Mack-Cali Realty Corp. (NYSE:CLI) Q3 2018 Earnings Conference Call Transcript
Nov 01, 2018 • 09:00 am ET
Good day, everyone and welcome to the Mack-Cali Realty Corporation Third Quarter 2018 Earnings Conference Call. Today's call is being recorded.
At this time, I would like to turn the call over to Michael J. DeMarco, CEO. Please go ahead, sir.
Michael J. DeMarco
Thank you, operator. Good morning, everyone and thank you for joining the Mack-Cali's third quarter 2018 earnings call. Mike DeMarco, CEO of Mack-Cali. I am joined today by my partners; Marshall Tycher, Chairman of Roseland, our multifamily operation; David Smetana, our CFO; and Nick Hilton, our EVP of Leasing.
(Forward-Looking Cautionary Statements)
We have filed last night, our supplemental for this quarter and we'll be releasing a revamped investor desk this coming week in preparation for next week's NAREIT meeting. We look forward to seeing you there. These combined presentations will reflect the ongoing transformation in Mack-Cali's portfolio and more importantly with NOI composition, we will be referring to key pages in our supplemental during the call and please contact David, my partner on any further suggestions as to the content.
As we've done before, we're going to break our call down to following sessions. I will make some brief opening remarks, Nick will discuss our office leasing performance and our view of the markets going forward. Marshall will provide an insight on multifamily operations. David will then recap our operating results, and then I will close before we go to questions.
We had another successful operating quarter as we delivered extremely positive results for the first time in 2018. 2018 has turned out to be a relatively good year for us and a strong quarter of leasing on the waterfront and our lease of the multifamily and with the groundwork for the remainder of 2018 and well into 2019. Our individual asset distribution strategy which David will go over in his remarks, is substantially behind us and now we are solely focused on leasing, leverage and operations. For example, leasing of the waterfront 12 assets had great momentum this quarter, towards (Technical Difficulty) Nick will go through the detail as this proposals and we obviously have got great numbers coming in.
We believe next quarter will be equally as good and possibly even better and we look forward to 2019. 2019 is shaping up well as tenants are accepting the new product that we delivered as far as we've ramped cafeterias lobbies and many package and improvements we made to the waterfront and also for creating a sense of place at all our assets. We believe our assets will be really well we see the 2019 as these projects are coming to a close. For the remainder of 2018, we have substantially done our leasing for the year and now we're basically looking at just getting net absorption in the last quarter. Just the new deals coming at some very attractive rates with some great names that will change the way people view our portfolio.
Moving forward, just to note, we have very low expirations for 2019, 2020, 2021,