Mack Cali Realty : CLI Supplemental Operating and Financial Data

The Upton - Short Hills, NJ

(Commenced Lease-Up)

RiverHouse 9 - Weehawken, NJ

(In-Construction)

The Capstone - West New York, NJ

1Q 2021	(Commenced Lease-Up)

Table of Contents

▪ Company Highlights	Page
▪	Company Overview	4
▪	Key Financial Metrics	6
▪	Business Segment Disclosure	7
▪	Financial Schedules	9
▪	Debt Statistics	15
▪	Unconsolidated Joint Ventures	18
▪	Transaction Activity	19

• Multifamily Portfolio

▪	Operating Schedules	21
▪	Financial Statements	24

• Office Portfolio

▪	Property Listing	27
▪	Operating Schedules	28

This Supplemental Operating and Financial Data should be read in connection with the Company's first quarter 2021 earnings press release (included as Exhibit 99.2 of the Company's Current Report on Form 8-K, filed on May 6, 2021) and quarterly report on Form 10-Q for the quarter ended March 31, 2021, as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Operating and Financial Data.

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1Q 2021	3

Corporate Profile

Mack-Cali (CLI) is a fully integrated REIT with a dual asset platform comprised of residential holdings and waterfront office.

Company Objectives

Mack-Cali's residential platform is a market-leading residential developer and owner of class A properties. We have experienced and expect continued growth and cash flow contribution from our residential holdings as our development pipeline of active construction projects and planned starts are put into service.

Mack-Cali continues to focus on the quality of its Waterfront office portfolio, combining high quality office space with a wide range of amenities.

Harborside Atrium

Key Statistics	1Q 2021	4Q 2020
Company
Total Capitalization	$4.9 billion	$4.6 billion
Core FFO	$18.2 million	$16.2 million
Core FFO Per Diluted Share	$0.18	$0.16
AFFO	$13.6 million	$3.3 million
Residential Portfolio(1)
Operating Units	5,825	5,825
% Leased	92.8%	90.2%
% Occupied	89.7%	86.9%
Average Rent Per Unit	$2,925	$3,014
In-Construction Units(2)	1,616	1,616
Land Bank Units	8,510	8,555
Office Portfolio
Square Feet of Office Space	6.8 million	7.9 million
Consolidated In-Service Properties	17	22
% Leased Office	74.2%	78.7%
% Commenced Occupancy	72.3%	76.9%
Cash Rental Rate Roll-Up	(4.2%)	(5.4%)
GAAP Rental Rate Roll-Up	(1.1%)	(2.2%)
Average In-Place Rent Per Square Foot	$40.85	$40.04

Notes:

Jersey City, NJ

1. The Residential Portfolio metrics exclude 372 hotel keys.
2. In-ConstructionUnits includes 553 units in assets that have commenced leasing activities.

1Q 2021

CLI Company Highlights

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Performance Highlights

• Achieved Core FFO of $18.2 million, or $0.18 per share

• Produced AFFO of $13.6 million

• Residential: The operating portfolio finished 1Q at 92.8% leased

• Office: Leased 78,901 square feet of office space; finished 1Q at 74.2% leased

Transaction Activity

• Since January 1, 2021, the Company has completed the sales of nine office buildings across its Suburban NJ portfolio, totaling 1,904,669 square feet gross purchase prices totaling $547.0 million

• On January 14, 2021, the Company completed the sale of 100 Overlook Center, a 149,600 square-foot office building in Princeton, NJ, for a gross sales price of $38.0 million

• On March 25, 2021, the Company completed the sale of its Metropark portfolio, 4 office buildings in Edison & Iselin, NJ, totaling 926,656 square feet, for a gross sales price of $254.0 million

• On April 20, 2021, the Company completed the sale of its Short Hills portfolio, 4 office buildings in Short Hills, NJ, totaling 828,413 square feet, for a gross sales price of $255.0 million

• On April 29, 2021, the Company completed the sale of its 50% interest in 12 Vreeland, 1 office building in Florham Park, NJ, totaling

139,750 square feet, for a gross sales price of $2.0 million	101 Hudson, Jersey City, NJ
• Proceeds from Suburban office sales have been earmarked for redemption of the Company's unsecured senior notes.

Development Activity

• In 1Q21, we commenced leasing activities at the 360-unit Capstone in West New York, NJ, and the 193-unit Upton in Short Hills, NJ. As of May 3, the buildings were 39.2% and 53.9% leased, respectively.

Office Leasing Activity

• Completed 58,165 sf. of waterfront office leasing
• Completed 20,736 sf. of leasing in the class A suburban and suburban portfolios

Urby, Jersey City, NJ

1Q 2021

CLI Company Highlights

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