THIRD QUARTER 2009


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 – 10
· Information About FFO
11
· Key Financial Data
12
· Same-Store Results and Analysis
13
· Unconsolidated Joint Ventures Summary
14 – 17
· Select Financial Ratios
18
· Debt Analysis:
  
· Debt Breakdown / Future Repayments
19
· Debt Maturities
20
· Debt Detail
21
   
III.  FINANCIAL INFORMATION
  
· Consolidated Statements of Operations
23
· Consolidated Balance Sheets
24
· Consolidated Statement of Changes in 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 / Rental Property Sales
31
· Summary of Construction Projects
32
· Summary of Land Parcels
33
   
V.  PORTFOLIO/ LEASING STATISTICS
  
· Leasing Statistics
35 – 40
· Market Diversification (MSA’s)
41
· Industry Diversification (Top 30 Tenant Industries)
42
· Consolidated Portfolio Analyses:
  
Breakdown by:
  
(a) Number of Properties
43
(b) Square Footage
44
(c) Base Rental Revenue
45
(d) Percentage Leased
46
· Consolidated Property Listing (by Property Type)
47 – 56
· Significant Tenants (Top 50 Tenants)
57 – 58
· Schedules of Lease Expirartions (by Property Type)
59 – 63



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 

 
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:

· 
Risks and uncertainties affecting the general economic climate and conditions, including the impact of the general economic recession as it impacts the national and local economies, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants;
   
· 
the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by the Company’s properties or on an unsecured basis;
   
· 
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 and volatility in the securities markets;
   
· 
changes in operating costs;
   
· 
the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;
   
· 
the availability of financing on attractive terms or at all, which may adversely impact the Company’s ability to pursue acquisition and development opportunities and refinancing existing debt and the Company’s future interest expense;
   
· 
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 September 30, 2009

 

 
3
 












I.  COMPANY BACKGROUND



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
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 $5.4 billion at September 30, 2009.  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 288 properties, primarily class A office and office/flex buildings, totaling approximately 33.1 million square feet, serving as home to approximately 2,100 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 12.5 million square feet of additional commercial space.

History

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

Strategy

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

Summary
(as of September 30, 2009)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
288
Total Square Feet
33.1 million square feet
Geographic Diversity
Five states and the District of Columbia
New Jersey Presence
23.7 million square feet
Northeast Presence
33.1 million square feet
Common Shares and
  
Units Outstanding
92.4 million
Dividend-- Quarter/Annualized
$0.45/$1.80
Dividend Yield
5.6%
Total Market Capitalization
$5.4 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 September 30, 2009

 
 
5
 



Board of Directors

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







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

 

 

 

 

 





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
6
 

Equity Research Coverage


Bank of America – Merrill Lynch
James C. Feldman
   (212) 449-6339
ISI Group
Steve Sakwa
(212) 446-9462
Barclays Capital
Ross Smotrich
   (212) 526-2306
Keefe, Bruyette & Woods, Inc.
Sheila K. McGrath
(212) 887-7793
   BGB Securities, Inc.
   David Shapiro
   (703) 528-5782
KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
   Citigroup
   Michael Bilerman
   (212) 816-1383
Macquarie Research Equities
Nick Pirsos
(212) 231-2457
   Deutsche Bank North America
   John N. Perry
   (212) 250-4912
Morgan Stanley
Paul Morgan
(212) 761-8576
   Goldman Sachs & Co.
   Sloan Bohlen
   (212) 902-2796
Stifel, Nicolaus & Company, Inc.
John W. Guinee, III
(443) 224-1307
Green Street Advisors
Michael Knott
   (949) 640-8780
UBS Investment Research
Ross T. Nussbaum
(212) 713-2484




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 September 30, 2009

 

 
7
 












II.  FINANCIAL HIGHLIGHTS
























Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 

 
8
 


II.  FINANCIAL HIGHLIGHTS

Quarterly Summary


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

Funds from operations (FFO) available to common shareholders for the quarter ended September 30, 2009 amounted to $75.0 million, or $0.81 per share.  For the nine months ended September 30, 2009, FFO available to common shareholders equaled $219.6 million, or $2.52 per share.

Net income available to common shareholders for the third quarter 2009 equaled $19.1 million, or $0.24 per share.  For the nine months ended September 30, 2009, net income available to common shareholders amounted to $51.6 million, or $0.71 per share.

Total revenues for the third quarter 2009 were $193.6 million.  For the nine months ended September 30, 2009, total revenues amounted to $569.6 million.

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

The Company had 78,554,827 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 13,821,755 common operating partnership units outstanding as of September 30, 2009.  The Company had a total of 92,376,582 common shares/common units outstanding at September 30, 2009.

As of September 30, 2009, the Company had total indebtedness of approximately $2.3 billion, with a weighted average annual interest rate of 6.60 percent.  The Company had a debt-to-undepreciated assets ratio of 39.8 percent at September 30, 2009.  The Company had an interest coverage ratio of 3.1 times for the quarter ended September 30, 2009.

On August 14, 2009, the Company completed the sale of $250 million face amount of 7.750 percent senior unsecured notes due August 15, 2019 with interest payable semi-annually in arrears.  The net proceeds from the issuance of approximately $246.2 million, after underwriting discount, were used for general corporate purposes.

Dividends

In September, the Company’s Board of Directors declared a cash dividend of $0.45 per common share (indicating an annual rate of $1.80 per common share) for the third quarter 2009, which was paid on October 9, 2009 to shareholders of record as of October 5, 2009.

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 July 15, 2009 through October 14, 2009.  The dividend was paid on October 15, 2009 to shareholders of record as of October 5, 2009.

Leasing

Mack-Cali’s consolidated in-service portfolio was 90.0 percent leased at September 30, 2009, as compared to 90.6 percent at June 30, 2009.

For the quarter ended September 30, 2009, the Company executed 122 leases at its consolidated in-service portfolio totaling 819,572 square feet, consisting of 576,171 square feet of office space and 243,401 square feet of office/flex space.  Of these totals, 153,549 square feet were for new leases and 666,023 square feet were for lease renewals and other tenant retention transactions.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
9
 




Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:

-
KPMG LLP, an international provider of audit, tax and advisory services, signed 10-year renewal transactions totaling 99,139 square feet at two buildings in Woodcliff Lake, comprised of 53,409 square feet at 300 Tice Boulevard and 45,730 square feet at 530 Chestnut Ridge Road.  Also at 300 Tice Boulevard, JPMorgan Chase Bank National Association, a global financial services firm, signed a two-year renewal for 17,814 square feet.  300 Tice Boulevard is a 230,000 square-foot office building that is 98.9 percent leased and 530 Chestnut Ridge Road is a 57,204 square-foot office building that is 100 percent leased.

 
CENTRAL NEW JERSEY:

-
Utility provider Public Service Electric & Gas Company renewed 47,604 square feet at 20 Commerce Drive in Cranford for three-years and three-months.  The 176,600 square-foot office building, located in Cranford Business Park, is 98.9 percent leased.

-
New England Life Insurance Company, a subsidiary of insurance and financial planning provider MetLife, signed transactions totaling 15,984 square feet at 1305 Campus Parkway in Wall Township, consisting of a four-year and four-month renewal for 13,957 square feet and a six-year and one-month expansion for 2,027 square feet.  The 23,350 square-foot office building, located in Monmouth Shores Corporate Park, is 92.4 percent leased.

WESTCHESTER COUNTY, NEW YORK:

- 
International Business Machines Corporation, renewed 43,905 square feet for three years at 17 Skyline Drive in Hawthorne.  The 85,000 square-foot office building, located in Mid-Westchester Executive Park, is 100 percent leased.

-
Hospitals Insurance Company, Inc., a provider of insurance services and products, signed a transaction totaling 14,682 square feet at 50 Main Street in White Plains, consisting of a 10-year and six-month renewal of 11,757 square feet and a 10-year and seven-month expansion of 2,925 square feet.  The 309,000 square-foot office building, located in the Westchester Financial Center, is 98.9 percent leased.

-
Emigrant Bank signed a transaction totaling 34,006 square feet consisting of a 15-year, 31,701 square-foot renewal and a 15-year and 5-month, 2,305 square-foot expansion at 7 Westchester Plaza, Cross Westchester Executive Park in Elmsford.  The 46,200 square-foot office/flex building is 100 percent leased.

-
Belmay, Inc., global creator and manufacturer of fragrances, renewed 26,843 square feet for five-years at 200 Corporate Boulevard South, South Westchester Executive Park in Yonkers.  The 84,000 square-foot office/flex building is 99.8 percent leased.

-
The Board of Cooperative Educational Services, Southern Westchester signed three-year renewal transactions totaling 29,931 square feet at two properties in Cross Westchester Executive Park in Elmsford, including 20,131 square feet at 2 Westchester Plaza and 9,800 square feet at 50 Executive Boulevard.  2 Westchester Plaza is a 25,000 square-foot office/flex building that is 100 percent leased and 50 Executive Boulevard is a 45,200 square-foot office/flex building that is 86.9 percent leased.

SUBURBAN PHILADELPHIA:

-  
Omnicare of New York, LLC, provider of pharmaceutical care for seniors, signed a two-year and one-month renewal of 19,800 square feet at 40 Twosome Drive in Moorestown.  The 40,265 square-foot office/flex building, located in the Moorestown West Corporate Center, is 100 percent leased.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
10
 



Information About FFO

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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
11
 


Key Financial Data

As of or for the three months ended
 
9/30/09
6/30/09
3/31/09
12/31/08
9/30/08
Shares and Units:
          
Common Shares Outstanding
78,554,827
78,334,220
66,424,213
66,419,055
65,875,466
Common Units Outstanding (a)
13,821,755
14,024,755
14,435,743
14,437,731
14,856,139
Combined Shares and Units
92,376,582
92,358,975
80,859,956
80,856,786
80,731,605
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (b)
92,245,107
88,000,033
80,920,580
80,465,797
80,414,716
Weighted Average- Diluted (c)
 
92,245,107
88,000,033
80,920,580
80,500,825
80,617,243
Common Share Price ($’s):
          
At the end of the period
32.33
22.80
19.81
24.50
33.87
High during period
37.63
28.01
23.97
33.31
43.00
Low during period
21.13
18.32
13.73
13.16
31.00
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (d)
3,014,578
2,134,041
1,627,632
2,006,777
2,760,543
Total Debt
2,337,875
2,090,433
2,254,121
2,225,475
2,230,861
Total Market Capitalization
5,352,453
4,224,474
3,881,753
4,232,252
4,991,404
Total Debt/ Total Market
  Capitalization
43.68%
49.48%
58.07%
52.58%
44.69%
           
Financials:
          
($’s in thousands, except ratios and
   per share amounts)
          
Total Assets
4,757,236
4,535,045
4,409,128
4,443,922
4,492,890
Gross Book Value of Real Estate Assets
5,184,411
5,158,812
4,937,170
4,963,780
4,940,111
Total Liabilities
2,576,391
2,336,004
2,471,318
2,484,559
2,479,225
Total Equity
2,180,845
2,199,041
1,937,810
1,959,363
2,013,665
Total Revenues
193,617
189,338
186,666
186,100
204,363
Capitalized Interest
259
186
660
1,090
1,733
Scheduled Principal Payments
421
3,794
3,130
4,047
3,486
Interest Coverage Ratio
3.08
3.28
3.08
2.53
3.63
Fixed Charge Coverage Ratio
2.97
2.89
2.71
1.75
3.06
Net Income
22,789
24,625
14,597
(4,948)
28,053
Net Income Available to Common Shareholders
19,087
20,374
12,101
(4,136)
22,569
Earnings per Share—diluted
0.24
0.28
0.18
(0.06)
0.34
FFO per Share—diluted (e)
0.81
0.87
0.84
0.63
1.02
Dividends Declared per Share
0.45
0.45
0.45
0.64
0.64
FFO Payout Ratio—diluted (e)
55.34%
51.78%
53.48%
101.25%
62.84%
           
Portfolio Size:
          
Properties
288
295
294
293
294
Total Square Footage
33,083,723
33,750,420
33,751,011
33,501,011
33,733,011
Sq. Ft. Leased at End of Period (f) (g)
90.0%
90.6%
90.7%
91.3%
91.8%
           

(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 noncontrolling interests in consolidated joint ventures.
(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 September 30, 2009

 
 
12
 



Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
September 30,
  
 
%
 
2009
2008
Change
Change
         
Total Property Revenues
$173,023
$179,326
$(6,303)
(3.5)
         
Real Estate Taxes
22,309
23,296
(987)
(4.2)
Utilities
17,142
24,705
(7,563)
(30.6)
Operating Services
24,987
23,890
1,097
4.6
Total Property Expenses:
64,438
71,891
(7,453)
(10.4)
         
GAAP Net Operating Income
108,585
107,435
1,150
1.1
         
Less: straight-lining of rents adj.
474
1,744
(1,270)
(72.8)
         
Net Operating Income
$108,111
$105,691
$2,420
2.3
         
Percentage Leased at
  Period End
89.8%
91. 8%
    
         
Total Properties:
255
      
         
Total Square Footage:
29,245,361
      
         



 
  For the nine months ended
September 30,
  
 
%
 
2009
2008
Change
Change
         
Total Property Revenues
$523,384
$533,341
$(9,957)
(1.9)
         
Real Estate Taxes
69,637
71,371
(1,734)
(2.4)
Utilities
53,633
65,793
(12,160)
(18.5)
Operating Services
76,567
72,273
4,294
5.9
Total Property Expenses:
199,837
209,437
(9,600)
(4.6)
         
GAAP Net Operating Income
323,547
323,904
(357)
(0.1)
         
Less: straight-lining of rents adj.
1,200
4,343
(3,143)
(72.4)
         
Net Operating Income
$322,347
$319,561
$2,786
0.9
         
Percentage Leased at
  Period End
89.8%
91.8%
    
         
Total Properties:
255
      
         
Total Square Footage:
29,245,361
      
         











Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
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%
Gramercy Portfolio
Bellemead Portfolio
6
New Jersey
66.3%
786,198
n/a
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
1
Parsippany, NJ
100.0%
100,000
8.33%
             
Mixed-Use:
            
GE/Gale Funding L.L.C.
Princeton Forrestal Village
n/a
Princeton, NJ
93.7%
527,015
10.0%
             
Hotel:
            
Harborside South Pier
Hyatt Regency Jersey City on the Hudson
1
Jersey City, NJ
n/a
350 rooms
50.0%
             
Land:
            
Plaza VIII and IX Associates, L.L.C.
Vacant land/parking
n/a
Jersey City, NJ
n/a
n/a
50.0%
Red Bank Corporate Plaza II
Vacant Land
n/a
Red Bank, NJ
n/a
n/a
50.0%
Boston-Downtown Crossing
Downtown Crossing
1
Boston, MA
n/a
1,481,000
15.0%




 
 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
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 September 30, 2009 and December 31, 2008 (dollars in thousands):

 
 
September 30, 2009
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
M-G-G/
Gramercy
Agreement
Princeton
Forrestal
Village
Route 93
Portfolio
Gale
Kimball
55 Corporate
12
Vreeland
Boston-
Downtown Crossing
Gale
Jefferson
Combined
Total
Assets:
                          
Rental property, net
$9,713
--
$60,339
$24,953
$72,912
$39,085
--
--
--
$14,632
--
--
$221,634
Other assets
857
--
14,801
4,626
9,823
21,426
--
--
--
754
$46,591
$1,838
100,716
Total assets
$10,570
--
$75,140
$29,579
$82,735
$60,511
--
--
--
$15,386
$46,591
$1,838
$322,350
Liabilities and Partners’/ members’ capital (deficit):
                          
Mortgages, loans payable and
other obligations
--
--
$73,796
$20,849
$90,288
$51,627
--
--
--
$5,643
--
--
$242,203
Other liabilities
$ 530
--
3,713
69
2,772
3,424
--
--
--
--
--
--
10,508
Partners’/members’ capital (deficit)
10,040
--
(2,369)
8,661
(10,325)
5,460
--
--
--
9,743
$46,591
$1,838
69,639
Total liabilities and partners’/ members’ capital (deficit)
$10,570
--
$75,140
$29,579
$82,735
$60,511
--
--
--
$15,386
$46,591
$1,838
$322,350
Company’s investment in unconsolidated joint ventures, net
$4,942
--
$ 11
$4,126
--
$1,183
--
--
--
$8,808
$13,109
$790
$32,969




 
 
December 31, 2008
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
M-G-G/
Gramercy
Agreement
Princeton
Forrestal
Village
Route 93
Portfolio
Gale
Kimball
55 Corporate
12
Vreeland
Boston-
Downtown Crossing
Gale
Jefferson
Combined
Total
Assets:
                          
Rental property, net
$10,173
--
$62,469
$24,583
$326,912
$41,058
$56,771
--
--
$14,598
--
--
$536,564
Other assets
1,008
$ 20
34,654
4,301
45,391
21,680
495
--
$17,896
789
$46,743
$1,838
174,815
Total assets
$11,181
$ 20
$97,123
$28,884
$372,303
$62,738
$57,266
--
$17,896
$15,387
$46,743
$1,838
$711,379
Liabilities and Partners’/ members’ capital (deficit):
                          
Mortgages, loans payable and
other obligations
--
--
$74,852
$20,416
$276,752
$52,800
$43,541
--
--
$7,170
--
--
$475,531
Other liabilities
$ 531
--
21,652
87
23,805
4,156
985
--
--
--
--
--
51,216
Partners’/members’ capital (deficit)
10,650
$ 20
619
8,381
71,746
5,782
12,740
--
$17,896
8,217
$46,743
$1,838
184,632
Total liabilities and partners’/ members’ capital (deficit)
$11,181
$ 20
$97,123
$28,884
$372,303
$62,738
$57,266
--
$17,896
$15,387
$46,743
$1,838
$711,379
Company’s investment in unconsolidated joint ventures, net
$5,248
--
$    254
$3,929
$92,110
$1,342
$4,024
--
$9,068
$8,300
$13,464
$756
$138,495





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 

 
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 September 30, 2009 and 2008 (dollars in thousands):

 
 
Three Months Ended September 30, 2009
 
Plaza
    
Red Bank
M-G-G/
Princeton
        
Boston-
    
VIII & IX
Ramland
Harborside
Corporate
Gramercy
Forrestal
Route 93
Gale
55
12
Downtown
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
Agreement
Village
Portfolio
Kimball
Corporate
Vreeland
Crossing
Jefferson
Total
Total revenues
$ 232
--
$9,334
$ 808
$3,213
$2,856
$ 466
$ 3
--
$ 594
--
--
$17,506
Operating and other expenses
(52)
--
(6,112)
(230)
(1,924)
(1,976)
(516)
--
--
(12)
$(706)
--
(11,528)
Depreciation and amortization
(153)
--
(1,045)
(153)
(1,211)
(842)
(297)
--
--
(128)
--
--
(3,829)
Interest expense
--
--
(1,154)
(85)
(781)
(436)
(38)
--
--
(106)
--
--
(2,600)
                           
Net income
$ 27
--
$1,023
$ 340
$(703)
$(398)
$(385)
$        3
--
$ 348
$(706)
--
$   (451)
Company’s equity in
                          
  earnings (loss) of
                          
  unconsolidated joint ventures
$ 13
--
$ 511
$ 170
--
$(87)
--
$ 66
--
$ 174
$(212)
--
$      635



 
 
Three Months Ended September 30, 2008
 
Plaza
    
Red Bank
M-G-G/
Princeton
        
Boston-
    
 
VIII & IX
Ramland
Harborside
Corporate
Gramercy
Forrestal
Route 93
Gale
55
12
Downtown
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
Agreement
Village
Portfolio
Kimball
Corporate
Vreeland
Crossing
Jefferson
Total
Total revenues
$ 307
$ 395
$11,232
$ 793
$12,457
$2,719
$ 773
$ 409
--
$         597
$ 1
--
$29,683
Operating and other expenses
(40)
(284)
(6,670)
(210)
(5,155)
(1,889)
(852)
(146)
--
(16)
--
--
(15,262)
Depreciation and amortization
(153)
(118)
(991)
(148)
(5,075)
(929)
(497)
(86)
--
(128)
--
--
(8,125)
Interest expense
--
(179)
(1,165)
(187)
(4,227)
(801)
(548)
(184)
--
(136)
--
--
(7,427)
                           
Net income
$ 114
$(186)
$2,406
$ 248
$(2,000)
$(900)
$(1,124)
$      (7)
--
$ 317
$         1
--
$(1,131)
Company’s equity in
                          
  earnings (loss) of
                          
  unconsolidated joint ventures
$ 57
--
$1,203
$ 124
$(1,326)
$(187)
$(337)
$      38
--
$ 159
--
--
$(269)




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
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 nine months ended September 30, 2009 and 2008 (dollars in thousands):


 
 
Nine Months Ended September 30, 2009
 
Plaza
    
Red Bank
M-G-G/
Princeton
        
Boston-
    
VIII & IX
Ramland
Harborside
Corporate
Gramercy
Forrestal
Route 93
Gale
55
12
Downtown
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
Agreement
Village
Portfolio
Kimball
Corporate
Vreeland
Crossing
Jefferson
Total
Total revenues
$ 619
--
$25,002
$2,421
$22,851
$9,262
$2,153
$ 38
--
$1,786
--
--
$64,132
Operating and other expenses
(146)
--
(16,921)
(688)
(10,052)
(5,149)
(2,487)
--
--
(47)
$(9,564)
--
(45,054)
Depreciation and amortization
(459)
--
(3,130)
(450)
(8,466)
(3,074)
(1,206)
--
--
(383)
--
--
(17,168)
Interest expense
--
--
(3,459)
(257)
(6,057)
(1,361)
(649)
--
--
(340)
--
--
(12,123)
                           
Net income
$     14
--
$1,492
$1,026
$(1,724)
$(322)
$(2,189)
$      38
--
$1,016
$(9,564)
--
$(10,213)
Company’s equity in
                          
  earnings (loss) of
                          
  unconsolidated joint ventures
$       7
--
$2,008
$ 513
$(916)
$(159)
$(4,354)
$ 107
--
$ 508
$(4,115)
--
$(6,401)



 
 
Nine Months Ended September 30, 2008
 
Plaza
    
Red Bank
M-G-G/
Princeton
        
Boston-
    
 
VIII & IX
Ramland
Harborside
Corporate
Gramercy
Forrestal
Route 93
Gale
55
12
Downtown
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
Agreement
Village
Portfolio
Kimball
Corporate
Vreeland
Crossing
Jefferson
Total
Total revenues
$ 843
$1,339
$32,579
$2,396
$37,285
$8,862
$2,100
$1,214
--
$1,589
$ 51
$ 1
$88,259
Operating and other expenses
(137)
(881)
(19,115)
(596)
(15,427)
(4,881)
(2,551)
(388)
--
(58)
--
(1)
(44,035)
Depreciation and amortization
(461)
(363)
(3,919)
(445)
(14,529)
(2,683)
(1,288)
(253)
--
(383)
--
--
(24,324)
Interest expense
--
(590)
(3,525)
(602)
(13,162)
(2,604)
(1,899)
(518)
--
(380)
--
--
(23,280)
                           
Net income
$ 245
$(495)
$6,020
$ 753
$(5,833)
$(1,306)
$(3,638)
$ 55
--
$ 768
$       51
--
$(3,380)
Company’s equity in
                          
  earnings (loss) of
                          
  unconsolidated joint ventures
$ 123
--
$3,046
$ 376
$(3,938)
$(267)
$(701)
$    426
--
$ 384
$       18
--
$(533)



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
17
 



Select Financial Ratios


Ratios Computed For Industry
September 30,
  
Comparisons:
2009
2008
      
 
Financial Position Ratios:
          
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
49.14%
49.65%
            
                 
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
43.68%
44.69%
            
                 
Total Debt/ Total Undepreciated
   Assets (%)
39.83%
40.60%
            
                 
Secured Debt/ Total Undepreciated
   Assets (%)
12.87%
5.22%
            
           
           
           
           
 
Three Months Ended
September 30,
  
Nine Months Ended
September 30,
 
2009
2008
  
2009
2008
 
Operational Ratios:
          
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
3.08
3.63
  
3.15
3.40
           
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
3.05
3.27
  
2.93
3.05
           
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
2.97
3.06
  
2.86
2.87
           
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
55.34%
62.84%
  
53.56%
67.79%
           

 
 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 

 
18
 





Debt Analysis
(as of September 30, 2009)


Debt Breakdown
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes and Other Obligations
$1,582,173
67.68%
6.37%
4.35
Fixed Rate Secured Debt
755,702
32.32%
7.09%
6.23
 
Totals/Weighted Average:
$2,337,875
100.00%
6.60%
4.96



Future Repayments
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
October 1 – December 31, 2009
$ 1,842
--
$ 1,842
7.62%
2010
8,155
$334,500
342,655
5.31%
2011
9,217
300,000
309,217
7.92%
2012
9,968
210,148
220,116
6.21%
2013
9,515
145,223
154,738
5.37%
Thereafter
48,913
1,296,639
1,345,552
6.95%
Sub-total
87,610
2,286,510
2,374,120
  
Adjustment for unamortized debt
discount/premium and mark to    market, net, as of  September 30, 2009
(36,245)
--
(36,245)
  
 
Totals/Weighted Average:
$ 51,365
$2,286,510
$2,337,875
6.60%

(a)  
No variable rate borrowings were outstanding as of September 30, 2009.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
19
 


Debt Maturities
(dollars in thousands)

 
October 1 –
December 31,
2009
2010
2011
2012
2013
2014
2015
2016
2018
2019
2020 and
Beyond
TOTALS
Secured Debt:
                        
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
          
$5,726
          
5,726
6301 Ivy Lane
          
5,320
          
5,320
35 Waterview
          
18,185
          
18,185
6 Becker, 85 Livingston,
75 Livingston, & 20 Waterview
          
65,035
          
65,035
4 Sylvan Way
          
14,575
          
14,575
10 Independence
          
16,924
          
16,924
395 West Passaic
          
9,492
          
9,492
4 Becker
              
$40,322
      
40,322
5 Becker
              
14,535
      
14,535
210 Clay
              
14,267
      
14,267
51 Imclone
              
3,847
      
3,847
23 Main Street
                
$26,566
    
26,566
Harborside Plaza 5
                
204,970
    
204,970
100 Walnut Avenue
                  
$17,281
  
17,281
One River Center
                  
39,586
  
39,586
581 Main Street
                    
$ 8
8
Total Secured Debt:
--
$169,500
--
$15,234
$19,118
$135,257
--
$72,971
$231,536
$56,867
$ 8
$700,491
                         
Unsecured Debt:
                        
Unsecured credit facility
    
--
                
--
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
7.75% unsecured notes
 due 8/19
                  
$250,000
  
250,000
Total Unsecured Debt:
--
$165,000
$300,000
$194,914
$126,105
$200,000
$150,000
$200,000
--
$250,000
--
$1,586,019
                         
Total Debt:
--
$334,500
$300,000
$210,148
$145,223
$335,257
$150,000
$272,971
$231,536
$306,867
$ 8
$2,286,510



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 

 
20
 

Debt Detail
(dollars in thousands)


   
Effective
Principal Balance at
  
 
Property Name
Lender
Interest
Rate
September 30,
2009
December 31,
2008
Date of
Maturity
  
Senior Unsecured Notes: (a)
          
7.250%, Senior Unsecured Notes
public debt
7.486%
--
$199,689
03/15/09
  
5.050%, Senior Unsecured Notes
public debt
5.265%
$149,970
149,929
04/15/10
  
7.835%, Senior Unsecured Notes
public debt
7.950%
15,000
15,000
12/15/10
  
7.750%, Senior Unsecured Notes
public debt
7.930%
299,771
299,641
02/15/11
  
5.250%, Senior Unsecured Notes
public debt
5.457%
99,550
99,404
01/15/12
  
6.150%, Senior Unsecured Notes
public debt
6.894%
93,332
92,963
12/15/12
  
5.820%, Senior Unsecured Notes
public debt
6.448%
25,723
25,641
03/15/13
  
4.600%, Senior Unsecured Notes
public debt
4.742%
99,894
99,872
06/15/13
  
5.125%, Senior Unsecured Notes
public debt
5.110%
201,049
201,229
02/15/14
  
5.125%, Senior Unsecured Notes
public debt
5.297%
149,510
149,441
01/15/15
  
5.800%, Senior Unsecured Notes
public debt
5.806%
200,483
200,540
01/15/16
  
7.750%, Senior Unsecured Notes
public debt
8.020%
247,891
--
08/15/19
  
Total Senior Unsecured Notes:
    
$1,582,173
$1,533,349
  

Revolving Credit Facilities:
Unsecured Facility (b)
23 Lenders
LIBOR +0.550%
--
$161,000
6/22/11
  
Total Revolving Credit Facilities:
    
--
$161,000
    


Property Mortgages: (c)
Assumed Obligations
n/a
4.960%
--
$ 5,090
n/a
  
Various (d)
Prudential Insurance
4.841%
$150,000
150,000
01/15/10
  
105 Challenger Road
Archon Financial CMBS
6.235%
19,353
19,188
06/06/10
  
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
16,728
17,043
12/01/12
  
Soundview Plaza
Morgan Stanley CMBS
6.015%
16,741
17,109
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
4,843
4,955
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
6,746
6,901
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
11,847
12,176
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,343
6,480
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
19,679
19,868
08/11/14
  
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
Wachovia CMBS
10.220%
60,218
--
08/11/14
  
4 Sylvan
Wachovia CMBS
10.190%
14,348
--
08/11/14
  
10 Independence
Wachovia CMBS
12.440%
15,277
--
08/11/14
  
4 Becker
Wachovia CMBS
9.550%
36,090
--
05/11/16
  
5 Becker
Wachovia CMBS
12.830%
10,999
--
05/11/16
  
210 Clay
Wachovia CMBS
13.420%
11,062
--
05/11/16
  
51 Imclone
Wachovia CMBS
8.390%
3,900
--
05/11/16
  
23 Main Street
JPMorgan CMBS
5.587%
32,166
32,521
09/01/18
  
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
237,901
239,795
11/01/18
  
100 Walnut Avenue
Guardian Life Ins. Co.
7.311%
19,600
--
02/01/19
  
One River Center
Guardian Life Ins. Co.
7.311%
44,900
--
02/01/19
  
581 Main Street
Valley National Bank
6.935% (e)
16,961
--
07/01/34
  
Total Mortgages, Loans Payable and Other Obligations:
  
$755,702
$531,126
  
 
Total Debt:
    
$2,337,875
$2,225,475
  

(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)  
Mortgage is collateralized by seven properties.
(e)  
The coupon interest rate will be reset at the end of year 10 and year 20 at 225 basis points over the 10-year treasury yield 45 days prior to the reset dates with a minimum rate of 6.875 percent.
(f)  
Mortgage is collateralized by the three properties compromising One River Center.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 

 
21
 












III. FINANCIAL INFORMATION















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
22
 



III.  FINANCIAL INFORMATION

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



   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
Revenues
  
2009
    
2008
    
2009
    
2008
  
Base rents
   $ 155,532     $ 147,809     $ 458,943     $ 444,499  
Escalations and recoveries from tenants
     24,995       29,755       77,888       82,065  
Construction services
     7,761       12,268       16,466       36,334  
Real estate services
     1,808       3,347       6,450       10,016  
Other income
     3,521       11,184       9,874       18,955  
Total revenues
     193,617       204,363       569,621       591,869  
                                 
Expenses
                                
Real estate taxes
     23,557       23,361       70,522       71,522  
Utilities
     18,122       24,706       55,090       65,794  
Operating services
     24,918       25,955       79,775       79,080  
Direct construction costs
     7,337       11,104       15,347       34,087  
General and administrative
     9,818       10,767       30,551       33,099  
Depreciation and amortization
     51,830       49,242       149,818       144,550  
Total expenses
     135,582       145,135       401,103       428,132  
Operating income
     58,035       59,228       168,518       163,737  
                                 
Other (Expense) Income
                                
Interest expense
     (36,048 )     (31,163 )     (102,350 )     (94,963 )
Interest and other investment income
     167       257       551       1,115  
Equity in earnings (loss) of unconsolidated joint ventures
     635       (269 )     (6,401 )     (533 )
Gain on reduction of other obligations
     --       --       1,693       --  
Gain on sale of investment in marketable securities
     --       --       --       471  
Total other (expense) income
     (35,246 )     (31,175 )     (106,507 )     (93,910 )
Income from continuing operations
     22,789       28,053       62,011       69,827  
Net income
     22,789       28,053       62,011       69,827  
Noncontrolling interest in consolidated joint ventures
     213       147       980       286  
Noncontrolling interest in Operating Partnership
     (3,415 )     (5,131 )     (9,929 )     (12,751 )
Preferred stock dividends
     (500 )     (500 )     (1,500 )     (1,500 )
Net income available to common shareholders
   $ 19,087     $ 22,569     $ 51,562     $ 55,862  
                                 
Basic earnings per common share:
                                
Income from continuing operations
   $ 0.24     $ 0.34     $ 0.71     $ 0.85  
Net income available to common shareholders
   $ 0.24     $ 0.34     $ 0.71     $ 0.85  
                                 
Diluted earnings per common share:
                                
Income from continuing operations
   $ 0.24     $ 0.34     $ 0.71     $ 0.85  
Net income available to common shareholders
   $ 0.24     $ 0.34     $ 0.71     $ 0.85  
                                 
Dividends declared per common share
   $ 0.45     $ 0.64     $ 1.35     $ 1.92  
                                 
Basic weighted average shares outstanding
     78,151       65,519       72,889       65,438  
                                 
Diluted weighted average shares outstanding
     92,245       80,617       87,106       80,573  
                                 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
23
 



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



   
September 30,
    
December 31,
  
Assets
  
2009
    
2008
  
Rental property
            
Land and leasehold interests
   $ 774,155     $ 731,086  
Buildings and improvements
     3,954,619       3,792,186  
Tenant improvements
     446,279       431,616  
Furniture, fixtures and equipment
     9,358       8,892  
      5,184,411       4,963,780  
Less – accumulated depreciation and amortization
     (1,113,034 )     (1,040,778 )
Net investment in rental property
     4,071,377       3,923,002  
Cash and cash equivalents
     279,156       21,621  
Investments in unconsolidated joint ventures
     32,969       138,495  
Unbilled rents receivable, net
     117,069       112,524  
Deferred charges and other assets, net
     225,645       212,422  
Restricted cash
     20,720       12,719  
Accounts receivable, net of allowance for doubtful accounts
                
of $2,905 and $2,319
     10,300       23,139  
                 
Total assets
   $ 4,757,236     $ 4,443,922  
                 
Liabilities and Equity
                
Senior unsecured notes
   $ 1,582,173     $ 1,533,349  
Revolving credit facility
     --       161,000  
Mortgages, loans payable and other obligations
     755,702       531,126  
Dividends and distributions payable
     42,070       52,249  
Accounts payable, accrued expenses and other liabilities
     119,395       119,451  
Rents received in advance and security deposits
     54,635       54,406  
Accrued interest payable
     22,416       32,978  
Total liabilities
     2,576,391       2,484,559  
Commitments and contingencies
                
                 
Equity:
                
Mack-Cali Realty Corporation 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,
                
78,554,827 and 66,419,055 shares outstanding
     785       664  
Additional paid-in capital
     2,265,423       1,905,386  
Dividends in excess of net earnings
     (435,517 )     (386,587 )
Total Mack-Cali Realty Corporation stockholders’ equity
     1,855,691       1,544,463  
                 
Noncontrolling interests in subsidiaries:
                
Operating Partnership
     322,111       414,114  
Consolidated joint ventures
     3,043       786  
Total noncontrolling interests in subsidiaries
     325,154       414,900  
                 
Total equity
     2,180,845       1,959,363  
                 
Total liabilities and equity
   $ 4,757,236     $ 4,443,922  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
24
 



Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Equity
For the nine months ended September 30, 2009
(in thousands) (unaudited)



             
     
Additional
Dividends in
Noncontrolling
  
 
Preferred Stock
Common Stock
Paid-In
Excess of
Interests
Total
 
Shares
Amount
Shares
Par Value
Capital
Net Earnings
in Subsidiaries
Equity
Balance at January 1, 2009
10
$25,000
66,419
$664
$1,905,386
$(386,587)
$414,900
$1,959,363
Net income
--
--
--
--
--
53,062
8,949
62,011
Preferred stock dividends
--
--
--
--
--
(1,500)
--
(1,500)
Common stock dividends
--
--
--
--
--
(100,492)
--
(100,492)
Common unit distributions
--
--
--
--
--
--
(19,027)
(19,027)
Common Stock offering
--
--
11,500
115
274,711
--
--
274,826
Increase in noncontrolling
                
  interests
--
--
--
--
--
--
3,237 
3,237
Redemption of common units
                
  for common stock
--
--
616
6
16,498
--
(16,504)
--
Shares issued under Dividend
                
  Reinvestment and Stock
                
  Purchase Plan
--
--
7
--
152
--
--
152
Stock Options Exercised
--
--
16
--
421
--
--
421
Directors Deferred comp. plan
--
--
--
--
303
--
--
303
Stock Compensation
--
--
--
--
1,700
--
--
1,700
Cancellation of
                
  Restricted stock
--
--
(3)
--
(149)
--
--
(149)
Rebalancing of ownership
                
  percent between
                
  parent and subsidiary
--
--
--
--
66,401
--
(66,401)
--
Balance at September 30, 2009
10
$25,000
78,555
$785
$2,265,423
$(435,517)
$325,154 
$2,180,845
                 


 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
25
 

 



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


 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 
2009
2008
2009
2008
Net income available to common shareholders
$              19,087
$ 22,569
$ 51,562
$ 55,862
Add: Noncontrolling interest in Operating Partnership
3,415
5,131
9,929
12,751
 Real estate-related depreciation and amortization on continuing operations (a)
52,499
54,406
158,077
159,601
Funds from operations available to common shareholders (b)
$ 75,001
$ 82,106
$219,568
$228,214
         
Diluted weighted average shares/units outstanding (c)
92,245
80,617
87,106
80,573
         
Funds from operations per share/unit – diluted
$ 0.81
$ 1.02
$ 2.52
$ 2.83
         
Dividend declared per common share
$ 0.45
$ 0.64
$ 1.35
$ 1.92
         
Dividend payout ratios:
        
     Funds from operations-diluted
55.34%
62.84%
53.56%
67.79%
         
Supplemental Information:
        
  Non-incremental revenue generating capital expenditures:
        
     Building improvements
$ 2,267
$ 2,642
$ 5,881
$ 7,492
     Tenant improvements and leasing commissions
$ 20,502
$ 9,946
$ 36,625
$ 38,078
  Straight-line rent adjustments (d)
$ 1,829
$ 1,959
$ 5,104
$ 5,244
  Amortization of (above)/below market lease intangibles, net (e)
$ 1,170
$ 2,004
$ 4,824
$ 5,988
  Impairment charge included in equity in earnings (loss)
--
--
$         4,010 (f)
--
 

(a) Includes the Company’s share from unconsolidated joint ventures of $1,004 and $5,243 for the three months ended September 30, 2009 and 2008, respectively, and $8,780 and $15,294 for the nine months ended September 30, 2009 and 2008, respectively.
(b) Funds from operations is 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 (13,982 shares and 14,895 shares for the three months ended September 30, 2009 and 2008, respectively, and 14,170 and 14,945 for the nine months
      ended September 30, 2009 and 2008, 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 $31 and $215 for the three months ended September 30, 2009 and 2008, respectively, and $254 and $900 for the nine months ended September 30, 2009 and 2008, respectively.
(e) Includes the Company’s share from unconsolidated joint ventures of $2 and $409 for three months ended September 30, 2009 and 2008, respectively, and $575 and $1,240 for the nine months ended September 30, 2009 and 2008, respectively.
(f) Noncontrolling interest in consolidated joint ventures share of loss was $587.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 

 
26
 



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


 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 
2009
2008
2009
2008
Net income (loss) available to common shareholders
$ 0.24
$0.34
$0.71
$0.85
Add: Real estate-related depreciation and amortization on continuing operations (a)
0.57
0.67
1.81
1.98
Deduct: Noncontrolling interest/rounding adjustment
--
0.01
--
--
 
    Funds from operations available to common shareholders (b)
$ 0.81
$1.02
$2.52
$2.83
Dividend payout ratio for FFO
   55.34%   62.84%   53.56%   67.79%
Diluted weighted average shares/units outstanding (c)
92,245
80,617
87,106
80,573

(a) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.07 for the three months ended September 30, 2009 and 2008, respectively, and $0.10 and $0.19 for the nine months ended September 30, 2009 and 2008, respectively.
(b) Funds from operations is 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 (13,982 shares and 14,895 shares for the three months ended September 30, 2009 and 2008, respectively, and 14,170 and 14,945 for the nine months
      ended September 30, 2009 and 2008, 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 September 30, 2009

 
 
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
September 30,
Nine Months Ended
September 30,
 
2009
2008
2009
2008
Basic weighted average shares outstanding:
78,151
65,519
72,889
65,438
Add: Weighted average common units
13,982
14,895
14,170
14,945
Basic weighted average shares/units:
92,133
80,414
87,059
80,383
Add: Stock options
19
103
--
98
Restricted Stock Awards
93
100
47
92
 
Diluted weighted average shares/units outstanding:
92,245
80,617
87,106
80,573




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
28
 












IV.  VALUE CREATION PIPELINE

















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
29
 



IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
 (dollars in thousands)


For the nine months ended September 30, 2009

Acquisition
Date
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Office:
        
4/29/09
210 Clay Avenue
Lyndhurst, Bergen County, NJ
1
121,203
4/29/09
4 Becker Farm Road
Roseland, Essex County, NJ
1
281,762
4/29/09
5 Becker Farm Road
Roseland, Essex County, NJ
1
118,343
4/29/09
6 Becker Farm Road
Roseland, Essex County, NJ
1
129,732
4/29/09
75 Livingston Avenue
Roseland, Essex County, NJ
1
94,221
4/29/09
85 Livingston Avenue
Roseland, Essex County, NJ
1
124,595
4/29/09
2 Independence Way
Princeton, Mercer County, NJ
1
67,401
4/29/09
4 Sylvan Way
Parsippany, Morris County, NJ
1
105,135
4/29/09
20 Waterview Boulevard
Parsippany, Morris County, NJ
1
225,550
4/29/09
51 Imclone Drive
Branchburg, Somerset County, NJ
1
63,213
4/29/09
10 Independence Boulevard
Warren, Somerset County, NJ
1
120,528
 
Total Property Acquisitions:
11
1,451,683
         




For the year ended December 31, 2008

None.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
30
 




Properties Commencing Initial Operations
(dollars in thousands)


For the nine months ended September 30, 2009

Date Placed
In Service
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Current %
Leased
Cost
Incurred (a)
Office:
            
03/01/09
22 Sylvan Way
Parsippany, Morris County, NJ
1
249,409
100%
$66,034
 
Total Properties Commencing Initial Operations:
1
249,409
100%
$66,034

(a)  
   Amounts are as of September 30, 2009.


For the year ended December 31, 2008

None.



Rental Property Sales


The Company did not sell any properties during the nine months ended September 30, 2009 and the year ended December 31, 2008.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
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
9/30/09
Total
Estimated
Costs
Current
% Leased
Company Effective Ownership
Wholly Owned:
                  
55 Corporate Drive
Bridgewater, NJ
Office
2011-3Q
1
205,000
$16,574
$48,778
100.0%
100.0%
                   
Unconsolidated
Joint Ventures:
                  
One Jefferson
Parsippany, NJ
Office
2009-4Q
1
100,000
20,823
 28,351
100.0%
8.33%
 
Total
      
2
305,000
$37,397
$77,129
100.0%
  





















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
32
 



Summary of Land Parcels


Site
Town/City
State
Acres
Development
Potential
(Sq. Ft.)
Type of Space
Horizon Center
Hamilton Township
NJ
5.3
68,000
Office/Flex/Retail
3 & 5 AAA Drive (a)
Hamilton Township
NJ
17.5
112,000
Office
6 AAA Drive
Hamilton Township
NJ
2.4
32,000
Office
2 South Gold Drive (b)
Hamilton Township
NJ
9.5
75,000
Office
Plaza VIII and IX Associates, L.L.C. (c)
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 (c)
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 (c)
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 (c)
East Rutherford
NJ
13.8
1,760,000
Office
Meadowlands Xanadu (c)
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
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
42.8
595,000
Office
Eastpoint II
Lanham
MD
4.8
122,000
Office/Hotel
Downtown Crossing (c)
Boston
MA
1.5
1,481,000
Mixed-Used
 
Total:
    
387.1
12,495,013
  

(a)  
This land parcel also includes an existing office building totaling 35,270 square feet.
(b)  
This land parcel also includes an existing office building totaling 33,962 square feet.
(c)  
Land owned or controlled by joint venture in which Mack-Cali is an equity partner.
(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 September 30, 2009

 
 
33
 


























V.  PORTFOLIO/ LEASING STATISTICS



















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
34
 



V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended September 30, 2009)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
  Market
Sq. Ft.
Leased
6/30/09
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 9/30/09 (c)
Pct.
Leased
9/30/09
Pct.
Leased
6/30/09
                 
  Northern NJ
13,407,199
 -
(427,918)
312,350
(115,568)
13,291,631
90.7%
91.4%
  Central NJ
4,916,601
 -
(159,885)
139,030
(20,855)
4,895,746
91.2%
91.5%
  Westchester Co., NY
4,467,756
-
(284,018)
256,029
(27,989)
4,439,767
92.7%
93.3%
  Manhattan
523,093
-
1,383
-
1,383
524,476
100.0%
99.7%
  Sub. Philadelphia
3,119,911
-
(80,504)
74,320
(6,184)
3,113,727
88.2%
88.4%
  Fairfield, CT
534,393
-
(1,363)
8,928
7,565
541,958
90.7%
89.4%
  Washington, DC/MD
902,497
-
(36,605)
28,509
(8,096)
894,401
69.2%
69.8%
  Rockland Co., NY
166,560
-
(5,450)
406
(5,044)
161,516
89.7%
92.5%
 
Total
28,038,010
-
(994,360)
819,572
(174,788)
27,863,222
90.0%
90.6%
                 

 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of June 30, 2009
30,946,453
    Total sq. ft. of properties added/sold this period
 -
Total sq. ft. as of September 30, 2009
30,946,453
   


(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 September 30, 2009 aggregating 44,450 square feet for which no new leases were signed.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
35
 



Leasing Statistics
(For the three months ended September 30, 2009)

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
32
290,332
69,993
220,339
5.9
22.22
3.08
  
 
Office/Flex
2
22,018
13,860
8,158
2.5
9.40
0.60
  
Central NJ
Office
20
135,081
17,817
117,264
3.2
24.74
2.86
  
 
Office/Flex
1
3,949
-
3,949
1.5
17.48
1.10
  
Westchester Co., NY
Office
19
90,285
9,576
80,709
4.1
20.78
1.48
  
 
Office/Flex
21
165,744
23,760
141,984
6.1
17.56
1.68
  
Sub. Philadelphia
Office
9
22,630
6,814
15,816
3.7
22.67
1.05
  
 
Office/Flex
6
51,690
-
51,690
1.7
11.27
0.31
  
Fairfield Co., CT
Office
3
8,928
7,565
1,363
4.0
20.62
6.95
  
Washington, DC/MD
Office
8
28,509
3,758
24,751
1.9
28.34
1.00
  
Rockland Co., NY
Office
1
406
406
-
1.0
23.00
0.20
  
                   
Total
  
122
819,572
153,549
666,023
4.7
20.68
2.40
  
                   
Detail by Property Type
                  
 
Office
92
576,171
115,929
460,242
4.7
22.88
2.78
  
 
Office/Flex
30
243,401
37,620
205,781
4.8
15.48
1.52
  
                   
Total
  
122
819,572
153,549
666,023
4.7
20.68
2.40
  
                   
Tenant Retention:
Leases Retained
58.4%
              
 
Sq. Ft. Retained
67.0%
              
   


(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 $6,182,489 and commissions of $3,009,935 committed, but not necessarily expended, during the period for second generation space aggregating 815,436 square feet.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
36
 



Leasing Statistics
(For the three months ended September 30, 2009)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
   Market
Sq. Ft.
Leased
6/30/09
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 9/30/09
Pct.
Leased
9/30/09
Pct.
Leased
6/30/09
                 
   Northern NJ
912,447
  -
(45,951)
53,654
7,703
920,150
84.2%
83.5%
   Central NJ
928,157
 -
(31,914)
22,417
(9,497)
918,660
87.9%
88.9%
   Boston, MA
163,858
(163,858)
  -
 -
  -
  -
 -
24.6%
                 
Total
2,004,462
(163,858)
(77,865)
76,071
(1,794)
1,838,810
86.0%
71.5%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of June 30, 2009
2,803,967
    Total sq. ft. of properties sold/transferred this period
(666,697)
Total sq. ft. as of September 30, 2009
2,137,270
   


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
4
53,654
-
53,654
7.9
30.36
2.43
   Central NJ
8
22,417
1,055
21,362
4.7
25.13
3.78
               
Total
12
76,071
1,055
75,016
6.9
28.82
2.70
               

(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 $345,557 and commissions of $1,077,005 committed, but not necessarily expended, during the period for second generation space aggregating 76,071 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
37
 


Leasing Statistics
(For the nine months ended September 30, 2009)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
12/31/08
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 9/30/09 (c)
Pct.
Leased
9/30/09
Pct.
Leased
12/31/08
                 
  Northern NJ
12,221,131
1,366,366
(1,029,718)
733,852
(295,866)
13,291,631
90.7%
92.5%
  Central NJ
4,729,314
251,142
(475,456)
390,746
(84,710)
4,895,746
91.2%
92.4%
  Westchester Co., NY
4,509,180
-
(785,921)
716,508
(69,413)
4,439,767
92.7%
94.2%
  Manhattan
524,476
-
(56,322)
56,322
-
524,476
100.0%
100.0%
  Sub. Philadelphia
3,097,778
-
(223,079)
239,028
15,949
3,113,727
88.2%
87.8%
  Fairfield, CT
526,132
-
(27,442)
43,268
15,826
541,958
90.7%
88.0%
  Washington, DC/MD
937,200
-
(134,540)
91,741
(42,799)
894,401
69.2%
72.5%
  Rockland Co., NY
160,559
-
(17,872)
18,829
957
161,516
89.7%
89.2%
 
26,705,770
1,617,508
(2,750,350)
2,290,294
(460,056)
27,863,222
90.0%
91.3%
                 

 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2008
29,245,361
    Total sq. ft. of properties added this period
1,701,092
Total sq. ft. as of September 30, 2009
30,946,453
   


(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 September 30, 2009 aggregating 44,450 square feet for which no new leases were signed.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
38
 



Leasing Statistics
(For the nine months ended September 30, 2009)

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
89
677,893
264,444
413,449
6.8
24.47
3.71
  
 
Office/Flex
7
55,959
13,860
42,099
2.5
14.52
1.16
  
Central NJ
Office
52
337,385
117,028
220,357
4.9
24.44
3.46
  
 
Office/Flex
5
53,361
26,310
27,051
5.1
17.84
2.96
  
Westchester Co., NY
Office
61
217,438
61,731
155,707
4.0
23.87
2.82
  
 
Office/Flex
60
449,970
88,708
361,262
5.3
16.38
1.46
  
 
Industrial/Warehouse
2
39,800
11,800
28,000
4.0
12.60
0.43
  
 
Retail
1
9,300
 -
9,300
5.0
39.16
0.20
  
Manhattan
Office
1
56,322
56,322
-
20.9
41.61
2.33
  
Sub. Philadelphia
Office
31
111,445
46,694
64,751
4.5
21.29
3.40
  
 
Office/Flex
19
127,583
13,105
114,478
2.2
10.01
0.65
  
Fairfield Co., CT
Office
10
40,493
29,155
11,338
6.2
21.42
4.00
  
 
Office/Flex
1
2,775
2,775
-
5.0
18.23
0.56
  
Washington, DC/MD
Office
20
91,741
28,300
63,441
3.7
25.21
3.27
  
Rockland Co., NY
Office
6
18,829
2,697
16,132
6.3
26.26
1.72
  
   
365
2,290,294
762,929
1,527,365
             5.6
21.72
2.86
  
Totals
                  
                   
Detail by Property Type
Office
270
1,551,546
606,371
945,175
6.1
24.76
3.37
  
 
Office/Flex
92
689,648
144,758
544,890
4.5
15.17
1.50
  
 
Industrial/Warehouse
2
39,800
11,800
28,000
4.0
12.60
0.43
  
 
Retail
1
9,300
- 
9,300
5.0
39.16
0.20
  
                   
   
365
      2,290,294
      762,929
      1,527,365
5.6
21.72
2.86
  
                   
Tenant Retention:
Leases Retained
55.1%
              
 
Sq. Ft. Retained
55.5%
              
   


(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 $25,081,747 and commissions of $11,533,454 committed, but not necessarily expended, during the period for second generation space aggregating 2,281,058 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
39
 



Leasing Statistics
(For the nine months ended September 30, 2009)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
Market
Sq. Ft.
Leased
12/31/08
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 9/30/09
Pct.
Leased
9/30/09
Pct.
Leased
12/31/08
                 
   Northern NJ
2,096,267
(1,116,366)
(157,687)
97,936
(59,751)
920,150
84.2%
91.4%
   Central NJ
1,191,209
(251,142)
(73,311)
51,904
(21,407)
918,660
87.9%
91.9%
   Boston, MA
225,872
(163,858)
(110,225)
48,211
(62,014)
 -
 -
33.9%
                 
Total
3,513,348
(1,531,366)
(341,223)
198,051
(143,172)
1,838,810
86.0%
82.6%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2008
4,255,650
    Total sq. ft. of properties sold/transferred this period
(2,118,380)
Total sq. ft. as of September 30, 2009
2,137,270
   

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
8
97,936
14,051
83,885
6.1
30.32
3.10
   Central NJ
14
51,904
20,298
31,606
6.7
25.32
2.82
   Boston, MA
3
48,211
-
48,211
6.1
16.63
1.70
               
Total
25
198,051
34,349
163,702
6.2
25.68
2.68
               


(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 $1,289,753 and commissions of $1,829,841 committed, but not necessarily expended, during the period for second generation space aggregating 189,657 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
40
 




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)
143,323,160
22.7
7,176,065
23.0
Jersey City, NJ
117,657,445
18.8
4,317,978
14.0
Bergen-Passaic, NJ
92,029,331
14.7
4,723,604
15.3
Westchester-Rockland, NY
91,661,398
14.7
4,968,420
16.1
Philadelphia, PA-NJ
55,371,272
8.9
3,529,994
11.4
Monmouth-Ocean, NJ
27,938,572
4.5
1,620,863
5.2
Middlesex-Somerset-Hunterdon, NJ
27,249,212
4.4
1,237,902
4.0
Washington, DC-MD-VA-WV
26,141,635
4.2
1,292,807
4.2
Trenton, NJ
17,267,256
2.8
956,597
3.1
New York (Manhattan)
16,120,934
2.6
524,476
1.7
Stamford-Norwalk, CT
8,003,270
1.3
452,260
1.5
Bridgeport, CT
2,604,566
0.4
145,487
0.5
         
Total
625,368,051
100.0
30,946,453
100.0
         

(a)  
Annualized base rental revenue is based on actual September 2009 billings times 12.  For leases whose rent commences after October 1, 2009, 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 September 30, 2009 aggregating 44,450 square feet and representing annualized rent of $1,060,314 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 September 30, 2009

 
 
41
 



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
102,993,560
16.5
3,788,435
13.9
Insurance Carriers & Related Activities
58,701,745
9.4
2,418,820
8.8
Manufacturing
51,164,524
8.2
2,658,778
9.7
Telecommunications
41,290,634
6.6
2,129,448
7.8
Legal Services
36,218,357
5.8
1,399,397
5.1
Health Care & Social Assistance
29,435,198
4.7
1,400,837
5.1
Credit Intermediation & Related Activities
27,189,816
4.3
1,044,789
3.8
Computer System Design Svcs.
27,045,074
4.3
1,286,654
4.7
Scientific Research/Development
23,082,532
3.7
846,131
3.1
Wholesale Trade
18,350,741
2.9
1,243,210
4.5
Accounting/Tax Prep.
17,678,839
2.8
659,962
2.4
Admin & Support, Waste Mgt. & Remediation Svcs.
17,406,067
2.8
803,822
2.9
Public Administration
16,331,663
2.6
587,186
2.1
Architectural/Engineering
15,271,803
2.4
713,539
2.6
Retail Trade
14,675,468
2.3
729,357
2.7
Management/Scientific
12,337,954
2.0
496,841
1.8
Real Estate & Rental & Leasing
11,896,566
1.9
533,129
1.9
Other Services (except Public Administration)
11,255,087
1.8
454,827
1.7
Accommodation & Food Services
11,248,101
1.8
497,378
1.8
Arts, Entertainment & Recreation
10,337,641
1.7
674,321
2.5
Advertising/Related Services
9,414,386
1.5
364,949
1.3
Construction
7,303,532
1.2
344,982
1.3
Information Services
7,222,415
1.2
269,058
1.0
Other Professional
6,397,169
1.0
260,481
1.0
Publishing Industries
6,035,049
1.0
242,559
0.9
Transportation
5,638,369
0.9
296,888
1.1
Utilities
5,592,584
0.9
226,567
0.8
Broadcasting
5,539,234
0.9
204,248
0.7
Data Processing Services
4,774,150
0.8
201,858
0.7
Educational Services
4,003,325
0.6
206,455
0.8
Other
9,536,468
1.5
401,410
1.5
         
Total
625,368,051
100.0
27,386,316
100.0


(a)  
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).
(b)  
Annualized base rental revenue is based on actual September 2009 billings times 12.  For leases whose rent commences after October 1, 2009, 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 September 30, 2009 aggregating 44,450 square feet and representing annualized rent of $1,060,314 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
42
 





Consolidated Portfolio Analysis (a)
(as of September 30, 2009)

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
111
41.5%
49
18.3%
--
--
--
--
--
--
160
59.8%
New York
21
7.8%
41
15.4%
6
2.2%
2
0.7 %
2
0.7%
72
26.8%
Pennsylvania
18
6.7%
--
--
--
--
--
--
--
--
18
6.7%
Connecticut
2
0.7%
5
1.9%
--
--
--
--
--
--
7
2.6%
Wash., D.C./
   Maryland
 
10
 
3.7%
 
--
 
--
 
--
 
--
 
--
 
--
1
 
0.4%
 
11
 
4.1%
TOTALS
    By Type:
 
162
 
60.4%
 
95
 
35.6%
 
6
 
2.2%
 
2
 
0.7%
 
3
 
1.1%
 
268
 
100.0%

(a)  
Excludes 20 properties, aggregating approximately 2.1 million square feet, which are not consolidated by the Company.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
43
 





Consolidated Portfolio Analysis (a)
(as of September 30, 2009)

         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
19,347,734
62.5%
2,189,531
7.1%
--
--
--
--
21,537,265
69.6%
New York
2,739,384
8.9%
2,348,812
7.6%
387,400
1.3%
17,300
0.1%
5,492,896
17.9%
Pennsylvania
2,025,738
6.4%
--
--
--
--
--
--
2,025,738
6.4%
Connecticut
324,747
1.0%
273,000
0.9%
--
--
--
--
597,747
1.9%
Wash., D.C./
   Maryland
 
1,292,807
 
4.2%
 
--
 
--
 
--
 
--
 
--
 
--
 
1,292,807
 
4.2%
TOTALS
    By Type:
 
25,730,410
 
83.0%
 
4,811,343
 
15.6%
 
387,400
 
1.3%
 
17,300
 
0.1%
 
30,946,453
 
100.0%

(a)  
Excludes 20 properties, aggregating approximately 2.1 million square feet, which are not consolidated by the Company.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
44
 





Consolidated Portfolio Analysis (a)
(Year ended September 30, 2009)

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
$404,121
66.4%
$18,962
3.1%
--
--
--
--
--
--
$423,083
69.5%
New York
69,333
11.4%
34,194
5.6%
$3,580
0.6%
$294
0.1%
 $299
0.1%
107,700
17.8%
Pennsylvania
40,710
6.7%
--
--
--
--
--
--
--
--
40,710
6.7%
Connecticut
6,323
1.0%
4,118
0.7%
--
--
--
--
--
--
10,441
1.7%
Wash., D.C./
   Maryland
26,361
4.3%
--
--
--
--
--
--
46
--
26,407
 
4.3%
TOTALS
   By Type:
$546,848
89.8%
$57,274
9.4%
$3,580
0.6%
$294
0.1%
 $345
0.1%
$608,341
100.0%
 
 
(a)  
Excludes 20 properties, aggregating approximately 2.1 million square feet, which are not consolidated by the Company.
(b)  
Total base rent for the 12 months ended September 30, 2009, determined in accordance with GAAP.  Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
45
 





Consolidated Portfolio Analysis (a) (b)
(as of September 30, 2009)

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
90.9%
91.2%
--
--
90.9%
New York
91.1%
95.1%
97.8%
100.0%
93.3%
Pennsylvania
84.7%
--
--
--
84.7%
Connecticut
82.8%
100.0%
--
--
90.7%
Washington, D.C./ Maryland
69.2%
--
--
--
69.2%
 
WEIGHTED AVG. By Type:
 
89.2%
 
93.6%
 
97.8%
 
100.0%
 
90.0%

(a)  
Excludes 20 properties, aggregating approximately 2.1 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 September 30, 2009 aggregating 44,450 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
46
 


 
Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
BERGEN COUNTY, NEW JERSEY
              
Fair Lawn
              
17-17 Route 208 North                                                 
1987
143,000
69.2
2,081
0.34
21.03
  
Fort Lee
              
One Bridge Plaza                                                 
1981
200,000
81.3
4,313
0.70
26.53
  
2115 Linwood Avenue                                                 
1981
68,000
53.7
985
0.16
26.97
  
Little Ferry
              
200 Riser Road                                                 
1974
286,628
100.0
2,076
0.34
7.24
  
Lyndhurst
              
210 Clay Avenue (e)                                                 
1981
121,203
89.1
1,051
0.17
23.22
  
Montvale
              
95 Chestnut Ridge Road                                                 
1975
47,700
100.0
804
0.13
16.86
  
135 Chestnut Ridge Road                                                 
1981
66,150
99.7
1,513
0.25
22.94
  
Paramus
              
15 East Midland Avenue                                                 
1988
259,823
80.5
4,859
0.80
23.23
  
140 East Ridgewood Avenue                                                 
1981
239,680
93.0
4,880
0.80
21.89
  
461 From Road                                                 
1988
253,554
98.6
6,074
1.00
24.30
  
650 From Road                                                 
1978
348,510
86.7
7,102
1.16
23.50
  
61 South Paramus Avenue                                                 
1985
269,191
84.3
6,967
1.15
30.70
  
Ridgefield Park
              
105 Challenger Road                                                 
1992
150,050
100.0
4,651
0.76
31.00
  
Rochelle Park
              
120 Passaic Street                                                 
1972
52,000
99.6
1,402
0.23
27.07
  
365 West Passaic Street                                                 
1976
212,578
98.6
4,396
0.72
20.97
  
395 West Passaic Street                                                 
1979
100,589
100.0
2,415
0.40
24.01
  
Upper Saddle River
              
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.23
15.72
  
10 Mountainview Road                                                 
1986
192,000
71.8
3,223
0.53
23.38
  
Woodcliff Lake
              
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,950
0.32
21.86
  
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,297
0.21
24.70
  
530 Chestnut Ridge Road                                                 
1986
57,204
100.0
1,168
0.19
20.42
  
50 Tice Boulevard                                                 
1984
235,000
97.4
6,307
1.04
27.55
  
300 Tice Boulevard                                                 
1991
230,000
98.9
5,355
0.88
23.54
  
               
BURLINGTON COUNTY, NEW JERSEY
              
Moorestown
              
224 Strawbridge Drive                                                 
1984
74,000
100.0
1,652
0.27
22.32
  
228 Strawbridge Drive                                                 
1984
74,000
100.0
1,853
0.30
25.04
  
232 Strawbridge Drive                                                 
1986
74,258
98.8
1,467
0.24
20.00
  
               
ESSEX COUNTY, NEW JERSEY
              
Millburn
              
150 J.F. Kennedy Parkway                                                 
1980
247,476
100.0
7,533
1.24
30.44
  
Roseland
              
4 Becker Farm Road (e)                                                 
1983
281,762
97.1
2,917
0.48
25.44
  
5 Becker Farm Road (e)                                                 
1982
118,343
89.8
1,050
0.17
23.57
  
6 Becker Farm Road (e)                                                 
1982
129,732
100.0
1,342
0.22
24.68
  
101 Eisenhower Parkway                                                 
1980
237,000
86.4
5,098
0.84
24.90
  
103 Eisenhower Parkway                                                 
1985
151,545
65.9
2,527
0.42
25.30
  
105 Eisenhower Parkway                                                 
2001
220,000
96.3
4,970
0.82
23.46
  
75 Livingston Avenue (e)                                                 
1985
94,221
69.6
661
0.11
24.05
  
85 Livingston Avenue (e)                                                 
1985
124,595
84.8
1,121
0.18
25.31
  
               
               



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
47
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
HUDSON COUNTY, NEW JERSEY
              
Jersey City
              
Harborside Financial Center Plaza 1
1983
400,000
100.0
11,259
1.85
28.15
  
Harborside Financial Center Plaza 2
1990
761,200
100.0
18,904
3.11
24.83
  
Harborside Financial Center Plaza 3
1990
725,600
96.1
19,262
3.17
27.62
  
Harborside Financial Center Plaza 4-A
2000
207,670
99.3
6,170
1.01
29.92
  
Harborside Financial Center Plaza 5
2002
977,225
99.7
35,722
5.86
36.66
  
101 Hudson Street                                                 
1992
1,246,283
100.0
32,140
5.27
25.79
  
               
MERCER COUNTY, NEW JERSEY
              
Hamilton Township
              
3 AAA Drive                                                 
1981
35,270
68.7
520
0.09
21.46
  
2 South Gold Drive                                                 
1974
33,962
64.5
483
0.08
22.05
  
600 Horizon Drive                                                 
2002
95,000
100.0
1,373
0.23
14.45
  
700 Horizon Drive                                                 
2007
120,000
100.0
2,459
0.40
20.49
  
Princeton
              
103 Carnegie Center                                                 
1984
96,000
90.1
1,768
0.29
20.44
  
2 Independence Way (e)                                                 
1981
67,401
100.0
634
0.10
22.44
  
3 Independence Way                                                 
1983
111,300
91.8
2,026
0.33
19.83
  
100 Overlook Center                                                 
1988
149,600
100.0
4,940
0.81
33.02
  
5 Vaughn Drive                                                 
1987
98,500
100.0
2,530
0.42
25.69
  
               
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
4,216
0.69
21.54
  
Piscataway
              
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,465
0.41
15.41
  
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,771
0.29
15.40
  
30 Knightsbridge Road, Bldg. 5
1977
332,607
80.8
4,970
0.82
18.49
  
30 Knightsbridge Road, Bldg. 6
1977
72,743
63.8
206
0.03
4.44
  
Plainsboro
              
500 College Road East                                                 
1984
158,235
15.7
2,874
0.47
115.69
  
Woodbridge
              
581 Main Street                                                 
1991
200,000
100.0
5,243
0.86
26.22
  
               
MONMOUTH COUNTY, NEW JERSEY
              
Freehold
              
2 Paragon Way                                                 
1989
44,524
40.5
429
0.07
23.79
  
3 Paragon Way                                                 
1991
66,898
75.8
1,038
0.17
20.47
  
4 Paragon Way                                                 
2002
63,989
100.0
1,226
0.20
19.16
  
100 Willowbrook Road                                                 
1988
60,557
86.2
985
0.16
18.87
  
Holmdel
              
23 Main Street                                                 
1977
350,000
100.0
4,023
0.66
11.49
  
Middletown
              
One River Centre Bldg. 1                                                 
1983
122,594
100.0
3,145
0.52
25.65
  
One River Centre Bldg. 2                                                 
1983
120,360
100.0
2,899
0.48
24.09
  
One River Centre Bldg. 3 and 4
1984
214,518
93.6
4,603
0.76
22.92
  
Neptune
              
3600 Route 66                                                 
1989
180,000
100.0
2,400
0.39
13.33
  
Wall Township
              
1305 Campus Parkway                                                 
1988
23,350
92.4
444
0.07
20.58
  
1350 Campus Parkway                                                 
1990
79,747
99.9
1,536
0.25
19.28
  
               



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
48
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
MORRIS COUNTY, NEW JERSEY
              
Florham Park
              
325 Columbia Turnpike                                                 
1987
168,144
70.2
3,470
0.57
29.40
  
Morris Plains
              
250 Johnson Road                                                 
1977
75,000
100.0
1,579
0.26
21.05
  
201 Littleton Road                                                 
1979
88,369
83.3
1,710
0.28
23.23
  
Morris Township
              
412 Mt. Kemble Avenue                                                 
1986
475,100
47.1
4,712
0.77
21.06
  
Parsippany
              
4 Campus Drive                                                 
1983
147,475
89.9
3,277
0.54
24.72
  
6 Campus Drive                                                 
1983
148,291
95.5
2,901
0.48
20.48
  
7 Campus Drive                                                 
1982
154,395
55.4
1,856
0.31
21.70
  
8 Campus Drive                                                 
1987
215,265
100.0
6,162
1.01
28.63
  
9 Campus Drive                                                 
1983
156,495
70.5
2,683
0.44
24.32
  
4 Century Drive                                                 
1981
100,036
70.5
1,704
0.28
24.16
  
5 Century Drive                                                 
1981
79,739
77.1
1,384
0.23
22.51
  
6 Century Drive                                                 
1981
100,036
94.7
1,546
0.25
16.32
  
2 Dryden Way                                                 
1990
6,216
100.0
99
0.02
15.93
  
4 Gatehall Drive                                                 
1988
248,480
94.4
6,482
1.07
27.63
  
2 Hilton Court                                                 
1991
181,592
100.0
6,530
1.07
35.96
  
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.19
19.59
  
600 Parsippany Road                                                 
1978
96,000
86.6
1,652
0.27
19.87
  
1 Sylvan Way                                                 
1989
150,557
31.8
1,554
0.26
32.46
  
4 Sylvan Way (e)                                                 
1984
105,135
100.0
804
0.13
18.24
  
5 Sylvan Way                                                 
1989
151,383
96.5
3,995
0.66
27.35
  
7 Sylvan Way                                                 
1987
145,983
100.0
3,219
0.53
22.05
  
22 Sylvan Way (e)                                                 
2009
249,409
100.0
3,531
0.58
24.15
  
20 Waterview Boulevard (e)                                                 
1988
225,550
96.8
2,278
0.37
24.89
  
35 Waterview Boulevard                                                 
1990
172,498
81.9
3,862
0.63
27.34
  
5 Wood Hollow Road                                                 
1979
317,040
73.1
4,764
0.78
20.56
  
               
PASSAIC COUNTY, NEW JERSEY
              
Clifton
              
777 Passaic Avenue                                                 
1983
75,000
84.6
1,430
0.24
22.54
  
Totowa
              
999 Riverview Drive                                                 
1988
56,066
85.1
921
0.15
19.30
  
               
SOMERSET COUNTY, NEW JERSEY
              
Basking Ridge
              
222 Mt. Airy Road                                                 
1986
49,000
100.0
993
0.16
20.27
  
233 Mt. Airy Road                                                 
1987
66,000
100.0
1,315
0.22
19.92
  
Bernards
              
106 Allen Road                                                 
2000
132,010
99.7
2,833
0.47
21.53
  
Branchburg
              
51 Imclone Drive (e)                                              
1986
63,213
100.0
143
0.02
5.40
  
Bridgewater
              
721 Route 202/206                                                 
1989
192,741
81.2
3,685
0.61
23.55
  
Warren
              
10 Independence Boulevard (e)
1988
120,528
100.0
1,387
0.23
27.45
  
               
UNION COUNTY, NEW JERSEY
              
Clark
              
100 Walnut Avenue                                                 
1985
182,555
99.1
4,629
0.76
25.59
  
               



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
49
 

 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
Cranford
              
6 Commerce Drive                                                 
1973
56,000
85.7
924
0.15
19.25
  
11 Commerce Drive                                                 
1981
90,000
93.8
1,956
0.32
23.17
  
12 Commerce Drive                                                 
1967
72,260
87.6
850
0.14
13.43
  
14 Commerce Drive                                                 
1971
67,189
68.7
1,138
0.19
24.65
  
20 Commerce Drive                                                 
1990
176,600
98.9
4,423
0.73
25.32
  
25 Commerce Drive                                                 
1971
67,749
92.8
1,316
0.22
20.93
  
65 Jackson Drive                                                 
1984
82,778
97.5
1,886
0.31
23.37
  
New Providence
              
890 Mountain Avenue                                                 
1977
80,000
91.4
1,866
0.31
25.52
  
               
Total New Jersey Office
  
19,347,734
90.9
404,121
66.39
24.17
  
               
NEW YORK COUNTY, NEW YORK
              
New York
              
125 Broad Street                                                 
1970
524,476
100.0
19,704
3.23
37.57
  
               
ROCKLAND COUNTY, NEW YORK
              
Suffern
              
400 Rella Boulevard                                                 
1988
180,000
89.7
3,684
0.61
22.82
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
100 Clearbrook Road (c)                                                 
1975
60,000
91.9
1,104
0.18
20.02
  
101 Executive Boulevard                                                 
1971
50,000
40.7
537
0.09
26.39
  
555 Taxter Road                                                 
1986
170,554
80.1
3,481
0.57
25.48
  
565 Taxter Road                                                 
1988
170,554
93.6
3,927
0.65
24.60
  
570 Taxter Road                                                 
1972
75,000
73.3
1,359
0.22
24.72
  
Hawthorne
              
1 Skyline Drive                                                 
1980
20,400
99.0
326
0.05
16.14
  
2 Skyline Drive                                                 
1987
30,000
58.6
147
0.02
8.36
  
7 Skyline Drive                                                 
1987
109,000
100.0
2,767
0.45
25.39
  
17 Skyline Drive                                                 
1989
85,000
100.0
1,630
0.27
19.18
  
19 Skyline Drive                                                 
1982
248,400
100.0
4,036
0.66
16.25
  
Tarrytown
              
200 White Plains Road                                                 
1982
89,000
62.6
1,654
0.27
29.69
  
220 White Plains Road                                                 
1984
89,000
85.9
1,843
0.30
24.11
  
White Plains
              
1 Barker Avenue                                                 
1975
68,000
99.0
1,788
0.29
26.56
  
3 Barker Avenue                                                 
1983
65,300
100.0
1,732
0.28
26.52
  
50 Main Street                                                 
1985
309,000
98.9
9,983
1.64
32.67
  
11 Martine Avenue                                                 
1987
180,000
68.5
4,092
0.67
33.19
  
1 Water Street                                                 
1979
45,700
94.7
1,127
0.19
26.04
  
Yonkers
              
1 Executive Boulevard                                                 
1982
112,000
100.0
2,977
0.49
26.58
  
3 Executive Boulevard                                                 
1987
58,000
92.7
1,435
0.24
26.69
  
               
Total New York Office
  
2,739,384
91.1
69,333
11.37
27.78
  
               
CHESTER COUNTY, PENNSYLVANIA
              
Berwyn
              
1000 Westlakes Drive                                                 
1989
60,696
90.1
1,558
0.26
28.49
  
1055 Westlakes Drive                                                 
1990
118,487
94.7
2,883
0.47
25.69
  
1205 Westlakes Drive                                                 
1988
130,265
86.9
3,133
0.52
27.68
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
50
 


 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
1235 Westlakes Drive                                                 
1986
134,902
99.0
3,108
0.51
23.27
  
               
DELAWARE COUNTY, PENNSYLVANIA
              
Lester
              
100 Stevens Drive                                                 
1986
95,000
100.0
2,551
0.42
26.85
  
200 Stevens Drive                                                 
1987
208,000
100.0
5,605
0.92
26.95
  
300 Stevens Drive                                                 
1992
68,000
84.7
1,430
0.24
24.83
  
Media
              
1400 Providence Road – Center I
1986
100,000
94.2
2,157
0.35
22.90
  
1400 Providence Road – Center II
1990
160,000
94.3
3,138
0.52
20.80
  
 
MONTGOMERY COUNTY, PENNSYLVANIA
              
Bala Cynwyd
              
150 Monument Road                                                 
1981
125,783
95.7
3,003
0.49
24.95
  
Blue Bell
              
4 Sentry Park                                                 
1982
63,930
78.8
772
0.13
15.32
  
5 Sentry Park East                                                 
1984
91,600
51.3
898
0.15
19.11
  
5 Sentry Park West                                                 
1984
38,400
31.5
253
0.04
20.92
  
16 Sentry Park West                                                 
1988
93,093
93.0
2,166
0.36
25.02
  
18 Sentry Park West                                                 
1988
95,010
89.7
2,055
0.34
24.11
  
King of Prussia
              
2200 Renaissance Boulevard                                                 
1985
174,124
65.4
2,348
0.39
20.62
  
Lower Providence
              
1000 Madison Avenue                                                 
1990
100,700
53.5
994
0.16
18.45
  
Plymouth Meeting
              
1150 Plymouth Meeting Mall                                                 
1970
167,748
75.8
2,658
0.44
20.90
  
               
Total Pennsylvania Office
  
2,025,738
84.7
40,710
6.71
23.73
  
               
FAIRFIELD COUNTY, CONNECTICUT
              
Norwalk
              
40 Richards Avenue                                                 
1985
145,487
77.6
2,669
0.44
23.64
  
Stamford
              
1266 East Main Street                                                 
1984
179,260
87.1
3,654
0.60
23.40
  
               
Total Connecticut Office
  
324,747
82.8
6,323
1.04
23.50
  
               
WASHINGTON, D.C.
              
1201 Connecticut Avenue, NW
1940
169,549
100.0
6,807
1.12
40.15
  
1400 L Street, NW                                                 
1987
159,000
100.0
5,889
0.97
37.04
  
               
Total District of Columbia Office
  
328,549
100.0
12,696
2.09
38.64
  
               
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
78.2
1,959
0.32
22.37
  
6303 Ivy Lane                                                 
1980
112,047
55.9
1,664
0.27
26.57
  
6305 Ivy Lane                                                 
1982
112,022
72.9
1,701
0.28
20.83
  
6404 Ivy Lane                                                 
1987
165,234
43.3
1,853
0.30
25.90
  
6406 Ivy Lane                                                 
1991
163,857
0.0
66
0.01
0.00
  
6411 Ivy Lane                                                 
1984
138,405
82.9
2,777
0.46
24.20
  
 
 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
51
 
 
 
 
 
 
               
 
 
Property Listing
 
Office Properties
(continued)
 
 
  
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
Lanham
              
4200 Parliament Place                                                 
1989
122,000
89.3
2,735
0.45
25.10
  
               
Total Maryland Office
  
964,258
58.7
13,665
2.24
24.15
  
               
               
TOTAL OFFICE PROPERTIES
  
25,730,410
89.2
546,848
89.84
24.73
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
52
 


 
 
Property Listing
 
Office/Flex Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
BURLINGTON COUNTY, NEW JERSEY
              
Burlington
              
3 Terri Lane                                                 
1991
64,500
100.0
559
0.09
8.67
  
5 Terri Lane                                                 
1992
74,555
78.8
471
0.08
8.02
  
Moorestown
              
2 Commerce Drive                                                 
1986
49,000
74.1
252
0.04
6.94
  
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.05
4.25
  
102 Commerce Drive                                                 
1987
38,400
100.0
236
0.04
6.15
  
201 Commerce Drive                                                 
1986
38,400
100.0
227
0.04
5.91
  
202 Commerce Drive                                                 
1988
51,200
100.0
233
0.04
4.55
  
1 Executive Drive                                                 
1989
20,570
81.1
157
0.03
9.41
  
2 Executive Drive                                                 
1988
60,800
100.0
474
0.08
7.80
  
101 Executive Drive                                                 
1990
29,355
99.7
301
0.05
10.28
  
102 Executive Drive                                                 
1990
64,000
100.0
474
0.08
7.41
  
225 Executive Drive                                                 
1990
50,600
67.6
146
0.02
4.27
  
97 Foster Road                                                 
1982
43,200
75.5
156
0.03
4.78
  
1507 Lancer Drive                                                 
1995
32,700
100.0
134
0.02
4.10
  
1245 North Church Street                                                 
1998
52,810
71.6
223
0.04
5.90
  
1247 North Church Street                                                 
1998
52,790
58.1
225
0.04
7.34
  
1256 North Church Street                                                 
1984
63,495
100.0
467
0.08
7.35
  
840 North Lenola Road                                                 
1995
38,300
100.0
370
0.06
9.66
  
844 North Lenola Road                                                 
1995
28,670
100.0
170
0.03
5.93
  
915 North Lenola Road                                                 
1998
52,488
100.0
282
0.05
5.37
  
2 Twosome Drive                                                 
2000
48,600
100.0
450
0.07
9.26
  
30 Twosome Drive                                                 
1997
39,675
89.9
272
0.04
7.63
  
31 Twosome Drive                                                 
1998
84,200
100.0
481
0.08
5.71
  
40 Twosome Drive                                                 
1996
40,265
100.0
322
0.05
8.00
  
41 Twosome Drive                                                 
1998
43,050
88.9
232
0.04
6.06
  
50 Twosome Drive                                                 
1997
34,075
100.0
257
0.04
7.54
  
               
GLOUCESTER COUNTY, NEW JERSEY
              
West Deptford
              
1451 Metropolitan Drive                                                 
1996
21,600
100.0
146
0.02
6.76
  
               
MERCER COUNTY, NEW JERSEY
              
Hamilton Township
              
100 Horizon Center Boulevard
1989
13,275
100.0
213
0.04
16.05
  
200 Horizon Drive                                                 
1991
45,770
85.3
555
0.09
14.22
  
300 Horizon Drive                                                 
1989
69,780
100.0
969
0.16
13.89
  
500 Horizon Drive                                                 
1990
41,205
79.9
579
0.10
17.59
  
               
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
956
0.16
13.19
  
1345 Campus Parkway                                                 
1995
76,300
85.1
884
0.15
13.61
  
1433 Highway 34                                                 
1985
69,020
71.8
491
0.08
9.91
  
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
211
0.03
10.38
  
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 September 30, 2009

 
 
53
 


 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
PASSAIC COUNTY, NEW JERSEY
              
Totowa
              
1 Center Court                                                 
1999
38,961
62.2
428
0.07
17.66
  
2 Center Court                                                 
1998
30,600
99.3
396
0.07
13.03
  
11 Commerce Way                                                 
1989
47,025
100.0
577
0.09
12.27
  
20 Commerce Way                                                 
1992
42,540
100.0
445
0.07
10.46
  
29 Commerce Way                                                 
1990
48,930
100.0
711
0.12
14.53
  
40 Commerce Way                                                 
1987
50,576
72.1
465
0.08
12.75
  
45 Commerce Way                                                 
1992
51,207
96.4
557
0.09
11.28
  
60 Commerce Way                                                 
1988
50,333
100.0
594
0.10
11.80
  
80 Commerce Way                                                 
1996
22,500
88.6
262
0.04
13.14
  
100 Commerce Way                                                 
1996
24,600
66.3
287
0.05
17.60
  
120 Commerce Way                                                 
1994
9,024
100.0
127
0.02
14.07
  
140 Commerce Way                                                 
1994
26,881
99.5
377
0.06
14.10
  
               
Total New Jersey Office/Flex
  
2,189,531
91.2
18,962
3.15
9.50
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
11 Clearbrook Road                                                 
1974
31,800
72.8
470
0.08
20.30
  
75 Clearbrook Road                                                 
1990
32,720
100.0
327
0.05
9.99
  
125 Clearbrook Road                                                 
2002
33,000
100.0
712
0.12
21.58
  
150 Clearbrook Road                                                 
1975
74,900
100.0
1,081
0.18
14.43
  
175 Clearbrook Road                                                 
1973
98,900
100.0
1,529
0.25
15.46
  
200 Clearbrook Road                                                 
1974
94,000
91.8
772
0.13
8.95
  
250 Clearbrook Road                                                 
1973
155,000
87.4
1,463
0.24
10.80
  
50 Executive Boulevard                                                 
1969
45,200
86.9
466
0.08
11.86
  
77 Executive Boulevard                                                 
1977
13,000
100.0
252
0.04
19.38
  
85 Executive Boulevard                                                 
1968
31,000
99.4
577
0.09
18.73
  
300 Executive Boulevard                                                 
1970
60,000
100.0
731
0.12
12.18
  
350 Executive Boulevard                                                 
1970
15,400
98.8
233
0.04
15.31
  
399 Executive Boulevard                                                 
1962
80,000
100.0
778
0.13
9.73
  
400 Executive Boulevard                                                 
1970
42,200
63.5
581
0.10
21.68
  
500 Executive Boulevard                                                 
1970
41,600
100.0
668
0.11
16.06
  
525 Executive Boulevard                                                 
1972
61,700
100.0
1,014
0.17
16.43
  
1 Westchester Plaza                                                 
1967
25,000
100.0
349
0.06
13.96
  
2 Westchester Plaza                                                 
1968
25,000
100.0
536
0.09
21.44
  
3 Westchester Plaza                                                 
1969
93,500
84.9
663
0.11
8.35
  
4 Westchester Plaza                                                 
1969
44,700
59.1
481
0.08
18.21
  
5 Westchester Plaza                                                 
1969
20,000
100.0
232
0.04
11.60
  
6 Westchester Plaza                                                 
1968
20,000
100.0
293
0.05
14.65
  
7 Westchester Plaza                                                 
1972
46,200
100.0
749
0.12
16.21
  
8 Westchester Plaza                                                 
1971
67,200
100.0
990
0.16
14.73
  
Hawthorne
              
200 Saw Mill River Road                                                 
1965
51,100
92.0
664
0.11
14.12
  
4 Skyline Drive                                                 
1987
80,600
94.5
1,374
0.23
18.04
  
5 Skyline Drive                                                 
1980
124,022
99.3
1,744
0.29
14.16
  
6 Skyline Drive                                                 
1980
44,155
100.0
259
0.04
5.87
  
8 Skyline Drive                                                 
1985
50,000
98.7
1,015
0.17
20.57
  
10 Skyline Drive                                                 
1985
20,000
84.4
294
0.05
17.42
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
54
 

 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
11 Skyline Drive                                                 
1989
45,000
100.0
803
0.13
17.84
  
12 Skyline Drive                                                 
1999
46,850
100.0
816
0.13
17.42
  
15 Skyline Drive                                                 
1989
55,000
100.0
1,179
0.19
21.44
  
Yonkers
              
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,491
0.25
19.45
  
200 Corporate Boulevard South                                                            
1990
84,000
99.8
1,511
0.25
18.02
  
4 Executive Plaza                                                 
1986
80,000
100.0
1,385
0.23
17.31
  
6 Executive Plaza                                                 
1987
80,000
99.2
1,480
0.24
18.65
  
1 Odell Plaza                                                 
1980
106,000
99.9
1,317
0.22
12.44
  
3 Odell Plaza                                                 
1984
71,065
100.0
1,595
0.26
22.44
  
5 Odell Plaza                                                 
1983
38,400
89.2
576
0.09
16.82
  
7 Odell Plaza                                                 
1984
42,600
87.8
744
0.12
19.89
  
               
Total New York Office/Flex
  
2,348,812
95.1
34,194
5.64
15.31
  
               
FAIRFIELD COUNTY, CONNECTICUT
              
Stamford
              
419 West Avenue                                                 
1986
88,000
100.0
1,372
0.23
15.59
  
500 West Avenue                                                 
1988
25,000
100.0
413
0.07
16.52
  
550 West Avenue                                                 
1990
54,000
100.0
843
0.14
15.61
  
600 West Avenue                                                 
1999
66,000
100.0
804
0.13
12.18
  
650 West Avenue                                                 
1998
40,000
100.0
686
0.11
17.15
  
               
Total Connecticut Office/Flex
  
273,000
100.0
4,118
0.68
15.08
  
               
               
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
93.6
57,274
9.47
12.72
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
55
 


 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
1 Warehouse Lane                                                 
1957
6,600
100.0
89
0.01
13.48
  
2 Warehouse Lane                                                 
1957
10,900
100.0
166
0.03
15.23
  
3 Warehouse Lane                                                 
1957
77,200
100.0
363
0.06
4.70
  
4 Warehouse Lane                                                 
1957
195,500
96.7
1,550
0.25
8.20
  
5 Warehouse Lane                                                 
1957
75,100
97.1
900
0.15
12.34
  
6 Warehouse Lane                                                 
1982
22,100
100.0
512
0.08
23.17
  
               
Total Industrial/Warehouse Properties
  
387,400
97.8
3,580
0.58
9.45
  
               
WESTCHESTER COUNTY, NEW YORK
              
Tarrytown
              
230 White Plains Road                                                 
1984
9,300
100.0
163
0.03
17.53
  
Yonkers
              
2 Executive Boulevard                                                 
1986
8,000
100.0
131
0.02
16.38
  
               
Total Retail Properties
  
17,300
100.0
294
0.05
16.99
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
700 Executive Boulevard                                                 
--
--
--
114
0.02
--
  
Yonkers
              
1 Enterprise Boulevard                                                 
--
--
--
185
0.03
--
  
               
Total New York Land Leases
  
--
--
299
0.05
--
  
               
PRINCE GEORGE’S COUNTY, MARYLAND
              
Greenbelt
              
Capital Office Park Parcel A (e)                                                            
--
--
--
46
0.01
--
  
               
Total Maryland Land Leases
  
--
--
46
0.01
--
  
               
Total Land Leases
  
--
--
345
0.06
--
  
               
 
TOTAL PROPERTIES
  
30,946,453
90.0
608,341
100.00
22.59
  

(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 September 30, 2009 aggregating 44,450 square feet (representing 0.1 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 September 30, 2009, 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 September 30, 2009, divided by net rentable square feet leased at September 30, 2009.
(e)  
As this property was acquired or placed in service by the Company during the 12 months ended September 30, 2009, the amounts represented in 2009 base rent reflect only that portion of the year during which the Company owned the property.  Accordingly, these amounts may not be indicative of the property’s full year results.  For comparison purposes, the amounts represented in 2009 average base rent per sq. ft. for this property have been calculated by taking 2009 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at September 30, 2009.  These annualized per square foot amounts may not be indicative of the property’s results had the Company owned such property for the entirety of the 12 months ended September 30, 2009.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
56
 



Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of September 30, 2009, 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
National Union Fire Insurance Company of Pittsburgh, PA
3
14,137,803
2.3
526,023
1.8
2019
(b)
Citigroup Global Markets, Inc.
2
11,173,014
1.8
348,003
1.2
2018
(c)
DB Services New Jersey, Inc.
2
10,905,426
1.7
402,068
1.5
2017
 
United States of America-GSA
12
9,902,452
1.6
290,598
1.1
2017
(d)
Wyndham Worldwide Operations
2
9,024,126
1.4
395,983
1.4
2024
(e)
New Cingular Wireless PCS, LLC
3
8,995,940
1.4
405,530
1.5
2014
(f)
Keystone Mercy Health Plan
2
8,761,006
1.4
303,149
1.1
2020
  
Forest Research Institute, Inc.
1
8,271,398
1.3
215,659
0.8
2017
  
AT&T Corp.
2
7,934,132
1.3
395,528
1.4
2014
(g)
Prentice-Hall, Inc.
1
7,694,097
1.2
474,801
1.7
2014
  
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
  
TD Ameritrade Online Holdings
1
5,830,626
0.9
184,222
0.7
2015
  
Daiichi Sankyo, Inc.
2
5,804,755
0.9
180,807
0.7
2022
(h)
KPMG, LLP
3
5,232,195
0.8
187,994
0.7
2020
(i)
Credit Suisse (USA), Inc.
1
5,212,307
0.8
153,464
0.6
2012
(j)
Allstate Insurance Company
8
5,076,362
0.8
213,236
0.8
2017
(k)
IBM Corporation
3
5,007,630
0.8
310,263
1.1
2013
(l)
Merrill Lynch Pierce Fenner
1
5,001,213
0.8
294,189
1.1
2017
  
Montefiore Medical Center
5
4,799,950
0.8
222,670
0.8
2020
(m)
National Financial Services
1
4,798,621
0.8
112,964
0.4
2012
  
Samsung Electronics America
1
4,184,278
0.7
150,050
0.5
2010
  
J.H. Cohn, LLP
1
4,151,405
0.7
154,035
0.6
2020
  
Morgan Stanley Smith Barney
4
4,045,768
0.6
142,530
0.5
2018
(n)
Vonage America, Inc.
1
4,011,000
0.6
350,000
1.3
2017
  
Bank Of Tokyo-Mitsubishi, Ltd.
1
3,872,785
0.6
137,076
0.5
2019
 
Morgan Stanley & Co., Inc.
2
3,870,040
0.6
313,170
1.1
2013
(o)
Arch Insurance Company
1
3,685,118
0.6
106,815
0.4
2024
 
Lehman Brothers Holdings, Inc.
1
3,611,421
0.6
135,190
0.5
2012
(p)
American Institute of Certified Public Accountants
1
3,455,040
0.6
142,953
0.5
2012
 
Oppenheimer & Co., Inc.
1
3,269,465
0.5
118,871
0.4
2017
(q)
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
 
Shaw Facilities, Inc.
3
2,992,248
0.5
141,172
0.5
2015
(r)
SunAmerica Asset Management
1
2,958,893
0.5
69,621
0.3
2018
  
United States Life Insurance Co.
1
2,880,000
0.5
180,000
0.7
2013
  
HQ Global Workplaces, LLC
7
2,789,620
0.4
133,209
0.5
2021
(s)
Tullett Prebon Holdings Corp.
1
2,787,758
0.4
113,041
0.4
2023
(t)
High Point Safety & Insurance
2
2,769,486
0.4
116,889
0.4
2020
  
AAA Mid-Atlantic, Inc.
2
2,529,519
0.4
129,784
0.5
2022
(u)
Regus Business Centre Corp.
2
2,528,176
0.4
79,805
0.3
2011
  
Tradeweb Markets, LLC
1
2,490,140
0.4
64,976
0.2
2017
  
New Jersey Turnpike Authority
1
2,455,463
0.4
100,223
0.4
2017
  
Movado Group, Inc
1
2,449,828
0.4
90,050
0.3
2013
  
Lowenstein Sandler, P.C.
1
2,417,586
0.4
98,677
0.4
2017
  
Natixis North America, Inc.
1
2,408,679
0.4
83,629
0.3
2021
  
Connell Foley, LLP
2
2,406,170
0.4
97,822
0.4
2015
 
Sony BMG Music Entertainment
1
2,290,083
0.4
97,653
0.4
2014
  
Nextel of New York, Inc.
2
2,225,875
0.4
97,435
0.4
2014
(v)
UBS Financial Services, Inc.
3
2,209,326
0.4
82,092
0.3
2016
(w)
             
Total
  
243,879,246
39.0
9,745,156
35.6
  
See footnotes on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
57
 



Significant Tenants

(Continued)


(a)  
Annualized base rental revenue is based on actual September, 2009 billings times 12.  For leases whose rent commences after October 1, 2009, 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)  
394,849 square feet expire in 2012; 14,056 square feet expire in 2013; 117,118 square feet expire 2019.
(c)  
330,900 square feet expire in 2010; 17,103 square feet expire in 2018.
(d)  
11,825 square feet expire in 2010; 9,901 square feet expire in 2011; 11,216 square feet expire in 2012; 65,438 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.
(e)  
145,983 square feet expire in 2011; 250,000 square feet expire in 2024.
(f)  
333,145 square feet expire in 2013; 72,385 square feet expire in 2014.
(g)  
120,528 square feet expire in 2011; 275,000 square feet expire in 2014.
(h)  
8,907 square feet expire in 2013; 171,900 square feet expire in 2022.
(i)  
11,474 square feet expire in 2009; 77,381 square feet expire in 2012; 53,409 square feet expire in 2019; 45,730 square feet expire in 2020.
(j)  
71,511 square feet expire in 2011; 81,953 square feet expire in 2012.
(k)  
41,207 square feet expire in 2010; 83,693 square feet expire in 2011; 29,005 square feet expire in 2013; 5,348 square feet expire in 2015; 53,983 square feet expire in 2017.
(l)  
17,959 square feet expire in 2010; 248,399 square feet expire in 2012; 43,905 square feet expire in 2013.
(m)  
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; 133,763 square feet expire in 2019; 8,600 square feet expire in 2020.
(n)  
26,834 square feet expire in 2014; 29,654 square feet expire in 2015; 63,260 square feet expire in 2016; 22,782 square feet expire in 2018.
(o)  
7,000 square feet expire in 2009; 306,170 square feet expire in 2013.
(p)  
63,686 square feet expire in 2010; 71,504 square feet expire in 2012.
(q)  
104,008 square feet expire in 2013; 14,863 square feet expire in 2017.
(r)  
39,060 square feet expire in 2013; 102,112 square feet expire in 2015.
(s)  
22,064 square feet expire in 2013; 22,279 square feet expire in 2015; 33,649 square feet expire in 2018; 19,485 square feet expire in 2019; 21,008 square feet expire in 2020; 14,724 square feet expire in 2021.
(t)  
12,282 square feet expire in 2011; 100,759 square feet expire in 2023.
(u)  
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
(v)  
62,435 square feet expire in 2010; 35,000 square feet expire in 2014.
(w)  
21,554 square feet expire in 2012; 23,373 square feet expire in 2013; 37,165 square feet expire in 2016.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
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 October 1, 2009, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2009 through 2011 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 ($) (b)
Average Annual
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2009 (c)
            
   Northern  NJ
20
139,645
0.4
2,834,277
20.30
0.4
   Central NJ
4
52,127
0.2
868,642
16.66
0.2
   Westchester Co., NY
16
50,921
0.2
1,087,065
21.35
0.2
   Manhattan
-
-
(d)
-
-
(d)
   Sub. Philadelphia
-
-
(d)
-
-
(d)
   Fairfield, CT
3
13,627
0.1
410,153
30.10
0.1
   Washington, DC/MD
3
5,066
(d)
128,355
25.34
(d)
   Rockland Co., NY
1
3,467
(d)
73,674
21.25
(d)
TOTAL – 2009
47
264,853
0.9
5,402,166
20.40
0.9
             
             
2010
            
   Northern  NJ
111
1,192,537
4.2
26,989,606
22.63
4.4
   Central NJ
64
462,264
1.7
10,598,210
22.93
1.7
   Westchester Co., NY
87
316,030
1.2
7,271,227
23.01
1.1
   Manhattan
2
330,900
1.2
10,711,233
32.37
1.7
   Sub. Philadelphia
42
216,548
0.8
3,411,138
15.75
0.5
   Fairfield, CT
14
42,376
0.2
902,937
21.31
0.1
   Washington, DC/MD
24
100,400
0.4
3,050,430
30.38
0.5
   Rockland Co., NY
4
3,804
(d)
100,975
26.54
(d)
TOTAL – 2010
348
2,664,859
9.7
63,035,756
23.65
10.0
             
             
2011
            
   Northern  NJ
125
1,272,472
4.7
31,640,863
24.87
5.1
   Central NJ
64
664,023
2.4
16,425,136
24.74
2.6
   Westchester Co., NY
102
567,489
2.1
12,840,404
22.63
2.1
   Manhattan
-
-
(d)
-
-
(d)
   Sub. Philadelphia
80
714,833
2.6
12,024,645
16.82
1.9
   Fairfield, CT
16
106,527
0.4
3,004,117
28.20
0.4
   Washington, DC/MD
17
81,571
0.3
2,289,157
28.06
0.4
   Rockland Co., NY
3
5,264
(d)
136,231
25.88
(d)
TOTAL – 2011
407
3,412,179
12.5
78,360,553
22.96
12.5
             

Schedule continued, with footnotes, on subsequent page.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
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 ($) (b)
Average Annual
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2012
324
2,996,670
10.9
72,236,687
24.11
11.6
             
2013
323
3,722,211
13.6
80,847,192
21.72
12.9
             
2014
266
2,794,777
10.2
61,337,058
21.95
9.8
             
2015
191
2,999,964
11.0
65,743,782
21.91
10.5
             
2016
102
1,414,159
5.2
30,450,058
21.53
4.9
             
2017
94
2,540,361
9.3
61,068,625
24.04
9.8
             
2018
57
968,768
3.5
23,061,190
23.80
3.7
             
2019
54
1,082,014
4.0
22,317,572
20.63
3.6
             
2020 and thereafter
67
2,525,501
9.2
61,507,412
24.35
9.8
Total/
            
Weighted Average
2,280
27,386,316
  (c) (e)
100.0
625,368,051
22.84
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 September 2009 billings times 12.  For leases whose rent commences after October 1, 2009, 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 September 30, 2009 aggregating 44,450 square feet and representing annualized rent of $1,060,314 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
27,386,316
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
476,906
Square footage unleased
3,083,231
Total net rentable square footage (does not include land leases)
30,946,453



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 

 
60
 


Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning October 1, 2009, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2009 through 2011 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 ($) (b)
Average Annual
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2009 (c)
            
   Northern  NJ
17
116,345
0.5
2,527,475
21.72
0.4
   Central NJ
3
49,118
0.2
823,507
16.77
0.2
   Westchester Co., NY
11
20,345
0.1
546,529
26.86
0.1
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
-
-
-
-
-
-
   Fairfield Co., CT
3
13,627
0.1
410,153
30.10
0.1
   Washington, DC/MD
3
5,066
(d)
128,355
25.34
(d)
   Rockland Co., NY
1
3,467
(d)
73,674
21.25
(d)
TOTAL – 2009
38
207,968
0.9
4,509,693
21.68
0.8
             
2010
            
   Northern  NJ
95
1,045,637
4.6
25,205,515
24.11
4.5
   Central NJ
52
339,609
1.5
8,600,414
25.32
1.5
   Westchester Co., NY
54
198,872
0.9
5,412,466
27.22
1.0
   Manhattan
2
330,900
1.5
10,711,233
32.37
1.9
   Sub. Philadelphia
29
107,223
0.5
2,574,302
24.01
0.5
   Fairfield Co., CT
12
24,626
0.1
641,062
26.03
0.1
   Washington, DC/MD
24
100,400
0.5
3,050,430
30.38
0.5
   Rockland Co., NY
4
3,804
(d)
100,975
26.54
(d)
TOTAL – 2010
272
2,151,071
9.6
56,296,397
26.17
10.0
             
2011
            
   Northern  NJ
121
1,249,292
5.6
31,354,117
25.10
5.5
   Central NJ
56
634,834
2.8
16,005,030
25.21
2.9
   Westchester Co., NY
62
314,772
1.4
8,850,419
28.12
1.6
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
51
392,792
1.8
9,797,006
24.94
1.8
   Fairfield Co., CT
15
99,477
0.4
2,877,217
28.92
0.5
   Washington, DC/MD
17
81,571
0.4
2,289,157
28.06
0.4
   Rockland Co., NY
3
5,264
(d)
136,231
25.88
(d)
TOTAL – 2011
325
2,778,002
12.4
71,309,177
25.67
12.7
             
2012
252
2,382,025
10.6
64,102,768
26.91
11.4
             
2013
243
2,864,462
12.7
68,605,901
23.95
12.3
             
2014
214
2,282,113
10.1
54,812,314
24.02
9.8
             
2015
161
2,676,350
11.9
62,089,470
23.20
11.1
             
2016
83
1,005,244
4.5
24,583,499
24.46
4.4
             
2017
78
2,364,007
10.5
58,130,868
24.59
10.4
             
2018
35
694,129
3.1
19,141,922
27.58
3.4
     
 
      
2019
36
680,750
3.0
16,699,754
24.53
3.0
             
2020 and thereafter
60
2,416,215
10.7
59,881,503
24.78
10.7
Totals/Weighted
  Average
1,797
22,502,336 (c)
100.0
560,163,266
24.89
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 September 2009 billings times 12.  For leases whose rent commences after October 1, 2009, 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 September 30, 2009 aggregating 29,450 square feet and representing annualized rent of $790,314 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 September 30, 2009

 
 
61
 
 

 

Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning October 1, 2009, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2009 through 2011 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 ($) (b)
Average Annual
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2009 (c)
            
   Northern  NJ
3
23,300
0.6
306,802
13.17
0.5
   Central NJ
1
3,009
0.1
45,135
15.00
0.1
   Westchester Co., NY
5
30,576
0.7
540,536
17.68
0.9
   Sub. Philadelphia
-
-
-
-
-
-
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2009
9
56,885
1.4
892,473
15.69
1.5
             
2010
            
   Northern  NJ
16
146,900
3.4
1,784,091
12.14
3.0
   Central NJ
12
122,655
2.7
1,997,796
16.29
3.3
   Westchester Co., NY
32
112,208
2.5
1,769,660
15.77
2.9
   Sub. Philadelphia
13
109,325
2.4
836,836
7.65
1.4
   Fairfield Co., CT
2
17,750
0.3
261,875
14.75
0.4
TOTAL – 2010
75
508,838
11.3
6,650,258
13.07
11.0
             
2011
            
   Northern  NJ
4
23,180
0.5
286,746
12.37
0.5
   Central NJ
8
29,189
0.7
420,106
14.39
0.7
   Westchester Co., NY
38
233,317
5.2
3,761,385
16.12
6.2
   Sub. Philadelphia
29
322,041
7.1
2,227,639
6.92
3.7
   Fairfield Co., CT
1
7,050
0.2
126,900
18.00
0.2
TOTAL – 2011
80
614,777
13.7
6,822,776
11.10
11.3
             
2012
71
608,007
13.6
8,060,901
13.26
13.2
             
2013
69
703,444
15.7
10,855,241
15.43
17.8
             
2014
48
472,819
10.5
5,721,034
12.10
9.5
             
2015
29
295,614
6.6
3,332,312
11.27
5.5
             
2016
17
273,833
6.1
4,346,887
15.87
7.2
             
2017
16
176,354
3.9
2,937,757
16.66
4.9
             
2018
21
266,639
5.9
3,694,268
13.85
6.1
             
2019
18
401,264
8.9
5,617,818
14.00
9.3
             
2020 and thereafter
7
109,286
2.4
1,625,909
14.88
2.7
Totals/Weighted
            
  Average
460
4,487,760
(c)
100.0
60,557,634
13.49
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 September 2009 billings times 12.  For leases whose rent commences after October 1, 2009, 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 September 30, 2009 aggregating 15,000 square feet and representing annualized rent of $270,000 for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2009

 
 
62
 



Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning October 1, 2009, 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 ($) (b)
Average Annual
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2010
1
4,950
1.3
89,101
18.00
2.1
             
2011
2
19,400
5.1
228,600
11.78
5.4
             
2012
1
6,638
1.8
73,018
11.00
1.7
             
2013
11
154,305
40.7
1,386,050
8.98
32.6
             
2014
3
30,545
8.1
628,710
20.58
14.8
             
2015
1
28,000
7.4
322,000
11.50
7.6
             
2016
2
135,082
35.6
1,519,672
11.25
35.8
Totals/Weighted
            
  Average
21
378,920
100.0
4,247,151
11.21
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 September 2009 billings times 12.  For leases whose rent commences after October 1, 2009, 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 October 1, 2009, 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 ($) (b)
Average Annual
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2014
1
9,300
53.8
175,000
18.82
43.8
             
2018
1
8,000
46.2
225,000
28.13
56.2
Totals/Weighted
            
  Average
2
17,300
100.0
400,000
23.12
100.0


(a)  
Includes stand-alone retail property tenants only.
(b)  
Annualized base rental revenue is based on actual September 2009 billings times 12.  For leases whose rent commences after October 1, 2009 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 September 30, 2009

 
 
63