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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 Earle I.
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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 Reality 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 03/98
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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 1/1/98 J(2) 2,545
Interest (1)
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Units of Limited Partnership
Interest (1)
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Units of Limited Partnership
Interest (1)
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Series B Preferred Units 1/1/98 J(2) 175
of Limited Partnership Interest (3)
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Series B Preferred Units
of Limited Partnership Interest (3)
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Series B Preferred Units
of Limited Partnership Interest (3)
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Warrants to Purchase Units 1/1/98 J(2) 1,433(4)
of Limited Partnership Interest (4)
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Warrants to Purchase Units
of Limited Partnership Interest (4)
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Warrants to Purchase Units
of Limited Partnership Interest (4)
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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-
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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 2,545 734,514(1) D
Stock
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39,496 I Earle Mack,
Charitable
Trust A
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23,874 I Earle Mack,
4/30/92
Trust
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(3) Common (3) 46,695(3) D
Stock
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2,535(3) I Earle Mack
Charitable
Trust A
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1,492(3) I Earle Mack,
4/30/92
Trust
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(4) Common 1,433(4) 377,679(4) D
Stock
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Warrants to Purchase Units 20,290(4) I Earle Mack,
of Limited Partnership Interest (4) Charitable
Trust A
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Warrants to Purchase Units 12,227(4) I Earle Mack,
of Limited Partnership Interest (4) 4/30/92
Trust
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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 shall be 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. 423,517 of the reporting person's
734,514 Units are contingent and will convert, 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 Realty
Corporation. Until such conversion, the contingent Units shall not be
entitled to any rights associated with the ordinary Units.
(2) Pursuant to an agreement effective as of January 1, 1998, the Leeds
Partnership assigned all of its right, title and interest in and to all of
its Units, Series B Preferred Units of Limited Partnership Interest and
Warrants to Purchase Units to the reporting person and other members of the
reporting person's family.
(3) The Series B Preferred Units of Limited Partnership Interest (the "Series B
Preferred Units") are immediately convertible into Units. 1,415 of the
reporting person's 46,695 Series B Preferred Units are contingent and will
convert, 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. Currently,
the reporting person's 45,280 ordinary Series B Preferred Units are
convertible into 1,306,783 Units, the 2,535 Series B Preferred Units held by
the Charitable Trust are convertible into 73,160 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.
(4) The Warrants to purchase Units of Limited Partnership Interest are
exercisable on a one-for-one basis beginning on December 11, 1998 for a
period of four years thereafter at a price of $37.80 per Unit. Any Units
received upon exercise of the Warrants shall be immediately redeemable into
Common Stock.
/s/ Earle I. Mack 4/10/98
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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.
