Mack-Cali Realty Corporation Declares Increase In Cash Dividend For Third Quarter 2001

09/21/2001 Category: Dividends

CRANFORD, NEW JERSEY - September 21, 2001 - Mack-Cali Realty Corporation (NYSE:CLI) today announced its Board of Directors has authorized an increase in the Company's quarterly cash dividend to $0.62 per share from $0.61 per share, effective for the quarter ending September 30, 2001. This is an indicated annual rate of $2.48 per share and represents a dividend yield of 8.2 percent based on the closing price of $30.10 on September 20, 2001. The increase in the Company's dividend represents the seventh straight year in which the Company has raised its quarterly dividend since the Company's initial public offering in 1994.

The dividend will be paid on October 22, 2001 to shareholders of record as of October 3, 2001.

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 269 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.5 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 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.