Press Release

Cali Realty Corporation Announces Results for Third Quarter 1995

CRANFORD, NJ--November 9, 1995--Cali Realty Corporation (NYSE:CLI), today reported results for the quarter ended September 30, 1995. The company is a fully integrated, self-administered, publicly-owned real estat investment trust ("REIT").

FINANCIAL HIGHLIGHTS
For the quarter ended September 30, 1995, funds from operations before minority interest and after adjustment for straight-lining of rents amounted to $6,950,000 or $.52 per share versus $6,012,000 or $.45 per share (proforma) for the quarter ended September 30, 1994. For the nine months ended September 30, 1995, funds from operations before minority interest and after adjustment for straight-lining of rents amounted to $20,591,000 or $1.55 per share versus $17,019,000 or $1.28 per share (proforma) for the nine months ended September 30, 1994.

For the quarter ended September 30, 1995, cash available for distribution equaled $6,362,000 or $.48 per share. For the nine months ended September 30, 1995, cash available for distributio equaled $18,827,000 or $1.42 per share.

For the quarter ended September 30, 1995, revenues totaled $15,777,000 versus revenues of $12,691,000 (proforma) for the quarter ended September 30, 1994. For the nine months ended September 30, 1995 revenues totaled $44,799,000 versus revenues of $37,301,000 (proforma) for the nine months ended September 30, 1994.

For the quarter ended September 30, 1995, net income before minority interest totaled $4,184,000 or $.31 per share versus net income before minority interest of $3,966,000 or $.30 per share (proforma) for the quarter ended September 30, 1994. For the nine months ended September 30, 1995, net income before minority interest totaled $12,120,000 or $.91 per share versus net income before minority interest of $11,270,000 or $.85 per share (proforma) for the nine months ended September 30, 1994.

Commenting on the results of Cali Realty's third quarter 1995 operations, Thomas A. Rizk, the company's President and Chief Financial Officer, said, "I am pleased to announce that the company has delivered its fifth consecutive quarter of solid performance since going public.

In addition, this week we closed on three portfolio acquisitions totaling approximately 1.14 million square feet of office and office/flex space in New Jersey. These acquisitions, along with our previous acquisitions since the initial public offering, have increased the size of our portfolio by 75%."

LEASING INFORMATION
Cali Realty's portfolio of office buildings was 91.1 percent leased as of September 30, 1995 compared to 92.1 percent on June 30, 1995.

During the quarter ended September 30, 1995, the company executed 17 leases totaling 99,419 square feet of office space; 43,351 square feet represented new leases and 56,068 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 39 office buildings totaling approximately 3.9 million square feet and one 327 unit residential complex. All of the properties are located in New Jersey except for one, which is located in Rockland County, New York.

Cali Realty Corporation
Condensed Statement of Operations
(in thousands, except per share amounts)
______________________________________________________________________
                                Historical              Proforma (1)
                                Three Months            Three Months
                                Ended                   Ended
                                September 30,           September 30,
                                1995                    1994
______________________________________________________________________
Revenues                         $15,777               $12,691
Operating and other expense        6,237                 4,859
Depreciation and amortization      3,009                 2,576
Interest expense                   2,347                 1,290


Income before minority interest  $ 4,184               $ 3,966


Minority interest                    911                   837


Net income                       $ 3,273               $ 3,129


Weighted average shares 
 outstanding                      10,400                10,500


Net Income  per common share     $  0.31                $ 0.30


Dividends declared per
 common share                    $  0.43                  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 September 30, 1995
(in thousands, except per share amounts)
______________________________________________________________________
                                        Historical      Proforma (2)
                                        Three Months    Three Months
                                        Ended           Ended
                                        September 30,   September 30,
                                        1995            1994
______________________________________________________________________
Income before minority interest         $ 4,184         $ 3,966
Add (Deduct):
  Depreciation and amortization           3,009           2,576
  Adjustment to rental income for
   straight line rents                     (243)           (530)
  Funds from operations before minority
   interest and after adjustment for 
   straight-lining of rents             $ 6,950         $ 6,012     
Deduct:
Non-incremental revenue generating 
 capital expenditures:
  Capital improvements                      159              
  Tenant improvements and lease 
   commissions                              429              


Cash available for distribution         $ 6,362            N/A


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


Per share/unit:
  Funds from operation                  $  0.52         $  0.45


  Cash available for distribution       $  0.48          


  Dividend                              $  0.43          


Dividend payout ratios:
Funds from operation(as adjusted above)  81.30%          
  Cash available for distribution        88.82%


(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.


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Cali Realty Corporation
Condensed Statement of Operations
(in thousands, except per share amounts)
______________________________________________________________________
                                Historical              Proforma (1)
                                Nine Months             Nine Months
                                Ended                   Ended 
                                September 30,           September 30,
                                1995                    1994


Revenues                         $44,799               $37,301
Operating and other expense       17,582                14,726 
Depreciation and amortization      8,936                 7,436
Interest expense                   6,161                 3,869


Income before minority interest  $12,120               $11,270


Minority interest                  2,620                 2,378


Net income                       $ 9,500               $ 8,892


Weighted average shares 
 outstanding                      10,424                10,500


Net Income  per common share     $  0.91                $ 0.85


Dividends declared per
 common share                    $  1.23                  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 September 30, 1995
(in thousands, except per share amounts)
______________________________________________________________________


                                        Historical      Proforma (1)
                                        Nine Months     Nine Months
                                        Ended           Ended
                                        September 30,   September 30,
                                        1995            1994
______________________________________________________________________
Income before minority interest         $12,120         $11,270 
Add (Deduct):
  Depreciation and amortization           8,936           7,436
  Adjustment to rental income for
   straight line rents                     (465)         (1,687) 
  Funds from operations before minority
   interest and after adjustment for 
   straight-lining of rents              $20,591         $17,019     
Deduct:
Non-incremental revenue generating 
 capital expenditures:
  Capital improvements                      477              
  Tenant improvements and lease 
   commissions                            1,287              


Cash available for distribution         $18,827            N/A


Weighted average shares/units 
outstanding (1)                          13,299          13,302


Per share/unit:
  Funds from operation                  $  1.55          $ 1.28


  Cash available for distribution       $  1.42          


  Dividend                              $  1.23          


Dividend payout ratios:
Funds from operation(as adjusted above)  79.61%          
  Cash available for distribution        87.07%


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


(2) Assumes conversion of 2,875 (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 September 30, 1995)
______________________________________________________________________


Office Building Portfolio


______________________________________________________________________
                                Leased Area             Percentage
                                Rentable S.F.           Leased


      June 30, 1995                2,419,158               92.1 
3rd Quarter Leasing-Net              (29,010)
One (1) Acquisition Property          94,304            
         September 30, 1995        2,484,452               91.1 


Third Quarter Leasing Activity


                        Number                  Weighted        Average
                        of                      Average         Term
                        Leases  Rentable S.F.   Base Rent       (Years)
______________________________________________________________________
New Leases:
First Generation space     0           0        $0.00           0.0
Second Generation space    9      43,351       $18.87           4.2


Renewals:                  8      56,068       $20.26           2.2
  Total Leasing           17      99,419




Capital Expenditures-Second Generation Space


__________________________________________________________________________
                                Tenant          Leasing
                                Improvements    Commissions     Total
__________________________________________________________________________
Expend. committed-3rd Qtr (1) $600,135(2)       $195,271        $795,406
Rentable S.F. leased-3rd Qtr    99,419            99,419          99,419
Expend. committed per R.S.F.     $6.04             $1.96           $8.00


(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:         Rentable S.F.
______________________________________________________________________
Lease expiring-3rd Qtr                17               128,429
Leases renewed-3rd Qtr                 8                56,068
Renewal percentage per R.S.F.         47                    44 
Expiring in future periods and
  Renewed in 3rd Qtr
   (Included in totals above)          7                53,955