UPDATE 1-Mack-Cali posts lower Q1 FFO

Thu Apr 29, 2010 7:57am EDT

* Q1 FFO OF $0.72/shr vs FFO $0.84/shr yr ago

* Consolidated in-service portfolio down from year earlier

* Sees FY10 FFO of $2.70/shr to $2.90/shr

April 29 (Reuters) - Commercial real estate investment trust Mack-Cali Realty Corp (CLI.N) reported lower quarterly funds from operations as the sector struggles to recover from one of the worst slumps since the early 1990s.

For the first quarter, the office landlord posted FFO of $66.5 million, or 72 cents a share, compared with FFO of $68.1 million, or 84 cents a share a year earlier.

Analysts on average were expecting the company to report FFO of 72 cents a share.

FFO, a performance metric, removes the profit-reducing effect of depreciation, a non-cash item.

Consolidated in-service portfolio leased fell to 88.8 percent, compared with 90.7 percent a year ago.

Shares of the Edison, New Jersey-based company closed at $35.71 Wednesday on the New York Stock Exchange. (Reporting by Biswarup Gooptu in Bangalore) (biswarup.gooptu@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: biswarup.gooptu.reuters.com@reuters.net))

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