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| 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
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1. Name and Address of Reporting Person*
Mack William L.
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C/O Mack-Cali Realty Corporation
11 Commerce Drive
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(Street)
Cranford, New Jersey 07016
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Mack-Cali Realty Corporation (CLI)
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3. IRS or Identification Number of Reporting Person if an entity
(Voluntary)
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4. Statement for Month/Year 07/98
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
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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>
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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)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</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).
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FORM 4 (continued)
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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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
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Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
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Units of Limited Partnership 4/26/98(1)(2) J(1)(2) (1)(2)
Interest (1)(2)
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Units of Limited 7/22/98 J(3) 14,201
Partnership Interest (3)
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Units of Limited Partnership
Interest (1)
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Units of Limited Partnership
Interest (1)
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Units of Limited 2/1/98 J(1) 135
Partnership Interest (1)
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Units of Limited 6/9/98 J(1) 240
Partnership Interest (1)
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Units of Limited 7/22/98 J(3) 2,868
Partnership Interest (3)
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Units of Limited 2/1/98 J(1) 135
Partnership Interest (1)
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Units of Limited 6/9/98 J(1) 240
Partnership Interest (1)
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Units of Limited 7/22/98 J(3) 2,868
Partnership Interest (3)
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Series B Preferred Units 6/9/98(5) J(5) (5)
of Limited Partnership Interest (5)
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Series B Preferred Units
of Limited Partnership Interest (5)
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Series B Preferred Units
of Limited Partnership Interest (5)
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Series B Preferred Units 2/1/98 J 20
of Limited Partnership Interest (5)
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Series B Preferred Units 6/9/98 J 173
of Limited Partnership Interest (5)
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Series B Preferred Units 2/1/98 J 20
of Limited Partnership Interest (5)
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Series B Preferred Units 6/9/98 J 173
of Limited Partnership Interest (5)
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</TABLE>
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)--CONTINUED
<TABLE>
<CAPTION>
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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 of Indi- 4)
cisable Date Shares Month rect (1)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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(1) Common (1) (1) D
Stock
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(3) Common 14,201 860,721(2) D
Stock
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39,494 I William Mack,
Charitable
Trust A
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23,875 I William Mack,
4/30/92
Trust
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(1) Common 135 I Trust
Stock fbo
R.Mack(4)
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(1) Common 240 I Trust
Stock fbo
R.Mack(4)
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(3) Common 2,868 3,243 I Trust
Stock fbo
R.Mack(4)
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(1) Common 135 I Trust
Stock fbo
S.Mack(4)
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(1) Common 240 I Trust
Stock fbo
S.Mack(4)
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(3) Common 2,868 3,243 I Trust
Stock fbo
S.Mack(4)
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(5) Common (5) 46,695(5) D
Stock
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2,534(5) I William Mack
Charitable
Trust A
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1,492(5) I William Mack,
4/30/92
Trust
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(6) Common (6) I Trust
Stock fbo
R.Mack(4)
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(7) Common (7) 193 I Trust
Stock fbo
R.Mack(4)
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(6) Common (6) I Trust
Stock fbo
S.Mack(4)
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(7) Common (7) 193 I Trust
Stock fbo
S.Mack(4)
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</TABLE>
Explanation of Responses:
(1) The Units of Limited Partnership Interest ("Units") represent interests in
Mack-Cali Realty, L.P., a Delaware limited partnership, through which Mack-Cali
Realty Corporation conducts its real estate activities. Beginning on December
11, 1998, the Units are redeemable for cash, based upon the fair market value of
an equivalent number of shares of Common Stock at the time of such redemption,
or, at the election of the Company, shares of Common Stock on a one-for-one
basis.
(2) Prior to April 26, 1998, 252,995 of the reporting person's 846,520 Units
beneficially owned at that time were contingent and convertible, in whole or in
part, into ordinary Units upon the satisfaction by December 11, 1999 of certain
conditions relating to certain properties owned by Mack-Cali Reality
Corporation. Until such conversion, the contingent Units shall not be entitled
to any rights associated with the ordinary Units. As of April 26, 1998, the
conditions had been satisfied for the conversion of 36,780 of the reporting
person's contingent Units into ordinary Units. As of June 9, 1998, such
conditions had been satisfied for the conversion of an additional 1,390
contingent Units into ordinary Units, and, accordingly, 214,825 of the reporting
persons Units remained contingent.
(3) The 14,201 Units were acquired in connection with a property acquisition.
Beginning on July 22, 1999, the Units are redeemable for cash, based upon the
fair market value of an equivalent number of shares of Common Stock at the time
of such redemption, or, at the election of the Company, shares of Common Stock
on a one-for-one basis.
(4) These securities are held in a trust, of which the reporting person's wife
is the trustee, for the benefit of the reporting person's adult son who does not
share a household with the reporting person. The securities were acquired by the
trust upon the satisfaction of certain conditions relating to certain properties
owned by Mack-Cali Realty Corporation. The reporting person disclaims beneficial
ownership of these securities, and this report shall not be deemed an admission
that the reporting person is the beneficial owner of such securities for
purposes of Section 16 or for any other purpose.
(5) The Series B Preferred Units of Limited Partnership Interest (the "Series B
Preferred Units") are immediately convertible into Units. Prior to June 9, 1998,
1,706 of the reporting person's 53,801 Series B Preferred Units were contingent
and convertible, in whole or in part, into ordinary Series B Preferred Units
upon the satisfaction by December 11, 1999 of certain conditions relating to
certain properties owned by Mack-Cali Realty Corporation. Until such conversion,
the contingent Series B Preferred Units shall not be entitled to any rights
associated with the ordinary Series B Preferred Units. As of June 9, 1998, the
conditions had been satisfied for the conversion of 1,497 of the reporting
person's contingent Series B Preferred Units into ordinary Series B Preferred
Units and, accordingly, 209 of the reporting person's Series B Preferred Units
remained contingent. Currently, the reporting person's 53,592 ordinary Series B
Preferred Units are convertible into 1,546,665 Units, the 2,534 Series B
Preferred Units held by the Charitable Trust are convertible into 73,131 Units
and the 1,492 Series B Preferred Units held by the 4/30/92 Trust are convertible
into 43,059 Units. Any Units received upon conversion of Series B Preferred
Units shall be redeemable into an equal number of Shares of Common Stock
beginning on December 11, 2000.
(6) Currently, the 20 Series B Preferred Units are convertible into 577 Units.
Any Units received upon conversion of Series B Preferred Units shall be
redeemable into an equal number of Shares of Common Stock beginning on December
11, 2000.
(7) Currently, the 173 Series B Preferred Units are convertible into 4,993
Units. Any Units received upon conversion of Series B Preferred Units shall be
redeemable into an equal number of Shares of Common Stock beginning on December
11, 2000.
/s/ William L. Mack 8/10/98
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**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.
