EDISON, NJ-Mack-Cali Realty Corp. announcedthird-quarter earnings on its office building portfolio Thursdaythat were down by a third compared to last year. CEOMitchell E. Hersh emphasized in a statement thatthe REIT’s recent move into the multifamily sector is expected toreverse the trend in profits.

“As we enter the fourth quarter, we are poised to capitalize onthe many opportunities for growth resulting from our recentacquisition of Roseland Partners,” Hersh said, calling the move a“fundamental step in a strategic diversification.”

Earlier this month, Mack-Cali closed on the acquisition ofRoseland and its six apartment developments with 1,769 units and 13development projects, which will produce another 2,200 units. Lastyear, Mack-Cali established a joint venture with IronstateDevelopment to build two apartment towers at itsHarborside Plaza development in Jersey City.