Mack-Cali Realty Corporation (NYSE: CLI) announced today that it will be suspending its common dividend for the third and fourth quarters of 2020.

Having satisfied its dividend obligation on taxable income expected for 2020, the Company has made the strategic decision to suspend distribution of its common stock dividends for the third and fourth quarters of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside campus on the Jersey City waterfront. The Board intends to revisit the resumption of the quarterly dividend in the first quarter of 2021.

The Company also announced progress on the disposition of its suburban office assets, including completion of the Phase 1 sale of its Parsippany and Giralda Farms portfolio, comprising 11 buildings in Morris County, NJ; the 325 Columbia Turnpike asset in Florham Park, NJ; and the first asset of its Phase II sales tranche of its Parsippany and Giralda Farms portfolio, 9 Campus Drive in Parsippany, NJ. The combined proceeds of $213.3 million from the sales were used to retire balances on the Company’s corporate line of credit.

“We are acting decisively to execute our strategy and fortify our balance sheet given the uncertainty of the ongoing pandemic,” said MaryAnne Gilmartin, Board Chair and Interim Chief Executive Officer. “We continue to move expeditiously to sell our suburban office assets, deliver new multifamily units and explore programmatic solutions to our Harborside leasing efforts that amplify the unique value of that campus.”

About Mack-Cali Realty Corporation

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 New Jersey. 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.