Cali Realty Corporation, The Mack Company And Patriot American Office Group Conclude Definitive Agreement.CRANFORD, NJ--(BUSINESS WIRE)--September 22, 1997-- --REIT to be Renamed Mack-Cali Realty Corporation-- Cali Realty Corporation (NYSE NYSE See: New York Stock Exchange :CLI (1) (Call Level Interface) A database programming interface from the SQL Access Group (SAG), an SQL membership organization. SAG's CLI is an attempt to standardize the SQL language for database access. ) today announced that the Company has concluded a definitive agreement to merge the office assets of the Mack Company and Patriot American Office Group, both private real estate concerns, into Cali. This announcement follows an announcement by Cali on August 14, 1997 of a letter of intent for this three-way transaction. The $1.2 billion transaction will make Cali one of the country's largest REITs with a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of approximately $3.5 billion. The transaction is expected to be completed on or around the end of 1997, subject to shareholder and regulatory approval, after which the Company will operate under the new name Mack-Cali Realty Corporation. Upon completion of this transaction, Mack-Cali Realty Corporation will own 187 properties totaling approximately 21.6 million square feet in 10 states, serving approximately 2,200 tenants. The combined portfolio will consist of approximately 18.2 million square feet office space, 3 million square feet of office/flex space, 400,000 square feet of industrial/warehouse space, and 453 multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. units. Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company currently owns 132 properties, primarily office and office/flex buildings, totaling approximately 12.2 million square feet. All of the properties are located in New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania and Connecticut. Additional information on Cali Realty Corporation is available on the Company's Web site at http://www.calirealty.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 in the northeast and other markets; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including 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 Form 10-Q See 10-Q. , reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , and annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . CONTACT: Cali Realty Corporation Barry Lefkowitz Elliot Sloane/Darren Brandt Chief Financial Officer Edelman Financial 908/272-8000 212/704-8176/4449 |
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