Mack-Cali Realty Corp. announced this week it has suspended its dividend for the third and fourth quarters, citing an effort to provide it with greater financial flexibility during the pandemic.
The Jersey City-based real estate investment trust said it already has satisfied its dividend obligation for 2020, and will revisit the resumption of the dividend for the first quarter of 2021.
It noted that an additional goal is to retain incremental capital to support leasing initiatives at its Harborside campus on the city’s waterfront.
“We are acting decisively to execute our strategy and fortify our balance sheet, given the uncertainty of the ongoing pandemic,” MaryAnne Gilmartin, board chair and interim CEO, said in a prepared statement. “We continue to move expeditiously to sell our suburban office assets, deliver new multifamily units and explore programmatic solutions to our Harborside leasing efforts that amplify the unique value of that campus.”