Mack-Cali Realty Corporation Completes $96.25 Million Equity Offering

02/20/1998 Category: Offerings

Company Sells 2.5 Million Common Shares

CRANFORD, NJ--February 20, 1998--Mack-Cali Realty Corporation (NYSE:CLI) today announced it has raised $96.25 million in an equity offering of 2.5 million shares. The shares were priced yesterday at $38.50 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 the sole underwriter of this offering.

"This offering solidifies the investment community's confidence in our future prospects," said Thomas A. Rizk, chief executive officer. "The proceeds increase our financial flexibility and enhance our ability to take advantage of the many exciting growth opportunities we are seeing in the marketplace," he added.

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 212 properties, primarily office and office/flex buildings, totaling approximately 23.2 million square feet and serving approximately 2,300 tenants. Mack-Cali's properties are located in 10 states, primarily in the Northeast and Southwest.

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.