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 These transactions allowed us to strengthen our balance sheet, create shareholder value, and enhance our Company's financial flexibility, helping to ensure we are well positioned to act quickly as new opportunities arise.
Results For Shareholders
Consistent with the broad decline of REIT stock prices, Mack-Cali's stock showed a negative total return for the year. However, our total return since our initial public offering stood at 400.7 percent, still above the 291.8 percent total return for that period for the S&P 500. Our annualized dividend to shareholders, at $2.56, yielded 7.53 percent at year-end—far exceeding the average S&P 500 dividend yield of just 1.89 percent.
Mack-Cali continues to offer an excellent opportunity for those looking to invest in a profession-
ally managed, institutional-quality commercial real estate portfolio and to benefit from the strong dividends, liquidity and transpa-
rency that public real estate companies provide.
Building On Success
As 2008 continues to unfold, the nation's economic outlook re-
mains unclear. Recognizing that, we have positioned the company
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well, with strong occupancies, a stable revenue stream backed by high-credit-quality tenants, mini-
mal near-term debt maturities, and a powerful balance sheet. We will carefully monitor our markets and act only when opportunities are clearly compelling. And, most importantly, we will continue to concentrate on providing our tenants with superior work environments. We believe these strengths, along with our focused and proven strategy, will continue to result in success for our Company and value for our shareholders.
We are able to accomplish our goals only through the hard work of our employees, the loyal-
ty of our tenants, and the confi-
dence of our investors. Thank you to all who have played a role in helping us achieve our leading position.
We look forward to the year ahead and to sharing our success with you in the future.
Sincerely,
Mitchell E. Hersh
President and Chief Executive Officer
P.S. Please remember to visit our Web site, www.mack-cali.com, for updates on our Company's progress throughout the year.
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