Mack-Cali Realty Corp. (CLI) reported relatively modest third-quarter results, with FFO (fund from operations) of $75 million or 81 cents per share, compared to $82.1 million or $1.02 per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. Total revenues were $193.6 million during the quarter versus $204.4 million in the year-ago period.

Despite challenging market conditions, Mack-Cali executed strong leasing activities during the quarter. The company signed 122 leases at its consolidated in-service portfolio spanning over 0.8 million square feet, including 0.6 million square feet of office space and 0.2 million square feet of office/flex space. About 0.15 million square feet of the total leases executed during the quarter were new leases, while 0.67 million square feet were lease renewals. The consolidated in-service portfolio

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Mack-Cali Realty Corp. (CLI), a fully integrated real estate investment trust (REIT), has recently signed a new long-term lease for its 100,000 square feet Class A JV office property at 1 Jefferson Road in Parsippany, New Jersey. The lessee was Day Pitney LLP, a full-service law firm with approximately 375 attorneys and offices in New York, New Jersey, Connecticut, Massachusetts, and Washington DC.   The deal is reportedly the largest of its kind in the Northern New Jersey region in 2009 and provides an opportunity to Day Pitney to design and construct new space in the building to meet its additional space requirements. Furthermore, the long-term leasing agreement especially during the period of economic uncertainty is testament to the location advantage and the credibility of the asset’s ownership.   The leased property is a joint venture partnership among institutional investors advised by J. P. Morgan Asset Management, The ...

According to a report released by Reis Inc., a leading real estate research firm, the US office market vacancy rate has surged to 15.9% in the second quarter of 2009 – the highest in four years. With deteriorating demand for office space, rent decreased by 2.7% during the quarter – the largest plunge in seven years.

Most real estate companies were forced to lower rents to attract and keep tenants. In addition, tenants are demanding more concessions in the form of free rent and capital improvements.

During the quarter, asking rent in the office segment decreased 1.4% to $28.43 per square foot. Taking into account the rent-free months and improvement costs to landlords, effective rents or net cash received as rent decreased 2.7% in the quarter to $23.42 per square foot. Consequently, with decreasing cash flows the risk of loan defaults has increased considerably in the office segment.

According

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Mack-Cali Realty Corp.'s (CLI) MACD indicator has moved into bearish territory with a reading of -0.2441. The Zacks #4 Rank ("Sell") stock has slipped more than 1.5% in afternoon trade to $22.16. The consensus forecast on the company's full-year earnings has declined by 3 cents over the past week to $3.20 per share.

"CLI" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research

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