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





 
 

 


INDEX


 
PAGE(S)
I.  COMPANY BACKGROUND
 
· About the Company / Other Corporate Data
5
· Board of Directors / Executive Officers
6
· Equity Research Coverage /Company Contact Information
7
   
II.  FINANCIAL HIGHLIGHTS
 
· Quarterly Summary / Financing Transactions / Dividends
9
· Leasing
10 – 11
· Information About FFO
11
· Key Financial Data
12
· Same-Store Results and Analysis
13
· Unconsolidated Joint Ventures Summary
14 – 17
· Select Financial Ratios
18
· Debt Analysis:
 
· Debt Breakdown / Future Repayments
19
· Debt Maturities
20
· Debt Detail
21
   
III.  FINANCIAL INFORMATION
 
· Consolidated Statements of Operations
23
· Consolidated Balance Sheets
24
· Consolidated Statement of Changes in Equity
25
· Statements of Funds from Operations
26
· Statements of Funds from Operations Per Diluted Share
27
· Reconciliation of Basic-to-Diluted Shares/Units
28
   
IV.  VALUE CREATION PIPELINE
 
· Operating Property Acquisitions
30
· Properties Commencing Initial Operations / Rental Property Sales/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 December 31, 2010

 

 
2

 


DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

The Company considers portions of this information to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.  The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act.  Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items.  Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue” or comparable terminology.  Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, the Company can give no assurance that such expectations will be achieved.  Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Among the factors about which the Company has made assumptions are:

· 
Risks and uncertainties affecting the general economic climate and conditions, including the impact of the general economic recession as it impacts the national and local economies, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants;
   
· 
the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by the Company’s properties or on an unsecured basis;
   
· 
the extent of any tenant bankruptcies or of any early lease terminations;
   
· 
the Company’s ability to lease or re-lease space at current or anticipated rents;
   
· 
changes in the supply of and demand for office, office/flex and industrial/warehouse properties;
   
· 
changes in interest rate levels and volatility in the securities markets;
   
· 
changes in operating costs;
   
· 
the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;
   
· 
the availability of financing on attractive terms or at all, which may adversely impact the Company’s ability to pursue acquisition and development opportunities and refinancing existing debt and the Company’s future interest expense;
   
· 
changes in governmental regulation, tax rates and similar matters; and
   
· 
other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.
 

For further information on factors which could impact us and the statements contained herein, you are advised to consider the “Risk Factors” contained in the Company’s Annual Report on Form 10-K, as may be supplemented or amended in the Company’s Quarterly Reports on Form 10-Q, which are incorporated herein by reference.  The Company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.



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

 

 
3

 











I.  COMPANY BACKGROUND



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


 
 
4

 


I.  COMPANY BACKGROUND


About the Company

Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $5.2 billion at December 31, 2010.  Mack-Cali has been involved in all aspects of commercial real estate development, management and ownership for over 50 years and has been a publicly-traded REIT since 1994.  Mack-Cali owns or has interests in 277 properties, primarily class A office and office/flex buildings, totaling approximately 32.2 million square feet, serving as home to over 2,000 tenants.  The properties are located primarily in suburban markets of the Northeast, many with adjacent, Company-controlled developable land sites able to accommodate up to 12.5 million square feet of additional commercial space.

History

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

Strategy

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

Summary
(as of December 31, 2010)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
277
Total Square Feet
32.2 million square feet
Geographic Diversity
Five states and the District of Columbia
New Jersey Presence
22.8 million square feet
Northeast Presence
32.2 million square feet
Common Shares and
 
Units Outstanding
92.6 million
Dividend-- Quarter/Annualized
$0.45/$1.80
Dividend Yield
5.4%
Total Market Capitalization
$5.2 billion
Senior Debt Rating
BBB (S&P and Fitch);
 
Baa2 (Moody’s)



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


 
 
6

 

Equity Research Coverage


Bank of America Merrill Lynch
James C. Feldman
(646) 855-5808
ISI Group
Steve Sakwa
(212) 446-9462
Barclays Capital
Ross Smotrich
(212) 526-2306
J.P. Morgan
Anthony Paolone
(212) 622-6682
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
Green Street Advisors
Michael Knott
(949) 640-8780
 





Company Contact Information

Mack-Cali Realty Corporation
Investor Relations Department
343 Thornall Street
Edison, New Jersey 08837-2206
Phone:      (732) 590-1000
Web:       www.mack-cali.com
Fax:           (732) 205-8237
E-mail:   investorrelations@mack-cali.com





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

 

 
7

 











II.  FINANCIAL HIGHLIGHTS
























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

 

 
8

 


II.  FINANCIAL HIGHLIGHTS

Quarterly Summary

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

Funds from operations (FFO) available to common shareholders for the quarter ended December 31, 2010 amounted to $54.7 million, or $0.59 per share.  For the year ended December 31, 2010, FFO available to common shareholders equaled $251.7 million, or $2.71 per share.

Net income available to common shareholders for the fourth quarter 2010 equaled $6.6 million, or $0.09 per share. For the year ended December 31, 2010, net income available to common shareholders amounted to $52.9 million, or $0.67 per share.

Included in net income and FFO for the fourth quarter and year 2010 was a $9.5 million, or $0.10 per share, non-cash impairment charge.

Excluding the net effect of this item results in net income for the fourth quarter 2010 of $14.8 million, or $0.19 per share, and FFO of $64.2 million, or $0.69 per share, and net income of $61.1 million, or $0.77 per share, and FFO of $261.3 million, or $2.81 per share, for the year ended December 31, 2010.

Total revenues for the fourth quarter 2010 were $192.2 million.  For the year ended December 31, 2010, total revenues amounted to $787.5 million.

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

The Company had 79,605,474 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 13,007,668 common operating partnership units outstanding as of December 31, 2010. The Company had a total of 92,613,142 common shares/common units outstanding at December 31, 2010.

As of December 31, 2010, the Company had total indebtedness of approximately $2.1 billion, with a weighted average annual interest rate of 5.97 percent.

The Company had a debt-to-undepreciated assets ratio of 37.0 percent at December 31, 2010. The Company had an interest coverage ratio of 2.5 times for the quarter ended December 31, 2010.

Financing Transactions

On December 15, 2010, the Company redeemed $300 million principal amount of its 7.75 percent senior unsecured notes due February 15, 2011.  The redemption price, including a make-whole premium, was 101.225 percent of the principal amount of the notes, plus accrued and unpaid interest up to the redemption date.  The Company funded the redemption price, including accrued and unpaid interest, of approximately $311.4 million from borrowing on its unsecured revolving credit facility, as well as cash on hand.  In connection with the redemption, the Company recorded approximately $3.8 million as a loss from early extinguishment of debt.

Dividends

In December, the Company’s Board of Directors declared a cash dividend of $0.45 per common share (indicating an annual rate of $1.80 per common share) for the fourth quarter 2010, which was paid on January 14, 2011 to shareholders of record as of January 5, 2011.

The Board also declared a cash dividend on the Company’s 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period October 15, 2010 through January 14, 2011.  The dividend was paid on January 14, 2011 to shareholders of record as of January 5, 2011.
 





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

 

 
9

 
 

 
Leasing

Mack-Cali’s consolidated in-service portfolio was 89.1 percent leased at December 31, 2010, as compared to 89.0 percent leased at September 30, 2010.

For the quarter ended December 31, 2010, the Company executed 140 leases at its consolidated in-service portfolio totaling 1,217,717 square feet, consisting of 973,776 square feet of office space, 220,553 square feet of office/flex space and 23,388 square feet of industrial/warehouse space.  Of these totals, 422,798 square feet were for new leases and 794,919 square feet were for lease renewals and other tenant retention transactions.

For the 12 months ended December 31, 2010, the Company executed 540 leases at its consolidated in-service portfolio totaling 4,433,752 square feet, consisting of 3,446,256 square feet of office space, 948,508 square feet of office/flex space, 30,988 square feet of industrial/warehouse space and 8,000 square feet at a stand-alone retail property.  Of these totals, 1,453,097 square feet were for new leases and 2,980,655 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:

-  
Sumitomo Mitsui Banking Corporation, a global financial services provider, signed transactions totaling 71,153 square feet, consisting of five-year renewals for 40,470 square feet at Harborside Financial Center Plaza I and 30,683 square feet at Harborside Plaza 2 in Jersey City.  Harborside Plaza I is a 400,000 square-foot office building and Harborside Plaza 2 is a 761,200 square-foot office building.  Both are 100 percent leased.

-  
Brach Eichler L.L.C., a law firm, signed a 13-year renewal for 41,242 square feet at 101 Eisenhower Parkway in Roseland.  The 237,000 square-foot office building, located in Eisenhower/280 Corporate Center, is 91.4 percent leased.

-  
ProSight Specialty Insurance signed a ten-year, ten-month new lease for 40,310 square feet at 412 Mt. Kemble Avenue in Morris Township.  This 475,100 square-foot office building is 58.6 percent leased.

-  
Coyne Public Relations, LLC signed a ten-year, three-month new lease for 36,248 square feet at 5 Wood Hollow Road in Parsippany.  The 317,040 square-foot office building is 84.5 percent leased.

-  
Continental Casualty Company, an insurance provider, signed a five-year, six-month renewal for 19,416 square feet at 4 Century Drive, located in Mack-Cali Business Campus in Parsippany.  The 100,036 square-foot office building is 72.3 percent leased.

CENTRAL NEW JERSEY:

-  
Telecommunications service provider Verizon New Jersey Inc. signed a five-year renewal for the entire 95,000 square-foot office building at 600 Horizon Drive, located in Horizon Center Business Park in Hamilton Township.

-  
Novo Nordisk Inc., a diabetes focused healthcare company, signed a three-year, nine-month new lease for 48,478 square feet at 500 College Road East in Plainsboro.

-  
Also at 500 College Road East, accounting firm Deloitte LLP signed a new ten-year lease for 46,803 square feet.  The 158,235 square-foot office building is 71.9 percent leased.

-  
Regus Business Centre LLC, provider of executive suites, signed a five-year, four-month renewal for 38,930 square feet at 100 Overlook Center in Princeton.  The 149,600 square-foot office building is 90.9 percent leased.

-  
Maser Consulting P.A., consulting engineers, signed a seven-year renewal for 29,046 square feet at One River Centre, Building Two, in Middletown.  The 120,360 square-foot office building is 82.8 percent leased.
 
 
 


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

 

 
10

 
 

 
-  
Supermedia Sales-East Co., publishers of print and electronic directory information, signed a three-year renewal of 15,396 square feet at 30 Knightsbridge Road, Building 5, in Piscataway.  The 332,607 square-foot office building is 80.8 percent leased.

WESTCHESTER COUNTY, NEW YORK:

-  
Team Westchester LLC, a baseball training school, signed a new ten-year, seven-month lease for 22,197 square feet at 300 Executive Boulevard in Elmsford.  The 60,000 square-foot office/flex building, located in Cross Westchester Executive Park, is 100 percent leased.

-  
Also at Cross Westchester Executive Park, Singer Holding Corporation, a fuel oil dealer, signed a one-year renewal for 15,000 square feet at 500 Executive Boulevard in Elmsford.  The 41,600 square-foot office/flex building is 100 percent leased.

MANHATTAN, NEW YORK:

-  
TMP Worldwide Advertising and Communications LLC, signed a new ten-year, six-month lease for 37,404 square feet at 125 Broad Street.  Mack-Cali’s ownership interests of 524,476 square-feet in the building are 58.6 percent leased.

SUBURBAN PHILADELPHIA:

-  
Unitrin Direct Insurance Company signed a five-year, two-month renewal for 35,829 square feet at 1150 Plymouth Meeting Mall in Plymouth Meeting.  The 167,748 square-foot office building is 69.1 percent leased.

-  
Weiler Labeling Systems LLC, provider of advanced labeling solutions, signed a six-year, two month renewal for 31,825 square feet at 1256 North Church Street in Moorestown West Corporate Center in Moorestown.  The 63,495 square-foot office/flex building is 100 percent leased.

-  
Also at Moorestown West Corporate Center, C&L Properties, LLC and its affiliate, C&L Packaging, LLC., renewed leases totaling 32,810 square feet at 1245 North Church Street. C&L provides contract packing of promotional items for the pharmaceutical industry. 1245 North Church Street is a 52,810 square-foot office/flex building and is 100 percent leased.

Information About FFO

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



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


 
 
11

 


Key Financial Data

As of or for the three months ended
 
12/31/10
9/30/10
6/30/10
3/31/10
12/31/09
Shares and Units:
         
Common Shares Outstanding
79,605,474
79,528,151
79,398,646
79,184,996
78,969,752
Common Units Outstanding
13,007,668
13,007,668
13,099,906
13,305,106
13,495,036
Combined Shares and Units
92,613,142
92,535,819
92,498,552
92,490,102
92,464,788
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (a)
92,419,224
92,376,730
92,357,447
92,338,550
92,165,843
Weighted Average- Diluted (b)
 
92,509,905
92,464,312
92,489,035
92,449,992
92,303,037
Common Share Price ($’s):
         
At the end of the period
33.06
32.71
29.73
35.25
34.57
High during period
34.88
33.81
38.74
36.31
36.23
Low during period
29.85
27.77
29.22
30.33
29.31
           
Market Capitalization:
         
($’s in thousands, except ratios)
         
Market Value of Equity (c)
3,089,236
3,054,727
2,778,030
3,288,410
3,224,537
Total Debt
2,089,494
2,166,160
2,166,818
2,336,930
2,337,437
Total Market Capitalization
5,178,730
5,220,887
4,944,848
5,625,340
5,561,974
Total Debt/ Total Market
  Capitalization
40.35%
41.49%
43.82%
41.54%
42.03%
           
Financials:
         
($’s in thousands, except ratios and
   per share amounts)
         
Total Assets
4,362,466
4,459,172
4,517,670
4,684,305
4,721,637
Gross Book Value of Real Estate Assets
5,216,720
5,194,965
5,178,246
5,176,004
5,186,208
Total Liabilities
2,318,529
2,383,262
2,416,868
2,564,599
2,578,447
Total Equity
2,043,937
2,075,910
2,100,802
2,119,706
2,143,190
Total Revenues
192,156
197,956
202,785
194,583
193,669
Capitalized Interest
585
552
432
343
297
Scheduled Principal Payments
667
657
612
507
438
Interest Coverage Ratio
2.52
2.74
2.77
2.69
2.42
Fixed Charge Coverage Ratio
2.40
2.61
2.65
2.59
2.34
Net Income
8,232
15,581
22,249
17,377
1,717
Net Income Available to Common Shareholders
6,627
13,039
18,725
14,509
1,006
Earnings per Share—diluted
0.09
0.16
0.24
0.18
0.01
FFO per Share—diluted (d)
0.59
0.69
0.71
0.72
0.60
Dividends Declared per Share
0.45
0.45
0.45
0.45
0.45
FFO Payout Ratio—diluted (d)
76.17%
64.76%
63.00%
62.52%
75.16%
           
Portfolio Size:
         
Properties
277
287
287
288
289
Total Square Footage
32,210,354
32,912,369
32,912,369
33,062,419
33,183,723
Sq. Ft. Leased at End of Period (e) (f)
89.1%
89.0%
88.9%
88.8%
90.1%
           

(a)  
Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares.
(b)  
Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants).
(c)  
Includes any outstanding preferred units presented on a converted basis into common units and noncontrolling interests in consolidated joint ventures.
(d)  
Funds from Operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT).  See “Information About FFO” on page 11.
(e)  
Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future and leases that expire at the period end date.
(f)  
Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).



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


 
 
12

 



Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
December 31,
 
 
%
 
2010
2009
Change
Change
         
Total Property Revenues
$174,980
$184,407
$(9,427)
(5.1)
         
Real Estate Taxes
20,546
23,304
(2,758)
(11.8)
Utilities
16,996
16,322
674
4.1
Operating Services
30,836
30,302
534
1.8
Total Property Expenses:
68,378
69,928
(1,550)
(2.2)
         
GAAP Net Operating Income
106,602
114,479
(7,877)
(6.9)
         
Less: straight-lining of rents adj.
2,528
2,474
54
2.2
         
Net Operating Income
$104,074
$112,005
$(7,931)
(7.1)
         
Percentage Leased at
  Period End
89.2%
90.0%
   
         
Total Properties:
267
     
         
Total Square Footage:
30,796,403
     
         



 
  For the year ended
December 31,
 
 
%
 
2010
2009
Change
Change
         
Total Property Revenues
$671,594
$695,533
$(23,939)
(3.4)
         
Real Estate Taxes
88,577
89,992
(1,415)
(1.6)
Utilities
71,635
68,827
2,808
4.1
Operating Services
106,787
104,608
2,179
2.1
Total Property Expenses:
266,999
263,427
3,572
1.4
         
GAAP Net Operating Income
404,595
432,106
(27,511)
(6.4)
         
Less: straight-lining of rents adj.
5,684
3,346
2,338
69.9
         
Net Operating Income
$398,911
$428,760
$(29,849)
(7.0)
         
Percentage Leased at
  Period End
88.9%
89.8%
   
         
Total Properties:
254
     
         
Total Square Footage:
29,095,311
     
         



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


 
 
13

 




Unconsolidated Joint Ventures Summary


Breakdown of Unconsolidated Joint Ventures

Joint Venture Name
Property
Number of
Buildings
Location
Percent Leased
Square
Feet
Company’s
Effective
Ownership %
Office Properties:
           
Red Bank Corporate Plaza
Red Bank Corporate Plaza
1
Red Bank, NJ
100.0%
92,878
50.0%
Gramercy Portfolio
Bellemead Portfolio
4
New Jersey
59.4%
466,508
n/a
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%
             
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 December 31, 2010


 
 
14

 



Unconsolidated Joint Venture Financial Information

The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2010 and 2009 (dollars in thousands):

   
December 31, 2010
 
   
Plaza
VIII & IX
Associates
   
Harborside
South Pier
   
Red Bank
Corporate
Plaza
   
Gramercy
Agreement
   
Princeton
Forrestal
Village
   
Gale
Kimball
   
12
Vreeland
   
Boston-
Downtown Crossing
   
Gale
Jefferson
   
Combined
Total
 
Assets:
                                                           
Rental property, net
  $ 8,947     $ 64,964     $ 23,594     $ 40,786       --       --     $ 14,081       --       --     $ 152,372  
Other assets
    906       11,681       6,422       6,261     $ 1,434     $ 51       734     $ 46,062     $ 2,415       75,966  
Total assets
  $ 9,853     $ 76,645     $ 30,016     $ 47,047     $ 1,434     $ 51     $ 14,815     $ 46,062     $ 2,415     $ 228,338  
Liabilities and Partners’/ members’ capital (deficit):
                                                                               
Mortgages, loans payable and
other obligations
    --     $ 71,914     $ 20,424     $ 50,978       --       --     $ 3,161       --       --     $ 146,477  
Other liabilities
  $ 529       4,820       89       1,719     $ 337       --       --       --       --       7,494  
Partners’/members’ capital (deficit)
    9,324       (89 )     9,503       (5,650 )     1,097     $ 51       11,654     $ 46,062     $ 2,415       74,367  
Total liabilities and partners’/ members’ capital (deficit)
  $ 9,853     $ 76,645     $ 30,016     $ 47,047     $ 1,434     $ 51     $ 14,815     $ 46,062     $ 2,415     $ 228,338  
Company’s investment in unconsolidated joint ventures, net
  $ 4,584     $ 1,161     $ 4,598       --       --       --     $ 9,860     $ 13,022     $ 995     $ 34,220  




   
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     $ 45,850     $ 1,780       102,139  
Total assets
  $ 10,557     $ 77,091     $ 29,507     $ 81,668     $ 60,676     $ 1,998     $ 16,333     $ 45,850     $ 1,780     $ 325,460  
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     $ 45,850     $ 1,780       73,174  
Total liabilities and partners’/ members’ capital (deficit)
  $ 10,557     $ 77,091     $ 29,507     $ 81,668     $ 60,676     $ 1,998     $ 16,333     $ 45,850     $ 1,780     $ 325,460  
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 December 31, 2010

 

 
15

 




The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended December  31, 2010 and 2009 (dollars in thousands):

   
Three Months Ended December 31, 2010
 
   
Plaza
         
Red Bank
         
Princeton
               
Boston-
             
 
VIII & IX
   
Harborside
   
Corporate
   
Gramercy
   
Forrestal
   
Gale
      12    
Downtown
   
Gale
   
Combined
 
 
Associates
   
South Pier
   
Plaza
   
Agreement
   
Village
   
Kimball
   
Vreeland
   
Crossing
   
Jefferson
   
Total
 
Total revenues
  $ 125     $ 10,380     $ 918     $ 602     $ 2,192     $ 5,006     $ 793       --       --     $ 20,016  
Operating and other
    (52 )     (6,790 )     (334 )     (1,311 )     (918 )     --       (14 )   $ (534 )   $ 62       (9,891 )
Depreciation and amortization
    (152 )     (1,325 )     (225 )     (909 )     (645 )     --       (464 )     --       --       (3,720 )
Interest expense
    --       (1,129 )     (83 )     (598 )     (346 )     --       (82 )     --       --       (2,238 )
                                                                                 
Net income
  $ (79 )   $ 1,136     $ 276     $ (2,216 )   $ 283     $ 5,006     $ 233     $ (534 )   $ 62     $ 4,167  
Company’s equity in
                                                                               
  earnings (loss) of
                                                                               
  unconsolidated joint ventures
  $ (40 )   $ 568     $ 138       --     $ (415 )   $ 1,845     $ 116     $ (170 )   $ 21     $ 2,063  





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




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 years ended December 31, 2010 and 2009 (dollars in thousands):

   
Year Ended December 31, 2010
 
       
   
Plaza
         
Red Bank
               
Princeton
                     
Boston-
             
 
VIII & IX
   
Harborside
   
Corporate
         
Gramercy
   
Forrestal
   
Route 93
   
Gale
      12    
Downtown
   
Gale
   
Combined
 
 
Associates
   
South Pier
   
Plaza
      M-G-G    
Agreement
   
Village
   
Portfolio
   
Kimball
   
Vreeland
   
Crossing
   
Jefferson
   
Total
 
Total revenues
  $ 798     $ 34,680     $ 4,325       --     $ 17,802     $ 11,769       --     $ 5,194     $ 2,386       --       --     $ 76,954  
Operating and other
    (206 )     (24,417 )     (1,028 )     --       (5,793 )     (6,433 )     --       --       (161 )   $ (1,424 )   $ (74 )     (39,536 )
Depreciation and amortization
    (612 )     (5,067 )     (901 )     --       (3,965 )     (3,154 )     --       --       (1,411 )     --       --       (15,110 )
Interest expense
    --       (4,449 )     (335 )     --       (2,485 )     (1,620 )     --       --       (293 )     --       --       (9,182 )
                                                                                                 
Net income
  $ (20 )   $ 747     $ 2,061       --     $ 5,559     $ 562       --     $ 5,194     $ 521     $ (1,424 )   $ (74 )   $ 13,126  
Company’s equity in
                                                                                               
  earnings (loss) of
                                                                                               
  unconsolidated joint ventures
  $ (10 )   $ 301     $ 649       --       --     $ (379 )     --     $ 1,909     $ 260     $ (437 )   $ (17 )   $ 2,276  





   
Year Ended December 31, 2009
 
       
   
Plaza
         
Red Bank
               
Princeton
                     
Boston-
             
 
VIII & IX
   
Harborside
   
Corporate
         
Gramercy
   
Forrestal
   
Route 93
   
Gale
      12    
Downtown
   
Gale
   
Combined
 
 
Associates
   
South Pier
   
Plaza
      M-G-G    
Agreement
   
Village
   
Portfolio
   
Kimball
   
Vreeland
   
Crossing
   
Jefferson
   
Total
 
Total revenues
  $ 804     $ 35,002     $ 3,214     $ 17,582     $ 7,902     $ 13,171     $ 2,153       --     $ 2,579       --       --     $ 82,407  
Operating and other
    (192 )     (23,170 )     (1,002 )     (7,076 )     (4,675 )     (7,558 )     (2,487 )   $ 1,664       (62 )   $ (10,881 )   $ (58 )     (55,497 )
Depreciation and amortization
    (612 )     (4,215 )     (871 )     (6,493 )     (3,073 )     (3,948 )     (1,206 )     --       (1,251 )     --       --       (21,669 )
Interest expense
    --       (4,592 )     (340 )     (4,883 )     (1,862 )     (1,788 )     (649 )     --       (467 )     --       --       (14,581 )
                                                                                                 
Net income
    --     $ 3,025     $ 1,001     $ (870 )   $ (1,708 )   $ (123 )   $ (2,189 )   $ 1,664     $ 799     $ (10,881 )   $ (58 )   $ (9,340 )
Company’s equity in
                                                                                               
  earnings (loss) of
                                                                                               
  unconsolidated joint ventures
    --     $ 2,856     $ 463     $ (916 )     --     $ (131 )   $ (4,354 )   $ 648     $ 400     $ (4,500 )   $ (26 )   $ (5,560 )









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


 
 
17

 




Select Financial Ratios

 
Ratios Computed For Industry
December 31
 
Comparisons:
2010
2009
 
 
Financial Position Ratios:
 
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
47.90%
49.50%
 
     
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
40.35%
42.03%
 
     
Total Debt/ Total Undepreciated
   Assets (%)
37.01%
39.79%
 
     
Secured Debt/ Total Undepreciated
   Assets (%)
13.16%
12.85%
 
 
 
 
 
 
Three Months Ended
December 31,
Year Ended
December 31,
 
2010
2009
2010
2009
 
Operational Ratios:
 
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
2.52
2.42
2.69
2.95
   
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
2.47
2.39
2.64
2.79
   
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
2.40
2.34
2.57
2.72
   
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
76.17%
75.16%
66.13%
57.89%
 





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

 

 
18

 




Debt Analysis
(as of December 31, 2010)


Debt Breakdown
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes
$1,118,451
53.53%
6.08%
4.45
Fixed Rate Secured Debt
732,043
35.03%
7.44%
6.54
Variable Rate Secured Debt
11,000
0.53%
2.26%
1.00
Variable Rate Unsecured Debt
228,000
10.91%
0.83%
1.48
 
Totals/Weighted Average:
$2,089,494
100.00%
5.97%
4.84



Future Repayments
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
2011
$ 9,217
$11,000
$20,217
4.75%
2012
10,687
438,148
448,835
3.48%
2013
11,319
145,223
156,542
5.39%
2014
10,473
335,257
345,730
6.82%
2015
8,946
150,000
158,946
5.40%
Thereafter
35,820
952,532
988,352
7.15%
Sub-total
86,462
2,032,160
2,118,622
 
Adjustment for unamortized debt
discount/premium, net, as of  December 31, 2010
(29,128)
--
(29,128)
 
 
Totals/Weighted Average:
$ 57,334
$2,032,160
$2,089,494
5.97%

(a)  
Actual weighted average LIBOR contract rates relating to the Company’s outstanding debt as of December 31, 2010 of 0.28 percent was used in calculating revolving credit facility and other variable rate debt interest rates.





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


 
 
19

 



Debt Maturities
(dollars in thousands)

 
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020 and
Beyond
TOTALS
Secured Debt:
                     
One Grande Commons
$11,000
                 
$11,000
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:
$11,000
$15,234
$19,118
$135,257
--
$72,971
$141,151
$231,536
$56,866
$ 8
$683,141
                       
Unsecured Debt:
                     
Unsecured credit facility
 
$228,000
               
$228,000
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:
--
$422,914
$126,105
$200,000
$150,000
$200,000
--
--
$250,000
--
$1,349,019
                       
Total Debt:
$11,000
$438,148
$145,223
$335,257
$150,000
$272,971
$141,151
$231,536
$306,866
$ 8
$2,032,160



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

 

 
20

 


Debt Detail
(dollars in thousands)


 
 
Property Name
Lender
Effective
Interest
Rate
   
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
12/15/10
(b)
7.750%, Senior Unsecured Notes
public debt
7.930%
--
299,814
02/15/11
(c)
5.250%, Senior Unsecured Notes
public debt
5.457%
$ 99,793
99,599
01/15/12
 
6.150%, Senior Unsecured Notes
public debt
6.894%
93,946
93,455
12/15/12
 
5.820%, Senior Unsecured Notes
public debt
6.448%
25,861
25,751
03/15/13
 
4.600%, Senior Unsecured Notes
public debt
4.742%
99,930
99,901
06/15/13
 
5.125%, Senior Unsecured Notes
public debt
5.110%
200,749
200,989
02/15/14
 
5.125%, Senior Unsecured Notes
public debt
5.297%
149,625
149,533
01/15/15
 
5.800%, Senior Unsecured Notes
public debt
5.806%
200,389
200,464
01/15/16
 
7.750%, Senior Unsecured Notes
public debt
8.017%
248,158
247,944
08/15/19
 
Total Senior Unsecured Notes:
   
$1,118,451
$1,582,434
 

Revolving Credit Facilities:
Unsecured Facility (d)
23 Lenders
LIBOR +0.550%
$228,000
--
6/22/12
 
Total Revolving Credit Facilities:
   
$228,000
--
   

Property Mortgages: (e)
105 Challenger Road
Archon Financial CMBS
6.235%
--
$19,408
--
(f)
One Grand Commons
Capital One Bank
LIBOR+2.00%
$ 11,000
--
12/31/11
(g)
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
 16,171
16,619
12/01/12
(h)
Soundview Plaza
Morgan Stanley Mortgage Capital
6.015%
16,089
16,614
01/01/13
 
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
4,646
4,804
05/01/13
 
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
6,475
6,693
01/01/14
 
395 West Passaic
State Farm Life Ins. Co.
6.004%
11,270
11,735
05/01/14
 
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
6,103
6,297
07/01/14
 
35 Waterview
Wachovia CMBS
6.348%
19,341
19,613
08/11/14
 
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
Wachovia CMBS
10.220%
61,224
60,409
08/11/14
 
4 Sylvan
Wachovia CMBS
10.190%
14,395
14,357
08/11/14
 
10 Independence
Wachovia CMBS
12.440%
15,606
15,339
08/11/14
 
4 Becker
Wachovia CMBS
9.550%
37,096
36,281
05/11/16
 
5 Becker
Wachovia CMBS
12.830%
11,599
11,111
05/11/16
 
210 Clay
Wachovia CMBS
13.420%
11,467
11,138
05/11/16
 
51 Imclone
Wachovia CMBS
8.390%
3,893
3,899
05/11/16
 
Various (i)
Prudential Insurance
6.332%
 150,000
                150,000
01/15/17
(j)
23 Main Street
JPMorgan CMBS
5.587%
31,537
32,042
09/01/18
 
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
234,521
237,248
11/01/18
 
100 Walnut Avenue
Guardian Life Ins. Co.
7.311%
19,443
19,600
02/01/19
 
One River Center (k)
Guardian Life Ins. Co.
7.311%
44,540
44,900
02/01/19
 
581 Main Street (l)
Valley National Bank
6.935%
16,627
16,896
07/01/34
 
Total Mortgages, Loans Payable and Other Obligations:
 
$743,043
$755,003
 
 
Total Debt:
   
$2,089,494
$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.
(c)  
On December 15, 2010, the Company redeemed $300 million principal amount of its 7.75 percent senior unsecured notes due February 15, 2011.  The redemption price, including a make-whole premium, was 101.225 percent of the principal amount of the notes, plus accrued and unpaid interest up to the redemption date.  The Company funded the redemption price, including accrued and unpaid interest, of approximately $311.4 million from borrowing on its unsecured revolving credit facility, as well as cash on hand.  In connection with the redemption, the Company recorded approximately $3.8 million as a loss from early extinguishment of debt.
(d)  
Total borrowing capacity under this facility is $775 million.
(e)  
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.
(f)  
On June 1, 2010, the Company transferred the deed for 105 Challenger Road to the lender in satisfaction of its obligations.
(g)  
On December 17, 2010, the Company obtained this mortgage financing in connection with obtaining a controlling financial interest in the mortgaged property.  The mortgage loan has three one-year extension options subject to certain conditions and the payment of a fee.
(h)  
The property does not generate sufficient cash flow to meet debt service requirements.  As a result, beginning January 2011, debt service has not been made and a modification of the loan terms has been requested from the lender.
(i)  
Mortgage is collateralized by seven properties.
(j)  
On January 15, 2010, the Company extended the mortgage loan until January 15, 2017 at an effective interest rate of 6.33 percent.
(k)  
Mortgage is collateralized by the three properties compromising One River Center.
(l)  
The coupon interest rate will be reset at the end of year 10 (2019) and year 20 (2029) at 225 basis points over the 10-year treasury yield 45 days prior to the reset dates with a minimum rate of 6.875 percent.



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

 

 
21

 











III. FINANCIAL INFORMATION















Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
   
Year Ended
 
   
December 31,
   
December 31,
 
Revenues
 
2010
   
2009
   
2010
   
2009
 
Base rents
  $ 149,908     $ 155,702     $ 602,357     $ 611,061  
Escalations and recoveries from tenants
    23,323       25,950       101,699       103,057  
Construction services
    13,303       5,444       62,997       21,910  
Real estate services
    2,214       2,909       7,874       9,359  
Other income
    3,408       3,664       12,553       13,538  
Total revenues
    192,156       193,669       787,480       758,925  
                                 
Expenses
                               
Real estate taxes
    20,549       23,307       93,535       93,322  
Utilities
    17,011       16,323       74,077       70,927  
Operating services
    30,353       31,320       114,452       110,169  
Direct construction costs
    12,667       4,976       60,255       20,323  
General and administrative
    8,939       9,255       35,003       39,779  
Depreciation and amortization
    47,226       52,272       191,168       200,732  
Impairment charge on rental property
    9,521       --       9,521       --  
Total expenses
    146,266       137,453       578,011       535,252  
Operating income
    45,890       56,216       209,469       223,673  
                                 
Other (Expense) Income
                               
Interest expense
    (35,982 )     (38,623 )     (149,329 )     (140,068 )
Interest and other investment income
    13       21       86       570  
Equity in earnings (loss) of unconsolidated joint ventures
    2,063       841       2,276       (5,560 )
Loss from early extinguishment of debt
    (3,752 )     --       (3,752 )     --  
Gain on reduction of other obligations
    --       --       --       1,693  
Total other (expense) income
    (37,658 )     (37,761 )     (150,719 )     (143,365 )
Income from continuing operations
    8,232       18,455       58,750       80,308  
Discontinued Operations:
                               
Income (loss) from discontinued operations
    --       (175 )     242       (17 )
Impairment charge on rental property
    --       (16,563 )     --       (16,563 )
Realized gains (losses) and unrealized losses
                               
  on disposition of rental property, net
    --       --       4,447       --  
Total discontinued operations, net
    --       (16,738 )     4,689       (16,580 )
Net income
    8,232       1,717       63,439       63,728  
Noncontrolling interest in consolidated joint ventures
    (19 )     (37 )     262       943  
Noncontrolling interest in Operating Partnership
    (1,086 )     (2,645 )     (8,133 )     (12,550 )
Noncontrolling interest in discontinued operations
    --       2,471       (668 )     2,447  
Preferred stock dividends
    (500 )     (500 )     (2,000 )     (2,000 )
Net income available to common shareholders
  $ 6,627     $ 1,006     $ 52,900     $ 52,568  
                                 
Basic earnings per common share:
                               
Income from continuing operations
  $ 0.09     $ 0.20     $ 0.62     $ 0.90  
Discontinued operations
    --       (0.19 )     0.05       (0.19 )
Net income available to common shareholders
  $ 0.09     $ 0.01     $ 0.67     $ 0.71  
                                 
Diluted earnings per common share:
                               
Income from continuing operations
  $ 0.09     $ 0.20     $ 0.62     $ 0.90  
Discontinued operations
    --       (0.19 )     0.05       (0.19 )
Net income available to common shareholders
  $ 0.09     $ 0.01     $ 0.67     $ 0.71  
                                 
Basic weighted average shares outstanding
    79,412       78,561       79,224       74,318  
                                 
Diluted weighted average shares outstanding
    92,510       92,303       92,477       88,389  

 
 





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

 

 
23

 
 

 

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



 
 
 
   
                            December 31,
 
Assets
 
2010
   
2009
 
Rental property
           
Land and leasehold interests
  $ 771,960     $ 771,794  
Buildings and improvements
    3,970,177       3,948,509  
Tenant improvements
    470,098       456,547  
Furniture, fixtures and equipment
    4,485       9,358  
      5,216,720       5,186,208  
Less – accumulated depreciation and amortization
    (1,278,985 )     (1,153,223 )
Net investment in rental property
    3,937,735       4,032,985  
Cash and cash equivalents
    21,851       291,059  
Investments in unconsolidated joint ventures
    34,220       35,680  
Unbilled rents receivable, net
    126,917       119,469  
Deferred charges and other assets, net
    212,038       213,674  
Restricted cash
    17,310       20,681  
Accounts receivable, net of allowance for doubtful accounts
               
of $2,790 and $2,036
    12,395       8,089  
                 
Total assets
  $ 4,362,466     $ 4,721,637  
                 
Liabilities and Equity
               
Senior unsecured notes
  $ 1,118,451     $ 1,582,434  
Revolving credit facility
    228,000       --  
Mortgages, loans payable and other obligations
    743,043       755,003  
Dividends and distributions payable
    42,176       42,109  
Accounts payable, accrued expenses and other liabilities
    101,944       106,878  
Rents received in advance and security deposits
    57,877       54,693  
Accrued interest payable
    27,038       37,330  
Total liabilities
    2,318,529       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,
               
79,605,474 and 78,969,752 shares outstanding
    796       789  
Additional paid-in capital
    2,292,641       2,275,716  
Dividends in excess of net earnings
    (560,165 )     (470,047 )
Total Mack-Cali Realty Corporation stockholders’ equity
    1,758,272       1,831,458  
                 
Noncontrolling interest in subsidiaries:
               
Operating Partnership
    283,219       308,703  
Consolidated joint ventures
    2,446       3,029  
Total noncontrolling interests in subsidiaries
    285,665       311,732  
                 
Total equity
    2,043,937       2,143,190  
                 
Total liabilities and equity
  $ 4,362,466     $ 4,721,637  



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


 
 
24

 



Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Equity
For the year ended December 31, 2010
(in thousands) (unaudited)




             
             
     
Additional
Dividends in
Noncontrolling
 
 
Preferred Stock
Common Stock
Paid-In
Excess of
Interests
Total
 
Shares
Amount 
Shares
Par Value
Capital
Net Earnings
in Subsidiaries
Equity
Balance at January 1, 2010
10
$25,000
78,970
$789
$2,275,716
$(470,047)
$311,732
$2,143,190
Net income
--
--
--
--
--
54,900
8,539
63,439
Preferred stock dividends
--
--
--
--
--
(2,000)
--
(2,000)
Common stock dividends
--
--
--
--
--
(143,018)
--
(143,018)
Common unit distributions
--
--
--
--
--
--
(23,543)
(23,543)
Increase in noncontrolling
               
  interests
--
--
--
--
--
--
(321)
(321)
Redemption of common units
               
  for common stock
--
--
487
5
11,047
--
(11,052)
--
Shares issued under Dividend
               
  Reinvestment and Stock
               
  Purchase Plan
--
--
5
--
158
--
--
158
Stock options exercised
--
--
55
1
1,503
--
--
1,504
Stock compensation
--
--
88
1
4,527
--
--
4,528
Rebalancing of ownership
               
  percent between parent
               
  and subsidiaries
--
--
--
--
(310)
--
310
--
Balance at December 31, 2010
10
$25,000
79,605
$796
$2,292,641
$(560,165)
$285,665
$2,043,937

 





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

 

 
25

 
 

 

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


 
Three Months Ended
Year Ended
 
December 31,
December 31,
 
2010
2009
2010
2009
Net income available to common shareholders
$ 6,627
$     1,006
$ 52,900
$ 52,568
Add: Noncontrolling interest in Operating Partnership
1,086
2,645
8,133
12,550
 Noncontrolling interest in discontinued operations
--
(2,471)
668
(2,447)
 Real estate-related depreciation and amortization on continuing operations (a)
48,343
53,633
195,467
210,352
Real estate-related depreciation and amortization on discontinued operations
--
453
409
1,811
Deduct: Discontinued operations-Realized (gains) losses and unrealized losses on disposition of rental property
--
--
(4,447)
--
Equity in earnings – gain on disposition
(1,400)
--
(1,400)
--
Funds from operations available to common shareholders (b)
$ 54,656
$ 55,266
$251,730
$274,834
         
Diluted weighted average shares/units outstanding (c)
92,510
92,303
92,477
88,389
         
Funds from operations per share/unit – diluted
$ 0.59
$ 0.60
$ 2.71
$ 3.11
         
Dividend declared per common share
$ 0.45
$ 0.45
$ 1.80
$ 1.80
         
Dividend payout ratios:
76.17%
75.16%
66.13%
57.89%
     Funds from operations-diluted
       
         
Supplemental Information:
       
  Non-incremental revenue generating capital expenditures:
       
     Building improvements
$ 5,745
$ 5,004
$ 13,713
$ 10,885
     Tenant improvements and leasing commissions
$ 11,998
$14,642
$ 40,320
$ 51,267
  Straight-line rent adjustments (d)
$ 2,615
$ 2,502
$ 8,000
$ 7,606
  Amortization of (above)/below market lease intangibles, net (e)
$ 235
$ 1,226
$ 1,512
$ 6,050
Impairment charge on rental property
$ 9,521
$16,563
$ 9,521
$ 16,563
Gain on reduction of other obligations
--
--
--
$ 1,693
  Impairment charge included in equity in earnings (loss) (f)
--
--
--
$ 4,010
 

(a)  Includes the Company’s share from unconsolidated joint ventures of $1,254 and $1,514 for the three months ended December 31, 2010 and 2009, respectively, and $4,816 and $10,294 for the twelve months ended December 31, 2010 and 2009, respectively.
(b)  Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT).  See “Information About FFO” on page 11.
(c)  Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (13,008 shares and 13,605 shares for the three months ended December 31, 2010 and 2009, respectively, and 13,149 and 14,028 for the twelve months ended December 31, 2010 and 2009, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).  See reconciliation of basic to diluted shares/units on page 28.
(d)  Includes the Company’s share from unconsolidated joint ventures of $87 and $30 for the three months ended December 31, 2010 and 2009, respectively, and $180 and $285 for the twelve months ended December 31, 2010 and 2009, respectively.
(e)  Includes the Company’s share from unconsolidated joint ventures of $8 and $7 for three months ended December 31, 2010 and 2009, respectively, and $34 and $582 for the twelve months ended December 31, 2010 and 2009, respectively.
(f)  Noncontrolling interest in consolidated joint ventures share of loss was $587.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
Year Ended
 
December 31,
December 31,
 
2010
2009
2010
2009
Net income available to common shareholders
$0.09
$0.01
$0.67
$0.71
Add: Real estate-related depreciation and amortization on continuing operations (a)
0.52
0.58
2.11
2.38
  Real estate-related depreciation and amortization on discontinued operations
--
--
--
0.02
Deduct:  Realized (gains) losses and unrealized losses on disposition of rental property
--
--
(0.05)
--
    Equity in earnings-gain on disposition
(0.02)
--
(0.02)
--
Noncontrolling interest / rounding adjustment
--
0.01
--
--
 
Funds from operations available to common shareholders (b)
$0.59
$0.60
$2.71
$3.11
Add: Non-cash impairment charge on rental property
0.10
0.18
0.10
0.19
Non-cash impairment charges from equity in earnings (loss) in unconsolidated joint ventures
--
--
--
0.04
Deduct: Non-cash gain from reduction of other obligations
--
--
--
(0.02)
 
FFO Excluding Items
$0.69
$0.78
$2.81
$3.32
Dividend payout ratio for FFO Excluding Items
64.87%
57.83%
63.71%
54.28%
Diluted weighted average shares/units outstanding (c)
92,510
92,303
92,477
88,389

(a)  Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.02 for the three months ended December 31, 2010 and 2009, respectively, and $0.05 and $0.12 for the twelve months ended December 31, 2010 and 2009, respectively.
(b)  Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT).  See “Information About FFO” on page 11.
(c)  Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (13,008 shares and 13,605 shares for the three months ended December 31, 2010 and 2009, respectively, and 13,149 and 14,028 for the twelve months ended December 31, 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 December 31, 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
Year Ended
 
December 31,
December 31,
 
2010
2009
2010
2009
Basic weighted average shares outstanding:
79,412
78,561
79,224
74,318
Add: Weighted average common units
13,007
13,605
13,149
14,028
Basic weighted average shares/units:
92,419
92,166
92,373
88,346
Add: Stock options
34
44
44
1
Restricted Stock Awards
57
93
60
42
 
Diluted weighted average shares/units outstanding:
92,510
92,303
92,477
88,389




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


 
 
28

 











IV.  VALUE CREATION PIPELINE

















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


 
 
29

 



IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
 (dollars in thousands)


For the year ended December 31, 2010

Acquisition
Date
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Office:
       
12/17/10 (a)
440 Route 22 East
Bridgewater, Somerset County, NJ
1
198,376

(a)  
Property was previously accounted for under an unconsolidated joint venture.  The Company began consolidating this asset on December 17, 2010.




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 December 31, 2010


 
 
30

 




Properties Commencing Initial Operations
(dollars in thousands)


For the year ended December 31, 2010


None.



For the year ended December 31, 2009

Date Placed
In Service
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Current %
Leased
Cost
Incurred (a)
Wholly Owned:
           
03/01/09
22 Sylvan Way
Parsippany, Morris County, NJ
1
249,409
100%
$65,687
             
Unconsolidated
Joint Ventures:
           
10/01/09
1 Jefferson Road
Parsippany, Morris County, NJ
1
100,010
100%
$20,987
 
Total Properties Commencing Initial Operations:
2
349,419
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 year ended December 31, 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 December 31, 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
12/31/10
Total
Estimated
Costs
Current
% Leased
Company Effective Ownership
Wholly Owned:
                 
55 Corporate Drive
Bridgewater, NJ
Office
2011-3Q
1
205,000
$37,997
$50,906
100.0%
100.0%
 
Total
     
1
205,000
$37,997
$50,906
100.0%
 





















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

 

 
33

 






















V.  PORTFOLIO/ LEASING STATISTICS



















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


 
 
34

 



V.  PORTFOLIO/ LEASING STATISTICS

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

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
     
 
 
 
Market
Sq. Ft.
Leased
9/30/10
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased
12/31/10 (c)
Pct.
Leased
12/31/10
Pct.
Leased
9/30/10
                 
  Northern NJ
12,995,653
 -
(406,809)
396,775
(10,034)
12,985,619
89.5%
89.6%
  Central NJ
4,752,608
163,736
(299,633)
367,718
68,085
4,984,429
89.5%
88.5%
  Westchester Co., NY
4,557,415
-
(214,738)
182,113
(32,625)
4,524,790
94.5%
95.2%
  Manhattan
270,049
-
0
37,404
37,404
307,453
58.6%
51.5%
  Sub. Philadelphia
3,177,907
-
(169,578)
158,909
(10,669)
3,167,238
89.7%
90.0%
  Fairfield, CT
528,688
-
(22,060)
26,583
4,523
533,211
89.2%
88.4%
  Washington, DC/MD
976,064
-
(59,033)
47,200
(11,833)
964,231
74.6%
75.5%
  Rockland Co., NY
160,238
-
(4,482)
1,015
(3,467)
156,771
87.1%
89.0%
 
Total
27,418,622
163,736
(1,176,333)
1,217,717
41,384
27,623,742
89.1%
89.0%
                 

 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of September 30, 2010
30,796,403
    Total sq. ft. of properties added this period
198,376
    Total sq. ft. of properties sold/transferred this period
-
Total sq. ft. as of December 31, 2010
30,994,779
   


(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
Includes leases expiring December 31, 2010 aggregating 187,058 square feet for which no new leases were signed.





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


 
 
35

 



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

Consolidated In-Service Portfolio (continued)

DETAIL OF TRANSACTION ACTIVITY


Detail by Market
Market
Property Type
#  of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed And
Other
Retained (a)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (b)
Leasing
Costs Per
Sq. Ft. Per
Year (c)
 
                   
Northern NJ
Office
32
368,802
134,371
234,431
7.2
23.81
4.35
 
 
Office/Flex
5
27,973
25,246
2,727
7.4
17.75
4.92
 
Central NJ
Office
24
355,975
128,919
227,056
5.3
22.58
3.50
 
 
Office/Flex
3
11,743
4,194
7,549
1.8
15.95
1.69
 
Westchester Co., NY
Office
21
65,893
31,594
34,299
5.6
26.07
2.31
 
 
Office/Flex
14
92,832
32,272
60,560
4.0
14.03
0.63
 
 
Industrial/Warehouse
3
23,388
11,800
11,588
4.7
11.58
1.14
 
Manhattan
Office
1
37,404
37,404
-
10.5
28.70
9.15
 
Sub. Philadelphia
Office
11
70,904
-
70,904
4.1
18.93
2.48
 
 
Office/Flex
6
88,005
4,000
84,005
4.7
8.45
1.25
 
Fairfield Co., CT
Office
6
26,583
-
26,583
5.3
20.53
4.01
 
Washington, DC/MD
Office
12
47,200
12,998
34,202
3.9
27.36
3.26
 
Rockland Co., NY
Office
2
1,015
-
1,015
1.1
25.94
0.20
 
                   
Total
 
140
1,217,717
422,798
794,919
5.8
21.20
3.75
 
                   
Detail by Property Type
                 
 
Office
109
973,776
345,286
628,490
6.1
23.43
4.14
 
 
Office/Flex
28
220,553
65,712
154,841
4.6
12.38
1.78
 
 
Industrial/Warehouse
3
23,388
11,800
11,588
4.7
11.58
1.14
 
                   
Total
 
140
1,217,717
422,798
794,919
5.8
21.20
3.75
 
                   
Tenant Retention:
Leases Retained
60.1%
             
 
Sq. Ft. Retained
67.6%
             
   


(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 $19,629,621 and commissions of $6,665,388 committed, but not necessarily expended, during the period for second generation space aggregating 1,214,022 square feet.




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


 
 
36

 




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

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
     
Market
Sq. Ft.
Leased
9/30/10
Leased
Sq. Ft.
Acquired/
Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased
12/31/10
Pct.
Leased
12/31/10
Pct.
Leased
9/30/10
                 
   Northern NJ
950,341
(175,000)
(55,858)
55,858
-
775,341
86.5%
88.7%
   Central NJ
900,749
(645,776)
(23,587)
19,498
(4,089)
250,884
78.6%
86.2%
                 
Total
1,851,090
(820,776)
(79,445)
75,356
(4,089)
1,026,225
84.4%
87.5%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of September 30, 2010
2,115,966
    Total sq. ft. of properties sold/transferred this period
(900,391)
Total sq. ft. as of December 31, 2010
1,215,575
   


DETAIL OF TRANSACTION ACTIVITY

Detail by Market
Market
#  of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed
And
Other
Retained (c)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (d)
Leasing Costs  Per Sq. Ft. Per Year (e)
               
Northern NJ
2
55,858
0
55,858
6.3
31.84
1.65
   Central NJ
5
19,498
4,041
15,457
2.7
22.16
1.60
               
Total
7
75,356
4,041
71,315
5.4
29.33
1.64
               

(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 $184,138 and commissions of $477,943 committed, but not necessarily expended, during the period for second generation space aggregating 75,356 square feet.



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


 
 
37

 



Leasing Statistics
(For the year ended December 31, 2010)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
     
 
 
 
Market
Sq. Ft.
Leased
12/31/09
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/10 (c)
Pct.
Leased
12/31/10
Pct.
Leased
12/31/09
                 
  Northern NJ
13,271,015
(150,050)
(1,976,389)
1,841,043
(135,346)
12,985,619
89.5%
90.5%
  Central NJ
4,852,529
163,736
(862,566)
830,730
(31,836)
4,984,429
89.5%
90.3%
  Westchester Co., NY
4,469,979
-
(728,714)
783,525
54,811
4,524,790
94.5%
93.3%
  Manhattan
524,476
-
(291,831)
74,808
(217,023)
307,453
58.6%
100.0%
  Sub. Philadelphia
3,144,638
-
(526,920)
549,520
22,600
3,167,238
89.7%
89.1%
  Fairfield, CT
532,977
-
(158,318)
158,552
234
533,211
89.2%
89.2%
  Washington, DC/MD
910,869
-
(140,557)
193,919
53,362
964,231
74.6%
70.5%
  Rockland Co., NY
163,316
-
(8,200)
1,655
(6,545)
156,771
87.1%
90.7%
 
Total
27,869,799
13,686
(4,693,495)
4,433,752
(259,743)
27,623,742
89.1%
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 this period
198,376
    Total sq. ft. of properties sold/transferred this period
 (150,050)
Total sq. ft. as of December 31, 2010
30,994,779
   


(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
Includes leases expiring December 31, 2010 aggregating 187,058 square feet for which no new leases were signed.





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


 
 
38

 




Leasing Statistics
(For the year ended December 31, 2010)

Consolidated In-Service Portfolio (continued)

DETAIL OF TRANSACTION ACTIVITY


Detail by Market
Market
Property Type
#  of
Trans-
actions
Total
Sq. Ft.
Sq. Ft.
New
Leases
Sq. Ft.
Renewed And
Other
Retained (a)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (b)
Leasing
Costs Per
Sq. Ft. Per
Year (c)
 
                   
Northern NJ
Office
146
1,731,113
556,682
1,174,431
6.0
24.54
3.70
 
 
Office/Flex
14
109,930
27,973
81,957
5.8
15.65
3.50
 
Central NJ
Office
81
747,598
224,862
522,736
4.9
21.42
2.90
 
 
Office/Flex
11
83,132
25,781
57,351
6.6
18.08
4.06
 
Westchester Co., NY
Office
86
360,040
103,291
256,749
5.0
25.15
3.15
 
 
Office/Flex
54
384,497
137,815
246,682
5.8
14.56
1.83
 
 
Industrial/Warehouse
4
30,988
11,800
19,188
4.8
12.09
1.05
 
 
Retail
1
8,000
8,000
-
15.0
38.10
0.44
 
Manhattan
Office
2
74,808
74,808
-
12.9
28.70
8.81
 
Sub. Philadelphia
Office
43
262,371
57,919
204,452
4.2
22.03
2.93
 
 
Office/Flex
31
287,149
56,716
230,433
4.1
9.43
1.33
 
Fairfield Co., CT
Office
21
74,752
10,746
64,006
4.5
21.65
3.61
 
 
Office/Flex
3
83,800
66,000
17,800
3.0
14.55
0.48
 
Washington, DC/MD
Office
40
193,919
90,704
103,215
6.4
26.09
3.61
 
Rockland Co., NY
Office
3
1,655
-
1,655
1.1
25.35
0.20
 
                   
Total
 
540
 4,433,752
 1,453,097
      2,980,655
5.5
21.57
3.36
 
                   
Detail by Property Type
                 
 
Office
422
3,446,256
1,119,012
2,327,244
5.7
23.85
3.70
 
 
Office/Flex
113
948,508
314,285
634,223
5.1
13.44
2.11
 
 
Industrial/Warehouse
4
30,988
11,800
19,188
4.8
12.09
1.05
 
 
Retail
1
8,000
8,000
-
15.0
38.10
0.44
 
                   
Total
 
540
 4,433,752
 1,453,097
      2,980,655
5.5
21.57
3.36
 
                   
Tenant Retention:
Leases Retained
58.0%
             
 
Sq. Ft. Retained
63.5%
             
   


(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $58,815,507 and commissions of $23,497,818 committed, but not necessarily expended, during the period for second generation space aggregating 4,419,776 square feet.




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


 
 
39

 




Leasing Statistics
(For year ended December 31, 2010)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

     
LEASING ACTIVITY
     
Market
Sq. Ft.
Leased
12/31/09
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/10
Pct.
Leased
12/31/10
Pct.
Leased
12/31/09
                 
   Northern NJ
894,094
(113,957)
(63,123)
58,327
(4,796)
775,341
86.5%
81.8%
   Central NJ
920,489
(645,776)
(125,477)
101,648
(23,829)
250,884
78.6%
88.1%
                 
Total
1,814,583
(759,733)
(188,600)
159,975
(28,625)
1,026,225
84.4%
84.9%
                 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

   
Total sq. ft. as of December 31, 2009
2,137,270
    Total sq. ft. of properties added this period
100,010
    Total sq. ft. of properties sold/transferred this period
(1,021,705)
Total sq. ft. as of December 31, 2010
1,215,575
   


DETAIL OF TRANSACTION ACTIVITY

Detail by Market
Market
#  of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed
And
Other
Retained (c)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (d)
Leasing Costs  Per Sq. Ft. Per Year (e)
               
Northern NJ
3
58,327
0
58,327
6.1
31.45
1.70
   Central NJ
27
101,648
27,309
74,339
3.3
20.21
2.10
               
Total
30
159,975
27,309
132,666
4.3
24.31
1.89
               

(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 $430,228 and commissions of $874,540 committed, but not necessarily expended, during the period for second generation space aggregating 159,975 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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)
138,969,969
22.4
6,495,715
21.0
Jersey City, NJ
117,260,604
19.0
4,317,978
13.9
Westchester-Rockland, NY
92,544,600
15.0
4,968,420
16.0
Bergen-Passaic, NJ
83,179,659
13.5
4,573,554
14.8
Philadelphia, PA-NJ
56,638,134
9.2
3,529,994
11.4
Middlesex-Somerset-Hunterdon, NJ
40,930,985
6.6
2,116,628
6.8
Washington, DC-MD-VA-WV
26,951,239
4.4
1,292,807
4.2
Monmouth-Ocean, NJ
24,379,690
3.9
1,620,863
5.2
Trenton, NJ
17,964,036
2.9
956,597
3.1
Stamford-Norwalk, CT
10,459,595
1.7
597,747
1.9
New York (Manhattan)
8,747,003
1.4
524,476
1.7
         
Total
618,025,514
100.0
30,994,779
100.0
         

(a)  
Annualized base rental revenue is based on actual December 2010 billings times 12.  For leases whose rent commences after January 1, 2011, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(b)  
Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2010 aggregating 187,058 square feet and representing annualized rent of $3,827,976 for which no new leases were signed.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.






Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
91,706,655
14.7
3,386,515
12.3
Insurance Carriers & Related Activities
59,530,284
9.6
2,402,461
8.9
Manufacturing
49,267,387
8.0
2,552,135
9.4
Telecommunications
42,083,790
6.8
2,148,980
7.9
Legal Services
36,845,947
6.0
1,403,586
5.2
Health Care & Social Assistance
29,705,006
4.8
1,418,535
5.2
Computer System Design Services
27,808,954
4.5
1,343,686
5.0
Credit Intermediation & Related Activities
27,204,376
4.4
1,023,261
3.8
Accounting/Tax Prep.
20,706,597
3.4
786,784
2.9
Scientific Research/Development
20,507,079
3.3
736,485
2.7
Wholesale Trade
19,806,813
3.2
1,324,965
4.9
Architectural/Engineering
16,459,431
2.7
750,509
2.8
Admin & Support, Waste Mgt. & Remediation Services
15,791,420
2.6
761,150
2.8
Retail Trade
14,777,916
2.4
737,482
2.7
Public Administration
14,484,613
2.3
555,019
2.0
Other Services (except Public Administration)
13,999,576
2.3
557,319
2.1
Management/Scientific
12,042,760
1.9
485,221
1.8
Accommodation & Food Services
11,511,920
1.9
501,945
1.9
Arts, Entertainment & Recreation
11,427,343
1.8
685,630
2.5
Real Estate & Rental & Leasing
11,232,564
1.8
502,028
1.9
Advertising/Related Services
9,220,403
1.5
376,187
1.4
Construction
7,773,223
1.3
368,621
1.4
Other Professional
7,053,400
1.1
318,306
1.2
Publishing Industries
6,186,359
1.0
247,613
0.9
Information Services
6,064,190
1.0
237,339
0.9
Data Processing Services
5,689,535
0.9
216,041
0.8
Transportation
5,453,060
0.9
291,586
1.1
Utilities
5,316,017
0.9
215,395
0.8
Broadcasting
5,276,310
0.9
189,010
0.7
Educational Services
3,726,349
0.6
189,903
0.7
Other
9,366,237
1.5
387,594
1.4
         
Total
618,025,514
100.0
27,101,291
100.0


(a)  
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).
(b)  
Annualized base rental revenue is based on actual December 2010 billings times 12.  For leases whose rent commences after January 1, 2011, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
(d)  
Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2010 aggregating 187,058 square feet and representing annualized rent of $3,827,976 for which no new leases were signed.



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


 
 
42

 





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

Breakdown by Number of Properties

PROPERTY TYPE:
STATE
Office
% of
Total
Office/Flex
% of
Total
Industrial/
Warehouse
% of
Total
Stand-
Alone
Retail
% of
Total
Land
Leases
% of
Total
TOTALS
By State
 
% of
Total
New Jersey
111
41.4%
49
18.3%
--
--
--
--
--
--
160
59.7%
New York
21
7.9%
41
15.3%
6
2.2%
2
0.7 %
2
0.7%
72
26.8%
Pennsylvania
18
6.7%
--
--
--
--
--
--
--
--
18
6.7%
Connecticut
2
0.7%
5
1.9%
--
--
--
--
--
--
7
2.6%
Wash., D.C./
   Maryland
 
10
 
3.8%
 
--
 
--
 
--
 
--
 
--
 
--
1
 
0.4%
 
11
 
4.2%
TOTALS
    By Type:
 
162
 
60.5%
 
95
 
35.5%
 
6
 
2.2%
 
2
 
0.7%
 
3
 
1.1%
 
268
 
100.0%

(a)  
Excludes 9 properties, aggregating approximately 1.2 million square feet, which are not consolidated by the Company.






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


 
 
43

 





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

         Breakdown by Square Footage

PROPERTY TYPE:
 
STATE
Office
% of
Total
Office/Flex
% of
Total
Industrial/
Warehouse
% of
Total
Stand-Alone Retail
% of
Total
TOTALS By State
% of
Total
New Jersey
19,396,060
62.6%
2,189,531
7.1%
--
--
--
--
21,585,591
69.7%
New York
2,739,384
8.8%
2,348,812
7.6%
387,400
1.2%
17,300
0.1%
5,492,896
17.7%
Pennsylvania
2,025,738
6.5%
--
--
--
--
--
--
2,025,738
6.5%
Connecticut
324,747
1.0%
273,000
0.9%
--
--
--
--
597,747
1.9%
Wash., D.C./
   Maryland
 
1,292,807
 
4.2%
 
--
 
--
 
--
 
--
 
--
 
--
 
1,292,807
 
4.2%
TOTALS
    By Type:
 
25,778,736
 
83.1%
 
4,811,343
 
15.6%
 
387,400
 
1.2%
 
17,300
 
0.1%
 
30,994,779
 
100.0%

(a)  
Excludes 9 properties, aggregating approximately 1.2 million square feet, which are not consolidated by the Company.



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


 
 
44

 





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

Breakdown by Base Rental Revenue (b)
(Dollars in thousands)

PROPERTY TYPE:
STATE
Office
% of Total
Office/
Flex
% of Total
Indust./
Ware-house
% of
Total
Stand-
Alone
Retail
% of
Total
Land Leases
% of
Total
TOTALS
    By State
% of
Total
                         
New Jersey
$408,151
67.7%
$18,163
3.0%
--
--
--
--
--
--
$426,314
70.7%
New York
58,341
9.7%
34,606
5.7%
$3,930
0.7%
$214
0.1%
 $333
0.1%
97,424
16.3%
Pennsylvania
41,979
6.9%
--
--
--
--
--
--
--
--
41,979
6.9%
Connecticut
6,398
1.1%
3,819
0.6%
--
--
--
--
--
--
10,217
1.7%
Wash., D.C./
   Maryland
26,270
4.4%
--
--
--
--
--
--
153
--
26,423
 
4.4%
TOTALS
   By Type:
$541,139
89.8%
$56,588
9.3%
$3,930
0.7%
$214
0.1%
 $486
0.1%
$602,357
100.0%

(a)   Excludes 9 properties, aggregating approximately 1.2 million square feet, which are not consolidated by the Company.
(b)  
Total base rent for the 12 months ended December 31, 2010, determined in accordance with GAAP.  Substantially all of the leases provide for annual base rents plus recoveriesand escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage.





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


 
 
45

 





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

Breakdown by Percentage Leased

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
89.9%
89.5%
--
--
89.9%
New York
83.8%
97.8%
97.8%
100.0%
90.8%
Pennsylvania
86.3%
--
--
--
86.3%
Connecticut
80.1%
100.0%
--
--
89.2%
Washington, D.C./ Maryland
74.6%
--
--
--
74.6%
 
WEIGHTED AVG. By Type:
 
88.0%
 
94.2%
 
97.8%
 
100.0%
 
89.1%

(a)  
Excludes 9 properties, aggregating approximately1.2 million square feet, which are not consolidated by the Company, and parcels of land leased to others.
(b)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future as well as leases expiring December 31, 2010 aggregating 187,058 square feet for which no new leases were signed.



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


 
 
46

 


 
Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
                 
BERGEN COUNTY, NEW JERSEY
               
Fair Lawn
               
17-17 Route 208 North                                                 
1987
143,000
100.0
2,239
0.37
15.66
14.16
 
Fort Lee
               
One Bridge Plaza                                                 
1981
200,000
83.4
4,270
0.71
25.60
22.03
 
2115 Linwood Avenue                                                 
1981
68,000
55.2
942
0.16
25.10
23.36
 
Little Ferry
               
200 Riser Road                                                 
1974
286,628
100.0
2,083
0.35
7.27
6.88
 
Lyndhurst
               
210 Clay Avenue                                                 
1981
121,203
89.1
2,502
0.42
23.17
20.93
 
Montvale
               
95 Chestnut Ridge Road                                                 
1975
47,700
0.0
4
0.00
0.00
0.00
 
135 Chestnut Ridge Road                                                 
1981
66,150
35.4
1,290
0.21
55.09
47.10
 
Paramus
               
15 East Midland Avenue                                                 
1988
259,823
80.5
4,860
0.81
23.24
22.48
 
140 East Ridgewood Avenue                                                 
1981
239,680
93.3
4,868
0.81
21.77
18.71
 
461 From Road                                                 
1988
253,554
97.0
6,081
1.01
24.72
24.64
 
650 From Road                                                 
1978
348,510
79.5
6,224
1.03
22.46
19.65
 
61 South Paramus Road (f)                                                 
1985
269,191
70.9
5,232
0.87
27.41
23.96
 
Rochelle Park
               
120 West Passaic Street                                                 
1972
52,000
99.6
1,403
0.23
27.09
25.62
 
365 West Passaic Street                                                 
1976
212,578
98.7
4,335
0.72
20.66
18.35
 
395 West Passaic Street                                                 
1979
100,589
98.0
2,426
0.40
24.61
20.79
 
Upper Saddle River
               
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.23
15.72
15.72
 
10 Mountainview Road                                                 
1986
192,000
72.9
3,234
0.54
23.11
20.25
 
Woodcliff Lake
               
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,950
0.32
21.86
16.32
 
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,248
0.21
23.77
18.90
 
530 Chestnut Ridge Road                                                 
1986
57,204
80.2
759
0.13
16.54
15.00
 
50 Tice Boulevard                                                 
1984
235,000
84.2
5,880
0.98
29.72
26.85
 
300 Tice Boulevard                                                 
1991
230,000
96.0
5,561
0.92
25.19
22.45
 
                 
BURLINGTON COUNTY, NEW JERSEY
               
Moorestown
               
224 Strawbridge Drive                                                 
1984
74,000
100.0
1,750
0.29
23.65
20.38
 
228 Strawbridge Drive                                                 
1984
74,000
100.0
1,853
0.31
25.04
21.61
 
232 Strawbridge Drive                                                 
1986
74,258
98.8
1,474
0.24
20.09
18.03
 
                 
ESSEX COUNTY, NEW JERSEY
               
Millburn
               
150 J.F. Kennedy Parkway                                                 
1980
247,476
98.0
7,263
1.21
29.95
25.19
 
Roseland
               
4 Becker Farm Road                                                 
1983
281,762
97.1
6,542
1.09
23.91
21.80
 
5 Becker Farm Road                                                 
1982
118,343
89.8
2,501
0.42
23.53
21.43
 
6 Becker Farm Road                                                 
1982
129,732
78.3
2,799
0.46
27.55
25.47
 
101 Eisenhower Parkway                                                 
1980
237,000
91.4
5,163
0.86
23.83
21.79
 
103 Eisenhower Parkway                                                 
1985
151,545
72.7
2,231
0.37
20.25
17.05
 
105 Eisenhower Parkway                                                 
2001
220,000
96.3
5,175
0.86
24.43
18.29
 
75 Livingston Avenue                                                 
1985
94,221
59.4
1,301
0.22
23.25
19.14
 
85 Livingston Avenue                                                 
1985
124,595
84.8
2,713
0.45
25.68
23.77
 
                 



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


 
 
47

 

 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
(%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
                 
HUDSON COUNTY, NEW JERSEY
               
Jersey City
               
Harborside Financial Center Plaza 1
1983
400,000
100.0
11,507
1.91
28.77
25.31
 
Harborside Financial Center Plaza 2
1990
761,200
100.0
18,556
3.08
24.38
22.43
 
Harborside Financial Center Plaza 3
1990
725,600
95.6
20,044
3.33
28.90
26.86
 
Harborside Financial Center Plaza 4-A
2000
207,670
100.0
6,081
1.01
29.28
25.09
 
Harborside Financial Center Plaza 5
2002
977,225
96.1
36,248
6.01
38.60
33.16
 
101 Hudson Street                                                 
1992
1,246,283
93.8
30,173
5.01
25.81
22.49
 
                 
MERCER COUNTY, NEW JERSEY
               
Hamilton Township
               
3 AAA Drive                                                 
1981
35,270
68.7
566
0.09
23.36
18.53
 
600 Horizon Drive                                                 
2002
95,000
100.0
1,384
0.23
14.57
14.57
 
700 Horizon Drive                                                 
2007
120,000
100.0
2,459
0.41
20.49
18.33
 
2 South Gold Drive                                                 
1974
33,962
64.5
483
0.08
22.05
19.49
 
Princeton
               
103 Carnegie Center                                                 
1984
96,000
90.7
2,480
0.41
28.48
23.84
 
2 Independence Way                                                 
1981
67,401
100.0
1,521
0.25
22.57
20.53
 
3 Independence Way                                                 
1983
111,300
96.0
2,065
0.34
19.33
14.74
 
100 Overlook Center                                                 
1988
149,600
90.9
4,608
0.76
33.89
28.90
 
5 Vaughn Drive                                                 
1987
98,500
83.8
2,146
0.36
26.00
21.89
 
                 
MIDDLESEX COUNTY, NEW JERSEY
               
East Brunswick
               
377 Summerhill Road                                                 
1977
40,000
100.0
362
0.06
9.05
8.35
 
Edison
               
343 Thornall Street (c)                                              
1991
195,709
100.0
4,170
0.69
21.31
16.18
 
Piscataway
               
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,334
0.39
14.59
14.59
 
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,677
0.28
14.58
14.58
 
30 Knightsbridge Road, Bldg. 5
1977
332,607
80.8
4,942
0.82
18.39
13.42
 
30 Knightsbridge Road, Bldg. 6
1977
72,743
63.8
206
0.03
4.44
2.09
 
Plainsboro
               
500 College Road East (f)                                                 
1984
158,235
71.9
418
0.07
3.67
2.66
 
Woodbridge
               
581 Main Street                                                 
1991
200,000
93.1
4,989
0.83
26.79
23.25
 
                 
MONMOUTH COUNTY, NEW JERSEY
               
Freehold
               
2 Paragon Way                                                 
1989
44,524
44.3
393
0.07
19.92
17.39
 
3 Paragon Way                                                 
1991
66,898
64.3
802
0.13
18.64
13.74
 
4 Paragon Way                                                 
2002
63,989
30.8
521
0.09
26.44
24.61
 
100 Willowbrook Road                                                 
1988
60,557
64.2
1,257
0.21
32.33
22.76
 
Holmdel
               
23 Main Street                                                 
1977
350,000
100.0
4,012
0.67
11.46
8.63
 
Middletown
               
One River Centre Bldg. 1                                                 
1983
122,594
91.1
2,981
0.49
26.69
21.95
 
One River Centre Bldg. 2                                                 
1983
120,360
82.8
2,456
0.41
24.64
22.79
 
One River Centre Bldg. 3 and 4
1984
214,518
88.4
4,328
0.72
22.82
21.97
 
Neptune
               
3600 Route 66                                                 
1989
180,000
100.0
2,400
0.40
13.33
12.06
 
Wall Township
               
1305 Campus Parkway                                                 
1988
23,350
92.4
474
0.08
21.97
14.55
 
1350 Campus Parkway                                                 
1990
79,747
99.9
1,309
0.22
16.43
14.23
 



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


 
 
48

 

 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
(%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
                 
MORRIS COUNTY, NEW JERSEY
               
Florham Park
               
325 Columbia Turnpike                                                 
1987
168,144
78.5
3,007
0.50
22.78
19.36
 
Morris Plains
               
250 Johnson Road                                                 
1977
75,000
100.0
1,579
0.26
21.05
18.47
 
201 Littleton Road                                                 
1979
88,369
36.4
1,150
0.19
35.75
33.11
 
Morris Township
               
412 Mt. Kemble Avenue                                                 
1986
475,100
58.6
5,005
0.83
17.98
13.46
 
Parsippany
               
4 Campus Drive                                                 
1983
147,475
87.5
3,134
0.52
24.29
19.47
 
6 Campus Drive                                                 
1983
148,291
94.4
3,279
0.54
23.42
19.28
 
7 Campus Drive                                                 
1982
154,395
77.4
1,806
0.30
15.11
12.42
 
8 Campus Drive                                                 
1987
215,265
100.0
6,080
1.01
28.24
25.14
 
9 Campus Drive                                                 
1983
156,495
67.6
2,496
0.41
23.59
21.76
 
4 Century Drive                                                 
1981
100,036
72.3
1,491
0.25
20.61
17.37
 
5 Century Drive                                                 
1981
79,739
77.1
1,352
0.22
21.99
18.59
 
6 Century Drive                                                 
1981
100,036
94.7
1,617
0.27
17.07
8.47
 
2 Dryden Way                                                 
1990
6,216
100.0
99
0.02
15.93
14.64
 
4 Gatehall Drive                                                 
1988
248,480
99.4
6,370
1.06
25.79
22.62
 
2 Hilton Court                                                 
1991
181,592
100.0
6,528
1.08
35.95
31.33
 
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.19
19.59
19.59
 
600 Parsippany Road                                                 
1978
96,000
84.4
1,490
0.25
18.39
14.18
 
1 Sylvan Way                                                 
1989
150,557
60.3
1,841
0.31
20.28
16.81
 
4 Sylvan Way                                                 
1984
105,135
100.0
1,929
0.32
18.35
16.47
 
5 Sylvan Way                                                 
1989
151,383
93.5
3,436
0.57
24.28
20.84
 
7 Sylvan Way                                                 
1987
145,983
100.0
3,219
0.53
22.05
19.29
 
22 Sylvan Way                                                 
2009
249,409
100.0
6,027
1.00
24.17
21.78
 
20 Waterview Boulevard                                                 
1988
225,550
100.0
5,313
0.88
23.56
20.02
 
35 Waterview Boulevard                                                 
1990
172,498
96.8
3,586
0.60
21.48
18.63
 
5 Wood Hollow Road                                                 
1979
317,040
84.5
4,769
0.79
17.80
14.35
 
                 
PASSAIC COUNTY, NEW JERSEY
               
Clifton
               
777 Passaic Avenue                                                 
1983
75,000
66.0
1,350
0.22
27.27
25.39
 
Totowa
               
999 Riverview Drive                                                 
1988
56,066
89.7
861
0.14
17.12
15.07
 
                 
SOMERSET COUNTY, NEW JERSEY
               
Basking Ridge
               
222 Mt. Airy Road                                                 
1986
49,000
100.0
1,059
0.18
21.61
16.20
 
233 Mt. Airy Road                                                 
1987
66,000
100.0
1,315
0.22
19.92
16.71
 
Bernards
               
106 Allen Road                                                 
2000
132,010
99.7
3,289
0.55
24.99
19.49
 
Branchburg
               
51 Imclone Drive                                              
1986
63,213
100.0
344
0.06
5.44
4.62
 
Bridgewater
               
440 Route 22 East (g)                                                 
1990
198,376
82.5
0
0.00
0.00
0.00
 
721 Route 202/206 
1989
192,741
86.4
3,640
0.60
21.86
15.76
 
Warren
               
10 Independence Boulevard                                                 
1988
120,528
100.0
3,330
0.55
27.63
25.38
 
                 
UNION COUNTY, NEW JERSEY
               
Clark
               
100 Walnut Avenue                                                 
1985
182,555
94.1
4,755
0.79
27.68
23.27
 



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


 
 
49

 

 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
(%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
                 
Cranford
               
6 Commerce Drive                                                 
1973
56,000
88.5
990
0.16
19.98
17.01
 
11 Commerce Drive                                                 
1981
90,000
100.0
2,039
0.34
22.66
19.10
 
12 Commerce Drive                                                 
1967
72,260
83.9
850
0.14
14.02
10.69
 
14 Commerce Drive                                                 
1971
67,189
71.3
1,118
0.19
23.34
18.81
 
20 Commerce Drive                                                 
1990
176,600
99.8
4,399
0.73
24.96
21.71
 
25 Commerce Drive                                                 
1971
67,749
95.8
1,446
0.24
22.28
20.32
 
65 Jackson Drive                                                 
1984
82,778
100.0
1,879
0.31
22.70
19.73
 
New Providence
               
890 Mountain Avenue                                                 
1977
80,000
91.4
1,780
0.30
24.34
22.89
 
                 
Total New Jersey Office
 
19,396,060
89.9
408,151
67.77
23.42
20.40
 
                 
NEW YORK COUNTY, NEW YORK
               
New York
               
125 Broad Street                                                 
1970
524,476
58.6
9,036
1.50
29.40
27.51
 
                 
ROCKLAND COUNTY, NEW YORK
               
Suffern
               
400 Rella Boulevard                                                 
1988
180,000
87.1
3,712
0.62
23.68
21.03
 
                 
WESTCHESTER COUNTY, NEW YORK
               
Elmsford
               
100 Clearbrook Road (c)                                                 
1975
60,000
98.0
1,118
0.19
19.01
17.31
 
101 Executive Boulevard                                                 
1971
50,000
12.6
361
0.06
57.30
51.27
 
555 Taxter Road                                                 
1986
170,554
80.3
3,468
0.58
25.32
20.47
 
565 Taxter Road                                                 
1988
170,554
90.2
3,977
0.66
25.85
21.42
 
570 Taxter Road                                                 
1972
75,000
73.6
1,292
0.21
23.41
21.56
 
Hawthorne
               
1 Skyline Drive                                                 
1980
20,400
99.0
356
0.06
17.63
16.59
 
2 Skyline Drive                                                 
1987
30,000
100.0
286
0.05
9.53
7.23
 
7 Skyline Drive                                                 
1987
109,000
83.2
2,730
0.45
30.10
26.61
 
17 Skyline Drive (f)                                                 
1989
85,000
100.0
1,630
0.27
19.18
18.53
 
19 Skyline Drive                                                 
1982
248,400
100.0
4,036
0.67
16.25
15.11
 
Tarrytown
               
200 White Plains Road                                                 
1982
89,000
92.6
1,731
0.29
21.00
18.52
 
220 White Plains Road                                                 
1984
89,000
76.8
1,634
0.27
23.91
20.91
 
White Plains
               
1 Barker Avenue                                                 
1975
68,000
95.0
1,660
0.28
25.70
23.54
 
3 Barker Avenue                                                 
1983
65,300
100.0
1,712
0.28
26.22
23.84
 
50 Main Street                                                 
1985
309,000
94.3
9,469
1.56
32.50
29.36
 
11 Martine Avenue                                                 
1987
180,000
89.2
4,621
0.77
28.78
26.20
 
1 Water Street                                                 
1979
45,700
100.0
1,140
0.19
24.95
21.51
 
Yonkers
               
1 Executive Boulevard                                                 
1982
112,000
100.0
2,774
0.46
24.77
21.57
 
3 Executive Boulevard                                                 
1987
58,000
94.8
1,598
0.27
29.06
28.03
 
                 
Total New York Office
 
2,739,384
83.8
58,341
9.69
25.42
22.84
 
                 
CHESTER COUNTY, PENNSYLVANIA
               
Berwyn
               
1000 Westlakes Drive                                                 
1989
60,696
92.2
1,522
0.25
27.20
26.20
 
1055 Westlakes Drive                                                 
1990
118,487
88.1
2,877
0.48
27.56
23.08
 
1205 Westlakes Drive                                                 
1988
130,265
87.6
3,149
0.52
27.60
24.19
 



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


 
 
50

 


 
Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
                 
1235 Westlakes Drive                                                 
1986
134,902
99.0
2,975
0.49
22.28
18.39
 
                 
DELAWARE COUNTY, PENNSYLVANIA
               
Lester
               
100 Stevens Drive                                                 
1986
95,000
100.0
2,771
0.46
29.17
26.55
 
200 Stevens Drive                                                 
1987
208,000
100.0
6,088
1.01
29.27
27.14
 
300 Stevens Drive                                                 
1992
68,000
90.7
1,398
0.23
22.67
18.69
 
Media
               
1400 Providence Road – Center I
1986
100,000
98.7
2,183
0.36
22.12
19.36
 
1400 Providence Road – Center II
1990
160,000
100.0
3,612
0.60
22.58
19.01
 
 
MONTGOMERY COUNTY, PENNSYLVANIA
               
Bala Cynwyd
               
150 Monument Road                                                 
1981
125,783
95.5
2,908
0.48
24.21
20.85
 
Blue Bell
               
4 Sentry Park                                                 
1982
63,930
78.8
1,036
0.17
20.57
17.35
 
5 Sentry Park East                                                 
1984
91,600
58.5
1,108
0.18
20.68
14.67
 
5 Sentry Park West                                                 
1984
38,400
31.5
253
0.04
20.92
18.44
 
16 Sentry Park West                                                 
1988
93,093
100.0
1,987
0.33
21.34
18.58
 
18 Sentry Park West                                                 
1988
95,010
99.8
2,182
0.36
23.01
20.18
 
King of Prussia
               
2200 Renaissance Boulevard                                                 
1985
174,124
57.9
2,304
0.38
22.85
18.24
 
Lower Providence
               
1000 Madison Avenue                                                 
1990
100,700
75.0
985
0.16
13.04
8.29
 
Plymouth Meeting
               
1150 Plymouth Meeting Mall                                                 
1970
167,748
69.1
2,641
0.44
22.78
17.61
 
                 
Total Pennsylvania Office
 
2,025,738
86.3
41,979
6.94
24.02
20.54
 
                 
FAIRFIELD COUNTY, CONNECTICUT
               
Norwalk
               
40 Richards Avenue                                                 
1985
145,487
69.5
2,340
0.39
23.14
19.69
 
Stamford
               
1266 East Main Street                                                 
1984
179,260
88.8
4,058
0.66
25.49
21.72
 
                 
Total Connecticut Office
 
324,747
80.1
6,398
1.05
24.61
20.96
 
                 
WASHINGTON, D.C.
               
1201 Connecticut Avenue, NW
1940
169,549
92.9
6,796
1.12
43.15
37.73
 
1400 L Street, NW                                                 
1987
159,000
100.0
5,818
0.97
36.59
30.89
 
                 
Total District of Columbia Office
 
328,549
96.3
12,614
2.09
39.85
34.29
 
                 
PRINCE GEORGE’S COUNTY, MARYLAND
               
Greenbelt
               
9200 Edmonston Road                                                 
1973
38,690
100.0
910
0.15
23.52
21.17
 
6301 Ivy Lane                                                 
1979
112,003
78.3
1,741
0.29
19.85
17.77
 
6303 Ivy Lane                                                 
1980
112,047
85.6
2,029
0.34
21.15
19.41
 
6305 Ivy Lane                                                 
1982
112,022
68.5
1,666
0.28
21.71
19.18
 
6404 Ivy Lane                                                 
1987
165,234
66.3
1,674
0.28
15.28
11.44
 
6406 Ivy Lane                                                 
1991
163,857
0.0
0
0.00
0.00
0.00
 
6411 Ivy Lane                                                 
1984
138,405
90.2
2,882
0.48
23.09
20.23
 
 
 
 



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

 

 
51

 
 
 


 
Property Listing
 
Office Properties
(continued)
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
                 
Lanham
               
4200 Parliament Place                                                 
1989
122,000
93.7
2,754
0.46
24.09
22.29
 
                 
Total Maryland Office
 
964,258
67.2
13,656
2.28
21.08
18.58
 
                 
                 
TOTAL OFFICE PROPERTIES
 
25,778,736
88.0
541,139
89.82
23.84
20.81
 



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


 
 
52

 


 
Property Listing
 
Office/Flex Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
 
BURLINGTON COUNTY, NEW JERSEY
               
Burlington
               
3 Terri Lane                                                 
1991
64,500
100.0
561
0.09
8.70
7.69
 
5 Terri Lane                                                 
1992
74,555
100.0
526
0.09
7.06
5.70
 
Moorestown
               
2 Commerce Drive                                                 
1986
49,000
85.4
274
0.05
6.55
4.49
 
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.05
4.25
3.85
 
102 Commerce Drive                                                 
1987
38,400
87.5
215
0.04
6.40
4.61
 
201 Commerce Drive                                                 
1986
38,400
100.0
199
0.03
5.18
3.93
 
202 Commerce Drive                                                 
1988
51,200
82.8
212
0.04
5.00
4.15
 
1 Executive Drive                                                 
1989
20,570
81.1
162
0.03
9.71
7.67
 
2 Executive Drive                                                 
1988
60,800
90.3
442
0.07
8.05
5.72
 
101 Executive Drive                                                 
1990
29,355
99.7
306
0.05
10.46
8.06
 
102 Executive Drive                                                 
1990
64,000
100.0
474
0.08
7.41
7.02
 
225 Executive Drive                                                 
1990
50,600
79.1
175
0.03
4.37
3.02
 
97 Foster Road                                                 
1982
43,200
74.8
152
0.03
4.70
3.22
 
1507 Lancer Drive                                                 
1995
32,700
100.0
134
0.02
4.10
3.79
 
1245 North Church Street                                                 
1998
52,810
100.0
296
0.05
5.60
4.92
 
1247 North Church Street                                                 
1998
52,790
58.1
200
0.03
6.52
5.35
 
1256 North Church Street                                                 
1984
63,495
100.0
431
0.07
6.79
6.11
 
840 North Lenola Road                                                 
1995
38,300
100.0
370
0.06
9.66
7.86
 
844 North Lenola Road                                                 
1995
28,670
100.0
183
0.03
6.38
4.81
 
915 North Lenola Road                                                 
1998
52,488
100.0
297
0.05
5.66
4.48
 
2 Twosome Drive                                                 
2000
48,600
100.0
450
0.07
9.26
8.81
 
30 Twosome Drive                                                 
1997
39,675
100.0
283
0.05
7.13
5.44
 
31 Twosome Drive                                                 
1998
84,200
100.0
483
0.08
5.74
5.44
 
40 Twosome Drive                                                 
1996
40,265
100.0
305
0.05
7.57
6.41
 
41 Twosome Drive                                                 
1998
43,050
77.7
201
0.03
6.01
5.05
 
50 Twosome Drive                                                 
1997
34,075
100.0
257
0.04
7.54
7.13
 
                 
GLOUCESTER COUNTY, NEW JERSEY
               
West Deptford
               
1451 Metropolitan Drive                                                 
1996
21,600
100.0
120
0.02
5.56
4.91
 
                 
MERCER COUNTY, NEW JERSEY
               
Hamilton Township
               
100 Horizon Center Boulevard
1989
13,275
50.0
189
0.03
28.47
24.41
 
200 Horizon Drive                                                 
1991
45,770
100.0
601
0.10
13.13
11.89
 
300 Horizon Drive                                                 
1989
69,780
55.3
827
0.14
21.43
15.73
 
500 Horizon Drive                                                 
1990
41,205
88.7
509
0.08
13.93
13.02
 
                 
MONMOUTH COUNTY, NEW JERSEY
               
Wall Township
               
1325 Campus Parkway                                                 
1988
35,000
100.0
653
0.11
18.66
14.63
 
1340 Campus Parkway                                                 
1992
72,502
100.0
888
0.15
12.25
9.85
 
1345 Campus Parkway                                                 
1995
76,300
85.4
874
0.15
13.41
10.39
 
1433 Highway 34                                                 
1985
69,020
70.2
554
0.09
11.43
8.59
 
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
222
0.04
10.92
9.15
 
1324 Wyckoff Avenue                                                 
1987
21,168
81.5
186
0.03
10.78
6.84
 



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


 
 
53

 


 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
 
PASSAIC COUNTY, NEW JERSEY
               
Totowa
               
1 Center Court                                                 
1999
38,961
46.2
300
0.05
16.67
15.50
 
2 Center Court                                                 
1998
30,600
62.8
326
0.05
16.96
14.73
 
11 Commerce Way                                                 
1989
47,025
100.0
610
0.10
12.97
12.59
 
20 Commerce Way                                                 
1992
42,540
70.8
320
0.05
10.62
10.49
 
29 Commerce Way                                                 
1990
48,930
100.0
699
0.12
14.29
11.38
 
40 Commerce Way                                                 
1987
50,576
72.5
329
0.05
8.97
8.26
 
45 Commerce Way                                                 
1992
51,207
100.0
480
0.08
9.37
7.77
 
60 Commerce Way                                                 
1988
50,333
100.0
590
0.10
11.72
9.58
 
80 Commerce Way                                                 
1996
22,500
100.0
266
0.04
11.82
10.58
 
100 Commerce Way                                                 
1996
24,600
66.9
290
0.05
17.62
15.68
 
120 Commerce Way                                                 
1994
9,024
100.0
117
0.02
12.97
12.19
 
140 Commerce Way                                                 
1994
26,881
99.5
350
0.06
13.09
12.23
 
                 
Total New Jersey Office/Flex
 
2,189,531
89.5
18,163
3.02
9.26
7.77
 
                 
WESTCHESTER COUNTY, NEW YORK
               
Elmsford
               
11 Clearbrook Road                                                 
1974
31,800
72.8
366
0.06
15.81
13.61
 
75 Clearbrook Road                                                 
1990
32,720
100.0
464
0.08
14.18
13.08
 
125 Clearbrook Road                                                 
2002
33,000
100.0
712
0.12
21.58
17.94
 
150 Clearbrook Road                                                 
1975
74,900
100.0
983
0.16
13.12
11.96
 
175 Clearbrook Road                                                 
1973
98,900
98.6
1,429
0.24
14.65
13.34
 
200 Clearbrook Road                                                 
1974
94,000
98.8
1,119
0.19
12.05
10.48
 
250 Clearbrook Road                                                 
1973
155,000
97.3
1,541
0.26
10.22
9.29
 
50 Executive Boulevard                                                 
1969
45,200
95.2
467
0.08
10.85
9.37
 
77 Executive Boulevard                                                 
1977
13,000
100.0
248
0.04
19.08
18.31
 
85 Executive Boulevard                                                 
1968
31,000
99.4
577
0.10
18.73
15.87
 
300 Executive Boulevard                                                 
1970
60,000
100.0
551
0.09
9.18
8.05
 
350 Executive Boulevard                                                 
1970
15,400
98.8
233
0.04
15.31
15.12
 
399 Executive Boulevard                                                 
1962
80,000
100.0
1,038
0.17
12.98
12.40
 
400 Executive Boulevard                                                 
1970
42,200
55.2
487
0.08
20.91
17.13
 
500 Executive Boulevard                                                 
1970
41,600
100.0
735
0.12
17.67
15.38
 
525 Executive Boulevard                                                 
1972
61,700
100.0
1,071
0.18
17.36
15.75
 
1 Westchester Plaza                                                 
1967
25,000
100.0
316
0.05
12.64
12.28
 
2 Westchester Plaza                                                 
1968
25,000
100.0
542
0.09
21.68
20.12
 
3 Westchester Plaza                                                 
1969
93,500
99.4
1,045
0.17
11.24
9.46
 
4 Westchester Plaza                                                 
1969
44,700
100.0
540
0.09
12.08
9.91
 
5 Westchester Plaza                                                 
1969
20,000
100.0
296
0.05
14.80
9.80
 
6 Westchester Plaza                                                 
1968
20,000
100.0
312
0.05
15.60
14.25
 
7 Westchester Plaza                                                 
1972
46,200
100.0
628
0.10
13.59
13.27
 
8 Westchester Plaza                                                 
1971
67,200
100.0
1,027
0.17
15.28
13.15
 
Hawthorne
               
200 Saw Mill River Road                                                 
1965
51,100
87.9
594
0.10
13.22
12.27
 
4 Skyline Drive                                                 
1987
80,600
100.0
1,254
0.21
15.56
13.23
 
5 Skyline Drive                                                 
1980
124,022
99.3
1,626
0.27
13.20
11.37
 
6 Skyline Drive                                                 
1980
44,155
100.0
149
0.02
3.37
2.88
 
8 Skyline Drive                                                 
1985
50,000
92.7
928
0.15
20.02
16.25
 
10 Skyline Drive                                                 
1985
20,000
100.0
351
0.06
17.55
14.75
 



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


 
 
54

 

 
Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
(%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
 
 
11 Skyline Drive (f)                                                 
1989
45,000
100.0
848
0.14
18.84
18.56
 
12 Skyline Drive (f)                                                 
1999
46,850
100.0
606
0.10
12.93
10.22
 
15 Skyline Drive (f)                                                 
1989
55,000
100.0
1,202
0.20
21.85
20.00
 
Yonkers
               
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,554
0.26
20.27
19.16
 
200 Corporate Boulevard South                                                            
1990
84,000
99.8
1,571
0.26
18.74
17.93
 
4 Executive Plaza                                                 
1986
80,000
100.0
1,379
0.23
17.24
12.95
 
6 Executive Plaza                                                 
1987
80,000
99.2
1,511
0.25
19.04
17.54
 
1 Odell Plaza                                                 
1980
106,000
99.9
1,363
0.23
12.87
11.57
 
3 Odell Plaza                                                 
1984
71,065
100.0
1,596
0.26
22.46
20.83
 
5 Odell Plaza                                                 
1983
38,400
99.6
576
0.10
15.06
11.74
 
7 Odell Plaza                                                 
1984
42,600
99.6
771
0.13
18.17
17.02
 
                 
Total New York Office/Flex
 
2,348,812
97.8
34,606
5.75
15.06
13.38
 
                 
FAIRFIELD COUNTY, CONNECTICUT
               
Stamford
               
419 West Avenue                                                 
1986
88,000
100.0
1,363
0.23
15.49
13.84
 
500 West Avenue                                                 
1988
25,000
100.0
435
0.07
17.40
15.68
 
550 West Avenue                                                 
1990
54,000
100.0
932
0.15
17.26
16.91
 
600 West Avenue                                                 
1999
66,000
100.0
403
0.07
6.11
5.55
 
650 West Avenue                                                 
1998
40,000
100.0
686
0.11
17.15
15.90
 
                 
Total Connecticut Office/Flex
 
273,000
100.0
3,819
0.63
13.99
12.91
 
                 
                 
TOTAL OFFICE/FLEX PROPERTIES
 
4,811,343
94.2
56,588
9.40
12.49
10.92
 



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


 
 
55

 


 
Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
12/31/10
 (%) (a)
2010
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2010
Base Rent
%
2010
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2010
Average
Effective Rent
Per Sq. Ft.
($) (c) (e
 
                 
WESTCHESTER COUNTY, NEW YORK
               
Elmsford
               
1 Warehouse Lane (f)                                                 
1957
6,600
100.0
96
0.02
14.55
12.73
 
2 Warehouse Lane (f)                                                 
1957
10,900
100.0
149
0.02
13.67
13.03
 
3 Warehouse Lane (f)                                                 
1957
77,200
100.0
363
0.06
4.70
4.48
 
4 Warehouse Lane (f)                                                 
1957
195,500
96.7
1,845
0.31
9.76
8.79
 
5 Warehouse Lane (f)                                                 
1957
75,100
97.1
939
0.16
12.88
11.30
 
6 Warehouse Lane (f)                                                 
1982
22,100
100.0
538
0.09
24.34
23.53
 
                 
Total Industrial/Warehouse Properties
 
387,400
97.8
3,930
0.66
10.38
9.45
 
                 
WESTCHESTER COUNTY, NEW YORK
               
Tarrytown
               
230 White Plains Road                                                 
1984
9,300
100.0
179
0.03
19.25
18.82
 
Yonkers
               
2 Executive Boulevard                                                 
1986
8,000
100.0
35
0.01
4.38
4.38
 
                 
Total Retail Properties
 
17,300
100.0
214
0.04
12.37
12.14
 
                 
WESTCHESTER COUNTY, NEW YORK
               
Elmsford
               
700 Executive Boulevard                                                 
--
--
--
148
0.02
--
--
 
Yonkers
               
1 Enterprise Boulevard                                                 
--
--
--
185
0.03
--
--
 
                 
Total New York Land Leases
 
--
--
333
0.05
--
--
 
                 
PRINCE GEORGE’S COUNTY, MARYLAND
               
Greenbelt
               
Capital Office Park Parcel A                                                 
--
--
--
153
0.03
--
--
 
                 
Total Maryland Land Leases
 
--
--
153
0.03
--
--
 
                 
Total Land Leases
 
--
--
486
0.08
--
--
 
                 
 
TOTAL PROPERTIES
 
30,994,779
89.1
602,357
100.00
21.81
19.04
 

(a)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring December 31, 2010 aggregating 187,058 square feet (representing 0.6 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)  
Total base rent for the 12 months ended December 31, 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 December 31, 2010, divided by net rentable square feet leased at December 31, 2010.
(e)  
Total base rent for 2010 minus total 2010 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP, divided by net rentable square feet leased at December 31, 2010.
(f)  
This property is located on land leased by the Company.
(g)  
As this property was acquired, placed in service or initially consolidated by the Company during the 12 months ended December 31, 2010, the amounts represented in 2010 base rent reflect only that portion of the year during which the Company owned or consolidated the property.  Accordingly, these amounts may not be indicative of the property’s full year results.  For comparison purposes, the amounts represented in 2010 average base rent per sq. ft. for this property have been calculated by taking 2010 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at December 31, 2010.  These annualized per square foot amounts may not be indicative of the property’s results had the Company owned or consolidated the property for the entirety of the 12 months ended December 31, 2010.



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


 
 
56

 


Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of December 31, 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
13,648,052
2.2
472,651
1.7
(b)
DB Services New Jersey, Inc.
2
10,905,426
1.8
402,068
1.5
2017
New Cingular Wireless PCS, LLC
4
9,744,793
1.6
433,296
1.6
(c)
Wyndham Worldwide Operations
2
9,258,626
1.5
395,392
1.5
(d)
Keystone Mercy Health Plan
2
8,973,210
1.5
303,149
1.1
2020
United States of America-GSA
11
8,824,842
1.4
286,354
1.1
(e)
Prentice-Hall, Inc.
1
8,643,699
1.4
474,801
1.8
2014
Forest Research Institute, Inc.
1
8,271,398
1.3
215,659
0.8
2017
AT&T Corp.
2
7,934,132
1.3
395,528
1.5
(f)
ICAP Securities USA, LLC
1
6,304,775
1.0
159,834
0.6
2017
Toys 'R' Us – NJ, Inc.
1
6,152,682
1.0
242,518
0.9
2012
TD Ameritrade Online Holdings
1
6,036,278
1.0
188,776
0.7
2020
Daiichi Sankyo, Inc.
2
6,015,498
1.0
180,807
0.7
(g)
Credit Suisse (USA), Inc.
1
5,212,307
0.8
153,464
0.6
(h)
Merrill Lynch Pierce Fenner
1
5,001,213
0.8
294,189
1.1
2017
IBM Corporation
2
4,991,121
0.8
292,304
1.1
(i)
Montefiore Medical Center
5
4,905,268
0.8
222,670
0.8
(j)
National Financial Services
1
4,798,621
0.8
112,964
0.4
2012
KPMG, LLP
3
4,735,115
0.8
176,659
0.7
(k)
Allstate Insurance Company
8
4,665,368
0.8
221,156
0.8
(l)
Bank Of Tokyo-Mitsubishi, Ltd.
1
4,454,970
0.7
137,076
0.5
2019
J.H. Cohn, LLP
2
4,323,277
0.7
155,056
0.6
(m)
Vonage America, Inc.
1
4,091,500
0.7
350,000
1.3
2017
Morgan Stanley Smith Barney
4
4,061,541
0.7
142,530
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
Shaw Facilities, Inc.
3
3,071,838
0.5
141,172
0.5
(p)
Dow Jones & Company, Inc.
1
3,057,773
0.5
92,312
0.3
2012
Alpharma, LLC
1
3,009,116
0.5
112,235
0.4
2018
SunAmerica Asset Management
1
2,958,893
0.5
69,621
0.2
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
2,831,482
0.5
133,209
0.5
(r)
High Point Safety & Insurance
2
2,827,665
0.5
116,889
0.4
2020
Lehman Brothers Holdings, Inc.
1
2,631,235
0.4
74,114
0.3
2012
Regus Business Centre Corp.
2
2,609,160
0.4
79,805
0.3
(s)
Natixis North America, Inc.
1
2,603,297
0.4
89,907
0.3
2021
Connell Foley, LLP
2
2,572,383
0.4
97,822
0.4
2015
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
Lowenstein Sandler, P.C.
1
2,442,255
0.4
98,677
0.4
2017
Savvis Communications Corporation
1
2,430,116
0.3
71,474
0.2
2015
Sony Music Entertainment
1
2,359,986
0.3
97,653
0.4
2014
Rothstein, Kass & Company, P.C.
1
2,216,300
0.3
88,652
0.3
2017
Norris McLaughlin & Marcus, PA
1
2,216,278
0.3
86,913
0.3
2017
             
Total
 
234,749,103
38.0
9,318,812
34.4
 
See footnotes on subsequent page.



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


 
 
57

 



Significant Tenants

(Continued)


(a)  
Annualized base rental revenue is based on actual December 2010 billings times 12.  For leases whose rent commences after January 1, 2011, 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)  
333,145 square feet expire in 2013; 72,385 square feet expire in 2014; 27,766 square feet expire in 2015.
(d)  
145,983 square feet expire in 2011; 249,409 square feet expire in 2024.
(e)  
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; 5,950 square feet expire in 2016; 8,241 square feet expire in 2017.
(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)  
248,399 square feet expire in 2012; 43,905 square feet expire in 2013.
(j)  
5,850 square feet expire in 2014; 7,200 square feet expire in 2016; 30,872 square feet expire in 2017; 36,385 square feet expire in 2018; 133,763 square feet expire in 2019; 8,600 square feet expire in 2020.
(k)  
77,381 square feet expire in 2012; 53,409 square feet expire in 2019; 45,869 square feet expire in 2020.
(l)  
70,933 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)  
1,021 square feet expire in 2014; 154,035 square feet expire in 2020.
(n)  
26,834 square feet expire in 2014; 29,654 square feet expire in 2015; 63,260 square feet expire in 2016; 22,782 square feet expire in 2018.
(o)  
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)  
40,875 square feet expire in 2011; 38,930 square feet expire in 2016.
(t)  
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.









Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 January 1, 2011, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2011 through 2013 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 (%)
             
2011 (c)
           
   Northern  NJ
109
927,344
3.3
22,514,001
24.28
3.7
   Central NJ
61
455,966
1.7
11,535,881
25.30
1.9
   Westchester Co., NY
98
409,030
1.5
8,906,209
21.77
1.4
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
60
447,561
1.7
8,372,537
18.71
1.4
   Fairfield, CT
12
67,537
0.3
1,858,857
27.52
0.3
   Washington, DC/MD
13
67,050
0.3
1,914,293
28.55
0.3
   Rockland Co., NY
5
7,181
0.0
185,527
25.84
0.0
TOTAL – 2011
358
2,381,669
8.8
55,287,305
23.21
9.0
             
             
2012
           
   Northern  NJ
122
1,576,618
5.8
42,961,181
27.25
7.0
   Central NJ
51
347,495
1.3
8,706,561
25.06
1.4
   Westchester Co., NY
99
491,716
1.8
10,264,669
20.88
1.7
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
67
457,757
1.7
6,272,009
13.70
1.0
   Fairfield, CT
7
24,668
0.1
665,998
27.00
0.1
   Washington, DC/MD
22
102,885
0.4
2,864,515
27.84
0.5
   Rockland Co., NY
4
9,938
0.0
261,712
26.33
0.0
TOTAL – 2012
372
3,011,077
11.1
71,996,645
23.91
11.7
             
             
2013
           
   Northern  NJ
100
1,413,325
5.3
31,838,340
22.53
5.1
   Central NJ
77
632,177
2.3
14,774,915
23.37
2.4
   Westchester Co., NY
107
1,042,829
3.9
19,643,015
18.84
3.2
   Manhattan
2
104,008
0.4
2,808,712
27.00
0.5
   Sub. Philadelphia
55
303,624
1.1
5,237,563
17.25
0.9
   Fairfield, CT
10
79,811
0.3
1,460,504
18.30
0.2
   Washington, DC/MD
24
115,804
0.4
2,967,661
25.63
0.5
   Rockland Co., NY
3
33,679
0.1
860,867
25.56
0.1
TOTAL – 2013
378
3,725,257
13.8
79,591,577
21.37
12.9
             

Schedule continued, with footnotes, on subsequent page.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 (%)
             
2014
303
2,952,299
10.9
64,388,903
21.81
10.4
             
2015
261
3,198,784
11.8
69,360,282
21.68
11.2
             
2016
202
2,215,906
8.2
48,418,940
21.85
7.8
             
2017
135
2,909,617
10.7
68,454,318
23.53
11.1
             
2018
87
1,630,330
6.0
39,030,171
23.94
6.3
             
2019
57
1,119,330
4.1
25,216,359
22.53
4.1
             
2020
50
1,083,340
4.0
24,209,864
22.35
3.9
             
2021
49
923,060
3.4
23,013,804
24.93
3.7
             
2022 and thereafter
46
1,950,622
7.2
49,057,346
25.15
7.9
Total/
           
Weighted Average
2,298
27,101,291
(c) (d)
100.0
618,025,514
22.80
100.0

(a)  
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2010 billings times 12.  For leases whose rent commences after January 1, 2011, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes leases expiring December 31, 2010 aggregating 187,058 square feet and representing annualized rent of $3,827,976 for which no new leases were signed.
(d)  
Reconciliation to Company’s total net rentable square footage is as follows:

 
Square Feet
Square footage leased to commercial tenants
27,101,291
Square footage used for corporate offices, management offices,
 
building use, retail tenants, food services, other ancillary
 
service tenants and occupancy adjustments
522,451
Square footage unleased
3,371,037
Total net rentable square footage (does not include land leases)
30,994,779



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

 

 
60

 


Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2011, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2011 through 2013 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 (%)
             
2011 (c)
           
   Northern  NJ
103
875,396
3.7
21,819,671
24.93
4.1
   Central NJ
55
437,799
2.0
11,268,296
25.74
2.0
   Westchester Co., NY
59
204,145
0.9
5,706,159
27.95
1.0
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
45
285,548
1.3
7,206,670
25.24
1.3
   Fairfield Co., CT
11
60,537
0.3
1,795,857
29.67
0.3
   Washington, DC/MD
13
67,050
0.3
1,914,293
28.55
0.4
   Rockland Co., NY
5
7,181
0.0
185,527
25.84
0.0
TOTAL – 2011
291
1,937,656
8.5
49,896,473
25.75
9.1
             
2012
           
   Northern  NJ
110
1,492,837
6.8
41,716,499
27.94
7.6
   Central NJ
44
296,487
1.3
8,084,748
27.27
1.5
   Westchester Co., NY
57
217,676
1.0
5,769,678
26.51
1.0
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
41
177,152
0.8
4,119,639
23.25
0.7
   Fairfield Co., CT
7
24,668
0.1
665,998
27.00
0.1
   Washington, DC/MD
22
102,885
0.5
2,864,515
27.84
0.5
   Rockland Co., NY
4
9,938
0.0
261,712
26.33
0.1
TOTAL – 2012
285
2,321,643
10.5
63,482,789
27.34
11.5
             
2013
           
   Northern  NJ
93
1,343,004
6.0
30,933,448
23.03
5.5
   Central NJ
68
512,459
2.3
13,174,094
25.71
2.4
   Westchester Co., NY
51
467,091
2.1
10,709,097
22.93
1.9
   Manhattan
2
104,008
0.5
2,808,712
27.00
0.5
   Sub. Philadelphia
38
181,236
0.8
4,262,611
23.52
0.8
   Fairfield Co., CT
6
11,248
0.1
292,923
26.04
0.1
   Washington, DC/MD
24
115,804
0.5
2,967,661
25.63
0.5
   Rockland Co., NY
3
33,679
0.2
860,867
25.56
0.2
TOTAL – 2013
285
2,768,529
12.5
66,009,413
23.84
11.9
             
2014
243
2,351,998
10.6
57,042,676
24.25
10.3
             
2015
217
2,811,124
12.7
64,582,772
22.97
11.7
             
2016
166
1,811,379
8.2
42,702,705
23.57
7.7
             
2017
110
2,651,971
12.0
64,763,925
24.42
11.7
             
2018
62
1,186,896
5.4
33,363,353
28.11
6.0
             
2019
40
752,331
3.4
19,806,107
26.33
3.6
             
2020
39
909,792
4.1
22,109,470
24.30
4.0
             
2021
43
861,513
3.9
22,173,117
25.74
4.0
             
2022 and thereafter
40
1,825,083
8.2
47,253,148
25.89
8.5
Totals/Weighted
  Average
1,821
22,189,915 (c)
100.0
553,185,948
24.93
100.0

(a)  
Includes office tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2010 billings times 12.  For leases whose rent commences after January 1, 2011, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes leases expiring December 31, 2010 aggregating 159,154 square feet and representing annualized rent of $3,430,877 for which no new leases were signed.

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 January 1, 2011, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2011 through 2013 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 (%)
             
2011 (c)
           
   Northern  NJ
6
51,948
1.1
694,330
13.37
1.2
   Central NJ
6
18,167
0.4
267,585
14.73
0.4
   Westchester Co., NY
39
204,885
4.5
3,200,050
15.62
5.3
   Sub. Philadelphia
15
162,013
3.6
1,165,867
7.20
1.9
   Fairfield Co., CT
1
7,000
0.2
63,000
9.00
0.1
TOTAL – 2011
67
444,013
9.8
5,390,832
12.14
8.9
             
2012
           
   Northern  NJ
12
83,781
1.9
1,244,682
14.86
2.0
   Central NJ
7
51,008
1.1
621,813
12.19
1.0
   Westchester Co., NY
42
274,040
6.1
4,494,991
16.40
7.5
   Sub. Philadelphia
26
280,605
6.2
2,152,370
7.67
3.6
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2012
87
689,434
15.3
8,513,856
12.35
14.1
             
2013
           
   Northern  NJ
7
70,321
1.6
904,892
12.87
1.5
   Central NJ
9
119,718
2.7
1,600,821
13.37
2.7
   Westchester Co., NY
45
421,433
9.3
7,517,630
17.84
12.5
   Sub. Philadelphia
17
122,388
2.7
974,952
7.97
1.6
   Fairfield Co., CT
4
68,563
1.5
1,167,581
17.03
1.9
TOTAL – 2013
82
802,423
17.8
12,165,876
15.16
20.2
             
2014
56
560,456
12.4
6,531,909
11.65
10.8
             
2015
43
359,660
8.0
4,441,510
12.35
7.4
             
2016
32
373,539
8.3
5,375,177
14.39
8.9
             
2017
25
257,646
5.7
3,690,393
14.32
6.1
             
2018
24
308,352
6.8
4,236,818
13.74
7.0
             
2019
17
366,999
8.1
5,410,252
14.74
9.0
             
2020
11
173,548
3.8
2,100,394
12.10
3.5
             
2021
6
61,547
1.4
840,687
13.66
1.4
             
2022 and thereafter
5
117,539
2.6
1,640,998
13.96
2.7
Totals/Weighted
           
  Average
455
4,515,156
(c)
100.0
60,338,702
13.36
100.0


(a)  
Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2010 billings times 12.  For leases whose rent commences after January 1, 2011, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(c)  
Includes leases expiring December 31, 2010 aggregating 27,904 square feet and representing annualized rent of $397,098 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 January 1, 2011, 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 (%)
             
2013
11
154,305
40.7
1,416,288
9.18
34.0
             
2014
3
30,545
8.1
639,318
20.93
15.4
             
2015
1
28,000
7.4
336,000
12.00
8.0
             
2016
4
30,988
8.2
341,058
11.01
8.2
             
2018
1
135,082
35.6
1,430,000
10.59
34.4
Totals/Weighted
           
  Average
20
378,920
 
100.0
4,162,664
10.99
100.0

(a)  
Includes industrial/warehouse tenants only.  Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2010 billings times 12.  For leases whose rent commences after January 1, 2011, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.


Stand-Alone Retail Properties

The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning January 1, 2011, 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
51.7
             
2022 and beyond
1
8,000
46.2
163,200
20.40
48.3
Totals/Weighted
           
  Average
2
17,300
100.0
338,200
19.55
100.0

(a)  
Includes stand-alone retail property tenants only.
(b)  
Annualized base rental revenue is based on actual December 2010 billings times 12.  For leases whose rent commences after January 1, 2011 annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.




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


 
 
63