Mack-Cali Realty The real estate investment trust reported last week fourth-quarter earnings of $16.1 million, or 18 cents a share, an increase from year-earlier earnings of $6.6 million, or 9 cents. "While the suburban office markets remain challenging for any landlord, CLI continues to execute, maintaining occupancy levels well above market averages," Keefe, Bruyette & Woods analysts wrote in a Feb. 9 report. "With its fortress-like balance sheet (debt to mkt cap 42%) and premium yield (6.2%), we believe CLI has defensive attributes in a difficult environment." Shares of Mack-Cali were upgraded to buy from hold by TheStreet Ratings. Mack-Cali has a forward P/E of 37.13; the average for industrial and office REITs is 70.75. For comparison, Vornado Realty Trust ( VNO) and Boston Properties ( BXP) both have higher forward P/Es of 41.22 and 61.73, respectively. Of the 13 analysts who cover Mack-Cali, seven rated it a hold. Three analysts gave it a buy rating and another three rated it a sell. TheStreet Ratings gives Mack-Cali a B- grade with a $33.07 price target. The stock closed Wednesday at $28.59 and has risen 7.12% year to date.