Mack-Cali Realty Corporation Announces Tax Treatment of 2005 Dividends.

CRANFORD, N.J. -- Mack-Cali Realty Corporation (NYSE: CLI) today announced the tax treatment of its 2005 dividends. The Company's total distribution of $2.52 per share of common stock (CUSIP #554489104) is to be classified for income tax purposes as follows:

CASH         TAXABLE
       RECORD     PAYMENT  DISTRIBUTION    ORDINARY
        DATE       DATE     PER SHARE      DIVIDEND

      01/05/05    01/18/05    $0.63         $0.63
      04/05/05    04/18/05     0.63          0.63
      07/06/05    07/18/05     0.63          0.63
      10/05/05    10/17/05     0.63          0.63

      Totals                  $2.52         $2.52

    The Company's total distribution of $2.00 per depositary share of
Series C cumulative redeemable perpetual preferred stock (CUSIP
#554489302) is to be classified for income tax purposes as follows:


                               CASH       TAXABLE
       RECORD      PAYMENT  DISTRIBUTION  ORDINARY
        DATE        DATE     PER SHARE    DIVIDEND

      01/05/05    01/18/05    $0.50         $0.50
      04/05/05    04/15/05     0.50          0.50
      07/06/05    07/15/05     0.50          0.50
      10/05/05    10/17/05     0.50          0.50

        Totals                $2.00         $2.00

The fourth quarter 2005 distributions being made to holders of record as of January 6, 2006 are considered 2006 distributions for federal income tax purposes. Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment of Mack-Cali Realty Corporation dividends.

Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali currently owns or has interests in 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 tenants.

Additional information on Mack-Cali Realty Corporation is available on the Company's Web site 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," "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 headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.