Meanwhile, total revenues for Q3 '08 were $204.4 million ascompared to $212.9 million for the same quarter in '07, while totalrevenues for the nine months ended Sept. 30, 2008 amounted to$591.9 million, compared to $606.7 million for the same period lastyear. "We are clearly in very challenging economic times," saysMack-Cali's president and CEO Mitchell Hersh. "However, I ampleased to report that Mack-Cali had another solid quarter withsome significant leasing activity," including 118 executed leaseswhich totaled more than 1.1 million sf and consisted of 898,037 sfof office space; 210,192 sf of office/flex space and 5,995 sf ofindustrial/warehouse space.


Despite tough times economically, Mack-Cali picked up $240million in mortgage financing from the Northwestern Mutual LifeInsurance Co. and New York Life Insurance Co. as co-lenders. Themortgage loan, which is collateralized by its Jersey City-basedHarborside Plaza 5 office property, has a 6.8% annual interest rateand carries a 10-year term. Proceeds from the loan were used tobring down outstanding borrowings to $95 million under thecompany's $775-million unsecured revolving credit facility.


"Despite the general liquidity in the financial markets, we areextremely pleased that we have secured a $240 million mortgage onone of our trophy properties on the Jersey City waterfront, therebyenhancing our balance sheet liquidity," says Hersh. "In thisenvironment, in particular, it is a testament to the strength andstability of our company. We're confident that Mack-Cali remainswell-positioned to navigate through this period of economicuncertainty and to capitalize on opportunities going forward."


As of Sept. 30, Mack-Cali held close to 65.9 million shares ofcommon stock and 10,000 shares of 8% Series C cumulative redeemableperpetual preferred stock ($25,000 liquidation value per share),and had nearly 14.9 million common operating partnershipsoutstanding and a total of 80.73 million common shares/common unitsoutstanding.

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