8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report: February 28, 2017

(Date of earliest event reported)

MACK-CALI REALTY CORPORATION

(Exact name of Registrant as specified in its charter)

Maryland
(State or other jurisdiction of incorporation)

1-13274
(Commission File No.) 22-3305147
(I.R.S. Employer
Identification No.)

Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311
(Address of Principal Executive Offices) (Zip Code)

(732) 590-1010
(Registrant’s telephone number, including area code)

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On February 28, 2017, Mack-Cali Realty Corporation (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year 2016. A copy of the press release is attached hereto as Exhibit 99.3.

Item 7.01 Regulation FD Disclosure

For the quarter ended December 31, 2016, the Company hereby makes available supplemental data regarding its operations, as well as supplemental data regarding its multi-family real estate platform. The Company is attaching such supplemental data as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K.

In connection with the foregoing, the Company hereby furnishes the following documents:

Item 9.01Financial Statements and Exhibits

(d)  Exhibits

Exhibit Number	Exhibit Title
99.1	Fourth Quarter 2016 Supplemental Operating and Financial Data.
99.2	Fourth Quarter 2016 Supplemental Operating and Financial Data for Roseland Residential Platform.
99.3	Fourth Quarter 2016 earnings press release of Mack-Cali Realty Corporation dated February 28, 2017.

The information included in this Current Report on Form 8-K (including the exhibits hereto) is being furnished under Item 2.02, “Results of Operations and Financial Condition,” Item 7.01, “Regulation FD Disclosure” and Item 9.01 “Financial Statements and Exhibits” of Form 8-K. As such, the information (including the exhibits) herein shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibits hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MACK-CALI REALTY CORPORATION
Date: February 28, 2017	By:	/s/  MITCHELL E. RUDIN
		Mitchell E. Rudin
		Chief Executive Officer
Date: February 28, 2017	By:	/s/  MICHAEL J. DEMARCO
		Michael J. DeMarco
		President and
		Chief Operating Officer
Date: February 28, 2017	By:	/s/  ANTHONY KRUG
		Anthony Krug
		Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Exhibit Title
99.1	Fourth Quarter 2016 Supplemental Operating and Financial Data.
99.2	Fourth Quarter 2016 Supplemental Operating and Financial Data for Roseland Residential Platform.
99.3	Fourth Quarter 2016 earnings press release of Mack-Cali Realty Corporation dated February 28, 2017.

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EX-99.1

Exhibit 99.1

INDEX

	PAGE(S)
Company Today	3-4
Focus List	5 - 6
NYC and NJ Waterfront Synergy	7
Economic Incentives and Programs	8 - 9
Spotlight on:
Results	10 - 13
Leasing	14 - 21
Earnings	22 - 32
Financials	33 - 35
Portfolio	36 - 37
Details on:
Leasing	38 - 43
Earnings	44
Financials	45 - 49
Portfolio	50 - 56
Company Information	57 - 58

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

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REIT publicly traded on NYSE (“CLI”)

Substantial development opportunities for multi-family

Apartment platform managed by Roseland Residential Trust (“RRT”)

	4Q 2016		3Q 2016
Market capitalization:	$5.3 billion		$5.2 billion
Square feet of office space:	21.0 million		23.4 million
% leased for Core/Waterfront/Flex:	90.6	%	90.3	%
GAAP rental rate roll-up	12.0	%	9.1	%
Operating multi-family units:	5,614		5,214
% leased for stabilized multi-family:	96.3	%	97.7	%
Sr. unsecured debt ratings:
(S&P/Moody’s/Fitch)	BBB-/Baa3/BB+		BBB-/Baa3/BB+

101 Wood Avenue South, Iselin, NJ (Acquired June 2016)	Portside at East Pier, East Boston, MA (Full interest acquired April 2016)
The Chase at Overlook Ridge, Malden, MA (Full interest acquired January 2016)	111 River Street, Hoboken, NJ (Acquired July 2016)

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

3

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

4

2017 & 2018 Objectives

Completed/Underway (Generated Significant Increased Cash Flow)

1.Staffing levels — reduced by 125 positions or $15M, hiring freeze in place, expect further reductions if more sales completed

2.Cost of operations — reduced by $10M, with continued focus on expenses

3.Continued expense reductions as we reduce the size of the office platform (underway)

4.Expect continued margin improvement (currently approx. 60%, up from 54% two years ago) with increased rental rates and occupancy in core markets and reduced costs

5.Refinance debt for savings — new 5-year unsecured term loan for $350M at 3.13% in Jan 2016.  $250M secured financing at 3.197%.  Bought back $250M of 7.75% bonds due August of 2019 and repaid $300M mortgage debt with interest rates ranging from LIBOR+1.75 to 11.3 percent.  $925M unsecured credit facilities signed in Jan. 2017

6.Increase occupancy — 90.6% at 12/31/16, met our objective of 90% leased by year end. Was 90.3% at 9/30/16; 89.1% at 12/31/15; 84.2% at 12/31/14

7.Planned dispositions — $745M closed in 2016 & early 2017; $600M for remainder of 2017

Next 12 — 24 Months (Balance Sheet / Capital Expenditures / Long-term Cash Flow)

8.Exited NYC, DC, and certain NJ suburban markets, focus on our key markets Waterfront, Short Hill, Metropark, Parsippany and Monmouth

9.Funding and growth of the Roseland operations — Rockpoint Capital LLC to invest $300M as development capital

24 Months (Long-term Strategy Execution)

10.Reposition assets to class A quality — six major capital investment programs currently in place. Totally renovate Plaza I - Harborside in Jersey City

11.New capital investment — we look for 6% initial yield and 11% IRR on new investments. Purchased 101 Wood Avenue in Iselin, NJ and 111 River Street in Hoboken, NJ; Closing in 2017: Red Bank, Short Hills, Madison and Jersey City purchases

12.Quality of earnings will continue to improve as the portfolio is increasingly comprised of high quality Hudson River waterfront and transit oriented office properties and best in class luxury multi-family properties in those same markets. We project to be in the top 20% of REITs for FFO and AFFO growth

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

5

Significant progress made on 2017 expirations during 2016:

·Remaining 2017 expirations aggregate 2.1 million square feet (net of 512,000 square feet in properties we plan to sell/repurpose):

Represent 11.2% of our Core/Waterfront/Flex portfolio;

699,398 SF remaining on Waterfront, with a growing backlog of tenant demand;

639,154 SF in Flex space, with historically high retention and occupancy rates; and

793,718 SF in Core suburban properties, represents a manageable 8.9% of Core suburban portfolio

·2017 expirations were reduced by one million square feet during 2016 and can be reduced by an additional 300,000 square feet from additional assets sales in 2017.

·Reduction was achieved through both focused leasing efforts and disposition of non-core assets.

·One million square feet do not expire until the fourth quarter.

·Space leased at year-end 2016 is 90.6%; at that level will backfill any vacant space quickly.

·Moving forward, our goal in re-shaping the portfolio through sales, strategic acquisitions and selective leasing is to generate longer leases with less costs per square-foot per year and a more manageable lease expiration schedule of no more than 12% each year.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

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*CLI tenants

Source: CBRE Market and Asset Discussion January 27, 2017.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

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The State of New Jersey currently offers a compelling incentive program to attract and retain businesses in the State through its “Grow New Jersey” program.  Below is a program summary and example of an incentive calculation.

Grow NJ

·Provides job-based tax credits for job creation and retention

·Tax credits of $5,000 to $9,750 per job/per year, for up to 10 years for new jobs to the state

·Limited to specific “Qualified Incentive Areas”

·Urban Transit Hub municipalities (“UTH”)

·‘Mega projects’—logistics, manufacturing, energy, defense, or maritime businesses in a port district

·Distressed municipalities

·Projects in other priority areas

·Eligibility:

·Minimum 35 new jobs and/or 50 retained jobs for most commercial projects

Example — New Tenant to Jersey City

·              New jobs at a 6 employees (EEs) per 1,000sf density

# of		Starting	Base
New EEs	SF	Rental Rate	Rent/yr
	60,000	$40/sf	$	2,400,000
360			(2,880,000		)
	Effective rent after incentive		(480,000		)

Base award (UTH)	$	5,000
Bonuses
Within 0.5 miles of transit station	$	2,000
251-400 jobs	500
Targeted Industry	500
	$	8,000	per job/per year
	or
	$	2,880,000	per year

·If occupancy is higher than 6 EEs per 1,000 sf, the tenant receives the further benefit, which adds to their NOI

·Award based on targeted industry

·Tenant must commit to 1.5 years of term to qualify for 1 year of benefit

·Urban Transit Hub location

·Doesn’t include increases in fixed rent or additional rent payable under the lease

·Retention benefit could be substantially less than as illustrated

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

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Tenants Taking Advantage of NJ Incentives

Company	Size (SF)	Address	Number of Employees	Incentive (Millions)
JP Morgan Chase (Purchase)	1,098,265	575 Washington Street	3,612	$	224.9
JP Morgan Chase	305,069	545 Washington Street	2,150	$	187.8
RBC	206,861	30 Hudson Street	900	$	78.7
WeWork (Joint Venture)	75,000	1 Journal Square	723	$	59.0
Ernst & Young	168,165	121 River Street	430	$	39.8
Omnicom Group*	79,771	Harborside Plaza 2	493	$	39.4
Charles Komar	159,141	90 Hudson Street	480	$	37.2
New York Life	114,691	30 Hudson Street	625	$	33.8
Fidessa Corporation	51,824	70 Hudson Street	340	$	30.0
Zurich Insurance *	64,413	Harborside Plaza 2	314	$	28.2
Forbes Media	93,000	499 Washington Blvd.	350	$	27.1
Newell Rubbermaid	99,975	221 River Street	300	$	27.0
Thomas Reuters	71,224	121 River Street	450	$	26.0

*CLI tenants

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

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Spotlight on Results

Operating Highlights

Net income available to common shareholders for the quarter ended December 31, 2016 amounted to $15.2 million, or $0.17 per share, as compared to a net loss of $31.7 million, or $0.35 per share, for the quarter ended December 31, 2015.  For the year ended December 31, 2016, net income available to common shareholders equaled $117.2 million, or $1.30 per share, as compared to a net loss of $125.8 million, or $1.41 per share, for full year 2015.

Funds from operations (FFO) for the quarter ended December 31, 2016 amounted to $32.8 million, or $0.33 per share, as compared to $46.9 million, or $0.47 per share, for the quarter ended December 31, 2015.  For the year ended December 31, 2016, FFO equaled $205 million, or $2.04 per share, as compared to $188.1 million, or $1.88 per share, for full year 2015.

For the fourth quarter 2016, Core FFO was $0.56 per share after adjusting for certain items, primarily a $23.7 million loss from extinguishment of debt.  The quarter’s Core FFO per share of $0.56 increased 19.1 percent from the same quarter last year primarily due to increased base rents in 2016.

Mack-Cali’s consolidated Core, Waterfront and Flex properties were 90.6 percent leased at December 31, 2016, as compared to 90.3 percent leased at September 30, 2016 and 89.1 percent leased at December 31, 2015.

For the quarter ended December 31, 2016, the Company executed 55 leases at its consolidated in-service commercial portfolio totaling 320,605 square feet. Of these totals, 45 percent were for new leases and 55 percent were for lease renewals and other tenant retention transactions.  For the year ended December 31, 2016, the Company executed 273 lease transactions totaling 2,769,608 square feet.  Of these totals, 35 percent were for new leases and 65 percent were for renewals and other tenant retention transactions.  Rental rate roll up for fourth quarter 2016 transactions in the Company’s Core, Waterfront and Flex properties was 3.5 percent on a cash basis and 12.2 percent on a GAAP basis.  Rental rate roll up for all 2016 transactions in the Company’s Core, Waterfront and Flex properties was 10.9 percent on a cash basis and 20 percent on a GAAP basis.  

All per share amounts presented above are on a diluted basis.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

10

Spotlight on Results

Rental Property Acquisitions

For the year ended December 31, 2016

				Rentable
Acquisition			# of	Square	Purchase
Date	Property/Address	Location	Buildings	Feet	Price
04/04/16	11 Martine Avenue (a)	White Plains, New York	1	82,000	$	10,750
04/07/16	320, 321 University Avenue (b)	Newark, New Jersey	2	147,406	23,000
06/02/16	101 Wood Avenue South (c)	Iselin, New Jersey	1	262,841	82,300
07/01/16	111 River Street (c)	Hoboken, New Jersey	1	566,215	235,000		(d)
Total Acquisitions:			5	1,058,462	$	351,050

(a)	Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash.
(b)	This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility.
(c)	This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility.
(d)	The Company paid $210.8 million at closing, net of purchase credits.

Thus far in 2017, the Company acquired or contracted to acquire nine office properties totaling approximately 1.4 million square feet located in Red Bank, Short Hills and Madison, New Jersey for approximately $394.8 million.

On January 5, 2016, the Company, which held a 50 percent subordinated joint venture interest in the unconsolidated Overlook Ridge Apartment Investors LLC, 371-unit multi-family operating property located in Malden, Massachusetts, acquired the remaining interest for $39.8 million in cash plus the assumption of a first mortgage loan secured by the property with a principal balance of $52.7 million.  The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility.

On April 1, 2016, the Company, which held a 38.25 percent subordinated joint venture interest in the unconsolidated Portside Apartment Developers, LLC, a joint venture which owns a 175-unit operating multi-family property located in East Boston, Massachusetts, acquired the remaining interests of its joint venture partners for $39.6 million in cash plus the assumption of a first mortgage loan secured by the property with a principal balance of $42.5 million and interest at LIBOR plus 215 basis points, with a floor of 275 basis points, maturing in December 2017.  The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

11

Spotlight on Results

Rental Property Sales/Dispositions

(dollars in thousands)

The Company disposed of approximately $690 million of assets in 2016. Thus far in 2017, the Company sold or contracted to sell nine office properties for $54 million.

For the year ended December 31, 2016

Sale			Realized
Date	Property/Address	Location	Gain (loss)
03/11/16	2 Independence Way	Princeton, New Jersey	$	(164	)
03/24/16	1201 Connecticut Avenue, NW	Washington, D.C.	58,764
04/26/16	125 Broad Street	New York, New York	(7,860		)
05/09/16	9200 Edmonston Road	Greenbelt, Maryland	246
05/18/16	1400 L Street	Washington, D.C.	38,346
07/14/16	600 Parsippany Road	Parsippany, New Jersey	4,590
07/14/16	4, 5, 6 Century Drive	Parsippany, New Jersey	(2,775		)
08/11/16	Andover Place	Andover, Massachusetts	2,713
09/26/16	222, 223 Mount Airy Road	Basking Ridge, New Jersey	(222		)
09/27/16	10 Mountainview Road	Upper Saddle River, New Jersey	(581		)
11/07/16	100 Willowbrook, 2, 3, 4 Paragon	Freehold, New Jersey	(4,743		)
12/05/16	4 Becker Farm Road	Roseland, New Jersey	10,399
12/09/16	101, 103, 105 Eisenhower Parkway	Roseland, New Jersey	424
12/22/16	Capital Office Park, Ivy Lane	Greenbelt, Maryland	(18,494		)
12/22/16	100 Walnut Avenue	Clark, New Jersey	20,899
12/22/16	20 Commerce Drive	Cranford, New Jersey	15,807
12/29/16	4200 Parliament Place	Lanham, Maryland	(18		)
Sub-total			$	117,331
Unrealized losses on properties held for sale			(7,665		)
Total Gains, net:			$	109,666

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

12

Spotlight on Results

Balance Sheet/Capital Markets

As of December 31, 2016, the Company had a debt-to-undepreciated assets ratio of 41.6 percent. The Company had an interest coverage ratio of 3.5 times for the quarter ended December 31, 2016.

In January 2017, the Company closed on senior unsecured credit facilities totaling $925 million with a group of 13 lenders, with Wells Fargo Securities, LLC; J.P. Morgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners; and Capital One, National Association and U.S. Bank National Association as joint lead arrangers.

The credit facilities are comprised of a renewal and extension of the Company’s existing $600 million unsecured revolving facility and a new $325 million unsecured delayed-draw term loan. The $600 million credit facility carries an interest rate equal to LIBOR plus 120 basis points and a facility fee of 25 basis points.  The facility has a term of four years with two six-month extension options.  The new $325 million delayed-draw term loan can be drawn over time within 12 months of closing with no requirement to be drawn in full.  The loan carries an interest rate equal to LIBOR plus 140 basis points and a ticking fee of 25 basis points on any undrawn balance during the first 12 months after closing.  The term loan matures in three years with two one-year extension options.  The interest rate on the revolving credit facility and new term loan and the facility fee on the revolving credit facility are subject to adjustment, on a sliding scale, based upon the Company’s unsecured debt ratings, or at the Company’s option, based on a defined leverage ratio.

The credit facilities also contain accordion features providing for expansion of the facilities up to a total of $1.275 billion.

Also in January 2017, the Company closed on a $100 million mortgage loan, secured by Alterra at Overlook Ridge, its 722 unit multi-family community located in Revere, MA. The mortgage loan carries a fixed interest rate of 3.75 percent per annum and is interest only for its seven year term.

In December 2016, the Company redeemed for cash all $135 million outstanding principal amount of its 7.75 percent Notes due in August 2019. The Notes were redeemed on December 29, 2016. The redemption price for the Notes, including a make-whole premium, was 115.3 percent of the principal amount of the Notes, plus any accrued and unpaid interest.

Also during the fourth quarter 2016, the Company repaid mortgage debt on nine assets aggregating $200 million that carried interest rates ranging from 6.3 percent to 11.3 percent, The Company disposed of two of the assets  and seven became unencumbered.

Pro forma, with the execution of these financing activities, the Company’s $2.4 billion total debt carries a weighted average interest rate of 3.8 percent. Additionally, with remaining maturities of up to 12 years, the weighted average maturity of its indebtedness is now 4.4 years.

Dividends

In December, the Company’s Board of Directors declared a cash dividend of $0.15 per common share (indicating an annual rate of $0.60 per common share) for the fourth quarter 2016, which was paid on January 13, 2017 to shareholders of record as of January 5, 2017.  The Company’s Core FFO dividend payout ratio for the quarter was 26.9 percent.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

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Spotlight on Leasing - Quarter in Review

Consolidated Commercial Leasing Summary

The Company had another successful year of leasing with solid activity in the Core, Waterfront and Flex portfolios.

Portfolio Summary

	12/31/16	9/30/16	6/30/16	3/31/16	12/31/15
Number of buildings	190	207	212	215	217
Total square feet	20,951,376	23,355,409	23,463,605	23,974,930	24,211,880
Square feet leased	18,756,661	20,473,696	20,342,158	20,910,999	20,865,233
Square feet vacant	2,194,715	2,881,713	3,121,447	3,063,931	3,346,647
Number of tenants	1,253	1,490	1,542	1,588	1,611

Summary of Leasing Transaction Activity

For the three months ended December 31, 2016

See detail on pages 34-35

							Wtd.		Wtd. Avg.
							Avg.		Costs Per
	Number of	Total	Sq. Ft.	Sq. Ft. Renewed	Average	Weighted Avg.	Base		Sq. Ft.
	Transactions	Sq. Ft.	New Leases	and Other Retained	Sq. Ft.	Term (Yrs)	Rent		Per Year
Core	22	122,851	39,432	83,419	5,584	7.4	$	32.74	$	2.93
Waterfront	5	31,355	31,355	—	6,271	6.9	45.92		5.92
Flex	18	120,447	72,563	47,884	2,660	5.5	18.00		3.57
Sub-Total	45	274,653	143,350	131,303	6,103	6.5	27.78		3.55
Non-Core	10	45,952	1,021	44,931	4,493	4.3	25.50		4.98
TOTALS	55	320,605	144,371	176,234	3,204	6.2	$	27.45	$	3.91

For the year ended December 31, 2016

See detail on pages 38-39

							Wtd.		Wtd. Avg.
							Avg.		Costs Per
	Number of	Total	Sq. Ft.	Sq. Ft. Renewed	Average	Weighted Avg.	Base		Sq. Ft.
	Transactions	Sq. Ft.	New Leases	and Other Retained	Sq. Ft.	Term (Yrs)	Rent		Per Year
Core	106	900,151	229,105	671,046	8,492	6.0	$	29.18	$	4.18
Waterfront	19	861,228	331,319	529,909	45,328	10.1	40.23		6.78
Flex	84	668,529	265,245	403,284	7,959	4.7	17.35		2.86
Sub-Total	209	2,429,908	825,669	1,604,239	11,626	7.1	29.84		4.80
Non-Core	64	339,700	148,420	191,280	5,308	4.8	23.76		4.49
TOTALS	273	2,769,608	974,089	1,795,519	10,145	6.8	$	29.10	$	5.21

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

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Spotlight on Leasing - Quarter in Review

Consolidated Commercial Leasing Summary (continued)

For the three months ended December 31, 2016

			Number of	Number of	Number of
	GAAP		Transactions	Transactions	Transactions
	Roll Up/(Down)		Rolled Up	Flat	Rolled Down	Total
New	9.8	%	10	—	5	15
Renew/Other Retained	13.3	%	28	1	—	29
TOTAL	12.0	%	38	1	5	44

For the year ended December 31, 2016

			Number of	Number of	Number of
	GAAP		Transactions	Transactions	Transactions
	Roll Up/(Down)		Rolled Up	Flat	Rolled Down	Total
New	9.0	%	34	—	8	42
Renew/Other Retained	19.6	%	143	5	14	162
TOTAL	18.3	%	177	5	22	204

Core, Waterfront and Flex Properties

For the three months ended December 31, 2016

			Number of	Number of	Number of
	GAAP		Transactions	Transactions	Transactions
	Roll Up/(Down)		Rolled Up	Flat	Rolled Down	Total
New	9.5	%	9	—	5	14
Renew/Other Retained	14.3	%	22	—	—	22
TOTAL	12.2	%	31	—	5	36

For the year ended December 31, 2016

			Number of	Number of	Number of
	GAAP		Transactions	Transactions	Transactions
	Roll Up/(Down)		Rolled Up	Flat	Rolled Down	Total
New	11.7	%	28	—	7	35
Renew/Other Retained	20.9	%	114	3	7	124
TOTAL	20.0	%	142	3	14	159

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

15

Spotlight on Leasing - Rollforwards

(for the three months ended December 31, 2016)

Leasing Activity

See detail on pages 32-33

Significant strides in disposition of non-core assets produced a 190-basis-point gain in space leased during the fourth quarter.

				Sq. Ft.		Inventory		Leased Sq. Ft.					Net			Sq. Ft.
	Pct. Leased		Inventory	Leased		Acquired/Disposed		Acquired/Disposed		Expiring/		Incoming	Leasing		Inventory	Leased	Pct. Leased
	09/30/16		09/30/16	09/30/16		or Reclassed		or Reclassed		Adj. Sq. Ft.		Sq. Ft.	Activity		12/31/16	12/31/16	12/31/16
Core	86.7	%	9,663,946	8,380,026		(770,094	)	(641,294	)	(123,413	)	122,851	(562	)	8,893,852	7,738,170	87.0	%
Waterfront	94.6	%	4,884,193	4,620,324	`	—		—		(42,753	)	31,355	(11,398	)	4,884,193	4,608,926	94.4	%
Flex	92.9	%	5,216,213	4,844,377	`	6,965		—		(108,928	)	120,447	11,519		5,223,178	4,855,896	93.1	%*
Sub-Total	90.3	%	19,764,352	17,844,727		(763,129	)	(641,294	)	(275,094	)	274,653	(441	)	19,001,223	17,202,992	90.6	%*
Non-Core	73.2	%	3,591,057	2,628,969		(1,640,904	)	(1,063,591	)	(57,661	)	45,952	(11,709	)	1,950,153	1,553,669	79.7	%
Totals	87.7	%	23,355,409	20,473,696		(2,404,033	)	(1,704,885	)	(332,755	)	320,605	(12,150	)	20,951,376	18,756,661	89.6	%*

Percentage Leased

	Pct. Leased		Impact of		Impact of		Pct. Leased
	09/30/16		Portfolio Changes		Leasing Activity		12/31/16
Core	86.7	%	—		—		87.0	%
Waterfront	94.6	%	—		—		94.4	%
Flex	92.9	%	—		—		93.1	%
Sub-Total	90.3	%	—		—		90.6	%
Non-Core	73.2	%	5.1	%	(0.3	)%	79.7	%
Totals	87.7	%	1.9	%	—		89.6	%

“Core”	Long-term hold office properties (excluding Waterfront locations)
“Waterfront”	Office assets located on NJ Hudson River waterfront
“Flex”	Non-office commercial assets, primarily office/flex properties
“Non-Core”	Properties designated for eventual sale/disposition or repositioning
*	Excludes 6,965 square feet of retail space placed in service in 4th quarter 2016 and currently in lease-up.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

16

Spotlight on Leasing - Expirations by Type

The following table sets forth a schedule of lease expirations for all consolidated properties beginning January 1, 2017, assuming that none of the tenants exercise renewal or termination options:

			Percentage of Total		Average Annualized Base
		Net Rentable Area	Leased Square Feet	Annualized Base	Rent Per Net Rentable	Percentage of Annual
Year of	Number of	Subject to Expiring	Represented by	Rental Revenue Under	Square Foot Represented	Base Rent Under
Expiration/Market	Leases Expiring (a)	Leases (Sq. Ft.)	Expiring Leases (%)	Expiring Leases ($) (b)	by Expiring Leases ($)	Expiring Leases (%)
2017
Core	122	793,718	4.3	21,004,678	26.46	4.6
Waterfront	25	699,398	3.8	25,867,076	36.98	5.7
Flex	82	639,154	3.5	9,031,334	14.13	2.0
Sub-Total	229	2,132,270	11.6	55,903,088	26.22	12.3
Non-Core	43	512,244	2.8	12,918,022	25.22	2.9
TOTAL — 2017	272	2,644,514	14.4	68,821,110	26.02	15.2
2018
Core	106	742,554	4.0	20,335,620	27.39	4.5
Waterfront	16	608,014	3.3	22,055,114	36.27	4.9
Flex	101	1,143,867	6.2	15,007,835	13.12	3.3
Sub-Total	223	2,494,435	13.5	57,398,569	23.01	12.7
Non-Core	35	269,676	1.5	6,885,675	25.53	1.5
TOTAL — 2018	258	2,764,111	15.0	64,284,244	23.26	14.2
2019
Core	112	1,108,781	6.0	29,525,388	26.63	6.5
Waterfront	12	197,972	1.1	6,391,332	32.28	1.4
Flex	74	942,109	5.1	13,049,496	13.85	2.9
Sub-Total	198	2,248,862	12.2	48,966,216	21.77	10.8
Non-Core	30	149,885	0.8	3,574,261	23.85	0.8
TOTAL — 2019	228	2,398,747	13.0	52,540,477	21.90	11.6
2020
Core	109	963,504	5.1	23,853,137	24.76	5.2
Waterfront	8	70,779	0.4	2,517,518	35.57	0.5
Flex	53	431,851	2.4	5,717,423	13.24	1.3
Sub-Total	170	1,466,134	7.9	32,088,078	21.89	7.0
Non-Core	26	212,879	1.2	5,662,688	26.60	1.3
TOTAL — 2020	196	1,679,013	9.1	37,750,766	22.48	8.3

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

17

Spotlight on Leasing - Expirations by Type (continued)

			Percentage of Total		Average Annualized Base
		Net Rentable Area	Leased Square Feet	Annualized Base	Rent Per Net Rentable	Percentage of Annual
Year of	Number of	Subject to Expiring	Represented by	Rental Revenue Under	Square Foot Represented	Base Rent Under
Expiration/Market	Leases Expiring (a)	Leases (Sq. Ft.)	Expiring Leases (%)	Expiring Leases ($) (b)	by Expiring Leases ($)	Expiring Leases (%)
2021
Core	63	408,135	2.2	10,911,849	26.74	2.4
Waterfront	17	387,675	2.1	13,555,112	34.97	3.0
Flex	51	491,264	2.7	6,375,777	12.98	1.4
Sub-Total	131	1,287,074	7.0	30,842,738	23.96	6.8
Non-Core	17	105,068	0.6	2,455,932	23.37	0.5
TOTAL — 2021	148	1,392,142	7.6	33,298,670	23.92	7.3
2022
Core	61	499,066	2.6	13,400,876	26.85	3.1
Waterfront	11	252,201	1.4	7,817,279	31.00	1.7
Flex	32	273,764	1.5	3,793,583	13.86	0.9
Sub-Total	104	1,025,031	5.5	25,011,738	24.40	5.7
Non-Core	14	159,615	0.9	3,967,294	24.86	0.7
TOTAL — 2022	118	1,184,646	6.4	28,979,032	24.46	6.4
2023
Core	53	883,487	4.8	20,325,060	23.01	4.5
Waterfront	9	329,554	1.8	10,559,632	32.04	2.3
Flex	16	244,842	1.3	3,590,009	14.66	0.8
Sub-Total	78	1,457,883	7.9	34,474,701	23.65	7.6
Non-Core	4	84,636	0.5	1,926,439	22.76	0.4
TOTAL — 2023	82	1,542,519	8.4	36,401,140	23.60	8.0
2024
Core	33	655,254	3.6	16,890,965	25.78	3.8
Waterfront	7	168,810	0.9	5,993,971	35.51	1.3
Flex	21	269,628	1.5	4,048,021	15.01	0.9
Sub-Total	61	1,093,692	6.0	26,932,957	24.63	6.0
Non-Core	1	3,401	(d)	85,025	25.00	(d)
TOTAL — 2024	62	1,097,093	6.0	27,017,982	24.63	6.0

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

18

Spotlight on Leasing - Expirations by Type (continued)

				Percentage of Total			Average Annualized Base
		Net Rentable Area		Leased Square Feet		Annualized Base	Rent Per Net Rentable	Percentage of Annual
Year of	Number of	Subject to Expiring		Represented by		Rental Revenue Under	Square Foot Represented	Base Rent Under
Expiration/Market	Leases Expiring (a)	Leases (Sq. Ft.)		Expiring Leases (%)		Expiring Leases ($) (b)	by Expiring Leases ($)	Expiring Leases (%)
2025
Core	13	334,187		1.9		8,238,338	24.65	1.8
Waterfront	5	98,748		0.5		3,130,374	31.70	0.7
Flex	15	225,070		1.2		2,935,942	13.04	0.7
Sub-Total	33	658,005		3.6		14,304,654	21.74	3.2
Non-Core	—	—		—		—	—	—
TOTAL — 2025	33	658,005		3.6		14,304,654	21.74	3.2
2026
Core	21	389,860		2.1		11,284,499	28.95	2.5
Waterfront	10	257,653		1.4		8,779,328	34.07	1.9
Flex	10	83,616		0.5		1,249,199	14.94	0.3
Sub-Total	41	731,129		4.0		21,313,026	29.15	4.7
Non-Core	1	5,848			(d)	128,656	22.00		(d)
TOTAL — 2026	42	736,977		4.0		21,441,682	29.09	4.7
2027
Core	9	374,639		2.1		9,185,763	24.52	2.0
Waterfront	13	566,711		3.1		15,403,916	27.18	3.4
Flex	7	43,347		0.2		966,031	22.29	0.2
Sub-Total	29	984,697		5.4		25,555,710	25.95	5.6
Non-Core	1	26,315		0.1		526,300	20.00	0.1
TOTAL — 2027	30	1,011,012		5.5		26,082,010	25.80	5.7
2028 and thereafter
Core	9	386,034		2.1		9,358,317	24.24	2.1
Waterfront	10	867,927		4.7		32,399,734	37.33	7.1
Flex	2	35,260		0.2		650,076	18.44	0.1
Sub-Total	21	1,289,221		7.0		42,408,127	32.89	9.3
Non-Core	1	9,300			(d)	330,150	35.50	0.1
TOTAL — 2028 and thereafter	22	1,298,521		7.0		42,738,277	32.91	9.4
Totals/Weighted Average	1,491	18,407,300	(c)	100.0		453,660,044	24.65	100.0

Totals/Weighted Average by type, along with footnotes, on following page.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

19

Spotlight on Leasing - Expirations by Type (continued)

			Percentage of Total		Average Annualized Base
		Net Rentable Area	Leased Square Feet	Annualized Base	Rent Per Net Rentable	Percentage of Annual
Year of	Number of	Subject to Expiring	Represented by	Rental Revenue Under	Square Foot Represented	Base Rent Under
Expiration/Market	Leases Expiring (a)	Leases (Sq. Ft.)	Expiring Leases (%)	Expiring Leases ($) (b)	by Expiring Leases ($)	Expiring Leases (%)
TOTALS BY TYPE
Core	711	7,539,219	41.0	194,314,490	25.77	42.8
Waterfront	143	4,505,442	24.5	154,470,386	34.29	34.0
Flex	464	4,823,772	26.2	66,414,726	13.77	14.6
Sub-Total	1,318	16,868,433	91.7	415,199,602	24.61	91.4
Non-Core	173	1,538,867	8.3	38,460,442	24.99	8.6
Totals/Weighted Average	1,491	18,407,300	100.0	453,660,044	24.65	100.0

(a)	Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
(b)	Annualized base rental revenue is based on actual December 2016 billings times 12. For leases whose rent commences after January 1, 2017 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)	Includes leases expiring December 31, 2016 aggregating 151,655 square feet and representing annualized rent of $2,630,824 for which no new leases were signed.
(d)	Represents 0.05% or less.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

20

Spotlight on Leasing - Rental Rate Effects

The following schedule sets forth the percentage change in GAAP rent for transactions signed within the period.  Transactions signed for space which has been vacant for longer than 12 months are excluded.

	Transaction Type	1st Qtr ‘16		2nd Qtr ‘16		3rd Qtr ‘16		4th Qtr ‘16		Full Year 2016
Core
	New	2.7	%	6.9	%	10.0	%	9.2	%	5.3	%
	Renew/Other Retained	7.7	%	9.7	%	7.9	%	15.7	%	9.5	%
	Weighted Average	7.0	%	9.7	%	8.0	%	15.5	%	9.4	%
Waterfront
	New	N/A		23.3	%	N/A		10.0	%	10.8	%
	Renew/Other Retained	26.7	%	70.6	%	N/A		N/A		39.7	%
	Weighted Average	26.7	%	69.8	%	N/A		10.0	%	37.4	%
Flex
	New	32.9	%	9.1	%	18.0	%	8.9	%	13.2	%
	Renew/Other Retained	12.9	%	6.7	%	10.1	%	9.6	%	9.9	%
	Weighted Average	14.9	%	7.4	%	12.0	%	9.2	%	10.9	%
Sub-Total
	New	9.7	%	9.9	%	17.0	%	9.5	%	11.7	%
	Renew/Other Retained	19.9	%	32.1	%	8.6	%	14.3	%	20.9	%
	Weighted Average	19.4	%	30.5	%	9.3	%	12.2	%	20.0	%
Non-Core
	New	10.3	%	(14.1	)%	7.0	%	41.7	%	(1.7	)%
	Renew/Other Retained	3.9	%	3.8	%	5.4	%	10.1	%	5.5	%
	Weighted Average	4.3	%	(1.6	)%	5.6	%	10.7	%	3.9	%
TOTAL
	New	9.7	%	2.2	%	16.2	%	9.8	%	9.0	%
	Renew/Other Retained	18.9	%	29.9	%	8.3	%	13.3	%	19.6	%
	Weighted Average	18.4	%	27.3	%	9.1	%	12.0	%	18.3	%

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

21

Spotlight on Earnings - FFO, Core FFO & AFFO

(in thousands, except per share/unit amounts) (unaudited)

Core FFO per share for 4Q-16 was $0.56 an increase of $0.09 per share over 4Q-15. Rental rate increases boosted current quarter results and projects to provide growth into 2017.

	Three Months Ended						Year Ended
	December 31,						December 31,
	2016			2015			2016			2015
Net income (loss) available to common shareholders	$	15,181		$	(31,718	)	$	117,224		$	(125,752	)
Add (deduct): Noncontrolling interest in Operating Partnership	1,774			(3,795		)	13,721			(15,256		)
Real estate-related depreciation and amortization on continuing operations (a)	56,874			48,707			204,746			190,875
Impairments	—			33,743			—			197,919
Gain on change of control of interests	—			—			(15,347		)	—
Realized (gains) losses and unrealized losses on disposition of rental property, net	(41,002		)	—			(109,666		)	(53,261		)
Gain on sale of investment in unconsolidated joint venture	—			—			(5,670		)	(6,448		)
Funds from operations (b)	$	32,827		$	46,937		$	205,008		$	188,077
Add:
Acquisition-related costs	$	26		$	1,449		$	2,880		$	1,560
Dead deal costs	282			—			1,073			—
Severance/separation costs	—			—			0			2,000
Mark-to-market interest rate swap	(631		)	—			(631		)	—
Deduct:
Net real estate tax appeal proceeds	(71		)	(808		)	(817		)	(5,000		)
Equity in earnings from joint venture refinancing proceeds	—			—			(21,708		)	(3,700		)
Loss from extinguishment of debt, net	23,658			—			30,540			—
Core FFO	$	56,091		$	47,578		$	216,345		$	182,937
Add (Deduct) Non-Cash Items:
Straight-line rent adjustments (c)	$	(3,792	)	$	(3,256	)	$	(15,123	)	$	(4,592	)
Amortization of market lease intangibles, net (d)	(772		)	(35		)	(2,260		)	(587		)
Amortization of stock compensation	1,433			820			6,018			2,616
Non real estate depreciation and amortization	395			232			1,112			954
Amortization of debt discount/(premium) and mark-to-market, net	269			594			1,686			3,386
Amortization of deferred financing costs	999			944			4,582			3,790
Deduct:
Non-incremental revenue generating capital expenditures:
Building improvements	(8,975		)	(8,954		)	(23,364		)	(29,147		)
Tenant improvements and leasing commissions (e)	(5,599		)	(8,488		)	(40,616		)	(27,705		)
Tenant improvements and leasing commissions on space vacant for more than one year	(14,522		)	(10,928		)	(64,909		)	(35,727		)
Adjusted FFO (b)	$	25,527		$	18,507		$	83,471	(j)	$	95,925
Core FFO (calculated above)	$	56,091		$	47,578		$	216,345		$	182,937
Deduct:
Equity in earnings (loss) of unconsolidated joint ventures, net (i)	$	834		$	449		$	2,920		$	3,172
Equity in earnings share of depreciation and amortization	(5,269		)	(5,818		)	(19,217		)	(21,647		)
Add-back:
Interest expense	22,731			24,374			94,889			103,051
Recurring JV distributions	2,612			2,350			10,501			7,916
Income (loss) in non-controlling interest in consolidated joint ventures	(191		)	(462		)	(651		)	(1,044		)
EBITDA	$	76,808		$	68,471		$	304,787		$	274,385
Net debt at period end (g)	$	2,308,398		$	2,117,843		$	2,308,398		$	2,117,843
Net debt to EBITDA (h)	7.5x			7.7x			7.6x			7.7x
Diluted weighted average shares/units outstanding (f)	100,575			100,180			100,498			100,222
Funds from operations per share-diluted	$	0.33		$	0.47		$	2.04		$	1.88
Core Funds from Operations per share/unit-diluted	$	0.56		$	0.47		$	2.15		$	1.83
Dividends declared per common share	$	0.15		$	0.15		$	0.60		$	0.60

Note:   See footnotes on next page and “Information About FFO, Core FFO and AFFO” on page 48.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

22

Spotlight on Earnings - FFO, Core FFO & AFFO Footnotes

Footnotes to prior page:

(a)	Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interests, of $5,224 and $5,803 for the three months ended December 31, 2016 and 2015, respectively, and $19,174 and $21,431 for the years ended December 31, 2016 and 2015, respectively. Excludes non-real estate-related depreciation and amortization of $315 and $81 for the three months ended December 31, 2016 and 2015, respectively, and $696 and $350 for the years ended December 31, 2016 and 2015, respectively, and depreciation expense allocable to the Company’s noncontrolling interest in consolidated joint ventures of $80 and $151 for the three months ended December 31, 2016 and 2015, respectively, and $416 and $604 for the years ended December 31, 2016 and 2015, respectively.
(b)	Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO, Core FFO and AFFO” on page 44.
(c)	Includes the Company’s share from unconsolidated joint ventures of $280 and $585 for the three months ended December 31, 2016 and 2015, respectively, and $791 and $1,261 for the years ended December 31, 2016 an 2015, respectively.
(d)	Includes the Company’s share from unconsolidated joint ventures of $96 and $95 for the three months ended December 31, 2016 and 2015, respectively, and $381 and $429 for the years ended December 31, 2016 an 2015, respectively.
(e)	Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.
(f)	Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (10,490 and 10,705 shares for the three months ended December 31, 2016 and 2015, respectively, and 10,499 and 10,931 shares for the years ended December 31, 2016 and 2015, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).
(g)	Net Debt calculated by taking the sum of senior unsecured notes, unsecured revolving credit facility, and mortgages, loans payable and other obligations, and deducting cash and cash equivalents, all at period end.
(h)	Equals Net Debt at period end divided by EBITDA (for quarter periods, EBIDTA annualized multiplying quarter amounts by 4).
(i)	Excludes the Company’s share from non-recurring joint venture loan refinance proceeds from unconsolidated joint ventures of $21,708 and $3,700 for the year ended December 31, 2016 and 2015, respectively.
(j)	In its Supplemental Operating and Financial Data furnished for the First Quarter 2016, the Company had presented the Adjusted FFO (AFFO) amounts for the three months ended March 31, 2016 and 2015 of $21,924 and $24,595, respectively, which did not properly reflect the effects of certain non-cash components of AFFO. The amounts presented in this report of $83,471 and $95,925 for the years ended December 31, 2016 and 2015, respectively, include the corrected amounts for the three months ended March 31, 2016 and 2015 of $18,084 and $26,405.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

23

Spotlight on Earnings - AFFO Projected For 2017

($ in Millions)	Projected Full Year 2017
Core FFO Net of Straight Line Rent	$	200		—	$	215
Add (Deduct) Non-Cash Items
Amortization of market lease intangibles, net	(3		)	—	(2		)
Amortization of stock compensation	5			—	6
Non real estate depreciation and amortization	1			—	2
Amortization of debt discount/(premium) and mark-to-market, net	2			—	3
Amortization of deferred financing costs	5			—	6
(Deduct)
Building improvements	(10		)	—	(15		)
Tenant improvements and leasing commissions	(60		)	—	(65		)
Adjusted FFO	$	140		—	$	150

Note:

The Company will use its distributable cash flows to fund new capital programs to enhance its assets to produce cash flows in excess of what is currently projected (e.g. completing renovations of Plaza I in Jersey City, retail expansion at Harborside, additions of gyms and new cafes at its high end suburban assets).

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

24

Spotlight on Earnings -NAV

($’s in millions)

As of February 28, 2017

Presented below is a Net Asset Value (NAV) analysis with footnotes. The information set forth below should be read in conjunction with this Fourth Quarter 2016 Supplemental Operating and Financial Data and the Fourth Quarter 2016 Supplemental Operating and Financial Data for Roseland Residential Platform (the “Roseland Supplemental”).

	Rentable Area (MSF) / Apt	Projected 2017		Cap Rate Range				Value Range
	Units	NOI (1)		Low		High		Low		High
Commercial
NJ Waterfront	4.884	$	109.0	5.25	%	5.75	%	$	1,896	$	2,076
Flex and office included in Flex parks	5.716	51.5		6.25	%	6.75	%	763		824
Core Urban Suburban	1.992	30.5		6.00	%	6.50	%	469		508
Core Suburban	4.355	52.6		7.50	%	8.00	%	658		701
2017 Disposition Targets	3.541							344		382
Commercial (Hotel / Office) Unconsolidated JV interests (2)								150		160
Land - Harborside Plaza 4, 1.067msf (3)								90		90
Commercial Land, CIP & Other (4)								82		82
Re-positioning Properties (5)								45		45
Total Commercial Share of Portfolio	20.488							$	4,497	$	4,868

	Units
Multi- Family
Operating Properties
Wholly Owned (6)	2,027	$	26.7		4.50	%	5.00	%	$	534		$	593
Joint Ventures (6)	1,940								243			268
Subordinated Interests (6)	1,647								49			54
Operating Properties Sub-total									826			915
In Construction Properties
Wholly Owned & Unconsolidated (7)	3,063								484			535
Pre/Future - Development Properties
Wholly Owned & Unconsolidated (8)	10,340								224			248
Fee Income Business / Other (9)									20			20
Total Multi- Family Share of Portfolio	19,017	$							$	1,554		$	1,718
Total Commercial & Multi-Family Gross Asset Value									$	6,051		$	6,586
Less:
Market Management Fee (10)		$	(15.0	)	7.50	%	7.50	%	(200		)	(200		)
Total Debt and Other Liabilities
Office / Commercial Share of Consolidated Debt (11)									$	(2,017	)	$	(2,017	)
Multi-Family Share of Consolidated Debt (11)									(283		)	(283		)
Total Debt and Other Liabilities									$	(2,300	)	$	(2,300	)
Approximate Net Asset Value range									$	3,551		$	4,086
Approximate Net Asset Value per share range (100.3MM shares) (12)									$	35.31		$	40.62

Note:

See footnotes on next page.

25

Spotlight on Earnings -NAV Footnotes

Footnotes to prior page:

(1) Budgeted 2017 NOI including add-back of excess levels of free rent.

(2) Estimated market values for Hyatt Hotel ($7MM @ 7.0%) less share ($50MM) of debt, Curtis Center ($97MM), Red Bank ($5MM) and 12 Vreeland ($4MM).  For further detail on these ventures, please refer to p. 50.

(3) Land value assumed at $85 PSF based on new building construction proforma with lease rates of $50 PSF.  Asking rents in Plaza 5, adjacent to this site, are mid-$40’s PSF.  For further detail, please refer to p. 52.

(4) Estimated market values for land in Princeton (1.007 MSF), Parsippany (0.274 MSF) and in other land parcels (1.072 MSF), totaling 2.353msf.  Estimated value for Wegman’s Shopping Center Project (0.170msf) $1.8MM NOI capped @ 4.5% and potential additional $0.6MM in ground rent capped @ 5.0%.  Includes $11MM in 1031 proceeds. For further detail, please refer to p. 52.

(5) Cost basis of re-positioning properties: 320-321 University Ave, 1-11 Martine and 3 Sylvan.

(6) For further detail on these projects, please refer to the Roseland supplemental p. 33-36.

(7) For further detail on these projects, please refer to the Roseland supplemental p. 37-40.

(8) Source: Roseland supplemental p. 41 & 42.

(9) Source: Roseland supplemental p.7.

(10) Represents an estimate of the cost for a management fee based on 3.0% percent of revenues, as the NOI presented is before any cost for managing the portfolio.

(11) Source: p. 35; Roseland supplemental p. 29.  Dec. 31, 2016 debt balances pro forma for asset sales, acquisitions, development  and financing activity from Jan 1, 2017 to Feb. 28, 2017.

(12) Source: p. 31.

Definitions:

Net Asset Value (NAV): We consider NAV to be a useful metric for investors to estimate the fair value of the Mack-Cali and Roseland platforms. The metric represents the net projected value of the Company’s interest after accounting for all priority debt and equity payments. The metric includes capital invested by the Company.

Net Operating Income (NOI): Total property revenues less real estate taxes, utilities and operating expenses.

26

Spotlight on Earnings - Guidance Assumptions

	Current		Previous
	2017 Guidance		2017 Guidance
Core Funds from Operations (FFO) per share	$2.25 to $2.40	Commentary to the 2017 Guidance	$2.25 to $2.40

Metric	Assumptions Range ($’s in millions)
Office Portfolio
Occupancy (% leased)	90.0% to 92.0%	Improving leasing activity and portfolio transformation.	90.0% to 92.0%
Same Store GAAP NOI Growth Post Sale Portfolio	6.0% to 8.0%	Reflects expected same store growth from only the Waterfront, Core and Flex properties remaining after the sale of all Non-Core properties.	6.0% to 8.0%
Same Store Cash NOI Growth Post Sale Portfolio	3.0% to 5.0%		3.0% to 5.0%
Straight-Line Rent Adjustment	$23 to $27	Including approximately $2 million from projected acquisitions.	$25 to $30
Dispositions	$700 to $800	Continue the sale of non-core assets for reinvestment and debt retirement.	$500 to $600
Acquisitions	$400 to $600	Reinvesting proceeds in transit oriented, high-growth markets.	$350 to $400
Base Building CapEx	$10 to $15	Recurring base building capex projects for the overall office/multi-family portfolios.	$20 to $25
Leasing CapEx Run Rate	$60 to $65	Tenant Improvements for new long-term leases ranging from $15 to $90 per sq. ft and from $5 to $40 per sq. ft for renewals, plus market leasing commissions.	$80 to $100

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

27

Spotlight on Earnings - Guidance Assumptions (Continued)

	Current		Previous
	2017 Guidance		2017 Guidance
Metric		Assumptions Range ($’s in millions)
Multi-Family Portfolio
Development (Consolidated)	$130 to $140	Equity capital required based on estimated total on-balance sheet development spending of $420-430MM in 2017, net of construction loans.	$130 to $140
Development (J.V.)	$30 to $40	Equity investment in unconsolidated joint venture development projects during 2017.	$40 to $50
Acquisitions	$145MM in cash equity and $53MM preferred OP units.	Acquiring existing partners’ interest to consolidate ownership in stabilized premier, luxury high-rise community in Jersey City and assume $165MM, 4.19% mortgage. Purchased remaining 50% ownership in existing land joint venture on Waterfront just north of Harborside.	None

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

28

Spotlight on Earnings - Guidance Assumptions (Continued)

	Current		Previous
	2017 Guidance		2017 Guidance
Metric	Assumptions Range ($’s in millions)
Corporate
G&A (Corporate)	$35 to $37	Based on staffing levels and incentive compensation, plans to reduce as we streamline our portfolio.	$35 to $37
G&A (Multi-family subsidiary)	$8 to $10	Based on staffing levels and incentive compensation.	$8 to $10
Interest Expense	$93 to $95	Reduced rates as debt repaid. Higher average debt balances due to Jersey City apartment acquisition and timing of office sales.	$77 to $79
Unsecured Debt Financing	$325	Re-finance the maturing bonds in 4Q-17 with proceeds from new Term Loan. Completed recast of $600MM Unsecured Credit Facility in January 2017.	$250
Secured Debt Financing	$390	Secured by existing properties and projected acquisitions.	$225
Equity Financing	$300	Rockpoint investment in RRT for multi-family development platform.	$150 by 3/31/17

The guidance and representative assumptions on these pages are forward looking statements and reflect our views of current and future market conditions. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors, some of which are beyond our control or ability to predict. Although we believe that the assumptions underlying our guidance are reasonable, they are not guarantees of future performance and some of them will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

29

Spotlight on Earnings - 2017 Projected Sources & Uses of Funds

We have multiple options regarding our capital plan.  Below is a summary of the potential sources and uses for 2017.

	Projected
($’s in millions)	Full Year 2017
Sources
Core FFO Net of Straight-Line Rent	$	200	—	$	215
Office Sales Net Proceeds	700			800
Joint Venture Interest Sale / Capital Distribution	115			125
Roseland Residential Equity Raise Net Proceeds	225			250
O.P. / Unit Equity Raise Net Proceeds	50			55
Office and Multi-Family Secured Debt Raise, Net	220			225
Total Sources	$	1,510		$	1,670
Uses
Base Bldg CapEx	$	10	—	$	15
Leasing Costs Run Rate	60			65
Multi-Family Acquisitions Net of Secured Debt	195			200
Office Acquisitions	400			600
Development Spending Net of Secured Debt	130			140
Net Investment in Unconsolidated Joint Ventures	30			40
Dividends / Distributions	60			65
Cash Available for Strategic Plan/ Reduction of Net Debt	625			545
Total Uses	$	1,510		$	1,670

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

30

Spotlight on Earnings - Our Stats

($’s in thousands, except ratios and per share amounts)

Mack-Cali executed on its strategy to strengthen its balance sheet and improve its key financial ratios in fourth quarter 2016.

From 12/31/15 to 12/31/16: Total Debt/Total Market Cap decreased 3.0 percentage points, from 47.4 percent to 44.4 percent and Interest Coverage increased 0.5x, from 2.8x to 3.3x.  Core FFO per Share increased from $1.83 to $2.15, and the FFO Payout Ratio decreased from 32.9 percent to 27.9 percent.  It was a positive year for Mack-Cali as demonstrated by favorable improvements in many of these key financial metrics.

($’s in thousands, except ratios)	12/31/16		09/30/16		06/30/16		03/31/16		12/31/15
Market Value of Equity (a)	2,928,309		2,747,095		2,725,214		2,410,679		2,394,512
Total Debt, Net	2,340,009		2,455,309		2,256,955		2,269,287		2,154,920
Total Market Capitalization	5,268,318		5,202,404		4,982,169		4,679,966		4,549,432
Total Debt/ Total Market Capitalization	44.42	%	47.20	%	45.30	%	48.47	%	47.37	%
Total Debt/ Total Book Capitalization	54.46	%	55.37	%	53.56	%	53.67	%	53.03	%
Total Debt/ Total Undepreciated Assets	41.57	%	42.43	%	40.26	%	40.44	%	38.98	%
Secured Debt/ Total Undepreciated Assets	15.79	%	18.34	%	13.72	%	13.68	%	13.23	%
Capitalized Interest	4,880		5,090		4,785		4,561		4,473
Portfolio Size:
Consolidated In-Service Properties	199		214		220		222		223
Consolidated Total Commercial Square Footage	20,951,376		23,355,409		23,463,605		23,974,930		24,211,880
Commercial Sq. Ft. Leased at End of Period (c)	90.6	%	87.7	%	86.7	%	87.2	%	86.2	%
Consolidated Residential Units	2,027		1,627		1,847		1,672		1,301
Shares and Units:
Common Shares Outstanding	89,696,713		89,647,337		89,650,590		89,638,312		89,583,950
Common Units Outstanding	10,488,105		10,497,946		10,497,946		10,499,844		10,516,844
Combined Shares and Units	100,184,818		100,145,283		100,148,536		100,138,156		100,100,794
Weighted Average- Diluted (b)	100,575,238		100,252,797		100,400,717		100,315,467		100,180,068
Common Share Price ($’s):
At the end of the period	29.02		27.22		27.00		23.50		23.35
High during period	29.38		29.25		27.58		23.71		24.26
Low during period	24.59		26.11		22.47		17.35		18.67

	Three Months Ended				Year Ended
	12/31/16		12/31/15		12/31/16		12/31/15
Net Debt to EBITDA Annualized	7.5x		7.7x		7.6x		7.7x
Interest Coverage Ratio	3.47x		2.95x		3.28x		2.78x
Fixed Charge Coverage Ratio	2.71x		2.37x		2.61x		2.33x
Earnings per Share—diluted	0.17		(0.35	)	1.30		(1.41	)
FFO per Share—diluted (d)	0.33		0.47		2.04		1.88
Core FFO per Share	0.56		0.47		2.15		1.83
Dividends Declared per Share	0.15		0.15		0.60		0.60
Core FFO Payout Ratio	26.9	%	31.6	%	27.9	%	32.9	%

(a)	Includes any outstanding preferred units presented on a converted basis into common units and noncontrolling interests in consolidated joint ventures.
(b)	Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants).
(c)	Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future and leases that expire at the period end date.  Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service properties in lease up (if any).  At 12/31/16, excludes properties being considered for repositioning, redevelopment or potential sale.  Inclusive of such properties, percentage of square feet leased was 89.6 percent.
(d)	Funds from operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT).  See “Information About FFO, Core FFO and AFFO” on page 48.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

31

Spotlight on Earnings - Same Store

(Consolidated Commercial In-Service Portfolio)

(dollars in thousands)

The current quarter and year-to-date same store results for our commercial portfolio showed very positive results, benefiting from solid revenue growth.

	For the three months ended
	December 31,									%
	2016			2015			Change			Change
Total Property Revenues	$	116,831		$	107,841		$	8,990		8.3
Real Estate Taxes	16,654			14,056			2,598			18.5
Utilities	8,398			8,913			(515		)	(5.8	)
Operating Services	20,687			20,971			(284		)	(1.4	)
Total Property Expenses:	45,739			43,940			1,799			4.1
GAAP Net Operating Income	71,092			63,901			7,191			11.3
Less: straight-lining of rents adj.	2,605			2,315			290			12.5
Net Operating Income	$	68,487		$	61,586		$	6,901		11.2
Average Percentage Leased	89.1		%	88.2		%
Total Properties:	185
Total Square Footage:	19,910,827

	For the year ended
	December 31,									%
	2016			2015			Change			Change
Total Property Revenues	$	457,756		$	433,762		$	23,994		5.5
Real Estate Taxes	66,698			58,852			7,846			13.3
Utilities	37,317			42,592			(5,275		)	(12.4	)
Operating Services	74,782			79,003			(4,221		)	(5.3	)
Total Property Expenses:	178,797			180,447			(1,650		)	(0.9	)
GAAP Net Operating Income	278,959			253,315			25,644			10.1
Less: straight-lining of rents adj.	12,191			2,639			9,552			362.0
Net Operating Income	$	266,768		$	250,676		$	16,092		6.4
Average Percentage Leased	89.1		%	88.2		%
Total Properties:	185
Total Square Footage:	19,910,827

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

32

Spotlight on Financials - Income Statements

(dollars in thousands, except per share amounts) (unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2016			2015			2016			2015
REVENUES
Base rents	$	126,744		$	122,295		$	506,877		$	487,041
Escalations and recoveries from tenants	15,257			13,190			60,505			62,481
Real estate services	6,658			7,065			26,589			29,620
Parking income	3,499			2,983			13,630			11,124
Other income	1,573			910			5,797			4,617
Total revenues	153,731			146,443			613,398			594,883
EXPENSES
Real estate taxes	21,129			19,683			87,379			82,688
Utilities	10,966			11,819			49,624			55,965
Operating services	27,645			29,344			103,954			107,951
Real estate services expenses	6,842			6,063			26,260			25,583
General and administrative	12,968			12,589			51,979			49,147
Acquisition-related costs	26			1,449			2,880			1,560
Depreciation and amortization	52,045			43,136			186,684			170,402
Impairments	—			33,743			—			197,919
Total expenses	131,621			157,826			508,760			691,215
Operating income (loss)	22,110			(11,383		)	104,638			(96,332		)
OTHER (EXPENSE) INCOME
Interest expense	(22,731		)	(24,374		)	(94,889		)	(103,051		)
Interest and other investment income (loss)	875			231			1,614			794
Equity in earnings (loss) of unconsolidated joint ventures	(834		)	(449		)	18,788			(3,172		)
Gain on change of control of interests	—			—			15,347			—
Realized gains (losses) and unrealized losses on disposition of rental property, net	41,002			—			109,666			53,261
Gain on sale of investment in unconsolidated joint venture	—			—			5,670			6,448
Loss from extinguishment of debt, net	(23,658		)	—			(30,540		)	—
Total other income (expense)	(5,346		)	(24,592		)	25,656			(45,720		)
Net income (loss)	16,764			(35,975		)	130,294			(142,052		)
Noncontrolling interest in consolidated joint ventures	191			462			651			1,044
Noncontrolling interest in Operating Partnership	(1,774		)	3,795			(13,721		)	15,256
Net income (loss) available to common shareholders	$	15,181		$	(31,718	)	$	117,224		$	(125,752	)
Basic earnings per common share:
Net income (loss) available to common shareholders	$	0.17		$	(0.35	)	$	1.31		$	(1.41	)
Diluted earnings per common share:
Net income (loss) available to common shareholders	$	0.17		$	(0.35	)	$	1.30		$	(1.41	)
Basic weighted average shares outstanding	89,767			89,475			89,746			89,291
Diluted weighted average shares outstanding	100,575			100,180			100,498			100,222

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

33

Spotlight on Financials - Balance Sheets

(dollars in thousands, except per share amounts) (unaudited)

	December 31,
	2016			2015
Assets
Rental property
Land and leasehold interests	$	661,335		$	735,696
Buildings and improvements	3,758,210			3,648,238
Tenant improvements	364,092			408,617
Furniture, fixtures and equipment	21,230			15,167
	4,804,867			4,807,718
Less — accumulated depreciation and amortization	(1,332,073		)	(1,464,482		)
	3,472,794			3,343,236
Rental property held for sale, net	39,743			—
Net investment in rental property	3,512,537			3,343,236
Cash and cash equivalents	31,611			37,077
Investments in unconsolidated joint ventures	320,047			303,457
Unbilled rents receivable, net	101,052			120,246
Deferred charges, goodwill and other assets, net	267,950			203,850
Restricted cash	53,952			35,343
Accounts receivable, net of allowance for doubtful accounts of $1,335 and $1,407	9,617			10,754
Total assets	$	4,296,766		$	4,053,963
Liabilities and Equity
Senior unsecured notes	$	817,355		$	1,263,782
Unsecured revolving credit facility and term loans	634,069			155,000
Mortgages, loans payable and other obligations, net	888,585			726,611
Dividends and distributions payable	15,327			15,582
Accounts payable, accrued expenses and other liabilities	159,874			135,057
Rents received in advance and security deposits	46,442			49,739
Accrued interest payable	8,427			24,484
Total liabilities	2,570,079			2,370,255
Commitments and contingencies
Equity:
Mack-Cali Realty Corporation stockholders’ equity:
Common stock, $0.01 par value, 190,000,000 shares authorized,
89,696,713 and 89,583,950 shares outstanding	897			896
Additional paid-in capital	2,576,473			2,570,392
Dividends in excess of net earnings	(1,052,184		)	(1,115,612		)
Accumulated other comprehensive income (loss)	1,985			—
Total Mack-Cali Realty Corporation stockholders’ equity	1,527,171			1,455,676
Noncontrolling interests in subsidiaries:
Operating Partnership	178,570			170,891
Consolidated joint ventures	20,946			57,141
Total noncontrolling interests in subsidiaries	199,516			228,032
Total equity	1,726,687			1,683,708
Total liabilities and equity	$	4,296,766		$	4,053,963

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

34

Spotlight on Financials - Debt Summary

(as of December 31, 2016)

As of December 31, 2016, the Company has minimal floating rate debt of only $481 million, or 20 percent, of its total debt.

Debt Breakdown

(dollars in thousands)

				%		Weighted Average		Weighted Average
	Balance			of Total		Interest Rate (a)		Maturity in Years
Fixed Rate Unsecured Debt and Other Obligations	$	1,175,000		49.85	%	3.53	%	3.65
Fixed Rate Secured Debt	700,773			29.73	%	4.82	%	6.05
Variable Rate Secured Debt	195,282			8.29	%	4.24	%	1.37
Variable Rate Unsecured Debt	286,000			12.13	%	2.04	%	0.58
Totals/Weighted Average:	$	2,357,055		100.00	%	3.79	%	3.80
Adjustment for unamortized debt discount	(4,430		)
Unamortized deferred financing costs	(12,616		)
Total Debt, net	$	2,340,009

Future Repayments

(dollars in thousands)

									Weighted Average
	Scheduled			Principal					Interest Rate of
Period	Amortization			Maturities		Total			Future Repayments (a)
2017 (b)	$	6,776		$	637,643	$	644,419		2.88	%
2018	6,977			281,163		288,140			6.15	%
2019	1,912			430,799		432,711			3.48	%
2020	1,977			—		1,977			4.05	%
2021	2,050			3,800		5,850			4.38	%
Thereafter	6,813			977,145		983,958			3.83	%
Sub-total	26,505			2,330,550		2,357,055
Adjustment for unamortized debt discount/premium, net, as of December 31, 2016	(4,430		)	—		(4,430		)
Unamortized deferred financing costs	(12,616		)	—		(12,616		)
Totals/Weighted Average:	$	9,459		$	2,330,550	$	2,340,009		3.79	%(c)

(a)	The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.72 percent as of December 31, 2016, plus the applicable spread.
(b)	Includes outstanding borrowings of the Company’s unsecured revolving credit facility of $286 million which, in January 2017, was amended and restated and matures in January 2021.
(c)	Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $3.5 million for the year ended December 31, 2016.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

35

Spotlight on Portfolio - Property Types

(as of December 31, 2016)

		# of	Commercial	Garage
	# of	Apartment	Square	Parking
Property	Properties	Homes	Feet	Spaces
MULTI-FAMILY RENTAL PORTFOLIO
Stabilized Operating Communities:
Consolidated Properties	7	1,627		1,586
Unconsolidated Joint Venture Interests:
Participating JVs	4	1,629
Subordinated Interests	5	1,647
Total Stabilized Operating Communities-included in Property Count:	16	4,903		1,586
Communities in Lease-Up:
Consolidated Properties	2	400
Unconsolidated Joint Venture Interests:
Participating JVs	1	311
Total Properties in Lease-Up-Multi-Family-included in Property Count:	3	711
Development Communities:
Consolidated Properties	8	2,241
Unconsolidated Joint Venture Interests:
Participating JVs	2	822
Subordinated Interests	—	—
Total Development Communities-Multi-Family:	10	3,063
Total Land Holdings/Pre-Development and Repurposing-Multi-Family:	n/a	10,340
OFFICE PORTFOLIO
Stabilized Operating Properties:
Consolidated Properties	190		20,951,376
Unconsolidated Joint Venture Interests:
Participating JVs (incl. 350-room hotel)	8		1,645,306
Subordinated Joint Ventures	31		4,033,049
Total Operating Properties-included in Property Count:	229		26,629,731
Total Land Holdings/Pre-Development-Office	—		5,226,750

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

36

Spotlight on Portfolio - Commercial Tenant Size

The Company’s commercial portfolio continues to benefit from a consistent balance in its range of tenant sizes.

					Annualized	Percentage of
	Number	Percentage of		Percentage of	Base Rental	Annualized
	of	Total Number	Rentable	Rentable Area	Revenue	Base Rental
Square Feet Leased	Tenants (c)	of Tenants (%)	Area (b) (c)	(%)	($) (a) (b) (c)	Revenue (%)
2,500 or less	212	17.9	319,805	1.7	8,333,357	1.8
2,501 - 10,000	542	45.8	2,907,706	15.8	65,004,358	14.3
10,001 - 20,000	217	18.4	3,090,602	16.9	64,937,839	14.3
20,001 - 40,000	110	9.3	3,058,720	16.6	69,645,149	15.4
40,001 - 100,000	81	6.9	5,124,136	27.8	128,179,004	28.3
Greater than 100,000	20	1.7	3,906,331	21.2	117,560,337	25.9
Totals	1,182	100.0	18,407,300	100.0	453,660,044	100.0

(a)	Annualized base rent revenue is based on actual December 2016 billings times 12. For leases whose rent commences after January 1, 2017, annualized base rental revenue is based on the first full month’s billings times 12. As annualized based rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(b)	Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2016 aggregating 151,655 square feet and representing annualized base rent of $2,630,824 for which no new leases were signed.
(c)	Includes office, office/flex, industrial and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

37

Details on Leasing - Quarter Rollforward

(for the three months ended December 31, 2016)

Consolidated Commercial In-Service Portfolio

						LEASING ACTIVITY
Business Line	Pct. Leased		Leased Sq. Ft.	Leased Sq. Ft.		Expiring/Adjustment		Incoming	Net Leasing		Sq. Ft. Leased	Pct. Leased
Market/Submarket	09/30/16		Acquired/Disposed (a)	Reclassed		Sq. Ft. (b)		Sq. Ft.	Activity		12/31/16 (c)	12/31/2016
CORE
New Jersey
Metropark/Edison/Woodbridge	95.9	%	—	—		(35,876	)	55,282	19,406		838,704	98.1	%
Monmouth	97.5	%	—	—		(14,920	)	14,920	—		1,062,824	97.5	%
Parsippany	86.2	%	—	—		(13,893	)	5,728	(8,165	)	1,736,746	85.8/	%
Princeton/Mercer	87.0	%	—	—		(11,344	)	9,784	(1,560	)	580,129	86.8	%
Short Hills/Roseland	96.0	%	—	(207,036	)	—		5,700	5,700		306,657	89.7	%
Other	80.8	%	—	(434,258	)	(33,722	)	16,355	(17,367	)	2,295,539	81.4	%
New York
White Plains CBD	76.4	%	—	—		(3,328	)	8,517	5,189		480,669	77.2	%
Other	92.9	%	—	—		(10,330	)	6,565	(3,765	)	436,902	92.1	%
CORE Totals	86.7	%	—	(641,294	)	(123,413	)	122,851	(562	)	7,738,170	87.0	%
WATERFRONT
Hudson Waterfront	94.6	%	—			(42,753	)	31,355	(11,398	)	4,608,926	94.4	%
WATERFRONT Totals	94.6	%	—			(42,753	)	31,355	(11,398	)	4,608,926	94.4	%
FLEX
New Jersey
Monmouth	91.9	%	—	—		(19,339	)	19,339	—		270,358	91.9	%
Princeton/Mercer	85.2	%	—	—		(9,256	)	12,219	2,963		147,905	87.0	%
Southern New Jersey	92.1	%	—	—		(37,319	)	28,245	(9,074	)	1,152,260	91.4	%
Other	89.9	%	—	—		(15,549	)	15,549	—		426,158	89.9	%
New York/Connecticut
Other	94.2	%	—	—		(27,465	)	45,095	17,630		2,859,215	94.8	%
FLEX Totals	92.9	%	—	—		(108,928	)	120,447	11,519		4,855,896	93.1	%
COMPANY Totals	90.3	%	—	(641,294	)	(275,094	)	274,653	(441	)	17,202,992	90.6	%

For properties being considered for repositioning, redevelopment or potential sale:

						LEASING ACTIVITY
Business Line	Pct. Leased		Leased Sq. Ft.		Leased Sq. Ft.	Expiring/Adjustment		Incoming	Net Leasing		Sq. Ft. Leased	Pct. Leased
Market/Submarket	09/30/16		Acquired/Disposed (a)		Reclassed	Sq. Ft. (b)		Sq. Ft.	Activity		12/31/16 (c)	12/31/2016
NON-CORE
New Jersey
Monmouth County	79.9	%	(188,474	)	—	—		—	—		N/A	N/A
Parsippany	95.3	%	—		—	(7,046	)	—	(7,046	)	372,460	93.6	%
Princeton/Mercer	83.4	%	—		—	(906	)	7,759	6,853		231,579	85.9	%
Shorts Hills/Roseland	67.4	%	(656,974	)	207,036	(19,379	)	19,379	—		195,359	76.8	%
Other	82.0	%	(327,942	)	434,258	(16,565	)	14,142	(2,423	)	718,628	73.8	%
New York
White Plains CBD	57.6	%	—		—	—		—	—		26,343	57.6	%
Other	100.0	%	—		—	—		—	—		9,300	100.0	%
Washington DC/MD	58.4	%	(531,495	)	—	(13,765	)	4672	(9,093	)	N/A	N/A
NON-CORE Totals	73.2	%	(1,704,885	)	641,294	(57,661	)	45,952	(11,709	)	1,553,669	79.7	%

(a)	Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)	Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)	Includes leases expiring December 31, 2016 aggregating 151,565 square feet for which no new leases were signed. Excludes 6,965 square feet of retail space placed in service in 4th quarter 2016 and currently in lease-up.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

38

Details on Leasing - Quarter Stats

(for the three months ended December 31, 2016)

Consolidated Commercial In-Service Portfolio

					Sq. Ft.
Business Line	# of	Total		Sq. Ft.	Renewed and	Wtd. Avg.	Wtd. Avg.	Leasing Costs Per
Market/Submarket	Transactions	Sq. Ft.		New Leases	Other Retained (a)	Term (Yrs.)	Base Rent (b)	Sq. Ft. Per Year (c)
CORE
New Jersey
Metropark/Edison/Woodbridge	2	55,282		30,832	24,450	10.9	36.32	2.96
Monmouth	2	14,920		1,027	13,893	5.0	31.86	0.63
Parsippany	2	5,728		2,028	3,700	5.2	25.55	3.50
Princeton/Mercer	1	9,784		—	9,784	1.0	35.14	1.54
Short Hills/Roseland	1	5,700		—	5,700	6.0	23.84	6.33
Other	5	16,355		—	16,355	4.2	28.64	2.15
New York
White Plains CBD	5	8,517		5,545	2,972	7.0	31.24	5.29
Other	4	6,565		—	6,565	3.4	27.24	1.19
CORE Totals/Weighted Avg.	22	122,851		39,432	83,419	7.4	32.74	2.93
HUDSON WATERFRONT	5	31,355		31,355	—	6.9	45.92	5.92
FLEX
New Jersey
Monmouth	2	19,339		19,339	—	9.3	21.03	5.33
Princeton/Mercer	1	12,219		12,219	—	5.0	21.43	4.97
Southern New Jersey	3	28,245		—	28,245	4.7	14.07	2.55
Other	3	15,549		2,500	13,049	3.0	16.12	0.59
New York/Connecticut
Other	9	45,095		38,505	6,590	5.5	18.87	3.04
FLEX Totals/Weighted Avg.	18	120,447		72,563	47,884	5.5	18.00	3.57
NON-CORE
New Jersey
Princeton/Mercer	3	7,759		—	7,759	4.5	26.89	6.31
Short Hills/Roseland	1	19,379		—	19,379	5.0	24.11	4.53
Other	3	14,142		1,021	13,121	3.4	27.76	5.12
Washington DC/MD	3	4,672		—	4,672	3.7	22.17	4.40
NON-CORE Totals/Weighted Avg.	10	45,952		1,021	44,931	4.3	25.50	4.98
COMPANY Totals/Weighted Avg.	55	320,605		144,371	176,234	6.2	27.45	3.91
Tenant Retention	Leases Retained	44.7	%
	Sq. Ft. Retained	53.0	%

(a)	“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)	Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)	Represents estimated workletter costs of $4,233,704 and commissions of $1,642,860 committed, but not necessarily expended, during the period for second generation space aggregating 289,773 square feet.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

39

Details on Leasing - Year-to-Date Rollforward

(for the year ended December 31, 2016)

Consolidated Commercial In-Service Portfolio

						LEASING ACTIVITY
Business Line	Pct. Leased		Leased Sq. Ft.	Leased Sq. Ft.		Expiring/		Incoming	Net Leasing		Sq. Ft. Leased	Pct. Leased
Market/Submarket	12/31/15		Acquired/Disposed (a)	Reclassed		Adjustment Sq. Ft. (b)		Sq. Ft.	Activity		12/31/16 (c)	12/31/16 (d)
CORE
New Jersey
Metropark/Edison/Woodbridge	98.3	%	232,009	—		(116,909	)	141,715	24,806		838,704	98.1	%
Monmouth	97.1	%	—	—		(65,393	)	69,625	4,232		1,062,824	97.5	%
Parsippany	82.1	%	—	—		(212,118	)	287,149	75,031		1,736,746	85.8	%
Princeton/Mercer	92.8	%	—	—		(199,269	)	159,458	(39,811	)	580,129	86.8	%
Short Hills/Roseland	96.0	%	—	(207,036	)	(3,567	)	9,267	5,700		306,657	89.7	%
Other	86.3	%	—	(434,258	)	(285,646	)	136,926	(148,720	)	2,295,539	81.4	%
New York
White Plains CBD	82.8	%	—	—		(83,041	)	48,568	(34,473	)	480,669	77.2	%
Other	95.7	%	—	—		(64,344	)	47,443	(16,901	)	436,902	92.1	%
CORE Totals	88.7	%	232,009	(641,294	)	(1,030,287	)	900,151	(130,136	)	7,738,170	87.0	%
WATERFRONT
Hudson Waterfront	86.7	%	558,969	—		(555,501	)	861,228	305,727		4,608,926	94.4	%
WATERFRONT Total	86.7	%	558,969	—		(555,501	)	861,228	305,727		4,608,926	94.4	%
FLEX
New Jersey
Monmouth	88.1	%	—	—		(72,365	)	83,350	10,985		270,358	91.9	%
Princeton/Mercer	86.0	%	—	—		(43,500	)	45,186	1,686		147,905	87.0	%
Southern New Jersey	89.3	%	—	—		(130,572	)	157,410	26,838		1,152,260	91.4	%
Other	89.6	%	8,400	—		(107,092	)	107,251	159		426,158	89.9	%
New York/Connecticut
Other	94.0	%	—	—		(252,725	)	275,332	22,607		2,859,215	94.8	%
FLEX Totals	91.9	%	8,400	—		(606,254	)	668,529	62,275		4,855,896	93.1	%
COMPANY TOTALS	89.1	%	799,378	(641,294	)	(2,192,042	)	2,429,908	237,866		17,202,992	90.6	%

For properties being considered for repositioning, redevelopment or potential sale:

						LEASING ACTIVITY
Business Line	Pct. Leased		Leased Sq. Ft.		Leased Sq. Ft.	Expiring/		Incoming	Net Leasing		Sq. Ft. Leased	Pct. Leased
Market/Submarket	12/31/15		Acquired/Disposed (a)		Reclassed	Adjustment Sq. Ft. (b)		Sq. Ft.	Activity		12/31/16 (c)	12/31/16
NON-CORE
New Jersey
Monmouth	76.1	%	(188,474	)	—	(20,874	)	29,809	8,935		N/A	N/A
Parsippany	80.3	%	(259,517	)	—	(17,536	)	27,877	10,341		372,460	93.6	%
Princeton/Mercer	59.2	%	—		—	(10,758	)	42,804	32,046		231,579	85.9	%
Short Hills/Roseland	68.5	%	(656,974	)	207,036	(69,450	)	59,281	(10,169	)	195,359	76.8	%
Other	77.5	%	(543,860	)	434,258	(209,455	)	121,381	(88,074	)	718,628	73.8	%
New York
White Plains CBD	57.6	%	—		—	—		—	—		26,343	57.6	%
Other	100.0	%	(524,476	)	—	—		—	—		9,300	100.0	%
Washington DC/MD	71.60	%	(894,549	)	—	(89,593	)	58,548	(31,045	)	N/A	N/A
NON-CORE Totals	75.7	%	(3,067,850	)	641,294	(417,666	)	339,700	(77,966	)	1,553,669	79.7	%

(a)	Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)	Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)	Includes leases expiring December 31, 2016 aggregating 151,565 square feet for which no new leases were signed. Excludes 6,965 square feet of retail space placed in service in 4th quarter 2016 and currently in lease-up.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

40

Details on Leasing - Year-to-Date Stats

(for the year ended December 31, 2016)

Consolidated Commercial In-Service Portfolio (continued)

					Sq. Ft.
Business Line	# of	Total		Sq. Ft.	Renewed and	Wtd. Avg.	Wtd. Avg.	Leasing Costs Per
Market/Submarket	Transactions	Sq. Ft.		New Leases	Other Retained (a)	Term (Yrs.)	Base Rent (b)	Sq. Ft. Per Year (c)
CORE
New Jersey
Metropark/Edison/Woodbridge	7	141,715		93,947	47,768	10.0	35.86	5.41
Monmouth	7	69,625		1,027	68,598	2.2	26.95	2.42
Parsippany	25	287,149		110,121	177,028	6.5	28.29	5.20
Princeton/Mercer	10	159,458		4,352	155,106	6.7	27.11	1.80
Short Hills/Roseland	2	9,267		—	9,267	4.9	24.42	6.05
Other	29	136,926		6,035	130,891	3.5	27.51	4.19
New York
White Plains CBD	15	48,568		8,388	40,180	3.6	32.83	4.27
Other	11	47,443		5,235	42,208	4.3	26.93	2.54
CORE Totals/Weighted Avg.	106	900,151		229,105	671,046	6.0	29.18	4.18
HUDSON WATERFRONT	19	861,228		331,319	529,909	10.1	40.23	6.78
FLEX
New Jersey
Monmouth	11	83,350		36,063	47,287	6.0	19.33	4.79
Princeton/Mercer	4	45,186		24,123	21,063	3.4	21.39	5.01
Southern New Jersey	14	157,410		73,700	83,710	4.5	11.03	2.20
Other	16	107,251		10,335	96,916	4.2	19.60	1.63
New York/Connecticut
Other	39	275,332		121,024	154,308	4.9	18.84	2.66
FLEX Totals/Weighted Avg.	84	668,529		265,245	403,284	4.7	17.35	2.86
NON-CORE
New Jersey
Monmouth	2	29,809		8,935	20,874	2.6	23.32	4.48
Parsippany	2	27,877		20,867	7,010	4.7	20.12	5.61
Princeton/Mercer	6	42,804		28,844	13,960	4.5	26.54	7.01
Short Hills/Roseland	8	59,281		13,236	46,045	5.6	24.38	2.52
Other	25	121,381		64,173	57,208	5.7	24.14	4.93
Washington DC/MD	21	58,548		12,365	46,183	3.2	22.25	2.99
NON-CORE Totals/Weighted Avg.	64	339,700		148,420	191,280	4.8	23.76	4.49
COMPANY Totals/Weighted Avg.	273	2,769,608		974,089	1,795,519	6.8	29.10	5.21
Tenant Retention	Leases Retained	53.3	%
	Sq. Ft. Retained	68.8	%

(a)	“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)	Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)	Represents estimated workletter costs of $61,544,918 and commissions of $33,976,401 committed, but not necessarily expended, during the period for second generation space aggregating 2,733,294 square feet.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

41

Details on Leasing - Expirations by Year

The following table sets forth a schedule of lease expirations for the total of the Company’s office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Commercial Properties beginning January 1, 2017, assuming that none of the tenants exercise renewal or termination options (with a breakdown by quarter for 2017 through 2019 only.)

2017 expirations were reduced by 1,000,000 square feet during 2016.

				Percentage of Total		Average Annualized Base
	Number of	Net Rentable Area		Leased Square Feet	Annualized Base	Rent Per Net Rentable	Percentage of Annual
Year of	Leases	Subject to Expiring		Represented by	Rental Revenue Under	Square Foot Represented	Base Rent Under
Expiration/Market	Expiring (a)	Leases (Sq. Ft.)		Expiring Leases (%)	Expiring Leases ($) (b)	by Expiring Leases ($)	Expiring Leases (%)
1st Quarter, 2017	81	694,497		3.8	15,191,405	21.87	3.4
2nd Quarter, 2017	53	440,476		2.4	10,037,594	22.79	2.2
3rd Quarter, 2017	55	507,618		2.8	13,765,805	27.12	3.0
4th Quarter, 2017	83	1,001,923		5.4	29,826,306	29.77	6.6
Total - 2017	272	2,644,514		14.4	68,821,110	26.02	15.2
1st Quarter, 2018	66	597,889		3.2	13,079,195	21.88	2.8
2nd Quarter, 2018	52	777,621		4.2	22,065,444	28.38	4.9
3rd Quarter, 2018	69	878,986		4.8	19,799,286	22.53	4.4
4th Quarter, 2018	71	509,615		2.8	9,340,319	18.33	2.1
Total - 2018	258	2,764,111		15.0	64,284,244	23.26	14.2
1st Quarter, 2019	70	808,595		4.4	17,013,696	21.04	3.8
2nd Quarter, 2019	53	631,541		3.4	13,676,711	21.66	3.0
3rd Quarter, 2019	52	392,826		2.1	9,076,872	23.11	2.0
4th Quarter, 2019	53	565,785		3.1	12,773,198	22.58	2.8
Total - 2019	228	2,398,747		13.0	52,540,477	21.90	11.6
2020	196	1,679,013		9.1	37,750,766	22.48	8.3
2021	148	1,392,142		7.6	33,298,670	23.92	7.3
2022	118	1,184,646		6.4	28,979,032	24.46	6.4
2023	82	1,542,519		8.4	36,401,140	23.60	8.0
2024	62	1,097,093		6.0	27,017,982	24.63	6.0
2025	33	658,005		3.6	14,304,654	21.74	3.2
2026	42	736,977		4.0	21,441,682	29.09	4.7
2027	30	1,011,012		5.5	26,082,010	25.80	5.7
2028 and thereafter	22	1,298,521		7.0	42,738,277	32.91	9.4
Totals/Weighted Average	1,491	18,407,300	(c) (d)	100.0	453,660,044	24.65	100.0

See footnotes on next page.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

42

Details on Leasing - Expirations by Year (continued)

Footnotes from prior page:

(a)	Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
(b)	Annualized base rental revenue is based on actual December 2016 billings times 12. For leases whose rent commences after January 1, 2017 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)	Includes leases expiring December 31, 2016 aggregating 151,655 square feet and representing annualized rent of $2,630,824 for which no new leases were signed.
(d)	Reconciliation to Company’s total net rentable square footage is as follows:

	Square Feet
Square footage leased to commercial tenants	18,407,300
Square footage used for corporate offices, management offices, building use, retail tenants, food services, other ancillary service tenants and occupancy adjustments	349,361
Square footage unleased	2,194,715
Total net rentable square footage (does not include land leases)	20,951,376

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

43

Details on Earnings - FFO and Core FFO per Share

(amounts are per diluted share, except share count in thousands) (unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2016			2015			2016			2015
Net income (loss) available to common shareholders	$	0.17		$	(0.35	)	$	1.30		$	(1.41	)
Add (deduct): Real estate-related depreciation and amortization on continuing operations (a)	0.57			0.49			2.04			1.90
Impairments	—			0.34			—			1.97
Gain on change of control of interests	—			—			(0.15		)	—
Realized (gains) losses and unrealized losses on disposition of rental property, net	(0.41		)	—			(1.09		)	(0.53		)
Gain on sale of investment in unconsolidated joint venture	—			—			(0.06		)	(0.06		)
Noncontrolling interest/rounding adjustment	—			(0.01		)	—			0.01
Funds from operations (b)	$	0.33		$	0.47		$	2.04		$	1.88
Add/(Deduct):
Acquisition-related costs	—			$	0.01		$	0.03		$	0.02
Dead deal costs	—			—			0.01			—
Severance/separation costs	—			—			—			0.02
Mark-to-market interest rate swap	$	(0.01	)	—			(0.01		)	—
Net real estate tax proceeds	—			(0.01		)	(0.01		)	(0.05		)
Equity in earnings from joint venture refinancing proceeds	—			—			(0.22		)	(0.04		)
Loss from extinguishment of debt, net	0.24			—			0.30			—
Noncontrolling interest/rounding adjustment	—			—			0.01			—
Core FFO	$	0.56		$	0.47		$	2.15		$	1.83

(a)	Includes the Company’s share from unconsolidated joint ventures of $0.05 and $0.06 for the three months ended December 31, 2016 and 2015, respectively, and $0.19 and $0.22 for the years ended December 31, 2016 and 2015, respectively.
(b)	Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO, Core FFO and AFFO” below.

Information About FFO, Core FFO and AFFO

Funds from operations (“FFO”) is defined as net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable rental property transactions, and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from sales of properties and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables above.

Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company’s performance over time.  Adjusted FFO (“AFFO”) is defined as Core FFO less (i) recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges.  Core FFO and AFFO are presented solely as supplemental disclosure that the Company’s management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period.  Core FFO and AFFO are both non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP.  There are not generally accepted definitions established for Core FFO or AFFO.  Therefore, the Company’s measures of Core FFO and AFFO may not be comparable to the Core FFO and AFFO reported by other REITs.  A reconciliation of net income per share to Core FFO and AFFO are included in the financial tables on page 17.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

44

Details on Financials - Debt Stats

(dollars in thousands)

		Effective		December 31,			September 30,			December 31,			Date of
	Lender	Interest Rate		2016			2016			2015			Maturity
Senior Unsecured Notes: (a)
5.800%, Senior Unsecured Notes	public debt	5.806	%	—			—			$	200,000		01/15/16	(b)
7.750%, Senior Unsecured Notes (c)	public debt	8.017	%	—			$	135,136		250,000			08/15/19
2.500%, Senior Unsecured Notes	public debt	2.803	%	$	250,000		250,000			250,000			12/15/17
4.500%, Senior Unsecured Notes	public debt	4.612	%	300,000			300,000			300,000			04/18/22
3.150%, Senior Unsecured Notes	public debt	3.517	%	275,000			275,000			275,000			05/15/23
Principal balance outstanding				825,000			960,136			1,275,000
Adjustment for unamortized debt discount				(4,430		)	(5,013		)	(6,156		)
Unamortized deferred financing costs				(3,215		)	(3,848		)	(5,062		)
Total Senior Unsecured Notes, net:				$	817,355		$	951,275		$	1,263,782
Unsecured Term Loans:
Unsecured Term Loan	7 Lenders	3.13	%	$	350,000		350,000			—			01/07/19
Unamortized Deferred Financing Costs				(1,931		)	(2,170		)	—
Total Unsecured Term Loans:				$	348,069		347,830			—
Revolving Credit Facilities:
Unsecured Facility (d)	17 Lenders	LIBOR +1.300	%	$	286,000		$	95,000		$	155,000		07/31/17
Total Revolving Credit Facilities:				$	286,000		$	95,000		$	155,000
Property Mortgages: (e)
Port Imperial South (f)	Wells Fargo Bank N.A.	LIBOR+1.75	%	—			—			$	34,962		—
6 Becker, 85 Livingston, 75 Livingston & 20 Waterview (g)	Wells Fargo CMBS	10.260	%	—			—			63,279			—
9200 Edmonston Road (h)	Principal Commercial Funding, L.L.C.	9.780	%	—			—			3,793			—
Various (i)	Prudential Insurance	6.332	%	—			$	141,894		143,513			—
4 Becker (j)	Wells Fargo CMBS	11.260	%	—			40,180			40,631			—
100 Walnut Avenue (k)	Guardian Life Ins. Co.	7.311	%	—			18,058			18,273			—
150 Main Street (l)	Webster Bank	LIBOR+2.35	%	$	26,642		25,159			10,937			03/30/17
Curtis Center (m)	CCRE & PREFG	LIBOR+5.912	%	75,000			75,000			64,000			10/09/17
23 Main Street	JPMorgan CMBS	5.587	%	27,838			28,020			28,541			09/01/18
Port Imperial 4/5 Hotel (n)	Fifth Third Bank & Santandar	LIBOR+4.50	%	14,919			8,311			—			10/06/18
Harborside Plaza 5	The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.	6.842	%	213,640			214,690			217,736			11/01/18
Chase II (o)	Fifth Third Bank	LIBOR+2.25	%	34,708			23,599			—			12/16/18
One River Center (p)	Guardian Life Ins. Co.	7.311	%	41,197			41,367			41,859			02/01/19
Park Square	Wells Fargo Bank N.A.	LIBOR+1.872	%(q)	27,500			27,500			27,500			04/10/19
250 Johnson	M&T Bank	LIBOR+2.35	%	2,440			—			—			05/20/19
Port Imperial South 11 (r)	JPMorgan Chase	LIBOR+2.35	%	14,073			7,136			—			11/24/19
Port Imperial South 4/5 Retail	American General Life & A/G PC	4.559	%	4,000			4,000			4,000			12/01/21
The Chase at Overlook Ridge	New York Community Bank	3.740	%	72,500			72,500			—			02/01/23
Portside 7 (s)	CBRE Capital Markets/FreddieMac	3.569	%	58,998			58,998			—			08/01/23
101 Hudson (t)	Wells Fargo CMBS	3.197	%(u)	250,000			250,000			—			10/11/26
Port Imperial South 4/5 Garage	American General Life & A/G PC	4.853	%	32,600			32,600			32,600			12/01/29
Principal balance outstanding				896,055			1,069,012			731,624
Adjustment for unamortized debt discount				—			—			(548		)
Unamortized deferred financing costs				(7,470		)	(7,808		)	(4,465		)
Total mortgages, loans payable and other obligations, net				888,585			1,061,204			726,611
Total Debt:				$	2,340,009		$	2,455,309		$	2,145,393

Note: Please see footnotes on next page.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

45

Details on Financials - Debt Stats Footnotes

Footnotes to prior page:

(a)	Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable.
(b)	On January 15, 2016, the Company repaid these notes at their maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility.
(c)	During the year ended December 31, 2016, the Company purchased and redeemed these notes.
(d)	On January 25, 2017, the Company refinanced its existing facility. Total borrowing capacity under the amended facility is $600 million, is expandable by $350 million and matures in January 2021. It has two six-month extension options. The interest rate on outstanding borrowings and the facility fee on the current borrowing capacity payable quarterly in arrears are based upon the Operating Partnership’s unsecured debt ratings.
(e)	Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.
(f)	On January 19, 2016, the loan was repaid in full at maturity, using borrowings from the Company’s revolving credit facility.
(g)	On April 22, 2016, the loan was repaid at a discounted amount of $51.5 million, using borrowings from the Company’s revolving credit facility. Accordingly, the Company recognized a gain on extinguishment of debt of $12.4 million, which is included in loss on early extinguishment of debt, net.
(h)	On May 5, 2016, the Company transferred the deed for 9200 Edmonston Road to the lender in satisfaction of its obligations and recorded a gain of $0.2 million.
(i)	On November 16, 2016, the loan was repaid in full, using borrowings from the Company’s unsecured revolving credit facility.
(j)	On December 5, 2016, the Company transferred the deed for 4 Becker Farm Road to the lender in satisfaction of its obligations and recorded a gain of $10.4 million.
(k)	On December 22, 2016, the loan was repaid at a premium, using proceeds from the disposition of 100 Walnut Avenue. Accordingly, the Company recognized a loss on extinguishment of debt of $2.3 million, which is included in loss on extinguishment of debt, net.
(l)	This construction loan has a maximum borrowing capacity of $28.8 million.
(m)	The Company owns a 50 percent tenants-in-common interest in the Curtis Center Property. The Company’s $75 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.998 percent at December 31, 2016 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.204 percent at December 31, 2016. The senior loan rate is based on a floating rate of one-month LIBOR plus 329 basis points and the mezzanine loan rate is based on a floating rate of one-month LIBOR plus 950 basis points. The Company has entered into LIBOR caps for the periods of the loans. In October 2016, the first of three one-year extension options was exercised by the venture.
(n)	This construction loan has a maximum borrowing capacity of $94 million.
(o)	This construction loan has a maximum borrowing capacity of $48 million.
(p)	Mortgage is collateralized by the three properties comprising One River Center.
(q)	The effective interest rate includes amortization of deferred financing costs of 0.122 percent.
(r)	This construction loan has a maximum borrowing capacity of $78 million.
(s)	This mortgage loan was obtained by the Company in July 2016 to replace a $42.5 million mortgage loan that was in place at the property acquisition date of April 1, 2016.
(t)	This mortgage loan was obtained by the Company on September 30, 2016.
(u)	The effective interest rate includes amortization of deferred financing costs of 0.0798 percent.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

46

Details on Financials - Joint Ventures

The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2016 and 2015, respectively: (dollars in thousands)

	December 31,		December 31,
	2016		2015
Assets:
Rental property, net	$	1,746,233	$	1,781,621
Other assets	278,289		307,000
Total assets	$	2,024,522	$	2,088,621
Liabilities and partners’/ members’ capital:
Mortgages and loans payable	$	1,350,973	$	1,298,293
Other liabilities	247,212		215,951
Partners’/members’ capital	426,337		574,377
Total liabilities and partners’/members’ capital	$	2,024,522	$	2,088,621

The following is a summary of the Company’s investment in unconsolidated joint ventures as of December 31, 2016 and 2015, respectively: (dollars in thousands)

	December 31,		December 31,
Entity/Property Name	2016		2015
Multi-family
Marbella RoseGarden, L.L.C./ Marbella (c)	$	15,150	$	15,569
RoseGarden Monaco Holdings, L.L.C./ Monaco (c)	—		937
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (c)	7,145		5,723
Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (e)	9,707		—
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (c)	—		—
Crystal House Apartments Investors LLC / Crystal House	30,565		28,114
Roseland/Port Imperial Partners, L.P./ Riverwalk C (c)	1,678		1,678
RoseGarden Marbella South, L.L.C./ Marbella II	18,050		16,728
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (c)	—		—
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison	2,085		2,544
Capitol Place Mezz LLC / Station Townhouses	43,073		46,267
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside	100,188		96,799
RoseGarden Monaco, L.L.C./ San Remo Land	1,400		1,339
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing	337		337
Hillsborough 206 Holdings, L.L.C. /Hillsborough 206	1,962		1,962
Plaza VIII & IX Associates, L.L.C./Vacant land (parking operations)	4,448		4,055
Office
Red Bank Corporate Plaza, L.L.C./ Red Bank	4,339		4,140
12 Vreeland Associates, L.L.C./ 12 Vreeland Road	6,237		5,890
BNES Associates III / Offices at Crystal Lake	3,124		2,295
KPG-P 100 IMW JV, LLC / 100 Independence Mall West	—		—
Keystone-Penn (c)	—		—
Keystone-TriState (c) (d)	2,285		3,958
KPG-MCG Curtis JV, L.L.C./ Curtis Center (a)	65,400		59,858
Other
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (c)	1,706		1,758
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (b)	163		—
Other	1,005		3,506
Company’s investment in unconsolidated joint ventures	$	320,047	$	303,457

(a)       Includes undivided interests in the same manner as investments in noncontrolled partnerships, pursuant to ASC 810.

(b)       The negative investment balance for this joint venture of $3,317 as of December 31, 2015, were included in accounts payable, accrued expenses and other liabilities.

(c)       The Company’s ownership interests in this venture are subordinate to its partner’s preferred capital balance and the Company is not expected to meaningfully participate in the venture’s cash flows in the near term.

(d)       Includes Company’s pari-passu interests in five properties.

(e)       Company acquired additional interest on April 1, 2016 for $11.3 million.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

47

Details on Financials - Joint Ventures

The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests for the three months and years ended December 31, 2016 and 2015, respectively: (dollars in thousands)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2016			2015			2016			2015
Total revenues	$	123,326		$	76,506		$	377,711		$	318,980
Operating and other expenses	(88,027		)	(50,959		)	(262,703		)	(220,982		)
Depreciation and amortization	(23,422		)	(18,521		)	(75,512		)	(71,711		)
Interest expense	(17,654		)	(10,022		)	(58,390		)	(52,972		)
Net loss	$	(5,777	)	$	(2,996	)	$	(18,894	)	$	(26,685	)

The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and years December 31, 2016 and 2015, respectively: (dollars in thousands)

	Three Months Ended						Year Ended
	December 31,						December 31,
Entity/Property Name	2016			2015			2016			2015
Multi-family
Marbella RoseGarden, L.L.C./ Marbella (a)	$	24		$	45		$	231		$	231
RoseGarden Monaco Holdings, L.L.C./ Monaco (a)	(68		)	(299		)	(937		)	(1,224		)
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (a)	(78		)	(86		)	(317		)	(364		)
Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial	43			(274		)	(1,146		)	(955		)
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (a)	—			—			—			—
Crystal House Apartments Investors LLC / Crystal House	(548		)	(82		)	(870		)	(123		)
Roseland/Port Imperial Partners, L.P./ Riverwalk C (a)	(22		)	(81		)	(120		)	(474		)
RoseGarden Marbella South, L.L.C./ Marbella II	—			1			(202		)	—
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (a)	—			—			—			1
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison	(17		)	14			(190		)	(363		)
Capitol Place Mezz LLC / Station Townhouses	(445		)	(1,045		)	(2,440		)	(3,687		)
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside	(160		)	—			(219		)	—
RoseGarden Monaco, L.L.C./ San Remo Land	—			—			—			—
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing	(20		)	—			(80		)	(32		)
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206	—			—			(53		)	(5		)
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)	137			86			393			344
Office
Red Bank Corporate Plaza, L.L.C./ Red Bank	127			59			448			392
12 Vreeland Associates, L.L.C./ 12 Vreeland Road	81			159			347			270
BNES Associates III / Offices at Crystal Lake	53			(18		)	(15		)	115
KPG-P 100 IMW JV, LLC / 100 Independence Mall West	—			—			—			(800		)
Keystone-Penn (a)	150			150			600			3,812
Keystone-TriState (a)	(486		)	(419		)	(1,672		)	(2,182		)
KPG-MCG Curtis JV, L.L.C./ Curtis Center	(611		)	(280		)	(92		)	475
Other
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (a)	(75		)	(18		)	(52		)	(70		)
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (b)	913			1,101			24,180			3,036
Other	168			538			994			(1,569		)
Company’s equity in earnings (loss) of unconsolidated joint ventures	$	(834	)	$	(449	)	$	18,788		$	(3,172	)

(a)The Company’s ownership interests in this venture are subordinate to its partner’s preferred capital balance and the Company is not expected to meaningfully participate in the venture’s cash flows in the near term.

(b)$21.7 million was recognized as equity in earnings during third quarter 2016 on account of the Company receiving its share of the venture’s proceeds from refinancing its mortgage loan, which exceeded the Company’s carrying value.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

48

Details on Financials - Joint Ventures

The following is a summary of the Company’s funds from operations of unconsolidated joint ventures for the three months and years ended December 31, 2016 and 2015, respectively: (dollars in thousands)

	Three Months Ended						Year Ended
	December 31,						December 31,
Entity/Property Name	2016			2015			2016			2015
Multi-family
Marbella RoseGarden, L.L.C./ Marbella (a)	$	292		$	306		$	1,309		$	1,268
RoseGarden Monaco Holdings, L.L.C./ Monaco (a)	(68		)	17			18			32
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (a)	17			9			61			15
Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial	290			(274		)	(33		)	(271		)
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (a)	—			118			164			356
Crystal House Apartments Investors LLC / Crystal House	228			211			786			1,049
Roseland/Port Imperial Partners, L.P./ Riverwalk C (a)	(84		)	(80		)	(120		)	(475		)
RoseGarden Marbella South, L.L.C./ Marbella II	33			—			161			—
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (a)	32			34			129			67
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison	82			114			206			16
Capitol Place Mezz LLC / Station Townhouses	345			216			722			(1,039		)
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside	(160		)	—			(219		)	—
RoseGarden Monaco, L.L.C./ San Remo Land	—			—			—			—
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing	(20		)	—			(80		)	(32		)
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206	—			—			(53		)	(5		)
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)	143			92			416			367
Office
Red Bank Corporate Plaza, L.L.C./ Red Bank	244			176			913			857
12 Vreeland Associates, L.L.C./ 12 Vreeland Road	171			221			688			530
BNES Associates III / Offices at Crystal Lake	89			10			128			229
KPG-P 100 IMW JV, LLC / 100 Independence Mall West	—			398			—			(124		)
Keystone-Penn (a)	150			150			600			3,813
Keystone-TriState (a)	(128		)	113			(186		)	618
KPG-MCG Curtis JV, L.L.C./ Curtis Center	937			754			3,971			4,319
Other
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (a)	8			3			33			14
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (b)	1,666			1,845			27,172			6,074
Other	168			936			1,219			797
Company’s funds from operations of unconsolidated joint ventures	$	4,435		$	5,369		$	38,005		$	18,475

(a)The Company’s ownership interests in this venture are subordinate to its partner’s preferred capital balance and the Company is not expected to meaningfully participate in the venture’s cash flows in the near term.

(b)$21.7 million was recognized as equity in earnings during third quarter 2016 on account of the Company receiving its share of the venture’s proceeds from refinancing its mortgage loan, which exceeded the Company’s carrying value.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

49

Details on Portfolio - Stats

(as of December 31, 2016)

Breakdown by Number of Properties

										Stand-
		% of			% of		Industrial/	% of		Alone	% of		Land	% of		Multi-	% of		Totals	% of
STATE	Office	Total		Office/Flex	Total		Warehouse	Total		Retail	Total		Leases	Total		Family	Total		By State	Total
New Jersey	71	35.7	%	48	24.1	%	—	—		2	1.0	%	1	0.5	%	3	1.5	%	125	62.8	%
New York	12	6.1	%	41	20.6	%	6	3.0	%	2	1.0	%	2	1.0	%	1	0.5	%	64	32.2	%
Connecticut	—	—		5	2.5	%	—	—		—	—		—	—		—	—		5	2.5	%
Massachusetts	—	—		—	—		—	—		—	—		—	—		5	2.5	%	5	2.5	%
TOTALS
By Type:	83	41.8	%	94	47.2	%	6	3.0	%	4	2.0	%	3	1.5	%	9	4.5	%	199	100.0	%

(a)Excludes 49 operating properties, aggregating approximately 5.7 million of commercial square feet and 3,587 apartment homes, which are not consolidated by the Company

Breakdown by Square Footage for Consolidated Commercial Properties (a)

										Stand-
		% of			% of		Industrial/	% of		Alone	% of		Totals	% of
STATE	Office	Total		Office/Flex	Total		Warehouse	Total		Retail	Total		By State	Total
New Jersey	14,576,498	69.6	%	2,167,931	10.4	%	—	—		25,136	0.1	%	16,769,565	80.1	%
New York	1,142,400	5.4	%	2,348,812	11.2	%	387,400	1.9	%	17,300	0.1	%	3,895,912	18.6	%
Connecticut	—	—		273,000	1.3	%	—	—		—	—		273,000	1.3	%
TOTALS
By Type:	15,718,898	75.0	%	4,789,743	22.9	%	387,400	1.9	%	42,436	0.2	%	20,938,477	100.0	%

(a)Excludes nine consolidated operating multi-family properties, aggregating 2,027 apartment homes; as well as 49 operating properties, aggregating approximately 5.7 million commercial square feet and 3,587 apartment homes, which are not consolidated by the Company.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

50

Details on Portfolio - Stats

(12 months ended December 31, 2016)

Breakdown by Base Rental Revenue (a)

(dollars in thousands)

													Stand-
			% of		Office/		% of		Indust./		% of		Alone		% of		Land		% of		Multi-		% of		Totals			% of
STATE	Office		Total		Flex		Total		Warehouse		Total		Retail		Total		Leases		Total		Family		Total		By State			Total
New Jersey	$	328,316	72.8	%	$	17,901	4.0	%	—		—		$	219	—		$	449	0.1	%	$	7,223	1.6	%	$	354,108		78.5	%
New York	25,759		5.7	%	34,838		7.7	%	$	4,404	0.9	%	628		0.2	%	363		0.1	%	5		—		65,997			14.6	%
Connecticut	—		—		4,128		0.9	%	—		—		—		—		—		—		—		—		4,128			0.9	%
Massachusetts	—		—		—		—		—		—		—		—		—		—		27,026		6.0	%	27,026			6.0	%
TOTALS
By Type:	$	354,075	78.5	%	$	56,867	12.6	%	$	4,404	0.9	%	$	847	0.2	%	$	812	0.2	%	$	34,254	7.6	%	$	451,259	(b)	100.0	%

(a)Excludes 49 operating properties, aggregating approximately 5.7 million commercial square feet and 3,587 apartment homes, which are not consolidated by the Company.

(b)Total base rent for the 12 months ended December 31, 2016, determined in accordance with GAAP. Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage.

(c)Excludes $55.6 million from properties which were sold during the 12 months ended December 31, 2016.

Breakdown by Percentage Leased for Commercial Properties (a) (b)

									Weighted Avg.
STATE	Office		Office/Flex		Industrial/Warehouse		Stand-Alone Retail		By State
New Jersey	88.8	%	91.1	%	—		70.6	%	89.1	%
New York	82.6	%	94.0	%	97.9	%	100.0	%	91.1	%
Connecticut	—		96.3	%	—		—		96.3	%
WEIGHTED AVG. By Type:	88.4	%	92.9	%	97.9	%	82.6	%	89.6	%

(a)Excludes nine consolidated operating multi-family properties, aggregating 2,027 apartment homes; as well as 49 operating properties, aggregating approximately 5.7 million commercial square feet and 3,587 apartment homes, which are not consolidated by the Company, and parcels of land leased to others.

(b)Percentage leased includes all commercial leases in effect as of the period end date, some of which have commencement dates in the future as well as leases expiring December 31, 2016, aggregating 151,655 square feet for which no new leases were signed.

(c)     Excludes 6,965 square feet of retail space placed in service in 4th quater 2016 and currently in lease-up.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

51

Details on Portfolio - Land for Commercial Development

(as of December 31, 2016)

			Potential
			Commercial
Property	Location	Type of space	Square Feet (a)	Comments
Office:
Harborside	Jersey City, NJ	Office	1,067,000	Adjacent to URL J.V. development. Partially entitled.
Plaza VIII & IX Associates, LLC	Jersey City, NJ	Office	1,225,000	Adjacent to URL J.V. development. Zoning approved.
Princeton Metro	West Windsor, NJ	Office	97,000	Land adjacent to Princeton train station. Zoning approved.
Princeton Overlook II	West Windsor, NJ	Office	149,500	Land adjacent to existing same-size building. Zoning approved.
Mack-Cali Princeton Executive Park	West Windsor, NJ	Office/Hotel	760,000	Large development parcel with mixed-use potential. Zoning approved.
Mack-Cali Business Campus	Parsippany & Hanover, NJ	Office/Retail	274,000	Adjacent to existing office park. Partially Entitled.
AAA Drive and South Gold Drive (b)	Hamilton Township, NJ	Office	219,000	Land part of existing office park. Zoning approved. Concept plans done.
Hillsborough 206 (c)	Hillsborough, NJ	Office	160,000	Concept plans done.
Capital Office Park	Greenbelt, MD	Office	595,000	Various parcels, offer flexibility of building size/type. Fully entitled.
Total Office:			4,546,500
Flex:
Horizon Center	Hamilton Township, NJ	Flex	68,000	Land part of existing office park. Zoning approved. Concept plans done.
Mack-Cali Commercenter	Totowa, NJ	Flex	30,000	Land part of existing office park. Partially entitled.
Mid-Westchester Executive Park and
South Westchester Executive Park (d)	Hawthorne & Yonkers, NY	Flex	482,250	Land part of existing office park. Partially entitled. Concept plans done.
Total Flex:			580,250
Industrial/Warehouse:
Elmsford Distribution Center (d)	Elmsford, NY	Industrial/Warehouse	100,000	Land part of existing office park. Concept plans done.
Total Industrial/Warehouse:			100,000
Total:			5,226,750

(a)Amount of square feet is subject to change.

(b)These land parcels also includes existing office buildings totaling 35,270 and 33,962 square feet.

(c)Land owned or controlled by joint venture in which Mack-Cali is an equity partner.

(d)Mack-Cali holds an option to purchase this land.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

52

Details on Portfolio - Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Commercial Properties as of December 31, 2016, based upon annualized base rental revenue:

			Percentage of
		Annualized	Company	Square	Percentage	Year of
	Number of	Base Rental	Annualized Base	Feet	Total Company	Lease
	Properties	Revenue ($) (a)	Rental Revenue (%)	Leased	Leased Sq. Ft. (%)	Expiration
John Wiley & Sons, Inc.	1	14,814,383	3.3	410,604	2.2	(b)
DB Services New Jersey, Inc.	2	12,394,835	2.7	411,108	2.2	(c)
Bank of Tokyo-Mitsubishi UFJ, Ltd.	1	11,388,534	2.5	282,606	1.5	(d)
National Union Fire Insurance Company of Pittsburgh, PA	2	11,191,058	2.5	388,651	2.1	(e)
Forest Research Institute, Inc.	1	9,070,892	2.0	215,659	1.2	2017
Merrill Lynch Pierce Fenner	2	8,936,202	2.0	397,563	2.2	(f)
ICAP Securities USA, LLC	2	7,608,702	1.7	180,946	1.0	(g)
Montefiore Medical Center	7	7,362,493	1.6	310,084	1.7	(h)
Daiichi Sankyo, Inc.	1	6,510,038	1.4	171,900	0.9	2022
TD Ameritrade Services Company, Inc.	1	6,505,786	1.4	193,873	1.1	2020
Vonage America, Inc.	1	4,606,000	1.0	350,000	1.9	2023
HQ Global Workplaces, LLC	12	4,461,375	1.0	205,584	1.1	(i)
KPMG, LLP	2	4,192,440	0.9	135,712	0.7	(j)
Arch Insurance Company	1	4,005,563	0.9	106,815	0.6	2024
Morgan Stanley Smith Barney	3	3,685,399	0.8	129,896	0.7	(k)
Brown Brothers Harriman & Co.	1	3,673,536	0.8	114,798	0.6	2026
New Cingular Wireless PCS, LLC	2	3,345,729	0.7	147,065	0.8	2018
E*Trade Financial Corporation	1	3,250,476	0.7	106,573	0.6	2022
Allstate Insurance Company	4	3,180,103	0.7	131,802	0.7	(l)
SunAmerica Asset Management, LLC	1	3,167,756	0.7	69,621	0.4	2018
Alpharma, LLC	1	3,142,580	0.7	112,235	0.6	2018
Tullett Prebon Holdings Corp.	1	3,127,970	0.7	100,759	0.5	2023
Natixis North America, Inc.	1	3,093,290	0.7	89,907	0.5	2021
TierPoint New York, LLC	2	3,014,150	0.7	131,078	0.7	2024
Cardinia Real Estate LLC	1	2,991,413	0.7	79,771	0.4	2032
AAA Mid-Atlantic, Inc.	2	2,787,265	0.6	129,784	0.7	(m)
Tradeweb Markets, LLC	1	2,721,070	0.6	65,242	0.4	2027
Zurich American Insurance Company	1	2,640,974	0.6	64,414	0.3	2032
SUEZ Water Management & Services, Inc.	1	2,618,100	0.6	116,360	0.6	2035
New Jersey Turnpike Authority	1	2,605,798	0.6	100,223	0.5	2017
Lowenstein Sandler LLP	1	2,590,271	0.6	98,677	0.5	2017
Mizuho Securities USA Inc.	2	2,546,545	0.6	67,826	0.4	(n)
Connell Foley, LLP	2	2,520,674	0.6	95,130	0.5	(o)
AMTrust Financial Services, Inc.	1	2,460,544	0.5	76,892	0.4	2023
Movado Group, Inc.	1	2,458,150	0.5	98,326	0.5	2018
UBS Financial Services, Inc.	3	2,376,893	0.5	85,069	0.5	(p)
Plymouth Rock Management Company of New Jersey	1	2,346,246	0.5	88,768	0.5	2020
Norris, McLaughlin & Marcus, PA	1	2,259,738	0.5	86,913	0.5	2017
Sumitomo Mitsui Banking Corp.	2	2,241,320	0.5	71,153	0.4	2021
Bunge Management Services, Inc.	1	2,221,151	0.5	66,303	0.4	2025
Barr Laboratories, Inc.	1	2,209,107	0.5	89,510	0.5	2017
Sun Chemical Management, LLC	1	2,173,497	0.5	66,065	0.4	2019
Savvis Communications Corporation	1	2,144,220	0.5	71,474	0.4	2025
Hackensack University Health Network Inc. and Meridian Health System, Inc.	1	2,137,380	0.5	61,068	0.3	2027
Jeffries, LLC	1	2,133,942	0.5	62,763	0.3	2023
New Jersey City University	1	2,126,306	0.5	68,348	0.4	2035
Syncsort, Inc.	1	1,991,439	0.4	73,757	0.4	2018
Investors Bank	1	1,940,584	0.4	70,384	0.4	2026
GBT US LLC	1	1,920,566	0.4	49,563	0.3	2026
First Data Corporation	1	1,879,305	0.4	54,669	0.3	2026
Totals		206,771,788	45.7	6,953,291	37.7

See footnotes on next page.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

53

Details on Portfolio - Significant Tenants

Footnotes for prior page:

(a)	Annualized base rental revenue is based on actual December 2016 billings times 12. For leases whose rent commences after January 1, 2017, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(b)	17,976 square feet expire in 2017; 55,562 square feet expire in 2018; 337,066 square feet expire in 2033.
(c)	285,192 square feet expire in 2017; 125,916 square feet expire in 2019.
(d)	20,649 square feet expire in 2018; 24,607 square feet expire in 2019; 237,350 square feet expire in 2029.
(e)	271,533 square feet expire in 2018; 117,118 square feet expire in 2019.
(f)	9,356 square feet expire in 2019; 388,207 square feet expire in 2027.
(g)	69,384 square feet expire in 2017; 90,450 square feet expire in 2018; 21,112 square feet expire in 2025.
(h)	69,954 square feet expire in 2017; 64,815 square feet expire in 2018; 133,763 square feet expire in 2019; 8,600 square feet expire in 2020; 14,842 square feet expire in 2021; 9,610 square feet expire in 2022; 8,500 square feet expire in 2023.
(i)	41,549 square feet expire in 2019; 21,008 square feet expire in 2020; 32,579 square feet expire in 2021; 15,523 square feet expire in 2023; 79,517 square feet expire in 2024; 15,408 square feet expire in 2027.
(j)	81,371 square feet expire in 2019; 54,341 square feet expire in 2026.
(k)	26,262 square feet expire in 2018; 61,239 square feet expire in 2025; 42,395 square feet expire in 2026.
(l)	75,740 square feet expire in 2017; 51,606 square feet expire in 2018; 4,456 square feet in 2019.
(m)	9,784 square feet expire in 2018; 120,000 square feet expire in 2027.
(n)	36,994 square feet expire in 2017; 30,832 square feet expire in 2033.
(o)	77,719 square feet expire in 2017; 17,411 square feet expire in 2026.
(p)	13,340 square feet expire in 2022; 26,713 square feet expire in 2024; 45,016 square feet expire in 2026.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

54

Details on Portfolio - Markets

As noted below, the Company’s top four markets currently account for almost 80 percent of its annualized base rental revenue.

The following table lists the Company’s markets based on annualized commercial contractual base rent of the Consolidated Commercial In-Service Properties:

		Percentage of
		Company
		Annualized	Total Property
	Annualized Base	Base Rental	Size Rentable	Percentage of
Market	Rental Revenue ($) (1)	Revenue (%)	Area (2) (3)	Rentable Area (%)
Jersey City, NJ	154,944,785	34.2	4,909,329	23.4
Newark, NJ (Essex-Morris-Union Counties)	80,555,091	17.8	3,795,667	18.1
Westchester-Rockland, NY	69,161,643	15.2	3,899,187	18.6
Bergen-Passaic, NJ	56,724,111	12.5	3,071,518	14.7
Middlesex-Somerset-Hunterdon, NJ	36,672,110	8.1	1,397,095	6.7
Monmouth-Ocean, NJ	25,033,102	5.5	1,384,895	6.6
Trenton, NJ	18,096,275	4.0	956,597	4.6
Philadelphia, PA-NJ	8,204,336	1.8	1,260,398	6.0
Stamford-Norwalk, CT	4,268,591	0.9	273,000	1.3
Boston-Cambridge-Newton, MA-NH	0	0.0	3,690	0.0
Totals	453,660,044	100.0	20,951,376	100.0

Notes:

(1)	Annualized base rental revenue is based on actual December 2016 billings times 12. For leases whose rent commences after January 1, 2017, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(2)	Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2016 aggregating 151,655 square feet and representing annualized base rent of $2,630,824 for which no new leases were signed.
(3)	Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

55

Details on Portfolio - Industries

The 10 largest of the Company’s commercial tenant industries currently account for 70 percent of the Company’s annualized base rental revenue.  The financial and insurance industries remain the two largest industries for the Company’s tenants.

The following table lists the Company’s 30 largest industry classifications based on annualized commercial contractual base rent of the Consolidated Commercial Properties:

		Percentage of		Percentage of
	Annualized	Company		Total Company
	Base Rental	Annualized Base	Square	Leased
Industry Classification (1)	Revenue ($)	Rental Revenue (%) (2)	Feet Leased (3) (4)	Sq. Ft. (%)
Securities, Commodity Contracts & Other Financial	72,435,544	16.1	2,310,901	12.5
Insurance Carriers & Related Activities	48,543,415	10.7	1,678,120	9.0
Credit Intermediation & Related Activities	42,577,077	9.4	1,322,941	7.1
Manufacturing	34,377,421	7.6	1,642,875	8.9
Health Care & Social Assistance	24,262,659	5.3	1,228,845	6.7
Legal Services	23,352,357	5.1	864,401	4.7
Computer System Design Services	22,690,568	5.0	951,181	5.2
Publishing Industries	18,550,552	4.1	589,811	3.2
Wholesale Trade	15,495,805	3.4	1,073,898	5.8
Telecommunications	15,159,155	3.3	849,715	4.6
Scientific Research/Development	14,720,336	3.2	480,165	2.6
Admin & Support, Waste Mgt. & Remediation Services	11,803,155	2.6	581,535	3.2
Accounting/Tax Prep.	11,615,270	2.6	406,102	2.2
Management/Scientific	9,626,532	2.1	353,130	1.9
Advertising/Related Services	8,773,090	1.9	298,725	1.6
Real Estate & Rental & Leasing	8,317,159	1.8	398,204	2.2
Architectural/Engineering	7,735,629	1.7	366,794	2.0
Retail Trade	7,678,954	1.7	454,092	2.5
Other Professional	6,976,854	1.5	320,229	1.7
Public Administration	6,676,317	1.5	283,095	1.5
Utilities	5,302,332	1.2	230,762	1.3
Educational Services	5,286,199	1.2	218,135	1.2
Other Services (except Public Administration)	5,177,355	1.1	267,644	1.5
Transportation	4,545,424	1.0	240,056	1.3
Construction	3,921,974	0.9	217,783	1.2
Data Processing Services	3,554,015	0.8	134,827	0.7
Arts, Entertainment & Recreation	2,780,812	0.6	216,867	1.2
Agriculture, Forestry, Fishing & Hunting	2,221,151	0.5	66,303	0.4
Specialized Design Services	1,879,838	0.4	73,171	0.4
Mining	1,874,676	0.4	57,721	0.3
Other	5,748,419	1.3	229,272	1.4
Totals	453,660,044	100.0	18,407,300	100.0

Notes:

(1)	The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).
(2)	Annualized base rental revenue is based on actual December 2016 billings times 12. For leases whose rent commences after January 1, 2017, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(3)	Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2016 aggregating 151,655 square feet and representing annualized base rent of $2,630,824 for which no new leases were signed.
(4)	Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

56

Analysts, Company Information and Executive Officers

Equity Research Coverage

Bank of America Merrill Lynch	Citigroup	Green Street Advisors	SunTrust Robinson Humphrey, Inc.
James C. Feldman / Scott Freitag	Michael Bilerman / Emmanuel Korchman	Jed Reagan	Michael R. Lewis
(646) 855-5808 / (646) 855-3197	(212) 816-1383 / (212) 816-1382	(949) 640-8780	(212) 319-5659
Barclays Capital	Deutsche Bank North America	JP Morgan
Ross L. Smotrich / Peter Siciliano	Vincent Chao	Anthony Paolone
(212) 526-2306 / (212) 526-3098	(212) 250-6799	(212) 622-6682
BTIG, LLC	Evercore ISI	Stifel Nicolaus & Company, Inc.
Thomas Catherwood / James Sullivan	Steve Sakwa	John Guinee / Erin Aslakson
(212) 738-6140 / (212) 738-6169	(212) 446-9462	(443) 224-1307 / (443) 224-1350

Any opinions, estimates, forecasts or predictions regarding Mack-Cali Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Mack-Cali Realty Corporation or its management.  Mack-Cali does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions.

Company Information

Corporate Headquarters	Stock Exchange Listing	Contact Information
343 Thornall Street	New York Stock Exchange	Mack-Cali Realty Corporation
Edison, New Jersey 08837-2206		Investor Relations Department
(732) 590-1000	Trading Symbol	Harborside 3, 210 Hudson St., Ste. 400
	Common Shares: CLI	Jersey City, New Jersey 07311
		Deidre Crockett, Director of Investor Relations
		Phone: (732) 590-1025
		Fax: (732) 205-4951
		E-Mail: dcrockett@mack-cali.com
		Web: www.mack-cali.com

Executive Officers

Mitchell E. Rudin	Michael J. DeMarco	Marshall Tycher	Andrew Marshall
Chief Executive Officer	President and Chief Operating Officer	Chairman, Roseland Residential Trust	President and Chief Operating Officer, Roseland Residential Trust
Anthony Krug	Gary Wagner	Ricardo Cardoso	Christopher DeLorenzo
Chief Financial Officer	General Counsel and Secretary	EVP and Chief Investment Officer	Executive Vice President, Leasing

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

57

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

The Company considers portions of this information to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, the Company’s future economic performance, plans and objectives for future operations and projections of revenue and other financial items. 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. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, the Company can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Among the factors about which the Company has made assumptions are:

·risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants and residents;

·the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by the Company’s properties or on an unsecured basis;

·the extent of any tenant bankruptcies or of any early lease terminations;

·the Company’s ability to lease or re-lease space at current or anticipated rents;

·changes in the supply of and demand for the Company’s properties;

·changes in interest rate levels and volatility in the securities markets;

·the Company’s ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment;

·forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, and projected revenue and income;

·changes in operating costs;

·the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;

·the Company’s credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact the Company’s ability to pursue acquisition and development opportunities and refinance existing debt and the Company’s future interest expense;

·changes in governmental regulation, tax rates and similar matters; 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 or residents 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, see Item 1A: Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Company. Any offers to sell or solicitations of the Company shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Annual Report on Form 10-K (the “10-K”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-K and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification.

MARKET DATA

Certain market data and forecasts were obtained from independent industry sources as well as from research reports prepared for other purposes. Neither the Company nor its affiliates have independently verified the data obtained from these sources and they cannot give any assurance of the accuracy or completeness of the data. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements described above.

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

58

EX-99.2

Exhibit 99.2

Roseland Residential Trust Supplemental Operating and Financial Data Roseland Residential Trust Supplemental Operating and Financial Data 4Q 2016

2 Monaco 523 apartments operating M2 at Marbella 311 apartments operating Marbella 412 apartments operating Jersey City Waterfront

Index RRT Overview Company Overview NAV Breakdown 2017 Objectives Portfolio Summary RRT Financial Schedules Balance Sheet Income Statement Liability Overview Community Highlights Operating In-Construction Predevelopment and Future Development 3 Q4 2016 Quarry Place at Tuckahoe Monaco

Roseland Residential Trust Overview Q4 2016

The Company- Roseland Residential Trust 5 Q4 2016 Roseland Residential Trust (RRT or Roseland), Mack-Cali’s multi-family platform and a premier full-service residential and mixed-use developer along the waterfront and select markets in the Northeast with an industry-leading reputation for successful conception, execution, and management of class A residential developments RRT has a scalable and integrated business platform. RRT oversees operating and in-construction assets (8,677 units), a geographically desirable land portfolio (10,340 units), sourcing of new development and acquisition opportunities, and repurposing activities RRT was formed on December 31, 2015 as a separate subsidiary of Mack-Cali to further facilitate disclosures, transparency, and capital flexibility of the residential platform. RRT contains all of Mack-Cali’s residential holdings, including office assets with likely residential repurposing potential RRT is governed by a Board of Directors consisting of: William Mack, David Mack, Michael DeMarco, Mitchell Rudin, and Marshall Tycher RRT’s executive leadership, a cohesive team since 2003, has an average experience of 18 years at Roseland and 27 years in the industry: Marshall Tycher Founder & Chairman Michael DeMarco Chief Executive Officer Andrew Marshall President & Chief Operating Officer Ivan Baron Chief Legal Counsel Bob Cappy Chief Financial Officer Gabriel Shiff Chief Investment Officer Brenda Cioce President, Roseland Residential Services Subsequent to year-end, Roseland reached an agreement with The Rockpoint Group, L.L.C., to invest $300mm in equity to facilitate the continued expansion of RRT (see page 10)

Roseland Market and Portfolio Overview- Management’s Discussion & Objectives 6 Q4 2016 RRT manages a growing portfolio of owned, under construction, and future development assets on the New Jersey Waterfront, Boston, Philadelphia and Washington D.C. with the remaining holdings primarily in suburban locations in high income areas in New Jersey. RRT is well positioned to benefit from the demographics and shortage of new class A housing in these markets, with fundamentals and macroeconomic trends in our core geographies continuing to show strength. Rents in our primary sub-markets, markets fueling much of our development activity, have continued to grow over the last year: Jersey City at 2.05% and Overlook Ridge at 4.96% Jersey City Market Performance: In 2016, M2 in Jersey City showed strength having absorbed approximately 50 apartments/month, stabilizing in November 2016. Further, rents increased from original underwriting levels of $41/SF to a current schedule of $49/SF. We opened Urby at Harborside and anticipate similar marketplace absorption. Subsequent to year-end RRT increased its ownership in land holding of Plaza 8 & 9 from 50% to 100% Subsequent to year-end RRT reached an agreement to acquire partners’ interest in Monaco, increasing its ownership from 15% to 100% Competitive Portfolio Metrics: Roseland’s high-barrier-to-entry class A portfolio is at the forefront of characteristics supportive of market-leading property valuations and comparable/superior to leading publicly traded residential REITs: (i) top in market rents: Average revenue per unit of $2,706 (ii) young, and trending lower, average building age: Average age of 11 years (iii) geographically concentrated in northeast gateway markets: Approximately 87% of the assets are in a gateway market with average Percentage Leased of 96.3% Target Portfolio: RRT targets approximately 12,455 operating and in-construction apartments by year-end 2018. This growth of approximately 3,800 apartments will be achieved through completion of its in-construction portfolio and new development activities from Roseland’s valuable land holdings

Portfolio Overview- Net Asset Value (NAV) Summary At year-end 2016 Roseland had an approximate NAV of $1.35bn Status: Roseland’s 8,677 unit Operating and In-Construction portfolio contributes 81% of NAV In-Construction Assets: RRT’s In-Construction portfolio (average ownership of 93.6%) currently contributes approximately $321mm of NAV with expected growth to over $600mm NAV upon stabilization 7 Q4 2016 Notes: Breakdown excludes $572mm of discounts to JV Partner and Roseland value for assets currently under construction or renovation. Roseland year-end NAV represents a valuation midpoint between $1.28bn and $1.42bn. Marriott Hotels at Port Imperial Weehawken, NJ Initial Occupancy: Q2 2018 Urby at Harborside Jersey City, NJ Initial Occupancy: Q1 2017 Gf$264 higher than Balance Sheet mark for in-construction assets RiverHouse 11 at Port Imperial Weehawken, NJ Initial Occupancy: Q1 2018 ($ in millions) Number of Units Total Per Unit Debt JV Partner Roseland RRT % of Total Operating Properties - Wholly Owned 7 2,027 $564 $278 $194 $0 $370 27.4% Operating Properties - Joint Venture 5 1,940 1,049 541 517 340 192 14.2% Operating Properties - Subordinate Interest 4 1,647 950 577 514 384 52 3.8% Subtotal: Operating Properties 16 5,614 $2,563 $457 $1,225 $724 $614 45.4% In-Construction 10 3,063 746 243 206 58 482 35.7% Pre / Future Development 33 10,340 427 41 0 191 236 17.4% Subtotal 59 19,017 $3,736 $196 $1,431 $973 $1,332 98.5% Fee Business Fee Income Business / Platform $20 $20 1.5% Total Total $3,756 $1,431 $973 $1,352 100.0% (2) Number of Properties / Projects Estimated Asset Value Asset Value Breakdown (1) Status

Notes: Breakdown excludes $572mm of discounts to JV Partner and Roseland value for assets currently under construction or renovation. Roseland year-end NAV represents a valuation midpoint between $1.28bn and $1.42bn. Portfolio Overview- Net Asset Value (NAV) Summary 8 Q4 2016 At year-end 2016 Roseland had an approximate NAV of $1.35bn Ownership: Wholly-owned and joint venture interests represent ~95% of NAV Markets: Geographically concentrated on the Hudson River Waterfront and Boston Metro markets ~77% ($ in millions) Number of Units Total Per Unit Debt JV Partner Roseland RRT % of Total Wholly-Owned 34 8,385 $947 $210 $21 $715 52.9% Joint Venture 21 8,985 1,837 706 567 564 41.8% Subordinated Interest 4 1,647 952 514 386 52 3.8% Subtotal 59 19,017 $3,736 $1,431 $973 $1,332 98.5% Fee Business Fee Income Business / Platform $20 $20 1.5% Total Total $3,756 $1,431 $973 $1,352 100.0% (2) Number of Properties / Projects Estimated Asset Value Asset Value Breakdown (1) Ownership Hudson River Waterfront 23 9,503 $2,182 $866 $716 $599 44.3% Hudson River Waterfront - Jersey City 11 5,909 1,273 507 415 350 25.9% Hudson River Waterfront - Port Imperial 12 3,594 909 359 302 249 18.4% New York Metro 20 3,949 365 132 82 151 11.2% Philadelphia Metro 2 516 35 0 0 35 2.6% Washington, D.C. 4 1,724 544 266 175 104 7.7% Boston Metro 10 3,325 610 166 0 443 32.8% Subtotal 59 19,017 $3,736 $1,431 $973 $1,332 98.5% Fee Business Fee Income Business / Platform $20 $20 1.5% Total Total $3,756 $1,431 $973 $1,352 100.0% (2) Markets

Portfolio Overview- Net Asset Value (NAV) Breakdown 9 Q4 2016 As of December 31, 2016, Roseland’s approximate $1.35bn NAV was comprised of: Top NAV (net equity) contributors (63%)(1) Pre / Future Development Land -$236mm Alterra at Overlook Ridge - $192mm(2) Urby at Harborside - $184mm Portside 7 & 5/6 at East Pier - $89mm Chase I & II at Overlook Ridge - $88mm RiverHouse 11 at Port Imperial - $60mm Notes: Includes both stabilized and in-construction assets. Subsequent to year-end, RRT closed on a $100mm financing on Alterra at Overlook Ridge. Operating Properties 57% In - Construction 24% Pre / Future Development 17% Other 2% NAV by Asset Status Hudson River Waterfront 44% Boston Metro 33% New York Metro 11% Washington, D.C. 8% Philadelphia Metro 3% Other 1% NAV by Market

Equity Commitment: Rockpoint will commit to fund $300mm of equity into RRT over the next two years, with $150mm funded at closing Mack-Cali will have the option to fund up to $200mm of equity into RRT after Rockpoint’s commitment is fully funded RRT will receive a deemed funded existing equity value at closing of $1.23bn Upon full Rockpoint and Mack-Cali funding, pro forma ownership would be ~83% Mack-Cali and ~17% Rockpoint Waterfall: 6% annual dividend on funded equity (Rockpoint and RRT) 6% annual return on RRT existing equity, with Rockpoint receiving an additional 5% of the amount distributed to RRT Pro Rata based on funded equity and RRT existing equity RRT Promote: Upon a capital event, Rockpoint’s pro-rata distribution shall reduce by 50% after achieving an 11% annual IRR Other Key Provisions: RRT and Rockpoint will have the right to cause redemption of the “Rockpoint Transaction” after the fifth anniversary of the closing date without penalty RRT will control governance of the company, but for limited events where consent is required Mack-Cali will have the right to spinout its interests in RRT or otherwise create a public listing for RRT at anytime Roseland Capitalization - Rockpoint Transaction Overview (1) 10 Q4 2016 Affiliates of Rockpoint Group, L.L.C. (“Rockpoint”) are making a $300mm strategic equity investment in RRT to facilitate RRT’s ongoing and future development, acquisition and repurposing activities. Note: Please see public filings for complete Rockpoint Transaction disclosure.

Capital Raise: The Company is scheduled to close on the Rockpoint Transaction in March thereby allowing the continued growth of RRT without burdening the Company’s balance sheet Capital Commitments: Roseland’s known projected future capital commitments for its in-construction portfolio and the pending Monaco acquisition is approximately $226mm, to be funded primarily with Rockpoint capital Subordinate Interest Reduction: In 2016, RRT made significant strides in reducing its subordinate interest partnerships. At year-end 2015, RRT had an interest in 3,025 subordinate operating apartments. As of December 31, 2016 RRT’s subordinate interest portfolio was reduced to 1,647 apartments (a 46% reduction). With the recent announcement of the Monaco acquisition and Estuary disposition, Roseland will have two remaining subordinated interests, inclusive of the valuable Marbella interest Construction Starts: 2017 target start activity of 1,604 apartments will produce an operating and in-construction portfolio at year-end 2017 of approximately 9,699 apartments, with average ownership of 76% Office Transfers/Repositionings: The completion of transfers for six additional Mack-Cali office holdings to RRT for repurposing activities (see page 27) 11 Q4 2016 Category In-Construction Portfolio (Remaining Commitment) Monaco Acquisition (March 2017) Total Amount ($M) $95 131 $226 (1) Roseland Overview- 2017 Objectives Notes: Net of anticipated construction loans

Growth 47.9% Portfolio Overview Roseland envisions continuous growth of its operating residential portfolio: Notes: Includes 612 hotel keys and 1,770 apartments of Identified Repurposing units (see page 42). Total unit count reduces due to the pending disposition of Estuary. Classification Operating Communities Operating Communities (Subordinated Interests) In-Construction Communities Subtotal Predevelopment and Future Communities Total (1) Y/E 2016 3,967 1,647 3,063 8,677 10,340 19,017 Y/E 2017 5,687 542 3,470 9,699 8,736 18,435 Y/E 2018 6,709 542 5,204 12,455 5,980 18,435 12 Q4 2016 0

Notes: Year-end 2018 projections based on execution of Roseland’s development/operating plan described herein and internal company projections. Year-end 2020 cash flow projection is $85-$95mm. Roseland has exhibited growth across key financial metrics since its acquisition with forecasts of continued material growth Roseland Overview- Financial Metric Growth 13 Q4 2016 October 2012 December 2016 Year End 2018 (1)(2) Total Oct-2012 Delta Total Oct-2012 Delta Operating & Construction Apts. 3,533 8,677 5,144 12,273 8,740 Future Development Apts. 7,086 10,340 3,254 5,980 (1,106) Subordinated Interests Apts. 3,533 1,647 (1,886) 542 (2,991) Average Operating and Construction Ownership 22.3% 65.7% 43.4% 80.1% 57.8% Annual Property Cash Flow ($ in millions) $0.5 $18.0 $17.5 $59.2 $58.7 NAV ($ in millions) $115 $1,352 $1,237 $2,421 $2,306 Projected Growth Actual Growth

Operating and In-Construction Properties- Geographic Breakdown 14 Q4 2016 Portfolio Summary (% by units) Operating Properties In Construction Boston Metro 4 properties / 1,560 units 2 properties / 661 units Total 6 properties / 2,221 units Jersey City 3 properties / 1,246 units 1 property / 763 units Total 4 properties / 2,009 units Suburban NJ, NY & PA 6 properties / 738 units 5 properties / 972 units Total 11 properties / 1,710 units Washington DC 2 properties / 1,172 units Port Imperial 2 properties / 898 units 2 properties / 667 units Total 4 properties / 1,565 units Roseland’s operating portfolio is predominantly located in gateway markets with an average asset age of 11 years. Port Imperial 18% Suburban NJ, NY & PA 20% Washin gton DC 13% Jersey City 23% Boston Metro 26%

Future Development Properties- Geographic Breakdown 15 Q4 2016 Portfolio Summary (% by units) Boston Metro 4 properties / 1,104 units Jersey City 7 properties / 3,900 units Suburban NJ, NY & PA 11 properties / 2,755 units Washington DC 2 properties / 552 units Port Imperial 8 properties / 2,029 units Roseland’s strategically located land portfolio will fuel its future growth: Acquisition Risk: Portfolio growth is not subject to acquisition risk as Roseland controls its sizable future development portfolio inclusive of accretive repurposing opportunities Development Risk: Future development is substantially in communities where Roseland has developed before, or more specifically adjacent to existing developments, thereby dramatically reducing our development risk. This allows RRT to have intimate knowledge on operating expenses and construction costs, and most importantly, achievable rent thresholds Port Imperial 19% Suburban NJ, NY & PA 26% Washington DC 9% Jersey City 36% Boston Metro 10%

Hudson Waterfront Overview- Jersey City Jersey City continues to demonstrate demand for luxury housing as residents seek an alternative to Manhattan rents with convenient access to public transportation and a growing restaurant and neighborhood lifestyle. RRT has concentrated on building our portfolio of Jersey City assets, most recently by increasing Roseland ownership to 100% in Plaza 8 and Plaza 9 land holdings and reaching an agreement to purchase our partners’ interests in Monaco (523 apartments). With over 14 square miles and multiple sub-markets, RRT assets are strategically located on the highly desirable Jersey City Waterfront. 16 Q4 2016 JERSEY CITY, NJ RRT Core Jersey City Holdings NYC Jersey City 2017 Projected Cash Flow 2019 Projected Cash Flow % RRT NAV $11mm $21mm 26% Monaco - 523 units Urby at Harborside - 763 units Opening Q1 2017

Numerous sources have reported +23,000 unit development hitting Jersey City in the near future. In fact, this is only the potential numbers which include secondary locations, some without streets or utilities To date, successful absorption of ~8,000, with the market maintaining strong occupancy (+95%) and continued rent growth (3-5%) Of the 15,000 remaining units, secondary sub-markets make up approximately 9,000 (60%) of the remaining units ~ 6,000 units are approved for development in Jersey City Premier Markets (Waterfront and Exchange Place) Jersey City- Over Development: The Myth 17 Journal Square 3,600 units Liberty Harbor 4,400 units Waterfront 3,000 units Represents approved future multifamily development in Premier Market. Operating (1996-2016) Submarkets Premier Markets 8,000 Journal Square 3,600 Waterfront 3,000 Liberty Harbor 4,400 Exchange Place 3,000 Other 1,000 6,000 9,000 Exchange Place 3,000 units Q4 2016

Jersey City- Future Competitive Pipeline 18 Jersey City Premier Market Development Of the ~6,000 units approved for future development, approximately 2,600 are scheduled to open in the next two years. RRT represents 29% of the supply Jersey City Urby at Harborside -763 units (opened Q1 2017) The remaining units consist of four projects over two major submarkets with an average unit count of ~460 units 2017 / 2018 Projected Openings (Premier Markets) Units Projected Opening Developer Urby at Harborside 763 Opened (Q1 2017) Roseland & Ironstate The Ellipse 376 2017 Lefrak The Morgan Phase II 510 2017 Toll Brothers 90 Columbus 539 2017 Panepinto & Ironstate Hudson Exchange 421 2018 Forest City Total 2,609 Waterfront Exchange Place Jersey City The market has reacted to fears of over supply by slowing down delivery. RRT763 Q4 2016

Jersey City- Development Pipeline 19 The market has reacted to fears of over supply by slowing down delivery. 3-4 5 7 10 8 9 11 2 6 1 14 17 15 13 12 Project Submarket Units Status 1 The Ellipse Newport 376 Under Construction 2 Marbella II Exchange Place 311 Completed 3 Urby at Harborside Exchange Place 763 Completed 4 Urby Future Exchange Place 1,500 Planned 5 Trump Bay Street Exchange Place 447 Completed 6 Hudson Exchange Exchange Place 421 Under Construction 7 350 Warren Powerhouse/Arts 360 Completed 8 Morgan Provost Square II Powerhouse/Arts 510 Under Construction 9 Oakmont Powerhouse/Arts 159 Completed 10 Leer Site Powerhouse/Arts 700 Planned 11 111 First Street Powerhouse/Arts 350 Planned 12 70 / 90 Columbus Grove Street 942 Completed / U/C 13 Van Vorst & Sussex Paulus Hook 150 Under Construction 14 235 Grand Liberty Harbor 670 Planned 15 Liberty Harbor North Liberty Harbor 900 Under Construction 16 Hamilton Urban Renewal Hamilton Park 400 Under Construction TOTALS Under Construction 2,757 Planned 3,220 Recently Delivered 2,982 TOTAL 8,959 Source: JLL Capital Markets Group Q4 2016

Jersey City: Stereotypes 20 Q4 2016 None of my friends will visit me I can’t afford Paulus Hook Strollers & Lattes Beards & Flannels I plan on being here awhile 2016’s Ellis Island I work 15 hour days and want all amenities in my building Not-starving artist enclave Source: JLL Capital Markets Group

Jersey City vs New York Rental Rate Comparison 21 Q4 2016 184 Kent Avenue Williamsburg, Brooklyn M2 Jersey City Size Studios: 489 - 662 sf 1 Bedroom: 714 - 848 sf 2 Bedroom: 1,013 - 1,276 sf 3 Bedroom: 1,449 sf Rent Studios: $2,100 - $2,625 ($3.75 - $4.29) 1 Bedroom: $2,750 - $2,900 ($3.36 - $3.87) 2 Bedroom: $3,650 - $4,250 ($3.33 - $3.78) 3 Bedroom: $5,550 ($3.83) Size Studios: 485 sf 1 Bedroom: 679 sf 2 Bedroom: 995 sf 3 Bedroom: 1,282 sf Rent Studios: $2,723 ($5.61) 1 Bedroom: $3,519 ($5.18) 2 Bedroom: $4,885 ($4.91) 3 Bedroom: $7,123 ($5.56) Prism at Park Avenue South 28th Street, Manhattan Size Studios: 499 sf 1 Bedroom: 783 sf 2 Bedroom: 1,266 sf 3 Bedroom: 1,580 sf Rent Studios: $4,097 ($8.20) 1 Bedroom: $6,359 ($8.13) 2 Bedroom: $9,339 ($7.38) 3 Bedroom: $13,827 ($8.75) Jersey City: +/- $3.00 to $4.00 psf Brooklyn: +/- $5.00 to $6.00 psf Manhattan: +/- $8.00 to $9.00 psf Source: JLL Capital Markets Group

Jersey City - Demographics Moving to Jersey City? Join the Club 22 Q4 2016 1-Mile Exchange Place Jersey City Hoboken Hudson County Waterfront* Brooklyn Lower Manhattan** Population Growth 2015 – 2020 9.13% 5.43% 6.49% 5.04% 4.99% 4.37% 2.89% 2010 – 2015 10.23% 4.37% 5.89% 3.86% 3.99% 3.53% 2.14% Median Age 32.7 34.0 32.5 34.8 35.5 34.9 36.7 Renter Occupied Housing (as % of Total HH) 74.8% 71.8% 68.9% 69.4% 68.1% 72.8% 77.4% Est. Avg HH Income $118,340 $78,513 $143,025 $82,094 $82,990 $65,852 $124,191 Est. Avg Per Capita Income $58,955 $31,201 $72,396 $32,346 $33,456 $24,405 $63,350 * Waterfront includes Bayonne, Jersey City, Hoboken, Union City, West New York, Weehawken, North Bergen, Cliffside Park, Fairview, Edgewater and Fort Lee. ** Lower Manhattan includes neighborhoods south of 23rd Street "Jersey City is no longer just another gritty town on the wrong side of the Hudson River, dismissed by apartment hunters. As its population soars, new housing rises and buyers get wind of the quick train commute it offers to New York, Jersey City is shedding its dingy image and emerging as a destination of choice. An influx of new arrivals priced out of Manhattan and Brooklyn is helping make it the fastest growing metropolitan area in New Jersey .And with the inventory of available homes at a three-year low, bidding wars are driving up prices downtown, pushing newcomers farther inland." Feb. 12, 2016 Source: JLL Capital Markets Group

Jersey City – Submarket Rents 23 Q4 2016 Powerhouse Arts District: New construction; Highest psf rent Liberty Harbor: Smallest units; Lowest rents Exchange Place: Second in unit size and rents ; +/- 10 years old, large towers Grove Street: Diverse inventory, new construction, strong velocity Paulus Hook: Largest units and highest rents; Lags in age, height and psf rents Newport: Oldest product; Lowest rental rates per square foot Age Height Unit Size Rent Rent Per SF Superior Powerhouse Arts District (2015) Exchange Place (31 Floors) Paulus Hook (998 sf) Paulus Hook ($3,394/mo) Grove Street ($4.12 psf) Inferior Newport (1999) Liberty Harbor (9 Floors) Liberty Harbor (745 sf) Liberty Harbor ($2,706/mo) Newport ($3.17 psf) Source: JLL Capital Markets Group

Notes: Approximately 26% of units available for leasing at year-end. As of February 19, 2017, asset was 25% leased. As of February 19, 2017, asset was 30% leased. 2015/2016 Achievements - Development Roseland Overview- Development Activity and Cash Flow 24 Q4 2016 Lease-Up Commencements % Leased Units Projected Yield Stabilized RRT Cash Flow M2 at Marbella 95.5% 311 7.01% $1.48M Quarry Place at Tuckahoe(1) 12.0% 108 6.61% $2.25M Chase II at Overlook Ridge (2) 11.0% 292 6.41% $2.87M Total 48.1% 711 6.70% $6.60M Opened Q1 2017 Urby at Harborside Q1 2017 763 6.81% $9.10M In-Construction Portfolio Signature Place at Morris Plains Q4 2017 197 6.64% $2.2M Residences at City Square Q4 2017 365 6.46% $3.6M Lofts at 40 Park Q1 2018 59 6.72% $280K RiverHouse 11 at Port Imperial Q1 2018 295 6.20% $4.20M Portside 5/6 Q2 2018 296 6.18% $3.80M By year-end 2020, Roseland projects additional cash flow contribution of approximately $38mm from its current lease-up and in-construction development activities RiverHouse 11 at Port Imperial M2 at Marbella

25 Q4 2016 Roseland Overview- Development Activity and Cash Flow In-Construction Portfolio (Continued) Initial Occ. Units Projected Yield Stabilized RRT Cash Flow Marriott Hotels at Port Imperial Q2 2018 372 10.03% $7.10M 51 Washington Street Q2 2019 310 6.00% $2.4M 233 Canoe Brook (Apartments) Q3 2019 200 7.65% $3.27M 150 Monument Road Q4 2019 206 6.14% $1.58M Total 3,063 6.98% (1) $37.5M Marriott Hotels at Port Imperial Notes: Projected stabilized yield without the Marriott Hotels project is 6.53 percent. $0 $15 $30 $45 2017 2018 2019 2020 RRT Cash Flow Contribution ($38M) 150 Monument 233 Canoe Brook 51 Washington Marriott Hotels Portside 5/6 RiverHouse 11 Lofts at 40 Park Signature Place URL Chase II Quarry Place M2

Roseland Overview- Acquisition Highlights Acquisition Activity (generating greater ownership) Results Majority partner’s interest in Portside at East Pier; Minority partner’s interest in Portside at East Pier, 5/6 and 1-4 (2Q 2016) 100% ownership in Portside at East Pier 100% ownership in Portside 5/6 and 1-4 Minority JV partner’s 25% subordinated interest in RiverTrace (2Q 2016) subsequently converted 50% subordinated interest to heads-up 22.5% ownership in RiverTrace and refinanced the property from 6% to 3.21% Land partner’s interest in five land parcels in Port Imperial (2Q 2016) 100% ownership in Parcels 11 (in construction), 8-9, 16, 1-3 Office, and Park Parcel (~1,000 units) JV partner’s interest in Port Imperial South Garage and Retail (2Q 2016) 70% ownership in Port Imperial Garage and Retail South up from 44% Majority JV partner’s interest in The Chase at Overlook Ridge (1Q 2016) and Land partner’s interest in Overlook Ridge (2014) 100% ownership in The Chase at Overlook Ridge 100% ownership in The Chase II at Overlook Ridge 100% ownership in remaining land parcels (~800 units) Through 4Q 2016, Roseland spent net capital of $79mm ($125mm acquisitions* ; $46mm dispositions) to increase portfolio cash flow and ownership. Moreover, and in continuation of the Company’s strategy, subsequent to year-end, RRT reached several agreements to further reduce its subordinate interests and expand its ownership: Q1 2017 Acquisition: Acquired partners’ interest in Plaza 8/9 (development site along the Jersey City waterfront); resulting in 100% ownership Pending Acquisition: Reached agreement to acquire partners’ interests in Monaco in Jersey City (523 units); resulting in 100% ownership Immediate annual cash flow contribution of approximately $7.8mm Disposition: 7.5% Subordinate interest in Estuary in Weehawken * Net of $33mm refinancing proceeds 26 Q4 2016 Overlook Ridge, Malden MA RiverTrace West New York, NJ

Portfolio Overview- Repurposing Overview Roseland’s repurposing program has been successful in converting under preforming office holdings to higher valued residential use Roseland’s reputation and track record of public-private partnerships with local municipalities has led to previous repurposing achievements and we believe will generate future multifamily development approvals Future Transfers: Mack-Cali is seeking the transfer of six properties to RRT for designated repurposing activities in 2017 In-Construction (Recent Success): Q4 – 2015 on Signature Place in Morris Plains, NJ (197 units) Q4 – 2016 on 150 Monument Road in Bala Cynwyd, PA (206 units) Q4 – 2016 on 233 Canoe Brook Road in Short Hills, NJ (200 units; 240 keys) Future Starts: Roseland is seeking/finalizing approvals on additional repurposing developments. Current highlights: RRT holdings: 345 units Identified Candidates : 1,770 units Bergen County (725 units) · Essex County (580 units) · Westchester County (290 units) · Morris County (175 units) 27 Short Hills, NJ Apts: 200 Started: 4Q 2016 Signature Place Morris Plains, NJ Apts: 197 Started: 4Q 2015 Bala Cynwyd, PA Apts: 206 Started: 4Q 2016 Q4 2016

Financial Schedules Q4 2016

Financial Highlights- RRT Balance Sheet 29 $ in thousands Q4 2016 Notes: Increase primarily resulting from Chase I and Portside 7 acquisitions ($175 million), in-construction development and repurposing expenditures ($198 million), and the transfer of Urby at Harborside land ($11 million) less Andover sale of property of ($39 million). Increase primarily resulting from Chase I and Portside 7 loans acquired and refinanced ($130 million), construction loan advances ($81 million) and repayment of land loans ($40 million). AS OF AS OF DEC 31, 2016 DEC 31, 2015 ASSETS Rental Property Land and Leasehold Interests $210,697 $177,579 Buildings and Improvements 582,361 435,726 Construction in Progress 217,920 59,517 Furniture, Fixtures and Equipment 18,312 12,737 Total Gross Rental Property (1) 1,029,290 685,559 Less: Accumulated Depreciation (41,186) (30,642) Net Investment in Rental Property 988,104 654,917 Rental Property Held for Sale, Net (1) - - Total Property Investments 988,104 654,917 Cash and Cash Equivalents 17,186 6,802 Investments in Unconsolidated Joint Ventures 238,498 227,317 Unbilled Rents Receivable, net 165 43 Deferred Charges and Other Assets 33,736 28,589 Restricted Cash 3,280 2,607 Accounts Receivable 3,559 1,815 Total Assets 1,284,528 $922,089 LIABILITIES AND EQUITY LIABILITIES Mortgages, Loans Payable and Other Obligations (2) $283,104 113,715 Accounts Pay, Accrued Expenses and Other Liabilities 36,945 32,569 Rents Recieved in Advance and Security Deposits 2,406 1,713 Accrued Interest Payable 420 282 Total Liabilities 322,875 148,279 EQUITY Partner's Capital/Stockholders' Equity 940,946 716,608 Non Controlling Interests in Consolidated Joint Ventures 20,707 57,202 Total equity 961,653 773,810 Total Liabilities and Equity 1,284,528 $922,089

Financial Highlights- RRT Income Statement 30 $ in thousands Q4 2016 Notes: Includes net operating income after debt service from Consolidated Operating Communities of $4.3 million and $18.9 million, depreciation of $3.5 million and $13.3 million and amortization of in-place leases related to the acquisition of Chase I and Portside 7 of $400 thousand and $7 million for the three and twelve months ended December 31,2016, respectively. Includes realized gain on sale of Andover Place ($2.7 million) and unrealized loss of Capital Office Park land ($3.2 million). Three Months Ended Twelve Months Ended December 31, 2016 December 31, 2016 REVENUE: Base Rents $9,000 $36,721 Escalation and Recoveries from Tenants 344 1,324 Parking Income 1,642 6,672 Other Income 387 1,113 Total Revenue $11,373 $45,830 EXPENSES: Real Estate Taxes $1,747 $7,828 Utilities 721 2,778 Operating Services 3,033 11,743 Real Estate Service Expenses (Net) 665 1,817 General and Administrative 3,782 12,024 Acquisition Costs - 164 Depreciation and Amortization 4,910 24,571 Total Expenses $14,858 $60,925 Operating Income (1) ($3,485) ($15,095) OTHER (EXPENSE) INCOME: Interest Expense ($1,985) ($6,993) Interest and other investment income - 1 Equity in Earnings (Loss) in Unconsolidated Joint Ventures (1,061) (5,008) Gain on Change of Control of Interests - 15,347 Gain on Sale of Investment in Unconsolidated Joint Ventures - 5,670 Total Other (Expense) Income ($3,046) $9,017 Discontinued Operations (Net) Realized Gain/(Loss) and Unrealized (Loss) on Asset Dispositions (2) (7) (479) Net Income (Loss) ($6,538) ($6,557) Non-Controlling Interest in Consolidated Joint Ventures 146 967 Net Income Available to Common Shareholders ($6,392) ($5,590)

Financial Highlights- Debt Maturities 31 Q4 2016 Notes: Reflects debt at effective ownership percent. Excludes debt associated with Unconsolidated Subordinate Joint Ventures. Weighted average LIBOR rate for floating rate debt is 0.6162%. Includes approximately $93 million of actual construction loans balances as of December 31, 2016, which have a maximum loan balance of approximately $422 million. At year-end, Roseland’s total indebtedness was $556mm comprised of $283mm consolidated debt and $273mm of allocated unconsolidated debt (1) Average fixed rate interest: 4.28% Average floating rate interest: 3.26% Total leverage represents a 29% debt ratio assuming Roseland net equity of $1.35bn (see page 7) $ in thousands As of 12/31/16 Consolidated Debt Maturities Fixed Rate Floating Rate (2) Total % of Total Weighted Average on Fixed Rate Debt Weighted Average on Floating Rate Debt (2) 2017 $0 $26,642 $26,642 9.2% N/A 3.0% 2018 0 49,627 49,627 17.2% N/A 3.6% 2019 0 44,013 44,013 15.3% 3.1% 3.1% 2021 4,000 0 4,000 1.4% 4.4% N/A 2023 131,498 0 131,498 45.6% 3.5% N/A Thereafter 32,600 0 32,600 11.3% 4.8% N/A Total Mortgages Payable per Balance Sheet $168,098 $120,282 $288,380 (3) 100.0% 3.8% 3.3% Total Mortgage Deferred Finance Costs (5,276) Total Mortgages Payable and Misc Obligations $168,098 $120,282 $283,104 Unconsolidated JV Debt Maturities Fixed Rate Floating Rate (2) Total % of Total Weighted Average on Fixed Rate Debt Weighted Average on Floating Rate Debt (2) 2017 0 17,606 17,606 6.4% N/A 3.0% 2020 41,250 0 41,250 15.1% 3.2% N/A Thereafter 214,208 0 214,208 78.5% 4.8% N/A Total Unconsolidated JV mortgages payable (1) $255,458 $17,606 $273,064 100.0% 4.6% 3.0%

Community Highlights Q4 2016

Financial Highlights- Operating & Lease-Up Communities As of December 31, 2016, Roseland had: Wholly-owned or joint venture interest in 4,109 stabilized operating apartments and 1,505 apartments in lease-up or repositioning stages (Total : 5,614 apartments) The stabilized portfolio had a leased percentage of 96.3%, compared to 97.9% in Q3 M2 at Marbella in Jersey City, NJ began leasing in May 2016 and was 95.5% leased (stable) at quarter-end The Chase II at Overlook Ridge, MA began leasing in November 2016 and was 11% leased at quarter-end (current: 30%) Quarry Place at Tuckahoe, NY began leasing in November 2016, with full CO of 28 units, and was 12% leased at quarter-end (current: 25%) Roseland has successfully converted its promoted interests via disposition, acquisition or ownership buy-ups. Recent achievements include: Monaco, Jersey City, NJ: Subsequent to quarter-end, Roseland reached an agreement to acquire its partners’ majority and minority interests. Converting a 15% subordinate interest position to a wholly owned asset. Estuary, Weehawken, NJ: Subsequent to quarter-end, Roseland reached an agreement to dispose of its 7.5% subordinate interest RiverTrace at Port Imperial: Converted to a 22.5% heads-up, cash-flowing, JV in October 2016 As of Q1 2017, we are targeting a subordinate interest residential portfolio of no more than two (2) residential communities as compared to nine (9) communities at year-end 2015. 33 Q4 2016

Financial Highlights- Operating Communities 34 Q4 2016 Notes: Ownership represents Company participation after satisfaction of Priority Capital. See Capitalization Details schedule herein. Subsequent to year-end Roseland, reached an agreement to purchase partners’ majority interest, converting the ownership from 15 percent to 100 percent. Subsequent to year-end Roseland, reached an agreement to sell its 7.5 percent subordinate interest. Unit count excludes 31 apartments offline until completion of all renovations; Percentage Leased excludes 84 units undergoing renovation. Excludes approximately 78,066 SF of ground floor retail. $ in thousands Average Average Percentage Percentage Revenue Revenue Rentable Avg. Year Leased Leased Per Home Per Home NOI NOI NOI Operating Communities Location Ownership Apartments SF Size Complete Q4 2016 Q3 2016 Q4 2016 Q3 2016 Q4 2016 Q3 2016 YTD 2016 Consolidated Alterra at Overlook Ridge Revere, MA 100.00% 722 663,139 918 2008 96.3% 98.2% $1,921 $1,903 $2,039 $2,098 $8,784 The Chase at Overlook Ridge Malden, MA 100.00% 371 337,060 909 2014 96.5% 98.9% 2,100 2,244 1,510 1,592 6,101 Park Square Rahway, NJ 100.00% 159 184,957 1,163 2009 97.5% 97.5% 2,113 2,150 349 360 1,489 Riverw atch New Brunswick, NJ 100.00% 200 147,852 739 1997 97.0% 98.5% 1,809 1,688 402 314 1,416 Portside at East Pier - 7 East Boston, MA 100.00% 175 156,091 892 2015 97.2% 99.4% 2,809 2,907 935 1,040 4,033 Consolidated 100.00% 1,627 1,489,099 915 96.6% 98.5% $2,062 $2,086 $5,235 $5,404 $21,823 Joint Ventures RiverTrace at Port Imperial West New York, NJ 22.50% 316 295,767 936 2014 94.9% 98.1% $3,134 $3,170 $1,731 $1,781 $7,141 RiverPark at Harrison Harrison, NJ 45.00% 141 125,498 890 2014 97.8% 95.0% 2,264 2,198 474 410 1,612 Station House Washington, DC 50.00% 378 290,348 768 2015 93.9% 95.5% 2,792 2,748 $1,942 $1,818 6,437 Joint Ventures 38.75% 835 711,613 852 94.9% 96.4% $2,832 $2,815 $4,147 $4,009 $15,190 Subordinate Interests (1) Marbella Jersey City, NJ 24.27% 412 369,515 897 2003 97.1% 97.8% $3,113 $3,156 $2,301 $2,481 $9,689 Monaco (2) Jersey City, NJ 15.00% 523 475,742 910 2011 96.2% 98.3% 3,448 3,523 3,534 3,803 14,612 The Estuary (3) Weehawken, NJ 7.50% 582 530,587 912 2014 97.3% 97.9% 3,223 3,258 3,811 3,343 13,916 Metropolitan at 40 Park Morristown, NJ 12.50% 130 124,237 956 2010 93.8% 97.7% 3,346 3,357 806 825 3,176 Subordinate Interests 14.47% 1,647 1,500,081 911 96.6% 98.0% $3,277 $3,324 $10,452 $10,452 $41,393 Total Residential - Stabilized 53.27% 4,109 3,700,793 901 96.3% 97.9% $2,706 $2,731 $19,834 $19,865 $78,406 Lease-up / Repositions Consolidated The Chase II at Overlook Ridge Malden, MA 100.00% 292 261,101 894 2016 11.0% NA NA NA (69) NA (69) Quarry Place at Tuckahoe Eastchester, NY 76.25% 108 105,509 977 2016 12.0% NA NA NA (67) NA (67) Consolidated 93.59% 400 366,610 917 11.3% 0.0% $0 $0 ($136) $0 ($136) Joint Ventures Crystal House (4) Arlington, VA 25.00% 794 738,786 930 1962 92.4% 97.8% $1,885 $1,829 $2,209 $2,012 $8,392 M2 Jersey City, NJ 24.27% 311 273,132 878 2016 95.5% 78.5% 3,038 3,064 1,669 1,216 2,686 Joint Ventures 24.79% 1,105 1,011,918 916 93.3% 92.4% $2,210 $2,177 $3,878 $3,228 $11,078 Total Residential - Operating Communities (5) 50.54% 5,614 5,079,321 905 89.63% 89.81% $2,415 $2,427 $23,576 $23,093 $89,348 Operating Highlights

Financial Highlights- Operating Communities 35 Q4 2016 Notes: Subsequent to year-end the Company closed on a $100mm, 7-year interest-only loan at a 3.75 percent coupon. The MCRC Balance represents capital account held by Marbella Rosegarden, L.L.C., of which the Company owns a 48.53 percent interest. Includes preferred return on capital account. Equity Capital balances apply to Metropolitan at 40 Park. The MCRC balance represents capital account held by Rosewood Epsteins, L.L.C., of which the Company owns a 50 percent interest. Upon a capital event, the Company receives a promoted additional 25 percent interest over a 9.00 percent IRR to heads-up capital accounts. $ in thousands Third Outstanding Maximum Maturity Interest MCRC Party Return Operating Communities Ownership Apartments Balance Balance Date Rate Capital Capital Rate Notes Consolidated Alterra at Overlook Ridge 100.00% 722 $0 $0 (1) The Chase at Overlook Ridge 100.00% 371 72,500 72,500 2/1/2023 3.625% Park Square 100.00% 159 27,500 27,500 4/10/2019 L + 1.75% Riverw atch 100.00% 200 0 0 Portside at East Pier - 7 100.00% 175 58,998 58,998 8/1/2023 3.44% Consolidated 100.00% 1,627 $158,998 $158,998 Joint Ventures RiverTrace at Port Imperial 22.50% 316 $82,000 $82,000 11/10/2026 3.21% RiverPark at Harrison 45.00% 141 30,000 30,000 8/1/2025 3.70% $1,416 $1,861 7.25% Station House 50.00% 378 100,700 100,700 7/1/2033 4.82% 45,908 45,751 Joint Ventures 38.75% 835 $212,700 $212,700 $47,324 $47,612 Subordinate Interests Marbella 24.27% 412 $95,000 $95,000 5/1/2018 4.99% $125 $7,567 9.50% (2),(3) Monaco 15.00% 523 165,000 165,000 2/1/2021 4.19% 0 83,741 9.00% (3) The Estuary 7.50% 582 210,000 210,000 3/1/2030 4.00% 0 15,485 8.50% (3) Metropolitan at 40 Park 12.50% 130 37,640 37,640 9/1/2020 3.25% 695 21,671 9.00% (3),(4) Joint Ventures 14.47% 1,647 $507,640 $507,640 $820 $128,464 Total Residential - Stabilized 53.27% 4,109 $879,338 $879,338 $48,144 $176,076 Lease-up / Repositions Consolidated The Chase II at Overlook Ridge 100.00% 292 $34,708 $48,000 12/16/2018 L + 2.25% Quarry Place at Tuckahoe 76.25% 108 26,642 28,750 3/30/2017 L + 2.35% 25,860 852 8.00% Consolidated 93.59% 400 $61,350 $76,750 $25,860 $852 Joint Ventures Crystal House 25.00% 794 $165,000 $165,000 4/1/2020 3.17% $27,005 $81,016 (5) M2 24.27% 311 72,544 77,400 3/30/2017 L + 2.25% 16,159 50,717 9.00% Joint Ventures 24.79% 1,105 $237,544 $242,400 $43,164 $131,733 Total Residential - Operating Communities 50.54% 5,614 $1,178,232 $1,198,488 $117,168 $308,661 Project Debt Capital Balance Overview

Financial Highlights- Operating Commercial Assets 36 Q4 2016 $ in thousands Notes: Capital balance applies to both Port Imperial Garage South and Port Imperial Retail South. Equity Capital balances apply to Shops at 40 Park. The MCRC balance represents capital account held by Rosewood Epsteins, L.L.C., of which the Company owns a 50 percent interest. Percentage Percentage Rentable Year Leased Leased NOI NOI NOI Operating Commercial Location Ownership Spaces SF Complete Q4 2016 Q3 2016 Q4 2016 Q3 2016 YTD 2016 Consolidated Port Imperial Garage South Weehawken, NJ 70.00% 800 320,426 2013 NA NA $481 $513 $1,914 Port Imperial Retail South Weehawken, NJ 70.00% 16,736 2013 53.5% 53.5% 25 (4) (49) Port Imperial Garage North Weehawken, NJ 100.00% 786 304,617 2015 NA NA 384 464 1,471 Port Imperial Retail North Weehawken, NJ 100.00% 8,365 2015 100.0% 100.0% 75 42 117 Consolidated 84.44% 650,144 69.0% 69.0% $965 $1,015 $3,453 Subordinate Interests Shops at 40 Park Morristown, NJ 12.50% 50,973 2010 65.5% 65.5% $209 $204 $818 Riverwalk at Port Imperial West New York, NJ 20.00% 30,745 2008 64.0% 64.0% 129 171 652 Subordinate Interests 15.32% 81,718 64.9% 64.9% $338 $375 $1,470 Total Commercial 76.72% 731,862 68.54% 68.54% $1,303 $1,390 $4,923 Operating Highlights Third Outstanding Maximum Maturity Interest MCRC Party Return Operating Commercial Balance Balance Date Rate Capital Capital Rate Notes Consolidated Port Imperial Garage South $32,600 $32,600 12/1/2029 4.78% $1,163 $4,421 (1) Port Imperial Retail South 4,000 4,000 12/1/2021 4.41% 0 0 Port Imperial Garage North 0 0 0 0 Port Imperial Retail North 0 0 0 0 Consolidated $36,600 $36,600 $1,163 $4,421 Subordinate Interests Shops at 40 Park $6,318 $6,318 8/13/2018 3.63% $0 $0 (2) Riverwalk at Port Imperial 0 0 0 5,878 9.00% Subordinate Interests $6,318 $6,318 $0 $5,878 Total Commercial $42,918 $42,918 $1,163 $10,299 Project Debt Capital Balance Overview

Financial Highlights- In-Construction Communities As of December 31, 2016, Roseland had: Wholly owned or joint venture interests in 2,691 in-construction apartments and 372 hotel keys (10 projects) The in-construction portfolio is projected to produce stabilized NOI of $75.8 million; Roseland’s average ownership is approximately 94% After projected debt service of approximately $33 million, Roseland’s estimated share of net cash flow is approximately $38 million We envision lease-up commencement of Urby at Harborside in Q1 2017 Roseland has a remaining equity capital commitment to the buildout of this portfolio of approximately $95mm (1): 37 Q4 2016 Notes: Net of anticipated construction loans. 233 Canoe Brook (Apts) $36 150 Monument Road 20 RiverHouse 11 at Port Imperial 18 51 Washington Street 16 Other Projects 5 Total $95

Financial Highlights- In-Construction Communities 38 Q4 2016 Notes: Includes temporary advance of $366K. Projected stabilized yield without the hotel project is 6.53 percent. $ in thousands Third Projected Projected Apartment MCRC Party MCRC Initial Project Stabilized Stabilized Community Location Ownership Homes/Keys Costs Debt Capital Capital Costs Capital Start Occupancy Stabilization NOI Yield Consolidated Marriott Hotels at Port Imperial Weehawken, NJ 90.00% 372 129,600 94,000 32,040 3,560 53,911 32,406 (1) Q3 2015 Q2 2018 Q2 2019 13,000 10.03% Residences at City Square Worcester, MA 100.00% 365 92,015 58,000 34,015 0 33,239 32,089 Q3 2015 Q4 2017 Q4 2018 5,942 6.46% Signature Place at Morris Plains Morris Plains, NJ 100.00% 197 58,651 42,000 16,651 0 20,133 16,651 Q4 2015 Q4 2017 Q3 2018 3,894 6.64% Portside 5/6 East Boston, MA 100.00% 296 111,388 73,000 38,388 0 36,553 35,340 Q4 2015 Q2 2018 Q2 2019 6,882 6.18% RiverHouse 11 at Port Imperial Weehawken, NJ 100.00% 295 123,984 78,000 45,984 0 43,380 27,910 Q1 2016 Q1 2018 Q1 2019 7,693 6.20% 51 Washington Street Conshohocken, PA 100.00% 310 89,440 53,664 35,776 0 20,338 20,285 Q3 2016 Q2 2019 Q2 2020 5,370 6.00% 233 Canoe Brook (Apts) Short Hills, NJ 100.00% 200 82,642 43,470 39,172 0 3,082 2,948 Q4 2016 Q3 2019 Q3 2020 6,326 7.65% 150 Monument Road Bala Cynwyd, PA 100.00% 206 59,308 35,585 23,723 0 4,098 3,578 Q4 2016 Q4 2019 Q4 2020 3,643 6.14% Consolidated 98.34% 2,241 $747,028 $477,719 $265,749 $3,560 $214,734 $171,207 $52,750 7.01% Joint Ventures Urby at Harborside Jersey City, NJ 85.00% 763 320,305 192,000 109,059 19,246 301,086 109,059 Q4 2013 Q1 2017 Q4 2018 21,803 6.81% Lofts at 40 Park Morristown, NJ 25.00% 59 17,972 13,950 2,011 2,011 3,286 1,740 Q3 2016 Q1 2018 Q1 2019 1,208 6.72% Joint Ventures 80.69% 822 $338,277 $205,950 $111,070 $21,257 $304,372 $110,799 $23,011 6.80% Total In-Construction Communities 93.60% 3,063 $1,085,305 $683,669 $376,819 $24,817 $519,106 $282,006 $75,761 6.98% (2) Development Schedule Project Capitalization - Total Capital as of 4Q-16

Financial Highlights- In-Construction Communities 39 Q4 2016 Notes: Includes accrued preferred return. We forecast construction loan commitments of approximately $133mm. Subsequent to year-end, RRT closed $13.95mm three year, interest only note at LIBOR plus 250 basis points. $ in thousands Third Apartment Outstanding Maximum Maturity Interest MCRC Party Return Community Ownership Homes/Keys Balance Balance Date Rate Capital Capital Rate Consolidated Marriott Hotels at Port Imperial 90.00% 372 $14,919 $94,000 10/6/2018 L + 4.50% $35,208 $3,914 8.00% Residences at City Square 100.00% 365 0 58,000 12/10/2019 L + 2.50% 32,089 0 Signature Place at Morris Plains 100.00% 197 2,440 42,000 5/20/2019 L + 2.35% 16,651 0 Portside 5/6 100.00% 296 0 73,000 9/19/2019 L + 2.50% 35,340 0 RiverHouse 11 at Port Imperial 100.00% 295 14,073 78,000 11/24/2019 L + 2.35% 27,910 0 51 Washington Street 100.00% 310 0 0 (2) 20,285 0 233 Canoe Brook (Apts) 100.00% 200 0 0 (2) 2,948 0 150 Monument Road 100.00% 206 0 0 (2) 3,578 0 Consolidated 98.34% 2,241 $31,432 $345,000 $174,009 $3,914 Joint Ventures Urby at Harborside 85.00% 763 $155,186 $192,000 8/1/2029 5.197% $109,059 $19,246 Lofts at 40 Park 25.00% 59 0 0 (3) 1,740 1,740 Joint Ventures 80.69% 822 $155,186 $192,000 $110,799 $20,986 Total In-Construction Communities 93.60% 3,063 $186,618 $537,000 $284,808 $24,900 Project Debt Current Capital Balance Overview (1)

As of December 31, 2016 the Company had a future development portfolio of approximately 10,340 apartments. 2017 target starts, representing average target ownership of 78.57%, are located in close proximity to operating RRT assets or in identified premier suburban markets Financial Highlights- 2017 Starts 40 Q4 2016 Notes: Roseland is under negotiations to increase its current 20 percent ownership to 40 percent. Roseland has a signed acquisition agreement, subject to certain conditions. Current Scheduled 2017 Starts Location Apartments Ownership Start PI North - Building C (1) West New York, NJ 363 40.00% Q2 2017 Overlook IIIC Malden, MA 314 100.00% Q3 2017 Freehold (2) Freehold, NJ 400 100.00% Q4 2017 Crystal House - III Arlington, VA 252 50.00% Q4 2017 PI South - Building 8/9 Weehawken, NJ 275 100.00% Q4 2017 2017 Starts 1,604 78.57%

Financial Highlights- Future Start Communities 41 Q4 2016 Notes: Approved for approximately 290,000 square feet of office space. Subsequent to year-end ownership increased from 50 percent to 100 percent. Ownership subject to change based on final negotiation. Current Projected Future Developments Location Apartment Ownership Const Start PI South - Building 16 Weehawken, NJ 131 100.00% Future PI South - Office 1/3 (1) Weehawken, NJ N/A 100.00% Future PI South - Park Parcel Weehawken, NJ 224 100.00% Future Urby at Harborside - II Jersey City, NJ 750 85.00% Future Urby at Harborside - III Jersey City, NJ 750 85.00% Future Plaza 8 (2) Jersey City, NJ 650 50.00% Future Plaza 9 (2) Jersey City, NJ 650 50.00% Future Liberty Landing Phase I Jersey City, NJ 265 50.00% Future Liberty Landing - Future Phases Jersey City, NJ 585 50.00% Future PI South - Building 2 Weehawken, NJ 200 50.00% Future San Remo (3) Jersey City, NJ 250 33.33% Future PI North - Riverbend 6 West New York, NJ 471 20.00% Future PI North - Building I West New York, NJ 224 20.00% Future PI North - Building J West New York, NJ 141 20.00% Future Subtotal - Hudson River Waterfront 5,291 Overlook IIIA Malden, MA 445 100.00% Future Overlook IV Malden, MA 45 100.00% Future Portside 1-4 East Boston, MA 300 100.00% Future Subtotal - Boston Metro 790

Financial Highlights- Future Start Communities (cont.) 42 Q4 2016 Notes: Includes 1,770 Identified Repurposing opportunities, with target transfers in 2017. Current Projected Future Developments Location Apartment Ownership Const Start 233 Canoe Brook Road - Hotel Short Hills, NJ 240 100.00% Future 1633 Littleton (repurposing) Parsippany, NJ 345 100.00% Future Identified Repurposing A Bergen County, NJ 300 100.00% Future Identified Repurposing B Bergen County, NJ 200 100.00% Future Identified Repurposing C Bergen County, NJ 225 100.00% Future Identified Repurposing D Essex County, NJ 300 100.00% Future Identified Repurposing E Westchester County, NY 290 100.00% Future Identified Repurposing F-I Essex County, NJ 140 100.00% Future Identified Repurposing F-2 Essex County, NJ 140 100.00% Future Identified Repurposing G Morris County, NJ 175 100.00% Future Subtotal - Northeast Corridor 2,355 Crystal House - Future Arlington, VA 300 50.00% Future Subtotal - Washington, DC 300 Total Predevelopment and Future Developments (1) 10,340

Definitions 43 Q4 2016 Average Revenue Per Home: Calculated as total apartment revenue for the quarter ended December 31, 2016, divided by the average percent occupied for the quarter ended December 31, 2016, divided by the number of apartments and divided by three. Percentage Leased: The percentage of apartments that are either currently occupied or vacant apartments leased for future occupancy. Consolidated Operating Communities: Wholly owned communities and communities whereby the Company has a controlling interest. Predevelopment Communities: Communities where the Company has commenced predevelopment activities that have a near-term projected project start. Future Development: Represents land inventory currently owned or controlled by the Company. Project Completion: As evidenced by a certificate of completion by a certified architect or issuance of a final or temporary certificate of occupancy. Identified Repurposing Communities: Communities not currently owned by RRT, which have been identified for transfer from Mack-Cali to RRT for residential repurposing. Project Stabilization: Lease-Up communities that have achieved over 95 Percentage Leased for six consecutive weeks. In-Construction Communities: Communities that are under construction and have not yet commenced initial leasing activities. Projected Stabilized NOI: Pro forma NOI for Lease-Up, In-Construction or Future Development communities upon achieving Project Stabilization Lease-Up Communities: Communities that have commenced initial operations but have not yet achieved Project Stabilization. Projected Stabilized Yield: Represents Projected Stabilized NOI divided by Total Costs. MCRC Capital: Represents cash equity that the Company has contributed or has a future obligation to contribute to a project. Repurposing Communities: Commercial holdings of the Company which have been targeted for rezoning from their existing office to new multi-family use and have a likelihood of achieving desired rezoning and project approvals. Net Asset Value (NAV): We consider NAV to be a useful metric for investors to estimate the fair value of the Roseland platform. The metric represents the net projected value of the Company’s interest after accounting for all priority debt and equity payments. The metric includes capital invested by the Company. Subordinated Joint Ventures: Joint Venture communities where the Company's ownership distributions are subordinate to payment of priority capital preferred returns. Net Operating Income (NOI): Total property revenues less real estate taxes, utilities and operating expenses. Third Party Capital: Capital invested other than MCRC Capital. Operating Communities: Communities that have achieved Project Stabilization. Total Costs: Represents full project budget, including land and developer fees, and interest expense through Project Completion.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS The Company considers portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. 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. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, the Company can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Among the factors about which the Company has made assumptions are: -risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants and residents; -the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis; -the extent of any tenant bankruptcies or of any early lease terminations; -The Company’s ability to lease or re-lease space at current or anticipated rents; -changes in the supply of and demand for the Company’s properties; -changes in interest rate levels and volatility in the securities markets; -The Company’s ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment; -forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, and projected revenue and income; -changes in operating costs; -The Company’s ability to obtain adequate insurance, including coverage for terrorist acts; -The Company’s credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and refinance existing debt and the Company’s future interest expense; -changes in governmental regulation, tax rates and similar matters; 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 or residents 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 us and the statements contained herein, see Item 1A: Risk Factors in MCRC’s Annual Report on Form 10-K for the year ended December 31, 2015. We assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Mack-Cali Reality Corporation (“MCRC”). Any offers to sell or solicitations of the MCRC shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Annual on Form 10-K (the “10-K”) filed by the MCRC for the same period with the Securities and Exchange Commission (the “SEC”) and all of the MCRC’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-K and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification. 44 Q4 2016

Q4 2016

EX-99.3

Exhibit 99.3

M  A  C  K  —  C  A  L  I     R  E  A  L  T  Y     C  O  R  P  O  R  A  T  I  O  N

For Immediate Release

MACK-CALI REALTY CORPORATION

ANNOUNCES FOURTH QUARTER 2016 RESULTS

Jersey City, New Jersey—February 28, 2017—Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the fourth quarter 2016.

Recent highlights include:

·Net income of $0.17 per diluted share for the quarter;

·Funds from Operations per diluted share of $0.33; with Core Funds from Operations growth of 19.1% to $0.56 for the quarter;

·Increased rental rates by 12.2% on a GAAP basis and 3.5% on a cash basis at its Core/Waterfront/Flex properties;

·Core/Waterfront/Flex properties were 90.6% leased at quarter end; a 1.5% improvement over fourth quarter 2015;

·321,000 square feet leased in fourth quarter;

·Roseland multi-family subsidiary signed $300 million equity transaction;

·Completed $745 million in property sales in 2016 through February 2017;

·Redeemed $135 million of 7.75% bonds which were due August 2019;

·Declared $0.15 per share quarterly common stock dividend; and

·Reaffirmed 2017 FFO guidance of $2.25 to $2.40 per diluted share.

Michael J. DeMarco, president, commented “Our strong 2016 results are a reflection of the progress made on the composition of our portfolio, our operational efficiencies, and rental strategy.  Our portfolio continues to strengthen as we trim our non-core assets and the markets less relevant to our strategy.  Additionally, the investment by Rockpoint in our Roseland subsidiary validates and appropriately values its NAV and development strategy.  We believe we are delivering on our corporate strategy and that the market will recognize that we are a dual platform waterfront company with great potential and not a suburban office company.”

FINANCIAL HIGHLIGHTS

* All per share amounts presented below are on a diluted basis.

Net income available to common shareholders for the quarter ended December 31, 2016 amounted to $15.2 million, or $0.17 per share, as compared to a net loss of $31.7 million, or $0.35 per share, for the quarter ended December 31, 2015.  For the year ended December 31, 2016, net income available to common shareholders equaled $117.2 million, or $1.30 per share, as compared to a net loss of $125.8 million, or $1.41 per share, for full year 2015.

Funds from operations (FFO) for the quarter ended December 31, 2016 amounted to $32.8 million, or $0.33 per share, as compared to $46.9 million, or $0.47 per share, for the quarter ended December 31, 2015.  For the year ended December 31, 2016, FFO equaled $205 million, or $2.04 per share, as compared to $188.1 million, or $1.88 per share, for full year 2015.

For the fourth quarter 2016, Core FFO was $0.56 per share after adjusting for certain items, primarily a $23.7 million loss from extinguishment of debt.  The quarter’s Core FFO per share of $0.56 increased 19.1 percent from the same quarter last year primarily due to increased base rents in 2016.

OPERATING HIGHLIGHTS

Mack-Cali’s consolidated Core, Waterfront and Flex properties were 90.6 percent leased at December 31, 2016, as compared to 90.3 percent leased at September 30, 2016 and 89.1 percent leased at December 31, 2015.

For the quarter ended December 31, 2016, the Company executed 55 leases at its consolidated in-service commercial portfolio totaling 320,605 square feet. Of these totals, 45 percent were for new leases and 55 percent were for lease

renewals and other tenant retention transactions.  For the year ended December 31, 2016, the Company executed 273 lease transactions totaling 2,769,608 square feet.  Of these totals, 35 percent were for new leases and 65 percent were for renewals and other tenant retention transactions.  Rental rate roll up for fourth quarter 2016 transactions in the Company’s Core, Waterfront and Flex properties was 3.5 percent on a cash basis and 12.2 percent on a GAAP basis.  Rental rate roll up for all 2016 transactions in the Company’s Core, Waterfront and Flex properties was 10.9 percent on a cash basis and 20 percent on a GAAP basis.

Mitchell Rudin, Mack Cali’s Chief Executive Officer stated, “Mack-Cali’s focus on improved broker relations, building amenities and operating efficiencies has yielded impressive results.  For example our average tenant size has increased by 15.6%, while our Waterfront office occupancy and signed average rents have risen by 888 basis points to 94.4% and by 25.0%, respectively. We have an excellent product offering validated by our customers voting with their dollars.  We are excited by the prospects of improving on these metrics as our repositioning cap-ex programs move from the planning stage to completion in the next 12 months.”

RECENT TRANSACTIONS

For the fourth quarter 2016 and through year-to-date 2017, office dispositions totaled $280 million.  The Company completed the strategic exit out of the DC Metro area with the seven-building portfolio sale in Greenbelt, Maryland, as well as the exit out of multiple Central New Jersey office sub-markets including Freehold, Roseland, and Cranford.  Additionally, included in the $280 million, the Company sold subordinated/minority interests in numerous office assets held with Keystone Property Group throughout the Tri-State area.

For full year 2016 and through year-to-date 2017, the Company disposed of 36 non-strategic and underperforming commercial office assets totaling approximately five million square feet, and a 220-unit multi-family community, realizing gross proceeds of approximately $745 million, exceeding the Company’s guidance, with a weighted average cap rate of approximately 5.5 percent.  In the same time period, Mack-Cali redeployed more than $500 million in capital to acquire properties that fit the Company’s strategic plan for growth.

The Company continues to build on the 2016 momentum of dispositions and is trimming the next layer of assets that the Company now deems to be non-core.  It is currently exploring the potential of up to $450 million of additional property sales which it anticipates could close by mid to late 2017.  These dispositions include exiting out of the Moorestown flex portfolio in Southern New Jersey comprised of 26 buildings totaling approximately 1.3 million square feet and nine buildings in Northern New Jersey’s Bergen County submarket totaling 2.2 million square feet. 

Through year-to-date February 2017, the Company acquired a three-building office portfolio comprised of 280,000 square feet in Red Bank, New Jersey for approximately $27 million.  The portfolio is adjacent to the Company’s existing office holdings of 477,000 square feet now totaling over one million square feet in the Monmouth County, New Jersey market.  The Company also entered into an agreement to purchase a prominent portfolio including three buildings totaling 575,000 square feet in Short Hills, New Jersey and three buildings totaling 525,000 square feet in Madison, New Jersey.  With the expected completion of the acquisition, Mack-Cali will own virtually 100 percent of the class A office market in Short Hills, where the rents are the highest in the state.

Regarding the multi-family side of the business, the Company continues to streamline and build on its platform along the Waterfront, starting with the purchase of the remaining 50 percent joint venture interest a development site on the Jersey City Waterfront known as Plaza 8/9 for $57.1 million funded with a combination of $14.2 million cash and the issuance of Preferred Operating Units.  With the ability to accommodate up to 1.2 million square feet of residential or office, this is the most valuable and prestigious development site in Jersey City. Additionally, an agreement has been reached to purchase its partners’ 85 percent joint venture interest in Monaco, a 523-unit multi-family, high-rise community in Jersey City.  This purchase will be completed with the assumption of existing debt, cash, and the issuance of Preferred Operating Units. 

As Mack-Cali announced in detail yesterday, Roseland Residential Trust (“Roseland”), its multifamily subsidiary, entered into an investment agreement (the “Investment Agreement”) with affiliates of Rockpoint Group, L.L.C. (“Rockpoint”).  The Investment Agreement provides for multiple equity investments by Rockpoint in the Roseland subsidiary entity up to an aggregate of $300 million of units of limited partnership interests in Roseland (the “Units”).  The initial closing under the Investment Agreement is expected to occur by mid-March 2017 for $150 million of Units.  Additional closings of Units to be issued to Rockpoint per the Investment Agreement may occur in increments of not less than $10 million, with the balance of the full $300 million committed by March 1, 2019.

Mack-Cali will have a participation right, where prior to March 1, 2022 and following either the full investment of $300 million by Rockpoint or in certain other limited circumstances, Mack-Cali may purchase up to $200 million of Units on substantially the same terms as the Rockpoint’s Units.  Mack-Cali will control governance of the entity, but for limited events where Rockpoint consent is required, and will receive contributed equity value at closing of $1.23 billion.  Upon full Rockpoint and Mack-Cali fundings completed, pro forma ownership of the entity will be approximately 83 percent for Mack-Cali and 17 percent for Rockpoint. See RRT NAV Summary - Adjustments Subsequent to Quarter-End following in this press release.

BALANCE SHEET/CAPITAL MARKETS

As of December 31, 2016, the Company had a debt-to-undepreciated assets ratio of 41.6 percent. The Company had an interest coverage ratio of 3.5 times for the quarter ended December 31, 2016.

In January 2017, the Company closed on senior unsecured credit facilities totaling $925 million with a group of 13 lenders, with Wells Fargo Securities, LLC; J.P. Morgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners; and Capital One, National Association and U.S. Bank National Association as joint lead arrangers.

The credit facilities are comprised of a renewal and extension of the Company’s existing $600 million unsecured revolving facility and a new $325 million unsecured delayed-draw term loan. The $600 million credit facility carries an interest rate equal to LIBOR plus 120 basis points and a facility fee of 25 basis points.  The facility has a term of four years with two six-month extension options.  The new $325 million delayed-draw term loan can be drawn over time within 12 months of closing with no requirement to be drawn in full.  The loan carries an interest rate equal to LIBOR plus 140 basis points and a ticking fee of 25 basis points on any undrawn balance during the first 12 months after closing.  The term loan matures in three years with two one-year extension options.  The interest rate on the revolving credit facility and new term loan and the facility fee on the revolving credit facility are subject to adjustment, on a sliding scale, based upon the Company’s unsecured debt ratings, or at the Company’s option, based on a defined leverage ratio.

The credit facilities also contain accordion features providing for expansion of the facilities up to a total of $1.275 billion.

Also in January 2017, the Company closed on a $100 million mortgage loan, secured by Alterra at Overlook Ridge, its 722 unit multi-family community located in Revere, MA. The mortgage loan carries a fixed interest rate of 3.75 percent per annum and is interest only for its seven year term.

In December 2016, the Company redeemed for cash all $135 million outstanding principal amount of its 7.75 percent Notes due in August 2019. The Notes were redeemed on December 29, 2016. The redemption price for the Notes, including a make-whole premium, was 115.3 percent of the principal amount of the Notes, plus any accrued and unpaid interest.

Also during the fourth quarter 2016, the Company repaid mortgage debt on nine assets aggregating $200 million that carried interest rates ranging from 6.3 percent to 11.3 percent, The Company disposed of two of the assets  and seven became unencumbered.

Pro forma, with the execution of these financing activities, the Company’s $2.4 billion total debt carries a weighted average interest rate of 3.9 percent. Additionally, with remaining maturities of up to 12 years, the weighted average maturity of its indebtedness is now 4.4 years.

DIVIDENDS

In December 2016, the Company’s Board of Directors declared a cash dividend of $0.15 per common share (indicating an annual rate of $0.60 per common share) for the fourth quarter 2016, which was paid on January 13, 2017 to shareholders of record as of January 5, 2017. The Company’s Core FFO dividend payout ratio for the quarter was 26.9 percent.

GUIDANCE/OUTLOOK

The Company expressed comfort with net income and FFO per diluted share for the full year 2017, as follows:

	Full Year
	2017 Range
Net income available to common shareholders	$	0.30	—	$	0.45
Add (deduct):
Real estate-related depreciation and amortization on continuing operations			1.95
Funds from operations	$	2.25	—	$	2.40

These estimates reflect management’s view of current market conditions and certain assumptions with regard to rental rates, occupancy levels and other assumptions/projections. Actual results could differ from these estimates.

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for March 1, 2017 at 9:30 a.m. Eastern Time, which will be broadcast live via the Internet at:

http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=96021&eventID=5249873

The live conference call is also accessible by calling (719) 457-1513 and requesting the Mack-Cali conference call.

The conference call will be rebroadcast on Mack-Cali’s website at https://www.mack-cali.com/investors/events-presentations/ beginning at 2:00 p.m. Eastern Time on March 1, 2017 through March 8, 2017.

A replay of the call will also be accessible during the same time period by calling (719) 457-0820 and using the pass code, 6318060.

Copies of Mack-Cali’s Form 10-K and Supplemental Operating and Financial Data are available on Mack-Cali’s website, as follows:

2016 Form 10-K:

https://www.mack-cali.com/media/1002413/4thquarter10k16.pdf

Fourth Quarter 2016 Supplemental Operating and Financial Data:

https://www.mack-cali.com/media/1002416/4thquartersp16.pdf

Fourth Quarter 2016 Supplemental Operating and Financial Data for Roseland Residential Platform:

https://www.mack-cali.com/media/1002419/4thquartersp16Roseland.pdf

In addition, these items are available upon request from:

Mack-Cali Investor Relations Department - Deidre Crockett

Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311

(732) 590-1025

INFORMATION ABOUT FFO

Funds from operations (“FFO”) is defined as net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable rental property transactions, and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from sales of properties and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity.  FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.

Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company’s performance over time.  Core FFO is presented solely as supplemental disclosure that the Company’s management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flows provided by operating activities as determined in accordance with GAAP.  As there is not a generally accepted definition established for Core FFO, the Company’s measures of Core FFO may not be comparable to the Core FFO reported by other REITs.  A reconciliation of net income per share to Core FFO in dollars and per share is included in the financial tables accompanying this press release.

ABOUT THE COMPANY

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.

The information in this press release must be read in conjunction with, and is modified in its entirety by, the Annual Report on Form 10-K (the “10-K”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-K and the Public Filings.

We consider portions of this report, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.  We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act.  Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items.  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.  Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate.  Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved.  Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements.

Contact:	Michael J. DeMarco	Anthony Krug	Deidre Crockett
	President	Chief Financial Officer	Director of Investor Relations
	(732) 590-1589	(732) 590-1030	(732) 590-1025

Mack-Cali Realty Corporation

Consolidated Statements of Operations

(In thousands, except per share amounts) (unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2016			2015			2016			2015
REVENUES
Base rents	$	126,744		$	122,295		$	506,877		$	487,041
Escalations and recoveries from tenants	15,257			13,190			60,505			62,481
Real estate services	6,658			7,065			26,589			29,620
Parking income	3,499			2,983			13,630			11,124
Other income	1,573			910			5,797			4,617
Total revenues	153,731			146,443			613,398			594,883
EXPENSES
Real estate taxes	21,129			19,683			87,379			82,688
Utilities	10,966			11,819			49,624			55,965
Operating services	27,645			29,344			103,954			107,951
Real estate services expenses	6,842			6,063			26,260			25,583
General and administrative	12,968			12,589			51,979			49,147
Acquisition-related costs	26			1,449			2,880			1,560
Depreciation and amortization	52,045			43,136			186,684			170,402
Impairments	—			33,743			—			197,919
Total expenses	131,621			157,826			508,760			691,215
Operating income (loss)	22,110			(11,383		)	104,638			(96,332		)
OTHER (EXPENSE) INCOME
Interest expense	(22,731		)	(24,374		)	(94,889		)	(103,051		)
Interest and other investment income	875			231			1,614			794
Equity in earnings (loss) of unconsolidated joint ventures	(834		)	(449		)	18,788			(3,172		)
Gain on change of control of interests	—			—			15,347			—
Realized gains (losses) and unrealized losses on disposition of rental property, net	41,002			—			109,666			53,261
Gain on sale of investment in unconsolidated joint venture	—			—			5,670			6,448
Loss from extinguishment of debt, net	(23,658		)	—			(30,540		)	—
Total other income (expense)	(5,346		)	(24,592		)	25,656			(45,720		)
Net income (loss)	16,764			(35,975		)	130,294			(142,052		)
Noncontrolling interest in consolidated joint ventures	191			462			651			1,044
Noncontrolling interest in Operating Partnership	(1,774		)	3,795			(13,721		)	15,256
Net income (loss) available to common shareholders	$	15,181		$	(31,718	)	$	117,224		$	(125,752	)
Basic earnings per common share:
Net income (loss) available to common shareholders	$	0.17		$	(0.35	)	$	1.31		$	(1.41	)
Diluted earnings per common share:
Net income (loss) available to common shareholders	$	0.17		$	(0.35	)	$	1.30		$	(1.41	)
Basic weighted average shares outstanding	89,767			89,475			89,746			89,291
Diluted weighted average shares outstanding	100,575			100,180			100,498			100,222

Mack-Cali Realty Corporation

Statements of Funds from Operations

(in thousands, except per share/unit amounts) (unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2016			2015			2016			2015
Net income (loss) available to common shareholders	$	15,181		$	(31,718	)	$	117,224		$	(125,752	)
Add (deduct): Noncontrolling interest in Operating Partnership	1,774			(3,795		)	13,721			(15,256		)
Real estate-related depreciation and amortization on continuing operations (a)	56,874			48,707			204,746			190,875
Impairments	—			33,743			—			197,919
Gain on change of control of interests	—			—			(15,347		)	—
Realized (gains) losses and unrealized losses on disposition of rental property, net	(41,002		)	—			(109,666		)	(53,261		)
Gain on sale of investment in unconsolidated joint venture	—			—			(5,670		)	(6,448		)
Funds from operations (b)	$	32,827		$	46,937		$	205,008		$	188,077
Diluted weighted average shares/units outstanding (c)	100,575			100,180			100,498			100,222
Funds from operations per share/unit-diluted	$	0.33		$	0.47		$	2.04		$	1.88
Dividends declared per common share	$	0.15		$	0.15		$	0.60		$	0.60
Dividend payout ratio:
Core Funds from operations-diluted	26.9		%	31.6		%	27.9		%	32.9		%
Supplemental Information:
Non-incremental revenue generating capital expenditures:
Building improvements	$	8,975		$	8,954		$	23,364		$	29,147
Tenant improvements & leasing commissions (d)	$	5,599		$	8,488		$	40,616		$	27,705
Tenant improvements & leasing commissions on space vacant for more than a year	$	14,522		$	10,928		$	64,909		$	35,727
Straight-line rent adjustments (e)	$	3,792		$	3,256		$	15,123		$	4,592
Amortization of (above)/below market lease intangibles, net (f)	$	772		$	35		$	2,260		$	587
Non real estate depreciation and amortization	$	395		$	232		$	1,112		$	954
Amortization of deferred financing costs	$	999		$	944		$	4,582		$	3,790

(a)	Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interests, of $5,224 and $5,803 for the three months ended December 31, 2016 and 2015, respectively, and $19,174 and $21,431 for the years ended December 31, 2016 and 2015, respectively.  Excludes non-real estate-related depreciation and amortization of $315 and $81 for the three months ended December 31, 2016 and 2015, respectively, and $696 and $350 for the years ended December 31, 2016 and 2015, respectively, and depreciation expense allocable to the Company’s noncontrolling interest in consolidated joint ventures of $80 and $151 for the three months ended December 31, 2016 and 2015, respectively, and $416 and $604 for the years ended December 31, 2016 and 2015, respectively.
(b)	Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” in this release.
(c)	Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (10,490 and 10,705 shares for the three months ended December 31, 2016 and 2015, respectively, and 10,499 and 10,931 shares for the years ended December 31, 2016 and 2015, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).
(d)	Excludes expenditures for tenant spaces that have not been owned for at least a year.
(e)	Includes the Company’s share from unconsolidated joint ventures of $280 and $585 for the three months ended December 31, 2016 and 2015, respectively, and $791 and $1,261 for the years ended December 31, 2016 an 2015, respectively.
(f)	Includes the Company’s share from unconsolidated joint ventures of $96 and $95 for the three months ended December 31, 2016 and 2015, respectively, and $381 and $429 for the years ended December 31, 2016 an 2015, respectively.

Mack-Cali Realty Corporation

Statements of Funds from Operations (FFO) and Core FFO per Diluted Share

(amounts are per diluted share, except share counts in thousands) (unaudited)

	Three Months Ended						Years Ended
	December 31,						December 31,
	2016			2015			2016			2015
Net income (loss) available to common shareholders	$	0.17		$	(0.35	)	$	1.30		$	(1.41	)
Add (deduct): Real estate-related depreciation and amortization on continuing operations (a)	0.57			0.49			2.04			1.90
Impairments	—			0.34			—			1.97
Gain on change of control of interests	—			—			(0.15		)	—
Realized (gains) losses and unrealized losses on disposition of rental property, net	(0.41		)	—			(1.09		)	(0.53		)
Gain on sale of investment in unconsolidated joint venture	—			—			(0.06		)	(0.06		)
Noncontrolling interest/rounding adjustment	—			(0.01		)	—			0.01
Funds from operations (b)	$	0.33		$	0.47		$	2.04		$	1.88
Add/(Deduct):
Acquisition-related costs	—			$	0.01		$	0.03		$	0.02
Dead deal costs	—			—			0.01			—
Severance/separation costs	—			—			—			0.02
Mark-to-market interest rate swap	$	(0.01	)	—			(0.01		)	—
Net real estate tax proceeds	—			(0.01		)	(0.01		)	(0.05		)
Equity in earnings from joint venture refinancing proceeds	—			—			(0.22		)	(0.04		)
Loss from extinguishment of debt, net	0.24			—			0.30			—
Noncontrolling interest/rounding adjustment	—			—			0.01			—
Core FFO	$	0.56		$	0.47		$	2.15		$	1.83
Diluted weighted average shares/units outstanding (c)	100,575			100,180			100,498			100,222

(a)	Includes the Company’s share from unconsolidated joint ventures of $0.05 and $0.06 for the three months ended December 31, 2016 and 2015, respectively, and $0.19 and $0.22 for the years ended December 31, 2016 and 2015, respectively.
(b)	Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” in this release.
(c)	Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (10,490 and 10,705 shares for the three months ended December 31, 2016 and 2015, respectively, and 10,499 and 10,931 shares for the years ended December 31, 2016 and 2015, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).

Mack-Cali Realty Corporation

Consolidated Balance Sheets

(in thousands, except per share amounts) (unaudited)

	December 31,
	2016			2015
Assets
Rental property
Land and leasehold interests	$	661,335		$	735,696
Buildings and improvements	3,758,210			3,648,238
Tenant improvements	364,092			408,617
Furniture, fixtures and equipment	21,230			15,167
	4,804,867			4,807,718
Less — accumulated depreciation and amortization	(1,332,073		)	(1,464,482		)
	3,472,794			3,343,236
Rental property held for sale, net	39,743			—
Net investment in rental property	3,512,537			3,343,236
Cash and cash equivalents	31,611			37,077
Investments in unconsolidated joint ventures	320,047			303,457
Unbilled rents receivable, net	101,052			120,246
Deferred charges, goodwill and other assets, net	267,950			203,850
Restricted cash	53,952			35,343
Accounts receivable, net of allowance for doubtful accounts of $1,335 and $1,407	9,617			10,754
Total assets	$	4,296,766		$	4,053,963
Liabilities and Equity
Senior unsecured notes	$	817,355		$	1,263,782
Unsecured revolving credit facility and term loans	634,069			155,000
Mortgages, loans payable and other obligations, net	888,585			726,611
Dividends and distributions payable	15,327			15,582
Accounts payable, accrued expenses and other liabilities	159,874			135,057
Rents received in advance and security deposits	46,442			49,739
Accrued interest payable	8,427			24,484
Total liabilities	2,570,079			2,370,255
Commitments and contingencies
Equity:
Mack-Cali Realty Corporation stockholders’ equity:
Common stock, $0.01 par value, 190,000,000 shares authorized,
89,696,713 and 89,583,950 shares outstanding	897			896
Additional paid-in capital	2,576,473			2,570,392
Dividends in excess of net earnings	(1,052,184		)	(1,115,612		)
Accumulated other comprehensive income (loss)	1,985			—
Total Mack-Cali Realty Corporation stockholders’ equity	1,527,171			1,455,676
Noncontrolling interests in subsidiaries:
Operating Partnership	178,570			170,891
Consolidated joint ventures	20,946			57,141
Total noncontrolling interests in subsidiaries	199,516			228,032
Total equity	1,726,687			1,683,708
Total liabilities and equity	$	4,296,766		$	4,053,963

RRT NAV Summary – Adjustments Subsequent to Quarter-End

As reflected on in the RRT Supplemental, Roseland had an approximate NAV of $1.35bn at year-end 2016.  As a result of a series of post year-end activities, we estimate a current Roseland NAV before the announced Rockpoint Transaction of $1.35bn.

(Dollars in Millions)
Net Asset Value (4Q 2016)	$	1,352
Alterra Financing	-100		(1)
Plaza 8/9 Acquisition	+57		(2)
Five repurposing transfers	+32		(3)
Development Capital	+11		(4)
Net Asset Value (current)	$	1,352	(5)(6)

Notes:

(1)   In January, RRT placed a $100mm mortgage on Alterra at Overlook Ridge (3.75% interest only; seven-year term).  Financing proceeds were utilized to repay borrowings under Mack-Cali’s credit facility

(2)   In February, RRT acquired all joint venture partner interests in Plaza 8/9.  The acquisition converted RRT ownership on the valuable development site on the Hudson Waterfront from 50 to 100 percent.

(3)   Roseland is finalizing the transfer of five underperforming/land holdings of Mack-Cali for residential repurposing use.

(4)   Represents in-construction development capital expended by RRT in January and February.

(5)   In conjunction with the announced Rockpoint Transaction, Roseland will receive deemed funded equity value of $1.23bn, representing a ~9% discount to RRT’s NAV estimate.

Net Asset Value (current):	$	1,352
Roseland Deemed Funded
Equity Value (Rockpoint Transaction):	$	1,230
Discount:	$	122	(9%)

(6)   Upon closing of the Rockpoint Transaction, Rockpoint will fund $150mm into RRT.  RRT is under contract to acquire Monaco in Jersey City (equity requirement of ~$140mm) and intends to use the Rockpoint proceeds for said acquisition.