Mack-Cali: 2Q Earnings Snapshot
JERSEY CITY, N.J. (AP) _ Mack-Cali Realty Corp. (CLI) on Monday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Jersey City, New Jersey-based real estate investment trust said it had funds from operations of $28 million, or 28 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 31 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 $34.9 million, or 41 cents per share.
The real estate investment trust posted revenue of $72.7 million in the period.
The company's shares have declined 38% since the beginning of the year. The stock has decreased 39% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CLI at https://www.zacks.com/ap/CLI
