Net loss for the quarter ended December 31, 2015 amounted to $(31.7) million, or $(0.35) per share, vs. $(9.2) million, or $(0.10) per share, for the quarter ended December 31, 2014.

For the year, the net loss was $(125.8) million, or $(1.41) per share, vs. to $28.6 million, or $0.32 per share, for the same period in 2014.

Included in net loss for the quarter and year ended December 31, 2015 was an impairment charge taken on properties the company intends to sell as part of its recently-announced strategic initiative of $33.7 million and $197.9 million, respectively.

As previously reported by GlobeSt.com, the company decided in September 2015 to refocus its investments over the next three years, with a greater concentration of investment in multifamily and mixed-use properties serving the urban waterfront and transit-oriented markets.

“The New Jersey market has been very receptive to the announced changes to our properties. The activity on both the waterfront and Parsippany has been and continues to appear very strong,” says Mitchell E. Rudin, chief executive officer. “We anticipate reaching 90 percent leased for the Waterfront by the end of the first quarter and the mid-eighties for Parsippany by year end 2016. Our other important markets– Short Hills, Metropark, Princeton, and Monmouth are also demonstrating leasing strength with occupancy at approximately 90 percent or higher.”

Mack-Cali's consolidated commercial in-service portfolio was 86.2 percent leased at December 31, 2015, as compared to 85.8 percent leased at September 30, 2015.

For the quarter ended December 31, 2015, the company executed 88 leases at its consolidated in-service commercial portfolio totaling 898,507 square feet. Of these totals, 179,240 square feet were for new leases and 719,267 square feet were for lease renewals and other tenant retention transactions. Lease transactions included 712,677 square feet in core properties, 11,064 square feet in waterfront properties, 122,673 square feet in flex properties and 52,093 square feet in non-core properties.

Editor's Note, 2/25/2016 9:58 p.m.: An earlier version of this story included an outdated photo of Mitchell Rudin. A new photo, provided by Mack-Cali, has been substituted.

EDISON, NJ—Mack-Cali Realty Corporation's reported 2015 net loss of $125.8 million was largely because of the company's strategic realignment, which added an impairment charge of almost $198 million to its financial results.

The company reported funds from operations per diluted share of $0.47 for the quarter and $1.88 for the full year 2015 compared with $34.1 million, or $0.34 per share, for the fourth quarter of 2014. For full year 2015, FFO was $188.1 million, or $1.88 per share, vs. $162.7 million, or $1.63 per share, for the same period in 2014.

“We believe that we have made the correct adjustments to our corporate strategy in light of the evolving market conditions and valuation dislocation,” says Michael J. DeMarco, president. “To that point, our results represent another excellent quarter of progress and that our team's initial hard work is taking root as we move quickly and effectively on our ongoing transformation. While this is a long process, we believe that we are making meaningful changes that will be beneficial in both the near and long-term,”

For the current quarter compared to the fourth quarter last year, the increase in FFO per share was mainly because the company didn't have a recurrence of the $0.13 per share charge booked in 2014 to cover the separation package paid to former president and CEO Mitchell Hersh. This results in core FFO per diluted share for the current quarter of $0.47 versus $0.34 for the prior year period.

Net loss for the quarter ended December 31, 2015 amounted to $(31.7) million, or $(0.35) per share, vs. $(9.2) million, or $(0.10) per share, for the quarter ended December 31, 2014.

For the year, the net loss was $(125.8) million, or $(1.41) per share, vs. to $28.6 million, or $0.32 per share, for the same period in 2014.

Included in net loss for the quarter and year ended December 31, 2015 was an impairment charge taken on properties the company intends to sell as part of its recently-announced strategic initiative of $33.7 million and $197.9 million, respectively.

As previously reported by GlobeSt.com, the company decided in September 2015 to refocus its investments over the next three years, with a greater concentration of investment in multifamily and mixed-use properties serving the urban waterfront and transit-oriented markets.

“The New Jersey market has been very receptive to the announced changes to our properties. The activity on both the waterfront and Parsippany has been and continues to appear very strong,” says Mitchell E. Rudin, chief executive officer. “We anticipate reaching 90 percent leased for the Waterfront by the end of the first quarter and the mid-eighties for Parsippany by year end 2016. Our other important markets– Short Hills, Metropark, Princeton, and Monmouth are also demonstrating leasing strength with occupancy at approximately 90 percent or higher.”

Mack-Cali's consolidated commercial in-service portfolio was 86.2 percent leased at December 31, 2015, as compared to 85.8 percent leased at September 30, 2015.

For the quarter ended December 31, 2015, the company executed 88 leases at its consolidated in-service commercial portfolio totaling 898,507 square feet. Of these totals, 179,240 square feet were for new leases and 719,267 square feet were for lease renewals and other tenant retention transactions. Lease transactions included 712,677 square feet in core properties, 11,064 square feet in waterfront properties, 122,673 square feet in flex properties and 52,093 square feet in non-core properties.

Editor's Note, 2/25/2016 9:58 p.m.: An earlier version of this story included an outdated photo of Mitchell Rudin. A new photo, provided by Mack-Cali, has been substituted.