Despite slightly lower revenue, Mack-Cali Realty’s (CLI) profit widened in the fourth-quarter, helped primarily by the absence of a year-earlier impairment charge.
The Edison, NJ-based company posted net income of $6.6 million, or 9 cents a share, compared with $1 million, or a penny a share, in the same quarter last year. Excluding a non-cash item, the company earned 19 cents a share, trumping the Street’s view of 15 cents.
Earnings were helped by a sequential increase in occupancy to 89.1%, up from 89% in the prior quarter.
“Despite uncertainty in the overall economy, and a lack of significant job growth, we have continued to outperform in our markets,” said Mack-Cali CEO Mitchell Hersh.
Revenue for the developer and leaser of commercial real estate properties in the U.S. was $192.2 million, down slightly from $193.7 million a year ago, beating the Street’s view of $181 million.
Funds from operations, an important gauge of profitability for real estate investment trusts, were 69 cents a share, matching average analyst estimates polled by Thomson Reuters.