Mack-Cali Realty Corporation Declares 10 Percent Increase in Cash Dividend for Third Quarter 1998
09/18/1998 Category: Dividends
CRANFORD, NJ--September 18, 1998--Mack-Cali Realty Corporation (NYSE:CLI) today announced that the Company has raised its quarterly cash dividend to $0.55 per share, from $0.50 per share, for a 10 percent increase, effective for the quarter ending September 30, 1998. This is an indicated annual rate of $2.20 per share and represents a dividend yield of 8.07% based on the closing price of $27.25 on September 17, 1998.
The previous quarterly dividend was $0.50 per share, an indicated annual rate of $2.00 per share. The dividend will be paid on October 23, 1998, to shareholders of record as of October 5, 1998.
Commenting on the dividend increase, Barry Lefkowitz, executive vice president and chief financial officer, stated, "As we have consistently done with the third quarter dividend of every full year since the Company's inception, we are pleased to once again announce an increase in our dividend. Our increasing earnings from strong internal growth and acquisitions during the last year have led to the significant dividend increase while maintaining a low pay-out ratio. We anticipate that the Company's dividends paid in 1998 will result in no return of capital to our shareholders." Mr. Lefkowitz continued, "As a result of tight real estate market conditions, and our high portfolio occupancy, we expect our earnings stream to remain strong for the foreseeable future."
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 transactions, Mack-Cali will own or have interests in 251 properties, primarily office and office/flex buildings, totaling approximately 27.7 million square feet, serving over 2,300 tenants in 12 states and the District of Columbia.
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, current reports on Form 8-K, and annual reports on Form 10-K.