The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise.  Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise.  Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

Key Assumptions for 2014 Guidance

2014

12/19/2013

December 23, 2013 press release

$ in millions except per share data

2014

1Q

2Q

3Q

4Q

FY

Consensus - December 19,,2013 by quarter and by year

$

0.540

$

0.550

$

0.540

$

0.560

$

2.19

Consensus Range of Estimates

$0.51 - 0.56

$0.51 - 0.60

$0.48 - 0.60

$0.58 - 0.65

$2.04 - 2.41

$

0.47

$

0.52

$

0.53

$

0.48

$

2.00

Projected FFO-GAAP per share - current model

$

0.47

$

0.52

$

0.53

$

0.48

$

2.00

Guidance range - recommended

$1.90 $2.10

DYNA/IBS occup. - current portfolio - end of period

81.4

%

81.0

%

81.6

%

82.7

%

adj.

0.0

%

0.0

%

0.0

%

0.0

%

DYNA/IBS occup. - projected - end of period

81.4

%

81.0

%

81.6

%

82.7

%

Diff. Between leased and occupied

2.1

%

2.1

%

2.1

%

2.1

%

% Leased - published, end of period

83.5

%

83.1

%

83.7

%

84.8

%

Prop level reserve 87 bp included in DYNA for 2014

$

1.2

$

1.2

$

1.2

$

1.2

$

4.8

Corp loss reserve ($mils)

$

—

$

—

$

—

$

—

$

—

Total loss reserve

$

1.2

$

1.2

$

1.2

$

1.2

$

4.8

Facility borrowing rate (+110)

1.36

%

1.58

%

1.42

%

1.49

%

LIBOR rate

0.26

%

0.28

%

0.32

%

0.39

%

Debt to undepreciated assets ratio

38.7

%

37.4

%

39.3

%

38.6

%

38.6

%

Fixed charge coverage ratio

2.2

2.3

2.4

2.2

2.2

Line balance average - $mils

$

154.9

$

44.2

$

119.5

$

—

Line interest only in quarter - $mils

$

0.6

$

0.2

$

0.5

$

—

Line balance at end of period - $mils

$

111.6

$

54.6

$

93.7

$

—

Unrestricted Cash balance at end of period - $mil

$

20.0

$

20.0

$

20.0

$

215.7

Capitalized interest ($mils)

$

3.3

$

4.3

$

5.0

$

5.9

$

18.6

DYNA base cash rent

$

125.2

$

125.7

$

127.1

$

128.5

$

506.5

Straight-line rent - CORE in model

$

2.0

$

2.0

$

1.3

$

1.5

$

6.8

Straight-line rent - Large tenants in model

$

1.3

$

0.8

$

0.1

$

0.1

$

2.3

$

515.6

Other income ($mils) incl. Term. fees

$

1.3

$

1.3

$

1.3

$

1.3

$

5.0

DYNA Parking revenues

$

1.4

$

1.3

$

1.4

$

1.5

$

5.6

Real estate services and fee revenues ($mils)

$

7.6

$

8.1

$

8.3

$

8.6

$

32.6

Real estate services expense ($mils)

$

4.5

$

4.6

$

4.7

$

4.7

$

18.5

RPC G&A components ($mils)

$

5.1

$

5.3

$

5.5

$

6.0

$

21.8

Corp G&A expense ($mils)

$

9.4

$

9.4

$

9.4

$

9.4

$

37.5

Total G&A

$

14.5

$

14.6

$

14.8

$

15.4

$

59.3

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise.  Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

2014

2014

2014

2014

2014

1Q

2Q

3Q

4Q

FY

Funds from Operations

47,039

51,481

53,392

47,632

199,544

Guidance Range

First Call Consensus Range of Estimates

$0.51 - 0.56

$0.51 - 0.60

$0.48 - 0.60

$0.58 - 0.65

$2.04 - 2.41

First Call Consensus

$

0.540

$

0.550

$

0.540

$

0.560

$

2.190

Funds from Operations Per Share

$

0.471

$

0.516

$

0.535

$

0.477

$

1.999

Reported Occupancy - IBS % Leased

83.50

%

83.10

%

83.70

%

84.80

%

Weighted Average Shares Outstanding

99,803

99,804

99,805

99,805

99,804

Recurring EBITDA

75,091

75,390

77,339

71,642

299,462

Total Debt EOP

2,290,549

2,237,673

2,304,256

2,240,068

2,240,068

Cash

20,000

20,000

20,000

215,697

215,697

Net Debt EOP

2,270,549

2,217,673

2,284,256

2,024,371

2,024,371

Change in Debt

(98,893

)

(52,876

)

66,582

(64,187

)

(149,375

)

Credit Line Balance EOP

111,615

54,617

93,719

—

—

Undepreciated Assets

5,918,906

5,975,455

5,870,401

5,804,114

5,804,114

Investing Activity - Incremental Only

Capitalized Interest

(3,338

)

(4,336

)

(5,033

)

(5,908

)

(18,615

)

M-F Acquisitions

(128,648

)

(2,000

)

(70,656

)

—

(201,304

)

M-F Development/Hotel Site Sale

(6,131

)

(33,965

)

98

(37,869

)

(77,867

)

Core Development

(2,000

)

(2,000

)

(2,000

)

(2,000

)

(8,000

)

Investment in Joint Ventures, net of JV sales

(69,018

)

(25,491

)

19,127

(21,365

)

(96,747

)

Office Sales

—

99,784

—

338,519

438,303

Purchase Money Mortgage Note Issuance

(1,908

)

92

92

92

(1,633

)

Total Investing Activity, net

(211,044

)

32,084

(58,373

)

271,469

34,137

Financing Activity

Maturing Notes

(200,000

)

—

—

—

(200,000

)

Maturing Mortgages

(5,424

)

(9,492

)

(152,777

)

—

(167,693

)

Planned Long Term Debt Issuance

—

—

—

—

—

Mortgage Issuance

—

14,365

181,037

30,558

225,960

Planned Common Equity Issuance

—

—

—

—

—

Change in Line Balance

111,615

(56,998

)

39,102

(93,719

)

—

Total Financing Activity

(93,809

)

(52,124

)

67,361

(63,161

)

(141,733

)

Ratios

Fixed Charge

2.22

x

2.34

x

2.41

x

2.21

x

2.21

x

Interest Coverage

2.46

x

2.71

x

2.85

x

2.70

x

2.67

x

Debt to Undepreciated Assets

38.70

%

37.45

%

39.25

%

38.59

%

38.59

%

Debt to EBITDA (Q/annlzd., Y/TTM)

7.63

x

7.42

x

7.45

x

7.82

x

7.48

x

Net Debt to EBITDA (Q/annlzd., Y/TTM)

7.56

x

7.35

x

7.38

x

7.06

x

6.76

x

Proportionate Share of UJV Debts:

MC Share of JV Debt

220,250

220,250

220,250

220,250

220,250

MC Share of JV EBITDA

4,375

4,375

4,375

4,375

17,500

JV Debt to EBITDA

12.59

x

12.59

x

12.59

x

12.59

x

12.59

x

Net Debt - With Proportionate Share of JV Debt

2,490,799

2,437,923

2,504,506

2,244,621

2,244,621

EBITDA - With Proportionate Share of JV’s

79,466

79,765

81,714

76,017

316,962

Net Debt to EBITDA - With Proportionate UJV Share

7.84

x

7.64

x

7.66

x

7.38

x

7.08

x

Total Interest Paid

Interest expense

30,542

27,832

27,099

26,504

111,977

Capitalized interest cost

3,338

4,336

5,033

5,908

18,615

33,880

32,168

32,133

32,411

130,592

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise. Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

Mack-Cali Realty Corporation

Scenario 2:

Scenario #1 AND Add $438MM sales program ($99MM April 1, $339MM Oct. 1)

Cash Available for Distribution

19-Dec-13

$ in thousands

2013

2014

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

4Q

FY

Funds From Operation - GAAP

63,035

65,113

57,109

50,884

236,141

47,039

51,481

53,392

47,632

199,544

Less: Non-incremental Revenue Generating Capex

Building Improvements

4,916

3,122

3,438

4,000

15,476

10,143

10,616

9,375

9,706

39,840

Tenant Improvements and Leasing Commissions

14,182

11,258

11,421

11,000

47,861

16,700

6,400

13,500

15,500

52,100

Straight-line Rent Adjustments

6,409

3,272

439

3,080

13,200

3,330

2,823

1,338

1,588

9,079

Amortization of (Above)/Below Market Lease Intangibles

399

542

474

32

1,447

32

32

32

32

128

Cash Available for Distribution

37,129

46,919

41,337

32,772

158,157

16,834

31,610

29,147

20,806

98,397

Other Cash Flow Adjustments

Plus: Amortization Of Deferred Financing Fees

839

966

962

1,021

3,788

1,059

1,065

1,041

1,041

4,205

Less: Interest Paid But Capitalized

3,476

3,334

3,559

2,673

13,042

3,338

4,336

5,033

5,908

18,615

Less: Incremental Capital Expenditures

7,608

8,835

5,335

9,000

30,778

9,000

9,000

7,912

7,487

33,399

(10,245

)

(11,203

)

(7,932

)

(10,652

)

(40,032

)

(11,279

)

(12,271

)

(11,905

)

(12,354

)

(47,809

)

Cash Available to Pay Common Dividends/Distributions

26,885

35,716

33,405

22,120

118,125

5,554

19,339

17,242

8,452

50,588

Less: Common Dividends/Distributions

44,828

44,967

29,997

30,003

149,795

30,003

30,003

30,003

30,004

120,013

Cash Flow Surplus/(Deficit)

(17,943

)

(9,251

)

3,407

(7,883

)

(31,670

)

(24,449

)

(10,664

)

(12,761

)

(21,551

)

(69,425

)

Cash Flow Surplus/(Deficit) Per Share

(0.180

)

(0.093

)

0.034

(0.079

)

(0.317

)

(0.245

)

(0.107

)

(0.128

)

(0.216

)

(0.696

)

Ratios on a Cash Basis

Dividends/FFO-GAAP Ratio

71.12

%

69.06

%

52.53

%

58.96

%

63.43

%

63.78

%

58.28

%

56.19

%

62.99

%

60.14

%

Dividends/CAD Ratio

120.74

%

95.84

%

72.57

%

91.55

%

94.71

%

178.23

%

94.92

%

102.94

%

144.20

%

121.97

%

Dividends/Cash Available Ratio

166.74

%

125.90

%

89.80

%

135.64

%

126.81

%

540.17

%

155.14

%

174.01

%

354.97

%

237.23

%

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise. Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

2014 Expirations by

Projections -

SF as of

month to

Oct 18, 2013 (for

Expirations

Implied Total

Implied

2014 Projection as of Oct

month change

Projected SF)

by % of

Absorption

Absorption

18, 2013

Change vs.

Expirations

Company (SF

SF

(% of

2014 Projected

Projected - DYNA

Previous

Projected - IBS

basis)

Lease starts

Company)

31-Jan

81.61

%

-3.99

%

840,481

3.01

%

-274,798

-0.98

%

28-Feb

81.65

%

0.04

%

222,638

0.80

%

233,819

0.84

%

31-Mar

81.71

%

1st Qtr Avg

0.06

%

121,376

0.43

%

138,147

0.49

%

81.66%

-3.89

%

1,184,495

4.24

%

97,168

0.35

%

30-Apr

81.65

%

-0.06

%

158,486

0.57

%

141,715

0.51

%

31-May

81.53

%

-0.12

%

194,287

0.70

%

160,745

0.58

%

30-Jun

81.48

%

2nd Qtr Avg

-0.05

%

144,293

0.52

%

130,317

0.47

%

81.55%

-0.23

%

497,066

1.78

%

432,777

1.55

%

31-Jul

82.23

%

0.75

%

166,476

0.60

%

166,476

0.60

%

31-Aug

82.27

%

0.04

%