Income was off slightly, however. Income from operations before minority interest in operating partnership equaled $43 million compared to last year's 3Q total of $44.5 million. Income per share amounted to $0.61 in both cases.

"In light of current economic conditions, I am satisfied with our third quarter results," according to Mack-Cali CEO Mitchell E. Hersh. "I am also satisfied with the progress we have made with lease renewals, occupancies and our property sales and development programs."

The company's funds from operations (FFO) per diluted share for the quarter increased by 2.2% over the same period in 2000. After adjustment for straight-lining of rents and non-recurring charges, FFO amounted to $64.3 million, or $0.91 per share, compared to $65 million, or $0.89 per share. The per-share increase was 2.2%. Cash available for distribution (CAD) was $53.5 million, or $0.76 per share, versus $53.6 million, or $0.73 per share. The per-share increase was 4.1%.