Mack Cali Realty Corporation (CLI) has reported a 68.04 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $19.88 million, or $0.11 a share in the quarter, compared with $62.19 million, or $0.69 a share for the same period last year.
Revenue during the quarter went down marginally by 1.99 percent to $149.89 million from $152.92 million in the previous year period.
Cost of revenue dropped 11.17 percent or $4.87 million during the quarter to $38.78 million. Gross margin for the quarter expanded 267 basis points over the previous year period to 74.13 percent.
Total expenses were almost stable at $125.09 million, when compared with the previous year period. Operating margin for the quarter contracted 126 basis points over the previous year period to 16.54 percent.
Operating income for the quarter was $24.80 million, compared with $27.23 million in the previous year period.
Revenue from real estate activities during the quarter declined 3.59 percent or $5.32 million to $142.84 million.
Income from operating leases during the quarter dropped 4.06 percent or $5.13 million to $121.26 million. Revenue from tenant reimbursements was $15.12 million for the quarter, up 1.06 percent or $0.16 million from year-ago period.
Revenue from other real estate activities during the quarter was $6.46 million, down 5.09 percent or $0.35 million from year-ago period.
Other income during the quarter was $2.82 million, up 75.42 percent or $1.21 million from year-ago period.
Receivables move up marginally
Net receivables were at $9.60 million as on Mar. 31, 2017, up 0.97 percent or $0.09 million from year-ago.
Total assets grew 16.22 percent or $685.78 million to $4,914.23 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,986.65 million as on Mar. 31, 2017, up 19.68 percent or $491.18 million from year-ago.
Return on assets moved down 134 basis points to 0.88 percent in the quarter. At the same time, return on equity moved down 284 basis points to 1.15 percent in the quarter.
Debt moves up
Total debt was at $2,731.20 million as on Mar. 31, 2017, up 20.36 percent or $461.92 million from year-ago. Shareholders equity stood at $1,724.86 million as on Mar. 31.
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