SECOND QUARTER 2008


Supplemental Operating and Financial Data










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

 
 
 


INDEX


 
PAGE(S)
I.  COMPANY BACKGROUND
  
· About the Company / Other Corporate Data
5
· Board of Directors / Executive Officers
6
· Equity Research Coverage /Company Contact Information
7
   
II.  FINANCIAL HIGHLIGHTS
  
· Quarterly Summary / Dividends
9
· Leasing
9 – 11
· 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
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 June 30, 2008

 

 
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 June 30, 2008

 

 
3
 












I.
COMPANY BACKGROUND
 
 
 
 
 
 
 

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
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 June 30, 2008.  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 June 30, 2008)

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
80.7 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 June 30, 2008

 
 
5
 



Board of Directors

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





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






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
6
 

Equity Research Coverage


Banc of America Securities, LLC
Mitchell B. Germain / Ian Hunter
(212) 847-5794 / (646) 855-0305
 
Keybanc Capital Markets
Jordan Sadler
(917) 368-2280
Citigroup
Michael Bilerman
(212) 816-1383
Lehman Brothers
Ross Smotrich
(212) 526-2306
Deutsche Bank-North America
Louis Taylor
(212) 250-4912
 
Merrill Lynch
Ian Weissman
(212) 449-6255
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 June 30, 2008

 

 
7
 












II.  FINANCIAL HIGHLIGHTS
























Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 

 
8
 


II.  FINANCIAL HIGHLIGHTS

Quarterly Summary


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

Net income available to common shareholders for the second quarter 2008 equaled $18.3 million, or $0.28 per share, versus $51.1 million, or $0.75 per share, for the same quarter last year.  For the six months ended June 30, 2008, net income available to common shareholders equaled $33.3 million, or $0.51 per share, versus $69.7 million, or $1.04 per share, for the same period last year.

Funds from operations (FFO) available to common shareholders for the quarter ended June 30, 2008 amounted to $75.2 million, or $0.93 per share, versus $73.2 million, or $0.88 per share, for the quarter ended June 30, 2007.  For the six months ended June 30, 2008, FFO available to common shareholders amounted to $146.1 million, or $1.81 per share, versus $143.4 million, or $1.74 per share, for the same period last year.

Total revenues for the second quarter 2008 were $192.8 million as compared to $200.5 million for the same quarter last year.  For the six months ended June 30, 2008, total revenues amounted to $387.5 million, compared to $393.8 million for the same period last year.

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

The Company had 65,756,271 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 14,931,138 common operating partnership units outstanding as of June 30, 2008.  The Company had a total of 80,687,409 common shares/common units outstanding at June 30, 2008.

As of June 30, 2008, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 5.74 percent.  The Company had a total market capitalization of $5.0 billion and a debt-to-undepreciated assets ratio of 40.6 percent at June 30, 2008.  The Company had an interest coverage ratio of 3.4 times for the quarter ended June 30, 2008.


Dividends

In June, 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 second quarter 2008, which was paid on July 14, 2008 to shareholders of record as of July 3, 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 April 15, 2008 through July 14, 2008.  The dividend was paid on July 15, 2008 to shareholders of record as of July 3, 2008.

Leasing

Mack-Cali’s consolidated in-service portfolio was 92.3 percent leased at June 30, 2008, as compared to 92.1 percent at March 31, 2008.

For the quarter ended June 30, 2008, the Company executed 158 leases totaling 1,287,422 square feet, consisting of 915,784 square feet of office space, 347,088 square feet of office/flex space and 24,550 square feet of industrial/warehouse space.  Of these totals, 412,114 square feet were for new leases and 875,308 square feet were for lease renewals and other tenant retention transactions.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
9
 


Highlights of the quarter’s leasing transactions include:

IN NORTHERN NEW JERSEY:

-
Savvis Communications Corporation, a provider of hosting and application services, signed a five-year, 71,474 square-foot renewal at Harborside Financial Center Plaza 3 in Jersey City.  Plaza 3 is a 725,600 square-foot office building that is 99.2 percent leased.

-
Tullett Prebon Holdings Corp., a global inter-dealer broker and division of Tullett Prebon plc, signed a transaction totaling 100,759 square feet at 101 Hudson Street in Jersey City, representing an expansion of 37,387 square feet for 15 years, as well as a 12-year and seven month extension of 63,372 square feet.  101 Hudson is a 1,246,283 square-foot office building that is 100 percent leased.

-
Morgan Stanley & Co. Inc., a global financial services firm, signed a transaction totaling 27,289 square feet at 150 JFK Parkway in Short Hills, representing a 23,343 square-foot renewal for five years and three months, as well as a 3,946 square-foot expansion for seven years and four months.  The 247,476 square-foot office building is 100 percent leased.

-  
Toyota Motor Credit Corporation, the U.S. financing arm of Toyota Financial Services, signed a 22,236 square-foot renewal at 4 Gatehall Drive in Parsippany for five years.

-  
Also at 4 Gatehall Drive, Ericsson Inc., a provider of telecommunications equipment and related services, signed a new, five-year and two-month lease for 15,127 square feet.  The 248,480 square-foot office building is 95.7 percent leased.

-  
Atlantic Inertial Systems, Inc., a provider of products and systems for aircraft, weapons and land systems applications, signed a six-year, 19,854 square-foot renewal at 20 Commerce Way in Totowa.  The 42,540 square-foot office/flex building is 100 percent leased.

IN CENTRAL NEW JERSEY:

-  
DMJM Harris, Inc., the U.S. transportation flagship operation of AECOM Technology Corporation, signed a new 10-year lease for 59,652 square feet at 30 Knightsbridge Road - Building 5, in Piscataway.  The 332,607 square-foot office building is 80.8 percent leased.

-  
Registrar & Transfer Company, a provider of securities transfer services, signed a transaction totaling 41,150 square feet at 10-12 Commerce Drive in Cranford, representing a 26,315 square-foot renewal for five years and a 14,835 square-foot expansion for seven years and two months.  The 72,260 square-foot office building is 95.1 percent leased.

-  
A global engineering company signed a three-year renewal of 39,060 square feet at 200 Horizon Center Drive in Hamilton Township.  The 45,770 square-foot office/flex building is 100 percent leased.

IN WESTCHESTER COUNTY, NEW YORK:

-  
AFP Imaging Corporation, a provider of diagnostic imaging products, signed a 10-year renewal for 47,735 square feet at 250 Clearbrook Road in Elmsford.  The 155,000 square-foot office/flex building is 97.3 percent leased.

-  
Bunge Management Services Inc., an international agribusiness and food company, signed transactions totaling 26,550 at two buildings in White Plains, consisting of an expansion of 7,050 square feet for four years and nine months at 50 Main Street and a one-year renewal of 19,500 square feet at 11 Martine Avenue.  11 Martine Avenue is a 180,000 square-foot office building and is 84.6 percent leased.

-  
Also at 50 Main Street in White Plains, HQ Global Workplaces LLC, a provider of full service office rentals, signed a five-year renewal for 22,064 square feet.  The 309,000 square-foot office building is 99.4 percent leased.

-  
Con-Way Freight Inc., a provider of freight transportation and logistics services, signed a five-year renewal for the entire 22,100 square-foot industrial/warehouse building located at 6 Warehouse Lane in Elmsford.

 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
10
 
 

 
-  
J.G.B. Health Facilities Corporation, an affiliate of The Jewish Guild for the Blind, signed a new seven-year lease for 12,010 square feet at 4 Executive Plaza in Yonkers.  The 80,000 square-foot office/flex building is 100 percent leased.

IN FAIRFIELD COUNTY, CONNECTICUT:

-  
Basso Capital Management LP, a closed-end investment office, signed a transaction totaling 16,439 square feet at 1266 East Main Street in Stamford, representing a three-year and four-month expansion of 4,247 square feet as well as a one-year renewal of 12,192 square feet.  The 179,260 square foot office building is 76.8 percent leased.

IN SUBURBAN PHILADELPHIA:

-  
A global engineering company signed two leases totaling 99,035 square feet at 224 and 228 Strawbridge Drive in Moorestown, New Jersey.  The transactions represent a seven-year lease for the entire 74,565 square foot office building located at 228 Strawbridge Drive, as well as a seven-year two-month lease for 24,470 square feet at 224 Strawbridge Drive, a 74,000 square-foot office building that is 98.4 percent leased.

-  
Regal Wine Imports Inc., wholesale trader of wine and distilled beverages, signed a 10-year and three-month new lease for 25,895 square feet at 2 Commerce Drive in Moorestown, New Jersey.  The 49,000 square-foot office/flex building is 74.1 percent leased.

IN WASHINGTON, DC/MARYLAND:

-  
McNamee, Hosea, Jernigan, Kim, Greenan & Walker, P.A., a law firm, signed a seven-year renewal for 12,119 square-feet at 6411 Ivy Lane in Greenbelt, Maryland.

-  
Also at 6411 Ivy Lane, Lockheed Martin Corporation, a defense company, signed a two-year renewal for 11,331 square feet.

-
Additionally at 6411 Ivy Lane, Bacon, Thornton & Palmer LLP, a law firm, signed a 10-year renewal for 10,105 square feet.  The 138,405 square-foot office building is 88.7 percent leased.


Information About FFO

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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
11
 


Key Financial Data

                                                                                                                As of or for the three months ended
 
6/30/08
3/31/08
12/31/07
9/30/07
6/30/07
Shares and Units:
          
Common Shares Outstanding
65,756,271
65,680,674
65,558,073
67,648,417
67,923,941
Common Units Outstanding (a)
14,931,138
14,982,538
14,985,538
15,246,628
15,250,592
Combined Shares and Units
80,687,409
80,663,212
80,543,611
82,895,045
83,174,533
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (b)
80,377,518
80,356,876
81,939,677
82,936,027
82,989,817
Weighted Average- Diluted (c)
 
80,585,378
80,491,357
82,137,909
83,087,797
83,192,728
Common Share Price ($’s):
          
At the end of the period
34.17
35.71
34.00
41.10
43.49
High during period
40.56
37.42
45.00
44.98
50.83
Low during period
33.67
28.44
30.42
36.80
42.33
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (d)
2,783,384
2,906,755
2,764,897
3,433,524
3,643,815
Total Debt
2,234,347
2,239,963
2,211,735
2,131,118
2,083,548
Total Market Capitalization
5,017,731
5,146,718
4,976,632
5,564,642
5,727,363
Total Debt/ Total Market
  Capitalization
44.53%
43.52%
44.44%
38.30%
36.38%
           
Financials:
          
($’s in thousands, except ratios and
   per share amounts)
          
Total Assets
4,541,287
4,560,962
4,593,202
4,615,835
4,620,222
Gross Book Value of Real Estate Assets
4,923,527
4,892,991
4,885,429
4,860,197
4,841,833
Total Liabilities
2,505,624
2,497,472
2,492,797
2,399,249
2,368,874
Total Minority Interests
444,562
451,455
457,850
472,054
476,781
Total Stockholders’ Equity
1,591,101
1,612,035
1,642,555
1,744,532
1,774,567
Total Revenues
192,793
194,713
201,682
212,881
200,530
Capitalized Interest
1,601
1,376
1,383
1,208
1,186
Scheduled Principal Payments
3,896
3,772
3,393
3,430
2,469
Interest Coverage Ratio
3.40
3.18
3.26
3.41
3.34
Fixed Charge Coverage Ratio
2.85
2.70
2.80
2.93
2.94
Net Income
18,844
15,449
16,349
23,460
51,578
Net Income Available to Common Shareholders
18,344
14,949
15,849
22,960
51,078
Earnings per Share—diluted
0.28
0.23
0.24
0.34
0.75
FFO per Share—diluted (e)
0.93
0.88
0.89
0.93
0.88
Dividends Declared per Share
0.64
0.64
0.64
0.64
0.64
FFO Payout Ratio—diluted (e)
68.55%
72.68%
72.00%
68.58%
72.69%
           
Portfolio Size:
          
Properties
294
294
294
302
302
Total Square Footage
33,733,011
33,733,011
33,733,011
34,941,726
34,754,192
Sq. Ft. Leased at End of Period (f) (g)
92.3%
92.1%
92.7%
92.2%
91.9%
           
 
 
(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 and leases that expire at the period end date.
(g)  
Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
12
 



Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
June 30,
  
 
%
 
2008
2007
Change
Change
         
Total Property Revenues
$170,531
$167,606
$2,925
1.7
         
Real Estate Taxes
23,206
23,616
(410)
(1.7)
Utilities
19,296
15,309
3,987
26.0
Operating Services
22,958
24,316
(1,358)
(5.6)
Total Property Expenses:
65,460
63,241
2,219
3.5
         
GAAP Net Operating Income
105,071
104,365
706
0.7
         
Less: straight-lining of rents adj.
1,011
1,763
(752)
(42.7)
         
Net Operating Income
$104,060
$102,602
$1,458
1.4
         
Percentage Leased at
  Period End
92.1%
91.8%
    
         
Total Properties:
251
      
         
Total Square Footage:
28,531,653
      
         



 
  For the six months ended
June 30,
  
 
%
 
2008
2007
Change
Change
         
Total Property Revenues
$339,860
$334,305
$5,555
1.7
         
Real Estate Taxes
46,258
47,083
(825)
(1.8)
Utilities
40,277
32,850
7,427
22.6
Operating Services
45,418
48,209
(2,791)
(5.8)
Total Property Expenses:
131,953
128,142
3,811
3.0
         
GAAP Net Operating Income
207,907
206,163
1,744
0.8
         
Less: straight-lining of rents adj.
2,189
5,676
(3,487)
(61.4)
         
Net Operating Income
$205,718
$200,487
$5,231
2.6
         
Percentage Leased at
  Period End
92.1%
91.8%
    
         
Total Properties:
251
      
         
Total Square Footage:
28,531,653
      
         








Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
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
86.0%
2,237,881
50.0%
Route 93 Ventures
Route 495 North Sub Market
7
Boston Suburbs, MA
31.8%
666,697
25.0%
Gale Kimball L.L.C.
100 Kimball Drive
1
Parsippany, NJ
100.0%
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
0.0%
100,000
8.33%
             
Office/Flex Properties:
            
Ramland Realty Associates, L.L.C.
One Ramland Road
1
Orangeburg, NY
52.9%
232,000
50.0%
             
Mixed-Use:
            
GE/Gale Funding L.L.C.
Princeton Forrestal Village
n/a
Princeton, NJ
91.6%
527,015
10.0%
Boston-Filenes
Boston-Filenes (b)
1
Boston, MA
n/a
1,481,000
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 (c)
n/a
Bridgewater, NJ
n/a
200,000
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.
(b)  
The venture is redeveloping a 1,481,000 square foot mixed-use property.
(c)  
The Company will be developing a 200,000 square foot office building for the venture.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
14
 



Unconsolidated Joint Venture Financial Information

The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of June 30, 2008 and December 31, 2007 (dollars in thousands):

 
June 30, 2008
 
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
Gale
Jefferson
Combined
Total
Assets:
                          
Rental property, net
$10,479
$7,060
$63,227
$23,489
$364,329
$43,352
$56,750
--
$17,000
$14,810
--
--
$600,496
Other assets
2,689
720
18,037
3,709
44,790
24,572
1,547
$10,389
896
812
$86,627
$3,168
197,956
Total assets
$13,168
$7,780
$81,264
$27,198
$409,119
$67,924
$58,297
$10,389
$17,896
$15,622
$86,627
$3,168
$798,452
Liabilities and Partners’/ members’ capital (deficit):
                          
Mortgages, loans payable and
other obligations
                          
--
$14,681
$75,632
$19,225
$278,435
$52,800
$42,495
--
--
$8,050
--
--
$ 491,318
Other liabilities
$     532
527
4,809
58
22,663
6,982
1,129
$11,769
--
--
$16,633
$1,330
66,432
Partners’/members’ capital (deficit)
12,636
(7,428)
823
7,915
108,021
8,142
14,673
(1,380)
$17,896
7,572
69,994
1,838
240,702
Total liabilities and partners’/ members’ capital (deficit)
$13,168
$7,780
$81,264
$27,198
$409,119
$67,924
$58,297
$10,389
$17,896
$15,622
$86,627
$3,168
$798,452
Company’s investment in
unconsolidated joint ventures, net
$   6,240
--
$     356
$3,670
$123,084
$1,950
$4,608
--
$9,068
$7,977
$22,144
$     734
$179,831



 
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
Gale
Jefferson
Combined
Total
Assets:
                          
Rental property, net
$10,787
$7,254
$65,611
$23,618
$368,028
$42,517
$57,368
--
$17,000
$7,954
--
--
$600,137
Other assets
2,250
763
17,995
2,818
52,741
25,679
3,323
$9,622
--
851
$81,651
$1,918
199,611
Total assets
$13,037
$8,017
$83,606
$26,436
$420,769
$68,196
$60,691
$9,622
$17,000
$8,805
$81,651
$1,918
$799,748
Liabilities and Partners’/ members’ capital (deficit):
                          
Mortgages, loans payable and
other obligations
--
$14,771
$76,072
$18,116
$281,746
$52,800
$42,495
--
--
$8,761
--
--
$ 494,761
Other liabilities
$     532
366
6,324
132
23,809
6,847
1,809
$10,133
--
--
$20,678
$      80
70,710
Partners’/members’ capital (deficit)
12,505
(7,120)
1,210
8,188
115,214
8,549
16,387
(511)
$17,000
44
60,973
1,838
234,277
Total liabilities and partners’/ members’ capital (deficit)
$13,037
$8,017
$83,606
$26,436
$420,769
$68,196
$60,691
$9,622
$17,000
$8,805
$81,651
$1,918
$799,748
Company’s investment in
unconsolidated joint ventures, net
$   6,175
--
$     513
$3,703
$128,107
$2,029
$4,729
--
$8,518
$7,752
$18,828
$     712
$181,066





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 

 
15
 



The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended June 30, 2008 and 2007 (dollars in thousands):

 
Three Months Ended June 30, 2008
 
Plaza
    
Red Bank
Mack-
Princeton
          
NKFGMS
    
VIII & IX
Ramland
Harborside
Corporate
Gale-
Forrestal
Route 93
Gale
55
12
Boston-
Owners
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
Green
Village
Portfolio
Kimball
Corporate
Vreeland
Filenes
LLC
Jefferson
Total
Total revenues
$    233
$    456
$12,474
$    821
$12,504
$3,355
$    657
$    410
--
$    595
$       4
--
--
$31,509
Operating and other expenses
(49)
(283)
(6,825)
(214)
(5,120)
(1,509)
(799)
(132)
--
(19)
--
--
--
(14,950)
Depreciation and
                            
amortization
(154)
(63)
(1,459)
(148)
(4,703)
(988)
(398)
(81)
--
(127)
--
--
--
(8,121)
Interest expense
--
(210)
(1,178)
(191)
(4,274)
(831)
(607)
(182)
--
(144)
--
--
--
(7,617)
                             
Net income
$     30
$(100)
$3,012
$    268
$(1,593)
$     27
$(1,147)
$     15
--
$    305
$       4
--
--
$    821
Company’s equity in
                            
earnings (loss) of
                            
unconsolidated joint ventures
$     15
--
$1,556
$    134
$(1,040)
$     28
$(325)
$    363
--
$    152
$       1
--
--
$    884




 
Three Months Ended June 30, 2007
 
Plaza
    
Red Bank
Mack-
Princeton
          
NKFGMS
    
 
VIII & IX
Ramland
Harborside
Corporate
Gale-
Forrestal
Route 93
Gale
55
12
Boston-
Owners
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
Green
Village
Portfolio
Kimball
Corporate
Vreeland
Filenes
LLC
Jefferson
Total
Total revenues
$    215
$    518
$11,366
--
$17,251
$2,386
$    738
$       2
--
$    524
$    205
$8,708
--
$41,913
Operating and other expenses
(44)
(389)
(6,943)
--
(7,716)
(1,516)
(977)
(31)
--
(14)
(400)
(8,647)
--
(26,677)
Depreciation and
                            
amortization
(154)
(175)
(1,488)
--
(7,429)
(786)
(467)
(183)
--
(88)
--
--
--
(10,770)
Interest expense
--
(265)
(1,199)
--
(6,805)
(1,223)
(846)
(321)
--
(169)
--
--
--
(10,828)
                             
Net income
$     17
$(311)
$1,736
--
$(4,699)
$(1,139)
$(1,552)
$(533)
--
$    253
$(195)
$     61
--
$(6,362)
Company’s equity in
                            
earnings (loss) of
                            
unconsolidated joint ventures
$       8
$(175)
$   762
--
$(1,604)
$(270)
$(466)
$   (44)
--
$    127
$   (58)
$     24
--
$(1,696)




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
16
 




The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the six months ended June 30, 2008 and 2007 (dollars in thousands):


 
Six Months Ended June 30, 2008
 
Plaza
    
Red Bank
Mack-
Princeton
          
NKFGMS
    
 
VIII & IX
Ramland
Harborside
Corporate
Gale-
Forrestal
Route 93
Gale
55
12
Boston-
Owners
Gale
Combined
 
Associates
Realty
South Pier
Plaza I & II
Green
Village
Portfolio
Kimball
Corporate
Vreeland
Filenes
LLC
Jefferson
Total
Total revenues
$    536
$    944
$21,347
$1,603
$24,829
$6,143
$1,327
$    805
--
$    992
$      50
--
--
$58,576
Operating and other expenses
(97)
(597)
(12,444)
(386)
(10,273)
(2,992)
(1,699)
(242)
--
(42)
--
--
--
(28,772)
Depreciation and
                            
amortization
(308)
(244)
(2,928)
(296)
(9,454)
(1,754)
(791)
(167)
--
(255)
--
--
--
(16,197)
Interest expense
--
(411)
(2,361)
(415)
(8,935)
(1,804)
(1,351)
(334)
--
(244)
--
--
--
(15,855)
                             
Net income
$    131
$(308)
$3,614
$    506
$(3,833)
$(407)
$(2,514)
$      62
--
$    451
$      50
--
--
$(2,248)
Company’s equity in
                            
earnings (loss) of
                            
unconsolidated joint ventures
$      65
--
$1,841
$    252
$(2,612)
$    (79)
$(363)
$    389
--
$    225
$      18
--
--
$(264)



 
Six Months Ended June 30, 2007
 
Plaza
    
Red Bank
Mack-
Princeton
          
NKFGMS
    
 
VIII & IX
Ramland
Harborside
Corporate
Gale-
Forrestal
Route 93
Gale
55
12
Boston-
Owners
Gale
Combined
 
Associates
Realty
South Pier
Plaza I & II
Green
Village
Portfolio
Kimball
Corporate
Vreeland
Filenes
LLC
Jefferson
Total
Total revenues
$    474
$1,045
$20,304
--
$33,692
$5,252
$1,063
$       2
--
$1,048
$    531
$17,698
--
$81,109
Operating and other expenses
(83)
(763)
(12,506)
--
(15,158)
(2,991)
(1,864)
(40)
--
(33)
(661)
(17,565)
--
(51,664)
Depreciation and
                            
amortization
(308)
(351)
(2,966)
--
(14,164)
(1,536)
(2,027)
(183)
--
(176)
--
--
--
(21,711)
Interest expense
--
(529)
(2,402)
--
(13,429)
(2,331)
(1,643)
(414)
--
(344)
--
--
--
(21,092)
                             
Net income
$      83
$(598)
$2,430
--
$(9,059)
$(1,606)
$(4,471)
$(635)
--
$    495
$(130)
$    133
--
$(13,358)
Company’s equity in
                            
earnings (loss) of
                            
unconsolidated joint ventures
$      41
$(175)
$1,109
--
$(3,339)
$(402)
$(1,370)
$    (52)
--
$    247
$    (39)
$      53
--
$(3,927)








Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
17
 



Select Financial Ratios



Ratios Computed For Industry
June 30,
      
Comparisons:
2008
2007
      
 
Financial Position Ratios:
          
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
49.20%
45.10%
      
           
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
44.53%
36.38%
      
           
Total Debt/ Total Undepreciated
   Assets (%)
40.57%
38.20%
      
           
Secured Debt/ Total Undepreciated
   Assets (%)
5.22%
5.55%
      
 
 
           
           
           
 
Three Months Ended
June 30,
  
Six Months Ended
June 30,
 
2008
2007
  
2008
2007
 
Operational Ratios:
          
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
3.40
3.34
  
3.29
3.30
           
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
3.02
3.09
  
2.94
3.01
           
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
2.85
2.94
  
2.77
2.85
           
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
68.55%
72.69%
  
70.57%
73.41%
           



 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 

 
18
 




Debt Analysis
(as of June 30, 2008)


Debt Breakdown
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes and Other Obligations
$1,653,959
74.03%
6.30%
3.82
Fixed Rate Secured Debt
287,388
12.86%
5.35%
3.66
Variable Rate Unsecured Debt
293,000
13.11%
3.00%
2.98
 
Totals/Weighted Average:
$2,234,347
100.00%
5.74%
3.69


Future Repayments
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
July 1 – December 31, 2008
$ 9,878
 --
$ 9,878
4.98%
2009
14,957
$300,000
314,957
7.37%
2010
2,584
334,500
337,084
5.26%
2011
2,745
593,000
595,745
5.49%
2012
2,864
210,148
213,012
6.13%
Thereafter
5,702
760,618
766,320
5.41%
Sub-total
38,730
2,198,266
2,236,996
5.74%
Adjustment for unamortized debt
   discount/premium, net, as of
   June 30, 2008
(2,649)
--
(2,649)
--
 
Totals/Weighted Average:
$ 36,081
$2,198,266
$2,234,347
5.74%





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
19
 



Debt Maturities
(dollars in thousands)


 
July 1 –
December 31,
2008
2009
2010
2011
2012
2013
2014
2015
2016
2018
TOTALS
Secured Debt:
                      
6404 Ivy Lane
 --
                  
 --
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:
 --
--
$169,500
--
$15,234
$19,118
$38,829
--
--
$26,566
$269,247
                       
Unsecured Debt:
                      
Unsecured credit facility
      
$293,000
            
$293,000
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
$593,000
$194,914
$126,105
$200,000
$150,000
$200,000
--
$1,929,019
                 
 
   
Total Debt:
 --
$300,000
$334,500
$593,000
$210,148
$145,223
$238,829
$150,000
$200,000
$26,566
$2,198,266



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 

 
20
 



Debt Detail
(dollars in thousands)


   
Effective
Principal Balance at
  
 
Property Name
Lender
Interest
Rate
June 30,
2008
December 31,
2007
Date of
Maturity
  
Senior Unsecured Notes: (a)
          
7.250%, $300,000 Face Amount Notes
public debt
7.486%
$299,834
$ 299,716
03/15/09
  
5.050%, $150,000 Face Amount Notes
public debt
5.265%
149,902
149,874
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%
299,554
299,468
02/15/11
  
5.250%, $100,000 Face Amount Notes
public debt
5.457%
99,307
99,210
01/15/12
  
6.150%, $94,914 Face Amount Notes
public debt
6.894%
92,718
92,472
12/15/12
  
5.820%, $26,105 Face Amount Notes
public debt
6.448%
25,585
25,530
03/15/13
  
4.600%, $100,000 Face Amount Notes
public debt
4.742%
99,858
99,844
06/15/13
  
5.125%, $200,000 Face Amount Notes
public debt
5.110%
201,348
201,468
02/15/14
  
5.125%, $150,000 Face Amount Notes
public debt
5.297%
149,395
149,349
01/15/15
  
5.800%, $200,000 Face Amount Notes
public debt
5.806%
200,578
200,616
01/15/16
  
Total Senior Unsecured Notes:
    
$1,633,079
$1,632,547
  

Revolving Credit Facilities:
Unsecured Facility (b)
23 Lenders
Libor +0.550%
$293,000
$ 250,000
6/22/11
  
Total Revolving Credit Facilities:
    
$293,000
$ 250,000
    


Property Mortgages: (c)
6404 Ivy Lane
Wachovia CMBS
5.582%
$ --
$ 13,029
(d)
  
Assumed Obligations
n/a
4.948%
20,880
27,657
05/01/09
(e)
Various (f)
Prudential Insurance Co.
4.841%
150,000
150,000
01/15/10
  
105 Challenger Road
Archon Financial CMBS
6.235%
19,078
18,968
06/06/10
  
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
17,245
17,442
12/01/12
  
Soundview Plaza
Morgan Stanley CMBS
6.015%
17,345
17,575
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
5,026
5,096
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
7,001
7,098
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
12,389
12,596
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,569
6,655
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
19,988
20,104
08/11/14
  
23 Main Street
JPMorgan CMBS
5.587%
32,747
32,968
09/01/18
  
Total Mortgages, Loans Payable and Other Obligations:
  
$308,268
$ 329,188
  
 
Total Debt:
    
$2,234,347
$2,211,735
  

(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 May 5, 2008, the Company repaid this mortgage at par, using available cash.
(e)  
The obligations mature at various times through May 2009.
(f)  
Mortgage is collateralized by seven properties.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 

 
21
 












III. FINANCIAL INFORMATION















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
22
 



III.  FINANCIAL INFORMATION

Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
 
 
 
 
 
Three Months Ended
June 30,
Six Months Ended
June 30,
Revenues
2008
2007
2008
2007
Base rents
$148,087
$142,482
$296,690
$282,039
Escalations and recoveries from tenants
26,586
25,766
52,310
51,986
  
Construction services
11,305
23,469
24,066
45,810
  
Real estate services
3,227
4,959
6,669
7,700
  
Other income
3,588
3,854
7,771
6,252
  
Total revenues
192,793
200,530
387,506
393,787
  
           
Expenses
          
Real estate taxes
24,125
23,852
48,161
47,322
  
Utilities
19,660
15,329
41,088
32,874
  
Operating services
27,152
27,348
53,125
51,974
  
Direct construction costs
10,329
22,634
22,983
43,545
  
General and administrative
11,237
12,870
22,332
23,940
  
Depreciation and amortization
47,586
43,823
95,308
85,274
  
Total expenses
140,089
145,856
282,997
284,929
  
Operating income
52,704
54,674
104,509
108,858
  
           
Other (expense) income
          
Interest expense
(31,340)
(31,333)
(63,800)
(62,269)
  
Interest and other investment income
302
1,571
858
3,188
  
Equity in earnings (loss) of unconsolidated joint ventures
884
(1,696)
(264)
(3,927)
  
Minority interest in consolidated joint ventures
16
214
139
441
  
Gain on sale of marketable securities
471
--
471
--
  
Total other (expense) income
(29,667)
(31,244)
(62,596)
(62,567)
  
Income from continuing operations before
          
Minority interest in Operating Partnership
23,037
23,430
41,913
46,291
  
Minority interest in Operating Partnership
(4,193)
(4,197)
(7,620)
(8,418)
  
Income from continuing operations
18,844
19,233
34,293
37,873
  
Discontinued operations (net of minority interest):
          
Income from discontinued operations
--
598
--
1,037
  
Realized gains (losses) and unrealized losses
          
on disposition of rental property, net
--
31,747
--
31,747
  
Total discontinued operations, net
--
32,345
--
32,784
  
Net income
18,844
51,578
34,293
70,657
  
Preferred stock dividends
(500)
(500)
(1,000)
(1,000)
  
Net income available to common shareholders
$18,344
$ 51,078
$33,293
$69,657
  
           
Basic earnings per common share:
          
Income from continuing operations
$ 0.28
$ 0.28
$ 0.51
$ 0.55
  
Discontinued operations
--
0.47
--
0.49
  
Net income available to common shareholders
$ 0.28
$ 0.75
$ 0.51
$ 1.04
  
           
Diluted earnings per common share:
          
Income from continuing operations
$ 0.28
$ 0.28
$ 0.51
$ 0.55
  
Discontinued operations
--
0.47
--
0.49
  
Net income available to common shareholders
$ 0.28
$ 0.75
$ 0.51
$ 1.04
  
     
 
   
Dividends declared per common share
$ 0.64
$ 0.64
$ 1.28
$ 1.28
  
           
Basic weighted average shares outstanding
65,423
67,799
65,397
66,753
  
           
Diluted weighted average shares outstanding
80,585
83,193
80,547
82,220
  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
23
 



Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts) (unaudited)
 
 
 
 
 
June 30,
December 31,
  
Assets
2008
2007
  
Rental property
      
Land and leasehold interests
$728,560
$726,253
  
Buildings and improvements
3,775,929
3,753,088
  
Tenant improvements
410,150
397,132
  
Furniture, fixtures and equipment
8,888
8,956
  
 
4,923,527
4,885,429
  
Less – accumulated depreciation and amortization
(965,864)
(907,013)
  
Net investment in rental property
3,957,663
3,978,416
  
Cash and cash equivalents
33,777
24,716
  
Marketable securities available for sale at fair value
--
4,839
  
Investments in unconsolidated joint ventures
179,831
181,066
  
Unbilled rents receivable, net
110,202
107,761
  
Deferred charges and other assets, net
227,342
246,386
  
Restricted cash
12,894
13,613
  
Accounts receivable, net of allowance for doubtful accounts
      
of $2,408 and $1,576
19,578
36,405
  
       
Total assets
$4,541,287
$4,593,202
  
       
Liabilities and Stockholders’ Equity
      
Senior unsecured notes
$1,633,079
$1,632,547
  
Revolving credit facility
293,000
250,000
  
Mortgages, loans payable and other obligations
308,268
329,188
  
Dividends and distributions payable
52,140
52,099
  
Accounts payable, accrued expenses and other liabilities
132,173
142,778
  
Rents received in advance and security deposits
52,835
51,992
  
Accrued interest payable
34,129
34,193
  
Total liabilities
2,505,624
2,492,797
  
       
Minority interests:
      
Operating Partnership
443,267
456,436
  
Consolidated joint ventures
1,295
1,414
  
Total minority interests
444,562
457,850
  
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,
      
65,756,271 and 65,558,073 shares outstanding
657
656
  
Additional paid-in capital
1,885,794
1,886,467
  
Dividends in excess of net earnings
(320,350)
(269,521)
  
Accumulated other comprehensive income
--
(47)
  
Total stockholders’ equity
1,591,101
1,642,555
  
       
Total liabilities and stockholders’ equity
$4,541,287
$4,593,202
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
24
 



Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Stockholders’ Equity
For the three months ended June 30, 2008
(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 (Loss)
Equity
  
Income
Balance at January 1, 2008
10
$25,000
65,558
$656
$1,886,467
$(269,521)
$(47)
$1,642,555
  
--
Net income
--
--
--
--
--
34,293
--
34,293
  
$34,293
Preferred stock dividends
--
--
--
--
--
(1,000)
--
(1,000)
  
--
Common stock dividends
--
--
--
--
--
(84,122)
--
(84,122)
  
--
Redemption of common units
                    
  for common stock
--
--
54
1
1,644
--
--
1,645
  
--
Shares issued under Dividend
                    
  Reinvestment and Stock
                    
  Purchase Plan
--
--
4
--
171
--
--
171
  
--
Stock options exercised
--
--
39
--
1,101
--
--
1,101
  
--
Comprehensive Gain:
                    
  Unrealized holding gain
                    
  on marketable securities
                    
  available for sale
--
--
--
--
--
--
518
518
  
518
Directors Deferred comp. plan
--
--
--
--
190
--
--
190
  
--
Issuance of restricted stock
--
--
253
--
--
--
--
--
  
--
Stock Compensation
--
--
--
2
1,448
--
--
1,450
  
--
Cancellation of restricted stock
--
--
(1)
--
(31)
--
--
(31)
  
--
Repurchase of Common Stock
--
--
(151)
(2)
(5,196)
--
--
(5,198)
  
--
Reclassification adjustment for
                    
  realized gain included in
                    
  net income
--
--
--
--
--
--
(471)
(471)
  
(471)
Balance at June 30, 2008
10
$25,000
65,756
$657
$1,885,794
$(320,350)
--
$1,591,101
  
$34,340
                     
                     
The accompanying notes are an integral part of these consolidated financial statements.
    





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
25
 






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


 
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2008
2007
2008
2007
Net income available to common shareholders
$18,344
$51,078
$33,293
$69,657
Add: Minority interest in Operating Partnership
4,193
4,197
7,620
8,418
Minority interest in discontinued operations
--
7,247
--
7,349
Real estate-related depreciation and amortization on continuing operations (a)
52,697
49,569
105,195
96,375
Real estate-related depreciation and amortization on discontinued operations
--
18
--
424
Deduct: Discontinued operations – realized gains (losses) and
        
unrealized losses on disposition of rental property, net
--
(38,860)
--
(38,860)
Funds from operations available to common shareholders (b)
$75,234
$73,249
$146,108
$143,363
         
Diluted weighted average shares/units outstanding (c)
80,585
83,193
80,547
82,220
         
Funds from operations per share/unit – diluted
$ 0.93
$ 0.88
$ 1.81
$ 1.74
         
Dividend declared per common share
$ 0.64
$ 0.64
$ 1.28
$ 1.28
         
Dividend payout ratios:
        
     Funds from operations-diluted
68.55%
72.69%
70.57%
73.41%
         
Supplemental Information:
        
  Non-incremental revenue generating capital expenditures:
        
     Building improvements
$ 1,792
$2,648
$ 4,850
$ 5,137
     Tenant improvements and leasing commissions
$15,970
$10,049
$28,132
$21,822
  Straight-line rent adjustments (d)
$ 1,584
$2,531
$ 3,285
$ 7,240
  Amortization of (above)/below market lease intangibles, net (e)
$ 2,009
$1,024
$ 3,984
$ 1,591
         

(a) Includes the Company’s share from unconsolidated joint ventures of $5,166 and $5,905 for the three months ended June 30, 2008 and 2007, respectively and $10,050 and $11,415 for the six months ended June 30, 2008 and 2007, 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 (14,955 shares and 15,191 shares for the three months ended June 30, 2008 and 2007, respectively, and 14,970 shares and 15,238 shares for the six months ended June 30, 2008 and 2007, 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 $369 and $649 for the three months ended June 30, 2008 and 2007, respectively and $686 and $1,446 for the six months ended June 30, 2008 and 2007, respectively.
(e) Includes the Company’s share from unconsolidated joint ventures of $417 and $399 for three months ended June 30, 2008 and 2007, respectively and $831 and $671 for the six months ended June 30, 2008 and 2007, respectively.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 

 
26
 




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


 
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2008
2007
2008
2007
Net income available to common shareholders
$0.28
$0.75
$0.51
$1.04
Add: Real estate-related depreciation and amortization on continuing operations (a)
0.65
0.60
1.31
1.17
Real estate-related depreciation and amortization on
        
discontinued operations
--
--
--
0.01
Deduct: Discontinued operations – Realized gains (losses) and
        
unrealized losses on disposition of rental property, net
--
(0.47)
--
(0.47)
Minority interest/rounding adjustment
--
--
(0.01)
(0.01)
 
Funds from operations available to common shareholders (b)
$0.93
$0.88
$1.81
$1.74
         
Diluted weighted average shares/units outstanding (c)
80,585
83,193
80,547
82,220

(a) Includes the Company’s share from unconsolidated joint ventures of $0.06 and $0.07 for the three months ended June 30, 2008 and 2007, respectively and $0.12 and $0.14 for the six months ended June 30, 2008 and 2007, 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 (14,955 shares and 15,191 shares for the three months ended June 30, 2008 and 2007, respectively and 14,970 and 15,238 for the six months ended June 30, 2008 and 2007, 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 June 30, 2008

 
 
27
 




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

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


 
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2008
2007
2008
2007
Basic weighted average shares outstanding:
65,423
67,799
65,397
66,753
Add: Weighted average common units
14,955
15,191
14,970
15,239
Basic weighted average shares/units:
80,378
82,990
80,367
81,992
Add: Stock options
110
203
95
228
Restricted Stock Awards
97
--
85
--
 
Diluted weighted average shares/units outstanding:
80,585
83,193
80,547
82,220




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
28
 












IV.  VALUE CREATION PIPELINE

















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
29
 




IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
(dollars in thousands)


For the six months ended June 30, 2008

None



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.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
30
 



Properties Commencing Initial Operations
(dollars in thousands)



For the six months ended June 30, 2008

None


For the year ended December 31, 2007


Date Placed in Service
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Cost Incurred
(a)
Office
            
Majority Owned:
            
05/08/07
700 Horizon Drive
Hamilton Township, Mercer County, NJ
1
120,000
$16,585
  
             
Unconsolidated
Joint Ventures:
            
03/01/07
100 Kimball Drive
Parsippany, Morris County, NJ
1
175,000
38,356
  
09/08/07
Red Bank Corporate Plaza
Red Bank, Monmouth County, NJ
1
92,878
22,652
  
 
Total Properties Commencing Initial Operations:
    
3
387,878
$77,593
  

(a)  
Costs as of June 30, 2008.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
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
6/30/08
Total
Estimated
Costs
Current
% Leased
Majority Owned:
                
Wyndham Build-to-Suit
Parsippany, NJ
Office
2008-4Q
1
250,000
$36,962
$64,837
100.0%
 
Sub-total:
      
1
250,000
36,962
 64,837
100.0%
                 
Unconsolidated
Joint Ventures:
                
Boston-Filenes
Boston, MA
Mixed-Use
n/a
1
1,481,000
173,254
711,000
n/a
One Jefferson
Parsippany, NJ
Office
2008-4Q
1
100,000
12,675
28,351
0.0%
 
Sub-total:
      
2
1,581,000
185,929
739,351
n/a
 
Grand Total:
      
3
1,831,000
$222,891
$804,188
16.1%





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
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 June 30, 2008

 
 
33
 



 



Rental Property Sales
(dollars in thousands)


For the six months ended June 30, 2008

None


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









Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
34
 












V.  PORTFOLIO/ LEASING STATISTICS



















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
35
 



V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended June 30, 2008)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
3/31/08
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/08 (c)
Pct.
Leased
6/30/08
Pct.
Leased
3/31/08
                 
  Northern NJ
12,281,916
-
(449,414)
417,405
(32,009)
12,249,907
92.7%
93.0%
  Central NJ
4,713,506
-
(179,816)
243,243
63,427
4,776,933
93.3%
92.1%
  Westchester Co., NY
4,589,071
-
(275,243)
269,964
(5,279)
4,583,792
95.7%
95.8%
  Manhattan
524,476
-
-
-
-
524,476
100.0%
100.0%
  Sub. Philadelphia
3,194,848
-
(248,993)
249,473
480
3,195,328
90.5%
90.5%
  Fairfield, CT
511,543
-
(20,439)
29,333
8,894
520,437
87.1%
85.6%
  Washington, DC/MD
957,661
-
(68,561)
74,937
6,376
964,037
74.6%
74.1%
  Rockland Co., NY
164,473
-
(3,067)
3,067
-
164,473
91.4%
91.4%
 
Total
26,937,494
-
(1,245,533)
1,287,422
41,889
26,979,383
92.3%
92.1%
                 


RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of March 31, 2008
29,245,361
    Total sq. ft. of properties added/sold this period
-
Total sq. ft. as of June 30, 2008
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 June 30, 2008 aggregating 73,942 square feet for which no new leases were signed.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
36
 



Leasing Statistics
(For the three months ended June 30, 2008)

Consolidated In-Service Portfolio (continued)

DETAIL OF TRANSACTION ACTIVITY
 

 
                 
 Detail by Market                
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
38
362,964
77,961
285,003
7.3
33.47
3.45
 
Office/Flex
4
54,441
-
54,441
4.1
16.97
0.52
Central NJ
Office
19
202,847
114,546
88,301
6.0
23.31
4.30
 
Office/Flex
2
40,396
1,336
39,060
3.0
21.15
1.93
Westchester Co., NY
Office
24
104,096
20,897
83,199
4.4
30.12
3.19
 
Office/Flex
20
141,318
37,280
104,038
6.1
16.28
1.29
 
Industrial/Warehouse
2
24,550
-
24,550
5.0
23.30
0.64
Sub. Philadelphia
Office
19
143,190
117,169
26,021
6.5
25.05
3.23
 
Office/Flex
6
106,283
25,895
80,388
4.0
8.57
1.10
Fairfield Co., CT
Office
6
24,683
5,171
19,512
2.2
25.61
3.09
 
Office/Flex
1
4,650
4,650
-
6.0
15.24
1.67
Washington, DC/MD
Office
15
74,937
7,209
67,728
4.7
25.20
3.55
Rockland Co., NY
Office
2
3,067
-
3,067
1.6
25.19
0.74
 
Total
  
158
1,287,422
412,114
875,308
5.8
24.72
2.86
                 
Detail by Property Type
                
 
Office
123
915,784
342,953
572,831
6.2
28.61
3.49
 
Office/Flex
33
347,088
69,161
277,927
4.8
14.58
1.19
 
Industrial/Warehouse
2
24,550
-
24,550
5.0
23.30
0.64
                 
Total
  
158
1,287,422
412,114
875,308
5.8
24.72
2.86
                 
Tenant Retention:
Leases Retained
66.7%
            
 
Sq. Ft. Retained
70.3%
            
 

(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $12,108,592 and commissions of $6,753,816 committed, but not necessarily expended, during the period for second generation space aggregating 1,177,610 square feet.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
37
 



Leasing Statistics
(For the three months ended June 30, 2008)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
Market
Sq. Ft.
Leased
3/31/08
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/08
Pct.
Leased
6/30/08
Pct.
Leased
3/31/08
                 
   Northern NJ
2,093,979
- 
(48,262)
53,632
5,370
2,099,349
91.5%
91.3%
   Central NJ
1,156,220
- 
(50,209)
25,591
(24,618)
1,131,602
87.3%
89.2%
   Rockland Co., NY
152,983
- 
(65,158)
34,795
(30,363)
122,620
52.9%
65.9%
   Boston, MA
192,425
- 
- 
19,537
19,537
211,962
31.8%
28.9%
                 
Total
3,595,607
- 
(163,629)
133,555
(30,074)
3,565,533
79.5%
80.1%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of March 31, 2008
4,487,650
     Total sq. ft. of properties sold this period
-
Total sq. ft. as of June 30, 2008
4,487,650
   

DETAIL OF TRANSACTION ACTIVITY

Detail by Market
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 (d)
Leasing Costs  Per Sq. Ft. Per Year (e)
               
   Northern NJ
6
53,632
7,844
45,788
5.7
28.61
1.07
   Central NJ
5
25,591
13,757
11,834
4.2
23.40
3.71
   Rockland Co., NY
1
34,795
34,795
-
10.0
10.70
0.48
   Boston, MA
 
1
19,537
19,537
-
5.4
15.09
5.38
             
Total
13
133,555
75,933
57,622
6.5
20.97
1.57
               

(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)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(e)  
Represents estimated workletter costs of $677,689 and commissions of $533,390 committed, but not necessarily expended, during the period for second generation space aggregating 116,973 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
38
 



Leasing Statistics
(For the six months ended June 30, 2008)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
12/31/07
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/08 (c)
Pct.
Leased
6/30/08
Pct.
Leased
12/31/07
                 
  Northern NJ
12,313,200
-
(648,308)
585,015
(63,293)
12,249,907
92.7%
93.2%
  Central NJ
4,633,587
-
(246,211)
389,557
143,346
4,776,933
93.3%
90.5%
  Westchester Co., NY
4,625,884
-
(591,751)
549,659
(42,092)
4,583,792
95.7%
96.6%
  Manhattan
524,476
-
-
-
-
524,476
100.0%
100.0%
  Sub. Philadelphia
3,199,544
-
(407,040)
402,824
(4,216)
3,195,328
90.5%
90.6%
  Fairfield, CT
511,543
-
(57,367)
66,261
8,894
520,437
87.1%
85.6%
  Washington, DC/MD
1,132,919
-
(269,855)
100,973
(168,882)
964,037
74.6%
87.6%
  Rockland Co., NY
164,473
-
(8,315)
8,315
-
164,473
91.4%
91.4%
 
Total
27,105,626
-
(2,228,847)
2,102,604
(126,243)
26,979,383
92.3%
92.7%
                 


RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2007
29,245,361
    Total sq. ft. of properties added/sold this period
-
Total sq. ft. as of June 30, 2008
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 June 30, 2008 aggregating 73,942 square feet for which no new leases were signed.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
39
 



Leasing Statistics
(For the six months ended June 30, 2008)

Consolidated In-Service Portfolio (continued)

DETAIL OF TRANSACTION ACTIVITY


 
                 
 Detail by Market                
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
64
530,574
161,107
369,467
6.9
31.93
3.57
 
Office/Flex
4
54,441
-
54,441
4.1
16.97
0.52
Central NJ
Office
37
349,161
232,326
116,835
6.2
23.53
4.75
 
Office/Flex
2
40,396
1,336
39,060
3.0
21.15
1.93
Westchester Co., NY
Office
42
174,529
24,777
149,752
4.3
29.69
2.59
 
Office/Flex
39
344,690
207,288
137,402
7.4
15.40
1.30
 
Industrial/Warehouse
3
30,440
-
30,440
5.0
21.62
0.55
Sub. Philadelphia
Office
27
218,566
180,798
37,768
7.1
24.75
3.41
 
Office/Flex
16
184,258
47,695
136,563
4.0
10.14
1.60
Fairfield Co., CT
Office
6
24,683
5,171
19,512
2.2
25.61
3.09
 
Office/Flex
2
41,578
4,650
36,928
5.1
19.37
0.86
Washington, DC/MD
Office
23
100,973
7,209
93,764
4.5
25.95
3.24
Rockland Co., NY
Office
4
8,315
-
8,315
3.0
27.58
1.05
 
Total
  
269
2,102,604
872,357
1,230,247
6.0
23.61
2.84
                 
Detail by Property Type
                
 
Office
203
1,406,801
611,388
795,413
6.2
27.89
3.65
 
Office/Flex
63
665,363
260,969
404,394
5.8
14.67
1.31
 
Industrial/Warehouse
3
30,440
-
30,440
5.0
21.62
0.55
                 
Total
  
269
2,102,604
872,357
1,230,247
6.0
23.61
2.84
                 
Tenant Retention:
Leases Retained
59.1%
            
 
Sq. Ft. Retained
55.2%
            
 

(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $22,616,336 and commissions of $11,010,570 committed, but not necessarily expended, during the period for second generation space aggregating 1,992,792 square feet.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
40
 



Leasing Statistics
(For the six months ended June 30, 2008)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
Market
Sq. Ft.
Leased
12/31/07
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/08
Pct.
Leased
6/30/08
Pct.
Leased
12/31/07
                 
   Northern NJ
2,157,166
-
(154,517)
96,700
(57,817)
2,099,349
91.5%
94.1%
   Central NJ
1,148,111
-
(51,844)
35,335
(16,509)
1,131,602
87.3%
88.6%
   Rockland Co., NY
152,983
-
(65,158)
34,795
(30,363)
122,620
52.9%
65.9%
   Boston, MA
181,909
-
-
30,053
30,053
211,962
31.8%
27.3%
                 
Total
3,640,169
-
(271,519)
196,883
(74,636)
3,565,533
79.5%
81.1%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2007
4,487,650
     Total sq. ft. of properties sold this period
-
Total sq. ft. as of June 30, 2008
4,487,650
   

DETAIL OF TRANSACTION ACTIVITY

Detail by Market
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 (d)
Leasing Costs  Per Sq. Ft. Per Year (e)
               
   Northern NJ
12
96,700
40,035
56,665
5.6
26.18
2.02
   Central NJ
7
35,335
16,232
19,103
3.7
23.43
3.78
   Rockland Co., NY
1
34,795
34,795
-
10.0
10.70
0.48
   Boston, MA
2
30,053
30,053
-
4.1
15.87
5.38
               
Total
22
196,883
121,115
75,768
5.8
21.38
1.96
               

(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)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(e)  
Represents estimated workletter costs of $1,139,087 and commissions of $753,315 committed, but not necessarily expended, during the period for second generation space aggregating 161,483 square feet.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
41
 



Market Diversification

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



Market (MSA)
Annualized
Base Rental
Revenue
($) (a) (b) (c)
Percentage of
Company
Annualized Base
Rental Revenue (%)
Total
Property Size
Rentable
Area
Percentage of
Rentable Area (%)
Newark, NJ (Essex-Morris-Union Counties)
117,912,527
19.8
5,847,318
20.0
Jersey City, NJ
115,308,520
19.4
4,317,978
14.8
Westchester-Rockland, NY
93,177,773
15.7
4,968,420
17.0
Bergen-Passaic, NJ
91,385,476
15.4
4,602,401
15.7
Philadelphia, PA-NJ
54,929,446
9.2
3,529,994
12.1
Washington, DC-MD-VA-WV
27,914,061
4.7
1,292,807
4.4
Monmouth-Ocean, NJ
26,493,382
4.5
1,620,863
5.5
Middlesex-Somerset-Hunterdon, NJ
20,963,143
3.5
986,760
3.4
Trenton, NJ
20,749,243
3.5
956,597
3.3
New York (Manhattan)
15,442,033
2.6
524,476
1.8
Stamford-Norwalk, CT
7,584,216
1.3
452,260
1.5
Bridgeport, CT
2,445,256
0.4
145,487
0.5
         
Total
594,305,076
100.0
29,245,361
100.0
         

(a)  
Annualized base rental revenue is based on actual June 2008 billings times 12.  For leases whose rent commences after July 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, and leases expiring June 30, 2008 aggregating 73,942 square feet and representing annualized rent of $1,653,640 for which no new leases were signed.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
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
113,565,532
19.0
4,183,657
15.7
Insurance Carriers & Related Activities
49,800,095
8.4
2,150,856
8.1
Manufacturing
46,981,778
7.9
2,152,990
8.0
Telecommunications
28,017,849
4.7
1,348,413
5.1
Credit Intermediation & Related Activities
27,911,345
4.7
1,115,527
4.2
Health Care & Social Assistance
24,808,014
4.2
1,234,372
4.7
Computer System Design Services
24,421,977
4.1
1,165,837
4.4
Legal Services
23,748,409
4.0
938,566
3.5
Wholesale Trade
22,591,850
3.8
1,448,555
5.5
Other Professional
20,858,920
3.5
903,962
3.4
Scientific Research/Development
20,169,423
3.4
850,414
3.2
Public Administration
16,379,576
2.8
625,452
2.4
Other Services (except Public Administration)
15,981,823
2.7
825,143
3.1
Accounting/Tax Preparation
15,944,762
2.7
636,856
2.4
Advertising/Related Services
15,366,386
2.6
623,448
2.3
Retail Trade
15,268,968
2.6
896,383
3.4
Information Services
10,698,276
1.8
458,888
1.7
Arts, Entertainment & Recreation
10,162,298
1.7
639,356
2.4
Construction
9,411,521
1.6
434,112
1.6
Real Estate & Rental & Leasing
9,204,467
1.5
421,545
1.6
Architectural/Engineering
9,018,767
1.5
394,195
1.5
Admin & Support, Waste Mgt. & Remediation Services
8,010,544
1.3
440,505
1.7
Broadcasting
7,661,967
1.3
477,794
1.8
Utilities
7,482,441
1.3
340,790
1.3
Transportation
6,268,261
1.1
343,118
1.3
Data Processing Services
5,910,224
1.0
240,585
0.9
Educational Services
5,538,239
0.9
282,336
1.1
Management of Companies & Finance
3,762,874
0.6
149,113
0.6
Management/Scientific
3,346,732
0.6
150,649
0.6
Publishing Industries
3,156,232
0.5
161,583
0.6
Other
12,855,526
2.2
508,813
1.9
         
Total
594,305,076
100.0
26,543,813
100.0

(a)  
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS) which has replaced the Standard Industrial Code (SIC) system.
(b)  
Annualized base rental revenue is based on actual June 2008 billings times 12.  For leases whose rent commences after July 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 and leases expiring June 30, 2008 aggregating 73,942 square feet and representing annualized rent of $1,653,640 for which no new leases were signed.
 
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
43
 





Consolidated Portfolio Analysis (a)
(as of June 30, 2008)

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 June 30, 2008

 
 
44
 





Consolidated Portfolio Analysis (a)
(as of June 30, 2008)

         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 June 30, 2008

 
 
45
 





Consolidated Portfolio Analysis (a)
(Year ended June 30, 2008)

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
$378,381
64.1%
$19,361
3.3%
--
--
--
--
--
--
$397,742
67.4%
New York
71,767
12.1%
34,349
5.8%
$3,980
0.7%
$474
0.1%
 $299
0.1%
110,869
18.8%
Pennsylvania
41,840
7.1%
--
--
--
--
--
--
--
--
41,840
7.1%
Connecticut
6,256
1.1%
4,058
0.6%
--
--
--
--
--
--
10,314
1.7%
Wash., D.C./
   Maryland
29,350
5.0%
--
--
--
--
--
--
--
--
29,350
 
5.0%
TOTALS
   By Type:
$527,594
89.4%
$57,768
9.7%
$3,980
0.7%
$474
0.1%
 $299
0.1%
$590,115
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 June 30, 2008, 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 June 30, 2008

 
 
46
 





Consolidated Portfolio Analysis (a) (b)
(as of June 30, 2008)

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
92.9%
93.1%
--
--
92.9%
New York
95.7%
96.0%
98.1%
100.0%
96.0%
Pennsylvania
88.2%
--
--
--
88.2%
Connecticut
76.2%
100.0%
--
--
87.1%
Washington, D.C./ Maryland
74.6%
--
--
--
74.6%
 
WEIGHTED AVG. By Type:
 
91.6%
 
94.9%
 
98.1%
 
100.0%
 
92.3%

(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 as well as leases expiring June 30, 2008 aggregating 73,942 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
47
 


 
 
Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
BERGEN COUNTY, NEW JERSEY
              
Fair Lawn
              
17-17 Route 208 North                                                 
1987
143,000
68.6
2,528
0.43
25.77
  
Fort Lee
              
One Bridge Plaza                                                 
1981
200,000
72.7
3,339
0.57
22.96
  
2115 Linwood Avenue                                                 
1981
68,000
56.5
717
0.12
18.66
  
Little Ferry
              
200 Riser Road                                                 
1974
286,628
100.0
2,075
0.35
7.24
  
Montvale
              
95 Chestnut Ridge Road                                                 
1975
47,700
100.0
796
0.13
16.69
  
135 Chestnut Ridge Road                                                 
1981
66,150
99.7
1,563
0.26
23.70
  
Paramus
              
15 East Midland Avenue                                                 
1988
259,823
80.5
4,859
0.82
23.23
  
140 East Ridgewood Avenue                                                 
1981
239,680
98.4
4,704
0.80
19.95
  
461 From Road                                                 
1988
253,554
98.6
6,093
1.03
24.37
  
650 From Road                                                 
1978
348,510
89.6
7,545
1.28
24.16
  
61 South Paramus Avenue                                                 
1985
269,191
100.0
7,426
1.26
27.59
  
Ridgefield Park
              
105 Challenger Road                                                 
1992
150,050
87.5
4,268
0.72
32.51
  
Rochelle Park
              
120 Passaic Street                                                 
1972
52,000
99.6
1,402
0.24
27.07
  
365 West Passaic Street                                                 
1976
212,578
100.0
4,512
0.76
21.23
  
395 West Passaic Street                                                 
1979
100,589
96.9
2,283
0.39
23.42
  
Upper Saddle River
              
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.27
15.72
  
10 Mountainview Road                                                 
1986
192,000
86.3
4,131
0.70
24.93
  
Woodcliff Lake
              
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,950
0.33
21.86
  
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,256
0.21
23.92
  
530 Chestnut Ridge Road                                                 
1986
57,204
100.0
1,239
0.21
21.66
  
50 Tice Boulevard                                                 
1984
235,000
98.9
6,194
1.05
26.65
  
300 Tice Boulevard                                                 
1991
230,000
95.2
5,619
0.95
25.66
  
               
BURLINGTON COUNTY, NEW JERSEY
              
Moorestown
              
224 Strawbridge Drive                                                 
1984
74,000
98.4
1,404
0.24
19.28
  
228 Strawbridge Drive                                                 
1984
74,000
100.0
1,043
0.18
14.09
  
232 Strawbridge Drive                                                 
1986
74,258
98.8
1,461
0.25
19.91
  
               
ESSEX COUNTY, NEW JERSEY
              
Millburn
              
150 J.F. Kennedy Parkway                                                 
1980
247,476
100.0
7,554
1.28
30.52
  
Roseland
              
101 Eisenhower Parkway                                                 
1980
237,000
93.3
5,623
0.95
25.43
  
103 Eisenhower Parkway                                                 
1985
151,545
73.5
2,843
0.48
25.52
  
105 Eisenhower Parkway                                                 
2001
220,000
91.9
4,753
0.81
23.51
  
               
HUDSON COUNTY, NEW JERSEY
              
Jersey City
              
Harborside Financial Center Plaza 1
1983
400,000
100.0
10,853
1.84
27.13
  
Harborside Financial Center Plaza 2
1990
761,200
99.6
19,263
3.26
25.41
  
Harborside Financial Center Plaza 3
1990
725,600
99.2
18,263
3.09
25.37
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
48
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
Harborside Financial Center Plaza 4-A
2000
207,670
97.7
6,345
1.08
31.27
  
Harborside Financial Center Plaza 5
2002
977,225
100.0
34,888
5.91
35.70
  
101 Hudson Street                                                 
1992
1,246,283
100.0
27,388
4.65
21.98
  
               
MERCER COUNTY, NEW JERSEY
              
Hamilton Township
              
3 AAA Drive                                                 
1981
35,270
62.6
411
0.07
18.61
  
2 South Gold Drive                                                 
1974
33,962
64.5
465
0.08
21.23
  
600 Horizon Drive                                                 
2002
95,000
100.0
1,373
0.23
14.45
  
700 Horizon Drive                                                 
2007
120,000
100.0
2,459
0.42
20.49
  
Princeton
              
103 Carnegie Center                                                 
1984
96,000
69.9
1,682
0.29
25.07
  
3 Independence Way                                                 
1983
111,300
90.2
1,108
0.19
11.04
  
100 Overlook Center                                                 
1988
149,600
100.0
5,517
0.93
36.88
  
5 Vaughn Drive                                                 
1987
98,500
100.0
2,446
0.41
24.83
  
               
MIDDLESEX COUNTY, NEW JERSEY
              
East Brunswick
              
377 Summerhill Road                                                 
1977
40,000
100.0
353
0.06
8.83
  
Edison
              
343 Thornall Street (c)                                              
1991
195,709
100.0
4,148
0.70
21.19
  
Piscataway
              
30 Knightsbridge Road, Bldg. 3                                                 
1977
160,000
100.0
2,465
0.42
15.41
  
30 Knightsbridge Road, Bldg. 4                                                 
1977
115,000
100.0
1,771
0.30
15.40
  
30 Knightsbridge Road, Bldg. 5                                                 
1977
332,607
80.8
3,073
0.52
11.43
  
30 Knightsbridge Road, Bldg. 6                                                 
1977
72,743
63.8
206
0.03
4.44
  
Plainsboro
              
500 College Road East                                                 
1984
158,235
95.7
4,234
0.72
27.96
  
Woodbridge
              
581 Main Street                                                 
1991
200,000
100.0
5,190
0.88
25.95
  
               
MONMOUTH COUNTY, NEW JERSEY
              
Freehold
              
2 Paragon Way                                                 
1989
44,524
44.4
399
0.07
20.18
  
3 Paragon Way                                                 
1991
66,898
100.0
1,054
0.18
15.76
  
4 Paragon Way                                                 
2002
63,989
100.0
1,180
0.20
18.44
  
100 Willowbrook Road                                                 
1988
60,557
74.8
888
0.15
19.60
  
Holmdel
              
23 Main Street                                                 
1977
350,000
100.0
4,012
0.68
11.46
  
Middletown
              
One River Centre Bldg. 1                                                 
1983
122,594
100.0
2,799
0.47
22.83
  
One River Centre Bldg. 2                                                 
1983
120,360
100.0
2,820
0.48
23.43
  
One River Centre Bldg. 3 and 4                                                 
1984
214,518
93.6
4,633
0.79
23.07
  
Neptune
              
3600 Route 66                                                 
1989
180,000
100.0
2,400
0.41
13.33
  
Wall Township
              
1305 Campus Parkway                                                 
1988
23,350
77.3
406
0.07
22.49
  
1350 Campus Parkway                                                 
1990
79,747
91.9
1,519
0.26
20.73
  
               
MORRIS COUNTY, NEW JERSEY
              
Florham Park
              
325 Columbia Turnpike                                                 
1987
168,144
89.7
3,755
0.64
24.90
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
49
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
Morris Plains
              
250 Johnson Road                                                 
1977
75,000
100.0
1,579
0.27
21.05
  
201 Littleton Road                                                 
1979
88,369
88.6
1,760
0.30
22.48
  
Morris Township
              
412 Mt. Kemble Avenue                                                 
1986
475,100
45.2
3,212
0.54
14.96
  
Parsippany
              
4 Campus Drive                                                 
1983
147,475
94.3
3,272
0.55
23.53
  
6 Campus Drive                                                 
1983
148,291
87.7
2,346
0.40
18.04
  
7 Campus Drive                                                 
1982
154,395
80.4
1,738
0.29
14.00
  
8 Campus Drive                                                 
1987
215,265
100.0
6,231
1.06
28.95
  
9 Campus Drive                                                 
1983
156,495
93.6
3,569
0.60
24.37
  
4 Century Drive                                                 
1981
100,036
77.4
1,619
0.27
20.91
  
5 Century Drive                                                 
1981
79,739
83.4
1,301
0.22
19.56
  
6 Century Drive                                                 
1981
100,036
77.3
1,351
0.23
17.47
  
2 Dryden Way                                                 
1990
6,216
100.0
99
0.02
15.93
  
4 Gatehall Drive                                                 
1988
248,480
95.7
5,848
0.99
24.59
  
2 Hilton Court                                                 
1991
181,592
100.0
4,216
0.71
23.22
  
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.19
19.59
  
600 Parsippany Road                                                 
1978
96,000
92.4
1,573
0.27
17.73
  
1 Sylvan Way                                                 
1989
150,557
100.0
3,524
0.60
23.41
  
5 Sylvan Way                                                 
1989
151,383
100.0
4,157
0.70
27.46
  
7 Sylvan Way                                                 
1987
145,983
100.0
3,219
0.55
22.05
  
35 Waterview Boulevard                                                 
1990
172,498
82.5
4,290
0.73
30.15
  
5 Wood Hollow Road                                                 
1979
317,040
73.1
6,142
1.04
26.50
  
               
PASSAIC COUNTY, NEW JERSEY
              
Clifton
              
777 Passaic Avenue                                                 
1983
75,000
93.2
1,608
0.27
23.00
  
Totowa
              
999 Riverview Drive                                                 
1988
56,066
100.0
1,085
0.18
19.35
  
               
SOMERSET COUNTY, NEW JERSEY
              
Basking Ridge
              
222 Mt. Airy Road                                                 
1986
49,000
87.9
615
0.10
14.28
  
233 Mt. Airy Road                                                 
1987
66,000
100.0
1,315
0.22
19.92
  
Bernards
              
106 Allen Road                                                 
2000
132,010
98.9
3,185
0.54
24.40
  
Bridgewater
              
721 Route 202/206                                                 
1989
192,741
81.2
3,664
0.62
23.41
  
               
UNION COUNTY, NEW JERSEY
              
Clark
              
100 Walnut Avenue                                                 
1985
182,555
96.1
4,447
0.75
25.35
  
Cranford
              
6 Commerce Drive                                                 
1973
56,000
84.1
1,016
0.17
21.57
  
11 Commerce Drive                                                 
1981
90,000
95.5
1,499
0.25
17.44
  
12 Commerce Drive                                                 
1967
72,260
95.1
967
0.16
14.07
  
14 Commerce Drive                                                 
1971
67,189
75.9
879
0.15
17.24
  
20 Commerce Drive                                                 
1990
176,600
99.7
4,487
0.76
25.48
  
25 Commerce Drive                                                 
1971
67,749
88.7
1,296
0.22
21.57
  
65 Jackson Drive                                                 
1984
82,778
97.5
1,879
0.32
23.28
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
50
 
 
 

 
 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
New Providence
              
890 Mountain Avenue                                                 
1977
80,000
95.1
1,851
0.31
24.33
  
               
Total New Jersey Office
  
17,646,642
92.9
378,381
64.10
23.08
  
               
NEW YORK COUNTY, NEW YORK
              
New York
              
125 Broad Street                                              
1970
524,476
100.0
20,603
3.50
39.28
  
               
ROCKLAND COUNTY, NEW YORK
              
Suffern
              
400 Rella Boulevard                                                 
1988
180,000
91.4
3,547
0.60
21.56
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
100 Clearbrook Road (c)                                                 
1975
60,000
94.4
1,108
0.19
19.56
  
101 Executive Boulevard                                                 
1971
50,000
43.0
575
0.10
26.74
  
555 Taxter Road                                                 
1986
170,554
100.0
4,088
0.69
23.97
  
565 Taxter Road                                                 
1988
170,554
92.7
4,111
0.70
26.00
  
570 Taxter Road                                                 
1972
75,000
75.9
1,479
0.25
25.98
  
Hawthorne
              
1 Skyline Drive                                                 
1980
20,400
99.0
328
0.06
16.24
  
2 Skyline Drive                                                 
1987
30,000
87.9
457
0.08
17.33
  
7 Skyline Drive                                                 
1987
109,000
100.0
2,611
0.44
23.95
  
17 Skyline Drive                                                 
1989
85,000
100.0
1,326
0.22
15.60
  
19 Skyline Drive                                                 
1982
248,400
100.0
4,254
0.72
17.13
  
Tarrytown
              
200 White Plains Road                                                 
1982
89,000
97.5
2,056
0.35
23.69
  
220 White Plains Road                                                 
1984
89,000
94.8
2,068
0.35
24.51
  
White Plains
              
1 Barker Avenue                                                 
1975
68,000
99.0
1,759
0.30
26.13
  
3 Barker Avenue                                                 
1983
65,300
100.0
1,743
0.30
26.69
  
50 Main Street                                                 
1985
309,000
99.4
9,691
1.64
31.55
  
11 Martine Avenue                                                 
1987
180,000
84.6
4,465
0.76
29.32
  
1 Water Street                                                 
1979
45,700
100.0
1,174
0.20
25.69
  
Yonkers
              
1 Executive Boulevard                                                 
1982
112,000
100.0
2,815
0.48
25.13
  
3 Executive Boulevard                                                 
1987
58,000
100.0
1,509
0.26
26.02
  
               
Total New York Office
  
2,739,384
95.7
71,767
12.19
27.39
  
               
CHESTER COUNTY, PENNSYLVANIA
              
Berwyn
              
1000 Westlakes Drive                                                 
1989
60,696
95.7
1,590
0.27
27.37
  
1055 Westlakes Drive                                                 
1990
118,487
94.7
2,922
0.50
26.04
  
1205 Westlakes Drive                                                 
1988
130,265
86.9
2,840
0.48
25.09
  
1235 Westlakes Drive                                                 
1986
134,902
100.0
2,928
0.50
21.70
  
               
DELAWARE COUNTY, PENNSYLVANIA
              
Lester
              
100 Stevens Drive                                                 
1986
95,000
100.0
2,551
0.43
26.85
  
200 Stevens Drive                                                 
1987
208,000
100.0
5,603
0.95
26.94
  
300 Stevens Drive                                                 
1992
68,000
94.8
1,414
0.24
21.93
  

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
51
 
 
 
 

 
 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
Media
              
1400 Providence Road – Center I
1986
100,000
94.2
2,112
0.36
22.42
  
1400 Providence Road – Center II
1990
160,000
90.8
3,058
0.52
21.05
  
 
MONTGOMERY COUNTY, PENNSYLVANIA
              
Bala Cynwyd
              
150 Monument Road                                                 
1981
125,783
100.0
3,071
0.52
24.42
  
Blue Bell
              
4 Sentry Parkway                                                 
1982
63,930
49.0
1,158
0.20
36.97
  
5 Sentry Parkway East                                                 
1984
91,600
50.3
632
0.11
13.72
  
5 Sentry Parkway West                                                 
1984
38,400
31.5
284
0.05
23.48
  
16 Sentry Parkway                                                 
1988
93,093
96.4
2,401
0.41
26.75
  
18 Sentry Parkway                                                 
1988
95,010
84.4
2,107
0.36
26.28
  
King of Prussia
              
2200 Renaissance Boulevard                                                 
1985
174,124
86.1
2,553
0.43
17.03
  
Lower Providence
              
1000 Madison Avenue                                                 
1990
100,700
73.3
1,391
0.24
18.84
  
Plymouth Meeting
              
1150 Plymouth Meeting Mall                                                 
1970
167,748
91.4
3,225
0.55
21.03
  
               
Total Pennsylvania Office
  
2,025,738
88.2
41,840
7.12
23.41
  
               
FAIRFIELD COUNTY, CONNECTICUT
              
Norwalk
              
40 Richards Avenue                                                 
1985
145,487
75.4
2,497
0.42
22.76
  
Stamford
              
1266 East Main Street                                                 
1984
179,260
76.8
3,759
0.64
27.30
  
               
Total Connecticut Office
  
324,747
76.2
6,256
1.06
25.29
  
               
WASHINGTON, D.C.
              
1201 Connecticut Avenue, NW                                                 
1940
169,549
100.0
6,811
1.16
40.17
  
1400 L Street, NW                                                 
1987
159,000
100.0
5,845
0.99
36.76
  
               
Total District of Columbia Office
  
328,549
100.0
12,656
2.15
38.52
  
               
PRINCE GEORGE’S COUNTY, MARYLAND
              
Greenbelt
              
9200 Edmonston Road                                                 
1973
38,690
100.0
910
0.15
23.52
  
6301 Ivy Lane                                                 
1979
112,003
83.0
2,103
0.36
22.62
  
6303 Ivy Lane                                                 
1980
112,047
61.5
1,785
0.30
25.90
  
6305 Ivy Lane                                                 
1982
112,022
72.7
1,671
0.28
20.52
  
6404 Ivy Lane                                                 
1987
165,234
77.9
2,625
0.44
20.39
  
6406 Ivy Lane                                                 
1991
163,857
0.0
2,100
0.36
0.00
  
6411 Ivy Lane                                                 
1984
138,405
88.7
2,785
0.47
22.69
  
Lanham
              
4200 Parliament Place                                                 
1989
122,000
83.7
2,715
0.46
26.59
  
               
Total Maryland Office
  
964,258
65.9
16,694
2.82
26.27
  
               
               
TOTAL OFFICE PROPERTIES
  
24,029,318
91.6
527,594
89.44
23.97
  

 
 
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
52
 
 
 
 
 
 
 
 
     
 
Property Listing
 
Office/Flex Properties
 
    
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
          
 
BURLINGTON COUNTY, NEW JERSEY
                      
Burlington
                      
3 Terri Lane                                                 
1991
64,500
100.0
538
0.09
8.34
          
5 Terri Lane                                                 
1992
74,555
100.0
674
0.11
9.04
          
Moorestown
                      
2 Commerce Drive                                                 
1986
49,000
74.1
81
0.01
2.23
          
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.05
4.25
          
102 Commerce Drive                                                 
1987
38,400
87.5
221
0.04
6.58
          
201 Commerce Drive                                                 
1986
38,400
100.0
188
0.03
4.90
          
202 Commerce Drive                                                 
1988
51,200
100.0
251
0.04
4.90
          
1 Executive Drive                                                 
1989
20,570
81.1
157
0.03
9.41
          
2 Executive Drive                                                 
1988
60,800
100.0
458
0.08
7.53
          
101 Executive Drive                                                 
1990
29,355
99.7
286
0.05
9.77
          
102 Executive Drive                                                 
1990
64,000
100.0
474
0.08
7.41
          
225 Executive Drive                                                 
1990
50,600
67.6
239
0.04
6.99
          
97 Foster Road                                                 
1982
43,200
75.5
126
0.02
3.86
          
1507 Lancer Drive                                                 
1995
32,700
100.0
134
0.02
4.10
          
1245 North Church Street                                                 
1998
52,810
71.6
307
0.05
8.12
          
1247 North Church Street                                                 
1998
52,790
58.1
220
0.04
7.17
          
1256 North Church Street                                                 
1984
63,495
100.0
452
0.08
7.12
          
840 North Lenola Road                                                 
1995
38,300
100.0
362
0.06
9.45
          
844 North Lenola Road                                                 
1995
28,670
100.0
183
0.03
6.38
          
915 North Lenola Road                                                 
1998
52,488
100.0
270
0.05
5.14
          
2 Twosome Drive                                                 
2000
48,600
100.0
450
0.08
9.26
          
30 Twosome Drive                                                 
1997
39,675
89.9
286
0.05
8.02
          
31 Twosome Drive                                                 
1998
84,200
100.0
472
0.08
5.61
          
40 Twosome Drive                                                 
1996
40,265
100.0
291
0.05
7.23
          
41 Twosome Drive                                                 
1998
43,050
88.9
265
0.04
6.92
          
50 Twosome Drive                                                 
1997
34,075
100.0
255
0.04
7.48
          
                       
GLOUCESTER COUNTY, NEW JERSEY
                      
West Deptford
                      
1451 Metropolitan Drive                                                 
1996
21,600
100.0
148
0.03
6.85
          
                       
MERCER COUNTY, NEW JERSEY
                      
Hamilton Township
                      
100 Horizon Center Boulevard                                                 
1989
13,275
100.0
193
0.03
14.54
          
200 Horizon Drive                                                 
1991
45,770
100.0
597
0.10
13.04
          
300 Horizon Drive                                                 
1989
69,780
100.0
1,136
0.19
16.28
          
500 Horizon Drive                                                 
1990
41,205
100.0
623
0.11
15.12
          
                       
MONMOUTH COUNTY, NEW JERSEY
                      
Wall Township
                      
1325 Campus Parkway                                                 
1988
35,000
100.0
655
0.11
18.71
          
1340 Campus Parkway                                                 
1992
72,502
100.0
939
0.16
12.95
          
1345 Campus Parkway                                                 
1995
76,300
95.9
944
0.16
12.90
          
1433 Highway 34                                                 
1985
69,020
78.4
539
0.09
9.96
          
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
178
0.03
8.75
          
1324 Wyckoff Avenue                                                 
1987
21,168
100.0
231
0.04
10.91
          
 
 
 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
53
 
 
 

 
 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
PASSAIC COUNTY, NEW JERSEY
              
Totowa
              
1 Center Court                                                 
1999
38,961
100.0
534
0.09
13.71
  
2 Center Court                                                 
1998
30,600
99.3
396
0.07
13.03
  
11 Commerce Way                                                 
1989
47,025
100.0
577
0.10
12.27
  
20 Commerce Way                                                 
1992
42,540
100.0
439
0.07
10.32
  
29 Commerce Way                                                 
1990
48,930
100.0
711
0.12
14.53
  
40 Commerce Way                                                 
1987
50,576
72.1
483
0.08
13.25
  
45 Commerce Way                                                 
1992
51,207
96.4
517
0.09
10.47
  
60 Commerce Way                                                 
1988
50,333
73.6
500
0.08
13.50
  
80 Commerce Way                                                 
1996
22,500
100.0
289
0.05
12.84
  
100 Commerce Way                                                 
1996
24,600
66.9
317
0.05
19.26
  
120 Commerce Way                                                 
1994
9,024
100.0
126
0.02
13.96
  
140 Commerce Way                                                 
1994
26,881
99.5
374
0.06
13.98
  
               
Total New Jersey Office/Flex
  
2,189,531
93.1
19,361
3.27
9.49
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
11 Clearbrook Road                                                 
1974
31,800
100.0
449
0.08
14.12
  
75 Clearbrook Road                                                 
1990
32,720
100.0
702
0.12
21.45
  
125 Clearbrook Road                                                 
2002
33,000
100.0
712
0.12
21.58
  
150 Clearbrook Road                                                 
1975
74,900
100.0
1,161
0.20
15.50
  
175 Clearbrook Road                                                 
1973
98,900
100.0
1,590
0.27
16.08
  
200 Clearbrook Road                                                 
1974
94,000
99.8
1,289
0.22
13.74
  
250 Clearbrook Road                                                 
1973
155,000
97.3
1,419
0.24
9.41
  
50 Executive Boulevard                                                 
1969
45,200
98.7
489
0.08
10.96
  
77 Executive Boulevard                                                 
1977
13,000
100.0
176
0.03
13.54
  
85 Executive Boulevard                                                 
1968
31,000
99.4
543
0.09
17.62
  
300 Executive Boulevard                                                 
1970
60,000
100.0
516
0.09
8.60
  
350 Executive Boulevard                                                 
1970
15,400
98.8
296
0.05
19.45
  
399 Executive Boulevard                                                 
1962
80,000
100.0
542
0.09
6.78
  
400 Executive Boulevard                                                 
1970
42,200
100.0
773
0.13
18.32
  
500 Executive Boulevard                                                 
1970
41,600
94.3
534
0.09
13.61
  
525 Executive Boulevard                                                 
1972
61,700
83.6
813
0.14
15.76
  
1 Westchester Plaza                                                 
1967
25,000
100.0
336
0.06
13.44
  
2 Westchester Plaza                                                 
1968
25,000
100.0
516
0.09
20.64
  
3 Westchester Plaza                                                 
1969
93,500
50.4
623
0.11
13.22
  
4 Westchester Plaza                                                 
1969
44,700
100.0
598
0.10
13.38
  
5 Westchester Plaza                                                 
1969
20,000
88.9
294
0.05
16.54
  
6 Westchester Plaza                                                 
1968
20,000
100.0
320
0.05
16.00
  
7 Westchester Plaza                                                 
1972
46,200
100.0
802
0.14
17.36
  
8 Westchester Plaza                                                 
1971
67,200
100.0
981
0.17
14.60
  
Hawthorne
              
200 Saw Mill River Road                                                 
1965
51,100
92.0
676
0.11
14.38
  
4 Skyline Drive                                                 
1987
80,600
92.2
1,347
0.23
18.13
  
5 Skyline Drive                                                 
1980
124,022
99.3
1,740
0.29
14.13
  
6 Skyline Drive                                                 
1980
44,155
100.0
441
0.07
9.99
  
8 Skyline Drive                                                 
1985
50,000
98.7
814
0.14
16.49
  
10 Skyline Drive                                                 
1985
20,000
84.4
343
0.06
20.32
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
54
 

 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
11 Skyline Drive                                                 
1989
45,000
100.0
804
0.14
17.87
  
12 Skyline Drive                                                 
1999
46,850
100.0
731
0.12
15.60
  
15 Skyline Drive                                                 
1989
55,000
88.2
1,014
0.17
20.90
  
Yonkers
              
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,485
0.25
19.37
  
200 Corporate Boulevard South                                                 
1990
84,000
99.8
1,432
0.24
17.08
  
4 Executive Plaza                                                 
1986
80,000
100.0
1,368
0.23
17.10
  
6 Executive Plaza                                                 
1987
80,000
100.0
1,385
0.23
17.31
  
1 Odell Plaza                                                 
1980
106,000
99.9
1,495
0.25
14.12
  
3 Odell Plaza                                                 
1984
71,065
100.0
1,597
0.27
22.47
  
5 Odell Plaza                                                 
1983
38,400
89.2
408
0.07
11.91
  
7 Odell Plaza                                                 
1984
42,600
99.6
795
0.13
18.74
  
               
Total New York Office/Flex
  
2,348,812
96.0
34,349
5.81
15.23
  
               
FAIRFIELD COUNTY, CONNECTICUT
              
Stamford
              
419 West Avenue                                                 
1986
88,000
100.0
1,360
0.23
15.45
  
500 West Avenue                                                 
1988
25,000
100.0
375
0.06
15.00
  
550 West Avenue                                                 
1990
54,000
100.0
855
0.14
15.83
  
600 West Avenue                                                 
1999
66,000
100.0
804
0.14
12.18
  
650 West Avenue                                                 
1998
40,000
100.0
664
0.11
16.60
  
               
Total Connecticut Office/Flex
  
273,000
100.0
4,058
0.68
14.86
  
               
               
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
94.9
57,768
9.76
12.65
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
55
 


 
 
 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/08
(%) (a)
2008
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2008
Base Rent
%
2008
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
1 Warehouse Lane                                                 
1957
6,600
100.0
86
0.01
13.03
  
2 Warehouse Lane                                                 
1957
10,900
100.0
163
0.03
14.95
  
3 Warehouse Lane                                                 
1957
77,200
100.0
324
0.05
4.20
  
4 Warehouse Lane                                                 
1957
195,500
97.4
1,943
0.33
10.20
  
5 Warehouse Lane                                                 
1957
75,100
97.1
951
0.16
13.04
  
6 Warehouse Lane                                                 
1982
22,100
100.0
513
0.09
23.21
  
               
Total Industrial/Warehouse Properties
  
387,400
98.1
3,980
0.67
10.47
  
               
WESTCHESTER COUNTY, NEW YORK
              
Tarrytown
              
230 White Plains Road                                                 
1984
9,300
100.0
195
0.03
20.97
  
Yonkers
              
2 Executive Boulevard                                                 
1986
8,000
100.0
279
0.05
34.88
  
               
Total Retail Properties
  
17,300
100.0
474
0.08
27.40
  
               
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
92.3
590,115
100.00
21.86
  

(a)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring June 30, 2008 aggregating 73,942 square feet (representing 0.3 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)  
Total base rent for the 12 months ended June 30, 2008, determined in accordance with generally accepted accounting principles (“GAAP”).  Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage.
(c)  
Excludes space leased by the Company.
(d)  
Base rent for the 12 months ended June 30, 2008, divided by net rentable square feet leased at June 30, 2008.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
56
 

Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of June 30, 2008, 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
Citigroup Global Markets, Inc.
6
14,157,107
2.4
462,077
1.8
2018
(b)
DB Services New Jersey, Inc.
2
10,905,426
1.8
402,068
1.6
2017
  
National Union Fire Insurance
2
10,684,551
1.8
401,104
1.6
2013
(c)
New Cingular Wireless PCS, LLC
4
9,144,930
1.5
410,313
1.5
2014
(d)
United States Of America-GSA
11
8,926,642
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
1.8
2014
  
Forest Laboratories, Inc.
2
7,463,777
1.3
202,857
0.8
2017
(f)
Daiichi Sankyo, Inc.
3
6,924,753
1.2
226,807
0.9
2022
(g)
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
6,152,682
1.0
242,518
0.9
2012
  
Lehman Brothers Holdings, Inc.
1
5,835,986
1.0
270,063
1.0
2018
(h)
TD Ameritrade Online Holdings
1
5,701,671
1.0
184,222
0.7
2015
  
Allstate Insurance Company
10
5,681,624
1.0
237,559
0.9
2017
(i)
Morgan Stanley & Co., Inc.
4
5,491,958
0.9
366,167
1.4
2016
(j)
Credit Suisse (USA), Inc.
1
5,212,307
0.9
153,464
0.6
2012
(k)
Merrill Lynch Pierce Fenner
2
5,108,037
0.9
298,640
1.1
2017
(l)
KPMG, LLP
3
5,024,296
0.8
181,025
0.7
2012
(m)
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
(n)
Montefiore Medical Center
5
4,066,055
0.7
199,914
0.8
2019
(o)
Bank Of Tokyo-Mitsubishi, Ltd.
1
3,872,785
0.7
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
  
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
  
SunAmerica Asset Management
1
2,958,893
0.5
69,621
0.3
2018
  
Tullett Prebon Holdings Corp.
1
2,787,758
0.5
113,041
0.4
2023
(p)
Bunge Management Services, Inc.
2
2,742,432
0.5
78,178
0.3
2013
(q)
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
(r)
Moody’s Advisors, Inc.
1
2,671,149
0.4
91,344
0.3
2011
(s)
Oppenheimer & Co., Inc.
1
2,636,192
0.4
104,008
0.4
2013
  
AAA Mid-Atlantic, Inc.
2
2,523,550
0.4
129,784
0.5
2022
(t)
United States Life Insurance Co.
1
2,520,000
0.4
180,000
0.7
2013
  
Regus Business Centre Corp.
2
2,488,274
0.4
79,805
0.3
2011
  
New Jersey Turnpike Authority
1
2,455,463
0.4
100,223
0.4
2017
  
Tradeweb Markets, LLC
1
2,453,235
0.4
64,976
0.2
2017
  
Natixis North America, Inc.
1
2,408,679
0.4
83,629
0.3
2021
  
Movado Group, Inc
1
2,283,547
0.4
90,050
0.3
2013
  
Nextel of New York, Inc.
2
2,225,875
0.4
97,435
0.4
2014
(u)
UBS Financial Services, Inc.
3
2,198,921
0.4
82,092
0.3
2016
(v)
Barr Laboratories, Inc.
1
2,119,597
0.4
89,510
0.3
2015
  
Ark Asset Management Co., Inc.
1
2,094,608
0.4
67,568
0.3
2017
  
GAB Robins North America Inc.
2
2,087,199
0.4
84,649
0.3
2009
(w)
             
Total
  
233,597,559
39.3
9,490,952
35.8
  

See footnotes on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
57
 


Significant Tenants

(Continued)



(a)  
Annualized base rental revenue is based on actual June, 2008 billings times 12.  For leases whose rent commences after July 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)  
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)  
394,849 square feet expire in 2012; 6,255 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)  
46,000 square feet expire in 2009; 8,907 square feet expire in 2013; 171,900 square feet expire in 2022.
(h)  
198,559 square feet expire in 2010; 71,504 square feet expire in 2018.
(i)  
24,323 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.
(j)  
7,000 square feet expire in 2009; 306,170 square feet expire in 2013; 29,654 square feet expire in 2015; 23,343 square feet expire in 2016.
(k)  
71,511 square feet expire in 2011; 81,953 square feet expire in 2012.
(l)  
4,451 square feet expire in 2009; 294,189 square feet expire in 2017.
(m)  
46,440 square feet expire in 2009; 57,204 square feet expire in 2010; 77,381 square feet expire in 2012.
(n)  
61,864 square feet expire in 2010; 248,399 square feet expire in 2012.
(o)  
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; 36,385 square feet expire in 2018; 112,807 square feet expire in 2019.
(p)  
12,282 square feet expire in 2011; 100,759 square feet expire in 2023.
(q)  
7,895 square feet expire in 2008; 19,500 square feet expire in 2009; 50,783 square feet expire in 2013.
(r)  
14,056 square feet expire in 2013; 117,118 square feet expire in 2019.
(s)  
43,344 square feet expire in 2009; 36,193 square feet expire in 2010; 11,807 square feet expire in 2011.
(t)  
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
(u)  
62,435 square feet expire in 2010; 35,000 square feet expire in 2014.
(v)  
21,554 square feet expire in 2010; 23,373 square feet expire in 2013; 37,165 square feet expire in 2016.
(w)  
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 June 30, 2008

 
 
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 July 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
30
222,272
0.8
5,482,415
24.67
0.9
   Central NJ
26
116,567
0.4
2,581,481
22.15
0.4
   Westchester Co., NY
38
134,678
0.5
2,750,894
20.43
0.5
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
18
159,523
0.6
2,593,306
16.26
0.4
   Fairfield Co., CT
3
12,802
(d)
272,529
21.29
0.1
   Washington, DC/MD
12
74,428
0.3
1,873,956
25.18
0.3
   Rockland Co., NY
3
7,260
(d)
206,910
28.50
(d)
TOTAL – 2008
130
727,530
2.6
15,761,491
21.66
2.6
             
             
2009
            
   Northern  NJ
105
942,043
3.5
23,170,075
24.60
3.9
   Central NJ
41
359,737
1.4
8,591,257
23.88
1.5
   Westchester Co., NY
114
527,493
2.0
10,590,408
20.08
1.8
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
47
273,590
1.0
4,377,105
16.00
0.7
   Fairfield Co., CT
12
40,538
0.2
892,060
22.01
0.1
   Washington, DC/MD
15
56,429
0.2
1,532,774
27.16
0.3
   Rockland Co., NY
9
25,722
0.1
638,939
24.84
0.1
TOTAL – 2009
343
2,225,552
8.4
49,792,618
22.37
8.4
             
             
2010
            
   Northern  NJ
112
1,090,883
4.2
25,137,006
23.04
4.3
   Central NJ
72
535,423
2.0
12,591,814
23.52
2.1
   Westchester Co., NY
88
453,999
1.7
9,503,407
20.93
1.6
   Manhattan
2
330,900
1.3
10,711,233
32.37
1.8
   Sub. Philadelphia
47
277,073
1.0
4,355,430
15.72
0.7
   Fairfield Co., CT
8
31,577
0.1
843,785
26.72
0.1
   Washington, DC/MD
27
156,188
0.6
4,437,283
28.41
0.8
   Rockland Co., NY
4
8,239
(d)
211,480
25.67
(d)
TOTAL – 2010
360
2,884,282
10.9
67,791,438
23.50
11.4
             

Schedule continued, with footnotes, on subsequent page.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
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
375
3,329,375
12.5
76,442,454
22.96
12.9
             
2012
261
2,840,894
10.7
67,096,104
23.62
11.3
             
2013
284
3,467,496
13.1
71,909,057
20.74
12.1
             
2014
155
2,003,081
7.6
43,238,979
21.59
7.3
             
2015
98
2,647,734
10.0
58,035,757
21.92
9.8
             
2016
79
1,019,070
3.8
20,734,423
20.35
3.5
             
2017
76
2,281,216
8.6
54,312,923
23.81
9.1
             
2018
57
1,002,663
3.8
24,015,764
23.95
4.0
             
2019 and thereafter
66
2,114,920
8.0
45,174,068
21.36
7.6
Totals/Weighted
            
  Average
2,284
26,543,813 (c)
100.0
594,305,076
22.39
100.0

(a)  
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual June 2008 billings times 12.  For leases whose rent commences after July 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 June 30, 2008 aggregating 73,942 square feet and representing annualized rent of $1,653,640 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
26,543,813
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
435,570
Square footage unleased
2,265,978
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 June 30, 2008

 

 
60
 


Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning July 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
30
222,272
1.1
5,482,415
24.67
1.0
   Central NJ
23
89,042
0.4
2,219,803
24.93
0.4
   Westchester Co., NY
22
73,309
0.3
1,883,665
25.69
0.4
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
12
95,833
0.4
2,067,015
21.57
0.4
   Fairfield Co., CT
2
5,802
(d)
188,529
32.49
(d)
   Washington, DC/MD
12
74,428
0.3
1,873,956
25.18
0.4
   Rockland Co., NY
3
7,260
(d)
206,910
28.50
(d)
TOTAL – 2008
104
567,946
2.5
13,922,293
24.51
2.6
             
2009
            
   Northern  NJ
93
847,491
3.9
21,884,428
25.82
4.1
   Central NJ
35
318,971
1.5
8,073,502
25.31
1.5
   Westchester Co., NY
67
219,093
1.0
5,845,655
26.68
1.1
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
30
149,547
0.7
3,424,577
22.90
0.7
   Fairfield Co., CT
9
19,963
(d)
499,085
25.00
0.1
   Washington, DC/MD
15
56,429
0.3
1,532,774
27.16
0.3
   Rockland Co., NY
9
25,722
0.1
638,939
24.84
0.1
TOTAL – 2009
258
1,637,216
7.5
41,898,960
25.59
7.9
             
2010
            
   Northern  NJ
99
967,324
4.5
23,572,039
24.37
4.5
   Central NJ
60
414,343
1.9
10,653,516
25.71
2.0
   Westchester Co., NY
49
171,382
0.8
4,611,514
26.91
0.9
   Manhattan
2
330,900
1.5
10,711,233
32.37
2.0
   Sub. Philadelphia
31
145,053
0.7
3,396,764
23.42
0.6
   Fairfield Co., CT
8
31,577
0.2
843,785
26.72
0.2
   Washington, DC/MD
27
156,188
0.7
4,437,283
28.41
0.8
   Rockland Co., NY
4
8,239
(d)
211,480
25.67
(d)
TOTAL – 2010
280
2,225,006
10.3
58,437,614
26.26
11.0
             
2011
310
2,797,701
13.0
70,082,937
25.05
13.2
             
2012
194
2,240,391
10.4
59,315,758
26.48
11.2
             
2013
214
2,677,332
12.4
61,464,150
22.96
11.6
             
2014
122
1,666,401
7.7
38,957,720
23.38
7.4
             
2015
86
2,453,809
11.4
55,965,358
22.81
10.6
             
2016
65
702,421
3.3
16,551,764
23.56
3.1
             
2017
62
2,116,810
9.8
51,609,767
24.38
9.8
             
2018
35
705,954
3.3
19,976,058
28.30
3.8
             
2019 and thereafter
55
1,804,555
8.4
41,086,032
22.77
7.8
Totals/Weighted
  Average
1,785
21,595,542 (c)
100.0
529,268,411
24.51
100.0

(a)  
Includes office tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual June 2008 billings times 12.  For leases whose rent commences after July 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 June 30, 2008 aggregating 70,642 square feet and representing annualized rent of $1,604,140 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 June 30, 2008

 

 
61
 

 

Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning July 1, 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
-
-
-
-
-
-
   Central NJ
3
27,525
0.5
361,678
13.14
0.5
   Westchester Co., NY
14
48,219
1.1
737,227
15.29
1.2
   Sub. Philadelphia
6
63,690
1.4
526,291
8.26
0.9
   Fairfield Co., CT
1
7,000
0.1
84,000
12.00
0.1
TOTAL – 2008
24
146,434
3.1
1,709,196
11.67
2.7
             
2009
            
   Northern  NJ
12
94,552
2.1
1,285,647
13.60
2.1
   Central NJ
6
40,766
0.9
517,755
12.70
0.9
   Westchester Co., NY
45
293,105
6.4
4,474,816
15.27
7.4
   Sub. Philadelphia
17
124,043
2.7
952,528
7.68
1.6
   Fairfield Co., CT
3
20,575
0.5
392,975
19.10
0.6
TOTAL – 2009
83
573,041
12.6
7,623,721
13.30
12.6
             
2010
            
   Northern  NJ
13
123,559
2.7
1,564,967
12.67
2.6
   Central NJ
12
121,080
2.7
1,938,298
16.01
3.2
   Westchester Co., NY
37
249,667
5.5
4,480,793
17.95
7.4
   Sub. Philadelphia
16
132,020
2.9
958,666
7.26
1.6
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2010
78
626,326
13.8
8,942,724
14.28
14.8
             
2011
64
524,074
11.5
6,264,517
11.95
10.3
             
2012
66
593,865
13.1
7,715,957
12.99
12.7
             
2013
59
635,859
14.0
9,124,485
14.35
15.1
             
2014
31
312,130
6.9
3,743,647
11.99
6.2
             
2015
12
193,925
4.3
2,070,399
10.68
3.4
             
2016
12
181,567
4.0
2,764,298
15.22
4.6
             
2017
14
164,406
3.6
2,703,156
16.44
4.5
             
2018
21
288,709
6.3
3,814,706
13.21
6.3
             
2019 and thereafter
11
310,365
6.8
4,088,036
13.17
6.8
Totals/Weighted
            
  Average
475
4,550,701 (c)
100.0
60,564,842
13.31
100.0


(a)  
Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual June 2008 billings times 12.  For leases whose rent commences after July 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 June 30, 2008 aggregating 3,300 square feet and representing annualized rent of $49,500 for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2008

 
 
62
 



Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning July 1, 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
13,150
3.4
130,002
9.89
3.2
             
2009
1
5,995
1.6
74,937
12.50
1.8
             
2010
2
32,950
8.7
411,100
12.48
10.2
             
2011
1
7,600
2.0
95,000
12.50
2.3
             
2012
1
6,638
1.8
64,389
9.70
1.6
             
2013
11
154,305
40.5
1,320,422
8.56
32.6
             
2014
2
24,550
6.5
537,612
21.90
13.3
             
2016
2
135,082
35.5
1,418,361
10.50
35.0
Totals/Weighted
            
  Average
22
380,270
100.0
4,051,823
10.66
100.0

(a)  
Includes industrial/warehouse tenants only.  Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants.  Some tenants have multiple leases.
(b)   
Annualized base rental revenue is based on actual June 2008 billings times 12.  For leases whose rent commences after July 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 July 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 June 2008 billings times 12.  For leases whose rent commences after July 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 June 30, 2008

 
 
63