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,”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
