CLI - Mack-Cali: A Coattail Idea (With A Harborside View) That Could Double

• CLI is a diversified REIT with office/residential segments that is trading ~40-60% NAV.
• The board of directors was recently refreshed after a proxy fight with Bow Street LLC.
• New management is intent on improving shareholder value by divesting assets to pay down debt, revitalizing its Harborside assets, and establishing CLI as a predominantly residential REIT.
• Multi-family residential properties that were previously under construction will come online in the next two years, which will further help CLI to deleverage and generate cash flow.

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