Exhibit 99.2
M A C K - C A L I R E A L T Y C O R P O R A T I O N
NEWS RELEASE
For Immediate Release
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Contact: |
Barry Lefkowitz |
Virginia Sobol |
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Executive Vice President |
Vice President, Marketing | |||||||
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and Chief Financial Officer |
and Public Relations |
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(908)272-8000 |
(908)272-8000 |
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MACK-CALI REALTY CORPORATION
ANNOUNCES SECOND QUARTER RESULTS
CRANFORD, NEW JERSEY – August 4, 2005 – Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the second quarter 2005.
Highlights of the quarter included:
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Reported net income per diluted share of $0.58; |
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Reported FFO per diluted share of $0.94; |
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Sold two office buildings in Long Island, New York for $72.5 million; |
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Sold office building in Wayne, New Jersey for $18.3 million; and |
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Declared $0.63 per share quarterly common stock dividend. |
FINANCIAL HIGHLIGHTS
Net income available to common shareholders for the second quarter 2005 equaled $36.0 million, or $0.58 per share, versus $15.8 million, or $0.26 per share, for the same quarter last year. For the six months ended June 30, 2005, net income available to common shareholders equaled $58.5 million, or $0.95 per share, versus $42.1 million, or $0.69 per share, for the same period last year.
Funds from operations (FFO) available to common shareholders for the quarter ended June 30, 2005 amounted to $71.4 million, or $0.94 per share, versus $67.6 million, or $0.90 per share, for the quarter ended June 30, 2004. For the six months ended June 30, 2005, FFO available to common shareholders amounted to $138.5 million, or $1.83 per share, versus $132.5 million, or $1.77 per share, for the same period last year.
Total revenues for the second quarter 2005 increased 15.1 percent to $163.5 million as compared to $142.0 million for the same quarter last year. For the six months ended June 30, 2005, total revenues amounted to $316.9 million, an increase of 12.5 percent over total revenues of $281.8 million for the same period last year.
All per share amounts presented above are on a diluted basis.
The Company had 61,704,554 shares of common stock, 10,000 shares of 8 percent cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 13,829,254 common operating partnership units outstanding as of June 30, 2005.
The Company had a total of 75,533,808 shares/common units outstanding at June 30, 2005.
As of June 30, 2005, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 6.14 percent. The Company had a total market capitalization of $5.4 billion and a debt-to-undepreciated assets ratio of 41.1 percent at June 30, 2005. The Company had an interest coverage ratio of 3.4 times for the quarter ended June 30, 2005.
Mitchell E. Hersh, president and chief executive officer, commented, “We're pleased with the Company's overall performance, despite what remain challenging market conditions. We're confident that Mack-Cali's strong financial position leaves us well-poised to capitalize on a recovering economy.”
The following is a summary of the Company’s recent activity:
ACQUISITIONS
Recently, in July, the Company acquired Monmouth Executive Center, a four building, 236,338 square-foot class A office complex in Freehold, New Jersey for a purchase price of $32,775,000. The complex is 75.8 percent leased to 15 tenants. The buildings are located at 100 Willowbrook Road and 2, 3 and 4 Paragon Way.
PROPERTY SALES
In May, the Company sold 201 Willowbrook Boulevard, a 178,329 square-foot office building in Wayne, New Jersey. The building was sold for $18,265,000. In conjunction with the sale, the Company provided a $12 million, 5.74 percent purchase money mortgage with an initial term of five years.
In June, the Company sold two office properties totaling 292,849 square feet in Long Island, New York for $72.5 million. The properties sold were 600 Community Drive in North Hills, a six-story, 237,274 square-foot class A building, and 111 East Shore Road in Manhassett, a four-story, 55,575 square-foot class A office building.
FINANCING ACTIVITY
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 June, 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 second quarter 2005, which was paid on July 18, 2005 to shareholders of record as of July 6, 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 April 15, 2005 through July 14, 2005. The dividend was paid on July 15, 2005 to shareholders of record as of July 6, 2005.
LEASING INFORMATION
Mack-Cali’s consolidated in-service portfolio was 90 percent leased at June 30, 2005, compared to 91.1 percent leased at March 31, 2005.
For the quarter ended June 30, 2005, the Company executed 184 leases totaling 1,608,652 square feet, consisting of 1,300,999 square feet of office space and 307,653 square feet of office/flex space. Of these totals, 626,459 square feet were for new leases and 982,193 square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter’s leasing transactions include:
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New Cingular Wireless PCS, LLC, a subsidiary of Cingular Wireless, signed three lease transactions totaling 456,190 square feet: |
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A six-year and nine-month renewal for the entire 259,823 square-foot office building at 15 E. Midland Avenue in Paramus, New Jersey; |
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A six-year and nine-month renewal for 123,982 square feet at 140 E. Ridgewood Avenue in Paramus, New Jersey. The 239,680 square-foot office building is 100 percent leased; and |
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A new, eight-year and seven-month lease for 72,385 square feet at 5 Wood Hollow Road in Parsippany, New Jersey. The 317,040 square-foot office building is 100 percent leased. |
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The U.S. General Services Administration (GSA) leased 114,286 square feet at 1400 L Street in Washington, D.C. for 10 years. The 159,000 square foot office building is 91.3 percent leased. |
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Casio, Inc., the U.S. subsidiary of Casio Computer, renewed its lease for 96,000 square feet at Mack-Cali Airport, located at 200 Riser Road in Little Ferry, New Jersey, for five years. The 286,628 square-foot office building is 95.4 percent leased. |
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SBC Services Inc., a subsidiary of SBC Communications Inc., signed a new lease for 63,278 square feet for 10 years and six months at 795 Folsom Street in San Francisco, California. The 183,445 square foot office building is 85.3 percent leased. |
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Bisys-RK Alternative Investment Services, Inc., a hedge fund services provider, signed a new, seven-year and six month lease for 60,821 square feet at 105 Eisenhower Parkway in Roseland, New Jersey. The 220,000 square-foot office building is 80.6 percent leased. |
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Moody’s Investors Service, a subsidiary of Moody’s Investor Corporation, expanded its presence in Harborside Financial Center Plaza 5, leasing an additional 36,193 square feet for five years. Harborside Plaza 5 is a 977,225 square-foot office building in Jersey City, New Jersey, which is 91.3 percent leased. |
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Evening Out, Inc., a dinner theatre operator, renewed its lease for the entire 32,720 square-foot office/flex building at 75 Clearbrook Road in Elmsford, New York for seven years. |
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Morgan Stanley D.W. Inc., a global financial services firm, signed a transaction totaling 23,343 square feet at Mack-Cali Short Hills in Short Hills, New Jersey. The transaction represented a five-year and four-month renewal of 18,539 square feet and a 4,804 square-foot expansion for five years. Mack-Cali Short Hills, located at 150 JFK Parkway, is a 247,476 square-foot office building, which is 97.5 percent leased. |
Included in the Company’s Supplemental Operating and Financial Data for the second quarter 2005 are schedules highlighting the leasing statistics for both the Company’s consolidated and joint venture properties.
The supplemental information is available on Mack-Cali’s web site, as follows:
http://www.mack-cali.com/graphics/shareholders/pdfs/2nd.quarter.sp.05.pdf
ADDITIONAL INFORMATION
The Company expressed comfort with net income and FFO per diluted share for the third quarter and full year 2005, as follows:
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Third Quarter |
Full Year | ||
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2005 Range |
2005 Range | |
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Net income available to common shareholders |
$0.32 - $0.34 |
$1.56 - $1.61 | |||
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Add: Real estate-related depreciation and amortization |
0.52 |
2.07 |
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Deduct: Realized gains (losses) and unrealized losses on
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disposition of rental property |
-- |
(0.13) |
Funds from operations available to
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common shareholders |
$0.84 - $0.86 |
$3.50 - $3.55 |
These estimates reflect management’s view of current market conditions and certain assumptions with regard to rental rates, occupancy levels and other assumptions/projections. Actual results could differ from these estimates.
An earnings conference call with management is scheduled for today, August 4, 2005 at 11:00 a.m. Eastern Time, which will be broadcast live via the Internet at:
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=CLI&script=1010&item_id=1089704
The live conference call is also accessible by calling (913) 981-5522 and requesting the Mack-Cali conference call.
The conference call will be rebroadcast on Mack-Cali’s website at http://www.mack-cali.com beginning at 2:00 p.m. Eastern Time on August 4, 2005 through August 11, 2005.
A replay of the call will also be accessible during the same time period by calling (719) 457-0820 and using the pass code 5121431.
Copies of Mack-Cali’s Second Quarter 2005 Form 10-Q and Supplemental Operating and Financial Data are available on Mack-Cali’s website, as follows:
Second Quarter 2005 Form 10-Q:
http://www.mack-cali.com/graphics/shareholders/pdfs/2nd.quarter.10q.05.pdf
Second Quarter 2005 Supplemental Operating and Financial Data:
http://www.mack-cali.com/graphics/shareholders/pdfs/2nd.quarter.sp.05.pdf
In addition, these items are available upon request from:
Mack-Cali Investor Relations Dept.
11 Commerce Drive, Cranford, NJ 07016-3501
(908) 272-8000 ext. 2484
INFORMATION ABOUT FFO
Funds from operations (“FFO”) is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs. FFO per share should not be considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
ABOUT THE COMPANY
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 271 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.2 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company’s website at http://www.mack-cali.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Reports on Form 10-K, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
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Mack-Cali Realty Corporation | ||||
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Consolidated Statements of Operations | ||||
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(in thousands, except per share amounts) (unaudited) | ||||
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Quarter Ended | |||
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June 30, | |||
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2005 |
2004 |
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Revenues |
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Base Rents |
$ 137,171 |
$ 123,730 |
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Escalations and recoveries from tenants |
20,730 |
15,822 |
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Parking and other |
5,565 |
2,480 |
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Total revenues |
163,466 |
142,032 |
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Expenses |
|
|
| |
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Real estate taxes |
20,474 |
16,565 |
| |
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Utilities |
12,413 |
9,490 |
| |
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Operating services |
22,602 |
19,020 |
| |
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General and administrative |
8,347 |
8,685 |
| |
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Depreciation and amortization |
38,532 |
31,568 |
| |
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Interest expense |
30,363 |
26,512 |
| |
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Interest income |
(120) |
(220) |
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Total expenses |
132,611 |
111,620 |
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Income from continuing operations before minority interests |
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|
| |
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and equity in earnings of unconsolidated joint ventures |
30,855 |
30,412 |
| |
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Minority interest in Operating Partnership |
(5,586) |
(6,880) |
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Equity in earnings of unconsolidated joint ventures |
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| |
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(net of minority interest), net |
442 |
965 |
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| |
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Income from continuing operations |
25,711 |
24,497 |
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Discontinued operations (net of minority interest): |
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|
| |
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Income from discontinued operations |
1,058 |
2,257 |
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Realized gains (losses) and unrealized losses |
|
|
| |
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on disposition of rental property, net |
9,771 |
(10,501) |
| |
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Total discontinued operations, net |
10,829 |
(8,244) |
| |
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|
|
|
| |
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Net income |
36,540 |
16,253 |
| |
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Preferred stock dividends |
(500) |
(500) |
| |
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Net income available to common shareholders |
$ 36,040 |
$ 15,753 |
| |
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PER SHARE DATA: |
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|
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Basic earnings per common share |
$ 0.59 |
$ 0.26 |
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Diluted earnings per common share |
$ 0.58 |
$ 0.26 |
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Dividends declared per common share |
$ 0.63 |
$ 0.63 |
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|
|
| |
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Basic weighted average shares outstanding |
61,393 |
60,388 |
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|
| |
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Diluted weighted average shares outstanding |
75,649 |
68,620 |
| |
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Mack-Cali Realty Corporation | ||||
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Consolidated Statements of Operations | ||||
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(in thousands, except per share amounts) (unaudited) | ||||
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Six Months Ended | |||
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June 30, | |||
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2005 |
2004 |
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|
| |
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Revenues |
|
|
| |
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Base Rents |
$ 270,312 |
$ 244,798 |
| |
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Escalations and recoveries from tenants |
39,142 |
31,019 |
| |
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Parking and other |
7,461 |
5,953 |
| |
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Total revenues |
316,915 |
281,770 |
| |
|
|
|
|
| |
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Expenses |
|
|
| |
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Real estate taxes |
39,591 |
32,923 |
| |
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Utilities |
24,362 |
20,523 |
| |
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Operating services |
43,980 |
36,356 |
| |
|
General and administrative |
15,774 |
15,082 |
| |
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Depreciation and amortization |
74,339 |
61,282 |
| |
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Interest expense |
58,761 |
55,549 |
| |
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Interest income |
(184) |
(940) |
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Total expenses |
256,623 |
220,775 |
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|
| |
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Income from continuing operations before minority interests |
|
|
| |
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and equity in earnings of unconsolidated joint ventures |
60,292 |
60,995 |
| |
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Minority interest in Operating Partnership |
(12,260) |
(13,808) |
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Minority interest in consolidated joint ventures |
(74) |
-- |
| |
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Equity in earnings of unconsolidated joint ventures |
|
|
| |
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(net of minority interest), net |
165 |
1,122 |
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Gain on sale of investment in unconsolidated joint ventures |
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|
| |
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(net of minority interest) |
31 |
637 |
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|
| |
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Income from continuing operations |
48,154 |
48,946 |
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Discontinued operations (net of minority interest): |
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|
| |
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Income from discontinued operations |
2,356 |
4,631 |
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Realized gains (losses) and unrealized losses |
|
|
| |
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on disposition of rental property, net |
8,973 |
(10,501) |
| |
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Total discontinued operations, net |
11,329 |
(5,870) |
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|
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Net income |
59,483 |
43,076 |
| |
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Preferred stock dividends |
(1,000) |
(1,000) |
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Net income available to common shareholders |
$ 58,483 |
$ 42,076 |
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PER SHARE DATA: |
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|
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Basic earnings per common share |
$ 0.95 |
$ 0.70 |
| |
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Diluted earnings per common share |
$ 0.95 |
$ 0.69 |
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|
|
| |
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Dividends declared per common share |
$ 1.26 |
$ 1.26 |
| |
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|
|
| |
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Basic weighted average shares outstanding |
61,289 |
60,094 |
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|
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Diluted weighted average shares outstanding |
72,478 |
68,448 |
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Mack-Cali Realty Corporation | |||
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Statements of Funds from Operations | |||
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(in thousands, except per share/unit amounts) (unaudited) | |||
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Quarter Ended | ||
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June 30, | ||
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2005 |
2004 |
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|
|
|
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Net income available to common shareholders |
$ 36,040 |
$ 15,753 |
|
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Add: Minority interest in Operating Partnership |
5,586 |
6,880 |
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Minority interest in equity in earnings of unconsolidated joint ventures |
100 |
125 |
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Minority interest in discontinued operations |
2,443 |
(1,065) |
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Real estate-related depreciation and amortization on continuing operations (1) |
39,243 |
32,489 |
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Real estate-related depreciation and amortization on discontinued operations |
7 |
1,517 |
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Add (Deduct): Discontinued operations – Realized gains (losses) and unrealized losses on disposition of rental property, net |
(11,975) |
11,856 |
|
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Funds from operations available to common shareholders (2) |
$ 71,444 |
$ 67,555 |
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|
|
|
|
|
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Diluted weighted average shares/units outstanding (3) |
75,649 |
74,825 |
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Funds from operations per share/unit – diluted |
$ 0.94 |
$ 0.90 |
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Dividends declared per common share |
$ 0.63 |
$ 0.63 |
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Dividend payout ratio: |
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|
|
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Funds from operations-diluted |
66.71% |
69.78% |
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Supplemental Information: |
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Non-incremental revenue generating capital expenditures: |
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Building improvements |
$ 1,450 |
$ 2,141 |
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Tenant improvements and leasing commissions |
$ 10,440 |
$ 11,349 |
|
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Straight-line rent adjustments (4) |
$ 3,345 |
$ 3,060 |
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Amortization of (above)/below market lease intangibles, net |
$ 976 |
$ 434 |
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(1) Includes the Company’s share from unconsolidated joint ventures of $867 and $1,078 for 2005 and 2004, respectively. | |||
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(2) Funds from operations for both periods are calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition. For further discussion, see “Information About FFO” in this release. | |||
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(3) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares, (13,846 shares in 2005 and 13,995 shares in 2004), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). | |||
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(4) Includes the Company’s share from unconsolidated joint ventures of $43 and $146 for 2005 and 2004, respectively. | |||
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Mack-Cali Realty Corporation | |||
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Statements of Funds from Operations | |||
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(in thousands, except per share/unit amounts) (unaudited) | |||
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|
|
|
|
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Six Months Ended | ||
|
|
June 30, | ||
|
|
2005 |
2004 |
|
|
|
|
|
|
|
Net income available to common shareholders |
$ 58,483 |
$ 42,076 |
|
|
Add: Minority interest in Operating Partnership |
12,260 |
13,808 |
|
|
Minority interest in equity in earnings of unconsolidated joint ventures |
65 |
145 |
|
|
Minority interest in gain on sale of investment in unconsolidated joint ventures |
4 |
83 |
|
|
Minority interest in discontinued operations |
2,506 |
(757) |
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Real estate-related depreciation and amortization on continuing operations (1) |
75,912 |
63,086 |
|
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Real estate-related depreciation and amortization on discontinued operations |
400 |
2,927 |
|
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Deduct: Gain on sale of investment in unconsolidated joint venture |
(35) |
(720) |
|
|
Add (Deduct): Discontinued operations – Realized gains (losses) and unrealized losses on disposition of rental property, net |
(11,078) |
11,856 |
|
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Funds from operations available to common shareholders (2) |
$ 138,517 |
$ 132,504 |
|
|
|
|
|
|
|
Diluted weighted average shares/units outstanding (3) |
75,564 |
74,653 |
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|
|
|
|
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Funds from operations per share/unit – diluted |
$ 1.83 |
$ 1.77 |
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|
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Dividends declared per common share |
$ 1.26 |
$ 1.26 |
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|
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|
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Dividend payout ratio: |
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|
|
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Funds from operations-diluted |
68.74% |
70.99% |
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Supplemental Information: |
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Non-incremental revenue generating capital expenditures: |
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|
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Building improvements |
$ 2,564 |
$ 3,058 |
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Tenant improvements and leasing commissions |
$ 20,703 |
$ 23,516 |
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Straight-line rent adjustments (4) |
$ 6,634 |
$ 6,251 |
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Amortization of (above)/below market lease intangibles, net |
$ 1,533 |
$ 446 |
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(1) Includes the Company’s share from unconsolidated joint ventures of $1,890 and $2,117 for 2005 and 2004, respectively. | |||
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(2) Funds from operations for both periods are calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition. For further discussion, see “Information About FFO” in this release. | |||
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(3) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares, (13,837 shares in 2005 and 13,997 shares in 2004), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). | |||
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(4) Includes the Company’s share from unconsolidated joint ventures of $90 and $289 for 2005 and 2004, respectively. | |||
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Mack-Cali Realty Corporation | |||
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Statements of Funds from Operations Per Diluted Share | |||
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(amounts are per diluted share, except share count in thousands) (unaudited) | |||
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|
|
|
|
|
|
Quarter Ended | ||
|
|
June 30, | ||
|
|
2005 |
2004 |
|
|
|
|
|
|
|
Net income available to common shareholders |
$ 0.58 |
$ 0.26 |
|
|
Add: Real estate-related depreciation and amortization on continuing operations (1) |
0.52 |
0.43 |
|
|
Real estate-related depreciation and amortization on discontinued operations |
-- |
0.02 |
|
|
Add (Deduct): Realized gains (losses) and unrealized losses on disposition of rental property, net |
(0.16) |
0.16 |
|
|
Minority interest/rounding adjustment |
-- |
0.03 |
|
|
Funds from operations available to common shareholders (2) |
$ 0.94 |
$ 0.90 |
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|
|
|
|
|
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Diluted weighted average shares/units outstanding (3) |
75,649 |
74,825 |
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|
|
|
|
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(1) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.01 for 2005 and 2004, respectively. | |||
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(2) Funds from operations for both periods are calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition. For further discussion, see “Information About FFO” in this release. | |||
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(3) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (13,846 shares in 2005 and 13,995 shares in 2004), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). | |||
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Mack-Cali Realty Corporation | |||
|
Statements of Funds from Operations Per Diluted Share | |||
|
(amounts are per diluted share, except share count in thousands) (unaudited) | |||
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|
|
|
|
|
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Six Months Ended | ||
|
|
June 30, | ||
|
|
2005 |
2004 |
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|
|
|
|
|
|
Net income available to common shareholders |
$ 0.95 |
$ 0.69 |
|
|
Add: Real estate-related depreciation and amortization on continuing operations (1) |
1.00 |
0.84 |
|
|
Real estate-related depreciation and amortization on discontinued operations |
0.01 |
0.04 |
|
|
Deduct: Gain on sale of investment in unconsolidated joint venture |
-- |
(0.01) |
|
|
Add (Deduct): Realized gains (losses) and unrealized losses on disposition of rental property, net |
(0.15) |
0.16 |
|
|
Minority interest/rounding adjustment |
0.02 |
0.05 |
|
|
Funds from operations available to common shareholders (2) |
$ 1.83 |
$ 1.77 |
|
|
|
|
|
|
|
Diluted weighted average shares/units outstanding (3) |
75,564 |
74,653 |
|
|
|
|
|
|
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(1) Includes the Company’s share from unconsolidated joint ventures of $0.03 and $0.03 for 2005 and 2004, respectively. | |||
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(2) Funds from operations for both periods are calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition. For further discussion, see “Information About FFO” in this release. | |||
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(3) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (13,837 shares in 2005 and 13,997 shares in 2004), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). | |||
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Mack-Cali Realty Corporation | ||||
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Consolidated Balance Sheets | ||||
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(in thousands, except share amounts) | ||||
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| ||||
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June 30, |
December 31, | ||
|
|
2005 |
2004 | ||
|
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(unaudited) |
|
| |
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| |
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ASSETS: |
|
|
| |
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Rental property |
|
|
| |
|
Land and leasehold interests |
$ 629,471 |
$ 593,606 |
| |
|
Buildings and improvements |
3,509,941 |
3,296,789 |
| |
|
Tenant improvements |
270,642 |
262,626 |
| |
|
Furniture, fixtures and equipment |
7,389 |
7,938 |
| |
|
|
4,417,443 |
4,160,959 |
| |
|
Less-accumulated deprec. & amort. |
(660,346) |
(641,626) |
| |
|
|
3,757,097 |
3,519,333 |
| |
|
Rental property held for sale, net |
-- |
19,132 |
| |
|
Net investment in rental property |
3,757,097 |
3,538,465 |
| |
|
Cash and cash equivalents |
15,710 |
12,270 |
| |
|
Investments in unconsolidated joint ventures |
60,613 |
46,743 |
| |
|
Unbilled rents receivable, net |
85,821 |
82,586 |
| |
|
Deferred charges and other assets, net |
186,964 |
155,060 |
| |
|
Restricted cash |
9,261 |
10,477 |
| |
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Accounts receivable, net |
5,750 |
4,564 |
| |
|
|
|
|
| |
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Total assets |
$ 4,121,216 |
$ 3,850,165 |
| |
|
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|
|
| |
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LIABILITIES AND STOCKHOLDERS’ EQUITY: |
|
|
| |
|
Senior unsecured notes |
$ 1,330,356 |
$ 1,031,102 |
| |
|
Revolving credit facilities |
163,000 |
107,000 |
| |
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Mortgages, loans payable and other obligations |
472,913 |
564,198 |
| |
|
Dividends and distributions payable |
48,091 |
47,712 |
| |
|
Accounts payable, accrued expenses and other liabilities |
74,054 |
57,002 |
| |
|
Rents received in advance and security deposits |
46,556 |
47,938 |
| |
|
Accrued interest payable |
27,132 |
22,144 |
| |
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Total liabilities |
2,162,102 |
1,877,096 |
| |
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Minority interests: |
|
|
| |
|
Operating Partnership |
415,623 |
416,855 |
| |
|
Consolidated joint ventures |
-- |
11,103 |
| |
|
Total minority interests |
415,623 |
427,958 |
| |
|
|
|
|
| |
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Commitments and contingencies |
|
|
| |
|
|
|
|
| |
|
Stockholders’ equity: |
|
|
| |
|
Preferred stock, $0.01 par value, 5,000,000 shares authorized, |
|
|
| |
|
10,000 and 10,000 shares outstanding, at liquidation |
25,000 |
25,000 |
| |
|
Common stock, $0.01 par value, 190,000,000 shares authorized, |
|
|
| |
|
61,704,554 and 61,038,875 shares outstanding |
617 |
610 |
| |
|
Additional paid-in capital |
1,671,909 |
1,650,834 |
| |
|
Dividends in excess of net earnings |
(146,526) |
(127,365) |
| |
|
Unamortized stock compensation |
(7,509) |
(3,968) |
| |
|
Total stockholders’ equity |
1,543,491 |
1,545,111 |
| |
|
|
|
|
| |
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Total liabilities and stockholders’ equity |
$ 4,121,216 |
$ 3,850,165 |
| |