Mack-Cali Declares 5.2% Dividend Increase

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.