CRANFORD, NJ-The recent months haven’t been good ones for Mack Cali Realty Corp., the Cranford, NJ-based REIT, with its abortive attempt to acquire Texas-based Prentiss Properties, rumored internal strife, and so forth. Now, the firm’s beleaguered shareholders are getting some good news: Mack-Cali’s board of directors has authorized an increase in the company’s quarterly dividend to $0.61 per share from $0.58 per share.

That increase amounts to 5.2%, and it’s effective for the quarter ending September 30, 2000. It is an indicated annual rate of $2.44 per share and represents a dividend yield of 8.9% based on the closing price of $27.5625 on September 25.

“The increase reflects the ongoing confidence of the board and senior management in the core business strengths and long-term potential of Mack-Cali,” said CEO Mitchell E. Hersh in a prepared statement. “The company’s dividend has grown consistently since Mack-Cali went public in 1994.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.