Mack-Cali Statement on Hurricane Sandy Damage
11/09/2012 Category: Miscellaneous
Edison, New Jersey—November 9, 2012—Mack-Cali Realty Corporation (NYSE: CLI) today reported that it suffered minimal damage to its portfolio of office properties, as well as its multi-family residential communities, as a result of Hurricane Sandy, with the exception of 125 Broad Street in Downtown Manhattan.
Mitchell E. Hersh, president and chief executive office of Mack-Cali, commented, “First and foremost we would like to express concern for the entire region impacted by this unprecedented storm. Our property management teams, all of whom continue to work tirelessly, teamed up with the utility companies, local officials, and emergency responders, to maintain our properties and support our tenants and residents during this challenging time.”
While numerous Mack-Cali properties suffered effects from the storm, primarily to landscaping and grounds and the loss of power, all of our properties are now fully operational, with the exception of 125 Broad Street. The Company believes all of its storm-related losses are substantially covered by its comprehensive property, casualty, and flood insurance, subject to standard deductibles.
125 Broad Street, in which Mack-Cali owns condominium interests in approximately 525,000 square feet in the 1.2 million-square-foot office building, experienced heavy flooding and related damage. The building remains closed as engineers and other professionals perform necessary repairs on the building’s operating systems.
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 278 properties consisting of 272 office and office/flex properties totaling approximately 31.7 million square feet and six multi-family rental properties containing over 1,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company’s website at www.mack‑cali.com.
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,” “potential,” “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 heading “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.