Welcome to our dedicated page for CLI news (Ticker: CLI), a resource for investors and traders seeking the latest updates and insights on CLI stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect CLI's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of CLI's position in the market.
Mack-Cali Realty Corporation (NYSE: CLI) has sold 581 Main Street, a 203,335-square-foot office building in Woodbridge Township, NJ, as part of its strategy to divest suburban assets. The transaction aligns with their recent sale of 7 Campus Drive for $12.75 million. The sale is attributed to recent capital improvements and a successful lease-up of the building. Plymouth Rock Group's subsidiary will occupy the building as its New Jersey headquarters. Mack-Cali emphasizes its focus on repositioning its properties and supporting tenants as they return to office environments.
Mack-Cali Realty Corporation (NYSE:CLI) has sold the 154,820-square-foot office building at 7 Campus Drive in Parsippany, NJ, to Birch Group for approximately $12.75 million. This transaction marks a significant move in Mack-Cali's strategic suburban disposition strategy, totaling $270.35 million in suburban office dispositions year-to-date. The sale allows Mack-Cali to focus on key initiatives such as repositioning its Harborside office campus and reducing corporate debt, with expectations for continued buyer activity across its suburban portfolio.
Mack-Cali Realty Corporation (NYSE: CLI) reported a net income loss of $(0.49) per diluted share for Q3 2020, improving from $(0.65) per share in Q3 2019. Core Funds from Operations (FFO) per diluted share decreased to $0.30 from $0.38 year-over-year. The multifamily portfolio was 91.7% leased, while the office portfolio reported a 12.3% increase in rental rates. However, a significant decline in net operating income (NOI) of 11.7% and a revenue decrease of 3.3% in the same-store portfolio raise concerns. The company suspended common dividends to maintain financial flexibility during the pandemic.
Mack-Cali Realty Corporation (NYSE: CLI) announced the successful sale of 5 Vaughn Drive in Princeton, NJ, to American Equity Partners for $7.5 million. This sale is part of Mack-Cali's ongoing divestment strategy to streamline its portfolio and strengthen its financial position. The 100,000-square-foot Class A office building is currently 30% leased. Previously, the company completed the Phase 1 sale of its Parsippany and Giralda Farms portfolio for $167.6 million and additional sales totaling $46.8 million from other assets, emphasizing their focus on core properties.
Mack-Cali Realty Corporation (NYSE: CLI) is set to release its third quarter 2020 earnings results after the market closes on November 4, 2020. A conference call with management will be held on November 5, 2020, at 8:00 a.m. Eastern Time. Stakeholders can access the call via the company's website or by dialing (323) 289-6576, using confirmation code 5243655. Mack-Cali, known for its leadership in real estate investment trusts, focuses on premium office and multifamily properties in New Jersey and is actively involved in developing the waterfront area of Jersey City.
Mack-Cali Realty Corporation (NYSE: CLI) announced the formation of a new team focused on repositioning, leasing, and marketing its Harborside office campus in Jersey City. This campus includes over 4.3 million square feet of office and retail space, along with various amenities. New hires include Edward J. Guiltinan as Senior VP of Leasing and Robert Willis as Senior VP of Construction, both bringing extensive experience to their roles. A marketing strategy aiming to enhance Harborside's competitive edge will also be implemented in collaboration with CBRE.
Mack-Cali Realty Corporation (NYSE: CLI) announced the suspension of its common dividend for Q3 and Q4 2020 to enhance financial flexibility amid the pandemic. The decision follows the fulfillment of its dividend obligation on expected taxable income for 2020. The company plans to use the retained capital to support leasing initiatives at its Harborside campus. Additionally, Mack-Cali reported successful sales of suburban office assets, generating $213.3 million in proceeds to reduce corporate debt. The Board will reconsider the dividend resumption in Q1 2021.
Mack-Cali Realty Corporation (NYSE:CLI) announced the sale of a 10-building commercial portfolio in Morris County, NJ, for approximately $160 million. The portfolio spans 1.5 million square feet and includes properties in Parsippany and Madison, NJ. This divestiture aligns with the company's strategic focus on waterfront assets in Hudson County. The sale follows a prior transaction in July 2020, where Mack-Cali sold another property for $7.8 million. Interim CEO MaryAnne Gilmartin emphasized the importance of divesting non-core assets to enhance long-term shareholder value.
Mack-Cali Realty Corporation (NYSE: CLI) will participate in the virtual 2020 Bank of America Global Real Estate Conference from September 15 to 17, 2020. Key executives, including Interim CEO MaryAnne Gilmartin and CFO David Smetana, will host meetings with investors. An updated investor presentation will be available after market close on September 14, 2020, on their website. As of August 31, 2020, office portfolio collections stood at 97.5% and residential collections at 99.6%, indicating strong operational performance.
