Mack-Cali Realty Corporation (CLI)

Industry: REIT - Office Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
3295.T	28	Hulic Reit, Inc.	332	10.73	10.73	13.69	13.69	15.48	16.69
GPE.L	29	Great Portland Est	329	3.29	3.96	298.71	503.49	5.90	-
DEA	30	Easterly Governmen	327	73.65	70.40	11.10	10.34	25.36	28.61
MINDSPACE.BO	31	Mindspace Business	313	55.86	55.86	19.39	19.39	34.30	26.39
AJBU.SI	32	Keppel DC REIT	282	16.05	13.59	-	-	19.99	21.46
CMW.AX	33	Cromwell Property	260	-	-	5.74	6.29	7.78	6.88
CXP	34	Columbia Property	254	26.03	24.92	17.01	18.54	212.05	343.09
CLI	35	Mack-Cali Realty C	247	11.10	8.29	8.85	9.89	112.80	89.73
ELME	36	Elme Communities	247	-	-	-	-	-	-
TS0U.SI	37	OUE Real Estate In	242	-	-	14.90	14.96	17.13	14.55
8975.T	38	Ichigo Office REIT	237	8.15	8.15	10.35	10.35	9.78	12.48
OXMU.SI	39	Prime US REIT	224	-	-	-	-	6.30	6.22
EIFF.PA	40	Société de la To	222	-	-	79.34	116.20	-	-
BEFB.BR	41	Befimmo S.A.	189	8.88	7.71	15.48	13.96	-	192.71
CIO	42	City Office REIT,	164	-	-	-	-	39.24	-
INEA.PA	43	Fonciere Inea S.A.	161	839.88	1,592.21	10.52	5.66	38.88	20.67

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.73	10.73	13.69	13.69	16.31	16.69
Full Range Median Multiple	16.05	13.59	14.90	13.96	18.56	20.67
Industry Multiple	115.84	198.61	45.11	66.62	36.02	62.70
Market Implied Multiple	11.10	8.29	8.85	9.89	112.80	89.73
Company (CLI) Multiple	11.10	8.29	8.85	9.89	112.80	89.73
(*) Net Income / EBITDA / Revenue	154	207	193	173	15	19
Winsorized Enterprise Value	N/A	N/A	2,638	2,363	247	317
Full Range Median Enterprise Value	N/A	N/A	2,871	2,411	281	393
(-) Net Debt	-9	-9	-9	-9	-9	-9
Winsorized Equity Value	1,657	2,220	2,647	2,372	255	326
Full Range Median Equity Value	2,479	2,812	2,880	2,420	290	402
(/) Shares Outstanding	93	93	93	93	93	93
Winsorized Fair Value	$17.73	$23.75	$28.31	$25.37	$2.73	$3.49
Full Range Median Fair Value	$26.52	$30.09	$30.81	$25.88	$3.10	$4.30
Current Price	$18.35	$18.35	$18.35	$18.35	$18.35	$18.35
Upside / Downside	-3.38%	29.45%	54.30%	38.27%	-85.11%	-80.98%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$12.41	$16.63	$19.82	$17.76	$1.91	$2.44
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy