Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the second quarter 2020.

SECOND QUARTER 2020 HIGHLIGHTS

-Reported net income (loss) of $(0.41) per diluted share for the second quarter 2020, as compared to $(0.43) per diluted share for the second quarter 2019; and net income (loss) of $(0.88) per diluted share for the six months ended June 30, 2020, as compared to $2.24 per diluted share for the same period in 2019;

-Achieved Core Funds from Operations per diluted share of $0.28 for the second quarter 2020, as compared to $0.40 for the second quarter 2019;

-Roseland's 6,524-unit multifamily stabilized portfolio was 92.6% leased at June 30, 2020, with an average rent of $3,020 per unit;

-Roseland's same-store portfolio, consisting of 4,838 units, experienced a 10.2% decrease in NOI over second quarter 2019. Over the same period, revenues decreased 5.2%, and expenses increased by 3.5%. Excluding a revenue write- off from a single corporate apartment provider of $0.9 million, same-store NOI would have been a decrease of 5.0% ;

-Roseland continued lease-up activities at The Emery at Overlook Ridge in the second quarter with 248 units delivered to date. As of July 27, 2020, delivered units were 81% leased;

-Leased 155,054 sq. ft. of commercial space: 54,734 sq. ft. on the Waterfront, 100,320 sq. ft. in class A suburban and suburban; growing Core portfolio office rental rates by 3.4% on a cash basis and 12.9% on a GAAP basis;

-Core office portfolio was 80.3% leased, with the Waterfront at 78.6%, class A suburban portfolio at 89.5%, and Suburban at 77.4% leased at June 30, 2020;

-The Company's office same-store portfolio, consisting of 4,508,801 sq. ft., experienced a 13.4% increase in Cash NOI and a 3.6% decrease in GAAP NOI in the second quarter 2020 over the second quarter 2019;

-Office collections averaged 96% in the second quarter 2020 and are 98% in July 2020; Residential collections averaged 98% in the second quarter 2020 and are 99% in July 2020;

-Declared regular $0.20 per share quarterly common stock dividend payable in cash; and

-Due to the uncertainty of the impacts of the COVID-19 pandemic, the Company continues to believe it is prudent to withdraw its guidance for full year 2020 EPS and Core FFO.

MaryAnne Gilmartin, Mack-Cali Board Chair and Interim Chief Executive Officer stated, “As the Board embarks upon its search for a permanent CEO, my focus will be to continue operating the Company at the highest level. We remain committed to ensuring that our tenants, our communities, and our team remain healthy as we work to overcome the challenges associated with the COVID-19 pandemic. Certainly our business and our results have been affected. In my time as a member of the Board, I have come to appreciate that we have a very talented and engaged team that is highly committed to ensuring the ongoing success of the Company. We have great assets, strong operations, and a solid financial core. In the coming quarters, my focus will be to empower the organization to provide excellent service to our tenants, dispose

of non-core assets, collect rents, retain tenants and lease up our New Jersey waterfront properties in order to build long- term value for our shareholders.”

FINANCIAL HIGHLIGHTS

* All per share amounts presented below are on a diluted basis.

Net income (loss) available to common shareholders for the quarter ended June 30, 2020 amounted to $(34.9) million, or $(0.41) per share, as compared to $(22.1) million, or $(0.43) per share, for the quarter ended June 30, 2019. For the six months ended June 30, 2020, net income (loss) available to common shareholders equaled $(74.8) million, or $(0.88) per share, as compared to $222.4 million, or $2.24 per share, for the same period last year.

Funds from operations (FFO) for the quarter ended June 30, 2020 amounted to $5.0 million, or $0.05 per share, as compared to $32.9 million, or $0.33 per share, for the quarter ended June 30, 2019. For the six months ended June 30, 2020, FFO equaled $34.7 million, or $0.35 per share, as compared to $72.5 million, or $0.72 per share, for the same period last year

For the second quarter 2020, Core FFO was $28.0 million, or $0.28 per share, as compared to $40.0 million, or $0.40 per share for the same period last year. For the six months ended June 30, 2020, Core FFO equaled $61.3 million, or $0.61 per share, as compared to $80.9 million, or $0.80 per share, for the same period last year.

OPERATING HIGHLIGHTS

Office

The Company's consolidated Core office properties (including Discontinued Operations) were 80.3 percent leased at June 30, 2020, as compared to 81.1 percent leased at March 31, 2020 and 79.8 percent leased at June 30, 2019.

Second quarter 2020 same-store GAAP revenues for the office portfolio decreased by 5.3 percent while same-store GAAP NOI decreased by 3.6 percent from the same period in 2019. Second quarter 2020 same store cash revenues for the office portfolio increased by 4.3 percent while same store cash NOI grew by 13.4 percent from 2019. Same store cash revenues and same store cash NOI exclude straight-line rent and FAS 141 adjustments.

For the quarter ended June 30, 2020, the Company executed eight leases at its Core office portfolio, totaling 155,054 square feet. Of these totals, one lease for 10,512 square feet (6.8 percent) was a new lease and seven leases for 144,542 square feet (93.2 percent) were lease renewals and other tenant retention transactions.

Rental rate roll-up for the Core portfolio for second quarter 2020 transactions was 3.4 percent on a cash basis and 12.9 percent on a GAAP basis.

Multifamily

Roseland's stabilized operating portfolio was 92.6 percent leased at June 30, 2020, as compared to 95.7 percent at March 31, 2020 predominately based on a dramatic decrease in new lease traffic. Excluding the corporate write-off, same- store revenues decreased by 1.9 percent resulting in a same-store net operating income decrease of 5.0 percent for the second quarter 2020, as compared to second quarter 2019. For the six months ended June 30, 2020, same-store revenues increased 1.7 percent and NOI increased 2.1 percent over the same period in 2019.

At quarter end, Roseland had 1,942 units under construction across five projects (inclusive of the Emery). This aggregate $1 billion construction portfolio has a projected stabilized yield of approximately 6.15 percent.

Hotels and Parking

The Company’s Residence Inn at Port Imperial remained open through the second quarter 2020 experiencing average occupancy of 70 percent. The Company’s remaining two hotels, the Envue, which is wholly owned, and the Hyatt, which is owned through a 50/50 joint venture with Hyatt, were closed in the second quarter 2020.

The Company recorded $21.9 million of parking revenues in 2019. Typically, approximately 40 percent of the Company’s parking revenue comes from transient office workers and visitors to the neighborhoods. Second quarter 2020 parking revenues were down $2.5 million or 45 percent over the previous year’s quarter.

TRANSACTION ACTIVITY

In April 2020, 111 River Street, a 566,000-square-foot office building in Hoboken, New Jersey, was contracted for sale for $244.5 million, or $432 per square foot, which is subject to due diligence.

Subsequent to quarter-end, the Company executed a term sheet for a $165 million mortgage loan with its current lender on the BLVD 475 (f.k.a. Monaco) to replace its existing debt effective by year end 2020.

SUBURBAN OFFICE DISPOSITION UPDATE

Subsequent to quarter end, the Company executed an amendment to its agreement to sell the Parsippany and Giralda Farms portfolio, a follows:

-Phase 1, now scheduled to close in third quarter 2020, includes 11 buildings in Morris County for a gross purchase price of $167.6 million.

-Subsequent to quarter-end, the Company completed a sale for one of the 11 buildings in Phase 1, 3 Giralda Farms, a vacant 141,000-square-foot office building in Madison, NJ for a gross price of $8 million.

-Phase 2, now scheduled to close in fourth quarter 2020, includes 4 buildings in Morris County for a gross purchase price of $105.8 million.

The remaining office portfolios in Monmouth, Short Hills and MetroPark are now expected to close either in the fourth quarter of 2020 or early 2021.

BALANCE SHEET/CAPITAL MARKETS

As of June 30, 2020, the Company had a debt-to-undepreciated assets ratio of 50.2 percent compared to 48.0 percent at December 31, 2019 and 42.7 percent at June 30, 2019. Net debt to adjusted EBITDA for the quarter ended June 30, 2020 was 13.0x compared to 9.5x for the quarter ended June 30, 2019. The Company's interest coverage ratio was 2.6x for the quarter ended June 30, 2020, compared to 2.9x for the quarter ended June 30, 2019.

DIVIDEND

In July 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share for the second quarter 2020, which was paid on July 24, 2020 to shareholders of record as of July 13, 2020.

ABOUT THE COMPANY

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master- planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

Afully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and

innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.

For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.