Mack-Cali Comments on The Mills Corporation's Meadowlands Xanadu Financing Announcement

08/22/2006 Category: Financial

Cranford, New Jersey--August 22, 2006--Mack-Cali President and Chief Executive Officer Mitchell E. Hersh issued the following comment today regarding The Mills Corporation's announcement on its letter of intent to build and finance the Meadowlands Xanadu project:

"We are very pleased about the latest developments regarding Meadowlands Xanadu announced by The Mills Corporation today. Colony Capital is an outstanding real estate organization. To be clear on one point -- the Mills announcement this morning incorrectly referenced an additional financial commitment by Mack-Cali. In fact, our $32.5 million investment, fully funded as of April 2005, is Mack-Cali's maximum commitment to the entertainment and retail component of the project."

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 320 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 35.9 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,600 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," "plan," "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.