Exhibit 99.1

FOURTH QUARTER 2004

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.

INDEX

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

2

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, 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," "should," "expect," "anticipate," "estimate," "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:

•

changes in the general economic climate; conditions, including those affecting industries in which the Company's principal tenants compete;



•

any failure of the general economy to recover from the current economic downturn;



•

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 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;



•

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 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, you are advised to consider the "Risk Factors" contained in the Company's Annual Report on Form 10-K, which are incorporated herein by reference. The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

3

I. COMPANY BACKGROUND

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

4

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 $5.2 billion at December 31, 2004. 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 273 properties, primarily class A office and office/flex buildings, totaling approximately 29.6 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 8.5 million square feet of additional commercial space.

History

        Established over 50 years ago, in 1994 the New Jersey-based firm, Cali Realty, 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, 2004)

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

5

Board of Directors

Executive Officers

Mitchell E. Hersh, President and Chief Executive Officer

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

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

6

Equity Research Coverage

Company Contact Information

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

7

II. FINANCIAL HIGHLIGHTS

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

8

II. FINANCIAL HIGHLIGHTS

Quarterly Summary

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

        Net income available to common shareholders for the fourth quarter 2004 equaled $30.3 million, or $0.49 per share, versus $27.4 million, or $0.47 per share, for the same quarter last year. For the year ended December 31, 2004, net income available to common shareholders equaled $100.5 million, or $1.65 per share, versus $141.4 million, or $2.43 per share, for 2003.

        Funds from operations (FFO) available to common shareholders for the quarter ended December 31, 2004 amounted to $67.9 million, or $0.90 per share, versus $66.5 million, or $0.91 per share, for the quarter ended December 31, 2003. For the year ended December 31, 2004, FFO available to common shareholders amounted to $270.1 million, or $3.60 per share, versus $275.7 million, or $3.82 per share, for the same period last year.

        Total revenues for the fourth quarter 2004 increased 5.8 percent to $152.1 million as compared to $143.7 million for the same quarter last year. For the year ended December 31, 2004, total revenues amounted to $589.0 million, an increase of 3.5 percent over total revenues of $569.3 million for the same period last year.

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

        The Company had 61,038,875 shares of common stock, 10,000 shares of 8 percent cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), 7,616,447 common operating partnership units and 215,018 of $1,000-face-value preferred operating partnership units outstanding as of December 31, 2004.

        The outstanding preferred units are convertible into 6,205,425 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 74,860,747 shares/common units outstanding at December 31, 2004.

        As of December 31, 2004, the Company had total indebtedness of approximately $1.7 billion, with a weighted average annual interest rate of 6.32 percent. The Company had a total market capitalization of $5.2 billion and a debt-to-undepreciated assets ratio of 37.9 percent at December 31, 2004. The Company had an interest coverage ratio of 3.5 times for the quarter ended December 31, 2004.

Acquisitions

        In October, the Company acquired 232 Strawbridge Drive, a 74,258 square-foot office property located in Moorestown, New Jersey for $8.7 million. With the acquisition of this property, the Company now owns all three office buildings in Moorestown Corporate Center, totaling 222,258 square feet.

        In December, the Company announced several acquisitions, as follows:

•

The Company acquired a 62.5 percent interest in One River Center, a three-building, class A office complex totaling 460,000 square feet located in Middletown, New Jersey. The office complex was acquired through the conversion of the Company's note receivable with a balance of $13 million into a controlling equity interest;



•

The Company acquired three office buildings totaling 279,811 square feet in Parsippany, New Jersey. The buildings were purchased for $30.8 million. Located at Four, Five and Six Century Drive, adjacent to Mack-Cali Business Campus, the buildings are 46.2 percent leased to 13 tenants; and



•

The Company acquired 150 Monument Road, a six-story, 125,783 square-foot, class A office building in Bala Cynwyd, Pennsylvania. The building was purchased for $18.6 million and is 66 percent leased to 23 tenants.

        On March 2, 2005, the Company completed the acquisition of all the interests in 101 Hudson Street, a 1.2 million square-foot Class A office tower on the Jersey City waterfront. The 42-story building was purchased for $329 million.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

9

Property Sales

        In October, the Company sold Kemble Plaza I, a 387,000 square foot office property located at 340 Mount Kemble Avenue in Morris Township, New Jersey for $77 million.

        In November, the Company sold two office properties in Texas totaling 554,330 square feet for $39.1 million. The properties sold were TriWest Plaza, a 367,018 square-foot, 81.8 percent leased office building located at 3030 LBJ Freeway in Dallas and the Century Building, a 187,312 square-foot, 90.6 percent leased office building located at 84 N.E. Loop 410 in San Antonio.

        In February 2005, the Company completed several property sales, as follows:

•

The Company sold the Brandeis Building, a 318,224 square-foot office building in Omaha, Nebraska. The building, which was 13 percent leased, was sold for $8.7 million;



•

The Company sold its remaining, wholly-owned Texas property, 1122 North Alma Road, an 82,576 square foot office building in Richardson, for approximately $2.1 million. The vacant building was the last of three buildings sold in a transaction announced by the Company in November; and



•

The Company sold its 75,668 square foot office property located at 3 Skyline Drive in Hawthorne, New York for approximately $9.6 million.

Financing Activity

        In November, the Company refinanced its $150 million secured loan from the Prudential Insurance Company of America. The loan carries an interest rate of 4.78 percent, which is a reduction of 212 basis points from the previous loan. The loan, which matures on January 15, 2010, is secured by seven properties. The previous loan was secured by 11 properties.

        Also, in November, the Company's operating partnership, Mack-Cali Realty, L.P., refinanced its unsecured revolving credit facility with a group of 27 lender banks. The $600 million unsecured facility, which is expandable to $800 million, carries an interest rate equal to LIBOR plus 65 basis points, representing a reduction of five basis points from the previous facility. The credit facility, which also carries a facility fee of 20 basis points, has a three-year term with a one-year extension option. The interest rate and facility fee are subject to adjustment, on a sliding scale, based upon the operating partnership's unsecured debt ratings.

        In December, the Company's Board of Directors declared a cash dividend of $0.63 per common share (indicating an annual rate of $2.52 per common share) for the fourth quarter 2004, which was paid on January 18, 2005 to shareholders of record as of January 5, 2005.

        The Board also declared a cash dividend on its 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period October 15, 2004 through January 14, 2005. The dividend was paid on January 18, 2005 to shareholders of record as of January 5, 2005.

        In January 2005, the Company's operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of 10-year senior unsecured notes. The 5.125 percent notes are due January 15, 2015. The proceeds from the issuance of approximately $148.1 million were used primarily to repay outstanding borrowings under the Company's unsecured credit facility.

Leasing Information

        Mack-Cali's consolidated in-service portfolio was 91.2 percent leased at December 31, 2004, compared to 92.9 percent leased at September 30, 2004 and 91.5 percent leased at December 31, 2003.

        For the quarter ended December 31, 2004, the Company executed 174 leases totaling 1,516,658 square feet. For the year ended December 31, 2004, the Company executed 697 leases totaling 4,966,131 square feet.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

10

        Leases for the quarter ended December 31, 2004 consisted of 1,282,696 square feet of office space, 218,712 square feet of office/flex space and 15,250 square feet of industrial/warehouse space. Of these totals, 529,666 square feet were for new leases and 986,992 square feet were for lease renewals and other tenant retention transactions.

        Highlights of the quarter's leasing transactions included:

•

Morgan Stanley D.W., Inc., a global financial services firm, renewed its lease of 306,170 square feet at Harborside Financial Center Plaza 2 in Jersey City, New Jersey for five years. The 761,200 square-foot office building is 100 percent leased.



•

Pfizer, Inc., a pharmaceutical company, signed a new, two-year lease for 154,592 square feet at 5 Wood Hollow Road in Parsippany, New Jersey. The 317,040 square-foot office building is 100 percent leased.



•

A&E Distribution, Inc., a subsidiary of retailer A&E Stores, Inc., signed a new, five-year lease for 63,400 square feet at Mack-Cali Airport in Little Ferry, New Jersey. The 286,628 square-foot office building is 88.6 percent leased.



•

Fiserv Solutions, Inc., an information technology provider, renewed its lease for 59,780 square feet at 250 Johnson Road in Morris Plains, New Jersey for seven years. The 75,000 square-foot office building is 100 percent leased.



•

Citigroup Global Markets, a provider of investment banking, asset management and advisory services, extended the term of its lease for 26,262 square feet at 140 E. Ridgewood Avenue in Paramus, New Jersey for eight years. The 239,680 square-foot office building is 100 percent leased. Additionally, Citigroup also signed a five-year renewal for 21,922 square feet at 325 Columbia Turnpike in Florham Park, New Jersey. The 168,144 square-foot office building is 100 percent leased.



•

Forest Laboratories Inc., a pharmaceutical company, signed an expansion of 36,452 square feet for approximately 12 years at Harborside Financial Center Plaza 5 in Jersey City, New Jersey. The 977,225 square-foot office building is 79 percent leased.



•

The Southern Westchester Board of Cooperative Educational Services signed two new, three-year leases at the Cross Westchester Executive Park in Elmsford, New York, aggregating 29,931 square feet. One lease is for 20,131 square feet at 2 Westchester Plaza, a 25,000 square-foot office/flex building that is 100 percent leased. The second lease is for 9,800 square feet at 50 Executive Boulevard, a 45,200 square-foot office/flex building that is 85.6 percent leased.

Information About FFO

        Funds from operations ("FFO") is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), 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 by excluding the effect of depreciation and gains (or losses) from sales of properties (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 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 on page 27.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

11

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 definition of the National Association of Real Estate Investment Trusts (NAREIT). See "Information About FFO" on page 11.

(f)

Reflects square feet leased at the Company's consolidated in-service portfolio, excluding in-service development properties in lease up (if any). Excluded from percentage leased at December 31, 2004, September 30, 2004 and June 30, 2004 is a non-strategic, non-core 318,224 square-foot property acquired through a deed in lieu of foreclosure, which was 12.7, 68.9 and 71.1 percent leased at December 31, 2004, September 30, 2004 and June 30, 2004, respectively.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

12

Same Store Results and Analysis(a)
(dollars in thousands)

(a)

Excludes three properties identified as held for sale at December 31, 2004.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

13

Unconsolidated Joint Ventures Summary

Breakdown of Unconsolidated Joint Ventures

(a)

The venture is developing a family entertainment and recreation complex with an office and hotel component to be built at the Meadowlands sports complex in East Rutherford, New Jersey ("Meadowlands Xanadu"). Meadowlands Xanadu's approximately 4.76 million-square-foot complex is expected to feature a family entertainment destination comprising three themed zones: sports/recreation, children's activities and fashion, in addition to four office buildings, aggregating approximately 1.8 million square feet, and a 520-room hotel.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

14

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, 2004 and 2003:

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

15

        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, 2004 and 2003:

(a)

Represents results of operations for period in which Company had ownership interest of January 1, 2003 through September 28, 2003.

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

16

        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, 2004 and 2003:

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2004

17

Select Financial Ratios