Notable Stock to Watch: Mack-Cali Realty Corporation (NYSE:CLI)
Mack-Cali Realty Corporation (NYSE:CLI) changed 0.23% to recent value of $21.67. The stock transacted 279116 shares during most recent day however it has an average volume of 410.11K shares. It spotted trading -12.90% off 52-week high price. On the other end, the stock has been noted 15.64% away from the low price over the last 52-weeks.
On Oct. 14, 2019, Mack-Cali Realty Corporation (NYSE:CLI) released that it has completed the first transaction in a 1031 exchange that will total over $820 million in value. The transaction is comprised of the purchase of Liberty Towers a highly amenitized 648-unit residential tower on the Jersey City Gold Coast at the end of the third quarter and the to-be-completed sale of the Chase at Overlook Ridge and Alterra at Overlook Ridge located in Boston, Massachusetts. The sale of the Overlook Ridge properties is expected to close by the end of October.
The Overlook Ridge properties, with all due diligence completed, are under definitive contract to be sold to Rockpoint Group, L.L.C. for approximately $411.5 million. The properties, developed by Mack-Cali’s Roseland Residential Trust subsidiary were completed in 2014 and 2008, respectively. Proceeds from the sale of the Overlook properties will be used to fund the Company’s purchase of Liberty Towers, a high-rise residential community for $409 million which was initially financed with a $232 million mortgage and the Company’s line of credit. Sales proceeds from the Overlook Properties will be used to repay the Company’s line.
The well-located Liberty Towers property features state of the art amenities including a yoga studio, a spin studio, a rooftop pool, a boxing gym and an on-site concierge. The tower features convenience retail including a pharmacy, a florist and a nail salon.
CLI has a gross margin of 58.30% and an operating margin of 6.30% while its profit margin remained 45.20% for the last 12 months. Its earnings per share (EPS) expected to touch remained 166.20% for this year while earning per share for the next 5-years is expected to reach at -4.73%.
The company has 90.39M of outstanding shares and 81.96M shares were floated in the market. The price moved ahead of 0.92% from the mean of 20 days, 0.73% from mean of 50 days SMA and performed -1.36% from mean of 200 days price. Company’s performance for the week was 0.05%, -0.14% for month and YTD performance remained 10.62%.
Roy Frigo an avid economist and an expert on global politics and economic pressures that can affect market conditions. He has a Masters Degree in Economics from Westminster University with previous roles including Investment Banking.
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