Real estate investment trust Mack-Cali Realty (NYSE: CLI ) announced today its third-quarter dividend of $0.30 per share, the same rate it paid last quarter after slashing the payout to investors 33% from $0.45 per share.
The board of directors said the quarterly dividend is payable on October 11 to holders of record at the close of business on October 3. The regular dividend payment equates to a $1.20-per-share annual dividend, yielding 5.7% based on the closing price today of Mack-Cali Realty's stock.
The board also said it would recommend at the 2014 annual meeting for shareholders to approve a proposal to declassify or to "de-stagger" its board of directors. When directors stand for election in staggered terms, it tends to protect entrenched management and destaggering them is generally viewed as a shareholder-friendly maneuver.