Mack-Cali Realty Corporation Announces Fourth Quarter Results
EDISON, N.J.--(BUSINESS WIRE)--
Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the fourth quarter 2007.
Recent highlights include:
-- Reported net income per diluted share of $0.24;
-- Reported funds from operations per diluted share of $0.89; and
-- Declared $0.64 per share quarterly common stock dividend.
FINANCIAL HIGHLIGHTS
Net income available to common shareholders for the fourth quarter 2007 equaled $15.8 million, or $0.24 per share, versus $67.4 million, or $1.07 per share, for the same quarter last year. For the year ended December 31, 2007, net income available to common shareholders equaled $108.5 million, or $1.61 per share, versus $142.7 million, or $2.28 per share, for the same period last year.
Funds from operations (FFO) available to common shareholders for the quarter ended December 31, 2007 amounted to $73.0 million, or $0.89 per share, versus $68.2 million, or $0.87 per share, for the quarter ended December 31, 2006. For the year ended December 31, 2007, FFO available to common shareholders amounted to $293.9 million, or $3.56 per share, versus $290.5 million, or $3.73 per share, for the same period last year.
Total revenues for the fourth quarter 2007 increased 2.9 percent to $201.7 million as compared to $196.1 million for the same quarter last year. For the year ended December 31, 2007, total revenues amounted to $808.4 million, an increase of 10.4 percent over total revenues of $732.0 million, for the same period last year.
All per share amounts presented above are on a diluted basis.
The Company had 65,558,073 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 14,985,538 common operating partnership units outstanding as of December 31, 2007. The Company had a total of 80,543,611 common shares/common units outstanding at December 31, 2007.
As of December 31, 2007, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 6.08 percent. The Company had a total market capitalization of $5.0 billion and a debt-to-undepreciated assets ratio of 40.2 percent at December 31, 2007. The Company had an interest coverage ratio of 3.3 times for the quarter ended December 31, 2007.
Mitchell E. Hersh, president and chief executive officer, commented, "Our fourth quarter was marked by solid leasing activity and improved occupancies. While it is widely held that the nation's economy is slowing and the capital markets are constrained, we enter this period of uncertainty with an extremely well leased portfolio with high caliber tenants, minimal 2008 lease expirations and a strong balance sheet. The combination of these factors will allow Mack-Cali to operate efficiently as well as be opportunistic going forward."
DIVIDENDS
In December, the Company's Board of Directors declared a cash dividend of $0.64 per common share (indicating an annual rate of $2.56 per common share) for the fourth quarter 2007, which was paid on January 14, 2008 to shareholders of record as of January 4, 2008.
The Board also declared a cash dividend on the Company's 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period October 15, 2007 through January 14, 2008. The dividend was paid on January 15, 2008 to shareholders of record as of January 4, 2008.
LEASING INFORMATION
Mack-Cali's consolidated in-service portfolio was 92.7 percent leased at December 31, 2007, as compared to 92.2 percent at September 31, 2007 and 92.0 percent at December 31, 2006.
For the quarter ended December 31, 2007, the Company executed 137 leases totaling 1,118,154 square feet, consisting of 890,428 square feet of office space and 227,726 square feet of office/flex space. Of these totals, 248,124 square feet were for new leases and 870,030 square feet were for lease renewals and other tenant retention transactions.
For the year ended December 31, 2007, the Company executed 519 leases totaling 4,262,349 square feet, consisting of 2,989,749 square feet of office space, 1,166,483 square feet of office/flex space and 106,117 square feet of industrial/warehouse space. Of these totals, 1,339,913 square feet were for new leases and 2,922,436 square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter's leasing transactions include:
IN NORTHERN NEW JERSEY:
-- An international financial institution signed a 137,076
square-foot transaction extending their lease for 10 years and
two months at Harborside Financial Center, Plaza 3, in Jersey
City. Plaza 3 is a 725,600 square-foot office building on the
Jersey City waterfront and is 99.1 percent leased.
-- National Union Fire Insurance Company of Pittsburgh, PA, a
subsidiary of the American International Group, Inc. (AIG),
signed expansions totaling 77,050 square feet at 101 Hudson
Street in Jersey City. The expansion space is comprised of
53,372 square feet for four years and seven months and 23,678
square feet for five years. 101 Hudson Street is a 1,246,283
square-foot, 99.2 percent-leased office building on the Jersey
City waterfront.
-- Financial services firm Citigroup Global Markets, Inc. signed
a transaction to remain at 140 East Ridgewood Avenue in
Paramus for 10 years and five months. The 22,782 square-foot
deal relocates a portion of Citigroup's space within the
building and expands their presence by 3,118 square feet. 140
E. Ridgewood is a 239,680 square-foot office building and is
98.4 percent leased.
-- Orloff, Lowenbach, Stifelman & Siegel, P.A., a law firm,
signed a five-year renewal for 20,228 square feet at 101
Eisenhower Parkway in Roseland. The 237,000 square-foot office
building, located in Eisenhower/280 Corporate Center, is 95.8
percent leased.
IN CENTRAL NEW JERSEY:
-- Greater New York Mutual Insurance Company signed a 10-year
renewal of its lease for the entire 40,000 square foot office
building located at 377 Summerhill Road in East Brunswick.
-- Accounting firm WithumSmith+Brown signed a transaction
totaling 33,432 square feet at 5 Vaughn Drive in Princeton,
representing an eight-year expansion of 6,235 square feet and
two-year extension of 27,197 square feet. 5 Vaughn Drive is a
98,500 square foot office building and is 100 percent leased.
IN WESTCHESTER COUNTY, NEW YORK:
-- Xand Corporation, a provider of data center infrastructure and
business continuity solutions, leased a total of 89,710 square
feet at Mid-Westchester Executive Park in Hawthorne. The
transactions consisted of a three-year extension of 46,078
square feet, representing the entire office/flex building
located at 11 Skyline Drive, and a new, 10-year and nine month
lease for 43,632 square feet at 17 Skyline Drive. 17 Skyline
Drive is an 85,000 square-foot office building and is 100
percent leased.
-- Montefiore Medical Center renewed its lease of 26,742 square
feet at 3 Executive Boulevard in Yonkers for 10 years. The
58,000 square foot office building is 100 percent leased.
-- Cablevision Lightpath, Inc., a subsidiary of Cablevision
Systems Corporation, signed a five-year and three-month
renewal of its lease for 11,400 square feet at 565 Taxter
Road. The 170,554 square-foot office building is located in
the Taxter Corporate Park in Elmsford and is 98.8 percent
leased.
IN ROCKLAND COUNTY, NEW YORK:
-- Allstate Insurance Company renewed its lease of 29,005 square
feet at 400 Rella Boulevard for five years. The 180,000
square-foot office building is located in Suffern and is 91.4
percent leased.
IN SUBURBAN PHILADELPHIA:
-- Cort Business Services Corporation, a subsidiary of Berkshire
Hathaway, renewed its lease of 46,880 square feet at 31
Twosome Drive in Moorestown, New Jersey for five years. 31
Twosome Drive, a 84,200 square-foot office/flex building
located in the Moorestown West Corporate Center, is 100
percent leased.
-- Beverage producer Tropicana Products, Inc. signed a seven-year
transaction totaling 26,580 square feet, representing a
renewal of 19,525 square feet and expansion of 7,055 square
feet, at 915 N. Lenola Road. The 52,488 square-foot office
flex building is located in the Moorestown West Corporate
Center and is 100 percent leased.
Included in the Company's Supplemental Operating and Financial Data for the fourth quarter 2007 are schedules highlighting the leasing statistics for both the Company's consolidated and joint venture properties.
The supplemental information is available on Mack-Cali's website, as follows:
http://www.mack-cali.com/graphics/shareholders/pdfs/4th.quarter.sp
.07.pdf
ADDITIONAL INFORMATION
The Company expressed comfort with net income and FFO per diluted share for the full year 2008, as follows:
Full Year
2008 Range
----------------------------------------------------------------------
Net income available to common shareholders $0.66 - $0.82
Add: Real estate-related depreciation and amortization 2.74
----------------------------------------------------------------------
Funds from operations available to common shareholders $3.40 - $3.56
======================================================================
These estimates reflect management's view of current market conditions and certain assumptions with regard to rental rates, occupancy levels and other assumptions/projections. Actual results could differ from these estimates.
An earnings conference call with management is scheduled for today, February 14, 2008 at 11:00 a.m. Eastern Time, which will be broadcast live via the Internet at:
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=cli&script=
1010&item_id=1746289
The live conference call is also accessible by calling (913) 312-1390 and requesting the Mack-Cali conference call.
The conference call will be rebroadcast on Mack-Cali's website at http://www.mack-cali.com beginning at 2:00 p.m. Eastern Time on February 14, 2008 through February 21, 2008.
A replay of the call will also be accessible during the same time period by calling (719) 457-0820 and using the pass code 1584951.
Copies of Mack-Cali's Form 10-K and Supplemental Operating and Financial Data are available on Mack-Cali's website, as follows:
2007 Form 10-K:
http://www.mack-cali.com/graphics/shareholders/pdfs/10k.07.pdf
Fourth Quarter 2007 Supplemental Operating and Financial Data:
http://www.mack-cali.com/graphics/shareholders/pdfs/4th.quarter.sp
.07.pdf
In addition, these items are available upon request from:
Mack-Cali Investor Relations Dept.
343 Thornall Street, Edison, New Jersey 08837-2206
(732) 590-1000 ext. 1143
INFORMATION ABOUT FFO
Funds from operations ("FFO") is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs. FFO per share should not be considered as an alternative to net income per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("NAREIT"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
ABOUT THE COMPANY
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 294 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 33.7 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,200 tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at http://www.mack-cali.com.
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Annual Report on Form 10-K (the "10-K") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-K and the Public Filings.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. 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 Reports 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.
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Mack-Cali Realty Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
Quarter Ended
December 31,
Revenues 2007 2006
----------------------------------------------------------------------
Base rents $147,889 $134,770
Escalations and recoveries from tenants 25,304 21,012
Construction services 19,344 19,939
Real estate services 4,703 12,030
Other income 4,442 8,331
----------------------------------------------------------------------
Total revenues 201,682 196,082
----------------------------------------------------------------------
Expenses
----------------------------------------------------------------------
Real estate taxes 21,151 21,568
Utilities 18,254 13,553
Operating services 27,876 32,013
Direct construction costs 19,155 18,454
General and administrative 14,811 16,280
Depreciation and amortization 48,500 43,415
----------------------------------------------------------------------
Total expenses 149,747 145,283
----------------------------------------------------------------------
Operating income 51,935 50,799
Other (Expense) Income
----------------------------------------------------------------------
Interest expense (32,240) (35,390)
Interest and other investment income 497 696
Equity in earnings (loss) of unconsolidated joint
ventures (432) (200)
Minority interest in consolidated joint ventures 151 75
Gain on sale of land and other assets -- 10,831
Gain/(loss) on sale of land and other assets -- (416)
----------------------------------------------------------------------
Total other (expense) income (32,024) (24,404)
----------------------------------------------------------------------
Income from continuing operations before
Minority interest in Operating Partnership 19,911 26,395
Minority interest in Operating Partnership (3,562) (5,162)
----------------------------------------------------------------------
Income from continuing operations 16,349 21,233
Discontinued operations (net of minority
interest):
Income from discontinued operations -- 2,897
Realized gains (losses) and unrealized losses on
disposition of rental property, net -- 43,794
----------------------------------------------------------------------
Total discontinued operations, net -- 46,691
----------------------------------------------------------------------
Net income 16,349 67,924
Preferred stock dividends (500) (500)
----------------------------------------------------------------------
Net income available to common shareholders $ 15,849 $ 67,424
======================================================================
PER SHARE DATA:
----------------------------------------------------------------------
Basic earnings per common share $ 0.24 $ 1.08
Diluted earnings per common share $ 0.24 $ 1.07
Dividends declared per common share $ 0.64 $ 0.64
----------------------------------------------------------------------
Basic weighted average shares outstanding 66,903 62,471
----------------------------------------------------------------------
Diluted weighted average shares outstanding 82,138 78,410
----------------------------------------------------------------------
Mack-Cali Realty Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
Year Ended
December 31,
Revenues 2007 2006
----------------------------------------------------------------------
Base rents $ 575,463 $ 532,879
Escalations and recoveries from tenants 104,781 90,214
Construction services 88,066 56,225
Real estate services 17,970 31,045
Other income 22,070 21,649
----------------------------------------------------------------------
Total revenues 808,350 732,012
----------------------------------------------------------------------
Expenses
----------------------------------------------------------------------
Real estate taxes 90,895 85,999
Utilities 73,072 59,788
Operating services 106,946 107,880
Direct construction costs 85,179 53,602
General and administrative 52,162 49,074
Depreciation and amortization 183,564 159,096
----------------------------------------------------------------------
Total expenses 591,818 515,439
----------------------------------------------------------------------
Operating income 216,532 216,573
Other (Expense) Income
----------------------------------------------------------------------
Interest expense (126,672) (134,964)
Interest and other investment income 4,670 3,054
Equity in earnings (loss) of unconsolidated
joint ventures (5,918) (5,556)
Minority interest in consolidated joint ventures 643 218
Gain on sale of investment in marketable
securities -- 15,060
Gain on sale of investment in unconsolidated
joint ventures -- 10,831
Gain/(losses) on sale of land and other assets -- (416)
----------------------------------------------------------------------
Total other (expense) income (127,277) (111,773)
----------------------------------------------------------------------
Income from continuing operations before
Minority interest in Operating Partnership 89,255 104,800
Minority interest in Operating Partnership (16,126) (20,121)
----------------------------------------------------------------------
Income from continuing operations 73,129 84,679
Discontinued operations (net of minority
interest):
Income from discontinued operations 1,057 12,272
Realized gains (losses) and unrealized losses on
disposition of rental property, net 36,280 47,715
----------------------------------------------------------------------
Total discontinued operations, net 37,337 59,987
----------------------------------------------------------------------
Net income 110,466 144,666
Preferred stock dividends (2,000) (2,000)
----------------------------------------------------------------------
Net income available to common shareholders $ 108,466 $ 142,666
======================================================================
PER SHARE DATA:
----------------------------------------------------------------------
Basic earnings per common share $ 1.62 $ 2.29
Diluted earnings per common share $ 1.61 $ 2.28
Dividends declared per common share $ 2.56 $ 2.54
----------------------------------------------------------------------
Basic weighted average shares outstanding 67,026 62,237
----------------------------------------------------------------------
Diluted weighted average shares outstanding 82,500 77,901
----------------------------------------------------------------------
Mack-Cali Realty Corporation
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
Quarter Ended
December 31,
2007 2006
----------------------------------------------------------------------
Net income available to common shareholders $15,849 $ 67,424
Add: Minority interest in Operating Partnership 3,562 5,162
Minority interest in discontinued operations -- 11,628
Real estate-related depreciation and amortization
on continuing operations (1) 53,598 49,053
Real estate-related depreciation and amortization
on discontinued operations -- 466
Deduct: Gain on sale of investment in
unconsolidated joint venture -- (10,831)
Discontinued operations - Realized gains
(losses) and unrealized losses on
disposition of rental property, net -- (54,700)
----------------------------------------------------------------------
Funds from operations available to common
shareholders (2) $73,009 $ 68,202
======================================================================
Diluted weighted average shares/units outstanding
(3) 82,138 78,410
Funds from operations per share/unit - diluted $ 0.89 $ 0.87
Dividends declared per common share $ 0.64 $ 0.64
Dividend payout ratio:
Funds from operations-diluted 72.00% 73.58%
Supplemental Information:
Non-incremental revenue generating capital
expenditures:
Building improvements $ 3,822 $ 4,890
Tenant improvements and leasing commissions $12,886 $ 22,132
Straight-line rent adjustments (4) $ 1,775 $ 2,794
Amortization of (above)/below market lease
intangibles, net (5) $ 1,911 $ 849
(1) Includes the Company's share from unconsolidated joint ventures of
$5,125 and $5,776 for 2007 and 2006, respectively.
(2) Funds from operations for both periods are calculated in
accordance with the National Association of Real Estate Investment
Trusts (NAREIT) definition. For further discussion, see "Information
About FFO" in this release.
(3) Calculated based on weighted average common shares outstanding,
assuming redemption of Operating Partnership common units into common
shares, (15,037 shares in 2007 and 15,556 shares in 2006), plus
dilutive Common Stock Equivalents (i.e. stock options).
(4) Includes the Company's share from unconsolidated joint ventures of
$715 and $1,019 for 2007 and 2006, respectively.
(5) Includes the Company's share from unconsolidated joint ventures of
$370 and $0 for 2007 and 2006, respectively.
Mack-Cali Realty Corporation
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
Year Ended
December 31,
2007 2006
----------------------------------------------------------------------
Net income available to common shareholders $108,466 $142,666
Add: Minority interest in Operating Partnership 16,126 20,121
Minority interest in discontinued operations 8,374 14,905
Real estate-related depreciation and
amortization on continuing operations (1) 204,937 174,379
Real estate-related depreciation and
amortization on discontinued operations 424 8,853
Deduct: Gain on sale of investment in
unconsolidated joint venture -- (10,831)
Discontinued operations - Realized gains
(losses) and unrealized losses on
disposition of rental property, net (44,414) (59,605)
----------------------------------------------------------------------
Funds from operations available to common
shareholders (2) $293,913 $290,488
======================================================================
Diluted weighted average shares/units outstanding
(3) 82,500 77,901
Funds from operations per share/unit - diluted $ 3.56 $ 3.73
Dividends declared per common share $ 2.56 $ 2.54
Dividend payout ratio:
Funds from operations-diluted 71.86% 68.12%
Supplemental Information:
Non-incremental revenue generating capital
expenditures:
Building improvements $ 10,875 $ 12,465
Tenant improvements and leasing commissions $ 56,759 $ 68,498
Straight-line rent adjustments (4) $ 11,161 $ 20,397
Amortization of (above)/below market lease
intangibles, net (5) $ 5,326 $ 2,108
(1) Includes the Company's share from unconsolidated joint ventures of
$21,875 and $15,854 for 2007 and 2006, respectively.
(2) Funds from operations for both periods are calculated in
accordance with the National Association of Real Estate Investment
Trusts (NAREIT) definition. For further discussion, see "Information
About FFO" in this release.
(3) Calculated based on weighted average common shares outstanding,
assuming redemption of Operating Partnership common units into common
shares, (15,190 shares in 2007 and 15,286 shares in 2006), plus
dilutive Common Stock Equivalents (i.e. stock options).
(4) Includes the Company's share from unconsolidated joint ventures of
$3,068 and $3,432 for 2007 and 2006, respectively.
(5) Includes the Company's share from unconsolidated joint ventures of
$1,467 and $0 for 2007 and 2006, respectively.
Mack-Cali Realty Corporation
Statements of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands)
(unaudited)
Quarter Ended
December 31,
2007 2006
----------------------------------------------------------------------
Net income available to common shareholders $ 0.24 $ 1.07
Add: Real estate-related depreciation and
amortization on continuing operations (1) 0.65 0.63
Real estate-related depreciation and amortization
on discontinued operations -- 0.01
Deduct: Gain on sale of investment in unconsolidated
joint venture -- (0.14)
Discontinued operations - Realized gains
(losses) and unrealized losses on disposition
of rental property, net -- (0.70)
----------------------------------------------------------------------
Funds from operations available to common
shareholders (2) $ 0.89 $ 0.87
======================================================================
Diluted weighted average shares/units outstanding (3) 82,138 78,410
----------------------------------------------------------------------
(1) Includes the Company's share from unconsolidated joint ventures of
$0.06 and $0.07 for 2007 and 2006, respectively.
(2) Funds from operations for both periods are calculated in
accordance with the National Association of Real Estate Investment
Trusts (NAREIT) definition. For further discussion, see "Information
About FFO" in this release.
(3) Calculated based on weighted average common shares outstanding,
assuming redemption of Operating Partnership common units into common
shares (15,037 shares in 2007 and 15,556 shares in 2006), plus
dilutive Common Stock Equivalents (i.e. stock options).
Mack-Cali Realty Corporation
Statements of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands)
(unaudited)
Year Ended
December 31,
2007 2006
----------------------------------------------------------------------
Net income available to common shareholders $ 1.61 $ 2.28
Add: Real estate-related depreciation and
amortization on continuing operations (1) 2.48 2.24
Real estate-related depreciation and
amortization on discontinued operations 0.01 0.11
Deduct: Gain on sale of investment in unconsolidated
joint venture -- (0.14)
Deduct: Discontinued operations - Realized gains
(losses) and unrealized losses on disposition of
rental property, net (0.54) (0.77)
Minority interest / rounding adjustment -- 0.01
----------------------------------------------------------------------
Funds from operations available to common
shareholders (2) $ 3.56 $ 3.73
======================================================================
Diluted weighted average shares/units outstanding
(3) 82,500 77,901
----------------------------------------------------------------------
(1) Includes the Company's share from unconsolidated joint ventures of
$0.27 and $0.20 for 2007 and 2006, respectively.
(2) Funds from operations for both periods are calculated in
accordance with the National Association of Real Estate Investment
Trusts (NAREIT) definition. For further discussion, see "Information
About FFO" in this release.
(3) Calculated based on weighted average common shares outstanding,
assuming redemption of Operating Partnership common units into common
shares 15,190 shares in 2007 and 15,286 shares in 2006), plus
dilutive Common Stock Equivalents (i.e. stock options).
Mack-Cali Realty Corporation
Consolidated Balance Sheets
(in thousands, except share amounts) (unaudited)
December 31,
2007 2006
----------------------------------------------------------------------
ASSETS:
Rental property
Land and leasehold interests $ 726,253 $ 659,169
Buildings and improvements 3,753,088 3,549,699
Tenant improvements 397,132 356,495
Furniture, fixtures and equipment 8,956 8,224
----------------------------------------------------------------------
4,885,429 4,573,587
Less-accumulated deprec. & amort. (907,013) (796,793)
----------------------------------------------------------------------
Net investment in rental property 3,978,416 3,776,794
Cash and cash equivalents 24,716 101,223
Marketable securities available for sale at
fair value 4,839 --
Investments in unconsolidated joint ventures 181,066 160,301
Unbilled rents receivable, net 107,761 100,847
Deferred charges and other assets, net 246,386 240,637
Restricted cash 13,613 15,448
Accounts receivable, net 36,405 27,639
----------------------------------------------------------------------
Total assets $4,593,202 $4,422,889
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY:
Senior unsecured notes $1,632,547 $1,631,482
Revolving credit facility 250,000 145,000
Mortgages, loans payable and other obligations 329,188 383,477
Dividends and distributions payable 52,099 50,591
Accounts payable, accrued expenses and other
liabilities 142,778 122,134
Rents received in advance and security
deposits 51,992 45,972
Accrued interest payable 34,193 34,106
----------------------------------------------------------------------
Total liabilities 2,492,797 2,412,762
----------------------------------------------------------------------
Minority interests:
Operating Partnership 456,436 480,103
Consolidated joint ventures 1,414 2,117
----------------------------------------------------------------------
Total minority interests 457,850 482,220
----------------------------------------------------------------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000
shares authorized, 10,000
and 10,000 shares outstanding, at liquidation
preference 25,000 25,000
Common stock, $0.01 par value, 190,000,000
shares authorized,
65,558,073 and 62,925,191 shares outstanding 656 629
Additional paid-in capital 1,886,467 1,708,053
Dividends in excess of net earnings (269,521) (205,775)
Accumulated other comprehensive income (47) --
----------------------------------------------------------------------
Total stockholders' equity 1,642,555 1,527,907
----------------------------------------------------------------------
Total liabilities and stockholders' equity $4,593,202 $4,422,889
======================================================================
Source: Mack-Cali Realty Corporation
Released February 14, 2008