Mack-Cali Raises Dividend 33%, The First Hike In 11 Years

Mack-Cali Realty Corp. said Monday it will raise its quarterly dividend by 33% to 20 cents a share, from 15 cents a share, marking the first increase since 2006. The new dividend will be payable July 14 to shareholders of record on July 6. Based on Friday's stock closing price of $27.62, the new annual dividend rate implies a dividend yield of 2.90%, compared with the SPDR Real Estate Select Sector ETF's implied yield of 3.71% and the aggregate S&P 500 yield of 1.99%, according to FactSet. "We feel that our operations, specifically distributable cash flow, have improved significantly to the point that we felt that our shareholders should receive an increase on their cash return," said Mack-Cali Chief Executive Michael DeMarco. The stock, which was still inactive in premarket trade, has shed 4.8% year to date, while the real estate ETF has gained 4.7% and the S&P 500 has tacked on 8.6%.