Exhibit 99.1

FOURTH QUARTER 2002

Supplemental Operating and Financial Data

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.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2002

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INDEX

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DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

        Certain information discussed in this literature may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws, including Section 21E of the Securities Exchange Act of 1934. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. 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," "should," "expect," "anticipate," "estimate," "continue" or comparable terminology. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. 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 risks, trends and uncertainties are changes in the general economic conditions, including those affecting industries in which the Company's principal tenants compete; any failure of the general economy to recover timely from the current economic downturn; the extent of any tenant bankruptcies; the Company's ability to lease or re-lease space at current or anticipated rents; changes in the supply of and demand for office, office/flex and industrial/warehouse properties; changes in interest rate levels; changes in operating costs; the Company's ability to obtain adequate insurance, including coverage for terrorist acts; the availability of financing; 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 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, reference should be made to the Company's filings with the Securities and Exchange Commission including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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I. COMPANY BACKGROUND

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I. COMPANY BACKGROUND

About the Company

        Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $3.9 billion at December 31, 2002. Mack-Cali has been involved in all aspects of commercial real estate development, management and ownership for over 50 years and has been a publicly-traded REIT since 1994. Mack-Cali owns or has interests in 265 properties, primarily class A office and office/flex buildings, totaling approximately 29.3 million square feet, serving as home to approximately 2,100 tenants. The properties are located primarily in suburban markets of the Northeast, many with adjacent, Company-controlled developable land sites able to accommodate up to 8.9 million square feet of additional commercial space.

History

        Established over 50 years ago, in 1994 the New Jersey-based firm became a publicly-traded company listed on the New York Stock Exchange under the ticker symbol CLI. Through combinations with some of the top companies in the real estate industry—most notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin Company—Mack-Cali has become one of the leading real estate companies in the country.

Strategy

        Mack-Cali's strategy is to be a significant real estate owner and operator in its core, high-barriers-to-entry markets, primarily in the Northeast.

Summary
(as of December 31, 2002)

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Board of Directors

William L. Mack, Chairman of the Board

Executive Officers

        Mitchell E. Hersh, Chief Executive Officer

        Timothy M. Jones, President

        Barry Lefkowitz, Executive Vice President and Chief Financial Officer

        Roger W. Thomas, Executive Vice President, General Counsel and Secretary

        Michael A. Grossman, Executive Vice President

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Equity Research Coverage

Company Contact Information

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II. FINANCIAL HIGHLIGHTS

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II. FINANCIAL HIGHLIGHTS

Quarterly/Annual Summary

        Funds from operations (FFO), after adjustment for straight-lining of rents, for the quarter ended December 31, 2002 amounted to $63.8 million, or $0.89 per share, versus $66.3 million, or $0.93 per share, for the quarter ended December 31, 2001. For the year ended December 31, 2002, FFO, after adjustment for straight-lining of rents, amounted to $272.3 million, or $3.80 per share, versus $260.5 million, or $3.66 per share, for the same period last year. While fourth quarter 2002 FFO per share decreased 4.3 percent from the same period in 2001, full year 2002 FFO per share increased 3.8 percent over 2001. For further discussion, see "Information About FFO" on page 12.

        Net income for the fourth quarter 2002 equaled $29.8 million, or $0.52 per share, versus $33.2 million, or $0.58 per share, for the same quarter last year, a per share decrease of 10.3 percent. For the year ended December 31, 2002, net income equaled $139.7 million, or $2.43 per share, versus $131.7 million, or $2.32 per share, for the same period last year, an increase of 4.7 percent on a per share basis.

        Total revenues for the fourth quarter 2002 remained relatively unchanged at $141.6 million as compared to $141.8 million for the same quarter last year. For the year ended December 31, 2002, total revenues amounted to $569.6 million, a decrease of 1.0 percent over total revenues of $575.3 million for the same period last year.

        Cash available for distribution (CAD) for the fourth quarter 2002 equaled $51.1 million, or $0.71 per share, versus $49.4 million, or $0.69 per share, for the same quarter last year, a per share increase of 2.9 percent. For the year ended December 31, 2002, CAD equaled $230.9 million, or $3.22 per share, versus $214.7 million, or $3.02 per share, for the same period last year, an increase of 6.6 percent on a per share basis.

        All per share amounts presented above are on a diluted basis; basic per share information is included in the financial tables accompanying this press release.

        The Company had 57,318,478 shares of common stock, 7,813,806 common operating partnership units and 215,894 $1,000-face-value preferred operating partnership units outstanding as of quarter end. The outstanding preferred units are convertible into 6,230,707 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 71,362,991 shares/common units outstanding at December 31, 2002.

        As of December 31, 2002, the Company had total indebtedness of approximately $1.8 billion, with a weighted average annual interest rate of 7.03 percent. Mack-Cali had a total market capitalization of $3.9 billion and a debt-to-undepreciated assets ratio of 41.3 percent at December 31, 2002. The Company had an interest coverage ratio of 3.32 times for the quarter ended December 31, 2002.

        The following is a summary of the Company's recent activity:

Acquisitions

        During the quarter, the Company acquired five office properties, aggregating 599,209 square feet, for approximately $104.7 million, as follows:

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        For the year ended December 31, 2002, the Company acquired a total of six office properties and a condominium interest in an office property, aggregating 742,626 square feet, for a total cost of approximately $121.4 million.

Development

        In November, the Company's 95,000 square-foot build-to-suit office development for Verizon New Jersey, Inc. at its Horizon Center Business Park in Hamilton Township, New Jersey commenced initial operations. Verizon New Jersey, a unit of Verizon Communications, pre-leased for 10 years the entire single-story building, which it is using as a large customer call center. With the completion of the project, Mack-Cali's holdings at Horizon Center Business Park consist of five office and office/flex buildings totaling 265,030 square feet and land to develop an additional 300,000 square feet of commercial space.

        A summary of the Company's development projects at its Harborside Financial Center, located on the Hudson River Waterfront in Jersey City, New Jersey, is as follows:

        On February 12, 2003, the Meadowlands Xanadu proposal, presented by a joint venture to be formed among The Mills Corporation, the Company and The New York Giants, was selected by the New Jersey Sports and Exposition Authority, providing them with the exclusive right to negotiate a developer's agreement for the development of a $1.3 billion family entertainment and recreation complex with an office and hotel component at the Continental Airlines Arena site in East Rutherford, New Jersey. Meadowlands Xanadu's 4.76-million-square-foot complex is expected to feature unprecedented innovation with a family entertainment destination comprising three themed zones: sports/recreation, kids' activities and fashion. The project is expected to also include office and hotel space totaling 2.2 million square feet, consisting of four 14-story, 440,000 square-foot office buildings and a 520-room hotel with conference and exhibition facilities. No definitive documentation has been entered into between The Mills Corporation and the Company with respect to the Xanadu Project. However, it is the current understanding between Mills and the Company that the retail component will be shared 80 percent to Mills and 20 percent to the Company and the office and hotel components will be shared 80 percent to the Company and 20 percent to Mills, subject to any arrangements with

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third parties such as The New York Giants. There can be no assurance that these will be the final economic arrangements.

Property Sales

        In October, the Company exited a non-core market by selling its three remaining office properties in Arizona, aggregating 416,967 square feet, for approximately $43.0 million.

        For the year ended December 31, 2002, the Company and its unconsolidated joint ventures sold a total of 13 office properties, aggregating 1,907,732 square feet, a multi-family residential complex and a parcel of land, for total sales proceeds of approximately $200.9 million.

Financing Activity

        In December, the Company's operating partnership exchanged $90.0 million face amount of existing 7.18 percent senior unsecured notes due December 31, 2003 for $94.9 million face amount of 6.15 percent senior unsecured notes due December 15, 2012. The exchange was completed with Teachers Insurance and Annuity Association.

        In accordance with the Company's Share Repurchase Program, during the fourth quarter, the Company purchased 356,600 shares of its outstanding common stock for an aggregate cost of approximately $10.7 million, representing an average price of $30.06 per share. For the year ended December 31, 2002, the Company purchased 415,600 shares of its outstanding common stock for an aggregate cost of approximately $12.5 million, representing an average price of $30.17 per share.

Leasing Information

        Mack-Cali's consolidated in-service portfolio was 92.3 percent leased at December 31, 2002, compared to 93.0 percent leased at September 30, 2002.

        For the quarter ended December 31, 2002, the Company executed 125 leases totaling 599,998 square feet, consisting of 335,194 square feet of office space, 187,601 square feet of office/flex space and 77,203 square feet of industrial/warehouse space. Of these totals, 176,414 square feet were for new leases and 423,584 square feet were for lease renewals and other tenant retention transactions.

        Highlights of the quarter's leasing transactions include:

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        Since the year end, the Company has signed a 180,000 square-foot renewal for 10 years with United States Life Insurance Company in the City of New York (US Life), a subsidiary of American International Group, Inc. (AIG). US Life occupies the entire class A office building at 3600 Route 66 in the Jumping Brook Corporate Center in Neptune, New Jersey. Additionally the Company entered into a new 89,510 square foot lease for 12 years with pharmaceutical firm Barr Laboratories, Inc. for the entire office building located at 400 Chestnut Ridge Road in Woodcliff Lake, New Jersey.

Information About FFO

        The Company considers FFO (after adjustment for straight-lining of rents and non-recurring charges) one measure of REIT performance. FFO is defined as net income (loss) before minority interest of unitholders (preferred and common) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from debt restructuring, other extraordinary items, and sales of depreciable rental property, plus real estate-related depreciation and amortization. FFO should not be considered as an alternative for net income as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO presented herein is not necessarily comparable to FFO 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 is comparable to the FFO of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("NAREIT"), with the exception that it deviates as a result of adjustments made to the Company's FFO for straight-lining of rents and non-recurring charges. The Company adjusts its FFO calculation to remove the effects of straight-lining of rents because it believes that such adjustment more accurately reflects proper recognition of the Company's revenue that is contractually due for the respective periods presented. The Company also adjusts its FFO calculation for non-recurring charges because it believes that the inclusion of these costs, which are incurred specific to significant non-recurring events, can impact the comparative measurement of the Company's performance. A reconciliation of net income to FFO is included in the financial tables on page 27.

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Key Financial Data

(a)

Includes preferred units on a converted basis into common units.

(b)

Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares.

(c)

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).

(d)

Includes preferred units on a converted basis into common units and minority interests in partially-owned properties.

(e)

Funds from Operations ("FFO") is calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition, as published in October 1999, after adjustment for straight-lining of rents and non-recurring charges.

(f)

Cash Available for Distribution ("CAD") is defined as funds from operations, after adjustment for straight-lining of rents and non-recurring charges, minus non-incremental revenue generating tenant improvements, non-incremental revenue generating leasing commissions and recurring capital expenditures.

(g)

Reflects square feet leased at the Company's consolidated in-service portfolio, excluding in-service development properties in lease-up.

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Same Store Results and Analysis
(dollars in thousands)

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Unconsolidated Joint Ventures Summary
(dollars in thousands)

Breakdown of Unconsolidated Joint Ventures

(a)

The joint venture also has a parking lot operation on adjacent land.



(b)

Property consists of a three-story theater and retail complex.

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Unconsolidated Joint Venture Financial Information

        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, 2002 and December 31, 2001:

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        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 during the three months ended December 31, 2002 and 2001:

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        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 during the years ended December 31, 2002 and 2001: