Mack-Cali Realty Corporation Issues $185 Million of Unsecured Corporate Debt to TIAA And Retires Flipper Mortgage Debt of Same Amount
08/03/1999 Category: Financial
CRANFORD, NJ--August 3, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced that it has issued $185.3 million of unsecured corporate debt to Teachers Insurance and Annuity Association (TIAA). The Company used the proceeds to retire an equal amount of flipper mortgage debt, which was held by TIAA and encumbered 43 of Mack-Cali's Westchester properties.
The unsecured debt carries the same interest rate of 7.18% and has the same maturity date of December 31, 2003 as the previous flipper mortgage debt.
Barry Lefkowitz, executive vice president and chief financial officer of Mack-Cali, commented, "These transactions represent another milestone in Mack-Cali's long-range plan to unencumber its balance sheet and access the public debt markets. With the completion of this transaction, our unencumbered asset pool exceeds 70% of our portfolio, greatly enhancing our financial flexibility."
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 255 properties, primarily office and office/flex buildings, totaling approximately 28.3 million square feet located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants.
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.