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Mack-Cali's Rating Affirmed & Outlook Lowered by Moody's
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Moody's Investors Service, the rating arm of Moody's Corporation (MCO - Free Report) affirmed Mack-Cali Realty Corporation’s Baa3 senior unsecured debt rating. Also, the real estate investment trust’s (REIT) rating outlook has been lowered to negative from stable.
The Baa3 rating affirmation is indicative of the company’s good quality portfolio, operating performance and good health of the office REITs. On the other hand, it also reflects modest effective leverage and concentrated portfolio.
The negative outlook highlights the moderate liquidity position of Mack-Cali in comparison to its large development spend and meaningful debt maturities. Further, the high net debt to EBITDA and an expected increase in secured debt level triggered the downward revision.
Mack-Cali is engaged in providing management, leasing, development and other tenant-related services for office and multi-family real estate assets. Currently Mack-Cali carries a Zacks Rank #2 (Buy). Moody's has a Zacks Rank #3 (Hold).
For the current year, Mack-Cali’s estimates moved up 1.4% to $2.19 per share over the past 30 days. However, for 2017, the company’s estimates moved down 0.4% to $2.31 per share over the past 30 days.
Year to date, the company’s share price moved up 22.2%, whereas this rise for the Zacks categorized REIT and Equity Trust Other industry was 1.6%.
Seritage Growth Properties’ current-year funds from operations (“FFO”) estimates have moved up 0.9% over the past one month to $2.34 per share.
DCT Industrial Trust’s current-year FFO estimates have moved up 0.9% over the past one month to $2.24 per share.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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Mack-Cali's Rating Affirmed & Outlook Lowered by Moody's
Moody's Investors Service, the rating arm of Moody's Corporation (MCO - Free Report) affirmed Mack-Cali Realty Corporation’s Baa3 senior unsecured debt rating. Also, the real estate investment trust’s (REIT) rating outlook has been lowered to negative from stable.
The Baa3 rating affirmation is indicative of the company’s good quality portfolio, operating performance and good health of the office REITs. On the other hand, it also reflects modest effective leverage and concentrated portfolio.
The negative outlook highlights the moderate liquidity position of Mack-Cali in comparison to its large development spend and meaningful debt maturities. Further, the high net debt to EBITDA and an expected increase in secured debt level triggered the downward revision.
Mack-Cali is engaged in providing management, leasing, development and other tenant-related services for office and multi-family real estate assets. Currently Mack-Cali carries a Zacks Rank #2 (Buy). Moody's has a Zacks Rank #3 (Hold).
For the current year, Mack-Cali’s estimates moved up 1.4% to $2.19 per share over the past 30 days. However, for 2017, the company’s estimates moved down 0.4% to $2.31 per share over the past 30 days.
Year to date, the company’s share price moved up 22.2%, whereas this rise for the Zacks categorized REIT and Equity Trust Other industry was 1.6%.
A couple of other favorably ranked stocks in the same space include Seritage Growth Properties (SRG - Free Report) and DCT Industrial Trust Inc. . Both these stocks carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Seritage Growth Properties’ current-year funds from operations (“FFO”) estimates have moved up 0.9% over the past one month to $2.34 per share.
DCT Industrial Trust’s current-year FFO estimates have moved up 0.9% over the past one month to $2.24 per share.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>