Mack-Cali Realty Corp. (CLI), a fully integrated real estate investment trust (REIT), has recently refinanced a $150 million secured loan with the Prudential Insurance Company of America, the insurance division of Prudential Financial Inc. (PRU), a premier financial service provider in the U.S.
 
The refinanced loan also included VPCM LLC, a wholly owned subsidiary of Virginia Retirement System, as co-lender. The loan is scheduled to mature on January 15, 2017, and bears an interest rate of 6.25%. Mack-Cali has collateralized the loan with seven properties.
 
Mack-Cali owns, leases, manages and develops Class A office and industrial/flex properties, primarily in suburban markets in the northeastern U.S. Mack-Cali’s portfolio includes 289 properties, totaling over 33.2 million square feet with over 2,100 tenants.
 
For the full year 2009, Mack-Cali has revised its earlier FFO (fund from operations) guidance from $3.15 − $3.25 per share to $3.25 − $3.29 per share. For 2010, the company expects FFO in the range of $2.80 − $3.00 per share. Fund from operations, 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.
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