THIRD QUARTER 2012
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.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
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 |
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II. FINANCIAL HIGHLIGHTS | |
· Quarterly Summary / Roseland Transaction | 9 |
· Equity Activity / Dividends | 10 |
· Leasing | 10 – 11 |
· Information About FFO | 12 |
· Key Financial Data | 13 |
· Same-Store Results and Analysis | 14 |
· Unconsolidated Joint Ventures Summary | 15 – 17 |
· Select Financial Ratios | 18 |
· Debt Analysis: | |
· Debt Breakdown / Future Repayments | 19 |
· Debt Maturities | 20 |
· Debt Detail | 21 |
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III. FINANCIAL INFORMATION | |
· Consolidated Statements of Operations | 23 |
· Consolidated Balance Sheets | 24 |
· Consolidated Statement of Changes in 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 |
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IV. VALUE CREATION PIPELINE | |
· Properties Commencing Initial Operations / Summary of Construction Projects | 30 |
· Rental Property Sales/Dispositions / Rental Property Held for Sale | 31 |
· Summary of Land Parcels | 32 |
· Roseland Transaction Information | 33 – 36 |
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V. PORTFOLIO/ LEASING STATISTICS | |
· Leasing Statistics | 38 – 43 |
· Market Diversification (MSAs) | 44 |
· Industry Diversification (Top 30 Tenant Industries) | 45 |
· Consolidated Portfolio Analyses: | |
Breakdown by: | |
(a) Number of Properties | 46 |
(b) Square Footage | 47 |
(c) Base Rental Revenue | 48 |
(d) Percentage Leased | 49 |
· Consolidated Property Listing (by Property Type) | 50 – 59 |
· Significant Tenants (Top 50 Tenants) | 60 – 61 |
· Schedules of Lease Expirations (by Property Type) | 62 – 66 |
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
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,” “potential,” “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:
· | risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants; |
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· | the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by the Company’s properties or on an unsecured basis; |
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· | the extent of any tenant bankruptcies or of any early lease terminations; |
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· | the Company’s ability to lease or re-lease space at current or anticipated rents; |
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· | changes in the supply of and demand for office, office/flex and industrial/warehouse properties; |
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· | changes in interest rate levels and volatility in the securities markets; |
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· | changes in operating costs; |
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· | the Company’s ability to obtain adequate insurance, including coverage for terrorist acts; |
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· | the availability of financing on attractive terms or at all, which may adversely impact the Company’s ability to pursue acquisition and development opportunities and refinancing existing debt and the Company’s future interest expense; |
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· | changes in governmental regulation, tax rates and similar matters; and |
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· | other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. |
For further information on factors which could impact us and the statements contained herein, you are advised to consider the “Risk Factors” contained in the Company’s Annual Report on Form 10-K, as may be supplemented or amended in the Company’s Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
I. COMPANY BACKGROUND
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
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 $4.6 billion at September 30, 2012. Mack-Cali has been involved in all aspects of commercial real estate development, management and ownership for over 60 years and has been a publicly-traded REIT since 1994. Mack-Cali owns or has interests in 276 properties, primarily class A office and office/flex buildings, totaling approximately 32.2 million square feet, serving as home to over 2,000 tenants. The properties are located primarily in suburban markets of the Northeast, many with adjacent, Company-controlled developable land sites able to accommodate up to 11.5 million square feet of additional commercial space.
History
Established over 60 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, 2012)
Corporate Headquarters | Edison, New Jersey |
Fiscal Year-End | 12/31 |
Total Properties | 276 |
Total Square Feet | 32.2 million square feet |
Geographic Diversity | Five states and the District of Columbia |
New Jersey Presence | 23.0 million square feet |
Northeast Presence | 32.2 million square feet |
Common Shares and | |
Units Outstanding | 100.0 million |
Dividend-- Quarter/Annualized | $0.45/$1.80 |
Dividend Yield | 6.8% |
Total Market Capitalization | $4.6 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, 2012
Board of Directors
William L. Mack, Chairman of the Board |
Alan S. Bernikow | Alan G. Philibosian |
Kenneth M. Duberstein | Irvin D. Reid |
Nathan Gantcher | Vincent Tese |
Mitchell E. Hersh | Roy J. Zuckerberg |
David S. Mack | |
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Executive Officers
Mitchell E. Hersh, President and Chief Executive Officer |
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Barry Lefkowitz, Executive Vice President and Chief Financial Officer |
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Roger W. Thomas, Executive Vice President, General Counsel and Secretary |
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Anthony Krug, Chief Accounting Officer |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Equity Research Coverage
Bank of America Merrill Lynch James C. Feldman (646) 855-5808 | ISI Group Steve Sakwa (212) 446-9462 |
Barclays Capital Ross Smotrich (212) 526-2306 | J.P. Morgan Anthony Paolone (212) 622-6682 |
Citigroup Michael Bilerman (212) 816-1383 | KeyBanc Capital Markets Jordan Sadler (917) 368-2280 |
Cowen and Company James Sullivan (646) 562-1380 | Stifel, Nicolaus & Company, Inc. John W. Guinee, III (443) 224-1307 |
Deutsche Bank North America John N. Perry (212) 250-4912 | UBS Investment Research Ross T. Nussbaum (212) 713-2484 |
Green Street Advisors Michael Knott (949) 640-8780 | |
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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, 2012
II. FINANCIAL HIGHLIGHTS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
II. FINANCIAL HIGHLIGHTS
Quarterly Summary
The following is a summary of the Company’s recent activity:
Funds from operations (FFO) available to common shareholders for the quarter ended September 30, 2012 amounted to $65.0 million, or $0.65 per share. For the nine months ended September 30, 2012, FFO available to common shareholders equaled $201.6 million, or $2.01 per share.
Net income available to common shareholders for the third quarter 2012 equaled $14.3 million, or $0.16 per share. For the nine months ended September 30, 2012, net income available to common shareholders amounted to $50.1 million, or $0.57 per share.
Total revenues for the third quarter 2012 were $173.2 million. For the nine months ended September 30, 2012, total revenues amounted to $534.7 million.
All per share amounts presented above are on a diluted basis.
The Company had 87,821,885 shares of common stock, and 12,177,122 common operating partnership units outstanding as of September 30, 2012. The Company had a total of 99,999,007 common shares/common units outstanding at September 30, 2012.
As of September 30, 2012, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 6.19 percent.
The Company had a debt-to-undepreciated assets ratio of 34.4 percent at September 30, 2012. The Company had an interest coverage ratio of 3.1 times for the quarter ended September 30, 2012.
In July, the Company entered into a ground lease with Wegmans Food Markets, Inc. at its undeveloped site in Hanover Township, New Jersey. Subject to receiving all necessary governmental approvals, Wegmans intends to construct a store of approximately 140,000 square feet on a finished pad to be delivered by the Company in the first quarter of 2014. The Company expects to incur costs of approximately $12.1 million for the construction of the finished pad (of which the Company has incurred $0.5 million through September 30, 2012).
Roseland Transaction
In October, the Company acquired the real estate development and management businesses of Roseland Partners, L.L.C., a premier multi-family residential community developer and operator in the Northeast, and Roseland’s interests in six operating multi-family properties totaling 1,769 apartments, one condo-residential property totaling four units and four commercial properties totaling approximately 212,000 square feet, 13 in-process development projects, which include nine multi-family properties totaling 2,149 apartments, two garages totaling 1,591 parking spaces and two retail properties totaling approximately 35,400 square feet, and interests or options in land parcels which may support approximately 5,980 apartments, approximately 736,000 square feet of commercial space, and a 321-key hotel. The locations of the properties extend from New Jersey to Massachusetts. The majority of the properties are located in New Jersey, in particular, at its flagship development at Port Imperial in Weehawken and West New York, in addition to the Jersey City Waterfront and other urban in-fill and transit-oriented locations.
The Roseland business and real property interests were acquired for aggregate consideration of up to $134.6 million, subject to adjustment, consisting of $115.0 million in cash and approximately $4.0 million of assumed debt at closing and an additional earn-out of up to $15.6 million in cash over the next three years, under certain conditions. During the three-year earn-out period, each of Roseland’s principals, Marshall Tycher, Brad Klatt and Carl Goldberg, will serve as co-presidents of Roseland Management Services, L.P., a newly formed wholly owned subsidiary of Mack-Cali, pursuant to employment agreements executed at closing. Mitchell E. Hersh, President and Chief Executive Officer of Mack-Cali Realty Corporation, also assumed the role of Chairman and Chief Executive of Roseland Management Services, L.P.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
The transaction was financed through a combination of cash on hand and borrowings under the Company’s $600 million unsecured revolving credit facility.
Equity Activity
In September, the Company’s Board of Directors authorized a share repurchase program under which the Company may purchase up to $150 million of the Company’s outstanding Common Stock. Purchases may be made from time to time in open market transactions or through privately negotiated transactions.
Dividends
In September, the Company’s Board of Directors declared a cash dividend of $0.45 per common share (indicating an annual rate of $1.80 per common share) for the third quarter 2012, which was paid on October 12, 2012 to shareholders of record as of October 3, 2012.
Leasing
Mack-Cali’s consolidated in-service portfolio was 87.5 percent leased at September 30, 2012, as compared to 87.6 percent leased at June 30, 2012.
For the quarter ended September 30, 2012, the Company executed 121 leases at its consolidated in-service portfolio totaling 932,990 square feet, consisting of 511,963 square feet of office space, 343,824 square feet of office/flex space and 77,203 square feet of industrial/warehouse space. Of these totals, 373,177 square feet were for new leases and 559,813 square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter’s leasing transactions include:
NORTHERN NEW JERSEY:
- | NICE Systems Inc., a provider of software solutions, signed a new lease for 34,416 square feet at Mack-Cali Centre VI, 461 From Road in Paramus. The 253,554 square-foot office building is 40.8 percent leased. |
- | DSM Services USA, Inc., a life sciences and materials company, signed a new lease for 31,899 square feet at 8 Campus Drive in Parsippany. The 215,265 square-foot office building, located in Mack-Cali Business Campus, is 48.0 percent leased. |
- | ORBCOMM Inc., a global satellite data communications company, signed a new lease for 31,159 square feet at Mack-Cali Centre V, 395 W. Passaic Street in Rochelle Park. The 100,589 square-foot office building is 65.3 percent leased. |
- | MCI Communications Services, Inc., a global telecommunications company, signed a renewal for 20,698 square feet at 101 Hudson Street in Jersey City. The 1,246,283 square-foot office building is 89.0 percent leased. |
- | ProSight Specialty Insurance, an insurance holding company, signed a lease expanding their current space by 16,721 square feet at 412 Mt. Kemble Avenue in Morris Township. The 475,100 square-foot office building is 67.9 percent leased. |
- | Manfrotto Distribution, Inc., an importer and distributor of imaging-related products, signed a new lease for 16,009 square feet at 10 Mountainview Road in Upper Saddle River. The 192,000 square-foot office building is 82.4 percent leased. |
WESTCHESTER COUNTY, NEW YORK:
- | United Parcel Service, Inc. signed a renewal for the entire 77,200 square-foot 3 Warehouse Lane in Elmsford. The industrial/warehouse building is located in Elmsford Distribution Center. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
CSC Holdings, Inc., the parent company of Cablevision Systems, a global telecommunications and media company, signed a renewal for 38,900 square feet at 6 Executive Plaza in Yonkers. The 80,000 square-foot office/flex building, located in South Westchester Executive Park, is 100 percent leased.
- | The Artina Group, Inc., a manufacturer of software compatible forms for business printing, signed a relocation and extension of 19,250 square feet at 250 Clearbrook Road in Elmsford. |
- | Also at 250 Clearbrook Road, General Phosphorix LLC, a distributor of novel beverages, signed transactions totaling 18,250 square feet representing a 15,350 square-foot renewal and a 2,900 square-foot expansion. The 155,000 square-foot office/flex building, located in Cross Westchester Executive Park, is 94.5 percent leased. |
- | Phoenix Fitness Ventures, Inc. dba Court Sports, a fitness health club, signed a new lease for 17,863 square feet at 150 Clearbrook Road in Elmsford. The 74,900 square-foot office/flex building, located in Cross Westchester Executive Park, is 99.3 percent leased. |
CONNECTICUT:
- | FedEx Ground Package System, Inc. signed a lease extension for the entire 66,000 square feet at 600 West Avenue in Stamford Executive Park in Stamford. |
SUBURBAN PHILADELPHIA:
- | Cort Business Services Corp., a Berkshire Hathaway Inc. company and a provider of furniture rental and services, signed a renewal for 46,880 square feet at 31 Twosome Drive in Moorestown, NJ. The 84,200 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased. |
Additionally, RGN, a subsidiary of HQ Global Workplaces, LLC, signed new leases totaling 110,242 square feet at the following locations:
- | 13,503 square feet at 999 Riverview Drive in Totowa, NJ. The 56,066 square-foot office building, located at Mack-Cali Commercenter, is 89.2 percent leased. |
- | 16,332 square feet at 233 Mount Airy Road in Basking Ridge, NJ. The 66,000 square-foot office building is 24.7 percent leased. |
- | 15,512 square feet at 30 Knightsbridge Road in Piscataway, NJ. 30 Knightsbridge Road is a four-building office complex totaling 680,350 square feet and is 91.0 percent leased. |
- | 12,370 square feet at Mack-Cali Woodbridge at 581 Main Street in Woodbridge, NJ. The 200,000 square-foot office building is 99.3 percent leased. |
- | 9,797 square feet at 20 Commerce Drive in Cranford, NJ. The 176,600 square-foot office building, located in Cranford Business Park, is 99.4 percent leased. |
- | 14,811 square feet at 7 Skyline Drive in Hawthorne, NY. The 109,000 square-foot office building, located in Mid-Westchester Executive Park, is 82.0 percent leased. |
- | 14,112 square feet at Five Sentry Park West in Blue Bell, PA. The 38,400 square-foot office building is 68.3 percent leased. |
- | 13,805 square feet at 400 Rella Boulevard in Suffern, NY. The 180,000 square-foot office building is 93.6 percent leased. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Information About FFO
Funds from operations (“FFO”) is defined as net income (loss) before noncontrolling interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items, sales of depreciable rental property, and impairments related to depreciable rental property, 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 as FFO per share excludes the effect of depreciation, gains (or losses) from sales of properties and impairments related to depreciable rental property (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 available to common shareholders 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, 2012
Key Financial Data
| | | As of or for the three months ended | |
| 9/30/12 | 6/30/12 | 3/31/12 | 12/31/11 | 9/30/11 |
Shares and Units: | | | | | |
Common Shares Outstanding | 87,821,885 | 87,819,278 | 87,811,226 | 87,799,479 | 87,141,716 |
Common Units Outstanding | 12,177,122 | 12,177,122 | 12,187,122 | 12,197,122 | 12,771,105 |
Combined Shares and Units | 99,999,007 | 99,996,400 | 99,998,348 | 99,996,601 | 99,912,821 |
Preferred Shares Outstanding | 0 | 0 | 0 | 0 | 10,000 |
Weighted Average- Basic (a) | 100,003,034 | 99,999,564 | 99,992,282 | 99,869,353 | 99,818,419 |
Weighted Average- Diluted (b) | 100,074,809 | 100,068,762 | 100,062,203 | 99,939,994 | 99,916,948 |
Common Share Price ($’s): | | | | | |
At the end of the period | 26.60 | 29.07 | 28.82 | 26.69 | 26.75 |
High during period | 29.45 | 29.37 | 29.80 | 28.91 | 34.77 |
Low during period | 26.31 | 26.37 | 25.68 | 23.71 | 25.70 |
| | | | | |
Market Capitalization: | | | | | |
($’s in thousands, except ratios) | | | | | |
Market Value of Equity (c) | 2,661,629 | 2,908,635 | 2,883,784 | 2,670,846 | 2,699,699 |
Total Debt | 1,970,254 | 1,929,596 | 1,940,715 | 1,914,215 | 1,886,500 |
Total Market Capitalization | 4,631,883 | 4,838,231 | 4,824,499 | 4,585,061 | 4,586,199 |
Total Debt/ Total Market Capitalization | 42.54% | 39.88% | 40.23% | 41.75% | 41.13% |
| | | | | |
Financials: | | | | | |
($’s in thousands, except ratios and per share amounts) | | | | | |
Total Assets | 4,269,573 | 4,270,207 | 4,299,434 | 4,295,759 | 4,309,872 |
Gross Book Value of Real Estate Assets | 5,295,248 | 5,269,762 | 5,226,792 | 5,279,770 | 5,253,281 |
Total Liabilities | 2,191,345 | 2,163,930 | 2,160,211 | 2,141,759 | 2,131,451 |
Total Equity | 2,078,228 | 2,106,277 | 2,139,223 | 2,154,000 | 2,178,421 |
Total Revenues | 173,212 | 178,462 | 182,980 | 177,971 | 175,437 |
Capitalized Interest | 888 | 305 | 230 | 205 | 122 |
Scheduled Principal Amortization | 1,201 | 503 | 829 | 785 | 752 |
Interest Coverage Ratio | 3.13 | 2.96 | 3.43 | 3.14 | 3.32 |
Fixed Charge Coverage Ratio | 2.92 | 2.88 | 3.31 | 3.03 | 3.16 |
Net Income | 16,176 | 11,411 | 29,267 | 18,438 | 24,083 |
Net Income Available to Common Shareholders | 14,281 | 10,101 | 25,767 | 16,122 | 20,500 |
Earnings per Share—diluted | 0.16 | 0.11 | 0.29 | 0.18 | 0.24 |
FFO per Share—diluted (d) | 0.65 | 0.62 | 0.74 | 0.68 | 0.73 |
Dividends Declared per Share | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
FFO Payout Ratio—diluted (d) | 69.27% | 72.55% | 60.46% | 66.08% | 61.64% |
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Portfolio Size: | | | | | |
Properties | 276 | 277 | 277 | 278 | 278 |
Total Square Footage | 32,192,587 | 32,240,287 | 32,240,287 | 32,414,411 | 32,414,411 |
Sq. Ft. Leased at End of Period (e) (f) | 87.5% | 87.6% | 87.9% | 88.3% | 88.2% |
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(a) | Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares. |
(b) | 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). |
(c) | Includes any outstanding preferred units presented on a converted basis into common units and noncontrolling interests in consolidated joint ventures. |
(d) | Funds from Operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 12. |
(e) | 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. |
(f) | 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, 2012
Same Store Results and Analysis
(dollars in thousands)
| | For the three months ended September 30, | | | | | | % | |
| | 2012 | | | 2011 | | | Change | | | Change | |
| | | | | | | | | | | | |
Total Property Revenues | | $ | 169,996 | | | $ | 170,887 | | | $ | (891 | ) | | | (0.5 | ) |
| | | | | | | | | | | | | | | | |
Real Estate Taxes | | | 22,255 | | | | 14,200 | | | | 8,055 | | | | 56.7 | |
Utilities | | | 17,859 | | | | 19,845 | | | | (1,986 | ) | | | (10.0 | ) |
Operating Services | | | 27,131 | | | | 27,033 | | | | 98 | | | | 0.4 | |
Total Property Expenses: | | | 67,245 | | | | 61,078 | | | | 6,167 | | | | 10.1 | |
| | | | | | | | | | | | | | | | |
GAAP Net Operating Income | | | 102,751 | | | | 109,809 | | | | (7,058 | ) | | | (6.4 | ) |
| | | | | | | | | | | | | | | | |
Less: straight-lining of rents adj. | | | 1,716 | | | | 2,053 | | | | (337 | ) | | | (16.4 | ) |
| | | | | | | | | | | | | | | | |
Net Operating Income | | $ | 101,035 | | | $ | 107,756 | | | $ | (6,721 | ) | | | (6.2 | ) |
| | | | | | | | | | | | | | | | |
Percentage Leased at Period End | | | 87.7 | % | | | 88.6 | % | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Properties: | | | 264 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Square Footage: | | | 30,754,754 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | For the nine months ended September 30, | | | | | | % | |
| | 2012 | | | 2011 | | | Change | | | Change | |
| | | | | | | | | | | | |
Total Property Revenues | | $ | 508,891 | | | $ | 519,392 | | | $ | (10,501 | ) | | | (2.0 | ) |
| | | | | | | | | | | | | | | | |
Real Estate Taxes | | | 70,051 | | | | 63,121 | | | | 6,930 | | | | 11.0 | |
Utilities | | | 48,405 | | | | 56,244 | | | | (7,839 | ) | | | (13.9 | ) |
Operating Services | | | 79,990 | | | | 86,017 | | | | (6,027 | ) | | | (7.0 | ) |
Total Property Expenses: | | | 198,446 | | | | 205,382 | | | | (6,936 | ) | | | (3.4 | ) |
| | | | | | | | | | | | | | | | |
GAAP Net Operating Income | | | 310,445 | | | | 314,010 | | | | (3,565 | ) | | | (1.1 | ) |
| | | | | | | | | | | | | | | | |
Less: straight-lining of rents adj. | | | 4,607 | | | | 4,730 | | | | (123 | ) | | | (2.6 | ) |
| | | | | | | | | | | | | | | | |
Net Operating Income | | $ | 305,838 | | | $ | 309,280 | | | $ | (3,442 | ) | | | (1.1 | ) |
| | | | | | | | | | | | | | | | |
Percentage Leased at Period End | | | 87.6 | % | | | 88.6 | % | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Properties: | | | 263 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Total Square Footage: | | | 30,550,697 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Unconsolidated Joint Ventures Summary
Breakdown of Unconsolidated Joint Ventures
As of September 30, 2012
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% |
Gramercy Portfolio | Bellemead Portfolio | 4 | New Jersey | 48.8% | 466,508 | n/a |
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 | 1 | Parsippany, NJ | 100.0% | 100,010 | 8.33% |
| | | | | | |
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% |
Boston-Downtown Crossing | Downtown Crossing | 1 | Boston, MA | n/a | multi-use | 15.0% |
| | | | | | |
Other: | | | | | | |
Stamford SM L.L.C. | Senior Mezzanine Loan | n/a | Stamford, CT | n/a | n/a | 80.0% |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
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, 2012 and December 31, 2011 (dollars in thousands):
| | September 30, 2012 | |
| | Plaza VIII & IX Associates | | | Harborside South Pier | | | Red Bank Corporate Plaza | | | Gramercy Agreement | | | 12 Vreeland | | | Boston- Downtown Crossing | | | Gale Jefferson | | | Stamford SM LLC | | | Combined Total | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental property, net | | $ | 7,875 | | | $ | 56,265 | | | $ | 22,353 | | | $ | 38,267 | | | $ | 14,046 | | | | -- | | | | -- | | | | -- | | | $ | 138,806 | |
Loan receivable | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | | | $ | 41,610 | | | | 41,610 | |
Other assets | | | 1,478 | | | | 14,623 | | | | 3,301 | | | | 5,680 | | | | 1,356 | | | $ | 46,198 | | | $ | 2,673 | | | | 227 | | | | 75,536 | |
Total assets | | $ | 9,353 | | | $ | 70,888 | | | $ | 25,654 | | | $ | 43,947 | | | $ | 15,402 | | | $ | 46,198 | | | $ | 2,673 | | | $ | 41,837 | | | $ | 255,952 | |
Liabilities and partners’/members' capital (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgages, loans payable and other obligations | | | -- | | | $ | 69,405 | | | $ | 17,542 | | | $ | 50,978 | | | | -- | | | | -- | | | | -- | | | | -- | | | $ | 137,925 | |
Other liabilities | | $ | 530 | | | | 5,814 | | | | 309 | | | | 935 | | | $ | 725 | | | | -- | | | | -- | | | | -- | | | | 8,313 | |
Partners’/members’ capital (deficit) | | | 8,823 | | | | (4,331 | ) | | | 7,803 | | | | (7,966 | ) | | | 14,677 | | | $ | 46,198 | | | $ | 2,673 | | | $ | 41,837 | | | | 109,714 | |
Total liabilities and partners’/members’ capital (deficit) | | $ | 9,353 | | | $ | 70,888 | | | $ | 25,654 | | | $ | 43,947 | | | $ | 15,402 | | | $ | 46,198 | | | $ | 2,673 | | | $ | 41,837 | | | $ | 255,952 | |
Company’s investments in unconsolidated joint ventures, net | | $ | 4,334 | | | $ | (960 | ) | | $ | 3,804 | | | | -- | | | $ | 10,837 | | | $ | 13,006 | | | $ | 1,068 | | | $ | 33,470 | | | $ | 65,559 | |
| | December 31, 2011 | |
| | Plaza VIII & IX Associates | | | Harborside South Pier | | | Red Bank Corporate Plaza | | | Gramercy Agreement | | | 12 Vreeland | | | Boston- Downtown Crossing | | | Gale Jefferson | | | Stamford SM LLC | | | Combined Total | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental property, net | | $ | 8,335 | | | $ | 59,733 | | | $ | 22,903 | | | $ | 39,276 | | | $ | 13,122 | | | | -- | | | | -- | | | | -- | | | $ | 143,369 | |
Other assets | | | 933 | | | | 12,840 | | | | 2,909 | | | | 5,669 | | | | 521 | | | $ | 46,121 | | | $ | 2,927 | | | | -- | | | | 71,920 | |
Total assets | | $ | 9,268 | | | $ | 72,573 | | | $ | 25,812 | | | $ | 44,945 | | | $ | 13,643 | | | $ | 46,121 | | | $ | 2,927 | | | | -- | | | $ | 215,289 | |
Liabilities and partners’/members' capital (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgages, loans payable and other obligations | | | -- | | | $ | 70,690 | | | $ | 18,100 | | | $ | 50,978 | | | $ | 1,207 | | | | -- | | | | -- | | | | -- | | | $ | 140,975 | |
Other liabilities | | $ | 531 | | | | 4,982 | | | | 117 | | | | 1,086 | | | | 168 | | | | -- | | | | -- | | | | -- | | | | 6,884 | |
Partners’/members’ capital (deficit) | | | 8,737 | | | | (3,099 | ) | | | 7,595 | | | | (7,119 | ) | | | 12,268 | | | $ | 46,121 | | | $ | 2,927 | | | | -- | | | | 67,430 | |
Total liabilities and partners’/members’ capital (deficit) | | $ | 9,268 | | | $ | 72,573 | | | $ | 25,812 | | | $ | 44,945 | | | $ | 13,643 | | | $ | 46,121 | | | $ | 2,927 | | | | -- | | | $ | 215,289 | |
Company’s investments in unconsolidated joint ventures, net | | $ | 4,291 | | | $ | (343 | ) | | $ | 3,676 | | | | -- | | | $ | 10,233 | | | $ | 13,005 | | | $ | 1,153 | | | | -- | | | $ | 32,015 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
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, 2012 and 2011 (dollars in thousands):
| | Three Months Ended September 30, 2012 | |
| | Plaza VIII & IX Associates | | | Harborside South Pier | | | Red Bank Corporate Plaza | | | Gramercy Agreement | | | 12 Vreeland | | | Boston- Downtown Crossing | | | Gale Jefferson | | | Stamford SM LLC | | | Combined Total | |
Total revenues | | $ | 259 | | | $ | 12,214 | | | $ | 851 | | | $ | 1,742 | | | $ | 1,012 | | | | -- | | | $ | 68 | | | $ | 1,165 | | | $ | 17,311 | |
Operating and other | | | (62 | ) | | | (7,600 | ) | | | (247 | ) | | | (942 | ) | | | (291 | ) | | $ | (21 | ) | | | -- | | | | (6 | ) | | | (9,169 | ) |
Depreciation and amortization | | | (154 | ) | | | (1,366 | ) | | | (228 | ) | | | (596 | ) | | | (153 | ) | | | -- | | | | -- | | | | -- | | | | (2,497 | ) |
Interest expense | | | -- | | | | (1,089 | ) | | | (188 | ) | | | (389 | ) | | | (9 | ) | | | -- | | | | -- | | | | -- | | | | (1,675 | ) |
Net income | | $ | 43 | | | $ | 2,159 | | | $ | 188 | | | $ | (185 | ) | | $ | 559 | | | $ | (21 | ) | | $ | 68 | | | $ | 1,159 | | | $ | 3,970 | |
Company’s equity in earnings (loss) of unconsolidated joint ventures | | $ | 21 | | | $ | 1,080 | | | $ | 94 | | | | -- | | | $ | 279 | | | $ | (6 | ) | | $ | 23 | | | $ | 927 | | | $ | 2,418 | |
| | Three Months Ended September 30, 2011 | |
| | Plaza VIII & IX Associates | | | Harborside South Pier | | | Red Bank Corporate Plaza | | | Gramercy Agreement | | | 12 Vreeland | | | Boston- Downtown Crossing | | | Gale Jefferson | | | Stamford SM LLC | | | Combined Total | |
Total revenues | | $ | 272 | | | $ | 9,558 | | | $ | 832 | | | $ | 1,340 | | | $ | 663 | | | | -- | | | $ | 75 | | | | -- | | | $ | 12,740 | |
Operating and other | | | (58 | ) | | | (6,296 | ) | | | (231 | ) | | | (968 | ) | | | (93 | ) | | $ | (362 | ) | | | -- | | | | -- | | | | (8,008 | ) |
Depreciation and amortization | | | (154 | ) | | | (1,415 | ) | | | (226 | ) | | | (449 | ) | | | (261 | ) | | | -- | | | | -- | | | | -- | | | | (2,505 | ) |
Interest expense | | | -- | | | | (1,112 | ) | | | (167 | ) | | | (384 | ) | | | (41 | ) | | | -- | | | | -- | | | | -- | | | | (1,704 | ) |
Net income | | $ | 60 | | | $ | 735 | | | $ | 208 | | | $ | (461 | ) | | $ | 268 | | | $ | (362 | ) | | $ | 75 | | | | -- | | | $ | 523 | |
Company’s equity in earnings (loss) of unconsolidated joint ventures | | $ | 31 | | | $ | 361 | | | $ | 104 | | | | -- | | | $ | 134 | | | $ | (115 | ) | | $ | 24 | | | | -- | | | $ | 539 | |
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, 2012 and 2011 (dollars in thousands):
| | Nine Months Ended September 30, 2012 | |
| | Plaza VIII & IX Associates | | | Harborside South Pier | | | Red Bank Corporate Plaza | | | Gramercy Agreement | | | 12 Vreeland | | | Boston- Downtown Crossing | | | Gale Jefferson | | | Stamford SM LLC | | | Combined Total | |
Total revenues | | $ | 723 | | | $ | 31,281 | | | $ | 2,497 | | | $ | 4,640 | | | $ | 2,258 | | | | -- | | | $ | 197 | | | $ | 2,773 | | | $ | 44,369 | |
Operating and other | | | (177 | ) | | | (20,045 | ) | | | (663 | ) | | | (2,822 | ) | | | (579 | ) | | $ | (1,110 | ) | | | -- | | | | (32 | ) | | | (25,428 | ) |
Depreciation and amortization | | | (460 | ) | | | (4,179 | ) | | | (684 | ) | | | (1,502 | ) | | | (460 | ) | | | -- | | | | -- | | | | -- | | | | (7,285 | ) |
Interest expense | | | -- | | | | (3,289 | ) | | | (553 | ) | | | (1,163 | ) | | | (12 | ) | | | -- | | | | -- | | | | -- | | | | (5,017 | ) |
Net income | | $ | 86 | | | $ | 3,768 | | | $ | 597 | | | $ | (847 | ) | | $ | 1,207 | | | $ | (1,110 | ) | | $ | 197 | | | $ | 2,741 | | | $ | 6,639 | |
Company’s equity in earnings (loss) of unconsolidated joint ventures | | $ | 43 | | | $ | 1,884 | | | $ | 298 | | | | -- | | | $ | 603 | | | $ | (333 | ) | | $ | 63 | | | $ | 2,193 | | | $ | 4,751 | |
| | Nine Months Ended September 30, 2011 | |
| | Plaza VIII & IX Associates | | | Harborside South Pier | | | Red Bank Corporate Plaza | | | Gramercy Agreement | | | 12 Vreeland | | | Boston- Downtown Crossing | | | Gale Jefferson | | | Stamford SM LLC | | | Combined Total | |
Total revenues | | $ | 721 | | | $ | 28,008 | | | $ | 2,424 | | | $ | 4,674 | | | $ | 1,653 | | | | -- | | | $ | 217 | | | | -- | | | $ | 37,697 | |
Operating and other | | | (160 | ) | | | (18,860 | ) | | | (601 | ) | | | (2,860 | ) | | | (145 | ) | | $ | (1,113 | ) | | | -- | | | | -- | | | | (23,739 | ) |
Depreciation and amortization | | | (460 | ) | | | (4,254 | ) | | | (677 | ) | | | (1,781 | ) | | | (892 | ) | | | -- | | | | -- | | | | -- | | | | (8,064 | ) |
Interest expense | | | -- | | | | (3,357 | ) | | | (376 | ) | | | (1,167 | ) | | | (129 | ) | | | -- | | | | -- | | | | -- | | | | (5,029 | ) |
Net income | | $ | 101 | | | $ | 1,537 | | | $ | 770 | | | $ | (1,134 | ) | | $ | 487 | | | $ | (1,113 | ) | | $ | 217 | | | | -- | | | $ | 865 | |
Company’s equity in earnings (loss) of unconsolidated joint ventures | | $ | 51 | | | $ | 768 | | | $ | 385 | | | | -- | | | $ | 243 | | | $ | (340 | ) | | $ | 67 | | | | -- | | | $ | 1,174 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Select Financial Ratios
Ratios Computed For Industry | September 30, | |
Comparisons: | 2012 | 2011 | |
Financial Position Ratios: | |
Total Debt/ Total Book Capitalization (Book value) (%) | 46.15% | 43.20% | |
| |
Total Debt/ Total Market Capitalization (Market value) (%) | 42.54% | 36.05% | |
| |
Total Debt/ Total Undepreciated Assets (%) | 34.41% | 33.05% | |
| |
Secured Debt/ Total Undepreciated Assets (%) | 12.31% | 13.11% | |
|
|
|
|
| Three Months Ended September 30, | Nine Months Ended September 30, |
| 2012 | 2011 | 2012 | 2011 |
Operational Ratios: | |
Interest Coverage (Funds from Operations+Interest Expense)/Interest Expense (x) | 3.13 | 3.32 | 3.17 | 3.23 |
| |
Debt Service Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Principal Amort.) (x) | 3.01 | 3.24 | 3.09 | 3.17 |
| |
Fixed Charge Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Capitalized Interest+Pref. Div. +Prin. Amort.+Ground Lease Payments)(x) | 2.92 | 3.16 | 3.04 | 3.08 |
| |
FFO Payout (Dividends Declared/Funds from Operations) (%) | 69.27% | 61.64% | 67.02% | 63.59% |
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Debt Analysis
(as of September 30, 2012)
Debt Breakdown
(dollars in thousands)
| Balance | % of Total | Weighted Average Interest Rate (a) | | Weighted Average Maturity in Years |
Fixed Rate Unsecured Debt and Other Obligations | $1,198,314 | 60.82% | 5.70% | | 4.94 |
Fixed Rate Secured Debt | 693,940 | 35.22% | 7.55% | | 4.98 |
Variable Rate Secured Debt | 11,000 | 0.56% | 2.23% | | 0.25 |
Variable Rate Unsecured Debt | 67,000 | 3.40% | 1.48% | (b) | 3.06 |
Totals/Weighted Average: | $1,970,254 | 100.00% | 6.19% | | 4.86 |
(a) | The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.23 percent as of September 30, 2012. |
(b) | Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.7 million for the quarter ended September 30, 2012. |
Future Repayments
(dollars in thousands)
Period | Scheduled Amortization | Principal Maturities | Total | Weighted Average Interest Rate of Future Repayments (a) | |
October 1 – December 31, 2012 | $ 2,738 | $ 11,000 | $ 13,738 | 3.33% | |
2013 | 11,264 | 104,229 | 115,493 | 5.06% | |
2014 | 10,468 | 335,257 | 345,725 | 6.82% | |
2015 | 8,941 | 217,000 | 225,941 | 4.24% | (b) |
2016 | 8,753 | 273,120 | 281,873 | 7.16% | |
Thereafter | 26,993 | 979,562 | 1,006,555 | 6.39% | |
Sub-total | 69,157 | 1,920,168 | 1,989,325 | | |
Adjustment for unamortized debt discount/premium and mark-to-market, net, as of September 30, 2012 | (19,071) | -- | (19,071) | | |
Totals/Weighted Average: | $ 50,086 | $1,920,168 | $1,970,254 | 6.19% | |
(a) | The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.23 percent as of September 30, 2012. |
(b) | Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.7 million for the quarter ended September 30, 2012. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Debt Maturities
(dollars in thousands)
| October 1 – December 31, 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 and Beyond | TOTALS |
Secured Debt: | | | | | | | | | | |
One Grande Commons | $11,000 | | | | | | | | | $11,000 |
9200 Edmonston Road | | $4,229 | | | | | | | | 4,229 |
6305 Ivy Lane | | | $5,726 | | | | | | | 5,726 |
6301 Ivy Lane | | | 5,320 | | | | | | | 5,320 |
35 Waterview | | | 18,185 | | | | | | | 18,185 |
6 Becker, 85 Livingston, 75 Livingston, & 20 Waterview | | | 65,035 | | | | | | | 65,035 |
4 Sylvan Way | | | 14,575 | | | | | | | 14,575 |
10 Independence | | | 16,924 | | | | | | | 16,924 |
395 West Passaic | | | 9,492 | | | | | | | 9,492 |
4 Becker | | | | | $40,432 | | | | | 40,432 |
5 Becker | | | | | 14,574 | | | | | 14,574 |
210 Clay | | | | | 14,267 | | | | | 14,267 |
51 Imclone | | | | | 3,847 | | | | | 3,847 |
Prudential Portfolio | | | | | | $141,151 | | | | 141,151 |
23 Main Street | | | | | | | $26,566 | | | 26,566 |
Harborside Plaza 5 | | | | | | | 204,970 | | | 204,970 |
100 Walnut Avenue | | | | | | | | $17,281 | | 17,281 |
One River Center | | | | | | | | 39,586 | | 39,586 |
581 Main Street | | | | | | | | | $ 8 | 8 |
Total Secured Debt: | $11,000 | $4,229 | $135,257 | -- | $73,120 | $141,151 | $231,536 | $56,867 | $ 8 | $653,168 |
| | | | | | | | | | |
Unsecured Debt: | | | | | | | | | | |
Unsecured credit facility | | | | $67,000 | | | | | | $67,000 |
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 |
7.75% unsecured notes due 8/19 | | | | | | | | $250,000 | | 250,000 |
4.50% unsecured notes due 4/22 | | | | | | | | | $300,000 | 300,000 |
Total Unsecured Debt: | -- | $100,000 | $200,000 | $217,000 | $200,000 | -- | -- | $250,000 | $300,000 | $1,267,000 |
| | | | | | | | | | |
Total Debt: | $11,000 | $104,229 | $335,257 | $217,000 | $273,120 | $141,151 | $231,536 | $306,867 | $300,008 | $1,920,168 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Debt Detail
(dollars in thousands)
Property Name | Lender | Effective Interest Rate | | |
September 30, | December 31, | Date of Maturity | |
2012 | 2011 |
Senior Unsecured Notes: (a) | | | | | |
5.250%, Senior Unsecured Notes | public debt | 5.457% | -- | $99,988 | -- | (b) |
6.150%, Senior Unsecured Notes | public debt | 6.894% | -- | 94,438 | -- | (c) |
5.820%, Senior Unsecured Notes | public debt | 6.448% | -- | 25,972 | -- | (d) |
4.600%, Senior Unsecured Notes | public debt | 4.742% | $ 99,980 | 99,958 | 06/15/13 | |
5.125%, Senior Unsecured Notes | public debt | 5.110% | 200,330 | 200,509 | 02/15/14 | |
5.125%, Senior Unsecured Notes | public debt | 5.297% | 149,786 | 149,717 | 01/15/15 | |
5.800%, Senior Unsecured Notes | public debt | 5.806% | 200,256 | 200,313 | 01/15/16 | |
7.750%, Senior Unsecured Notes | public debt | 8.017% | 248,532 | 248,372 | 08/15/19 | |
4.500%, Senior Unsecured Notes | public debt | 4.612% | 299,430 | -- | 04/18/22 | |
Total Senior Unsecured Notes: | | | $1,198,314 | $1,119,267 | |
Revolving Credit Facilities: |
Unsecured Facility (e) | 20 Lenders | LIBOR +1.250% | $67,000 | $ 55,500 | 10/21/15 | (f) |
Total Revolving Credit Facilities: | | | $67,000 | $ 55,500 | | |
2200 Renaissance Boulevard | Wachovia CMBS | 5.888% | -- | $ 16,171 | -- | (h) |
Soundview Plaza | Morgan Stanley Mortgage Capital | 6.015% | -- | 15,531 | -- | (i) |
One Grande Commons | Capital One Bank | LIBOR+2.00% | $ 11,000 | 11,000 | 12/31/12 | (j) |
9200 Edmonston Road | Principal Commercial Funding, L.L.C. | 5.534% | 4,349 | 4,479 | 05/01/13 | |
6305 Ivy Lane | John Hancock Life Ins. Co. | 5.525% | 6,064 | 6,245 | 01/01/14 | |
395 West Passaic | State Farm Life Ins. Co. | 6.004% | 10,396 | 10,781 | 05/01/14 | |
6301 Ivy Lane | John Hancock Life Ins. Co. | 5.520% | 5,739 | 5,899 | 07/01/14 | |
35 Waterview | Wachovia CMBS | 6.348% | 18,826 | 19,051 | 08/11/14 | |
6 Becker, 85 Livingston, 75 Livingston & 20 Waterview | Wachovia CMBS | 10.220% | 62,867 | 62,127 | 08/11/14 | |
4 Sylvan | Wachovia CMBS | 10.190% | 14,473 | 14,438 | 08/11/14 | |
10 Independence | Wachovia CMBS | 12.440% | 16,161 | 15,908 | 08/11/14 | |
4 Becker | Wachovia CMBS | 9.550% | 38,148 | 37,769 | 05/11/16 | |
5 Becker | Wachovia CMBS | 12.830% | 12,391 | 12,056 | 05/11/16 | |
210 Clay | Wachovia CMBS | 13.420% | 12,162 | 11,844 | 05/11/16 | |
51 Imclone | Wachovia CMBS | 8.390% | 3,880 | 3,886 | 05/11/16 | |
Various (k) | Prudential Insurance | 6.332% | 149,715 | 150,000 | 01/15/17 | |
23 Main Street | JPMorgan CMBS | 5.587% | 30,586 | 31,002 | 09/01/18 | |
Harborside Plaza 5 | The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co. | 6.842% | 229,281 | 231,603 | 11/01/18 | |
100 Walnut Avenue | Guardian Life Ins. Co. | 7.311% | 19,080 | 19,241 | 02/01/19 | |
One River Center (l) | Guardian Life Ins. Co. | 7.311% | 43,710 | 44,079 | 02/01/19 | |
581 Main Street (m) | Valley National Bank | 6.935% | (n) | 16,112 | 16,338 | 07/01/34 | |
Total Mortgages, Loans Payable and Other Obligations: | | $704,940 | $739,448 | |
Total Debt: | | | $1,970,254 | $1,914,215 | |
(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/premium on the notes, as applicable. |
(b) | These notes were paid at maturity, primarily from borrowing on the Company’s unsecured revolving credit facility. |
(c) | On May 25, 2012, the Company redeemed $94.9 million principal amount of its 6.15 percent senior unsecured notes due December 15, 2012 (the “2002 Notes”). The redemption price, including a make-whole premium, was 103.19 percent of the principal amount of the 2002 Notes, plus accrued and unpaid interest up to the redemption date. The Company funded the redemption price, including accrued and unpaid interest, of approximately $100.5 million from borrowing on its unsecured revolving credit facility, as well as cash on hand. In connection with the redemption, the Company recorded approximately $3.3 million as a loss from early extinguishment debt (including the write-off of unamortized deferred financing costs). |
(d) | On May 25, 2012, the Company redeemed $26.1 million principal amount of its 5.82 percent senior unsecured notes due March 15, 2013 (the “2003 Notes”). The redemption price, including a make-whole premium, was 103.87 percent of the principal amount of the 2003 Notes, plus accrued and unpaid interest up to the redemption date. The Company funded the redemption price, including accrued and unpaid interest, of approximately $27.4 million from borrowing on its unsecured revolving credit facility, as well as cash on hand. In connection with the redemption, the Company recorded approximately $1.1 million as a loss from early extinguishment of debt (including the write-off of unamortized deferred financing costs). |
(e) | Total borrowing capacity under this facility is $600 million. |
(f) | On October 21, 2011, the Company amended and restated its unsecured revolving credit facility with a group of 20 lenders. The $600 million facility is expandable to $1 billion and matures in October 2015. It has a one-year extension option with the payment of a 20 basis point fee. The interest rate and facility fee are subject to adjustment, on a sliding scale, based upon the Operating Partnership's unsecured debt ratings. |
(g) | 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, mark-to market adjustment of acquired debt and other transaction costs, as applicable. |
(h) | On March 28, 2012, the Company transferred the deed for 2200 Renaissance Boulevard to the lender in satisfaction of its obligations. |
(i) | On September 4, 2012, the Company repaid this mortgage loan at par, using borrowings under the Company’s unsecured revolving credit facility. |
(j) | The mortgage loan has two one-year extension options, subject to certain conditions and the payment of a fee. |
(k) | Mortgage is collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. |
(l) | Mortgage is collateralized by the three properties compromising One River Center. |
(m) | The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. |
(n) | The coupon interest rate will be reset at the end of year 10 (2019) and year 20 (2029) at 225 basis points over the 10-year treasury yield 45 days prior to the reset dates with a minimum rate of 6.875 percent. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
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 | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
Base rents | | $ | 146,424 | | | $ | 148,268 | | | $ | 443,709 | | | $ | 443,971 | |
Escalations and recoveries from tenants | | | 21,925 | | | | 21,323 | | | | 62,862 | | | | 72,251 | |
Construction services | | | 1,169 | | | | 2,359 | | | | 9,235 | | | | 8,984 | |
Real estate services | | | 1,285 | | | | 1,353 | | | | 3,606 | | | | 3,737 | |
Other income | | | 2,409 | | | | 2,134 | | | | 15,242 | | | | 9,875 | |
Total revenues | | | 173,212 | | | | 175,437 | | | | 534,654 | | | | 538,818 | |
| | | | | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | |
Real estate taxes | | | 22,258 | | | | 14,261 | | | | 70,061 | | | | 63,189 | |
Utilities | | | 17,859 | | | | 19,845 | | | | 48,405 | | | | 56,244 | |
Operating services | | | 27,643 | | | | 27,604 | | | | 82,092 | | | | 86,217 | |
Direct construction costs | | | 979 | | | | 2,290 | | | | 8,594 | | | | 8,656 | |
General and administrative | | | 12,638 | | | | 8,675 | | | | 35,343 | | | | 26,507 | |
Depreciation and amortization | | | 47,829 | | | | 48,082 | | | | 143,642 | | | | 143,635 | |
Total expenses | | | 129,206 | | | | 120,757 | | | | 388,137 | | | | 384,448 | |
Operating income | | | 44,006 | | | | 54,680 | | | | 146,517 | | | | 154,370 | |
| | | | | | | | | | | | | | | | |
Other (Expense) Income | | | | | | | | | | | | | | | | |
Interest expense | | | (30,510 | ) | | | (31,041 | ) | | | (92,784 | ) | | | (92,849 | ) |
Interest and other investment income | | | 7 | | | | 9 | | | | 27 | | | | 29 | |
Equity in earnings (loss) of unconsolidated joint ventures | | | 2,418 | | | | 539 | | | | 4,751 | | | | 1,174 | |
Loss from early extinguishment of debt | | | -- | | | | -- | | | | (4,415 | ) | | | -- | |
Total other (expense) income | | | (28,085 | ) | | | (30,493 | ) | | | (92,421 | ) | | | (91,646 | ) |
Income from continuing operations | | | 15,921 | | | | 24,187 | | | | 54,096 | | | | 62,724 | |
Discontinued Operations: | | | | | | | | | | | | | | | | |
Income (loss) from discontinued operations | | | 243 | | | | (104 | ) | | | 368 | | | | 225 | |
Realized gains (losses) and unrealized losses on disposition of rental property, net | | | 12 | | | | -- | | | | 2,390 | | | | -- | |
Total discontinued operations, net | | | 255 | | | | (104 | ) | | | 2,758 | | | | 225 | |
Net income | | | 16,176 | | | | 24,083 | | | | 56,854 | | | | 62,949 | |
Noncontrolling interest in consolidated joint ventures | | | 85 | | | | 96 | | | | 256 | | | | 308 | |
Noncontrolling interest in Operating Partnership | | | (1,949 | ) | | | (3,028 | ) | | | (6,624 | ) | | | (8,001 | ) |
Noncontrolling interest in discontinued operations | | | (31 | ) | | | 13 | | | | (337 | ) | | | (30 | ) |
Preferred stock dividends | | | -- | | | | (664 | ) | | | -- | | | | (1,664 | ) |
Net income available to common shareholders | | $ | 14,281 | | | $ | 20,500 | | | $ | 50,149 | | | $ | 53,562 | |
| | | | | | | | | | | | | | | | |
Basic earnings per common share: | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.16 | | | $ | 0.24 | | | $ | 0.54 | | | $ | 0.63 | |
Discontinued operations | | | -- | | | | -- | | | | 0.03 | | | | -- | |
Net income available to common shareholders | | $ | 0.16 | | | $ | 0.24 | | | $ | 0.57 | | | $ | 0.63 | |
| | | | | | | | | | | | | | | | |
Diluted earnings per common share: | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.16 | | | $ | 0.24 | | | $ | 0.54 | | | $ | 0.62 | |
Discontinued operations | | | -- | | | | -- | | | | 0.03 | | | | -- | |
Net income available to common shareholders | | $ | 0.16 | | | $ | 0.24 | | | $ | 0.57 | | | $ | 0.62 | |
| | | | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | | 87,826 | | | | 87,019 | | | | 87,814 | | | | 85,649 | |
| | | | | | | | | | | | | | | | |
Diluted weighted average shares outstanding | | | 100,075 | | | | 99,917 | | | | 100,071 | | | | 98,631 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts) (unaudited)
| | September 30, | | | December 31, | |
| | 2012 | | | 2011 | |
Assets | | | | | | |
Rental property | | | | | | |
Land and leasehold interests | | $ | 765,742 | | | $ | 773,026 | |
Buildings and improvements | | | 3,995,933 | | | | 4,001,943 | |
Tenant improvements | | | 483,955 | | | | 500,336 | |
Furniture, fixtures and equipment | | | 2,994 | | | | 4,465 | |
| | | 5,248,624 | | | | 5,279,770 | |
Less – accumulated depreciation and amortization | | | (1,455,420 | ) | | | (1,409,163 | ) |
| | | 3,793,204 | | | | 3,870,607 | |
Rental property held for sale, net | | | 18,404 | | | | -- | |
Net investment in rental property | | | 3,811,608 | | | | 3,870,607 | |
Cash and cash equivalents | | | 21,543 | | | | 20,496 | |
Investments in unconsolidated joint ventures | | | 65,559 | | | | 32,015 | |
Unbilled rents receivable, net | | | 136,689 | | | | 134,301 | |
Deferred charges and other assets, net | | | 206,434 | | | | 210,470 | |
Restricted cash | | | 19,717 | | | | 20,716 | |
Accounts receivable, net of allowance for doubtful accounts | | | | | | | | |
of $2,948 and $2,697 | | | 8,023 | | | | 7,154 | |
| | | | | | | | |
Total assets | | $ | 4,269,573 | | | $ | 4,295,759 | |
| | | | | | | | |
Liabilities and Equity | | | | | | | | |
Senior unsecured notes | | $ | 1,198,314 | | | $ | 1,119,267 | |
Revolving credit facility | | | 67,000 | | | | 55,500 | |
Mortgages, loans payable and other obligations | | | 704,940 | | | | 739,448 | |
Dividends and distributions payable | | | 45,000 | | | | 44,999 | |
Accounts payable, accrued expenses and other liabilities | | | 106,377 | | | | 100,480 | |
Rents received in advance and security deposits | | | 50,546 | | | | 53,019 | |
Accrued interest payable | | | 19,168 | | | | 29,046 | |
Total liabilities | | | 2,191,345 | | | | 2,141,759 | |
Commitments and contingencies | | | | | | | | |
| | | | | | | | |
Equity: | | | | | | | | |
Mack-Cali Realty Corporation stockholders’ equity: | | | | | | | | |
Common stock, $0.01 par value, 190,000,000 shares authorized, | | | | | | | | |
87,821,885 and 87,799,479 shares outstanding | | | 878 | | | | 878 | |
Additional paid-in capital | | | 2,538,729 | | | | 2,536,184 | |
Dividends in excess of net earnings | | | (715,903 | ) | | | (647,498 | ) |
Total Mack-Cali Realty Corporation stockholders’ equity | | | 1,823,704 | | | | 1,889,564 | |
| | | | | | | | |
Noncontrolling interest in subsidiaries: | | | | | | | | |
Operating Partnership | | | 252,869 | | | | 262,499 | |
Consolidated joint ventures | | | 1,655 | | | | 1,937 | |
Total noncontrolling interests in subsidiaries | | | 254,524 | | | | 264,436 | |
| | | | | | | | |
Total equity | | | 2,078,228 | | | | 2,154,000 | |
| | | | | | | | |
Total liabilities and equity | | $ | 4,269,573 | | | $ | 4,295,759 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Equity
(in thousands) (unaudited)
| | | | | |
| | | | | |
| | Additional | Dividends in | Noncontrolling | |
| Common Stock | Paid-In | Excess of | Interests | Total |
| Shares | Par Value | Capital | Net Earnings | in Subsidiaries | Equity |
Balance at January 1, 2012 | 87,800 | $878 | $2,536,184 | $(647,498) | $264,436 | $2,154,000 |
Net income | -- | -- | -- | 50,149 | 6,705 | 56,854 |
Common stock dividends | -- | -- | -- | (118,554) | -- | (118,554) |
Common unit distributions | -- | -- | -- | -- | (16,444) | (16,444) |
Decrease in noncontrolling interest | -- | -- | -- | -- | (26) | (26) |
Redemption of common units | | | | | | |
for common stock | 20 | -- | 429 | -- | (429) | -- |
Shares issued under Dividend | | | | | | |
Reinvestment and Stock | | | | | | |
Purchase Plan | 7 | -- | 186 | -- | -- | 186 |
Cancellation of shares | (5) | -- | (126) | -- | -- | (126) |
Stock compensation | -- | -- | 2,338 | -- | -- | 2,338 |
Rebalancing of ownership percentage | | | | | | |
between parent and subsidiaries | -- | -- | (282) | -- | 282 | -- |
Balance at September 30, 2012 | 87,822 | $878 | $2,538,729 | $(715,903) | $254,524 | $2,078,228 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Mack-Cali Realty Corporation and Subsidiaries
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
| | | | | | |
| | Three Months Ended September 30, | | | Nine Months Ended September 30, | |
| | 2012 | | | 2011 | | | 2012 | | | 2011 | |
Net income available to common shareholders | | $ | 14,281 | | | $ | 20,500 | | | $ | 50,149 | | | $ | 53,562 | |
Add: Noncontrolling interest in Operating Partnership | | | 1,949 | | | | 3,028 | | | | 6,624 | | | | 8,001 | |
Noncontrolling interest in discontinued operations | | | 31 | | | | (13 | ) | | | 337 | | | | 30 | |
Real estate-related depreciation and amortization on continuing operations (a) | | | 48,750 | | | | 49,018 | | | | 146,405 | | | | 146,508 | |
Real estate-related depreciation and amortization on discontinued operations | | | 13 | | | | 416 | | | | 441 | | | | 1,279 | |
Deduct: Discontinued operations – Realized (gains) losses and unrealized losses on disposition of rental property, net | | | (12 | ) | | | -- | | | | (2,390 | ) | | | -- | |
Funds from operations available to common shareholders (b) | | $ | 65,012 | | | $ | 72,949 | | | $ | 201,566 | | | $ | 209,380 | |
| | | | | | | | | | | | | | | | |
Diluted weighted average shares/units outstanding (c) | | | 100,075 | | | | 99,917 | | | | 100,071 | | | | 98,631 | |
| | | | | | | | | | | | | | | | |
Funds from operations per share/unit – diluted | | $ | 0.65 | | | $ | 0.73 | | | $ | 2.01 | | | $ | 2.12 | |
| | | | | | | | | | | | | | | | |
Dividends declared per common share | | $ | 0.45 | | | $ | 0.45 | | | $ | 1.35 | | | $ | 1.35 | |
| | | | | | | | | | | | | | | | |
Dividend payout ratio: | | | | | | | | | | | | | | | | |
Funds from operations-diluted | | | 69.27 | % | | | 61.64 | % | | | 67.02 | % | | | 63.59 | % |
| | | | | | | | | | | | | | | | |
Supplemental Information: | | | | | | | | | | | | | | | | |
Non-incremental revenue generating capital expenditures: | | | | | | | | | | | | | | | | |
Building improvements | | $ | 9,040 | | | $ | 6,847 | | | $ | 19,361 | | | $ | 15,105 | |
Tenant improvements and leasing commissions (d) | | $ | 15,107 | | | $ | 12,225 | | | $ | 36,202 | | | $ | 31,667 | |
Straight-line rent adjustments (e) | | $ | 1,733 | | | $ | 2,098 | | | $ | 4,913 | | | $ | 6,889 | |
Amortization of (above)/below market lease intangibles, net | | $ | 335 | | | $ | 393 | | | $ | 1,040 | | | $ | 950 | |
| |
(a) Includes the Company’s share from unconsolidated joint ventures of $974 and $1,047 for the three months ended September 30, 2012 and 2011, respectively, and $2,963 and $3,215 for the nine months ended September 30, 2012 and 2011, respectively. |
(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 12. |
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (12,177 and 12,799 shares for the three months ended September 30, 2012 and 2011, respectively, and 12,184 and 12,863 shares for the nine months ended September 30, 2012 and 2011, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 28. |
(d) Excludes expenditures for tenant spaces that have not been owned for at least a year or were vacant for more than a year. |
(e) Includes the Company’s share from unconsolidated joint ventures of $17 and $45 for the three months ended September 30, 2012 and 2011, respectively, and $50 and $154 for the nine months ended September 30, 2012 and 2011, respectively. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Mack-Cali Realty Corporation and Subsidiaries
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, |
|
| 2012 | 2011 | 2012 | 2011 |
Net income available to common shareholders | $0.16 | $0.24 | $0.57 | $0.62 |
Add: Real estate-related depreciation and amortization on continuing operations (a) | 0.49 | 0.49 | 1.46 | 1.49 |
Real estate-related depreciation and amortization on discontinued operations | -- | -- | -- | 0.01 |
Deduct: Realized (gains) losses and unrealized losses on disposition of rental property, net | -- | -- | (0.02) | -- |
Funds from operations available to common shareholders (b) | $0.65 | $0.73 | $2.01 | $2.12 |
Diluted weighted average shares/units outstanding (c) | 100,075 | 99,917 | 100,071 | 98,631 |
(a) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.01 for the three months ended September 30, 2012 and 2011, respectively, and $0.03 and $0.03 for the nine months ended September 30, 2012 and 2011, respectively. |
(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 12. |
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (12,177 and 12,799 shares for the three months ended September 30, 2012 and 2011, respectively, and 12,184 and 12,863 shares for the nine months ended September 30, 2012 and 2011, 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, 2012
Mack-Cali Realty Corporation and Subsidiaries
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 | Nine Months Ended |
| September 30, | September 30, |
| 2012 | 2011 | 2012 | 2011 |
Basic weighted average shares outstanding: | 87,826 | 87,019 | 87,814 | 85,649 |
Add: Weighted average common units | 12,177 | 12,799 | 12,184 | 12,864 |
Basic weighted average shares/units: | 100,003 | 99,818 | 99,998 | 98,513 |
Add: Stock options | -- | 15 | -- | 30 |
Restricted Stock Awards | 72 | 84 | 73 | 88 |
Diluted weighted average shares/units outstanding: | 100,075 | 99,917 | 100,071 | 98,631 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
IV. VALUE CREATION PIPELINE
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
IV. VALUE CREATION PIPELINE
Properties Commencing Initial Operations
(dollars in thousands)
For the nine months ended September 30, 2012
None.
For the year ended December 31, 2011
Date | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Investment by Company (a) |
5/01/11 | 55 Corporate Drive | Bridgewater, New Jersey | 1 | 204,057 | $48,070 |
Total Properties Commencing Initial Operations | 1 | 204,057 | $48,070 |
(a) | Amount is as of December 31, 2011. |
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 9/30/12 | Total Estimated Costs | Current % Leased |
Wholly Owned: | | | | | | | | |
14 Sylvan Way | Parsippany, NJ | Office | 2013-1Q | 1 | 203,000 | $30,735 | $53,504 | 100.0% |
Total | | | | 1 | 203,000 | $30,735 | $53,504 | 100.0% |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Rental Property Sales/Dispositions
(dollars in thousands)
For the nine months ended September 30, 2012
Date | Address | Location | # of Bldgs. | Rentable Square Feet | Realized Gains/(loss) |
Office: | | | | | |
3/28/12 | 2200 Renaissance Boulevard | King of Prussia, Pennsylvania | 1 | 174,124 | $ 4,511 |
7/25/12 | 95 Chestnut Ridge Road | Montvale, New Jersey | 1 | 47,700 | 12 |
Total Office Properties: | | 2 | 221,824 | $ 4,523 |
For the year ended December 31, 2011
None.
Rental Property Held For Sale
(dollars in thousands)
At September 30, 2012
Property/Address | Location | # of Bldgs. | Rentable Square Feet | Net Book Value at 9/30/12 |
Office: | | | | |
224 Strawbridge Drive | Moorestown, Burlington County, NJ (a) | 1 | 74,000 | $ 5,549 |
228 Strawbridge Drive | Moorestown, Burlington County, NJ (a) | 1 | 74,000 | 6,231 |
232 Strawbridge Drive | Moorestown, Burlington County, NJ (a) | 1 | 74,258 | 6,624 |
Total Office Properties | | 3 | 222,258 | $ 18,404 |
(a) | At June 30, 2012, the Company recognized a valuation allowance of $1.6 million on these properties. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Summary of Land Parcels
Site | Town/City | State | Acres | Development Potential (Sq. Ft.) | Type of Space |
Horizon Center | Hamilton Township | NJ | 5.3 | 68,000 | Office/Flex/Retail |
3 & 5 AAA Drive (a) | Hamilton Township | NJ | 17.5 | 112,000 | Office |
6 AAA Drive | Hamilton Township | NJ | 2.4 | 32,000 | Office |
2 South Gold Drive (b) | Hamilton Township | NJ | 9.5 | 75,000 | Office |
Plaza VIII and IX Associates, L.L.C. (c) | 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 (c) | Newark | NJ | 1.0 | 400,000 | Office |
Mack-Cali Business Campus | Parsippany & Hanover | NJ | 20.0 | 150,000 | Office/Retail |
3 Campus Drive | Parsippany | NJ | 10.0 | 124,000 | Office |
Mack-Cali 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 (c) | East Rutherford | NJ | 13.8 | 1,760,000 | Office |
Meadowlands Xanadu (c) | 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 |
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 | 42.8 | 595,000 | Office |
Eastpoint II | Lanham | MD | 4.8 | 122,000 | Office/Hotel |
Downtown Crossing (c) | Boston | MA | 1.5 | 1,481,000 | Mixed-Use |
Total: | | | 319.3 | 11,526,450 | |
(a) | This land parcel also includes an existing office building totaling 35,270 square feet. |
(b) | This land parcel also includes an existing office building totaling 33,962 square feet. |
(c) | Land owned or controlled by joint venture in which Mack-Cali is an equity partner. |
(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, 2012
Roseland Transaction
Overall Summary
(dollars in thousands)
As of September 30, 2012
Property Type | # of Properties | # of Apartment Units | Commercial Square Feet | # of Hotel Rooms | Garage Parking Spaces | Existing Debt Balance | Preferred Capital Balance | Allocated Purchase Price (a) |
| | | | | | | | |
Operating multi-family | 6 | 1,769 | -- | -- | -- | $475,435 | $ 197,404 | $ 32,586 |
| | | | | | | | |
Operating commercial | 4 | -- | 212,145 | -- | -- | 12,017 | 5,055 | 7,692 |
| | | | | | | | |
In-process development projects (b) | 13 | 2,149 | -- | -- | 1,591 | 45,419 | 112,739 | 29,692 |
| | | | | | | | |
Land parcels (b) | -- | 5,980 | 736,000 | 321 | -- | 74,559 | 75,083 | 38,187 |
| | | | | | | | |
Management companies | -- | -- | -- | -- | -- | -- | -- | 6,859 |
Total | 23 | 9,898 | 948,145 | 321 | 1,591 | $607,430 | $ 390,281 | $115,016 |
(a) | Represents initial consideration before any earn out consideration or purchase accounting adjustment. |
(b) | Number of apartment units, commercial square feet, hotel rooms and garage parking spaces are estimates. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Roseland Transaction
Summary of Operating Properties
(dollars in thousands)
As of September 30, 2012
Property | Location | Year Built | # of Properties | Percent Leased | # of Apartment Units | Square Feet (a) | Revenue Per Unit (b) | Existing Debt | | Preferred | Roseland Effective Ownership | Allocated Purchase Price (c) | | |
Balance | Maturity Date | Interest Rate | | Capital Balance | Return Rate | Investor | |
| | | | | | | | | | | | | | | | | | |
Operating Multi-family: | | | | | | | | | | | | | | | | | |
Marbella | Jersey City, NJ | 2003 | 1 | 98.80% | 412 | 369,607 | $2,522 | $95,000 | 5/01/18 | 4.990% | | $7,567 | 9.50% | Prudential | 24.27% | $17,052 | |
Monaco (North and South) | Jersey City, NJ | 2011 | 1 | 98.50% | 523 | 477,254 | 2,903 (i) | 165,000 | 2/01/21 | 4.190% | | 78,637 | 9.00% | Prudential | 15.00% | 5,073 | |
Metropolitan at 40 Park | Morristown, NJ | 2010 | 1 | 98.50% | 130 | 124,232 | 2,931 | 48,535 (d) (e) | 2/08/13 | L+275 | | 14,619 | 9.00% | Prudential | 12.50% | 7,137 | (f) |
Highlands at Morristown Station | Morristown, NJ | 2009 | 1 | 95.40% | 217 | 185,733 | 2,364 | 40,000 | 7/01/15 | 4.000% | | 30,447 | 8.00% (g) | Prudential | 25.00% | 2,185 | |
Riversedge at Port Imperial | Weehawken, NJ | 2009 | 1 | 99.20% | 236 | 214,402 | 2,933 | 57,000 | 6/30/13 | L+235 | | 37,002 | 9.00% | Prudential | 40.00% | 1,139 | |
Quarrystone | Malden, MA | 2008 | 1 | 96.80% | 251 | 278,657 | 1,886 | 69,900 | 11/14/12 | L+325 | | 29,132 | 15.95% | Lennar | 25.00% | - | |
Total operating multi-family | | | 6 | | 1,769 | 1,649,885 | | $475,435 | | | | $197,404 | | | | $32,586 | |
| | | | | | | | | | | | | | | | | |
Operating Commercial: | | | | | | | | | | | | | | | | | |
Shops at 40 Park | Morristown, NJ | 2010 | 1 | 39.00% | | 50,771 | | (d) (e) | | | | | | | 12.50% | | (f) |
Condos at 40 Park (for sale) | Morristown, NJ | 2010 | - | 4 Condos | | - | | (e) | | | | | | | 25.00% | | (f) |
Riverwalk at Port Imperial | West New York, NJ | 2006 | 1 | 58.00% | | 35,829 | | | | | | $5,055 | 9.00% | | 20.00% | $2,241 | |
Offices at Crystal Lake | West Orange, NJ | 2001 | 1 | 100.00% | | 106,345 | | 8,055 | 11/01/23 | 4.760% | | | | | 31.25% | 2,478 | |
233 Canoe Brook (h) | Short Hills, NJ | 1961 | 1 | 100.00% | | 19,200 | | 3,962 | 2/01/19 | 4.375% | | | | | 100.00% | 2,973 | |
Total operating commercial | | | 4 | | | 212,145 | | $12,017 | | | | $5,055 | | | | $7,692 | |
| | | | | | | | | | | | | | | | | |
Total | | | 10 | | 1,769 | 1,862,030 | | $487,452 | | | | $202,459 | | | | $40,278 | |
(a) | Certain multi-family properties have small retail components which are excluded from square feet. |
(b) | Total apartment revenue for the twelve months ended September 30, 2012 divided by the average percent leased for the twelve months ended September 30, 2012, divided by the number of units and divided by 12. |
(c) | Represents initial consideration before any earn out consideration or purchase accounting adjustments. |
(d) | Existing debt balance of $48.5 million is secured by both of these properties. |
(e) | There is a partner note associated with the land acquisition. As of September 30, 2012, the balance was $3.9 million, accrues interest at 8.0 percent and is priority to member distributions. |
(f) | Allocated purchase price of $7.1 million is attributed to four projects (including one in-process development). |
(g) | Rate increases to 9.0 percent on December 24, 2012. |
(h) | This property is 100 percent occupied by Roseland as its headquarters. |
(i) | Property was in lease up during the twelve months ended September 30, 2012. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Roseland Transaction
Summary of In-Process Development Projects
(dollars in thousands)
As of September 30, 2012
Property | Location | # of Properties | # of Apartment Units (a) | Square Feet (a) | Garage Parking Spaces (a) | Estimated Start Date | Estimated Completion Date | Existing Debt | | Preferred | Roseland Effective Ownership | Allocated Purchase Price (b) | |
Balance | Maturity Date | Interest Rate | | Capital Balance | Return Rate | Investor |
| | | | | | | | | | | | | | | | | |
In-Process Multi-family: | | | | | | | | | | | | | | | | | |
Rivertrace at Port Imperial | West New York, NJ | 1 | 316 | 294,532 | | Started | 4Q-14 | $11,761 | 7/15/21 | 6.000% | | $37,996 | 7.75% | UBS | 25.00% | $3,028 | |
Lincoln Harbor | Weehawken, NJ | 1 | 356 | 327,738 | | Started | 2Q-15 | | | | | 46,560 | 8.50% | Hartz | 7.50% | 710 | |
Port Imperial Building 13 | Weehawken, NJ | 1 | 280 | 256,860 | | 4Q-12 | 3Q-15 | | | | | 24,578 (c) | 9.00% | Prudential | 16.00% | 1,639 | |
Marbella II | Jersey City, NJ | 1 | 311 | 277,827 | | 4Q-12 | 3Q-15 | | | | | 2,795 | 9.00% | Prudential | 24.27% | 5,672 | |
Lofts at 40 Park | Morristown, NJ | 1 | 91 | 79,835 | | 1Q-13 | 4Q-14 | | | | | | | | 25.00% | - | (d) |
Riverpark at Harrison I | Harrison, NJ | 1 | 141 | 121,680 | | 4Q-12 | 4Q-14 | 1,117 | 9/30/13 | L+300 | | | | | 36.00% | 2,580 | |
Glenmark at Tuckahoe | Eastchester, NJ | 1 | 108 | 106,091 | | 4Q-12 | 4Q-14 | | | | | | | | 26.25% | 2,134 | |
Portside at Pier One – Bldg 7 | East Boston, MA | 1 | 176 | 158,919 | | 4Q-12 | 3Q-14 | | | | | 465 | 9.00% | Prudential | 38.25% | 2,576 | |
Overlook Ridge – 2C & 3B | Malden/Revere, MA | 1 | 370 | 340,721 | | 4Q-12 | 1Q-16 | | | | | 345 (e) | (f) | UBS | 25.00% | - | |
Total in process multi-family: | | 9 | 2,149 | 1,964,203 | | | | $12,878 | | | | $112,739 | | | | $18,339 | |
| | | | | | | | | | | | | | | | | |
In-Process Commercial: | | | | | | | | | | | | | | | | | |
Port Imperial 4/5 Garage/Retail | Weehawken, NJ | 2 | | 17,795 (g) | 850 | Started | 4Q-12 | $32,541 | 9/30/13 | L+350 | | | | | (h) | 8,660 | |
Port Imperial 1/3 Garage/Retail | Weehawken, NJ | 2 | | 17,614 (g) | 741 | 2Q-13 | 3Q-14 | | | | | | | | 33.00% | 2,693 | |
Total in-process commercial: | | 4 | | 35,409 | 1,591 | | | $32,541 | | | | | | | | $11,353 | |
| | | | | | | | | | | | | | | | | |
Total | | 13 | 2,149 | 1,999,612 | 1,591 | | | $45,419 | | | | $112,739 | | | | $29,692 | |
(a) | Number of apartment units, square feet and garage parking spaces are estimates. |
(b) | Represents initial consideration before any earn out consideration or purchase accounting adjustments. |
(c) | Roseland has $651,290 of preferred capital which is pari passu with a portion of the preferred investor’s capital. |
(d) | Allocated purchase price of $7.1 million is attributed to four projects (including three operating properties). |
(e) | Roseland has $345,128 of preferred capital which is pari passu with a portion of the preferred investor’s capital. |
(f) | UBS has 6.5 percent preference on operating cash flow and a 9.0 percent IRR on a capital event. |
(g) | Retail square feet only. |
(h) | Roseland effective ownership is 34.1 percent for the garage and 43.75 percent for the retail. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Roseland Transaction
Summary of Land Parcels
(dollars in thousands)
As of September 30, 2012
Site | Location | # of Apartment Units (a) | Square Feet (a) | # of Hotel Rooms (a) | Existing Debt | | Preferred | Roseland Effective Ownership | Allocated Purchase Price (b) | |
Balance | Maturity Date | Interest Rate | | Capital Balance | | Return Rate | Investor | |
| | | | | | | | | | | | | | | |
Port Imperial North | West New York, NJ | 836 | | | | | | | $55,206 | (c) | | Prudential | 20.00% | $1,678 | |
Riverwalk C | West New York, NJ | 363 | | | | | | | 19,877 | | 10.00% | Prudential | 20.00% | 856 | |
Lincoln Harbor II | Weehawken, NJ | 228 | | | | | | | | | | | 7.50% | 218 | |
Port Imperial South | Weehawken, NJ | 1,148 | 416,000 | 321 | $41,951 | 3/23/13 | L+275 | | (d) | | | Romulus | 50.00% | 30,016 |
Hillsborough 206 | Hillsborough, NJ | | 160,000 | | | | | | | | | | 50.00% | 1,962 | |
San Remo | Jersey City, NJ | 300 | | | | | | | | | | | 41.67% | 1,151 | |
Liberty Landing | Jersey City, NJ | 1,000 | | | 600 | 7/15/13 | 4.000% | | | | | | 50.00% | | |
Morris Township | Morris Township, NJ | 80 | | | | | | | | | | | Land Option | | |
Freehold | Freehold, NJ | 360 | | | | | | | | | | | Land Option | | |
Riverpark at Harrison 5-8 | Harrison, NJ | 141 | | | | | | | | | | | Land Option | | |
Overlook Ridge | Malden/Revere, MA | 896 | 160,000 | | 26,637 | 3/02/14 | L+350 | | (e) | | | Rowe | 50.00% | |
LR Overlook Phase III | Malden, MA | 240 | | | 5,371 | 12/14/12 | L+400 | | | | | | 50.00% | | |
Portside at Pier One 1-6 | East Boston, MA | 388 | | | | | | | | | | | 85.00% | 2,306 | |
| | | | | | | | | | | | | | | |
Total | | 5,980 | 736,000 | 321 | $74,559 | | | | $75,083 | | | | | $38,187 | |
(a) | Number of apartment units, square feet and hotel rooms are estimates. |
(b) | Represents initial consideration before any earn out consideration or purchase accounting adjustments. |
(c) | Roseland has $5,888,311 of preferred capital which is pari passu with a portion of the preferred investor’s capital. |
(d) | Represents non-interest bearing priority land capital account. Each developed asset type has a distinct Tier I (100 percent Romulus) and Tier II (75 percent Romulus / 25 percent Roseland) structure prior to the 50/50 ownership split and is currently estimated that Tier I payments total $17.6 million and Tier II payments total $44.6 million, ($33.4 million to Romulus and $11.2 million to Roseland). |
(e) | These parcels have priority land capital accounts allocated approximately 97 percent to Rowe and 3 percent to Roseland. The priority calculation is $20,000 per apartment and $20 per commercial square feet and is currently estimated to be $21.1 million. Upon a parcel being transferred to a venture, the priority payment accrues at 8.0 percent. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
V. PORTFOLIO/ LEASING STATISTICS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
V. PORTFOLIO/ LEASING STATISTICS
Leasing Statistics
(For the three months ended September 30, 2012)
Consolidated In-Service Portfolio
SUMMARY OF SPACE LEASED
| | | LEASING ACTIVITY | | | |
Market | Sq. Ft. Leased 6/30/12 | Leased Sq. Ft. Acquired/Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/12 (c) | Pct. Leased 9/30/12 | Pct. Leased 6/30/12 |
| | | | | | | | |
Northern NJ | 12,560,743 | - | (354,961) | 243,146 | (111,815) | 12,448,928 | 86.1% | 86.6% |
Central NJ | 5,105,124 | - | (54,489) | 142,924 | 88,435 | 5,193,559 | 90.0% | 88.4% |
Westchester Co., NY | 4,379,887 | - | (328,010) | 286,741 | (41,269) | 4,338,618 | 90.6% | 91.5% |
Manhattan | 500,961 | - | - | - | - | 500,961 | 95.5% | 95.5% |
Sub. Philadelphia | 2,943,214 | - | (155,025) | 144,516 | (10,509) | 2,932,705 | 87.4% | 87.7% |
Fairfield, CT | 513,830 | - | (79,131) | 74,948 | (4,183) | 509,647 | 85.3% | 86.0% |
Washington, DC/MD | 1,009,344 | - | (29,795) | 24,231 | (5,564) | 1,003,780 | 77.6% | 78.1% |
Rockland Co., NY | 152,983 | - | (1,057) | 16,484 | 15,427 | 168,410 | 93.6% | 85.0% |
Totals | 27,166,086 | - | (1,002,468) | 932,990 | (69,478) | 27,096,608 | 87.5% | 87.6% |
| | | | | | | | |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
| |
Total sq. ft. as of June 30, 2012 | 31,024,712 |
Total sq. ft. of properties added/sold this period | (47,700) |
Total sq. ft. as of September 30, 2012 | 30,977,012 |
| |
(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, 2012 aggregating 113,335 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Leasing Statistics
(For the three months ended September 30, 2012)
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 | 29 | 243,146 | 179,368 | 63,778 | 7.4 | 24.94 | 4.44 | |
Central NJ | Office | 26 | 132,468 | 88,156 | 44,312 | 7.3 | 17.99 | 4.46 | |
| Office/Flex | 2 | 10,456 | 1,560 | 8,896 | 5.2 | 20.97 | 2.35 | |
Westchester Co., NY | Office | 14 | 37,755 | 25,710 | 12,045 | 6.3 | 19.26 | 3.45 | |
| Office/Flex | 13 | 171,783 | 23,083 | 148,700 | 4.8 | 16.74 | 0.78 | |
| Industrial/Warehouse | 1 | 77,203 | - | 77,203 | 5.0 | 6.76 | 0.20 | |
Sub. Philadelphia | Office | 9 | 48,931 | 15,185 | 33,746 | 5.4 | 20.03 | 3.95 | |
| Office/Flex | 7 | 95,585 | 18,435 | 77,150 | 4.8 | 8.59 | 1.17 | |
Fairfield Co., CT | Office | 4 | 8,948 | 1,355 | 7,593 | 2.5 | 20.93 | 2.37 | |
| Office/Flex | 1 | 66,000 | - | 66,000 | 3.0 | 13.77 | 0.20 | |
Washington, DC/MD | Office | 13 | 24,231 | 3,841 | 20,390 | 3.5 | 23.68 | 3.05 | |
Rockland Co., NY | Office | 2 | 16,484 | 16,484 | - | 9.8 | 13.59 | 4.10 | |
| | | | | | | | | |
Totals | | 121 | 932,990 | 373,177 | 559,813 | 5.9 | 17.67 | 3.03 | |
| | | | | | | | | |
Detail by Property Type | | | | | | | | | |
| Office | 97 | 511,963 | 330,099 | 181,864 | 6.9 | 21.75 | 4.28 | |
| Office/Flex | 23 | 343,824 | 43,078 | 300,746 | 4.5 | 14.03 | 0.88 | |
| Industrial/Warehouse | 1 | 77,203 | - | 77,203 | 5.0 | 6.76 | 0.20 | |
| | | | | | | | | |
Totals | | 121 | 932,990 | 373,177 | 559,813 | 5.9 | 17.67 | 3.03 | |
| | | | | | | | | |
Tenant Retention: | Leases Retained | 59.1% | | | | | | | |
| Sq. Ft. Retained | 55.8% | | | | | | | |
| |
(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 $12,727,696 and commissions of $3,802,740 committed, but not necessarily expended, during the period for second generation space aggregating 932,348 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Leasing Statistics
(For the three months ended September 30, 2012)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED
| | | LEASING ACTIVITY | | | |
Market | Sq. Ft. Leased 6/30/12 | Leased Sq. Ft. Acquired/ Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/12 | Pct. Leased 9/30/12 | Pct. Leased 6/30/12 |
| | | | | | | | |
Northern NJ | 726,746 | - | (7,447) | - | (7,447) | 719,299 | 80.2% | 81.1% |
Central NJ | 242,669 | - | (3,297) | 7,759 | 4,462 | 247,131 | 77.4% | 76.0% |
| | | | | | | | |
Totals | 969,415 | - | (10,744) | 7,759 | (2,985) | 966,430 | 79.5% | 79.7% |
| | | | | | | | |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
| |
Total sq. ft. as of June 30, 2012 | 1,215,575 |
Total sq. ft. of properties added/sold this period | - |
Total sq. ft. as of September 30, 2012 | 1,215,575 |
| |
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 | - | - | - | - | - | - | - |
Central NJ | 2 | 7,759 | 1,465 | 6,294 | 2.8 | 19.70 | 3.20 |
| | | | | | | |
Totals | 2 | 7,759 | 1,465 | 6,294 | 2.8 | 19.70 | 3.20 |
| | | | | | | |
(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 $37,285 and commissions of $31,252 committed, but not necessarily expended, during the period for second generation space aggregating 7,759 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Leasing Statistics
(For the nine months ended September 30, 2012)
Consolidated In-Service Portfolio
SUMMARY OF SPACE LEASED
| | | LEASING ACTIVITY | | | |
Market | Sq. Ft. Leased 12/31/11 | Leased Sq. Ft. Acquired/Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/12 (c) | Pct. Leased 9/30/12 | Pct. Leased 12/31/11 |
| | | | | | | | |
Northern NJ | 12,771,180 | - | (1,327,439) | 1,005,187 | (322,252) | 12,448,928 | 86.1% | 88.0% |
Central NJ | 5,166,040 | - | (426,201) | 453,720 | 27,519 | 5,193,559 | 90.0% | 89.5% |
Westchester Co., NY | 4,397,432 | - | (809,808) | 750,994 | (58,814) | 4,338,618 | 90.6% | 91.8% |
Manhattan | 500,961 | - | - | - | - | 500,961 | 95.5% | 95.5% |
Sub. Philadelphia | 3,068,115 | (77,106) | (561,285) | 502,981 | (58,304) | 2,932,705 | 87.4% | 86.9% |
Fairfield, CT | 507,737 | - | (102,760) | 104,670 | 1,910 | 509,647 | 85.3% | 84.9% |
Washington, DC/MD | 984,751 | - | (109,387) | 128,416 | 19,029 | 1,003,780 | 77.6% | 76.2% |
Rockland Co., NY | 155,967 | - | (11,643) | 24,086 | 12,443 | 168,410 | 93.6% | 86.6% |
Totals | 27,552,183 | (77,106) | (3,348,523) | 2,970,054 | (378,469) | 27,096,608 | 87.5% | 88.3% |
| | | | | | | | |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
| |
Total sq. ft. as of December 31, 2011 | 31,198,836 |
Total sq. ft. of properties added/sold this period | (221,824) |
Total sq. ft. as of September 30, 2012 | 30,977,012 |
| |
(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, 2012 aggregating 113,335 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Leasing Statistics
(For the nine months ended September 30, 2012)
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 | 110 | 997,587 | 490,700 | 506,887 | 7.6 | 27.08 | 4.19 | |
| Office/Flex | 1 | 7,600 | - | 7,600 | 3.3 | 14.30 | 1.60 | |
Central NJ | Office | 72 | 360,419 | 162,701 | 197,718 | 5.7 | 22.13 | 3.98 | |
| Office/Flex | 9 | 93,301 | 4,289 | 89,012 | 3.3 | 16.87 | 0.98 | |
Westchester Co., NY | Office | 56 | 211,782 | 47,271 | 164,511 | 5.5 | 24.69 | 3.11 | |
| Office/Flex | 50 | 462,009 | 104,631 | 357,378 | 5.0 | 16.93 | 1.76 | |
| Industrial/Warehouse | 1 | 77,203 | - | 77,203 | 5.0 | 6.76 | 0.20 | |
Sub. Philadelphia | Office | 45 | 239,511 | 61,550 | 177,961 | 3.6 | 23.44 | 3.51 | |
| Office/Flex | 22 | 263,470 | 49,655 | 213,815 | 4.0 | 9.83 | 1.18 | |
Fairfield Co., CT | Office | 11 | 38,670 | 26,157 | 12,513 | 3.6 | 19.54 | 3.13 | |
| Office/Flex | 1 | 66,000 | - | 66,000 | 3.0 | 13.77 | 0.20 | |
Washington, DC/MD | Office | 41 | 128,416 | 38,348 | 90,068 | 4.5 | 27.59 | 4.22 | |
Rockland Co., NY | Office | 7 | 24,086 | 17,318 | 6,768 | 7.4 | 16.35 | 3.75 | |
| | | | | | | | | |
Totals | | 426 | 2,970,054 | 1,002,620 | 1,967,434 | 5.7 | 21.57 | 3.32 | |
| | | | | | | | | |
Detail by Property Type | | | | | | | | | |
| Office | 342 | 2,000,471 | 844,045 | 1,156,426 | 6.3 | 25.26 | 3.99 | |
| Office/Flex | 83 | 892,380 | 158,575 | 733,805 | 4.3 | 14.57 | 1.46 | |
| Industrial/Warehouse | 1 | 77,203 | - | 77,203 | 5.0 | 6.76 | 0.20 | |
| | | | | | | | | |
Totals | | 426 | 2,970,054 | 1,002,620 | 1,967,434 | 5.7 | 21.57 | 3.32 | |
| | | | | | | | | |
Tenant Retention: | Leases Retained | 66.4% | | | | | | | |
| Sq. Ft. Retained | 58.8% | | | | | | | |
| |
(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 $38,986,157 and commissions of $16,598,194 committed, but not necessarily expended, during the period for second generation space aggregating 2,958,171 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Leasing Statistics
(For the nine months ended September 30, 2012)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED
| | | LEASING ACTIVITY | | | |
Market | Sq. Ft. Leased 12/31/11 | Leased Sq. Ft. Acquired/ Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/12 | Pct. Leased 9/30/12 | Pct. Leased 12/31/11 |
| | | | | | | | |
Northern NJ | 729,722 | - | (77,096) | 66,673 | (10,423) | 719,299 | 80.2% | 81.4% |
Central NJ | 246,978 | - | (10,396) | 10,549 | 153 | 247,131 | 77.4% | 77.4% |
| | | | | | | | |
Totals | 976,700 | - | (87,492) | 77,222 | (10,270) | 966,430 | 79.5% | 80.3% |
| | | | | | | | |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
| |
Total sq. ft. as of December 31, 2011 | 1,215,575 |
Total sq. ft. of properties added/sold this period | - |
Total sq. ft. as of September 30, 2012 | 1,215,575 |
| |
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 | 3 | 66,673 | 6,094 | 60,579 | 8.4 | 25.85 | 2.69 |
Central NJ | 4 | 10,549 | 1,465 | 9,084 | 3.0 | 19.78 | 3.22 |
| | | | | | | |
Totals | 7 | 77,222 | 7,559 | 69,663 | 7.6 | 25.02 | 2.72 |
| | | | | | | |
(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 $728,331 and commissions of $871,339 committed, but not necessarily expended, during the period for second generation space aggregating 77,222 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Market Diversification
The following table lists the Company’s markets (MSAs), based on annualized contractual base rent of the Consolidated Properties:
Market (MSA) | Annualized Base Rental Revenue ($) (a) (b) (c) | Percentage of Company Annualized Base Rental Revenue (%) | Total Property Size Rentable Area (b) (c) | Percentage of Rentable Area (%) |
Newark, NJ (Essex-Morris-Union Counties) | 136,114,737 | 22.2 | 6,495,715 | 21.1 |
Jersey City, NJ | 115,289,693 | 18.9 | 4,317,978 | 13.9 |
Westchester-Rockland, NY | 89,293,479 | 14.6 | 4,968,420 | 16.0 |
Bergen-Passaic, NJ | 78,383,306 | 12.8 | 4,525,854 | 14.6 |
Philadelphia, PA-NJ | 51,284,904 | 8.4 | 3,355,870 | 10.8 |
Middlesex-Somerset-Hunterdon, NJ | 43,846,854 | 7.2 | 2,320,685 | 7.5 |
Washington, DC-MD-VA-WV | 28,434,796 | 4.7 | 1,292,807 | 4.2 |
Monmouth-Ocean, NJ | 25,118,189 | 4.1 | 1,620,863 | 5.2 |
Trenton, NJ | 18,885,479 | 3.1 | 956,597 | 3.1 |
New York (Manhattan) | 14,570,606 | 2.4 | 524,476 | 1.7 |
Stamford-Norwalk, CT | 9,882,598 | 1.6 | 597,747 | 1.9 |
| | | | |
Totals | 611,104,641 | 100.0 | 30,977,012 | 100.0 |
| | | | |
(a) | Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 1, 2012, 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, 2012 aggregating 113,335 square feet and representing annualized rent of $2,659,320 for which no new leases were signed. |
(c) | Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Industry Diversification
The following table lists the Company’s 30 largest industry classifications based on annualized contractual base rent of the Consolidated Properties:
Industry Classification (a) | Annualized Base Rental Revenue ($) (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 | 86,437,980 | 14.2 | 3,149,150 | 11.9 |
Insurance Carriers & Related Activities | 62,020,786 | 10.2 | 2,416,976 | 9.2 |
Manufacturing | 52,823,337 | 8.7 | 2,609,470 | 9.8 |
Telecommunications | 37,982,125 | 6.2 | 1,988,932 | 7.5 |
Legal Services | 36,684,820 | 6.0 | 1,394,325 | 5.2 |
Credit Intermediation & Related Activities | 32,138,727 | 5.3 | 1,123,016 | 4.2 |
Health Care & Social Assistance | 31,977,376 | 5.2 | 1,515,868 | 5.7 |
Computer System Design Svcs. | 26,388,510 | 4.3 | 1,274,429 | 4.8 |
Accounting/Tax Prep. | 22,519,358 | 3.7 | 862,084 | 3.2 |
Wholesale Trade | 19,440,155 | 3.2 | 1,339,786 | 5.0 |
Scientific Research/Development | 19,400,805 | 3.2 | 644,237 | 2.4 |
Architectural/Engineering | 16,908,605 | 2.8 | 729,062 | 2.7 |
Admin & Support, Waste Mgt. & Remediation Svcs. | 16,271,784 | 2.7 | 764,013 | 2.9 |
Public Administration | 15,619,830 | 2.6 | 605,361 | 2.3 |
Management/Scientific | 13,871,759 | 2.3 | 561,637 | 2.1 |
Real Estate & Rental & Leasing | 12,347,919 | 2.0 | 645,635 | 2.4 |
Arts, Entertainment & Recreation | 12,062,952 | 2.0 | 717,680 | 2.7 |
Accommodation & Food Services | 11,885,319 | 1.9 | 503,934 | 1.9 |
Other Services (except Public Administration) | 11,608,590 | 1.9 | 473,807 | 1.8 |
Advertising/Related Services | 9,020,003 | 1.5 | 344,507 | 1.3 |
Other Professional | 8,093,260 | 1.3 | 361,353 | 1.4 |
Retail Trade | 7,494,797 | 1.2 | 442,574 | 1.7 |
Construction | 6,246,483 | 1.0 | 320,550 | 1.2 |
Data Processing Services | 6,174,989 | 1.0 | 240,815 | 0.9 |
Information Services | 5,723,008 | 0.9 | 231,470 | 0.9 |
Transportation | 5,637,358 | 0.9 | 298,036 | 1.1 |
Broadcasting | 5,084,892 | 0.8 | 185,449 | 0.7 |
Utilities | 4,511,068 | 0.7 | 184,709 | 0.7 |
Educational Services | 3,917,714 | 0.6 | 195,910 | 0.7 |
Publishing Industries | 2,908,724 | 0.5 | 149,760 | 0.6 |
Other | 7,901,608 | 1.2 | 323,585 | 1.1 |
| | | | |
Totals | 611,104,641 | 100.0 | 26,598,120 | 100.0 |
(a) | The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS). |
(b) | Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 1, 2012, 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, 2012 aggregating 113,335 square feet and representing annualized rent of $2,659,320 for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Consolidated Portfolio Analysis (a)
(as of September 30, 2012)
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 | 111 | 41.6% | 49 | 18.4% | -- | -- | -- | -- | -- | -- | 160 | 60.0% |
New York | 21 | 7.9% | 41 | 15.4% | 6 | 2.2% | 2 | 0.7 % | 2 | 0.7% | 72 | 26.9% |
Pennsylvania | 17 | 6.4% | -- | -- | -- | -- | -- | -- | -- | -- | 17 | 6.4% |
Connecticut | 2 | 0.7% | 5 | 1.9% | -- | -- | -- | -- | -- | -- | 7 | 2.6% |
Wash., D.C./ Maryland | 10 | 3.7% | -- | -- | -- | -- | -- | -- | 1 | 0.4% | 11 | 4.1% |
TOTALS By Type: | 161 | 60.3% | 95 | 35.7% | 6 | 2.2% | 2 | 0.7% | 3 | 1.1% | 267 | 100.0% |
(a) | Excludes 9 properties, aggregating approximately 1.2 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, 2012
Consolidated Portfolio Analysis (a)
(as of September 30, 2012)
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 | 19,552,417 | 63.1% | 2,189,531 | 7.0% | -- | -- | -- | -- | 21,741,948 | 70.1% |
New York | 2,739,384 | 8.8% | 2,348,812 | 7.6% | 387,400 | 1.3% | 17,300 | 0.1% | 5,492,896 | 17.8% |
Pennsylvania | 1,851,614 | 6.0% | -- | -- | -- | -- | -- | -- | 1,851,614 | 6.0% |
Connecticut | 324,747 | 1.0% | 273,000 | 0.9% | -- | -- | -- | -- | 597,747 | 1.9% |
Wash., D.C./ Maryland | 1,292,807 | 4.2% | -- | -- | -- | -- | -- | -- | 1,292,807 | 4.2% |
TOTALS By Type: | 25,760,969 | 83.1% | 4,811,343 | 15.5% | 387,400 | 1.3% | 17,300 | 0.1% | 30,977,012 | 100.0% |
(a)Excludes 9 properties, aggregating approximately 1.2 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, 2012
Consolidated Portfolio Analysis (a)
(Year ended September 30, 2012)
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 | $403,600 | 67.6% | $17,417 | 2.9% | -- | -- | -- | -- | -- | -- | $421,017 | 70.5% |
New York | 61,965 | 10.4% | 34,231 | 5.7% | $4,474 | 0.8% | $484 | 0.1% | $333 | 0.1% | 101,487 | 17.1% |
Pennsylvania | 38,197 | 6.4% | -- | -- | -- | -- | -- | -- | -- | -- | 38,197 | 6.4% |
Connecticut | 5,500 | 0.9% | 4,346 | 0.7% | -- | -- | -- | -- | -- | -- | 9,846 | 1.6% |
Wash., D.C./ Maryland | 26,455 | 4.4% | -- | -- | -- | -- | -- | -- | 153 | -- | 26,608 | 4.4% |
TOTALS By Type: | $535,717 | 89.7% | $55,994 | 9.3% | $4,474 | 0.8% | $484 | 0.1% | $486 | 0.1% | $597,155 | 100.0% |
(a) | Excludes 9 properties, aggregating approximately 1.2 million square feet, which are not consolidated by the Company. |
(b) | Total base rent for the 12 months ended September 30, 2012, 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, 2012
Consolidated Portfolio Analysis (a) (b)
(as of September 30, 2012)
Breakdown by Percentage Leased
PROPERTY TYPE:
STATE | Office | Office/Flex | Industrial/Warehouse | Stand-Alone Retail | WEIGHTED AVG. By State |
New Jersey | 87.1% | 87.2% | -- | -- | 87.1% |
New York | 87.4% | 94.4% | 97.8% | 100.0% | 91.2% |
Pennsylvania | 87.9% | -- | -- | -- | 87.9% |
Connecticut | 72.9% | 100.0% | -- | -- | 85.3% |
Washington, D.C./ Maryland | 77.6% | -- | -- | -- | 77.6% |
WEIGHTED AVG. By Type: | 86.6% | 91.5% | 97.8% | 100.0% | 87.5% |
(a) | Excludes 9 properties, aggregating approximately 1.2 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, 2012 aggregating 113,335 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office Properties |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
BERGEN COUNTY, NEW JERSEY | | | | | | |
Fair Lawn | | | | | | |
17-17 Route 208 North | 1987 | 143,000 | 97.3 | 2,885 | 0.48 | 20.73 |
Fort Lee | | | | | | |
One Bridge Plaza | 1981 | 200,000 | 92.5 | 4,688 | 0.79 | 25.34 |
2115 Linwood Avenue | 1981 | 68,000 | 74.2 | 868 | 0.15 | 17.20 |
Little Ferry | | | | | | |
200 Riser Road | 1974 | 286,628 | 100.0 | 2,321 | 0.39 | 8.10 |
Lyndhurst | | | | | | |
210 Clay Avenue | 1981 | 121,203 | 90.9 | 2,470 | 0.41 | 22.42 |
Montvale | | | | | | |
135 Chestnut Ridge Road | 1981 | 66,150 | 76.4 | 815 | 0.14 | 16.13 |
Paramus | | | | | | |
15 East Midland Avenue | 1988 | 259,823 | 80.5 | 4,326 | 0.72 | 20.68 |
140 East Ridgewood Avenue | 1981 | 239,680 | 91.9 | 4,833 | 0.81 | 21.94 |
461 From Road | 1988 | 253,554 | 40.8 | 3,302 | 0.55 | 31.92 |
650 From Road | 1978 | 348,510 | 70.7 | 6,087 | 1.02 | 24.70 |
61 South Paramus Road (e) | 1985 | 269,191 | 60.8 | 4,479 | 0.75 | 27.37 |
Rochelle Park | | | | | | |
120 West Passaic Street | 1972 | 52,000 | 99.6 | 1,474 | 0.25 | 28.46 |
365 West Passaic Street | 1976 | 212,578 | 85.3 | 3,930 | 0.66 | 21.67 |
395 West Passaic Street | 1979 | 100,589 | 65.3 | 1,041 | 0.17 | 15.85 |
Upper Saddle River | | | | | | |
1 Lake Street | 1973/94 | 474,801 | 100.0 | 7,465 | 1.25 | 15.72 |
10 Mountainview Road | 1986 | 192,000 | 82.4 | 3,157 | 0.53 | 19.95 |
Woodcliff Lake | | | | | | |
400 Chestnut Ridge Road | 1982 | 89,200 | 100.0 | 1,951 | 0.33 | 21.87 |
470 Chestnut Ridge Road | 1987 | 52,500 | 100.0 | 1,248 | 0.21 | 23.77 |
530 Chestnut Ridge Road | 1986 | 57,204 | 80.2 | 757 | 0.13 | 16.50 |
50 Tice Boulevard | 1984 | 235,000 | 85.9 | 5,462 | 0.91 | 27.06 |
300 Tice Boulevard | 1991 | 230,000 | 100.0 | 6,005 | 1.01 | 26.11 |
| | | | | | |
BURLINGTON COUNTY, NEW JERSEY | | | | | | |
Moorestown | | | | | | |
224 Strawbridge Drive (f) | 1984 | 74,000 | 55.3 | 1,094 | 0.18 | 26.73 |
228 Strawbridge Drive (f) | 1984 | 74,000 | 100.0 | 1,919 | 0.32 | 25.93 |
232 Strawbridge Drive (f) | 1986 | 74,258 | 28.9 | 448 | 0.08 | 20.88 |
| | | | | | |
ESSEX COUNTY, NEW JERSEY | | | | | | |
Millburn | | | | | | |
150 J.F. Kennedy Parkway | 1980 | 247,476 | 92.7 | 7,319 | 1.23 | 31.90 |
Roseland | | | | | | |
4 Becker Farm Road | 1983 | 281,762 | 95.5 | 6,809 | 1.14 | 25.30 |
5 Becker Farm Road | 1982 | 118,343 | 92.6 | 2,374 | 0.40 | 21.66 |
6 Becker Farm Road | 1982 | 129,732 | 78.3 | 2,573 | 0.43 | 25.33 |
101 Eisenhower Parkway | 1980 | 237,000 | 84.6 | 4,935 | 0.83 | 24.61 |
103 Eisenhower Parkway | 1985 | 151,545 | 65.7 | 2,252 | 0.38 | 22.62 |
105 Eisenhower Parkway | 2001 | 220,000 | 94.9 | 5,090 | 0.85 | 24.38 |
75 Livingston Avenue | 1985 | 94,221 | 64.2 | 1,126 | 0.19 | 18.61 |
85 Livingston Avenue | 1985 | 124,595 | 84.8 | 2,712 | 0.45 | 25.67 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
HUDSON COUNTY, NEW JERSEY | | | | | | |
Jersey City | | | | | | |
Harborside Financial Center Plaza 1 | 1983 | 400,000 | 100.0 | 11,312 | 1.89 | 28.28 |
Harborside Financial Center Plaza 2 | 1990 | 761,200 | 97.5 | 18,411 | 3.08 | 24.81 |
Harborside Financial Center Plaza 3 | 1990 | 725,600 | 94.8 | 19,549 | 3.27 | 28.42 |
Harborside Financial Center Plaza 4-A | 2000 | 207,670 | 100.0 | 6,389 | 1.07 | 30.77 |
Harborside Financial Center Plaza 5 | 2002 | 977,225 | 84.8 | 34,335 | 5.76 | 41.43 |
101 Hudson Street | 1992 | 1,246,283 | 89.0 | 29,333 | 4.91 | 26.45 |
| | | | | | |
MERCER COUNTY, NEW JERSEY | | | | | | |
Hamilton Township | | | | | | |
3 AAA Drive | 1981 | 35,270 | 89.7 | 588 | 0.10 | 18.59 |
600 Horizon Drive | 2002 | 95,000 | 100.0 | 1,419 | 0.24 | 14.94 |
700 Horizon Drive | 2007 | 120,000 | 100.0 | 2,459 | 0.41 | 20.49 |
2 South Gold Drive | 1974 | 33,962 | 61.6 | 218 | 0.04 | 10.42 |
Princeton | | | | | | |
103 Carnegie Center | 1984 | 96,000 | 92.4 | 2,066 | 0.35 | 23.29 |
2 Independence Way | 1981 | 67,401 | 100.0 | 1,531 | 0.26 | 22.71 |
3 Independence Way | 1983 | 111,300 | 94.0 | 1,946 | 0.33 | 18.60 |
100 Overlook Center | 1988 | 149,600 | 89.6 | 3,859 | 0.65 | 28.79 |
5 Vaughn Drive | 1987 | 98,500 | 90.2 | 2,258 | 0.38 | 25.41 |
| | | | | | |
MIDDLESEX COUNTY, NEW JERSEY | | | | | | |
East Brunswick | | | | | | |
377 Summerhill Road | 1977 | 40,000 | 100.0 | 372 | 0.06 | 9.30 |
Edison | | | | | | |
343 Thornall Street (c) | 1991 | 195,709 | 87.2 | 3,489 | 0.58 | 20.44 |
Piscataway | | | | | | |
30 Knightsbridge Road, Bldg. 3 | 1977 | 160,000 | 100.0 | 2,445 | 0.41 | 15.28 |
30 Knightsbridge Road, Bldg. 4 | 1977 | 115,000 | 100.0 | 1,757 | 0.29 | 15.28 |
30 Knightsbridge Road, Bldg. 5 | 1977 | 332,607 | 89.5 | 5,113 | 0.86 | 17.18 |
30 Knightsbridge Road, Bldg. 6 | 1977 | 72,743 | 63.8 | 230 | 0.04 | 4.96 |
Plainsboro | | | | | | |
500 College Road East (e) | 1984 | 158,235 | 82.9 | 2,743 | 0.46 | 20.91 |
Woodbridge | | | | | | |
581 Main Street | 1991 | 200,000 | 99.3 | 4,947 | 0.83 | 24.91 |
| | | | | | |
MONMOUTH COUNTY, NEW JERSEY | | | | | | |
Freehold | | | | | | |
2 Paragon Way | 1989 | 44,524 | 47.2 | 434 | 0.07 | 20.65 |
3 Paragon Way | 1991 | 66,898 | 74.8 | 799 | 0.13 | 15.97 |
4 Paragon Way | 2002 | 63,989 | 30.8 | 530 | 0.09 | 26.89 |
100 Willow Brook Road | 1988 | 60,557 | 57.4 | 727 | 0.12 | 20.92 |
Holmdel | | | | | | |
23 Main Street | 1977 | 350,000 | 100.0 | 4,012 | 0.67 | 11.46 |
Middletown | | | | | | |
One River Centre Bldg. 1 | 1983 | 122,594 | 86.1 | 2,867 | 0.48 | 27.16 |
One River Centre Bldg. 2 | 1983 | 120,360 | 91.5 | 2,590 | 0.43 | 23.52 |
One River Centre Bldg. 3 and 4 | 1984 | 214,518 | 93.3 | 4,512 | 0.76 | 22.54 |
| | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
Neptune | | | | | | |
3600 Route 66 | 1989 | 180,000 | 100.0 | 2,400 | 0.40 | 13.33 |
Wall Township | | | | | | |
1305 Campus Parkway | 1988 | 23,350 | 68.5 | 383 | 0.06 | 23.95 |
1350 Campus Parkway | 1990 | 79,747 | 99.9 | 1,031 | 0.17 | 12.94 |
| | | | | | |
MORRIS COUNTY, NEW JERSEY | | | | | | |
Florham Park | | | | | | |
325 Columbia Turnpike | 1987 | 168,144 | 100.0 | 3,810 | 0.64 | 22.66 |
Morris Plains | | | | | | |
250 Johnson Road | 1977 | 75,000 | 100.0 | 1,514 | 0.25 | 20.19 |
201 Littleton Road | 1979 | 88,369 | 77.7 | 744 | 0.12 | 10.84 |
Morris Township | | | | | | |
412 Mt. Kemble Avenue | 1986 | 475,100 | 67.9 | 6,347 | 1.06 | 19.67 |
Parsippany | | | | | | |
4 Campus Drive | 1983 | 147,475 | 77.9 | 2,111 | 0.35 | 18.38 |
6 Campus Drive | 1983 | 148,291 | 78.2 | 3,025 | 0.51 | 26.09 |
7 Campus Drive | 1982 | 154,395 | 78.0 | 2,558 | 0.43 | 21.24 |
8 Campus Drive | 1987 | 215,265 | 48.0 | 4,256 | 0.71 | 41.19 |
9 Campus Drive | 1983 | 156,495 | 43.4 | 1,704 | 0.29 | 25.09 |
4 Century Drive | 1981 | 100,036 | 62.5 | 1,121 | 0.19 | 17.93 |
5 Century Drive | 1981 | 79,739 | 52.0 | 892 | 0.15 | 21.51 |
6 Century Drive | 1981 | 100,036 | 58.0 | 501 | 0.08 | 8.63 |
2 Dryden Way | 1990 | 6,216 | 100.0 | 99 | 0.02 | 15.93 |
4 Gatehall Drive | 1988 | 248,480 | 98.8 | 6,339 | 1.06 | 25.82 |
2 Hilton Court | 1991 | 181,592 | 100.0 | 6,529 | 1.09 | 35.95 |
1633 Littleton Road | 1978 | 57,722 | 100.0 | 1,131 | 0.19 | 19.59 |
600 Parsippany Road | 1978 | 96,000 | 90.4 | 1,599 | 0.27 | 18.43 |
1 Sylvan Way | 1989 | 150,557 | 96.0 | 3,581 | 0.60 | 24.78 |
4 Sylvan Way | 1984 | 105,135 | 100.0 | 1,929 | 0.32 | 18.35 |
5 Sylvan Way | 1989 | 151,383 | 89.0 | 3,790 | 0.63 | 28.13 |
7 Sylvan Way | 1987 | 145,983 | 100.0 | 3,272 | 0.55 | 22.41 |
22 Sylvan Way | 2009 | 249,409 | 100.0 | 6,327 | 1.06 | 25.37 |
20 Waterview Boulevard | 1988 | 225,550 | 93.8 | 4,994 | 0.84 | 23.60 |
35 Waterview Boulevard | 1990 | 172,498 | 93.8 | 4,249 | 0.71 | 26.26 |
5 Wood Hollow Road | 1979 | 317,040 | 88.1 | 5,839 | 0.98 | 20.90 |
| | | | | | |
PASSAIC COUNTY, NEW JERSEY | | | | | | |
Clifton | | | | | | |
777 Passaic Avenue | 1983 | 75,000 | 65.2 | 1,148 | 0.19 | 23.48 |
Totowa | | | | | | |
999 Riverview Drive | 1988 | 56,066 | 89.2 | 682 | 0.11 | 13.64 |
| | | | | | |
SOMERSET COUNTY, NEW JERSEY | | | | | | |
Basking Ridge | | | | | | |
222 Mt. Airy Road | 1986 | 49,000 | 100.0 | 1,079 | 0.18 | 22.02 |
233 Mt. Airy Road | 1987 | 66,000 | 24.7 | 246 | 0.04 | 15.09 |
Bernards | | | | | | |
106 Allen Road | 2000 | 132,010 | 93.9 | 2,538 | 0.43 | 20.47 |
| | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
Branchburg | | | | | | |
51 Imclone Drive | 1986 | 63,213 | 100.0 | 537 | 0.09 | 8.50 |
Bridgewater | | | | | | |
55 Corporate Drive | 2011 | 204,057 | 100.0 | 4,815 | 0.81 | 23.60 |
440 Route 22 East | 1990 | 198,376 | 93.4 | 4,484 | 0.75 | 24.20 |
721 Route 202/206 | 1989 | 192,741 | 92.1 | 3,890 | 0.65 | 21.91 |
Warren | | | | | | |
10 Independence Boulevard | 1988 | 120,528 | 86.3 | 2,667 | 0.45 | 25.64 |
| | | | | | |
UNION COUNTY, NEW JERSEY | | | | | | |
Clark | | | | | | |
100 Walnut Avenue | 1985 | 182,555 | 100.0 | 4,692 | 0.79 | 25.70 |
Cranford | | | | | | |
6 Commerce Drive | 1973 | 56,000 | 86.7 | 1,005 | 0.17 | 20.70 |
11 Commerce Drive | 1981 | 90,000 | 95.0 | 2,162 | 0.36 | 25.29 |
12 Commerce Drive | 1967 | 72,260 | 84.7 | 923 | 0.15 | 15.08 |
14 Commerce Drive | 1971 | 67,189 | 85.2 | 1,182 | 0.20 | 20.65 |
20 Commerce Drive | 1990 | 176,600 | 99.4 | 4,071 | 0.68 | 23.19 |
25 Commerce Drive | 1971 | 67,749 | 86.8 | 1,370 | 0.23 | 23.30 |
65 Jackson Drive | 1984 | 82,778 | 84.4 | 1,586 | 0.27 | 22.70 |
New Providence | | | | | | |
890 Mountain Avenue | 1977 | 80,000 | 72.6 | 993 | 0.17 | 17.10 |
| | | | | | |
Total New Jersey Office | | 19,552,417 | 87.1 | 403,600 | 67.61 | 23.69 |
| | | | | | |
NEW YORK COUNTY, NEW YORK | | | | | | |
New York | | | | | | |
125 Broad Street | 1970 | 524,476 | 95.5 | 15,286 | 2.56 | 30.52 |
| | | | | | |
ROCKLAND COUNTY, NEW YORK | | | | | | |
Suffern | | | | | | |
400 Rella Boulevard | 1988 | 180,000 | 93.6 | 3,647 | 0.61 | 21.65 |
WESTCHESTER COUNTY, NEW YORK | | | | | | |
Elmsford | | | | | | |
100 Clearbrook Road (c) | 1975 | 60,000 | 83.3 | 1,010 | 0.17 | 20.21 |
101 Executive Boulevard | 1971 | 50,000 | 0.0 | 73 | 0.01 | 0.00 |
555 Taxter Road | 1986 | 170,554 | 76.8 | 3,117 | 0.52 | 23.80 |
565 Taxter Road | 1988 | 170,554 | 84.5 | 3,516 | 0.59 | 24.40 |
570 Taxter Road | 1972 | 75,000 | 67.3 | 1,285 | 0.22 | 25.46 |
Hawthorne | | | | | | |
1 Skyline Drive | 1980 | 20,400 | 99.0 | 357 | 0.06 | 17.68 |
2 Skyline Drive | 1987 | 30,000 | 100.0 | 543 | 0.09 | 18.10 |
7 Skyline Drive | 1987 | 109,000 | 82.0 | 2,298 | 0.38 | 25.71 |
17 Skyline Drive (e) | 1989 | 85,000 | 100.0 | 1,690 | 0.28 | 19.88 |
19 Skyline Drive | 1982 | 248,400 | 100.0 | 4,036 | 0.68 | 16.25 |
Tarrytown | | | | | | |
200 White Plains Road | 1982 | 89,000 | 78.8 | 1,736 | 0.29 | 24.75 |
220 White Plains Road | 1984 | 89,000 | 79.2 | 1,610 | 0.27 | 22.84 |
White Plains | | | | | | |
1 Barker Avenue | 1975 | 68,000 | 99.8 | 1,804 | 0.30 | 26.58 |
3 Barker Avenue | 1983 | 65,300 | 92.1 | 1,558 | 0.26 | 25.91 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
50 Main Street | 1985 | 309,000 | 83.8 | 8,300 | 1.39 | 32.05 |
11 Martine Avenue | 1987 | 180,000 | 79.3 | 4,368 | 0.73 | 30.60 |
1 Water Street | 1979 | 45,700 | 78.6 | 1,052 | 0.18 | 29.29 |
Yonkers | | | | | | |
1 Executive Boulevard | 1982 | 112,000 | 100.0 | 2,936 | 0.49 | 26.21 |
3 Executive Boulevard | 1987 | 58,000 | 100.0 | 1,743 | 0.29 | 30.05 |
| | | | | | |
Total New York Office | | 2,739,384 | 87.4 | 61,965 | 10.37 | 25.88 |
| | | | | | |
CHESTER COUNTY, PENNSYLVANIA | | | | | | |
Berwyn | | | | | | |
1000 Westlakes Drive | 1989 | 60,696 | 69.5 | 873 | 0.15 | 20.70 |
1055 Westlakes Drive | 1990 | 118,487 | 79.1 | 2,109 | 0.35 | 22.50 |
1205 Westlakes Drive | 1988 | 130,265 | 99.1 | 2,988 | 0.50 | 23.15 |
1235 Westlakes Drive | 1986 | 134,902 | 86.5 | 2,825 | 0.47 | 24.21 |
| | | | | | |
DELAWARE COUNTY, PENNSYLVANIA | | | | | | |
Lester | | | | | | |
100 Stevens Drive | 1986 | 95,000 | 100.0 | 2,771 | 0.46 | 29.17 |
200 Stevens Drive | 1987 | 208,000 | 100.0 | 6,088 | 1.02 | 29.27 |
300 Stevens Drive | 1992 | 68,000 | 100.0 | 1,423 | 0.24 | 20.93 |
Media | | | | | | |
1400 Providence Road – Center I | 1986 | 100,000 | 98.5 | 2,085 | 0.35 | 21.17 |
1400 Providence Road – Center II | 1990 | 160,000 | 100.0 | 3,583 | 0.60 | 22.39 |
| | | | | | |
MONTGOMERY COUNTY, PENNSYLVANIA | | | | | | |
Bala Cynwyd | | | | | | |
150 Monument Road | 1981 | 125,783 | 86.7 | 2,645 | 0.44 | 24.25 |
Blue Bell | | | | | | |
4 Sentry Park | 1982 | 63,930 | 83.5 | 1,044 | 0.17 | 19.56 |
5 Sentry Park East | 1984 | 91,600 | 58.5 | 1,175 | 0.20 | 21.93 |
5 Sentry Park West | 1984 | 38,400 | 68.3 | 253 | 0.04 | 9.65 |
16 Sentry Park West | 1988 | 93,093 | 100.0 | 2,282 | 0.38 | 24.51 |
18 Sentry Park West | 1988 | 95,010 | 75.4 | 2,257 | 0.38 | 31.51 |
Lower Providence | | | | | | |
1000 Madison Avenue | 1990 | 100,700 | 77.1 | 1,221 | 0.20 | 15.73 |
Plymouth Meeting | | | | | | |
1150 Plymouth Meeting Mall | 1970 | 167,748 | 78.1 | 2,575 | 0.43 | 19.65 |
| | | | | | |
Total Pennsylvania Office | | 1,851,614 | 87.9 | 38,197 | 6.38 | 23.48 |
| | | | | | |
FAIRFIELD COUNTY, CONNECTICUT | | | | | | |
Norwalk | | | | | | |
40 Richards Avenue | 1985 | 145,487 | 59.5 | 1,861 | 0.31 | 21.50 |
Stamford | | | | | | |
1266 East Main Street | 1984 | 179,260 | 83.7 | 3,639 | 0.61 | 24.25 |
| | | | | | |
Total Connecticut Office | | 324,747 | 72.9 | 5,500 | 0.92 | 23.25 |
| | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office Properties (continued) |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
WASHINGTON, D.C. | | | | | | |
1201 Connecticut Avenue, NW | 1940 | 169,549 | 99.0 | 6,316 | 1.06 | 37.63 |
1400 L Street, NW | 1987 | 159,000 | 100.0 | 5,616 | 0.94 | 35.32 |
| | | | | | |
Total District of Columbia Office | | 328,549 | 99.5 | 11,932 | 2.00 | 36.51 |
| | | | | | |
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 | 76.6 | 2,004 | 0.34 | 23.36 |
6303 Ivy Lane | 1980 | 112,047 | 85.6 | 2,363 | 0.40 | 24.64 |
6305 Ivy Lane | 1982 | 112,022 | 97.8 | 1,867 | 0.31 | 17.04 |
6404 Ivy Lane | 1987 | 165,234 | 70.5 | 2,349 | 0.39 | 20.16 |
6406 Ivy Lane | 1991 | 163,857 | 13.2 | 0 | 0.00 | 0.00 |
6411 Ivy Lane | 1984 | 138,405 | 69.1 | 2,117 | 0.35 | 22.14 |
Lanham | | | | | | |
4200 Parliament Place | 1989 | 122,000 | 92.9 | 2,913 | 0.49 | 25.70 |
| | | | | | |
Total Maryland Office | | 964,258 | 70.2 | 14,523 | 2.43 | 21.45 |
| | | | | | |
| | | | | | |
TOTAL OFFICE PROPERTIES | | 25,760,969 | 86.6 | 535,717 | 89.71 | 24.02 |
| | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office/Flex Properties |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
BURLINGTON COUNTY, NEW JERSEY | | | | | | |
Burlington | | | | | | |
3 Terri Lane | 1991 | 64,500 | 85.8 | 553 | 0.09 | 9.99 |
5 Terri Lane | 1992 | 74,555 | 100.0 | 629 | 0.11 | 8.44 |
Moorestown | | | | | | |
2 Commerce Drive | 1986 | 49,000 | 75.6 | 214 | 0.04 | 5.78 |
101 Commerce Drive | 1988 | 64,700 | 100.0 | 275 | 0.05 | 4.25 |
102 Commerce Drive | 1987 | 38,400 | 87.5 | 233 | 0.04 | 6.93 |
201 Commerce Drive | 1986 | 38,400 | 50.0 | 103 | 0.02 | 5.36 |
202 Commerce Drive | 1988 | 51,200 | 91.8 | 225 | 0.04 | 4.79 |
1 Executive Drive | 1989 | 20,570 | 90.8 | 127 | 0.02 | 6.80 |
2 Executive Drive | 1988 | 60,800 | 65.8 | 296 | 0.05 | 7.40 |
101 Executive Drive | 1990 | 29,355 | 99.7 | 297 | 0.05 | 10.15 |
102 Executive Drive | 1990 | 64,000 | 100.0 | 474 | 0.08 | 7.41 |
225 Executive Drive | 1990 | 50,600 | 79.1 | 260 | 0.04 | 6.50 |
97 Foster Road | 1982 | 43,200 | 100.0 | 171 | 0.03 | 3.96 |
1507 Lancer Drive | 1995 | 32,700 | 100.0 | 61 | 0.01 | 1.87 |
1245 North Church Street | 1998 | 52,810 | 100.0 | 291 | 0.05 | 5.51 |
1247 North Church Street | 1998 | 52,790 | 80.7 | 295 | 0.05 | 6.92 |
1256 North Church Street | 1984 | 63,495 | 100.0 | 471 | 0.08 | 7.42 |
840 North Lenola Road | 1995 | 38,300 | 100.0 | 370 | 0.06 | 9.66 |
844 North Lenola Road | 1995 | 28,670 | 100.0 | 188 | 0.03 | 6.56 |
915 North Lenola Road �� | 1998 | 52,488 | 100.0 | 293 | 0.05 | 5.58 |
2 Twosome Drive | 2000 | 48,600 | 100.0 | 217 | 0.04 | 4.47 |
30 Twosome Drive | 1997 | 39,675 | 100.0 | 301 | 0.05 | 7.59 |
31 Twosome Drive | 1998 | 84,200 | 100.0 | 430 | 0.07 | 5.11 |
40 Twosome Drive | 1996 | 40,265 | 86.6 | 237 | 0.04 | 6.80 |
41 Twosome Drive | 1998 | 43,050 | 66.9 | 200 | 0.03 | 6.94 |
50 Twosome Drive | 1997 | 34,075 | 100.0 | 256 | 0.04 | 7.51 |
| | | | | | |
GLOUCESTER COUNTY, NEW JERSEY | | | | | | |
West Deptford | | | | | | |
1451 Metropolitan Drive | 1996 | 21,600 | 100.0 | 120 | 0.02 | 5.56 |
| | | | | | |
MERCER COUNTY, NEW JERSEY | | | | | | |
Hamilton Township | | | | | | |
100 Horizon Center Boulevard | 1989 | 13,275 | 100.0 | 64 | 0.01 | 4.82 |
200 Horizon Drive | 1991 | 45,770 | 100.0 | 681 | 0.11 | 14.88 |
300 Horizon Drive | 1989 | 69,780 | 49.3 | 457 | 0.08 | 13.28 |
500 Horizon Drive | 1990 | 41,205 | 93.8 | 587 | 0.10 | 15.19 |
| | | | | | |
MONMOUTH COUNTY, NEW JERSEY | | | | | | |
Wall Township | | | | | | |
1325 Campus Parkway | 1988 | 35,000 | 100.0 | 642 | 0.11 | 18.34 |
1340 Campus Parkway | 1992 | 72,502 | 100.0 | 934 | 0.16 | 12.88 |
1345 Campus Parkway | 1995 | 76,300 | 100.0 | 1,049 | 0.18 | 13.75 |
1433 Highway 34 | 1985 | 69,020 | 60.5 | 496 | 0.08 | 11.88 |
1320 Wyckoff Avenue | 1986 | 20,336 | 100.0 | 222 | 0.04 | 10.92 |
1324 Wyckoff Avenue | 1987 | 21,168 | 81.5 | 175 | 0.03 | 10.14 |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office/Flex Properties (continued) |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
PASSAIC COUNTY, NEW JERSEY | | | | | | |
Totowa | | | | | | |
1 Center Court | 1999 | 38,961 | 100.0 | 594 | 0.10 | 15.25 |
2 Center Court | 1998 | 30,600 | 62.8 | 229 | 0.04 | 11.92 |
11 Commerce Way | 1989 | 47,025 | 66.7 | 439 | 0.07 | 14.00 |
20 Commerce Way | 1992 | 42,540 | 61.1 | 264 | 0.04 | 10.16 |
29 Commerce Way | 1990 | 48,930 | 20.4 | 335 | 0.06 | 33.56 |
40 Commerce Way | 1987 | 50,576 | 86.3 | 553 | 0.09 | 12.67 |
45 Commerce Way | 1992 | 51,207 | 100.0 | 519 | 0.09 | 10.14 |
60 Commerce Way | 1988 | 50,333 | 89.1 | 557 | 0.09 | 12.42 |
80 Commerce Way | 1996 | 22,500 | 100.0 | 310 | 0.05 | 13.78 |
100 Commerce Way | 1996 | 24,600 | 100.0 | 338 | 0.06 | 13.74 |
120 Commerce Way | 1994 | 9,024 | 100.0 | 97 | 0.02 | 10.75 |
140 Commerce Way | 1994 | 26,881 | 89.3 | 288 | 0.05 | 12.00 |
| | | | | | |
Total New Jersey Office/Flex | | 2,189,531 | 87.2 | 17,417 | 2.94 | 9.12 |
| | | | | | |
WESTCHESTER COUNTY, NEW YORK | | | | | | |
Elmsford | | | | | | |
11 Clearbrook Road | 1974 | 31,800 | 100.0 | 387 | 0.06 | 12.17 |
75 Clearbrook Road | 1990 | 32,720 | 100.0 | 267 | 0.04 | 8.16 |
125 Clearbrook Road | 2002 | 33,000 | 100.0 | 726 | 0.12 | 22.00 |
150 Clearbrook Road | 1975 | 74,900 | 99.3 | 840 | 0.14 | 11.29 |
175 Clearbrook Road | 1973 | 98,900 | 100.0 | 1,477 | 0.25 | 14.93 |
200 Clearbrook Road | 1974 | 94,000 | 99.8 | 1,209 | 0.20 | 12.89 |
250 Clearbrook Road | 1973 | 155,000 | 94.5 | 1,160 | 0.19 | 7.92 |
50 Executive Boulevard | 1969 | 45,200 | 64.5 | 384 | 0.06 | 13.17 |
77 Executive Boulevard | 1977 | 13,000 | 100.0 | 244 | 0.04 | 18.77 |
85 Executive Boulevard | 1968 | 31,000 | 86.2 | 499 | 0.08 | 18.67 |
300 Executive Boulevard | 1970 | 60,000 | 100.0 | 759 | 0.13 | 12.65 |
350 Executive Boulevard | 1970 | 15,400 | 99.4 | 138 | 0.02 | 9.02 |
399 Executive Boulevard | 1962 | 80,000 | 100.0 | 1,038 | 0.17 | 12.98 |
400 Executive Boulevard | 1970 | 42,200 | 78.0 | 616 | 0.10 | 18.71 |
500 Executive Boulevard | 1970 | 41,600 | 100.0 | 754 | 0.13 | 18.13 |
525 Executive Boulevard | 1972 | 61,700 | 100.0 | 981 | 0.16 | 15.90 |
1 Westchester Plaza | 1967 | 25,000 | 81.6 | 333 | 0.06 | 16.32 |
2 Westchester Plaza | 1968 | 25,000 | 100.0 | 546 | 0.09 | 21.84 |
3 Westchester Plaza | 1969 | 93,500 | 97.9 | 1,031 | 0.17 | 11.26 |
4 Westchester Plaza | 1969 | 44,700 | 100.0 | 687 | 0.12 | 15.37 |
5 Westchester Plaza | 1969 | 20,000 | 100.0 | 250 | 0.04 | 12.50 |
6 Westchester Plaza | 1968 | 20,000 | 89.8 | 262 | 0.04 | 14.59 |
7 Westchester Plaza | 1972 | 46,200 | 100.0 | 676 | 0.11 | 14.63 |
8 Westchester Plaza | 1971 | 67,200 | 100.0 | 758 | 0.13 | 11.28 |
Hawthorne | | | | | | |
200 Saw Mill River Road | 1965 | 51,100 | 94.7 | 628 | 0.11 | 12.98 |
4 Skyline Drive | 1987 | 80,600 | 100.0 | 1,513 | 0.25 | 18.77 |
5 Skyline Drive | 1980 | 124,022 | 96.1 | 1,454 | 0.24 | 12.20 |
6 Skyline Drive | 1980 | 44,155 | 100.0 | 629 | 0.11 | 14.25 |
8 Skyline Drive | 1985 | 50,000 | 85.4 | 941 | 0.16 | 22.04 |
10 Skyline Drive | 1985 | 20,000 | 100.0 | 395 | 0.07 | 19.75 |
| | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Office/Flex Properties (continued) |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
11 Skyline Drive (e) | 1989 | 45,000 | 100.0 | 942 | 0.16 | 20.93 |
12 Skyline Drive (e) | 1999 | 46,850 | 68.5 | 592 | 0.10 | 18.45 |
15 Skyline Drive (e) | 1989 | 55,000 | 18.7 | 951 | 0.16 | 92.46 |
Yonkers | | | | | | |
100 Corporate Boulevard | 1987 | 78,000 | 98.3 | 1,447 | 0.24 | 18.87 |
200 Corporate Boulevard South | 1990 | 84,000 | 100.0 | 1,604 | 0.27 | 19.10 |
4 Executive Plaza | 1986 | 80,000 | 100.0 | 1,352 | 0.23 | 16.90 |
6 Executive Plaza | 1987 | 80,000 | 100.0 | 1,544 | 0.26 | 19.30 |
1 Odell Plaza | 1980 | 106,000 | 92.5 | 1,177 | 0.20 | 12.00 |
3 Odell Plaza | 1984 | 71,065 | 100.0 | 1,596 | 0.27 | 22.46 |
5 Odell Plaza | 1983 | 38,400 | 99.6 | 650 | 0.11 | 17.00 |
7 Odell Plaza | 1984 | 42,600 | 99.6 | 794 | 0.13 | 18.71 |
| | | | | | |
Total New York Office/Flex | | 2,348,812 | 94.4 | 34,231 | 5.72 | 15.44 |
| | | | | | |
FAIRFIELD COUNTY, CONNECTICUT | | | | | | |
Stamford | | | | | | |
419 West Avenue | 1986 | 88,000 | 100.0 | 1,576 | 0.26 | 17.91 |
500 West Avenue | 1988 | 25,000 | 100.0 | 423 | 0.07 | 16.92 |
550 West Avenue | 1990 | 54,000 | 100.0 | 991 | 0.17 | 18.35 |
600 West Avenue | 1999 | 66,000 | 100.0 | 670 | 0.11 | 10.15 |
650 West Avenue | 1998 | 40,000 | 100.0 | 686 | 0.11 | 17.15 |
| | | | | | |
Total Connecticut Office/Flex | | 273,000 | 100.0 | 4,346 | 0.72 | 15.92 |
| | | | | | |
| | | | | | |
TOTAL OFFICE/FLEX PROPERTIES | | 4,811,343 | 91.5 | 55,994 | 9.38 | 12.72 |
| | | | | | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Property Listing Industrial/Warehouse, Retail and Land Properties |
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/12 (%) (a) | 2012 Base Rent ($000’s) (b) (c) | Percentage of Total 2012 Base Rent % | 2012 Average Base Rent Per Sq. Ft. ($) (c) (d) |
| | | | | | |
WESTCHESTER COUNTY, NEW YORK | | | | | | |
Elmsford | | | | | | |
1 Warehouse Lane (e) | 1957 | 6,600 | 100.0 | 100 | 0.02 | 15.15 |
2 Warehouse Lane (e) | 1957 | 10,900 | 100.0 | 159 | 0.03 | 14.59 |
3 Warehouse Lane (e) | 1957 | 77,200 | 100.0 | 372 | 0.06 | 4.82 |
4 Warehouse Lane (e) | 1957 | 195,500 | 96.7 | 2,326 | 0.39 | 12.30 |
5 Warehouse Lane (e) | 1957 | 75,100 | 97.1 | 979 | 0.16 | 13.43 |
6 Warehouse Lane (e) | 1982 | 22,100 | 100.0 | 538 | 0.09 | 24.34 |
| | | | | | |
Total Industrial/Warehouse Properties | | 387,400 | 97.8 | 4,474 | 0.75 | 11.81 |
| | | | | | |
WESTCHESTER COUNTY, NEW YORK | | | | | | |
Tarrytown | | | | | | |
230 White Plains Road | 1984 | 9,300 | 100.0 | 179 | 0.03 | 19.25 |
Yonkers | | | | | | |
2 Executive Boulevard | 1986 | 8,000 | 100.0 | 305 | 0.05 | 38.13 |
| | | | | | |
Total Retail Properties | | 17,300 | 100.0 | 484 | 0.08 | 27.98 |
| | | | | | |
WESTCHESTER COUNTY, NEW YORK | | | | | | |
Elmsford | | | | | | |
700 Executive Boulevard | -- | -- | -- | 148 | 0.02 | -- |
Yonkers | | | | | | |
1 Enterprise Boulevard | -- | -- | -- | 185 | 0.03 | -- |
| | | | | | |
Total New York Land Leases | | -- | -- | 333 | 0.05 | -- |
| | | | | | |
PRINCE GEORGE’S COUNTY, MARYLAND | | | | | | |
Greenbelt | | | | | | |
Capital Office Park Parcel A | -- | -- | -- | 153 | 0.03 | -- |
| | | | | | |
Total Maryland Land Leases | | -- | -- | 153 | 0.03 | -- |
| | | | | | |
Total Land Leases | | -- | -- | 486 | 0.08 | -- |
| | | | | | |
TOTAL PROPERTIES | | 30,977,012 | 87.5 | 597,155 | (g) | 100.00 | 22.04 |
(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, 2012 aggregating 113,335 square feet (representing 0.4 percent of the Company’s total net rentable square footage) for which no new leases were signed. |
(b) | Total base rent for the 12 months ended September 30, 2012, 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, 2012, divided by net rentable square feet leased at September 30, 2012. |
(e) | This property is located on land leased by the Company. |
(f) | This property was identified as held for sale by the Company as of September 30, 2012 and is classified as discontinued operations in the financial statements. |
(g) | Includes $3,461 pertaining to properties held for sale, which are classified as discontinued operations in the financial statements. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Significant Tenants
The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of September 30, 2012, based upon annualized base rental revenue:
| Number of Properties | Annualized Base Rental Revenue ($) (a) | Percentage of Company Annualized Base Rental Revenue (%) | Square Feet Leased | Percentage Total Company Leased Sq. Ft. (%) | Year of Lease Expiration |
National Union Fire Insurance Company of Pittsburgh, PA | 3 | 13,777,628 | 2.3 | 468,085 | 1.8 | (b) |
DB Services New Jersey, Inc. | 2 | 12,111,630 | 2.0 | 402,068 | 1.5 | 2017 |
New Cingular Wireless PCS, LLC | 4 | 9,744,793 | 1.6 | 433,296 | 1.6 | (c) |
Keystone Mercy Health Plan | 3 | 9,501,488 | 1.6 | 317,245 | 1.2 | 2020 |
Wyndham Worldwide Operations | 2 | 9,465,635 | 1.5 | 395,392 | 1.5 | (d) |
United States of America-GSA | 13 | 9,087,407 | 1.5 | 298,463 | 1.1 | (e) |
Forest Research Institute, Inc. | 1 | 8,961,536 | 1.5 | 215,659 | 0.8 | 2017 |
Bank Of Tokyo-Mitsubishi UFJ, Ltd. | 1 | 8,923,723 | 1.5 | 261,957 | 1.0 | (f) |
Prentice-Hall, Inc. | 1 | 8,643,699 | 1.4 | 474,801 | 1.8 | 2014 |
ICAP Securities USA, LLC | 1 | 6,601,073 | 1.1 | 159,834 | 0.6 | 2017 |
TD Ameritrade Online Holdings | 1 | 6,165,233 | 1.0 | 188,776 | 0.7 | 2020 |
Daiichi Sankyo, Inc. | 2 | 6,151,614 | 1.0 | 180,807 | 0.7 | (g) |
Merrill Lynch Pierce Fenner | 1 | 5,883,780 | 1.0 | 294,189 | 1.1 | 2017 |
Montefiore Medical Center | 6 | 5,730,031 | 0.9 | 256,292 | 1.0 | (h) |
HQ Global Workplaces, LLC | 19 | 5,269,422 | 0.9 | 305,292 | 1.1 | (i) |
IBM Corporation | 2 | 5,177,420 | 0.8 | 292,304 | 1.1 | (j) |
KPMG, LLP | 3 | 5,103,709 | 0.8 | 187,536 | 0.7 | (k) |
Sanofi-Aventis U.S., Inc. | 1 | 4,489,254 | 0.7 | 204,057 | 0.8 | 2026 |
J.H. Cohn, LLP | 2 | 4,335,049 | 0.7 | 155,056 | 0.6 | (l) |
Vonage America, Inc. | 1 | 4,256,000 | 0.7 | 350,000 | 1.3 | 2017 |
Allstate Insurance Company | 8 | 4,166,459 | 0.7 | 184,763 | 0.7 | (m) |
AT&T Corp. | 1 | 4,137,500 | 0.7 | 275,000 | 1.0 | 2014 |
Morgan Stanley Smith Barney | 4 | 4,136,248 | 0.7 | 142,530 | 0.5 | (n) |
Arch Insurance Company | 1 | 3,685,118 | 0.6 | 106,815 | 0.4 | 2024 |
Morgan Stanley & Co., Inc. | 1 | 3,674,040 | 0.6 | 306,170 | 1.2 | 2013 |
Oppenheimer & Co., Inc. | 1 | 3,269,465 | 0.5 | 118,871 | 0.4 | (o) |
Alpharma, LLC | 1 | 3,053,604 | 0.5 | 112,235 | 0.4 | 2018 |
SunAmerica Asset Management | 1 | 2,958,893 | 0.5 | 69,621 | 0.3 | 2018 |
E*Trade Financial Corporation | 1 | 2,930,757 | 0.5 | 106,573 | 0.4 | 2022 |
United States Life Insurance Co. | 1 | 2,880,000 | 0.5 | 180,000 | 0.7 | 2013 |
Plymouth Rock Management Company of New Jersey | 2 | 2,870,142 | 0.5 | 116,889 | 0.4 | 2020 |
Natixis North America, Inc. | 1 | 2,823,569 | 0.5 | 89,907 | 0.3 | 2021 |
Tullett Prebon Holdings Corp. | 1 | 2,809,850 | 0.5 | 100,759 | 0.4 | 2023 |
Continental Casualty Company | 2 | 2,784,736 | 0.5 | 100,712 | 0.4 | (p) |
AAA Mid-Atlantic, Inc. | 2 | 2,758,793 | 0.5 | 129,784 | 0.5 | (q) |
Connell Foley, LLP | 2 | 2,572,383 | 0.4 | 97,822 | 0.4 | 2015 |
Shaw Facilities, Inc. | 2 | 2,560,205 | 0.4 | 113,625 | 0.4 | 2016 |
New Jersey Turnpike Authority | 1 | 2,530,631 | 0.4 | 100,223 | 0.4 | 2017 |
Lowenstein Sandler, P.C. | 1 | 2,491,594 | 0.4 | 98,677 | 0.4 | 2017 |
Tradeweb Markets, LLC | 1 | 2,490,140 | 0.4 | 64,976 | 0.2 | 2017 |
Bunge Management Services, Inc. | 1 | 2,458,765 | 0.4 | 66,303 | 0.2 | 2020 |
Movado Group, Inc. | 1 | 2,449,828 | 0.4 | 90,050 | 0.3 | 2018 |
Savvis Communications Corporation | 1 | 2,430,116 | 0.4 | 71,474 | 0.3 | 2015 |
Virgin Mobile USA, LP | 1 | 2,427,776 | 0.4 | 93,376 | 0.4 | 2016 |
Credit Suisse (USA), Inc. | 1 | 2,395,619 | 0.4 | 71,511 | 0.3 | (r) |
Sony Music Entertainment | 1 | 2,359,986 | 0.4 | 97,653 | 0.4 | 2014 |
T-Mobile USA, Inc. | 1 | 2,339,254 | 0.4 | 105,135 | 0.4 | 2014 |
ASRC Aerospace Corporation | 1 | 2,316,667 | 0.4 | 81,108 | 0.3 | 2014 |
Qualcare Alliance Networks, Inc. | 2 | 2,316,191 | 0.4 | 118,779 | 0.4 | 2021 |
Tower Insurance Company of New York | 1 | 2,306,760 | 0.4 | 76,892 | 0.3 | 2023 |
| | | | | | |
Totals | | 234,765,213 | 38.8 | 9,329,342 | 35.1 | |
See footnotes on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
(a) | Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after July 1, 2012, 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) | 69,944 square feet expire in 2012; 281,023 square feet expire in 2018; 117,118 square feet expire 2019. |
(c) | 333,145 square feet expire in 2013; 72,385 square feet expire in 2014; 27,766 square feet expire in 2015. |
(d) | 145,983 square feet expire in 2013; 249,409 square feet expire in 2029. |
(e) | 67,167 square feet expire in 2013; 4,879 square feet expire in 2014; 180,729 square feet expire in 2015; 15,851 square feet expire in 2016; 8,241 square feet expire in 2017; 21,596 square feet expire in 2022. |
(f) | 24,607 square feet expire in 2019; 237,350 square feet expire in 2029. |
(g) | 8,907 square feet expire in 2013; 171,900 square feet expire in 2022. |
(h) | 9,170 square feet expire in 2013; 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; 133,763 square feet expire in 2019; 8,600 square feet expire in 2020; 14,842 square feet expire in 2021; 9,610 square feet expire in 2022. |
(i) | 22,064 square feet expire in 2013; 22,279 square feet expire in 2015; 12,407 square feet expire in 2017; 33,649 square feet expire in 2018; 19,485 square feet expire in 2019; 21,008 square feet expire in 2020; 14,724 square feet expire in 2021; 36,158 square feet expire in 2023; 123,518 square feet expire in 2024. |
(j) | 248,399 square feet expire in 2012; 43,905 square feet expire in 2013. |
(k) | 77,381 square feet expire in 2012; 10,877 square feet expire in 2013; 53,409 square feet expire in 2019; 45,869 square feet expire in 2020. |
(l) | 1,021 square feet expire in 2014; 154,035 square feet expire in 2020. |
(m) | 29,005 square feet expire in 2013; 4,456 square feet expire in 2014; 5,348 square feet expire in 2015; 4,014 square feet expire in 2016; 90,334 square feet expire in 2017; 51,606 square feet expire in 2018. |
(n) | 26,262 square feet expire in 2013; 26,834 square feet expire in 2014; 29,654 square feet expire in 2015; 36,998 square feet expire in 2016; 22,782 square feet expire in 2018. |
(o) | 104,008 square feet expire in 2013; 14,863 square feet expire in 2017. |
(p) | 19,416 square feet expire in 2016; 81,296 square feet expire in 2031. |
(q) | 9,784 square feet expire in 2017; 120,000 square feet expire in 2022. |
(r) | 7,098 square feet expire in 2013; 64,413 square feet expire in 2014. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
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, 2012, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2012 through 2014 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 ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| | | | | | |
2012 (c) | | | | | | |
Northern NJ | 34 | 377,192 | 1.5 | 9,701,337 | 25.72 | 1.5 |
Central NJ | 9 | 66,838 | 0.3 | 1,554,449 | 23.26 | 0.3 |
Westchester Co., NY | 7 | 20,734 | 0.1 | 447,381 | 21.58 | 0.1 |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 7 | 36,242 | 0.1 | 591,630 | 16.32 | 0.1 |
Fairfield, CT | 1 | 7,000 | (d) | 63,000 | 9.00 | (d) |
Washington, DC/MD | 1 | 1,780 | (d) | 37,772 | 21.22 | (d) |
Rockland Co., NY | 1 | 203 | (d) | 5,400 | 26.60 | (d) |
TOTAL – 2012 | 60 | 509,989 | 2.0 | 12,400,969 | 24.32 | 2.0 |
| | | | | | |
| | | | | | |
2013 | | | | | | |
Northern NJ | 110 | 885,731 | 3.2 | 22,106,721 | 24.96 | 3.5 |
Central NJ | 86 | 624,438 | 2.3 | 14,621,172 | 23.41 | 2.4 |
Westchester Co., NY | 115 | 866,032 | 3.3 | 16,054,231 | 18.54 | 2.6 |
Manhattan | 2 | 104,008 | 0.4 | 2,808,711 | 27.00 | 0.5 |
Sub. Philadelphia | 73 | 393,700 | 1.5 | 6,670,750 | 16.94 | 1.1 |
Fairfield, CT | 14 | 88,362 | 0.3 | 1,637,563 | 18.53 | 0.3 |
Washington, DC/MD | 25 | 119,447 | 0.5 | 2,917,863 | 24.43 | 0.5 |
Rockland Co., NY | 8 | 41,941 | 0.2 | 1,095,456 | 26.12 | 0.2 |
TOTAL – 2013 | 433 | 3,123,659 | 11.7 | 67,912,467 | 21.74 | 11.1 |
| | | | | | |
| | | | | | |
2014 | | | | | | |
Northern NJ | 124 | 1,833,420 | 6.9 | 41,416,529 | 22.59 | 6.8 |
Central NJ | 55 | 439,033 | 1.7 | 8,973,490 | 20.44 | 1.5 |
Westchester Co., NY | 92 | 529,518 | 2.0 | 11,114,436 | 20.99 | 1.8 |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 66 | 383,820 | 1.4 | 6,741,303 | 17.56 | 1.1 |
Fairfield, CT | 9 | 31,681 | 0.1 | 720,943 | 22.76 | 0.1 |
Washington, DC/MD | 30 | 169,852 | 0.6 | 4,708,260 | 27.72 | 0.8 |
Rockland Co., NY | 7 | 22,571 | 0.1 | 568,455 | 25.19 | 0.1 |
TOTAL – 2014 | 383 | 3,409,895 | 12.8 | 74,243,416 | 21.77 | 12.2 |
| | | | | | |
Schedule continued, with footnotes, on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
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 ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| | | | | | |
2015 | 314 | 3,379,425 | 12.7 | 72,995,049 | 21.60 | 11.9 |
| | | | | | |
2016 | 275 | 2,637,808 | 9.9 | 57,911,733 | 21.95 | 9.5 |
| | | | | | |
2017 | 269 | 3,656,580 | 13.8 | 86,468,007 | 23.65 | 14.2 |
| | | | | | |
2018 | 190 | 2,256,297 | 8.5 | 54,434,498 | 24.13 | 8.9 |
| | | | | | |
2019 | 98 | 1,358,387 | 5.1 | 28,425,186 | 20.93 | 4.7 |
| | | | | | |
2020 | 89 | 1,419,171 | 5.3 | 33,260,748 | 23.44 | 5.4 |
| | | | | | |
2021 | 74 | 1,179,182 | 4.4 | 30,189,530 | 25.60 | 4.9 |
| | | | | | |
2022 | 53 | 1,116,417 | 4.2 | 26,265,201 | 23.53 | 4.3 |
| | | | | | |
2023 and thereafter | 73 | 2,551,310 | 9.6 | 66,597,837 | 26.10 | 10.9 |
Totals/ | | | | | | |
Weighted Average | 2,311 | 26,598,120 | (c) (e) | 100.0 | 611,104,641 | 22.98 | 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 2012 billings times 12. For leases whose rent commences after October 1, 2012 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, 2012 aggregating 113,335 square feet and representing annualized rent of $2,659,320 for which no new leases were signed. |
(d) | Represents 0.05% or less. |
(e) | Reconciliation to Company’s total net rentable square footage is as follows: |
| Square Feet |
Square footage leased to commercial tenants | 26,598,120 |
Square footage used for corporate offices, management offices, | |
building use, retail tenants, food services, other ancillary | |
service tenants and occupancy adjustments | 498,488 |
Square footage unleased | 3,880,404 |
Total net rentable square footage (does not include land leases) | 30,977,012 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Schedule of Lease Expirations
Office Properties
The following table sets forth a schedule of lease expirations for the office properties beginning October 1, 2012, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2012 through 2014 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| | | | | | |
2012 (c) | | | | | | |
Northern NJ | 32 | 366,138 | 1.7 | 9,531,972 | 26.03 | 1.6 |
Central NJ | 9 | 66,838 | 0.3 | 1,554,449 | 23.26 | 0.3 |
Westchester Co., NY | 4 | 7,469 | (d) | 208,031 | 27.85 | (d) |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 5 | 14,542 | 0.1 | 358,130 | 24.63 | 0.1 |
Fairfield Co., CT | - | - | - | - | - | - |
Washington, DC/MD | 1 | 1,780 | (d) | 37,772 | 21.22 | (d) |
Rockland Co., NY | 1 | 203 | (d) | 5,400 | 26.60 | (d) |
TOTAL – 2012 | 52 | 456,970 | 2.1 | 11,695,754 | 25.59 | 2.0 |
| | | | | | |
2013 | | | | | | |
Northern NJ | 100 | 805,809 | 3.6 | 21,086,295 | 26.17 | 3.9 |
Central NJ | 77 | 552,187 | 2.5 | 13,708,852 | 24.83 | 2.5 |
Westchester Co., NY | 60 | 425,019 | 2.0 | 9,369,784 | 22.05 | 1.7 |
Manhattan | 2 | 104,008 | 0.5 | 2,808,711 | 27.00 | 0.5 |
Sub. Philadelphia | 52 | 227,272 | 1.0 | 5,427,574 | 23.88 | 1.0 |
Fairfield Co., CT | 10 | 19,799 | 0.1 | 466,457 | 23.56 | 0.1 |
Washington, DC/MD | 25 | 119,447 | 0.6 | 2,917,863 | 24.43 | 0.5 |
Rockland Co., NY | 8 | 41,941 | 0.2 | 1,095,456 | 26.12 | 0.2 |
TOTAL – 2013 | 334 | 2,295,482 | 10.5 | 56,880,992 | 24.78 | 10.4 |
| | | | | | |
2014 | | | | | | |
Northern NJ | 119 | 1,777,260 | 8.1 | 40,680,331 | 22.89 | 7.5 |
Central NJ | 52 | 416,441 | 1.9 | 8,655,844 | 20.79 | 1.6 |
Westchester Co., NY | 47 | 215,679 | 1.0 | 5,708,779 | 26.47 | 1.0 |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 52 | 239,355 | 1.1 | 5,685,299 | 23.75 | 1.0 |
Fairfield Co., CT | 7 | 24,256 | 0.1 | 595,014 | 24.53 | 0.1 |
Washington, DC/MD | 30 | 169,852 | 0.8 | 4,708,260 | 27.72 | 0.9 |
Rockland Co., NY | 7 | 22,571 | 0.1 | 568,455 | 25.19 | 0.1 |
TOTAL – 2014 | 314 | 2,865,414 | 13.1 | 66,601,982 | 23.24 | 12.2 |
| | | | | | |
2015 | 258 | 2,862,342 | 13.1 | 66,818,702 | 23.34 | 12.2 |
| | | | | | |
2016 | 217 | 2,040,337 | 9.4 | 49,528,328 | 24.27 | 9.0 |
| | | | | | |
2017 | 210 | 3,126,807 | 14.3 | 79,950,594 | 25.57 | 14.6 |
| | | | | | |
2018 | 144 | 1,691,566 | 7.8 | 47,571,967 | 28.12 | 8.7 |
| | | | | | |
2019 | 73 | 866,594 | 4.0 | 21,964,588 | 25.35 | 4.0 |
| | | | | | |
2020 | 76 | 1,227,833 | 5.6 | 31,020,591 | 25.26 | 5.7 |
| | | | | | |
2021 | 58 | 1,035,987 | 4.8 | 27,864,997 | 26.90 | 5.1 |
| | | | | | |
2022 | 48 | 1,053,875 | 4.8 | 25,437,249 | 24.14 | 4.6 |
| | | | | | |
2023 and thereafter | 59 | 2,286,354 | 10.5 | 62,747,465 | 27.44 | 11.5 |
Totals/Weighted Average | 1,843 | 21,809,561 (c) | 100.0 | 548,083,209 | 25.13 | 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 2012 billings times 12. For leases whose rent commences after October 1, 2012 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, 2012 aggregating 94,735 square feet and representing annualized rent of $2,354,820 for which no new leases were signed. |
(d) | Represents 0.05% or less. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Schedule of Lease Expirations
Office/Flex Properties
The following table sets forth a schedule of lease expirations for the office/flex properties beginning October 1, 2012, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2012 through 2014 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| | | | | | |
2012 (c) | | | | | | |
Northern NJ | 2 | 11,054 | 0.2 | 169,365 | 15.32 | 0.2 |
Central NJ | - | - | - | - | - | - |
Westchester Co., NY | 3 | 13,265 | 0.2 | 239,350 | 18.04 | 0.4 |
Sub. Philadelphia | 2 | 21,700 | 0.5 | 233,500 | 10.76 | 0.4 |
Fairfield Co., CT | 1 | 7,000 | 0.2 | 63,000 | 9.00 | 0.1 |
TOTAL – 2012 | 8 | 53,019 | 1.1 | 705,215 | 13.30 | 1.1 |
| | | | | | |
2013 | | | | | | |
Northern NJ | 10 | 79,922 | 1.8 | 1,020,426 | 12.77 | 1.7 |
Central NJ | 9 | 72,251 | 1.6 | 912,320 | 12.63 | 1.6 |
Westchester Co., NY | 44 | 228,829 | 5.2 | 4,308,171 | 18.83 | 7.4 |
Sub. Philadelphia | 21 | 166,428 | 3.8 | 1,243,176 | 7.47 | 2.1 |
Fairfield Co., CT | 4 | 68,563 | 1.6 | 1,171,106 | 17.08 | 2.0 |
TOTAL – 2013 | 88 | 615,993 | 14.0 | 8,655,199 | 14.05 | 14.8 |
| | | | | | |
2014 | | | | | | |
Northern NJ | 5 | 56,160 | 1.3 | 736,198 | 13.11 | 1.4 |
Central NJ | 3 | 22,592 | 0.5 | 317,646 | 14.06 | 0.5 |
Westchester Co., NY | 41 | 273,994 | 6.2 | 4,580,731 | 16.72 | 7.8 |
Sub. Philadelphia | 14 | 144,465 | 3.3 | 1,056,004 | 7.31 | 1.8 |
Fairfield Co., CT | 2 | 7,425 | 0.2 | 125,929 | 16.96 | 0.2 |
TOTAL – 2014 | 65 | 504,636 | 11.5 | 6,816,508 | 13.51 | 11.7 |
| | | | | | |
2015 | 55 | 489,083 | 11.1 | 5,826,347 | 11.91 | 10.0 |
| | | | | | |
2016 | 54 | 566,483 | 12.9 | 8,041,561 | 14.20 | 13.8 |
| | | | | | |
2017 | 59 | 529,773 | 12.1 | 6,517,413 | 12.30 | 11.1 |
| | | | | | |
2018 | 45 | 487,528 | 11.1 | 6,499,177 | 13.33 | 11.1 |
| | | | | | |
2019 | 25 | 491,793 | 11.2 | 6,460,598 | 13.14 | 11.1 |
| | | | | | |
2020 | 13 | 191,338 | 4.4 | 2,240,157 | 11.71 | 3.8 |
| | | | | | |
2021 | 16 | 143,195 | 3.3 | 2,324,533 | 16.23 | 4.0 |
| | | | | | |
2022 | 5 | 62,542 | 1.4 | 827,952 | 13.24 | 1.4 |
| | | | | | |
2023 and thereafter | 13 | 256,956 | 5.9 | 3,578,372 | 13.93 | 6.1 |
Totals/Weighted | | | | | | |
Average | 446 | 4,392,339 | (c) | 100.0 | 58,493,032 | 13.32 | 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 2012 billings times 12. For leases whose rent commences after October 1, 2012, 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, 2012 aggregating 18,600 square feet and representing annualized rent of $304,500 for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2012
Schedule of Lease Expirations
Industrial/Warehouse Properties
The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning October 1, 2012, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| | | | | | |
2013 | 11 | 212,184 | 56.0 | 2,376,276 | 11.20 | 58.2 |
| | | | | | |
2014 | 3 | 30,545 | 8.1 | 649,926 | 21.28 | 15.9 |
| | | | | | |
2015 | 1 | 28,000 | 7.4 | 350,000 | 12.50 | 8.6 |
| | | | | | |
2016 | 4 | 30,988 | 8.2 | 341,844 | 11.03 | 8.4 |
| | | | | | |
2018 | 1 | 77,203 | 20.3 | 363,354 | 4.71 | 8.9 |
Totals/Weighted | | | | | | |
Average | 20 | 378,920 | | 100.0 | 4,081,400 | 10.77 | 100.0 |
(a) | Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases. |
(b) | Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 1, 2012, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above. |
Stand-Alone Retail Properties
The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning October 1, 2012, assuming that none of the tenants exercise renewal or termination options. All stand-alone retail properties are located in the Westchester County, NY market:
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) |
| | | | | | |
2014 | 1 | 9,300 | 53.8 | 175,000 | 18.82 | 39.2 |
| | | | | | |
2023 and thereafter | 1 | 8,000 | 46.2 | 272,000 | 34.00 | 60.8 |
Totals/Weighted | | | | | | |
Average | 2 | 17,300 | 100.0 | 447,000 | 25.84 | 100.0 |
(a) | Includes stand-alone retail property tenants only. |
(b) | Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 1, 2012 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, 2012