Cali Realty Corporation Completes $69 Million Equity Offering

08/08/1996 Category: Offerings

Company Sells 3 Million Common Shares

CRANFORD, NJ--August 8, 1996--Cali Realty Corporation (NYSE:CLI) today announced it has raised $69.4 million in an equity offering of 3 million shares. The shares were priced yesterday at $23 1/8 per share. The net proceeds raised in this offering will be used to retire existing debt and for general corporate purposes.

Prudential Securities Incorporated acted as sole underwriter of this offering.

"We're pleased at the positive reaction of the investment community to our offering," said Thomas A. Rizk, President and CEO of Cali. "The proceeds raised significantly increase our financial flexibility, enhancing Cali's ability to take advantage of market opportunities."

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. The Company owns 45 properties, primarily office and office/flex buildings, totaling approximately 4.6 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.