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M ack-Cali ended 2001 as a more focused real estate company, well-positioned for the future as our nation and our economy recover from the recession and the effects of September 11. We made steady progress and achieved solid results during a challenging year. We continued to sell non-core assets and enhance our Northeast presence. We maintained high occupancy rates and a superior tenant base, and delivered increased value to our shareholders.
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O ur Company's overall corporate strategy is to expand our critical mass in high-barrier-to-entry markets in the Northeast and Mid-Atlantic regions. Mack-Cali's in-depth market knowledge and more than 50 years of experience in these core markets allow us to better serve our tenants, increase operating efficiencies, and pursue opportunities for growth generated by our long-term relationships throughout the region.
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In 2001, we continued to sell assets that were not consistent with our
overall corporate strategy. We sold six office properties in non-core
markets for $79 million, consisting of properties in Houston, Dallas,
San Antonio and West Des Moines. We also capitalized on the favorable
climate for residential properties and recently completed the sale of our
only two multi-family residential assets for an aggregate of $38 million.
In addition, we opportunistically sold a Washington, D.C. property to its
main tenant, the Federal Reserve, for a gain of $14.5 million on the sale.
Most of the proceeds we received from these sales were reinvested in
assets in our core markets. We acquired 10 properties in New Jersey and
New York totaling 902,000 square feet for an aggregate of $96.6 million.
Among these properties were 4 and 6 Campus Drive, two outstanding
class A office buildings adjacent to, and now part of, the 1.7 million
square-foot Mack-Cali Business Campus in Parsippany, New Jersey.
Upon completing the sale of our remaining assets in the Southwest and
West, we will reinvest these proceeds to further build on our strong
Northeast and Mid-Atlantic position.
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