Mack-Cali Realty Corporation Offers Dividend Reinvestment and Stock Purchase Plan

Business Wire, April 22, 1999

CRANFORD, NJ--(BUSINESS WIRE)--April 22, 1999--

Mack-Cali Realty Corporation (NYSE:CLI) today announced the commencement of its Dividend Reinvestment and Stock Purchase Plan, which was recently declared effective by the Securities and Exchange Commission.

Under the plan, shareholders of record who enroll in the plan can elect to have all or a portion of their quarterly cash dividends reinvested automatically. Shareholders, as well as new investors, will also have the option to invest in additional shares of Mack-Cali common stock. There is no service charge or brokerage commission for shares purchased through the plan.

A copy of the plan prospectus and enrollment materials can be obtained by calling the Plan Administrator, The Chase Manhattan Bank, at 888-816-7320, or by accessing Mack-Cali's Web site at www.mack-cali.com/drsp.> Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. Mack-Cali owns or has interests in 253 properties, primarily office and office/flex buildings, totaling approximately 28 million square feet, located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants.

Additional information on Mack-Cali Realty Corporation is available on the Company's Web site at www.mack-cali.com.

Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities Law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, reports on Form 8-K, and annual reports on Form 10-K.