June 30, 2015 amounted to $46.5 million, or $0.46 per share, as compared to $50.3 million, or $0.50 per share, for the quarter ended June 30, 2014. For the six months ended June 30, 2015, FFO equaled $89.6 million, or $0.89 per share, as compared to $80.5 million, or $0.81 per share, for the same period last year. For the quarter compared to last year, the decrease in FFO per share results primarily from lower NOI as a result of assets sold of $0.05 and lower revenue from decreased percent leased of $0.04, partially offset by increased net real estate tax appeal proceeds of $0.02, decreased acquisition related general and administrative costs of $0.02 and decreased interest expense of $0.01.
Net income available to common shareholders for the quarter ended June 30, 2015 amounted to $35.4 million, or $0.40 per share, as compared to $51.1 million, or $0.58 per share, for the quarter ended June 30, 2014. For the six months ended June 30, 2015, net income to common shareholders equaled $32.9 million, or $0.37 per share, as compared to $35.8 million, or $0.40 per share, for the same period last year.
All per share amounts presented above are on a diluted basis.
Total revenues for the second quarter 2015 were $148.6 million, as compared to $160.3 million for the second quarter 2014. For the six months ended June 30, 2015, total revenues amounted to $302.3 million, as compared to $329.9 million for the same period last year.
The Company had 89,195,529 shares of common stock, and 11,012,069 common operating partnership units outstanding as of June 30, 2015. The Company had a total of 100,207,598 common shares/common units outstanding at June 30, 2015.
Mitchell E. Rudin, chief executive officer, commented "We have been diligently assessing our operations and the opportunities available to us. While we are in the early stages of repositioning and reconstituting Mack-Cali, we are excited by the opportunities we see in the office assets and in the multi-family platform, both of which should begin to provide meaningful value as we commit additional resources to appropriately positioning each of the platforms. In addition, we look forward to enhancing our disclosure and sharing more of our plans in the coming weeks and months. We recognize that our initiatives will take time; however, we will endeavor to make these changes, thoughtfully and efficiently with an eye towards maximizing value for our shareholders."
RECENT TRANSACTIONS
In June, the Company sold its commercial office property located at 14 Sylvan Way, in Mack-Cali Business Campus, Parsippany, New Jersey, for approximately $80.0 million. The three-story, 203,506-square-foot class A office building is fully leased to Wyndham.
Also in June, the Company sold its interest in The Highlands at Morristown Station in Morristown, New Jersey, realizing net proceeds of approximately $6.4 million. Mack-Cali had acquired its 25 percent subordinated interest in the 217-unit community in October 2012 as part of the Roseland acquisition for approximately $2 million. The sale represents an approximately 3.0-times multiple on the 2012 acquisition price. Mack-Cali's Roseland subsidiary will continue to manage the property.
Michael J. DeMarco, president and chief operating officer, commented "We have begun the long process of identifying properties for sale and the properties with upside potential over the next six to eight quarters. Our sole focus is to close completely the gap that exists between our stock price and our NAV."
OPERATING HIGHLIGHTS
Mack-Cali's consolidated commercial in-service portfolio was 82.3 percent leased at June 30, 2015, as compared to 84.3 percent leased at March 31, 2015.
For the quarter ended June 30, 2015, the Company executed 138 leases at its consolidated in-service commercial portfolio totaling 1,377,100 square feet, consisting of 970,472 square feet of office space, 391,328 square feet of office/flex space and 15,300 square feet of industrial/warehouse space. Of these totals, 214,577 square feet were for new leases and 1,162,523 square feet were for lease renewals and other tenant retention transactions.
BALANCE SHEET/CAPITAL MARKETS
As of June 30, 2015, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 5.67 percent. The Company had a total market capitalization of $3.9 billion and a debt-to-undepreciated assets ratio of 36.3 percent at June 30, 2015. The Company had an interest coverage ratio of 2.7 times for the quarter ended June 30, 2015 and an interest coverage ratio of 2.7 times for the six months ended June 30, 2015.
DIVIDENDS
In June, the Company's Board of Directors declared a cash dividend of $0.15 per common share (indicating an annual rate of $0.60 per common share) for the second quarter 2015, which was paid on July 14, 2015 to shareholders of record as of July 6, 2015.
GUIDANCE/OUTLOOK
The Company expressed comfort with net income and FFO per diluted share for the full year 2015, as follows:
Net income available to common shareholders $0.22-$0.32
Add: Real estate-related depreciation and amortization $1.88
Deduct: Realized (gains) losses and unrealized losses on disposition of rental property, net $(0.34)
Gain on sale of investment in unconsolidated joint ventures $(0.06)
Funds from operations $1.70-$1.80
These estimates reflect management's view of current market conditions and certain assumptions with regard to rental rates, occupancy levels and other assumptions/projections. Actual results could differ from these estimates.
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for today, July 22, 2015 at 10:00 a.m. Eastern Time, which will be broadcast live via the Internet at:
http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=96021&eventID=5196679
The live conference call is also accessible by calling (719) 325-2448 and requesting the Mack-Cali conference call.
The conference call will be rebroadcast on Mack-Cali's website at https://www.mack-cali.com/investors/events beginning at 2:00 p.m. Eastern Time on July 22, 2015 through July 29, 2015.
A replay of the call will also be accessible during the same time period by calling (719) 457-0820 and using the pass code 7712551.
Copies of Mack-Cali's Form 10-Q and Supplemental Operating and Financial Data are available on Mack-Cali's website, as follows:
Second Quarter 2015 Form 10-Q:
https://www.mack-cali.com/media/765181/2ndquarter10q15.pdf
Second Quarter 2015 Supplemental Operating and Financial Data:
https://www.mack-cali.com/media/765184/2ndquartersp15.pdf
Second Quarter 2015 Supplemental Operating and Financial Data for Roseland Residential Platform:
https://www.mack-cali.com/media/765279/2ndquartersp15Roseland.pdf
In addition, these items are available upon request from:
Mack-Cali Investor Relations Department - Deidre Crockett
343 Thornall Street, Edison, New Jersey 08837-2206
(732) 590-1025
INFORMATION ABOUT FFO
Funds from operations ("FFO") is defined as net income (loss) before noncontrolling interest of unitholders, computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from extraordinary items, sales of depreciable rental property, and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from sales of properties and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("NAREIT"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
ABOUT THE COMPANY
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali operates two highly successful platforms, the Mack-Cali office division and the Roseland apartment subsidiary. Roseland is a premier real estate development and management company with a highly acclaimed reputation for creating exceptional residential communities in some of the most desirable settings across the Northeast. From elegant townhomes and brownstones to upscale rentals and vibrant mixed-use communities, Roseland's extraordinary portfolio of multi-family real estate properties represents the very best in quality, design excellence, and luxury living.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-realty-corporation-announces-second-quarter-results-300116923.html
Marker:
Mack Cali Realty Cor (CLI)
$18.60 down -0.32 (-1.69%)
Volume: 783,284
Mack-Cali Sells Morris County, New Jersey Commercial Office Property (6/29/15)
EDISON, N.J., June 29, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold its commercial office property located at 14 Sylvan Way, in Mack-Cali Business Campus, Parsippany, New Jersey, for approximately $81.4 million to Griffin Capital Essential Asset REIT II, Inc. In addition to the sales price, Griffin is assuming responsibility for approximately $2 million in future tenant improvement allowance.
14 Sylvan Way was developed in 2013 pursuant to a long-term, net lease to serve as the extension of Wyndham Worldwide Corporation's headquarters. The three-story, 203,506-square-foot class A office building is fully leased to Wyndham.
Mack-Cali was represented in the transaction by Jose Cruz and Kevin O'Hearn, both of HFF.
Mitchell E. Rudin, chief executive officer of Mack-Cali, commented, "This was an excellent opportunity to monetize the value of this class A corporate headquarters. The proceeds will be reinvested into more strategic growth opportunities."
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 279 properties, consisting of 260 office and office/flex properties totaling approximately 30.5 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-sells-morris-county-new-jersey-commercial-office-property-300106076.html
New Leadership at Mack-Cali Promises Change (6/23/15)
‘People didn’t want to deal with us because it was unpleasant.’
By Peter Grant
Mack-Cali Realty Corp. ’s new leadership team has a message for investors as it takes the reins of one of the country’s worst-performing real-estate investment trusts: Change is on the way.
In their first interview since taking over earlier this month, Chief Executive Mitchell Rudin and President Michael DeMarco said they would take new approaches to such things as selling poorly performing suburban office buildings, reporting financial results and interacting with investors, analysts and the public.
The style of former Chief Executive Mitchell Hersh was criticized by some as heavy-handed and inaccessible. Mr. Hersh didn’t respond to requests for comment.
“People didn’t want to deal with us because it was unpleasant,” said Mr. DeMarco, 55, who is known in the real-estate industry for stints at Fortress Investment and Vornado Realty Trust.
In another change, the compensation of Messrs. Rudin and DeMarco will be tied more to Mack-Cali’s performance than the previous management team. In nonbinding votes earlier this year and last year, shareholders rejected the compensation of Mr. Hersh’s management team. That made Mack-Cali the only REIT so far this year to receive a negative say-on-pay vote from shareholders.
“There probably wasn’t a true alignment of interest based on performance” in Mr. Hersh’s compensation, Mr. DeMarco said. “It wasn’t like you’d look at it and say, ‘Wow, he suffered with the company pound-for-pound.’”
Investors have cheered the new team so far: Mack-Cali’s shares, which have underperformed the broader REIT industry for at least 10 years according to Green Street Advisors, have risen about 15% in less than three weeks since Messrs. Rudin and DeMarco were named to lead the company. Mr. Rudin, 62, has had high profile positions at CBRE Group Inc. and Brookfield Office Properties. He left Brookfield last year. Mr. DeMarco’s most recent position was chief investment officer of Cantor Commercial Real Estate.
Now comes the hard part: The two executives must grapple with Mack-Cali’s portfolio of suburban New Jersey office buildings, which has a vacancy rate described by a Green Street Advisors report last fall as “just awful.”
They also have inherited former management’s controversial strategy to diversify into the rental apartment business, which meant increasing debt levels to one of the highest levels in REIT office sector.
Mr. DeMarco recalls that he and Mr. Rudin hit it off when they met for lunch to discuss working together. “We hadn’t even buttered our rolls when we agreed what titles we would take,” he said. “There’s a lack of ego.”
Still, some are taking a wait-and-see attitude. John Bejjani, an analyst with Green Street, said that even with the recent spurt in Mack-Cali’s stock, it is still trading at about 70% of the underlying value of the company’s real estate at current market pricing.
Mack-Cali’s plight highlights the struggle facing suburban-office-building owners throughout the country as the U.S. economy has emerged from its downturn. While downtown office markets have rebounded, many suburban markets have continued to wrestle with high vacancy, low rents and anemic property values.
Mack-Cali was formed by the 1997 merger of Cali Realty Corp. and the private real-estate company headed by William Mack, who is still chairman of the REIT and its largest shareholder. The company owns over 30 million square feet of office space, most of it in suburban New Jersey.
Mr. Hersh became chief executive in 1999. He oversaw Mack-Cali’s expansion into the rental-apartment sector that started in 2011 and intensified in 2012 with the REIT’s purchase of $134.6 million in assets from residential developer Roseland Partners LLC.
Mr. Hersh and others have said this strategy made sense partly because the outlook for rental apartments was better than that for suburban office buildings. But the move was criticized by some analysts and investors for the amount of debt it required and because Mr. Hersh and others lacked expertise in that area.
Mack Cali announced that Mr. Hersh was stepping down last fall and gave no explanation for his departure. Mr. Hersh said in release: “I agree that it is the right time to transition leadership responsibilities” and declined further comment through a spokeswoman.
The new management team intends to keep forging ahead with the residential strategy, with an eye toward having a portfolio of more than 13,000 apartments in three to five years. But Messrs. Rudin and DeMarco said they plan to make the business more understandable to investors by separating it into its own subsidiary.
Such a structure would make it easier down the line for the company to consider such options as selling it or spinning it off, Mr. DeMarco said. “Now we could have people accurately look at it and judge its performance,” he said.
As far as selling assets goes, Mr. DeMarco pointed out that prior management would have been reluctant to sell properties for less than what they paid. But the new team won’t be burdened by such considerations, and will make its decisions based more on current returns of the buildings.
“That unburdening allows us to make correct capital allocation decisions, which may have not been made in the past,” he said.
http://www.wsj.com/articles/new-leadership-at-mack-cali-promises-change-1435072838
Mack-Cali Sells Its Minority Interest In Morristown Multi-Family Community (6/22/15)
EDISON, N.J., June 22, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold its interest in The Highlands at Morristown Station in Morristown, New Jersey, realizing net proceeds of approximately $6.5 million.
Mack-Cali had acquired its 25 percent subordinated interest in the 217-unit community in October 2012 as part of the Roseland acquisition for approximately $2 million. The interest disposition represents an approximately 3.0x multiple on the 2012 acquisition price. Mack-Cali's Roseland subsidiary will continue to manage the property.
Michael J. DeMarco, president and chief operating officer of Mack-Cali, commented, "This transaction allows us to demonstrate the value we've created in our multi-family segment."
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 280 properties, consisting of 261 office and office/flex properties totaling approximately 30.7 million square feet and 19 multi-family rental properties containing approximately 5,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-sells-its-minority-interest-in-morristown-multi-family-community-300102494.html
Mack-Cali Taps Industry Veteran as New CEO (6/03/15)
Real-estate investment trust appoints Mitchell Rudin as chief executive
By Lisa Beilfuss
Mack-Cali Realty Corp. said Wednesday that it has named Mitchell Rudin, a veteran New York real-estate executive, as its next chief executive.
The appointment follows Mitchell Hersh’s retirement last month. Mr. Hersh, a 17-year veteran of the Edison, N.J.-based real-estate investment trust known for owning suburban office buildings in the Northeast, faced criticism for moving into residential real estate and said late last year that he would step down in May.
As The Wall Street Journal reported last month, a search committee has been expected to recommend that Mack-Cali’s board tap Mr. Rudin for the top spot. Mr. Rudin had been chief executive of Brookfield Office Properties’ U.S. division until he stepped down last year in the wake of a restructuring.
During his tenure, Mr. Rudin played a key role in the company’s efforts to lease its downtown New York office buildings, advance plans for its Manhattan West project in Midtown and absorb a portfolio of Los Angeles buildings that had been owned by the Maguire Property Group.
Mack-Cali also said it named Michael DeMarco as president and chief operating officer. Mr. DeMarco previously worked as chief investment officer at Cantor Commercial Real Estate and as executive vice president at Vornado Realty Trust.
Shares in the company, off about 11% this year, were little changed in early trading.
http://www.wsj.com/articles/mack-cali-taps-industry-veteran-as-new-ceo-1433340215
Mack-Cali Announces New Executive Leadership Team (6/03/15)
Mitchell E. Rudin to Serve as Chief Executive Officer and Michael J. DeMarco to Serve as President and Chief Operating Officer
EDISON, N.J., June 3, 2015 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI), a leading owner, manager, and developer of class A office and luxury multi-family real estate throughout the Washington, D.C. to Boston corridor, today announced a new executive leadership team of Mitchell E. Rudin and Michael J. DeMarco. Effective immediately, Mr. Rudin will serve as chief executive officer and Mr. DeMarco will serve as president and chief operating officer.
Messrs. Rudin and DeMarco are accomplished industry veterans, each with more than 30 years of experience in real estate. Most recently, Mr. Rudin served as the president and chief executive officer of U.S. Commercial Operations at Brookfield Office Properties and prior to that he served as the president and chief executive officer of the New York Tri-State Region for CBRE, Inc. Mr. DeMarco's expertise is in the areas of investment banking, capital markets, and restructuring of operations, which includes his time as a senior managing director at Lehman Brothers, a managing director at Fortress Investment Group, and an executive vice president at Vornado Realty Trust.
"Following an extensive process undertaken by Mack-Cali's board of directors, in consultation with a leading executive search firm, we are excited to have attracted senior leaders with such a broad and complementary range of skills and experience to lead the Company forward," said William Mack, chairman of the board. "Mitch and Mike will work closely with Marshall Tycher, president of Roseland, our multi-family subsidiary. Additional senior members of the team include Tony Krug, chief financial officer, and Gary Wagner, chief legal officer and secretary. We are confident that together they comprise one of the finest office and multi-family management teams in the industry. I look forward to the Company's next chapter, and am confident that we have identified the right leaders to oversee Mack-Cali's continuing transformation. We invite all our investors to meet the new team at the upcoming NAREIT conference."
"This is an exciting time for Mack-Cali. Mike, Marshall, and I are pleased to have the opportunity to lead the Company in its next phase of growth and development," said Mr. Rudin. "Mack-Cali has an outstanding portfolio of premier assets and an impressive team of employees. I look forward to working together with Mitch and Marshall to create and execute the Company's strategic plan," said Mr. DeMarco.
"On behalf of the board of directors, I want to thank Mitchell Hersh for his years of dedication and service to Mack-Cali," added Mr. Mack. "As president and CEO, Mitch developed a portfolio of class A office assets, and more recently he led the Company's diversification into the multi-family sector. We greatly appreciate all that he's done over the years to help build Mack-Cali and wish him great success in the future."
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 282 properties, consisting of 262 office and office/flex properties totaling approximately 30.8 million square feet and 20 multi-family rental properties containing approximately 5,800 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack-cali.com.
http://www.prnewswire.com/news-releases/mack-cali-announces-new-executive-leadership-team-300093446.html
http://www.mack-cali.com/development-urban-ready-living
Mack-Cali reducing commercial assets and developing luxury residential. Big things happening here.
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Mack-Cali Realty Corporation is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company owns and operates a real estate portfolio consisting predominantly of Class A office and office/flex properties located primarily in the Northeast. The Company performs all commercial real estate leasing, management, acquisition, development and construction services on an in-house basis. As of December 31, 2010, the Company owned or had interests in 277 properties, aggregating approximately 33.2 million square feet, plus developable land (collectively, the Properties), which were leased to approximately 2,000 tenants. The Company operates in two industry segments: real estate and construction services.
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