Mack-Cali reports 3Q

Real Estate Weekly, Nov 13, 2002

Mack-Cali Realty Corporation reported its results for the third quarter 2002. The company reported that its funds from operations (FFO) per diluted share for the third quarter 2002 increased 7.7% over the same period in 2001.

FFO, after adjustment for straight-lining of rents, for the quarter ended Sept. 30 amounted to $70.5 million, or $0.98 per share, versus $64.3 million, or $0.91 per share, for the quarter ended Sept. 30, 2001, a per share increase of 7.7%. For the nine months ended Sept. 30, FFO, after adjustment for straight-lining of rents, amounted to $208.5 million, or $2.91 per share, versus $194.2 million, or $2.73 per share, for the same period last year, a per share increase of 6.6%.

Cash available for distribution (CAD) for the third quarter 2002 equaled $61.6 million, or $0.86 per share, versus $53.5 million, or $0.76 per share, for the same quarter last year, a per share increase of 13.2%. For the nine months ended Sept. 30, CAD equaled $179.8 million, or $2.51 per share, versus $165.3 million, or $2.33 per share, for the same period last year, an increase of 7.7% on a per share basis