Exhibit 99.1













FIRST QUARTER 2007


Supplemental Operating and Financial Data










This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Company. Any offers to sell or solicitations of the Company shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the “10-Q”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-Q and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification.





INDEX

 
PAGE(S)
I. COMPANY BACKGROUND
  
·  About the Company / Other Corporate Data
5
·  Board of Directors / Executive Officers
6
·  Equity Research Coverage /Company Contact Information
7
   
II. FINANCIAL HIGHLIGHTS
  
·  Quarterly Summary / Acquisitions/Sales / Development
9
·  Dividends/Equity Offering / Leasing Information
10
·  Leasing Information (continued) / Information About FFO
11
·  Key Financial Data
12
·  Same-Store Results and Analysis
13
·  Unconsolidated Joint Ventures Summary
14-16
·  Select Financial Ratios
17
·  Debt Analysis:
  
·  Debt Breakdown/Future Repayments
18
·  Debt Maturities
19
·  Debt Detail
20
   
III. FINANCIAL INFORMATION
  
·  Consolidated Statements of Operations
22
·  Consolidated Balance Sheets
23
·  Consolidated Statement of Changes in Stockholders’ Equity
24
·  Statements of Funds from Operations
25
·  Statements of Funds from Operations Per Diluted Share
26
·  Reconciliation of Basic-to-Diluted Shares/Units
27
   
IV. VALUE CREATION PIPELINE
  
·  Operating Property Acquisitions
29
·  Summary of Construction Projects
30
·  Summary of Land Parcels
31
·  Rental Property Sales/Rental Property Held For Sale
32
   
V. PORTFOLIO/ LEASING STATISTICS
  
·  Leasing Statistics
34-36
·  Market Diversification (MSA’s)
37
·  Industry Diversification (Top 30 Tenant Industries)
38
·  Consolidated Portfolio Analyses:
  
Breakdown by:
  
(a) Number of Properties
39
(b) Square Footage
40
(c) Base Rental Revenue
41
(d) Percentage Leased
42
·  Consolidated Property Listing (by Property Type)
43-51
·  Significant Tenants (Top 50 Tenants)
52-53
·  Schedules of Lease Expirations (by Property Type)
54-58




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
 
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 March 31, 2007

 
3












 
I.    COMPANY BACKGROUND
 
 
 

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
4


I. COMPANY BACKGROUND


About the Company

Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $6.0 billion at March 31, 2007. 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 March 31, 2007)

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
83.0 million
Dividend-- Quarter/Annualized
$0.64/$2.56
Dividend Yield
5.4%
Total Market Capitalization
$6.0 billion
Senior Debt Rating
BBB (S&P and Fitch);
 
Baa2 (Moody’s)



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
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 March 31, 2007

 
 
6


Equity Research Coverage


Banc of America Securities, LLC
Ross Nussbaum
(212) 847-5668
Keybanc Capital Markets
Jordan Sadler
(917) 368-2280
Bear, Stearns & Co., Inc.
Ross Smotrich
(212) 272-8046
Lehman Brothers
David Harris
(212) 526-1790
Citigroup
Jonathan Litt
(212) 816-0231
Merrill Lynch
Ian Weissman
(212) 449-6255
Deutsche Bank-North America
Louis Taylor
(212) 250-4912
Morgan Stanley
David Cohen
(212) 761-8564
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
   




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 March 31, 2007

 
 
7













II. FINANCIAL HIGHLIGHTS
























Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
8


II. FINANCIAL HIGHLIGHTS

Quarterly Summary


The following is a summary of the Company’s recent activity:

Net income available to common shareholders for the first quarter 2007 equaled $18.6 million, or $0.28 per share, versus $32.6 million, or $0.52 per share, for the same quarter last year.

Funds from operations (FFO) available to common shareholders for the quarter ended March 31, 2007 amounted to $70.1 million, or $0.86 per share, versus $80.8 million, or $1.05 per share, for the quarter ended March 31, 2006.

Total revenues for the first quarter 2007 increased 27.1 percent to $193.7 million as compared to $152.4 million for the same quarter last year.

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

The Company had 67,847,852 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 15,200,761 common operating partnership units outstanding as of March 31, 2007.

The Company had a total of 83,048,613 common shares/common units outstanding at March 31, 2007.

As of March 31, 2007, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 6.14 percent. The Company had a total market capitalization of $6.0 billion and a debt-to-undepreciated assets ratio of 37.8 percent at March 31, 2007. The Company had an interest coverage ratio of 3.3 times for the quarter ended March 31, 2007.


Acquisitions / Sales

In March, the Company reached an agreement with SL Green Realty Corporation to purchase the latter’s condominium interests in 125 Broad Street, a downtown Manhattan office tower, for $273 million. The condominium units being acquired are 100 percent leased, and include floors 2-16, and collectively comprise 39.6 percent, or 524,500 square feet, of the property. This investment will be the Company’s entry into the New York City office market.

In a related transaction, the Company stated that it would sell a Greenwich, Connecticut property at 500 West Putnam Avenue to SL Green Realty Corporation for $56 million. The property being sold is a four-story, 121,500 square-foot office building that is 96 percent leased.

Mack-Cali expects to complete both transactions in the second quarter.


Development

In February, the Company agreed to develop a 250,000 square-foot class A office building for Wyndham Worldwide Corporation (NYSE: WYN) for its corporate headquarters. The building, which Wyndham Worldwide has pre-leased for 15 years, will be developed on a land site located on Sylvan Way at Mack-Cali Business Campus in Parsippany, New Jersey. Wyndham Worldwide, one of the world’s largest hospitality companies, will relocate and expand its space into the new building from the approximately 180,000 square feet it currently occupies at the Campus’s 1 Sylvan Way and 10 Sylvan Way, which have been leased to other companies. It will also retain the 145,983 square feet of space it occupies at another building at the Campus, 7 Sylvan Way. With the new lease, Wyndham Worldwide leases a total of 395,983 square feet of space at the Campus.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
9



Dividends

In March, 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 first quarter 2007, which was paid on April 16, 2007 to shareholders of record as of April 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 January 15, 2007 through April 14, 2007. The dividend was paid on April 16, 2007 to shareholders of record as of April 4, 2007.


Equity Offering

In February, 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 92.2 percent leased at March 31, 2007, as compared to 92.0 percent at December 31, 2006.

For the quarter ended March 31, 2007, the Company executed 120 leases totaling 1,025,060 square feet, consisting of 621,236 square feet of office space, 394,774 square feet of office/flex space and 9,050 square feet of industrial/warehouse space. Of these totals, 284,349 square feet were for new leases and 740,711 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 long-term expansion of 57,839 square feet at 101 Hudson Street in Jersey City, bringing its total presence in the building to almost 300,000 square feet. 101 Hudson Street is a 1.25 million square-foot office building that is 100 percent leased.

-  
Daiichi Sankyo, Inc., a pharmaceutical company, signed a new 24-month lease for 46,000 square feet at 7 Campus Drive at the Mack-Cali Business Campus in Parsippany. 7 Campus Drive is a 154,395 square-foot office building and is 29.8 percent leased.

IN CENTRAL NEW JERSEY:
-  
Utility provider Public Service Electric & Gas signed a three-year renewal of 46,191 square feet at 20 Commerce Drive in Cranford. 20 Commerce Drive is a 176,600 square-foot office building and is 100 percent leased.

IN WESTCHESTER COUNTY, NEW YORK:
-  
Acorda Therapeutics, Inc., a biotechnology company, signed a transaction totaling 38,222 square feet, representing a 32-month expansion of 8,162 square feet and 23-month extension of 30,060 square feet at 15 Skyline Drive in the Mid-Westchester Executive Park in Hawthorne. The 55,000 square-foot office/flex building is 88.2 percent leased.

-  
Montefiore Medical Center renewed its lease of 15,000 square feet for 10 years at 100 Corporate Boulevard at the South Westchester Executive Park in Yonkers. The 78,000 square-foot office/flex building is 98.3 percent leased.

IN FAIRFIELD COUNTY, CONNECTICUT:
-  
The William Carter Company, a children’s wear manufacturer, renewed its lease of 41,762 square feet at 1000 Bridgeport Avenue in Shelton for one year. The 133,000 square-foot office building is 93.6 percent leased.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
10



-  
Whitman Breed Abbott & Morgan, LLC, a law firm, signed a new 16,482 square-foot lease for six years at 500 West Putnam Avenue in Greenwich. The 121,250 square-foot office building is 96.3 percent leased.

IN SUBURBAN PHILADELPHIA:
-  
Xerimis, Inc., a clinical packaging firm, signed a transaction totaling 64,000 square feet, representing the entire office/flex building located at 102 Executive Drive at the Moorestown West Corporate Center in Moorestown, New Jersey. The lease represents a 10-year and six month expansion of 13,360 square feet and renewal of 50,640 square feet for six years and six months.

-  
Sterling Medical Services, LLC, a medical-supply distributor, renewed its lease for the full 48,600 square-foot office/flex building located at 2 Twosome Drive at Moorestown West Corporate Center. The renewal carries a term of five years.

-  
MDS Pharma Services (US), Inc., a global life sciences company, signed a five-year renewal of 47,120 square feet at 2200 Renaissance Boulevard in King of Prussia, Pennsylvania. The 174,124 square-foot office building is 74.9 percent leased.


Information About FFO

Funds from operations (“FFO”) is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs. FFO per share should not be considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables on page 26.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
11


Key Financial Data

As of or for the three months ended
 
3/31/07
12/31/06
9/30/06
6/30/06
3/31/06
Shares and Units:
          
Common Shares Outstanding
67,847,852
62,925,191
62,551,206
62,360,388
62,230,447
Common Units Outstanding (a)
15,200,761
15,342,283
15,595,825
15,681,625
15,558,056
Combined Shares and Units
83,048,613
78,267,474
78,147,031
78,042,013
77,788,503
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (b)
80,981,701
78,026,613
77,944,623
77,780,362
76,317,652
Weighted Average- Diluted (c)
81,234,395
78,409,851
78,258,441
78,067,030
76,641,973
           
Common Share Price ($’s):
          
At the end of the period
47.63
51.00
51.80
45.92
48.00
High during period
56.52
55.37
53.66
47.47
48.37
Low during period
46.89
48.24
45.47
42.17
42.34
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (d)
3,982,484
4,018,758
4,075,120
3,610,858
3,758,848
Total Debt
1,996,017
2,159,959
2,445,837
2,367,609
2,107,760
Total Market Capitalization
5,978,501
6,178,717
6,520,957
5,978,467
5,866,608
Total Debt/ Total Market
Capitalization
33.39%
34.96%
37.51%
39.60%
35.93%
           
Financials:
          
($’s in thousands, except ratios and
per share amounts)
          
Total Assets
4,473,403
4,422,889
4,668,761
4,622,422
4,314,965
Gross Book Value of Real Estate Assets
4,574,395
4,573,587
4,839,677
4,792,269
4,653,867
Total Liabilities
2,237,640
2,412,762
2,698,445
2,626,066
2,316,804
Total Minority Interests
472,149
482,220
483,055
491,761
485,581
Total Stockholders’ Equity
1,763,614
1,527,907
1,487,261
1,504,595
1,512,580
Total Revenues
193,739
196,603
201,685
183,332
152,395
Capitalized Interest
1,324
1,281
1,719
1,571
1,487
Scheduled Principal Payments
3,645
4,416
3,912
4,189
3,842
Interest Coverage Ratio
3.27
2.91
2.87
3.23
3.57
Fixed Charge Coverage Ratio
2.77
2.47
2.45
2.71
3.00
Net Income
19,079
67,924
16,511
27,134
33,097
Net Income Available to Common Shareholders
18,579
67,424
16,011
26,634
32,597
Earnings per Share—diluted
0.28
1.07
0.26
0.43
0.52
FFO per Share—diluted (e)
0.86
0.87
0.86
0.95
1.05
Dividends Declared per Share
0.64
0.64
0.64
0.63
0.63
FFO Payout Ratio—diluted (e)
74.15%
73.58%
74.64%
66.09%
59.78%
           
Portfolio Size:
          
Properties
300
300
321
319
277
Total Square Footage
34,294,734
34,294,734
36,066,424
35,826,085
30,874,247
Sq. Ft. Leased at End of Period (f) (g)
92.2%
92.0%
91.4%
90.7%
90.4%
           
  
(a)   Includes any outstanding preferred units presented on a converted basis into common units.
(b)  
Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares.
(c)  
Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants).
(d)  
Includes any outstanding preferred units presented on a converted basis into common units and minority interests in partially-owned properties.
(e)  
Funds from Operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11.
(f)  
Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at March 31, 2007, 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 March 31, 2007

 
12



Same Store Results and Analysis
(dollars in thousands)



 
For the three months ended
March 31,
  
 
%
 
2007
2006
Change
Change
         
Total Property Revenues
$ 159,830
$149,487
$10,343
6.9
         
Real Estate Taxes
22,426
20,662
1,764
8.5
Utilities
16,661
14,453
2,208
15.3
Operating Services
21,645
19,855
1,790
9.0
Total Property Expenses:
60,732
54,970
5,762
10.5
         
GAAP Net Operating Income
99,098
94,517
4,581
4.8
         
Less: straight-lining of rents adj.
3,627
5,620
(1,993)
(35.5)
         
Net Operating Income
$ 95,471
$88,897
$6,574
7.4
         
Percentage Leased at
Period End
92.3%
90.3%
    
         
Total Properties:
242
      
         
Total Square Footage:
27,150,893
      
         









Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
13


Unconsolidated Joint Ventures Summary


Breakdown of Unconsolidated Joint Ventures

Joint Venture Name
Property
Number of
Buildings
Location
Percent Leased
Square
Feet
Company’s Effective
Ownership %
Office Properties:
            
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
82.6%
3,446,596
50.0%
Route 93 Ventures
Route 495 North Sub Market
7
Boston Suburbs, MA
28.8%
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
92.5%
527,015
10.0%
Boston-Filenes
Boston-Filenes
1
Boston, MA
n/a
1,200,000
15.0%
             
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 March 31, 2007

 
 
14


Unconsolidated Joint Venture Financial Information

The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2007 and December 31, 2006 (dollars in thousands):

March 31, 2007
  
   
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
  
$
11,250
  
$
11,992
  
$
67,819
  
$
17,751
  
$
479,024
  
$
41,255
  
$
58,343
  
$
27,860
  
$
17,000
  
$
8,154
    
--
  
$
242
  
$
740,690
  
Other assets
    
1,625
    
825
    
11,486
    
2,089
    
72,453
    
28,419
    
5,721
    
654
    
--
    
887
  
$
49,545
    
5,452
    
179,156
  
Total assets
  
$
12,875
  
$
12,817
  
$
79,305
  
$
19,840
  
$
551,477
  
$
69,674
  
$
64,064
  
$
28,514
  
$
17,000
  
$
9,041
  
$
49,545
  
$
5,694
  
$
919,846
  
Liabilities and partners’/members’ capital (deficit):
                                                                                
Mortgages, loans payable and other obligations
    
--
  
$
14,906
  
$
77,012
  
$
12,694
  
$
359,348
  
$
52,800
  
$
39,435
  
$
16,710
    
--
  
$
9,922
    
--
    
--
  
$
582,827
  
Other liabilities
  
$
529
    
409
    
3,288
    
23
    
36,125
    
7,224
    
1,072
    
--
    
--
    
--
  
$
139
  
$
4,622
    
53,431
  
Partners’/members’ capital (deficit):
    
12,346
    
(2,498
)
  
(995
)
  
7,123
    
156,004
    
9,650
    
23,557
    
11,804
  
$
17,000
    
(881
)
  
49,406
    
1,072
    
283,588
  
Total liabilities and partners’/members’ capital (deficit):
  
$
12,875
  
$
12,817
  
$
79,305
  
$
19,840
  
$
551,477
  
$
69,674
  
$
64,064
  
$
28,514
  
$
17,000
  
$
9,041
  
$
49,545
  
$
5,694
  
$
919,846
  
Company’s investment in unconsolidated joint ventures
  
$
6,093
    
--
    
--
  
$
3,713
  
$
118,684
  
$
2,429
  
$
5,754
  
$
1,032
  
$
8,500
  
$
7,251
  
$
14,976
  
$
429
  
$
168,861
  


December 31, 2006
  
   
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
  
$
12,141
  
$
69,303
  
$
12,462
  
$
480,867
  
$
37,825
  
$
48,699
  
$
26,601
  
$
17,000
  
$
8,221
    
--
  
$
239
  
$
724,762
  
Other assets
    
1,408
    
841
    
11,170
    
3,309
    
76,897
    
25,025
    
5,916
    
654
    
--
    
909
  
$
10,500
    
2,638
    
139,267
  
Total assets
  
$
12,812
  
$
12,982
  
$
80,473
  
$
15,771
  
$
557,764
  
$
62,850
  
$
54,615
  
$
27,255
  
$
17,000
  
$
9,130
  
$
10,500
  
$
2,877
  
$
864,029
  
Liabilities and partners’/members’ capital (deficit):
                                                                                
Mortgages, loans payable and other obligations
    
--
  
$
14,936
  
$
77,217
  
$
8,673
  
$
358,063
  
$
47,761
  
$
34,413
  
$
15,350
    
--
  
$
10,253
    
--
    
--
  
$
566,666
  
Other liabilities
  
$
532
    
257
    
4,944
    
8
    
39,497
    
4,839
    
587
    
--
    
--
    
--
    
--
  
$
1,329
    
51,993
  
Partners’/members’ capital (deficit):
    
12,280
    
(2,211
)
  
(1,688
)
  
7,090
    
160,204
    
10,250
    
19,615
    
11,905
  
$
17,000
    
(1,123
)
$
10,500
    
1,548
    
245,370
  
Total liabilities and partners’/members’ capital (deficit):
  
$
12,812
  
$
12,982
  
$
80,473
  
$
15,771
  
$
557,764
  
$
62,850
  
$
54,615
  
$
27,255
  
$
17,000
  
$
9,130
  
$
10,500
  
$
2,877
  
$
864,029
  
Company’s investment in unconsolidated joint ventures
  
$
6,060
    
--
    
--
  
$
3,647
  
$
119,061
  
$
2,560
  
$
6,669
  
$
1,024
  
$
8,500
  
$
7,130
  
$
5,250
  
$
400
  
$
160,301
  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
15


The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2007 and 2006 (dollars in thousands):



Three Months Ended March 31, 2007
  
   
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
  
Total revenues
    
--
    
--
  
$
259
  
$
526
  
$
8,938
    
--
  
$
16,440
  
$
2,868
  
$
325
    
--
    
--
  
$
524
  
$
326
  
$
8,990
  
$
39,196
  
Operating and other expenses
    
--
    
--
    
(39
)
  
(374
)
  
(5,563
)
  
--
    
(7,442
)
  
(1,631
)
  
(888
)
$
(9
)
  
--
    
(19
)
  
(261
)
  
(8,918
)
  
(25,144
)
Depreciation and amortization
    
--
    
--
    
(154
)
  
(175
)
  
(1,478
)
  
--
    
(6,735
)
  
(751
)
  
(1,624
)
  
--
    
--
    
(88
)
  
--
    
--
    
(11,005
)
Interest expenses
    
--
    
--
    
--
    
(264
)
  
(1,203
)
  
--
    
(6,624
)
  
(1,106
)
  
(732
)
  
(93
)
  
--
    
(175
)
  
--
    
--
    
(10,197
)
 
Net income
    
--
    
--
  
$
66
  
$
(287
)
$
694
    
--
  
$
(4,361
)
$
(620
)
$
(2,919
)
$
(102
)
  
--
  
$
242
  
$
65
  
$
72
  
$
(7,150
)
Company’s equity in earnings of unconsolidated joint ventures
    
--
    
--
  
$
33
    
--
  
$
347
    
--
  
$
(1,736
)
$
(132
)
$
(904
)
$
(8
)
  
--
  
$
121
  
$
19
  
$
29
  
$
(2,231
)



Three Months Ended March 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
  
Total revenues
    
--
  
$
1,869
  
$
126
  
$
512
  
$
7,829
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
10,336
  
Operating and other expenses
    
--
    
(902
)
  
(42
)
  
(340
)
  
(4,885
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(6,169
)
Depreciation and amortization
    
--
    
(355
)
  
(154
)
  
(188
)
  
(1,449
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(2,146
)
Interest expenses
    
--
    
(725
)
  
--
    
(236
)
  
(950
)
  
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
(1,911
)
 
Net income
    
--
  
$
(113
)
$
(70
)
$
(252
)
$
545
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
110
  
Company’s equity in earnings of unconsolidated joint ventures
    
--
  
$
10
  
$
(35
)
  
--
  
$
272
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
    
--
  
$
247
  











Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
 
16


Select Financial Ratios



Ratios Computed For Industry
March 31,
  
Comparisons:
2007
2006
      
 
Financial Position Ratios:
          
Total Debt/ Total Book
Capitalization
(Book value) (%)
44.62%
48.85%
     
Total Debt/ Total Market
Capitalization
(Market value) (%)
33.39%
35.93%
     
Total Debt/ Total Undepreciated
Assets (%)
37.83%
41.64%
     
Secured Debt/ Total Undepreciated
Assets (%)
6.23%
6.62%
           
           
           
 
Three Months Ended
March 31,
    
 
2007
2006
      
 
Operational Ratios:
          
Interest Coverage
(Funds from Operations+Interest
Expense)/Interest Expense (x)
3.27
3.57
     
Debt Service Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x)
2.92
3.18
     
Fixed Charge Coverage
 (Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x)
2.77
3.00
     
FFO Payout
 (Dividends Declared/Funds from
Operations) (%)
74.15%
59.78%
                 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
17



Debt Analysis
(as of March 31, 2007)


Debt Breakdown
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes
$1,667,415
83.54%
6.29%
5.05
Fixed Rate Secured Debt and Other Obligations
328,602
16.46%
5.38%
5.08
 
Totals/Weighted Average:
$1,996,017
100.00%
6.14%
5.05


Future Repayments
(dollars in thousands)

         
Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
April 1 - December 31, 2007
$14,773
--
$14,773
5.01%
2008
17,939
$12,563
30,502
5.25%
2009
10,695
300,000
310,695
7.41%
2010
2,793
334,500
337,293
5.26%
2011
3,580
300,000
303,580
7.91%
Thereafter
11,687
993,091
1,004,778
5.57%
Sub-total
61,467
1,940,154
2,001,621
6.14%
Adjustment for unamortized debt
discount/premium, net, as of
March 31, 2007
(5,604)
--
(5,604)
--
 
Totals/Weighted Average:
$55,863
$1,940,154
$1,996,017
6.14%






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
 
18


Debt Maturities
(dollars in thousands)

 
April 1 - December 31, 2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2018
TOTALS
Secured Debt:
                        
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
              
18,185
      
18,185
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:
--
$12,563
--
$169,500
--
$15,234
$19,118
$38,829
--
$22,325
$26,566
$304,135
                         
Unsecured Debt:
                        
Unsecured credit facility
    
--
                
--
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:
--
--
$300,000
$165,000
$300,000
$194,914
$126,105
$200,000
$150,000
$200,000
--
$1,636,019
                         
Total Debt:
--
$12,563
$300,000
$334,500
$300,000
$210,148
$145,223
$238,829
$150,000
$222,325
$26,566
$1,940,154




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
 
19


Debt Detail
(dollars in thousands)
   
Effective
                         Principal Balance at
  
 
Property Name
Lender
Interest
Rate
March 31,
2007
December 31,
2006
Date of
Maturity
  
Senior Unsecured Notes: (a)
          
7.250%, $300,000 Face Amount Notes
public debt
7.490%
$299,540
$299,481
03/15/09
  
5.050%, $150,000 Face Amount Notes
public debt
5.265%
149,833
149,819
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%
299,338
299,295
02/15/11
  
5.250%, $100,000 Face Amount Notes
public debt
5.457%
99,064
99,015
01/15/12
  
6.150%, $94,914 Face Amount Notes
public debt
6.894%
92,104
91,981
12/15/12
  
5.820%, $26,105 Face Amount Notes
public debt
6.448%
25,447
25,420
03/15/13
  
4.600%, $100,000 Face Amount Notes
public debt
4.742%
99,822
99,815
06/15/13
  
5.125%, $200,000 Face Amount Notes
public debt
5.110%
201,648
201,708
02/15/14
  
5.125%, $150,000 Face Amount Notes
public debt
5.297%
149,279
149,256
01/15/15
  
5.800%, $200,000 Face Amount Notes
public debt
5.806%
200,673
200,692
01/15/16
  
Total Senior Unsecured Notes:
    
$1,631,748
$1,631,482
  

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


Property Mortgages: (c)
Mack-Cali Airport
Allstate Life Insurance Co.
7.050%
--
$ 9,422
(d)
  
6303 Ivy Lane
State Farm Life Ins. Co.
5.567%
--
6,020
(e)
  
6404 Ivy Lane
TIAA
5.582%
$13,509
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%
18,803
18,748
06/06/10
  
2200 Renaissance Boulevard
TIAA
5.888%
17,727
17,819
12/01/12
  
Soundview Plaza
TIAA
6.015%
17,906
18,013
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
5,198
5,232
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
7,239
7,285
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
12,898
12,996
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,780
6,821
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
20,259
20,318
08/11/14
  
500 West Putnam Avenue (g)
New York Life Ins. Co.
5.571%
25,000
25,000
01/10/16
  
23 Main Street
JP Morgan CMBS
5.587%
33,284
33,396
09/01/18
  
Assumed Obligations
n/a
4.907%
35,666
38,742
05/01/09
(h)
Total Mortgages, Loans Payable and Other Obligations:
  
$364,269
$383,477
  
 
Total Debt:
    
$1,996,017
$2,159,959
  

(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)  
Property securing this mortgage is under contract for sale and is included in Rental Property Held For Sale.
(h)  
The obligations mature at various times through May 2009.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
20












III. FINANCIAL INFORMATION















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
21


III. FINANCIAL INFORMATION

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



 
                           Three Months Ended
                                March 31, 
Revenues
2007
2006
Base rents
$140,034
$127,975
Escalations and recoveries from tenants
26,225
21,003
Construction services
22,341
--
Real estate services
2,741
628
Other income
2,398
2,789
Total revenues
193,739
152,395
     
Expenses
    
Real estate taxes
23,519
20,816
Utilities
17,558
14,468
Operating services
24,766
20,260
Direct construction costs
20,911
--
General and administrative
11,071
8,775
Depreciation and amortization
41,514
36,578
Total expenses
139,339
100,897
Operating Income
54,400
51,498
     
Other (expense) income
    
Interest expense
(30,936)
(31,075)
Interest and other investment income
1,617
1,445
Equity in earnings (loss) of unconsolidated joint ventures
(2,231)
247
Minority interest in consolidated joint ventures
227
--
Gain on sale of investment in marketable securities
--
15,060
Total other (expense) income
(31,323)
(14,323)
Income from continuing operations before
    
Minority interest in Operating Partnership
23,077
37,175
Minority interest in Operating Partnership
(4,262)
(6,886)
Income from continuing operations
18,815
30,289
Discontinued operations (net of minority interest):
    
Income from discontinued operations
264
2,808
Net income
19,079
33,097
Preferred stock dividends
(500)
(500)
Net income available to common shareholders
$18,579
$32,597
     
Basic earnings per common share:
    
Income from continuing operations
$0.28
$0.48
Discontinued operations
--
0.05
Net income available to common shareholders
$0.28
$0.53
     
Diluted earnings per common share:
    
Income from continuing operations
$0.28
$0.48
Discontinued operations
--
0.04
Net income available to common shareholders
$0.28
$0.52
     
Dividends declared per common share
$0.64
$0.63
     
Basic weighted average shares outstanding
65,695
61,988
     
Diluted weighted average shares outstanding
81,234
76,642




 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
22


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


 
March 31,
December 31,
Assets
2007
2006
  
Rental property
    
Land and leasehold interests
$656,514
$659,169
Buildings and improvements
3,523,319
3,549,699
Tenant improvements
347,141
356,495
Furniture, fixtures and equipment
8,388
8,224
  
 
4,535,362
4,573,587
  
Less - accumulated depreciation and amortization
(802,196)
(796,793)
  
 
3,733,166
3,776,794
  
Rental property held for sale, net
30,333
--
  
Net investment in rental property
3,763,499
3,776,794
  
Cash and cash equivalents
150,171
101,223
Investments in unconsolidated joint ventures
168,861
160,301
Unbilled rents receivable, net
104,934
100,847
Deferred charges and other assets, net
244,196
240,637
Restricted cash
16,288
15,448
Accounts receivable, net of allowance for doubtful accounts
    
of $2,486 and $1,260
25,454
27,639
  
       
Total assets
$4,473,403
$4,422,889
  
       
Liabilities and Stockholders’ Equity
      
Senior unsecured notes
$1,631,748
$1,631,482
Revolving credit facility
--
145,000
Mortgages, loans payable and other obligations
364,269
383,477
Dividends and distributions payable
53,651
50,591
Accounts payable, accrued expenses and other liabilities
119,969
122,134
Rents received in advance and security deposits
49,546
45,972
Accrued interest payable
18,457
34,106
  
Total liabilities
2,237,640
2,412,762
  
       
Minority interests:
    
Operating Partnership
470,270
480,103
Consolidated joint ventures
1,879
2,117
Total minority interests
472,149
482,220
  
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,
    
67,847,852 and 62,925,191 shares outstanding
678
629
Additional paid-in capital
1,968,555
1,708,053
Dividends in excess of net earnings
(230,619)
(205,775)
Total stockholders’ equity
1,763,614
1,527,907
  
       
Total liabilities and stockholders’ equity
$4,473,403
$4,422,889
  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
 
23


Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Stockholders’ Equity
For the three months ended March 31, 2007
(in thousands) (unaudited)



 
Preferred Stock
 Common Stock
Additional
Paid-In
Dividends in
Excess of
Total
Stockholders’
 
Shares
Amount
Shares
Par value
Capital
Net Earnings
Equity
Balance at January 1, 2007
10
$25,000
62,925
$629
$1,708,053
$(205,775)
$1,527,907
Net income
--
--
--
--
--
19,079
19,079
Preferred stock dividends
--
--
--
--
--
(500)
(500)
Common stock dividends
--
--
--
--
--
(43,423)
(43,423)
Common Stock Offering
--
--
4,650
47
251,685
--
251,732
Redemption of common units for common stock
--
--
142
1
4,427
--
4,428
Shares issued under Dividend Reinvestment and Stock Purchase Plan
--
--
1
--
67
--
67
Stock options exercised
--
--
117
1
3,346
--
3,347
Stock options expense
--
--
--
--
33
--
33
Directors Deferred compensation plan
--
--
--
--
79
--
79
Issuance of restricted stock
--
--
13
--
--
--
--
Amortization of stock compensation
--
--
--
--
865
--
865
               
Balance at March 31, 2007
10
$25,000
67,848
$678
$1,968,555
$(230,619)
$1,763,614








Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
 
24




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


 
Three Months Ended
March 31,
   
2007
2006
  
Net income available to common shareholders
  
$18,579
$32,597
  
Add: Minority interest in Operating Partnership
  
4,262
6,886
  
Minority interest in discontinued operations
  
61
649
  
Real estate-related depreciation and amortization on continuing operations (a)
  
46,870
37,570
  
Real estate-related depreciation and amortization on discontinued operations
  
343
3,064
  
Funds from operations available to common shareholders (b)
  
$70,115
$80,766
  
         
Diluted weighted average shares/units outstanding (c)
  
81,234
76,642
  
         
Funds from operations per share/unit - diluted
  
$0.86
$1.05
  
         
Dividend declared per common share
  
$0.64
$0.63
  
         
Dividend payout ratios:
        
Funds from operations-diluted
  
74.15%
59.78%
  
         
Supplemental Information:
        
Non-incremental revenue generating capital expenditures:
        
Building improvements
  
$2,489
$1,955
  
Tenant improvements and leasing commissions
  
$11,773
$11,970
  
Straight-line rent adjustments (d)
  
$4,709
$6,393
  
Amortization of (above)/below market lease intangibles, net (e)
  
$567
$664
  
         

(a)  Includes the Company’s share from unconsolidated joint ventures of $5,510 and $1,139 for the three months ended March 31, 2007 and 2006, respectively.
(b)  Funds from operations for both periods are calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11.
(c)  Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (15,287 shares and 14,330 shares for the three months ended March 31, 2007 and 2006, respectively), plus dilutive Common Stock Equivalents (i.e. stock
        options). See reconciliation of basic to diluted shares/units on page 27.
(d)  Includes the Company’s share from unconsolidated joint ventures of $797 and $209 for the three months ended March 31, 2007 and 2006, respectively.
(e)  Includes the Company’s share from unconsolidated joint ventures of $271 and $0 for three months ended March 31, 2007 and 2006, respectively.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
25




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

 
 
Three Months Ended
March 31,
   
2007
2006
  
Net income available to common shareholders
  
$0.28
$0.52
  
Add: Real estate-related depreciation and amortization on continuing operations (a)
  
0.58
0.49
  
Real estate-related depreciation and amortization on discontinued operations
  
--
0.04
  
 
Funds from operations available to common shareholders (b)
 
$0.86
$1.05
  
         
Diluted weighted average shares/units outstanding (c)
  
81,234
76,642
  

(a)  Includes the Company’s share from unconsolidated joint ventures of $0.07 and $0.01 for the three months ended March 31, 2007 and 2006, respectively.
(b)  Funds from operations for both periods are calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11.
(c)  Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (15,287 shares and 14,330 shares for the three months ended March 31, 2007 and 2006, respectively), plus dilutive Common Stock Equivalents (i.e.
           stock options). See reconciliation of basic to diluted shares/units on page 27.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
26




Reconciliation of Basic-to-Diluted Shares/Units
(in thousands)

The following schedule reconciles the Company’s basic weighted average shares outstanding to basic and diluted weighted average shares/units outstanding for the purpose of calculating FFO per share:


   
 
Three Months Ended
March 31,
   
2007
2006
  
Basic weighted average shares outstanding:
  
65,695
61,988
  
Add: Weighted average common units
  
15,287
14,330
  
Basic weighted average shares/units:
  
80,982
76,318
  
Add: Stock options
  
252
324
  
 
Diluted weighted average shares/units outstanding:
  
81,234
76,642
  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
27












IV. VALUE CREATION PIPELINE

















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
28




IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
(dollars in thousands)


For the year ended March 31, 2007

None



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

(a)  
Amounts are as of March 31, 2007.
(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.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
29




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
3/31/07
Total
Estimated
Costs
Current
% Leased
Majority Owned:
                
AAA Operations Center
Hamilton, NJ
Office
2007-2Q
1
120,000
$16,530
$19,200
100.0%
Wyndham
Parsippany, NJ
Office
2008-4Q
1
250,000
--
64,837
100.0%
 
Sub-total:
      
2
370,000
16,530
84,037
100.0%
                 
Unconsolidated
Joint Ventures:
                
Red Bank Corporate Plaza
Red Bank, NJ
Office
2007-3Q
1
92,878
17,751
27,050
100.0%
Boston-Filenes
Boston, MA
Mixed-Use
n/a
1
1,200,000
99,090
630,000
n/a
100 Kimball
Parsippany, NJ
Office
2007-2Q
1
175,000
27,860
28,000
--
 
Sub-total:
      
3
1,467,878
144,701
685,050
6.3%
 
Grand Total:
      
5
1,837,878
$ 161,231
$769,087
25.2%





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
30




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 March 31, 2007

 
31




Rental Property Sales
(dollars in thousands)


For the three months ended March 31, 2007

None

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 Office Property Sales:
  
23
2,089,228
$336,497
$276,892
$59,605





Rental Property Held For Sale
(dollars in thousands)

At March 31, 2007


         
Property/Address
Location
# of
Bldgs.
Rentable
Square
Feet
Net Book
Value
at 3/31/07
Office:
        
500 West Putnam Avenue
Greenwich, Fairfield County, CT
1
121,250
$17,099
1000 Bridgeport Avenue
Shelton, Fairfield County, CT
1
133,000
13,233
 
Total Office Properties
  
2
254,250
$30,332






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
32












V. PORTFOLIO/ LEASING STATISTICS




















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
33




V. PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended March 31, 2007)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED
 
 
             
     
LEASING ACTIVITY
      
 
 
 
Region/Market
Sq. Ft.
Leased
12/31/06
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 3/31/07 (c)
Pct.
Leased
3/31/07
Pct.
Leased
12/31/06
                 
Northern NJ
12,138,054
-
(243,353)
306,395
63,042
12,201,096
92.3%
91.9%
Central NJ
4,467,983
-
(98,157)
86,378
(11,779)
4,456,204
90.4%
90.6%
Westchester Co., NY
4,610,675
-
(209,480)
208,695
(785)
4,609,890
96.3%
96.3%
Sub. Philadelphia
3,252,336
-
(283,795)
295,453
11,658
3,263,994
90.4%
90.1%
Fairfield, CT
763,575
-
(82,824)
69,146
(13,678)
749,897
88.0%
89.6%
Washington, DC/MD
1,158,589
-
(27,246)
26,392
(854)
1,157,735
89.6%
89.6%
Rockland Co., NY
180,000
-
(32,601)
32,601
-
180,000
100.0%
100.0%
 
Totals
26,571,212
-
(977,456)
1,025,060
47,604
26,618,816
92.2%
92.0%
                 

 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2006
28,866,247
Total sq. ft. of properties added / sold this period
-
Total sq. ft. as of March 31, 2007
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 March 31, 2007 aggregating 286,298 square feet for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
34



Leasing Statistics
(For the three months ended March 31, 2007)

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)
                 
Northern NJ
Office
35
260,386
101,740
158,646
5.7
28.20
1.78
 
Office/Flex
4
46,009
27,733
18,276
5.2
15.83
2.10
Central NJ
Office
12
68,432
6,733
61,699
3.5
24.97
3.32
 
Office/Flex
2
17,946
5,613
12,333
3.0
13.89
2.03
Westchester Co., NY
Office
13
49,226
4,700
44,526
5.7
29.34
3.19
 
Office/Flex
19
150,419
31,277
119,142
4.1
19.06
2.06
 
Industrial/Warehouse
2
9,050
-
9,050
5.3
17.47
0.98
Sub. Philadelphia
Office
10
115,053
24,048
91,005
4.7
24.39
3.25
 
Office/Flex
7
180,400
29,400
151,000
6.0
10.38
0.77
Fairfield Co., CT
Office
9
69,146
16,482
52,664
3.0
25.56
2.15
Washington, DC/MD
Office
5
26,392
5,531
20,861
4.2
27.26
0.49
Rockland Co., NY
Office
2
32,601
31,092
1,509
7.0
23.93
3.08
 
Totals
  
120
1,025,060
284,349
740,711
5.0
21.90
1.97
                 
Detail by Property Type
                
 
Office
86
621,236
190,326
430,910
4.9
26.67
2.39
 
Office/Flex
32
394,774
94,023
300,751
5.1
14.48
1.36
 
Industrial/Warehouse
2
9,050
-
9,050
5.3
17.47
0.98
                 
Company Totals
  
120
1,025,060
284,349
740,711
5.0
21.90
1.97
                 
Tenant Retention:
Leases Retained
60.3%
            
 
Sq. Ft. Retained
75.8%
            
 


(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 $6,524,782 and commissions of $3,486,232 committed, but not necessarily expended, during the period for second generation space aggregating 1,020,721 square feet.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
35



Leasing Statistics
(For the three months ended March 31, 2007)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
State
Sq. Ft.
Leased
12/31/06
Leased
Sq. Ft.
Acquired/ Sold
Expiring/
Adjustment
Sq. Ft. (a)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 3/31/07
Pct.
Leased
3/31/07
Pct.
Leased
12/31/06
Northeast
                
Northern NJ
1,969,302
-
(6,223)
28,126
21,903
1,991,205
94.0%
93.0%
Central NJ
1,005,877
-
2,460
17,471
19,931
1,025,808
85.3%
83.6%
Rockland Co., NY
152,983
-
-
-
-
152,983
65.9%
65.9%
Boston, MA
344,312
-
(152,500)
-
(152,500)
191,812
28.8%
51.6%
Total Northeast
3,472,474
-
(156,263)
45,597
(110,666)
3,361,808
79.7%
82.3%
                 
Other
 
  
 
 
 
 
    
Troy, MI
859,181
-
(3,410)
10,694
7,284
866,465
71.7%
71.1%
Total Other
859,181
-
(3,410)
10,694
7,284
866,465
71.7%
71.1%
                 
Company Totals
4,331,655
-
(159,673)
56,291
(103,382)
4,228,273
77.9%
79.8%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2006
5,428,487
Total sq. ft. of properties added /sold this period
-
Total sq. ft. as of March 31, 2007
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
28,126
22,032
6,094
8.6
25.38
3.87
Central NJ
4
17,471
17,471
-
13.7
20.79
4.49
Total Northeast
8
45,597
39,503
6,094
10.6
23.62
4.15
               
Other
              
Troy, MI
4
10,694
-
10,694
3.5
19.19
2.69
Total Other
4
10,694
-
10,694
3.5
19.19
2.69
               
Company Totals
12
56,291
39,503
16,788
9.2
22.78
3.56
               

(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 $205,740 and commissions of $123,591 committed, but not necessarily expended, during the period for second generation space aggregating 23,759 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
36




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)
111,622,664
19.5
5,847,318
20.3
Jersey City, NJ
111,550,104
19.4
4,317,978
15.0
Bergen-Passaic, NJ
92,820,002
16.2
4,602,401
15.9
New York, NY (Westchester-Rockland Counties)
92,569,389
16.1
4,968,420
17.2
Philadelphia, PA-NJ
54,679,993
9.5
3,529,994
12.2
Washington, DC-MD-VA-WV
30,877,896
5.4
1,292,807
4.5
Monmouth-Ocean, NJ
25,452,014
4.4
1,620,863
5.6
Middlesex-Somerset-Hunterdon, NJ
20,186,347
3.5
986,760
3.4
Trenton, NJ
17,258,077
3.0
767,365
2.7
Stamford-Norwalk, CT
13,385,423
2.3
706,510
2.4
Bridgeport, CT
2,247,132
0.4
145,487
0.5
Atlantic-Cape May, NJ
1,879,867
0.3
80,344
0.3
         
Totals
574,528,908
100.0
28,866,247
100.0
         

(a)  
Annualized base rental revenue is based on actual March 2007 billings times 12. For leases whose rent commences after April 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 March 31, 2007, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring March 31, 2007 aggregating 286,298 feet and representing annualized rent of $4,538,882 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.
 
 
 
37

 
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
101,835,018
17.7
3,814,804
14.7
Manufacturing
47,648,107
8.3
2,307,478
8.8
Insurance Carriers & Related Activities
46,110,035
8.0
2,055,926
7.8
Computer System Design Services
31,708,215
5.5
1,493,262
5.7
Credit Intermediation & Related Activities
28,290,220
4.9
1,136,363
4.3
Telecommunications
26,597,440
4.6
1,262,375
4.8
Legal Services
24,454,295
4.3
976,181
3.7
Health Care & Social Assistance
24,439,416
4.3
1,208,021
4.6
Wholesale Trade
22,031,233
3.8
1,414,787
5.4
Scientific Research/Development
21,644,266
3.8
969,392
3.7
Other Professional
18,299,015
3.2
813,819
3.1
Accounting/Tax Prep.
17,185,588
3.0
724,888
2.8
Retail Trade
16,521,247
2.9
997,993
3.8
Public Administration
15,795,747
2.7
610,340
2.3
Advertising/Related Services
14,950,245
2.6
621,150
2.4
Other Services (except Public Administration)
12,682,894
2.2
695,137
2.7
Information Services
10,716,426
1.9
468,080
1.8
Arts, Entertainment & Recreation
9,206,774
1.6
563,141
2.1
Real Estate & Rental & Leasing
9,105,761
1.6
425,253
1.6
Construction
8,517,617
1.5
403,928
1.5
Broadcasting
7,464,541
1.3
474,532
1.8
Architectural/Engineering
7,456,994
1.3
341,898
1.3
Utilities
7,066,088
1.2
340,090
1.3
Data Processing Services
5,783,374
1.0
245,949
0.9
Transportation
5,496,426
1.0
299,524
1.1
Educational Services
5,395,615
0.9
272,450
1.0
Publishing Industries
4,585,552
0.8
237,215
0.9
Admin & Support, Waste Mgt. & Remediation Svcs.
4,130,060
0.7
262,409
1.0
Specialized Design Services
3,681,407
0.6
158,590
0.6
Management of Companies & Finance
3,669,957
0.6
148,009
0.6
Other
12,059,335
2.2
479,005
1.9
         
Totals
574,528,908
100.0
26,221,989
100.0

(a)  
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS) which has replaced the Standard Industrial Code (SIC) system.
(b)  
Annualized base rental revenue is based on actual March 2007 billings times 12. For leases whose rent commences after April 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 March 31, 2007, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring March 31, 2007 aggregating 286,298 square feet and representing annualized rent of $4,538,882 for which no new leases were signed.

 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
38






Consolidated Portfolio Analysis (a)
(as of March 31, 2007)

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 March 31, 2007

 
39




Consolidated Portfolio Analysis (a)
(as of March 31, 2007)

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 March 31, 2007

 
40




Consolidated Portfolio Analysis (a)
(Year ended March 31, 2007)

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
362,446
65.1%
18,544
3.3%
--
--
--
--
--
--
380,990
68.4%
New York
51,045
9.2%
33,351
6.0%
4,213
0.8%
437
0.1%
299
0.1%
89,345
16.2%
Pennsylvania
41,252
7.4%
--
--
--
--
--
--
--
--
41,252
7.4%
Connecticut
11,810
2.1%
3,924
0.7%
--
--
--
--
--
--
15,734
2.8%
Wash., D.C./
Maryland
28,694
5.2%
--
--
--
--
--
--
--
--
28,694
 
5.2%
TOTALS
By Type:
495,247
89.0%
55,819
10.0%
4,213
0.8%
437
0.1%
299
0.1%
556,015
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 March 31, 2007, 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 March 31, 2007

 
41




Consolidated Portfolio Analysis (a) (b)
(as of March 31, 2007)

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
91.8%
92.9%
--
--
91.9%
New York
94.9%
97.5%
98.1%
100.0%
96.4%
Pennsylvania
88.2%
--
--
--
88.2%
Connecticut
83.1%
98.4%
--
--
88.0%
Washington, D.C./ Maryland
89.6%
--
--
--
89.6%
 
WEIGHTED AVG. By Type:
 
91.4%
 
95.5%
 
98.1%
 
100.0%
 
92.2%

(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 March 31, 2007, 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 March 31, 2007 aggregating 286,298 square feet for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
42



 
Property Listing
 
Office Properties
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
ATLANTIC COUNTY, NEW JERSEY
            
Egg Harbor
            
100 Decadon Drive
1987
40,422
100.0
955
0.17
23.63
200 Decadon Drive
1991
39,922
100.0
942
0.17
23.60
             
BERGEN COUNTY, NEW JERSEY
            
Fair Lawn
            
17-17 Route 208 North
1987
143,000
100.0
3,464
0.62
24.22
Fort Lee
            
One Bridge Plaza
1981
200,000
55.3
2,251
0.40
20.35
2115 Linwood Avenue
1981
68,000
54.0
1,202
0.22
32.73
Little Ferry
            
200 Riser Road
1974
286,628
100.0
2,066
0.37
7.21
Montvale
            
95 Chestnut Ridge Road
1975
47,700
100.0
796
0.14
16.69
135 Chestnut Ridge Road
1981
66,150
88.9
1,444
0.26
24.55
Paramus
            
15 East Midland Avenue
1988
259,823
100.0
5,498
0.99
21.16
140 East Ridgewood Avenue
1981
239,680
92.1
4,872
0.88
22.07
461 From Road
1988
253,554
98.6
6,080
1.09
24.32
650 From Road
1978
348,510
93.8
7,858
1.41
24.04
61 South Paramus Avenue
1985
269,191
100.0
6,839
1.23
25.41
Ridgefield Park
            
105 Challenger Road (e)
1992
150,050
87.5
3,815
0.69
32.43
Rochelle Park
            
120 Passaic Street
1972
52,000
99.6
1,402
0.25
27.07
365 West Passaic Street
1976
212,578
99.0
4,291
0.77
20.39
395 West Passaic Street (e)
1979
100,589
93.2
1,458
0.26
23.26
Upper Saddle River
            
1 Lake Street
1973/94
474,801
100.0
7,465
1.34
15.72
10 Mountainview Road
1986
192,000
99.3
4,336
0.78
22.74
Woodcliff Lake
            
400 Chestnut Ridge Road
1982
89,200
100.0
1,950
0.35
21.86
470 Chestnut Ridge Road
1987
52,500
94.6
639
0.11
12.87
530 Chestnut Ridge Road
1986
57,204
100.0
1,165
0.21
20.37
50 Tice Boulevard
1984
235,000
100.0
6,135
1.10
26.11
300 Tice Boulevard
1991
230,000
100.0
6,155
1.11
26.76
             
BURLINGTON COUNTY, NEW JERSEY
            
Moorestown
            
224 Strawbridge Drive
1984
74,000
98.4
1,392
0.25
19.12
228 Strawbridge Drive
1984
74,000
100.0
1,043
0.19
14.09
232 Strawbridge Drive
1986
74,258
98.8
1,461
0.26
19.91
             
ESSEX COUNTY, NEW JERSEY
            
Millburn
            
150 J.F. Kennedy Parkway
1980
247,476
100.0
7,528
1.35
30.42
Roseland
            
101 Eisenhower Parkway
1980
237,000
96.2
5,532
0.99
24.26
103 Eisenhower Parkway
1985
151,545
81.0
2,953
0.53
24.06
105 Eisenhower Parkway
2001
220,000
86.1
4,274
0.77
22.56
             
             




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
43


 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
HUDSON COUNTY, NEW JERSEY
            
Jersey City
            
Harborside Financial Center Plaza 1
1983
400,000
92.8
5,437
0.98
14.65
Harborside Financial Center Plaza 2
1990
761,200
100.0
18,002
3.24
23.65
Harborside Financial Center Plaza 3
1990
725,600
98.5
17,909
3.22
25.06
Harborside Financial Center Plaza 4-A
2000
207,670
99.1
6,640
1.19
32.26
Harborside Financial Center Plaza 5
2002
977,225
98.0
35,468
6.38
37.04
101 Hudson Street
1992
1,246,283
100.0
29,943
5.40
24.03
             
MERCER COUNTY, NEW JERSEY
            
Hamilton Township
            
600 Horizon Drive
2002
95,000
100.0
1,373
0.25
14.45
Princeton
            
103 Carnegie Center
1984
96,000
84.9
2,340
0.42
28.71
3 Independence Way
1983
111,300
49.9
973
0.17
17.52
100 Overlook Center
1988
149,600
100.0
3,789
0.68
25.33
5 Vaughn Drive
1987
98,500
94.0
2,460
0.44
26.57
             
MIDDLESEX COUNTY, NEW JERSEY
            
East Brunswick
            
377 Summerhill Road
1977
40,000
100.0
353
0.06
8.83
Edison
            
343 Thornall Street (c) (e)
1991
195,709
100.0
2,885
0.52
16.45
Piscataway
            
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,465
0.44
15.41
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,771
0.32
15.40
30 Knightsbridge Road, Bldg. 5
1977
332,607
43.6
1,753
0.32
12.09
30 Knightsbridge Road, Bldg. 6
1977
72,743
63.8
0
0.00
0.00
Plainsboro
            
500 College Road East
1984
158,235
95.7
4,050
0.73
26.74
Woodbridge
            
581 Main Street
1991
200,000
100.0
5,159
0.93
25.80
             
MONMOUTH COUNTY, NEW JERSEY
            
Freehold
            
2 Paragon Way
1989
44,524
64.8
479
0.09
16.60
3 Paragon Way
1991
66,898
58.4
811
0.15
20.76
4 Paragon Way
2002
63,989
100.0
1,118
0.20
17.47
100 Willowbrook Road
1988
60,557
74.8
821
0.15
18.12
Holmdel
            
23 Main Street
1977
350,000
100.0
4,130
0.74
11.80
Middletown
            
One River Centre Bldg. 1
1983
122,594
100.0
3,026
0.54
24.68
One River Centre Bldg. 2
1983
120,360
100.0
2,800
0.50
23.26
One River Centre Bldg. 3 and 4
1984
214,518
93.6
4,393
0.79
21.88
Neptune
            
3600 Route 66
1989
180,000
100.0
2,400
0.43
13.33
Wall Township
            
1305 Campus Parkway
1988
23,350
92.4
463
0.08
21.46
1350 Campus Parkway
1990
79,747
99.9
1,585
0.29
19.90
             
MORRIS COUNTY, NEW JERSEY
            
Florham Park
            
325 Columbia Turnpike
1987
168,144
99.4
4,103
0.74
24.55




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
44


 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
Morris Plains
            
250 Johnson Road
1977
75,000
100.0
1,579
0.28
21.05
201 Littleton Road
1979
88,369
88.6
1,775
0.32
22.67
Morris Township
            
412 Mt. Kemble Avenue
1986
475,100
33.5
334
0.06
2.10
Parsippany
            
4 Campus Drive
1983
147,475
90.0
2,720
0.49
20.49
6 Campus Drive
1983
148,291
79.9
2,500
0.45
21.10
7 Campus Drive
1982
154,395
29.8
0
0.00
0.00
8 Campus Drive
1987
215,265
100.0
6,265
1.13
29.10
9 Campus Drive
1983
156,495
87.4
3,703
0.67
27.07
4 Century Drive
1981
100,036
71.9
1,545
0.28
21.48
5 Century Drive
1981
79,739
67.2
1,724
0.31
32.17
6 Century Drive
1981
100,036
72.4
345
0.06
4.76
2 Dryden Way
1990
6,216
100.0
93
0.02
14.96
4 Gatehall Drive
1988
248,480
86.8
5,234
0.94
24.27
2 Hilton Court
1991
181,592
100.0
5,088
0.92
28.02
1633 Littleton Road
1978
57,722
100.0
1,131
0.20
19.59
600 Parsippany Road
1978
96,000
94.7
1,304
0.23
14.34
1 Sylvan Way
1989
150,557
100.0
3,602
0.65
23.92
5 Sylvan Way
1989
151,383
100.0
3,973
0.71
26.24
7 Sylvan Way
1987
145,983
100.0
3,219
0.58
22.05
35 Waterview Boulevard (e)
1990
172,498
92.2
3,870
0.70
27.16
5 Wood Hollow Road
1979
317,040
96.7
5,948
1.07
19.40
             
PASSAIC COUNTY, NEW JERSEY
            
Clifton
            
777 Passaic Avenue
1983
75,000
100.0
1,527
0.27
20.36
Totowa
            
999 Riverview Drive
1988
56,066
100.0
1,083
0.19
19.32
             
SOMERSET COUNTY, NEW JERSEY
            
Basking Ridge
            
222 Mt. Airy Road
1986
49,000
60.7
615
0.11
20.68
233 Mt. Airy Road
1987
66,000
100.0
1,315
0.24
19.92
Bernards
            
106 Allen Road
2000
132,010
97.0
3,050
0.55
23.82
Bridgewater
            
721 Route 202/206
1989
192,741
97.0
3,982
0.72
21.30
             
UNION COUNTY, NEW JERSEY
            
Clark
            
100 Walnut Avenue
1985
182,555
100.0
4,745
0.85
25.99
Cranford
            
6 Commerce Drive
1973
56,000
88.1
1,065
0.19
21.59
11 Commerce Drive (c)
1981
90,000
75.9
1,180
0.21
17.27
12 Commerce Drive
1967
72,260
95.1
967
0.17
14.07
14 Commerce Drive
1971
67,189
87.3
1,212
0.22
20.66
20 Commerce Drive
1990
176,600
100.0
4,512
0.81
25.55
25 Commerce Drive
1971
67,749
95.0
1,423
0.26
22.11
65 Jackson Drive
1984
82,778
95.5
1,883
0.34
23.82




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
45


 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
New Providence
            
890 Mountain Avenue
1977
80,000
87.1
1,775
0.32
25.47
             
Total New Jersey Office
  
17,537,754
91.8
362,446
65.17
22.63
             
ROCKLAND COUNTY, NEW YORK
            
Suffern
            
400 Rella Boulevard
1988
180,000
100.0
4,250
0.76
23.61
             
WESTCHESTER COUNTY, NEW YORK
            
Elmsford
            
100 Clearbrook Road (c)
1975
60,000
94.4
1,113
0.20
19.65
101 Executive Boulevard
1971
50,000
42.6
497
0.09
23.33
555 Taxter Road
1986
170,554
100.0
4,183
0.75
24.53
565 Taxter Road
1988
170,554
100.0
4,165
0.75
24.42
570 Taxter Road
1972
75,000
95.9
1,829
0.33
25.43
Hawthorne
            
1 Skyline Drive
1980
20,400
99.0
370
0.07
18.32
2 Skyline Drive
1987
30,000
98.9
491
0.09
16.55
7 Skyline Drive
1987
109,000
95.3
2,594
0.47
24.97
17 Skyline Drive
1989
85,000
51.7
719
0.13
16.36
19 Skyline Drive
1982
248,400
100.0
4,471
0.80
18.00
Tarrytown
            
200 White Plains Road
1982
89,000
92.5
1,756
0.32
21.33
220 White Plains Road
1984
89,000
95.9
1,820
0.33
21.32
White Plains
            
1 Barker Avenue
1975
68,000
97.3
1,748
0.31
26.42
3 Barker Avenue
1983
65,300
91.0
1,590
0.29
26.76
50 Main Street
1985
309,000
98.0
9,246
1.66
30.53
11 Martine Avenue
1987
180,000
96.1
4,806
0.86
27.78
1 Water Street
1979
45,700
100.0
1,082
0.19
23.68
Yonkers
            
1 Executive Boulevard
1982
112,000
100.0
2,833
0.51
25.29
3 Executive Plaza
1987
58,000
100.0
1,482
0.27
25.55
             
Total New York Office
  
2,214,908
94.9
51,045
9.18
24.29
             
CHESTER COUNTY, PENNSYLVANIA
            
Berwyn
            
1000 Westlakes Drive
1989
60,696
95.7
1,592
0.29
27.41
1055 Westlakes Drive
1990
118,487
90.2
2,747
0.49
25.70
1205 Westlakes Drive
1988
130,265
75.8
2,295
0.41
23.24
1235 Westlakes Drive
1986
134,902
97.7
2,829
0.51
21.46
             
DELAWARE COUNTY, PENNSYLVANIA
            
Lester
            
100 Stevens Drive
1986
95,000
100.0
2,551
0.46
26.85
200 Stevens Drive
1987
208,000
100.0
5,598
1.01
26.91
300 Stevens Drive
1992
68,000
100.0
1,590
0.29
23.38
Media
            
1400 Providence Road - Center I
1986
100,000
96.8
2,073
0.37
21.42
1400 Providence Road - Center II
1990
160,000
94.2
3,298
0.59
21.88




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
46



 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
MONTGOMERY COUNTY, PENNSYLVANIA
            
Bala Cynwyd
            
150 Monument Road
1981
125,783
98.4
2,526
0.45
20.41
Blue Bell
            
4 Sentry Parkway
1982
63,930
94.1
1,366
0.25
22.71
5 Sentry Parkway East
1984
91,600
33.4
858
0.15
28.04
5 Sentry Parkway West
1984
38,400
31.5
442
0.08
36.54
16 Sentry Parkway
1988
93,093
98.4
2,238
0.40
24.43
18 Sentry Parkway
1988
95,010
97.6
2,107
0.38
22.72
King of Prussia
            
2200 Renaissance Boulevard
1985
174,124
74.9
3,076
0.55
23.59
Lower Providence
            
1000 Madison Avenue
1990
100,700
76.4
918
0.17
11.93
Plymouth Meeting
            
1150 Plymouth Meeting Mall
1970
167,748
92.0
3,148
0.57
20.40
             
Total Pennsylvania Office
  
2,025,738
88.2
41,252
7.42
23.09
             
FAIRFIELD COUNTY, CONNECTICUT
            
Greenwich
            
500 West Putnam Avenue (f)
1973
121,250
96.3
3,362
0.60
28.79
Norwalk
            
40 Richards Avenue
1985
145,487
71.2
2,485
0.45
23.99
Shelton
            
1000 Bridgeport Avenue (f)
1986
133,000
93.6
2,341
0.42
18.81
Stamford
            
1266 East Main Street
1984
179,260
76.2
3,622
0.65
26.52
             
Total Connecticut Office
  
578,997
83.1
11,810
2.12
24.53
             
WASHINGTON, D.C.
            
1201 Connecticut Avenue, NW
1940
169,549
100.0
5,654
1.02
33.35
1400 L Street, NW
1987
159,000
90.6
4,969
0.89
34.49
             
Total District of Columbia Office
  
328,549
95.5
10,623
1.91
33.87
             
PRINCE GEORGE’S COUNTY, MARYLAND
          
Greenbelt
            
9200 Edmonston Road
1973
38,690
100.0
922
0.17
23.83
6301 Ivy Lane
1979
112,003
84.7
1,936
0.35
20.41
6303 Ivy Lane
1980
112,047
87.4
2,492
0.45
25.45
6305 Ivy Lane
1982
112,022
76.3
1,627
0.29
19.04
6404 Ivy Lane
1987
165,234
77.9
2,716
0.49
21.10
6406 Ivy Lane
1991
163,857
100.0
2,724
0.49
16.62
6411 Ivy Lane
1984
138,405
89.1
2,839
0.51
23.02
Lanham
            
4200 Parliament Place
1989
122,000
91.2
2,815
0.51
25.30
             
Total Maryland Office
  
964,258
87.5
18,071
3.26
21.41
             
TOTAL OFFICE PROPERTIES
  
23,650,204
91.4
495,247
89.06
23.01




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
47


 
Property Listing
 
Office/Flex Properties
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
BURLINGTON COUNTY, NEW JERSEY
          
Burlington
            
3 Terri Lane
1991
64,500
90.4
455
0.08
7.80
5 Terri Lane
1992
74,555
91.7
606
0.11
8.86
Moorestown
            
2 Commerce Drive
1986
49,000
76.3
337
0.06
9.01
101 Commerce Drive
1988
64,700
100.0
275
0.05
4.25
102 Commerce Drive
1987
38,400
87.5
220
0.04
6.55
201 Commerce Drive
1986
38,400
75.0
172
0.03
5.97
202 Commerce Drive
1988
51,200
100.0
307
0.06
6.00
1 Executive Drive
1989
20,570
81.1
156
0.03
9.35
2 Executive Drive
1988
60,800
84.7
386
0.07
7.50
101 Executive Drive
1990
29,355
99.7
279
0.05
9.53
102 Executive Drive
1990
64,000
100.0
255
0.05
3.98
225 Executive Drive
1990
50,600
67.6
134
0.02
3.92
97 Foster Road
1982
43,200
75.5
151
0.03
4.63
1507 Lancer Drive
1995
32,700
100.0
134
0.02
4.10
1245 North Church Street
1998
52,810
90.5
313
0.06
6.55
1247 North Church Street
1998
52,790
77.5
364
0.07
8.90
1256 North Church Street
1984
63,495
100.0
440
0.08
6.93
840 North Lenola Road
1995
38,300
100.0
367
0.07
9.58
844 North Lenola Road
1995
28,670
100.0
180
0.03
6.28
915 North Lenola Road
1998
52,488
100.0
296
0.05
5.64
2 Twosome Drive
2000
48,600
100.0
408
0.07
8.40
30 Twosome Drive
1997
39,675
100.0
148
0.03
3.73
31 Twosome Drive
1998
84,200
100.0
470
0.08
5.58
40 Twosome Drive
1996
40,265
100.0
285
0.05
7.08
41 Twosome Drive
1998
43,050
77.7
219
0.04
6.55
50 Twosome Drive
1997
34,075
100.0
245
0.04
7.19
             
GLOUCESTER COUNTY, NEW JERSEY
            
West Deptford
            
1451 Metropolitan Drive
1996
21,600
100.0
148
0.03
6.85
             
MERCER COUNTY, NEW JERSEY
            
Hamilton Township
            
100 Horizon Center Boulevard
1989
13,275
100.0
193
0.03
14.54
200 Horizon Drive
1991
45,770
100.0
591
0.11
12.91
300 Horizon Drive
1989
69,780
100.0
1,141
0.21
16.35
500 Horizon Drive
1990
41,205
100.0
613
0.11
14.88
             
MONMOUTH COUNTY, NEW JERSEY
            
Wall Township
            
1325 Campus Parkway
1988
35,000
100.0
655
0.12
18.71
1340 Campus Parkway
1992
72,502
100.0
947
0.17
13.06
1345 Campus Parkway
1995
76,300
100.0
937
0.17
12.28
1433 Highway 34
1985
69,020
76.4
385
0.07
7.30
1320 Wyckoff Avenue
1986
20,336
100.0
178
0.03
8.75
1324 Wyckoff Avenue
1987
21,168
100.0
221
0.04
10.44



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
48


 
Property Listing
 
Office/Flex Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
PASSAIC COUNTY, NEW JERSEY
          
Totowa
            
1 Center Court
1999
38,961
100.0
534
0.10
13.71
2 Center Court
1998
30,600
99.3
268
0.05
8.82
11 Commerce Way
1989
47,025
100.0
558
0.10
11.87
20 Commerce Way
1992
42,540
58.9
128
0.02
5.11
29 Commerce Way
1990
48,930
100.0
711
0.13
14.53
40 Commerce Way
1987
50,576
85.7
679
0.12
15.67
45 Commerce Way
1992
51,207
96.4
358
0.06
7.25
60 Commerce Way
1988
50,333
85.8
559
0.10
12.94
80 Commerce Way
1996
22,500
100.0
305
0.05
13.56
100 Commerce Way
1996
24,600
100.0
334
0.06
13.58
120 Commerce Way
1994
9,024
100.0
125
0.02
13.85
140 Commerce Way
1994
26,881
99.5
374
0.07
13.98
             
Total New Jersey Office/Flex
  
2,189,531
92.9
18,544
3.34
9.12
             
WESTCHESTER COUNTY, NEW YORK
          
Elmsford
            
11 Clearbrook Road
1974
31,800
100.0
424
0.08
13.33
75 Clearbrook Road
1990
32,720
100.0
702
0.13
21.45
125 Clearbrook Road
2002
33,000
100.0
712
0.13
21.58
150 Clearbrook Road
1975
74,900
100.0
987
0.18
13.18
175 Clearbrook Road
1973
98,900
100.0
1,567
0.28
15.84
200 Clearbrook Road
1974
94,000
99.8
1,277
0.23
13.61
250 Clearbrook Road
1973
155,000
97.3
1,455
0.26
9.65
50 Executive Boulevard
1969
45,200
98.2
482
0.09
10.86
77 Executive Boulevard
1977
13,000
100.0
239
0.04
18.38
85 Executive Boulevard
1968
31,000
93.8
407
0.07
14.00
300 Executive Boulevard
1970
60,000
100.0
540
0.10
9.00
350 Executive Boulevard
1970
15,400
98.8
296
0.05
19.45
399 Executive Boulevard
1962
80,000
100.0
917
0.16
11.46
400 Executive Boulevard
1970
42,200
100.0
783
0.14
18.55
500 Executive Boulevard
1970
41,600
94.3
641
0.12
16.34
525 Executive Boulevard
1972
61,700
83.6
807
0.15
15.65
1 Westchester Plaza
1967
25,000
100.0
333
0.06
13.32
2 Westchester Plaza
1968
25,000
100.0
509
0.09
20.36
3 Westchester Plaza
1969
93,500
100.0
526
0.09
5.63
4 Westchester Plaza
1969
44,700
99.8
647
0.12
14.50
5 Westchester Plaza
1969
20,000
88.9
297
0.05
16.70
6 Westchester Plaza
1968
20,000
100.0
311
0.06
15.55
7 Westchester Plaza
1972
46,200
100.0
764
0.14
16.54
8 Westchester Plaza
1971
67,200
100.0
922
0.17
13.72
Hawthorne
            
200 Saw Mill River Road
1965
51,100
88.8
664
0.12
14.63
4 Skyline Drive
1987
80,600
92.2
1,300
0.23
17.49
5 Skyline Drive
1980
124,022
100.0
1,632
0.29
13.16
6 Skyline Drive
1980
44,155
100.0
400
0.07
9.06
8 Skyline Drive
1985
50,000
98.7
666
0.12
13.50
10 Skyline Drive
1985
20,000
100.0
301
0.05
15.05




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
49


 
Property Listing
 
Office/Flex Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
11 Skyline Drive
1989
45,000
100.0
803
0.14
17.84
12 Skyline Drive
1999
46,850
85.1
663
0.12
16.63
15 Skyline Drive
1989
55,000
88.2
664
0.12
13.69
Yonkers
            
100 Corporate Boulevard
1987
78,000
98.3
1,370
0.25
17.87
200 Corporate Boulevard South
1990
84,000
99.8
1,480
0.27
17.65
4 Executive Plaza
1986
80,000
100.0
1,146
0.21
14.33
6 Executive Plaza
1987
80,000
100.0
1,356
0.24
16.95
1 Odell Plaza
1980
106,000
98.0
1,464
0.26
14.09
3 Odell Plaza
1984
71,065
100.0
1,597
0.29
22.47
5 Odell Plaza
1983
38,400
84.8
574
0.10
17.63
7 Odell Plaza
1984
42,600
99.6
726
0.13
17.11
             
Total New York Office/Flex
  
2,348,812
97.5
33,351
6.00
14.56
             
FAIRFIELD COUNTY, CONNECTICUT
          
Stamford
            
419 West Avenue
1986
88,000
100.0
1,311
0.24
14.90
500 West Avenue
1988
25,000
82.3
375
0.07
18.23
550 West Avenue
1990
54,000
100.0
879
0.16
16.28
600 West Avenue
1999
66,000
100.0
804
0.14
12.18
650 West Avenue
1998
40,000
100.0
555
0.10
13.88
             
Total Connecticut Office/Flex
  
273,000
98.4
3,924
0.71
14.61
             
             
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
95.5
55,819
10.05
12.15



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
50


 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
of Total 2007
Base Rent
(%)
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
 
WESTCHESTER COUNTY, NEW YORK
          
Elmsford
            
1 Warehouse Lane
1957
6,600
100.0
86
0.02
13.03
2 Warehouse Lane
1957
10,900
100.0
159
0.03
14.59
3 Warehouse Lane
1957
77,200
100.0
324
0.06
4.20
4 Warehouse Lane
1957
195,500
97.4
2,167
0.39
11.38
5 Warehouse Lane
1957
75,100
97.1
964
0.17
13.22
6 Warehouse Lane
1982
22,100
100.0
513
0.09
23.21
             
Total Industrial/Warehouse Properties
  
387,400
98.1
4,213
0.76
11.08
             
WESTCHESTER COUNTY, NEW YORK
          
Tarrytown
            
230 White Plains Road
1984
9,300
100.0
195
0.04
20.97
Yonkers
            
2 Executive Boulevard
1986
8,000
100.0
242
0.04
30.25
             
Total Retail Properties
  
17,300
100.0
437
0.08
25.26
             
WESTCHESTER COUNTY, NEW YORK
          
Elmsford
            
700 Executive Boulevard
--
--
--
114
0.02
--
Yonkers
            
1 Enterprise Boulevard
--
--
--
185
0.03
--
             
Total Land Leases
  
--
--
299
0.05
--
             
 
TOTAL PROPERTIES
  
28,866,247
92.2
556,015 (g)
100.00
20.96

(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 March 31, 2007, a lease with a commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases expiring March 31, 2007 aggregating 286,298 square feet (representing 1.0 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)  
Total base rent for the 12 months ended March 31, 2007, determined in accordance with generally accepted accounting principles (“GAAP”). Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage.
(c)  
Excludes space leased by the Company.
(d)  
Base rent for the 12 months ended March 31, 2007, divided by net rentable square feet leased at March 31, 2007. For those properties acquired during the 12 months ended March 31, 2007, amounts are annualized, as per Note e.
(e)  
As this property was acquired by the Company during the 12 months ended March 31, 2007, the amounts represented in 2007 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 2007 average base rent per sq. ft. for this property have been calculated by taking 2007 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at March 31, 2007. These annualized per square foot amounts may not be indicative of the property’s results had the Company owned such property for the entirety of the 12 months ended March 31, 2007.
(f)  
This property was identified as held for sale by the Company as of March 31, 2007 and is classified as discontinued operations in the financial statements.
(g)  
Includes $5,703 pertaining to properties as held for sale, which are classified as discontinued operations in the financial statements.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
51


Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of March 31, 2007, 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
10,366,346
1.7
460,973
1.9
2014
(b)
Morgan Stanley D.W. Inc.
5
9,395,415
1.5
381,576
1.5
2013
(c)
United States Of America-GSA
12
8,595,165
1.5
285,684
1.1
2015
(d)
Credit Suisse First Boston
1
7,940,235
1.4
234,331
0.9
2012
(e)
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
(f)
Allstate Insurance Company
10
6,462,793
1.1
269,594
1.0
2017
(g)
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
(h)
Merrill Lynch Pierce Fenner
3
5,286,879
0.9
306,125
1.2
2017
(i)
KPMG, LLP
3
4,784,243
0.8
181,025
0.7
2012
(j)
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
1.0
2014
  
Vonage America Inc.
1
3,780,000
0.7
350,000
1.3
2017
  
Wyndham Worldwide Corporation
1
3,773,775
0.7
150,951
0.6
2009
  
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
(k)
SSB Realty LLC
1
3,492,830
0.6
114,519
0.4
2009
 
Daiichi Sankyo Inc.
3
3,488,344
0.6
136,366
0.5
2012
(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
2008
  
Wyndham Worldwide Operations
1
3,065,643
0.5
145,983
0.6
2011
  
Dow Jones & Company Inc.
1
3,057,773
0.5
92,312
0.4
2012
  
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
(n)
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
(o)
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
  
IXIS North America Inc.
1
2,408,679
0.4
83,629
0.3
2021
  
Regus Business Centre Corp.
2
2,321,656
0.4
79,805
0.3
2011
  
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
  
Nextel of New York Inc.
2
2,093,440
0.4
97,436
0.4
2014
(p)
Norris McLaughlin & Marcus PA
1
2,085,912
0.4
86,913
0.3
2017
  
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
(q)
Barr Laboratories Inc.
1
2,030,087
0.4
89,510
0.3
2015
  
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
(r)
             
   
214,971,639
37.4
8,966,014
34.2
  

See footnotes on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
52

Significant Tenants

(Continued)

(a)  
Annualized base rental revenue is based on actual March, 2007 billings times 12. For leases whose rent commences after April 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)  
39,833 square feet expire in 2007; 7,008 square feet expire in 2008; 9,901 square feet expire in 2011; 11,216 square feet expire in 2012; 58,392 square feet expire in 2013; 4,879 square feet expire in 2014; 154,455 square feet expire in 2015.
(e)  
152,378 feet expire in 2011; 81,953 square feet expire in 2012.
(f)  
22,785 square feet expire in 2010; 180,072 square feet expire in 2017.
(g)  
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.
(h)  
61,864 square feet expire in 2010; 248,399 square feet expire in 2012.
(i)  
7,485 square feet expire in 2008; 4,451 square feet expire in 2009; 294,189 square feet expire in 2017.
(j)  
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.
(k)  
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.
(l)  
46,000 square feet expire in 2009; 5,315 square feet expire in 2011; 85,051 square feet expire in 2012.
(m)  
33,542 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; 86,065 square feet expire in 2019.
(n)  
14,056 square feet expire in 2008; 117,118 square feet expire in 2019.
(o)  
43,344 square feet expire in 2009; 36,193 square feet expire in 2010; 11,807 square feet expire in 2011.
(p)  
62,436 square feet expire in 2010; 35,000 square feet expire in 2014.
(q)  
75,049 square feet expire in 2008; 9,600 square feet expire in 2009.
(r)  
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 March 31, 2007

 
 
53




Schedule of Lease Expirations

All Consolidated Properties

The following table sets forth a schedule of lease expirations for the total of the Company’s office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Properties beginning April 1, 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
47
581,976
2.2
12,844,764
22.07
2.2
Central NJ
26
161,060
0.6
3,843,219
23.86
0.7
Westchester Co., NY
58
270,199
1.0
5,351,908
19.81
0.9
Sub. Philadelphia
33
187,050
0.7
2,873,036
15.36
0.5
Fairfield, CT
10
35,075
0.1
899,050
25.63
0.1
Washington, DC/MD
12
64,988
0.3
1,645,108
25.31
0.3
Rockland Co., NY
3
14,580
0.1
403,220
27.66
0.1
TOTAL - 2007
189
1,314,928
5.0
27,860,305
21.19
4.8
             
             
2008
            
Northern NJ
85
690,355
2.7
16,360,246
23.70
2.8
Central NJ
52
316,041
1.2
7,361,477
23.29
1.3
Westchester Co., NY
130
670,168
2.6
11,433,351
17.06
2.0
Sub. Philadelphia
65
614,042
2.3
8,751,781
14.25
1.5
Fairfield, CT
12
55,790
0.2
1,674,315
30.01
0.3
Washington, DC/MD
27
298,550
1.1
6,793,090
22.75
1.2
Rockland Co., NY
7
44,580
0.2
1,168,406
26.21
0.2
TOTAL - 2008
378
2,689,526
10.3
53,542,666
19.91
9.3
             
             
2009
            
Northern NJ
119
1,170,881
4.5
29,201,011
24.94
5.1
Central NJ
47
413,964
1.6
9,870,800
23.84
1.7
Westchester Co., NY
96
557,184
2.1
11,332,820
20.34
2.0
Sub. Philadelphia
43
282,189
1.1
4,624,474
16.39
0.8
Fairfield, CT
21
98,804
0.4
2,065,043
20.90
0.3
Washington, DC/MD
17
64,583
0.2
1,645,712
25.48
0.3
Rockland Co., NY
8
24,935
0.1
594,785
23.85
0.1
TOTAL - 2009
351
2,612,540
10.0
59,334,645
22.71
10.3
             

Schedule continued, with footnotes, on subsequent page.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
54



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
349
2,794,927
10.7
59,667,369
21.35
10.4
             
2011
343
3,466,073
13.2
79,232,234
22.86
13.8
             
2012
233
2,766,261
10.6
63,686,318
23.02
11.1
             
2013
154
2,486,769
9.5
55,292,908
22.23
9.6
             
2014
91
1,640,024
6.2
36,072,720
22.00
6.3
             
2015
58
2,141,098
8.1
46,121,152
21.54
8.0
             
2016
52
788,527
3.0
15,245,095
19.30
2.7
             
2017
60
1,992,548
7.6
45,670,605
22.92
8.0
             
2018 and thereafter
55
1,528,768
5.8
32,802,891
21.46
5.7
Totals/Weighted
            
Average
2,313
26,221,989
(d)                    100.0
574,528,908
21.91
100.0

(a)  
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual March 2007 billings times 12. For leases whose rent commences after April 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 March 31, 2007 aggregating 286,298 square feet and representing annualized rent of $4,538,882 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
26,221,989
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
396,827
Square footage unleased
2,247,431
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 March 31, 2007

 
55



Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning April 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
43
560,546
2.6
12,537,630
22.37
2.5
Central NJ
26
161,060
0.8
3,843,219
23.86
0.8
Westchester Co., NY
38
104,072
0.5
3,048,669
29.29
0.6
Sub. Philadelphia
21
91,745
0.4
2,103,957
23.93
0.4
Fairfield, CT
9
28,075
0.1
815,050
29.03
0.2
Washington, DC/MD
12
64,988
0.3
1,645,108
25.31
0.3
Dutchess/Rockland Co., NY
3
14,580
0.1
403,220
27.66
0.1
TOTAL - 2007
152
1,025,066
4.8
24,396,853
23.80
4.9
             
2008
            
Northern NJ
81
636,073
3.0
15,671,161
24.64
3.1
Central NJ
45
275,477
1.3
6,747,042
24.49
1.3
Westchester Co., NY
66
192,879
0.9
5,061,088
26.24
1.0
Sub. Philadelphia
40
333,644
1.6
6,888,889
20.65
1.4
Fairfield, CT
12
55,790
0.3
1,674,315
30.01
0.3
Washington, DC/MD
27
298,550
1.4
6,793,090
22.75
1.3
Dutchess/Rockland Co., NY
7
44,580
0.2
1,168,406
26.21
0.2
TOTAL - 2008
278
1,836,993
8.7
44,003,991
23.95
8.6
             
2009
            
Northern NJ
110
1,101,588
5.2
28,282,448
25.67
5.5
Central NJ
42
379,098
1.8
9,454,514
24.94
1.9
Westchester Co., NY
56
241,588
1.1
6,331,736
26.21
1.2
Sub. Philadelphia
26
159,481
0.8
3,618,322
22.69
0.7
Fairfield, CT
18
78,229
0.4
1,682,819
21.51
0.3
Washington, DC/MD
17
64,583
0.3
1,645,712
25.48
0.3
Dutchess/Rockland Co., NY
8
24,935
0.1
594,785
23.85
0.1
TOTAL - 2009
277
2,049,502
9.7
51,610,336
25.18
10.0
             
2010
269
1,992,932
9.4
48,738,378
24.46
9.6
             
2011
283
2,975,511
14.0
73,376,621
24.66
14.4
             
2012
176
2,219,343
10.5
56,521,346
25.47
11.1
             
2013
114
2,035,490
9.6
48,939,676
24.04
9.6
             
2014
77
1,470,193
6.9
33,733,274
22.94
6.6
             
2015
45
1,978,947
9.3
44,102,986
22.29
8.6
             
2016
39
487,528
2.3
11,233,839
23.04
2.2
             
2017
49
1,880,000
8.8
43,911,499
23.36
8.6
             
2018 and thereafter
45
1,278,703
6.0
29,693,126
23.22
5.8
Totals/Weighted
Average
1,804
21,230,208
100.0
510,261,925
24.03
100.0

(a)  
Includes office tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual March 2007 billings times 12. For leases whose rent commences after April 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 March 31, 2007 aggregating 214,723 square feet and representing annualized rent of $3,902,570 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
56



Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning April 1, 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
4
21,430
0.4
307,134
14.33
0.6
Central NJ
-
-
-
-
-
-
Westchester Co., NY
19
161,177
3.5
2,217,108
13.76
3.7
Sub. Philadelphia
12
95,305
2.1
769,079
8.07
1.3
Fairfield, CT
1
7,000
0.2
84,000
12.00
0.1
TOTAL - 2007
36
284,912
6.2
3,377,321
11.85
5.7
             
2008
            
Northern NJ
4
54,282
1.2
689,085
12.69
1.2
Central NJ
7
40,564
0.9
614,435
15.15
1.0
Westchester Co., NY
60
384,570
8.3
5,883,871
15.30
9.8
Sub. Philadelphia
25
280,398
6.1
1,862,892
6.64
3.1
Fairfield, CT
-
-
-
-
-
-
TOTAL - 2008
96
759,814
16.5
9,050,283
11.91
15.1
             
2009
            
Northern NJ
9
69,293
1.5
918,563
13.26
1.5
Central NJ
5
34,866
0.8
416,286
11.94
0.7
Westchester Co., NY
34
257,313
5.6
4,015,471
15.61
6.7
Sub. Philadelphia
17
122,708
2.7
1,006,152
8.20
1.7
Fairfield, CT
3
20,575
0.4
382,224
18.58
0.7
TOTAL - 2009
68
504,755
11.0
6,738,696
13.35
11.3
             
2010
79
773,995
16.8
10,620,991
13.72
17.8
             
2011
59
482,962
10.5
5,760,613
11.93
9.6
             
2012
57
546,918
11.9
7,164,972
13.10
12.0
             
2013
31
388,343
8.5
5,521,932
14.22
9.2
             
2014
14
169,831
3.7
2,339,446
13.78
3.9
             
2015
13
162,151
3.5
2,018,166
12.45
3.4
             
2016
11
165,917
3.6
2,592,895
15.63
4.3
             
2017
11
112,548
2.5
1,759,106
15.63
2.9
             
2018 and thereafter
9
242,065
5.3
2,884,765
11.92
4.8
Totals/Weighted
            
Average
484
4,594,211
100.0
59,829,186
13.02
100.0


(a)  
Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual March 2007 billings times 12. For leases whose rent commences after April 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 March 31, 2007 aggregating 71,575 square feet and representing annualized rent of $636,312 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2007

 
57


Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning April 1, 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
1
4,950
1.3
86,131
17.40
2.1
     
 
      
2008
4
92,719
24.4
488,392
5.27
12.1
     
 
      
2009
5
48,983
12.9
790,613
16.14
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
9
62,936
16.5
831,300
13.21
20.7
             
2016
2
135,082
35.5
1,418,361
10.50
35.3
Totals/Weighted
            
Average
23
380,270
100.0
4,017,797
10.57
100.0

(a)  
Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual March 2007 billings times 12. For leases whose rent commences after April 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 April 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 April 2007 billings times 12. For leases whose rent commences after April 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 March 31, 2007

 
58