Mack-Cali Realty Corp.
 (CLI)

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  • Thu, Jan. 7, 4:33 PM
    • Mack-Cali (NYSE:CLI) closed a new $350M unsecured term loan maturing in January 2019. The interest rate is Libor + 140 basis points, subject to adjustment based on the company credit rating. An interest rate swap makes it a fixed-rate deal of 3.12%, including all costs.
    • Proceeds will be used to repay the company's $200M, 5.8% unsecured bonds maturing this month, and to pay down outstanding borrowings on the company's $600M unsecured credit facility.
    • Source: Press release
    | Thu, Jan. 7, 4:33 PM
  • Dec. 17, 2015, 9:44 AM
    | Dec. 17, 2015, 9:44 AM | 1 Comment
  • Dec. 8, 2015, 4:46 PM
    • Mack-Cali Realty (NYSE:CLI) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 2.63%
    • Payable Jan. 15; for shareholders of record Jan. 6; ex-div Jan. 4.
    | Dec. 8, 2015, 4:46 PM
  • Oct. 28, 2015, 6:33 PM
    • Mack-Cali Realty (NYSE:CLI): Q3 FFO of $0.51 beats by $0.07.
    • Revenue of $146.16M (-6.0% Y/Y) misses by $4.08M.
    | Oct. 28, 2015, 6:33 PM
  • Oct. 27, 2015, 5:35 PM
  • Sep. 22, 2015, 5:16 PM
    • Mack-Cali Realty (NYSE:CLI) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 3.05%
    • Payable Oct. 15; for shareholders of record Oct. 5; ex-div Oct. 1.
    | Sep. 22, 2015, 5:16 PM
  • Sep. 11, 2015, 12:57 PM
    • Equity Commonwealth (EQC +1.6%) is lifted to Neutral from Sell, and Mack-Cali (CLI +3%) to Buy from Neutral at Citigroup.
    • Mack-Cali is lower by 5.7% since August 1, but EQC has managed to remain flat during that rough period.
    | Sep. 11, 2015, 12:57 PM | 3 Comments
  • Jul. 22, 2015, 6:36 AM
    • Mack-Cali Realty (NYSE:CLI): Q2 FFO of $0.46 beats by $0.03.
    • Revenue of $148.6M (-7.3% Y/Y) beats by $0.54M.
    | Jul. 22, 2015, 6:36 AM
  • Jul. 21, 2015, 5:30 PM
    | Jul. 21, 2015, 5:30 PM | 2 Comments
  • Jul. 2, 2015, 3:01 PM
    • Even as public market valuations have pulled back, says Citi's Michael Bilerman, private market pricing has remained strong, widening the gap between price and value.
    • While fund flows are a negative, Bilerman notes an uptick in interest from market generalists, suggesting they're beginning to spot value in the sector.
    • Healthcare: The REITs here are particularly sensitive to rising rates given high external growth expectations and accretive "spread" investing. Bilerman has Overweights in large-cap Ventas (NYSE:VTR) and small-cap Sabra Health Care (NASDAQ:SBRA).
    • Lodging: Supply is largely intact and demand continues to improve, hopefully setting up a strong H2. He continues to favor C-corps like Hilton Worldwide (NYSE:HLT), but also has Overweight positions on Host Hotels (NYSE:HST) and LaSalle Hotel (NYSE:LHO).
    • Office/Industrial: This sector offers particular opportunity for outperformance, and he prefers urban names, Boston Property (NYSE:BXP), SL Green (NYSE:SLG), and Vornado (NYSE:VNO), and only select suburban names Parkway (NYSE:PKY) and Mack Cali (NYSE:CLI). In industrial, he's Overweight EastGroup (NYSE:EGP), Prologis (NYSE:PLD), and DCT Industrial (NYSE:DCT).
    • Apartments: Growth remains strong and valuations attractive. He's Overweight large caps AvalonBay (NYSE:AVB), Equity Residential (NYSE:EQR), and UDR, as well as value name Camden Property Trust (NYSE:CPT).
    • Retail: He's still Overweight Class A mall REITs, but is getting more bullish on strip mall names, with Kimco (NYSE:KIM), Acadia (NYSE:AKR), and Weingarten (NYSE:WRI) upgraded to Buy. Other top picks are General Growth (NYSE:GGP), Simon Property (NYSE:SPG), Kite Realty (NYSE:KRG), and Forest City (NYSE:FCE.A).
    • Previously: Citi spots value in beaten-up REIT sector (July 2)
    | Jul. 2, 2015, 3:01 PM | 7 Comments
  • Jun. 22, 2015, 10:02 AM
    • Mack-Cali (NYSE:CLI) made more than three-times its money in the deal, selling its 25% interest in the 217-unit Morristown Station for about $6.5M after having purchased the stake in October 2012 for roughly $2M.
    • The company's Roseland subsidiary will continue to manage the property.
    | Jun. 22, 2015, 10:02 AM
  • May 14, 2015, 4:49 PM
    • The team at Wells Fargo finds seven REITs most at risk of a takeover, writes Jake Mooney at SNL Financial. What they have in common are sustained discounts to NAV, market caps less than $5B, and relatively low debt ratios - important because it allows added leverage without violating debt covenants.
    • At risk? The higher debt loads following a privatization could be harmful to existing bondholders. Stockholders, of course, might feel differently.
    • The seven: Mack-Cali (NYSE:CLI), Education Realty Trust (NYSE:EDR), Equity One (NYSE:EQY), Healthcare Realty (NYSE:HR), Retail Opportunity Investments (NASDAQ:ROIC), Post Properties (NYSE:PPS), and Washington Real Estate (NYSE:WRE).
    • In the right environment, why limit candidates to smaller REITs? Stifel's Daniel Bernstein suggests Ventas (NYSE:VTR) could go for the equivalent of a 5% cap rate or $90 per share, given Blackstone paid a 6.2% cap rate for Excel Trust, and Associated Estates sold with a cap rate below 5%. Similar cap rates would produce tasty premiums for HCP, Health Care REIT (NYSE:HCN), Healthcare Realty Trust (HR), and Healthcare Trust of America (NYSE:HTA).
    | May 14, 2015, 4:49 PM | 18 Comments
  • May 11, 2015, 3:39 PM
    • Mack-Cali Realty (NYSE:CLI) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 3.39%
    • Payable July 14; for shareholders of record July 6; ex-div July 2.
    | May 11, 2015, 3:39 PM
  • May 11, 2015, 7:47 AM
    • Rudin had been CEO of Brookfield Office Properties until stepping down last year in the wake of a restructuring. Before that, he led the NYC office of CBRE Group.
    • A search committee of Mack-Cali (NYSE:CLI) is expected to recommend Rudin be tapped to replace the outgoing Mitchell Hersh, whose retirement took some by surprise. The suburban office property company, though, has come under some criticism for its recent push into residential real estate.
    • Source: WSJ
    • Previously: Mack-Cali updates on CEO search (May 7)
    | May 11, 2015, 7:47 AM
  • May 7, 2015, 1:12 PM
    • The board search committee and its executive search firm have met with a number of "highly qualified candidates who have had the skills and experience to lead the company forward," says Chairman William Mack. A transition plan is expected to be announced in the weeks following May 11's annual meeting.
    • Outgoing CEO Mitchell Hersh: "I am committed to making this transition seamless and ensuring that Mack-Cali (NYSE:CLI), with its new leadership in place, is positioned for success and long-term value creation."
    | May 7, 2015, 1:12 PM
  • Apr. 23, 2015, 6:47 AM
    • Mack-Cali Realty (NYSE:CLI): Q1 FFO of $0.43 beats by $0.02.
    • Revenue of $153.71M (-9.4% Y/Y) beats by $4.63M.
    | Apr. 23, 2015, 6:47 AM
Company Description
Mack-Cali Realty Corp along with its subsidiaries is a self-administered, self-managed real estate investment trust. It provides leasing, management, acquisition, development, construction and tenant-related services.
Sector: Financial
Industry: REIT - Office
Country: United States