Mack-Cali Realty Corporation Declares 5.2% Increase in Cash Dividend for Third Quarter 2000
09/26/2000 Category: Dividends
CRANFORD, NEW JERSEY — September 26, 2000 — Mack-Cali Realty Corporation (NYSE:CLI) today announced its Board of Directors has authorized a raise in the Company's quarterly cash dividend to $0.61 per share, from $0.58 per share, for a 5.2% increase, effective for the quarter ending September 30, 2000. This is an indicated annual rate of $2.44 per share and represents a dividend yield of 8.9% based on the closing price of $27.5625 on September 25, 2000.
The dividend will be paid on October 23, 2000 to shareholders of record as of October 4, 2000.
Mitchell E. Hersh, chief executive officer, commented, "The increase in the dividend reflects the ongoing confidence of the Board and senior management in the core business strengths and long term potential of Mack-Cali. The Company's dividend has grown consistently since Mack-Cali went public in 1994, underscoring our continued commitment to enhancing shareholder returns."
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 266 properties, primarily office and office/flex buildings, totaling approximately 28.2 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. Many factors could cause Mack-Cali to delay or modify its self-tender offer. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or cause Mack-Cali to delay or modify its self-tender offer. Among those risks, trends and uncertainties are the general economic climate; the supply 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.