ABOUT MACK-CALI OUR MISSION Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT)  providing management, leasing, development, construction and other tenant-related services for its class A real estate  portfolio. The Company, serving approximately 2,100 tenants, owns or has interests in 265 properties totaling approximately 29.3 million square feet plus land for the development of 8.9 million square feet of commercial space. Mack-Cali’s holdings are located primarily in the Northeast and include 23.7 million square feet of office space, 5.1 million square feet of office/flex space, and 387,400 square feet of industrial/warehouse space .  Mack-Cali Realty Corporation, an industry leader in office properties, strives to provide superior work environments and services to its clients.Through dynamic teamwork, Mack-Cali will continue to assert itself as the office owner of choice in its core markets, and by anticipating the evolving needs of business, will maximize value for its investors and employees. On the cover: Harborside Financial Center, Jersey City, NJ FINANCIAL SUMMARY $3.45 $3.63 $3.68 $3.75 $3.80 98  99  00  01  02 Total Assets at Year-End (in billions) $492.6 $548.9 $568.1 $575.3 $569.6 98  99  00  01  02 Total Revenues (in millions) $2.10 $2.26 $2.38 $2.46 $2.50 98  99  00  01  02 Dividends Declared  per Common Share (in thousands, except per share amounts) 2002 2001 2000 1999 1998 Total revenues $569,614 $575,344 $568,098 $548,891 $492,644 Operating and other expenses $168,129 $174,686 $172,146 $168,651 $150,448 General and administrative $2 7 , 0 5 4 $2 8 , 4 9 0 $2 3 , 2 7 6 $2 5 , 4 8 0 $2 4 , 8 2 Depreciation and amortization $109,513 $9 1 , 4 7 1 $9 2 , 0 8 $8 7 , 2 0 9 $7 8 , 9 1 Interest expense $107,823 $112,003 $105,394 $102,960 $ 88,043 Non-recurring charges $ — $ — $ 37,139 $ 16,458 $ — Equity in earnings of unconsolidated  joint ventures $1 4 , 7 9 3 $ 9,004 $ 8,055 $ 2,593 $ 1,055 Realized gains (losses) and unrealized losses  on disposition of rental property, net $ 2,759 $(11,864) $ 85,353 $ 1,957 $ Income before minority interests and  extraordinary item $174,647 $165,834 $231,463 $152,683 $151,464 Income before extraordinary item $139,722 $131,659 $185,338 $119,739 $118,951 Net income $139,722 $131,659 $185,338 $119,739 $116,578 Diluted earnings per share— before extraordinary item $ 2.43 $ 2.32 $ 3.10 $ 2.04 $ 2.11 Dividends declared per common share $ 2.50 $ 2.46 $ 2.38 $ 2.26 $ 2.10 Diluted weighted average shares outstanding 65,427 64,775 73,070 67,133 63,893 4.0