Mack-Cali Realty Corp.NYSE
Mon, Nov. 7, 10:30 AM
- Now it's the team at Evercore ISI, and analyst Steve Sakwa says the "noisy" Q3 earnings season has created buying opportunities, with AFFO multiples at their lowest since Dec. 2013, and implied cap rates about 400 basis points above the 10-year Treasury yield (vs. a typical 320 bps).
- Noting either strong fundamentals or attractive valuations, he's a fan of Paramount Group (PGRE +0.2%), General Growth (GGP +1.5%), Vornado (VNO +0.9%), Prologis (PLD +1.4%), CubeSmart (CUBE +1.8%), Brixmor (BRX +0.7%), Life Storage (LSI +2%), Simon Property (SPG +0.3%), Mack-Cali (CLI +1.2%).
- Previously: American Assets, Macerich, and DDR win sell-side upgrades (Nov. 7)
- Previously: Barron's: REITs are on sale (Nov. 5)
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Tue, Oct. 25, 10:24 PM
Mon, Oct. 24, 5:35 PM
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Mon, Oct. 24, 5:16 PM
- In Q3, (NYSE:CLI) executed 62 leases totaling 664,490 sq. ft. for its office and flex commercial real estate properties out of which new leases were 289,991 sq. ft. (44%); and 374,499 sq. ft. (56%) were for lease renewals and other tenant transactions.
- Core, Flex, and Waterfront properties totaling 19.8M sq. ft. achieved 90.3% leased; 87.7% incl. non-core assets .
- The Q3 leases had a direct impact on the 2017 expirations, reducing the total by almost 0.1M sq. ft. to 2.9M sq. ft.
- Press Release
Tue, Sep. 27, 1:40 PM
Mon, Sep. 19, 9:50 AM
- It's been an impressive run for Mack-Cali Realty (NYSE:CLI) this year - up about 50% from the February lows - but the stock's pulled back nearly 10% since hitting a 52-week high of $29.25 earlier this month.
- Evercore ISI upgrades to Buy from Hold.
- Shares +1.3% early this session to $26.72.
Tue, Aug. 2, 5:41 PM
Mon, Aug. 1, 5:35 PM
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Wed, Jun. 1, 5:07 PM
- Mack-Cali Realty (NYSE:CLI) declares $0.15/share quarterly dividend, in line with previous.
- Forward yield 2.26%
- Payable July 15; for shareholders of record July 6; ex-div July 1.
Wed, Apr. 27, 5:39 PM
- Mack-Cali Realty (NYSE:CLI): Q1 FFO of $0.49 in-line.
- Revenue of $152.92M (-0.5% Y/Y) beats by $1.86M.
Tue, Apr. 26, 5:35 PM
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Tue, Mar. 15, 8:14 AM
- Part of the company's $750M goal for dispositions this year, Mack-Cali (NYSE:CLI) inked deals to sell properties in D.C. and NYC for about $365.5M dollars this quarter.
- The dispositions are part of a strategic plan to exit non-core markets, pay down debt, fund capex, increase holdings in waterfront and transit-based locations, and renovate/reposition existing assets.
Wed, Feb. 24, 6:13 PM
- Mack-Cali Realty (NYSE:CLI): Q4 FFO of $0.47 beats by $0.01.
- Revenue of $146.44M (-3.3% Y/Y) misses by $0.78M.
Tue, Feb. 23, 5:35 PM
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Wed, Feb. 17, 12:40 PM
- "We were surprised, but not surprised by the CEO transition," says analyst John Guinee, applauding the board for acting faster than other office REITs in his coverage universe like First Potomac (FPO +1.3%) and Mack-Cali (CLI +1.3%). He notes value creation at Corporate Office (OFC +3.4%) has been in decline or stagnant since 2010.
- "The strategy of buy/build and hold commodity, low barrier office product leads to slow and steady value erosion."
- Still not a fan of the stock, Guinee isn't seeing any near-term negative catalysts after the stock's 25% Y/Y decline, and upgrades to Hold.
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.