Company Objectives – Snapshot 5 Q2 2017 REIT publicly traded on NYSE (“CLI”) Substantial development and cash flow growth opportunities via our Roseland Residential division and waterfront office holdings We are a two platform company – office and multifamily. The Company’s portfolio is geographically concentrated along the Hudson River Waterfront and other transit-based locations. Company Highlights 51 John F Kennedy Parkway, Short Hills, NJ (Acquired March 2017) 101 Wood Avenue South, Iselin, NJ (Acquired June 2016) Portside at East Pier, East Boston, MA (Full interest acquired April 2016) Monaco, Jersey City, NJ (Full interest acquired April 2017) Q2 2017 Q1 2017 Market capitalization: $5.9 billion $5.7 billion Square feet of office space: 21.4 million 21.5 million % leased (excl. Non-Core): 89.9% 90.4% GAAP rental rate roll-up (excl. Non-Core): 17.7% 11.4% Operating multifamily units: 5,825 5,825 % leased for stabilized multifamily: 97.9% 97.5% Sr. unsecured debt ratings: (S&P/Moody’s/Fitch) BBB-/Baa3/BB+ BBB-/Baa3/BB+ Net asset value $3.83 billion $3.83 billion

Executive Summary 6 Q2 2017 Mack-Cali has crafted and executed upon a strategy that strives to achieve the highest possible returns within geographically focused core markets We own and operate Class A office and multifamily assets focused on the Hudson River Waterfront and transit-based locations, that can increase cash flow through all economic cycles We have and will continue to strengthen our balance sheet to allow capital accessibility at the lowest cost while intelligently managing our overall debt levels Primary Company objectives include: Acquisitions: None at this time, though we are evaluating select development opportunities Dispositions: We continue to market and sell the properties we deem non-core. We have executed on $714M of non-core office and flex asset sales through June 30, 2017; have $502M sales currently under contract or negotiations; have targeted an additional $302M of non-core dispositions thru the remainder of 2017 (see page 23) Multifamily revenue is higher than projected as we are leasing up our newly delivered units faster than projected at rents above proforma. We expect to stabilize all three of our lease-up properties (Quarry Place, Chase II, and Urby) by the end of Q3 2017 As our portfolio transformation evolves, we project continued improvement across all financial metrics. Importantly, we view our net debt to EBITDA as being a complex number for us based on our operating plan as we are running a residential growth business and a transforming office business. Our office portfolio goal is under 7x Company Highlights

8 Q2 2017 Net Asset Value Company Highlights We currently estimate a Mack-Cali NAV of approximately $3.8bn, inclusive of approximately $1.4bn in Roseland Notes: Cap Rate reflects net valuation of Wholly Owned assets. Represents gross value per unit prior to reductions of JV interest and unconsolidated debt. Represents an estimate of the cost for a management fee based on 3.0% of revenues, as the NOI presented is before any cost for managing the portfolio. Represents budgeted 2017 NOI including stabilized income of office properties and multifamily projects in lease up. $ in millions Rentable Area MSF / Units Projected 2017 NOI (4) Avg. Cap Rate Value Value PSF Office MSF Hudson Waterfront 4.884 $108.3 5.50% $1,968 $403 Flex 5.888 54.7 7.00% 781 133 Urban Core 2.573 45.3 6.25% 725 282 Suburban Core 4.294 58.4 7.75% 754 176 Non-Core 3.713 371 100 Commercial / Hotel / Office Unconsolidated JV interests 155 Other (Land & Re-positioning Properties) 236 Total Office Share of Portfolio 21.352 $4,990 Less Other: Office Share of Consolidated Debt ($2,315) Other Preferred Equity / LP Interest (53) Total Office NAV 21.352 $2,622 Multifamily Operating Properties Units Per Unit Wholly Owned 2,550 $48.1 4.87% $988 $387 (1) Joint Ventures 2,733 396 522 (2) Subordinated Interests 542 34 592 (2) Operating Properties Sub-total 5,825 $1,418 $470 In Construction Properties 2,300 409 620 Pre/Future - Development Properties 11,037 346 31 Fee Income Business / Other 27 Total Multifamily Share of Portfolio $2,200 Less: Rockpoint Interest (153) Multifamily Share of Consolidated Debt (635) Total Multifamily NAV 19,162 $48.1 $1,412 Less: Market Management Fee (3) ($15.0) (200) Company Net Asset Value $3,834 Approximate Net Asset Value per share (100.4MM shares) $38.19

Financial Highlights– Balance Sheet & Capital Markets 9 Q2 2017 The Company’s key financial metrics as of June 30, 2017 were: Rockpoint: In Q1 2017, Roseland announced the signing of the Rockpoint transaction – a $300 million equity investment that will provide capital to further execute on the objectives of Roseland’s residential business plan. RRT received a deemed funded existing equity value at closing of $1.23 billion. As of 2Q 2017, $150MM of Rockpoint capital has been funded Acquisitions: In Q2 2017, Roseland acquired its joint venture partners’ interests in Monaco (Jersey City) for $302 million, thereby converting to 100% ownership In Q2 2017, Roseland acquired its joint venture partner’s interest in Quarry Place at Tuckahoe for $4.8 million, thereby converting the recently completed 108-unit property in lower Westchester County to 100% ownership Financings: Quarry Place at Tuckahoe: Subsequent to quarter end, Roseland placed a ten-year, $41 million mortgage at an interest-only rate of 4.34% Dispositions: In the six months ended June 30,2017, Mack-Cali disposed of nine non-core buildings totaling 841,652 rentable square feet for $63.3 million Dividends: In June, the Company’s Board of Directors declared an increased cash dividend of $0.20 per common share for the second quarter 2017 (indicating an annual rate of $0.80 per common share), which was paid on July 14, 2017 to shareholders of record as of July 6, 2017. The Company's Core FFO dividend payout ratio for the quarter was 33.2 percent Company Highlights June 30, 2017 March 31, 2017 Core FFO per Share $0.60 $0.56 Dividends Declared per Share $0.20 $0.15 Net Debt to EBITDA 8.3x 8.5x Net Debt to EBITDA Less CIP debt 7.8x 8.0x Net Debt to EBITDA (office portfolio) 7.2x 8.2x

Financial Highlights – Key Metrics 10 Q2 2017 We have strengthened our Core FFO, AFFO, and Debt Coverage ratios. From June 2016 to June 2017: Company Highlights Core FFO per share increased from $0.55 to $0.60 AFFO increased from $19.7M to $42.2M Interest coverage increased from 3.4x to 3.5x 06/30/17 03/31/17 12/31/16 09/30/16 06/30/16 ($’s in thousands, except ratios) Market Value of Equity (a) $2,949,047 $2,922,371 $2,928,309 $2,747,095 $2,725,214 Total Debt, Net 2,950,219 2,731,204 2,340,009 2,455,309 2,256,955 Total Market Capitalization 5,899,266 5,653,575 5,268,318 5,202,404 4,982,169 Total Debt/ Total Market Capitalization 50.0% 48.3% 44.4% 47.2% 45.3% Total Debt/ Total Book Capitalization 58.1% 55.6% 54.5% 55.4% 53.6% Total Debt/ Total Undepreciated Assets 47.5% 43.8% 41.6% 42.4% 40.3% Secured Debt/ Total Undepreciated Assets 21.9% 18.5% 15.8% 18.3% 13.7% Core FFO per share 0.60 0.56 0.56 0.56 0.55 Portfolio Size: Consolidated In-Service Properties 198 198 199 214 220 Consolidated Total Commercial Square Footage 21,352,339 21,448,339 20,951,376 23,355,409 23,463,605 Consolidated Total Commercial Square Footage-excluding Non-Core 17,639,242 17,639,242 19,001,223 19,764,352 19,189,737 Commercial Sq. Ft. Leased at End of Period-excluding Non-Core (c) 89.9% 90.4% 90.6% 90.3% 89.8% Shares and Units: Common Shares Outstanding 89,913,919 89,844,752 89,696,713 89,647,337 89,650,590 Common Units Outstanding 10,438,855 10,339,443 10,488,105 10,497,946 10,497,946 Combined Shares and Units 100,352,774 100,184,195 100,184,818 100,145,283 100,148,536 Weighted Average- Diluted (b) 100,369,717 100,636,886 100,575,238 100,252,797 100,400,717 Common Share Price ($’s): At the end of the period $27.14 $26.94 $29.02 $27.22 $27.00 High during period 28.57 29.70 29.38 29.25 27.58 Low during period 25.96 26.31 24.59 26.11 22.47 Notes: See following page.

11 Q2 2017 Financial Highlights – Key Metrics (cont.) Company Highlights Three Months Ended 06/30/17 03/31/17 12/31/16 09/30/16 06/30/16 Net Debt to EBITDA Annualized 8.3x 8.5x 7.5x 7.7x 7.2x Interest Coverage Ratio 3.5x 3.8x 3.5x 3.3x 3.4x Fixed Charge Coverage Ratio 2.8x 2.9x 2.7x 2.6x 2.6x Earnings per Share—diluted (0.44) 0.11 0.17 (0.10) 0.54 FFO per Share—diluted (d) 0.60 0.56 0.33 0.60 0.64 Core FFO per Share 0.60 0.56 0.56 0.56 0.55 Dividends Declared per Share 0.20 0.15 0.15 0.15 0.15 Core FFO Payout Ratio 33.2% 27.9% 26.9% 26.6% 27.6% Adjusted FFO $42,176 $38,306 $25,527 $20,530 $19,696 The Roseland multifamily in-construction portfolio is producing no EBITDA. Removing the debt associated with the CIP, net debt to EBITDA for Q2 2017 would have been 7.8x for the total company or 7.2x for the office company alone. Although still higher than where we want to be, we see a path through a combination of additional sales and increased office EBITDA, to achieve a more comfortable ratio of below 7x for the office portfolio $ in thousands Notes: Includes any outstanding preferred units presented on a converted basis into common units, noncontrolling interests in consolidated joint ventures and redeemable non-controlling interests. 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). 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). Excludes non-core properties identified at each period. Non-Core properties are identified as those being considered for repositioning, redevelopment or potential sale/dispositions. 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 14.

Financial Highlights– FFO, Core FFO & AFFO 13 Q2 2017 Company Highlights Notes: See following page. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income (loss) available to common shareholders ($37,330) $48,393 ($17,451) $110,584 Add (deduct): Noncontrolling interest in Operating Partnership (4,296) 5,662 (2,001) 12,946 Real estate-related depreciation and amortization on continuing operations (a) 63,156 48,042 114,913 95,501 Gain on sale of investment in unconsolidated joint venture - (5,670) (12,563) (5,670) Gain on change of control of interests - (5,191) - (15,347) Realized gains and unrealized losses on disposition of rental property, net 38,954 (27,117) 33,448 (85,717) Funds from operations (b) $60,484 $64,119 $116,346 $112,297 Add/Deduct: Acquisition-related costs - $2,039 - $2,034 Dead deal costs - 791 - 791 Mark-to-market interest rate swap - 99 - 1,012 (Gain)/Loss from extinguishment of debt, net - (12,054) $239 (12,054) Core FFO $60,484 $54,994 $116,585 $104,080 Add (Deduct) Non-Cash Items: Straight-line rent adjustments (c) ($3,240) ($4,592) ($6,253) ($6,953) Amortization of market lease intangibles, net (d) (2,187) (276) (3,764) (445) Amortization of stock compensation 2,167 1,566 3,335 2,452 Non real estate depreciation and amortization 349 187 726 412 Amortization of debt discount/(premium) and mark-to-market, net (163) 516 78 1,126 Amortization of deferred financing costs 1,175 1,180 2,278 2,349 Deduct: Non-incremental revenue generating capital expenditures: Building improvements (3,303) (4,138) (8,272) (8,506) Tenant improvements and leasing commissions (e) (8,150) (16,271) (12,115) (26,809) Tenant improvements and leasing commissions on space vacant for more than one year (4,956) (13,470) (12,116) (29,931) Adjusted FFO (b) (i) $42,176 $19,696 $80,482 $37,775 Core FFO (calculated above) $60,484 $54,994 $116,585 $104,080 Deduct: Equity in earnings (loss) of unconsolidated joint ventures, net $3,298 $614 $3,349 $2,168 Equity in earnings share of depreciation and amortization (5,844) (4,768) (10,347) (9,389) Add-back: - - Interest expense 24,943 22,932 45,264 47,925 Recurring JV distributions 2,479 3,259 5,721 5,604 Income (loss) in non-controlling interest in consolidated joint ventures (181) 311 (418) (395) Redeemable noncontrolling interest 2,682 - 3,474 - EBITDA $87,861 $77,342 $163,628 $149,993 Net debt at period end (g) $2,928,500 $2,227,498 $2,928,500 $2,227,498 Net debt to EBITDA (h) 8.3x 7.2x 8.9x 7.4x Diluted weighted average shares/units outstanding (f) 100,370 100,401 100,354 100,359 Funds from operations per share-diluted $0.60 $0.64 $1.16 $1.12 Core Funds from Operations per share/unit-diluted $0.60 $0.55 $1.16 $1.04 Dividends declared per common share $0.20 $0.15 $0.35 $0.30 $ in thousands, except per share amounts (unaudited)

Financial Highlights– FFO, Core FFO & AFFO 14 Q2 2017 Company Highlights 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 items that may distort the 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 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. Core FFO and AFFO are presented solely as supplemental disclosures that the Company’s management believes provides useful information regarding the Company's operating performance and its ability to fund its dividends. 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 to Core FFO and AFFO are included in the financial tables above. Notes: Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interest, of $5,742 and $4,768 for the three months ended June 30, 2017 and 2016, respectively, and $10,245 and $9,389 for the six months ended June 30, 2017 and 2016, respectively. Excludes non-real estate-related depreciation and amortization of $349 and $187 for the three months ended June 30, 2017 and 2016, respectively, and $726 and $411 for the six months ended June 30, 2017 and 2016, respectively. 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. Includes the Company's share from unconsolidated joint ventures of $307 and $(20) for the three months ended June 30, 2017 and 2016, respectively, and $295 and $149 for the six months ended June 30, 2017 and 2016, respectively. Includes the Company's share from unconsolidated joint ventures of $80 and $95 for the three months ended June 30, 2017 and 2016, respectively, and $175 and $190 for the six months ended June 30, 2017 and 2016, respectively. Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year. Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (10,359 and 10,499 shares for the three months ended June 30, 2017 and 2016, respectively, and 10,371 and 10,504 for the six months ended June 30, 2017 and 2016, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). 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. Equals Net Debt at period end divided by EBITDA (for quarter periods, EBIDTA annualized multiplying quarter amounts by 4). In its Supplemental Operating and Financial Data furnished for the First Quarter 2016, the Company had presented the Adjusted FFO (AFFO) amount for the three months ended March 31, 2016 of $21,924, which did not properly reflect the effects of certain non-cash components of AFFO. The amount presented in this report of $37,775 for the six months ended June 30, 2016 includes the corrected amount. Information About FFO, Core FFO and AFFO

15 Q2 2017 Financial Highlights – Balance Sheet Company Highlights June 30, December 31, Assets 2017 2016 Rental property Land and leasehold interests $721,753 $661,335 Buildings and improvements 3,998,971 3,758,210 Tenant improvements 344,108 364,092 Furniture, fixtures and equipment 27,985 21,230 5,092,817 4,804,867 Less – accumulated depreciation and amortization (1,131,799) (1,332,073) 3,961,018 3,472,794 Rental property held for sale, net 292,243 39,743 Net investment in rental property 4,253,261 3,512,537 Cash and cash equivalents 21,719 31,611 Investments in unconsolidated joint ventures 315,110 320,047 Unbilled rents receivable, net 105,547 101,052 Deferred charges, goodwill and other assets, net 316,984 267,950 Restricted cash 56,167 53,952 Accounts receivable, net of allowance for doubtful accounts of $1,145 and $1,335 7,706 9,617 Total assets $5,076,494 $4,296,766 Liabilities and Equity Senior unsecured notes, net $818,294 $817,355 Unsecured revolving credit facility and term loans 770,388 634,069 Mortgages, loans payable and other obligations, net 1,361,537 888,585 Dividends and distributions payable 20,684 15,327 Accounts payable, accrued expenses and other liabilities 177,801 159,874 Rents received in advance and security deposits 53,939 46,442 Accrued interest payable 9,199 8,427 Total liabilities 3,211,842 2,570,079 Commitments and contingencies - - Redeemable noncontrolling interests 206,026 - Equity: Mack-Cali Realty Corporation stockholders’ equity: Common stock, $0.01 par value, 190,000,000 shares authorized, 89,913,919 and 89,696,713 shares outstanding 899 897 Additional paid-in capital 2,566,997 2,576,473 Dividends in excess of net earnings (1,101,099) (1,052,184) Accumulated other comprehensive income 1,872 1,985 Total Mack-Cali Realty Corporation stockholders’ equity 1,468,669 1,527,171 Noncontrolling interests in subsidiaries: Operating Partnership 170,510 178,570 Consolidated joint ventures 19,447 20,946 Total noncontrolling interests in subsidiaries 189,957 199,516 Total equity 1,658,626 1,726,687 Total liabilities and equity $5,076,494 $4,296,766 $ in thousands, except per share amounts (unaudited)

16 Q2 2017 Financial Highlights – Income Statement Company Highlights $ in thousands, except per share amounts (unaudited) Three Months Ended Six Months Ended June 30, June 30, REVENUES 2017 2016 2017 2016 Base rents $133,017 $124,223 $254,272 $250,610 Escalations and recoveries from tenants 15,951 14,110 31,070 29,071 Real estate services 5,767 6,469 12,232 13,281 Parking income 5,052 3,532 9,281 6,688 Other income 2,979 893 5,798 2,500 Total revenues 162,766 149,227 312,653 302,150 EXPENSES Real estate taxes 21,217 22,418 42,309 45,644 Utilities 10,357 10,953 21,771 24,531 Operating services 27,092 24,024 54,183 50,756 Real estate services expenses 5,899 6,211 12,169 13,057 General and administrative 12,491 12,755 24,083 25,004 Acquisition-related costs - 2,039 - 2,039 Depreciation and amortization 57,762 43,459 105,393 86,522 Total expenses 134,818 121,859 259,908 247,553 Operating income 27,948 27,368 52,745 54,597 OTHER (EXPENSE) INCOME Interest expense (24,943) (22,932) (45,264) (47,925) Interest and other investment income (loss) 122 146 596 (523) Equity in earnings (loss) of unconsolidated joint ventures (3,298) (614) (3,349) (2,168) Gain on change of control of interests - 5,191 - 15,347 Realized gains (losses) and unrealized losses on disposition of rental property, net (38,954) 27,117 (33,448) 85,717 Gain on sale of investment in unconsolidated joint venture - 5,670 12,563 5,670 Gain (loss) from extinguishment of debt, net - 12,420 (239) 12,420 Total other income (expense) (67,073) 26,998 (69,141) 68,538 Net income (loss) (39,125) 54,366 (16,396) 123,135 Noncontrolling interest in consolidated joint ventures 181 (311) 418 395 Noncontrolling interest in Operating Partnership 4,296 (5,662) 2,001 (12,946) Redeemable noncontrolling interest (2,682) - (3,474) - Net income (loss) available to common shareholders ($37,330) $48,393 ($17,451) $110,584 Basic earnings per common share: Net income (loss) available to common shareholders ($0.44) $0.54 ($0.33) $1.23 Diluted earnings per common share: Net income (loss) available to common shareholders ($0.44) $0.54 ($0.33) $1.23 Basic weighted average shares outstanding 90,011 89,740 89,983 89,731 Diluted weighted average shares outstanding 100,370 100,401 100,354 100,359

17 Q2 2017 Debt Stats Company Highlights Mack-Cali thoughtfully oversees its overall leverage in pursuit of its accretive multifamily development growth. Notes: Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. 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. Effective June 30, December 31, Date of Lender Interest Rate 2017 2016 Maturity Senior Unsecured Notes: (1) 2.500%, Senior Unsecured Notes public debt 2.803% $250,000 $250,000 12/15/17 4.500%, Senior Unsecured Notes public debt 4.612% 300,000 300,000 04/18/22 3.150%, Senior Unsecured Notes public debt 3.517% 275,000 275,000 05/15/23 Principal balance outstanding 825,000 825,000 Adjustment for unamortized debt discount (3,949) (4,430) Unamortized deferred financing costs (2,757) (3,215) Total Senior Unsecured Notes, net: $818,294 $817,355 Unsecured Term Loans: 2016 Unsecured Term Loan 7 Lenders 3.13% 350,000 350,000 01/07/19 2017 Unsecured Term Loan 13 Lenders 3.05% 325,000 - 01/25/20 Unamortized Deferred Financing Costs (3,612) (1,931) Total Unsecured Term Loans: $671,388 $348,069 Revolving Credit Facilities: Unsecured Facility 17 Lenders LIBOR +1.300% $99,000 $286,000 01/25/21 Total Revolving Credit Facilities: $99,000 $286,000 Property Mortgages: (2) 150 Main Street Webster Bank LIBOR+2.35% $28,540 $26,642 08/01/17 Curtis Center CCRE & PREFG LIBOR+5.912% 75,000 75,000 10/09/17 23 Main Street Berkadia CMBS 5.587% 27,467 27,838 09/01/18 Port Imperial 4/5 Hotel Fifth Third Bank & Santandar LIBOR+4.50% 24,870 14,919 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co. 6.842% 211,486 213,640 11/01/18 Chase II Fifth Third Bank LIBOR+2.25% 43,527 34,708 12/16/18 One River Center Guardian Life Ins. Co. 7.311% 40,847 41,197 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872% 27,267 27,500 04/10/19 250 Johnson M&T Bank LIBOR+2.35% 14,006 2,440 05/20/19 Portside 5/6 Citizens Bank LIBOR+2.50% 16,489 - 09/19/19 Port Imperial South 11 JPMorgan Chase LIBOR+2.35% 30,403 14,073 11/24/19 Worcester Citizens Bank LIBOR+2.50% 16,403 - 12/10/19 Monaco The Northwestern Mutual Life Insurance Co. 3.15% 170,796 - 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.559% 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 CBRE Capital Markets/FreddieMac 3.569% 58,998 58,998 08/01/23 Alterra I & II Capital One/FreddieMac 3.854% 100,000 - 02/01/24 101 Hudson Wells Fargo CMBS 3.197% 250,000 250,000 10/11/26 Short Hills office buildings Wells Fargo CMBS 4.149% 124,500 - 04/01/27 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853% 32,600 32,600 12/01/29 Principal balance outstanding 1,369,699 896,055 Unamortized deferred financing costs (8,162) (7,470) Total Mortgages, Loans Payable and Other Obligations, net 1,361,537 888,585 Total Debt: $2,950,219 $2,340,009 $ in thousands

$ in thousands 18 Q2 2017 Debt Stats Company Highlights Mack-Cali has minimal variable rate debt of only $376 million, or 13% of total debt. Debt Breakdown Future Repayments Notes: The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 1.17 percent as of June 30, 2017, plus the applicable spread Excludes amortized deferred financing costs primarily pertaining to the Company’s unsecured revolving credit facility which amounted to $0.6 million and $1.8 million for the three and six months ended June 30, 2017. Includes outstanding borrowings of the Company's unsecured revolving credit facility of $99 million which in January 2017 was amended and restated and matures in 2021 % Weighted Average Weighted Average Balance of Total Interest Rate (a) Maturity in Years Fixed Rate Unsecured Debt and Other Obligations $1,500,000 50.54% 3.48% 3.02 Fixed Rate Secured Debt 1,093,195 36.82% 4.39% 5.83 Variable Rate Secured Debt 276,504 9.31% 4.23% 1.09 Variable Rate Unsecured Debt (b) 99,000 3.33% 2.42% 3.57 Totals/Weighted Average: $2,968,699 100.00% 3.87% (b) 3.91 Adjustment for unamortized debt discount (3,949) Unamortized deferred financing costs (14,531) Total Debt, net $2,950,219 Weighted Average Scheduled Principal Interest Rate of Period Amortization Maturities Total Future Repayments (a) July 1 to December 31, 2017 (b) $3,668 $353,540 $357,208 3.65% 2018 6,977 299,933 306,910 6.14% 2019 1,912 491,587 493,499 3.53% 2020 1,977 325,000 326,977 3.31% 2021 (c ) 2,050 267,801 269,851 2.91% Thereafter 6,812 1,201,646 1,208,458 3.87% Sub-total 23,396 2,939,507 2,962,903 3.87% Adjustment for unamortized debt discount/premium, net, as of June 30, 2017 (3,949) - (3,949) Unamortized mark-to-market 5,796 - 5,796 Unamortized deferred financing costs (14,531) - (14,531) Totals/Weighted Average: $10,712 $2,939,507 $2,950,219 3.87% (b)

Guidance Assumptions 19 Q2 2017 Company Highlights Our current operating performance is supporting the metrics laid out below in detail. Although the speculative leasing is now two quarters behind due to the post-election effect, we believe the achievement of our strategy is when not if. The dispositions we made last year and the ones underway and planned for the remainder of 2017 will allow us to meet or exceed our rent guidelines for office. Regarding multi-family, our acquisition of our partners' interest combined with new supply delivered on time and budget is continuing to lease at higher rents then projected. Our continued focus on the expense side is allowing us to have higher margins quarter over quarter while growing AFFO with each successive quarter. We had additional staff reductions this quarter and next quarter. Our disposition activity will continue each quarter until we have the portfolio of office and multi-family that will produce the returns for our investors. Current Previous 2017 Guidance 2017 Guidance Core Funds from Operations (FFO) per share $2.18 to $2.28 Commentary to the 2017 Guidance $2.25 to $2.40 Metric Assumptions Range ($'s in millions) Office Portfolio Occupancy (% leased) 88.0% to 90.0% Improving leasing activity and portfolio transformation has made this goal easier to reach and maintain. 90.0% to 92.0% Same Store GAAP NOI Growth Post Sale Portfolio 4.0% to 6.0% 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% Performance should be achievable under current market conditions. 3.0% to 5.0% Straight-Line Rent Adjustment $20 to $25 Including amortization of above/below market rent from acquisitions. $23 to $27 Dispositions $700 to $800 Continue the sale of non core assets for reinvestment and debt retirement. 2017 sale proceeds to be used to retire the 2017 unsecured debt maturity. $700 to $800 Acquisitions $400 to $500 Reinvesting proceeds in transit oriented, high-growth markets. No new deals currently being considered. $400 to $600 Base Building CapEx $10 to $15 Recurring base building capex projects for the overall office/multi-family portfolios. Currently achieving this metric. $10 to $15 Leasing CapEx Run Rate $60 to $65 Tenant Improvements for new long-term leases ranging from $15 to $90 per square-foot and from $5 to $40 per square-foot for renewals, plus market leasing commissions. Currently achieving this metric. $60 to $65

Guidance Assumptions 20 Q2 2017 Company Highlights 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. Current Previous 2017 Guidance 2017 Guidance Metric Assumptions Range ($'s in millions) Multi-Family Portfolio Development (Consolidated) $60 to $70 Equity capital required based on estimated total on-balance sheet development spending of $260-270MM in 2017, net of construction loans. To be sourced through the Rockpoint funding and not from Mack-Cali's balance sheet. $60 to $70 Development (J.V.) $30 to $40 Equity investment in unconsolidated joint venture development projects during 2017. To be sourced through the Rockpoint funding and not from Mack-Cali's balance sheet. $30 to $40 Acquisitions $145MM in cash equity and $53MM preferred OP units. Acquired existing partners' interest to consolidate ownership in stabilized premier, luxury high-rise community in Jersey City and assumed $171MM, 3.15% mortgage. Purchased remaining 50% ownership in existing land joint venture on Waterfront just north of Harborside. Bought out 23.75% partner’s interest in Quarry Place, a multifamily consolidated joint venture with 108-units in Eastchester, New York. Completed. $145MM in cash equity and $53MM preferred OP units. Corporate G&A (Corporate) $35 to $37 Based on staffing levels and incentive compensation, plans to reduce as we streamline our portfolio. Will continue to do quarter to quarter reductions. $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. Already completed for 2017. $93 to $95 Unsecured Debt Financing $325 Completed recast of $600MM Unsecured Credit Facility in January 2017 and drew $325MM Term Loan in March 2017. $325 Secured Debt Financing $390 Secured by existing properties and acquisitions. Already completed for 2017. $390 Equity Financing $300 Rockpoint investment in RRT for multi-family development platform. $150MM at June 30, 2017. Balance over time. $300

Office Portfolio – Leasing Highlights 22 Q2 2017 Leasing Highlights in Q2 include: Our rents on Q2 deals rolled up 1.8% on a cash basis and 15.4% on a GAAP basis. Year-to-date, rents have rolled up 1.9% cash and 14.0% GAAP. For Core/Waterfront/Flex portfolio Q2 rents rolled up 6.6% cash and 17.7% GAAP. For the quarter, GAAP rents rolled up on 39 of the 40 transactions which qualified for inclusion in the statistic 728,246 SF leased in Q2 at an average rent of $21.32 Leasing Costs: For this quarter’s transactions we committed $2.11 per square foot per year of the lease term, and our year-to-date average is $2.30 Remaining 2017 expirations aggregate 1.1 million square feet (net of 274,000 square feet in properties we plan to sell/repurpose): Represents 6.1% of the Core/Waterfront/Flex portfolio’s square feet and 6.3% of annualized base rent; 432,000 SF remaining on Waterfront, with increasing tenant interest; Average lease expirations on the Waterfront have in-place rental rates at approximately $35 per square-foot. Similar space in adjacent buildings have leased within the past year at average in-place rental rates of $45 per square-foot by Mack-Cali and our competitors. It is expected that the lease-up of this space is a "when, not if" scenario. Mack-Cali continues to add amenities to make these the buildings of choice in this market; 292,942 SF in Urban and Suburban Core properties, represents a manageable 4.3% of Core portfolio. The product quality has drastically increased in this category as we removed the non-core buildings through sales. We should retain a significant amount of this space at increasing rents and replace the remainder with new tenants Moving forward, our goal in re-shaping the portfolio through sales, strategic acquisitions and selective leasing, is to generate longer leases with less cost per square-foot per year and a more manageable lease expiration schedule of no more than 12% each year Office Portfolio

Current Transactions Future Dispositions 2016 $713.6M $1,215M $1,332M In the Market Q2 2017 47% of Goal $643.9M Mack-Cali has made significant progress in repositioning its office portfolio through targeted acquisitions of Class A properties in waterfront and core markets coupled with the disposition of non-core assets. Office Portfolio - Quarterly Highlights and Achievements 23 Q2 2017 Office Portfolio ($ in millions) Percent of Goal Buildings Closed Sales $713.6 47% 38 Under Contract 501.8 33% 54 On the Market 116.5 8% 12 Future Dispositions 185.5 12% 14 Total $1,517.4 100% 118 $1,517M Measuring our Progress: Office Disposition Goal We target a high-quality portfolio of approximately $15MSF largely comprised of Hudson Waterfront, Flex, Urban Core and Suburban Core assets. Significant activities in completing this portfolio transformation have included: In Q1 2017, Mack-Cali completed $395 million of targeted office acquisitions including the Short Hills/ Madison portfolio (6 buildings; 1.1MSF) and the Red Bank portfolio (3 buildings; 432KSF) In 2017, we executed $69.7 million of non-core office and flex asset sales (a combined $713.6 million since September 2015), bringing us to 47% of our total disposition goal Additionally, $618.3 million of non-core dispositions are under contract or currently on the market

24 Q2 2017 Office Portfolio Office Portfolio – Leasing Highlights Rollforwards For the three months ended June 30, 2017 Percentage Leased Sq. Ft. Inventory Leased Sq. Ft. Net Sq. Ft. Pct. Leased Inventory Leased Acquired/ Acquired/ Expiring/ Incoming Leasing Inventory Leased Pct. Leased 03/31/17 03/31/17 03/31/17 Disposed Disposed Adj. Sq. Ft. Sq. Ft. Activity 06/30/17 06/30/17 06/30/17 Waterfront 93.9% 4,884,193 4,585,171 - - (13,491) 13,491 - 4,884,193 4,585,171 93.9% Urban Core 88.4% 2,573,391 2,274,466 - - (129,712) 66,421 (63,291) 2,573,391 2,211,175 85.9% Suburban Core 86.1% 4,293,720 3,696,657 - - (74,479) 47,739 (26,740) 4,293,720 3,669,917 85.5% Flex Parks 91.4% 5,887,938 5,382,711 - - (461,066) 462,816 1,750 5,887,938 5,384,461 91.4% Sub-Totals 90.4% 17,639,242 15,939,005 - - (678,748) 590,467 (88,281) 17,639,242 15,850,724 89.9% Non-Core 75.2% 3,809,097 2,864,626 (96,000) (80,969) (236,825) 137,779 (99,046) 3,713,097 2,684,611 72.3% TOTALS 87.7% 21,448,339 18,803,631 (96,000) (80,969) (915,573) 728,246 (187,327) 21,352,339 18,535,335 86.8% Pct Leased Impact of Impact of Pct Leased 03/31/17 Acquisition/Disposition Leasing Activity 06/30/17 Waterfront 93.9% 0.0% 0.0% 93.9% Urban Core 88.4% 0.0% (2.5%) 85.9% Suburban Core 86.1% 0.0% (0.6%) 85.5% Flex Parks 91.4% 0.0% 0.0% 91.4% Sub-Totals 90.4% 0.0% (0.5%) 89.9% Non-Core 75.2% (0.3%) (2.6%) 72.3% TOTALS 87.7% 0.0% (0.9%) 86.8% "Waterfront" Office assets located on NJ Hudson River waterfront "Urban Core" Long-term hold office properties in targeted submarkets "Suburban Core" Long-term hold office properties (excluding Urban Core and Waterfront locations) "Flex Parks" Primarily office/flex properties, including any office buildings located within the park "Non-Core" Properties designated for eventual sale/disposition or repositioning/redevelopment

Office Portfolio – Leasing Overview 25 Q2 2017 Office Portfolio We have been successful in disposing of non-core assets with rental rates increasing in our portfolio Transaction Activity For the three months ended June 30, 2017 Wtd. Avg. Wtd. Avg. Costs 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 ($) Per Year ($) Waterfront 2 13,491 11,969 1,522 761 9.5 $48.82 $7.18 Urban Core 9 66,421 1,314 65,107 7,380 3.8 33.87 4.25 Suburban Core 6 47,739 18,634 29,105 7,957 8.7 27.49 5.30 Flex 21 462,816 99,418 363,398 22,039 5.9 16.89 1.24 Sub-Total 38 590,467 131,335 459,132 15,539 6.0 $20.39 $2.39 Non-Core 10 137,779 1,584 136,195 13,778 8.5 25.35 1.98 TOTALS 48 728,246 132,919 595,327 15,172 6.4 $21.32 $2.11 Wtd. Avg. Wtd. Avg. Costs Number of Total Sq. Ft. Sq. Ft. Renewed Average Weighted Avg. Base Sq. Ft. Transactions Sq. Ft. New Leases and Other Retained Sq. Ft. Term (Yrs) Rent ($) Per Year ($) Waterfront 3 51,625 11,969 39,656 17,208 7.2 $45.82 $6.69 Urban Core 24 106,370 10,750 95,620 4,432 3.7 33.57 4.17 Suburban Core 11 69,046 35,224 33,822 6,277 7.0 26.92 5.34 Flex 42 680,697 120,409 560,288 16,207 5.4 16.88 1.33 Sub-Total 80 907,738 178,352 729,386 11,347 5.4 $21.25 $2.65 Non-Core 22 182,583 7,779 174,804 8,299 7.4 26.05 2.07 TOTALS 102 1,090,321 186,131 904,190 10,689 5.7 $22.05 $2.30 For the six months ended June 30, 2017

26 Q2 2017 Office Portfolio – Significant Tenants Office Portfolio Notes: Annualized base rental revenue is based on actual June 2017 billings times 12. For leases whose rent commences after July 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. 17,976 square feet expire in 2017; 102,275 square feet expire in 2018; 290,353 square feet expire in 2033. 285,192 square feet expire in 2017; 125,916 square feet expire in 2019. 20,649 square feet expire in 2018; 24,607 square feet expire in 2019; 237,350 square feet expire in 2029. 271,533 square feet expire in 2018; 117,118 square feet expire in 2019. 9,356 square feet expire in 2019; 33,363 square feet expire in 2021; 388,207 square feet expire in 2027. 81,371 square feet expire in 2019; 28,784 square feet expire in 2022; 66,606 square feet expire in 2024; 54,341 square feet expire in 2026. 69,384 square feet expire in 2017; 90,450 square feet expire in 2018; 21,112 square feet expire in 2025. 51,222 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. 41,549 square feet expire in 2019; 21,008 square feet expire in 2020; 17,855 square feet expire in 2021; 54,453 square feet expire in 2023; 79,517 square feet expire in 2024; 20,395 square feet expire in 2026; 15,408 square feet expire in 2027. Annualized Percentage of Company Square Percentage of 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 $15,397,650 3.3 410,604 2.3 (b) DB Services New Jersey, Inc. 2 12,394,835 2.7 411,108 2.3 (c) Bank Of Tokyo-Mitsubishi FUJI, Ltd. 1 11,388,534 2.4 282,606 1.6 (d) National Union Fire Insurance Company of Pittsburgh, PA 2 11,191,058 2.4 388,651 2.1 (e) Merrill Lynch Pierce Fenner 3 10,704,441 2.3 430,926 2.4 (f) Forest Research Institute, Inc. 1 9,070,892 1.9 215,659 1.2 2017 KPMG, LLP 3 8,307,156 1.8 231,102 1.3 (g) ICAP Securities USA, LLC 2 7,609,300 1.6 180,946 1.0 (h) Dun & Bradstreet Corporation 2 7,360,360 1.6 192,280 1.1 2023 Montefiore Medical Center 7 6,881,837 1.5 291,352 1.6 (i) Daiichi Sankyo, Inc. 1 6,532,200 1.4 171,900 0.9 2022 TD Ameritrade Services Company, Inc. 1 6,505,786 1.4 193,873 1.1 2020 HQ Global Workplaces, LLC 13 6,487,898 1.4 250,185 1.4 (j) Quest Diagnostics Inc. 1 5,508,870 1.2 141,000 0.8 2017 Vonage America, Inc. 1 4,606,000 1.0 350,000 1.9 2023 Totals $129,946,817 27.9 4,142,192 23.0

Office Portfolio – Same Store 27 Q2 2017 For the Three Months Ended June 30, % 2017 2016 Change Change Total Property Revenues $114,247 $112,134 $2,113 1.9 Real Estate Taxes 17,306 16,844 462 2.7 Utilities 8,249 7,983 266 3.3 Operating Services 18,549 17,483 1,066 6.1 Total Property Expenses: 44,104 42,310 1,794 4.2 GAAP Net Operating Income 70,143 69,824 319 0.5 Less: straight-lining of rents adj. 1,505 4,329 (2,824) (65.2) Net Operating Income $68,638 $65,495 $3,143 4.8 Total Properties: 175 Total Square Footage: 19,153,453 Office Portfolio The current quarter same store results for our commercial portfolio showed very positive results, benefiting from improved rents For the Six Months Ended June 30, % 2017 2016 Change Change Total Property Revenues $ $229,017 $ $221,400 $ $7,617 3.4 Real Estate Taxes 34,665 33,119 1,546 4.7 Utilities 17,596 17,876 (280) (1.6) Operating Services 38,660 36,413 2,247 6.2 Total Property Expenses: 90,921 87,408 3,513 4.0 GAAP Net Operating Income 138,096 133,992 4,104 3.1 Less: straight-lining of rents adj. 3,535 6,352 (2,817) (44.3) Net Operating Income $ $134,561 $ $127,640 $ $6,921 5.4 Total Properties: 175 Total Square Footage: 19,153,453 $ in thousands

28 Q2 2017 Office Portfolio Office Portfolio – Expirations by Type The following table sets forth a schedule of lease expirations for all consolidated properties beginning July 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 (%) Jul - Dec 31, 2017 Waterfront 18 431,509 2.4 14,464,671 33.52 3.0 Urban Core 17 67,185 0.4 2,217,492 33.01 0.5 Suburban Core 13 225,757 1.2 7,792,583 34.52 1.7 Flex Parks 59 359,436 2.0 5,045,446 14.04 1.1 Sub-Total 107 1,083,887 6.0 29,520,192 27.24 6.3 Non-Core 19 273,985 1.5 7,104,303 25.93 1.5 TOTAL – 2017 126 1,357,872 7.5 36,624,495 26.97 7.8 2018 Waterfront 21 870,386 4.8 32,896,270 37.80 7.0 Urban Core 40 182,753 1.0 5,817,445 31.83 1.3 Suburban Core 24 218,018 1.2 5,704,761 26.17 1.2 Flex Parks 99 853,555 4.7 12,070,813 14.14 2.6 Sub-Total 184 2,124,712 11.7 56,489,289 26.59 12.1 Non-Core 50 454,802 2.5 11,842,800 26.04 2.5 TOTAL – 2018 234 2,579,514 14.2 68,332,089 26.49 14.6 2019 Waterfront 12 197,972 1.1 6,450,825 32.58 1.4 Urban Core 42 372,975 2.0 11,325,758 30.37 2.4 Suburban Core 28 379,645 2.1 10,295,362 27.12 2.2 Flex Parks 89 1,083,722 6.0 16,961,131 15.65 3.7 Sub-Total 171 2,034,314 11.2 45,033,076 22.14 9.7 Non-Core 36 372,479 2.0 8,903,699 23.90 1.9 TOTAL – 2019 207 2,406,793 13.2 53,936,775 22.41 11.6 2020 Waterfront 8 70,779 0.4 2,560,859 36.18 0.5 Urban Core 46 343,612 1.9 11,550,794 33.62 2.5 Suburban Core 26 245,946 1.3 6,083,997 24.74 1.3 Flex Parks 83 659,903 3.6 9,685,305 14.68 2.1 Sub-Total 163 1,320,240 7.2 29,880,955 22.63 6.4 Non-Core 36 322,220 1.8 7,616,733 23.64 1.6 TOTAL – 2020 199 1,642,460 9.0 37,497,688 22.83 8.0

29 Q2 2017 Office Portfolio Office Portfolio – Expirations by Type 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 Waterfront 17 387,675 2.1 13,555,113 34.97 2.9 Urban Core 22 168,993 0.9 6,605,452 39.09 1.4 Suburban Core 19 183,967 1.0 5,188,041 28.20 1.1 Flex Parks 54 530,244 2.9 6,979,830 13.16 1.5 Sub-Total 112 1,270,879 6.9 32,328,436 25.44 6.9 Non-Core 26 170,858 1.0 4,194,856 24.55 0.9 TOTAL – 2021 138 1,441,737 7.9 36,523,292 25.33 7.8 2022 Waterfront 12 253,723 1.4 7,875,876 31.04 1.7 Urban Core 16 120,080 0.7 4,026,884 33.54 0.9 Suburban Core 22 211,560 1.2 5,364,451 25.36 1.1 Flex Parks 53 387,435 2.1 6,203,468 16.01 1.3 Sub-Total 103 972,798 5.4 23,470,679 24.13 5.0 Non-Core 40 370,154 2.0 9,661,626 26.10 2.1 TOTAL – 2022 143 1,342,952 7.4 33,132,305 24.67 7.1 2023 AND THEREAFTER Waterfront 60 2,292,793 12.6 77,128,076 33.64 16.5 Urban Core 43 938,098 5.2 33,634,029 35.85 7.2 Suburban Core 72 2,069,515 11.3 51,717,257 24.99 11.1 Flex Parks 93 1,446,187 7.9 21,425,888 14.82 4.6 Sub-Total 268 6,746,593 37.0 183,905,250 27.26 39.4 Non-Core 34 692,272 3.8 17,290,556 24.98 3.7 TOTAL – 2023 AND THEREAFTER 302 7,438,865 40.8 201,195,806 27.05 43.1

30 Q2 2017 Office Portfolio Office Portfolio – Expirations by Type Notes: 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. Annualized base rental revenue is based on actual June 2017 billings times 12. For leases whose rent commences after July 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. Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring June 30, 2017 aggregating 256,367 square feet and representing annualized base rent of $6,202,082 for which no new leases were signed. Percentage of Total Average Annualized Base Net Rentable Area Leased Square Feet Annualized Base Rent Per Net Rentable Percentage of Annual Year of Number of Subject to Expiring Represented by Rental Revenue Under Square Foot Represented Base Rent Under Expiration/Market Leases Expiring (a) Leases (Sq. Ft.) Expiring Leases (%) Expiring Leases ($) (b) by Expiring Leases ($) Expiring Leases (%) TOTALS BY TYPE Waterfront 148 4,504,837 24.7 $154,931,689 $34.39 33.1 Urban Core 226 2,193,696 12.1 75,177,854 34.27 16.1 Suburban Core 204 3,534,408 19.4 92,146,452 26.07 19.7 Flex Parks 530 5,320,482 29.2 78,371,882 14.73 16.8 Sub-Total 1,108 15,553,423 85.4 $400,627,877 $25.76 85.7 Non-Core 241 2,656,770 14.6 66,614,573 25.07 14.3 Totals/Weighted Average 1,349 18,210,193 100.0 $467,242,450 $25.66 100.0 Square Feet Square footage leased to commercial tenants 18,210,193 Square footage used for corporate offices, management offices, building use, retail tenants, food services, other ancillary service tenants and occupancy adjustments 325,142 Square footage unleased 2,817,004 Total net rentable square footage (does not include land leases) 21,352,339

Management Discussion & Objectives 32 Q2 2017 Roseland Residential manages a growing portfolio of owned, under construction, and future development assets on the New Jersey Waterfront, with the remaining holdings primarily in high-income, transit oriented suburban locations. 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. Roseland Residential Platform Poised For Continued Growth: RRT’s Q2 NAV was approximately $1.57bn, comprised of $153M of Rockpoint equity and $1.41bn of MC equity ($14.10/share) Rockpoint has an additional $150M capital commitment to Roseland By April 2017, RRT’s subordinate interest portfolio was reduced to 542 apartments, an 82% reduction compared to 3,025 units at year-end 2015 RRT continues to succeed in converting under performing office holdings to higher valued residential use RRT has a portfolio of strategic and valuable land holdings, mostly with zoning in place and a track record of on-time and on-budget product delivery Jersey City – 4,000+ units Port Imperial – 2,000+ units RRT’s lease-up communities have absorbed quickly in the market. Rents in Jersey City continued to grow by 1.5% over the last year despite the lease-up of several luxury buildings We forecast material growth in RRT cash flow 2017 Lease-Up Highlights % Leased (7/31/17) Stabilized NOI Stabilized Cash Flow Urby 78% $20M $11.11M Chase II 91% $4.9M $2.60M Quarry Place 58% $3.2M $1.76M Jersey City Urby at Harborside Quarry Place at Tuckahoe

Roseland envisions continued improvement across key financial metrics 33 Q2 2017 Management Discussion & Objectives (cont.) Roseland Residential 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) Market Rents: Average revenue per home of $2,666 (ii) Building Age: Average age of 10 years (and trending lower) (iii) Geographically Concentrated: Approximately 87% of the assets are in gateway markets with average Percentage Leased of 96.7% Target Portfolio: 2017 target start activity of 949 apartments will produce an operating and in-construction portfolio at year-end 2017 of approximately 8,760 apartments, with forecasted growth to 12,527 apartments by year-end 2019 Y/E: 2017 2018 2019 Operating & Construction Apts. 9,723 11,464 12,524 Future Development Apts. 9,436 7,695 6,635 Property Operating Cash Flow ($ in millions) $26.2 $51.9 $63.6 % Growth - 98% 23% NAV ($ in millions) $1,695 $2,116 $2,515 Growth 54% $0 $10 $20 $30 $40 $50 $60 $70 2017 2018 2019 Property Operating Cash Flow ($ in millions) 0 5,000 10,000 15,000 Q2 2017 2018 2019 Operating In Construction

Notes: Projected stabilized yield without the Marriott Hotels at Port Imperial is 6.30 percent. 2015/2016 Achievements - Development Development Activity and Cash Flow Growth 34 Q2 2017 Lease-Up Commencements Began Leasing % Leased As of 7/31/2017 Units Projected Yield Stabilized RRT Cash Flow Quarry Place at Tuckahoe Nov-16 58.3% 108 6.61% $1.76M Chase II at Overlook Ridge Nov-16 90.8% 292 6.52% $2.60M Urby at Harborside Mar-17 78.5% 762 7.27% $11.11M Total 79.7% 1,162 7.02% $15.47M In-Construction Portfolio Signature Place at Morris Plains Q4 2017 197 6.64% $2.2M Residences at City Square Q1 2018 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 Q1 2018 296 6.18% $3.80M Marriott Hotels at Port Imperial Q2 2018 372 10.25% $9.50M 51 Washington Street Q3 2019 310 6.00% $2.4M 233 Canoe Brook (Apartments) Q3 2019 200 6.45% $3.27M 150 Monument Road Q4 2019 206 6.14% $1.58M Total 2,300 6.93% (1) $30.83M Total 3,462 6.96% $46.3M By year-end 2020, Roseland projects additional annual cash flow contribution of approximately $46mm from its current lease-up and in-construction development activities. RiverHouse 11 at Port Imperial Chase II at Overlook Ridge Roseland Residential

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 and continued rent growth Of the 16,000 remaining units, secondary sub-markets make up approximately 9,000 (56%) of the remaining units ~ 7,000 units are approved for development in Jersey City Premier Markets (Waterfront and Exchange Place) Regional: Hudson Waterfront Jersey City- Over Development: The Myth 38 Journal Square 3,600 units Liberty Harbor 4,400 units Waterfront 3,000 units Represents approved future multifamily development in Premier Market. Approved Multifamily Jersey City Developments Roseland Land Holdings Operating (1996-2016) Submarkets Premier Markets 8,000 Journal Square 3,600 Waterfront 3,000 Waterfront 250 Liberty Harbor 4,400 Exchange Place 4,000 Exchange Place 3,500 Other 1,000 7,000 Liberty Harbor 850 9,000 4,600 Exchange Place 4,000 units Q2 2017 Roseland Residential

Regional: Hudson Waterfront Jersey City - Future Competitive Pipeline 39 Jersey City Premier Market Development Jersey City Urby at Harborside -762 units - opened in March 2017. As of July 31, 2017, it was 78% leased. RRT has no additional product currently under construction. Of the ~7,000 units approved for future development, approximately 37% are in the process of leasing up and another 421 units are scheduled to open before year-end Waterfront Exchange Place Jersey City The market has reacted to fears of over supply by slowing down delivery. Q2 2017 Jersey City Current Lease-up Schedule Leasing Commenced Units Current % Leased Units Leased Developer The Vantage Jul-17 448 ~8% ~35 Fisher Development Ellipse Apr-17 381 N/A ~ Lefrak (1) Urby Mar-17 762 78% 598 Roseland Journal Squared Mar-17 538 ~57% ~305 Kushner Trump Bay Street Dec-16 447 ~69% ~310 Morgan Street Subtotal 2,576 Hudson Exchange Fall - 2017 421 Forest City Roseland Residential Notes: Lefrak does not report.

Financial Schedules – Balance Sheet 40 Q2 2017 Notes: Increase primarily resulting from acquisition of Plaza 8 and 9 interests ($61 million), the acquisition of the Monaco interests ($302 million), in-construction development and repurposing expenditures ($141 million), and the transfer of 135 Chestnut, 120 Passaic and One Water Street to RRT ($9 million). Increase primarily resulting from Alterra I and II financing ($100 million), assumed Monaco debt ($171 million) and construction loan advances ($81 million). Roseland Residential $ in thousands AS OF AS OF JUN 30, 2017 DEC 30, 2016 ASSETS Rental Property Land and Leasehold Interests $333,385 $210,697 Buildings and Improvements 917,777 582,361 Construction in Progress 266,861 217,920 Furniture, Fixtures and Equipment 24,361 18,312 Total Gross Rental Property (1) 1,542,384 1,029,290 Less: Accumulated Depreciation (46,724) (41,186) Net Investment in Rental Property 1,495,660 988,104 Cash and Cash Equivalents 4,935 17,186 Investments in Unconsolidated Joint Ventures 229,743 238,498 Unbilled Rents Receivable, net 961 165 Deferred Charges and Other Assets 43,585 33,736 Restricted Cash 5,138 3,280 Accounts Receivable 1,548 3,559 Total Assets 1,781,570 1,284,528 LIABILITIES AND EQUITY LIABILITIES Mortgages, Loans Payable and Other Obligations (2) $635,398 $283,104 Notes Payable to Affiliate 5,000 - Accounts Pay, Accrued Expenses and Other Liabilities 69,389 36,945 Rents Recieved in Advance and Security Deposits 4,049 2,406 Accrued Interest Payable 1,294 420 Total Liabilities 715,130 322,875 Redeemable Noncontrolling Interests - Rockpoint Capital 153,703 - Noncontrolling Interest in Consolidated Joint Ventures 19,239 20,707 Mack-Cali Capital 893,498 940,946 Total Liabilities and Equity 1,781,570 1,284,528

Financial Schedules – Income Statement 41 Q2 2017 Notes: Includes net operating income before debt service from Consolidated Operating Communities of $10.8 million and $7.2 million, depreciation of $7.0 million and $3.3 million and amortization of in-place leases related to property acquisitions of $3.5 and $2.9 million for the three months ended June 30, 2017 and June 30, 2016, respectively. Includes net operating income before debt service from Consolidated Operating Communities of $16.8 million and $12.7 million, depreciation of $11.1 million and $6.4 million and amortization of in-place leases related to property acquisitions of $3.5 million and $3.8 million for the six months ended June 30, 2017 and June 30, 2016, respectively. Roseland Residential $ in thousands June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 REVENUE: Base Rents $15,515 $9,779 $24,865 $17,982 Escalation and Recoveries from Tenants 629 335 1,046 622 Parking Income 2,223 1,912 3,813 3,239 Other Income 460 203 920 677 Total Revenue $18,827 $12,229 $30,644 $22,520 EXPENSES: Real Estate Taxes $3,013 $2,087 $5,310 $4,151 Utilities 911 607 1,619 1,288 Operating Services 4,010 3,017 7,079 5,887 Real Estate Service Expenses (Net) 423 232 923 913 General and Administrative 2,960 2,713 5,332 5,968 Acquisition Costs - 164 - 164 Depreciation and Amortization 10,495 6,607 14,734 12,340 Total Expenses $21,812 $15,427 $34,997 $30,711 Operating Income Loss ($2,985) (1) ($3,198) (1) ($4,353) (2) ($8,191) (2) OTHER (EXPENSE) INCOME: Interest Expense ($2,002) ($1,584) ($2,002) ($3,025) Interest Income $20 - $59 $1 Equity in Earnings (Loss) in Unconsolidated Joint Ventures (3,280) (2,020) (3,744) (3,251) Gain on Change of Control of Interests - 5,191 - 15,347 Gain on Sale of Investment in Unconsolidated Joint Ventures - 5,670 5,149 5,670 Total Other (Expense) Income ($5,262) $7,257 ($538) $14,742 Net Income (Loss) ($8,247) $4,059 ($4,891) $6,551 Minority Interest in Consolidated JV's 165 80 403 761 Redeemable Noncontrolling Interest - Distributions (2,227) - (2,754) - Net Income Available to Common Equity ($10,309) $4,139 ($7,242) $7,312 Three Months Ended Six Months Ended

Current Portfolio - Operating & Lease-Up Communities As of June 30, 2017, Roseland had: Interests in 3,838 stabilized operating apartments and 1,987 apartments in lease-up or repositioning stages (Total: 5,825 apartments) The stabilized portfolio had a leased percentage of 97.9%, compared to 97.5% in Q1 2017 Leasing summary: Jersey City Urby at Harborside, began leasing in March 2017, and was 67% leased as of Q2 2017 (current: 78%) The Chase II at Overlook Ridge, MA was 78% leased as of Q2 2017 (current: 91%) Quarry Place at Tuckahoe, NY was 58% leased as of Q2 2017 (current: 58%) Roseland continues to convert its promoted interests via disposition, acquisition or ownership buy-ups. Recent achievements include: Quarry Place at Tuckahoe: Roseland acquired its partners’ minority interests, converting the asset to 100% ownership Monaco, Jersey City, NJ: Roseland acquired its partners’ majority and minority interests. Converting a 15% subordinate interest position to a wholly owned asset RiverTrace at Port Imperial: Converted to a 22.5% heads-up, cash-flowing, JV in October 2016 In addition to its residential interests, with ancillary ground floor retail. Roseland has a series of commercial interests, most significantly of which are the parking garages located in Port Imperial 42 Q2 2017 Roseland Residential

$ in thousands Current Portfolio - Operating & Lease-Up Communities 43 Q2 2017 Notes: As of June 30, 2017 Priority Capital included Marbella at $7,567 (Prudential); Metropolitan at $21,876 (Prudential). Percentage Leased excludes 15 units undergoing renovation. Excludes approximately 83,083 SF of ground floor retail. Roseland Residential Average Average Percentage Percentage Revenue Revenue Rentable Avg. Year Leased Leased Per Home Per Home NOI NOI NOI Debt Operating Communities Location Ownership Apartments SF Size Complete Q2 2017 Q1 2017 Q2 2017 Q1 2017 Q2 2017 Q1 2017 YTD 2017 Balance Consolidated Alterra at Overlook Ridge Revere, MA 100.00% 722 663,139 918 2008 97.8% 97.8% $1,890 $1,880 $2,365 $2,374 $4,739 $100,000 The Chase at Overlook Ridge Malden, MA 100.00% 371 337,060 909 2014 98.4% 98.9% 1,962 2,061 1,109 1,484 2,593 72,500 Park Square Rahway, NJ 100.00% 159 184,957 1,163 2009 93.7% 96.9% 2,104 2,107 368 385 753 27,267 Riverw atch New Brunswick, NJ 100.00% 200 147,852 739 1997 97.0% 99.5% 1,826 1,801 501 445 946 0 Monaco Jersey City, NJ 100.00% 523 475,742 910 2011 98.3% 98.5% 3,549 3,522 3,724 3,822 7,546 165,000 Portside at East Pier - 7 East Boston, MA 100.00% 175 156,091 892 2015 100.0% 99.4% 2,701 2,677 986 956 1,942 58,998 Consolidated 100.00% 2,150 1,964,841 914 97.8% 98.3% $2,382 $2,385 $9,053 $9,466 $18,519 $423,765 Joint Ventures RiverTrace at Port Imperial West New York, NJ 22.50% 316 295,767 936 2014 99.1% 95.3% $3,208 $3,158 $1,784 $1,771 $3,555 $82,000 M2 Jersey City, NJ 24.27% 311 273,132 878 2016 97.1% 96.8% 3,164 3,194 1,992 1,912 3,904 74,062 RiverPark at Harrison Harrison, NJ 45.00% 141 125,498 890 2014 97.2% 97.2% 2,156 2,199 402 521 923 30,000 Station House Washington, DC 50.00% 378 290,348 768 2015 97.9% 93.9% 2,715 2,793 1,944 2,138 4,082 100,700 Joint Ventures 34.82% 1,146 984,745 859 97.9% 95.5% $2,904 $2,929 $6,122 $6,342 $12,464 $286,762 Subordinate Interests (1) Marbella Jersey City, NJ 24.27% 412 369,515 897 2003 98.1% 98.1% $3,226 $3,170 $2,600 $2,626 $5,226 $95,000 Metropolitan at 40 Park Morristown, NJ 12.50% 130 124,237 956 2010 99.2% 99.2% 3,403 3,335 855 734 1,589 37,242 Subordinate Interests 21.45% 542 493,752 911 98.4% 98.4% $3,268 $3,210 $3,455 $3,360 $6,815 $132,242 Total Residential - Stabilized 69.44% 3,838 3,443,338 897 97.9% 97.5% $2,663 $2,664 $18,630 $19,168 $37,798 $842,769 Lease-up / Repositions Consolidated The Chase II at Overlook Ridge Malden, MA 100.00% 292 261,101 894 2016 77.7% 40.4% 1,927 NA 382 (180) 202 $43,527 Quarry Place at Tuckahoe Eastchester, NY 100.00% 108 105,509 977 2016 58.3% 31.5% 3,355 NA 59 (160) 101 28,540 Consolidated 100.00% 400 366,610 917 72.5% 38.0% $2,313 $0 $441 ($340) $303 $72,067 Joint Ventures Crystal House (2) Arlington, VA 25.00% 825 738,786 895 1962 90.9% 87.3% 2,017 1,899 2,299 2,247 4,546 $165,000 Urby at Harborside Jersey City, NJ 85.00% 762 474,476 623 2017 66.5% 18.0% NA NA (519) 0 (519) 186,128 Joint Ventures 53.81% 1,587 1,213,262 765 79.2% 54.0% $1,049 $987 $1,780 $2,247 $4,027 $351,128 Total Residential - Operating Communities (3) 67.28% 5,825 5,023,210 862 91.07% 81.56% $2,199 $2,024 $20,851 $21,075 $42,128 $1,265,964 Total Commercial 76.72% 731,862 69.33% 69.35% $1,225 $1,137 $2,362 $42,848 Operating Highlights

Development Portfolio – In-Construction Communities 44 Q2 2017 Roseland Residential The in-construction portfolio is projected to produce stabilized NOI of $55 million; Roseland’s average ownership is approximately 96% After projected debt service of approximately $22 million, Roseland’s estimated share of net cash flow is approximately $31 million Roseland has a remaining equity capital commitment to the buildout of this portfolio of approximately $70mm Notes: Represents maximum loan proceeds Projected stabilized yield without the hotel project is 6.30 percent $ in thousands Third Projected Projected Apartment MCRC Party Debt MCRC Initial Project Stabilized Stabilized Community Location Ownership Homes/Keys Costs Debt (1) Capital Capital Costs Balance Capital Start Occupancy Stabilization NOI Yield Consolidated Marriott Hotels at Port Imperial Weehawken, NJ 90.00% 372 139,428 94,000 41,868 3,560 73,604 $24,870 38,979 Q3 2015 Q2 2018 Q2 2019 14,291 10.25% Residences at City Square Worcester, MA 100.00% 365 92,015 58,000 34,015 0 60,009 16,403 34,015 Q3 2015 Q1 2018 Q1 2019 5,942 6.46% Signature Place at Morris Plains Morris Plains, NJ 100.00% 197 58,651 42,000 16,651 0 34,137 14,006 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 64,925 16,489 38,388 Q4 2015 Q1 2018 Q2 2019 6,882 6.18% RiverHouse 11 at Port Imperial Weehawken, NJ 100.00% 295 123,984 78,000 45,984 0 63,183 30,403 32,781 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 22,317 0 22,667 Q3 2016 Q3 2019 Q3 2020 5,370 6.00% 233 Canoe Brook (Apts) Short Hills, NJ 100.00% 200 92,882 61,000 31,882 0 11,669 0 9,502 Q4 2016 Q3 2019 Q3 2020 5,989 6.45% 150 Monument Road Bala Cynwyd, PA 100.00% 206 59,308 35,585 23,723 0 5,768 0 5,768 Q4 2016 Q4 2019 Q4 2020 3,643 6.14% Consolidated 98.34% 2,241 $767,096 $495,249 $268,287 $3,560 $335,612 $102,171 $198,751 $53,704 6.94% Joint Ventures Lofts at 40 Park Morristown, NJ 25.00% 59 17,972 13,950 2,011 2,011 7,020 3,345 1,740 Q3 2016 Q1 2018 Q1 2019 1,208 6.72% Joint Ventures 25.00% 59 $17,972 $13,950 $2,011 $2,011 $7,020 $3,345 $1,740 $1,208 6.72% Total In-Construction Communities 96.46% 2,300 $785,068 $509,199 $270,298 $5,571 $342,632 $105,516 $200,491 $54,912 6.93% (2) Development Schedule Project Capitalization - Total Capital as of 2Q-17

Development Portfolio – Future Start Communities 45 Q2 2017 Notes: Approved for approximately 290,000 square feet of office space. Roseland Residential As of June 30, 2017 the Company had a future development portfolio of approximately 11,037 apartments 2017 target starts are located in close proximity to operating RRT assets or in premier suburban markets Overlook IIIA Malden, MA 445 Overlook IV Malden, MA 45 Portside 1-4 East Boston, MA 300 Subtotal - Boston Metro 790 Current Scheduled 2017 Starts Location Apartments Ownership Start PI North - Building C West New York, NJ 360 40.00% Q3 2017 Overlook IIIC Malden, MA 314 100.00% Q4 2017 PI South - Building 8/9 Weehawken, NJ 275 100.00% Q4 2017 2017 Starts 949 77.24% Crystal House - III Arlington, VA 252 Crystal House - Future Arlington, VA 300 Subtotal - Washington, DC 552 2017 Starts 949 Total Future Start Communities 11,037 Future Developments Location Apartment PI South - Building 16 Weehawken, NJ 131 PI South - Office 1/3 (1) Weehawken, NJ N/A PI South - Park Parcel Weehawken, NJ 224 Urby at Harborside - II Jersey City, NJ 750 Urby at Harborside - III Jersey City, NJ 750 Plaza 8 Jersey City, NJ 1,000 Plaza 9 Jersey City, NJ 1,000 Liberty Landing Phase I Jersey City, NJ 265 Liberty Landing - Future Phases Jersey City, NJ 585 PI South - Building 2 Weehawken, NJ 200 San Remo Jersey City, NJ 250 PI North - Riverbend 6 West New York, NJ 471 PI North - Building I West New York, NJ 224 PI North - Building J West New York, NJ 141 Subtotal - Hudson River Waterfront 5,991 Future Developments Location Apartment 233 Canoe Brook Road - Hotel Short Hills, NJ 240 Freehold Freehold, NJ 400 1633 Littleton (repurposing) Parsippany, NJ 345 Identified Repurposing A Bergen County, NJ 300 RRT Repurposing B Bergen County, NJ 200 Identified Repurposing C Bergen County, NJ 225 Identified Repurposing D Essex County, NJ 300 RRT Repurposing E Westchester County, NY 290 Identified Repurposing F-I Essex County, NJ 140 Identified Repurposing F-2 Essex County, NJ 140 Identified Repurposing G Morris County, NJ 175 Subtotal - Northeast Corridor 2,755

Global Definitions 46 Q2 2017 Average Revenue Per Home: Calculated as total apartment revenue for the quarter ended March 31, 2017, divided by the average percent occupied for the quarter ended March 31, 2017, divided by the number of apartments and divided by three. Predevelopment Communities: Communities where the Company has commenced predevelopment activities that have a near-term projected project start. Consolidated Operating Communities: Wholly owned communities and communities whereby the Company has a controlling interest. Project Completion: As evidenced by a certificate of completion by a certified architect or issuance of a final or temporary certificate of occupancy. Future Development: Represents land inventory currently owned or controlled by the Company. Project Stabilization: Lease-Up communities that have achieved over 95 Percentage Leased for six consecutive weeks. Identified Repurposing Communities: Communities not currently owned by RRT, which have been identified for transfer from Mack-Cali to RRT for residential repurposing. Projected Stabilized NOI: Pro forma NOI for Lease-Up, In-Construction or Future Development communities upon achieving Project Stabilization In-Construction Communities: Communities that are under construction and have not yet commenced initial leasing activities. Projected Stabilized Yield: Represents Projected Stabilized NOI divided by Total Costs. Lease-Up Communities: Communities that have commenced initial operations but have not yet achieved Project Stabilization. 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. MCRC Capital: Represents cash equity that the Company has contributed or has a future obligation to contribute to a project. Subordinated Joint Ventures: Joint Venture communities where the Company's ownership distributions are subordinate to payment of priority capital preferred returns. Net Asset Value (NAV): 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. Third Party Capital: Capital invested other than MCRC Capital. Net Operating Income (NOI): Total property revenues less real estate taxes, utilities and operating expenses. Total Costs: Represents full project budget, including land and developer fees, and interest expense through Project Completion. Operating Communities: Communities that have achieved Project Stabilization.

47 Q2 2017 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 / Trevor Young 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) 738-6139 (212) 446-9462 (443) 224-1307 / 443-224-1350 Company Information Corporate Headquarters Stock Exchange Listing Contact Information Mack-Cali Realty Corporation New York Stock Exchange Mack-Cali Realty Corporation Harborside 3, 210 Hudson St., Ste. 400 Investor Relations Department Jersey City, New Jersey 07311 Trading Symbol Harborside 3, 210 Hudson St., Ste. 400 (732) 590-1010 Common Shares: CLI Jersey City, New Jersey 07311 Phone: (732) 590-1025 Fax: (201) 434-4707 E-Mail: dcrockett@mack-cali.com Web: www.mack-cali.com Executive Officers Michael J. DeMarco Marshall Tycher Mitchell E. Rudin Anthony Krug Chief Executive Officer Chairman, Roseland Residential Trust Vice Chairman Chief Financial Officer Andrew Marshall Gary Wagner Ricardo Cardoso Christopher DeLorenzo President and Chief Operating Officer, Roseland Residential Trust General Counsel and Secretary EVP and Chief Investment Officer Executive Vice President, Leasing 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. Deidre Crockett, Vice President of Corporate Communications and Investor Relations

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, 2016. 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 Quarterly on Form 10-Q (the “10-Q”) 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-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-Q and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification. 48 Q2 2017