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Mack-Cali Realty

NYSE:CLI
Snowflake Description

Proven track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CLI
NYSE
$2B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. The last earnings update was 19 days ago. More info.


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CLI Share Price and Events
7 Day Returns
0.8%
NYSE:CLI
1.8%
US REITs
-0.7%
US Market
1 Year Returns
28.2%
NYSE:CLI
16.3%
US REITs
3%
US Market
CLI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mack-Cali Realty (CLI) 0.8% 1% 8.5% 28.2% -8.6% 5.4%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • CLI outperformed the REITs industry which returned 16.3% over the past year.
  • CLI outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
CLI
Industry
5yr Volatility vs Market

Value

 Is Mack-Cali Realty undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Mack-Cali Realty to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Mack-Cali Realty.

NYSE:CLI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:CLI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (117.96%))
1.017
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.017 * 5.96%)
8.79%

Discounted Cash Flow Calculation for NYSE:CLI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Mack-Cali Realty is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Mack-Cali Realty is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:CLI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.79%)
2019 77.20 Analyst x3 70.96
2020 86.48 Analyst x3 73.06
2021 182.57 Analyst x2 141.78
2022 108.31 Analyst x1 77.31
2023 111.41 Analyst x1 73.10
2024 112.36 Est @ 0.85% 67.77
2025 113.95 Est @ 1.41% 63.17
2026 116.01 Est @ 1.81% 59.11
2027 118.43 Est @ 2.09% 55.47
2028 121.13 Est @ 2.28% 52.15
Present value of next 10 years cash flows $733.89
NYSE:CLI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $121.13 × (1 + 2.73%) ÷ (8.79% – 2.73%)
$2,052.36
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,052.36 ÷ (1 + 8.79%)10
$883.58
NYSE:CLI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $733.89 + $883.58
$1,617.47
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,617.47 / 100.28
$16.13
NYSE:CLI Discount to Share Price
Calculation Result
Value per share (USD) From above. $16.13
Current discount Discount to share price of $22.91
= -1 x ($22.91 - $16.13) / $16.13
-42%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Mack-Cali Realty is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Mack-Cali Realty's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mack-Cali Realty's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:CLI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.03
NYSE:CLI Share Price ** NYSE (2019-05-17) in USD $22.91
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Mack-Cali Realty.

NYSE:CLI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CLI Share Price ÷ EPS (both in USD)

= 22.91 ÷ 3.03

7.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mack-Cali Realty is good value based on earnings compared to the US REITs industry average.
  • Mack-Cali Realty is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Mack-Cali Realty's expected growth come at a high price?
Raw Data
NYSE:CLI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-34.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:CLI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.57x ÷ -34.9%

-0.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mack-Cali Realty earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Mack-Cali Realty's assets?
Raw Data
NYSE:CLI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $18.88
NYSE:CLI Share Price * NYSE (2019-05-17) in USD $22.91
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:CLI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CLI Share Price ÷ Book Value per Share (both in USD)

= 22.91 ÷ 18.88

1.21x

* Primary Listing of Mack-Cali Realty.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mack-Cali Realty is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Mack-Cali Realty's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Mack-Cali Realty has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Mack-Cali Realty expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-34.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mack-Cali Realty expected to grow at an attractive rate?
  • Mack-Cali Realty's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Mack-Cali Realty's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Mack-Cali Realty's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:CLI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:CLI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -34.9%
NYSE:CLI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:CLI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:CLI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 639 53 1
2022-12-31 599 31 1
2021-12-31 567 17 1
2020-12-31 562 -17 2
2019-12-31 566 73 1
NYSE:CLI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 523 156 274
2018-12-31 531 167 73
2018-09-30 542 160 31
2018-06-30 569 174 71
2018-03-31 602 202 35
2017-12-31 611 196 5
2017-09-30 622 158 21
2017-06-30 642 139 -23
2017-03-31 631 126 65
2016-12-31 633 100 117
2016-09-30 625 150 70
2016-06-30 595 155 -48

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mack-Cali Realty's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Mack-Cali Realty's revenue is expected to grow by 3.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:CLI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Mack-Cali Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CLI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.24 0.24 0.24 1.00
2020-12-31 0.49 0.98 -0.01 2.00
2019-12-31 1.85 3.91 -0.20 2.00
NYSE:CLI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.03
2018-12-31 0.80
2018-09-30 0.35
2018-06-30 0.78
2018-03-31 0.39
2017-12-31 0.06
2017-09-30 0.23
2017-06-30 -0.26
2017-03-31 0.72
2016-12-31 1.31
2016-09-30 0.78
2016-06-30 -0.54

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Mack-Cali Realty is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Mack-Cali Realty's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Mack-Cali Realty has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Mack-Cali Realty performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Mack-Cali Realty's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Mack-Cali Realty has delivered over 20% year on year earnings growth in the past 5 years.
  • Mack-Cali Realty's 1-year earnings growth exceeds its 5-year average (671.2% vs 52.1%)
  • Mack-Cali Realty's earnings growth has exceeded the US REITs industry average in the past year (671.2% vs 16%).
Earnings and Revenue History
Mack-Cali Realty's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Mack-Cali Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CLI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 523.39 273.75 47.70
2018-12-31 531.38 72.69 47.39
2018-09-30 541.60 31.28 48.10
2018-06-30 568.71 70.75 49.62
2018-03-31 601.90 35.50 50.44
2017-12-31 610.91 5.23 50.95
2017-09-30 621.52 20.65 50.19
2017-06-30 642.06 -23.22 51.06
2017-03-31 630.65 65.05 51.32
2016-12-31 632.62 117.22 51.98
2016-09-30 625.28 70.33 51.60
2016-06-30 595.27 -48.03 51.26
2016-03-31 592.89 -61.04 50.39
2015-12-31 591.71 -125.75 49.15
2015-09-30 596.77 -103.27 45.59
2015-06-30 601.70 25.60 44.59
2015-03-31 616.20 41.34 46.38
2014-12-31 634.38 28.57 47.25
2014-09-30 648.32 -14.97 48.67
2014-06-30 656.38 -55.86 48.15
2014-03-31 663.90 -99.37 47.59
2013-12-31 664.70 -77.03 47.04
2013-09-30 663.38 -23.70 45.35
2013-06-30 660.32 23.91 45.78
2013-03-31 646.58 19.91 43.07
2012-12-31 654.72 33.28 40.46
2012-09-30 662.18 45.92 42.69
2012-06-30 678.94 57.81 38.78

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Mack-Cali Realty has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mack-Cali Realty used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Mack-Cali Realty's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mack-Cali Realty's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Mack-Cali Realty has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Mack-Cali Realty's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Mack-Cali Realty's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mack-Cali Realty is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Mack-Cali Realty's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Mack-Cali Realty's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Mack-Cali Realty Company Filings, last reported 1 month ago.

NYSE:CLI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,322.36 2,710.02 17.78
2018-12-31 2,027.64 2,792.65 39.81
2018-09-30 1,984.08 2,807.72 10.82
2018-06-30 1,961.53 2,646.44 29.66
2018-03-31 1,926.24 2,615.21 38.44
2017-12-31 1,880.93 2,809.57 36.24
2017-09-30 1,889.34 2,839.19 88.79
2017-06-30 1,864.65 2,950.63 24.82
2017-03-31 1,927.58 2,731.24 172.38
2016-12-31 1,726.69 2,340.01 34.46
2016-09-30 1,713.82 2,462.84 21.56
2016-06-30 1,734.68 2,267.22 29.46
2016-03-31 1,732.98 2,276.54 116.42
2015-12-31 1,683.71 2,145.39 37.08
2015-09-30 1,731.00 2,043.59 30.87
2015-06-30 1,889.22 2,034.82 19.81
2015-03-31 1,864.22 2,107.57 19.32
2014-12-31 1,882.01 2,088.65 29.55
2014-09-30 1,904.28 2,238.64 105.53
2014-06-30 1,915.88 2,208.27 80.94
2014-03-31 1,871.12 2,232.29 58.73
2013-12-31 1,918.46 2,362.77 221.71
2013-09-30 2,010.66 2,368.68 308.04
2013-06-30 2,035.09 2,369.15 177.94
2013-03-31 2,037.36 2,296.69 24.18
2012-12-31 2,068.51 2,204.39 58.25
2012-09-30 2,078.23 1,970.25 21.54
2012-06-30 2,106.28 1,929.60 19.30
  • Mack-Cali Realty's level of debt (116.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (119.3% vs 116.7% today).
  • Debt is not well covered by operating cash flow (5.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 0.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Mack-Cali Realty's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Mack-Cali Realty has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Mack-Cali Realty's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.49%
Current annual income from Mack-Cali Realty dividends. Estimated to be 3.54% next year.
If you bought $2,000 of Mack-Cali Realty shares you are expected to receive $70 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Mack-Cali Realty's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Mack-Cali Realty's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:CLI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:CLI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.80 1.00
2022-12-31 0.80 1.00
2021-12-31 0.87 3.00
2020-12-31 0.80 7.00
2019-12-31 0.80 7.00
NYSE:CLI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-14 0.800 3.559
2018-12-11 0.800 3.899
2018-09-12 0.800 3.892
2018-06-13 0.800 3.938
2018-03-14 0.800 4.517
2017-12-12 0.800 4.073
2017-09-14 0.800 3.500
2017-06-12 0.800 3.146
2017-03-14 0.600 2.205
2016-12-13 0.600 2.118
2016-09-27 0.600 2.266
2016-06-01 0.600 2.189
2016-03-08 0.600 2.479
2015-12-08 0.600 2.884
2015-09-22 0.600 2.769
2015-05-11 0.600 3.164
2015-03-10 0.600 3.205
2014-12-09 0.600 3.124
2014-09-11 0.600 3.102
2014-05-30 0.600 2.800
2014-03-11 1.200 5.770
2013-12-10 1.200 5.685
2013-09-12 1.200 5.721
2013-05-15 1.200 5.021
2013-04-25 1.200 4.314
2013-03-12 1.800 6.375
2012-12-03 1.800 6.708
2012-09-12 1.800 6.808
2012-06-05 1.800 6.533
2012-03-06 1.800 6.391
2011-12-06 1.800 6.557
2011-09-14 1.800 6.722
2011-05-24 1.800 5.647
2011-03-01 1.800 5.315
2010-12-07 1.800 5.445
2010-09-15 1.800 5.520
2010-05-25 1.800 5.727
2010-03-10 1.800 5.147
2009-12-08 1.800 5.328
2009-09-16 1.800 5.623
2009-06-02 1.800 6.739

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Mack-Cali Realty's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (215.5x coverage).
X
Income/ dividend checks
We assess Mack-Cali Realty's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Mack-Cali Realty afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mack-Cali Realty has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Mack-Cali Realty's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mike DeMarco
COMPENSATION $6,111,999
AGE 58
TENURE AS CEO 4.3 years
CEO Bio

Mr. Michael J. DeMarco, also known as Mike, C.P.A, has been the Chief Executive Officer at Mack-Cali Realty Corporation since 2015 and served as its President and Chief Operating Officer from June 2015 to April 5, 2017. Mr. DeMarco is a veteran real estate investment professional with more than 30 years of industry experience. Mr. DeMarco served as the President and Chief Executive Officer of U.S. Commercial Operations at Brookfield Office Properties and prior to that, he served as the President and Chief Executive Officer of the New York Tri-State Region at CBRE, Inc. Prior to joining the General Partner, from 2013 to June 2015 Mr. DeMarco served as the chief investment officer of CCRE. Mr. DeMarco served as Chief Investment Officer at Cantor Commercial Real Estate Company, L.P from August 2013 to 2015. He served as a Managing Director at Fortress Investment Group LLC from 2007 to 2010. Mr. DeMarco was a partner at Fortress Investment. Mr. DeMarco served as Executive Vice President at Vornado Realty Trust from 2010 to 2013. He joined Cantor from Vornado, where he served as an Executive Vice President and a member of their executive management team. Prior to Fortress, Mr. DeMarco served as a Managing Director at Lehman Brothers Holdings, Inc from 1998 to 2007. He was employed at Lehman Brothers for fourteen years covering all aspects of the real estate industry. He served as Senior Managing Director with Lehman Brothers. Mr. DeMarco held senior positions at Credit Suisse First Boston and Arthur Andersen LLP. From his career in real estate investment banking and commercial finance, he has extensive experience in all aspects of real estate finance and real estate mergers and acquisitions and possesses a very deep knowledge and understanding of real estate capital markets, such as the CMBS market, as well transactions and valuations. Mr. DeMarco has several years of experience in real estate. His clients included General Growth Properties, Douglas Emmett, Macerich, Simon, Capital Automotive, Crescent and U Store IT. While at Lehman Brothers Holdings, Inc., he covered Fortress as a banker and was involved in Brookdale's IPO and advised on the purchase of Intrawest. Mr. DeMarco has been a Trustee of Pennsylvania Real Estate Investment Trust since June 2015. He has been Director of Mack-Cali Realty Corporation since March 14, 2018. Mr. DeMarco also is a member of the board of trustees of NAIOP NJ and Saint Peter’s Preparatory School, as well as a member of Urban Land Institute and The International Council of Shopping Centers (ICSC), the Jersey City Medical Center Board of Trustees, and a Managing Trustee of Liberty Science Center. He is a Certified Public Accountant. Mr. DeMarco holds an MBA in Finance from the University of Chicago and a BBA in Accounting and a minor in History from Pace University.

CEO Compensation
  • Mike's compensation has been consistent with company performance over the past year.
  • Mike's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Mack-Cali Realty management team in years:

2.5
Average Tenure
52
Average Age
  • The tenure for the Mack-Cali Realty management team is about average.
Management Team

Mike DeMarco

TITLE
CEO & Director
COMPENSATION
$6M
AGE
58
TENURE
4.3 yrs

David Smetana

TITLE
Chief Financial Officer
COMPENSATION
$1M
AGE
46
TENURE
1.3 yrs

Ricardo Cardoso

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
$1M
AGE
46
TENURE
3.7 yrs

Gary Wagner

TITLE
Executive VP
COMPENSATION
$1M
AGE
58
TENURE
5 yrs

Giovanni DeBari

TITLE
Chief Accounting Officer
TENURE
0.2 yrs

Deidre Crockett

TITLE
Senior Vice President of Corporate Communications & Investor Relations

Janice Torchinsky

TITLE
Senior Vice President of Human Resources

Dean Cingolani

TITLE
Senior Vice President of Property Management

Nick Mitarotonda

TITLE
Senior Vice President of Information Technology

Toni Casiano

TITLE
Senior Vice President of Leasing
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Mack-Cali Realty board of directors in years:

20
Average Tenure
76
Average Age
  • The average tenure for the Mack-Cali Realty board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Bill Mack

TITLE
Chairman of the Board
COMPENSATION
$166K
AGE
78
TENURE
19.3 yrs

Mike DeMarco

TITLE
CEO & Director
COMPENSATION
$6M
AGE
58
TENURE
1.2 yrs

Marshall Tycher

TITLE
Chairman of Roseland Residential Trust
COMPENSATION
$4M
AGE
63

Nate Gantcher

TITLE
Director
COMPENSATION
$196K
AGE
77
TENURE
20 yrs

Vincent Tese

TITLE
Director
COMPENSATION
$194K
AGE
75
TENURE
22.3 yrs

Alan Bernikow

TITLE
Lead Independent Director
COMPENSATION
$228K
AGE
77
TENURE
5.2 yrs

John Cali

TITLE
Member of Advisory Board
COMPENSATION
$28K
AGE
70

Alan Philibosian

TITLE
Director
COMPENSATION
$179K
AGE
64
TENURE
22.3 yrs

Irvin Reid

TITLE
Director
COMPENSATION
$176K
AGE
77
TENURE
25.3 yrs

Robert Weinberg

TITLE
Member of Advisory Board
COMPENSATION
$28K
AGE
89
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
11. Sep 18 Sell Robert Marshall Individual 10. Sep 18 10. Sep 18 -1,426 $21.28 $-30,338
22. Jun 18 Buy Nathan Gantcher Individual 21. Jun 18 21. Jun 18 25,000 $20.60 $515,000
15. Jun 18 Buy Nathan Gantcher Individual 14. Jun 18 14. Jun 18 25,000 $19.72 $493,000
14. Jun 18 Sell Michael DeMarco Individual 12. Jun 18 12. Jun 18 -68,301 $19.91 $-1,359,900
14. Jun 18 Buy Michael DeMarco Individual 12. Jun 18 12. Jun 18 68,301 $20.12 $1,373,963
X
Management checks
We assess Mack-Cali Realty's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Mack-Cali Realty has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Mack-Cali Realty Corporation's (NYSE:CLI) CEO Overpaid Relative To Its Peers?

Mike DeMarco has been the CEO of Mack-Cali Realty Corporation (NYSE:CLI) since 2015. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Mike DeMarco's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Have Insiders Been Buying Mack-Cali Realty Corporation (NYSE:CLI) Shares?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … So before you buy or sell Mack-Cali Realty Corporation (NYSE:CLI), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares.

Simply Wall St -

Is Now The Time To Look At Buying Mack-Cali Realty Corporation (NYSE:CLI)?

saw significant share price movement during recent months on the NYSE, rising to highs of $22.17 and falling to the lows of $19.36. … A question to answer is whether Mack-Cali Realty's current trading price of $19.42 reflective of the actual value of the? … Let’s take a look at Mack-Cali Realty’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

How To Look At Mack-Cali Realty Corporation (NYSE:CLI)

real estate investment trust (REIT) based in Jersey City, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

With A Return On Equity Of 5.2%, Has Mack-Cali Realty Corporation's (NYSE:CLI) Management Done Well?

Our data shows Mack-Cali Realty has a return on equity of 5.2% for the last year. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.052 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Do Mack-Cali Realty Corporation (NYSE:CLI) Insiders Know That You Don't?

Mack-Cali Realty's insiders have invested. … Generally, insiders buying more shares in their own firm sends a bullish signal … The MIT Press (1998) published an article showing that stocks following insider buying outperformed the market by 4.5%

Simply Wall St -

What You Need To Know Before Investing In Mack-Cali Realty Corporation (NYSE:CLI)

Mack-Cali Realty Corporation is a US$1.99b. … See our latest analysis for Mack-Cali Realty … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

Interested In Mack-Cali Realty Corporation (NYSE:CLI)’s Upcoming US$0.20 Dividend? You Have 2 Days Left

Mack-Cali Realty Corporation (NYSE:CLI) will be distributing its dividend of US$0.20 per share on the 13 July 2018, and will start trading ex-dividend in 2 days time on the 02 July 2018. … Well, keep on reading because today, I'm going to look at the latest data and analyze the stock and its dividend property in further detail. … 5 questions I ask before picking a dividend stock

Simply Wall St -

Be Careful About Buying Mack-Cali Realty Corporation (NYSE:CLI) For The 3.92% Dividend

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … In the past 10 years Mack-Cali Realty Corporation (NYSE:CLI) has returned an average of 5.00% per year to investors in the form of dividend payouts. … Let's take a look at Mack-Cali Realty in more detail.

Simply Wall St -

Mack-Cali Realty Corporation (NYSE:CLI): Ex-Dividend Is In 3 Days, Should You Buy?

If you are interested in cashing in on Mack-Cali Realty Corporation's (NYSE:CLI) upcoming dividend of $0.2 per share, you only have 3 days left to buy the shares before its ex-dividend date, 02 April 2018, in time for dividends payable on the 13 April 2018. … See our latest analysis for Mack-Cali Realty 5 questions I ask before picking a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is their annual yield among the top 25% of dividend payers? … Next Steps: After digging a little deeper into Mack-Cali Realty's yield, it's easy to see why you should be cautious investing in the company just for the dividend.

Simply Wall St -

Company Info

Description

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces. A fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.

Details
Name: Mack-Cali Realty Corporation
CLI
Exchange: NYSE
Founded: 1994
$2,297,442,612
$2,068,128,289
100,281,214
Website: http://www.mack-cali.com
Address: Mack-Cali Realty Corporation
Harborside 3,
Suite 400,
Jersey City,
New Jersey, 07311,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CLI Common Stock New York Stock Exchange US USD 25. Aug 1994
DB WY4 Common Stock Deutsche Boerse AG DE EUR 25. Aug 1994
Number of employees
Current staff
Staff numbers
352
Mack-Cali Realty employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:35
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/06
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.