Telecom Signaling Industry News

TMCNet:  Mack-Cali posts 4th-quarter loss, and CFO resigns [The Record (Hackensack, N.J.) :: ]

[March 05, 2014]

Mack-Cali posts 4th-quarter loss, and CFO resigns [The Record (Hackensack, N.J.) :: ]

(Record (Hackensack, NJ) Via Acquire Media NewsEdge) March 05--Mack-Cali Realty Corp. said Monday that it had a net loss of $54.2 million, or 62 cents a share, in the fourth quarter of 2013, as the giant office real estate investment trust continued to diversify into the residential market.

The quarterly loss compares with a loss of $9.2 million, or 11 cents a share, in the fourth quarter of 2012. The company's funds from operations, a key metric for real estate investment trusts, were 52 cents a share, down from 66 cents a year earlier.

Mack-Cali, based in Edison, is dealing with slow demand for office space, especially after the economic downturn forced companies to trim jobs.

Mack-Cali also announced several major executive changes. Barry Lefkowitz, chief financial officer, and Roger W. Thomas, general counsel and secretary, will resign as of March 31, the company said. The two started with Cali Realty Corp., a predecessor to Mack-Cali, 20 years ago.

Chief Executive Officer Mitchell Hersh said the resignations will result in "significant cost savings." Anthony Krug, the company's chief accounting officer, will serve as acting chief financial officer. Gary Wagner, senior associate general counsel, will be acting chief legal officer and interim secretary.

Meanwhile, Ivan Baron will become chief legal officer of Roseland, a major residential developer that Mack-Cali bought in late 2012 to diversify into multifamily real estate. Baron has been general counsel of Short Hills-based Roseland.

In other management news, Mack-Cali said it is adding Jonathan Litt, the founder and chief investment officer of real estate investment advisory firm Land & Buildings Management, to its board of directors.

During the quarter, the company continued to add to its residential holdings, buying a multifamily and retail property in Rahway and a rental community in New Brunswick. It also acquired a 50 percent interest in a luxury multifamily and retail project being built in Washington.

Just last month, Mack-Cali said it plans to sell 15 office buildings in northern New Jersey, New York and Connecticut for about $230.8 million.

Multifamily real estate has enjoyed stronger demand than the office market in recent years. Mack-Cali owns or has interests in 279 properties: 267 office and office/flex properties and 12 multifamily rental properties containing over 3,600 residential units, all in the Northeast.

Mack-Cali shares fell 14 cents to $22.11 Monday in New York Stock Exchange trading.

___ Email: ___ (c)2014 The Record (Hackensack, N.J.) Visit The Record (Hackensack, N.J.) at Distributed by MCT Information Services

[ Back To Telecom Signaling's Homepage ]

Featured Events

5G NA Signaling Day

November 14-16, 2016
Sheraton Dallas, Dallas, TX

Featured Webcasts

Securing The Signaling Interconnect: Oracle's Perspective On Recent Security Events

Today's telecommunications landscape is changing rapidly, and the "institution" of trust between networks that has been assumed over the decades is no longer relevant. We are now hearing of vulnerabilities in CSP interconnection points that have been known ...

Applications of Wi-Fi Calling

With all of the discussion about faster data access and richer content, it could be assumed that voice services no longer play an important role in the business model of the communications service provider. Join ReThink Technologies Research and Oracle Communications as we explore ...

Featured Whitepapers

Oracle Communications Diameter Signaling Router Main Differentiators

Diameter is the protocol used by network elements in LTE and 3G networks to enable and monetize services, such as voice, video and data. Diameter enables revenue-generating data services; including tiered data plans, loyalty programs, application specific QoS, content provider and Internet of Things (IoT) solutions ...

Multi-Layer Security Protection for Signaling Networks

The sanctity of mobile operators' networks and brands will depend greatly on their ability to deliver QoS guarantees to roaming and interconnect partners, while simultaneously protecting increasingly multimedia-savvy and socially connected ...

Featured Datasheets

Oracle Communications Diameter Signaling Router

Centralizing Diameter routing with cloud deployable Oracle Communications Diameter Signaling Router creates a secure signaling architecture that reduces the cost and complexity of the core network and enables elastic growth, interoperability and rapid introduction ...

Oracle Communications Mobile Security Gateway

The Oracle Communications Mobile Security Gateway is a high performance gateway that allows the Communications Service Provider (CSP) to cost effectively expand network coverage and increase capacity by incorporating Heterogeneous ...

Oracle Communications Evolved Communications Application Server

As service providers drive their networks toward an all-IP and virtualized state, they require the means to design and deliver compelling high definition voice, video and multimedia offers via Voice over LTE (VoLTE) and Voice over WiFi (VoWiFi) ...

Featured Infographic