Exhibit 99.2

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

NEWS RELEASE

For Immediate Release

Mack-Cali Realty Corporation

Reports Fourth Quarter and Full Year 2019 Results

Jersey City, New Jersey – February 26, 2020 – Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the fourth quarter and full year 2019.

FOURTH QUARTER 2019 HIGHLIGHTS

Michael J. DeMarco, Chief Executive Officer stated, “In 2019, we achieved a number of important milestones, including the completion of over $2.1 billion of transactions and the launch of our final non-core disposition initiative.  Waterfront office leasing, while slower than prior years, is beginning to show some improvement; and our residential properties continue to perform ahead of our expectations.  Leasing and balance sheet management are top priorities in 2020 as we continue to work to maximize value for our shareholders.”

FINANCIAL HIGHLIGHTS

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

Net income (loss) available to common shareholders for the quarter ended December 31, 2019 amounted to $(54.7) million, or $(0.64) per share, as compared to $43.8 million, or $0.45 per share, for the quarter ended December 31, 2018.  For the year ended December 31, 2019, net income available to common shareholders equaled $111.9 million, or $0.95 per share, as compared to $84.1 million, or $0.80 per share, for the same period last year.

Funds from operations (FFO) for the quarter ended December 31, 2019 amounted to $12.2 million, or $0.12 per share, as compared to $49.0 million, or $0.49 per share, for the quarter ended December 31, 2018.  For the year ended December 31, 2019, FFO equaled $116.1 million, or $1.15 per share, as compared to $170.4 million, or $1.69 per share, for the same period last year.

For the fourth quarter 2019, Core FFO was $44.1 million, or $0.44 per share, as compared to $45.3 million, or $0.45 per share for the same period last year.  For the year ended December 31, 2019, Core FFO equaled $163.1 million, or $1.62 per share, as compared to $184.5 million, or $1.83 per share, for the same period last year.

OPERATING HIGHLIGHTS

Office

The Company's consolidated Core office properties were 80.7 percent leased at December 31, 2019, as compared to 80.8 percent leased at September 30, 2019 and 83.2 percent leased at December 31, 2018.

Fourth quarter 2019 same-store GAAP revenues for the office portfolio increased by 2.5 percent while same-store GAAP NOI increased by 6.0 percent from the same period in 2018. Fourth quarter 2019 same store cash revenues for the office portfolio increased by 0.9 percent while same store cash NOI grew by 3.5 percent from 2018.  Same store cash revenues and same store cash NOI exclude straight-line rent and FAS 141 adjustments.

For the quarter ended December 31, 2019, the Company executed 21 leases at its consolidated in-service commercial portfolio, totaling 169,333 square feet. Of these totals, 10 leases for 51,579 square feet (30.5 percent) were for new leases and 11 leases for 117,754 square feet (69.5 percent) were lease renewals and other tenant retention transactions.

Rental rate roll-up for the Core portfolio for fourth quarter 2019 transactions was 6.5 percent on a cash basis and 19.9 percent on a GAAP basis.  Rental rate roll-up in the fourth quarter 2019 for new transactions was 5.8 percent on a cash basis and 10.9 percent on a GAAP basis; and for renewals and other tenant retention transactions was 6.7 percent on a cash basis and 23.0 percent on a GAAP basis.  

Multifamily

Roseland's stabilized operating portfolio was 95.0 percent leased at December 31, 2019, as compared to 96.7 percent at September 30, 2019. Same-store revenues, inclusive of the negative impacts from the Company's active renovation program at Marbella and Monaco, increased by 0.6 percent resulting in same-store net operating income growth of 5.4 percent for the fourth quarter 2019.

TRANSACTION ACTIVITY

For the fourth quarter 2019, the Company completed a number of sales and financings, including the following:

·   In October, the Company completed the sale of its 1,386-unit residential community in Malden and Revere, MA for $411.5 million, thereby closing out the 1031 Exchange with the Liberty Towers in Jersey City, NJ  acquisition;

·   In October, the Company secured a $74 million bridge loan on the Marriott Hotels at Port Imperial in Weehawken, NJ with an additional $20 million of proceeds availability;

·   In October, the Company sold 3600 Route 66, a 180,000-square-foot fully leased office building in Neptune, NJ for $26.05 million ($145 PSF);

·   In October, the Company received its portion of proceeds from the sale of its URBY tax credit totaling approximately $2.6 million.  This gain was recognized in the fourth quarter; and

·   In December, the Company sold 5 Wood Hollow Road, a 317,000-square-foot office building in Parsippany, NJ for $29.3 million.

BALANCE SHEET/CAPITAL MARKETS

As of December 31, 2019, the Company had a debt-to-undepreciated assets ratio of 48.0 percent compared to 47.6 percent at September 30, 2019 and 45.3 percent at December 31, 2018.  Net debt to adjusted EBITDA for the quarter ended December 31, 2019 was 9.7x compared to 9.3x for the quarter ended December 31, 2018.  The Company's interest coverage ratio was 3.0x for the quarter ended December 31, 2019, compared to 3.1x for the quarter ended December 31, 2018.

DIVIDEND

In December 2019, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share (indicating an annual rate of $0.80 per common share) for the fourth quarter 2019, which was paid on January 10, 2020 to shareholders of record as of January 3, 2020.

GUIDANCE AND OUTLOOK

The Company is presenting initial Core FFO guidance of $1.24 - $1.36 per diluted share for full year 2020, as follows:

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

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for February 27, 2020 at 8:00 a.m. Eastern Time, which will be broadcast live via the Internet at:

https://edge.media-server.com/mmc/p/tpvr22fj

The live conference call is also accessible by calling (323) 794-2597 and requesting the Mack-Cali conference call.

The conference call will be rebroadcast on Mack-Cali’s website at http://investors.mack-cali.com/corporate-profile beginning at 10:30 a.m. Eastern Time on February 27, 2020.

A replay of the call will also be accessible February 27, 2020 through March 5, 2020 by calling (719) 457-0820 and using the pass code, 8919100.

Copies of Mack-Cali’s 2019 Form 10-K and fourth quarter Supplemental Operating and Financial Data are available on Mack-Cali’s website, as follows:

2019 Form 10-K:

http://investors.mack-cali.com/sec-filings

Fourth Quarter 2019 Supplemental Operating and Financial Data:

http://investors.mack-cali.com/quarterly-supplementals

In addition, these items are available upon request from:

Mack-Cali Investor Relations Department - Deidre Crockett

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

(732) 590-1025

INFORMATION ABOUT FFO

Funds from operations (“FFO”) is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), 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 property transactions and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

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

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

ABOUT THE COMPANY

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

A fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.

For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.

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

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

Mack-Cali Realty Corporation

Consolidated Statements of Operations

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

Mack-Cali Realty Corporation

Statements of Funds from Operations

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

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

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

Mack-Cali Realty Corporation

Consolidated Balance Sheets

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