[X]
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
MACK-CALI REALTY CORPORATION |
(Exact Name of Registrant as specified in its charter) |
Maryland | 22-3305147 |
(State or
other jurisdiction of
incorporation or organization)
|
(IRS
Employer
Identification No.)
|
343 Thornall Street, Edison, New Jersey | 08837-2206 |
(Address of principal executive offices) | (Zip code) |
(Title of
Each Class)
|
(Name of
Each Exchange on Which Registered)
|
Common Stock, $0.01 par value | New York Stock Exchange |
PART
I
|
Page No.
|
|
Item
1
|
Business
|
3
|
Item
1A
|
Risk
Factors
|
8
|
Item
1B
|
Unresolved
Staff Comments
|
17
|
Item
2
|
Properties
|
18
|
Item
3
|
Legal
Proceedings
|
38
|
Item
4
|
Submission
of Matters to a Vote of Security Holders
|
38
|
PART
II
|
||
Item
5
|
Market
for Registrant’s Common Equity, Related Stockholder
Matters
|
|
and
Issuer Purchases of Equity Securities
|
39
|
|
Item
6
|
Selected
Financial Data
|
42
|
Item
7
|
Management’s
Discussion and Analysis of Financial Condition and
|
|
Results
of Operations
|
43
|
|
Item
7A
|
Quantitative
and Qualitative Disclosures About Market Risk
|
62
|
Item
8
|
Financial
Statements and Supplementary Data
|
63
|
Item
9
|
Changes
in and Disagreements with Accountants on Accounting and
|
|
Financial
Disclosure
|
64
|
|
Item
9A
|
Controls
and Procedures
|
64
|
Item
9B
|
Other
Information
|
65
|
PART
III
|
||
Item
10
|
Directors,
Executive Officers and Corporate Governance
|
65
|
Item
11
|
Executive
Compensation
|
65
|
Item
12
|
Security
Ownership of Certain Beneficial Owners and Management
|
|
and
Related Stockholder Matters
|
65
|
|
Item
13
|
Certain
Relationships and Related Transactions, and Director
Independence
|
65
|
Item
14
|
Principal
Accounting Fees and Services
|
65
|
PART
IV
|
||
Item
15
|
Exhibits
and Financial Statement Schedules
|
66
|
SIGNATURES
|
|
122
|
EXHIBIT
INDEX
|
|
124
|
·
|
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 our business and the financial condition of our
tenants;
|
·
|
the
value of our real estate assets, which may limit our ability to dispose of
assets at attractive prices or obtain or maintain debt financing secured
by our properties or on an unsecured
basis;
|
·
|
the
extent of any tenant bankruptcies or of any early lease
terminations;
|
·
|
our
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;
|
·
|
our
ability to obtain adequate insurance, including coverage for terrorist
acts;
|
·
|
the
availability of financing on attractive terms or at all, which may
adversely impact our ability to pursue acquisition and development
opportunities and refinance existing debt and our 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.
|
·
|
significant
job losses in the financial and professional services industries may
occur, which may decrease demand for our office space, causing market
rental rates and property values to be negatively
impacted;
|
·
|
our
ability to borrow on terms and conditions that we find acceptable, or at
all, may be limited, which could reduce our ability to pursue acquisition
and development opportunities and refinance existing debt, reduce our
returns from both our existing operations and our acquisition and
development activities and increase our future interest
expense;
|
·
|
reduced
values of our properties may limit our ability to dispose of assets at
attractive prices or to obtain debt financing secured by our properties
and may reduce the availability of unsecured
loans;
|
·
|
the
value and liquidity of our short-term investments and cash deposits could
be reduced as a result of a deterioration of the financial condition of
the institutions that hold our cash deposits or the institutions or assets
in which we have made short-term investments, the dislocation of the
markets for our short-term investments, increased volatility in market
rates for such investments or other
factors;
|
·
|
reduced
liquidity in debt markets and increased credit risk premiums for certain
market participants may impair our ability to access capital;
and
|
·
|
one
or more lenders under our line of credit could refuse or be unable to fund
their financing commitment to us and we may not be able to replace the
financing commitment of any such lenders on favorable terms, or at
all.
|
·
|
changes
in the general economic climate and conditions, including the impact of
the current global economic
recession;
|
·
|
changes
in local conditions, such as an oversupply of office space, a reduction in
demand for office space, or reductions in office market rental
rates;
|
·
|
increased
operating costs, including insurance premiums, utilities and real estate
taxes, due to inflation and other factors which may not necessarily be
offset by increased rents;
|
·
|
changes
in laws and regulations (including tax, environmental, zoning and building
codes, and housing laws and regulations) and agency or court
interpretations of such laws and regulations and the related costs of
compliance;
|
·
|
changes
in interest rate levels and the availability of
financing;
|
·
|
the
inability of a significant number of tenants to pay
rent;
|
·
|
our
inability to rent office space on favorable terms;
and
|
·
|
civil
unrest, earthquakes, acts of terrorism and other natural disasters or acts
of God that may result in uninsured
losses.
|
·
|
reducing
the number of suitable investment opportunities offered to
us;
|
·
|
increasing
the bargaining power of property
owners;
|
·
|
interfering
with our ability to attract and retain
tenants;
|
·
|
increasing
vacancies which lowers market rental rates and limits our ability to
negotiate rental rates; and/or
|
·
|
adversely
affecting our ability to minimize expenses of
operation.
|
·
|
adequate
financing to complete acquisitions may not be available on favorable terms
or at all as a result of the unprecedented volatility in the financial and
credit markets;
|
·
|
even
if we enter into an acquisition agreement for a property, we may be unable
to complete that acquisition and risk the loss of certain non-refundable
deposits and incurring certain other acquisition-related
costs;
|
·
|
the
actual costs of repositioning or redeveloping acquired properties may be
greater than our estimates;
|
·
|
any
acquisition agreement will likely contain conditions to closing, including
completion of due diligence investigations to our satisfaction or other
conditions that are not within our control, which may not be satisfied;
and
|
·
|
we
may be unable to quickly and efficiently integrate new acquisitions,
particularly acquisitions of portfolios of properties, into our existing
operations, and acquired properties may fail to perform as expected; which
may adversely affect our results of operations and financial
condition.
|
·
|
financing
for development projects may not be available on favorable
terms;
|
·
|
long-term
financing may not be available upon completion of construction;
and
|
·
|
failure
to complete construction on schedule or within budget may increase debt
service expense and construction
costs.
|
·
|
our
cash flow may be insufficient to meet required payments of principal and
interest;
|
·
|
payments
of principal and interest on borrowings may leave us with insufficient
cash resources to pay operating
expenses;
|
·
|
we
may not be able to refinance indebtedness on
our properties at maturity; and
|
·
|
if
refinanced, the terms of refinancing may not be as favorable as the
original terms of the related
indebtedness.
|
·
|
we
may need to dispose of one or more of our properties upon disadvantageous
terms;
|
·
|
prevailing
interest rates or other factors at the time of refinancing could increase
interest rates and, therefore, our interest
expense;
|
·
|
we
may be subject to an event of default pursuant to covenants for our
indebtedness;
|
·
|
if
we mortgage property to secure payment of indebtedness and are unable to
meet mortgage payments, the mortgagee could foreclose upon such property
or appoint a receiver to receive an assignment of our rents and leases;
and
|
·
|
foreclosures
upon mortgaged property could create taxable income without accompanying
cash proceeds and, therefore, hinder our ability to meet the real estate
investment trust distribution requirements of the
Code.
|
·
|
we
will not be allowed a deduction for dividends paid to
shareholders;
|
·
|
we
will be subject to federal income tax at regular corporate rates,
including any alternative minimum tax, if applicable;
and
|
·
|
unless
we are entitled to relief under certain statutory provisions, we will not
be permitted to qualify as a real estate investment trust for the four
taxable years following the year during which we were
disqualified.
|
|
·
|
the extent of your
interest in us;
|
|
·
|
the general
reputation of REITs and the attractiveness of our equity securities in
comparison to other equity securities, including securities issued by
other real estate-based companies;
|
|
·
|
our financial
performance; and
|
|
·
|
general stock and
bond market conditions.
|
Office
Properties
|
||||||||
2009
|
||||||||
Percentage
|
2009
|
2009
|
Average
|
|||||
Net
|
Leased
|
Base
|
Average
|
Effective
|
||||
Rentable
|
as
of
|
Rent
|
Percentage
|
Base
Rent
|
Rent
|
|||
Year
|
Area
|
12/31/09
|
($000’s)
|
of
Total 2009
|
Per
Sq. Ft.
|
Per
Sq. Ft.
|
||
Property
Location
|
Built
|
(Sq.
Ft.)
|
(%)
(a)
|
(b)
(c)
|
Base
Rent (%)
|
($)
(c) (d)
|
($)
(c) (e)
|
|
NEW
JERSEY
|
||||||||
Bergen
County
|
||||||||
Fair
Lawn
|
||||||||
17-17
Route 208 North
|
1987
|
143,000
|
67.2
|
2,095
|
0.34
|
21.80
|
19.66
|
|
Fort
Lee
|
||||||||
One
Bridge Plaza
|
1981
|
200,000
|
81.3
|
4,390
|
0.71
|
27.00
|
23.46
|
|
2115
Linwood Avenue
|
1981
|
68,000
|
53.7
|
966
|
0.16
|
26.45
|
24.24
|
|
Little
Ferry
|
||||||||
200
Riser Road
|
1974
|
286,628
|
100.0
|
2,076
|
0.34
|
7.24
|
6.69
|
|
Lyndhurst
|
||||||||
210
Clay Avenue (f)
|
1981
|
121,203
|
89.1
|
1,681
|
0.27
|
23.19
|
20.97
|
|
Montvale
|
||||||||
95
Chestnut Ridge Road
|
1975
|
47,700
|
100.0
|
808
|
0.13
|
16.94
|
15.53
|
|
135
Chestnut Ridge Road
|
1981
|
66,150
|
99.7
|
1,465
|
0.24
|
22.21
|
17.74
|
|
Paramus
|
||||||||
15
East Midland Avenue
|
1988
|
259,823
|
80.5
|
4,859
|
0.79
|
23.23
|
22.48
|
|
140
East Ridgewood Avenue
|
1981
|
239,680
|
93.0
|
4,925
|
0.80
|
22.09
|
19.49
|
|
461
From Road
|
1988
|
253,554
|
98.6
|
6,074
|
0.99
|
24.30
|
24.23
|
|
650
From Road
|
1978
|
348,510
|
82.3
|
6,944
|
1.12
|
24.21
|
21.39
|
|
61
South Paramus Avenue
|
1985
|
269,191
|
83.3
|
6,663
|
1.08
|
29.71
|
26.21
|
|
Ridgefield
Park
|
||||||||
105
Challenger Road
|
1992
|
150,050
|
100.0
|
4,778
|
0.78
|
31.84
|
28.65
|
|
Rochelle
Park
|
||||||||
120
Passaic Street
|
1972
|
52,000
|
99.6
|
1,402
|
0.23
|
27.07
|
25.51
|
|
365
West Passaic Street
|
1976
|
212,578
|
96.1
|
4,313
|
0.70
|
21.11
|
19.25
|
|
395
West Passaic Street
|
1979
|
100,589
|
100.0
|
2,431
|
0.39
|
24.17
|
20.42
|
|
Upper
Saddle River
|
||||||||
1
Lake Street
|
1973/94
|
474,801
|
100.0
|
7,465
|
1.21
|
15.72
|
15.72
|
|
10
Mountainview Road
|
1986
|
192,000
|
71.8
|
3,155
|
0.51
|
22.89
|
20.52
|
|
Woodcliff
Lake
|
||||||||
400
Chestnut Ridge Road
|
1982
|
89,200
|
100.0
|
1,950
|
0.32
|
21.86
|
16.32
|
|
470
Chestnut Ridge Road
|
1987
|
52,500
|
100.0
|
1,277
|
0.21
|
24.32
|
19.03
|
|
530
Chestnut Ridge Road
|
1986
|
57,204
|
79.9
|
1,053
|
0.17
|
23.04
|
21.07
|
|
50
Tice Boulevard
|
1984
|
235,000
|
95.3
|
6,236
|
1.01
|
27.84
|
25.74
|
|
300
Tice Boulevard
|
1991
|
230,000
|
96.0
|
5,326
|
0.86
|
24.12
|
21.35
|
|
Burlington
County
|
||||||||
Moorestown
|
||||||||
224
Strawbridge Drive
|
1984
|
74,000
|
100.0
|
1,680
|
0.27
|
22.70
|
20.27
|
|
228
Strawbridge Drive
|
1984
|
74,000
|
100.0
|
1,853
|
0.30
|
25.04
|
23.86
|
|
232
Strawbridge Drive
|
1986
|
74,258
|
98.8
|
1,470
|
0.24
|
20.04
|
17.57
|
|
Essex
County
|
||||||||
Millburn
|
||||||||
150
J.F. Kennedy Parkway
|
1980
|
247,476
|
100.0
|
7,322
|
1.19
|
29.59
|
25.63
|
Office
Properties
|
||||||||
(Continued)
|
||||||||
2009
|
||||||||
Percentage
|
2009
|
2009
|
Average
|
|||||
Net
|
Leased
|
Base
|
Average
|
Effective
|
||||
Rentable
|
as
of
|
Rent
|
Percentage
|
Base
Rent
|
Rent
|
|||
Year
|
Area
|
12/31/09
|
($000’s)
|
of
Total 2009
|
Per
Sq. Ft.
|
Per
Sq. Ft.
|
||
Property
Location
|
Built
|
(Sq.
Ft.)
|
(%)
(a)
|
(b)
(c)
|
Base
Rent (%)
|
($)
(c) (d)
|
($)
(c) (e)
|
|
Roseland
|
||||||||
4
Becker Farm Road (f)
|
1983
|
281,762
|
97.1
|
4,552
|
0.74
|
24.79
|
22.88
|
|
5
Becker Farm Road (f)
|
1982
|
118,343
|
89.8
|
1,681
|
0.27
|
23.57
|
21.50
|
|
6
Becker Farm Road (f)
|
1982
|
129,732
|
100.0
|
2,148
|
0.35
|
24.67
|
22.60
|
|
101
Eisenhower Parkway
|
1980
|
237,000
|
89.4
|
5,086
|
0.83
|
24.00
|
21.73
|
|
103
Eisenhower Parkway
|
1985
|
151,545
|
65.9
|
2,441
|
0.40
|
24.44
|
20.89
|
|
105
Eisenhower Parkway
|
2001
|
220,000
|
96.3
|
4,970
|
0.81
|
23.46
|
17.55
|
|
75
Livingston Avenue (f)
|
1985
|
94,221
|
55.6
|
989
|
0.16
|
28.13
|
22.27
|
|
85
Livingston Avenue (f)
|
1985
|
124,595
|
84.8
|
1,799
|
0.29
|
25.37
|
23.60
|
|
Hudson
County
|
||||||||
Jersey
City
|
||||||||
Harborside
Financial Center Plaza 1
|
1983
|
400,000
|
100.0
|
11,295
|
1.83
|
28.24
|
24.47
|
|
Harborside
Financial Center Plaza 2
|
1990
|
761,200
|
100.0
|
18,914
|
3.06
|
24.85
|
22.50
|
|
Harborside
Financial Center Plaza 3
|
1990
|
725,600
|
99.2
|
20,367
|
3.30
|
28.30
|
25.93
|
|
Harborside
Financial Center Plaza 4-A
|
2000
|
207,670
|
99.3
|
6,187
|
1.00
|
30.00
|
25.71
|
|
Harborside
Financial Center Plaza 5
|
2002
|
977,225
|
99.7
|
35,879
|
5.83
|
36.83
|
31.46
|
|
101
Hudson Street
|
1992
|
1,246,283
|
100.0
|
32,230
|
5.22
|
25.86
|
22.83
|
|
Mercer
County
|
||||||||
Hamilton
Township
|
||||||||
3
AAA Drive
|
1981
|
35,270
|
68.7
|
527
|
0.09
|
21.75
|
17.37
|
|
2
South Gold Drive
|
1974
|
33,962
|
64.5
|
482
|
0.08
|
22.00
|
19.40
|
|
600
Horizon Drive
|
2002
|
95,000
|
100.0
|
1,373
|
0.22
|
14.45
|
14.45
|
|
700
Horizon Drive
|
2007
|
120,000
|
100.0
|
2,459
|
0.40
|
20.49
|
18.33
|
|
Princeton
|
||||||||
103
Carnegie Center
|
1984
|
96,000
|
90.1
|
1,770
|
0.29
|
20.46
|
16.72
|
|
2
Independence Way (f)
|
1981
|
67,401
|
100.0
|
1,014
|
0.16
|
22.41
|
19.98
|
|
3
Independence Way
|
1983
|
111,300
|
91.8
|
2,031
|
0.33
|
19.88
|
14.95
|
|
100
Overlook Center
|
1988
|
149,600
|
100.0
|
5,032
|
0.82
|
33.64
|
28.54
|
|
5
Vaughn Drive
|
1987
|
98,500
|
96.4
|
2,508
|
0.41
|
26.41
|
22.94
|
|
Middlesex
County
|
||||||||
East
Brunswick
|
||||||||
377
Summerhill Road
|
1977
|
40,000
|
100.0
|
353
|
0.06
|
8.83
|
7.70
|
|
Edison
|
||||||||
343
Thornall Street (c)
|
1991
|
195,709
|
100.0
|
4,181
|
0.68
|
21.36
|
15.63
|
|
Piscataway
|
||||||||
30
Knightsbridge Road, Bldg 3
|
1977
|
160,000
|
100.0
|
2,465
|
0.40
|
15.41
|
15.41
|
|
30
Knightsbridge Road, Bldg 4
|
1977
|
115,000
|
100.0
|
1,771
|
0.29
|
15.40
|
15.40
|
|
30
Knightsbridge Road, Bldg 5
|
1977
|
332,607
|
80.8
|
4,902
|
0.80
|
18.24
|
13.41
|
|
30
Knightsbridge Road, Bldg 6
|
1977
|
72,743
|
63.8
|
206
|
0.03
|
4.44
|
2.09
|
|
Plainsboro
|
||||||||
500
College Road East
|
1984
|
158,235
|
15.0
|
2,005
|
0.33
|
84.47
|
75.25
|
|
Woodbridge
|
||||||||
581
Main Street
|
1991
|
200,000
|
100.0
|
5,263
|
0.85
|
26.32
|
23.01
|
|
Monmouth
County
|
||||||||
Freehold
|
||||||||
2
Paragon Way
|
1989
|
44,524
|
40.5
|
413
|
0.07
|
22.90
|
16.58
|
|
3
Paragon Way
|
1991
|
66,898
|
75.8
|
1,038
|
0.17
|
20.47
|
15.03
|
|
4
Paragon Way
|
2002
|
63,989
|
30.8
|
1,109
|
0.18
|
56.27
|
54.09
|
|
100
Willbowbrook Road
|
1988
|
60,557
|
86.2
|
1,096
|
0.18
|
21.00
|
18.91
|
|
Holmdel
|
||||||||
23
Main Street
|
1977
|
350,000
|
100.0
|
4,023
|
0.65
|
11.49
|
8.67
|
|
Office
Properties
|
||||||||
(Continued)
|
||||||||
2009
|
||||||||
Percentage
|
2009
|
2009
|
Average
|
|||||
Net
|
Leased
|
Base
|
Average
|
Effective
|
||||
Rentable
|
as
of
|
Rent
|
Percentage
|
Base
Rent
|
Rent
|
|||
Year
|
Area
|
12/31/09
|
($000’s)
|
of
Total 2009
|
Per
Sq. Ft.
|
Per
Sq. Ft.
|
||
Property
Location
|
Built
|
(Sq.
Ft.)
|
(%)
(a)
|
(b)
(c)
|
Base
Rent (%)
|
($)
(c) (d)
|
($)
(c) (e)
|
|
Middletown
|
||||||||
One
River Center Bldg 1
|
1983
|
122,594
|
100.0
|
3,145
|
0.51
|
25.65
|
21.07
|
|
One
River Center Bldg 2
|
1983
|
120,360
|
100.0
|
2,899
|
0.47
|
24.09
|
22.05
|
|
One
River Center Bldg 3
|
1984
|
214,518
|
93.6
|
4,557
|
0.74
|
22.70
|
22.20
|
|
Neptune
|
||||||||
3600
Route 66
|
1989
|
180,000
|
100.0
|
2,400
|
0.39
|
13.33
|
12.06
|
|
Wall
Township
|
||||||||
1305
Campus Parkway
|
1988
|
23,350
|
92.4
|
435
|
0.07
|
20.16
|
14.00
|
|
1350
Campus Parkway
|
1990
|
79,747
|
99.9
|
1,572
|
0.26
|
19.73
|
17.47
|
|
Morris
County
|
||||||||
Florham
Park
|
||||||||
325
Columbia Turnpike
|
1987
|
168,144
|
70.2
|
3,241
|
0.53
|
27.46
|
23.36
|
|
Morris
Plains
|
||||||||
250
Johnson Road
|
1977
|
75,000
|
100.0
|
1,579
|
0.26
|
21.05
|
18.47
|
|
201
Littleton Road
|
1979
|
88,369
|
83.3
|
1,668
|
0.27
|
22.66
|
20.31
|
|
Morris
Township
|
||||||||
412
Mt. Kemble Avenue
|
1986
|
475,100
|
49.7
|
4,774
|
0.78
|
20.22
|
14.66
|
|
Parsippany
|
||||||||
4
Campus Drive
|
1983
|
147,475
|
91.8
|
3,252
|
0.53
|
24.02
|
19.91
|
|
6
Campus Drive
|
1983
|
148,291
|
93.2
|
2,937
|
0.48
|
21.25
|
17.42
|
|
7
Campus Drive
|
1982
|
154,395
|
55.4
|
1,726
|
0.28
|
20.18
|
16.46
|
|
8
Campus Drive
|
1987
|
215,265
|
100.0
|
6,110
|
0.99
|
28.38
|
25.81
|
|
9
Campus Drive
|
1983
|
156,495
|
66.2
|
2,663
|
0.43
|
25.70
|
22.89
|
|
4
Century Drive
|
1981
|
100,036
|
70.5
|
1,658
|
0.27
|
23.51
|
20.35
|
|
5
Century Drive
|
1981
|
79,739
|
77.1
|
1,352
|
0.22
|
21.99
|
18.62
|
|
6
Century Drive
|
1981
|
100,036
|
94.7
|
1,637
|
0.27
|
17.28
|
11.27
|
|
2
Dryden Way
|
1990
|
6,216
|
100.0
|
99
|
0.02
|
15.93
|
14.64
|
|
4
Gatehall Drive
|
1988
|
248,480
|
94.4
|
6,473
|
1.05
|
27.60
|
24.31
|
|
2
Hilton Court
|
1991
|
181,592
|
100.0
|
6,529
|
1.06
|
35.95
|
31.43
|
|
1633
Littleton Road
|
1978
|
57,722
|
100.0
|
1,131
|
0.18
|
19.59
|
19.59
|
|
600
Parsippany Road
|
1978
|
96,000
|
86.6
|
1,626
|
0.26
|
19.56
|
15.26
|
|
1
Sylvan Way
|
1989
|
150,557
|
43.0
|
675
|
0.11
|
10.43
|
9.67
|
|
4
Sylvan Way (f)
|
1984
|
105,135
|
100.0
|
1,286
|
0.21
|
18.22
|
16.35
|
|
5
Sylvan Way
|
1989
|
151,383
|
96.5
|
3,803
|
0.62
|
26.03
|
22.72
|
|
7
Sylvan Way
|
1987
|
145,983
|
100.0
|
3,219
|
0.52
|
22.05
|
19.28
|
|
22
Sylvan Way (f)
|
2009
|
249,409
|
100.0
|
5,045
|
0.82
|
24.13
|
21.76
|
|
20
Waterview Boulevard (f)
|
1988
|
225,550
|
96.8
|
3,532
|
0.57
|
24.10
|
21.28
|
|
35
Waterview Boulevard
|
1990
|
172,498
|
90.9
|
3,810
|
0.62
|
24.30
|
21.75
|
|
5
Wood Hollow Road
|
1979
|
317,040
|
73.1
|
4,766
|
0.77
|
20.56
|
16.60
|
|
Passaic
County
|
||||||||
Clifton
|
||||||||
777
Passaic Avenue
|
1983
|
75,000
|
81.6
|
1,416
|
0.23
|
23.14
|
21.23
|
|
Totowa
|
||||||||
999
Riverview Drive
|
1988
|
56,066
|
76.7
|
983
|
0.16
|
22.86
|
21.23
|
|
Somerset
County
|
||||||||
Basking
Ridge
|
||||||||
222
Mt. Airy Road
|
1986
|
49,000
|
100.0
|
1,031
|
0.17
|
21.04
|
15.71
|
|
233
Mt. Airy Road
|
1987
|
66,000
|
100.0
|
1,315
|
0.21
|
19.92
|
16.71
|
Office
Properties
|
||||||||
(Continued)
|
||||||||
2009
|
||||||||
Percentage
|
2009
|
2009
|
Average
|
|||||
Net
|
Leased
|
Base
|
Average
|
Effective
|
||||
Rentable
|
as
of
|
Rent
|
Percentage
|
Base
Rent
|
Rent
|
|||
Year
|
Area
|
12/31/09
|
($000’s)
|
of
Total 2009
|
Per
Sq. Ft.
|
Per
Sq. Ft.
|
||
Property
Location
|
Built
|
(Sq.
Ft.)
|
(%)
(a)
|
(b)
(c)
|
Base
Rent (%)
|
($)
(c) (d)
|
($)
(c) (e)
|
|
Bernards
|
||||||||
106
Allen Road
|
2000
|
132,010
|
99.7
|
2,783
|
0.45
|
21.15
|
15.43
|
|
Branchburg
|
||||||||
51
Imclone Drive (f)
|
1986
|
63,213
|
100.0
|
230
|
0.04
|
5.42
|
4.53
|
|
Bridgewater
|
||||||||
721
Route 202/206
|
1989
|
192,741
|
81.2
|
3,685
|
0.60
|
23.55
|
17.09
|
|
Warren
|
||||||||
10
Independence Boulevard (f)
|
1988
|
120,528
|
100.0
|
2,220
|
0.36
|
27.44
|
25.20
|
|
Union
County
|
||||||||
Clark
|
||||||||
100
Walnut Avenue
|
1985
|
182,555
|
99.1
|
4,591
|
0.75
|
25.38
|
21.74
|
|
Cranford
|
||||||||
6
Commerce Drive
|
1973
|
56,000
|
85.7
|
942
|
0.15
|
19.63
|
16.19
|
|
11
Commerce Drive
|
1981
|
90,000
|
93.8
|
1,969
|
0.32
|
23.32
|
19.79
|
|
12
Commerce Drive
|
1967
|
72,260
|
87.6
|
824
|
0.13
|
13.02
|
10.05
|
|
14
Commerce Drive
|
1971
|
67,189
|
68.7
|
1,133
|
0.18
|
24.55
|
20.26
|
|
20
Commerce Drive
|
1990
|
176,600
|
98.9
|
4,298
|
0.70
|
24.61
|
21.14
|
|
25
Commerce Drive
|
1971
|
67,749
|
94.2
|
1,363
|
0.22
|
21.36
|
19.38
|
|
65
Jackson Drive
|
1984
|
82,778
|
97.5
|
1,884
|
0.31
|
23.34
|
20.17
|
|
New
Providence
|
||||||||
890
Mountain Avenue
|
1977
|
80,000
|
91.4
|
1,856
|
0.30
|
25.38
|
23.66
|
|
Total
New Jersey Office
|
19,347,734
|
90.6
|
411,338
|
66.78
|
24.10
|
21.09
|
||
NEW
YORK
|
||||||||
New
York County
|
||||||||
New
York
|
||||||||
125
Broad Street
|
1970
|
524,476
|
100.0
|
19,886
|
3.22
|
37.92
|
34.42
|
|
Rockland
County
|
||||||||
Suffern
|
||||||||
400
Rella Boulevard
|
1988
|
180,000
|
90.7
|
3,690
|
0.60
|
22.60
|
20.44
|
|
Westchester
County
|
||||||||
Elmsford
|
||||||||
100
Clearbrook Road (c)
|
1975
|
60,000
|
91.9
|
1,108
|
0.18
|
20.09
|
18.15
|
|
101
Executive Boulevard
|
1971
|
50,000
|
30.8
|
492
|
0.08
|
31.95
|
27.79
|
|
555
Taxter Road
|
1986
|
170,554
|
80.1
|
3,500
|
0.57
|
25.62
|
21.13
|
|
565
Taxter Road
|
1988
|
170,554
|
95.9
|
3,965
|
0.64
|
24.24
|
20.08
|
|
570
Taxter Road
|
1972
|
75,000
|
67.0
|
1,311
|
0.21
|
26.09
|
24.48
|
|
Hawthorne
|
||||||||
1
Skyline Drive
|
1980
|
20,400
|
99.0
|
298
|
0.05
|
14.76
|
13.62
|
|
2
Skyline Drive
|
1987
|
30,000
|
82.9
|
166
|
0.03
|
6.67
|
5.99
|
|
7
Skyline Drive
|
1987
|
109,000
|
100.0
|
2,810
|
0.46
|
25.78
|
23.87
|
|
17
Skyline Drive
|
1989
|
85,000
|
100.0
|
1,630
|
0.26
|
19.18
|
16.34
|
|
19
Skyline Drive
|
1982
|
248,400
|
100.0
|
4,036
|
0.66
|
16.25
|
15.11
|
|
Office
Properties
|
||||||||
(Continued)
|
||||||||
2009
|
||||||||
Percentage
|
2009
|
2009
|
Average
|
|||||
Net
|
Leased
|
Base
|
Average
|
Effective
|
||||
Rentable
|
as
of
|
Rent
|
Percentage
|
Base
Rent
|
Rent
|
|||
Year
|
Area
|
12/31/09
|
($000’s)
|
of
Total 2009
|
Per
Sq. Ft.
|
Per
Sq. Ft.
|
||
Property
Location
|
Built
|
(Sq.
Ft.)
|
(%)
(a)
|
(b)
(c)
|
Base
Rent (%)
|
($)
(c) (d)
|
($)
(c) (e)
|
|
Tarrytown
|
||||||||
200
White Plains Road
|
1982
|
89,000
|
78.8
|
1,485
|
0.24
|
21.17
|
18.81
|
|
220
White Plains Road
|
1984
|
89,000
|
85.9
|
1,785
|
0.29
|
23.35
|
20.98
|
|
White
Plains
|
||||||||
1
Barker Avenue
|
1975
|
68,000
|
96.3
|
1,786
|
0.29
|
27.27
|
25.36
|
|
3
Barker Avenue
|
1983
|
65,300
|
98.3
|
1,725
|
0.28
|
26.87
|
24.51
|
|
50
Main Street
|
1985
|
309,000
|
99.0
|
9,969
|
1.62
|
32.59
|
28.73
|
|
11
Martine Avenue
|
1987
|
180,000
|
78.4
|
4,023
|
0.65
|
28.51
|
25.53
|
|
1
Water Street
|
1979
|
45,700
|
100.0
|
1,103
|
0.18
|
24.14
|
20.66
|
|
Yonkers
|
||||||||
1
Executive Boulevard
|
1982
|
112,000
|
100.0
|
3,059
|
0.50
|
27.31
|
24.38
|
|
3
Executive Boulevard
|
1987
|
58,000
|
92.8
|
1,473
|
0.24
|
27.37
|
24.92
|
|
Total
New York Office
|
2,739,384
|
92.4
|
69,300
|
11.25
|
27.38
|
24.48
|
||
PENNSYLVANIA
|
||||||||
Chester
County
|
||||||||
Berwyn
|
||||||||
1000
Westlakes Drive
|
1989
|
60,696
|
92.2
|
1,537
|
0.25
|
27.47
|
26.36
|
|
1055
Westlakes Drive
|
1990
|
118,487
|
94.7
|
2,873
|
0.47
|
25.60
|
21.26
|
|
1205
Westlakes Drive
|
1988
|
130,265
|
87.6
|
3,148
|
0.51
|
27.59
|
23.98
|
|
1235
Westlakes Drive
|
1986
|
134,902
|
99.0
|
3,091
|
0.50
|
23.14
|
19.00
|
|
Delaware
County
|
||||||||
Lester
|
||||||||
100
Stevens Drive
|
1986
|
95,000
|
100.0
|
2,771
|
0.45
|
29.17
|
27.08
|
|
200
Stevens Drive
|
1987
|
208,000
|
100.0
|
6,087
|
0.98
|
29.26
|
27.55
|
|
300
Stevens Drive
|
1992
|
68,000
|
84.7
|
1,398
|
0.23
|
24.27
|
20.00
|
|
Media
|
||||||||
1400
Providence Road – Center I
|
1986
|
100,000
|
98.5
|
2,138
|
0.35
|
21.71
|
19.01
|
|
1400
Providence Road – Center II
|
1990
|
160,000
|
95.0
|
3,042
|
0.49
|
20.01
|
15.99
|
|
Montgomery
County
|
||||||||
Bala
Cynwyd
|
||||||||
150
Monument Road
|
1981
|
125,783
|
98.4
|
3,002
|
0.49
|
24.25
|
21.15
|
|
Blue
Bell
|
||||||||
4
Sentry Park
|
1982
|
63,930
|
78.8
|
867
|
0.14
|
17.21
|
16.28
|
|
5
Sentry Park East
|
1984
|
91,600
|
51.3
|
921
|
0.15
|
19.60
|
14.88
|
|
5
Sentry Park West
|
1984
|
38,400
|
31.5
|
253
|
0.04
|
20.92
|
18.44
|
|
16
Sentry Park
|
1988
|
93,093
|
93.0
|
2,083
|
0.34
|
24.06
|
21.76
|
|
18
Sentry Park
|
1988
|
95,010
|
96.5
|
2,080
|
0.34
|
22.69
|
20.33
|
|
King
of Prussia
|
||||||||
2200
Renaissance Boulevard
|
1985
|
174,124
|
66.7
|
2,329
|
0.38
|
20.05
|
16.21
|
|
Lower
Providence
|
||||||||
1000
Madison Avenue
|
1990
|
100,700
|
54.5
|
924
|
0.15
|
16.84
|
10.29
|
|
Plymouth
Meeting
|
||||||||
1150
Plymouth Meeting Mall
|
1970
|
167,748
|
75.8
|
2,681
|
0.44
|
21.08
|
16.26
|
|
Total
Pennsylvania Office
|
2,025,738
|
85.7
|
41,225
|
6.70
|
23.74
|
20.45
|
||
Office
Properties
|
||||||||
(Continued)
|
||||||||
2009
|
||||||||
Percentage
|
2009
|
2009
|
Average
|
|||||
Net
|
Leased
|
Base
|
Average
|
Effective
|
||||
Rentable
|
as
of
|
Rent
|
Percentage
|
Base
Rent
|
Rent
|
|||
Year
|
Area
|
12/31/09
|
($000’s)
|
of
Total 2009
|
Per
Sq. Ft.
|
Per
Sq. Ft.
|
||
Property
Location
|
Built
|
(Sq.
Ft.)
|
(%)
(a)
|
(b)
(c)
|
Base
Rent (%)
|
($)
(c) (d)
|
($)
(c) (e)
|
|
CONNECTICUT
|
||||||||
Fairfield
County
|
||||||||
Norwalk
|
||||||||
40
Richards Avenue
|
1985
|
145,487
|
71.1
|
2,628
|
0.43
|
25.41
|
22.34
|
|
Stamford
|
||||||||
1266
East Main Street
|
1984
|
179,260
|
87.3
|
3,807
|
0.62
|
24.33
|
21.03
|
|
Total
Connecticut Office
|
324,747
|
80.1
|
6,435
|
1.05
|
24.73
|
21.52
|
||
DISTRICT
OF COLUMBIA
|
||||||||
Washington
|
||||||||
1201
Connecticut Avenue, NW
|
1940
|
169,549
|
100.0
|
6,807
|
1.10
|
40.15
|
35.98
|
|
1400
L Street, NW
|
1987
|
159,000
|
100.0
|
5,895
|
0.96
|
37.08
|
31.29
|
|
Total
District of Columbia Office
|
328,549
|
100.0
|
12,702
|
2.06
|
38.66
|
33.71
|
||
MARYLAND
|
||||||||
Prince
George’s County
|
||||||||
Greenbelt
|
||||||||
9200
Edmonston Road
|
1973
|
38,690
|
100.0
|
910
|
0.15
|
23.52
|
21.17
|
|
6301
Ivy Lane
|
1979
|
112,003
|
75.8
|
1,932
|
0.31
|
22.76
|
19.81
|
|
6303
Ivy Lane
|
1980
|
112,047
|
68.7
|
1,627
|
0.26
|
21.14
|
19.10
|
|
6305
Ivy Lane
|
1982
|
112,022
|
73.5
|
1,702
|
0.28
|
20.67
|
17.45
|
|
6404
Ivy Lane
|
1987
|
165,234
|
43.3
|
1,660
|
0.27
|
23.20
|
17.69
|
|
6406
Ivy Lane
|
1991
|
163,857
|
0.0
|
63
|
0.01
|
0.00
|
0.00
|
|
6411
Ivy Lane
|
1984
|
138,405
|
85.9
|
2,854
|
0.46
|
24.01
|
20.81
|
|
Lanham
|
||||||||
4200
Parliament Place
|
1989
|
122,000
|
89.2
|
2,757
|
0.45
|
25.33
|
23.42
|
|
Total
Maryland Office
|
964,258
|
60.4
|
13,505
|
2.19
|
23.20
|
20.20
|
||
TOTAL
OFFICE PROPERTIES
|
25,730,410
|
89.3
|
554,505
|
90.03
|
24.63
|
21.58
|
||
Office/Flex
Properties
|
||||||||
2009
|
||||||||
Percentage
|
2009
|
2009
|
Average
|
|||||
Net
|
Leased
|
Base
|
Average
|
Effective
|
||||
Rentable
|
as
of
|
Rent
|
Percentage
|
Base
Rent
|
Rent
|
|||
Year
|
Area
|
12/31/09
|
($000’s)
|
of
Total 2009
|
Per
Sq. Ft.
|
Per
Sq. Ft.
|
||
Property
Location
|
Built
|
(Sq.
Ft.)
|
(%)
(a)
|
(b)
(c)
|
Base
Rent (%)
|
($)
(c) (d)
|
($)
(c) (e)
|
|
NEW
JERSEY
|
||||||||
Burlington
County
|
||||||||
Burlington
|
||||||||
3
Terri Lane
|
1991
|
64,500
|
100.0
|
558
|
0.09
|
8.65
|
5.94
|
|
5
Terri Lane
|
1992
|
74,555
|
78.8
|
456
|
0.07
|
7.76
|
6.18
|
|
Moorestown
|
||||||||
2
Commerce Drive
|
1986
|
49,000
|
74.1
|
253
|
0.04
|
6.97
|
4.85
|
|
101
Commerce Drive
|
1988
|
64,700
|
100.0
|
275
|
0.04
|
4.25
|
3.85
|
|
102
Commerce Drive
|
1987
|
38,400
|
100.0
|
236
|
0.04
|
6.15
|
4.58
|
|
201
Commerce Drive
|
1986
|
38,400
|
100.0
|
227
|
0.04
|
5.91
|
4.56
|
|
202
Commerce Drive
|
1988
|
51,200
|
100.0
|
263
|
0.04
|
5.14
|
3.54
|
|
1
Executive Drive
|
1989
|
20,570
|
81.1
|
157
|
0.03
|
9.41
|
7.01
|
|
2
Executive Drive
|
1988
|
60,800
|
100.0
|
469
|
0.08
|
7.71
|
5.59
|
|
101
Executive Drive
|
1990
|
29,355
|
99.7
|
304
|
0.05
|
10.39
|
8.61
|
|
102
Executive Drive
|
1990
|
64,000
|
100.0
|
474
|
0.08
|
7.41
|
7.02
|
|
225
Executive Drive
|
1990
|
50,600
|
67.6
|
151
|
0.02
|
4.41
|
2.60
|
|
97
Foster Road
|
1982
|
43,200
|
75.5
|
155
|
0.03
|
4.75
|
3.53
|
|
1507
Lancer Drive
|
1995
|
32,700
|
100.0
|
134
|
0.02
|
4.10
|
3.79
|
|
1245
North Church Street
|
1998
|
52,810
|
100.0
|
223
|
0.04
|
4.22
|
3.65
|
|
1247
North Church Street
|
1998
|
52,790
|
58.1
|
224
|
0.04
|
7.30
|
6.19
|
|
1256
North Church Street
|
1984
|
63,495
|
100.0
|
467
|
0.08
|
7.35
|
6.47
|
|
840
North Lenola Road
|
1995
|
38,300
|
100.0
|
370
|
0.06
|
9.66
|
7.86
|
|
844
North Lenola Road
|
1995
|
28,670
|
100.0
|
168
|
0.03
|
5.86
|
4.53
|
|
915
North Lenola Road
|
1998
|
52,488
|
100.0
|
290
|
0.05
|
5.53
|
4.32
|
|
2
Twosome Drive
|
2000
|
48,600
|
100.0
|
449
|
0.07
|
9.24
|
8.79
|
|
30
Twosome Drive
|
1997
|
39,675
|
89.9
|
277
|
0.04
|
7.77
|
5.97
|
|
31
Twosome Drive
|
1998
|
84,200
|
100.0
|
483
|
0.08
|
5.74
|
5.44
|
|
40
Twosome Drive
|
1996
|
40,265
|
100.0
|
322
|
0.05
|
8.00
|
6.66
|
|
41
Twosome Drive
|
1998
|
43,050
|
77.7
|
209
|
0.03
|
6.25
|
5.47
|
|
50
Twosome Drive
|
1997
|
34,075
|
100.0
|
257
|
0.04
|
7.54
|
7.13
|
|
Gloucester
County
|
||||||||
West
Deptford
|
||||||||
1451
Metropolitan Drive
|
1996
|
21,600
|
100.0
|
139
|
0.02
|
6.44
|
6.20
|
|
Mercer
County
|
||||||||
Hamilton
Township
|
||||||||
100
Horizon Center Boulevard
|
1989
|
13,275
|
100.0
|
215
|
0.03
|
16.20
|
14.16
|
|
200
Horizon Drive
|
1991
|
45,770
|
85.3
|
548
|
0.09
|
14.04
|
12.58
|
|
300
Horizon Drive
|
1989
|
69,780
|
100.0
|
1,011
|
0.16
|
14.49
|
11.16
|
|
500
Horizon Drive
|
1990
|
41,205
|
72.6
|
549
|
0.09
|
18.35
|
17.35
|
|
Office/Flex
Properties
|
||||||||
(Continued)
|
||||||||
2009
|
||||||||
Percentage
|
2009
|
2009
|
Average
|
|||||
Net
|
Leased
|
Base
|
Average
|
Effective
|
||||
Rentable
|
as
of
|
Rent
|
Percentage
|
Base
Rent
|
Rent
|
|||
Year
|
Area
|
12/31/09
|
($000’s)
|
of
Total 2009
|
Per
Sq. Ft.
|
Per
Sq. Ft.
|
||
Property
Location
|
Built
|
(Sq.
Ft.)
|
(%)
(a)
|
(b)
(c)
|
Base
Rent (%)
|
($)
(c) (d)
|
($)
(c) (e)
|
|
Monmouth
County
|
||||||||
Wall
Township
|
||||||||
1325
Campus Parkway
|
1988
|
35,000
|
100.0
|
655
|
0.11
|
18.71
|
14.06
|
|
1340
Campus Parkway
|
1992
|
72,502
|
100.0
|
959
|
0.16
|
13.23
|
10.58
|
|
1345
Campus Parkway
|
1995
|
76,300
|
85.4
|
866
|
0.14
|
13.29
|
10.74
|
|
1433
Highway 34
|
1985
|
69,020
|
82.7
|
470
|
0.08
|
8.23
|
6.08
|
|
1320
Wyckoff Avenue
|
1986
|
20,336
|
100.0
|
222
|
0.04
|
10.92
|
10.42
|
|
1324
Wyckoff Avenue
|
1987
|
21,168
|
100.0
|
217
|
0.04
|
10.25
|
7.75
|
|
Passaic
County
|
||||||||
Totowa
|
||||||||
1
Center Court
|
1999
|
38,961
|
62.2
|
380
|
0.06
|
15.68
|
14.20
|
|
2
Center Court
|
1998
|
30,600
|
99.3
|
396
|
0.06
|
13.03
|
11.49
|
|
11
Commerce Way
|
1989
|
47,025
|
100.0
|
577
|
0.09
|
12.27
|
11.53
|
|
20
Commerce Way
|
1992
|
42,540
|
91.1
|
411
|
0.07
|
10.61
|
9.91
|
|
29
Commerce Way
|
1990
|
48,930
|
100.0
|
699
|
0.11
|
14.29
|
11.18
|
|
40
Commerce Way
|
1987
|
50,576
|
43.5
|
422
|
0.07
|
19.18
|
16.82
|
|
45
Commerce Way
|
1992
|
51,207
|
96.4
|
529
|
0.09
|
10.72
|
8.10
|
|
60
Commerce Way
|
1988
|
50,333
|
100.0
|
615
|
0.10
|
12.22
|
9.93
|
|
80
Commerce Way
|
1996
|
22,500
|
100.0
|
260
|
0.04
|
11.56
|
10.53
|
|
100
Commerce Way
|
1996
|
24,600
|
66.9
|
284
|
0.05
|
17.26
|
15.74
|
|
120
Commerce Way
|
1994
|
9,024
|
100.0
|
126
|
0.02
|
13.96
|
12.85
|
|
140
Commerce Way
|
1994
|
26,881
|
89.3
|
377
|
0.06
|
15.71
|
14.54
|
|
Total
New Jersey Office/Flex
|
2,189,531
|
91.0
|
18,778
|
3.06
|
9.42
|
7.84
|
||
NEW
YORK
|
||||||||
Westchester
County
|
||||||||
Elmsford
|
||||||||
11
Clearbrook Road
|
1974
|
31,800
|
72.8
|
442
|
0.07
|
19.09
|
16.80
|
|
75
Clearbrook Road
|
1990
|
32,720
|
100.0
|
293
|
0.05
|
8.95
|
7.85
|
|
125
Clearbrook Road
|