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CRANFORD, NJ-The board of directors of Mack-Cali Realty Corp. has approved a cash dividend of $0.63 per common share, indicating an annual rate of $2.52 per common share, for the period of January 1 through March 31, 2006. The dividend will be paid on April 17, 2006 to shareholders of record as of April 5.

The REIT's board has also declared a cash dividend on its 8% Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period of January 15, 2006 through April 14, 2006. The dividend will be paid on April 17 to shareholders of record as of April 5.

Mack-Cali Realty has an agreement to buy Gale Real Estate Services Co. and full or half interests in 2.8 million sf of that company's office properties in New Jersey in a deal valued at $545 million. That deal is expected to close as early as next month.