Exhibit 99.1
[LOGO]
MACK-CALI
Realty Corporation
FOURTH QUARTER 2000
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.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
1
INDEX
PAGE/S
------
I. COMPANY BACKGROUND
o About the Company/Other Corporate Data..................................5
o Board of Directors/Executive Officers...................................6
o Equity Research Coverage/Company Contact Information....................7
II. FINANCIAL HIGHLIGHTS
o Quarterly/Annual Summary................................................9
o Property Sales/Development.............................................10
o Financing Activities/Leasing Information...............................11
o Key Financial Data.....................................................12
o Same-Store Results and Analysis........................................13
o Unconsolidated Joint Ventures Summary...............................14-16
o Select Financial Ratios................................................17
o Debt Analysis:
o Debt Breakdown/Future Repayments.......................................18
o Debt Maturities........................................................19
o Debt Detail............................................................20
III. FINANCIAL STATEMENTS
o Consolidated Statements of Operations..................................22
o Consolidated Balance Sheets............................................23
o Consolidated Statement of Changes in Stockholders' Equity..............24
o Statements of Funds from Operations and Cash Available for
Distribution...........................................................25
o Reconciliation of Basic-to-Diluted Shares/Units........................26
IV. VALUE CREATION PIPELINE
o Operating Property Acquisitions .......................................28
o Properties Placed in Service...........................................29
o Summary of Construction Projects.......................................30
o Summary of Land Parcels................................................31
o Rental Property Sales/Rental Property Held for Sale....................32
V. PORTFOLIO/ LEASING STATISTICS
o Leasing Statistics..................................................34-43
o Market Diversification (25 MSA's)......................................44
o Industry Diversification (Top 30 Tenant Industries)....................45
o Consolidated Portfolio Analyses:
Breakdowns by:
(a) Number of Properties...........................................46
(b) Square Footage.................................................47
(c) Base Rental Revenue............................................48
(d) Percentage Leased..............................................49
o Consolidated Property Listing (by Property Type)....................50-69
o Significant Tenants (Top 20 Tenants)...................................70
o Schedules of Lease Expirations (by Property Type)...................71-74
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
2
Estimates of future Funds From Operations per share are by definition, and
certain other matters discussed in this literature may constitute,
forward-looking statements within the meaning of the Federal Securities law.
Although the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can give
no assurance that its expectations will be achieved. Forward-looking
information is subject to certain risks, trends and uncertainties that could
cause actual results to differ materially from those projected. Among those
risks, trends and uncertainties are the general economic climate; the supply
of and demand for office, office/flex and industrial/warehouse properties;
interest rate levels; the availability of financing; 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 the Company and the statements contained herein, reference
should be made to the Company's filings with the Securities and Exchange
Commission including quarterly reports on Form 10-Q, current reports on Form
8-K, and annual reports on Form 10-K and Form 10-K/A.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
3
I. COMPANY BACKGROUND
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
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 $3.7 billion at December 31, 2000. Mack-Cali has been involved
in all aspects of commercial real estate development, management and ownership
for over 50 years and has been a publicly traded REIT since 1994. Mack-Cali owns
or has interests in 267 properties, primarily class A office and office/flex
buildings, totaling approximately 28.2 million square feet, serving as home to
over 2,400 tenants. The properties are located primarily in suburban markets of
the Northeast, many with adjacent, Company-controlled developable land sites
able to accommodate up to 9.0 million square feet of additional commercial
space.
History
Established over 50 years ago, in 1994 the New Jersey-based firm became a
publicly-traded company named Cali Realty Corporation, traded on the New York
Stock Exchange as 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, with a
presence in California.
Summary
(as of December 31, 2000)
Corporate Headquarters Cranford, New Jersey
Fiscal Year End 12/31
Total Properties 267
Total Square Feet 28.2 million square feet
Geographic Diversity 11 states and the District of Columbia
New Jersey Presence 13.6 million square feet
Northeast Presence 21.7 million square feet
Common Shares and
Units Outstanding 71.3 million
Dividend-- Quarter/Annualized $0.61/$2.44
Dividend Yield 8.5%
Total Market Capitalization $3.7 billion
Insider Ownership 17.5%
Senior Debt Rating BBB (S&P and Fitch);
Baa3 (Moody's)
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
5
Board of Directors
William L. Mack, Chairman of the Board
John J. Cali, Chairman Emeritus Mitchell E. Hersh
Martin S. Berger Earle I. Mack
Brendan T. Byrne Alan G. Philibosian
John R. Cali Irvin D. Reid
Nathan Gantcher Vincent Tese
Martin D. Gruss Roy J. Zuckerberg
Executive Officers
Mitchell E. Hersh, Chief Executive Officer
Timothy M. Jones, President
Barry Lefkowitz, Executive Vice President and Chief Financial Officer
Roger W. Thomas, Executive Vice President, General Counsel and Secretary
Michael A. Grossman, Executive Vice President
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
6
Equity Research Coverage
Banc of America Securities Goldman Sachs
Lee T. Schalop/ Alexis Hughes James Kammert
(212) 847-5677/ (212) 847-5705 (212) 855-0670
Bear, Stearns & Co., Inc. Green Street Advisors
Ross Smotrich James Sullivan
(212) 272-8046 (949) 640-8780
CS First Boston Lehman Brothers
Lawrence Raiman David Shulman/ Stuart Axelrod
(212) 538-2380 (212) 526-3413/ (212) 526-3410
Deutsche Banc Alex. Brown Merrill Lynch
Louis Taylor Rahul Bhattacharjee/ Steve Sakwa
(212) 469-4912 (212) 449-1920/ (212) 449-0335
Dresdner Kleinwort Benson Morgan Stanley Dean Witter
Sheila McGrath Greg Whyte
(212) 429-3442 (212) 761-6331
First Union Salomon Smith Barney
Christopher Haley Jonathan Litt/ Gary Boston
(443) 263-6773 (212) 816-0231/ (212) 816-1383
Company Contact Information
Mack-Cali Realty Corporation
Investor Relations Department
11 Commerce Drive
Cranford, New Jersey 07016-3599
Phone: (908) 272-8000 Web: www.mack-cali.com
Fax: (908) 272-6755 E-mail: investorrelations@mack-cali.com
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
7
II. FINANCIAL HIGHLIGHTS
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
8
II. Financial Highlights
Quarterly/ Annual Summary
Funds from Operations ("FFO"), after adjustment for straight-lining of rents
and non-recurring charges, for the quarter ended December 31, 2000, amounted
to $64.5 million, or $0.89 per share, versus $62.0 million, or $0.85 per
share, for the quarter ended December 31, 1999, a per share increase of 4.7
percent. For the year ended December 31, 2000, FFO, after adjustment for
straight-lining of rents and non-recurring charges, amounted to $262.1
million, or $3.59 per share, versus $244.2 million, or $3.31 per share, for
the same period last year. This represented an increase of 8.5 percent on a
per share basis.
Cash available for distribution (CAD) for the fourth quarter 2000 equaled
$51.2 million, or $0.70 per share, versus $53.4 million, or $0.73 per share,
for the same quarter last year, a decrease of 4.1 percent on a per share
basis. For the year ended December 31, 2000, CAD equaled $214.3 million, or
$2.93 per share, versus $211.3 million, or $2.86 per share, for the same
period last year. This represented a current year increase of 2.4 percent on
a per share basis.
Total revenues for the fourth quarter 2000 increased 2.3 percent to $143.9
million from $140.6 million for the same quarter last year. For the year ended
December 31, 2000, total revenues amounted to $576.2 million, an increase of 4.5
percent over the $551.5 million of total revenues for the same period last year.
Income from operations before minority interest in Operating Partnership for the
fourth quarter 2000 equaled $43.9 million, or $0.61 per share, versus $43.6
million, or $0.60 per share, for the same quarter last year, a per share
increase of 1.7 percent. Income from operations before minority interest in
Operating Partnership for the year ended December 31, 2000 equaled $178.2
million, or $2.44 per share, versus $167.1 million, or $2.26 per share, for the
same period last year, a per share increase of 8.0 percent. Income from
operations before minority interest in Operating Partnership excludes gains on
sales of rental property and non-recurring charges.
All per share amounts presented are on a diluted basis; basic per share
information is included in the accompanying financial tables.
The Company had 56,980,893 shares of common stock, 7,963,725 common operating
partnership units and 220,340 $1,000-face-value preferred operating partnership
units outstanding as of year end. The outstanding preferred units are
convertible into 6,359,019 common operating partnership units. Assuming
conversion of all preferred units into common units, the Company had a total of
71,303,637 shares/common units outstanding at December 31, 2000.
As of December 31, 2000, the Company had total indebtedness of approximately
$1.63 billion, with a weighted average annual interest rate of 7.29 percent.
Mack-Cali's total market capitalization was $3.7 billion at December 31,
2000. The Company had a debt-to-undepreciated assets ratio of 40.9 percent.
The Company had an interest coverage ratio of 3.50 times for the quarter
ended December 31, 2000.
As part of the Company's strategy reflecting a sharpened focus on its core
Northeast markets, the following is a summary of recent activities:
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
9
Property Sales
In November 2000, the Company exited a non-core market by selling its sole asset
in Nebraska. The Brandeis Building, a 320,000 square-foot office property
located in Omaha, was sold for $12.5 million. Proceeds from the sale are being
reinvested in opportunities in the Northeast.
Phase I of the Company's ongoing capital recycling program, the sale of its
Houston and San Antonio assets, is well underway. The Company is in active
negotiations for the sale of a significant portion of these assets.
The Company is actively marketing for the sales of several other properties
including the Company's sole assets in Iowa and Florida, the Company's
properties in Colorado Springs, and the Tenby Chase apartments, a non-core
multi-family residential complex located in Delran, New Jersey.
Development
Progress continues on three of the Company's newest development projects at
its Harborside Financial Center located on the Hudson River waterfront in
Jersey City, New Jersey, as follows:
- -- Plaza 10, a 19-story, 575,000 square-foot office building is 100 percent
pre-leased to Charles Schwab & Co., Inc. and will be the site of its newly
expanded East Coast regional headquarters. The Class A office project is
expected to be completed in the third quarter 2002.
- -- Plaza 5, a 34-story, 980,000 square-foot Class A office tower with a
1,270-car parking garage pedestal, is under construction and expected to
be completed in the third quarter 2002. The Company has exciting prospects
for the project. This state-of-the-art corporate center will provide
breathtaking views of the Manhattan skyline.
- -- Hyatt Regency South Pier Hotel is a 350-room luxury hotel that will be
built on the south pier of Harborside through a joint venture with Hyatt.
Completion of this project is anticipated in the third quarter 2002.
Other development projects include:
- -- Mack-Cali's newly completed 220,000 square-foot Class A office property at
105 Eisenhower Parkway in Roseland, New Jersey was placed in-service in
January 2001. Arthur Andersen, a long-time Mack-Cali tenant, pre-leased 50
percent of the space.
- -- The Company's 183,000 square-foot, Class A office property located in the
Denver Tech Center in Denver, Colorado is on schedule to be completed by
the end of the first quarter 2001. The building is 62 percent pre-leased
to URS Greiner Woodward Clyde.
Financing Activities
In December 2000, the Company issued $15 million of 7.835 percent, 10-year
senior unsecured notes. Net proceeds from the issuance were used primarily to
pay down outstanding borrowings under the Company's revolving credit facilities.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
10
In January 2001, the Company issued $300 million of 7.75 percent, 10-year senior
unsecured notes. Net proceeds from the issuance were also used primarily to pay
down outstanding borrowings on the Company's credit facilities.
Both issuances of senior unsecured notes were rated BBB by Standard & Poor's,
Baa3 by Moody's and BBB by Fitch, Inc.
Since the September 2000 increased authorization to the Company's Share
Repurchase Program, the Company has purchased 2.1 million shares of its
outstanding common stock at an aggregate cost of approximately $57.5 million
through February 21, 2001. The Company may purchase from time to time in open
market transactions at prevailing prices or through privately negotiated
transactions up to an additional $92.5 million of its common stock.
Leasing Information
Mack-Cali's consolidated in-service portfolio was 96.8 percent leased at
December 31, 2000, compared to 96.7 percent at September 30, 2000.
For the quarter ended December 31, 2000, the Company executed 173 leases
totaling 1,075,815 square feet, consisting of 788,241 square feet of office
space and 287,574 square feet of office/flex space. Of these totals, 633,952
square feet were for new leases and 441,863 square feet were for lease renewals
and other tenant retention transactions.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
11
Key Financial Data
As of or for the three months ended
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12/31/00 9/30/00 6/30/00 3/31/00 12/31/99
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Shares and Units:
Common Shares Outstanding 56,980,893 58,698,648 58,782,808 58,489,135 58,446,552
Common Units Outstanding (1) 14,322,744 14,431,329 14,515,086 14,734,548 14,771,431
Combined Shares and Units 71,303,637 73,129,977 73,297,894 73,223,683 73,217,983
Weighted Average- Basic (2) 65,772,459 66,728,711 66,626,649 66,428,219 66,468,799
Weighted Average- Diluted (3) 72,440,367 73,353,028 73,283,803 73,191,200 73,272,048
Common Share Price ($'s):
At the end of the period 28.5625 28.1875 25.6875 25.5000 26.0625
High during period 28.8750 28.6250 28.4375 26.6250 26.8125
Low during period 25.7500 25.0625 24.4375 22.7500 23.1250
Market Capitalization:
($'s in thousands except ratios)
Market Value of Equity (4) 2,038,535 2,063,276 1,882,840 1,951,701 1,991,844
Total Debt 1,628,512 1,534,327 1,487,277 1,528,503 1,490,175
Total Market Capitalization 3,667,047 3,597,603 3,370,117 3,480,204 3,482,019
Total Debt/ Total Market
Capitalization 44.41% 42.65% 44.13% 43.92% 42.80%
Financials:
($'s in thousands except
ratios and per share amounts)
Total Assets 3,676,977 3,646,162 3,628,104 3,650,756 3,629,601
Book Value of Real Estate Assets
(before accumulated depreciation) 3,704,354 3,673,913 3,654,866 3,692,714 3,654,845
Total Liabilities 1,774,239 1,693,230 1,654,629 1,665,703 1,648,844
Total Minority Interests 449,448 453,164 455,645 539,214 538,875
Total Stockholders' Equity 1,453,290 1,499,768 1,517,830 1,445,839 1,441,882
Total Revenues 143,903 143,382 145,889 142,979 140,600
Capitalized Interest 4,042 3,293 2,335 1,854 2,114
Scheduled Principal Payments 772 685 723 880 601
Interest Coverage Ratio 3.50 3.65 3.71 3.66 3.37
Fixed Charge Coverage Ratio 2.62 2.79 2.71 2.75 2.70
Funds from Operations (5) 64,535 64,984 66,433 66,119 62,022
FFO per Share--diluted (5) 0.89 0.89 0.91 0.90 0.85
Cash Avail. For Distribution (6) 51,248 53,591 54,119 55,363 53,430
CAD per Share--diluted (6) 0.70 0.73 0.74 0.76 0.73
Dividends Declared per Share 0.61 0.61 0.58 0.58 0.58
FFO Payout Ratio--diluted (5) 68.47% 68.86% 63.98% 64.20% 68.52%
CAD Payout Ratio--diluted (6) 86.23% 83.49% 78.54% 76.68% 79.54%
Portfolio Size:
Properties 267 268 266 266 259
Total Square Footage 28,215,060 28,532,779 28,411,314 28,990,497 28,612,747
Sq. Ft. Leased at End of Period (7) 96.8% 96.7% 96.9% 96.7% 96.5%
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(1) Includes preferred units on a converted basis into common units.
(2) Calculated based on weighted average common shares outstanding, assuming
redemption of operating partnership common units into common shares.
(3) 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).
(4) Includes preferred units on a converted basis into common units and
minority interests in partially-owned properties.
(5) Funds from Operations ("FFO") is calculated in accordance with the
National Association of Real Estate Investment Trusts (NAREIT) definition,
as published in October 1999, after adjustment for straight-lining of
rents and non-recurring charges.
(6) Cash Available for Distribution ("CAD") is defined as funds from
operations, after adjustment for straight-lining of rents and
non-recurring charges, minus non-incremental revenue generating tenant
improvements, non-incremental revenue generating leasing commissions and
recurring capital expenditures.
(7) Reflects square feet leased at the Company's consolidated properties only.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
12
Same Store Results and Analysis
(dollars in thousands)
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For the three months ended
12/31/00 12/31/99 Change % Change
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Property Revenues $130,698 $124,776 $5,922 4.7
Less: Straight-line rent adjustment (3,073) (2,412) (661) 27.4
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Total Property Revenues 127,625 122,364 5,261 4.3
(excluding straight-line rent
adjustment)
Real Estate Taxes 13,421 13,226 195 1.5
Utilities 9,522 9,999 (477) (4.8)
Operating Services 17,785 17,668 117 0.7
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Total Property Expenses: 40,728 40,893 (165) (0.4)
Net Operating Income $86,897 $81,471 $5,426 6.7
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Percentage Leased at
Period End 97.0% 96.3%
===========================
Total Properties: 242
Total Square Footage: 25,236,220
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For the year ended
12/31/00 12/31/99 Change % Change
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Property Revenues $509,697 $491,879 $17,818 3.6
Less: Straight-line rent adjustment (10,902) (12,069) 1,167 (9.7)
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Total Property Revenues 498,795 479,810 18,985 4.0
(excluding straight-line rent
adjustment)
Real Estate Taxes 55,163 53,376 1,787 3.3
Utilities 38,787 37,845 942 2.5
Operating Services 63,308 61,531 1,777 2.9
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Total Property Expenses: 157,258 152,752 4,506 2.9
Net Operating Income $341,537 $327,058 $14,479 4.4
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Percentage Leased at
Period End 97.0% 96.5%
===========================
Total Properties: 237
Total Square Footage: 24,886,123
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
13
Unconsolidated Joint Ventures Summary
(dollars in thousands)
Breakdown of Unconsolidated Joint Ventures
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Company's
Number of Percent Square Effective
Joint Venture Name Property Buildings Location Leased Feet Ownership %
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Office Properties:
Pru-Beta 3 Nine Campus Drive 1 Parsippany, NJ 98.9% 156,495 50.0%
HPMC Continental Grand II 1 El Segundo, CA 100.0% 239,085 50.0%
HPMC Lava Ridge 3 Roseville, CA 89.2% 183,200 50.0%
HPMC Stadium Gateway 1 Anaheim, CA 32.0% 261,554 32.5%
G&G Martco Convention Plaza 1 San Francisco, CA 100.0% 305,618 50.0%
Ashford Loop Associates, LP 1001 South Dairy Ashford 1 Houston, TX 98.8% 130,000 20.0%
Ashford Loop Associates, LP 2100 West Loop South 1 Houston, TX 90.8% 168,000 20.0%
Office/Flex Properties:
HPMC Summit Ridge 3 San Diego, CA 100.0% 133,841 50.0%
Ramland RealtyAssociates,
L.L.C. One Ramland Road 1 Orangeburg, NY 80.6% 232,000 50.0%
Multi-Use:
HPMC Pacific Plaza 2 Daly City, CA 57.2% 471,379 32.5%
American Financial Exchange
L.L.C. Parking Lot (1) -- Jersey City, NJ n/a n/a 50.0%
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(1) The joint venture has commenced construction on a 575,000 square-foot
office building on a portion of this land.
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 December 31, 2000
and December 31, 1999:
December 31, 2000
----------------------------------------------------------------------------------------------
American
G&G Financial Ramland Ashford Combined
Pru-Beta 3 HPMC Martco Exchange Realty Loop ARCap Total
- -------------------------------------------------------------------------------------------------------------------------------
Assets:
Rental property, net $ 20,810 $ 78,119 $ 10,589 $ 13,309 $ 38,497 $ 37,777 $ -- $199,101
Other assets 2,690 27,082 2,418 11,851 9,729 900 310,342 365,012
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Total assets $ 23,500 $105,201 $ 13,007 $ 25,160 $ 48,226 $ 38,677 $310,342 $564,113
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Liabilities and partners'/
members' capital:
Mortgages and loans payable $ -- $ 63,486 $ 50,000 $ -- $ 33,966 $ -- $129,562 $277,014
Other liabilities 160 5,035 1,392 9,400 1,785 1,027 3,750 22,549
Partners'/members' capital 23,340 36,680 (38,385) 15,760 12,475 37,650 177,030 264,550
- -------------------------------------------------------------------------------------------------------------------------------
Total liabilities and
partners'/members' capital $ 23,500 $105,201 $ 13,007 $ 25,160 $ 48,226 $ 38,677 $310,342 $564,113
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Company's net investment
in unconsolidated
joint ventures $ 16,110 $ 35,079 $ 3,973 $ 15,809 $ 2,782 $ 7,874 $ 19,811 $101,438
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
14
Joint Venture Financial Information
(continued)
December 31, 1999
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American
G&G Financial Ramland Ashford Combined
Pru-Beta 3 HPMC Martco Exchange Realty Loop ARCap Total
- -------------------------------------------------------------------------------------------------------------------------------
Assets:
Rental property, net $ 21,817 $ 72,148 $ 11,552 $ 10,695 $ 19,549 $ 31,476 $ -- $167,237
Other assets 3,319 6,427 2,571 773 5,069 768 239,441 258,368
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Total assets $ 25,136 $ 78,575 $ 14,123 $ 11,468 $ 24,618 $ 32,244 $239,441 $425,605
===============================================================================================================================
Liabilities and partners'/
members' capital:
Mortgages and loans payable $ -- $ 41,274 $ 43,081 $ -- $ 17,300 $ -- $108,407 $210,062
Other liabilities 186 7,254 1,383 2 1,263 3,536 36,109 49,733
Partners'/members' capital 24,950 30,047 (30,341) 11,466 6,055 28,708 94,925 165,810
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Total liabilities and
partners'/members' capital $ 25,136 $ 78,575 $ 14,123 $ 11,468 $ 24,618 $ 32,244 $239,441 $425,605
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Company's net investment
in unconsolidated
joint ventures $ 17,072 $ 23,337 $ 8,352 $ 11,571 $ 2,697 $ 6,073 $ 20,032 $ 89,134
- -------------------------------------------------------------------------------------------------------------------------------
The following is a summary of the results of operations of the unconsolidated
joint ventures for the period in which the Company had investment interests
during the three months and years ended December 31, 2000 and 1999:
Three Months Ended December 31, 2000
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American
G&G Financial Ramland Ashford Combined
Pru-Beta 3 HPMC Martco Exchange Realty Loop ARCap Total
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Total revenues $ 1,307 $ 3,063 $ 2,631 $ 230 $ 987 $ 1,649 $ 3,424 $13,291
Operating and other expenses (409) (1,541) (869) (32) (160) (844) (892) (4,747)
Depreciation and amortization (308) (3,753) (385) (15) (241) (225) 70 (4,857)
Interest expense -- (2,315) (1,095) -- (394) -- (564) (4,368)
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Net income (loss) $ 590 $(4,546) $ 282 $ 183 $ 192 $ 580 $ 2,038 $ (681)
==================================================================================================================================
Company's equity in earnings (loss)
of unconsolidated
joint ventures $ 255 $ 2,519 $ (15) $ 183 $ 96 $ 116 $ 500 $ 3,654
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Three Months Ended December 31, 1999
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American
G&G Financial Ramland Ashford Combined
Pru-Beta 3 HPMC Martco Exchange Realty Loop ARCap Total
- ----------------------------------------------------------------------------------------------------------------------------------
Total revenues $ 1,241 $ 459 $ 2,439 $ 250 $ 846 $ 1,203 $ 4,095 $10,533
Operating and other expenses (371) (104) (1,034) (124) (249) (682) (561) (3,125)
Depreciation and amortization (305) (100) (726) (26) (261) (172) -- (1,590)
Interest expense -- (119) (855) -- (45) -- (627) (1,646)
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Net income (loss) $ 565 $ 136 $ (176) $ 100 $ 291 $ 349 $ 2,907 $ 4,172
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Company's equity in earnings (loss)
of unconsolidated
joint ventures $ 243 $ -- $ (213) $ 157 $ 148 $ 57 $ 739 $ 1,131
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
15
Joint Venture Financial Information
(continued)
Year Ended December 31, 2000
----------------------------------------------------------------------------------------------------
American
G&G Financial Ramland Ashford Combined
Pru-Beta 3 HPMC Martco Exchange Realty Loop ARCap Total
- -----------------------------------------------------------------------------------------------------------------------------------
Total revenues $ 5,028 $ 9,254 $ 10,695 $ 1,009 $ 3,917 $ 5,917 $ 19,931 $ 55,751
Operating and other expenses (1,619) (2,628) (3,312) (155) (1,030) (2,773) (3,060) (14,577)
Depreciation and amortization (1,226) (5,908) (1,531) (62) (975) (839) -- (10,541)
Interest expense -- (4,535) (4,084) -- (1,547) -- (5,045) (15,211)
- -----------------------------------------------------------------------------------------------------------------------------------
Net income (loss) $ 2,183 $ (3,817) $ 1,768 $ 792 $ 365 $ 2,305 $ 11,826 $ 15,422
===================================================================================================================================
Company's equity in earnings
of unconsolidated
joint ventures $ 935 $ 3,248 $ 483 $ 735 $ 180 $ 474 $ 2,000 $ 8,055
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended December 31, 1999
----------------------------------------------------------------------------------------------------
American
G&G Financial Ramland Ashford Combined
Pru-Beta 3 HPMC Martco Exchange Realty Loop ARCap Total
- -----------------------------------------------------------------------------------------------------------------------------------
Total revenues $ 4,938 $ 459 $ 9,011 $ 917 $ 1,426 $ 4,162 $ 10,093 $ 31,006
Operating and other expenses (1,505) (104) (3,238) (287) (352) (2,327) (3,774) (11,587)
Depreciation and amortization (1,234) (100) (1,422) (96) (439) (551) -- (3,842)
Interest expense -- (119) (3,116) -- (45) -- (2,185) (5,465)
- -----------------------------------------------------------------------------------------------------------------------------------
Net income $ 2,199 $ 136 $ 1,235 $ 534 $ 590 $ 1,284 $ 4,134 $ 10,112
===================================================================================================================================
Company's equity in earnings
(loss) of unconsolidated
joint ventures $ 827 $ -- $ (366) $ 541 $ 298 $ 233 $ 1,060 $ 2,593
- -----------------------------------------------------------------------------------------------------------------------------------
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
16
Select Financial Ratios
================================================================================
Ratios Computed For Industry December 31,
Comparisons: 2000 1999
- --------------------------------------------------------------------------------
Financial Position Ratios:
Total Debt/ Total Book 44.29% 41.06%
Capitalization Ratio
(Book value) (%)
Total Debt/ Total Market 44.41% 42.80%
Capitalization Ratio
(Market value) (%)
Total Debt/ Total Undepreciated 40.85% 38.35%
Assets (%)
Secured Debt/ Total Undepreciated 12.08% 13.65%
Assets (%)
- --------------------------------------------------------------------------------
================================================================================
Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
- --------------------------------------------------------------------------------
Operational Ratios:
Interest Coverage Ratio 3.50 3.37 3.65 3.50
(Funds from Operations+Interest
Expense)/Interest Expense (x)
Debt Service Coverage Ratio 3.40 3.29 3.55 3.39
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x)
Fixed Charge Coverage Ratio 2.62 2.70 2.73 2.79
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x)
FFO Payout Ratio 68.47% 68.52% 66.36% 68.26%
(Dividends Declared/Funds from
Operations (%))
CAD Payout Ratio 86.23% 79.54% 81.14% 78.89%
(Dividends Declared/ Cash
Available for Distribution (%))
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
17
Debt Analysis
(as of December 31, 2000)
Debt Breakdown
(dollars in thousands)
========================================================================================================================
Weighted Average Interest Weighted Average Maturity
Balance % of Total Rate in Years
- ------------------------------------------------------------------------------------------------------------------------
Fixed Rate Secured Debt $ 449,395 27.60% 7.08% 4.58
Fixed Rate Unsecured Notes 798,099 49.00% 7.35% 5.15
Variable Rate Secured Debt 32,178 1.98% 7.50% 8.08
Variable Rate Unsecured Debt 348,840 21.42% 7.53% 2.48
- ------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average: $1,628,512 100.00% 7.29% 4.48
========================================================================================================================
Future Repayments
(dollars in thousands)
========================================================================================================================
Scheduled Weighted Average Interest Rate of
Period Amortization Maturities Total Future Repayments (1)
- ------------------------------------------------------------------------------------------------------------------------
2001 $ 3,239 $ 4,211 $ 7,450 7.43%
2002 3,433 0 3,433 8.20%
2003 3,581 540,934 544,515 7.44%
2004 2,420 309,863 312,283 7.34%
2005 1,584 253,178 254,762 7.13%
2006 (12) 150,000 149,988 7.12%
2007 (177) 9,364 9,187 7.04%
2008 (235) 0 (235) 7.49%
2009 (49) 332,178 332,129 7.49%
2010 0 15,000 15,000 7.92%
- ------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average: $13,784 $1,614,728 $1,628,512 7.29%
========================================================================================================================
(1) Assumes weighted average LIBOR at December 31, 2000 of 6.73 percent in
calculating revolving credit facility and other variable rate debt
interest rates.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
18
Debt Maturities
(dollars in thousands)
====================================================================================================================================
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TOTALS
- ------------------------------------------------------------------------------------------------------------------------------------
Secured Debt:
101 & 225 Executive Dr $2,115 $ 2,115
Mack-Cali
Morris Plains 2,096 2,096
Mack-Cali Willowbrook $ 6,811 6,811
400 Chestnut Ridge $ 9,863 9,863
Mack-Cali Centre VI $ 35,000 35,000
Prudential Portfolio 150,000 150,000
Mack-Cali
Bridgewater I 23,000 23,000
Mack-Cali
Woodbridge II 17,500 17,500
Mack-Cali Short Hills 22,089 22,089
500 West Putnam Ave 5,589 5,589
Harborside Financial
Center- Plaza 1 $ 74,642 74,642
Harborside Financial
Center- Plazas 2 & 3 75,358 75,358
Mack-Cali Airport $9,364 9,364
Kemble Plaza I $ 32,178 32,178
- ------------------------------------------------------------------------------------------------------------------------------------
Total Secured Debt: $4,211 -- $ 6,811 $ 9,863 $253,178 $150,000 $9,364 -- $ 32,178 -- $ 465,605
====================================================================================================================================
Unsecured Debt:
Unsecured credit facility $348,840 $ 348,840
7.18% unsecured notes
due 12/03 185,283 185,283
7.00% unsecured notes
due 3/04 $300,000 300,000
7.25% unsecured notes
due 3/09 $300,000 300,000
7.835% unsecured notes
due 12/10 $15,000 15,000
- ------------------------------------------------------------------------------------------------------------------------------------
Total Unsecured Debt: -- -- $534,123 $300,000 -- -- -- -- $300,000 $15,000 $1,149,123
====================================================================================================================================
====================================================================================================================================
Total Debt: $4,211 -- $540,934 $309,863 $253,178 $150,000 $9,364 -- $332,178 $15,000 $1,614,728
====================================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
19
Debt Detail
(dollars in thousands)
Principal Balance at
Effective ---------------------------
Interest December 31, December 31, Date of
Property Name Lender Rate 2000 1999 Maturity
- ------------------------------------------------------------------------------------------------------------------------------------
Senior Unsecured Notes: (1)
7.180% Senior Unsecured Notes n/a 7.230% $ 185,283 $ 185,283 12/31/03
7.000% Senior Unsecured Notes n/a 7.270% 299,744 299,665 03/15/04
7.250% Senior Unsecured Notes n/a 7.490% 298,072 297,837 03/15/09
7.835% Senior Unsecured Notes n/a 7.918% 15,000 -- 12/15/10
- ------------------------------------------------------------------------------------------------------------------------------------
Total Senior Unsecured Notes: $ 798,099 $ 782,785
- ------------------------------------------------------------------------------------------------------------------------------------
Revolving Credit Facilities:
2000 Unsecured Facility (2) 24 Lenders LIBOR + 80 basis points $ 348,840 $ -- 06/22/03
1998 Unsecured Facility (3) 28 Lenders LIBOR + 90 basis points -- 177,000 06/22/00
Prudential Facility (4) Prudential Securities LIBOR + 110 basis points -- -- 06/29/01
- ------------------------------------------------------------------------------------------------------------------------------------
Total Revolving Credit Facilities: $ 348,840 $ 177,000
- ------------------------------------------------------------------------------------------------------------------------------------
Property Mortgages:
201 Commerce Drive Sun Life Assurance Co. 6.240% $ -- $ 1,059 09/01/00
3 & 5 Terri Lane First Union National Bank 6.220% -- 4,434 10/31/00
101 & 225 Executive Drive Sun Life Assurance Co. 6.270% 2,198 2,375 06/01/01
Mack-Cali Morris Plains Corestates Bank 7.510% 2,169 2,235 12/31/01
Mack-Cali Willowbrook CIGNA 8.670% 9,460 10,250 10/01/03
400 Chestnut Ridge Prudential Insurance Co. 9.440% 13,588 14,446 07/01/04
Mack-Cali Centre VI Principal Life Insurance Co. 6.865% 35,000 35,000 04/01/05
Various (5) Prudential Insurance Co. 7.100% 150,000 150,000 05/15/05
Mack-Cali Bridgewater I New York Life Ins. Co. 7.000% 23,000 23,000 09/10/05
Mack-Cali Woodbridge II New York Life Ins. Co. 7.500% 17,500 17,500 09/10/05
Mack-Cali Short Hills Prudential Insurance Co. 7.740% 25,911 26,604 10/01/05
500 West Putnam Avenue New York Life Ins. Co. 6.520% 10,069 10,784 10/10/05
Harborside - Plaza 1 U.S. West Pension Trust 5.610% 54,370 51,015 01/01/06
Harborside - Plazas 2 and 3 Northwestern/Principal 7.320% 95,630 98,985 01/01/06
Mack-Cali Airport Allstate Life Insurance Co. 7.050% 10,500 10,500 04/01/07
Kemble Plaza II Mitsubishi Tr & Bk Co. LIBOR+0.65% -- 40,025 01/31/08
Kemble Plaza I Mitsubishi Tr & Bk Co. LIBOR+0.65% 32,178 32,178 01/31/09
- ------------------------------------------------------------------------------------------------------------------------------------
Total Property Mortgages: $ 481,573 $ 530,390
- ------------------------------------------------------------------------------------------------------------------------------------
Total Debt: $1,628,512 $1,490,175
====================================================================================================================================
(1) Interest rate for unsecured notes reflects effective rate of debt,
including cost of treasury lock agreements (if any), offering and other
transaction costs and the discount on the notes, as applicable.
(2) Total borrowing capacity under this facility is $800.0 million.
(3) In conjunction with obtaining the 2000 Unsecured Facility, the Company
repaid in full and terminated the 1998 Unsecured Facility on June 22,
2000.
(4) Total borrowing capacity under this facility is $100.0 million.
(5) The Company has the option to convert the mortgage loan, which is secured
by 11 properties, to unsecured debt.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
20
III. FINANCIAL STATEMENTS
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
21
III. FINANCIAL STATEMENTS
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
Revenues 2000 1999 2000 1999
- -------------------------------------------------------------------------------------------------------------------------------
Base rents $ 123,923 $ 119,188 $ 491,193 $ 469,853
Escalations and recoveries from tenants 13,430 16,127 58,488 62,182
Parking and other 2,341 3,842 15,325 15,915
Equity in earnings of unconsolidated joint ventures 3,654 1,131 8,055 2,593
Interest income 555 312 3,092 941
- -------------------------------------------------------------------------------------------------------------------------------
Total revenues 143,903 140,600 576,153 551,484
- -------------------------------------------------------------------------------------------------------------------------------
Expenses
- -------------------------------------------------------------------------------------------------------------------------------
Real estate taxes 14,231 14,482 59,400 57,382
Utilities 10,038 10,525 42,035 41,580
Operating services 19,292 18,709 70,711 69,689
General and administrative 6,543 6,258 23,276 25,480
Depreciation and amortization 23,641 19,808 92,088 87,209
Interest expense 26,271 27,167 105,394 102,960
- -------------------------------------------------------------------------------------------------------------------------------
Total expenses 100,016 96,949 392,904 384,300
- -------------------------------------------------------------------------------------------------------------------------------
Income from operations before minority interests 43,887 43,651 183,249 167,184
Minority interest in partially-owned properties -- (79) (5,072) (79)
- -------------------------------------------------------------------------------------------------------------------------------
Income from operations before minority interest in Operating Partnership 43,887 43,572 178,177 167,105
Minority interest in Operating Partnership (1) (8,735) (8,816) (35,181) (34,743)
- -------------------------------------------------------------------------------------------------------------------------------
Income from operations 35,152 34,756 142,996 132,362
Non-recurring charges (2) -- -- (32,666) (14,336)
(Loss)/gain on sales of rental property (3) (749) 1,713 75,008 1,713
- -------------------------------------------------------------------------------------------------------------------------------
Net income $ 34,403 $ 36,469 $ 185,338 $ 119,739
===============================================================================================================================
Per Share Data:
Income from operations-basic $ 0.61 $ 0.60 $ 2.45 $ 2.27
Net income-basic $ 0.60 $ 0.63 $ 3.18 $ 2.05
Income from operations-diluted $ 0.61 $ 0.60 $ 2.44 $ 2.26
Net income-diluted $ 0.59 $ 0.62 $ 3.10 $ 2.04
- -------------------------------------------------------------------------------------------------------------------------------
Dividends declared per common share $ 0.61 $ 0.58 $ 2.38 $ 2.26
- -------------------------------------------------------------------------------------------------------------------------------
Basic weighted average shares outstanding 57,788 58,187 58,338 58,385
Diluted weighted average shares outstanding 66,013 66,654 73,070 67,133
- -------------------------------------------------------------------------------------------------------------------------------
(1) Excludes effect of minority interest's share of non-recurring charges and
gain on sales of rental property.
(2) Net of minority interest's share of $4,473 and $2,122 for the year ended
December 31, 2000 and 1999, respectively.
(3) Net of minority interest's share of $103 and $244 for the three months
ended December 31, 2000 and 1999, respectively, and $10,345 and $244 for
the year ended December 31, 2000 and 1999, respectively.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
22
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts)
December 31,
2000 1999
- -----------------------------------------------------------------------------------------------------------
Assets
Rental property
Land and leasehold interests $ 561,210 $ 549,096
Buildings and improvements 3,026,561 3,014,532
Tenant improvements 110,123 85,057
Furniture, fixtures and equipment 6,460 6,160
- -----------------------------------------------------------------------------------------------------------
3,704,354 3,654,845
Less - accumulated depreciation and amortization (309,951) (256,629)
- -----------------------------------------------------------------------------------------------------------
Total rental property 3,394,403 3,398,216
Cash and cash equivalents 13,179 8,671
Investments in unconsolidated joint ventures 101,438 89,134
Unbilled rents receivable 50,499 53,253
Deferred charges and other assets, net 102,655 66,436
Restricted cash 6,557 7,081
Accounts receivable, net of allowance for doubtful accounts of $552 and $672 8,246 6,810
- -----------------------------------------------------------------------------------------------------------
Total assets $ 3,676,977 $ 3,629,601
===========================================================================================================
Liabilities and Stockholders' Equity
- -----------------------------------------------------------------------------------------------------------
Senior unsecured notes $ 798,099 $ 782,785
Revolving credit facilities 348,840 177,000
Mortgages and loans payable 481,573 530,390
Dividends and distributions payable 43,496 42,499
Accounts payable and accrued expenses 53,608 63,394
Rents received in advance and security deposits 31,146 36,150
Accrued interest payable 17,477 16,626
- -----------------------------------------------------------------------------------------------------------
Total liabilities 1,774,239 1,648,844
- -----------------------------------------------------------------------------------------------------------
Minority interests:
Operating Partnership 447,523 455,275
Partially-owned properties 1,925 83,600
- -----------------------------------------------------------------------------------------------------------
Total minority interests 449,448 538,875
- -----------------------------------------------------------------------------------------------------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, 5,000,000 shares authorized, none issued -- --
Common stock, $0.01 par value, 190,000,000 shares authorized,
56,980,893 and 58,446,552 shares outstanding 570 584
Additional paid-in capital 1,513,037 1,549,888
Dividends in excess of net earnings (57,149) (103,902)
Unamortized stock compensation (3,168) (4,688)
- -----------------------------------------------------------------------------------------------------------
Total stockholders' equity 1,453,290 1,441,882
- -----------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity $ 3,676,977 $ 3,629,601
===========================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
23
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Stockholders' Equity
(in thousands)
Additional Dividends in Unamortized Total
Common Stock Paid-In Excess of Stock Stockholders'
Shares Par Value Capital Net Earnings Compensation Equity
- ------------------------------------------------------------------------------------------------------------------------------
Balance at December 31, 1999 58,447 $584 $1,549,888 $ (103,902) $ (4,688) $ 1,441,882
Net income -- -- -- 185,338 -- 185,338
Dividends -- -- -- (138,585) -- (138,585)
Redemption of common units for
shares of common stock 448 5 14,234 -- -- 14,239
Proceeds from stock options exercised 117 1 2,499 -- -- 2,500
Deferred compensation plan for directors -- -- 111 -- -- 111
Amortization of stock compensation -- -- -- -- 1,672 1,672
Adjustment to fair value of restricted
stock -- -- 380 -- (283) 97
Cancellation of Restricted Stock Awards (5) -- (131) -- 131 --
Repurchase of common stock (2,026) (20) (55,494) -- -- (55,514)
Stock options charge -- -- 1,550 -- -- 1,550
- ------------------------------------------------------------------------------------------------------------------------------
Balance at December 31, 2000 56,981 $570 $1,513,037 $ (57,149) $ (3,168) $ 1,453,290
==============================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
24
Statements of Funds from Operations and
Cash Available for Distribution
(dollars in thousands, except per share/unit amounts)
Three Months Ended Year Ended
December 31, December 31,
==================================================================================================================
2000 1999 2000 1999
- ------------------------------------------------------------------------------------------------------------------
Income from operations before minority interest in
Operating Partnership $43,887 $43,572 $178,177 $167,105
Add: Real estate depreciation and amortization (1) 24,178 20,592 94,250 89,731
Gain on sale of land -- -- 2,248 --
Deduct: Adj. to rental income for straight-lining of
Rents (2) (3,530) (2,142) (12,604) (12,596)
- ------------------------------------------------------------------------------------------------------------------
Funds from operations (3), after adjustment for
straight-lining of rents and non-recurring charges $64,535 $62,022 $262,071 $244,240
- ------------------------------------------------------------------------------------------------------------------
Deduct:
Non-incremental revenue generating capital expenditures:
Capital expenditures (1,378) (405) (5,472) (3,499)
Tenant improvements and leasing commissions (11,909) (8,187) (42,278) (29,405)
- ------------------------------------------------------------------------------------------------------------------
Cash available for distribution $51,248 $53,430 $214,321 $211,336
==================================================================================================================
Basic weighted average shares/units outstanding (4) 65,772 66,469 66,392 66,885
Diluted weighted average shares/units outstanding (5) 72,440 73,272 73,070 73,769
Per Share/Unit - Basic(6):
Funds from operations $0.92 $0.87 $3.71 $3.42
Cash available for distribution $0.72 $0.75 $3.00 $2.93
Per Share/Unit - Diluted:
Funds from operations $0.89 $0.85 $3.59 $3.31
Cash available for distribution $0.70 $0.73 $2.93 $2.86
Dividend per common share $0.61 $0.58 $2.38 $2.26
Dividend payout ratios:
Funds from operations-diluted 68.47% 68.52% 66.36% 68.26%
Cash available for distribution-diluted 86.23% 79.54% 81.14% 78.89%
==================================================================================================================
(1) Includes the Company's share from unconsolidated joint ventures of $724
and $945 for the three months ended December 31, 2000 and 1999,
respectively, and $2,928 and $3,166 for the year ended December 31, 2000
and 1999, respectively.
(2) Includes the Company's share from unconsolidated joint ventures of $6 and
$47 for the three months ended December 31, 2000 and 1999, respectively,
and $24 and $158 for the year ended December 31, 2000 and 1999,
respectively.
(3) Funds from operations for both periods are calculated in accordance with
the National Association of Real Estate Investment Trusts (NAREIT)
definition, as published in October 1999, after adjustment for
straight-lining of rents and non-recurring charges.
(4) Calculated based on weighted average common shares outstanding, assuming
redemption of operating partnership common units into common shares.
(5) 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).
(6) Amounts calculated after deduction for distributions to preferred
unitholders of $3,879 and $3,869 for the three months ended December 31,
2000 and 1999, respectively, and $15,441 and $15,476 for the year ended
December 31, 2000 and 1999, respectively.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
25
Reconciliation of Basic-to-Diluted Shares/Units
(in thousands)
The following schedule reconciles the Company's basic weighted average shares to
basic and diluted weighted average shares/units:
Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
- --------------------------------------------------------------------------------
Basic weighted average shares: 57,788 58,187 58,338 58,385
Add: Weighted average common units 7,984 8,282 8,054 8,500
- --------------------------------------------------------------------------------
Basic weighted average shares/units: 65,772 66,469 66,392 66,885
Add: Weighted average preferred units
(after conversion to common units) 6,427 6,618 6,485 6,636
Stock options 222 159 188 241
Restricted Stock Awards 19 26 5 7
- --------------------------------------------------------------------------------
Diluted weighted average shares/units: 72,440 73,272 73,070 73,769
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
26
IV. VALUE CREATION PIPELINE
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
27
IV. VALUE CREATION PIPELINE
Operating Property Acquisitions
(dollars in thousands)
For the Year Ended December 31, 2000
- -----------------------------------------------------------------------------------------------------------------------------------
Acquisition # of Rentable Investment by
Date Property/Portfolio Name Location Bldgs. Square Feet Company (1)
- -----------------------------------------------------------------------------------------------------------------------------------
Office
5/23/00 555 & 565 Taxter Road Elmsford, Westchester County, NY 2 341,108 $42,980
6/14/00 Four Gatehall Drive Parsippany, Morris County, NJ 1 248,480 42,381
- -----------------------------------------------------------------------------------------------------------------------------------
Total Office Property Acquisitions: 3 589,588 $85,361
- -----------------------------------------------------------------------------------------------------------------------------------
Office/Flex
3/24/00 Two Executive Drive (2) Moorestown, Burlington County, NJ 1 60,800 $ 4,007
7/14/00 915 North Lenola Road (2) Moorestown, Burlington County, NJ 1 52,488 2,542
- -----------------------------------------------------------------------------------------------------------------------------------
Total Office/Flex Property Acquisitions: 2 113,288 $ 6,549
- -----------------------------------------------------------------------------------------------------------------------------------
Total Operating Property Acquisitions: 5 702,876 $91,910
===================================================================================================================================
For the Year Ended December 31, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
Acquisition # of Rentable Investment by
Date Property/Portfolio Name Location Bldgs. Square Feet Company (3)
- -----------------------------------------------------------------------------------------------------------------------------------
Office
3/05/99 Pacifica Portfolio - Phase III (4) Colorado Springs, El Paso County, CO 2 94,737 $ 5,709
7/21/99 1201 Connecticut Avenue, NW Washington, D.C. 1 169,549 32,799
- -----------------------------------------------------------------------------------------------------------------------------------
Total Office Property Acquisitions: 3 264,286 $38,508
- -----------------------------------------------------------------------------------------------------------------------------------
Office/Flex
12/21/99 McGarvey Portfolio- Phase III (2) Moorestown, Burlington County, NJ 3 138,600 $ 8,012
- -----------------------------------------------------------------------------------------------------------------------------------
Total Office/Flex Property Acquisitions: 3 138,600 $ 8,012
- -----------------------------------------------------------------------------------------------------------------------------------
Total Operating Property Acquisitions: 6 402,886 $46,520
===================================================================================================================================
See footnotes to the above schedules on page 29.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
28
Properties Placed in Service
(dollars in thousands)
For the Year Ended December 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Date Placed # of Rentable Investment by
in Service Property Name Location Bldgs. Square Feet Company (5)
- ------------------------------------------------------------------------------------------------------------------------------------
Office
9/01/00 Harborside Plaza 4-A (6) Jersey City, Hudson County, NJ 1 207,670 $61,459
9/15/00 Liberty Corner Corp. Center Bernards Township, Somerset County, NJ 1 132,010 17,430
- ------------------------------------------------------------------------------------------------------------------------------------
Total Properties Placed in Service: 2 339,680 $78,889
====================================================================================================================================
For the Year Ended December 31, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
Date Placed # of Rentable Investment by
in Service Property Name Location Bldgs. Square Feet Company(3)
- ------------------------------------------------------------------------------------------------------------------------------------
Office
8/09/99 2115 Linwood Avenue Fort Lee, Bergen County, NJ 1 68,000 $ 8,147
11/01/99 795 Folsom Street (7) San Francisco, San Francisco County, CA 1 183,445 37,337
- ------------------------------------------------------------------------------------------------------------------------------------
Total Office Properties Placed in Service: 2 251,445 $45,484
- ------------------------------------------------------------------------------------------------------------------------------------
Office/flex
3/01/99 One Center Court Totowa, Passaic County, NJ 1 38,961 $ 2,140
9/17/99 12 Skyline Drive (8) Hawthorne, Westchester County, NY 1 46,850 5,023
12/10/99 600 West Avenue (8) Stamford, Fairfield County, CT 1 66,000 5,429
- ------------------------------------------------------------------------------------------------------------------------------------
Total Office/Flex Properties Placed in Service: 3 151,811 $12,592
- ------------------------------------------------------------------------------------------------------------------------------------
Land Lease
2/01/99 Horizon Center Business Park (9) Hamilton Township, Mercer County, NJ N/A 27.7 acres $ 1,007
- ------------------------------------------------------------------------------------------------------------------------------------
Total Land Lease Transactions: 27.7 acres $ 1,007
- ------------------------------------------------------------------------------------------------------------------------------------
Total Properties Placed in Service: 5 403,256 $59,083
====================================================================================================================================
(1) Transactions were funded primarily from net proceeds received in the sale
or sales of rental property.
(2) The properties were acquired through the exercise of a purchase option
obtained in the initial acquisition of the McGarvey portfolio in January
1998.
(3) Unless otherwise noted, transactions were funded primarily through draws
on the Company's credit facilities.
(4) William L. Mack, Chairman of the Board of Directors of the Company and an
equity holder in the Operating Partnership, was an indirect owner of an
interest in certain of the buildings contained in the Pacifica portfolio.
(5) Unless otherwise noted, transactions were funded primarily through draws
on the Company's credit facilities, and amounts presented are as of
December 31, 2000.
(6) Project includes seven-story, 1,100-car parking garage.
(7) On June 1, 1999, the building was acquired for redevelopment for
approximately $34,282.
(8) The Company purchased the land on which this property was constructed,
from an entity whose principals include Timothy M. Jones, Martin S. Berger
and Robert Weinberg, each of whom are affiliated with Company as the
President of the Company, a current member of the Board of Directors and a
former member of the Board of Directors of the Company, respectively.
(9) On February 1, 1999, the Company entered into a ground lease agreement to
lease 27.7 acres of developable land located at the Company's Horizon
Center Business Park, located in Hamilton Township, Mercer County, New
Jersey on which Home Depot constructed a 134,000 square-foot retail store.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
29
Summary of Construction Projects
(dollars in thousands)
Estimated Costs
Placed in Incurred Total
Service Number of Square Through Estimated Current
Project Location Type of Space Date Buildings Feet 12/31/00 Costs % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Majority Owned:
105 Eisenhower Parkway Roseland, NJ Office 2001-1Q 1 220,000 $39,167 $43,600 50.0%
Denver Tech Center Tower Denver, CO Office 2001-1Q 1 183,000 30,864 34,700 62.0%
Harborside Plaza 5 Jersey City, NJ Office 2002-3Q 1 980,000 14,759 260,000 14.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Sub-total: 3 1,383,000 $84,790 $338,300 26.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Unconsolidated Joint Ventures:
Stadium Gateway (1) Anaheim, CA Office 2001-3Q 1 261,554 2,680 5,600 32.0%
Pacific Plaza Phase I & II (2) Daly City, CA Office/Retail 2001-3Q 2 471,379 9,188 9,188 57.2%
Hyatt Regency South Pier (3) Jersey City, NJ Hotel 2002-3Q 1 280,000 3,705 14,000 n/a
Harborside Plaza 10 (4) Jersey City, NJ Office 2002-3Q 1 575,000 17,895 36,000 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Sub-total: 5 1,587,933 $33,468 $64,788 58.5%
- ------------------------------------------------------------------------------------------------------------------------------------
Grand-total: 8 2,970,933 $118,258 $403,088 43.5%
====================================================================================================================================
(1) The Costs Incurred and Total Estimated Costs reflect the Company's funding
in this project. The total cost of the project is currently projected to
be approximately $44.0 million.
(2) The Costs Incurred and Total Estimated Costs reflect the Company's funding
in this project. The total cost of the project is currently projected to
be approximately $120.4 million.
(3) The Costs Incurred and Total Estimated Costs reflect the Company's funding
in this project. The total cost of the project is currently projected to
be approximately $95.0 million.
(4) The Costs Incurred and Total Estimated Costs reflect the Company's funding
in this project. The total cost of the project is currently projected to
be approximately $140.0 million.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
30
Summary of Land Parcels
Development
Potential
Site Town/ City State Acres (Sq. Ft.) Type of Space
- ------------------------------------------------------------------------------------------------------------------------------------
Horizon Center Hamilton NJ 50.0 575,000 Office/Flex/Retail
American Financial Exchange (1) Jersey City NJ 3.6 1,225,000 Office
Harborside Financial Center (2) Jersey City NJ 26.0 2,920,000 Office
Mack-Cali Business Campus (3) Parsippany & Hanover NJ 110.0 1,350,000 Office
Morris V and VI (1) Parsippany NJ 47.5 645,000 Office
Commercenter Totowa NJ 5.8 30,000 Office/Flex
Princeton Metro (3) West Windsor NJ 10.0 97,000 Office
Princeton Overlook II West Windsor NJ 10.0 149,500 Office
Cross Westchester Executive
Park (4) Elmsford NY 5.0 60,000 Office/Flex
Elmsford Distribution Center (4) Elmsford NY 14.5 100,000 Warehouse
Mid-Westchester Executive Park (4) Hawthorne NY 8.0 73,000 Office/Flex
One Ramland Road (1) Orangeburg NY 20.0 100,000 Office/Flex
South Westchester Executive
Park (4) Yonkers NY 60.0 500,000 Office/Flex
Airport Business Center Lester PA 12.6 135,000 Office
Eastpoint II Lanham MD 4.8 122,000 Office/Hotel
Tri West Plaza II (4) Dallas TX 4.5 500,000 Office
Concord Plaza II San Antonio TX 2.2 145,000 Office
Pacific Plaza Phase III (5) Daly City CA 2.5 270,000 Office
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 397.0 8,996,500
====================================================================================================================================
(1) Land owned by joint venture in which Mack-Cali is significant equity
partner.
(2) Includes 21 acres of riparian property.
(3) Land owned by Mack-Cali which is subject to a contribution agreement to a
development joint venture.
(4) Mack-Cali holds an option to purchase this land.
(5) Unconsolidated joint venture, in which Mack-Cali is significant equity
partner, holds an option to purchase this land.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
31
Rental Property Sales
(dollars in thousands)
For the Year Ended December 31, 2000
====================================================================================================================================
Sale # of Rentable Net Sales Net Book Gain/
Date Property Name Location Bldgs. Square Feet Proceeds Value (Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
Land:
02/25/00 Horizon Center Land Hamilton Township, Mercer -- 39.1 acres $ 4,180 $ 1,932 $ 2,248
County, NJ
Office:
04/17/00 95 Christopher Columbus Dr. Jersey City, Hudson County, NJ 1 621,900 148,222 80,583 67,639
04/20/00 6900 IH-40 West Amarillo, Potter County, TX 1 71,771 1,467 1,727 (260)
06/09/00 412 Mt. Kemble Avenue Morris Twp., Morris County, NJ 1 475,100 81,981 75,439 6,542
09/21/00 Cielo Center Austin, Travis County, TX 1 270,703 45,785 35,749 10,036
11/15/00 210 South 16th Street (1) Omaha, Douglas County, NE 1 319,535 11,976 12,828 (852)
- ------------------------------------------------------------------------------------------------------------------------------------
Totals: 5 1,759,009 $293,611 $208,258 $85,353
====================================================================================================================================
(1) In connection with the sale of the Omaha, Nebraska property, the Company
provided to the purchaser an $8,750 mortgage loan bearing interest payable
monthly at an annual rate of 9.50 percent. The loan is secured by the
Omaha, Nebraska property and will mature on November 14, 2003.
For the Year Ended December 31, 1999
====================================================================================================================================
Sale # of Rentable Net Sales Net Book Gain/
Date Property Name Location Bldgs. Square Feet Proceeds Value (Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
Office:
11/15/99 400 Alexander Road Princeton, Mercer County, NJ 1 70,550 $ 8,628 $ 6,573 $2,055
12/15/99 Beardsley Corporate Center Phoenix, Maricopa County, AZ 1 119,301 8,772 8,870 (98)
- ------------------------------------------------------------------------------------------------------------------------------------
Totals: 2 189,851 $17,400 $15,443 $1,957
====================================================================================================================================
Rental Property Held For Sale
(dollars in thousands)
At December 31, 2000
==========================================================================================================
# of Rentable Net Book Value
Property Name Location Buildings Square Feet At 12/31/00
- ----------------------------------------------------------------------------------------------------------
Office:
Concord Plaza San Antonio, Bexar County, TX 1 248,700 $ 34,538
Tetco Tower San Antonio, Bexar County, TX 1 256,137 15,667
Century Building San Antonio San Antonio, Bexar County, TX 1 187,312 12,433
Riverview San Antonio, Bexar County, TX 1 248,153 9,981
5300 Memorial Houston, Harris County, TX 1 155,099 8,337
10497 Town & Country Way Houston, Harris County, TX 1 148,434 8,464
1717 St. James Place Houston, Harris County, TX 1 109,574 4,572
1770 St. James Place Houston, Harris County, TX 1 103,689 3,786
Cornerstone Regency Houston, Harris County, TX 1 70,999 2,360
Katy Plaza Houston, Harris County, TX 1 112,213 7,320
- ----------------------------------------------------------------------------------------------------------
Totals: 10 1,640,310 $107,458
==========================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
32
V. PORTFOLIO/ LEASING STATISTICS
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
33
V. PORTFOLIO/ LEASING STATISTICS
Leasing Statistics
(For the three months ended December 31, 2000)
Consolidated Portfolio
SUMMARY OF SPACE LEASED DURING PERIOD
================================================================================
- --------------------------------------------------------------------------------
In-Service Properties:
Square feet leased at September 30, 2000 26,086,260
Net leasing activity in 4th quarter 2000 3,529
Leased s.f. acquired/placed in service during the period 0
Leased s.f. sold during the period (298,496)
Occupancy adjustment (1) 11,514
----------
Square feet leased at December 31, 2000 25,802,807
==========
Percent leased at December 31, 2000 96.8%
================================================================================
OFFICE SPACE
================================================================================
Weighted
# of Average Base Average Term
Leases Rentable S.F. Rent (Years)
- --------------------------------------------------------------------------------
New Leases:
First generation space 9 52,307 $22.94 4.6
Second generation space 58 410,758 $26.11 8.3
----------------------------------------------------
Total New Leasing: 67 463,065 $25.75 7.9
----------------------------------------------------
Renewals & extensions 56 280,698 $18.80 4.3
Other retained tenants 19 44,478 $23.02 5.2
----------------------------------------------------
Total Leasing: 142 788,241
====================================================
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
34
Leasing Statistics
(For the three months ended December 31, 2000)
Consolidated Portfolio
(continued)
=========================================================================================================================
Tenant Improvements (3) Leasing Commissions Total
- -------------------------------------------------------------------------------------------------------------------------
Capital Expenditures- Second Generation Space (2):
Expend. Committed- 4th qtr $7,533,473 $4,394,990 $11,928,463
Rentable s.f. leased- 4th qtr 735,934
Cap. Ex. Committed per r.s.f. per year $1.56 $0.91 $2.47
=========================================================================================================================
(1) Represents the net change in the amount of space leased/expired since the
prior reporting period in excess of 100 percent of the gross rentable area
of certain properties in the portfolio.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
OFFICE/FLEX SPACE
================================================================================
Weighted
# of Average Base Average Term
Leases Rentable S.F. Rent (1) (Years)
- --------------------------------------------------------------------------------
New Leases:
First generation space 2 20,800 $16.71 6.3
Second generation space 12 150,087 $15.01 6.1
------------------------------------------------------
Total New Leasing: 14 170,887 $15.22 6.1
------------------------------------------------------
Renewals & extensions 14 104,708 $14.48 2.9
Other retained tenants 3 11,979 $14.06 5.5
------------------------------------------------------
Total Leasing: 31 287,574
======================================================
================================================================================
=========================================================================================================================
Tenant Improvements (3) Leasing Commissions Total
- -------------------------------------------------------------------------------------------------------------------------
Capital Expenditures- Second Generation Space (2):
Expend. Committed- 4th qtr $642,416 $406,007 $1,048,423
Rentable s.f. leased- 4th qtr 266,774
Cap. Ex. Committed per r.s.f. per year $0.50 $0.32 $0.82
=========================================================================================================================
(1) Equals triple net rent plus common area costs and real estate taxes.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
35
Leasing Statistics
(For the three months ended December 31, 2000)
Consolidated Portfolio
(continued)
INDUSTRIAL/WAREHOUSE SPACE - No activity during period
LEASE RENEWALS
=========================================================================================
Number of Rentable
Leases Square Feet
- -----------------------------------------------------------------------------------------
Leases expiring 155 1,072,286
Leases renewed and extended 70 385,406
Other retained tenants 22 56,457
-----------------------
Total leases retained 92 441,863
=======================
Percent retained 59.4% 41.2%
Future expirations renewed or relet (included in totals above) 40 346,107
=========================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
36
Leasing Statistics
(For the three months ended December 31, 2000)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED DURING PERIOD
================================================================================
- --------------------------------------------------------------------------------
In-Service Properties:
Square feet leased at September 30, 2000 1,443,750
Net leasing activity in 4th quarter 2000 20,999
Occupancy adjustment (1) 0
---------
Square feet leased at December 31, 2000 1,464,749
=========
Percent leased at December 31, 2000 94.6%
================================================================================
OFFICE SPACE
================================================================================
Weighted
# of Average Base Average Term
Leases Rentable S.F. Rent (1) (Years)
- --------------------------------------------------------------------------------
New Leases:
First generation space 1 22,379 $32.99 7.0
Renewals & extensions 1 53,456 $66.53 3.0
Other retained tenants 3 13,240 $50.18 3.0
----------------------------------------------------
Total Leasing: 5 89,075
====================================================
================================================================================
============================================================================================================================
Tenant Improvements (3) Leasing Commissions Total
- ----------------------------------------------------------------------------------------------------------------------------
Capital Expenditures- Second Generation Space (2):
Expend. Committed- 4th qtr $98,000 $1,117 $99,117
Rentable s.f. leased- 4th qtr 66,696
Cap. Ex. Committed per r.s.f. per year $0.49 $0.01 $0.50
============================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
37
Leasing Statistics
(For the three months ended December 31, 2000)
LEASE RENEWALS
================================================================================
Number of Rentable
Leases Square Feet
- --------------------------------------------------------------------------------
Leases expiring 4 68,442
Leases renewed and extended 1 53,456
Other retained tenants 3 13,240
------------------------
Total leases retained 4 66,696
========================
Percent retained 100.0% 97.4%
Future expirations renewed or relet
(included in totals above) 1 53,456
================================================================================
(1) Represents the net change in the amount of space leased/expired since the
prior reporting period in excess of 100 percent of the gross rentable area
of certain properties in the portfolio.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
Consolidated Portfolio
(For the year ended December 31, 2000)
Summary of Space Leased During Period
================================================================================
- --------------------------------------------------------------------------------
In-Service Properties:
Square feet leased at December 31, 1999 26,411,471
Net leasing activity year-to-date 172,822
Leased s.f. acquired/placed in service during the period 942,555
Leased s.f. sold during the period (1,724,216)
Occupancy adjustment (1) 175
-----------
Square feet leased at December 31, 2000 25,802,807
===========
Percent leased at December 31, 2000 96.8%
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
38
Leasing Statistics
(For the year ended December 31, 2000)
Consolidated Portfolio
(continued)
Office Space
=========================================================================================
Weighted
# of Average Base Average Term
Leases Rentable S.F. Rent (Years)
- -----------------------------------------------------------------------------------------
New Leases:
First generation space 40 260,978 $28.65 6.0
Second generation space 226 1,242,878 $23.83 6.8
--------------------------------------------------------
Total New Leasing: 266 1,503,856 $24.67 6.6
--------------------------------------------------------
Renewals & extensions 288 1,839,121 $24.52 4.7
Other retained tenants 123 592,982 $25.63 5.7
--------------------------------------------------------
Total Leasing: 677 3,935,959
========================================================
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
39
Leasing Statistics
(For the year ended December 31, 2000)
Consolidated Portfolio
(continued)
==========================================================================================================
Tenant Improvements (3) Leasing Commissions Total
- ----------------------------------------------------------------------------------------------------------
Capital Expenditures- Second Generation Space (2):
Expend. Committed- YTD $23,099,419 $19,685,542 $42,784,961
Rentable s.f. leased- YTD 3,674,981
Cap. Ex. Committed per r.s.f. per year $ 1.13 $ 0.96 $ 2.09
==========================================================================================================
(1) Represents the net change in the amount of space leased/expired since the
prior reporting period in excess of 100 percent of the gross rentable area
of certain properties in the portfolio.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
OFFICE/ FLEX SPACE
================================================================================
Weighted
# of Average Base Average Term
Leases Rentable S.F. Rent (1) (Years)
- --------------------------------------------------------------------------------
New Leases:
First generation space 7 53,200 $17.02 5.0
Second generation space 41 382,699 $15.00 6.2
---------------------------------------------------
Total New Leasing: 48 435,899 $15.25 6.0
---------------------------------------------------
Renewals & extensions 63 505,543 $14.36 4.2
Other retained tenants 13 74,717 $14.90 4.3
---------------------------------------------------
Total Leasing: 124 1,016,159
===================================================
===========================================================================================================
Tenant Improvements (3) Leasing Commissions Total
- -----------------------------------------------------------------------------------------------------------
Capital Expenditures- Second Generation Space (2):
Expend. Committed- YTD $3,495,908 $2,123,854 $5,619,762
Rentable s.f. leased- YTD 962,959
Cap. Ex. Committed per r.s.f. per year $ 0.73 $ 0.44 $ 1.17
===========================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
40
Leasing Statistics
(For the year ended December 31, 2000)
Consolidated Portfolio
(continued)
INDUSTRIAL/WAREHOUSE SPACE
================================================================================
Weighted
# of Average Base Average Term
Leases Rentable S.F. Rent (1) (Years)
- --------------------------------------------------------------------------------
New Leases:
Second generation space 1 4,500 $14.00 4.0
Renewals & extensions 3 34,104 $20.44 3.7
Other retained tenants 2 7,650 $10.91 3.3
----------------------------------------------------
Total Leasing: 6 46,254
====================================================
===========================================================================================================
Tenant Improvements (3) Leasing Commissions Total
- -----------------------------------------------------------------------------------------------------------
Capital Expenditures- Second Generation Space (2):
Expend. Committed- YTD $ 51,769 $ 33,876 $ 85,645
Rentable s.f. leased- YTD 46,254
Cap. Ex. Committed per r.s.f. per year $0.31 $0.20 $0.51
===========================================================================================================
(1) Equals triple net rent plus common area costs and real estate taxes.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
LEASE RENEWALS
================================================================================
Number of Rentable
Leases Square Feet
- --------------------------------------------------------------------------------
Leases expiring 758 4,825,550
Leases renewed and extended 354 2,378,768
Other retained tenants 138 675,349
--------------------------
Total leases retained 492 3,054,117
==========================
Percent retained 64.9% 63.3%
Future expirations renewed or relet
(included in totals above) 116 1,535,811
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
41
Leasing Statistics
(For the year ended December 31, 2000)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED DURING PERIOD
================================================================================
- --------------------------------------------------------------------------------
In-Service Properties:
Square feet leased at December 31, 1999 1,071,411
Net leasing activity year-to-date 223,163
Leased s.f. acquired/placed in service during the period 170,222
Occupancy adjustment (1) (47)
----------
Square feet leased at December 31, 2000 1,464,749
==========
Percent leased at December 31, 2000 94.6%
================================================================================
Office Space
================================================================================
Weighted
# of Average Base Average Term
Leases Rentable S.F. Rent (1) (Years)
- --------------------------------------------------------------------------------
New Leases:
First generation space 21 218,768 $23.97 6.0
Second generation space 2 12,382 $34.32 5.6
-------------------------------------------------
Total New Leasing: 23 231,150 $24.52 6.0
-------------------------------------------------
Renewals & extensions 2 62,225 $62.71 3.0
Other retained tenants 5 19,476 $40.69 3.3
-------------------------------------------------
Total Leasing: 30 312,851
=================================================
================================================================================
===========================================================================================================
Tenant Improvements (3) Leasing Commissions Total
- -----------------------------------------------------------------------------------------------------------
Capital Expenditures- Second Generation Space (2):
Expend. Committed- YTD $313,927 $99,916 $413,843
Rentable s.f. leased- YTD 94,083
Cap. Ex. Committed per r.s.f. per year $ 0.98 $ 0.31 $ 1.29
===========================================================================================================
(1) Represents the net change in the amount of space leased/expired since the
prior reporting period in excess of 100 percent of the gross rentable area
of certain properties in the portfolio.
(2) Represents amounts committed, but not necessarily expended during period.
(3) Equals estimated workletter costs.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
42
Leasing Statistics
(For the year ended December 31, 2000)
Unconsolidated Joint Venture Properties
LEASE RENEWALS
================================================================================
Number of Rentable
Leases Square Feet
- --------------------------------------------------------------------------------
Leases expiring 8 89,688
Leases renewed and extended 2 62,225
Other retained tenants 5 19,476
--------------------------
Total Leases Retained: 7 81,701
==========================
Percent retained 87.5% 91.1%
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
43
Market Diversification
The following table lists the Company's 25 markets (MSAs), based on annualized
contractual base rent of the Consolidated Properties:
Annualized Percentage of
Base Rental Company Total
Revenue Annualized Base Property Size Percentage of
Market (MSA) ($) (1) (2) Rental Revenue (%) Rentable Area Rentable Area (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Bergen-Passaic, NJ 82,717,384 17.4 4,530,091 17.0
New York, NY (Westchester-Rockland Counties) 80,086,544 16.8 4,696,178 17.6
Newark, NJ (Essex-Morris-Union Counties) 71,596,650 15.0 3,444,598 12.9
Jersey City, NJ 42,609,281 8.9 2,094,470 7.8
Philadelphia, PA-NJ 37,954,991 8.0 2,710,346 10.2
Washington, DC-MD-VA 19,253,047 4.0 616,549 2.3
Denver, CO 17,302,628 3.6 1,007,931 3.8
Dallas, TX 15,516,855 3.3 959,463 3.6
Middlesex-Somerset-Hunterdon, NJ 15,343,278 3.2 791,051 3.0
Trenton, NJ (Mercer County) 13,423,461 2.8 672,365 2.5
San Francisco, CA 12,594,371 2.6 450,891 1.7
San Antonio, TX 12,018,130 2.5 940,302 3.5
Stamford-Norwalk, CT 9,369,016 2.0 527,250 2.0
Houston, TX 8,888,789 1.9 700,008 2.6
Monmouth-Ocean, NJ 7,375,329 1.5 577,423 2.2
Nassau-Suffolk, NY 5,762,698 1.2 261,849 1.0
Phoenix-Mesa, AZ 5,535,201 1.2 416,967 1.6
Tampa-St. Petersburg-Clearwater, FL 3,869,760 0.8 297,429 1.1
Boulder-Longmont, CO 3,600,741 0.8 270,421 1.0
Bridgeport, CT 3,230,808 0.7 145,487 0.5
Colorado Springs, CO 2,832,002 0.6 209,987 0.8
Dutchess County, NY 2,201,156 0.5 118,727 0.4
Atlantic-Cape May, NJ 1,339,776 0.3 80,344 0.3
Des Moines, IA 1,163,019 0.2 72,265 0.3
Fort Worth-Arlington, TX 1,042,320 0.2 74,429 0.3
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 476,627,235 100.0 26,666,821 100.0
====================================================================================================================================
(1) Annualized base rental revenue is based on actual December 2000 billings
times 12. For leases whose rent commences after January 1, 2001,
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.
(2) Includes office, office/flex, industrial/warehouse and stand-alone retail
tenants only. Excludes leases for amenity, retail, parking and
month-to-month office tenants. Some tenants have multiple leases.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
44
Industry Diversification
The following table lists the Company's 30 largest industry classifications
based on annualized contractual base rent of the Consolidated Properties:
Annualized Percentage of Percentage of
Base Rental Company Square Total Company
Revenue Annualized Base Feet Leased
Industry Classification (3) ($) (1) (2) Rental Revenue (%) Leased Sq. Ft. (%)
- ---------------------------------------------------------------------------------------------------------------------------
Securities, Commodity Contracts & Other Financial 54,293,717 11.4 2,333,149 9.2
Manufacturing 45,232,970 9.5 2,733,304 10.8
Computer System Design Svcs. 33,965,877 7.1 1,799,904 7.1
Telecommunications 32,056,149 6.7 1,863,008 7.3
Insurance Carriers & Related Activities 31,246,470 6.6 1,607,184 6.3
Legal Services 28,655,988 6.0 1,280,166 5.0
Health Care & Social Assistance 21,199,594 4.5 1,079,556 4.3
Credit Intermediation & Related Activities 19,966,062 4.2 1,173,198 4.6
Wholesale Trade 17,090,086 3.6 1,254,193 4.9
Accounting/Tax Prep. 16,191,496 3.4 762,021 3.0
Other Professional 15,709,854 3.3 897,542 3.5
Retail Trade 15,304,387 3.2 877,279 3.5
Information Services 13,485,944 2.8 637,787 2.5
Publishing Industries 12,780,221 2.7 560,880 2.2
Arts, Entertainment & Recreation 10,873,673 2.3 742,323 2.9
Real Estate & Rental & Leasing 10,441,206 2.2 481,484 1.9
Public Administration 10,196,985 2.1 353,072 1.4
Other Services (except Public Administration) 9,973,705 2.1 720,267 2.8
Advertising/Related Services 9,059,880 1.9 422,451 1.7
Scientific Research/Development 9,004,156 1.9 516,192 2.0
Management/Scientific 7,713,798 1.6 394,625 1.6
Management of Companies & Finance 6,846,791 1.4 351,868 1.4
Transportation 6,534,616 1.4 449,769 1.8
Data Processing Services 5,774,618 1.2 268,770 1.1
Architectural/Engineering 5,268,844 1.1 302,525 1.2
Construction 4,481,491 0.9 252,042 1.0
Educational Services 3,885,332 0.8 214,446 0.9
Utilities 3,621,901 0.8 177,871 0.7
Admin. & Support, Waste Mgt. & Remediation Svc 3,556,598 0.8 239,164 0.9
Specialized Design Services 3,488,148 0.7 164,620 0.7
Other 8,726,678 1.8 465,285 1.8
- ---------------------------------------------------------------------------------------------------------------------------
Totals 476,627,235 100.0 25,375,945 100.0
===========================================================================================================================
(1) Annualized base rental revenue is based on actual December 2000 billings
times 12. For leases whose rent commences after January 1, 2001,
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.
(2) Includes office, office/flex, industrial/warehouse and stand-alone retail
tenants only. Excludes leases for amenity, retail, parking and
month-to-month office tenants. Some tenants have multiple leases.
(3) The Company's tenants are classified according to the U.S. Government's
new North American Industrial Classification System (NAICS) which has
replaced the Standard Industrial Code (SIC) system.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
45
Consolidated Portfolio Analysis (1)
(as of December 31, 2000)
Breakdown by Number of Properties
PROPERTY TYPE:
Stand- Multi-
% of % of Industrial/ % of Alone % of Family
STATE Office Total Office/Flex Total Warehouse Total Retail Total Residential
================================================================================================================================
New Jersey 68 26.7% 45 17.6% -- -- -- -- 1
New York 23 9.0% 37 14.4% 6 2.4% 2 0.8% 1
Pennsylvania 13 5.1% -- -- -- -- -- -- --
Connecticut 3 1.2% 5 2.0% -- -- -- -- --
Wash., D.C./
Maryland 4 1.6% -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Sub-total
Northeast: 111 43.6% 87 34.0% 6 2.4% 2 0.8% 2
- --------------------------------------------------------------------------------------------------------------------------------
Texas 17 6.6% -- -- -- -- -- -- --
Arizona 3 1.2% -- -- -- -- -- -- --
California 2 0.8% -- -- -- -- -- -- --
Colorado 20 7.8% -- -- -- -- -- -- --
Florida/ Iowa/
Nebraska 2 0.8% -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
TOTALS
By Type: 155 60.8% 87 34.0% 6 2.4% 2 0.8% 2
================================================================================================================================
% of Land % of TOTALS % of
STATE Total Leases Total By State Total
==========================================================================
New Jersey 0.4% 1 0.4% 115 45.1%
New York 0.4% 2 0.8% 71 27.8%
Pennsylvania -- -- -- 13 5.1%
Connecticut -- -- -- 8 3.2%
Wash., D.C./
Maryland -- -- -- 4 1.6%
- --------------------------------------------------------------------------
Sub-total
Northeast: 0.8% 3 1.2% 211 82.8%
- --------------------------------------------------------------------------
Texas -- -- -- 17 6.6%
Arizona -- -- -- 3 1.2%
California -- -- -- 2 0.8%
Colorado -- -- -- 20 7.8%
Florida/ Iowa/
Nebraska -- -- -- 2 0.8%
- --------------------------------------------------------------------------
TOTALS
By Type: 0.8% 3 1.2% 255 100.0%
==========================================================================
(1) Excludes 12 properties, aggregating approximately 1.5 million square feet,
which are not consolidated by the Company.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
46
Consolidated Portfolio Analysis(1)
(as of December 31, 2000)
Breakdown by Square Footage
PROPERTY TYPE:
================================================================================================================================
Stand-
% of % of Industrial/ % of Alone % of TOTALS % of
STATE Office Total Office/Flex Total Warehouse Total Retail Total By State Total
- --------------------------------------------------------------------------------------------------------------------------------
New Jersey 11,430,809 42.8% 1,996,081 7.5% -- -- -- -- 13,426,890 50.3%
New York 2,595,484 9.7% 2,076,570 7.8% 387,400 1.5% 17,300 0.1% 5,076,754 19.1%
Pennsylvania 1,473,798 5.5% -- -- -- -- -- -- 1,473,798 5.5%
Connecticut 399,737 1.5% 273,000 1.0% -- -- -- -- 672,737 2.5%
Wash., D.C./
Maryland 616,549 2.3% -- -- -- -- -- -- 616,549 2.3%
- --------------------------------------------------------------------------------------------------------------------------------
Sub-total
Northeast 16,516,377 61.8% 4,345,651 16.3% 387,400 1.5% 17,300 0.1% 21,266,728 79.7%
- --------------------------------------------------------------------------------------------------------------------------------
Texas 2,674,202 10.0% -- -- -- -- -- -- 2,674,202 10.0%
Arizona 416,967 1.6% -- -- -- -- -- -- 416,967 1.6%
California 450,891 1.7% -- -- -- -- -- -- 450,891 1.7%
Colorado 1,488,339 5.6% -- -- -- -- -- -- 1,488,339 5.6%
Florida/Iowa/
Nebraska 369,694 1.4% -- -- -- -- -- -- 369,694 1.4%
- --------------------------------------------------------------------------------------------------------------------------------
TOTALS
By Type: 21,916,470 82.1% 4,345,651 16.3% 387,400 1.5% 17,300 0.1% 26,666,821 100.0%
================================================================================================================================
(1) Excludes 12 properties, aggregating approximately 1.5 million square feet,
which are not consolidated by the Company.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
47
Consolidated Portfolio Analysis(1)
(Year ended December 31, 2000)
Breakdown by Base Rental Revenue (2)
(Dollars in thousands)
Property Type:
===================================================================================================================================
Indust./ Stand- Multi-
% of Office/ % of Ware- % of Alone % of Family % of Land
STATE Office Total Flex Total house Total Retail Total Residential Total Leases
- -----------------------------------------------------------------------------------------------------------------------------------
New Jersey 229,544 46.7% 14,336 2.9% -- -- -- -- 2,881 0.6% 261
New York 52,991 10.8% 28,555 5.8% 3,689 0.8% 531 0.1% 2,538 0.5% 242
Pennsylvania 28,715 5.8% -- -- -- -- -- -- -- -- --
Connecticut 8,284 1.7% 3,970 0.8% -- -- -- -- -- -- --
Wash., D.C./
Maryland 20,889 4.3% -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Sub-total
Northeast: 340,423 69.3% 46,861 9.5% 3,689 0.8% 531 0.1% 5,419 1.1% 503
- -----------------------------------------------------------------------------------------------------------------------------------
Texas 42,206 8.6% -- -- -- -- -- -- -- -- --
Arizona 5,640 1.1% -- -- -- -- -- -- -- -- --
California 14,310 2.9% -- -- -- -- -- -- -- -- --
Colorado 23,977 4.9% -- -- -- -- -- -- -- -- --
Florida/Iowa/
Nebraska 7,634 1.6% -- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS
By Type: 434,190 88.4% 46,861 9.5% 3,689 0.8% 531 0.1% 5,419 1.1% 503
===================================================================================================================================
===============================================
% of TOTALS % of
STATE Total By State Total
- -----------------------------------------------
New Jersey 0.1% 247,022 50.3%
New York 0.0% 88,546 18.0%
Pennsylvania -- 28,715 5.8%
Connecticut -- 12,254 2.5%
Wash., D.C./
Maryland -- 20,889 4.3%
- -----------------------------------------------
Sub-total
Northeast: 0.1% 397,426 80.9%
- -----------------------------------------------
Texas -- 42,206 8.6%
Arizona -- 5,640 1.1%
California -- 14,310 2.9%
Colorado -- 23,977 4.9%
Florida/Iowa/
Nebraska -- 7,634 1.6%
- -----------------------------------------------
TOTALS
By Type: 0.1% 491,193 100.0%
===============================================
(1) Excludes 12 properties, aggregating approximately 1.5 million square feet,
which are not consolidated by the Company.
(2) Total base rent for the year ended December 31, 2000, determined in
accordance with GAAP. Substantially all of the 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 December 31, 2000
48
Consolidated Portfolio Analysis (1)
(as of December 31, 2000)
Breakdown by Percentage Leased
Property type:
==============================================================================================================
WEIGHTED AVG.
STATE Office Office/Flex Industrial/Warehouse Stand-Alone Retail By State
- --------------------------------------------------------------------------------------------------------------
New Jersey 98.0% 94.1% -- -- 97.4%
New York 97.5% 98.3% 98.1% 100.0% 97.9%
Pennsylvania 90.8% -- -- -- 90.8%
Connecticut 98.1% 98.1% -- -- 98.1%
Washington, D.C./ Maryland 98.6% -- -- -- 98.6%
- --------------------------------------------------------------------------------------------------------------
Sub-total Northeast 97.3% 96.4% 98.1% 100.0% 97.1%
- --------------------------------------------------------------------------------------------------------------
Texas 92.1% -- -- -- 92.1%
Arizona 100.0% -- -- -- 100.0%
California 98.8% -- -- -- 98.8%
Colorado 99.7% -- -- -- 99.7%
Florida/Iowa/Nebraska 92.6% -- -- -- 92.6%
- --------------------------------------------------------------------------------------------------------------
WEIGHTED AVG. By Type: 96.8% 96.4% 98.1% 100.0% 96.8%
==============================================================================================================
(1) Excludes 12 properties, aggregating approximately 1.5 million square feet,
which are not consolidated by the Company, as well as multi-family
residential and land lease properties.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
49
Consolidated Property Listing
Office Properties
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- --------------------------------------------------------------------------------------------------------------------------
ATLANTIC COUNTY, NEW JERSEY
Egg Harbor
100 Decadon Drive .............. 1987 40,422 82.1 770 755 0.16
200 Decadon Drive .............. 1991 39,922 95.3 728 687 0.15
BERGEN COUNTY, NEW JERSEY
Fair Lawn
17-17 Route 208 North .......... 1987 143,000 98.3 3,498 3,381 0.72
Fort Lee
One Bridge Plaza ............... 1981 200,000 93.5 4,853 4,591 1.00
2115 Linwood Avenue ............ 1981 68,000 99.7 1,255 1,132 0.26
Little Ferry
200 Riser Road ................. 1974 286,628 100.0 1,869 1,869 0.39
Montvale
95 Chestnut Ridge Road ......... 1975 47,700 100.0 569 569 0.12
135 Chestnut Ridge Road ........ 1981 66,150 99.7 915 843 0.19
Paramus
15 East Midland Avenue ......... 1988 259,823 100.0 6,731 6,727 1.39
461 From Road .................. 1988 253,554 99.8 6,036 6,027 1.25
650 From Road .................. 1978 348,510 87.5 7,290 7,261 1.50
140 Ridgewood Avenue ........... 1981 239,680 100.0 5,266 5,211 1.09
61 South Paramus Avenue ........ 1985 269,191 100.0 6,124 5,683 1.26
Rochelle Park
120 Passaic Street ............. 1972 52,000 99.6 954 933 0.20
365 West Passaic Street ........ 1976 212,578 95.7 3,907 3,636 0.81
Saddle River
1 Lake Street ..................1973/94 474,801 100.0 7,465 7,465 1.54
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- --------------------------------------------------------------------------------------------------------------------------
ATLANTIC COUNTY, NEW JERSEY
Egg Harbor
100 Decadon Drive .............. 23.20 22.75 Computer Sciences Corp. (81%)
200 Decadon Drive .............. 19.13 18.06 Computer Sciences Corp. (45%), Advanced Casino Systems
Corp. (33%), Dimensions International Inc. (15%)
BERGEN COUNTY, NEW JERSEY
Fair Lawn
17-17 Route 208 North .......... 24.88 24.05 Lonza, Inc. (63%), Boron-Lepore Assoc., Inc. (16%)
Fort Lee
One Bridge Plaza ............... 25.95 24.55 Pricewaterhouse Coopers, LLP (35%), Broadview Associates,
LLP (16%), Bozell Worldwide, Inc. (16%)
2115 Linwood Avenue ............ 18.51 16.70 US Depot Inc. (23%), Ameribrom Inc. (14%), Mack
Management & Construction (11%), Morgan Stanley Dean
Witter (10%)
Little Ferry
200 Riser Road ................. 6.52 6.52
Ford Motor Company (34%), Dassault Falcon Jet Corp. (33%),
Sanyo Fischer Services Corp. (33%)
Montvale
95 Chestnut Ridge Road ......... 11.93 11.93 Aventis Environmental Science (100%)
135 Chestnut Ridge Road ........ 13.87 12.78 Paychex Inc. (45%), Automated Resources Group Inc. (26%),
Sys-Con Publications Inc. (11%), Lexmark International
(10%)
Paramus
15 East Midland Avenue ......... 25.91 25.89 Cellular Telephone Company (100%)
461 From Road .................. 23.85 23.82 Toys `R' Us, Inc. (96%)
650 From Road .................. 23.91 23.81 Movado Group Inc. (17%), Long Beach Acceptance Corp. (10%)
140 Ridgewood Avenue ........... 21.97 21.74 Cellular Telephone Company (57%), Smith Barney Shearson
Inc. (19%)
61 South Paramus Avenue ........ 22.75 21.11 --
Rochelle Park
120 Passaic Street ............. 18.42 18.01 SBC Telecom Inc. (53%), Cantor Fitzgerald LP (46%)
365 West Passaic Street ........ 19.20 17.87 United Retail Inc. (31%), Catalina Marketing Corp. (10%),
Regulus LLC (10%)
Saddle River
1 Lake Street .................. 15.72 15.72 Prentice-Hall Inc. (100%)
==========================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
50
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- --------------------------------------------------------------------------------------------------------------------------------
Upper Saddle River
10 Mountainview Road 1986 192,000 100.0 3,972 3,909 0.82
Woodcliff Lake
400 Chestnut Ridge Road 1982 89,200 100.0 2,131 2,131 0.44
470 Chestnut Ridge Road 1987 52,500 100.0 1,192 1,192 0.25
530 Chestnut Ridge Road 1986 57,204 100.0 1,166 1,166 0.24
50 Tice Boulevard 1984 235,000 95.5 4,881 4,291 1.01
300 Tice Boulevard 1991 230,000 100.0 4,967 4,920 1.02
BURLINGTON COUNTY, NEW JERSEY
Moorestown
224 Strawbridge Drive 1984 74,000 98.1 1,368 1,094 0.28
228 Strawbridge Drive 1984 74,000 100.0 1,434 1,081 0.30
ESSEX COUNTY, NEW JERSEY
Millburn
150 J.F. Kennedy Parkway 1980 247,476 100.0 6,182 6,127 1.28
Roseland
101 Eisenhower Parkway 1980 237,000 97.5 4,200 3,899 0.87
103 Eisenhower Parkway 1985 151,545 100.0 3,350 3,059 0.69
HUDSON COUNTY, NEW JERSEY
Jersey City
95 Christopher Columbus Drive (8) 1989 -- -- 3,850 3,844 0.79
Harborside Financial Center Plaza 1 1983 400,000 99.0 3,336 3,333 0.69
Harborside Financial Center Plaza 2 1990 761,200 100.0 18,523 17,908 3.82
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- ----------------------------------------------------------------------------------------------------------------------------------
Upper Saddle River
10 Mountainview Road 20.69 20.36 Thomson Minwax Company (23%), Professional Detailing Inc.
(20%), Corning Life Sciences Inc. (15%), ITT Fluid Technology
(14%), Pearson Education (14%)
Woodcliff Lake
400 Chestnut Ridge Road 23.89 23.89 Timeplex, Inc. (100%)
470 Chestnut Ridge Road 22.70 22.70 Andermatt LP (100%)
530 Chestnut Ridge Road 20.38 20.38 KPMG Peat Marwick, LLP (100%)
50 Tice Boulevard 21.75 19.12 Syncsort, Inc. (25%)
300 Tice Boulevard 21.60 21.39 Chase Home Mortgage Corp. (25%), Medco Containment
Services (20%), Comdisco, Inc. (13%), NYCE Corp. (11%)
BURLINGTON COUNTY, NEW JERSEY
Moorestown
224 Strawbridge Drive 18.84 15.07 Allstate Insurance Company (49%), Harleysville Mutual
Insurance (27%)
228 Strawbridge Drive 19.38 14.61 Cendant Mortgage Corporation (100%)
ESSEX COUNTY, NEW JERSEY
Millburn
150 J.F. Kennedy Parkway 24.98 24.76 KPMG Peat Marwick, LLP (42%), Budd Larner Gross Et Al
(23%)
Roseland
101 Eisenhower Parkway 18.18 16.87 Arthur Andersen, LLP (31%), Brach, Eichler, Rosenberg, Silver,
Bernstein & Hammer (13%)
103 Eisenhower Parkway 22.11 20.19 Chelsea GCA Realty Corp. (18%), Lum, Danzis, Drasco
Positan & Kleinberg (15%), Netplex Group Inc. (12%),
Salomon Smith Barney, Inc. (11%)
HUDSON COUNTY, NEW JERSEY
Jersey City
95 Christopher Columbus Drive (8) -- -- --
Harborside Financial Center Plaza 1 8.42 8.42 Bankers Trust Harborside, Inc. (96%)
Harborside Financial Center Plaza 2 24.33 23.53 Morgan Stanley Dean Witter (35%), Dow Jones Telerate
Systems Inc (24%), DLJ Securities Corp. (15%), Lewco
Securities (11%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
51
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Harborside Financial Center Plaza 3 ..... 1990 725,600 100.0 17,654 17,067 3.64
Harborside Financial Center Plaza 4-A (7) 2000 207,670 88.7 1,279 1,225 0.26
MERCER COUNTY, NEW JERSEY
Princeton
103 Carnegie Center ..................... 1984 96,000 100.0 2,302 2,124 0.47
100 Overlook Center ..................... 1988 149,600 88.9 3,338 3,285 0.69
5 Vaughn Drive .......................... 1987 98,500 100.0 2,312 2,163 0.48
MIDDLESEX COUNTY, NEW JERSEY
East Brunswick
377 Summerhill Road ..................... 1977 40,000 100.0 373 370 0.08
Plainsboro
500 College Road East ................... 1984 158,235 100.0 3,404 3,374 0.70
South Brunswick
3 Independence Way ...................... 1983 111,300 100.0 2,166 2,116 0.45
Woodbridge
581 Main Street ......................... 1991 200,000 100.0 4,699 4,617 0.97
MONMOUTH COUNTY, NEW JERSEY
Neptune
3600 Route 66 ........................... 1989 180,000 100.0 2,410 2,410 0.50
Wall Township
1305 Campus Parkway ..................... 1988 23,350 82.3 472 460 0.10
1350 Campus Parkway ..................... 1990 79,747 99.9 1,393 1,295 0.29
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
Harborside Financial Center Plaza 3 ..... 24.33 23.52 AICPA (34%), BTM Information Services, Inc. (19%)
Harborside Financial Center Plaza 4-A (7) 36.44(9) 34.90(9) Waterhouse Securities Inc. (89%)
MERCER COUNTY, NEW JERSEY
Princeton
103 Carnegie Center ..................... 23.98 22.13 Ronin Development Corp. (15%), R.G. Vanderweil
Engineers (14%), Kurt Salmon Assoc. Inc. (11%)
100 Overlook Center ..................... 25.10 24.70 Regus Business Centre Corp. (26%), Xerox Corporation (23%),
Paine Webber Inc. (14%)
5 Vaughn Drive .......................... 23.47 21.96 U.S. Trust Company of NJ (19%), Princeton Venture Research
Corp. (14%), Villeroy & Boch Tableware Ltd. (14%),
Woodrow Wilson National Fellowship Foundation (14%)
MIDDLESEX COUNTY, NEW JERSEY
East Brunswick
377 Summerhill Road ..................... 9.33 9.25 Greater New York Mutual Insurance Company (100%)
Plainsboro
500 College Road East ................... 21.51 21.32 SSB Realty, LLC (72%), Buchanan Ingersoll P.C. (17%),
PNC Bank, N.A. (10%)
South Brunswick
3 Independence Way ...................... 19.46 19.01 Merrill Lynch Pierce Fenner & Smith (84%)
Woodbridge
581 Main Street ......................... 23.50 23.09 First Investors Management Company, Inc. (38%), Cast North
America Ltd. (11%)
MONMOUTH COUNTY, NEW JERSEY
Neptune
3600 Route 66 ........................... 13.39 13.39 United States Life Insurance Company (100%)
Wall Township
1305 Campus Parkway ..................... 24.56 23.94 Waterford Wedgewood USA Inc. (41%), McLaughlin, Bennett,
Gelson (35%)
1350 Campus Parkway ..................... 17.49 16.26 Meridan Health Realty Corp. (22%), Milestone Material Inc.
(18%), Stephen E. Gertler Law Office (17%), Amper Politzner
& Mattia PA (11%), Health Care Software (11%),
Sportsgolf L.L.C. (11%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
52
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
MORRIS COUNTY, NEW JERSEY
Florham Park
325 Columbia Turnpike ................... 1987 168,144 100.0 4,107 3,684 0.85
Morris Plains
250 Johnson Road ........................ 1977 75,000 100.0 1,300 1,264 0.27
201 Littleton Road ...................... 1979 88,369 100.0 1,880 1,860 0.39
Morris Township
340 Mt. Kemble Avenue ................... 1985 387,000 100.0 5,530 5,530 1.14
412 Mt. Kemble Avenue (8) ............... 1986 -- -- 3,030 3,030 0.63
Parsippany
7 Campus Drive .......................... 1982 154,395 100.0 2,552 2,551 0.53
8 Campus Drive .......................... 1987 215,265 100.0 5,517 5,324 1.14
2 Dryden Way ............................ 1990 6,216 100.0 67 67 0.01
4 Gatehall Drive (7) .................... 1988 248,480 90.8 3,170 3,170 0.65
2 Hilton Court .......................... 1991 181,592 100.0 4,693 4,656 0.97
600 Parsippany Road ..................... 1978 96,000 100.0 1,583 1,499 0.33
1 Sylvan Way ............................ 1989 150,557 100.0 3,507 3,103 0.72
5 Sylvan Way ............................ 1989 151,383 100.0 3,519 3,459 0.73
7 Sylvan Way ............................ 1987 145,983 100.0 2,919 2,919 0.60
PASSAIC COUNTY, NEW JERSEY
Clifton
777 Passaic Avenue ...................... 1983 75,000 89.1 954 857 0.20
Totowa
999 Riverview Drive ..................... 1988 56,066 100.0 1,014 946 0.21
.......................................
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
MORRIS COUNTY, NEW JERSEY
Florham Park
325 Columbia Turnpike ................... 24.43 21.91 Bressler Amery & Ross (24%), Salomon Smith Barney Inc.
(13%), Atlantic Health Systems (12%), Dun & Bradstreet Inc.
(12%)
Morris Plains
250 Johnson Road ........................ 17.33 16.85 Electronic Data Systems Corp. (100%)
201 Littleton Road ...................... 21.27 21.05 Xerox Corporation (50%), Willis Corroon Corp. of New Jersey
(20%), Bozell Worldwide Inc. (19%), CHEP USA (11%)
Morris Township
340 Mt. Kemble Avenue ................... 14.29 14.29 AT&T Corporation (100%)
412 Mt. Kemble Avenue (8) ............... -- -- --
Parsippany
7 Campus Drive .......................... 16.53 16.52 Nabisco Inc. (100%)
8 Campus Drive .......................... 25.63 24.73 Prudential Insurance Co. (31%), Bay Networks Inc. (27%), MCI
Telecommunications Corp. (18%), Ayco Company L.P. (13%)
2 Dryden Way ............................ 10.78 10.78 Bright Horizons Childrens Center (100%)
4 Gatehall Drive (7) .................... 25.51 25.51 J.B. Hanauer & Company (20%), Royal Indemnity Company
(13%), Toyota Motor Credit Corp. (12%)
2 Hilton Court .......................... 25.84 25.64 Deloitte & Touche USA LLP (64%), Northern Telecom Inc.
(16%), Sankyo Parke Davis (11%)
600 Parsippany Road ..................... 16.49 15.61 Exario Networks Inc. (36%), Sharemax.com (32%)
1 Sylvan Way ............................ 23.29 20.61 Cendant Operations Inc. (99%)
5 Sylvan Way ............................ 23.25 22.85 Integrated Communications (41%), Experian Information
Solution (15%), DRS Technologies Inc. (12%)
7 Sylvan Way ............................ 20.00 20.00 Nabisco Inc. (100%)
PASSAIC COUNTY, NEW JERSEY
Clifton
777 Passaic Avenue ...................... 14.28 12.82 Grosvenor Marketing Ltd. (10%)
Totowa
999 Riverview Drive ..................... 18.09 16.87 Medical Logistics Inc. (36%), Telsource Corporation (19%),
Humana Press (15%), Bankers Financial Corp. (10%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
53
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Wayne
201 Willowbrook Boulevard ............... 1970 178,329 99.0 2,407 2,392 0.50
SOMERSET COUNTY, NEW JERSEY
Basking Ridge
222 Mt. Airy Road ....................... 1986 49,000 100.0 745 692 0.15
233 Mt. Airy Road ....................... 1987 66,000 100.0 762 712 0.16
Bernards
106 Allen Road (7) ...................... 2000 132,010 72.5 279 234 0.06
Bridgewater
721 Route 202/206 ....................... 1989 192,741 100.0 4,286 4,142 0.88
UNION COUNTY, NEW JERSEY
Clark
100 Walnut Avenue ....................... 1985 182,555 97.5 4,568 4,001 0.94
Cranford
6 Commerce Drive ........................ 1973 56,000 93.0 1,029 964 0.21
11 Commerce Drive (6) ................... 1981 90,000 93.2 1,023 908 0.21
12 Commerce Drive ....................... 1967 72,260 96.3 604 603 0.12
20 Commerce Drive ....................... 1990 176,600 100.0 4,065 3,674 0.84
65 Jackson Drive ........................ 1984 82,778 100.0 1,600 1,213 0.33
New Providence
890 Mountain Road ....................... 1977 80,000 100.0 2,250 2,238 0.46
- ------------------------------------------------------------------------------------------------------------------------------------
Total New Jersey Office ................. 11,430,809 98.0 229,544 220,922 47.39
- ------------------------------------------------------------------------------------------------------------------------------------
DUTCHESS COUNTY, NEW YORK
Fishkill
300 South Lake Drive .................... 1987 118,727 97.3 2,184 2,157 0.45
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
Wayne
201 Willowbrook Boulevard ............... 13.63 13.55 The Grand Union Company (76%), Woodward-Clyde
Consultants (23%)
SOMERSET COUNTY, NEW JERSEY
Basking Ridge
222 Mt. Airy Road ....................... 15.20 14.12 Avaya Inc. (100%)
233 Mt. Airy Road ....................... 11.55 10.79 Avaya Inc. (100%)
Bernards
106 Allen Road (7) ...................... 24.84(9) 20.83(9) KPMG Consulting LLC (59%)
Bridgewater
721 Route 202/206 ....................... 22.24 21.49 Allstate Insurance Company (37%), Norris, McLaughlin &
Marcus, PA (30%)
UNION COUNTY, NEW JERSEY
Clark
100 Walnut Avenue ....................... 25.66 22.48 CAP Gemini America Inc. (54%), Equitable Life Assurance
(10%), Mastercare Companies Inc. (10%)
Cranford
6 Commerce Drive ........................ 19.76 18.51 Kendle International Inc. (50%)
11 Commerce Drive (6) ................... 12.20 10.82 Northeast Administrators (10%)
12 Commerce Drive ....................... 8.68 8.67 Dames & Moore (40%), Registrar & Transfer Company (36%)
20 Commerce Drive ....................... 23.02 20.80 Public Service Electric & Gas Company (26%), Quintiles Inc.
(21%)
65 Jackson Drive ........................ 19.33 14.65 Kraft General Foods, Inc. (35%), Allstate Insurance Company
(27%), Procter & Gamble Distribution Co., Inc. (18%),
Provident Companies Inc. (14%)
New Providence
890 Mountain Road ....................... 28.13 27.98 Aspen Technology Inc. (52%), Dun & Bradstreet (27%), K Line
America, Inc. (16%)
- -----------------------------------------------------------------------------------------------------------------------------------
Total New Jersey Office ................. 21.01 20.22
- -----------------------------------------------------------------------------------------------------------------------------------
DUTCHESS COUNTY, NEW YORK
Fishkill
300 South Lake Drive .................... 18.91 18.67 Allstate Insurance Company (16%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
54
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
NASSAU COUNTY, NEW YORK
North Hempstead
600 Community Drive ..................... 1983 206,274 100.0 4,808 4,808 0.99
111 East Shore Road ..................... 1980 55,575 100.0 1,518 1,514 0.31
ROCKLAND COUNTY, NEW YORK
Suffern
400 Rella Boulevard ..................... 1988 180,000 99.8 3,631 3,463 0.75
WESTCHESTER COUNTY, NEW YORK
Elmsford
100 Clearbrook Road (6) ................. 1975 60,000 91.7 938 869 0.19
101 Executive Boulevard ................. 1971 50,000 79.3 801 772 0.17
555 Taxter Road (7) ..................... 1986 170,554 100.0 2,457 2,457 0.51
565 Taxter Road (7) ..................... 1988 170,554 86.6 2,052 2,047 0.42
570 Taxter Road ......................... 1972 75,000 96.5 1,456 1,398 0.30
Hawthorne
30 Saw Mill River Road .................. 1982 248,400 100.0 5,215 4,301 1.07
1 Skyline Drive ......................... 1980 20,400 99.0 300 289 0.06
2 Skyline Drive ......................... 1987 30,000 98.9 479 435 0.10
7 Skyline Drive ......................... 1987 109,000 100.0 2,196 2,193 0.45
17 Skyline Drive ........................ 1989 85,000 100.0 1,233 1,233 0.25
Tarrytown
200 White Plains Road ................... 1982 89,000 88.1 1,734 1,581 0.36
220 White Plains Road ................... 1984 89,000 95.4 2,117 2,020 0.44
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
NASSAU COUNTY, NEW YORK
North Hempstead
600 Community Drive ..................... 23.31 23.31 CMP Media, Inc. (100%)
111 East Shore Road ..................... 27.31 27.24 Administrators For The Professions, Inc. (100%)
ROCKLAND COUNTY, NEW YORK
Suffern
400 Rella Boulevard ..................... 20.21 19.28 The Prudential Insurance Co. (21%), Provident Savings Bank
F.A. (20%), Allstate Insurance Company (19%)
WESTCHESTER COUNTY, NEW YORK
Elmsford
100 Clearbrook Road (6) ................. 17.05 15.79 MIM Corporation (18%), Amerihealth Inc. (13%)
101 Executive Boulevard ................. 20.20 19.47 Pennysaver Group Inc. (23%), MCS Business Solutions Inc.
(11%)
555 Taxter Road (7) ..................... 23.58 23.58 Fuji Photo Film USA Inc. (64%), Royal Indemnity Company
(12%)
565 Taxter Road (7) ..................... 22.74 22.68 Nextel of New York Inc. (29%), KLM Royal Dutch Airlines
(10%), Nationwide Mutual Insurance (10%)
570 Taxter Road ......................... 20.12 19.32 New York State United Teachers Association (11%),
Wilder Balter Partners LLC (11%)
Hawthorne
30 Saw Mill River Road .................. 20.99 17.31 IBM Corporation (100%)
1 Skyline Drive ......................... 14.85 14.31 Boxx International Corp. (50%), Childtime Childcare Inc.
(49%)
2 Skyline Drive ......................... 16.14 14.66 MW Samara (56%), Perini Construction (43%)
7 Skyline Drive ......................... 20.15 20.12 E.M. Industries Inc. (42%), Cortlandt Group Inc. (14%)
17 Skyline Drive ........................ 14.51 14.51 IBM Corporation (100%)
Tarrytown
200 White Plains Road ................... 22.11 20.16 Allmerica Financial (17%), Independent Health Associates
Inc., (17%), NYS Dept. of Environmental Services (13%)
220 White Plains Road ................... 24.93 23.79 Eagle Family Foods Inc. (17%), ATM Services Inc. (10%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
55
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
White Plains
1 Barker Avenue ......................... 1975 68,000 99.0 1,605 1,568 0.33
3 Barker Avenue ......................... 1983 65,300 93.3 1,251 1,217 0.26
50 Main Street .......................... 1985 309,000 99.6 7,641 7,216 1.58
11 Martine Avenue ....................... 1987 180,000 100.0 4,529 4,192 0.93
1 Water Street .......................... 1979 45,700 99.8 1,048 1,014 0.22
Yonkers
1 Executive Boulevard ................... 1982 112,000 100.0 2,380 2,252 0.49
3 Executive Plaza ....................... 1987 58,000 100.0 1,418 1,371 0.29
- ------------------------------------------------------------------------------------------------------------------------------------
Total New York Office ................... 2,595,484 97.5 52,991 50,367 10.92
- ------------------------------------------------------------------------------------------------------------------------------------
CHESTER COUNTY, PENNSYLVANIA
Berwyn
1000 Westlakes Drive .................... 1989 60,696 93.6 1,485 1,476 0.31
1055 Westlakes Drive .................... 1990 118,487 42.9 2,305 2,305 0.48
1205 Westlakes Drive .................... 1988 130,265 99.8 2,875 2,836 0.59
1235 Westlakes Drive .................... 1986 134,902 100.0 3,229 3,130 0.67
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
White Plains
1 Barker Avenue ......................... 23.84 23.29 O'Connor McGuinn Conte (19%), United Skys Realty Corp.
(18%)
3 Barker Avenue ......................... 20.53 19.98 Bernard C. Harris Publishing Co. Inc. (56%), TNS Intersearch
Corporation (10%)
50 Main Street .......................... 24.83 23.45 TMP Worldwide Inc. (15%), National Economic Research
(10%)
11 Martine Avenue ....................... 25.16 23.29 Salomon Smith Barney Inc. (12%), McCarthy Fingar Donovan
Et Al (11%), David Worby (11%), Dean Witter Reynolds Inc.
(11%)
1 Water Street .......................... 22.98 22.23 Trigen Energy Company (48%), Stewart Title Insurance Co.
(16%)
Yonkers
1 Executive Boulevard ................... 21.25 20.11 Wise Contact US Optical Corp. (12%), AVR Realty Company
(11%), Protective Tech International (11%), York
International Agency Inc. (11%)
3 Executive Plaza ....................... 24.45 23.64 Montefiore Medical Center (45%), Metropolitan Life Insurance
(21%), Allstate Insurance Company (20%),
City & Suburban Federal Savings Bank (14%)
- ------------------------------------------------------------------------------------------------------------------------------------
Total New York Office ................... 22.08 21.05
- ------------------------------------------------------------------------------------------------------------------------------------
CHESTER COUNTY, PENNSYLVANIA
Berwyn
1000 Westlakes Drive .................... 26.14 25.98 Drinker Biddle & Reath (42%), PNC Bank, NA (38%)
1055 Westlakes Drive .................... 45.35 45.35 Regus Business Centre Corp. (34%)
1205 Westlakes Drive .................... 22.11 21.81 Provident Mutual Life Insurance Co. (35%), Oracle
Corporation (30%), International Rehab Assoc. (10%)
1235 Westlakes Drive .................... 23.94 23.20 Pepper Hamilton & Scheetz L.L.P. (22%), Ratner & Prestia
(16%), Turner Investment Partners (10%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
56
Consolidated Property Listings
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
DELAWARE COUNTY, PENNSYLVANIA
Lester
100 Stevens Drive .............. 1986 95,000 100.0 1,703 1,593 0.35
200 Stevens Drive .............. 1987 208,000 100.0 4,227 4,011 0.87
300 Stevens Drive .............. 1992 68,000 92.3 1,414 1,359 0.29
Media
1400 Providence Road - Center I 1986 100,000 86.4 1,797 1,713 0.37
1400 Providence Road - Center II 1990 160,000 80.3 2,923 2,752 0.60
MONTGOMERY COUNTY, PENNSYLVANIA
Lower Providence
1000 Madison Avenue ............ 1990 100,700 100.0 1,803 1,769 0.37
Plymouth Meeting
1150 Plymouth Meeting Mall ..... 1970 167,748 91.8 2,766 2,718 0.57
Five Sentry Parkway East ....... 1984 91,600 100.0 1,499 1,494 0.31
Five Sentry Parkway West ....... 1984 38,400 100.0 689 688 0.14
- ------------------------------------------------------------------------------------------------------------------------------------
Total Pennsylvania Office ...... 1,473,798 90.8 28,715 27,844 5.92
- ------------------------------------------------------------------------------------------------------------------------------------
FAIRFIELD COUNTY, CONNECTICUT
Greenwich
500 West Putnam Avenue ......... 1973 121,250 97.5 2,941 2,845 0.61
Norwalk
40 Richards Avenue ............. 1985 145,487 96.8 3,077 2,927 0.63
Shelton
1000 Bridgeport Avenue ......... 1986 133,000 100.0 2,266 2,221 0.47
- ------------------------------------------------------------------------------------------------------------------------------------
Total Connecticut Office ....... 399,737 98.1 8,284 7,993 1.71
- ------------------------------------------------------------------------------------------------------------------------------------
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
DELAWARE COUNTY, PENNSYLVANIA
Lester
100 Stevens Drive .............. 17.93 16.77 Keystone Mercy Health Plan (100%)
200 Stevens Drive .............. 20.32 19.28 Keystone Mercy Health Plan (100%)
300 Stevens Drive .............. 22.53 21.65 Bluestone Software Inc. (39%), Keystone Mercy Health Plan
(33%)
Media
1400 Providence Road - Center I 20.80 19.83 General Services Admin. (13%), Erie Insurance Company (11%)
1400 Providence Road - Center II 22.75 21.42 Barnett International (36%)
MONTGOMERY COUNTY, PENNSYLVANIA
Lower Providence
1000 Madison Avenue ............ 17.90 17.57 Reality Online Inc. (42%), Banc One National Processing
(21%), Danka Corporation (14%), Seton Company (12%)
Plymouth Meeting
1150 Plymouth Meeting Mall ..... 17.96 17.65 Computer Learning Centers, Inc. (18%), Ken-Crest Services
(18%), Ikea US General Partners Inc. (14%), ECC Management
Services (13%)
Five Sentry Parkway East ....... 16.36 16.31 Merck & Co. Inc. (77%), Selas Fluid Processing Corp. (23%)
Five Sentry Parkway West ....... 17.94 17.92 Merck & Co. Inc. (70%), David Cutler Group (30%)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Pennsylvania Office ...... 21.46 20.81
- -----------------------------------------------------------------------------------------------------------------------------------
FAIRFIELD COUNTY, CONNECTICUT
Greenwich
500 West Putnam Avenue ......... 24.88 24.07 Hachette Filipacchi Magazines (27%), McMahan Securities Co.
LP (15%) Winklevoss Consultants Inc. (12%)
Norwalk
40 Richards Avenue ............. 21.85 20.78 South Beach Beverage Co., LLC (14%), Media Horizons Inc.
(11%), Programmed Solutions Inc. (10%)
Shelton
1000 Bridgeport Avenue ......... 17.04 16.70 William Carter Company (23%), Weseley Software
Development (22%), Toyota Motor Credit Corporation (11%),
LandStar Gemini Inc. (11%)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Connecticut Office ....... 21.13 20.39
- -----------------------------------------------------------------------------------------------------------------------------------
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
57
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON, D.C
1201 Connecticut Avenue, NW .... 1940 169,549 100.0 5,129 5,100 1.06
1400 L Street, NW .............. 1987 159,000 100.0 5,990 5,896 1.24
1709 New York Avenue, NW ....... 1972 166,000 100.0 7,227 7,076 1.49
- ------------------------------------------------------------------------------------------------------------------------------------
Total District of Columbia Office 494,549 100.0 18,346 18,072 3.79
- ------------------------------------------------------------------------------------------------------------------------------------
PRINCE GEORGE'S COUNTY, MARYLAND
Lanham
4200 Parliament Place .......... 1989 122,000 92.9 2,543 2,442 0.52
- ------------------------------------------------------------------------------------------------------------------------------------
Total Maryland Office .......... 122,000 92.9 2,543 2,442 0.52
- ------------------------------------------------------------------------------------------------------------------------------------
BEXAR COUNTY, TEXAS
San Antonio
200 Concord Plaza Drive ........ 1986 248,700 97.4 4,371 4,324 0.90
84 N.E. Loop 410 ............... 1971 187,312 89.9 2,545 2,528 0.53
1777 N.E. Loop 410 ............. 1986 256,137 83.0 3,718 3,631 0.76
111 Soledad .................... 1918 248,153 93.0 2,621 2,532 0.54
COLLIN COUNTY, TEXAS
Plano
555 Republic Place ............. 1986 97,889 85.0 1,421 1,346 0.29
DALLAS COUNTY,TEXAS
Dallas
3030 LBJ Freeway (6) ........... 1984 367,018 96.8 6,543 6,278 1.35
3100 Monticello ................ 1984 173,837 94.6 2,752 2,682 0.57
8214 Westchester ............... 1983 95,509 81.4 1,242 1,192 0.26
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON, D.C ................
1201 Connecticut Avenue, NW .... 30.25 30.08 Zuckerman Spaeder Goldstein (29%), Leo A. Daly Company
(17%), RFE/RL Inc. (16%)
1400 L Street, NW .............. 37.67 37.08 Winston & Strawn (68%)
1709 New York Avenue, NW ....... 43.54 42.63 Board of Gov/Federal Reserve (70%), United States of
America -GSA (25%)
- ------------------------------------------------------------------------------------------------------------------------------------
Total District of Columbia Office 37.10 36.54
- ------------------------------------------------------------------------------------------------------------------------------------
PRINCE GEORGE'S COUNTY, MARYLAND
Lanham
4200 Parliament Place .......... 22.44 21.55 Group I Software Inc. (45%), Infinity Broadcasting Company
(16%), State Farm Mutual Auto Ins. Co. (11%)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Maryland Office .......... 22.44 21.55
- ------------------------------------------------------------------------------------------------------------------------------------
BEXAR COUNTY, TEXAS
San Antonio
200 Concord Plaza Drive ........ 18.04 17.85 Merrill Lynch Pierce Fenner & Smith (12%)
84 N.E. Loop 410 ............... 15.11 15.01 Pacificare of Texas, Inc. (30%), KBL Cable, Inc. (26%),
Kraft General Foods Inc. (25%)
1777 N.E. Loop 410 ............. 17.49 17.08 --
111 Soledad .................... 11.36 10.97 SBC Communications, Inc. (38%)
COLLIN COUNTY, TEXAS
Plano
555 Republic Place ............. 17.08 16.18 William F. Smith Enterprises (22%), Target Corporation (14%)
DALLAS COUNTY,TEXAS
Dallas
3030 LBJ Freeway (6) ........... 18.42 17.67 Club Corporation of America (39%)
3100 Monticello ................ 16.73 16.31 Insignia Commercial, Inc. (23%), Time Marketing Corporation/
Evans Group (12%), Heath Insurance Brokers, Inc. (11%),
Tarragon Realty Adv. Inc. (11%), Summit Global Partners
Texas (10%)
8214 Westchester ............... 15.98 15.33 Preston Business Center, Inc. (16%), Malone Mortgage
Company America, Inc. (14%), State Bank & Trust Co. (11%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
58
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Irving
2300 Valley View ............... 1985 142,634 97.4 1,903 1,786 0.39
Richardson
1122 Alma Road ................. 1977 82,576 100.0 607 607 0.13
HARRIS COUNTY, TEXAS
Houston
14511 Falling Creek ............ 1982 70,999 98.8 924 886 0.19
5225 Katy Freeway .............. 1983 112,213 97.1 1,468 1,338 0.30
5300 Memorial .................. 1982 155,099 98.8 2,298 2,257 0.47
1717 St. James Place ........... 1975 109,574 93.2 1,348 1,298 0.28
1770 St. James Place ........... 1973 103,689 84.2 1,263 1,205 0.26
10497 Town & Country Way ....... 1981 148,434 78.4 1,766 1,666 0.36
POTTER COUNTY, TEXAS
Amarillo
6900 IH - 40 West (8) .......... 1986 -- -- 190 190 0.04
TARRANT COUNTY, TEXAS
Euless
150 West Parkway ............... 1984 74,429 91.0 1,062 1,030 0.22
TRAVIS COUNTY, TEXAS
Austin
1250 Capital of Texas Hwy. South (8) 1985 -- -- 4,164 4,106 0.86
- ------------------------------------------------------------------------------------------------------------------------------------
Total Texas Office ............. 2,674,202 92.1 42,206 40,882 8.70
- ------------------------------------------------------------------------------------------------------------------------------------
MARICOPA COUNTY, ARIZONA
Glendale
5551 West Talavi Boulevard ..... 1991 181,596 100.0 1,730 1,722 0.36
Phoenix
19640 North 31st Street ........ 1990 124,171 100.0 1,506 1,453 0.31
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
Irving
2300 Valley View ............... 13.70 12.86 Alltel Information Services, Inc. (18%), Computer Task
Group, Inc. (12%), Tricon Restaurant Services (12%), US
Personnel Inc. (12%)
Richardson
1122 Alma Road ................. 7.35 7.35 MCI Telecommunications Corp. (100%)
HARRIS COUNTY, TEXAS
Houston
14511 Falling Creek ............ 13.17 12.63 Nationwide Mutual Insurance Company (17%)
5225 Katy Freeway .............. 13.47 12.28 State of Texas (17%)
5300 Memorial .................. 15.00 14.73 Drypers Corporation (20%), Datavox, Inc. (20%), HCI
Chemicals USA, Inc. (19%)
1717 St. James Place ........... 13.20 12.71 MCX Corp (14%)
1770 St. James Place ........... 14.47 13.80 Neosoft Inc. (10%), Houston Interweb Design Inc. (10%)
10497 Town & Country Way ....... 15.18 14.32 Vastar Resources, Inc. (23%)
POTTER COUNTY, TEXAS
Amarillo
6900 IH - 40 West (8) .......... -- -- --
TARRANT COUNTY, TEXAS
Euless
150 West Parkway ............... 15.68 15.21 Warrantech Automotive, Inc. (40%), Mike Bowman Realtors/
Century 21 Inc. (17%), Landmark Bank-Mid Cities (16%)
TRAVIS COUNTY, TEXAS
Austin
1250 Capital of Texas Hwy. South (8) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total Texas Office ............. 17.14 16.60
- -----------------------------------------------------------------------------------------------------------------------------------
MARICOPA COUNTY, ARIZONA
Glendale
5551 West Talavi Boulevard ..... 9.53 9.48 Honeywell, Inc. (100%)
Phoenix
19640 North 31st Street ........ 12.13 11.70 American Express Travel Related Services Co., Inc. (100%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
59
Consolidated Property Listing
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Scottsdale
9060 E. Via Linda Boulevard .... 1984 111,200 100.0 2,404 2,404 0.50
- ------------------------------------------------------------------------------------------------------------------------------------
Total Arizona Office ........... 416,967 100.0 5,640 5,579 1.17
- ------------------------------------------------------------------------------------------------------------------------------------
ARAPAHOE COUNTY, COLORADO
Aurora
750 South Richfield Street ..... 1997 108,240 100.0 2,911 2,911 0.60
Denver
400 South Colorado Boulevard ... 1983 125,415 97.8 2,182 2,108 0.45
Englewood
9359 East Nichols Avenue ....... 1997 72,610 100.0 903 903 0.19
5350 South Roslyn Street ....... 1982 63,754 100.0 1,054 1,033 0.22
BOULDER COUNTY, COLORADO
Broomfield
105 South Technology Court ..... 1997 37,574 100.0 541 541 0.11
303 South Technology Court-A ... 1997 34,454 100.0 396 396 0.08
303 South Technology Court-B ... 1997 40,416 100.0 464 464 0.10
Louisville
248 Centennial Parkway ......... 1996 39,266 100.0 508 507 0.10
1172 Century Drive ............. 1996 49,566 100.0 641 639 0.13
285 Century Place .............. 1997 69,145 100.0 1,087 1,087 0.22
DENVER COUNTY, COLORADO
Denver
3600 South Yosemite ............ 1974 133,743 100.0 1,287 1,287 0.27
DOUGLAS COUNTY, COLORADO
Englewood
400 Inverness Drive ............ 1997 111,608 99.9 2,777 2,759 0.57
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
Scottsdale
9060 E. Via Linda Boulevard .... 21.62 21.62 Sentry Insurance (63%), PCS Health Systems Inc. (37%)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Arizona Office ........... 13.53 13.38
- ------------------------------------------------------------------------------------------------------------------------------------
ARAPAHOE COUNTY, COLORADO
Aurora
750 South Richfield Street ..... 26.89 26.89 T.R.W. Inc. (100%)
Denver
400 South Colorado Boulevard ... 17.79 17.19 Community Health Plan (32%), State of Colorado (12%),
Wells Fargo Bank West NA (11%), Senter Goldfarb & Rice LLC
(11%)
Englewood
9359 East Nichols Avenue ....... 12.44 12.44 First Tennessee Bank NA (100%)
5350 South Roslyn Street ....... 16.53 16.20 Alliance Metro Real Estate (19%), Business Word Inc. (17%)
BOULDER COUNTY, COLORADO
Broomfield
105 South Technology Court ..... 14.40 14.40 Sun Microsystems Inc. (100%)
303 South Technology Court-A ... 11.49 11.49 Sun Microsystems Inc. (100%)
303 South Technology Court-B ... 11.48 11.48 Sun Microsystems Inc. (100%)
Louisville
248 Centennial Parkway ......... 12.94 12.91 Walnut Brewery Inc. (59%), Aircell Inc. (28%)
1172 Century Drive ............. 12.93 12.89 Skyconnect Inc. (40%), Evolving Systems Inc. (22%),
MCI Systemhouse Corp. (22%), RX Kinetix Inc. (16%)
285 Century Place .............. 15.72 15.72 HBO & Company of Georgia (100%)
DENVER COUNTY, COLORADO
Denver
3600 South Yosemite ............ 9.62 9.62 MDC Holding Inc. (100%)
DOUGLAS COUNTY, COLORADO
Englewood
400 Inverness Drive ............ 24.91 24.75 Convergent Communications Inc. (26%), Ciber Inc. (22%),
Compuware Corp. (19%), Ani Colorado Inc./Alliance Int'l
(16%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
60
Consolidated Property Listings
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
67 Inverness Drive East ........ 1996 54,280 100.0 680 677 0.14
384 Inverness Drive South ...... 1985 51,523 100.0 833 809 0.17
5975 South Quebec Street ....... 1996 102,877 99.8 2,373 2,336 0.49
Parker
9777 Pyramid Court ............. 1995 120,281 100.0 1,323 1,323 0.27
EL PASO COUNTY, COLORADO
Colorado Springs
8415 Explorer .................. 1998 47,368 100.0 611 605 0.13
1975 Research Parkway .......... 1997 115,250 100.0 1,683 1,604 0.35
2375 Telstar Drive ............. 1998 47,369 100.0 612 605 0.13
JEFFERSON COUNTY, COLORADO
Lakewood
141 Union Boulevard ............ 1985 63,600 98.9 1,111 1,047 0.23
- ------------------------------------------------------------------------------------------------------------------------------------
Total Colorado Office .......... 1,488,339 99.7 23,977 23,641 4.95
- ------------------------------------------------------------------------------------------------------------------------------------
SAN FRANCISCO COUNTY, CALIFORNIA
San Francisco
795 Folsom Street .............. 1977 183,445 100.0 6,170 5,426 1.27
760 Market Street .............. 1908 267,446 98.0 8,140 7,965 1.68
- ------------------------------------------------------------------------------------------------------------------------------------
Total California Office ........ 450,891 98.8 14,310 13,391 2.95
- ------------------------------------------------------------------------------------------------------------------------------------
HILLSBOROUGH COUNTY, FLORIDA
Tampa
501 Kennedy Boulevard .......... 1982 297,429 90.8 3,657 3,419 0.75
- ------------------------------------------------------------------------------------------------------------------------------------
Total Florida Office ........... 297,429 90.8 3,657 3,419 0.75
- ------------------------------------------------------------------------------------------------------------------------------------
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
67 Inverness Drive East ........ 12.53 12.47 T-Netix Inc. (69%), Convergent Communications Inc. (31%)
384 Inverness Drive South ...... 16.17 15.70 Quickpen International Corp. (37%), United States of
America - GSA (19%), Worth Group Architects (10%)
5975 South Quebec Street ....... 23.11 22.75 Northern Telecom Inc. (43%), Silicon Graphics Inc. (28%),
Qwest Communications Corp. (15%)
Parker
9777 Pyramid Court ............. 11.00 11.00 Evolving System Inc. (100%)
EL PASO COUNTY, COLORADO
Colorado Springs
8415 Explorer .................. 12.90 12.77 Enterprise Systems Group Inc. (52%), URS Greiner Consultants
Inc. (39%)
1975 Research Parkway .......... 14.60 13.92 Bombardier Capital Florida Inc. (52%), Concert Management
Services (18%), General Dynamics Govt Systems (17%)
2375 Telstar Drive ............. 12.92 12.77 Narwhal Corporation (45%), Memorial Hospital (39%), Aerotek
Inc. (14%)
JEFFERSON COUNTY, COLORADO
Lakewood
141 Union Boulevard ............ 17.66 16.65 Arbitration Forums Inc. (18%), Frontier Real Estate - BH&G
(15%)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Colorado Office .......... 16.15 15.92
- -----------------------------------------------------------------------------------------------------------------------------------
SAN FRANCISCO COUNTY, CALIFORNIA
San Francisco
795 Folsom Street .............. 33.63 29.58 Move.com Operations Inc. (51%), AT&T Corp. (34%), Regus
Business Centre Corp. (15%)
760 Market Street .............. 31.06 30.39 R.H. Macy & Company, Inc. (19%)
- -----------------------------------------------------------------------------------------------------------------------------------
Total California Office ........ 32.12 30.06
- -----------------------------------------------------------------------------------------------------------------------------------
HILLSBOROUGH COUNTY, FLORIDA
Tampa
501 Kennedy Boulevard .......... 13.54 12.66 Fowler, White, Gillen, Boggs, Villareal & Banker, PA (33%),
Sykes Enterprises Inc. (22%)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Florida Office ........... 13.54 12.66
- -----------------------------------------------------------------------------------------------------------------------------------
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
61
Consolidated Property Listings
Office Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
POLK COUNTY, IOWA
West Des Moines
2600 Westown Parkway ........... 1988 72,265 100.0 1,101 1,014 0.23
- ------------------------------------------------------------------------------------------------------------------------------------
Total Iowa Office .............. 72,265 100.0 1,101 1,014 0.23
- ------------------------------------------------------------------------------------------------------------------------------------
DOUGLAS COUNTY, NEBRASKA
Omaha
210 South 16th Street (8) ...... 1894 -- -- 2,876 2,875 0.59
- ------------------------------------------------------------------------------------------------------------------------------------
Total Nebraska Office .......... -- -- 2,876 2,875 0.59
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE PROPERTIES ........ 21,916,470 96.8 434,190 418,441 89.59
====================================================================================================================================
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
POLK COUNTY, IOWA
West Des Moines
2600 Westown Parkway ........... 15.24 14.03 Magellan Behavorial Health (28%), New England Mutual Life
Insurance Company (15%), American Express Financial
Advisors, Inc. (15%), MCI Worldcom Communications (14%)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Iowa Office .............. 15.24 14.03
- -----------------------------------------------------------------------------------------------------------------------------------
DOUGLAS COUNTY, NEBRASKA
Omaha
210 South 16th Street (8) ...... -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total Nebraska Office .......... -- --
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE PROPERTIES ........ 20.87 20.12
===================================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
62
Consolidated Property Listing
Office/Flex Properties
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
BURLINGTON COUNTY, NEW JERSEY
Burlington
3 Terri Lane ................... 1991 64,500 68.8 355 343 0.07
5 Terri Lane ................... 1992 74,555 88.6 394 385 0.08
Moorestown
2 Commerce Drive ............... 1986 49,000 100.0 363 363 0.07
101 Commerce Drive ............. 1988 64,700 100.0 336 296 0.07
102 Commerce Drive ............. 1987 38,400 87.5 185 184 0.04
201 Commerce Drive ............. 1986 38,400 100.0 196 191 0.04
202 Commerce Drive ............. 1988 51,200 100.0 268 268 0.06
1 Executive Drive .............. 1989 20,570 100.0 172 143 0.04
2 Executive Drive (7) .......... 1988 60,800 100.0 352 343 0.07
101 Executive Drive ............ 1990 29,355 80.0 140 119 0.03
102 Executive Drive ............ 1990 64,000 90.0 351 308 0.07
225 Executive Drive ............ 1990 50,600 86.2 333 312 0.07
97 Foster Road ................. 1982 43,200 100.0 186 186 0.04
1507 Lancer Drive .............. 1995 32,700 100.0 139 130 0.03
1510 Lancer Drive .............. 1998 88,000 100.0 370 370 0.08
1256 North Church Street ....... 1984 63,495 49.9 194 165 0.04
840 North Lenola Road .......... 1995 38,300 100.0 266 265 0.05
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
BURLINGTON COUNTY, NEW JERSEY
Burlington
3 Terri Lane ................... 8.00 7.73 Tempel Steel Company (18%), ATC Group Services Inc. (10%),
General Service Administrators (10%)
5 Terri Lane ................... 5.96 5.83 United Rentals Inc. (22%), Lykes Dispensing Systems Inc.
(20%), West Electronics Inc. (12%)
Moorestown
2 Commerce Drive ............... 7.41 7.41 Computer Sciences Corporation (100%)
101 Commerce Drive ............. 5.19 4.57 Beckett Corporation (100%)
102 Commerce Drive ............. 5.51 5.48 Nelson Associates (25%), American Banknote Card Svcs.
(13%), D&A Eastern Fasteners Inc. (13%), Moorestown
Weightlifting Club (13%), Opex Corp. (13%), RGP
Impressions Inc. (13%)
201 Commerce Drive ............. 5.10 4.97 Flow Thru Metals Inc. (25%), Franchise Stores Realty Corp.
(25%), RE/Com Group (25%), Tropicana Products Inc. (25%)
202 Commerce Drive ............. 5.23 5.23 Standard Register Co. (100%)
1 Executive Drive .............. 8.36 6.95 Bechtel Infrastructure Corp. (48%), T.T.I. (18%)
2 Executive Drive (7) .......... 7.47 7.28 CSI Computer Specialists Inc. (32%), Total Product Supply
Inc. (18%), On-Campus Marketing Concepts (16%),
Nia Zia D/B/A Alpha Academy (10%)
101 Executive Drive ............ 5.96 5.07 Bayada Nurses Inc. (36%), Foundations Inc. (15%), ABC
Financial (10%), Bechtel Infrastructure Corp. (10%)
102 Executive Drive ............ 6.09 5.35 Comtrex Systems Corp. (29%), Kencom Communications &
Svcs. (21%), PDLJB Corporation (20%), Schermerhorn Bros.
Co. (20%)
225 Executive Drive ............ 7.63 7.15 Eastern Research Inc. (77%)
97 Foster Road ................. 4.31 4.31 Consumer Response Company Inc. (50%), Pioneer and
Company Inc. (33%), Colornet Inc. (17%)
1507 Lancer Drive .............. 4.25 3.98 Tad's Delivery Service Inc. (100%)
1510 Lancer Drive .............. 4.20 4.20 Tad's Delivery Service Inc. (100%)
1256 North Church Street ....... 6.12 5.21 James C. Anderson Associates (30%), Ketec Inc. (20%)
840 North Lenola Road .......... 6.95 6.92 Millar Elevator Service Co. (31%), Omega Storage Inc. (31%)
Technology Service Solutions (25%), Computer Integration
Services (13%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
63
Consolidated Property Listing
Office/Flex Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
844 North Lenola Road .......... 1995 28,670 100.0 213 213 0.04
915 North Lenola Road (7) ...... 1998 52,488 100.0 131 131 0.03
30 Twosome Drive ............... 1997 39,675 100.0 224 224 0.05
40 Twosome Drive ............... 1996 40,265 93.4 165 165 0.03
50 Twosome Drive ............... 1997 34,075 100.0 262 262 0.05
West Deptford
1451 Metropolitan Drive ........ 1996 21,600 100.0 148 148 0.03
MERCER COUNTY, NEW JERSEY
Hamilton Township
100 Horizon Drive .............. 1989 13,275 100.0 46 43 0.01
200 Horizon Drive .............. 1991 45,770 100.0 454 439 0.09
300 Horizon Drive .............. 1989 69,780 100.0 703 690 0.15
500 Horizon Drive .............. 1990 41,205 57.8 259 231 0.05
MONMOUTH COUNTY, NEW JERSEY
Wall Township
1325 Campus Parkway ............ 1988 35,000 100.0 370 354 0.08
1340 Campus Parkway ............ 1992 72,502 100.0 813 709 0.17
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
844 North Lenola Road .......... 7.43 7.43 Lockheed Martin Corp. (41%), Curbell Inc. (33%), James J.
Martin Inc. (25%)
915 North Lenola Road (7) ...... 5.33 5.33 Premier Percussion USA Inc. (37%), Don-Mar of Connecticut,
LLC (23%), Riley Sales Inc. (18%), United States Postal
Service (13%)
30 Twosome Drive ............... 5.65 5.65 Hartman Cards Inc. (28%), Sagot Office Interiors Inc. (24%),
Aramark Sports Entertainment (14%), The Closet Factory
(12%), C&L Packaging Inc. (12%), Mosler Inc. (10%)
40 Twosome Drive ............... 4.39 4.39 Neighborcare - TCI Inc. (49%), Marconi Communications Inc.
(30%), Bellstar Inc. (14%)
50 Twosome Drive ............... 7.69 7.69 Wells Fargo Alarm Services (44%), Sussex Wine Merchants
(42%), McCarthy Associates Inc. (14%)
West Deptford
1451 Metropolitan Drive ........ 6.85 6.85 Garlock Bearings Inc. (100%)
MERCER COUNTY, NEW JERSEY
Hamilton Township
100 Horizon Drive .............. 3.47 3.24 PSEG Energy Technologies Inc. (100%)
200 Horizon Drive .............. 9.92 9.59 O.H.M. Remediation Services Corp. (100%)
300 Horizon Drive .............. 10.07 9.89 State of New Jersey/DEP (50%), Lucent Technologies Inc.
(26%), Ward North America (14%), Stephen Gould of
Pennsylvania (10%)
500 Horizon Drive .............. 10.87 9.70 Lakeview Child Center Inc. (19%), New Jersey Builders
Assoc. (14%), Diedre Moire Corp. (11%)
MONMOUTH COUNTY, NEW JERSEY
Wall Township
1325 Campus Parkway ............ 10.57 10.11 Cisco Systems Inc. (100%)
1340 Campus Parkway ............ 11.21 9.78 Groundwater & Environmental Services Inc. (33%), GEAC
Computers Inc. (22%), State Farm Mutual Insurance (17%),
Association For Retarded Citizens (11%), Digital Lightwave,
Inc. (11%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
64
Consolidated Property Listing
Office/Flex Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
1345 Campus Parkway ...... 1995 76,300 00.0 710 706 0.15
1433 Highway 34 .......... 1985 69,020 00.0 557 479 0.11
1320 Wyckoff Avenue ...... 1986 20,336 00.0 132 125 0.03
1324 Wyckoff Avenue ...... 1987 21,168 00.0 183 147 0.04
PASSAIC COUNTY, NEW JERSEY
Totowa
1 Center Court ........... 1999 38,961 84.0 136 111 0.03
2 Center Court ........... 1998 30,600 99.3 348 237 0.07
11 Commerce Way .......... 1989 47,025 00.0 513 447 0.11
20 Commerce Way .......... 1992 42,540 00.0 446 442 0.09
29 Commerce Way .......... 1990 48,930 00.0 504 450 0.10
40 Commerce Way .......... 1987 50,576 85.7 534 439 0.11
45 Commerce Way .......... 1992 51,207 00.0 496 452 0.10
60 Commerce Way .......... 1988 50,333 00.0 457 387 0.09
80 Commerce Way .......... 1996 22,500 00.0 282 176 0.06
100 Commerce Way ......... 1996 24,600 00.0 308 192 0.06
120 Commerce Way ......... 1994 9,024 00.0 86 81 0.02
140 Commerce Way ......... 1994 26,881 99.5 256 245 0.05
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- -----------------------------------------------------------------------------------------------------------------------------------
1345 Campus Parkway ...... 9.31 9.25 Depot America, Inc. (37%), Quadramed Corp. (23%), De Vine
Corp. (10%)
1433 Highway 34 .......... 8.07 6.94 State Farm Mutual Insurance Co. (48%), CACI Technologies
Inc. (18%), Depot America (12%), New Jersey
Natural Gas Co (11%)
1320 Wyckoff Avenue ...... 6.49 6.15 The County of Monmouth (100%)
1324 Wyckoff Avenue ...... 8.65 6.94 Blackhawk Management Corp. (53%), Systems Fulfillment
(25%), Supply Saver, Inc. (22%)
PASSAIC COUNTY, NEW JERSEY
Totowa
1 Center Court ........... 4.16 3.39 Rock-Tenn Converting Company (46%), Eizo Nanao
Technologies Inc. (38%)
2 Center Court ........... 11.45 7.80 Nomadic Display (36%), Electro Rent Corp. (33%), Alpine
Electronics of America (30%)
11 Commerce Way .......... 10.91 9.51 Coram Alternative Site Services (56%), D.A. Kopp &
Associates Inc. (22%), Olsten Health Services (11%),
Ericsson Inc. (11%)
20 Commerce Way .......... 10.48 10.39 Emersub LXXXVII Inc. (41%), Lodan Totowa Inc. F/K/A
Emersub (21%), Dish Network Service Corp. (14%)
29 Commerce Way .......... 10.30 9.20 Sandvik Sorting Systems, Inc. (44%), Patterson Dental
Supply Inc. (23%), Fujitec America Inc. (22%), Williams
Communications LLC (11%)
40 Commerce Way .......... 12.32 10.13 Thomson Electron Tubes (43%), Intertek Testing Services Inc.
(29%), System 3R USA Inc. (14%)
45 Commerce Way .......... 9.69 8.83 Ericsson Inc. (52%), Woodward Clyde
Consultants (27%), Oakwood Corporate Housing (21%)
60 Commerce Way .......... 9.08 7.69 Ericsson Inc. (29%), Jen Mar Graphics Inc. (27%), Dolan &
Traynor Building Prod (16%), Prestige Telecom Ltd. (14%),
HW Exhibits (14%)
80 Commerce Way .......... 12.53 7.82 Learning Stop LLC (40%), Idexx Veterinary Services (37%),
Inter-American Safety Council (12%)
100 Commerce Way ......... 12.52 7.80 Pharmerica Inc. (34%), Minolta Business Systems Inc. (34%),
CCH Incorporated (32%)
120 Commerce Way ......... 9.53 8.98 Senior Care Centers of America (100%)
140 Commerce Way ......... 9.57 9.16 Universal Hospital Services (29%), Advanced Image Systems
Inc. (20%), MSR Publications Inc. (19%), Holder Group Inc.
(11%), Alpha Testing (10%), Showa Tool USA, Inc. (10%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
65
Consolidated Property Listing
Office/Flex Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Total New Jersey Office/Flex 1,996,081 94.1 14,336 13,096 2.95
- ------------------------------------------------------------------------------------------------------------------------------------
WESTCHESTER COUNTY, NEW YORK
Elmsford
11 Clearbrook Road..................... 1974 31,800 100.0 316 310 0.07
75 Clearbrook Road..................... 1990 32,720 100.0 816 816 0.17
150 Clearbrook Road.................... 1975 74,900 93.8 1,029 998 0.21
175 Clearbrook Road.................... 1973 98,900 98.5 1,450 1,405 0.30
200 Clearbrook Road.................... 1974 94,000 99.8 1,208 1,139 0.25
250 Clearbrook Road.................... 1973 155,000 94.5 1,331 1,256 0.27
50 Executive Boulevard................. 1969 45,200 97.2 382 373 0.08
77 Executive Boulevard................. 1977 13,000 55.4 130 128 0.03
85 Executive Boulevard................. 1968 31,000 99.4 396 388 0.08
300 Executive Boulevard................ 1970 60,000 99.7 597 577 0.12
350 Executive Boulevard................ 1970 15,400 98.8 252 252 0.05
399 Executive Boulevard................ 1962 80,000 100.0 968 931 0.20
400 Executive Boulevard................ 1970 42,200 100.0 645 583 0.13
500 Executive Boulevard................ 1970 41,600 100.0 614 587 0.13
525 Executive Boulevard................ 1972 61,700 100.0 888 864 0.18
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- ------------------------------------------------------------------------------------------------------------------------------------
Total New Jersey Office/Flex 7.77 7.11
- ------------------------------------------------------------------------------------------------------------------------------------
WESTCHESTER COUNTY, NEW YORK
Elmsford
11 Clearbrook Road................... 9.94 9.75 Creative Medical Supplies (28%), Eastern Jungle Gym Inc.
(27%), MCS Marketing Group Inc. (24%), Treetops Inc. (21%)
75 Clearbrook Road................... 24.94 24.94 Evening Out Inc. (100%)
150 Clearbrook Road.................. 14.65 14.21 Sportive Ventures I LLC (24%), Philips Medical Systems N.A.
(18%), Transwestern Publications (12%), ADT Security
Services Inc. (11%)
175 Clearbrook Road.................. 14.88 14.42 Nextel of New York Inc. (35%), Hypres Inc. (15%), Perk-Up
Inc. (10%)
200 Clearbrook Road.................. 12.88 12.14 Brunschwig & Fils Inc. (39%), Proftech Corp (20%)
250 Clearbrook Road.................. 9.09 8.57 AFP Imaging Corp (31%), The Artina Group Inc. (14%), Prints
Plus Inc. (13%), Conri Services Inc. (10%), Merrill-Sharpe
Ltd (10%)
50 Executive Boulevard............... 8.69 8.49 MMO Music Group (74%), Medcon Financial Services Inc.
(22%)
77 Executive Boulevard............... 18.05 17.77 Bright Horizons Children Center (55%)
85 Executive Boulevard............... 12.85 12.59 VREX Inc (49%), Westhab Inc. (21%), Wald Optics Laboratory
Inc. (13%), Saturn II Systems Inc. (11%)
300 Executive Boulevard.............. 9.98 9.65 Princeton Ski Outlet Corp. (57%), Varta Batteries Inc. (31%),
LMG International Inc. (12%)
350 Executive Boulevard.............. 16.56 16.56 Copytex Corp. (99%)
399 Executive Boulevard.............. 12.10 11.64 American Banknote Holographic (73%), Wine Enthusiast Inc.
(15%), Brandon of Westchester (12%)
400 Executive Boulevard.............. 15.28 13.82 Baker Engineering NY, Inc. (39%), Ultra Fabrics Inc. (25%)
500 Executive Boulevard.............. 14.76 14.11 Original Consume (36%), Dover Elevator Co. (16%), Angelica
Corp. (16%), Olympia Sports Inc. (13%), Philips Medical
Systems N.A. (13%)
525 Executive Boulevard.............. 14.39 14.00 Vie De France Yamazaki Inc. (59%), New York Blood Center
Inc. (21%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
66
Consolidated Property List
Office/Flex Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
1 Westchester Plaza.................... 1967 25,000 100.0 301 286 0.06
2 Westchester Plaza.................... 1968 25,000 100.0 447 436 0.09
3 Westchester Plaza.................... 1969 93,500 100.0 1,142 1,126 0.24
4 Westchester Plaza.................... 1969 44,700 99.8 629 604 0.13
5 Westchester Plaza.................... 1969 20,000 100.0 304 295 0.06
6 Westchester Plaza.................... 1968 20,000 100.0 296 278 0.06
7 Westchester Plaza.................... 1972 46,200 100.0 649 641 0.13
8 Westchester Plaza.................... 1971 67,200 97.2 881 776 0.18
Hawthorne
200 Saw Mill River Road................ 1965 51,100 100.0 626 599 0.13
4 Skyline Drive........................ 1987 80,600 99.6 1,267 1,155 0.26
8 Skyline Drive........................ 1985 50,000 98.9 854 717 0.18
10 Skyline Drive....................... 1985 20,000 100.0 283 262 0.06
11 Skyline Drive....................... 1989 45,000 100.0 689 641 0.14
12 Skyline Drive....................... 1999 46,850 100.0 806 646 0.17
15 Skyline Drive....................... 1989 55,000 100.0 1,005 912 0.21
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- ------------------------------------------------------------------------------------------------------------------------------------
1 Westchester Plaza.................... 12.04 11.44 British Apparel (40%), Thin Film Concepts Inc. (20%),
RS Knapp (20%), JT Lynne Representatives (20%)
2 Westchester Plaza.................... 17.88 17.44 Board of Cooperative Education (80%), Kin-Tronics (11%)
3 Westchester Plaza.................... 12.21 12.04 Reveo Inc. (51%), Kangol Headwear (28%), Esperya USA Inc.
(12%)
4 Westchester Plaza.................... 14.10 13.54 Metropolitan Life Insurance (38%), EEV Inc. (34%), Arsys
Innotech Corp. (13%)
5 Westchester Plaza.................... 15.20 14.75 Fujitsu Network Communications (38%), Rokonet Industries
USA Inc. (25%), UA Plumbers Education Fund (25%),
Furniture Etc. Inc. (12%)
6 Westchester Plaza.................... 14.80 13.90 Pinkerton Systems Integration (28%), Xerox Corporation (28%),
Game Parts Inc. (24%), Girard Rubber Co. (12%)
7 Westchester Plaza.................... 14.05 13.87 Emigrant Savings Bank (69%), Fire End Croker Corp. (22%)
8 Westchester Plaza.................... 13.49 11.88 Mamiya America Corp. (24%), Ciba Specialty Chemicals Corp.
(17%), Kubra Data Transfer Ltd. (15%)
Hawthorne
200 Saw Mill River Road................ 12.25 11.72 Walter DeGruyter Inc. (21%), Abscoa Industries Inc. (18%),
TJ Quatroni Plumbing and Heat (17%), Cablevision Lightpath
Inc. (12%), SI International Instruments Inc. (10%)
4 Skyline Drive........................ 15.78 14.39 Alstom USA Inc. (27%), Evonyx Inc. (23%)
8 Skyline Drive........................ 17.27 14.50 Clientsoft Inc. (70%), Evonyx Inc. (29%)
10 Skyline Drive....................... 14.15 13.10 Bi-Tronic Inc/LCA Sales Corp. (51%), Phoenix Systems Int'l
(32%), ENSR Corp. (17%)
11 Skyline Drive....................... 15.31 14.24 Cube Computer Corp. (76%), Agathon Machine Tools Inc.
(12%)
12 Skyline Drive....................... 17.20 13.79 Creative Visual Enterprises (38%), Medelec Inc. (32%), Savin
Corporation (30%)
15 Skyline Drive....................... 18.27 16.58 Tellabs Operations Inc. (47%), Emisphere Technology Assoc.
(23%), Minolta Business Solutions (16%), Acorda Therapeutics
Inc. (14%)
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
67
Consolidated Property Listing
Office/Flex Properties
(Continued)
Percentage
of Total 2000
Percentage Office,
Net Leased 2000 2000 Office/Flex,
Rentable as of Base Effective and Industrial/
Property Year Area 12/31/00 Rent Rent Warehouse
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6) Base Rent (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Yonkers
100 Corporate Boulevard.................. 1987 78,000 98.2 1,399 1,338 0.29
200 Corporate Boulevard South............ 1990 84,000 99.8 1,380 1,350 0.28
4 Executive Plaza........................ 1986 80,000 98.7 1,025 973 0.21
6 Executive Plaza........................ 1987 80,000 100.0 1,110 1,093 0.23
1 Odell Plaza............................ 1980 106,000 93.7 1,256 1,221 0.26
5 Odell Plaza............................ 1983 38,400 99.6 536 528 0.11
7 Odell Plaza............................ 1984 42,600 99.6 648 634 0.13
- ------------------------------------------------------------------------------------------------------------------------------------
Total New York Office/Flex 2,076,570 98.3 28,555 27,118 5.88
- ------------------------------------------------------------------------------------------------------------------------------------
FAIRFIELD COUNTY, CONNECTICUT
Stamford
419 West Avenue.......................... 1986 88,000 94.0 1,486 1,460 0.31
500 West Avenue.......................... 1988 25,000 100.0 422 384 0.09
550 West Avenue.......................... 1990 54,000 100.0 785 663 0.16
600 West Avenue.......................... 1999 66,000 100.0 722 685 0.15
650 West Avenue 1998 40,000 100.0 555 441 0.11
- ------------------------------------------------------------------------------------------------------------------------------------
Total Connecticut Office/Flex 273,000 98.1 3,970 3,633 0.82
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE/FLEX PROPERTIES 4,345,651 96.4 46,861 43,847 9.65
====================================================================================================================================
2000
2000 Average Tenants Leasing 10%
Average Effective or More of Net
Base Rent Rent Rentable Area Per
Property Per Sq. Ft. Per Sq. Ft. Property as of
Location ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- ------------------------------------------------------------------------------------------------------------------------------------
Yonkers
100 Corporate Boulevard.................. 18.26 17.47 Montefiore Medical Center (28%), Sempra Energy Trading
Corp. (13%), Minami International Corp. (12%), Otis Elevator
Company (11%), Genzyme Genetics Corp. (11%)
200 Corporate Boulevard South............ 16.46 16.10 Belmay Inc. (32%), Montefiore Medical Center (23%),
Advanced Viral Research Corp. (20%), Micromold Products
Inc. (10%)
4 Executive Plaza........................ 12.98 12.32 Wise Contact US Optical Corp. (32%), E&B Giftware Inc.
(22%), TT Systems LLC (10%)
6 Executive Plaza........................ 13.88 13.66 Cablevision Systems Corp. (40%), CSC Holdings Inc. (12%),
Yonkers Savings & Loan Assoc. (11%) , Empire Managed Care
Inc. (10%)
1 Odell Plaza............................ 12.65 12.29 Sportive Ventures 2 LLC (19%), Market Dynamics Group LLC
(11%)
5 Odell Plaza............................ 14.01 13.81 Voyetra Technologies Inc. (44%), Photo File Inc. (34%),
Pharmerica Inc. (22%)
7 Odell Plaza............................ 15.27 14.94 US Postal Service (41%), TT Systems Company (24%), Bright
Horizons Childrens Center (16%)
- ------------------------------------------------------------------------------------------------------------------------------------
Total New York Office/Flex 13.99 13.28
- ------------------------------------------------------------------------------------------------------------------------------------
FAIRFIELD COUNTY, CONNECTICUT
Stamford
419 West Avenue.......................... 17.96 17.65 Fuji Medical Systems USA Inc. (80%)
500 West Avenue.......................... 16.88 15.36 Peppers and Rogers Group/Mark (35%), Lead Trackers Inc.
(28%), Convergent Communications Inc. (26%), M Cohen
and Sons Inc. (11%)
550 West Avenue.......................... 14.54 12.28 Lifecodes Corp. (68%), Davidoff of Geneva (CT) Inc. (32%)
600 West Avenue.......................... 10.94 10.38 Clarence House Imports, Ltd (100%)
650 West Avenue 13.88 11.03 Davidoff of Geneva (CT) Inc. (100%)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Connecticut Office/Flex 14.83 13.57
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE/FLEX PROPERTIES 11.25 10.53
====================================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
68
Consolidated Property Listing
Industrial/Warehouse Properties
Percentage
Net Leased 2000 2000
Rentable as of Base Effective
Property Year Area 12/31/00 Rent Rent
Location Built (Sq. Ft.) (%) (1) ($000's) (2) (6) ($000's) (3) (6)
- -----------------------------------------------------------------------------------------------------------------------------
WESTCHESTER COUNTY, NEW YORK
Elmsford
1 Warehouse Lane.............................. 1957 6,600 100.0 57 56
2 Warehouse Lane.............................. 1957 10,900 100.0 119 113
3 Warehouse Lane.............................. 1957 77,200 100.0 290 279
4 Warehouse Lane.............................. 1957 195,500 97.4 1,936 1,890
5 Warehouse Lane.............................. 1957 75,100 97.1 774 706
6 Warehouse Lane.............................. 1982 22,100 100.0 513 511
- -----------------------------------------------------------------------------------------------------------------------------
Total Industrial/Warehouse Properties 387,400 98.1 3,689 3,555
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE, OFFICE/FLEX,
AND INDUSTRIAL/WAREHOUSE
PROPERTIES 26,649,521 96.8 484,740 465,843
=============================================================================================================================
Percentage
of Total 2000 2000
Office, 2000 Average Tenants Leasing 10%
Office/Flex, Average Effective or More of Net
and Industrial/ Base Rent Rent Rentable Area Per
Property Warehouse Per Sq. Ft. Per Sq. Ft. Property as of
Location Base Rent (%) ($) (4) (6) ($) (5) (6) 12/31/00 (6)
- ------------------------------------------------------------------------------------------------------------------------------------
WESTCHESTER COUNTY, NEW YORK
Elmsford
1 Warehouse Lane.......................... 0.01 8.64 8.48 JP Trucking Service Center Inc. (100%)
2 Warehouse Lane.......................... 0.02 10.92 10.37 RJ Bruno Roofing Inc. (55%), Teleport
Communications Group (41%)
3 Warehouse Lane.......................... 0.06 3.76 3.61 United Parcel Service (100%)
4 Warehouse Lane.......................... 0.40 10.17 9.93 San Mar Laboratories Inc. (63%),
Westinghouse Air Brake Co. Inc. (14%)
5 Warehouse Lane.......................... 0.16 10.61 9.68 Great Spring Waters of America (48%),
Chamart Exclusives Inc. (16%), E & H Tire
Buying Service Inc. (11%)
6 Warehouse Lane.......................... 0.11 23.21 23.12 Conway Central Express (100%)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Industrial/Warehouse Properties 0.76 9.70 9.35
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE, OFFICE/FLEX,
AND INDUSTRIAL/WAREHOUSE
PROPERTIES 100.0 19.14 18.40
====================================================================================================================================
(1) Based on all leases in effect as of December 31, 2000.
(2) Total base rent for 2000, 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.
(3) Total base rent for 2000 minus total 2000 amortization of tenant
improvements, leasing commissions and other concessions and costs,
determined in accordance with GAAP.
(4) Base rent for 2000 divided by net rentable square feet leased at December
31, 2000. For those properties acquired or placed in service during 2000,
amounts are annualized, as per Note 7.
(5) Effective rent for 2000 divided by net rentable square feet leased at
December 31, 2000. For those properties acquired or placed in service
during 2000, amounts are annualized, as per Note 7.
(6) Excludes space leased by the Company.
(7) As this property was acquired or placed in service by the Company during
2000, the amounts represented in 2000 base rent and 2000 effective rent
reflect only that portion of the year during which the Company owned or
placed the property in service. Accordingly, these amounts may not be
indicative of the property's full year results. For comparison purposes,
the amounts represented in 2000 average base rent per sq. ft. and 2000
average effective rent per sq. ft. for this property have been calculated
by taking 2000 base rent and 2000 effective rent for such property and
annualizing these partial-year results, dividing such annualized amounts
by the net rentable square feet leased at December 31, 2000. These
annualized per square foot amounts may not be indicative of the property's
results had the Company owned or placed such property in service for the
entirety of 2000.
(8) The property was sold by the Company in 2000.
(9) Calculation based on square feet in service as of December 31, 2000.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
69
Significant Tenants
The following table sets forth a schedule of the Company's 20 largest tenants
for the Consolidated Properties as of December 31, 2000, based upon annualized
base rents:
Percentage of
Annualized Company Square Percentage of Year of
Number of Base Rental Annualized Base Feet Total Company Lease
Properties Revenue ($) (1) Rental Revenue (%) Leased Leased Sq. Ft. (%) Expiration
- -----------------------------------------------------------------------------------------------------------------------------------
AT&T Wireless Services 2 8,527,197 1.8 395,955 1.6 2007 (2)
Donaldson, Lufkin &
Jenrette Securities Corp. 1 8,316,096 1.7 271,953 1.1 2011
Keystone Mercy Health Plan 3 7,429,219 1.6 325,843 1.3 2015 (3)
AT&T Corporation 2 7,268,746 1.5 450,278 1.8 2009 (4)
Prentice-Hall Inc. 1 6,744,495 1.4 474,801 1.9 2014
IBM Corporation 3 6,390,275 1.3 361,688 1.4 2007 (5)
Toys `R' Us - NJ, Inc. 1 5,342,672 1.1 242,518 1.0 2012
Waterhouse Securities, Inc. 1 5,253,555 1.1 184,222 0.7 2015
Nabisco Inc. 3 5,183,132 1.1 310,243 1.2 2005 (6)
American Institute of Certified
Public Accountants 1 4,981,357 1.0 249,768 1.0 2012
Allstate Insurance Company 9 4,727,383 1.0 224,321 0.9 2009 (7)
Board of Gov./Federal Reserve 1 4,705,391 1.0 117,008 0.5 2009 (8)
Winston & Strawn 1 4,381,770 0.9 108,100 0.4 2003
Dean Witter Trust Company 1 4,319,507 0.9 221,019 0.9 2008
CMP Media Inc. 1 4,206,598 0.9 206,274 0.8 2014
KPMG Peat Marwick, LLP 2 3,824,080 0.8 161,760 0.6 2007 (9)
Move.com Operations, Inc. 1 3,796,680 0.8 94,917 0.4 2006
Regus Business Centre Corp. 3 3,680,880 0.8 107,805 0.4 2011 (10)
Bank of Tokyo - Mitsubishi Ltd. 1 3,378,924 0.7 137,076 0.5 2009
Bankers Trust Harborside Inc. 1 3,272,500 0.7 385,000 1.5 2003
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 105,730,457 22.1 5,030,549 19.9
===================================================================================================================================
(1) Annualized base rental revenue is based on actual December 2000 billings
times 12. For leases whose rent commences after January 1, 2001,
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.
(2) 12,150 square feet expire September 2004; 345,799 square feet expire March
2007; 38,006 square feet expire June 2007.
(3) 22,694 square feet expire January 2003; 303,149 square feet expire April
2015.
(4) 63,278 square feet expire May 2004; 387,000 square feet expire January
2009.
(5) 28,289 square feet expire January 2002; 85,000 square feet expire December
2005; 248,399 square feet expire December 2007.
(6) 9,865 square feet expire September 2001; 300,378 square feet expire
December 2005.
(7) 18,882 square feet expire April 2003; 4,398 square feet expire January
2004; 36,305 square feet expire January 2005; 23,024 square feet expire
October 2005; 22,444 square feet expire July 2006; 6,108 square feet
expire August 2006; 70,517 square feet expire June 2007; 31,143 square
feet expire April 2008; 11,500 square feet expire April 2009.
(8) 94,719 square feet expire May 2005; 22,289 square feet expire July 2009.
(9) 104,556 square feet expire September 2002; 57,204 square feet expire July
2007.
(10) 28,000 square feet expire August 2010; 38,930 square feet expire April
2011; 40,875 square feet expire August 2011.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
70
Schedule of Lease Expirations
All Consolidated Properties
The following table sets forth a schedule of the lease expirations for the total
of the Company's office, office/flex, industrial/warehouse and stand-alone
retail properties, included in the Consolidated Properties, beginning January 1,
2001, assuming that none of the tenants exercise renewal options:
Average Annual
Percentage Of Rent Per Net
Net Rentable Total Leased Annualized Rentable Percentage Of
Area Subject Square Feet Base Rental Square Foot Annual Base
Number Of To Expiring Represented By Revenue Under Represented Rent Under
Year Of Leases Leases Expiring Expiring By Expiring Expiring
Expiration Expiring (1) (Sq. Ft.) Leases (%) (2) Leases ($) (3) Leases ($) Leases (%)
- ------------------------------------------------------------------------------------------------------------------------------------
2001.............. 531 2,639,934 10.4 43,613,737 16.52 9.2
2002.............. 515 3,150,437 12.4 56,082,268 17.80 11.8
2003.............. 506 3,831,520 15.1 67,498,472 17.62 14.2
2004.............. 350 2,378,899 9.4 45,239,146 19.02 9.5
2005.............. 346 3,167,520 12.5 62,884,809 19.85 13.2
2006.............. 163 1,899,748 7.5 38,795,616 20.42 8.1
2007.............. 72 1,565,437 6.2 32,235,634 20.59 6.8
2008.............. 51 1,149,547 4.5 19,628,343 17.07 4.1
2009.............. 39 1,113,494 4.4 21,644,393 19.44 4.5
2010.............. 77 1,167,775 4.6 23,066,952 19.75 4.8
2011.............. 27 1,010,078 4.0 22,213,067 21.99 4.7
2012 and thereafter 40 2,301,556 9.0 43,724,798 19.00 9.1
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 2,717 25,375,945 (4) 100.0 476,627,235 18.78 100.0
====================================================================================================================================
(1) 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.
(2) Excludes all unleased space as of December 31, 2000.
(3) Annualized base rental revenue is based on actual December 2000 billings
times 12. For leases whose rent commences after January 1, 2001,
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.
(4) Reconciliation to Company's total net rentable square footage is as
follows:
Square Feet Percentage of Total
----------- -------------------
Square footage leased to commercial tenants 25,375,945 95.2%
Square footage used for corporate offices, management offices,
building use, retail tenants, food services, other ancillary
service tenants and occupancy adjustments 426,862 1.6
Square footage unleased 864,014 3.2
---------- -----
Total net rentable square footage (does not include
residential, land lease, retail or not-in-service properties) 26,666,821 100.0%
========== ======
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
71
Schedule of Lease Expirations
Office Properties
The following table sets forth a schedule of the lease expirations for the
office properties beginning January 1, 2001, assuming that none of the tenants
exercise renewal options:
Average Annual
Percentage Of Rent Per Net
Net Rentable Total Leased Annualized Rentable Percentage Of
Area Subject Square Feet Base Rental Square Foot Annual Base
Number Of To Expiring Represented By Revenue Under Represented Rent Under
Year Of Leases Leases Expiring Expiring By Expiring Expiring
Expiration Expiring (1) (Sq. Ft.) Leases (%) (2) Leases ($) (3) Leases ($) Leases (%)
- ------------------------------------------------------------------------------------------------------------------------------------
2001.............. 436 1,996,939 9.6 36,827,326 18.44 8.7
2002.............. 410 2,318,146 11.1 47,490,669 20.49 11.2
2003.............. 422 3,152,850 15.2 60,794,043 19.28 14.3
2004.............. 293 1,814,213 8.7 38,785,904 21.38 9.2
2005.............. 290 2,676,685 12.9 56,812,992 21.23 13.4
2006.............. 137 1,554,837 7.5 33,508,335 21.55 7.9
2007.............. 64 1,430,006 6.9 30,260,900 21.16 7.1
2008.............. 45 964,500 4.6 18,204,342 18.87 4.3
2009.............. 26 971,232 4.7 19,654,067 20.24 4.6
2010.............. 53 855,944 4.1 18,361,508 21.45 4.3
2011.............. 24 949,167 4.6 21,495,631 22.65 5.1
2012 and thereafter 35 2,115,868 10.1 41,494,249 19.61 9.9
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 2,235 20,800,387 100.0 423,689,966 20.37 100.0
====================================================================================================================================
(1) Includes office tenants only. Excludes leases for amenity, retail, parking
and month-to-month office tenants. Some tenants have multiple leases.
(2) Excludes all unleased space as of December 31, 2000.
(3) Annualized base rental revenue is based on actual December 2000 billings
times 12. For leases whose rent commences after January 1, 2001,
annualized base rental revenue is based on the first full month's billing
times 12. As annualized base rental revenue is not derived from historical
GAAP results, historical results may differ from those set forth above.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
72
Schedule of Lease Expirations
Office/Flex Properties
The following table sets forth a schedule of the lease expirations for the
office/flex properties beginning January 1, 2001, assuming that none of the
tenants exercise renewal options:
Average Annual
Percentage Of Rent Per Net
Net Rentable Total Leased Annualized Rentable Percentage Of
Area Subject Square Feet Base Rental Square Foot Annual Base
Number Of To Expiring Represented By Revenue Under Represented Rent Under
Year Of Leases Leases Expiring Expiring By Expiring Expiring
Expiration Expiring (1) (Sq. Ft.) Leases (%) (2) Leases ($) (3) Leases ($) Leases(%)
- ------------------------------------------------------------------------------------------------------------------------------------
2001.............. 89 632,213 15.1 6,677,238 10.56 13.7
2002.............. 103 785,851 18.8 8,090,847 10.30 16.6
2003.............. 80 580,696 13.9 6,203,311 10.68 12.7
2004.............. 46 355,266 8.5 3,957,742 11.14 8.1
2005.............. 53 477,681 11.4 5,889,941 12.33 12.1
2006.............. 26 344,911 8.3 5,287,281 15.33 10.8
2007.............. 8 135,431 3.2 1,974,734 14.58 4.0
2008.............. 6 185,047 4.4 1,424,001 7.70 2.9
2009.............. 12 130,462 3.1 1,884,126 14.44 3.9
2010.............. 24 311,831 7.5 4,705,444 15.09 9.6
2011.............. 3 60,911 1.5 717,436 11.78 1.5
2012 and thereafter 4 177,688 4.3 1,965,549 11.06 4.1
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 454 4,177,988 100.0 48,777,650 11.67 100.0
====================================================================================================================================
(1) Includes office/flex tenants only. Excludes leases for amenity, retail,
parking and month-to-month office/flex tenants. Some tenants have multiple
leases.
(2) Excludes all unleased space as of December 31, 2000.
(3) Annualized base rental revenue is based on actual December 2000 billings
times 12. For leases whose rent commences after January 1, 2001,
annualized base rental revenue is based on the first full month's billing
times 12. As annualized base rental revenue is not derived from historical
GAAP results, historical results may differ from those set forth above.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
73
Schedule of Lease Expirations
Industrial/Warehouse Properties
The following table sets forth a schedule of the lease expirations for the
industrial/warehouse properties beginning January 1, 2001, assuming that none of
the tenants exercise renewal options:
Average Annual
Percentage Of Rent Per Net
Net Rentable Total Leased Annualized Rentable Percentage Of
Area Subject Square Feet Base Rental Square Foot Annual Base
Number Of To Expiring Represented By Revenue Under Represented Rent Under
Year Of Leases Leases Expiring Expiring By Expiring Expiring
Expiration Expiring (1) (Sq. Ft.) Leases (%) (2) Leases ($) (3) Leases ($) Leases (%)
- ------------------------------------------------------------------------------------------------------------------------------------
2001.............. 6 10,782 2.8 109,173 10.13 3.0
2002.............. 2 46,440 12.2 500,752 10.78 13.5
2003.............. 4 97,974 25.8 501,118 5.11 13.5
2004.............. 10 200,120 52.6 2,300,500 11.50 62.2
2005.............. 3 13,154 3.5 181,876 13.83 4.9
2009.............. 1 11,800 3.1 106,200 9.00 2.9
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 26 380,270 100.0 3,699,619 9.73 100.0
====================================================================================================================================
(1) Includes industrial/warehouse tenants only. Excludes leases for amenity,
retail, parking and month-to-month industrial/warehouse tenants. Some
tenants have multiple leases.
(2) Excludes all unleased space as of December 31, 2000.
(3) Annualized base rental revenue is based on actual December 2000 billings
times 12. For leases whose rent commences after January 1, 2001,
annualized base rent 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 the lease expirations for the
stand-alone retail properties beginning January 1, 2001, assuming that none of
the tenants exercise renewal options:
Average Annual
Percentage Of Rent Per Net
Net Rentable Total Leased Annualized Rentable Percentage Of
Area Subject Square Feet Base Rental Square Foot Annual Base
Number Of To Expiring Represented By Revenue Under Represented Rent Under
Year Of Leases Leases Expiring Expiring By Expiring Expiring
Expiration Expiring (1) (Sq. Ft.) Leases (%) (2) Leases ($) Leases ($) Leases (%)
- ------------------------------------------------------------------------------------------------------------------------------------
2004.............. 1 9,300 53.8 195,000 20.97 42.4
2012 ............. 1 8,000 46.2 265,000 33.12 57.6
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 2 17,300 100.0 460,000 26.59 100.0
====================================================================================================================================
(1) Includes stand-alone retail property tenants only.
(2) Annualized base rental revenue is based on actual December 2000 billings
times 12. For leases whose rent commences after January 1, 2001,
annualized base rental revenue is based on the first full month's billing
times 12. As annualized base rental revenue is not derived from historical
GAAP results, historical results may differ from those set forth above.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2000
74