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Tradition of Leadership

Cali continues to demonstrate its position as an industry leader. From the Companyís impact on property acquisitions and "big" deals, to forming strategic alliances with companies with local market knowledge, to raising money on Wall Street, Cali continues to pride itself on being at the forefront of the industry.

Since becoming New Jerseyís first publicly-traded office REIT, the Company has both hastened and defined the dynamics of the stateís commercial real estate market. Due to the Companyís ability to access quickly significant capital via the financial markets, Cali has increased the size, certainty and speed of real estate transactions.

   
   

One Bridge Plaza is Cali's first purchase in the promising Fort Lee, NJ market.

Historically Cali has anticipated opportunity and led the industry in capitalizing on it. From the early days when Cali Associates was developing single-family housing units, to the late Ď60s, Ď70s and Ď8Os when Cali Associates quickly recognized the growing opportunity of Class A suburban office development, to the early Ď90s when Cali Associates redefined its strategy to grow through the acquisition and management of office properties, Cali has been at the forefront of the industry.

In 1994, Cali Associates was one of the few private real estate companies to recognize the need to grow through access to the capital markets, and the company went public as Cali Realty Corporation in August 1994. Today, Cali Realty is among the largpublicly tradedaded REITs in the country. Caliís senior management includes co-founder John J. Cali, who continues to actively serve as Chairman of the Board; Thomas A. Rizk, President and Chief Executive Officer; Chief Operating Officer, Brant Cali; Chief Administrative Officer and Head of Acquisitions, John R. Cali; Chief Financial Officer, Barry Lefkowitz; General Counsel, Roger Thomas; Vice President-Operations, Albert Spring; and Vice President-Leasing, James Nugent. Brad Berger, former Robert Martin President and Chief Executive Officer, and Timothy Jones, former Robert Martin Chief Operating Officer, are now Executive Vice Presidents with Cali, and the Companyís newest additions to its senior management team.

Cali -- The Developer

Historically, Caliís roots are as a developer. The Company has a 48 year history of buying land, getting approvals, building, leasing and managing. However, Cali holds true to its strategy of developing commercial space when market conditions support a favorable return on investment.

In late 1996, Cali added two new flex buildings, 80 and 100 Commerce Way, to its Commercenter business park in Totowa.

In 1996 the Company developed two new flex buildings, totaling 47,000 square feet, at its fully leased Commercenter business park in Totowa, NJ. The new buildings, Caliís first construction projects since 1990, were designed to accommodate the expansion needs of both existing and new tenants. In addition, Cali Realty now owns or has options to acquire 450 acres of land in several key submarkets in four states, which are zoned and permitted for a potential seven million square feet of new development. When rental market conditions justify new development. Cali is prepared to provide the land and its expertise in the development of new properties.

Tenant/Broker Satisfaction is Key to Caliís Success

Cali could not be successful without taking care of its ultimate customers-- its tenants. Cali prides itself on providing responsive tenant services, including effective on-site building management and topnotch building maintenance--both of which have helped earn Cali a current portfolio occupancy rate of 96 percent. Moreover, Cali, as a full service real estate company, performs virtually constructiontion, leasing, management and tenant improvements on an in-house basis.

Caliís growth in the region is also beneficial to brokers who serve clients with regional operations. Brokers can now turn to Cali for both geographic and product diversity, fulfilling their clientsí Class A office, office/flex and industrial/warehouse space needs across New Jersey, suburban Philadelphia, lower New York State and Connecticut.

Looking Ahead

Cali Realty is prepared for a future of continued, aggressive growth and profitability. Management sees acquisition long-term development opportunities both within Caliís core markets and in adjacent, promising markets of the Northeast.

Caliís emergence as and one of the countryís few super-regional REITs is just the first step in the Companyís strategic plan. As Cali continues its aggressive growth through acquisitions, while at the same time building on its current assets through effective property management and improving rental market conditions, the Company looks forward to continuing its rewarding relationships with its brokers, tenants and shareholders.

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