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Shares of Mack-Cali Realty Corporation rallied 1.4% during Friday's trading session as it continues to make solid strides with its suburban office portfolio sale. Recently, the company announced the disposition of 581 Main Street in Woodbridge Township, NJ. The office building spans an area of 203,335 square feet of space. The building was purchased by 581 Main Street, LLC, a subsidiary of the Plymouth Rock Group of Companies for $61 million.
Notably, Mack-Cali has decided to sell the entire suburban New Jersey office portfolio, spanning 6.6 million square feet. Last month, the company completed the sale of 7 Campus Drive, an office building situated in Parsippany, NJ, to Birch Group for $12.75 million.
Moreover, during the third quarter, Mack Cali concluded the Phase 1 sale of its portfolio of Parsippany and Giralda Farms for $167.6 million. The portfolio comprised 11 office buildings and spans 1.6 million square feet. Additionally, the company completed the sale of 9 Campus Drive, the first asset of its Phase 2 sales tranche in the same portfolio for $21 million. The office property spans 156,495 square feet.
Also, during the third quarter, Mack Cali completed the sale of 325 Columbia Turnpike for $25.8 million. The office property is located in Florham Park, NJ, and spans 168,144 square feet. Subsequent to the third-quarter end, the company disposed of 5 Vaughn Drive, a 98,500-square-foot office building located in Princeton, NJ, for $7.5 million.
The dispositions carried out by the company in the suburban New Jersey office portfolio are in line with its strategic shift announced in December 2019. The company intends to use the sale proceeds to repay corporate-level, unsecured debt. Though such non-core asset dispositions are a strategic fit for the long term, the dilutive impact on earnings in the near term cannot be bypassed.
The company has made concerted efforts in recent years to focus on the Harborside repositioning. It has shifted focus to the New Jersey Hudson River waterfront and transit-oriented office properties. The company’s Harborside portfolio-repositioning strategy is focused on capturing the attention of people who prefer to live, work and play in the same area — a trend that drove development in several other cities in the United States.
Shares of this Zacks Rank #5 (Strong Sell) company have declined 24.1% over the past six months compared with the industry's fall of 1.8%.
Stocks to Consider
Extra Space Storage Inc’s (EXR - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share moved up 1% to $5.03 over the past month. The company currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
City Office REIT, Inc.’s (CIO) Zacks Consensus Estimate for current-year FFO per share moved 5.3% north to $1.20 in a month’s time. The company carries a Zacks Rank of 2 (Buy) at present.
Community Healthcare Trust Incorporated’s (CHCT - Free Report) FFO per share estimate for the ongoing year has been revised upward by 1.1% to $1.86 over the past month. The company carries a Zacks Rank of 2, currently.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Mack-Cali (CLI) Continues Suburban Office Asset Disposition
Shares of Mack-Cali Realty Corporation rallied 1.4% during Friday's trading session as it continues to make solid strides with its suburban office portfolio sale. Recently, the company announced the disposition of 581 Main Street in Woodbridge Township, NJ. The office building spans an area of 203,335 square feet of space. The building was purchased by 581 Main Street, LLC, a subsidiary of the Plymouth Rock Group of Companies for $61 million.
Notably, Mack-Cali has decided to sell the entire suburban New Jersey office portfolio, spanning 6.6 million square feet. Last month, the company completed the sale of 7 Campus Drive, an office building situated in Parsippany, NJ, to Birch Group for $12.75 million.
Moreover, during the third quarter, Mack Cali concluded the Phase 1 sale of its portfolio of Parsippany and Giralda Farms for $167.6 million. The portfolio comprised 11 office buildings and spans 1.6 million square feet. Additionally, the company completed the sale of 9 Campus Drive, the first asset of its Phase 2 sales tranche in the same portfolio for $21 million. The office property spans 156,495 square feet.
Also, during the third quarter, Mack Cali completed the sale of 325 Columbia Turnpike for $25.8 million. The office property is located in Florham Park, NJ, and spans 168,144 square feet. Subsequent to the third-quarter end, the company disposed of 5 Vaughn Drive, a 98,500-square-foot office building located in Princeton, NJ, for $7.5 million.
The dispositions carried out by the company in the suburban New Jersey office portfolio are in line with its strategic shift announced in December 2019. The company intends to use the sale proceeds to repay corporate-level, unsecured debt. Though such non-core asset dispositions are a strategic fit for the long term, the dilutive impact on earnings in the near term cannot be bypassed.
The company has made concerted efforts in recent years to focus on the Harborside repositioning. It has shifted focus to the New Jersey Hudson River waterfront and transit-oriented office properties. The company’s Harborside portfolio-repositioning strategy is focused on capturing the attention of people who prefer to live, work and play in the same area — a trend that drove development in several other cities in the United States.
Shares of this Zacks Rank #5 (Strong Sell) company have declined 24.1% over the past six months compared with the industry's fall of 1.8%.
Stocks to Consider
Extra Space Storage Inc’s (EXR - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share moved up 1% to $5.03 over the past month. The company currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
City Office REIT, Inc.’s (CIO) Zacks Consensus Estimate for current-year FFO per share moved 5.3% north to $1.20 in a month’s time. The company carries a Zacks Rank of 2 (Buy) at present.
Community Healthcare Trust Incorporated’s (CHCT - Free Report) FFO per share estimate for the ongoing year has been revised upward by 1.1% to $1.86 over the past month. The company carries a Zacks Rank of 2, currently.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>