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Mack-Cali Will Slice Dividend By a Third

EDISON, NJ-Moving to husband resources as it shifts investments into the multi-family market, Mack-Cali Realty Corp. says its board plans to cut common stock payouts.

By Antoinette Martin | Updated on April 15, 2013

EDISON, NJ-Mack-Cali Realty Corp. says that its board intends to reduce the company’s second quarter common stock dividend by 15 cents per share.

Mitchell E. Hersh, president and CEO, said in a release that the money will be invested in the REIT’s current portfolio shift into multi-family property. “With the current demand for office space,” being low, Hersh said, “the dividend reduction represents a prudent step in retaining cash to invest in our multi-family residential platform along with use for general corporate purposes.”

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