(in thousands)

					                         Partners' 
CALI GROUP COMBINED                                               Deficit
___________________________________________________________________________
Balance at December 31, 1993	                                 $(34,335)
	Contributions	                                            3,130
	Distributions	                                          (11,857)
	Net income	                                           11,754
Balance at August 30, 1994               	                 $(31,308)

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                                                                              Additional                    Total
                                                                 Common stock    Paid-In     Retained  Stockholders'
CALI REALTY CORPORATION CONSOLIDATED                           Shares Par Value  Capital     Earnings      Equity
__________________________________________________________________________________________________________________
	Net proceeds from IPO                                   10,500	$105	$165,413	   -	$ 165,518
	Adjustments for minority interest of unitholders 
		in Operating Partnership at IPO          	 -	 -	 (55,493)	   -	  (55,493)
	Net income                                               -	 -	    -	       $ 3,939	    3,939
	Dividends	                                         -	 -	  (1,714)      	(3,939)	   (5,653)
__________________________________________________________________________________________________________________
Balance at December 31, 1994                    	        10,500	 105  	 108,206	   -	  108,311
	Purchase of treasury stock	                          (100)	  (1)	  (1,594)	   -	   (1,595)
	Conversion of 105 Units to shares of common stock	   105	   1	   1,097	   -	    1,098
	Net income	                                         -	 -	    -	        13,638     13,638
	Dividends	                                         -	 -	  (5,600)      (13,638)   (19,238)
	Net proceeds from common stock offering	                 4,600	  46	  83,548	   -       83,594
__________________________________________________________________________________________________________________
Balance at December 31, 1995	                                15,105   151	 185,657           -	  185,808
	Conversion of 101 Units to shares of common stock	   101     1	   1,072           -	    1,073
	Net income	                                         -	  -	    -	        31,944	   31,944
	Dividends	                                         -	  -	  (5,722)      (31,944)   (37,666)
	Net proceeds from common stock offerings	        20,987   210	 518,009           -	  518,219
	Stock options exercised	                                   126     1	   2,000      	   -	    2,001
__________________________________________________________________________________________________________________
Balance at December 31, 1996	                                36,319	$363	$701,016	   -	$ 701,379
__________________________________________________________________________________________________________________