Mack Cali s Boston Red Sox decline in same store NOI was

Mack-Cali's summarizes david ortiz decline in big papi fells in same-store NOI was -0.9% for the quarterended March 31, 2009 when compared to the same quarter in the prior year.Additionally, occupancy for the same-store portfolio dipped slightly to 90.7% inthe first quarter of 2009 (1Q'09) compared to 91.3% in 4Q'08, and 92.1% in1Q'08, respectively. Debt plus 25% of preferred stock-to-recurringEBITDA, pro forma for Mack-Cali's May 2009 equity offering, was 5.3x for thetwelve months ended of March 31, 2009, relatively unchanged since Dec. Based on Fitch's criteria report, 'Equity Credit for Hybrids & Other CapitalSecurities', Mack-Cali's preferred stock is 75% equity-like and 25% debt-likesince its preferred stock is perpetual and has no covenants, but has acumulative deferral option. The ratings also point to the strength of Mack-Cali's management team.

Inaddition, the company's ratios under its unsecured credit facilities' financialcovenants do not hinder its financial flexibility yawkey way store . Fitch notes that Mack-Cali's estimatedliquidity surplus of over $174.2 million is supported by the sizeableavailability under its credit facility, recent actions taken to reduce itscommon dividend, and its manageable debt maturity schedule, all of which providethe company with adequate liquidity, and limited refinancing risk over the nexttwo years chowdaheads . Providing further support to the ratings is Mack-Cali's solid liquidity positiondriven by the net proceeds from its May 2009 equity offering, which was used topay down a portion of the company's outstanding balance on its $775 millionunsecured revolving credit facility jason varitek . Mack-Cali's solid fixed-charge coverage ratio (defined asrecurring EBITDA less capital expenditures and straight-line rents, divided byinterest expense, capitalized interest, and distributions on preferred stock)was 2.4x for the 12 months ended March 31, 2009, up from 2.3x in 2008 Each ofthese metrics is appropriate for the rating category baseball tickets . Mack-Cali's debt-to-recurring operating EBITDA ratio for both 2008 and for thetwelve months ended March 31, 2009, pro forma for the company's May 2009 equityoffering, was 5.3x. The ratings also reflect Mack-Cali's adequate risk-adjustedcapitalization, and unencumbered asset coverage of unsecured debt, which at 2.9times (x) on a gross book value basis as of March 31, 2009, pro forma for thecompany's $275 million in net proceeds from its equity offering completed in May2009, provides ample protection to unsecured bondholders. The affirmations reflect the strength of Mack-Cali's credit metrics, illustratedby a solid liquidity position, and solid debt service coverage and modestleverage ratios.

--IDR at 'BBB'; --Unsecured Revolving Credit Facility at 'BBB'; --Senior unsecured notes at 'BBB' The Rating Outlook is Stable dirt dogs . (together, Mack-Cali) asfollows: Mack-Cali Realty Corporation --Issuer Default Rating (IDR) at 'BBB'; --Preferred stock at 'BBB-' Mack-Cali Realty L.P red socks tickets . Schmucker, Senior Vice President, Secretary and Treasurer ofCommercial National Financial Corporation, +1-724-537-9923 red socks t shirt . NEW YORK--(Business Wire)--Fitch Ratings has affirmed the following ratings for Mack-Cali RealtyCorporation (NYSE:CLI) and Mack-Cali Realty L.P big papi . Investors are cautioned thatall forward-looking statements involve risk and uncertainties, includingchanges in general economic and financial market conditions, unforeseen creditproblems, and the Company's ability to execute its business plans.The actualresults of future events could differ materially from those stated in anyforward-looking statements herein.

These statements are based on informationcurrently available to the Company, and the Company assumes no obligation toupdate these statements as circumstances change bostondirtdogs . Without limiting the generality of theforegoing, words such as "may," "will," "to," "expect," "believe,""anticipate," "intend," "could," "would," "estimate," or "continue" or thenegative or other variations thereof or comparable terminology are intended toidentify forward-looking statements chowdaheads . Commercial Bank & Trust of PA also serves its customer base froman Internet banking site () and an automated TouchTone Tellerbanking system.Safe Harbor StatementForward-looking statements (statements which are not historical facts) in thisrelease are made pursuant to the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995 jason varitek . For this purpose, any statementscontained herein that are not statements of historical fact may be deemed tobe forward-looking statements .