Press Release

Cali Realty Corporation Announces Results for Second Quarter 1995

CRANFORD, NJ--August 15, 1995--Cali Realty Corporation (NYSE:CLI), today reported results for the quarter ended June 30, 1995. The company is a fully integrated, self-administered, publicly-owned real estate investment trust ("REIT").

FINANCIAL HIGHLIGHTS
For the quarter ended June 30, 1995, funds from operations before minority interest and after adjustment for straight-lining of rents amounted to $6,917,000 or $.52 per share versus $5,535,000 or $.42 per share (proforma) for the quarter ended June 30, 1994. For the six months ended June 30, 1995, funds from operations before minority interest and after adjustment for straight-lining of rents amounted to $13,640,000 or $1.03 per share versus $11,007,000 or $.83 per share (proforma) for the six months ended June 30, 1994.

For the quarter ended June 30, 1995, cash available for distribution equaled $6,329,000 or $.48 per share. For the six months ended June 30, 1995, cash available for distribution equaled $12,463,000 or $.94 per share.

For the quarter ended June 30, 1995, revenues totaled $15,151,000 versus revenues of $12,252,000 (proforma) for the quarter ended June 30, 1994. For the six months ended June 30, 1995 revenues totaled $29,023,000 versus revenues of $24,610,000 (proforma) for the six months ended June 30, 1994.

For the quarter ended June 30, 1995, net income before minority interest totaled $4,010,000 or $.30 per share versus net income before minority interest of $3,743,000 or $.28 per share (proforma) for the quarter ended June 30, 1994. For the six months ended June 30, 1995, net income before minority interest totaled $7,936,000 or $.60 per share versus net income before minority interest of $7,304,000 or $.55 per share (proforma) for the six months ended June 30, 1994.

Commenting on the results of Cali Realty's second quarter 1995 operations, Thomas A. Rizk, the company's President and Chief Financial Officer, said, "I am pleased to announce that both our funds from operations and cash available for distribution have increased for the third consecutive reporting period. These results do not include any positive impact of our most recent acquisition.

On July 21, 1995, we purchased a 98,500 square foot office building located in Princeton, New Jersey. This recent acquisition has increased the size of our office portfolio to 16 office buildings totaling approximately 2.73 million square feet."

LEASING INFORMATION
Cali Realty's portfolio of office buildings was 92.1 percent leased as of June 30, 1995 compared to 93.2 percent on March 31, 1995.

During the quarter ended June 30, 1995, the company executed 10 leases totaling 32,083 square feet of office space; 19,543 square feet represented new leases and 12,540 square feet were lease renewals.

A schedule is attached highlighting quarterly leasing statistics.

ABOUT THE COMPANY
Cali Realty Corporation completed its initial public offering on August 31, 1994. It is a fully integrated, self-administered, self-managed real estate investment trust providing leasing, management, acquisition, development, construction and tenant related services for its properties. Cali Realty owns 16 office buildings totaling approximately 2.73 million square feet and one 327 unit residential complex. All of the properties are located in Central and Northern New Jersey except for one, which is located in Rockland County, New York.

Cali Realty Corporation
Condensed Statement of Operations
(Dollars in thousands, except per share amounts)
________________________________________________________________


                                Historical              Proforma (1)
                                Three Months            Three Months
                                Ended                   Ended
                                June 30, 1995           June 30, 1994


Revenues                         $15,151               $12,252
Operating and other expense        5,873                 4,869
Depreciation and amortization      3,095                 2,351
Interest expense                   2,173                 1,289


Income before minority interest  $ 4,010               $ 3,743


Minority interest                    873                   788


Net income                       $ 3,137               $ 2,955


Weighted average shares 
 outstanding                      10,400                10,500


Net Income  per common share     $  0.30                $ 0.28


Dividends declared per
 common share                    $  0.40                  N/A


(1) Does not reflect the impact of property acquisitions and
common stock repurchase.
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Cali Realty Corporation
Statement of Funds from Operations and Cash Available
for Distributions June 30, 1995
(Dollars in thousands, except per share amounts)
________________________________________________________________




                                        Historical      Proforma (2)
                                        Three Months    Three Months
                                        Ended           Ended
                                        June 30, 1995   June 30, 1994


Income before minority interest         $ 4,010         $ 3,743
Add (Deduct):
  Depreciation and amortization           3,095           2,351
  Adjustment to rental income for
   straight line rents                     (188)           (559) 
  Funds from operations before minority
   interest and after adjustment for 
   straight-lining of rents             $ 6,917         $ 5,535     
Deduct:
Non-incremental revenue generating 
 capital expenditures:
  Capital improvements                      159              
  Tenant improvements and lease 
   commissions                              429              


Cash available for distribution         $ 6,329            N/A


Weighted average shares/units 
outstanding (1)                          13,295          13,302


Per share/unit:
  Funds from operation                  $  0.52         $  0.42


  Cash available for distribution       $  0.48          


  Dividend                              $  0.40          


Dividend payout ratios:
Funds from operation(as adjusted above)  77.62%          
  Cash available for distribution        84.83%


(1) Does not reflect impact of property acquisitions and common
stock repurchase.


(2) Assumes conversion of 2,895 (1995) 2,802 (1994) weighted
average limited partnership units in Cali Realty, L.P. to
shares of Cali Realty Corporation.


===============================================================


Cali Realty Corporation
Condensed Statement of Operations
(Dollars in thousands, except per share amounts)
________________________________________________________________


                                Historical              Proforma (1)
                                Six Months              Six Months
                                Ended                   Ended 
                                June 30, 1995           June 30, 1994


Revenues                         $29,023               $24,610
Operating and other expense       11,346                 9,867
Depreciation and amortization      5,927                 4,860
Interest expense                   3,814                 2,579


Income before minority interest  $ 7,936               $ 7,304


Minority interest                  1,709                 1,539


Net income                       $ 6,227               $ 5,765


Weighted average shares 
 outstanding                      10,436                10,500


Net Income  per common share     $  0.60                $ 0.55


Dividends declared per
 common share                    $  0.81                  N/A


(1) Does not reflect the impact of property acquisitions and
common stock repurchase.


===============================================================


Cali Realty Corporation
Statement of Funds from Operations and 
Cash Available for Distributions June 30, 1995
(Dollars in thousands, except per share amounts)
________________________________________________________________


                                        Historical      Proforma (1)
                                        Six Months      Six Months
                                        Ended           Ended
                                        June 30, 1995   June 30, 1994


Income before minority interest         $ 7,936         $ 7,304
Add (Deduct):
  Depreciation and amortization           5,927           4,860
  Adjustment to rental income for
   straight line rents                     (223)         (1,157) 
  Funds from operations before minority
   interest and after adjustment for 
   straight-lining of rents             $13,640         $11,007     
Deduct:
Non-incremental revenue generating 
 capital expenditures:
  Capital improvements                      318              
  Tenant improvements and lease 
   commissions                              858              


Cash available for distribution         $12,464            N/A


Weighted average shares/units 
outstanding (1)                          13,301          13,302


Per share/unit:
  Funds from operation                  $  1.03         $  0.83


  Cash available for distribution       $  0.94          


  Dividend                              $  0.81          


Dividend payout ratios:
Funds from operation(as adjusted above)  78.75%          
  Cash available for distribution        86.19%


(1) Does not reflect impact of property acquisitions and common
stock repurchase. 


(2) Assumes conversion of 2,865 (1995) and 2,802 (1994) weighted
average limited partnership units in Cali Realty, L.P. to
shares of Cali Realty Corporation.


===============================================================


Cali Realty Corporation
Leasing Statistics For Quarter Ended June 30, 1995
________________________________________________________________


Office Building Portfolio
________________________________________________________________


                                Leased Area           Percentage
                                Rentable S.F.         Leased


      March 31, 1995                2,287,916         93.2 
2nd Quarter Leasing-Net               (34,532)
One (1) Acquisition Property          165,774            
         June 30, 1995              2,419,158         92.1 


Second Quarter Leasing Activity
________________________________________________________________


                        Number                Weighted    Average
                          of                   Average     Term
                       Leases  Rentable S.F.  Base Rent   (Years)
New Leases:
Second Generation space    7      19,543       $19.85       3.1


Renewals:                  3      12,540       $19.74       2.8
  Total Leasing           10      32,083


Capital Expenditures-Second Generation Space
________________________________________________________________


                                Tenant       Leasing
                             Improvements  Commissions    Total  


Expend. committed-2nd Qtr (1) $118,763(2)   $109,829   $228,592
Rentable S.F. leased-2nd Qtr    32,083        32,083     32,083
Expend. committed per R.S.F.     $3.70         $3.42      $7.13


(1) Represents amounts committed not necessarily
expended during period.


(2) Equals estimated workletter costs net of estimated
profit & overhead.


Lease Renewals
________________________________________________________________


                                   Number of 
Lease Renewals:                     Leases         Rentable S.F.


Lease expiring-2nd Qtr                 9                66,615
Leases renewed-2nd Qtr                 3                12,540
Renewal percentage per R.S.F.         33                    19 
Expiring in future periods and
  Renewed in 2nd Qtr
   (Included in totals above)          3                12,540