Mack-Cali Realty Corporation Announces 650,407-Share Common Stock Offering
03/26/1998 Category: Offerings
CRANFORD, NJ--March 26, 1998--Mack-Cali Realty Corporation (NYSE:CLI) announced today that it has priced a public offering of 650,407 shares of common stock to Wheat First Union at a price of $38.4375 per share. Net proceeds of the sale will be approximately $23.8 million and will be used to repay outstanding indebtedness and for general corporate purposes.
Wheat First Union acted as sole underwriter for the offering. It is anticipated that the shares will be deposited by Wheat First Union into a registered unit investment trust which will include shares from other publicly-traded real estate investment trusts. The offering is expected to be completed on March 27, 1998.
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 completion of pending acquisitions, Mack-Cali will own 241 properties, primarily office and office/flex buildings, totaling approximately 26.1 million square feet and serving over 2,300 tenants. Mack-Cali's properties are located in 11 states, primarily in the Northeast, as well as the Southwest and West.
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.