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both the National Association of Real Estate Investment Trusts (NAREIT) equity index and the S&P 500, producing a total return of over 200 percent to our shareholders.
Our diverse and strong credit-quality tenant base produces stable,high-quality earnings for our Company. In 2001, this impressive tenant base helped fuel another year of solid earnings perf o rmance, with our revenues increasing from $576.2 million to $584.3 million.
We're also very proud to report that, for the seventh year in a row, Mack-Cali increased its dividend to $2.48 per share on an annualized basis. In addition, we continued to execute our stock buyback program, purchasing a total of $90.9 million in common shares since our Board of Directors expanded the program in September 2000.
Mack-Cali's balance sheet is one of the strongest and most flexible in
the real estate industry, combining high debt service coverage ratios
and low leverage with a substantial level of unencumbered assets.
Our powerful balance sheet provides us with the capacity to capitalize
on growth opportunities no matter what their size.
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I nternally, our Company continues to benefit from a well-experienced, aligned management team, and just as important, a talented and
dedicated employee base. The outstanding efforts and creativity of our employees remain invaluable, even more so during these challenging times. Our progress and achievements in 2001 continue to demonstrate that Mack-Cali has the resources, expertise and commitment to succeed. We believe our focused strategy, combined with our high-quality tenant base, exceptional assets and strong balance sheet, will continue to result in success for our Company and value for our shareholders.
Thank you for your continued interest and support in Mack-Cali.
Sincerely,
Mitchell E. Hersh
Chief Executive Officer
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