Mack-Cali Realty Corporation Declares Increased Third Quarter 2006 Common Cash Dividends

09/19/2006 Category: Dividends

CRANFORD, NEW JERSEY —September 19, 2006 — Mack-Cali Realty Corporation (NYSE: CLI) today announced that its Board of Directors has declared an increased common cash dividend of $0.64 per common share for the period July 1, 2006 through September 30, 2006. This is equivalent to an annualized dividend of $2.56 per common share, a 1.6 percent increase from the previous annualized dividend of $2.52 per common share. The dividend will be paid on October 16, 2006 to shareholders of record as of October 4, 2006.

The Board also declared a cash dividend on its 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period July 15 , 2006 through October 14, 2006. The dividend will be paid on October 16, 2006 to shareholders of record as of October 4, 2006.

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.