Cali Realty Corporation Completes 13 Million Share Offering at $39.8125

10/09/1997 Category: Offerings

CRANFORD, NJ--October 9, 1997--Cali Realty Corporation (NYSE:CLI) today announced the completion of a public offering of 13 million shares of common stock, priced at $39.8125 per share. The offering will result in aggregate net proceeds to the Company of approximately $491 million.

The Company presently intends to use the net proceeds from the offering to reduce outstanding borrowings under its revolving credit facilities, to fund a portion of the purchase price of its transaction with The Mack Company and Patriot American Office Group, and for general corporate purposes.

The underwriting team, led by Prudential Securities Incorporated, included Bear, Stearns & Co. Inc., Donaldson, Lufkin & Jenrette Securities Corporation, Morgan Stanley Dean Witter, PaineWebber Incorporated, Smith Barney Inc., UBS Securities, and Wheat First Butcher Singer.

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 132 properties, primarily office and office/flex buildings, totaling approximately 12.2 million square feet. All of the properties are located in New Jersey, New York, Pennsylvania and Connecticut.

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 in the northeast and other markets; 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.