Mack-Cali Earnings Fall

Shares lose 5% of their value.
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Mack-Cali

(CLI) - Get Report

, a real estate investment trust, said Thursday its third-quarter earnings fell.

The Cranford, N.J.-based company earned $16 million, or 26 cents a share, in the quarter, compared with $20.6 million, or 33 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 26 cents a share.

Third-quarter revenue increased significantly 31.83% to $203.22 million, as compared to $154.15 million in the year-ago period, as against analysts' expectation of $180.65 million.

The company expects its earnings in the range of $1.11 to $1.13 a share for the fourth quarter as against analysts' expectation of $1.35 a share.

The company's shares were trading down $2.69, or 5.13%, at $49.76 Thursday.

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