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Mack Cali Realty Corporation (CLI) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $15.18 million, or $ 0.17 a share in the quarter, against a net loss of $31.72 million, or $0.35 a share in the last year period. Revenue during the quarter grew 4.98 percent to $153.73 million from $146.44 million in the previous year period.
Cost of revenue rose 3.65 percent or $1.37 million during the quarter to $38.94 million. Gross margin for the quarter expanded 32 basis points over the previous year period to 74.67 percent.
Total expenses were $131.62 million for the quarter, down 16.60 percent or $26.21 million from year-ago period. Operating margin for the quarter period stood at positive 14.38 percent as compared to a negative 7.77 percent for the previous year period.
Operating income for the quarter was $22.11 million, compared with an operating loss of $11.38 million in the previous year period.
Revenue from real estate activities during the quarter increased 4.29 percent or $6.11 million to $148.66 million.
Income from operating leases during the quarter rose 3.64 percent or $4.45 million to $126.74 million. Revenue from tenant reimbursements was $15.26 million for the quarter, up 15.67 percent or $2.07 million from year-ago period.
Revenue from other real estate activities during the quarter was $6.66 million, down 5.76 percent or $0.41 million from year-ago period.
Other income during the quarter was $1.57 million, up 72.86 percent or $0.66 million from year-ago period.
Net receivables were at $9.62 million as on Dec. 31, 2016, down 10.57 percent or $1.14 million from year-ago.
Total assets grew 5.74 percent or $233.28 million to $4,296.77 million on Dec. 31, 2016. On the other hand, total liabilities were at $2,570.08 million as on Dec. 31, 2016, up 8 percent or $190.30 million from year-ago.
Return on assets was at 0.92 percent in the quarter against a negative 0.29 percent in the last year period. Return on equity was at 0.88 percent in the quarter against a negative 1.88 percent in the last year period.
Debt moves up
Total debt was at $2,340.01 million as on Dec. 31, 2016, up 9.07 percent or $194.62 million from year-ago. Shareholders equity stood at $1,726.69 million as on Dec. 31, 2016, up 2.55 percent or $42.98 million from year-ago. As a result, debt to equity ratio went up 8 basis points to 1.36 percent in the quarter.
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