Mack-Cali Realty Corporation Announces Fourth Quarter Results

        Mack-Cali Realty Corporation Announces Fourth Quarter Results

PR Newswire

EDISON, N.J., Feb. 7, 2013

EDISON, N.J., Feb.7, 2013 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE:
CLI) today reported its results for the fourth quarter 2012.

Recent highlights include:

  oReported funds from operations of $0.66 per diluted share;
  oReported net loss of $0.11 per diluted share;
  oAcquired real estate interests and development and management businesses
    of Roseland Partners, L.L.C.;
  oAcquired luxury multi-family property in Metro Boston;
  oCommenced construction on three key multi-family communities in the
    Northeast;
  oSold three office buildings totaling 222,258 square feet in Moorestown,
    New Jersey; and
  oDeclared $0.45 per share quarterly cash common stock dividend.

FINANCIAL HIGHLIGHTS

Funds from operations (FFO) available to common shareholders for the quarter
ended December 31, 2012 amounted to $65.4 million, or $0.66 per share. For the
year ended December 31, 2012, FFO available to common shareholders equaled
$267.0 million, or $2.67 per share.

Net loss to common shareholders for the fourth quarter 2012 equaled $9.2
million, or $0.11 per share. The results for the fourth quarter include $25.4
million, or $0.25 per share, of losses, net, on disposition of rental property
and impairments. For the year ended December 31, 2012, net income available to
common shareholders amounted to $40.9 million, or $0.47 per share. The results
for the year include $23.0 million, or $0.23 per share, of losses, net, on
disposition of rental property and impairments.

Total revenues for the fourth quarter 2012 were $177.0 million. For the year
ended December 31, 2012, total revenues amounted to $704.7 million.

All per share amounts presented above are on a diluted basis.

The Company had 87,536,292 shares of common stock, and 12,141,836 common
operating partnership units outstanding as of December 31, 2012. The Company
had a total of 99,678,128 common shares/common units outstanding at December
31, 2012.

As of December 31, 2012, the Company had total indebtedness of approximately
$2.2 billion, with a weighted average annual interest rate of 5.86 percent.

The Company had a debt-to-undepreciated assets ratio of 36.7 percent at
December 31, 2012. The Company had an interest coverage ratio of 3.2 times for
the quarter ended December 31, 2012.

Mitchell E. Hersh, president and chief executive officer, commented, "In a
watershed event for Mack-Cali, during the fourth quarter, we acquired Roseland
Properties, a premier, best-in-class multi-family developer and manager in the
Northeast. We are also very excited about our recently announced multi-family
growth initiatives, which are a direct result of the Roseland deal. These
activities reflect progress toward our strategic goalof diversification into
the multi-family sector."

ROSELAND TRANSACTION

In October, the Company acquired the real estate development and management
businesses of Roseland Partners, L.L.C., a premier multi-family residential
community developer and operator in the Northeast, and Roseland's interests in
six operating multi-family properties totaling 1,769 apartments, one
condo-residential property totaling three units and four commercial properties
totaling approximately 212,000 square feet, 13 in-process development
projects, which include nine multi-family properties totaling 2,149
apartments, two garages totaling 1,591 parking spaces and two retail
properties totaling approximately 35,400 square feet, and interests or options
in land parcels which may support approximately 5,980 apartments,
approximately 736,000 square feet of commercial space, and a 321-key hotel.
The locations of the properties extend from New Jersey to Massachusetts. The
majority of the properties are located in New Jersey, in particular, at its
flagship development at Port Imperial in Weehawken and West New York, in
addition to the Jersey City Waterfront and other urban in-fill and
transit-oriented locations.

The Roseland business and real property interests were acquired for aggregate
consideration of up to $134.6 million, subject to adjustment, including $115.0
million in cash at closing and an additional earn-out of up to $15.6 million
in cash over the next three years, under certain conditions. During the
three-year earn-out period, each of Roseland's principals, Marshall Tycher,
Brad Klatt and Carl Goldberg, will serve as co-presidents of Roseland
Management Services, L.P., a newly formed wholly owned subsidiary of
Mack-Cali, pursuant to employment agreements executed at closing. Mitchell E.
Hersh, President and Chief Executive Officer of Mack-Cali Realty Corporation,
also assumed the role of Chairman and Chief Executive of Roseland Management
Services, L.P.

The transaction was financed through a combination of cash on hand and
borrowings under the Company's $600 million unsecured revolving credit
facility.

ACQUISITION

In January, the Company acquired Alterra at Overlook Ridge IA in Metro Boston
for approximately $61.3 million. The Company has also agreed to acquire
Alterra at Overlook Ridge IB for approximately $88 million and expects an
early April closing when the loan that currently encumbers the property opens
for prepayment.

The luxury multi-family properties contain 722 rental units in the master
planned community of Overlook Ridge in Revere and Malden, Massachusetts and is
currently 97.2 percent leased. The properties are being acquired from a
Prudential Insurance Company of America joint venture.

DEVELOPMENTS

In December, the Company's Roseland subsidiary commenced construction of the
following key multi-family communities in the Northeast:

  oRiverParc at Port Imperial, a joint venture with The Prudential Insurance
    Company of America and supported by a construction loan commitment led by
    PNC with participation by Wells Fargo. RiverParc, a 10-story, 280-unit
    luxury multi-family community, will be the latest rental property
    developed in the southern portion of Port Imperial. Port Imperial is a
    mixed-use, master-plan waterfront development which spans two and a half
    miles directly across the Hudson River from Midtown Manhattan. The Company
    anticipates project costs of approximately $96.4 million, not including
    land capital of $21 million.
  oThe Highlands at Overlook Ridge, a joint venture with a fund advised by
    UBS Global Asset Management and supported by a construction loan
    commitment led by Bank of America with participation by TD Bank. This
    371-unit luxury apartment development will be the latest addition to the
    Overlook Ridge masterplan community. Overlook Ridge, a 92-acre community
    developed by Roseland, is conveniently located directly adjacent to U.S.
    Route 1 at the Salem Street interchange, five miles north of downtown
    Boston and 4.5 miles from I-95, Boston's inner beltway in the towns of
    Malden and Revere. To date, Roseland, in joint ventures, has successfully
    completed three residential phases totaling 973 units at Overlook Ridge,
    including Alterra IA in 2004, Alterra IB in 2008, and Quarrystone in 2009.
    The Company anticipates project costs of approximately $79.4 million.
  oPortside at Pier One, a joint venture with The Prudential Insurance
    Company and supported by a construction loan commitment led by Citizens
    Bank with participation by Salem Five. This 176-unit luxury apartment
    project is part of the planned mixed-use community on the East Boston
    waterfront. Portside will include 150 market-rate apartments and a
    26-apartment affordable component in a five-story building adjacent to the
    Pier. The Portside at Pier One project start was a by-product of a 10-year
    Roseland-led effort since being awarded its development designation by the
    Massachusetts Port Authority ("Massport"). The land, owned by Massport, is
    subject to a 95-year non-subordinated ground lease. The overall site
    encompasses 26 acres of East Boston harbor frontage directly facing
    downtown Boston, and represents the most significant piece of undeveloped
    East Boston waterfront. The development was planned as a mixed-use
    waterfront community with luxury rental homes, retail and restaurant
    space, community/public space, a recreational marina, an operational
    shipyard, and public landscaped green space, thus creating a productive
    use and urbanization of the waterfront for the regentrifying East Boston
    Community. The Company anticipates project costs of approximately $66.3
    million.

Upon completion, Roseland will oversee the leasing and management
responsibilities for the properties discussed above.

SALES

In November, the Company sold its three office buildings at Moorestown
Corporate Center totaling 222,258 square feet located at Strawbridge Drive in
Moorestown, New Jersey for net sales proceeds of approximately $19.4 million,
with a loss of approximately $0.1 million from the sale. The Company
previously recognized a valuation allowance of $1.6 million on these
properties at March 31, 2012.

FINANCING ACTIVITY

In November, the Company completed the sale of $250 million face amount of
2.50 percent senior unsecured notes due December 15, 2017 with interest
payable semi-annually in arrears. The net proceeds from the issuance of $246.4
million, after underwriting discount and offering expenses, were used
primarily to repay outstanding borrowings under the Company's unsecured
revolving credit facility.

DIVIDENDS

In December, the Company's Board of Directors declared a cash dividend of
$0.45 per common share (indicating an annual rate of $1.80 per common share)
for the fourth quarter 2012, which was paid on January11, 2013 to
shareholders of record as of January 4, 2013.

LEASING INFORMATION

Mack-Cali's consolidated in-service portfolio was 87.2 percent leased at
December 31, 2012, as compared to 87.5 percent leased at September 30, 2012.

For the quarter ended December 31, 2012, the Company executed 120 leases at
its consolidated in-service portfolio totaling 1,147,218 square feet,
consisting of 926,116 square feet of office space, 106,149 square feet of
office/flex space and 114,953 square feet of industrial/warehouse space. Of
these totals, 375,278 square feet were for new leases and 771,940 square feet
were for lease renewals and other tenant retention transactions.

For the year ended December 31, 2012, the Company executed 546 leases at its
consolidated in-service portfolio totaling 4,117,272 square feet, consisting
of 2,926,587 square feet of office space, 998,529 square feet of office/flex
space and 192,156 square feet of industrial/warehouse space. Of these totals,
1,377,898 square feet were for new leases and 2,739,374 square feet were for
lease renewals and other tenant retention transactions.

Highlights of the quarter's leasing transactions include:

NORTHERN NEW JERSEY:

  oNew Cingular Wireless PCS, LLC, a wireless communications service
    provider, signed renewals in Paramus for 137,991 square feet at Mack-Cali
    Centre VII, 15 E. Midland Avenue and 73,582 square feet at Mack-Cali
    Centre III, 140 E. Ridgewood Avenue. Mack-Cali Centre VII is a 259,823
    square-foot office building that is 80.5 percent leased. Mack-Cali Centre
    III is a 239,680 square-foot office building that is 91.9 percent leased.
  oTowers Watson Pennsylvania, Inc., a global professional services company,
    signed a new lease for 28,500 square feet at 8 Campus Drive in Parsippany.
    The 215,265 square-foot office building, located in Mack-Cali Business
    Campus, is 66.4 percent leased.
  oRegulus Group, LLC, a payment processing and service provider, signed a
    21,500 square-foot renewal at Mack-Cali Centre I, 365 West Passaic Street
    in Rochelle Park. The 212,578 square-foot office building is 84.6 percent
    leased.
  oThe Bank of Tokyo-Mitsubishi UFJ, Ltd., a subsidiary of Mitsubishi UFJ
    Financial Group, signed an expansion for 20,649 square feet at Harborside
    Financial Center Plaza 3 in Jersey City, bringing The Bank of
    Tokyo-Mitsubishi's total square feet leased at the building to 282,606
    square feet. The 725,600 square-foot office building is 86.0 percent
    leased.

CENTRAL NEW JERSEY:

  oAECOM Technology Corporation, a global technical and support services
    firm, signed transactions totaling 70,932 square feet at 30 Knightsbridge
    Road in Piscataway, consisting of a 59,652 square-foot renewal and an
    11,280 square-foot expansion. The four-building office complex, totaling
    680,350 square feet, is 92.7 percent leased.
  oHealthEd Group, Inc., a health care marketing agency, renewed 22,390
    square feet at 100 Walnut Avenue in Clark. The 182,555 square-foot office
    building is 100 percent leased.

MANHATTAN:

  oAECOM Technology Corporation signed a new lease for 91,414 square feet at
    125 Broad Street in Manhattan.
  oAlso at 125 Broad Street, Institute for Community Living, Inc., a
    not-for-profit corporation that assists individuals with disabilities,
    signed a new lease for 41,594 square feet. Mack-Cali's ownership interests
    of 524,476 square feet in the building are 100 percent leased.

WESTCHESTER COUNTY, NEW YORK:

  oBarrie House Coffee Co. Inc., a coffee manufacturing and allied product
    distribution company, signed a new lease for 67,721 square feet at 4
    Warehouse Lane in Elmsford. The 195,500 square-foot industrial/warehouse
    building, located in Elmsford Distribution Center, is 96.7 percent leased.
  oNestle Waters North America, Inc., the bottled water company, signed a
    renewal for 47,232 square feet at 5 Warehouse Lane in Elmsford. Also
    located in the Elmsford Distribution Center, this 75,100 square-foot
    industrial/warehouse building is 97.1 percent leased.
  oThe Bronx-Lebanon Hospital Center signed transactions totaling 20,625
    square feet at 1 Executive Boulevard in Yonkers, consisting of an 18,140
    square-foot renewal and a 2,485 square-foot expansion. The 112,000
    square-foot office building, located in South Westchester Executive Park,
    is 100 percent leased.
  oHQ Global Workplaces LLC, a provider of workplace solutions, signed a
    renewal for 22,064 square feet at 50 Main Street in White Plains. The
    309,000 square-foot office building, located in Westchester Financial
    Center, is 85.2 percent leased.

Included in the Company's Supplemental Operating and Financial Data for the
fourth quarter 2012 are schedules highlighting the leasing statistics for both
the Company's consolidated and joint venture properties.

The supplemental information is available on Mack-Cali's website, as follows:
http://www.mack-cali.com/file-uploads/4th.quarter.sp.12.pdf

ADDITIONAL INFORMATION

The Company expressed comfort with net income and FFO per diluted share for
the full year 2013, as follows:

                                                       Full Year
                                                       2013 Range
Net income available to common shareholders            $0.32 - $0.52
Add: Real estate-related depreciation and amortization 2.08
Funds from operations available to common shareholders $2.40 - $2.60

These estimates reflect management's view of current market conditions and
certain assumptions with regard to rental rates, occupancy levels and other
assumptions/projections. Actual results could differ from these estimates.

An earnings conference call with management is scheduled for today, February
7, 2013 at 10:00 a.m. Eastern Time, which will be broadcast live via the
Internet at:
http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=96021&eventID=4900856

The live conference call is also accessible by calling (719) 325-2393 and
requesting the Mack-Cali conference call.

The conference call will be rebroadcast on Mack-Cali's website at
http://www.mack-cali.com beginning at 2:00 p.m. Eastern Time on February 7,
2013  through February 14, 2013.

A replay of the call will also be accessible during the same time period by
calling (719) 457-0820 and using the pass code 2794961.

Copies of Mack-Cali's Form 10-K and Supplemental Operating and Financial Data
are available on Mack‑Cali's website, as follows:

2012 Form 10-K:
http://www.mack-cali.com/file-uploads/10k.12.pdf

Fourth Quarter 2012 Supplemental Operating and Financial Data:
http://www.mack-cali.com/file-uploads/4th.quarter.sp.12.pdf

In addition, these items are available upon request from:
Mack-Cali Investor Relations Department
343 Thornall Street, Edison, New Jersey 08837-2206
(732) 590-1000 ext. 1143

INFORMATION ABOUT FFO

Funds from operations ("FFO") is defined as net income (loss) before
noncontrolling interest of unitholders, computed in accordance with generally
accepted accounting principles ("GAAP"), excluding gains (or losses) from
extraordinary items, sales of depreciable rental property, and impairments
related to depreciable rental property, plus real estate-related depreciation
and amortization. The Company believes that FFO per share is helpful to
investors as one of several measures of the performance of an equity REIT. The
Company further believes that as FFO per share excludes the effect of
depreciation, gains (or losses) from sales of properties and impairments
related to depreciable rental property (all of which are based on historical
costs which may be of limited relevance in evaluating current performance),
FFO per share can facilitate comparison of operating performance between
equity REITs.

FFO per share should not be considered as an alternative to net income
available to common shareholders per share as an indication of the Company's
performance or to cash flows as a measure of liquidity. FFO per share
presented herein is not necessarily comparable to FFO per share presented by
other real estate companies due to the fact that not all real estate companies
use the same definition. However, the Company's FFO per share is comparable to
the FFO per share of real estate companies that use the current definition of
the National Association of Real Estate Investment Trusts ("NAREIT"). A
reconciliation of net income per share to FFO per share is included in the
financial tables accompanying this press release.

ABOUT THE COMPANY

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 271 office and office/flex properties totaling
approximately 31.6 million square feet and seven multi-family rental
properties containing over 2,000 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.

The information in this press release must be read in conjunction with, and is
modified in its entirety by, the Annual Report on Form 10-K (the "10-K") filed
by the Company for the same period with the Securities and Exchange Commission
(the "SEC") and all of the Company's other public filings with the SEC (the
"Public Filings"). In particular, the financial information contained herein
is subject to and qualified by reference to the financial statements contained
in the 10-K, the footnotes thereto and the limitations set forth therein.
Investors may not rely on the press release without reference to the 10-K and
the Public Filings.

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.

Mack-Cali Realty Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
                           Quarter Ended             Year Ended

                           December 31,              December31,
Revenues                   2012         2011         2012         2011
Base rents                 $  145,495 $ 147,772   $  582,565  $ 586,710
Escalations and recoveries 18,996       20,277       81,556       92,343
from tenants
Construction services      4,322        3,075        13,557       12,058
Real estate services       5,163        1,463        8,769        5,199
Other income               3,054        2,925        18,296       12,796
Total revenues             177,030      175,512      704,743      709,106
Expenses
Real estate taxes          23,764       23,142       93,377       85,887
Utilities                  14,715       15,863       63,046       72,026
Operating services         30,037       29,444       111,067      114,313
Direct construction costs  4,052        2,802        12,647       11,458
General and administrative 12,549       8,947        47,868       35,444
Depreciation and           47,349       47,603       189,008      190,050
amortization
Impairments                18,245       --           18,245       --
Total expenses             150,711      127,801      535,258      509,178
Operating income           26,319       47,711       169,485      199,928
Other (Expense) Income
Interest expense           (29,584)     (31,337)     (122,368)    (124,187)
Interest and other         8            9            35           39
investment income
Equity in earnings of
unconsolidated joint       (662)        848          4,089        2,022
ventures
Loss from early            (545)        --           (4,960)      --
extinguishment of debt
Total other (expense)      (30,783)     (30,480)     (123,204)    (122,126)
income
Income from continuing     (4,464)      17,231       46,281       77,802
operations
Discontinued Operations:
Income (loss) from         1,044        1,207        4,763        3,585
discontinued operations
Realized gains (losses)
and unrealized losses on   (7,165)      --           (4,775)      --
disposition of rental
property, net
Total discontinued         (6,121)      1,207        (12)         3,585
operations, net
Net (loss) income          (10,585)     18,438       46,269       81,387
Noncontrolling interest in
consolidated joint         74           94           330          402
ventures
Noncontrolling interest in 536          (2,185)      (5,679)      (9,908)
Operating Partnership
Noncontrolling interest in 748          (153)        2            (461)
discontinued operations
Preferred stock dividends  --           (72)         --           (1,736)
Net (loss) income          $  
available to common        (9,227)     $  16,122  $   40,922 $  69,684
shareholders
PER SHARE DATA:
Basic earnings per common  $         $    0.18 $        $    0.81
share                      (0.11)                    0.47
Diluted earnings per       $         $    0.18 $        $    0.81
common share               (0.11)                    0.47
Basic weighted average     87,527       87,226       87,742       86,047
shares outstanding
Diluted weighted average   99,695       99,940       99,996       98,962
shares outstanding



Mack-Cali Realty Corporation

Statements of Funds from Operations

(in thousands, except per share/unit amounts) (unaudited)
                                Quarter Ended         Year Ended
                                December 31,
                                                      December 31,
                                2012       2011       2012        2011
Net (loss) income available to  $ (9,227) $ 16,122   $ 40,922   $   69,684
common shareholders
Add (deduct): Noncontrolling
interest in Operating           (536)      2,185      5,679       9,908
Partnership
Noncontrolling interest in      (748)      153        (2)         461
discontinued operations
Real estate-related
depreciation and amortization   49,833     48,534     194,255     193,854
on continuing operations (1)
Real estate-related
depreciation and amortization   666        1,070      3,090       3,537
on discontinued operations
Impairments                     18,245     --         18,245      --
Discontinued operations:
Realized (gains) losses and
unrealized losses on            7,165      --         4,775       --
disposition of rental property,
net

                                $ 65,398  $ 68,064   $ 266,964   $  277,444
Funds from operations available
to common shareholders (2)
Diluted weighted average        99,695     99,940     99,996      98,962
shares/units outstanding (3)
Funds from operations per       $   0.66 $   0.68 $   2.67 $    
share/unit – diluted                                              2.80
Dividends declared per common   $   0.45 $   0.45 $   1.80 $    
share                                                             1.80
Dividend payout ratio:
Funds from operations-diluted   68.65%     66.08%     67.42%      64.21%
Supplemental Information:
Non-incremental revenue
generating capital
expenditures:
Building improvements           $  9,772 $  9,663  $ 29,133   $   24,768
Tenant improvements and leasing $ 13,783  $ 10,772   $ 49,985   $   42,439
commissions (4)
Straight-line rent adjustments  $  4,146 $  1,525  $  9,083  $   
(5)                                                               6,548
Amortization of (above)/below   $   527 $   410 $  1,567  $   
market lease intangibles, net                                     1,360

(1) Includes the Company's share from unconsolidated joint ventures of
$2,560 and $1,064 for the quarters ended December 31, 2012 and 2011,
respectively, and $5,524 and $4,278 for the years ended December 31, 2012 and
2011, respectively. Excludes non-real estate-related depreciation and
amortization of $76 and $133 for the quarters ended December 31, 2012 and
2011, respectively, and $276 and $474 for the years ended December 31, 2012
and 2011, respectively.

(2) Funds from operations is calculated in accordance with the definition
of FFO of the National Association of Real Estate Investment Trusts (NAREIT)
definition. For further discussion, see "Information About FFO" in this
release.

(3) Calculated based on weighted average common shares outstanding,
assuming redemption of Operating Partnership common units into common shares
(12,168 and 12,644 shares for the quarters ended December 31, 2012 and 2011,
respectively, and 12,180 and 12,808 for the years ended December 31, 2012 and
2011, respectively), plus dilutive Common Stock Equivalents (i.e. stock
options).

(4) Excludes expenditures for tenant spaces that have not been owned for at
least a year or were vacant for more than a year.

(5) Includes the Company's share from unconsolidated joint ventures of
$(13) and $45 for the quarters ended December 31, 2012 and 2011, respectively,
and $37 and $199 for the years ended December 31, 2012 and 2011, respectively.

Mack-Cali Realty Corporation

Statements of Funds from Operations Per Diluted Share

(amounts are per diluted share, except share count in thousands) (unaudited)
                                 Quarter Ended
                                                      Year Ended December31,
                                 December31,
                                 2012        2011     2012        2011
Net (loss) income available to   $  (0.11) $  0.18 $ 0.47     $  0.81
common shareholders
Add (deduct): Real
estate-related depreciation and  0.50        0.49     1.94        1.96
amortization on continuing
operations (1)
Real estate –related
depreciation and amortization on 0.01        0.01     0.03        0.04
discontinued operations
Impairments                      0.18        --       0.18        --
Realized (gains) losses and
unrealized losses on disposition 0.07        --       0.05        --
of rental property, net
Noncontrolling interest/rounding 0.01        --       --          (0.01)
adjustment

                                 $  0.66   $  0.68 $ 2.67     $  2.80
Funds from operations available
to common shareholders (2)
Diluted weighted average         99,695      99,940   99,996      98,962
shares/units outstanding (3)

(1) Includes the Company's share from unconsolidated joint ventures of
$0.02 and $0.01 for the quarters ended December 31, 2012 and 2011,
respectively, and $0.05 and $0.04 for the years ended December 31, 2012 and
2011, respectively.

(2) Funds from operations is calculated in accordance with the definition
of FFO of the National Association of Real Estate Investment Trusts (NAREIT)
definition. For further discussion, see "Information About FFO" in this
release.

(3) Calculated based on weighted average common shares outstanding,
assuming redemption of Operating Partnership common units into common shares
(12,168 and 12,644 shares for the quarters ended December 31, 2012 and 2011,
respectively, and 12,180 and 12,808 for the years ended December 31, 2012 and
2011, respectively), plus dilutive Common Stock Equivalents (i.e. stock
options).

Mack-Cali Realty Corporation

Consolidated Balance Sheets

(in thousands, except per share amounts)
                                                   December 31,
                                                   2012          2011
Assets
Rental property
Land and leasehold interests                       $   782,315 $   773,026
Buildings and improvements                         4,104,472     4,001,943
Tenant improvements                                489,608       500,336
Furniture, fixtures and equipment                  3,041         4,465
                                                   5,379,436     5,279,770
Less - accumulated deprec. & amort.                (1,478,214)   (1,409,163)
                                                   3,901,222     3,870,607
Rental property held for sale, net                 60,863        --
Net investment in rental property                  3,962,085     3,870,607
Cash and cash equivalents                          58,245        20,496
Investments in unconsolidated joint ventures       132,339       32,015
Unbilled rents receivable, net                     139,984       134,301
Deferred charges and other assets, net             204,874       210,470
Restricted cash                                    19,339        20,716
Accounts receivable, net                           9,179         7,154
Total assets                                       $  4,526,045 $ 4,295,759
Liabilities and Equity
Senior unsecured notes                             $ 1,446,894  $ 1,119,267
Revolving credit facility                          --            55,500
Mortgages, loans payable and other obligations     757,495       739,448
Dividends and distributions payable                44,855        44,999
Accounts payable, accrued expenses and other       124,822       100,480
liabilities
Rents received in advance and security deposits    55,917        53,019
Accrued interest payable                           27,555        29,046
Total liabilities                                  2,457,538     2,141,759
Commitments and contingencies
Equity:
Mack-Cali Realty Corporation stockholders' equity:
Common stock, $0.01 par value, 190,000,000 shares
authorized,
87,536,292 and 87,799,479 shares outstanding      875           878
Additional paid-in capital                         2,530,621     2,536,184
Dividends in excess of net earnings                (764,522)     (647,498)
Total Mack-Cali Realty Corporation stockholders'   1,766,974     1,889,564
equity
Noncontrolling interests in subsidiaries:
Operating Partnership                              245,091       262,499
Consolidated joint ventures                        56,442        1,937
Total noncontrolling interests in subsidiaries     301,533       264,436
Total equity                                       2,068,507     2,154,000
Total liabilities and equity                       $ 4,526,045  $ 4,295,759



Contact: Barry Lefkowitz              Ilene Jablonski
         Executive Vice President     Vice President of Marketing
         and Chief Financial Officer Mack-Cali Realty Corporation
         Mack-Cali Realty Corporation (732) 590-1000
         (732) 590-1000

SOURCE Mack-Cali Realty Corporation

Website: http://www.mack-cali.com
 
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