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THIRD QUARTER 2008
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 Quarterly Report on Form 10-Q (the “10-Q”) 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-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-Q and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification.
INDEX
PAGE(S) | |
I. COMPANY BACKGROUND | |
· 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 / Dividends | 9 |
· Leasing | 9 – 11 |
· Information About FFO | 11 |
· Key Financial Data | 12 |
· Same-Store Results and Analysis | 13 |
· Unconsolidated Joint Ventures Summary | 14 – 17 |
· Select Financial Ratios | 18 |
· Debt Analysis: | |
· Debt Breakdown / Future Repayments | 19 |
· Debt Maturities | 20 |
· Debt Detail | 21 |
III. FINANCIAL INFORMATION | |
· Consolidated Statements of Operations | 23 |
· Consolidated Balance Sheets | 24 |
· Consolidated Statement of Changes in Stockholders’ Equity | 25 |
· Statements of Funds from Operations | 26 |
· Statements of Funds from Operations Per Diluted Share | 27 |
· Reconciliation of Basic-to-Diluted Shares/Units | 28 |
IV. VALUE CREATION PIPELINE | |
· Operating Property Acquisitions | 30 |
· Properties Commencing Initial Operations | 31 |
· Summary of Construction Projects | 32 |
· Summary of Land Parcels | 33 |
· Rental Property Sales | 34 |
V. PORTFOLIO/ LEASING STATISTICS | |
· Leasing Statistics | 36-41 |
· Market Diversification (MSA’s) | 42 |
· Industry Diversification (Top 30 Tenant Industries) | 43 |
· Consolidated Portfolio Analyses: | |
Breakdown by: | |
(a) Number of Properties | 44 |
(b) Square Footage | 45 |
(c) Base Rental Revenue | 46 |
(d) Percentage Leased | 47 |
· Consolidated Property Listing (by Property Type) | 48 – 56 |
· Significant Tenants (Top 50 Tenants) | 57 – 58 |
· Schedules of Lease Expirations (by Property Type) | 59 – 63 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
2
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; |
· | the Company’s ability to lease or re-lease space at current or anticipated rents; |
· | changes in the supply of and demand for office, office/flex and industrial/warehouse properties; |
· | changes in interest rate levels; |
· | changes in operating costs; |
· | the Company’s ability to obtain adequate insurance, including coverage for terrorist acts; |
· | the availability of financing; |
· | changes in governmental regulation, tax rates and similar matters; and |
· | 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, new information or otherwise.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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I. COMPANY BACKGROUND |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
4
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 $5.0 billion at September 30, 2008. 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 294 properties, primarily class A office and office/flex buildings, totaling approximately 33.7 million square feet, serving as home to approximately 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 11.3 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 September 30, 2008)
Corporate Headquarters | Edison, New Jersey |
Fiscal Year-End | 12/31 |
Total Properties | 294 |
Total Square Feet | 33.7 million square feet |
Geographic Diversity | Six states and the District of Columbia |
New Jersey Presence | 23.4 million square feet |
Northeast Presence | 33.7 million square feet |
Common Shares and | |
Units Outstanding | 80.7 million |
Dividend-- Quarter/Annualized | $0.64/$2.56 |
Dividend Yield | 7.6% |
Total Market Capitalization | $5.0 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 September 30, 2008
5
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 September 30, 2008
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Equity Research Coverage
Banc of America Securities, LLC Mitchell B. Germain / Ian Hunter (212) 847-5794 / (646) 855-0305 | Keefe, Bruyette & Woods, Inc. Shelia K. McGrath (212) 887-7793 |
Barclays Capital Ross Smotrich (212) 526-2306 | Keybanc Capital Markets Jordan Sadler (917) 368-2280 |
Citigroup Michael Bilerman (212) 816-1383 | Merrill Lynch Ian Weissman (212) 449-6255 |
Deutsche Bank-North America Louis Taylor (212) 250-4912 | Stifel Nicolaus & Company, Inc. John Guinee (443) 224-1307 |
Goldman Sachs & Co. Jonathan Habermann (917) 343-4260 | UBS Investment Research James C. Feldman / Jonathan Petersen (212) 713-4932 / (212) 713-4057 |
Green Street Advisors Michael Knott (949) 640-8780 | Wachovia Securities Christopher Haley (443) 263-6773 |
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 September 30, 2008
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II. FINANCIAL HIGHLIGHTS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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II. FINANCIAL HIGHLIGHTS
Quarterly Summary
The following is a summary of the Company’s recent activity:
Net income available to common shareholders for the third quarter 2008 equaled $22.6 million, or $0.34 per share, versus $23.0 million, or $0.34 per share, for the same quarter last year. For the nine months ended September 30, 2008, net income available to common shareholders equaled $55.9 million, or $0.85 per share, versus $92.6 million, or $1.37 per share, for the same period last year.
Funds from operations (FFO) available to common shareholders for the quarter ended September 30, 2008 amounted to $82.1 million, or $1.02 per share, versus $77.5 million, or $0.93 per share, for the quarter ended September 30, 2007. For the nine months ended September 30, 2008, FFO available to common shareholders amounted to $228.2 million, or $2.83 per share, versus $220.9 million, or $2.67 per share, for the same period last year.
Total revenues for the third quarter 2008 were $204.4 million as compared to $212.9 million for the same quarter last year. For the nine months ended September 30, 2008, total revenues amounted to $591.9 million, compared to $606.7 million for the same period last year.
All per share amounts presented above are on a diluted basis.
The Company had 65,875,466 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 14,856,139 common operating partnership units outstanding as of September 30, 2008. The Company had a total of 80,731,605 common shares/common units outstanding at September 30, 2008.
As of September 30, 2008, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 5.78 percent. The Company had a total market capitalization of $5.0 billion and a debt-to-undepreciated assets ratio of 40.6 percent at September 30, 2008. The Company had an interest coverage ratio of 3.6 times for the quarter ended September 30, 2008.
On October 28, 2008, the Company obtained $240 million in mortgage financing from The Northwestern Mutual Life Insurance Company and New York Life Insurance Company as co-lenders. The mortgage loan, which is collateralized by its Harborside Plaza 5 office property, bears interest at a rate of 6.8 percent per annum and carries a 10-year term. Proceeds from the loan were used to pay down outstanding borrowings under the Company’s unsecured revolving credit facility. The Company currently has $95 million of outstanding borrowings under its $775 million unsecured revolving credit facility.
Dividends
In September, 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 third quarter 2008, which was paid on October 10, 2008 to shareholders of record as of October 3, 2008.
The Board also declared a cash dividend on the Company’s 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 July 15, 2008 through October 14, 2008. The dividend was paid on October 15, 2008 to shareholders of record as of October 3, 2008.
Leasing
Mack-Cali’s consolidated in-service portfolio was 91.8 percent leased at September 30, 2008, as compared to 92.3 percent at June 30, 2008.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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For the quarter ended September 30, 2008, the Company executed 118 leases at its consolidated in-service portfolio totaling 1,114,224 square feet, consisting of 898,037 square feet of office space, 210,192 square feet of office/flex space and 5,995 square feet of industrial/warehouse space. Of these totals, 220,340 square feet were for new leases and 893,884 square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter’s leasing transactions include:
NORTHERN NEW JERSEY:
- | Arch Insurance Company, a division of Arch Capital Group Ltd. and a provider of property, casualty and specialty insurance, signed a new, 15-year and six month lease for 106,815 square-feet at Harborside Financial Center Plaza 3 in Jersey City. Plaza 3 is a 725,600 square-foot office building that is 99.3 percent leased. |
- | Forest Research Institute, Inc., a subsidiary of Forest Laboratories, Inc., signed an eight-year and five-month expansion of 35,587 square feet at Harborside Financial Center Plaza 5 in Jersey City. The firm now leases a total of 215,659 square feet at the 977,225 square-foot office building that is 100 percent leased. |
- | GAB Robins North America, Inc., a national insurance industry service provider, signed a 50,025 square-foot renewal for 10 years at 9 Campus Drive in the Mack-Cali Business Campus in Parsippany. The 156,495 square-foot office building is 93.6 percent leased. |
- | Automated Resources Group LLC, a database marketing and subscription fulfillment solutions provider, signed a 10-year renewal of 16,982 square feet at 135 Chestnut Ridge Road in Montvale. The 66,150 square-foot office building is 99.7 percent leased. |
WESTCHESTER COUNTY, NEW YORK:
- | Montefiore Medical Center signed two new 10-year and two-month leases totaling 20,100 square feet at South Westchester Executive Park in Yonkers, consisting of 11,500 square feet at 3 Executive Boulevard and 8,600 square feet at 100 Corporate Boulevard. 3 Executive Boulevard is a 58,000 square-foot office building that is 96 percent leased and 100 Corporate Boulevard is a 78,000 square-foot office/flex building that is 98.3 percent leased. |
- | Alphamedica Inc., an advertising agency, signed transactions totaling 17,027 square feet at two buildings in Westchester County, consisting of a six-year expansion of 3,796 square feet and a six-year and seven-month renewal of 8,754 square feet at 220 White Plains Road in Tarrytown and a six-year renewal of 4,477 square feet at 570 Taxter Road in Elmsford. 220 White Plains Road is an 89,000 square-foot office building that is 93.5 percent leased, and 570 Taxter Road is a 75,000 square-foot office building that is 75.9 percent leased. |
SUBURBAN PHILADELPHIA:
- | Keystone Mercy Health Plan and Amerihealth Mercy Health Plan, a provider of personal lines insurance coverage, signed five-year renewals totaling 303,149 square feet at 100 and 200 Stevens Drive, located at Airport Business Center in Lester. The tenant leases the entirety of both buildings. |
- | Defense contractor Lockheed Martin Corporation signed a two-year renewal of 51,890 square feet at 232 Strawbridge Drive. Located in Moorestown Corporate Center, 232 Strawbridge is a 74,258 square foot office building that is 98.8 percent leased. |
- | Chartwell Investment Partners, an investment management firm, signed a seven-year renewal of 20,675 square feet at 1235 Westlakes Drive in Berwyn. Located at Westlakes Office Park, the 134,902 square-foot office building is 100 percent leased. |
WASHINGTON, DC/MARYLAND:
- | Vecna Technologies Inc., a software design firm, signed a new five-year and eight-month lease for 15,244 square feet at 6404 Ivy Lane in Greenbelt at Capitol Office Park. The 165,234 square-foot office building is 68.8 percent leased. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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NORTHERN AND CENTRAL NEW JERSEY JOINT VENTURE PROPERTIES:
- | J.H. Cohn LLP, an accounting and consulting firm, signed a 12-year and two-month expansion of 23,543 square feet at 4 Becker Farm Road in Roseland. Located in 280 Corporate Center, the 281,762 square-foot office building is 98.8 percent leased. |
- | Harris Interactive Inc., a provider of market research, signed an eight-year and eight-month renewal for 23,485 square feet at 5 Independence Way in Princeton. The 113,376 square-foot office building is located in Princeton Corporate Center and is 84.8 percent leased. |
- | Clive Samuels and Associates Inc., an engineering consulting firm, signed a new, seven-year lease for 21,860 square feet at 1 Independence Way, also located in Princeton Corporate Center. The 112,984 square-foot office building is 76.2 percent leased. |
- | Greenbaum, Rowe, Smith & Davis LLP, a law firm, signed a transaction totaling 17,295 square feet at 75 Livingston Avenue in Roseland at 280 Corporate Center, consisting of a five-year expansion of 4,180 square feet and 19-month renewal of 13,115 square feet. The 94,221 square-foot office building is 69.6 percent leased. |
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 27.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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Key Financial Data
As of or for the three months ended
9/30/08 | 9/30/08 | 3/31/08 | 12/31/07 | 9/30/07 | |
Shares and Units: | |||||
Common Shares Outstanding | 65,875,466 | 65,756,271 | 65,680,674 | 65,558,073 | 67,648,417 |
Common Units Outstanding (a) | 14,856,139 | 14,931,138 | 14,982,538 | 14,985,538 | 15,246,628 |
Combined Shares and Units | 80,731,605 | 80,687,409 | 80,663,212 | 80,543,611 | 82,895,045 |
Preferred Shares Outstanding | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
Weighted Average- Basic (b) | 80,414,716 | 80,377,518 | 80,356,876 | 81,939,677 | 82,936,027 |
Weighted Average- Diluted (c) | 80,617,243 | 80,585,378 | 80,491,357 | 82,137,909 | 83,087,797 |
Common Share Price ($’s): | |||||
At the end of the period | 33.87 | 34.17 | 35.71 | 34.00 | 41.10 |
High during period | 43.00 | 40.56 | 37.42 | 45.00 | 44.98 |
Low during period | 31.00 | 33.67 | 28.44 | 30.42 | 36.80 |
Market Capitalization: | |||||
($’s in thousands, except ratios) | |||||
Market Value of Equity (d) | 2,760,543 | 2,783,384 | 2,906,755 | 2,764,897 | 3,433,524 |
Total Debt | 2,230,861 | 2,234,347 | 2,239,963 | 2,211,735 | 2,131,118 |
Total Market Capitalization | 4,991,404 | 5,017,731 | 5,146,718 | 4,976,632 | 5,564,642 |
Total Debt/ Total Market Capitalization | 44.69% | 44.53% | 43.52% | 44.44% | 38.30% |
Financials: | |||||
($’s in thousands, except ratios and per share amounts) | |||||
Total Assets | 4,492,890 | 4,541,287 | 4,560,962 | 4,593,202 | 4,615,835 |
Gross Book Value of Real Estate Assets | 4,940,111 | 4,923,527 | 4,892,991 | 4,885,429 | 4,860,197 |
Total Liabilities | 2,479,225 | 2,505,624 | 2,497,472 | 2,492,797 | 2,399,249 |
Total Minority Interests | 437,816 | 444,562 | 451,455 | 457,850 | 472,054 |
Total Stockholders’ Equity | 1,575,849 | 1,591,101 | 1,612,035 | 1,642,555 | 1,744,532 |
Total Revenues | 204,363 | 192,793 | 194,713 | 201,682 | 212,881 |
Capitalized Interest | 1,733 | 1,601 | 1,376 | 1,383 | 1,208 |
Scheduled Principal Payments | 3,486 | 3,896 | 3,772 | 3,393 | 3,430 |
Interest Coverage Ratio | 3.63 | 3.40 | 3.18 | 3.26 | 3.41 |
Fixed Charge Coverage Ratio | 3.06 | 2.85 | 2.70 | 2.80 | 2.93 |
Net Income | 23,069 | 18,844 | 15,449 | 16,349 | 23,460 |
Net Income Available to Common Shareholders | 22,569 | 18,344 | 14,949 | 15,849 | 22,960 |
Earnings per Share—diluted | 0.34 | 0.28 | 0.23 | 0.24 | 0.34 |
FFO per Share—diluted (e) | 1.02 | 0.93 | 0.88 | 0.89 | 0.93 |
Dividends Declared per Share | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 |
FFO Payout Ratio—diluted (e) | 62.84% | 68.55% | 72.68% | 72.00% | 68.58% |
Portfolio Size: | |||||
Properties | 294 | 294 | 294 | 294 | 302 |
Total Square Footage | 33,733,011 | 33,733,011 | 33,733,011 | 33,733,011 | 34,941,726 |
Sq. Ft. Leased at End of Period (f) (g) | 91.8% | 92.3% | 92.1% | 92.7% | 92.2% |
(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 11. |
(f) | Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future 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 September 30, 2008
12
Same Store Results and Analysis
(dollars in thousands)
For the three months ended September 30, | % | |||
2008 | 2007 | Change | Change | |
Total Property Revenues | $179,326 | $175,171 | $4,155 | 2.4 |
Real Estate Taxes | 23,300 | 22,335 | 965 | 4.3 |
Utilities | 24,705 | 21,944 | 2,761 | 12.6 |
Operating Services | 23,890 | 24,111 | (221) | (0.9) |
Total Property Expenses: | 71,895 | 68,390 | 3,505 | 5.1 |
GAAP Net Operating Income | 107,431 | 106,781 | 650 | 0.6 |
Less: straight-lining of rents adj. | 1,744 | 1,240 | 504 | 40.6 |
Net Operating Income | $105,687 | $105,541 | $ 146 | 0.1 |
Percentage Leased at Period End | 91.8% | 92.2% | ||
Total Properties: | 255 | |||
Total Square Footage: | 29,245,361 | |||
For the nine months ended September 30, | % | |||
2008 | 2007 | Change | Change | |
Total Property Revenues | $510,995 | $501,672 | $9,323 | 1.9 |
Real Estate Taxes | 68,600 | 68,568 | 32 | 0.0 |
Utilities | 64,611 | 54,305 | 10,306 | 19.0 |
Operating Services | 68,116 | 70,648 | (2,532) | (3.6) |
Total Property Expenses: | 201,327 | 193,521 | 7,806 | 4.0 |
GAAP Net Operating Income | 309,668 | 308,151 | 1,517 | 0.5 |
Less: straight-lining of rents adj. | 3,730 | 6,604 | (2,874) | (43.5) |
Net Operating Income | $305,938 | $301,547 | $4,391 | 1.5 |
Percentage Leased at Period End | 91.7% | 92.1% | ||
Total Properties: | 251 | |||
Total Square Footage: | 28,531,653 | |||
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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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 | 1 | Red Bank, NJ | 100.0% | 92,878 | 50.0% | ||
Mack-Green-Gale | Bellemead Portfolio | 17 | New Jersey | 87.9% | 2,237,881 | 50.0% | ||
Route 93 Ventures | Route 495 North Sub Market | 7 | Boston Suburbs, MA | 31.8% | 666,697 | 25.0% | ||
Gale Kimball L.L.C. | 100 Kimball Drive | 1 | Parsippany, NJ | 100.0% | 175,000 | 8.33% | ||
12 Vreeland Realty L.L.C. | 12 Vreeland Road | 1 | Florham Park, NJ | 100.0% | 139,750 | 50.0% | ||
Gale Jefferson L.L.C. | One Jefferson Road (a) | 1 | Parsippany, NJ | 0.0% | 100,000 | 8.33% | ||
Office/Flex Properties: | ||||||||
Ramland Realty Associates, L.L.C. | One Ramland Road | 1 | Orangeburg, NY | 52.9% | 232,000 | 50.0% | ||
Mixed-Use: | ||||||||
GE/Gale Funding L.L.C. | Princeton Forrestal Village | n/a | Princeton, NJ | 93.3% | 527,015 | 10.0% | ||
Boston-Filenes | Boston-Filenes (b) | 1 | Boston, MA | n/a | 1,481,000 | 15.0% | ||
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 (c) | n/a | Bridgewater, NJ | n/a | 200,000 | 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 100,000 square foot office building for the venture. |
(b) | The venture is redeveloping a 1,481,000 square foot mixed-use property. |
(c) | The Company will be developing a 200,000 square foot office building for the venture. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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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 September 30, 2008 and December 31, 2007 (dollars in thousands):
September 30, 2008 | |||||||||||||
Plaza VIII & IX Associates | Ramland Realty | Harborside South Pier | Red Bank Corporate Plaza I & II | Mack- Green- Gale | Princeton Forrestal Village | Route 93 Portfolio | Gale Kimball | 55 Corporate | 12 Vreeland | Boston- Filenes | Gale Jefferson | Combined Total | |
Assets: | |||||||||||||
Rental property, net | $10,326 | $6,962 | $62,595 | $23,388 | $361,832 | $42,728 | $56,945 | $9,704 | $17,000 | $14,704 | -- | -- | $606,184 |
Other assets | 2,954 | 936 | 17,703 | 4,011 | 43,960 | 24,101 | 1,255 | 598 | 896 | 800 | $91,695 | $4,122 | 193,031 |
Total assets | $13,280 | $7,898 | $80,298 | $27,399 | $405,792 | $66,829 | $58,200 | $10,302 | $17,896 | $15,504 | $91,695 | $4,122 | $799,215 |
Liabilities and Partners’/ members’ capital (deficit): | |||||||||||||
Mortgages, loans payable and other obligations | -- | $14,636 | $75,081 | $19,140 | $277,721 | $52,800 | $42,999 | $11,750 | -- | $7,614 | -- | -- | $501,741 |
Other liabilities | $ 530 | 877 | 4,987 | 76 | 22,051 | 6,690 | 951 | 15 | -- | -- | $16,776 | $2,284 | 55,237 |
Partners’/members’ capital | 12,750 | (7,615) | 230 | 8,183 | 106,020 | 7,339 | 14,250 | (1,463) | $17,896 | 7,890 | 74,919 | 1,838 | 242,237 |
Total liabilities and partners’/ members’ capital (deficit) | $13,280 | $7,898 | $80,298 | $27,399 | $405,792 | $66,829 | $58,200 | $10,302 | $17,896 | $15,504 | $91,695 | $4,122 | $799,215 |
Company’s investment in unconsolidated joint ventures, net | $ 6,297 | -- | $ 59 | $ 3,822 | $121,483 | $ 1,763 | $ 4,477 | -- | $ 9,068 | $ 8,136 | $23,959 | $ 745 | $179,809 |
December 31, 2007 | |||||||||||||
Plaza VIII & IX Associates | Ramland Realty | Harborside South Pier | Red Bank Corporate Plaza I & II | Mack- Green- Gale | Princeton Forrestal Village | Route 93 Portfolio | Gale Kimball | 55 Corporate | 12 Vreeland | Boston- Filenes | Gale Jefferson | Combined Total | |
Assets: | |||||||||||||
Rental property, net | $10,787 | $7,254 | $65,611 | $23,618 | $368,028 | $42,517 | $57,368 | -- | $17,000 | $7,954 | -- | -- | $600,137 |
Other assets | 2,250 | 763 | 17,995 | 2,818 | 52,741 | 25,679 | 3,323 | $9,622 | -- | 851 | $81,651 | $1,918 | 199,611 |
Total assets | $13,037 | $8,017 | $83,606 | $26,436 | $420,769 | $68,196 | $60,691 | $9,622 | $17,000 | $8,805 | $81,651 | $1,918 | $799,748 |
Liabilities and Partners’/ members’ capital (deficit): | |||||||||||||
Mortgages, loans payable and other obligations | -- | $14,771 | $76,072 | $18,116 | $281,746 | $52,800 | $42,495 | -- | -- | $8,761 | -- | -- | $494,761 |
Other liabilities | $ 532 | 366 | 6,324 | 132 | 23,809 | 6,847 | 1,809 | $10,133 | -- | -- | $20,678 | $ 80 | 70,710 |
Partners’/members’ capital | 12,505 | (7,120) | 1,210 | 8,188 | 115,214 | 8,549 | 16,387 | (511) | $17,000 | 44 | 60,973 | 1,838 | 234,277 |
Total liabilities and partners’/ members’ capital (deficit) | $13,037 | $8,017 | $83,606 | $26,436 | $420,769 | $68,196 | $60,691 | $9,622 | $17,000 | $8,805 | $81,651 | $1,918 | $799,748 |
Company’s investment in unconsolidated joint ventures, net | $ 6,175 | -- | $ 513 | $ 3,703 | $128,107 | $ 2,029 | $ 4,729 | -- | $ 8,518 | $7,752 | $18,828 | $ 712 | $181,066 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
15
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 September 30, 2008 and 2007 (dollars in thousands):
Three Months Ended September 30, 2008 | ||||||||||||||
Plaza | Red Bank | Mack- | Princeton | NKFGMS | ||||||||||
VIII & IX | Ramland | Harborside | Corporate | Gale- | Forrestal | Route 93 | Gale | 55 | 12 | Boston- | Owners | Gale | Combined | |
Associates | Realty | South Pier | Plaza I & II | Green | Village | Portfolio | Kimball | Corporate | Vreeland | Filenes | LLC | Jefferson | Total | |
Total revenues | $307 | $ 395 | $11,232 | $ 793 | $12,457 | $2,719 | $ 773 | $ 409 | -- | $597 | $ 1 | -- | -- | $29,683 |
Operating and other expenses | (40) | (284) | (6,670) | (210) | (5,155) | (1,889) | (852) | (146) | -- | (16) | -- | -- | -- | (15,262) |
Depreciation and amortization | (153) | (118) | (991) | (148) | (5,075) | (929) | (497) | (86) | -- | (128) | -- | -- | -- | (8,125) |
Interest expense | -- | (179) | (1,165) | (187) | (4,227) | (801) | (548) | (184) | -- | (136) | -- | -- | -- | (7,427) |
Net income | $114 | $(186) | $2,406 | $ 248 | $(2,000) | $(900) | $(1,124) | $ (7) | -- | $317 | $ 1 | -- | -- | $(1,131) |
Company’s equity in | ||||||||||||||
earnings (loss) of | ||||||||||||||
unconsolidated joint ventures | $ 57 | -- | $1,203 | $ 124 | $(1,326) | $(187) | $(337) | $ 38 | -- | $159 | -- | -- | -- | $(269) |
Three Months Ended September 30, 2007 | ||||||||||||||
Plaza | Red Bank | Mack- | Princeton | NKFGMS | ||||||||||
VIII & IX | Ramland | Harborside | Corporate | Gale- | Forrestal | Route 93 | Gale | 55 | 12 | Boston- | Owners | Gale | Combined | |
Associates | Realty | South Pier | Plaza I & II | Green | Village | Portfolio | Kimball | Corporate | Vreeland | Filenes | LLC | Jefferson | Total | |
Total revenues | $257 | $ 478 | $10,640 | $ 180 | $17,065 | $3,905 | $ 722 | $ 1 | -- | $440 | $141 | -- | -- | $33,829 |
Operating and other expenses | (49) | (402) | (6,441) | (3) | (7,983) | (1,899) | (948) | (93) | -- | (17) | (7) | -- | -- | (17,842) |
Depreciation and amortization | (154) | (176) | (1,496) | (50) | (6,581) | (790) | 181 | (146) | -- | (88) | -- | -- | -- | (9,300) |
Interest expense | -- | (267) | (1,194) | (50) | (6,870) | (1,248) | (904) | (382) | -- | (110) | -- | -- | -- | (11,025) |
Net income | $ 54 | $(367) | $1,509 | $ 77 | $(4,369) | $(32) | $(949) | $(620) | -- | $225 | $134 | -- | -- | $(4,338) |
Company’s equity in | ||||||||||||||
earnings (loss) of | ||||||||||||||
unconsolidated joint ventures | $ 27 | $(200) | $755 | $ 69 | $(2,012) | $(14) | $(285) | $(52) | -- | $113 | $40 | -- | -- | $(1,559) |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
16
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 nine months ended September 30, 2008 and 2007 (dollars in thousands):
Nine Months Ended September 30, 2008 | ||||||||||||||
Plaza | Red Bank | Mack- | Princeton | NKFGMS | ||||||||||
VIII & IX | Ramland | Harborside | Corporate | Gale- | Forrestal | Route 93 | Gale | 55 | 12 | Boston- | Owners | Gale | Combined | |
Associates | Realty | South Pier | Plaza I & II | Green | Village | Portfolio | Kimball | Corporate | Vreeland | Filenes | LLC | Jefferson | Total | |
Total revenues | $ 843 | $1,339 | $32,579 | $2,396 | $37,285 | $8,862 | $2,100 | $1,214 | -- | $1,589 | $ 51 | -- | $ 1 | $88,259 |
Operating and other expenses | (137) | (881) | (19,115) | (596) | (15,427) | (4,881) | (2,551) | (388) | -- | (58) | -- | -- | (1) | (44,035) |
Depreciation and amortization | (461) | (363) | (3,919) | (445) | (14,529) | (2,683) | (1,288) | (253) | -- | (383) | -- | -- | -- | (24,324) |
Interest expense | -- | (590) | (3,525) | (602) | (13,162) | (2,604) | (1,899) | (518) | -- | (380) | -- | -- | -- | (23,280) |
Net income | $ 245 | $(495) | $6,020 | $ 753 | $(5,833) | $(1,306) | $(3,638) | $ 55 | -- | $ 768 | $ 51 | -- | -- | $(3,380) |
Company’s equity in | ||||||||||||||
earnings (loss) of | ||||||||||||||
unconsolidated joint ventures | $ 123 | -- | $3,046 | $ 376 | $(3,938) | $(267) | $(701) | $ 426 | -- | $ 384 | $ 18 | -- | -- | $(533) |
Nine Months Ended September 30, 2007 | ||||||||||||||
Plaza | Red Bank | Mack- | Princeton | NKFGMS | ||||||||||
VIII & IX | Ramland | Harborside | Corporate | Gale- | Forrestal | Route 93 | Gale | 55 | 12 | Boston- | Owners | Gale | Combined | |
Associates | Realty | South Pier | Plaza I & II | Green | Village | Portfolio | Kimball | Corporate | Vreeland | Filenes | LLC | Jefferson | Total | |
Total revenues | $ 731 | $1,523 | $30,944 | $ 242 | $50,757 | $9,157 | $1,785 | $ 3 | -- | $1,488 | $ 672 | -- | -- | $97,302 |
Operating and other expenses | (132) | (1,166) | (18,947) | (5) | (23,141) | (4,889) | (2,812) | (133) | -- | (50) | (668) | -- | -- | (51,943) |
Depreciation and amortization | (462) | (526) | (4,462) | (49) | (20,745) | (2,327) | (1,846) | (329) | -- | (264) | -- | -- | -- | (31,010) |
Interest expense | -- | (796) | (3,596) | (50) | (20,299) | (3,579) | (2,547) | (796) | -- | (454) | -- | -- | -- | (32,117) |
Net income | $ 137 | $(965) | $3,939 | $ 138 | $(13,428) | $(1,638) | $(5,420) | $(1,255) | -- | $ 720 | $ 4 | -- | -- | $(17,768) |
Company’s equity in | ||||||||||||||
earnings (loss) of | ||||||||||||||
unconsolidated joint ventures | $ 69 | $(375) | $1,863 | $ 69 | $ (5,351) | $ (416) | $(1,655) | $ (104) | -- | $ 360 | $ 1 | $ 53 | -- | $(5,486) |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
17
Select Financial Ratios
Ratios Computed For Industry | September 30, | ||||||||||
Comparisons: | 2008 | 2007 | |||||||||
Financial Position Ratios: | |||||||||||
Total Debt/ Total Book Capitalization (Book value) (%) | 49.65% | 46.17% | |||||||||
Total Debt/ Total Market Capitalization (Market value) (%) | 44.69% | 38.30% | |||||||||
Total Debt/ Total Undepreciated Assets (%) | 40.60% | 38.85% | |||||||||
Secured Debt/ Total Undepreciated Assets (%) | 5.22% | 5.51% | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||
2008 | 2007 | 2008 | 2007 | |||
Operational Ratios: | ||||||
Interest Coverage (Funds from Operations+Interest Expense)/Interest Expense (x) | 3.63 | 3.41 | 3.40 | 3.34 | ||
Debt Service Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Principal Amort.) (x) | 3.27 | 3.08 | 3.05 | 3.03 | ||
Fixed Charge Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Capitalized Interest+Pref. Div. +Prin. Amort.+Ground Lease Payments)(x) | 3.06 | 2.93 | 2.87 | 2.88 | ||
FFO Payout (Dividends Declared/Funds from Operations) (%) | 62.84% | 68.58% | 67.79% | 71.72% | ||
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
18
Debt Analysis
(as of September 30, 2008)
Debt Breakdown
(dollars in thousands)
Balance | % of Total | Weighted Average Interest Rate | Weighted Average Maturity in Years | |
Fixed Rate Unsecured Notes and Other Obligations | $1,651,037 | 74.01% | 6.30% | 3.58 |
Fixed Rate Secured Debt | 286,824 | 12.86% | 5.35% | 3.41 |
Variable Rate Unsecured Debt | 293,000 | 13.13% | 3.22% | 2.73 |
Totals/Weighted Average: | $2,230,861 | 100.00% | 5.78% | 3.44 |
Future Repayments
(dollars in thousands)
Period | Scheduled Amortization | Principal Maturities | Total | Weighted Average Interest Rate of Future Repayments (a) |
October 1 – December 31, 2008 | $ 6,331 | -- | $ 6,331 | 4.94% |
2009 | 15,018 | $300,000 | 315,018 | 7.37% |
2010 | 2,584 | 334,500 | 337,084 | 5.26% |
2011 | 2,745 | 593,000 | 595,745 | 5.60% |
2012 | 2,864 | 210,148 | 213,012 | 6.13% |
Thereafter | 5,702 | 760,618 | 766,320 | 5.41% |
Sub-total | 35,244 | 2,198,266 | 2,233,510 | 5.78% |
Adjustment for unamortized debt discount/premium, net, as of September 30, 2008 | (2,649) | -- | (2,649) | -- |
Totals/Weighted Average: | $ 32,595 | $2,198,266 | $2,230,861 | 5.78% |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
19
Debt Maturities
(dollars in thousands)
October 1 – December 31, 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2018 | TOTALS | ||
Secured Debt: | ||||||||||||
6404 Ivy Lane | -- | -- | ||||||||||
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 | 18,185 | 18,185 | ||||||||||
395 West Passaic | 9,636 | 9,636 | ||||||||||
23 Main Street | $26,566 | 26,566 | ||||||||||
Total Secured Debt: | -- | -- | $169,500 | -- | $15,234 | $19,118 | $38,829 | -- | -- | $26,566 | $269,247 | |
Unsecured Debt: | ||||||||||||
Unsecured credit facility | $293,000 | $293,000 | ||||||||||
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: | -- | $300,000 | $165,000 | $593,000 | $194,914 | $126,105 | $200,000 | $150,000 | $200,000 | -- | $1,929,019 | |
Total Debt: | -- | $300,000 | $334,500 | $593,000 | $210,148 | $145,223 | $238,829 | $150,000 | $200,000 | $26,566 | $2,198,266 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
20
Debt Detail
(dollars in thousands)
Principal Balance at | ||||||
Property Name | Lender | Effective InterestRate | September 30, 2008 | December 31, 2007 | Date of Maturity | |
Senior Unsecured Notes: (a) | ||||||
7.250%, $300,000 Face Amount Notes | public debt | 7.486% | $299,892 | $ 299,716 | 03/15/09 | |
5.050%, $150,000 Face Amount Notes | public debt | 5.265% | 149,915 | 149,874 | 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% | 299,598 | 299,468 | 02/15/11 | |
5.250%, $100,000 Face Amount Notes | public debt | 5.457% | 99,355 | 99,210 | 01/15/12 | |
6.150%, $94,914 Face Amount Notes | public debt | 6.894% | 92,841 | 92,472 | 12/15/12 | |
5.820%, $26,105 Face Amount Notes | public debt | 6.448% | 25,613 | 25,530 | 03/15/13 | |
4.600%, $100,000 Face Amount Notes | public debt | 4.742% | 99,865 | 99,844 | 06/15/13 | |
5.125%, $200,000 Face Amount Notes | public debt | 5.110% | 201,289 | 201,468 | 02/15/14 | |
5.125%, $150,000 Face Amount Notes | public debt | 5.297% | 149,418 | 149,349 | 01/15/15 | |
5.800%, $200,000 Face Amount Notes | public debt | 5.806% | 200,559 | 200,616 | 01/15/16 | |
Total Senior Unsecured Notes: | $1,633,345 | $1,632,547 |
Revolving Credit Facilities:
Unsecured Facility (b) | 23 Lenders | Libor +0.550% | $293,000 | $ 250,000 | 6/22/11 | |
Total Revolving Credit Facilities: | $293,000 | $ 250,000 |
Property Mortgages: (c)
6404 Ivy Lane | Wachovia CMBS | 5.582% | $ -- | $ 13,029 | (d) | |
Assumed Obligations | n/a | 4.957% | 17,692 | 27,657 | 05/01/09 | (e) |
Various (f) | Prudential Insurance Co. | 4.841% | 150,000 | 150,000 | 01/15/10 | |
105 Challenger Road | Archon Financial CMBS | 6.235% | 19,134 | 18,968 | 06/06/10 | |
2200 Renaissance Boulevard | Wachovia CMBS | 5.888% | 17,145 | 17,442 | 12/01/12 | |
Soundview Plaza | Morgan Stanley CMBS | 6.015% | 17,228 | 17,575 | 01/01/13 | |
9200 Edmonston Road | Principal Commercial Funding, L.L.C. | 5.534% | 4,991 | 5,096 | 05/01/13 | |
6305 Ivy Lane | John Hancock Life Ins. Co. | 5.525% | 6,951 | 7,098 | 01/01/14 | |
395 West Passaic | State Farm Life Ins. Co. | 6.004% | 12,283 | 12,596 | 05/01/14 | |
6301 Ivy Lane | John Hancock Life Ins. Co. | 5.520% | 6,525 | 6,655 | 07/01/14 | |
35 Waterview | Wachovia CMBS | 6.348% | 19,930 | 20,104 | 08/11/14 | |
23 Main Street | JPMorgan CMBS | 5.587% | 32,637 | 32,968 | 09/01/18 | |
Total Mortgages, Loans Payable and Other Obligations: | $304,516 | $ 329,188 | ||||
Total Debt: | $2,230,861 | $2,211,735 |
(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 $775 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 May 5, 2008, the Company repaid this mortgage at par, using available cash. |
(e) | The obligations mature at various times through May 2009. |
(f) | Mortgage is collateralized by seven properties. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
21
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
22
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Revenues | 2008 | 2007 | 2008 | 2007 | ||||||||||||
Base rents | $ | 147,809 | $ | 145,535 | $ | 444,499 | $ | 427,574 | ||||||||
Escalations and recoveries from tenants | 29,755 | 27,491 | 82,065 | 79,477 | ||||||||||||
Construction services | 12,268 | 22,912 | 36,334 | 68,722 | ||||||||||||
Real estate services | 3,347 | 5,567 | 10,016 | 13,267 | ||||||||||||
Other income | 11,184 | 11,376 | 18,955 | 17,628 | ||||||||||||
Total revenues | 204,363 | 212,881 | 591,869 | 606,668 | ||||||||||||
Expenses | ||||||||||||||||
Real estate taxes | 23,361 | 22,422 | 71,522 | 69,744 | ||||||||||||
Utilities | 24,706 | 21,944 | 65,794 | 54,818 | ||||||||||||
Operating services | 25,955 | 27,096 | 79,080 | 79,070 | ||||||||||||
Direct construction costs | 11,104 | 22,479 | 34,087 | 66,024 | ||||||||||||
General and administrative | 10,767 | 13,411 | 33,099 | 37,351 | ||||||||||||
Depreciation and amortization | 49,242 | 49,790 | 144,550 | 135,064 | ||||||||||||
Total expenses | 145,135 | 157,142 | 428,132 | 442,071 | ||||||||||||
Operating income | 59,228 | 55,739 | 163,737 | 164,597 | ||||||||||||
Other (expense) income | ||||||||||||||||
Interest expense | (31,163 | ) | (32,163 | ) | (94,963 | ) | (94,432 | ) | ||||||||
Interest and other investment income | 257 | 985 | 1,115 | 4,173 | ||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (269 | ) | (1,559 | ) | (533 | ) | (5,486 | ) | ||||||||
Minority interest in consolidated joint ventures | 147 | 51 | 286 | 492 | ||||||||||||
Gain on sale of marketable securities | -- | -- | 471 | -- | ||||||||||||
Total other (expense) income | (31,028 | ) | (32,686 | ) | (93,624 | ) | (95,253 | ) | ||||||||
Income from continuing operations before | ||||||||||||||||
minority interest in Operating Partnership | 28,200 | 23,053 | 70,113 | 69,344 | ||||||||||||
Minority interest in Operating Partnership | (5,131 | ) | (4,146 | ) | (12,751 | ) | (12,564 | ) | ||||||||
Income from continuing operations | 23,069 | 18,907 | 57,362 | 56,780 | ||||||||||||
Discontinued operations (net of minority interest): | ||||||||||||||||
Income from discontinued operations | -- | 20 | -- | 1,057 | ||||||||||||
Realized gains (losses) and unrealized losses | ||||||||||||||||
on disposition of rental property, net | -- | 4,533 | -- | 36,280 | ||||||||||||
Total discontinued operations, net | -- | 4,553 | -- | 37,337 | ||||||||||||
Net income | 23,069 | 23,460 | 57,362 | 94,117 | ||||||||||||
Preferred stock dividends | (500 | ) | (500 | ) | (1,500 | ) | (1,500 | ) | ||||||||
Net income available to common shareholders | $ | 22,569 | $ | 22,960 | $ | 55,862 | $ | 92,617 | ||||||||
Basic earnings per common share: | ||||||||||||||||
Income from continuing operations | $ | 0.34 | $ | 0.27 | $ | 0.85 | $ | 0.82 | ||||||||
Discontinued operations | -- | 0.07 | -- | 0.56 | ||||||||||||
Net income available to common shareholders | $ | 0.34 | $ | 0.34 | $ | 0.85 | $ | 1.38 | ||||||||
Diluted earnings per common share: | ||||||||||||||||
Income from continuing operations | $ | 0.34 | $ | 0.27 | $ | 0.85 | $ | 0.82 | ||||||||
Discontinued operations | -- | 0.07 | -- | 0.55 | ||||||||||||
Net income available to common shareholders | $ | 0.34 | $ | 0.34 | $ | 0.85 | �� | $ | 1.37 | |||||||
Dividends declared per common share | $ | 0.64 | $ | 0.64 | $ | 1.92 | $ | 1.92 | ||||||||
Basic weighted average shares outstanding | 65,519 | 67,688 | 65,438 | 67,068 | ||||||||||||
Diluted weighted average shares outstanding | 80,617 | 83,088 | 80,573 | 82,515 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
23
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts) (unaudited)
September 30, | December 31, | |||||||
Assets | 2008 | 2007 | ||||||
Rental property | ||||||||
Land and leasehold interests | $ | 729,549 | $ | 726,253 | ||||
Buildings and improvements | 3,783,728 | 3,753,088 | ||||||
Tenant improvements | 417,954 | 397,132 | ||||||
Furniture, fixtures and equipment | 8,880 | 8,956 | ||||||
4,940,111 | 4,885,429 | |||||||
Less – accumulated depreciation and amortization | (1,002,168 | ) | (907,013 | ) | ||||
Net investment in rental property | 3,937,943 | 3,978,416 | ||||||
Cash and cash equivalents | 7,680 | 24,716 | ||||||
Marketable securities available for sale at fair value | -- | 4,839 | ||||||
Investments in unconsolidated joint ventures | 179,809 | 181,066 | ||||||
Unbilled rents receivable, net | 109,768 | 107,761 | ||||||
Deferred charges and other assets, net | 226,071 | 246,386 | ||||||
Restricted cash | 12,189 | 13,613 | ||||||
Accounts receivable, net of allowance for doubtful accounts | ||||||||
of $2,386 and $1,576 | 19,430 | 36,405 | ||||||
Total assets | $ | 4,492,890 | $ | 4,593,202 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Senior unsecured notes | $ | 1,633,345 | $ | 1,632,547 | ||||
Revolving credit facility | 293,000 | 250,000 | ||||||
Mortgages, loans payable and other obligations | 304,516 | 329,188 | ||||||
Dividends and distributions payable | 52,168 | 52,099 | ||||||
Accounts payable, accrued expenses and other liabilities | 124,229 | 142,778 | ||||||
Rents received in advance and security deposits | 53,389 | 51,992 | ||||||
Accrued interest payable | 18,578 | 34,193 | ||||||
Total liabilities | 2,479,225 | 2,492,797 | ||||||
Minority interests: | ||||||||
Operating Partnership | 436,652 | 456,436 | ||||||
Consolidated joint ventures | 1,164 | 1,414 | ||||||
Total minority interests | 437,816 | 457,850 | ||||||
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, | ||||||||
65,875,466 and 65,558,073shares outstanding | 657 | 656 | ||||||
Additional paid-in capital | 1,890,134 | 1,886,467 | ||||||
Dividends in excess of net earnings | (339,942 | ) | (269,521 | ) | ||||
Accumulated other comprehensive income | -- | (47 | ) | |||||
Total stockholders’ equity | 1,575,849 | 1,642,555 | ||||||
Total liabilities and stockholders’ equity | $ | 4,492,890 | $ | 4,593,202 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
24
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Stockholders’ Equity
For the nine months ended September 30, 2008
(in thousands) (unaudited)
Accumulated | ||||||||||
Additional | Dividends in | Other | Total | |||||||
Preferred Stock | Common Stock | Paid-In | Excess of | Comprehensive | Stockholders’ | Comprehensive | ||||
Shares | Amount | Shares | Par Value | Capital | Net Earnings | Income (Loss) | Equity | Income | ||
Balance at January 1, 2008 | 10 | $25,000 | 65,558 | $656 | $1,886,467 | $(269,521) | $(47) | $1,642,555 | -- | |
Net income | -- | -- | -- | -- | -- | 57,362 | -- | 57,362 | $57,362 | |
Preferred stock dividends | -- | -- | -- | -- | -- | (1,500) | -- | (1,500) | -- | |
Common stock dividends | -- | -- | -- | -- | -- | (126,283) | -- | (126,283) | -- | |
Redemption of common units | ||||||||||
for common stock | -- | -- | 129 | 1 | 3,883 | -- | -- | 3,884 | -- | |
Shares issued under Dividend | ||||||||||
Reinvestment and Stock | ||||||||||
Purchase Plan | -- | -- | 6 | -- | 249 | -- | -- | 249 | -- | |
Stock options exercised | -- | -- | 82 | -- | 2,311 | -- | -- | 2,311 | -- | |
Comprehensive Gain: | ||||||||||
Unrealized holding gain | ||||||||||
on marketable securities | ||||||||||
available for sale | -- | -- | -- | -- | -- | -- | 518 | 518 | 518 | |
Directors Deferred comp. plan | -- | -- | -- | -- | 288 | -- | -- | 288 | -- | |
Issuance of restricted stock | -- | -- | 253 | -- | -- | -- | -- | -- | -- | |
Stock Compensation | -- | -- | -- | 2 | 2,163 | -- | -- | 2,165 | -- | |
Cancellation of restricted stock | -- | -- | (2) | -- | (31) | -- | -- | (31) | -- | |
Repurchase of Common Stock | -- | -- | (151) | (2) | (5,196) | -- | -- | (5,198) | -- | |
Reclassification adjustment for | ||||||||||
realized gain included in | ||||||||||
net income | -- | -- | -- | -- | -- | -- | (471) | (471) | (471) | |
Balance at September 30, 2008 | 10 | $25,000 | 65,875 | $657 | $1,890,134 | $(339,942) | -- | $1,575,849 | $57,409 | |
The accompanying notes are an integral part of these consolidated financial statements. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
25
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Net income available to common shareholders | $ | 22,569 | $ | 22,960 | $ | 55,862 | $ | 92,617 | ||||||||
Add: Minority interest in Operating Partnership | 5,131 | 4,146 | 12,751 | 12,564 | ||||||||||||
Minority interest in discontinued operations | -- | 1,025 | -- | 8,374 | ||||||||||||
Real estate-related depreciation and amortization on continuing operations (a) | 54,406 | 54,964 | 159,601 | 151,339 | ||||||||||||
Real estate-related depreciation and amortization on discontinued operations | -- | -- | -- | 424 | ||||||||||||
Deduct: Discontinued operations – realized gains (losses) and | ||||||||||||||||
unrealized losses on disposition of rental property, net | -- | (5,554 | ) | -- | (44,414 | ) | ||||||||||
Funds from operations available to common shareholders (b) | $ | 82,106 | $ | 77,541 | $ | 228,214 | $ | 220,904 | ||||||||
Diluted weighted average shares/units outstanding (c) | 80,617 | 83,088 | 80,573 | 82,515 | ||||||||||||
Funds from operations per share/unit – diluted | $ | 1.02 | $ | 0.93 | $ | 2.83 | $ | 2.67 | ||||||||
Dividend declared per common share | $ | 0.64 | $ | 0.64 | $ | 1.92 | $ | 1.92 | ||||||||
Dividend payout ratios: | ||||||||||||||||
Funds from operations-diluted | 62.84 | % | 68.58 | % | 67.79 | % | 71.72 | % | ||||||||
Supplemental Information: | ||||||||||||||||
Non-incremental revenue generating capital expenditures: | ||||||||||||||||
Building improvements | $ | 2,642 | $ | 1,916 | $ | 7,492 | $ | 7,053 | ||||||||
Tenant improvements and leasing commissions | $ | 9,946 | $ | 22,051 | $ | 38,078 | $ | 43,873 | ||||||||
Straight-line rent adjustments (d) | $ | 1,959 | $ | 2,146 | $ | 5,244 | $ | 9,386 | ||||||||
Amortization of (above)/below market lease intangibles, net (e) | $ | 2,004 | $ | 1,824 | $ | 5,988 | $ | 3,415 | ||||||||
(a) Includes the Company’s share from unconsolidated joint ventures of $5,243 and $5,336 for the three months ended September 30, 2008 and 2007, respectively and $15,294 and $16,751 for the nine months ended September 30, 2008 and 2007, 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 11. |
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (14,895 shares and 15,248 shares for the three months ended September 30, 2008 and 2007, respectively, and 14,945 shares and 15,242 shares for the nine months ended September 30, 2008 and 2007, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 28. |
(d) Includes the Company’s share from unconsolidated joint ventures of $215 and $907 for the three months ended September 30, 2008 and 2007, respectively and $900 and $2,353 for the nine months ended September 30, 2008 and 2007, respectively. |
(e) Includes the Company’s share from unconsolidated joint ventures of $409 and $426 for three months ended September 30, 2008 and 2007, respectively and $1,240 and $1,097 for the nine months ended September 30, 2008 and 2007, respectively. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
26
Statements of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands) (unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Net income available to common shareholders | $ | 0.34 | $ | 0.34 | $ | 0.85 | $ | 1.37 | ||||||||
Add: Real estate-related depreciation and amortization on continuing operations (a) | 0.67 | 0.66 | 1.98 | 1.83 | ||||||||||||
Real estate-related depreciation and amortization on | ||||||||||||||||
discontinued operations | -- | -- | -- | 0.01 | ||||||||||||
Deduct: Discontinued operations – Realized gains (losses) and | ||||||||||||||||
unrealized losses on disposition of rental property, net | -- | (0.07 | ) | -- | (0.54 | ) | ||||||||||
Minority interest/rounding adjustment | 0.01 | -- | -- | -- | ||||||||||||
Funds from operations available to common shareholders (b) | $ | 1.02 | $ | 0.93 | $ | 2.83 | $ | 2.67 | ||||||||
Diluted weighted average shares/units outstanding (c) | 80,617 | 83,088 | 80,573 | 82,515 |
(a) Includes the Company’s share from unconsolidated joint ventures of $0.07 and $0.06 for the three months ended September 30, 2008 and 2007, respectively and $0.19 and $0.20 for the nine months ended September 30, 2008 and 2007, 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 11. |
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (14,895 shares and 15,248 shares for the three months ended September 30, 2008 and 2007, respectively and 14,945 and 15,242 for the nine months ended September 30, 2008 and 2007, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 28. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
27
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 September 30, | Nine Months Ended September 30, | |||
2008 | 2007 | 2008 | 2007 | |
Basic weighted average shares outstanding: | 65,519 | 67,688 | 65,438 | 67,068 |
Add: Weighted average common units | 14,895 | 15,248 | 14,945 | 15,242 |
Basic weighted average shares/units: | 80,414 | 82,936 | 80,383 | 82,310 |
Add: Stock options | 103 | 152 | 98 | 205 |
Restricted Stock Awards | 100 | -- | 92 | -- |
Diluted weighted average shares/units outstanding: | 80,617 | 83,088 | 80,573 | 82,515 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
28
IV. VALUE CREATION PIPELINE
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
29
IV. VALUE CREATION PIPELINE
Operating Property Acquisitions
(dollars in thousands)
For the nine months ended September 30, 2008
None
For the year ended December 31, 2007
Acquisition Date | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Investment by Company | |
Office: | ||||||
05/08/07 | AAA Properties (a) (c) | Hamilton Township, Mercer County, NJ | 2 | 69,232 | $ 9,048 | |
06/11/07 | 125 Broad Street (b) (c) | New York, New York County, NY | 1 | 524,476 | 274,091 | |
Total Property Acquisitions: | 3 | 593,708 | $283,139 |
(a) | Included in this transaction was the acquisition of two parcels of developable land aggregating approximately 13 acres. |
(b) | Acquisition represented two units of office condominium interests, which collectively comprise floors 2 through 16, or 39.6 percent, of the 40-story, 1.2 million square-foot building. |
(c) | Transaction was funded primarily through borrowing on the Company’s revolving credit facility. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
30
Properties Commencing Initial Operations
(dollars in thousands)
For the nine months ended September 30, 2008
None
For the year ended December 31, 2007
Date Placed in Service | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Cost Incurred | (a) | ||
Office | ||||||||
Majority Owned: | ||||||||
05/08/07 | 700 Horizon Drive | Hamilton Township, Mercer County, NJ | 1 | 120,000 | $16,504 | |||
Unconsolidated Joint Ventures: | ||||||||
03/01/07 | 100 Kimball Drive | Parsippany, Morris County, NJ | 1 | 175,000 | 38,815 | |||
09/08/07 | Red Bank Corporate Plaza | Red Bank, Monmouth County, NJ | 1 | 92,878 | 22,538 | |||
Total Properties Commencing Initial Operations: | 3 | 387,878 | $77,857 |
(a) | Costs as of September 30, 2008. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
31
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 9/30/08 | Total Estimated Costs | Current % Leased |
Majority Owned: | ||||||||
Wyndham Build-to-Suit | Parsippany, NJ | Office | 2009-1Q | 1 | 250,000 | $42,691 | $64,837 | 100.0% |
Sub-total: | 1 | 250,000 | 42,691 | 64,837 | 100.0% | |||
Unconsolidated Joint Ventures: | ||||||||
Boston-Filenes | Boston, MA | Mixed-Use | n/a | 1 | 1,481,000 | 183,389 | 711,000 | n/a |
One Jefferson | Parsippany, NJ | Office | 2008-4Q | 1 | 100,000 | 16,489 | 28,351 | 0.0% |
Sub-total: | 2 | 1,581,000 | 199,878 | 739,351 | n/a | |||
Grand Total: | 3 | 1,831,000 | $242,569 | $804,188 | 16.1% |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
32
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 Township | NJ | 5.3 | 68,000 | Office/Flex/Retail | |
3 & 5 AAA Drive (b) | Hamilton Township | NJ | 17.5 | 112,000 | Office | |
6 AAA Drive | Hamilton Township | NJ | 2.4 | 32,000 | Office | |
2 South Gold Drive (c) | Hamilton Township | NJ | 9.5 | 75,000 | Office | |
Plaza VIII and IX Associates, L.L.C. (a) | Jersey City | NJ | 3.6 | 1,225,000 | Office | |
Harborside Financial Center (d) | 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 | 86.8 | 1,100,000 | 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 | (e) |
Elmsford Distribution Center (f) | 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 (f) | Yonkers | NY | 52.4 | 350,000 | 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 Corporate Center | Media | PA | 2.3 | 15,200 | Office | |
Capital Office Park | Greenbelt | MD | 43.0 | 600,000 | Office | |
Eastpoint II | Lanham | MD | 4.8 | 122,000 | Office/Hotel | |
Total: | 435.8 | 11,319,013 |
(a) Land owned or controlled by joint venture in which Mack-Cali is an equity partner.
(b) This land parcel also includes an existing office building totaling 35,270 square feet.
(c) This land parcel also includes an existing office building totaling 33,962 square feet.
(d) In addition, there are 21 acres of riparian property.
(e) Hotel project can comprise up to 520 rooms.
(f) Mack-Cali holds an option to purchase this land.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
33
Rental Property Sales
(dollars in thousands)
For the nine months ended September 30, 2008
None
For the year ended December 31, 2007
Sale Date | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Net Sales Proceeds | Net Book Value | Realized Gain/(Loss) | |
Office: | ||||||||
05/10/07 | 1000 Bridgeport Avenue | Shelton, Fairfield County, Connecticut | 1 | 133,000 | $16,411 | $13,782 | $2,629 | |
06/11/07 | 500 W. Putnam Avenue | Greenwich, Fairfield County, Connecticut | 1 | 121,250 | 54,344 | 18,113 | 36,231 | |
07/13/07 | 100 & 200 Decadon Drive | Egg Harbor, Atlantic County, New Jersey | 2 | 80,344 | 11,448 | 5,894 | 5,554 | |
Total Office Property Sales: | 4 | 334,594 | $82,203 | $37,789 | $44,414 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
34
V. PORTFOLIO/ LEASING STATISTICS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
35
V. PORTFOLIO/ LEASING STATISTICS
Leasing Statistics
(For the three months ended September 30, 2008)
Consolidated In-Service Portfolio
SUMMARY OF SPACE LEASED
LEASING ACTIVITY | ||||||||
Market | Sq. Ft. Leased 6/30/08 | Leased Sq. Ft. Acquired/Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/08 (c) | Pct. Leased 9/30/08 | Pct. Leased 6/30/08 |
Northern NJ | 12,249,907 | - | (318,034) | 318,320 | 286 | 12,250,193 | 92.7% | 92.7% |
Central NJ | 4,776,933 | - | (67,303) | 69,930 | 2,627 | 4,779,560 | 93.4% | 93.3% |
Westchester Co., NY | 4,583,792 | - | (245,753) | 194,662 | (51,091) | 4,532,701 | 94.7% | 95.7% |
Manhattan | 524,476 | - | - | - | - | 524,476 | 100.0% | 100.0% |
Sub. Philadelphia | 3,195,328 | - | (549,888) | 487,955 | (61,933) | 3,133,395 | 88.8% | 90.5% |
Fairfield, CT | 520,437 | - | (4,230) | 9,647 | 5,417 | 525,854 | 88.0% | 87.1% |
Washington, DC/MD | 964,037 | - | (54,231) | 30,364 | (23,867) | 940,170 | 72.7% | 74.6% |
Rockland Co., NY | 164,473 | - | (2,350) | 3,346 | 996 | 165,469 | 91.9% | 91.4% |
Total | 26,979,383 | - | (1,241,789) | 1,114,224 | (127,565) | 26,851,818 | 91.8% | 92.3% |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of June 30, 2008 | 29,245,361 |
Total sq. ft. of properties added/sold this period | - |
Total sq. ft. as of September 30, 2008 | 29,245,361 |
(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 September 30, 2008 aggregating 94,026 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
36
Leasing Statistics
(For the three months ended September 30, 2008)
Consolidated In-Service Portfolio (continued)
DETAIL OF TRANSACTION ACTIVITY
Detail by Market | ||||||||||||
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) | ||||
Northern NJ | Office | 22 | 298,497 | 123,734 | 174,763 | 10.1 | 31.88 | 4.86 | ||||
Office/Flex | 2 | 19,823 | 13,823 | 6,000 | 5.8 | 16.01 | 2.14 | |||||
Central NJ | Office | 17 | 69,930 | 8,528 | 61,402 | 4.1 | 25.17 | 2.94 | ||||
Westchester Co., NY | Office | 24 | 82,868 | 23,883 | 58,985 | 4.6 | 27.18 | 2.71 | ||||
Office/Flex | 21 | 105,799 | 17,952 | 87,847 | 4.3 | 19.40 | 2.33 | |||||
Industrial/Warehouse | 1 | 5,995 | - | 5,995 | 5.0 | 13.64 | 0.70 | |||||
Sub. Philadelphia | Office | 11 | 403,385 | 9,413 | 393,972 | 4.7 | 31.33 | 2.18 | ||||
Office/Flex | 9 | 84,570 | - | 84,570 | 2.6 | 9.02 | 0.83 | |||||
Fairfield Co., CT | Office | 3 | 9,647 | 1,170 | 8,477 | 2.6 | 30.92 | 4.55 | ||||
Washington, DC/MD | Office | 7 | 30,364 | 18,491 | 11,873 | 4.1 | 21.13 | 2.14 | ||||
Rockland Co., NY | Office | 1 | 3,346 | 3,346 | - | 5.1 | 25.10 | 3.95 | ||||
Total | 118 | 1,114,224 | 220,340 | 893,884 | 5.9 | 27.29 | 3.46 | |||||
Detail by Property Type | ||||||||||||
Office | 85 | 898,037 | 188,565 | 709,472 | 6.4 | 30.28 | 3.70 | |||||
Office/Flex | 32 | 210,192 | 31,775 | 178,417 | 3.8 | 14.90 | 1.88 | |||||
Industrial/Warehouse | 1 | 5,995 | - | 5,995 | 5.0 | 13.64 | 0.70 | |||||
Total | 118 | 1,114,224 | 220,340 | 893,884 | 5.9 | 27.29 | 3.46 | |||||
Tenant Retention: | Leases Retained | 62.8% | ||||||||||
Sq. Ft. Retained | 72.0% | |||||||||||
(a) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
(b) | Equals triple net rent plus common area costs and real estate taxes, as applicable. |
(c) | Represents estimated workletter costs of $14,750,408 and commissions of $7,567,316 committed, but not necessarily expended, during the period for second generation space aggregating 1,098,980 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
37
Leasing Statistics
(For the three months ended September 30, 2008)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED
LEASING ACTIVITY | ||||||||
Market | Sq. Ft. Leased 6/30/08 | Leased Sq. Ft. Acquired/ Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/08 | Pct. Leased 9/30/08 | Pct. Leased 6/30/08 |
Northern NJ | 2,099,349 | - | (44,335) | 41,435 | (2,900) | 2,096,449 | 91.4% | 91.5% |
Central NJ | 1,131,602 | - | (37,129) | 92,001 | 54,872 | 1,186,474 | 91.6% | 87.3% |
Rockland Co., NY | 122,620 | - | - | - | - | 122,620 | 52.9% | 52.9% |
Boston, MA | 211,962 | - | - | - | - | 211,962 | 31.8% | 31.8% |
Total | 3,565,533 | - | (81,464) | 133,436 | 51,972 | 3,617,505 | 80.6% | 79.5% |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of June 30, 2008 | 4,487,650 |
Total sq. ft. of properties sold this period | - |
Total sq. ft. as of September 30, 2008 | 4,487,650 |
DETAIL OF TRANSACTION ACTIVITY
Detail by Market | |||||||
Market | # of Trans- actions | Total Sq. Ft. | Sq. Ft. New Leases | Sq. Ft. Renewed And Other Retained (c) | Wtd. Avg. Term (Yrs.) | Wtd. Avg. Base Rent (d) | Leasing Costs Per Sq. Ft. Per Year (e) |
Northern NJ | 4 | 41,435 | 4,180 | 37,255 | 8.0 | 27.15 | 2.29 |
Central NJ | 10 | 92,001 | 51,805 | 40,196 | 6.4 | 23.33 | 3.34 |
Total | 14 | 133,436 | 55,985 | 77,451 | 6.9 | 24.51 | 2.85 |
(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) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
(d) | Equals triple net rent plus common area costs and real estate taxes, as applicable. |
(e) | Represents estimated workletter costs of $1,017,684 and commissions of $901,948 committed, but not necessarily expended, during the period for second generation space aggregating 97,672 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
38
Leasing Statistics
(For the nine months ended September 30, 2008)
Consolidated In-Service Portfolio
SUMMARY OF SPACE LEASED
LEASING ACTIVITY | ||||||||
Market | Sq. Ft. Leased 12/31/07 | Leased Sq. Ft. Acquired/Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/08 (c) | Pct. Leased 9/30/08 | Pct. Leased 12/31/07 |
Northern NJ | 12,313,200 | - | (966,342) | 903,335 | (63,007) | 12,250,193 | 92.7% | 93.2% |
Central NJ | 4,633,587 | - | (313,514) | 459,487 | 145,973 | 4,779,560 | 93.4% | 90.5% |
Westchester Co., NY | 4,625,884 | - | (837,504) | 744,321 | (93,183) | 4,532,701 | 94.7% | 96.6% |
Manhattan | 524,476 | - | - | - | - | 524,476 | 100.0% | 100.0% |
Sub. Philadelphia | 3,199,544 | - | (956,928) | 890,779 | (66,149) | 3,133,395 | 88.8% | 90.6% |
Fairfield, CT | 511,543 | - | (61,597) | 75,908 | 14,311 | 525,854 | 88.0% | 85.6% |
Washington, DC/MD | 1,132,919 | - | (324,086) | 131,337 | (192,749) | 940,170 | 72.7% | 87.6% |
Rockland Co., NY | 164,473 | - | (10,665) | 11,661 | 996 | 165,469 | 91.9% | 91.4% |
Total | 27,105,626 | - | (3,470,636) | 3,216,828 | (253,808) | 26,851,818 | 91.8% | 92.7% |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of December 31, 2007 | 29,245,361 |
Total sq. ft. of properties added/sold this period | - |
Total sq. ft. as of September 30, 2008 | 29,245,361 |
(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 September 30, 2008 aggregating 94,026 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
39
Leasing Statistics
(For the nine months ended September 30, 2008)
Consolidated In-Service Portfolio (continued)
DETAIL OF TRANSACTION ACTIVITY
Detail by Market | ||||||||||||
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) | ||||
Northern NJ | Office | 86 | 829,071 | 284,841 | 544,230 | 8.1 | 31.91 | 4.17 | ||||
Office/Flex | 6 | 74,264 | 13,823 | 60,441 | 4.6 | 16.71 | 1.06 | |||||
Central NJ | Office | 54 | 419,091 | 240,854 | 178,237 | 5.8 | 23.80 | 4.47 | ||||
Office/Flex | 2 | 40,396 | 1,336 | 39,060 | 3.0 | 21.15 | 1.93 | |||||
Westchester Co., NY | Office | 66 | 257,397 | 48,660 | 208,737 | 4.4 | 28.88 | 2.63 | ||||
Office/Flex | 60 | 450,489 | 225,240 | 225,249 | 6.7 | 16.33 | 1.45 | |||||
Industrial/Warehouse | 4 | 36,435 | - | 36,435 | 5.0 | 20.31 | 0.58 | |||||
Sub. Philadelphia | Office | 38 | 621,951 | 190,211 | 431,740 | 5.5 | 29.02 | 2.73 | ||||
Office/Flex | 25 | 268,828 | 47,695 | 221,133 | 3.6 | 9.79 | 1.42 | |||||
Fairfield Co., CT | Office | 9 | 34,330 | 6,341 | 27,989 | 2.3 | 27.10 | 3.55 | ||||
Office/Flex | 2 | 41,578 | 4,650 | 36,928 | 5.1 | 19.37 | 0.86 | |||||
Washington, DC/MD | Office | 30 | 131,337 | 25,700 | 105,637 | 4.4 | 24.82 | 3.15 | ||||
Rockland Co., NY | Office | 5 | 11,661 | 3,346 | 8,315 | 3.6 | 26.88 | 2.22 | ||||
Total | 387 | 3,216,828 | 1,092,697 | 2,124,131 | 6.0 | 24.88 | 3.06 | |||||
Detail by Property Type | ||||||||||||
Office | 288 | 2,304,838 | 799,953 | 1,504,885 | 6.2 | 28.82 | 3.67 | |||||
Office/Flex | 95 | 875,555 | 292,744 | 582,811 | 5.3 | 14.72 | 1.40 | |||||
Industrial/Warehouse | 4 | 36,435 | - | 36,435 | 5.0 | 20.31 | 0.58 | |||||
Total | 387 | 3,216,828 | 1,092,697 | 2,124,131 | 6.0 | 24.88 | 3.06 | |||||
Tenant Retention: | Leases Retained | 60.4% | ||||||||||
Sq. Ft. Retained | 61.2% | |||||||||||
(a) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
(b) | Equals triple net rent plus common area costs and real estate taxes, as applicable. |
(c) | Represents estimated workletter costs of $37,366,744 and commissions of $18,576,901 committed, but not necessarily expended, during the period for second generation space aggregating 3,091,772 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
40
Leasing Statistics
(For the nine months ended September 30, 2008)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED
LEASING ACTIVITY | ||||||||
Market | Sq. Ft. Leased 12/31/07 | Leased Sq. Ft. Acquired/ Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/08 | Pct. Leased 6930/08 | Pct. Leased 12/31/07 |
Northern NJ | 2,157,166 | - | (198,852) | 138,135 | (60,717) | 2,096,449 | 91.4% | 94.1% |
Central NJ | 1,148,111 | - | (88,973) | 127,336 | 38,363 | 1,186,474 | 91.6% | 88.6% |
Rockland Co., NY | 152,983 | - | (65,158) | 34,795 | (30,363) | 122,620 | 52.9% | 65.9% |
Boston, MA | 181,909 | - | - | 30,053 | 30,053 | 211,962 | 31.8% | 27.3% |
Total | 3,640,169 | - | (352,983) | 330,319 | (22,664) | 3,617,505 | 80.6% | 81.1% |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of December 31, 2007 | 4,487,650 |
Total sq. ft. of properties sold this period | - |
Total sq. ft. as of September 30, 2008 | 4,487,650 |
DETAIL OF TRANSACTION ACTIVITY
Detail by Market | |||||||
Market | # of Trans- actions | Total Sq. Ft. | Sq. Ft. New Leases | Sq. Ft. Renewed And Other Retained (c) | Wtd. Avg. Term (Yrs.) | Wtd. Avg. Base Rent (d) | Leasing Costs Per Sq. Ft. Per Year (e) |
Northern NJ | 16 | 138,135 | 44,215 | 93,920 | 6.3 | 26.49 | 2.13 |
Central NJ | 17 | 127,336 | 68,037 | 59,299 | 5.6 | 23.35 | 3.41 |
Rockland Co., NY | 1 | 34,795 | 34,795 | - | 10.0 | 10.70 | 0.48 |
Boston, MA | 2 | 30,053 | 30,053 | - | 4.1 | 15.86 | 5.35 |
Total | 36 | 330,319 | 177,100 | 153,219 | 6.2 | 22.65 | 2.32 |
(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) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
(d) | Equals triple net rent plus common area costs and real estate taxes, as applicable. |
(e) | Represents estimated workletter costs of $2,156,770 and commissions of $1,655,263 committed, but not necessarily expended, during the period for second generation space aggregating 259,155 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
41
Market Diversification
The following table lists the Company’s markets (MSAs), based on annualized contractual base rent of the Consolidated Properties:
Market (MSA) | Annualized Base Rental Revenue ($) (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) | 118,137,637 | 20.0 | 5,847,318 | 20.0 |
Jersey City, NJ | 116,118,038 | 19.5 | 4,317,978 | 14.8 |
Westchester-Rockland, NY | 92,411,099 | 15.5 | 4,968,420 | 17.0 |
Bergen-Passaic, NJ | 91,458,677 | 15.4 | 4,602,401 | 15.7 |
Philadelphia, PA-NJ | 54,533,634 | 9.2 | 3,529,994 | 12.1 |
Washington, DC-MD-VA-WV | 27,350,857 | 4.6 | 1,292,807 | 4.4 |
Monmouth-Ocean, NJ | 26,642,687 | 4.5 | 1,620,863 | 5.5 |
Middlesex-Somerset-Hunterdon, NJ | 21,062,549 | 3.5 | 986,760 | 3.4 |
Trenton, NJ | 20,775,752 | 3.5 | 956,597 | 3.3 |
New York (Manhattan) | 15,614,553 | 2.6 | 524,476 | 1.8 |
Stamford-Norwalk, CT | 7,759,078 | 1.3 | 452,260 | 1.5 |
Bridgeport, CT | 2,479,387 | 0.4 | 145,487 | 0.5 |
Total | 594,343,948 | 100.0 | 29,245,361 | 100.0 |
(a) | Annualized base rental revenue is based on actual September 2008 billings times 12. For leases whose rent commences after October 1, 2008, 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, and leases expiring September 30, 2008 aggregating 94,026 square feet and representing annualized rent of $2,175,120 for which no new leases were signed. |
(c) | Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
42
Industry Diversification
The following table lists the Company’s 30 largest industry classifications based on annualized contractual base rent of the Consolidated Properties:
Industry Classification (a) | Annualized Base Rental Revenue ($) (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 | 114,039,723 | 19.2 | 4,190,060 | 15.8 |
Insurance Carriers & Related Activities | 53,389,351 | 9.0 | 2,240,721 | 8.5 |
Manufacturing | 46,764,766 | 7.9 | 2,137,692 | 8.1 |
Telecommunications | 26,950,873 | 4.5 | 1,303,041 | 4.9 |
Credit Intermediation & Related Activities | 26,141,446 | 4.4 | 1,007,371 | 3.8 |
Health Care & Social Assistance | 25,318,278 | 4.3 | 1,255,278 | 4.8 |
Computer System Design Services | 24,527,697 | 4.1 | 1,168,948 | 4.4 |
Legal Services | 23,941,520 | 4.0 | 943,373 | 3.6 |
Wholesale Trade | 22,375,246 | 3.8 | 1,433,769 | 5.4 |
Other Professional | 21,085,733 | 3.5 | 903,575 | 3.4 |
Scientific Research/Development | 20,405,365 | 3.4 | 858,295 | 3.3 |
Public Administration | 16,385,661 | 2.8 | 625,452 | 2.4 |
Other Services (except Public Administration) | 15,984,565 | 2.7 | 820,112 | 3.1 |
Retail Trade | 15,287,302 | 2.6 | 896,383 | 3.4 |
Advertising/Related Services | 15,129,958 | 2.5 | 611,777 | 2.3 |
Accounting/Tax Prep. | 12,541,255 | 2.1 | 521,570 | 2.0 |
Construction | 11,184,774 | 1.9 | 508,677 | 1.9 |
Information Services | 10,557,721 | 1.8 | 449,482 | 1.7 |
Arts, Entertainment & Recreation | 10,163,621 | 1.7 | 639,356 | 2.4 |
Real Estate & Rental & Leasing | 9,108,078 | 1.5 | 417,599 | 1.6 |
Architectural/Engineering | 8,891,187 | 1.5 | 388,410 | 1.5 |
Admin & Support, Waste Mgt. & Remediation Services | 8,136,824 | 1.4 | 445,558 | 1.7 |
Broadcasting | 7,778,394 | 1.3 | 477,794 | 1.8 |
Utilities | 7,482,441 | 1.3 | 340,790 | 1.3 |
Transportation | 6,778,013 | 1.1 | 366,298 | 1.4 |
Data Processing Services | 6,097,582 | 1.0 | 245,431 | 0.9 |
Educational Services | 4,873,453 | 0.8 | 248,503 | 0.9 |
Management of Companies & Finance | 3,772,519 | 0.6 | 149,113 | 0.6 |
Management/Scientific | 3,432,679 | 0.6 | 153,972 | 0.6 |
Publishing Industries | 3,001,346 | 0.5 | 151,668 | 0.6 |
Other | 12,816,577 | 2.2 | 506,582 | 1.9 |
Total | 594,343,948 | 100.0 | 26,406,650 | 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 September 2008 billings times 12. For leases whose rent commences after October 1, 2008, 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 and leases expiring September 30, 2008 aggregating 94,026 square feet and representing annualized rent of $2,175,120 for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
43
Consolidated Portfolio Analysis (a)
(as of September 30, 2008)
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 | 99 | 38.8% | 49 | 19.2% | -- | -- | -- | -- | -- | -- | 148 | 58.0% |
New York | 21 | 8.2% | 41 | 16.1% | 6 | 2.4% | 2 | 0.8 % | 2 | 0.8% | 72 | 28.3% |
Pennsylvania | 18 | 7.0% | -- | -- | -- | -- | -- | -- | -- | -- | 18 | 7.0% |
Connecticut | 2 | 0.8% | 5 | 2.0% | -- | -- | -- | -- | -- | -- | 7 | 2.8% |
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 39 properties, aggregating approximately 4.5 million square feet, which are not consolidated by the Company. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
44
Consolidated Portfolio Analysis (a)
(as of September 30, 2008)
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 | 17,646,642 | 60.4% | 2,189,531 | 7.5% | -- | -- | -- | -- | 19,836,173 | 67.9% |
New York | 2,739,384 | 9.4% | 2,348,812 | 8.0% | 387,400 | 1.3% | 17,300 | 0.1% | 5,492,896 | 18.8% |
Pennsylvania | 2,025,738 | 6.9% | -- | -- | -- | -- | -- | -- | 2,025,738 | 6.9% |
Connecticut | 324,747 | 1.1% | 273,000 | 0.9% | -- | -- | -- | -- | 597,747 | 2.0% |
Wash., D.C./ Maryland | 1,292,807 | 4.4% | -- | -- | -- | -- | -- | -- | 1,292,807 | 4.4% |
TOTALS By Type: | 24,029,318 | 82.2% | 4,811,343 | 16.4% | 387,400 | 1.3% | 17,300 | 0.1% | 29,245,361 | 100.0% |
(a) | Excludes 39 properties, aggregating approximately 4.5 million square feet, which are not consolidated by the Company. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
45
Consolidated Portfolio Analysis (a)
(Year ended September 30, 2008)
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 | $381,922 | 64.4% | $19,402 | 3.3% | -- | -- | -- | -- | -- | -- | $401,324 | 67.7% |
New York | 71,756 | 12.1% | 34,154 | 5.7% | $3,981 | 0.7% | $493 | 0.1% | $299 | 0.1% | 110,683 | 18.7% |
Pennsylvania | 41,512 | 7.0% | -- | -- | -- | -- | -- | -- | -- | -- | 41,512 | 7.0% |
Connecticut | 6,392 | 1.1% | 4,098 | 0.7% | -- | -- | -- | -- | -- | -- | 10,490 | 1.8% |
Wash., D.C./ Maryland | 28,380 | 4.8% | -- | -- | -- | -- | -- | -- | -- | -- | 28,380 | 4.8% |
TOTALS By Type: | $529,962 | 89.4% | $57,654 | 9.7% | $3,981 | 0.7% | $493 | 0.1% | $299 | 0.1% | $592,389 | 100.0% |
(a) | Excludes 39 properties, aggregating approximately 4.5 million square feet, which are not consolidated by the Company. |
(b) | Total base rent for the 12 months ended September 30, 2008, determined in accordance with GAAP. Substantially all of the leases provide for annual base rents plus recoveriesand 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 September 30, 2008
46
Consolidated Portfolio Analysis (a) (b)
(as of September 30, 2008)
Breakdown by Percentage Leased
PROPERTY TYPE:
STATE | Office | Office/Flex | Industrial/Warehouse | Stand-Alone Retail | WEIGHTED AVG. By State |
New Jersey | 92.8% | 93.5% | -- | -- | 92.9% |
New York | 94.4% | 95.9% | 95.1% | 100.0% | 95.1% |
Pennsylvania | 85.5% | -- | -- | -- | 85.5% |
Connecticut | 77.9% | 100.0% | -- | -- | 88.0% |
Washington, D.C./ Maryland | 72.7% | -- | -- | -- | 72.7% |
WEIGHTED AVG. By Type: | 91.1% | 95.0% | 95.1% | 100.0% | 91.8% |
(a) | Excludes 39 properties, aggregating approximately 4.5 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 as well as leases expiring September 30, 2008 aggregating 94,026 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
47
Property Listing Office Properties | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
BERGEN COUNTY, NEW JERSEY | ||||||||
Fair Lawn | ||||||||
17-17 Route 208 North | 1987 | 143,000 | 63.2 | 2,194 | 0.37 | 24.28 | ||
Fort Lee | ||||||||
One Bridge Plaza | 1981 | 200,000 | 75.4 | 3,572 | 0.60 | 23.69 | ||
2115 Linwood Avenue | 1981 | 68,000 | 56.5 | 790 | 0.13 | 20.56 | ||
Little Ferry | ||||||||
200 Riser Road | 1974 | 286,628 | 100.0 | 2,076 | 0.35 | 7.24 | ||
Montvale | ||||||||
95 Chestnut Ridge Road | 1975 | 47,700 | 100.0 | 799 | 0.13 | 16.75 | ||
135 Chestnut Ridge Road | 1981 | 66,150 | 99.7 | 1,534 | 0.26 | 23.26 | ||
Paramus | ||||||||
15 East Midland Avenue | 1988 | 259,823 | 80.5 | 4,859 | 0.82 | 23.23 | ||
140 East Ridgewood Avenue | 1981 | 239,680 | 93.0 | 4,601 | 0.78 | 20.64 | ||
461 From Road | 1988 | 253,554 | 98.6 | 6,094 | 1.02 | 24.38 | ||
650 From Road | 1978 | 348,510 | 87.7 | 7,455 | 1.26 | 24.39 | ||
61 South Paramus Avenue | 1985 | 269,191 | 98.9 | 7,534 | 1.27 | 28.30 | ||
Ridgefield Park | ||||||||
105 Challenger Road | 1992 | 150,050 | 100.0 | 4,272 | 0.72 | 28.47 | ||
Rochelle Park | ||||||||
120 Passaic Street | 1972 | 52,000 | 99.6 | 1,402 | 0.24 | 27.07 | ||
365 West Passaic Street | 1976 | 212,578 | 98.0 | 4,543 | 0.77 | 21.81 | ||
395 West Passaic Street | 1979 | 100,589 | 98.5 | 2,312 | 0.39 | 23.33 | ||
Upper Saddle River | ||||||||
1 Lake Street | 1973/94 | 474,801 | 100.0 | 7,465 | 1.26 | 15.72 | ||
10 Mountainview Road | 1986 | 192,000 | 86.3 | 3,996 | 0.67 | 24.12 | ||
Woodcliff Lake | ||||||||
400 Chestnut Ridge Road | 1982 | 89,200 | 100.0 | 1,950 | 0.33 | 21.86 | ||
470 Chestnut Ridge Road | 1987 | 52,500 | 100.0 | 1,330 | 0.22 | 25.33 | ||
530 Chestnut Ridge Road | 1986 | 57,204 | 100.0 | 1,246 | 0.21 | 21.78 | ||
50 Tice Boulevard | 1984 | 235,000 | 98.9 | 6,233 | 1.05 | 26.82 | ||
300 Tice Boulevard | 1991 | 230,000 | 98.2 | 5,698 | 0.96 | 25.23 | ||
BURLINGTON COUNTY, NEW JERSEY | ||||||||
Moorestown | ||||||||
224 Strawbridge Drive | 1984 | 74,000 | 94.2 | 1,411 | 0.24 | 20.24 | ||
228 Strawbridge Drive | 1984 | 74,000 | 100.0 | 1,023 | 0.17 | 13.82 | ||
232 Strawbridge Drive | 1986 | 74,258 | 98.8 | 1,461 | 0.25 | 19.91 | ||
ESSEX COUNTY, NEW JERSEY | ||||||||
Millburn | ||||||||
150 J.F. Kennedy Parkway | 1980 | 247,476 | 100.0 | 7,527 | 1.27 | 30.42 | ||
Roseland | ||||||||
101 Eisenhower Parkway | 1980 | 237,000 | 88.3 | 5,522 | 0.93 | 26.39 | ||
103 Eisenhower Parkway | 1985 | 151,545 | 75.9 | 2,777 | 0.47 | 24.14 | ||
105 Eisenhower Parkway | 2001 | 220,000 | 91.9 | 4,807 | 0.81 | 23.78 | ||
HUDSON COUNTY, NEW JERSEY | ||||||||
Jersey City | ||||||||
Harborside Financial Center Plaza 1 | 1983 | 400,000 | 100.0 | 11,167 | 1.89 | 27.92 | ||
Harborside Financial Center Plaza 2 | 1990 | 761,200 | 99.6 | 19,017 | 3.20 | 25.08 | ||
Harborside Financial Center Plaza 3 | 1990 | 725,600 | 99.3 | 18,710 | 3.16 | 25.97 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
48
Property Listing Office Properties (continued) | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
Harborside Financial Center Plaza 4-A | 2000 | 207,670 | 97.7 | 6,370 | 1.08 | 31.40 | ||
Harborside Financial Center Plaza 5 | 2002 | 977,225 | 100.0 | 35,199 | 5.93 | 36.02 | ||
101 Hudson Street | 1992 | 1,246,283 | 100.0 | 28,556 | 4.81 | 22.91 | ||
MERCER COUNTY, NEW JERSEY | ||||||||
Hamilton Township | ||||||||
3 AAA Drive | 1981 | 35,270 | 62.6 | 510 | 0.09 | 23.10 | ||
2 South Gold Drive | 1974 | 33,962 | 64.5 | 483 | 0.08 | 22.05 | ||
600 Horizon Drive | 2002 | 95,000 | 100.0 | 1,373 | 0.23 | 14.45 | ||
700 Horizon Drive | 2007 | 120,000 | 100.0 | 2,459 | 0.42 | 20.49 | ||
Princeton | ||||||||
103 Carnegie Center | 1984 | 96,000 | 70.5 | 1,742 | 0.29 | 25.74 | ||
3 Independence Way | 1983 | 111,300 | 90.2 | 1,123 | 0.19 | 11.19 | ||
100 Overlook Center | 1988 | 149,600 | 100.0 | 5,318 | 0.90 | 35.55 | ||
5 Vaughn Drive | 1987 | 98,500 | 100.0 | 2,517 | 0.42 | 25.55 | ||
MIDDLESEX COUNTY, NEW JERSEY | ||||||||
East Brunswick | ||||||||
377 Summerhill Road | 1977 | 40,000 | 100.0 | 353 | 0.06 | 8.83 | ||
Edison | ||||||||
343 Thornall Street (c) | 1991 | 195,709 | 100.0 | 4,129 | 0.70 | 21.10 | ||
Piscataway | ||||||||
30 Knightsbridge Road, Bldg. 3 | 1977 | 160,000 | 100.0 | 2,465 | 0.42 | 15.41 | ||
30 Knightsbridge Road, Bldg. 4 | 1977 | 115,000 | 100.0 | 1,771 | 0.30 | 15.40 | ||
30 Knightsbridge Road, Bldg. 5 | 1977 | 332,607 | 80.8 | 3,375 | 0.57 | 12.56 | ||
30 Knightsbridge Road, Bldg. 6 | 1977 | 72,743 | 63.8 | 206 | 0.03 | 4.44 | ||
Plainsboro | ||||||||
500 College Road East | 1984 | 158,235 | 95.7 | 4,220 | 0.71 | 27.87 | ||
Woodbridge | ||||||||
581 Main Street | 1991 | 200,000 | 100.0 | 5,219 | 0.88 | 26.10 | ||
MONMOUTH COUNTY, NEW JERSEY | ||||||||
Freehold | ||||||||
2 Paragon Way | 1989 | 44,524 | 44.4 | 370 | 0.06 | 18.72 | ||
3 Paragon Way | 1991 | 66,898 | 100.0 | 1,188 | 0.20 | 17.76 | ||
4 Paragon Way | 2002 | 63,989 | 100.0 | 1,200 | 0.20 | 18.75 | ||
100 Willowbrook Road | 1988 | 60,557 | 74.8 | 904 | 0.15 | 19.96 | ||
Holmdel | ||||||||
23 Main Street | 1977 | 350,000 | 100.0 | 4,012 | 0.68 | 11.46 | ||
Middletown | ||||||||
One River Centre Bldg. 1 | 1983 | 122,594 | 100.0 | 3,091 | 0.52 | 25.21 | ||
One River Centre Bldg. 2 | 1983 | 120,360 | 100.0 | 2,827 | 0.48 | 23.49 | ||
One River Centre Bldg. 3 and 4 | 1984 | 214,518 | 93.6 | 4,629 | 0.78 | 23.05 | ||
Neptune | ||||||||
3600 Route 66 | 1989 | 180,000 | 100.0 | 2,400 | 0.41 | 13.33 | ||
Wall Township | ||||||||
1305 Campus Parkway | 1988 | 23,350 | 83.7 | 387 | 0.07 | 19.80 | ||
1350 Campus Parkway | 1990 | 79,747 | 91.9 | 1,522 | 0.26 | 20.77 | ||
MORRIS COUNTY, NEW JERSEY | ||||||||
Florham Park | ||||||||
325 Columbia Turnpike | 1987 | 168,144 | 89.7 | 3,660 | 0.62 | 24.27 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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Property Listing Office Properties (continued) | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
Morris Plains | ||||||||
250 Johnson Road | 1977 | 75,000 | 100.0 | 1,579 | 0.27 | 21.05 | ||
201 Littleton Road | 1979 | 88,369 | 88.6 | 1,772 | 0.30 | 22.63 | ||
Morris Township | ||||||||
412 Mt. Kemble Avenue | 1986 | 475,100 | 47.1 | 3,312 | 0.56 | 14.80 | ||
Parsippany | ||||||||
4 Campus Drive | 1983 | 147,475 | 90.4 | 3,261 | 0.55 | 24.46 | ||
6 Campus Drive | 1983 | 148,291 | 87.7 | 2,486 | 0.42 | 19.12 | ||
7 Campus Drive | 1982 | 154,395 | 84.4 | 2,009 | 0.34 | 15.42 | ||
8 Campus Drive | 1987 | 215,265 | 100.0 | 6,229 | 1.05 | 28.94 | ||
9 Campus Drive | 1983 | 156,495 | 93.6 | 3,374 | 0.57 | 23.03 | ||
4 Century Drive | 1981 | 100,036 | 77.4 | 1,657 | 0.28 | 21.40 | ||
5 Century Drive | 1981 | 79,739 | 83.4 | 1,334 | 0.23 | 20.06 | ||
6 Century Drive | 1981 | 100,036 | 77.3 | 1,351 | 0.23 | 17.47 | ||
2 Dryden Way | 1990 | 6,216 | 100.0 | 99 | 0.02 | 15.93 | ||
4 Gatehall Drive | 1988 | 248,480 | 95.7 | 5,906 | 1.00 | 24.84 | ||
2 Hilton Court | 1991 | 181,592 | 100.0 | 4,864 | 0.82 | 26.79 | ||
1633 Littleton Road | 1978 | 57,722 | 100.0 | 1,131 | 0.19 | 19.59 | ||
600 Parsippany Road | 1978 | 96,000 | 92.4 | 1,594 | 0.27 | 17.97 | ||
1 Sylvan Way | 1989 | 150,557 | 100.0 | 3,530 | 0.60 | 23.45 | ||
5 Sylvan Way | 1989 | 151,383 | 100.0 | 4,166 | 0.70 | 27.52 | ||
7 Sylvan Way | 1987 | 145,983 | 100.0 | 3,219 | 0.54 | 22.05 | ||
35 Waterview Boulevard | 1990 | 172,498 | 82.5 | 4,148 | 0.70 | 29.15 | ||
5 Wood Hollow Road | 1979 | 317,040 | 73.1 | 5,793 | 0.98 | 25.00 | ||
PASSAIC COUNTY, NEW JERSEY | ||||||||
Clifton | ||||||||
777 Passaic Avenue | 1983 | 75,000 | 87.4 | 1,581 | 0.27 | 24.12 | ||
Totowa | ||||||||
999 Riverview Drive | 1988 | 56,066 | 85.1 | 1,062 | 0.18 | 22.26 | ||
SOMERSET COUNTY, NEW JERSEY | ||||||||
Basking Ridge | ||||||||
222 Mt. Airy Road | 1986 | 49,000 | 87.9 | 687 | 0.12 | 15.95 | ||
233 Mt. Airy Road | 1987 | 66,000 | 100.0 | 1,315 | 0.22 | 19.92 | ||
Bernards | ||||||||
106 Allen Road | 2000 | 132,010 | 98.9 | 3,200 | 0.54 | 24.51 | ||
Bridgewater | ||||||||
721 Route 202/206 | 1989 | 192,741 | 81.2 | 3,678 | 0.62 | 23.50 | ||
UNION COUNTY, NEW JERSEY | ||||||||
Clark | ||||||||
100 Walnut Avenue | 1985 | 182,555 | 98.8 | 4,495 | 0.76 | 24.92 | ||
Cranford | ||||||||
6 Commerce Drive | 1973 | 56,000 | 82.4 | 1,008 | 0.17 | 21.84 | ||
11 Commerce Drive | 1981 | 90,000 | 93.8 | 1,664 | 0.28 | 19.71 | ||
12 Commerce Drive | 1967 | 72,260 | 95.1 | 967 | 0.16 | 14.07 | ||
14 Commerce Drive | 1971 | 67,189 | 75.9 | 936 | 0.16 | 18.35 | ||
20 Commerce Drive | 1990 | 176,600 | 100.0 | 4,486 | 0.76 | 25.40 | ||
25 Commerce Drive | 1971 | 67,749 | 88.7 | 1,307 | 0.22 | 21.75 | ||
65 Jackson Drive | 1984 | 82,778 | 97.5 | 1,890 | 0.32 | 23.42 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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Property Listing Office Properties (continued) | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
New Providence | ||||||||
890 Mountain Avenue | 1977 | 80,000 | 95.1 | 1,877 | 0.32 | 24.67 | ||
Total New Jersey Office | 17,646,642 | 92.8 | 381,922 | 64.46 | 23.31 | |||
NEW YORK COUNTY, NEW YORK | ||||||||
New York | ||||||||
125 Broad Street | 1970 | 524,476 | 100.0 | 20,611 | 3.47 | 39.30 | ||
ROCKLAND COUNTY, NEW YORK | ||||||||
Suffern | ||||||||
400 Rella Boulevard | 1988 | 180,000 | 91.9 | 3,687 | 0.62 | 22.29 | ||
WESTCHESTER COUNTY, NEW YORK | ||||||||
Elmsford | ||||||||
100 Clearbrook Road (c) | 1975 | 60,000 | 91.9 | 1,106 | 0.19 | 20.06 | ||
101 Executive Boulevard | 1971 | 50,000 | 43.0 | 584 | 0.10 | 27.16 | ||
555 Taxter Road | 1986 | 170,554 | 97.7 | 3,961 | 0.67 | 23.77 | ||
565 Taxter Road | 1988 | 170,554 | 92.7 | 4,088 | 0.69 | 25.86 | ||
570 Taxter Road | 1972 | 75,000 | 75.9 | 1,415 | 0.24 | 24.86 | ||
Hawthorne | ||||||||
1 Skyline Drive | 1980 | 20,400 | 99.0 | 316 | 0.05 | 15.65 | ||
2 Skyline Drive | 1987 | 30,000 | 58.6 | 427 | 0.07 | 24.29 | ||
7 Skyline Drive | 1987 | 109,000 | 100.0 | 2,633 | 0.44 | 24.16 | ||
17 Skyline Drive | 1989 | 85,000 | 100.0 | 1,554 | 0.26 | 18.28 | ||
19 Skyline Drive | 1982 | 248,400 | 100.0 | 4,145 | 0.70 | 16.69 | ||
Tarrytown | ||||||||
200 White Plains Road | 1982 | 89,000 | 97.5 | 2,065 | 0.35 | 23.80 | ||
220 White Plains Road | 1984 | 89,000 | 93.5 | 2,064 | 0.35 | 24.80 | ||
White Plains | ||||||||
1 Barker Avenue | 1975 | 68,000 | 99.0 | 1,770 | 0.30 | 26.29 | ||
3 Barker Avenue | 1983 | 65,300 | 100.0 | 1,748 | 0.30 | 26.77 | ||
50 Main Street | 1985 | 309,000 | 99.3 | 9,790 | 1.65 | 31.91 | ||
11 Martine Avenue | 1987 | 180,000 | 74.4 | 4,331 | 0.73 | 32.34 | ||
1 Water Street | 1979 | 45,700 | 100.0 | 1,178 | 0.20 | 25.78 | ||
Yonkers | ||||||||
1 Executive Boulevard | 1982 | 112,000 | 100.0 | 2,803 | 0.47 | 25.03 | ||
3 Executive Boulevard | 1987 | 58,000 | 96.0 | 1,480 | 0.25 | 26.58 | ||
Total New York Office | 2,739,384 | 94.4 | 71,756 | 12.10 | 27.76 | |||
CHESTER COUNTY, PENNSYLVANIA | ||||||||
Berwyn | ||||||||
1000 Westlakes Drive | 1989 | 60,696 | 95.7 | 1,591 | 0.27 | 27.39 | ||
1055 Westlakes Drive | 1990 | 118,487 | 94.7 | 3,041 | 0.51 | 27.10 | ||
1205 Westlakes Drive | 1988 | 130,265 | 86.9 | 2,977 | 0.50 | 26.30 | ||
1235 Westlakes Drive | 1986 | 134,902 | 100.0 | 2,930 | 0.49 | 21.72 | ||
DELAWARE COUNTY, PENNSYLVANIA | ||||||||
Lester | ||||||||
100 Stevens Drive | 1986 | 95,000 | 100.0 | 2,551 | 0.43 | 26.85 | ||
200 Stevens Drive | 1987 | 208,000 | 100.0 | 5,604 | 0.95 | 26.94 | ||
300 Stevens Drive | 1992 | 68,000 | 94.8 | 1,399 | 0.24 | 21.70 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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Property Listing Office Properties (continued) | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
Media | ||||||||
1400 Providence Road – Center I | 1986 | 100,000 | 94.2 | 2,100 | 0.35 | 22.29 | ||
1400 Providence Road – Center II | 1990 | 160,000 | 93.5 | 2,774 | 0.47 | 18.54 | ||
MONTGOMERY COUNTY, PENNSYLVANIA | ||||||||
Bala Cynwyd | ||||||||
150 Monument Road | 1981 | 125,783 | 97.4 | 3,066 | 0.52 | 25.03 | ||
Blue Bell | ||||||||
4 Sentry Parkway | 1982 | 63,930 | 57.0 | 997 | 0.17 | 27.36 | ||
5 Sentry Parkway East | 1984 | 91,600 | 50.3 | 631 | 0.11 | 13.70 | ||
5 Sentry Parkway West | 1984 | 38,400 | 31.5 | 253 | 0.04 | 20.92 | ||
16 Sentry Parkway | 1988 | 93,093 | 96.4 | 2,405 | 0.41 | 26.80 | ||
18 Sentry Parkway | 1988 | 95,010 | 84.4 | 2,035 | 0.34 | 25.38 | ||
King of Prussia | ||||||||
2200 Renaissance Boulevard | 1985 | 174,124 | 65.0 | 2,615 | 0.44 | 23.10 | ||
Lower Providence | ||||||||
1000 Madison Avenue | 1990 | 100,700 | 73.3 | 1,378 | 0.23 | 18.67 | ||
Plymouth Meeting | ||||||||
1150 Plymouth Meeting Mall | 1970 | 167,748 | 76.4 | 3,165 | 0.53 | 24.70 | ||
Total Pennsylvania Office | 2,025,738 | 85.5 | 41,512 | 7.00 | 23.97 | |||
FAIRFIELD COUNTY, CONNECTICUT | ||||||||
Norwalk | ||||||||
40 Richards Avenue | 1985 | 145,487 | 76.2 | 2,542 | 0.43 | 22.93 | ||
Stamford | ||||||||
1266 East Main Street | 1984 | 179,260 | 79.2 | 3,850 | 0.65 | 27.12 | ||
Total Connecticut Office | 324,747 | 77.9 | 6,392 | 1.08 | 25.28 | |||
WASHINGTON, D.C. | ||||||||
1201 Connecticut Avenue, NW | 1940 | 169,549 | 100.0 | 6,806 | 1.14 | 40.14 | ||
1400 L Street, NW | 1987 | 159,000 | 100.0 | 5,856 | 0.99 | 36.83 | ||
Total District of Columbia Office | 328,549 | 100.0 | 12,662 | 2.13 | 38.54 | |||
PRINCE GEORGE’S COUNTY, MARYLAND | ||||||||
Greenbelt | ||||||||
9200 Edmonston Road | 1973 | 38,690 | 100.0 | 910 | 0.15 | 23.52 | ||
6301 Ivy Lane | 1979 | 112,003 | 77.7 | 2,045 | 0.35 | 23.50 | ||
6303 Ivy Lane | 1980 | 112,047 | 61.5 | 1,684 | 0.28 | 24.44 | ||
6305 Ivy Lane | 1982 | 112,022 | 73.4 | 1,690 | 0.29 | 20.55 | ||
6404 Ivy Lane | 1987 | 165,234 | 68.8 | 2,553 | 0.43 | 22.46 | ||
6406 Ivy Lane | 1991 | 163,857 | 0.0 | 1,395 | 0.24 | 0.00 | ||
6411 Ivy Lane | 1984 | 138,405 | 85.9 | 2,736 | 0.46 | 23.01 | ||
Lanham | ||||||||
4200 Parliament Place | 1989 | 122,000 | 83.8 | 2,705 | 0.46 | 26.46 | ||
Total Maryland Office | 964,258 | 63.4 | 15,718 | 2.66 | 25.70 | |||
TOTAL OFFICE PROPERTIES | 24,029,318 | 91.1 | 529,962 | 89.43 | 24.21 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
52
Property Listing Office/Flex Properties | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
BURLINGTON COUNTY, NEW JERSEY | ||||||||
Burlington | ||||||||
3 Terri Lane | 1991 | 64,500 | 100.0 | 556 | 0.09 | 8.62 | ||
5 Terri Lane | 1992 | 74,555 | 95.8 | 688 | 0.12 | 9.63 | ||
Moorestown | ||||||||
2 Commerce Drive | 1986 | 49,000 | 74.1 | 82 | 0.01 | 2.26 | ||
101 Commerce Drive | 1988 | 64,700 | 100.0 | 275 | 0.05 | 4.25 | ||
102 Commerce Drive | 1987 | 38,400 | 87.5 | 227 | 0.04 | 6.76 | ||
201 Commerce Drive | 1986 | 38,400 | 100.0 | 199 | 0.03 | 5.18 | ||
202 Commerce Drive | 1988 | 51,200 | 100.0 | 263 | 0.04 | 5.14 | ||
1 Executive Drive | 1989 | 20,570 | 81.1 | 157 | 0.03 | 9.41 | ||
2 Executive Drive | 1988 | 60,800 | 100.0 | 464 | 0.08 | 7.63 | ||
101 Executive Drive | 1990 | 29,355 | 99.7 | 283 | 0.05 | 9.67 | ||
102 Executive Drive | 1990 | 64,000 | 100.0 | 474 | 0.08 | 7.41 | ||
225 Executive Drive | 1990 | 50,600 | 67.6 | 239 | 0.04 | 6.99 | ||
97 Foster Road | 1982 | 43,200 | 75.5 | 140 | 0.02 | 4.29 | ||
1507 Lancer Drive | 1995 | 32,700 | 100.0 | 134 | 0.02 | 4.10 | ||
1245 North Church Street | 1998 | 52,810 | 71.6 | 275 | 0.05 | 7.27 | ||
1247 North Church Street | 1998 | 52,790 | 58.1 | 220 | 0.04 | 7.17 | ||
1256 North Church Street | 1984 | 63,495 | 100.0 | 453 | 0.08 | 7.13 | ||
840 North Lenola Road | 1995 | 38,300 | 100.0 | 360 | 0.06 | 9.40 | ||
844 North Lenola Road | 1995 | 28,670 | 100.0 | 184 | 0.03 | 6.42 | ||
915 North Lenola Road | 1998 | 52,488 | 100.0 | 274 | 0.05 | 5.22 | ||
2 Twosome Drive | 2000 | 48,600 | 100.0 | 450 | 0.08 | 9.26 | ||
30 Twosome Drive | 1997 | 39,675 | 89.9 | 285 | 0.05 | 7.99 | ||
31 Twosome Drive | 1998 | 84,200 | 100.0 | 468 | 0.08 | 5.56 | ||
40 Twosome Drive | 1996 | 40,265 | 100.0 | 281 | 0.05 | 6.98 | ||
41 Twosome Drive | 1998 | 43,050 | 88.9 | 280 | 0.05 | 7.32 | ||
50 Twosome Drive | 1997 | 34,075 | 100.0 | 257 | 0.04 | 7.54 | ||
GLOUCESTER COUNTY, NEW JERSEY | ||||||||
West Deptford | ||||||||
1451 Metropolitan Drive | 1996 | 21,600 | 100.0 | 148 | 0.02 | 6.85 | ||
MERCER COUNTY, NEW JERSEY | ||||||||
Hamilton Township | ||||||||
100 Horizon Center Boulevard | 1989 | 13,275 | 100.0 | 193 | 0.03 | 14.54 | ||
200 Horizon Drive | 1991 | 45,770 | 100.0 | 608 | 0.10 | 13.28 | ||
300 Horizon Drive | 1989 | 69,780 | 100.0 | 1,134 | 0.19 | 16.25 | ||
500 Horizon Drive | 1990 | 41,205 | 94.3 | 621 | 0.10 | 15.98 | ||
MONMOUTH COUNTY, NEW JERSEY | ||||||||
Wall Township | ||||||||
1325 Campus Parkway | 1988 | 35,000 | 100.0 | 655 | 0.11 | 18.71 | ||
1340 Campus Parkway | 1992 | 72,502 | 100.0 | 943 | 0.16 | 13.01 | ||
1345 Campus Parkway | 1995 | 76,300 | 95.9 | 935 | 0.16 | 12.78 | ||
1433 Highway 34 | 1985 | 69,020 | 78.4 | 543 | 0.09 | 10.03 | ||
1320 Wyckoff Avenue | 1986 | 20,336 | 100.0 | 178 | 0.03 | 8.75 | ||
1324 Wyckoff Avenue | 1987 | 21,168 | 100.0 | 232 | 0.04 | 10.96 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
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Property Listing Office/Flex Properties (continued) | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
PASSAIC COUNTY, NEW JERSEY | ||||||||
Totowa | ||||||||
1 Center Court | 1999 | 38,961 | 100.0 | 536 | 0.09 | 13.76 | ||
2 Center Court | 1998 | 30,600 | 99.3 | 396 | 0.07 | 13.03 | ||
11 Commerce Way | 1989 | 47,025 | 100.0 | 577 | 0.10 | 12.27 | ||
20 Commerce Way | 1992 | 42,540 | 100.0 | 444 | 0.07 | 10.44 | ||
29 Commerce Way | 1990 | 48,930 | 100.0 | 711 | 0.12 | 14.53 | ||
40 Commerce Way | 1987 | 50,576 | 72.1 | 485 | 0.08 | 13.30 | ||
45 Commerce Way | 1992 | 51,207 | 96.4 | 545 | 0.09 | 11.04 | ||
60 Commerce Way | 1988 | 50,333 | 100.0 | 475 | 0.08 | 9.44 | ||
80 Commerce Way | 1996 | 22,500 | 100.0 | 275 | 0.05 | 12.22 | ||
100 Commerce Way | 1996 | 24,600 | 66.9 | 300 | 0.05 | 18.23 | ||
120 Commerce Way | 1994 | 9,024 | 100.0 | 126 | 0.02 | 13.96 | ||
140 Commerce Way | 1994 | 26,881 | 99.5 | 374 | 0.06 | 13.98 | ||
Total New Jersey Office/Flex | 2,189,531 | 93.5 | 19,402 | 3.27 | 9.48 | |||
WESTCHESTER COUNTY, NEW YORK | ||||||||
Elmsford | ||||||||
11 Clearbrook Road | 1974 | 31,800 | 100.0 | 462 | 0.08 | 14.53 | ||
75 Clearbrook Road | 1990 | 32,720 | 100.0 | 702 | 0.12 | 21.45 | ||
125 Clearbrook Road | 2002 | 33,000 | 100.0 | 712 | 0.12 | 21.58 | ||
150 Clearbrook Road | 1975 | 74,900 | 100.0 | 1,103 | 0.19 | 14.73 | ||
175 Clearbrook Road | 1973 | 98,900 | 100.0 | 1,594 | 0.27 | 16.12 | ||
200 Clearbrook Road | 1974 | 94,000 | 99.8 | 1,248 | 0.21 | 13.30 | ||
250 Clearbrook Road | 1973 | 155,000 | 97.3 | 1,478 | 0.25 | 9.80 | ||
50 Executive Boulevard | 1969 | 45,200 | 96.5 | 491 | 0.08 | 11.26 | ||
77 Executive Boulevard | 1977 | 13,000 | 100.0 | 201 | 0.03 | 15.46 | ||
85 Executive Boulevard | 1968 | 31,000 | 99.4 | 552 | 0.09 | 17.91 | ||
300 Executive Boulevard | 1970 | 60,000 | 100.0 | 579 | 0.10 | 9.65 | ||
350 Executive Boulevard | 1970 | 15,400 | 98.8 | 285 | 0.05 | 18.73 | ||
399 Executive Boulevard | 1962 | 80,000 | 100.0 | 310 | 0.05 | 3.88 | ||
400 Executive Boulevard | 1970 | 42,200 | 100.0 | 735 | 0.12 | 17.42 | ||
500 Executive Boulevard | 1970 | 41,600 | 94.3 | 576 | 0.10 | 14.68 | ||
525 Executive Boulevard | 1972 | 61,700 | 78.9 | 812 | 0.14 | 16.68 | ||
1 Westchester Plaza | 1967 | 25,000 | 100.0 | 336 | 0.06 | 13.44 | ||
2 Westchester Plaza | 1968 | 25,000 | 100.0 | 521 | 0.09 | 20.84 | ||
3 Westchester Plaza | 1969 | 93,500 | 50.4 | 589 | 0.10 | 12.50 | ||
4 Westchester Plaza | 1969 | 44,700 | 92.6 | 635 | 0.11 | 15.34 | ||
5 Westchester Plaza �� | 1969 | 20,000 | 100.0 | 297 | 0.05 | 14.85 | ||
6 Westchester Plaza | 1968 | 20,000 | 78.3 | 301 | 0.05 | 19.22 | ||
7 Westchester Plaza | 1972 | 46,200 | 100.0 | 743 | 0.13 | 16.08 | ||
8 Westchester Plaza | 1971 | 67,200 | 100.0 | 962 | 0.16 | 14.32 | ||
Hawthorne | ||||||||
200 Saw Mill River Road | 1965 | 51,100 | 92.0 | 660 | 0.11 | 14.04 | ||
4 Skyline Drive | 1987 | 80,600 | 92.2 | 1,335 | 0.23 | 17.96 | ||
5 Skyline Drive | 1980 | 124,022 | 99.3 | 1,814 | 0.30 | 14.73 | ||
6 Skyline Drive | 1980 | 44,155 | 100.0 | 471 | 0.08 | 10.67 | ||
8 Skyline Drive | 1985 | 50,000 | 98.7 | 832 | 0.14 | 16.86 | ||
10 Skyline Drive | 1985 | 20,000 | 84.4 | 330 | 0.06 | 19.55 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
54
Property Listing Office/Flex Properties (continued) | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
11 Skyline Drive | 1989 | 45,000 | 100.0 | 804 | 0.14 | 17.87 | ||
12 Skyline Drive | 1999 | 46,850 | 100.0 | 772 | 0.13 | 16.48 | ||
15 Skyline Drive | 1989 | 55,000 | 100.0 | 1,040 | 0.18 | 18.91 | ||
Yonkers | ||||||||
100 Corporate Boulevard | 1987 | 78,000 | 98.3 | 1,485 | 0.25 | 19.37 | ||
200 Corporate Boulevard South | 1990 | 84,000 | 99.8 | 1,363 | 0.23 | 16.26 | ||
4 Executive Plaza | 1986 | 80,000 | 100.0 | 1,382 | 0.23 | 17.28 | ||
6 Executive Plaza | 1987 | 80,000 | 100.0 | 1,363 | 0.23 | 17.04 | ||
1 Odell Plaza | 1980 | 106,000 | 99.9 | 1,490 | 0.25 | 14.07 | ||
3 Odell Plaza | 1984 | 71,065 | 100.0 | 1,597 | 0.27 | 22.47 | ||
5 Odell Plaza | 1983 | 38,400 | 89.2 | 391 | 0.07 | 11.42 | ||
7 Odell Plaza | 1984 | 42,600 | 99.6 | 801 | 0.14 | 18.88 | ||
Total New York Office/Flex | 2,348,812 | 95.9 | 34,154 | 5.79 | 15.17 | |||
FAIRFIELD COUNTY, CONNECTICUT | ||||||||
Stamford | ||||||||
419 West Avenue | 1986 | 88,000 | 100.0 | 1,360 | 0.23 | 15.45 | ||
500 West Avenue | 1988 | 25,000 | 100.0 | 393 | 0.07 | 15.72 | ||
550 West Avenue | 1990 | 54,000 | 100.0 | 855 | 0.14 | 15.83 | ||
600 West Avenue | 1999 | 66,000 | 100.0 | 804 | 0.14 | 12.18 | ||
650 West Avenue | 1998 | 40,000 | 100.0 | 686 | 0.12 | 17.15 | ||
Total Connecticut Office/Flex | 273,000 | 100.0 | 4,098 | 0.70 | 15.01 | |||
TOTAL OFFICE/FLEX PROPERTIES | 4,811,343 | 95.0 | 57,654 | 9.76 | 12.61 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
55
Property Listing Industrial/Warehouse, Retail and Land Properties | ||||||||
Property Location | Year Built | Net Rentable (Sq. Ft.) | Percentage Leased as of 9/30/08 (%) (a) | 2008 Base Rent ($000’s) (b) (c) | Percentage Of Total 2008 Base Rent % | 2008 Average Base Rent Per Sq. Ft. ($) (c) (d) | ||
WESTCHESTER COUNTY, NEW YORK | ||||||||
Elmsford | ||||||||
1 Warehouse Lane | 1957 | 6,600 | 100.0 | 86 | 0.01 | 13.03 | ||
2 Warehouse Lane | 1957 | 10,900 | 100.0 | 164 | 0.03 | 15.05 | ||
3 Warehouse Lane | 1957 | 77,200 | 100.0 | 328 | 0.06 | 4.25 | ||
4 Warehouse Lane | 1957 | 195,500 | 97.4 | 1,960 | 0.33 | 10.29 | ||
5 Warehouse Lane | 1957 | 75,100 | 81.4 | 931 | 0.16 | 15.23 | ||
6 Warehouse Lane | 1982 | 22,100 | 100.0 | 512 | 0.09 | 23.17 | ||
Total Industrial/Warehouse Properties | 387,400 | 95.1 | 3,981 | 0.68 | 10.81 | |||
WESTCHESTER COUNTY, NEW YORK | ||||||||
Tarrytown | ||||||||
230 White Plains Road | 1984 | 9,300 | 100.0 | 195 | 0.03 | 20.97 | ||
Yonkers | ||||||||
2 Executive Boulevard | 1986 | 8,000 | 100.0 | 298 | 0.05 | 37.25 | ||
Total Retail Properties | 17,300 | 100.0 | 493 | 0.08 | 28.50 | |||
WESTCHESTER COUNTY, NEW YORK | ||||||||
Elmsford | ||||||||
700 Executive Boulevard | -- | -- | -- | 114 | 0.02 | -- | ||
Yonkers | ||||||||
1 Enterprise Boulevard | -- | -- | -- | 185 | 0.03 | -- | ||
Total Land Leases | -- | -- | 299 | 0.05 | -- | |||
TOTAL PROPERTIES | 29,245,361 | 91.8 | 592,389 | 100.00 | 22.07 |
(a) | Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring September 30, 2008 aggregating 94,026 square feet (representing 0.3 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 September 30, 2008, 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) | Base rent for the 12 months ended September 30, 2008, divided by net rentable square feet leased at September 30, 2008. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
56
Significant Tenants
The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of September 30, 2008, 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 | ||
Citigroup Global Markets, Inc. | 6 | 14,170,242 | 2.4 | 462,077 | 1.7 | 2018 | (b) |
National Union Fire Insurance | 4 | 13,707,690 | 2.3 | 532,278 | 2.0 | 2019 | (c) |
DB Services New Jersey, Inc. | 2 | 10,905,426 | 1.8 | 402,068 | 1.5 | 2017 | |
New Cingular Wireless PCS, LLC | 4 | 9,144,930 | 1.5 | 410,313 | 1.6 | 2014 | (d) |
United States Of America-GSA | 11 | 8,926,642 | 1.5 | 283,685 | 1.1 | 2017 | (e) |
Keystone Mercy Health Plan | 2 | 8,003,134 | 1.3 | 303,149 | 1.1 | 2020 | |
Prentice-Hall, Inc. | 1 | 7,694,097 | 1.3 | 474,801 | 1.8 | 2014 | |
Forest Laboratories, Inc. | 2 | 7,463,777 | 1.3 | 202,857 | 0.8 | 2017 | (f) |
Daiichi Sankyo, Inc. | 3 | 6,924,753 | 1.2 | 226,807 | 0.9 | 2022 | (g) |
ICAP Securities USA, LLC | 1 | 6,236,408 | 1.0 | 159,834 | 0.6 | 2017 | |
Toys 'R' Us – NJ, Inc. | 1 | 6,152,682 | 1.0 | 242,518 | 0.9 | 2012 | |
Lehman Brothers Holdings, Inc. | 1 | 5,835,986 | 1.0 | 270,063 | 1.0 | 2018 | (h) |
TD Ameritrade Online Holdings | 1 | 5,766,149 | 1.0 | 184,222 | 0.7 | 2015 | |
Allstate Insurance Company | 10 | 5,681,624 | 1.0 | 237,559 | 0.9 | 2017 | (i) |
Morgan Stanley & Co., Inc. | 4 | 5,637,926 | 0.9 | 370,113 | 1.4 | 2016 | (j) |
Credit Suisse (USA), Inc. | 1 | 5,212,307 | 0.9 | 153,464 | 0.6 | 2012 | (k) |
KPMG, LLP | 3 | 5,205,490 | 0.9 | 187,994 | 0.7 | 2014 | (l) |
Merrill Lynch Pierce Fenner | 2 | 5,108,037 | 0.9 | 298,640 | 1.1 | 2017 | (m) |
National Financial Services | 1 | 4,798,621 | 0.8 | 112,964 | 0.4 | 2012 | |
IBM Corporation | 3 | 4,788,402 | 0.8 | 310,263 | 1.2 | 2012 | (n) |
Samsung Electronics America | 1 | 4,184,278 | 0.7 | 150,050 | 0.6 | 2010 | |
Montefiore Medical Center | 5 | 4,066,055 | 0.7 | 199,914 | 0.8 | 2019 | (o) |
Vonage America, Inc. | 1 | 3,934,000 | 0.7 | 350,000 | 1.3 | 2017 | |
Bank Of Tokyo-Mitsubishi, Ltd. | 1 | 3,872,785 | 0.7 | 137,076 | 0.5 | 2019 | |
AT&T Corp. | 1 | 3,805,000 | 0.6 | 275,000 | 1.0 | 2014 | |
Wyndham Worldwide Corporation | 1 | 3,773,775 | 0.6 | 150,951 | 0.6 | 2009 | |
Arch Insurance Company | 1 | 3,685,118 | 0.6 | 106,815 | 0.4 | 2024 | |
SSB Realty, LLC | 1 | 3,492,830 | 0.6 | 114,519 | 0.4 | 2009 | |
American Institute of Certified Public Accountants | 1 | 3,455,040 | 0.6 | 142,953 | 0.5 | 2012 | |
Wyndham Worldwide Operations | 1 | 3,211,626 | 0.5 | 145,983 | 0.6 | 2011 | |
E*Trade Financial Corporation | 1 | 3,124,160 | 0.5 | 106,573 | 0.4 | 2022 | |
Dow Jones & Company, Inc. | 1 | 3,057,773 | 0.5 | 92,312 | 0.3 | 2012 | |
SunAmerica Asset Management | 1 | 2,958,893 | 0.5 | 69,621 | 0.3 | 2018 | |
Shaw Facilities, Inc. | 3 | 2,916,631 | 0.5 | 144,805 | 0.5 | 2015 | (p) |
Oppenheimer & Co., Inc. | 1 | 2,808,712 | 0.5 | 104,008 | 0.4 | 2013 | |
Tullett Prebon Holdings Corp. | 1 | 2,787,758 | 0.5 | 113,041 | 0.4 | 2023 | (q) |
High Point Safety & Insurance | 2 | 2,735,934 | 0.5 | 116,889 | 0.4 | 2020 | |
Moody’s Investors Service | 1 | 2,671,149 | 0.4 | 91,344 | 0.3 | 2011 | (r) |
AAA Mid-Atlantic, Inc. | 2 | 2,523,550 | 0.4 | 129,784 | 0.5 | 2022 | (s) |
United States Life Insurance Co. | 1 | 2,520,000 | 0.4 | 180,000 | 0.7 | 2013 | |
Bunge Management Services, Inc. | 2 | 2,499,661 | 0.4 | 70,283 | 0.3 | 2013 | (t) |
Regus Business Centre Corp. | 2 | 2,488,274 | 0.4 | 79,805 | 0.3 | 2011 | |
J.P. Morgan Chase Bank, N.A. | 4 | 2,478,137 | 0.4 | 94,010 | 0.4 | 2014 | (u) |
New Jersey Turnpike Authority | 1 | 2,455,463 | 0.4 | 100,223 | 0.4 | 2017 | |
Tradeweb Markets, LLC | 1 | 2,453,235 | 0.4 | 64,976 | 0.2 | 2017 | |
Natixis 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 | |
Nextel of New York, Inc. | 2 | 2,225,875 | 0.4 | 97,435 | 0.4 | 2014 | (v) |
UBS Financial Services, Inc. | 3 | 2,207,612 | 0.4 | 82,092 | 0.3 | 2016 | (w) |
Barr Laboratories, Inc. | 1 | 2,119,597 | 0.4 | 89,510 | 0.3 | 2015 | |
Total | 236,569,470 | 39.8 | 9,599,320 | 36.1 |
See footnotes on subsequent page. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
57
Significant Tenants |
(Continued) |
(a) | Annualized base rental revenue is based on actual September, 2008 billings times 12. For leases whose rent commences after October 1, 2008, 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) | 38,196 square feet expire in 2009; 330,900 square feet expire in 2010; 26,834 square feet expire in 2014; 26,262 square feet expire in 2016; 39,885 square feet expire in 2018. |
(c) | 394,849 square feet expire in 2012; 20,311 square feet expire in 2013; 117,118 square feet expire 2019. |
(d) | 4,783 square feet expire in 2008; 333,145 square feet expire in 2013; 72,385 square feet expire in 2014. |
(e) | 7,008 square feet expire in 2009; 4,950 square feet expire in 2010; 9,901 square feet expire in 2011; 11,216 square feet expire in 2012; 58,392 square feet expire in 2013; 4,879 square feet expire in 2014; 180,729 square feet expire in 2015; 6,610 square feet expire in 2017. |
(f) | 22,785 square feet expire in 2009; 180,072 square feet expire in 2017. |
(g) | 46,000 square feet expire in 2008; 8,907 square feet expire in 2013; 171,900 square feet expire in 2022. |
(h) | 198,559 square feet expire in 2010; 71,504 square feet expire in 2018. |
(i) | 24,323 square feet expire in 2009; 46,555 square feet expire in 2010; 83,693 square feet expire in 2011; 29,005 square feet expire in 2013; 53,983 square feet expire in 2017. |
(j) | 7,000 square feet expire in 2009; 306,170 square feet expire in 2013; 29,654 square feet expire in 2015; 27,289 square feet expire in 2016. |
(k) | 71,511 square feet expire in 2011; 81,953 square feet expire in 2012. |
(l) | 46,440 square feet expire in 2009; 57,204 square feet expire in 2010; 77,381 square feet expire in 2012; 6,969 square feet expire in 2014. |
(m) | 4,451 square feet expire in 2009; 294,189 square feet expire in 2017. |
(n) | 61,864 square feet expire in 2010; 248,399 square feet expire in 2012. |
(o) | 6,800 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; 36,385 square feet expire in 2018; 112,807 square feet expire in 2019. |
(p) | 6,710 square feet expire in 2008; 39,060 square feet expire in 2013; 99,035 square feet expire in 2015. |
(q) | 12,282 square feet expire in 2011; 100,759 square feet expire in 2023. |
(r) | 43,344 square feet expire in 2009; 36,193 square feet expire in 2010; 11,807 square feet expire in 2011. |
(s) | 9,784 square feet expire in 2017; 120,000 square feet expire in 2022. |
(t) | 19,500 square feet expire in 2009; 50,783 square feet expire in 2013. |
(u) | 73,480 square feet expire in 2009; 4,650 square feet expire in 2010; 15,880 square feet expire in 2014. |
(v) | 62,435 square feet expire in 2010; 35,000 square feet expire in 2014. |
(w) | 21,554 square feet expire in 2010; 23,373 square feet expire in 2013; 37,165 square feet expire in 2016. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
58
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 October 1, 2008, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2008 through 2010 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 (%) |
2008 (c) | ||||||
Northern NJ | 12 | 106,147 | 0.4 | 2,670,804 | 25.16 | 0.5 |
Central NJ | 10 | 67,871 | 0.2 | 1,420,065 | 20.92 | 0.2 |
Westchester Co., NY | 11 | 41,641 | 0.2 | 935,614 | 22.47 | 0.2 |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 10 | 70,210 | 0.3 | 965,675 | 13.75 | 0.2 |
Fairfield Co., CT | 1 | 1,572 | (d) | 40,479 | 25.75 | (d) |
Washington, DC/MD | 5 | 26,518 | 0.1 | 740,913 | 27.94 | 0.1 |
Rockland Co., NY | 2 | 4,910 | (d) | 139,935 | 28.50 | (d) |
TOTAL – 2008 | 51 | 318,869 | 1.2 | 6,913,485 | 21.68 | 1.2 |
2009 | ||||||
Northern NJ | 103 | 885,514 | 3.3 | 21,767,067 | 24.58 | 3.7 |
Central NJ | 38 | 349,922 | 1.3 | 8,366,554 | 23.91 | 1.4 |
Westchester Co., NY | 93 | 427,502 | 1.6 | 8,408,952 | 19.67 | 1.4 |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 38 | 154,379 | 0.6 | 2,361,194 | 15.29 | 0.4 |
Fairfield Co., CT | 14 | 51,768 | 0.2 | 1,126,111 | 21.75 | 0.2 |
Washington, DC/MD | 15 | 51,686 | 0.2 | 1,426,359 | 27.60 | 0.2 |
Rockland Co., NY | 9 | 25,722 | 0.1 | 638,939 | 24.84 | 0.1 |
TOTAL – 2009 | 310 | 1,946,493 | 7.3 | 44,095,176 | 22.65 | 7.4 |
2010 | ||||||
Northern NJ | 111 | 1,076,476 | 4.1 | 24,878,807 | 23.11 | 4.2 |
Central NJ | 75 | 545,592 | 2.1 | 12,839,459 | 23.53 | 2.1 |
Westchester Co., NY | 102 | 502,040 | 1.9 | 10,741,286 | 21.40 | 1.8 |
Manhattan | 2 | 330,900 | 1.2 | 10,711,233 | 32.37 | 1.8 |
Sub. Philadelphia | 50 | 292,475 | 1.1 | 4,456,578 | 15.24 | 0.7 |
Fairfield Co., CT | 8 | 31,577 | 0.1 | 887,134 | 28.09 | 0.2 |
Washington, DC/MD | 30 | 166,008 | 0.6 | 4,682,786 | 28.21 | 0.8 |
Rockland Co., NY | 4 | 8,239 | (d) | 212,235 | 25.76 | (d) |
TOTAL – 2010 | 382 | 2,953,307 | 11.1 | 69,409,518 | 23.50 | 11.6 |
Schedule continued, with footnotes, on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
59
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 (%) | |
2011 | 381 | 3,398,019 | 12.8 | 77,967,921 | 22.95 | 13.1 | |
2012 | 266 | 2,759,308 | 10.5 | 64,394,749 | 23.34 | 10.8 | |
2013 | 297 | 3,528,885 | 13.4 | 73,945,315 | 20.95 | 12.4 | |
2014 | 172 | 2,071,740 | 7.9 | 44,450,377 | 21.46 | 7.5 | |
2015 | 112 | 2,443,986 | 9.3 | 52,705,709 | 21.57 | 8.9 | |
2016 | 82 | 1,026,811 | 3.9 | 21,266,457 | 20.71 | 3.6 | |
2017 | 78 | 2,322,911 | 8.8 | 55,612,695 | 23.94 | 9.4 | |
2018 | 59 | 1,058,263 | 4.0 | 25,543,167 | 24.14 | 4.3 | |
2019 and thereafter | 73 | 2,578,058 | 9.8 | 58,039,379 | 22.51 | 9.8 | |
Totals/Weighted | |||||||
Average | 2,263 | 26,406,650 (c) | 100.0 | 594,343,948 | 22.51 | 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 September 2008 billings times 12. For leases whose rent commences after October 1, 2008, 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 September 30, 2008 aggregating 94,026 square feet and representing annualized rent of $2,175,120 for which no new leases were signed. |
(d) | Represents less than .05% |
(e) | Reconciliation to Company’s total net rentable square footage is as follows: |
Square Feet | |
Square footage leased to commercial tenants | 26,406,650 |
Square footage used for corporate offices, management offices, | |
building use, retail tenants, food services, other ancillary | |
service tenants and occupancy adjustments | 445,168 |
Square footage unleased | 2,393,543 |
Total net rentable square footage (does not include land leases) | 29,245,361 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
60
Schedule of Lease Expirations
Office Properties
The following table sets forth a schedule of lease expirations for the office properties beginning October 1, 2008, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2008 through 2010 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) | ||
2008 (c) | ||||||||
Northern NJ | 12 | 106,147 | 0.5 | 2,670,804 | 25.16 | 0.5 | ||
Central NJ | 8 | 42,859 | 0.2 | 1,093,567 | 25.52 | 0.2 | ||
Westchester Co., NY | 5 | 34,091 | 0.2 | 820,320 | 24.06 | 0.2 | ||
Manhattan | - | - | - | - | - | - | ||
Sub. Philadelphia | 6 | 24,595 | 0.1 | 552,954 | 22.48 | 0.1 | ||
Fairfield Co., CT | 1 | 1,572 | (d) | 40,479 | 25.75 | (d) | ||
Washington, DC/MD | 5 | 26,518 | 0.1 | 740,913 | 27.94 | 0.1 | ||
Rockland Co., NY | 2 | 4,910 | (d) | 139,935 | 28.50 | (d) | ||
TOTAL – 2008 | 39 | 240,692 | 1.1 | 6,058,972 | 25.17 | 1.1 | ||
2009 | ||||||||
Northern NJ | 92 | 796,962 | 3.8 | 20,564,433 | 25.80 | 4.0 | ||
Central NJ | 32 | 309,156 | 1.4 | 7,848,799 | 25.39 | 1.5 | ||
Westchester Co., NY | 56 | 167,521 | 0.8 | 4,465,600 | 26.66 | 0.8 | ||
Manhattan | - | - | - | - | - | - | ||
Sub. Philadelphia | 28 | 73,796 | 0.3 | 1,732,187 | 23.47 | 0.3 | ||
Fairfield Co., CT | 10 | 24,193 | 0.1 | 649,136 | 26.83 | 0.1 | ||
Washington, DC/MD | 15 | 51,686 | 0.2 | 1,426,359 | 27.60 | 0.3 | ||
Rockland Co., NY | 9 | 25,722 | 0.1 | 638,939 | 24.84 | 0.1 | ||
TOTAL – 2009 | 242 | 1,449,036 | 6.7 | 37,325,453 | 25.76 | 7.1 | ||
2010 | ||||||||
Northern NJ | 98 | 952,917 | 4.4 | 23,295,968 | 24.45 | 4.4 | ||
Central NJ | 63 | 424,512 | 2.0 | 10,892,017 | 25.66 | 2.1 | ||
Westchester Co., NY | 57 | 195,425 | 0.9 | 5,360,445 | 27.43 | 1.0 | ||
Manhattan | 2 | 330,900 | 1.5 | 10,711,233 | 32.37 | 2.0 | ||
Sub. Philadelphia | 30 | 142,095 | 0.7 | 3,355,431 | 23.61 | 0.6 | ||
Fairfield Co., CT | 8 | 31,577 | 0.2 | 887,134 | 28.09 | 0.2 | ||
Washington, DC/MD | 30 | 166,008 | 0.8 | 4,682,786 | 28.21 | 0.9 | ||
Rockland Co., NY | 4 | 8,239 | (d) | 212,235 | 25.76 | (d) | ||
TOTAL – 2010 | 292 | 2,251,673 | 10.5 | 59,397,249 | 26.38 | 11.2 | ||
2011 | 315 | 2,866,245 | 13.3 | 71,594,105 | 24.98 | 13.5 | ||
2012 | 196 | 2,138,420 | 9.9 | 56,390,652 | 26.37 | 10.7 | ||
2013 | 226 | 2,725,391 | 12.7 | 63,230,800 | 23.20 | 12.0 | ||
2014 | 133 | 1,691,206 | 7.9 | 39,637,861 | 23.44 | 7.5 | ||
2015 | 97 | 2,224,268 | 10.4 | 50,435,505 | 22.68 | 9.5 | ||
2016 | 68 | 710,162 | 3.3 | 17,075,645 | 24.04 | 3.2 | ||
2017 | 64 | 2,158,505 | 10.1 | 52,909,539 | 24.51 | 10.0 | ||
2018 | 37 | 761,554 | 3.6 | 21,486,558 | 28.21 | 4.1 | ||
2019 and thereafter | 60 | 2,246,543 | 10.5 | 53,504,868 | 23.82 | 10.1 | ||
Totals/Weighted Average | 1,769 | 21,463,695 (c) | 100.0 | 529,047,207 | 24.65 | 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 September 2008 billings times 12. For leases whose rent commences after October 1, 2008, 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 September 30, 2008 aggregating 84,176 square feet and representing annualized rent of $2,067,801 for which no new leases were signed. |
(d) | Represents 0.05% or less. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
61
Schedule of Lease Expirations
Office/Flex Properties
The following table sets forth a schedule of lease expirations for the office/flex properties beginning October 1, 2008, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2008 through 2010 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) | |
2008 (c) | |||||||
Northern NJ | - | - | - | - | - | - | |
Central NJ | 2 | 25,012 | 0.5 | 326,498 | 13.05 | 0.5 | |
Westchester Co., NY | 5 | 6,200 | 0.1 | 103,292 | 16.66 | 0.2 | |
Sub. Philadelphia | 4 | 45,615 | 1.0 | 412,721 | 9.05 | 0.7 | |
Fairfield Co., CT | - | - | - | - | - | - | |
TOTAL – 2008 | 11 | 76,827 | 1.6 | 842,511 | 10.97 | 1.4 | |
2009 | |||||||
Northern NJ | 11 | 88,552 | 2.0 | 1,202,634 | 13.58 | 2.0 | |
Central NJ | 6 | 40,766 | 0.9 | 517,755 | 12.70 | 0.8 | |
Westchester Co., NY | 36 | 250,681 | 5.5 | 3,748,352 | 14.95 | 6.2 | |
Sub. Philadelphia | 10 | 80,583 | 1.7 | 629,007 | 7.81 | 1.0 | |
Fairfield Co., CT | 4 | 27,575 | 0.6 | 476,975 | 17.30 | 0.8 | |
TOTAL – 2009 | 67 | 488,157 | 10.7 | 6,574,723 | 13.47 | 10.8 | |
2010 | |||||||
Northern NJ | 13 | 123,559 | 2.7 | 1,582,839 | 12.81 | 2.6 | |
Central NJ | 12 | 121,080 | 2.7 | 1,947,442 | 16.08 | 3.2 | |
Westchester Co., NY | 43 | 273,665 | 6.0 | 4,969,741 | 18.16 | 8.2 | |
Sub. Philadelphia | 20 | 150,380 | 3.3 | 1,101,147 | 7.32 | 1.8 | |
Fairfield Co., CT | - | - | - | - | - | - | |
TOTAL – 2010 | 88 | 668,684 | 14.7 | 9,601,169 | 14.36 | 15.8 | |
2011 | 65 | 524,174 | 11.5 | 6,278,816 | 11.98 | 10.3 | |
2012 | 69 | 614,250 | 13.5 | 7,939,709 | 12.93 | 13.0 | |
2013 | 60 | 649,189 | 14.3 | 9,341,931 | 14.39 | 15.3 | |
2014 | 36 | 349,989 | 7.7 | 4,199,966 | 12.00 | 6.9 | |
2015 | 15 | 219,718 | 4.8 | 2,270,204 | 10.33 | 3.7 | |
2016 | 12 | 181,567 | 4.0 | 2,772,452 | 15.27 | 4.6 | |
2017 | 14 | 164,406 | 3.6 | 2,703,156 | 16.44 | 4.4 | |
2018 | 21 | 288,709 | 6.3 | 3,831,609 | 13.27 | 6.3 | |
2019 and thereafter | 13 | 331,515 | 7.3 | 4,534,511 | 13.68 | 7.5 | |
Totals/Weighted | |||||||
Average | 471 | 4,557,185 (c) | 100.0 | 60,890,757 | 13.36 | 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 September 2008 billings times 12. For leases whose rent commences after October 1, 2008, 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 September 30, 2008 aggregating 8,500 square feet and representing annualized rent of $95,317 for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2008
62
Schedule of Lease Expirations
Industrial/Warehouse Properties
The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning October 1, 2008, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) | |
2008 | 1 | 1,350 | 0.4 | 12,002 | 8.89 | 0.3 | |
2010 | 2 | 32,950 | 8.9 | 411,100 | 12.48 | 10.3 | |
2011 | 1 | 7,600 | 2.0 | 95,000 | 12.50 | 2.4 | |
2012 | 1 | 6,638 | 1.8 | 64,388 | 9.70 | 1.6 | |
2013 | 11 | 154,305 | 41.9 | 1,372,584 | 8.90 | 34.4 | |
2014 | 3 | 30,545 | 8.3 | 612,550 | 20.05 | 15.4 | |
2016 | 2 | 135,082 | 36.7 | 1,418,360 | 10.50 | 35.6 | |
Totals/Weighted | |||||||
Average | 21 | 368,470 (c) | 100.0 | 3,985,984 | 10.82 | 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 September 2008 billings times 12. For leases whose rent commences after October 1, 2008, 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. |
(c) | Includes leases expiring September 30, 2008 aggregating 1,350 square feet and representing annualized rent of $12,002 for which no new leases were signed. |
Stand-Alone Retail Properties
The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning October 1, 2008, assuming that none of the tenants exercise renewal or termination options. All stand-alone retail properties are located in the Westchester County, NY market:
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (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 | 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 September 2008 billings times 12. For leases whose rent commences after October 1, 2008 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 September 30, 2008
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