Citi analyst Michael Bilerman says that knowing all of the parties involved, he finds a potential transaction between UDR (UDR) and Mack-Cali Realty (CLI) as laid out in Reuters' report as unlikely. The transaction as laid would be "extremely complicated" with several asset types and players involved, plus an already highly levered portfolio making it harder to gain accretion through leverage, Bilerman tells investors in a research note titled "Playing Checkers with Chess Pieces." The analyst finds it much more likely that Mack-Cali executes on the suburban asset sale plan announced earlier yesterday and then considers next steps once they streamline the portfolio. Bilerman keeps a Neutral rating on Mack-Cali Realty with a $24 price target.