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MackCali Realty Corp. Reports Operating Results (10-Q)

April 29, 2010 | About:
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10qk

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MackCali Realty Corp. (CLI) filed Quarterly Report for the period ended 2010-03-31.

Mackcali Realty Corp. has a market cap of $2.83 billion; its shares were traded at around $35.71 with a P/E ratio of 10.9 and P/S ratio of 3.7. The dividend yield of Mackcali Realty Corp. stocks is 5.1%.CLI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.

Highlight of Business Operations:

Base rents for the Same-Store Properties decreased $4.2 million, or 2.8 percent, for 2010 as compared to 2009 due primarily to decreased occupancy and rental rates. Escalations and recoveries from tenants for the Same-Store Properties decreased $2.3 million, or 8.2 percent, for 2010 over 2009, due primarily to lower real estate taxes and utility expenses in 2010, as compared to 2009. Other income for the Same-Store Properties was relatively unchanged for 2010 as compared to 2009.

Real estate taxes on the Same-Store Properties decreased $2.3 million, or 9.6 percent, for 2010 as compared to 2009, due primarily to refunds on tax appeals received in 2010 for certain properties. Utilities for the Same-Store Properties decreased $1.4 million, or 6.9 percent, for 2010 as compared to 2009, due primarily to lower usage in 2010 as compared to 2009. Operating services for the Same-Store Properties decreased $0.6 million, or 2.1 percent due primarily to decreases in property insurance and salaries and related expenses in 2010, partially offset by an increase in snow removal costs for 2010 as compared to 2009.

Construction services revenue increased $7.0 million, or 177.7 percent, in 2010 as compared to 2009, due to increased construction contracts in late 2009 and 2010. Real estate services revenue decreased by $0.6 million, or 21.8 percent, for 2010 as compared to 2009, due primarily to decreases in management fee income of $0.4 million, and salary reimbursements of $0.3 million for 2010 as compared to 2009.

Direct construction costs increased $6.6 million, or 177.1 percent, in 2010 as compared to 2009, due primarily to increased construction contracts in late 2009 and 2010. General and administrative expense decreased $1.7 million, or 16.5 percent, for 2010 as compared to 2009, which was due primarily to a decrease in professional fees and salaries and related expenses in 2010.

Income from continuing operations increased to approximately $17.4 million in 2010 from $14.6 million in 2009. The increase of approximately $2.8 million was due to the factors discussed above.

Net income available to common shareholders increased by $2.4 million, from $12.1 million in 2009 to $14.5 million in 2010. This increase was the result of an increase in income from continuing operations of $2.8 million for 2010 as compared to 2009 and a decrease in noncontrolling interest in the Operating Partnership of $0.2 million. This was partially offset by a decrease in noncontrolling interest in cons

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