Mack-Cali Realty Corporation Announces Status of $150 Million Share Repurchase Program

12/12/2000 Category: Financial

CRANFORD, NEW JERSEY - December 11, 2000 - Mack-Cali Realty Corporation (NYSE: CLI) today announced that between September 22, 2000 and December 8, 2000, The Company has purchased 1.5 million shares of its Common Stock in the open market at an average price of $27.04 per share, aggregating a total cost of $40.7 million.

Mitchell E. Hersh, chief executive officer of Mack-Cali, stated, "Since our announcement of our enhanced common stock repurchase program, we have been an active participant in the open market." Mr. Hersh continued, "The management team, along with the support of the Board of Directors remains focused on continuing to prudently execute this plan."

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 267 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.2 million square feet. The properties 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

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.