EXHIBIT 99.1
FIRST QUARTER 2005
Supplemental Operating and Financial Data
This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Company. Any offers to sell or solicitations of the Company shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the “10-Q”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-Q and the Public Filings. Any
investors’ receipt of, or access to, the information contained herein is subject to this qualification.
INDEX
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PAGE(S) |
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I. COMPANY BACKGROUND |
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• About the Company/Other Corporate Data |
5 |
|
• Board of Directors/Executive Officers |
6 |
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• Equity Research Coverage/Company Contact Information |
7 |
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|
|
|
II. FINANCIAL HIGHLIGHTS |
|
|
• Quarterly Summary/Acquisitions/Property Sales |
9 |
|
• Financing Activity/Dividends/Leasing Information |
10-11 |
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• Leasing Information/Information About FFO |
11 |
|
• Key Financial Data |
12 |
|
• Same-Store Results and Analysis |
13 |
|
• Unconsolidated Joint Ventures Summary |
14-16 |
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• Select Financial Ratios |
17 |
|
• Debt Analysis: |
|
|
• Debt Breakdown/Future Repayments |
18 |
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• Debt Maturities |
19 |
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• Debt Detail |
20 |
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|
|
|
III. FINANCIAL INFORMATION |
|
|
• Consolidated Statements of Operations |
22 |
|
• Consolidated Balance Sheets |
23 |
|
• Consolidated Statement of Changes in Stockholders’ Equity |
24 |
|
• Statements of Funds from Operations |
25 |
|
• Statements of Funds from Operations Per Diluted Share |
26 |
|
• Reconciliation of Basic-to-Diluted Shares/Units |
27 |
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|
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IV. VALUE CREATION PIPELINE |
|
|
• Operating Property Acquisitions |
29 |
|
• Acquisition Property Profiles |
30-31 |
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• Summary of Land Parcels |
32 |
|
• Rental Property Sales/Rental Property Held for Sale |
33 |
|
|
|
|
V. PORTFOLIO/ LEASING STATISTICS |
|
|
• Leasing Statistics |
35-37 |
|
• Market Diversification (MSA’s) |
38 |
|
• Industry Diversification (Top 30 Tenant Industries) |
39 |
|
• Consolidated Portfolio Analyses: |
|
|
Breakdown by: |
|
|
(a) Number of Properties |
40 |
|
(b) Square Footage |
41 |
|
(c) Base Rental Revenue |
42 |
|
(d) Percentage Leased |
43 |
|
• Consolidated Property Listing (by Property Type) |
44-53 |
|
• Significant Tenants (Top 50 Tenants) |
54-55 |
|
• Schedules of Lease Expirations (by Property Type) |
56-61 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
2
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
The Company considers portions of this information to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “continue” or comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and
some of which the Company might not even anticipate. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, the Company can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Among the factors about which the Company has made assumptions are:
|
• |
changes in the general economic climate; conditions, including those affecting industries in which the Company’s principal tenants compete; |
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|
• |
any failure of the general economy to recover from the current economic downturn; |
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|
• |
the extent of any tenant bankruptcies or of any early lease terminations; |
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|
• |
the Company’s ability to lease or re-lease space at current or anticipated rents; |
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|
• |
changes in the supply of and demand for office, office/flex and industrial/warehouse properties; |
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|
• |
changes in interest rate levels; |
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|
• |
changes in operating costs; |
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|
• |
the Company’s ability to obtain adequate insurance, including coverage for terrorist acts; |
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|
• |
the availability of financing; |
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|
• |
changes in governmental regulation, tax rates and similar matters; and |
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|
• |
other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.
|
For further information on factors which could impact us and the statements contained herein, you are advised to consider the “Risk Factors” contained in the Company’s Annual Report on Form 10-K, which are incorporated herein by reference. The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
3
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
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 $5.3 billion at March 31, 2005. 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 270 properties, primarily class A office and office/flex buildings, totaling approximately 30.4 million square feet, serving as home to approximately 2,100 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 8.5 million square feet of additional commercial space.
History
Established over 50 years ago, in 1994 the New Jersey-based firm, Cali Realty, became a publicly-traded company listed on the New York Stock Exchange under the ticker symbol CLI. Through combinations with some of the top companies in the real estate industry—most notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin Company—Mack-Cali has become one of the leading real estate companies in the country.
Strategy
Mack-Cali’s strategy is to be a significant real estate owner and operator in its core, high-barriers-to-entry markets, primarily in the Northeast.
Summary
(as of March 31, 2005)
|
Corporate Headquarters |
Cranford, New Jersey |
|
Fiscal Year-End |
12/31 |
|
Total Properties |
270 |
|
Total Square Feet |
30.4 million square feet |
|
Geographic Diversity |
Seven states and the District of Columbia |
|
New Jersey Presence |
19.1 million square feet |
|
Northeast Presence |
28.1 million square feet |
|
Common Shares and |
|
|
Units Outstanding |
75.4 million |
|
Dividend-- Quarter/Annualized |
$0.63/$2.52 |
|
Dividend Yield |
6.0% |
|
Total Market Capitalization |
$5.3 billion |
|
Senior Debt Rating |
BBB (S&P and Fitch); |
|
|
Baa2 (Moody’s) |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
5
Board of Directors
|
William L. Mack, Chairman of the Board
|
|
Alan S. Bernikow |
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
|
|
David S. Mack |
|
|
|
|
Executive Officers
Mitchell E. Hersh, President and Chief Executive Officer
Barry Lefkowitz, Executive Vice President and Chief Financial Officer
Roger W. Thomas, Executive Vice President, General Counsel and Secretary
Michael A. Grossman, Executive Vice President
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
6
Equity Research Coverage
|
Banc of America Securities, LLC
John P. Kim / Ross Nussbaum
(212) 847-5761 / (212) 847-5668
|
Morgan Stanley Dean Witter
Gregory Whyte
(212) 761-6331 |
|
Bear, Stearns & Co., Inc.
Ross Smotrich
(212) 272-8046
|
Prudential Equity Group
James Sullivan
(212) 778-2515 |
|
Deutsche Bank-North America
Louis Taylor / Christopher A. Capolongo
(212) 250-4912 / (212) 250-7726
|
Ryan Beck & Co
Sheila K. McGrath
(973) 549-4084 |
|
Goldman Sachs
Carey Callaghan
(212) 902-4351 |
Smith Barney Citigroup
Jonathan Litt
(212) 816-0231 |
|
Green Street Advisors
Jim Sullivan / Michael Knott
(949) 640-8780 |
Wachovia Securities
Christopher Haley
(443) 263-6773 |
|
Lehman Brothers
David Harris / David Shulman
(212) 526-1790 / (212) 526-3413 |
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|
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 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
7
II. FINANCIAL HIGHLIGHTS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
8
II. FINANCIAL HIGHLIGHTS
Quarterly Summary
The following is a summary of the Company’s recent activity:
Net income available to common shareholders for the first quarter 2005 equaled $22.4 million, or $0.36 per share, versus $26.3 million, or $0.44 per share, for the same quarter last year.
Funds from operations (FFO) available to common shareholders for the quarter ended March 31, 2005 amounted to $67.1 million, or $0.89 per share, versus $64.9 million, or $0.87 per share, for the quarter ended March 31, 2004.
Total revenues for the first quarter 2005 increased 9.8 percent to $153.4 million as compared to $139.7 million for the same quarter last year.
All per share amounts presented above are on a diluted basis.
The Company had 61,514,061 shares of common stock, 10,000 shares of 8 percent cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), 7,657,428 common operating partnership units and 215,018 of $1,000-face-value preferred operating partnership units outstanding as of March 31, 2005.
The outstanding preferred units are convertible into 6,205,425 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 75,376,914 shares/common units outstanding at March 31, 2005.
As of March 31, 2005, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 5.98 percent. The Company had a total market capitalization of $5.3 billion and a debt-to-undepreciated assets ratio of 42.5 percent at March 31, 2005. The Company had an interest coverage ratio of 3.4 times for the quarter ended March 31, 2005.
Acquisitions
In March, the Company announced several acquisitions, as follows:
|
• |
The Company completed the acquisition of all the interests in 101 Hudson Street, a 1.2 million square-foot class A office tower on the Jersey City waterfront. The 42-story building was purchased for $329 million. |
|
• |
The Company acquired the remaining 37.5 percent interests in One River Centre, a three-building, class A office complex totaling 460,000 square feet located in Middletown, New Jersey, giving the Company a 100 percent ownership interest in the complex. The interests were acquired for $10.5 million. |
|
• |
The Company acquired a 350,000 square-foot class A office building in Holmdel, New Jersey and simultaneously leased the entire building to Vonage USA for its corporate headquarters. The two-story building was acquired for $23.75 million. |
Property Sales
In February, the Company completed several property sales, as follows:
|
• |
The Company sold the Brandeis Building, a 318,224 square-foot office building in Omaha, Nebraska. The building, which was 13 percent leased, was sold for $8.7 million; |
|
• |
The Company sold its remaining, wholly-owned Texas property, 1122 North Alma Road, an 82,576 square foot office building in Richardson, for approximately $2.1 million. The vacant building was the last of three buildings sold in a transaction announced by the Company in November; and |
|
• |
The Company sold its 75,668 square foot office property located at 3 Skyline Drive in Hawthorne, New York for approximately $9.6 million. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
9
Financing Activity
In January, the Company’s operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of 10-year senior unsecured notes. The 5.125 percent notes are due January 15, 2015. The proceeds from the issuance of approximately $148.1 million were used primarily to repay outstanding borrowings under the Company's unsecured credit facility.
More recently, in April, the Company’s operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of five-year senior unsecured notes. The 5.05 percent notes are due April 15, 2010. The proceeds from the issuance of $148.8 million were used to repay outstanding borrowings under the Company’s unsecured credit facility.
Dividends
In March, the Company’s Board of Directors declared a cash dividend of $0.63 per common share (indicating an annual rate of $2.52 per common share) for the first quarter 2005, which was paid on April 18, 2005 to shareholders of record as of April 5, 2005.
The Board also declared a cash dividend on its 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period January 15, 2005 through April 14, 2005. The dividend was paid on April 15, 2005 to shareholders of record as of April 5, 2005.
Leasing Information
Mack-Cali’s consolidated in-service portfolio was 91.1 percent leased at March 31, 2005, compared to 91.2 percent leased at December 31, 2004.
For the quarter ended March 31, 2005, the Company executed 185 leases totaling 1,336,037 square feet, consisting of 1,064,055 square feet of office space and 271,982 square feet of office/flex space. Of these totals, 767,500 square feet were for new leases and 568,537 square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter’s leasing transactions include:
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• |
Vonage USA, Inc., a New Jersey-based provider of broadband voice over Internet protocol (VOIP) services, leased the entire 350,000 square foot office building at 23 Main Street in Holmdel, New Jersey, which the Company acquired in the first quarter, for a term of 12 years and five months. Vonage will initially occupy approximately 262,500 square feet of the building, then occupy the balance approximately one year later, after the expiration of short-term leasebacks by the building’s seller. |
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• |
Dassault Falcon Jet Corp., a subsidiary of aircraft manufacturer Dassault Aviation, signed a lease for 114,042 square feet at Mack-Cali Airport in Little Ferry, New Jersey. The transaction represents a 19,467 square-foot expansion for 16 years and a renewal of 94,575 square feet for 10 years. The 286,628 square foot office building is 95.4 percent leased. |
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• |
IXIS North America, Inc. leased two full floors totaling 71,681 square feet at Harborside Financial Center Plaza 5 in Jersey City, New Jersey. The firm, which along with its subsidiaries makes up the US capital markets arm of IXIS Corporate & Investment Bank, will initially occupy 55,198 square feet for a 15-year term and the balance of the space five years after lease commencement. The 977,225 square-foot Harborside Financial Center Plaza 5 is 87 percent leased. |
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• |
Science Applications International Corporation (SAIC), a research and engineering company, signed a new, five-year lease for 44,988 square feet at One River Centre, Building Two in Middletown, New Jersey. The 120,360 square-foot office building is 100 percent leased. |
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• |
The Artina Group, Inc., a manufacturer of software compatible forms for business printing, signed a lease for 26,471 square feet at 250 Clearbrook Road in Elmsford, New York. The transaction represents an expansion of 4,330 square feet for eight years and a renewal of 22,141 square feet for three years. 250 Clearbrook Road, located at Cross Westchester Executive Park, is a 155,000 square-foot office/flex building that is 97.3 percent leased. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
10
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• |
HQ Global Workplaces, Inc., a provider of temporary office suites, leased 22,279 square feet at Harborside Financial Center Plaza 5 for 10 years. |
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• |
Cisco Systems, Inc., a supplier of networking equipment and network management for the Internet, signed a new, 10-year lease for 20,000 square feet at 1340 Campus Parkway in Wall Township, New Jersey. The 72,502 square-foot office/flex building, located at Monmouth Shores Corporate Park, is 94.9 percent leased. |
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• |
Nationwide Mutual Insurance Company, an insurance and financial services provider, leased 17,592 square feet for five years at 565 Taxter Road in Elmsford, New York. The transaction consisted of a 16,362 square-foot renewal and an expansion of 1,230 square feet. The 170,554 square-foot office building is 90.1 percent leased. |
Information About FFO
Funds from operations (“FFO”) is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs. FFO per share should not be
considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables on page 26.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
11
Key Financial Data
As of or for the three months ended
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3/31/05 |
12/31/04 |
9/30/04 |
6/30/04 |
3/31/04 |
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Shares and Units: |
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Common Shares Outstanding |
61,514,061 |
61,038,875 |
60,730,128 |
60,606,543 |
60,401,346 |
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|
|
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Common Units Outstanding (a) |
13,862,853 |
13,821,872 |
13,984,785 |
13,994,173 |
13,994,923 |
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|
|
|
|
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Combined Shares and Units |
75,376,914 |
74,860,747 |
74,714,913 |
74,600,716 |
74,396,269 |
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Preferred Shares Outstanding |
10,000 |
10,000 |
10,000 |
10,000 |
10,000 |
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Weighted Average- Basic (b) |
68,806,982 |
68,386,099 |
68,280,284 |
68,177,358 |
67,594,169 |
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|
|
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Weighted Average- Diluted (c)
|
75,478,219 |
75,248,216 |
75,046,302 |
74,825,319 |
74,481,471 |
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Common Share Price ($’s): |
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|
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|
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|
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At the end of the period |
42.35 |
46.03 |
44.30 |
41.38 |
44.91 |
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|
|
|
|
|
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High during period |
45.97 |
47.01 |
46.08 |
45.31 |
45.00 |
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|
|
|
|
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Low during period |
41.53 |
42.44 |
39.70 |
34.16 |
39.07 |
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Market Capitalization: |
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($’s in thousands, except ratios) |
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Market Value of Equity (d) |
3,217,212 |
3,481,943 |
3,334,871 |
3,111,978 |
3,366,136 |
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|
|
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Total Debt |
2,048,936 |
1,702,300 |
1,695,742 |
1,694,500 |
1,559,769 |
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|
|
|
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Total Market Capitalization |
5,266,148 |
5,184,243 |
5,030,613 |
4,806,478 |
4,925,905 |
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|
|
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Total Debt/ Total Market
Capitalization |
38.91% |
32.84% |
33.71% |
35.25%
|
31.66% |
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Financials: |
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($’s in thousands, except ratios and
per share amounts) |
|
|
|
|
|
|
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|
|
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Total Assets |
4,193,212 |
3,850,165 |
3,810,106 |
3,820,851 |
3,694,491 |
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|
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Gross Book Value of Real Estate Assets |
4,484,353 |
4,181,641 |
4,048,101 |
4,094,340 |
3,970,656 |
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Total Liabilities |
2,236,272 |
1,877,096 |
1,844,952 |
1,848,902 |
1,706,081 |
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|
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Total Minority Interests |
417,069 |
427,958 |
422,053 |
423,566 |
426,462 |
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Total Stockholders’ Equity |
1,539,871 |
1,545,111 |
1,543,101 |
1,548,383 |
1,561,948 |
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|
|
|
|
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|
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Total Revenues |
153,449 |
149,451 |
148,010 |
142,033 |
139,738 |
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|
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Capitalized Interest |
1,237 |
1,107 |
969 |
930 |
914 |
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|
|
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Scheduled Principal Payments |
5,442 |
5,068 |
6,907 |
2,626 |
1,178 |
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Interest Coverage Ratio |
3.36 |
3.54 |
3.55 |
3.53 |
3.22 |
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Fixed Charge Coverage Ratio |
2.41 |
2.53 |
2.44 |
2.72 |
2.63 |
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Net Income |
22,943 |
30,762 |
28,617 |
16,252 |
26,823 |
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Net Income Available to Common Shareholders |
22,443 |
30,262 |
28,117 |
15,752 |
26,323 |
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Earnings per Share—diluted |
0.36 |
0.49 |
0.46 |
0.26 |
0.44 |
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FFO per Share—diluted (e) |
0.89 |
0.90 |
0.93 |
0.90 |
0.87 |
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Dividends Declared per Share |
0.63 |
0.63 |
0.63 |
0.63 |
0.63 |
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FFO Payout Ratio—diluted (e) |
70.89% |
69.81% |
67.83% |
69.79% |
72.26% |
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Portfolio Size: |
|
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|
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|
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Properties |
270 |
273 |
268 |
270 |
263 |
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|
|
|
|
|
|
Total Square Footage |
30,400,942 |
29,579,127 |
29,583,133 |
30,048,257 |
28,257,543 |
|
|
|
|
|
|
|
|
Sq. Ft. Leased at End of Period (f) |
91.1% |
91.2% |
92.9% |
92.2% |
91.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 definition of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11. |
|
(f) |
Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any). Excluded from percentage leased at December 31, 2004, September 30, 2004 and June 30, 2004 is a non-strategic, non-core 318,224 square-foot property acquired through a deed in lieu of foreclosure, which was 12.7, 68.9 and 71.1 percent leased at December 31, 2004, September 30, 2004 and June 30, 2004, respectively and sold on February 4, 2005. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
12
Same Store Results and Analysis (a)
(dollars in thousands)
|
|
For the three months ended
March 31, |
|
% |
|
|
2005 |
2004 |
Change |
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Property Revenues |
$140,405 |
$137,433 |
$ 2,972 |
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Taxes |
17,485 |
16,313 |
1,172 |
7.2 |
|
|
|
|
|
|
|
Utilities |
11,505 |
11,074 |
431 |
3.9 |
|
|
|
|
|
|
|
Operating Services |
19,403 |
17,069 |
2,334 |
13.7 |
|
|
|
|
|
|
|
Total Property Expenses: |
48,393 |
44,456 |
3,937 |
8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Operating Income |
92,012 |
92,977 |
(965) |
(1.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: straight-lining of rents adj. |
2,054 |
2,664 |
(610) |
(22.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
$ 89,958 |
$ 90,313 |
$ (355) |
(0.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Leased at
Period End |
92.6% |
91.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Properties: |
248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Square Footage: |
25,386,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes three properties identified as held for sale as of March 31, 2005.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
13
Unconsolidated Joint Ventures Summary
Breakdown of Unconsolidated Joint Ventures
|
Joint Venture Name |
Property |
Number of
Buildings |
Location |
Percent Leased |
Square
Feet |
Company’s Effective
Ownership % |
|
|
|
|
|
|
|
|
|
Office Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G&G Martco |
Convention Plaza |
1 |
San Francisco, CA |
85.5% |
305,618 |
50.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office/Flex Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ramland Realty Associates,
L.L.C. |
One Ramland Road |
1 |
Orangeburg, NY |
37.9% |
232,000 |
50.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mixed-Use: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meadowlands Mills/Mack-Cali, LP |
Meadowlands Xanadu (a) |
n/a |
East Rutherford, NJ |
n/a |
n/a |
20.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harborside South Pier |
Hyatt Regency South Pier |
1 |
Jersey City, NJ |
n/a |
350 rooms |
50.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plaza VIII and IX Associates,
L.L.C. |
Vacant land/parking |
-- |
Jersey City, NJ |
n/a |
n/a |
50.0% |
|
|
|
|
|
|
|
|
|
(a) |
The venture is developing a family entertainment and recreation complex with an office and hotel component to be built at the Meadowlands sports complex in East Rutherford, New Jersey (“Meadowlands Xanadu”). Meadowlands Xanadu’s approximately 4.76 million-square-foot complex is expected to feature a family entertainment destination comprising three themed zones: sports/recreation, children’s activities and fashion, in addition to four office buildings, aggregating approximately 1.8 million square feet, and a 520-room hotel. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
14
Unconsolidated Joint Venture Financial Information
The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2005 and December 31, 2004:
|
|
March 31, 2005 |
|
|
|
|
|
Meadowlands
Xanadu |
HPMC |
G&G
Martco |
Plaza
VIII & IX
Associates |
Ramland
Realty |
Ashford
Loop |
Harborside
South Pier |
Combined
Total |
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
Rental property, net |
$ 248,620 |
-- |
$ 8,624 |
$ 12,474 |
$ 12,913 |
-- |
$ 78,293 |
$ 360,924 |
|
Other assets |
52,063 |
-- |
5,185 |
1,490 |
1,445 |
-- |
10,254 |
70,437 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ 300,683 |
-- |
$ 13,809 |
$ 13,964 |
$ 14,358 |
-- |
$ 88,547 |
$ 431,361 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and partners’/ members’ capital (deficit): |
|
|
|
|
|
|
|
|
|
Mortgages, loans payable and other obligations |
-- |
-- |
$ 43,880 |
-- |
$ 14,936 |
-- |
$ 64,153 |
$ 122,969 |
|
Other liabilities |
$ 2,110 |
-- |
936 |
$ 1,360 |
371 |
-- |
2,947 |
7,724 |
|
Partners’/members’ capital (deficit) |
298,573 |
-- |
(31,007) |
12,604 |
(949) |
-- |
21,447 |
300,668 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and partners’/ members’ capital (deficit) |
$ 300,683 |
-- |
$ 13,809 |
$ 13,964 |
$ 14,358 |
-- |
$ 88,547 |
$ 431,361 |
|
|
|
|
|
|
|
|
|
|
|
Company’s net investment in unconsolidated |
|
|
|
|
|
|
|
|
|
joint ventures, net |
$ 32,606 |
-- |
$ 6,990 |
$ 6,220 |
-- |
-- |
$ 13,228 |
$ 59,044 |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2004 |
|
|
|
|
|
Meadowlands
Xanadu |
HPMC |
G&G
Martco |
Plaza
VIII & IX
Associates |
Ramland
Realty |
Ashford
Loop |
Harborside
South Pier |
Combined
Total |
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
Rental property, net |
$ 235,254 |
-- |
$ 8,571 |
$ 12,629 |
$ 13,030 |
$ 11,256 |
$ 79,721 |
$ 360,461 |
|
Other assets |
1,420 |
-- |
4,589 |
1,463 |
1,559 |
539 |
12,034 |
21,604 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ 236,674 |
-- |
$ 13,160 |
$ 14,092 |
$ 14,589 |
$ 11,795 |
$ 91,755 |
$ 382,065 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and partners’/ member’s capital (deficit): |
|
|
|
|
|
|
|
|
|
Mortgages, loans payable and other obligations |
-- |
-- |
$ 43,236 |
-- |
$ 14,936 |
-- |
$ 66,191 |
$ 124,363 |
|
Other liabilities |
$ 8,205 |
-- |
963 |
$ 1,376 |
334 |
$ 670 |
4,006 |
15,554 |
|
Partners’/members’ capital (deficit) |
228,469 |
-- |
(31,039) |
12,716 |
(681) |
11,125 |
21,558 |
242,148 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and partners’/ member’s capital (deficit) |
$ 236,674 |
-- |
$ 13,160 |
$ 14,092 |
$ 14,589 |
$ 11,795 |
$ 91,755 |
$ 382,065 |
|
|
|
|
|
|
|
|
|
|
|
Company’s net investment in unconsolidated |
|
|
|
|
|
|
|
|
|
joint ventures, net |
$ 17,359 |
-- |
$ 7,157 |
$ 6,279 |
-- |
$ 2,664 |
$ 13,284 |
$ 46,743 |
|
|
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
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, 2005 and 2004:
|
|
Three Months Ended March 31, 2005 |
|
|
|
|
|
Meadowlands
Xanadu |
HPMC |
G&G
Martco |
Plaza
VIII & IX
Associates |
Ramland
Realty |
Ashford
Loop |
Harborside
South Pier |
Minority
Interest in
Operating
Partnership |
Combined
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
-- |
-- |
$ 1,581 |
$ 76 |
$ 368 |
$ 405 |
$ 6,729 |
|
$ 9,159 |
|
Operating and other expenses |
-- |
-- |
(830) |
(34) |
(318) |
(397) |
(4,532) |
|
(6,111) |
|
Depreciation and amortization |
-- |
-- |
(255) |
(154) |
(156) |
(160) |
(1,594) |
|
(2,319) |
|
Interest expense |
-- |
-- |
(463) |
-- |
(162) |
-- |
(714) |
|
(1,339) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
-- |
-- |
$ 33 |
$ (112) |
$ (268) |
$ (152) |
$ (111) |
|
$ (610) |
|
|
|
|
|
|
|
|
|
|
|
|
Company’s equity in earnings (loss) of |
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures |
-- |
-- |
$ (167) |
$ (59) |
-- |
$ (30) |
$ (56) |
$ 35 |
$ (277) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2004 |
|
|
|
|
|
Meadowlands
Xanadu |
HPMC |
G&G
Martco |
Plaza
VIII & IX
Associates |
Ramland
Realty |
Ashford
Loop |
Harborside
South Pier |
Minority
Interest in
Operating
Partnership |
Combined
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
-- |
$ 75 |
$ 1,926 |
$ 65 |
$ 104 |
$ 776 |
$ 5,710 |
|
$ 8,656 |
|
Operating and other expenses |
-- |
(166) |
(901) |
(48) |
(251) |
(576) |
(4,154) |
|
(6,096) |
|
Depreciation and amortization |
-- |
-- |
(279) |
(154) |
(139) |
(244) |
(1,546) |
|
(2,362) |
|
Interest expense |
-- |
-- |
(287) |
-- |
(107) |
-- |
(551) |
|
(945) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
-- |
$ (91) |
$ 459 |
$ (137) |
$ (393) |
$ (44) |
$ (541) |
|
$ (747) |
|
|
|
|
|
|
|
|
|
|
|
|
Company’s equity in earnings (loss) of |
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures |
-- |
$ 521 |
$ 229 |
$ (69) |
$ (225) |
$ (9) |
$ (270) |
$ (20) |
$ 157 |
|
|
|
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
16
Select Financial Ratios
|
Ratios Computed For Industry |
March 31, |
|
|
Comparisons: |
2005 |
2004 |
|
|
|
|
|
|
|
|
|
|
|
Financial Position Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/ Total Book
Capitalization
(Book value) (%) |
48.86% |
42.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/ Total Market
Capitalization
(Market value) (%) |
38.91% |
31.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/ Total Undepreciated
Assets (%) |
42.49% |
36.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Debt/ Total Undepreciated
Assets (%) |
11.58% |
11.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
2005 |
2004 |
|
|
|
|
|
|
|
|
|
|
|
Operational Ratios: |
|
|
|
|
|
|
Interest Coverage
(Funds from Operations+Interest
Expense)/Interest Expense (x) |
3.36 |
3.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Service Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x) |
2.82 |
3.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charge Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x) |
2.41 |
2.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO Payout
(Dividends Declared/Funds from
Operations) (%) |
70.89% |
72.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
17
Debt Analysis
(as of March 31, 2005)
Debt Breakdown
(dollars in thousands)
|
|
Balance |
% of Total |
Weighted Average
Interest Rate (a) |
Weighted Average Maturity in Years |
|
|
|
|
|
|
|
Fixed Rate Unsecured Notes |
$ 1,180,396 |
57.61% |
6.61% |
6.78 |
|
|
|
|
|
|
|
Fixed Rate Secured Debt and Other Obligations |
558,540 |
27.26% |
6.11% |
2.53 |
|
|
|
|
|
|
|
Variable Rate Unsecured Debt |
310,000 |
15.13% |
3.32% |
2.65 |
|
|
|
|
|
|
|
Totals/Weighted Average: |
$ 2,048,936 |
100.00% |
5.98% |
5.00 |
|
|
|
|
|
|
Future Repayments
(dollars in thousands)
|
Period |
Scheduled
Amortization |
Principal
Maturities |
Total |
Weighted Average Interest Rate of Future Repayments (a) |
|
|
|
|
|
|
|
2005 |
$ 18,045 |
$ 148,738 |
$ 166,783 |
6.50% |
|
|
|
|
|
|
|
2006 |
17,446 |
144,642 |
162,088 |
7.10% |
|
|
|
|
|
|
|
2007 |
16,591 |
319,364 |
335,955 |
3.50% |
|
|
|
|
|
|
|
2008 |
16,434 |
-- |
16,434 |
4.95% |
|
2009 |
5,206 |
300,000 |
305,206 |
7.45% |
|
Thereafter |
3,633 |
1,066,143 |
1,069,776 |
6.11% |
|
|
|
|
|
|
|
Sub-total |
77,355 |
1,978,887 |
2,056,242 |
5.98% |
|
|
|
|
|
|
|
Adjustment for unamortized debt
discount/premium, net, as of
March 31, 2005 |
(7,306) |
-- |
(7,306) |
-- |
|
|
|
|
|
|
|
Totals/Weighted Average: |
$ 70,049 |
$ 1,978,887 |
$ 2,048,936 |
5.98% |
|
|
|
|
|
|
|
(a) |
Actual weighted average LIBOR contract rates relating to the Company’s outstanding debt as of March 31, 2005 of 2.81 percent was used in calculating revolving credit facility. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
18
Debt Maturities
(dollars in thousands)
|
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
TOTALS |
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Secured Debt: |
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Mack-Cali Centre VI |
$ 35,000 |
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$ 35,000 |
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Mack-Cali
Bridgewater I |
23,000 |
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23,000 |
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Mack-Cali
Woodbridge II |
17,500 |
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17,500 |
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Mack-Cali Short Hills |
22,089 |
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22,089 |
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One River Centre |
45,490 |
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45,490 |
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500 West Putnam Ave |
5,660 |
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5,660 |
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Harborside Financial
Center - Plazas 2 & 3 |
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$ 144,642 |
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144,642 |
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Mack-Cali Airport |
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$ 9,364 |
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9,364 |
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Prudential Portfolio |
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$ 150,000 |
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150,000 |
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2200 Renaissance Boulevard |
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$ 15,234 |
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15,234 |
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Soundview Plaza |
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$ 14,889 |
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14,889 |
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Total Secured Debt: |
$ 148,739 |
$ 144,642 |
$ 9,364 |
$ -- |
$ -- |
$ 150,000 |
$ -- |
$ 15,234 |
$ 14,889 |
$ -- |
$ -- |
$ 482,868 |
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Unsecured Debt: |
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Unsecured credit
facility |
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$ 310,000 |
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$ 310,000 |
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7.250% unsecured notes
due 3/09 |
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$ 300,000 |
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300,000 |
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7.835% unsecured notes
due 12/10 |
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$ 15,000 |
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15,000 |
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7.750% unsecured notes
due 2/11 |
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$ 300,000 |
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300,000 |
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6.150% unsecured notes
due 12/12 |
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$ 94,914 |
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94,914 |
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5.820% unsecured notes
due 3/13 |
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$ 26,105 |
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26,105 |
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4.600% unsecured notes
due 6/13 |
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100,000 |
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100,000 |
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5.125% unsecured notes
due 2/14 |
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$ 200,000 |
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200,000 |
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5.125% unsecured notes
due 1/15 |
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$ 150,000 |
150,000 |
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Total Unsecured Debt: |
$ -- |
$ -- |
$ 310,000 |
$ -- |
$ 300,000 |
$ 15,000 |
$ 300,000 |
$ 94,914 |
$ 126,105 |
$ 200,000 |
$ 150,000 |
$ 1,496,019 |
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Total Debt: |
$ 148,739 |
$ 144,642 |
$ 319,364 |
$ -- |
$ 300,000 |
$ 165,000 |
$ 300,000 |
$ 110,148 |
$ 140,994 |
$ 200,000 |
$ 150,000 |
$ 1,978,887 |
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
19
Debt Detail
(dollars in thousands)
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Effective |
Principal Balance at |
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Property Name |
Lender |
Interest
Rate |
March 31,
2005 |
December 31,
2004 |
Date of
Maturity |
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Senior Unsecured Notes: (a) |
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7.250%, $300,000 Face Amount Notes |
public debt |
7.490% |
$ 299,070 |
$ 299,012 |
03/15/09 |
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7.835%, $15,000 Face Amount Notes |
public debt |
7.950% |
15,000 |
15,000 |
12/15/10 |
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7.750%, $300,000 Face Amount Notes |
public debt |
7.930% |
298,992 |
298,948 |
02/15/11 |
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6.150%, $94,914 Face Amount Notes |
public debt |
6.894% |
91,121 |
90,998 |
12/15/12 |
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5.820%, $26,105 Face Amount Notes |
public debt |
6.448% |
25,226 |
25,199 |
03/15/13 |
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4.600%, $100,000 Face Amount Notes |
public debt |
4.742% |
99,765 |
99,758 |
06/15/13 |
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5.125%, $200,000 Face Amount Notes |
public debt |
5.110% |
202,127 |
202,187 |
02/15/14 |
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5.125% $150,000 Face Amount Notes |
public debt |
5.297% |
149,095 |
-- |
01/15/15 |
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Total Senior Unsecured Notes: |
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$ 1,180,396 |
$ 1,031,102 |
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Revolving Credit Facilities:
|
2004 Unsecured Facility (b) |
27 Lenders |
LIBOR+0.650% |
$ 310,000 |
$ 107,000 |
11/23/07 |
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Total Revolving Credit Facilities: |
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$ 310,000 |
$ 107,000 |
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Property Mortgages: (c)
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Mack-Cali Centre VI (d) |
Principal Life Insurance Co. |
6.865% |
$ 35,000 |
$ 35,000 |
-- |
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One River Center (e) |
New York Life Ins. Co. |
5.500% |
45,490 |
45,490 |
-- |
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Mack-Cali Bridgewater I |
New York Life Ins. Co. |
7.000% |
23,000 |
23,000 |
09/10/05 |
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Mack-Cali Woodbridge II |
New York Life Ins. Co. |
7.500% |
17,500 |
17,500 |
09/10/05 |
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Mack-Cali Short Hills |
Prudential Insurance Co. |
7.740% |
22,560 |
22,789 |
10/01/05 |
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500 West Putnam Avenue |
New York Life Ins. Co. |
6.520% |
6,240 |
6,500 |
10/10/05 |
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Harborside - Plazas 2 and 3 |
Northwestern/Principal |
7.367% |
148,298 |
149,473 |
01/01/06 |
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Mack-Cali Airport |
Allstate Life Insurance Co. |
7.050% |
9,802 |
9,852 |
04/01/07 |
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Various (f) |
Prudential Insurance Co. |
4.841% |
150,000 |
150,000 |
01/15/10 |
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2200 Renaissance Boulevard |
TIAA |
5.888% |
18,427 |
18,509 |
12/01/12 |
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Soundview Plaza |
TIAA |
6.015% |
18,721 |
18,816 |
01/01/13 |
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Assumed Obligations |
n/a |
4.842% |
63,502 |
67,269 |
05/01/09 |
(g) |
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Total Mortgages, Loans Payable and Other Obligations: |
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$ 558,540 |
$ 564,198 |
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Total Debt: |
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$ 2,048,936 |
$ 1,702,300 |
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(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. |
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(b) |
Total borrowing capacity under this facility is $600 million. |
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(c) |
Effective interest rate for mortgages, loans payable and other obligations reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs and other transaction costs, as applicable. |
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(d) |
On April 29, 2005, the Company repaid this mortgage loan at par, using borrowings under the 2004 Unsecured Facility. |
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(e) |
On April 1, 2005, the Company repaid this mortgage loan at par, using borrowings under the 2004 Unsecured Facility. |
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(f) |
Mortgage is collateralized by seven properties. |
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(g) |
The obligations mature at various times between May 2006 and May 2009. |
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
20
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
21
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
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(unaudited)
Three Months Ended
March 31, |
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Revenues |
2005 |
2004 |
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Base Rents |
$ 133,141 |
$ 121,068 |
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Escalations and recoveries from tenants |
18,412 |
15,197 |
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Parking and other |
1,896 |
3,473 |
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Total revenues |
153,449 |
139,738 |
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Expenses |
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Real estate taxes |
19,117 |
16,358 |
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Utilities |
11,949 |
11,033 |
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Operating services |
21,378 |
17,336 |
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General and administrative |
7,427 |
6,397 |
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Depreciation and amortization |
35,807 |
29,714 |
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Interest expense |
28,398 |
29,037 |
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Interest income |
(64) |
(720) |
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Total expenses |
124,012 |
109,155 |
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Income from continuing operations before minority interests and equity in earnings of unconsolidated joint ventures |
29,437 |
30,583 |
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Minority interest of Operating Partnership |
(6,674) |
(6,928) |
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Minority interest in consolidated joint ventures |
(74) |
-- |
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Equity in earnings of unconsolidated joint ventures (net of minority interest), net |
(277) |
157 |
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Gain on sale of investment in unconsolidated joint ventures (net of minority interest) |
31 |
637 |
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Income from continuing operations |
22,443 |
24,449 |
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Discontinued operations (net of minority interest): |
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Income from discontinued operations |
1,298 |
2,374 |
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Realized gains (losses) and unrealized losses on disposition of rental property, net |
(798) |
-- |
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Total discontinued operations, net |
500 |
2,374 |
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Net income |
22,943 |
26,823 |
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Preferred stock dividends |
(500) |
(500) |
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Net income available to common shareholders |
$ 22,443 |
$ 26,323 |
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Basic earnings per common share: |
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Income from continuing operations |
$ 0.36 |
$ 0.40 |
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Discontinued operations |
0.01 |
0.04 |
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Net income available to common shareholders |
$ 0.37 |
$ 0.44 |
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Diluted earnings per common share: |
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Income from continuing operations |
$ 0.36 |
$ 0.40 |
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Discontinued operations |
-- |
0.04 |
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Net income available to common shareholders |
$ 0.36 |
$ 0.44 |
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Dividends declared per common share |
$ 0.63 |
$ 0.63 |
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Basic weighted average shares outstanding |
61,184 |
59,800 |
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Diluted weighted average shares outstanding |
69,273 |
68,276 |
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
22
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts)
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March 31, |
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2005 |
December 31, |
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Assets |
(unaudited) |
2004 |
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Rental property |
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Land and leasehold interests |
$ 628,346 |
$ 593,606 |
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Buildings and improvements |
3,504,083 |
3,296,789 |
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Tenant improvements |
258,081 |
262,626 |
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Furniture, fixtures and equipment |
7,383 |
7,938 |
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4,397,893 |
4,160,959 |
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Less – accumulated depreciation and amortization |
(628,918) |
(641,626) |
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3,768,975 |
3,519,333 |
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Rental property held for sale, net |
73,820 |
19,132 |
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Net investment in rental property |
3,842,795 |
3,538,465 |
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Cash and cash equivalents |
13,087 |
12,270 |
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Investments in unconsolidated joint ventures |
59,044 |
46,743 |
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Unbilled rents receivable, net |
85,828 |
82,586 |
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Deferred charges and other assets, net |
175,856 |
155,060 |
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Restricted cash |
9,545 |
10,477 |
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Accounts receivable, net of allowance for doubtful accounts |
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of $1,215 and $1,235 |
7,057 |
4,564 |
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Total assets |
$ 4,193,212 |
$ 3,850,165 |
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Liabilities and Stockholders’ Equity |
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Senior unsecured notes |
$ 1,180,396 |
$ 1,031,102 |
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Revolving credit facilities |
310,000 |
107,000 |
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Mortgages, loans payable and other obligations |
558,540 |
564,198 |
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Dividends and distributions payable |
47,969 |
47,712 |
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Accounts payable, accrued expenses and other liabilities |
75,905 |
57,002 |
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Rents received in advance and security deposits |
50,728 |
47,938 |
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Accrued interest payable |
12,734 |
22,144 |
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Total liabilities |
2,236,272 |
1,877,096 |
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Minority interests: |
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Operating Partnership |
417,069 |
416,855 |
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Consolidated joint ventures |
-- |
11,103 |
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Total minority interests |
417,069 |
427,958 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, $0.01 par value, 5,000,000 shares authorized, 10,000 |
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and 10,000 shares outstanding, at liquidation preference |
25,000 |
25,000 |
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Common stock, $0.01 par value, 190,000,000 shares authorized, |
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|
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61,514,061 and 61,038,875 shares outstanding |
615 |
610 |
|
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Additional paid-in capital |
1,665,958 |
1,650,834 |
|
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Dividends in excess of net earnings |
(143,688) |
(127,365) |
|
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Unamortized stock compensation |
(8,014) |
(3,968) |
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Total stockholders’ equity |
1,539,871 |
1,545,111 |
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Total liabilities and stockholders’ equity |
$ 4,193,212 |
$ 3,850,165 |
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Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
23
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Stockholders’ Equity
For the three months ended March 31, 2005
(in thousands)
|
|
Shares |
Preferred
Amount |
Shares |
Common
Par Value |
Additional
Paid-In
Capital |
Dividends in
Excess of
Net Earnings |
Unamortized
Stock
Compensation |
Total
Stockholders’
Equity |
|
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|
Balance at January 1, 2005 |
10 |
$ 25,000 |
61,039 |
$ 610 |
$ 1,650,834 |
$ (127,365) |
$ (3,968) |
$ 1,545,111 |
|
Net income |
-- |
-- |
-- |
-- |
-- |
22,943 |
-- |
22,943 |
|
Preferred stock dividends |
-- |
-- |
-- |
-- |
-- |
(500) |
-- |
(500) |
|
Common stock dividends |
-- |
-- |
-- |
-- |
-- |
(38,766) |
-- |
(38,766) |
|
Redemption of common units |
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|
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for common stock |
-- |
-- |
22 |
-- |
576 |
-- |
-- |
576 |
|
Shares issued under Dividend Reinvestment |
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and Stock Purchase Plan |
-- |
-- |
2 |
-- |
88 |
-- |
-- |
88 |
|
Stock options exercised |
-- |
-- |
337 |
4 |
9,540 |
-- |
-- |
9,544 |
|
Stock options expense |
-- |
-- |
-- |
-- |
37 |
-- |
-- |
37 |
|
Directors Deferred compensation plan |
-- |
-- |
-- |
-- |
78 |
-- |
-- |
78 |
|
Issuance of restricted stock |
-- |
-- |
114 |
1 |
4,946 |
-- |
(4,947) |
-- |
|
Amortization of stock compensation |
-- |
-- |
-- |
-- |
-- |
-- |
760 |
760 |
|
Adjustment to fair value of |
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|
|
|
|
|
|
|
|
restricted stock |
-- |
-- |
-- |
-- |
(141) |
-- |
141 |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2005 |
10 |
$ 25,000 |
61,514 |
$ 615 |
$ 1,665,958 |
$ (143,688) |
$ (8,014) |
$ 1,539,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
24
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
|
Three Months Ended
March 31, |
|
|
2005 |
2004 |
|
|
|
|
|
Net income available to common shareholders |
$ 22,443 |
$ 26,323 |
|
Add: Minority interest in Operating Partnership |
6,674 |
6,928 |
|
Minority interest in equity in earnings of unconsolidated
joint ventures |
(35) |
20 |
|
Minority interest in gain on sale of investment in unconsolidated joint venture |
4 |
83 |
|
Minority interest in discontinued operations |
63 |
308 |
|
Real estate-related depreciation and amortization on continuing operations (a) |
36,669 |
30,598 |
|
Real estate-related depreciation and amortization on discontinued operations |
393 |
1,409 |
|
Deduct: Gain on sale of investment in unconsolidated
joint venture |
(35) |
(720) |
|
Add: Discontinued operations – Realized gains (losses) and unrealized losses on disposition of rental property, net |
897 |
-- |
|
|
|
|
|
Funds from operations available to common shareholders (b) |
$ 67,073 |
$ 64,949 |
|
|
|
|
|
|
|
|
|
Diluted weighted average shares/units outstanding (c) |
75,478 |
74,481 |
|
|
|
|
|
Funds from operations per share/unit – diluted |
$ 0.89 |
$ 0.87 |
|
|
|
|
|
Dividend declared per common share |
$ 0.63 |
$ 0.63 |
|
|
|
|
|
Dividend payout ratios: |
|
|
|
Funds from operations-diluted |
70.89% |
72.26% |
|
|
|
|
|
Supplemental Information: |
|
|
|
Non-incremental revenue generating capital expenditures: |
|
|
|
Building improvements |
$ 1,114 |
$ 917 |
|
Tenant improvements and leasing commissions |
$ 10,263 |
$ 12,167 |
|
Straight-line rent adjustments (d) |
$ 3,289 |
$ 3,191 |
|
Amortization of (above)/below market lease intangibles, net |
$ 557 |
$ 12 |
|
|
|
|
|
|
|
|
|
(a) Includes the Company’s share from unconsolidated joint ventures of $1,023 and $1,038 for the three months ended March 31, 2005 and 2004, respectively. |
|
(b) Funds from operations for both periods are calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11. |
|
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (13,829 shares and 14,000 shares for the three months ended March 31, 2005 and 2004, respectively), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). See reconciliation of basic to diluted shares/units on page 27. |
|
(d) Includes the Company’s share from unconsolidated joint ventures of $47 and $143 for the three months ended March 31, 2005 and 2004, respectively. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
25
Statements of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands) (unaudited)
|
|
Three Months Ended
March 31, |
|
|
|
|
|
|
2005 |
2004 |
|
|
|
|
|
|
|
|
Net income available to common shareholders |
|
$ 0.36 |
$ 0.44 |
|
|
|
|
|
|
|
|
Add: Real estate-related depreciation and amortization on continuing operations (a) |
|
0.49 |
0.41 |
|
|
|
|
|
|
|
|
Real estate-related depreciation and amortization on discontinued operations |
|
0.01 |
0.02 |
|
|
|
|
|
|
|
|
Deduct: Gain on sale of investment in unconsolidated joint venture |
|
-- |
(0.01) |
|
|
|
|
|
|
|
|
Add: Realized gains (losses) and unrealized losses on disposition of rental property, net |
|
0.01 |
-- |
|
|
|
|
|
|
|
|
Minority Interest/Rounding Adjustment |
|
0.02 |
0.01 |
|
|
|
|
|
|
|
|
Funds from operations available to common shareholders (b) |
|
$ 0.89 |
$ 0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares/units outstanding (c) |
|
75,478 |
74,481 |
|
|
|
|
|
|
|
|
(a) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.01 for the three months ended March 31, 2005 and 2004, respectively. |
|
(b) Funds from operations for both periods are calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11. |
|
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (13,829 shares and 14,000 shares for the three months ended March 31, 2005 and 2004, respectively), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). See reconciliation of basic to diluted shares/units on page 27. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
26
Reconciliation of Basic-to-Diluted Shares/Units
(in thousands)
The following schedule reconciles the Company’s basic weighted average shares outstanding to basic and diluted weighted average shares/units outstanding for the purpose of calculating FFO per share:
|
|
Three Months Ended
March 31, |
|
|
|
2005 |
2004 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding: |
|
61,184 |
59,800 |
|
|
|
|
|
|
|
|
|
|
Add: Weighted average common units |
|
7,623 |
7,794 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares/units: |
|
68,807 |
67,594 |
|
|
|
|
|
|
|
|
|
|
Add: Stock options |
|
466 |
660 |
|
|
|
Restricted Stock Awards |
|
-- |
-- |
|
|
|
Stock warrants |
|
-- |
22 |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding: |
|
69,273 |
68,276 |
|
|
|
Add: Weighted average preferred units
(after conversion to common units) |
|
6,205 |
6,205 |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares/units outstanding: |
|
75,478 |
74,481 |
|
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
27
IV. VALUE CREATION PIPELINE
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
28
IV. VALUE CREATION PIPELINE
Operating Property Acquisitions
(dollars in thousands)
For the three months ended March 31, 2005
|
Acquisition
Date |
Property/Address |
Location |
# of
Bldgs. |
Rentable
Square Feet |
Investment by
Company (a) |
|
|
|
|
|
|
|
|
|
|
Office: |
|
|
|
|
|
|
03/02/05 |
101 Hudson Street (b) |
Jersey City, Hudson County, NJ |
1 |
1,246,283 |
$ 330,233 |
|
03/29/05 |
23 Main Street (b)(c) |
Holmdel, Monmouth County, NJ |
1 |
350,000 |
23,880 |
|
|
|
|
|
|
|
|
Total Property Acquisitions: |
|
|
2 |
1,596,283 |
$ 354,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2004
|
Acquisition
Date |
Property/Address |
Location |
# of
Bldgs. |
Rentable
Square Feet |
Investment by
Company (d) |
|
|
|
|
|
|
|
|
|
|
Office: |
|
|
|
|
|
|
04/14/04 |
5 Wood Hollow Road (b) |
Parsippany, Morris County, NJ |
1 |
317,040 |
$ 34,187 |
|
05/12/04 |
210 South 16th Street (e) |
Omaha, Douglas County, NE |
1 |
318,224 |
8,507 |
|
06/01/04 |
30 Knightsbridge Road (f) |
Piscataway, Middlesex County, NJ |
4 |
680,350 |
49,205 |
|
06/01/04 |
412 Mt. Kemble Avenue (f) |
Morris Township, Morris County, NJ |
1 |
475,100 |
39,743 |
|
10/21/04 |
232 Strawbridge Road (b) |
Moorestown, Burlington County, NJ |
1 |
74,258 |
8,761 |
|
11/23/04 |
One River Centre (g) |
Middletown, Monmouth County, NJ |
3 |
457,472 |
69,015 |
|
12/20/04 |
4, 5 & 6 Century Drive (b) |
Parsippany, Morris County, NJ |
3 |
279,811 |
30,860 |
|
12/30/04 |
150 Monument Road (b) |
Bala Cynwyd, Montgomery County, PA |
1 |
125,783 |
18,904 |
|
|
|
|
|
|
|
|
Total Property Acquisitions: |
|
|
15 |
2,728,038 |
$ 259,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Amounts are as of March 31, 2005. |
|
|
(b) |
Transaction was funded primarily through borrowing on the Company’s revolving credit facility. |
|
|
(c) |
In addition to its initial investment, the Company presently intends to make additional investments related to the property of approximately $12,122. |
|
|
(d) |
Amounts are as of December 31, 2004. |
|
|
(e) |
|
Property was acquired through the Company’s receipt of a deed in lieu of foreclosure in satisfaction of the Company’s mortgage note receivable, which was collateralized by the acquired property. The property was subsequently sold on February 4, 2005. |
|
(f) |
Properties were acquired from AT&T Corporation (“AT&T”), a tenant of the Company, for cash and assumed obligations, as follows: |
|
|
|
|
|
|
|
|
|
|
|
1. |
Acquired 30 Knightsbridge Road, a four-building office complex, aggregating 680,350 square feet and located in Piscataway, New Jersey. AT&T, which occupied the entire complex, has leased back from the Company two of the buildings in the complex, totaling 275,000 square feet, for 10 years and seven months, and leased back the remaining 405,350 square feet of the complex through October 2004; |
|
|
2. |
Acquired Kemble Plaza II, a 475,100 square-foot office building located in Morris Township, New Jersey, which the Company had previously sold to AT&T in June of 2000. AT&T, which occupied the entire building, leased back the entire property from the Company for one year from the date of acquisition; |
|
|
3. |
Signed a lease extension at the Company’s Kemble Plaza I property in Morris Township, New Jersey, extending AT&T’s lease for the entire 387,000 square-foot building for an additional five years to August 2014. Under the lease extension, the Company agreed, among other things, to fund up to $2.1 million of tenant improvements to be performed by AT&T at the property, which was subsequently sold on October 5, 2004; |
|
|
4. |
Paid cash consideration of approximately $12.9 million to AT&T; and |
|
|
|
5. |
Assumed AT&T’s lease obligations with third-party landlords at seven office buildings, aggregating 922,674 square feet, which carry a weighted average remaining term of 3.8 years. The Company has estimated that the obligations, net of estimated sub-lease income, total approximately $84.8 million, with a net present value of approximately $76.2 million utilizing a weighted average discount rate of 4.85 percent. The net present value of the assumed obligations as of March 31, 2005 is included in mortgages, loans payable and other obligations. |
|
(g) |
The Company acquired a 62.5 percent interest in the property through the Company’s conversion of its note receivable with a balance of $13.0 million into a controlling equity interest. The property is subject to a $45.5 million mortgage. The Company acquired the remaining 37.5 percent interest in March 2005 for $10.5 million (not included in Investment by Company amount presented). |
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
29
Acquisition Property Profile
|
|
|
|
|
|
|
|
|
|
Property Name: |
101 Hudson Street |
|
|
|
|
Product Type: |
Office Building |
|
|
|
|
Location: |
Jersey City, Hudson County, New Jersey |
|
|
|
|
Description: |
Class A, 42-story office building |
|
|
|
|
Size: |
1,246,283 square feet |
|
|
|
|
Year Constructed: |
1992 |
|
|
|
|
Closing Date: |
March 2, 2005 |
|
|
|
|
Acquisition Cost: |
$330.2 million |
|
|
|
|
Funding Source: |
Borrowing on the Company’s revolving credit facility |
|
|
|
|
Percentage Leased: |
97.0% |
|
|
|
|
Number of Tenants: |
18 |
|
|
|
|
Significant Tenants: |
Merrill Lynch (590,174 square feet) |
|
|
National Union Fire Insurance (208,006 square feet) |
|
|
Lehman Brothers Holding Inc. (207,300 square feet) |
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
30
Acquisition Property Profile
|
|
|
|
|
|
|
|
|
|
Property Name: |
23 Main Street |
|
|
|
|
Product Type: |
Office Building |
|
|
|
|
Location: |
Holmdel, Monmouth County, New Jersey |
|
|
|
|
Description: |
Class A, two-story office building |
|
|
|
|
Size: |
350,000 square feet |
|
|
|
|
Year Constructed: |
1977 |
|
|
|
|
Closing Date: |
March 29, 2005 |
|
|
|
|
Acquisition Cost: |
$23.9 million |
|
|
|
|
Funding Source: |
Borrowing on the Company’s revolving credit facility |
|
|
|
|
Percentage Leased: |
100.0% (a) |
|
|
|
|
Number of Tenants: |
1 |
|
|
|
|
Tenant: |
Vonage USA, Inc. (350,000 square feet) |
|
|
|
|
|
|
(a) The Company signed a lease for
the entire property concurrent with the acquisition.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
31
Summary of Land Parcels
|
Site |
Town/City |
State |
Acres |
Development
Potential
(Sq. Ft.) |
Type of Space |
|
|
|
|
|
|
|
|
Horizon Center |
Hamilton |
NJ |
33.5 |
300,000 |
Office/Flex/Retail |
|
Plaza VIII and IX Associates, L.L.C. (a) |
Jersey City |
NJ |
3.6 |
1,225,000 |
Office |
|
Harborside Financial Center (b) |
Jersey City |
NJ |
6.5 |
3,113,500 |
Office |
|
Mack-Cali Business Campus |
Parsippany & Hanover |
NJ |
110.0 |
1,350,000 |
Office |
|
Commercenter |
Totowa |
NJ |
5.8 |
30,000 |
Office/Flex |
|
Princeton Metro |
West Windsor |
NJ |
10.0 |
97,000 |
Office |
|
Princeton Overlook II |
West Windsor |
NJ |
10.0 |
149,500 |
Office |
|
Mack-Cali Princeton Executive Park |
West Windsor |
NJ |
59.9 |
760,000 |
Office/Hotel |
|
Elmsford Distribution Center (c) |
Elmsford |
NY |
14.5 |
100,000 |
Warehouse |
|
Mid-Westchester Executive Park |
Hawthorne |
NY |
7.2 |
82,250 |
Office/Flex |
|
One Ramland Road (a) |
Orangeburg |
NY |
20.0 |
100,000 |
Office/Flex |
|
South Westchester Executive Park (c) |
Yonkers |
NY |
60.0 |
500,000 |
Office/Flex |
|
South Westchester Executive Park |
Yonkers |
NY |
2.7 |
50,000 |
Office/Flex |
|
Airport Business Center |
Lester |
PA |
12.6 |
135,000 |
Office |
|
Eastpoint II |
Lanham |
MD |
4.8 |
122,000 |
Office/Hotel |
|
Pyramid Pointe |
Englewood |
CO |
1.6 |
24,000 |
Office |
|
Hilltop Business Center |
Littleton |
CO |
7.1 |
128,000 |
Office |
|
|
|
|
|
|
|
|
Pacific Plaza Phase III (d) |
Daly City |
CA |
2.5 |
270,000 |
Office |
|
|
|
|
|
|
|
|
Total: |
|
|
372.3 |
8,536,250 |
|
|
|
|
|
|
|
|
|
(a) |
Land owned by unconsolidated joint venture in which Mack-Cali is an equity partner. |
|
|
(b) |
In addition, there are 21 acres of riparian property. |
|
|
(c) |
Mack-Cali holds an option to purchase this land. |
|
|
(d) |
Unconsolidated joint venture, in which Mack-Cali is an equity partner, holds an option to purchase this land. |
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
32
Rental Property Sales
(dollars in thousands)
For the three months ended March 31, 2005
|
Sale
Date |
Property/Address |
Location |
# of
Bldgs. |
Rentable
Square
Feet |
Net Sales
Proceeds |
Net Book
Value |
Realized
Gain/(Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Office: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
02/04/05 |
210 South 16th Street |
Omaha, Douglas County, NE |
1 |
318,224 |
$ 8,464 |
$ 8,210 |
$ 254 |
|
02/11/05 |
1122 Alma Road |
Richardson, Dallas County, TX |
1 |
82,576 |
2,075 |
2,344 |
(269) |
|
|
02/15/05 |
3 Skyline Drive |
Hawthorne, Westchester County, NY |
1 |
75,668 |
9,587 |
8,856 |
731 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Office Property Sales: |
|
3 |
476,468 |
$ 20,126 |
$ 19,410 |
$ 716 |
|
|
|
|
|
|
|
|
For the year ended December 31, 2004
|
Sale
Date |
Property/Address |
Location |
# of
Bldgs. |
Rentable
Square
Feet |
Net Sales
Proceeds |
Net Book
Value |
Realized
Gain/(Loss) |
|
|
|
|
|
|
|
|
|
|
Office: |
|
|
|
|
|
|
|
|
10/05/04 |
340 Mt. Kemble Avenue |
Morris Township, Morris County, NJ |
1 |
387,000 |
$ 75,017 |
$ 62,787 |
$ 12,230 |
|
11/23/04 |
Texas Portfolio (a) |
Dallas and San Antonio, TX |
2 |
554,330 |
35,124 |
36,224 |
(1,100) |
|
|
|
|
|
|
|
|
|
|
Total Office Property Sales: |
|
3 |
941,330 |
$ 110,141 |
$ 99,011 |
$ 11,130 |
|
|
|
|
|
|
|
|
|
(a) |
On November 23, 2004, the Company sold 3030 LBJ Freeway, Dallas, Dallas County and 84 N.E. Loop 410, San Antonio, Bexar County in a single transaction with one buyer. |
Rental Property Held For Sale
(dollars in thousands)
At March 31, 2005
|
Property/Address |
Location |
# of
Bldgs. |
Rentable
Square Feet |
Net Book Value
At 3/31/05 |
|
|
|
|
|
|
|
Office: |
|
|
|
|
|
600 Community Drive |
North Hempstead, Nassau County, NY |
1 |
237,274 |
$ 47,692 |
|
111 East Shore Road |
North Hempstead, Nassau County, NY |
1 |
55,575 |
9,281 |
|
201 Willowbrook Boulevard |
Wayne, Passaic County, NJ |
1 |
178,329 |
16,847 |
|
|
|
|
|
|
|
Totals: |
|
3 |
471,178 |
$ 73,820 |
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
33
V. PORTFOLIO/ LEASING STATISTICS
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
34
V. PORTFOLIO/ LEASING STATISTICS
Leasing Statistics
(For the three months ended March 31, 2005)
Consolidated In-Service Portfolio
SUMMARY OF SPACE LEASED
|
|
|
|
LEASING ACTIVITY |
|
|
|
|
Region/Market |
Sq. Ft.
Leased 12/31/04 |
Leased
Sq. Ft.
Acquired/Sold (a) |
Expiring/
Adjustment
Sq. Ft. (b) |
Incoming
Sq. Ft. |
Net
Leasing
Activity |
Sq. Ft.
Leased 3/31/05 (c) |
Pct.
Leased
3/31/05 |
Pct.
Leased
12/31/04 (d) |
|
|
|
|
|
|
|
|
|
|
|
Northeast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern NJ |
10,846,545 |
1,228,196 |
(596,768) |
368,280 |
(228,488) |
11,846,253 |
91.4% |
92.5% |
|
|
|
|
|
|
|
|
|
|
|
Central NJ |
3,436,364 |
110,817 |
(286,015) |
563,994 |
277,979 |
3,825,160 |
85.0% |
82.8% |
|
|
|
|
|
|
|
|
|
|
|
Westchester Co., NY |
4,665,254 |
(75,668) |
(200,565) |
213,754 |
13,189 |
4,602,775 |
96.1% |
95.9% |
|
|
|
|
|
|
|
|
|
|
|
Sub. Philadelphia |
3,371,809 |
- |
(184,239) |
127,478 |
(56,761) |
3,315,048 |
89.6% |
91.2% |
|
|
|
|
|
|
|
|
|
|
|
Fairfield, CT |
753,646 |
- |
(1,767) |
375 |
(1,392) |
752,254 |
88.3% |
88.5% |
|
|
|
|
|
|
|
|
|
|
|
Washington, DC/MD |
425,441 |
- |
(10,378) |
12,612 |
2,234 |
427,675 |
94.9% |
94.4% |
|
|
|
|
|
|
|
|
|
|
|
Dutchess/Nassau/Rockland Co., NY |
584,567 |
- |
(14,535) |
13,200 |
(1,335) |
583,232 |
98.6% |
98.8% |
|
|
|
|
|
|
|
|
|
|
|
Total Northeast |
24,083,626 |
1,263,345 |
(1,294,267) |
1,299,693 |
5,426 |
25,352,397 |
91.0% |
91.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southwest/West |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
Colorado |
1,487,692 |
- |
(21,174) |
21,187 |
13 |
1,487,705 |
95.0% |
95.0% |
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
366,435 |
- |
(22,375) |
15,157 |
(7,218) |
359,217 |
79.7% |
81.3% |
|
|
|
|
|
|
|
|
|
|
|
Total Southwest/West |
1,854,127 |
- |
(43,549) |
36,344 |
(7,205) |
1,846,922 |
91.6% |
88.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Totals |
25,937,753 |
1,263,345 |
(1,337,816) |
1,336,037 |
(1,779) |
27,199,319 |
91.1% |
91.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
|
|
|
|
Total sq. ft. as of December 31, 2004 |
28,425,285 |
|
|
|
|
Total sq. ft. of properties added this period |
1,596,283 |
|
|
|
|
Total sq. ft. of properties sold this period |
(158,244) |
|
|
|
|
Total sq. ft. as of March 31, 2005 |
29,863,324 |
|
|
|
|
|
|
|
|
|
|
(a) |
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period. |
|
|
(b) |
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. |
|
(c) |
Includes leases expiring March 31, 2005 aggregating 117,183 square feet for which no new leases were signed. |
|
|
(d) |
|
Excluded from percentage leased at December 31, 2004 is a non-strategic, non-core 318,224 square-foot property acquired through a deed in lieu of foreclosure, which was 12.7 percent leased at December 31, 2004 and sold on February 4, 2005. |
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
35
Leasing Statistics
(For the three months ended March 31, 2005)
Consolidated In-Service Portfolio (continued)
DETAIL OF TRANSACTION ACTIVITY
|
Detail by Region/Market |
|
|
|
|
|
Region/Market |
Property Type |
# of
Trans-
actions |
Total
Sq. Ft. |
Sq. Ft. New
Leases |
Sq. Ft.
Renewed And
Other
Retained (a) |
Wtd. Avg.
Term (Yrs.) |
Wtd. Avg.
Base
Rent (b) |
Leasing Costs Per Sq. Ft. Per Year (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Northeast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern NJ |
Office |
26 |
338,871 |
150,512 |
188,359 |
9.1 |
24.26 |
1.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office/Flex |
6 |
29,409 |
- |
29,409 |
4.7 |
17.36 |
2.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Central NJ |
Office |
28 |
512,257 |
449,816 |
62,441 |
10.0 |
20.66 |
3.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office/Flex |
7 |
51,737 |
28,313 |
23,424 |
7.4 |
16.99 |
4.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Westchester Co., NY |
Office |
19 |
67,208 |
22,436 |
44,772 |
5.3 |
22.89 |
2.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office/Flex |
22 |
146,546 |
52,345 |
94,201 |
4.0 |
13.90 |
1.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub. Philadelphia |
Office |
19 |
83,188 |
23,215 |
59,973 |
5.5 |
22.41 |
2.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office/Flex |
7 |
44,290 |
18,670 |
25,620 |
5.6 |
11.23 |
2.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fairfield, CT |
Office |
1 |
375 |
- |
375 |
1.0 |
21.57 |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, DC/MD |
Office |
3 |
12,612 |
6,032 |
6,580 |
3.9 |
21.97 |
3.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dutchess/Nassau/Rockland Co., NY |
Office |
5 |
13,200 |
4,070 |
9,130 |
5.5 |
26.24 |
3.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Northeast |
|
143 |
1,299,693 |
755,409 |
544,284 |
8.1 |
20.59 |
2.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado |
Office |
9 |
21,187 |
8,505 |
12,682 |
3.7 |
16.29 |
2.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
Office |
33 |
15,157 |
3,586 |
11,571 |
2.4 |
26.58 |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other |
|
42 |
36,344 |
12,091 |
24,253 |
3.2 |
20.58 |
1.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Totals |
|
185 |
1,336,037 |
767,500 |
568,537 |
7.9 |
20.59 |
2.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detail by Property Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office |
143 |
1,064,055 |
668,172 |
395,883 |
8.7 |
22.17 |
2.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office/Flex |
42 |
271,982 |
99,328 |
172,654 |
5.0 |
14.43 |
2.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Totals |
|
185 |
1,336,037 |
767,500 |
568,537 |
7.9 |
20.59 |
2.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenant Retention: |
Leases Retained |
64.7% |
|
|
|
|
|
|
|
|
|
Sq. Ft. Retained |
42.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
|
|
(b) |
For Office/Flex properties, equals triple net rent plus common area costs and real estate taxes. |
|
|
|
(c) |
Represents estimated workletter costs of $7,768,854 and commissions of $2,763,319 committed, but not necessarily expended, during the period for second generation space aggregating 827,098 square feet. |
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
36
Leasing Statistics
(For the three months ended March 31, 2005)
Unconsolidated Joint Venture Properties
SUMMARY OF SPACE LEASED
|
|
|
|
LEASING ACTIVITY |
|
|
|
|
State |
Sq. Ft.
Leased
12/31/04 |
Leased
Sq. Ft.
Acquired/ Sold |
Expiring/
Adjustment
Sq. Ft. (a) |
Incoming
Sq. Ft. |
Net
Leasing
Activity |
Sq. Ft.
Leased 3/31/05 |
Pct.
Leased
3/31/05 |
Pct.
Leased
12/31/04 |
|
|
|
|
|
|
|
|
|
|
|
New York |
87,825 |
- |
- |
- |
- |
87,825 |
37.9% |
37.9% |
|
|
|
|
|
|
|
|
|
|
|
Texas |
166,529 |
(166,529) |
- |
- |
- |
- |
- |
55.9% |
|
|
|
|
|
|
|
|
|
|
|
California |
246,520 |
- |
- |
14,666 |
14,666 |
261,186 |
85.5% |
80.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
500,874 |
(166,529) |
- |
14,666 |
14,666 |
349,011 |
64.9% |
59.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
|
|
|
|
Total sq. ft. as of December 31, 2004 |
835,618 |
|
|
|
|
Total sq. ft. of properties added/sold this period |
(298,000) |
|
|
|
|
Total sq. ft. as of March 31, 2005 |
537,618 |
|
|
|
|
|
|
|
|
|
DETAIL OF TRANSACTION ACTIVITY
|
State |
# of
Transactions |
Total Sq. Ft. |
Sq. Ft. New
Leases |
Sq. Ft.
Renewed And Other
Retained (b) |
Wtd. Avg.
Term (Yrs.) |
Wtd. Avg.
Base Rent |
Leasing Costs
Per Sq. Ft. Per Year (c) |
|
|
|
|
|
|
|
|
|
|
California |
2 |
14,666 |
14,666 |
- |
5.0 |
26.93 |
12.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
2 |
14,666 |
14,666 |
- |
5.0 |
26.93 |
12.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Represents the square footage of expiring leases or leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. |
|
(b) |
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building. |
|
|
|
(c) |
Represents estimated workletter costs of $773,930 and commissions of $160,342 committed, but not necessarily expended, during the period for second generation space aggregating 14,666 square feet. |
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
37
Market Diversification
The following table lists the Company’s markets (MSAs), based on annualized contractual base rent of the Consolidated Properties:
|
Market (MSA) |
Annualized
Base Rental
Revenue
($) (a) (b) (c) |
Percentage of
Company
Annualized Base
Rental Revenue (%) |
Total
Property Size
Rentable Area |
Percentage of
Rentable Area (%) |
|
|
|
|
|
|
|
Newark, NJ (Essex-Morris-Union Counties) |
103,291,173 |
18.4 |
5,674,820 |
19.0 |
|
Jersey City, NJ |
95,228,915 |
17.1 |
4,317,978 |
14.5 |
|
New York, NY (Westchester-Rockland Counties) |
90,749,694 |
16.3 |
4,968,420 |
16.6 |
|
Bergen-Passaic, NJ |
90,703,713 |
16.3 |
4,530,091 |
15.2 |
|
Philadelphia, PA-NJ |
54,483,216 |
9.8 |
3,617,994 |
12.1 |
|
Monmouth-Ocean, NJ |
20,757,174 |
3.7 |
1,384,895 |
4.6 |
|
Trenton, NJ (Mercer County) |
17,035,502 |
3.1 |
767,365 |
2.6 |
|
Denver, CO |
15,658,801 |
2.8 |
1,084,945 |
3.6 |
|
Middlesex-Somerset-Hunterdon, NJ |
14,686,460 |
2.6 |
791,051 |
2.6 |
|
Stamford-Norwalk, CT |
13,137,974 |
2.4 |
706,510 |
2.4 |
|
Washington, DC-MD-VA-WV |
13,074,500 |
2.3 |
450,549 |
1.5 |
|
San Francisco, CA |
10,484,299 |
1.9 |
450,891 |
1.5 |
|
Nassau-Suffolk, NY |
6,974,804 |
1.3 |
292,849 |
1.0 |
|
Bridgeport, CT |
2,573,069 |
0.5 |
145,487 |
0.5 |
|
Dutchess County, NY |
2,389,669 |
0.4 |
118,727 |
0.4 |
|
Colorado Springs, CO |
2,326,169 |
0.4 |
209,987 |
0.7 |
|
Boulder-Longmont, CO |
2,077,389 |
0.4 |
270,421 |
0.9 |
|
Atlantic-Cape May, NJ |
1,893,626 |
0.3 |
80,344 |
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
557,526,147 |
100.0 |
29,863,324 |
100.0 |
|
|
|
|
|
|
|
|
(a) |
Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
|
(b) |
Includes leases expiring March 31, 2005 aggregating 117,183 square feet and representing annualized rent of $2,028,129 for which no new leases were signed. |
|
|
|
(c) |
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
38
Industry Diversification
The following table lists the Company’s 30 largest industry classifications based on annualized contractual base rent of the Consolidated Properties:
|
Industry Classification (a) |
Annualized
Base Rental
Revenue
($) (b) (c) (d) |
Percentage of
Company
Annualized Base
Rental Revenue (%) |
Square
Feet Leased
(c) (d) |
Percentage of
Total Company
Leased
Sq. Ft. (%) |
|
|
|
|
|
|
|
Securities, Commodity Contracts & Other Financial |
97,897,247 |
17.6 |
3,858,750 |
14.4 |
|
Manufacturing |
53,420,222 |
9.6 |
2,731,718 |
10.2 |
|
Insurance Carriers & Related Activities |
39,795,318 |
7.1 |
1,868,674 |
7.0 |
|
Telecommunications |
33,191,676 |
6.0 |
1,751,862 |
6.5 |
|
Computer System Design Svcs. |
29,919,057 |
5.4 |
1,468,881 |
5.5 |
|
Legal Services |
27,138,726 |
4.9 |
1,018,572 |
3.8 |
|
Credit Intermediation & Related Activities |
23,028,792 |
4.1 |
984,092 |
3.7 |
|
Health Care & Social Assistance |
22,720,218 |
4.1 |
1,135,296 |
4.2 |
|
Scientific Research/Development |
21,813,627 |
3.9 |
1,102,729 |
4.1 |
|
Wholesale Trade |
19,981,346 |
3.6 |
1,312,610 |
4.9 |
|
Accounting/Tax Prep. |
16,498,913 |
3.0 |
699,827 |
2.6 |
|
Retail Trade |
16,255,573 |
2.9 |
986,902 |
3.7 |
|
Other Professional |
15,346,613 |
2.8 |
750,313 |
2.8 |
|
Publishing Industries |
13,570,699 |
2.4 |
548,928 |
2.0 |
|
Architectural/Engineering |
11,105,783 |
2.0 |
503,504 |
1.9 |
|
Other Services (except Public Administration) |
10,611,430 |
1.9 |
663,607 |
2.5 |
|
Advertising/Related Services |
10,296,054 |
1.8 |
440,313 |
1.6 |
|
Information Services |
10,282,265 |
1.8 |
464,496 |
1.7 |
|
Arts, Entertainment & Recreation |
10,154,813 |
1.8 |
626,054 |
2.3 |
|
Real Estate & Rental & Leasing |
9,958,009 |
1.8 |
494,025 |
1.8 |
|
Broadcasting |
6,739,581 |
1.2 |
455,722 |
1.7 |
|
Utilities |
6,675,050 |
1.2 |
329,380 |
1.2 |
|
Construction |
5,655,163 |
1.0 |
292,613 |
1.1 |
|
Transportation |
5,471,961 |
1.0 |
299,241 |
1.1 |
|
Data Processing Services |
5,271,446 |
0.9 |
235,059 |
0.9 |
|
Public Administration |
5,080,061 |
0.9 |
227,695 |
0.8 |
|
Educational Services |
4,968,266 |
0.9 |
267,960 |
1.0 |
|
Management of Companies & Finance |
4,127,940 |
0.7 |
179,696 |
0.7 |
|
Specialized Design Services |
3,697,355 |
0.7 |
239,348 |
0.9 |
|
Funds, Trusts & Other Financial Vehicles |
3,055,161 |
0.5 |
121,828 |
0.5 |
|
Other |
13,797,782 |
2.5 |
754,282 |
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
557,526,147 |
100.0 |
26,813,977 |
100.0 |
|
|
|
|
|
|
|
(a) |
The Company’s tenants are classified according to the U.S. Government’s 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 2005 billings times 12. For leases whose rent commences after April 1, 2005, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
|
(c) |
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
|
|
(d) |
Includes leases expiring March 31, 2005 aggregating 117,183 square feet and representing annualized rent of $2,028,129 for which no new leases were signed. |
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
39
Consolidated Portfolio Analysis (a)
(as of March 31, 2005)
Breakdown by Number of Properties
PROPERTY TYPE:
|
STATE |
Office |
% of
Total |
Office/Flex |
% of
Total |
Industrial/
Warehouse |
% of
Total |
Stand-
Alone
Retail |
% of
Total |
Land
Leases |
% of
Total |
TOTALS
By State |
% of
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
91 |
34.1% |
50 |
18.8% |
-- |
-- |
-- |
-- |
-- |
-- |
141 |
52.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
23 |
8.6% |
41 |
15.4% |
6 |
2.2% |
2 |
0.7% |
2 |
0.7% |
74 |
27.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
18 |
6.8% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
18 |
6.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
4 |
1.5% |
5 |
1.9% |
-- |
-- |
-- |
-- |
-- |
-- |
9 |
3.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wash., D.C./
Maryland |
3 |
1.1% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
3 |
1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total
Northeast: |
139 |
52.1% |
96 |
36.1% |
6 |
2.2% |
2 |
0.7% |
2 |
0.7% |
245 |
91.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
2 |
0.7% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
2 |
0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado |
20 |
7.5% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
20 |
7.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTALS
By Type: |
161 |
60.3% |
96 |
36.1% |
6 |
2.2% |
2 |
0.7% |
2 |
0.7% |
267 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Excludes three properties, aggregating approximately 538,000 square feet, which are not consolidated by the Company. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
40
Consolidated Portfolio Analysis(a)
(as of March 31, 2005)
Breakdown by Square Footage
PROPERTY TYPE:
|
STATE |
Office |
% of
Total |
Office/Flex |
% of
Total |
Industrial/
Warehouse |
% of
Total |
Stand-Alone Retail |
% of
Total |
TOTALS By State |
% of
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
16,861,269 |
56.5% |
2,277,531 |
7.6% |
-- |
-- |
-- |
-- |
19,138,800 |
64.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
2,626,484 |
8.8% |
2,348,812 |
7.9% |
387,400 |
1.3% |
17,300 |
0.1% |
5,379,996 |
18.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
2,025,738 |
6.8% |
-- |
-- |
-- |
-- |
-- |
-- |
2,025,738 |
6.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
578,997 |
1.9% |
273,000 |
0.9% |
-- |
-- |
-- |
-- |
851,997 |
2.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wash., D.C./
Maryland |
450,549 |
1.5% |
-- |
-- |
-- |
-- |
-- |
-- |
450,549 |
1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total
Northeast |
22,543,037 |
75.5% |
4,899,343 |
16.4% |
387,400 |
1.3% |
17,300 |
0.1% |
27,847,080 |
93.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
450,891 |
1.5% |
-- |
-- |
-- |
-- |
-- |
-- |
450,891 |
1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado |
1,565,353 |
5.2% |
-- |
-- |
-- |
-- |
-- |
-- |
1,565,353 |
5.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTALS
By Type: |
24,559,281 |
82.2% |
4,899,343 |
16.4% |
387,400 |
1.3% |
17,300 |
0.1% |
29,863,324 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Excludes three properties, aggregating approximately 538,000 square feet, which are not consolidated by the Company. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
41
Consolidated Portfolio Analysis(a)
(Year ended March 31, 2005)
Breakdown by Base Rental Revenue (b) (c)
(Dollars in thousands)
PROPERTY TYPE:
|
STATE |
Office |
% of Total |
Office/
Flex |
% of Total |
Indust./
Ware-house |
% of
Total |
Stand-
Alone
Retail |
% of
Total |
Land Leases |
% of Total |
TOTALS
By State |
% of Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
300,026 |
57.6% |
18,834 |
3.6% |
-- |
-- |
-- |
-- |
-- |
-- |
318,860 |
61.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
58,986 |
11.3% |
34,636 |
6.6% |
4,215 |
0.8% |
354 |
0.1% |
257 |
0.1% |
98,448 |
18.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
39,895 |
7.7% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
39,895 |
7.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
12,208 |
2.3% |
3,897 |
0.7% |
-- |
-- |
-- |
-- |
-- |
-- |
16,105 |
3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wash., D.C./
Maryland |
14,731 |
2.8% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
14,731 |
2.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total
Northeast: |
425,846 |
81.7% |
57,367 |
10.9% |
4,215 |
0.8% |
354 |
0.1% |
257 |
0.1% |
488,039 |
93.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
13,482 |
2.6% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
13,482 |
2.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado |
19,486 |
3.8% |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
19,486 |
3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTALS
By Type: |
458,814 |
88.1% |
57,367 |
10.9% |
4,215 |
0.8% |
354 |
0.1% |
257 |
0.1% |
521,007 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Excludes three properties, aggregating approximately 538,000 square feet, which are not consolidated by the Company. |
|
|
(b) |
Total base rent for the 12 months ended March 31, 2005, 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.
|
(c) |
Includes $9,087 pertaining to properties identified as held for sale. |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
42
Consolidated Portfolio Analysis (a) (b)
(as of March 31, 2005)
Breakdown by Percentage Leased
PROPERTY TYPE:
|
STATE |
Office |
Office/Flex |
Industrial/Warehouse |
Stand-Alone Retail |
WEIGHTED AVG.
By State |
|
|
|
|
|
|
|
|
New Jersey |
89.6% |
91.7% |
-- |
-- |
89.8% |
|
|
|
|
|
|
|
|
New York |
96.6% |
95.9% |
97.8% |
100.0% |
96.4% |
|
|
|
|
|
|
|
|
Pennsylvania |
88.4% |
-- |
-- |
-- |
88.4% |
|
|
|
|
|
|
|
|
Connecticut |
82.8% |
100.0% |
-- |
-- |
88.3% |
|
|
|
|
|
|
|
|
Washington, D.C./ Maryland |
94.9% |
-- |
-- |
-- |
94.9% |
|
|
|
|
|
|
|
|
Sub-total Northeast |
90.2% |
94.2% |
97.8% |
100.0% |
91.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
79.7% |
-- |
-- |
-- |
79.7% |
|
|
|
|
|
|
|
|
Colorado |
95.0% |
-- |
-- |
-- |
95.0% |
|
|
|
|
|
|
|
|
WEIGHTED AVG. By Type: |
90.3% |
94.2% |
97.8% |
100.0% |
91.1% |
|
|
|
|
|
|
|
|
|
(a) |
Excludes three properties, aggregating approximately 538,000 square feet, which are not consolidated by the Company, and parcels of land leased to others. |
|
|
(b) |
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future, as well as leases expiring March 31, 2005 aggregating 117,183 square feet for which no new leases were signed. |
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
43
|
Property Listing
Office Properties
|
|
Property
Location |
Year
Built |
Net
Rentable
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
ATLANTIC COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Egg Harbor |
|
|
|
|
|
|
|
100 Decadon Drive |
1987 |
40,422 |
100.0 |
951 |
0.18 |
23.53 |
|
200 Decadon Drive |
1991 |
39,922 |
100.0 |
923 |
0.18 |
23.12 |
|
|
|
|
|
|
|
|
|
BERGEN COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Fair Lawn |
|
|
|
|
|
|
|
17-17 Route 208 North |
1987 |
143,000 |
100.0 |
3,414 |
0.66 |
23.87 |
|
Fort Lee |
|
|
|
|
|
|
|
One Bridge Plaza |
1981 |
200,000 |
91.1 |
4,720 |
0.91 |
25.91 |
|
2115 Linwood Avenue |
1981 |
68,000 |
81.4 |
1,160 |
0.22 |
20.96 |
|
Little Ferry |
|
|
|
|
|
|
|
200 Riser Road |
1974 |
286,628 |
95.4 |
1,622 |
0.31 |
5.93 |
|
Montvale |
|
|
|
|
|
|
|
95 Chestnut Ridge Road |
1975 |
47,700 |
100.0 |
796 |
0.15 |
16.69 |
|
135 Chestnut Ridge Road |
1981 |
66,150 |
99.7 |
1,556 |
0.30 |
23.59 |
|
Paramus |
|
|
|
|
|
|
|
15 East Midland Avenue |
1988 |
259,823 |
100.0 |
6,715 |
1.29 |
25.84 |
|
140 East Ridgewood Avenue |
1981 |
239,680 |
100.0 |
4,706 |
0.90 |
19.63 |
|
461 From Road |
1988 |
253,554 |
99.7 |
6,063 |
1.16 |
23.98 |
|
650 From Road |
1978 |
348,510 |
99.1 |
8,210 |
1.58 |
23.77 |
|
61 South Paramus Avenue |
1985 |
269,191 |
99.6 |
6,562 |
1.26 |
24.47 |
|
Rochelle Park |
|
|
|
|
|
|
|
120 Passaic Street |
1972 |
52,000 |
99.6 |
1,397 |
0.27 |
26.97 |
|
365 West Passaic Street |
1976 |
212,578 |
90.5 |
4,057 |
0.78 |
21.09 |
|
Upper Saddle River |
|
|
|
|
|
|
|
1 Lake Street |
1973/94 |
474,801 |
100.0 |
7,465 |
1.43 |
15.72 |
|
10 Mountainview Road |
1986 |
192,000 |
97.5 |
3,760 |
0.72 |
20.09 |
|
Woodcliff Lake |
|
|
|
|
|
|
|
400 Chestnut Ridge Road |
1982 |
89,200 |
100.0 |
1,950 |
0.37 |
21.86 |
|
470 Chestnut Ridge Road |
1987 |
52,500 |
100.0 |
1,192 |
0.23 |
22.70 |
|
530 Chestnut Ridge Road |
1986 |
57,204 |
100.0 |
1,166 |
0.22 |
20.38 |
|
50 Tice Boulevard |
1984 |
235,000 |
100.0 |
5,950 |
1.14 |
25.32 |
|
300 Tice Boulevard |
1991 |
230,000 |
100.0 |
6,089 |
1.17 |
26.47 |
|
|
|
|
|
|
|
|
|
BURLINGTON COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Moorestown |
|
|
|
|
|
|
|
224 Strawbridge Drive |
1984 |
74,000 |
100.0 |
1,467 |
0.28 |
19.82 |
|
228 Strawbridge Drive |
1984 |
74,000 |
100.0 |
1,043 |
0.20 |
14.09 |
|
232 Strawbridge Drive (e) |
1986 |
74,258 |
69.9 |
449 |
0.09 |
19.50 |
|
|
|
|
|
|
|
|
|
ESSEX COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Millburn |
|
|
|
|
|
|
|
150 J.F. Kennedy Parkway |
1980 |
247,476 |
95.6 |
6,830 |
1.31 |
28.87 |
|
Roseland |
|
|
|
|
|
|
|
101 Eisenhower Parkway |
1980 |
237,000 |
93.0 |
5,354 |
1.03 |
24.29 |
|
103 Eisenhower Parkway |
1985 |
151,545 |
80.3 |
3,141 |
0.60 |
25.81 |
|
105 Eisenhower Parkway |
2001 |
220,000 |
69.2 |
3,868 |
0.74 |
25.41 |
|
|
|
|
|
|
|
|
|
HUDSON COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Jersey City |
|
|
|
|
|
|
|
Harborside Financial Center Plaza 1 |
1983 |
400,000 |
25.2 |
4,512 |
0.87 |
44.76 |
|
Harborside Financial Center Plaza 2 |
1990 |
761,200 |
100.0 |
18,488 |
3.54 |
24.29 |
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
44
|
Property Listing
Office Properties
(continued)
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
Harborside Financial Center Plaza 3 |
1990 |
725,600 |
100.0 |
17,622 |
3.38 |
24.29 |
|
Harborside Financial Center Plaza 4-A |
2000 |
207,670 |
97.5 |
7,063 |
1.36 |
34.88 |
|
Harborside Financial Center Plaza 5 |
2002 |
977,225 |
87.0 |
26,423 |
5.07 |
31.08 |
|
101 Hudson Street (e) |
1992 |
1,246,283 |
97.0 |
2,269 |
0.44 |
22.84 |
|
|
|
|
|
|
|
|
|
MERCER COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Hamilton Township |
|
|
|
|
|
|
|
600 Horizon Drive |
2002 |
95,000 |
100.0 |
1,373 |
0.26 |
14.45 |
|
Princeton |
|
|
|
|
|
|
|
103 Carnegie Center |
1984 |
96,000 |
84.4 |
1,996 |
0.38 |
24.63 |
|
100 Overlook Center |
1988 |
149,600 |
100.0 |
3,978 |
0.76 |
26.59 |
|
5 Vaughn Drive |
1987 |
98,500 |
100.0 |
2,534 |
0.49 |
25.73 |
|
|
|
|
|
|
|
|
|
MIDDLESEX COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
East Brunswick |
|
|
|
|
|
|
|
377 Summerhill Road |
1977 |
40,000 |
100.0 |
373 |
0.07 |
9.33 |
|
Piscataway |
|
|
|
|
|
|
|
30 Knightsbridge Road, Bldg. 3 (e) |
1977 |
160,000 |
100.0 |
1,811 |
0.35 |
13.64 |
|
30 Knightsbridge Road, Bldg. 4 (e) |
1977 |
115,000 |
100.0 |
1,302 |
0.25 |
13.63 |
|
30 Knightsbridge Road, Bldg. 5 (e) |
1977 |
332,607 |
0.0 |
1,883 |
0.35 |
-- |
|
30 Knightsbridge Road, Bldg. 6 (e) |
1977 |
72,743 |
0.0 |
412 |
0.08 |
-- |
|
Plainsboro |
|
|
|
|
|
|
|
500 College Road East |
1984 |
158,235 |
100.0 |
3,895 |
0.75 |
24.62 |
|
South Brunswick |
|
|
|
|
|
|
|
3 Independence Way |
1983 |
111,300 |
18.4 |
396 |
0.08 |
19.34 |
|
Woodbridge |
|
|
|
|
|
|
|
581 Main Street |
1991 |
200,000 |
100.0 |
5,012 |
0.96 |
25.06 |
|
|
|
|
|
|
|
|
|
MONMOUTH COUNTY, NEW JERSEY |
|
|
|
|
|
|
Holmdel |
|
|
|
|
|
|
|
23 Main Street (e) |
1977 |
350,000 |
100.0 |
53 |
0.01 |
18.42 |
|
Middletown |
|
|
|
|
|
|
|
One River Centre Bldg. 1 (e) |
1983 |
122,594 |
78.6 |
690 |
0.13 |
20.26 |
|
One River Centre Bldg. 2 (e) |
1983 |
120,360 |
100.0 |
979 |
0.19 |
23.01 |
|
One River Centre Bldg. 3 (e) |
1984 |
214,518 |
92.8 |
1,510 |
0.29 |
21.46 |
|
Neptune |
|
|
|
|
|
|
|
3600 Route 66 |
1989 |
180,000 |
100.0 |
2,625 |
0.50 |
14.58 |
|
Wall Township |
|
|
|
|
|
|
|
1305 Campus Parkway |
1988 |
23,350 |
92.4 |
377 |
0.07 |
17.47 |
|
1350 Campus Parkway |
1990 |
79,747 |
99.9 |
1,566 |
0.30 |
19.66 |
|
|
|
|
|
|
|
|
|
MORRIS COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Florham Park |
|
|
|
|
|
|
|
325 Columbia Turnpike |
1987 |
168,144 |
95.9 |
4,046 |
0.78 |
25.09 |
|
Morris Plains |
|
|
|
|
|
|
|
250 Johnson Road |
1977 |
75,000 |
100.0 |
1,594 |
0.31 |
21.25 |
|
201 Littleton Road |
1979 |
88,369 |
88.6 |
1,788 |
0.34 |
22.84 |
|
Morris Township |
|
|
|
|
|
|
|
412 Mt. Kemble Avenue (e) |
1986 |
475,100 |
100.0 |
5,965 |
1.14 |
15.13 |
|
Parsippany |
|
|
|
|
|
|
|
4 Campus Drive |
1983 |
147,475 |
98.3 |
3,457 |
0.66 |
23.85 |
|
6 Campus Drive |
1983 |
148,291 |
72.6 |
1,842 |
0.35 |
17.11 |
|
7 Campus Drive |
1982 |
154,395 |
100.0 |
2,037 |
0.39 |
13.19 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
45
|
Property Listing
Office Properties
(continued)
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
8 Campus Drive |
1987 |
215,265 |
100.0 |
5,946 |
1.14 |
27.62 |
|
9 Campus Drive |
1983 |
156,495 |
89.6 |
3,584 |
0.69 |
25.56 |
|
4 Century Drive (e) |
1981 |
100,036 |
48.6 |
353 |
0.07 |
25.98 |
|
5 Century Drive (e) |
1981 |
79,739 |
97.3 |
571 |
0.11 |
26.33 |
|
6 Century Drive (e) |
1981 |
100,036 |
6.3 |
43 |
0.01 |
24.44 |
|
2 Dryden Way |
1990 |
6,216 |
100.0 |
67 |
0.01 |
10.78 |
|
4 Gatehall Drive |
1988 |
248,480 |
73.2 |
4,927 |
0.95 |
27.09 |
|
2 Hilton Court |
1991 |
181,592 |
100.0 |
4,755 |
0.91 |
26.19 |
|
1633 Littleton Road |
1978 |
57,722 |
100.0 |
1,131 |
0.22 |
19.59 |
|
600 Parsippany Road |
1978 |
96,000 |
66.2 |
1,021 |
0.20 |
16.07 |
|
1 Sylvan Way |
1989 |
150,557 |
100.0 |
3,498 |
0.67 |
23.23 |
|
5 Sylvan Way |
1989 |
151,383 |
100.0 |
3,903 |
0.75 |
25.78 |
|
7 Sylvan Way |
1987 |
145,983 |
100.0 |
2,928 |
0.56 |
20.06 |
|
5 Wood Hollow Road (e) |
1979 |
317,040 |
100.0 |
4,430 |
0.85 |
14.49 |
|
|
|
|
|
|
|
|
|
PASSAIC COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Clifton |
|
|
|
|
|
|
|
777 Passaic Avenue |
1983 |
75,000 |
100.0 |
1,494 |
0.29 |
19.92 |
|
Totowa |
|
|
|
|
|
|
|
999 Riverview Drive |
1988 |
56,066 |
75.5 |
827 |
0.16 |
19.54 |
|
Wayne |
|
|
|
|
|
|
|
201 Willowbrook Boulevard (f) |
1970 |
178,329 |
56.2 |
1,918 |
0.37 |
19.14 |
|
|
|
|
|
|
|
|
|
SOMERSET COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Basking Ridge |
|
|
|
|
|
|
|
222 Mt. Airy Road |
1986 |
49,000 |
60.7 |
125 |
0.02 |
4.20 |
|
233 Mt. Airy Road |
1987 |
66,000 |
100.0 |
1,315 |
0.25 |
19.92 |
|
Bernards |
|
|
|
|
|
|
|
106 Allen Road |
2000 |
132,010 |
89.3 |
2,489 |
0.48 |
21.11 |
|
Bridgewater |
|
|
|
|
|
|
|
721 Route 202/206 |
1989 |
192,741 |
90.8 |
4,455 |
0.86 |
25.46 |
|
|
|
|
|
|
|
|
|
UNION COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Clark |
|
|
|
|
|
|
|
100 Walnut Avenue |
1985 |
182,555 |
96.1 |
4,350 |
0.83 |
24.80 |
|
Cranford |
|
|
|
|
|
|
|
6 Commerce Drive |
1973 |
56,000 |
100.0 |
1,234 |
0.24 |
22.04 |
|
11 Commerce Drive (c) |
1981 |
90,000 |
100.0 |
1,284 |
0.25 |
14.27 |
|
12 Commerce Drive |
1967 |
72,260 |
93.7 |
913 |
0.18 |
13.48 |
|
14 Commerce Drive |
1971 |
67,189 |
96.6 |
1,372 |
0.26 |
21.14 |
|
20 Commerce Drive |
1990 |
176,600 |
87.9 |
3,501 |
0.67 |
22.55 |
|
25 Commerce Drive |
1971 |
67,749 |
100.0 |
1,408 |
0.27 |
20.78 |
|
65 Jackson Drive |
1984 |
82,778 |
100.0 |
1,906 |
0.37 |
23.03 |
|
New Providence |
|
|
|
|
|
|
|
890 Mountain Avenue |
1977 |
80,000 |
89.6 |
1,831 |
0.35 |
25.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New Jersey Office |
|
16,861,269 |
89.6 |
300,026 |
57.57 |
22.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DUTCHESS COUNTY, NEW YORK |
|
|
|
|
|
|
|
Fishkill |
|
|
|
|
|
|
|
300 Westage Business Center Drive |
1987 |
118,727 |
93.0 |
2,174 |
0.42 |
19.69 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
46
|
Property Listing
Office Properties
(continued)
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
NASSAU COUNTY, NEW YORK |
|
|
|
|
|
|
|
North Hempstead |
|
|
|
|
|
|
|
600 Community Drive (f) |
1983 |
237,274 |
100.0 |
5,464 |
1.05 |
23.03 |
|
111 East Shore Road (f) |
1980 |
55,575 |
100.0 |
1,705 |
0.33 |
30.68 |
|
|
|
|
|
|
|
|
|
ROCKLAND COUNTY, NEW YORK |
|
|
|
|
|
|
|
Suffern |
|
|
|
|
|
|
|
400 Rella Boulevard |
1988 |
180,000 |
100.0 |
4,104 |
0.79 |
22.80 |
|
|
|
|
|
|
|
|
|
WESTCHESTER COUNTY, NEW YORK |
|
|
|
|
|
|
Elmsford |
|
|
|
|
|
|
|
100 Clearbrook Road (c) |
1975 |
60,000 |
99.5 |
1,122 |
0.22 |
18.79 |
|
101 Executive Boulevard |
1971 |
50,000 |
56.0 |
702 |
0.13 |
25.07 |
|
555 Taxter Road |
1986 |
170,554 |
93.9 |
2,980 |
0.57 |
18.61 |
|
565 Taxter Road |
1988 |
170,554 |
90.1 |
3,633 |
0.70 |
23.64 |
|
570 Taxter Road |
1972 |
75,000 |
97.5 |
1,781 |
0.34 |
24.36 |
|
Hawthorne |
|
|
|
|
|
|
|
1 Skyline Drive |
1980 |
20,400 |
99.0 |
392 |
0.08 |
19.41 |
|
2 Skyline Drive |
1987 |
30,000 |
87.9 |
414 |
0.08 |
15.70 |
|
7 Skyline Drive |
1987 |
109,000 |
100.0 |
2,256 |
0.43 |
20.70 |
|
17 Skyline Drive |
1989 |
85,000 |
100.0 |
1,360 |
0.26 |
16.00 |
|
19 Skyline Drive |
1982 |
248,400 |
100.0 |
4,471 |
0.86 |
18.00 |
|
Tarrytown |
|
|
|
|
|
|
|
200 White Plains Road |
1982 |
89,000 |
94.7 |
1,735 |
0.33 |
20.59 |
|
220 White Plains Road |
1984 |
89,000 |
89.1 |
1,946 |
0.37 |
24.54 |
|
White Plains |
|
|
|
|
|
|
|
1 Barker Avenue |
1975 |
68,000 |
99.0 |
1,728 |
0.33 |
25.67 |
|
3 Barker Avenue |
1983 |
65,300 |
100.0 |
1,706 |
0.33 |
26.13 |
|
50 Main Street |
1985 |
309,000 |
99.9 |
9,215 |
1.76 |
29.85 |
|
11 Martine Avenue |
1987 |
180,000 |
94.0 |
4,640 |
0.89 |
27.42 |
|
1 Water Street |
1979 |
45,700 |
100.0 |
1,093 |
0.21 |
23.92 |
|
Yonkers |
|
|
|
|
|
|
|
1 Executive Boulevard |
1982 |
112,000 |
100.0 |
2,899 |
0.56 |
25.88 |
|
3 Executive Plaza |
1987 |
58,000 |
100.0 |
1,466 |
0.28 |
25.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New York Office |
|
2,626,484 |
96.6 |
58,986 |
11.32 |
23.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHESTER COUNTY, PENNSYLVANIA |
|
|
|
|
|
|
|
Berwyn |
|
|
|
|
|
|
|
1000 Westlakes Drive |
1989 |
60,696 |
93.0 |
1,593 |
0.31 |
28.22 |
|
1055 Westlakes Drive |
1990 |
118,487 |
90.1 |
2,299 |
0.44 |
21.53 |
|
1205 Westlakes Drive |
1988 |
130,265 |
93.3 |
3,157 |
0.61 |
25.98 |
|
1235 Westlakes Drive |
1986 |
134,902 |
83.0 |
2,341 |
0.45 |
20.91 |
|
|
|
|
|
|
|
|
|
DELAWARE COUNTY, PENNSYLVANIA |
|
|
|
|
|
|
Lester |
|
|
|
|
|
|
|
100 Stevens Drive |
1986 |
95,000 |
100.0 |
2,551 |
0.49 |
26.85 |
|
200 Stevens Drive |
1987 |
208,000 |
100.0 |
5,598 |
1.07 |
26.91 |
|
300 Stevens Drive |
1992 |
68,000 |
67.5 |
925 |
0.18 |
20.15 |
|
Media |
|
|
|
|
|
|
|
1400 Providence Road – Center I |
1986 |
100,000 |
83.2 |
2,115 |
0.41 |
25.42 |
|
1400 Providence Road – Center II |
1990 |
160,000 |
96.4 |
3,334 |
0.64 |
21.62 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
47
|
Property Listing
Office Properties
(continued)
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
MONTGOMERY COUNTY, PENNSYLVANIA |
|
|
|
|
|
|
Bala Cynwyd |
|
|
|
|
|
|
|
150 Monument Road (e) |
1981 |
125,783 |
62.5 |
555 |
0.11 |
28.01 |
|
Blue Bell |
|
|
|
|
|
|
|
4 Sentry Parkway |
1982 |
63,930 |
94.1 |
1,374 |
0.26 |
22.84 |
|
16 Sentry Parkway |
1988 |
93,093 |
100.0 |
2,294 |
0.44 |
24.64 |
|
18 Sentry Parkway |
1988 |
95,010 |
95.5 |
1,719 |
0.33 |
18.95 |
|
King of Prussia |
|
|
|
|
|
|
|
2200 Renaissance Boulevard |
1985 |
174,124 |
95.0 |
3,530 |
0.68 |
21.34 |
|
Lower Providence |
|
|
|
|
|
|
|
1000 Madison Avenue |
1990 |
100,700 |
32.2 |
670 |
0.13 |
20.66 |
|
Plymouth Meeting |
|
|
|
|
|
|
|
1150 Plymouth Meeting Mall |
1970 |
167,748 |
94.0 |
3,063 |
0.59 |
19.43 |
|
Five Sentry Parkway East |
1984 |
91,600 |
100.0 |
1,953 |
0.37 |
21.32 |
|
Five Sentry Parkway West |
1984 |
38,400 |
100.0 |
824 |
0.16 |
21.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pennsylvania Office |
|
2,025,738 |
88.4 |
39,895 |
7.67 |
23.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAIRFIELD COUNTY, CONNECTICUT |
|
|
|
|
|
|
Greenwich |
|
|
|
|
|
|
|
500 West Putnam Avenue |
1973 |
121,250 |
99.1 |
3,372 |
0.65 |
28.06 |
|
Norwalk |
|
|
|
|
|
|
|
40 Richards Avenue |
1985 |
145,487 |
73.9 |
2,518 |
0.48 |
23.42 |
|
Shelton |
|
|
|
|
|
|
|
1000 Bridgeport Avenue |
1986 |
133,000 |
79.8 |
1,933 |
0.37 |
18.21 |
|
Stamford |
|
|
|
|
|
|
|
1266 East Main Street |
1984 |
179,260 |
81.1 |
4,385 |
0.84 |
30.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Connecticut Office |
|
578,997 |
82.8 |
12,208 |
2.34 |
25.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WASHINGTON, D.C. |
|
|
|
|
|
|
|
1201 Connecticut Avenue, NW |
1940 |
169,549 |
96.7 |
5,832 |
1.12 |
35.57 |
|
1400 L Street, NW |
1987 |
159,000 |
89.2 |
5,877 |
1.13 |
41.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total District of Columbia Office |
|
328,549 |
93.0 |
11,709 |
2.25 |
38.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRINCE GEORGE’S COUNTY, MARYLAND |
|
|
|
|
|
|
Lanham |
|
|
|
|
|
|
|
4200 Parliament Place |
1989 |
122,000 |
100.0 |
3,022 |
0.58 |
24.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Maryland Office |
|
122,000 |
100.0 |
3,022 |
0.58 |
24.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARAPAHOE COUNTY, COLORADO |
|
|
|
|
|
|
|
Denver |
|
|
|
|
|
|
|
400 South Colorado Boulevard |
1983 |
125,415 |
86.9 |
1,707 |
0.33 |
15.66 |
|
Englewood |
|
|
|
|
|
|
|
9359 East Nichols Avenue |
1997 |
72,610 |
100.0 |
658 |
0.13 |
9.06 |
|
5350 South Roslyn Street |
1982 |
63,754 |
98.3 |
982 |
0.19 |
15.67 |
|
|
|
|
|
|
|
|
|
BOULDER COUNTY, COLORADO |
|
|
|
|
|
|
|
Broomfield |
|
|
|
|
|
|
|
105 South Technology Court |
1997 |
37,574 |
67.0 |
189 |
0.04 |
7.51 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
48
|
Property Listing
Office Properties
(continued)
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
303 South Technology Court-A |
1997 |
34,454 |
100.0 |
270 |
0.05 |
7.84 |
|
303 South Technology Court-B |
1997 |
40,416 |
100.0 |
316 |
0.06 |
7.82 |
|
Louisville |
|
|
|
|
|
|
|
248 Centennial Parkway |
1996 |
39,266 |
100.0 |
300 |
0.06 |
7.64 |
|
1172 Century Drive |
1996 |
49,566 |
68.3 |
379 |
0.07 |
11.20 |
|
285 Century Place |
1997 |
69,145 |
100.0 |
761 |
0.15 |
11.01 |
|
|
|
|
|
|
|
|
|
DENVER COUNTY, COLORADO |
|
|
|
|
|
|
|
Denver |
|
|
|
|
|
|
|
3600 South Yosemite |
1974 |
133,743 |
100.0 |
1,480 |
0.28 |
11.07 |
|
8181 East Tufts Avenue |
2001 |
185,254 |
98.6 |
4,150 |
0.80 |
22.72 |
|
|
|
|
|
|
|
|
|
DOUGLAS COUNTY, COLORADO |
|
|
|
|
|
|
|
Centennial |
|
|
|
|
|
|
|
5975 South Quebec Street (c) |
1996 |
102,877 |
93.6 |
1,301 |
0.25 |
13.51 |
|
Englewood |
|
|
|
|
|
|
|
67 Inverness Drive East |
1996 |
54,280 |
100.0 |
319 |
0.06 |
5.88 |
|
384 Inverness Parkway |
1985 |
51,523 |
92.0 |
666 |
0.13 |
14.05 |
|
400 Inverness Parkway |
1997 |
111,608 |
97.9 |
1,611 |
0.31 |
14.74 |
|
9777 Pyramid Court |
1995 |
120,281 |
93.1 |
1,226 |
0.24 |
10.95 |
|
|
|
|
|
|
|
|
|
EL PASO COUNTY, COLORADO |
|
|
|
|
|
|
|
Colorado Springs |
|
|
|
|
|
|
|
8415 Explorer |
1998 |
47,368 |
100.0 |
530 |
0.10 |
11.19 |
|
1975 Research Parkway |
1997 |
115,250 |
94.3 |
1,037 |
0.20 |
9.54 |
|
2375 Telstar Drive |
1998 |
47,369 |
100.0 |
531 |
0.10 |
11.21 |
|
|
|
|
|
|
|
|
|
JEFFERSON COUNTY, COLORADO |
|
|
|
|
|
|
|
Lakewood |
|
|
|
|
|
|
|
141 Union Boulevard |
1985 |
63,600 |
97.7 |
1,073 |
0.21 |
17.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Colorado Office |
|
1,565,353 |
95.0 |
19,486 |
3.76 |
13.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO COUNTY, CALIFORNIA |
|
|
|
|
|
|
San Francisco |
|
|
|
|
|
|
|
795 Folsom Street |
1977 |
183,445 |
85.3 |
5,633 |
1.08 |
36.00 |
|
760 Market Street |
1908 |
267,446 |
75.8 |
7,849 |
1.51 |
38.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total California Office |
|
450,891 |
79.7 |
13,482 |
2.59 |
37.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OFFICE PROPERTIES |
|
24,559,281 |
90.3 |
458,814 |
88.08 |
$22.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
49
|
Property Listing
Office/Flex Properties
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
BURLINGTON COUNTY, NEW JERSEY |
|
|
|
|
|
|
Burlington |
|
|
|
|
|
|
|
3 Terri Lane |
1991 |
64,500 |
82.5 |
451 |
0.09 |
8.48 |
|
5 Terri Lane |
1992 |
74,555 |
100.0 |
587 |
0.11 |
7.87 |
|
Moorestown |
|
|
|
|
|
|
|
2 Commerce Drive |
1986 |
49,000 |
55.1 |
404 |
0.08 |
14.96 |
|
101 Commerce Drive |
1988 |
64,700 |
100.0 |
264 |
0.05 |
4.08 |
|
102 Commerce Drive |
1987 |
38,400 |
100.0 |
165 |
0.03 |
4.30 |
|
201 Commerce Drive |
1986 |
38,400 |
50.0 |
228 |
0.04 |
11.88 |
|
202 Commerce Drive |
1988 |
51,200 |
100.0 |
238 |
0.05 |
4.65 |
|
1 Executive Drive |
1989 |
20,570 |
81.1 |
100 |
0.02 |
5.99 |
|
2 Executive Drive |
1988 |
60,800 |
67.9 |
359 |
0.07 |
8.70 |
|
101 Executive Drive |
1990 |
29,355 |
75.2 |
260 |
0.05 |
11.78 |
|
102 Executive Drive |
1990 |
64,000 |
100.0 |
401 |
0.08 |
6.27 |
|
225 Executive Drive |
1990 |
50,600 |
100.0 |
365 |
0.07 |
7.21 |
|
97 Foster Road |
1982 |
43,200 |
100.0 |
199 |
0.04 |
4.61 |
|
1507 Lancer Drive |
1995 |
32,700 |
100.0 |
155 |
0.03 |
4.74 |
|
1510 Lancer Drive |
1998 |
88,000 |
100.0 |
327 |
0.06 |
3.72 |
|
1245 North Church Street |
1998 |
52,810 |
100.0 |
396 |
0.08 |
7.50 |
|
1247 North Church Street |
1998 |
52,790 |
60.8 |
376 |
0.07 |
11.71 |
|
1256 North Church Street |
1984 |
63,495 |
100.0 |
382 |
0.07 |
6.02 |
|
840 North Lenola Road |
1995 |
38,300 |
100.0 |
246 |
0.05 |
6.42 |
|
844 North Lenola Road |
1995 |
28,670 |
74.9 |
130 |
0.02 |
6.05 |
|
915 North Lenola Road |
1998 |
52,488 |
100.0 |
284 |
0.05 |
5.41 |
|
2 Twosome Drive |
2000 |
48,600 |
100.0 |
391 |
0.08 |
8.05 |
|
30 Twosome Drive |
1997 |
39,675 |
100.0 |
223 |
0.04 |
5.62 |
|
31 Twosome Drive |
1998 |
84,200 |
100.0 |
469 |
0.09 |
5.57 |
|
40 Twosome Drive |
1996 |
40,265 |
86.1 |
285 |
0.05 |
8.22 |
|
41 Twosome Drive |
1998 |
43,050 |
77.7 |
235 |
0.05 |
7.03 |
|
50 Twosome Drive |
1997 |
34,075 |
100.0 |
277 |
0.05 |
8.13 |
|
|
|
|
|
|
|
|
|
GLOUCESTER COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
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 |
155 |
0.03 |
11.68 |
|
200 Horizon Drive |
1991 |
45,770 |
100.0 |
592 |
0.11 |
12.93 |
|
300 Horizon Drive |
1989 |
69,780 |
100.0 |
1,135 |
0.22 |
16.27 |
|
500 Horizon Drive |
1990 |
41,205 |
100.0 |
608 |
0.12 |
14.76 |
|
|
|
|
|
|
|
|
|
MONMOUTH COUNTY, NEW JERSEY |
|
|
|
|
|
|
|
Wall Township |
|
|
|
|
|
|
|
1325 Campus Parkway |
1988 |
35,000 |
100.0 |
453 |
0.09 |
12.94 |
|
1340 Campus Parkway |
1992 |
72,502 |
94.9 |
796 |
0.15 |
11.57 |
|
1345 Campus Parkway |
1995 |
76,300 |
95.1 |
709 |
0.14 |
9.77 |
|
1433 Highway 34 |
1985 |
69,020 |
75.7 |
629 |
0.12 |
12.04 |
|
1320 Wyckoff Avenue |
1986 |
20,336 |
100.0 |
178 |
0.03 |
8.75 |
|
1324 Wyckoff Avenue |
1987 |
21,168 |
100.0 |
212 |
0.04 |
10.02 |
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
50
|
Property Listing
Office/Flex Properties
(continued)
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
PASSAIC COUNTY, NEW JERSEY |
|
|
|
|
|
|
Totowa |
|
|
|
|
|
|
|
1 Center Court |
1999 |
38,961 |
100.0 |
534 |
0.10 |
13.71 |
|
2 Center Court |
1998 |
30,600 |
85.3 |
305 |
0.06 |
11.69 |
|
11 Commerce Way |
1989 |
47,025 |
100.0 |
544 |
0.10 |
11.57 |
|
20 Commerce Way |
1992 |
42,540 |
100.0 |
522 |
0.10 |
12.27 |
|
29 Commerce Way |
1990 |
48,930 |
79.6 |
591 |
0.11 |
15.17 |
|
40 Commerce Way |
1987 |
50,576 |
100.0 |
686 |
0.13 |
13.56 |
|
45 Commerce Way |
1992 |
51,207 |
64.5 |
226 |
0.04 |
6.84 |
|
60 Commerce Way |
1988 |
50,333 |
100.0 |
573 |
0.11 |
11.38 |
|
80 Commerce Way |
1996 |
22,500 |
88.7 |
304 |
0.06 |
15.23 |
|
100 Commerce Way |
1996 |
24,600 |
100.0 |
332 |
0.06 |
13.50 |
|
120 Commerce Way |
1994 |
9,024 |
100.0 |
102 |
0.02 |
11.30 |
|
140 Commerce Way |
1994 |
26,881 |
88.8 |
303 |
0.06 |
12.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New Jersey Office/Flex |
|
2,277,531 |
91.7 |
18,834 |
3.60 |
9.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTCHESTER COUNTY, NEW YORK |
|
|
|
|
|
|
Elmsford |
|
|
|
|
|
|
|
11 Clearbrook Road |
1974 |
31,800 |
100.0 |
438 |
0.08 |
13.77 |
|
75 Clearbrook Road |
1990 |
32,720 |
100.0 |
816 |
0.16 |
24.94 |
|
125 Clearbrook Road |
2002 |
33,000 |
100.0 |
712 |
0.14 |
21.58 |
|
150 Clearbrook Road |
1975 |
74,900 |
84.9 |
846 |
0.16 |
13.30 |
|
175 Clearbrook Road |
1973 |
98,900 |
98.6 |
1,549 |
0.30 |
15.88 |
|
200 Clearbrook Road |
1974 |
94,000 |
99.8 |
1,237 |
0.24 |
13.19 |
|
250 Clearbrook Road |
1973 |
155,000 |
97.3 |
1,348 |
0.26 |
8.94 |
|
50 Executive Boulevard |
1969 |
45,200 |
85.6 |
378 |
0.07 |
9.77 |
|
77 Executive Boulevard |
1977 |
13,000 |
100.0 |
220 |
0.04 |
16.92 |
|
85 Executive Boulevard |
1968 |
31,000 |
86.2 |
379 |
0.07 |
14.18 |
|
300 Executive Boulevard |
1970 |
60,000 |
100.0 |
581 |
0.11 |
9.68 |
|
350 Executive Boulevard |
1970 |
15,400 |
98.8 |
296 |
0.06 |
19.45 |
|
399 Executive Boulevard |
1962 |
80,000 |
100.0 |
1,024 |
0.20 |
12.80 |
|
400 Executive Boulevard |
1970 |
42,200 |
100.0 |
736 |
0.14 |
17.44 |
|
500 Executive Boulevard |
1970 |
41,600 |
100.0 |
686 |
0.13 |
16.49 |
|
525 Executive Boulevard |
1972 |
61,700 |
83.6 |
810 |
0.16 |
15.70 |
|
1 Westchester Plaza |
1967 |
25,000 |
100.0 |
324 |
0.06 |
12.96 |
|
2 Westchester Plaza |
1968 |
25,000 |
100.0 |
449 |
0.09 |
17.96 |
|
3 Westchester Plaza |
1969 |
93,500 |
100.0 |
1,423 |
0.27 |
15.22 |
|
4 Westchester Plaza |
1969 |
44,700 |
99.8 |
589 |
0.11 |
13.20 |
|
5 Westchester Plaza |
1969 |
20,000 |
100.0 |
303 |
0.06 |
15.15 |
|
6 Westchester Plaza |
1968 |
20,000 |
100.0 |
332 |
0.06 |
16.60 |
|
7 Westchester Plaza |
1972 |
46,200 |
100.0 |
741 |
0.14 |
16.04 |
|
8 Westchester Plaza |
1971 |
67,200 |
100.0 |
966 |
0.19 |
14.38 |
|
Hawthorne |
|
|
|
|
|
|
|
200 Saw Mill River Road |
1965 |
51,100 |
100.0 |
654 |
0.13 |
12.80 |
|
4 Skyline Drive |
1987 |
80,600 |
100.0 |
1,514 |
0.29 |
18.78 |
|
5 Skyline Drive |
1980 |
124,022 |
91.7 |
1,537 |
0.29 |
13.51 |
|
6 Skyline Drive |
1980 |
44,155 |
100.0 |
718 |
0.14 |
16.26 |
|
8 Skyline Drive |
1985 |
50,000 |
98.7 |
758 |
0.15 |
15.36 |
|
10 Skyline Drive |
1985 |
20,000 |
84.4 |
200 |
0.04 |
11.85 |
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
51
|
Property Listing
Office/Flex Properties
(continued)
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
11 Skyline Drive |
1989 |
45,000 |
100.0 |
807 |
0.15 |
17.93 |
|
12 Skyline Drive |
1999 |
46,850 |
70.1 |
685 |
0.13 |
20.86 |
|
15 Skyline Drive |
1989 |
55,000 |
100.0 |
1,188 |
0.23 |
21.60 |
|
Yonkers |
|
|
|
|
|
|
|
100 Corporate Boulevard |
1987 |
78,000 |
98.2 |
1,456 |
0.28 |
19.01 |
|
200 Corporate Boulevard South |
1990 |
84,000 |
92.5 |
1,324 |
0.25 |
17.04 |
|
4 Executive Plaza |
1986 |
80,000 |
89.8 |
1,196 |
0.23 |
16.65 |
|
6 Executive Plaza |
1987 |
80,000 |
83.7 |
1,220 |
0.23 |
18.22 |
|
1 Odell Plaza |
1980 |
106,000 |
99.9 |
1,460 |
0.28 |
13.79 |
|
3 Odell Plaza |
1984 |
71,065 |
100.0 |
1,457 |
0.28 |
20.50 |
|
5 Odell Plaza |
1983 |
38,400 |
99.6 |
647 |
0.12 |
16.92 |
|
7 Odell Plaza |
1984 |
42,600 |
99.6 |
632 |
0.12 |
14.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New York Office/Flex |
|
2,348,812 |
95.9 |
34,636 |
6.64 |
15.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAIRFIELD COUNTY, CONNECTICUT |
|
|
|
|
|
|
Stamford |
|
|
|
|
|
|
|
419 West Avenue |
1986 |
88,000 |
100.0 |
1,152 |
0.22 |
13.09 |
|
500 West Avenue |
1988 |
25,000 |
100.0 |
456 |
0.09 |
18.24 |
|
550 West Avenue |
1990 |
54,000 |
100.0 |
884 |
0.17 |
16.37 |
|
600 West Avenue |
1999 |
66,000 |
100.0 |
850 |
0.16 |
12.88 |
|
650 West Avenue |
1998 |
40,000 |
100.0 |
555 |
0.11 |
13.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Connecticut Office/Flex |
|
273,000 |
100.0 |
3,897 |
0.75 |
14.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OFFICE/FLEX PROPERTIES |
|
4,899,343 |
94.2 |
57,367 |
10.99 |
12.43 |
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
52
|
Property Listing
Industrial/Warehouse, Retail and Land Properties
|
|
Property
Location |
Year
Built |
Net
Rentable
Area
(Sq. Ft.) |
Percentage
Leased
as of
3/31/05
(%) (a) |
2005
Base
Rent
($000’s)
(b) (c) |
Percentage
of Total 2005
Base Rent (%) |
2005
Average
Base Rent
Per Sq. Ft.
($) (c) (d) |
|
|
|
|
|
|
|
|
|
WESTCHESTER COUNTY, NEW YORK |
|
|
|
|
|
|
Elmsford |
|
|
|
|
|
|
|
1 Warehouse Lane |
1957 |
6,600 |
100.0 |
80 |
0.02 |
12.12 |
|
2 Warehouse Lane |
1957 |
10,900 |
100.0 |
121 |
0.02 |
11.10 |
|
3 Warehouse Lane |
1957 |
77,200 |
100.0 |
325 |
0.06 |
4.21 |
|
4 Warehouse Lane |
1957 |
195,500 |
96.7 |
2,192 |
0.42 |
11.59 |
|
5 Warehouse Lane |
1957 |
75,100 |
97.1 |
984 |
0.19 |
13.49 |
|
6 Warehouse Lane |
1982 |
22,100 |
100.0 |
513 |
0.10 |
23.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrial/Warehouse Properties |
|
387,400 |
97.8 |
4,215 |
0.81 |
11.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTCHESTER COUNTY, NEW YORK |
|
|
|
|
|
|
Tarrytown |
|
|
|
|
|
|
|
230 White Plains Road |
1984 |
9,300 |
100.0 |
195 |
0.04 |
20.97 |
|
Yonkers |
|
|
|
|
|
|
|
2 Executive Boulevard |
1986 |
8,000 |
100.0 |
159 |
0.03 |
19.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retail Properties |
|
17,300 |
100.0 |
354 |
0.07 |
20.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTCHESTER COUNTY, NEW YORK |
|
|
|
|
|
|
Elmsford |
|
|
|
|
|
|
|
700 Executive Boulevard |
-- |
-- |
-- |
114 |
0.02 |
-- |
|
Yonkers |
|
|
|
|
|
|
|
1 Enterprise Boulevard |
-- |
-- |
-- |
143 |
0.03 |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Land Leases |
|
-- |
-- |
257 |
0.05 |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PROPERTIES |
|
29,863,324 |
91.1 |
521,007 (g) |
100.00 |
20.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring March 31, 2005 aggregating 117,183 square feet (representing 0.4 percent of the Company’s total net rentable square footage) for which no new leases were signed. |
|
(b) |
Total base rent for the 12 months ended March 31, 2005, determined in accordance with generally accepted accounting principles (“GAAP”). Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage. |
|
(c) |
Excludes space leased by the Company. |
|
|
(d) |
Base rent for the 12 months ended March 31, 2005, divided by net rentable square feet leased at March 31, 2005. For those properties acquired during the 12 months ended March 31, 2005, amounts are annualized, as per Note e. |
|
(e) |
As this property was acquired by the Company during the 12 months ended March 31, 2005, the amounts represented in 2005 base rent reflect only that portion of the year during which the Company owned the property. Accordingly, these amounts may not be indicative of the property’s full year results. For comparison purposes, the amounts represented in 2005 average base rent per sq. ft. for this property have been calculated by taking 2005 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at March 31, 2005. These annualized per square foot amounts may not be indicative of the property’s results had the Company owned such property for the entirety of the 12 months ended March 31, 2005. |
|
(f) |
This property was identified as held for sale by the Company as of March 31, 2005 and is classified as discontinued operations in the 2005 financial statements. |
|
(g) |
Includes $9,087 pertaining to properties identified as held for sale, which are classified as discontinued operations in the 2005 financial statements. |
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
53
Significant Tenants
The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of March 31, 2005, based upon annualized base rents:
|
|
Number of
Properties |
Annualized
Base Rental
Revenue ($) (a) |
Percentage of
Company
Annualized Base
Rental Revenue (%) |
Square
Feet
Leased |
Percentage
Total Company
Leased Sq. Ft. (%) |
Year of
Lease
Expiration |
|
|
|
|
|
|
|
|
|
AT&T Corp. |
4 |
11,817,212 |
2.2 |
787,067 |
2.9 |
2014 |
(b) |
|
Merrill Lynch |
1 |
10,040,787 |
1.9 |
590,174 |
2.2 |
2012 |
(c) |
|
AT&T Wireless Services |
2 |
9,609,610 |
1.7 |
383,805 |
1.4 |
2007 |
|
|
Morgan Stanley D.W., Inc. |
5 |
8,909,110 |
1.6 |
376,772 |
1.4 |
2013 |
(d) |
|
Credit Suisse First Boston |
1 |
8,863,783 |
1.6 |
271,953 |
1.0 |
2012 |
(e) |
|
Prentice-Hall, Inc. |
1 |
7,694,097 |
1.4 |
474,801 |
1.8 |
2014 |
|
|
Keystone Mercy Health Plan |
2 |
7,684,827 |
1.4 |
303,149 |
1.1 |
2015 |
|
|
Forest Laboratories Inc. |
2 |
6,961,107 |
1.2 |
202,857 |
0.8 |
2017 |
(f) |
|
IBM Corporation |
3 |
6,253,218 |
1.1 |
351,358 |
1.3 |
2010 |
(g) |
|
Toys ‘R’ Us – NJ, Inc. |
1 |
6,072,651 |
1.1 |
242,518 |
0.9 |
2012 |
|
|
Allstate Insurance Company |
10 |
6,047,046 |
1.1 |
264,550 |
1.0 |
2010 |
(h) |
|
Nabisco Inc. |
3 |
5,832,607 |
1.0 |
332,246 |
1.2 |
2006 |
(i) |
|
American Institute of
Certified Public Accountants |
1 |
5,817,181 |
1.0 |
249,768 |
0.9 |
2012 |
|
|
TD Waterhouse Investor Services, Inc. |
1 |
5,508,238 |
1.0 |
184,222 |
0.7 |
2015 |
|
|
Garban LLC |
1 |
5,239,829 |
0.9 |
148,025 |
0.6 |
2017 |
|
|
CMP Media Inc. |
1 |
5,232,527 |
0.9 |
237,274 |
0.9 |
2014 |
|
|
Lucent Technologies, Inc. |
2 |
4,835,006 |
0.9 |
335,342 |
1.3 |
2006 |
(j) |
|
KPMG, LLP |
3 |
4,714,583 |
0.8 |
181,025 |
0.7 |
2012 |
(k) |
|
Winston & Strawn |
1 |
4,654,011 |
0.8 |
111,094 |
0.4 |
2005 |
|
|
National Union Fire Insurance |
1 |
4,472,129 |
0.8 |
208,006 |
0.8 |
2012 |
|
|
National Financial Services |
1 |
4,346,765 |
0.8 |
112,964 |
0.4 |
2012 |
|
|
Citigroup Global Markets, Inc. |
6 |
4,320,928 |
0.8 |
168,430 |
0.6 |
2016 |
(l) |
|
Bank of Tokyo-Mitsubishi Ltd. |
1 |
4,228,795 |
0.8 |
137,076 |
0.5 |
2009 |
|
|
Move.Com Operations Inc. |
1 |
4,176,348 |
0.7 |
94,917 |
0.4 |
2006 |
|
|
Regus Business Centre Corp. |
3 |
3,886,344 |
0.7 |
107,608 |
0.4 |
2011 |
|
|
Vonage USA, Inc. |
1 |
3,830,750 |
0.7 |
350,000 |
1.3 |
2017 |
|
|
Cendant Operations Inc. |
1 |
3,773,775 |
0.7 |
150,951 |
0.6 |
2008 |
|
|
SSB Realty, LLC |
1 |
3,321,051 |
0.6 |
114,519 |
0.4 |
2009 |
|
|
URS Greiner Woodward-Clyde |
1 |
3,252,691 |
0.6 |
120,550 |
0.4 |
2011 |
|
|
Dow Jones & Company Inc. |
3 |
3,154,664 |
0.6 |
96,873 |
0.4 |
2012 |
(m) |
|
Montefiore Medical Center |
4 |
3,103,600 |
0.6 |
144,457 |
0.5 |
2019 |
(n) |
|
Lehman Brothers Holdings, Inc. |
1 |
3,057,675 |
0.5 |
207,300 |
0.8 |
2010 |
|
|
SunAmerica Asset Management |
1 |
2,680,409 |
0.5 |
69,621 |
0.3 |
2018 |
|
|
United States Life Insurance Co. |
1 |
2,520,000 |
0.5 |
180,000 |
0.7 |
2013 |
|
|
Sankyo Pharma Inc. |
1 |
2,480,122 |
0.4 |
78,280 |
0.3 |
2012 |
|
|
Barr Laboratories Inc. |
2 |
2,450,087 |
0.4 |
109,510 |
0.4 |
2015 |
(o) |
|
BT Harborside |
1 |
2,340,000 |
0.4 |
90,000 |
0.3 |
2006 |
|
|
Lonza Inc. |
1 |
2,236,200 |
0.4 |
89,448 |
0.3 |
2007 |
|
|
Deloitte & Touche USA LLP |
1 |
2,204,250 |
0.4 |
88,170 |
0.3 |
2007 |
|
|
Merck & Company Inc. |
2 |
2,159,465 |
0.4 |
97,396 |
0.4 |
2006 |
|
|
Computer Sciences Corporation |
3 |
2,149,888 |
0.4 |
109,825 |
0.4 |
2007 |
(p) |
|
Mellon HR Solutions LLC |
1 |
2,098,380 |
0.4 |
69,946 |
0.3 |
2006 |
|
|
Xerox Corporation |
5 |
2,087,489 |
0.4 |
88,789 |
0.3 |
2010 |
(q) |
|
High Point Safety & Insurance |
1 |
2,073,570 |
0.4 |
88,237 |
0.3 |
2015 |
|
|
Nextel of New York Inc. |
2 |
2,023,440 |
0.4 |
97,436 |
0.4 |
2014 |
(r) |
|
GAB Robins North America, Inc. |
1 |
1,932,512 |
0.3 |
75,049 |
0.3 |
2008 |
|
|
Prudential Insurance Company |
1 |
1,914,716 |
0.3 |
75,174 |
0.3 |
2012 |
|
|
Movado Group Inc. |
1 |
1,902,415 |
0.3 |
80,417 |
0.3 |
2013 |
|
|
URS Corporation |
3 |
1,870,621 |
0.3 |
92,518 |
0.3 |
2011 |
(s) |
|
Bearingpoint Inc. |
1 |
1,831,966 |
0.3 |
77,956 |
0.3 |
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
219,668,475 |
39.4 |
9,699,423 |
36.2 |
|
|
|
|
|
|
|
|
|
See footnotes on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
54
Significant Tenants
(Continued)
|
(a) |
Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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) |
475,100 square feet expire in 2005; 4,786 square feet expire in 2007; 32,181 square feet expire in 2009; 275,000 square feet expire in 2014. |
|
|
(c) |
411,663 square feet expire in 2007; 178,511 square feet expire in 2012. |
|
|
(d) |
18,539 square feet expire in 2005; 19,500 square feet expire in 2008; 7,000 square feet expire in 2009; 25,563 square feet expire in 2010; 306,170 square feet expire in 2013. |
|
(e) |
190,000 square feet expire in 2011; 81,953 square feet expire in 2012. |
|
|
(f) |
22,785 square feet expire in 2010; 180,072 square feet expire in 2017. |
|
|
(g) |
85,000 square feet expire in 2005; 248,399 square feet expire in 2007; 17,959 square feet expire in 2010. |
|
|
(h) |
22,444 square feet expire in 2006; 93,541 square feet expire in 2007; 59,562 square feet expire in 2008; 22,185 square feet expire in 2009; 66,818 square feet expire in 2010. |
|
(i) |
300,378 square feet expire in 2005; 31,868 square feet expire in 2006. |
|
|
(j) |
317,040 square feet expire in 2005; 18,302 square feet expire in 2006. |
|
|
(k) |
57,204 square feet expire in 2007; 46,440 square feet expire in 2009; 77,381 square feet expire in 2012. |
|
|
(l) |
35,955 square feet expire in 2005; 19,668 square feet expire in 2007; 59,711 square feet expire in 2009; 26,834 square feet expire in 2014; 26,262 square feet expire in 2016. |
|
|
(m) |
4,561 square feet expire in 2006; 92,312 square feet expire in 2012. |
|
|
(n) |
19,000 square feet expire in 2007; 48,542 square feet expire in 2009; 5,850 square feet expire in 2014; 71,065 square feet expire in 2019. |
|
|
(o) |
20,000 square feet expire in 2007; 89,510 square feet expire in 2015. |
|
|
(p) |
82,850 square feet expire in 2006; 26,975 square feet expire in 2007. |
|
|
(q) |
5,000 square feet expire in 2005; 2,875 square feet expire in 2007; 1,500 square feet expire in 2008; 79,414 square feet expire in 2010. |
|
|
(r) |
62,436 square feet expire in 2010; 35,000 square feet expire in 2014. |
|
|
(s) |
1,456 square feet expire in 2005; 20,187 square feet expire in 2008; 70,875 square feet expire in 2011. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
55
Schedule of Lease Expirations
All Consolidated Properties
The following table sets forth a schedule of lease expirations for the total of the Company’s office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Properties beginning April 1, 2005, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2005 through 2007 only):
|
Year Of
Expiration/
Market |
Number Of
Leases
Expiring (a) |
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.) |
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%) |
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b) |
Average Annual
Rent Per Net
Rentable
Square Foot
Represented
By Expiring
Leases ($) |
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%) |
|
|
|
|
|
|
|
|
|
2005 (c) |
|
|
|
|
|
|
|
NORTHEAST |
|
|
Northern NJ |
63 |
1,024,846 |
3.8 |
19,016,828 |
18.56 |
3.5 |
|
Central NJ |
23 |
138,377 |
0.5 |
2,859,811 |
20.67 |
0.5 |
|
Westchester Co., NY |
51 |
202,038 |
0.7 |
3,932,483 |
19.46 |
0.7 |
|
Sub. Philadelphia |
33 |
321,008 |
1.2 |
4,529,412 |
14.11 |
0.8 |
|
Fairfield, CT |
10 |
70,567 |
0.3 |
1,730,517 |
24.52 |
0.3 |
|
Washington, DC/MD |
8 |
185,717 |
0.7 |
6,903,569 |
37.17 |
1.2 |
|
Dutchess/Nassau/Rockland Co., NY |
8 |
27,324 |
0.1 |
604,314 |
22.12 |
0.1 |
|
OTHER |
|
|
|
|
|
|
|
Colorado |
10 |
155,442 |
0.6 |
1,645,236 |
10.58 |
0.3 |
|
San Francisco |
65 |
19,436 |
0.1 |
543,398 |
27.96 |
0.1 |
|
|
|
|
|
|
|
|
|
TOTAL – 2005 |
271 |
2,144,755 |
8.0 |
41,765,568 |
19.47 |
7.5 |
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
Northern NJ |
100 |
925,346 |
3.5 |
19,453,676 |
21.02 |
3.5 |
|
Central NJ |
48 |
377,999 |
1.4 |
8,475,377 |
22.42 |
1.5 |
|
Westchester Co., NY |
117 |
499,589 |
1.8 |
10,347,933 |
20.71 |
1.8 |
|
Sub. Philadelphia |
59 |
551,994 |
2.1 |
9,935,286 |
18.00 |
1.8 |
|
Fairfield, CT |
19 |
61,358 |
0.2 |
1,557,741 |
25.39 |
0.3 |
|
Washington, DC/MD |
2 |
6,288 |
(d) |
183,598 |
29.20 |
(d) |
|
Dutchess/Nassau/Rockland Co., NY |
7 |
18,975 |
0.1 |
520,154 |
27.41 |
0.1 |
|
OTHER |
|
|
|
|
|
|
|
Colorado |
20 |
127,412 |
0.5 |
1,709,959 |
13.42 |
0.3 |
|
San Francisco |
51 |
139,157 |
0.5 |
5,518,050 |
39.65 |
1.0 |
|
|
|
|
|
|
|
|
|
TOTAL – 2006 |
423 |
2,708,118 |
10.1 |
57,701,774 |
21.31 |
10.3 |
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
Northern NJ |
82 |
1,602,978 |
6.0 |
36,665,080 |
22.87 |
6.5 |
|
Central NJ |
37 |
221,122 |
0.8 |
5,407,100 |
24.45 |
1.0 |
|
Westchester Co., NY |
102 |
557,758 |
2.0 |
9,936,214 |
17.81 |
1.8 |
|
Sub. Philadelphia |
43 |
317,847 |
1.2 |
5,683,104 |
17.88 |
1.0 |
|
Fairfield, CT |
22 |
136,292 |
0.5 |
3,234,303 |
23.73 |
0.6 |
|
Washington, DC/MD |
4 |
22,380 |
0.1 |
543,402 |
24.28 |
0.1 |
|
Dutchess/Nassau/Rockland Co., NY |
10 |
39,932 |
0.2 |
1,004,831 |
25.16 |
0.2 |
|
OTHER |
|
|
|
|
|
|
|
Colorado |
25 |
162,864 |
0.6 |
1,993,580 |
12.24 |
0.3 |
|
San Francisco |
30 |
16,430 |
0.1 |
495,249 |
30.14 |
0.1 |
|
|
|
|
|
|
|
|
|
TOTAL – 2007 |
355 |
3,077,603 |
11.5 |
64,962,863 |
21.11 |
11.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule continued, with footnotes, on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
56
Schedule of Lease Expirations
All Consolidated Properties (continued)
|
Year Of
Expiration |
Number Of
Leases
Expiring (a) |
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.) |
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%) |
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b) |
Average Annual
Rent Per Net
Rentable
Square Foot
Represented
By Expiring
Leases
($) |
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%) |
|
|
|
|
|
|
|
|
|
2008 |
371 |
3,191,993 |
11.9 |
58,614,750 |
18.36 |
10.5 |
|
|
|
|
|
|
|
|
|
2009 |
327 |
2,343,986 |
8.7 |
51,056,164 |
21.78 |
9.2 |
|
|
|
|
|
|
|
|
|
2010 |
285 |
2,583,665 |
9.6 |
48,995,844 |
18.96 |
8.8 |
|
|
|
|
|
|
|
|
|
2011 |
156 |
2,390,523 |
8.9 |
56,252,976 |
23.53 |
10.1 |
|
|
|
|
|
|
|
|
|
2012 |
105 |
1,966,506 |
7.3 |
44,928,506 |
22.85 |
8.1 |
|
|
|
|
|
|
|
|
|
2013 |
80 |
1,631,858 |
6.1 |
35,776,545 |
21.92 |
6.4 |
|
|
|
|
|
|
|
|
|
2014 |
36 |
927,377 |
3.5 |
19,395,448 |
20.91 |
3.5 |
|
|
|
|
|
|
|
|
|
2015 |
58 |
2,319,828 |
8.7 |
46,319,586 |
19.97 |
8.3 |
|
|
|
|
|
|
|
|
|
2016 and thereafter |
37 |
1,527,765 |
5.7 |
31,756,123 |
20.79 |
5.7 |
|
|
|
|
|
|
|
|
|
Totals/Weighted |
|
|
|
|
|
|
|
Average |
2,504 |
26,813,977(e) |
100.0 |
557,526,147 |
20.79 |
100.0 |
|
|
|
|
|
|
|
|
|
(a) |
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
|
(b) |
Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
|
(c) |
Includes leases expiring March 31, 2005 aggregating 117,183 square feet and representing annualized rent of $2,028,129 for which no new leases were signed. |
|
|
(d) |
Represents less than 0.05 percent. |
|
|
(e) |
Reconciliation to Company’s total net rentable square footage is as follows: |
|
|
|
|
|
|
|
|
Square Feet |
|
Square footage leased to commercial tenants |
26,813,977 |
|
|
|
|
|
Square footage used for corporate offices, management offices,
building use, retail tenants, food services, other ancillary
|
|
service tenants and occupancy adjustments |
401,712 |
|
|
|
Square footage unleased |
2,647,635 |
|
|
Total net rentable square footage (does not include land leases) |
29,863,324 |
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
57
Schedule of Lease Expirations
Office Properties
The following table sets forth a schedule of lease expirations for the office properties beginning April 1, 2005, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2005 through 2007 only):
|
Year Of
Expiration/
Market |
Number Of
Leases
Expiring (a) |
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.) |
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%) |
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b) |
Average Annual
Rent Per Net
Rentable
Square Foot
Represented
By Expiring
Leases ($) |
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%) |
|
|
|
|
|
|
|
|
|
2005 (c) |
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
Northern NJ |
58 |
993,246 |
4.6 |
18,625,345 |
18.75 |
3.8 |
|
Central NJ |
19 |
96,494 |
0.4 |
2,346,609 |
24.32 |
0.5 |
|
Westchester Co., NY |
29 |
75,843 |
0.3 |
2,063,346 |
27.21 |
0.4 |
|
Sub. Philadelphia |
17 |
158,648 |
0.7 |
3,316,474 |
20.90 |
0.7 |
|
Fairfield, CT |
10 |
70,567 |
0.3 |
1,730,517 |
24.52 |
0.3 |
|
Washington, DC/MD |
8 |
185,717 |
0.9 |
6,903,569 |
37.17 |
1.4 |
|
Dutchess/Nassau/Rockland Co., NY |
8 |
27,324 |
0.1 |
604,314 |
22.12 |
0.1 |
|
OTHER |
|
|
|
|
|
|
|
Colorado |
10 |
155,442 |
0.7 |
1,645,236 |
10.58 |
0.3 |
|
San Francisco |
65 |
19,436 |
0.1 |
543,398 |
27.96 |
0.1 |
|
|
|
|
|
|
|
|
|
TOTAL – 2005 |
224 |
1,782,717 |
8.1 |
37,778,808 |
21.19 |
7.6 |
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
Northern NJ |
94 |
866,176 |
4.1 |
18,647,588 |
21.53 |
3.9 |
|
Central NJ |
42 |
331,267 |
1.5 |
7,862,763 |
23.74 |
1.6 |
|
Westchester Co., NY |
71 |
263,195 |
1.2 |
6,063,273 |
23.04 |
1.2 |
|
Sub. Philadelphia |
45 |
356,021 |
1.6 |
8,477,134 |
23.81 |
1.7 |
|
Fairfield, CT |
17 |
49,658 |
0.2 |
1,323,741 |
26.66 |
0.3 |
|
Washington, DC/MD |
2 |
6,288 |
(d) |
183,598 |
29.20 |
(d) |
|
Dutchess/Nassau/Rockland Co., NY |
7 |
18,975 |
0.1 |
520,154 |
27.41 |
0.1 |
|
OTHER |
|
|
|
|
|
|
|
Colorado |
20 |
127,412 |
0.6 |
1,709,959 |
13.42 |
0.3 |
|
San Francisco |
51 |
139,157 |
0.6 |
5,518,050 |
39.65 |
1.1 |
|
|
|
|
|
|
|
|
|
TOTAL – 2006 |
349 |
2,158,149 |
9.9 |
50,306,260 |
23.31 |
10.2 |
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
Northern NJ |
75 |
1,538,213 |
7.1 |
35,765,401 |
23.25 |
7.2 |
|
Central NJ |
34 |
208,452 |
0.9 |
5,249,539 |
25.18 |
1.1 |
|
Westchester Co., NY |
58 |
147,723 |
0.7 |
4,175,751 |
28.27 |
0.8 |
|
Sub. Philadelphia |
28 |
206,068 |
0.9 |
4,870,086 |
23.63 |
1.0 |
|
Fairfield, CT |
21 |
118,529 |
0.5 |
2,910,128 |
24.55 |
0.6 |
|
Washington, DC/MD |
4 |
22,380 |
0.1 |
543,402 |
24.28 |
0.1 |
|
Dutchess/Nassau/Rockland Co., NY |
10 |
39,932 |
0.2 |
1,004,831 |
25.16 |
0.2 |
|
OTHER |
|
|
|
|
|
|
|
Colorado |
25 |
162,864 |
0.8 |
1,993,580 |
12.24 |
0.4 |
|
San Francisco |
30 |
16,430 |
0.1 |
495,249 |
30.14 |
0.1 |
|
|
|
|
|
|
|
|
|
TOTAL – 2007 |
285 |
2,460,591 |
11.3 |
57,007,967 |
23.17 |
11.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule continued, with footnotes, on subsequent page.
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
58
Schedule of Lease Expirations
Office Properties (continued)
|
Year Of
Expiration |
Number Of
Leases
Expiring (a) |
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.) |
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%) |
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b) |
Average Annual
Rent Per Net
Rentable
Square Foot
Represented
By Expiring
Leases
($) |
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%) |
|
|
|
|
|
|
|
|
|
2008 |
285 |
2,292,753 |
10.5 |
49,523,092 |
21.60 |
10.0 |
|
|
|
|
|
|
|
|
|
2009 |
269 |
1,808,499 |
8.3 |
44,031,271 |
24.35 |
8.9 |
|
|
|
|
|
|
|
|
|
2010 |
220 |
1,802,634 |
8.2 |
38,743,976 |
21.49 |
7.8 |
|
|
|
|
|
|
|
|
|
2011 |
131 |
2,104,691 |
9.7 |
52,352,631 |
24.87 |
10.5 |
|
|
|
|
|
|
|
|
|
2012 |
82 |
1,724,099 |
7.9 |
41,431,580 |
24.03 |
8.4 |
|
|
|
|
|
|
|
|
|
2013 |
63 |
1,443,467 |
6.6 |
33,310,727 |
23.08 |
6.7 |
|
|
|
|
|
|
|
|
|
2014 |
30 |
850,872 |
3.9 |
18,167,575 |
21.35 |
3.7 |
|
|
|
|
|
|
|
|
|
2015 |
46 |
2,150,277 |
9.9 |
44,313,507 |
20.61 |
9.0 |
|
|
|
|
|
|
|
|
|
2016 and thereafter |
29 |
1,231,483 |
5.7 |
28,222,839 |
22.92 |
5.7 |
|
|
|
|
|
|
|
|
|
Totals/Weighted |
|
|
|
|
|
|
|
Average |
2,013 |
21,810,232 |
100.0 |
495,190,233 |
22.70 |
100.0 |
|
|
|
|
|
|
|
|
|
(a) |
Includes office tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
|
|
(b) |
Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
|
(c) |
Includes leases expiring March 31, 2005 aggregating 77,883 square feet and representing annualized rent of $1,811,754 for which no new leases were signed. |
|
|
(d) |
Represents less than 0.05 percent. |
|
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
59
Schedule of Lease Expirations
Office/Flex Properties
The following table sets forth a schedule of lease expirations for the office/flex properties beginning April 1, 2005, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2005 through 2007 only):
|
Year Of
Expiration/
Market |
Number Of
Leases
Expiring (a) |
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.) |
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%) |
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b) |
Average Annual
Rent Per Net
Rentable
Square Foot
Represented
By Expiring
Leases ($) |
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%) |
|
|
|
|
|
|
|
|
|
2005 (c) |
|
|
|
|
|
|
|
Northern NJ |
5 |
31,600 |
0.8 |
391,483 |
12.39 |
0.7 |
|
Central NJ |
4 |
41,883 |
0.9 |
513,202 |
12.25 |
0.9 |
|
Westchester Co., NY |
22 |
126,195 |
2.7 |
1,869,137 |
14.81 |
3.2 |
|
Sub. Philadelphia |
16 |
162,360 |
3.5 |
1,212,938 |
7.47 |
2.1 |
|
Fairfield, CT |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
TOTAL – 2005 |
47 |
362,038 |
7.9 |
3,986,760 |
11.01 |
6.9 |
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
|
|
|
|
Northern NJ |
6 |
59,170 |
1.2 |
806,088 |
13.62 |
1.3 |
|
Central NJ |
6 |
46,732 |
1.0 |
612,614 |
13.11 |
1.1 |
|
Westchester Co., NY |
46 |
236,394 |
5.1 |
4,284,660 |
18.13 |
7.4 |
|
Sub. Philadelphia |
14 |
195,973 |
4.3 |
1,458,152 |
7.44 |
2.5 |
|
Fairfield, CT |
2 |
11,700 |
0.3 |
234,000 |
20.00 |
0.4 |
|
|
|
|
|
|
|
|
|
TOTAL – 2006 |
74 |
549,969 |
11.9 |
7,395,514 |
13.45 |
12.7 |
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
Northern NJ |
7 |
64,765 |
1.4 |
899,679 |
13.89 |
1.5 |
|
Central NJ |
3 |
12,670 |
0.3 |
157,561 |
12.44 |
0.3 |
|
Westchester Co., NY |
41 |
397,385 |
8.6 |
5,541,508 |
13.94 |
9.5 |
|
Sub. Philadelphia |
15 |
111,779 |
2.4 |
813,018 |
7.27 |
1.4 |
|
Fairfield, CT |
1 |
17,763 |
0.4 |
324,175 |
18.25 |
0.6 |
|
|
|
|
|
|
|
|
|
TOTAL – 2007 |
67 |
604,362 |
13.1 |
7,735,941 |
12.80 |
13.3 |
|
|
|
|
|
|
|
|
|
2008 |
83 |
807,871 |
17.5 |
8,620,281 |
10.67 |
14.9 |
|
|
|
|
|
|
|
|
|
2009 |
52 |
477,204 |
10.4 |
6,041,832 |
12.66 |
10.4 |
|
|
|
|
|
|
|
|
|
2010 |
64 |
753,031 |
16.3 |
9,957,868 |
13.22 |
17.2 |
|
|
|
|
|
|
|
|
|
2011 |
24 |
278,232 |
6.0 |
3,809,145 |
13.69 |
6.6 |
|
|
|
|
|
|
|
|
|
2012 |
23 |
242,407 |
5.3 |
3,496,926 |
14.43 |
6.0 |
|
|
|
|
|
|
|
|
|
2013 |
10 |
133,155 |
2.9 |
1,789,726 |
13.44 |
3.1 |
|
|
|
|
|
|
|
|
|
2014 |
6 |
76,505 |
1.7 |
1,227,873 |
16.05 |
2.1 |
|
|
|
|
|
|
|
|
|
2015 |
12 |
169,551 |
3.7 |
2,006,079 |
11.83 |
3.5 |
|
|
|
|
|
|
|
|
|
2016 and thereafter |
5 |
153,200 |
3.3 |
1,909,923 |
12.47 |
3.3 |
|
|
|
|
|
|
|
|
|
Totals/Weighted |
|
|
|
|
|
|
|
Average |
467 |
4,607,525 |
100.0 |
57,977,868 |
12.58 |
100.0 |
|
|
|
|
|
|
|
|
|
(a) |
Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. |
|
|
(b) |
Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. |
|
(c) |
Includes leases expiring March 31, 2005 aggregating 39,300 square feet and representing annualized rent of $216,375 for which no new leases were signed. |
|
|
|
|
|
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005
60
Schedule of Lease Expirations
Industrial/Warehouse Properties
The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning April 1, 2005, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
|
Year Of
Expiration |
Number Of
Leases
Expiring (a) |
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.) |
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%) |
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b) |
Average Annual
Rent Per Net
Rentable
Square Foot
Represented
By Expiring
Leases
($) |
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%) |
|
|
|
|
|
|
|
|
|
2007 |
3 |
12,650 |
3.3 |
218,955 |
17.31 |
5.5 |
|
|
|
|
|
|
|
|
|
2008 |
3 |
91,369 |
24.1 |
471,377 |
5.16 |
11.9 |
|
|
|
|
|
|
|
|
|
2009 |
5 |
48,983 |
12.9 |
788,061 |
16.09 |
19.9 |
|
|
|
|
|
|
|
|
|
2010 |
1 |
28,000 |
7.4 |
294,000 |
10.50 |
7.4 |
|
|
|
|
|
|
|
|
|
2011 |
1 |
7,600 |
2.0 |
91,200 |
12.00 |
2.3 |
|
|
|
|
|
|
|
|
|
2013 |
7 |
55,236 |
14.6 |
676,092 |
12.24 |
17.1 |
|
|
|
|
|
|
|
|
|
2016 and thereafter |
2 |
135,082 |
35.7 |
1,418,361 |
10.50 |
35.9 |
|
|
|
|
|
|
|
|
|
Totals/Weighted |
|
|
|
|
|
|
|
Average |
22 |
378,920 |
100.0 |
3,958,046 |
10.45 |
100.0 |
|
|
|
|
|
|
|
|
|
(a) |
Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases. |
|
(b) |
Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above. |
Stand-Alone Retail Properties
The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning April 1, 2005, assuming that none of the tenants exercise renewal or termination options. All stand-alone retail properties are located in the Westchester County, NY market:
|
Year Of
Expiration |
Number Of
Leases
Expiring (a) |
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.) |
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%) |
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b) |
Average Annual
Rent Per Net
Rentable
Square Foot
Represented
By Expiring
Leases ($) |
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%) |
|
|
|
|
|
|
|
|
|
2009 |
1 |
9,300 |
53.8 |
195,000 |
20.97 |
48.8 |
|
|
|
|
|
|
|
|
|
2016 and thereafter |
1 |
8,000 |
46.2 |
205,000 |
25.62 |
51.2 |
|
|
|
|
|
|
|
|
|
Totals/Weighted |
|
|
|
|
|
|
|
Average |
2 |
17,300 |
100.0 |
400,000 |
23.12 |
100.0 |
|
|
|
|
|
|
|
|
|
(a) |
Includes stand-alone retail property tenants only. |
|
|
(b) |
Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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, 2005
61