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CLI

Mack-Cali Realty

$20.55

0.12 (0.59%)

17:15
01/24/19
01/24
17:15
01/24/19
17:15

Mack-Cali Realty says for 2018 completed $384M of non-core asset sales

Mack-Cali Realty provided a transaction update for the year ended 2018 and through January 24, 2019. Michael DeMarco, Chief Executive Officer stated, "We enter 2019 with a substantially repositioned mixed-use portfolio concentrated on the Jersey City Waterfront after entering into or actively negotiating nearly $1.3B of transactions. We are delivering on our commitment to exit both non-core assets and non-core markets while enhancing the synergies and quality of the remaining portfolio. Our strategy is clearly tied to the vibrant Jersey City and Port Imperial Waterfront communities where we have a dominant market share and can offer our office users and residents a unique live, work, play value proposition." For the full year 2018, the Company completed $384M of non-core asset sales at an average cap rate of 6.3%, including the first phase of its flex portfolio sale for $70.3M at a 4.5% cap rate. In addition, the company is in negotiations to sell its remaining 56-building flex portfolio, comprised of 3.1 million square feet for approximately $487.5M. It is anticipated that this sale will close in the first half of 2019. Subsequent to year end, the company sold two, unencumbered non-core office properties for $22M and sold one multifamily property for $35M. Additional non-core properties under contract for sale total $83M in expected proceeds.

  • 21

    Feb

CLI Mack-Cali Realty
$20.55

0.12 (0.59%)

01/15/19
RHCO
01/15/19
DOWNGRADE
RHCO
Hold
Mack-Cali Realty downgraded to Hold from Buy at SunTrust
10/05/18
JPMS
10/05/18
DOWNGRADE
Target $24
JPMS
Neutral
Mack-Cali Realty downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Anthony Paolone downgraded Mack-Cali Realty to Neutral with an unchanged price target of $24. The analyst believes the company has had a difficult time finding leasing momentum to backfill key New Jersey waterfront office vacancies. As such, he sees more attractive opportunities elsewhere in the sector.
02/26/18
RHCO
02/26/18
NO CHANGE
Target $21
RHCO
Buy
Mack-Cali Realty price target lowered to $21 from $28 at SunTrust
SunTrust analyst Michael Lewis lowered his price target on Mack-Cali Realty to $21, saying the two quarters since his upgrade have been "painful". The analyst points to leasing, dispositions, and leverage challenges facing the company this year, but believes the reset of expectations for 2019 will position the stock favorably. Lewis keeps his Buy rating on Mack-Cali, noting its attractive 40% discount valuation relative to NAV.
02/26/18
STFL
02/26/18
UPGRADE
Target $19
STFL
Hold
Mack-Cali Realty upgraded to Hold on activist potential at Stifel
Stifel analyst John Guinee upgraded Mack-Cali Realty to Hold from Sell with a $19 price target. At the current share price, the 40%-plus net asset value discount may attract activist investors, Guinee tells investors in a research note. He cites valuation and potential activism for his upgrade to Hold.

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