Press Release

Mack-Cali Realty Corporation Announces 6.3 Percent Increase in Fourth Quarter FFO Per Share

-- Full Year 1999 FFO Per Share Up 8.2 Percent --

CRANFORD, NEW JERSEY -- February 24, 2000 -- Mack-Cali Realty Corporation (NYSE: CLI) today announced its results for the fourth quarter of 1999. The Company reported that its funds from operations (FFO) per diluted share for the fourth quarter 1999 increased 6.3 percent over the same period in 1998.

FINANCIAL HIGHLIGHTS

FFO, after adjustment for straight-lining of rents, for the quarter ended December 31, 1999, amounted to $62.0 million, or $0.85 per share, versus $58.7 million, or $0.80 per share, for the quarter ended December 31, 1998, a per share increase of 6.3 percent. For the year ended December 31, 1999, FFO, after adjustment for straight-lining of rents, amounted to $244.2 million, or $3.31 per share, versus $216.9 million, or $3.06 per share, for the same period last year, representing a current year increase of 8.2 percent on a per share basis.

Cash available for distribution (CAD) for the fourth quarter and full year 1999 was impacted by the effects of leasing costs associated with the Company's successful efforts under its ongoing early reletting program. Current quarter CAD equaled $53.4 million, or $0.73 per share, versus $52.9 million, or $0.72 per share, for the same quarter last year, an increase of 1.4 percent on a per share basis. For the year ended December 31, 1999, CAD equaled $211.3 million, or $2.86 per share, versus $194.7 million, or $2.75 per share, for the same period last year, representing a current year increase of 4.0 percent on a per share basis. CAD for the fourth quarter and full year 1999 included $2.0 million and $5.2 million, respectively, of expenditures related to the early re-leasing of 230,260 square feet of office space at Harborside Financial Center in Jersey City, New Jersey; such new leases carrying a weighted average term of 10.5 years. Excluding these expenditures, CAD per share for the quarter ended December 31, 1999 would have amounted to $0.76 per share, an increase of 5.6 percent over the same period in 1998; CAD per share for the year ended December 31, 1999 would have amounted to $2.94 per share, an increase of 6.9 percent over 1998.

Total revenues for the fourth quarter 1999 increased 4.2 percent to $140.6 million from $134.9 million for the same quarter last year. For the year ended December 31, 1999, total revenues amounted to $551.5 million, an increase of 11.7 percent over the $493.7 million in total revenues for the same period last year.

Income from operations before minority interest in Operating Partnership for the fourth quarter 1999 totaled $43.6 million, or $0.60 per share, versus $40.4 million, or $0.55 per share, for the same quarter last year, an increase of 9.1 percent on a per share basis. Income from operations before minority interest in Operating Partnership for the year ended December 31, 1999 totaled $167.1 million, or $2.26 per share, versus $151.5 million, or $2.12 per share, for the same period last year, an increase of 6.6 percent on a per share basis. Income from operations before minority interest in Operating Partnership excludes gain on sale of rental property, non-recurring charges and extraordinary items.

All per share amounts presented are on a diluted basis; basic per share information is included in the financial tables accompanying this press release.

The Company had 58,446,552 shares of common stock, 8,153,710 common operating partnership units and 229,304 $1,000-face-value preferred operating partnership units (6.75 percent annual rate) outstanding as of year end. The outstanding preferred units are convertible into 6,617,721 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 73,217,983 shares/common units outstanding at December 31, 1999.

As of December 31, 1999, the Company had total indebtedness of approximately $1.49 billion, with a weighted average annual interest rate of 7.27 percent. Mack-Cali's total market capitalization was $3.5 billion at December 31, 1999, with a debt-to-market capitalization ratio of 42.8 percent. The Company had an interest coverage ratio of 3.37 times for the quarter ended December 31, 1999 and 3.50 times for the year ended December 31, 1999.

Commenting on the results, Mitchell E. Hersh, chief executive officer, said, "1999 was a significant and active year for Mack-Cali. We successfully moved forward on several of our strategic initiatives, including an aggressive, proactive leasing program, increased development activity and select portfolio management transactions. We finished the year with solid earnings growth which resulted in the fifth consecutive year in which we increased our dividend."

PROACTIVE LEASING PROGRAM

The Company successfully completed several significant leasing transactions during 1999 as a demonstration of its ongoing proactive leasing program, highlighted by the following:

- Signed a 303,129 square foot lease with Keystone Mercy Health Plan carrying a 15-year term at the Company's 371,000 square-foot Airport Business Center office complex in Lester, Pennsylvania.

- Signed a five-year lease renewal with Nabisco for 300,378 square feet at Mack-Cali Business Campus in Parsippany, New Jersey. Nabisco occupies all of Seven Campus Drive and Seven Sylvan Way in the 860,000 square-foot office park, which is currently 98 percent leased.

- Leased a total of approximately 204,000 square feet to DLJdirect for a 10-year term at the Company's Harborside Financial Center office complex.

- Signed additional long-term leases at Harborside for an aggregate of 213,523 square feet. The leases represented extensions or expansions with existing tenants, consisting of PR Newswire, Dean Witter Reynolds, Dean Witter Trust Company and Exodus Communications.

- Signed a five-year lease renewal with Lonza Group for 89,448 square feet at 17-17 Route 208 in Fairlawn, New Jersey.

- Signed a five-year lease renewal with Electronic Data Systems for 75,000 square feet at 250 Johnson Road in Morris Plains, New Jersey.

INCREASED DEVELOPMENT PIPELINE

During 1999, Mack-Cali successfully completed several office and office/flex projects, as well as launched additional development projects, highlighted by the following:

The Company placed in service three office and four office/flex properties, aggregating 872,616 square feet. Four of these projects totaling 389,171 square feet were ground-up development transactions and the remaining three properties totaling 483,445 were redevelopment projects.

One of the most prominent and successful redevelopment projects was 795 Folsom Street, a 183,445 square-foot office building in San Francisco, California. During 1999, the Company acquired the property from AT&T and simultaneously leased 63,278 square feet back to AT&T. The Company subsequently signed a lease at the property with Move.com, a subsidiary of Cendant Corporation, for three floors totaling 95,000 square feet, bringing occupancy of the building to 86 percent by year-end.

The Company also announced several significant development projects at its Harborside Financial Center office complex in Jersey City, New Jersey, comprised of the following:

- Started construction of a 185,000 square-foot class A office component above an 1,100-car parking garage structure. The parking structure will serve as the infrastructure for future development at the Harborside complex, as well as provide parking for the current office construction project. The office component is fully pre-leased to TD Waterhouse for a 15-year term.

- Formed a joint venture with Hyatt Hotels Corporation to develop a 350-room full-service Hyatt Regency Hotel on the south pier adjacent to the office complex, to be managed by Hyatt.

- Entered into an agreement with Lincoln Property Company to contribute Mack-Cali's land on the north pier adjacent to Harborside for the development of a 300-unit luxury residential apartment building.

During the year, the Company commenced construction on other significant office projects, highlighted as follows:

- Began construction of a 130,000 square-foot office building in Bernards Township, New Jersey on land acquired through a joint venture with SJP Properties.

- Commenced construction of a 220,000 square-foot office property at 105 Eisenhower Parkway adjacent to two of the Company's operating properties in Roseland, New Jersey, after the Company signed a 15-year lease with Arthur Anderson for 110,000 square feet of the building.

- Commenced construction of a 183,000 square-foot office property on the Company's land in the Denver Tech Center located in Denver, Colorado, after the Company signed a ten-year lease with URS Greiner Woodward Clyde for 90,000 square feet of the building.

PORTFOLIO MANAGEMENT TRANSACTIONS

During the year, the Company completed several key portfolio management transactions as part of its ongoing efforts to strengthen its portfolio's growth potential. Such transactions included:

- Acquired from Pacifica Holding Company two office properties, located in Colorado Springs, Colorado, aggregating 94,737 square feet.

- Acquired 1201 Connecticut Avenue, NW, a 169,549 square-foot office property located in Washington, D.C., expanding the Company's presence in the prestigious Metropolitan Washington, D.C. market to four properties aggregating over 616,000 square feet.

- Sold 400 Alexander Road, its 70,500 square-foot office building in Princeton, New Jersey, for $9.1 million. The Company had purchased the then-vacant property in 1995 for $4.2 million and signed a 15-year lease for the entire building with Berlitz International, Inc.

- Sold Beardsley Corporate Center, its 119,300 square-foot office property in Phoenix, Arizona, for $8.9 million. Proceeds of the sale were used in part to acquire three office/flex buildings totaling over 138,000 square feet in Moorestown, New Jersey, for $8.0 million. The acquired properties are located in Moorestown Office Park, bringing Mack-Cali's holdings in the park to 18 buildings totaling 814,600 square feet.

- Sold a 55 percent interest in five buildings located at Mack-Cali Business Campus and one building at Morris County Financial Center, both in Parsippany, New Jersey, for $83.6 million. The buildings are located at Two Hilton Court, Two Dryden Way, Seven and Eight Campus Drive, and Five and Seven Sylvan Way.

- Entered into a joint venture, along with seven other real estate companies and Kleiner Perkins Caufield and Byers, one of the country's premier venture capital firms, in the formation of BroadBand Office, Inc. Mack-Cali received an ownership interest in BroadBand Office, which will offer comprehensive telecommunications solutions to businesses nationally.

More recently, the Company entered into a contract to sell its 621,900 square-foot office property at 95 Christopher Columbus Drive in Jersey City, New Jersey for a sales price of approximately $152.5 million, subject to certain contingencies.

FINANCING HIGHLIGHTS

Mack-Cali started 1999 with the successful achievement of investment grade credit ratings. Standard & Poor's Rating Services and Duff & Phelps Credit Rating Co. each assigned their BBB rating to existing and prospective senior unsecured debt and their BBB- rating to prospective preferred stock offerings of the Company. Moody's Investors Service assigned its Baa3 rating to existing and prospective senior unsecured debt and its Ba1 rating to prospective preferred stock offerings of the Company.

During the year, the Company issued $600 million in senior unsecured public notes, comprised of two tranches: $300 million of 7.0 percent, five-year notes and $300 million of 7.25 percent, 10-year notes. The net proceeds received from the issuance of the unsecured notes were used to pay down an equivalent amount of floating rate borrowings from the Company's revolving credit facilities.

The Company also issued $185.3 million of unsecured corporate debt to Teachers Insurance and Annuity Association. The proceeds were used to retire an equal amount of flipper mortgage debt, which was held by TIAA and encumbered 43 of Mack-Cali's Westchester properties. The unsecured debt carries the same interest rate of 7.18 percent and has the same maturity date of December 31, 2003 as the previous flipper mortgage debt.

In the third quarter, the Company raised its quarterly cash dividend for the fifth consecutive year to $0.58 per share, from $0.55 per share, representing a 5.5 percent increase. The dividend is an indicated annual rate of $2.32 per share and represents a dividend yield of over 9.5 percent based on the Company's current stock price of $24.00 per share. The Company has raised its quarterly dividend by over 43 percent over the past five years.

LEASING INFORMATION

Mack-Cali's consolidated in-service portfolio was 96.5 percent leased at year-end, compared to 96.1 percent at September 30, 1999.

For the quarter ended December 31, 1999, the Company executed 234 leases totaling 2,263,582 square feet, consisting of 2,033,972 square feet of office space and 229,610 square feet of office/flex space; 559,068 square feet for new leases and 1,704,514 square feet for lease renewals and other tenant retention transactions.

Accompanying this press release are schedules highlighting the fourth quarter and year-to-date leasing statistics for both the Company's consolidated and joint ventured properties.

Copies of Mack-Cali's 1999 Form 10-K and Supplemental Operating and Financial Data for the fourth quarter 1999 are available upon request from: Mack-Cali Investor Relations Dept., 11 Commerce Drive, Cranford, NJ 07016 [via phone: (908)497-2001].

ABOUT THE COMPANY

Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. With the closing of pending transactions, Mack-Cali will own or have interests in 255 properties, primarily office and office/flex buildings, totaling approximately 28.1 million square feet, serving over 2,400 tenants in 12 states, and the District of Columbia.

Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, reports on Form 8-K, and annual reports on Form 10-K.

                     Mack-Cali Realty Corporation
                 Consolidated Statements of Operations
                (in thousands, except per share amounts)


                                     Quarter Ended December 31,
                                       1999               1998


Base rents                         $119,188           $115,775
Escalations & recoveries             16,127             15,084
Parking and other                     3,842              3,210
Interest income                         312                236
Equity in earnings of 
 unconsolidated joint ventures        1,131                636


  Total revenues                    140,600            134,941


Real estate taxes                    14,482             12,882
Utilities                            10,525              9,723
Operating services                   18,709             19,148
General and administrative            6,258              6,555
Depreciation and amortization        19,808             22,379
Interest expense                     27,167             23,896


  Total expenses                     96,949             94,583


Minority interest ñ
  partially-owned properties            (79)                --
Income from operations before
  minority interest in O.P.          43,572             40,358
Minority interest ñ Operating
  Partnership(1)                     (8,816)            (9,050)
Income from operations               34,756             31,308
Gain on sale of rental property(2)    1,713                 --


Net income                          $36,469            $31,308


PER SHARE DATA:
Income from operations - basic        $0.60              $0.55
Net income - basic                    $0.63              $0.55


Income from operations - diluted      $0.60              $0.55
Net income - diluted                  $0.62              $0.55


Dividends declared                    $0.58              $0.55


Basic weighted average  
   shares outstanding                58,187             57,173
Diluted weighted average
   shares outstanding                66,654             66,265


(1) Excludes effect of minority interestís share of gain on sale in 1999.
(2) Net of minority interestís share in 1999 of $244.
                    Mack-Cali Realty Corporation
                Statements of Funds from Operations and 
                   Cash Available for Distribution
             (in thousands, except per share/unit amounts)


                                         Quarter Ended December 31,
                                              1999          1998
Income from operations before gain on sale
  of rental property and minority interests $43,651       $40,358
Add: Real estate depreciation
  and amortization(1)                        20,592        22,319
Deduct: Adj. to rental income for
  straight-lining of rents(1)                (2,142)       (3,984)
Deduct: Minority interest-
  partially-owned properties                    (79)           --
Funds from operations(2) after adj.
  for straight-lining of rents              $62,022       $58,693
Deduct non-incremental revenue
 generating capital expenditures:
  Capital improvements                         (405)       (1,371)
  Tenant improvements and leasing
    commissions(6)                           (8,187)       (4,403)
Cash available for distribution(6)          $53,430       $52,919


Basic weighted average shares/units 
  outstanding(3)                             66,469        65,987
Diluted weighted average shares/units
  outstanding(4)                             73,272        73,487
Per Share/Unit - Basic(5):
  Funds from operations                       $0.87         $0.83
  Cash available for distribution(6)          $0.75         $0.74
Per Share/Unit - Diluted:
  Funds from operations                       $0.85         $0.80
  Cash available for distribution(6)          $0.73         $0.72
Dividend per common share                     $0.58         $0.55
Dividend payout ratios:
  Funds from operations-diluted               68.52%        68.86%
  Cash available for distribution-diluted     79.54%        76.38%


(1) Includes FFO adjustments related to Companyís investments in unconsolidated
    joint ventures.
(2) Funds from operations for both periods are calculated in accordance with the
    National Association of Real Estate Investment Trusts (NAREIT) definition, as
    published in March 1995.
(3) Calculated based on weighted average common shares outstanding, assuming
    redemption of operating partnership common units into common shares.
(4) Calculated based on shares and units included in basic per share/unit
    computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred
    units, options and warrants).
(5) Amounts calculated after deduction for distributions to preferred unitholders of
    $3,869 and $4,223 for the quarter ended December 31, 1999 and 1998, respectively.
(6) 1999 period includes $2.0 million of expenditures during the period related to the
    early releasing of 143,636 square feet of office space at Harborside Financial Center
    in Jersey City, NJ; such new leases carry a weighted average term of 10.4 years.
    Excluding these expenditures, CAD per share for the period would have amounted to
    $0.78 (basic) and $0.76 (diluted).
                     Mack-Cali Realty Corporation
                 Consolidated Statements of Operations
                (in thousands, except per share amounts)


                                       Year Ended December 31,
                                       1999               1998


Base rents                         $469,853           $427,528
Escalations & recoveries             62,182             51,981
Parking and other                    15,915             10,712
Interest income                         941              2,423
Equity in earnings of
 unconsolidated joint ventures        2,593              1,055


  Total revenues                    551,484            493,699


Real estate taxes                    57,382             48,297
Utilities                            41,580             38,440
Operating services                   69,689             63,711
General and administrative           25,480             24,828
Depreciation and amortization        87,209             78,916
Interest expense                    102,960             88,043


  Total expenses                    384,300            342,235


Minority interest ñ
  partially-owned properties            (79)                --
Income from operations before
  minority interest in O.P.         167,105            151,464
Minority interest ñ Operating
  Partnership(1)                    (34,743)           (32,513)
Income from operations              132,362            118,951
Gain on sale of rental property(2)    1,713                 --
Non-recurring charges(3)            (14,336)                --
Extraordinary item-loss on
  early retirement of debt(4)            --             (2,373)


Net income                         $119,739           $116,578


PER SHARE DATA:
Income from operations - basic        $2.27              $2.13
Net income - basic                    $2.05              $2.09
Income from operations - diluted      $2.26              $2.12
Net income - diluted                  $2.04              $2.07


Dividends declared                    $2.26              $2.10
Basic weighted average
   shares outstanding                58,385             55,840
Diluted weighted average
   shares outstanding                67,133             63,893


(1) Excludes effect of minority interestís share of non-recurring charges, gain on sale of
     rental property and extraordinary items.
(2) Net of minority interestís share in 1999 of $244.
(3) Net of minority interestís share in 1999 of $2,122.
(4) Net of minority interestís share of extraordinary item of $297 in 1998.
                     Mack-Cali Realty Corporation
                Statements of Funds from Operations and 
                   Cash Available for Distribution
             (in thousands, except per share/unit amounts)


                                            Year Ended December 31,
                                               1999          1998
Income from operations before gain on sale
  of rental property and minority interests $167,184      $151,464
Add: Real estate depreciation
  and amortization(1)                         89,731        79,169
Deduct: Adj. to rental income for
  straight-lining of rents(1)                (12,596)      (13,684)
Deduct: Minority interest-
  partially-owned properties                     (79)           --
Funds from operations(2) after adj.
  for straight-lining of rents              $244,240      $216,949
Deduct non-incremental revenue
 generating capital expenditures:
  Capital improvements                        (3,499)       (3,075)
  Tenant improvements and leasing
    commissions(6)                           (29,405)      (19,192)
Cash available for distribution(6)          $211,336      $194,682


Basic weighted average shares/units
  outstanding(3)                              66,885        63,438
Diluted weighted average shares/units
  outstanding(4)                              73,769        70,867


Per Share/Unit - Basic(5):
  Funds from operations                        $3.42         $3.16
  Cash available for distribution(6)           $2.93         $2.81
Per Share/Unit - Diluted:
  Funds from operations                        $3.31         $3.06
  Cash available for distribution(6)           $2.86         $2.75
Dividend per common share                      $2.26         $2.10


Dividend payout ratios:
  Funds from operations-diluted                68.26%        68.60%
  Cash available for distribution-diluted      78.89%        76.44%


(1) Includes FFO adjustments related to Companyís investments in unconsolidated
    joint ventures.
(2) Funds from operations for both periods are calculated in accordance with the
    National Association of Real Estate Investment Trusts (NAREIT) definition, as
    published in March 1995.
(3) Calculated based on weighted average common shares outstanding, assuming
    redemption of operating partnership common units into common shares.
(4) Calculated based on shares and units included in basic per share/unit
    computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred
    units, options and warrants).
(5) Amounts calculated after deduction for distributions to preferred unitholders of
    $15,476 and $16,313 for the year ended December 31, 1999 and 1998, respectively.
(6) 1999 period includes $5.2 million of expenditures during the period related to the
    early releasing of 230,260 square feet of office space at Harborside Financial Center
    in Jersey City, NJ; such new leases carry a weighted average term of 10.1 years.
    Excluding these expenditures, CAD per share for the period would have amounted to
    $3.01 (basic) and $2.94 (diluted).
                       Mack-Cali Realty Corporation
                       Consolidated Balance Sheets
                   (in thousands, except share amounts)


                                                 December 31,
ASSETS:                                    1999                1998
Rental property
   Land and leasehold interests        $  549,096          $  510,534
   Buildings and improvements           3,014,532           2,887,115
   Tenant improvements                     85,057              64,464
   Furniture, fixtures and equipment        6,160               5,686
                                        3,654,845           3,467,799
Less-accumulated depreciation
   and amortization                      (256,629)           (177,934)
Total rental property                   3,398,216           3,289,865


Cash and cash equivalents                   8,671               5,809
Investments in unconsolidated
   joint ventures                          89,134              66,508
Unbilled rents receivable                  53,253              41,038
Deferred charges and other assets, net     66,436              39,020
Restricted cash                             7,081               6,026
Accounts receivable                         6,810               3,928


Total assets                           $3,629,601          $3,452,194


LIABILITIES AND STOCKHOLDERSí EQUITY:
Senior Unsecured Notes                  $ 782,785          $       --
Revolving credit facilities               177,000             671,600
Mortgages and loans payable               530,390             749,331
Dividends and distributions payable        42,499              40,564
Accounts payable and accrued expenses      63,394              33,253
Rents received in advance and
   security deposits                       36,150              29,980
Accrued interest payable                   16,626               2,246
   Total liabilities                    1,648,844           1,526,974
Minority interests:
 Operating Partnership                    455,275             501,313
 Partially-owned properties                83,600                  --
   Total minority interests               538,875             501,313
Commitments and contingencies
Stockholdersí equity:
Preferred stock, 5,000,000 shares
   authorized, none issued                     --                  --
Common stock, $0.01 par value,
   190,000,000 shares authorized,
   58,446,552 and 57,266,137
   shares outstanding                         584                 573
Additional paid-in capital              1,549,888           1,514,648
Dividends in excess of net earnings      (103,902)            (91,314)
Unamortized stock compensation             (4,688)                 --
   Total stockholdersí equity           1,441,882           1,423,907


Total liabilities and 
   stockholdersí equity                $3,629,601          $3,452,194
                    Mack-Cali Realty Corporation
                         Leasing Statistics
                For The Quarter Ended December 31, 1999 


                       CONSOLIDATED PORTFOLIO


               SUMMARY OF SPACE LEASED DURING PERIOD


IN-SERVICE PROPERTIES:
 Square feet leased at September 30, 1999                 26,311,938
 Net leasing activity in 4th quarter 1999                    101,334
 Leased s.f. from 4th quarter 1999 acquisitions/
   properties placed in service                              199,800
 Leased s.f. deducted due to 4th quarter 1999 dispositions  (189,851)
 Occupancy adjustment(1)                                     (11,750)


Square feet leased at December 31, 1999                   26,411,471


Percent leased at December 31, 1999                             96.5%


Square feet of Development/Redevelopment
  Properties Not-in-Service as of December 31, 1999          718,000


                            OFFICE SPACE


                         Number              Weighted    Average
                           of     Rentable    Average     Term
                         Leases     S.F.     Base Rent   (Years)
New Leases:
First generation space     15      79,293     $19.73       6.6
Second generation space    62     440,475     $26.24      12.1
    Total New Leasing      77     519,768     $25.25      11.2


Renewals & extensions      97   1,328,772     $23.29       5.4
Other retained tenants     25     185,432     $24.14       6.2
    Total Leasing         199   2,033,972


Capital Expenditures - Second Generation Space(2):


                              Tenant        Leasing
                         Improvements(3)  Commissions       Total


Expend. committed-4th qtr   $17,309,910   $10,493,373   $27,803,283
Rentable s.f. leased-4th qtr                              1,954,679
Cap. ex. committed
    per r.s.f. per year           $1.27         $0.77         $2.04


(1) Represents the net change in the amount of space leased/expired since the prior
    reporting period in excess of 100 percent of the gross rentable area of certain
    properties in the portfolio.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
                           OFFICE/FLEX SPACE


                         Number              Weighted     Average
                           of     Rentable    Average      Term
                         Leases     S.F.    Base Rent(1)  (Years)
New Leases:
First generation space      1       6,800     $17.83       10.0
Second generation space     4      32,500     $17.18        6.4
    Total New Leasing       5      39,300     $17.29        7.0


Renewals & extensions      19     132,811     $15.03        3.5
Other retained tenants     11      57,499     $18.55        6.5
    Total Leasing          35     229,610


Capital Expenditures - Second Generation Space(2):


                               Tenant        Leasing
                          Improvements(3)  Commissions     Total


Expend. committed-4th qtr       $561,050     $504,956   $1,066,006
Rentable s.f. leased-4th qtr                               222,810
Cap. ex. committed
    per r.s.f. per year            $0.54        $0.48        $1.02


      INDUSTRIAL/WAREHOUSE SPACE ñ no activity during period.


                           LEASE RENEWALS
                              Number of                 Rentable
                               Leases                      S.F.


Leases expiring                  223                   2,162,248
Leases renewed & extended        116                   1,461,583
Other retained tenants            36                     242,931
Total leases retained            152                   1,704,514
Percent retained                68.2%                       78.8%
Future expirations renewed or
relet (included in totals above)  87                   1,502,155


(1) Equals triple net rent plus common area costs and real estate taxes.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.

              UNCONSOLIDATED JOINT VENTURE PROPERTIES


               SUMMARY OF SPACE LEASED DURING PERIOD


IN-SERVICE PROPERTIES:
 Square feet leased at September 30, 1999                 889,681
 Net leasing activity in 4th quarter 1999                  25,215
 Leased s.f. from 4th quarter 1999 acquisitions/
   properties placed in service                           156,515


Square feet leased at December 31, 1999                 1,071,411


Percent leased at December 31, 1999                          87.1%


Square feet of Development/Redevelopment
  Properties Not-in-Service as of December 31, 1999       678,378


                            OFFICE SPACE


                         Number              Weighted     Average
                           of     Rentable    Average      Term
                         Leases     S.F.     Base Rent    (Years)
New Leases:
First generation space      2      25,215     $20.84        9.2
    Total Leasing           2      25,215
                    Mack-Cali Realty Corporation
                          Leasing Statistics
                 For The Year Ended December 31, 1999 


                        CONSOLIDATED PORTFOLIO


                SUMMARY OF SPACE LEASED DURING PERIOD


IN-SERVICE PROPERTIES:
 Square feet leased at December 31, 1998              25,847,457
 Net leasing activity year-to-date                       231,890
 Leased s.f. from 1999 acquisitions/
   properties placed in service                          533,924
 Leased s.f. deducted due to 1999 dispositions          (189,851)
 Occupancy adjustment(1)                                 (11,949)


Square feet leased at December 31, 1999               26,411,471


Percent leased at December 31, 1999                         96.5%


Square feet of Development/Redevelopment
  Properties Not-in-Service as of December 31, 1999      718,000


                            OFFICE SPACE


                         Number              Weighted    Average
                           of     Rentable    Average     Term
                         Leases     S.F.     Base Rent   (Years)
New Leases:
First generation space     27     223,545     $29.28       6.9
Second generation space   244   1,083,943     $24.60       8.6
    Total New Leasing     271   1,307,488     $25.40       8.4


Renewals & extensions     321   2,285,446     $22.80       4.9
Other retained tenants    122     746,633     $25.58       6.6
    Total Leasing         714   4,339,567


Capital Expenditures - Second Generation Space(2):


                              Tenant        Leasing
                         Improvements(3)  Commissions       Total


Expend. committed (y-t-d)   $35,530,654   $21,643,856   $57,174,510
Rentable s.f. leased (y-t-d)                              4,116,022
Cap. ex. committed
    per r.s.f. per year           $1.40         $0.85         $2.25


(1) Represents the net change in the amount of space leased/expired since the prior
    reporting period in excess of 100 percent of the gross rentable area of certain
    properties in the portfolio.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
                          OFFICE/FLEX SPACE


                         Number              Weighted     Average
                           of     Rentable    Average      Term
                         Leases     S.F.    Base Rent(1)  (Years)


New Leases:
First generation space      2      31,040     $14.14       10.0
Second generation space    30     252,143     $12.76        6.8
    Total New Leasing      32     283,183     $12.91        7.2


Renewals & extensions      58     459,979     $13.91        4.4
Other retained tenants     22     139,047     $15.90        6.5
    Total Leasing         112     882,209


Capital Expenditures - Second Generation Space(2):


                               Tenant        Leasing
                          Improvements(3)  Commissions    Total


Expend. committed (y-t-d)     $3,906,614   $1,731,206  $5,637,820
Rentable s.f. leased (y-t-d)                              851,169
Cap. ex. committed 
    per r.s.f. per year            $0.84        $0.37       $1.21


                         INDUSTRIAL/WAREHOUSE SPACE


                         Number              Weighted     Average
                           of    Rentable     Average      Term
                         Leases    S.F.     Base Rent(1)  (Years)


New Leases:
Second generation space     2      49,090     $10.90        3.5


Renewals & extensions       2       3,450     $12.44        1.9
Other retained tenants      2      15,600     $ 9.16        8.8
    Total Leasing           6      68,140


Capital Expenditures - Second Generation Space(2):


                                Tenant        Leasing
                           Improvements(3)  Commissions    Total


Expend. committed (y-t-d)       $187,015      $153,287   $340,302
Rentable s.f. leased (y-t-d)                               68,140
Cap. ex. committed
    per r.s.f. per year            $0.59         $0.49      $1.08


(1) Equals triple net rent plus common area costs and real estate taxes.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
                            LEASE RENEWALS


                              Number of                 Rentable
                               Leases                      S.F.


Leases expiring                  829                   5,058,026
Leases renewed & extended        381                   2,748,875
Other retained tenants           146                     901,280
Total leases retained            527                   3,650,155
Percent retained                63.6%                       72.2%
Future expirations renewed or
relet (included in totals above) 149                   2,124,604
               -------------------------------------
              UNCONSOLIDATED JOINT VENTURE PROPERTIES
               SUMMARY OF SPACE LEASED DURING PERIOD


IN-SERVICE PROPERTIES:
 Square feet leased at December 31, 1998                  625,713
 Net leasing activity year-to-date                        103,625
 Leased s.f. from 1999 acquisitions/
   properties placed in service                           343,515
 Occupancy adjustment(1)                                   (1,442)
Square feet leased at December 31, 1999                 1,071,411
Percent leased at December 31, 1999                          87.1%
Square feet of Development/Redevelopment
  Properties Not-in-Service as of December 31, 1999       678,378


                            OFFICE SPACE


                         Number              Weighted     Average
                           of     Rentable    Average      Term
                         Leases     S.F.     Base Rent    (Years)
New Leases:
First generation space      4      34,145     $20.23        7.8
Second generation space     5      61,588     $28.99        4.7
    Total New Leasing       9      95,733     $25.87        5.8


Renewals & extensions       1       2,805     $24.46        5.0
Other retained tenants      5      26,783     $21.86        4.2
    Total Leasing          15     125,321


Capital Expenditures - Second Generation Space(2):
                              Tenant        Leasing
                         Improvements(3)  Commissions     Total


Expend. committed (y-t-d)    $1,628,852    $272,409    $1,901,261
Rentable s.f. leased (y-t-d)                               91,176
Cap. ex. per r.s.f. per year      $3.93       $0.66         $4.59


(1) Represents the net change in the amount of space leased/expired since the prior
    reporting period in excess of 100 percent of the gross rentable area of certain
    properties in the portfolio.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.