FOURTH 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-K (the “10-K”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”).  In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-K, the footnotes thereto and the limitations set forth therein.  Investors may not rely on the Supplemental Package without reference to the 10-K and the Public Filings.  Any investors’ receipt of, or access to, the information contained herein is subject to this qualification.

 
 
 

INDEX

 
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 / Dividends / Leasing
9
· Leasing (continued)
10
· Information About FFO
11
· Key Financial Data
12
· Same-Store Results and Analysis
13
· Unconsolidated Joint Ventures Summary
14-17
· Select Financial Ratios
18
· Debt Analysis:
  
· Debt Breakdown / Future Repayments
19
· Debt Maturities
20
· Debt Detail
21
   
III.  FINANCIAL INFORMATION
  
· Consolidated Statements of Operations
23
· Consolidated Balance Sheets
24
· Consolidated Statement of Changes in Stockholders’ Equity
25
· Statements of Funds from Operations
26
· Statements of Funds from Operations Per Diluted Share
27
· Reconciliation of Basic-to-Diluted Shares/Units
28
   
IV.  VALUE CREATION PIPELINE
  
· Operating Property Acquisitions
30
· Properties Commencing Initial Operations
31
· Summary of Construction Projects
32
· Summary of Land Parcels
33
· Rental Property Sales/Rental Property Held For Sale
34
   
V.  PORTFOLIO/ LEASING STATISTICS
  
· Leasing Statistics
36-41
· Market Diversification (MSA’s)
42
· Industry Diversification (Top 30 Tenant Industries)
43
· Consolidated Portfolio Analyses:
  
Breakdown by:
  
(a) Number of Properties
44
(b) Square Footage
45
(c) Base Rental Revenue
46
(d) Percentage Leased
47
· Consolidated Property Listing (by Property Type)
48-56
· Significant Tenants (Top 50 Tenants)
57-58
· Schedules of Lease Expirations (by Property Type)
59-63



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 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, new information or otherwise.



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

 

 
3
 




 
 
I.    COMPANY BACKGROUND



 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 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 $5.0 billion at December 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 294 properties, primarily class A office and office/flex buildings, totaling approximately 33.7 million square feet, serving as home to approximately 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 11.3 million square feet of additional commercial space.

History

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

Strategy

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

Summary
(as of December 31, 2007)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
294
Total Square Feet
33.7 million square feet
Geographic Diversity
Six states and the District of Columbia
New Jersey Presence
23.4 million square feet
Northeast Presence
33.7 million square feet
Common Shares and
  
Units Outstanding
80.5 million
Dividend-- Quarter/Annualized
$0.64/$2.56
Dividend Yield
7.5%
Total Market Capitalization
$5.0 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 December 31, 2007

 
 
5
 



Board of Directors

William L. Mack, Chairman of the Board
 
Martin S. Berger
David S. Mack
 
Alan S. Bernikow
Alan G. Philibosian
 
John R. Cali
Irvin D. Reid
 
Kenneth M. Duberstein
Vincent Tese
 
Nathan Gantcher
Roy J. Zuckerberg
 
Mitchell E. Hersh
  







Executive Officers

 
Mitchell E. Hersh, President and Chief Executive Officer
 
Barry Lefkowitz, Executive Vice President and Chief Financial Officer
 
Roger W. Thomas, Executive Vice President, General Counsel and Secretary
 
Michael A. Grossman, Executive Vice President
 
Mark Yeager, Executive Vice President






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

 
 
6
 

Equity Research Coverage


Banc of America Securities, LLC
Mitchell B. Germain
(212) 847-5794
 
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
Michael Bilerman
(212) 816-1383
 
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
(443) 224-1307
Green Street Advisors
Michael Knott
(949) 640-8780
 
UBS Investment Research
James C. Feldman/Jonathan Petersen
(212) 713-4932/(212) 713-4057
Keefe, Bruyette & Woods, Inc.
Shelia K. McGrath
(212) 887-7793
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 December 31, 2007

 

 
7
 












II.  FINANCIAL HIGHLIGHTS
























Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 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 fourth quarter 2007 equaled $15.8 million, or $0.24 per share, versus $67.4 million, or $1.07 per share, for the same quarter last year.  For the year ended December 31, 2007, net income available to common shareholders equaled $108.5 million, or $1.61 per share, versus $142.7 million, or $2.28 per share, for the same period last year.

Funds from operations (FFO) available to common shareholders for the quarter ended December 31, 2007 amounted to $73.0 million, or $0.89 per share, versus $68.2 million, or $0.87 per share, for the quarter ended December 31, 2006.  For the year ended December 31, 2007, FFO available to common shareholders amounted to $293.9 million, or $3.56 per share, versus $290.5 million, or $3.73 per share, for the same period last year.

Total revenues for the fourth quarter 2007 increased 2.9 percent to $201.7 million as compared to $196.1 million for the same quarter last year.  For the year ended December 31, 2007, total revenues amounted to $808.4 million, an increase of 10.4 percent over total revenues of $732.0 million, for the same period last year.

All per share amounts presented above are on a diluted basis.
The Company had 65,558,073 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 14,985,538 common operating partnership units outstanding as of December 31, 2007.  The Company had a total of 80,543,611 common shares/common units outstanding at December 31, 2007.

As of December 31, 2007, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 6.08 percent.  The Company had a total market capitalization of $5.0 billion and a debt-to-undepreciated assets ratio of 40.2 percent at December 31, 2007.  The Company had an interest coverage ratio of 3.3 times for the quarter ended December 31, 2007.

Dividends

In December, the Company’s Board of Directors declared a cash dividend of $0.64 per common share (indicating an annual rate of $2.56 per common share) for the fourth quarter 2007, which was paid on January 14, 2008 to shareholders of record as of January 4, 2008.

The Board also declared a cash dividend on the Company’s 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period October 15, 2007 through January 14, 2008.  The dividend was paid on January 15, 2008 to shareholders of record as of January 4, 2008.

Leasing

Mack-Cali’s consolidated in-service portfolio was 92.7 percent leased at December 31, 2007, as compared to 92.2 percent at September 31, 2007 and 92.0 percent at December 31, 2006.

For the quarter ended December 31, 2007, the Company executed 137 leases totaling 1,118,154 square feet, consisting of 890,428 square feet of office space and 227,726 square feet of office/flex space.  Of these totals, 248,124 square feet were for new leases and 870,030 square feet were for lease renewals and other tenant retention transactions.

For the year ended December 31, 2007, the Company executed 519 leases totaling 4,262,349 square feet, consisting of 2,989,749 square feet of office space, 1,166,483 square feet of office/flex space and 106,117 square feet of industrial/warehouse space.  Of these totals, 1,339,913 square feet were for new leases and 2,922,436 square feet were for lease renewals and other tenant retention transactions.
 
 






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

 

 
9
 

 


Highlights of the quarter’s leasing transactions include:

IN NORTHERN NEW JERSEY:
-  
An international financial institution signed a 137,076 square-foot transaction extending their lease for 10 years and two months at Harborside Financial Center, Plaza 3, in Jersey City.  Plaza 3 is a 725,600 square-foot office building on the Jersey City waterfront and is 99.1 percent leased.

-  
National Union Fire Insurance Company of Pittsburgh, PA, a subsidiary of the American International Group, Inc. (AIG), signed expansions totaling 77,050 square feet at 101 Hudson Street in Jersey City.  The expansion space is comprised of 53,372 square feet for four years and seven months and 23,678 square feet for five years.  101 Hudson Street is a 1,246,283 square-foot, 99.2 percent-leased office building on the Jersey City waterfront.

-  
Financial services firm Citigroup Global Markets, Inc. signed a transaction to remain at 140 East Ridgewood Avenue in Paramus for 10 years and five months.  The 22,782 square-foot deal relocates a portion of Citigroup’s space within the building and expands their presence by 3,118 square feet.  140 E. Ridgewood is a 239,680 square-foot office building and is 98.4 percent leased.

-  
Orloff, Lowenbach, Stifelman & Siegel, P.A., a law firm, signed a five-year renewal for 20,228 square feet at 101 Eisenhower Parkway in Roseland.  The 237,000 square-foot office building, located in Eisenhower/280 Corporate Center, is 95.8 percent leased.

IN CENTRAL NEW JERSEY:
-  
Greater New York Mutual Insurance Company signed a 10-year renewal of its lease for the entire 40,000 square foot office building located at 377 Summerhill Road in East Brunswick.

-  
Accounting firm WithumSmith+Brown signed a transaction totaling 33,432 square feet at 5 Vaughn Drive in Princeton, representing an eight-year expansion of 6,235 square feet and two-year extension of 27,197 square feet.  5 Vaughn Drive is a 98,500 square foot office building and is 100 percent leased.

IN WESTCHESTER COUNTY, NEW YORK:
-  
Xand Corporation, a provider of data center infrastructure and business continuity solutions, leased a total of 89,710 square feet at Mid-Westchester Executive Park in Hawthorne.  The transactions consisted of a three-year extension of 46,078 square feet, representing the entire office/flex building located at 11 Skyline Drive, and a new, 10-year and nine month lease for 43,632 square feet at 17 Skyline Drive.  17 Skyline Drive is an 85,000 square-foot office building and is 100 percent leased.

-  
Montefiore Medical Center renewed its lease of 26,742 square feet at 3 Executive Boulevard in Yonkers for 10 years.  The 58,000 square foot office building is 100 percent leased.

-  
Cablevision Lightpath, Inc., a subsidiary of Cablevision Systems Corporation, signed a five-year and three-month renewal of its lease for 11,400 square feet at 565 Taxter Road.  The 170,554 square-foot office building is located in the Taxter Corporate Park in Elmsford and is 98.8 percent leased.

IN ROCKLAND COUNTY, NEW YORK:
-  
Allstate Insurance Company renewed its lease of 29,005 square feet at 400 Rella Boulevard for five years.  The 180,000 square-foot office building is located in Suffern and is 91.4 percent leased.

IN SUBURBAN PHILADELPHIA:
-  
Cort Business Services Corporation, a subsidiary of Berkshire Hathaway, renewed its lease of 46,880 square feet at 31 Twosome Drive in Moorestown, New Jersey for five years.  31 Twosome Drive, a 84,200 square-foot office/flex building located in the Moorestown West Corporate Center, is 100 percent leased.

-  
Beverage producer Tropicana Products, Inc. signed a seven-year transaction totaling 26,580 square feet, representing a renewal of 19,525 square feet and expansion of 7,055 square feet, at 915 N. Lenola Road.  The 52,488 square-foot office flex building is located in the Moorestown West Corporate Center and is 100 percent leased.
 
 
 






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

 

 
10
 

 


Information About FFO

Funds from operations (“FFO”) is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization.  The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT.  The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.  FFO per share should not be considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity.  FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition.  However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”).  A reconciliation of net income per share to FFO per share is included in the financial tables on page 27.



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

 
 
11
 


Key Financial Data

As of or for the three months ended
 
12/31/07
9/30/07
6/30/07
3/31/07
12/31/06
Shares and Units:
          
Common Shares Outstanding
65,558,073
67,648,417
67,923,941
67,847,852
62,925,191
Common Units Outstanding (a)
14,985,538
15,246,628
15,250,592
15,200,761
15,342,283
Combined Shares and Units
80,543,611
82,895,045
83,174,533
83,048,613
78,267,474
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (b)
81,939,677
82,936,027
82,989,817
80,981,701
78,026,613
Weighted Average- Diluted (c)
 
82,137,909
83,087,797
83,192,728
81,234,395
78,409,851
Common Share Price ($’s):
          
At the end of the period
34.00
41.10
43.49
47.63
51.00
High during period
45.00
44.98
50.83
56.52
55.37
Low during period
30.42
36.80
42.33
46.89
48.24
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (d)
2,764,897
3,433,524
3,643,815
3,982,484
4,018,758
Total Debt
2,211,735
2,131,118
2,083,548
1,996,017
2,159,959
Total Market Capitalization
4,976,632
5,564,642
5,727,363
5,978,501
6,178,717
Total Debt/ Total Market
  Capitalization
44.44%
38.30%
36.38%
33.39%
34.96%
           
Financials:
          
($’s in thousands, except ratios and
   per share amounts)
          
Total Assets
4,593,202
4,615,835
4,620,222
4,473,403
4,422,889
Gross Book Value of Real Estate Assets
4,885,429
4,860,197
4,841,833
4,574,395
4,573,587
Total Liabilities
2,492,797
2,399,249
2,368,874
2,237,640
2,412,762
Total Minority Interests
457,850
472,054
476,781
472,149
482,220
Total Stockholders’ Equity
1,642,555
1,744,532
1,774,567
1,763,614
1,527,907
Total Revenues
201,682
212,881
200,530
193,257
196,082
Capitalized Interest
1,383
1,208
1,186
1,324
1,281
Scheduled Principal Payments
3,393
3,430
2,469
3,645
4,416
Interest Coverage Ratio
3.26
3.41
3.34
3.27
2.91
Fixed Charge Coverage Ratio
2.80
2.93
2.94
2.77
2.47
Net Income
16,349
23,460
51,578
19,079
67,924
Net Income Available to Common Shareholders
15,849
22,960
51,078
18,579
67,424
Earnings per Share—diluted
0.24
0.34
0.75
0.28
1.07
FFO per Share—diluted (e)
0.89
0.93
0.88
0.86
0.87
Dividends Declared per Share
0.64
0.64
0.64
0.64
0.64
FFO Payout Ratio—diluted (e)
72.00%
68.58%
72.69%
74.15%
73.58%
           
Portfolio Size:
          
Properties
294
302
302
300
300
Total Square Footage
33,733,011
34,941,726
34,754,192
34,294,734
34,294,734
Sq. Ft. Leased at End of Period (f) (g)
92.7%
92.2%
91.9%
92.2%
92.0%
           

 
(a)  
Includes any outstanding preferred units presented on a converted basis into common units.
(b)  
Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares.
(c)  
Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants).
(d)  
Includes any outstanding preferred units presented on a converted basis into common units and minority interests in partially-owned properties.
(e)  
Funds from Operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT).  See “Information About FFO” on page 11.
(f)  
Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 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 December 31, 2007

 
 
12
 




Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
December 31,
  
 
%
 
2007
2006
Change
Change
         
Total Property Revenues
$168,765
$157,670
$11,095
7.0
     
 
 
Real Estate Taxes
20,341
21,593
(1,252)
(5.8)
Utilities
17,695
13,545
4,150
30.6
Operating Services
24,787
23,064
1,723
7.5
Total Property Expenses:
62,823
58,202
4,621
7.9
         
GAAP Net Operating Income
105,942
99,468
6,474
6.5
         
Less: straight-lining of rents adj.
817
1,830
(1,013)
(55.4)
         
Net Operating Income
$105,125
$97,638
$7,487
7.7
         
Percentage Leased at
  Period End
92.6%
92.0%
    
         
Total Properties:
251
      
         
Total Square Footage:
28,531,653
      
         




 
  For the year ended
December 31,
  
 
%
 
2007
2006
Change
Change
         
Total Property Revenues
$638,401
$608,039
$30,362
5.0
         
Real Estate Taxes
84,643
82,982
1,661
2.0
Utilities
68,321
57,447
10,874
18.9
Operating Services
89,305
81,295
8,010
9.9
Total Property Expenses:
242,269
221,724
20,545
9.3
         
GAAP Net Operating Income
396,132
386,315
9,817
2.5
         
Less: straight-lining of rents adj.
6,622
14,958
(8,336)
(55.7)
         
Net Operating Income
$389,510
$371,357
$18,153
4.9
         
Percentage Leased at
  Period End
92.8%
92.1%
    
         
Total Properties:
240
      
         
Total Square Footage:
27,070,549
      
         






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 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
1
Red Bank, NJ
100.0%
92,878
50.0%
Mack-Green-Gale
Bellemead Portfolio
17
New Jersey
89.7%
2,237,881
50.0%
Route 93 Ventures
Route 495 North Sub Market
7
Boston Suburbs, MA
27.3%
666,697
25.0%
Gale Kimball L.L.C.
100 Kimball Drive
1
Parsippany, NJ
91.4%
175,000
8.33%
12 Vreeland Realty L.L.C.
12 Vreeland Road
1
Florham Park, NJ
100.0%
139,750
50.0%
Gale Jefferson L.L.C.
One Jefferson Road (a)
1
Parsippany, NJ
n/a
100,000
8.33%
             
Office/Flex Properties:
            
Ramland Realty Associates, L.L.C.
One Ramland Road
1
Orangeburg, NY
65.9%
232,000
50.0%
             
Mixed-Use:
            
GE/Gale Funding L.L.C.
Princeton Forrestal Village
n/a
Princeton, NJ
93.0%
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 100,000 square foot office building for the venture.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 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 December 31, 2007 and December 31, 2006 (dollars in thousands):

 
December 31, 2007
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
Mack-
Green-
Gale
Princeton
Forrestal
Village
Route 93
Portfolio
Gale
Kimball
55 Corporate
12
Vreeland
Boston-
Filenes
NKFGMS
Owners
LLC
Gale
Jefferson
Combined
Total
Assets:
                            
Rental property, net
$10,787
$11,522
$64,882
$23,594
$368,028
$42,713
$56,226
$7,785
$17,000
$7,954
--
--
$1,838
$612,329
Other assets
2,250
762
15,039
2,843
52,741
25,471
2,307
1,809
--
851
$65,134
--
80
169,287
Total assets
$13,037
$12,284
$79,921
$26,437
$420,769
$68,184
$58,533
$9,594
$17,000
$8,805
$65,134
--
$1,918
$781,616
Liabilities and Partners’/ members’ capital (deficit):
                            
Mortgages, loans payable and other obligations
--
$14,771
$76,072
$18,116
$281,746
$52,800
$42,495
$10,103
--
$8,761
--
--
--
$504,864
Other liabilities
$ 532
365
2,711
133
23,809
6,923
857
30
--
--
$4,171
--
$ 80
39,611
Partners’/members’ capital (deficit):
12,505
(2,852)
1,138
8,188
115,214
8,461
15,181
(539)
$17,000
44
60,963
--
1,838
237,141
Total liabilities and partners’/ members’ capital (deficit):
$13,037
$12,284
$79,921
$26,437
$420,769
$68,184
$58,533
$9,594
$17,000
$8,805
$65,134
--
$1,918
$781,616
Company’s investment in unconsolidated joint ventures
$6,175
--
$ 513
$3,703
$128,107
$2,029
$4,729
--
$8,518
$7,752
$18,828
--
$ 712
$181,066



 
December 31, 2006
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
Mack-
Green-
Gale
Princeton
Forrestal
Village
Route 93
Portfolio
Gale
Kimball
55 Corporate
12
Vreeland
Boston-
Filenes
NKFGMS
Owners
LLC
Gale
Jefferson
Combined
Total
Assets:
                            
Rental property, net
$11,404
$12,141
$69,303
$13,205
$479,245
$39,538
$54,866
$6,650
$17,000
$8,221
--
$ 239
--
$711,812
Other assets
1,408
851
11,170
3,320
76,704
24,830
6,857
164
--
909
$10,500
2,638
--
139,351
Total assets
$12,812
$12,992
$80,473
$16,525
$555,949
$64,368
$61,723
$6,814
$17,000
$9,130
$10,500
$2,877
--
$851,163
Liabilities and Partners’/ members’ capital (deficit):
                            
Mortgages, loans payable and other obligations
--
$14,936
$77,217
$8,673
$358,063
$47,761
$39,435
$3,838
--
$10,253
--
--
--
$560,176
Other liabilities
$ 532
259
4,944
13
40,106
5,972
846
--
--
--
--
$1,329
--
54,001
Partners’/members’ capital (deficit):
12,280
(2,203)
(1,688)
7,839
157,780
10,635
21,442
2,976
$17,000
(1,123)
$10,500
1,548
--
236,986
Total liabilities and partners’/ members’ capital (deficit):
$12,812
$12,992
$80,473
$16,525
$555,949
$64,368
$61,723
$6,814
$17,000
$9,130
$10,500
$2,877
--
$851,163
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 December 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 December 31, 2007 and 2006 (dollars in thousands):



 
Three Months Ended December 31, 2007
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
Mack-
Green-
Gale
Princeton
Forrestal
Village
Route 93
Portfolio
Gale
Kimball
55
Corporate
12
Vreeland
Boston-
Filenes
NKFGMS
Owners
LLC
Gale
Jefferson
Meadowlands
Xanadu
G&G
Martco
Combined
Total
  
Total revenue
$284
$380
$13,008
$856
$16,561
$3,480
$756
$ 44
--
$ 792
--
--
--
--
--
$36,161
  
Operating and
  other expenses
(42)
(361)
(7,714)
(232)
(30,187)
(1,582)
(862)
(199)
--
(15)
$(38)
--
--
--
--
(41,232)
  
Depreciation and
  amortization
(154)
(201)
(1,467)
(159)
(4,006)
(1,262)
(948)
(254)
--
(88)
--
--
--
--
--
(8,539)
  
Interest expense
--
(251)
(1,189)
(317)
(6,407)
(1,172)
(882)
(498)
--
(209)
--
--
--
--
--
(10,925)
  
 
Net income
$ 88
$(433)
$2,638
$148
$(24,039)
$(536)
$(1,936)
$(907)
--
$ 480
$(38)
--
--
--
--
$(24,535)
  
Company’s equity in earnings (loss) of unconsolidated joint ventures
$ 44
--
$1,319
$ 74
$(1,326)
$(115)
$(581)
$(76)
--
$ 240
$(11)
--
--
--
--
$(432)
  



 
Three Months Ended December 31, 2006
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
Mack-
Green-
Gale
Princeton
Forrestal
Village
Route 93
Portfolio
Gale
Kimball
55
Corporate
12
Vreeland
Boston-
Filenes
NKFGMS
Owners
LLC
Gale
Jefferson
Meadowlands
Xanadu
G&G
Martco
Combined
Total
  
Total revenue
$266
$525
$11,700
$ 15
$19,771
$2,910
$958
--
--
$1,946
--
--
--
--
$817
$38,908
  
Operating and
  other expenses
(36)
(401)
(6,940)
(6)
(7,761)
(1,515)
(738)
--
--
(12)
--
--
--
--
--
(17,409)
  
Depreciation and
  amortization
(154)
(193)
(1,484)
--
(11,910)
(792)
(157)
--
--
(323)
--
--
--
--
(141)
(15,154)
  
Interest expense
--
(266)
(1,328)
--
(6,898)
(885)
(967)
--
--
(755)
--
--
--
--
(137)
(11,236)
  
 
Net income
$    76
$(335)
$1,948
$ 9
$(6,798)
$(282)
$(904)
--
--
$ 856
--
--
--
--
$539
$(4,891)
  
Company’s equity in earnings (loss) of unconsolidated joint ventures
$    38
--
$1,080
--
$(935)
$(158)
$(202)
--
--
$ 177
--
--
--
--
$(200)
$(200)
  








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

 
 
16
 



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


 
Year Ended December 31, 2007
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
Mack-
Green-
Gale
Princeton
Forrestal
Village
Route 93
Portfolio
Gale
Kimball
55
Corporate
12
Vreeland
Boston-
Filenes
NKFGMS
Owners
LLC
Gale
Jefferson
Meadowlands
Xanadu
G&G
Martco
Combined
Total
  
Total revenue
$1,015
$1,903
$43,952
$1,098
$67,113
$12,637
$2,541
$ 12
--
$2,280
$664
--
--
--
--
$133,215
  
Operating and
 other expenses
(174)
(1,528)
(26,661)
(237)
(53,123)
(6,471)
(3,674)
(83)
--
(65)
(698)
--
--
--
--
(92,714)
  
Depreciation and
 amortization
(616)
(727)
(5,929)
(208)
(24,751)
 
(3,589)
(2,794)
(146)
--
(352)
--
--
--
--
--
(39,112)
  
Interest expense
--
(1,047)
(4,785)
(367)
(26,706)
(4,751)
(3,429)
(324)
--
(663)
--
--
--
--
--
(42,072)
  
 
Net income
$225
$(1,399)
$6,577
$286
$(37,467)
$(2,174)
$(7,356)
$(541)
--
$1,200
$(34)
--
--
--
--
$(40,683)
  
Company’s equity in earnings (loss) of unconsolidated joint ventures
$113
$(375)
$3,182
$143
$(6,677)
$(531)
$(2,236)
$(180)
--
$ 600
$(10)
$53
--
--
--
$(5,918)
  



 
Year Ended December 31, 2006
  
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
Mack-
Green-
Gale
Princeton
Forrestal
Village
Route 93
Portfolio
Gale
Kimball
55
Corporate
12
Vreeland
Boston-
Filenes
NKFGMS
Owners
LLC
Gale
Jefferson
Meadowlands
Xanadu
G&G
Martco
Combined
Total
Total revenue
$755
$2,058
$39,229
$ 15
$44,262
$9,495
$3,486
$ 1
--
$2,102
--
--
--
--
$5,990
$107,393
Operating and
 other expenses
(186)
(1,496)
(23,591)
(6)
(19,136)
(5,925)
(1,585)
--
--
(76)
--
--
--
--
(2,702)
(54,703)
Depreciation and
 amortization
(616)
(736)
(5,853)
--
(21,129)
(2,908)
(622)
--
--
(352)
--
--
--
--
(1,216)
(33,432)
Interest expense
--
(1,022)
(4,078)
--
(17,117)
(3,063)
(1,969)
--
--
(755)
--
--
--
--
(2,499)
(30,503)
 
Net income
$(47)
$(1,196)
$5,707
$ 9
$(13,120)
$(2,401)
$(690)
$ 1
--
$ 919
--
--
--
--
$(427)
$(11,245)
Company’s equity in earnings (loss) of unconsolidated joint ventures
$(24)
$(225)
$2,820
--
$(4,945)
$(436)
$(148)
--
--
$ 208
--
--
--
$(1,876)
$(930)
$(5,556)







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

 
 
17
 



Select Financial Ratios

 
Ratios Computed For Industry
                                                                 December 31,
  
Comparisons:
2007
2006
      
 
Financial Position Ratios:
          
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
48.15%
48.84%
            
                 
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
44.44%
34.96%
            
                 
Total Debt/ Total Undepreciated
   Assets (%)
40.21%
41.38%
            
                 
Secured Debt/ Total Undepreciated
   Assets (%)
5.48%
6.60%
            
           
           
           
 
                                                      Three Months Ended
                                                        December 31,
  
Year Ended
December 31,
 
2007
2006
  
2007
2006
 
Operational Ratios:
          
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
3.26
2.91
  
3.32
3.13
           
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
2.95
2.59
  
3.01
2.80
           
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
2.80
2.47
  
2.86
2.65
           
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
72.00%
73.58%
  
71.86%
68.12%
           



 




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

 

 
18
 



Debt Analysis
(as of December 31, 2007)


Debt Breakdown
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes
$1,660,204
75.07%
6.29%
4.31
Fixed Rate Secured Debt and Other Obligations
301,531
13.63%
5.36%
4.02
Variable Rate Unsecured Debt
250,000
11.30%
5.55%
3.48
 
Totals/Weighted Average:
$2,211,735
100.00%
6.08%
4.18


Future Repayments
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
2008
$21,191
$12,563
$33,754
5.21%
2009
11,471
300,000
311,471
7.40%
2010
2,583
334,500
337,083
5.26%
2011
2,745
550,000
552,745
6.84%
2012
2,864
210,148
213,012
6.13%
Thereafter
5,702
760,618
766,320
5.41%
Sub-total
46,556
2,167,829
2,214,385
6.08%
Adjustment for unamortized debt
   discount/premium, net, as of
   December 31, 2007
(2,650)
--
(2,650)
--
 
Totals/Weighted Average:
$ 43,906
$2,167,829
$2,211,735
6.08%





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

 
 
19
 



Debt Maturities
(dollars in thousands)


 
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
23 Main Street
                  
$26,566
26,566
Total Secured Debt:
$12,563
--
$169,500
--
$15,234
$19,118
$38,829
--
--
$26,566
$281,810
                       
Unsecured Debt:
                      
Unsecured credit facility
      
$250,000
            
$250,000
7.250% unsecured notes
due 3/09
  
 
$300,000
                
300,000
5.050% unsecured notes
due 4/10
    
$150,000
              
150,000
7.835% unsecured notes
due 12/10
    
15,000
              
15,000
7.750% unsecured notes
due 2/11
      
300,000
            
300,000
5.250% unsecured notes
due 1/12
        
$100,000
          
100,000
6.150% unsecured notes
due 12/12
        
94,914
          
94,914
5.820% unsecured notes
due 3/13
          
$26,105
        
26,105
4.600% unsecured notes
due 6/13
          
100,000
        
100,000
5.125% unsecured notes
due 2/14
            
$200,000
      
200,000
5.125% unsecured notes
due 1/15
              
$150,000
    
150,000
5.80% unsecured notes
due 1/16
                
$200,000
  
200,000
Total Unsecured Debt:
--
$300,000
$165,000
$550,000
$194,914
$126,105
$200,000
$150,000
$200,000
--
$1,886,019
                       
Total Debt:
$12,563
$300,000
$334,500
$550,000
$210,148
$145,223
$238,829
$150,000
$200,000
$26,566
$2,167,829



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

 

 
20
 



Debt Detail
(dollars in thousands)


   
Effective
                       Principal Balance at
  
 
Property Name
Lender
Interest
Rate
December 31,
2007
December 31,
2006
Date of
Maturity
  
Senior Unsecured Notes: (a)
          
7.250%, $300,000 Face Amount Notes
public debt
7.490%
$299,716
$ 299,481
03/15/09
  
5.050%, $150,000 Face Amount Notes
public debt
5.265%
149,874
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%
299,468
299,295
02/15/11
  
5.250%, $100,000 Face Amount Notes
public debt
5.457%
99,210
99,015
01/15/12
  
6.150%, $94,914 Face Amount Notes
public debt
6.894%
92,472
91,981
12/15/12
  
5.820%, $26,105 Face Amount Notes
public debt
6.448%
25,530
25,420
03/15/13
  
4.600%, $100,000 Face Amount Notes
public debt
4.742%
99,844
99,815
06/15/13
  
5.125%, $200,000 Face Amount Notes
public debt
5.110%
201,468
201,708
02/15/14
  
5.125%, $150,000 Face Amount Notes
public debt
5.297%
149,349
149,256
01/15/15
  
5.800%, $200,000 Face Amount Notes
public debt
5.806%
200,616
200,692
01/15/16
  
Total Senior Unsecured Notes:
    
$1,632,547
$1,631,482
  

Revolving Credit Facilities:
Unsecured Facility (b)
23 Lenders
Libor +0.550%
$250,000
$ 145,000
6/22/11
  
Total Revolving Credit Facilities:
    
$250,000
$ 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
Wachovia CMBS
5.582%
$ 13,029
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%
18,968
18,748
06/06/10
  
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
17,442
17,819
12/01/12
  
Soundview Plaza
Morgan Stanley CMBS
6.015%
17,575
18,013
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
5,096
5,232
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
7,098
7,285
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
12,596
12,996
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,655
6,821
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
20,104
20,318
08/11/14
  
500 West Putnam Avenue (g)
New York Life Ins. Co.
5.571%
--
25,000
01/10/16
  
23 Main Street
JPMorgan CMBS
5.587%
32,968
33,396
09/01/18
  
Assumed Obligations
n/a
4.924%
27,657
38,742
05/01/09
(h)
Total Mortgages, Loans Payable and Other Obligations:
  
$329,188
$ 383,477
  
 
Total Debt:
    
$2,211,735
$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 $775 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)  
On June 11, 2007, the Company assigned this loan with the sale of the property and the purchaser assumed this obligation.
(h)  
The obligations mature at various times through May 2009.



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

 

 
21
 












III. FINANCIAL INFORMATION















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

 
 
22
 



III.  FINANCIAL INFORMATION

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



 
 
                      Three Months Ended
                             December 31,
                                             Year Ended
                                           December 31,
  
Revenues
2007
2006
2007
2006
  
Base rents
$147,889
$134,770
$575,463
$532,879
  
Escalations and recoveries from tenants
25,304
21,012
104,781
90,214
  
Construction services
19,344
19,939
88,066
56,225
  
Real estate services
4,703
12,030
17,970
31,045
  
Other income
4,442
8,331
22,070
21,649
  
Total revenues
201,682
196,082
808,350
732,012
  
           
Expenses
          
Real estate taxes
21,151
21,568
90,895
85,999
  
Utilities
18,254
13,553
73,072
59,788
  
Operating services
27,876
32,013
106,946
107,880
  
Direct construction costs
19,155
18,454
85,179
53,602
  
General and administrative
14,811
16,280
52,162
49,074
  
Depreciation and amortization
48,500
43,415
183,564
159,096
  
Total expenses
149,747
145,283
591,818
515,439
  
Operating income
51,935
50,799
216,532
216,573
  
           
Other (expense) income
          
Interest expense
(32,240)
(35,390)
(126,672)
(134,964)
  
Interest and other investment income
497
696
4,670
3,054
  
Equity in earnings (loss) of unconsolidated joint ventures
(432)
(200)
(5,918)
(5,556)
  
Minority interest in consolidated joint ventures
151
75
643
218
  
Gain on sale of investment in marketable securities
--
--
--
15,060
  
Gain on sale of land and other assets
--
10,831
--
10,831
  
Gain/(loss) on sale of land and other assets
--
(416)
--
(416)
  
Total other (expense) income
(32,024)
(24,404)
(127,277)
(111,773)
  
Income from continuing operations before
          
Minority interest in Operating Partnership
19,911
26,395
89,255
104,800
  
Minority interest in Operating Partnership
(3,562)
(5,162)
(16,126)
(20,121)
  
Income from continuing operations
16,349
21,233
73,129
84,679
  
Discontinued operations (net of minority interest):
          
Income from discontinued operations
--
2,897
1,057
12,272
  
Realized gains (losses) and unrealized losses
on disposition of rental property, net
--
43,794
36,280
47,715
  
Total discontinued operations, net
--
46,691
37,337
59,987
  
Net income
16,349
67,924
110,466
144,666
  
Preferred stock dividends
(500)
(500)
(2,000)
(2,000)
  
Net income available to common shareholders
$15,849
$ 67,424
$108,466
$142,666
  
           
Basic earnings per common share:
          
Income from continuing operations
$ 0.24
$ 0.33
$ 1.06
$ 1.33
  
Discontinued operations
--
0.75
0.56
0.96
  
Net income available to common shareholders
$ 0.24
$ 1.08
$ 1.62
$ 2.29
  
           
Diluted earnings per common share:
          
Income from continuing operations
$ 0.24
$ 0.33
$ 1.06
$ 1.32
  
Discontinued operations
--
0.74
0.55
0.96
  
Net income available to common shareholders
$ 0.24
$ 1.07
$ 1.61
$ 2.28
  
           
Dividends declared per common share
$ 0.64
$ 0.64
$ 2.56
$ 2.54
  
           
Basic weighted average shares outstanding
66,903
62,471
67,026
62,237
  
           
Diluted weighted average shares outstanding
82,138
78,410
82,500
77,901
  




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

 
 
23
 



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



 
December 31,
  
Assets
2007
2006
  
Rental property
      
Land and leasehold interests
$726,253
$659,169
  
Buildings and improvements
3,753,088
3,549,699
  
Tenant improvements
397,132
356,495
  
Furniture, fixtures and equipment
8,956
8,224
  
 
4,885,429
4,573,587
  
Less – accumulated depreciation and amortization
(907,013)
(796,793)
  
Net investment in rental property
3,978,416
3,776,794
  
Cash and cash equivalents
24,716
101,223
  
Marketable securities available for sale at fair value
4,839
--
  
Investments in unconsolidated joint ventures
181,066
160,301
  
Unbilled rents receivable, net
107,761
100,847
  
Deferred charges and other assets, net
246,386
240,637
  
Restricted cash
13,613
15,448
  
Accounts receivable, net of allowance for doubtful accounts
      
of $1,576 and $1,260
36,405
27,639
  
       
Total assets
$4,593,202
$4,422,889
  
       
Liabilities and Stockholders’ Equity
      
Senior unsecured notes
$1,632,547
$1,631,482
  
Revolving credit facility
250,000
145,000
  
Mortgages, loans payable and other obligations
329,188
383,477
  
Dividends and distributions payable
52,099
50,591
  
Accounts payable, accrued expenses and other liabilities
142,778
122,134
  
Rents received in advance and security deposits
51,992
45,972
  
Accrued interest payable
34,193
34,106
  
Total liabilities
2,492,797
2,412,762
  
       
Minority interests:
      
Operating Partnership
456,436
480,103
  
Consolidated joint ventures
1,414
2,117
  
Total minority interests
457,850
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,
      
65,558,073 and 62,925,191 shares outstanding
656
629
  
Additional paid-in capital
1,886,467
1,708,053
  
Dividends in excess of net earnings
(269,521)
(205,775)
  
Accumulated other comprehensive income
(47)
--
  
Total stockholders’ equity
1,642,555
1,527,907
  
       
Total liabilities and stockholders’ equity
$4,593,202
$4,422,889
  



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

 
 
24
 



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


                 
         
Accumulated
      
     
Additional
Dividends in
Other
Total
    
 
Preferred Stock
Common Stock
Paid-In
Excess of
Comprehensive
Stockholders’
  
Comprehensive
 
Shares
Amount
Shares
Par Value
Capital
Net Earnings
Income
Equity
  
Income
Balance at January 1, 2007
10
$25,000
62,925
$629
$1,708,053
$(205,775)
--
$1,527,907
  
--
Net income
--
--
--
--
--
110,466
--
110,466
  
$110,466
Preferred stock dividends
--
--
--
--
--
(2,000)
--
(2,000)
  
--
Common stock dividends
--
--
--
--
--
(172,212)
--
(172,212)
  
--
Common stock offering
--
--
4,650
47
251,685
--
--
251,732
  
--
Redemption of common units
                  
--
  for common stock
--
--
472
5
14,618
--
--
14,623
  
--
Shares issued under Dividend
                    
  Reinvestment and Stock
                    
  Purchase Plan
--
--
7
--
311
--
--
311
  
--
Stock options exercised
--
--
133
1
3,801
--
--
3,802
  
--
Stock options expense
--
--
--
--
132
--
--
132
  
--
Comprehensive Gain:
                    
  Unrealized holding gain
                    
  on marketable securities
                    
  available for sale
--
--
--
--
--
--
$(47)
(47)
  
(47)
Directors Deferred comp. plan
--
--
--
--
323
--
--
323
  
--
Issuance of restricted stock
--
--
113
1
2,851
--
--
2,852
  
--
Amortization of stock comp.
--
--
--
--
3,487
--
--
3,487
  
--
Cancellation of restricted stock
--
--
--
--
--
--
--
--
  
--
Repurchase of common stock
--
--
(2,742)
(27)
(98,794)
--
--
(98,821)
  
--
Reclassification adjustment for
            
 
     
  Realized gain included in net income
--
--
--
--
--
--
--
--
  
--
Balance at December 31, 2007
10
$25,000
65,558
$656
$1,886,467
$(269,521)
$(47)
$1,642,555
  
$110,419


 
 


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

 
 
25
 


 



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


 
Three Months Ended
December 31,
Year Ended
December 31,
 
2007
2006
2007
2006
Net income available to common shareholders
$15,849
$67,424
$108,466
$142,666
Add: Minority interest in Operating Partnership
3,562
5,162
16,126
20,121
Minority interest in discontinued operations
--
11,628
8,374
14,905
    Real estate-related depreciation and amortization on continuing operations (a)
53,598
49,053
204,937
174,379
    Real estate-related depreciation and amortization on discontinued operations
--
466
424
8,853
Deduct: Gain on sale of investment in unconsolidated joint venture
--
(10,831)
--
(10,831)
 Discontinued operations – Realized gains (losses) and unrealized losses on disposition of rental property, net
--
(54,700)
(44,414)
(59,605)
Funds from operations available to common shareholders (b)
$73,009
$68,202
$293,913
$290,488
         
Diluted weighted average shares/units outstanding (c)
82,138
78,410
82,500
77,901
         
Funds from operations per share/unit – diluted
$ 0.89
$ 0.87
$ 3.56
$ 3.73
         
Dividend declared per common share
$ 0.64
$ 0.64
$ 2.56
$ 2.54
         
Dividend payout ratios:
        
     Funds from operations-diluted
72.00%
73.58%
71.86%
68.12%
         
Supplemental Information:
        
  Non-incremental revenue generating capital expenditures:
        
     Building improvements
$ 3,822
$4,890
$10,875
$12,465
     Tenant improvements and leasing commissions
$12,886
$22,132
$56,759
$68,498
  Straight-line rent adjustments (d)
$ 1,775
$2,794
$11,161
$20,397
  Amortization of (above)/below market lease intangibles, net (e)
$ 1,911
$ 849
$ 5,326
$ 2,108
         

(a) Includes the Company’s share from unconsolidated joint ventures of $5,125 and $5,776 for the three months ended December 31, 2007 and 2006, respectively and $21,875 and $15,854 for the twelve months ended December 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 (15,037 shares and 15,556 shares for the three months ended December 31, 2007 and 2006, respectively and 15,190 shares and 15,286 shares for the twelve months ended December 31, 2007 and 2006, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).  See reconciliation of basic to diluted shares/units on page 28.
(d) Includes the Company’s share from unconsolidated joint ventures of $715 and $1,019 for the three months ended December 31, 2007 and 2006, respectively and $3,068 and $3,432 for the twelve months ended December 31, 2007 and 2006, respectively.
(e) Includes the Company’s share from unconsolidated joint ventures of $370 and $0 for three months ended December 31, 2007 and 2006, respectively and $1,467 and $0 for the twelve months ended December 31, 2007 and 2006, respectively.




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

 

 
26
 




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


 
Three Months Ended
December 31,
Year Ended
December 31,
 
2007
2006
2007
2006
Net income available to common shareholders
$0.24
$1.07
$1.61
$2.28
Add: Real estate-related depreciation and amortization on continuing operations (a)
0.65
0.63
2.48
2.24
  Real estate-related depreciation and amortization on discontinued operations
--
0.01
0.01
0.11
Deduct: Gain on sale of investment in unconsolidated joint venture
--
(0.14)
--
(0.14)
   Discontinued operations – Realized gains (losses) and unrealized losses on disposition of rental property, net
--
(0.70)
(0.54)
(0.77)
Minority interest / rounding adjustment
--
--
--
0.01
 
Funds from operations available to common shareholders (b)
$0.89
$0.87
$3.56
$3.73
         
Diluted weighted average shares/units outstanding (c)
82,138
78,410
82,500
77,901

(a) Includes the Company’s share from unconsolidated joint ventures of $0.06 and $0.07 for the three months ended December 31, 2007 and 2006, respectively and $0.27 and $0.20 for the twelve months ended December 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 (15,037 shares and 15,556 shares for the three months ended December 31, 2007 and 2006, respectively and 15,190 shares and 15,286 shares for the twelve months ended December 31, 2007 and 2006, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).  See reconciliation of basic to diluted shares/units on page 28.






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

 
 
27
 




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

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


 
Three Months Ended
December 31,
Year Ended
December 31,
 
2007
2006
2007
2006
Basic weighted average shares outstanding:
66,903
62,471
67,026
62,237
Add: Weighted average common units
15,037
15,556
15,190
15,286
Basic weighted average shares/units:
81,940
78,027
82,216
77,523
Add: Stock options
113
304
185
310
Restricted Stock Awards
85
79
99
68
 
Diluted weighted average shares/units outstanding:
82,138
78,410
82,500
77,901




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

 
 
28
 












IV.  VALUE CREATION PIPELINE

















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

 
 
29
 




IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
(dollars in thousands)


For the year ended December 31, 2007

Acquisition
Date
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Investment by
Company
Office:
          
05/08/07
AAA Properties (a) (c)
Hamilton Township, Mercer County, NJ
2
69,232
$ 9,048
06/11/07
125 Broad Street (b) (c)
New York, New York County, NY
1
524,476
274,091
 
Total Property Acquisitions:
    
3
593,708
$283,139

(a)  
Included in this transaction was the acquisition of two parcels of developable land aggregating approximately 13 acres.
(b)  
Acquisition represented two units of office condominium interests, which collectively comprise floors 2 through 16, or 39.6 percent, of the 40-story, 1.2 million square-foot building.
(c)  
Transaction was funded primarily through borrowing on the Company’s revolving credit facility.


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 December 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 December 31, 2007

 
 
30
 



Properties Commencing Initial Operations
(dollars in thousands)


For the year ended December 31, 2007



Date Placed in Service
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Investment by
Company (a) (b)
Office
          
Majority Owned:
          
05/08/07
700 Horizon Drive
Hamilton Township, Mercer County, NJ
1
120,000
$16,751
           
Unconsolidated
Joint Ventures:
          
03/01/07
100 Kimball Drive
Parsippany, Morris County, NJ
1
175,000
998
09/08/07
Red Bank Corporate Plaza
Red Bank, Monmouth County, NJ
1
92,878
25,625
 
Total Properties Commencing Initial Operations:
    
3
387,878
$43,374

(a)  
Development costs were funded primarily through draws on the Company’s revolving credit facility.
(b)  
Amounts are as of December 31, 2007.



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

 
 
31
 



Summary of Construction Projects
(dollars in thousands)




Project
Location
Type of Space
Estimated
Placed in
Service
Date
Number
Of
Buildings
Square
Feet
Costs
Incurred
Through
12/31/07
Total
Estimated
Costs
Current
% Leased
Majority Owned:
                
Wyndham
Parsippany, NJ
Office
2008-4Q
1
250,000
$ 6,701
$64,837
100.0%
 
Sub-total:
      
1
250,000
6,701
 64,837
100.0%
                 
Unconsolidated
Joint Ventures:
                
Boston-Filenes
Boston, MA
Mixed-Use
n/a
1
1,200,000
130,269
710,000
n/a
One Jefferson
Parsippany, NJ
Office
2008-4Q
1
100,000
613
28,300
n/a
 
Sub-total:
      
2
1,300,000
130,882
738,300
n/a
 
Grand Total:
      
3
1,550,000
$137,583
$803,137
16.1%





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

 
 
32
 




Summary of Land Parcels


Site
Town/City
State
Acres
Development
Potential
(Sq. Ft.)
Type of Space
55 Corporate Drive (a)
Bridgewater
NJ
30.0
200,000
Office
Horizon Center
Hamilton Township
NJ
5.3
68,000
Office/Flex/Retail
3 & 5 AAA Drive (b)
Hamilton Township
NJ
17.5
112,000
Office
6 AAA Drive
Hamilton Township
NJ
2.4
32,000
Office
2 South Gold Drive (c)
Hamilton Township
NJ
9.5
75,000
Office
Plaza VIII and IX Associates, L.L.C. (a)
Jersey City
NJ
3.6
1,225,000
Office
Harborside Financial Center (d)
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
86.8
1,100,000
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
  (e)
Elmsford Distribution Center (f)
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 (f)
Yonkers
NY
52.4
350,000
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 Corporate Center
Media
PA
2.3
15,200
Office
Capital Office Park
Greenbelt
MD
43.0
600,000
Office
Eastpoint II
Lanham
MD
4.8
122,000
Office/Hotel
 
Total:
    
435.8
11,319,013
  

(a) Land owned or controlled by joint venture in which Mack-Cali is an equity partner.
(b) This land parcel also includes an existing office building totaling 35,270 square feet.
(c) This land parcel also includes an existing office building totaling 33,962 square feet.
(d) In addition, there are 21 acres of riparian property.
(e) Hotel project can comprise up to 520 rooms.
(f) Mack-Cali holds an option to purchase this land.








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

 
 
33
 

 


Rental Property Sales
(dollars in thousands)


For the year ended December 31, 2007

 
Sale
Date
Property/Address
Location
# of
Bldgs.
Rentable
Square
Feet
Net Sales
Proceeds
Net Book
Value
Realized
Gain/(Loss)
  
Office:
                
05/10/07
1000 Bridgeport Avenue
Shelton, Fairfield County, Connecticut
1
133,000
$16,411
$13,782
$2,629
  
06/11/07
500 W. Putnam Avenue
Greenwich, Fairfield County, Connecticut
1
121,250
54,344
18,113
36,231
  
07/13/07
100 & 200 Decadon Drive
Egg Harbor, Atlantic County, New Jersey
2
80,344
11,448
5,894
5,554
  
 
Total Office Property Sales:
  
4
334,594
$82,203
$37,789
$44,414




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 December 31, 2007


None.




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

 
 
34
 












V.  PORTFOLIO/ LEASING STATISTICS



















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

 
 
35
 



V.  PORTFOLIO/ LEASING STATISTICS

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

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
Region/Market
Sq. Ft.
Leased
9/30/07
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/07 (c)
Pct.
Leased
12/31/07
Pct.
Leased
9/30/07
                 
  Northern NJ
12,219,065
-
(322,367)
416,502
94,135
12,313,200
93.2%
92.5%
  Central NJ
4,603,247
-
(178,557)
208,897
30,340
4,633,587
90.5%
89.9%
  Westchester Co., NY
4,604,098
-
(212,949)
234,735
21,786
4,625,884
96.6%
96.2%
  Manhattan
524,476
-
-
-
-
524,476
100.0%
100.0%
  Sub. Philadelphia
3,193,449
-
(198,307)
204,402
6,095
3,199,544
90.6%
90.5%
  Fairfield, CT
509,272
-
(11,235)
13,506
2,271
511,543
85.6%
85.2%
  Washington, DC/MD
1,149,323
-
(27,511)
11,107
(16,404)
1,132,919
87.6%
88.9%
  Rockland Co., NY
164,473
-
(29,005)
29,005
-
164,473
91.4%
91.4%
 
Total
26,967,403
-
(979,931)
1,118,154
138,223
27,105,626
92.7%
92.2%
                 


RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of September 30, 2007
29,245,361
    Total sq. ft. of properties added/sold this period
-
Total sq. ft. as of December 31, 2007
29,245,361
   


(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
Includes leases expiring December 31, 2007 aggregating 146,261 square feet for which no new leases were signed.





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

 
 
36
 



Leasing Statistics
(For the three months ended December 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
33
404,331
75,294
329,037
7.7
32.39
3.39
  
 
Office/Flex
2
12,171
12,171
-
2.7
15.95
3.74
  
Central NJ
Office
26
194,101
44,968
149,133
5.1
25.01
2.45
  
 
Office/Flex
2
14,796
-
14,796
3.5
20.35
0.20
  
Westchester Co., NY
Office
24
150,316
52,287
98,029
7.3
27.34
1.81
  
 
Office/Flex
16
84,419
28,789
55,630
4.5
19.54
1.62
  
Sub. Philadelphia
Office
18
88,062
16,772
71,290
5.4
24.18
5.04
  
 
Office/Flex
8
116,340
9,280
107,060
4.4
7.35
0.83
  
Fairfield Co., CT
Office
5
13,506
3,877
9,629
4.5
25.98
4.07
  
Washington, DC/MD
Office
2
11,107
4,686
6,421
2.6
19.07
0.20
  
Rockland Co., NY
Office
1
29,005
-
29,005
5.0
24.80
4.43
  
 
Total
  
137
1,118,154
248,124
870,030
6.1
25.46
2.82
  
                   
Detail by Property Type
                  
 
Office
109
890,428
197,884
692,544
6.6
28.61
3.09
  
 
Office/Flex
28
227,726
50,240
177,486
4.3
13.17
1.20
                   
Total
  
137
1,118,154
248,124
870,030
6.1
25.46
2.82
  
                   
Tenant Retention:
Leases Retained
67.9%
              
 
Sq. Ft. Retained
88.8%
              
   


(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 $12,080,288 and commissions of $6,832,992 committed, but not necessarily expended, during the period for second generation space aggregating 1,091,587 square feet.




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

 
 
37
 



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

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
State
Sq. Ft.
Leased
9/30/07
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/07
Pct.
Leased
12/31/07
Pct.
Leased
9/30/07
Northeast
                
   Northern NJ
2,165,643
-
(31,585)
23,108
(8,477)
2,157,166
94.1%
94.4%
   Central NJ
1,122,171
-
(164,683)
190,623
25,940
1,148,111
88.6%
86.6%
   Rockland Co., NY
152,983
-
-
-
-
152,983
65.9%
65.9%
   Boston, MA
181,909
-
-
-
-
181,909
27.3%
27.3%
Total Northeast
3,622,706
-
(196,268)
213,731
17,463
3,640,169
81.1%
80.7%
                 
Other
                
  Troy, MI
829,808
(841,090)
(5,197)
16,479
11,282
-
-
68.7%
Total Other
829,808
(841,090)
(5,197)
16,479
11,282
-
-
68.7%
                 
Total
4,452,514
(841,090)
(201,465)
230,210
28,745
3,640,169
81.1%
78.2%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of September 30, 2007
5,696,365
     Total sq. ft. of properties sold this period
(1,208,715)
Total sq. ft. as of December 31, 2007
4,487,650
   

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 (c)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent
Leasing Costs  Per Sq. Ft. Per Year (d)
Northeast
              
   Northern NJ
3
23,108
7,180
15,928
2.6
31.81
-
   Central NJ
10
190,623
25,940
164,683
6.8
26.11
3.91
   Boston, MA
-
-
-
-
-
-
-
Total Northeast
13
213,731
33,120
180,611
6.4
26.72
3.86
               
Other
              
   Troy, MI
1
16,479
16,479
-
6.0
17.39
-
Total Other
1
16,479
16,479
-
6.0
17.39
-
               
Total
14
230,210
49,599
180,611
6.4
26.05
3.86
               
 
(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)  
"Other Retained" transactions include existing tenants' expansions and relocations within the same building.
(d)  
Represents estimated workletter costs of $2,928,620 and commissions of $1,741,951 committed, but not necessarily expended, during the period for second generation space aggregating 187,521 square feet.



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

 
 
38
 



Leasing Statistics
(For year ended December 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 12/31/07 (c)
Pct.
Leased
12/31/07
Pct.
Leased
12/31/06
                 
  Northern NJ
12,138,054
-
(1,493,669)
1,668,815
175,146
12,313,200
93.2%
91.9%
  Central NJ
4,467,983
145,520
(560,013)
580,097
20,084
4,633,587
90.5%
90.6%
  Westchester Co., NY
4,610,675
-
(983,521)
998,730
15,209
4,625,884
96.6%
96.3%
  Manhattan
-
524,476
-
-
-
524,476
100.0%
-
  Sub. Philadelphia
3,252,336
(80,344)
(739,142)
766,694
27,552
3,199,544
90.6%
90.1%
  Fairfield Co., CT
763,575
(238,875)
(110,655)
97,498
(13,157)
511,543
85.6%
89.6%
  Washington, DC/MD
1,158,589
-
(113,360)
87,690
(25,670)
1,132,919
87.6%
89.6%
  Rockland Co., NY
180,000
-
(78,352)
62,825
(15,527)
164,473
91.4%
100.0%
 
Total
26,571,212
350,777
(4,078,712)
4,262,349
183,637
27,105,626
92.7%
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 this period
713,708
    Total sq. ft. of properties sold this period
(334,594)
Total sq. ft. as of December 31, 2007
29,245,361
   


(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
Includes leases expiring December 31, 2007 aggregating 146,261 square feet for which no new leases were signed.




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

 
 
39
 



Leasing Statistics
(For the year ended December 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
145
1,573,478
504,813
1,068,665
7.9
30.45
3.29
  
 
Office/Flex
10
95,337
74,334
21,003
3.8
15.75
1.94
  
Central NJ
Office
71
528,517
186,427
342,090
5.4
24.09
2.99
  
 
Office/Flex
6
51,580
12,251
39,329
4.5
18.74
1.04
  
Westchester Co., NY
Office
80
341,187
106,236
234,951
5.9
28.62
2.09
  
 
Office/Flex
76
551,426
211,461
339,965
5.0
17.10
1.73
  
 
Industrial/Warehouse
6
106,117
-
106,117
4.8
8.32
0.34
  
Sub. Philadelphia
Office
46
298,554
99,138
199,416
5.1
24.23
4.06
  
 
Office/Flex
34
468,140
66,300
401,840
4.5
9.48
0.84
  
Fairfield Co., CT
Office
23
97,498
26,800
70,698
3.1
25.40
2.55
  
Washington, DC/MD
Office
18
87,690
21,061
66,629
5.1
28.13
2.15
  
Rockland Co., NY
Office
4
62,825
31,092
31,733
6.1
24.30
3.69
  
 
Total
  
519
4,262,349
1,339,913
2,922,436
6.1
23.77
2.72
  
                   
Detail by Property Type
                  
 
Office
387
2,989,749
975,567
2,014,182
6.7
28.13
3.16
  
 
Office/Flex
126
1,166,483
364,346
802,137
4.7
14.01
1.37
 
Industrial/Warehouse
6
106,117
-
106,117
4.8
8.32
0.34
                   
Total
  
519
4,262,349
1,339,913
2,922,436
6.1
23.77
2.72
  
                   
Tenant Retention:
Leases Retained
62.2%
              
 
Sq. Ft. Retained
71.7%
              
   


(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 $43,826,742 and commissions of $25,056,746 committed, but not necessarily expended, during the period for second generation space aggregating 4,167,503 square feet.



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

 
 
40
 


Leasing Statistics
(For the year ended December 31, 2007)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
State
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 12/31/07
Pct.
Leased
12/31/07
Pct.
Leased
12/31/06
Northeast
                
   Northern NJ
1,969,302
160,028
(97,490)
125,326
27,836
2,157,166
94.1%
93.0%
   Central NJ
1,005,877
92,878
(185,912)
235,268
49,356
1,148,111
88.6%
83.6%
   Rockland Co., NY
152,983
-
-
-
-
152,983
65.9%
65.9%
   Boston, MA
344,312
-
(199,422)
37,019
(162,403)
181,909
27.3%
51.6%
Total Northeast
3,472,474
252,906
(482,824)
397,613
(85,211)
3,640,169
81.1%
82.3%
                 
Other
                
  Troy, MI
859,181
(841,090)
(45,264)
27,173
(18,091)
-
-
71.1%
Total Other
859,181
(841,090)
(45,264)
27,173
(18,091)
-
-
71.1%
                 
Total
4,331,655
(588,184)
(528,088)
424,786
(103,302)
3,640,169
81.1%
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 this period
267,878
     Total sq. ft. of properties sold this period
(1,208,715)
Total sq. ft. as of December 31, 2007
4,487,650
   

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 (c)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent
Leasing Costs  Per Sq. Ft. Per Year (d)
Northeast
              
   Northern NJ
16
125,326
32,351
92,975
5.2
30.42
3.98
   Central NJ
24
235,268
58,617
176,651
7.3
25.60
3.90
   Boston, MA
2
37,019
37,019
-
5.0
16.12
5.49
Total Northeast
42
397,613
127,987
269,626
6.4
26.24
4.08
               
Other
              
   Troy, MI
5
27,173
16,479
10,694
5.0
18.10
2.69
Total Other
5
27,173
16,479
10,694
5.0
18.10
2.69
               
Total
47
424,786
144,466
280,320
6.3
25.72
4.05
               

(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)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(d)  
Represents estimated workletter costs of $4,998,052 and commissions of $2,710,932 committed, but not necessarily expended, during the period for second generation space aggregating 335,823 square feet.
 
 
 


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

 
 
41
 

Market Diversification

The following table lists the Company’s markets (MSAs), based on annualized contractual base rent of the Consolidated Properties:



Market (MSA)
Annualized
Base Rental
Revenue
($) (a) (b) (c)
Percentage of
Company
Annualized Base
Rental Revenue (%)
Total
Property Size
Rentable
Area
Percentage of
Rentable Area (%)
Jersey City, NJ
117,129,345
19.6
4,317,978
14.8
Newark, NJ (Essex-Morris-Union Counties)
116,048,183
19.5
5,847,318
20.0
Westchester-Rockland, NY
92,728,821
15.6
4,968,420
17.0
Bergen-Passaic, NJ
91,792,074
15.4
4,602,401
15.7
Philadelphia, PA-NJ
55,501,093
9.3
3,529,994
12.1
Washington, DC-MD-VA-WV
31,191,296
5.2
1,292,807
4.4
Monmouth-Ocean, NJ
26,235,892
4.4
1,620,863
5.5
Trenton, NJ
20,568,550
3.5
956,597
3.3
Middlesex-Somerset-Hunterdon, NJ
19,567,698
3.3
986,760
3.4
New York (Manhattan)
15,442,033
2.6
524,476
1.8
Stamford-Norwalk, CT
7,305,712
1.2
452,260
1.5
Bridgeport, CT
2,475,820
0.4
145,487
0.5
         
Total
595,986,517
100.0
29,245,361
100.0
         

(a)  
Annualized base rental revenue is based on actual December 2007 billings times 12.  For leases whose rent commences after January 1, 2008, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(b)  
Includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 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 December 31, 2007 aggregating 146,261 feet and representing annualized rent of $2,237,232 for which no new leases were signed.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.




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

 
 
42
 



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
116,331,972
19.5
4,183,589
15.6
Insurance Carriers & Related Activities
48,755,385
8.2
2,118,350
7.9
Manufacturing
47,051,663
7.9
2,216,972
8.3
Computer System Design Services
28,484,708
4.8
1,364,041
5.1
Credit Intermediation & Related Activities
27,705,517
4.6
1,119,532
4.2
Telecommunications
27,147,675
4.6
1,315,096
4.9
Legal Services
24,070,028
4.0
955,919
3.6
Health Care & Social Assistance
24,012,704
4.0
1,198,337
4.5
Wholesale Trade
21,961,034
3.7
1,422,646
5.3
Scientific Research/Development
21,549,733
3.6
937,094
3.5
Other Professional
20,466,810
3.4
885,610
3.3
Accounting/Tax Prep.
18,109,960
3.0
727,704
2.7
Public Administration
16,234,770
2.7
617,621
2.3
Retail Trade
15,563,071
2.6
933,701
3.5
Advertising/Related Services
15,206,639
2.6
619,917
2.3
Other Services (except Public Administration)
14,935,857
2.5
789,184
3.0
Information Services
10,146,488
1.7
436,007
1.6
Arts, Entertainment & Recreation
9,361,518
1.6
566,414
2.1
Architectural/Engineering
9,193,910
1.5
409,436
1.5
Real Estate & Rental & Leasing
8,844,972
1.5
413,448
1.6
Construction
8,584,162
1.4
395,943
1.5
Broadcasting
7,603,641
1.3
475,740
1.8
Utilities
7,206,837
1.2
339,377
1.3
Admin & Support, Waste Mgt. & Remediation Services
6,951,228
1.2
400,488
1.5
Data Processing Services
5,845,322
1.0
240,585
0.9
Transportation
5,830,219
1.0
308,274
1.2
Educational Services
5,508,496
0.9
282,336
1.1
Specialized Design Services
4,175,140
0.7
183,273
0.7
Management of Companies & Finance
3,664,372
0.6
147,079
0.6
Publishing Industries
3,557,304
0.6
185,610
0.7
Other
11,925,382
2.1
463,955
1.9
         
Total
595,986,517
100.0
26,653,278
100.0

(a)  
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS) which has replaced the Standard Industrial Code (SIC) system.
(b)  
Annualized base rental revenue is based on actual December 2007 billings times 12.  For leases whose rent commences after January 1, 2008, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
(d)  
Includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 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 December 31, 2007 aggregating 146,261 square feet and representing annualized rent of $2,237,232 for which no new leases were signed.
 
 



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

 
 
43
 





Consolidated Portfolio Analysis (a)
(as of December 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
99
38.8%
49
19.2%
--
--
--
--
--
--
148
58.0%
New York
21
8.2%
41
16.1%
6
2.4%
2
0.8 %
2
0.8%
72
28.3%
Pennsylvania
18
7.0%
--
--
--
--
--
--
--
--
18
7.0%
Connecticut
2
0.8%
5
2.0%
--
--
--
--
--
--
7
2.8%
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 39 properties, aggregating approximately 4.5 million square feet, which are not consolidated by the Company.

 
 





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

 
 
44
 





Consolidated Portfolio Analysis (a)
(as of December 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
17,646,642
60.4%
2,189,531
7.5%
--
--
--
--
19,836,173
67.9%
New York
2,739,384
9.4%
2,348,812
8.0%
387,400
1.3%
17,300
0.1%
5,492,896
18.8%
Pennsylvania
2,025,738
6.9%
--
--
--
--
--
--
2,025,738
6.9%
Connecticut
324,747
1.1%
273,000
0.9%
--
--
--
--
597,747
2.0%
Wash., D.C./
   Maryland
 
1,292,807
 
4.4%
 
--
 
--
 
--
 
--
 
--
 
--
 
1,292,807
 
4.4%
TOTALS
    By Type:
 
24,029,318
 
82.2%
 
4,811,343
 
16.4%
 
387,400
 
1.3%
 
17,300
 
0.1%
 
29,245,361
 
100.0%
 
(a)    Excludes 39 properties, aggregating approximately 4.5 million square feet, which are not consolidated by the Company.
 
 
 



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

 
 
45
 





Consolidated Portfolio Analysis (a)
(Year ended December 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
$373,269
64.9%
$19,084
3.2%
--
--
--
--
--
--
$392,353
68.1%
New York
62,652
10.9%
34,348
6.0%
$3,785
0.6%
$418
0.1%
$299
0.1%
101,502
17.7%
Pennsylvania
41,338
7.2%
--
--
--
--
--
--
--
--
41,338
7.2%
Connecticut
6,061
1.1%
4,006
0.7%
--
--
--
--
--
--
10,067
1.8%
Wash., D.C./
   Maryland
30,203
5.2%
--
--
--
--
--
--
--
--
30,203
 
5.2%
TOTALS
   By Type:
$513,523
89.3%
$57,438
9.9%
$3,785
0.6%
$418
0.1%
$299
0.1%
$575,463
100.0%
 
(a)  
Excludes 39 properties, aggregating approximately 4.5 million square feet, which are not consolidated by the Company.
(b)  
Total base rent for the 12 months ended December 31, 2007, determined in accordance with GAAP.  Substantially all of the leases provide for annual base rents plus recoveriesand escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage.
 




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

 
 
46
 





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

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
92.4%
91.9%
--
--
92.3%
New York
96.2%
97.1%
98.1%
100.0%
96.7%
Pennsylvania
89.9%
--
--
--
89.9%
Connecticut
74.8%
98.4%
--
--
85.6%
Washington, D.C./ Maryland
87.6%
--
--
--
87.6%
 
WEIGHTED AVG. By Type:
 
92.2%
 
94.8%
 
98.1%
 
100.0%
 
92.7%

(a)  
Excludes 39 properties, aggregating approximately 4.5 million square feet, which are not consolidated by the Company, and parcels of land leased to others.
(b)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 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 December 31, 2007 aggregating 146,261 square feet for which no new leases were signed.



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

 
 
47
 


 
 
Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
  
                 
BERGEN COUNTY, NEW JERSEY
                
Fair Lawn
                
17-17 Route 208 North                                                 
1987
143,000
68.6
3,144
0.55
32.05
27.79
  
Fort Lee
                
One Bridge Plaza                                                 
1981
200,000
72.7
2,784
0.48
19.15
17.75
  
2115 Linwood Avenue                                                 
1981
68,000
40.2
865
0.15
31.64
30.40
  
Little Ferry
                
200 Riser Road                                                 
1974
286,628
100.0
2,071
0.36
7.23
6.67
  
Montvale
                
95 Chestnut Ridge Road                                                 
1975
47,700
100.0
796
0.14
16.69
15.28
  
135 Chestnut Ridge Road                                                 
1981
66,150
100.0
1,520
0.26
22.98
19.09
  
Paramus
                
15 East Midland Avenue                                                 
1988
259,823
80.5
5,235
0.91
25.03
24.27
  
140 East Ridgewood Avenue                                                 
1981
239,680
98.4
4,846
0.84
20.55
18.73
  
461 From Road                                                 
1988
253,554
98.6
6,125
1.06
24.50
24.42
  
650 From Road                                                 
1978
348,510
92.2
7,786
1.36
24.23
21.42
  
61 South Paramus Avenue                                                 
1985
269,191
100.0
7,208
1.25
26.78
23.99
  
Ridgefield Park
                
105 Challenger Road                                                 
1992
150,050
87.5
4,250
0.74
32.37
29.72
  
Rochelle Park
                
120 Passaic Street                                                 
1972
52,000
99.6
1,402
0.24
27.07
25.53
  
365 West Passaic Street                                                 
1976
212,578
100.0
4,473
0.78
21.04
18.78
  
395 West Passaic Street                                                 
1979
100,589
96.9
2,217
0.39
22.75
19.64
  
Upper Saddle River
                
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.30
15.72
15.72
  
10 Mountainview Road                                                 
1986
192,000
98.2
4,328
0.75
22.95
20.84
  
Woodcliff Lake
                
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,950
0.34
21.86
16.32
  
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,107
0.19
21.09
19.83
  
530 Chestnut Ridge Road                                                 
1986
57,204
100.0
1,199
0.21
20.96
20.40
  
50 Tice Boulevard                                                 
1984
235,000
98.7
6,140
1.07
26.47
23.93
  
300 Tice Boulevard                                                 
1991
230,000
99.8
5,880
1.02
25.62
23.18
  
                 
BURLINGTON COUNTY, NEW JERSEY
                
Moorestown
                
224 Strawbridge Drive                                                 
1984
74,000
98.4
1,521
0.26
20.89
18.35
  
228 Strawbridge Drive                                                 
1984
74,000
100.0
1,043
0.18
14.09
12.11
  
232 Strawbridge Drive                                                 
1986
74,258
98.8
1,461
0.25
19.91
16.22
  
                 
ESSEX COUNTY, NEW JERSEY
                
Millburn
                
150 J.F. Kennedy Parkway                                                 
1980
247,476
100.0
7,539
1.31
30.46
26.58
  
Roseland
                
101 Eisenhower Parkway                                                 
1980
237,000
95.8
5,642
0.98
24.85
22.33
  
103 Eisenhower Parkway                                                 
1985
151,545
78.6
2,934
0.51
24.63
21.53
  
105 Eisenhower Parkway                                                 
2001
220,000
91.9
4,636
0.81
22.93
17.23
  
                 
HUDSON COUNTY, NEW JERSEY
                
Jersey City
                
Harborside Financial Center Plaza 1
1983
400,000
100.0
10,016
1.74
25.04
22.48
  
Harborside Financial Center Plaza 2
1990
761,200
100.0
18,987
3.30
24.94
22.12
  
Harborside Financial Center Plaza 3
1990
725,600
99.1
17,983
3.12
25.01
22.16
  



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

 
 
48
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
  
                 
Harborside Financial Center Plaza 4-A
2000
207,670
97.7
6,206
1.08
30.59
26.31
  
Harborside Financial Center Plaza 5                                                            
2002
977,225
99.9
34,428
5.99
35.27
29.08
  
101 Hudson Street                                                 
1992
1,246,283
99.2
26,528
4.61
21.46
18.80
  
                 
MERCER COUNTY, NEW JERSEY
                
Hamilton Township
                
3 AAA Drive (f)                                                 
1981
35,270
62.6
124
0.02
8.61
8.06
  
2 South Gold Drive (f)                                                 
1974
33,962
64.5
258
0.04
18.06
17.22
  
600 Horizon Drive                                                 
2002
95,000
100.0
1,373
0.24
14.45
14.45
  
700 Horizon Drive (f)                                                 
2007
120,000
100.0
1,593
0.28
20.36
19.22
  
Princeton
                
103 Carnegie Center                                                 
1984
96,000
72.5
1,837
0.32
26.39
21.98
  
3 Independence Way                                                 
1983
111,300
50.7
1,102
0.19
19.53
15.40
  
100 Overlook Center                                                 
1988
149,600
100.0
4,859
0.84
32.48
28.36
  
5 Vaughn Drive                                                 
1987
98,500
100.0
2,391
0.42
24.27
21.43
  
                 
MIDDLESEX COUNTY, NEW JERSEY
                
East Brunswick
                
377 Summerhill Road                                                 
1977
40,000
100.0
353
0.06
8.83
8.65
  
Edison
                
343 Thornall Street (c)                                              
1991
195,709
100.0
4,008
0.70
20.48
17.58
  
Piscataway
                
30 Knightsbridge Road, Bldg. 3                                                 
1977
160,000
100.0
2,465
0.43
15.41
15.41
  
30 Knightsbridge Road, Bldg. 4                                                 
1977
115,000
100.0
1,771
0.31
15.40
15.40
  
30 Knightsbridge Road, Bldg. 5                                                 
1977
332,607
62.9
2,437
0.42
11.65
8.30
  
30 Knightsbridge Road, Bldg. 6                                                 
1977
72,743
63.8
172
0.03
3.71
1.90
  
Plainsboro
                
500 College Road East                                                 
1984
158,235
95.7
4,261
0.74
28.14
25.91
  
Woodbridge
                
581 Main Street                                                 
1991
200,000
100.0
5,268
0.92
26.34
23.15
  
                 
MONMOUTH COUNTY, NEW JERSEY
                
Freehold
                
2 Paragon Way                                                 
1989
44,524
38.1
374
0.06
22.05
13.85
  
3 Paragon Way                                                 
1991
66,898
100.0
785
0.14
11.73
9.55
  
4 Paragon Way                                                 
2002
63,989
100.0
1,097
0.19
17.14
12.96
  
100 Willowbrook Road                                                 
1988
60,557
74.8
880
0.15
19.43
16.62
  
Holmdel
                
23 Main Street                                                 
1977
350,000
100.0
4,012
0.70
11.46
8.64
  
Middletown
                
One River Centre Bldg. 1                                                 
1983
122,594
100.0
3,097
0.54
25.26
21.22
  
One River Centre Bldg. 2                                                 
1983
120,360
100.0
2,874
0.50
23.88
22.75
  
One River Centre Bldg. 3 and 4                                                 
1984
214,518
93.6
4,593
0.80
22.87
22.57
  
Neptune
                
3600 Route 66                                                 
1989
180,000
100.0
2,400
0.42
13.33
12.06
  
Wall Township
                
1305 Campus Parkway                                                 
1988
23,350
77.3
443
0.08
24.54
23.66
  
1350 Campus Parkway                                                 
1990
79,747
91.9
1,571
0.27
21.44
18.83
  
                 
MORRIS COUNTY, NEW JERSEY
                
Florham Park
                
325 Columbia Turnpike                                                 
1987
168,144
96.1
4,005
0.70
24.79
21.96
  



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

 
 
49
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
  
                 
Morris Plains
                
250 Johnson Road                                                 
1977
75,000
100.0
1,579
0.27
21.05
18.47
  
201 Littleton Road                                                 
1979
88,369
88.6
1,750
0.30
22.35
19.92
  
Morris Township
                
412 Mt. Kemble Avenue                                                 
1986
475,100
36.7
2,664
0.46
15.28
12.78
  
Parsippany
                
4 Campus Drive                                                 
1983
147,475
94.3
3,298
0.57
23.71
21.01
  
6 Campus Drive                                                 
1983
148,291
75.1
2,422
0.42
21.75
17.94
  
7 Campus Drive                                                 
1982
154,395
67.8
979
0.17
9.35
8.75
  
8 Campus Drive                                                 
1987
215,265
100.0
6,249
1.09
29.03
25.66
  
9 Campus Drive                                                 
1983
156,495
93.6
3,483
0.61
23.78
19.93
  
4 Century Drive                                                 
1981
100,036
78.9
1,641
0.29
20.79
18.70
  
5 Century Drive                                                 
1981
79,739
97.3
1,293
0.22
16.67
16.54
  
6 Century Drive                                                 
1981
100,036
72.4
1,351
0.23
18.65
11.87
  
2 Dryden Way                                                 
1990
6,216
100.0
96
0.02
15.44
15.44
  
4 Gatehall Drive                                                 
1988
248,480
89.6
5,655
0.98
25.40
22.66
  
2 Hilton Court                                                 
1991
181,592
100.0
4,224
0.73
23.26
20.58
  
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.20
19.59
19.59
  
600 Parsippany Road                                                 
1978
96,000
92.4
1,596
0.28
17.99
13.96
  
1 Sylvan Way                                                 
1989
150,557
100.0
3,621
0.63
24.05
21.41
  
5 Sylvan Way                                                 
1989
151,383
100.0
4,157
0.72
27.46
24.69
  
7 Sylvan Way                                                 
1987
145,983
100.0
3,219
0.56
22.05
19.29
  
35 Waterview Boulevard                                                 
1990
172,498
96.2
4,460
0.78
26.88
24.03
  
5 Wood Hollow Road                                                 
1979
317,040
96.7
6,118
1.07
19.96
17.10
  
                 
PASSAIC COUNTY, NEW JERSEY
                
Clifton
                
777 Passaic Avenue                                                 
1983
75,000
100.0
1,627
0.28
21.69
19.53
  
Totowa
                
999 Riverview Drive                                                 
1988
56,066
100.0
1,084
0.19
19.33
17.21
  
                 
SOMERSET COUNTY, NEW JERSEY
                
Basking Ridge
                
222 Mt. Airy Road                                                 
1986
49,000
60.7
615
0.11
20.68
15.53
  
233 Mt. Airy Road                                                 
1987
66,000
100.0
1,315
0.23
19.92
16.71
  
Bernards
                
106 Allen Road                                                 
2000
132,010
96.2
3,149
0.55
24.80
18.74
  
Bridgewater
                
721 Route 202/206                                                 
1989
192,741
81.2
3,817
0.66
24.39
22.93
  
                 
UNION COUNTY, NEW JERSEY
                
Clark
                
100 Walnut Avenue                                                 
1985
182,555
98.5
4,624
0.80
25.72
22.67
  
Cranford
                
6 Commerce Drive                                                 
1973
56,000
84.1
1,029
0.18
21.85
19.05
  
11 Commerce Drive                                                 
1981
90,000
71.3
1,389
0.24
21.65
18.73
  
12 Commerce Drive                                                 
1967
72,260
95.1
967
0.17
14.07
11.54
  
14 Commerce Drive                                                 
1971
67,189
64.3
1,031
0.18
23.86
23.12
  
20 Commerce Drive                                                 
1990
176,600
99.8
4,531
0.79
25.71
22.60
  
25 Commerce Drive                                                 
1971
67,749
90.1
1,333
0.23
21.84
20.30
  
65 Jackson Drive                                                 
1984
82,778
97.5
1,857
0.32
23.01
19.99
  



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

 
 
50
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
  
 
New Providence
                
890 Mountain Avenue                                                 
1977
80,000
95.1
1,797
0.31
23.62
22.31
  
                 
Total New Jersey Office
  
17,646,642
92.4
373,269
64.88
22.94
20.22
  
                 
NEW YORK COUNTY, NEW YORK
                
New York
                
125 Broad Street (f)                                              
1970
524,476
100.0
11,579
2.02
39.50
35.69
  
                 
ROCKLAND COUNTY, NEW YORK
                
Suffern
                
400 Rella Boulevard                                                 
1988
180,000
91.4
3,752
0.65
22.81
19.18
  
                 
WESTCHESTER COUNTY, NEW YORK
                
Elmsford
                
100 Clearbrook Road (c)                                                 
1975
60,000
94.4
1,083
0.19
19.12
17.39
  
101 Executive Boulevard                                                 
1971
50,000
43.0
513
0.09
23.86
21.77
  
555 Taxter Road                                                 
1986
170,554
100.0
4,263
0.74
25.00
20.87
  
565 Taxter Road                                                 
1988
170,554
98.8
4,138
0.72
24.56
20.37
  
570 Taxter Road                                                 
1972
75,000
77.8
1,648
0.29
28.24
26.24
  
Hawthorne
                
1 Skyline Drive                                                 
1980
20,400
99.0
340
0.06
16.84
15.70
  
2 Skyline Drive                                                 
1987
30,000
98.9
490
0.09
16.51
14.19
  
7 Skyline Drive                                                 
1987
109,000
98.7
2,570
0.45
23.89
21.90
  
17 Skyline Drive                                                 
1989
85,000
100.0
871
0.15
10.25
10.15
  
19 Skyline Drive                                                 
1982
248,400
100.0
4,471
0.78
18.00
16.80
  
Tarrytown
                
200 White Plains Road                                                 
1982
89,000
99.3
1,905
0.33
21.56
19.38
  
220 White Plains Road                                                 
1984
89,000
95.9
2,052
0.36
24.04
21.91
  
White Plains
                
1 Barker Avenue                                                 
1975
68,000
97.3
1,749
0.30
26.43
24.67
  
3 Barker Avenue                                                 
1983
65,300
100.0
1,659
0.29
25.41
23.29
  
50 Main Street                                                 
1985
309,000
99.1
9,438
1.65
30.82
28.01
  
11 Martine Avenue                                                 
1987
180,000
85.6
4,599
0.80
29.85
26.90
  
1 Water Street                                                 
1979
45,700
100.0
1,177
0.20
25.75
22.30
  
Yonkers
                
1 Executive Boulevard                                                 
1982
112,000
100.0
2,848
0.49
25.43
22.19
  
3 Executive Boulevard                                                 
1987
58,000
100.0
1,507
0.26
25.98
22.66
  
                 
Total New York Office
  
2,739,384
96.2
62,652
10.91
27.23
24.37
  
                 
CHESTER COUNTY, PENNSYLVANIA
                
Berwyn
                
1000 Westlakes Drive                                                 
1989
60,696
95.7
1,589
0.28
27.36
26.20
  
1055 Westlakes Drive                                                 
1990
118,487
96.8
2,622
0.46
22.86
18.69
  
1205 Westlakes Drive                                                 
1988
130,265
84.7
2,464
0.43
22.33
19.25
  
1235 Westlakes Drive                                                 
1986
134,902
97.7
2,951
0.51
22.39
18.41
  
                 
DELAWARE COUNTY, PENNSYLVANIA
                
Lester
                
100 Stevens Drive                                                 
1986
95,000
100.0
2,551
0.44
26.85
24.82
  
200 Stevens Drive                                                 
1987
208,000
100.0
5,656
0.98
27.19
25.52
  
300 Stevens Drive                                                 
1992
68,000
89.6
1,519
0.26
24.93
20.09
  



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

 
 
51
 

     
 
Property Listing
 
Office Properties
(continued)
 
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
    
 
 
Media
                  
 
1400 Providence Road – Center I                                                            
1986
100,000
95.4
2,072
0.36
21.72
19.73
    
 
1400 Providence Road – Center II                                                            
1990
160,000
94.0
3,394
0.59
22.57
19.24
    
 
 
MONTGOMERY COUNTY, PENNSYLVANIA
                  
 
Bala Cynwyd
                  
 
150 Monument Road                                                 
1981
125,783
99.9
2,946
0.51
23.44
21.30
    
 
Blue Bell
                  
 
4 Sentry Parkway                                                 
1982
63,930
94.1
1,337
0.23
22.22
22.08
    
 
5 Sentry Parkway East                                                 
1984
91,600
50.3
632
0.11
13.72
12.61
    
 
5 Sentry Parkway West                                                 
1984
38,400
31.5
158
0.03
13.06
12.40
    
 
16 Sentry Parkway                                                 
1988
93,093
100.0
2,281
0.40
24.50
22.49
    
 
18 Sentry Parkway                                                 
1988
95,010
88.5
2,198
0.38
26.14
23.90
    
 
King of Prussia
                  
 
2200 Renaissance Boulevard                                                 
1985
174,124
79.4
2,433
0.42
17.60
15.28
    
 
Lower Providence
                  
 
1000 Madison Avenue                                                 
1990
100,700
81.3
1,404
0.24
17.15
13.28
    
 
Plymouth Meeting
                  
 
1150 Plymouth Meeting Mall                                                 
1970
167,748
92.6
3,131
0.54
20.16
15.92
    
                     
 
Total Pennsylvania Office
  
2,025,738
89.9
41,338
7.17
22.70
19.98
    
                     
 
FAIRFIELD COUNTY, CONNECTICUT
                  
 
Norwalk
                  
 
40 Richards Avenue                                                 
1985
145,487
76.6
2,446
0.43
21.95
19.35
    
 
Stamford
                  
 
1266 East Main Street                                                 
1984
179,260
73.3
3,615
0.63
27.51
24.64
    
                     
 
Total Connecticut Office
  
324,747
74.8
6,061
1.06
24.96
22.21
    
                     
 
WASHINGTON, D.C.
                  
 
1201 Connecticut Avenue, NW                                                 
1940
169,549
100.0
6,742
1.18
39.76
36.86
    
 
1400 L Street, NW                                                 
1987
159,000
100.0
5,539
0.96
34.84
29.81
    
                     
 
Total District of Columbia Office
  
328,549
100.0
12,281
2.14
37.38
33.45
    
                     
 
PRINCE GEORGE’S COUNTY, MARYLAND
                  
 
Greenbelt
                  
 
9200 Edmonston Road                                                 
1973
38,690
100.0
911
0.16
23.55
21.19
    
 
6301 Ivy Lane                                                 
1979
112,003
87.2
2,104
0.37
21.54
18.54
    
 
6303 Ivy Lane                                                 
1980
112,047
62.2
2,182
0.38
31.31
27.74
    
 
6305 Ivy Lane                                                 
1982
112,022
70.2
1,610
0.28
20.47
16.63
    
 
6404 Ivy Lane                                                 
1987
165,234
77.9
2,637
0.46
20.49
15.98
    
 
6406 Ivy Lane                                                 
1991
163,857
100.0
2,905
0.50
17.73
16.58
    
 
6411 Ivy Lane                                                 
1984
138,405
88.5
2,854
0.50
23.30
20.17
    
 
Lanham
                  
 
4200 Parliament Place                                                 
1989
122,000
85.8
2,719
0.47
25.98
24.08
    
                     
 
Total Maryland Office
  
964,258
83.4
17,922
3.12
22.28
19.44
    
                     
                     
 
TOTAL OFFICE PROPERTIES
  
24,029,318
92.2
513,523
89.28
23.65
20.89
    
 
 
 


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

 
 
52
 
 
 
 
 
   
 
Property Listing
 
Office/Flex Properties
 
  
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
      
 
BURLINGTON COUNTY, NEW JERSEY
                    
Burlington
                    
3 Terri Lane                                                 
1991
64,500
100.0
507
0.09
7.86
4.40
      
5 Terri Lane                                                 
1992
74,555
100.0
627
0.11
8.41
7.01
      
Moorestown
                    
2 Commerce Drive                                                 
1986
49,000
21.3
145
0.03
13.89
9.29
      
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.05
4.25
3.85
      
102 Commerce Drive                                                 
1987
38,400
100.0
209
0.04
5.44
4.27
      
201 Commerce Drive                                                 
1986
38,400
75.0
173
0.03
6.01
4.24
      
202 Commerce Drive                                                 
1988
51,200
100.0
252
0.04
4.92
3.54
      
1 Executive Drive                                                 
1989
20,570
81.1
157
0.03
9.41
6.41
      
2 Executive Drive                                                 
1988
60,800
100.0
430
0.07
7.07
5.00
      
101 Executive Drive                                                 
1990
29,355
90.2
296
0.05
11.18
9.18
      
102 Executive Drive                                                 
1990
64,000
100.0
383
0.07
5.98
5.38
      
225 Executive Drive                                                 
1990
50,600
67.6
232
0.04
6.78
5.06
      
97 Foster Road                                                 
1982
43,200
50.0
113
0.02
5.23
4.54
      
1507 Lancer Drive                                                 
1995
32,700
100.0
134
0.02
4.10
3.79
      
1245 North Church Street                                                 
1998
52,810
90.5
313
0.05
6.55
6.19
      
1247 North Church Street                                                 
1998
52,790
58.1
281
0.05
9.16
8.12
      
1256 North Church Street                                                 
1984
63,495
100.0
452
0.08
7.12
5.83
      
840 North Lenola Road                                                 
1995
38,300
100.0
367
0.06
9.58
7.96
      
844 North Lenola Road                                                 
1995
28,670
100.0
180
0.03
6.28
5.06
      
915 North Lenola Road                                                 
1998
52,488
100.0
290
0.05
5.53
4.46
      
2 Twosome Drive                                                 
2000
48,600
100.0
429
0.07
8.83
8.29
      
30 Twosome Drive                                                 
1997
39,675
89.9
226
0.04
6.34
5.13
      
31 Twosome Drive                                                 
1998
84,200
100.0
468
0.08
5.56
5.51
      
40 Twosome Drive                                                 
1996
40,265
100.0
291
0.05
7.23
5.84
      
41 Twosome Drive                                                 
1998
43,050
100.0
231
0.04
5.37
5.16
      
50 Twosome Drive                                                 
1997
34,075
100.0
249
0.04
7.31
6.96
      
                     
GLOUCESTER COUNTY, NEW JERSEY
                    
West Deptford
                    
1451 Metropolitan Drive                                                 
1996
21,600
100.0
148
0.03
6.85
6.85
      
                     
MERCER COUNTY, NEW JERSEY
                    
Hamilton Township
                    
100 Horizon Center Boulevard                                                 
1989
13,275
100.0
193
0.03
14.54
12.58
      
200 Horizon Drive                                                 
1991
45,770
100.0
591
0.10
12.91
11.73
      
300 Horizon Drive                                                 
1989
69,780
100.0
1,155
0.20
16.55
13.43
      
500 Horizon Drive                                                 
1990
41,205
100.0
620
0.11
15.05
14.51
      
                     
MONMOUTH COUNTY, NEW JERSEY
                    
Wall Township
                    
1325 Campus Parkway                                                 
1988
35,000
100.0
655
0.11
18.71
14.06
      
1340 Campus Parkway                                                 
1992
72,502
100.0
948
0.16
13.08
9.75
      
1345 Campus Parkway                                                 
1995
76,300
100.0
947
0.16
12.41
9.12
      
1433 Highway 34                                                 
1985
69,020
76.4
525
0.09
9.96
8.08
      
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
178
0.03
8.75
8.31
      
1324 Wyckoff Avenue                                                 
1987
21,168
100.0
229
0.04
10.82
10.16
      



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

 
 
53
 


 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
  
 
PASSAIC COUNTY, NEW JERSEY
                
Totowa
                
1 Center Court                                                 
1999
38,961
100.0
534
0.09
13.71
11.06
  
2 Center Court                                                 
1998
30,600
99.3
373
0.06
12.28
10.89
  
11 Commerce Way                                                 
1989
47,025
100.0
576
0.10
12.25
11.50
  
20 Commerce Way                                                 
1992
42,540
100.0
330
0.06
7.76
6.44
  
29 Commerce Way                                                 
1990
48,930
100.0
711
0.12
14.53
11.44
  
40 Commerce Way                                                 
1987
50,576
72.1
564
0.10
15.47
14.53
  
45 Commerce Way                                                 
1992
51,207
96.4
428
0.07
8.67
6.89
  
60 Commerce Way                                                 
1988
50,333
73.6
519
0.09
14.01
12.61
  
80 Commerce Way                                                 
1996
22,500
100.0
311
0.05
13.82
12.80
  
100 Commerce Way                                                 
1996
24,600
66.9
340
0.06
20.66
19.20
  
120 Commerce Way                                                 
1994
9,024
100.0
125
0.02
13.85
12.74
  
140 Commerce Way                                                 
1994
26,881
99.5
374
0.06
13.98
12.86
  
                 
Total New Jersey Office/Flex
  
2,189,531
91.9
19,084
3.27
9.49
7.95
  
                 
WESTCHESTER COUNTY, NEW YORK
                
Elmsford
                
11 Clearbrook Road                                                 
1974
31,800
100.0
427
0.07
13.43
12.26
  
75 Clearbrook Road                                                 
1990
32,720
100.0
702
0.12
21.45
20.35
  
125 Clearbrook Road                                                 
2002
33,000
100.0
712
0.12
21.58
17.94
  
150 Clearbrook Road                                                 
1975
74,900
100.0
1,181
0.21
15.77
14.46
  
175 Clearbrook Road                                                 
1973
98,900
100.0
1,592
0.28
16.10
14.93
  
200 Clearbrook Road                                                 
1974
94,000
99.8
1,288
0.22
13.73
12.47
  
250 Clearbrook Road                                                 
1973
155,000
97.3
1,416
0.25
9.39
8.47
  
50 Executive Boulevard                                                 
1969
45,200
98.2
490
0.09
11.04
10.63
  
77 Executive Boulevard                                                 
1977
13,000
100.0
183
0.03
14.08
13.31
  
85 Executive Boulevard                                                 
1968
31,000
93.8
546
0.09
18.78
16.20
  
300 Executive Boulevard                                                 
1970
60,000
100.0
415
0.07
6.92
6.45
  
350 Executive Boulevard                                                 
1970
15,400
98.8
296
0.05
19.45
17.88
  
399 Executive Boulevard                                                 
1962
80,000
100.0
922
0.16
11.53
11.09
  
400 Executive Boulevard                                                 
1970
42,200
100.0
774
0.13
18.34
16.21
  
500 Executive Boulevard                                                 
1970
41,600
78.3
585
0.10
17.96
16.15
  
525 Executive Boulevard                                                 
1972
61,700
83.6
814
0.14
15.78
13.76
  
1 Westchester Plaza                                                 
1967
25,000
100.0
335
0.06
13.40
12.72
  
2 Westchester Plaza                                                 
1968
25,000
100.0
514
0.09
20.56
19.32
  
3 Westchester Plaza                                                 
1969
93,500
100.0
636
0.11
6.80
5.90
  
4 Westchester Plaza                                                 
1969
44,700
93.1
467
0.08
11.22
9.80
  
5 Westchester Plaza                                                 
1969
20,000
88.9
292
0.05
16.42
14.45
  
6 Westchester Plaza                                                 
1968
20,000
100.0
322
0.06
16.10
15.00
  
7 Westchester Plaza                                                 
1972
46,200
100.0
765
0.13
16.56
16.26
  
8 Westchester Plaza                                                 
1971
67,200
100.0
921
0.16
13.71
12.31
  
Hawthorne
                
200 Saw Mill River Road                                                 
1965
51,100
100.0
684
0.12
13.39
12.23
  
4 Skyline Drive                                                 
1987
80,600
92.2
1,319
0.23
17.75
14.98
  
5 Skyline Drive                                                 
1980
124,022
99.3
1,642
0.29
13.33
11.90
  
6 Skyline Drive                                                 
1980
44,155
100.0
571
0.10
12.93
12.86
  
8 Skyline Drive                                                 
1985
50,000
85.3
768
0.13
18.01
10.39
  
10 Skyline Drive                                                 
1985
20,000
100.0
368
0.06
18.40
13.00
  



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

 
 
54
 

 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
  
 
11 Skyline Drive                                                 
1989
45,000
100.0
803
0.14
17.84
16.91
  
12 Skyline Drive                                                 
1999
46,850
100.0
676
0.12
14.43
10.82
  
15 Skyline Drive                                                 
1989
55,000
88.2
920
0.16
18.97
18.04
  
Yonkers
                
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,391
0.24
18.14
17.10
  
200 Corporate Boulevard South                                                 
1990
84,000
99.8
1,569
0.27
18.72
17.82
  
4 Executive Plaza                                                 
1986
80,000
100.0
1,374
0.24
17.18
14.15
  
6 Executive Plaza                                                 
1987
80,000
95.7
1,391
0.24
18.17
16.90
  
1 Odell Plaza                                                 
1980
106,000
99.9
1,495
0.26
14.12
13.35
  
3 Odell Plaza                                                 
1984
71,065
100.0
1,597
0.28
22.47
20.84
  
5 Odell Plaza                                                 
1983
38,400
74.4
445
0.08
15.58
14.67
  
7 Odell Plaza                                                 
1984
42,600
99.6
740
0.13
17.44
16.80
  
                 
Total New York Office/Flex
  
2,348,812
97.1
34,348
5.96
15.06
13.59
  
                 
FAIRFIELD COUNTY, CONNECTICUT
                
Stamford
                
419 West Avenue                                                 
1986
88,000
100.0
1,360
0.24
15.45
13.81
  
500 West Avenue                                                 
1988
25,000
82.3
375
0.07
18.23
15.89
  
550 West Avenue                                                 
1990
54,000
100.0
858
0.15
15.89
15.80
  
600 West Avenue                                                 
1999
66,000
100.0
804
0.14
12.18
11.62
  
650 West Avenue                                                 
1998
40,000
100.0
609
0.11
15.23
14.55
  
                 
Total Connecticut Office/Flex
  
273,000
98.4
4,006
0.71
14.92
13.94
  
                 
                 
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
94.8
57,438
9.94
12.59
11.12
  



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

 
 
55
 


 
 
 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/07
(%) (a)
2007
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total 2007
Base Rent
%
2007
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2007
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
  
                 
WESTCHESTER COUNTY, NEW YORK
                
Elmsford
                
1 Warehouse Lane                                                 
1957
6,600
100.0
86
0.01
13.03
12.73
  
2 Warehouse Lane                                                 
1957
10,900
100.0
161
0.03
14.77
13.03
  
3 Warehouse Lane                                                 
1957
77,200
100.0
324
0.06
4.20
3.80
  
4 Warehouse Lane                                                 
1957
195,500
97.4
1,738
0.30
9.13
8.11
  
5 Warehouse Lane                                                 
1957
75,100
97.1
963
0.17
13.21
11.78
  
6 Warehouse Lane                                                 
1982
22,100
100.0
513
0.09
23.21
22.62
  
                 
Total Industrial/Warehouse Properties
  
387,400
98.1
3,785
0.66
9.96
9.00
  
                 
WESTCHESTER COUNTY, NEW YORK
                
Tarrytown
                
230 White Plains Road                                                 
1984
9,300
100.0
195
0.03
20.97
19.68
  
Yonkers
                
2 Executive Boulevard                                                 
1986
8,000
100.0
223
0.04
27.88
27.88
  
                 
Total Retail Properties
  
17,300
100.0
418
0.07
24.16
23.47
  
                 
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
  
29,245,361
92.7
575,463
100.00
21.61
19.09
  

(a)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future (including, at December 31, 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 December 31, 2007 aggregating 146,261 square feet (representing 0.5 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)  
Total base rent for the 12 months ended December 31, 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 December 31, 2007, divided by net rentable square feet leased at December 31, 2007.  For those properties acquired or placed in service during the 12 months ended December 31, 2007, amounts are annualized, as per Note f.
(e)  
Total base rent for the 12 months ended December 31, 2007, minus total 2007 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP divided by net rentable square feet leased at December 31, 2007.  For those properties acquired during the 12 months ended December 31, 2007, amounts are annualized, as per Note f.
(f)  
As this property was acquired or placed in service by the Company during the 12 months ended December 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 December 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 December 31, 2007.




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

 
 
56
 

Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of December 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
6
14,276,232
2.4
466,489
1.8
2018
(b)
DB Services New Jersey, Inc.
2
10,861,093
1.8
402,068
1.5
2017
  
National Union Fire Insurance
1
10,490,646
1.8
394,849
1.5
2012
  
Morgan Stanley & Co., Inc.
5
9,493,227
1.6
381,576
1.4
2013
(c)
New Cingular Wireless PCS, LLC
4
9,144,930
1.5
410,313
1.6
2014
(d)
United States Of America-GSA
11
8,993,139
1.5
283,685
1.1
2017
(e)
Keystone Mercy Health Plan
2
8,003,134
1.3
303,149
1.1
2015
  
Prentice-Hall, Inc.
1
7,694,097
1.3
474,801
1.9
2014
  
Forest Laboratories, Inc.
2
7,463,777
1.3
202,857
0.8
2017
(f)
American Institute of Certified Public Accountants
1
6,653,005
1.1
249,768
0.9
2012
  
ICAP Securities USA, LLC
1
6,236,408
1.0
159,834
0.6
2017
  
Toys 'R' Us – NJ, Inc.
1
6,072,651
1.0
242,518
0.9
2012
  
Lehman Brothers Holdings, Inc.
1
5,839,982
1.0
270,063
1.0
2018
(g)
Allstate Insurance Company
10
5,713,563
1.0
237,559
0.9
2017
(h)
TD Ameritrade Online Holdings
1
5,701,671
1.0
184,222
0.7
2015
  
Merrill Lynch Pierce Fenner
3
5,294,084
0.9
306,125
1.1
2017
(i)
Credit Suisse First Boston
1
5,212,307
0.9
153,464
0.6
2012
(j)
KPMG, LLP
3
5,024,296
0.8
181,025
0.7
2012
(k)
National Financial Services
1
4,798,621
0.8
112,964
0.4
2012
  
IBM Corporation
3
4,788,402
0.8
310,263
1.2
2012
(l)
Daiichi Sankyo, Inc.
3
4,009,822
0.7
136,366
0.5
2022
(m)
Bank Of Tokyo-Mitsubishi, Ltd.
1
3,872,785
0.6
137,076
0.5
2019
  
Vonage America, Inc.
1
3,857,000
0.6
350,000
1.3
2017
  
AT&T Corp.
1
3,805,000
0.6
275,000
1.0
2014
  
Wyndham Worldwide Corporation
1
3,773,775
0.6
150,951
0.6
2009
  
Samsung Electronics America
1
3,678,028
0.6
131,300
0.5
2010
  
Montefiore Medical Center
5
3,533,233
0.6
170,064
0.6
2019
(n)
Hewlett-Packard Company
2
3,520,179
0.6
166,977
0.6
2010
(o)
SSB Realty, LLC
1
3,492,830
0.6
114,519
0.4
2009
  
Wyndham Worldwide Operations
1
3,211,626
0.5
145,983
0.5
2011
  
E*Trade Financial Corporation
1
3,124,160
0.5
106,573
0.4
2022
  
Dow Jones & Company, Inc.
1
3,057,773
0.5
92,312
0.3
2012
  
High Point Safety & Insurance
2
2,727,009
0.5
116,889
0.4
2020
  
American Home Assurance Co.
2
2,686,732
0.5
131,174
0.5
2019
(p)
SunAmerica Asset Management
1
2,680,409
0.4
69,621
0.3
2018
  
Moody’s Investors Service
1
2,671,149
0.4
91,344
0.3
2011
(q)
Oppenheimer & Co., Inc.
1
2,636,192
0.4
104,008
0.4
2013
  
Barr Laboratories, Inc.
2
2,579,597
0.4
109,510
0.4
2015
(r)
United States Life Insurance Co.
1
2,520,000
0.4
180,000
0.7
2013
  
AAA Mid-Atlantic, Inc.
2
2,517,680
0.4
129,784
0.5
2022
(s)
New Jersey Turnpike Authority
1
2,455,463
0.4
100,223
0.4
2017
  
Natixis 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
  
Deloitte & Touche USA, LLP
1
2,171,275
0.4
86,851
0.3
2008
  
UBS Financial Services, Inc.
3
2,127,185
0.4
79,530
0.3
2016
(t)
Thomson Tradeweb, LLC
1
2,116,075
0.4
56,547
0.2
2017
  
Ark Asset Management Co., Inc.
1
2,094,608
0.4
67,568
0.3
2017
  
Nextel of New York, Inc.
2
2,093,440
0.4
97,436
0.4
2014
(u)
GAB Robins North America Inc.
2
2,087,199
0.4
84,649
0.3
2009
(v)
             
TOTALS
  
233,869,371
39.2
9,463,331
35.5
  

See footnotes on subsequent page.



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

 

 
57
 


Significant Tenants

(Continued)


(a)  
Annualized base rental revenue is based on actual December, 2007 billings times 12.  For leases whose rent commences after January 1, 2008, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(b)  
4,412 square feet expire in 2008; 38,196 square feet expire in 2009; 330,900 square feet expire in 2010; 26,834 square feet expire in 2014; 26,262 square feet expire in 2016; 39,885 square feet expire in 2018.
(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)  
4,783 square feet expire in 2008; 333,145 square feet expire in 2013; 72,385 square feet expire in 2014.
(e)  
7,008 square feet expire in 2008; 4,950 square feet expire in 2010; 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; 180,729 square feet expire in 2015; 6,610 square feet expire in 2017.
(f)  
22,785 square feet expire in 2010; 180,072 square feet expire in 2017.
(g)  
198,559 square feet expire in 2010; 71,504 square feet expire in 2018.
(h)  
2,138 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; 29,005 square feet expire in 2013; 53,983 square feet expire in 2017.
(i)  
7,485 square feet expire in 2008; 4,451 square feet expire in 2009; 294,189 square feet expire in 2017.
(j)  
71,511 square feet expire in 2011; 81,953 square feet expire in 2012.
(k)  
46,440 square feet expire in 2009; 57,204 square feet expire in 2010; 77,381 square feet expire in 2012.
(l)  
61,864 square feet expire in 2010; 248,399 square feet expire in 2012.
(m)  
46,000 square feet expire in 2009; 5,315 square feet expire in 2011; 85,051 square feet expire in 2022.
(n)  
6,800 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; 6,535 square feet expire in 2018; 112,807 square feet expire in 2019.
(o)  
163,857 square feet expire in 2008; 3,120 square feet expire in 2010.
(p)  
14,056 square feet expire in 2008; 117,118 square feet expire in 2019.
(q)  
43,344 square feet expire in 2009; 36,193 square feet expire in 2010; 11,807 square feet expire in 2011.
(r)  
20,000 square feet expire in 2008; 89,510 square feet expire in 2015.
(s)  
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
(t)  
21,554 square feet expire in 2010; 20,811 square feet expire in 2013; 37,165 square feet expire in 2016.
(u)  
62,436 square feet expire in 2010; 35,000 square feet expire in 2014.
(v)  
75,049 square feet expire in 2008; 9,600 square feet expire in 2009.



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

 
 
58
 



Schedule of Lease Expirations

All Consolidated Properties

The following table sets forth a schedule of lease expirations for the total of the Company’s office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Properties beginning January 1, 2008, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2008 through 2010 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 (%)
             
2008 (c)
            
   Northern  NJ
75
519,598
2.0
12,217,351
23.51
2.1
   Central NJ
38
175,392
0.7
4,218,104
24.05
0.7
   Westchester Co., NY
91
427,947
1.6
8,159,067
19.07
1.4
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
49
469,091
1.8
8,097,711
17.26
1.4
   Fairfield Co., CT
5
20,824
(d)
491,615
23.61
(d)
   Washington, DC/MD
28
301,746
1.1
6,996,605
23.19
1.2
   Rockland Co., NY
7
15,575
(d)
425,256
27.30
(d)
TOTAL – 2008
293
1,930,173
7.2
40,605,709
21.04
6.8
             
             
2009
            
   Northern  NJ
113
966,888
3.6
23,719,844
24.53
4.0
   Central NJ
47
411,201
1.5
9,747,978
23.71
1.6
   Westchester Co., NY
117
604,741
2.3
12,236,113
20.23
2.0
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
48
283,828
1.1
4,412,044
15.54
0.7
   Fairfield Co., CT
12
40,538
0.2
891,413
21.99
0.2
   Washington, DC/MD
17
68,399
0.3
1,746,444
25.53
0.3
   Rockland Co., NY
7
22,068
(d)
539,420
24.44
0.1
TOTAL – 2009
361
2,397,663
9.0
53,293,256
22.23
8.9
             
             
2010
            
   Northern  NJ
117
1,230,518
4.6
29,003,301
23.57
4.9
   Central NJ
75
606,335
2.3
13,468,794
22.21
2.3
   Westchester Co., NY
90
514,934
1.9
9,902,421
19.23
1.7
   Manhattan
2
330,900
1.2
10,711,233
32.37
1.8
   Sub. Philadelphia
47
276,748
1.1
4,323,015
15.62
0.7
   Fairfield Co., CT
9
68,505
0.3
1,410,556
20.59
0.2
   Washington, DC/MD
32
171,883
0.6
4,738,197
27.57
0.8
   Rockland Co., NY
4
8,239
(d)
211,160
25.63
(d)
TOTAL – 2010
376
3,208,062
12.0
73,768,677
22.99
12.4
             

Schedule continued, with footnotes, on subsequent page.




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

 
 
59
 


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 (%)
             
2011
358
3,386,416
12.7
76,565,941
22.61
12.9
             
2012
261
2,855,408
10.7
67,133,300
23.51
11.3
             
2013
225
3,095,963
11.6
66,615,433
21.52
11.2
             
2014
114
1,719,904
6.4
37,835,190
22.00
6.3
             
2015
72
2,281,276
8.6
50,220,025
22.01
8.4
             
2016
64
904,243
3.4
17,907,753
19.80
3.0
             
2017
75
2,278,116
8.6
54,153,943
23.77
9.1
             
2018
47
811,852
3.1
20,054,181
24.70
3.4
             
2019 and thereafter
55
1,784,202
6.7
37,833,109
21.20
6.3
Totals/Weighted
            
  Average
2,301
26,653,278 (c)
100.0
595,986,517
22.36
100.0

(a)  
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2007 billings times 12.  For leases whose rent commences after January 1, 2008, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes leases expiring December 31, 2007 aggregating 146,261 square feet and representing annualized rent of $2,237,232 for which no new leases were signed.
(d)  
Represents less than .05%
(e)  
Reconciliation to Company’s total net rentable square footage is as follows:

 
Square Feet
Square footage leased to commercial tenants
26,653,278
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
452,348
Square footage unleased
2,139,735
Total net rentable square footage (does not include land leases)
29,245,361



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

 

 
60
 


Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2008, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2008 through 2010 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 (%)
             
2008 (c)
            
   Northern  NJ
71
465,157
2.1
11,570,987
24.88
2.2
   Central NJ
36
168,462
0.8
4,125,501
24.49
0.8
   Westchester Co., NY
46
143,408
0.7
3,769,490
26.29
0.7
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
34
334,623
1.5
7,053,634
21.08
1.3
   Fairfield Co., CT
4
13,824
(d)
407,615
29.49
(d)
   Washington, DC/MD
28
301,746
1.4
6,996,605
23.19
1.3
   Dutchess/Rockland Co., NY
7
15,575
0.1
425,256
27.30
0.1
TOTAL – 2008
226
1,442,795
6.6
34,349,088
23.81
6.4
             
2009
            
   Northern  NJ
103
888,923
4.1
22,649,030
25.48
4.3
   Central NJ
41
370,435
1.7
9,241,687
24.95
1.7
   Westchester Co., NY
70
251,140
1.2
6,676,419
26.58
1.3
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
28
142,245
0.7
3,244,067
22.81
0.6
   Fairfield Co., CT
9
19,963
(d)
498,438
24.97
0.1
   Washington, DC/MD
17
68,399
0.3
1,746,444
25.53
0.3
   Dutchess/Rockland Co., NY
7
22,068
0.1
539,420
24.44
0.1
TOTAL – 2009
275
1,763,173
8.1
44,595,505
25.29
8.4
             
2010
            
   Northern  NJ
104
1,106,959
5.1
27,474,590
24.82
5.2
   Central NJ
60
421,183
1.9
10,692,322
25.39
2.0
   Westchester Co., NY
47
167,212
0.8
4,434,453
26.52
0.8
   Manhattan
2
330,900
1.5
10,711,233
32.37
2.0
   Sub. Philadelphia
31
144,728
0.7
3,382,224
23.37
0.6
   Fairfield Co., CT
8
31,577
0.2
838,172
26.54
0.2
   Washington, DC/MD
32
171,883
0.8
4,738,197
27.57
0.9
   Dutchess/Rockland Co., NY
4
8,239
(d)
211,160
25.63
0.1
TOTAL – 2010
288
2,382,681
11.0
62,482,351
26.22
11.8
             
2011
295
2,853,419
13.2
70,304,107
24.64
13.2
             
2012
192
2,246,355
10.4
59,201,643
26.35
11.1
             
2013
171
2,414,424
11.1
58,168,960
24.09
11.0
             
2014
96
1,533,173
7.1
35,278,848
23.01
6.6
             
2015
62
2,131,479
9.8
48,736,523
22.87
9.2
             
2016
50
587,594
2.7
13,725,094
23.36
2.6
             
2017
62
2,116,810
9.8
51,506,338
24.33
9.7
             
2018
32
612,032
2.8
17,424,818
28.47
3.3
             
2019 and thereafter
47
1,615,268
7.4
35,478,909
21.96
6.7
Totals/Weighted
  Average
1,796
21,699,203  (c)
100.0
531,252,184
24.48
100.0

(a)  
Includes office tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2007 billings times 12.  For leases whose rent commences after January 1, 2008, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes leases expiring December 31, 2007 aggregating 14,273 square feet and representing annualized rent of $316,943 for which no new leases were signed.
(d)  
Represents 0.05% or less.

 
 
 
 


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

 

 
61
 

 
 
 
 

 
Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning January 1, 2008, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2008 through 2010 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 (%)
             
2008 (c)
            
   Northern  NJ
4
54,441
1.2
646,364
11.87
1.1
   Central NJ
2
6,930
0.1
92,603
13.36
0.2
   Westchester Co., NY
43
277,299
6.1
4,306,896
15.53
7.1
   Sub. Philadelphia
15
134,468
3.0
1,044,077
7.76
1.7
   Fairfield Co., CT
1
7,000
0.2
84,000
12.00
0.1
TOTAL – 2008
65
480,138
10.6
6,173,940
12.86
10.2
             
2009
            
   Northern  NJ
10
77,965
1.7
1,070,814
13.73
1.8
   Central NJ
6
40,766
0.9
506,291
12.42
0.8
   Westchester Co., NY
42
301,956
6.6
4,634,144
15.35
7.7
   Sub. Philadelphia
20
141,583
3.1
1,167,977
8.25
1.9
   Fairfield Co., CT
3
20,575
0.5
392,975
19.10
0.7
TOTAL – 2009
81
582,845
12.8
7,772,201
13.33
12.9
             
2010
            
   Northern  NJ
13
123,559
2.7
1,528,711
12.37
2.5
   Central NJ
15
185,152
4.1
2,776,472
15.00
4.6
   Westchester Co., NY
41
314,772
6.9
5,070,868
16.11
8.4
   Sub. Philadelphia
16
132,020
2.9
940,791
7.13
1.6
   Fairfield Co., CT
1
36,928
0.8
572,384
15.50
1.0
TOTAL – 2010
86
792,431
17.4
10,889,226
13.74
18.1
             
2011
62
525,397
11.5
6,166,834
11.74
10.2
             
2012
68
602,415
13.2
7,867,932
13.06
13.1
             
2013
44
533,124
11.7
7,198,386
13.50
11.9
             
2014
18
186,731
4.1
2,556,342
13.69
4.2
             
2015
10
149,797
3.3
1,483,502
9.90
2.5
             
2016
12
181,567
4.0
2,764,298
15.22
4.6
             
2017
13
161,306
3.5
2,647,605
16.41
4.4
             
2018
14
191,820
4.2
2,404,363
12.53
4.0
             
2019 and thereafter
8
168,934
3.7
2,354,200
13.94
3.9
Totals/Weighted
            
  Average
481
4,556,505  (c)
100.0
60,278,829
13.23
100.0


(a)  
Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2007 billings times 12.  For leases whose rent commences after January 1, 2008, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(c)  
Includes leases expiring December 31, 2007 aggregating 131,988 square feet and representing annualized rent of $1,920,290 for which no new leases were signed.



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

 
 
62
 



Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning January 1, 2008, 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 (%)
             
2008
2
7,240
1.9
82,681
11.42
2.0
             
2009
4
42,345
11.1
730,550
17.25
18.1
             
2010
2
32,950
8.7
397,100
12.05
9.8
             
2011
1
7,600
2.0
95,000
12.50
2.4
             
2012
1
6,638
1.8
63,725
9.60
1.6
             
2013
10
148,415
39.0
1,248,087
8.41
30.9
             
2016
2
135,082
35.5
1,418,361
10.50
35.2
Totals/Weighted
            
  Average
22
380,270
100.0
4,035,504
10.61
100.0

(a)  
Includes industrial/warehouse tenants only.  Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2007 billings times 12.  For leases whose rent commences after January 1, 2008, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.
 
 
 



Stand-Alone Retail Properties

The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning January 1, 2008, 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
1
8,000
46.2
225,000
28.13
53.6
Totals/Weighted
            
  Average
2
17,300
100.0
420,000
24.28
100.0

(a)  
Includes stand-alone retail property tenants only.
(b)  
Annualized base rental revenue is based on actual December 2007 billings times 12.  For leases whose rent commences after January 1, 2008 annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
 
 
 
 



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

 
 
63