EDISON, NJ—Mack-Cali Realty Corporation reported a $9.2 million net loss, or $0.10 per share in the fourth quarter of 2014, mainly because of $12.8 million in executive severance costs that trimmed per-share earnings in the quarter by $0.13. The company said net income for the year was $28.6 million, or $0.32 per share.
Full year net income was reduced by $4.8 million in costs attributed to “unusual electricity rate spikes” and $23.8 million ($0.24 per share) in executive severance costs.
The severance costs in the fourth quarter are believed to be related to the planned departure of Mitchell E. Hersh, president and chief executive officer, whose severance package was previously reported by GlobeSt.com to include $8 million in cash, $2.3 million in deferred compensation, and a range of stock, performance shares, and insurance for Hersh and his family.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.