Mack-Cali Realty Corporation (NYSE: CLI) is one of the country's largest real estate investment trusts (REITs) and a dominant owner, manager and developer of class A real estate in the Northeast. The Company recently acquired the real estate interests and development and management businesses of Short Hills, NJ-based Roseland Partners.
Mack-Cali, known for its award-winning property management, premier properties, and credit-quality tenant base, marked a fundamental step in a strategic diversification wherein multi-family residential will be a key component of its growth strategy.
An investment grade-rated company, Mack-Cali has been a publicly traded REIT since 1994. The Company adheres to the conservative financial principles of modest leverage, strong debt service coverage ratios, and a high ratio of debt-free assets. Mack-Cali's overall corporate strategy is to expand its presence in the multi-family residential sector in high-barrier-to-entry markets in the Northeast and Mid-Atlantic regions, with emphasis in transit-oriented locations.