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Mack-Cali (CLI) Collects Majority of April-Rental Receipts
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Mack-Cali Realty Corporation recently announced that it has collected about 90% of office tenant rent and 96% of residential rent through Apr 20. The company issued the update in light of the Executive Order 122 issued on Apr 8 by the Governor of New Jersey.
The coronavirus pandemic has left no sector untouched, the REIT industry being no exception. Rent collection during these turbulent times is difficult. While the pandemic’s impact on the overall economy will likely affect demand in the upcoming days, currently, the job-market impact and the financial stress have become key concerns for rent collections, as these hurt the rent-paying capability of tenants.
With regards to its office portfolio, Mack-Cali informed that it has collected about 90% of its April rent as of Apr 20. The remainder of the collections mainly consists of tenants who pay outside the regular collection cycles, additional to base rent and sundry charges. However, the company noted that it is working on to create a payment plan for those tenants that represent about 6% of the total billings. They include tho ones who want some kind of rent relief, including some who have paid their rents for the month.
As for the residential tenants, the company informed that it has collected about 96% of its projected rent for April. The balance 4% denotes tenants who want a payment plan. The company’s residential portfolio has a lease rate of 95%.
The company also apprised of its hotel portfolio with the Residence Inn at Port Imperial presently functioning with an average occupancy of 65% to date for April. The occupancy figure does not include rooms donated to health workers. The company’s remaining two hotels, the Envue and the Hyatt, have been shut down for April.
With regards to its construction activities, the company informed that in the Roseland portfolio, five projects are under construction totaling 1,942 units. The Emery at Overlook Ridge in Massachusetts has delivered 140 units out of 326 units, of which 46% are leased and the balance 186 units are expected to be completed in the next six months. The remaining 1,616 units comprise four projects in New Jersey, where construction activity has been mostly reduced. This is in line with the executive order.
Shares of this Zacks Rank #4 (Sell) company have declined 36.2% over the past year compared with the industry's fall of 10.2%.
Innovative Industrial Properties, Inc.’s (IIPR - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share moved 4.9% upward to $5.33 over the past month. The stock currently sports a Zacks Rank of 1.
Global Net Lease, Inc.’s (GNL - Free Report) Zacks Consensus Estimate for the ongoing year’s FFO per share moved 4.7% north to $2 over the past two months. The stock currently flaunts a Zacks Rank of 1.
One Liberty Properties, Inc.’s (OLP - Free Report) Zacks Consensus Estimate for the current year’s FFO per share moved 2.2% north to $1.89 over the past month. The stock currently sports a Zacks Rank of 1.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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Mack-Cali (CLI) Collects Majority of April-Rental Receipts
Mack-Cali Realty Corporation recently announced that it has collected about 90% of office tenant rent and 96% of residential rent through Apr 20. The company issued the update in light of the Executive Order 122 issued on Apr 8 by the Governor of New Jersey.
The coronavirus pandemic has left no sector untouched, the REIT industry being no exception. Rent collection during these turbulent times is difficult. While the pandemic’s impact on the overall economy will likely affect demand in the upcoming days, currently, the job-market impact and the financial stress have become key concerns for rent collections, as these hurt the rent-paying capability of tenants.
With regards to its office portfolio, Mack-Cali informed that it has collected about 90% of its April rent as of Apr 20. The remainder of the collections mainly consists of tenants who pay outside the regular collection cycles, additional to base rent and sundry charges. However, the company noted that it is working on to create a payment plan for those tenants that represent about 6% of the total billings. They include tho ones who want some kind of rent relief, including some who have paid their rents for the month.
As for the residential tenants, the company informed that it has collected about 96% of its projected rent for April. The balance 4% denotes tenants who want a payment plan. The company’s residential portfolio has a lease rate of 95%.
The company also apprised of its hotel portfolio with the Residence Inn at Port Imperial presently functioning with an average occupancy of 65% to date for April. The occupancy figure does not include rooms donated to health workers. The company’s remaining two hotels, the Envue and the Hyatt, have been shut down for April.
With regards to its construction activities, the company informed that in the Roseland portfolio, five projects are under construction totaling 1,942 units. The Emery at Overlook Ridge in Massachusetts has delivered 140 units out of 326 units, of which 46% are leased and the balance 186 units are expected to be completed in the next six months. The remaining 1,616 units comprise four projects in New Jersey, where construction activity has been mostly reduced. This is in line with the executive order.
Shares of this Zacks Rank #4 (Sell) company have declined 36.2% over the past year compared with the industry's fall of 10.2%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Innovative Industrial Properties, Inc.’s (IIPR - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share moved 4.9% upward to $5.33 over the past month. The stock currently sports a Zacks Rank of 1.
Global Net Lease, Inc.’s (GNL - Free Report) Zacks Consensus Estimate for the ongoing year’s FFO per share moved 4.7% north to $2 over the past two months. The stock currently flaunts a Zacks Rank of 1.
One Liberty Properties, Inc.’s (OLP - Free Report) Zacks Consensus Estimate for the current year’s FFO per share moved 2.2% north to $1.89 over the past month. The stock currently sports a Zacks Rank of 1.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>