It has been another successful operating quarter for Mack-Cali, said Michael DeMarco, CEO of the company, during the firm’s Q3 earnings call. “2018 has turned out to be relatively good year for us in this strong quarter of leasing on the Waterfront and our lease of a multifamily and with the groundwork for the remainder of 2018 and well into 2019.”
2019 is shaping up well as tenants accepting the new product that the company has delivered and “as far as we ramped cafeterias, lobbies, mining packaged and improvements were made to the Waterfront and also for creating a sense of place at all our assets,” he said. “We believe our assets will be really well received the 2019 as these projects that are coming to close, but in the remainder of 2018 we’ve substantially done a lot of leasing for the year and that was basically looking at just getting net absorption in the last quarter. We’ve got new deals coming at some very attractive rates with some great names that will change the way people view our portfolio.”
Moving forward, the company has very low explorations for 2019, 2020, 2021 if you assume that the Flex business has gone, which is something the REIT has been working on. “We believe we’ll have a completion too in shorter way. We only average with our remaining office portfolio about 625,000 square feet almost in a $11 million plus portfolio, so it’s about 6% less. It says all time close for us to deal with.”
He adds that “We’re very happy we’ve been able to deliver the right rates, haven’t have to increased concessions and we’ll be getting some great tenants.
Regarding multifamily, he said that it has been a good quarter. “The only activity we have lagged is the hotels, which expected revenue will be opening this November, Pre-Thanksgiving and the autograph will be open in late first quarter of 2019.”