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Jun 30, 2020
Veris Residentia Q2 2020 Earnings Report
Core FFO was achieved and office space was leased, portfolio finished at specified percentages.
Key Takeaways
MackCali Realty Corporation achieved Core FFO of $27.7 million, or $0.28 per share, and leased 155,054 square feet of office space.
Achieved Core FFO of $27.7 million, or $0.28 per share.
Produced AFFO of $21.6 million
Residential: The stabilized operating portfolio finished 2Q at 92.6% leased
Office: Leased 155,054 square feet of office space; finished 2Q at 80.3% leased (excluding NonCore)
Forward Guidance
The company executed a term sheet for a new loan to replace existing debt and completed a sale for one of the buildings in Phase 1.
Positive Outlook
- The Company executed a term sheet for a new $165 million, sevenyear loan with its current lender on the BLVD 475 (f.k.a. Monaco) to replace its existing debt effective in 4Q20
- Phase 1, now scheduled to close in 3Q20, includes 11 buildings in Morris County for a gross purchase price of $167.6 million
- The Company completed a sale for one of the 11 buildings in Phase 1, 3 Giralda Farms, a vacant 141,000 squarefoot office building in Madison, NJ, for a gross price of $8.0 million
- Phase 2, now scheduled to close in 4Q20, includes 4 buildings in Morris County for a gross purchase price of $105.8 million
- Continued the leaseup of the Emery. As of June 30, 2020, the property was 46.6% leased on buildable units and 61.3% leased on delivered units
Historical Earnings Impact
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Avg. Return Before/After Earnings
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