Mack-Cali Realty Corp. (
, a real estate investment trust (REIT), recently sold a
Hawthorne-based office property - 19 Skyline Drive - to New York
Medical College for approximately $17.5 million. New York
Medical College is a member of the Touro College and University
Located in Westchester County, 19 Skyline Drive is a
five-storey vacant property and spans 248,400 square feet. The
transaction comes as a part of the company's strategy of
repositioning its portfolio through the disposal of non-strategic
assets and acquisition of high-quality properties.
Notably, the divestiture also depicts Mack-Cali's motive of
utilizing the funds generated from non-core assets sale for
strengthening its multi-family apartment portfolio. Lately,
Mack-Cali has been inking various acquisition deals in this
respect. Earlier this week, Mack-Cali acquired a luxury
multi-family property - Alterra at Overlook Ridge IB - in Metro
Boston for around $88 million. Also, last month, the
company entered the DC multifamily market, through the buyout of
Crystal House. The property was acquired through a joint venture
(JV) with a fund advised by UBS Global Asset Management of
UBS AG (
Mack-Cali currently owns 279 properties, comprising 270
offices and office/flex properties and 9 multi-family rental
properties comprising over 3,300 residential units, all located
in the Northeast.
Mack-Cali is scheduled to release its first-quarter 2013
results on Apr 25, 2013 before the opening bell. The Zacks
Consensus Estimate for the company's first-quarter FFO (funds
from operations) is currently pegged at 64 cents per share.
Zacks Earnings ESP (Read:
Zacks Earnings ESP: A Better Method
) for Mack-Cali is 0.00% for the first quarter. This, combined
with its Zacks Rank #2 (Buy), reflects that the company is
expected to report in line with the Zacks Consensus Estimate in
the first quarter.
Other REITs that are also performing well and are worth a look
Federal Realty Investment Trust (
Simon Property Group Inc.
, both carrying a Zacks Rank #2.
Note: FFO, a widely accepted and reported measure of the
performance of REITs is derived by adding depreciation,
amortization and other non-cash expenses to net income.
MACK CALI CORP (CLI): Free Stock Analysis
FED RLTY INV (FRT): Free Stock Analysis
SIMON PROPERTY (SPG): Free Stock Analysis
UBS AG (UBS): Free Stock Analysis Report
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