* 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 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)
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