Intrinsic value of Mack-Cali Realty - CLI

Previous Close

$22.32

  Intrinsic Value

$4.24

stock screener

  Rating & Target

str. sell

-81%

Previous close

$22.32

 
Intrinsic value

$4.24

 
Up/down potential

-81%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as CLI.

We calculate the intrinsic value of CLI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.03
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  613
  671
  731
  793
  858
  926
  996
  1,070
  1,146
  1,225
  1,307
  1,392
  1,481
  1,573
  1,670
  1,770
  1,874
  1,983
  2,097
  2,216
  2,340
  2,469
  2,605
  2,746
  2,894
  3,049
  3,211
  3,381
  3,558
  3,745
  3,940
Variable operating expenses, $m
 
  779
  849
  922
  997
  1,076
  1,158
  1,243
  1,331
  1,423
  1,518
  1,617
  1,720
  1,827
  1,939
  2,056
  2,177
  2,304
  2,436
  2,574
  2,718
  2,868
  3,025
  3,190
  3,362
  3,541
  3,730
  3,927
  4,133
  4,349
  4,576
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  539
  779
  849
  922
  997
  1,076
  1,158
  1,243
  1,331
  1,423
  1,518
  1,617
  1,720
  1,827
  1,939
  2,056
  2,177
  2,304
  2,436
  2,574
  2,718
  2,868
  3,025
  3,190
  3,362
  3,541
  3,730
  3,927
  4,133
  4,349
  4,576
Operating income, $m
  74
  -109
  -118
  -128
  -139
  -150
  -161
  -173
  -185
  -198
  -211
  -225
  -239
  -254
  -270
  -286
  -303
  -320
  -339
  -358
  -378
  -399
  -421
  -444
  -467
  -492
  -519
  -546
  -575
  -605
  -636
EBITDA, $m
  261
  96
  104
  113
  122
  132
  142
  153
  163
  175
  186
  199
  211
  225
  238
  253
  267
  283
  299
  316
  334
  352
  372
  392
  413
  435
  458
  482
  508
  534
  562
Interest expense (income), $m
  122
  126
  140
  155
  170
  186
  202
  219
  237
  256
  275
  295
  316
  337
  360
  383
  408
  433
  459
  487
  516
  546
  578
  611
  645
  681
  719
  758
  800
  843
  888
Earnings before tax, $m
  130
  -235
  -258
  -283
  -309
  -336
  -363
  -392
  -422
  -454
  -486
  -520
  -555
  -591
  -629
  -669
  -710
  -753
  -798
  -845
  -894
  -945
  -998
  -1,054
  -1,113
  -1,174
  -1,237
  -1,304
  -1,374
  -1,448
  -1,524
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  117
  -235
  -258
  -283
  -309
  -336
  -363
  -392
  -422
  -454
  -486
  -520
  -555
  -591
  -629
  -669
  -710
  -753
  -798
  -845
  -894
  -945
  -998
  -1,054
  -1,113
  -1,174
  -1,237
  -1,304
  -1,374
  -1,448
  -1,524

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,297
  4,657
  5,074
  5,509
  5,961
  6,431
  6,920
  7,428
  7,955
  8,504
  9,074
  9,667
  10,284
  10,926
  11,594
  12,291
  13,016
  13,773
  14,563
  15,388
  16,248
  17,148
  18,088
  19,070
  20,098
  21,174
  22,299
  23,478
  24,712
  26,004
  27,358
Adjusted assets (=assets-cash), $m
  4,265
  4,657
  5,074
  5,509
  5,961
  6,431
  6,920
  7,428
  7,955
  8,504
  9,074
  9,667
  10,284
  10,926
  11,594
  12,291
  13,016
  13,773
  14,563
  15,388
  16,248
  17,148
  18,088
  19,070
  20,098
  21,174
  22,299
  23,478
  24,712
  26,004
  27,358
Revenue / Adjusted assets
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
Average production assets, $m
  3,450
  3,774
  4,112
  4,465
  4,831
  5,212
  5,608
  6,020
  6,447
  6,892
  7,354
  7,834
  8,334
  8,855
  9,396
  9,961
  10,549
  11,162
  11,802
  12,471
  13,168
  13,897
  14,659
  15,455
  16,288
  17,160
  18,072
  19,027
  20,027
  21,075
  22,172
Working capital, $m
  0
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -122
  -128
  -135
  -143
  -150
  -159
  -167
  -176
  -185
  -195
  -205
Total debt, $m
  2,340
  2,592
  2,863
  3,145
  3,439
  3,744
  4,061
  4,391
  4,733
  5,089
  5,459
  5,844
  6,244
  6,661
  7,095
  7,547
  8,018
  8,509
  9,022
  9,556
  10,115
  10,699
  11,309
  11,947
  12,614
  13,312
  14,042
  14,807
  15,608
  16,447
  17,325
Total liabilities, $m
  2,770
  3,022
  3,293
  3,575
  3,869
  4,174
  4,491
  4,821
  5,163
  5,519
  5,889
  6,274
  6,674
  7,091
  7,525
  7,977
  8,448
  8,939
  9,452
  9,986
  10,545
  11,129
  11,739
  12,377
  13,044
  13,742
  14,472
  15,237
  16,038
  16,877
  17,755
Total equity, $m
  1,527
  1,635
  1,781
  1,934
  2,092
  2,257
  2,429
  2,607
  2,792
  2,985
  3,185
  3,393
  3,610
  3,835
  4,070
  4,314
  4,569
  4,834
  5,112
  5,401
  5,703
  6,019
  6,349
  6,694
  7,054
  7,432
  7,827
  8,241
  8,674
  9,127
  9,603
Total liabilities and equity, $m
  4,297
  4,657
  5,074
  5,509
  5,961
  6,431
  6,920
  7,428
  7,955
  8,504
  9,074
  9,667
  10,284
  10,926
  11,595
  12,291
  13,017
  13,773
  14,564
  15,387
  16,248
  17,148
  18,088
  19,071
  20,098
  21,174
  22,299
  23,478
  24,712
  26,004
  27,358
Debt-to-equity ratio
  1.532
  1.590
  1.610
  1.630
  1.640
  1.660
  1.670
  1.680
  1.700
  1.700
  1.710
  1.720
  1.730
  1.740
  1.740
  1.750
  1.750
  1.760
  1.760
  1.770
  1.770
  1.780
  1.780
  1.780
  1.790
  1.790
  1.790
  1.800
  1.800
  1.800
  1.800
Adjusted equity ratio
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  117
  -235
  -258
  -283
  -309
  -336
  -363
  -392
  -422
  -454
  -486
  -520
  -555
  -591
  -629
  -669
  -710
  -753
  -798
  -845
  -894
  -945
  -998
  -1,054
  -1,113
  -1,174
  -1,237
  -1,304
  -1,374
  -1,448
  -1,524
Depreciation, amort., depletion, $m
  187
  204
  223
  242
  261
  282
  303
  326
  349
  373
  398
  423
  451
  479
  508
  538
  570
  603
  638
  674
  712
  751
  792
  835
  880
  928
  977
  1,028
  1,083
  1,139
  1,198
Funds from operations, $m
  33
  -31
  -36
  -41
  -47
  -54
  -60
  -67
  -74
  -81
  -88
  -96
  -104
  -113
  -121
  -131
  -140
  -150
  -160
  -171
  -182
  -194
  -206
  -219
  -232
  -246
  -261
  -276
  -292
  -308
  -326
Change in working capital, $m
  -67
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  100
  -28
  -33
  -38
  -44
  -50
  -56
  -63
  -70
  -77
  -84
  -92
  -100
  -108
  -116
  -125
  -135
  -144
  -154
  -165
  -176
  -187
  -199
  -211
  -224
  -238
  -252
  -267
  -283
  -299
  -316
Maintenance CAPEX, $m
  0
  -186
  -204
  -222
  -241
  -261
  -282
  -303
  -325
  -349
  -373
  -398
  -423
  -451
  -479
  -508
  -538
  -570
  -603
  -638
  -674
  -712
  -751
  -792
  -835
  -880
  -928
  -977
  -1,028
  -1,083
  -1,139
New CAPEX, $m
  -329
  -324
  -338
  -352
  -366
  -381
  -396
  -412
  -428
  -444
  -462
  -481
  -500
  -520
  -542
  -564
  -588
  -613
  -640
  -668
  -698
  -729
  -762
  -796
  -833
  -872
  -912
  -955
  -1,000
  -1,047
  -1,097
Cash from investing activities, $m
  -138
  -510
  -542
  -574
  -607
  -642
  -678
  -715
  -753
  -793
  -835
  -879
  -923
  -971
  -1,021
  -1,072
  -1,126
  -1,183
  -1,243
  -1,306
  -1,372
  -1,441
  -1,513
  -1,588
  -1,668
  -1,752
  -1,840
  -1,932
  -2,028
  -2,130
  -2,236
Free cash flow, $m
  -38
  -538
  -575
  -613
  -652
  -692
  -734
  -778
  -823
  -870
  -919
  -970
  -1,023
  -1,079
  -1,137
  -1,198
  -1,261
  -1,328
  -1,398
  -1,471
  -1,547
  -1,628
  -1,712
  -1,800
  -1,893
  -1,990
  -2,092
  -2,199
  -2,311
  -2,429
  -2,552
Issuance/(repayment) of debt, $m
  138
  252
  271
  282
  293
  305
  317
  330
  342
  356
  370
  385
  400
  417
  434
  452
  471
  491
  513
  535
  559
  584
  610
  638
  667
  698
  730
  765
  801
  839
  879
Issuance/(repurchase) of shares, $m
  0
  375
  405
  436
  467
  501
  535
  571
  608
  646
  686
  728
  771
  817
  864
  913
  965
  1,019
  1,075
  1,134
  1,196
  1,261
  1,328
  1,399
  1,473
  1,551
  1,633
  1,718
  1,807
  1,901
  2,000
Cash from financing (excl. dividends), $m  
  92
  627
  676
  718
  760
  806
  852
  901
  950
  1,002
  1,056
  1,113
  1,171
  1,234
  1,298
  1,365
  1,436
  1,510
  1,588
  1,669
  1,755
  1,845
  1,938
  2,037
  2,140
  2,249
  2,363
  2,483
  2,608
  2,740
  2,879
Total cash flow (excl. dividends), $m
  55
  89
  101
  105
  109
  114
  118
  123
  127
  132
  138
  143
  149
  155
  161
  168
  175
  182
  190
  199
  207
  217
  226
  237
  248
  259
  271
  284
  297
  311
  326
Retained Cash Flow (-), $m
  -71
  -375
  -405
  -436
  -467
  -501
  -535
  -571
  -608
  -646
  -686
  -728
  -771
  -817
  -864
  -913
  -965
  -1,019
  -1,075
  -1,134
  -1,196
  -1,261
  -1,328
  -1,399
  -1,473
  -1,551
  -1,633
  -1,718
  -1,807
  -1,901
  -2,000
Prev. year cash balance distribution, $m
 
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -254
  -304
  -331
  -358
  -387
  -417
  -448
  -480
  -514
  -549
  -585
  -623
  -662
  -703
  -746
  -790
  -837
  -885
  -936
  -989
  -1,044
  -1,102
  -1,162
  -1,226
  -1,292
  -1,361
  -1,434
  -1,510
  -1,590
  -1,674
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  -231
  -248
  -241
  -230
  -217
  -201
  -184
  -166
  -147
  -128
  -110
  -92
  -76
  -61
  -48
  -37
  -28
  -21
  -15
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  84.0
  70.6
  59.5
  50.3
  42.5
  36.0
  30.6
  25.9
  22.1
  18.8
  16.0
  13.6
  11.6
  9.9
  8.5
  7.2
  6.2
  5.3
  4.5
  3.9
  3.3
  2.8
  2.4
  2.1
  1.8
  1.5
  1.3
  1.1
  1.0
  0.8

Mack-Cali Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company owns and operates a real estate portfolio of Class A office and office/flex properties. It operates in three segments: commercial and other real estate, multi-family real estate and multi-family services. Its commercial and other real estate provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate, and multi-family real estate portfolio. Its multi-family services business also provides similar services for third parties. It owned or had interests in approximately 248 properties, consisting of approximately 119 office and approximately 110 flex properties, totaling approximately 26.6 million square feet, leased to approximately 1,600 commercial tenants and approximately 19 multi-family rental properties containing approximately 5,614 residential units, plus developable land.

FINANCIAL RATIOS  of  Mack-Cali Realty (CLI)

Valuation Ratios
P/E Ratio 17.1
Price to Sales 3.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow -8.7
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 88%
Cap. Spend. - 3 Yr. Gr. Rate 25.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 153.2%
Total Debt to Equity 153.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 56.4%
Gross Margin - 3 Yr. Avg. 54.4%
EBITDA Margin 71.6%
EBITDA Margin - 3 Yr. Avg. 49%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 3.3%
Pre-Tax Margin 21.2%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 19.1%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 51.3%

CLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLI stock intrinsic value calculation we used $613 million for the last fiscal year's total revenue generated by Mack-Cali Realty. The default revenue input number comes from 2016 income statement of Mack-Cali Realty. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CLI stock valuation model: a) initial revenue growth rate of 9.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.1%, whose default value for CLI is calculated based on our internal credit rating of Mack-Cali Realty, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Mack-Cali Realty.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CLI stock the variable cost ratio is equal to 116.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CLI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Mack-Cali Realty.

Corporate tax rate of 27% is the nominal tax rate for Mack-Cali Realty. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CLI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CLI are equal to 562.8%.

Life of production assets of 18.5 years is the average useful life of capital assets used in Mack-Cali Realty operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CLI is equal to -5.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1527 million for Mack-Cali Realty - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 89.783 million for Mack-Cali Realty is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Mack-Cali Realty at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Mack-Cali reports 3Q results   [Nov-07-17 07:11PM  Associated Press]
▶ New Strong Sell Stocks for September 21st   [Sep-21-17 08:07AM  Zacks]
▶ [$$] Mack-Cali Envisions Main Street on Jersey City Waterfront Complex   [Sep-18-17 12:42AM  The Wall Street Journal]
▶ [$$] Waterfront Overhaul Follows Population Rise   [12:12AM  The Wall Street Journal]
▶ [$$] Mack-Cali Seeks Main Street Vibe on Jersey City, N.J. Waterfront   [Sep-17-17 09:00AM  The Wall Street Journal]
▶ Mack-Cali reports 2Q results   [Aug-04-17 02:36AM  Associated Press]
▶ Office REIT Mack-Cali Hikes Dividend 33%   [Jun-12-17 11:23AM  Barrons.com]
▶ Mack-Cali reports 1Q results   [06:12PM  Associated Press]
▶ Mack-Cali Updates Capital Markets Activity   [May-08-17 05:43PM  PR Newswire]
▶ Mack-Cali Announces First Quarter Leasing Results   [May-04-17 07:29AM  PR Newswire]
▶ [$$] New Jersey Office Market Slump Worsens   [Apr-24-17 12:03AM  The Wall Street Journal]
▶ New addition proposed for Crystal House apartments   [Mar-06-17 05:00AM  at bizjournals.com]
Financial statements of CLI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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