Mack-Cali Realty Corporation Announces up to $100 Million Share Repurchase Plan
08/06/1998 Category: Financial
CRANFORD, NJ--August 6, 1998--Mack-Cali Realty Corporation (NYSE:CLI) today announced that its Board of Directors has authorized a share repurchase program under which the Company may purchase up to $100 million of the Company's common shares. The potential repurchase at today's closing price equates to approximately five percent of the Company's outstanding common shares. Purchases may be made from time to time in open market transactions at prevailing prices or through privately negotiated transactions.
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 completion of pending Company's pending transactions, Mack-Cali's portfolio will own 250 properties, primarily office and office/flex buildings, totaling approximately 27.5 million square feet and serving over 2,300 tenants. Mack-Cali's properties are located in 12 states and the District of Columbia, primarily in the Northeast, as well as the Southwest and West.
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, current reports on Form 8-K, and annual reports on Form 10-K.