1. home and garden

Investor Presentation
October 2014
Mack-Cali Realty Corporation
 One of the largest REITs
– 282 properties located in the Northeast
• 266 class A office and office/flex properties
• 16 luxury multi-family communities
 Land bank to develop approximately 8,355 apartment homes and 5.7 million
square feet of commercial space
 Approximately 2,000 high credit-quality commercial tenants from diverse
industries
 Experienced, committed management team with full array of office and
multi-family expertise
 Strong financial position and conservative capital structure
 Operating in the Northeast for over 60 years
 Acquired Roseland, a leading multi-family developer and operator, along with
interests in multi-family communities, in-process multi-family communities, and
interests or options in land parcels
At 9/30/14.
Mack-Cali owns and operates class A office
properties…
Mack-Cali Centre III
140 East Ridgewood Avenue, Paramus, NJ
500 College Road East, Princeton, NJ
101 Hudson Street, Jersey City, NJ
11 Martine Avenue
Westchester Financial Center
White Plains, NY
and multi-family residential communities in key
Northeast regions.
Park Square, Rahway, NJ
The Metropolitan at 40 Park, Morristown, NJ
Marbella, Jersey City, NJ
RiverTrace at Port Imperial, West New York, NJ
RiversEdge at Port Imperial, Weehawken, NJ
Alterra at Overlook Ridge, Revere, MA
Mack-Cali has a dominant Northeast presence.
 Holdings from Washington, D.C. to
Boston
 High-quality office properties in high
barrier-to-entry markets
– Scarce land/limited new
construction
 Premier, luxury, multi-family rental
communities on the Jersey City
Waterfront and in other transit-oriented
locations
 Strategically located residential/
commercial land bank
Strategy
 Long-term office leases with
high-credit quality tenants
 Strategic transformation into the
multi-family residential sector
 Enhance presence in high
barrier-to-entry markets in the
Northeast and Mid-Atlantic
regions
 Conservative financial policies
 Strong balance sheet:
– Moderate leverage
– Ample liquidity
– Financial flexibility
RiversEdge at Port Imperial
Weehawken, NJ
Roseland Overview
 Industry leading reputation and proven track record for successful and
profitable conception, execution, and management of large scale residential
developments
 Recognizable brand—best-in-class product and service, urban/mixed-use
projects, transit-oriented locations, live-work-play lifestyle
 Key relationships with public entities and private institutions allows it to
identify unique development opportunities
Current Multi-Family Residential Activities
Active Lease-Ups and Recent Completions (1,042 units)
– Parking Garage I at Port Imperial, Weehawken, NJ – 850 commuter
parking spaces
– RiverTrace at Port Imperial, West New York, NJ – 316 units (lease up
commencement : November 2013)
– The Estuary I, Weehawken, NJ – 355 units
– The Chase at Overlook Ridge, Malden, MA – 371 units (lease up
commencement: February 2014)
Construction Projects Underway (2,383 units)
– URL® Harborside, Jersey City NJ – 763 units
– RiverParc at Port Imperial, Weehawken, NJ – 280 units
– Portside at Pier One, East Boston, MA – 176 units
– RiverPark at Harrison, Harrison, NJ – 141 units
– The Estuary II, Weehawken, NJ – 227 units
– Marbella South, Jersey City, NJ – 311 units
– 701 2nd Street, NE, Washington, DC – 377 units
– 150 Main Street, Eastchester, NY – 108 units
Pending Starts – Through 2015 (2,700 units)
– The Lofts at 40 Park, Morristown, NJ – 59 units
– Building 11 at Port Imperial, Weehawken, NJ – 280 units
– Port Imperial Hotel, Weehawken, NJ – 364 keys
– Portside 5 and 6, East Boston, MA – 267 units
– Crystal House III, Crystal City, VA – 252 units
– Identified other starts – 1,800  units (5 projects)
URL® Harborside
Jersey City, NJ
M2
Jersey City, NJ
RiverTrace at Port Imperial
West New York, NJ
Current Multi-Family Residential Activities (cont’d)
Acquisition Program (Joint Ventures and Wholly Owned)
– In 2013, closed on acquisitions of 1,909 operating multi-family units; 378 units in
construction; and 292 adjacent development units representing $631 million of cost
– In April 2014, acquired the 220-unit Andover Place for approximately $38 million
– In August, acquired joint venture partner’s interests across approximately 1,150 land units
and 622 operating units at Overlook Ridge in Malden and Revere, MA
Pending Contracts
– 310 units outside of Philadelphia and 370 units in Worcester, MA
New Planned Projects
– Actively planning select Mack-Cali office assets for repurposing opportunities with initial
starts projected for 2015
– In conjunction with the 2013 sale of Mack-Cali’s Suburban Philadelphia portfolio to
Keystone Property Group, retained the rights to subdivide and develop multi-family
residential at 150 Monument Road (approximately 300 units) in Bala Cynwyd
Residential Development Project –
Underway
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URL® Harborside (Urban Ready Living®)
Jersey City Waterfront
Luxury multi-family rental tower
Joint venture with Ironstate Development
Corporation
69-story tower built on a parking
pedestal
– 763 apartment units
Contemporary design, on-site amenities,
breathtaking views, and ideal
transportation access
Awarded a $33 million tax credit by the
New Jersey Economic Development
Authority (NJEDA) for project
development
Expected completion in mid-2016
URL® Harborside
Jersey City, NJ
Mack-Cali’s Achievements in Sustainability
LEED® for Existing Buildings: Operations &
Maintenance™
Gold certified
Mack-Cali owns more ENERGY
STAR certified buildings in New
Jersey than its competitors.
5 Wood Hollow Road
Parsippany, NJ
Only commercial buildings in the
top 25% of facilities in the nation
for energy efficiency may qualify
for this rating.
LEED® for Existing Buildings: Operations &
Maintenance™
Silver certified
105 Eisenhower Parkway
Eisenhower/280 Corporate Center
Roseland, NJ
Per www.energystar.gov
as of 12/31/2013.
8 Campus Drive
Mack-Cali Business Campus
Parsippany, NJ
4 Gatehall Drive
Mack-Cali Business Campus
Parsippany, NJ
125 Broad Street
New York, NY
Mack-Cali’s properties regularly
receive awards from BOMA
recognizing achievements in
sustainability.
- TOBY Earth Awards
- Energy Reduction Awards
Mack-Cali’s largest market exposure is just 22.7%
of the Company’s commercial base rent1.
1 Annualized
commercial base rental revenue is based on actual September 2014 billings times 12. For leases whose rent commences after October 1, 2014,
annualized base rental revenue is based on the first full month's billing times 12. As annualized base rental revenue is not derived from historical GAAP results,
historical results may differ from those set forth above.
Mack-Cali’s commercial tenant base is represented
by a wide range of diverse industries1.
1 Annualized
commercial base rental revenue is based on actual September 2014 billings times 12. For leases whose rent commences after October 1, 2014,
annualized base rental revenue is based on the first full month's billing times 12. As annualized base rental revenue is not derived from historical GAAP results,
historical results may differ from those set forth above.
Mack-Cali’s leading commercial tenants are strong
credits, giving stability to cash flow.
Ten largest commercial tenants as of 9/30/14 (ranked by % of total annualized base rent2).
Credit ratings1
Tenant
*
Moody’s
S&P
Fitch
DB Services New Jersey, Inc. (Deutsche Bank)*
A3
A
A+
National Union Fire Insurance Company of Pittsburgh, PA
A1
A+
A
Bank of Tokyo-Mitsubishi UFJ, Ltd.
Aa3
A+
A
Forest Research Institute Inc.
NR
NR
NR
United States of America – GSA
Aaa
AA+
AAA
Prentice-Hall, Inc. (Pearson plc)*
Baa1
BBB+
NR
Montefiore Medical Center
NR
NR
NR
ICAP Securities USA, LLC (ICAP plc)*
Baa2
NR
BBB
TD Ameritrade Online Holdings
A3
A
NR
Daiichi Sankyo, Inc.
A1
NR
NR
Implied investment grade rating due to parent company.
as of 10/20/14.
2 Annualized commercial base rental revenue is based on actual September 2014 billings times 12. For leases whose rent commences after October 1, 2014,
annualized base rental revenue is based on the first full month's billing times 12. As annualized base rental revenue is not derived from historical GAAP results,
historical results may differ from those set forth above.
1 Ratings
Our portfolio continues to outperform in most of the
markets in which we operate.
% leased at 9/30/14.
100.0%
100%
93.9%
91.1%
90%
81.7%
82.2%
91.0%
86.3%
80.2%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Central NJ
Westchester
County, NY
Washington, D.C.
Mack-Cali: Consolidated office properties only.
Market: Based on Cushman & Wakefield direct vacancy rates
(all classes 3Q 2014).
Manhattan
Mack-Cali’s portfolio has manageable
commercial lease roll-overs.
% of annualized base rent under expiring leases as of 9/30/141.
20%
16.9%
15%
10.7%
11.8%
11.0%
9.6%
10%
9.3%
6.9%
6.4%
5.5%
5.3%
5.1%
2022
2023
2024
5%
1.5%
0%
2014
1 Annualized
2015
2016
2017
2018
2019
2020
2021
2025/
beyond
commercial base rental revenue is based on actual September 2014 billings times 12. For leases whose rent commences after October 1, 2014,
annualized base rental revenue is based on the first full month's billing times 12. As annualized base rental revenue is not derived from historical GAAP results,
historical results may differ from those set forth above.
Mack-Cali maintains conservative financial ratios.
Total market equity
Total debt
Total market capitalization (approximately)
Unencumbered properties
Debt-to-undepreciated assets
Interest coverage
Fixed charge coverage
As of and for the three months ended 9/30/14.
$2.0 billion
$2.2 billion
$4.2 billion
88.8%
39%
2.8x
2.3x
Mack-Cali has a conservative financial profile.
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Strong balance sheet
High percentage of unencumbered assets
Ample availability on credit facility
Moderate leverage and strong coverage ratios
Manageable upcoming term debt maturities
Mack-Cali continues to effectively
manage its debt profile.
2014 Financing Transactions
– In February 2014 paid off, upon maturity, $200 million of 5.125 percent senior unsecured
notes
2013 Financing Transactions
– Refinanced and extended unsecured $600 million revolving credit facility
– Completed sale of $275 million of 3.15 percent senior unsecured 10 year notes due May
2023
Mack-Cali has a staggered term
debt maturity profile...
As of 9/30/141
$ millions.
Term debt principal maturities.
1 Excludes
credit line, which matures in July 2017.
and has access to a variety of debt sources.
$ millions.
Amount
Outstanding
Weighted Avg.
Interest Rate
$600 million unsecured credit facility
Unsecured notes
Mortgages and other obligations
$0
$1,417
$822
L+110
4.92%
6.81%
Total/Average
$2,239
5.62%
Type
As of 9/30/14.
Mack-Cali has operated with low leverage...
Debt/undepreciated assets as of end of period.
50%
42.8%
41.4%
40.2%
40.6%
39.8%
40%
37.0%
39.9%
39.0%
2013
3Q14
36.7%
33.6%
30%
20%
10%
0%
2005
2006
2007
2008
2009
2010
2011
2012
and high coverage ratios.
Interest coverage
3.3
2.6
3.5
3.3
3.1
2.7
Fixed charge coverage1
2.9
3.1
2.8
2.9
3.2 3.1
2.8
3.2
3.0
2.6
2.9
2.6
2.8
2.3
2005
1 Fixed
2006
2007
2008
2009
2010
2011
2012
2013
3Q14
charge coverage ratio. (Funds from Operations + Interest Expense + Ground Lease Payments) / (Interest Expense + Capitalized Interest + Preferred
Dividends + Principal Amortization + Ground Lease Payments).
Mack-Cali has maintained solid revenues.
Rental and Other Revenue* ($ millions)
$800
$700
$644.1
$660.8
$665.4
$652.5
$640.2
$637.1
2008
2009
2010
2011
2012
$651.4
$603.1
$600
$523.4
$500
$444.8
$463.6
$400
$300
$200
$100
$0
2003
*
2004
2005
2006
2007
Excludes construction revenue of $0, $0, $0, $56.2, $88.1, $40.7, $21.9, $63.0, $12.1, $13.6, $15.6 (2003-2013).
2013
Investment Highlights
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Strategy
– Dominant presence in strong, transit-oriented locations in the Northeast and
Mid-Atlantic
– Diversifying into a significant player in the multi-family residential sector;
key component of growth strategy
– Repurposing of existing assets, parking lots, and land sites
Premier, well-leased assets and strong tenant roster
– Class A office properties with high-credit quality tenant base
– Luxury multi-family residential communities
– Award-winning property management
Experienced, committed management team with proven track record
– Average of 33 years of industry experience
– Strong insider ownership of 8%
Strong financial position and conservative capital structure
– Ample liquidity and balance sheet flexibility
Solid growth potential
– Land bank development opportunities
– Strategic acquisitions in core markets
Disclosure Regarding Forward-Looking Statements
Statements made in this presentation 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.