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Mack-Cali's Affiliate Announces Recent Strategic Activities

Zacks Equity Research

Mack-Cali Realty Corporation’s CLI multi-family subsidiary, Roseland Residential Trust has announced its strategic activities. Also, it inked a deal with affiliates of Rockpoint Group, L.L.C. to raise equity worth $300 million. The company has also announced the opening of 62-apartment, 69-story Jersey City Urby, on the Hudson Waterfront. At the end of 2016, stabilized residential portfolio of Roseland was 96.3% leased.

Subsequent to the year end, Roseland carried out major acquisition activities in sync with its strategic geographic and ownership goals.  These acquisitions, along with multiple acquisitions in 2016, will lower Roseland’s residential subordinate interest to just two communities.

At year-end, Roseland had 3,063 units (2,691 apartments; 372 hotel keys) under construction. Also, in fourth-quarter 2016 and subsequent to year-end, Roseland executed around $850 million of capital markets activities.

The Edison, NJ-based Mack-Cali is engaged in providing management, leasing, development and other tenant-related services for office and multi-family real estate assets. Specifically, the company has two-platform operations of waterfront and transit-based office and luxury multi-family properties.

Currently, Mack-Cali carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The shares of Mack-Cali outperformed the Zacks categorized REIT and Equity Trust – Other industry over the past one year. During that time frame, the shares of the company gained 52.7%, whereas the industry rose 20%.

Investors interested in the REIT and Equity Trust – Other industry may consider stocks like Ashford Hospitality Prime, Inc. AHP, CoreSite Realty Corporation COR and Community Healthcare Trust Incorporated CHCT. All these stocks carry a Zacks Rank #2.

Over the past 30 days, Ashford Hospitality Prime’s funds from operations (FFO) per share for first-quarter 2017 moved up 11.1% to 40 cents.

Over the past 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 moved up 5% to $1.06.

Community Healthcare Trust’s first-quarter 2017 FFO per share estimate remained unchanged at 45 cents over the past 30 days.
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 Realty Corporation (CLI): Free Stock Analysis Report
Ashford Hospitality Prime, Inc. (AHP): Free Stock Analysis Report
CoreSite Realty Corporation (COR): Free Stock Analysis Report
Community Healthcare Trust Incorporated (CHCT): Free Stock Analysis Report
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