DDM Analysis: CLI

Valuation Snapshot

Stable Growth	$3.59 - $4.59	$4.12
Multi-Stage	$7.77 - $8.67	$8.21
Blended Fair Value	$6.17
Current Price	$18.35
Upside	-66.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2020	2019	2018	2017	2016	2015	2014	2013	2012
DPS	-16.72%	-18.16%	0.24	0.59	1.01	0.92	0.76	0.59	0.59	0.88	1.47	1.76
YoY Growth	-	-	-60.27%	-40.99%	9.10%	20.80%	29.62%	0.09%	-33.22%	-39.89%	-16.93%	0.79%
Dividend Yield	-	-	1.29%	3.84%	6.61%	4.18%	4.57%	2.19%	2.50%	4.57%	7.05%	6.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	154.48
(-) Cash Dividends Paid (M)	33.54
(=) Cash Retained (M)	120.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.90	19.31	11.59
Cash Retained (M)	120.94	120.94	120.94
(-) Cash Required (M)	-30.90	-19.31	-11.59
(=) Excess Retained (M)	90.05	101.63	109.35
(/) Shares Outstanding (M)	101.96	101.96	101.96
(=) Excess Retained per Share	0.88	1.00	1.07
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.88	1.00	1.07
(=) Adjusted Dividend	1.21	1.33	1.40
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	-18.72%	-17.72%	-16.72%
Fair Value	$3.59	$4.12	$4.59
Upside / Downside	-80.44%	-77.53%	-75.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	154.48	127.10	104.58	86.05	70.80	58.25	60.00
Payout Ratio	21.71%	35.37%	49.03%	62.68%	76.34%	90.00%	92.50%
Projected Dividends (M)	33.54	44.95	51.27	53.94	54.05	52.43	55.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	-18.72%	-17.72%	-16.72%
Year 1 PV (M)	40.84	41.34	41.85
Year 2 PV (M)	42.32	43.37	44.43
Year 3 PV (M)	40.45	41.96	43.51
Year 4 PV (M)	36.82	38.67	40.59
Year 5 PV (M)	32.45	34.50	36.65
PV of Terminal Value (M)	599.42	637.22	676.89
Equity Value (M)	792.31	837.05	883.90
Shares Outstanding (M)	101.96	101.96	101.96
Fair Value	$7.77	$8.21	$8.67
Upside / Downside	-57.65%	-55.26%	-52.75%

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Mack-Cali Realty Corporation (CLI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener