Mack Cali Realty Corporation (CLI) saw its loss narrow to $8.54 million, or $0.10 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $126.89 million, or $1.42 a share.
Revenue during the quarter grew 7.77 percent to $157.52 million from $146.16 million in the previous year period.
Cost of revenue rose 5.40 percent or $2.11 million during the quarter to $41.09 million. Gross margin for the quarter expanded 59 basis points over the previous year period to 73.91 percent.
Total expenses were $129.59 million for the quarter, down 54.61 percent or $155.88 million from year-ago period. Operating margin for the quarter period stood at positive 17.73 percent as compared to a negative 95.31 percent for the previous year period.
Operating income for the quarter was $27.93 million, compared with an operating loss of $139.31 million in the previous year period.
Revenue from real estate activities during the quarter increased 7.09 percent or $10.08 million to $152.35 million.
Income from operating leases during the quarter rose 8.20 percent or $9.82 million to $129.52 million. Revenue from tenant reimbursements was $16.18 million for the quarter, up 7.49 percent or $1.13 million from year-ago period.
Revenue from other real estate activities during the quarter was $6.65 million, down 11.45 percent or $0.86 million from year-ago period.
Other income during the quarter was $1.72 million, up 50.96 percent or $0.58 million from year-ago period.
Receivables move up
Net receivables were at $9.95 million as on Sep. 30, 2016, up 8.38 percent or $0.77 million from year-ago.
Total assets grew 10.84 percent or $433.72 million to $4,435.62 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,721.80 million as on Sep. 30, 2016, up 19.86 percent or $450.89 million from year-ago.
Return on assets was at 0.33 percent in the quarter against a negative 2.93 percent in the last year period. Return on equity for the quarter stood at negative 0.50 percent as compared to a negative 7.33 percent for the previous year period.
Debt moves up
Total debt was at $2,455.31 million as on Sep. 30, 2016, up 20.15 percent or $411.72 million from year-ago. Shareholders equity stood at $1,713.82 million as on Sep. 30, 2016, down 0.99 percent or $17.17 million from year-ago. As a result, debt to equity ratio went up 25 basis points to 1.43 percent in the quarter.
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