Mack-Cali Realty Corporation Suspends Dividend for Remainder of 2021
Mack-Cali Realty Corporation (NYSE: CLI) announced the continuation of its common dividend suspension for the remainder of 2021, aimed at conserving capital amid economic uncertainty. The Board will review the dividend's resumption in Q1 2022 based on projected taxable income estimates. Mack-Cali, a leading real estate investment trust, focuses on developing premier properties in New Jersey and has been pivotal in enhancing the state's waterfront areas.
- Company is conserving capital for greater financial flexibility during uncertain economic times.
- Potential for dividend resumption in Q1 2022 may signal future financial recovery.
- Continued suspension of the dividend may disappoint income-focused shareholders.
- The decision reflects ongoing economic uncertainty that could impact future performance.
JERSEY CITY, N.J., March 19, 2021 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI), announced today that it will continue to suspend its common dividend for the remainder of 2021.
In order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company's projected 2021 taxable income estimates, the Board of Mack-Cali has decided to continue to suspend its quarterly common stock dividend for the remainder of 2021. The Board intends to revisit the resumption of its quarterly dividend in the first quarter of 2022.
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.
A fully integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for over 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.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multifamily residential communities available for lease can be found on the Company's website at www.mack-cali.com.
Forward-Looking Statements
Statements made in this communication 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 Report 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, except as required under applicable law.
Media Contact:
Jeremy Soffin
mack-cali@berlinrosen.com
(646) 200-5318
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SOURCE Mack-Cali Realty Corporation
FAQ
Why is Mack-Cali Realty Corporation suspending its dividend for 2021?
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