<PAGE>
===============================================================================
+--------+
| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
- --------------------------------------------------------------------------------
1. Name and Address of Reporting Person*
Thomas Roger W.
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o Mack-Cali Realty Corporation, 11 Commerce Drive
- --------------------------------------------------------------------------------
(Street)
Cranford New Jersey 07016
- --------------------------------------------------------------------------------
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Mack-Cali Realty Corporation (CLI)
-----------------------------------
3. IRS or Identification Number of Reporting Person if an entity
(Voluntary)
--------------
4. Statement for Month/Year 03/98
---------------------------------------------------
5. If Amendment, Date of Original (Month/Year)
---------------------------------
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [X] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
Executive Vice President, General Counsel and Assistant Secretary
----------------------------------------------------------------
7. Individual or Joint/Group Filing (Check Applicable Line)
_X__ Form filed by One Reporting Person
____ Form filed by More than One Reporting Person
TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 03/30/98 M (1) 6,333 A $17.25 D
----------------------------------------------------------------------------------------------------------------------------------
Common Stock 03/30/98 M (1) 3,333 A $19.875 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 03/30/98 M (1) 28,000 A $21.50 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 03/30/98 S (1) 37,666 D $39.154 25,630 D
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If this form is filed by more than one reporting person, see Instruction
4(b)(v).
FORM 4 (continued)
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
---------------------------------------------------
Code V (A) (D)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Employee Stock Option (Right to Buy) $17.25 03/30/98 M 6,333
- -----------------------------------------------------------------------------------------------------------------------------
Employee Stock Option (Right to Buy) $19.875 03/30/98 M 3,333
- -----------------------------------------------------------------------------------------------------------------------------
Employee Stock Option (Right to Buy) $21.50 03/30/98 M 28,000
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Secu- ficial
(Instr. ficially rity: Owner-
-------------------------------------------- 5) Owned Direct ship
Date Expira- Amount or at End (D) or (Instr.
Exer- tion Title Number of Indi- 4)
cisable Date Shares Month rect (1)
(Instr. 4) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
(2) 4/20/05 Common Stock 6,333 D
- ------------------------------------------------------------------------------------------------------------------------------------
(3) 12/5/05 Common Stock 3,333 D
- ------------------------------------------------------------------------------------------------------------------------------------
(4) 3/5/06 Common Stock 28,000 97,137 D
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Explanation of Responses:
(1) The reporting person obtained and sold the Common Stock as a result of the
cashless exercise of Employee Stock Options.
(2) On April 20, 1995, the reporting person was granted an option to purchase
19,000 shares of Common Stock. The option vested in three equal annual
installments beginning December 31, 1995.
(3) On December 5, 1995, the reporting person was granted an option to purchase
10,000 shares of Common Stock. The option vested in three equal annual
installments beginning December 31, 1995.
(4) On March 5, 1996, the reporting person was granted an option to purchase
35,000 shares of Common Stock. The option vests in five equal annual
installments beginning December 31, 1996.
/s/ Roger W. Thomas 4/10/98
------------------------------- -----------------
**Signature of Reporting Person Date
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
