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Mack-Cali Realty Corporation Announces Third Quarter Results

Date : 10/25/2012 @ 4:43PM
Source : PR Newswire (US)
Stock : Mack Cali Realty Corp (CLI)
Quote : 18.54  0.03 (0.16%) @ 7:26PM
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Mack-Cali Realty Corporation Announces Third Quarter Results

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Mack-Cali Realty Corporation Announces Third Quarter Results

EDISON, N.J., Oct. 25, 2012 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the third quarter 2012.

Recent highlights include:

  • Reported funds from operations of $0.65 per diluted share;
  • Reported net income of $0.16 per diluted share;
  • Acquired real estate interests and development and management businesses of Roseland Partners, L.L.C.; and
  • Declared $0.45 per share quarterly cash common stock dividend.

FINANCIAL HIGHLIGHTS

Funds from operations (FFO) available to common shareholders for the quarter ended September 30, 2012 amounted to $65.0 million, or $0.65 per share.  For the nine months ended September 30, 2012, FFO available to common shareholders equaled $201.6 million, or $2.01 per share.

Net income available to common shareholders for the third quarter 2012 equaled $14.3 million, or $0.16 per share.  For the nine months ended September 30, 2012, net income available to common shareholders amounted to $50.1 million, or $0.57 per share.

Total revenues for the third quarter 2012 were $173.2 million.  For the nine months ended September 30, 2012, total revenues amounted to $534.7 million.

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

The Company had 87,821,885 shares of common stock, and 12,177,122 common operating partnership units outstanding as of September 30, 2012. The Company had a total of 99,999,007 common shares/common units outstanding at September 30, 2012.

As of September 30, 2012, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 6.19 percent.

The Company had a debt-to-undepreciated assets ratio of 34.4 percent at September 30, 2012.  The Company had an interest coverage ratio of 3.1 times for the quarter ended September 30, 2012.

In July, the Company entered into a ground lease with Wegmans Food Markets, Inc. at its undeveloped site in Hanover Township, New Jersey.  Subject to receiving all necessary governmental approvals, Wegmans intends to construct a store of approximately 140,000 square feet on a finished pad to be delivered by the Company in the first quarter of 2014.  The Company expects to incur costs of approximately $12.1 million for the construction of the finished pad (of which the Company has incurred $0.5 million through September 30, 2012).

Mitchell E. Hersh, president and chief executive officer, commented, "While overall market activity continues to be sluggish we are pleased that we've successfully completed lease transactions for 932,990 square feet and have maintained a healthy occupancy rate of 87.5 percent within our portfolio. And, as we enter the fourth quarter, we are poised to capitalize on the many opportunities for growth resulting from our recent acquisition of Roseland Partners – one that marks a fundamental step in a strategic diversification where multi-family residential is a key component of our growth strategy."

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 four 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, consisting of $115.0 million in cash and approximately $4.0 million of assumed debt 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.

EQUITY ACTIVITY

In September, the Company's Board of Directors authorized a share repurchase program under which the Company may purchase up to $150 million of the Company's outstanding Common Stock.  Purchases may be made from time to time in open market transactions or through privately negotiated transactions.

DIVIDENDS

In September, 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 third quarter 2012, which was paid on October 12, 2012 to shareholders of record as of October 3, 2012.

LEASING INFORMATION

Mack-Cali's consolidated in-service portfolio was 87.5 percent leased at September 30, 2012, as compared to 87.6 percent leased at June 30, 2012. 

For the quarter ended September 30, 2012, the Company executed 121 leases at its consolidated in-service portfolio totaling 932,990 square feet, consisting of 511,963 square feet of office space, 343,824 square feet of office/flex space and 77,203 square feet of industrial/warehouse space.  Of these totals, 373,177 square feet were for new leases and 559,813 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter's leasing transactions include:

NORTHERN NEW JERSEY:

  • NICE Systems Inc., a provider of software solutions, signed a new lease for 34,416 square feet at Mack-Cali Centre VI, 461 From Road in Paramus.  The 253,554 square-foot office building is 40.8 percent leased.
  • DSM Services USA, Inc., a life sciences and materials company, signed a new lease for 31,899 square feet at 8 Campus Drive in Parsippany.  The 215,265 square-foot office building, located in Mack-Cali Business Campus, is 48.0 percent leased.
  • ORBCOMM Inc., a global satellite data communications company, signed a new lease for 31,159 square feet at Mack-Cali Centre V, 395 W. Passaic Street in Rochelle Park.  The 100,589 square-foot office building is 65.3 percent leased.
  • MCI Communications Services, Inc., a global telecommunications company, signed a renewal for 20,698 square feet at 101 Hudson Street in Jersey City.  The 1,246,283 square-foot office building is 89.0 percent leased.
  • ProSight Specialty Insurance, an insurance holding company, signed a lease expanding their current space by 16,721 square feet at 412 Mt. Kemble Avenue in Morris Township.  The 475,100 square-foot office building is 67.9 percent leased.
  • Manfrotto Distribution, Inc., an importer and distributor of imaging-related products, signed a new lease for 16,009 square feet at 10 Mountainview Road in Upper Saddle River.  The 192,000 square-foot office building is 82.4 percent leased.

WESTCHESTER COUNTY, NEW YORK:

  • United Parcel Service, Inc. signed a renewal for the entire 77,200 square-foot 3 Warehouse Lane in Elmsford.  The industrial/warehouse building is located in Elmsford Distribution Center.
  • CSC Holdings, Inc., the parent company of Cablevision Systems, a global telecommunications and media company, signed a renewal for 38,900 square feet at 6 Executive Plaza in Yonkers.  The 80,000 square-foot office/flex building, located in South Westchester Executive Park, is 100 percent leased.
  • The Artina Group, Inc., a manufacturer of software compatible forms for business printing, signed a relocation and extension of 19,250 square feet at 250 Clearbrook Road in Elmsford.
  • Also at 250 Clearbrook Road, General Phosphorix LLC, a distributor of novel beverages, signed transactions totaling 18,250 square feet representing a 15,350 square-foot renewal and a 2,900 square-foot expansion. The 155,000 square-foot office/flex building, located in Cross Westchester Executive Park, is 94.5 percent leased.
  • Phoenix Fitness Ventures, Inc. dba Court Sports, a fitness health club, signed a new lease for 17,863 square feet at 150 Clearbrook Road in Elmsford.  The 74,900 square-foot office/flex building, located in Cross Westchester Executive Park, is 99.3 percent leased.

CONNECTICUT:

  • FedEx Ground Package System, Inc. signed a lease extension for the entire 66,000 square feet at 600 West Avenue in Stamford Executive Park in Stamford.

SUBURBAN PHILADELPHIA:

  • Cort Business Services Corp., a Berkshire Hathaway Inc. company and a provider of furniture rental and services, signed a renewal for 46,880 square feet at 31 Twosome Drive in Moorestown, NJ.  The 84,200 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.

Additionally, RGN, a subsidiary of HQ Global Workplaces, LLC, signed new leases totaling 110,242 square feet at the following locations:

  • 13,503 square feet at 999 Riverview Drive in Totowa, NJ.  The 56,066 square-foot office building, located at Mack-Cali Commercenter, is 89.2 percent leased.
  • 16,332 square feet at 233 Mount Airy Road in Basking Ridge, NJ.  The 66,000 square-foot office building is 24.7 percent leased.
  • 15,512 square feet at 30 Knightsbridge Road in Piscataway, NJ.  30 Knightsbridge Road is a four-building office complex totaling 680,350 square feet and is 91.0 percent leased.
  • 12,370 square feet at Mack-Cali Woodbridge at 581 Main Street in Woodbridge, NJ.  The 200,000 square-foot office building is 99.3 percent leased.
  • 9,797 square feet at 20 Commerce Drive in Cranford, NJ.  The 176,600 square-foot office building, located in Cranford Business Park, is 99.4 percent leased.
  • 14,811 square feet at 7 Skyline Drive in Hawthorne, NY.  The 109,000 square-foot office building, located in Mid-Westchester Executive Park, is 82.0 percent leased.
  • 14,112 square feet at Five Sentry Park West in Blue Bell, PA.  The 38,400 square-foot office building is 68.3 percent leased.
  • 13,805 square feet at 400 Rella Boulevard in Suffern, NY.  The 180,000 square-foot office building is 93.6 percent leased.

Included in the Company's Supplemental Operating and Financial Data for the third 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/3rd.quarter.sp.12.pdf

ADDITIONAL INFORMATION

The Company expressed comfort with net income and FFO per diluted share for the full year 2012 and 2013, as follows:


Full Year

Full Year


2012 Range

2013 Range

Net income available to common shareholders

$0.69 - $0.73

$0.32 - $0.52

Add: Real estate-related depreciation and amortization

1.96

2.08

Deduct: Realized (gains) losses and unrealized losses on 
              disposition of rental properties, net

(0.02)

--

Funds from operations available to common shareholders

$2.63 - $2.67

$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, October 25, 2012 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=4840418

The live conference call is also accessible by calling (719) 457-2627 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 October 25, 2012 through November 1, 2012.

A replay of the call will also be accessible during the same time period by calling (719) 457-0820 and using the pass code 5714760.

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

Third Quarter 2012 Form 10-Q:
http://www.mack-cali.com/file-uploads/3rd.quarter.10q.12.pdf

Third Quarter 2012 Supplemental Operating and Financial Data:
http://www.mack-cali.com/file-uploads/3rd.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 281 properties consisting of 275 predominantly office and office/flex properties totaling approximately 31.9 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 customers.

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 Quarterly Report on Form 10-Q (the "10-Q") 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-Q, the footnotes thereto and the limitations set forth therein.  Investors may not rely on the press release without reference to the 10-Q 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
September 30,

Nine Months Ended
September 30,

Revenues

2012

2011

2012

2011

Base rents

$  146,424

$  148,268

$   443,709

$ 443,971

Escalations and recoveries from tenants

21,925

21,323

62,862

72,251

Construction services

1,169

2,359

9,235

8,984

Real estate services

1,285

1,353

3,606

3,737

Other income

2,409

2,134

15,242

9,875

Total revenues

173,212

175,437

534,654

538,818






Expenses





Real estate taxes

22,258

14,261

70,061

63,189

Utilities

17,859

19,845

48,405

56,244

Operating services

27,643

27,604

82,092

86,217

Direct construction costs

979

2,290

8,594

8,656

General and administrative

12,638

8,675

35,343

26,507

Depreciation and amortization

47,829

48,082

143,642

143,635

Total expenses

129,206

120,757

388,137

384,448

Operating income

44,006

54,680

146,517

154,370






Other (Expense) Income





Interest expense

(30,510)

(31,041)

(92,784)

(92,849)

Interest and other investment income

7

9

27

29

Equity in earnings (loss) of unconsolidated joint ventures

2,418

539

4,751

1,174

Loss from early extinguishment of debt

--

--

(4,415)

--

Total other (expense) income

(28,085)

(30,493)

(92,421)

(91,646)

Income from continuing operations

15,921

24,187

54,096

62,724

Discontinued Operations:





Income (loss) from discontinued operations

243

(104)

368

225

Realized gains (losses) and unrealized losses on
     disposition of rental property, net

12

--

2,390

--

Total discontinued operations, net

255

(104)

2,758

225

Net income

16,176

24,083

56,854

62,949

Noncontrolling interest in consolidated joint ventures

85

96

256

308

Noncontrolling interest in Operating Partnership

(1,949)

(3,028)

(6,624)

(8,001)

Noncontrolling interest in discontinued operations

(31)

13

(337)

(30)

Preferred stock dividends

--

(664)

--

(1,664)

Net income available to common shareholders

$   14,281

$    20,500

$     50,149

$   53,562






PER SHARE DATA:










Basic earnings per common share

$       0.16

$       0.24

$         0.57

$       0.63






Diluted earnings per common share

$       0.16

$       0.24

$         0.57

$       0.62






Basic weighted average shares outstanding

87,826

87,019

87,814

85,649






Diluted weighted average shares outstanding

100,075

99,917

100,071

98,631

 

Mack-Cali Realty Corporation

Statements of Funds from Operations

(in thousands, except per share/unit amounts) (unaudited)





 Quarter Ended

September 30,

  Nine Months Ended

September 30,


2012

2011

2012

2011

Net income available to common shareholders

$  14,281

$ 20,500

$  50,149

$     53,562

Add: Noncontrolling interest in Operating Partnership

1,949

3,028

6,624

8,001

Noncontrolling interest in discontinued operations

31

(13)

337

30

Real estate-related depreciation and amortization on 
            continuing operations (1)

48,750

49,018

146,405

146,508

Real estate-related depreciation and amortization on
            discontinued operations

13

416

441

1,279

Deduct: Discontinued operations – Realized (gains) losses
     and unrealized losses on disposition of rental property, net

(12)

--

(2,390)

--

 

Funds from operations available to common shareholders (2)

$  65,012

$ 72,949

$ 201,566

$   209,380






Diluted weighted average shares/units outstanding (3)

100,075

99,917

100,071

98,631






Funds from operations per share/unit – diluted

$     0.65

$     0.73

$      2.01

$         2.12






Dividends declared per common share

$     0.45

$     0.45

$      1.35

$         1.35






Dividend payout ratio:





Funds from operations-diluted

69.27%

61.64%

67.02%

63.59%






Supplemental Information:





Non-incremental revenue generating capital expenditures:





Building improvements

$    9,040

$   6,847

$  19,361

$     15,105

Tenant improvements and leasing commissions (4)

$  15,107

$ 12,225

$  36,202

$     31,667

Straight-line rent adjustments (5)

$    1,733

$   2,098

$    4,913

$       6,889

Amortization of (above)/below market lease intangibles, net

$      335

$      393

$    1,040

$          950



(1) Includes the Company's share from unconsolidated joint ventures of $974 and $1,047 for the quarters ended September 30, 2012 and 2011, respectively, and $2,963 and $3,215 for the nine months ended September 30, 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 (12,177 and 12,799 shares for the quarters ended September 30, 2012 and 2011, respectively, and 12,184 and 12,863 for the nine months ended September 30, 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 $17 and $45 for the quarters ended September 30, 2012 and 2011, respectively, and $50 and $154 for the nine months ended September 30, 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

September 30,

  Nine Months Ended

September 30,


2012

2011

2012

2011

Net income available to common shareholders

$  0.16

$   0.24

$  0.57

$  0.62

Add:  Real estate-related depreciation and amortization on
                continuing operations (1)

0.49

0.49

1.46

1.49

Real estate –related depreciation and amortization on
                discontinued operations

--

--

--

0.01

Deduct: Realized (gains) losses and unrealized losses on
                   disposition of rental property, net

--

--

(0.02)

--

 

Funds from operations available to common shareholders (2)

$  0.65

$   0.73

$  2.01

$  2.12






Diluted weighted average shares/units outstanding (3)

100,075

99,917

100,071

98,631



(1) Includes the Company's share from unconsolidated joint ventures of $0.01 and $0.01 for the quarters ended September 30, 2012 and 2011, respectively, and $0.03 and $0.03 for the nine months ended September 30, 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 (12,177 and 12,799 shares for the quarters ended September 30, 2012 and 2011, respectively, and 12,184 and 12,863 for the nine months ended September 30, 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) (unaudited)





September 30,

  December 31,


2012

2011

Assets



Rental property



Land and leasehold interests

$    765,742

$     773,026

Buildings and improvements

3,995,933

4,001,943

Tenant improvements

483,955

500,336

Furniture, fixtures and equipment

2,994

4,465


5,248,624

5,279,770

Less - accumulated deprec. & amort.

(1,455,420)

(1,409,163)


3,793,204

3,870,607

Rental property held for sale, net

18,404

--

Net investment in rental property

3,811,608

3,870,607

Cash and cash equivalents

21,543

20,496

Investments in unconsolidated joint ventures

65,559

32,015

Unbilled rents receivable, net

136,689

134,301

Deferred charges and other assets, net

206,434

210,470

Restricted cash

19,717

20,716

Accounts receivable, net

8,023

7,154




Total assets

$  4,269,573

$  4,295,759




Liabilities and Equity



Senior unsecured notes

$  1,198,314

$  1,119,267

Revolving credit facility

67,000

55,500

Mortgages, loans payable and other obligations

704,940

739,448

Dividends and distributions payable

45,000

44,999

Accounts payable, accrued expenses and other liabilities

106,377

100,480

Rents received in advance and security deposits

50,546

53,019

Accrued interest payable

19,168

29,046

Total liabilities

2,191,345

2,141,759

Commitments and contingencies






Equity:



Mack-Cali Realty Corporation stockholders' equity:



Common stock, $0.01 par value, 190,000,000 shares authorized,



 87,821,885 and 87,799,479 shares outstanding

878

878

Additional paid-in capital

2,538,729

2,536,184

Dividends in excess of net earnings

(715,903)

(647,498)

Total Mack-Cali Realty Corporation stockholders' equity

1,823,704

1,889,564




Noncontrolling interests in subsidiaries:



Operating Partnership

252,869

262,499

Consolidated joint ventures

1,655

1,937

Total noncontrolling interests in subsidiaries

254,524

264,436




Total equity

2,078,228

2,154,000




Total liabilities and equity

$  4,269,573

$  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

Copyright 2012 PR Newswire



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