EXHIBIT 99.1














FOURTH 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 Annual Report on Form 10-K (the “10-K”) 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-K, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-K and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification.





INDEX

 
 
I. COMPANY BACKGROUND
PAGE(S) 
·  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/Property Sales
9
·  Dividends/Equity Offering/Leasing Information
10
·  Leasing Information (continued)
11
·  Information About FFO
12
·  Key Financial Data
13
·  Same-Store Results and Analysis
14
·  Unconsolidated Joint Ventures Summary
15-18
·  Select Financial Ratios
19
·  Debt Analysis:
  
·  Debt Breakdown/Future Repayments
20
·  Debt Maturities
21
·  Debt Detail
22
   
III. FINANCIAL INFORMATION
  
·  Consolidated Statements of Operations
24
·  Consolidated Balance Sheets
25
·  Consolidated Statement of Changes in Stockholders’ Equity
26
·  Statements of Funds from Operations
27
·  Statements of Funds from Operations Per Diluted Share
28
·  Reconciliation of Basic-to-Diluted Shares/Units
29
   
IV. VALUE CREATION PIPELINE
  
·  Operating Property Acquisitions
31
·  Summary of Construction Projects
32
·  Summary of Land Parcels
33
·  Rental Property Sales/Rental Property Held For Sale
34
   
V. PORTFOLIO/ LEASING STATISTICS
  
·  Leasing Statistics
36-41
·  Market Diversification (MSA’s)
42
·  Industry Diversification (Top 30 Tenant Industries)
42
·  Consolidated Portfolio Analyses:
  
Breakdown by:
  
(a) Number of Properties
43
(b) Square Footage
44
(c) Base Rental Revenue
45
(d) Percentage Leased
46
·  Consolidated Property Listing (by Property Type)
47-55
·  Significant Tenants (Top 50 Tenants)
56-57
·  Schedules of Lease Expirations (by Property Type)
58-62




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 operate;
   
·  
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 December 31, 2006

 
3












 
I.    COMPANY BACKGROUND
 
 
 
 
 
 
 
 
 
 
 

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 $6.2 billion at December 31, 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 300 properties, primarily class A office and office/flex buildings, totaling approximately 34.3 million square feet, serving as home to over 2,200 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 11.5 million square feet of additional commercial space.

History

Established over 50 years ago, in 1994 the New Jersey-based firm, Cali Realty, became a publicly-traded company listed on the New York Stock Exchange under the ticker symbol CLI. Through combinations with some of the top companies in the real estate industry—most notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin Company—Mack-Cali has become one of the leading real estate companies in the country.

Strategy

Mack-Cali’s strategy is to be a significant real estate owner and operator in its core, high-barriers-to-entry markets, primarily in the Northeast.

Summary
(as of December 31, 2006)

 
 
Corporate Headquarters
Edison, New Jersey
 
Fiscal Year-End
12/31
 
Total Properties
300
 
Total Square Feet
34.3 million square feet
 
Geographic Diversity
Seven states and the District of Columbia
 
New Jersey Presence
23.0 million square feet
 
Northeast Presence
33.1 million square feet
 
Common Shares and
  
 
Units Outstanding
78.3 million
 
Dividend-- Quarter/Annualized
$0.64/$2.56
 
Dividend Yield
5.0%
 
Total Market Capitalization
$6.2 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 December 31, 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 December 31, 2006

 
 
6


Equity Research Coverage


 
                                Banc of America Securities, LLC
Ross Nussbaum
(212) 847-5668
Lehman Brothers
David Harris
(212) 526-1790
 
Bear, Stearns & Co., Inc.
Ross Smotrich
(212) 272-8046
Merrill Lynch
Ian Weissman
(212) 449-6255
 
Citigroup
Jonathan Litt
(212) 816-0231
Morgan Stanley
David Cohen
(212) 761-8564
 
Deutsche Bank-North America
Louis Taylor
(212) 250-4912
Ryan Beck & Co
Sheila K. McGrath
(973) 549-4084
 
Goldman Sachs & Co.
Jonathan Habermann
(917) 343-4260
Stifel Nicolaus & Company, Inc.
John Guinee
(410) 454-5520
 
Green Street Advisors
Michael Knott
(949) 640-8780
Wachovia Securities
Christopher Haley
(443) 263-6773
 
Keybanc Capital Markets
Jordan Sadler
(917) 368-2280
  




Company Contact Information

 
Mack-Cali Realty Corporation
 
Investor Relations Department
 
343 Thornall Street
 
Edison, New Jersey 08837-2206
 
Phone: (732) 590-1000
Web:www.mack-cali.com
 
Fax:  (732) 205-8237
E-mail:investorrelations@mack-cali.com






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
 
7













II. FINANCIAL HIGHLIGHTS
























Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 fourth quarter 2006 equaled $67.4 million, or $1.07 per share, versus $14.4 million, or $0.23 per share, for the same quarter last year. For the year ended December 31, 2006, net income available to common shareholders equaled $142.7 million, or $2.28 per share, versus $93.5 million, or $1.51 per share, for the same period last year.

Funds from operations (FFO) available to common shareholders for the quarter ended December 31, 2006 amounted to $68.2 million, or $0.87 per share, versus $65.1 million, or $0.86 per share, for the quarter ended December 31, 2005. For the year ended December 31, 2006, FFO available to common shareholders amounted to $290.5 million, or $3.73 per share, versus $270.3 million, or $3.57 per share, for the same period last year.

Total revenues for the fourth quarter 2006 increased 29.5 percent to $198.2 million as compared to $153.1 million for the same quarter last year. For the year ended December 31, 2006, total revenues amounted to $740.3 million, an increase of 23.4 percent over total revenues of $600.1 million, for the same period last year.

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

The Company had 62,925,191 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 15,342,283 common operating partnership units outstanding as of December 31, 2006.

The Company had a total of 78,267,474 common shares/common units outstanding at December 31, 2006.

As of December 31, 2006, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 6.11 percent. The Company had a total market capitalization of $6.2 billion and a debt-to-undepreciated assets ratio of 41.4 percent at December 31, 2006. The Company had an interest coverage ratio of 2.9 times for the quarter ended December 31, 2006.

Property Sales

In November, the Company completed the sale of its remaining property and land portfolio in suburban Denver and Colorado Springs. The portfolio, which consists of 19 office buildings totaling approximately 1.4 million square feet, plus 7.1 acres of vacant land and 1.6 acres of land dedicated to a parking facility, was sold for approximately $194.3 million.

Also in November, the Company completed the sale of substantially all of its 50-percent ownership interest in Convention Plaza, a 12-story, 305,618 square-foot class A building located at 201 Third Street in San Francisco, for approximately $16.3 million. The building is 83.9 percent leased.

Also in November, the Company completed the redemption of its entire interest in the entertainment/retail component of the Meadowlands Xanadu development project in East Rutherford, New Jersey. The Company retained its options to develop the office and hotel components of the project. The Company agreed to relinquish its interest in the entertainment/retail component for $25 million. The Company received $22.5 million at closing, with the remaining $2.5 million due when the Company exercises the first of its options to develop the office or hotel components of the project. Upon exercise of any such development option, and the receipt of the additional $2.5 million, the Company’s interests in the office and hotel components will be 75 percent.

In December, the Company completed the sale of its remaining two office properties in San Francisco. The sales marked the exit of the Company from its western markets in accordance with its capital recycling program and portfolio strategy. The Company completed the sale of 760 Market Street and 795 Folsom Street for an aggregate price of $126 million. 760 Market Street is an 11-
story, 267,446 square-foot class A office building that is 78.0 percent leased; and 795 Folsom Street is a six-story, 183,445 square-foot class A office building that is 78.8 percent leased.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
9


Dividends

In December, the Company’s Board of Directors declared a cash dividend of $0.64 per common share (indicating an annual rate of $2.56 per common share) for the fourth quarter 2006, which was paid on January 12, 2007 to shareholders of record as of January 4, 2007.

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 October 15, 2006 through January 14, 2007. The dividend was paid on January 16, 2007 to shareholders of record as of January 4, 2007.

Equity Offering

On February 7, 2007, the Company completed an underwritten public offering of 4,650,000 shares of common stock for net proceeds of approximately $252 million. Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. were the underwriters for the offering. The net proceeds were used for repayment of debt and for general corporate purposes.

Leasing

Mack-Cali’s consolidated in-service portfolio was 92.0 percent leased at December 31, 2006, as compared to 91.4 percent leased at September 30, 2006 and 91.0 percent leased at December 31, 2005.

For the quarter ended December 31, 2006, the Company executed 167 leases totaling 1,491,516 square feet, consisting of 1,277,796 square feet of office space and 213,720 square feet of office/flex space. Of these totals, 587,117 square feet were for new leases and 904,399 square feet were for lease renewals and other tenant retention transactions.

For the year ended December 31, 2006, the Company executed 676 leases totaling 4,476,910 square feet, consisting of 3,666,770 square feet of office space, 808,790 square feet of office/flex space and 1,350 square feet of industrial/warehouse space. Of these totals, 1,691,613 square feet were for new leases and 2,785,297 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

IN NORTHERN NEW JERSEY:

-  
Merrill Lynch signed a transaction totaling 236,350 square feet at 101 Hudson Street in Jersey City, New Jersey, representing a long-term expansion of 57,839 square feet and a renewal of 178,511 square feet. 101 Hudson Street is a 1.25 million square-foot office building that is 100 percent leased.
 
-  
The Louis Berger Group, Inc., a provider of engineering consulting services, signed a new, 20-year lease to move its New Jersey headquarters to 108,332 square feet at Kemble Plaza II. Kemble Plaza II, located at 412 Mt. Kemble Avenue in Morris Township, New Jersey is a 475,100 square-foot office building and is 33.5 percent leased.

-  
Also at 412 Mt. Kemble Avenue, United States Fire Insurance Company, an affiliate of Crum & Forster, signed a new, five-year and two-month lease for 18,736 square feet.

-  
E*Trade Financial Corporation, a financial services provider, signed a new lease for 106,573 square feet at Harborside Financial Center, Plaza 2 for 15 years and seven months. Harborside Plaza 2 is a 761,200 square- foot office building in Jersey City, New Jersey and is 100 percent leased.


-  
Accounting firm KPMG, LLP renewed its lease of 33,397 square feet for three years at 530 Chestnut Ridge Road in Woodcliff Lake, New Jersey. 530 Chestnut Ridge Road is a 57,204 square-foot office building and is 100 percent leased.

-  
Drug-maker Ferring Pharmaceuticals, Inc. signed a new, 12-year and six month lease for 30,121 square feet at 4 Gatehall Drive in Parsippany, New Jersey. 4 Gatehall Drive is a 248,480 square-foot office building and is 85.4 percent leased.
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
10
 
 
 
-  
HQ Global Workplaces, LLC, a provider of temporary office suites, signed a new, 11-year and six-month lease for 19,485 square feet at One Bridge Plaza. One Bridge Plaza is a 200,000 square-foot office building located in Fort Lee, New Jersey, and is 54.4 percent leased. HQ Global Workplaces also signed a new, 11-year and six-month lease for 14,160 square feet at 500 West Putnam Avenue in Greenwich, Connecticut. The 121,250 square-foot office building is 96.3 percent leased.

-  
IXIS North America, Inc., part of the US capital markets arm of France’s Ixis Corporate & Investment Bank, expanded its presence at Harborside Financial Center Plaza 5 by 18,226 square feet for a term of 14 years and eight months. Harborside Plaza 5 is a 977,225 square-foot office building in Jersey City, New Jersey and is 97.5 percent leased.

-  
High Point Safety and Insurance Management Corporation, an auto-insurance provider, signed a new lease for 17,850 square feet for a term of 13 years and four months at 600 Parsippany Road in Parsippany, New Jersey. The 96,000 square-foot office building is 94.7 percent leased.

IN CENTRAL NEW JERSEY:

-  
High Point Safety and Insurance Management Corporation also signed a transaction totaling 98,508 square feet at One River Centre, Building 3 in Middletown, New Jersey, consisting of a renewal of 88,237 square feet for five years and an expansion of 10,271 square feet for 13 years. One River Centre, Building 3 is a 194,518 square-foot office building and is 100 percent leased.

-  
Norris McLaughlin & Marcus, P.A., a law firm, signed for a total of 86,913 square feet at Mack-Cali Bridgewater, representing an expansion of 5,702 square feet for nine years and 10 months and an extension of 81,211 square feet for two years. Mack-Cali Bridgewater is a 192,741 square-foot office building, located at 721 Route 202/206 in Bridgewater, New Jersey, and is 97 percent leased.

-  
Also at Mack-Cali Bridgewater, Allstate Insurance Company signed a renewal of 53,983 square feet for 10 years.

-  
Right Answers, Inc., a help desk software developer, signed a new five-year lease for 13,145 square feet at 11 Commerce Drive in Cranford, New Jersey. 11 Commerce Drive is a 90,000 square-foot office building and is 92.7 percent leased.

IN WESTCHESTER COUNTY, NEW YORK:

-  
Singer Holding Corporation, a home heating oil supplier, renewed its lease of 15,000 square feet for two years at 500 Executive Boulevard in Elmsford, New York. 500 Executive Boulevard is a 41,600 square foot office/flex building and is 100 percent leased.

-  
Matrix Absence Management, Inc., a provider of customized management of employers’ disability, workers’ compensation and family leave programs, renewed its lease of 14,126 square feet at 7 Skyline Drive in Hawthorne, New York for three years and two months. 7 Skyline Drive is a 109,000 square-foot office building and is 95.3 percent leased.

-  
Konica Minolta Business Solutions USA, Inc., a document imaging products provider, signed a new 10-year lease for 11,650 square feet at 200 White Plains Road in Tarrytown, New York. The 89,000 square foot office building is 97.9 percent leased.

-  
Starwood Hotel & Resorts signed a two-year renewal of its lease for 10,275 square feet at 5 Skyline Drive in Hawthorne, New York. 5 Skyline Drive is a 124,022 square-foot office/flex building and is 100 percent leased.

IN SUBURBAN PHILADELPHIA:

-  
Otis Elevator Company, a subsidiary of United Technologies Corporation, relocated within Moorestown West Corporate Center, leasing 16,600 square feet at 30 Twosome Drive in Moorestown, New Jersey for 10 years. 30 Twosome Drive is a 39,675 square foot office/flex building which is 100 percent leased.

-  
Morison Cogen, LLP, an accounting and business consulting firm, renewed its lease for 13,750 square feet at 150 Monument Road in Bala Cynwyd, Pennsylvania for seven years and eight months. 150 Monument Road is a 125,783 square-foot office building which is 98.4 percent leased.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
11


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 28.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
12


Key Financial Data

As of or for the three months ended
 
12/31/06
9/30/06
6/30/06
3/31/06
12/31/05
Shares and Units:
          
Common Shares Outstanding
62,925,191
62,551,206
62,360,388
62,230,447
62,019,646
Common Units Outstanding (a)
15,342,283
15,595,825
15,681,625
15,558,056
13,650,439
Combined Shares and Units
78,267,474
78,147,031
78,042,013
77,788,503
75,670,085
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (b)
78,026,613
77,944,623
77,780,362
76,317,652
75,414,000
Weighted Average- Diluted (c)
78,409,851
78,258,441
78,067,030
76,641,973
75,798,543
Common Share Price ($’s):
          
At the end of the period
51.00
51.80
45.92
48.00
43.20
High during period
55.37
53.66
47.47
48.37
44.80
Low during period
48.24
45.47
42.17
42.34
40.21
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (d)
4,018,758
4,075,120
3,610,858
3,758,848
3,293,948
Total Debt
2,159,959
2,445,837
2,367,609
2,107,760
2,126,181
Total Market Capitalization
6,178,717
6,520,957
5,978,467
5,866,608
5,420,129
Total Debt/ Total Market
Capitalization
34.96%
37.51%
39.60%
35.93%
39.23%
           
Financials:
          
($’s in thousands, except ratios and
per share amounts)
          
Total Assets
4,422,889
4,668,761
4,622,422
4,314,965
4,247,502
Gross Book Value of Real Estate Assets
4,573,587
4,839,677
4,792,269
4,653,867
4,491,752
Total Liabilities
2,412,762
2,698,445
2,626,066
2,316,804
2,335,396
Total Minority Interests
482,220
483,055
491,761
485,581
400,819
Total Stockholders’ Equity
1,527,907
1,487,261
1,504,595
1,512,580
1,511,287
Total Revenues
198,172
203,217
184,953
153,967
153,059
Capitalized Interest
1,281
1,719
1,571
1,487
1,459
Scheduled Principal Payments
4,416
3,912
4,189
3,842
4,997
Interest Coverage Ratio
2.91
2.87
3.23
3.57
3.14
Fixed Charge Coverage Ratio
2.47
2.45
2.71
3.00
2.55
Net Income
67,924
16,511
27,134
33,097
14,901
Net Income Available to Common Shareholders
67,424
16,011
26,634
32,597
14,401
Earnings per Share—diluted
1.07
0.26
0.43
0.52
0.23
FFO per Share—diluted (e)
0.87
0.86
0.95
1.05
0.86
Dividends Declared per Share
0.64
0.64
0.63
0.63
0.63
FFO Payout Ratio—diluted (e)
73.58%
74.64%
66.09%
59.78%
73.31%
           
Portfolio Size:
          
Properties
300
321
319
277
270
Total Square Footage
34,294,734
36,066,424
35,826,085
30,874,247
30,031,989
Sq. Ft. Leased at End of Period (f) (g)
92.0%
91.4%
90.7%
90.4%
91.0%
           
  
(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 12.
(f)  
Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 2006, a lease with commencement date substantially in the future consisting of 8,590 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 December 31, 2006

 
13


Same Store Results and Analysis
(dollars in thousands)


   
For the three months ended
December 31,
     %   
   
2006
  
2005
  
Change
  
Change
  
                   
Total Property Revenues
  
$
151,429
  
$
149,984
  
$
1,445
    
1.0
  
                           
Real Estate Taxes
    
20,655
    
20,359
    
296
    
1.5
  
Utilities
    
12,896
    
13,753
    
(857
)
  
(6.2
)
Operating Services
    
21,463
    
22,215
    
(752
)
  
(3.4
)
Total Property Expenses:
    
55,014
    
56,327
    
(1,313
)
  
(2.3
)
                           
GAAP Net Operating Income
    
96,415
    
93,657
    
2,758
    
2.9
  
                           
Less: straight-lining of rents adj.
    
1,567
    
3,831
    
(2,264
)
  
(59.1
)
                           
Net Operating Income
  
$
94,848
  
$
89,826
  
$
5,022
    
5.6
  
                           
Percentage Leased at
Period End
    
92.2%
 
  
90.9%
 
            
                           
Total Properties:
    
244
                    
                           
Total Square Footage:
    
27,405,143
                    
                           





   
For the year ended
December 31,
     %   
   
2006
  
2005
  
Change
  
Change
  
                   
Total Property Revenues
  
$
565,396
  
$
551,885
  
$
13,511
    
2.4
  
                           
Real Estate Taxes
    
78,015
    
72,786
    
5,229
    
7.2
  
Utilities
    
53,899
    
50,243
    
3,656
    
7.3
  
Operating Services
    
76,107
    
73,571
    
2,536
    
3.4
  
Total Property Expenses:
    
208,021
    
196,600
    
11,421
    
5.8
  
                           
GAAP Net Operating Income
    
357,375
    
355,285
    
2,090
    
0.6
  
                           
Less: straight-lining of rents adj.
    
12,847
    
9,269
    
3,578
    
38.6
  
                           
Net Operating Income
  
$
344,528
  
$
346,016
  
$
(1,488
)
  
(0.4
)
                           
Percentage Leased at
Period End
    
91.8%
 
  
90.4%
 
            
                           
Total Properties:
    
238
                    
                           
Total Square Footage:
    
25,572,892
                    
                           




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
14


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:
            
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
81.7%
3,446,596
50.0%
Route 93 Ventures
Route 495 North Sub Market
7
Boston Suburbs, MA
51.6%
666,697
25.0%
Gale Kimball L.L.C.
100 Kimball Drive (b)
1
Parsippany, NJ
--
175,000
8.33%
12 Vreeland Realty L.L.C.
12 Vreeland Road
1
Florham Park, NJ
100.0%
139,750
50.0%
             
Office/Flex Properties:
            
Ramland Realty Associates, L.L.C.
One Ramland Road
1
Orangeburg, NY
65.9%
232,000
50.0%
             
Mixed-Use:
            
GE/Gale Funding L.L.C.
Princeton Forrestal Village
n/a
Princeton, NJ
89.1%
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%
Red Bank Corporate Plaza II
Vacant Land
n/a
Red Bank, 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.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
 
15


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

December 31, 2006
  
   
Meadowlands
Xanadu
  
G&G
Martco
  
Plaza
VIII & IX
Associates
  
Ramland
Realty
  
Harborside
South Pier
  
Red Bank
Corporate
Plaza
  
Mack-
Green-
Gale
  
Princeton
Forrestal
Village
  
Route 93
Portfolio
  
Gale
Kimball
  
55 Corporate
  
12 Vreeland
  
Boston-Filenes
  
NKFGMS Owners LLC
  
Combined
Total
  
Assets:
                                                              
Rental property, net
    
--
    
--
  
$
11,404
  
$
12,029
  
$
69,302
  
$
12,462
  
$
480,905
  
$
39,549
  
$
54,620
  
$
26,601
  
$
8,500
  
$
8,221
    
--
  
$
239
  
$
723,832
  
Other assets
    
--
    
--
    
1,408
    
950
    
11,485
    
3,309
    
75,392
    
25,015
    
7,189
    
654
    
--
    
909
  
$
10,500
    
2,638
    
139,449
  
Total assets
    
--
    
--
  
$
12,812
  
$
12,979
  
$
80,787
  
$
15,771
  
$
556,297
  
$
64,564
  
$
61,809
  
$
27,255
  
$
8,500
  
$
9,130
  
$
10,500
  
$
2,877
  
$
863,281
  
Liabilities and partners’/members’ capital (deficit):
                                                                                            
Mortgages, loans payable and other obligations
    
--
    
--
    
--
  
$
14,936
  
$
77,217
  
$
8,673
  
$
358,063
  
$
47,761
  
$
39,435
  
$
15,350
    
--
  
$
10,253
    
--
    
--
  
$
571,688
  
Other liabilities
    
--
    
--
  
$
532
    
254
    
1,045
    
8
    
39,525
    
6,553
    
836
    
--
    
--
    
--
    
--
  
$
1,329
    
50,082
  
Partners’/members’ capital (deficit):
    
--
    
--
    
12,280
    
(2,211
)
  
2,525
    
7,090
    
158,709
    
10,250
    
21,538
    
11,905
  
$
8,500
    
(1,123
)
$
10,500
    
1,548
    
241,511
  
Total liabilities and partners’/members’ capital (deficit):
    
--
    
--
  
$
12,812
  
$
12,979
  
$
80,787
  
$
15,771
  
$
556,297
  
$
64,564
  
$
61,809
  
$
27,255
  
$
8,500
  
$
9,130
  
$
10,500
  
$
2,877
  
$
863,281
  
Company’s investment in unconsolidated
   
--
    
--
  
$
6,060
    
--
    
--
  
$
3,647
  
$
119,061
  
$
2,560
  
$
6,669
  
$
1,024
  
$
8,500
  
$
7,130
  
$
5,250
  
$
400
  
$
160,301
  


December 31, 2005
  
   
Meadowlands
Xanadu
  
G&G
Martco
  
Plaza
VIII & IX
Associates
  
Ramland
Realty
  
Harborside
South Pier
  
Red Bank
Corporate
Plaza
  
Mack-
Green-
Gale
  
Princeton
Forrestal
Village
  
Route 93
Portfolio
  
Gale
Kimball
  
55 Corporate
  
12 Vreeland
  
Boston-Filenes
  
NKFGMS Owners LLC
  
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
  
$
1,358
    
220
    
4,341
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
67,242
  
Partners’/members’ capital (deficit):
    
501,070
    
(30,409
)
  
12,327
    
(1,457
)
  
24,548
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
506,079
  
Total liabilities and partners’/members’ capital (deficit):
  
$
561,517
  
$
17,055
  
$
13,685
  
$
13,699
  
$
85,859
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
691,815
  
Company’s investment in unconsolidated
 
$
34,640
  
$
6,438
  
$
6,084
    
--
  
$
14,976
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
62,138
  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 three months ended December 31, 2006 and 2005 (dollars in thousands):



Three Months Ended December 31, 2006
  
   
Meadowlands
Xanadu
  
G&G
Martco
  
Plaza
VIII & IX
Associates
  
Ramland
Realty
  
Harborside
South Pier
  
Red Bank
Corporate
Plaza
  
Mack-
Green-Gale
  
Princeton
Forrestal
Village
  
Route 93
Portfolio
  
Gale
Kimball
  
55 Corporate
  
12 Vreeland
  
Combined Total
  
Total revenues
    
--
  
$
640
  
$
266
  
$
625
  
$
11,739
  
$
15
  
$
20,204
  
$
2,319
  
$
1,081
    
--
    
--
  
$
1,946
  
$
38,835
  
Operating and other expenses
    
--
    
177
    
(36
)
  
(400
)
  
(6,882
)
  
--
    
(8,269
)
  
(1,422
)
  
(655
)
  
--
    
--
    
(12
)
  
(17,499
)
Depreciation and amortization
    
--
    
(141
)
  
(154
)
  
(294
)
  
(1,484
)
  
--
    
(11,910
)
  
(767
)
  
(346
)
  
--
    
--
    
(323
)
  
(15,419
)
Interest expense
    
--
    
(137
)
  
--
    
(273
)
  
(1,212
)
  
--
    
(6,898
)
  
(881
)
  
(888
)
  
--
    
--
    
(755
)
  
(11,044
)
 
Net income
    
--
  
$
539
  
$
76
  
$
(342
)
$
2,161
  
$
15
  
$
(6,873
)
$
(751
)
$
(808
)
  
--
    
--
  
$
856
  
$
(5,127
)
Company’s equity in earnings (loss) of unconsolidated joint ventures
    
--
  
$
(200
)
$
38
    
--
  
$
1,080
    
--
  
$
(935
)
$
(158
)
$
(202
)
  
--
    
--
  
$
177
  
$
(200
)





Three Months Ended December 31, 2005
  
   
Meadowlands
Xanadu
  
G&G
Martco
  
Plaza
VIII & IX
Associates
  
Ramland
Realty
  
Harborside
South Pier
  
Red Bank
Corporate
Plaza
  
Mack-
Green-Gale
  
Princeton
Forrestal
Village
  
Route 93
Portfolio
  
Gale
Kimball
  
55 Corporate
  
12 Vreeland
  
Combined Total
  
Total revenues
    
--
  
$
1,821
  
$
174
  
$
509
  
$
10,169
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
12,673
  
Operating and other expenses
    
--
    
(976
)
  
(36
)
  
(361
)
  
(6,474
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(7,847
)
Depreciation and amortization
    
--
    
(344
)
  
(154
)
  
(160
)
  
(1,300
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(1,958
)
Interest expense
    
--
    
(678
)
  
--
    
(219
)
  
(1,107
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(2,004
)
 
Net income
    
--
  
$
(177
)
$
(16
)
$
(231
)
$
1,288
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
864
  
Company’s equity in earnings (loss) of unconsolidated joint ventures
    
--
  
$
(939
)
$
(9
)
  
--
  
$
644
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
(304
)








Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
17


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 years ended December 31, 2006 and 2005 (dollars in thousands):



Year Ended December 31, 2006
  
   
Meadowlands
Xanadu
  
G&G
Martco
  
Plaza
VIII & IX
Associates
  
Ramland
Realty
  
Ashford
Loop
  
Harborside
South Pier
  
Red Bank
Corporate
Plaza
  
Mack-
Green-
Gale
  
Princeton
Forrestal
Village
  
Route 93
Portfolio
  
Gale
Kimball
  
55 Corporate
  
12 Vreeland
  
Combined Total
  
Total revenues
    
--
  
$
5,990
  
$
755
  
$
2,158
    
--
  
$
39,268
  
$
15
  
$
44,121
  
$
8,904
  
$
3,609
  
$
4
    
--
  
$
2,102
  
$
106,926
  
Operating and
other expenses
    
--
    
(2,702
)
  
(186
)
  
(1,497
)
  
--
    
(23,533
)
  
--
    
(19,639
)
  
(5,832
)
  
(1,502
)
  
(1
)
  
--
    
(76
)
  
(54,968
)
Depreciation and amortization
    
--
    
(1,216
)
  
(616
)
  
(836
)
  
--
    
(5,853
)
  
--
    
(21,129
)
  
(2,883
)
  
(811
)
  
--
    
--
    
(352
)
  
(33,696
)
Interest expense
    
--
    
(2,499
)
  
--
    
(1,029
)
  
--
    
(3,962
)
  
--
    
(17,117
)
  
(3,059
)
  
(1,890
)
  
--
    
--
    
(755
)
  
(30,311
)
 
Net income
    
--
  
$
(427
)
$
(47
)
$
(1,204
)
  
--
  
$
5,920
  
$
15
  
$
(13,764
)
$
(2,870
)
$
(594
)
$
3
    
--
  
$
919
  
$
(12,049
)
Company’s equity in earnings (loss) of unconsolidated joint ventures
  
$
(1,876
)
$
(930
)
$
(24
)
$
(225
)
  
--
  
$
2,820
    
--
  
$
(4,945
)
$
(436
)
$
(148
)
  
--
    
--
  
$
208
  
$
(5,556
)



Year Ended December 31, 2005
  
   
Meadowlands
Xanadu
  
G&G
Martco
  
Plaza
VIII & IX
Associates
  
Ramland
Realty
  
Ashford
Loop
  
Harborside
South Pier
  
Red Bank
Corporate
Plaza
  
Mack-
Green-
Gale
  
Princeton
Forrestal
Village
  
Route 93
Portfolio
  
Gale
Kimball
  
55 Corporate
  
12 Vreeland
  
Combined Total
  
Total revenues
    
--
  
$
6,767
  
$
396
  
$
2,028
    
--
  
$
35,198
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
44,389
  
Operating and
other expenses
    
--
    
(3,662
)
  
(169
)
  
(1,407
)
  
--
    
(22,251
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(27,489
)
Depreciation and amortization
    
--
    
(1,205
)
  
(616
)
  
(638
)
  
--
    
(5,778
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(8,237
)
Interest expense
    
--
    
(2,270
)
  
--
    
(759
)
  
--
    
(4,176
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(7,205
)
 
Net income
    
--
  
$
(370
)
$
(389
)
$
(776
)
  
--
  
$
2,993
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
1,458
  
Company’s equity in earnings (loss) of unconsolidated joint ventures
    
--
  
$
(1,219
)
$
(196
)
  
--
  
$
(30
)
$
1,693
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
248
  









Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
 
18


Select Financial Ratios



     
Ratios Computed For Industry
December 31,
  
Comparisons:
2006
2005
      
 
Financial Position Ratios:
          
Total Debt/ Total Book
Capitalization
(Book value) (%)
48.84%
50.06%
     
Total Debt/ Total Market
Capitalization
(Market value) (%)
34.96%
39.23%
     
Total Debt/ Total Undepreciated
Assets (%)
41.38%
42.78%
     
Secured Debt/ Total Undepreciated
Assets (%)
6.60%
8.36%
           
           
           
 
Three Months Ended
December 31,
  
Year Months Ended
December 31,
 
2006
2005
  
2006
2005
 
Operational Ratios:
          
Interest Coverage
(Funds from Operations+Interest
Expense)/Interest Expense (x)
2.91
3.14
  
3.13
3.27
           
Debt Service Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x)
2.59
2.70
  
2.80
2.80
           
Fixed Charge Coverage
 (Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x)
2.47
2.55
  
2.65
2.58
           
FFO Payout
 (Dividends Declared/Funds from
Operations) (%)
73.58%
73.31%
  
68.12%
70.58%
                 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
19



Debt Analysis
(as of December 31, 2006)


Debt Breakdown
(dollars in thousands)

         
 
Balance
% of Total
Weighted Average
Interest Rate (a)
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes
$1,670,225
77.33%
6.28%
5.29
Fixed Rate Secured Debt and Other Obligations
344,734
15.96%
5.43%
5.11
Variable Rate Unsecured Debt
145,000
6.71%
5.76%
2.90
 
Totals/Weighted Average:
$2,159,959
100.00%
6.11%
5.10


Future Repayments
(dollars in thousands)

         
Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
2007
$19,126
$15,152
$34,278
5.67%
2008
17,971
12,563
30,534
5.25%
2009
10,100
445,000
455,100
6.89%
2010
2,795
334,500
337,295
5.26%
2011
3,580
300,000
303,580
7.91%
Thereafter
11,685
993,091
1,004,776
5.57%
Sub-total
65,257
2,100,306
2,165,563
6.11%
Adjustment for unamortized debt
discount/premium, net, as of
December 31, 2006
(5,604)
--
(5,604)
--
 
Totals/Weighted Average:
$59,653
$2,100,306
$2,159,959
6.11%

(a)  
Actual weighted average LIBOR contract rates relating to the Company’s outstanding debt as of December 31, 2006 of 5.35 percent was used in calculating revolving credit facility.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
 
20


Debt Maturities
(dollars in thousands)

                                                   
   
2007
  
2008
  
2009
  
2010
  
2011
  
2012
  
2013
  
2014
  
2015
  
2016
  
2018
  
TOTALS
  
Secured Debt:
                                                  
Mack-Cali Airport
  
$
9,365
                                                              
$
9,365
  
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
  
395 West Passaic
                                              
9,636
                      
9,636
  
500 West Putnam Avenue
                                                        
$
22,325
          
22,325
  
23 Main Street
                                                              
$
26,566
    
26,566
  
Total Secured Debt:
  
$
15,153
  
$
12,563
    
--
  
$
169,500
    
--
  
$
15,234
  
$
19,118
  
$
38,828
    
--
  
$
22,325
  
$
26,566
  
$
319,287
  
                                                                           
Unsecured Debt:
                                                                          
Unsecured credit facility
              
$
145,000
                                                  
$
145,000
  
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:
    
--
    
--
  
$
445,000
  
$
165,000
  
$
300,000
  
$
194,914
  
$
126,105
  
$
200,000
  
$
150,000
  
$
200,000
    
--
  
$
1,781,019
  
                                                                           
Total Debt:
  
$
15,153
  
$
12,563
  
$
445,000
  
$
334,500
  
$
300,000
  
$
210,148
  
$
145,223
  
$
238,828
  
$
150,000
  
$
222,325
  
$
26,566
  
$
2,100,306
  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
 
21


Debt Detail
(dollars in thousands)

   
Effective
Principal Balance at
  
 
Property Name
Lender
Interest
Rate
December 31,
2006
December 31,
2005
Date of
Maturity
  
Senior Unsecured Notes: (a)
          
7.250%, $300,000 Face Amount Notes
public debt
7.490%
$299,481
$299,246
03/15/09
  
5.050%, $150,000 Face Amount Notes
public debt
5.265%
149,819
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%
299,295
299,122
02/15/11
  
5.250%, $100,000 Face Amount Notes
public debt
5.457%
99,015
--
01/15/12
  
6.150%, $94,914 Face Amount Notes
public debt
6.894%
91,981
91,488
12/15/12
  
5.820%, $26,105 Face Amount Notes
public debt
6.448%
25,420
25,309
03/15/13
  
4.600%, $100,000 Face Amount Notes
public debt
4.742%
99,815
99,787
06/15/13
  
5.125%, $200,000 Face Amount Notes
public debt
5.110%
201,708
201,948
02/15/14
  
5.125%, $150,000 Face Amount Notes
public debt
5.297%
149,256
149,164
01/15/15
  
5.800%, $200,000 Face Amount Notes
public debt
5.806%
200,692
99,680
01/15/16
  
Total Senior Unsecured Notes:
    
$1,631,482
$1,430,509
  

Revolving Credit Facilities:
2004 Unsecured Facility (b)
23 Lenders
Libor +0.650%
$145,000
$227,000
11/23/09
  
Total Revolving Credit Facilities:
    
$145,000
$227,000
    


Property Mortgages: (c)
Mack-Cali Airport
Allstate Life Insurance Co.
7.050%
$9,422
$ 9,644
04/01/07
(d)
6303 Ivy Lane
State Farm Life Ins. Co.
5.567%
6,020
--
07/01/07
(e)
6404 Ivy Lane
TIAA
5.582%
13,665
--
08/01/08
  
Various (f)
Prudential Insurance Co.
4.841%
150,000
150,000
01/15/10
  
105 Challenger Road
Archon Financial CMBS
6.235%
18,748
--
06/06/10
  
2200 Renaissance Boulevard
TIAA
5.888%
17,819
18,174
12/01/12
  
Soundview Plaza
TIAA
6.015%
18,013
18,427
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
5,232
--
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
7,285
--
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
12,996
--
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,821
--
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
20,318
--
08/11/14
  
500 West Putnam Avenue
New York Life Ins. Co.
5.571%
25,000
25,000
01/10/16
  
23 Main Street
JP Morgan CMBS
5.587%
33,396
33,500
09/01/18
  
Assumed Obligations
n/a
4.904%
38,742
53,241
05/01/09
(g)
Harborside - Plazas 2 and 3
Northwestern/Principal
--
--
144,642
--
(h)
Monmouth Executive Center
La Salle Brothers CMBS
--
--
16,044
--
(i)
6406 Ivy Lane
Morgan Stanley Guaranty Trust Co.
--
--
--
--
(j)
Total Mortgages, Loans Payable and Other Obligations:
  
$383,477
$468,672
  
 
Total Debt:
    
$2,159,959
$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 February 5, 2007, the Company repaid this mortgage loan at par, using available cash.
(e)  
On February 15, 2007, the Company repaid this mortgage loan at par, using available cash.
(f)  
Mortgage is collateralized by seven properties.
(g)  
The obligations mature at various times through May 2009.
(h)  
On January 3, 2006, the Company paid off this mortgage loan through borrowings on the Company’s revolving credit facility.
(i)  
Mortgage was 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.
(j)  
On December 1, 2006, the Company repaid this mortgage loan at par, using borrowings under the Company’s revolving credit facility.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
22












III. FINANCIAL INFORMATION















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
23


III. FINANCIAL INFORMATION

Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)


 
Three Months Ended
December 31, 
 
Year Ended
December 31,
 
Revenues
2006
2005 
2006 
2005 
Base rents
$ 137,881
 $ 127,943
$ 544,870
$ 508,227
Escalations and recoveries from tenants
21,182
20,773
91,044
77,900
Construction services
19,939
--
56,225
--
Real estate services
12,030
805
31,045
2,917
Other income
7,140
3,538
17,125
11,087
Total revenues
198,172
153,059
740,309
600,131
         
Expenses
        
Real estate taxes
21,721
20,362
86,612
77,252
Utilities
13,699
13,753
60,487
52,401
Operating services
24,673
21,017
91,013
80,820
Direct construction costs
18,454
--
53,602
--
Real estate services, salaries, wages and other costs
7,780
--
18,600
--
General and administrative
16,280
8,991
49,077
32,441
Depreciation and amortization
43,879
37,527
160,859
143,593
Total expenses
146,486
101,650
520,250
386,507
Operating Income
51,686
51,409
220,059
213,624
         
Other (Expense) Income
        
Interest expense
(35,737)
(30,418)
(136,357)
(119,337)
Interest and other investment income
696
364
3,054
856
Equity in earnings (loss) of unconsolidated joint ventures
(200)
(304)
(5,556)
248
Minority interest in consolidated joint ventures
75
--
218
(74)
Gain on sale of investment in marketable securities
--
--
15,060
--
Gain on sale of investment in unconsolidated joint ventures
10,831
--
10,831
35
Gain / (loss) on sale of land and other assets
(416)
--
(416)
--
Total other (expense) income
(24,751)
(30,358)
(113,166)
(118,272)
Income from continuing operations before
        
Minority interest in Operating Partnership
26,935
21,051
106,893
95,352
Minority interest in Operating Partnership
(5,270)
(3,732)
(20,533)
(18,758)
Income from continuing operations
21,665
17,319
86,360
76,594
Discontinued operations (net of minority interest):
        
Income from discontinued operations
2,465
2,129
10,591
14,468
Realized gains (losses) and unrealized losses on disposition
of rental property, net
43,794
(4,547)
47,715
4,426
Total discontinued operations, net
46,259
(2,418)
58,306
18,894
Net income
67,924
14,901
144,666
95,488
Preferred stock dividends
(500)
(500)
(2,000)
(2,000)
Net income available to common shareholders
 $67,424
$14,401
$142,666
$93,488
         
Basic earnings per common share:
        
Income from continuing operations
$     0.34
$    0.27
$     1.35
$    1.21
Discontinued operations
0.74
(0.04)
0.94
0.31
Net income available to common shareholders
$     1.08
$    0.23
$     2.29
$    1.52
         
Diluted earnings per common share:
        
Income from continuing operations
$    0.34
$   0.27
$    1.35
$   1.20
Discontinued operations
0.73
(0.04)
0.93
0.31
Net income available to common shareholders
$    1.07
$   0.23
$    2.28
$   1.51
         
Dividends declared per common share
$    0.64
 $   0.63
$    2.54
$   2.52
         
Basic weighted average shares outstanding
62,471
61,715
62,237
61,477
         
Diluted weighted average shares outstanding
78,410
75,799
77,901
74,189


 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
24


Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts) (unaudited)


 
December 31,
Assets
2006
2005
  
Rental property
    
Land and leasehold interests
$659,169
$637,653
Buildings and improvements
3,549,699
3,539,003
Tenant improvements
356,495
307,664
Furniture, fixtures and equipment
8,224
7,432
  
 
4,573,587
4,491,752
  
Less - accumulated depreciation and amortization
(796,793)
(722,980)
  
Net investment in rental property
3,776,794
3,768,772
  
Cash and cash equivalents
101,223
60,397
Marketable securities available for sale at fair value
--
50,847
Investments in unconsolidated joint ventures
160,301
62,138
Unbilled rents receivable, net
100,847
92,692
Deferred charges and other assets, net
240,637
197,634
Restricted cash
15,448
9,221
Accounts receivable, net of allowance for doubtful accounts
    
of $1,260 and $1,088
27,639
5,801
  
       
Total assets
$4,422,889
$4,247,502
  
       
Liabilities and Stockholders’ Equity
      
Senior unsecured notes
$1,631,482
$1,430,509
Revolving credit facility
145,000
227,000
Mortgages, loans payable and other obligations
383,477
468,672
Dividends and distributions payable
50,591
48,178
Accounts payable, accrued expenses and other liabilities
122,134
85,481
Rents received in advance and security deposits
45,972
47,685
Accrued interest payable
34,106
27,871
  
Total liabilities
2,412,762
2,335,396
  
       
Minority interests:
    
Operating Partnership
480,103
400,819
Consolidated joint ventures
2,117
--
Total minority interests
482,220
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,
    
62,925,191 and 62,019,646 shares outstanding
629
620
Additional paid-in capital
1,708,053
1,682,141
Unamortized stock compensation
--
(6,105)
Dividends in excess of net earnings
(205,775)
(189,579)
Accumulated other comprehensive loss
--
(790)
Total stockholders’ equity
1,527,907
1,511,287
  
       
Total liabilities and stockholders’ equity
$4,422,889
$4,247,502
  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
 
25


Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Stockholders’ Equity
For the year ended December 31, 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
    
--
    
--
    
--
    
--
    
--
    
--
    
144,666
    
--
    
144,666
  
Preferred stock dividends
    
--
    
--
    
--
    
--
    
--
    
--
    
(2,000
)
  
--
    
(2,000
)
Common stock dividends
    
--
    
--
    
--
    
--
    
--
    
--
    
(158,862
)
  
--
    
(158,862
)
Redemption of common units for common stock
    
--
    
--
    
475
    
5
    
14,669
    
--
    
--
    
--
    
14,674
  
Shares issued under Dividend Reinvestment and Stock Purchase Plan
    
--
    
--
    
5
    
--
    
244
    
--
    
--
    
--
    
244
  
Stock options exercised
    
--
    
--
    
353
    
3
    
10,442
    
--
    
--
    
--
    
10,445
  
Stock options expense
    
--
    
--
    
--
    
--
    
465
    
--
    
--
    
--
    
465
  
Comprehensive Gain:
Unrealized holding gain on marketable securities available for sale
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
15,850
    
15,850
  
Directors Deferred compensation plan
    
--
    
--
    
--
    
--
    
302
    
--
    
--
    
--
    
302
  
Issuance of restricted stock
    
--
    
--
    
81
    
1
    
--
    
--
    
--
    
--
    
1
  
Amortization of stock compensation
    
--
    
--
    
--
    
--
    
5,895
    
--
    
--
    
--
    
5,895
  
Cancellation of restricted stock
    
--
    
--
    
(9
)
  
--
    
--
    
--
    
--
    
--
    
--
  
Reclassification adjustment for realized gain included in net income
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(15,060
)
  
(15,060
)
                                                         
Balance at
December 31, 2006
    
10
  
$
25,000
    
62,925
  
$
629
  
$
1,708,053
  
$
--
  
$
(205,775
)
$
--
  
$
1,527,907
  








Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
 
26




Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)


   
Three Months Ended
December 31,
  
Year Ended
December 31,
  
   
2006
  
2005
  
2006
  
2005
  
Net income available to common shareholders
  
$
67,424
  
$
14,401
  
$
142,666
  
$
93,488
  
Add: Minority interest in Operating Partnership
    
5,270
    
3,732
    
20,533
    
18,758
  
Minority interest in discontinued operations
    
11,520
    
(536
)
  
14,493
    
3,873
  
Real estate-related depreciation and amortization on continuing operations (a)
    
49,517
    
38,898
    
176,142
    
147,267
  
Real estate-related depreciation and amortization on discontinued operations
    
2
    
3,085
    
7,090
    
12,506
  
Deduct: Gain on sale of investment in unconsolidated joint venture
    
(10,831
)
  
--
    
(10,831
)
  
(35
)
Add: Discontinued operations - Realized gains (losses) and unrealized losses on disposition of rental property, net
    
(54,700
)
  
5,555
    
(59,605
)
  
(5,523
)
Funds from operations available to common shareholders (b)
  
$
68,202
  
$
65,135
  
$
290,488
  
$
270,334
  
                           
Diluted weighted average shares/units outstanding (c)
    
78,410
    
75,799
    
77,901
    
75,719
  
                           
Funds from operations per share/unit - diluted
  
$
0.87
  
$
0.86
  
$
3.73
  
$
3.57
  
                           
Dividend declared per common share
  
$
0.64
  
$
0.63
  
$
2.54
  
$
2.52
  
                           
Dividend payout ratios:
                          
Funds from operations-diluted
    
73.58
%
  
73.31
%
  
68.12
%
  
70.58
%
                           
Supplemental Information:
                          
Non-incremental revenue generating capital expenditures:
                          
Building improvements
  
$
4,890
  
$
2,564
  
$
12,465
  
$
6,532
  
Tenant improvements and leasing commissions
  
$
22,132
  
$
9,143
  
$
68,498
  
$
41,044
  
Straight-line rent adjustments (d)
  
$
2,794
  
$
4,321
  
$
20,397
  
$
14,194
  
Amortization of (above)/below market lease intangibles, net (e)
  
$
2,046
  
$
994
  
$
3,305
  
$
3,725
  
                           

(a)  Includes the Company’s share from unconsolidated joint ventures of $5,776 and $1,524 for the three months ended December 31, 2006 and 2005, respectively and $15,854 and $4,299 for the year ended December 31, 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 12.
(c)  Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (15,556 shares and 13,699 shares for the three months ended December 31, 2006 and 2005, respectively and 15,286 shares and 13,782 shares for the year ended December 31, 2006 and 2005, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 29.
(d)  Includes the Company’s share from unconsolidated joint ventures of $1,019 and $223 for the three months ended December 31, 2006 and 2005, respectively and $3,432 and $612 for the year ended December 31, 2006 and 2005, respectively.
(e)   Includes the Company's share from unconsolidated joint ventures of $1,197 and $0 for 2006 and 2005, respectively.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
27




Statements of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands) (unaudited)

 
   
Three Months Ended
December 31,
  
Year Ended
December 31,
  
   
2006
  
2005
  
2006
  
2005
  
Net income available to common shareholders
  
$
1.07
  
$
0.23
  
$
2.28
  
$
1.51
  
Add: Real estate-related depreciation and amortization on continuing operations (a)
    
0.63
    
0.51
    
2.26
    
1.94
  
Real estate-related depreciation and amortization on discontinued operations
    
--
    
0.04
    
0.09
    
0.17
  
Deduct: Gain (loss) on sale of unconsolidated joint ventures
    
(0.14
)
  
--
    
(0.14
)
  
--
  
Deduct/Add: Discontinued Operations - Realized gains (losses) and unrealized losses on disposition of rental property, net
    
(0.70
)
  
0.07
    
(0.77
)
  
(0.07
)
Minority interest/rounding adjustment
    
0.01
    
0.01
    
0.01
    
0.02
  
 
Funds from operations available to common shareholders (b)
 
$
0.87
  
$
0.86
  
$
3.73
  
$
3.57
  
                           
Diluted weighted average shares/units outstanding (c)
    
78,410
    
75,799
    
77,901
    
75,719
  

(a)  Includes the Company’s share from unconsolidated joint ventures of $0.07 and $0.02 for the three months ended December 31, 2006 and 2005, respectively and $0.20 and $0.06 for the year ended December 31, 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 12.
(c)  Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (15,556 shares and 13,699 shares for the three months ended December 31, 2006 and 2005, respectively and 15,286 shares and 13,782 shares for the year ended December 31, 2006 and 2005, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 29.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
28




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
December 31,
Year Ended
December 31,
 
2006
2005
2006
2005
Basic weighted average shares outstanding:
62,471
61,715
62,237
61,477
Add: Weighted average common units
15,556
13,699
15,286
12,252
Basic weighted average shares/units:
78,027
75,414
77,523
73,729
Add: Stock options
304
331
310
401
Restricted Stock Awards
79
54
68
59
Stock warrants
--
--
--
--
Diluted weighted average shares outstanding:
78,410
75,799
77,901
74,189
Add: Weighted average preferred units
(after conversion to common units)
--
--
--
1,530
 
Diluted weighted average shares/units outstanding:
78,410
75,799
77,901
75,719




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
29












IV. VALUE CREATION PIPELINE

















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
30




IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
(dollars in thousands)


For the year ended December 31, 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
33,586
05/09/06
105 Challenger Road (c) (e)
Ridgefield Park, Bergen County, NJ
1
150,050
34,960
05/09/06
343 Thornall Street (c) (f)
Edison, Middlesex County, NJ
1
195,709
46,193
07/31/06
395 W. Passaic Street (g)
Rochelle Park, Bergen County, NJ
1
100,589
22,219
 
Total Property Acquisitions:
    
11
1,461,104
$302,969



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) (h)
Holmdel, Monmouth County, NJ
1
350,000
23,948
07/12/05
Monmouth Executive Center (i)
Freehold, Monmouth County, NJ
4
235,968
33,561
 
Total Property Acquisitions:
    
6
1,832,251
$387,811

(a)  
Amounts are as of December 31, 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)  
Transaction was funded primarily through borrowing on the Company’s revolving credit facility and the assumption of $13.1 million of mortgage debt.
(h)  
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 $9,511 through December 31, 2006.
(i)  
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 December 31, 2006

 
31




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
12/31/06
Total
Estimated
Costs
Current
% Leased
Majority Owned:
                
AAA Operations Center
Hamilton, NJ
Office
2007-1Q
1
120,000
$15,694
$19,200
100.0%
 
Sub-total:
      
1
120,000
15,694
19,200
100.0%
                 
Unconsolidated
Joint Ventures:
                
Red Bank Corporate Plaza
Red Bank, NJ
Office
2007-3Q
1
92,878
12,462
27,050
100.0%
100 Kimball
Parsippany, NJ
Office
2007-1Q
1
175,000
26,601
27,000
--
 
Sub-total:
      
2
267,878
39,063
54,050
34.7%
 
Grand Total:
      
3
387,878
$54,757
$73,250
54.9%


 





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
32




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
5.3
68,000
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
One Newark Center (a)
Newark
NJ
1.0
400,000
Office
Mack-Cali Business Campus
Parsippany & Hanover
NJ
110.0
1,350,000
Office
3 Campus Drive
Parsippany
NJ
10.0
124,000
Office
Red Bank Corporate Plaza II (a)
Red Bank
NJ
1.0
18,563
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
 
Total:
    
437.2
11,500,013
  

(a)  
Land owned or controlled by 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 December 31, 2006

 
33




Rental Property Sales
(dollars in thousands)


For the year ended December 31, 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
11/10/06
Colorado portfolio
Various cities, Colorado
19
1,431,610
193,404
165,072
28,332
12/21/06
California portfolio
San Francisco, San Francisco County, CA
2
450,891
124,182
97,814
26,368
 
Total Property Sales:
  
23
2,089,228
$336,497
$276,892
$59,605


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 December 31, 2006

None.







Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
34












V. PORTFOLIO/ LEASING STATISTICS




















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
35




V. PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended December 31, 2006)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
Region/Market
Sq. Ft.
Leased 9/30/06
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/06 (c)
Pct.
Leased
12/31/06
Pct.
Leased
9/30/06
Northeast
                
Northern NJ
11,909,315
-
(555,261)
784,000
228,739
12,138,054
91.9%
90.1%
Central NJ
4,442,069
-
(312,434)
338,348
25,914
4,467,983
90.6%
90.1%
Westchester Co., NY
4,602,564
-
(165,743)
173,854
8,111
4,610,675
96.3%
96.1%
Sub. Philadelphia
3,278,077
-
(168,802)
143,061
(25,741)
3,252,336
90.1%
90.8%
Fairfield, CT
771,319
-
(32,886)
25,142
(7,744)
763,575
89.6%
90.5%
Washington, DC/MD
1,162,127
-
(13,554)
10,016
(3,538)
1,158,589
89.6%
89.9%
Rockland Co., NY
180,000
-
 (4,210)
4,210
-
180,000
100.0%
100.0%
Total Northeast
26,345,471
-
(1,252,890)
1,478,631
225,741
26,571,212
92.0%
91.3%
                 
Other
                
Colorado
1,371,287
(1,370,147)
(6,481)
5,341
(1,140)
-
-
95.8%
San Francisco
385,199
(353,018)
(39,725)
7,544
(32,181)
-
-
85.4%
Total Other
1,756,486
(1,723,165)
(46,206)
12,885
(33,321)
-
-
93.3%
                 
Company Totals
28,101,957
(1,723,165)
(1,299,096)
1,491,516
192,420
26,571,212
92.0%
91.4%
                 

 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

       
 
Total sq. ft. as of September 30, 2006
30,748,748
  
 
Total sq. ft. of properties added this period
-
  
 
Total sq. ft. of properties sold this period
(1,882,501)
  
 
Total sq. ft. as of December 31, 2006
28,866,247
  
       


(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 December 31, 2006 aggregating 103,477 square feet for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
36



Leasing Statistics
(For the three months ended December 31, 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
40
761,295
410,391
350,904
10.0
26.03
2.85
 
Office/Flex
3
22,705
9,128
13,577
6.2
19.44
2.91
Central NJ
Office
17
314,353
43,179
271,174
5.4
25.65
3.60
 
Office/Flex
3
23,995
18,095
5,900
3.0
15.54
1.47
Westchester Co., NY
Office
26
69,464
24,658
44,806
4.9
25.30
1.85
 
Office/Flex
19
104,390
24,952
79,438
2.9
17.00
1.50
Sub. Philadelphia
Office
15
80,431
18,398
62,033
5.8
24.16
3.05
 
Office/Flex
8
62,630
11,165
51,465
4.5
10.46
1.89
Fairfield, CT
Office
4
25,142
15,515
9,627
7.4
24.50
4.71
Washington, DC/MD
Office
5
10,016
8,219
1,797
3.6
27.16
3.05
Rockland Co., NY
Office
4
4,210
1,280
2,930
5.0
27.90
0.68
Total Northeast
  
144
1,478,631
584,980
893,651
7.6
24.23
2.89
                 
Other
                
Colorado
Office
3
5,341
1,074
4,267
2.9
18.58
2.33
San Francisco
Office
20
7,544
1,063
6,481
1.3
28.56
0.20
Total Other
  
23
12,885
2,137
10,748
2.0
24.42
1.50
                 
                 
Company Totals
  
167
1,491,516
587,117
904,399
7.5
24.23
2.88
                 
Detail by Property Type
                
 
Office
134
1,277,796
523,777
754,019
8.1
25.75
2.96
 
Office/Flex
33
213,720
63,340
150,380
3.7
15.18
1.88
                 
Company Totals
  
167
1,491,516
587,117
904,399
7.5
24.23
2.88
                     
Tenant Retention:
Leases Retained
59.3%
            
 
Sq. Ft. Retained
69.6%
            
 


(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 $21,616,051 and commissions of $10,165,537 committed, but not necessarily expended, during the period for second generation space aggregating 1,473,536 square feet.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
37



Leasing Statistics
(For the three months ended December 31, 2006)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
State
Sq. Ft.
Leased
9/30/06
Leased
Sq. Ft.
Acquired/ Sold
Expiring/
Adjustment
Sq. Ft. (a)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/06
Pct.
Leased
12/31/06
Pct.
Leased
9/30/06
Northeast
                
Northern NJ
1,546,554
410,472
(20,395)
32,671
12,276
1,969,302
93.0%
90.9%
Central NJ
925,962
-
(18,095)
98,010
79,915
1,005,877
83.6%
77.0%
Rockland Co., NY
152,983
-
-
-
-
152,983
65.9%
65.9%
Boston, MA
344,312
-
-
-
-
344,312
51.6%
51.6%
Total Northeast
2,969,811
410,472
(38,490)
130,681
92,191
3,472,474
82.3%
78.1%
                 
Other
 
 
 
 
 
 
    
Troy, MI
816,950
-
(4,685)
46,916
42,231
859,181
71.1%
67.6%
San Francisco, CA
265,047
(265,047)
-
-
-
-
-
86.7%
Total Other
1,081,997
(265,047)
(4,685)
46,916
42,231
859,181
71.1%
71.5%
                 
Company Totals
4,051,808
145,425
(43,175)
177,597
134,422
4,331,655
79.8%
76.2%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of September 30, 2006
5,317,676
Total sq. ft. of properties added this period
416,429
Total sq. ft. of properties sold this period
(305,618)
Total sq. ft. as of December 31, 2006
5,428,487
   

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 (b)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent
Leasing Costs Per Sq. Ft. Per Year (c)
Northeast
              
Northern NJ
4
32,671
27,239
5,432
9.2
22.89
1.96
Central NJ
5
98,010
71,570
26,440
9.0
25.30
2.57
Total Northeast
9
130,681
98,809
31,872
9.1
24.70
2.19
               
Other
              
Troy, MI
4
46,916
7,770
39,146
5.5
17.94
6.15
Total Other
4
46,916
7,770
39,146
5.5
17.94
6.15
               
Company Totals
13
177,597
106,579
71,018
8.1
22.91
3.32
               

(a)  
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.
(b)  “Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(c)  
Represents estimated workletter costs of $1,558,064 and commissions of $674,932 committed, but not necessarily expended, during the period for second generation space aggregating 101,116 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
38



Leasing Statistics
(For the year ended December 31, 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 12/31/06 (c)
Pct.
Leased
12/31/06
Pct.
Leased
12/31/05
Northeast
                
Northern NJ
11,453,904
389,960
(1,612,049)
1,906,239
294,190
12,138,054
91.9%
89.6%
Central NJ
4,263,823
164,400
(604,638)
644,398
39,760
4,467,983
90.6%
90.1%
Westchester Co., NY
4,598,540
-
(781,549)
793,684
12,135
4,610,675
96.3%
96.0%
Sub. Philadelphia
3,364,652
(88,000)
(586,926)
562,610
(24,316)
3,252,336
90.1%
91.0%
Fairfield, CT
738,123
-
(217,587)
243,039
25,452
763,575
89.6%
86.6%
Washington, DC/MD
399,204
713,492
(84,659)
130,552
45,893
1,158,589
89.6%
88.6%
Rockland Co., NY
277,426
(101,308)
(20,338)
24,220
3,882
180,000
100.0%
92.9%
Total Northeast
25,095,672
1,078,544
(3,907,746)
4,304,742
396,996
26,571,212
92.0%
90.9%
                 
Other
          
 
    
Colorado
1,387,117
(1,370,147)
(116,353)
99,383
(16,970)
-
-
96.9%
San Francisco
366,469
(353,018)
(86,236)
72,785
(13,451)
-
-
81.3%
Total Other
1,753,586
(1,723,165)
(202,589)
172,168
(30,421)
-
-
93.2%
                 
Company Totals
26,849,258
(644,621)
(4,110,335)
4,476,910
366,575
26,571,212
92.0%
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
1,461,104
  
 
Total sq. ft. of properties sold this period
(2,089,228)
  
 
Total sq. ft. as of December 31, 2006
28,866,247
  
       


(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 December 31, 2006 aggregating 103,477 square feet for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
39



Leasing Statistics
(For the year ended December 31, 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
134
1,851,384
796,084
1,055,300
8.1
26.17
3.33
 
Office/Flex
9
54,855
20,476
34,379
4.9
18.18
1.85
Central NJ
Office
62
582,810
151,179
431,631
5.0
26.04
3.79
 
Office/Flex
11
61,588
26,034
35,554
3.9
15.88
1.66
Westchester Co., NY
Office
103
314,215
103,629
210,586
5.1
25.90
3.02
 
Office/Flex
77
478,119
168,634
309,485
5.2
17.01
1.99
 
Industrial/Warehouse
1
1,350
1,350
-
1.0
10.14
0.73
Sub. Philadelphia
Office
63
436,382
156,392
279,990
5.6
22.43
3.09
 
Office/Flex
18
126,228
51,835
74,393
5.1
10.50
2.00
Fairfield, CT
Office
23
155,039
65,878
89,161
5.7
22.14
4.54
 
Office/Flex
1
88,000
-
88,000
5.0
20.76
2.47
Washington, DC/MD
Office
25
130,552
77,784
52,768
6.0
30.74
5.05
Dutchess/Nassau/Rockland Co., NY
Office
11
24,220
14,393
9,827
4.3
25.64
2.91
Total Northeast
  
538
4,304,742
1,633,668
2,671,074
6.5
23.90
3.22
                 
Other
                
Colorado
Office
22
99,383
25,873
73,510
3.6
16.41
2.02
San Francisco
Office
116
72,785
32,072
40,713
3.4
26.64
6.05
Total Other
  
138
172,168
57,945
114,223
3.5
20.74
3.69
                 
Company Totals
  
676
4,476,910
1,691,613
2,785,297
6.3
23.78
3.23
                 
Detail by Property Type
                
 
Office
559
3,666,770
1,423,284
2,243,486
6.6
25.41
3.44
 
Office/Flex
116
808,790
266,979
541,811
5.0
16.40
2.01
 
Industrial/Warehouse
1
1,350
1,350
-
1.0
10.14
0.73
                 
Company Totals
  
676
4,476,910
1,691,613
2,785,297
6.3
23.78
3.23
                 
Tenant Retention:
Leases Retained
61.9%
            
 
Sq. Ft. Retained
67.8%
            
 


(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 $60,689,939 and commissions of $25,983,851 committed, but not necessarily expended, during the period for second generation space aggregating 4,250,651 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
40



Leasing Statistics
(For the year ended December 31, 2006)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
State
Sq. Ft.
Leased
12/31/05
Leased
Sq. Ft.
Acquired/ Sold
Expiring/
Adjustment
Sq. Ft. (a)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/06
Pct.
Leased
12/31/06
Pct.
Leased
12/31/05
Northeast
                
Northern NJ
-
1,959,710
(49,637)
59,229
9,592
1,969,302
93.0%
-
Central NJ
-
928,279
(37,009)
114,607
77,598
1,005,877
83.6%
-
Rockland Co., NY
152,983
-
 (17,000)
17,000
-
152,983
65.9%
65.9%
Boston, MA
-
375,427
 (31,115)
-
(31,115)
344,312
51.6%
-
Total Northeast
152,983
3,263,416
(134,761)
190,836
56,075
3,472,474
82.3%
65.9%
                 
Other
 
 
 
 
 
    
 
Troy, MI
-
964,297
( 152,032)
46,916
(105,116)
859,181
71.1%
-
San Francisco, CA
275,838
(265,047)
 (27,310)
16,519
(10,791)
-
-
90.3%
Total Other
275,838
699,250
(179,342)
63,435
(115,907)
859,181
71.1%
90.3%
                 
Company Totals
428,821
3,962,666
(314,103)
254,271
(59,832)
4,331,655
79.8%
79.8%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

       
 
Total sq. ft. as of December 31, 2005
537,618
  
 
Total sq. ft. of properties added this period
5,196,487
  
 
Total sq. ft. of properties sold this period
(305,618)
  
 
Total sq. ft. as of December 31, 2006
5,428,487
  
       

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 (b)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent
Leasing Costs Per Sq. Ft. Per Year (c)
Northeast
              
Northern NJ
8
59,229
36,694
22,535
7.0
22.30
1.98
Central NJ
8
114,607
85,767
28,840
9.0
24.76
2.42
Rockland Co., NY
1
17,000
-
17,000
5.0
16.65
2.04
Total Northeast
17
190,836
122,461
68,375
8.0
23.27
2.11
               
Other
              
Troy, MI
4
46,916
7,770
39,146
5.5
17.94
6.15
California
2
16,519
7,750
8,769
7.5
28.09
6.33
Total Other
6
63,435
15,520
47,915
6.0
20.58
6.22
               
Company Totals
23
254,271
137,981
116,290
7.5
22.60
3.43
               

(a)  
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.
(b)  “Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(c)  
Represents estimated workletter costs of $2,360,178 and commissions of $1,007,881 committed, but not necessarily expended, during the period for second generation space aggregating 160,448 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
41



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)
111,232,535
19.5
5,847,318
20.3
Jersey City, NJ
111,092,277
19.5
4,317,978
15.0
New York, NY (Westchester-Rockland Counties)
92,351,278
16.1
4,968,420
17.2
Bergen-Passaic, NJ
91,713,438
16.0
4,602,401
15.9
Philadelphia, PA-NJ
54,788,117
9.6
3,529,994
12.2
Washington, DC-MD-VA-WV
30,725,147
5.4
1,292,807
4.5
Monmouth-Ocean, NJ
25,299,731
4.4
1,620,863
5.6
Middlesex-Somerset-Hunterdon, NJ
20,111,613
3.5
986,760
3.4
Trenton, NJ
16,985,745
3.0
767,365
2.7
Stamford-Norwalk, CT
13,317,359
2.3
706,510
2.4
Bridgeport, CT
2,558,828
0.4
145,487
0.5
Atlantic-Cape May, NJ
1,879,867
0.3
80,344
0.3
         
Totals
572,055,935
100.0
28,866,247
100.0
         

(a)  
Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, 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, at December 31, 2006, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring December 31, 2006 aggregating 103,477 feet and representing annualized rent of $1,909,260 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.

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
101,287,164
17.7
3,801,890
14.6
Manufacturing
48,710,080
8.5
2,324,704
9.0
Insurance Carriers & Related Activities
46,461,377
8.1
2,070,823
7.9
Computer System Design Services
31,816,449
5.6
1,504,890
5.8
Credit Intermediation & Related Activities
28,501,580
5.0
1,148,669
4.4
Telecommunications
25,970,292
4.5
1,261,689
4.8
Legal Services
24,471,697
4.3
980,359
3.7
Health Care & Social Assistance
24,343,912
4.3
1,212,140
4.6
Wholesale Trade
21,918,707
3.8
1,419,040
5.4
Scientific Research/Development
21,336,995
3.7
957,503
3.7
Other Professional
18,050,828
3.2
799,887
3.1
Accounting/Tax Prep.
17,217,047
3.0
727,887
2.8
Retail Trade
16,272,370
2.8
980,650
3.7
Public Administration
15,819,365
2.8
610,340
2.3
Advertising/Related Services
15,240,009
2.7
634,569
2.4
Other Services (except Public Administration)
12,383,016
2.2
685,321
2.6
Information Services
10,476,463
1.8
453,549
1.7
Real Estate & Rental & Leasing
9,745,287
1.7
451,915
1.7
Arts, Entertainment & Recreation
9,199,907
1.6
563,141
2.2
Broadcasting
7,428,246
1.3
474,532
1.8
Architectural/Engineering
7,392,806
1.3
336,549
1.3
Construction
7,187,628
1.3
359,355
1.4
Utilities
6,316,637
1.1
312,222
1.2
Data Processing Services
5,725,405
1.0
245,949
0.9
Transportation
5,431,003
0.9
297,239
1.1
Educational Services
5,388,364
0.9
272,450
1.0
Publishing Industries
4,392,580
0.8
221,179
0.8
Admin & Support, Waste Mgt. & Remediation Services
4,023,252
0.7
258,929
1.0
Specialized Design Services
3,824,875
0.7
177,950
0.7
Management of Companies & Finance
3,611,995
0.6
146,335
0.6
Other
12,110,599
2.1
479,566
1.8
         
Totals
572,055,935
100.0
26,171,221
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 December 2006 billings times 12. For leases whose rent commences after January 1, 2007, 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, at December 31, 2006, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring December 31, 2006 aggregating 103,477 square feet and representing annualized rent of $1,909,260 for which no new leases were signed.

 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
42






Consolidated Portfolio Analysis (a)
(as of December 31, 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
98
38.4%
49
19.2%
--
--
--
--
--
--
147
57.6%
New York
20
7.8%
41
16.1%
6
2.4%
2
0.8 %
2
0.8%
71
27.9%
Pennsylvania
18
7.0%
--
--
--
--
--
--
--
--
18
7.0%
Connecticut
4
1.6%
5
2.0%
--
--
--
--
--
--
9
3.6%
Wash., D.C./
Maryland
 
10
 
3.9%
 
--
 
--
 
--
 
--
 
--
 
--
 
--
 
--
 
10
 
3.9%
TOTALS
By Type:
 
150
 
58.7%
 
95
 
37.3%
 
6
 
2.4%
 
2
 
0.8%
 
2
 
0.8%
 
255
 
100.0%

(a) Excludes 45 properties, aggregating approximately 5.4 million square feet, which are not consolidated by the Company.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
43




Consolidated Portfolio Analysis (a)
(as of December 31, 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
17,537,754
60.8%
2,189,531
7.6%
--
--
--
--
19,727,285
68.4%
New York
2,214,908
7.7%
2,348,812
8.1%
387,400
1.3%
17,300
0.1%
4,968,420
17.2%
Pennsylvania
2,025,738
7.0%
--
--
--
--
--
--
2,025,738
7.0%
Connecticut
578,997
2.0%
273,000
0.9%
--
--
--
--
851,997
2.9%
Wash., D.C./
Maryland
 
1,292,807
 
4.5%
 
--
 
--
 
--
 
--
 
--
 
--
 
1,292,807
 
4.5%
TOTALS
By Type:
 
23,650,204
 
82.0%
 
4,811,343
 
16.6%
 
387,400
 
1.3%
 
17,300
 
0.1%
 
28,866,247
 
100.0%

(a) Excludes 45 properties, aggregating approximately 5.4 million square feet, which are not consolidated by the Company.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
44




Consolidated Portfolio Analysis (a)
(Year ended December 31, 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
354,747
65.1%
18,494
3.4%
--
--
--
--
--
--
373,241
68.5%
New York
51,008
9.4%
32,985
6.0%
4,210
0.8%
556
0.1%
299
0.1%
89,058
16.4%
Pennsylvania
41,546
7.6%
--
--
--
--
--
--
--
--
41,546
7.6%
Connecticut
11,696
2.1%
3,895
0.7%
--
--
--
--
--
--
15,591
2.8%
Wash., D.C./
Maryland
25,434
4.7%
--
--
--
--
--
--
--
--
25,434
 
4.7%
TOTALS
By Type:
484,431
88.9%
55,374
10.1%
4,210
0.8%
556
0.1%
299
0.1%
544,870
100.0%

(a)  
Excludes 45 properties, aggregating approximately 5.4 million square feet, which are not consolidated by the Company.
(b)  
Total base rent for the 12 months ended December 31, 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 December 31, 2006

 
45




Consolidated Portfolio Analysis (a) (b)
(as of December 31, 2006)

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
91.7%
90.6%
--
--
91.6%
New York
94.7%
97.7%
98.1%
100.0%
96.4%
Pennsylvania
88.8%
--
--
--
88.8%
Connecticut
85.5%
98.4%
--
--
89.6%
Washington, D.C./ Maryland
89.6%
--
--
--
89.6%
 
WEIGHTED AVG. By Type:
 
91.4%
 
94.5%
 
98.1%
 
100.0%
 
92.0%

(a)  
Excludes 45 properties, aggregating approximately 5.4 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 December 31, 2006, a lease with commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), as well as leases expiring December 31, 2006 aggregating 103,477 square feet for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
46



 
Property Listing
 
Office Properties
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
ATLANTIC COUNTY, NEW JERSEY
                
Egg Harbor
                
100 Decadon Drive
1987
40,422
100.0
954
907
0.18
23.60
22.44
200 Decadon Drive
1991
39,922
100.0
936
872
0.17
23.45
21.84
                 
BERGEN COUNTY, NEW JERSEY
                
Fair Lawn
                
17-17 Route 208 North
1987
143,000
100.0
3,463
2,960
0.64
24.22
20.70
Fort Lee
                
One Bridge Plaza
1981
200,000
54.4
2,549
2,371
0.47
23.43
21.79
2115 Linwood Avenue
1981
68,000
62.6
1,253
1,017
0.23
29.44
23.89
Little Ferry
                
200 Riser Road
1974
286,628
100.0
2,066
1,916
0.38
7.21
6.68
Montvale
                
95 Chestnut Ridge Road
1975
47,700
100.0
796
729
0.15
16.69
15.28
135 Chestnut Ridge Road
1981
66,150
88.9
1,440
1,173
0.26
24.49
19.95
Paramus
                
15 East Midland Avenue
1988
259,823
100.0
5,597
5,440
1.03
21.54
20.94
140 East Ridgewood Avenue
1981
239,680
92.1
4,844
4,218
0.89
21.94
19.11
461 From Road
1988
253,554
98.6
6,064
6,044
1.11
24.26
24.18
650 From Road
1978
348,510
93.8
7,884
6,894
1.45
24.12
21.09
61 South Paramus Avenue
1985
269,191
99.0
6,649
5,906
1.22
24.95
22.16
Ridgefield Park
                
105 Challenger Road (g)
1992
150,050
87.5
2,759
2,527
0.51
32.36
29.64
Rochelle Park
                
120 Passaic Street
1972
52,000
99.6
1,402
1,322
0.26
27.07
25.53
365 West Passaic Street
1976
212,578
97.6
4,177
3,742
0.77
20.13
18.04
395 West Passaic Street (g)
1979
100,589
90.2
918
794
0.17
23.98
20.74
Upper Saddle River
                
1 Lake Street
1973/94
474,801
100.0
7,465
7,465
1.37
15.72
15.72
10 Mountainview Road
1986
192,000
100.0
4,352
4,045
0.80
22.67
21.07
Woodcliff Lake
                
400 Chestnut Ridge Road
1982
89,200
100.0
1,950
1,456
0.36
21.86
16.32
470 Chestnut Ridge Road
1987
52,500
81.2
479
455
0.09
11.24
10.67
530 Chestnut Ridge Road
1986
57,204
100.0
1,166
1,166
0.21
20.38
20.38
50 Tice Boulevard
1984
235,000
100.0
6,155
5,570
1.13
26.19
23.70
300 Tice Boulevard
1991
230,000
100.0
6,155
5,504
1.13
26.76
23.93
                 
BURLINGTON COUNTY, NEW JERSEY
                
Moorestown
                
224 Strawbridge Drive
1984
74,000
98.4
1,309
1,218
0.24
17.98
16.73
228 Strawbridge Drive
1984
74,000
100.0
1,043
896
0.19
14.09
12.11
232 Strawbridge Drive
1986
74,258
98.8
1,446
1,400
0.27
19.71
19.08
                 
ESSEX COUNTY, NEW JERSEY
                
Millburn
                
150 J.F. Kennedy Parkway
1980
247,476
100.0
7,454
6,462
1.37
30.12
26.11
Roseland
                
101 Eisenhower Parkway
1980
237,000
93.9
5,522
5,014
1.01
24.81
22.53
103 Eisenhower Parkway
1985
151,545
87.5
3,026
2,629
0.56
22.82
19.83
105 Eisenhower Parkway
2001
220,000
85.8
4,126
3,088
0.76
21.86
16.36
                 
                 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
47


 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
HUDSON COUNTY, NEW JERSEY
                
Jersey City
                
Harborside Financial Center Plaza 1
1983
400,000
92.8
3,930
3,475
0.72
10.59
9.36
Harborside Financial Center Plaza 2
1990
761,200
100.0
17,838
16,694
3.27
23.43
21.93
Harborside Financial Center Plaza 3
1990
725,600
98.5
17,870
16,780
3.28
25.00
23.48
Harborside Financial Center Plaza 4-A
2000
207,670
99.1
6,749
5,903
1.24
32.79
28.68
Harborside Financial Center Plaza 5
2002
977,225
97.5
35,570
29,406
6.53
37.33
30.86
101 Hudson Street
1992
1,246,283
100.0
29,822
26,212
5.47
23.93
21.03
                 
MERCER COUNTY, NEW JERSEY
                
Hamilton Township
                
600 Horizon Drive
2002
95,000
100.0
1,373
1,373
0.25
14.45
14.45
Princeton
                
103 Carnegie Center
1984
96,000
84.9
2,311
2,029
0.42
28.35
24.89
3 Independence Way
1983
111,300
49.9
884
702
0.16
15.92
12.64
100 Overlook Center
1988
149,600
100.0
3,975
3,431
0.73
26.57
22.93
5 Vaughn Drive
1987
98,500
94.0
2,431
2,120
0.45
26.26
22.90
                 
MIDDLESEX COUNTY, NEW JERSEY
                
East Brunswick
                
377 Summerhill Road
1977
40,000
100.0
353
346
0.06
8.83
8.65
Edison
                
343 Thornall Street (c) (g)
1991
195,709
100.0
1,953
1,608
0.36
15.37
12.65
Piscataway
                
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,465
2,465
0.45
15.41
15.41
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,771
1,771
0.33
15.40
15.40
30 Knightsbridge Road, Bldg. 5
1977
332,607
43.6
1,275
1,080
0.23
8.79
7.45
30 Knightsbridge Road, Bldg. 6
1977
72,743
62.9
0
0
0.00
0.00
0.00
Plainsboro
                
500 College Road East
1984
158,235
95.7
4,031
3,807
0.74
26.62
25.14
Woodbridge
                
581 Main Street
1991
200,000
100.0
4,586
4,346
0.84
22.93
21.73
                 
MONMOUTH COUNTY, NEW JERSEY
                
Freehold
                
2 Paragon Way
1989
44,524
64.8
648
502
0.12
22.46
17.40
3 Paragon Way
1991
66,898
58.4
770
699
0.14
19.71
17.89
4 Paragon Way
2002
63,989
100.0
1,168
900
0.21
18.25
14.06
100 Willowbrook Road
1988
60,557
74.8
812
721
0.15
17.93
15.92
Holmdel
                
23 Main Street
1977
350,000
100.0
4,039
3,187
0.74
11.54
9.11
Middletown
                
One River Centre Bldg. 1
1983
122,594
100.0
3,064
2,633
0.56
24.99
21.48
One River Centre Bldg. 2
1983
120,360
100.0
2,775
2,738
0.51
23.06
22.75
One River Centre Bldg. 3 and 4
1984
214,518
93.6
4,374
4,329
0.80
21.78
21.56
Neptune
                
3600 Route 66
1989
180,000
100.0
2,400
2,171
0.44
13.33
12.06
Wall Township
                
1305 Campus Parkway
1988
23,350
92.4
393
368
0.07
18.22
17.06
1350 Campus Parkway
1990
79,747
99.9
1,564
1,423
0.29
19.63
17.86
                 
MORRIS COUNTY, NEW JERSEY
                
Florham Park
                
325 Columbia Turnpike
1987
168,144
99.4
4,093
3,652
0.75
24.49
21.85




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
48


 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
Morris Plains
                
250 Johnson Road
1977
75,000
100.0
1,579
1,385
0.29
21.05
18.47
201 Littleton Road
1979
88,369
88.9
1,783
1,582
0.33
22.70
20.14
Morris Township
                
412 Mt. Kemble Avenue
1986
475,100
33.5
81
81
0.01
0.51
0.51
Parsippany
                
4 Campus Drive
1983
147,475
96.9
2,634
2,308
0.48
18.43
16.15
6 Campus Drive
1983
148,291
87.2
2,376
1,906
0.44
18.37
14.74
7 Campus Drive
1982
154,395
0.0
0
0
0.00
0.00
0.00
8 Campus Drive
1987
215,265
100.0
6,306
5,534
1.16
29.29
25.71
9 Campus Drive
1983
156,495
86.9
3,720
3,149
0.68
27.35
23.16
4 Century Drive
1981
100,036
71.9
1,592
1,444
0.29
22.13
20.08
5 Century Drive
1981
79,739
67.2
1,951
1,950
0.36
36.41
36.39
6 Century Drive
1981
100,036
69.9
28
22
0.01
0.40
0.31
2 Dryden Way
1990
6,216
100.0
93
93
0.02
14.96
14.96
4 Gatehall Drive
1988
248,480
85.4
5,190
4,707
0.95
24.46
22.18
2 Hilton Court
1991
181,592
100.0
5,089
4,600
0.93
28.02
25.33
1633 Littleton Road
1978
57,722
100.0
1,131
1,131
0.21
19.59
19.59
600 Parsippany Road
1978
96,000
94.7
1,235
1,020
0.23
13.58
11.22
1 Sylvan Way
1989
150,557
100.0
3,499
3,103
0.64
23.24
20.61
5 Sylvan Way
1989
151,383
100.0
3,929
3,592
0.72
25.95
23.73
7 Sylvan Way
1987
145,983
100.0
3,219
2,803
0.59
22.05
19.20
35 Waterview Boulevard (g)
1990
172,498
92.2
2,774
2,491
0.51
26.86
24.12
5 Wood Hollow Road
1979
317,040
96.7
5,758
4,963
1.06
18.78
16.19
                 
PASSAIC COUNTY, NEW JERSEY
                
Clifton
                
777 Passaic Avenue
1983
75,000
100.0
1,517
1,375
0.28
20.23
18.33
Totowa
                
999 Riverview Drive
1988
56,066
100.0
1,079
962
0.20
19.25
17.16
                 
SOMERSET COUNTY, NEW JERSEY
                
Basking Ridge
                
222 Mt. Airy Road
1986
49,000
60.7
615
462
0.11
20.68
15.53
233 Mt. Airy Road
1987
66,000
100.0
1,315
1,103
0.24
19.92
16.71
Bernards
                
106 Allen Road
2000
132,010
97.0
3,027
2,273
0.56
23.64
17.75
Bridgewater
                
721 Route 202/206
1989
192,741
97.0
3,984
3,757
0.73
21.31
20.10
                 
UNION COUNTY, NEW JERSEY
                
Clark
                
100 Walnut Avenue
1985
182,555
99.8
4,737
4,145
0.87
26.00
22.75
Cranford
                
6 Commerce Drive
1973
56,000
88.1
1,116
988
0.20
22.62
20.03
11 Commerce Drive (c)
1981
90,000
92.7
1,020
860
0.19
12.23
10.31
12 Commerce Drive
1967
72,260
95.1
991
817
0.18
14.42
11.89
14 Commerce Drive
1971
67,189
87.3
1,232
1,190
0.23
21.00
20.29
20 Commerce Drive
1990
176,600
100.0
4,332
3,806
0.80
24.53
21.55
25 Commerce Drive
1971
67,749
100.0
1,436
1,351
0.26
21.20
19.94
65 Jackson Drive
1984
82,778
95.5
1,918
1,706
0.35
24.26
21.58




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
49


 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
New Providence
                
890 Mountain Avenue
1977
80,000
87.1
1,775
1,672
0.33
25.47
24.00
                 
Total New Jersey Office
  
17,537,754
91.7
354,747
316,402
65.13
22.40
19.97
                 
ROCKLAND COUNTY, NEW YORK
                
Suffern
                
400 Rella Boulevard
1988
180,000
100.0
4,296
3,826
0.79
23.87
21.26
                 
WESTCHESTER COUNTY, NEW YORK
                
Elmsford
                
100 Clearbrook Road (c)
1975
60,000
99.5
1,131
1,040
0.21
18.94
17.42
101 Executive Boulevard
1971
50,000
45.3
511
462
0.09
22.56
20.40
555 Taxter Road
1986
170,554
100.0
4,173
3,499
0.77
24.47
20.52
565 Taxter Road
1988
170,554
100.0
4,052
3,511
0.74
23.76
20.59
570 Taxter Road
1972
75,000
95.9
1,843
1,708
0.34
25.62
23.75
Hawthorne
                
1 Skyline Drive
1980
20,400
99.0
388
365
0.07
19.21
18.07
2 Skyline Drive
1987
30,000
98.9
475
412
0.09
16.01
13.89
7 Skyline Drive
1987
109,000
95.3
2,532
2,324
0.46
24.37
22.37
17 Skyline Drive
1989
85,000
51.7
719
713
0.13
16.36
16.22
19 Skyline Drive
1982
248,400
100.0
4,471
4,174
0.82
18.00
16.80
Tarrytown
                
200 White Plains Road
1982
89,000
97.9
1,824
1,655
0.33
20.93
18.99
220 White Plains Road
1984
89,000
92.0
1,819
1,670
0.33
22.22
20.40
White Plains
                
1 Barker Avenue
1975
68,000
97.3
1,743
1,621
0.32
26.34
24.50
3 Barker Avenue
1983
65,300
91.0
1,631
1,494
0.30
27.45
25.14
50 Main Street
1985
309,000
98.0
9,249
8,496
1.70
30.54
28.06
11 Martine Avenue
1987
180,000
90.8
4,889
4,368
0.90
29.91
26.73
1 Water Street
1979
45,700
100.0
1,011
878
0.19
22.12
19.21
Yonkers
                
1 Executive Boulevard
1982
112,000
100.0
2,779
2,484
0.51
24.81
22.18
3 Executive Plaza
1987
58,000
100.0
1,472
1,281
0.27
25.38
22.09
                 
Total New York Office
  
2,214,908
94.7
51,008
45,981
9.36
24.31
21.92
                 
CHESTER COUNTY, PENNSYLVANIA
                
Berwyn
                
1000 Westlakes Drive
1989
60,696
95.7
1,592
1,515
0.29
27.41
26.08
1055 Westlakes Drive
1990
118,487
90.2
2,885
2,334
0.53
26.99
21.84
1205 Westlakes Drive
1988
130,265
63.8
2,234
1,954
0.41
26.88
23.51
1235 Westlakes Drive
1986
134,902
97.7
2,789
2,436
0.51
21.16
18.48
                 
DELAWARE COUNTY, PENNSYLVANIA
                
Lester
                
100 Stevens Drive
1986
95,000
100.0
2,551
2,358
0.47
26.85
24.82
200 Stevens Drive
1987
208,000
100.0
5,598
5,252
1.03
26.91
25.25
300 Stevens Drive
1992
68,000
100.0
1,592
1,254
0.29
23.41
18.44
Media
                
1400 Providence Road - Center I
1986
100,000
96.8
2,038
1,838
0.37
21.05
18.99
1400 Providence Road - Center II
1990
160,000
95.8
3,346
2,921
0.61
21.83
19.06




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
50


 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
MONTGOMERY COUNTY, PENNSYLVANIA
                
Bala Cynwyd
                
150 Monument Road
1981
125,783
98.4
2,387
2,286
0.44
19.29
18.47
Blue Bell
                
4 Sentry Parkway
1982
63,930
94.1
1,373
1,368
0.25
22.82
22.74
5 Sentry Parkway East
1984
91,600
30.5
1,185
1,152
0.22
42.42
41.23
5 Sentry Parkway West
1984
38,400
100.0
590
572
0.11
15.36
14.90
16 Sentry Parkway
1988
93,093
100.0
2,268
2,156
0.42
24.36
23.16
18 Sentry Parkway
1988
95,010
97.6
2,040
1,900
0.37
22.00
20.49
King of Prussia
                
2200 Renaissance Boulevard
1985
174,124
74.9
3,329
3,052
0.61
25.53
23.40
Lower Providence
                
1000 Madison Avenue
1990
100,700
75.8
768
622
0.14
10.06
8.15
Plymouth Meeting
                
1150 Plymouth Meeting Mall
1970
167,748
92.9
2,981
2,446
0.55
19.13
15.70
                 
Total Pennsylvania Office
  
2,025,738
88.8
41,546
37,416
7.62
23.09
20.79
                 
FAIRFIELD COUNTY, CONNECTICUT
                
Greenwich
                
500 West Putnam Avenue
1973
121,250
96.3
3,337
3,153
0.61
28.58
27.00
Norwalk
                
40 Richards Avenue
1985
145,487
80.6
2,544
2,239
0.47
21.69
19.09
Shelton
                
1000 Bridgeport Avenue
1986
133,000
93.6
2,188
1,775
0.40
17.58
14.26
Stamford
                
1266 East Main Street
1984
179,260
76.2
3,627
3,453
0.67
26.55
25.28
                 
Total Connecticut Office
  
578,997
85.5
11,696
10,620
2.15
23.62
21.45
                 
WASHINGTON, D.C.
                
1201 Connecticut Avenue, NW
1940
169,549
100.0
5,090
4,758
0.93
30.02
28.06
1400 L Street, NW
1987
159,000
90.6
4,839
4,667
0.89
33.59
32.40
                 
Total District of Columbia Office
  
328,549
95.5
9,929
9,425
1.82
31.66
30.05
                 
PRINCE GEORGE’S COUNTY, MARYLAND
              
Greenbelt
                
9200 Edmonston Road (g)
1973
38,690
100.0
774
699
0.14
23.78
21.48
6301 Ivy Lane (g)
1979
112,003
86.1
1,564
1,335
0.29
19.28
16.46
6303 Ivy Lane (g)
1980
112,047
87.4
2,040
1,826
0.37
24.77
22.17
6305 Ivy Lane (g)
1982
112,022
73.6
1,387
1,127
0.25
20.00
16.25
6404 Ivy Lane (g)
1987
165,234
77.9
2,274
1,815
0.42
21.00
16.76
6406 Ivy Lane (g)
1991
163,857
100.0
2,275
2,066
0.42
16.51
14.99
6411 Ivy Lane (g)
1984
138,405
90.8
2,359
2,067
0.43
22.32
19.55
Lanham
                
4200 Parliament Place
1989
122,000
91.2
2,832
2,627
0.52
25.45
23.61
                 
Total Maryland Office
  
964,258
87.6
15,505
13,562
2.84
21.18
18.49
                 
TOTAL OFFICE PROPERTIES
  
23,650,204
91.4
484,431
433,406
88.92
22.76
20.35




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
51


 
Property Listing
 
Office/Flex Properties
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
BURLINGTON COUNTY, NEW JERSEY
              
Burlington
                
3 Terri Lane
1991
64,500
90.4
452
369
0.08
7.75
6.33
5 Terri Lane
1992
74,555
91.7
608
516
0.11
8.89
7.55
Moorestown
                
2 Commerce Drive
1986
49,000
76.3
330
301
0.06
8.83
8.05
101 Commerce Drive
1988
64,700
100.0
275
249
0.05
4.25
3.85
102 Commerce Drive
1987
38,400
87.5
232
184
0.04
6.90
5.48
201 Commerce Drive
1986
38,400
75.0
163
112
0.03
5.66
3.89
202 Commerce Drive
1988
51,200
100.0
307
237
0.06
6.00
4.63
1 Executive Drive
1989
20,570
81.1
156
101
0.03
9.35
6.05
2 Executive Drive
1988
60,800
84.7
384
364
0.07
7.46
7.07
101 Executive Drive
1990
29,355
99.7
274
258
0.05
9.36
8.82
102 Executive Drive
1990
64,000
100.0
273
229
0.05
4.27
3.58
225 Executive Drive
1990
50,600
48.6
116
112
0.02
4.72
4.55
97 Foster Road
1982
43,200
75.5
152
137
0.03
4.66
4.20
1507 Lancer Drive
1995
32,700
100.0
117
108
0.02
3.58
3.30
1245 North Church Street
1998
52,810
62.1
362
349
0.07
11.04
10.64
1247 North Church Street
1998
52,790
77.5
398
360
0.07
9.73
8.80
1256 North Church Street
1984
63,495
100.0
435
360
0.08
6.85
5.67
840 North Lenola Road
1995
38,300
100.0
367
300
0.07
9.58
7.83
844 North Lenola Road
1995
28,670
100.0
180
133
0.03
6.28
4.64
915 North Lenola Road
1998
52,488
100.0
296
224
0.05
5.64
4.27
2 Twosome Drive
2000
48,600
100.0
408
378
0.07
8.40
7.78
30 Twosome Drive
1997
39,675
100.0
144
125
0.03
3.63
3.15
31 Twosome Drive
1998
84,200
100.0
471
470
0.09
5.59
5.58
40 Twosome Drive
1996
40,265
100.0
278
229
0.05
6.90
5.69
41 Twosome Drive
1998
43,050
77.7
224
220
0.04
6.70
6.58
50 Twosome Drive
1997
34,075
100.0
245
228
0.04
7.19
6.69
                 
GLOUCESTER COUNTY, NEW JERSEY
                
West Deptford
                
1451 Metropolitan Drive
1996
21,600
100.0
148
148
0.03
6.85
6.85
                 
MERCER COUNTY, NEW JERSEY
                
Hamilton Township
                
100 Horizon Center Boulevard
1989
13,275
100.0
192
166
0.04
14.46
12.50
200 Horizon Drive
1991
45,770
100.0
591
537
0.11
12.91
11.73
300 Horizon Drive
1989
69,780
100.0
1,123
1,029
0.21
16.09
14.75
500 Horizon Drive
1990
41,205
100.0
613
584
0.11
14.88
14.17
                 
MONMOUTH COUNTY, NEW JERSEY
                
Wall Township
                
1325 Campus Parkway
1988
35,000
100.0
655
476
0.12
18.71
13.60
1340 Campus Parkway
1992
72,502
100.0
917
684
0.17
12.65
9.43
1345 Campus Parkway
1995
76,300
100.0
933
685
0.17
12.23
8.98
1433 Highway 34
1985
69,020
68.3
373
317
0.07
7.91
6.72
1320 Wyckoff Avenue
1986
20,336
100.0
178
168
0.03
8.75
8.26
1324 Wyckoff Avenue
1987
21,168
100.0
220
202
0.04
10.39
9.54



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
52


 
Property Listing
 
Office/Flex Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
PASSAIC COUNTY, NEW JERSEY
              
Totowa
                
1 Center Court
1999
38,961
100.0
534
415
0.10
13.71
10.65
2 Center Court
1998
30,600
99.3
244
230
0.04
8.03
7.57
11 Commerce Way
1989
47,025
100.0
552
511
0.10
11.74
10.87
20 Commerce Way
1992
42,540
38.5
99
94
0.02
6.04
5.74
29 Commerce Way
1990
48,930
100.0
711
563
0.13
14.53
11.51
40 Commerce Way
1987
50,576
100.0
687
651
0.13
13.58
12.87
45 Commerce Way
1992
51,207
64.5
360
290
0.07
10.90
8.78
60 Commerce Way
1988
50,333
85.8
580
499
0.11
13.43
11.55
80 Commerce Way
1996
22,500
88.7
305
271
0.06
15.28
13.58
100 Commerce Way
1996
24,600
100.0
333
296
0.06
13.54
12.03
120 Commerce Way
1994
9,024
100.0
125
114
0.02
13.85
12.63
140 Commerce Way
1994
26,881
99.5
374
342
0.07
13.98
12.79
                 
Total New Jersey Office/Flex
  
2,189,531
90.6
18,494
15,925
3.40
9.32
8.03
                 
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
                
11 Clearbrook Road
1974
31,800
100.0
415
392
0.08
13.05
12.33
75 Clearbrook Road
1990
32,720
100.0
702
672
0.13
21.45
20.54
125 Clearbrook Road
2002
33,000
100.0
712
592
0.13
21.58
17.94
150 Clearbrook Road
1975
74,900
100.0
931
857
0.17
12.43
11.44
175 Clearbrook Road
1973
98,900
100.0
1,553
1,444
0.29
15.70
14.60
200 Clearbrook Road
1974
94,000
99.8
1,222
1,118
0.22
13.03
11.92
250 Clearbrook Road
1973
155,000
97.3
1,427
1,262
0.26
9.46
8.37
50 Executive Boulevard
1969
45,200
98.2
480
464
0.09
10.81
10.45
77 Executive Boulevard
1977
13,000
100.0
233
222
0.04
17.92
17.08
85 Executive Boulevard
1968
31,000
93.8
343
317
0.06
11.80
10.90
300 Executive Boulevard
1970
60,000
100.0
581
550
0.11
9.68
9.17
350 Executive Boulevard
1970
15,400
98.8
296
272
0.05
19.45
17.88
399 Executive Boulevard
1962
80,000
100.0
968
941
0.18
12.10
11.76
400 Executive Boulevard
1970
42,200
100.0
782
703
0.14
18.53
16.66
500 Executive Boulevard
1970
41,600
100.0
641
578
0.12
15.41
13.89
525 Executive Boulevard
1972
61,700
83.6
807
714
0.15
15.65
13.84
1 Westchester Plaza
1967
25,000
100.0
332
316
0.06
13.28
12.64
2 Westchester Plaza
1968
25,000
100.0
502
482
0.09
20.08
19.28
3 Westchester Plaza
1969
93,500
100.0
556
468
0.10
5.95
5.01
4 Westchester Plaza
1969
44,700
99.8
645
605
0.12
14.46
13.56
5 Westchester Plaza
1969
20,000
88.9
297
260
0.05
16.70
14.62
6 Westchester Plaza
1968
20,000
100.0
330
312
0.06
16.50
15.60
7 Westchester Plaza
1972
46,200
100.0
790
778
0.14
17.10
16.84
8 Westchester Plaza
1971
67,200
100.0
935
861
0.17
13.91
12.81
Hawthorne
                
200 Saw Mill River Road
1965
51,100
100.0
656
602
0.12
12.84
11.78
4 Skyline Drive
1987
80,600
92.2
1,248
1,092
0.23
16.79
14.69
5 Skyline Drive
1980
124,022
100.0
1,629
1,511
0.30
13.13
12.18
6 Skyline Drive
1980
44,155
100.0
312
311
0.06
7.07
7.04
8 Skyline Drive
1985
50,000
98.7
711
362
0.13
14.41
7.34
10 Skyline Drive
1985
20,000
100.0
240
204
0.04
12.00
10.20




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
53


 
Property Listing
 
Office/Flex Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
11 Skyline Drive
1989
45,000
100.0
803
760
0.15
17.84
16.89
12 Skyline Drive
1999
46,850
85.1
663
440
0.12
16.63
11.04
15 Skyline Drive
1989
55,000
73.3
632
630
0.12
15.68
15.63
Yonkers
                
100 Corporate Boulevard
1987
78,000
98.3
1,432
1,348
0.26
18.68
17.58
200 Corporate Boulevard South
1990
84,000
99.8
1,401
1,324
0.26
16.71
15.79
4 Executive Plaza
1986
80,000
100.0
1,006
805
0.18
12.58
10.06
6 Executive Plaza
1987
80,000
100.0
1,341
1,268
0.25
16.76
15.85
1 Odell Plaza
1980
106,000
96.8
1,486
1,409
0.27
14.48
13.73
3 Odell Plaza
1984
71,065
100.0
1,597
1,481
0.29
22.47
20.84
5 Odell Plaza
1983
38,400
99.6
614
592
0.11
16.05
15.48
7 Odell Plaza
1984
42,600
99.6
734
704
0.13
17.30
16.59
                 
Total New York Office/Flex
  
2,348,812
97.7
32,985
30,023
6.03
14.37
13.08
                 
FAIRFIELD COUNTY, CONNECTICUT
              
Stamford
                
419 West Avenue
1986
88,000
100.0
1,263
1,106
0.23
14.35
12.57
500 West Avenue
1988
25,000
82.3
389
345
0.07
18.91
16.77
550 West Avenue
1990
54,000
100.0
884
879
0.16
16.37
16.28
600 West Avenue
1999
66,000
100.0
804
767
0.15
12.18
11.62
650 West Avenue
1998
40,000
100.0
555
424
0.10
13.88
10.60
                 
Total Connecticut Office/Flex
  
273,000
98.4
3,895
3,521
0.71
14.50
13.11
                 
                 
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
94.5
55,374
49,469
10.14
12.18
10.88



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
54


 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/06
(%) (a)
2006
Base
Rent
($000’s)
(b) (c)
2006
Effective
Rent
($000’s)
(c) (d)
Percentage
of Total 2006
Base Rent
(%)
2006
Average
Base Rent
Per Sq. Ft.
($) (c) (e)
2006
Average
Effective
Rent
Per Sq. Ft.
($) (c) (f)
 
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
                
1 Warehouse Lane
1957
6,600
100.0
86
84
0.02
13.03
12.73
2 Warehouse Lane
1957
10,900
100.0
159
133
0.03
14.59
12.20
3 Warehouse Lane
1957
77,200
100.0
324
293
0.06
4.20
3.80
4 Warehouse Lane
1957
195,500
97.4
2,164
1,964
0.40
11.36
10.31
5 Warehouse Lane
1957
75,100
97.1
964
857
0.18
13.22
11.75
6 Warehouse Lane
1982
22,100
100.0
513
509
0.09
23.21
23.03
                 
Total Industrial/Warehouse Properties
  
387,400
98.1
4,210
3,840
0.78
11.07
10.10
                 
WESTCHESTER COUNTY, NEW YORK
              
Tarrytown
                
230 White Plains Road
1984
9,300
100.0
195
183
0.04
20.97
19.68
Yonkers
                
2 Executive Boulevard
1986
8,000
100.0
361
361
0.07
45.13
45.13
                 
Total Retail Properties
  
17,300
100.0
556
544
0.11
32.14
31.45
                 
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
                
700 Executive Boulevard
--
--
--
114
114
0.02
--
--
Yonkers
                
1 Enterprise Boulevard
--
--
--
185
183
0.03
--
--
                 
Total Land Leases
  
--
--
299
297
0.05
--
--
                 
 
TOTAL PROPERTIES
  
28,866,247
92.0
544,870
487,556
100.00
20.80
18.57

(a)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 2006, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring December 31, 2006 aggregating 103,477 square feet (representing 0.4 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)  
Total base rent for the 12 months ended December 31, 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)  
Total base rent for the 12 months ended 2006, minus total 2006 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP.
(e)  
Base rent for the 12 months ended December 31, 2006, divided by net rentable square feet leased at December 31, 2006. For those properties acquired during the 12 months ended December 31, 2006, amounts are annualized, as per Note g.
(f)  
Effective rent for 2006 divided by net rentable square feet leased at December 31, 2006. For those properties acquired during 2006, amounts are annualized, as described in Note g.
(g)  
As this property was acquired by the Company during the 12 months ended December 31, 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 December 31, 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 December 31, 2006.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
55


Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of December 31, 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 LLC
4
9,743,293
1.6
460,973
1.9
2014
(b)
Morgan Stanley D.W. Inc.
5
9,395,415
1.6
381,576
1.6
2013
(c)
United States Of America-GSA
12
8,621,861
1.5
285,684
1.1
2015
(d)
Merrill Lynch Pierce Fenner
3
8,613,150
1.5
501,500
1.9
2017
(e)
Credit Suisse First Boston
1
7,940,235
1.4
234,331
0.9
2012
(f)
Keystone Mercy Health Plan
2
7,897,031
1.4
303,149
1.2
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
1.8
2014
  
DB Services New Jersey, Inc.
1
7,551,990
1.3
281,920
1.1
2017
  
Forest Laboratories Inc.
2
6,961,107
1.2
202,857
0.8
2017
(g)
Cendant Operations Inc.
2
6,839,418
1.2
296,934
1.1
2011
(h)
Allstate Insurance Company
10
6,455,295
1.1
269,594
1.0
2017
(i)
Toys 'R' Us - NJ Inc.
1
6,072,651
1.1
242,518
0.9
2012
  
ICAP Securities USA LLC
1
5,973,008
1.0
159,834
0.6
2017
  
American Institute of Certified Public Accountants
1
5,817,181
1.0
249,768
1.0
2012
  
TD Ameritrade Online Holdings
1
5,637,193
1.0
184,222
0.7
2015
  
IBM Corporation
3
5,562,770
1.0
310,263
1.2
2012
(j)
KPMG, LLP
3
4,784,243
0.8
181,025
0.7
2012
(k)
National Financial Services
1
4,346,765
0.8
112,964
0.4
2012
  
Bank Of Tokyo-Mitsubishi Ltd.
1
4,228,795
0.7
137,076
0.5
2009
  
AT&T Corp.
1
3,805,000
0.7
275,000
1.1
2014
  
Vonage America Inc.
1
3,780,000
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
(l)
E*Trade Financial Corporation
1
3,456,141
0.6
106,573
0.4
2022
  
Lehman Brothers Holdings Inc.
1
3,420,667
0.6
207,300
0.8
2010
  
Montefiore Medical Center
5
3,397,583
0.6
163,529
0.6
2019
(m)
Hewlett-Packard Company
1
3,346,048
0.6
163,857
0.6
2007
  
SSB Realty LLC
1
3,321,051
0.6
114,519
0.4
2009
  
Dow Jones & Company Inc.
1
3,057,773
0.5
92,312
0.4
2012
  
Daiichi Sankyo Inc.
2
2,872,353
0.5
90,366
0.3
2012
(n)
High Point Safety & Insurance
2
2,694,417
0.5
116,358
0.4
2020
  
American Home Assurance Co.
2
2,686,732
0.5
131,174
0.5
2019
(o)
SunAmerica Asset Management
1
2,680,409
0.5
69,621
0.3
2018
  
Moody’s Investors Service
1
2,671,149
0.5
91,344
0.3
2011
(p)
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
(q)
IXIS North America Inc.
1
2,408,679
0.4
83,629
0.3
2021
  
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
  
Regus Business Centre Corp.
2
2,159,029
0.4
79,805
0.3
2011
  
Computer Sciences Corporation
3
2,136,129
0.4
109,825
0.4
2011
(r)
Nextel of New York Inc.
2
2,093,440
0.4
97,436
0.4
2014
(s)
Bearingpoint Inc.
1
2,065,834
0.4
77,956
0.3
2011
  
GAB Robins North America Inc.
2
2,049,674
0.4
84,649
0.3
2009
(t)
Norris McLaughlin & Marcus PA
1
2,045,307
0.4
86,913
0.3
2017
  
Sumitomo Mitsui Banking Corp.
2
2,027,861
0.4
71,153
0.3
2016
  
UBS Financial Services Inc.
3
1,949,797
0.3
73,250
0.3
2016
(u)
             
   
219,259,182
38.3
9,245,214
35.3
  

See footnotes on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
56

Significant Tenants

(Continued)

(a)  
Annualized base rental revenue is based on actual December 2006 billings times 12. For leases whose rent commences after January 1, 2007, 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)  
50,660 square feet expire 2007; 4,783 square feet expire in 2008; 333,145 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)  
51,049 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.
(e)  
253,214 square feet expire in 2007; 7,485 square feet expire in 2008; 4,451 square feet expires in 2009; 236,350 square feet expire in 2017.
(f)  
152,378 feet expire in 2011; 81,953 square feet expire in 2012.
(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)  
32,035 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; 53,983 square feet expire in 2017.
(j)  
61,864 square feet expire in 2010; 248,399 square feet expire in 2012.
(k)  
23,807 square feet expire in 2007; 46,440 square feet expire in 2009; 33,397 square feet expires in 2010; 77,381 square feet expire in 2012.
(l)  
19,668 square feet expire in 2007; 59,711 square feet expire in 2009; 26,834 square feet expire in 2014; 26,262 square feet expire in 2016.
(m)  
48,542 square feet expire in 2009; 5,850 square feet expire in 2014; 7,200 square feet expire in 2016; 30,872 square feet expire in 2017; 71,065 square feet expire in 2019.
(n)  
5,315 square feet expire in 2011; 85,051 square feet expire in 2012.
(o)  
14,056 square feet expire in 2008; 117,118 square feet expire in 2019.
(p)  
43,344 square feet expire in 2009; 36,193 square feet expire in 2010; 11,807 square feet expire in 2011.
(q)  
20,000 square feet expire in 2008; 89,510 square feet expire in 2015.
(r)  
26,975 square feet expire in 2007; 82,850 square feet expire in 2011.
(s)  
62,436 square feet expire in 2010; 35,000 square feet expire in 2014.
(t)  
75,049 square feet expire in 2008; 9,600 square feet expire in 2009.
(u)  
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 December 31, 2006

 
 
57




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 January 1, 2007, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2007 through 2009 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 (%)
2007 (c)
            
Northern NJ
73
815,459
3.1
18,116,092
22.22
3.3
Central NJ
32
176,588
0.7
4,201,684
23.79
0.7
Westchester Co., NY
83
361,480
1.4
6,918,464
19.14
1.2
Sub. Philadelphia
47
377,095
1.4
6,533,485
17.33
1.1
Fairfield, CT
12
57,883
0.2
1,536,966
26.55
0.3
Washington, DC/MD
18
253,085
1.0
5,600,980
22.13
1.0
Rockland Co., NY
7
49,788
0.2
1,335,477
26.82
0.2
TOTAL - 2007
272
2,091,378
8.0
44,243,148
21.16
7.8
             
2008
            
Northern NJ
88
839,445
3.2
20,136,048
23.99
3.6
Central NJ
52
380,486
1.5
8,825,532
23.20
1.5
Westchester Co., NY
126
633,285
2.4
11,085,071
17.50
1.9
Sub. Philadelphia
58
562,079
2.2
7,940,767
14.13
1.4
Fairfield, CT
18
98,595
0.4
2,493,578
25.29
0.4
Washington, DC/MD
26
128,383
0.5
3,273,679
25.50
0.6
Rockland Co., NY
7
44,580
0.2
1,168,406
26.21
0.2
TOTAL - 2008
375
2,686,853
10.4
54,923,081
20.44
9.6
             
2009
            
Northern NJ
116
970,511
3.6
24,756,214
25.51
4.4
Central NJ
47
413,964
1.6
9,686,090
23.40
1.7
Westchester Co., NY
96
563,616
2.2
11,567,468
20.50
2.0
Sub. Philadelphia
46
322,103
1.2
4,811,576
14.94
0.8
Fairfield, CT
15
57,042
0.2
1,272,315
22.30
0.2
Washington, DC/MD
18
66,882
0.3
1,670,235
24.97
0.3
Rockland Co., NY
8
24,935
0.1
592,958
23.78
0.1
TOTAL - 2009
346
2,419,053
9.2
54,356,856
22.47
9.5
             

Schedule continued, with footnotes, on subsequent page.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
58



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 (%)
2010
343
2,850,749
10.9
60,230,025
21.13
10.5
             
2011
339
3,438,716
13.1
77,117,443
22.43
13.5
             
2012
206
2,511,774
9.6
58,548,780
23.31
10.2
             
2013
145
2,436,006
9.3
54,142,108
22.23
9.5
             
2014
75
1,524,878
5.8
32,788,456
21.50
5.7
             
2015
57
2,136,593
8.2
45,924,670
21.49
8.0
             
2016
47
756,090
2.9
14,439,966
19.10
2.5
             
2017
52
1,869,363
7.1
43,255,052
23.14
7.6
             
2018 and thereafter
53
1,449,768
5.5
32,086,350
22.13
5.6
Totals/Weighted
            
Average
2,310
                                                       26,171,221 (d)
100.0
572,055,935
21.86
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 December 2006 billings times 12. For leases whose rent commences after January 1, 2007, 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 December 31, 2006 aggregating 103,477 square feet and representing annualized rent of $1,909,260 for which no new leases were signed.
(d)  
Reconciliation to Company’s total net rentable square footage is as follows:


   
Square Feet
  
 
Square footage leased to commercial tenants
26,171,221
  
 
Square footage used for corporate offices, management offices,
    
 
building use, retail tenants, food services, other ancillary
    
 
service tenants and occupancy adjustments
399,991
  
 
Square footage unleased
2,295,035
  
 
Total net rentable square footage (does not include land leases)
28,866,247
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
59



Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2007, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2007 through 2009 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 (%)
2007 (c)
            
Northern NJ
68
768,528
3.7
17,436,699
22.69
3.4
Central NJ
32
176,588
0.8
4,201,684
23.79
0.8
Westchester Co., NY
46
128,399
0.6
3,670,103
28.58
0.7
Sub. Philadelphia
32
215,436
1.0
5,197,941
24.13
1.0
Fairfield, CT
11
50,883
0.2
1,409,216
27.70
0.3
Washington, DC/MD
18
253,085
1.2
5,600,980
22.13
1.1
Dutchess/Rockland Co., NY
7
49,788
0.2
1,335,477
26.82
0.3
TOTAL - 2007
214
1,642,707
7.7
38,852,100
23.65
7.6
             
2008
            
Northern NJ
85
793,835
3.7
19,551,027
24.63
3.9
Central NJ
45
339,922
1.6
8,214,047
24.16
1.6
Westchester Co., NY
69
204,914
1.0
5,421,449
26.46
1.1
Sub. Philadelphia
35
301,481
1.4
6,281,275
20.83
1.2
Fairfield, CT
18
98,595
0.5
2,493,578
25.29
0.5
Washington, DC/MD
26
128,383
0.6
3,273,679
25.50
0.6
Dutchess/Rockland Co., NY
7
44,580
0.2
1,168,406
26.21
0.2
TOTAL - 2008
285
1,911,710
9.0
46,403,461
24.27
9.1
             
2009
            
Northern NJ
108
903,948
4.2
23,878,455
26.42
4.8
Central NJ
42
379,098
1.8
9,271,778
24.46
1.8
Westchester Co., NY
56
240,820
1.1
6,332,841
26.30
1.2
Sub. Philadelphia
27
160,589
0.8
3,633,915
22.63
0.7
Fairfield, CT
12
36,467
0.2
890,091
24.41
0.2
Washington, DC/MD
18
66,882
0.3
1,670,235
24.97
0.3
Dutchess/Rockland Co., NY
8
24,935
0.1
592,958
23.78
0.1
TOTAL - 2009
271
1,812,739
8.5
46,270,273
25.53
9.1
             
2010
263
1,997,684
9.4
48,563,899
24.31
9.6
             
2011
276
2,897,514
13.7
70,958,531
24.49
14.0
             
2012
157
2,077,170
9.8
52,378,087
25.22
10.3
             
2013
108
2,010,703
9.5
48,194,962
23.97
9.5
             
2014
62
1,371,378
6.5
30,612,320
22.32
6.0
             
2015
44
1,974,442
9.3
43,908,667
22.24
8.6
             
2016
34
455,091
2.1
10,428,710
22.92
2.1
             
2017
44
1,795,270
8.5
42,191,404
23.50
8.3
             
2018 and thereafter
45
1,278,703
6.0
29,663,825
23.20
5.8
Totals/Weighted
Average
1,803
21,225,111
100.0
508,426,239
23.95
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 December 2006 billings times 12. For leases whose rent commences after January 1, 2007, 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 December 31, 2006 aggregating 85,823 square feet and representing annualized rent of $1,691,239 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
60



Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning January 1, 2007, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2007 through 2009 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 (%)
2007 (c)
            
Northern NJ
5
46,931
1.0
679,393
14.48
1.1
Central NJ
-
-
-
-
-
-
Westchester Co., NY
33
219,081
4.8
3,017,404
13.77
5.1
Sub. Philadelphia
15
161,659
3.6
1,335,544
8.26
2.3
Fairfield, CT
1
7,000
0.2
127,750
18.25
0.2
TOTAL - 2007
54
434,671
9.6
5,160,091
11.87
8.7
             
2008
            
Northern NJ
3
45,610
1.0
585,021
12.83
1.0
Central NJ
7
40,564
0.9
611,485
15.07
1.0
Westchester Co., NY
54
337,002
7.4
5,187,231
15.39
8.8
Sub. Philadelphia
23
260,598
5.7
1,659,492
6.37
2.8
Fairfield, CT
-
-
-
-
-
-
TOTAL - 2008
87
683,774
15.0
8,043,229
11.76
13.6
             
2009
            
Northern NJ
8
66,563
1.4
877,759
13.19
1.5
Central NJ
5
34,866
0.7
414,312
11.88
0.7
Westchester Co., NY
34
264,513
5.8
4,250,239
16.07
7.2
Sub. Philadelphia
19
161,514
3.6
1,177,661
7.29
2.0
Fairfield, CT
3
20,575
0.5
382,224
18.58
0.6
TOTAL - 2009
69
548,031
12.0
7,102,195
12.96
12.0
             
2010
79
825,065
18.1
11,358,126
13.77
19.2
             
2011
62
533,602
11.7
6,063,912
11.36
10.2
             
2012
49
434,604
9.6
6,170,693
14.20
10.4
             
2013
30
370,067
8.1
5,248,671
14.18
8.9
             
2014
13
153,500
3.4
2,176,136
14.18
3.7
             
2015
13
162,151
3.6
2,016,003
12.43
3.4
             
2016
11
165,917
3.7
2,592,895
15.63
4.4
             
2017
8
74,093
1.6
1,063,648
14.36
1.8
             
2018 and thereafter
7
163,065
3.6
2,197,525
13.48
3.7
Totals/Weighted
            
Average
482
4,548,540
100.0
59,193,124
13.01
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 December 2006 billings times 12. For leases whose rent commences after January 1, 2007, 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)  
Includes leases expiring December 31, 2006 aggregating 17,654 square feet and representing annualized rent of $218,021 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
61


Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning January 1, 2007, 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
4
14,000
3.7
230,957
16.50
5.7
             
2008
3
91,369
24.0
476,391
5.21
11.8
             
2009
5
48,983
12.9
789,388
16.12
19.7
             
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
14.5
698,475
12.65
17.4
             
2016
2
135,082
35.5
1,418,361
10.50
35.3
Totals/Weighted
            
Average
23
380,270
100.0
4,016,572
10.56
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 December 2006 billings times 12. For leases whose rent commences after January 1, 2007, 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 January 1, 2007, 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
             
2018 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 December 2006 billings times 12. For leases whose rent commences after January 1, 2007 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2006

 
62