Mack-Cali Liquidates its CarrAmerica Investment, Earns Nearly $16 Million on Investment
Cranford, New Jersey—March 7, 2006 —Mack-Cali Realty Corporation (NYSE: CLI) today disclosed that it has liquidated its stake in CarrAmerica Realty Corp. (NYSE:CRE), realizing a gain of $15.06 million. Mack-Cali also received a $902,400 dividend payment during the first quarter of 2006, earning a total of nearly $16 million on its investment.
Mack-Cali sold its 1,804,800 shares of CarrAmerica common stock for an average price of $43.55 per share. The stock had been purchased for an average price of $35.21.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali said, "As we previously stated, we made an investment in CarrAmerica at a time when we thought the company's stock was significantly undervalued. We are pleased that our investment on behalf of our shareholders has paid off substantially."
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali currently owns or has interests in 277 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.9 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,300 tenants. Additional information on Mack-Cali Realty Corporation is available on the Company's website at
www.mack-cali.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue," "plan," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.