FIRST QUARTER 2010


Supplemental Operating and Financial Data










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





 
 
 


INDEX


 
PAGE(S)
I.  COMPANY BACKGROUND
  
· About the Company / Other Corporate Data
5
· Board of Directors / Executive Officers
6
· Equity Research Coverage /Company Contact Information
7
   
II.  FINANCIAL HIGHLIGHTS
  
· Quarterly Summary /  Dividends
9
· Leasing
9 – 11
· Information About FFO
11
· Key Financial Data
12
· Same-Store Results and Analysis
13
· Unconsolidated Joint Ventures Summary
14 – 16
· Select Financial Ratios
17
· Debt Analysis:
  
· Debt Breakdown / Future Repayments
18
· Debt Maturities
19
· Debt Detail
20
   
III.  FINANCIAL INFORMATION
  
· Consolidated Statements of Operations
22
· Consolidated Balance Sheets
23
· Consolidated Statement of Changes in Equity
24
· Statements of Funds from Operations
25
· Statements of Funds from Operations Per Diluted Share
26
· Reconciliation of Basic-to-Diluted Shares/Units
27
   
IV.  VALUE CREATION PIPELINE
  
· Operating Property Acquisitions
29
· Properties Commencing Initial Operations / Rental Property Sales
30
· Summary of Construction Projects
31
· Summary of Land Parcels
32
   
V.  PORTFOLIO/ LEASING STATISTICS
  
· Leasing Statistics
34 – 36
· Market Diversification (MSA’s)
37
· Industry Diversification (Top 30 Tenant Industries)
38
· Consolidated Portfolio Analyses:
  
Breakdown by:
  
(a) Number of Properties
39
(b) Square Footage
40
(c) Base Rental Revenue
41
(d) Percentage Leased
42
· Consolidated Property Listing (by Property Type)
43 – 52
· Significant Tenants (Top 50 Tenants)
53 – 54
· Schedules of Lease Expirations (by Property Type)
55 – 59



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 

 
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 March 31, 2010

 

 
3
 












I.  COMPANY BACKGROUND



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010


 
 
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 March 31, 2010.  Mack-Cali has been involved in all aspects of commercial real estate development, management and ownership for over 50 years and has been a publicly-traded REIT since 1994.  Mack-Cali owns or has interests in 288 properties, primarily class A office and office/flex buildings, totaling approximately 33.1 million square feet, serving as home to approximately 2,100 tenants.  The properties are located primarily in suburban markets of the Northeast, many with adjacent, Company-controlled developable land sites able to accommodate up to 12.5 million square feet of additional commercial space.

History

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

Strategy

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

Summary
(as of March 31, 2010)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
288
Total Square Feet
33.1 million square feet
Geographic Diversity
Five states and the District of Columbia
New Jersey Presence
23.7 million square feet
Northeast Presence
33.1 million square feet
Common Shares and
  
Units Outstanding
92.5 million
Dividend-- Quarter/Annualized
$0.45/$1.80
Dividend Yield
5.1%
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 March 31, 2010


 
 
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





 





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010


 
 
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 March 31, 2010

 

 
7
 












II.  FINANCIAL HIGHLIGHTS
























Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 

 
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 March 31, 2010 amounted to $66.5 million, or $0.72 per share.

Net income available to common shareholders for the first quarter 2010 equaled $14.5 million, or $0.18 per share.

Total revenues for the first quarter 2010 were $195.9 million.

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

The Company had 79,184,996 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 13,305,106 common operating partnership units outstanding as of March 31, 2010. The Company had a total of 92,490,102 common shares/common units outstanding at March 31, 2010.

As of March 31, 2010, the Company had total indebtedness of approximately $2.3 billion, with a weighted average annual interest rate of 6.70 percent. The Company had a debt-to-undepreciated assets ratio of 39.9 percent at March 31, 2010. The Company had an interest coverage ratio of 2.7 times for the quarter ended March 31, 2010.

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 interest rate of 6.25 percent.

Dividends

In March, 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 first quarter 2010, which was paid on April 12, 2010 to shareholders of record as of April 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 January 15, 2010 through April 14, 2010.  The dividend was paid on April 15, 2010 to shareholders of record as of April 6, 2010.

Leasing

Mack-Cali’s consolidated in-service portfolio was 88.8 percent leased at March 31, 2010, as compared to 90.1 percent leased at December 31, 2009.

For the quarter ended March 31, 2010, the Company executed 112 leases at its consolidated in-service portfolio totaling 802,621 square feet, consisting of 555,594 square feet of office space and 247,027 square feet of office/flex space.  Of these totals, 308,096 square feet were for new leases and 494,525 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:

-  
Par Pharmaceutical, Inc., a developer, manufacturer and marketer of generic drugs and innovative proprietary pharmaceuticals for specialty markets, signed a five-year lease renewal for 59,485 square feet at 300 Tice Boulevard in Woodcliff Lake.  The 230,000 square-foot office building is 96 percent leased.
 
 


 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 

 
9
 
 

 

-  
The law offices of Lum, Drasco & Positan, LLC signed a five-year and seven-month renewal for 19,379 square feet at 103 Eisenhower Parkway in Roseland. The 151,545 square-foot office building, located at Eisenhower/280 Corporate Center, is 65.9 percent leased.

-  
ADP/Statewide Insurance, through its services arm ADP Management Associates, LLC, signed a new 11-year lease for 16,165 square feet at 325 Columbia Turnpike in Florham Park. The 168,144 square-foot office building is 78.9 percent leased.

-  
Ultra Logistics, Inc., a transportation logistics company, signed a new 10-year lease for 12,388 square feet at 1717 Route 208 North in Fair Lawn.  The 143,000 square-foot office building is 100 percent leased.

-  
Werum America, Inc., a supplier of manufacturing execution systems for the pharmaceutical and biopharmaceutical industries, signed a new eight-year lease for 10,044 square feet at Five Sylvan Way in Parsippany. The 151,383 square-foot office building, located in Mack-Cali Business Campus, is 98.3 percent leased.

CENTRAL NEW JERSEY:

-  
Telcordia Technologies, Inc., a developer of fixed, mobile, and broadband communications software and services, signed a three-year and three-month renewal for 47,857 square feet at One River Centre, Building Two, in Red Bank. The 120,360 square-foot office building is 93 percent leased.

-  
Jersey Mortgage Company of New Jersey, Inc. signed a five-year four-month renewal for 11,011 square feet at 20 Commerce Drive. The 176,600 square-foot office building located in Cranford Business Park is 100 percent leased.

WESTCHESTER COUNTY, NEW YORK:

-  
Telecommunications service provider Nextel of New York, Inc., signed a five-year renewal for 20,292 square feet at 565 Taxter Road in Elmsford. 

-  
Also at 565 Taxter Road, Nationwide Mutual Insurance Company, an insurance and financial services company, signed a three-year renewal for 13,448 square feet. The 170,554 square-foot office building located in Taxter Corporate Park is 93.6 percent leased.

-  
The law firm of McCarthy Fingar, LLP signed a ten-year renewal for 20,000 square feet at 11 Martine Avenue in White Plains. The 180,000 square-foot office building, located in Westchester Financial Center, is 78.4 percent leased.

-  
Fitness club operator Chiara LLC, signed a new, 20,516 square-foot lease for 12 years and five months at One Odell Plaza in Yonkers. The 106,000 square-foot office/flex building, located in South Westchester Executive Park, is 99.9 percent leased.

-  
AVR Realty Company, LLC signed a five-year renewal for 12,541 square feet at 1 Executive Boulevard in Yonkers. The 112,000 square-foot office building located in South Westchester Executive Park, is 100 percent leased.

-  
The Crystal Spoon Corp., a corporate caterer, signed a transaction totaling 10,958 square feet at 175 Clearbrook Road in Elmsford. The transaction represented an expansion of 5,158 square feet for eight years and a renewal of 5,800 square feet for four years and 10 months. 175 Clearbrook Road, located in the Cross Westchester Executive Park, is a 98,900 square-foot office/flex building and is 100 percent leased.

CONNECTICUT:

-  
Courier service FedEx Ground Package System, Inc., signed a new three-year lease for the entire 66,000 square-foot office/flex building at 600 West Avenue located in the Stamford Executive Park in Stamford.

-  
American Diagnostica Inc., a subsidiary of Sekisui Medical Co., Ltd., signed transactions totaling 17,800 square feet at 500 West Avenue in Stamford, including a three-year renewal for 10,750 square feet and a three-year, six-month expansion for 7,050 square feet. The 25,000 square-foot office/flex building, located in Stamford Executive Park, is 100 percent leased.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010


 
 
10
 



SUBURBAN PHILADELPHIA:

-  
T&M Associates, an engineering firm, signed a seven-year and three-month renewal for 19,000 square feet at 1256 North Church Street in Moorestown. The 63,495 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.

-  
MTS Software Solutions Inc., a provider of material testing software products, signed a new seven-year lease for 15,400 square feet at 225 Executive Drive in Moorestown. The 50,600 square-foot office/flex building, also in the Moorestown West Corporate Center, is 79.1 percent leased.

WASHINGTON, DC/MARYLAND:

-  
Police Foundation, an organization that supports innovation and improvement in policing, signed a ten-year six-month renewal for 10,998 square feet at 1201 Connecticut Ave. N.W. in Washington DC.  The 169,549 square-foot office building 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 26.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010


 
 
11
 


Key Financial Data

 
      As of or for the three months ended   
 
3/31/10
12/31/09
9/30/09
6/30/09
3/31/09
Shares and Units:
          
Common Shares Outstanding
79,184,996
78,969,752
78,554,827
78,334,220
66,424,213
Common Units Outstanding
13,305,106
13,495,036
13,821,755
14,024,755
14,435,743
Combined Shares and Units
92,490,102
92,464,788
92,376,582
92,358,975
80,859,956
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (a)
92,338,550
92,165,843
92,133,114
88,000,033
80,920,580
Weighted Average- Diluted (b)
 
92,449,992
92,303,037
92,245,107
88,000,033
80,920,580
Common Share Price ($’s):
          
At the end of the period
35.25
34.57
32.33
22.80
19.81
High during period
36.31
36.23
37.63
28.01
23.97
Low during period
30.33
29.31
21.13
18.32
13.73
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (c)
3,288,410
3,224,537
3,014,578
2,134,041
1,627,632
Total Debt
2,336,930
2,337,437
2,337,875
2,090,433
2,254,121
Total Market Capitalization
5,625,340
5,561,974
5,352,453
4,224,474
3,881,753
Total Debt/ Total Market
  Capitalization
41.54%
42.03%
43.68%
49.48%
58.07%
           
Financials:
          
($’s in thousands, except ratios and
   per share amounts)
          
Total Assets
4,684,305
4,721,637
4,757,236
4,535,045
4,409,128
Gross Book Value of Real Estate Assets
5,176,004
5,186,208
5,184,411
5,158,812
4,937,170
Total Liabilities
2,564,599
2,578,447
2,576,391
2,336,004
2,471,318
Total Equity
2,119,706
2,143,190
2,180,845
2,199,041
1,937,810
Total Revenues
195,893
194,904
193,617
189,338
186,666
Capitalized Interest
343
297
259
186
660
Scheduled Principal Payments
507
438
421
3,794
3,130
Interest Coverage Ratio
2.69
2.42
3.08
3.28
3.08
Fixed Charge Coverage Ratio
2.59
2.34
2.97
2.89
2.71
Net Income
17,377
1,717
22,789
24,625
14,597
Net Income Available to Common Shareholders
14,509
1,006
19,087
20,374
12,101
Earnings per Share—diluted
0.18
0.01
0.24
0.28
0.18
FFO per Share—diluted (d)
0.72
0.60
0.81
0.87
0.84
Dividends Declared per Share
0.45
0.45
0.45
0.45
0.45
FFO Payout Ratio—diluted (d)
62.52%
75.16%
55.34%
51.78%
53.48%
           
Portfolio Size:
          
Properties
288
289
288
295
294
Total Square Footage
33,062,419
33,183,723
33,083,723
33,750,420
33,751,011
Sq. Ft. Leased at End of Period (e) (f)
88.8%
90.1%
90.0%
90.6%
90.7%
           

(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 March 31, 2010


 
 
12
 



Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
March 31,
  
 
%
 
2010
2009
Change
Change
         
Total Property Revenues
$172,564
$178,915
$(6,351)
(3.5)
         
Real Estate Taxes
21,036
23,426
(2,390)
(10.2)
Utilities
19,437
20,877
(1,440)
(6.9)
Operating Services
27,178
26,724
454
1.7
Total Property Expenses:
67,651
71,027
(3,376)
(4.8)
         
GAAP Net Operating Income
104,913
107,888
(2,975)
(2.8)
         
Less: straight-lining of rents adj.
1,957
696
1,261
181.2
         
Net Operating Income
$102,956
$107,192
$(4,236)
(4.0)
         
Percentage Leased at
  Period End
88.5%
90.6%
    
         
Total Properties:
255
      
         
Total Square Footage:
29,245,361
      
         






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010


 
 
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
68.6%
664,884
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%
100,010
8.33%
             
Mixed-Use:
            
GE/Gale Funding L.L.C.
Princeton Forrestal Village
n/a
Princeton, NJ
92.9%
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%
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 March 31, 2010


 
 
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 March 31, 2010 and December 31, 2009 (dollars in thousands):

 
 
March 31, 2010
 
Plaza
VIII & IX
Associates
Harborside
South Pier
Red Bank
Corporate
Plaza
 
Gramercy
Agreement
Princeton
Forrestal
Village
Gale
Kimball
12
Vreeland
Boston-
Downtown Crossing
Gale
Jefferson
Combined
Total
Assets:
                    
Rental property, net
$ 9,407
$65,900
$23,955
$ 68,449
$38,092
--
$14,962
--
--
$220,765
Other assets
1,210
10,311
5,838
8,824
21,847
$ 1,897
1,021
$46,290
$1,813
99,051
Total assets
$10,617
$76,211
$29,793
$ 77,273
$59,939
$ 1,897
$15,983
$46,290
$1,813
$319,816
Liabilities and Partners’/ members’ capital (deficit):
                    
Mortgages, loans payable and
other obligations
--
$73,306
$20,679
$ 77,758
$50,747
--
$ 4,671
--
--
$227,161
Other liabilities
$ 533
5,277
54
2,381
3,371
--
--
--
--
11,616
Partners’/members’ capital (deficit)
10,084
(2,372)
9,060
(2,866)
5,821
$ 1,897
11,312
$46,290
$ 1,813
81,039
Total liabilities and partners’/ members’ capital (deficit)
$10,617
$76,211
$29,793
$ 77,273
$59,939
$ 1,897
$15,983
$46,290
$1,813
$319,816
Company’s investment in unconsolidated joint ventures, net
$ 4,964
$ 92
$ 4,264
--
$ 1,432
$ 1,227
$ 9,688
$13,061
$ 782
$35,510




 
 
December 31, 2009
 
Plaza
VIII & IX
Associates
Harborside
South Pier
Red Bank
Corporate
Plaza
 
Gramercy
Agreement
Princeton
Forrestal
Village
Gale
Kimball
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
$ 1,998
1,068
$45,884
$1,780
102,498
Total assets
$10,557
$77,319
$29,507
$ 81,668
$60,756
$ 1,998
$16,333
$45,884
$1,780
$325,802
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
$ 1,998
11,326
$45,884
$1,780
73,335
Total liabilities and partners’/ members’ capital (deficit)
$10,557
$77,319
$29,507
$ 81,668
$60,756
$ 1,998
$16,333
$45,884
$1,780
$325,802
Company’s investment in unconsolidated joint ventures, net
$ 4,935
$ 860
$ 4,104
--
$ 1,211
$ 1,259
$ 9,599
$12,948
$ 764
$35,680

 
 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 

 
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 March 31, 2010 and 2009 (dollars in thousands):

 
 
Three Months Ended March 31, 2010
 
Plaza
  
Red Bank
  
Princeton
    
Boston-
      
VIII & IX
Harborside
Corporate
Gramercy
Forrestal
Gale
12
Downtown
Gale
Route 93
Combined
Associates
South Pier
Plaza
Agreement
Village
Kimball
Vreeland
Crossing
Jefferson
Portfolio
Total
Total revenues
$ 261
$ 5,107
$ 1,757
$11,718
$3,311
$ 44
$ 594
--
--
--
$22,792
Operating and other
(49)
(4,453)
(212)
(1,699)
(1,859)
--
(14)
$     (191)
$     (57)
--
(8,534)
Depreciation and amortization
(153)
(1,110)
(220)
(1,003)
(842)
--
(316)
--
--
--
(3,644)
Interest expense
--
(1,080)
(83)
(673)
(430)
--
(86)
--
--
--
(2,352)
                       
Net income
$       59
$(1,536)
$    1,242
$    8,343
$      180
$         44
$      178
$     (191)
$     (57)
--
$    8,262
Company’s equity in
                      
  earnings (loss) of
                      
  unconsolidated joint ventures
$ 30
$    (768)
$       152
--
$        28
$ 16
$        89
$       (57)
$     (12)
--
$     (522)





 
 
Three Months Ended March 31, 2009
 
Plaza
  
Red Bank
  
Princeton
    
Boston-
      
VIII & IX
Harborside
Corporate
  
Forrestal
Gale
12
Downtown
Gale
Route 93
Combined
Associates
South Pier
Plaza
M-G-G
Village
Kimball
Vreeland
Crossing
Jefferson
Portfolio
Total
Total revenues
$ 188
$ 6,827
$ 810
$13,179
$3,171
$ 64
$ 595
--
$          1
$ 720
$25,555
Operating and other
(43)
(4,979)
(249)
(5,336)
(1,669)
--
(19)
$(1,120)
--
(1,108)
(14,523)
Depreciation and amortization
(153)
(998)
(148)
(4,834)
(906)
--
(128)
--
--
(453)
(7,620)
Interest expense
--
(1,144)
(83)
(3,644)
(475)
--
(121)
--
--
(306)
(5,773)
                       
Net income
$ (8)
$    (294)
$       330
$    (635)
$      121
$        64
$      327
$(1,120)
$          1
$(1,147)
$(2,361)
Company’s equity in
                      
  earnings (loss) of
                      
  unconsolidated joint ventures
$ (4)
$ 746
$       165
$    (712)
$        16
$ 18
$      164
$(1,153)
--
$(4,354)
$(5,114)










Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 

 
16
 



Select Financial Ratios


 
Ratios Computed For Industry
March 31,
  
Comparisons:
2010
2009
  
 
Financial Position Ratios:
  
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
49.89%
51.12%
  
     
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
41.54%
58.07%
  
     
Total Debt/ Total Undepreciated
   Assets (%)
39.91%
41.40%
  
     
Secured Debt/ Total Undepreciated
   Assets (%)
12.88%
10.82%
  
 
 
 
 
Three Months Ended
March 31,
  
 
2010
2009
    
 
Operational Ratios:
  
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
2.69
3.08
    
   
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
2.66
2.81
    
   
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
2.59
2.71
    
   
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
62.52%
53.48%
    
 






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 

 
17
 





Debt Analysis
(as of March 31, 2010)


Debt Breakdown
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes
$1,582,695
67.73%
6.37%
3.85
Fixed Rate Secured Debt
754,235
32.27%
7.39%
7.12
 
Totals/Weighted Average:
$2,336,930
100.00%
6.70%
4.90



Future Repayments
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
2010
$ 6,199
$184,500
$190,699
5.65%
2011
9,217
 300,000
309,217
7.92%
2012
10,687
210,148
220,835
6.21%
2013
11,319
145,223
156,542
5.39%
2014
10,472
335,257
345,729
6.82%
Thereafter
44,768
1,102,532
1,147,300
6.91%
Sub-total
92,662
2,277,660
2,370,322
  
Adjustment for unamortized debt
discount/premium and market to    
market, net, as of  March 31, 2010
(33,392)
--
(33,392)
  
 
Totals/Weighted Average:
$ 59,270
$2,277,660
$2,336,930
6.70%

(a)  
No variable rate borrowings were outstanding as of March 31, 2010.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
18
 


Debt Maturities
(dollars in thousands)

 
April 1 –
December 31, 2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020 and
Beyond
TOTALS
Secured Debt:
                        
Prudential Portfolio
              
$141,151
      
$141,151
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:
$19,500
--
$15,234
$19,118
$135,257
--
$72,971
$141,151
$231,536
$56,866
$ 8
$691,641
                         
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:
$184,500
$300,000
$210,148
$145,223
$335,257
$150,000
$272,971
$141,151
$231,536
$306,866
$ 8
$2,277,660



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 

 
19
 

Debt Detail
(dollars in thousands)


   
Effective
    
 
Property Name
Lender
Interest
Rate
March 31,
December 31,
Date of
Maturity
  
2010
2009
Senior Unsecured Notes: (a)
          
5.050%, Senior Unsecured Notes
public debt
5.265%
$149,998
$149,984
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%
299,857
299,814
02/15/11
  
5.250%, Senior Unsecured Notes
public debt
5.457%
99,647
99,599
01/15/12
  
6.150%, Senior Unsecured Notes
public debt
6.894%
93,578
93,455
12/15/12
  
5.820%, Senior Unsecured Notes
public debt
6.448%
25,779
25,751
03/15/13
  
4.600%, Senior Unsecured Notes
public debt
4.742%
99,908
99,901
06/15/13
  
5.125%, Senior Unsecured Notes
public debt
5.110%
200,929
200,989
02/15/14
  
5.125%, Senior Unsecured Notes
public debt
5.297%
149,556
149,533
01/15/15
  
5.800%, Senior Unsecured Notes
public debt
5.806%
200,445
200,464
01/15/16
  
7.750%, Senior Unsecured Notes
public debt
8.017%
247,998
247,944
08/15/19
  
Total Senior Unsecured Notes:
    
$1,582,695
$1,582,434
  

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


Property Mortgages: (c)
105 Challenger Road
Archon Financial CMBS
6.235%
$ 19,463
$19,408
06/06/10
  
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
16,510
16,619
12/01/12
  
Soundview Plaza
Morgan Stanley CMBS
6.015%
16,486
16,614
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
4,765
4,804
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
6,640
6,693
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
11,621
11,735
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,249
6,297
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
19,542
19,613
08/11/14
  
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
Wachovia CMBS
10.220%
60,605
60,409
08/11/14
  
4 Sylvan
Wachovia CMBS
10.190%
14,366
14,357
08/11/14
  
10 Independence
Wachovia CMBS
12.440%
15,403
15,339
08/11/14
  
4 Becker
Wachovia CMBS
9.550%
36,475
36,281
05/11/16
  
5 Becker
Wachovia CMBS
12.830%
11,225
11,111
05/11/16
  
210 Clay
Wachovia CMBS
13.420%
11,216
11,138
05/11/16
  
51 Imclone
Wachovia CMBS
8.390%
3,897
3,899
05/11/16
  
Various (d)
Prudential Insurance
6.333%
 150,000
                150,000
01/15/17
  (e)
23 Main Street
JPMorgan CMBS
5.587%
31,912
32,042
09/01/18
  
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
236,583
237,248
11/01/18
  
100 Walnut Avenue
Guardian Life Ins. Co.
7.311%
19,585
19,600
02/01/19
  
One River Center (f)
Guardian Life Ins. Co.
7.311%
44,865
44,900
02/01/19
  
581 Main Street (g)
Valley National Bank
6.935%
16,827
16,896
07/01/34
  
Total Mortgages, Loans Payable and Other Obligations:
  
$754,235
$755,003
  
 
Total Debt:
    
$2,336,930
$2,337,437
  

(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 effective interest rate of 6.33 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 March 31, 2010

 

 
20
 












III. FINANCIAL INFORMATION















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
21
 



III.  FINANCIAL INFORMATION

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



 
Three Months Ended
 
March 31,
Revenues
  
2010
2009
  
Base rents
  
$153,785
$149,326
  
Escalations and recoveries from tenants
  
26,353
27,949
  
Construction services
  
10,862
3,911
  
Real estate services
  
1,976
2,526
  
Other income
  
2,917
2,954
  
Total revenues
  
195,893
186,666
  
         
Expenses
        
Real estate taxes
  
22,337
23,471
  
Utilities
  
20,012
20,877
  
Operating services
  
28,993
27,942
  
Direct construction costs
  
10,293
3,714
  
General and administrative
  
8,414
10,082
  
Depreciation and amortization
  
48,597
48,272
  
Total expenses
  
138,646
134,358
  
Operating income
  
57,247
52,308
  
         
Other (Expense) Income
        
Interest expense
  
(39,369)
(32,794)
  
Interest and other investment income
  
21
197
  
Equity in earnings (loss) of unconsolidated joint ventures
  
(522)
(5,114)
  
Total other (expense) income
  
(39,870)
(37,711)
  
Income from continuing operations
  
17,377
14,597
  
Net income
  
17,377
14,597
  
Noncontrolling interest in consolidated joint ventures
  
87
632
  
Noncontrolling interest in Operating Partnership
  
(2,455)
(2,628)
  
Preferred stock dividends
  
(500)
(500)
  
Net income available to common shareholders
  
$14,509
$12,101
  
         
Basic earnings per common share:
        
Income from continuing operations
  
$        0.18
$         0.18
  
Net income available to common shareholders
  
$        0.18
$       0.18
  
         
Diluted earnings per common share:
        
Income from continuing operations
  
$        0.18
$       0.18
  
Net income available to common shareholders
  
$        0.18
$       0.18
  
         
Basic weighted average shares outstanding
  
78,973
66,484
  
         
Diluted weighted average shares outstanding
  
92,450
80,921
  
         




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
22
 



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



  March 31,
December 31,
  
Assets
2010
2009
  
Rental property
      
Land and leasehold interests
$772,403
$  771,794
  
Buildings and improvements
3,952,119
3,948,509
  
Tenant improvements
442,133
456,547
  
Furniture, fixtures and equipment
9,349
9,358
  
 
5,176,004
5,186,208
  
Less – accumulated depreciation and amortization
(1,170,810)
(1,153,223)
  
Net investment in rental property
4,005,194
4,032,985
  
Cash and cash equivalents
274,066
291,059
  
Investments in unconsolidated joint ventures
35,510
35,680
  
Unbilled rents receivable, net
121,633
119,469
  
Deferred charges and other assets, net
214,002
213,674
  
Restricted cash
21,854
20,681
  
Accounts receivable, net of allowance for doubtful accounts
      
of $2,434 and $2,036
12,046
8,089
  
       
Total assets
$4,684,305
$4,721,637
  
       
Liabilities and Equity
      
Senior unsecured notes
$1,582,695
$1,582,434
  
Mortgages, loans payable and other obligations
754,235
755,003
  
Dividends and distributions payable
42,121
42,109
  
Accounts payable, accrued expenses and other liabilities
111,355
106,878
  
Rents received in advance and security deposits
51,681
54,693
  
Accrued interest payable
22,512
37,330
  
Total liabilities
2,564,599
2,578,447
  
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,
      
79,184,996 and 78,969,752 shares outstanding
791
789
  
Additional paid-in capital
2,281,115
2,275,716
  
Dividends in excess of net earnings
(491,216)
(470,047)
  
Total Mack-Cali Realty Corporation stockholders’ equity
1,815,690
1,831,458
  
       
Noncontrolling interest in subsidiaries:
      
Operating Partnership
300,882
308,703
  
Consolidated joint ventures
3,134
3,029
  
Total noncontrolling interests in subsidiaries
304,016
311,732
  
       
Total equity
2,119,706
2,143,190
  
       
Total liabilities and equity
$4,684,305
$4,721,637
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
23
 



Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Equity
For the three months ended March 31, 2010
(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, 2010
10
$25,000
78,970
$789
$2,275,716
$(470,047)
$311,732
$2,143,190
Net income
--
--
--
--
--
15,009
2,368
17,377
Preferred stock dividends
--
--
--
--
--
(500)
--
(500)
Common stock dividends
--
--
--
--
--
(35,678)
--
(35,678)
Common unit distributions
--
--
--
--
--
--
(5,942)
(5,942)
Increase in noncontrolling
                
  interest
--
--
--
--
--
--
192
192
Redemption of common units
                
  for common stock
--
--
190
2
4,343
--
(4,345)
--
Shares issued under Dividend
                
  Reinvestment and Stock
                
  Purchase Plan
--
--
1
--
40
--
--
40
Stock options exercised
--
--
11
--
311
--
--
311
Stock Compensation
--
--
13
--
716
--
--
716
Rebalancing of ownership
                
  percent between
                
  parent and subsidiaries
--
--
--
--
(11)
--
11
--
Balance at March 31, 2010
10
$25,000
79,185
$791
$2,281,115
$(491,216)
$304,016
$2,119,706
                 


 
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
24
 




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


 
Three Months Ended
March 31,
   
2010
2009
  
Net income available to common shareholders
  
$   14,509
$ 12,101
  
Add: Noncontrolling interest in Operating Partnership
  
2,455
2,628
  
 Real estate-related depreciation and amortization on continuing operations (a)
  
49,578
53,362
  
Funds from operations available to common shareholders (b)
  
$ 66,542
$ 68,091
  
         
Diluted weighted average shares/units outstanding (c)
  
92,450
80,921
  
         
Funds from operations per share/unit – diluted
  
$ 0.72
$ 0.84
  
         
Dividend declared per common share
  
$ 0.45
$ 0.45
  
         
Dividend payout ratios:
        
     Funds from operations-diluted
  
62.52%
53.48%
  
         
Supplemental Information:
        
  Non-incremental revenue generating capital expenditures:
        
     Building improvements
  
$ 1,986
$ 1,609
  
     Tenant improvements and leasing commissions
  
$ 7,968
$ 8,025
  
  Straight-line rent adjustments (d)
  
$ 2,288
$ 1,387
  
  Amortization of (above)/below market lease intangibles, net (e)
  
$ 607
$ 2,109
  
  Impairment charge included in equity in earnings (loss) (f)
  
--
$ 4,010
  
 

(a) Includes the Company’s share from unconsolidated joint ventures of $1,106 and $5,171for the three months ended March 31, 2010 and 2009, 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 (13,365 shares and 14,437 shares for the three months ended March 31, 2010 and 2009, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).  See reconciliation of basic to diluted shares/units on page 27.
(d) Includes the Company’s share from unconsolidated joint ventures of $25 and $160 for the three months ended March 31, 2010 and 2009, respectively.
(e) Includes the Company’s share from unconsolidated joint ventures of $8 and $439 for three months ended March 31, 2010 and 2009, 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 March 31, 2010

 

 
25
 



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
March 31,
   
2010
2009
  
Net income (loss) available to common shareholders
  
$0.18
$0.18
  
Add: Real estate-related depreciation and amortization on continuing operations (a)
  
0.54
0.66
  
 
Funds from operations available to common shareholders (b)
  
$0.72
$0.84
  
Add: Non-cash impairment charge from equity in earnings (loss) in unconsolidated joint ventures
  
--
0.04
  
 
FFO Excluding Items
  
$0.72
$0.88
  
Dividend payout ratio for FFO Excluding Items
  
62.52%
50.92%
  
Diluted weighted average shares/units outstanding (c)
  
92,450
80,921
  

(a) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.06 for the three months ended March 31, 2010 and 2009, 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 (13,365 shares and 14,437 shares for the three months ended March 31, 2010 and 2009, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).  See reconciliation of basic to diluted shares/units on page 27.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
26
 





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
 March 31,
   
2010
2009
  
Basic weighted average shares outstanding:
  
78,973
66,484
  
Add: Weighted average common units
  
13,365
14,437
  
Basic weighted average shares/units:
  
92,338
80,921
  
Add: Stock options
  
57
--
  
Restricted Stock Awards
  
55
--
  
 
Diluted weighted average shares/units outstanding:
  
92,450
80,921
  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
27
 












IV.  VALUE CREATION PIPELINE

















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
28
 



IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
 (dollars in thousands)


For the three months ended March 31, 2010

None.




For the year ended December 31, 2009

Acquisition
Date (a)
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


(a)  
Properties were previously accounted for under an unconsolidated joint venture.  The Company began consolidating these assets on April 29, 2009.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
29
 




Properties Commencing Initial Operations
(dollars in thousands)


For the three months ended March 31, 2010


None.




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.  Unconsolidated joint ventures information reflects the venture’s cost incurred and not Mack-Cali’s prorata share of such costs.




Rental Property Sales


The Company did not sell any properties during the quarter ended March 31, 2010 and the year ended December 31, 2009.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
30
 




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
3/31/10
Total
Estimated
Costs
Current
% Leased
Company Effective Ownership
Wholly Owned:
                  
55 Corporate Drive
Bridgewater, NJ
Office
2011-3Q
1
205,000
$22,542
$50,906
100.0%
100.0%
 
Total
      
1
205,000
$22,542
$50,906
100.0%
  





















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
31
 



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
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:
    
386.1
12,476,450
  

(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 March 31, 2010

 
 
32
 






 







V.  PORTFOLIO/ LEASING STATISTICS



















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
33
 



V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended March 31, 2010)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
12/31/09
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 3/31/10 (c)
Pct.
Leased
3/31/10
Pct.
Leased
12/31/09
                 
  Northern NJ
13,271,015
 -
(317,618)
242,291
(75,327)
13,195,688
90.0%
90.5%
  Central NJ
4,852,529
 -
(166,020)
119,975
(46,045)
4,806,484
89.5%
90.3%
  Westchester Co., NY
4,469,979
-
(178,242)
186,565
8,323
4,478,302
93.5%
93.3%
  Manhattan
524,476
-
(291,831)
-
(291,831)
232,645
44.4%
100.0%
  Sub. Philadelphia
3,144,638
-
(103,029)
104,499
1,470
3,146,108
89.1%
89.1%
  Fairfield, CT
532,977
-
(94,699)
91,121
(3,578)
529,399
88.6%
89.2%
  Washington, DC/MD
910,869
-
(34,594)
58,170
23,576
934,445
72.3%
70.5%
  Rockland Co., NY
163,316
-
-
-
-
163,316
90.7%
90.7%
 
Total
27,869,799
-
(1,186,033)
802,621
(383,412)
27,486,387
88.8%
90.1%
                 

 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2009
30,946,453
    Total sq. ft. of properties added/sold this period
 -
Total sq. ft. as of March 31, 2010
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 March 31, 2010 aggregating 53,057 square feet for which no new leases were signed.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
34
 



Leasing Statistics
(For the three months ended March 31, 2010)

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
28
242,291
94,202
148,089
6.4
23.29
3.77
  
Central NJ
Office
14
98,564
14,394
84,170
3.5
23.91
3.68
  
 
Office/Flex
5
21,411
13,335
8,076
7.7
20.67
3.40
  
Westchester Co., NY
Office
20
115,184
9,293
105,891
4.8
24.08
3.25
  
 
Office/Flex
11
71,381
33,783
37,598
6.5
13.65
0.92
  
Sub. Philadelphia
Office
10
34,064
10,457
23,607
4.0
22.42
4.63
  
 
Office/Flex
8
70,435
20,910
49,525
5.3
10.41
1.60
  
Fairfield Co., CT
Office
3
7,321
6,899
422
3.8
19.04
3.17
  
 
Office/Flex
3
83,800
66,000
17,800
3.0
14.27
0.48
  
Washington, DC/MD
Office
10
58,170
38,823
19,347
6.8
21.40
3.70
  
                   
Total
  
112
802,621
308,096
494,525
5.3
20.27
3.00
  
                   
Detail by Property Type
                  
 
Office
85
555,594
174,068
381,526
5.4
23.25
3.69
  
 
Office/Flex
27
247,027
134,028
112,999
5.1
13.54
1.36
  
                   
Total
  
112
802,621
308,096
494,525
5.3
20.27
3.00
  
                   
Tenant Retention:
Leases Retained
52.2%
              
 
Sq. Ft. Retained
41.7%
              
   


(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 $8,832,575 and commissions of $3,831,039 committed, but not necessarily expended, during the period for second generation space aggregating 797,342 square feet.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
35
 



Leasing Statistics
(For the three months ended March 31, 2010)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
Market
Sq. Ft.
Leased
12/31/09
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 3/31/10
Pct.
Leased
3/31/10
Pct.
Leased
12/31/09
                 
   Northern NJ
894,094
61,043
-
-
-
955,137
89.2%
81.8%
   Central NJ
920,489
 -
(41,690)
36,036
(5,654)
914,835
87.6%
88.1%
                 
Total
1,814,583
61,043
(41,690)
36,036
(5,654)
1,869,972
88.4%
84.9%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2009
2,137,270
    Total sq. ft. of properties added this period
100,010
    Total sq. ft. of properties sold this period
(121,314)
Total sq. ft. as of March 31, 2010
2,115,966
   


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)
               
   Central NJ
7
36,036
1,194
34,842
2.9
22.25
2.05
               
Total
7
36,036
1,194
34,842
2.9
22.25
2.05
               

(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(d)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(e)  
Represents estimated workletter costs of $56,220 and commissions of $159,197 committed, but not necessarily expended, during the period for second generation space aggregating 36,036 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
36
 



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)
135,641,406
22.0
6,495,715
20.9
Jersey City, NJ
117,783,969
19.1
4,317,978
14.0
Westchester-Rockland, NY
92,005,603
15.0
4,968,420
16.1
Bergen-Passaic, NJ
90,387,417
14.7
4,723,604
15.3
Philadelphia, PA-NJ
56,279,698
9.2
3,529,994
11.4
Middlesex-Somerset-Hunterdon, NJ
36,467,668
5.9
1,918,252
6.2
Washington, DC-MD-VA-WV
27,076,275
4.4
1,292,807
4.2
Monmouth-Ocean, NJ
25,664,149
4.2
1,620,863
5.2
Trenton, NJ
16,876,794
2.7
956,597
3.1
Bridgeport-Stamford-Norwalk, CT
10,204,854
1.7
597,747
1.9
New York (Manhattan)
6,686,478
1.1
524,476
1.7
         
Total
615,074,311
100.0
30,946,453
100.0
         

(a)  
Annualized base rental revenue is based on actual March 2010 billings times 12.  For leases whose rent commences after April 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 March 31, 2010 aggregating 53,057 square feet and representing annualized rent of $1,003,494 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 March 31, 2010

 
 
37
 



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
91,798,205
14.7
3,409,193
12.7
Insurance Carriers & Related Activities
58,154,353
9.5
2,358,904
8.7
Manufacturing
49,575,994
8.1
2,579,024
9.6
Telecommunications
41,311,694
6.7
2,116,484
7.8
Legal Services
37,298,483
6.1
1,419,119
5.3
Health Care & Social Assistance
29,217,942
4.8
1,372,927
5.1
Computer System Design Services
27,524,770
4.5
1,324,943
4.9
Credit Intermediation & Related Activities
26,592,399
4.3
1,021,566
3.8
Scientific Research/Development
22,888,887
3.7
839,595
3.1
Wholesale Trade
18,403,788
3.0
1,236,997
4.6
Accounting/Tax Prep.
17,534,415
2.9
662,777
2.5
Admin & Support, Waste Mgt. & Remediation Services
17,429,772
2.8
805,616
3.0
Architectural/Engineering
15,779,185
2.6
727,439
2.7
Public Administration
15,693,443
2.6
602,186
2.2
Retail Trade
14,325,910
2.3
714,056
2.6
Other Services (except Public Administration)
13,162,607
2.1
522,534
1.9
Management/Scientific
12,141,830
2.0
488,165
1.8
Real Estate & Rental & Leasing
11,675,837
1.9
523,929
1.9
Accommodation & Food Services
11,493,956
1.9
501,945
1.9
Arts, Entertainment & Recreation
11,398,647
1.9
682,519
2.5
Advertising/Related Services
8,743,773
1.4
343,509
1.3
Information Services
8,060,623
1.3
298,479
1.1
Construction
7,179,087
1.2
345,730
1.3
Other Professional
6,550,168
1.1
282,447
1.0
Publishing Industries
6,108,928
1.0
242,504
0.9
Data Processing Services
5,667,773
0.9
243,898
0.9
Transportation
5,556,965
0.9
298,179
1.1
Broadcasting
5,482,463
0.9
198,126
0.7
Utilities
5,302,058
0.9
215,395
0.8
Educational Services
3,975,123
0.6
203,862
0.8
Other
9,045,233
1.4
384,473
1.5
         
Total
615,074,311
100.0
26,966,520
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 March 2010 billings times 12.  For leases whose rent commences after April 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 March 31, 2010 aggregating 53,057 square feet and representing annualized rent of $1,003,494 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
38
 





Consolidated Portfolio Analysis (a)
(as of March 31, 2010)

Breakdown by Number of Properties

PROPERTY TYPE:
STATE
Office
% of
Total
Office/Flex
% of
Total
Industrial/
Warehouse
% of
Total
Stand-
Alone
Retail
% of
Total
Land
Leases
% of
Total
TOTALS
By State
 
% of
Total
New Jersey
111
41.5%
49
18.3%
--
--
--
--
--
--
160
59.8%
New York
21
7.8%
41
15.4%
6
2.2%
2
0.7 %
2
0.7%
72
26.8%
Pennsylvania
18
6.7%
--
--
--
--
--
--
--
--
18
6.7%
Connecticut
2
0.7%
5
1.9%
--
--
--
--
--
--
7
2.6%
Wash., D.C./
   Maryland
 
10
 
3.7%
 
--
 
--
 
--
 
--
 
--
 
--
1
 
0.4%
 
11
 
4.1%
TOTALS
    By Type:
 
162
 
60.4%
 
95
 
35.6%
 
6
 
2.2%
 
2
 
0.7%
 
3
 
1.1%
 
268
 
100.0%

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






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
39
 





Consolidated Portfolio Analysis (a)
(as of March 31, 2010)

         Breakdown by Square Footage

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

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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
40
 





Consolidated Portfolio Analysis (a)
(Year ended March 31, 2010)

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
$417,844
67.3%
$18,584
3.0%
--
--
--
--
--
--
$436,428
70.3%
New York
67,308
10.8%
33,990
5.5%
$3,563
0.6%
$191
0.1%
 $366
0.1%
105,418
17.1%
Pennsylvania
41,932
6.8%
--
--
--
--
--
--
--
--
41,932
6.8%
Connecticut
6,418
1.0%
3,943
0.6%
--
--
--
--
--
--
10,361
1.6%
Wash., D.C./
   Maryland
26,035
4.2%
--
--
--
--
--
--
123
--
26,158
 
4.2%
TOTALS
   By Type:
$559,537
90.1%
$56,517
9.1%
$3,563
0.6%
$191
0.1%
 $489
0.1%
$620,297
100.0%

 
(a)  
Excludes 20 properties, aggregating approximately 2.1 million square feet, which are not consolidated by the Company.
(b)  
Total base rent for the 12 months ended March 31, 2010, 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 March 31, 2010

 
 
41
 





Consolidated Portfolio Analysis (a) (b)
(as of March 31, 2010)

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
90.0%
90.7%
--
--
90.1%
New York
81.9%
95.2%
97.8%
100.0%
88.8%
Pennsylvania
86.2%
--
--
--
86.2%
Connecticut
79.0%
100.0%
--
--
88.6%
Washington, D.C./ Maryland
72.3%
--
--
--
72.3%
 
WEIGHTED AVG. By Type:
 
87.8%
 
93.4%
 
97.8%
 
100.0%
 
88.8%

(a)  
Excludes 20 properties, aggregating approximately 2.1 million square feet, which are not consolidated by the Company, and parcels of land leased to others.
(b)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future as well as leases expiring March 31, 2010 aggregating 53,057 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
42
 
 
 

 
Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
BERGEN COUNTY, NEW JERSEY
              
Fair Lawn
              
17-17 Route 208 North                                                 
1987
143,000
100.0
2,112
0.34
14.77
  
Fort Lee
              
One Bridge Plaza                                                 
1981
200,000
80.1
4,333
0.70
27.05
  
2115 Linwood Avenue                                                 
1981
68,000
53.7
960
0.15
26.29
  
Little Ferry
              
200 Riser Road                                                 
1974
286,628
100.0
2,076
0.33
7.24
  
Lyndhurst
              
210 Clay Avenue (f)                                                 
1981
121,203
89.1
2,310
0.37
23.31
  
Montvale
              
95 Chestnut Ridge Road                                                 
1975
47,700
0.0
605
0.10
0.00
  
135 Chestnut Ridge Road                                                 
1981
66,150
88.3
1,433
0.23
24.53
  
Paramus
              
15 East Midland Avenue                                                 
1988
259,823
80.5
4,859
0.78
23.23
  
140 East Ridgewood Avenue                                                 
1981
239,680
93.0
4,995
0.81
22.41
  
461 From Road                                                 
1988
253,554
98.6
6,074
0.98
24.30
  
650 From Road                                                 
1978
348,510
76.4
6,730
1.08
25.28
  
61 South Paramus Avenue                                                 
1985
269,191
81.6
6,369
1.03
28.99
  
Ridgefield Park
              
105 Challenger Road                                                 
1992
150,050
100.0
4,675
0.75
31.16
  
Rochelle Park
              
120 Passaic Street                                                 
1972
52,000
99.6
1,402
0.23
27.07
  
365 West Passaic Street                                                 
1976
212,578
96.1
4,286
0.69
20.98
  
395 West Passaic Street                                                 
1979
100,589
100.0
2,447
0.39
24.33
  
Upper Saddle River
              
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.20
15.72
  
10 Mountainview Road                                                 
1986
192,000
74.7
3,154
0.51
21.99
  
Woodcliff Lake
              
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,950
0.31
21.86
  
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,256
0.20
23.92
  
530 Chestnut Ridge Road                                                 
1986
57,204
79.9
956
0.15
20.92
  
50 Tice Boulevard                                                 
1984
235,000
91.8
6,137
0.99
28.45
  
300 Tice Boulevard                                                 
1991
230,000
96.0
5,315
0.86
24.07
  
               
BURLINGTON COUNTY, NEW JERSEY
              
Moorestown
              
224 Strawbridge Drive                                                 
1984
74,000
100.0
1,699
0.27
22.96
  
228 Strawbridge Drive                                                 
1984
74,000
100.0
1,853
0.30
25.04
  
232 Strawbridge Drive                                                 
1986
74,258
98.8
1,474
0.24
20.09
  
               
ESSEX COUNTY, NEW JERSEY
              
Millburn
              
150 J.F. Kennedy Parkway                                                 
1980
247,476
100.0
7,233
1.17
29.23
  
Roseland
              
4 Becker Farm Road (f)                                                 
1983
281,762
97.1
6,188
1.00
24.64
  
5 Becker Farm Road (f)                                                 
1982
118,343
89.8
2,312
0.37
23.70
  
6 Becker Farm Road (f)                                                 
1982
129,732
94.8
2,920
0.47
25.87
  
101 Eisenhower Parkway                                                 
1980
237,000
89.4
5,056
0.82
23.86
  
103 Eisenhower Parkway                                                 
1985
151,545
65.9
2,378
0.38
23.81
  
105 Eisenhower Parkway                                                 
2001
220,000
96.3
5,006
0.81
23.63
  
75 Livingston Avenue (f)                                                 
1985
94,221
55.6
1,323
0.21
27.52
  
85 Livingston Avenue (f)                                                 
1985
124,595
84.8
2,477
0.40
25.54
  
               
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
43
 
 
 
 
 
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
(%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
HUDSON COUNTY, NEW JERSEY
              
Jersey City
              
Harborside Financial Center Plaza 1
1983
400,000
100.0
11,335
1.83
28.34
  
Harborside Financial Center Plaza 2
1990
761,200
100.0
18,948
3.05
24.89
  
Harborside Financial Center Plaza 3
1990
725,600
99.2
20,587
3.32
28.60
  
Harborside Financial Center Plaza 4-A
2000
207,670
100.0
6,202
1.00
29.86
  
Harborside Financial Center Plaza 5
2002
977,225
99.7
36,152
5.84
37.11
  
101 Hudson Street                                                 
1992
1,246,283
97.3
32,613
5.26
26.89
  
               
MERCER COUNTY, NEW JERSEY
              
Hamilton Township
              
3 AAA Drive                                                 
1981
35,270
68.7
538
0.09
22.20
  
2 South Gold Drive                                                 
1974
33,962
64.5
483
0.08
22.05
  
600 Horizon Drive                                                 
2002
95,000
100.0
1,373
0.22
14.45
  
700 Horizon Drive                                                 
2007
120,000
100.0
2,459
0.40
20.49
  
Princeton
              
103 Carnegie Center                                                 
1984
96,000
86.7
2,003
0.32
24.07
  
2 Independence Way (f)                                                 
1981
67,401
100.0
1,394
0.22
22.53
  
3 Independence Way                                                 
1983
111,300
91.8
2,044
0.33
20.01
  
100 Overlook Center                                                 
1988
149,600
100.0
5,051
0.81
33.76
  
5 Vaughn Drive                                                 
1987
98,500
85.4
2,404
0.39
28.58
  
               
MIDDLESEX COUNTY, NEW JERSEY
              
East Brunswick
              
377 Summerhill Road                                                 
1977
40,000
100.0
353
0.06
8.83
  
Edison
              
343 Thornall Street (c)                                              
1991
195,709
100.0
4,122
0.66
21.06
  
Piscataway
              
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,466
0.40
15.41
  
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,773
0.29
15.42
  
30 Knightsbridge Road, Bldg. 5
1977
332,607
80.8
4,887
0.79
18.18
  
30 Knightsbridge Road, Bldg. 6
1977
72,743
63.8
206
0.03
4.44
  
Plainsboro
              
500 College Road East                                                 
1984
158,235
10.4
1,113
0.18
67.63
  
Woodbridge
              
581 Main Street                                                 
1991
200,000
100.0
5,271
0.85
26.36
  
               
MONMOUTH COUNTY, NEW JERSEY
              
Freehold
              
2 Paragon Way                                                 
1989
44,524
40.5
403
0.06
22.35
  
3 Paragon Way                                                 
1991
66,898
64.3
993
0.16
23.08
  
4 Paragon Way                                                 
2002
63,989
30.8
932
0.15
47.29
  
100 Willowbrook Road                                                 
1988
60,557
86.2
1,198
0.19
22.95
  
Holmdel
              
23 Main Street                                                 
1977
350,000
100.0
4,012
0.65
11.46
  
Middletown
              
One River Centre Bldg. 1                                                 
1983
122,594
94.3
3,117
0.50
26.96
  
One River Centre Bldg. 2                                                 
1983
120,360
93.0
2,882
0.46
25.75
  
One River Centre Bldg. 3 and 4
1984
214,518
88.4
4,505
0.73
23.76
  
Neptune
              
3600 Route 66                                                 
1989
180,000
100.0
2,400
0.39
13.33
  
Wall Township
              
1305 Campus Parkway                                                 
1988
23,350
92.4
443
0.07
20.53
  
1350 Campus Parkway                                                 
1990
79,747
99.9
1,607
0.26
20.17
  

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
44
 
 
 

 
 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
(%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
MORRIS COUNTY, NEW JERSEY
              
Florham Park
              
325 Columbia Turnpike                                                 
1987
168,144
78.9
2,995
0.48
22.58
  
Morris Plains
              
250 Johnson Road                                                 
1977
75,000
100.0
1,579
0.25
21.05
  
201 Littleton Road                                                 
1979
88,369
73.5
1,605
0.26
24.71
  
Morris Township
              
412 Mt. Kemble Avenue                                                 
1986
475,100
49.7
4,820
0.78
20.41
  
Parsippany
              
4 Campus Drive                                                 
1983
147,475
91.8
3,214
0.52
23.74
  
6 Campus Drive                                                 
1983
148,291
93.2
3,010
0.49
21.78
  
7 Campus Drive                                                 
1982
154,395
55.4
1,764
0.28
20.62
  
8 Campus Drive                                                 
1987
215,265
100.0
6,087
0.98
28.28
  
9 Campus Drive                                                 
1983
156,495
65.1
2,600
0.42
25.52
  
4 Century Drive                                                 
1981
100,036
70.5
1,623
0.26
23.01
  
5 Century Drive                                                 
1981
79,739
77.1
1,352
0.22
21.99
  
6 Century Drive                                                 
1981
100,036
94.7
1,717
0.28
18.12
  
2 Dryden Way                                                 
1990
6,216
100.0
99
0.02
15.93
  
4 Gatehall Drive                                                 
1988
248,480
94.4
6,410
1.03
27.33
  
2 Hilton Court                                                 
1991
181,592
100.0
6,529
1.05
35.95
  
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.18
19.59
  
600 Parsippany Road                                                 
1978
96,000
78.6
1,545
0.25
20.48
  
1 Sylvan Way                                                 
1989
150,557
43.9
375
0.06
5.67
  
4 Sylvan Way (f)                                                 
1984
105,135
100.0
1,768
0.29
18.32
  
5 Sylvan Way                                                 
1989
151,383
98.3
3,576
0.58
24.03
  
7 Sylvan Way                                                 
1987
145,983
100.0
3,219
0.52
22.05
  
22 Sylvan Way                                                 
2009
249,409
100.0
6,011
0.97
24.10
  
20 Waterview Boulevard (f)                                                 
1988
225,550
100.0
4,598
0.74
22.21
  
35 Waterview Boulevard                                                 
1990
172,498
93.4
3,635
0.59
22.56
  
5 Wood Hollow Road                                                 
1979
317,040
73.1
4,764
0.77
20.56
  
               
PASSAIC COUNTY, NEW JERSEY
              
Clifton
              
777 Passaic Avenue                                                 
1983
75,000
80.4
1,386
0.22
22.99
  
Totowa
              
999 Riverview Drive                                                 
1988
56,066
76.7
953
0.15
22.16
  
               
SOMERSET COUNTY, NEW JERSEY
              
Basking Ridge
              
222 Mt. Airy Road                                                 
1986
49,000
100.0
1,043
0.17
21.29
  
233 Mt. Airy Road                                                 
1987
66,000
100.0
1,315
0.21
19.92
  
Bernards
              
106 Allen Road                                                 
2000
132,010
99.7
3,013
0.49
22.89
  
Branchburg
              
51 Imclone Drive (f)                                              
1986
63,213
100.0
316
0.05
5.45
  
Bridgewater
              
721 Route 202/206                                                 
1989
192,741
81.2
3,668
0.59
23.44
  
Warren
              
10 Independence Boulevard (f)
1988
120,528
100.0
3,052
0.49
27.59
  
               
UNION COUNTY, NEW JERSEY
              
Clark
              
100 Walnut Avenue                                                 
1985
182,555
99.1
4,596
0.74
25.40
  

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
45
 
 
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
(%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
Cranford
              
6 Commerce Drive                                                 
1973
56,000
85.7
997
0.16
20.77
  
11 Commerce Drive                                                 
1981
90,000
93.8
1,970
0.32
23.34
  
12 Commerce Drive                                                 
1967
72,260
87.6
898
0.14
14.19
  
14 Commerce Drive                                                 
1971
67,189
68.7
1,109
0.18
24.03
  
20 Commerce Drive                                                 
1990
176,600
100.0
4,303
0.69
24.37
  
25 Commerce Drive                                                 
1971
67,749
94.2
1,394
0.22
21.84
  
65 Jackson Drive                                                 
1984
82,778
97.5
1,882
0.30
23.32
  
New Providence
              
890 Mountain Avenue                                                 
1977
80,000
91.4
1,836
0.30
25.11
  
               
Total New Jersey Office
  
19,347,734
90.0
417,844
67.35
24.14
  
               
NEW YORK COUNTY, NEW YORK
              
New York
              
125 Broad Street                                                 
1970
524,476
44.4
17,868
2.89
76.73
  
               
ROCKLAND COUNTY, NEW YORK
              
Suffern
              
400 Rella Boulevard                                                 
1988
180,000
90.7
3,707
0.60
22.71
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
100 Clearbrook Road (c)                                                 
1975
60,000
91.9
1,094
0.18
19.84
  
101 Executive Boulevard                                                 
1971
50,000
30.0
442
0.07
29.47
  
555 Taxter Road                                                 
1986
170,554
80.1
3,497
0.56
25.60
  
565 Taxter Road                                                 
1988
170,554
93.6
4,013
0.65
25.14
  
570 Taxter Road                                                 
1972
75,000
71.7
1,300
0.21
24.17
  
Hawthorne
              
1 Skyline Drive                                                 
1980
20,400
99.0
322
0.05
15.94
  
2 Skyline Drive                                                 
1987
30,000
100.0
133
0.02
4.43
  
7 Skyline Drive                                                 
1987
109,000
100.0
2,811
0.45
25.79
  
17 Skyline Drive                                                 
1989
85,000
100.0
1,630
0.26
19.18
  
19 Skyline Drive                                                 
1982
248,400
100.0
4,036
0.65
16.25
  
Tarrytown
              
200 White Plains Road                                                 
1982
89,000
78.8
1,455
0.23
20.75
  
220 White Plains Road                                                 
1984
89,000
85.4
1,742
0.28
22.92
  
White Plains
              
1 Barker Avenue                                                 
1975
68,000
94.0
1,772
0.29
27.72
  
3 Barker Avenue                                                 
1983
65,300
98.3
1,709
0.28
26.62
  
50 Main Street                                                 
1985
309,000
99.6
10,079
1.62
32.75
  
11 Martine Avenue                                                 
1987
180,000
78.4
4,077
0.66
28.89
  
1 Water Street                                                 
1979
45,700
97.4
1,082
0.17
24.31
  
Yonkers
              
1 Executive Boulevard                                                 
1982
112,000
100.0
3,039
0.49
27.13
  
3 Executive Boulevard                                                 
1987
58,000
92.7
1,500
0.24
27.90
  
               
Total New York Office
  
2,739,384
81.9
67,308
10.85
30.02
  
               
CHESTER COUNTY, PENNSYLVANIA
              
Berwyn
              
1000 Westlakes Drive                                                 
1989
60,696
92.2
1,520
0.25
27.16
  
1055 Westlakes Drive                                                 
1990
118,487
96.8
2,865
0.46
24.98
  
1205 Westlakes Drive                                                 
1988
130,265
87.6
3,155
0.51
27.65
  

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
46
 
 
 
 
 

 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
1235 Westlakes Drive                                                 
1986
134,902
99.0
3,085
0.50
23.10
  
               
DELAWARE COUNTY, PENNSYLVANIA
              
Lester
              
100 Stevens Drive                                                 
1986
95,000
100.0
2,826
0.46
29.75
  
200 Stevens Drive                                                 
1987
208,000
100.0
6,208
1.00
29.85
  
300 Stevens Drive                                                 
1992
68,000
84.7
1,374
0.22
23.86
  
Media
              
1400 Providence Road – Center I
1986
100,000
98.5
2,139
0.34
21.72
  
1400 Providence Road – Center II
1990
160,000
95.0
3,590
0.58
23.62
  
 
MONTGOMERY COUNTY, PENNSYLVANIA
              
Bala Cynwyd
              
150 Monument Road                                                 
1981
125,783
96.7
2,982
0.48
24.52
  
Blue Bell
              
4 Sentry Park                                                 
1982
63,930
78.8
938
0.15
18.62
  
5 Sentry Park East                                                 
1984
91,600
58.5
978
0.16
18.25
  
5 Sentry Park West                                                 
1984
38,400
31.5
253
0.04
20.92
  
16 Sentry Park West                                                 
1988
93,093
93.0
1,980
0.32
22.87
  
18 Sentry Park West                                                 
1988
95,010
96.5
2,101
0.34
22.92
  
King of Prussia
              
2200 Renaissance Boulevard                                                 
1985
174,124
66.7
2,360
0.38
20.32
  
Lower Providence
              
1000 Madison Avenue                                                 
1990
100,700
54.5
899
0.14
16.38
  
Plymouth Meeting
              
1150 Plymouth Meeting Mall                                                 
1970
167,748
76.9
2,679
0.43
20.77
  
               
Total Pennsylvania Office
  
2,025,738
86.2
41,932
6.76
24.02
  
               
FAIRFIELD COUNTY, CONNECTICUT
              
Norwalk
              
40 Richards Avenue                                                 
1985
145,487
68.1
2,558
0.41
25.82
  
Stamford
              
1266 East Main Street                                                 
1984
179,260
87.7
3,860
0.62
24.55
  
               
Total Connecticut Office
  
324,747
79.0
6,418
1.03
25.01
  
               
WASHINGTON, D.C.
              
1201 Connecticut Avenue, NW
1940
169,549
100.0
6,821
1.10
40.23
  
1400 L Street, NW                                                 
1987
159,000
100.0
5,889
0.95
37.04
  
               
Total District of Columbia Office
  
328,549
100.0
12,710
2.05
38.69
  
               
PRINCE GEORGE’S COUNTY, MARYLAND
              
Greenbelt
              
9200 Edmonston Road                                                 
1973
38,690
100.0
910
0.15
23.52
  
6301 Ivy Lane                                                 
1979
112,003
76.2
1,857
0.30
21.76
  
6303 Ivy Lane                                                 
1980
112,047
73.0
1,617
0.26
19.77
  
6305 Ivy Lane                                                 
1982
112,022
77.0
1,698
0.27
19.69
  
6404 Ivy Lane                                                 
1987
165,234
54.7
1,532
0.25
16.95
  
6406 Ivy Lane                                                 
1991
163,857
0.0
62
0.01
0.00
  
6411 Ivy Lane                                                 
1984
138,405
83.5
2,892
0.47
25.02
  
 
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
47
 
 
 
 
 
 
 
 
               
 
Property Listing
 
Office Properties
(continued)
 
 
  
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
Lanham
              
4200 Parliament Place                                                 
1989
122,000
88.5
2,757
0.44
25.53
  
               
Total Maryland Office
  
964,258
62.8
13,325
2.15
21.99
  
               
               
TOTAL OFFICE PROPERTIES
  
25,730,410
87.8
559,537
90.19
24.88
  

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
48
 
 
 

 
 
Property Listing
 
Office/Flex Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
BURLINGTON COUNTY, NEW JERSEY
              
Burlington
              
3 Terri Lane                                                 
1991
64,500
100.0
557
0.09
8.64
  
5 Terri Lane                                                 
1992
74,555
78.8
477
0.08
8.12
  
Moorestown
              
2 Commerce Drive                                                 
1986
49,000
85.4
251
0.04
6.00
  
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.04
4.25
  
102 Commerce Drive                                                 
1987
38,400
100.0
240
0.04
6.25
  
201 Commerce Drive                                                 
1986
38,400
100.0
223
0.04
5.81
  
202 Commerce Drive                                                 
1988
51,200
75.0
256
0.04
6.67
  
1 Executive Drive                                                 
1989
20,570
81.1
159
0.03
9.53
  
2 Executive Drive                                                 
1988
60,800
90.3
464
0.07
8.45
  
101 Executive Drive                                                 
1990
29,355
99.7
305
0.05
10.42
  
102 Executive Drive                                                 
1990
64,000
100.0
474
0.08
7.41
  
225 Executive Drive                                                 
1990
50,600
79.1
127
0.02
3.17
  
97 Foster Road                                                 
1982
43,200
75.5
154
0.02
4.72
  
1507 Lancer Drive                                                 
1995
32,700
100.0
134
0.02
4.10
  
1245 North Church Street                                                 
1998
52,810
100.0
236
0.04
4.47
  
1247 North Church Street                                                 
1998
52,790
58.1
223
0.04
7.27
  
1256 North Church Street                                                 
1984
63,495
100.0
451
0.07
7.10
  
840 North Lenola Road                                                 
1995
38,300
100.0
370
0.06
9.66
  
844 North Lenola Road                                                 
1995
28,670
100.0
165
0.03
5.76
  
915 North Lenola Road                                                 
1998
52,488
100.0
286
0.05
5.45
  
2 Twosome Drive                                                 
2000
48,600
100.0
450
0.07
9.26
  
30 Twosome Drive                                                 
1997
39,675
89.9
282
0.05
7.91
  
31 Twosome Drive                                                 
1998
84,200
100.0
483
0.08
5.74
  
40 Twosome Drive                                                 
1996
40,265
100.0
306
0.05
7.60
  
41 Twosome Drive                                                 
1998
43,050
77.7
195
0.03
5.83
  
50 Twosome Drive                                                 
1997
34,075
100.0
257
0.04
7.54
  
               
GLOUCESTER COUNTY, NEW JERSEY
              
West Deptford
              
1451 Metropolitan Drive                                                 
1996
21,600
100.0
132
0.02
6.11
  
               
MERCER COUNTY, NEW JERSEY
              
Hamilton Township
              
100 Horizon Center Boulevard
1989
13,275
100.0
215
0.03
16.20
  
200 Horizon Drive                                                 
1991
45,770
100.0
548
0.09
11.97
  
300 Horizon Drive                                                 
1989
69,780
100.0
1,070
0.17
15.33
  
500 Horizon Drive                                                 
1990
41,205
88.7
515
0.08
14.09
  
               
MONMOUTH COUNTY, NEW JERSEY
              
Wall Township
              
1325 Campus Parkway                                                 
1988
35,000
100.0
655
0.11
18.71
  
1340 Campus Parkway                                                 
1992
72,502
92.5
945
0.15
14.09
  
1345 Campus Parkway                                                 
1995
76,300
85.4
852
0.14
13.08
  
1433 Highway 34                                                 
1985
69,020
82.7
502
0.08
8.79
  
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
222
0.04
10.92
  
1324 Wyckoff Avenue                                                 
1987
21,168
100.0
218
0.04
10.30
  

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
49
 
 
 
 

 

 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
PASSAIC COUNTY, NEW JERSEY
              
Totowa
              
1 Center Court                                                 
1999
38,961
62.2
347
0.06
14.32
  
2 Center Court                                                 
1998
30,600
99.3
396
0.06
13.03
  
11 Commerce Way                                                 
1989
47,025
100.0
581
0.09
12.36
  
20 Commerce Way                                                 
1992
42,540
70.8
371
0.06
12.32
  
29 Commerce Way                                                 
1990
48,930
100.0
693
0.11
14.16
  
40 Commerce Way                                                 
1987
50,576
43.5
375
0.06
17.05
  
45 Commerce Way                                                 
1992
51,207
96.4
499
0.08
10.11
  
60 Commerce Way                                                 
1988
50,333
100.0
611
0.10
12.14
  
80 Commerce Way                                                 
1996
22,500
100.0
259
0.04
11.51
  
100 Commerce Way                                                 
1996
24,600
66.9
283
0.05
17.20
  
120 Commerce Way                                                 
1994
9,024
100.0
124
0.02
13.74
  
140 Commerce Way                                                 
1994
26,881
89.3
371
0.06
15.46
  
               
Total New Jersey Office/Flex
  
2,189,531
90.7
18,584
3.01
9.36
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
11 Clearbrook Road                                                 
1974
31,800
72.8
414
0.07
17.88
  
75 Clearbrook Road                                                 
1990
32,720
100.0
433
0.07
13.23
  
125 Clearbrook Road                                                 
2002
33,000
100.0
712
0.11
21.58
  
150 Clearbrook Road                                                 
1975
74,900
100.0
939
0.15
12.54
  
175 Clearbrook Road                                                 
1973
98,900
100.0
1,503
0.24
15.20
  
200 Clearbrook Road                                                 
1974
94,000
76.6
715
0.12
9.93
  
250 Clearbrook Road                                                 
1973
155,000
97.3
1,434
0.23
9.51
  
50 Executive Boulevard                                                 
1969
45,200
87.6
465
0.07
11.74
  
77 Executive Boulevard                                                 
1977
13,000
100.0
252
0.04
19.38
  
85 Executive Boulevard                                                 
1968
31,000
99.4
577
0.09
18.73
  
300 Executive Boulevard                                                 
1970
60,000
100.0
731
0.12
12.18
  
350 Executive Boulevard                                                 
1970
15,400
98.8
233
0.04
15.31
  
399 Executive Boulevard                                                 
1962
80,000
100.0
1,038
0.17
12.98
  
400 Executive Boulevard                                                 
1970
42,200
63.5
489
0.08
18.25
  
500 Executive Boulevard                                                 
1970
41,600
100.0
685
0.11
16.47
  
525 Executive Boulevard                                                 
1972
61,700
100.0
1,041
0.17
16.87
  
1 Westchester Plaza                                                 
1967
25,000
100.0
349
0.06
13.96
  
2 Westchester Plaza                                                 
1968
25,000
100.0
540
0.09
21.60
  
3 Westchester Plaza                                                 
1969
93,500
84.9
849
0.14
10.70
  
4 Westchester Plaza                                                 
1969
44,700
59.1
427
0.07
16.16
  
5 Westchester Plaza                                                 
1969
20,000
100.0
248
0.04
12.40
  
6 Westchester Plaza                                                 
1968
20,000
100.0
311
0.05
15.55
  
7 Westchester Plaza                                                 
1972
46,200
100.0
746
0.12
16.15
  
8 Westchester Plaza                                                 
1971
67,200
100.0
970
0.16
14.43
  
Hawthorne
              
200 Saw Mill River Road                                                 
1965
51,100
92.0
626
0.10
13.32
  
4 Skyline Drive                                                 
1987
80,600
94.5
1,364
0.22
17.91
  
5 Skyline Drive                                                 
1980
124,022
99.3
1,597
0.26
12.97
  
6 Skyline Drive                                                 
1980
44,155
100.0
183
0.03
4.14
  
8 Skyline Drive                                                 
1985
50,000
92.7
946
0.15
20.41
  
10 Skyline Drive                                                 
1985
20,000
84.4
301
0.05
17.83
  

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
50
 
 
 
 
 

 
 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
(%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
 
11 Skyline Drive                                                 
1989
45,000
100.0
803
0.13
17.84
  
12 Skyline Drive                                                 
1999
46,850
100.0
693
0.11
14.79
  
15 Skyline Drive                                                 
1989
55,000
100.0
1,194
0.19
21.71
  
Yonkers
              
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,504
0.24
19.62
  
200 Corporate Boulevard South                                                            
1990
84,000
99.8
1,519
0.24
18.12
  
4 Executive Plaza                                                 
1986
80,000
100.0
1,393
0.22
17.41
  
6 Executive Plaza                                                 
1987
80,000
97.4
1,533
0.25
19.67
  
1 Odell Plaza                                                 
1980
106,000
99.9
1,317
0.21
12.44
  
3 Odell Plaza                                                 
1984
71,065
100.0
1,595
0.26
22.44
  
5 Odell Plaza                                                 
1983
38,400
89.2
576
0.09
16.82
  
7 Odell Plaza                                                 
1984
42,600
99.6
745
0.12
17.56
  
               
Total New York Office/Flex
  
2,348,812
95.2
33,990
5.48
15.20
  
               
FAIRFIELD COUNTY, CONNECTICUT
              
Stamford
              
419 West Avenue                                                 
1986
88,000
100.0
1,363
0.22
15.49
  
500 West Avenue                                                 
1988
25,000
100.0
416
0.07
16.64
  
550 West Avenue                                                 
1990
54,000
100.0
833
0.13
15.43
  
600 West Avenue                                                 
1999
66,000
100.0
645
0.10
9.77
  
650 West Avenue                                                 
1998
40,000
100.0
686
0.11
17.15
  
               
Total Connecticut Office/Flex
  
273,000
100.0
3,943
0.63
14.44
  
               
               
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
93.4
56,517
9.12
12.58
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
51
 
 


 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
3/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
Of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
1 Warehouse Lane                                                 
1957
6,600
100.0
94
0.02
14.24
  
2 Warehouse Lane                                                 
1957
10,900
100.0
169
0.03
15.50
  
3 Warehouse Lane                                                 
1957
77,200
100.0
363
0.06
4.70
  
4 Warehouse Lane                                                 
1957
195,500
96.7
1,469
0.24
7.77
  
5 Warehouse Lane                                                 
1957
75,100
97.1
943
0.15
12.93
  
6 Warehouse Lane                                                 
1982
22,100
100.0
525
0.08
23.76
  
               
Total Industrial/Warehouse Properties
  
387,400
97.8
3,563
0.58
9.41
  
               
WESTCHESTER COUNTY, NEW YORK
              
Tarrytown
              
230 White Plains Road                                                 
1984
9,300
100.0
162
0.03
17.42
  
Yonkers
              
2 Executive Boulevard                                                 
1986
8,000
100.0
29
0.00
3.63
  
               
Total Retail Properties
  
17,300
100.0
191
0.03
11.04
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
700 Executive Boulevard                                                 
--
--
--
181
0.03
--
  
Yonkers
              
1 Enterprise Boulevard                                                 
--
--
--
185
0.03
--
  
               
Total New York Land Leases
  
--
--
366
0.06
--
  
               
PRINCE GEORGE’S COUNTY, MARYLAND
              
Greenbelt
              
Capital Office Park Parcel A (f)                                                            
--
--
--
123
0.02
--
  
               
Total Maryland Land Leases
  
--
--
123
0.02
--
  
               
Total Land Leases
  
--
--
489
0.08
--
  
               
 
TOTAL PROPERTIES
  
30,946,453
88.8
620,297
100.00
22.66
  
 
(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 March 31, 2010 aggregating 53,057 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 March 31, 2010, 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 March 31, 2010, divided by net rentable square feet leased at March 31, 2010.
(e)  
Total base rent for 2010 minus total 2010 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP, divided by net rentable square feet leased at March 31, 2010.
(f)  
As this property was acquired, placed in service or initially consolidated by the Company during the 12 months ended March 31, 2010, the amounts represented in 2010 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 2010 average base rent per sq. ft. for this property have been calculated by taking 2010 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at March 31, 2010.  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 March 31, 2010.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
52
 



Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of March 31, 2010, 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
14,372,033
2.3
526,023
2.0
(b)
DB Services New Jersey, Inc.
2
10,905,426
1.8
402,068
1.5
2017
Wyndham Worldwide Operations
2
9,156,368
1.5
395,392
1.5
(c)
United States of America-GSA
12
9,118,458
1.5
290,598
1.1
(d)
New Cingular Wireless PCS, LLC
3
9,032,132
1.5
405,530
1.5
(e)
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
1.8
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
1.5
(f)
ICAP Securities USA, LLC
1
6,304,775
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
5,899,368
1.0
180,807
0.7
(g)
TD Ameritrade Online Holdings
1
5,830,626
0.9
184,222
0.7
2015
Credit Suisse (USA), Inc.
1
5,212,307
0.8
153,464
0.6
(h)
Allstate Insurance Company
8
5,098,781
0.8
213,236
0.8
(i)
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
(j)
IBM Corporation
2
4,804,821
0.8
292,304
1.1
(k)
National Financial Services
1
4,798,621
0.8
112,964
0.4
2012
KPMG, LLP
3
4,752,555
0.8
176,520
0.7
(l)
Samsung Electronics America
1
4,184,278
0.7
150,050
0.6
2010
J.H. Cohn, LLP
1
4,163,176
0.7
154,035
0.6
2020
Morgan Stanley Smith Barney
4
4,054,714
0.7
142,530
0.5
(m)
Vonage America, Inc.
1
4,011,000
0.7
350,000
1.3
2017
Bank Of Tokyo-Mitsubishi, Ltd.
1
3,872,785
0.6
137,076
0.5
2019
Lehman Brothers Holdings, Inc.
1
3,711,906
0.6
137,800
0.5
(n)
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
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
(o)
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
(p)
SunAmerica Asset Management
1
2,958,893
0.5
69,621
0.3
2018
United States Life Insurance Co.
1
2,880,000
0.5
180,000
0.7
2013
HQ Global Workplaces, LLC
7
2,801,019
0.5
133,209
0.5
(q)
High Point Safety & Insurance
2
2,794,113
0.5
116,889
0.4
2020
Tullett Prebon Holdings Corp.
1
2,787,758
0.5
113,041
0.4
(r)
Paychex North America, Inc.
4
2,664,664
0.4
122,674
0.5
(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
New Jersey Turnpike Authority
1
2,522,258
0.4
100,223
0.4
2017
Tradeweb Markets, LLC
1
2,490,140
0.4
64,976
0.2
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 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)
Norris, McLaughlin & Marcus, PA
1
2,216,282
0.4
86,913
0.3
2017
             
Total
  
235,882,222
38.6
9,490,234
35.5
  
See footnotes on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
53
 



Significant Tenants

(Continued)


(a)  
Annualized base rental revenue is based on actual March 2010 billings times 12.  For leases whose rent commences after April 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)  
145,983 square feet expire in 2011; 249,409 square feet expire in 2024.
(d)  
11,825 square feet expire in 2010; 9,901 square feet expire in 2011; 11,216 square feet expire in 2012; 65,438 square feet expire in 2013; 4,879 square feet expire in 2014; 180,729 square feet expire in 2015; 6,610 square feet expire in 2017.
(e)  
333,145 square feet expire in 2013; 72,385 square feet expire in 2014.
(f)  
120,528 square feet expire in 2011; 275,000 square feet expire in 2014.
(g)  
8,907 square feet expire in 2013; 171,900 square feet expire in 2022.
(h)  
71,511 square feet expire in 2011; 81,953 square feet expire in 2012.
(i)  
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.
(j)  
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.
(k)  
248,399 square feet expire in 2012; 43,905 square feet expire in 2013.
(l)  
77,381 square feet expire in 2012; 53,409 square feet expire in 2019; 45,730 square feet expire in 2020.
(m)  
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.
(n)  
63,686 square feet expire in 2010; 74,114 square feet expire in 2012.
(o)  
104,008 square feet expire in 2013; 14,863 square feet expire in 2017.
(p)  
39,060 square feet expire in 2013; 102,112 square feet expire in 2015.
(q)  
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.
(r)  
12,282 square feet expire in 2011; 100,759 square feet expire in 2023.
(s)  
50,478 square feet expire in 2010; 30,156 square feet expire in 2013; 42,040 square feet expire in 2021.
(t)  
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
(u)  
12,056 square feet expire in 2010; 30,292 square feet expire in 2011; 35,000 square feet expire in 2014; 20,087 square feet expire in 2016.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
54
 


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 April 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
80
849,839
3.1
20,444,694
24.06
3.2
   Central NJ
42
236,813
0.9
5,485,342
23.16
0.9
   Westchester Co., NY
56
163,535
0.6
3,665,163
22.41
0.6
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
23
97,201
0.4
1,734,113
17.84
0.3
   Fairfield, CT
9
20,877
0.1
391,977
18.78
0.1
   Washington, DC/MD
15
59,050
0.2
1,843,893
31.23
0.3
   Rockland Co., NY
4
6,662
(d)
158,815
23.84
(d)
TOTAL – 2010
229
1,433,977
5.3
33,723,997
23.52
5.4
             
             
2011
            
   Northern  NJ
119
1,089,161
3.9
26,156,181
24.01
4.3
   Central NJ
67
666,718
2.5
15,652,876
23.48
2.5
   Westchester Co., NY
112
554,615
2.1
12,586,023
22.69
2.0
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
80
690,017
2.6
11,802,860
17.11
1.9
   Fairfield, CT
16
99,899
0.4
2,917,794
29.21
0.5
   Washington, DC/MD
16
79,997
0.3
2,293,593
28.67
0.4
   Rockland Co., NY
5
7,673
(d)
196,165
25.57
(d)
TOTAL – 2011
415
3,188,080
11.8
71,605,492
22.46
11.6
             
             
2012
            
   Northern  NJ
117
1,538,752
5.7
42,518,026
27.63
6.9
   Central NJ
51
471,346
1.8
10,655,467
22.61
1.7
   Westchester Co., NY
87
438,231
1.6
9,134,636
20.84
1.5
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
57
404,345
1.5
6,142,731
15.19
1.0
   Fairfield, CT
6
21,918
0.1
614,584
28.04
0.1
   Washington, DC/MD
21
112,651
0.4
3,425,935
30.41
0.6
   Rockland Co., NY
3
9,329
(d)
241,321
25.87
(d)
TOTAL – 2012
342
2,996,572
11.1
72,732,700
24.27
11.8
             

Schedule continued, with footnotes, on subsequent page.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
55
 


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
345
3,897,933
14.5
85,166,291
21.85
13.9
             
2014
276
2,909,802
10.8
63,244,786
21.74
10.3
             
2015
243
3,238,366
12.0
71,521,694
22.09
11.6
             
2016
114
1,400,414
5.2
32,390,545
23.13
5.3
             
2017
107
2,671,852
9.9
63,828,757
23.89
10.4
             
2018
69
1,167,546
4.3
25,633,092
21.95
4.2
             
2019
49
1,024,497
3.8
22,049,246
21.52
3.6
             
2020
47
1,011,282
3.8
23,126,793
22.87
3.8
             
2021 and thereafter
46
2,026,199
7.5
50,050,918
24.70
8.1
Total/
            
Weighted Average
2,282
26,966,520
(c) (e)
100.0
615,074,311
22.81
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 March 2010 billings times 12.  For leases whose rent commences after April 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 March 31, 2010 aggregating 53,057 square feet and representing annualized rent of $1,003,494 for which no new leases were signed.
(d)  
Represents less than .05%
(e)  
Reconciliation to Company’s total net rentable square footage is as follows:

 
Square Feet
Square footage leased to commercial tenants
26,966,520
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
519,867
Square footage unleased
3,460,066
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 March 31, 2010

 

 
56
 


Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning April 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
67
730,606
3.2
19,057,067
26.08
3.4
   Central NJ
36
151,776
0.7
4,032,538
26.57
0.7
   Westchester Co., NY
31
94,381
0.4
2,523,895
26.74
0.5
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
18
63,801
0.3
1,487,203
23.31
0.3
   Fairfield Co., CT
8
13,877
0.1
328,977
23.71
0.1
   Washington, DC/MD
15
59,050
0.3
1,843,893
31.26
0.3
   Rockland Co., NY
4
6,662
(d)
158,815
23.84
(d)
TOTAL – 2010
179
1,120,153
5.0
29,432,388
26.28
5.3
             
2011
            
   Northern  NJ
114
1,056,957
4.7
25,707,541
24.32
4.6
   Central NJ
58
633,929
2.8
15,169,516
23.93
2.8
   Westchester Co., NY
70
301,783
1.4
8,645,603
28.65
1.6
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
52
380,646
1.7
9,668,617
25.40
1.8
   Fairfield Co., CT
16
99,899
0.5
2,917,794
29.21
0.5
   Washington, DC/MD
16
79,997
0.4
2,293,593
28.67
0.4
   Rockland Co., NY
5
7,673
(d)
196,165
25.57
(d)
TOTAL – 2011
331
2,560,884
11.5
64,598,829
25.23
11.7
             
2012
            
   Northern  NJ
105
1,452,373
6.7
41,236,285
  28.39
7.6
   Central NJ
45
423,938
1.9
10,081,354
  23.78
1.8
   Westchester Co., NY
51
181,354
0.8
4,761,475
  26.26
0.9
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
39
182,715
0.8
4,353,351
  23.83
0.8
   Fairfield Co., CT
6
21,918
0.1
614,584
  28.04
0.1
   Washington, DC/MD
21
112,651
0.5
3,425,935
  30.41
0.6
   Rockland Co., NY
3
9,329
(d)
241,321
  25.87
(d)
TOTAL – 2012
270
2,384,278
10.8
64,714,305
27.14
11.8
             
2013
263
2,999,386
13.6
72,410,584
24.14
13.2
             
2014
222
2,315,788
10.5
55,901,327
24.14
10.2
             
2015
203
2,922,381
13.2
67,859,255
23.22
12.3
             
2016
96
1,120,622
5.1
27,937,036
24.93
5.1
             
2017
84
2,428,529
11.0
60,190,216
24.78
10.9
             
2018
43
743,425
3.4
20,417,321
27.46
3.7
             
2019
34
680,750
3.1
17,074,619
25.08
3.1
             
2020
36
851,594
3.9
21,058,639
24.73
3.8
             
2021 and thereafter
41
1,963,601
8.9
49,095,776
25.00
8.9
Totals/Weighted
  Average
1,802
22,091,391 (c)
100.0
550,690,295
24.93
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 March 2010 billings times 12.  For leases whose rent commences after April 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 March 31, 2010 aggregating 53,057 square feet and representing annualized rent of $1,003,494 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 March 31, 2010

 
 
57
 
 
 

 

Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning April 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
13
119,233
2.6
1,387,627
11.64
2.2
   Central NJ
6
85,037
1.8
1,452,804
17.08
2.4
   Westchester Co., NY
24
64,204
1.4
1,052,168
16.39
1.8
   Sub. Philadelphia
5
33,400
0.8
246,910
7.39
0.4
   Fairfield Co., CT
1
7,000
0.2
63,000
9.00
0.1
TOTAL – 2010
49
308,874
6.8
4,202,509
13.61
6.9
             
2011
            
   Northern  NJ
5
32,204
0.8
448,640
13.93
0.7
   Central NJ
9
32,789
0.7
483,360
14.74
0.8
   Westchester Co., NY
40
233,432
5.2
3,711,820
15.90
6.2
   Sub. Philadelphia
28
309,371
6.9
2,134,243
6.90
3.6
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2011
82
607,796
13.6
6,778,063
11.15
11.3
             
2012
            
   Northern  NJ
12
86,379
1.8
1,281,741
14.84
2.1
   Central NJ
6
47,408
1.1
574,113
12.11
1.0
   Westchester Co., NY
35
250,239
5.6
4,300,143
17.18
7.1
   Sub. Philadelphia
18
221,630
5.0
1,789,380
8.07
3.0
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2012
71
605,656
13.5
7,945,377
13.12
13.2
             
2013
71
744,242
16.6
11,369,657
15.28
18.9
             
2014
50
554,169
12.4
6,539,749
11.80
10.9
             
2015
39
287,985
6.4
3,340,439
11.60
5.6
             
2016
18
279,792
6.3
4,453,509
15.92
7.4
             
2017
23
243,323
5.4
3,638,541
14.95
6.0
             
2018
24
281,039
6.3
3,927,721
13.98
6.5
             
2019
15
343,747
7.7
4,974,627
14.47
8.3
             
2020
11
159,688
3.6
2,068,154
12.95
3.4
             
2021 and thereafter
5
62,598
1.4
955,142
15.26
1.6
Totals/Weighted
            
  Average
458
4,478,909
  
100.0
60,193,488
13.44
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 March 2010 billings times 12.  For leases whose rent commences after April 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.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2010

 
 
58
 



Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning April 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
2.3
             
2011
2
19,400
5.1
228,600
11.78
6.1
             
2012
1
6,638
1.8
73,018
11.00
1.9
             
2013
11
154,305
40.7
1,386,050
8.98
36.8
             
2014
3
30,545
8.1
628,710
20.58
16.7
             
2015
1
28,000
7.4
322,000
11.50
8.6
             
2018
1
135,082
35.6
1,040,000
7.70
27.6
Totals/Weighted
            
  Average
20
378,920
100.0
3,767,478
9.94
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 March 2010 billings times 12.  For leases whose rent commences after April 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 April 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 March 2010 billings times 12.  For leases whose rent commences after April 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 March 31, 2010

 
 
59