Mack-Cali: 3Q Earnings Snapshot
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JERSEY CITY, N.J. (AP) _ Mack-Cali Realty Corp. (CLI) on Wednesday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The Jersey City, New Jersey-based real estate investment trust said it had funds from operations of $43.3 million, or 43 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.
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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 $4.1 million, or 5 cents per share.
The real estate investment trust posted revenue of $132.1 million in the period.
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Mack-Cali expects full-year funds from operations in the range of $1.81 to $1.85 per share.
The company's shares have dropped 5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.43, a decline of 10 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CLI at https://www.zacks.com/ap/CLI