Mack-Cali: 2Q Earnings Snapshot
JERSEY CITY, N.J. (AP) _ Mack-Cali Realty Corp. (CLI) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Jersey City, New Jersey, said it had funds from operations of $45.2 million, or 45 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 44 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $4.6 million, or 5 cents per share.
The real estate investment trust posted revenue of $126.6 million in the period.
Mack-Cali expects full-year funds from operations in the range of $1.80 to $1.86 per share.
The company’s shares have fallen nearly 9 percent since the beginning of the year. The stock has dropped 25 percent in the last 12 months.