JERSEY CITY, N.J. (AP) _ Mack-Cali Realty Corp. (CLI) on Tuesday 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 $56.5 million, or 56 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 55 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 net income of $15.2 million, or 17 cents per share.
The real estate investment trust posted revenue of $153.7 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $150.2 million.
For the year, the company reported funds from operations of $216.1 million, or $2.15 per share. Revenue was reported as $613.4 million.
The company's shares have increased slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $29.15, a climb of 46 percent in the last 12 months.
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
Keywords: Mack-Cali Realty, Earnings Report