Mack-Cali Realty Corporation Reports Third Quarter 2021 Results

JERSEY CITY, N.J., Nov. 3, 2021 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the third quarter 2021.

THIRD QUARTER 2021 HIGHLIGHTS

-   Net income (loss) of $(0.33) per share for the third quarter 2021

-   Core Funds from Operations ("Core FFO") per share of $0.17 for the third quarter 2021

-   Two Waterfront office assets, totaling approximately 1.8 million square feet, are under contract for a combined sales price of $590 million, a further step towards simplifying and transitioning the business to a pure-play multifamily REIT

-   The operating multifamily portfolio was 96.5% occupied, 2.7% above pre-pandemic levels, and the three lease-up properties launched earlier this year were above 95% leased as of October 24, 2021

-   Multifamily sequential Same Store Net Operating Income ("NOI") increased by 4.0%, reflecting higher occupancy, higher net effective rents and increasing market rents

-   The Waterfront office portfolio was 73.3% leased compared to 75.4% as of June 30, 2021, driven largely by the anticipated Natixis departure / move-out in Harborside 5

"I am pleased to announce another active quarter during which we further simplified the business, continued to enhance our operational platform and capitalized on the continued strength in multifamily leasing demand. We continue to see strong interest in our high quality assets, with occupancy in our multifamily portfolio now above pre-Covid levels" stated Mahbod Nia, Mack-Cali's Chief Executive Officer.

FINANCIAL HIGHLIGHTS

For more information and a reconciliation of FFO, Core FFO, Adjusted EBITDA and NOI to net income (loss) attributable to common shareholders, please refer to the following pages and the Company's Supplemental Operating and Financial Data package for the third quarter 2021. Please note that all presented per share amounts are on a diluted basis.

Net income (loss) available to common shareholders for the quarter ended September 30, 2021 was $(28.3) million, or $(0.33) per share, compared to $(42.2) million, or $(0.49) per share, for the quarter ended September 30, 2020.

FFO for the quarter ended September 30, 2021 was $4.8 million, or $0.05 per share, compared to $10.1 million, or $0.10 per share, for the quarter ended September 30, 2020.

For the third quarter 2021, Core FFO was $17.5 million, or $0.17 per share, compared to $29.9 million, or $0.30 per share for the same period last year, primarily due to the impacts of the pandemic on our hotel and multifamily operations as well as the suburban asset disposals.

MULTIFAMILY PORTFOLIO HIGHLIGHTS

The Company's operating multifamily portfolio was comprised of 5,825 units and was 96.5% occupied as of October 24, 2021, 2.7% above pre-pandemic levels and up from 92.3% as of June 30, 2021.

The Same Store multifamily portfolio was comprised of 5,499 units. The multifamily Same Store year-over-year NOI increased by 6.5%, reflecting higher revenue from recovering leasing activity driving lower vacancy and higher in-place rents.

The multifamily Same Store sequential quarter-over-quarter NOI increased by 4.0%, reflecting higher occupancy, higher net effective rents and increasing market rents.

Multifamily Development

The Company commenced lease-up of three buildings in 2021:

  • The Capstone at Port Imperial, NJ comprised of 360 units, was launched in the first quarter 2021 and was 96.4% leased as of October 24, 2021
  • The Upton in Short Hills, NJ comprised of 193 units, was launched in the first quarter 2021 and was 99.5% leased as of October 24, 2021
  • Riverhouse 9 at Port Imperial, NJ comprised of 313 units, was launched in May 2021 and was 95.8% leased as of October 24, 2021

Haus 25, previously known as The Charlotte, a 750 unit asset located at 25 Christopher Columbus in Jersey City, NJ, is the only property currently under construction.

OFFICE PORTFOLIO ACTIVITY

As of September 30, 2021, the Company's consolidated office portfolio was comprised of eight operational properties across 5.1 million rentable square feet and was 73.5% leased compared to 74.7% as of June 30, 2021.

The Waterfront office portfolio was 73.3% leased compared to 75.4% as of June 30, 2021, driven primarily by the anticipated Natixis departure / move-out at Harborside 5 (101,000 square feet). The Company signed 8,600 square feet of new leases during the third quarter, totaling 176,100 square feet of new leases or renewals / extensions signed in 2021.

For the office portfolio, third quarter 2021 Same Store year-over-year revenue decreased by 2.1% and Same Store year-over-year NOI increased by 3.4%, driven by savings in operating expenses.

TRANSACTION ACTIVITY

Waterfront Office Dispositions

During the third quarter 2021, the Company entered into separate definitive agreements to sell two of its office properties located in Jersey City and Hoboken, NJ totaling approximately 1.8 million square feet, for a combined sales price of $590 million.

Suburban Office Dispositions

During the third quarter 2021, the Company completed the disposal of its joint venture interest in the Crystal Lake office property for $1.9 million and 7 Giralda Farms for $29 million, using the net proceeds of the sales to fully retire the outstanding balance on the Company's term loan.

In October 2021, the Company completed the disposal of 4 Gatehall Drive for $25.3 million, using the net proceeds of the sale to paydown the corporate debt.

BALANCE SHEET/CAPITAL MARKETS

As at September 30, 2021, the Company had a debt-to-undepreciated assets ratio of 46.3% compared to 48.4% at December 31, 2020 and 49.8% at September 30, 2020.

Net debt to Adjusted EBITDA for the quarter ended September 30, 2021 was 15.2x compared to 12.1x for the quarter ended September 30, 2020. The Company's interest coverage ratio was 2.5x for the quarter ended September 30, 2021, compared to 2.7x for the quarter ended September 30, 2020.

On October 27, 2021, following the successful lease-up of The Upton in Short Hills, the Company closed on the refinancing of the $62 million construction loan with a 5-year $75 million floating-rate facility at an interest margin of 1.4% over 1-month LIBOR. The Company simultaneously purchased a 3-year LIBOR cap at a strike rate of 1.0%.

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

An earnings conference call with management is scheduled for November 4, 2021 at 8:30 a.m. Eastern Time, which will be broadcast live via the Internet at: https://edge.media-server.com/mmc/p/wggqebkt.

The live conference call is also accessible by calling (323) 794-2598 and requesting the Mack-Cali earnings conference call or passcode 5487368.

The conference call will be rebroadcast on Mack-Cali's website at http://investors.mack-cali.com/corporate-overview beginning at 10:30 a.m. Eastern Time on November 4, 2021.

A replay of the call will also be accessible November 4, 2021 through November 11, 2021 by calling (719) 457-0820 and using the pass code, 5487368.

Copies of Mack-Cali's third quarter 2021 Form 10-Q and Supplemental Operating and Financial Data are available on Mack-Cali's website, as follows:

Third Quarter 2021 Form 10-Q:
http://investors.mack-cali.com/sec-filings

Third Quarter 2021 Supplemental Operating and Financial Data:
http://investors.mack-cali.com/quarterly-supplementals

In addition, once filed, these items will be available upon request from:
Mack-Cali Investor Relations Department
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311

NON-GAAP FINANCIAL MEASURES

Included in this press release are Funds from Operations, or FFO, Core Funds from Operations, or Core FFO, net operating income, or NOI and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, or Adjusted EBITDA, each a "non-GAAP financial measure", measuring Mack-Cali's historical or future financial performance that is different from measures calculated and presented in accordance with generally accepted accounting principles ("U.S. GAAP"), within the meaning of the applicable Securities and Exchange Commission rules. Mack-Cali believes these metrics can be a useful measure of its performance which is further defined below.

For reconciliation of FFO and Core FFO to Net Income (Loss), please refer to the following pages. For reconciliation of NOI, and Adjusted EBITDA to Net Income (Loss), please refer to the Company's disclosure in the Quarterly Financial and Operating Data package for the third quarter 2021.

FFO
FFO is defined as net income (loss) before noncontrolling interests in Operating Partnership, computed in accordance with U.S. GAAP, excluding gains or losses from depreciable rental property transactions (including both acquisitions and dispositions), 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 property transactions 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 accompanying this press release.

Core FFO
Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time.  Core FFO is presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flows provided by operating activities as determined in accordance with GAAP.  As there is not a generally accepted definition established for Core FFO, the Company's measures of Core FFO may not be comparable to the Core FFO reported by other REITs.  A reconciliation of net income per share to Core FFO in dollars and per share is included in the financial tables accompanying this press release.

NOI and Same Store NOI
NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company's use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not effect the overall performance of the individual assets being measured and assessed.

Same Store NOI is presented for the same store portfolio, which comprises all properties that were owned by the Company throughout both of the reporting periods.

ABOUT THE COMPANY

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of multifamily and premier office properties in select waterfront and transit-oriented markets throughout New Jersey. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

A fully integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for over two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.

Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multifamily residential communities available for lease can be found on the Company's website at www.mack-cali.com.

The information in this press release 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 press release without reference to the 10-Q and the Public Filings.

We consider portions of this report, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.  We intend 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," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate.  Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we 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 and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law.

In addition, the extent to which the ongoing COVID-19 pandemic impacts us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

Investor Contact:
Amanda Klein/Grace Cartwright
Gasthalter & Co.
212-257-4170
Mack-Cali@gasthalter.com

Mack-Cali Realty Corporation

Consolidated Statements of Operations

(In thousands, except per share amounts) (unaudited)















Three Months Ended


Nine Months Ended


September 30,


September 30,

REVENUES


2021



2020



2021



2020

Revenue from leases

$

72,243


$

67,396


$

206,950


$

205,732

Real estate services


2,628



2,876



7,748



8,624

Parking income


3,950



4,033



10,520



12,332

Hotel income


3,018



893



6,785



3,290

Other income


1,905



3,999



9,081



7,021

    Total revenues


83,744



79,197



241,084



236,999













EXPENSES












Real estate taxes


11,905



11,004



35,958



32,920

Utilities


3,573



3,598



10,816



10,564

Operating services


17,291



19,116



51,831



51,179

Real estate services expenses


3,307



3,299



9,838



10,107

General and administrative


11,292



26,361



43,347



59,423

Dead deal and transaction-related costs


3,671



2,583



6,416



2,583

Depreciation and amortization


29,344



31,769



86,410



93,104

Property impairments


-



36,582



6,041



36,582

Land and other impairments


3,401



1,292



11,333



23,401

    Total expenses


83,784



135,604



261,990



319,863













OTHER (EXPENSE) INCOME












Interest expense


(15,200)



(20,265)



(49,364)



(61,794)

Interest and other investment income (loss)


(4,731)



3



(4,620)



42

Equity in earnings (loss) of unconsolidated joint ventures


(1,724)



1,373



(2,831)



(281)

Realized gains (losses) and unrealized gains (losses) on disposition of
rental property, net


(3,000)



-



521



(7,915)

Gain on disposition of developable land


-



-



111



4,813

Gain (loss) on sale of unconsolidated joint ventures


(1,886)



-



(1,886)



-

Loss from extinguishment of debt, net


-



-



(46,735)



-

    Total other income (expense)


(26,541)



(18,889)



(104,804)



(65,135)

Income (loss) from continuing operations


(26,581)



(75,296)



(125,710)



(147,999)













Discontinued operations:












Income from discontinued operations


180



18,403



13,939



60,004

Realized gains (losses) and unrealized gains (losses) on disposition of
rental property and impairments, net


609



15,775



25,469



(23,901)

Total discontinued operations, net


789



34,178



39,408



36,103

Net income (loss)  


(25,792)



(41,118)



(86,302)



(111,896)

Noncontrolling interests in consolidated joint ventures


1,137



895



3,670



1,900

Noncontrolling interest in Operating Partnership of income from continuing operations


2,884



7,769



12,858



15,859

Noncontrolling interests in Operating Partnership in discontinued operations


(72)



(3,283)



(3,583)



(3,469)

Redeemable noncontrolling interests


(6,471)



(6,471)



(19,413)



(19,413)

Net income (loss) available to common shareholders

$

(28,314)


$

(42,208)


$

(92,770)


$

(117,019)













Basic earnings per common share:












Income (loss) from continuing operations

$

(0.34)


$

(0.83)


$

(1.47)


$

(1.73)

Discontinued operations


0.01



0.34



0.39



0.36

Net income (loss) available to common shareholders

$

(0.33)


$

(0.49)


$

(1.08)


$

(1.37)













Diluted earnings per common share:












Income (loss) from continuing operations

$

(0.34)


$

(0.83)


$

(1.47)


$

(1.73)

Discontinued operations


0.01



0.34



0.39



0.36

Net income (loss) available to common shareholders

$

(0.33)


$

(0.49)


$

(1.08)


$

(1.37)













Basic weighted average shares outstanding


90,941



90,671



90,803



90,639













Diluted weighted average shares outstanding


99,975



100,307



99,870



100,235

 

Mack-Cali Realty Corporation

Statements of Funds from Operations and Core FFO

(in thousands, except per share/unit amounts) (unaudited)















Three Months Ended

Nine Months Ended


September 30,

September 30,



2021



2020



2021



2020

Net income (loss) available to common shareholders

$

(28,314)


$

(42,208)


$

(92,770)


$

(117,019)

Add (deduct): Noncontrolling interests in Operating Partnership


(2,884)



(7,769)



(12,858)



(15,859)

Noncontrolling interests in discontinued operations


72



3,283



3,583



3,469

Real estate-related depreciation and amortization on continuing operations (a)


31,624



34,764



92,842



101,856

Real estate-related depreciation and amortization on discontinued operations


53



1,267



965



3,974

Property Impairments on continuing operations


-



36,582



-



36,582

Property Impairments on discontinued operations


-



-



6,041



-

Impairment of unconsolidated joint venture investment


-



-



(2)



-

Gain on sale from unconsolidated joint ventures


1,886



-



1,886



-

Continuing operations: Realized (gains) losses and unrealized (gains) 
losses on disposition of rental property, net


3,000



-



(521)



7,915

Discontinued operations: Realized (gains) losses and unrealized (gains)
losses on disposition of rental property, net


(609)



(15,775)



(25,469)



23,901

Funds from operations (b)

$

4,828


$

10,144


$

(26,303)


$

44,819













Add (Deduct):












(Gain) loss from early extinguishment of debt, net


-



-



46,735



-

Dead deal and post sales items in Other Income


-



-



(3,068)



-

Dead deal and transaction-related costs


3,671



2,583



6,416



2,860

Land and other impairments


3,401



1,292



11,333



23,401

Loan receivable loss allowance


5,152



-



5,152



-

(Gain) on disposition of developable land


-



-



-



(4,813)

CEO and related management change costs


-



-



2,089



-

Severance/separation costs on management restructuring


438



8,900



8,696



11,738

Reporting system conversion costs


-



-



-



363

Proxy fight costs


-



6,954



-



12,770

Core FFO

$

17,490


$

29,873


$

51,050


$

91,138













Diluted weighted average shares/units outstanding (c)


99,975



100,307



99,870



100,235













Funds from operations per share/unit-diluted

$

0.05


$

0.10


$

(0.26)


$

0.45













Core funds from operations per share/unit diluted

$

0.17


$

0.30


$

0.51


$

0.91













Dividends declared per common share

$

-


$

-


$

-


$

0.40













Supplemental Information:












Non-incremental revenue generating capital expenditures:












     Building improvements

$

(5,651)


$

(2,975)


$

(11,006)


$

(7,325)

     Tenant improvements & leasing commissions (d)

$

(1,136)


$

(4,057)


$

(2,408)


$

(15,052)

Tenant improvements & leasing commissions on space vacant for more than a year

$

(5,479)


$

(1,627)


$

(14,635)


$

(10,652)

Straight-line rent adjustments (e)

$

(4,316)


$

(467)


$

(7,850)


$

(1,744)

Amortization of (above)/below market lease intangibles, net (f)

$

(536)


$

(858)


$

(2,187)


$

(2,661)

Amortization of stock compensation

$

2,784


$

799


$

7,994


$

5,907

Amortization of lease inducements

$

(18)


$

(40)


$

(27)


$

76

Non real estate depreciation and amortization

$

325


$

336


$

979


$

1,268

Amortization of deferred financing costs

$

1,179


$

1,074


$

3,369


$

3,158















(a)

Includes the Company's share from unconsolidated joint ventures, and adjustments for noncontrolling interests, of $2,605 and $3,331 for the three months ended September 30, 2021 and 2020, respectively, and $7,413 and $10,020 for the nine months ended September 30, 2021 and 2020, respectively.  Excludes non-real estate-related depreciation and amortization of $325 and $336 for the three months ended September 30, 2021 and 2020, respectively, and $979 and $1,268 for the nine months ended September 30, 2020 and 2021, 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" in this release.

(c)

Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (8,758 and 9,411 shares for the three months ended September 30, 2021 and 2020, respectively, and 8,708 and 9,397 for the nine months ended September 30, 2021 and 2020, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).

(d)

Excludes expenditures for tenant spaces that have not been owned for at least a year.

(e)

Includes free rent of $6,642 and $3,930 for the three months ended September 30, 2021 and 2020, respectively, and $14,831 and $10,187 for the nine months ended September 30, 2021 and 2020, respectively. Also, includes the Company's share from unconsolidated joint ventures of $687 and $52 for the three months ended September 30, 2021 and 2020, respectively, and $821 and $69 for the nine months ended September 30, 2021 and 2020, respectively.

(f)

Includes the Company's share from unconsolidated joint ventures of $0 and $0 for the three months ended September 30, 2021 and 2020, respectively, and $0 and $0 for the nine months ended September 30, 2021 and 2020, respectively.

 

Statements of Funds from Operations (FFO) and Core FFO per Diluted Share

(amounts are per diluted share, except share counts in thousands) (unaudited)















Three Months Ended


Nine Months Ended


September 30,


September 30,



2021



2020



2021



2020

Net income (loss) available to common shareholders

$

(0.33)


$

(0.49)


$

(1.08)


$

(1.37)

Add (deduct): Real estate-related depreciation and amortization on continuing operations (a)


0.32



0.35



0.93



1.02

Real estate-related depreciation and amortization on discontinued operations


-



0.01



0.01



0.04

Redemption value adjustment to redeemable noncontrolling interests


0.02



0.02



0.05



0.08

Property impairments on continuing operations


-



0.36



-



0.36

Property Impairments on discontinued operations


-



-



0.06



-

Gain on sale from unconsolidated joint ventures


0.02



-



0.02



-

Continuing operations: Realized (gains) losses and unrealized (gains) losses
on disposition of rental property, net


0.03



-



(0.01)



0.08

Discontinued operations: Realized (gains) losses and unrealized (gains) losses
on disposition of rental property, net


(0.01)



(0.16)



(0.26)



0.24

Noncontrolling interest/rounding adjustment


-



0.01



0.02



-

Funds from operations (b)

$

0.05


$

0.10


$

(0.26)


$

0.45













Add (Deduct):












(Gain) loss on extinguishment of debt


-



-



0.47



-

Land and other impairments


0.03



0.01



0.11



0.23

Dead deal and transaction-related costs


0.04



0.03



0.06



0.03

Loan receivable loss allowance


0.05



-



0.05



-

(Gain) on disposition of developable land


-



-



-



(0.05)

Severance/separation costs on management restructuring


-



0.09



0.09



0.12

CEO and related management change costs


-



-



0.02



-

Proxy fight costs


-



0.07



-



0.13

Dead deal and post sales items in Other Income


-



-



(0.03)



-

Noncontrolling interest/rounding adjustment


-



-



-



-

Core FFO

$

0.17


$

0.30


$

0.51


$

0.91













Diluted weighted average shares/units outstanding (c)


99,975



100,307



99,870



100,235



(a)

Includes the Company's share from unconsolidated joint ventures of $0.03 and $0.04 for the three months ended September 30, 2021 and 2020, respectively, and $0.09 and $0.12 for the nine months ended September 30, 2020 and 2021, 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" in this release.

(c)

Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (8,758 and 9,411 shares for the three months ended September 30, 2021 and 2020, respectively, and 8,708 and 9,397 for the nine months ended September 30, 2021 and 2020, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).

 

Mack-Cali Realty Corporation

Consolidated Balance Sheets

(in thousands, except per share amounts) (unaudited)










September 30,



December 31,

Assets

2021


2020

Rental property






  Land and leasehold interests

$

571,672


$

639,636

  Buildings and improvements


3,424,804



3,743,831

  Tenant improvements


105,531



171,623

  Furniture, fixtures and equipment


96,968



83,553



4,198,975



4,638,643

Less – accumulated depreciation and amortization


(561,240)



(656,331)



3,637,735



3,982,312

Rental property held for sale, net


497,832



656,963

Net investment in rental property


4,135,567



4,639,275

Cash and cash equivalents


23,308



38,096

Restricted cash


19,809



14,207

Investments in unconsolidated joint ventures


148,507



162,382

Unbilled rents receivable, net


72,951



84,907

Deferred charges, goodwill and other assets, net


163,183



199,541

Accounts receivable


3,842



9,378







Total assets

$

4,567,167


$

5,147,786







Liabilities and Equity






Senior unsecured notes, net

$

-


$

572,653

Revolving credit facility and term loans


174,000



25,000

Mortgages, loans payable and other obligations, net


2,200,947



2,204,144

Dividends and distributions payable


385



1,493

Accounts payable, accrued expenses and other liabilities


160,397



194,717

Rents received in advance and security deposits


27,938



34,101

Accrued interest payable


5,739



10,001

   Total liabilities


2,569,406



3,042,109

Commitments and contingencies












Redeemable noncontrolling interests


518,689



513,297







Equity:






Mack-Cali Realty Corporation stockholders' equity:






Common stock, $0.01 par value, 190,000,000 shares authorized,
90,947,387 and 90,712,417 shares outstanding


909



907

Additional paid-in capital


2,530,163



2,528,187

Dividends in excess of net earnings


(1,223,047)



(1,130,277)

   Total Mack-Cali Realty Corporation stockholders' equity


1,308,025



1,398,817







Noncontrolling interests in subsidiaries:






Operating Partnership


129,748



148,791

Consolidated joint ventures


41,299



44,772

Total noncontrolling interests in subsidiaries


171,047



193,563







Total equity


1,479,072



1,592,380







Total liabilities and equity

$

4,567,167


$

5,147,786

 

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SOURCE Mack-Cali Realty Corporation