First-quarter profits fall as construction and operating costs largely offset a hefty gain in revenueEDISON – Despite a healthy rise in revenue, Mack-Cali Realty Corp. announced last week that its first-quarter results fell by 42 percent to $19 million, compared with $33.1 million in the year-ago quarter.
Although the Edison-based real estate investment trust saw its top line climb by $41 million to $193.7 million in the current period, the increase was nearly offset by a $39 million jump in construction and other operating costs.
The quarter-to-quarter comparison was skewed by a $15 million gain on the sale of marketable securities the company posted in 2006 that was not repeated in 2007.
ÂIÂm optimistic about the market recovery,Â Mack-Cali CEO Mitchell Hersh said in a conference call after the companyÂs earnings were released. ÂItÂs important to note that there are very few large blocks of space available in some of our more active sub-markets, such as Morris County, Jersey City and other areas.Â
The company recently got a thumbs-up from the MoodyÂs Investor Service, which rated it as ÂstableÂ in its latest report.
In New Jersey activity, Daiichi Sankyo Inc., a pharmaceutical company, signed a new 24-month lease for 46,000 square feet at 7 Campus Drive at the Mack-Cali Business Campus in Parsippany. In Connecticut, The William Carter Co. a childrenÂs wear manufacturer, renewed its lease of 41,762 square feet at 1000 Bridgeport Ave. in Shelton for one year.
Shares of Mack-Cali traded in the $48 range last week, compared with a 52-week high of $56 in January.
However, MoodyÂs sounded a cautionary note that Mack-Cali may become over-concentrated in New Jersey.
The company has been withdrawing from the West Coast and other markets to concentrate on the Northeast. Last November Mack-Cali sold 19 office buildings in Colorado. In December, the sale of two properties and land in San Francisco marked the end of the companyÂs western presence.
Mack Cali entered the New York City office market for the first time last month with the $273 million purchase of an interest in 125 Broad Street, a downtown Manhattan condominium office tower.
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