|Bid||36.32 x 40000|
|Ask||36.61 x 21500|
|Day's Range||35.85 - 36.53|
|52 Week Range||24.88 - 42.00|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||-8.10%|
|Beta (5Y Monthly)||0.69|
|Expense Ratio (net)||0.13%|
Rent barely rose in July from a month earlier — only 0.1%. Yahoo Finance’s Sarah Paynter joins Zack Guzman to discuss.
Mack-Cali Realty Corp. reported Monday adjusted funds from operations that missed expectations has revenue surprisingly fell, as the real estate investment trust has experienced challenges as a result of the COVID-19 pandemic. The net loss narrowed for the quarter was $34.9 million, or 41 cents a share, after a loss of $22.1 million, or 43 cents a share, in the year-ago period. Core funds from operations, or net income before noncontrolling interests and excluding nonrecurring items, fell to 28 cents a share from 40 cents, missing the FactSet consensus of 31 cents. Total revenue fell to $72.65 million from $86.61 million, while the FactSet consensus was for an increase to $112.8 million. Office collections averaged 96% during the quarter and 98% in July, while residential collections averaged 98% in the quarter and 99% in July. The company is not providing financial guidance given the uncertainties associated with the COVID-19 pandemic. Interim Chief Executive MaryAnne Gilmartin said the company has begun its search for a permanent CEO. The stock, which was still inactive in premarket trading, has tumbled 37.7% year to date through Friday, while the SPDR Real Estate Select Services ETF has lost 6.2% and the S&P 500 has edged up 1.3%.
On Friday, the U.S. Commerce Department reported that sales of new U.S. single-family homes jumped to a near 13-year high in June. The news comes as home seller profits reached another post-recession high in Q2, according to ATTOM Data Solutions, with home sellers nationwide seeing gains of $75,971 on the typical sale, representing a 36.3% return on investment compared to the original purchase price. Todd Teta, Chief Product & Technology Officer at ATTOM Data Solutions, joins The Final Round to break down the company’s report on home seller profits in the second quarter, and discuss his outlook for the housing market.