Rubicon Associates
REITs, special situations, bonds, Preferred Stock

Mack-Cali: Cheap Or Inexpensive?

Bobby Darin once sang in his version of "Mack the Knife"

On a sidewalk, blue Sunday mornin'
Lies a body oozin' life
Some, someone's sneakin' 'round a corner
Tell me, could that someone be Old Mack the Knife?

I was going through REIT earnings when I saw Mack-Cali's (NYSE:CLI) earnings and the song popped into my head. Rather than Bobby's lyrics, I heard:

On a statement, from my broker
Lies an investment oozin' life
The REIT hasn't turned the corner
Tell me, could that REIT be Mack ("CALI") the Knife?

The Mack Cali Company owns or has interests in 276 properties consisting of 266 office and office/flex properties totaling approximately 30.7 million square feet and ten...

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