SECOND QUARTER 2006

 

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

 

 

PAGE(S)

I. COMPANY BACKGROUND

 

     About the Company/Other Corporate Data

5

     Board of Directors/Executive Officers

6

     Equity Research Coverage/Company Contact Information

7

 

 

II. FINANCIAL HIGHLIGHTS

 

     Quarterly Summary/Acquisitions

9

     Acquisitions (continued)/Property Sales/Dividends/Leasing Information

10

     Leasing Information (continued)/Information About FFO

11

     Key Financial Data

12

     Same-Store Results and Analysis

13

     Unconsolidated Joint Ventures Summary

14-17

     Select Financial Ratios

18

     Debt Analysis:

 

     Debt Breakdown/Future Repayments

19

     Debt Maturities

20

     Debt Detail

21

 

 

III. FINANCIAL INFORMATION

 

     Consolidated Statements of Operations

23

     Consolidated Balance Sheets

24

     Consolidated Statement of Changes in Stockholders’ Equity

25

     Statements of Funds from Operations

26

     Statements of Funds from Operations Per Diluted Share

27

     Reconciliation of Basic-to-Diluted Shares/Units

28

 

 

IV. VALUE CREATION PIPELINE

 

     Operating Property Acquisitions

30

     Acquisition Property Profiles

31-33

     Summary of Construction Projects

34

     Summary of Land Parcels

35

     Rental Property Sales/Rental Property Held For Sale

36

 

 

V. PORTFOLIO/ LEASING STATISTICS

 

     Leasing Statistics

38-43

     Market Diversification (MSA’s)

44

     Industry Diversification (Top 30 Tenant Industries)

45

     Consolidated Portfolio Analyses:

 

Breakdown by:

 

(a) Number of Properties

46

(b) Square Footage

47

(c) Base Rental Revenue

48

(d) Percentage Leased

49

     Consolidated Property Listing (by Property Type)

50-59

     Significant Tenants (Top 50 Tenants)

60-61

     Schedules of Lease Expirations (by Property Type)

62-67

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

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,” “plan,” “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 and conditions, including those affecting industries in which the Company’s principal tenants compete;

 

 

the extent of any tenant bankruptcies or of any early lease terminations;

 

 

the Company’s ability to lease or re-lease space at current or anticipated rents;

 

 

changes in the supply of and demand for office, office/flex and industrial/warehouse properties;

 

 

changes in interest rate levels;

 

 

changes in operating costs;

 

 

the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;

 

 

the availability of financing;

 

 

changes in governmental regulation, tax rates and similar matters; and

 

 

other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.

 

 

For further information on factors which could impact 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, as may be supplemented or amended in the Company's Quarterly Reports on Form 10-Q, 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 June 30, 2006

 

3

 



 

 

 

 

 

 

 

 

I.

COMPANY BACKGROUND

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

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 $6.0 billion at June 30, 2006. 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 319 properties, primarily class A office and office/flex buildings, totaling approximately 35.8 million square feet, serving as home to approximately 2,600 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 11.3 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 June 30, 2006)

 

Corporate Headquarters

Cranford, New Jersey

Fiscal Year-End

12/31

Total Properties

319

Total Square Feet

35.8 million square feet

Geographic Diversity

Nine states and the District of Columbia

New Jersey Presence

22.4 million square feet

Northeast Presence

32.4 million square feet

Common Shares and

 

Units Outstanding

78.0 million

Dividend-- Quarter/Annualized

$0.63/$2.52

Dividend Yield

5.5%

Total Market Capitalization

$6.0 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 June 30, 2006

 

5

 



 

 

Board of Directors

 

William L. Mack, Chairman of the Board

 

Alan S. Bernikow

Alan G. Philibosian

 

John R. Cali

Irvin D. Reid

 

Kenneth M. Duberstein

Vincent Tese

 

Nathan Gantcher

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

 

Mark Yeager, Executive Vice President

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

6

 



 

 

Equity Research Coverage

 

 

Banc of America Securities, LLC

John P. Kim / Ross Nussbaum

(212) 847-5761 / (212) 847-5668

 

Merrill Lynch

Ian Weissman

(212) 449-6255

Bear, Stearns & Co., Inc.

Ross Smotrich

(212) 272-8046

 

Miller Tabak & Co., LLC

Thomas Mitchell

(212) 370-0040

Citigroup

Jonathan Litt

(212) 816-0231

Morgan Stanley

David Cohen

(212) 761-6709

Deutsche Bank-North America

Louis Taylor

(212) 250-4912

 

Ryan Beck & Co

Sheila K. McGrath

(973) 549-4084

Goldman Sachs

Jonathan Habermann

(917) 343-4260

Stifel Nicolaus & Company, Inc.

John Guinee

(410) 454-5520

Green Street Advisors

Jim Sullivan / Michael Knott

(949) 640-8780

Wachovia Securities

Christopher Haley

(443) 263-6773

Lehman Brothers

David Harris

(212) 526-1790

 

 

 

 

 

 

 

 

 

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 June 30, 2006

 

7

 



 

 

 

 

 

 

 

II. FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

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 second quarter 2006 equaled $26.6 million, or $0.43 per share, versus $36.0 million, or $0.58 per share, for the same quarter last year. For the six months ended June 30, 2006, net income available to common shareholders equaled $59.2 million, or $0.95 per share, versus $58.5 million, or $0.95 per share, for the same period last year.

 

Funds from operations (FFO) available to common shareholders for the quarter ended June 30, 2006 amounted to $74.4 million, or $0.95 per share, versus $71.4 million, or $0.94 per share, for the quarter ended June 30, 2005. For the six months ended June 30, 2006, FFO available to common shareholders amounted to $155.2 million, or $2.00 per share, versus $138.5 million, or $1.83 per share, for the same period last year.

 

Total revenues for the second quarter 2006 increased 19.6 percent to $194.3 million as compared to $162.4 million for the same quarter last year. For the six months ended June 30, 2006, total revenues amounted to $357.7 million, an increase of 13.7 percent over total revenues of $314.5 million, for the same period last year.

 

All per share amounts presented above are on a diluted basis.

 

The Company had 62,360,388 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 15,681,625 common operating partnership units outstanding as of June 30, 2006.

 

The Company had a total of 78,042,013 common shares/common units outstanding at June 30, 2006.

 

As of June 30, 2006, the Company had total indebtedness of approximately $2.4 billion, with a weighted average annual interest rate of 6.08 percent. The Company had a total market capitalization of $6 billion and a debt-to-undepreciated assets ratio of 43.8 percent at June 30, 2006. The Company had an interest coverage ratio of 3.2 times for the quarter ended June 30, 2006.

 

Acquisitions

 

On May 9, the Company completed the Gale/Green acquisitions which consisted of:

 

The Gale Company and related businesses, which specialize in construction, property management, leasing and facilities management services, for an initial purchase price of $22 million (subject to earn-out provisions for up to an additional $18 million);

 

Three office properties, aggregating 518,257 square feet and located in Parsippany, Ridgefield Park and Edison, New Jersey for approximately $106 million; and

 

Indirect interests in a portfolio of 25 office properties, aggregating 3.5 million square feet, primarily located in New Jersey, for approximately $116 million.

 

As part of the Gale transactions, the Company completed the acquisitions of interests in six land/development projects in New Jersey, and an interest in a 530,000 square-foot mixed-use, office/retail complex in Plainsboro, New Jersey for a total investment of approximately $18 million.

 

On June 1, the Company, through a joint venture with JPMorgan Chase’s Special Situation Property Fund and Gale International, acquired an interest in a seven-building class A office portfolio aggregating 667,000 square feet, located in the Boston suburbs. Mack-Cali acquired its interest in the portfolio for approximately $5.2 million. The Special Situation Property Fund owns 70 percent of the venture acquiring the properties, with an entity between Mack-Cali and Gale International owning the other 30

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

9

 



 

 

percent. Mack-Cali owns 83.3 percent in the Mack-Cali/Gale International entity. Mack-Cali and Gale International are providing management, leasing and construction services for the portfolio.

 

More recently, on July 31, the Company acquired 395 West Passaic Street, a four-story, 100,589 square-foot, class A office building, located in Rochelle Park, New Jersey for approximately $21 million.

 

Property Sales

 

In June, the Company sold 300 Westage Business Center Drive, a 118,727 square-foot class A office building in Fishkill, New York, for $15.1 million. The 85.3 percent leased building was the Company’s only asset in Dutchess County.

 

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 2006, which was paid on July 17, 2006 to shareholders of record as of July 6, 2006.

 

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, 2006 through July 14, 2006. The dividend was paid on July 17, 2006 to shareholders of record as of July 6, 2006.

 

Leasing

 

Mack-Cali’s consolidated in-service portfolio was 90.7 percent leased at June 30, 2006, as compared to 90.4 percent at March 31, 2006.

 

For the quarter ended June 30, 2006, the Company executed 167 leases totaling 1,204,609 square feet, consisting of 881,513 square feet of office space and 323,096 square feet of office/flex space. Of these totals, 459,758 square feet were for new leases and 744,851 square feet were for lease renewals and other tenant retention transactions.

 

Highlights of the quarter’s leasing transactions include:

 

IN NORTHERN NEW JERSEY:  

JPMorgan Chase Bank, NA, a global financial services firm, renewed its lease of 68,766 square feet for three years at 300 Tice Boulevard. The 230,000 square-foot office building, located in Woodcliff Lake, New Jersey, is 100 percent leased.

 

Syncsort Incorporated, a developer of business intelligence and data warehousing software, signed a 10-year renewal for 69,243 square feet at 50 Tice Boulevard in Woodcliff Lake, New Jersey. The 235,000 square-foot office building is 100 percent leased.

 

Mobile communications services provider Omnipoint Communications Inc., doing business as T-Mobile, signed a new lease for 48,875 square feet at 4 Campus Drive in Parsippany, New Jersey. The lease carries a term of eight years. 4 Campus Drive, located in the Mack-Cali Business Campus, is a 147,475 square-foot office building and is 96.8 percent leased.

 

Regulus Group, LLC, a billing services provider, renewed its lease of 21,500 square feet at 365 West Passaic Street in Rochelle Park, New Jersey for three years. The 212,578 square-foot office building is 94.8 percent leased.

 

IN CENTRAL NEW JERSEY:

RadPharm, Inc., a provider of medical imaging and review services, signed a new five-year lease for 43,486 square feet at Princeton Overlook in Princeton, New Jersey. Princeton Overlook is a 149,600 square-foot office building located at 100 Overlook Center, and is fully leased.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

10

 



 

 

IN WESTCHESTER COUNTY, NEW YORK:

CSC Holdings, Inc., the parent company of telecommunications and entertainment provider Cablevision Systems, signed a renewal of 38,900 square feet for six years at 6 Executive Plaza in Yonkers, New York. The 80,000 square-foot office/flex property, located in South Westchester Executive Park, is 100 percent leased.

 

Vie de France Yamazaki, Inc., the U.S. subsidiary of Yamazaki Banking Company, Ltd. of Tokyo, renewed 24,678 square feet at 525 Executive Boulevard in Elmsford, New York for five years. The 61,700 square-foot office/flex property is located in the Cross Westchester Executive Park and is 83.6 percent leased.

 

Fabrication Enterprises, Inc., a supplier of physical and occupational therapy products, expanded by 20,717 square feet at 250 Clearbrook Road in Elmsford, New York for a term of seven years and one month. 250 Clearbrook Road is a 155,000 square-foot office/flex building in the Cross Westchester Executive Park and is 97.3 percent leased.

 

IN FAIRFIELD COUNTY, CT:

Fujifilm Medical Systems, USA, Inc. signed a five-year renewal of its lease for the entire 88,000 square-foot office/flex building located at 419 West Avenue at Stamford Executive Park in Stamford, Connecticut.

 

The William Carter Company, designers and manufacturers of children’s clothing, signed a transaction totaling 41,033 square feet at 1000 Bridgeport Avenue in Shelton, Connecticut. The transaction represents a one-year renewal of 33,007 square feet and 18-month expansion of 8,026 square feet. 1000 Bridgeport Avenue is a 133,000 square-foot office building and is 88.1 percent leased.

 

IN SUBURBAN PHILADELPHIA:

Computer Sciences Corporation, a global information technology company, renewed leases for two entire office buildings at Expressway Corporate Center in Egg Harbor Township, New Jersey. The leases, which carry five-year terms, are for 41,600 square feet at 100 Decadon Drive and 41,250 square feet at 200 Decadon Drive.

 

The Commonwealth of Pennsylvania, Office of Attorney General, signed a new 10-year and six-month lease for 32,933 square feet at 1000 Madison Avenue in Lower Providence, Pennsylvania. The 100,700 square-foot office building is 68.7 percent leased.

 

IN WASHINGTON, DC:

Public relations firm Qorvis Communications, LLC signed a new 11-year and four-month lease for 31,077 square feet at 1201 Connecticut Avenue, N.W. in Washington, DC. The 169,549 square-foot office building is 100 percent leased.

 

IN OTHER MARKETS:

Macrovision Corporation, a developer of software security applications, signed a new seven-year lease for 19,622 square feet at 795 Folsom Street in San Francisco, California. 795 Folsom is a 183,445 square-foot office building and is 96.0 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 27.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

11

 



 

 

Key Financial Data

 

As of or for the three months ended


 

6/30/06

3/31/06

12/31/05

9/30/05

6/30/05







Shares and Units:

 

 

 

 

 

 

 

 

 

 

 

Common Shares Outstanding

62,360,388

62,230,447

62,019,646

61,852,908

61,704,554

 

 

 

 

 

 

Common Units Outstanding (a)

15,681,625

15,558,056

13,650,439

13,727,439

13,829,254

 

 

 

 

 

 

Combined Shares and Units

78,042,013

77,788,503

75,670,085

75,580,347

75,533,808

 

 

 

 

 

 

Preferred Shares Outstanding

10,000

10,000

10,000

10,000

10,000

 

 

 

 

 

 

Weighted Average- Basic (b)

77,780,362

76,317,652

75,414,000

75,364,526

75,239,463

 

 

 

 

 

 

Weighted Average- Diluted (c)

 

78,067,030

76,641,973

75,798,543

75,760,678

75,648,643

 

 

 

 

 

 

Common Share Price ($’s):

 

 

 

 

 

 

 

 

 

 

 

At the end of the period

45.92

48.00

43.20

44.94

45.30

 

 

 

 

 

 

High during period

47.47

48.37

44.80

48.25

46.99

 

 

 

 

 

 

Low during period

42.17

42.34

40.21

43.22

41.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization:

 

 

 

 

 

 

 

 

 

 

 

($’s in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

Market Value of Equity (d)

3,610,858

3,758,848

3,293,948

3,421,581

3,446,681

 

 

 

 

 

 

Total Debt

2,367,609

2,107,760

2,126,181

2,012,160

1,966,269

 

 

 

 

 

 

Total Market Capitalization

5,978,467

5,866,608

5,420,129

5,433,741

5,412,950

 

 

 

 

 

 

Total Debt/ Total Market

Capitalization

39.60%

35.93%

39.23%

37.03%

36.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financials:

 

 

 

 

 

 

 

 

 

 

 

($’s in thousands, except ratios and

per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Total Assets

4,622,422

4,314,965

4,247,502

4,157,504

4,121,216

 

 

 

 

 

 

Gross Book Value of Real Estate Assets

4,792,269

4,653,867

4,491,752

4,470,989

4,417,443

 

 

 

 

 

 

Total Liabilities

2,626,066

2,316,804

2,335,396

2,218,179

2,162,102

 

 

 

 

 

 

Total Minority Interests

491,761

485,581

400,819

408,515

415,623

 

 

 

 

 

 

Total Stockholders’ Equity

1,504,595

1,512,580

1,511,287

1,530,810

1,543,491

 

 

 

 

 

 

Total Revenues

194,325

163,337

162,576

163,262

162,351

 

 

 

 

 

 

Capitalized Interest

1,571

1,487

1,459

1,437

1,385

 

 

 

 

 

 

Scheduled Principal Payments

4,189

3,842

4,997

5,278

4,902

 

 

 

 

 

 

Interest Coverage Ratio

3.23

3.57

3.14

3.21

3.35

 

 

 

 

 

 

Fixed Charge Coverage Ratio

2.71

3.00

2.55

2.62

2.77

 

 

 

 

 

 

Net Income

27,134

33,097

14,901

21,104

36,540

 

 

 

 

 

 

Net Income Available to Common Shareholders

26,634

32,597

14,401

20,604

36,040

 

 

 

 

 

 

Earnings per Share—diluted

0.43

0.52

0.23

0.33

0.58

 

 

 

 

 

 

FFO per Share—diluted (e)

0.95

1.05

0.86

0.88

0.94

 

 

 

 

 

 

Dividends Declared per Share

0.63

0.63

0.63

0.63

0.63

 

 

 

 

 

 

FFO Payout Ratio—diluted (e)

66.09%

59.78%

73.31%

71.58%

66.71%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Size:

 

 

 

 

 

 

 

 

 

 

 

Properties

319

277

270

271

267

 

 

 

 

 

 

Total Square Footage

35,826,085

30,874,247

30,031,989

30,165,732

29,929,764

 

 

 

 

 

 

Sq. Ft. Leased at End of Period (f) (g)

90.7%

90.4%

91.0%

90.0%

90.0%

 

 

 

 

 

 

 

 

 

 

 

 







 

 

 (a)

 Includes any outstanding preferred units presented 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 any outstanding preferred units presented 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)

Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at June 30, 2006, a lease with commencement date substantially in the future consisting of 15,125 square feet scheduled to commence in 2009), and leases that expire at the period end date.

 

(g)

Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

12

 



 

 

Same Store Results and Analysis

(dollars in thousands)

 

 


 

For the three months ended

June 30,

 

 

%

 

2006

2005

Change

Change






 

 

 

 

 

 

 

 

 

 

Total Property Revenues

$     163,166

$    157,260

$    5,906

3.8

 





 

 

 

 

 

 

 

 

 

 

Real Estate Taxes

21,638

20,338

1,300

6.4

 

 

 

 

 

Utilities

13,542

11,967

1,575

13.2

 

 

 

 

 

Operating Services

21,359

20,363

996

4.9

 





Total Property Expenses:

56,539

52,668

3,871

7.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Operating Income

106,627

104,592

2,035

1.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: straight-lining of rents adj.

4,841

3,305

1,536

46.5

 





 

 

 

 

 

 

 

 

 

 

Net Operating Income

$    101,786

$    101,287

$       499

0.5

 





 

 

 

 

 

 

 

 

 

 

Percentage Leased at

Period End

91.0%

89.0%

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Total Properties:

261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Square Footage:

29,051,676

 

 

 

 

 

 

 

 

 

 

 

 

 






 

 

 

 


 

For the six months ended

June 30,

 

 

%

 

2006

2005

Change

Change






 

 

 

 

 

 

 

 

 

 

Total Property Revenues

$     299,077

$    295,327

$    3,750

1.3

 





 

 

 

 

 

 

 

 

 

 

Real Estate Taxes

40,839

37,691

3,148

8.4

 

 

 

 

 

Utilities

26,982

23,712

3,270

13.8

 

 

 

 

 

Operating Services

40,061

39,492

569

1.4

 





Total Property Expenses:

107,882

100,895

6,987

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Operating Income

191,195

194,432

(3,237)

(1.7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: straight-lining of rents adj.

9,509

5,369

4,140

77.1

 





 

 

 

 

 

 

 

 

 

 

Net Operating Income

$    181,686

$    189,063

$     (7,377)

(3.9)

 





 

 

 

 

 

 

 

 

 

 

Percentage Leased at

Period End

90.4%

89.8%

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Total Properties:

259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Square Footage:

27,455,393

 

 

 

 

 

 

 

 

 

 

 

 

 






 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

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

90.3%

305,618

50.0%

 

 

 

 

 

 

 

Red Bank Corporate Plaza

Red Bank Corporate
Plaza (a)

1

Red Bank, NJ

100.0%

92,878

50.0%

 

 

 

 

 

 

 

Mack-Green-Gale

Bellemead Portfolio

25

New Jersey/Michigan

81.8%

3,446,596

50.0%

 

 

 

 

 

 

 

Route 93 Ventures

Route 495 North Sub Market

7

Boston Suburbs, MA

56.3%

666,700

25.0%

 

 

 

 

 

 

 

Gale Kimball L.L.C.

100 Kimball Drive (b)

1

Parsippany, NJ

0

175,000

8.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex Properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ramland Realty Associates, L.L.C.

One Ramland Road

1

Orangeburg, NY

65.9%

232,000

50.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mixed-Use:

 

 

 

 

 

 

 

 

 

 

 

 

 

Meadowlands Mills/Mack-Cali, LP

Meadowlands Xanadu (c)

n/a

East Rutherford, NJ

n/a

n/a

20.0%

 

 

 

 

 

 

 

GE/Gale Funding L.L.C.

Princeton Forrestal Village

n/a

Princeton, NJ

87.1%

527,015

10.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel:

 

 

 

 

 

 

 

 

 

 

 

 

 

Harborside South Pier

Hyatt Regency Jersey City on the Hudson

1

Jersey City, NJ

n/a

350 rooms

50.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land:

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaza VIII and IX Associates, L.L.C.

Vacant land/parking

n/a

Jersey City, NJ

n/a

n/a

50.0%

 

 

 

 

 

 

 

55 Corporate Partners L.L.C.

Condominium Interest Vacant Land

n/a

Bridgewater, NJ

n/a

n/a

50.0%








 

(a)

The Company is developing a 92,878 square foot fully-leased office building for the venture.

(b)

The Venture is developing a 175,000 square foot office building.

(c)

The venture is developing a family entertainment and recreation complex with an office and hotel component 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 June 30, 2006

 

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 June 30, 2006 and December 31, 2005 (dollars in thousands):

 

 

 

June 30, 2006

 


 

Meadowlands

Xanadu

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Harborside

South Pier

Red Bank

Corporate

Plaza

Mack

Green

PFV

Route 93

Portfolio

Gale

Kimball

55

Corporate

Combined

Total














Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Rental property, net

$     510,029

$ 10,164

$   11,712

$  12,277

$     71,643

$     3,966

$511,867

$ 30,088

$ 54,485

--

$  16,000

$ 1,232,231

Other assets

169,565

7,174

1,073

831

11,058

95

34,676

25,483

6,408

$  2,975

--

259,338














Total assets

$     679,594

$ 17,338

$   12,785

$  13,108

$     82,701

$     4,061

$546,543

$55,571

$ 60,893

$  2,975

$  16,000

$ 1,491,569














Liabilities and partners’ / members’ capital (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages, loans payable and other obligations

--

$ 47,256

--

$  14,936

$     50,894

--

$350,337

$ 37,024

$ 39,435

--

--

$    539,882

Other Liabilities

$       42,372

953

$        534

184

5,058

$         51

12,424

6,556

552

--

--

68,684

Partners’ / members’ capital (deficit)

637,222

(30,871)

12,251

(2,012)

26,749

4,010

183,782

11,991

20,906

$  2,975

$  16,000

883,003














Total liabilities and partners’ / members’ capital (deficit)

$     679,594

$ 17,338

$   12,785

$  13,108

$     82,701

$     4,061

$546,543

$ 55,571

$ 60,893

$  2,975

$  16,000

$ 1,491,569














Company’s investment in unconsolidated joint ventures, net

$       35,732

$   6,116

$     6,047

--

$     16,077

$        388

$114,939

$  2,896

$   6,238

$    990

$    8,500

$  197,923














 

 

 

December 31, 2005

 


 

Meadowlands

Xanadu

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Harborside

South Pier

Red Bank

Corporate

Plaza

Mack

Green

PFV

Route 93

Portfolio

Gale

Kimball

55

Corporate

Combined

Total














Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Rental property, net

$     390,488

$ 10,628

$   12,024

$  12,511

$     74,466

--

--

--

--

--

--

$500,117

Other assets

171,029

6,427

1,661

1,188

11,393

--

--

--

--

--

--

191,698














Total assets

$     561,517

$ 17,055

$   13,685

$  13,699

$     85,859

--

--

--

--

--

--

$691,815














Liabilities and partners’ / members’ capital (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages, loans payable and other obligations

--

$ 46,588

--

$  14,936

$     56,970

--

--

--

--

--

--

$118,494

Other Liabilities

$       60,447

876

$     1,361

220

4,341

--

--

--

--

--

--

67,245

Partners’ / members’ capital (deficit)

501,070

(30,409)

12,324

(1,457)

24,548

--

--

--

--

--

--

506,076














Total liabilities and partners’ / members’ capital (deficit)

$     561,517

$ 17,055

$   13,685

$  13,699

$     85,859

--

--

--

--

--

--

$691,815














Company’s investment in unconsolidated joint ventures, net

$       34,640

$   6,438

$     6,084

--

$     14,976

--

--

--

--

--

--

$  62,138














 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

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 June 30, 2006 and 2005 (dollars in thousands):

 

 

 

Three Months Ended June 30, 2006


 

Meadowlands

Xanadu

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Ashford

Loop

Harborside

South Pier

Red Bank

Corporate

Plaza

Mack

Green

PFV

Route 93

Portfolio

Gale

Kimball

55

Corporate

Combined

Total















Total revenues

$      158

$ 1,778

$    196

$    502

--

$  9,774

--

$    9,468

$    4,391

$       558

--

--

$  26,825

Operating and other expenses

(83)

(978)

(46)

(364)

--

(5,752)

$     (2)

(3,776)

(2,716)

(257)

--

--

(13,974)

Depreciation and amortization

--

(357)

(154)

(187)

--

(1,460)

--

(3,378)

(1,421)

(116)

--

--

(7,073)

Interest expense

--

(792)

--

(253)

--

(906)

--

(3,591)

(1,383)

(241)

--

--

(7,166)















 

Net income

$        75

$   (349)

$      (4)

$   (302)

--

$  1,656

$     (2)

$   (1,277)

$   (1,129)

$       (56)

--

--

$   (1,388)















Company’s equity in earnings (loss) of unconsolidated joint ventures

--

$   (331)

$      (2)

--

--

$     828

--

$   (1,260)

$       (67)

$       (14)

--

--

$      (846)















 

 

 

 

Three Months Ended June 30, 2005


 

Meadowlands

Xanadu

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Ashford

Loop

Harborside

South Pier

Red Bank

Corporate

Plaza

Mack

Green

PFV

Route 93

Portfolio

Gale

Kimball

55

Corporate

Combined

Total















Total revenues

--

$ 1,568

$     52

$    664

--

$  9,158

--

--

--

--

--

--

$11,442

Operating and other expenses

--

(908)

(62)

(348)

--

(5,294)

--

--

--

--

--

--

(6,612)

Depreciation and amortization

--

(290)

(154)

(162)

--

(1,289)

--

--

--

--

--

--

(1,895)

Interest expense

--

(525)

--

(179)

--

(1,292)

--

--

--

--

--

--

(1,996)















 

Net income

--

$   (155)

$  (164)

$     (25)

--

$  1,283

--

--

--

--

--

--

$     939















Company’s equity in earnings (loss) of unconsolidated joint ventures

--

$     (77)

$    (79)

--

--

$     698

--

--

--

--

--

--

$     542















 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

16

 



 

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 six months ended June 30, 2006 and 2005 (dollars in thousands):

 

 

 

Six Months Ended June 30, 2006


 

Meadowlands

Xanadu

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Ashford

Loop

Harborside

South Pier

Red Bank

Corporate

Plaza

Mack

Green

PFV

Route 93

Portfolio

Gale

Kimball

55

Corporate

Combined

Total















Total revenues

$      299

$ 3,647

$    322

$ 1,015

--

$17,603

--

$  9,468

$   4,391

$      558

--

--

$  37,303

Operating and other expenses

(151)

(1,880)

(88)

(704)

--

(10,636)

$     (2)

(3,776)

(2,716)

(257)

--

--

(20,210)

Depreciation and amortization

--

(712)

(308)

(376)

--

(2,909)

--

(3,378)

(1,421)

(116)

--

--

(9,220)

Interest expense

--

(1,517)

--

(489)

--

(1,857)

--

(3,591)

(1,383)

(241)

--

--

(9,078)















 

Net income

$      148

$   (462)

$    (74)

$   (554)

--

$  2,201

$     (2)

$(1,277)

$   (1,129)

$       (56)

--

--

$   (1,205)















Company’s equity in earnings (loss) of unconsolidated joint ventures

--

$   (322)

$    (37)

--

--

$  1,101

--

$(1,260)

$       (67)

$       (14)

--

--

$      (599)















 

 

 

 

Six Months Ended June 30, 2005


 

Meadowlands

Xanadu

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Ashford

Loop

Harborside

South Pier

Red Bank

Corporate

Plaza

Mack

Green

PFV

Route 93

Portfolio

Gale

Kimball

55

Corporate

Combined

Total















Total revenues

--

$ 3,149

$    128

$ 1,032

$    405

$15,887

--

--

--

--

--

--

$  20,601

Operating and other expenses

--

(1,738)

(96)

(666)

(397)

(9,825)

--

--

--

--

--

--

(12,722)

Depreciation and amortization

--

(545)

(308)

(317)

(160)

(2,884)

--

--

--

--

--

--

(4,214)

Interest expense

--

(988)

--

(342)

--

(2,007)

--

--

--

--

--

--

(3,337)















 

Net income

--

$   (122)

$  (276)

$   (293)

$   (152)

$  1,171

--

--

--

--

--

--

$       328















Company’s equity in earnings (loss) of unconsolidated joint ventures

--

$   (244)

$  (138)

--

$     (30)

$     642

--

--

--

--

--

--

$       230















 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

17

 



 

Select Financial Ratios

 


 

Ratios Computed For Industry

June 30,

 

 

Comparisons:

2006

2005

 

 

 

 







 

 

Financial Position Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/ Total Book

Capitalization

(Book value) (%)

51.22%

47.71%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/ Total Market

Capitalization

(Market value) (%)

39.60%

36.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/ Total Undepreciated

Assets (%)

43.83%

41.12%

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Debt/ Total Undepreciated

Assets (%)

6.91%

8.63%

 

 

 

 

 

 

 

 

 

 

 

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


                                                         Three Months Ended                                    Six Months Ended
                                                                 June 30,                                                    June 30,

 

 

 

 

 

 

 

 

2006

2005

 

2006

2005

 







 

 

Operational Ratios:

 

 

 

 

 

 

Interest Coverage

(Funds from Operations+Interest

Expense)/Interest Expense (x)

3.23

3.35

 

3.39

3.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Service Coverage

(Funds from Operations +

Interest Expense)/(Interest Expense

+ Principal Amort.) (x)

2.87

2.89

 

3.02

2.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charge Coverage

(Funds from Operations +

Interest Expense)/(Interest Expense

+ Capitalized Interest+Pref. Div.

+Prin. Amort.+Ground Lease

Payments)(x)

2.71

2.77

 

2.85

2.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Payout

(Dividends Declared/Funds from

Operations) (%)

66.09%

66.71%

 

62.81%

68.74%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 










 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

18

 



 

 

Debt Analysis

(as of June 30, 2006)

 

Debt Breakdown

(dollars in thousands)

 


 

Balance

% of Total

Weighted Average

Interest Rate (a)

Weighted Average Maturity in Years






Fixed Rate Unsecured Notes

$    1,677,416

70.85%

6.28%

5.77

 

 

 

 

 

Fixed Rate Secured Debt and Other Obligations

373,193

15.76%

5.53%

4.98

 

 

 

 

 

Variable Rate Unsecured Debt

317,000

13.39%

5.67%

3.40






 

Totals/Weighted Average:

$    2,367,609

100.00%

6.08%

5.33






 

 

Future Repayments

(dollars in thousands)

 


Period

Scheduled

Amortization

Principal

Maturities

Total

Weighted Average Interest Rate of Future Repayments (a)






July 1 – December 31, 2006

$        12,496

$          24,775

$        37,271

5.08%

 

 

 

 

 

2007

19,121

29,441

48,562

5.64%

 

 

 

 

 

2008

17,364

12,563

29,927

5.24%

 

 

 

 

 

2009

8,679

617,000

625,679

6.54%

2010

2,203

334,500

336,703

5.26%

Thereafter

13,071

1,283,454

1,296,525

6.11%






Sub-total

72,934

2,301,733

2,374,667

6.08%

 

 

 

 

 

Adjustment for unamortized debt

discount/premium, net, as of

June 30, 2006

(7,058)

--

(7,058)

--






 

Totals/Weighted Average:

$        65,876

$      2,301,733

$    2,367,609

6.08%






 

(a)

Actual weighted average LIBOR contract rates relating to the Company’s outstanding debt as of June 30, 2006 of 5.25 percent was used in calculating revolving credit facility.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

19

 



 

 

Debt Maturities

(dollars in thousands)

 


 

July 1 –

December 31, 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2018

TOTALS















Secured Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monmouth Executive Center

$    15,547

 

 

 

 

 

 

 

 

 

 

 

$      15,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6411 Ivy Lane

9,228

 

 

 

 

 

 

 

 

 

 

 

9,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Airport

 

$     9,364

 

 

 

 

 

 

 

 

 

 

9,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6406 Ivy Lane

 

14,289

 

 

 

 

 

 

 

 

 

 

14,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6303 Ivy Lane

 

5,788

 

 

 

 

 

 

 

 

 

 

5,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6404 Ivy Lane

 

 

$   12,563

 

 

 

 

 

 

 

 

 

12,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prudential Portfolio

 

 

 

 

$  150,000

 

 

 

 

 

 

 

150,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105 Challenger

 

 

 

 

19,500

 

 

 

 

 

 

 

19,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2200 Renaissance Boulevard

 

 

 

 

 

 

$     15,234

 

 

 

 

 

15,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soundview Plaza

 

 

 

 

 

 

 

$  14,889

 

 

 

 

14,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9200 Edmonston Road

 

 

 

 

 

 

 

4,229

 

 

 

 

4,229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6305 Ivy Lane

 

 

 

 

 

 

 

 

$      5,707

 

 

 

5,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6301 Ivy Lane

 

 

 

 

 

 

 

 

5,301

 

 

 

5,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35 Waterview

 

 

 

 

 

 

 

 

18,184

 

 

 

18,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500 West Putnam Avenue

 

 

 

 

 

 

 

 

 

 

$    22,325

 

22,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23 Main Street

 

 

 

 

 

 

 

 

 

 

 

$    26,566

26,566















Total Secured Debt:

$    24,775

$    29,441

$    12,563

--

$  169,500

--

$     15,234

$  19,118

$    29,192

--

$    22,325

$    26,566

$    348,714















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured credit facility

 

 

 

$ 317,000

 

 

 

 

 

 

 

 

$    317,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.250% unsecured notes

due 3/09

 

 

 

300,000

 

 

 

 

 

 

 

 

300,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.050% unsecured notes

due 4/10

 

 

 

 

$  150,000

 

 

 

 

 

 

 

150,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.835% unsecured notes

due 12/10

 

 

 

 

15,000

 

 

 

 

 

 

 

15,000

7.750% unsecured notes

due 2/11

 

 

 

 

 

$  300,000

 

 

 

 

 

 

300,000

5.250% unsecured notes

due 1/12

 

 

 

 

 

 

$   100,000

 

 

 

 

 

100,000

6.150% unsecured notes

due 12/12

 

 

 

 

 

 

94,914

 

 

 

 

 

94,914

5.820% unsecured notes

due 3/13

 

 

 

 

 

 

 

$   26,105

 

 

 

 

26,105

4.600% unsecured notes

due 6/13

 

 

 

 

 

 

 

100,000

 

 

 

 

100,000

5.125% unsecured notes

due 2/14

 

 

 

 

 

 

 

 

$  200,000

 

 

 

200,000

5.125% unsecured notes

due 1/15

 

 

 

 

 

 

 

 

 

$  150,000

 

 

150,000

5.80% unsecured notes

due 1/16

 

 

 

 

 

 

 

 

 

 

$  200,000

 

200,000















Total Unsecured Debt:

--

--

--

$ 617,000

$   165,000

$  300,000

$   194,914

$126,105

$  200,000

$  150,000

$  200,000

--

$ 1,953,019















 

 

 

 

 

 

 

 

 

 

 

 

 

 















Total Debt:

$    24,775

$    29,441

$    12,563

$ 617,000

$    334,500

$    300,000

$   210,148

$ 145,223

$  229,192

$   150,000

$  222,325

$    26,566

$ 2,301,733















 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

20

 



 

Debt Detail

(dollars in thousands)

 

                                                                           

 

 

Effective

Principal Balance at

 

 

Property Name

Lender

Interest

Rate

June 30,

2006

December 31,

2005

Date of

Maturity

 








Senior Unsecured Notes: (a)

 

 

 

 

 

7.250%, $300,000 Face Amount Notes

public debt

7.490%

$      299,364

$        299,246

03/15/09

 

5.050%, $150,000 Face Amount Notes

public debt

5.265%

149,792

149,765

04/15/10

 

7.835%, $15,000 Face Amount Notes

public debt

7.950%

15,000

15,000

12/15/10

 

7.750%, $300,000 Face Amount Notes

public debt

7.930%

299,208

299,122

02/15/11

 

5.250%, $100,000 Face Amount Notes

public debt

5.457%

98,918

--

01/15/12

 

6.150%, $94,914 Face Amount Notes

public debt

6.894%

91,735

91,488

12/15/12

 

5.820%, $26,105 Face Amount Notes

public debt

6.448%

25,364

25,309

03/15/13

 

4.600%, $100,000 Face Amount Notes

public debt

4.742%

99,801

99,787

06/15/13

 

5.125%, $200,000 Face Amount Notes

public debt

5.110%

201,828

201,948

02/15/14

 

5.125%, $150,000 Face Amount Notes

public debt

5.297%

149,210

149,164

01/15/15

 

5.800%, $100,000 Face Amount Notes

public debt

5.806%

200,730

99,680

01/15/16

 








Total Senior Unsecured Notes:

 

 

$   1,630,950

$     1,430,509

 







 

Revolving Credit Facilities:

2004 Unsecured Facility (b)

23 Lenders

Libor +0.650%

   $      317,000

   $        227,000

11/23/09

 








Total Revolving Credit Facilities:

 

 

   $      317,000

   $        227,000

 

 








 

 

Property Mortgages: (c)

6411 Ivy Lane

Massachusetts Mutual Life Ins. Co.

5.588%

$         9,439

--

07/03/06

(d)

Monmouth Executive Center

La Salle Brothers CMBS

4.980%

15,682

$          16,044

08/01/06

(e)

Mack-Cali Airport

Allstate Life Insurance Co.

7.050%

9,535

9,644

04/01/07

 

6406 Ivy Lane

Morgan Stanley Guaranty Trust Co.

5.570%

15,027

--

06/01/07

 

6303 Ivy Lane

State Farm Life Ins. Co.

5.567%

6,206

--

07/01/07

 

6404 Ivy Lane

TIAA

5.582%

13,972

--

08/01/08

 

Various (f)

Prudential Insurance Co.

4.841%

150,000

150,000

01/15/10

 

105 Challenger Road

Archon Financial CMBS

4.980%

18,638

--

06/06/10

 

2200 Renaissance Boulevard

TIAA

5.888%

17,999

18,174

12/01/12

 

Soundview Plaza

TIAA

6.015%

18,223

18,427

01/01/13

 

9200 Edmonston Road

Principal Commercial Funding, L.L.C.

5.534%

5,297

--

05/01/13

 

6305 Ivy Lane

John Hancock Life Ins. Co.

5.525%

7,375

--

01/01/14

 

6301 Ivy Lane

John Hancock Life Ins. Co.

5.520%

6,900

--

07/01/14

 

35 Waterview

Wachovia CMBS

6.348%

20,400

--

08/11/14

 

500 West Putnam Avenue

New York Life Ins. Co.

5.520%

25,000

25,000

01/10/16

 

23 Main Street

JP Morgan CMBS

5.587%

33,500

33,500

09/01/18

 

Assumed Obligations

n/a

4.870%

46,466

53,241

05/01/09

(g)

Harborside - Plazas 2 and 3

Northwestern/Principal

--

--

144,642

--

(h)






Total Mortgages, Loans Payable and Other Obligations:

 

$      419,659

$        468,672

 






 

Total Debt:

 

 

$    2,367,609

$      2,126,181

 







 

(a)

Interest rate for unsecured notes reflects effective rate of debt, including cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount on the notes, as applicable.

(b)

Total borrowing capacity under this facility is $600 million.

(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.

(d)

On July 3, 2006, the Company paid off this mortgage loan through borrowings of the Company’s revolving credit facility.

(e)

Mortgage is collateralized by three properties. On August 1, 2006, the Company repaid this mortgage loan at par, using borrowings under the Company's revolving credit facility.

(f)

Mortgage is collateralized by seven properties.

(g)

The obligations mature at various times through December 2006 and May 2009.

(h)

On January 3, 2006, the Company paid off this mortgage loan through borrowings on the Company’s revolving credit facility.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

21

 



 

 

 

 

 

 

 

III. FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

22

 



 

 

III. FINANCIAL INFORMATION

 

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share amounts) (unaudited)

 

 

 

 

Three Months Ended

      June 30,

Six Months Ended

    June 30,

 

Revenues

2006

2005

2006

2005

 

 






 

 

Base rents

$   143,884

$      136,141

$ 281,866

$ 268,284

 

Escalations and recoveries from tenants

25,248

20,647

48,022

38,931

 

Construction services

11,862

--

11,862

--

 

Payroll reimbursements

4,610

--

4,610

--

 

Real estate services

4,312

601

4,940

1,217

 

Other income

4,409

4,962

6,362

6,107

 






 

Total revenues

194,325

162,351

357,662

314,539

 






 

 

 

 

 

 

 

Expenses

 

 

 

 

 






 

Real estate taxes

22,544

20,380

44,610

39,404

 

Utilities

14,238

12,346

29,681

24,242

 

Operating services

23,953

22,440

46,293

43,684

 

Direct construction costs

11,354

--

11,354

--

 

Real estate services, salaries, wages and other costs

5,360

--

5,360

--

 

General and administrative

11,957

8,306

20,916

15,724

 

Depreciation and amortization

42,610

38,298

82,093

73,908

 






 

Total expenses

132,016

101,770

240,307

196,962

 






 

Operating Income

62,309

60,581

117,355

117,577

 

 

 

 

 

 

 

Other (Expense) Income

 

 

 

 

 






 

Interest expense

(33,382)

(30,363)

(64,805)

(58,761)

 

Interest and other investment income

399

121

1,845

185

 

Equity in earnings (loss) of unconsolidated joint ventures

(846)

542

(599)

230

 

Minority interest in consolidated joint ventures

30

--

30

(74)

 

Gain on sale of investment in marketable securities

--

--

15,060

--

 

Gain on sale of investment in unconsolidated joint ventures

--

--

--

35

 






 

Total other (expense) income

(33,799)

(29,700)

(48,469)

(58,385)

 






 

Income from continuing operations before

 

 

 

 

 

Minority interest in Operating Partnership

28,510

30,881

68,886

59,192

 

 

Minority interest in Operating Partnership

(5,619)

(5,591)

(13,106)

 

(12,147)

 






 

Income from continuing operations

22,891

25,290

55,780

47,045

 

Discontinued operations (net of minority interest):

 

 

 

 

 

Income from discontinued operations

322

1,479

530

3,465

 

Realized gains (losses) and unrealized losses on disposition

of rental property, net

3,921

9,771

3,921

8,973

 






 

Total discontinued operations, net

4,243

11,250

4,451

12,438

 






 

Net income

27,134

36,540

60,231

59,483

 

Preferred stock dividends

(500)

(500)

(1,000)

(1,000)

 






 

Net income available to common shareholders

$      26,634

$        36,040

$    59,231

$    58,483

 






 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

Income from continuing operations

$         0.36

$           0.41

$        0.88

$        0.75

 

Discontinued operations

0.07

0.18

0.07

0.20

 






 

Net income available to common shareholders

$         0.43

$           0.59

$        0.95

$        0.95

 






 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

Income from continuing operations

$         0.36

$           0.40

$        0.88

$        0.75

 

Discontinued operations

0.07

0.18

0.07

0.20

 






 

Net income available to common shareholders

$         0.43

$           0.58

$        0.95

$        0.95

 






 

 

 

 

 

 

 

Dividends declared per common share

$         0.63

$           0.63

$        1.26

$        1.26

 






 

 

 

 

 

 

 

Basic weighted average shares outstanding

62,182

61,393

62,085

61,289

 






 

 

 

 

 

 

 

Diluted weighted average shares outstanding

78,067

75,649

77,359

72,478

 






 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

23

 



 

 

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Balance Sheets

(in thousands, except per share amounts) (unaudited)

 

 

 

June 30,

December 31,

 

Assets

2006

2005

 





Rental property

 

 

 

Land and leasehold interests

$         697,029

$        637,653

 

Buildings and improvements

3,742,413

3,539,003

 

Tenant improvements

345,207

307,664

 

Furniture, fixtures and equipment

7,620

7,432

 





 

4,792,269

4,491,752

 

Less – accumulated depreciation and amortization

(779,587)

(722,980)

 





Net investment in rental property

4,012,682

3,768,772

 

Cash and cash equivalents

20,417

60,397

 

Marketable securities available for sale at fair value

--

50,847

 

Investments in unconsolidated joint ventures

197,923

62,138

 

Unbilled rents receivable, net

104,027

92,692

 

Deferred charges and other assets, net

245,343

197,634

 

Restricted cash

16,341

9,221

 

Accounts receivable, net of allowance for doubtful accounts

 

 

 

of $2,776 and $1,088

25,689

5,801

 





 

 

 

 

Total assets

$      4,622,422

$     4,247,502

 





 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 





Senior unsecured notes

$      1,630,950

$     1,430,509

 

Revolving credit facility

317,000

227,000

 

Mortgages, loans payable and other obligations

419,659

468,672

 

Dividends and distributions payable

49,612

48,178

 

Accounts payable, accrued expenses and other liabilities

121,964

85,481

 

Rents received in advance and security deposits

50,598

47,685

 

Accrued interest payable

36,283

27,871

 





Total liabilities

2,626,066

2,335,396

 





 

 

 

 

Minority interests:

 

 

 

Operating Partnership

489,592

400,819

 

Consolidated joint ventures

2,169

--

 




 

Total minority interests

491,761

400,819

 





Commitments and contingencies

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock, $0.01 par value, 5,000,000 shares authorized, 10,000

 

 

 

and 10,000 shares outstanding, at liquidation preference

25,000

25,000

 

Common stock, $0.01 par value, 190,000,000 shares authorized,

 

 

 

62,360,388 and 62,019,646 shares outstanding

623

620

 

Additional paid-in capital

1,687,871

1,682,141

 

Unamortized stock compensation

--

(6,105)

 

Dividends in excess of net earnings

(208,899)

(189,579)

 

Accumulated other comprehensive loss

--

(790)

 




 

Total stockholders’ equity

1,504,595

1,511,287

 





 

 

 

 

Total liabilities and stockholders’ equity

$      4,622,422

$     4,247,502

 





 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

24

 



 

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Statement of Changes in Stockholders’ Equity

For the six months ended June 30, 2006

(in thousands) (unaudited)

 

 

 

Preferred Stock

Common Stock

Additional

Paid-In

Unamortized

Stock

Dividends in

Excess of

Accumulated

Other

Comprehensive

Total

Stockholders’

 

Shares

Amount

Shares

Par value

Capital

Compensation

Net Earnings

Income (Loss)

Equity











Balance at January 1,    2006

10

$  25,000

62,020

$   620

$1,682,141

$     (6,105)

$   (189,579)

$        (790)

$   1,511,287

Reclassification upon

the adoption of

FASB No. 123 (R)

--

--

--

--

(6,105)

6,105

--

--

--

Net income

--

--

--

--

--

--

60,231

--

60,231

Preferred stock       dividends

--

--

--

--

--

--

(1,000)

--

(1,000)

Common stock       dividends

--

--

--

--

--

--

(78,551)

--

(78,551)

Redemption of common units for common stock

--

--

136

1

4,175

--

--

--

4,176

Shares issued under Dividend Reinvestment and Stock Purchase Plan

--

--

3

--

125

--

--

--

125

Stock options      exercised

--

--

199

2

5,771

--

--

--

5,773

Stock options      expense

--

--

--

--

176

--

--

--

176

Comprehensive Gain:

Unrealized holding gain on marketable securities available for sale

--

--

--

--

--

--

--

15,850

15,850

Directors Deferred compensation plan

--

--

--

--

150

--

--

--

150

Issuance of restricted stock

--

--

10

--

--

--

--

--

--

Amortization of stock compensation

--

--

--

--

1,438

--

--

--

1,438

Cancellation of restricted stock

--

--

(7)

--

--

--

--

--

--

Reclassification adjustment for realized gain included in net income

--

--

--

--

--

--

--

(15,060)

(15,060)











 

 

 

 

 

 

 

 

 

 

Balance at

June 30, 2006

10

$  25,000

62,361

$   623

$1,687,871

$             --

$   (208,899)

$             --

$1,504,595











 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

25

 



 

 

 

Statements of Funds from Operations  

(in thousands, except per share/unit amounts) (unaudited)

 

 

 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

2006

2005

2006

2005






Net income available to common shareholders

$       26,634

$     36,040

$        59,231

$      58,483

 

 

 

 

 

Add: Minority interest in Operating Partnership

5,619

5,591

13,106

12,147

 

 

 

 

 

Minority interest in discontinued operations

1,063

2,538

1,111

2,688

 

 

 

 

 

Real estate-related depreciation and amortization on continuing operations (a)

45,987

39,008

86,461

75,480

 

 

 

 

 

Real estate-related depreciation and amortization on discontinued operations

21

242

181

832

 

 

 

 

 

Deduct: Gain on sale of investment in unconsolidated      joint venture

--

--

--

(35)

 

 

 

 

 

Add: Discontinued operations – Realized gains (losses) and unrealized losses on disposition of rental property, net

(4,905)

(11,975)

(4,905)

(11,078)






Funds from operations available to common shareholders (b)

$       74,419

$     71,444

$      155,185

$    138,517






 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares/units outstanding (c)

78,067

75,649

77,359

75,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds from operations per share/unit – diluted

$           0.95

$         0.94

$            2.00

$          1.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend declared per common share

$           0.63

$         0.63

$            1.26

$          1.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend payout ratios:

 

 

 

 

 

 

 

 

 

Funds from operations-diluted

66.09%

66.71%

62.81%

68.74%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information:

 

 

 

 

 

 

 

 

 

Non-incremental revenue generating capital expenditures:

 

 

 

 

 

 

 

 

 

Building improvements

$         2,436

$       1,450

$          4,391

$        2,564

 

 

 

 

 

Tenant improvements and leasing commissions

$       18,706

$     10,440

$        30,676

$      20,703

 

 

 

 

 

Straight-line rent adjustments (d)

$         6,208

$       3,345

$        12,601

$        6,634

 

 

 

 

 

Amortization of (above)/below market lease intangibles,     net

$            361

$          976

$          1,025

$        1,533

 

 

 

 

 

 

 

 

 

 






 

(a)        Includes the Company’s share from unconsolidated joint ventures of $3,518 and $867 for the three months ended June 30, 2006 and 2005, respectively and $4,657 and $1,890 for the six months ended June 30, 2006 and 2005, 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 (15,599 shares and 13,846 shares for the three months ended June 30, 2006 and 2005, respectively and 14,968 shares and 10,752 shares for the six months ended June 30, 2006 and 2005, respectively), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). See reconciliation of basic to diluted shares/units on page 28.

(d)        Includes the Company’s share from unconsolidated joint ventures of $932 and $43 for the three months ended June 30, 2006 and 2005, respectively and $1,141 and $90 for the six months ended June 30, 2006 and 2005, respectively.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

26

 



 

 

Statements of Funds from Operations Per Diluted Share  

(amounts are per diluted share, except share count in thousands) (unaudited)

 

 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

2006

2005

2006

2005






Net income available to common shareholders

$      0.43

$      0.58

$      0.95

$      0.95

 

 

 

 

 

Add: Real estate-related depreciation and amortization on continuing operations (a)

0.59

0.52

1.12

1.00

 

 

 

 

 

Real estate-related depreciation and amortization on discontinued operations

--

--

--

0.01

 

 

 

 

 

Realized gains (losses) and unrealized losses on disposition of rental property, net

(0.06)

(0.16)

(0.06)

 

(0.15)

 

 

 

 

 

Minority Interest/Rounding Adjustment

(0.01)

--

(0.01)

0.02






 

Funds from operations available to common shareholders (b)

$      0.95

$      0.94

$      2.00

$      1.83






 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares/units outstanding (c)

78,067

75,649

77,359

75,564






 

(a)    Includes the Company’s share from unconsolidated joint ventures of $0.05 and $0.01 for the three months ended June 30, 2006 and 2005, respectively and $0.06 and $0.03 for the six months ended June 30, 2006 and 2005, 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 (15,599 shares and 13,846 shares for the three months ended June 30, 2006 and 2005, respectively and 14,968 shares and 10,752 shares for the six months ended June 30, 2006 and 2005, respectively), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). See reconciliation of basic to diluted shares/units on page 28.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

27

 



 

 

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

June 30,

Six Months Ended

June 30,

 

2006

2005

2006

2005






Basic weighted average shares outstanding:

62,182

61,393

62,085

61,289

 

 

 

 

 

Add: Weighted average common units

15,599

13,847

14,968

10,752






Basic weighted average shares/units:

77,781

75,240

77,053

72,041

 

 

 

 

 

Add: Stock options

286

409

306

437

 

 

 

 

 

Restricted Stock Awards

--

--

--

--

 

 

 

 

 

Stock warrants

--

--

--

--






Diluted weighted average shares outstanding:

78,067

75,649

77,359

72,478

 

 

 

 

 

Add: Weighted average preferred units

(after conversion to common units)

--

--

--

3,086






 

Diluted weighted average shares/units outstanding:

78,067

75,649

77,359

75,564






 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

28

 



 

 

 

 

 

 

 

IV. VALUE CREATION PIPELINE

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

29

 



 

 

IV. VALUE CREATION PIPELINE

 

Operating Property Acquisitions

(dollars in thousands)

 

For the six months ended June 30, 2006

 

Acquisition

Date

Property/Address

Location

# of

Bldgs.

Rentable

Square Feet

Investment by

Company (a)







Office:

 

 

 

 

 

02/28/06

Capital Office Park (b)

Greenbelt, Prince George’s County, MD

7

842,258

$      166,011

05/09/06

35 Waterview Boulevard (c) (d)

Parsippany, Morris County, NJ

1

172,498

32,600

05/09/06

105 Challenger Road (c) (e)

Ridgefield Park, Bergen County, NJ

1

150,050

31,792

05/09/06

343 Thornall Street (c) (f)

Edison, Middlesex County, NJ

1

195,709

41,113







 

Total Property Acquisitions:

 

 

10

1,360,515

$      271,516







 

 

For the year ended December 31, 2005

 

Acquisition

Date

Property/Address

Location

# of

Bldgs.

Rentable

Square Feet

Investment by

Company

 







 

Office:

 

 

 

 

 

03/02/05

101 Hudson Street (f)

Jersey City, Hudson County, NJ

1

1,246,283

$      330,302

03/29/05

23 Main Street (f) (g)

Holmdel, Monmouth County, NJ

1

350,000

23,948

07/12/05

Monmouth Executive Center (h)

Freehold, Monmouth County, NJ

4

235,968

33,561







 

Total Property Acquisitions:

 

 

6

1,832,251

$      387,811

 







 

 

(a)

Amounts are as of June 30, 2006.

(b)

This transaction was funded primarily through the assumption of $63.2 million of mortgage debt and the issuance of 1.9 million common operating partnership units valued at $87.2 million.

(c)

The property was acquired as part of the Gale/Green Transactions.

(d)

Transaction was funded primarily through borrowing on the Company’s revolving credit facility and the assumption of $20.4 million of mortgage debt.

(e)

Transaction was funded primarily through borrowing on the Company’s revolving credit facility and the assumption of $19.5 million of mortgage debt.

(f)

Transaction was funded primarily through borrowing on the Company’s revolving credit facility.

(g)

In addition to its initial investment, the Company intends to make additional investments related to the property of approximately $12,122, of which the Company has incurred $6,723 through June 30, 2006.

(h)

Transaction was funded primarily through cash on hand and assumption of mortgage debt.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

30

 



 

 

 

Acquisition Property Profile

 

 

 



 

 

Property Name:

35 Waterview Boulevard

 

 

Product Type:

Office Building

 

 

Location:

Parsippany, Morris County, New Jersey

 

 

Description:

Class A, four-story office building

 

 

Size:

172,498 square feet

 

 

Year Constructed:

1990

 

 

Closing Date:

May 9, 2006

 

 

Acquisition Cost:

$32.6 million

 

 

Funding Source:

Funded primarily through the borrowing on the Company’s revolving credit facility and the assumption of mortgage debt.

 

 

Percentage Leased:

92.3%

 

 

Number of Tenants:

12

 

 

Significant Tenants:

Sun Chemical (66,065 square feet)

 

Pace Inc. (32,216 square feet)

 

 

 

 

 

 

 

 



 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

31

 



 

 

 

Acquisition Property Profile

 

 

 



 

 

Property Name:

105 Challenger Road

 

 

Product Type:

Office Building

 

 

Location:

Ridgefield Park, Bergen County, New Jersey

 

 

Description:

Class A, nine-story office building

 

 

Size:

150,050 square feet

 

 

Year Constructed:

1992

 

 

Closing Date:

May 9, 2006

 

 

Acquisition Cost:

$31.8 million

 

 

Funding Source:

Funded primarily through the borrowing on the Company’s revolving credit facility and the assumption of mortgage debt.

 

 

Percentage Leased:

87.5%

 

 

Number of Tenants:

1

 

 

Significant Tenants:

Samsung Electronics America (131,300 square feet)

 

 

 

 

 

 

 

 

 

 



 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

32

 



 

 

 

Acquisition Property Profile

 

 

 



 

 

Property Name:

343 Thornall Street

 

 

Product Type:

Office Building

 

 

Location:

Edison, Middlesex County, New Jersey

 

 

Description:

Class A, eight-story office building

 

 

Size:

195,709

 

 

Year Constructed:

1991

 

 

Closing Date:

May 9, 2006

 

 

Acquisition Cost:

$41.1 million

 

 

Funding Source:

Funded primarily through borrowing on the Company’s revolving credit facility.

 

 

Percentage Leased:

84.7%

 

 

Number of Tenants:

8

 

 

Significant Tenants:

Travelers Indemnity Co. (32,858 square feet)

 

IAC Search & Media Inc. (25,400 square feet)

 

United States of America – GSA (19,676 square feet)

 

Fujitsu Consulting Holdings (19,124 square feet)

 

 

 

 



 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

33

 



 

 

 

Summary of Construction Projects

(dollars in thousands)

 

 

 

Project

Location

Type of Space

Estimated

Placed in

Service

Date

Number

Of

Buildings

Square

Feet

Costs

Incurred

Through

6/30/06

Total

Estimated

Costs

Current

% Leased










Majority Owned:

 

 

 

 

 

 

 

 

AAA Operations Center

Hamilton, NJ

Office

2006-4Q

1

120,000

$      6,415

$     19,200

100.0%










 

Sub-total:

 

 

 

1

120,000

6,415

19,200

100.0%










 

 

 

 

 

 

 

 

 

Unconsolidated

Joint Ventures:

 

 

 

 

 

 

 

 

Red Bank Corporate Plaza

Red Bank, NJ

Office

2007-3Q

1

92,878

3,966

27,050

100.0%

100 Kimball

Parsippany, NJ

Office

2006-4Q

1

175,000

14,929

20,591

0.0%










 

Sub-total:

 

 

 

2

267,878

18,895

47,641

34.7%










 

Grand Total:

 

 

 

3

387,878

$     25,310

$     66,841

54.9%










 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

34

 



 

 

Summary of Land Parcels

 

 

Site

Town/City

State

Acres

Development

Potential

(Sq. Ft.)

Type of Space







55 Corporate Drive (a)

Bridgewater

NJ

30.0

200,000

Office

Horizon Center

Hamilton

NJ

13.0

140,000

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

3 Campus Drive

Parsippany

NJ

10.0

124,000

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

Meadowlands Xanadu (a)

East Rutherford

NJ

13.8

1,760,000

Office

Meadowlands Xanadu (a)

East Rutherford

NJ

3.2

500,000

Hotel

(c)

Elmsford Distribution Center (d)

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 (d)

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

Rose Tree

Media

PA

2.3

15,200

Office

Capital Office Park (d)

Greenbelt

MD

43.0

600,000

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







 

Total:

 

 

451.6

11,305,450

 







 

(a)

Land owned or controlled by unconsolidated joint venture in which Mack-Cali is an equity partner.

(b)

In addition, there are 21 acres of riparian property.

(c)

Hotel project can comprise up to 520 rooms.

(d)

Mack-Cali holds an option to purchase this land.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

35

 



 

 

Rental Property Sales

(dollars in thousands)

 

For the six months ended June 30, 2006

 

Sale

Date

Property/Address

Location

# of

Bldgs.

Rentable

Square

Feet

Net Sales

Proceeds

Net Book

Value

Realized

Gain/(Loss)

 









 

Office:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

06/28/06

Westage Business Center

Fishkill, Dutchess County, NY

1

118,727

$  14,765

$  10,872

$      3,893

06/30/06

1510 Lancer Drive

Moorestown, Burlington County, NJ

1

88,000

4,146

3,134

1,012

 

 

Total Property Sales:

 

2

206,727

$  18,911

$  14,006

$      4,905








 

 

For the year ended December 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

 

05/11/05

201 Willowbrook Boulevard

Wayne, Passaic County, NJ (a)

1

178,329

17,696

17,705

(9)

 

06/03/05

600 Community Drive/

111 East Shore Road

 

North Hempstead, Nassau County, NY

 

2

 

292,849

 

71,593

 

59,609

 

11,984

 

12/29/05

3600 South Yosemite

Denver, Denver County, CO

1

133,743

5,566

11,121

(5,555)

 

 

Total Office Property Sales:

 

7

1,081,389

$ 114,981

$ 107,845

$        7,136








 

(a)

In connection with the sale, the Company provided a mortgage loan to the buyer of $12,000 which bears interest at 5.74 percent, matures in five years with a five year renewal option, and requires monthly payments of principal and interest.

 

 

Rental Property Held For Sale

(dollars in thousands)

 

At June 30, 2006

 

None

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

36

 



 

 

 

 

 

 

 

V. PORTFOLIO/ LEASING STATISTICS

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

37

 



 

 

 

V. PORTFOLIO/ LEASING STATISTICS

 

Leasing Statistics

(For the three months ended June 30, 2006)

 

Consolidated In-Service Portfolio

 

SUMMARY OF SPACE LEASED

 

 

 

 

LEASING ACTIVITY

 

 

 

 

Region/Market

Sq. Ft.

Leased 3/31/06

Leased

Sq. Ft.
Acquired/Sold (a)

Expiring/
Adjustment
Sq. Ft. (b)

Incoming
Sq. Ft.

Net
Leasing

Activity

Sq. Ft.

Leased 6/30/06 (c)

Pct.

Leased

6/30/06

Pct.

Leased

3/31/06










Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern NJ

11,350,781

299,790

(352,731)

336,406

(16,325)

11,634,246

88.7%

88.8%

 

 

 

 

 

 

 

 

 

Central NJ

4,255,449

164,400

(99,062)

108,181

9,119

4,428,968

89.8%

89.9%

 

 

 

 

 

 

 

 

 

Westchester Co., NY

4,565,899

-

(243,052)

279,339

36,287

4,602,186

96.1%

95.4%

 

 

 

 

 

 

 

 

 

Sub. Philadelphia

3,355,840

(88,000)

(155,503)

185,998

30,495

3,298,335

91.4%

90.7%

 

 

 

 

 

 

 

 

 

Fairfield, CT

739,562

-

(142,017)

139,512

(2,505)

737,057

86.5%

86.8%

 

 

 

 

 

 

 

 

 

Washington, DC/MD

1,115,727

-

(27,138)

65,016

37,878

1,153,605

89.2%

86.3%

 

 

 

 

 

 

 

 

 

Dutchess/Rockland Co., NY

281,308

(101,308)

(3,788)

3,788

-

180,000

100.0%

94.2%

 









Total Northeast

25,664,566

274,882

(1,023,291)

1,118,240

94,949

26,034,397

90.5%

90.2%

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

1,390,603

-

(76,519)

59,643

(16,876)

1,373,727

96.0%

97.1%

 

 

 

 

 

 

 

 

 

San Francisco

367,054

-

(6,228)

26,726

20,498

387,552

86.0%

81.4%

 









Total Other

1,757,657

-

(82,747)

86,369

3,622

1,761,279

93.6%

93.4%

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

27,422,223

274,882

(1,106,038)

1,204,609

98,571

27,795,676

90.7%

90.4%

 









 

 

 

 

 

 

 

 

 










 

 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

 

 

 

Total sq. ft. as of March 31, 2006

30,336,629

 

 

Total sq. ft. of properties added this period

518,257

 

 

Total sq. ft. of properties sold this period

(206,727)

 


Total sq. ft. as of June 30, 2006

30,648,159

 


 

 



 

 

(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 June 30, 2006 aggregating 100,121 square feet for which no new leases were signed.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

38

 



 

 

Leasing Statistics

(For the three months ended June 30, 2006)

 

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

27

336,406

149,354

187,052

5.7

25.59

3.71

 

 

 

 

 

 

 

 

 

 

 

Central NJ

Office

14

97,350

67,899

29,451

4.7

27.00

5.52

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

3

10,831

6,086

4,745

4.4

19.10

2.28

 

 

 

 

 

 

 

 

 

 

 

Westchester Co., NY

Office

27

71,274

10,061

61,213

3.4

25.83

2.44

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

24

208,065

73,369

134,696

6.1

16.61

2.12

 

 

 

 

 

 

 

 

 

 

 

Sub. Philadelphia

Office

17

169,798

62,714

107,084

6.2

21.87

2.93

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

2

16,200

0

16,200

4.4

10.93

4.17

 

 

 

 

 

 

 

 

 

 

 

Fairfield, CT

Office

8

51,512

0

51,512

1.6

22.89

1.76

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

1

88,000

0

88,000

5.0

20.16

2.47

 

 

 

 

 

 

 

 

 

 

 

Washington, DC/MD

Office

8

65,016

50,192

14,824

7.9

32.40

5.76

 

 

 

 

 

 

 

 

 

 

 

Dutchess/Rockland Co., NY

Office

2

3,788

3,788

0

1.9

25.86

1.24

 

 

 








 

Total Northeast

 

133

1,118,240

423,463

694,777

5.5

23.06

3.34

 

 

 








 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

Office

12

59,643

15,708

43,935

3.2

16.25

2.07

 

 

 

 

 

 

 

 

 

 

 

San Francisco

Office

22

26,726

20,587

6,139

5.6

25.38

9.56

 

 

 








 

Total Other

 

34

86,369

36,295

50,074

3.9

19.07

5.38

 

 

 








 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

 

167

1,204,609

459,758

744,851

5.4

22.77

3.45

 

 

 








 

 

 

 

 

 

 

 

 

 

 










 

Detail by Property Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

137

881,513

380,303

501,210

5.3

24.75

3.93

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

30

323,096

79,455

243,641

5.6

17.37

2.29

 

 

 








 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

 

167

1,204,609

459,758

744,851

5.4

22.77

3.45

 

 

 








 

 

 

 

 

 

 

 

 

 

 










 

Tenant Retention:

Leases Retained

56.7%

 

 

 

 

 

 

 

 

Sq. Ft. Retained

67.3%

 

 

 

 

 

 

 

 

 


 

 

 

(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 $15,793,636 and commissions of $5,639,015 committed, but not necessarily expended, during the period for second generation space aggregating 1,158,883 square feet.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

39



 

 

 

Leasing Statistics

(For the three months ended June 30, 2006)

 

Unconsolidated Joint Venture Properties

 

SUMMARY OF SPACE LEASED

 

 

 

 

LEASING ACTIVITY

 

 

 

State

Sq. Ft.

Leased
3/31/06

Leased

Sq. Ft.
Acquired/ Sold

Expiring/
Adjustment
Sq. Ft.

Incoming
Sq. Ft.

Net
Leasing

Activity

Sq. Ft.

Leased 6/30/06 (c)

Pct.
Leased
6/30/06

Pct.
Leased
3/31/06










Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern NJ

-

1,409,488

(14,178)

14,178

-

1,409,488

90.2%

-

 

 

 

 

 

 

 

 

 

Central NJ

-

928.279

(11,045)

-

(11,045)

917,234

76.3%

-

 

 

 

 

 

 

 

 

 

Rockland Co., NY

152,983

-

(17,000)

17,000

-

152,983

65.9%

65.9%

 

 

 

 

 

 

 

 

 

Boston, MA

 

375,427

-

-

-

375,427

56.3%

-

 









Total Northeast

152,983

2,713,194

(42,223)

31,178

(11,045)

2,855,132

77.9%

65.9%

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Troy, MI

-

951,612

-

-

-

951,612

78.7%

-

 

 

 

 

 

 

 

 

 

San Francisco, CA

275,838

-

(27,310)

-

(27,310)

248,528

81.3%

90.3%

 









Total Other

275,838

951,612

(27,310)

-

(27,310)

1,200,140

79.3%

90.3%

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

428,821

3,664,806

(69,533)

31,178

(38,355)

4,055,272

78.3%

79.8%

 









 

 

 

 

 

 

 

 

 










 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

 

 

 

Total sq. ft. as of March 31, 2006

537,618

 

 

Total sq. ft. of properties added/sold this period

4,640,308

 


Total sq. ft. as of June 30, 2006

5,177,926

 


 

 



 

 

DETAIL OF TRANSACTION ACTIVITY

 

 

Detail by Region/Market

Region/Market

# 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

Leasing Costs Per Sq. Ft. Per Year (b)









Northeast

 

 

 

 

 

 

 

Northern NJ

1

14,178

-

14,178

4.0

19.72

0.99

Rockland Co., NY

1

17,000

-

17,000

5.0

16.65

2.04

 








 

 

 

 

 

 

 

 

 








Company Totals

2

31,178

-

31,178

4.5

18.05

1.62

 








 

 

 

 

 

 

 

 









 

 

(a)

“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.

 

(b)

Represents estimated workletter costs of $113,202 and commissions of $116,154 committed, but not necessarily expended, during the period for second generation space aggregating 31,178 square feet.

 

(c)

Includes a lease for 139,859 square feet expiring June 30, 2006 for which no new leases were signed.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

40

 



 

 

Leasing Statistics

(For the six months ended June 30, 2006)

 

Consolidated In-Service Portfolio

 

SUMMARY OF SPACE LEASED

 

 

 

 

LEASING ACTIVITY

 

 

 

 

Region/Market

Sq. Ft.

Leased 12/31/05

Leased

Sq. Ft.
Acquired/Sold (a)

Expiring/
Adjustment
Sq. Ft. (b)

Incoming
Sq. Ft.

Net
Leasing

Activity

Sq. Ft.

Leased 6/30/06 (c)

Pct.

Leased

6/30/06

Pct.

Leased

12/31/05










Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern NJ

11,453,904

299,790

(759,328)

639,880

(119,448)

11,634,246

88.7%

89.6%

 

 

 

 

 

 

 

 

 

Central NJ

4,263,823

164,400

(208,749)

209,494

745

4,428,968

89.8%

90.1%

 

 

 

 

 

 

 

 

 

Westchester Co., NY

4,598,540

-

(484,751)

488,397

3,646

4,602,186

96.1%

96.0%

 

 

 

 

 

 

 

 

 

Sub. Philadelphia

3,364,652

(88,000)

(281,393)

303,076

21,683

3,298,335

91.4%

91.0%

 

 

 

 

 

 

 

 

 

Fairfield, CT

738,123

-

(153,314)

152,248

(1,066)

737,057

86.5%

86.6%

 

 

 

 

 

 

 

 

 

Washington, DC/MD

399,204

713,492

(33,247)

74,156

40,909

1,153,605

89.2%

88.6%

 

 

 

 

 

 

 

 

 

Dutchess/Rockland Co., NY

277,426

(101,308)

(13,131)

17,013

3,882

180,000

100.0%

92.9%

 









Total Northeast

25,095,672

988,374

(1,933,913)

1,884,264

(49,649)

26,034,397

90.5%

90.9%

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

1,387,117

-

(106,097)

92,707

(13,390)

1,373,727

96.0%

96.9%

 

 

 

 

 

 

 

 

 

San Francisco

366,469

-

(21,067)

42,150

21,083

387,552

86.0%

81.3%

 









Total Other

1,753,586

-

(127,164)

134,857

7,693

1,761,279

93.6%

93.2%

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

26,849,258

988,374

(2,061,077)

2,019,121

(41,956)

27,795,676

90.7%

91.0%

 









 

 

 

 

 

 

 

 

 










 

 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

 

 

 

Total sq. ft. as of December 31, 2005

29,494,371

 

 

Total sq. ft. of properties added this period

1,360,515

 

 

Total sq. ft. of properties sold this period

(206,727)

 


Total sq. ft. as of June 30, 2006

30,648,159

 


 

 



 

 

(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 June 30, 2006 aggregating 100,121 square feet for which no new leases were signed.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

41

 



 

 

Leasing Statistics

(For the six months ended June 30, 2006)

 

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

59

621,805

313,137

308,668

5.8

25.28

4.01

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

3

18,075

-

18,075

4.2

17.61

0.75

 

 

 

 

 

 

 

 

 

 

 

Central NJ

Office

30

194,050

92,714

101,336

4.8

25.95

4.46

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

5

15,444

7,939

7,505

4.6

19.01

3.31

 

 

 

 

 

 

 

 

 

 

 

Westchester Co., NY

Office

56

184,827

55,018

129,809

4.9

24.40

3.56

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

41

303,570

106,859

196,711

6.1

17.06

2.15

 

 

 

 

 

 

 

 

 

 

 

Sub. Philadelphia

Office

34

254,476

88,236

166,240

5.5

22.76

3.14

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

6

48,600

32,400

16,200

6.0

10.02

2.25

 

 

 

 

 

 

 

 

 

 

 

Fairfield, CT

Office

13

64,248

7,459

56,789

2.5

23.33

3.21

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

1

88,000

-

88,000

5.0

20.16

2.47

 

 

 

 

 

 

 

 

 

 

 

Washington, DC/MD

Office

10

74,156

54,549

19,607

7.4

32.42

5.76

 

 

 

 

 

 

 

 

 

 

 

Dutchess/Rockland Co., NY

Office

6

17,013

13,113

3,900

4.1

23.78

4.19

 

 

 








 

Total Northeast

 

264

1,884,264

771,424

1,112,840

5.5

23.04

3.43

 

 

 








 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

Office

18

92,707

23,464

69,243

3.6

16.29

2.03

 

 

 

 

 

 

 

 

 

 

 

San Francisco

Office

55

42,150

22,957

19,193

4.4

26.16

7.98

 

 

 








 

Total Other

 

73

134,857

46,421

88,436

3.8

19.38

4.17

 

 

 








 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

 

337

2,019,121

817,845

1,201,276

5.4

22.80

3.47

 

 

 








 

 

 

 

 

 

 

 

 

 

 










 

Detail by Property Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

281

1,545,432

670,647

874,785

5.3

24.58

3.95

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

56

473,689

147,198

326,491

5.7

17.00

2.20

 

 

 








 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

 

337

2,019,121

817,845

1,201,276

5.4

22.80

3.47

 

 

 








 

 

 

 

 

 

 

 

 

 

 










 

Tenant Retention:

Leases Retained

60.8%

 

 

 

 

 

 

 

 

Sq. Ft. Retained

58.3%

 

 

 

 

 

 

 

 

 


 

 

 

(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 $25,497,604 and commissions of $8,771,043 committed, but not necessarily expended, during the period for second generation space aggregating 1,858,458 square feet.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

42

 



 

 

Leasing Statistics

(For the six months ended June 30, 2006)

 

Unconsolidated Joint Venture Properties

 

SUMMARY OF SPACE LEASED

 

 

 

 

LEASING ACTIVITY

 

 

 

State

Sq. Ft.

Leased
3/31/06

Leased

Sq. Ft.
Acquired/ Sold

Expiring/
Adjustment
Sq. Ft.

Incoming
Sq. Ft.

Net
Leasing

Activity

Sq. Ft.

Leased 6/30/06 (c)

Pct.
Leased
6/30/06

Pct.
Leased
3/31/06










Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern NJ

-

1,409,488

(14,178)

14,178

-

1,409,488

90.2%

-

 

 

 

 

 

 

 

 

 

Central NJ

-

928,279

(11,045)

-

(11,045)

917,234

76.3%

-

 

 

 

 

 

 

 

 

 

Rockland Co., NY

152,983

-

(17,000)

17,000

-

152,983

65.9%

65.9%

 

 

 

 

 

 

 

 

 

Boston, MA

-

375,427

-

-

-

375,427

56.3%

-

 









Total Northeast

152,983

2,713,194

(42,223)

31,178

(11,045)

2,855,132

77.9%

65.9%

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Troy, MI

-

951,612

-

-

-

951,612

78.7%

-

 

 

 

 

 

 

 

 

 

San Francisco, CA

275,838

-

(27,310)

-

(27,310)

248,528

81.3%

90.3%

 









Total Other

275,838

951,612

(27,310)

-

(27,310)

1,200,140

79.3%

90.3%

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

428,821

3,664,806

(69,533)

31,178

(38,355)

4,055,272

78.3%

79.8%

 









 

 

 

 

 

 

 

 

 










 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

 

 

 

Total sq. ft. as of December 31, 2005

537,618

 

 

Total sq. ft. of properties added/sold this period

4,640,308

 


Total sq. ft. as of June 30, 2006

5,177,926

 


 

 



 

 

DETAIL OF TRANSACTION ACTIVITY

 

 

Detail by Region/Market

Region/Market

# 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

Leasing Costs Per Sq. Ft. Per Year (b)









Northeast

 

 

 

 

 

 

 

Northern NJ

1

14,178

-

14,178

4.0

19.72

0.99

Rockland Co., NY

1

17,000

-

17,000

5.0

16.65

2.04

 








 

 

 

 

 

 

 

 

 








Company Totals

2

31,178

-

31,178

4.5

18.05

1.62

 








 

 

 

 

 

 

 

 









 

 

(a)

“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.

 

(b)

Represents estimated workletter costs of $113,202 and commissions of $116,154 committed, but not necessarily expended, during the period for second generation space aggregating 31,178 square feet.

 

(c)

Includes a lease for 139,859 square feet expiring June 30, 2006 for which no new leases were signed.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

43

 



 

 

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)

107,160,751

18.2

5,847,318

19.0

Jersey City, NJ

105,900,652

18.0

4,317,978

14.1

New York, NY (Westchester-Rockland Counties)

91,902,664

15.7

4,968,420

16.2

Bergen-Passaic, NJ

89,379,553

15.2

4,501,812

14.7

Philadelphia, PA-NJ

55,604,760

9.5

3,529,994

11.5

Washington, DC-MD-VA-WV

29,843,678

5.1

1,292,807

4.2

Monmouth-Ocean, NJ

25,218,325

4.3

1,620,863

5.3

Middlesex-Somerset-Hunterdon, NJ

18,629,041

3.2

986,760

3.2

Trenton, NJ

17,180,175

2.9

767,365

2.5

Denver, CO

15,092,055

2.6

951,202

3.1

Stamford-Norwalk, CT

13,257,400

2.3

706,510

2.3

San Francisco, CA

8,801,085

1.5

450,891

1.5

Boulder-Longmont, CO

2,358,667

0.4

270,421

0.9

Bridgeport, CT

2,342,263

0.4

145,487

0.5

Colorado Springs, CO

2,086,755

0.4

209,987

0.7

Atlantic-Cape May, NJ

2,050,538

0.3

80,344

0.3






 

 

 

 

 

Totals

586,808,362

100.0

30,648,159

100.0






 

 

 

 

 

 

(a)

Annualized base rental revenue is based on actual June 2006 billings times 12. For leases whose rent commences after July 1, 2006, 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 in effect as of the period end date, some of which have commencement dates in the future (including a lease consisting of 15,125 square feet scheduled to commence in 2009), and leases expiring June 30, 2006 aggregating 100,121 feet and representing annualized rent of $2,302,859 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 June 30, 2006

 

44

 



 

 

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

100,946,539

17.3

3,855,653

13.9

Manufacturing

50,666,887

8.6

2,492,413

9.1

Insurance Carriers & Related Activities

46,890,261

8.0

2,131,442

7.8

Computer System Design Services

33,112,684

5.6

1,580,494

5.8

Telecommunications

30,513,248

5.2

1,416,651

5.2

Health Care & Social Assistance

26,427,367

4.5

1,383,252

5.1

Credit Intermediation & Related Activities

24,497,117

4.2

1,030,896

3.8

Legal Services

24,231,810

4.1

993,539

3.6

Wholesale Trade

23,190,055

4.0

1,460,558

5.3

Scientific Research/Development

20,556,948

3.5

935,593

3.4

Accounting/Tax Prep.

17,307,886

2.9

750,888

2.7

Retail Trade

16,498,416

2.8

979,857

3.6

Other Professional

15,883,914

2.7

660,385

2.4

Public Administration

15,450,522

2.6

615,295

2.3

Advertising/Related Services

14,837,840

2.5

617,445

2.3

Information Services

12,630,605

2.2

588,297

2.2

Architectural/Engineering

11,286,262

1.9

484,884

1.8

Real Estate & Rental & Leasing

11,101,768

1.9

601,790

2.2

Other Services (except Public Administration)

10,882,153

1.9

591,582

2.2

Arts, Entertainment & Recreation

10,472,175

1.8

665,656

2.4

Broadcasting

6,839,222

1.2

457,600

1.7

Publishing Industries

6,529,792

1.1

289,388

1.1

Utilities

6,499,237

1.1

320,522

1.2

Construction

6,479,131

1.1

325,258

1.2

Educational Services

6,022,549

1.0

300,513

1.1

Data Processing Services

5,781,689

1.0

248,301

0.9

Transportation

5,479,525

0.9

298,261

1.1

Management of Companies & Finance

4,414,940

0.8

190,027

0.7

Admin & Support, Waste Mgt. & Remediation Services

4,126,608

0.7

270,958

1.0

Specialized Design Services

3,361,109

0.6

159,512

0.6

Other

13,890,103

2.3

627,569

2.3






 

 

 

 

 

Totals

586,808,362

100.0

27,324,479

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 June 2006 billings times 12. For leases whose rent commences after July 1, 2006, 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 in effect as of the period end date, some of which have commencement dates in the future (including a lease consisting of 15,125 square feet scheduled to commence in 2009), and leases expiring June 30, 2006 aggregating 100,121 square feet and representing annualized rent of $2,302,859 for which no new leases were signed.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

45

 



 

 

Consolidated Portfolio Analysis (a)

(as of June 30, 2006)

 

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

97

35.3%

49

17.9%

--

--

--

--

--

--

146

53.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

20

7.3%

41

14.9%

6

2.2%

2

0.7%

2

0.7%

71

25.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

18

6.5%

--

--

--

--

--

--

--

--

18

6.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut

4

1.5%

5

1.8%

--

--

--

--

--

--

9

3.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash., D.C./

Maryland

 

10

 

3.6%

 

--

 

--

 

--

 

--

 

--

 

--

 

--

 

--

 

10

 

3.6%














Sub-total

Northeast:

 

149

 

54.2%

 

95

 

34.6%

 

6

 

2.2%

 

2

 

0.7%

 

2

 

0.7%

 

254

 

92.4%














 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

2

0.7%

--

--

--

--

--

--

--

--

2

0.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

19

6.9%

--

--

--

--

--

--

--

--

19

6.9%














TOTALS

By Type:

 

170

 

61.8%

 

95

 

34.6%

 

6

 

2.2%

 

2

 

0.7%

 

2

 

0.7%

 

275

 

100.0%














 

(a) Excludes 44 properties, aggregating approximately 5.2 million square feet, which are not consolidated by the Company.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

46

 



 

 

 

Consolidated Portfolio Analysis (a)

(as of June 30, 2006)

 

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

17,437,165

56.9%

2,189,531

7.1%

--

--

--

--

19,626,696

64.0%

 

 

 

 

 

 

 

 

 

 

 

New York

2,214,908

7.2%

2,348,812

7.7%

387,400

1.3%

17,300

0.1%

4,968,420

16.3%

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

2,025,738

6.6%

--

--

--

--

--

--

2,025,738

6.6%

 

 

 

 

 

 

 

 

 

 

 

Connecticut

578,997

1.9%

273,000

0.9%

--

--

--

--

851,997

2.8%

 

 

 

 

 

 

 

 

 

 

 

Wash., D.C./

Maryland

 

1,292,807

 

4.2%

 

--

 

--

 

--

 

--

 

--

 

--

 

1,292,807

 

4.2%












Sub-total

Northeast

 

23,549,615

 

76.8%

 

4,811,343

 

15.7%

 

387,400

 

1.3%

 

17,300

 

0.1%

 

28,765,658

 

93.9%












 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

450,891

1.5%

--

--

--

--

--

--

450,891

1.5%

 

 

 

 

 

 

 

 

 

 

 

Colorado

1,431,610

4.6%

--

--

--

--

--

--

1,431,610

4.6%












TOTALS

By Type:

 

25,432,116

 

82.9%

 

4,811,343

 

15.7%

 

387,400

 

1.3%

 

17,300

 

0.1%

 

30,648,159

 

100.0%












 

(a) Excludes 44 properties, aggregating approximately 5.2 million square feet, which are not consolidated by the Company.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

47

 



 

 

 

Consolidated Portfolio Analysis (a)

(Year ended June 30, 2006)

 

Breakdown by Base Rental Revenue (b)

(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

341,735

61.8%

18,643

3.3%

--

--

--

--

--

--

360,378

65.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

50,959

9.2%

32,694

5.9%

4,204

0.8%

482

0.1%

305

0.1%

88,644

16.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

42,209

7.6%

--

--

--

--

--

--

--

--

42,209

7.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut

11,401

2.1%

3,843

0.7%

--

--

--

--

--

--

15,244

2.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash., D.C./

Maryland

16,296

2.9%

--

--

--

--

--

--

--

--

16,296

 

2.9%














Sub-total

Northeast:

462,600

83.6%

55,180

9.9%

4,204

0.8%

482

0.1%

305

0.1%

522,771

94.5%














 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

10,877

2.0%

--

--

--

--

--

--

--

--

10,877

2.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

19,089

3.5%

--

--

--

--

--

--

--

--

19,089

3.5%














TOTALS

By Type:

492,566

89.1%

55,180

9.9%

4,204

0.8%

482

0.1%

305

0.1%

552,737

100.0%














 

 

(a)

Excludes 44 properties, aggregating approximately 5.2 million square feet, which are not consolidated by the Company.

 

(b)

Total base rent for the 12 months ended June 30, 2006, determined in accordance with GAAP. Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

48

 



 

 

 

Consolidated Portfolio Analysis (a) (b)

(as of June 30, 2006)

 

Breakdown by Percentage Leased

 

PROPERTY TYPE:

STATE

Office

Office/Flex

Industrial/Warehouse

Stand-Alone Retail

WEIGHTED AVG.

By State







New Jersey

89.1%

90.1%

--

--

89.2%

 

 

 

 

 

 

New York

94.8%

97.3%

97.8%

100.0%

96.2%

 

 

 

 

 

 

Pennsylvania

91.0%

--

--

--

91.0%

 

 

 

 

 

 

Connecticut

80.9%

98.4%

--

--

86.5%

 

 

 

 

 

 

Washington, D.C./ Maryland

89.2%

--

--

--

89.2%







Sub-total Northeast

89.6%

94.1%

97.8%

100.0%

90.5%







 

 

 

 

 

 

 

 

 

 

 

 

California

86.0%

--

--

--

86.0%

 

 

 

 

 

 

Colorado

96.0%

--

--

--

96.0%







 

WEIGHTED AVG. By Type:

 

89.9%

 

94.1%

 

97.8%

 

100.0%

 

90.7%







 

 

(a)

Excludes 44 properties, aggregating approximately 5.2 million 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 (including, at June 30, 2006, a lease with commencement date substantially in the future consisting of 15,125 square feet scheduled to commence in 2009), as well as leases expiring June 30, 2006 aggregating 100,121 square feet for which no new leases were signed.

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

49

 



 

 

 

 

Property Listing

 

Office Properties

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

ATLANTIC COUNTY, NEW JERSEY

 

 

 

 

 

 

Egg Harbor

 

 

 

 

 

 

100 Decadon Drive

1987

40,422

100.0

951

0.17

23.53

200 Decadon Drive

1991

39,922

100.0

923

0.17

23.12

 

 

 

 

 

 

 

BERGEN COUNTY, NEW JERSEY

 

 

 

 

 

 

Fair Lawn

 

 

 

 

 

 

17-17 Route 208 North

1987

143,000

100.0

3,460

0.63

24.20

Fort Lee

 

 

 

 

 

 

One Bridge Plaza

1981

200,000

44.8

3,802

0.69

42.43

2115 Linwood Avenue

1981

68,000

82.6

1,387

0.25

24.69

Little Ferry

 

 

 

 

 

 

200 Riser Road

1974

286,628

100.0

1,998

0.36

6.97

Montvale

 

 

 

 

 

 

95 Chestnut Ridge Road

1975

47,700

100.0

796

0.14

16.69

135 Chestnut Ridge Road

1981

66,150

99.7

1,474

0.27

22.35

Paramus

 

 

 

 

 

 

15 East Midland Avenue

1988

259,823

100.0

5,792

1.05

22.29

140 East Ridgewood Avenue

1981

239,680

91.8

4,744

0.86

21.56

461 From Road

1988

253,554

98.6

6,064

1.10

24.26

650 From Road

1978

348,510

93.8

8,020

1.44

24.53

61 South Paramus Avenue

1985

269,191

97.4

6,449

1.17

24.60

Ridgefield Park

 

 

 

 

 

 

105 Challenger Road (e)

1992

150,050

87.5

536

0.10

28.11

Rochelle Park

 

 

 

 

 

 

120 Passaic Street

1972

52,000

99.6

1,401

0.25

27.05

365 West Passaic Street

1976

212,578

94.8

4,095

0.74

20.32

Upper Saddle River

 

 

 

 

 

 

1 Lake Street

1973/94

474,801

100.0

7,465

1.35

15.72

10 Mountainview Road

1986

192,000

100.0

4,229

0.77

22.03

Woodcliff Lake

 

 

 

 

 

 

400 Chestnut Ridge Road

1982

89,200

100.0

1,950

0.35

21.86

470 Chestnut Ridge Road

1987

52,500

30.7

790

0.14

49.02

530 Chestnut Ridge Road

1986

57,204

100.0

1,165

0.21

20.37

50 Tice Boulevard

1984

235,000

100.0

6,083

1.10

25.89

300 Tice Boulevard

1991

230,000

100.0

6,223

1.13

27.06

 

 

 

 

 

 

 

BURLINGTON COUNTY, NEW JERSEY

 

 

 

 

 

 

Moorestown

 

 

 

 

 

 

224 Strawbridge Drive

1984

74,000

92.8

1,272

0.23

18.52

228 Strawbridge Drive

1984

74,000

100.0

1,043

0.19

14.09

232 Strawbridge Drive

1986

74,258

98.8

1,340

0.24

18.26

 

 

 

 

 

 

 

ESSEX COUNTY, NEW JERSEY

 

 

 

 

 

 

Millburn

 

 

 

 

 

 

150 J.F. Kennedy Parkway

1980

247,476

100.0

7,172

1.30

28.98

Roseland

 

 

 

 

 

 

101 Eisenhower Parkway

1980

237,000

94.9

5,463

0.99

24.29

103 Eisenhower Parkway

1985

151,545

82.2

3,061

0.55

24.57

105 Eisenhower Parkway

2001

220,000

80.7

3,621

0.66

20.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

50

 



 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

HUDSON COUNTY, NEW JERSEY

 

 

 

 

 

 

Jersey City

 

 

 

 

 

 

Harborside Financial Center Plaza 1

1983

400,000

44.8

2,900

0.52

16.18

Harborside Financial Center Plaza 2

1990

761,200

100.0

18,357

3.32

24.12

Harborside Financial Center Plaza 3

1990

725,600

100.0

17,637

3.19

24.31

Harborside Financial Center Plaza 4-A

2000

207,670

99.1

6,717

1.22

32.64

Harborside Financial Center Plaza 5

2002

977,225

99.4

32,924

5.95

33.89

101 Hudson Street

1992

1,246,283

100.0

28,642

5.18

22.98

 

 

 

 

 

 

 

MERCER COUNTY, NEW JERSEY

 

 

 

 

 

 

Hamilton Township

 

 

 

 

 

 

600 Horizon Drive

2002

95,000

100.0

1,373

0.25

14.45

Princeton

 

 

 

 

 

 

103 Carnegie Center

1984

96,000

100.0

2,217

0.40

23.09

3 Independence Way

1983

111,300

43.7

628

0.11

12.91

100 Overlook Center

1988

149,600

100.0

4,209

0.76

28.14

5 Vaughn Drive

1987

98,500

94.0

2,275

0.41

24.57

 

 

 

 

 

 

 

MIDDLESEX COUNTY, NEW JERSEY

 

 

 

 

 

 

East Brunswick

 

 

 

 

 

 

377 Summerhill Road

1977

40,000

100.0

353

0.06

8.83

Edison

 

 

 

 

 

 

343 Thornall Street (e)

1991

195,709

84.7

314

0.06

13.05

Piscataway

 

 

 

 

 

 

30 Knightsbridge Road, Bldg. 3

1977

160,000

100.0

2,465

0.45

15.41

30 Knightsbridge Road, Bldg. 4

1977

115,000

100.0

1,771

0.32

15.40

30 Knightsbridge Road, Bldg. 5

1977

332,607

43.6

382

0.07

2.63

30 Knightsbridge Road, Bldg. 6

1977

72,743

47.2

15

0.00

0.44

Plainsboro

 

 

 

 

 

 

500 College Road East

1984

158,235

95.7

4,161

0.75

27.48

Woodbridge

 

 

 

 

 

 

581 Main Street

1991

200,000

100.0

4,357

0.79

21.79

 

 

 

 

 

 

 

MONMOUTH COUNTY, NEW JERSEY

 

 

 

 

 

Freehold

 

 

 

 

 

 

2 Paragon Way (e)

1989

44,524

90.9

691

0.13

17.60

3 Paragon Way (e)

1991

66,898

58.4

666

0.12

17.58

4 Paragon Way (e)

2002

63,989

100.0

1,129

0.20

18.19

100 Willowbrook Road (e)

1988

60,557

74.8

789

0.14

17.96

Holmdel

 

 

 

 

 

 

23 Main Street

1977

350,000

100.0

4,349

0.79

12.43

Middletown

 

 

 

 

 

 

One River Centre Bldg. 1

1983

122,594

100.0

2,716

0.49

22.15

One River Centre Bldg. 2

1983

120,360

100.0

2,742

0.50

22.78

One River Centre Bldg. 3

1984

214,518

88.3

4,389

0.79

23.17

Neptune

 

 

 

 

 

 

3600 Route 66

1989

180,000

100.0

2,400

0.43

13.33

Wall Township

 

 

 

 

 

 

1305 Campus Parkway

1988

23,350

92.4

335

0.06

15.53

1350 Campus Parkway

1990

79,747

99.9

1,577

0.29

19.79

 

 

 

 

 

 

 

MORRIS COUNTY, NEW JERSEY

 

 

 

 

 

Florham Park

 

 

 

 

 

 

325 Columbia Turnpike

1987

168,144

98.4

4,010

0.73

24.24

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

51

 



 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

Morris Plains

 

 

 

 

 

 

250 Johnson Road

1977

75,000

100.0

1,580

0.29

21.07

201 Littleton Road

1979

88,369

88.9

1,783

0.32

22.70

Morris Township

 

 

 

 

 

 

412 Mt. Kemble Avenue

1986

475,100

5.8

26

0.00

0.94

Parsippany

 

 

 

 

 

 

4 Campus Drive

1983

147,475

96.8

3,204

0.58

22.44

6 Campus Drive

1983

148,291

76.6

2,144

0.39

18.87

7 Campus Drive

1982

154,395

0.0

1,018

0.18

0.00

8 Campus Drive

1987

215,265

100.0

6,296

1.14

29.25

9 Campus Drive

1983

156,495

92.0

3,650

0.66

25.35

4 Century Drive

1981

100,036

71.9

1,406

0.25

19.55

5 Century Drive

1981

79,739

97.3

2,096

0.38

27.02

6 Century Drive

1981

100,036

69.9

74

0.01

1.06

2 Dryden Way

1990

6,216

100.0

121

0.02

19.47

4 Gatehall Drive

1988

248,480

79.0

5,108

0.92

26.02

2 Hilton Court

1991

181,592

100.0

5,084

0.92

28.00

1633 Littleton Road

1978

57,722

100.0

1,131

0.20

19.59

600 Parsippany Road

1978

96,000

76.1

1,233

0.22

16.88

1 Sylvan Way

1989

150,557

100.0

3,502

0.63

23.26

5 Sylvan Way

1989

151,383

100.0

3,892

0.70

25.71

7 Sylvan Way

1987

145,983

100.0

3,073

0.56

21.05

35 Waterview Boulevard (e)

1990

172,498

92.3

617

0.11

26.69

5 Wood Hollow Road

1979

317,040

88.0

4,757

0.86

17.05

 

 

 

 

 

 

 

PASSAIC COUNTY, NEW JERSEY

 

 

 

 

 

 

Clifton

 

 

 

 

 

 

777 Passaic Avenue

1983

75,000

95.8

1,546

0.28

21.52

Totowa

 

 

 

 

 

 

999 Riverview Drive

1988

56,066

100.0

1,034

0.19

18.44

 

 

 

 

 

 

 

SOMERSET COUNTY, NEW JERSEY

 

 

 

 

 

 

Basking Ridge

 

 

 

 

 

 

222 Mt. Airy Road

1986

49,000

60.7

615

0.11

20.68

233 Mt. Airy Road

1987

66,000

100.0

1,315

0.24

19.92

Bernards

 

 

 

 

 

 

106 Allen Road

2000

132,010

93.2

2,939

0.53

23.89

Bridgewater

 

 

 

 

 

 

721 Route 202/206

1989

192,741

87.8

3,844

0.70

22.72

 

 

 

 

 

 

 

UNION COUNTY, NEW JERSEY

 

 

 

 

 

 

Clark

 

 

 

 

 

 

100 Walnut Avenue

1985

182,555

99.5

4,729

0.86

26.03

Cranford

 

 

 

 

 

 

6 Commerce Drive

1973

56,000

98.1

1,223

0.22

22.26

11 Commerce Drive (c)

1981

90,000

94.2

1,160

0.21

13.68

12 Commerce Drive

1967

72,260

95.1

928

0.17

13.50

14 Commerce Drive

1971

67,189

100.0

1,301

0.24

19.36

20 Commerce Drive

1990

176,600

100.0

3,864

0.70

21.88

25 Commerce Drive

1971

67,749

100.0

1,416

0.26

20.90

65 Jackson Drive

1984

82,778

100.0

1,964

0.36

23.73

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

52

 



 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

New Providence

 

 

 

 

 

 

890 Mountain Avenue

1977

80,000

87.1

1,803

0.33

25.88

 

 

 

 

 

 

 








Total New Jersey Office

 

17,437,165

89.1

341,735

61.82

22.57








 

 

 

 

 

 

 

ROCKLAND COUNTY, NEW YORK

 

 

 

 

 

 

Suffern

 

 

 

 

 

 

400 Rella Boulevard

1988

180,000

100.0

4,417

0.80

24.54

 

 

 

 

 

 

 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Elmsford

 

 

 

 

 

 

100 Clearbrook Road (c)

1975

60,000

99.5

1,124

0.20

18.83

101 Executive Boulevard

1971

50,000

45.3

594

0.11

26.23

555 Taxter Road

1986

170,554

100.0

4,050

0.73

23.75

565 Taxter Road

1988

170,554

100.0

3,881

0.70

22.76

570 Taxter Road

1972

75,000

100.0

1,807

0.33

24.09

Hawthorne

 

 

 

 

 

 

1 Skyline Drive

1980

20,400

99.0

392

0.07

19.41

2 Skyline Drive

1987

30,000

98.9

442

0.08

14.90

7 Skyline Drive

1987

109,000

100.0

2,461

0.45

22.58

17 Skyline Drive

1989

85,000

51.7

1,039

0.19

23.64

19 Skyline Drive

1982

248,400

100.0

4,471

0.81

18.00

Tarrytown

 

 

 

 

 

 

200 White Plains Road

1982

89,000

86.0

1,987

0.36

25.96

220 White Plains Road

1984

89,000

85.3

1,899

0.34

25.01

White Plains

 

 

 

 

 

 

1 Barker Avenue

1975

68,000

96.0

1,747

0.32

26.76

3 Barker Avenue

1983

65,300

91.0

1,723

0.31

29.00

50 Main Street

1985

309,000

99.5

8,935

1.61

29.06

11 Martine Avenue

1987

180,000

96.1

4,901

0.89

28.33

1 Water Street

1979

45,700

95.4

946

0.17

21.70

Yonkers

 

 

 

 

 

 

1 Executive Boulevard

1982

112,000

100.0

2,675

0.48

23.88

3 Executive Plaza

1987

58,000

100.0

1,468

0.27

25.31

 

 

 

 

 

 

 








Total New York Office

 

2,214,908

94.8

50,959

9.22

24.28








 

 

 

 

 

 

 

CHESTER COUNTY, PENNSYLVANIA

 

 

 

 

 

 

Berwyn

 

 

 

 

 

 

1000 Westlakes Drive

1989

60,696

95.7

1,586

0.29

27.30

1055 Westlakes Drive

1990

118,487

96.8

2,966

0.54

25.86

1205 Westlakes Drive

1988

130,265

68.6

2,331

0.42

26.08

1235 Westlakes Drive

1986

134,902

96.8

2,731

0.49

20.91

 

 

 

 

 

 

 

DELAWARE COUNTY, PENNSYLVANIA

 

 

 

 

 

Lester

 

 

 

 

 

 

100 Stevens Drive

1986

95,000

100.0

2,551

0.46

26.85

200 Stevens Drive

1987

208,000

100.0

5,598

1.01

26.91

300 Stevens Drive

1992

68,000

100.0

1,409

0.25

20.72

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

53

 



 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

Media

 

 

 

 

 

 

1400 Providence Road – Center I

1986

100,000

96.7

1,923

0.35

19.89

1400 Providence Road – Center II

1990

160,000

93.5

3,467

0.63

23.18

 

MONTGOMERY COUNTY, PENNSYLVANIA

 

 

 

 

 

 

Bala Cynwyd

 

 

 

 

 

 

150 Monument Road

1981

125,783

79.2

2,183

0.39

21.91

Blue Bell

 

 

 

 

 

 

4 Sentry Parkway

1982

63,930

94.1

1,373

0.25

22.82

16 Sentry Parkway

1988

93,093

94.4

2,302

0.42

26.19

18 Sentry Parkway

1988

95,010

97.6

2,073

0.38

22.36

King of Prussia

 

 

 

 

 

 

2200 Renaissance Boulevard

1985

174,124

83.6

3,502

0.63

24.06

Lower Providence

 

 

 

 

 

 

1000 Madison Avenue

1990

100,700

68.7

732

0.13

10.58

Plymouth Meeting

 

 

 

 

 

 

1150 Plymouth Meeting Mall

1970

167,748

95.5

2,903

0.53

18.12

Five Sentry Parkway East

1984

91,600

100.0

1,949

0.35

21.28

Five Sentry Parkway West

1984

38,400

69.8

630

0.11

23.50

 

 

 

 

 

 

 








Total Pennsylvania Office

 

2,025,738

91.0

42,209

7.63

22.89








 

 

 

 

 

 

 

FAIRFIELD COUNTY, CONNECTICUT

 

 

 

 

 

Greenwich

 

 

 

 

 

 

500 West Putnam Avenue

1973

121,250

97.9

3,339

0.60

28.13

Norwalk

 

 

 

 

 

 

40 Richards Avenue

1985

145,487

68.3

2,477

0.45

24.93

Shelton

 

 

 

 

 

 

1000 Bridgeport Avenue

1986

133,000

88.1

1,999

0.36

17.06

Stamford

 

 

 

 

 

 

1266 East Main Street

1984

179,260

74.3

3,586

0.65

26.92

 

 

 

 

 

 

 








Total Connecticut Office

 

578,997

80.9

11,401

2.06

24.34








 

 

 

 

 

 

 

WASHINGTON, D.C.

 

 

 

 

 

 

1201 Connecticut Avenue, NW

1940

169,549

100.0

4,629

0.83

27.30

1400 L Street, NW

1987

159,000

90.6

3,824

0.69

26.55

 

 

 

 

 

 

 








Total District of Columbia Office

 

328,549

95.5

8,453

1.52

26.95








 

 

 

 

 

 

 

PRINCE GEORGE’S COUNTY, MARYLAND

 

 

 

 

 

Greenbelt

 

 

 

 

 

 

9200 Edmonston Road (e)

1973

38,690

100.0

312

0.06

23.93

6301 Ivy Lane (e)

1979

112,003

75.2

644

0.12

22.69

6303 Ivy Lane (e)

1980

112,047

87.4

836

0.15

25.33

6305 Ivy Lane (e)

1982

112,022

75.1

604

0.11

21.30

6404 Ivy Lane (e)

1987

165,234

80.6

884

0.16

19.70

6406 Ivy Lane (e)

1991

163,857

100.0

916

0.17

16.59

6411 Ivy Lane (e)

1984

138,405

89.3

929

0.17

22.30

Lanham

 

 

 

 

 

 

4200 Parliament Place

1989

122,000

93.7

2,718

0.49

23.78








Total Maryland Office

 

964,258

87.1

7,843

1.43

21.34








 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

54

 



 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

ARAPAHOE COUNTY, COLORADO

 

 

 

 

 

 

Denver

 

 

 

 

 

 

400 South Colorado Boulevard

1983

125,415

89.4

1,822

0.33

16.25

Englewood

 

 

 

 

 

 

9359 East Nichols Avenue

1997

72,610

100.0

862

0.16

11.87

5350 South Roslyn Street

1982

63,754

100.0

1,043

0.19

16.36

 

 

 

 

 

 

 

BOULDER COUNTY, COLORADO

 

 

 

 

 

 

Broomfield

 

 

 

 

 

 

105 South Technology Drive

1997

37,574

81.1

176

0.03

5.78

303 South Technology Drive-A

1997

34,454

100.0

270

0.05

7.84

303 South Technology Drive-B

1997

40,416

100.0

316

0.06

7.82

Louisville

 

 

 

 

 

 

248 Centennial Parkway

1996

39,266

100.0

325

0.06

8.28

1172 Century Drive

1996

49,566

100.0

411

0.07

8.29

285 Century Place

1997

69,145

100.0

760

0.14

10.99

 

 

 

 

 

 

 

DENVER COUNTY, COLORADO

 

 

 

 

 

 

Denver

 

 

 

 

 

 

8181 East Tufts Avenue

2001

185,254

98.6

4,256

0.77

23.30

 

 

 

 

 

 

 

DOUGLAS COUNTY, COLORADO

 

 

 

 

 

 

Centennial

 

 

 

 

 

 

5975 South Quebec Street (c)

1996

102,877

95.9

1,249

0.23

12.66

Englewood

 

 

 

 

 

 

67 Inverness Drive East

1996

54,280

100.0

332

0.06

6.12

384 Inverness Parkway

1985

51,523

94.9

705

0.13

14.42

400 Inverness Parkway

1997

111,608

98.3

1,672

0.30

15.24

9777 Pyramid Court

1995

120,281

97.1

1,515

0.27

12.97

 

 

 

 

 

 

 

EL PASO COUNTY, COLORADO

 

 

 

 

 

 

Colorado Springs

 

 

 

 

 

 

8415 Explorer

1998

47,368

100.0

557

0.10

11.76

1975 Research Parkway

1997

115,250

80.3

1,113

0.20

12.03

2375 Telstar Drive

1998

47,369

100.0

557

0.10

11.76

 

 

 

 

 

 

 

JEFFERSON COUNTY, COLORADO

 

 

 

 

 

 

Lakewood

 

 

 

 

 

 

141 Union Boulevard

1985

63,600

100.0

1,148

0.21

18.05

 

 

 

 

 

 

 








Total Colorado Office

 

1,431,610

96.0

19,089

3.46

13.90








 

 

 

 

 

 

 

SAN FRANCISCO COUNTY, CALIFORNIA

 

 

 

 

 

San Francisco

 

 

 

 

 

 

795 Folsom Street

1977

183,445

96.0

3,630

0.66

20.61

760 Market Street

1908

267,446

79.1

7,247

1.30

34.26

 

 

 

 

 

 

 








Total California Office

 

450,891

86.0

10,877

1.96

28.06








 

 

 

 

 

 

 

TOTAL OFFICE PROPERTIES

 

25,432,116

89.9

492,566

89.10

22.36








 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

55

 



 

 

 

Property Listing

 

Office/Flex Properties

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

BURLINGTON COUNTY, NEW JERSEY

 

 

 

 

 

Burlington

 

 

 

 

 

 

3 Terri Lane

1991

64,500

100.0

445

0.08

6.90

5 Terri Lane

1992

74,555

91.7

613

0.11

8.97

Moorestown

 

 

 

 

 

 

2 Commerce Drive

1986

49,000

76.3

290

0.05

7.76

101 Commerce Drive

1988

64,700

100.0

275

0.05

4.25

102 Commerce Drive

1987

38,400

87.5

204

0.04

6.07

201 Commerce Drive

1986

38,400

75.0

157

0.03

5.45

202 Commerce Drive

1988

51,200

100.0

303

0.05

5.92

1 Executive Drive

1989

20,570

81.1

156

0.03

9.35

2 Executive Drive

1988

60,800

73.3

352

0.06

7.90

101 Executive Drive

1990

29,355

90.6

269

0.05

10.11

102 Executive Drive

1990

64,000

100.0

392

0.07

6.13

225 Executive Drive

1990

50,600

48.6

230

0.04

9.35

97 Foster Road

1982

43,200

75.5

174

0.03

5.33

1507 Lancer Drive

1995

32,700

100.0

50

0.01

1.53

1245 North Church Street

1998

52,810

100.0

398

0.07

7.54

1247 North Church Street

1998

52,790

77.5

451

0.08

11.02

1256 North Church Street

1984

63,495

100.0

432

0.08

6.80

840 North Lenola Road

1995

38,300

100.0

367

0.07

9.58

844 North Lenola Road

1995

28,670

100.0

161

0.03

5.62

915 North Lenola Road

1998

52,488

100.0

296

0.05

5.64

2 Twosome Drive

2000

48,600

100.0

400

0.07

8.23

30 Twosome Drive

1997

39,675

58.2

149

0.03

6.45

31 Twosome Drive

1998

84,200

100.0

464

0.08

5.51

40 Twosome Drive

1996

40,265

100.0

261

0.05

6.48

41 Twosome Drive

1998

43,050

91.6

229

0.04

5.81

50 Twosome Drive

1997

34,075

100.0

249

0.05

7.31

 

 

 

 

 

 

 

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 Center Boulevard

1989

13,275

100.0

194

0.04

14.61

200 Horizon Drive

1991

45,770

100.0

591

0.11

12.91

300 Horizon Drive

1989

69,780

100.0

1,102

0.20

15.79

500 Horizon Drive

1990

41,205

100.0

612

0.11

14.85

 

 

 

 

 

 

 

MONMOUTH COUNTY, NEW JERSEY

 

 

 

 

 

 

Wall Township

 

 

 

 

 

 

1325 Campus Parkway

1988

35,000

100.0

582

0.11

16.63

1340 Campus Parkway

1992

72,502

100.0

780

0.14

10.76

1345 Campus Parkway

1995

76,300

100.0

915

0.16

11.99

1433 Highway 34

1985

69,020

66.0

470

0.09

10.32

1320 Wyckoff Avenue

1986

20,336

100.0

178

0.03

8.75

1324 Wyckoff Avenue

1987

21,168

100.0

217

0.04

10.25

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

56

 



 

 

 

Property Listing

 

Office/Flex Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

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

69.4

229

0.04

10.78

11 Commerce Way

1989

47,025

100.0

549

0.10

11.67

20 Commerce Way

1992

42,540

24.1

263

0.05

25.65

29 Commerce Way

1990

48,930

100.0

711

0.13

14.53

40 Commerce Way

1987

50,576

100.0

684

0.12

13.52

45 Commerce Way

1992

51,207

64.5

364

0.07

11.02

60 Commerce Way

1988

50,333

85.8

634

0.11

14.68

80 Commerce Way

1996

22,500

88.7

303

0.05

15.18

100 Commerce Way

1996

24,600

100.0

332

0.06

13.50

120 Commerce Way

1994

9,024

100.0

122

0.02

13.52

140 Commerce Way

1994

26,881

99.5

362

0.07

13.53

 

 

 

 

 

 

 








Total New Jersey Office/Flex

 

2,189,531

90.1

18,643

3.38

9.45








 

 

 

 

 

 

 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Elmsford

 

 

 

 

 

 

11 Clearbrook Road

1974

31,800

100.0

427

0.08

13.43

75 Clearbrook Road

1990

32,720

100.0

702

0.13

21.45

125 Clearbrook Road

2002

33,000

100.0

712

0.13

21.58

150 Clearbrook Road

1975

74,900

100.0

932

0.17

12.44

175 Clearbrook Road

1973

98,900

100.0

1,562

0.28

15.79

200 Clearbrook Road

1974

94,000

99.8

1,180

0.21

12.58

250 Clearbrook Road

1973

155,000

97.3

1,408

0.25

9.34

50 Executive Boulevard

1969

45,200

98.1

440

0.08

9.92

77 Executive Boulevard

1977

13,000

100.0

220

0.04

16.92

85 Executive Boulevard

1968

31,000

99.4

269

0.05

8.73

300 Executive Boulevard

1970

60,000

100.0

581

0.11

9.68

350 Executive Boulevard

1970

15,400

98.8

296

0.05

19.45

399 Executive Boulevard

1962

80,000

100.0

1,005

0.18

12.56

400 Executive Boulevard

1970

42,200

100.0

779

0.14

18.46

500 Executive Boulevard

1970

41,600

100.0

641

0.12

15.41

525 Executive Boulevard

1972

61,700

83.6

813

0.15

15.76

1 Westchester Plaza

1967

25,000

100.0

330

0.06

13.20

2 Westchester Plaza

1968

25,000

100.0

503

0.09

20.12

3 Westchester Plaza

1969

93,500

100.0

582

0.11

6.22

4 Westchester Plaza

1969

44,700

99.8

643

0.12

14.41

5 Westchester Plaza

1969

20,000

88.9

299

0.05

16.82

6 Westchester Plaza

1968

20,000

100.0

330

0.06

16.50

7 Westchester Plaza

1972

46,200

100.0

743

0.13

16.08

8 Westchester Plaza

1971

67,200

100.0

924

0.17

13.75

Hawthorne

 

 

 

 

 

 

200 Saw Mill River Road

1965

51,100

88.8

635

0.11

13.99

4 Skyline Drive

1987

80,600

92.2

1,225

0.22

16.48

5 Skyline Drive

1980

124,022

100.0

1,709

0.31

13.78

6 Skyline Drive

1980

44,155

100.0

315

0.06

7.13

8 Skyline Drive

1985

50,000

98.7

848

0.15

17.18

10 Skyline Drive

1985

20,000

100.0

122

0.02

6.10

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

57

 



 

 

 

Property Listing

 

Office/Flex Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

11 Skyline Drive

1989

45,000

100.0

803

0.15

17.84

12 Skyline Drive

1999

46,850

85.1

649

0.12

16.28

15 Skyline Drive

1989

55,000

73.3

632

0.11

15.68

Yonkers

 

 

 

 

 

 

100 Corporate Boulevard

1987

78,000

98.2

1,501

0.27

19.60

200 Corporate Boulevard South

1990

84,000

99.8

1,360

0.25

16.22

4 Executive Plaza

1986

80,000

88.8

861

0.16

12.12

6 Executive Plaza

1987

80,000

100.0

1,273

0.23

15.91

1 Odell Plaza

1980

106,000

99.9

1,485

0.27

14.02

3 Odell Plaza

1984

71,065

100.0

1,597

0.29

22.47

5 Odell Plaza

1983

38,400

99.6

642

0.12

16.79

7 Odell Plaza

1984

42,600

99.6

716

0.13

16.88

 

 

 

 

 

 

 








Total New York Office/Flex

 

2,348,812

97.3

32,694

5.93

14.31








 

 

 

 

 

 

 

FAIRFIELD COUNTY, CONNECTICUT

 

 

 

 

 

Stamford

 

 

 

 

 

 

419 West Avenue

1986

88,000

100.0

1,166

0.21

13.25

500 West Avenue

1988

25,000

82.3

434

0.08

21.09

550 West Avenue

1990

54,000

100.0

884

0.16

16.37

600 West Avenue

1999

66,000

100.0

804

0.15

12.18

650 West Avenue

1998

40,000

100.0

555

0.10

13.88

 

 

 

 

 

 

 








Total Connecticut Office/Flex

 

273,000

98.4

3,843

0.70

14.31








 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL OFFICE/FLEX PROPERTIES

 

4,811,343

94.1

55,180

10.01

12.19








 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

58

 



 

 

 

Property Listing

 

Industrial/Warehouse, Retail and Land Properties

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

6/30/06

(%) (a)

2006

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2006

Base Rent (%)

2006

Average

Base Rent

Per Sq. Ft.

($) (c) (d)








 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Elmsford

 

 

 

 

 

 

1 Warehouse Lane

1957

6,600

100.0

83

0.02

12.58

2 Warehouse Lane

1957

10,900

100.0

159

0.03

14.59

3 Warehouse Lane

1957

77,200

100.0

324

0.06

4.20

4 Warehouse Lane

1957

195,500

96.7

2,159

0.38

11.42

5 Warehouse Lane

1957

75,100

97.1

967

0.17

13.26

6 Warehouse Lane

1982

22,100

100.0

512

0.09

23.17

 

 

 

 

 

 

 








Total Industrial/Warehouse Properties

 

387,400

97.8

4,204

0.75

11.10








 

 

 

 

 

 

 

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

287

0.05

35.88

 

 

 

 

 

 

 








Total Retail Properties

 

17,300

100.0

482

0.09

27.86








 

 

 

 

 

 

 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Elmsford

 

 

 

 

 

 

700 Executive Boulevard

--

--

--

114

0.02

--

Yonkers

 

 

 

 

 

 

1 Enterprise Boulevard

--

--

--

191

0.03

--

 

 

 

 

 

 

 








Total Land Leases

 

--

--

305

0.05

--








 

 

 

 

 

 

 

 

TOTAL PROPERTIES

 

30,648,159

90.7

552,737

100.00

20.56








 

(a)

Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future (including a lease with commencement date substantially in the future consisting of 15,125 square feet scheduled to commence in 2009), and leases expiring June 30, 2006 aggregating 100,121 square feet (representing 0.3 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 June 30, 2006, 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 June 30, 2006, divided by net rentable square feet leased at June 30, 2006. For those properties acquired during the 12 months ended June 30, 2006, amounts are annualized, as per Note e.

(e)

As this property was acquired by the Company during the 12 months ended June 30, 2006, the amounts represented in 2006 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 2006 average base rent per sq. ft. for this property have been calculated by taking 2006 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at June 30, 2006. 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 June 30, 2006.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

59

 



 

 

Significant Tenants

 

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of June 30, 2006, 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








New Cingular Wireless PCS LLLC

4

11,419,099

1.9

460,973

1.7

2014

(b)

Morgan Stanley D.W. Inc.

5

9,395,415

1.6

381,576

1.4

2013

(c)

Credit Suisse First Boston

1

9,196,912

1.6

271,953

1.0

2012

(d)

Merrill Lynch Pierce Fenner

2

8,508,548

1.4

497,049

1.8

2012

(e)

United States Of America-GSA

12

8,297,572

1.4

285,684

1.0

2015

(f)

Keystone Mercy Health Plan

2

7,790,929

1.3

303,149

1.1

2015

 

National Union Fire Insurance

1

7,711,023

1.3

317,799

1.2

2012

 

Prentice-Hall Inc.

1

7,694,097

1.3

474,801

1.7

2014

 

Forest Laboratories Inc.

2

6,961,107

1.2

202,857

0.7

2017

(g)

Cendant Operations Inc.

2

6,839,418

1.2

296,934

1.1

2011

(h)

Allstate Insurance Company

10

6,139,479

1.0

257,999

0.9

2011

(i)

Toys 'R' Us – NJ Inc.

1

6,072,651

1.0

242,518

0.9

2012

 

ICAP Securities USA LLC

1

5,837,931

1.0

159,834

0.6

2017

 

American Institute of Certified

Public Accountants

1

5,817,181

1.0

249,768

0.9

2012

 

TD Ameritrade Online Holdings

1

5,572,716

0.9

184,222

0.7

2015

 

IBM Corporation

3

5,529,841

0.9

310,263

1.1

2012

(j)

KPMG, LLP

3

4,784,243

0.8

181,025

0.7

2012

(k)

AT&T Corp.,

2

4,561,254

0.8

307,181

1.1

2014

(l)

National Financial Services

1

4,346,765

0.7

112,964

0.4

2012

 

Bank Of Tokyo-Mitsubishi Ltd.

1

4,228,795

0.7

137,076

0.5

2009

 

Vonage America Inc.

1

3,830,750

0.7

350,000

1.3

2017

 

Samsung Electronics America

1

3,678,028

0.6

131,300

0.5

2010

 

Citigroup Global Markets Inc.

5

3,492,988

0.6

132,475

0.5

2016

(m)

Lehman Brothers Holdings Inc.

1

3,420,667

0.6

207,300

0.8

2010

 

URS Greiner Woodward-Clyde

1

3,372,277

0.6

120,550

0.4

2011

 

SSB Realty LLC

1

3,321,051

0.6

114,519

0.4

2009

 

Hewlett-Packard Company

1

3,264,437

0.6

163,857

0.6

2007

 

Montefiore Medical Center

5

3,177,868

0.5

151,007

0.6

2019

(n)

Dow Jones & Company Inc.

1

3,057,773

0.5

92,312

0.3

2012

 

Daiichi Sankyo Inc.

2

2,843,876

0.5

90,366

0.3

2012

(o)

Regus Business Centre Corp.

3

2,809,013

0.5

107,608

0.4

2011

 

Sunamerica Asset Management

1

2,680,409

0.5

69,621

0.3

2018

 

American Home Assurance Co.

2

2,679,704

0.5

131,174

0.5

2019

(p)

Moody’s Investors Service

1

2,671,149

0.5

91,344

0.3

2011

(q)

Sumitomo Mitsui Banking Corp.

2

2,580,155

0.4

71,153

0.3

2016

 

United States Life Ins. Co.

1

2,520,000

0.4

180,000

0.7

2013

 

New Jersey Turnpike Authority

1

2,455,463

0.4

100,223

0.4

2016

 

Barr Laboratories Inc.

2

2,450,087

0.4

109,510

0.4

2015

(r)

BT Harborside

1

2,354,850

0.4

90,000

0.3

2007

 

Computer Sciences Corporation

3

2,306,800

0.4

109,825

0.4

2011

(s)

Movado Group Inc

1

2,283,547

0.4

90,050

0.3

2013

 

Lonza Inc.

1

2,236,200

0.4

89,448

0.3

2007

 

Deloitte & Touche USA LLP

1

2,171,275

0.4

86,851

0.3

2007

 

High Point Safety & Insurance

1

2,095,629

0.4

88,237

0.3

2015

 

Nextel Of New York Inc.

2

2,093,440

0.4

97,436

0.4

2014

(t)

Bearingpoint Inc.

1

2,065,834

0.4

77,956

0.3

2011

 

GAB Robins North America Inc.

2

2,028,512

0.3

84,649

0.3

2009

(u)

UBS Financial Services Inc.

3

1,941,105

0.3

73,250

0.3

2016

(v)

PR Newswire Association Inc.

1

1,912,908

0.3

56,262

0.2

2010

 

Norris McLaughlin & Marcus PA

1

1,908,459

0.3

81,211

0.3

2015

 









 

 

 

 

 

 

 

 

 

216,409,230

36.8

9,075,119

33.2

 








 

See footnotes on subsequent page.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

60

 

 



 

Significant Tenants

 

(Continued)

(a)

Annualized base rental revenue is based on actual June, 2006 billings times 12. For leases whose rent commences after July 1, 2006, 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)

4,783 square feet expire in 2008; 383,805 square feet expire in 2013; 72,385 square feet expire in 2014.

(c)

19,500 square feet expire in 2008; 7,000 square feet expire in 2009; 48,906 square feet expire in 2010; 306,170 square feet expire in 2013.

(d)

190,000 feet expire in 2011; 81,953 square feet expire in 2012.

(e)

311,053 square feet expire in 2007; 7,485 square feet expire in 2008; 178,511 square feet expire in 2012.

(f)

6,610 square feet expire in 2006; 44,439 square feet expire in 2007; 26,710 square feet expire in 2008; 9,901 square feet expire in 2011; 38,690 square feet expire in 2013; 4,879 square feet expire in 2014; 154,455 square feet expire in 2015.

(g)

22,785 square feet expire in 2010; 180,072 square feet expire in 2017.

(h)

150,951 square feet expire in 2008; 145,983 square feet expire in 2011.

(i)

3,906 square feet expire in 2006; 70,517 square feet expire in 2007; 31,143 square feet expire in 2008; 22,185 square feet expire in 2009; 46,555 square feet expire in 2010; 83,693 square feet expire in 2011.

(j)

61,864 square feet expire in 2010; 248,399 square feet expire in 2012.

(k)

57,204 square feet expire in 2007; 46,440 square feet expire in 2009; 77,381 square feet expire in 2012.

(l)

32,181 square feet expire in 2009; 275,000 square feet expire in 2014.

(m)

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.

(n)

48,542 square feet expire in 2009; 5,850 square feet expire in 2014; 6,550 square feet expire in 2016; 19,000 square feet expire in 2017; 71,065 square feet expire in 2019.

(o)

5,315 square feet expire in 2011; 85,051 square feet expire in 2012.

(p)

14,056 square feet expire in 2008; 117,118 square feet expire in 2019.

(q)

43,344 square feet expire in 2009; 36,193 square feet expire in 2010; 11,807 square feet expire in 2011.

(r)

20,000 square feet expire in 2007; 89,510 square feet expire in 2015.

(s)

26,975 square feet expire in 2007; 82,850 square feet expire in 2011.

(t)

62,436 square feet expire in 2010; 35,000 square feet expire in 2014.

(u)

75,049 square feet expire in 2008; 9,600 square feet expire in 2009.

(v)

21,554 square feet expire in 2010; 17,383 square feet expire in 2013; 34,313 square feet expire in 2016.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

61

 



 

 

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 July 1, 2006, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2006 through 2008 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 (%)








2006 (c)

 

 

 

 

 

 

NORTHEAST

 

Northern NJ

41

217,147

0.7

5,454,817

25.12

1.0

Central NJ

15

70,781

0.3

1,459,635

20.62

0.3

Westchester Co.,      NY

34

104,531

0.4

2,428,332

23.23

0.4

Sub. Philadelphia

23

193,677

0.7

4,252,648

21.96

0.7

Fairfield, CT

4

17,741

0.1

578,093

32.59

0.1

Washington,      DC/MD

8

29,781

0.1

703,894

23.64

0.1

Rockland Co., NY

2

3,705

(d)

100,805

27.21

(d)

OTHER

 

 

 

 

 

 

Colorado

9

23,785

0.1

386,373

16.24

0.1

San Francisco

39

54,674

0.2

1,976,083

36.14

0.3

 







TOTAL – 2006

175

715,822

2.6

17,340,680

24.22

3.0

 

 

 

 

 

 

 

2007

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

72

937,135

3.4

20,594,150

21.98

3.6

Central NJ

40

256,223

0.9

6,033,278

23.55

1.0

Westchester Co.,      NY

117

478,095

1.8

9,078,859

18.99

1.6

Sub. Philadelphia

54

417,484

1.5

7,181,715

17.20

1.2

Fairfield, CT

17

94,788

0.4

2,505,236

26.43

0.4

Washington,      DC/MD

19

264,303

1.0

5,807,668

21.97

1.0

Rockland Co., NY

7

21,776

0.1

585,796

26.90

0.1

OTHER

 

 

 

 

 

 

Colorado

27

146,080

0.5

1,928,633

13.20

0.1

San Francisco

70

31,899

0.1

927,041

29.06

0.3

 







TOTAL – 2007

423

2,647,783

9.7

54,642,376

20.64

9.3

 

 

 

 

 

 

 

2008

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

90

943,267

3.3

22,860,523

24.24

3.9

Central NJ

57

411,124

1.5

9,303,055

22.63

1.6

Westchester Co.,      NY

105

587,079

2.2

10,187,953

17.35

1.7

Sub. Philadelphia

52

543,657

2.0

7,439,695

13.68

1.3

Fairfield, CT

19

98,595

0.4

2,435,590

24.70

0.4

Washington,      DC/MD

25

126,586

0.5

3,191,759

25.21

0.5

Rockland Co., NY

7

44,580

0.2

1,168,406

26.21

0.2

OTHER

 

 

 

 

 

 

Colorado

31

209,483

0.8

2,780,912

13.28

0.5

San Francisco

70

58,638

0.2

1,548,190

26.40

0.3

 







TOTAL – 2008

456

3,023,009

11.1

60,916,083

20.15

10.4

 

 

 

 

 

 

 

 

Schedule continued, with footnotes, on subsequent page.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

62



 

 

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 (%)








2009

400

2,627,940

9.6

57,149,968

21.75

9.7

 

 

 

 

 

 

 

2010

360

3,032,857

11.1

62,275,661

20.53

10.6

 

 

 

 

 

 

 

2011

341

3,605,792

13.2

79,852,464

22.15

13.6

 

 

 

 

 

 

 

2012

166

2,487,508

9.1

56,697,374

22.79

9.7

 

 

 

 

 

 

 

2013

132

2,515,102

9.2

54,259,102

21.57

9.3

 

 

 

 

 

 

 

2014

65

1,443,168

5.3

32,288,497

22.37

5.5

 

 

 

 

 

 

 

2015

58

2,360,967

8.6

49,191,853

20.84

8.4

 

 

 

 

 

 

 

2016

53

860,597

3.2

16,680,007

19.38

2.8

 

 

 

 

 

 

 

2017 and thereafter

59

2,003,934

7.3

45,514,297

22.71

7.7








Totals/Weighted

 

 

 

 

 

 

Average

2,688

27,324,479

100.0

586,808,362

21.48

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 June 2006 billings times 12. For leases whose rent commences after July 1, 2006, 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 June 30, 2006 aggregating 100,121 square feet and representing annualized rent of $2,302,859 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

27,324,479

Square footage used for corporate offices, management offices,

 

building use, retail tenants, food services, other ancillary

 

service tenants and occupancy adjustments

471,197

Square footage unleased

2,852,483

 


Total net rentable square footage (does not include land leases)

30,648,159

 


 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

63

 



 

 

Schedule of Lease Expirations

 

Office Properties

 

The following table sets forth a schedule of lease expirations for the office properties beginning July 1, 2006, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2006 through 2008 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 (%)








2006 (c)

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

39

207,195

0.9

5,310,550

25.63

1.0

Central NJ

13

54,254

0.2

1,244,908

22.95

0.2

Westchester Co., NY

20

62,028

0.3

1,626,480

26.22

0.3

Sub. Philadelphia

18

160,649

0.7

3,911,892

24.35

0.7

Fairfield, CT

4

17,741

0.1

578,093

32.59

0.1

Washington, DC/MD

8

29,781

0.1

703,894

23.64

0.1

Dutchess/Rockland Co., NY

2

3,705

(d)

100,805

27.21

(d)

OTHER

 

 

 

 

 

 

Colorado

9

23,785

0.1

386,373

16.24

0.1

San Francisco

39

54,674

0.2

1,976,083

36.14

0.4

 







TOTAL – 2006

152

613,812

2.6

15,839,078

25.80

2.9

 

 

 

 

 

 

 

2007

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

66

881,354

3.8

19,791,453

22.46

3.8

Central NJ

37

244,698

1.1

5,874,603

24.01

1.1

Westchester Co., NY

70

172,599

0.8

4,844,773

28.07

0.9

Sub. Philadelphia

36

242,705

1.1

5,827,335

24.01

1.1

Fairfield, CT

16

87,788

0.4

2,377,486

27.08

0.5

Washington, DC/MD

19

264,303

1.2

5,807,668

21.97

1.1

Dutchess/Rockland Co., NY

7

21,776

0.1

585,796

26.90

0.1

OTHER

 

 

 

 

 

 

Colorado

27

146,080

0.7

1,928,633

13.20

0.4

San Francisco

70

31,899

0.1

927,041

29.06

0.2

 







TOTAL – 2007

348

2,093,202

9.3

47,964,788

22.91

9.2

 

 

 

 

 

 

 

2008

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

87

897,657

4.1

22,275,504

24.82

4.3

Central NJ

48

359,936

1.6

8,631,319

23.98

1.6

Westchester Co., NY

55

185,224

0.8

4,901,537

26.46

0.9

Sub. Philadelphia

30

277,514

1.2

5,707,973

20.57

1.1

Fairfield, CT

19

98,595

0.4

2,435,590

24.70

0.5

Washington, DC/MD

25

126,586

0.6

3,191,759

25.21

0.6

Dutchess/Rockland Co., NY

7

44,580

0.2

1,168,406

26.21

0.2

OTHER

 

 

 

 

 

 

Colorado

31

209,483

0.9

2,780,912

13.28

0.5

San Francisco

70

58,638

0.3

1,548,190

26.40

0.3

 







TOTAL – 2008

372

2,258,213

10.1

52,641,190

23.11

10.0

 

 

 

 

 

 

 

 

Schedule continued, with footnotes, on subsequent page.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

64

 



 

 

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 (%)








2009

331

2,063,452

9.2

49,665,684

24.07

9.5

 

 

 

 

 

 

 

2010

284

2,208,728

9.9

51,014,179

23.10

9.7

 

 

 

 

 

 

 

2011

287

3,107,683

13.9

74,279,152

23.90

14.2

 

 

 

 

 

 

 

2012

125

2,094,894

9.4

51,154,751

24.42

9.8

 

 

 

 

 

 

 

2013

99

2,114,650

9.4

48,616,384

22.99

9.3

 

 

 

 

 

 

 

2014

54

1,301,296

5.8

30,291,781

23.28

5.8

 

 

 

 

 

 

 

2015

45

2,198,816

9.8

47,221,928

21.48

9.0

 

 

 

 

 

 

 

2016

38

528,078

2.4

12,152,041

23.01

2.3

 

 

 

 

 

 

 

2017 and thereafter

51

1,828,869

8.2

43,064,022

23.55

8.3








Totals/Weighted

 

 

 

 

 

 

Average

2,186

22,411,693

100.0

523,904,978

23.38

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 June 2006 billings times 12. For leases whose rent commences after July 1, 2006, 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 June 30, 2006 aggregating 100,121square feet and representing annualized rent of $2,302,859 for which no new leases were signed.

(d)

Represents less than .05 percent.

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2006

 

65

 



 

 

Schedule of Lease Expirations

 

Office/Flex Properties

 

The following table sets forth a schedule of lease expirations for the office/flex properties beginning July 1, 2006, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2006 through 2008 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 (%)








2006

 

 

 

 

 

 

Northern NJ

2

9,952

0.3

144,267

14.50

0.2

Central NJ

2

16,527

0.4

214,727

12.99

0.4

Westchester Co.,      NY

14

42,503

0.9

801,852

18.87

1.4

Sub. Philadelphia

5

33,028

0.7

340,756

10.32

0.6

Fairfield, CT

-

-

-

-

-

-

 







TOTAL – 2006

23

102,010

2.3

1,501,602

14.72

2.6

 

 

 

 

 

 

 

2007

 

 

 

 

 

 

Northern NJ

6

55,781

1.1

802,697

14.39

1.3

Central NJ

3

11,525

0.3

158,675

13.77

0.3

Westchester Co.,      NY

44

292,846

6.5

4,015,131

13.71

6.9

Sub. Philadelphia

18

174,779

3.9

1,354,380

7.75

2.3

Fairfield, CT

1

7,000

0.2

127,750

18.25

0.2

 







TOTAL – 2007

72

541,931

12.0

6,458,633

11.92

11.0

 

 

 

 

 

 

 

2008

 

 

 

 

 

 

Northern NJ

3

45,610

1.0

585,019

12.83

1.0

Central NJ

9

51,188

1.1

671,736

13.12

1.1

Westchester Co.,      NY

47

310,486

6.9

4,811,498

15.50

8.2

Sub. Philadelphia

22

266,143

5.9

1,731,722

6.51

3.0

Fairfield, CT

-

-

-

-

-

-

 







 

81

673,427

14.9

7,799,975

11.58

13.3

 

 

 

 

 

 

 

2009

63

506,205

11.2

6,499,896

12.84

11.1

 

 

 

 

 

 

 

2010

75

796,129

17.6

10,953,482

13.76

18.7

 

 

 

 

 

 

 

2011

53

490,509

10.9

5,478,312

11.17

9.4

 

 

 

 

 

 

 

2012

41

392,614

8.7

5,542,623

14.12

9.5

 

 

 

 

 

 

 

2013

26

345,216

7.6

4,955,545

14.35

8.5

 

 

 

 

 

 

 

2014

11

141,872

3.1

1,996,716

14.07

3.4

 

 

 

 

 

 

 

2015

13

162,151

3.6

1,969,925

12.15

3.4

 

 

 

 

 

 

 

2016

13

197,437

4.4

3,109,605

15.75

5.3

 

 

 

 

 

 

 

2017 and thereafter

7

167,065

3.7

2,225,275

13.32

3.8








Totals/Weighted

 

 

 

 

 

 

Average

478

4,516,566

100.0

58,491,589

12.95

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 June 2006 billings times 12. For leases whose rent commences after July 1, 2006, 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. Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

(c)

Annualized base rental revenue is based on actual June 2006 billings times 12. For leases whose rent commences after July 1, 2006, 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 June 30, 2006

 

66

 



 

 

 

Schedule of Lease Expirations

 

Industrial/Warehouse Properties

 

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning July 1, 2006, 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

474,918

5.20

11.9

 

 

 

 

 

 

 

2009

5

48,983

12.9

789,388

16.12

19.8

 

 

 

 

 

 

 

2010

1

28,000

7.4

308,000

11.00

7.7

 

 

 

 

 

 

 

2011

1

7,600

2.0

95,000

12.50

2.4

 

 

 

 

 

 

 

2013

7

55,236

14.6

687,173

12.44

17.2

 

 

 

 

 

 

 

2016

2

135,082

35.7

1,418,361

10.50

35.5








Totals/Weighted

 

 

 

 

 

 

Average

22

378,920

100.0

3,991,795

10.53

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 June 2006 billings times 12. For leases whose rent commences after July 1, 2006, 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 July 1, 2006, 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

46.4

 

 

 

 

 

 

 

2017 and thereafter

1

8,000

46.2

225,000

28.13

53.6








Totals/Weighted

 

 

 

 

Average

2

17,300

100.0

420,000

24.28

100.0








 

 

(a)

Includes stand-alone retail property tenants only.

(b)

Annualized base rental revenue is based on actual June 2006 billings times 12. For leases whose rent commences after July 1, 2006 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 June 30, 2006

 

67