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MACK-CALI
Realty Corporation
FIRST QUARTER 2001
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 March 31, 2001
1
INDEX
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PAGE/S
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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 Summary..........................................................9
o Property Sales..........................................................9-10
o Acquisitions/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 Acquisition Property Profiles..........................................30-31
o Summary of Construction Projects/Summary of Development Properties
in Lease-Up.............................................................32
o Summary of Land Parcels...................................................33
o Rental Property Sales.....................................................34
V. PORTFOLIO/ LEASING STATISTICS
o Leasing Statistics.....................................................36-38
o Market Diversification (25 MSA's).........................................39
o Industry Diversification (Top 30 Tenant Industries).......................40
o Consolidated Portfolio Analyses:
Breakdowns by:
(a) Number of Properties..............................................41
(b) Square Footage....................................................42
(c) Base Rental Revenue...............................................43
(d) Percentage Leased.................................................44
o Consolidated Property Listing (by Property Type).......................45-56
o Significant Tenants (Top 20 Tenants)......................................57
o Schedules of Lease Expirations (by Property Type)......................58-61
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
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.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
3
I. COMPANY BACKGROUND
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
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 $3.6 billion at March 31, 2001. 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 268 properties, primarily class A office and office/flex
buildings, totaling approximately 28.6 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 9.1 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 trading on the New York Stock Exchange under the ticker
symbol CLI. Through combinations with some of the top companies in the real
estate industry--most notably New Jersey-based Mack Company and Westchester, New
York-based Robert Martin Company--Mack-Cali has become one of the leading real
estate companies in the country.
Strategy
Mack-Cali's strategy is to be a significant real estate owner and operator in
its core, high-barriers-to-entry markets, primarily in the Northeast, with a
presence in California.
Summary
(as of March 31, 2001)
Corporate Headquarters Cranford, New Jersey
Fiscal Year End 12/31
Total Properties 268
Total Square Feet 28.6 million square feet
Geographic Diversity 11 states and the District of Columbia
New Jersey Presence 13.9 million square feet
Northeast Presence 22.0 million square feet
Common Shares and
Units Outstanding 71.3 million
Dividend-- Quarter/Annualized $0.61/$2.44
Dividend Yield 9.0%
Total Market Capitalization $3.6 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 March 31, 2001
5
Board of Directors
William L. Mack, Chairman of the Board
John J. Cali, Chairman Emeritus Earle I. Mack
Brendan T. Byrne Alan G. Philibosian
John R. Cali Irvin D. Reid
Nathan Gantcher Vincent Tese
Martin D. Gruss Robert F. Weinberg
Mitchell E. Hersh 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 March 31, 2001
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 March 31, 2001
7
II. FINANCIAL HIGHLIGHTS
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
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II. Financial Highlights
Quarterly Summary
FFO, after adjustment for straight-lining of rents and non-recurring charges,
for the quarter ended March 31, 2001 amounted to $63.7 million, or $0.89 per
share, versus $66.1 million, or $0.90 per share, for the quarter ended March 31,
2000, a per share decrease of 1.1 percent. Included in first quarter 2000 FFO
was a gain on sale of land of $2.2 million, or $0.03 per share. Excluding such
gain, FFO per share for first quarter 2001 increased by 2.3 percent over the
same period in 2000.
Cash available for distribution (CAD) for the first quarter 2001 equaled $55.5
million, or $0.78 per share, versus $55.4 million, or $0.76 per share, for the
same quarter last year, an increase of 2.6 percent on a per share basis.
Excluding the first quarter 2000 gain on sale of land, CAD per share for first
quarter 2001 increased by 6.8 percent.
Total revenues for the first quarter 2001 increased 2.4 percent to $146.5
million from $143.0 million for the same quarter last year.
Income from operations before minority interest in Operating Partnership for the
first quarter 2001 equaled $43.5 million, or $0.61 per share, versus $43.3
million, or $0.59 per share, for the same quarter last year, a per share
increase of 3.4 percent. Income from operations before minority interest in
Operating Partnership excludes realized and unrealized gain/loss on
disposition 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 56,961,704 shares of common stock, 7,957,525 common operating
partnership units and 220,340 $1,000-face-value preferred operating partnership
units outstanding at quarter 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
71,278,248 shares/common units outstanding at March 31, 2001.
As of March 31, 2001, the Company had total indebtedness of approximately $1.66
billion, with a weighted average annual interest rate of 7.32 percent.
Mack-Cali's total market capitalization was $3.6 billion at March 31, 2001. The
Company had a debt-to-undepreciated assets ratio of 41.4 percent. The Company
had an interest coverage ratio of 3.4 times for the quarter ended March 31,
2001.
The Company continues to focus its efforts on its strategy of selling assets in
its non-core markets and using the proceeds to enhance its presence in the
Northeast and Mid-Atlantic regions.
Property Sales
Progress continued during the quarter on the Company's disposition program. The
Company is currently in active contract negotiations on several of its Southwest
properties, primarily those located in Houston and San Antonio.
The Company continued its marketing efforts for the sale of its Dallas and
Colorado portfolios. Insignia/ESG Capital Advisors, Inc. has been named as the
exclusive agent for the disposition of the Dallas portfolio. Cushman and
Wakefield has been retained to sell the Colorado assets.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
9
In April, the Company sold the north pier at its Harborside Financial Center in
Jersey City, New Jersey for $3.8 million and a residual economic interest in the
project to EQR-Lincoln North Pier L.L.C. EQR-Lincoln plans to build a 300-unit
luxury residential complex on the north pier.
Acquisitions
During the quarter, the Company acquired two fully leased office/flex properties
located in Moorestown, New Jersey for approximately $7.1 million. The two
buildings, 31 Twosome Drive and 41 Twosome Drive, total 127,250 square feet.
In April, the Company acquired two additional class A office buildings located
in the Mack-Cali Business Campus in Parsippany, New Jersey for approximately $48
million. Maple Plaza I and II, located at 4 and 6 Campus Drive, total 295,800
square feet. The properties are 92.6 percent leased to leading tenants such as
Nabisco, Prudential Insurance and ExxonMobil.
Development
During the first quarter, the Company successfully completed and delivered the
following properties:
- -- The 220,000 square-foot class A office property at 105 Eisenhower Parkway
in Roseland, New Jersey. Arthur Andersen, a long-time Mack-Cali tenant,
has leased 50 percent of the building.
- -- The 185,254 square-foot, Class A office property located in the Denver
Tech Center in Denver, Colorado. The building is 62 percent leased to URS
Greiner Woodward Clyde.
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 Class A office building, which is
completely pre-leased to Charles Schwab & Company, Inc., will be the site
of its newly expanded East Coast regional headquarters, and is expected to
be completed in late 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 due to be
completed by the end of 2002. The Company has signed leases for
approximately 174,000 square feet with exciting prospects for more than
the remaining space in the building.
- -- Hyatt Regency South Pier Hotel is a 350-room luxury hotel that is being
built on the south pier of Harborside through a joint venture with Hyatt.
Completion of this project is anticipated in the third quarter 2002.
Additionally, continuing its commitment to accommodating tenants' expansion
requirements, the Company constructed a 31,000 square-foot addition to its
206,274 square-foot office building at 600 Community Drive in Manhasset, New
York for the benefit of CMP Media, Inc., which occupies the entire building.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
10
Financing Activities
During the quarter, the Company issued $300 million of 7.75 percent, 10-year
unsecured notes. Net proceeds from the issuance were used primarily to pay down
outstanding borrowings on the Company's credit facilities.
Since the September 2000 increased authorization to the Company's Share
Repurchase Program to $150 million, the Company has purchased 2.2 million shares
of its outstanding common stock at an aggregate cost of approximately $59.1
million.
Leasing Information
Mack-Cali's consolidated in-service portfolio was 96.4 percent leased at March
31, 2001, compared to 96.8 percent at December 31, 2000.
For the quarter ended March 31, 2001, the Company executed 163 leases totaling
791,629 square feet, consisting of 619,182 square feet of office space, 169,447
square feet of office/flex space and 3,000 square feet of industrial/warehouse
space. Of these totals, 244,606 square feet were for new leases and 547,023
square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter's leasing transactions included:
- -- Group 1 Software, a marketing and software company established in 1981,
signed expansion and extension leases through 2015 for headquarters space
totaling 68,573 square feet at the East Point office property in Lanham,
Maryland.
- -- Trigen Energy Corporation, an energy management firm, signed a new 10-year
lease for 36,789 square feet for its headquarters at 3 Barker Avenue in
White Plains, New York.
- -- Fujitsu Network Communications, a designer and manufacturer of fiber-optic
transmission and broadband switching platforms and a subsidiary of Fujitsu
Limited, leased the entire 15,220 square-foot building at 350 Executive
Boulevard in Elmsford, New York for seven years.
- -- Turner Investment Partners, an investment advisory firm, signed new and
renewal leases for 33,767 square feet for its company headquarters at
Westlakes Office Park in Berwyn, Pennsylvania for an average of five years.
- -- A.C. Nielsen Company, a market research, information and analysis firm,
signed a new lease for 23,400 square feet of space for six years at 650
From Road in Paramus, New Jersey.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
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Key Financial Data
As of or for the three months ended
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3/31/01 12/31/00 9/30/00 6/30/00 3/31/00
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Shares and Units:
Common Shares Outstanding 56,961,704 56,980,893 58,698,648 58,782,808 58,489,135
Common Units Outstanding (a) 14,316,544 14,322,744 14,431,329 14,515,086 14,734,548
Combined Shares and Units 71,278,248 71,303,637 73,129,977 73,297,894 73,223,683
Weighted Average- Basic (b) 64,767,293 65,772,459 66,728,711 66,626,649 66,428,219
Weighted Average- Diluted (c) 71,353,163 72,440,367 73,353,028 73,283,803 73,191,200
Common Share Price ($'s):
At the end of the period 27.0000 28.5625 28.1875 25.6875 25.5000
High during period 28.5000 28.8750 28.6250 28.4375 26.6250
Low during period 25.4900 25.7500 25.0625 24.4375 22.7500
Market Capitalization:
($'s in thousands except ratios)
Market Value of Equity (d) 1,924,513 2,038,535 2,063,276 1,882,840 1,951,701
Total Debt 1,662,184 1,628,512 1,534,327 1,487,277 1,528,503
Total Market Capitalization 3,586,697 3,667,047 3,597,603 3,370,117 3,480,204
Total Debt/ Total Market
Capitalization 46.34% 44.41% 42.65% 44.13% 43.92%
Financials:
($'s in thousands except ratios and
per share amounts)
Total Assets 3,681,059 3,676,977 3,646,162 3,628,104 3,650,756
Gross Book Value of Real Estate Assets 3,711,631 3,704,354 3,673,913 3,654,866 3,692,714
Total Liabilities 1,803,524 1,774,239 1,693,230 1,654,629 1,665,703
Total Minority Interests 444,848 449,448 453,164 455,645 539,214
Total Stockholders' Equity 1,432,687 1,453,290 1,499,768 1,517,830 1,445,839
Total Revenues 146,506 143,903 143,382 145,889 142,979
Capitalized Interest 3,350 4,042 3,293 2,335 1,854
Scheduled Principal Payments 756 772 685 723 880
Interest Coverage Ratio 3.38 3.50 3.65 3.71 3.66
Fixed Charge Coverage Ratio 2.63 2.62 2.79 2.71 2.75
Funds from Operations (e) 63,723 64,535 64,984 66,433 66,119
FFO per Share--diluted (e) 0.89 0.89 0.89 0.91 0.90
Cash Avail. For Distribution (f) 55,485 51,248 53,591 54,119 55,363
CAD per Share--diluted (f) 0.78 0.71 0.73 0.74 0.76
Dividends Declared per Share 0.61 0.61 0.61 0.58 0.58
FFO Payout Ratio--diluted (e) 68.30% 68.47% 68.86% 63.98% 64.20%
CAD Payout Ratio--diluted (f) 78.45% 86.23% 83.49% 78.54% 76.68%
Portfolio Size:
Properties 268 267 268 266 266
Total Square Footage 28,644,723 28,215,060 28,532,779 28,411,314 28,990,497
Sq. Ft. Leased at End of Period (g) 96.4% 96.8% 96.7% 96.9% 96.7%
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(a) Includes preferred units on a converted basis into common units.
(b) Calculated based on weighted average common shares outstanding, assuming
redemption of operating partnership common units into common shares.
(c) 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).
(d) Includes preferred units on a converted basis into common units and
minority interests in partially-owned properties.
(e) 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.
(f) 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.
(g) Reflects square feet leased at the Company's consolidated in-service
portfolio, excluding in-service development properties in lease-up.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
12
Same Store Results and Analysis
(dollars in thousands)
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For the three months ended
March 31
2001 2000 Change % Change
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Property Revenues $134,465 $128,900 $5,565 4.3
Less: Straight-line rent adjustment (3,130) (2,353) (777) 33.0
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Total Property Revenues 131,335 126,547 4,788 3.8
(excluding straight-line rent
adjustment)
Real Estate Taxes 14,362 14,022 340 2.4
Utilities 11,163 10,061 1,102 11.0
Operating Services 16,436 15,991 445 2.8
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Total Property Expenses: 41,961 40,074 1,887 4.7
Net Operating Income $ 89,374 $ 86,473 $2,901 3.4
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Percentage Leased at
Period End 96.6% 96.6%
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Total Properties: 248
Total Square Footage: 25,624,265
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
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 100.0% 156,495 50.0%
HPMC Continental Grand II 1 El Segundo, CA 100.0% 239,085 50.0%
HPMC Lava Ridge 3 Roseville, CA 95.6% 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 91.8% 168,000 20.0%
Office/Flex Properties:
Ramland Realty Associates,
L.L.C. One Ramland Road 1 Orangeburg, NY 80.6% 232,000 50.0%
Multi-Use:
HPMC Pacific Plaza 2 Daly City, CA 59.7% 471,379 32.5%
American Financial Exchange
L.L.C. Parking Lot (a) -- Jersey City, NJ n/a n/a 50.0%
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(a) The joint venture has commenced construction on a 575,000 square-foot
office building on a portion of this land.
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
14
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 March 31, 2001 and
December 31, 2000:
March 31, 2001
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American
G&G Financial Ramland Ashford
Pru-Beta 3 HPMC Martco Exchange Realty Loop
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Assets:
Rental property, net $20,568 $65,607 $ 10,359 $31,724 $18,730 $37,788
Other assets 1,756 29,266 3,020 3,076 4,513 535
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Total assets $22,324 $94,873 $ 13,379 $34,800 $23,243 $38,323
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Liabilities and partners'/members' capital:
Mortgages and loans payable $ -- $54,401 $ 50,000 $ -- $16,492 $ --
Other liabilities 122 2,362 1,691 10,312 213 499
Partners'/members' capital 22,202 38,110 (38,312) 24,488 6,538 37,824
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Total liabilities and
partners'/members' capital $22,324 $94,873 $ 13,379 $34,800 $23,243 $38,323
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Company's net investment
in unconsolidated
joint ventures $15,502 $36,727 $ 3,809 $25,500 $ 2,841 $ 7,913
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March 31, 2001
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MC-SJP Morris Harborside Combined
ARCap Realty South Pier Total
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Assets:
Rental property, net $ -- $17,271 $22,270 $224,317
Other assets 426,230 96 -- 468,492
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Total assets $426,230 $17,367 $22,270 $692,809
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Liabilities and partners'/members' capital:
Mortgages and loans payable $210,000 $16,028 $7,762 $354,683
Other liabilities 755 -- 4,353 20,307
Partners'/members' capital 215,475 1,339 10,155 317,819
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Total liabilities and
partners'/members' capital $426,230 $17,367 $22,270 $692,809
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Company's net investment
in unconsolidated
joint ventures $ 19,759 $ 173 $ 5,165 $117,389
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December 31, 2000
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American
G&G Financial Ramland Ashford
Pru-Beta 3 HPMC Martco Exchange Realty Loop
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Assets:
Rental property, net $20,810 $ 78,119 $ 10,589 $12,546 $18,947 $37,665
Other assets 2,737 27,082 2,508 11,851 4,755 849
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Total assets $23,547 $105,201 $ 13,097 $24,397 $23,702 $38,514
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Liabilities and partners'/members' capital:
Mortgages and loans payable $ -- $ 63,486 $ 50,000 $ -- $16,666 $ --
Other liabilities 160 5,035 1,368 9,400 522 1,005
Partners'/members' capital 23,387 36,680 (38,271) 14,997 6,514 37,509
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Total liabilities and
partners'/members' capital $23,547 $105,201 $ 13,097 $24,397 $23,702 $38,514
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Company's net investment
in unconsolidated
joint ventures $16,110 $ 35,079 $ 3,973 $15,809 $ 2,782 $ 7,874
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December 31, 2000
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MC-SJP Morris Harborside Combined
ARCap Realty South Pier Total
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Assets:
Rental property, net $ -- -- -- $178,676
Other assets 310,342 -- -- 360,124
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Total assets $310,342 -- -- $538,800
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Liabilities and partners'/members' capital:
Mortgages and loans payable $129,562 -- -- $259,714
Other liabilities 3,750 -- -- 21,240
Partners'/members' capital 177,030 -- -- 257,846
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Total liabilities and
partners'/members' capital $310,342 -- -- $538,800
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Company's net investment
in unconsolidated
joint ventures $ 19,811 -- -- $101,438
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
15
The following is a summary of the results of operations of the unconsolidated
joint ventures for the period in which the Company had investment interests
during the three months ended March 31, 2001 and 2000:
Three Months Ended March 31, 2001
-------------------------------------------------------------------------------------------------
American
G&G Financial Ramland Ashford
Pru-Beta 3 HPMC Martco Exchange Realty Loop ARCap
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Total revenues $1,254 $ 5,512 $2,722 $221 $ 969 $1,575 $ 19,354
Operating and other expenses (413) (729) (806) (34) (344) (718) (1,841)
Depreciation and amortization (294) (1,823) (389) (15) (246) (231) --
Interest expense -- (1,376) (985) -- (355) -- (3,014)
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Net income $ 547 $ 1,584 $ 542 $172 $ 24 $ 626 $ 14,499
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Company's equity in earnings
of unconsolidated
joint ventures $ 258 $ 2,152 $ 171 $172 $ 59 $ 97 $ 500
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Three Months Ended March 31, 2001
-------------------------------------------------------
MC-SJP Harborside Combined
Morris Realty South Pier Total
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Total revenues -- -- $31,607
Operating and other expenses -- -- (4,885)
Depreciation and amortization -- -- (2,998)
Interest expense -- -- (5,730)
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Net income -- -- $17,994
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Company's equity in earnings
of unconsolidated
joint ventures -- -- $ 3,409
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Three Months Ended March 31, 2000
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American
G&G Financial Ramland Ashford
Pru-Beta 3 HPM Martco Exchange Realty Loop ARCap
- ------------------------------------------------------------------------------------------------------------------------------------
Total revenues $1,234 $ 1,056 $2,712 $250 $ 978 $1,363 $ 6,544
Operating and other expenses (418) (174) (760) (31) (317) (630) (571)
Depreciation and amortization (306) (341) (426) (13) (241) (193) --
Interest expense -- (327) (875) -- (369) -- (769)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income $ 510 $ 214 $ 651 $206 $ 51 $ 540 $ 5,204
====================================================================================================================================
Company's equity in earnings
of unconsolidated
joint ventures $ 216 $ -- $ 169 $206 $ 25 $ 121 $ 400
- ------------------------------------------------------------------------------------------------------------------------------------
Three Months Ended March 31, 2000
-----------------------------------------------------------
MC-SJP Harborside Combined
Morris Realty South Pier Total
- -------------------------------------------------------------------------- -------------------
Total revenues -- -- $ 14,137
Operating and other expenses -- -- (2,901)
Depreciation and amortization -- -- (1,520)
Interest expense -- -- (2,340)
- ----------------------------------------------------------------------------------------------
Net income -- -- $ 7,376
==============================================================================================
Company's equity in earnings
of unconsolidated
joint ventures -- -- $ 1,137
- ----------------------------------------------------------------------------------------------
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
16
Select Financial Ratios
================================================================================
Ratios Computed For Industry Comparisons: March 31,
2001 2000
- --------------------------------------------------------------------------------
Financial Position Ratios:
Total Debt/ Total Book 45.16% 41.87%
Capitalization Ratio
(Book value) (%)
Total Debt/ Total Market
Capitalization Ratio
(Market value) (%) 46.34% 43.92%
Total Debt/ Total Undepreciated
Assets (%) 41.43% 38.91%
Secured Debt/ Total Undepreciated
Assets (%) 11.98% 13.48%
- --------------------------------------------------------------------------------
================================================================================
Three Months Ended
March 31,
2001 2000
- --------------------------------------------------------------------------------
Operational Ratios:
Interest Coverage Ratio
(Funds from Operations+Interest
Expense)/Interest Expense (x) 3.38 3.66
Debt Service Coverage Ratio
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x) 3.29 3.55
Fixed Charge Coverage Ratio
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x) 2.63 2.75
FFO Payout Ratio
(Dividends Declared/Funds from
Operations (%)) 68.30% 64.20%
CAD Payout Ratio
(Dividends Declared/ Cash
Available for Distribution (%)) 78.45% 76.68%
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
17
Debt Analysis
(as of March 31, 2001)
Debt Breakdown
(dollars in thousands)
- ----------------------------------------------------------------------------------------------------------
Weighted Average Weighted Average
Balance % of Total Interest Rate Maturity in Years
- ----------------------------------------------------------------------------------------------------------
Fixed Rate Secured Debt $ 448,529 26.98% 7.26% 4.33
Fixed Rate Unsecured Notes 1,096,477 65.97% 7.51% 6.25
Variable Rate Secured Debt 32,178 1.94% 5.61% 7.83
Variable Rate Unsecured Debt 85,000 5.11% 5.81% 2.23
- ----------------------------------------------------------------------------------------------------------
Totals/Weighted Average: $1,662,184 100.00% 7.32% 5.56
==========================================================================================================
Future Repayments
(dollars in thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
Scheduled Weighted Average Interest Rate of
Period Amortization Maturities Total Future Repayments (a)
- ------------------------------------------------------------------------------------------------------------------------------------
April through December 2001 $ 2,323 $ 4,211 $ 6,534 8.28%
2002 3,260 0 3,260 10.27%
2003 3,407 277,094 280,501 6.85%
2004 2,247 309,863 312,110 7.34%
2005 1,420 253,178 254,598 7.14%
2006 (186) 150,000 149,814 7.12%
2007 (350) 9,364 9,014 7.02%
2008 (408) 0 (408) 7.67%
2009 (222) 332,178 331,956 7.30%
2010 (173) 15,000 14,827 7.95%
2011 (22) 300,000 299,978 7.92%
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average: $11,296 $1,650,888 $1,662,184 7.32%
====================================================================================================================================
(a) Assumes weighted average LIBOR at March 31, 2001 of 5.01 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 March 31, 2001
18
Debt Maturities
(dollars in thousands)
- -------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006 2007 2008
- -------------------------------------------------------------------------------------------------------------------------------
Secured Debt:
101 & 225 Executive Dr $2,115
Mack-Cali
Morris Plains 2,096
Mack-Cali Willowbrook $ 6,811
400 Chestnut Ridge $ 9,863
Mack-Cali Centre VI $ 35,000
Prudential Portfolio 150,000
Mack-Cali
Bridgewater I 23,000
Mack-Cali
Woodbridge II 17,500
Mack-Cali Short Hills 22,089
500 West Putnam Ave 5,589
Harborside Financial
Center- Plaza 1 $ 74,642
Harborside Financial
Center- Plazas 2 & 3 75,358
Mack-Cali Airport $9,364
Kemble Plaza I
- -------------------------------------------------------------------------------------------------------------------------------
Total Secured Debt: $4,211 -- $ 6,811 $ 9,863 $253,178 $150,000 $9,364 --
===============================================================================================================================
Unsecured Debt:
Unsecured credit facility $85,000
7.180% unsecured notes
due 12/03 185,283
7.000% unsecured notes
due 3/04 $300,000
7.250% unsecured notes
due 3/09
7.835% unsecured notes
due 12/10
7.750% unsecured notes
due 2/11
- -------------------------------------------------------------------------------------------------------------------------------
Total Unsecured Debt: -- -- $270,283 $300,000 -- -- -- --
===============================================================================================================================
===============================================================================================================================
Total Debt: $4,211 -- $277,094 $309,863 $253,178 $150,000 $9,364 --
===============================================================================================================================
- -----------------------------------------------------------------------------------
2009 2010 2011 TOTALS
- -----------------------------------------------------------------------------------
Secured Debt:
101 & 225 Executive Dr $ 2,115
Mack-Cali
Morris Plains 2,096
Mack-Cali Willowbrook 6,811
400 Chestnut Ridge 9,863
Mack-Cali Centre VI 35,000
Prudential Portfolio 150,000
Mack-Cali
Bridgewater I 23,000
Mack-Cali
Woodbridge II 17,500
Mack-Cali Short Hills 22,089
500 West Putnam Ave 5,589
Harborside Financial
Center- Plaza 1 74,642
Harborside Financial
Center- Plazas 2 & 3 75,358
Mack-Cali Airport 9,364
Kemble Plaza I $ 32,178 32,178
- -----------------------------------------------------------------------------------
Total Secured Debt: $ 32,178 -- $ 465,605
===================================================================================
Unsecured Debt:
Unsecured credit facility $ 85,000
7.180% unsecured notes
due 12/03 185,283
7.000% unsecured notes
due 3/04 300,000
7.250% unsecured notes
due 3/09 $300,000 300,000
7.835% unsecured notes
due 12/10 $15,000 15,000
7.750% unsecured notes
due 2/11 $300,000 300,000
- -----------------------------------------------------------------------------------
Total Unsecured Debt: $300,000 $15,000 $300,000 $1,185,283
===================================================================================
===================================================================================
Total Debt: $332,178 $15,000 $300,000 $1,650,888
===================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
19
Debt Detail
(dollars in thousands)
Principal Balance at
Effective --------------------
Interest March 31, December 31, Date of
Property Name Lender Rate 2001 2000 Maturity
- ------------------------------------------------------------------------------------------------------------------------------------
Senior Unsecured Notes: (a)
7.180% Senior Unsecured Notes n/a 7.23% $ 185,283 $ 185,283 12/31/03
7.000% Senior Unsecured Notes n/a 7.27% 299,764 299,744 03/15/04
7.250% Senior Unsecured Notes n/a 7.49% 298,131 298,072 03/15/09
7.835% Senior Unsecured Notes n/a 7.95% 15,000 15,000 12/15/10
7.750% Senior Unsecured Notes n/a 7.93% 298,299 -- 02/15/11
- ------------------------------------------------------------------------------------------------------------------------------------
Total Senior Unsecured Notes: $1,096,477 $ 798,099
- ------------------------------------------------------------------------------------------------------------------------------------
Revolving Credit Facilities:
2000 Unsecured Facility (b) 24 Lenders LIBOR+ 80 basis points $ 85,000 $ 348,840 06/22/03
Prudential Facility (c) Prudential Securities LIBOR+110 basis points -- -- 06/29/01
- ------------------------------------------------------------------------------------------------------------------------------------
Total Revolving Credit Facilities: $ 85,000 $ 348,840
- ------------------------------------------------------------------------------------------------------------------------------------
Property Mortgages:
101 & 225 Executive Drive Sun Life Assurance Co. 6.27% $ 2,148 $ 2,198 06/01/01
Mack-Cali Morris Plains Corestates Bank 7.51% 2,151 2,169 12/31/01
Mack-Cali Willowbrook CIGNA 8.67% 9,251 9,460 10/01/03
400 Chestnut Ridge Prudential Insurance Co. 9.44% 13,361 13,588 07/01/04
Mack-Cali Centre VI Principal Life Insurance Co. 6.87% 35,000 35,000 04/01/05
Various (d) Prudential Insurance Co. 7.10% 150,000 150,000 05/15/05
Mack-Cali Bridgewater I New York Life Ins. Co. 7.00% 23,000 23,000 09/10/05
Mack-Cali Woodbridge II New York Life Ins. Co. 7.50% 17,500 17,500 09/10/05
Mack-Cali Short Hills Prudential Insurance Co. 7.74% 25,743 25,911 10/01/05
500 West Putnam Avenue New York Life Ins. Co. 6.52% 9,875 10,069 10/10/05
Harborside - Plaza 1 U.S. West Pension Trust 5.61% 55,247 54,370 01/01/06
Harborside - Plazas 2 and 3 Northwestern/Principal 7.32% 94,753 95,630 01/01/06
Mack-Cali Airport Allstate Life Insurance Co. 7.05% 10,500 10,500 04/01/07
Kemble Plaza I Mitsubishi Tr & Bk Co. LIBOR+0.65% 32,178 32,178 01/31/09
- ------------------------------------------------------------------------------------------------------------------------------------
Total Property Mortgages: $ 480,707 $ 481,573
- ------------------------------------------------------------------------------------------------------------------------------------
Total Debt: $1,662,184 $1,628,512
====================================================================================================================================
(a) Interest rate for unsecured notes reflects effective rate of debt,
including cost of terminated treasury lock agreements (if any), offering
and other transaction costs and the discount on the notes, as applicable.
(b) Total borrowing capacity under this facility is $800.0 million.
(c) Total borrowing capacity under this facility is $100.0 million.
(d) 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 March 31, 2001
20
III. FINANCIAL STATEMENTS
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
21
III. FINANCIAL STATEMENTS
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
================================================================================
Three Months Ended
March 31,
Revenues 2001 2000
- ----------------------------------------------------------------------------------------------------------------
Base rents $125,376 $121,598
Escalations and recoveries from tenants 14,762 16,668
Parking and other 2,346 3,322
Equity in earnings of unconsolidated joint ventures 3,409 1,137
Interest income 613 254
- ----------------------------------------------------------------------------------------------------------------
Total revenues 146,506 142,979
- ----------------------------------------------------------------------------------------------------------------
Expenses
- ----------------------------------------------------------------------------------------------------------------
Real estate taxes 15,287 14,704
Utilities 11,956 10,379
Operating services 17,879 17,742
General and administrative 6,010 6,113
Depreciation and amortization 23,484 22,182
Interest expense 28,365 26,426
- ----------------------------------------------------------------------------------------------------------------
Total expenses 102,981 97,546
- ----------------------------------------------------------------------------------------------------------------
Income from operations before minority interests 43,525 45,433
Minority interest in partially-owned properties -- (2,090)
- ----------------------------------------------------------------------------------------------------------------
Income from operations before minority interest in Operating Partnership 43,525 43,343
Minority interest in Operating Partnership (a) (8,751) (8,701)
- ----------------------------------------------------------------------------------------------------------------
Income from operations 34,774 34,642
Realized and unrealized (loss)/gain on disposition of rental property (b) (18,036) 1,973
- ----------------------------------------------------------------------------------------------------------------
Net income $ 16,738 $ 36,615
================================================================================================================
Per Share Data:
Income from operations-basic $ 0.61 $ 0.59
Net income-basic $ 0.29 $ 0.63
- ----------------------------------------------------------------------------------------------------------------
Income from operations-diluted $ 0.61 $ 0.59
Net income-diluted $ 0.29 $ 0.62
- ----------------------------------------------------------------------------------------------------------------
Dividends declared per common share $ 0.61 $ 0.58
- ----------------------------------------------------------------------------------------------------------------
Basic weighted average shares outstanding 56,807 58,295
Diluted weighted average shares outstanding 64,994 73,191
- ----------------------------------------------------------------------------------------------------------------
(a) Excludes effect of minority interest's share of realized and unrealized
(loss)/gain on disposition of rental property.
(b) Net of minority interest's share of $2,527 in 2001 and $275 in 2000.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
22
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts)
================================================================================
March 31, December 31,
Assets 2001 2000
- --------------------------------------------------------------------------------
Rental property
Land and leasehold interests $ 475,923 $ 542,841
Buildings and improvements 2,615,080 2,934,383
Tenant improvements 108,466 106,208
Furniture, fixtures and equipment 6,732 6,445
- --------------------------------------------------------------------------------
3,206,201 3,589,877
Less - accumulated depreciation and amortization (294,786) (302,932)
- --------------------------------------------------------------------------------
2,911,415 3,286,945
Rental property held for sale, net 469,320 107,458
- --------------------------------------------------------------------------------
Net investment in rental property 3,380,735 3,394,403
Cash and cash equivalents 11,720 13,179
Investments in unconsolidated joint ventures 117,389 101,438
Unbilled rents receivable, net 54,274 50,499
Deferred charges and other assets, net 100,197 102,655
Restricted cash 7,521 6,557
Accounts receivable, net of allowance for
doubtful accounts of $838 and $552 9,223 8,246
- --------------------------------------------------------------------------------
Total assets $3,681,059 $3,676,977
================================================================================
Liabilities and Stockholders' Equity
- --------------------------------------------------------------------------------
Senior unsecured notes $1,096,477 $798,099
Revolving credit facilities 85,000 348,840
Mortgages and loans payable 480,707 481,573
Dividends and distributions payable 43,483 43,496
Accounts payable and accrued expenses 52,392 53,608
Rents received in advance and security deposits 35,347 31,146
Accrued interest payable 10,118 17,477
- --------------------------------------------------------------------------------
Total liabilities 1,803,524 1,774,239
- --------------------------------------------------------------------------------
Minority interests:
Operating Partnership 444,848 447,523
Partially-owned properties -- 1,925
- --------------------------------------------------------------------------------
Total minority interests 444,848 449,448
- --------------------------------------------------------------------------------
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, 56,961,704 and
56,980,893 shares outstanding 570 570
Additional paid-in capital 1,512,330 1,513,037
Dividends in excess of net earnings (75,161) (57,149)
Unamortized stock compensation (5,052) (3,168)
- --------------------------------------------------------------------------------
Total stockholders' equity 1,432,687 1,453,290
- --------------------------------------------------------------------------------
Total liabilities and stockholders' equity $3,681,059 $3,676,977
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
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 January 1, 2001 56,981 $570 $1,513,037 $(57,149) $(3,168) $1,453,290
Net income -- -- -- 16,738 -- 16,738
Dividends -- -- -- (34,750) -- (34,750)
Redemption of common units for
shares of common stock 6 -- 166 -- -- 166
Proceeds from stock options exercised 20 -- 508 -- -- 508
Deferred compensation plan for directors -- -- 39 -- -- 39
Issuance of Restricted Stock Awards 94 1 2,526 -- (2,527) --
Amortization of stock compensation -- -- -- -- 301 301
Adjustment to fair value of restricted stock -- -- (142) -- 142 --
Cancellation of Restricted Stock Awards (7) -- (200) -- 200 --
Repurchase of common stock (132) (1) (3,604) -- -- (3,605)
- ------------------------------------------------------------------------------------------------------------------------------------
Balance at March 31, 2001 56,962 $570 $1,512,330 $(75,161) $(5,052) $1,432,687
====================================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
24
Statements of Funds from Operations and
Cash Available for Distribution
(in thousands, except per share/unit amounts)
Three Months Ended
March 31,
- --------------------------------------------------------------------------------
2001 2000
- --------------------------------------------------------------------------------
Income from operations before minority interest in
Operating Partnership $43,525 $43,343
Add: Real estate depreciation and amortization (a) 24,003 22,718
Gain on sale of land 0 2,248
Deduct: Adj. to rental income for straight-lining of
rents (b) (3,805) (2,190)
- --------------------------------------------------------------------------------
Funds from operations (c), after adjustment for
straight-lining of rents and non-recurring charges $63,723 $66,119
- --------------------------------------------------------------------------------
Deduct:
Non-incremental revenue generating capital expenditures:
Capital expenditures (913) (847)
Tenant improvements and leasing commissions (7,325) (9,909)
- --------------------------------------------------------------------------------
Cash available for distribution $55,485 $55,363
================================================================================
Basic weighted average shares/units outstanding (d) 64,767 66,428
Diluted weighted average shares/units outstanding (e) 71,353 73,191
Per Share/Unit - Basic(f):
Funds from operations $0.92 $0.94
Cash available for distribution $0.80 $0.78
Per Share/Unit - Diluted:
Funds from operations $0.89 $0.90
Cash available for distribution $0.78 $0.76
Dividend per common share $0.61 $0.58
Dividend payout ratios:
Funds from operations-diluted 68.30% 64.20%
Cash available for distribution-diluted 78.45% 76.68%
- --------------------------------------------------------------------------------
(a) Includes the Company's share from unconsolidated joint ventures of $721
and $734 for the three months ended March 31, 2001 and 2000, respectively.
(b) Includes the Company's share from unconsolidated joint ventures of $35 and
$57 for the three months ended March 31, 2001 and 2000, respectively.
(c) 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.
(d) Calculated based on weighted average common shares outstanding, assuming
redemption of operating partnership common units into common shares.
(e) 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).
(f) Amounts calculated after deduction for distributions to preferred
unitholders of $3,879 and $3,869 for the three months ended March 31, 2001
and 2000, respectively.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
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
March 31,
2001 2000
- --------------------------------------------------------------------------------
Basic weighted average shares: 56,807 58,295
Add: Weighted average common units 7,960 8,133
- --------------------------------------------------------------------------------
Basic weighted average shares/units: 64,767 66,428
Add: Weighted average preferred units
(after conversion to common units) 6,359 6,618
Stock options 227 145
- --------------------------------------------------------------------------------
Diluted weighted average shares/units: 71,353 73,191
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
26
IV. VALUE CREATION PIPELINE
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
IV. VALUE CREATION PIPELINE
Operating Property Acquisitions
(dollars in thousands)
For the Three Months Ended March 31, 2001
- -------------------------------------------------------------------------------------------------------------------------
Acquisition # of Rentable Investment by
Date Property/Portfolio Name Location Bldgs. Square Feet Company (a)
- -------------------------------------------------------------------------------------------------------------------------
Office/Flex
02/14/01 31 & 41 Twosome Drive (b) Moorestown, Burlington County, NJ 2 127,250 $ 7,155
- -------------------------------------------------------------------------------------------------------------------------
Total Operating Property Acquisitions: 2 127,250 $ 7,155
=========================================================================================================================
For the Year Ended December 31, 2000
- -------------------------------------------------------------------------------------------------------------------------
Acquisition # of Rentable Investment by
Date Property/Portfolio Name Location Bldgs. Square Feet Company (c)
- -------------------------------------------------------------------------------------------------------------------------
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 (b) Moorestown, Burlington County, NJ 1 60,800 $ 4,007
7/14/00 915 North Lenola Road (b) 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
=========================================================================================================================
See footnotes to the above schedules on page 29.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
28
Properties Placed in Service
(dollars in thousands)
For the Three Months Ended March 31, 2001
- ---------------------------------------------------------------------------------------------------------
Date Placed # of Rentable Investment by
in Service Property/Portfolio Name Location Bldgs. Square Feet Company (d)
- ---------------------------------------------------------------------------------------------------------
Office
01/15/01 105 Eisenhower Parkway Roseland, Essex County, NJ 1 220,000 $41,781
03/01/01 8181 East Tufts Avenue Denver, Denver County, CO 1 185,254 33,381
- ---------------------------------------------------------------------------------------------------------
Total Properties Placed in Service: 2 405,254 $75,162
=========================================================================================================
For the Year Ended December 31, 2000
- -------------------------------------------------------------------------------------------------------------------------
Date Placed # of Rentable Investment by
in Service Property/Portfolio Name Location Bldgs. Square Feet Company (e)
- -------------------------------------------------------------------------------------------------------------------------
Office
9/01/00 Harborside Plaza 4-A (f) 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
=========================================================================================================================
(a) Transactions were funded primarily from net proceeds received in the sale
of a rental property, as well as the Company's cash reserves.
(b) The properties were acquired through the exercise of a purchase option
obtained in the initial acquisition of the McGarvey portfolio in January
1998.
(c) Transactions were funded primarily from net proceeds received in the sale
or sales of rental property.
(d) Unless otherwise noted, transactions were funded primarily through draws
on the Company's credit facilities, and amounts presented are as of March
31, 2001.
(e) Unless otherwise noted, transactions were funded primarily through draws
on the Company's credit facilities, and amounts presented are as of
December 31, 2000.
(f) Project includes seven-story, 1,100-car parking garage.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
29
Acquisition Property Profile
================================================================================
- --------------------------------------------------------------------------------
Property Name: 31 Twosome Drive
Product Type: Office/Flex Building
Location: Moorestown, Burlington County, New Jersey
Description: Class A, one-story office/flex building
Size: 84,200 square feet
Year Constructed: 1998
Closing Date: February 14, 2001
Acquisition Cost: $4.1 million
Funding Source: Proceeds from sale of office property
Percentage Leased: 100.0%
Number of Tenants: 2
Tenants: Cort Furniture Rental Corp. (46,880 square feet)
Prism Color Corp. (37,320 square feet)
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
30
Acquisition Property Profile
================================================================================
- --------------------------------------------------------------------------------
Property Name: 41 Twosome Drive
Product Type: Office/Flex Building
Location: Moorestown, Burlington County, New Jersey
Description: Class A, one-story office/flex building
Size: 43,050 square feet
Year Constructed: 1998
Closing Date: February 14, 2001
Acquisition Cost: $3.0 million
Funding Source: Available cash
Percentage Leased: 100.0%
Number of Tenants: 7
Tenants: Momentum Systems Limited (9,600 square feet)
KIT Industries, Inc. (9,600 square feet)
Williams Communications (4,800 square feet)
S&S Specialty Products (4,800 square feet)
Dia-Nielson USA, Inc. (4,800 square feet)
Harrington Robb Company (4,800 square feet)
Collegiate Tradition, Inc. (4,650 square feet)
================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
31
Summary of Construction Projects
(dollars in thousands)
=================================================================================================================================
Estimated Number Costs
Placed in of Incurred Total
Service Build- Square Through Estimated Current
Project Location Type of Space Date ings Feet 3/31/01 Costs % Leased
- ---------------------------------------------------------------------------------------------------------------------------------
Majority Owned:
Harborside Plaza 5 Jersey City, NJ Office 2002-3Q 1 980,000 $32,788 $260,000 17.8%
- ---------------------------------------------------------------------------------------------------------------------------------
Sub-total: 1 980,000 $32,788 $260,000 17.8%
- ---------------------------------------------------------------------------------------------------------------------------------
Unconsolidated Joint
Ventures:
Stadium Gateway (a) Anaheim, CA Office 2001-3Q 1 261,554 $2,680 $5,600 32.0%
Pacific Plaza Phase I & II (b) Daly City, CA Office/Retail 2001-3Q 2 471,379 9,188 9,188 59.7%
Hyatt Regency South Pier (c) Jersey City, NJ Hotel 2002-3Q 1 280,000 5,165 14,000 n/a
Harborside Plaza 10 (d) Jersey City, NJ Office 2002-3Q 1 575,000 25,841 36,000 100.0%
- ---------------------------------------------------------------------------------------------------------------------------------
Sub-total: 5 1,587,933 $42,874 $64,788 71.9%
- ---------------------------------------------------------------------------------------------------------------------------------
Grand-total: 6 2,567,933 $75,662 $324,788 51.2%
=================================================================================================================================
(a) 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.
(b) 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.
(c) 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.
(d) 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.
Summary of Development Properties in Lease-Up
(dollars in thousands)
=================================================================================================================================
Number Costs
Placed in of Incurred Total
Service Build- Square Through Estimated Current
Project Location Type of Space Date ings Feet 3/31/01 Costs % Leased
- ---------------------------------------------------------------------------------------------------------------------------------
105 Eisenhower Parkway Roseland, NJ Office 01/15/01 1 220,000 $41,781 $43,600 50.9%
8181 East Tufts Avenue Denver, CO Office 03/01/01 1 185,254 33,381 34,700 66.9%
- ---------------------------------------------------------------------------------------------------------------------------------
Totals: 2 405,254 $75,162 $78,300 58.2%
=================================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
32
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 (a) Jersey City NJ 3.6 1,225,000 Office
Harborside Financial Center (b) Jersey City NJ 26.0 2,920,000 Office
Mack-Cali Business Campus (c) Parsippany & Hanover NJ 110.0 1,350,000 Office
Morris V and VI (a) Parsippany NJ 47.5 645,000 Office
Commercenter Totowa NJ 5.8 30,000 Office/Flex
Princeton Metro (c) West Windsor NJ 10.0 97,000 Office
Princeton Overlook II West Windsor NJ 10.0 149,500 Office
Cross Westchester Executive
Park (d) Elmsford NY 5.0 60,000 Office/Flex
Elmsford Distribution Center (d) Elmsford NY 14.5 100,000 Warehouse
Mid-Westchester Executive Park (d) Hawthorne NY 8.0 73,000 Office/Flex
One Ramland Road (a) Orangeburg NY 20.0 100,000 Office/Flex
South Westchester Executive
Park (d) 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 (d) Dallas TX 4.5 500,000 Office
Concord Plaza II (e) San Antonio TX 2.2 145,000 Office
Hilltop Business Center (e) Littleton CO 7.1 128,000 Office
Pacific Plaza Phase III (f) Daly City CA 2.5 270,000 Office
- ------------------------------------------------------------------------------------------------------------
Totals 404.1 9,124,500
============================================================================================================
(a) Land owned by joint venture in which Mack-Cali is significant equity
partner.
(b) Includes 21 acres of riparian property.
(c) Land owned by Mack-Cali which is subject to a contribution agreement to a
development joint venture.
(d) Mack-Cali holds an option to purchase this land.
(e) Land is currently being held for sale.
(f) 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 March 31, 2001
33
Rental Property Sales
(dollars in thousands)
For the Year Ended December 31, 2000
====================================================================================================================================
Realized
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 County, NJ -- 39.1 acres $ 4,180 $ 1,932 $ 2,248
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 (a) Omaha, Douglas County, NE 1 319,535 11,976 12,828 (852)
- ------------------------------------------------------------------------------------------------------------------------------------
Totals: 5 1,759,009 $293,611 $208,258 $85,353
====================================================================================================================================
(a) 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.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
34
V. PORTFOLIO/ LEASING STATISTICS
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
35
V. PORTFOLIO/ LEASING STATISTICS
Leasing Statistics
(For the three months ended March 31, 2001)
Consolidated In-Service Portfolio (a)
SUMMARY OF SPACE LEASED
=================================================================================================================================
| LEASING ACTIVITY |
Leased | |
Sq. Ft. Sq. Ft. | Expiring/ Net | Sq. Ft. Pct. Pct.
Leased Acquired/ | Adjustment Incoming Leasing | Leased Leased Leased
Region/Market 12/31/00 Sold (b) | Sq. Ft. (c) Sq. Ft. Activity | 3/31/01 3/31/01 12/31/00
- -----------------------------------------------------------|--------------------------------------|------------------------------
| |
| |
NORTHEAST | |
Northern NJ 9,168,667 -- | (167,892) 127,047 (40,845) | 9,127,822 97.8% 98.3%
Central NJ 2,689,076 -- | (68,732) 67,116 (1,616) | 2,687,460 96.6% 96.7%
Westchester Co., NY 4,411,621 -- | (213,655) 187,740 (25,915) | 4,385,706 97.1% 97.7%
Sub. Philadelphia, PA/NJ 2,557,156 127,250 | (202,331) 172,348 (29,983) | 2,654,423 91.0% 91.6%
Fairfield, CT 659,804 -- | (31,385) 21,065 (10,320) | 649,484 96.5% 98.1%
Washington, DC/MD 607,942 -- | (63,060) 68,573 5,513 | 613,455 99.5% 98.6%
Rockland Co/Long Island, NY 556,918 31,000 | (28,713) 23,959 (4,754) | 583,164 98.6% 99.3%
- -----------------------------------------------------------|--------------------------------------|------------------------------
Total Northeast 20,651,184 158,250 | (775,768) 667,848 (107,920) | 20,701,514 96.6% 97.1%
- -----------------------------------------------------------|--------------------------------------|------------------------------
| |
SOUTHWEST/WEST/OTHER | |
Texas 2,462,200 -- | (105,785) 108,729 2,944 | 2,465,144 92.2% 92.1%
Colorado 1,484,500 -- | (11,563) 9,539 (2,024) | 1,482,476 99.6% 99.7%
San Francisco, CA 445,490 -- | (8,641) 2,686 (5,955) | 439,535 97.5% 98.8%
Arizona 416,967 -- | -- -- -- | 416,967 100.0% 100.0%
Other 342,466 -- | (2,827) 2,827 -- | 342,466 92.6% 92.6%
- -----------------------------------------------------------|--------------------------------------|------------------------------
Total Southwest/West/Other 5,151,623 -- | (128,816) 123,781 (5,035) | 5,146,588 95.3% 95.4%
- -----------------------------------------------------------|--------------------------------------|------------------------------
| |
Company Totals 25,802,807 158,250 | (904,584) 791,629 (112,955) | 25,848,102 96.4% 96.8%
=================================================================================================================================
================================================================================
RECONCILIATION OF CONSOLIDATED IN-SERVICE PORTFOLIO
Total sq. ft. as of December 31, 2000 26,666,821
Total sq. ft. of properties added this period 158,250
----------
Total sq. ft. as of March 31, 2001 26,825,071
==========
=============================================================
(a) Consolidated In-Service Portfolio excludes in-service development
properties in lease-up, aggregating 405,254 square feet.
(b) Net gain/loss of leased square footage through properties sold, acquired
or placed in service during the period.
(c) Represents the square footage of leases expiring or scheduled to expire
for which new leases or renewals were signed during the period, plus
internal administrative adjustments.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
36
Leasing Statistics
(For the three months ended March 31, 2001)
Consolidated In-Service Portfolio (continued)
DETAIL OF TRANSACTION ACTIVITY
- -------------------------------------------------------------------------------------------------------------------------------
Detail by Region/Market:
Sq. Ft. Wtd. Wtd. Leasing
# of Sq. Ft. Renewed And Avg. Avg. Costs Per
Trans- Total New Other Term Base Sq. Ft. Per
Region/Market Property Type actions Sq. Ft. Leases Retained (a) (Yrs.) Rent (b) Year (c)
- -------------------------------------------------------------------------------------------------------------------------------
NORTHEAST
Northern NJ Office 16 118,080 75,605 42,475 6.1 $27.15 $2.41
Office/Flex 2 8,967 6,240 2,727 7.1 $15.67 $0.23
Central NJ Office 7 26,501 4,125 22,376 3.5 $25.58 $2.11
Office/Flex 5 40,615 - 40,615 4.7 $16.12 $0.28
Westchester Co., NY Office 28 113,615 51,028 62,587 6.2 $25.26 $1.88
Office/Flex 15 71,125 16,720 54,405 4.0 $17.33 $1.51
Industrial/Warehouse 1 3,000 3,000 - 1.0 $12.00 $0.45
Sub. Philadelphia, PA/NJ Office 19 125,608 48,097 77,511 4.6 $27.96 $2.50
Office/Flex 7 46,740 7,740 39,000 3.5 $ 8.39 $0.97
Fairfield, CT Office 4 19,065 - 19,065 1.5 $23.99 $0.20
Office/Flex 1 2,000 - 2,000 2.0 $21.50 $0.20
Washington, DC/MD Office 3 68,573 - 68,573 11.5 $26.15 $2.09
Rockland Co/Long Island, NY Office 5 23,959 4,579 19,380 5.3 $24.16 $1.62
- -------------------------------------------------------------------------------------------------------------------------------
Total Northeast 113 667,848 217,134 450,714 5.6 $23.35 $1.97
- -------------------------------------------------------------------------------------------------------------------------------
SOUTHWEST/WEST/OTHER
Texas Office 36 108,729 24,819 83,910 2.9 $20.65 $1.87
Colorado Office 5 9,539 1,789 7,750 3.9 $23.97 $1.36
San Francisco, CA Office 8 2,686 864 1,822 2.2 $52.22 $2.58
Other Office 1 2,827 - 2,827 3.0 $17.45 $0.45
- -------------------------------------------------------------------------------------------------------------------------------
Total Southwest/West/Other 50 123,781 27,472 96,309 3.0 $21.52 $1.84
- -------------------------------------------------------------------------------------------------------------------------------
Company Totals 163 791,629 244,606 547,023 5.2 $23.06 $1.96
===============================================================================================================================
===============================================================================================================================
Detail by Property Type:
Office 132 619,182 210,906 408,276 5.5 $25.45 $2.14
Office/Flex 30 169,447 30,700 138,747 4.2 $14.54 $1.00
Industrial/Warehouse 1 3,000 3,000 - 1.0 $12.00 $0.45
- -------------------------------------------------------------------------------------------------------------------------------
Company Totals 163 791,629 244,606 547,023 5.2 $23.06 $1.96
===============================================================================================================================
===============================================================================================================================
Tenant Retention: Leases Retained 60.4%
Sq. Ft. Retained 60.6%
- -------------------------------------------------------------------------------------------------------------------------------
(a) "Other Retained" transactions include existing tenants' expansions and
relocations within the building.
(b) For office/flex properties, equals triple net rent plus common area costs
and real estate taxes.
(c) Represents estimated workletter costs of $4,763,138 and commissions of
$3,093,380 committed, but not necessarily expended, during period for
second generation space aggregating 775,142 square feet.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
37
Leasing Statistics
(For the three months ended March 31, 2001)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED
============================================================================================================
LEASING ACTIVITY
Leased
Sq. Ft. Sq. Ft. Expiring/ Net Sq. Ft. Pct. Pct.
Leased Acquired/ Sold Adjustment Incoming Leasing Leased Leased Leased
State 12/31/00 (a) Sq. Ft. (b) Sq. Ft. Activity 3/31/01 3/31/01 12/31/00
- ------------------------------------------------------------------------------------------------------------
New Jersey 154,749 - - 1,746 1,746 156,495 100.0% 100.0%
New York 187,000 - - - - 187,000 80.6% 80.6%
California 841,984 (133,841) - 11,781 11,781 719,924 98.9% 86.2%
Texas 281,016 - 1,583 - 1,583 282,599 94.8% 94.3%
- ------------------------------------------------------------------------------------------------------------
Totals 1,464,749 (133,841) 1,583 13,527 15,110 1,346,018 95.2% 94.6%
============================================================================================================
================================================================================
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of December 31, 2000 1,548,239
Total sq. ft. of properties sold this period (133,841)
---------
Total sq. ft. as of March 31, 2001 1,414,398
=========
==============================================================
DETAIL OF TRANSACTION ACTIVITY
=================================================================================================================
Sq. Ft. Leasing Costs
# of Sq. Ft. New Renewed/Other Wtd. Avg. Wtd. Avg. Per Sq. Ft.
State Transactions Total Sq. Ft. Leases Retained (c) Term (Yrs.) Base Rent Per Year (d)
- -----------------------------------------------------------------------------------------------------------------
New Jersey 1 1,746 - 1,746 3.0 $15.29 $0.27
California 2 11,781 6,263 5,518 5.0 $22.20 $5.93
- -----------------------------------------------------------------------------------------------------------------
Totals 3 13,527 6,263 7,264 4.5 $21.31 $5.02
=================================================================================================================
(a) Net gain/loss of leased square footage through properties sold, acquired
or placed in service during the period.
(b) Represents the square footage of leases expiring or scheduled to expire
for which new leases or renewals were signed during the period, plus
internal administrative adjustments.
(c) "Other Retained" transactions include existing tenants' expansions and
relocations within the building.
(d) Represents estimated workletter costs of $133,100 and commissions of
$31,673 committed, but not necessarily expended, during the period for
second generation space aggregating 7,264 square feet.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
38
Market Diversification
The following table lists the Company's 25 markets (MSAs), based on annualized
contractual base rent of the Consolidated Properties:
Annualized Percentage of
Base Rental Company Total
Revenue Annualized Base Property Size Percentage of
Market (MSA) ($) (a) (b) Rental Revenue (%) Rentable Area Rentable Area (%)
- -----------------------------------------------------------------------------------------------------------------
Bergen-Passaic, NJ 83,473,024 17.2 4,530,091 16.6
New York, NY (Westchester-Rockland Counties) 80,635,974 16.6 4,696,178 17.2
Newark, NJ (Essex-Morris-Union Counties) 74,541,950 15.3 3,664,598 13.4
Jersey City, NJ 42,545,047 8.7 2,094,470 7.7
Philadelphia, PA-NJ 38,654,403 8.0 2,837,596 10.4
Denver, CO 20,411,485 4.2 1,193,185 4.4
Washington, DC-MD-VA 19,446,509 4.0 616,549 2.3
Middlesex-Somerset-Hunterdon, NJ 15,705,665 3.2 791,051 2.9
Dallas, TX 15,462,112 3.2 959,463 3.5
Trenton, NJ (Mercer County) 13,576,283 2.8 672,365 2.5
San Francisco, CA 12,470,689 2.6 450,891 1.7
San Antonio, TX 12,066,928 2.5 940,302 3.5
Stamford-Norwalk, CT 9,354,073 1.9 527,250 1.9
Houston, TX 9,245,307 1.9 700,008 2.6
Monmouth-Ocean, NJ 7,453,950 1.5 577,423 2.1
Nassau-Suffolk, NY 6,373,398 1.3 292,849 1.1
Phoenix-Mesa, AZ 5,646,402 1.2 416,967 1.5
Tampa-St. Petersburg-Clearwater, FL 3,875,086 0.8 297,429 1.1
Boulder-Longmont, CO 3,600,741 0.8 270,421 1.0
Bridgeport, CT 3,153,067 0.6 145,487 0.5
Colorado Springs, CO 2,870,577 0.6 209,987 0.8
Dutchess County, NY 2,132,849 0.4 118,727 0.4
Atlantic-Cape May, NJ 1,377,626 0.3 80,344 0.3
Des Moines, IA 1,165,872 0.2 72,265 0.3
Fort Worth-Arlington, TX 1,042,318 0.2 74,429 0.3
- -----------------------------------------------------------------------------------------------------------------
Totals 486,281,335 100.0 27,230,325 100.0
=================================================================================================================
(a) Annualized base rental revenue is based on actual March 2001 billings
times 12. For leases whose rent commences after April 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 generally
accepted accounting principles ("GAAP") results, historical results may
differ from those set forth above.
(b) 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 March 31, 2001
39
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 (a) ($) (b) (c) Rental Revenue (%) Leased Sq. Ft. (%)
- -----------------------------------------------------------------------------------------------------------------
Securities, Commodity Contracts & Other Financial 55,288,535 11.3 2,356,687 9.1
Manufacturing 43,201,132 8.9 2,611,682 10.2
Computer System Design Svcs. 34,485,390 7.1 1,798,913 7.0
Telecommunications 32,541,343 6.7 1,862,811 7.3
Insurance Carriers & Related Activities 30,635,426 6.3 1,571,110 6.1
Legal Services 28,509,412 5.9 1,266,403 4.9
Health Care & Social Assistance 21,535,637 4.4 1,104,959 4.3
Credit Intermediation & Related Activities 20,114,243 4.1 1,174,768 4.6
Accounting/Tax Prep. 18,412,719 3.8 802,051 3.1
Other Professional 17,776,096 3.7 976,983 3.8
Wholesale Trade 17,642,729 3.6 1,299,268 5.1
Retail Trade 16,788,614 3.5 953,134 3.7
Information Services 13,662,842 2.8 636,710 2.5
Publishing Industries 13,315,346 2.7 592,035 2.3
Arts, Entertainment & Recreation 11,044,348 2.3 742,004 2.9
Real Estate & Rental & Leasing 10,601,522 2.2 526,804 2.1
Public Administration 10,327,100 2.1 353,692 1.4
Other Services (except Public Administration) 9,109,321 1.9 683,092 2.7
Advertising/Related Services 8,647,362 1.8 402,397 1.6
Scientific Research/Development 8,567,851 1.8 489,173 1.9
Architectural/Engineering 8,529,140 1.8 426,580 1.7
Management/Scientific 8,000,592 1.6 380,232 1.5
Management of Companies & Finance 6,860,503 1.4 350,510 1.4
Transportation 6,499,978 1.3 454,918 1.8
Data Processing Services 6,222,325 1.3 279,620 1.1
Construction 4,523,478 0.9 252,825 1.0
Educational Services 3,776,157 0.8 209,966 0.8
Admin. & Support, Waste Mgt. & Remediation Svc. 3,761,748 0.8 271,852 1.1
Utilities 3,569,992 0.7 170,399 0.7
Specialized Design Services 3,508,316 0.7 165,267 0.6
Other 8,822,138 1.8 466,247 1.7
- -----------------------------------------------------------------------------------------------------------------
Totals 486,281,335 100.0 25,633,092 100.0
=================================================================================================================
(a) 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.
(b) Annualized base rental revenue is based on actual March 2001 billings
times 12. For leases whose rent commences after April 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.
(c) 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 March 31, 2001
40
Consolidated Portfolio Analysis (a)
(as of March 31, 2001)
Breakdown by Number of Properties
PROPERTY TYPE:
+
===================================================================================================================================
Stand- Multi-
% of Office/ % of Industrial/ % of Alone % of Family % of Land % of TOTALS % of
STATE Office Total Flex Total Warehouse Total Retail Total Residential Total Leases Total By State Total
- -----------------------------------------------------------------------------------------------------------------------------------
New Jersey 69 26.6% 47 18.1% -- -- -- -- 1 0.4% 1 0.4% 118 45.5%
New York 23 8.9% 37 14.3% 6 2.3% 2 0.8% 1 0.4% 2 0.8% 71 27.5%
Pennsylvania 13 5.0% -- -- -- -- -- -- -- -- -- -- 13 5.0%
Connecticut 3 1.2% 5 1.9% -- -- -- -- -- -- -- -- 8 3.1%
Wash., D.C./
Maryland 4 1.5% -- -- -- -- -- -- -- -- -- 4 1.5%
- -----------------------------------------------------------------------------------------------------------------------------------
Sub-total
Northeast: 112 43.2% 89 34.3% 6 2.3% 2 0.8% 2 0.8% 3 1.2% 214 82.6%
- -----------------------------------------------------------------------------------------------------------------------------------
Texas 17 6.5% -- -- -- -- -- -- -- -- -- -- 17 6.5%
Arizona 3 1.2% -- -- -- -- -- -- -- -- -- -- 3 1.2%
California 2 0.8% -- -- -- -- -- -- -- -- -- -- 2 0.8%
Colorado 21 8.1% -- -- -- -- -- -- -- -- -- -- 21 8.1%
Florida/ Iowa 2 0.8% -- -- -- -- -- -- -- -- -- -- 2 0.8%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS
By Type: 157 60.6% 89 34.3% 6 2.3% 2 0.8% 2 0.8% 3 1.2% 259 100.0%
===================================================================================================================================
(a) Excludes 9 properties, aggregating approximately 1.4 million square feet,
which are not consolidated by the Company.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
41
Consolidated Portfolio Analysis(a)
(as of March 31, 2001)
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 11,650,809 42.8% 2,123,331 7.8% -- -- -- -- 13,774,140 50.6%
New York 2,626,484 9.6% 2,076,570 7.6% 387,400 1.4% 17,300 0.1% 5,107,754 18.7%
Pennsylvania 1,473,798 5.4% -- -- -- -- -- -- 1,473,798 5.4%
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 16,767,377 61.6% 4,472,901 16.4% 387,400 1.4% 17,300 0.1% 21,644,978 79.5%
- -----------------------------------------------------------------------------------------------------------
Texas 2,674,202 9.8% -- -- -- -- -- -- 2,674,202 9.8%
Arizona 416,967 1.5% -- -- -- -- -- -- 416,967 1.5%
California 450,891 1.7% -- -- -- -- -- -- 450,891 1.7%
Colorado 1,673,593 6.1% -- -- -- -- -- -- 1,673,593 6.1%
Florida/Iowa 369,694 1.4% -- -- -- -- -- -- 369,694 1.4%
- -----------------------------------------------------------------------------------------------------------
TOTALS
By Type: 22,352,724 82.1% 4,472,901 16.4% 387,400 1.4% 17,300 0.1% 27,230,325 100.0%
===========================================================================================================
(a) Excludes 9 properties, aggregating approximately 1.4 million square feet,
which are not consolidated by the Company.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
42
Consolidated Portfolio Analysis(a)
(Year ended March 31, 2001)
Breakdown by Base Rental Revenue (b)
(Dollars in thousands)
PROPERTY TYPE:
===================================================================================================================================
Indust./ Stand- Multi-
% of Office/ % of Ware- % of Alone % of Family % of Land % of TOTALS % of
STATE Office Total Flex Total house Total Retail Total Residential Total Leases Total By State Total
- -----------------------------------------------------------------------------------------------------------------------------------
New Jersey 234,242 47.0% 15,715 3.1% -- -- -- -- 2,900 0.6% 261 0.1% 253,118 50.8%
New York 56,244 11.3% 28,880 5.8% 3,712 0.7% 528 0.1% 2,566 0.5% 246 0.0% 92,176 18.4%
Pennsylvania 29,155 5.8% -- -- -- -- -- -- -- -- -- -- 29,155 5.8%
Connecticut 8,558 1.7% 4,084 0.8% -- -- -- -- -- -- -- -- 12,642 2.5%
Wash., D.C./
Maryland 21,036 4.2% -- -- -- -- -- -- -- -- -- -- 21,036 4.2%
- -----------------------------------------------------------------------------------------------------------------------------------
Sub-total
Northeast: 349,235 70.0% 48,679 9.7% 3,712 0.7% 528 0.1% 5,466 1.1% 507 0.1% 408,127 81.7%
- -----------------------------------------------------------------------------------------------------------------------------------
Texas 38,340 7.7% -- -- -- -- -- -- -- -- -- -- 38,340 7.7%
Arizona 5,693 1.1% -- -- -- -- -- -- -- -- -- -- 5,693 1.1%
California 14,730 3.0% -- -- -- -- -- -- -- -- -- -- 14,730 3.0%
Colorado 27,191 5.5% -- -- -- -- -- -- -- -- -- -- 27,191 5.5%
Florida/Iowa 4,830 1.0% -- -- -- -- -- -- -- -- -- -- 4,830 1.0%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS
By Type: 440,019 88.3% 48,679 9.7% 3,712 0.7% 528 0.1% 5,466 1.1% 507 0.1% 498,911 100.0%
===================================================================================================================================
(a) Excludes 9 properties, aggregating approximately 1.4 million square feet,
which are not consolidated by the Company.
(b) Total base rent for the twelve months ended March 31, 2001, 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.
For those properties acquired or placed in service during the twelve
months ended March 31, 2001, amounts are annualized. These annualized
amounts may not be indicative of the property's results had the Company
owned or placed such property in service for the entire twelve months
ended March 31, 2001.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
43
Consolidated Portfolio Analysis (a)
(as of March 31, 2001)
Breakdown by Percentage Leased
PROPERTY TYPE:
=============================================================================================================
WEIGHTED AVG.
STATE Office Office/Flex Industrial/Warehouse Stand-Alone Retail By State
- -------------------------------------------------------------------------------------------------------------
New Jersey 97.8% 92.5% -- -- 97.0%
New York 96.6% 97.9% 98.0% 100.0% 97.2%
Pennsylvania 89.9% -- -- -- 89.9%
Connecticut 95.5% 98.1% -- -- 96.6%
Washington, D.C./ Maryland 99.5% -- -- -- 99.5%
- -------------------------------------------------------------------------------------------------------------
Sub-total Northeast 96.9% 95.4% 98.0% 100.0% 96.6%
- -------------------------------------------------------------------------------------------------------------
Texas 92.2% -- -- -- 92.2%
Arizona 100.0% -- -- -- 100.0%
California 97.5% -- -- -- 97.5%
Colorado 99.6% -- -- -- 99.6%
Florida/Iowa 92.6% -- -- -- 92.6%
- -------------------------------------------------------------------------------------------------------------
WEIGHTED AVG. By Type: 95.8% 95.4% 98.0% 100.0% 96.4%
=============================================================================================================
(a) Excludes 9 properties, aggregating approximately 1.4 million square feet,
which are not consolidated by the Company, as well as multi-family
residential and land lease properties. Also excludes two in-service
development properties in lease-up, aggregating 405,254 square feet.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
44
Property Listing
Office Properties
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- -------------------------------------------------------------------------------------------------------------------
ATLANTIC COUNTY, NEW JERSEY
Egg Harbor
100 Decadon Drive................ 1987 40,422 82.1 733 0.15 22.09
200 Decadon Drive................ 1991 39,922 100.0 737 0.15 18.46
BERGEN COUNTY, NEW JERSEY
Fair Lawn
17-17 Route 208 North............ 1987 143,000 88.3 3,513 0.71 27.82
Fort Lee
One Bridge Plaza................. 1981 200,000 93.5 4,986 1.01 26.66
2115 Linwood Avenue.............. 1981 68,000 99.7 1,495 0.30 22.05
Little Ferry
200 Riser Road................... 1974 286,628 100.0 1,890 0.38 6.59
Montvale
95 Chestnut Ridge Road........... 1975 47,700 100.0 569 0.12 11.93
135 Chestnut Ridge Road.......... 1981 66,150 99.7 1,054 0.21 15.98
Paramus
15 East Midland Avenue........... 1988 259,823 100.0 6,731 1.37 25.91
461 From Road.................... 1988 253,554 99.8 6,040 1.23 23.87
650 From Road.................... 1978 348,510 94.2 6,665 1.35 20.30
140 Ridgewood Avenue ............ 1981 239,680 100.0 5,283 1.07 22.04
61 South Paramus Avenue.......... 1985 269,191 100.0 6,197 1.26 23.02
Rochelle Park
120 Passaic Street............... 1972 52,000 99.6 1,217 0.25 23.50
365 West Passaic Street.......... 1976 212,578 95.7 4,048 0.82 19.90
Saddle River
1 Lake Street.................... 1973/94 474,801 100.0 7,462 1.52 15.72
Upper Saddle River
10 Mountainview Road............. 1986 192,000 100.0 3,984 0.81 20.75
Woodcliff Lake
400 Chestnut Ridge Road.......... 1982 89,200 100.0 2,124 0.43 23.81
470 Chestnut Ridge Road.......... 1987 52,500 100.0 1,192 0.24 22.70
530 Chestnut Ridge Road.......... 1986 57,204 100.0 1,166 0.24 20.38
50 Tice Boulevard................ 1984 235,000 99.4 4,881 0.99 20.90
300 Tice Boulevard............... 1991 230,000 99.4 4,950 1.01 21.65
BURLINGTON COUNTY, NEW JERSEY
Moorestown
224 Strawbridge Drive............ 1984 74,000 100.0 1,430 0.29 19.32
228 Strawbridge Drive............ 1984 74,000 100.0 1,434 0.29 19.38
ESSEX COUNTY, NEW JERSEY
Millburn
150 J.F. Kennedy Parkway......... 1980 247,476 100.0 6,363 1.29 25.71
Roseland
101 Eisenhower Parkway........... 1980 237,000 73.0 4,095 0.83 23.67
103 Eisenhower Parkway........... 1985 151,545 98.9 3,351 0.68 22.36
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
45
Property Listing
Office Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- ------------------------------------------------------------------------------------------------------------------------------------
105 Eisenhower Parkway (e) .................... 2001 220,000 50.9 3,530 0.72 31.52
HUDSON COUNTY, NEW JERSEY
Jersey City
Harborside Financial Center Plaza 1............ 1983 400,000 99.0 3,346 0.68 8.45
Harborside Financial Center Plaza 2............ 1990 761,200 100.0 18,644 3.79 24.49
Harborside Financial Center Plaza 3............ 1990 725,600 100.0 17,771 3.61 24.49
Harborside Financial Center Plaza 4-A (e)...... 2000 207,670 88.7 4,108 0.83 39.12 (f)
MERCER COUNTY, NEW JERSEY
Princeton
103 Carnegie Center............................ 1984 96,000 100.0 2,304 0.47 24.00
100 Overlook Center ........................... 1988 149,600 90.4 3,031 0.62 22.41
5 Vaughn Drive................................. 1987 98,500 100.0 2,335 0.47 23.71
MIDDLESEX COUNTY, NEW JERSEY
East Brunswick
377 Summerhill Road............................ 1977 40,000 100.0 373 0.08 9.33
Plainsboro
500 College Road East.......................... 1984 158,235 100.0 3,405 0.69 21.52
South Brunswick
3 Independence Way............................. 1983 111,300 100.0 2,163 0.44 19.43
Woodbridge
581 Main Street................................ 1991 200,000 100.0 4,743 0.96 23.72
MONMOUTH COUNTY, NEW JERSEY
Neptune
3600 Route 66.................................. 1989 180,000 100.0 2,410 0.49 13.39
Wall Township
1305 Campus Parkway............................ 1988 23,350 92.4 451 0.09 20.90
1350 Campus Parkway............................ 1990 79,747 99.9 1,412 0.29 17.72
MORRIS COUNTY, NEW JERSEY
Florham Park
325 Columbia Turnpike.......................... 1987 168,144 100.0 4,217 0.86 25.08
Morris Plains
250 Johnson Road............................... 1977 75,000 100.0 1,426 0.29 19.01
201 Littleton Road............................. 1979 88,369 100.0 1,958 0.40 22.16
Morris Township
340 Mt. Kemble Avenue.......................... 1985 387,000 100.0 5,530 1.12 14.29
Parsippany
7 Campus Drive................................. 1982 154,395 100.0 2,425 0.49 15.71
8 Campus Drive................................. 1987 215,265 100.0 5,670 1.15 26.34
2 Dryden Way................................... 1990 6,216 100.0 67 0.01 10.78
4 Gatehall Drive (e)........................... 1988 248,480 96.9 5,731 1.16 23.80
2 Hilton Court................................. 1991 181,592 100.0 4,752 0.97 26.17
600 Parsippany Road............................ 1978 96,000 100.0 1,830 0.37 19.06
1 Sylvan Way................................... 1989 150,557 100.0 3,510 0.71 23.31
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
46
Property Listing
Office Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- ----------------------------------------------------------------------------------------------------------------------------
5 Sylvan Way......................... 1989 151,383 100.0 3,641 0.74 24.05
7 Sylvan Way......................... 1987 145,983 100.0 2,920 0.59 20.00
PASSAIC COUNTY, NEW JERSEY
Clifton
777 Passaic Avenue................... 1983 75,000 91.7 1,041 0.21 15.14
Totowa
999 Riverview Drive.................. 1988 56,066 100.0 1,014 0.21 18.09
Wayne
201 Willowbrook Boulevard............ 1970 178,329 99.0 2,371 0.48 13.43
SOMERSET COUNTY, NEW JERSEY
Basking Ridge
222 Mt. Airy Road.................... 1986 49,000 100.0 745 0.15 15.20
233 Mt. Airy Road.................... 1987 66,000 100.0 572 0.12 8.67
Bernards
106 Allen Road (e)................... 2000 132,010 72.5 1,108 0.22 24.59 (f)
Bridgewater
721 Route 202/206.................... 1989 192,741 100.0 4,389 0.89 22.77
UNION COUNTY, NEW JERSEY
Clark
100 Walnut Avenue.................... 1985 182,555 97.5 4,709 0.96 26.46
Cranford
6 Commerce Drive..................... 1973 56,000 93.0 1,024 0.21 19.66
11 Commerce Drive (c)................ 1981 90,000 93.2 1,031 0.21 12.29
12 Commerce Drive.................... 1967 72,260 96.3 590 0.12 8.48
20 Commerce Drive.................... 1990 176,600 100.0 4,164 0.85 23.58
65 Jackson Drive..................... 1984 82,778 100.0 1,638 0.33 19.79
New Providence
890 Mountain Road.................... 1977 80,000 100.0 2,553 0.52 31.91
- ----------------------------------------------------------------------------------------------------------------------------
Total New Jersey Office 11,650,809 97.8 (g) 234,242 47.57 20.55
- ----------------------------------------------------------------------------------------------------------------------------
DUTCHESS COUNTY, NEW YORK
Fishkill
300 South Lake Drive................. 1987 118,727 92.9 2,187 0.44 19.83
NASSAU COUNTY, NEW YORK
North Hempstead
600 Community Drive.................. 1983 237,274 100.0 5,030 1.02 21.20
111 East Shore Road.................. 1980 55,575 100.0 1,518 0.31 27.30
ROCKLAND COUNTY, NEW YORK
Suffern
400 Rella Boulevard.................. 1988 180,000 100.0 3,592 0.73 19.96
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
47
Property Listing
Office Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- -----------------------------------------------------------------------------------------------------------------------------
WESTCHESTER COUNTY, NEW YORK
Elmsford
100 Clearbrook Road (c).................... 1975 60,000 91.7 946 0.19 17.19
101 Executive Boulevard.................... 1971 50,000 86.2 795 0.16 18.45
555 Taxter Road (e)........................ 1986 170,554 100.0 4,057 0.82 23.79
565 Taxter Road (e)........................ 1988 170,554 86.6 3,453 0.70 24.19
570 Taxter Road............................ 1972 75,000 96.5 1,504 0.31 20.78
Hawthorne
30 Saw Mill River Road..................... 1982 248,400 100.0 5,027 1.02 20.24
1 Skyline Drive............................ 1980 20,400 99.0 339 0.07 16.79
2 Skyline Drive............................ 1987 30,000 98.9 479 0.10 16.14
7 Skyline Drive............................ 1987 109,000 100.0 2,211 0.45 20.28
17 Skyline Drive........................... 1989 85,000 100.0 1,263 0.26 14.86
Tarrytown
200 White Plains Road...................... 1982 89,000 77.0 1,710 0.35 24.95
220 White Plains Road...................... 1984 89,000 90.0 2,086 0.42 26.04
White Plains
1 Barker Avenue............................ 1975 68,000 97.2 1,612 0.33 24.39
3 Barker Avenue............................ 1983 65,300 93.3 1,271 0.26 20.86
50 Main Street............................. 1985 309,000 100.0 7,768 1.58 25.14
11 Martine Avenue.......................... 1987 180,000 99.1 4,505 0.91 25.26
1 Water Street............................. 1979 45,700 99.8 1,062 0.22 23.29
Yonkers
1 Executive Boulevard...................... 1982 112,000 100.0 2,413 0.49 21.54
3 Executive Plaza.......................... 1987 58,000 100.0 1,416 0.29 24.41
- -----------------------------------------------------------------------------------------------------------------------------
Total New York Office 2,626,484 96.6 56,244 11.43 22.16
- -----------------------------------------------------------------------------------------------------------------------------
CHESTER COUNTY, PENNSYLVANIA
Berwyn
1000 Westlakes Drive....................... 1989 60,696 93.6 1,505 0.31 26.49
1055 Westlakes Drive....................... 1990 118,487 34.5 1,769 0.36 43.28
1205 Westlakes Drive....................... 1988 130,265 97.6 2,805 0.57 22.06
1235 Westlakes Drive....................... 1986 134,902 100.0 3,276 0.67 24.28
DELAWARE COUNTY, PENNSYLVANIA
Lester
100 Stevens Drive.......................... 1986 95,000 100.0 2,263 0.46 23.82
200 Stevens Drive.......................... 1987 208,000 100.0 4,581 0.93 22.02
300 Stevens Drive.......................... 1992 68,000 99.2 1,518 0.31 22.50
Media
1400 Providence Road - Center I............ 1986 100,000 88.8 1,778 0.36 20.02
1400 Providence Road - Center II........... 1990 160,000 81.8 2,868 0.58 21.91
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
48
Property Listing
Office Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- -----------------------------------------------------------------------------------------------------------------------------
MONTGOMERY COUNTY, PENNSYLVANIA
Lower Providence
1000 Madison Avenue......................... 1990 100,700 86.4 1,815 0.37 20.86
Plymouth Meeting
1150 Plymouth Meeting Mall.................. 1970 167,748 93.8 2,751 0.56 17.48
Five Sentry Parkway East.................... 1984 91,600 100.0 1,500 0.30 16.38
Five Sentry Parkway West.................... 1984 38,400 100.0 726 0.15 18.91
- -----------------------------------------------------------------------------------------------------------------------------
Total Pennsylvania Office 1,473,798 89.9 29,155 5.93 22.02
- -----------------------------------------------------------------------------------------------------------------------------
FAIRFIELD COUNTY, CONNECTICUT
Greenwich
500 West Putnam Avenue...................... 1973 121,250 93.6 3,014 0.61 26.56
Norwalk
40 Richards Avenue.......................... 1985 145,487 93.0 3,197 0.65 23.63
Shelton
1000 Bridgeport Avenue...................... 1986 133,000 100.0 2,347 0.48 17.65
- -----------------------------------------------------------------------------------------------------------------------------
Total Connecticut Office 399,737 95.5 8,558 1.74 22.42
- -----------------------------------------------------------------------------------------------------------------------------
WASHINGTON, D.C.
1201 Connecticut Avenue, NW................. 1940 169,549 100.0 5,359 1.09 31.61
1400 L Street, NW........................... 1987 159,000 100.0 6,092 1.24 38.31
1709 New York Avenue, NW.................... 1972 166,000 100.0 7,160 1.45 43.13
- -----------------------------------------------------------------------------------------------------------------------------
Total District of Columbia Office 494,549 100.0 18,611 3.78 37.63
- -----------------------------------------------------------------------------------------------------------------------------
PRINCE GEORGE'S COUNTY, MARYLAND
Lanham
4200 Parliament Place....................... 1989 122,000 97.5 2,425 0.49 20.40
- -----------------------------------------------------------------------------------------------------------------------------
Total Maryland Office 122,000 97.5 2,425 0.49 20.40
- -----------------------------------------------------------------------------------------------------------------------------
BEXAR COUNTY, TEXAS
San Antonio
200 Concord Plaza Drive..................... 1986 248,700 96.6 4,451 0.90 18.53
84 N.E. Loop 410............................ 1971 187,312 89.9 2,592 0.53 15.39
1777 N.E. Loop 410.......................... 1986 256,137 86.1 3,701 0.75 16.78
111 Soledad................................. 1918 248,153 92.3 2,618 0.53 11.43
COLLIN COUNTY, TEXAS
Plano
555 Republic Place.......................... 1986 97,889 86.3 1,373 0.28 16.25
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
49
Property Listing
Office Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- -------------------------------------------------------------------------------------------------------------------
DALLAS COUNTY, TEXAS
Dallas
3030 LBJ Freeway (c)................ 1984 367,018 96.4 6,669 1.35 18.85
3100 Monticello..................... 1984 173,837 94.6 2,804 0.57 17.05
8214 Westchester.................... 1983 95,509 75.8 1,234 0.25 17.05
Irving
2300 Valley View.................... 1985 142,634 97.4 2,134 0.43 15.36
Richardson
1122 Alma Road...................... 1977 82,576 100.0 607 0.12 7.35
HARRIS COUNTY, TEXAS
Houston
14511 Falling Creek................. 1982 70,999 100.0 721 0.15 10.16
5225 Katy Freeway................... 1983 112,213 96.1 1,548 0.31 14.36
5300 Memorial....................... 1982 155,099 99.2 2,398 0.49 15.59
1717 St. James Place................ 1975 109,574 95.4 1,392 0.28 13.32
1770 St. James Place................ 1973 103,689 87.8 1,309 0.27 14.38
10497 Town & Country Way............ 1981 148,434 77.2 1,727 0.35 15.07
TARRANT COUNTY, TEXAS
Euless
150 West Parkway.................... 1984 74,429 91.0 1,062 0.22 15.68
- -------------------------------------------------------------------------------------------------------------------
Total Texas Office 2,674,202 92.2 38,340 7.78 15.55
- -------------------------------------------------------------------------------------------------------------------
MARICOPA COUNTY, ARIZONA
Glendale
5551 West Talavi Boulevard.......... 1991 181,596 100.0 1,729 0.35 9.52
Phoenix
19640 North 31st Street............. 1990 124,171 100.0 1,552 0.32 12.50
Scottsdale
9060 E. Via Linda Boulevard......... 1984 111,200 100.0 2,412 0.49 21.69
- -------------------------------------------------------------------------------------------------------------------
Total Arizona Office 416,967 100.0 5,693 1.16 13.65
- -------------------------------------------------------------------------------------------------------------------
ARAPAHOE COUNTY, COLORADO
Aurora
750 South Richfield Street.......... 1997 108,240 100.0 2,911 0.59 26.89
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
50
Property Listing
Office Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable As of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- -------------------------------------------------------------------------------------------------------------------------------
Denver
400 South Colorado Boulevard............... 1983 125,415 97.8 2,222 0.45 18.12
Englewood
9359 East Nichols Avenue................... 1997 72,610 100.0 903 0.18 12.44
5350 South Roslyn Street................... 1982 63,754 97.7 1,075 0.22 17.26
BOULDER COUNTY, COLORADO
Broomfield
105 South Technology Court................. 1997 37,574 100.0 542 0.11 14.42
303 South Technology Court-A............... 1997 34,454 100.0 397 0.08 11.52
303 South Technology Court-B............... 1997 40,416 100.0 465 0.09 11.51
Louisville
248 Centennial Parkway..................... 1996 39,266 100.0 501 0.10 12.76
1172 Century Drive......................... 1996 49,566 100.0 633 0.13 12.77
285 Century Place.......................... 1997 69,145 100.0 1,087 0.22 15.72
DENVER COUNTY, COLORADO
Denver
3600 South Yosemite........................ 1974 133,743 100.0 1,286 0.26 9.62
DOUGLAS COUNTY, COLORADO
Englewood
8181 East Tufts Avenue (e)................. 2001 185,254 66.9 2,979 0.60 24.04
400 Inverness Drive........................ 1997 111,608 99.9 2,792 0.57 25.04
67 Inverness Drive East.................... 1996 54,280 100.0 684 0.14 12.60
384 Inverness Drive South.................. 1985 51,523 97.6 838 0.17 16.66
5975 South Quebec Street................... 1996 102,877 99.8 2,405 0.48 23.42
Parker
9777 Mount Pyramid Court................... 1995 120,281 100.0 1,323 0.27 11.00
EL PASO COUNTY, COLORADO
Colorado Springs
8415 Explorer.............................. 1998 47,368 100.0 622 0.12 13.13
1975 Research Parkway...................... 1997 115,250 100.0 1,796 0.36 15.58
2375 Telstar Drive......................... 1998 47,369 100.0 621 0.12 13.11
JEFFERSON COUNTY, COLORADO
Lakewood
141 Union Boulevard........................ 1985 63,600 100.0 1,109 0.23 17.44
- -------------------------------------------------------------------------------------------------------------------------------
Total Colorado Office 1,673,593 99.6(g) 27,191 5.49 16.31
- -------------------------------------------------------------------------------------------------------------------------------
SAN FRANCISCO COUNTY, CALIFORNIA
San Francisco
795 Folsom Street.......................... 1977 183,445 100.0 6,388 1.30 34.82
760 Market Street.......................... 1908 267,446 95.8 8,342 1.69 32.56
- -------------------------------------------------------------------------------------------------------------------------------
Total California Office 450,891 97.5 14,730 2.99 33.50
- -------------------------------------------------------------------------------------------------------------------------------
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
51
Property Listing
Office Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable As of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- --------------------------------------------------------------------------------------------------------------------------
HILLSBOROUGH COUNTY, FLORIDA
Tampa
501 Kennedy Boulevard................... 1982 297,429 90.8 3,740 0.76 13.85
- --------------------------------------------------------------------------------------------------------------------------
Total Florida Office 297,429 90.8 3,740 0.76 13.85
- --------------------------------------------------------------------------------------------------------------------------
POLK COUNTY, IOWA
West Des Moines
2600 Westown Parkway.................... 1988 72,265 100.0 1,090 0.22 15.08
- --------------------------------------------------------------------------------------------------------------------------
Total Iowa Office 72,265 100.0 1,090 0.22 15.08
- --------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE PROPERTIES 22,352,724 95.8(g) 440,019 89.34 20.54
==========================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
52
Property Listing
Office/Flex Properties
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- -------------------------------------------------------------------------------------------------------------------------
BURLINGTON COUNTY, NEW JERSEY
Burlington
3 Terri Lane............................ 1991 64,500 68.8 341 0.07 7.68
5 Terri Lane............................ 1992 74,555 88.6 427 0.09 6.46
Moorestown
2 Commerce Drive........................ 1986 49,000 100.0 363 0.07 7.41
101 Commerce Drive...................... 1988 64,700 100.0 336 0.07 5.19
102 Commerce Drive...................... 1987 38,400 87.5 185 0.04 5.51
201 Commerce Drive...................... 1986 38,400 100.0 196 0.04 5.10
202 Commerce Drive...................... 1988 51,200 100.0 268 0.05 5.23
1 Executive Drive....................... 1989 20,570 100.0 195 0.04 10.39
2 Executive Drive ...................... 1988 60,800 100.0 431 0.09 8.69
101 Executive Drive..................... 1990 29,355 80.0 166 0.03 7.07
102 Executive Drive..................... 1990 64,000 90.0 333 0.07 5.78
225 Executive Drive..................... 1990 50,600 86.2 322 0.07 7.38
97 Foster Road.......................... 1982 43,200 100.0 187 0.04 4.33
1507 Lancer Drive....................... 1995 32,700 100.0 139 0.03 4.25
1510 Lancer Drive....................... 1998 88,000 100.0 370 0.08 4.20
1256 North Church Street................ 1984 63,495 49.9 189 0.04 5.97
840 North Lenola Road................... 1995 38,300 82.6 258 0.05 8.16
844 North Lenola Road................... 1995 28,670 100.0 214 0.04 7.46
915 North Lenola Road (e)............... 1998 52,488 100.0 281 0.06 5.36
30 Twosome Drive........................ 1997 39,675 100.0 224 0.05 5.65
31 Twosome Drive (e).................... 1998 84,200 100.0 444 0.09 5.28
40 Twosome Drive........................ 1996 40,265 93.4 190 0.04 5.05
41 Twosome Drive (e).................... 1998 43,050 100.0 317 0.06 7.37
50 Twosome Drive........................ 1997 34,075 100.0 259 0.05 7.60
West Deptford
1451 Metropolitan Drive................. 1996 21,600 100.0 148 0.03 6.85
MERCER COUNTY, NEW JERSEY
Hamilton Township
100 Horizon Drive....................... 1989 13,275 100.0 94 0.03 7.08
200 Horizon Drive....................... 1991 45,770 100.0 474 0.10 10.36
300 Horizon Drive....................... 1989 69,780 100.0 746 0.15 10.69
500 Horizon Drive....................... 1990 41,205 57.8 267 0.05 11.21
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
53
Property Listing
Office/Flex Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- -----------------------------------------------------------------------------------------------------------------------
MONMOUTH COUNTY, NEW JERSEY
Wall Township
1325 Campus Parkway.................... 1988 35,000 100.0 460 0.09 13.14
1340 Campus Parkway.................... 1992 72,502 100.0 830 0.17 11.45
1345 Campus Parkway.................... 1995 76,300 100.0 712 0.14 9.33
1433 Highway 34........................ 1985 69,020 91.0 624 0.13 9.92
1320 Wyckoff Avenue.................... 1986 20,336 100.0 176 0.04 8.65
1324 Wyckoff Avenue.................... 1987 21,168 100.0 202 0.04 9.54
PASSAIC COUNTY, NEW JERSEY
Totowa
1 Center Court......................... 1999 38,961 100.0 143 0.03 3.67
2 Center Court......................... 1998 30,600 99.3 348 0.07 11.45
11 Commerce Way........................ 1989 47,025 100.0 519 0.11 11.04
20 Commerce Way........................ 1992 42,540 100.0 442 0.09 10.39
29 Commerce Way........................ 1990 48,930 56.5 457 0.09 16.53
40 Commerce Way........................ 1987 50,576 85.7 516 0.10 11.90
45 Commerce Way........................ 1992 51,207 100.0 498 0.10 9.73
60 Commerce Way........................ 1988 50,333 100.0 483 0.10 9.60
80 Commerce Way........................ 1996 22,500 100.0 284 0.06 12.62
100 Commerce Way....................... 1996 24,600 100.0 311 0.06 12.64
120 Commerce Way....................... 1994 9,024 100.0 87 0.02 9.64
140 Commerce Way....................... 1994 26,881 99.5 259 0.05 9.68
- -----------------------------------------------------------------------------------------------------------------------
Total New Jersey Office/Flex 2,123,331 92.5 15,715 3.21 8.00
- -----------------------------------------------------------------------------------------------------------------------
WESTCHESTER COUNTY, NEW YORK
Elmsford
11 Clearbrook Road..................... 1974 31,800 100.0 333 0.07 10.47
75 Clearbrook Road..................... 1990 32,720 100.0 815 0.17 24.91
150 Clearbrook Road.................... 1975 74,900 100.0 1,026 0.21 13.70
175 Clearbrook Road.................... 1973 98,900 98.5 1,458 0.30 14.97
200 Clearbrook Road.................... 1974 94,000 99.8 1,208 0.25 12.88
250 Clearbrook Road.................... 1973 155,000 94.5 1,328 0.27 9.07
50 Executive Boulevard................. 1969 45,200 75.8 361 0.07 10.54
77 Executive Boulevard................. 1977 13,000 55.4 130 0.03 18.05
85 Executive Boulevard................. 1968 31,000 99.4 415 0.08 13.47
300 Executive Boulevard................ 1970 60,000 99.7 607 0.12 10.15
350 Executive Boulevard................ 1970 15,400 98.8 283 0.06 18.60
399 Executive Boulevard................ 1962 80,000 100.0 968 0.20 12.10
400 Executive Boulevard................ 1970 42,200 100.0 651 0.13 15.43
500 Executive Boulevard................ 1970 41,600 100.0 621 0.13 14.93
525 Executive Boulevard................ 1972 61,700 100.0 912 0.19 14.78
1 Westchester Plaza.................... 1967 25,000 100.0 304 0.06 12.16
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
54
Property Listing
Office/Flex Properties
(Continued)
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- -------------------------------------------------------------------------------------------------------------------------
2 Westchester Plaza..................... 1968 25,000 100.0 447 0.09 17.88
3 Westchester Plaza..................... 1969 93,500 100.0 1,238 0.25 13.24
4 Westchester Plaza..................... 1969 44,700 99.8 629 0.13 14.10
5 Westchester Plaza..................... 1969 20,000 100.0 304 0.06 15.20
6 Westchester Plaza..................... 1968 20,000 100.0 301 0.06 15.05
7 Westchester Plaza..................... 1972 46,200 100.0 649 0.13 14.05
8 Westchester Plaza..................... 1971 67,200 97.2 896 0.18 13.72
Hawthorne
200 Saw Mill River Road................. 1965 51,100 100.0 633 0.13 12.39
4 Skyline Drive......................... 1987 80,600 100.0 1,276 0.26 15.83
8 Skyline Drive......................... 1985 50,000 98.9 897 0.18 18.14
10 Skyline Drive........................ 1985 20,000 100.0 284 0.06 14.20
11 Skyline Drive........................ 1989 45,000 100.0 690 0.15 15.33
12 Skyline Drive........................ 1999 46,850 100.0 806 0.16 17.20
15 Skyline Drive........................ 1989 55,000 98.2 1,009 0.20 18.35
Yonkers
100 Corporate Boulevard................. 1987 78,000 99.2 1,399 0.28 18.26
200 Corporate Boulevard South........... 1990 84,000 99.8 1,380 0.28 16.46
4 Executive Plaza....................... 1986 80,000 98.7 1,051 0.21 13.31
6 Executive Plaza....................... 1987 80,000 100.0 1,153 0.23 14.41
1 Odell Plaza........................... 1980 106,000 90.9 1,220 0.25 12.66
5 Odell Plaza........................... 1983 38,400 99.6 548 0.11 14.33
7 Odell Plaza........................... 1984 42,600 99.6 650 0.13 15.32
- -------------------------------------------------------------------------------------------------------------------------
Total New York Office/Flex 2,076,570 97.9 28,880 5.87 14.20
- -------------------------------------------------------------------------------------------------------------------------
FAIRFIELD COUNTY, CONNECTICUT
Stamford
419 West Avenue......................... 1986 88,000 94.0 1,469 0.30 17.76
500 West Avenue......................... 1988 25,000 100.0 449 0.09 17.96
550 West Avenue......................... 1990 54,000 100.0 785 0.16 14.54
600 West Avenue......................... 1999 66,000 100.0 826 0.17 12.52
650 West Avenue......................... 1998 40,000 100.0 555 0.11 13.88
- -------------------------------------------------------------------------------------------------------------------------
Total Connecticut Office/Flex 273,000 98.1 4,084 0.83 15.25
- -------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE/FLEX PROPERTIES 4,472,901 95.4 48,679 9.91 11.41
=========================================================================================================================
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
55
Property Listing
Industrial Warehouse Properties
Percentage
of Total 2001
Percentage Office, 2001
Net Leased 2001 Office/Flex Average
Rentable as of Base and Industrial/ Base Rent
Property Year Area 3/31/01 Rent Warehouse Per Sq. Ft.
Location Built (Sq. Ft.) (%) (a) ($000) (b) (c) Base Rent (%) ($) (c) (d)
- ------------------------------------------------------------------------------------------------------------------------------------
WESTCHESTER COUNTY, NEW YORK
Elmsford
1 Warehouse Lane............................ 1957 6,600 100.0 59 0.01 8.94
2 Warehouse Lane............................ 1957 10,900 96.3 136 0.03 12.96
3 Warehouse Lane............................ 1957 77,200 100.0 290 0.06 3.76
4 Warehouse Lane............................ 1957 195,500 97.4 1,935 0.39 10.16
5 Warehouse Lane............................ 1957 75,100 97.1 779 0.16 10.68
6 Warehouse Lane............................ 1982 22,100 100.0 513 0.10 23.21
- ------------------------------------------------------------------------------------------------------------------------------------
Total Industrial/Warehouse Properties 387,400 98.0 3,712 0.75 9.78
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL OFFICE, OFFICE/FLEX,
AND INDUSTRIAL/WAREHOUSE
PROPERTIES 27,213,025 96.4 (g) 492,410 100.0 18.78
====================================================================================================================================
(a) Based on all leases in effect as of March 31, 2001.
(b) Total base rent for 12 months ended March 31, 2001, determined in
accordance with GAAP. Substantially all of the leases provide for annual
base rents plus recoveries and escalation charges based upon the tenant's
proportionate share of and/or increases in real estate taxes and certain
operating costs, as defined, and the pass through of charges for
electrical usage.
(c) Excludes space leased by the Company.
(d) Base rent for the 12 months ended March 31, 2001 divided by net rentable
square feet leased at March 31, 2001. For those properties acquired or
placed in service during the 12 months ended March 31, 2001, amounts are
annualized.
(e) As this property was acquired or placed in service by the Company during
the 12 months ended March 31, 2001, the amounts represented for base rent
are annualized. These annualized amounts may not be indicative of the
property's results had the Company owned or placed such property in
service for the entire 12 months ended March 31, 2001.
(f) Calculation based on square feet in service as of March 31, 2001.
(g) Weighted average percent leased excludes in-service development properties
in lease-up.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
56
Significant Tenants
The following table sets forth a schedule of the Company's 20 largest tenants
for the Consolidated Properties as of March 31, 2001, based upon annualized base
rents:
Percentage of
Annualized Company Square Percentage Year of
Number of Base Rental Annualized Base Feet Total Company Lease
Properties Revenue ($) (a) Rental Revenue (%) Leased Leased Sq. Ft. (%) Expiration
- ---------------------------------------------------------------------------------------------------------------------------------
AT&T Wireless Services 2 8,527,197 1.8 395,955 1.5 2007 (b)
Donaldson, Lufkin &
Jenrette Securities Corp. 1 8,316,096 1.7 271,953 1.1 2011
Keystone Mercy Health Plan 3 7,429,219 1.5 325,843 1.3 2015 (c)
AT&T Corporation 2 7,268,746 1.5 450,278 1.8 2009 (d)
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 (e)
Toys 'R' Us - NJ, Inc. 1 5,342,672 1.1 242,518 0.9 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 (f)
American Institute of Certified
Public Accountants 1 4,981,357 1.0 249,768 1.0 2012
Board of Gov./Federal Reserve 1 4,727,680 1.0 117,008 0.4 2009 (g)
Allstate Insurance Company 9 4,710,187 1.0 224,321 0.9 2009 (h)
Winston & Strawn 1 4,390,930 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 (i)
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 (j)
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 105,744,710 22.0 5,030,549 19.6
=================================================================================================================================
(a) Annualized base rental revenue is based on actual March 2001 billings
times 12. For leases whose rent commences after April 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.
(b) 12,150 square feet expire September 2004; 345,799 square feet expire March
2007; 38,006 square feet expire June 2007.
(c) 22,694 square feet expire January 2003; 303,149 square feet expire April
2015.
(d) 63,278 square feet expire May 2004; 387,000 square feet expire January
2009.
(e) 28,289 square feet expire January 2002; 85,000 square feet expire December
2005; 248,399 square feet expire December 2007.
(f) 9,865 square feet expire September 2001; 300,378 square feet expire
December 2005.
(g) 94,719 square feet expire May 2005; 22,289 square feet expire July 2009.
(h) 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.
(i) 104,556 square feet expire September 2002; 57,204 square feet expire July
2007.
(j) 28,000 square feet expire January 2011; 38,930 square feet expire April
2011; 40,875 square feet expire September 2011.
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
57
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 April 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 (a) (Sq. Ft.) Leases (%) (b) Leases ($) (c) Leases ($) Leases (%)
- -----------------------------------------------------------------------------------------------------------------------
2001 399 2,078,385 8.1 36,020,501 17.33 7.4
2002 526 3,153,436 12.3 56,083,565 17.78 11.5
2003 515 3,884,129 15.2 68,968,069 17.76 14.2
2004 373 2,416,506 9.4 45,623,716 18.88 9.4
2005 345 3,123,930 12.2 61,676,816 19.74 12.7
2006 214 2,236,124 8.7 44,187,936 19.76 9.1
2007 79 1,637,558 6.4 32,793,874 20.03 6.7
2008 60 1,266,557 4.9 21,587,914 17.04 4.4
2009 41 1,118,396 4.4 21,773,368 19.47 4.5
2010 76 1,116,607 4.4 21,742,346 19.47 4.5
2011 33 1,057,118 4.1 26,120,252 24.71 5.4
2012 and thereafter 45 2,544,346 9.9 49,702,978 19.53 10.2
- -----------------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 2,706 25,633,092 (d) 100.0 486,281,335 18.97 100.0
=======================================================================================================================
(a) Includes office, office/flex, industrial/warehouse and stand-alone retail
property tenants only. Excludes leases for amenity, retail, parking and
month-to-month tenants. Some tenants have multiple leases.
(b) Excludes all unleased space as of March 31, 2001.
(c) Annualized base rental revenue is based on actual March 2001 billings
times 12. For leases whose rent commences after April 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.
(d) Reconciliation to Company's total net rentable square footage is as
follows:
Square Feet
-----------
Square footage leased to commercial tenants 25,633,092
Square footage used for corporate offices, management offices,
building use, retail tenants, food services, other ancillary
service tenants and occupancy adjustments 450,823
Square footage unleased 1,146,410
----------
Total net rentable square footage (does not include
residential, land lease, retail or not-in-service properties) 27,230,325
==========
================================================================================
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2001
58
Schedule of Lease Expirations
Office Properties
The following table sets forth a schedule of the lease expirations for the
office properties beginning April 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 (a) (Sq. Ft.) Leases (%) (b) Leases ($)(c) Leases ($) Leases (%)
- ----------------------------------------------------------------------------------------------------------------------
2001 334 1,629,111 7.8 31,208,173 19.16 7.2
2002 418 2,294,504 10.9 47,093,171 20.52 10.9
2003 425 3,170,009 15.1 62,009,791 19.56 14.3
2004 305 1,790,675 8.5 38,477,746 21.49 8.9
2005 285 2,594,893 12.4 55,390,894 21.35 12.8
2006 180 1,820,994 8.7 38,219,459 20.99 8.8
2007 71 1,502,127 7.2 30,819,140 20.52 7.1
2008 52 1,019,410 4.9 19,655,970 19.28 4.5
2009 28 974,873 4.6 19,773,792 20.28 4.6
2010 53 834,776 4.0 17,571,848 21.05 4.1
2011 29 988,177 4.7 25,218,846 25.52 5.8
2012 and thereafter 40 2,358,658 11.2 47,472,429 20.13 11.0
- ----------------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 2,220 20,978,207 100.0 432,911,259 20.64 100.0
======================================================================================================================
(a) Includes office tenants only. Excludes leases for amenity, retail, parking
and month-to-month office tenants. Some tenants have multiple leases.
(b) Excludes all unleased space as of March 31, 2001.
(c) Annualized base rental revenue is based on actual March 2001 billings
times 12. For leases whose rent commences after April 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 March 31, 2001
59
Schedule of Lease Expirations
Office/Flex Properties
The following table sets forth a schedule of the lease expirations for the
office/flex properties beginning April 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 (a) (Sq. Ft.) Leases (%) (b) Leases ($) (c) Leases ($) Leases (%)
- --------------------------------------------------------------------------------------------------------------------
2001 61 441,942 10.4 4,746,280 10.74 9.6
2002 105 809,492 19.0 8,453,642 10.44 17.2
2003 86 616,146 14.5 6,455,535 10.48 13.1
2004 57 416,411 9.8 4,650,470 11.17 9.5
2005 57 515,883 12.1 6,104,046 11.83 12.4
2006 34 415,130 9.7 5,968,477 14.38 12.1
2007 8 135,431 3.2 1,974,734 14.58 4.0
2008 8 247,147 5.8 1,931,944 7.82 3.9
2009 12 131,723 3.1 1,893,376 14.37 3.9
2010 23 281,831 6.6 4,170,498 14.80 8.5
2011 4 68,941 1.6 901,406 13.08 1.8
2012 and thereafter 4 177,688 4.2 1,965,549 11.06 4.0
- --------------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 459 4,257,765 100.0 49,215,957 11.56 100.0
====================================================================================================================
(a) Includes office/flex tenants only. Excludes leases for amenity, retail,
parking and month-to-month office/flex tenants. Some tenants have multiple
leases.
(b) Excludes all unleased space as of March 31, 2001.
(c) Annualized base rental revenue is based on actual March 2001 billings
times 12. For leases whose rent commences after April 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 March 31, 2001
60
Schedule of Lease Expirations
Industrial/Warehouse Properties
The following table sets forth a schedule of the lease expirations for the
industrial/warehouse properties beginning April 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 (a) (Sq. Ft.) Leases (%)(b) Leases ($)(c) Leases ($) Leases (%)
- ----------------------------------------------------------------------------------------------------------------
2001 4 7,332 1.9 66,048 9.01 1.8
2002 3 49,440 13.0 536,752 10.86 14.5
2003 4 97,974 25.8 502,743 5.13 13.6
2004 10 200,120 52.7 2,300,500 11.50 62.3
2005 3 13,154 3.5 181,876 13.83 4.9
2009 1 11,800 3.1 106,200 9.00 2.9
- ----------------------------------------------------------------------------------------------------------------
Totals/Weighted
Average 25 379,820 100.0 3,694,119 9.73 100.0
================================================================================================================
(a) Includes industrial/warehouse tenants only. Excludes leases for amenity,
retail, parking and month-to-month industrial/warehouse tenants. Some
tenants have multiple leases.
(b) Excludes all unleased space as of March 31, 2001.
(c) Annualized base rental revenue is based on actual March 2001 billings
times 12. For leases whose rent commences after April 1, 2001, annualized
base rental revenue is based on the first full month's billing times 12.
As annualized base rental revenue is not derived from historical GAAP
results, the historical results may differ from those set forth above.
Schedule of Lease Expirations
Stand-Alone Retail Properties
The following table sets forth a schedule of the lease expirations for the
stand-alone retail properties beginning April 1, 2001, assuming that none of the
tenants exercise renewal options:
Average Annual
Percentage Of Rent Per Net
Net Rentable Total Leased Annualized Rentable Percentage Of
Area Subject Square Feet Base Rental Square Foot Annual Base
Number Of To Expiring Represented By Revenue Under Represented Rent Under
Year Of Leases Leases Expiring Expiring By Expiring Expiring
Expiration Expiring (a) (Sq. Ft.) Leases (%) Leases ($)(b) 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
=================================================================================================================
(a) Includes stand-alone retail property tenants only.
(b) Annualized base rental revenue is based on actual March 2001 billings
times 12. For leases whose rent commences after April 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 March 31, 2001
61