CORRECTED - CORRECTED-UPDATE 1-Mack-Cali Q2 FFO beats Street, ups FY09 FFO o

(Corrects throughout to show the company raised, not lowered, its full-year FFO outlook)

* Q2 FFO $0.87 vs est $.81/shr

* Raises FY09 FFO to $3.15/shr to $3.25/shr

July 30 (Reuters) - Commercial real estate investment trust Mack-Cali Realty Corp (CLI.N) posted quarterly funds from operations (FFO) above Wall Street estimates, helped by an increase in lease executions, and raised its full-year FFO outlook.

For 2009, Mack-Cali expects FFO of between $3.15 to $3.25 a share, up from its prior outlook of $3.01 to $3.21 a share.

Analysts on average were expecting the REIT to post FFO of $3.16 a share, according to Reuters Estimates.

For the second quarter ended June 30, it reported FFO of $76.5 million, or 87 cents a share, compared with $75.2 million, or 93 cents a share, a year ago.

Analysts on average were expecting FFO of 81 cents a share.

FFO, a key performance metric for REITs, excludes the profit-reducing effect of depreciation

In a statement, the REIT said consolidated in-service portfolio was 90.6 percent leased for the latest quarter, and it executed 140 leases totaling 825,605 square feet.

Shares of Mack-Cali closed at $26.87 Wednesday on the New York Stock Exchange.

For the alerts, please double-click on [nWNBB5853]. (Reporting by Biswarup Gooptu in Bangalore; Editing by Jarshad Kakkrakandy)