Mack-Cali Realty Corporation Suspends Dividend for Third and Fourth Quarters of 2020

JERSEY CITY, N.J., Sept. 30, 2020 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) announced today that it will be suspending its common dividend for the third and fourth quarters of 2020.

Having satisfied its dividend obligation on taxable income expected for 2020, the Company has made the strategic decision to suspend distribution of its common stock dividends for the third and fourth quarters of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside campus on the Jersey City waterfront. The Board intends to revisit the resumption of the quarterly dividend in the first quarter of 2021.

The Company also announced progress on the disposition of its suburban office assets, including completion of the Phase 1 sale of its Parsippany and Giralda Farms portfolio, comprising 11 buildings in Morris County, NJ; the 325 Columbia Turnpike asset in Florham Park, NJ; and the first asset of its Phase II sales tranche of its Parsippany and Giralda Farms portfolio, 9 Campus Drive in Parsippany, NJ. The combined proceeds of $213.3 million from the sales were used to retire balances on the Company's corporate line of credit.

"We are acting decisively to execute our strategy and fortify our balance sheet given the uncertainty of the ongoing pandemic," said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer. "We continue to move expeditiously to sell our suburban office assets, deliver new multifamily units and explore programmatic solutions to our Harborside leasing efforts that amplify the unique value of that campus."

About Mack-Cali Realty Corporation

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout New Jersey. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

A fully integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for over two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.

Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multifamily residential communities available for lease can be found on the Company's website at www.mack-cali.com.

Forward-Looking Statements

Statements made in this communication 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," "projected," "should," "expect," "anticipate," "estimate," "target," "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 Report 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, except as required under applicable law.

Media Contact:
Jeremy Soffin
[email protected] 
(646) 200-5318

SOURCE Mack-Cali Realty Corporation