SECOND 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 – 17
· Select Financial Ratios
18
· Debt Analysis:
  
· Debt Breakdown / Future Repayments
19
· Debt Maturities
20
· Debt Detail
21
   
III.  FINANCIAL INFORMATION
  
· Consolidated Statements of Operations
23
· Consolidated Balance Sheets
24
· Consolidated Statement of Changes in Equity
25
· Statements of Funds from Operations
26
· Statements of Funds from Operations Per Diluted Share
27
· Reconciliation of Basic-to-Diluted Shares/Units
28
   
IV.  VALUE CREATION PIPELINE
  
· Operating Property Acquisitions
30
· Properties Commencing Initial Operations / Rental Property Sales/Dispositions
31
· Summary of Construction Projects
32
· Summary of Land Parcels
33
   
V.  PORTFOLIO/ LEASING STATISTICS
  
· Leasing Statistics
35 – 40
· Market Diversification (MSA’s)
41
· Industry Diversification (Top 30 Tenant Industries)
42
· Consolidated Portfolio Analyses:
  
Breakdown by:
  
(a) Number of Properties
43
(b) Square Footage
44
(c) Base Rental Revenue
45
(d) Percentage Leased
46
· Consolidated Property Listing (by Property Type)
47 – 56
· Significant Tenants (Top 50 Tenants)
57 – 58
· Schedules of Lease Expirations (by Property Type)
59 – 63



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 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 June 30, 2010

 

 
3
 












I.  COMPANY BACKGROUND



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 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 $4.9 billion at June 30, 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 287 properties, primarily class A office and office/flex buildings, totaling approximately 32.9 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 June 30, 2010)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
287
Total Square Feet
32.9 million square feet
Geographic Diversity
Five states and the District of Columbia
New Jersey Presence
23.5 million square feet
Northeast Presence
32.9 million square feet
Common Shares and
  
Units Outstanding
92.5 million
Dividend-- Quarter/Annualized
$0.45/$1.80
Dividend Yield
6.1%
Total Market Capitalization
$4.9 billion
Senior Debt Rating
BBB (S&P and Fitch);
 
Baa2 (Moody’s)



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
5
 



Board of Directors

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







Executive Officers
 
 

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

 
 

 

 

 






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
6
 

Equity Research Coverage


Bank of America Merrill Lynch
James C. Feldman
(646) 855-5808
 
Green Street Advisors
Michael Knott
(949) 640-8780
 
Barclays Capital
Ross Smotrich
(212) 526-2306
 
ISI Group
Steve Sakwa
(212) 446-9462
 
Citigroup
Michael Bilerman
(212) 816-1383
 
Keefe, Bruyette & Woods, Inc.
Sheila K. McGrath
(212) 887-7793
 
Cowen and Company
James Sullivan
(646) 562-1380
 
KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
 
Deutsche Bank North America
John N. Perry
(212) 250-4912
 
Stifel, Nicolaus & Company, Inc.
John W. Guinee, III
(443) 224-1307
 
Goldman Sachs & Co.
Sloan Bohlen
(212) 902-2796
 
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 June 30, 2010

 

 
7
 












II.  FINANCIAL HIGHLIGHTS
























Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 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 June 30, 2010 amounted to $66.1 million, or $0.71 per share.  For the six months ended June 30, 2010, FFO available to common shareholders equaled $132.6 million, or $1.43 per share.

Net income available to common shareholders for the second quarter 2010 equaled $18.7 million, or $0.24 per share.  For the six months ended June 30, 2010, net income available to common shareholders amounted to $33.2 million, or $0.42 per share.

Total revenues for the second quarter 2010 were $202.8 million.  For the six months ended June 30, 2010, total revenues amounted to $397.4 million.

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

The Company had 79,398,646 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 13,099,906 common operating partnership units outstanding as of June 30, 2010. The Company had a total of 92,498,552 common shares/common units outstanding at June 30, 2010.

As of June 30, 2010, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 6.81 percent.

The Company had a debt-to-undepreciated assets ratio of 37.8 percent at June 30, 2010. The Company had an interest coverage ratio of 2.8 times for the quarter ended June 30, 2010.


Dividends

In May, 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 second quarter 2010, which was paid on July 9, 2010 to shareholders of record as of July 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 April 15, 2010 through July 14, 2010.  The dividend was paid on July 15, 2010 to shareholders of record as of July 6, 2010.


Leasing

Mack-Cali’s consolidated in-service portfolio was 88.9 percent leased at June 30, 2010, as compared to 88.8 percent leased at March 31, 2010.

For the quarter ended June 30, 2010, the Company executed 141 leases at its consolidated in-service portfolio totaling 1,305,847 square feet, consisting of 1,020,537 square feet of office space, 269,710 square feet of office/flex space, 8,000 square feet of retail space and 7,600 square feet of industrial space.  Of these totals, 402,544 square feet were for new leases and 903,303 square feet were for lease renewals and other tenant retention transactions.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
9
 




Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:

-  
National Union Fire Insurance Company of Pittsburgh, PA (NUFIC), a subsidiary of the American International Group, Inc. (AIG), signed a five-year four-month lease renewal for 271,533 square feet at 101 Hudson Street in Jersey City.

-  
Also at 101 Hudson Street, accounting firm PricewaterhouseCoopers LLP, signed a five-year renewal for 44,944 square feet. The 1,246,283 square-foot office building is 97.4 percent leased.

-  
Hanul Corporation, a third party shipping and return goods management company, signed a new five-year four-month lease for 96,000 square feet at Mack-Cali Airport, located at 200 Riser Road in Little Ferry.  The 286,628 square-foot office building is 100 percent leased.

-  
Coram Alternate Site Services, Inc., a provider of home health care, signed a five-year nine-month renewal for 26,125 square feet at 11 Commerce Way in Totowa.  The 47,025 square-foot office/flex building, located in Mack-Cali Commercenter, is 100 percent leased.

-  
New Cingular Wireless PCS LLC, signed a five-year renewal for 27,766 square feet at 120 West Passaic Street in Rochelle Park.  The 52,000 square-foot office building is 99.6 percent leased.

-  
Malcolm Pirnie Inc., an environmental engineering consulting firm, signed a seven-year two-month renewal for 26,114 square feet at 17-17 Route 208 North in Fair Lawn.  The 143,000 square-foot office building is 100 percent leased.

-  
PBF Holding Company, LLC, a petroleum refinery operator, signed a five-year two-month new lease for 15,620 square feet at One Sylvan Way in Parsippany.  Located in the Mack-Cali Business Campus, the 150,557 square-foot office building is 60.3 percent leased.

CENTRAL NEW JERSEY:

-  
Cellco Partnership, dba Verizon Wireless, signed a five-year renewal for 63,213 square feet at 51 Imclone Drive in Branchburg, where it occupies the full building.

-  
Meridian Health Realty Corporation, a subsidiary of healthcare provider Meridian Health, signed an eight-year renewal for 46,362 square feet at 1350 Campus Parkway, Wall Township. The 79,747 square-foot office building, located in Monmouth Shores Corporate Park, is 99.9 percent leased.

-  
Allstate Insurance Company signed two renewal transactions totaling 53,417 square feet, including a seven-year three-month renewal for 35,973 square feet at 1325 Campus Parkway, located at Monmouth Shores Corporate Park in Wall Township, where it occupies the entire building.  Allstate also signed a seven-year three-month renewal for 13,538 square feet and an eight-year one-month expansion for 3,906 square at 65 Jackson Drive in Cranford.  The 82,778 square-foot office building, located in Cranford Business Park, is 100 percent leased. In addition to the Central New Jersey transactions, Allstate also renewed 4,456 square feet for three years at 61 South Paramus Road in Paramus, New Jersey and 4,014 square feet at 6411 Ivy Lane in Greenbelt, Maryland for five years and four months.

WESTCHESTER COUNTY, NEW YORK:

-  
Reliance Standard Life Insurance Company signed a transaction totaling 19,401 square feet, representing a three-year four-month renewal of 16,302 square feet and a five-year expansion of 3,099 square feet at 7 Skyline Drive in Hawthorne.  The 109,000 square-foot office building, located in Mid-Westchester Executive Park, is 100 percent leased.

-  
Also in Mid-Westchester Executive Park, UTC Fire & Security Corporation, a fire safety and security solutions provider, signed a new seven-year lease for 15,246 square feet at 6 Skyline Drive in Hawthorne.  The 44,155 square-foot office/flex building is 100 percent leased.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
10
 



SUBURBAN PHILADELPHIA:

-  
Medical staffing provider, Bayada Nurses Inc., signed a new six-year seven-month lease for 16,215 square feet at 5 Terri Lane in Burlington Township, NJ.  The 74,555 square-foot office/flex building, located in Bromley Commons business park, is 100 percent leased.



Information About FFO

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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
11
 


Key Financial Data

As of or for the three months ended                                                                                                                                  
 
6/30/10
3/31/10
12/31/09
9/30/09
6/30/09
Shares and Units:
          
Common Shares Outstanding
79,398,646
79,184,996
78,969,752
78,554,827
78,334,220
Common Units Outstanding
13,099,906
13,305,106
13,495,036
13,821,755
14,024,755
Combined Shares and Units
92,498,552
92,490,102
92,464,788
92,376,582
92,358,975
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (a)
92,357,447
92,338,550
92,165,843
92,133,114
88,000,033
Weighted Average- Diluted (b)
 
92,489,035
92,449,992
92,303,037
92,245,107
88,000,033
Common Share Price ($’s):
          
At the end of the period
29.73
35.25
34.57
32.33
22.80
High during period
38.74
36.31
36.23
37.63
28.01
Low during period
29.22
30.33
29.31
21.13
18.32
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (c)
2,778,030
3,288,410
3,224,537
3,014,578
2,134,041
Total Debt
2,166,818
2,336,930
2,337,437
2,337,875
2,090,433
Total Market Capitalization
4,944,848
5,625,340
5,561,974
5,352,453
4,224,474
Total Debt/ Total Market
  Capitalization
43.82%
41.54%
42.03%
43.68%
49.48%
           
Financials:
          
($’s in thousands, except ratios and
   per share amounts)
          
Total Assets
4,517,670
4,684,305
4,721,637
4,757,236
4,535,045
Gross Book Value of Real Estate Assets
5,178,246
5,176,004
5,186,208
5,184,411
5,158,812
Total Liabilities
2,416,868
2,564,599
2,578,447
2,576,391
2,336,004
Total Equity
2,100,802
2,119,706
2,143,190
2,180,845
2,199,041
Total Revenues
202,785
194,583
193,668
192,147
187,823
Capitalized Interest
432
343
297
259
186
Scheduled Principal Payments
612
507
438
421
3,794
Interest Coverage Ratio
2.77
2.69
2.42
3.08
3.28
Fixed Charge Coverage Ratio
2.65
2.59
2.34
2.97
2.89
Net Income
22,249
17,377
1,717
22,789
24,625
Net Income Available to Common Shareholders
18,725
14,509
1,006
19,087
20,374
Earnings per Share—diluted
0.24
0.18
0.01
0.24
0.28
FFO per Share—diluted (d)
0.71
0.72
0.60
0.81
0.87
Dividends Declared per Share
0.45
0.45
0.45
0.45
0.45
FFO Payout Ratio—diluted (d)
63.00%
62.52%
75.16%
55.34%
51.78%
           
Portfolio Size:
          
Properties
287
288
289
288
295
Total Square Footage
32,912,369
33,062,419
33,183,723
33,083,723
33,750,420
Sq. Ft. Leased at End of Period (e) (f)
88.9%
88.8%
90.1%
90.0%
90.6%
           

(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 June 30, 2010


 
 
12
 



Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
June 30,
  
 
%
 
2010
2009
Change
Change
         
Total Property Revenues
$169,419
$174,049
$(4,630)
(2.7)
         
Real Estate Taxes
24,848
22,672
2,176
9.6
Utilities
15,840
15,484
356
2.3
Operating Services
25,268
24,564
704
2.9
Total Property Expenses:
65,956
62,720
3,236
5.2
         
GAAP Net Operating Income
103,463
111,329
(7,866)
(7.1)
         
Less: straight-lining of rents adj.
848
1,620
(772)
(47.7)
         
Net Operating Income
$102,615
$109,709
$(7,094)
(6.5)
         
Percentage Leased at
  Period End
88.7%
90.4%
    
         
Total Properties:
255
      
         
Total Square Footage:
29,344,720
      
         



 
  For the six months ended
June 30,
  
 
%
 
2010
2009
Change
Change
         
Total Property Revenues
$339,025
$350,123
$(11,098)
(3.2)
         
Real Estate Taxes
45,474
45,862
(388)
(0.8)
Utilities
35,091
36,177
(1,086)
(3.0)
Operating Services
52,161
51,023
1,138
2.2
Total Property Expenses:
132,726
133,062
(336)
(0.3)
         
GAAP Net Operating Income
206,299
217,061
(10,762)
(5.0)
         
Less: straight-lining of rents adj.
2,767
830
1,937
233.4
         
Net Operating Income
$203,532
$216,231
$(12,699)
(5.9)
         
Percentage Leased at
  Period End
88.6%
90.3%
    
         
Total Properties:
254
      
         
Total Square Footage:
29,095,311
      
         



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 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
67.2%
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
92.2%
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 June 30, 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 June 30, 2010 and December 31, 2009 (dollars in thousands):

   
June 30, 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
   $ 9,254     $ 67,375     $ 23,966     $ 67,700     $ 37,334       --     $ 14,669       --       --     $ 220,298  
Other assets
     1,354       9,510       5,993       9,535       21,481     $ 1,812       937     $ 46,383     $ 2,085       99,090  
Total assets
   $ 10,608     $ 76,885     $ 29,959     $ 77,235     $ 58,815     $ 1,812     $ 15,606     $ 46,383     $ 2,085     $ 319,388  
Liabilities and Partners’/ members’ capital (deficit):
                                                                                
Mortgages, loans payable and
other obligations
     --     $ 73,055     $ 20,594     $ 77,758     $ 50,307       --     $ 4,342       --       --     $ 226,056  
Other liabilities
   $ 532       5,779       18       2,400       2,553       --       --       --       --       11,282  
Partners’/members’ capital (deficit)
     10,076       (1,949 )     9,347       (2,923 )     5,955     $ 1,812       11,264     $ 46,383     $ 2,085       82,050  
Total liabilities and partners’/ members’ capital (deficit)
   $ 10,608     $ 76,885     $ 29,959     $ 77,235     $ 58,815     $ 1,812     $ 15,606     $ 46,383     $ 2,085     $ 319,388  
Company’s investment in unconsolidated joint ventures, net
   $ 4,960     $ 231     $ 4,504       --     $ 1,451     $ 1,199     $ 9,664     $ 13,117     $ 872     $ 35,998  




   
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     $ 38,739       --     $ 15,265       --       --     $ 223,321  
Other assets
     997       15,255       4,623       8,631       21,937     $ 1,998       1,068     $ 45,884     $ 1,780       102,173  
Total assets
   $ 10,557     $ 77,091     $ 29,507     $ 81,668     $ 60,676     $ 1,998     $ 16,333     $ 45,884     $ 1,780     $ 325,494  
Liabilities and Partners’/ members’ capital (deficit):
                                                                                
Mortgages, loans payable and
other obligations
     --     $ 73,553     $ 20,764     $ 90,288     $ 51,187       --     $ 5,007       --       --     $ 240,799  
Other liabilities
   $ 532       4,374       162       2,589       3,830       --       --       --       --       11,487  
Partners’/members’ capital (deficit)
     10,025       (836 )     8,581       (11,209 )     5,659     $ 1,998       11,326     $ 45,884     $ 1,780       73,208  
Total liabilities and partners’/ members’ capital (deficit)
   $ 10,557     $ 77,091     $ 29,507     $ 81,668     $ 60,676     $ 1,998     $ 16,333     $ 45,884     $ 1,780     $ 325,494  
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 June 30, 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 June 30, 2010 and 2009 (dollars in thousands):

   
Three Months Ended June 30, 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
   $ 191     $ 9,277     $ 823     $ 2,790     $ 3,117     $ 78     $ 396       --       --       --     $ 16,672  
Operating and other
     (47 )     (6,423 )     (219 )     (1,290 )     (1,702 )     --       (76 )   $ (318 )   $ (95 )     --       (10,170 )
Depreciation and amortization
     (153 )     (1,325 )     (231 )     (949 )     (877 )     --       (315 )     --       --       --       (3,850 )
Interest expense
     --       (1,106 )     (86 )     (608 )     (422 )     --       (53 )     --       --       --       (2,275 )
                                                                                         
Net income
   $ (9 )   $ 423     $ 287     $ (57 )   $ 116     $ 78     $ (48 )   $ (318 )   $ (95 )     --     $ 377  
Company’s equity in
                                                                                        
  earnings (loss) of
                                                                                        
  unconsolidated joint ventures
   $ (5 )   $ 140     $ 231       --     $ 19     $ 26     $ (24 )   $ (96 )   $ (31 )     --     $ 260  





   
Three Months Ended June 30, 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
   $ 199     $ 8,841     $ 803     $ 6,459     $ 3,227       --     $ 597       --       --     $ 967     $ 21,093  
Operating and other
     (52 )     (5,830 )     (209 )     (2,792 )     (1,444 )   $ (29 )     (16 )   $ (7,738 )     --       (863 )     (18,973 )
Depreciation and amortization
     (153 )     (1,087 )     (149 )     (2,421 )     (1,326 )     --       (127 )     --       --       (456 )     (5,719 )
Interest expense
     --       (1,161 )     (89 )     (1,632 )     (450 )     --       (113 )     --       --       (305 )     (3,750 )
                                                                                         
Net income
   $ (6 )   $ 763     $ 356     $ (386 )   $ 7     $ (29 )   $ 341     $ (7,738 )     --     $ (657 )   $ (7,349 )
Company’s equity in
                                                                                        
  earnings (loss) of
                                                                                        
  unconsolidated joint ventures
   $ (3 )   $ 750     $ 178     $ (202 )   $ (88 )   $ 23     $ 170     $ (2,750 )     --       --     $ (1,922 )




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010

 

 
16
 




The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the six months ended June 30, 2010 and 2009 (dollars in thousands):

   
Six Months Ended June 30, 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
   $ 452     $ 14,384     $ 2,580     $ 14,508     $ 6,428     $ 122     $ 990       --       --       --     $ 39,464  
Operating and other
     (96 )     (10,876 )     (431 )     (2,989 )     (3,561 )     --       (90 )   $ (509 )   $ (152 )     --       (18,704 )
Depreciation and amortization
     (306 )     (2,435 )     (451 )     (1,952 )     (1,719 )     --       (631 )     --       --       --       (7,494 )
Interest expense
     --       (2,186 )     (169 )     (1,281 )     (852 )     --       (139 )     --       --       --       (4,627 )
                                                                                         
Net income
   $ 50     $ (1,113 )   $ 1,529     $ 8,286     $ 296     $ 122     $ 130     $ (509 )   $ (152 )     --     $ 8,639  
Company’s equity in
                                                                                        
  earnings (loss) of
                                                                                        
  unconsolidated joint ventures
   $ 25     $ (628 )   $ 383       --     $ 47     $ 42     $ 65     $ (153 )   $ (43 )     --     $ (262 )





   
Six Months Ended June 30, 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
   $ 387     $ 15,668     $ 1,613     $ 19,638     $ 6,406     $ 35     $ 1,192       --       --     $ 1,687     $ 46,626  
Operating and other
     (94 )     (10,809 )     (458 )     (8,128 )     (3,173 )     --       (35 )   $ (8,858 )     --       (1,971 )     (33,526 )
Depreciation and amortization
     (306 )     (2,085 )     (297 )     (7,255 )     (2,232 )     --       (255 )     --       --       (909 )     (13,339 )
Interest expense
     --       (2,305 )     (172 )     (5,276 )     (925 )     --       (234 )     --       --       (611 )     (9,523 )
                                                                                         
Net income
   $ (13 )   $ 469     $ 686     $ (1,021 )   $ 76     $ 35     $ 668     $ (8,858 )     --     $ (1,804 )   $ (9,762 )
Company’s equity in
                                                                                        
  earnings (loss) of
                                                                                        
  unconsolidated joint ventures
   $ (7 )   $ 1,496     $ 343     $ (915 )   $ (72 )   $ 42     $ 334     $ (3,903 )     --     $ (4,354 )   $ (7,036 )









Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
17
 



Select Financial Ratios


 
Ratios Computed For Industry
June 30,
  
Comparisons:
2010
2009
  
 
Financial Position Ratios:
  
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
47.96%
46.10%
  
     
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
43.82%
49.48%
  
     
Total Debt/ Total Undepreciated
   Assets (%)
37.84%
37.27%
  
     
Secured Debt/ Total Undepreciated
   Assets (%)
12.82%
13.49%
  
 
 
 
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2010
2009
2010
2009
 
Operational Ratios:
  
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
2.77
3.28
2.74
3.18
   
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
2.72
2.95
2.69
2.88
   
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
2.65
2.89
2.63
2.80
   
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
63.00%
51.78%
62.77%
50.14%
 





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010

 

 
18
 





Debt Analysis
(as of June 30, 2010)


Debt Breakdown
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes
$1,432,944
66.13%
6.49%
4.00
Fixed Rate Secured Debt
733,874
33.87%
7.43%
7.05
 
Totals/Weighted Average:
$2,166,818
100.00%
6.81%
5.03



Future Repayments
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
July 1 – December 31, 2010
$ 4,177
$15,000
$19,177
7.87%
2011
9,217
 300,000
309,217
7.92%
2012
10,687
210,148
220,835
6.21%
2013
11,320
145,223
156,543
5.39%
2014
10,473
335,257
345,730
6.82%
Thereafter
44,766
1,102,532
1,147,298
6.91%
Sub-total
90,640
2,108,160
2,198,800
  
Adjustment for unamortized debt
discount/premium, net, as of  June 30, 2010
(31,982)
--
(31,982)
  
 
Totals/Weighted Average:
$ 58,658
$2,108,160
$2,166,818
6.81%

(a)  
No variable rate borrowings were outstanding as of June 30, 2010.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
19
 


Debt Maturities
(dollars in thousands)

 
July 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
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:
--
--
$15,234
$19,118
$135,257
--
$72,971
$141,151
$231,536
$56,866
$ 8
$672,141
                         
Unsecured Debt:
                        
Unsecured credit facility
    
--
                
--
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:
$15,000
$300,000
$194,914
$126,105
$200,000
$150,000
$200,000
--
--
$250,000
--
$1,436,019
                         
Total Debt:
$15,000
$300,000
$210,148
$145,223
$335,257
$150,000
$272,971
$141,151
$231,536
$306,866
$ 8
$2,108,160



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010

 

 
20
 


Debt Detail
(dollars in thousands)


   
Effective
    
 
Property Name
Lender
Interest
Rate
June 30,
December 31,
Date of
Maturity
  
2010
2009
Senior Unsecured Notes: (a)
          
5.050%, Senior Unsecured Notes
public debt
5.265%
--
$149,984
--
(b)
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%
299,900
299,814
02/15/11
  
5.250%, Senior Unsecured Notes
public debt
5.457%
99,696
99,599
01/15/12
  
6.150%, Senior Unsecured Notes
public debt
6.894%
93,701
93,455
12/15/12
  
5.820%, Senior Unsecured Notes
public debt
6.448%
25,806
25,751
03/15/13
  
4.600%, Senior Unsecured Notes
public debt
4.742%
99,915
99,901
06/15/13
  
5.125%, Senior Unsecured Notes
public debt
5.110%
200,869
200,989
02/15/14
  
5.125%, Senior Unsecured Notes
public debt
5.297%
149,579
149,533
01/15/15
  
5.800%, Senior Unsecured Notes
public debt
5.806%
200,427
200,464
01/15/16
  
7.750%, Senior Unsecured Notes
public debt
8.017%
248,051
247,944
08/15/19
  
Total Senior Unsecured Notes:
    
$1,432,944
$1,582,434
  

Revolving Credit Facilities:
Unsecured Facility (c)
23 Lenders
LIBOR +0.550%
--
--
6/22/12
  
Total Revolving Credit Facilities:
    
--
--
    


Property Mortgages: (d)
105 Challenger Road
Archon Financial CMBS
6.235%
--
$19,408
--
(e)
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
$ 16,398
16,619
12/01/12
  
Soundview Plaza
Morgan Stanley CMBS
6.015%
16,356
16,614
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
4,726
4,804
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
6,586
6,693
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
11,505
11,735
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,201
6,297
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
19,477
19,613
08/11/14
  
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
Wachovia CMBS
10.220%
60,806
60,409
08/11/14
  
4 Sylvan
Wachovia CMBS
10.190%
14,376
14,357
08/11/14
  
10 Independence
Wachovia CMBS
12.440%
15,469
15,339
08/11/14
  
4 Becker
Wachovia CMBS
9.550%
36,677
36,281
05/11/16
  
5 Becker
Wachovia CMBS
12.830%
11,347
11,111
05/11/16
  
210 Clay
Wachovia CMBS
13.420%
11,297
11,138
05/11/16
  
51 Imclone
Wachovia CMBS
8.390%
3,896
3,899
05/11/16
  
Various (f)
Prudential Insurance
6.332%
 150,000
                150,000
01/15/17
(g)
23 Main Street
JPMorgan CMBS
5.587%
31,791
32,042
09/01/18
  
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
235,907
237,248
11/01/18
  
100 Walnut Avenue
Guardian Life Ins. Co.
7.311%
19,538
19,600
02/01/19
  
One River Center (h)
Guardian Life Ins. Co.
7.311%
44,759
44,900
02/01/19
  
581 Main Street (i)
Valley National Bank
6.935%
16,762
16,896
07/01/34
  
Total Mortgages, Loans Payable and Other Obligations:
  
$733,874
$755,003
  
 
Total Debt:
    
$2,166,818
$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)  
These notes were paid at maturity on April 15, 2010.
(c)  
Total borrowing capacity under this facility is $775 million and has a one year extension option.
(d)  
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.
(e)  
On June 1, 2010, the Company transferred the deed for 105 Challenger Road to the lender in satisfaction of its obligations.
(f)  
Mortgage is collateralized by seven properties.
(g)  
On January 15, 2010, the Company extended the mortgage loan until January 15, 2017 at an effective interest rate of 6.33 percent.
(h)  
Mortgage is collateralized by the three properties compromising One River Center.
(i)  
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 June 30, 2010

 

 
21
 












III. FINANCIAL INFORMATION















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
22
 



III.  FINANCIAL INFORMATION

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


   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
Revenues
  
2010
    
2009
    
2010
    
2009
  
Base rents
   $ 149,692     $ 152,891     $ 302,385     $ 301,022  
Escalations and recoveries from tenants
     25,837       24,623       51,956       52,390  
Construction services
     22,357       4,794       33,219       8,705  
Real estate services
     1,669       2,116       3,646       4,642  
Other income
     3,230       3,399       6,162       6,350  
Total revenues
     202,785       187,823       397,368       373,109  
                                 
Expenses
                                
Real estate taxes
     25,912       23,293       48,073       46,565  
Utilities
     16,409       15,956       36,235       36,653  
Operating services
     28,073       26,619       56,754       54,261  
Direct construction costs
     21,411       4,296       31,704       8,010  
General and administrative
     8,658       10,651       17,072       20,708  
Depreciation and amortization
     47,474       49,240       95,964       97,083  
Total expenses
     147,937       130,055       285,802       263,280  
Operating income
     54,848       57,768       111,566       109,829  
                                 
Other (Expense) Income
                                
Interest expense
     (37,335 )     (33,205 )     (76,406 )     (65,701 )
Interest and other investment income
     18       187       39       383  
Equity in earnings (loss) of unconsolidated joint ventures
     260       (1,922 )     (262 )     (7,036 )
Gain on reduction of other obligations
     --       1,693       --       1,693  
Total other (expense) income
     (37,057 )     (33,247 )     (76,629 )     (70,661 )
Income from continuing operations
     17,791       24,521       34,937       39,168  
Discontinued Operations:
                                
Income from discontinued operations
     11       104       242       54  
Realized gains (losses) and unrealized losses
                                
  on disposition of rental property, net
     4,447       --       4,447       --  
Total discontinued operations, net
     4,458       104       4,689       54  
Net income
     22,249       24,625       39,626       39,222  
Noncontrolling interest in consolidated joint ventures
     86       135       173       767  
Noncontrolling interest in Operating Partnership
     (2,475 )     (3,869 )     (4,897 )     (6,506 )
Noncontrolling interest in discontinued operations
     (635 )     (17 )     (668 )     (8 )
Preferred stock dividends
     (500 )     (500 )     (1,000 )     (1,000 )
Net income available to common shareholders
   $ 18,725     $ 20,374     $ 33,234     $ 32,475  
                                 
Basic earnings per common share:
                                
Income from continuing operations
   $ 0.19     $ 0.28     $ 0.37     $ 0.46  
Discontinued operations
     0.05       --       0.05       --  
Net income available to common shareholders
   $ 0.24     $ 0.28     $ 0.42     $ 0.46  
                                 
Diluted earnings per common share:
                                
Income from continuing operations
   $ 0.19     $ 0.28     $ 0.37     $ 0.46  
Discontinued operations
     0.05       --       0.05       --  
Net income available to common shareholders
   $ 0.24     $ 0.28     $ 0.42     $ 0.46  
                                 
Basic weighted average shares outstanding
     79,203       73,903       79,089       70,214  
                                 
Diluted weighted average shares outstanding
     92,489       88,000       92,482       84,480  

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
23
 

 

 

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



 
   
June 30,
    
December 31,
  
Assets
  
2010
    
2009
  
Rental property
            
Land and leasehold interests
   $ 770,239     $ 771,794  
Buildings and improvements
     3,949,892       3,948,509  
Tenant improvements
     448,799       456,547  
Furniture, fixtures and equipment
     9,316       9,358  
      5,178,246       5,186,208  
Less – accumulated depreciation and amortization
     (1,207,917 )     (1,153,223 )
Net investment in rental property
     3,970,329       4,032,985  
Cash and cash equivalents
     140,990       291,059  
Investments in unconsolidated joint ventures
     35,998       35,680  
Unbilled rents receivable, net
     122,601       119,469  
Deferred charges and other assets, net
     216,809       213,674  
Restricted cash
     19,320       20,681  
Accounts receivable, net of allowance for doubtful accounts
                
of $2,708 and $2,036
     11,623       8,089  
                 
Total assets
   $ 4,517,670     $ 4,721,637  
                 
Liabilities and Equity
                
Senior unsecured notes
   $ 1,432,944     $ 1,582,434  
Mortgages, loans payable and other obligations
     733,874       755,003  
Dividends and distributions payable
     42,124       42,109  
Accounts payable, accrued expenses and other liabilities
     121,404       106,878  
Rents received in advance and security deposits
     50,787       54,693  
Accrued interest payable
     35,735       37,330  
Total liabilities
     2,416,868       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,
                
79,398,646 and 78,969,752 shares outstanding
     793       789  
Additional paid-in capital
     2,286,633       2,275,716  
Dividends in excess of net earnings
     (508,221 )     (470,047 )
Total Mack-Cali Realty Corporation stockholders’ equity
     1,804,205       1,831,458  
                 
Noncontrolling interest in subsidiaries:
                
Operating Partnership
     293,549       308,703  
Consolidated joint ventures
     3,048       3,029  
Total noncontrolling interests in subsidiaries
     296,597       311,732  
                 
Total equity
     2,100,802       2,143,190  
                 
Total liabilities and equity
   $ 4,517,670     $ 4,721,637  




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
24
 



Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Equity
For the three months ended June 30, 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
--
--
--
--
--
34,234
5,392
39,626
Preferred stock dividends
--
--
--
--
--
(1,000)
--
(1,000)
Common stock dividends
--
--
--
--
--
(71,408)
--
(71,408)
Common unit distributions
--
--
--
--
--
--
(11,837)
(11,837)
Increase in noncontrolling
                
  interests
--
--
--
--
--
--
192
192
Redemption of common units
                
  for common stock
--
--
395
4
8,981
--
(8,985)
--
Shares issued under Dividend
                
  Reinvestment and Stock
                
  Purchase Plan
--
--
3
--
82
--
--
82
Stock options exercised
--
--
18
--
513
--
--
513
Stock compensation
--
--
13
--
1,444
--
--
1,444
Rebalancing of ownership
                
  percent between parent
                
  and subsidiaries
--
--
--
--
(103)
--
103
--
Balance at June 30, 2010
10
$25,000
79,399
$793
$2,286,633
$(508,221)
$296,597
$2,100,802

 
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
25
 


 

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


 
Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2010
2009
2010
2009
Net income available to common shareholders
$ 18,725
$   20,374
$ 33,234
$ 32,475
Add: Noncontrolling interest in Operating Partnership
2,475
3,869
4,897
6,506
 Noncontrolling interest in discontinued operations
635
17
668
8
 Real estate-related depreciation and amortization on continuing operations (a)
48,373
51,741
97,844
104,673
Real estate-related depreciation and amortization on discontinued operations
302
475
409
905
Deduct: Discontinued operations-Realized (gains) losses and unrealized losses on disposition of rental property
(4,447)
--
 
(4,447)
--
Funds from operations available to common shareholders (b)
$ 66,063
$ 76,476
$132,605
$144,567
         
Diluted weighted average shares/units outstanding (c)
92,489
88,000
92,482
84,480
         
Funds from operations per share/unit – diluted
$ 0.71
$ 0.87
$ 1.43
$ 1.71
         
Dividend declared per common share
$ 0.45
$ 0.45
$ 0.90
$ 0.90
         
Dividend payout ratios:
        
     Funds from operations-diluted
63.00%
51.78%
62.77%
52.59%
         
Supplemental Information:
        
  Non-incremental revenue generating capital expenditures:
        
     Building improvements
$ 2,127
$ 2,005
$ 4,113
$ 3,614
     Tenant improvements and leasing commissions
$ 10,584
$ 8,098
$ 18,552
$ 16,123
  Straight-line rent adjustments (d)
$ 1,028
$ 1,888
$ 3,316
$ 3,275
  Amortization of (above)/below market lease intangibles, net (e)
$ 377
$ 1,545
$ 984
$ 3,654
Gain on reduction of other obligations
--
$ 1,693
--
$ 1,693
  Impairment charge included in equity in earnings (loss) (f)
--
--
--
$ 4,010
 

(a) Includes the Company’s share from unconsolidated joint ventures of $1,242 and $2,605 for the three months ended June 30, 2010 and 2009, respectively, and $2,348 and $7,776 for the six months ended June 30, 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 (13,155 shares and 14,097 shares for the three months ended June 30, 2010 and 2009, respectively, and 13,259 and 14,266 for the six months ended June 30, 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 $12 and $64 for the three months ended June 30, 2010 and 2009, respectively, and $37 and $223 for the six months ended June 30, 2010 and 2009, respectively.
(e) Includes the Company’s share from unconsolidated joint ventures of $9 and $135 for three months ended June 30, 2010 and 2009, respectively, and $17 and $574 for the six months ended June 30, 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 June 30, 2010

 

 
26
 



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


 
Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2010
2009
2010
2009
Net income available to common shareholders
$0.24
$0.28
$0.42
$0.46
Add: Real estate-related depreciation and amortization on continuing operations (a)
0.52
0.59
1.06
1.24
 Real estate-related depreciation and amortization on discontinued operations
--
0.01
--
0.01
Deduct: Realized (gains) losses and unrealized losses on disposition of rental property
(0.05)
--
(0.05)
--
Noncontrolling interest / rounding adjustment
--
(0.01)
--
--
 
Funds from operations available to common shareholders (b)
$0.71
$0.87
$1.43
$1.71
Add: Non-cash impairment charge from equity in earnings (loss) in unconsolidated joint ventures
--
--
--
0.04
Deduct: Non-cash gain from reduction of other obligations
--
(0.02)
--
(0.02)
 
FFO Excluding Items
$0.71
$0.85
$1.43
$1.73
Dividend payout ratio for FFO Excluding Items
63.00%
52.95%
62.77%
51.97%
Diluted weighted average shares/units outstanding (c)
92,489
88,000
92,482
84,480

(a) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.03 for the three months ended June 30, 2010 and 2009, respectively, and $0.03 and $0.09 for the six months ended June 30, 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 (13,155 shares and 14,097 shares for the three months ended June 30, 2010 and 2009, respectively, and 13,259 and 14,266 for the six months ended June 30, 2010 and 2009, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).  See reconciliation of basic to diluted shares/units on page 28.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
27
 





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

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


 
Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2010
2009
2010
2009
Basic weighted average shares outstanding:
79,203
73,903
79,089
70,214
Add: Weighted average common units
13,155
14,097
13,259
14,266
Basic weighted average shares/units:
92,358
88,000
92,348
84,480
Add: Stock options
52
--
54
--
Restricted Stock Awards
79
--
80
--
 
Diluted weighted average shares/units outstanding:
92,489
88,000
92,482
84,480




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
28
 












IV.  VALUE CREATION PIPELINE

















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
29
 



IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
 (dollars in thousands)


For the six months ended June 30, 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 June 30, 2010


 
 
30
 




Properties Commencing Initial Operations
(dollars in thousands)


For the six months ended June 30, 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/Dispositions
(dollars in thousands)


For the six months ended June 30, 2010

 
Date
 
Address
 
Locations
# of
Bldgs.
Rentable
Square Feet
Realized
Gains/(loss)
 
6/01/10
 
105 Challenger Road (a)
 
Ridgefield Park, Bergen County, NJ
 
1
 
150,050
 
$ 4,447

(a)  
The Company transferred the deed for this property to the lender in satisfaction of its obligations.




For the year ended December 31, 2009

None.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
31
 




Summary of Construction Projects
(dollars in thousands)




Project
Location
Type of Space
Estimated
Placed in
Service
Date
Number
Of
Buildings
Square
Feet
Costs
Incurred
Through
6/30/10
Total
Estimated
Costs
Current
% Leased
Company Effective Ownership
Wholly Owned:
                  
55 Corporate Drive
Bridgewater, NJ
Office
2011-3Q
1
205,000
$30,784
$50,906
100.0%
100.0%
 
Total
      
1
205,000
$30,784
$50,906
100.0%
  





















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
32
 



Summary of Land Parcels


Site
Town/City
State
Acres
Development
Potential
(Sq. Ft.)
Type of Space
Horizon Center
Hamilton Township
NJ
5.3
68,000
Office/Flex/Retail
3 & 5 AAA Drive (a)
Hamilton Township
NJ
17.5
112,000
Office
6 AAA Drive
Hamilton Township
NJ
2.4
32,000
Office
2 South Gold Drive (b)
Hamilton Township
NJ
9.5
75,000
Office
Plaza VIII and IX Associates, L.L.C. (c)
Jersey City
NJ
3.6
1,225,000
Office
Harborside Financial Center (d)
Jersey City
NJ
6.5
3,113,500
Office
One Newark Center (c)
Newark
NJ
1.0
400,000
Office
Mack-Cali Business Campus
Parsippany & Hanover
NJ
86.8
1,100,000
Office
3 Campus Drive
Parsippany
NJ
10.0
124,000
Office
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 June 30, 2010


 
 
33
 





 






V.  PORTFOLIO/ LEASING STATISTICS



















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
34
 



V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended June 30, 2010)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
3/31/10
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/10 (c)
Pct.
Leased
6/30/10
Pct.
Leased
3/31/10
                 
  Northern NJ
13,195,688
(150,050)
(723,989)
698,677
(25,312)
13,020,326
89.7%
90.0%
  Central NJ
4,806,484
 -
(262,740)
244,133
(18,607)
4,787,877
89.1%
89.5%
  Westchester Co., NY
4,478,302
-
(142,568)
195,783
53,215
4,531,517
94.6%
93.5%
  Manhattan
232,645
-
-
-
-
232,645
44.4%
44.4%
  Sub. Philadelphia
3,146,108
-
(101,292)
125,717
24,425
3,170,533
89.8%
89.1%
  Fairfield, CT
529,399
-
(13,997)
15,218
1,221
530,620
88.8%
88.6%
  Washington, DC/MD
934,445
-
(20,043)
25,679
5,636
940,081
72.7%
72.3%
  Rockland Co., NY
163,316
-
(1,280)
640
(640)
162,676
90.4%
90.7%
 
Total
27,486,387
(150,050)
(1,265,909)
1,305,847
39,938
27,376,275
88.9%
88.8%
                 

 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of March 31, 2010
30,946,453
    Total sq. ft. of properties added/transferred this period
 (150,050)
Total sq. ft. as of June 30, 2010
30,796,403
   


(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c) 
Includes leases expiring June 30, 2010 aggregating 154,534 square feet for which no new leases were signed.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
35
 



Leasing Statistics
(For the three months ended June 30, 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
41
641,153
192,779
448,374
5.2
22.89
1.93
  
 
Office/Flex
4
57,524
-
57,524
5.8
14.63
2.91
  
Central NJ
Office
23
194,155
37,501
156,654
5.4
17.06
1.37
  
 
Office/Flex
3
49,978
8,252
41,726
7.3
17.84
4.48
  
Westchester Co., NY
Office
21
97,461
43,514
53,947
6.3
24.04
3.61
  
 
Office/Flex
13
82,722
43,780
38,942
4.3
13.99
3.72
  
 
Industrial/Warehouse
1
7,600
-
7,600
5.0
13.67
0.79
  
 
Retail
1
8,000
8,000
-
15.0
38.10
0.44
  
Sub. Philadelphia
Office
8
46,231
19,884
26,347
2.6
21.25
3.49
  
 
Office/Flex
8
79,486
31,806
47,680
3.8
8.10
1.39
  
Fairfield Co., CT
Office
8
15,218
-
15,218
2.6
21.44
1.75
  
Washington, DC/MD
Office
9
25,679
17,028
8,651
5.6
20.48
4.50
  
Rockland Co., NY
Office
1
640
-
640
1.0
24.00
0.20
  
                   
Total
  
141
1,305,847
402,544
903,303
5.2
20.01
2.30
  
                   
Detail by Property Type
                  
 
Office
111
1,020,537
310,706
709,831
5.2
21.74
2.12
  
 
Office/Flex
28
269,710
83,838
185,872
5.0
13.10
3.21
  
 
Industrial/Warehouse
1
7,600
-
7,600
5.0
13.67
0.79
  
 
Retail
1
8,000
8,000
-
15.0
38.10
0.44
  
                   
Total
  
141
1,305,847
402,544
903,303
5.2
20.01
2.30
  
                   
Tenant Retention:
Leases Retained
59.6%
              
 
Sq. Ft. Retained
71.4%
              
   


(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 $9,045,430 and commissions of $6,546,862 committed, but not necessarily expended, during the period for second generation space aggregating 1,300,845 square feet.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
36
 



Leasing Statistics
(For the three months ended June 30, 2010)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
      
Market
Sq. Ft.
Leased
3/31/10
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/10
Pct.
Leased
6/30/10
Pct.
Leased
3/31/10
                 
   Northern NJ
955,137
-
-
-
-
955,137
89.2%
89.2%
   Central NJ
914,835
 -
(47,977)
34,508
(13,469)
901,366
86.3%
87.6%
                 
Total
1,869,972
-
(47,977)
34,508
(13,469)
1,856,503
87.7%
88.4%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of March 31, 2010
2,115,966
    Total sq. ft. of properties added/sold this period
-
Total sq. ft. as of June 30, 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
10
34,508
20,701
13,807
3.8
17.34
1.67
               
Total
10
34,508
20,701
13,807
3.8
17.34
1.67
               

(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 $61,624 and commissions of $155,870 committed, but not necessarily expended, during the period for second generation space aggregating 34,508 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
37
 



Leasing Statistics
(For the six months ended June 30, 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 6/30/10 (c)
Pct.
Leased
6/30/10
Pct.
Leased
12/31/09
                 
  Northern NJ
13,271,015
(150,050)
(1,041,607)
940,968
(100,639)
13,020,326
89.7%
90.5%
  Central NJ
4,852,529
-
(428,760)
364,108
(64,652)
4,787,877
89.1%
90.3%
  Westchester Co., NY
4,469,979
-
(320,810)
382,348
61,538
4,531,517
94.6%
93.3%
  Manhattan
524,476
-
(291,831)
-
(291,831)
232,645
44.4%
100.0%
  Sub. Philadelphia
3,144,638
-
(204,321)
230,216
25,895
3,170,533
89.8%
89.1%
  Fairfield, CT
532,977
-
(108,696)
106,339
(2,357)
530,620
88.8%
89.2%
  Washington, DC/MD
910,869
-
(54,637)
83,849
29,212
940,081
72.7%
70.5%
  Rockland Co., NY
163,316
-
(1,280)
640
(640)
162,676
90.4%
90.7%
 
Total
27,869,799
(150,050)
(2,451,942)
2,108,468
(343,474)
27,376,275
88.9%
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/transferred this period
 (150,050)
Total sq. ft. as of June 30, 2010
30,796,403
   


(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c) 
Includes leases expiring June 30, 2010 aggregating 154,534 square feet for which no new leases were signed.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
38
 




Leasing Statistics
(For the six months ended June 30, 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
69
883,444
286,981
596,463
5.5
23.00
2.52
  
 
Office/Flex
4
57,524
-
57,524
5.8
14.63
2.91
  
Central NJ
Office
37
292,719
51,895
240,824
4.7
19.37
1.94
  
 
Office/Flex
8
71,389
21,587
49,802
7.4
18.69
4.14
  
Westchester Co., NY
Office
41
212,645
52,807
159,838
5.5
24.06
3.44
  
 
Office/Flex
24
154,103
77,563
76,540
5.3
13.83
2.13
  
 
Industrial/Warehouse
1
7,600
-
7,600
5.0
13.67
0.79
  
 
Retail
1
8,000
8,000
-
15.0
38.10
0.44
  
Sub. Philadelphia
Office
18
80,295
30,341
49,954
3.2
21.75
4.10
  
 
Office/Flex
16
149,921
52,716
97,205
4.5
9.19
1.51
  
Fairfield Co., CT
Office
11
22,539
6,899
15,640
3.0
20.66
2.35
  
 
Office/Flex
3
83,800
66,000
17,800
3.0
14.27
0.48
  
Washington, DC/MD
Office
19
83,849
55,851
27,998
6.4
21.12
3.92
  
Rockland Co., NY
Office
1
640
-
640
1.0
24.00
0.20
  
                   
Total
  
253
2,108,468
710,640
1,397,828
5.3
20.11
2.57
  
                   
Detail by Property Type
                  
 
Office
196
1,576,131
484,774
1,091,357
5.3
22.27
2.69
  
 
Office/Flex
55
516,737
217,866
298,871
5.1
13.31
2.32
  
 
Industrial/Warehouse
1
7,600
-
7,600
5.0
13.67
0.79
  
 
Retail
1
8,000
8,000
-
15.0
38.10
0.44
  
                   
Total
  
253
2,108,468
710,640
1,397,828
5.3
20.11
2.57
  
                   
Tenant Retention:
Leases Retained
56.0%
              
 
Sq. Ft. Retained
57.0%
              
   


(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $17,878,004 and commissions of $10,377,784 committed, but not necessarily expended, during the period for second generation space aggregating 2,098,187 square feet.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
39
 




Leasing Statistics
(For the six months ended June 30, 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 6/30/10
Pct.
Leased
6/30/10
Pct.
Leased
12/31/09
                 
   Northern NJ
894,094
61,043
-
-
-
955,137
89.2%
81.8%
   Central NJ
920,489
 -
(89,667)
70,544
(19,123)
901,366
86.3%
88.1%
                 
Total
1,814,583
61,043
(89,667)
70,544
(19,123)
1,856,503
87.7%
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 June 30, 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
17
70,544
21,895
48,649
3.3
19.85
1.84
               
Total
17
70,544
21,895
48,649
3.3
19.85
1.84
               

(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 $117,844 and commissions of $315,067 committed, but not necessarily expended, during the period for second generation space aggregating 70,544 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
40
 




Market Diversification

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



Market (MSA)
Annualized
Base Rental
Revenue
($) (a) (b) (c)
Percentage of
Company
Annualized Base
Rental Revenue (%)
Total
Property Size
Rentable
Area
Percentage of
Rentable Area (%)
Newark, NJ (Essex-Morris-Union Counties)
137,254,147
22.5
6,495,715
21.1
Jersey City, NJ
118,263,221
19.3
4,317,978
14.0
Westchester-Rockland, NY
92,982,510
15.2
4,968,420
16.1
Bergen-Passaic, NJ
84,479,577
13.8
4,573,554
14.9
Philadelphia, PA-NJ
56,240,600
9.2
3,529,994
11.5
Middlesex-Somerset-Hunterdon, NJ
36,134,063
5.9
1,918,252
6.2
Washington, DC-MD-VA-WV
27,178,245
4.4
1,292,807
4.2
Monmouth-Ocean, NJ
25,044,456
4.1
1,620,863
5.3
Trenton, NJ
16,953,276
2.8
956,597
3.1
Stamford-Norwalk, CT
10,349,188
1.7
597,747
1.9
New York (Manhattan)
6,686,478
1.1
524,476
1.7
         
Total
611,565,761
100.0
30,796,403
100.0
         

(a)  
Annualized base rental revenue is based on actual June 2010 billings times 12.  For leases whose rent commences after July 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 June 30, 2010 aggregating 154,534 square feet and representing annualized rent of $3,825,030 for which no new leases were signed.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
41
 



Industry Diversification

The following table lists the Company’s 30 largest industry classifications based on annualized contractual base rent of the Consolidated Properties:

Industry Classification (a)
Annualized
Base Rental
Revenue
($) (b) (c) (d)
Percentage of
Company
Annualized Base
Rental Revenue (%)
Square
Feet Leased
(c) (d)
Percentage of
Total Company
Leased
Sq. Ft. (%)
Securities, Commodity Contracts & Other Financial
91,588,430
15.0
3,387,894
12.6
Insurance Carriers & Related Activities
58,236,309
9.5
2,375,469
8.8
Manufacturing
45,655,142
7.5
2,418,783
9.0
Telecommunications
41,593,504
6.8
2,124,066
7.9
Legal Services
37,135,986
6.1
1,413,049
5.3
Health Care & Social Assistance
28,912,261
4.7
1,393,309
5.2
Computer System Design Svcs.
26,928,623
4.4
1,303,249
4.9
Credit Intermediation & Related Activities
26,595,515
4.3
1,027,069
3.8
Scientific Research/Developmnt
21,381,830
3.5
779,580
2.9
Wholesale Trade
18,564,296
3.0
1,250,013
4.7
Accounting/Tax Prep.
17,917,760
2.9
674,807
2.5
Admin & Support, Waste Mgt. & Remediation Svcs.
16,860,169
2.8
796,781
3.0
Architectural/Engineering
16,129,375
2.6
733,032
2.7
Public Administration
15,667,747
2.6
596,433
2.2
Retail Trade
14,501,597
2.4
725,116
2.7
Other Services (except Public Administration)
13,179,393
2.2
522,304
1.9
Management/Scientific
12,419,048
2.0
502,376
1.9
Real Estate & Rental & Leasing
11,782,623
1.9
526,478
2.0
Accommodation & Food Services
11,517,906
1.9
501,945
1.9
Arts, Entertainment & Recreation
11,405,077
1.9
682,519
2.5
Advertising/Related Services
8,402,834
1.4
329,352
1.2
Construction
8,023,692
1.3
394,323
1.5
Information Services
7,919,127
1.3
294,799
1.1
Other Professional
7,026,371
1.1
310,735
1.2
Data Processing Services
6,519,872
1.1
249,591
0.9
Publishing Industries
6,127,468
1.0
245,637
0.9
Transportation
5,633,023
0.9
303,134
1.1
Utilities
5,316,017
0.9
215,395
0.8
Broadcasting
5,284,287
0.9
190,562
0.7
Educational Services
3,903,791
0.6
200,762
0.7
Other
9,436,688
1.5
397,501
1.5
         
Total
611,565,761
100.0
26,866,063
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 June 2010 billings times 12.  For leases whose rent commences after July 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 June 30, 2010 aggregating 154,534 square feet and representing annualized rent of $3,825,030 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
42
 





Consolidated Portfolio Analysis (a)
(as of June 30, 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
110
41.2%
49
18.4%
--
--
--
--
--
--
159
59.6%
New York
21
7.9%
41
15.5%
6
2.2%
2
0.7 %
2
0.7%
72
27.0%
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:
 
161
 
60.2%
 
95
 
35.8%
 
6
 
2.2%
 
2
 
0.7%
 
3
 
1.1%
 
267
 
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 June 30, 2010


 
 
43
 





Consolidated Portfolio Analysis (a)
(as of June 30, 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
19,197,684
62.3%
2,189,531
7.1%
--
--
--
--
21,387,215
69.4%
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
6.5%
--
--
--
--
--
--
2,025,738
6.5%
Connecticut
324,747
1.1%
273,000
0.9%
--
--
--
--
597,747
2.0%
Wash., D.C./
   Maryland
 
1,292,807
 
4.2%
 
--
 
--
 
--
 
--
 
--
 
--
 
1,292,807
 
4.2%
TOTALS
    By Type:
 
25,580,360
 
83.0%
 
4,811,343
 
15.6%
 
387,400
 
1.3%
 
17,300
 
0.1%
 
30,796,403
 
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 June 30, 2010


 
 
44
 





Consolidated Portfolio Analysis (a)
(Year ended June 30, 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
$412,472
67.4%
$18,553
3.0%
--
--
--
--
--
--
$431,025
70.4%
New York
64,225
10.5%
34,350
5.6%
$3,653
0.6%
$191
0.1%
 $374
0.1%
102,793
16.9%
Pennsylvania
42,234
6.9%
--
--
--
--
--
--
--
--
42,234
6.9%
Connecticut
6,387
1.0%
3,883
0.6%
--
--
--
--
--
--
10,270
1.6%
Wash., D.C./
   Maryland
25,949
4.2%
--
--
--
--
--
--
153
--
26,102
 
4.2%
TOTALS
   By Type:
$551,267
90.0%
$56,786
9.2%
$3,653
0.6%
$191
0.1%
 $527
0.1%
$612,424
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 June 30, 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 June 30, 2010


 
 
45
 





Consolidated Portfolio Analysis (a) (b)
(as of June 30, 2010)

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
89.7%
91.6%
--
--
89.9%
New York
82.2%
97.0%
97.8%
100.0%
89.7%
Pennsylvania
86.1%
--
--
--
86.1%
Connecticut
79.3%
100.0%
--
--
88.8%
Washington, D.C./ Maryland
72.7%
--
--
--
72.7%
 
WEIGHTED AVG. By Type:
 
87.7%
 
94.7%
 
97.8%
 
100.0%
 
88.9%

(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 June 30, 2010 aggregating 154,534 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
46
 


 
Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
 (%) (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
2,127
0.35
14.87
  
Fort Lee
              
One Bridge Plaza                                                 
1981
200,000
79.3
4,341
0.71
27.37
  
2115 Linwood Avenue                                                 
1981
68,000
53.7
953
0.16
26.10
  
Little Ferry
              
200 Riser Road                                                 
1974
286,628
100.0
2,079
0.34
7.25
  
Lyndhurst
              
210 Clay Avenue                                                 
1981
121,203
89.1
2,518
0.41
23.32
  
Montvale
              
95 Chestnut Ridge Road                                                 
1975
47,700
0.0
406
0.07
0.00
  
135 Chestnut Ridge Road                                                 
1981
66,150
88.3
1,388
0.23
23.76
  
Paramus
              
15 East Midland Avenue                                                 
1988
259,823
80.5
4,859
0.79
23.23
  
140 East Ridgewood Avenue                                                 
1981
239,680
92.2
4,992
0.82
22.59
  
461 From Road                                                 
1988
253,554
98.6
6,095
1.00
24.38
  
650 From Road                                                 
1978
348,510
76.4
6,572
1.07
24.68
  
61 South Paramus Road                                                 
1985
269,191
67.9
6,120
1.00
33.48
  
Rochelle Park
              
120 West Passaic Street                                                 
1972
52,000
99.6
1,402
0.23
27.07
  
365 West Passaic Street                                                 
1976
212,578
96.1
4,309
0.70
21.09
  
395 West Passaic Street                                                 
1979
100,589
100.0
2,448
0.40
24.34
  
Upper Saddle River
              
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.22
15.72
  
10 Mountainview Road                                                 
1986
192,000
74.7
3,176
0.52
22.14
  
Woodcliff Lake
              
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,950
0.32
21.86
  
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,236
0.20
23.54
  
530 Chestnut Ridge Road                                                 
1986
57,204
80.2
861
0.14
18.77
  
50 Tice Boulevard                                                 
1984
235,000
92.7
6,016
0.98
27.62
  
300 Tice Boulevard                                                 
1991
230,000
96.0
5,419
0.88
24.54
  
               
BURLINGTON COUNTY, NEW JERSEY
              
Moorestown
              
224 Strawbridge Drive                                                 
1984
74,000
100.0
1,718
0.28
23.22
  
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
7,204
1.18
29.11
  
Roseland
              
4 Becker Farm Road                                                 
1983
281,762
97.1
6,614
1.08
24.17
  
5 Becker Farm Road                                                 
1982
118,343
89.8
2,533
0.41
23.84
  
6 Becker Farm Road                                                 
1982
129,732
92.0
3,124
0.51
26.17
  
101 Eisenhower Parkway                                                 
1980
237,000
90.4
5,103
0.83
23.82
  
103 Eisenhower Parkway                                                 
1985
151,545
65.9
2,293
0.37
22.96
  
105 Eisenhower Parkway                                                 
2001
220,000
96.3
5,069
0.83
23.93
  
75 Livingston Avenue                                                 
1985
94,221
59.4
1,368
0.22
24.44
  
85 Livingston Avenue                                                 
1985
124,595
84.8
2,713
0.44
25.68
  
               



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
47
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
(%) (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
11,353
1.85
28.38
  
Harborside Financial Center Plaza 2
1990
761,200
100.0
18,874
3.08
24.80
  
Harborside Financial Center Plaza 3
1990
725,600
95.7
20,845
3.40
30.02
  
Harborside Financial Center Plaza 4-A
2000
207,670
100.0
6,149
1.00
29.61
  
Harborside Financial Center Plaza 5
2002
977,225
99.7
36,323
5.94
37.28
  
101 Hudson Street                                                 
1992
1,246,283
97.4
31,719
5.18
26.13
  
               
MERCER COUNTY, NEW JERSEY
              
Hamilton Township
              
3 AAA Drive                                                 
1981
35,270
68.7
550
0.09
22.70
  
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
87.0
2,134
0.35
25.55
  
2 Independence Way                                                 
1981
67,401
100.0
1,521
0.25
22.57
  
3 Independence Way                                                 
1983
111,300
91.8
2,016
0.33
19.73
  
100 Overlook Center                                                 
1988
149,600
100.0
5,038
0.82
33.68
  
5 Vaughn Drive                                                 
1987
98,500
85.4
2,347
0.38
27.90
  
               
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
4,118
0.67
21.04
  
Piscataway
              
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,343
0.38
14.64
  
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,685
0.28
14.65
  
30 Knightsbridge Road, Bldg. 5
1977
332,607
80.8
4,930
0.80
18.34
  
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
505
0.08
30.69
  
Woodbridge
              
581 Main Street                                                 
1991
200,000
93.1
5,127
0.84
27.53
  
               
MONMOUTH COUNTY, NEW JERSEY
              
Freehold
              
2 Paragon Way                                                 
1989
44,524
40.5
390
0.06
21.63
  
3 Paragon Way                                                 
1991
66,898
64.3
947
0.15
22.02
  
4 Paragon Way                                                 
2002
63,989
30.8
756
0.12
38.36
  
100 Willowbrook Road                                                 
1988
60,557
86.2
1,300
0.21
24.90
  
Holmdel
              
23 Main Street                                                 
1977
350,000
100.0
4,012
0.66
11.46
  
Middletown
              
One River Centre Bldg. 1                                                 
1983
122,594
97.0
3,077
0.50
25.88
  
One River Centre Bldg. 2                                                 
1983
120,360
82.8
2,737
0.45
27.46
  
One River Centre Bldg. 3 and 4
1984
214,518
88.4
4,433
0.72
23.38
  
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
455
0.07
21.09
  
1350 Campus Parkway                                                 
1990
79,747
99.9
1,524
0.25
19.13
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
48
 

 
 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
(%) (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
77.6
2,826
0.46
21.66
  
Morris Plains
              
250 Johnson Road                                                 
1977
75,000
100.0
1,579
0.26
21.05
  
201 Littleton Road                                                 
1979
88,369
77.1
1,574
0.26
23.10
  
Morris Township
              
412 Mt. Kemble Avenue                                                 
1986
475,100
49.7
4,855
0.79
20.56
  
Parsippany
              
4 Campus Drive                                                 
1983
147,475
91.8
3,177
0.52
23.47
  
6 Campus Drive                                                 
1983
148,291
97.8
3,093
0.51
21.33
  
7 Campus Drive                                                 
1982
154,395
55.4
1,774
0.29
20.74
  
8 Campus Drive                                                 
1987
215,265
100.0
6,037
0.99
28.04
  
9 Campus Drive                                                 
1983
156,495
66.2
2,580
0.42
24.90
  
4 Century Drive                                                 
1981
100,036
72.3
1,611
0.26
22.27
  
5 Century Drive                                                 
1981
79,739
77.1
1,352
0.22
21.99
  
6 Century Drive                                                 
1981
100,036
94.7
1,742
0.28
18.39
  
2 Dryden Way                                                 
1990
6,216
100.0
99
0.02
15.93
  
4 Gatehall Drive                                                 
1988
248,480
94.4
6,397
1.04
27.27
  
2 Hilton Court                                                 
1991
181,592
100.0
6,528
1.07
35.95
  
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.18
19.59
  
600 Parsippany Road                                                 
1978
96,000
83.8
1,504
0.25
18.70
  
1 Sylvan Way                                                 
1989
150,557
60.3
804
0.13
8.86
  
4 Sylvan Way                                                 
1984
105,135
100.0
1,929
0.31
18.35
  
5 Sylvan Way                                                 
1989
151,383
90.7
3,323
0.54
24.20
  
7 Sylvan Way                                                 
1987
145,983
100.0
3,219
0.53
22.05
  
22 Sylvan Way                                                 
2009
249,409
100.0
5,959
0.97
23.89
  
20 Waterview Boulevard                                                 
1988
225,550
100.0
4,667
0.76
20.69
  
35 Waterview Boulevard                                                 
1990
172,498
100.0
3,538
0.58
20.51
  
5 Wood Hollow Road                                                 
1979
317,040
73.1
4,762
0.78
20.55
  
               
PASSAIC COUNTY, NEW JERSEY
              
Clifton
              
777 Passaic Avenue                                                 
1983
75,000
80.4
1,368
0.22
22.69
  
Totowa
              
999 Riverview Drive                                                 
1988
56,066
76.7
928
0.15
21.58
  
               
SOMERSET COUNTY, NEW JERSEY
              
Basking Ridge
              
222 Mt. Airy Road                                                 
1986
49,000
100.0
1,059
0.17
21.61
  
233 Mt. Airy Road                                                 
1987
66,000
100.0
1,315
0.21
19.92
  
Bernards
              
106 Allen Road                                                 
2000
132,010
99.7
3,018
0.49
22.93
  
Branchburg
              
51 Imclone Drive                                              
1986
63,213
100.0
344
0.06
5.44
  
Bridgewater
              
721 Route 202/206                                                 
1989
192,741
81.2
3,678
0.60
23.50
  
Warren
              
10 Independence Boulevard                                                 
1988
120,528
100.0
3,336
0.54
27.68
  
               
UNION COUNTY, NEW JERSEY
              
Clark
              
100 Walnut Avenue                                                 
1985
182,555
99.1
4,687
0.77
25.91
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
49
 

 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
(%) (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
1,020
0.17
21.25
  
11 Commerce Drive                                                 
1981
90,000
95.5
2,024
0.33
23.55
  
12 Commerce Drive                                                 
1967
72,260
84.7
869
0.14
14.20
  
14 Commerce Drive                                                 
1971
67,189
71.3
1,087
0.18
22.69
  
20 Commerce Drive                                                 
1990
176,600
98.8
4,288
0.70
24.58
  
25 Commerce Drive                                                 
1971
67,749
95.8
1,422
0.23
21.91
  
65 Jackson Drive                                                 
1984
82,778
100.0
1,880
0.31
22.71
  
New Providence
              
890 Mountain Avenue                                                 
1977
80,000
91.4
1,809
0.30
24.74
  
               
Total New Jersey Office
  
19,197,684
89.7
412,472
67.31
23.94
  
               
NEW YORK COUNTY, NEW YORK
              
New York
              
125 Broad Street                                                 
1970
524,476
44.4
14,919
2.44
64.07
  
               
ROCKLAND COUNTY, NEW YORK
              
Suffern
              
400 Rella Boulevard                                                 
1988
180,000
90.4
3,699
0.60
22.73
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
100 Clearbrook Road (c)                                                 
1975
60,000
94.6
1,095
0.18
19.29
  
101 Executive Boulevard                                                 
1971
50,000
30.0
436
0.07
29.07
  
555 Taxter Road                                                 
1986
170,554
77.8
3,494
0.57
26.33
  
565 Taxter Road                                                 
1988
170,554
91.2
4,035
0.66
25.94
  
570 Taxter Road                                                 
1972
75,000
74.8
1,291
0.21
23.01
  
Hawthorne
              
1 Skyline Drive                                                 
1980
20,400
99.0
322
0.05
15.94
  
2 Skyline Drive                                                 
1987
30,000
100.0
97
0.02
3.23
  
7 Skyline Drive                                                 
1987
109,000
100.0
2,754
0.45
25.27
  
17 Skyline Drive                                                 
1989
85,000
100.0
1,630
0.27
19.18
  
19 Skyline Drive                                                 
1982
248,400
100.0
4,036
0.66
16.25
  
Tarrytown
              
200 White Plains Road                                                 
1982
89,000
82.7
1,514
0.25
20.57
  
220 White Plains Road                                                 
1984
89,000
81.6
1,748
0.29
24.07
  
White Plains
              
1 Barker Avenue                                                 
1975
68,000
94.0
1,711
0.28
26.77
  
3 Barker Avenue                                                 
1983
65,300
98.3
1,786
0.29
27.82
  
50 Main Street                                                 
1985
309,000
97.5
9,913
1.62
32.90
  
11 Martine Avenue                                                 
1987
180,000
89.2
4,133
0.67
25.74
  
1 Water Street                                                 
1979
45,700
100.0
1,093
0.18
23.92
  
Yonkers
              
1 Executive Boulevard                                                 
1982
112,000
100.0
2,976
0.49
26.57
  
3 Executive Boulevard                                                 
1987
58,000
92.7
1,543
0.25
28.70
  
               
Total New York Office
  
2,739,384
82.2
64,225
10.50
28.52
  
               
CHESTER COUNTY, PENNSYLVANIA
              
Berwyn
              
1000 Westlakes Drive                                                 
1989
60,696
92.2
1,523
0.25
27.22
  
1055 Westlakes Drive                                                 
1990
118,487
96.8
2,871
0.47
25.03
  
1205 Westlakes Drive                                                 
1988
130,265
87.6
3,162
0.52
27.71
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
50
 


 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
 (%) (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
96.8
3,044
0.50
23.31
  
               
DELAWARE COUNTY, PENNSYLVANIA
              
Lester
              
100 Stevens Drive                                                 
1986
95,000
100.0
2,881
0.47
30.33
  
200 Stevens Drive                                                 
1987
208,000
100.0
6,329
1.03
30.43
  
300 Stevens Drive                                                 
1992
68,000
94.8
1,376
0.22
21.35
  
Media
              
1400 Providence Road – Center I
1986
100,000
97.3
2,153
0.35
22.13
  
1400 Providence Road – Center II
1990
160,000
95.0
3,597
0.59
23.66
  
 
MONTGOMERY COUNTY, PENNSYLVANIA
              
Bala Cynwyd
              
150 Monument Road                                                 
1981
125,783
96.7
2,973
0.49
24.44
  
Blue Bell
              
4 Sentry Park                                                 
1982
63,930
78.8
997
0.16
19.79
  
5 Sentry Park East                                                 
1984
91,600
58.5
1,026
0.17
19.15
  
5 Sentry Park West                                                 
1984
38,400
31.5
253
0.04
20.92
  
16 Sentry Park West                                                 
1988
93,093
83.5
1,962
0.32
25.24
  
18 Sentry Park West                                                 
1988
95,010
96.5
2,122
0.35
23.14
  
King of Prussia
              
2200 Renaissance Boulevard                                                 
1985
174,124
62.7
2,346
0.38
21.49
  
Lower Providence
              
1000 Madison Avenue                                                 
1990
100,700
65.6
914
0.15
13.84
  
Plymouth Meeting
              
1150 Plymouth Meeting Mall                                                 
1970
167,748
76.9
2,705
0.44
20.97
  
               
Total Pennsylvania Office
  
2,025,738
86.1
42,234
6.90
24.22
  
               
FAIRFIELD COUNTY, CONNECTICUT
              
Norwalk
              
40 Richards Avenue                                                 
1985
145,487
69.0
2,462
0.40
24.53
  
Stamford
              
1266 East Main Street                                                 
1984
179,260
87.7
3,925
0.64
24.97
  
               
Total Connecticut Office
  
324,747
79.3
6,387
1.04
24.79
  
               
WASHINGTON, D.C.
              
1201 Connecticut Avenue, NW
1940
169,549
100.0
6,841
1.12
40.35
  
1400 L Street, NW                                                 
1987
159,000
100.0
5,875
0.96
36.95
  
               
Total District of Columbia Office
  
328,549
100.0
12,716
2.08
38.70
  
               
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
73.9
1,828
0.30
22.09
  
6303 Ivy Lane                                                 
1980
112,047
73.0
1,701
0.28
20.80
  
6305 Ivy Lane                                                 
1982
112,022
73.4
1,687
0.28
20.52
  
6404 Ivy Lane                                                 
1987
165,234
59.0
1,501
0.25
15.40
  
6406 Ivy Lane                                                 
1991
163,857
0.0
0
0.00
0.00
  
6411 Ivy Lane                                                 
1984
138,405
87.1
2,861
0.47
23.73
  
               
 
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
51
 

 
 
 
 
 
Property Listing
 
Office Properties
(continued)
 
 
  
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
 (%) (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
2,745
0.45
25.42
  
               
Total Maryland Office
  
964,258
63.4
13,233
2.18
21.64
  
               
               
TOTAL OFFICE PROPERTIES
  
25,580,360
87.7
551,267
90.01
24.59
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
52
 


 
 
Property Listing
 
Office/Flex Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
 (%) (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
551
0.09
8.54
  
5 Terri Lane                                                 
1992
74,555
100.0
489
0.08
6.56
  
Moorestown
              
2 Commerce Drive                                                 
1986
49,000
85.4
258
0.04
6.17
  
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.04
4.25
  
102 Commerce Drive                                                 
1987
38,400
100.0
235
0.04
6.12
  
201 Commerce Drive                                                 
1986
38,400
100.0
207
0.03
5.39
  
202 Commerce Drive                                                 
1988
51,200
75.0
242
0.04
6.30
  
1 Executive Drive                                                 
1989
20,570
81.1
159
0.03
9.53
  
2 Executive Drive                                                 
1988
60,800
90.3
453
0.07
8.25
  
101 Executive Drive                                                 
1990
29,355
99.7
306
0.05
10.46
  
102 Executive Drive                                                 
1990
64,000
100.0
474
0.08
7.41
  
225 Executive Drive                                                 
1990
50,600
79.1
196
0.03
4.90
  
97 Foster Road                                                 
1982
43,200
100.0
153
0.02
3.54
  
1507 Lancer Drive                                                 
1995
32,700
100.0
134
0.02
4.10
  
1245 North Church Street                                                 
1998
52,810
100.0
256
0.04
4.85
  
1247 North Church Street                                                 
1998
52,790
58.1
224
0.04
7.30
  
1256 North Church Street                                                 
1984
63,495
100.0
450
0.07
7.09
  
840 North Lenola Road                                                 
1995
38,300
100.0
370
0.06
9.66
  
844 North Lenola Road                                                 
1995
28,670
100.0
177
0.03
6.17
  
915 North Lenola Road                                                 
1998
52,488
100.0
296
0.05
5.64
  
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
274
0.04
6.80
  
41 Twosome Drive                                                 
1998
43,050
77.7
199
0.03
5.95
  
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
125
0.02
5.79
  
               
MERCER COUNTY, NEW JERSEY
              
Hamilton Township
              
100 Horizon Center Boulevard
1989
13,275
100.0
215
0.04
16.20
  
200 Horizon Drive                                                 
1991
45,770
100.0
559
0.09
12.21
  
300 Horizon Drive                                                 
1989
69,780
100.0
1,132
0.18
16.22
  
500 Horizon Drive                                                 
1990
41,205
88.7
481
0.08
13.16
  
               
MONMOUTH COUNTY, NEW JERSEY
              
Wall Township
              
1325 Campus Parkway                                                 
1988
35,000
100.0
655
0.11
18.71
  
1340 Campus Parkway                                                 
1992
72,502
100.0
920
0.15
12.69
  
1345 Campus Parkway                                                 
1995
76,300
85.4
849
0.14
13.03
  
1433 Highway 34                                                 
1985
69,020
82.7
510
0.08
8.93
  
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
222
0.04
10.92
  
1324 Wyckoff Avenue                                                 
1987
21,168
81.2
200
0.03
11.64
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
53
 


 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
 (%) (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
46.2
339
0.06
18.83
  
2 Center Court                                                 
1998
30,600
99.3
396
0.06
13.03
  
11 Commerce Way                                                 
1989
47,025
100.0
591
0.10
12.57
  
20 Commerce Way                                                 
1992
42,540
70.8
339
0.06
11.26
  
29 Commerce Way                                                 
1990
48,930
100.0
687
0.11
14.04
  
40 Commerce Way                                                 
1987
50,576
43.5
351
0.06
15.95
  
45 Commerce Way                                                 
1992
51,207
96.4
477
0.08
9.66
  
60 Commerce Way                                                 
1988
50,333
100.0
622
0.10
12.36
  
80 Commerce Way                                                 
1996
22,500
100.0
261
0.04
11.60
  
100 Commerce Way                                                 
1996
24,600
66.9
285
0.05
17.32
  
120 Commerce Way                                                 
1994
9,024
100.0
122
0.02
13.52
  
140 Commerce Way                                                 
1994
26,881
89.3
365
0.06
15.21
  
               
Total New Jersey Office/Flex
  
2,189,531
91.6
18,553
3.02
9.25
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
11 Clearbrook Road                                                 
1974
31,800
72.8
386
0.06
16.67
  
75 Clearbrook Road                                                 
1990
32,720
100.0
464
0.08
14.18
  
125 Clearbrook Road                                                 
2002
33,000
100.0
712
0.12
21.58
  
150 Clearbrook Road                                                 
1975
74,900
100.0
969
0.16
12.94
  
175 Clearbrook Road                                                 
1973
98,900
100.0
1,495
0.24
15.12
  
200 Clearbrook Road                                                 
1974
94,000
91.8
792
0.13
9.18
  
250 Clearbrook Road                                                 
1973
155,000
97.3
1,448
0.24
9.60
  
50 Executive Boulevard                                                 
1969
45,200
88.3
465
0.08
11.65
  
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
495
0.08
18.47
  
500 Executive Boulevard                                                 
1970
41,600
100.0
708
0.12
17.02
  
525 Executive Boulevard                                                 
1972
61,700
100.0
1,068
0.17
17.31
  
1 Westchester Plaza                                                 
1967
25,000
100.0
344
0.06
13.76
  
2 Westchester Plaza                                                 
1968
25,000
100.0
542
0.09
21.68
  
3 Westchester Plaza                                                 
1969
93,500
99.3
966
0.16
10.40
  
4 Westchester Plaza                                                 
1969
44,700
92.8
427
0.07
10.29
  
5 Westchester Plaza                                                 
1969
20,000
100.0
276
0.05
13.80
  
6 Westchester Plaza                                                 
1968
20,000
100.0
316
0.05
15.80
  
7 Westchester Plaza                                                 
1972
46,200
100.0
755
0.12
16.34
  
8 Westchester Plaza                                                 
1971
67,200
100.0
994
0.16
14.79
  
Hawthorne
              
200 Saw Mill River Road                                                 
1965
51,100
92.0
617
0.10
13.12
  
4 Skyline Drive                                                 
1987
80,600
94.5
1,367
0.22
17.95
  
5 Skyline Drive                                                 
1980
124,022
99.3
1,644
0.27
13.35
  
6 Skyline Drive                                                 
1980
44,155
100.0
136
0.02
3.08
  
8 Skyline Drive                                                 
1985
50,000
92.7
926
0.15
19.98
  
10 Skyline Drive                                                 
1985
20,000
84.4
305
0.05
18.07
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
54
 

 
 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
(%) (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
682
0.11
14.56
  
15 Skyline Drive                                                 
1989
55,000
100.0
1,197
0.20
21.76
  
Yonkers
              
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,505
0.25
19.63
  
200 Corporate Boulevard South                                                            
1990
84,000
99.8
1,535
0.25
18.31
  
4 Executive Plaza                                                 
1986
80,000
100.0
1,393
0.23
17.41
  
6 Executive Plaza                                                 
1987
80,000
97.4
1,529
0.25
19.62
  
1 Odell Plaza                                                 
1980
106,000
99.9
1,325
0.22
12.51
  
3 Odell Plaza                                                 
1984
71,065
100.0
1,596
0.26
22.46
  
5 Odell Plaza                                                 
1983
38,400
89.2
576
0.09
16.82
  
7 Odell Plaza                                                 
1984
42,600
99.6
761
0.12
17.94
  
               
Total New York Office/Flex
  
2,348,812
97.0
34,350
5.62
15.07
  
               
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
433
0.07
17.32
  
550 West Avenue                                                 
1990
54,000
100.0
856
0.14
15.85
  
600 West Avenue                                                 
1999
66,000
100.0
545
0.09
8.26
  
650 West Avenue                                                 
1998
40,000
100.0
686
0.11
17.15
  
               
Total Connecticut Office/Flex
  
273,000
100.0
3,883
0.63
14.22
  
               
               
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
94.7
56,786
9.27
12.47
  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
55
 


 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
6/30/10
 (%) (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
96
0.02
14.55
  
2 Warehouse Lane                                                 
1957
10,900
100.0
170
0.03
15.60
  
3 Warehouse Lane                                                 
1957
77,200
100.0
363
0.06
4.70
  
4 Warehouse Lane                                                 
1957
195,500
96.7
1,540
0.25
8.15
  
5 Warehouse Lane                                                 
1957
75,100
97.1
953
0.16
13.07
  
6 Warehouse Lane                                                 
1982
22,100
100.0
531
0.09
24.03
  
               
Total Industrial/Warehouse Properties
  
387,400
97.8
3,653
0.61
9.64
  
               
WESTCHESTER COUNTY, NEW YORK
              
Tarrytown
              
230 White Plains Road                                                 
1984
9,300
100.0
172
0.03
18.49
  
Yonkers
              
2 Executive Boulevard                                                 
1986
8,000
100.0
19
0.00
2.38
  
               
Total Retail Properties
  
17,300
100.0
191
0.03
11.04
  
               
WESTCHESTER COUNTY, NEW YORK
              
Elmsford
              
700 Executive Boulevard                                                 
--
--
--
189
0.03
--
  
Yonkers
              
1 Enterprise Boulevard                                                 
--
--
--
185
0.03
--
  
               
Total New York Land Leases
  
--
--
374
0.06
--
  
               
PRINCE GEORGE’S COUNTY, MARYLAND
              
Greenbelt
              
Capital Office Park Parcel A                                                 
--
--
--
153
0.02
--
  
               
Total Maryland Land Leases
  
--
--
153
0.02
--
  
               
Total Land Leases
  
--
--
527
0.08
--
  
               
 
TOTAL PROPERTIES
  
30,796,403
88.9
612,424
100.00
22.37
  

(a)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring June 30, 2010 aggregating 154,534 square feet (representing 0.5 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)  
Total base rent for the 12 months ended June 30, 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 June 30, 2010, divided by net rentable square feet leased at June 30, 2010.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
56
 


Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of June 30, 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
12,504,019
1.9
472,651
1.7
(b)
DB Services New Jersey, Inc.
2
10,905,426
1.8
402,068
1.5
2017
Wyndham Worldwide Operations
2
9,156,368
1.4
395,392
1.5
(c)
United States of America-GSA
12
9,127,542
1.4
290,598
1.1
(d)
New Cingular Wireless PCS, LLC
3
9,032,132
1.4
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
1.4
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
5,921,268
1.0
180,807
0.7
(g)
TD Ameritrade Online Holdings
1
5,830,626
1.0
184,222
0.7
2015
Credit Suisse (USA), Inc.
1
5,212,307
0.9
153,464
0.6
(h)
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
(i)
IBM Corporation
2
4,804,821
0.8
292,304
1.1
(j)
National Financial Services
1
4,798,621
0.8
112,964
0.4
2012
KPMG, LLP
3
4,755,057
0.8
176,659
0.7
(k)
Allstate Insurance Company
8
4,701,341
0.8
221,156
0.8
(l)
J.H. Cohn, LLP
1
4,172,832
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
Tullett Prebon Holdings Corp.
1
2,863,412
0.5
113,041
0.4
(q)
HQ Global Workplaces, LLC
7
2,801,019
0.5
133,209
0.5
(r)
High Point Safety & Insurance
2
2,794,113
0.5
116,889
0.4
2020
Paychex North America, Inc.
4
2,664,664
0.4
122,674
0.5
(s)
Connell Foley, LLP
2
2,572,383
0.4
97,822
0.4
2015
Regus Business Centre Corp.
2
2,568,079
0.4
79,805
0.3
2011
AAA Mid-Atlantic, Inc.
2
2,535,780
0.4
129,784
0.5
(t)
New Jersey Turnpike Authority
1
2,530,631
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
Savvis Communications Corporation
1
2,430,116
0.4
71,474
0.3
2015
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
2,220,750
0.4
97,230
0.4
(u)
Rothstein, Kass & Company, P.C.
1
2,216,300
0.4
88,652
0.3
2017
             
Total
  
232,069,793
37.9
9,367,879
34.9
  
See footnotes on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
57
 



Significant Tenants

(Continued)


(a)  
Annualized base rental revenue is based on actual June 2010 billings times 12.  For leases whose rent commences after July 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)  
69,944 square feet expire in 2012; 14,056 square feet expire in 2013; 271,533 square feet expire in 2018; 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)  
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.
(j)  
248,399 square feet expire in 2012; 43,905 square feet expire in 2013.
(k)  
77,381 square feet expire in 2012; 53,409 square feet expire in 2019; 45,869 square feet expire in 2020.
(l)  
10,234 square feet expire in 2010; 60,699 square feet expire in 2011; 29,005 square feet expire in 2013; 4,456 square feet expire in 2014; 5,348 square feet expire in 2015; 4,014 square feet expire in 2016; 53,983 square feet expire in 2017; 53,417 square feet expire in 2018.
(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)  
12,282 square feet expire in 2011; 100,759 square feet expire in 2023.
(r)  
22,064 square feet expire in 2013; 22,279 square feet expire in 2015; 33,649 square feet expire in 2018; 19,485 square feet expire in 2019; 21,008 square feet expire in 2020; 14,724 square feet expire in 2021.
(s)  
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; 30,087 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 June 30, 2010


 
 
58
 


Schedule of Lease Expirations

All Consolidated Properties

The following table sets forth a schedule of lease expirations for the total of the Company’s office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Properties beginning July 1, 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
54
500,507
1.8
12,594,815
25.16
2.0
   Central NJ
28
144,394
0.5
3,389,003
23.47
0.6
   Westchester Co., NY
41
123,298
0.5
2,612,272
21.19
0.4
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
15
64,128
0.2
1,191,701
18.58
0.2
   Fairfield, CT
3
10,800
(d)
153,813
14.24
(d)
   Washington, DC/MD
11
46,480
0.2
1,557,046
33.50
0.2
   Rockland Co., NY
3
5,382
(d)
126,175
23.44
(d)
TOTAL – 2010
155
894,989
3.2
21,624,825
24.16
3.4
             
             
2011
            
   Northern  NJ
111
946,876
3.5
23,560,602
24.88
3.8
   Central NJ
66
577,109
2.2
14,588,357
25.28
2.4
   Westchester Co., NY
108
521,539
1.9
11,412,560
21.88
1.9
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
80
654,385
2.4
11,693,080
17.87
1.9
   Fairfield, CT
19
102,339
0.4
2,969,614
29.02
0.5
   Washington, DC/MD
14
75,920
0.3
2,192,423
28.88
0.4
   Rockland Co., NY
6
8,313
(d)
213,710
25.71
(d)
TOTAL – 2011
404
2,886,481
10.7
66,630,346
23.08
10.9
             
             
2012
            
   Northern  NJ
120
1,544,852
5.7
42,711,209
27.65
6.9
   Central NJ
49
428,635
1.6
9,777,388
22.81
1.6
   Westchester Co., NY
88
441,197
1.6
8,974,567
20.34
1.5
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
56
410,684
1.5
5,891,415
14.35
1.0
   Fairfield, CT
7
24,668
0.1
664,084
26.92
0.1
   Washington, DC/MD
22
115,049
0.4
3,477,435
30.23
0.6
   Rockland Co., NY
3
9,329
(d)
245,878
26.36
(d)
TOTAL – 2012
345
2,974,414
10.9
71,741,976
24.12
11.7
             

Schedule continued, with footnotes, on subsequent page.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
59
 


Schedule of Lease Expirations

All Consolidated Properties (continued)


Year Of
Expiration
Number Of
Leases
Expiring (a)
 
 
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annual
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2013
348
3,609,903
13.4
76,213,028
21.11
12.5
             
2014
288
2,968,000
11.1
64,212,209
21.63
10.5
             
2015
263
3,337,194
12.4
74,617,034
22.36
12.2
             
2016
139
1,736,956
6.5
37,988,585
21.87
6.2
             
2017
116
2,736,234
10.2
65,126,909
23.80
10.7
             
2018
77
1,517,341
5.7
35,532,893
23.42
5.8
             
2019
51
1,037,592
3.9
22,380,150
21.57
3.7
             
2020
49
1,071,643
4.1
23,647,265
22.07
3.9
             
2021 and thereafter
55
2,095,316
7.9
51,850,541
24.75
8.5
Total/
            
Weighted Average
2,290
26,866,063
(c) (e)
100.0
611,565,761
22.76
100.0

(a)  
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual June 2010 billings times 12.  For leases whose rent commences after July 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 June 30, 2010 aggregating 154,534 square feet and representing annualized rent of $3,825,030 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
26,866,063
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
510,212
Square footage unleased
3,420,128
Total net rentable square footage (does not include land leases)
30,796,403



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010

 

 
60
 


Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning July 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
46
442,408
1.9
11,850,268
26.79
2.0
   Central NJ
24
98,006
0.5
2,670,676
27.25
0.5
   Westchester Co., NY
22
62,070
0.3
1,627,814
26.23
0.3
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
12
45,028
0.2
1,038,501
23.06
0.2
   Fairfield Co., CT
2
3,800
(d)
90,813
23.90
(d)
   Washington, DC/MD
11
46,480
0.2
1,557,046
33.50
0.3
   Rockland Co., NY
3
5,382
(d)
126,175
23.44
(d)
TOTAL – 2010
120
703,174
3.1
18,961,293
26.97
3.3
             
2011
            
   Northern  NJ
107
917,302
4.1
23,140,103
25.23
4.3
   Central NJ
59
552,961
2.5
14,240,598
25.75
2.6
   Westchester Co., NY
67
273,573
1.3
7,665,228
28.02
1.4
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
55
383,094
1.8
9,796,197
25.57
1.8
   Fairfield Co., CT
19
102,339
0.5
2,969,614
29.02
0.5
   Washington, DC/MD
14
75,920
0.4
2,192,423
28.88
0.4
   Rockland Co., NY
6
8,313
(d)
213,710
25.71
(d)
TOTAL – 2011
327
2,313,502
10.6
60,217,873
26.03
11.0
             
2012
            
   Northern  NJ
107
1,455,843
6.8
41,393,837
28.43
7.7
   Central NJ
43
381,227
1.7
9,203,275
24.14
1.7
   Westchester Co., NY
49
162,128
0.7
4,267,226
26.32
0.8
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
36
170,174
0.8
4,038,470
23.73
0.7
   Fairfield Co., CT
7
24,668
0.1
664,084
26.92
0.1
   Washington, DC/MD
22
115,049
0.5
3,477,435
30.23
0.6
   Rockland Co., NY
3
9,329
(d)
245,878
26.36
(d)
TOTAL – 2012
267
2,318,418
10.6
63,290,205
27.30
11.6
             
2013
262
2,682,897
12.2
63,045,743
23.50
11.5
             
2014
231
2,348,695
10.7
56,737,369
24.16
10.4
             
2015
222
2,994,189
13.7
70,496,255
23.54
12.9
             
2016
116
1,417,706
6.5
33,044,776
23.31
6.1
             
2017
92
2,482,650
11.3
61,526,348
24.78
11.3
             
2018
50
1,065,247
4.9
29,452,296
27.65
5.4
             
2019
35
685,593
3.1
17,299,898
25.23
3.2
             
2020
38
898,095
4.1
21,557,120
24.00
4.0
             
2021 and thereafter
48
2,014,618
9.2
50,608,356
25.12
9.3
Totals/Weighted
  Average
1,808
21,924,784 (c)
100.0
546,237,532
24.91
100.0

(a)  
Includes office tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual June 2010 billings times 12.  For leases whose rent commences after July 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 June 30, 2010 aggregating 99,192 square feet and representing annualized rent of $2,820,486 for which no new leases were signed.
(d)  
Represents 0.05% or less.

 
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
61
 

 

 
Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning July 1, 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
8
58,099
1.3
744,547
12.82
1.1
   Central NJ
4
46,388
1.0
718,327
15.49
1.2
   Westchester Co., NY
18
56,278
1.2
895,358
15.91
1.5
   Sub. Philadelphia
3
19,100
0.4
153,200
8.02
0.3
   Fairfield Co., CT
1
7,000
0.1
63,000
9.00
0.1
TOTAL – 2010
34
186,865
4.0
2,574,432
13.78
4.2
             
2011
            
   Northern  NJ
4
29,574
0.7
420,499
14.22
0.7
   Central NJ
7
24,148
0.5
347,759
14.40
0.6
   Westchester Co., NY
40
236,166
5.2
3,617,532
15.32
6.0
   Sub. Philadelphia
25
271,291
6.0
1,896,883
6.99
3.1
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2011
76
561,179
12.4
6,282,673
11.20
10.4
             
2012
            
   Northern  NJ
13
89,009
2.0
1,317,372
14.80
2.1
   Central NJ
6
47,408
1.0
574,113
12.11
1.0
   Westchester Co., NY
38
272,431
6.0
4,634,323
17.01
7.6
   Sub. Philadelphia
20
240,510
5.3
1,852,945
7.70
3.1
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2012
77
649,358
14.3
8,378,753
12.90
13.8
             
2013
75
772,701
17.0
11,764,703
15.23
19.4
             
2014
53
579,460
12.8
6,671,130
11.51
11.0
             
2015
40
315,005
6.9
3,784,779
12.01
6.2
             
2016
22
311,650
6.9
4,845,009
15.55
8.0
             
2017
24
253,584
5.6
3,600,561
14.20
5.9
             
2018
26
317,012
7.0
4,650,597
14.67
7.7
             
2019
16
351,999
7.7
5,080,252
14.43
8.4
             
2020
11
173,548
3.8
2,090,145
12.04
3.4
             
2021 and thereafter
6
72,698
1.6
970,185
13.35
1.6
Totals/Weighted
            
  Average
460
4,545,059
(c)
100.0
60,693,219
13.35
100.0


(a) 
Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual June 2010 billings times 12.  For leases whose rent commences after July 1, 2010, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(c)  
Includes leases expiring June 30, 2010 aggregating 55,342 square feet and representing annualized rent of $1,004,544 for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2010


 
 
62
 



Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning July 1, 2010, assuming that none of the tenants exercise renewal or termination options.  All industrial/warehouse properties are located in the Westchester County, NY market:

Year Of
Expiration
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annual
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2010
1
4,950
1.3
89,100
18.00
2.1
             
2011
1
11,800
3.1
129,800
11.00
3.1
             
2012
1
6,638
1.8
73,018
11.00
1.7
             
2013
11
154,305
40.7
1,402,582
9.09
33.5
             
2014
3
30,545
8.1
628,710
20.58
15.0
             
2015
1
28,000
7.4
336,000
12.00
8.0
             
2016
1
7,600
2.0
98,800
13.00
2.4
             
2018
1
135,082
35.6
1,430,000
10.59
34.2
Totals/Weighted
            
  Average
20
378,920
100.0
4,188,010
11.05
100.0

(a)  
Includes industrial/warehouse tenants only.  Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual June 2010 billings times 12.  For leases whose rent commences after July 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 July 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
39.1
             
2021 and beyond
1
8,000
46.2
272,000
34.00
60.9
Totals/Weighted
            
  Average
2
17,300
100.0
447,000
25.84
100.0

(a)  
Includes stand-alone retail property tenants only.
(b)  
Annualized base rental revenue is based on actual June 2010 billings times 12.  For leases whose rent commences after July 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 June 30, 2010


 
 
63