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Member News – Mack-Cali Realty Corporation
April 29th, 2016

Mack-Cali Realty Corporation (NYSE: CLI) has announced a series of transactions in the redeployment of disposition proceeds as part of its announced strategic plan. The Company has sold approximately $300 million of assets year to date. By May 18, the Company anticipates closing on an additional approximately $70 million in dispositions, has reached agreement on another $63 million of sales, and is currently marketing an additional $230 million in assets. The proceeds from these dispositions will be used to pay down debt, fund development, and purchase suitable acquisitions.

“The sum total of this activity demonstrates clear progress toward achieving the strategic objectives we laid out for the Company,” said Michael J. DeMarco, Mack-Cali president. “These moves reflect our disciplined approach to capital allocation and balance sheet maintenance while ensuring maximum earnings growth and pushing our stock price to over our NAV. The net effect of these transactions is estimated to be 9 cents of earnings accretion for a full year on a GAAP basis and 3 cents on a cash basis.”

The acquisitions/dispositions and debt repayment are part of Mack-Cali’s broad-based portfolio realignment announced as part of their strategic plan last September on balance sheet management while focusing on increasing holdings in waterfront and transit-based locations. To achieve this realignment, the Company has set a goal of $750 million in dispositions to help raise capital for reduction in debt, fund development, and key acquisitions.

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