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Article: New Jersey Real Estate Trust Mack-Cali Reports Earnings Increase.

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Knight Ridder/Tribune Business News
Article date:
November 12, 1998
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Knight Ridder/Tribune Business News

Nov. 13--Continuing a strategy of buying and developing suburban office buildings, Mack-Cali Realty Corp. doubled its third-quarter earnings, despite a stock price slump and a difficult credit environment for companies that buy commercial property.

New Jersey's second-largest real estate investment trust, or REIT, reported funds from operations of $57.3 million, compared with $27.3 million in the year-earlier quarter. Funds from operations paint the clearest picture of a REIT's performance because they are used to calculate dividends.

"In the last 90 days, liquidity in the (stock) market has really been ...

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