BRIEF: A measure of Mack-Cali profit falls 9 percent in third quarter

Thu. October 29, 2009; Posted: 11:22 AM

Oct 29, 2009 (The Record - McClatchy-Tribune Information Services via COMTEX) -- CLI | Quote | Chart | News | PowerRating -- Mack-Cali Realty Corp., New Jersey's largest office landlord, reported a 9 percent drop in funds from operations in the third quarter, from the same period a year ago.

The Edison-based real estate investment trust, and the largest owner of office space in Bergen County, reported $75 million in funds from operations, or 81 cents a share, in the third quarter, down from $82.1 million, or $1.02, from the same period a year ago.

Funds from operations, or FFO, is a common measure of performance for real estate investment trusts, which must distribute 90 percent of their taxable income to shareholders to maintain federal tax breaks.

Mack-Cali reported $19.1 million, or 24 cents a share, in net income in the third quarter, down from $22.6 million, or 34 cents, from the same period last year.

The earnings decline comes as the commercial real estate sector suffers growing distress. Vacancies have increased as companies have laid off workers and stopped expanding during the recession, decreasing landlords' rental incomes and real estate values.

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For full details on Mack Cali Realty Corp (CLI) click here. Mack Cali Realty Corp (CLI) has Short Term PowerRatings of 6. Details on Mack Cali Realty Corp (CLI) Short Term PowerRatings is available at This Link.

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