JERSEY CITY, N.J. (AP) _ Mack-Cali Realty Corp. (CLI) on Wednesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The Jersey City, New Jersey-based real estate investment trust said it had funds from operations of $44.1 million, or 44 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 41 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 $54.7 million, or 64 cents per share.
The real estate investment trust posted revenue of $86.7 million in the period.
For the year, the company reported funds from operations of $163.1 million, or $1.62 per share. Revenue was reported as $350.9 million.
Mack-Cali expects full-year funds from operations in the range of $1.24 to $1.36 per share.
The company's shares have declined 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.05, a decline of 5% in the last 12 months.