Newspaper article The Record (Bergen County, NJ)

Mack-Cali's Net Income Increases as Focus Shifts

Newspaper article The Record (Bergen County, NJ)

Mack-Cali's Net Income Increases as Focus Shifts

Article excerpt

Mack-Cali Realty Corp. of Edison said Wednesday that its funds from operations and net income rose in the first quarter, as the company sold properties in a continuing shift from suburban offices to Hudson River waterfront locations.

Earlier this week, the company said it had reached an agreement to sell 38 acres of the 47-acre former Pearson site in Upper Saddle River to a home developer, which it did not name. The other 9 acres are to be sold to the borough for the construction of municipal offices and sports fields. The sale is expected to be completed in early 2017 and total about $43 million.

In the quarter ended March 31, Mack-Cali had funds from operations of 49 cents per share, up from 43 cents for the same quarter in 2015. Funds from operation is a widely used measure of financial performance for real estate investment trusts. …

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