EXHIBIT 99.1   













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




 
 
 


INDEX


 
PAGE(S)
I.  COMPANY BACKGROUND
  
· About the Company / Other Corporate Data
5
· Board of Directors / Executive Officers
6
· Equity Research Coverage /Company Contact Information
7
   
II.  FINANCIAL HIGHLIGHTS
  
· Quarterly Summary /  Dividends
9
· Leasing
10 – 11
· Information About FFO
11
· Key Financial Data
12
· Same-Store Results and Analysis
13
· Unconsolidated Joint Ventures Summary
14 – 17
· Select Financial Ratios
18
· Debt Analysis:
  
· Debt Breakdown / Future Repayments
19
· Debt Maturities
20
· Debt Detail
21
   
III.  FINANCIAL INFORMATION
  
· Consolidated Statements of Operations
23
· Consolidated Balance Sheets
24
· Consolidated Statement of Changes in 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 Expirations (by Property Type)
59 – 63



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 December 31, 2009

 

 
3
 












I.  COMPANY BACKGROUND
 
 
 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 $5.6 billion at December 31, 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 289 properties, primarily class A office and office/flex buildings, totaling approximately 33.2 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 December 31, 2009)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
289
Total Square Feet
33.2 million square feet
Geographic Diversity
Five states and the District of Columbia
New Jersey Presence
23.8 million square feet
Northeast Presence
33.2 million square feet
Common Shares and
  
Units Outstanding
92.5 million
Dividend-- Quarter/Annualized
$0.45/$1.80
Dividend Yield
5.2%
Total Market Capitalization
$5.6 billion
Senior Debt Rating
BBB (S&P and Fitch);
 
Baa2 (Moody’s)



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 December 31, 2009


 
 
6
 

Equity Research Coverage


Bank of America Merrill Lynch
James C. Feldman
(646) 855-5808
 
ISI Group
Steve Sakwa
(212) 446-9462
Barclays Capital
Ross Smotrich
(212) 526-2306
 
Keefe, Bruyette & Woods, Inc.
Sheila K. McGrath
(212) 887-7793
Citigroup
Michael Bilerman
(212) 816-1383
 
KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
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 December 31, 2009

 

 
7
 












II.  FINANCIAL HIGHLIGHTS
























Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 December 31, 2009 amounted to $55.3 million, or $0.60 per share.  For the year ended December 31, 2009, FFO available to common shareholders equaled $274.8 million, or $3.11 per share.

Net income available to common shareholders for the fourth quarter 2009 equaled $1.0 million, or $0.01 per share. For the year ended December 31, 2009, net income available to common shareholders amounted to $52.6 million, or $0.71 per share.

Included in net income and FFO for the fourth quarter 2009 was a $16.6 million, or $0.18 per share, non-cash impairment charge. Included in net income and FFO for the year ended December 31, 2009 were non-cash impairment charges totaling $20.0 million, or $0.23 per share, partially offset by a non-cash gain resulting from the reduction of other obligations of $1.7 million, or $0.02 per share.

Excluding the net effect of these items results in net income for the fourth quarter 2009 of $15.1 million, or $0.19 per share, and FFO of $71.8 million, or $0.78 per share, and net income of $68.0 million, or $0.92 per share, and FFO of $293.1 million, or $3.32 per share, for the year ended December 31, 2009.

Total revenues for the fourth quarter 2009 were $194.9 million.  For the year ended December 31, 2009, total revenues amounted to $764.5 million.

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

The Company had 78,969,752 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 13,495,036 common operating partnership units outstanding as of December 31, 2009. The Company had a total of 92,464,788 common shares/common units outstanding at December 31, 2009.

As of December 31, 2009, the Company had total indebtedness of approximately $2.3 billion, with a weighted average annual interest rate of 6.61 percent. The Company had a debt-to-undepreciated assets ratio of 39.8 percent at December 31, 2009. The Company had an interest coverage ratio of 2.4 times for the quarter ended December 31, 2009.

On January 15, 2010, the Company refinanced its $150 million secured loan with The Prudential Insurance Company of America.  The new loan also includes VPCM, LLC, a wholly-owned subsidiary of the Virginia Retirement System, as co-lender. The mortgage loan, which is collateralized by seven properties, is for a 7-year term and carries an effective interest rate of 6.25 percent.

Dividends

In December, 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 fourth quarter 2009, which was paid on January 15, 2010 to shareholders of record as of January 6, 2010.

The Board also declared a cash dividend on the Company’s 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period October 15, 2009 through January 14, 2010.  The dividend was paid on January 15, 2010 to shareholders of record as of January 6, 2010.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009


 
 
9
 


Leasing

Mack-Cali’s consolidated in-service portfolio was 90.1 percent leased at December 31, 2009, as compared to 90.0 percent leased at September 30, 2009.

For the quarter ended December 31, 2009, the Company executed 127 leases at its consolidated in-service portfolio totaling 901,468 square feet, consisting of 722,011 square feet of office space and 179,457 square feet of office/flex space. Of these totals, 307,882 square feet were for new leases and 593,586 square feet were for lease renewals and other tenant retention transactions.

For the year ended December 31, 2009, the Company executed 492 leases totaling 3,191,762 square feet, consisting of 2,273,557 square feet of office space, 869,105 square feet of office/flex space, 39,800 square feet of industrial/warehouse space, and 9,300 square feet of retail space. Of these totals, 1,070,811 square feet were for new leases and 2,120,951 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:

-  
A&E Distribution, Inc., a subsidiary of retailer A&E Stores, Inc., signed a five-year renewal for 63,400 square feet at Mack-Cali Airport, located at 200 Riser Road in Little Ferry. The 286,628 square-foot office building is 100 percent leased.

-  
Law Firm Budd Larner P.C. signed a 13-year, two-month renewal for 54,931 square feet at Mack-Cali Short Hills, located at 150 JFK Parkway in Short Hills. The 247,476 square-foot office building is 100 percent leased.

-  
Subsidiaries of Interpublic Group, a marketing and communications firm, signed renewals until 2022 in Parsippany, as follows:

-  
Torre Lazur Healthcare Group, Inc. renewed 61,945 square feet at 20 Waterview Boulevard. The 225,550 square-foot office building in Waterview Corporate Center is 100 percent leased.

-  
Integrated Communications Corp. renewed 43,101 square feet at Five Sylvan Way. The 151,383 square-foot office building in Mack-Cali Business Campus is 96.5 percent leased.

-  
Pace LLC renewed 19,633 square feet at 35 Waterview Boulevard. The 172,498 square-foot office building in Waterview Corporate Center is 90.9 percent leased.

 
CENTRAL NEW JERSEY:

-  
Science Application International Corporation, a scientific, engineering and technology applications company, signed a three-year, three-month renewal for 22,781 square feet at One River Centre, Building Two, in Red Bank. The 120,360 square-foot office building is 100 percent leased.
 
 
-  
FirstEnergy Service Company, an energy conservation support services company, signed a five-year renewal for 17,497 square feet at One River Centre Building Three, in Red Bank. The 194,518 square-foot office building is 100 percent leased.

WESTCHESTER COUNTY, NEW YORK:

-  
Allstar Marketing Group LLC, a development, branding, marketing and distribution company, signed a new 10-year lease for 24,883 square feet at 2 Skyline Drive in Mid-Westchester Executive Park in Hawthorne. The 30,000 square-foot office building is 82.9 percent leased.

-  
Law firm Goldberg Segalla LLP, signed a new, seven-year, three-month lease for 17,812 square feet at 11 Martine Avenue in Westchester Financial Center in White Plains. The 180,000 square-foot office building is 78.4 percent leased.

-  
New York Blood Center Inc. signed a 10-year renewal for 16,920 square feet at 525 Executive Boulevard in Cross Westchester Executive Park in Elmsford. The 61,700 square-foot office/flex building is 100 percent leased.
 
 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009


 
 
10
 

 
 
NEW YORK, NEW YORK:

-  
Patrolmen’s Benevolent Association of the City of New York and Health and Welfare Fund of the Patrolmen’s Benevolent Association of the City of New York signed a new 16-year, one month lease for 39,069 square feet at 125 Broad Street. Mack-Cali’s ownership interests at the building total 524,476 square feet.

SUBURBAN PHILADELPHIA:

The Township of Moorestown Police Department signed a new, 15,000 square-foot lease for two years at 1245 North Church Street in Moorestown. The 52,810 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.


Information About FFO

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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009


 
 
11
 


Key Financial Data

As of or for the three months ended
 
12/31/09
9/30/09
6/30/09
3/31/09
12/31/08
Shares and Units:
          
Common Shares Outstanding
78,969,752
78,554,827
78,334,220
66,424,213
66,419,055
Common Units Outstanding
13,495,036
13,821,755
14,024,755
14,435,743
14,437,731
Combined Shares and Units
92,464,788
92,376,582
92,358,975
80,859,956
80,856,786
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (a)
92,303,037
92,245,107
88,000,033
80,920,580
80,465,797
Weighted Average- Diluted (b)
 
92,303,037
92,245,107
88,000,033
80,920,580
80,500,825
Common Share Price ($’s):
          
At the end of the period
34.57
32.33
22.80
19.81
24.50
High during period
36.23
37.63
28.01
23.97
33.31
Low during period
29.31
21.13
18.32
13.73
13.16
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (c)
3,224,537
3,014,578
2,134,041
1,627,632
2,006,777
Total Debt
2,337,437
2,337,875
2,090,433
2,254,121
2,225,475
Total Market Capitalization
5,561,974
5,352,453
4,224,474
3,881,753
4,232,252
Total Debt/ Total Market
  Capitalization
42.03%
43.68%
49.48%
58.07%
52.58%
           
Financials:
          
($’s in thousands, except ratios and
   per share amounts)
          
Total Assets
4,721,637
4,757,236
4,535,045
4,409,128
4,443,922
Gross Book Value of Real Estate Assets
5,186,208
5,184,411
5,158,812
4,937,170
4,963,780
Total Liabilities
2,578,447
2,576,391
2,336,004
2,471,318
2,484,559
Total Equity
2,143,190
2,180,845
2,199,041
1,937,810
1,959,363
Total Revenues
194,904
193,617
189,338
186,666
186,100
Capitalized Interest
297
259
186
660
1,090
Scheduled Principal Payments
438
421
3,794
3,130
4,047
Interest Coverage Ratio
2.42
3.08
3.28
3.08
2.53
Fixed Charge Coverage Ratio
2.34
2.97
2.89
2.71
1.75
Net Income
1,717
22,789
24,625
14,597
(4,948)
Net Income Available to Common Shareholders
1,006
19,087
20,374
12,101
(4,136)
Earnings per Share—diluted
0.01
0.24
0.28
0.18
(0.06)
FFO per Share—diluted (d)
0.60
0.81
0.87
0.84
0.63
Dividends Declared per Share
0.45
0.45
0.45
0.45
0.64
FFO Payout Ratio—diluted (d)
75.16%
55.34%
51.78%
53.48%
101.25%
           
Portfolio Size:
          
Properties
289
288
295
294
293
Total Square Footage
33,183,723
33,083,723
33,750,420
33,751,011
33,501,011
Sq. Ft. Leased at End of Period (e) (f)
90.1%
90.0%
90.6%
90.7%
91.3%
           

(a)  
Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares.
(b)  
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).
(c)  
Includes any outstanding preferred units presented on a converted basis into common units and noncontrolling interests in consolidated joint ventures.
(d)  
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.
(e)  
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.
(f)  
Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009


 
 
12
 



Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
December 31,
  
 
%
 
2009
2008
Change
Change
         
Total Property Revenues
$174,189
$176,748
$(2,559)
(1.4)
         
Real Estate Taxes
22,480
19,007
3,473
18.3
Utilities
15,813
18,434
(2,621)
(14.2)
Operating Services
29,185
29,662
(477)
(1.6)
Total Property Expenses:
67,478
67,103
375
0.6
         
GAAP Net Operating Income
106,711
109,645
(2,934)
(2.7)
         
Less: straight-lining of rents adj.
2,138
2,958
(820)
(27.7)
         
Net Operating Income
$104,573
$106,687
$(2,114)
(2.0)
         
Percentage Leased at
  Period End
89.8%
91.3%
    
         
Total Properties:
255
      
         
Total Square Footage:
29,245,361
      
         



 
  For the year ended
December 31,
  
 
%
 
2009
2008
Change
Change
         
Total Property Revenues
$698,184
$710,088
$(11,904)
(1.7)
         
Real Estate Taxes
92,728
90,378
2,350
2.6
Utilities
69,446
84,227
(14,781)
(17.5)
Operating Services
105,752
101,935
3,817
3.7
Total Property Expenses:
267,926
276,540
(8,614)
(3.1)
         
GAAP Net Operating Income
430,258
433,548
(3,290)
(0.8)
         
Less: straight-lining of rents adj.
3,338
7,301
(3,963)
(54.3)
         
Net Operating Income
$426,920
$426,247
$    673
0.2
         
Percentage Leased at
  Period End
89.8%
91.3%
    
         
Total Properties:
255
      
         
Total Square Footage:
29,245,361
      
         







Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
63.0%
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
94.0%
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 December 31, 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 December 31, 2009 and 2008 (dollars in thousands):

 
 
December 31, 2009
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
 
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
$9,560
--
$61,836
$24,884
$73,037
$38,722
--
--
--
$15,265
--
--
$223,304
Other assets
997
--
15,483
4,623
8,631
22,034
--
$1,992
--
1,068
$45,884
$1,758
102,470
Total assets
$10,557
--
$77,319
$29,507
$81,668
$60,756
--
$1,992
--
$16,333
$45,884
$1,758
$325,774
Liabilities and Partners’/ members’ capital (deficit):
                          
Mortgages, loans payable and
other obligations
-
--
$73,553
$20,764
$90,288
$51,186
--
--
--
$5,007
--
--
$240,798
Other liabilities
$ 532
--
4,458
162
2,589
3,928
--
--
--
--
--
--
11,669
Partners’/members’ capital (deficit)
10,025
--
(692)
8,581
(11,209)
5,642
--
$1,992
--
11,326
$45,884
$1,758
73,307
Total liabilities and partners’/ members’ capital (deficit)
$10,557
--
$77,319
$29,507
$81,668
$60,756
--
$1,992
--
$16,333
$45,884
$1,758
$325,774
Company’s investment in unconsolidated joint ventures, net
$4,935
--
$ 860
$4,104
--
$1,211
--
$1,259
--
$9,599
$12,948
$764
$35,680




 
 
December 31, 2008
 
Plaza
VIII & IX
Associates
Ramland
Realty
Harborside
South Pier
Red Bank
Corporate
Plaza I & II
M-G-G
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
--
$62,462
$24,507
$326,912
$41,058
$56,771
--
--
$14,598
--
--
$536,481
Other assets
1,008
$ 20
16,979
4,301
45,391
21,680
495
--
$17,896
789
$43,577
$1,838
153,974
Total assets
$11,181
$ 20
$79,441
$28,808
$372,303
$62,738
$57,266
--
$17,896
$15,387
$43,577
$1,838
$690,455
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
--
3,950
87
23,805
4,156
985
--
--
--
--
--
33,514
Partners’/members’ capital (deficit)
10,650
$ 20
639
8,305
71,746
5,782
12,740
--
$17,896
8,217
$43,577
$1,838
181,410
Total liabilities and partners’/ members’ capital (deficit)
$11,181
$ 20
$79,441
$28,808
$372,303
$62,738
$57,266
--
$17,896
$15,387
$43,577
$1,838
$690,455
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 December 31, 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 December 31, 2009 and 2008 (dollars in thousands):

 
 
Three Months Ended December 31, 2009
 
Plaza
    
Red Bank
    
Princeton
        
Boston-
    
VIII & IX
Ramland
Harborside
Corporate
  
Gramercy
Forrestal
Route 93
Gale
55
12
Downtown
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
M-G-G
Agreement
Village
Portfolio
Kimball
Corporate
Vreeland
Crossing
Jefferson
Total
Total revenues
$185
--
$10,000
$ 793
--
$2,595
$3,126
--
--
--
$793
--
--
$17,492
Operating and other
(46)
--
(6,105)
(314)
--
(1,692)
(1,625)
--
$1,621
--
(15)
$(1,282)
$(79)
(9,537)
Depreciation and amortization
(153)
--
(1,085)
(421)
--
(1,099)
(891)
--
--
--
(868)
--
--
(4,517)
Interest expense
--
--
(1,133)
(83)
--
(688)
(428)
--
--
--
(127)
--
--
(2,459)
                             
Net income
$(14)
--
$1,677
$   (25)
--
$(884)
$182
--
$1,621
--
$(217)
$(1,282)
$(79)
$    979
Company’s equity in
                            
  earnings (loss) of
                            
  unconsolidated joint ventures
$ (7)
--
$ 848
$   (50)
--
--
$    28
--
$ 541
--
$(108)
$(385)
$(26)
$    841



 
 
Three Months Ended December 31, 2008
 
Plaza
    
Red Bank
    
Princeton
        
Boston-
    
 
VIII & IX
Ramland
Harborside
Corporate
  
Gramercy
Forrestal
Route 93
Gale
55
12
Downtown
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
M-G-G
Agreement
Village
Portfolio
Kimball
Corporate
Vreeland
Crossing
Jefferson
Total
Total revenues
$ 288
$7,848
$13,204
$ 809
$13,766
--
$1,561
$ 670
--
--
$ 599
--
--
$38,745
Operating and other
(46)
(302)
(7,658)
(272)
(37,907)
--
(1,671)
(1,165)
--
--
(14)
--
--
(49,035)
Depreciation and amortization
(153)
(118)
(1,000)
(148)
(5,904)
--
(2,202)
(470)
--
--
(128)
--
--
(10,123)
Interest expense
--
386
(1,156)
(190)
(4,219)
--
(714)
(544)
--
--
(129)
--
--
(6,566)
                             
Net income
$ 89
$7,814
$3,390
$ 199
$(34,264)
--
$(3,026)
$(1,509)
--
--
$ 328
--
--
$(26,979)
Company’s equity in
                            
  earnings (loss) of
                            
  unconsolidated joint ventures
$ 44
$     90
$1,695
$ 99
$(28,416)
--
$(613)
$(453)
$     29
--
$ 164
$(11,858)
--
$(39,219)




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 years ended December 31, 2009 and 2008 (dollars in thousands):


 
 
Year Ended December 31, 2009
 
Plaza
    
Red Bank
    
Princeton
        
Boston-
    
VIII & IX
Ramland
Harborside
Corporate
  
Gramercy
Forrestal
Route 93
Gale
55
12
Downtown
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
M-G-G
Agreement
Village
Portfolio
Kimball
Corporate
Vreeland
Crossing
Jefferson
Total
Total revenues
$804
--
$35,002
$3,214
$17,582
$7,902
$12,387
$2,153
--
--
$2,579
--
--
$81,623
Operating and other
(192)
--
(23,026)
(1,002)
(7,076)
(4,675)
(6,773)
(2,487)
$1,659
--
(62)
$(10,846)
$(79)
(54,559)
Depreciation and amortization
(612)
--
(4,215)
(871)
(6,493)
(3,073)
(3,966)
(1,206)
--
--
(1,251)
--
--
(21,687)
Interest expense
--
--
(4,592)
(340)
(4,883)
(1,862)
(1,788)
(649)
--
--
(467)
--
--
(14,581)
                             
Net income
--
--
$3,169
$1,001
$(870)
$(1,708)
$(140)
$(2,189)
$1,659
--
$799
$(10,846)
$(79)
$(9,204)
Company’s equity in
                            
  earnings (loss) of
                            
  unconsolidated joint ventures
--
--
$2,856
$ 463
$(916)
--
$(131)
$(4,354)
$ 648
--
$400
$(4,500)
$(26)
$(5,560)



 
 
Year  Ended December 31, 2008
 
Plaza
    
Red Bank
    
Princeton
        
Boston-
    
 
VIII & IX
Ramland
Harborside
Corporate
  
Gramercy
Forrestal
Route 93
Gale
55
12
Downtown
Gale
Combined
Associates
Realty
South Pier
Plaza I & II
M-G-G
Agreement
Village
Portfolio
Kimball
Corporate
Vreeland
Crossing
Jefferson
Total
Total revenues
$1,131
$9,186
$45,783
$3,205
$51,285
--
$12,924
$2,770
--
--
$2,188
--
--
$128,472
Operating and other
(183)
(1,182)
(26,746)
(906)
(52,213)
--
(8,843)
(3,716)
$(43)
--
(72)
$(34,712)
--
(128,616)
Depreciation and amortization
(614)
(481)
(4,926)
(631)
(20,433)
--
(5,454)
(1,758)
--
--
(511)
--
--
(34,808)
Interest expense
--
(203)
(4,682)
(792)
(17,381)
--
(3,318)
(2,443)
--
--
(509)
--
--
(29,328)
                             
Net income
$ 334
$7,320
$9,429
$ 876
$(38,742)
--
$(4,691)
$(5,147)
$(43)
--
$1,096
$(34,712)
--
$(64,280)
Company’s equity in
                            
  earnings (loss) of
                            
  unconsolidated joint ventures
$ 167
$     90
$4,740
$ 475
$(32,354)
--
$(880)
$(1,154)
$455
--
$548
$(11,839)
--
$(39,752)



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
17
 



Select Financial Ratios


 
Ratios Computed For Industry
December 31,
  
Comparisons:
2009
2008
  
 
Financial Position Ratios:
      
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
49.50%
50.08%
  
       
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
42.03%
52.58%
  
       
Total Debt/ Total Undepreciated
   Assets (%)
39.79%
40.58%
  
       
Secured Debt/ Total Undepreciated
   Assets (%)
12.85%
9.59%
  
 
 
 
 
 
Three Months Ended
December 31,
Year Ended
December 31,
 
2009
2008
2009
2008
 
Operational Ratios:
  
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
2.42
2.53
2.95
3.18
   
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
2.39
1.82
2.79
2.67
   
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
2.34
1.75
2.72
2.54
   
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
75.16%
101.25%
57.89%
73.97%
 


 

 
 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 

 
18
 





Debt Analysis
(as of December 31, 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
$1,582,434
67.70%
6.37%
4.10
Fixed Rate Secured Debt
755,003
32.30%
7.09%
5.98
 
Totals/Weighted Average:
$2,337,437
100.00%
6.61%
4.70



Future Repayments
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
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%
2014
8,553
335,257
343,810
6.83%
Thereafter
40,360
961,381
1,001,741
6.99%
Sub-total
85,768
2,286,509
2,372,277
  
Adjustment for unamortized debt
discount/premium and market to    market, net, as of  December 31, 2009
(34,840)
--
(34,840)
  
 
Totals/Weighted Average:
$ 50,928
$2,286,509
$2,337,437
6.61%

(a)  
No variable rate borrowings were outstanding as of December 31, 2009.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
19
 


Debt Maturities
(dollars in thousands)

 
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
                
$17,280
  
17,280
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
$56,866
$ 8
$700,490
                       
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
$306,866
$ 8
$2,286,509



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 

 
20
 

Debt Detail
(dollars in thousands)


   
Effective
    
 
Property Name
Lender
Interest
Rate
                                                                                             December 31,
Date of
Maturity
  
2009
2008
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%
$149,984
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%
299,814
299,641
02/15/11
  
5.250%, Senior Unsecured Notes
public debt
5.457%
99,599
99,404
01/15/12
  
6.150%, Senior Unsecured Notes
public debt
6.894%
93,455
92,963
12/15/12
  
5.820%, Senior Unsecured Notes
public debt
6.448%
25,751
25,641
03/15/13
  
4.600%, Senior Unsecured Notes
public debt
4.742%
99,901
99,872
06/15/13
  
5.125%, Senior Unsecured Notes
public debt
5.110%
200,989
201,229
02/15/14
  
5.125%, Senior Unsecured Notes
public debt
5.297%
149,533
149,441
01/15/15
  
5.800%, Senior Unsecured Notes
public debt
5.806%
200,464
200,540
01/15/16
  
7.750%, Senior Unsecured Notes
public debt
8.017%
247,944
--
08/15/19
  
Total Senior Unsecured Notes:
    
$1,582,434
$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
5.000%
--
$ 5,090
n/a
  
Various (d)
Prudential Insurance
4.841%
$150,000
150,000
01/15/10
(e)
105 Challenger Road
Archon Financial CMBS
6.235%
19,408
19,188
06/06/10
  
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
16,619
17,043
12/01/12
  
Soundview Plaza
Morgan Stanley CMBS
6.015%
16,614
17,109
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
4,804
4,955
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
6,693
6,901
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
11,735
12,176
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,297
6,480
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
19,613
19,868
08/11/14
  
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
Wachovia CMBS
10.220%
60,409
--
08/11/14
  
4 Sylvan
Wachovia CMBS
10.190%
14,357
--
08/11/14
  
10 Independence
Wachovia CMBS
12.440%
15,339
--
08/11/14
  
4 Becker
Wachovia CMBS
9.550%
36,281
--
05/11/16
  
5 Becker
Wachovia CMBS
12.830%
11,111
--
05/11/16
  
210 Clay
Wachovia CMBS
13.420%
11,138
--
05/11/16
  
51 Imclone
Wachovia CMBS
8.390%
3,899
--
05/11/16
  
23 Main Street
JPMorgan CMBS
5.587%
32,042
32,521
09/01/18
  
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
237,248
239,795
11/01/18
  
100 Walnut Avenue
Guardian Life Ins. Co.
7.311%
19,600
--
02/01/19
  
One River Center (f)
Guardian Life Ins. Co.
7.311%
44,900
--
02/01/19
  
581 Main Street (g)
Valley National Bank
6.935%
16,896
--
07/01/34
  
Total Mortgages, Loans Payable and Other Obligations:
  
$755,003
$531,126
  
 
Total Debt:
    
$2,337,437
$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 and has a one year extension option.
(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)  
On January 15, 2010, the Company extended the mortgage loan until January 15, 2017 at an interest rate of 6.25 percent.
(f)  
Mortgage is collateralized by the three properties compromising One River Center.
(g)  
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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 

 
21
 












III. FINANCIAL INFORMATION















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
    
Year Ended
  
   
December 31,
    
December 31,
  
Revenues
  
2009
    
2008
    
2009
    
2008
  
Base rents
   $ 156,896     $ 149,399     $ 615,839     $ 593,898  
Escalations and recoveries from tenants
     25,999       27,625       103,887       109,690  
Construction services
     5,444       4,346       21,910       40,680  
Real estate services
     2,909       3,471       9,359       13,487  
Other income
     3,656       1,259       13,530       20,214  
Total revenues
     194,904       186,100       764,525       777,969  
                                 
Expenses
                                
Real estate taxes
     23,476       16,479       93,998       88,001  
Utilities
     16,455       18,433       71,545       84,227  
Operating services
     31,674       28,536       111,449       107,616  
Direct construction costs
     4,976       3,562       20,323       37,649  
General and administrative
     9,256       10,885       39,807       43,984  
Depreciation and amortization
     52,725       50,085       202,543       194,635  
Impairment charge on rental property
     16,563       --       16,563       --  
Total expenses
     155,125       127,980       556,228       556,112  
Operating income
     39,779       58,120       208,297       221,857  
                                 
Other (Expense) Income
                                
Interest expense
     (38,923 )     (33,182 )     (141,273 )     (128,145 )
Interest and other investment income
     20       270       571       1,385  
Equity in earnings (loss) of unconsolidated joint ventures
     841       (39,219 )     (5,560 )     (39,752 )
Gain on reduction of other obligations
     --       9,063       1,693       9,063  
Gain on sale of investment in marketable securities
     --       --       --       471  
Total other (expense) income
     (38,062 )     (63,068 )     (144,569 )     (156,978 )
Income from continuing operations
     1,717       (4,948 )     63,728       64,879  
Net income
     1,717       (4,948 )     63,728       64,879  
Noncontrolling interest in consolidated joint ventures
     (37 )     378       943       664  
Noncontrolling interest in Operating Partnership
     (174 )     934       (10,103 )     (11,817 )
Preferred stock dividends
     (500 )     (500 )     (2,000 )     (2,000 )
Net income available to common shareholders
   $ 1,006     $ (4,136 )   $ 52,568     $ 51,726  
                                 
Basic earnings per common share:
                                
Income from continuing operations
   $ 0.01     $ (0.06 )   $ 0.71     $ 0.79  
Net income available to common shareholders
   $ 0.01     $ (0.06 )   $ 0.71     $ 0.79  
                                 
Diluted earnings per common share:
                                
Income from continuing operations
   $ 0.01     $ (0.06 )   $ 0.71     $ 0.79  
Net income available to common shareholders
   $ 0.01     $ (0.06 )   $ 0.71     $ 0.79  
                                 
Basic weighted average shares outstanding
     78,561       65,640       74,318       65,489  
                                 
Diluted weighted average shares outstanding
     92,303       80,501       88,389       80,648  
                                 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
23
 



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



   
December 31,
  
Assets
  
2009
    
2008
  
Rental property
            
Land and leasehold interests
   $ 771,794     $ 731,086  
Buildings and improvements
     3,948,509       3,792,186  
Tenant improvements
     456,547       431,616  
Furniture, fixtures and equipment
     9,358       8,892  
      5,186,208       4,963,780  
Less – accumulated depreciation and amortization
     (1,153,223 )     (1,040,778 )
Net investment in rental property
     4,032,985       3,923,002  
Cash and cash equivalents
     291,059       21,621  
Investments in unconsolidated joint ventures
     35,680       138,495  
Unbilled rents receivable, net
     119,469       112,524  
Deferred charges and other assets, net
     213,674       212,422  
Restricted cash
     20,681       12,719  
Accounts receivable, net of allowance for doubtful accounts
                
of $2,036 and $2,319
     8,089       23,139  
                 
Total assets
   $ 4,721,637     $ 4,443,922  
                 
Liabilities and Equity
                
Senior unsecured notes
   $ 1,582,434     $ 1,533,349  
Revolving credit facility
     --       161,000  
Mortgages, loans payable and other obligations
     755,003       531,126  
Dividends and distributions payable
     42,109       52,249  
Accounts payable, accrued expenses and other liabilities
     106,878       119,451  
Rents received in advance and security deposits
     54,693       54,406  
Accrued interest payable
     37,330       32,978  
Total liabilities
     2,578,447       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,
                
78,969,752 and 66,419,055 shares outstanding
     789       664  
Additional paid-in capital
     2,275,716       1,905,386  
Dividends in excess of net earnings
     (470,047 )     (386,587 )
Total Mack-Cali Realty Corporation stockholders’ equity
     1,831,458       1,544,463  
                 
Noncontrolling interest in subsidiaries:
                
Operating Partnership
     308,703       414,114  
Consolidated joint ventures
     3,029       786  
Total noncontrolling interests in subsidiaries
     311,732       414,900  
                 
Total equity
     2,143,190       1,959,363  
                 
Total liabilities and equity
   $ 4,721,637     $ 4,443,922  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
24
 



Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Equity
For the year ended December 31, 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
--
--
--
--
--
54,568
9,160
63,728
Preferred stock dividends
--
--
--
--
--
(2,000)
--
(2,000)
Common stock dividends
--
--
--
--
--
(136,028)
--
(136,028)
Common unit distributions
--
--
--
--
--
--
(25,100) 
(25,100)
Common Stock offering
--
--
11,500
115
274,711
--
--
274,826
Increase in noncontrolling
                
  interest
--
--
--
--
--
--
3,186
3,186
Redemption of common units
                
  for common stock
--
--
943
9
24,109
--
(24,118)  
--
Shares issued under Dividend
                
  Reinvestment and Stock
                
  Purchase Plan
--
--
9
--
207
--
--
207
Stock options exercised
--
--
19
--
504
--
--
504
Directors Deferred comp. plan
--
--
--
--
407
--
--
407
Issuance of restricted stock
--
--
83
1
1,973
--
--
1,974
Cancellation of
                
  restricted stock
--
--
(3)
--
(149)
--
--
(149)
Stock Compensation
--
--
--
--
2,272
--
--
2,272
Rebalancing of ownership
                
  percent between
                
  parent and subsidiaries
--
--
--
--
66,296
--
(66,296) 
--
Balance at December 31, 2009
10
$25,000
78,970
$789
$2,275,716
$(470,047)
$311,732 
$2,143,190
                 




 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009


 
 
25
 
 

 

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


 
Three Months Ended
December 31,
Year Ended
December 31,
 
2009
2008
2009
2008
Net income available to common shareholders
$ 1,006
$(4,136)
$ 52,568
$ 51,726
Add: Noncontrolling interest in Operating Partnership
174
(934)
10,103
11,817
 Real estate-related depreciation and amortization on continuing operations (a)
54,086
55,955
212,163
215,556
Funds from operations available to common shareholders (b)
$ 55,266
$ 50,885
$274,834
$279,099
         
Diluted weighted average shares/units outstanding (c)
92,303
80,501
88,389
80,648
         
Funds from operations per share/unit – diluted
$ 0.60
$ 0.63
$ 3.11
$ 3.46
         
Dividend declared per common share
$ 0.45
$              0.64
$ 1.80
$ 2.56
         
Dividend payout ratios:
        
     Funds from operations-diluted
75.16%
101.25%
57.89%
73.97%
         
Supplemental Information:
        
  Non-incremental revenue generating capital expenditures:
        
     Building improvements
$ 5,004
$ 4,070
$ 10,885
$ 11,562
     Tenant improvements and leasing commissions
$ 14,642
$12,479
$ 51,267
$ 50,557
  Straight-line rent adjustments (d)
$ 2,502
$ 3,061
$ 7,606
$ 8,305
  Amortization of (above)/below market lease intangibles, net (e)
$ 1,226
$ 2,081
$ 6,050
$ 8,069
Impairment charge on rental property
$ 16,563
--
$ 16,563
--
Gain on reduction of other obligations
--
$ 9,062
$ 1,693
$ 9,062
  Impairment charge included in equity in earnings (loss)
--
$38,938
$ 4,010 (f)
$ 38,938
 

(a) Includes the Company’s share from unconsolidated joint ventures of $1,514 and $5,956 for the three months ended December 31, 2009 and 2008, respectively, and $10,294 and $21,250 for the twelve months ended December 31, 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 (13,605 shares and 14,826 shares for the three months ended December 31, 2009 and 2008, respectively, and 14,028 and 14,915 for the twelve months ended December 31, 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 $30 and $103 for the three months ended December 31, 2009 and 2008, respectively, and $285 and $1,003 for the twelve months ended December 31, 2009 and 2008, respectively.
(e) Includes the Company’s share from unconsolidated joint ventures of $7 and $455 for three months ended December 31, 2009 and 2008, respectively, and $582 and $1,695 for the twelve months ended December 31, 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 December 31, 2009

 

 
26
 



Statements of Funds from Operations Per Diluted Share
and Funds from Operations Excluding Certain Non-Cash Items Per Diluted Share
 (amounts are per diluted share, except share count in thousands) (unaudited)


 
Three Months Ended
December 31,
Year Ended
December 31,
 
2009
2008
2009
2008
Net income (loss) available to common shareholders
$0.01
       $(0.06)
$0.71
$0.79
Add: Real estate-related depreciation and amortization on continuing operations (a)
 0.59
0.70
2.40
2.67
Deduct: Noncontrolling interest/rounding adjustment
--
(0.01)
--
--
 
Funds from operations available to common shareholders (b)
$0.60
$0.63
$3.11
$3.46
Add: Non-cash impairment charge on rental property
0.18
--
0.19
--
 Non-cash impairment charges from equity in earnings (loss) in unconsolidated joint ventures
--
0.48
0.04
0.48
Deduct: Non-cash gain from reduction of other obligations
--
(0.11)
(0.02)
(0.11)
 
FFO Excluding Items
$0.78
$1.00
$3.32
$3.83
Dividend payout ratio for FFO Excluding Items
57.83%
63.80%
54.17%
66.82%
Diluted weighted average shares/units outstanding (c)
92,303
80,501
88,389
80,648

(a) Includes the Company’s share from unconsolidated joint ventures of $0.02 and $0.07 for the three months ended December 31, 2009 and 2008, respectively, and $0.12 and $0.26 for the twelve months ended December 31, 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 (13,605 shares and 14,826 shares for the three months ended December 31, 2009 and 2008, respectively, and 14,028 and 14,915 for the twelve months ended December 31, 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 December 31, 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
December 31
Year Ended
December 31,
 
2009
2008
2009
2008
Basic weighted average shares outstanding:
78,561
65,640
74,318
65,489
Add: Weighted average common units
13,605
14,826
14,028
14,915
Basic weighted average shares/units:
92,166
80,466
88,346
80,404
Add: Stock options
44
--
1
95
Restricted Stock Awards
93
35
42
149
 
Diluted weighted average shares/units outstanding:
92,303
80,501
88,389
80,648




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
28
 












IV.  VALUE CREATION PIPELINE

















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
29
 



IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
 (dollars in thousands)


For the year ended December 31, 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 December 31, 2009

 
 
30
 




Properties Commencing Initial Operations
(dollars in thousands)


For the year ended December 31, 2009

Date Placed
In Service
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Current %
Leased
Cost
Incurred (a)
Wholly Owned:
            
03/01/09
22 Sylvan Way
Parsippany, Morris County, NJ
1
249,409
100%
$65,687
             
Unconsolidated
Joint Ventures:
            
10/01/09
1 Jefferson Road
Parsippany, Morris County, NJ
1
100,000
100%
$20,987
 
Total Properties Commencing Initial Operations:
2
349,409
100%
$86,674

(a)  
   Amounts are as of December 31, 2009.



For the year ended December 31, 2008

None.



Rental Property Sales


The Company did not sell any properties during the years ended December 31, 2009 and 2008, respectively.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
12/31/09
Total
Estimated
Costs
Current
% Leased
Company Effective Ownership
Wholly Owned:
                  
55 Corporate Drive
Bridgewater, NJ
Office
2011-3Q
1
205,000
$19,713
$50,906
100.0%
100.0%
 
Total
      
1
205,000
$19,713
$50,906
100.0%
  





















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 December 31, 2009


 
 
33
 





















V.  PORTFOLIO/ LEASING STATISTICS



















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
34
 



V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended December 31, 2009)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
9/30/09
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/09 (c)
Pct.
Leased
12/31/09
Pct.
Leased
9/30/09
                 
  Northern NJ
13,291,631
 -
(442,275)
421,659
(20,616)
13,271,015
90.5%
90.7%
  Central NJ
4,895,746
 -
(146,978)
103,761
(43,217)
4,852,529
90.3%
91.2%
  Westchester Co., NY
4,439,767
-
(159,482)
189,694
30,212
4,469,979
93.3%
92.7%
  Manhattan
524,476
-
(39,069)
39,069
-
524,476
100.0%
100.0%
  Sub. Philadelphia
3,113,727
-
(76,505)
107,416
30,911
3,144,638
89.1%
88.2%
  Fairfield, CT
541,958
-
(16,477)
7,496
(8,981)
532,977
89.2%
90.7%
  Washington, DC/MD
894,401
-
(13,496)
29,964
16,468
910,869
70.5%
69.2%
  Rockland Co., NY
161,516
-
(609)
2,409
1,800
163,316
90.7%
89.7%
 
Total
27,863,222
-
(894,891)
901,468
6,577
27,869,799
90.1%
90.0%
                 

 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of September 30, 2009
30,946,453
    Total sq. ft. of properties added/sold this period
 -
Total sq. ft. as of December 31, 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 December 31, 2009 aggregating 64,672 square feet for which no new leases were signed.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
35
 



Leasing Statistics
(For the three months ended December 31, 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
34
399,934
88,578
311,356
8.7
23.71
3.69
  
 
Office/Flex
3
21,725
12,701
9,024
5.6
17.09
1.76
  
Central NJ
Office
11
67,887
5,335
62,552
3.8
23.41
4.00
  
 
Office/Flex
7
35,874
-
35,874
5.2
16.68
2.32
  
Westchester Co., NY
Office
21
104,306
66,648
37,658
5.7
24.05
4.66
  
 
Office/Flex
12
85,388
40,652
44,736
5.2
14.45
1.32
  
Manhattan
Office
1
39,069
39,069
-
16.1
33.28
5.82
  
Sub. Philadelphia
Office
19
70,946
17,855
53,091
3.7
21.73
3.41
  
 
Office/Flex
4
36,470
24,600
11,870
2.6
9.17
0.60
  
Fairfield Co., CT
Office
2
7,496
4,646
2,850
8.4
22.17
4.42
  
Washington, DC/MD
Office
11
29,964
5,998
23,966
4.8
21.22
2.78
  
Rockland Co., NY
Office
2
2,409
1,800
609
1.0
24.48
0.20
  
                   
Total
  
127
901,468
307,882
593,586
7.0
21.99
3.69
  
                   
Detail by Property Type
                  
 
Office
101
722,011
229,929
492,082
7.5
23.94
4.02
  
 
Office/Flex
26
179,457
77,953
101,504
4.7
14.14
1.52
  
                   
Total
  
127
901,468
307,882
593,586
7.0
21.99
3.69
  
                   
Tenant Retention:
Leases Retained
62.2%
              
 
Sq. Ft. Retained
66.3%
              
   


(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $16,245,185 and commissions of $6,876,755 committed, but not necessarily expended, during the period for second generation space aggregating 901,468 square feet.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
36
 



Leasing Statistics
(For the three months ended December 31, 2009)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
Market
Sq. Ft.
Leased
9/30/09
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/09
Pct.
Leased
12/31/09
Pct.
Leased
9/30/09
                 
   Northern NJ
920,150
  -
(34,487)
8,431
(26,056)
894,094
81.8%
84.2%
   Central NJ
918,660
 -
(23,419)
25,248
1,829
920,489
88.1%
87.9%
                 
Total
1,838,810
-
(57,906)
33,679
(24,227)
1,814,583
84.9%
86.0%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of September 30, 2009
2,137,270
    Total sq. ft. of properties added/sold this period
-
Total sq. ft. as of December 31, 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
1
8,431
-
8,431
1.5
34.25
1.71
   Central NJ
6
25,248
14,411
10,837
6.5
23.83
3.06
               
Total
7
33,679
14,411
19,268
5.2
26.44
2.96
               

(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(d)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(e)  
Represents estimated workletter costs of $245,748 and commissions of $276,151 committed, but not necessarily expended, during the period for second generation space aggregating 33,679 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
37
 


Leasing Statistics
(For the year ended December 31, 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 12/31/09 (c)
Pct.
Leased
12/31/09
Pct.
Leased
12/31/08
                 
  Northern NJ
12,221,131
1,366,366
(1,471,993)
1,155,511
(316,482)
13,271,015
90.5%
92.5%
  Central NJ
4,729,314
251,142
(622,434)
494,507
(127,927)
4,852,529
90.3%
92.4%
  Westchester Co., NY
4,509,180
-
(945,403)
906,202
(39,201)
4,469,979
93.3%
94.2%
  Manhattan
524,476
-
(95,391)
95,391
-
524,476
100.0%
100.0%
  Sub. Philadelphia
3,097,778
-
(299,584)
346,444
46,860
3,144,638
89.1%
87.8%
  Fairfield, CT
526,132
-
(43,919)
50,764
6,845
532,977
89.2%
88.0%
  Washington, DC/MD
937,200
-
(148,036)
121,705
(26,331)
910,869
70.5%
72.5%
  Rockland Co., NY
160,559
-
(18,481)
21,238
2,757
163,316
90.7%
89.2%
 
26,705,770
1,617,508
(3,645,241)
3,191,762
(453,479)
27,869,799
90.1%
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 December 31, 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 December 31, 2009 aggregating 64,672 square feet for which no new leases were signed.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
38
 



Leasing Statistics
(For the year ended December 31, 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
123
1,077,827
353,022
724,805
7.5
24.38
3.70
  
 
Office/Flex
10
77,684
26,561
51,123
3.3
15.23
1.44
  
Central NJ
Office
63
405,272
122,363
282,909
4.7
24.46
3.53
  
 
Office/Flex
12
89,235
26,310
62,925
5.2
17.43
2.70
  
Westchester Co., NY
Office
82
321,744
128,379
193,365
4.5
24.02
3.57
  
 
Office/Flex
72
535,358
129,360
405,998
5.3
16.07
1.44
  
 
Industrial/Warehouse
2
39,800
11,800
28,000
4.0
12.60
0.43
  
 
Retail
1
9,300
-
9,300
5.0
39.19
0.20
  
Manhattan
Office
2
95,391
95,391
-
18.9
38.20
3.55
  
Sub. Philadelphia
Office
50
182,391
64,549
117,842
4.2
21.42
3.40
  
 
Office/Flex
23
164,053
37,705
126,348
2.3
9.68
0.64
  
Fairfield Co., CT
Office
12
47,989
33,801
14,188
6.5
21.74
4.08
  
 
Office/Flex
1
2,775
2,775
-
5.0
18.23
0.56
  
Washington, DC/MD
Office
31
121,705
34,298
87,407
4.0
24.39
3.12
  
Rockland Co., NY
Office
8
21,238
4,497
16,741
5.7
25.44
1.69
  
   
 
492
3,191,762
1,070,811
2,120,951
       6.0
21.89
3.13
  
Totals
                  
                   
Detail by Property Type
Office
371
2,273,557
836,300
1,437,257
6.6
24.64
3.60
  
 
Office/Flex
118
869,105
222,711
646,394
4.6
14.94
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
39.19
0.20
  
   
 
492
 3,191,762
 1,070,811
      2,120,951
6.0
21.89
3.13
  
                   
Tenant Retention:
Leases Retained
56.6%
              
 
Sq. Ft. Retained
58.2%
              
   


(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $41,310,613 and commissions of $18,385,785 committed, but not necessarily expended, during the period for second generation space aggregating 3,182,526 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
39
 



Leasing Statistics
(For the year ended December 31, 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 12/31/09
Pct.
Leased
12/31/09
Pct.
Leased
12/31/08
                 
   Northern NJ
2,096,267
(1,116,366)
(192,174)
106,367
(85,807)
894,094
81.8%
91.4%
   Central NJ
1,191,209
(251,142)
(96,730)
77,152
(19,578)
920,489
88.1%
91.9%
   Boston, MA
225,872
(163,858)
(110,225)
48,211
(62,014)
 -
 -
33.9%
                 
Total
3,513,348
(1,531,366)
(399,129)
231,730
(167,399)
1,814,583
84.9%
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 December 31, 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
9
106,367
14,051
92,316
5.7
30.66
3.07
   Central NJ
20
77,152
34,709
42,443
6.6
25.06
2.90
   Boston, MA
3
48,211
-
48,211
6.1
16.63
1.70
               
Total
32
231,730
48,760
182,970
6.1
25.88
2.71
               


(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 $1,535,501 and commissions of $2,105,992 committed, but not necessarily expended, during the period for second generation space aggregating 223,336 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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)
135,486,909
21.6
6,495,715
20.8
Jersey City, NJ
118,413,718
18.9
4,317,978
14.0
Westchester-Rockland, NY
92,786,586
14.8
4,968,420
16.1
Bergen-Passaic, NJ
91,010,110
14.5
4,723,604
15.3
Philadelphia, PA-NJ
56,046,278
8.9
3,529,994
11.4
Middlesex-Somerset-Hunterdon, NJ
36,207,931
5.8
1,918,252
6.2
Washington, DC-MD-VA-WV
26,638,168
4.3
1,292,807
4.2
Monmouth-Ocean, NJ
26,331,433
4.2
1,620,863
5.2
Trenton, NJ
17,079,000
2.7
956,597
3.1
New York (Manhattan)
16,120,934
2.6
524,476
1.7
Bridgeport-Stamford-Norwalk, CT
10,310,264
1.7
597,747
2.0
         
Total
626,431,331
100.0
30,946,453
100.0
         

(a)  
Annualized base rental revenue is based on actual December 2009 billings times 12.  For leases whose rent commences after January 1, 2010, 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 December 31, 2009 aggregating 64,672 square feet and representing annualized rent of $1,399,732 for which no new leases were signed.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
102,997,592
16.5
3,782,274
13.9
Insurance Carriers & Related Activities
57,847,293
9.3
2,353,291
8.6
Manufacturing
51,007,205
8.2
2,635,523
9.6
Telecommunications
41,733,313
6.7
2,133,663
7.8
Legal Services
37,099,125
5.9
1,418,926
5.2
Health Care & Social Assistance
29,380,389
4.7
1,383,604
5.1
Computer System Design Services
27,729,122
4.4
1,321,821
4.8
Credit Intermediation & Related Activities
26,448,185
4.2
1,022,498
3.7
Scientific Research/Development
23,094,736
3.7
848,562
3.1
Wholesale Trade
18,608,260
3.0
1,265,984
4.6
Accounting/Tax Preparation
17,537,017
2.8
664,178
2.4
Admin & Support, Waste Mgt. & Remediation Services
17,271,629
2.8
796,133
2.9
Public Administration
15,622,668
2.5
602,186
2.2
Architectural/Engineering
15,558,218
2.5
717,557
2.6
Retail Trade
14,654,985
2.3
730,010
2.7
Management/Scientific
12,383,219
2.0
499,410
1.8
Real Estate & Rental & Leasing
11,906,880
1.9
534,418
2.0
Accommodation & Food Services
11,432,807
1.8
497,378
1.8
Other Services (except Public Administration)
11,389,243
1.8
459,859
1.7
Arts, Entertainment & Recreation
11,376,812
1.8
679,077
2.5
Advertising/Related Services
8,949,998
1.4
346,731
1.3
Information Services
8,022,081
1.3
296,610
1.1
Construction
7,013,989
1.1
337,843
1.2
Other Professional
6,487,489
1.0
269,372
1.0
Publishing Industries
6,195,183
1.0
249,148
0.9
Broadcasting
5,693,198
0.9
204,248
0.7
Transportation
5,433,129
0.9
289,568
1.1
Utilities
5,296,482
0.8
226,567
0.8
Data Processing Services
4,784,933
0.8
201,858
0.7
Educational Services
3,969,992
0.6
203,446
0.7
Other
9,506,159
1.4
402,532
1.5
         
Total
626,431,331
100.0
27,374,275
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 December 2009 billings times 12.  For leases whose rent commences after January 1, 2010 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 December 31, 2009 aggregating 64,672 square feet and representing annualized rent of $1,399,732 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
42
 





Consolidated Portfolio Analysis (a)
(as of December 31, 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 21 properties, aggregating approximately 2.2 million square feet, which are not consolidated by the Company.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
43
 





Consolidated Portfolio Analysis (a)
(as of December 31, 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 21 properties, aggregating approximately 2.2 million square feet, which are not consolidated by the Company.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
44
 





Consolidated Portfolio Analysis (a)
(Year ended December 31, 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
$411,338
66.7%
$18,778
3.0%
--
--
--
--
--
--
$430,116
69.7%
New York
69,300
11.3%
34,318
5.5%
$3,497
0.6%
$253
0.1%
 $358
0.1%
107,726
17.6%
Pennsylvania
41,225
6.7%
--
--
--
--
--
--
--
--
41,225
6.7%
Connecticut
6,435
1.0%
4,045
0.7%
--
--
--
--
--
--
10,480
1.7%
Wash., D.C./
   Maryland
26,207
4.3%
--
--
--
--
--
--
85
--
26,292
 
4.3%
TOTALS
   By Type:
$554,505
90.0%
$57,141
9.2%
$3,497
0.6%
$253
0.1%
 $443
0.1%
$615,839
100.0%
 
 
(a)  
Excludes 21 properties, aggregating approximately 2.2 million square feet, which are not consolidated by the Company.
(b)  
Total base rent for the 12 months ended December 31, 2009, determined in accordance with GAAP.  Substantially all of the leases provide for annual base rents plus recoveriesand escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
45
 





Consolidated Portfolio Analysis (a) (b)
(as of December 31, 2009)

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
90.6%
91.0%
--
--
90.6%
New York
92.4%
95.0%
97.8%
100.0%
93.9%
Pennsylvania
85.7%
--
--
--
85.7%
Connecticut
80.1%
100.0%
--
--
89.2%
Washington, D.C./ Maryland
70.5%
--
--
--
70.5%
 
WEIGHTED AVG. By Type:
 
89.3%
 
93.5%
 
97.8%
 
100.0%
 
90.1%

(a)  
Excludes 21 properties, aggregating approximately 2.2 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 December 31, 2009 aggregating 64,672 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
46
 


 
Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
 (%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
                 
BERGEN COUNTY, NEW JERSEY
                
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, NEW JERSEY
                
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, NEW JERSEY
                
Millburn
                
150 J.F. Kennedy Parkway                                                 
1980
247,476
100.0
7,322
1.19
29.59
25.63
  
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
  
                 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
47
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
                 
HUDSON COUNTY, NEW JERSEY
                
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, NEW JERSEY
                
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, NEW JERSEY
                
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, NEW JERSEY
                
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 Willowbrook 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
  
Middletown
                
One River Centre Bldg. 1                                                 
1983
122,594
100.0
3,145
0.51
25.65
21.07
  
One River Centre Bldg. 2                                                 
1983
120,360
100.0
2,899
0.47
24.09
22.05
  
One River Centre Bldg. 3 and 4
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
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
48
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
 (%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
                 
MORRIS COUNTY, NEW JERSEY
                
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, NEW JERSEY
                
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, NEW JERSEY
                
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
  
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, NEW JERSEY
                
Clark
                
100 Walnut Avenue                                                 
1985
182,555
99.1
4,591
0.75
25.38
21.74
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
49
 

 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
 (%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
                 
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 COUNTY, NEW YORK
                
New York
                
125 Broad Street                                                 
1970
524,476
100.0
19,886
3.22
37.92
34.42
  
                 
ROCKLAND COUNTY, NEW YORK
                
Suffern
                
400 Rella Boulevard                                                 
1988
180,000
90.7
3,690
0.60
22.60
20.44
  
                 
WESTCHESTER COUNTY, NEW YORK
                
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
  
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
  
                 
CHESTER COUNTY, PENNSYLVANIA
                
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
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
50
 


 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
 (%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
                 
1235 Westlakes Drive                                                 
1986
134,902
99.0
3,091
0.50
23.14
19.00
  
                 
DELAWARE COUNTY, PENNSYLVANIA
                
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, PENNSYLVANIA
                
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 West                                                 
1988
93,093
93.0
2,083
0.34
24.06
21.76
  
18 Sentry Park West                                                 
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
  
                 
FAIRFIELD COUNTY, CONNECTICUT
                
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
  
                 
WASHINGTON, D.C.
                
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
  
                 
PRINCE GEORGE’S COUNTY, MARYLAND
                
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
  
 
 
 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
51
 
 
 
 
 
 
                 
 
Property Listing
 
Office Properties
(continued)
 
 
  
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
 (%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
                 
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
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
52
 


 
 
Property Listing
 
Office/Flex Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
 (%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
 
BURLINGTON COUNTY, NEW JERSEY
                
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, NEW JERSEY
                
West Deptford
                
1451 Metropolitan Drive                                                 
1996
21,600
100.0
139
0.02
6.44
6.20
  
                 
MERCER COUNTY, NEW JERSEY
                
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
  
                 
MONMOUTH COUNTY, NEW JERSEY
                
Wall Township
                
1325 Campus Parkway                                                 
1988
35,000
100.0
655
0.11
18.71
14.06
  
1340 Campus Parkway                                                 
1992
72,502
100.0
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
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
53
 


 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
 (%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
 
PASSAIC COUNTY, NEW JERSEY
                
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
  
                 
WESTCHESTER COUNTY, NEW YORK
                
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                                                 
2002
33,000
100.0
712
0.12
21.58
17.94
  
150 Clearbrook Road                                                 
1975
74,900
100.0
1,016
0.16
13.56
12.48
  
175 Clearbrook Road                                                 
1973
98,900
100.0
1,513
0.25
15.30
14.11
  
200 Clearbrook Road                                                 
1974
94,000
76.6
753
0.12
10.46
8.83
  
250 Clearbrook Road                                                 
1973
155,000
97.3
1,434
0.23
9.51
8.50
  
50 Executive Boulevard                                                 
1969
45,200
87.6
463
0.08
11.69
9.55
  
77 Executive Boulevard                                                 
1977
13,000
100.0
252
0.04
19.38
18.31
  
85 Executive Boulevard                                                 
1968
31,000
99.4
577
0.09
18.73
15.87
  
300 Executive Boulevard                                                 
1970
60,000
100.0
731
0.12
12.18
11.07
  
350 Executive Boulevard                                                 
1970
15,400
98.8
233
0.04
15.31
15.12
  
399 Executive Boulevard                                                 
1962
80,000
100.0
1,038
0.17
12.98
12.40
  
400 Executive Boulevard                                                 
1970
42,200
63.5
565
0.09
21.08
17.13
  
500 Executive Boulevard                                                 
1970
41,600
100.0
672
0.11
16.15
13.92
  
525 Executive Boulevard                                                 
1972
61,700
100.0
1,054
0.17
17.08
15.77
  
1 Westchester Plaza                                                 
1967
25,000
100.0
349
0.06
13.96
13.48
  
2 Westchester Plaza                                                 
1968
25,000
100.0
538
0.09
21.52
19.68
  
3 Westchester Plaza                                                 
1969
93,500
84.9
749
0.12
9.44
8.34
  
4 Westchester Plaza                                                 
1969
44,700
59.1
427
0.07
16.16
13.89
  
5 Westchester Plaza                                                 
1969
20,000
100.0
241
0.04
12.05
10.05
  
6 Westchester Plaza                                                 
1968
20,000
100.0
310
0.05
15.50
13.90
  
7 Westchester Plaza                                                 
1972
46,200
100.0
759
0.12
16.43
16.23
  
8 Westchester Plaza                                                 
1971
67,200
100.0
997
0.16
14.84
12.63
  
Hawthorne
                
200 Saw Mill River Road                                                 
1965
51,100
92.0
659
0.11
14.02
12.91
  
4 Skyline Drive                                                 
1987
80,600
94.5
1,362
0.22
17.88
15.28
  
5 Skyline Drive                                                 
1980
124,022
99.3
1,749
0.28
14.20
12.29
  
6 Skyline Drive                                                 
1980
44,155
100.0
228
0.04
5.16
5.10
  
8 Skyline Drive                                                 
1985
50,000
79.3
983
0.16
24.79
18.08
  
10 Skyline Drive                                                 
1985
20,000
84.4
298
0.05
17.65
14.28
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
54
 

 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
(%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
 
11 Skyline Drive                                                 
1989
45,000
100.0
803
0.13
17.84
17.11
  
12 Skyline Drive                                                 
1999
46,850
100.0
755
0.12
16.12
12.32
  
15 Skyline Drive                                                 
1989
55,000
100.0
1,191
0.19
21.65
20.04
  
Yonkers
                
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,480
0.24
19.30
18.14
  
200 Corporate Boulevard South                                                            
1990
84,000
99.8
1,525
0.25
18.19
17.56
  
4 Executive Plaza                                                 
1986
80,000
100.0
1,393
0.23
17.41
14.14
  
6 Executive Plaza                                                 
1987
80,000
99.2
1,542
0.25
19.43
18.04
  
1 Odell Plaza                                                 
1980
106,000
99.9
1,324
0.21
12.50
11.38
  
3 Odell Plaza                                                 
1984
71,065
100.0
1,595
0.26
22.44
20.81
  
5 Odell Plaza                                                 
1983
38,400
89.2
576
0.09
16.82
13.49
  
7 Odell Plaza                                                 
1984
42,600
99.6
737
0.12
17.37
16.22
  
                 
Total New York Office/Flex
  
2,348,812
95.0
34,318
5.57
15.38
13.72
  
                 
FAIRFIELD COUNTY, CONNECTICUT
                
Stamford
                
419 West Avenue                                                 
1986
88,000
100.0
1,363
0.22
15.49
13.84
  
500 West Avenue                                                 
1988
25,000
100.0
411
0.07
16.44
14.88
  
550 West Avenue                                                 
1990
54,000
100.0
840
0.14
15.56
15.44
  
600 West Avenue                                                 
1999
66,000
100.0
745
0.12
11.29
10.73
  
650 West Avenue                                                 
1998
40,000
100.0
686
0.11
17.15
15.90
  
                 
Total Connecticut Office/Flex
  
273,000
100.0
4,045
0.66
14.82
13.80
  
                 
                 
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
93.5
57,141
9.29
12.71
11.12
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
55
 


 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/09
 (%) (a)
2009
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2009
Base Rent
%
2009
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2009
Average
Effective
Rent Per
Sq. Ft.
($) (c) (e)
  
                 
WESTCHESTER COUNTY, NEW YORK
                
Elmsford
                
1 Warehouse Lane                                                 
1957
6,600
100.0
92
0.01
13.94
12.27
  
2 Warehouse Lane                                                 
1957
10,900
100.0
167
0.03
15.32
14.77
  
3 Warehouse Lane                                                 
1957
77,200
100.0
363
0.06
4.70
4.48
  
4 Warehouse Lane                                                 
1957
195,500
96.7
1,434
0.23
7.59
6.64
  
5 Warehouse Lane                                                 
1957
75,100
97.1
922
0.15
12.64
11.12
  
6 Warehouse Lane                                                 
1982
22,100
100.0
519
0.08
23.48
22.53
  
                 
Total Industrial/Warehouse Properties
  
387,400
97.8
3,497
0.56
9.23
8.32
  
                 
WESTCHESTER COUNTY, NEW YORK
                
Tarrytown
                
230 White Plains Road                                                 
1984
9,300
100.0
159
0.03
17.10
16.24
  
Yonkers
                
2 Executive Boulevard                                                 
1986
8,000
100.0
94
0.02
11.75
11.75
  
                 
Total Retail Properties
  
17,300
100.0
253
0.05
14.62
14.16
  
                 
WESTCHESTER COUNTY, NEW YORK
                
Elmsford
                
700 Executive Boulevard                                                 
--
--
--
173
0.03
--
--
  
Yonkers
                
1 Enterprise Boulevard                                                 
--
--
--
185
0.03
--
--
  
                 
Total New York Land Leases
  
--
--
358
0.06
--
--
  
                 
PRINCE GEORGE’S COUNTY, MARYLAND
                
Greenbelt
                
Capital Office Park Parcel A (f)                                                            
--
--
--
85
0.01
--
--
  
                 
Total Maryland Land Leases
  
--
--
85
0.01
--
--
  
                 
Total Land Leases
  
--
--
443
0.07
--
--
  
                 
 
TOTAL PROPERTIES
  
30,946,453
90.1
615,839
100.00
22.51
19.72
  

(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 December, 2009 aggregating 64,672 square feet (representing 0.2 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)  
Total base rent for the 12 months ended December 31, 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 December 31, 2009, divided by net rentable square feet leased at December 31, 2009.
(e)  
Total base rent for 2009 minus total 2009 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP, divided by net rentable square feet leased at December 31, 2009.
(f)  
As this property was acquired, placed in service or initially consolidated by the Company during the 12 months ended December 31, 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 December 31, 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 December 31, 2009.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
56
 



Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of December 31, 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
    14,137,802
2.2
526,023
1.8
 (b)
Citigroup Global Markets, Inc.
2
    11,309,837
1.7
348,003
1.2
 (c)
DB Services New Jersey, Inc.
2
    10,905,425
1.7
402,068
1.5
2017
Wyndham Worldwide Operations
2
      9,170,108
1.5
395,983
1.4
 (d)
United States of America-GSA
12
      9,118,457
1.5
290,598
1.1
 (e)
New Cingular Wireless PCS, LLC
3
      8,995,940
1.4
405,530
1.5
 (f)
Keystone Mercy Health Plan
2
      8,867,108
1.4
303,149
1.1
2020
Prentice-Hall, Inc.
1
      8,643,699
1.4
474,801
1.7
2014
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
 (g)
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
Daiichi Sankyo, Inc.
2
      5,896,710
0.9
180,807
0.7
(h)
TD Ameritrade Online Holdings
1
      5,830,626
0.9
184,222
0.7
2015
IBM Corporation
3
      5,226,858
0.8
310,263
1.1
(i)
Credit Suisse (USA), Inc.
1
      5,212,307
0.8
153,464
0.6
(j)
Allstate Insurance Company
8
      5,080,600
0.8
213,236
0.8
(k)
Merrill Lynch Pierce Fenner
1
      5,001,213
0.8
294,189
1.1
2017
Montefiore Medical Center
5
      4,901,818
0.8
222,670
0.8
(l)
National Financial Services
1
      4,798,621
0.8
112,964
0.4
2012
KPMG, LLP
3
      4,752,555
0.8
176,520
0.6
(m)
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
      4,050,623
0.6
142,530
0.5
(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
Arch Insurance Company
1
      3,685,118
0.6
106,815
0.4
2024
Morgan Stanley & Co., Inc.
1
      3,674,040
0.6
306,170
1.1
2013
Lehman Brothers Holdings, Inc.
1
      3,611,421
0.6
135,190
0.5
(o)
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
(p)
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
(q )
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
High Point Safety & Insurance
2
      2,794,113
0.4
116,889
0.4
2020
HQ Global Workplaces, LLC
7
      2,789,620
0.4
133,209
0.5
(r)
Tullett Prebon Holdings Corp.
1
      2,787,758
0.4
113,041
0.4
(s)
Connell Foley, LLP
2
      2,533,422
0.4
97,822
0.4
2015
AAA Mid-Atlantic, Inc.
2
      2,529,519
0.4
129,784
0.5
(t)
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
Sony BMG Music Entertainment
1
      2,359,986
0.4
97,653
0.4
2014
Nextel of New York, Inc.
2
      2,225,875
0.4
97,435
0.4
 (u)
UBS Financial Services, Inc.
3
      2,209,326
0.4
82,092
0.3
 (v)
             
Total
  
 244,402,044
39.0
    9,726,682
35.5
  


See footnotes on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
57
 



Significant Tenants

(Continued)


(a)  
Annualized base rental revenue is based on actual December, 2009 billings times 12.  For leases whose rent commences after January 1, 2010, 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 expired in 2010; 17,103 square feet expire in 2018.
(d)  
145,983 square feet expire in 2011; 250,000 square feet expire in 2024.
(e)  
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.
(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)  
17,959 square feet expired in 2010; 248,399 square feet expire in 2012; 43,905 square feet expire in 2013.
(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)  
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.
(m)  
77,381 square feet expire in 2012; 53,409 square feet expire in 2019; 45,730 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)  
63,686 square feet expire in 2010; 71,504 square feet expire in 2012.
(p)  
104,008 square feet expire in 2013; 14,863 square feet expire in 2017.
(q)  
39,060 square feet expire in 2013; 102,112 square feet expire in 2015.
(r)  
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.
(s)  
12,282 square feet expire in 2011; 100,759 square feet expire in 2023.
(t)  
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
(u)  
62,435 square feet expire in 2010; 35,000 square feet expire in 2014.
(v)  
21,554 square feet expire in 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 December 31, 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 January 1, 2010, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2010 through 2012 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 (%)
             
2010 (c)
            
   Northern  NJ
103
1,054,060
3.9
24,710,388
23.44
3.8
   Central NJ
59
383,382
1.4
8,794,617
22.94
1.4
   Westchester Co., NY
80
271,152
1.0
6,087,466
22.45
1.0
   Manhattan
1
291,831
1.1
9,446,569
32.37
1.5
   Sub. Philadelphia
33
171,702
0.6
2,514,743
14.65
0.4
   Fairfield, CT
13
39,526
0.1
825,855
20.89
0.1
   Washington, DC/MD
21
92,070
0.3
2,842,719
30.88
0.5
   Rockland Co., NY
4
6,662
(d)
158,815
23.84
(d)
TOTAL – 2010
314
2,310,385
8.4
55,381,172
23.97
8.7
             
             
2011
            
   Northern  NJ
122
1,123,527
4.1
27,327,736
24.32
4.4
   Central NJ
65
669,508
2.5
15,672,903
23.41
2.5
   Westchester Co., NY
106
574,182
2.1
13,233,583
23.05
2.1
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
82
704,473
2.6
12,015,981
17.06
1.9
   Fairfield, CT
17
172,527
0.6
3,654,603
21.18
0.6
   Washington, DC/MD
17
81,571
0.3
2,291,001
28.09
0.4
   Rockland Co., NY
5
7,673
(d)
196,165
25.57
(d)
TOTAL – 2011
414
3,333,461
12.2
74,391,972
23.32
11.9
             
             
2012
            
   Northern  NJ
114
1,582,542
5.8
43,274,720
27.35
6.9
   Central NJ
50
471,488
1.7
10,594,652
22.47
1.7
   Westchester Co., NY
86
454,386
1.7
9,371,609
20.62
1.5
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
53
390,112
1.4
5,930,190
15.20
1.0
   Fairfield, CT
6
21,918
0.1
613,020
27.97
0.1
   Washington, DC/MD
20
108,790
0.4
3,336,941
30.67
0.5
   Rockland Co., NY
3
9,329
(d)
240,572
25.79
(d)
TOTAL – 2012
332
3,038,565
11.1
73,361,704
24.14
11.7
             

Schedule continued, with footnotes, on subsequent page.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 (%)
             
2013
335
3,790,310
13.9
82,432,246
21.75
13.2
             
2014
276
2,847,201
10.4
62,565,633
21.97
10.0
             
2015
216
3,110,622
11.4
68,984,430
22.18
11.0
             
2016
105
1,432,346
5.2
31,076,532
21.70
5.0
             
2017
101
2,601,506
9.5
62,445,560
24.00
10.0
             
2018
61
990,128
3.6
23,698,940
23.94
3.8
             
2019
49
1,024,497
3.7
21,765,173
21.24
3.5
             
2020
45
974,583
3.6
22,536,407
23.12
3.6
             
2021 and thereafter
39
1,920,671
7.0
47,791,562
24.88
7.6
Total/
            
Weighted Average
2,287
27,374,275
(c) (e)
100.0
626,431,331
22.88
100.0

(a)  
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2009 billings times 12.  For leases whose rent commences after January 1, 2010, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes leases expiring December 31, 2009 aggregating 64,672 square feet and representing annualized rent of $1,399,732 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
27,374,275
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
495,524
Square footage unleased
3,076,654
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 December 31, 2009

 

 
60
 


Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2010, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2010 through 2012 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 (%)
             
2010 (c)
            
   Northern  NJ
89
926,155
4.1
23,218,697
25.07
4.1
   Central NJ
52
283,625
1.3
7,099,704
25.03
1.3
   Westchester Co., NY
49
169,078
0.8
4,495,931
26.59
0.8
   Manhattan
1
291,831
1.3
9,446,569
32.37
1.7
   Sub. Philadelphia
21
71,977
0.3
1,740,307
24.18
0.3
   Fairfield Co., CT
11
21,776
0.1
563,980
25.90
0.1
   Washington, DC/MD
21
92,070
0.4
2,842,719
30.88
0.5
   Rockland Co., NY
4
6,662
(d)
158,815
23.84
(d)
TOTAL – 2010
248
1,863,174
8.3
49,566,722
26.60
8.8
             
2011
            
   Northern  NJ
117
1,091,323
4.9
26,879,912
24.63
4.8
   Central NJ
56
636,719
2.8
15,203,558
23.88
2.7
   Westchester Co., NY
66
331,085
1.5
9,437,976
28.51
1.7
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
54
394,302
1.8
9,883,404
25.07
1.8
   Fairfield Co., CT
15
99,477
0.4
2,884,203
28.99
0.5
   Washington, DC/MD
17
81,571
0.4
2,291,001
28.09
0.4
   Rockland Co., NY
5
7,673
(d)
196,165
25.57
(d)
TOTAL – 2011
330
2,642,150
11.8
66,776,219
25.27
11.9
             
2012
            
   Northern  NJ
102
1,496,163
6.6
42,011,688
  28.08
7.4
   Central NJ
44
424,080
1.9
10,033,323
  23.66
1.8
   Westchester Co., NY
49
178,115
0.8
4,784,910
  26.86
0.9
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
36
173,232
0.8
4,188,477
  24.18
0.8
   Fairfield Co., CT
6
21,918
0.1
613,020
  27.97
0.1
   Washington, DC/MD
20
108,790
0.5
3,336,941
  30.67
0.6
   Rockland Co., NY
3
9,329
(d)
240,572
  25.79
(d)
TOTAL – 2012
260
2,411,627
10.7
65,208,931
27.04
11.6
             
2013
253
2,911,768
12.9
69,988,369
24.04
12.5
             
2014
223
2,319,187
10.3
55,877,950
24.09
10.0
             
2015
182
2,831,075
12.6
65,695,399
23.21
11.7
             
2016
85
1,017,472
4.5
25,105,588
24.67
4.5
             
2017
82
2,400,683
10.7
59,195,449
24.66
10.5
             
2018
39
715,489
3.2
19,751,962
27.61
3.5
             
2019
34
680,750
3.0
16,806,721
24.69
3.0
             
2020
34
814,895
3.6
20,468,253
25.12
3.6
             
2021 and thereafter
37
1,886,665
8.4
47,165,624
25.00
8.4
Totals/Weighted
  Average
1,807
22,494,935 (c)
100.0
561,607,187
24.97
100.0

(a)  
Includes office tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2009 billings times 12.  For leases whose rent commences after January 1, 2010, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes leases expiring December 31, 2009 aggregating 53,806 square feet and representing annualized rent of $1,263,441 for which no new leases were signed.
(d)  
Represents 0.05% or less.
 
 
 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 January 1, 2010, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2010 through 2012 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 (%)
             
2010 (c)
            
   Northern  NJ
14
127,905
2.7
1,491,691
11.66
2.6
   Central NJ
7
99,757
2.2
1,694,913
16.99
2.8
   Westchester Co., NY
30
97,124
2.2
1,502,435
15.47
2.5
   Sub. Philadelphia
12
99,725
2.2
774,436
7.77
1.3
   Fairfield Co., CT
2
17,750
0.4
261,875
14.75
0.4
TOTAL – 2010
65
442,261
9.7
5,725,350
12.95
9.6
             
2011
            
   Northern  NJ
5
32,204
0.8
447,824
13.91
0.7
   Central NJ
9
32,789
0.7
469,345
14.31
0.8
   Westchester Co., NY
38
223,697
5.0
3,567,007
15.95
5.9
   Sub. Philadelphia
28
310,171
6.9
2,132,577
6.88
3.6
   Fairfield Co., CT
2
73,050
1.6
770,400
10.55
1.3
TOTAL – 2011
82
671,911
15.0
7,387,153
10.99
12.3
             
2012
            
   Northern  NJ
12
86,379
1.9
1,263,032
14.62
2.1
   Central NJ
6
47,408
1.1
561,329
11.84
0.9
   Westchester Co., NY
36
269,633
6.0
4,513,681
16.74
7.5
   Sub. Philadelphia
17
216,880
4.8
1,741,713
8.03
2.9
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2012
71
620,300
13.8
8,079,755
13.03
13.4
             
2013
71
724,237
16.2
11,057,827
15.27
18.4
             
2014
49
488,169
10.9
5,883,973
12.05
9.8
             
2015
33
251,547
5.6
2,967,031
11.80
4.9
             
2016
18
279,792
6.2
4,451,272
15.91
7.4
             
2017
19
200,823
4.5
3,250,111
16.18
5.4
             
2018
21
266,639
6.0
3,698,928
13.87
6.2
             
2019
15
343,747
7.7
4,958,452
14.42
8.2
             
2020
11
159,688
3.6
2,068,154
12.95
3.4
             
2021 and thereafter
2
34,006
0.8
625,938
18.41
1.0
Totals/Weighted
            
  Average
457
4,483,120
(c)
100.0
60,153,944
13.42
100.0


(a) 
Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2009 billings times 12.  For leases whose rent commences after January 1, 2010, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(c)  
Includes leases expiring December 31, 2009 aggregating 10,866 square feet and representing annualized rent of $136,291 for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 January 1, 2010, 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
89,100
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
4,247,150
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 December 2009 billings times 12.  For leases whose rent commences after January 1, 2010, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.



Stand-Alone Retail Properties

The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning January 1, 2010, 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
41.4
             
2018
1
8,000
46.2
248,050
31.01
58.6
Totals/Weighted
            
  Average
2
17,300
100.0
423,050
24.45
100.0


(a)  
Includes stand-alone retail property tenants only.
(b)  
Annualized base rental revenue is based on actual December 2009 billings times 12.  For leases whose rent commences after January 1, 2010 annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2009

 
 
63