JERSEY CITY, N.J., Sept. 12, 2016 /PRNewswire/ -- Mack-Cali
Realty Corporation (NYSE: CLI) announced today that it has
published an investor presentation highlighting the substantial
progress made toward achieving the objectives laid out last year in
its "20 / 15" strategic plan. The Company's executive leadership
also will detail today their successes and future plans at the
Company's previously announced meeting and webcast for investors
and analysts scheduled for 11:00 a.m.
Eastern Time today. The presentation illustrates how
Mack-Cali is continuing to
redefine itself through an aggressive plan to focus on Waterfront
and transit-based office holdings in the Northeast, grow its luxury
multi-family portfolio, focus only on key markets while exiting
others, and undertake dramatic capital improvements to key assets,
including to its signature Harborside complex on the Jersey City
Waterfront.
"Our leadership team will continue to set ambitious yet
achievable goals with a laser-like focus on driving our operating
performance," said Michael J.
DeMarco, President of Mack-Cali Realty Corporation. "We are
pleased with the success we've achieved over the course of our
first year – and look forward as we continue on the path to
returning a premium relative to NAV and providing significant value
to our shareholders."
During this year's meeting with investors, the Company will
outline plans to strengthen its balance sheet, launch a strategic
capital improvement plan, and create long-term cash flow. The
Company expects to further reduce expenses in office operations and
reduce credit costs through refinancing opportunities in 2016 and
2017. Leadership is targeting an increased leased percentage of the
office portfolio to 90 percent by year-end 2016, and to 93 percent
in 2017.
Roseland Residential Trust, the Company's wholly-owned
multi-family subsidiary, was created last year to increase
transparency. Roseland is
currently operating 5,434 multi-family units with a leased
percentage of 97 percent. There are an additional 2,560 units under
construction with a pipeline of 11,600 units to be developed.
Roseland continues to build out
and monetize its geographically desirable land portfolio while
assessing strategic repurposings of Mack-Cali office holdings. Roseland's ownership percentage of operating
and in-construction projects has increased to 61 percent currently
from 38 percent in 2012. It also projects further reductions in the
number of projects in which it owns subordinated interests to three
by year-end 2016, compared to nine at year-end 2014.
"The Roseland platform is
well-positioned for material NAV and cash flow growth," said
Marshall Tycher, Chairman of
Roseland Residential Trust. "Our synergy with Mack-Cali is presenting exciting opportunities
through the repositioning of under-utilized office assets where we
plan significant future growth/development."
The work to reshape the existing office portfolio through
capital improvements is continuing. Over the next 12 to 18 months
Mack-Cali plans to upgrade
existing amenities and enhance offerings with six major capital
investment programs. The most prominent among these projects is the
approximate $50 to $75 million
transformation and reimagination of Harborside. The new design is
inspired by the complex's industrial past. The transformed
Harborside will feature high-end dining and shopping experiences in
an open layout with easy access to the Waterfront Esplanade and
spectacular views of the Hudson River and Manhattan skyline.
"Our evolving office portfolio is continuing to attract
substantial tenant interest – especially in our core Hudson
Waterfront holdings where our office and multi-family holdings
continue to propel growth," said Mitchell
E. Rudin, Chief Executive Officer of Mack-Cali. "We are committed to implementing
operating initiatives that deliver real results and strengthen our
balance sheet."
The materials presented today are included in a Form 8-K
furnished by the Company with the Securities and Exchange
Commission today are available on the Company's website at
https://www.mack-cali.com/investors/company-filings-reports/. A
replay of the webcast will be available for 30 days at
www.mack-cali.com/investors/events-presentations.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated,
self-administered, self-managed real estate investment trust (REIT)
providing management, leasing, development, and other
tenant-related services for its two-platform operations of
waterfront and transit-based office and luxury multi-family assets.
Mack-Cali provides its tenants and
residents with the most innovative communities that empower them to
re-imagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the
commercial real estate properties and multi-family residential
communities available for lease can be found on the Company's
website at www.mack-cali.com.
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," "projected," "should," "expect," "anticipate,"
"estimate," "target," "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.
Contacts:
|
Anthony
Krug
Mack-Cali Realty
Corporation
Chief Financial
Officer
(732)
590-1030
tkrug@mack-cali.com
|
Ilene
Jablonski
Mack-Cali Realty
Corporation
Vice President of
Marketing
(732)
590-1528
ijablonski@mack-cali.com
|
Deidre
Crockett
Mack-Cali Realty
Corporation
Director of Investor
Relations
(732)
590-1025
dcrockett@mack-cali.com
|
|
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SOURCE Mack-Cali Realty Corporation