EXHIBIT 99.1
FOURTH QUARTER 2006
Supplemental Operating and Financial Data
This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Company. Any offers to sell or solicitations of the Company shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Annual Report on Form 10-K (the “10-K”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-K and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification.
INDEX
| | |
I. COMPANY BACKGROUND | PAGE(S) |
· About the Company/Other Corporate Data | 5 |
· Board of Directors/Executive Officers | 6 |
· Equity Research Coverage/Company Contact Information | 7 |
| | |
II. FINANCIAL HIGHLIGHTS | |
· Quarterly Summary/Property Sales | 9 |
· Dividends/Equity Offering/Leasing Information | 10 |
· Leasing Information (continued) | 11 |
· Information About FFO | 12 |
· Key Financial Data | 13 |
· Same-Store Results and Analysis | 14 |
· Unconsolidated Joint Ventures Summary | 15-18 |
· Select Financial Ratios | 19 |
· Debt Analysis: | |
· Debt Breakdown/Future Repayments | 20 |
· Debt Maturities | 21 |
· Debt Detail | 22 |
| | |
III. FINANCIAL INFORMATION | |
· Consolidated Statements of Operations | 24 |
· Consolidated Balance Sheets | 25 |
· Consolidated Statement of Changes in Stockholders’ Equity | 26 |
· Statements of Funds from Operations | 27 |
· Statements of Funds from Operations Per Diluted Share | 28 |
· Reconciliation of Basic-to-Diluted Shares/Units | 29 |
| | |
IV. VALUE CREATION PIPELINE | |
· Operating Property Acquisitions | 31 |
· Summary of Construction Projects | 32 |
· Summary of Land Parcels | 33 |
· Rental Property Sales/Rental Property Held For Sale | 34 |
| | |
V. PORTFOLIO/ LEASING STATISTICS | |
· Leasing Statistics | 36-41 |
· Market Diversification (MSA’s) | 42 |
· Industry Diversification (Top 30 Tenant Industries) | 42 |
· Consolidated Portfolio Analyses: | |
| Breakdown by: | |
| (a) Number of Properties | 43 |
| (b) Square Footage | 44 |
| (c) Base Rental Revenue | 45 |
| (d) Percentage Leased | 46 |
· Consolidated Property Listing (by Property Type) | 47-55 |
· Significant Tenants (Top 50 Tenants) | 56-57 |
· Schedules of Lease Expirations (by Property Type) | 58-62 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
The Company considers portions of this information to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue” or comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, the Company can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Among the factors about which the Company has made assumptions are:
· | changes in the general economic climate and conditions, including those affecting industries in which the Company’s principal tenants operate; |
| | |
· | the extent of any tenant bankruptcies or of any early lease terminations; |
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· | the Company’s ability to lease or re-lease space at current or anticipated rents; |
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· | changes in the supply of and demand for office, office/flex and industrial/warehouse properties; |
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· | changes in interest rate levels; |
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· | changes in operating costs; |
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· | the Company’s ability to obtain adequate insurance, including coverage for terrorist acts; |
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· | the availability of financing; |
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· | changes in governmental regulation, tax rates and similar matters; and |
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· | other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. |
For further information on factors which could impact us and the statements contained herein, you are advised to consider the “Risk Factors” contained in the Company’s Annual Report on Form 10-K, as may be supplemented or amended in the Company’s Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
I. COMPANY BACKGROUND
About the Company
Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $6.2 billion at December 31, 2006. Mack-Cali has been involved in all aspects of commercial real estate development, management and ownership for over 50 years and has been a publicly-traded REIT since 1994. Mack-Cali owns or has interests in 300 properties, primarily class A office and office/flex buildings, totaling approximately 34.3 million square feet, serving as home to over 2,200 tenants. The properties are located primarily in suburban markets of the Northeast, many with adjacent, Company-controlled developable land sites able to accommodate up to 11.5 million square feet of additional commercial space.
History
Established over 50 years ago, in 1994 the New Jersey-based firm, Cali Realty, became a publicly-traded company listed on the New York Stock Exchange under the ticker symbol CLI. Through combinations with some of the top companies in the real estate industry—most notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin Company—Mack-Cali has become one of the leading real estate companies in the country.
Strategy
Mack-Cali’s strategy is to be a significant real estate owner and operator in its core, high-barriers-to-entry markets, primarily in the Northeast.
Summary
(as of December 31, 2006)
| | Corporate Headquarters | Edison, New Jersey |
| | Fiscal Year-End | 12/31 |
| | Total Properties | 300 |
| | Total Square Feet | 34.3 million square feet |
| | Geographic Diversity | Seven states and the District of Columbia |
| | New Jersey Presence | 23.0 million square feet |
| | Northeast Presence | 33.1 million square feet |
| | Common Shares and | |
| | Units Outstanding | 78.3 million |
| | Dividend-- Quarter/Annualized | $0.64/$2.56 |
| | Dividend Yield | 5.0% |
| | Total Market Capitalization | $6.2 billion |
| | Senior Debt Rating | BBB (S&P and Fitch); |
| | | Baa2 (Moody’s) |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Board of Directors
| | William L. Mack, Chairman of the Board |
| | Alan S. Bernikow | Alan G. Philibosian |
| | John R. Cali | Irvin D. Reid |
| | Kenneth M. Duberstein | Vincent Tese |
| | Nathan Gantcher | Robert F. Weinberg |
| | Mitchell E. Hersh | Roy J. Zuckerberg |
| | David S. Mack | |
| | | |
Executive Officers
Mitchell E. Hersh, President and Chief Executive Officer
Barry Lefkowitz, Executive Vice President and Chief Financial Officer
Roger W. Thomas, Executive Vice President, General Counsel and Secretary
Michael A. Grossman, Executive Vice President
Mark Yeager, Executive Vice President
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Equity Research Coverage
| | Banc of America Securities, LLC Ross Nussbaum (212) 847-5668 | Lehman Brothers David Harris (212) 526-1790 |
| | Bear, Stearns & Co., Inc. Ross Smotrich (212) 272-8046 | Merrill Lynch Ian Weissman (212) 449-6255 |
| | Citigroup Jonathan Litt (212) 816-0231 | Morgan Stanley David Cohen (212) 761-8564 |
| | Deutsche Bank-North America Louis Taylor (212) 250-4912 | Ryan Beck & Co Sheila K. McGrath (973) 549-4084 |
| | Goldman Sachs & Co. Jonathan Habermann (917) 343-4260 | Stifel Nicolaus & Company, Inc. John Guinee (410) 454-5520 |
| | Green Street Advisors Michael Knott (949) 640-8780 | Wachovia Securities Christopher Haley (443) 263-6773 |
| | Keybanc Capital Markets Jordan Sadler (917) 368-2280 | |
Company Contact Information
| | Mack-Cali Realty Corporation |
| | Investor Relations Department |
| | 343 Thornall Street |
| | Edison, New Jersey 08837-2206 |
| | Phone: (732) 590-1000 | Web:www.mack-cali.com |
| | Fax: (732) 205-8237 | E-mail:investorrelations@mack-cali.com |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
II. FINANCIAL HIGHLIGHTS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
II. FINANCIAL HIGHLIGHTS
Quarterly Summary
The following is a summary of the Company’s recent activity:
Net income available to common shareholders for the fourth quarter 2006 equaled $67.4 million, or $1.07 per share, versus $14.4 million, or $0.23 per share, for the same quarter last year. For the year ended December 31, 2006, net income available to common shareholders equaled $142.7 million, or $2.28 per share, versus $93.5 million, or $1.51 per share, for the same period last year.
Funds from operations (FFO) available to common shareholders for the quarter ended December 31, 2006 amounted to $68.2 million, or $0.87 per share, versus $65.1 million, or $0.86 per share, for the quarter ended December 31, 2005. For the year ended December 31, 2006, FFO available to common shareholders amounted to $290.5 million, or $3.73 per share, versus $270.3 million, or $3.57 per share, for the same period last year.
Total revenues for the fourth quarter 2006 increased 29.5 percent to $198.2 million as compared to $153.1 million for the same quarter last year. For the year ended December 31, 2006, total revenues amounted to $740.3 million, an increase of 23.4 percent over total revenues of $600.1 million, for the same period last year.
All per share amounts presented above are on a diluted basis.
The Company had 62,925,191 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 15,342,283 common operating partnership units outstanding as of December 31, 2006.
The Company had a total of 78,267,474 common shares/common units outstanding at December 31, 2006.
As of December 31, 2006, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 6.11 percent. The Company had a total market capitalization of $6.2 billion and a debt-to-undepreciated assets ratio of 41.4 percent at December 31, 2006. The Company had an interest coverage ratio of 2.9 times for the quarter ended December 31, 2006.
Property Sales
In November, the Company completed the sale of its remaining property and land portfolio in suburban Denver and Colorado Springs. The portfolio, which consists of 19 office buildings totaling approximately 1.4 million square feet, plus 7.1 acres of vacant land and 1.6 acres of land dedicated to a parking facility, was sold for approximately $194.3 million.
Also in November, the Company completed the sale of substantially all of its 50-percent ownership interest in Convention Plaza, a 12-story, 305,618 square-foot class A building located at 201 Third Street in San Francisco, for approximately $16.3 million. The building is 83.9 percent leased.
Also in November, the Company completed the redemption of its entire interest in the entertainment/retail component of the Meadowlands Xanadu development project in East Rutherford, New Jersey. The Company retained its options to develop the office and hotel components of the project. The Company agreed to relinquish its interest in the entertainment/retail component for $25 million. The Company received $22.5 million at closing, with the remaining $2.5 million due when the Company exercises the first of its options to develop the office or hotel components of the project. Upon exercise of any such development option, and the receipt of the additional $2.5 million, the Company’s interests in the office and hotel components will be 75 percent.
In December, the Company completed the sale of its remaining two office properties in San Francisco. The sales marked the exit of the Company from its western markets in accordance with its capital recycling program and portfolio strategy. The Company completed the sale of 760 Market Street and 795 Folsom Street for an aggregate price of $126 million. 760 Market Street is an 11-
story, 267,446 square-foot class A office building that is 78.0 percent leased; and 795 Folsom Street is a six-story, 183,445 square-foot class A office building that is 78.8 percent leased.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Dividends
In December, the Company’s Board of Directors declared a cash dividend of $0.64 per common share (indicating an annual rate of $2.56 per common share) for the fourth quarter 2006, which was paid on January 12, 2007 to shareholders of record as of January 4, 2007.
The Board also declared a cash dividend on its 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period October 15, 2006 through January 14, 2007. The dividend was paid on January 16, 2007 to shareholders of record as of January 4, 2007.
Equity Offering
On February 7, 2007, the Company completed an underwritten public offering of 4,650,000 shares of common stock for net proceeds of approximately $252 million. Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. were the underwriters for the offering. The net proceeds were used for repayment of debt and for general corporate purposes.
Leasing
Mack-Cali’s consolidated in-service portfolio was 92.0 percent leased at December 31, 2006, as compared to 91.4 percent leased at September 30, 2006 and 91.0 percent leased at December 31, 2005.
For the quarter ended December 31, 2006, the Company executed 167 leases totaling 1,491,516 square feet, consisting of 1,277,796 square feet of office space and 213,720 square feet of office/flex space. Of these totals, 587,117 square feet were for new leases and 904,399 square feet were for lease renewals and other tenant retention transactions.
For the year ended December 31, 2006, the Company executed 676 leases totaling 4,476,910 square feet, consisting of 3,666,770 square feet of office space, 808,790 square feet of office/flex space and 1,350 square feet of industrial/warehouse space. Of these totals, 1,691,613 square feet were for new leases and 2,785,297 square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter’s leasing transactions include:
IN NORTHERN NEW JERSEY:
| - | Merrill Lynch signed a transaction totaling 236,350 square feet at 101 Hudson Street in Jersey City, New Jersey, representing a long-term expansion of 57,839 square feet and a renewal of 178,511 square feet. 101 Hudson Street is a 1.25 million square-foot office building that is 100 percent leased. |
| - | The Louis Berger Group, Inc., a provider of engineering consulting services, signed a new, 20-year lease to move its New Jersey headquarters to 108,332 square feet at Kemble Plaza II. Kemble Plaza II, located at 412 Mt. Kemble Avenue in Morris Township, New Jersey is a 475,100 square-foot office building and is 33.5 percent leased. |
| - | Also at 412 Mt. Kemble Avenue, United States Fire Insurance Company, an affiliate of Crum & Forster, signed a new, five-year and two-month lease for 18,736 square feet. |
| - | E*Trade Financial Corporation, a financial services provider, signed a new lease for 106,573 square feet at Harborside Financial Center, Plaza 2 for 15 years and seven months. Harborside Plaza 2 is a 761,200 square- foot office building in Jersey City, New Jersey and is 100 percent leased. |
| - | Accounting firm KPMG, LLP renewed its lease of 33,397 square feet for three years at 530 Chestnut Ridge Road in Woodcliff Lake, New Jersey. 530 Chestnut Ridge Road is a 57,204 square-foot office building and is 100 percent leased. |
| - | Drug-maker Ferring Pharmaceuticals, Inc. signed a new, 12-year and six month lease for 30,121 square feet at 4 Gatehall Drive in Parsippany, New Jersey. 4 Gatehall Drive is a 248,480 square-foot office building and is 85.4 percent leased. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
| - | HQ Global Workplaces, LLC, a provider of temporary office suites, signed a new, 11-year and six-month lease for 19,485 square feet at One Bridge Plaza. One Bridge Plaza is a 200,000 square-foot office building located in Fort Lee, New Jersey, and is 54.4 percent leased. HQ Global Workplaces also signed a new, 11-year and six-month lease for 14,160 square feet at 500 West Putnam Avenue in Greenwich, Connecticut. The 121,250 square-foot office building is 96.3 percent leased. |
| - | IXIS North America, Inc., part of the US capital markets arm of France’s Ixis Corporate & Investment Bank, expanded its presence at Harborside Financial Center Plaza 5 by 18,226 square feet for a term of 14 years and eight months. Harborside Plaza 5 is a 977,225 square-foot office building in Jersey City, New Jersey and is 97.5 percent leased. |
| - | High Point Safety and Insurance Management Corporation, an auto-insurance provider, signed a new lease for 17,850 square feet for a term of 13 years and four months at 600 Parsippany Road in Parsippany, New Jersey. The 96,000 square-foot office building is 94.7 percent leased. |
IN CENTRAL NEW JERSEY:
| - | High Point Safety and Insurance Management Corporation also signed a transaction totaling 98,508 square feet at One River Centre, Building 3 in Middletown, New Jersey, consisting of a renewal of 88,237 square feet for five years and an expansion of 10,271 square feet for 13 years. One River Centre, Building 3 is a 194,518 square-foot office building and is 100 percent leased. |
| - | Norris McLaughlin & Marcus, P.A., a law firm, signed for a total of 86,913 square feet at Mack-Cali Bridgewater, representing an expansion of 5,702 square feet for nine years and 10 months and an extension of 81,211 square feet for two years. Mack-Cali Bridgewater is a 192,741 square-foot office building, located at 721 Route 202/206 in Bridgewater, New Jersey, and is 97 percent leased. |
| - | Also at Mack-Cali Bridgewater, Allstate Insurance Company signed a renewal of 53,983 square feet for 10 years. |
| - | Right Answers, Inc., a help desk software developer, signed a new five-year lease for 13,145 square feet at 11 Commerce Drive in Cranford, New Jersey. 11 Commerce Drive is a 90,000 square-foot office building and is 92.7 percent leased. |
IN WESTCHESTER COUNTY, NEW YORK:
| - | Singer Holding Corporation, a home heating oil supplier, renewed its lease of 15,000 square feet for two years at 500 Executive Boulevard in Elmsford, New York. 500 Executive Boulevard is a 41,600 square foot office/flex building and is 100 percent leased. |
| - | Matrix Absence Management, Inc., a provider of customized management of employers’ disability, workers’ compensation and family leave programs, renewed its lease of 14,126 square feet at 7 Skyline Drive in Hawthorne, New York for three years and two months. 7 Skyline Drive is a 109,000 square-foot office building and is 95.3 percent leased. |
| - | Konica Minolta Business Solutions USA, Inc., a document imaging products provider, signed a new 10-year lease for 11,650 square feet at 200 White Plains Road in Tarrytown, New York. The 89,000 square foot office building is 97.9 percent leased. |
| - | Starwood Hotel & Resorts signed a two-year renewal of its lease for 10,275 square feet at 5 Skyline Drive in Hawthorne, New York. 5 Skyline Drive is a 124,022 square-foot office/flex building and is 100 percent leased. |
IN SUBURBAN PHILADELPHIA:
| - | Otis Elevator Company, a subsidiary of United Technologies Corporation, relocated within Moorestown West Corporate Center, leasing 16,600 square feet at 30 Twosome Drive in Moorestown, New Jersey for 10 years. 30 Twosome Drive is a 39,675 square foot office/flex building which is 100 percent leased. |
| - | Morison Cogen, LLP, an accounting and business consulting firm, renewed its lease for 13,750 square feet at 150 Monument Road in Bala Cynwyd, Pennsylvania for seven years and eight months. 150 Monument Road is a 125,783 square-foot office building which is 98.4 percent leased. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Information About FFO
Funds from operations (“FFO”) is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs. FFO per share should not be considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables on page 28.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Key Financial Data
As of or for the three months ended
| | 12/31/06 | 9/30/06 | 6/30/06 | 3/31/06 | 12/31/05 |
Shares and Units: | | | | | |
| Common Shares Outstanding | 62,925,191 | 62,551,206 | 62,360,388 | 62,230,447 | 62,019,646 |
| Common Units Outstanding (a) | 15,342,283 | 15,595,825 | 15,681,625 | 15,558,056 | 13,650,439 |
| Combined Shares and Units | 78,267,474 | 78,147,031 | 78,042,013 | 77,788,503 | 75,670,085 |
| Preferred Shares Outstanding | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
| Weighted Average- Basic (b) | 78,026,613 | 77,944,623 | 77,780,362 | 76,317,652 | 75,414,000 |
| Weighted Average- Diluted (c) | 78,409,851 | 78,258,441 | 78,067,030 | 76,641,973 | 75,798,543 |
Common Share Price ($’s): | | | | | |
| At the end of the period | 51.00 | 51.80 | 45.92 | 48.00 | 43.20 |
| High during period | 55.37 | 53.66 | 47.47 | 48.37 | 44.80 |
| Low during period | 48.24 | 45.47 | 42.17 | 42.34 | 40.21 |
| | | | | | |
Market Capitalization: | | | | | |
($’s in thousands, except ratios) | | | | | |
| Market Value of Equity (d) | 4,018,758 | 4,075,120 | 3,610,858 | 3,758,848 | 3,293,948 |
| Total Debt | 2,159,959 | 2,445,837 | 2,367,609 | 2,107,760 | 2,126,181 |
| Total Market Capitalization | 6,178,717 | 6,520,957 | 5,978,467 | 5,866,608 | 5,420,129 |
Total Debt/ Total Market Capitalization | 34.96% | 37.51% | 39.60% | 35.93% | 39.23% |
| | | | | | |
Financials: | | | | | |
($’s in thousands, except ratios and per share amounts) | | | | | |
| Total Assets | 4,422,889 | 4,668,761 | 4,622,422 | 4,314,965 | 4,247,502 |
| Gross Book Value of Real Estate Assets | 4,573,587 | 4,839,677 | 4,792,269 | 4,653,867 | 4,491,752 |
| Total Liabilities | 2,412,762 | 2,698,445 | 2,626,066 | 2,316,804 | 2,335,396 |
| Total Minority Interests | 482,220 | 483,055 | 491,761 | 485,581 | 400,819 |
| Total Stockholders’ Equity | 1,527,907 | 1,487,261 | 1,504,595 | 1,512,580 | 1,511,287 |
| Total Revenues | 198,172 | 203,217 | 184,953 | 153,967 | 153,059 |
| Capitalized Interest | 1,281 | 1,719 | 1,571 | 1,487 | 1,459 |
| Scheduled Principal Payments | 4,416 | 3,912 | 4,189 | 3,842 | 4,997 |
| Interest Coverage Ratio | 2.91 | 2.87 | 3.23 | 3.57 | 3.14 |
| Fixed Charge Coverage Ratio | 2.47 | 2.45 | 2.71 | 3.00 | 2.55 |
| Net Income | 67,924 | 16,511 | 27,134 | 33,097 | 14,901 |
| Net Income Available to Common Shareholders | 67,424 | 16,011 | 26,634 | 32,597 | 14,401 |
| Earnings per Share—diluted | 1.07 | 0.26 | 0.43 | 0.52 | 0.23 |
| FFO per Share—diluted (e) | 0.87 | 0.86 | 0.95 | 1.05 | 0.86 |
| Dividends Declared per Share | 0.64 | 0.64 | 0.63 | 0.63 | 0.63 |
| FFO Payout Ratio—diluted (e) | 73.58% | 74.64% | 66.09% | 59.78% | 73.31% |
| | | | | | |
Portfolio Size: | | | | | |
| Properties | 300 | 321 | 319 | 277 | 270 |
| Total Square Footage | 34,294,734 | 36,066,424 | 35,826,085 | 30,874,247 | 30,031,989 |
| Sq. Ft. Leased at End of Period (f) (g) | 92.0% | 91.4% | 90.7% | 90.4% | 91.0% |
| | | | | | |
| (a) | Includes any outstanding preferred units presented on a converted basis into common units. |
| (b) | Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares. |
| (c) | Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants). |
| (d) | Includes any outstanding preferred units presented on a converted basis into common units and minority interests in partially-owned properties. |
| (e) | Funds from Operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 12. |
| (f) | Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 2006, a lease with commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases that expire at the period end date. |
| (g) | Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any). |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Same Store Results and Analysis
(dollars in thousands)
| | | For the three months ended December 31, | | | | % | |
| | | 2006 | | 2005 | | Change | | Change | |
| | | | | | | | | | |
| Total Property Revenues | | $ | 151,429 | | $ | 149,984 | | $ | 1,445 | | | 1.0 | |
| | | | | | | | | | | | | | |
| Real Estate Taxes | | | 20,655 | | | 20,359 | | | 296 | | | 1.5 | |
| Utilities | | | 12,896 | | | 13,753 | | | (857 | ) | | (6.2 | ) |
| Operating Services | | | 21,463 | | | 22,215 | | | (752 | ) | | (3.4 | ) |
| Total Property Expenses: | | | 55,014 | | | 56,327 | | | (1,313 | ) | | (2.3 | ) |
| | | | | | | | | | | | | | |
| GAAP Net Operating Income | | | 96,415 | | | 93,657 | | | 2,758 | | | 2.9 | |
| | | | | | | | | | | | | | |
| Less: straight-lining of rents adj. | | | 1,567 | | | 3,831 | | | (2,264 | ) | | (59.1 | ) |
| | | | | | | | | | | | | | |
| Net Operating Income | | $ | 94,848 | | $ | 89,826 | | $ | 5,022 | | | 5.6 | |
| | | | | | | | | | | | | | |
Percentage Leased at Period End | | | 92.2% | | | 90.9% | | | | | | | |
| | | | | | | | | | | | | | |
| Total Properties: | | | 244 | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Total Square Footage: | | | 27,405,143 | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | For the year ended December 31, | | | | % | |
| | | 2006 | | 2005 | | Change | | Change | |
| | | | | | | | | | |
| Total Property Revenues | | $ | 565,396 | | $ | 551,885 | | $ | 13,511 | | | 2.4 | |
| | | | | | | | | | | | | | |
| Real Estate Taxes | | | 78,015 | | | 72,786 | | | 5,229 | | | 7.2 | |
| Utilities | | | 53,899 | | | 50,243 | | | 3,656 | | | 7.3 | |
| Operating Services | | | 76,107 | | | 73,571 | | | 2,536 | | | 3.4 | |
| Total Property Expenses: | | | 208,021 | | | 196,600 | | | 11,421 | | | 5.8 | |
| | | | | | | | | | | | | | |
| GAAP Net Operating Income | | | 357,375 | | | 355,285 | | | 2,090 | | | 0.6 | |
| | | | | | | | | | | | | | |
| Less: straight-lining of rents adj. | | | 12,847 | | | 9,269 | | | 3,578 | | | 38.6 | |
| | | | | | | | | | | | | | |
| Net Operating Income | | $ | 344,528 | | $ | 346,016 | | $ | (1,488 | ) | | (0.4 | ) |
| | | | | | | | | | | | | | |
Percentage Leased at Period End | | | 91.8% | | | 90.4% | | | | | | | |
| | | | | | | | | | | | | | |
| Total Properties: | | | 238 | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Total Square Footage: | | | 25,572,892 | | | | | | | | | | |
| | | | | | | | | | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Unconsolidated Joint Ventures Summary
Breakdown of Unconsolidated Joint Ventures
Joint Venture Name | Property | Number of Buildings | Location | Percent Leased | Square Feet | Company’s Effective Ownership % |
Office Properties: | | | | | | |
| Red Bank Corporate Plaza | Red Bank Corporate Plaza (a) | 1 | Red Bank, NJ | 100.0% | 92,878 | 50.0% |
| Mack-Green-Gale | Bellemead Portfolio | 25 | New Jersey/Michigan | 81.7% | 3,446,596 | 50.0% |
| Route 93 Ventures | Route 495 North Sub Market | 7 | Boston Suburbs, MA | 51.6% | 666,697 | 25.0% |
| Gale Kimball L.L.C. | 100 Kimball Drive (b) | 1 | Parsippany, NJ | -- | 175,000 | 8.33% |
| 12 Vreeland Realty L.L.C. | 12 Vreeland Road | 1 | Florham Park, NJ | 100.0% | 139,750 | 50.0% |
| | | | | | | |
Office/Flex Properties: | | | | | | |
| Ramland Realty Associates, L.L.C. | One Ramland Road | 1 | Orangeburg, NY | 65.9% | 232,000 | 50.0% |
| | | | | | | |
Mixed-Use: | | | | | | |
| GE/Gale Funding L.L.C. | Princeton Forrestal Village | n/a | Princeton, NJ | 89.1% | 527,015 | 10.0% |
| | | | | | | |
Hotel: | | | | | | |
| Harborside South Pier | Hyatt Regency Jersey City on the Hudson | 1 | Jersey City, NJ | n/a | 350 rooms | 50.0% |
| | | | | | | |
Land: | | | | | | |
| Plaza VIII and IX Associates, L.L.C. | Vacant land/parking | n/a | Jersey City, NJ | n/a | n/a | 50.0% |
| 55 Corporate Partners L.L.C. | Condominium Interest Vacant Land | n/a | Bridgewater, NJ | n/a | n/a | 50.0% |
| Red Bank Corporate Plaza II | Vacant Land | n/a | Red Bank, NJ | n/a | n/a | 50.0% |
| (a) | The Company is developing a 92,878 square foot fully-leased office building for the venture. |
| (b) | The Venture is developing a 175,000 square foot office building. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Unconsolidated Joint Venture Financial Information
The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2006 and December 31, 2005 (dollars in thousands):
December 31, 2006 | |
| | | Meadowlands Xanadu | | G&G Martco | | Plaza VIII & IX Associates | | Ramland Realty | | Harborside South Pier | | Red Bank Corporate Plaza | | Mack- Green- Gale | | Princeton Forrestal Village | | Route 93 Portfolio | | Gale Kimball | | 55 Corporate | | 12 Vreeland | | Boston-Filenes | | NKFGMS Owners LLC | | Combined Total | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Rental property, net | | | -- | | | -- | | $ | 11,404 | | $ | 12,029 | | $ | 69,302 | | $ | 12,462 | | $ | 480,905 | | $ | 39,549 | | $ | 54,620 | | $ | 26,601 | | $ | 8,500 | | $ | 8,221 | | | -- | | $ | 239 | | $ | 723,832 | |
| Other assets | | | -- | | | -- | | | 1,408 | | | 950 | | | 11,485 | | | 3,309 | | | 75,392 | | | 25,015 | | | 7,189 | | | 654 | | | -- | | | 909 | | $ | 10,500 | | | 2,638 | | | 139,449 | |
| Total assets | | | -- | | | -- | | $ | 12,812 | | $ | 12,979 | | $ | 80,787 | | $ | 15,771 | | $ | 556,297 | | $ | 64,564 | | $ | 61,809 | | $ | 27,255 | | $ | 8,500 | | $ | 9,130 | | $ | 10,500 | | $ | 2,877 | | $ | 863,281 | |
Liabilities and partners’/members’ capital (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mortgages, loans payable and other obligations | | | -- | | | -- | | | -- | | $ | 14,936 | | $ | 77,217 | | $ | 8,673 | | $ | 358,063 | | $ | 47,761 | | $ | 39,435 | | $ | 15,350 | | | -- | | $ | 10,253 | | | -- | | | -- | | $ | 571,688 | |
| Other liabilities | | | -- | | | -- | | $ | 532 | | | 254 | | | 1,045 | | | 8 | | | 39,525 | | | 6,553 | | | 836 | | | -- | | | -- | | | -- | | | -- | | $ | 1,329 | | | 50,082 | |
| Partners’/members’ capital (deficit): | | | -- | | | -- | | | 12,280 | | | (2,211 | ) | | 2,525 | | | 7,090 | | | 158,709 | | | 10,250 | | | 21,538 | | | 11,905 | | $ | 8,500 | | | (1,123 | ) | $ | 10,500 | | | 1,548 | | | 241,511 | |
| Total liabilities and partners’/members’ capital (deficit): | | | -- | | | -- | | $ | 12,812 | | $ | 12,979 | | $ | 80,787 | | $ | 15,771 | | $ | 556,297 | | $ | 64,564 | | $ | 61,809 | | $ | 27,255 | | $ | 8,500 | | $ | 9,130 | | $ | 10,500 | | $ | 2,877 | | $ | 863,281 | |
| Company’s investment in unconsolidated | | | -- | | | -- | | $ | 6,060 | | | -- | | | -- | | $ | 3,647 | | $ | 119,061 | | $ | 2,560 | | $ | 6,669 | | $ | 1,024 | | $ | 8,500 | | $ | 7,130 | | $ | 5,250 | | $ | 400 | | $ | 160,301 | |
December 31, 2005 | |
| | | Meadowlands Xanadu | | G&G Martco | | Plaza VIII & IX Associates | | Ramland Realty | | Harborside South Pier | | Red Bank Corporate Plaza | | Mack- Green- Gale | | Princeton Forrestal Village | | Route 93 Portfolio | | Gale Kimball | | 55 Corporate | | 12 Vreeland | | Boston-Filenes | | NKFGMS Owners LLC | | Combined Total | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Rental property, net | | $ | 390,488 | | $ | 10,628 | | $ | 12,024 | | $ | 12,511 | | $ | 74,466 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 500,117 | |
| Other assets | | | 171,029 | | | 6,427 | | | 1,661 | | | 1,188 | | | 11,393 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 191,698 | |
| Total assets | | $ | 561,517 | | $ | 17,055 | | $ | 13,685 | | $ | 13,699 | | $ | 85,859 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 691,815 | |
Liabilities and partners’/members’ capital (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mortgages, loans payable and other obligations | | | -- | | $ | 46,588 | | | -- | | $ | 14,936 | | $ | 56,970 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 118,494 | |
| Other liabilities | | $ | 60,447 | | | 876 | | $ | 1,358 | | | 220 | | | 4,341 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 67,242 | |
| Partners’/members’ capital (deficit): | | | 501,070 | | | (30,409 | ) | | 12,327 | | | (1,457 | ) | | 24,548 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 506,079 | |
| Total liabilities and partners’/members’ capital (deficit): | | $ | 561,517 | | $ | 17,055 | | $ | 13,685 | | $ | 13,699 | | $ | 85,859 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 691,815 | |
| Company’s investment in unconsolidated | | $ | 34,640 | | $ | 6,438 | | $ | 6,084 | | | -- | | $ | 14,976 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 62,138 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended December 31, 2006 and 2005 (dollars in thousands):
Three Months Ended December 31, 2006 | |
| | | Meadowlands Xanadu | | G&G Martco | | Plaza VIII & IX Associates | | Ramland Realty | | Harborside South Pier | | Red Bank Corporate Plaza | | Mack- Green-Gale | | Princeton Forrestal Village | | Route 93 Portfolio | | Gale Kimball | | 55 Corporate | | 12 Vreeland | | Combined Total | |
| Total revenues | | | -- | | $ | 640 | | $ | 266 | | $ | 625 | | $ | 11,739 | | $ | 15 | | $ | 20,204 | | $ | 2,319 | | $ | 1,081 | | | -- | | | -- | | $ | 1,946 | | $ | 38,835 | |
| Operating and other expenses | | | -- | | | 177 | | | (36 | ) | | (400 | ) | | (6,882 | ) | | -- | | | (8,269 | ) | | (1,422 | ) | | (655 | ) | | -- | | | -- | | | (12 | ) | | (17,499 | ) |
| Depreciation and amortization | | | -- | | | (141 | ) | | (154 | ) | | (294 | ) | | (1,484 | ) | | -- | | | (11,910 | ) | | (767 | ) | | (346 | ) | | -- | | | -- | | | (323 | ) | | (15,419 | ) |
| Interest expense | | | -- | | | (137 | ) | | -- | | | (273 | ) | | (1,212 | ) | | -- | | | (6,898 | ) | | (881 | ) | | (888 | ) | | -- | | | -- | | | (755 | ) | | (11,044 | ) |
Net income | | | -- | | $ | 539 | | $ | 76 | | $ | (342 | ) | $ | 2,161 | | $ | 15 | | $ | (6,873 | ) | $ | (751 | ) | $ | (808 | ) | | -- | | | -- | | $ | 856 | | $ | (5,127 | ) |
| Company’s equity in earnings (loss) of unconsolidated joint ventures | | | -- | | $ | (200 | ) | $ | 38 | | | -- | | $ | 1,080 | | | -- | | $ | (935 | ) | $ | (158 | ) | $ | (202 | ) | | -- | | | -- | | $ | 177 | | $ | (200 | ) |
Three Months Ended December 31, 2005 | |
| | | Meadowlands Xanadu | | G&G Martco | | Plaza VIII & IX Associates | | Ramland Realty | | Harborside South Pier | | Red Bank Corporate Plaza | | Mack- Green-Gale | | Princeton Forrestal Village | | Route 93 Portfolio | | Gale Kimball | | 55 Corporate | | 12 Vreeland | | Combined Total | |
| Total revenues | | | -- | | $ | 1,821 | | $ | 174 | | $ | 509 | | $ | 10,169 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 12,673 | |
| Operating and other expenses | | | -- | | | (976 | ) | | (36 | ) | | (361 | ) | | (6,474 | ) | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (7,847 | ) |
| Depreciation and amortization | | | -- | | | (344 | ) | | (154 | ) | | (160 | ) | | (1,300 | ) | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (1,958 | ) |
| Interest expense | | | -- | | | (678 | ) | | -- | | | (219 | ) | | (1,107 | ) | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (2,004 | ) |
Net income | | | -- | | $ | (177 | ) | $ | (16 | ) | $ | (231 | ) | $ | 1,288 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 864 | |
| Company’s equity in earnings (loss) of unconsolidated joint ventures | | | -- | | $ | (939 | ) | $ | (9 | ) | | -- | | $ | 644 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | (304 | ) |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2006 and 2005 (dollars in thousands):
Year Ended December 31, 2006 | |
| | | Meadowlands Xanadu | | G&G Martco | | Plaza VIII & IX Associates | | Ramland Realty | | Ashford Loop | | Harborside South Pier | | Red Bank Corporate Plaza | | Mack- Green- Gale | | Princeton Forrestal Village | | Route 93 Portfolio | | Gale Kimball | | 55 Corporate | | 12 Vreeland | | Combined Total | |
| Total revenues | | | -- | | $ | 5,990 | | $ | 755 | | $ | 2,158 | | | -- | | $ | 39,268 | | $ | 15 | | $ | 44,121 | | $ | 8,904 | | $ | 3,609 | | $ | 4 | | | -- | | $ | 2,102 | | $ | 106,926 | |
Operating and other expenses | | | -- | | | (2,702 | ) | | (186 | ) | | (1,497 | ) | | -- | | | (23,533 | ) | | -- | | | (19,639 | ) | | (5,832 | ) | | (1,502 | ) | | (1 | ) | | -- | | | (76 | ) | | (54,968 | ) |
| Depreciation and amortization | | | -- | | | (1,216 | ) | | (616 | ) | | (836 | ) | | -- | | | (5,853 | ) | | -- | | | (21,129 | ) | | (2,883 | ) | | (811 | ) | | -- | | | -- | | | (352 | ) | | (33,696 | ) |
| Interest expense | | | -- | | | (2,499 | ) | | -- | | | (1,029 | ) | | -- | | | (3,962 | ) | | -- | | | (17,117 | ) | | (3,059 | ) | | (1,890 | ) | | -- | | | -- | | | (755 | ) | | (30,311 | ) |
Net income | | | -- | | $ | (427 | ) | $ | (47 | ) | $ | (1,204 | ) | | -- | | $ | 5,920 | | $ | 15 | | $ | (13,764 | ) | $ | (2,870 | ) | $ | (594 | ) | $ | 3 | | | -- | | $ | 919 | | $ | (12,049 | ) |
| Company’s equity in earnings (loss) of unconsolidated joint ventures | | $ | (1,876 | ) | $ | (930 | ) | $ | (24 | ) | $ | (225 | ) | | -- | | $ | 2,820 | | | -- | | $ | (4,945 | ) | $ | (436 | ) | $ | (148 | ) | | -- | | | -- | | $ | 208 | | $ | (5,556 | ) |
Year Ended December 31, 2005 | |
| | | Meadowlands Xanadu | | G&G Martco | | Plaza VIII & IX Associates | | Ramland Realty | | Ashford Loop | | Harborside South Pier | | Red Bank Corporate Plaza | | Mack- Green- Gale | | Princeton Forrestal Village | | Route 93 Portfolio | | Gale Kimball | | 55 Corporate | | 12 Vreeland | | Combined Total | |
| Total revenues | | | -- | | $ | 6,767 | | $ | 396 | | $ | 2,028 | | | -- | | $ | 35,198 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 44,389 | |
Operating and other expenses | | | -- | | | (3,662 | ) | | (169 | ) | | (1,407 | ) | | -- | | | (22,251 | ) | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (27,489 | ) |
| Depreciation and amortization | | | -- | | | (1,205 | ) | | (616 | ) | | (638 | ) | | -- | | | (5,778 | ) | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (8,237 | ) |
| Interest expense | | | -- | | | (2,270 | ) | | -- | | | (759 | ) | | -- | | | (4,176 | ) | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (7,205 | ) |
Net income | | | -- | | $ | (370 | ) | $ | (389 | ) | $ | (776 | ) | | -- | | $ | 2,993 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 1,458 | |
| Company’s equity in earnings (loss) of unconsolidated joint ventures | | | -- | | $ | (1,219 | ) | $ | (196 | ) | | -- | | $ | (30 | ) | $ | 1,693 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | $ | 248 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Select Financial Ratios
| | | |
Ratios Computed For Industry | December 31, | |
Comparisons: | 2006 | 2005 | | | |
Financial Position Ratios: | | | | | |
Total Debt/ Total Book Capitalization (Book value) (%) | 48.84% | 50.06% |
| | | |
Total Debt/ Total Market Capitalization (Market value) (%) | 34.96% | 39.23% |
| | | |
Total Debt/ Total Undepreciated Assets (%) | 41.38% | 42.78% |
| | | |
Secured Debt/ Total Undepreciated Assets (%) | 6.60% | 8.36% |
| | | | | | |
| | | | | | |
| | | | | | |
| | Three Months Ended December 31, | | Year Months Ended December 31, |
| | 2006 | 2005 | | 2006 | 2005 |
Operational Ratios: | | | | | |
Interest Coverage (Funds from Operations+Interest Expense)/Interest Expense (x) | 2.91 | 3.14 | | 3.13 | 3.27 |
| | | | | | |
Debt Service Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Principal Amort.) (x) | 2.59 | 2.70 | | 2.80 | 2.80 |
| | | | | | |
Fixed Charge Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Capitalized Interest+Pref. Div. +Prin. Amort.+Ground Lease Payments)(x) | 2.47 | 2.55 | | 2.65 | 2.58 |
| | | | | | |
FFO Payout (Dividends Declared/Funds from Operations) (%) | 73.58% | 73.31% | | 68.12% | 70.58% |
| | | | | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Debt Analysis
(as of December 31, 2006)
Debt Breakdown
(dollars in thousands)
| | | | | |
| | Balance | % of Total | Weighted Average Interest Rate (a) | Weighted Average Maturity in Years |
| Fixed Rate Unsecured Notes | $1,670,225 | 77.33% | 6.28% | 5.29 |
| Fixed Rate Secured Debt and Other Obligations | 344,734 | 15.96% | 5.43% | 5.11 |
| Variable Rate Unsecured Debt | 145,000 | 6.71% | 5.76% | 2.90 |
Totals/Weighted Average: | $2,159,959 | 100.00% | 6.11% | 5.10 |
Future Repayments
(dollars in thousands)
| | | | | |
Period | Scheduled Amortization | Principal Maturities | Total | Weighted Average Interest Rate of Future Repayments (a) |
| 2007 | $19,126 | $15,152 | $34,278 | 5.67% |
| 2008 | 17,971 | 12,563 | 30,534 | 5.25% |
| 2009 | 10,100 | 445,000 | 455,100 | 6.89% |
| 2010 | 2,795 | 334,500 | 337,295 | 5.26% |
| 2011 | 3,580 | 300,000 | 303,580 | 7.91% |
| Thereafter | 11,685 | 993,091 | 1,004,776 | 5.57% |
| Sub-total | 65,257 | 2,100,306 | 2,165,563 | 6.11% |
Adjustment for unamortized debt discount/premium, net, as of December 31, 2006 | (5,604) | -- | (5,604) | -- |
Totals/Weighted Average: | $59,653 | $2,100,306 | $2,159,959 | 6.11% |
| (a) | Actual weighted average LIBOR contract rates relating to the Company’s outstanding debt as of December 31, 2006 of 5.35 percent was used in calculating revolving credit facility. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Debt Maturities
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2007 | | 2008 | | 2009 | | 2010 | | 2011 | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 | | 2018 | | TOTALS | |
Secured Debt: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mack-Cali Airport | | $ | 9,365 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 9,365 | |
| 6303 Ivy Lane | | | 5,788 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,788 | |
| 6404 Ivy Lane | | | | | $ | 12,563 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,563 | |
| Prudential Portfolio | | | | | | | | | | | $ | 150,000 | | | | | | | | | | | | | | | | | | | | | | | | 150,000 | |
| 105 Challenger | | | | | | | | | | | | 19,500 | | | | | | | | | | | | | | | | | | | | | | | | 19,500 | |
| 2200 Renaissance Boulevard | | | | | | | | | | | | | | | | | $ | 15,234 | | | | | | | | | | | | | | | | | | 15,234 | |
| Soundview Plaza | | | | | | | | | | | | | | | | | | | | $ | 14,889 | | | | | | | | | | | | | | | 14,889 | |
| 9200 Edmonston Road | | | | | | | | | | | | | | | | | | | | | 4,229 | | | | | | | | | | | | | | | 4,229 | |
| 6305 Ivy Lane | | | | | | | | | | | | | | | | | | | | | | | $ | 5,707 | | | | | | | | | | | | 5,707 | |
| 6301 Ivy Lane | | | | | | | | | | | | | | | | | | | | | | | | 5,301 | | | | | | | | | | | | 5,301 | |
| 35 Waterview | | | | | | | | | | | | | | | | | | | | | | | | 18,184 | | | | | | | | | | | | 18,184 | |
| 395 West Passaic | | | | | | | | | | | | | | | | | | | | | | | | 9,636 | | | | | | | | | | | | 9,636 | |
| 500 West Putnam Avenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 22,325 | | | | | | 22,325 | |
| 23 Main Street | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 26,566 | | | 26,566 | |
Total Secured Debt: | | $ | 15,153 | | $ | 12,563 | | | -- | | $ | 169,500 | | | -- | | $ | 15,234 | | $ | 19,118 | | $ | 38,828 | | | -- | | $ | 22,325 | | $ | 26,566 | | $ | 319,287 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unsecured Debt: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unsecured credit facility | | | | | | | | $ | 145,000 | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 145,000 | |
7.250% unsecured notes due 3/09 | | | | | | | | | 300,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | 300,000 | |
5.050% unsecured notes due 4/10 | | | | | | | | | | | $ | 150,000 | | | | | | | | | | | | | | | | | | | | | | | | 150,000 | |
7.835% unsecured notes due 12/10 | | | | | | | | | | | | 15,000 | | | | | | | | | | | | | | | | | | | | | | | | 15,000 | |
7.750% unsecured notes due 2/11 | | | | | | | | | | | | | | $ | 300,000 | | | | | | | | | | | | | | | | | | | | | 300,000 | |
5.250% unsecured notes due 1/12 | | | | | | | | | | | | | | | | | $ | 100,000 | | | | | | | | | | | | | | | | | | 100,000 | |
6.150% unsecured notes due 12/12 | | | | | | | | | | | | | | | | | | 94,914 | | | | | | | | | | | | | | | | | | 94,914 | |
5.820% unsecured notes due 3/13 | | | | | | | | | | | | | | | | | | | | $ | 26,105 | | | | | | | | | | | | | | | 26,105 | |
4.600% unsecured notes due 6/13 | | | | | | | | | | | | | | | | | | | | | 100,000 | | | | | | | | | | | | | | | 100,000 | |
5.125% unsecured notes due 2/14 | | | | | | | | | | | | | | | | | | | | | | | $ | 200,000 | | | | | | | | | | | | 200,000 | |
5.125% unsecured notes due 1/15 | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 150,000 | | | | | | | | | 150,000 | |
5.80% unsecured notes due 1/16 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 200,000 | | | | | | 200,000 | |
Total Unsecured Debt: | | | -- | | | -- | | $ | 445,000 | | $ | 165,000 | | $ | 300,000 | | $ | 194,914 | | $ | 126,105 | | $ | 200,000 | | $ | 150,000 | | $ | 200,000 | | | -- | | $ | 1,781,019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Debt: | | $ | 15,153 | | $ | 12,563 | | $ | 445,000 | | $ | 334,500 | | $ | 300,000 | | $ | 210,148 | | $ | 145,223 | | $ | 238,828 | | $ | 150,000 | | $ | 222,325 | | $ | 26,566 | | $ | 2,100,306 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Debt Detail
(dollars in thousands)
| | | Effective | Principal Balance at | |
Property Name | Lender | Interest Rate | December 31, 2006 | December 31, 2005 | Date of Maturity | |
Senior Unsecured Notes: (a) | | | | | |
| 7.250%, $300,000 Face Amount Notes | public debt | 7.490% | $299,481 | $299,246 | 03/15/09 | |
| 5.050%, $150,000 Face Amount Notes | public debt | 5.265% | 149,819 | 149,765 | 04/15/10 | |
| 7.835%, $15,000 Face Amount Notes | public debt | 7.950% | 15,000 | 15,000 | 12/15/10 | |
| 7.750%, $300,000 Face Amount Notes | public debt | 7.930% | 299,295 | 299,122 | 02/15/11 | |
| 5.250%, $100,000 Face Amount Notes | public debt | 5.457% | 99,015 | -- | 01/15/12 | |
| 6.150%, $94,914 Face Amount Notes | public debt | 6.894% | 91,981 | 91,488 | 12/15/12 | |
| 5.820%, $26,105 Face Amount Notes | public debt | 6.448% | 25,420 | 25,309 | 03/15/13 | |
| 4.600%, $100,000 Face Amount Notes | public debt | 4.742% | 99,815 | 99,787 | 06/15/13 | |
| 5.125%, $200,000 Face Amount Notes | public debt | 5.110% | 201,708 | 201,948 | 02/15/14 | |
| 5.125%, $150,000 Face Amount Notes | public debt | 5.297% | 149,256 | 149,164 | 01/15/15 | |
| 5.800%, $200,000 Face Amount Notes | public debt | 5.806% | 200,692 | 99,680 | 01/15/16 | |
Total Senior Unsecured Notes: | | | $1,631,482 | $1,430,509 | |
Revolving Credit Facilities:
| 2004 Unsecured Facility (b) | 23 Lenders | Libor +0.650% | $145,000 | $227,000 | 11/23/09 | |
Total Revolving Credit Facilities: | | | $145,000 | $227,000 | | |
Property Mortgages: (c)
| Mack-Cali Airport | Allstate Life Insurance Co. | 7.050% | $9,422 | $ 9,644 | 04/01/07 | (d) |
| 6303 Ivy Lane | State Farm Life Ins. Co. | 5.567% | 6,020 | -- | 07/01/07 | (e) |
| 6404 Ivy Lane | TIAA | 5.582% | 13,665 | -- | 08/01/08 | |
| Various (f) | Prudential Insurance Co. | 4.841% | 150,000 | 150,000 | 01/15/10 | |
| 105 Challenger Road | Archon Financial CMBS | 6.235% | 18,748 | -- | 06/06/10 | |
| 2200 Renaissance Boulevard | TIAA | 5.888% | 17,819 | 18,174 | 12/01/12 | |
| Soundview Plaza | TIAA | 6.015% | 18,013 | 18,427 | 01/01/13 | |
| 9200 Edmonston Road | Principal Commercial Funding, L.L.C. | 5.534% | 5,232 | -- | 05/01/13 | |
| 6305 Ivy Lane | John Hancock Life Ins. Co. | 5.525% | 7,285 | -- | 01/01/14 | |
| 395 West Passaic | State Farm Life Ins. Co. | 6.004% | 12,996 | -- | 05/01/14 | |
| 6301 Ivy Lane | John Hancock Life Ins. Co. | 5.520% | 6,821 | -- | 07/01/14 | |
| 35 Waterview | Wachovia CMBS | 6.348% | 20,318 | -- | 08/11/14 | |
| 500 West Putnam Avenue | New York Life Ins. Co. | 5.571% | 25,000 | 25,000 | 01/10/16 | |
| 23 Main Street | JP Morgan CMBS | 5.587% | 33,396 | 33,500 | 09/01/18 | |
| Assumed Obligations | n/a | 4.904% | 38,742 | 53,241 | 05/01/09 | (g) |
| Harborside - Plazas 2 and 3 | Northwestern/Principal | -- | -- | 144,642 | -- | (h) |
| Monmouth Executive Center | La Salle Brothers CMBS | -- | -- | 16,044 | -- | (i) |
| 6406 Ivy Lane | Morgan Stanley Guaranty Trust Co. | -- | -- | -- | -- | (j) |
Total Mortgages, Loans Payable and Other Obligations: | | $383,477 | $468,672 | |
Total Debt: | | | $2,159,959 | $2,126,181 | |
| (a) | Interest rate for unsecured notes reflects effective rate of debt, including cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount on the notes, as applicable. |
| (b) | Total borrowing capacity under this facility is $600 million. |
| (c) | Effective interest rate for mortgages, loans payable and other obligations reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs and other transaction costs, as applicable. |
| (d) | On February 5, 2007, the Company repaid this mortgage loan at par, using available cash. |
| (e) | On February 15, 2007, the Company repaid this mortgage loan at par, using available cash. |
| (f) | Mortgage is collateralized by seven properties. |
| (g) | The obligations mature at various times through May 2009. |
| (h) | On January 3, 2006, the Company paid off this mortgage loan through borrowings on the Company’s revolving credit facility. |
| (i) | Mortgage was collateralized by three properties. On August 1, 2006, the Company repaid this mortgage loan at par, using borrowings under the Company’s revolving credit facility. |
| (j) | On December 1, 2006, the Company repaid this mortgage loan at par, using borrowings under the Company’s revolving credit facility. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
| |
Three Months Ended December 31, | Year Ended December 31, |
Revenues | 2006 |
2005 |
2006 |
2005 |
| Base rents |
$ 137,881 |
$ 127,943 |
$ 544,870 |
$ 508,227 |
| Escalations and recoveries from tenants | 21,182 | 20,773 | 91,044 | 77,900 |
| Construction services | 19,939 | -- | 56,225 | -- |
| Real estate services | 12,030 | 805 | 31,045 | 2,917 |
| Other income | 7,140 | 3,538 | 17,125 | 11,087 |
Total revenues | 198,172 | 153,059 | 740,309 | 600,131 |
| | | | | |
Expenses | | | | |
| Real estate taxes | 21,721 | 20,362 | 86,612 | 77,252 |
| Utilities | 13,699 | 13,753 | 60,487 | 52,401 |
| Operating services | 24,673 | 21,017 | 91,013 | 80,820 |
| Direct construction costs | 18,454 | -- | 53,602 | -- |
| Real estate services, salaries, wages and other costs | 7,780 | -- | 18,600 | -- |
| General and administrative | 16,280 | 8,991 | 49,077 | 32,441 |
| Depreciation and amortization | 43,879 | 37,527 | 160,859 | 143,593 |
Total expenses | 146,486 | 101,650 | 520,250 | 386,507 |
| Operating Income | 51,686 | 51,409 | 220,059 | 213,624 |
| | | | | |
Other (Expense) Income | | | | |
| Interest expense | (35,737) | (30,418) | (136,357) | (119,337) |
| Interest and other investment income | 696 | 364 | 3,054 | 856 |
| Equity in earnings (loss) of unconsolidated joint ventures | (200) | (304) | (5,556) | 248 |
| Minority interest in consolidated joint ventures | 75 | -- | 218 | (74) |
| Gain on sale of investment in marketable securities | -- | -- | 15,060 | -- |
| Gain on sale of investment in unconsolidated joint ventures | 10,831 | -- | 10,831 | 35 |
| Gain / (loss) on sale of land and other assets | (416) | -- | (416) | -- |
| Total other (expense) income | (24,751) | (30,358) | (113,166) | (118,272) |
| Income from continuing operations before | | | | |
| Minority interest in Operating Partnership | 26,935 | 21,051 | 106,893 | 95,352 |
| Minority interest in Operating Partnership | (5,270) | (3,732) | (20,533) | (18,758) |
| Income from continuing operations | 21,665 | 17,319 | 86,360 | 76,594 |
| Discontinued operations (net of minority interest): | | | | |
| Income from discontinued operations | 2,465 | 2,129 | 10,591 | 14,468 |
Realized gains (losses) and unrealized losses on disposition of rental property, net | 43,794 | (4,547) | 47,715 | 4,426 |
| Total discontinued operations, net | 46,259 | (2,418) | 58,306 | 18,894 |
| Net income | 67,924 | 14,901 | 144,666 | 95,488 |
| Preferred stock dividends | (500) | (500) | (2,000) | (2,000) |
| Net income available to common shareholders | $67,424 | $14,401 | $142,666 | $93,488 |
| | | | | |
Basic earnings per common share: | | | | |
| Income from continuing operations | $ 0.34 | $ 0.27 | $ 1.35 | $ 1.21 |
| Discontinued operations | 0.74 | (0.04) | 0.94 | 0.31 |
| Net income available to common shareholders | $ 1.08 | $ 0.23 | $ 2.29 | $ 1.52 |
| | | | | |
Diluted earnings per common share: | | | | |
| Income from continuing operations | $ 0.34 | $ 0.27 | $ 1.35 | $ 1.20 |
| Discontinued operations | 0.73 | (0.04) | 0.93 | 0.31 |
| Net income available to common shareholders | $ 1.07 | $ 0.23 | $ 2.28 | $ 1.51 |
| | | | | |
| Dividends declared per common share | $ 0.64 | $ 0.63 | $ 2.54 | $ 2.52 |
| | | | | |
| Basic weighted average shares outstanding | 62,471 | 61,715 | 62,237 | 61,477 |
| | | | | |
| Diluted weighted average shares outstanding | 78,410 | 75,799 | 77,901 | 74,189 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts) (unaudited)
| | December 31, |
Assets | 2006 | 2005 | |
| Rental property | | |
Land and leasehold interests | $659,169 | $637,653 |
Buildings and improvements | 3,549,699 | 3,539,003 |
Tenant improvements | 356,495 | 307,664 |
Furniture, fixtures and equipment | 8,224 | 7,432 | |
| | 4,573,587 | 4,491,752 | |
| Less - accumulated depreciation and amortization | (796,793) | (722,980) | |
| Net investment in rental property | 3,776,794 | 3,768,772 | |
| Cash and cash equivalents | 101,223 | 60,397 |
| Marketable securities available for sale at fair value | -- | 50,847 |
| Investments in unconsolidated joint ventures | 160,301 | 62,138 |
| Unbilled rents receivable, net | 100,847 | 92,692 |
| Deferred charges and other assets, net | 240,637 | 197,634 |
| Restricted cash | 15,448 | 9,221 |
| Accounts receivable, net of allowance for doubtful accounts | | |
of $1,260 and $1,088 | 27,639 | 5,801 | |
| | | | |
Total assets | $4,422,889 | $4,247,502 | |
| | | | |
Liabilities and Stockholders’ Equity | | | |
| Senior unsecured notes | $1,631,482 | $1,430,509 |
| Revolving credit facility | 145,000 | 227,000 |
| Mortgages, loans payable and other obligations | 383,477 | 468,672 |
| Dividends and distributions payable | 50,591 | 48,178 |
| Accounts payable, accrued expenses and other liabilities | 122,134 | 85,481 |
| Rents received in advance and security deposits | 45,972 | 47,685 |
| Accrued interest payable | 34,106 | 27,871 | |
Total liabilities | 2,412,762 | 2,335,396 | |
| | | | |
| Minority interests: | | |
| Operating Partnership | 480,103 | 400,819 |
| Consolidated joint ventures | 2,117 | -- |
| Total minority interests | 482,220 | 400,819 | |
| Commitments and contingencies | | |
| | | |
Stockholders’ equity: | | |
| Preferred stock, $0.01 par value, 5,000,000 shares authorized, 10,000 and | | |
10,000 shares outstanding, at liquidation preference | 25,000 | 25,000 |
| Common stock, $0.01 par value, 190,000,000 shares authorized, | | |
62,925,191 and 62,019,646 shares outstanding | 629 | 620 |
| Additional paid-in capital | 1,708,053 | 1,682,141 |
| Unamortized stock compensation | -- | (6,105) |
| Dividends in excess of net earnings | (205,775) | (189,579) |
| Accumulated other comprehensive loss | -- | (790) |
| Total stockholders’ equity | 1,527,907 | 1,511,287 | |
| | | | |
Total liabilities and stockholders’ equity | $4,422,889 | $4,247,502 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Stockholders’ Equity
For the year ended December 31, 2006
(in thousands) (unaudited)
| | | Preferred Stock | | Common Stock | | Additional Paid-In | | Unamortized Stock | | Dividends in Excess of | | Accumulated Other Comprehensive | | Total Stockholders’ | |
| | | Shares | | Amount | | Shares | | Par value | | Capital | | Compensation | | Net Earnings | | Income (Loss) | | Equity | |
| Balance at January 1, 2006 | | | 10 | | $ | 25,000 | | | 62,020 | | $ | 620 | | $ | 1,682,141 | | $ | (6,105 | ) | $ | (189,579 | ) | $ | (790 | ) | $ | 1,511,287 | |
Reclassification upon the adoption of FASB No. 123 (R) | | | -- | | | -- | | | -- | | | -- | | | (6,105 | ) | | 6,105 | | | -- | | | -- | | | -- | |
Net income | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 144,666 | | | -- | | | 144,666 | |
Preferred stock dividends | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (2,000 | ) | | -- | | | (2,000 | ) |
Common stock dividends | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (158,862 | ) | | -- | | | (158,862 | ) |
Redemption of common units for common stock | | | -- | | | -- | | | 475 | | | 5 | | | 14,669 | | | -- | | | -- | | | -- | | | 14,674 | |
Shares issued under Dividend Reinvestment and Stock Purchase Plan | | | -- | | | -- | | | 5 | | | -- | | | 244 | | | -- | | | -- | | | -- | | | 244 | |
Stock options exercised | | | -- | | | -- | | | 353 | | | 3 | | | 10,442 | | | -- | | | -- | | | -- | | | 10,445 | |
Stock options expense | | | -- | | | -- | | | -- | | | -- | | | 465 | | | -- | | | -- | | | -- | | | 465 | |
Comprehensive Gain: Unrealized holding gain on marketable securities available for sale | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 15,850 | | | 15,850 | |
Directors Deferred compensation plan | | | -- | | | -- | | | -- | | | -- | | | 302 | | | -- | | | -- | | | -- | | | 302 | |
Issuance of restricted stock | | | -- | | | -- | | | 81 | | | 1 | | | -- | | | -- | | | -- | | | -- | | | 1 | |
Amortization of stock compensation | | | -- | | | -- | | | -- | | | -- | | | 5,895 | | | -- | | | -- | | | -- | | | 5,895 | |
Cancellation of restricted stock | | | -- | | | -- | | | (9 | ) | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Reclassification adjustment for realized gain included in net income | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | (15,060 | ) | | (15,060 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2006 | | | 10 | | $ | 25,000 | | | 62,925 | | $ | 629 | | $ | 1,708,053 | | $ | -- | | $ | (205,775 | ) | $ | -- | | $ | 1,527,907 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
| | | Three Months Ended December 31, | | Year Ended December 31, | |
| | | 2006 | | 2005 | | 2006 | | 2005 | |
| Net income available to common shareholders | | $ | 67,424 | | $ | 14,401 | | $ | 142,666 | | $ | 93,488 | |
| Add: Minority interest in Operating Partnership | | | 5,270 | | | 3,732 | | | 20,533 | | | 18,758 | |
| Minority interest in discontinued operations | | | 11,520 | | | (536 | ) | | 14,493 | | | 3,873 | |
| Real estate-related depreciation and amortization on continuing operations (a) | | | 49,517 | | | 38,898 | | | 176,142 | | | 147,267 | |
| Real estate-related depreciation and amortization on discontinued operations | | | 2 | | | 3,085 | | | 7,090 | | | 12,506 | |
| Deduct: Gain on sale of investment in unconsolidated joint venture | | | (10,831 | ) | | -- | | | (10,831 | ) | | (35 | ) |
| Add: Discontinued operations - Realized gains (losses) and unrealized losses on disposition of rental property, net | | | (54,700 | ) | | 5,555 | | | (59,605 | ) | | (5,523 | ) |
Funds from operations available to common shareholders (b) | | $ | 68,202 | | $ | 65,135 | | $ | 290,488 | | $ | 270,334 | |
| | | | | | | | | | | | | | |
| Diluted weighted average shares/units outstanding (c) | | | 78,410 | | | 75,799 | | | 77,901 | | | 75,719 | |
| | | | | | | | | | | | | | |
| Funds from operations per share/unit - diluted | | $ | 0.87 | | $ | 0.86 | | $ | 3.73 | | $ | 3.57 | |
| | | | | | | | | | | | | | |
| Dividend declared per common share | | $ | 0.64 | | $ | 0.63 | | $ | 2.54 | | $ | 2.52 | |
| | | | | | | | | | | | | | |
Dividend payout ratios: | | | | | | | | | | | | | |
| Funds from operations-diluted | | | 73.58 | % | | 73.31 | % | | 68.12 | % | | 70.58 | % |
| | | | | | | | | | | | | | |
Supplemental Information: | | | | | | | | | | | | | |
| Non-incremental revenue generating capital expenditures: | | | | | | | | | | | | | |
| Building improvements | | $ | 4,890 | | $ | 2,564 | | $ | 12,465 | | $ | 6,532 | |
| Tenant improvements and leasing commissions | | $ | 22,132 | | $ | 9,143 | | $ | 68,498 | | $ | 41,044 | |
| Straight-line rent adjustments (d) | | $ | 2,794 | | $ | 4,321 | | $ | 20,397 | | $ | 14,194 | |
| Amortization of (above)/below market lease intangibles, net (e) | | $ | 2,046 | | $ | 994 | | $ | 3,305 | | $ | 3,725 | |
| | | | | | | | | | | | | | |
| (a) Includes the Company’s share from unconsolidated joint ventures of $5,776 and $1,524 for the three months ended December 31, 2006 and 2005, respectively and $15,854 and $4,299 for the year ended December 31, 2006 and 2005, respectively. |
| (b) Funds from operations for both periods are calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 12. |
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (15,556 shares and 13,699 shares for the three months ended December 31, 2006 and 2005, respectively and 15,286 shares and 13,782 shares for the year ended December 31, 2006 and 2005, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 29. |
| (d) Includes the Company’s share from unconsolidated joint ventures of $1,019 and $223 for the three months ended December 31, 2006 and 2005, respectively and $3,432 and $612 for the year ended December 31, 2006 and 2005, respectively. |
| (e) Includes the Company's share from unconsolidated joint ventures of $1,197 and $0 for 2006 and 2005, respectively. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Statements of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands) (unaudited)
| | | Three Months Ended December 31, | | Year Ended December 31, | |
| | | 2006 | | 2005 | | 2006 | | 2005 | |
| Net income available to common shareholders | | $ | 1.07 | | $ | 0.23 | | $ | 2.28 | | $ | 1.51 | |
| Add: Real estate-related depreciation and amortization on continuing operations (a) | | | 0.63 | | | 0.51 | | | 2.26 | | | 1.94 | |
| Real estate-related depreciation and amortization on discontinued operations | | | -- | | | 0.04 | | | 0.09 | | | 0.17 | |
| Deduct: Gain (loss) on sale of unconsolidated joint ventures | | | (0.14 | ) | | -- | | | (0.14 | ) | | -- | |
| Deduct/Add: Discontinued Operations - Realized gains (losses) and unrealized losses on disposition of rental property, net | | | (0.70 | ) | | 0.07 | | | (0.77 | ) | | (0.07 | ) |
| Minority interest/rounding adjustment | | | 0.01 | | | 0.01 | | | 0.01 | | | 0.02 | |
Funds from operations available to common shareholders (b) | | $ | 0.87 | | $ | 0.86 | | $ | 3.73 | | $ | 3.57 | |
| | | | | | | | | | | | | | |
| Diluted weighted average shares/units outstanding (c) | | | 78,410 | | | 75,799 | | | 77,901 | | | 75,719 | |
| (a) Includes the Company’s share from unconsolidated joint ventures of $0.07 and $0.02 for the three months ended December 31, 2006 and 2005, respectively and $0.20 and $0.06 for the year ended December 31, 2006 and 2005, respectively. |
| (b) Funds from operations for both periods are calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 12. |
| (c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (15,556 shares and 13,699 shares for the three months ended December 31, 2006 and 2005, respectively and 15,286 shares and 13,782 shares for the year ended December 31, 2006 and 2005, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 29. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Reconciliation of Basic-to-Diluted Shares/Units
(in thousands)
The following schedule reconciles the Company’s basic weighted average shares outstanding to basic and diluted weighted average shares/units outstanding for the purpose of calculating FFO per share:
| | | |
| | Three Months Ended December 31, | Year Ended December 31, |
| | 2006 | 2005 | 2006 | 2005 |
| Basic weighted average shares outstanding: | 62,471 | 61,715 | 62,237 | 61,477 |
| Add: Weighted average common units | 15,556 | 13,699 | 15,286 | 12,252 |
| Basic weighted average shares/units: | 78,027 | 75,414 | 77,523 | 73,729 |
| Add: Stock options | 304 | 331 | 310 | 401 |
| Restricted Stock Awards | 79 | 54 | 68 | 59 |
| Stock warrants | -- | -- | -- | -- |
| Diluted weighted average shares outstanding: | 78,410 | 75,799 | 77,901 | 74,189 |
Add: Weighted average preferred units (after conversion to common units) | -- | -- | -- | 1,530 |
Diluted weighted average shares/units outstanding: | 78,410 | 75,799 | 77,901 | 75,719 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
IV. VALUE CREATION PIPELINE
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
IV. VALUE CREATION PIPELINE
Operating Property Acquisitions
(dollars in thousands)
For the year ended December 31, 2006
| | | | | | |
Acquisition Date | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Investment by Company (a) |
Office: | | | | | |
| 02/28/06 | Capital Office Park (b) | Greenbelt, Prince George’s County, MD | 7 | 842,258 | $166,011 |
| 05/09/06 | 35 Waterview Boulevard (c) (d) | Parsippany, Morris County, NJ | 1 | 172,498 | 33,586 |
| 05/09/06 | 105 Challenger Road (c) (e) | Ridgefield Park, Bergen County, NJ | 1 | 150,050 | 34,960 |
| 05/09/06 | 343 Thornall Street (c) (f) | Edison, Middlesex County, NJ | 1 | 195,709 | 46,193 |
| 07/31/06 | 395 W. Passaic Street (g) | Rochelle Park, Bergen County, NJ | 1 | 100,589 | 22,219 |
Total Property Acquisitions: | | | 11 | 1,461,104 | $302,969 |
For the year ended December 31, 2005
| | | | | | |
Acquisition Date | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Investment by Company |
Office: | | | | | |
| 03/02/05 | 101 Hudson Street (f) | Jersey City, Hudson County, NJ | 1 | 1,246,283 | $330,302 |
| 03/29/05 | 23 Main Street (f) (h) | Holmdel, Monmouth County, NJ | 1 | 350,000 | 23,948 |
| 07/12/05 | Monmouth Executive Center (i) | Freehold, Monmouth County, NJ | 4 | 235,968 | 33,561 |
Total Property Acquisitions: | | | 6 | 1,832,251 | $387,811 |
| (a) | Amounts are as of December 31, 2006. |
| (b) | This transaction was funded primarily through the assumption of $63.2 million of mortgage debt and the issuance of 1.9 million common operating partnership units valued at $87.2 million. |
| (c) | The property was acquired as part of the Gale/Green Transactions. |
| (d) | Transaction was funded primarily through borrowing on the Company’s revolving credit facility and the assumption of $20.4 million of mortgage debt. |
| (e) | Transaction was funded primarily through borrowing on the Company’s revolving credit facility and the assumption of $19.5 million of mortgage debt. |
| (f) | Transaction was funded primarily through borrowing on the Company’s revolving credit facility. |
| (g) | Transaction was funded primarily through borrowing on the Company’s revolving credit facility and the assumption of $13.1 million of mortgage debt. |
| (h) | In addition to its initial investment, the Company intends to make additional investments related to the property of approximately $12,122, of which the Company has incurred $9,511 through December 31, 2006. |
| (i) | Transaction was funded primarily through cash on hand and assumption of mortgage debt. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Summary of Construction Projects
(dollars in thousands)
| | | | | | | | | |
Project | Location | Type of Space | Estimated Placed in Service Date | Number Of Buildings | Square Feet | Costs Incurred Through 12/31/06 | Total Estimated Costs | Current % Leased |
Majority Owned: | | | | | | | | |
| AAA Operations Center | Hamilton, NJ | Office | 2007-1Q | 1 | 120,000 | $15,694 | $19,200 | 100.0% |
Sub-total: | | | | 1 | 120,000 | 15,694 | 19,200 | 100.0% |
| | | | | | | | | |
Unconsolidated Joint Ventures: | | | | | | | | |
| Red Bank Corporate Plaza | Red Bank, NJ | Office | 2007-3Q | 1 | 92,878 | 12,462 | 27,050 | 100.0% |
| 100 Kimball | Parsippany, NJ | Office | 2007-1Q | 1 | 175,000 | 26,601 | 27,000 | -- |
Sub-total: | | | | 2 | 267,878 | 39,063 | 54,050 | 34.7% |
Grand Total: | | | | 3 | 387,878 | $54,757 | $73,250 | 54.9% |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Summary of Land Parcels
Site | Town/City | State | Acres | Development Potential (Sq. Ft.) | Type of Space |
| 55 Corporate Drive (a) | Bridgewater | NJ | 30.0 | 200,000 | Office |
| Horizon Center | Hamilton | NJ | 5.3 | 68,000 | Office/Flex/Retail |
| Plaza VIII and IX Associates, L.L.C. (a) | Jersey City | NJ | 3.6 | 1,225,000 | Office |
| Harborside Financial Center (b) | Jersey City | NJ | 6.5 | 3,113,500 | Office |
| One Newark Center (a) | Newark | NJ | 1.0 | 400,000 | Office |
| Mack-Cali Business Campus | Parsippany & Hanover | NJ | 110.0 | 1,350,000 | Office |
| 3 Campus Drive | Parsippany | NJ | 10.0 | 124,000 | Office |
| Red Bank Corporate Plaza II (a) | Red Bank | NJ | 1.0 | 18,563 | Office |
| Commercenter | Totowa | NJ | 5.8 | 30,000 | Office/Flex |
| Princeton Metro | West Windsor | NJ | 10.0 | 97,000 | Office |
| Princeton Overlook II | West Windsor | NJ | 10.0 | 149,500 | Office |
| Mack-Cali Princeton Executive Park | West Windsor | NJ | 59.9 | 760,000 | Office/Hotel |
| Meadowlands Xanadu (a) | East Rutherford | NJ | 13.8 | 1,760,000 | Office |
| Meadowlands Xanadu (a) | East Rutherford | NJ | 3.2 | 500,000 | Hotel (c) |
| Elmsford Distribution Center (d) | Elmsford | NY | 14.5 | 100,000 | Warehouse |
| Mid-Westchester Executive Park | Hawthorne | NY | 7.2 | 82,250 | Office/Flex |
| One Ramland Road (a) | Orangeburg | NY | 20.0 | 100,000 | Office/Flex |
| South Westchester Executive Park (d) | Yonkers | NY | 60.0 | 500,000 | Office/Flex |
| South Westchester Executive Park | Yonkers | NY | 2.7 | 50,000 | Office/Flex |
| Airport Business Center | Lester | PA | 12.6 | 135,000 | Office |
| Rose Tree | Media | PA | 2.3 | 15,200 | Office |
| Capital Office Park (d) | Greenbelt | MD | 43.0 | 600,000 | Office |
| Eastpoint II | Lanham | MD | 4.8 | 122,000 | Office/Hotel |
Total: | | | 437.2 | 11,500,013 | |
| (a) | Land owned or controlled by joint venture in which Mack-Cali is an equity partner. |
| (b) | In addition, there are 21 acres of riparian property. |
| (c) | Hotel project can comprise up to 520 rooms. |
| (d) | Mack-Cali holds an option to purchase this land. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Rental Property Sales
(dollars in thousands)
For the year ended December 31, 2006
| | | | | | | | |
Sale Date | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Net Sales Proceeds | Net Book Value | Realized Gain/(Loss) |
Office: | | | | | | | |
| 06/28/06 | Westage Business Center | Fishkill, Dutchess County, NY | 1 | 118,727 | $14,765 | $10,872 | $3,893 |
| 06/30/06 | 1510 Lancer Drive | Moorestown, Burlington County, NJ | 1 | 88,000 | 4,146 | 3,134 | 1,012 |
| 11/10/06 | Colorado portfolio | Various cities, Colorado | 19 | 1,431,610 | 193,404 | 165,072 | 28,332 |
| 12/21/06 | California portfolio | San Francisco, San Francisco County, CA | 2 | 450,891 | 124,182 | 97,814 | 26,368 |
Total Property Sales: | | 23 | 2,089,228 | $336,497 | $276,892 | $59,605 |
For the year ended December 31, 2005
| | | | | | | | |
Sale Date | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Net Sales Proceeds | Net Book Value | Realized Gain/(Loss) |
Office: | | | | | | | |
| 02/04/05 | 210 South 16th Street | Omaha, Douglas County, NE | 1 | 318,224 | $ 8,464 | $8,210 | $254 |
| 02/11/05 | 1122 Alma Road | Richardson, Dallas County, TX | 1 | 82,576 | 2,075 | 2,344 | (269) |
| 02/15/05 | 3 Skyline Drive | Hawthorne, Westchester County, NY | 1 | 75,668 | 9,587 | 8,856 | 731 |
| 05/11/05 | 201 Willowbrook Boulevard | Wayne, Passaic County, NJ (a) | 1 | 178,329 | 17,696 | 17,705 | (9) |
| 06/03/05 | 600 Community Drive/ 111 East Shore Road | North Hempstead, Nassau County, NY | 2 | 292,849 | 71,593 | 59,609 | 11,984 |
| 12/29/05 | 3600 South Yosemite | Denver, Denver County, CO | 1 | 133,743 | 5,566 | 11,121 | (5,555) |
Total Office Property Sales: | | 7 | 1,081,389 | $ 114,981 | $107,845 | $7,136 |
| (a) | In connection with the sale, the Company provided a mortgage loan to the buyer of $12,000 which bears interest at 5.74 percent, matures in five years with a five year renewal option, and requires monthly payments of principal and interest. |
Rental Property Held For Sale
(dollars in thousands)
At December 31, 2006
None.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
V. PORTFOLIO/ LEASING STATISTICS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
V. PORTFOLIO/ LEASING STATISTICS
Leasing Statistics
(For the three months ended December 31, 2006)
Consolidated In-Service Portfolio
SUMMARY OF SPACE LEASED
| | | | LEASING ACTIVITY | | | |
Region/Market | Sq. Ft. Leased 9/30/06 | Leased Sq. Ft. Acquired/Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 12/31/06 (c) | Pct. Leased 12/31/06 | Pct. Leased 9/30/06 |
Northeast | | | | | | | | |
| Northern NJ | 11,909,315 | - | (555,261) | 784,000 | 228,739 | 12,138,054 | 91.9% | 90.1% |
| Central NJ | 4,442,069 | - | (312,434) | 338,348 | 25,914 | 4,467,983 | 90.6% | 90.1% |
| Westchester Co., NY | 4,602,564 | - | (165,743) | 173,854 | 8,111 | 4,610,675 | 96.3% | 96.1% |
| Sub. Philadelphia | 3,278,077 | - | (168,802) | 143,061 | (25,741) | 3,252,336 | 90.1% | 90.8% |
| Fairfield, CT | 771,319 | - | (32,886) | 25,142 | (7,744) | 763,575 | 89.6% | 90.5% |
| Washington, DC/MD | 1,162,127 | - | (13,554) | 10,016 | (3,538) | 1,158,589 | 89.6% | 89.9% |
| Rockland Co., NY | 180,000 | - | (4,210) | 4,210 | - | 180,000 | 100.0% | 100.0% |
Total Northeast | 26,345,471 | - | (1,252,890) | 1,478,631 | 225,741 | 26,571,212 | 92.0% | 91.3% |
| | | | | | | | | |
Other | | | | | | | | |
| Colorado | 1,371,287 | (1,370,147) | (6,481) | 5,341 | (1,140) | - | - | 95.8% |
| San Francisco | 385,199 | (353,018) | (39,725) | 7,544 | (32,181) | - | - | 85.4% |
Total Other | 1,756,486 | (1,723,165) | (46,206) | 12,885 | (33,321) | - | - | 93.3% |
| | | | | | | | | |
Company Totals | 28,101,957 | (1,723,165) | (1,299,096) | 1,491,516 | 192,420 | 26,571,212 | 92.0% | 91.4% |
| | | | | | | | | |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
| | | | |
| | Total sq. ft. as of September 30, 2006 | 30,748,748 | |
| | Total sq. ft. of properties added this period | - | |
| | Total sq. ft. of properties sold this period | (1,882,501) | |
| | Total sq. ft. as of December 31, 2006 | 28,866,247 | |
| | | | |
| (a) | Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period. |
| (b) | Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. |
| (c) | Includes leases expiring December 31, 2006 aggregating 103,477 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Leasing Statistics
(For the three months ended December 31, 2006)
Consolidated In-Service Portfolio (continued)
DETAIL OF TRANSACTION ACTIVITY
Detail by Region/Market | | | | |
Region/Market | Property Type | # of Trans- actions | Total Sq. Ft. | Sq. Ft. New Leases | Sq. Ft. Renewed And Other Retained (a) | Wtd. Avg. Term (Yrs.) | Wtd. Avg. Base Rent (b) | Leasing Costs Per Sq. Ft. Per Year (c) |
Northeast | | | | | | | | |
| Northern NJ | Office | 40 | 761,295 | 410,391 | 350,904 | 10.0 | 26.03 | 2.85 |
| | Office/Flex | 3 | 22,705 | 9,128 | 13,577 | 6.2 | 19.44 | 2.91 |
| Central NJ | Office | 17 | 314,353 | 43,179 | 271,174 | 5.4 | 25.65 | 3.60 |
| | Office/Flex | 3 | 23,995 | 18,095 | 5,900 | 3.0 | 15.54 | 1.47 |
| Westchester Co., NY | Office | 26 | 69,464 | 24,658 | 44,806 | 4.9 | 25.30 | 1.85 |
| | Office/Flex | 19 | 104,390 | 24,952 | 79,438 | 2.9 | 17.00 | 1.50 |
| Sub. Philadelphia | Office | 15 | 80,431 | 18,398 | 62,033 | 5.8 | 24.16 | 3.05 |
| | Office/Flex | 8 | 62,630 | 11,165 | 51,465 | 4.5 | 10.46 | 1.89 |
| Fairfield, CT | Office | 4 | 25,142 | 15,515 | 9,627 | 7.4 | 24.50 | 4.71 |
| Washington, DC/MD | Office | 5 | 10,016 | 8,219 | 1,797 | 3.6 | 27.16 | 3.05 |
| Rockland Co., NY | Office | 4 | 4,210 | 1,280 | 2,930 | 5.0 | 27.90 | 0.68 |
Total Northeast | | 144 | 1,478,631 | 584,980 | 893,651 | 7.6 | 24.23 | 2.89 |
| | | | | | | | | |
Other | | | | | | | | |
| Colorado | Office | 3 | 5,341 | 1,074 | 4,267 | 2.9 | 18.58 | 2.33 |
| San Francisco | Office | 20 | 7,544 | 1,063 | 6,481 | 1.3 | 28.56 | 0.20 |
Total Other | | 23 | 12,885 | 2,137 | 10,748 | 2.0 | 24.42 | 1.50 |
| | | | | | | | | |
| | | | | | | | | |
Company Totals | | 167 | 1,491,516 | 587,117 | 904,399 | 7.5 | 24.23 | 2.88 |
| | | | | | | | | |
Detail by Property Type | | | | | | | | |
| | Office | 134 | 1,277,796 | 523,777 | 754,019 | 8.1 | 25.75 | 2.96 |
| | Office/Flex | 33 | 213,720 | 63,340 | 150,380 | 3.7 | 15.18 | 1.88 |
| | | | | | | | | |
Company Totals | | 167 | 1,491,516 | 587,117 | 904,399 | 7.5 | 24.23 | 2.88 |
| | | | | | | | | |
Tenant Retention: | Leases Retained | 59.3% | | | | | | |
| | Sq. Ft. Retained | 69.6% | | | | | | |
| |
| (a) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
| (b) | For Office/Flex properties, equals triple net rent plus common area costs and real estate taxes. |
| (c) | Represents estimated workletter costs of $21,616,051 and commissions of $10,165,537 committed, but not necessarily expended, during the period for second generation space aggregating 1,473,536 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Leasing Statistics
(For the three months ended December 31, 2006)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED
| | | | LEASING ACTIVITY | | | |
State | Sq. Ft. Leased 9/30/06 | Leased Sq. Ft. Acquired/ Sold | Expiring/ Adjustment Sq. Ft. (a) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 12/31/06 | Pct. Leased 12/31/06 | Pct. Leased 9/30/06 |
Northeast | | | | | | | | |
| Northern NJ | 1,546,554 | 410,472 | (20,395) | 32,671 | 12,276 | 1,969,302 | 93.0% | 90.9% |
| Central NJ | 925,962 | - | (18,095) | 98,010 | 79,915 | 1,005,877 | 83.6% | 77.0% |
| Rockland Co., NY | 152,983 | - | - | - | - | 152,983 | 65.9% | 65.9% |
| Boston, MA | 344,312 | - | - | - | - | 344,312 | 51.6% | 51.6% |
Total Northeast | 2,969,811 | 410,472 | (38,490) | 130,681 | 92,191 | 3,472,474 | 82.3% | 78.1% |
| | | | | | | | | |
Other | | | | | | | | |
| Troy, MI | 816,950 | - | (4,685) | 46,916 | 42,231 | 859,181 | 71.1% | 67.6% |
| San Francisco, CA | 265,047 | (265,047) | - | - | - | - | - | 86.7% |
Total Other | 1,081,997 | (265,047) | (4,685) | 46,916 | 42,231 | 859,181 | 71.1% | 71.5% |
| | | | | | | | | |
Company Totals | 4,051,808 | 145,425 | (43,175) | 177,597 | 134,422 | 4,331,655 | 79.8% | 76.2% |
| | | | | | | | | |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
| | |
| Total sq. ft. as of September 30, 2006 | 5,317,676 |
| Total sq. ft. of properties added this period | 416,429 |
| Total sq. ft. of properties sold this period | (305,618) |
| Total sq. ft. as of December 31, 2006 | 5,428,487 |
| | |
DETAIL OF TRANSACTION ACTIVITY
Detail by Region/Market |
Region/Market | # of Trans- actions | Total Sq. Ft. | Sq. Ft. New Leases | Sq. Ft. Renewed And Other Retained (b) | Wtd. Avg. Term (Yrs.) | Wtd. Avg. Base Rent | Leasing Costs Per Sq. Ft. Per Year (c) |
Northeast | | | | | | | |
| Northern NJ | 4 | 32,671 | 27,239 | 5,432 | 9.2 | 22.89 | 1.96 |
| Central NJ | 5 | 98,010 | 71,570 | 26,440 | 9.0 | 25.30 | 2.57 |
Total Northeast | 9 | 130,681 | 98,809 | 31,872 | 9.1 | 24.70 | 2.19 |
| | | | | | | | |
Other | | | | | | | |
| Troy, MI | 4 | 46,916 | 7,770 | 39,146 | 5.5 | 17.94 | 6.15 |
Total Other | 4 | 46,916 | 7,770 | 39,146 | 5.5 | 17.94 | 6.15 |
| | | | | | | | |
Company Totals | 13 | 177,597 | 106,579 | 71,018 | 8.1 | 22.91 | 3.32 |
| | | | | | | | |
| (a) | Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. |
| (b) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
| (c) | Represents estimated workletter costs of $1,558,064 and commissions of $674,932 committed, but not necessarily expended, during the period for second generation space aggregating 101,116 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Leasing Statistics
(For the year ended December 31, 2006)
Consolidated In-Service Portfolio
SUMMARY OF SPACE LEASED
| | | | LEASING ACTIVITY | | | |
Region/Market | Sq. Ft. Leased 12/31/05 | Leased Sq. Ft. Acquired/Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 12/31/06 (c) | Pct. Leased 12/31/06 | Pct. Leased 12/31/05 |
Northeast | | | | | | | | |
| Northern NJ | 11,453,904 | 389,960 | (1,612,049) | 1,906,239 | 294,190 | 12,138,054 | 91.9% | 89.6% |
| Central NJ | 4,263,823 | 164,400 | (604,638) | 644,398 | 39,760 | 4,467,983 | 90.6% | 90.1% |
| Westchester Co., NY | 4,598,540 | - | (781,549) | 793,684 | 12,135 | 4,610,675 | 96.3% | 96.0% |
| Sub. Philadelphia | 3,364,652 | (88,000) | (586,926) | 562,610 | (24,316) | 3,252,336 | 90.1% | 91.0% |
| Fairfield, CT | 738,123 | - | (217,587) | 243,039 | 25,452 | 763,575 | 89.6% | 86.6% |
| Washington, DC/MD | 399,204 | 713,492 | (84,659) | 130,552 | 45,893 | 1,158,589 | 89.6% | 88.6% |
| Rockland Co., NY | 277,426 | (101,308) | (20,338) | 24,220 | 3,882 | 180,000 | 100.0% | 92.9% |
Total Northeast | 25,095,672 | 1,078,544 | (3,907,746) | 4,304,742 | 396,996 | 26,571,212 | 92.0% | 90.9% |
| | | | | | | | | |
Other | | | | | | | | |
| Colorado | 1,387,117 | (1,370,147) | (116,353) | 99,383 | (16,970) | - | - | 96.9% |
| San Francisco | 366,469 | (353,018) | (86,236) | 72,785 | (13,451) | - | - | 81.3% |
Total Other | 1,753,586 | (1,723,165) | (202,589) | 172,168 | (30,421) | - | - | 93.2% |
| | | | | | | | | |
Company Totals | 26,849,258 | (644,621) | (4,110,335) | 4,476,910 | 366,575 | 26,571,212 | 92.0% | 91.0% |
| | | | | | | | | |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
| | | | |
| | Total sq. ft. as of December 31, 2005 | 29,494,371 | |
| | Total sq. ft. of properties added this period | 1,461,104 | |
| | Total sq. ft. of properties sold this period | (2,089,228) | |
| | Total sq. ft. as of December 31, 2006 | 28,866,247 | |
| | | | |
| (a) | Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period. |
| (b) | Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. |
| (c) | Includes leases expiring December 31, 2006 aggregating 103,477 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Leasing Statistics
(For the year ended December 31, 2006)
Consolidated In-Service Portfolio (continued)
DETAIL OF TRANSACTION ACTIVITY
Detail by Region/Market | | | | |
Region/Market | Property Type | # of Trans- actions | Total Sq. Ft. | Sq. Ft. New Leases | Sq. Ft. Renewed And Other Retained (a) | Wtd. Avg. Term (Yrs.) | Wtd. Avg. Base Rent (b) | Leasing Costs Per Sq. Ft. Per Year (c) |
Northeast | | | | | | | | |
| Northern NJ | Office | 134 | 1,851,384 | 796,084 | 1,055,300 | 8.1 | 26.17 | 3.33 |
| | Office/Flex | 9 | 54,855 | 20,476 | 34,379 | 4.9 | 18.18 | 1.85 |
| Central NJ | Office | 62 | 582,810 | 151,179 | 431,631 | 5.0 | 26.04 | 3.79 |
| | Office/Flex | 11 | 61,588 | 26,034 | 35,554 | 3.9 | 15.88 | 1.66 |
| Westchester Co., NY | Office | 103 | 314,215 | 103,629 | 210,586 | 5.1 | 25.90 | 3.02 |
| | Office/Flex | 77 | 478,119 | 168,634 | 309,485 | 5.2 | 17.01 | 1.99 |
| | Industrial/Warehouse | 1 | 1,350 | 1,350 | - | 1.0 | 10.14 | 0.73 |
| Sub. Philadelphia | Office | 63 | 436,382 | 156,392 | 279,990 | 5.6 | 22.43 | 3.09 |
| | Office/Flex | 18 | 126,228 | 51,835 | 74,393 | 5.1 | 10.50 | 2.00 |
| Fairfield, CT | Office | 23 | 155,039 | 65,878 | 89,161 | 5.7 | 22.14 | 4.54 |
| | Office/Flex | 1 | 88,000 | - | 88,000 | 5.0 | 20.76 | 2.47 |
| Washington, DC/MD | Office | 25 | 130,552 | 77,784 | 52,768 | 6.0 | 30.74 | 5.05 |
| Dutchess/Nassau/Rockland Co., NY | Office | 11 | 24,220 | 14,393 | 9,827 | 4.3 | 25.64 | 2.91 |
Total Northeast | | 538 | 4,304,742 | 1,633,668 | 2,671,074 | 6.5 | 23.90 | 3.22 |
| | | | | | | | | |
Other | | | | | | | | |
| Colorado | Office | 22 | 99,383 | 25,873 | 73,510 | 3.6 | 16.41 | 2.02 |
| San Francisco | Office | 116 | 72,785 | 32,072 | 40,713 | 3.4 | 26.64 | 6.05 |
Total Other | | 138 | 172,168 | 57,945 | 114,223 | 3.5 | 20.74 | 3.69 |
| | | | | | | | | |
Company Totals | | 676 | 4,476,910 | 1,691,613 | 2,785,297 | 6.3 | 23.78 | 3.23 |
| | | | | | | | | |
Detail by Property Type | | | | | | | | |
| | Office | 559 | 3,666,770 | 1,423,284 | 2,243,486 | 6.6 | 25.41 | 3.44 |
| | Office/Flex | 116 | 808,790 | 266,979 | 541,811 | 5.0 | 16.40 | 2.01 |
| | Industrial/Warehouse | 1 | 1,350 | 1,350 | - | 1.0 | 10.14 | 0.73 |
| | | | | | | | | |
Company Totals | | 676 | 4,476,910 | 1,691,613 | 2,785,297 | 6.3 | 23.78 | 3.23 |
| | | | | | | | | |
Tenant Retention: | Leases Retained | 61.9% | | | | | | |
| | Sq. Ft. Retained | 67.8% | | | | | | |
| |
| (a) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
| (b) | For Office/Flex properties, equals triple net rent plus common area costs and real estate taxes. |
| (c) | Represents estimated workletter costs of $60,689,939 and commissions of $25,983,851 committed, but not necessarily expended, during the period for second generation space aggregating 4,250,651 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Leasing Statistics
(For the year ended December 31, 2006)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED
| | | | LEASING ACTIVITY | | | |
State | Sq. Ft. Leased 12/31/05 | Leased Sq. Ft. Acquired/ Sold | Expiring/ Adjustment Sq. Ft. (a) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 12/31/06 | Pct. Leased 12/31/06 | Pct. Leased 12/31/05 |
Northeast | | | | | | | | |
| Northern NJ | - | 1,959,710 | (49,637) | 59,229 | 9,592 | 1,969,302 | 93.0% | - |
| Central NJ | - | 928,279 | (37,009) | 114,607 | 77,598 | 1,005,877 | 83.6% | - |
| Rockland Co., NY | 152,983 | - | (17,000) | 17,000 | - | 152,983 | 65.9% | 65.9% |
| Boston, MA | - | 375,427 | (31,115) | - | (31,115) | 344,312 | 51.6% | - |
Total Northeast | 152,983 | 3,263,416 | (134,761) | 190,836 | 56,075 | 3,472,474 | 82.3% | 65.9% |
| | | | | | | | | |
Other | | | | | | | | |
| Troy, MI | - | 964,297 | ( 152,032) | 46,916 | (105,116) | 859,181 | 71.1% | - |
| San Francisco, CA | 275,838 | (265,047) | (27,310) | 16,519 | (10,791) | - | - | 90.3% |
Total Other | 275,838 | 699,250 | (179,342) | 63,435 | (115,907) | 859,181 | 71.1% | 90.3% |
| | | | | | | | | |
Company Totals | 428,821 | 3,962,666 | (314,103) | 254,271 | (59,832) | 4,331,655 | 79.8% | 79.8% |
| | | | | | | | | |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
| | | | |
| | Total sq. ft. as of December 31, 2005 | 537,618 | |
| | Total sq. ft. of properties added this period | 5,196,487 | |
| | Total sq. ft. of properties sold this period | (305,618) | |
| | Total sq. ft. as of December 31, 2006 | 5,428,487 | |
| | | | |
DETAIL OF TRANSACTION ACTIVITY
Detail by Region/Market |
Region/Market | # of Trans actions | Total Sq. Ft. | Sq. Ft. New Leases | Sq. Ft. Renewed And Other Retained (b) | Wtd. Avg. Term (Yrs.) | Wtd. Avg. Base Rent | Leasing Costs Per Sq. Ft. Per Year (c) |
Northeast | | | | | | | |
| Northern NJ | 8 | 59,229 | 36,694 | 22,535 | 7.0 | 22.30 | 1.98 |
| Central NJ | 8 | 114,607 | 85,767 | 28,840 | 9.0 | 24.76 | 2.42 |
| Rockland Co., NY | 1 | 17,000 | - | 17,000 | 5.0 | 16.65 | 2.04 |
Total Northeast | 17 | 190,836 | 122,461 | 68,375 | 8.0 | 23.27 | 2.11 |
| | | | | | | | |
Other | | | | | | | |
| Troy, MI | 4 | 46,916 | 7,770 | 39,146 | 5.5 | 17.94 | 6.15 |
| California | 2 | 16,519 | 7,750 | 8,769 | 7.5 | 28.09 | 6.33 |
Total Other | 6 | 63,435 | 15,520 | 47,915 | 6.0 | 20.58 | 6.22 |
| | | | | | | | |
Company Totals | 23 | 254,271 | 137,981 | 116,290 | 7.5 | 22.60 | 3.43 |
| | | | | | | | |
| (a) | Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. |
| (b) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
| (c) | Represents estimated workletter costs of $2,360,178 and commissions of $1,007,881 committed, but not necessarily expended, during the period for second generation space aggregating 160,448 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Market Diversification
The following table lists the Company’s markets (MSAs), based on annualized contractual base rent of the Consolidated Properties:
Market (MSA) | Annualized Base Rental Revenue ($) (a) (b) (c) | Percentage of Company Annualized Base Rental Revenue (%) | Total Property Size Rentable Area | Percentage of Rentable Area (%) |
| Newark, NJ (Essex-Morris-Union Counties) | 111,232,535 | 19.5 | 5,847,318 | 20.3 |
| Jersey City, NJ | 111,092,277 | 19.5 | 4,317,978 | 15.0 |
| New York, NY (Westchester-Rockland Counties) | 92,351,278 | 16.1 | 4,968,420 | 17.2 |
| Bergen-Passaic, NJ | 91,713,438 | 16.0 | 4,602,401 | 15.9 |
| Philadelphia, PA-NJ | 54,788,117 | 9.6 | 3,529,994 | 12.2 |
| Washington, DC-MD-VA-WV | 30,725,147 | 5.4 | 1,292,807 | 4.5 |
| Monmouth-Ocean, NJ | 25,299,731 | 4.4 | 1,620,863 | 5.6 |
| Middlesex-Somerset-Hunterdon, NJ | 20,111,613 | 3.5 | 986,760 | 3.4 |
| Trenton, NJ | 16,985,745 | 3.0 | 767,365 | 2.7 |
| Stamford-Norwalk, CT | 13,317,359 | 2.3 | 706,510 | 2.4 |
| Bridgeport, CT | 2,558,828 | 0.4 | 145,487 | 0.5 |
| Atlantic-Cape May, NJ | 1,879,867 | 0.3 | 80,344 | 0.3 |
| | | | | |
Totals | 572,055,935 | 100.0 | 28,866,247 | 100.0 |
| | | | | |
| (a) | Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
| (b) | Includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 2006, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring December 31, 2006 aggregating 103,477 feet and representing annualized rent of $1,909,260 for which no new leases were signed. |
| (c) | Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
Industry Diversification
The following table lists the Company’s 30 largest industry classifications based on annualized contractual base rent of the Consolidated Properties:
Industry Classification (a) | Annualized Base Rental Revenue ($) (b) (c) (d) | Percentage of Company Annualized Base Rental Revenue (%) | Square Feet Leased (c) (d) | Percentage of Total Company Leased Sq. Ft. (%) |
| Securities, Commodity Contracts & Other Financial | 101,287,164 | 17.7 | 3,801,890 | 14.6 |
| Manufacturing | 48,710,080 | 8.5 | 2,324,704 | 9.0 |
| Insurance Carriers & Related Activities | 46,461,377 | 8.1 | 2,070,823 | 7.9 |
| Computer System Design Services | 31,816,449 | 5.6 | 1,504,890 | 5.8 |
| Credit Intermediation & Related Activities | 28,501,580 | 5.0 | 1,148,669 | 4.4 |
| Telecommunications | 25,970,292 | 4.5 | 1,261,689 | 4.8 |
| Legal Services | 24,471,697 | 4.3 | 980,359 | 3.7 |
| Health Care & Social Assistance | 24,343,912 | 4.3 | 1,212,140 | 4.6 |
| Wholesale Trade | 21,918,707 | 3.8 | 1,419,040 | 5.4 |
| Scientific Research/Development | 21,336,995 | 3.7 | 957,503 | 3.7 |
| Other Professional | 18,050,828 | 3.2 | 799,887 | 3.1 |
| Accounting/Tax Prep. | 17,217,047 | 3.0 | 727,887 | 2.8 |
| Retail Trade | 16,272,370 | 2.8 | 980,650 | 3.7 |
| Public Administration | 15,819,365 | 2.8 | 610,340 | 2.3 |
| Advertising/Related Services | 15,240,009 | 2.7 | 634,569 | 2.4 |
| Other Services (except Public Administration) | 12,383,016 | 2.2 | 685,321 | 2.6 |
| Information Services | 10,476,463 | 1.8 | 453,549 | 1.7 |
| Real Estate & Rental & Leasing | 9,745,287 | 1.7 | 451,915 | 1.7 |
| Arts, Entertainment & Recreation | 9,199,907 | 1.6 | 563,141 | 2.2 |
| Broadcasting | 7,428,246 | 1.3 | 474,532 | 1.8 |
| Architectural/Engineering | 7,392,806 | 1.3 | 336,549 | 1.3 |
| Construction | 7,187,628 | 1.3 | 359,355 | 1.4 |
| Utilities | 6,316,637 | 1.1 | 312,222 | 1.2 |
| Data Processing Services | 5,725,405 | 1.0 | 245,949 | 0.9 |
| Transportation | 5,431,003 | 0.9 | 297,239 | 1.1 |
| Educational Services | 5,388,364 | 0.9 | 272,450 | 1.0 |
| Publishing Industries | 4,392,580 | 0.8 | 221,179 | 0.8 |
| Admin & Support, Waste Mgt. & Remediation Services | 4,023,252 | 0.7 | 258,929 | 1.0 |
| Specialized Design Services | 3,824,875 | 0.7 | 177,950 | 0.7 |
| Management of Companies & Finance | 3,611,995 | 0.6 | 146,335 | 0.6 |
| Other | 12,110,599 | 2.1 | 479,566 | 1.8 |
| | | | | |
Totals | 572,055,935 | 100.0 | 26,171,221 | 100.0 |
| (a) | The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS) which has replaced the Standard Industrial Code (SIC) system. |
| (b) | Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
| (c) | Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
| (d) | Includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 2006, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring December 31, 2006 aggregating 103,477 square feet and representing annualized rent of $1,909,260 for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Consolidated Portfolio Analysis (a)
(as of December 31, 2006)
Breakdown by Number of Properties
PROPERTY TYPE:
STATE | Office | % of Total | Office/Flex | % of Total | Industrial/ Warehouse | % of Total | Stand- Alone Retail | % of Total | Land Leases | % of Total | TOTALS By State | % of Total |
| New Jersey | 98 | 38.4% | 49 | 19.2% | -- | -- | -- | -- | -- | -- | 147 | 57.6% |
| New York | 20 | 7.8% | 41 | 16.1% | 6 | 2.4% | 2 | 0.8 % | 2 | 0.8% | 71 | 27.9% |
| Pennsylvania | 18 | 7.0% | -- | -- | -- | -- | -- | -- | -- | -- | 18 | 7.0% |
| Connecticut | 4 | 1.6% | 5 | 2.0% | -- | -- | -- | -- | -- | -- | 9 | 3.6% |
Wash., D.C./ Maryland | 10 | 3.9% | -- | -- | -- | -- | -- | -- | -- | -- | 10 | 3.9% |
TOTALS By Type: | 150 | 58.7% | 95 | 37.3% | 6 | 2.4% | 2 | 0.8% | 2 | 0.8% | 255 | 100.0% |
(a) Excludes 45 properties, aggregating approximately 5.4 million square feet, which are not consolidated by the Company.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Consolidated Portfolio Analysis (a)
(as of December 31, 2006)
Breakdown by Square Footage
PROPERTY TYPE:
STATE | Office | % of Total | Office/Flex | % of Total | Industrial/ Warehouse | % of Total | Stand-Alone Retail | % of Total | TOTALS By State | % of Total |
| New Jersey | 17,537,754 | 60.8% | 2,189,531 | 7.6% | -- | -- | -- | -- | 19,727,285 | 68.4% |
| New York | 2,214,908 | 7.7% | 2,348,812 | 8.1% | 387,400 | 1.3% | 17,300 | 0.1% | 4,968,420 | 17.2% |
| Pennsylvania | 2,025,738 | 7.0% | -- | -- | -- | -- | -- | -- | 2,025,738 | 7.0% |
| Connecticut | 578,997 | 2.0% | 273,000 | 0.9% | -- | -- | -- | -- | 851,997 | 2.9% |
Wash., D.C./ Maryland | 1,292,807 | 4.5% | -- | -- | -- | -- | -- | -- | 1,292,807 | 4.5% |
TOTALS By Type: | 23,650,204 | 82.0% | 4,811,343 | 16.6% | 387,400 | 1.3% | 17,300 | 0.1% | 28,866,247 | 100.0% |
(a) Excludes 45 properties, aggregating approximately 5.4 million square feet, which are not consolidated by the Company.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Consolidated Portfolio Analysis (a)
(Year ended December 31, 2006)
Breakdown by Base Rental Revenue (b)
(Dollars in thousands)
PROPERTY TYPE:
STATE | Office | % of Total | Office/ Flex | % of Total | Indust./ Ware-house | % of Total | Stand- Alone Retail | % of Total | Land Leases | % of Total | TOTALS By State | % of Total |
| | | | | | | | | | | | | |
| New Jersey | 354,747 | 65.1% | 18,494 | 3.4% | -- | -- | -- | -- | -- | -- | 373,241 | 68.5% |
| New York | 51,008 | 9.4% | 32,985 | 6.0% | 4,210 | 0.8% | 556 | 0.1% | 299 | 0.1% | 89,058 | 16.4% |
| Pennsylvania | 41,546 | 7.6% | -- | -- | -- | -- | -- | -- | -- | -- | 41,546 | 7.6% |
| Connecticut | 11,696 | 2.1% | 3,895 | 0.7% | -- | -- | -- | -- | -- | -- | 15,591 | 2.8% |
Wash., D.C./ Maryland | 25,434 | 4.7% | -- | -- | -- | -- | -- | -- | -- | -- | 25,434 | 4.7% |
TOTALS By Type: | 484,431 | 88.9% | 55,374 | 10.1% | 4,210 | 0.8% | 556 | 0.1% | 299 | 0.1% | 544,870 | 100.0% |
| (a) | Excludes 45 properties, aggregating approximately 5.4 million square feet, which are not consolidated by the Company. |
| (b) | Total base rent for the 12 months ended December 31, 2006, determined in accordance with GAAP. Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Consolidated Portfolio Analysis (a) (b)
(as of December 31, 2006)
Breakdown by Percentage Leased
PROPERTY TYPE:
STATE | Office | Office/Flex | Industrial/Warehouse | Stand-Alone Retail | WEIGHTED AVG. By State |
| New Jersey | 91.7% | 90.6% | -- | -- | 91.6% |
| New York | 94.7% | 97.7% | 98.1% | 100.0% | 96.4% |
| Pennsylvania | 88.8% | -- | -- | -- | 88.8% |
| Connecticut | 85.5% | 98.4% | -- | -- | 89.6% |
| Washington, D.C./ Maryland | 89.6% | -- | -- | -- | 89.6% |
WEIGHTED AVG. By Type: | 91.4% | 94.5% | 98.1% | 100.0% | 92.0% |
| (a) | Excludes 45 properties, aggregating approximately 5.4 million square feet, which are not consolidated by the Company, and parcels of land leased to others. |
| (b) | Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 2006, a lease with commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), as well as leases expiring December 31, 2006 aggregating 103,477 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Office Properties |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
ATLANTIC COUNTY, NEW JERSEY | | | | | | | | |
Egg Harbor | | | | | | | | |
| 100 Decadon Drive | 1987 | 40,422 | 100.0 | 954 | 907 | 0.18 | 23.60 | 22.44 |
| 200 Decadon Drive | 1991 | 39,922 | 100.0 | 936 | 872 | 0.17 | 23.45 | 21.84 |
| | | | | | | | | |
BERGEN COUNTY, NEW JERSEY | | | | | | | | |
Fair Lawn | | | | | | | | |
| 17-17 Route 208 North | 1987 | 143,000 | 100.0 | 3,463 | 2,960 | 0.64 | 24.22 | 20.70 |
Fort Lee | | | | | | | | |
| One Bridge Plaza | 1981 | 200,000 | 54.4 | 2,549 | 2,371 | 0.47 | 23.43 | 21.79 |
| 2115 Linwood Avenue | 1981 | 68,000 | 62.6 | 1,253 | 1,017 | 0.23 | 29.44 | 23.89 |
Little Ferry | | | | | | | | |
| 200 Riser Road | 1974 | 286,628 | 100.0 | 2,066 | 1,916 | 0.38 | 7.21 | 6.68 |
Montvale | | | | | | | | |
| 95 Chestnut Ridge Road | 1975 | 47,700 | 100.0 | 796 | 729 | 0.15 | 16.69 | 15.28 |
| 135 Chestnut Ridge Road | 1981 | 66,150 | 88.9 | 1,440 | 1,173 | 0.26 | 24.49 | 19.95 |
Paramus | | | | | | | | |
| 15 East Midland Avenue | 1988 | 259,823 | 100.0 | 5,597 | 5,440 | 1.03 | 21.54 | 20.94 |
| 140 East Ridgewood Avenue | 1981 | 239,680 | 92.1 | 4,844 | 4,218 | 0.89 | 21.94 | 19.11 |
| 461 From Road | 1988 | 253,554 | 98.6 | 6,064 | 6,044 | 1.11 | 24.26 | 24.18 |
| 650 From Road | 1978 | 348,510 | 93.8 | 7,884 | 6,894 | 1.45 | 24.12 | 21.09 |
| 61 South Paramus Avenue | 1985 | 269,191 | 99.0 | 6,649 | 5,906 | 1.22 | 24.95 | 22.16 |
Ridgefield Park | | | | | | | | |
| 105 Challenger Road (g) | 1992 | 150,050 | 87.5 | 2,759 | 2,527 | 0.51 | 32.36 | 29.64 |
Rochelle Park | | | | | | | | |
| 120 Passaic Street | 1972 | 52,000 | 99.6 | 1,402 | 1,322 | 0.26 | 27.07 | 25.53 |
| 365 West Passaic Street | 1976 | 212,578 | 97.6 | 4,177 | 3,742 | 0.77 | 20.13 | 18.04 |
| 395 West Passaic Street (g) | 1979 | 100,589 | 90.2 | 918 | 794 | 0.17 | 23.98 | 20.74 |
Upper Saddle River | | | | | | | | |
| 1 Lake Street | 1973/94 | 474,801 | 100.0 | 7,465 | 7,465 | 1.37 | 15.72 | 15.72 |
| 10 Mountainview Road | 1986 | 192,000 | 100.0 | 4,352 | 4,045 | 0.80 | 22.67 | 21.07 |
Woodcliff Lake | | | | | | | | |
| 400 Chestnut Ridge Road | 1982 | 89,200 | 100.0 | 1,950 | 1,456 | 0.36 | 21.86 | 16.32 |
| 470 Chestnut Ridge Road | 1987 | 52,500 | 81.2 | 479 | 455 | 0.09 | 11.24 | 10.67 |
| 530 Chestnut Ridge Road | 1986 | 57,204 | 100.0 | 1,166 | 1,166 | 0.21 | 20.38 | 20.38 |
| 50 Tice Boulevard | 1984 | 235,000 | 100.0 | 6,155 | 5,570 | 1.13 | 26.19 | 23.70 |
| 300 Tice Boulevard | 1991 | 230,000 | 100.0 | 6,155 | 5,504 | 1.13 | 26.76 | 23.93 |
| | | | | | | | | |
BURLINGTON COUNTY, NEW JERSEY | | | | | | | | |
Moorestown | | | | | | | | |
| 224 Strawbridge Drive | 1984 | 74,000 | 98.4 | 1,309 | 1,218 | 0.24 | 17.98 | 16.73 |
| 228 Strawbridge Drive | 1984 | 74,000 | 100.0 | 1,043 | 896 | 0.19 | 14.09 | 12.11 |
| 232 Strawbridge Drive | 1986 | 74,258 | 98.8 | 1,446 | 1,400 | 0.27 | 19.71 | 19.08 |
| | | | | | | | | |
ESSEX COUNTY, NEW JERSEY | | | | | | | | |
Millburn | | | | | | | | |
| 150 J.F. Kennedy Parkway | 1980 | 247,476 | 100.0 | 7,454 | 6,462 | 1.37 | 30.12 | 26.11 |
Roseland | | | | | | | | |
| 101 Eisenhower Parkway | 1980 | 237,000 | 93.9 | 5,522 | 5,014 | 1.01 | 24.81 | 22.53 |
| 103 Eisenhower Parkway | 1985 | 151,545 | 87.5 | 3,026 | 2,629 | 0.56 | 22.82 | 19.83 |
| 105 Eisenhower Parkway | 2001 | 220,000 | 85.8 | 4,126 | 3,088 | 0.76 | 21.86 | 16.36 |
| | | | | | | | | |
| | | | | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
HUDSON COUNTY, NEW JERSEY | | | | | | | | |
Jersey City | | | | | | | | |
| Harborside Financial Center Plaza 1 | 1983 | 400,000 | 92.8 | 3,930 | 3,475 | 0.72 | 10.59 | 9.36 |
| Harborside Financial Center Plaza 2 | 1990 | 761,200 | 100.0 | 17,838 | 16,694 | 3.27 | 23.43 | 21.93 |
| Harborside Financial Center Plaza 3 | 1990 | 725,600 | 98.5 | 17,870 | 16,780 | 3.28 | 25.00 | 23.48 |
| Harborside Financial Center Plaza 4-A | 2000 | 207,670 | 99.1 | 6,749 | 5,903 | 1.24 | 32.79 | 28.68 |
| Harborside Financial Center Plaza 5 | 2002 | 977,225 | 97.5 | 35,570 | 29,406 | 6.53 | 37.33 | 30.86 |
| 101 Hudson Street | 1992 | 1,246,283 | 100.0 | 29,822 | 26,212 | 5.47 | 23.93 | 21.03 |
| | | | | | | | | |
MERCER COUNTY, NEW JERSEY | | | | | | | | |
Hamilton Township | | | | | | | | |
| 600 Horizon Drive | 2002 | 95,000 | 100.0 | 1,373 | 1,373 | 0.25 | 14.45 | 14.45 |
Princeton | | | | | | | | |
| 103 Carnegie Center | 1984 | 96,000 | 84.9 | 2,311 | 2,029 | 0.42 | 28.35 | 24.89 |
| 3 Independence Way | 1983 | 111,300 | 49.9 | 884 | 702 | 0.16 | 15.92 | 12.64 |
| 100 Overlook Center | 1988 | 149,600 | 100.0 | 3,975 | 3,431 | 0.73 | 26.57 | 22.93 |
| 5 Vaughn Drive | 1987 | 98,500 | 94.0 | 2,431 | 2,120 | 0.45 | 26.26 | 22.90 |
| | | | | | | | | |
MIDDLESEX COUNTY, NEW JERSEY | | | | | | | | |
East Brunswick | | | | | | | | |
| 377 Summerhill Road | 1977 | 40,000 | 100.0 | 353 | 346 | 0.06 | 8.83 | 8.65 |
Edison | | | | | | | | |
| 343 Thornall Street (c) (g) | 1991 | 195,709 | 100.0 | 1,953 | 1,608 | 0.36 | 15.37 | 12.65 |
Piscataway | | | | | | | | |
| 30 Knightsbridge Road, Bldg. 3 | 1977 | 160,000 | 100.0 | 2,465 | 2,465 | 0.45 | 15.41 | 15.41 |
| 30 Knightsbridge Road, Bldg. 4 | 1977 | 115,000 | 100.0 | 1,771 | 1,771 | 0.33 | 15.40 | 15.40 |
| 30 Knightsbridge Road, Bldg. 5 | 1977 | 332,607 | 43.6 | 1,275 | 1,080 | 0.23 | 8.79 | 7.45 |
| 30 Knightsbridge Road, Bldg. 6 | 1977 | 72,743 | 62.9 | 0 | 0 | 0.00 | 0.00 | 0.00 |
Plainsboro | | | | | | | | |
| 500 College Road East | 1984 | 158,235 | 95.7 | 4,031 | 3,807 | 0.74 | 26.62 | 25.14 |
Woodbridge | | | | | | | | |
| 581 Main Street | 1991 | 200,000 | 100.0 | 4,586 | 4,346 | 0.84 | 22.93 | 21.73 |
| | | | | | | | | |
MONMOUTH COUNTY, NEW JERSEY | | | | | | | | |
Freehold | | | | | | | | |
| 2 Paragon Way | 1989 | 44,524 | 64.8 | 648 | 502 | 0.12 | 22.46 | 17.40 |
| 3 Paragon Way | 1991 | 66,898 | 58.4 | 770 | 699 | 0.14 | 19.71 | 17.89 |
| 4 Paragon Way | 2002 | 63,989 | 100.0 | 1,168 | 900 | 0.21 | 18.25 | 14.06 |
| 100 Willowbrook Road | 1988 | 60,557 | 74.8 | 812 | 721 | 0.15 | 17.93 | 15.92 |
Holmdel | | | | | | | | |
| 23 Main Street | 1977 | 350,000 | 100.0 | 4,039 | 3,187 | 0.74 | 11.54 | 9.11 |
Middletown | | | | | | | | |
| One River Centre Bldg. 1 | 1983 | 122,594 | 100.0 | 3,064 | 2,633 | 0.56 | 24.99 | 21.48 |
| One River Centre Bldg. 2 | 1983 | 120,360 | 100.0 | 2,775 | 2,738 | 0.51 | 23.06 | 22.75 |
| One River Centre Bldg. 3 and 4 | 1984 | 214,518 | 93.6 | 4,374 | 4,329 | 0.80 | 21.78 | 21.56 |
Neptune | | | | | | | | |
| 3600 Route 66 | 1989 | 180,000 | 100.0 | 2,400 | 2,171 | 0.44 | 13.33 | 12.06 |
Wall Township | | | | | | | | |
| 1305 Campus Parkway | 1988 | 23,350 | 92.4 | 393 | 368 | 0.07 | 18.22 | 17.06 |
| 1350 Campus Parkway | 1990 | 79,747 | 99.9 | 1,564 | 1,423 | 0.29 | 19.63 | 17.86 |
| | | | | | | | | |
MORRIS COUNTY, NEW JERSEY | | | | | | | | |
Florham Park | | | | | | | | |
| 325 Columbia Turnpike | 1987 | 168,144 | 99.4 | 4,093 | 3,652 | 0.75 | 24.49 | 21.85 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
Morris Plains | | | | | | | | |
| 250 Johnson Road | 1977 | 75,000 | 100.0 | 1,579 | 1,385 | 0.29 | 21.05 | 18.47 |
| 201 Littleton Road | 1979 | 88,369 | 88.9 | 1,783 | 1,582 | 0.33 | 22.70 | 20.14 |
Morris Township | | | | | | | | |
| 412 Mt. Kemble Avenue | 1986 | 475,100 | 33.5 | 81 | 81 | 0.01 | 0.51 | 0.51 |
Parsippany | | | | | | | | |
| 4 Campus Drive | 1983 | 147,475 | 96.9 | 2,634 | 2,308 | 0.48 | 18.43 | 16.15 |
| 6 Campus Drive | 1983 | 148,291 | 87.2 | 2,376 | 1,906 | 0.44 | 18.37 | 14.74 |
| 7 Campus Drive | 1982 | 154,395 | 0.0 | 0 | 0 | 0.00 | 0.00 | 0.00 |
| 8 Campus Drive | 1987 | 215,265 | 100.0 | 6,306 | 5,534 | 1.16 | 29.29 | 25.71 |
| 9 Campus Drive | 1983 | 156,495 | 86.9 | 3,720 | 3,149 | 0.68 | 27.35 | 23.16 |
| 4 Century Drive | 1981 | 100,036 | 71.9 | 1,592 | 1,444 | 0.29 | 22.13 | 20.08 |
| 5 Century Drive | 1981 | 79,739 | 67.2 | 1,951 | 1,950 | 0.36 | 36.41 | 36.39 |
| 6 Century Drive | 1981 | 100,036 | 69.9 | 28 | 22 | 0.01 | 0.40 | 0.31 |
| 2 Dryden Way | 1990 | 6,216 | 100.0 | 93 | 93 | 0.02 | 14.96 | 14.96 |
| 4 Gatehall Drive | 1988 | 248,480 | 85.4 | 5,190 | 4,707 | 0.95 | 24.46 | 22.18 |
| 2 Hilton Court | 1991 | 181,592 | 100.0 | 5,089 | 4,600 | 0.93 | 28.02 | 25.33 |
| 1633 Littleton Road | 1978 | 57,722 | 100.0 | 1,131 | 1,131 | 0.21 | 19.59 | 19.59 |
| 600 Parsippany Road | 1978 | 96,000 | 94.7 | 1,235 | 1,020 | 0.23 | 13.58 | 11.22 |
| 1 Sylvan Way | 1989 | 150,557 | 100.0 | 3,499 | 3,103 | 0.64 | 23.24 | 20.61 |
| 5 Sylvan Way | 1989 | 151,383 | 100.0 | 3,929 | 3,592 | 0.72 | 25.95 | 23.73 |
| 7 Sylvan Way | 1987 | 145,983 | 100.0 | 3,219 | 2,803 | 0.59 | 22.05 | 19.20 |
| 35 Waterview Boulevard (g) | 1990 | 172,498 | 92.2 | 2,774 | 2,491 | 0.51 | 26.86 | 24.12 |
| 5 Wood Hollow Road | 1979 | 317,040 | 96.7 | 5,758 | 4,963 | 1.06 | 18.78 | 16.19 |
| | | | | | | | | |
PASSAIC COUNTY, NEW JERSEY | | | | | | | | |
Clifton | | | | | | | | |
| 777 Passaic Avenue | 1983 | 75,000 | 100.0 | 1,517 | 1,375 | 0.28 | 20.23 | 18.33 |
Totowa | | | | | | | | |
| 999 Riverview Drive | 1988 | 56,066 | 100.0 | 1,079 | 962 | 0.20 | 19.25 | 17.16 |
| | | | | | | | | |
SOMERSET COUNTY, NEW JERSEY | | | | | | | | |
Basking Ridge | | | | | | | | |
| 222 Mt. Airy Road | 1986 | 49,000 | 60.7 | 615 | 462 | 0.11 | 20.68 | 15.53 |
| 233 Mt. Airy Road | 1987 | 66,000 | 100.0 | 1,315 | 1,103 | 0.24 | 19.92 | 16.71 |
Bernards | | | | | | | | |
| 106 Allen Road | 2000 | 132,010 | 97.0 | 3,027 | 2,273 | 0.56 | 23.64 | 17.75 |
Bridgewater | | | | | | | | |
| 721 Route 202/206 | 1989 | 192,741 | 97.0 | 3,984 | 3,757 | 0.73 | 21.31 | 20.10 |
| | | | | | | | | |
UNION COUNTY, NEW JERSEY | | | | | | | | |
Clark | | | | | | | | |
| 100 Walnut Avenue | 1985 | 182,555 | 99.8 | 4,737 | 4,145 | 0.87 | 26.00 | 22.75 |
Cranford | | | | | | | | |
| 6 Commerce Drive | 1973 | 56,000 | 88.1 | 1,116 | 988 | 0.20 | 22.62 | 20.03 |
| 11 Commerce Drive (c) | 1981 | 90,000 | 92.7 | 1,020 | 860 | 0.19 | 12.23 | 10.31 |
| 12 Commerce Drive | 1967 | 72,260 | 95.1 | 991 | 817 | 0.18 | 14.42 | 11.89 |
| 14 Commerce Drive | 1971 | 67,189 | 87.3 | 1,232 | 1,190 | 0.23 | 21.00 | 20.29 |
| 20 Commerce Drive | 1990 | 176,600 | 100.0 | 4,332 | 3,806 | 0.80 | 24.53 | 21.55 |
| 25 Commerce Drive | 1971 | 67,749 | 100.0 | 1,436 | 1,351 | 0.26 | 21.20 | 19.94 |
| 65 Jackson Drive | 1984 | 82,778 | 95.5 | 1,918 | 1,706 | 0.35 | 24.26 | 21.58 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
New Providence | | | | | | | | |
| 890 Mountain Avenue | 1977 | 80,000 | 87.1 | 1,775 | 1,672 | 0.33 | 25.47 | 24.00 |
| | | | | | | | | |
Total New Jersey Office | | 17,537,754 | 91.7 | 354,747 | 316,402 | 65.13 | 22.40 | 19.97 |
| | | | | | | | | |
ROCKLAND COUNTY, NEW YORK | | | | | | | | |
Suffern | | | | | | | | |
| 400 Rella Boulevard | 1988 | 180,000 | 100.0 | 4,296 | 3,826 | 0.79 | 23.87 | 21.26 |
| | | | | | | | | |
WESTCHESTER COUNTY, NEW YORK | | | | | | | | |
Elmsford | | | | | | | | |
| 100 Clearbrook Road (c) | 1975 | 60,000 | 99.5 | 1,131 | 1,040 | 0.21 | 18.94 | 17.42 |
| 101 Executive Boulevard | 1971 | 50,000 | 45.3 | 511 | 462 | 0.09 | 22.56 | 20.40 |
| 555 Taxter Road | 1986 | 170,554 | 100.0 | 4,173 | 3,499 | 0.77 | 24.47 | 20.52 |
| 565 Taxter Road | 1988 | 170,554 | 100.0 | 4,052 | 3,511 | 0.74 | 23.76 | 20.59 |
| 570 Taxter Road | 1972 | 75,000 | 95.9 | 1,843 | 1,708 | 0.34 | 25.62 | 23.75 |
Hawthorne | | | | | | | | |
| 1 Skyline Drive | 1980 | 20,400 | 99.0 | 388 | 365 | 0.07 | 19.21 | 18.07 |
| 2 Skyline Drive | 1987 | 30,000 | 98.9 | 475 | 412 | 0.09 | 16.01 | 13.89 |
| 7 Skyline Drive | 1987 | 109,000 | 95.3 | 2,532 | 2,324 | 0.46 | 24.37 | 22.37 |
| 17 Skyline Drive | 1989 | 85,000 | 51.7 | 719 | 713 | 0.13 | 16.36 | 16.22 |
| 19 Skyline Drive | 1982 | 248,400 | 100.0 | 4,471 | 4,174 | 0.82 | 18.00 | 16.80 |
Tarrytown | | | | | | | | |
| 200 White Plains Road | 1982 | 89,000 | 97.9 | 1,824 | 1,655 | 0.33 | 20.93 | 18.99 |
| 220 White Plains Road | 1984 | 89,000 | 92.0 | 1,819 | 1,670 | 0.33 | 22.22 | 20.40 |
White Plains | | | | | | | | |
| 1 Barker Avenue | 1975 | 68,000 | 97.3 | 1,743 | 1,621 | 0.32 | 26.34 | 24.50 |
| 3 Barker Avenue | 1983 | 65,300 | 91.0 | 1,631 | 1,494 | 0.30 | 27.45 | 25.14 |
| 50 Main Street | 1985 | 309,000 | 98.0 | 9,249 | 8,496 | 1.70 | 30.54 | 28.06 |
| 11 Martine Avenue | 1987 | 180,000 | 90.8 | 4,889 | 4,368 | 0.90 | 29.91 | 26.73 |
| 1 Water Street | 1979 | 45,700 | 100.0 | 1,011 | 878 | 0.19 | 22.12 | 19.21 |
Yonkers | | | | | | | | |
| 1 Executive Boulevard | 1982 | 112,000 | 100.0 | 2,779 | 2,484 | 0.51 | 24.81 | 22.18 |
| 3 Executive Plaza | 1987 | 58,000 | 100.0 | 1,472 | 1,281 | 0.27 | 25.38 | 22.09 |
| | | | | | | | | |
Total New York Office | | 2,214,908 | 94.7 | 51,008 | 45,981 | 9.36 | 24.31 | 21.92 |
| | | | | | | | | |
CHESTER COUNTY, PENNSYLVANIA | | | | | | | | |
Berwyn | | | | | | | | |
| 1000 Westlakes Drive | 1989 | 60,696 | 95.7 | 1,592 | 1,515 | 0.29 | 27.41 | 26.08 |
| 1055 Westlakes Drive | 1990 | 118,487 | 90.2 | 2,885 | 2,334 | 0.53 | 26.99 | 21.84 |
| 1205 Westlakes Drive | 1988 | 130,265 | 63.8 | 2,234 | 1,954 | 0.41 | 26.88 | 23.51 |
| 1235 Westlakes Drive | 1986 | 134,902 | 97.7 | 2,789 | 2,436 | 0.51 | 21.16 | 18.48 |
| | | | | | | | | |
DELAWARE COUNTY, PENNSYLVANIA | | | | | | | | |
Lester | | | | | | | | |
| 100 Stevens Drive | 1986 | 95,000 | 100.0 | 2,551 | 2,358 | 0.47 | 26.85 | 24.82 |
| 200 Stevens Drive | 1987 | 208,000 | 100.0 | 5,598 | 5,252 | 1.03 | 26.91 | 25.25 |
| 300 Stevens Drive | 1992 | 68,000 | 100.0 | 1,592 | 1,254 | 0.29 | 23.41 | 18.44 |
Media | | | | | | | | |
| 1400 Providence Road - Center I | 1986 | 100,000 | 96.8 | 2,038 | 1,838 | 0.37 | 21.05 | 18.99 |
| 1400 Providence Road - Center II | 1990 | 160,000 | 95.8 | 3,346 | 2,921 | 0.61 | 21.83 | 19.06 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
MONTGOMERY COUNTY, PENNSYLVANIA | | | | | | | | |
Bala Cynwyd | | | | | | | | |
| 150 Monument Road | 1981 | 125,783 | 98.4 | 2,387 | 2,286 | 0.44 | 19.29 | 18.47 |
Blue Bell | | | | | | | | |
| 4 Sentry Parkway | 1982 | 63,930 | 94.1 | 1,373 | 1,368 | 0.25 | 22.82 | 22.74 |
| 5 Sentry Parkway East | 1984 | 91,600 | 30.5 | 1,185 | 1,152 | 0.22 | 42.42 | 41.23 |
| 5 Sentry Parkway West | 1984 | 38,400 | 100.0 | 590 | 572 | 0.11 | 15.36 | 14.90 |
| 16 Sentry Parkway | 1988 | 93,093 | 100.0 | 2,268 | 2,156 | 0.42 | 24.36 | 23.16 |
| 18 Sentry Parkway | 1988 | 95,010 | 97.6 | 2,040 | 1,900 | 0.37 | 22.00 | 20.49 |
King of Prussia | | | | | | | | |
| 2200 Renaissance Boulevard | 1985 | 174,124 | 74.9 | 3,329 | 3,052 | 0.61 | 25.53 | 23.40 |
Lower Providence | | | | | | | | |
| 1000 Madison Avenue | 1990 | 100,700 | 75.8 | 768 | 622 | 0.14 | 10.06 | 8.15 |
Plymouth Meeting | | | | | | | | |
| 1150 Plymouth Meeting Mall | 1970 | 167,748 | 92.9 | 2,981 | 2,446 | 0.55 | 19.13 | 15.70 |
| | | | | | | | | |
Total Pennsylvania Office | | 2,025,738 | 88.8 | 41,546 | 37,416 | 7.62 | 23.09 | 20.79 |
| | | | | | | | | |
FAIRFIELD COUNTY, CONNECTICUT | | | | | | | | |
Greenwich | | | | | | | | |
| 500 West Putnam Avenue | 1973 | 121,250 | 96.3 | 3,337 | 3,153 | 0.61 | 28.58 | 27.00 |
Norwalk | | | | | | | | |
| 40 Richards Avenue | 1985 | 145,487 | 80.6 | 2,544 | 2,239 | 0.47 | 21.69 | 19.09 |
Shelton | | | | | | | | |
| 1000 Bridgeport Avenue | 1986 | 133,000 | 93.6 | 2,188 | 1,775 | 0.40 | 17.58 | 14.26 |
Stamford | | | | | | | | |
| 1266 East Main Street | 1984 | 179,260 | 76.2 | 3,627 | 3,453 | 0.67 | 26.55 | 25.28 |
| | | | | | | | | |
Total Connecticut Office | | 578,997 | 85.5 | 11,696 | 10,620 | 2.15 | 23.62 | 21.45 |
| | | | | | | | | |
WASHINGTON, D.C. | | | | | | | | |
| 1201 Connecticut Avenue, NW | 1940 | 169,549 | 100.0 | 5,090 | 4,758 | 0.93 | 30.02 | 28.06 |
| 1400 L Street, NW | 1987 | 159,000 | 90.6 | 4,839 | 4,667 | 0.89 | 33.59 | 32.40 |
| | | | | | | | | |
Total District of Columbia Office | | 328,549 | 95.5 | 9,929 | 9,425 | 1.82 | 31.66 | 30.05 |
| | | | | | | | | |
PRINCE GEORGE’S COUNTY, MARYLAND | | | | | | | |
Greenbelt | | | | | | | | |
| 9200 Edmonston Road (g) | 1973 | 38,690 | 100.0 | 774 | 699 | 0.14 | 23.78 | 21.48 |
| 6301 Ivy Lane (g) | 1979 | 112,003 | 86.1 | 1,564 | 1,335 | 0.29 | 19.28 | 16.46 |
| 6303 Ivy Lane (g) | 1980 | 112,047 | 87.4 | 2,040 | 1,826 | 0.37 | 24.77 | 22.17 |
| 6305 Ivy Lane (g) | 1982 | 112,022 | 73.6 | 1,387 | 1,127 | 0.25 | 20.00 | 16.25 |
| 6404 Ivy Lane (g) | 1987 | 165,234 | 77.9 | 2,274 | 1,815 | 0.42 | 21.00 | 16.76 |
| 6406 Ivy Lane (g) | 1991 | 163,857 | 100.0 | 2,275 | 2,066 | 0.42 | 16.51 | 14.99 |
| 6411 Ivy Lane (g) | 1984 | 138,405 | 90.8 | 2,359 | 2,067 | 0.43 | 22.32 | 19.55 |
Lanham | | | | | | | | |
| 4200 Parliament Place | 1989 | 122,000 | 91.2 | 2,832 | 2,627 | 0.52 | 25.45 | 23.61 |
| | | | | | | | | |
Total Maryland Office | | 964,258 | 87.6 | 15,505 | 13,562 | 2.84 | 21.18 | 18.49 |
| | | | | | | | | |
TOTAL OFFICE PROPERTIES | | 23,650,204 | 91.4 | 484,431 | 433,406 | 88.92 | 22.76 | 20.35 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Office/Flex Properties |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
BURLINGTON COUNTY, NEW JERSEY | | | | | | | |
Burlington | | | | | | | | |
| 3 Terri Lane | 1991 | 64,500 | 90.4 | 452 | 369 | 0.08 | 7.75 | 6.33 |
| 5 Terri Lane | 1992 | 74,555 | 91.7 | 608 | 516 | 0.11 | 8.89 | 7.55 |
Moorestown | | | | | | | | |
| 2 Commerce Drive | 1986 | 49,000 | 76.3 | 330 | 301 | 0.06 | 8.83 | 8.05 |
| 101 Commerce Drive | 1988 | 64,700 | 100.0 | 275 | 249 | 0.05 | 4.25 | 3.85 |
| 102 Commerce Drive | 1987 | 38,400 | 87.5 | 232 | 184 | 0.04 | 6.90 | 5.48 |
| 201 Commerce Drive | 1986 | 38,400 | 75.0 | 163 | 112 | 0.03 | 5.66 | 3.89 |
| 202 Commerce Drive | 1988 | 51,200 | 100.0 | 307 | 237 | 0.06 | 6.00 | 4.63 |
| 1 Executive Drive | 1989 | 20,570 | 81.1 | 156 | 101 | 0.03 | 9.35 | 6.05 |
| 2 Executive Drive | 1988 | 60,800 | 84.7 | 384 | 364 | 0.07 | 7.46 | 7.07 |
| 101 Executive Drive | 1990 | 29,355 | 99.7 | 274 | 258 | 0.05 | 9.36 | 8.82 |
| 102 Executive Drive | 1990 | 64,000 | 100.0 | 273 | 229 | 0.05 | 4.27 | 3.58 |
| 225 Executive Drive | 1990 | 50,600 | 48.6 | 116 | 112 | 0.02 | 4.72 | 4.55 |
| 97 Foster Road | 1982 | 43,200 | 75.5 | 152 | 137 | 0.03 | 4.66 | 4.20 |
| 1507 Lancer Drive | 1995 | 32,700 | 100.0 | 117 | 108 | 0.02 | 3.58 | 3.30 |
| 1245 North Church Street | 1998 | 52,810 | 62.1 | 362 | 349 | 0.07 | 11.04 | 10.64 |
| 1247 North Church Street | 1998 | 52,790 | 77.5 | 398 | 360 | 0.07 | 9.73 | 8.80 |
| 1256 North Church Street | 1984 | 63,495 | 100.0 | 435 | 360 | 0.08 | 6.85 | 5.67 |
| 840 North Lenola Road | 1995 | 38,300 | 100.0 | 367 | 300 | 0.07 | 9.58 | 7.83 |
| 844 North Lenola Road | 1995 | 28,670 | 100.0 | 180 | 133 | 0.03 | 6.28 | 4.64 |
| 915 North Lenola Road | 1998 | 52,488 | 100.0 | 296 | 224 | 0.05 | 5.64 | 4.27 |
| 2 Twosome Drive | 2000 | 48,600 | 100.0 | 408 | 378 | 0.07 | 8.40 | 7.78 |
| 30 Twosome Drive | 1997 | 39,675 | 100.0 | 144 | 125 | 0.03 | 3.63 | 3.15 |
| 31 Twosome Drive | 1998 | 84,200 | 100.0 | 471 | 470 | 0.09 | 5.59 | 5.58 |
| 40 Twosome Drive | 1996 | 40,265 | 100.0 | 278 | 229 | 0.05 | 6.90 | 5.69 |
| 41 Twosome Drive | 1998 | 43,050 | 77.7 | 224 | 220 | 0.04 | 6.70 | 6.58 |
| 50 Twosome Drive | 1997 | 34,075 | 100.0 | 245 | 228 | 0.04 | 7.19 | 6.69 |
| | | | | | | | | |
GLOUCESTER COUNTY, NEW JERSEY | | | | | | | | |
West Deptford | | | | | | | | |
| 1451 Metropolitan Drive | 1996 | 21,600 | 100.0 | 148 | 148 | 0.03 | 6.85 | 6.85 |
| | | | | | | | | |
MERCER COUNTY, NEW JERSEY | | | | | | | | |
Hamilton Township | | | | | | | | |
| 100 Horizon Center Boulevard | 1989 | 13,275 | 100.0 | 192 | 166 | 0.04 | 14.46 | 12.50 |
| 200 Horizon Drive | 1991 | 45,770 | 100.0 | 591 | 537 | 0.11 | 12.91 | 11.73 |
| 300 Horizon Drive | 1989 | 69,780 | 100.0 | 1,123 | 1,029 | 0.21 | 16.09 | 14.75 |
| 500 Horizon Drive | 1990 | 41,205 | 100.0 | 613 | 584 | 0.11 | 14.88 | 14.17 |
| | | | | | | | | |
MONMOUTH COUNTY, NEW JERSEY | | | | | | | | |
Wall Township | | | | | | | | |
| 1325 Campus Parkway | 1988 | 35,000 | 100.0 | 655 | 476 | 0.12 | 18.71 | 13.60 |
| 1340 Campus Parkway | 1992 | 72,502 | 100.0 | 917 | 684 | 0.17 | 12.65 | 9.43 |
| 1345 Campus Parkway | 1995 | 76,300 | 100.0 | 933 | 685 | 0.17 | 12.23 | 8.98 |
| 1433 Highway 34 | 1985 | 69,020 | 68.3 | 373 | 317 | 0.07 | 7.91 | 6.72 |
| 1320 Wyckoff Avenue | 1986 | 20,336 | 100.0 | 178 | 168 | 0.03 | 8.75 | 8.26 |
| 1324 Wyckoff Avenue | 1987 | 21,168 | 100.0 | 220 | 202 | 0.04 | 10.39 | 9.54 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Office/Flex Properties (continued) |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
PASSAIC COUNTY, NEW JERSEY | | | | | | | |
Totowa | | | | | | | | |
| 1 Center Court | 1999 | 38,961 | 100.0 | 534 | 415 | 0.10 | 13.71 | 10.65 |
| 2 Center Court | 1998 | 30,600 | 99.3 | 244 | 230 | 0.04 | 8.03 | 7.57 |
| 11 Commerce Way | 1989 | 47,025 | 100.0 | 552 | 511 | 0.10 | 11.74 | 10.87 |
| 20 Commerce Way | 1992 | 42,540 | 38.5 | 99 | 94 | 0.02 | 6.04 | 5.74 |
| 29 Commerce Way | 1990 | 48,930 | 100.0 | 711 | 563 | 0.13 | 14.53 | 11.51 |
| 40 Commerce Way | 1987 | 50,576 | 100.0 | 687 | 651 | 0.13 | 13.58 | 12.87 |
| 45 Commerce Way | 1992 | 51,207 | 64.5 | 360 | 290 | 0.07 | 10.90 | 8.78 |
| 60 Commerce Way | 1988 | 50,333 | 85.8 | 580 | 499 | 0.11 | 13.43 | 11.55 |
| 80 Commerce Way | 1996 | 22,500 | 88.7 | 305 | 271 | 0.06 | 15.28 | 13.58 |
| 100 Commerce Way | 1996 | 24,600 | 100.0 | 333 | 296 | 0.06 | 13.54 | 12.03 |
| 120 Commerce Way | 1994 | 9,024 | 100.0 | 125 | 114 | 0.02 | 13.85 | 12.63 |
| 140 Commerce Way | 1994 | 26,881 | 99.5 | 374 | 342 | 0.07 | 13.98 | 12.79 |
| | | | | | | | | |
Total New Jersey Office/Flex | | 2,189,531 | 90.6 | 18,494 | 15,925 | 3.40 | 9.32 | 8.03 |
| | | | | | | | | |
WESTCHESTER COUNTY, NEW YORK | | | | | | | |
Elmsford | | | | | | | | |
| 11 Clearbrook Road | 1974 | 31,800 | 100.0 | 415 | 392 | 0.08 | 13.05 | 12.33 |
| 75 Clearbrook Road | 1990 | 32,720 | 100.0 | 702 | 672 | 0.13 | 21.45 | 20.54 |
| 125 Clearbrook Road | 2002 | 33,000 | 100.0 | 712 | 592 | 0.13 | 21.58 | 17.94 |
| 150 Clearbrook Road | 1975 | 74,900 | 100.0 | 931 | 857 | 0.17 | 12.43 | 11.44 |
| 175 Clearbrook Road | 1973 | 98,900 | 100.0 | 1,553 | 1,444 | 0.29 | 15.70 | 14.60 |
| 200 Clearbrook Road | 1974 | 94,000 | 99.8 | 1,222 | 1,118 | 0.22 | 13.03 | 11.92 |
| 250 Clearbrook Road | 1973 | 155,000 | 97.3 | 1,427 | 1,262 | 0.26 | 9.46 | 8.37 |
| 50 Executive Boulevard | 1969 | 45,200 | 98.2 | 480 | 464 | 0.09 | 10.81 | 10.45 |
| 77 Executive Boulevard | 1977 | 13,000 | 100.0 | 233 | 222 | 0.04 | 17.92 | 17.08 |
| 85 Executive Boulevard | 1968 | 31,000 | 93.8 | 343 | 317 | 0.06 | 11.80 | 10.90 |
| 300 Executive Boulevard | 1970 | 60,000 | 100.0 | 581 | 550 | 0.11 | 9.68 | 9.17 |
| 350 Executive Boulevard | 1970 | 15,400 | 98.8 | 296 | 272 | 0.05 | 19.45 | 17.88 |
| 399 Executive Boulevard | 1962 | 80,000 | 100.0 | 968 | 941 | 0.18 | 12.10 | 11.76 |
| 400 Executive Boulevard | 1970 | 42,200 | 100.0 | 782 | 703 | 0.14 | 18.53 | 16.66 |
| 500 Executive Boulevard | 1970 | 41,600 | 100.0 | 641 | 578 | 0.12 | 15.41 | 13.89 |
| 525 Executive Boulevard | 1972 | 61,700 | 83.6 | 807 | 714 | 0.15 | 15.65 | 13.84 |
| 1 Westchester Plaza | 1967 | 25,000 | 100.0 | 332 | 316 | 0.06 | 13.28 | 12.64 |
| 2 Westchester Plaza | 1968 | 25,000 | 100.0 | 502 | 482 | 0.09 | 20.08 | 19.28 |
| 3 Westchester Plaza | 1969 | 93,500 | 100.0 | 556 | 468 | 0.10 | 5.95 | 5.01 |
| 4 Westchester Plaza | 1969 | 44,700 | 99.8 | 645 | 605 | 0.12 | 14.46 | 13.56 |
| 5 Westchester Plaza | 1969 | 20,000 | 88.9 | 297 | 260 | 0.05 | 16.70 | 14.62 |
| 6 Westchester Plaza | 1968 | 20,000 | 100.0 | 330 | 312 | 0.06 | 16.50 | 15.60 |
| 7 Westchester Plaza | 1972 | 46,200 | 100.0 | 790 | 778 | 0.14 | 17.10 | 16.84 |
| 8 Westchester Plaza | 1971 | 67,200 | 100.0 | 935 | 861 | 0.17 | 13.91 | 12.81 |
Hawthorne | | | | | | | | |
| 200 Saw Mill River Road | 1965 | 51,100 | 100.0 | 656 | 602 | 0.12 | 12.84 | 11.78 |
| 4 Skyline Drive | 1987 | 80,600 | 92.2 | 1,248 | 1,092 | 0.23 | 16.79 | 14.69 |
| 5 Skyline Drive | 1980 | 124,022 | 100.0 | 1,629 | 1,511 | 0.30 | 13.13 | 12.18 |
| 6 Skyline Drive | 1980 | 44,155 | 100.0 | 312 | 311 | 0.06 | 7.07 | 7.04 |
| 8 Skyline Drive | 1985 | 50,000 | 98.7 | 711 | 362 | 0.13 | 14.41 | 7.34 |
| 10 Skyline Drive | 1985 | 20,000 | 100.0 | 240 | 204 | 0.04 | 12.00 | 10.20 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Office/Flex Properties (continued) |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
11 Skyline Drive | 1989 | 45,000 | 100.0 | 803 | 760 | 0.15 | 17.84 | 16.89 |
| 12 Skyline Drive | 1999 | 46,850 | 85.1 | 663 | 440 | 0.12 | 16.63 | 11.04 |
| 15 Skyline Drive | 1989 | 55,000 | 73.3 | 632 | 630 | 0.12 | 15.68 | 15.63 |
Yonkers | | | | | | | | |
| 100 Corporate Boulevard | 1987 | 78,000 | 98.3 | 1,432 | 1,348 | 0.26 | 18.68 | 17.58 |
| 200 Corporate Boulevard South | 1990 | 84,000 | 99.8 | 1,401 | 1,324 | 0.26 | 16.71 | 15.79 |
| 4 Executive Plaza | 1986 | 80,000 | 100.0 | 1,006 | 805 | 0.18 | 12.58 | 10.06 |
| 6 Executive Plaza | 1987 | 80,000 | 100.0 | 1,341 | 1,268 | 0.25 | 16.76 | 15.85 |
| 1 Odell Plaza | 1980 | 106,000 | 96.8 | 1,486 | 1,409 | 0.27 | 14.48 | 13.73 |
| 3 Odell Plaza | 1984 | 71,065 | 100.0 | 1,597 | 1,481 | 0.29 | 22.47 | 20.84 |
| 5 Odell Plaza | 1983 | 38,400 | 99.6 | 614 | 592 | 0.11 | 16.05 | 15.48 |
| 7 Odell Plaza | 1984 | 42,600 | 99.6 | 734 | 704 | 0.13 | 17.30 | 16.59 |
| | | | | | | | | |
Total New York Office/Flex | | 2,348,812 | 97.7 | 32,985 | 30,023 | 6.03 | 14.37 | 13.08 |
| | | | | | | | | |
FAIRFIELD COUNTY, CONNECTICUT | | | | | | | |
Stamford | | | | | | | | |
| 419 West Avenue | 1986 | 88,000 | 100.0 | 1,263 | 1,106 | 0.23 | 14.35 | 12.57 |
| 500 West Avenue | 1988 | 25,000 | 82.3 | 389 | 345 | 0.07 | 18.91 | 16.77 |
| 550 West Avenue | 1990 | 54,000 | 100.0 | 884 | 879 | 0.16 | 16.37 | 16.28 |
| 600 West Avenue | 1999 | 66,000 | 100.0 | 804 | 767 | 0.15 | 12.18 | 11.62 |
| 650 West Avenue | 1998 | 40,000 | 100.0 | 555 | 424 | 0.10 | 13.88 | 10.60 |
| | | | | | | | | |
Total Connecticut Office/Flex | | 273,000 | 98.4 | 3,895 | 3,521 | 0.71 | 14.50 | 13.11 |
| | | | | | | | | |
| | | | | | | | | |
TOTAL OFFICE/FLEX PROPERTIES | | 4,811,343 | 94.5 | 55,374 | 49,469 | 10.14 | 12.18 | 10.88 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Property Listing Industrial/Warehouse, Retail and Land Properties |
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 12/31/06 (%) (a) | 2006 Base Rent ($000’s) (b) (c) | 2006 Effective Rent ($000’s) (c) (d) | Percentage of Total 2006 Base Rent (%) | 2006 Average Base Rent Per Sq. Ft. ($) (c) (e) | 2006 Average Effective Rent Per Sq. Ft. ($) (c) (f) |
WESTCHESTER COUNTY, NEW YORK | | | | | | | |
Elmsford | | | | | | | | |
| 1 Warehouse Lane | 1957 | 6,600 | 100.0 | 86 | 84 | 0.02 | 13.03 | 12.73 |
| 2 Warehouse Lane | 1957 | 10,900 | 100.0 | 159 | 133 | 0.03 | 14.59 | 12.20 |
| 3 Warehouse Lane | 1957 | 77,200 | 100.0 | 324 | 293 | 0.06 | 4.20 | 3.80 |
| 4 Warehouse Lane | 1957 | 195,500 | 97.4 | 2,164 | 1,964 | 0.40 | 11.36 | 10.31 |
| 5 Warehouse Lane | 1957 | 75,100 | 97.1 | 964 | 857 | 0.18 | 13.22 | 11.75 |
| 6 Warehouse Lane | 1982 | 22,100 | 100.0 | 513 | 509 | 0.09 | 23.21 | 23.03 |
| | | | | | | | | |
Total Industrial/Warehouse Properties | | 387,400 | 98.1 | 4,210 | 3,840 | 0.78 | 11.07 | 10.10 |
| | | | | | | | | |
WESTCHESTER COUNTY, NEW YORK | | | | | | | |
Tarrytown | | | | | | | | |
| 230 White Plains Road | 1984 | 9,300 | 100.0 | 195 | 183 | 0.04 | 20.97 | 19.68 |
Yonkers | | | | | | | | |
| 2 Executive Boulevard | 1986 | 8,000 | 100.0 | 361 | 361 | 0.07 | 45.13 | 45.13 |
| | | | | | | | | |
Total Retail Properties | | 17,300 | 100.0 | 556 | 544 | 0.11 | 32.14 | 31.45 |
| | | | | | | | | |
WESTCHESTER COUNTY, NEW YORK | | | | | | | |
Elmsford | | | | | | | | |
| 700 Executive Boulevard | -- | -- | -- | 114 | 114 | 0.02 | -- | -- |
Yonkers | | | | | | | | |
| 1 Enterprise Boulevard | -- | -- | -- | 185 | 183 | 0.03 | -- | -- |
| | | | | | | | | |
Total Land Leases | | -- | -- | 299 | 297 | 0.05 | -- | -- |
| | | | | | | | | |
TOTAL PROPERTIES | | 28,866,247 | 92.0 | 544,870 | 487,556 | 100.00 | 20.80 | 18.57 |
| (a) | Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 2006, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring December 31, 2006 aggregating 103,477 square feet (representing 0.4 percent of the Company’s total net rentable square footage) for which no new leases were signed. |
| (b) | Total base rent for the 12 months ended December 31, 2006, determined in accordance with generally accepted accounting principles (“GAAP”). Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage. |
| (c) | Excludes space leased by the Company. |
| (d) | Total base rent for the 12 months ended 2006, minus total 2006 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP. |
| (e) | Base rent for the 12 months ended December 31, 2006, divided by net rentable square feet leased at December 31, 2006. For those properties acquired during the 12 months ended December 31, 2006, amounts are annualized, as per Note g. |
| (f) | Effective rent for 2006 divided by net rentable square feet leased at December 31, 2006. For those properties acquired during 2006, amounts are annualized, as described in Note g. |
| (g) | As this property was acquired by the Company during the 12 months ended December 31, 2006, the amounts represented in 2006 base rent reflect only that portion of the year during which the Company owned the property. Accordingly, these amounts may not be indicative of the property’s full year results. For comparison purposes, the amounts represented in 2006 average base rent per sq. ft. for this property have been calculated by taking 2006 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at December 31, 2006. These annualized per square foot amounts may not be indicative of the property’s results had the Company owned such property for the entirety of the 12 months ended December 31, 2006. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Significant Tenants
The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of December 31, 2006, based upon annualized base rents:
| | Number of Properties | Annualized Base Rental Revenue ($) (a) | Percentage of Company Annualized Base Rental Revenue (%) | Square Feet Leased | Percentage Total Company Leased Sq. Ft. (%) | Year of Lease Expiration |
| New Cingular Wireless PCS LLC | 4 | 9,743,293 | 1.6 | 460,973 | 1.9 | 2014 | (b) |
| Morgan Stanley D.W. Inc. | 5 | 9,395,415 | 1.6 | 381,576 | 1.6 | 2013 | (c) |
| United States Of America-GSA | 12 | 8,621,861 | 1.5 | 285,684 | 1.1 | 2015 | (d) |
| Merrill Lynch Pierce Fenner | 3 | 8,613,150 | 1.5 | 501,500 | 1.9 | 2017 | (e) |
| Credit Suisse First Boston | 1 | 7,940,235 | 1.4 | 234,331 | 0.9 | 2012 | (f) |
| Keystone Mercy Health Plan | 2 | 7,897,031 | 1.4 | 303,149 | 1.2 | 2015 | |
| National Union Fire Insurance | 1 | 7,711,023 | 1.3 | 317,799 | 1.2 | 2012 | |
| Prentice-Hall Inc. | 1 | 7,694,097 | 1.3 | 474,801 | 1.8 | 2014 | |
| DB Services New Jersey, Inc. | 1 | 7,551,990 | 1.3 | 281,920 | 1.1 | 2017 | |
| Forest Laboratories Inc. | 2 | 6,961,107 | 1.2 | 202,857 | 0.8 | 2017 | (g) |
| Cendant Operations Inc. | 2 | 6,839,418 | 1.2 | 296,934 | 1.1 | 2011 | (h) |
| Allstate Insurance Company | 10 | 6,455,295 | 1.1 | 269,594 | 1.0 | 2017 | (i) |
| Toys 'R' Us - NJ Inc. | 1 | 6,072,651 | 1.1 | 242,518 | 0.9 | 2012 | |
| ICAP Securities USA LLC | 1 | 5,973,008 | 1.0 | 159,834 | 0.6 | 2017 | |
| American Institute of Certified Public Accountants | 1 | 5,817,181 | 1.0 | 249,768 | 1.0 | 2012 | |
| TD Ameritrade Online Holdings | 1 | 5,637,193 | 1.0 | 184,222 | 0.7 | 2015 | |
| IBM Corporation | 3 | 5,562,770 | 1.0 | 310,263 | 1.2 | 2012 | (j) |
| KPMG, LLP | 3 | 4,784,243 | 0.8 | 181,025 | 0.7 | 2012 | (k) |
| National Financial Services | 1 | 4,346,765 | 0.8 | 112,964 | 0.4 | 2012 | |
| Bank Of Tokyo-Mitsubishi Ltd. | 1 | 4,228,795 | 0.7 | 137,076 | 0.5 | 2009 | |
| AT&T Corp. | 1 | 3,805,000 | 0.7 | 275,000 | 1.1 | 2014 | |
| Vonage America Inc. | 1 | 3,780,000 | 0.7 | 350,000 | 1.3 | 2017 | |
| Samsung Electronics America | 1 | 3,678,028 | 0.6 | 131,300 | 0.5 | 2010 | |
| Citigroup Global Markets Inc. | 5 | 3,492,988 | 0.6 | 132,475 | 0.5 | 2016 | (l) |
| E*Trade Financial Corporation | 1 | 3,456,141 | 0.6 | 106,573 | 0.4 | 2022 | |
| Lehman Brothers Holdings Inc. | 1 | 3,420,667 | 0.6 | 207,300 | 0.8 | 2010 | |
| Montefiore Medical Center | 5 | 3,397,583 | 0.6 | 163,529 | 0.6 | 2019 | (m) |
| Hewlett-Packard Company | 1 | 3,346,048 | 0.6 | 163,857 | 0.6 | 2007 | |
| SSB Realty LLC | 1 | 3,321,051 | 0.6 | 114,519 | 0.4 | 2009 | |
| Dow Jones & Company Inc. | 1 | 3,057,773 | 0.5 | 92,312 | 0.4 | 2012 | |
| Daiichi Sankyo Inc. | 2 | 2,872,353 | 0.5 | 90,366 | 0.3 | 2012 | (n) |
| High Point Safety & Insurance | 2 | 2,694,417 | 0.5 | 116,358 | 0.4 | 2020 | |
| American Home Assurance Co. | 2 | 2,686,732 | 0.5 | 131,174 | 0.5 | 2019 | (o) |
| SunAmerica Asset Management | 1 | 2,680,409 | 0.5 | 69,621 | 0.3 | 2018 | |
| Moody’s Investors Service | 1 | 2,671,149 | 0.5 | 91,344 | 0.3 | 2011 | (p) |
| United States Life Ins. Co. | 1 | 2,520,000 | 0.4 | 180,000 | 0.7 | 2013 | |
| New Jersey Turnpike Authority | 1 | 2,455,463 | 0.4 | 100,223 | 0.4 | 2016 | |
| Barr Laboratories Inc. | 2 | 2,450,087 | 0.4 | 109,510 | 0.4 | 2015 | (q) |
| IXIS North America Inc. | 1 | 2,408,679 | 0.4 | 83,629 | 0.3 | 2021 | |
| Movado Group Inc | 1 | 2,283,547 | 0.4 | 90,050 | 0.3 | 2013 | |
| Lonza Inc. | 1 | 2,236,200 | 0.4 | 89,448 | 0.3 | 2007 | |
| Deloitte & Touche USA LLP | 1 | 2,171,275 | 0.4 | 86,851 | 0.3 | 2007 | |
| Regus Business Centre Corp. | 2 | 2,159,029 | 0.4 | 79,805 | 0.3 | 2011 | |
| Computer Sciences Corporation | 3 | 2,136,129 | 0.4 | 109,825 | 0.4 | 2011 | (r) |
| Nextel of New York Inc. | 2 | 2,093,440 | 0.4 | 97,436 | 0.4 | 2014 | (s) |
| Bearingpoint Inc. | 1 | 2,065,834 | 0.4 | 77,956 | 0.3 | 2011 | |
| GAB Robins North America Inc. | 2 | 2,049,674 | 0.4 | 84,649 | 0.3 | 2009 | (t) |
| Norris McLaughlin & Marcus PA | 1 | 2,045,307 | 0.4 | 86,913 | 0.3 | 2017 | |
| Sumitomo Mitsui Banking Corp. | 2 | 2,027,861 | 0.4 | 71,153 | 0.3 | 2016 | |
| UBS Financial Services Inc. | 3 | 1,949,797 | 0.3 | 73,250 | 0.3 | 2016 | (u) |
| | | | | | | |
| | | 219,259,182 | 38.3 | 9,245,214 | 35.3 | |
See footnotes on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Significant Tenants
(Continued)
| (a) | Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
| (b) | 50,660 square feet expire 2007; 4,783 square feet expire in 2008; 333,145 square feet expire in 2013; 72,385 square feet expire in 2014. |
| (c) | 19,500 square feet expire in 2008; 7,000 square feet expire in 2009; 48,906 square feet expire in 2010; 306,170 square feet expire in 2013. |
| (d) | 51,049 square feet expire in 2007; 26,710 square feet expire in 2008; 9,901 square feet expire in 2011; 38,690 square feet expire in 2013; 4,879 square feet expire in 2014; 154,455 square feet expire in 2015. |
| (e) | 253,214 square feet expire in 2007; 7,485 square feet expire in 2008; 4,451 square feet expires in 2009; 236,350 square feet expire in 2017. |
| (f) | 152,378 feet expire in 2011; 81,953 square feet expire in 2012. |
| (g) | 22,785 square feet expire in 2010; 180,072 square feet expire in 2017. |
| (h) | 150,951 square feet expire in 2008; 145,983 square feet expire in 2011. |
| (i) | 32,035 square feet expire in 2007; 31,143 square feet expire in 2008; 22,185 square feet expire in 2009; 46,555 square feet expire in 2010; 83,693 square feet expire in 2011; 53,983 square feet expire in 2017. |
| (j) | 61,864 square feet expire in 2010; 248,399 square feet expire in 2012. |
| (k) | 23,807 square feet expire in 2007; 46,440 square feet expire in 2009; 33,397 square feet expires in 2010; 77,381 square feet expire in 2012. |
| (l) | 19,668 square feet expire in 2007; 59,711 square feet expire in 2009; 26,834 square feet expire in 2014; 26,262 square feet expire in 2016. |
| (m) | 48,542 square feet expire in 2009; 5,850 square feet expire in 2014; 7,200 square feet expire in 2016; 30,872 square feet expire in 2017; 71,065 square feet expire in 2019. |
| (n) | 5,315 square feet expire in 2011; 85,051 square feet expire in 2012. |
| (o) | 14,056 square feet expire in 2008; 117,118 square feet expire in 2019. |
| (p) | 43,344 square feet expire in 2009; 36,193 square feet expire in 2010; 11,807 square feet expire in 2011. |
| (q) | 20,000 square feet expire in 2008; 89,510 square feet expire in 2015. |
| (r) | 26,975 square feet expire in 2007; 82,850 square feet expire in 2011. |
| (s) | 62,436 square feet expire in 2010; 35,000 square feet expire in 2014. |
| (t) | 75,049 square feet expire in 2008; 9,600 square feet expire in 2009. |
| (u) | 21,554 square feet expire in 2010; 17,383 square feet expire in 2013; 34,313 square feet expire in 2016. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Schedule of Lease Expirations
All Consolidated Properties
The following table sets forth a schedule of lease expirations for the total of the Company’s office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Properties beginning January 1, 2007, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2007 through 2009 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
2007 (c) | | | | | | |
| Northern NJ | 73 | 815,459 | 3.1 | 18,116,092 | 22.22 | 3.3 |
| Central NJ | 32 | 176,588 | 0.7 | 4,201,684 | 23.79 | 0.7 |
| Westchester Co., NY | 83 | 361,480 | 1.4 | 6,918,464 | 19.14 | 1.2 |
| Sub. Philadelphia | 47 | 377,095 | 1.4 | 6,533,485 | 17.33 | 1.1 |
| Fairfield, CT | 12 | 57,883 | 0.2 | 1,536,966 | 26.55 | 0.3 |
| Washington, DC/MD | 18 | 253,085 | 1.0 | 5,600,980 | 22.13 | 1.0 |
| Rockland Co., NY | 7 | 49,788 | 0.2 | 1,335,477 | 26.82 | 0.2 |
TOTAL - 2007 | 272 | 2,091,378 | 8.0 | 44,243,148 | 21.16 | 7.8 |
| | | | | | | |
2008 | | | | | | |
| Northern NJ | 88 | 839,445 | 3.2 | 20,136,048 | 23.99 | 3.6 |
| Central NJ | 52 | 380,486 | 1.5 | 8,825,532 | 23.20 | 1.5 |
| Westchester Co., NY | 126 | 633,285 | 2.4 | 11,085,071 | 17.50 | 1.9 |
| Sub. Philadelphia | 58 | 562,079 | 2.2 | 7,940,767 | 14.13 | 1.4 |
| Fairfield, CT | 18 | 98,595 | 0.4 | 2,493,578 | 25.29 | 0.4 |
| Washington, DC/MD | 26 | 128,383 | 0.5 | 3,273,679 | 25.50 | 0.6 |
| Rockland Co., NY | 7 | 44,580 | 0.2 | 1,168,406 | 26.21 | 0.2 |
TOTAL - 2008 | 375 | 2,686,853 | 10.4 | 54,923,081 | 20.44 | 9.6 |
| | | | | | | |
2009 | | | | | | |
| Northern NJ | 116 | 970,511 | 3.6 | 24,756,214 | 25.51 | 4.4 |
| Central NJ | 47 | 413,964 | 1.6 | 9,686,090 | 23.40 | 1.7 |
| Westchester Co., NY | 96 | 563,616 | 2.2 | 11,567,468 | 20.50 | 2.0 |
| Sub. Philadelphia | 46 | 322,103 | 1.2 | 4,811,576 | 14.94 | 0.8 |
| Fairfield, CT | 15 | 57,042 | 0.2 | 1,272,315 | 22.30 | 0.2 |
| Washington, DC/MD | 18 | 66,882 | 0.3 | 1,670,235 | 24.97 | 0.3 |
| Rockland Co., NY | 8 | 24,935 | 0.1 | 592,958 | 23.78 | 0.1 |
TOTAL - 2009 | 346 | 2,419,053 | 9.2 | 54,356,856 | 22.47 | 9.5 |
| | | | | | | |
Schedule continued, with footnotes, on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Schedule of Lease Expirations
All Consolidated Properties (continued)
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| 2010 | 343 | 2,850,749 | 10.9 | 60,230,025 | 21.13 | 10.5 |
| | | | | | | |
| 2011 | 339 | 3,438,716 | 13.1 | 77,117,443 | 22.43 | 13.5 |
| | | | | | | |
| 2012 | 206 | 2,511,774 | 9.6 | 58,548,780 | 23.31 | 10.2 |
| | | | | | | |
| 2013 | 145 | 2,436,006 | 9.3 | 54,142,108 | 22.23 | 9.5 |
| | | | | | | |
| 2014 | 75 | 1,524,878 | 5.8 | 32,788,456 | 21.50 | 5.7 |
| | | | | | | |
| 2015 | 57 | 2,136,593 | 8.2 | 45,924,670 | 21.49 | 8.0 |
| | | | | | | |
| 2016 | 47 | 756,090 | 2.9 | 14,439,966 | 19.10 | 2.5 |
| | | | | | | |
| 2017 | 52 | 1,869,363 | 7.1 | 43,255,052 | 23.14 | 7.6 |
| | | | | | | |
| 2018 and thereafter | 53 | 1,449,768 | 5.5 | 32,086,350 | 22.13 | 5.6 |
Totals/Weighted | | | | | | |
Average | 2,310 | 26,171,221 (d) | 100.0 | 572,055,935 | 21.86 | 100.0 |
| (a) | Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
| (b) | Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
| (c) | Includes leases expiring December 31, 2006 aggregating 103,477 square feet and representing annualized rent of $1,909,260 for which no new leases were signed. |
| (d) | Reconciliation to Company’s total net rentable square footage is as follows: |
| | | Square Feet | |
| | Square footage leased to commercial tenants | 26,171,221 | |
| | Square footage used for corporate offices, management offices, | | |
| | building use, retail tenants, food services, other ancillary | | |
| | service tenants and occupancy adjustments | 399,991 | |
| | Square footage unleased | 2,295,035 | |
| | Total net rentable square footage (does not include land leases) | 28,866,247 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Schedule of Lease Expirations
Office Properties
The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2007, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2007 through 2009 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
2007 (c) | | | | | | |
| Northern NJ | 68 | 768,528 | 3.7 | 17,436,699 | 22.69 | 3.4 |
| Central NJ | 32 | 176,588 | 0.8 | 4,201,684 | 23.79 | 0.8 |
| Westchester Co., NY | 46 | 128,399 | 0.6 | 3,670,103 | 28.58 | 0.7 |
| Sub. Philadelphia | 32 | 215,436 | 1.0 | 5,197,941 | 24.13 | 1.0 |
| Fairfield, CT | 11 | 50,883 | 0.2 | 1,409,216 | 27.70 | 0.3 |
| Washington, DC/MD | 18 | 253,085 | 1.2 | 5,600,980 | 22.13 | 1.1 |
| Dutchess/Rockland Co., NY | 7 | 49,788 | 0.2 | 1,335,477 | 26.82 | 0.3 |
TOTAL - 2007 | 214 | 1,642,707 | 7.7 | 38,852,100 | 23.65 | 7.6 |
| | | | | | | |
2008 | | | | | | |
| Northern NJ | 85 | 793,835 | 3.7 | 19,551,027 | 24.63 | 3.9 |
| Central NJ | 45 | 339,922 | 1.6 | 8,214,047 | 24.16 | 1.6 |
| Westchester Co., NY | 69 | 204,914 | 1.0 | 5,421,449 | 26.46 | 1.1 |
| Sub. Philadelphia | 35 | 301,481 | 1.4 | 6,281,275 | 20.83 | 1.2 |
| Fairfield, CT | 18 | 98,595 | 0.5 | 2,493,578 | 25.29 | 0.5 |
| Washington, DC/MD | 26 | 128,383 | 0.6 | 3,273,679 | 25.50 | 0.6 |
| Dutchess/Rockland Co., NY | 7 | 44,580 | 0.2 | 1,168,406 | 26.21 | 0.2 |
TOTAL - 2008 | 285 | 1,911,710 | 9.0 | 46,403,461 | 24.27 | 9.1 |
| | | | | | | |
2009 | | | | | | |
| Northern NJ | 108 | 903,948 | 4.2 | 23,878,455 | 26.42 | 4.8 |
| Central NJ | 42 | 379,098 | 1.8 | 9,271,778 | 24.46 | 1.8 |
| Westchester Co., NY | 56 | 240,820 | 1.1 | 6,332,841 | 26.30 | 1.2 |
| Sub. Philadelphia | 27 | 160,589 | 0.8 | 3,633,915 | 22.63 | 0.7 |
| Fairfield, CT | 12 | 36,467 | 0.2 | 890,091 | 24.41 | 0.2 |
| Washington, DC/MD | 18 | 66,882 | 0.3 | 1,670,235 | 24.97 | 0.3 |
| Dutchess/Rockland Co., NY | 8 | 24,935 | 0.1 | 592,958 | 23.78 | 0.1 |
TOTAL - 2009 | 271 | 1,812,739 | 8.5 | 46,270,273 | 25.53 | 9.1 |
| | | | | | | |
| 2010 | 263 | 1,997,684 | 9.4 | 48,563,899 | 24.31 | 9.6 |
| | | | | | | |
| 2011 | 276 | 2,897,514 | 13.7 | 70,958,531 | 24.49 | 14.0 |
| | | | | | | |
| 2012 | 157 | 2,077,170 | 9.8 | 52,378,087 | 25.22 | 10.3 |
| | | | | | | |
| 2013 | 108 | 2,010,703 | 9.5 | 48,194,962 | 23.97 | 9.5 |
| | | | | | | |
| 2014 | 62 | 1,371,378 | 6.5 | 30,612,320 | 22.32 | 6.0 |
| | | | | | | |
| 2015 | 44 | 1,974,442 | 9.3 | 43,908,667 | 22.24 | 8.6 |
| | | | | | | |
| 2016 | 34 | 455,091 | 2.1 | 10,428,710 | 22.92 | 2.1 |
| | | | | | | |
| 2017 | 44 | 1,795,270 | 8.5 | 42,191,404 | 23.50 | 8.3 |
| | | | | | | |
| 2018 and thereafter | 45 | 1,278,703 | 6.0 | 29,663,825 | 23.20 | 5.8 |
Totals/Weighted Average | 1,803 | 21,225,111 | 100.0 | 508,426,239 | 23.95 | 100.0 |
| (a) | Includes office tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
| (b) | Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
| (c) | Includes leases expiring December 31, 2006 aggregating 85,823 square feet and representing annualized rent of $1,691,239 for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Schedule of Lease Expirations
Office/Flex Properties
The following table sets forth a schedule of lease expirations for the office/flex properties beginning January 1, 2007, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2007 through 2009 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
2007 (c) | | | | | | |
| Northern NJ | 5 | 46,931 | 1.0 | 679,393 | 14.48 | 1.1 |
| Central NJ | - | - | - | - | - | - |
| Westchester Co., NY | 33 | 219,081 | 4.8 | 3,017,404 | 13.77 | 5.1 |
| Sub. Philadelphia | 15 | 161,659 | 3.6 | 1,335,544 | 8.26 | 2.3 |
| Fairfield, CT | 1 | 7,000 | 0.2 | 127,750 | 18.25 | 0.2 |
TOTAL - 2007 | 54 | 434,671 | 9.6 | 5,160,091 | 11.87 | 8.7 |
| | | | | | | |
2008 | | | | | | |
| Northern NJ | 3 | 45,610 | 1.0 | 585,021 | 12.83 | 1.0 |
| Central NJ | 7 | 40,564 | 0.9 | 611,485 | 15.07 | 1.0 |
| Westchester Co., NY | 54 | 337,002 | 7.4 | 5,187,231 | 15.39 | 8.8 |
| Sub. Philadelphia | 23 | 260,598 | 5.7 | 1,659,492 | 6.37 | 2.8 |
| Fairfield, CT | - | - | - | - | - | - |
TOTAL - 2008 | 87 | 683,774 | 15.0 | 8,043,229 | 11.76 | 13.6 |
| | | | | | | |
2009 | | | | | | |
| Northern NJ | 8 | 66,563 | 1.4 | 877,759 | 13.19 | 1.5 |
| Central NJ | 5 | 34,866 | 0.7 | 414,312 | 11.88 | 0.7 |
| Westchester Co., NY | 34 | 264,513 | 5.8 | 4,250,239 | 16.07 | 7.2 |
| Sub. Philadelphia | 19 | 161,514 | 3.6 | 1,177,661 | 7.29 | 2.0 |
| Fairfield, CT | 3 | 20,575 | 0.5 | 382,224 | 18.58 | 0.6 |
TOTAL - 2009 | 69 | 548,031 | 12.0 | 7,102,195 | 12.96 | 12.0 |
| | | | | | | |
| 2010 | 79 | 825,065 | 18.1 | 11,358,126 | 13.77 | 19.2 |
| | | | | | | |
| 2011 | 62 | 533,602 | 11.7 | 6,063,912 | 11.36 | 10.2 |
| | | | | | | |
| 2012 | 49 | 434,604 | 9.6 | 6,170,693 | 14.20 | 10.4 |
| | | | | | | |
| 2013 | 30 | 370,067 | 8.1 | 5,248,671 | 14.18 | 8.9 |
| | | | | | | |
| 2014 | 13 | 153,500 | 3.4 | 2,176,136 | 14.18 | 3.7 |
| | | | | | | |
| 2015 | 13 | 162,151 | 3.6 | 2,016,003 | 12.43 | 3.4 |
| | | | | | | |
| 2016 | 11 | 165,917 | 3.7 | 2,592,895 | 15.63 | 4.4 |
| | | | | | | |
| 2017 | 8 | 74,093 | 1.6 | 1,063,648 | 14.36 | 1.8 |
| | | | | | | |
| 2018 and thereafter | 7 | 163,065 | 3.6 | 2,197,525 | 13.48 | 3.7 |
Totals/Weighted | | | | | | |
Average | 482 | 4,548,540 | 100.0 | 59,193,124 | 13.01 | 100.0 |
| (a) | Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
| (b) | Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
| (c) | Includes leases expiring December 31, 2006 aggregating 17,654 square feet and representing annualized rent of $218,021 for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
Schedule of Lease Expirations
Industrial/Warehouse Properties
The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning January 1, 2007, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| 2007 | 4 | 14,000 | 3.7 | 230,957 | 16.50 | 5.7 |
| | | | | | | |
| 2008 | 3 | 91,369 | 24.0 | 476,391 | 5.21 | 11.8 |
| | | | | | | |
| 2009 | 5 | 48,983 | 12.9 | 789,388 | 16.12 | 19.7 |
| | | | | | | |
| 2010 | 1 | 28,000 | 7.4 | 308,000 | 11.00 | 7.7 |
| | | | | | | |
| 2011 | 1 | 7,600 | 2.0 | 95,000 | 12.50 | 2.4 |
| | | | | | | |
| 2013 | 7 | 55,236 | 14.5 | 698,475 | 12.65 | 17.4 |
| | | | | | | |
| 2016 | 2 | 135,082 | 35.5 | 1,418,361 | 10.50 | 35.3 |
Totals/Weighted | | | | | | |
Average | 23 | 380,270 | 100.0 | 4,016,572 | 10.56 | 100.0 |
| (a) | Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases. |
| (b) | Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above. |
Stand-Alone Retail Properties
The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning January 1, 2007, assuming that none of the tenants exercise renewal or termination options. All stand-alone retail properties are located in the Westchester County, NY market:
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| 2009 | 1 | 9,300 | 53.8 | 195,000 | 20.97 | 46.4 |
| | | | | | | |
| 2018 and thereafter | 1 | 8,000 | 46.2 | 225,000 | 28.13 | 53.6 |
Totals/Weighted | | | | | | |
Average | 2 | 17,300 | 100.0 | 420,000 | 24.28 | 100.0 |
| (a) | Includes stand-alone retail property tenants only. |
| (b) | Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006
