Mack-Cali Comments on CarrAmerica Investment

02/23/2006 Category: Miscellaneous

Cranford, New Jersey—February 23, 2006—Mack-Cali Realty Corporation (NYSE: CLI) today commented on its stock investment in CarrAmerica Realty Corporation (NYSE:CRE). As indicated in its 10-K filing, Mack-Cali currently holds 1,804,800 shares of common stock in CarrAmerica that it recently acquired.

Mitchell Hersh, president and chief executive officer of Mack-Cali said, "We made an investment in CarrAmerica at a time when we thought that company's stock was significantly undervalued. We believed that it was a strong company with a strong portfolio and underappreciated by the investment community. Our investment has paid off subsequently.

"We were also aware of reports that CarrAmerica might begin to look at its strategic alternatives — just as a number of other public REITs have been looking and some of them have been acquired and/or taken private. Given that some of our geographic interests overlap — particularly in the Washington, DC market — we would be interested in talking to the company about some of its assets should they become available.

"Our investment in CarrAmerica should not be construed as any first step toward a plan to become a national player. There is no such plan at this time."

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 currently owns or has interests in 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,200 tenants. Additional information on Mack-Cali Realty Corporation is available on the Company's website at

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.