JERSEY CITY, N.J.,
Feb. 23, 2017 /PRNewswire/ -- Mack-Cali Realty Corporation
(NYSE: CLI) today announced that during 2016, it completed a total
of 273 lease transactions aggregating 2.8 million square feet in
its consolidated commercial portfolio. Of these totals, 35 percent
were for new leases and 65 percent were for renewals and other
tenant transactions. These deals allowed the Company to
finish 2016 with a percentage leased of 90.6 percent in its Core,
Waterfront, and Flex properties, 150 basis points higher than
year-end 2015.
The 2017 expirations in the Company's Core, Waterfront, and Flex
portfolio total 2.1 million square feet or 11.2 percent of the
portfolio. These expirations are heavily weighted towards the end
of the year and on the Waterfront, where the Company feels the
market is the healthiest. Additionally, the 2017 expirations will
be reduced to 1.8 million square feet after removing the additional
assets the Company is currently considering for sale.
For the year, Mack-Cali's Core, Waterfront, and Flex portfolio
produced a cash rental rate rollup of 10.9 percent and GAAP rollup
of 20 percent. For the fourth quarter rollup was 3.5 percent
cash and 12.2 percent on a GAAP basis. The Company experienced a
roll up on 87 percent of the transactions. For 2016, 204
transactions were used in calculating rent roll, of those, 177 were
up, five flat, and 22 down.
"We believe that the Cash and GAAP roll up we experienced in the
last five quarters is embedded in our future expirations. We have
also benefited from reduced tenant costs during 2016. The
increasing revenue and reduction of attainment costs is leading us
to an ever improving AFFO. Our transforming portfolio is providing
us with a strong base to produce excellent results," said
Michael J. DeMarco, Mack-Cali President.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated,
self-administered, self-managed real estate investment trust (REIT)
providing management, leasing, development, and other
tenant-related services for its two-platform operations of
waterfront and transit-based office and luxury multi-family assets.
Mack-Cali provides its tenants and residents with the most
innovative communities that empower them to re-imagine the way they
work and live.
Additional information on Mack-Cali Realty Corporation and the
commercial real estate properties and multi-family residential
communities available for lease can be found on the Company's
website at www.mack-cali.com.
Statements made in this press release may be forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements can be
identified by the use of words such as "may," "will," "plan,"
"potential," "projected," "should," "expect," "anticipate,"
"estimate," "target," "continue," or comparable terminology. Such
forward-looking statements are inherently subject to certain risks,
trends and uncertainties, many of which the Company cannot predict
with accuracy and some of which the Company might not even
anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading "Disclosure
Regarding Forward-Looking Statements" and "Risk Factors" in the
Company's Annual Reports on Form 10-K, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q, which are
incorporated herein by reference. The Company assumes no obligation
to update or supplement forward-looking statements that become
untrue because of subsequent events, new information or
otherwise.
Contacts:
|
Anthony
Krug
Mack-Cali Realty
Corporation
Chief Financial
Officer
(732)
590-1030
tkrug@mack-cali.com
|
Ilene
Jablonski
Mack-Cali Realty
Corporation
Senior Vice President
of Marketing
(732)
590-1528
ijablonski@mack-cali.com
|
Deidre
Crockett
Mack-Cali Realty
Corporation
Director of Investor
Relations
(732)
590-1025
dcrockett@mack-cali.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mack-cali-announces-fourth-quarter-and-year-end-leasing-results-300412572.html
SOURCE Mack-Cali Realty Corporation