THIRD QUARTER 2013
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, 2013
INDEX
PAGE(S) | |
I. COMPANY BACKGROUND | |
· About the Company / Other Corporate Data | 5 |
· Board of Directors / Executive Officers | 6 |
· Equity Research Coverage / Company Contact Information | 7 |
II. FINANCIAL HIGHLIGHTS | |
· Quarterly Summary / Commencing Initial Operations / Sales | 9 |
· Financing Activity | 10 |
· Leasing | 10 – 11 |
· Information About FFO | 11 |
· Key Financial Data | 12 |
· Same-Store Results and Analysis | 13 |
· Unconsolidated Joint Ventures Summary | 14 – 16 |
· Unconsolidated Joint Ventures Financial Information | 17 – 19 |
· Select Financial Ratios | 20 |
· Debt Analysis: | |
· Debt Breakdown / Future Repayments | 21 |
· Debt Maturities | 22 |
· Debt Detail | 23 |
III. FINANCIAL INFORMATION | |
· Consolidated Statements of Operations | 25 |
· Consolidated Balance Sheets | 26 |
· Consolidated Statement of Changes in Equity | 27 |
· Statements of Funds from Operations | 28 |
· Statements of Funds from Operations Per Diluted Share | 29 |
· Reconciliation of Basic-to-Diluted Shares/Units | 30 |
IV. VALUE CREATION PIPELINE | |
· Operating Property Acquisitions / Properties Commencing Initial Operations | 32 |
· Summary of In-Process Development Projects | 32 |
· Rental Property Sales / Dispositions / Rental Property Held for Sale | 33 |
· Summary of Land Parcels | 34 |
V. PORTFOLIO/ LEASING STATISTICS | |
· Leasing Statistics | 36 – 41 |
· Market Diversification (MSAs) | 42 |
· Industry Diversification (Top 30 Tenant Industries) | 43 |
· Consolidated Portfolio Analyses: | |
Breakdown by: | |
(a) Number of Properties | 44 |
(b) Square Footage | 45 |
(c) Base Rental Revenue | 46 |
(d) Percentage Leased | 47 |
· Consolidated Property Listing (by Property Type) | 48 – 56 |
· Significant Tenants (Top 50 Tenants) | 57 – 58 |
· Schedules of Lease Expirations (by Property Type) | 59 – 63 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
2
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
The Company considers portions of this information to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “projected,” “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; |
· | the value and expected rates of return 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; |
· | projections of future net operating income and associated capitalization rates from properties that the Company disposes and acquires from time to time; |
· | the extent of any tenant bankruptcies or of any early lease terminations; |
· | the Company’s ability to lease or re-lease space at current or anticipated rents; |
· | changes in the supply of and demand for the Company’s properties; |
· | changes in interest rate levels and volatility in the securities markets; |
· | changes in operating costs; |
· | the Company’s ability to obtain adequate insurance, including coverage for terrorist acts; |
· | 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 refinance existing debt and the Company’s future interest expense; |
· | changes in governmental regulation, tax rates and similar matters; and |
· | other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. |
For further information on factors which could impact us and the statements contained herein, you are advised to consider the “Risk Factors” contained in the Company’s Annual Report on Form 10-K, as may be supplemented or amended in the Company’s Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
3
I. COMPANY BACKGROUND
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
4
I. COMPANY BACKGROUND
About the Company
Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $4.6 billion at September 30, 2013. 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. At September 30, 2013 Mack-Cali owned or had interests in 275 properties consisting of 266 office and office/flex properties totaling approximately 30.7 million square feet of commercial space and nine multi-family rental properties containing over 3,300 residential units, all located in the Northeast, as well as land to accommodate up to 8.4 million square feet of additional commercial space and 5,824 multi-family apartment units – in addition to hotel development.
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, 2013)
Corporate Headquarters | Edison, New Jersey |
Fiscal Year-End | 12/31 |
Total Properties | 275 |
Total Commercial Square Feet / Multi-family Units | 30.7 million commercial square feet and 3,319 multi-family residential units |
Geographic Diversity | Seven states and the District of Columbia |
New Jersey Presence | 21.8 million square feet of commercial space and 1,518 multi-family residential units |
Northeast Presence | 30.7 million square feet of commercial space and 3,319 multi-family residential units |
Common Shares and | |
Units Outstanding | 100.0 million |
Dividend-- Quarter/Annualized | $0.30/$1.20 |
Dividend Yield | 5.5% |
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, 2013
5
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 | |
Executive Officers
Mitchell E. Hersh, President and Chief Executive Officer | |
Barry Lefkowitz, Executive Vice President and Chief Financial Officer | |
Roger W. Thomas, Executive Vice President, General Counsel and Secretary | |
Anthony Krug, Chief Accounting Officer |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
6
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 Vin Chao (212) 250-6799 | UBS Investment Research Ross T. Nussbaum (212) 713-2484 |
Green Street Advisors Michael Knott (949) 640-8780 | |
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, 2013
7
II. FINANCIAL HIGHLIGHTS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
8
II. FINANCIAL HIGHLIGHTS
Quarterly Summary
The following is a summary of the Company’s recent activity:
Funds from operations (FFO) for the quarter ended September 30, 2013 amounted to $57.1 million, or $0.57 per share. For the nine months ended September 30, 2013, FFO equaled $185.3 million, or $1.86 per share.
Net income available to common shareholders for the third quarter 2013 equaled $4.6 million, or $0.05 per share. For the nine months ended September 30, 2013, net income available to common shareholders amounted to $39.3 million, or $0.45 per share.
Total revenues for the third quarter 2013 were $162.5 million. For the nine months ended September 30, 2013, total revenues amounted to $501.8 million.
For the three and nine months ended September 30, 2013, the Company recorded impairment charges of $48.5 million on nine of its office properties located in New Jersey. For the three and nine months ended September 30, 2013, the Company realized gains on disposition of rental property of $47.3 million and $61.1 million (net of zero and $23.8 million of impairments on discontinued operations), respectively.
All per share amounts presented above are on a diluted basis.
The Company had 88,021,807 shares of common stock, and 11,987,175 common operating partnership units outstanding as of September 30, 2013. The Company had a total of 100,008,982 common shares/common units outstanding at September 30, 2013.
As of September 30, 2013, the Company had total indebtedness of approximately $2.4 billion, with a weighted average annual interest rate of 5.62 percent.
The Company had a debt-to-undepreciated assets ratio of 39.5 percent at September 30, 2013. The Company had an interest coverage ratio of 2.9 times for the quarter ended September 30, 2013.
Commencing Initial Operations
On August 1, 2013, the Company commenced initial operations on a parking/retail property located in Weehawken, New Jersey. The property consists of 850 garage parking spaces and 16,736 square feet of retail space.
Sales
In August, the Company completed the sale of its 1.66 million square foot Pennsylvania office portfolio and three developable land parcels for approximately $233 million: $201 million in cash, a $10 million mortgage on one of the properties ($8 million of which was funded at closing) and subordinated equity interests in each of the properties being sold with capital accounts aggregating $22 million. The purchasers of the Pennsylvania office portfolio are joint ventures formed between the Company and affiliates of the Keystone Property Group (the “Keystone Affiliates”). The mortgage loan has a term of two years with a one year extension option and bears interest at LIBOR plus six percent. The Company's equity interests in the joint ventures will be subordinated to Keystone Affiliates receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinated equity and then all profit will be split equally.
As part of the transaction, the Company has rights to own, after zoning-approval-subdivision, land at the 150 Monument Road property located in Bala Cynwyd, Pennsylvania, for a contemplated multi-family residential development.
9
In July, the Company sold Liberty Corner Corporate Center, 106 Allen Road in Bernards Township, New Jersey, for approximately $18.0 million. The four-story, 132,010 square-foot building was sold to The Silverman Group.
Financing Activity
In July, the Company amended and restated its unsecured revolving credit facility with a group of 17 lenders. The $600 million facility is expandable to $1 billion and matures in July 2017. It has two six month extension options each requiring the payment of a 7.5 basis point fee. The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) and the facility fee on the current borrowing capacity payable quarterly in arrears are based upon the operating partnership’s unsecured debt ratings.
Leasing
Mack-Cali’s consolidated in-service portfolio was 86.1 percent leased at September 30, 2013, as compared to 86.2 percent leased at June 30, 2013.
For the quarter ended September 30, 2013, the Company executed 131 leases at its consolidated in-service portfolio totaling 980,600 square feet, consisting of 783,218 square feet of office space, 191,387 square feet of office/flex space and 5,995 square feet of industrial/warehouse space. Of these totals, 265,455 square feet were for new leases and 715,145 square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter’s leasing transactions include:
NORTHERN NEW JERSEY:
- | Cervalis LLC, a provider of IT infrastructure solutions, signed a new lease for 28,130 square feet at 29 Commerce Way in Totowa. The 48,930 square-foot, office/flex building, located in Mack-Cali Commercenter, is 77.9 percent leased. |
- | United Water Management & Services, Inc., a provider of water and wastewater services to approximately 5.5 million people in the United States, signed a new lease for 24,900 square feet at Mack-Cali Centre II, 650 From Road in Paramus. The 348,510 square-foot office building is 81.5 percent leased. |
- | S2, Inc. d/b/a Sigma Group, a fully integrated advertising agency, signed a new lease for 23,573 square feet at 10 Mountainview Road in Upper Saddle River. The 192,000 square-foot office building is 85.3 percent leased. |
CENTRAL NEW JERSEY:
- | AT&T Corp. signed a renewal for 275,000 square feet at 30 Knightsbridge Road in Piscataway. The four-building office complex totaling 680,350 square feet is 92.7 percent leased. |
- | DSV Air & Sea, Inc., a global supplier of transport and logistics solutions, signed a renewal for 37,798 square feet at 100 Walnut Avenue in Clark. The 182,555 square-foot office building is 100 percent leased. |
- | New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA), a provider of statutory benefits to insureds and claimants of insolvent property casualty insurance companies, signed a new lease for 28,234 square feet at 233 Mount Airy Road in Basking Ridge. The 66,000 square-foot office building is 67.5 percent leased. |
- | New England Life Insurance Company, a provider of insurance and financial planning products and services, signed transactions totaling 21,564 square feet at 1305 Campus Parkway in Wall Township, consisting of a 15,984 square-foot renewal and a 5,580 square-foot expansion. The 23,350 square-foot office building, located in Monmouth Shores Corporate Park, is 92.4 percent leased. |
- | SS&C Technologies, Inc., a global provider of investment and financial software-enabled services and software, signed transactions totaling 18,983 square feet, consisting of a 12,687 square-foot renewal and a 6,296 square-foot expansion, at 11 Commerce Drive in Cranford. The 90,000 square-foot office building, located in Cranford Business Park, is 81.5 percent leased. |
WESTCHESTER COUNTY, NEW YORK:
- | Wright Brothers Services Inc., specializing in freight transportation, signed transactions totaling 18,845 square feet consisting of a 5,255 square-foot renewal at 150 Clearbrook Road in Elmsford, a 6,865 square-foot renewal at 200 Clearbrook Road in Elmsford, and a 6,725 square-foot expansion at 1 Odell Plaza in Yonkers. Located in Cross Westchester Executive Park, 150 Clearbrook Road is a 74,900 square-foot office/flex building that is 100 percent leased and 200 Clearbrook Road is a 94,000 square-foot office/flex building that is 99.8 percent leased. Located in South Westchester Executive Park, 1 Odell Plaza is a 106,000 square-foot office/flex building that is 97.2 percent leased. |
10
- | JPMorgan Chase Bank National Association, a global financial services firm, signed a renewal for 15,880 square feet at 11 Martine Avenue in White Plains. The 180,000 square-foot office building, located in Westchester Financial Center, is 77.7 percent leased. |
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 29.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
11
Key Financial Data
As of or for the three months ended | |||||
9/30/13 | 6/30/13 | 3/31/13 | 12/31/12 | 9/30/12 | |
Shares and Units: | |||||
Common Shares Outstanding | 88,021,807 | 88,004,354 | 87,923,776 | 87,536,292 | 87,821,885 |
Common Units Outstanding | 11,987,175 | 12,003,241 | 12,081,440 | 12,141,836 | 12,177,122 |
Combined Shares and Units | 100,008,982 | 100,007,595 | 100,005,216 | 99,678,128 | 99,999,007 |
Weighted Average- Basic (a) | 99,787,129 | 99,779,978 | 99,766,701 | 99,695,353 | 100,003,034 |
Weighted Average- Diluted (b) | 99,787,129 | 99,779,978 | 99,849,397 | 99,695,353 | 100,074,809 |
Common Share Price ($’s): | |||||
At the end of the period | 21.94 | 24.49 | 28.61 | 26.11 | 26.60 |
High during period | 25.13 | 29.39 | 29.03 | 28.16 | 29.45 |
Low during period | 20.60 | 22.59 | 25.78 | 24.37 | 26.31 |
Market Capitalization: | |||||
($’s in thousands, except ratios) | |||||
Market Value of Equity (c) | 2,250,247 | 2,505,823 | 2,917,514 | 2,663,758 | 2,661,629 |
Total Debt | 2,368,681 | 2,369,153 | 2,296,687 | 2,204,389 | 1,970,254 |
Total Market Capitalization | 4,618,928 | 4,874,976 | 5,214,201 | 4,868,147 | 4,631,883 |
Total Debt/ Total Market Capitalization | 51.28% | 48.60% | 44.05% | 45.28% | 42.54% |
Financials: | |||||
($’s in thousands, except ratios and per share amounts) | |||||
Total Assets | 4,609,263 | 4,638,064 | 4,585,269 | 4,526,045 | 4,269,573 |
Gross Book Value of Real Estate Assets | 5,113,940 | 5,422,418 | 5,607,617 | 5,525,015 | 5,295,248 |
Total Liabilities | 2,598,601 | 2,602,972 | 2,547,913 | 2,457,538 | 2,191,345 |
Total Equity | 2,010,662 | 2,035,092 | 2,037,356 | 2,068,507 | 2,078,228 |
Total Revenues | 162,505 | 168,347 | 170,912 | 164,341 | 156,797 |
Capitalized Interest | 3,514 | 3,281 | 3,467 | 2,916 | 891 |
Scheduled Principal Amortization | 1,017 | 808 | 1,065 | 1,342 | 1,201 |
Interest Coverage Ratio | 2.85 | 3.08 | 3.11 | 3.21 | 3.14 |
Fixed Charge Coverage Ratio | 2.48 | 2.72 | 2.70 | 2.80 | 2.93 |
Net Income (Loss) | 3,439 | 26,184 | 13,089 | (10,585) | 16,176 |
Net Income (Loss) Available to Common Shareholders | 4,643 | 23,071 | 11,556 | (9,227) | 14,281 |
Earnings per Share—diluted | 0.05 | 0.26 | 0.13 | (0.11) | 0.16 |
FFO per Share—diluted (d) | 0.57 | 0.65 | 0.63 | 0.66 | 0.65 |
Dividends Declared per Share | 0.30 | 0.30 | 0.45 | 0.45 | 0.45 |
FFO Payout Ratio—diluted (d) | 52.42% | 45.93% | 71.28% | 68.65% | 69.27% |
Portfolio Size: | |||||
Properties | 275 | 273 | 279 | 278 | 276 |
Total Commercial Square Footage | 30,657,119 | 30,584,290 | 31,591,672 | 31,691,682 | 32,192,587 |
Commercial Sq. Ft. Leased at End of Period (e) (f) | 86.1% | 86.2% | 86.0% | 87.2% | 87.5% |
Apartment Units | 3,319 | 3,319 | 2,907 | 1,769 | 0 |
(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 11. |
(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, 2013
12
Same Store Results and Analysis
(dollars in thousands)
For the three months ended September 30, | % | |||
2013 | 2012 | Change | Change | |
Total Property Revenues | $149,083 | $153,623 | $(4,540) | (3.0) |
Real Estate Taxes | 20,048 | 20,657 | (609) | (2.9) |
Utilities | 17,672 | 16,648 | 1,024 | 6.2 |
Operating Services | 25,467 | 24,647 | 820 | 3.3 |
Total Property Expenses: | 63,187 | 61,952 | 1,235 | 2.0 |
GAAP Net Operating Income | 85,896 | 91,671 | (5,775) | (6.3) |
Less: straight-lining of rents adj. | (896) | 2,012 | (2,908) | (144.5) |
Net Operating Income | $86,792 | $89,659 | $(2,867) | (3.2) |
Percentage Leased at Period End | 86.0% | 87.5% | ||
Total Properties: | 240 | |||
Total Square Footage: | 27,748,345 | |||
For the nine months ended September 30, | % | |||
2013 | 2012 | Change | Change | |
Total Property Revenues | $453,495 | $464,231 | $(10,736) | (2.3) |
Real Estate Taxes | 60,953 | 64,577 | (3,624) | (5.6) |
Utilities | 47,370 | 44,645 | 2,725 | 6.1 |
Operating Services | 75,777 | 72,423 | 3,354 | 4.6 |
Total Property Expenses: | 184,100 | 181,645 | 2,455 | 1.4 |
GAAP Net Operating Income | 269,395 | 282,586 | (13,191) | (4.7) |
Less: straight-lining of rents adj. | 8,368 | 5,343 | 3,025 | 56.6 |
Net Operating Income | $261,027 | $277,243 | $(16,216) | (5.8) |
Percentage Leased at Period End | 86.0% | 87.5% | ||
Total Properties: | 240 | |||
Total Square Footage: | 27,748,345 | |||
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
13
Unconsolidated Joint Ventures Summary
(as of September 30, 2013)
Breakdown of Unconsolidated Joint Ventures
(dollars in thousands)
Joint Venture Name | Property | Location | Year Built | Percent Occupied | # of Apartment Units | Revenue Per Unit (a) | |
Operating Multi-family Residential: | |||||||
Marbella RoseGarden, L.L.C. | Marbella | Jersey City, NJ | 2003 | 95.5% | 412 | $2,854 | |
RoseGarden Monaco, L.L.C. | Monaco (North and South) | Jersey City, NJ | 2011 | 95.4% | 523 | 3,092 | |
Rosewood Morristown, L.L.C. | Metropolitan at 40 Park | Morristown, NJ | 2010 | 93.8% | 130 | 3,164 | |
Rosewood Lafayette Holdings, L.L.C. | Highlands at Morristown Station | Morristown, NJ | 2009 | 95.6% | 217 | 2,530 | |
PruRose Port Imperial South 15 LLC | RiversEdge at Port Imperial | Weehawken, NJ | 2009 | 94.6% | 236 | 3,018 | |
Overlook Ridge JV, L.L.C. | Quarrystone | Malden, MA | 2008 | 94.8% | 251 | 2,086 | |
Crystal House Apartments Investors LLC | Crystal House | Arlington, VA | 1962 | 86.0% | (q) | 828 | 1,961 |
Total Operating Multi-family Residential: | 92.2% | 2,597 | $2,546 |
Joint Venture Name | Property | Location | Year Built | Percent Leased | Square Feet | |
Operating Commercial: | ||||||
Roseland/North Retail, L.L.C. | Riverwalk at Port Imperial | West New York, NJ | 2008 | 64.0% | 30,745 | |
BNES Associates III | Offices at Crystal Lake | West Orange, NJ | 2003 | 100.0% | 106,345 | |
Red Bank Corporate Plaza | Red Bank Corporate Plaza | Red Bank, NJ | 2007 | 100.0% | 92,878 | |
12 Vreeland Realty L.L.C. | 12 Vreeland Road | Florham Park, NJ | 1984 | 100.0% | 139,750 | |
Rosewood Morristown, L.L.C. | Shops at 40 Park | Morristown, NJ | 2010 | 60.4% | 50,973 | |
Keystone Property Group | Suburban Philadelphia | Suburban Philadelphia, PA | Various | 86.0% | 1,842,820 | |
Total Operating Commercial: | 2,263,511 |
Joint Venture Name | Property | Location | Year Built | Number of Rooms | |||
Hotel: | |||||||
Harborside South Pier | Hyatt Regency Jersey City on the Hudson | Jersey City, NJ | 2002 | 350 |
Joint Venture Name | Property | Location | ||||
Other Investment: | ||||||
Stamford SM L.L.C. | Senior Mezzanine Loan | Stamford, CT |
Joint Venture Name | Property | Location | Estimated Initial Delivery Date | Potential Apartment Units | ||||
In-Process Development Projects: | ||||||||
PruRose Riverwalk G, L.L.C. | RiverTrace at Port Imperial | West New York, NJ | 4Q-2013 | 316 | ||||
Elmajo Urban Renewal Associates, L.L.C. | Lincoln Harbor | Weehawken, NJ | 1Q-2014 | 355 | ||||
Overlook Ridge JV 2C/3B, L.L.C. | Overlook Ridge 2C & 3B | Malden, MA | 1Q-2014 | 371 | ||||
Prurose Port Imperial South 13, LLC | Port Imperial Building 13 | Weehawken, NJ | 4Q-2014 | 280 | ||||
Portside Master Company, LLC | Portside at Pier One – Bldg 7 | East Boston, MA | 3Q-2014 | 176 | ||||
RiverPark at Harrison I Urban Renewal LLC | RiverPark at Harrison | Harrison, NJ | 4Q-2014 | 141 | ||||
Estuary Urban Renewal Unit B, LLC | Lincoln Harbor (Bldg B) | Weehawken, NJ | 1Q-2015 | 227 | ||||
RoseGarden Marbella South, L.L.C. | Marbella II | Jersey City, NJ | 4Q-2015 | 311 | ||||
Rosewood Morristown, L.L.C. | Lofts at 40 Park | Morristown, NJ | 4Q-2015 | 91 | ||||
Roseland/Port Imperial Partners, L.P. | Riverwalk C | West New York, NJ | 4Q-2015 | 363 | ||||
Total In-Process Development Projects: | 2,631 |
Joint Venture Name | Property | Location | Potential Apartment Units | Potential Commercial Square Feet | ||
Land: | ||||||
Hillsborough 206 Holdings, L.L.C. | Hillsborough 206 | Hillsborough, NJ | n/a | 160,000 | ||
RoseGarden Monaco, L.L.C. | San Remo Land | Jersey City, NJ | 300 | n/a | ||
Grand Jersey Waterfront URA, L.L.C. | Liberty Landing | Jersey City, NJ | 1,000 | n/a | ||
RiverPark at Harrison I, L.L.C. | RiverPark at Harrison 5-8 | Harrison, NJ | 141 | n/a | ||
Plaza VIII and IX Associates, L.L.C. | Vacant land/parking | Jersey City, NJ | n/a | 1,225,000 | ||
Overlook Ridge, L.L.C. | Overlook Ridge Land | Malden/Revere, MA | 896 | 160,000 | ||
Overlook Ridge JV, L.L.C. | Overlook Phase III | Malden, MA | 240 | n/a | ||
Roseland/Port Imperial Partners, L.P. | Port Imperial North | West New York, NJ | 836 | n/a | ||
Crystal House Apartments Investors LLC | Crystal House | Arlington, VA | 295 | n/a | ||
Total Land: | 3,708 | 1,545,000 |
See footnotes on page 16.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
14
Breakdown of Unconsolidated Joint Ventures
(dollars in thousands)
(continued)
Joint Venture Name | Property | Company’s Effective Ownership % | Net Operating Income (b) | Property Debt | Preferred | |||||||||||
3 Mos 9/30/13 | 9 Mos 9/30/13 | Balance | Maturity Date | Interest Rate | Capital Balance (c) | Return Rate | Investor | |||||||||
Operating Multi-family Residential: | ||||||||||||||||
Marbella RoseGarden, L.L.C. | Marbella | 24.27% | $ 2,135 | $ 6,687 | $ 95,000 | 05/01/18 | 4.99% | $ 7,567 | 9.50% | Prudential | ||||||
RoseGarden Monaco, L.L.C. | Monaco (North and South) | 15.00% | 3,178 | 9,447 | 165,000 | 02/01/21 | 4.19% | 79,364 | 9.00% | Prudential | ||||||
Rosewood Morristown, L.L.C. | Metropolitan at 40 Park | 12.50% | 656 | 2,024 | 38,600 | 09/01/20 | 3.25% | 19,071 | (d) | 9.00% | Prudential | |||||
Rosewood Lafayette Holdings, L.L.C. | Highlands at Morristown Station | 25.00% | 1,000 | 2,996 | 39,547 | 07/01/15 | 4.00% | 31,583 | 9.00% | Prudential | ||||||
PruRose Port Imperial South 15 LLC | RiversEdge at Port Imperial | 50.00% | (e) | 976 | 3,167 | 57,500 | 09/01/20 | 4.32% | 38,886 | 9.00% | Prudential | |||||
Overlook Ridge JV, L.L.C. | Quarrystone | 25.00% | 891 | 2,707 | 69,900 | 03/15/16 | (f) | 18,829 | (g) | 15.00% | Lennar | |||||
Crystal House Apartments Investors LLC | Crystal House | 25.00% | 2,261 | 5,467 | (h) | 165,000 | 03/19/20 | 3.17% | -- | -- | -- | |||||
Total Operating Multi-family Residential: | $11,097 | $32,495 | $630,547 | $195,300 |
Joint Venture Name | Property | Company’s Effective Ownership % | Net Operating Income (b) | Property Debt | Preferred | |||||||||||
3 Mos 9/30/13 | 9 Mos 9/30/13 | Balance | Maturity Date | Interest Rate | Capital Balance (c) | Return Rate | Investor | |||||||||
Operating Commercial: | ||||||||||||||||
Roseland/North Retail, L.L.C. | Riverwalk at Port Imperial | 20.00% | $ 71 | $ 180 | -- | -- | -- | $5,903 | 9.00% | Prudential | ||||||
BNES Associates III | Offices at Crystal Lake | 31.25% | 374 | 1,121 | $ 7,498 | 11/01/23 | 4.76% | -- | -- | -- | ||||||
Red Bank Corporate Plaza | Red Bank Corporate Plaza | 50.00% | 633 | 1,921 | 16,984 | 05/17/16 | L+3.00% | (i) | -- | -- | -- | |||||
12 Vreeland Realty L.L.C. | 12 Vreeland Road | 50.00% | 101 | 457 | 16,000 | 06/18/23 | 2.87% | -- | -- | -- | ||||||
Rosewood Morristown, L.L.C. | Shops at 40 Park | 12.50% | 129 | 482 | 6,500 | 08/28/18 | 3.63% | -- | (d) | 9.00% | Prudential | |||||
Keystone Property Group | Suburban Philadelphia | (r) | 2,630 | 2,630 | 199,596 | (s) | (s) | 42,423 | 15.00% | KPG | ||||||
Total Operating Commercial: | $ 3,938 | $ 6,791 | $246,578 | $ 48,326 |
Joint Venture Name | Property | Company’s Effective Ownership % | Net Operating Income (b) | Property Debt | Preferred | ||||||||||||
3 Mos 9/30/13 | 9 Mos 9/30/13 | Balance | Maturity Date | Interest Rate | Capital Balance (c) | Return Rate | Investor | ||||||||||
Hotel: | |||||||||||||||||
Harborside South Pier | Hyatt Regency Jersey City on the Hudson | 50.00% | $ 3,153 | $ 6,645 | $ 63,426 | 11/05/16 | 6.15% | (j) | -- | -- | -- |
Joint Venture Name | Property | Company’s Effective Ownership % | Net Operating Income (b) | Property Debt | Preferred | |||||||||||||
3 Mos 9/30/13 | 9 Mos 9/30/13 | Balance | Maturity Date | Interest Rate | Capital Balance (c) | Return Rate | Investor | |||||||||||
Other Investment: | ||||||||||||||||||
Stamford SM L.L.C. | Senior Mezzanine Loan | 80.00% | $ 1,279 | $ 3,506 | -- | -- | -- | -- | -- | -- |
Joint Venture Name | Property | Company’s Effective Ownership % | Property Debt | Preferred | |||||||||||||
Balance | Maturity Date | Interest Rate | Capital Balance (c) | Return Rate | Investor | ||||||||||||
In-Process Development Projects: | |||||||||||||||||
PruRose Riverwalk G, L.L.C. | RiverTrace at Port Imperial | 25.00% | $ 54,599 | 07/15/21 | 6.00% | $ 41,039 | 7.75% | UBS | |||||||||
Elmajo Urban Renewal Associates, L.L.C. | Lincoln Harbor | 7.50% | 40,274 | 06/27/16 | L+2.10% | 56,515 | 8.50% | Hartz | |||||||||
Overlook Ridge JV 2C/3B, L.L.C. | Overlook Ridge 2C & 3B | 25.00% | -- | 12/28/15 | L+2.50% | (k) | 24,959 | 6.50% | UBS | ||||||||
Prurose Port Imperial South 13, LLC | Port Imperial Building 13 | 20.00% | (e) | -- | 06/27/16 | L+2.15% | (l) | 43,270 | (m) | 9.00% | Prudential | ||||||
Portside Master Company, LLC | Portside at Pier One – Bldg 7 | 38.25% | -- | 12/05/15 | L+2.50% | 17,460 | 9.00% | Prudential | |||||||||
RiverPark at Harrison I Urban Renewal LLC | RiverPark at Harrison | 36.00% | 866 | 06/27/16 | L+2.35% | 2,665 | (n) | -- | Chall | ||||||||
Estuary Urban Renewal Unit B, LLC | Lincoln Harbor (Bldg B) | 7.50% | 4,088 | -- | -- | 30,993 | 8.50% | Hartz | |||||||||
RoseGarden Marbella South, L.L.C. | Marbella II | 24.27% | -- | -- | -- | 3,593 | (o) | 9.00% | Prudential | ||||||||
Rosewood Morristown, L.L.C. | Lofts at 40 Park | 25.00% | 1,117 | 9/30/14 | L+2.50% | -- | -- | -- | |||||||||
Roseland/Port Imperial Partners, L.P. | Riverwalk C | 20.00% | -- | -- | -- | 22,066 | (p) | 10.00% | Prudential | ||||||||
Total In-Process Development Projects: | $100,944 | $242,560 |
Joint Venture Name | Property | Company’s Effective Ownership % | Property Debt | Preferred | ||||||||||||||
Balance | Maturity Date | Interest Rate | Capital Balance (c) | Return Rate | Investor | |||||||||||||
Land: | ||||||||||||||||||
Hillsborough 206 Holdings, L.L.C. | Hillsborough 206 | 50.00% | -- | -- | -- | -- | -- | -- | ||||||||||
RoseGarden Monaco, L.L.C. | San Remo Land | 41.67% | -- | -- | -- | -- | -- | -- | ||||||||||
Grand Jersey Waterfront URA, L.L.C. | Liberty Landing | 50.00% | -- | -- | -- | -- | -- | -- | ||||||||||
RiverPark at Harrison I, L.L.C. | RiverPark at Harrison 5-8 | Land Option | -- | -- | -- | -- | -- | -- | ||||||||||
Plaza VIII and IX Associates, L.L.C. | Vacant land/parking | 50.00% | -- | -- | -- | -- | -- | -- | ||||||||||
Overlook Ridge, L.L.C. | Overlook Ridge Land | 50.00% | $ 16,475 | 03/02/14 | L+3.50% | -- | -- | -- | ||||||||||
Overlook Ridge JV, L.L.C. | Overlook Phase III | 50.00% | 5,594 | 04/14/15 | L+2.50% | -- | -- | -- | ||||||||||
Roseland/Port Imperial Partners, L.P. | Port Imperial North | 20.00% | -- | -- | -- | -- | -- | -- | ||||||||||
Crystal House Apartments Investors LLC | Crystal House Land | 50.00% | -- | -- | -- | -- | -- | -- | ||||||||||
Total Land | $ 22,069 |
See footnotes on page 16. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
15
Breakdown of Unconsolidated Joint Ventures
(continued)
Footnotes for pages 14 and 15: |
(a) | Total apartment revenue for the quarter ended September 30, 2013 divided by the average percent leased for the quarter ended September 30, 2013, divided by the number of units and divided by 3. |
(b) | Net operating income equals total property revenues less real estate taxes, utilities and operating expenses. |
(c) | Includes capital account balance and accrued unpaid preferred return where applicable. |
(d) | Capital balances apply to both properties. Capital balance does not include $695 capital account held by Rosewood Morristown, L.L.C. |
(e) | A third party has a 20 percent economic interest in net company distributions. |
(f) | The senior loan, with a balance of $52,900 bears interest at LIBOR + 2.00 percent and the junior loan, with a balance of $17,000, bears interest at LIBOR + 0.90 percent. |
(g) | Includes a priority partnership loan which has an accrued interest balance of $14,444 as of September 30, 2013. |
(h) | Includes results from acquisition date March 2013 forward. |
(i) | On September 22, 2011, the interest rate on 75 percent of the loan was fixed at 3.99375 percent from October 17, 2011 through maturity. |
(j) | The venture also has a loan with a balance of $5,089 with the City of Jersey City, provided by the U.S. Department of Housing and Urban Development, which bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020. |
(k) | On January 18, 2013, the interest rate on an amount not expected to exceed 95 percent of the outstanding loan balance was fixed at 3.0875 percent from September 3, 2013 to November 2, 2015. |
(l) | On December 28, 2012, the interest rate on an amount not expected to exceed 95 percent of the outstanding loan balance was fixed at 2.79 percent from July 1, 2013 to January 1, 2016. |
(m) | Capital balance does not include MCRC land capital amount of $1,834 and accrued return balance of $129 as of September 30, 2013. |
(n) | Does not include MCRC capital balance of $1,718 and accrued return balance of $51. |
(o) | Does not include MC Roseland Marbella South, L.L.C. capital amount of $830 and MG Marbella Partners II, L.L.C. capital account of $879. As of October 1, 2013, Prudential and MCRC hold Pari Passu capital accounts of $10,307 and $3,232, respectively. The capital account of MG Marbella Partners II, L.L.C. has been reduced to $0. |
(p) | Does not include MCRC capital account of $27. |
(q) | Occupancy for Crystal House reflects 50 vacant units that are undergoing renovation. Excluding these units, percent occupied for Crystal House and Total Operating Multi-Family was 91.4 percent and 94.0 percent, respectively. |
(r) | The Company’s equity interests in the joint ventures will be subordinated to affiliates of the Keystone Property Group receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinate equity of $22.2 million and then all profit will be split equally. |
(s) | Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $61,571 bears interest at rates ranging from L+5.0 percent to L+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at L+6.0 percent and matures in August 27, 2015. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
16
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, 2013 and December 31, 2012: (dollars in thousands)
September 30, | December 31, | |
2013 | 2012 | |
Assets: | ||
Rental property, net | $ 736,487 | $ 180,254 |
Loan receivable | 44,459 | 42,276 |
Other assets | 434,714 | 311,847 |
Total assets | $ 1,215,660 | $ 534,377 |
Liabilities and partners’/ | ||
members’ capital: | ||
Mortgages and loans payable | $ 600,473 | $ 168,908 |
Other liabilities | 71,552 | 12,141 |
Partners’/members’ capital | 543,635 | 353,328 |
Total liabilities and partners'/members’ capital | $ 1,215,660 | $ 534,377 |
The following is a summary of the Company’s investment in unconsolidated joint ventures as of September 30, 2013 and December 31, 2012: (dollars in thousands)
September 30, | December 31, | |
Entity | 2013 | 2012 |
Plaza VIII & IX Associates, L.L.C. | $ 4,065 | $ 4,321 |
South Pier at Harborside | (2,095) | (1,225) |
Red Bank Corporate Plaza, L.L.C. | 3,972 | 3,876 |
12 Vreeland Associates, L.L.C. | 5,439 | 12,840 |
Boston Downtown Crossing | -- | 13,012 |
Gale Jefferson L.L.C. | -- | 1,029 |
Stamford SM LLC | 35,667 | 34,006 |
Marbella RoseGarden, L.L.C. | 15,976 | 16,918 |
RoseGarden Monaco Holdings, L.L.C. | 3,524 | 4,761 |
Rosewood Lafayette Holdings, L.L.C. | 1,119 | 1,988 |
PruRose Port Imperial South 15, LLC | -- | 606 |
Rosewood Morristown, L.L.C. | 6,603 | 7,091 |
Overlook Ridge JV, L.L.C. | 178 | 31 |
Overlook Ridge, L.L.C. | -- | -- |
Overlook Ridge JV 2C/3B, L.L.C. | -- | 179 |
Roseland/North Retail, L.L.C. | 1,967 | 2,161 |
BNES Associates III | 1,708 | 1,955 |
Portside Master Company, L.L.C. | 3,449 | 3,651 |
PruRose Port Imperial South 13, LLC | 2,451 | 2,920 |
Roseland/Port Imperial Partners, L.P. | 2,755 | 2,582 |
RoseGarden Marbella South, L.L.C. | 7,160 | 6,182 |
PruRose Riverwalk G, L.L.C. | 3,515 | 4,136 |
Elmajo Urban Renewal Associates, LLC | 232 | 629 |
Estuary Urban Renewal Unit B, LLC | 74 | 220 |
RiverPark at Harrison I, L.L.C. | 3,404 | 2,606 |
150 Main Street, L.L.C. | -- | 2,395 |
RoseGarden Monaco, L.L.C. | 1,208 | 1,165 |
Hillsborough 206 Holdings, L.L.C. | 1,989 | 1,967 |
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. | 397 | 337 |
Crystal House Apartments Investors LLC | 26,928 | -- |
Other | 174 | -- |
Company's investment in unconsolidated joint ventures | $ 131,859 | $ 132,339 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
17
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 for the three and nine months ended September 30, 2013 and 2012: (dollars in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||
2013 | 2012 | 2013 | 2012 | |
Total revenues | $99,117 | $ 17,311 | $202,810 | $44,369 |
Operating and other expenses | (48,621) | (9,169) | (137,889) | (25,428) |
Depreciation and amortization | (11,556) | (2,497) | (24,730) | (7,285) |
Interest expense | (3,934) | (1,675) | (9,256) | (5,017) |
Net (loss) income | $35,006 | $ 3,970 | $ 30,935 | $6,639 |
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and nine months ended September 30, 2013 and 2012: (dollars in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||
Entity | 2013 | 2012 | 2013 | 2012 |
Plaza VIII & IX Associates, L.L.C. | $ 24 | $ 21 | $ 52 | $ 43 |
South Pier at Harborside | 835 | 1,080 | 1,380 | 1,884 |
Red Bank Corporate Plaza, L.L.C. | 99 | 94 | 306 | 298 |
12 Vreeland Associates, L.L.C. | (25) | 279 | (1) | 603 |
Boston Downtown Crossing | -- | (6) | 646 | (333) |
Gale Jefferson L.L.C. | -- | 23 | 68 | 63 |
Stamford SM LLC | 1,023 | 927 | 2,805 | 2,193 |
Marbella RoseGarden, L.L.C. | (170) | -- | (446) | -- |
RoseGarden Monaco Holdings, L.L.C. | (416) | -- | (1,238) | -- |
Rosewood Lafayette Holdings, L.L.C. | (295) | -- | (869) | -- |
PruRose Port Imperial South 15, LLC | -- | -- | (606) | -- |
Rosewood Morristown, L.L.C. | (152) | -- | (393) | -- |
Overlook Ridge JV, L.L.C. | -- | -- | -- | -- |
Overlook Ridge, L.L.C. | -- | -- | -- | -- |
Overlook Ridge JV 2C/3B, L.L.C. | 53 | -- | 204 | -- |
Roseland/North Retail, L.L.C. | (62) | -- | (194) | -- |
BNES Associates III | (37) | -- | (108) | -- |
Portside Master Company, L.L.C. | (109) | -- | (222) | -- |
PruRose Port Imperial South 13, LLC | (181) | -- | (459) | -- |
Roseland/Port Imperial Partners, L.P. | -- | -- | -- | -- |
RoseGarden Marbella South, L.L.C. | (20) | -- | (57) | -- |
PruRose Riverwalk G, L.L.C. | (198) | -- | (576) | -- |
Elmajo Urban Renewal Associates, LLC | (87) | -- | (255) | -- |
Estuary Urban Renewal Unit B, LLC | (44) | -- | (107) | -- |
RiverPark at Harrison I, L.L.C. | -- | -- | -- | -- |
150 Main Street, L.L.C. | -- | -- | -- | -- |
RoseGarden Monaco, L.L.C. | -- | -- | -- | -- |
Hillsborough 206 Holdings, L.L.C. | -- | -- | -- | -- |
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. | -- | -- | -- | -- |
Crystal House Apartments Investors LLC | (1,149) | -- | (2,671) | -- |
Other | 682 | -- | 682 | -- |
Company's equity in (loss) earnings of unconsolidated joint ventures | $(229) | $2,418 | $(2,059) | $4,751 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
18
The following is a summary of the Company’s funds from operations of unconsolidated joint ventures for the three and nine months ended September 30, 2013 and 2012: (dollars in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||
Entity | 2013 | 2012 | 2013 | 2012 |
Plaza VIII & IX Associates, L.L.C. | $ 100 | $ 98 | $ 282 | $ 273 |
South Pier at Harborside | 1,577 | 1,763 | 3,569 | 3,974 |
Red Bank Corporate Plaza, L.L.C. | 215 | 208 | 654 | 640 |
12 Vreeland Associates, L.L.C. | 51 | 356 | 229 | 834 |
Boston Downtown Crossing | -- | (6) | 646 | (333) |
Gale Jefferson, L.L.C. | -- | 46 | 69 | 134 |
Stamford SM LLC | 1,023 | 927 | 2,805 | 2,193 |
Marbella RoseGarden, L.L.C. | 254 | -- | 841 | -- |
RoseGarden Monaco Holdings, L.L.C. | (40) | -- | (112) | -- |
Rosewood Lafayette Holdings, L.L.C. | (6) | -- | (6) | -- |
PruRose Port Imperial South 15, LLC | -- | -- | 101 | -- |
Rosewood Morristown, L.L.C. | (12) | -- | 25 | -- |
Overlook Ridge JV, L.L.C. | -- | -- | -- | -- |
Overlook Ridge, L.L.C. | -- | -- | -- | -- |
Overlook Ridge JV 2C/3B, L.L.C. | 52 | -- | 203 | -- |
Roseland/North Retail, L.L.C. | (11) | -- | (39) | -- |
BNES Associates III | 118 | -- | 355 | -- |
Portside Master Company, L.L.C. | (109) | -- | (222) | -- |
PruRose Port Imperial South 13, LLC | (181) | -- | (459) | -- |
Roseland/Port Imperial Partners, L.P. | -- | -- | -- | -- |
RoseGarden Marbella South, L.L.C. | (20) | -- | (57) | -- |
PruRose Riverwalk G, L.L.C. | (198) | -- | (576) | -- |
Elmajo Urban Renewal Associates, LLC | (87) | -- | (255) | -- |
Estuary Urban Renewal Unit B, LLC | (45) | -- | (108) | -- |
RiverPark at Harrison I, L.L.C. | -- | -- | -- | -- |
150 Main Street, L.L.C. | -- | -- | -- | -- |
RoseGarden Monaco, L.L.C. | -- | -- | -- | -- |
Hillsborough 206 Holdings, L.L.C. | -- | -- | -- | -- |
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. | -- | -- | -- | -- |
Crystal House Apartments Investors LLC | 553 | -- | 734 | -- |
Other | 682 | -- | 682 | -- |
Company's funds from operations of unconsolidated joint ventures | $ 3,916 | $ 3,392 | $ 9,361 | $ 7,715 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
19
Select Financial Ratios
Ratios Computed For Industry | September 30, | ||||
Comparisons: | 2013 | 2012 | |||
Financial Position Ratios: | |||||
Total Debt/ Total Book Capitalization (Book value) (%) | 51.39% | 46.15% | |||
Total Debt/ Total Market Capitalization (Market value) (%) | 51.28% | 42.54% | |||
Total Debt/ Total Undepreciated Assets (%) | 39.47% | 34.41% | |||
Secured Debt/ Total Undepreciated Assets (%) | 12.54% | 12.31% | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Operational Ratios: | |||||
Interest Coverage (Funds from Operations+Interest Expense)/Interest Expense (x) | 2.85 | 3.14 | 3.01 | 3.18 | |
Debt Service Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Principal Amort.) (x) | 2.76 | 3.02 | 2.92 | 3.09 | |
Fixed Charge Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Capitalized Interest+Pref. Div. +Prin. Amort.+Ground Lease Payments)(x) | 2.48 | 2.93 | 2.63 | 3.04 | |
FFO Payout (Dividends Declared/Funds from Operations) (%) | 52.42% | 69.27% | 56.53% | 67.02% | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
20
Debt Analysis
(as of September 30, 2013)
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 | $1,616,337 | 68.24% | 4.95% | 5.19 | |
Fixed Rate Secured Debt | 672,944 | 28.41% | 7.57% | 3.58 | |
Variable Rate Secured Debt | 79,400 | 3.35% | 2.74% | 1.18 | |
Totals/Weighted Average: | $2,368,681 | 100.00% | 5.62% | (b) | 4.60 |
(a) | The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.18 percent as of September 30, 2013. |
(b) | Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.8 million for the three months ended September 30, 2013. |
Future Repayments
(dollars in thousands)
Period | Scheduled Amortization | Principal Maturities | Total | Weighted Average Interest Rate of Future Repayments (a) | |
October 1 – December 31, 2013 | $ 2,760 | $ 46,317 | $ 49,077 | 4.30% | |
2014 | 10,086 | 329,531 | 339,617 | 6.85% | |
2015 | 8,551 | 193,045 | 201,596 | 4.66% | |
2016 | 8,389 | 269,272 | 277,661 | 7.14% | |
2017 | 6,423 | 391,151 | 397,574 | 4.12% | |
Thereafter | 6,194 | 1,116,882 | 1,123,076 | 5.68% | |
Sub-total | 42,403 | 2,346,198 | 2,388,601 | ||
Adjustment for unamortized debt discount/premium and mark-to-market, net, as of September 30, 2013 | (19,920) | -- | (19,920) | ||
Totals/Weighted Average: | $ 22,483 | $2,346,198 | $2,368,681 | 5.62% |
(a) | The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.18 percent as of September 30, 2013. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
21
Debt Maturities
(dollars in thousands)
October 1- December 31, 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 and Beyond | TOTALS | |
Secured Debt: | |||||||||
Port Imperial South 4/5 | $36,355 | $36,355 | |||||||
9200 Edmonston Road | 4,158 | 4,158 | |||||||
6305 Ivy Lane | 5,804 | 5,804 | |||||||
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 | |||||||
Port Imperial South | 43,045 | 43,045 | |||||||
4 Becker | $40,431 | 40,431 | |||||||
5 Becker | 14,574 | 14,574 | |||||||
210 Clay | 14,267 | 14,267 | |||||||
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 | |||||||
233 Canoe Brook Road | 3,479 | 3,479 | |||||||
Total Secured Debt: | $46,317 | $129,531 | $43,045 | $69,272 | $141,151 | $231,536 | $60,346 | -- | $721,198 |
Unsecured Debt: | |||||||||
Unsecured credit facility | -- | ||||||||
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 | |||||||
2.50% unsecured notes due 12/17 | $250,000 | 250,000 | |||||||
7.75% unsecured notes due 8/19 | $250,000 | 250,000 | |||||||
4.50% unsecured notes due 4/22 | $300,000 | 300,000 | |||||||
3.15% unsecured notes due 5/23 | 275,000 | 275,000 | |||||||
Total Unsecured Debt: | -- | $200,000 | $150,000 | $200,000 | $250,000 | -- | $250,000 | $575,000 | $1,625,000 |
Total Debt: | $46,317 | $329,531 | $193,045 | $269,272 | $391,151 | $231,536 | $310,346 | $575,000 | $2,346,198 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
22
Debt Detail
(dollars in thousands)
Property Name | Lender | Effective Interest Rate | ||||
September 30, | December 31, | Date of Maturity | ||||
2013 | 2012 | |||||
Senior Unsecured Notes: (a) | ||||||
4.600%, Senior Unsecured Notes | public debt | 4.742% | -- | $99,987 | -- | (b) |
5.125%, Senior Unsecured Notes | public debt | 5.110% | $200,090 | 200,270 | 02/15/14 | |
5.125%, Senior Unsecured Notes | public debt | 5.297% | 149,879 | 149,810 | 01/15/15 | |
5.800%, Senior Unsecured Notes | public debt | 5.806% | 200,180 | 200,237 | 01/15/16 | |
2.500%, Senior Unsecured Notes | public debt | 2.803% | 248,781 | 248,560 | 12/15/17 | |
7.750%, Senior Unsecured Notes | public debt | 8.017% | 248,746 | 248,585 | 08/15/19 | |
4.500%, Senior Unsecured Notes | public debt | 4.612% | 299,490 | 299,445 | 04/18/22 | |
3.150%, Senior Unsecured Notes | public debt | 3.517% | 269,171 | -- | 05/15/23 | |
Total Senior Unsecured Notes: | $1,616,337 | $1,446,894 |
Revolving Credit Facilities: |
Unsecured Facility (c) | 17 Lenders | LIBOR +1.100% | -- | -- | 07/31/17 | |
Total Revolving Credit Facilities: | -- | -- |
Property Mortgages: (d) |
51 Imclone | Wells Fargo CMBS | 8.390% | -- | $ 3,878 | -- | (e) | |
9200 Edmonston Road | Principal Commercial Funding, L.L.C. | 5.534% | $ 4,158 | 4,305 | 05/01/13 | (f) | |
6305 Ivy Lane | RGA Reinsurance Company | 5.525% | 5,811 | 5,984 | 10/01/13 | (g) | |
Port Imperial South 4/5 | Wells Fargo Bank N.A. | LIBOR+3.50% | 36,355 | 34,889 | 12/31/13 | ||
395 West Passaic | State Farm Life Ins. Co. | 6.004% | 9,858 | 10,231 | 05/01/14 | ||
6301 Ivy Lane | RGA Reinsurance Company | 5.520% | 5,514 | 5,667 | 07/01/14 | ||
35 Waterview | Wells Fargo CMBS | 6.348% | 18,502 | 18,746 | 08/11/14 | ||
6 Becker, 85 Livingston, 75 Livingston & 20 Waterview (h) | Wells Fargo CMBS | 10.220% | 63,945 | 63,126 | 08/11/14 | ||
4 Sylvan | Wells Fargo CMBS | 10.190% | 14,524 | 14,485 | 08/11/14 | ||
10 Independence | Wells Fargo CMBS | 12.440% | 16,536 | 16,251 | 08/11/14 | ||
Port Imperial South | Wells Fargo Bank N.A. | LIBOR+1.75% | 43,045 | 42,168 | 09/19/15 | ||
4 Becker | Wells Fargo CMBS | 9.550% | 38,681 | 38,274 | 05/11/16 | ||
5 Becker | Wells Fargo CMBS | 12.830% | 12,912 | 12,507 | 05/11/16 | (i) | |
210 Clay | Wells Fargo CMBS | 13.420% | 12,638 | 12,275 | 05/11/16 | ||
Various (j) | Prudential Insurance | 6.332% | 147,939 | 149,281 | 01/15/17 | ||
23 Main Street | JPMorgan CMBS | 5.587% | 29,997 | 30,395 | 09/01/18 | ||
Harborside Plaza 5 | The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co. | 6.842% | 225,996 | 228,481 | 11/01/18 | ||
233 Canoe Brook Road | The Provident Bank | 4.375% | 3,895 | 3,945 | 02/01/19 | ||
100 Walnut Avenue | Guardian Life Ins. Co. | 7.311% | 18,852 | 19,025 | 02/01/19 | ||
One River Center (k) | Guardian Life Ins. Co. | 7.311% | 43,186 | 43,582 | 02/01/19 | ||
Total Mortgages, Loans Payable and Other Obligations: | $752,344 | $757,495 | |||||
Total Debt: | $2,368,681 | $2,204,389 |
(a) | Includes the 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 on maturity using available cash. |
(c) | Total borrowing capacity under this facility is $600 million. On July 16, 2013, the Company amended and restated its unsecured revolving credit facility with a group of 17 lenders. The $600 million facility is expandable to $1 billion and matures in July 2017. It has two six month extension options each requiring the payment of a 7.5 basis point fee. The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) and the facility fee on the current borrowing capacity payable quarterly in arrears are based upon the Operating Partnership’s unsecured debt ratings. |
(d) | 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. |
(e) | With the sale of the property on May 31, 2013, the mortgage was satisfied by the Company. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early retirement of debt for the nine months ended September 30, 2013. |
(f) | The lease with the tenant occupying 100 percent of the building expired on May 1, 2013 and the tenant continues to occupy the building on a month-to-month basis. The mortgage loan matured on May 1, 2013 and was not repaid. The Company received a notice of default from the lender on July 17, 2013. The Company has requested a modification of the loan terms and is also in discussions regarding a deed-in-lieu of foreclosure with the lender. |
(g) | On October 1, 2013, the Company repaid the mortgage loan at par, using available cash. The original maturity date was January 1, 2014. |
(h) | Mortgage is cross collateralized by the four properties. |
(i) | The cash flow from this property is insufficient to cover operating costs and debt service. Consequently, the Company notified the lender and suspended debt service payments in August 2013. The Company has begun discussions with the lender regarding a modification of loan terms. The Company recorded an impairment charge on this asset along with eight other office properties as of September 30, 2013. |
(j) | Mortgage is collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. |
(k) | Mortgage is collateralized by the three properties comprising One River Center. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
23
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
24
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 | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Base rents | $ | 134,882 | $ | 132,388 | $ | 403,943 | $ | 401,920 | ||||||||
Escalations and recoveries from tenants | 17,173 | 19,717 | 54,117 | 56,540 | ||||||||||||
Construction services | 678 | 1,169 | 15,650 | 9,235 | ||||||||||||
Real estate services | 7,003 | 1,247 | 20,088 | 3,519 | ||||||||||||
Parking income | 1,642 | 1,427 | 4,631 | 4,553 | ||||||||||||
Other income | 1,127 | 849 | 3,335 | 10,524 | ||||||||||||
Total revenues | 162,505 | 156,797 | 501,764 | 486,291 | ||||||||||||
Expenses | ||||||||||||||||
Real estate taxes | 20,572 | 20,472 | 62,055 | 64,587 | ||||||||||||
Utilities | 18,043 | 16,647 | 48,070 | 44,645 | ||||||||||||
Operating services | 25,852 | 24,261 | 76,487 | 71,859 | ||||||||||||
Direct construction costs | 609 | 979 | 14,945 | 8,594 | ||||||||||||
Real estate services expenses | 5,552 | 536 | 15,809 | 1,542 | ||||||||||||
General and administrative | 12,151 | 12,580 | 37,235 | 35,150 | ||||||||||||
Depreciation and amortization | 46,094 | 43,492 | 135,122 | 130,720 | ||||||||||||
Impairments | 48,700 | -- | 48,700 | -- | ||||||||||||
Total expenses | 177,573 | 118,967 | 438,423 | 357,097 | ||||||||||||
Operating income | (15,068 | ) | 37,830 | 63,341 | 129,194 | |||||||||||
Other (Expense) Income | ||||||||||||||||
Interest expense | (30,936 | ) | (30,428 | ) | (92,075 | ) | (92,539 | ) | ||||||||
Interest and other investment income | 187 | 7 | 1,287 | 27 | ||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (229 | ) | 2,418 | (2,059 | ) | 4,751 | ||||||||||
Loss from early extinguishment of debt | -- | -- | -- | (4,415 | ) | |||||||||||
Total other (expense) income | (30,978 | ) | (28,003 | ) | (92,847 | ) | (92,176 | ) | ||||||||
Income (loss) from continuing operations | (46,046 | ) | 9,827 | (29,506 | ) | 37,018 | ||||||||||
Discontinued Operations: | ||||||||||||||||
Income from discontinued operations | 2,164 | 6,337 | 11,842 | 17,446 | ||||||||||||
Loss from early extinguishment of debt | -- | -- | (703 | ) | -- | |||||||||||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 47,321 | 12 | 61,079 | 2,390 | ||||||||||||
Total discontinued operations, net | 49,485 | 6,349 | 72,218 | 19,836 | ||||||||||||
Net income | 3,439 | 16,176 | 42,712 | 56,854 | ||||||||||||
Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | 1,962 | 256 | ||||||||||||
Noncontrolling interest in Operating Partnership | 5,314 | (1,207 | ) | 3,295 | (4,543 | ) | ||||||||||
Noncontrolling interest in discontinued operations | (5,948 | ) | (773 | ) | (8,699 | ) | (2,418 | ) | ||||||||
Net income available to common shareholders | $ | 4,643 | $ | 14,281 | $ | 39,270 | $ | 50,149 | ||||||||
Basic earnings per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.44 | ) | $ | 0.10 | $ | (0.28 | ) | $ | 0.37 | ||||||
Discontinued operations | 0.49 | 0.06 | 0.73 | 0.20 | ||||||||||||
Net income available to common shareholders | $ | 0.05 | $ | 0.16 | $ | 0.45 | $ | 0.57 | ||||||||
Diluted earnings per common share: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.44 | ) | $ | 0.10 | $ | (0.28 | ) | $ | 0.37 | ||||||
Discontinued operations | 0.49 | 0.06 | 0.73 | 0.20 | ||||||||||||
Net income available to common shareholders | $ | 0.05 | $ | 0.16 | $ | 0.45 | $ | 0.57 | ||||||||
Basic weighted average shares outstanding | 87,793 | 87,826 | 87,724 | 87,814 | ||||||||||||
Diluted weighted average shares outstanding | 99,787 | 100,075 | 99,778 | 100,071 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
25
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts) (unaudited)
September 30, | December 31, | ||
2013 | 2012 | ||
Assets | |||
Rental property | |||
Land and leasehold interests | $ 755,643 | $ 782,315 | |
Buildings and improvements | 3,908,139 | 4,104,472 | |
Tenant improvements | 445,623 | 489,608 | |
Furniture, fixtures and equipment | 4,535 | 3,041 | |
5,113,940 | 5,379,436 | ||
Less – accumulated depreciation and amortization | (1,392,064) | (1,478,214) | |
3,721,876 | 3,901,222 | ||
Rental property held for sale, net | -- | 60,863 | |
Net investment in rental property | 3,721,876 | 3,962,085 | |
Cash and cash equivalents | 308,043 | 58,245 | |
Investments in unconsolidated joint ventures | 131,859 | 132,339 | |
Unbilled rents receivable, net | 134,695 | 139,984 | |
Deferred charges, goodwill and other assets | 284,399 | 204,874 | |
Restricted cash | 19,213 | 19,339 | |
Accounts receivable, net of allowance for doubtful accounts | |||
of $3,122 and $2,614 | 9,178 | 9,179 | |
Total assets | $4,609,263 | $4,526,045 | |
Liabilities and Equity | |||
Senior unsecured notes | $1,616,337 | $1,446,894 | |
Mortgages, loans payable and other obligations | 752,344 | 757,495 | |
Dividends and distributions payable | 30,003 | 44,855 | |
Accounts payable, accrued expenses and other liabilities | 130,588 | 124,822 | |
Rents received in advance and security deposits | 45,857 | 55,917 | |
Accrued interest payable | 23,472 | 27,555 | |
Total liabilities | 2,598,601 | 2,457,538 | |
Commitments and contingencies | |||
Equity: | |||
Mack-Cali Realty Corporation stockholders’ equity: | |||
Common stock, $0.01 par value, 190,000,000 shares authorized, | |||
88,021,807 and 87,536,292 shares outstanding | 880 | 875 | |
Additional paid-in capital | 2,536,837 | 2,530,621 | |
Dividends in excess of net earnings | (817,387) | (764,522) | |
Total Mack-Cali Realty Corporation stockholders’ equity | 1,720,330 | 1,766,974 | |
Noncontrolling interest in subsidiaries: | |||
Operating Partnership | 234,282 | 245,091 | |
Consolidated joint ventures | 56,050 | 56,442 | |
Total noncontrolling interests in subsidiaries | 290,332 | 301,533 | |
Total equity | 2,010,662 | 2,068,507 | |
Total liabilities and equity | $4,609,263 | $4,526,045 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
26
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, 2013 | 87,536 | $875 | $2,530,621 | $(764,522) | $301,533 | $2,068,507 |
Net income | -- | -- | -- | 39,270 | 3,442 | 42,712 |
Common stock dividends | -- | -- | -- | (92,135) | -- | (92,135) |
Common unit distributions | -- | -- | -- | -- | (12,634) | (12,634) |
Increase in noncontrolling interests | -- | -- | -- | -- | 1,570 | 1,570 |
Redemption of common units | ||||||
for common stock | 155 | 2 | 3,084 | -- | (3,086) | -- |
Shares issued under Dividend | ||||||
Reinvestment and Stock Purchase Plan | 7 | -- | 191 | -- | -- | 191 |
Stock compensation | 324 | 3 | 2,448 | -- | -- | 2,451 |
Rebalancing of ownership percentage | ||||||
between parent and subsidiaries | -- | -- | 493 | -- | (493) | -- |
Balance at September 30, 2013 | 88,022 | $880 | $2,536,837 | $(817,387) | $290,332 | $2,010,662 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
27
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, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income available to common shareholders | $ | 4,643 | $ | 14,281 | $ | 39,270 | $ | 50,149 | ||||||||
Add: Noncontrolling interest in Operating Partnership | (5,314 | ) | 1,207 | (3,295 | ) | 4,543 | ||||||||||
Noncontrolling interest in discontinued operations | 5,948 | 773 | 8,699 | 2,418 | ||||||||||||
Real estate-related depreciation and amortization on continuing operations (a) | 48,685 | 44,412 | 144,834 | 133,482 | ||||||||||||
Real estate-related depreciation and amortization on discontinued operations | 1,769 | 4,351 | 8,196 | 13,364 | ||||||||||||
Impairments | 48,700 | -- | 72,551 | -- | ||||||||||||
Deduct: Discontinued operations - Realized (gains) losses and unrealized losses on disposition of rental property and impairments, net | (47,321 | ) | (12 | ) | (84,930 | ) | (2,390 | ) | ||||||||
Funds from operations (b) | $ | 57,110 | $ | 65,012 | $ | 185,325 | $ | 201,566 | ||||||||
Diluted weighted average shares/units outstanding (c) | 99,787 | 100,075 | 99,778 | 100,071 | ||||||||||||
Funds from operations per share/unit – diluted | $ | 0.57 | $ | 0.65 | $ | 1.86 | $ | 2.01 | ||||||||
Dividends declared per common share | $ | 0.30 | $ | 0.45 | $ | 1.05 | $ | 1.35 | ||||||||
Dividend payout ratio: | ||||||||||||||||
Funds from operations-diluted | 52.42 | % | 69.27 | % | 56.53 | % | 67.02 | % | ||||||||
Supplemental Information: | ||||||||||||||||
Non-incremental revenue generating capital expenditures: | ||||||||||||||||
Building improvements | $ | 3,438 | $ | 9,040 | $ | 11,476 | $ | 19,361 | ||||||||
Tenant improvements and leasing commissions (d) | $ | 11,421 | $ | 15,107 | $ | 36,861 | $ | 36,202 | ||||||||
Straight-line rent adjustments (e) | $ | 521 | $ | 2,030 | $ | 10,172 | $ | 5,394 | ||||||||
Amortization of (above)/below market lease intangibles, net (f) | $ | 659 | $ | 335 | $ | 1,994 | $ | 1,038 | ||||||||
(a) Includes the Company’s share from unconsolidated joint ventures of $4,145 and $974 for the three months ended September 30, 2013 and 2012, respectively, and $11,417 and $2,963 for the nine months ended September 30, 2013 and 2012, respectively. Excludes non-real estate-related depreciation and amortization of $71 and $53 for the three months ended September 30, 2013 and 2012, respectively, and $222 and $201 for the nine months ended September 30, 2013 and 2012, 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 11. |
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (11,995 and 12,177 shares for the three months ended September 30, 2013 and 2012, respectively, and 12,054 and 12,184 for the nine months ended September 30, 2013 and 2012, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 30. |
(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 $82 and $17 for the three months ended September 30, 2013 and 2012, respectively, and $84 and $50 for the nine months ended September 30, 2013 and 2012, respectively. |
(f) Includes the Company’s share from unconsolidated joint ventures of $184 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $579 and $0 for the nine months ended September 30, 2013 and 2012, respectively. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
28
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, | |||
2013 | 2012 | 2013 | 2012 | |
Net income available to common shareholders | $ 0.05 | $0.16 | $0.45 | $0.57 |
Add: Real estate-related depreciation and amortization on continuing operations (a) | 0.49 | 0.44 | 1.45 | 1.33 |
Real estate-related depreciation and amortization on discontinued operations | 0.02 | 0.04 | 0.08 | 0.13 |
Impairments | 0.49 | -- | 0.73 | -- |
Deduct: Discontinued operations - Realized (gains) losses and unrealized losses on disposition of rental property and impairments, net | (0.47) | -- | (0.85) | (0.02) |
Noncontrolling interest/rounding adjustment | (0.01) | 0.01 | -- | -- |
Funds from operations (b) | $ 0.57 | $0.65 | $1.86 | $2.01 |
Diluted weighted average shares/units outstanding (c) | 99,787 | 100,075 | 99,778 | 100,071 |
(a) Includes the Company’s share from unconsolidated joint ventures of $0.04 and $0.01 for the three months ended September 30, 2013 and 2012, respectively, and $0.11 and $0.03 for the nine months ended September 30, 2013 and 2012, 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 11. |
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (11,995 and 12,177 shares for the three months ended September 30, 2013 and 2012, respectively, and 12,054 and 12,184 for the nine months ended September 30, 2013 and 2012, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 30. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
29
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, | |||
2013 | 2012 | 2013 | 2012 | |
Basic weighted average shares outstanding: | 87,793 | 87,826 | 87,724 | 87,814 |
Add: Weighted average common units | 11,994 | 12,177 | 12,054 | 12,184 |
Basic weighted average shares/units: | 99,787 | 100,003 | 99,778 | 99,998 |
Restricted Stock Awards | -- | 72 | -- | 73 |
Diluted weighted average shares/units outstanding: | 99,787 | 100,075 | 99,778 | 100,071 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
30
IV. VALUE CREATION PIPELINE
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
31
IV. VALUE CREATION PIPELINE |
Operating Property Acquisitions |
(dollars in thousands) |
For the nine months ended September 30, 2013 |
Acquisition Date | Property/Address | Location | # of Properties | # of Apartment Units | Investment By Company |
Consolidated Residential: | |||||
01/18/13 | Alterra at Overlook Ridge 1A | Revere, Massachusetts | 1 | 310 | $ 61,250 |
04/04/13 | Alterra at Overlook Ridge 1B | Revere, Massachusetts | 1 | 412 | 87,950 |
Total Consolidated | 2 | 722 | $149,200 | ||
Unconsolidated Residential: | |||||
03/21/13 | Crystal House (a) | Arlington, Virginia | 1 | 828 | $ 30,210 |
Total Unconsolidated | 1 | 828 | $ 30,210 | ||
Total | 3 | 1,550 | $179,410 |
(a) | The Company holds a 25 percent interest in this property. The joint venture acquired the property, which is encumbered by a $165 million mortgage loan, for approximately $262.5 million. |
For the year ended December 31, 2012
None.
Properties Commencing Initial Operations
(dollars in thousands, except per square foot)
For the nine months ended September 30, 2013
Date | Property/Address | Location | Type | # of Bldgs. | Rentable Square Feet | Garage Parking Spaces | Development Costs Incurred By Company | Development Cost Per Square Foot | |
06/05/13 | 14 Sylvan Way | Parsippany, New Jersey | Office | 1 | 203,506 | -- | $ 51,484 | (a) | $ 253 |
08/01/13 | Port Imperial South 4/5 | Weehawken, New Jersey | Parking/Retail | 1 | 16,736 | 850 | 71,107 | (b) | n/a |
Total Office Properties Held for Sale: | 2 | 220,242 | 850 | $122,591 |
(a) | Development costs included approximately $13.0 million in land costs and $4.3 million in leasing costs. Amounts are as of September 30, 2013. |
(b) | Development costs included approximately $13.1 million in land costs. Amounts are as of September 30, 2013. |
For the year ended December 31, 2012
None.
Summary of In-Process Development Projects
(dollars in thousands)
As of September 30, 2013
Property | Location | Type | # of Apartment Units (a) | Commercial Square Feet (a) | Costs Incurred Through 9/30/13 | Total Estimated Costs | Garage Parking Spaces (a) | Estimated Initial Delivery Date |
Consolidated: | ||||||||
Port Imperial 1/3 Garage/Retail | Weehawken, NJ | Garage/retail | -- | 17,614 | $1,097 | $40,000 | 741 | 3Q-2014 |
Wegmans Food Markets | Hanover, NJ | Retail pad | -- | -- | 2,788 | 15,700 | -- | 4Q-2014 |
Glenmark at Tuckahoe | Eastchester, NY | Multi-family rental | 108 | -- | 6,382 | 46,000 | -- | 4Q-2015 |
Total Consolidated | 108 | 17,614 | $10,267 | $101,700 | 741 | |||
Unconsolidated: | ||||||||
RiverTrace at Port Imperial | West New York, NJ | Multi-family rental | 316 | $93,555 | $118,100 | -- | 4Q-2013 | |
Lincoln Harbor (Bldg A&C) | Weehawken, NJ | Multi-family rental | 355 | 88,976 | 136,800 | -- | 1Q-2014 | |
Port Imperial Building 13 | Weehawken, NJ | Multi-family rental | 280 | 24,941 | 96,400 | -- | 4Q-2014 | |
Portside at Pier One – Bldg 7 | East Boston, MA | Multi-family rental | 176 | 17,943 | 66,300 | -- | 3Q-2014 | |
Overlook Ridge – 2C & 3B | Malden/Revere, MA | Multi-family rental | 371 | 33,775 | 79,400 | -- | 1Q-2014 | |
RiverPark at Harrison | Harrison, NJ | Multi-family rental | 141 | 4,572 | 28,200 | -- | 4Q-2014 | |
Lincoln Harbor (Bldg B) | Weehawken, NJ | Multi-family rental | 227 | 30,773 | 81,500 | -- | 1Q-2015 | |
Marbella II | Jersey City, NJ | Multi-family rental | 311 | 16,046 | 132,100 | -- | 4Q-2015 | |
Lofts at 40 Park | Morristown, NJ | Multi-family rental | 91 | 1,554 | 28,000 | -- | 4Q-2015 | |
Riverwalk C | West New York, NJ | Multi-family rental | 363 | 18,408 | 143,000 | -- | 4Q-2015 | |
Total Unconsolidated | 2,631 | $330,543 | $909,800 | |||||
Total | 2,739 | 17,614 | $340,810 | $1,011,500 | 741 |
(a) | Number of apartment units, commercial square feet and garage parking spaces are estimates. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
32
Rental Property Sales/Dispositions
(dollars in thousands) |
For the nine months ended September 30, 2013 |
Sale Date | Property/Address | Location | # of Bldgs. | Rentable Square Feet | Net Sales Proceeds | Net Realized Gain/(Losses) | Capitalization Rate (a) | ||
04/10/13 | 19 Skyline Drive (b) | Hawthorne, New York | 1 | 248,400 | $16,131 | $ 126 | (7.90)% | (g) | |
04/26/13 | 55 Corporate Drive | Bridgewater, New Jersey | 1 | 204,057 | 70,967 | 19,659 | 6.25% | ||
05/02/13 | 200 Riser Road | Little Ferry, New Jersey | 1 | 286,628 | 31,775 | 16,923 | 7.38% | ||
05/13/13 | 777 Passaic Avenue | Clifton, New Jersey | 1 | 75,000 | 5,640 | 1,927 | 7.36% | ||
05/30/13 | 16 and 18 Sentry Parkway West (c) | Blue Bell, Pennsylvania | 2 | 188,103 | 19,041 | (680) | 15.60% | ||
05/31/13 | 51 Imclone Drive (d) | Branchburg, New Jersey | 1 | 63,213 | 6,101 | 823 | 8.66% | ||
06/28/13 | 40 Richards Avenue | Norwalk, Connecticut | 1 | 145,487 | 15,858 | (1,169) | 5.24% | ||
07/10/13 | 106 Allen Road | Bernards Township, New Jersey | 1 | 132,010 | 17,677 | 4,155 | 3.70% | ||
08/27/13 | Pennsylvania office portfolio (e) (f) | Suburban Philadelphia, Pennsylvania | 15 | 1,663,511 | 207,425 | 43,166 | 9.90% | ||
Total Property Sales: | 24 | 3,006,409 | $390,615 | $84,930 |
(a) | Capitalization rate is calculated by dividing the projected net operating income for the 12 months forward from the closing date by the gross sales price. |
(b) | The Company recognized a valuation allowance of $7.1 million on this property at December 31, 2012. In connection with the sale, the Company provided an interest-free note receivable to the buyer of $5 million (with a net present value of $3.6 million at September 30, 2013) which matures in ten years and requires monthly payments of principal. |
(c) | The Company recorded an $8.4 million impairment charge on these properties December 31, 2012. The Company has retained a subordinated interest in these properties. |
(d) | The property was encumbered by a mortgage which was satisfied by the Company at the time of the sale. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early retirement of debt for the nine months ended September 30, 2013. |
(e) | In order to reduce the carrying value of five of the properties to their estimated fair market values, the Company recorded impairment charges of $23.9 million at June 30, 2013. |
(f) | The portfolio sale also included three developable land parcels. |
(g) | This property was vacant when sold. |
For the year ended December 31, 2012
Date | Address | Location | # of Bldgs. | Rentable Square Feet | Net Sales Proceeds | Net Realized Gain/(Losses) | Capitalization Rate (a) | |||
Office: | ||||||||||
03/28/12 | 2200 Renaissance Boulevard | King of Prussia, Pennsylvania | 1 | 174,124 | n/a | $4,511 | (b) | n/a | ||
07/25/12 | 95 Chestnut Ridge Road | Montvale, New Jersey | 1 | 47,700 | $4,014 | (487) | (7.30)% | (c) | ||
11/06/12 | Strawbridge Drive | Moorestown, New Jersey | 3 | 222,258 | 19,391 | (1,719) | 8.00% | |||
Total Office Properties: | 5 | 444,082 | $23,405 | $2,305 |
(a) | Capitalization rate is calculated by dividing the projected net operating income for the 12 months forward from the closing date by the gross sales price. |
(b) | On March 28, 2012, the Company transferred the deed for this property to the lender in satisfaction of its mortgage obligations. Excludes $9.5 million of unrealized loss on this property recognized by the Company in 2010. |
(c) | This property was vacant when sold. |
Rental Property Held For Sale |
(dollars in thousands) |
At September 30, 2013 |
None.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
33
Summary of Land Parcels
Property | Location | State | Acres (a) | # of Apartment Units (a) | Potential Commercial Square Feet (a) | Type of Space |
Office: | ||||||
Capital Office Park | Greenbelt | MD | 42.8 | 595,000 | Office | |
Eastpoint II | Lanham | MD | 4.8 | 122,000 | Office/Hotel | |
3 & 5 AAA Drive (b) | Hamilton Township | NJ | 17.5 | 112,000 | Office | |
6 AAA Drive | Hamilton Township | NJ | 2.4 | 32,000 | Office | |
2 South Gold Drive (c) | Hamilton Township | NJ | 9.5 | 75,000 | Office | |
Hillsborough 206 (d) | Hillsborough | NJ | 28.1 | 160,000 | Office | |
Plaza VIII and IX Associates, L.L.C. (d) | Jersey City | NJ | 3.6 | 1,225,000 | Office | |
Harborside (e) | Jersey City | NJ | 6.5 | 3,113,500 | Office/Multi-family | |
One Newark Center (d) | Newark | NJ | 1.0 | 400,000 | Office | |
3 Campus Drive | Parsippany | NJ | 10.0 | 124,000 | Office | |
Mack-Cali Business Campus | Parsippany & Hanover | NJ | 20.0 | 150,000 | Office/Retail | |
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 | |
Total Office: | 226.1 | 7,115,000 | ||||
Office/Flex: | ||||||
Horizon Center | Hamilton Township | NJ | 5.3 | 68,000 | Office/Flex/Retail | |
Mack-Cali Commercenter | Totowa | NJ | 5.8 | 30,000 | Office/Flex | |
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 | |
Total Office/Flex: | 73.4 | 580,250 | ||||
Multi-Family Residential: | ||||||
LR Overlook Phase III (d) | Malden | MA | 5.7 | 240 | Multi-Family rental | |
Freehold (h) | Freehold | NJ | 20.9 | 360 | Multi-Family rental | |
RiverPark at Harrison 5-8 (d) | Harrison | NJ | 6.5 | 141 | Multi-Family rental | |
San Remo (d) | Jersey City | NJ | 2.5 | 300 | Multi-Family rental | |
Liberty Landing (d) | Jersey City | NJ | 21.0 | 1,000 | Multi-Family rental | |
Wayne (h) | Wayne | NJ | 10.3 | 220 | Multi-Family rental | |
Port Imperial North (d) | West New York | NJ | 17.4 | 836 | Multi-Family rental | |
Crystal House (d) | Arlington | VA | 4.0 | 295 | Multi-Family rental | |
Total Multi-Family Residential: | 88.3 | 3,392 | ||||
Mixed-Use: | ||||||
Portside at Pier One 1-6 (d) | East Boston | MA | 11.2 | 388 | 63,000 | Mixed-Use |
Overlook Ridge Land (d) | Malden & Revere | MA | 32.9 | 896 | 160,000 | Mixed-Use |
Port Imperial South (g) | Weehawken | NJ | 17.1 | 1,148 | 416,000 | Mixed-Use |
Total Mixed-Use | 61.2 | 2,432 | 639,000 | |||
Industrial/Warehouse: | ||||||
Elmsford Distribution Center (f) | Elmsford | NY | 14.5 | 100,000 | Industrial/Warehouse | |
Total Warehouse: | 14.5 | 100,000 | ||||
Total | 463.5 | 5,824 | 8,434,250 |
(a) | Number of apartment units, square feet, hotel rooms and acres are subject to change. |
(b) | This land parcel also includes an existing office building totaling 35,270 square feet. |
(c) | This land parcel also includes an existing office building totaling 33,962 square feet. |
(d) | Land owned or controlled by joint venture in which Mack-Cali is an equity partner. |
(e) | The Company intends to develop a 763 unit multi-family property on a portion of this land through a joint venture. In addition, there are 21 acres of riparian property. |
(f) | Mack-Cali holds an option to purchase this land. |
(g) | Project is projected to include a 375-room hotel, which in October the venture signed a contract to sell for $24 million. |
(h) | Land under contract. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
34
V. PORTFOLIO/ LEASING STATISTICS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
35
V. PORTFOLIO/ LEASING STATISTICS
Leasing Statistics
(For the three months ended September 30, 2013)
Consolidated Commercial In-Service Portfolio
SUMMARY OF SPACE LEASED
LEASING ACTIVITY | ||||||||
Market | Sq. Ft. Leased 6/30/13 | Leased Sq. Ft. Acquired/Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/13 (c) | Pct. Leased 9/30/13 | Pct. Leased 6/30/13 |
Northern NJ | 11,876,352 | - | (229,752) | 189,560 | (40,192) | 11,836,160 | 82.7% | 83.0% |
Central NJ | 4,909,021 | (72,247) | (518,045) | 521,549 | 3,504 | 4,840,278 | 90.1% | 89.2% |
Westchester Co., NY | 4,061,227 | - | (206,337) | 207,232 | 895 | 4,062,122 | 89.5% | 89.5% |
Manhattan | 524,476 | - | - | - | - | 524,476 | 100.0% | 100.0% |
Sub. Philadelphia | 2,623,671 | (1,406,252) | (78,900) | 25,729 | (53,171) | 1,164,248 | 90.8% | 89.1% |
Fairfield, CT | 418,843 | - | (13,463) | 13,463 | - | 418,843 | 92.6% | 92.6% |
Washington, DC/MD | 1,075,073 | - | (30,961) | 21,849 | (9,112) | 1,065,961 | 82.5% | 83.2% |
Rockland Co., NY | 160,964 | - | (7,232) | 1,218 | (6,014) | 154,950 | 86.1% | 89.4% |
Totals | 25,649,627 | (1,478,499) | (1,084,690) | 980,600 | (104,090) | 24,067,038 | 86.1% | 86.2% |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of June 30, 2013 | 29,747,372 |
Total sq. ft. of properties sold this period | (1,795,521) |
Total sq. ft. as of September 30, 2013 | 27,951,851 |
(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, 2013 aggregating 62,054 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
36
Leasing Statistics
(For the three months ended September 30, 2013)
Consolidated Commercial 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 | 158,558 | 110,585 | 47,973 | 5.4 | 24.84 | 4.98 | |
Office/Flex | 2 | 31,002 | 28,130 | 2,872 | 5.8 | 15.47 | 0.69 | ||
Central NJ | Office | 36 | 506,539 | 52,308 | 454,231 | 4.5 | 19.62 | 2.53 | |
Office/Flex | 5 | 15,010 | 4,939 | 10,071 | 2.2 | 13.97 | 0.94 | ||
Westchester Co., NY | Office | 19 | 85,611 | 29,104 | 56,507 | 3.5 | 21.71 | 2.25 | |
Office/Flex | 19 | 115,626 | 22,869 | 92,757 | 4.1 | 14.60 | 2.56 | ||
Industrial/Warehouse | 1 | 5,995 | - | 5,995 | 5.0 | 14.41 | 1.21 | ||
Sub. Philadelphia | Office | 3 | 7,529 | - | 7,529 | 4.7 | 19.53 | 0.77 | |
Office/Flex | 2 | 18,200 | 5,400 | 12,800 | 5.3 | 8.47 | 1.17 | ||
Fairfield Co., CT | Office | 1 | 1,914 | - | 1,914 | 1.0 | 25.61 | 1.43 | |
Office/Flex | 1 | 11,549 | - | 11,549 | 2.0 | 20.13 | 3.37 | ||
Washington, DC/MD | Office | 12 | 21,849 | 10,902 | 10,947 | 3.7 | 21.57 | 3.12 | |
Rockland Co., NY | Office | 1 | 1,218 | 1,218 | - | 5.0 | 22.26 | 5.33 | |
Totals | 131 | 980,600 | 265,455 | 715,145 | 4.5 | 19.66 | 2.87 | ||
Detail by Property Type | |||||||||
Office | 101 | 783,218 | 204,117 | 579,101 | 4.6 | 20.98 | 3.10 | ||
Office/Flex | 29 | 191,387 | 61,338 | 130,049 | 4.2 | 14.44 | 1.93 | ||
Industrial/Warehouse | 1 | 5,995 | - | 5,995 | 5.0 | 14.41 | 1.21 | ||
Totals | 131 | 980,600 | 265,455 | 715,145 | 4.5 | 19.66 | 2.87 | ||
Tenant Retention: | Leases Retained | 65.0% | |||||||
Sq. Ft. Retained | 65.9% | ||||||||
(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 $8,674,347 and commissions of $3,936,745 committed, but not necessarily expended, during the period for second generation space aggregating 976,980 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
37
Leasing Statistics |
(For the three months ended September 30, 2013) |
Unconsolidated Commercial Joint Venture Properties |
SUMMARY OF SPACE LEASED |
LEASING ACTIVITY | |||||||||||
Market | Inventory 6/30/13 | Inventory Acquired/ Disposed | Inventory 9/30/13 | Sq. Ft. Leased 6/30/13 | Leased Sq. Ft. Acquired/ Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/13 | Pct. Leased 9/30/13 | Pct. Leased 6/30/13 |
Northern NJ | 662,524 | - | 662,524 | 650,908 | - | - | - | - | 650,908 | 98.2% | 98.2% |
Central NJ | 92,878 | - | 92,878 | 92,878 | - | - | - | - | 92,878 | 100.0% | 100.0% |
Sub. Philadelphia | - | 1,842,820 | 1,842,820 | - | 1,582,180 | (12,606) | 15,951 | 3,345 | 1,585,525 | 86.0% | - |
Totals | 755,402 | 1,842,820 | 2,598,222 | 743,786 | 1,582,180 | (12,606) | 15,951 | 3,345 | 2,329,311 | 89.7% | 98.5% |
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 | - | - | - | - | - | - | - |
Sub. Philadelphia | 5 | 15,951 | 6,791 | 9,160 | 2.8 | 25.35 | 0.94 |
Totals | 5 | 15,951 | 6,791 | 9,160 | 2.8 | 25.35 | 0.94 |
Unconsolidated Retail Joint Venture Properties |
SUMMARY OF SPACE LEASED |
LEASING ACTIVITY | |||||||||||
Market | Inventory 6/30/13 | Inventory Acquired/ Disposed | Inventory 9/30/13 | Sq. Ft. Leased 6/30/13 | Leased Sq. Ft. Acquired/ Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/13 | Pct. Leased 9/30/13 | Pct. Leased 6/30/13 |
Northern NJ | 81,516 | - | 81,516 | 49,464 | - | - | - | - | 49,464 | 60.7% | 60.7% |
DETAIL OF TRANSACTION ACTIVITY |
None |
(a) | Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period. |
(b) | Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. |
(c) | “Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
(d) | Equals triple net rent plus common area costs and real estate taxes, as applicable. |
(e) | Represents estimated workletter costs of $2,215 and commissions of $12,810 committed, but not necessarily expended, during the period for second generation space aggregating 9,160 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
38
Leasing Statistics
(For the nine months ended September 30, 2013)
Consolidated Commercial In-Service Portfolio
SUMMARY OF SPACE LEASED
LEASING ACTIVITY | ||||||||
Market | Sq. Ft. Leased 12/31/12 | Leased Sq. Ft. Acquired/Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/13 (c) | Pct. Leased 9/30/13 | Pct. Leased 12/31/12 |
Northern NJ | 12,240,291 | (134,196) | (1,218,163) | 948,228 | (269,935) | 11,836,160 | 82.7% | 84.6% |
Central NJ | 5,199,678 | (340,899) | (1,081,863) | 1,063,362 | (18,501) | 4,840,278 | 90.1% | 90.1% |
Westchester Co., NY | 4,329,834 | - | (1,069,013) | 801,301 | (267,712) | 4,062,122 | 89.5% | 90.4% |
Manhattan | 524,476 | - | (22,255) | 22,255 | - | 524,476 | 100.0% | 100.0% |
Sub. Philadelphia | 2,822,395 | (1,573,379) | (371,167) | 286,399 | (84,768) | 1,164,248 | 90.8% | 90.1% |
Fairfield, CT | 509,647 | (104,637) | (25,486) | 39,319 | 13,833 | 418,843 | 92.6% | 85.3% |
Washington, DC/MD | 1,010,753 | - | (80,237) | 135,445 | 55,208 | 1,065,961 | 82.5% | 78.2% |
Rockland Co., NY | 168,410 | - | (38,571) | 25,111 | (13,460) | 154,950 | 86.1% | 93.6% |
Totals | 26,805,484 | (2,153,111) | (3,906,755) | 3,321,420 | (585,335) | 24,067,038 | 86.1% | 87.2% |
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of December 31, 2012 | 30,754,754 |
Total sq. ft. of properties added this period | 203,506 |
Total sq. ft. of properties sold this period | (3,006,409) |
Total sq. ft. as of September 30, 2013 | 27,951,851 |
(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, 2013 aggregating 62,054 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
39
Leasing Statistics
(For the nine months ended September 30, 2013)
Consolidated Commercial 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 | 112 | 878,072 | 259,884 | 618,188 | 5.2 | 24.13 | 3.62 | |
Office/Flex | 6 | 70,156 | 30,857 | 39,299 | 3.9 | 16.80 | 0.90 | ||
Central NJ | Office | 101 | 989,590 | 250,658 | 738,932 | 5.2 | 21.49 | 3.45 | |
Office/Flex | 11 | 73,772 | 22,418 | 51,354 | 2.6 | 15.63 | 2.74 | ||
Westchester Co., NY | Office | 53 | 306,680 | 82,479 | 224,201 | 4.8 | 22.95 | 2.16 | |
Office/Flex | 65 | 412,306 | 74,024 | 338,282 | 4.0 | 16.52 | 2.12 | ||
Industrial/Warehouse | 8 | 82,315 | 24,354 | 57,961 | 5.0 | 17.22 | 1.52 | ||
Manhattan | Office | 1 | 22,255 | 22,255 | - | 15.8 | 35.37 | 6.35 | |
Sub. Philadelphia | Office | 31 | 107,716 | 21,678 | 86,038 | 4.4 | 23.29 | 3.48 | |
Office/Flex | 18 | 178,683 | 19,505 | 159,178 | 2.9 | 11.19 | 0.75 | ||
Fairfield Co., CT | Office | 8 | 27,770 | 1,363 | 26,407 | 6.9 | 19.23 | 2.00 | |
Office/Flex | 1 | 11,549 | - | 11,549 | 2.0 | 20.13 | 3.37 | ||
Washington, DC/MD | Office | 25 | 135,445 | 98,831 | 36,614 | 7.5 | 22.21 | 5.43 | |
Rockland Co., NY | Office | 9 | 25,111 | 4,707 | 20,404 | 7.1 | 23.26 | 2.49 | |
Totals | 449 | 3,321,420 | 913,013 | 2,408,407 | 5.0 | 20.99 | 3.22 | ||
Detail by Property Type | |||||||||
Office | 340 | 2,492,639 | 741,855 | 1,750,784 | 5.4 | 22.83 | 3.56 | ||
Office/Flex | 101 | 746,466 | 146,804 | 599,662 | 3.6 | 15.24 | 1.78 | ||
Industrial/Warehouse | 8 | 82,315 | 24,354 | 57,961 | 5.0 | 17.22 | 1.52 | ||
Totals | 449 | 3,321,420 | 913,013 | 2,408,407 | 5.0 | 20.99 | 3.22 | ||
Tenant Retention: | Leases Retained | 63.7% | |||||||
Sq. Ft. Retained | 61.6% | ||||||||
(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 $36,886,647 and commissions of $15,920,573 committed, but not necessarily expended, during the period for second generation space aggregating 3,317,800 square feet. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
40
Leasing Statistics
(For the nine months ended September 30, 2013)
Unconsolidated Commercial Joint Venture Properties
SUMMARY OF SPACE LEASED
LEASING ACTIVITY | |||||||||||
Market | Inventory 12/31/12 | Inventory Acquired/ Disposed | Inventory 9/30/13 | Sq. Ft. Leased 12/31/12 | Leased Sq. Ft. Acquired/ Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/13 | Pct. Leased 9/30/13 | Pct. Leased 12/31/12 |
Northern NJ | 762,534 | (100,010) | 662,524 | 752,111 | (100,010) | (4,947) | 3,754 | (1,193) | 650,908 | 98.2% | 98.6% |
Central NJ | 92,878 | - | 92,878 | 92,878 | - | - | - | - | 92,878 | 100.0% | 100.0% |
Sub. Philadelphia | - | 1,842,820 | 1,842,820 | - | 1,582,180 | (12,606) | 15,951 | 3,345 | 1,585,525 | 86.0% | - |
Totals | 855,412 | 1,742,810 | 2,598,222 | 844,989 | 1,482,170 | (17,553) | 19,705 | 2,152 | 2,329,311 | 89.7% | 98.8% |
DETAIL OF TRANSACTION ACTIVITY
Unconsolidated Retail Joint Venture Properties
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 | 1 | 3,754 | 3,754 | - | 5.5 | 29.64 | 7.50 |
Central NJ | - | - | - | - | - | - | - |
Sub Philadelphia | 5 | 15,951 | 6,791 | 9,160 | 2.8 | 25.35 | 0.94 |
Totals | 6 | 19,705 | 10,545 | 9,160 | 3.3 | 26.17 | 2.8 |
SUMMARY OF SPACE LEASED
LEASING ACTIVITY | |||||||||||
Market | Inventory 12/31/12 | Inventory Acquired/ Disposed | Inventory 9/30/13 | Sq. Ft. Leased 12/31/12 | Leased Sq. Ft. Acquired/ Sold (a) | Expiring/ Adjustment Sq. Ft. (b) | Incoming Sq. Ft. | Net Leasing Activity | Sq. Ft. Leased 9/30/13 | Pct. Leased 9/30/13 | Pct. Leased 12/31/12 |
Northern NJ | 81,516 | - | 81,516 | 37,634 | - | - | 11,830 | 11,830 | 49,464 | 60.7% | 46.2% |
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 (f) | |
Northern NJ | 2 | 11,830 | 11,830 | - | 10.2 | 21.25 | N/A | |
(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 $117,313 and commissions of $52,584 committed, but not necessarily expended, during the period for second generation space aggregating 12,914 square feet. |
(f) | Represents estimated workletter and commission costs committed, but not necessarily expended, during the period for second generation space. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
41
Market Diversification
The following table lists the Company’s markets (MSAs), based on annualized contractual base rent of the Consolidated Commercial Properties:
Market (MSA) | Annualized Base Rental Revenue ($) (a) (b) (c) | Percentage of Company Annualized Commercial Base Rental Revenue (%) | Total Property Size Rentable Area (b) (c) | Percentage of Rentable Area (%) |
Newark, NJ (Essex-Morris-Union Counties) | 131,128,025 | 23.7 | 6,699,221 | 24.0 |
Jersey City, NJ | 118,068,622 | 21.3 | 4,317,978 | 15.4 |
Westchester-Rockland, NY | 83,863,205 | 15.2 | 4,720,020 | 16.9 |
Bergen-Passaic, NJ | 74,641,058 | 13.5 | 4,164,226 | 14.9 |
Middlesex-Somerset-Hunterdon, NJ | 37,641,904 | 6.8 | 1,921,405 | 6.9 |
Washington, DC-MD-VA-WV | 30,567,467 | 5.5 | 1,292,807 | 4.6 |
Monmouth-Ocean, NJ | 25,002,491 | 4.5 | 1,620,863 | 5.8 |
Trenton, NJ | 19,117,928 | 3.5 | 956,597 | 3.4 |
New York (Manhattan) | 17,801,543 | 3.2 | 524,476 | 1.9 |
Stamford-Norwalk, CT | 7,991,018 | 1.4 | 452,260 | 1.6 |
Philadelphia, PA-NJ | 7,973,605 | 1.4 | 1,281,998 | 4.6 |
Totals | 553,796,866 | 100.0 | 27,951,851 | 100.0 |
(a) | Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 1, 2013, 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, 2013 aggregating 62,054 square feet and representing annualized rent of $1,399,427 for which no new leases were signed. |
(c) | Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
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Industry Diversification
The following table lists the Company’s 30 largest industry classifications based on annualized contractual base rent of the Consolidated Commercial Properties:
Industry Classification (a) | Annualized Base Rental Revenue ($) (b) (c) (d) | Percentage of Company Annualized Commercial Base Rental Revenue (%) | Square Feet Leased (c) (d) | Percentage of Total Company Commercial Leased Sq. Ft. (%) |
Securities, Commodity Contracts & Other Financial | 80,057,177 | 14.4 | 2,651,825 | 11.2 |
Insurance Carriers & Related Activities | 54,151,236 | 9.8 | 2,047,041 | 8.7 |
Manufacturing | 44,299,580 | 8.0 | 2,064,794 | 8.8 |
Telecommunications | 35,897,031 | 6.5 | 1,833,294 | 7.8 |
Legal Services | 34,744,133 | 6.3 | 1,329,510 | 5.7 |
Credit Intermediation & Related Activities | 31,285,852 | 5.6 | 1,043,257 | 4.4 |
Computer System Design Svcs. | 22,796,004 | 4.1 | 1,044,753 | 4.4 |
Health Care & Social Assistance | 21,616,145 | 3.9 | 1,161,841 | 4.9 |
Accounting/Tax Prep. | 19,681,647 | 3.6 | 775,611 | 3.3 |
Architectural/Engineering | 19,622,530 | 3.5 | 780,335 | 3.3 |
Wholesale Trade | 19,110,701 | 3.5 | 1,296,035 | 5.5 |
Scientific Research/Development | 15,334,484 | 2.8 | 500,459 | 2.1 |
Public Administration | 14,220,198 | 2.6 | 531,562 | 2.3 |
Admin & Support, Waste Mgt. & Remediation Svcs. | 12,806,882 | 2.3 | 608,241 | 2.6 |
Accommodation & Food Services | 12,664,035 | 2.3 | 529,671 | 2.3 |
Arts, Entertainment & Recreation | 12,109,465 | 2.2 | 717,680 | 3.1 |
Management/Scientific | 11,689,508 | 2.1 | 435,853 | 1.9 |
Other Services (except Public Administration) | 11,512,650 | 2.1 | 440,543 | 1.9 |
Other Professional | 10,653,966 | 1.9 | 470,869 | 2.0 |
Real Estate & Rental & Leasing | 10,062,191 | 1.8 | 536,701 | 2.3 |
Advertising/Related Services | 8,323,944 | 1.5 | 307,378 | 1.3 |
Retail Trade | 6,958,491 | 1.3 | 417,221 | 1.8 |
Construction | 6,429,916 | 1.2 | 330,377 | 1.4 |
Data Processing Services | 6,035,511 | 1.1 | 235,201 | 1.0 |
Transportation | 5,767,340 | 1.0 | 295,695 | 1.3 |
Broadcasting | 5,082,468 | 0.9 | 183,395 | 0.8 |
Utilities | 4,882,993 | 0.9 | 203,471 | 0.9 |
Information Services | 3,813,555 | 0.7 | 149,436 | 0.6 |
Educational Services | 2,737,061 | 0.5 | 142,822 | 0.6 |
Publishing Industries | 2,635,058 | 0.5 | 140,697 | 0.6 |
Other | 6,815,114 | 1.1 | 286,074 | 1.2 |
Totals | 553,796,866 | 100.0 | 23,491,642 | 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 2013 billings times 12. For leases whose rent commences after October 1, 2013, 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, 2013 aggregating 62,054 square feet and representing annualized rent of $1,399,427 for which no new leases were signed. |
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Consolidated Portfolio Analysis (a)
(as of September 30, 2013)
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 | Multi- Family | % of Total | TOTALS By State | % of Total |
New Jersey | 104 | 42.7% | 49 | 20.1% | -- | -- | 1 | 0.4% | -- | -- | -- | -- | 154 | 63.2% |
New York | 20 | 8.2% | 41 | 16.8% | 6 | 2.5% | 2 | 0.8 % | 2 | 0.8% | -- | -- | 71 | 29.1% |
Connecticut | 1 | 0.4% | 5 | 2.0% | -- | -- | -- | -- | -- | -- | -- | -- | 6 | 2.4% |
Wash., D.C./ Maryland | 10 | 4.1% | -- | -- | -- | -- | -- | -- | 1 | 0.4% | -- | -- | 11 | 4.5% |
Massachusetts | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 2 | 0.8% | 2 | 0.8% |
TOTALS By Type: | 135 | 55.4% | 95 | 38.9% | 6 | 2.5% | 3 | 1.2% | 3 | 1.2% | 2 | 0.8% | 244 | 100.0% |
(a) | Excludes 31 properties, aggregating approximately 2.7 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, 2013
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Consolidated Portfolio Analysis (a)
(as of September 30, 2013)
Breakdown by Square Footage for Commercial Properties
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 | 18,772,757 | 67.1% | 2,189,531 | 7.8% | -- | -- | 16,736 | 0.1% | 20,979,024 | 75.0% |
New York | 2,490,984 | 8.9% | 2,348,812 | 8.4% | 387,400 | 1.4% | 17,300 | 0.1% | 5,244,496 | 18.8% |
Connecticut | 179,260 | 0.6% | 273,000 | 1.0% | -- | -- | -- | -- | 452,260 | 1.6% |
Wash., D.C./ Maryland | 1,292,807 | 4.6% | -- | -- | -- | -- | -- | -- | 1,292,807 | 4.6% |
TOTALS By Type: | 22,735,808 | 81.2% | 4,811,343 | 17.2% | 387,400 | 1.4% | 34,036 | 0.2% | 27,968,587 | 100.0% |
(a) | Excludes two consolidated multi-family properties, aggregating 722 apartment units; as well as 31 properties, aggregating approximately 2.7 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, 2013
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Consolidated Portfolio Analysis (a)
(Year ended September 30, 2013)
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 | Multi- Family | % of Total | TOTALS By State | % of Total |
New Jersey | $380,834 | 70.8% | $17,226 | 3.2% | -- | -- | -- | -- | -- | -- | -- | -- | $398,060 | 74.0% |
New York | 57,645 | 10.7% | 34,113 | 6.3% | $3,765 | 0.7% | $484 | 0.1% | $333 | 0.1% | -- | -- | 96,340 | 17.9% |
Connecticut | 3,565 | 0.7% | 4,324 | 0.8% | -- | -- | -- | -- | -- | -- | -- | -- | 7,889 | 1.5% |
Wash., D.C./ Maryland | 27,963 | 5.2% | -- | -- | -- | -- | -- | -- | 153 | -- | 28,116 | 5.2% | ||
Massachusetts | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | $7,446 | 1.4% | 7,446 | 1.4% |
TOTALS By Type: | $470,007 | 87.4% | $55,663 | 10.3% | $3,765 | 0.7% | $484 | 0.1% | $486 | 0.1% | $7,446 | 1.4% | $537,851 | 100.0% |
(a) Excludes 31 properties, aggregating approximately 2.7 million square feet, which are not consolidated by the Company.
(b) | Total base rent for the year ended September 30, 2013, determined in accordance with GAAP. Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
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Consolidated Portfolio Analysis (a) (b)
(as of September 30, 2013)
Breakdown by Percentage Leased for Commercial Properties
PROPERTY TYPE:
STATE | Office | Office/Flex | Industrial/Warehouse | Stand-Alone Retail | WEIGHTED AVG. By State |
New Jersey | 84.6% | 89.2% | -- | 52.2% | 85.1% |
New York | 87.1% | 94.5% | 86.7% | 100.0% | 90.4% |
Connecticut | 81.4% | 100.0% | -- | -- | 92.6% |
Washington, D.C./ Maryland | 82.5% | -- | -- | -- | 82.5% |
WEIGHTED AVG. By Type: | 84.8% | 92.4% | 86.7% | 76.5% | 86.1% |
(a) | Excludes two consolidated multi-family properties, aggregating 722 apartment units; as well as 31 properties, aggregating approximately 2.7 million square feet, which are not consolidated by the Company, and parcels of land leased to others. |
(b) | Percentage leased includes all commercial 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, 2013 aggregating 62,054 square feet for which no new leases were signed. |
Mack-Cali Realty Corporation
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Property Listing Office Properties | ||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) |
BERGEN COUNTY, NEW JERSEY | ||||||
Fair Lawn | ||||||
17-17 Route 208 North | 1987 | 143,000 | 88.5 | 2,650 | 0.49 | 20.94 |
Fort Lee | ||||||
One Bridge Plaza | 1981 | 200,000 | 89.2 | 4,636 | 0.86 | 25.99 |
2115 Linwood Avenue | 1981 | 68,000 | 58.6 | 979 | 0.18 | 24.57 |
Lyndhurst | ||||||
210 Clay Avenue | 1981 | 121,203 | 84.2 | 2,446 | 0.45 | 23.97 |
Montvale | ||||||
135 Chestnut Ridge Road | 1981 | 66,150 | 66.6 | 981 | 0.18 | 22.27 |
Paramus | ||||||
15 East Midland Avenue | 1988 | 259,823 | 80.5 | 4,613 | 0.86 | 22.06 |
140 East Ridgewood Avenue | 1981 | 239,680 | 84.7 | 5,274 | 0.98 | 25.98 |
461 From Road | 1988 | 253,554 | 39.4 | 2,234 | 0.42 | 22.36 |
650 From Road | 1978 | 348,510 | 81.5 | 5,398 | 1.00 | 19.00 |
61 South Paramus Road (e) | 1985 | 269,191 | 62.6 | 4,610 | 0.86 | 27.36 |
Rochelle Park | ||||||
120 West Passaic Street | 1972 | 52,000 | 99.6 | 1,488 | 0.28 | 28.73 |
365 West Passaic Street | 1976 | 212,578 | 86.1 | 3,680 | 0.68 | 20.11 |
395 West Passaic Street | 1979 | 100,589 | 54.7 | 1,140 | 0.21 | 20.72 |
Upper Saddle River | ||||||
1 Lake Street | 1973/94 | 474,801 | 100.0 | 7,465 | 1.39 | 15.72 |
10 Mountainview Road | 1986 | 192,000 | 85.3 | 3,155 | 0.59 | 19.26 |
Woodcliff Lake | ||||||
400 Chestnut Ridge Road | 1982 | 89,200 | 100.0 | 1,950 | 0.36 | 21.86 |
470 Chestnut Ridge Road | 1987 | 52,500 | 100.0 | 1,215 | 0.23 | 23.14 |
530 Chestnut Ridge Road | 1986 | 57,204 | 100.0 | 1,080 | 0.20 | 18.88 |
50 Tice Boulevard | 1984 | 235,000 | 87.2 | 5,444 | 1.01 | 26.57 |
300 Tice Boulevard | 1991 | 230,000 | 100.0 | 6,115 | 1.14 | 26.59 |
ESSEX COUNTY, NEW JERSEY | ||||||
Millburn | ||||||
150 J.F. Kennedy Parkway | 1980 | 247,476 | 73.7 | 4,947 | 0.92 | 27.12 |
Borough of Roseland | ||||||
4 Becker Farm Road | 1983 | 281,762 | 96.2 | 6,919 | 1.29 | 25.53 |
5 Becker Farm Road | 1982 | 118,343 | 89.5 | 1,995 | 0.37 | 18.84 |
6 Becker Farm Road | 1982 | 129,732 | 78.3 | 2,575 | 0.48 | 25.35 |
101 Eisenhower Parkway | 1980 | 237,000 | 84.8 | 4,745 | 0.88 | 23.61 |
103 Eisenhower Parkway | 1985 | 151,545 | 70.6 | 2,242 | 0.42 | 20.96 |
105 Eisenhower Parkway | 2001 | 220,000 | 50.2 | 3,573 | 0.66 | 32.35 |
75 Livingston Avenue | 1985 | 94,221 | 64.2 | 1,302 | 0.24 | 21.52 |
85 Livingston Avenue | 1985 | 124,595 | 81.8 | 2,629 | 0.49 | 25.80 |
HUDSON COUNTY, NEW JERSEY | ||||||
Jersey City | ||||||
Harborside Plaza 1 | 1983 | 400,000 | 100.0 | 11,315 | 2.10 | 28.29 |
Harborside Plaza 2 | 1990 | 761,200 | 97.2 | 19,426 | 3.61 | 26.26 |
Harborside Plaza 3 | 1990 | 725,600 | 77.5 | 19,437 | 3.61 | 34.56 |
Harborside Plaza 4A | 2000 | 207,670 | 100.0 | 6,591 | 1.23 | 31.74 |
Harborside Plaza 5 | 2002 | 977,225 | 86.7 | 30,883 | 5.74 | 36.45 |
101 Hudson Street | 1992 | 1,246,283 | 82.4 | 28,962 | 5.38 | 28.20 |
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Property Listing Office Properties (continued) | ||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) |
MERCER COUNTY, NEW JERSEY | ||||||
Hamilton Township | ||||||
3 AAA Drive | 1981 | 35,270 | 72.2 | 641 | 0.12 | 25.17 |
600 Horizon Drive | 2002 | 95,000 | 100.0 | 1,229 | 0.23 | 12.94 |
700 Horizon Drive | 2007 | 120,000 | 100.0 | 2,459 | 0.46 | 20.49 |
2 South Gold Drive | 1974 | 33,962 | 61.6 | 375 | 0.07 | 17.92 |
Princeton | ||||||
103 Carnegie Center | 1984 | 96,000 | 89.4 | 2,191 | 0.41 | 25.53 |
2 Independence Way | 1981 | 67,401 | 100.0 | 1,531 | 0.28 | 22.71 |
3 Independence Way | 1983 | 111,300 | 100.0 | 2,067 | 0.38 | 18.57 |
100 Overlook Center | 1988 | 149,600 | 89.6 | 3,727 | 0.69 | 27.80 |
5 Vaughn Drive | 1987 | 98,500 | 99.1 | 2,257 | 0.42 | 23.12 |
MIDDLESEX COUNTY, NEW JERSEY | ||||||
East Brunswick | ||||||
377 Summerhill Road | 1977 | 40,000 | 100.0 | 372 | 0.07 | 9.30 |
Edison | ||||||
343 Thornall Street (c) | 1991 | 195,709 | 93.0 | 3,321 | 0.62 | 18.25 |
Piscataway | ||||||
30 Knightsbridge Road, Bldg. 3 | 1977 | 160,000 | 100.0 | 2,314 | 0.43 | 14.46 |
30 Knightsbridge Road, Bldg. 4 | 1977 | 115,000 | 100.0 | 1,663 | 0.31 | 14.46 |
30 Knightsbridge Road, Bldg. 5 | 1977 | 332,607 | 92.9 | 5,281 | 0.98 | 17.09 |
30 Knightsbridge Road, Bldg. 6 | 1977 | 72,743 | 63.8 | 240 | 0.04 | 5.17 |
Plainsboro | ||||||
500 College Road East (e) | 1984 | 158,235 | 85.1 | 2,982 | 0.55 | 22.14 |
Woodbridge | ||||||
581 Main Street | 1991 | 200,000 | 95.4 | 4,882 | 0.91 | 25.59 |
MONMOUTH COUNTY, NEW JERSEY | ||||||
Freehold | ||||||
2 Paragon Way | 1989 | 44,524 | 50.5 | 452 | 0.08 | 20.10 |
3 Paragon Way | 1991 | 66,898 | 88.2 | 905 | 0.17 | 15.34 |
4 Paragon Way | 2002 | 63,989 | 30.8 | 476 | 0.09 | 24.15 |
100 Willow Brook Road | 1988 | 60,557 | 57.4 | 768 | 0.14 | 22.09 |
Holmdel | ||||||
23 Main Street | 1977 | 350,000 | 100.0 | 4,012 | 0.75 | 11.46 |
Middletown | ||||||
One River Centre Bldg. 1 | 1983 | 122,594 | 80.4 | 2,671 | 0.50 | 27.10 |
One River Centre Bldg. 2 | 1983 | 120,360 | 84.9 | 2,629 | 0.49 | 25.73 |
One River Centre Bldg. 3 and 4 | 1984 | 214,518 | 93.3 | 4,391 | 0.82 | 21.94 |
Neptune | ||||||
3600 Route 66 | 1989 | 180,000 | 100.0 | 2,130 | 0.40 | 11.83 |
Wall Township | ||||||
1305 Campus Parkway | 1988 | 23,350 | 92.4 | 382 | 0.07 | 17.71 |
1350 Campus Parkway | 1990 | 79,747 | 99.9 | 1,062 | 0.20 | 13.33 |
MORRIS COUNTY, NEW JERSEY | ||||||
Florham Park | ||||||
325 Columbia Turnpike | 1987 | 168,144 | 100.0 | 3,924 | 0.73 | 23.34 |
Morris Plains | ||||||
250 Johnson Road | 1977 | 75,000 | 100.0 | 1,514 | 0.28 | 20.19 |
201 Littleton Road | 1979 | 88,369 | 75.4 | 1,323 | 0.25 | 19.86 |
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Property Listing Office Properties (continued) | ||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) |
Morris Township | ||||||
412 Mt. Kemble Avenue | 1986 | 475,100 | 67.5 | 7,120 | 1.32 | 22.20 |
Parsippany | ||||||
4 Campus Drive | 1983 | 147,475 | 74.8 | 2,355 | 0.44 | 21.35 |
6 Campus Drive | 1983 | 148,291 | 76.8 | 2,606 | 0.48 | 22.88 |
7 Campus Drive | 1982 | 154,395 | 86.3 | 2,579 | 0.48 | 19.36 |
8 Campus Drive | 1987 | 215,265 | 65.8 | 2,825 | 0.53 | 19.94 |
9 Campus Drive | 1983 | 156,495 | 30.8 | 1,261 | 0.23 | 26.16 |
4 Century Drive | 1981 | 100,036 | 46.8 | 1,109 | 0.21 | 23.69 |
5 Century Drive | 1981 | 79,739 | 52.0 | 896 | 0.17 | 21.61 |
6 Century Drive | 1981 | 100,036 | 58.0 | 1,024 | 0.19 | 17.65 |
2 Dryden Way | 1990 | 6,216 | 100.0 | 99 | 0.02 | 15.93 |
4 Gatehall Drive | 1988 | 248,480 | 81.7 | 5,848 | 1.09 | 28.81 |
2 Hilton Court | 1991 | 181,592 | 100.0 | 6,529 | 1.21 | 35.95 |
1633 Littleton Road | 1978 | 57,722 | 100.0 | 1,131 | 0.21 | 19.59 |
600 Parsippany Road | 1978 | 96,000 | 90.9 | 1,644 | 0.31 | 18.84 |
1 Sylvan Way | 1989 | 150,557 | 96.0 | 4,088 | 0.76 | 28.28 |
4 Sylvan Way | 1984 | 105,135 | 100.0 | 1,641 | 0.31 | 15.61 |
5 Sylvan Way | 1989 | 151,383 | 85.6 | 3,807 | 0.71 | 29.38 |
7 Sylvan Way | 1987 | 145,983 | 0.0 | 2,454 | 0.46 | 0.00 |
14 Sylvan Way (f) | 2013 | 203,506 | 100.0 | 1,630 | 0.30 | 24.78 |
22 Sylvan Way | 2009 | 249,409 | 100.0 | 6,327 | 1.18 | 25.37 |
20 Waterview Boulevard | 1988 | 225,550 | 93.8 | 4,810 | 0.89 | 22.74 |
35 Waterview Boulevard | 1990 | 172,498 | 92.8 | 4,201 | 0.78 | 26.24 |
5 Wood Hollow Road | 1979 | 317,040 | 95.2 | 6,004 | 1.12 | 19.89 |
PASSAIC COUNTY, NEW JERSEY | ||||||
Totowa | ||||||
999 Riverview Drive | 1988 | 56,066 | 91.8 | 745 | 0.14 | 14.47 |
SOMERSET COUNTY, NEW JERSEY | ||||||
Basking Ridge | ||||||
222 Mt. Airy Road | 1986 | 49,000 | 100.0 | 1,077 | 0.20 | 21.98 |
233 Mt. Airy Road | 1987 | 66,000 | 67.5 | 82 | 0.02 | 1.84 |
Bridgewater | ||||||
440 Route 22 East | 1990 | 198,376 | 95.5 | 4,655 | 0.87 | 24.57 |
721 Route 202/206 | 1989 | 192,741 | 98.6 | 4,161 | 0.77 | 21.90 |
Warren | ||||||
10 Independence Boulevard | 1988 | 120,528 | 92.6 | 2,623 | 0.49 | 23.50 |
UNION COUNTY, NEW JERSEY | ||||||
Clark | ||||||
100 Walnut Avenue | 1985 | 182,555 | 100.0 | 4,794 | 0.89 | 26.26 |
Cranford | ||||||
6 Commerce Drive | 1973 | 56,000 | 95.3 | 1,053 | 0.20 | 19.73 |
11 Commerce Drive | 1981 | 90,000 | 81.5 | 2,050 | 0.38 | 27.95 |
12 Commerce Drive | 1967 | 72,260 | 84.7 | 923 | 0.17 | 15.08 |
14 Commerce Drive | 1971 | 67,189 | 87.8 | 1,258 | 0.23 | 21.32 |
20 Commerce Drive | 1990 | 176,600 | 87.5 | 3,547 | 0.66 | 22.95 |
25 Commerce Drive | 1971 | 67,749 | 81.3 | 1,256 | 0.23 | 22.80 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
50
Property Listing Office Properties (continued) | ||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) |
65 Jackson Drive | 1984 | 82,778 | 49.6 | 1,209 | 0.22 | 29.45 |
New Providence | ||||||
890 Mountain Avenue | 1977 | 80,000 | 72.6 | 1,148 | 0.21 | 19.77 |
Total New Jersey Office | 18,772,757 | 84.6 | 380,834 | 70.81 | 24.19 | |
NEW YORK COUNTY, NEW YORK | ||||||
New York | ||||||
125 Broad Street | 1970 | 524,476 | 100.0 | 15,676 | 2.91 | 29.89 |
ROCKLAND COUNTY, NEW YORK | ||||||
Suffern | ||||||
400 Rella Boulevard | 1988 | 180,000 | 86.1 | 3,615 | 0.67 | 23.33 |
WESTCHESTER COUNTY, NEW YORK | ||||||
Elmsford | ||||||
100 Clearbrook Road (c) | 1975 | 60,000 | 83.9 | 990 | 0.18 | 19.67 |
101 Executive Boulevard | 1971 | 50,000 | 0.0 | 80 | 0.01 | 0.00 |
555 Taxter Road | 1986 | 170,554 | 97.4 | 3,002 | 0.56 | 18.07 |
565 Taxter Road | 1988 | 170,554 | 84.7 | 3,607 | 0.67 | 24.97 |
570 Taxter Road | 1972 | 75,000 | 68.7 | 1,250 | 0.23 | 24.26 |
Hawthorne | ||||||
1 Skyline Drive | 1980 | 20,400 | 99.0 | 296 | 0.06 | 14.66 |
2 Skyline Drive | 1987 | 30,000 | 100.0 | 543 | 0.10 | 18.10 |
7 Skyline Drive | 1987 | 109,000 | 82.0 | 2,126 | 0.40 | 23.79 |
17 Skyline Drive (e) | 1989 | 85,000 | 100.0 | 1,713 | 0.32 | 20.15 |
Tarrytown | ||||||
200 White Plains Road | 1982 | 89,000 | 65.0 | 1,508 | 0.28 | 26.07 |
220 White Plains Road | 1984 | 89,000 | 76.1 | 1,813 | 0.34 | 26.77 |
White Plains | ||||||
1 Barker Avenue | 1975 | 68,000 | 96.7 | 1,722 | 0.32 | 26.19 |
3 Barker Avenue | 1983 | 65,300 | 85.1 | 1,435 | 0.27 | 25.82 |
50 Main Street | 1985 | 309,000 | 85.8 | 8,268 | 1.54 | 31.19 |
11 Martine Avenue | 1987 | 180,000 | 77.7 | 4,411 | 0.82 | 31.54 |
1 Water Street | 1979 | 45,700 | 68.3 | 865 | 0.16 | 27.71 |
Yonkers | ||||||
1 Executive Boulevard | 1982 | 112,000 | 100.0 | 3,037 | 0.56 | 27.12 |
3 Executive Boulevard | 1987 | 58,000 | 100.0 | 1,688 | 0.31 | 29.10 |
Total New York Office | 2,490,984 | 87.1 | 57,645 | 10.71 | 26.57 | |
FAIRFIELD COUNTY, CONNECTICUT | ||||||
Stamford | ||||||
1266 East Main Street | 1984 | 179,260 | 81.4 | 3,565 | 0.66 | 24.43 |
Total Connecticut Office | 179,260 | 81.4 | 3,565 | 0.66 | 24.43 | |
WASHINGTON, D.C. | ||||||
1201 Connecticut Avenue, NW | 1940 | 169,549 | 95.0 | 6,909 | 1.28 | 42.89 |
1400 L Street, NW | 1987 | 159,000 | 100.0 | 5,802 | 1.08 | 36.49 |
Total District of Columbia Office | 328,549 | 97.4 | 12,711 | 2.36 | 39.71 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
51
Property Listing Office Properties (continued) | ||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) |
PRINCE GEORGE’S COUNTY, MARYLAND | ||||||
Greenbelt | ||||||
9200 Edmonston Road | 1973 | 38,690 | 100.0 | 1,023 | 0.19 | 26.44 |
6301 Ivy Lane | 1979 | 112,003 | 73.0 | 1,651 | 0.31 | 20.19 |
6303 Ivy Lane | 1980 | 112,047 | 85.6 | 2,361 | 0.44 | 24.62 |
6305 Ivy Lane | 1982 | 112,022 | 89.2 | 2,039 | 0.38 | 20.41 |
6404 Ivy Lane | 1987 | 165,234 | 73.2 | 2,664 | 0.49 | 22.03 |
6406 Ivy Lane | 1991 | 163,857 | 58.4 | 489 | 0.09 | 5.11 |
6411 Ivy Lane | 1984 | 138,405 | 70.5 | 2,142 | 0.40 | 21.95 |
Lanham | ||||||
4200 Parliament Place | 1989 | 122,000 | 94.6 | 2,883 | 0.54 | 24.98 |
Total Maryland Office | 964,258 | 77.4 | 15,252 | 2.84 | 20.45 | |
TOTAL OFFICE PROPERTIES | 22,735,808 | 84.8 | 470,007 | 87.38 | 24.57 | |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
52
Property Listing Office/Flex Properties | ||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) |
BURLINGTON COUNTY, NEW JERSEY | ||||||
Burlington | ||||||
3 Terri Lane | 1991 | 64,500 | 71.1 | 472 | 0.09 | 10.29 |
5 Terri Lane | 1992 | 74,555 | 100.0 | 589 | 0.11 | 7.90 |
Moorestown | ||||||
2 Commerce Drive | 1986 | 49,000 | 69.2 | 215 | 0.04 | 6.34 |
101 Commerce Drive | 1988 | 64,700 | 100.0 | 275 | 0.05 | 4.25 |
102 Commerce Drive | 1987 | 38,400 | 100.0 | 245 | 0.05 | 6.38 |
201 Commerce Drive | 1986 | 38,400 | 50.0 | 80 | 0.01 | 4.17 |
202 Commerce Drive | 1988 | 51,200 | 100.0 | 208 | 0.04 | 4.06 |
1 Executive Drive | 1989 | 20,570 | 90.8 | 170 | 0.03 | 9.10 |
2 Executive Drive | 1988 | 60,800 | 71.4 | 216 | 0.04 | 4.98 |
101 Executive Drive | 1990 | 29,355 | 99.7 | 300 | 0.06 | 10.25 |
102 Executive Drive | 1990 | 64,000 | 100.0 | 474 | 0.09 | 7.41 |
225 Executive Drive | 1990 | 50,600 | 79.1 | 241 | 0.04 | 6.02 |
97 Foster Road | 1982 | 43,200 | 100.0 | 170 | 0.03 | 3.94 |
1507 Lancer Drive | 1995 | 32,700 | 100.0 | 146 | 0.03 | 4.46 |
1245 North Church Street | 1998 | 52,810 | 100.0 | 244 | 0.05 | 4.62 |
1247 North Church Street | 1998 | 52,790 | 80.7 | 313 | 0.06 | 7.35 |
1256 North Church Street | 1984 | 63,495 | 100.0 | 476 | 0.09 | 7.50 |
840 North Lenola Road | 1995 | 38,300 | 100.0 | 380 | 0.07 | 9.92 |
844 North Lenola Road | 1995 | 28,670 | 100.0 | 203 | 0.04 | 7.08 |
915 North Lenola Road �� | 1998 | 52,488 | 100.0 | 292 | 0.05 | 5.56 |
2 Twosome Drive | 2000 | 48,600 | 100.0 | 404 | 0.08 | 8.31 |
30 Twosome Drive | 1997 | 39,675 | 75.8 | 279 | 0.05 | 9.28 |
31 Twosome Drive | 1998 | 84,200 | 100.0 | 431 | 0.08 | 5.12 |
40 Twosome Drive | 1996 | 40,265 | 100.0 | 265 | 0.05 | 6.58 |
41 Twosome Drive | 1998 | 43,050 | 100.0 | 215 | 0.04 | 4.99 |
50 Twosome Drive | 1997 | 34,075 | 56.0 | 143 | 0.03 | 7.49 |
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 | 179 | 0.03 | 13.48 |
200 Horizon Drive | 1991 | 45,770 | 100.0 | 695 | 0.13 | 15.18 |
300 Horizon Drive | 1989 | 69,780 | 53.2 | 505 | 0.09 | 13.60 |
500 Horizon Drive | 1990 | 41,205 | 93.8 | 576 | 0.11 | 14.90 |
MONMOUTH COUNTY, NEW JERSEY | ||||||
Wall Township | ||||||
1325 Campus Parkway | 1988 | 35,000 | 100.0 | 620 | 0.11 | 17.71 |
1340 Campus Parkway | 1992 | 72,502 | 100.0 | 1,021 | 0.19 | 14.08 |
1345 Campus Parkway | 1995 | 76,300 | 100.0 | 1,072 | 0.20 | 14.05 |
1433 Highway 34 | 1985 | 69,020 | 80.7 | 468 | 0.09 | 8.40 |
1320 Wyckoff Avenue | 1986 | 20,336 | 100.0 | 222 | 0.04 | 10.92 |
1324 Wyckoff Avenue | 1987 | 21,168 | 90.4 | 137 | 0.03 | 7.16 |
PASSAIC COUNTY, NEW JERSEY | ||||||
Totowa | ||||||
1 Center Court | 1999 | 38,961 | 100.0 | 595 | 0.11 | 15.27 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
53
Property Listing Office/Flex Properties (continued) | ||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) |
2 Center Court | 1998 | 30,600 | 62.8 | 229 | 0.04 | 11.92 |
11 Commerce Way | 1989 | 47,025 | 88.9 | 479 | 0.09 | 11.46 |
20 Commerce Way | 1992 | 42,540 | 46.7 | 240 | 0.04 | 12.08 |
29 Commerce Way | 1990 | 48,930 | 77.9 | 97 | 0.02 | 2.54 |
40 Commerce Way | 1987 | 50,576 | 86.3 | 556 | 0.10 | 12.74 |
45 Commerce Way | 1992 | 51,207 | 100.0 | 519 | 0.10 | 10.14 |
60 Commerce Way | 1988 | 50,333 | 89.1 | 523 | 0.10 | 11.66 |
80 Commerce Way | 1996 | 22,500 | 88.6 | 255 | 0.05 | 12.79 |
100 Commerce Way | 1996 | 24,600 | 88.0 | 279 | 0.05 | 12.89 |
120 Commerce Way | 1994 | 9,024 | 100.0 | 99 | 0.02 | 10.97 |
140 Commerce Way | 1994 | 26,881 | 99.5 | 294 | 0.05 | 10.99 |
Total New Jersey Office/Flex | 2,189,531 | 89.2 | 17,226 | 3.21 | 8.82 | |
WESTCHESTER COUNTY, NEW YORK | ||||||
Elmsford | ||||||
11 Clearbrook Road | 1974 | 31,800 | 100.0 | 428 | 0.08 | 13.46 |
75 Clearbrook Road | 1990 | 32,720 | 100.0 | 372 | 0.07 | 11.37 |
125 Clearbrook Road | 2002 | 33,000 | 93.6 | 726 | 0.13 | 23.50 |
150 Clearbrook Road | 1975 | 74,900 | 100.0 | 1,011 | 0.19 | 13.50 |
175 Clearbrook Road | 1973 | 98,900 | 100.0 | 1,302 | 0.24 | 13.16 |
200 Clearbrook Road | 1974 | 94,000 | 99.8 | 1,200 | 0.22 | 12.79 |
250 Clearbrook Road | 1973 | 155,000 | 97.8 | 986 | 0.18 | 6.50 |
50 Executive Boulevard | 1969 | 45,200 | 87.5 | 416 | 0.08 | 10.52 |
77 Executive Boulevard | 1977 | 13,000 | 100.0 | 244 | 0.05 | 18.77 |
85 Executive Boulevard | 1968 | 31,000 | 49.1 | 391 | 0.07 | 25.69 |
300 Executive Boulevard | 1970 | 60,000 | 100.0 | 752 | 0.14 | 12.53 |
350 Executive Boulevard | 1970 | 15,400 | 99.4 | 230 | 0.04 | 15.03 |
399 Executive Boulevard | 1962 | 80,000 | 100.0 | 1,038 | 0.19 | 12.98 |
400 Executive Boulevard | 1970 | 42,200 | 71.1 | 568 | 0.11 | 18.93 |
500 Executive Boulevard | 1970 | 41,600 | 100.0 | 758 | 0.14 | 18.22 |
525 Executive Boulevard | 1972 | 61,700 | 100.0 | 986 | 0.18 | 15.98 |
1 Westchester Plaza | 1967 | 25,000 | 100.0 | 325 | 0.06 | 13.00 |
2 Westchester Plaza | 1968 | 25,000 | 96.1 | 438 | 0.08 | 18.23 |
3 Westchester Plaza | 1969 | 93,500 | 97.9 | 1,070 | 0.20 | 11.69 |
4 Westchester Plaza | 1969 | 44,700 | 100.0 | 696 | 0.13 | 15.57 |
5 Westchester Plaza | 1969 | 20,000 | 100.0 | 252 | 0.05 | 12.60 |
6 Westchester Plaza | 1968 | 20,000 | 100.0 | 215 | 0.04 | 10.75 |
7 Westchester Plaza | 1972 | 46,200 | 100.0 | 662 | 0.12 | 14.33 |
8 Westchester Plaza | 1971 | 67,200 | 100.0 | 1,231 | 0.23 | 18.32 |
Hawthorne | ||||||
200 Saw Mill River Road | 1965 | 51,100 | 100.0 | 692 | 0.13 | 13.54 |
4 Skyline Drive | 1987 | 80,600 | 93.0 | 1,464 | 0.27 | 19.53 |
5 Skyline Drive | 1980 | 124,022 | 99.8 | 1,499 | 0.28 | 12.11 |
6 Skyline Drive | 1980 | 44,155 | 72.8 | 576 | 0.11 | 17.92 |
8 Skyline Drive | 1985 | 50,000 | 85.4 | 821 | 0.15 | 19.23 |
10 Skyline Drive | 1985 | 20,000 | 100.0 | 392 | 0.07 | 19.60 |
11 Skyline Drive (e) | 1989 | 45,000 | 100.0 | 967 | 0.18 | 21.49 |
12 Skyline Drive (e) | 1999 | 46,850 | 71.7 | 523 | 0.10 | 15.57 |
15 Skyline Drive (e) | 1989 | 55,000 | 18.7 | 196 | 0.04 | 19.06 |
Yonkers | ||||||
100 Corporate Boulevard | 1987 | 78,000 | 98.3 | 1,679 | 0.31 | 21.90 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
54
Property Listing Office/Flex (continued) and Industrial/Warehouse and Retail Properties | ||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) |
200 Corporate Boulevard South | 1990 | 84,000 | 100.0 | 1,706 | 0.32 | 20.31 |
4 Executive Plaza | 1986 | 80,000 | 100.0 | 1,327 | 0.25 | 16.59 |
6 Executive Plaza | 1987 | 80,000 | 100.0 | 1,612 | 0.30 | 20.15 |
1 Odell Plaza | 1980 | 106,000 | 97.2 | 1,476 | 0.27 | 14.33 |
3 Odell Plaza | 1984 | 71,065 | 100.0 | 1,596 | 0.30 | 22.46 |
5 Odell Plaza | 1983 | 38,400 | 99.6 | 648 | 0.12 | 16.94 |
7 Odell Plaza | 1984 | 42,600 | 100.0 | 642 | 0.12 | 15.07 |
Total New York Office/Flex | 2,348,812 | 94.5 | 34,113 | 6.34 | 15.37 | |
FAIRFIELD COUNTY, CONNECTICUT | ||||||
Stamford | ||||||
419 West Avenue | 1986 | 88,000 | 100.0 | 1,576 | 0.29 | 17.91 |
500 West Avenue | 1988 | 25,000 | 100.0 | 423 | 0.08 | 16.92 |
550 West Avenue | 1990 | 54,000 | 100.0 | 969 | 0.18 | 17.94 |
600 West Avenue | 1999 | 66,000 | 100.0 | 670 | 0.12 | 10.15 |
650 West Avenue | 1998 | 40,000 | 100.0 | 686 | 0.13 | 17.15 |
Total Connecticut Office/Flex | 273,000 | 100.0 | 4,324 | 0.80 | 15.84 | |
TOTAL OFFICE/FLEX PROPERTIES | 4,811,343 | 92.4 | 55,663 | 10.35 | 12.52 | |
WESTCHESTER COUNTY, NEW YORK | ||||||
Elmsford | ||||||
1 Warehouse Lane (e) | 1957 | 6,600 | 100.0 | 105 | 0.02 | 15.91 |
2 Warehouse Lane (e) | 1957 | 10,900 | 100.0 | 159 | 0.03 | 14.59 |
3 Warehouse Lane (e) | 1957 | 77,200 | 100.0 | 399 | 0.07 | 5.17 |
4 Warehouse Lane (e) | 1957 | 195,500 | 74.7 | 1,658 | 0.31 | 11.35 |
5 Warehouse Lane (e) | 1957 | 75,100 | 97.1 | 898 | 0.17 | 12.31 |
6 Warehouse Lane (e) | 1982 | 22,100 | 100.0 | 546 | 0.10 | 24.71 |
Total Industrial/Warehouse Properties | 387,400 | 86.7 | 3,765 | 0.70 | 11.21 | |
HUDSON COUNTY, NEW JERSEY | ||||||
Weehawken | ||||||
500 Avenue at Port Imperial (f) | 2013 | 16,736 | 52.2 | -- | -- | -- |
Total New Jersey Retail | 16,736 | 52.2 | -- | -- | -- | |
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 | 0.06 | 38.13 |
Total New York Retail Properties | 17,300 | 100.0 | 484 | 0.09 | 27.98 | |
Total Retail Properties | 34,036 | 76.5 | 484 | 0.09 | 18.59 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
55
Property Listing Other Properties | |||||||
Property Location | Year Built | Net Rentable Area (Sq. Ft.) | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Sq. Ft. ($) (c) (d) | |
WESTCHESTER COUNTY, NEW YORK | |||||||
Elmsford | |||||||
700 Executive Boulevard | -- | -- | -- | 148 | 0.03 | -- | |
Yonkers | |||||||
1 Enterprise Boulevard | -- | -- | -- | 185 | 0.03 | -- | |
Total New York Land Leases | -- | -- | 333 | 0.06 | -- | ||
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 | 0.09 | -- | ||
TOTAL COMMERCIAL PROPERTIES | 27,968,587 | 86.1 | 530,405 | 98.61 | 22.17 | ||
MULTI-FAMILY PROPERTIES | Year Built | Number of units | Percentage Leased as of 9/30/13 (%) (a) | 2013 Base Rent ($000’s) (b) (c) | Percentage of Total 2013 Base Rent % | 2013 Average Base Rent Per Unit ($) (i) | |
SUFFOLK COUNTY, MASSACHUSETTS | |||||||
Revere | |||||||
Alterra at Overlook Ridge 1A (f) (g) | 2004 | 310 | 98.1 | 3,849 | 0.72 | 1,504 | |
Alterra at Overlook Ridge 1B (f) (h) | 2008 | 412 | 98.1 | 3,597 | 0.67 | 1,505 | |
Total Multi-Family Properties | 722 | 98.1 | 7,446 | 1.39 | 1,504 | ||
TOTAL PROPERTIES | 537,851 | 100.00 |
Footnotes to Property List (dollars in thousands, except per square foot amounts):
(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, 2013 aggregating 62,054 square feet (representing 0.2 percent of the Company’s total net rentable square footage) for which no new leases were signed. |
(b) | Total base rent for 2013, 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. For the year ended September 30, 2013, total escalations and recoveries from tenants were: $62,895, or $3.10 per leased square foot, for office properties; $7,728, or $1.74 per leased square foot, for office/flex properties; and $1,487, or $4.95 per leased square foot, for other properties. |
(c) | Excludes space leased by the Company. |
(d) | Base rent for 2013 divided by net rentable square feet leased at September 30, 2013. |
(e) | This property is located on land leased by the Company. |
(f) | As this property was acquired, commenced initial operations or initially consolidated by the Company during the 12 months ended September 30, 2013, the amounts represented in 2013 base rent reflect only that portion of the year during which the Company owned or consolidated the property. Accordingly, these amounts may not be indicative of the property’s full year results. For comparison purposes, the amounts represented in 2013 average base rent per sq. ft. and per unit for this property have been calculated by taking 2013 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased or occupied units at September 30, 2013. These annualized per square foot and per unit amounts may not be indicative of the property’s results had the Company owned or consolidated the property for the entirety of the 12 months ended September 30, 2013. |
(g) | Acquired on January 18, 2013. Amounts reflect period of ownership. |
(h) | Acquired on April 4, 2013. Amounts reflect period of ownership. |
(i) | Annualized base rent for 2013 divided by units occupied at September 30, 2013, divided by 12. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
56
Significant Tenants
The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Commercial Properties as of September 30, 2013, based upon annualized base rental revenue:
Number of Properties | Annualized Base Rental Revenue ($) (a) | Percentage of Company Annualized Commercial Base Rental Revenue (%) | Square Feet Leased | Percentage of Total Company Commercial Leased Sq. Ft. (%) | Year of Lease Expiration | |
DB Services New Jersey, Inc. | 2 | 12,111,630 | 2.3 | 402,068 | 1.7 | 2017 |
National Union Fire Insurance Company of Pittsburgh, PA | 3 | 11,203,562 | 2.0 | 398,141 | 1.6 | (b) |
Wyndham Worldwide Operations | 2 | 11,199,134 | 2.0 | 452,915 | 1.9 | 2029 |
Bank Of Tokyo-Mitsubishi FUJI, Ltd. | 1 | 10,540,716 | 1.9 | 282,606 | 1.2 | (c) |
New Cingular Wireless PCS, LLC | 4 | 9,988,111 | 1.8 | 433,296 | 1.8 | (d) |
Morgan Stanley & Co., Inc. | 1 | 9,185,100 | 1.7 | 306,170 | 1.3 | 2013 |
Forest Research Institute, Inc. | 1 | 9,070,892 | 1.6 | 215,659 | 0.9 | 2017 |
United States of America-GSA | 11 | 8,756,966 | 1.6 | 285,343 | 1.2 | (e) |
Prentice-Hall, Inc. | 1 | 8,643,699 | 1.6 | 474,801 | 2.0 | 2014 |
ICAP Securities USA, LLC | 1 | 6,904,128 | 1.2 | 159,834 | 0.7 | 2017 |
Montefiore Medical Center | 6 | 6,453,543 | 1.2 | 284,394 | 1.2 | (f) |
TD Ameritrade Online Holdings | 1 | 6,229,711 | 1.1 | 188,776 | 0.8 | 2020 |
Daiichi Sankyo, Inc. | 1 | 6,033,690 | 1.1 | 171,900 | 0.7 | 2022 |
Merrill Lynch Pierce Fenner | 1 | 5,883,780 | 1.1 | 294,189 | 1.3 | 2017 |
AECOM Technology Corporation | 2 | 5,258,602 | 0.9 | 162,346 | 0.7 | (g) |
HQ Global Workplaces, LLC | 17 | 4,923,755 | 0.9 | 276,721 | 1.2 | (h) |
Vonage America, Inc. | 1 | 4,340,000 | 0.8 | 350,000 | 1.5 | 2017 |
CohnReznick, LLP | 2 | 4,333,954 | 0.8 | 155,056 | 0.7 | (i) |
AT&T Corp. | 1 | 4,137,500 | 0.7 | 275,000 | 1.2 | (j) |
Allstate Insurance Company | 7 | 3,694,272 | 0.7 | 160,312 | 0.7 | (k) |
Arch Insurance Company | 1 | 3,685,118 | 0.7 | 106,815 | 0.5 | 2024 |
Morgan Stanley Smith Barney | 3 | 3,380,291 | 0.6 | 110,039 | 0.5 | (l) |
SunAmerica Asset Management | 1 | 3,167,756 | 0.6 | 69,621 | 0.3 | 2018 |
Alpharma, LLC | 1 | 3,098,092 | 0.6 | 112,235 | 0.5 | 2018 |
E*Trade Financial Corporation | 1 | 2,930,757 | 0.5 | 106,573 | 0.5 | 2022 |
Plymouth Rock Management Company of New Jersey | 2 | 2,903,694 | 0.5 | 116,889 | 0.5 | 2020 |
Natixis North America, Inc. | 1 | 2,823,569 | 0.5 | 89,907 | 0.4 | 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 | (m) |
AAA Mid-Atlantic, Inc. | 2 | 2,765,642 | 0.5 | 129,784 | 0.6 | (n) |
KPMG, LLP | 2 | 2,736,214 | 0.5 | 121,490 | 0.5 | (o) |
Tradeweb Markets, LLC | 1 | 2,711,760 | 0.5 | 64,976 | 0.3 | 2017 |
New Jersey Turnpike Authority | 1 | 2,605,798 | 0.5 | 100,223 | 0.4 | 2017 |
Connell Foley, LLP | 2 | 2,572,383 | 0.5 | 97,822 | 0.4 | 2015 |
Lowenstein Sandler LLP | 1 | 2,516,264 | 0.5 | 98,677 | 0.4 | 2017 |
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 |
ASRC Aerospace Corporation | 1 | 2,409,256 | 0.4 | 81,108 | 0.3 | 2014 |
Credit Suisse (USA), Inc. | 1 | 2,395,619 | 0.4 | 71,511 | 0.3 | 2013 |
UBS Financial Services, Inc. | 3 | 2,391,327 | 0.4 | 82,413 | 0.4 | (p) |
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 | 2017 |
Qualcare Alliance Networks, Inc. | 2 | 2,316,191 | 0.4 | 118,779 | 0.5 | 2021 |
Tower Insurance Company of New York | 1 | 2,306,760 | 0.4 | 76,892 | 0.3 | 2023 |
The Louis Berger Group, Inc. | 3 | 2,268,188 | 0.4 | 115,758 | 0.5 | (q) |
Movado Group, Inc. | 1 | 2,261,498 | 0.4 | 98,326 | 0.4 | 2018 |
Norris, McLaughlin & Marcus, PA | 1 | 2,259,738 | 0.4 | 86,913 | 0.4 | 2017 |
Bunge Management Services, Inc. | 1 | 2,221,151 | 0.4 | 66,303 | 0.3 | 2020 |
Rothstein, Kass & Company, P.C. | 1 | 2,216,300 | 0.4 | 88,652 | 0.4 | 2017 |
Barr Laboratories, Inc. | 1 | 2,209,107 | 0.4 | 89,510 | 0.4 | 2015 |
Totals | 227,196,936 | 41.0 | 8,599,852 | 36.6 |
See footnotes on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
57
Significant Tenants |
(Continued) |
(a) | Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 1, 2013, 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) | 281,023 square feet expire in 2018; 117,118 square feet expire in 2019. |
(c) | 20,649 square feet expire in 2018; 24,607 square feet expire in 2019; 237,350 square feet expire in 2029. |
(d) | 120,397 square feet expire in 2013; 100,151 square feet expire in 2014; 212,748 square feet expire in 2018. |
(e) | 45,736 square feet expire in 2013; 1,729 square feet expire in 2014; 180,729 square feet expire in 2015; 15,851 square feet expire in 2016; 21,596 square feet expire in 2022; 19,702 square feet expire in 2023. |
(f) | 21,110 square feet expire in 2014; 13,512 square feet expire in 2015; 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; 8,500 square feet expire in 2023. |
(g) | 70,932 square feet expire in 2023; 91,414 square feet expire in 2029. |
(h) | 22,279 square feet expire in 2015; 12,407 square feet expire in 2017; 19,190 square feet expire in 2018; 41,549 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; 109,406 square feet expire in 2024. |
(i) | 1,021 square feet expire in 2014; 154,035 square feet expire in 2020. |
(j) | 115,000 square feet expire in 2016; 160,000 square feet expire in 2019. |
(k) | 4,456 square feet expire in 2014; 5,348 square feet expire in 2015; 4,014 square feet expire in 2016; 75,740 square feet expire in 2017; 70,754 square feet expire in 2018. |
(l) | 26,834 square feet expire in 2014; 29,654 square feet expire in 2015; 27,289 square feet expire in 2016; 26,262 square feet expire in 2018. |
(m) | 19,416 square feet expire in 2016; 81,296 square feet expire in 2031. |
(n) | 9,784 square feet expire in 2017; 120,000 square feet expire in 2022. |
(o) | 10,877 square feet expire in 2013; 53,409 square feet expire in 2019; 57,204 square feet expire in 2020. |
(p) | 42,360 square feet expire in 2016; 13,340 square feet expire in 2022; 26,713 square feet expire in 2024. |
(q) | 7,426 square feet expire in 2017; 108,332 square feet expire in 2026. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
58
Schedule of Lease Expirations
All Consolidated Commercial 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 Commercial Properties beginning October 1, 2013, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2013 through 2015 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 (%) |
2013 (c) | ||||||
Northern NJ | 18 | 100,050 | 0.3 | 2,459,233 | 24.58 | 0.5 |
Central NJ | 10 | 75,145 | 0.3 | 1,836,449 | 24.44 | 0.3 |
Westchester Co., NY | 23 | 62,386 | 0.3 | 1,153,472 | 18.49 | 0.2 |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 2 | 20,310 | 0.1 | 243,720 | 12.00 | |
Fairfield, CT | 4 | 64,014 | 0.3 | 1,020,450 | 15.94 | 0.2 |
Washington, DC/MD | 3 | 20,078 | 0.1 | 649,463 | 32.35 | 0.1 |
Rockland Co., NY | 1 | 2,679 | (e) | 61,617 | 23.00 | (e) |
TOTAL – 2013 | 61 | 344,662 | 1.4 | 7,424,404 | 21.54 | 1.3 |
2014 | ||||||
Northern NJ | 129 | 1,528,423 | 6.5 | 39,581,236 | 25.90 | 7.2 |
Central NJ | 64 | 315,834 | 1.3 | 6,640,971 | 21.03 | 1.2 |
Westchester Co., NY | 92 | 397,272 | 1.7 | 8,886,707 | 22.37 | 1.6 |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 14 | 133,600 | 0.6 | 962,824 | 7.21 | 0.2 |
Fairfield, CT | 7 | 26,420 | 0.1 | 591,511 | 22.39 | 0.1 |
Washington, DC/MD | 30 | 206,500 | 0.9 | 5,649,368 | 27.36 | 1.0 |
Rockland Co., NY | 4 | 7,616 | (e) | 187,486 | 24.62 | (e) |
TOTAL – 2014 | 340 | 2,615,665 | 11.1 | 62,500,103 | 23.89 | 11.3 |
2015 | ||||||
Northern NJ | 101 | 1,338,308 | 5.7 | 30,075,798 | 22.47 | 5.5 |
Central NJ | 60 | 475,733 | 2.0 | 11,292,626 | 23.74 | 2.0 |
Westchester Co., NY | 75 | 399,886 | 1.7 | 8,474,568 | 21.19 | 1.5 |
Manhattan | - | - | - | - | - | - |
Sub. Philadelphia | 27 | 253,913 | 1.1 | 1,844,799 | 7.27 | 0.3 |
Fairfield, CT | 9 | 101,473 | 0.4 | 2,512,822 | 24.76 | 0.5 |
Washington, DC/MD | 34 | 297,547 | 1.3 | 9,401,619 | 31.60 | 1.7 |
Rockland Co., NY | 2 | 32,311 | 0.1 | 775,464 | 24.00 | 0.1 |
TOTAL – 2015 | 308 | 2,899,171 | 12.3 | 64,377,696 | 22.21 | 11.6 |
Schedule continued, with footnotes, on subsequent page.
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Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
59
Schedule of Lease Expirations
All Consolidated Commercial 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 (%) | |
2016 | 295 | 2,358,572 | 10.1 | 53,251,149 | 22.58 | 9.6 | |
2017 | 246 | 3,501,121 | 14.9 | 83,193,225 | 23.76 | 15.0 | |
2018 | 259 | 2,619,652 | 11.2 | 60,912,112 | 23.25 | 11.0 | |
2019 | 153 | 1,873,704 | 8.0 | 40,163,503 | 21.44 | 7.3 | |
2020 | 105 | 1,552,141 | 6.6 | 32,079,171 | 20.67 | 5.8 | |
2021 | 80 | 1,246,659 | 5.3 | 32,506,301 | 26.07 | 5.9 | |
2022 | 57 | 981,743 | 4.2 | 24,832,024 | 25.29 | 4.5 | |
2023 | 39 | 1,059,601 | 4.5 | 26,559,980 | 25.07 | 4.8 | |
2024 and thereafter | 73 | 2,438,951 | 10.4 | 65,997,198 | 27.06 | 11.9 | |
Totals/ | |||||||
Weighted Average | 2,016 | 23,491,642 | (c) (e) | 100.0 | 553,796,866 | 23.57 | 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 2013 billings times 12. For leases whose rent commences after October 1, 2013 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, 2013 aggregating 62,054 square feet and representing annualized rent of $1,399,427 for which no new leases were signed. |
(d) | Represents 0.05% or less. |
(e) | Reconciliation to Company’s total net rentable square footage is as follows: |
Square Feet | |
Square footage leased to commercial tenants | 23,491,642 |
Square footage used for corporate offices, management offices, | |
building use, retail tenants, food services, other ancillary | |
service tenants and occupancy adjustments | 575,396 |
Square footage unleased | 3,884,813 |
Total net rentable square footage (does not include land leases) | 27,951,851 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2013
60
Schedule of Lease Expirations
Office Properties
The following table sets forth a schedule of lease expirations for the office properties beginning October 1, 2013, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2013 through 2015 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) | ||
2013 (c) | ||||||||
Northern NJ | 15 | 89,244 | 0.5 | 2,334,129 | 26.15 | 0.4 | ||
Central NJ | 10 | 75,145 | 0.4 | 1,836,449 | 24.44 | 0.4 | ||
Westchester Co., NY | 14 | 16,713 | 0.1 | 417,183 | 24.96 | 0.1 | ||
Manhattan | - | - | - | - | - | - | ||
Fairfield Co., CT | - | - | - | - | - | - | ||
Washington, DC/MD | 3 | 20,078 | 0.1 | 649,463 | 32.35 | 0.1 | ||
Rockland Co., NY | 1 | 2,679 | (d) | 61,617 | 23.00 | (d) | ||
TOTAL – 2013 | 43 | 203,859 | 1.1 | 5,298,841 | 25.99 | 1.0 | ||
2014 | ||||||||
Northern NJ | 121 | 1,436,972 | 7.7 | 38,366,537 | 26.70 | 7.8 | ||
Central NJ | 55 | 229,845 | 1.2 | 5,505,721 | 23.95 | 1.1 | ||
Westchester Co., NY | 58 | 176,815 | 0.9 | 5,058,104 | 28.61 | 1.0 | ||
Manhattan | - | - | - | - | - | - | ||
Fairfield Co., CT | 5 | 18,995 | 0.1 | 465,582 | 24.51 | 0.1 | ||
Washington, DC/MD | 30 | 206,500 | 1.1 | 5,649,368 | 27.36 | 1.2 | ||
Rockland Co., NY | 4 | 7,616 | 0.1 | 187,486 | 24.62 | 0.1 | ||
TOTAL – 2014 | 273 | 2,076,743 | 11.1 | 55,232,798 | 26.60 | 11.3 | ||
2015 | ||||||||
Northern NJ | 95 | 1,286,503 | 6.8 | 29,492,523 | 22.92 | 6.0 | ||
Central NJ | 54 | 431,842 | 2.3 | 10,703,957 | 24.79 | 2.2 | ||
Westchester Co., NY | 44 | 198,413 | 1.1 | 5,148,394 | 25.95 | 1.1 | ||
Manhattan | - | - | - | - | - | - | ||
Fairfield Co., CT | 7 | 52,996 | 0.3 | 1,531,733 | 28.90 | 0.3 | ||
Washington, DC/MD | 34 | 297,547 | 1.6 | 9,401,619 | 31.60 | 1.9 | ||
Rockland Co., NY | 2 | 32,311 | 0.2 | 775,464 | 24.00 | 0.1 | ||
TOTAL – 2015 | 236 | 2,299,612 | 12.3 | 57,053,690 | 24.81 | 11.6 | ||
2016 | 223 | 1,655,236 | 8.8 | 43,801,725 | 26.46 | 8.9 | ||
2017 | 187 | 3,014,642 | 16.1 | 76,964,071 | 25.53 | 15.7 | ||
2018 | 182 | 1,841,443 | 9.8 | 51,337,202 | 27.88 | 10.5 | ||
2019 | 112 | 1,238,746 | 6.6 | 31,465,330 | 25.40 | 6.4 | ||
2020 | 86 | 1,254,213 | 6.7 | 28,424,927 | 22.66 | 5.8 | ||
2021 | 69 | 1,134,187 | 6.1 | 30,922,780 | 27.26 | 6.3 | ||
2022 | 52 | 919,201 | 4.9 | 23,987,563 | 26.10 | 4.9 | ||
2023 | 30 | 856,473 | 4.6 | 23,898,345 | 27.90 | 4.9 | ||
2024 and thereafter | 56 | 2,224,347 | 11.9 | 62,419,257 | 28.06 | 12.7 | ||
Totals/Weighted Average | 1,549 | 18,718,702 (c) | 100.0 | 490,806,529 | 26.22 | 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 2013 billings times 12. For leases whose rent commences after October 1, 2013 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, 2013 aggregating 48,676 square feet and representing annualized rent of $1,204,958 for which no new leases were signed. |
(d) | Represents 0.05% or less. |
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61
Schedule of Lease Expirations
Office/Flex Properties
The following table sets forth a schedule of lease expirations for the office/flex properties beginning October 1, 2013, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2013 through 2015 only):
Year Of Expiration/ Market | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) | |
2013 (c) | |||||||
Northern NJ | 3 | 10,806 | 0.2 | 125,104 | 11.58 | 0.2 | |
Central NJ | - | - | - | - | - | - | |
Westchester Co., NY | 9 | 45,673 | 1.0 | 736,289 | 16.12 | 1.3 | |
Sub. Philadelphia | 2 | 20,310 | 0.5 | 243,720 | 12.00 | 0.4 | |
Fairfield Co., CT | 4 | 64,014 | 1.5 | 1,020,450 | 15.94 | 1.8 | |
TOTAL – 2013 | 18 | 140,803 | 3.2 | 2,125,563 | 15.10 | 3.7 | |
2014 | |||||||
Northern NJ | 8 | 91,451 | 2.1 | 1,214,699 | 13.28 | 2.2 | |
Central NJ | 9 | 85,989 | 2.0 | 1,135,250 | 13.20 | 1.9 | |
Westchester Co., NY | 30 | 195,117 | 4.4 | 3,411,848 | 17.49 | 5.8 | |
Sub. Philadelphia | 14 | 133,600 | 3.0 | 962,824 | 7.21 | 1.6 | |
Fairfield Co., CT | 2 | 7,425 | 0.1 | 125,929 | 16.96 | 0.2 | |
TOTAL – 2014 | 63 | 513,582 | 11.6 | 6,850,550 | 13.34 | 11.7 | |
2015 | |||||||
Northern NJ | 6 | 51,805 | 1.2 | 583,275 | 11.26 | 1.0 | |
Central NJ | 6 | 43,891 | 1.0 | 588,669 | 13.41 | 1.0 | |
Westchester Co., NY | 30 | 173,473 | 3.9 | 2,976,174 | 17.16 | 5.1 | |
Sub. Philadelphia | 27 | 253,913 | 5.7 | 1,844,799 | 7.27 | 3.1 | |
Fairfield Co., CT | 2 | 48,477 | 1.1 | 981,089 | 20.24 | 1.7 | |
TOTAL – 2015 | 71 | 571,559 | 12.9 | 6,974,006 | 12.20 | 11.9 | |
2016 | 68 | 672,348 | 15.2 | 9,102,630 | 13.54 | 15.5 | |
2017 | 59 | 486,479 | 11.0 | 6,229,154 | 12.80 | 10.6 | |
2018 | 74 | 684,726 | 15.5 | 8,978,937 | 13.11 | 15.3 | |
2019 | 38 | 590,513 | 13.4 | 7,905,772 | 13.39 | 13.5 | |
2020 | 18 | 250,696 | 5.7 | 2,979,771 | 11.89 | 5.1 | |
2021 | 11 | 112,472 | 2.5 | 1,583,521 | 14.08 | 2.7 | |
2022 | 5 | 62,542 | 1.4 | 844,461 | 13.50 | 1.4 | |
2023 | 7 | 127,407 | 2.9 | 1,783,271 | 14.00 | 3.0 | |
2024 and thereafter | 16 | 206,604 | 4.7 | 3,305,941 | 16.00 | 5.6 | |
Totals/Weighted | |||||||
Average | 448 | 4,419,731 | (c) | 100.0 | 58,663,577 | 13.27 | 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 2013 billings times 12. For leases whose rent commences after October 1, 2013, 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, 2013 aggregating 13,378 square feet and representing annualized rent of $194,469 for which no new leases were signed. |
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Schedule of Lease Expirations
Industrial/Warehouse Properties
The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning October 1, 2013, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (b) | Average Annualized Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) | Percentage Of Annual Base Rent Under Expiring Leases (%) | |
2014 | 3 | 16,040 | 4.9 | 241,755 | 15.07 | 6.3 | |
2015 | 1 | 28,000 | 8.3 | 350,000 | 12.50 | 9.0 | |
2016 | 4 | 30,988 | 9.2 | 346,794 | 11.19 | 8.9 | |
2018 | 3 | 93,483 | 27.8 | 595,973 | 6.38 | 15.4 | |
2019 | 3 | 44,445 | 13.2 | 792,401 | 17.83 | 20.4 | |
2020 | 1 | 47,232 | 14.1 | 674,473 | 14.28 | 17.4 | |
2023 | 2 | 75,721 | 22.5 | 878,364 | 11.60 | 22.6 | |
Totals/Weighted | |||||||
Average | 17 | 335,909 | 100.0 | 3,879,760 | 11.55 | 100.0 |
(a) | Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases. |
(b) | Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 1, 2013, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above. |
Stand-Alone Retail Properties
The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning October 1, 2013, assuming that none of the tenants exercise renewal or termination options. All stand-alone retail properties are located in the Westchester County, NY market:
Year Of Expiration | Number Of Leases Expiring (a) | Net Rentable Area Subject To Expiring Leases (Sq. Ft.) | Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) | Annualized Base Rental Revenue Under Expiring Leases ($) (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 |
2024 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 2013 billings times 12. For leases whose rent commences after October 1, 2013 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. |
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