THIRD QUARTER 2011


Supplemental Operating and Financial Data










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

 
 
 


INDEX

 
PAGE(S)
I.  COMPANY BACKGROUND
  
· About the Company / Other Corporate Data
5
· Board of Directors / Executive Officers
6
· Equity Research Coverage /Company Contact Information
7
   
II.  FINANCIAL HIGHLIGHTS
  
· Quarterly Summary / Development / Financing Activity
9
· Dividends
10
· 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 / Properties Commencing Initial Operations
30
· Summary of Construction Projects / Rental Property Sales/Dispositions
31
· Summary of Land Parcels
32
   
V.  PORTFOLIO/ LEASING STATISTICS
  
· Leasing Statistics
34 – 39
· Market Diversification (MSAs)
40
· Industry Diversification (Top 30 Tenant Industries)
41
· Consolidated Portfolio Analyses:
  
Breakdown by:
  
(a) Number of Properties
42
(b) Square Footage
43
(c) Base Rental Revenue
44
(d) Percentage Leased
45
· Consolidated Property Listing (by Property Type)
46 – 55
· Significant Tenants (Top 50 Tenants)
56 – 57
· Schedules of Lease Expirations (by Property Type)
58 – 62



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
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 September 30, 2011

 
 
3
 











I.  COMPANY BACKGROUND


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
4
 


I.  COMPANY BACKGROUND


About the Company

Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $4.6 billion at September 30, 2011.  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 278 properties, primarily class A office and office/flex buildings, totaling approximately 32.4 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 12.3 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 September 30, 2011)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
278
Total Square Feet
32.4 million square feet
Geographic Diversity
Five states and the District of Columbia
New Jersey Presence
23.0 million square feet
Northeast Presence
32.4 million square feet
Common Shares and
  
Units Outstanding
99.9 million
Dividend-- Quarter/Annualized
$0.45/$1.80
Dividend Yield
6.7%
Total Market Capitalization
$4.6 billion
Senior Debt Rating
BBB (S&P and Fitch);
 
Baa2 (Moody’s)


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
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 S. 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 September 30, 2011

 
 
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
WJB Capital Group, Inc.
Jeffrey Langbaum
(646) 344-3310






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 September 30, 2011

 
 
7
 











II.  FINANCIAL HIGHLIGHTS









Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
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 September 30, 2011 amounted to $72.9 million, or $0.73 per share.  For the nine months ended September 30, 2011, FFO available to common shareholders equaled $209.4 million, or $2.12 per share.

Net income available to common shareholders for the third quarter 2011 equaled $20.5 million, or $0.24 per share.  For the nine months ended September 30, 2011, net income available to common shareholders amounted to $53.6 million, or $0.62 per share.

Included in net income and FFO for the quarter ended September 30, 2011 was approximately $6 million, or $0.06 per share, in net real estate tax appeal refunds.

Total revenues for the third quarter 2011 were $177.2 million.  For the nine months ended September 30, 2011, total revenues amounted to $544.6 million.

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

The Company had 87,141,716 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($2,500 liquidation value per share), and 12,771,105 common operating partnership units outstanding as of September 30, 2011.  The Company had a total of 99,912,821 common shares/common units outstanding at September 30, 2011.

As of September 30, 2011, the Company had total indebtedness of approximately $1.9 billion, with a weighted average annual interest rate of 6.52 percent.

The Company had a debt-to-undepreciated assets ratio of 33.2 percent at September 30, 2011.  The Company had an interest coverage ratio of 3.3 times for the quarter ended September 30, 2011.

Development

In August 2011, the Company agreed to develop a 203,000 square-foot class A office building for Wyndham Worldwide Corporation, enabling the hospitality company to consolidate its Parsippany, New Jersey-based workforce within a single campus. The building, which Wyndham Worldwide has pre-leased for 15 years and three months, will be constructed adjacent to the Mack-Cali owned Wyndham Worldwide corporate headquarters at 22 Sylvan Way in the Mack-Cali Business Campus. Upon completion, the two buildings will provide a single, cohesive location for the thousands of associates based in Parsippany and bring the total square feet leased in the Campus to 453,000.

Financing Activity

On October 21, 2011, the Company's operating partnership, Mack-Cali Realty, L.P., refinanced its unsecured revolving credit facility with a group of 20 lenders. The $600 million unsecured facility, which is expandable to $1 billion, carries an interest rate equal to LIBOR plus 125 basis points. The credit facility, which also carries a facility fee of 25 basis points, has a four-year term with a one-year extension option.  The interest rate and facility fee are subject to adjustment, on a sliding scale, based upon the operating partnership's unsecured debt ratings.

On September 27, 2011, the Company provided notice to holders of its Series C preferred stock, calling all such shares for redemption on October 28, 2011 at a price of $2,500 per share, plus accrued and unpaid dividends through the date prior to the redemption date.  The redemption value of the preferred stock of $25,000,000 is included in accounts payable, accrued expenses and other liabilities as of September 30, 2011, and the write off of preferred stock issuance costs of $164,000 is included in preferred stock dividends for the three and nine months ended September 30, 2011.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
9
 

Dividends

In September, 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 third quarter 2011, which was paid on October 11, 2011 to shareholders of record as of October 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 July 15, 2011 through October 14, 2011.  The dividend was paid on October 17, 2011 to shareholders of record as of October 5, 2011.

Leasing

Mack-Cali’s consolidated in-service portfolio was 88.2 percent leased at September 30, 2011, as compared to 88.1 percent leased at June 30, 2011.

For the quarter ended September 30, 2011, the Company executed 136 leases at its consolidated in-service portfolio totaling 1,245,345 square feet, consisting of 980,764 square feet of office space and 264,581 square feet of office/flex space.  Of these totals, 279,303 square feet were for new leases and 966,042 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:

-  
In conjunction with its 203,000 square-foot, build-to-suit lease at Mack-Cali Business Campus in Parsippany, Wyndham Worldwide Operations Inc. signed a renewal of 249,409 square feet for its headquarters building at 22 Sylvan Way.  Wyndham leases 100 percent of the building.

-  
HQ Global Workplaces LLC, a provider of workplace solutions, signed new leases for 20,635 square feet at 101 Hudson Street in Jersey City and 15,523 square feet at 50 Tice Boulevard in Woodcliff Lake.  101 Hudson Street is a 1,246,283 square-foot office building that is 86.6 percent leased, and 50 Tice Boulevard is a 235,000 square-foot office building that is 89.1 percent leased.

-  
Also at 101 Hudson Street, Optimer Pharmaceuticals Inc., a biopharmaceutical company, signed transactions totaling 24,337 square feet, including a renewal of 14,196 square feet and an expansion of 10,141 square feet.

-  
Capsugel Inc., a manufacturer of drug delivery systems, signed a new lease for 27,496 square feet at 412 Mt. Kemble Avenue in Morris Township.  The 475,100 square-foot office building is 64.9 percent leased.

-  
Untracht Early Management Inc., an accounting firm, signed transactions totaling 23,989 square feet, including a renewal of 20,480 square feet and an expansion of 3,509 square feet at 325 Columbia Turnpike in Florham Park.  The 168,144 square-foot office building is 94.9 percent leased.

CENTRAL NEW JERSEY:

-  
Intersil Corporation, designer and manufacturer of high performance semiconductors, signed a new lease for 21,479 square feet at One Grande Commons located at 440 Route 22 East in Bridgewater.  The 198,376 square-foot office building is 93.4 percent leased.

-  
NB Ventures Inc., provider of procurement services, signed transactions totaling 17,776 square feet at 100 Walnut Avenue in Clark, including the renewal of 12,167 square feet and expansion of 5,609 square feet.  The 182,555 square-foot office building is 100 percent leased.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
10
 

WESTCHESTER COUNTY, NEW YORK:

-  
Xand Corporation, a provider of data center infrastructure and business continuity solutions, renewed a total of 89,710 square feet at Mid-Westchester Executive Park in Hawthorne, including 46,078 square feet at 11 Skyline Drive and 43,632 square feet at 17 Skyline Drive.  Xand leases the entirety of the office/flex building at 11 Skyline Drive.  17 Skyline Drive is an 85,000 square-foot office building that is 100 percent leased.

-  
Nextel of New York Inc, a provider of wireless and wireline communications services, renewed 30,292 square feet at 565 Taxter Road in Elmsford.  The 170,554 square-foot office building, located in Taxter Corporate Park, is 82.7 percent leased.

-  
Montefiore Medical Center, signed transactions totaling 28,375 square feet in South Westchester Executive Park in Yonkers, consisting of new leases for 8,500 square feet at 3 Executive Boulevard, 7,710 square feet at 200 Corporate Boulevard South and 2,555 square feet at 6 Executive Plaza, as well as a renewal of 9,610 square feet at 100 Corporate Boulevard.  3 Executive Boulevard is a 58,000 square-foot office building that is 100 percent leased.  6 Executive Plaza is an 80,000 square-foot office/flex building that is 100 percent leased.  200 Corporate Boulevard South is an 84,000 square-foot office/flex building that is 100 percent leased and 100 Corporate Boulevard is a 78,000 square-foot office/flex building that is 98.3 percent leased.

-  
Schott Corporation, a specialty glass manufacturer, renewed 16,915 square feet at 555 Taxter Road in Elmsford.  The 170,554 square-foot office building, located in Taxter Corporate Park, is 80.3 percent leased.

SUBURBAN PHILADELPHIA:

-  
Prism Color Corporation, a printing services company, renewed 37,320 square feet at 31 Twosome Drive in Moorestown, New Jersey.  The 84,200 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.

-  
GGB LLC, manufacturer of bearings, renewed its lease for the entire 21,600 square foot office/flex building located at 1451 Metropolitan Drive in West Deptford, New Jersey.

CONNECTICUT:

-  
World Wrestling Entertainment, Inc. signed a new lease for 20,700 square feet at Soundview Plaza located at 1266 East Main Street in Stamford.  The 179,260 square-foot office building is 87.7 percent leased.

WASHINGTON, DC:

-  
Joseph, Greenwald & Laake, P.A., a law firm, renewed 19,852 square feet at 6404 Ivy Lane located in Capital Office Park in Greenbelt, Maryland.  The 165,234 square-foot office building is 65.8 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 September 30, 2011

 
 
11
 

Key Financial Data
 
 
      As of or for the three months ended     
 
9/30/11
6/30/11
3/31/11
12/31/10
9/30/10
Shares and Units:
          
Common Shares Outstanding
87,141,716
87,050,423
86,933,001
79,605,474
79,528,151
Common Units Outstanding
12,771,105
12,806,126
12,878,404
13,007,668
13,007,668
Combined Shares and Units
99,912,821
99,856,549
99,811,405
92,613,142
92,535,819
Preferred Shares Outstanding
10,000
10,000
10,000
10,000
10,000
Weighted Average- Basic (a)
99,818,419
99,775,716
95,900,835
92,419,224
92,376,730
Weighted Average- Diluted (b)
 
99,916,948
99,886,510
96,015,190
92,509,905
92,464,312
Common Share Price ($’s):
          
At the end of the period
26.75
32.94
33.90
33.06
32.71
High during period
34.77
35.96
35.44
34.88
33.81
Low during period
25.70
31.12
31.99
29.85
27.77
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (c)
2,699,699
3,316,509
3,410,943
3,089,236
3,054,727
Total Debt
1,886,500
1,869,252
1,876,867
2,089,494
2,166,160
Total Market Capitalization
4,586,199
5,185,761
5,287,810
5,178,730
5,220,887
Total Debt/ Total Market
  Capitalization
41.13%
36.05%
35.49%
40.35%
41.49%
           
Financials:
          
($’s in thousands, except ratios and
   per share amounts)
          
Total Assets
4,309,872
4,326,483
4,330,590
4,362,466
4,459,172
Gross Book Value of Real Estate Assets
5,253,281
5,231,303
5,210,451
5,216,720
5,194,965
Total Liabilities
2,131,451
2,104,008
2,085,006
2,318,529
2,383,262
Total Equity
2,178,421
2,222,475
2,245,584
2,043,937
2,075,910
Total Revenues
177,155
181,107
186,330
192,156
197,956
Capitalized Interest
122
203
550
585
552
Scheduled Principal Amortization
752
615
628
667
657
Interest Coverage Ratio
3.32
3.20
3.15
2.52
2.74
Fixed Charge Coverage Ratio
3.17
3.07
2.98
2.40
2.61
Net Income
24,083
20,291
18,575
8,232
15,581
Net Income Available to Common Shareholders
20,500
17,333
15,729
6,627
13,039
Earnings per Share—diluted
0.24
0.20
0.19
0.09
0.16
FFO per Share—diluted (d)
0.73
0.69
0.70
0.59
0.69
Dividends Declared per Share
0.45
0.45
0.45
0.45
0.45
FFO Payout Ratio—diluted (d)
61.64%
65.02%
64.20%
76.17%
64.76%
           
Portfolio Size:
          
Properties
278
278
277
277
287
Total Square Footage
32,414,411
32,414,411
32,210,354
32,210,354
32,912,369
Sq. Ft. Leased at End of Period (e) (f)
88.2%
88.1%
88.2%
89.1%
89.0%
           

(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 September 30, 2011

 
 
12
 

Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
September 30,
  
 
%
 
2011
2010
Change
Change
         
Total Property Revenues
$170,486
$178,356
$(7,870)
(4.4)
         
Real Estate Taxes
14,545
24,910
(10,365)
(41.6)
Utilities
20,021
20,831
(810)
(3.9)
Operating Services
27,221
26,507
714
2.7
Total Property Expenses:
61,787
72,248
(10,461)
(14.5)
         
GAAP Net Operating Income
108,699
106,108
2,591
2.4
         
Less: straight-lining of rents adj.
797
2,013
(1,216)
(60.4)
         
Net Operating Income
$107,902
$104,095
$3,807
3.7
         
Percentage Leased at
  Period End
88.1%
89.0%
    
         
Total Properties:
267
      
         
Total Square Footage:
30,796,403
      
         



 
  For the nine months ended
September 30,
  
 
%
 
2011
2010
Change
Change
         
Total Property Revenues
$521,903
$536,791
$(14,888)
(2.8)
         
Real Estate Taxes
63,683
72,975
(9,292)
(12.7)
Utilities
56,869
57,066
(197)
(0.3)
Operating Services
86,424
81,489
4,935
6.1
Total Property Expenses:
206,976
211,530
(4,554)
(2.2)
         
GAAP Net Operating Income
314,927
325,261
(10,334)
(3.2)
         
Less: straight-lining of rents adj.
4,551
5,294
(743)
(14.0)
         
Net Operating Income
$310,376
$319,967
$(9,591)
(3.0)
         
Percentage Leased at
  Period End
88.1%
89.0%
    
         
Total Properties:
267
      
         
Total Square Footage:
30,796,403
      
         




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
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
48.4%
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
multi-use
15.0%


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
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 September 30, 2011 and December 31, 2010 (dollars in thousands):
 

 
 
September 30, 2011
 
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
$ 8,488
$60,937
$23,020
$ 39,578
--
--
$13,415
--
--
$145,438
Other assets
746
12,430
2,791
5,767
$ 181
$ 44
175
$46,080
$2,657
70,871
Total assets
$ 9,234
$73,367
$25,811
$ 45,345
$ 181
$ 44
$13,590
$46,080
$2,657
$216,309
Liabilities and Partners’/ members’ capital (deficit):
                    
Mortgages, loans payable and
other obligations
--
$70,964
$18,280
$ 50,978
--
--
$ 1,752
--
--
$141,974
Other liabilities
$ 532
4,745
58
1,196
$ 61
--
--
--
--
6,592
Partners’/members’ capital (deficit)
8,702
(2,342)
7,473
(6,829)
120
$ 44
11,838
$46,080
$2,657
67,743
Total liabilities and partners’/ members’ capital (deficit)
$ 9,234
$73,367
$25,811
$ 45,345
$ 181
$ 44
$13,590
$46,080
$2,657
$216,309
Company’s investment in unconsolidated joint ventures, net
$ 4,273
$       (70)
$ 3,607
--
--
--
$10,103
$13,015
$ 1,063
$31,991



 
 
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
$ 1,435
$ 51
734
$46,111
$2,440
76,041
Total assets
$ 9,853
$76,645
$30,016
$ 47,047
$ 1,435
$ 51
$14,815
$46,111
$2,440
$228,413
Liabilities and Partners’/ members’ capital (deficit):
                    
Mortgages, loans payable and
other obligations
--
$72,168
$20,424
$ 50,978
--
--
$ 3,161
--
--
$146,731
Other liabilities
$ 529
4,356
89
1,719
$ 612
--
--
--
--
7,305
Partners’/members’ capital (deficit)
9,324
121
9,503
(5,650)
823
$ 51
11,654
$46,111
$2,440
74,377
Total liabilities and partners’/ members’ capital (deficit)
$ 9,853
$76,645
$30,016
$ 47,047
$ 1,435
$ 51
$14,815
$46,111
$2,440
$228,413
Company’s investment in unconsolidated joint ventures, net
$ 4,584
$ 1,161
$ 4,598
--
--
--
$ 9,860
$13,022
$ 995
$34,220



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
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 September 30, 2011 and 2010 (dollars in thousands):



 
 
Three Months Ended September 30, 2011
 
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
$ 272
$ 9,558
$ 832
$ 1,340
--
--
$ 663
--
$          75
$ 12,740
Operating and other
(58)
(6,296)
(231)
(968)
--
--
(93)
$      (362)
--
(8,008)
Depreciation and amortization
(154)
(1,415)
(226)
(449)
--
--
(261)
--
--
(2,505)
Interest expense
--
(1,112)
(167)
(384)
--
--
(41)
--
--
(1,704)
                     
Net income
$         60
$        735
$        208
$      (461)
--
--
$       268
$      (362)
$         75
$         523
Company’s equity in
                    
  earnings (loss) of
                    
  unconsolidated joint ventures
$         31
$ 361
$        104
--
--
--
$       134
$      (115)
$          24
$         539




 
 
Three Months Ended September 30, 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
$ 221
$ 9,916
$ 827
$ 2,692
$ 3,149
$ 66
$ 603
--
--
$ 17,474
Operating and other
(58)
(6,751)
(263)
(1,464)
(1,954)
--
(57)
$      (381)
$          16
(10,912)
Depreciation and amortization
(154)
(1,307)
(225)
(1,106)
(790)
--
(316)
--
--
(3,898)
Interest expense
--
(1,134)
(83)
(606)
(422)
--
(72)
--
--
(2,317)
                     
Net income
$           9
$        724
$        256
$      (484)
$       (17)
$          66
$       158
$      (381)
$          16
$         347
Company’s equity in
                    
  earnings (loss) of
                    
  unconsolidated joint ventures
$           5
$        361
$        128
--
$       (11)
$ 22
$         79
$      (114)
$            5
$         475



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
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 nine months ended September 30, 2011 and 2010 (dollars in thousands):



 
 
Nine Months Ended September 30, 2011
 
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
$ 721
$ 28,008
$ 2,424
$ 4,674
--
--
$ 1,653
--
$        217
$ 37,697
Operating and other
(160)
(18,860)
(601)
(2,860)
--
--
(145)
$   (1,113)
--
(23,739)
Depreciation and amortization
(460)
(4,254)
(677)
(1,781)
--
--
(892)
--
--
(8,064)
Interest expense
--
(3,357)
(376)
(1,167)
--
--
(129)
--
--
(5,029)
                     
Net income
$       101
$     1,537
$        770
$   (1,134)
--
--
$       487
$   (1,113)
$       217
$         865
Company’s equity in
                    
  earnings (loss) of
                    
  unconsolidated joint ventures
$         51
$ 768
$        385
--
--
--
$       243
$      (340)
$          67
$      1,174




 
 
Nine Months Ended September 30, 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
$ 673
$ 24,300
$ 3,407
$ 17,200
$ 9,577
$ 188
$ 1,593
--
--
$ 56,938
Operating and other
(154)
(17,627)
(694)
(4,453)
(5,515)
--
(147)
$      (890)
$     (136)
(29,616)
Depreciation and amortization
(460)
(3,742)
(676)
(3,058)
(2,509)
--
(947)
--
--
(11,392)
Interest expense
--
(3,320)
(252)
(1,887)
(1,274)
--
(211)
--
--
(6,944)
                     
Net income
$         59
$      (389)
$      1,785
$      7,802
$       279
$        188
$       288
$      (890)
$     (136)
$      8,986
Company’s equity in
                    
  earnings (loss) of
                    
  unconsolidated joint ventures
$         30
$      (267)
$        511
--
$         36
$ 64
$       144
$      (267)
$       (38)
$         213




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
17
 


Select Financial Ratios

 
Ratios Computed For Industry
            September 30,
  
Comparisons:
2011
2010
  
 
Financial Position Ratios:
  
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
43.77%
48.58%
  
     
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
41.13%
41.49%
  
     
Total Debt/ Total Undepreciated
   Assets (%)
33.22%
37.96%
  
     
Secured Debt/ Total Undepreciated
   Assets (%)
13.04%
12.84%
  
 
 
 
 
 
              Three Months Ended
            September 30,
                    Nine Months Ended
                    September 30,
 
2011
2010
2011
2010
 
Operational Ratios:
  
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
3.32
2.74
3.22
2.74
   
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
3.24
2.69
3.16
2.69
   
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
3.17
2.61
3.07
2.62
   
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
61.64%
64.76%
63.59%
63.34%
 

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
18
 


 
 
Debt Analysis
 
(as of September 30, 2011)


 
Debt Breakdown
 
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate
Weighted Average Maturity in Years
Fixed Rate Unsecured Notes
$1,119,063
59.32%
6.08%
3.70
Fixed Rate Secured Debt
729,437
38.67%
7.46%
5.78
Variable Rate Secured Debt
11,000
0.58%
2.85%
0.25
Variable Rate Unsecured Debt
27,000
1.43%
0.78%
0.73
 
Totals/Weighted Average:
$1,886,500
100.00%
6.52%
4.44
 

 

 
Future Repayments
 
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of Future Repayments (a)
October 1 – December 31, 2011
$ 2,835
$11,000
$13,835
3.82%
2012
10,687
237,148
247,835
5.62%
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
80,080
1,831,160
1,911,240
  
Adjustment for unamortized debt
discount/premium and acquisition mark-to-market, net, as of September 30, 2011
(24,740)
--
(24,740)
  
 
Totals/Weighted Average:
$ 55,340
$1,831,160
$1,886,500
6.52%

(a)  
Actual weighted average LIBOR contract rates relating to the Company’s outstanding debt as of September 30, 2011 of 0.23 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 September 30, 2011

 
 
19
 


 
Debt Maturities
 
(dollars in thousands)

 
October 1-
December  31,
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020 and
Beyond
TOTALS
Secured Debt:
                      
One Grande Commons
$11,000
                  
$11,000
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
Prudential Portfolio
            
$141,151
      
141,151
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
  
$27,000
                
$27,000
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:
--
$221,914
$126,105
$200,000
$150,000
$200,000
--
--
$250,000
--
$1,148,019
                       
Total Debt:
$11,000
$237,148
$145,223
$335,257
$150,000
$272,971
$141,151
$231,536
$306,866
$ 8
$1,831,160


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
20
 


 

 
 
Debt Detail
 
(dollars in thousands)

 
 
Property Name
Lender
Effective
Interest
Rate
    
September 30,
December 31,
Date of
Maturity
  
2011
2010
Senior Unsecured Notes: (a)
          
5.250%, Senior Unsecured Notes
public debt
5.457%
$ 99,939
$ 99,793
01/15/12
  
6.150%, Senior Unsecured Notes
public debt
6.894%
94,315
93,946
12/15/12
  
5.820%, Senior Unsecured Notes
public debt
6.448%
25,944
25,861
03/15/13
  
4.600%, Senior Unsecured Notes
public debt
4.742%
99,951
99,930
06/15/13
  
5.125%, Senior Unsecured Notes
public debt
5.110%
200,570
200,749
02/15/14
  
5.125%, Senior Unsecured Notes
public debt
5.297%
149,694
149,625
01/15/15
  
5.800%, Senior Unsecured Notes
public debt
5.806%
200,332
200,389
01/15/16
  
7.750%, Senior Unsecured Notes
public debt
8.017%
248,318
248,158
08/15/19
  
Total Senior Unsecured Notes:
    
$1,119,063
$1,118,451
  

Revolving Credit Facilities:
Unsecured Facility (b)
23 Lenders
LIBOR +0.550%
$ 27,000
$228,000
(i)
  
Total Revolving Credit Facilities:
    
$ 27,000
$228,000
    

Property Mortgages: (c)
One Grand Commons
Capital One Bank
LIBOR+2.00%
$ 11,000
$              11,000
12/31/11
(d)
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
16,171
 16,171
12/01/12
(e)
Soundview Plaza
Morgan Stanley Mortgage Capital
6.015%
15,674
16,089
01/01/13
  
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
4,522
4,646
05/01/13
  
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
6,304
6,475
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
10,905
11,270
05/01/14
  
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
5,951
6,103
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
19,126
19,341
08/11/14
  
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
Wachovia CMBS
10.220%
61,893
61,224
08/11/14
  
4 Sylvan
Wachovia CMBS
10.190%
14,427
14,395
08/11/14
  
10 Independence
Wachovia CMBS
12.440%
15,829
15,606
08/11/14
  
4 Becker
Wachovia CMBS
9.550%
37,655
37,096
05/11/16
  
5 Becker
Wachovia CMBS
12.830%
11,954
11,599
05/11/16
  
210 Clay
Wachovia CMBS
13.420%
11,745
11,467
05/11/16
  
51 Imclone
Wachovia CMBS
8.390%
3,888
3,893
05/11/16
  
Various (f)
Prudential Insurance
6.332%
150,000
150,000
01/15/17
  
23 Main Street
JPMorgan CMBS
5.587%
31,139
31,537
09/01/18
  
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
232,351
234,521
11/01/18
  
100 Walnut Avenue
Guardian Life Ins. Co.
7.311%
19,293
19,443
02/01/19
  
One River Center (g)
Guardian Life Ins. Co.
7.311%
44,197
44,540
02/01/19
  
581 Main Street (h)
Valley National Bank
6.935%
16,413
16,627
07/01/34
  
Total Mortgages, Loans Payable and Other Obligations:
  
$740,437
$743,043
  
 
Total Debt:
    
$1,886,500
$2,089,494
  

(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/premium on the notes, as applicable.
(b)  
Total borrowing capacity under this facility is $775 million.
(c)  
Effective interest rate for mortgages, loans payable and other obligations reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to market adjustment of acquired debt and other transaction costs, as applicable.
(d)  
The mortgage loan has three one-year extension options subject to certain conditions and the payment of a fee.
(e)  
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.
(f)  
Mortgage is collateralized by seven properties.  The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
(g)  
Mortgage is collateralized by the three properties compromising One River Center.
(h)  
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.
(i)  
On October 21, 2011, the Company's operating partnership, Mack-Cali Realty, L.P., refinanced its unsecured revolving credit facility with a group of 20 lenders. The $600 million unsecured facility, which is expandable to $1 billion, carries an interest rate equal to LIBOR plus 125 basis points. The credit facility, which also carries a facility fee of 25 basis points, has a four-year term with a one-year extension option.  The interest rate and facility fee are subject to adjustment, on a sliding scale, based upon the operating partnership's unsecured debt ratings.
 

 

Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
21
 











III. FINANCIAL INFORMATION



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
22
 


III.  FINANCIAL INFORMATION

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

   
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
Revenues
  
2011
    
2010
    
2011
    
2010
  
Base rents
   $ 149,700     $ 150,064     $ 448,775     $ 452,449  
Escalations and recoveries from tenants
     21,601       26,420       73,211       78,376  
Construction services
     2,359       16,475       8,984       49,694  
Real estate services
     1,354       2,014       3,737       5,660  
Other income
     2,141       2,983       9,885       9,145  
Total revenues
     177,155       197,956       544,592       595,324  
                                 
Expenses
                                
Real estate taxes
     14,503       24,913       63,934       72,986  
Utilities
     20,144       20,831       57,136       57,066  
Operating services
     28,014       27,345       87,478       84,099  
Direct construction costs
     2,290       15,884       8,656       47,588  
General and administrative
     8,683       8,992       26,538       26,064  
Depreciation and amortization
     48,498       47,978       144,914       143,942  
Total expenses
     122,132       145,943       388,656       431,745  
Operating income
     55,023       52,013       155,936       163,579  
                                 
Other (Expense) Income
                                
Interest expense
     (31,489 )     (36,941 )     (94,191 )     (113,347 )
Interest and other investment income
     10       34       30       73  
Equity in earnings (loss) of unconsolidated joint ventures
     539       475       1,174       213  
Total other (expense) income
     (30,940 )     (36,432 )     (92,987 )     (113,061 )
Income from continuing operations
     24,083       15,581       62,949       50,518  
Discontinued Operations:
                                
Income (loss) from discontinued operations
     --       --       --       242  
Realized gains (losses) and unrealized losses on disposition of rental property, net
     --       --       --       4,447  
Total discontinued operations, net
     --       --       --       4,689  
Net income
     24,083       15,581       62,949       55,207  
Noncontrolling interest in consolidated joint ventures
     96       108       308       281  
Noncontrolling interest in Operating Partnership
     (3,015 )     (2,150 )     (8,031 )     (7,047 )
Noncontrolling interest in discontinued operations
     --       --       --       (668 )
Preferred stock dividends
     (664 )     (500 )     (1,664 )     (1,500 )
Net income available to common shareholders
   $ 20,500     $ 13,039     $ 53,562     $ 46,273  
                                 
Basic earnings per common share:
                                
Income from continuing operations
   $ 0.24     $ 0.16     $ 0.63     $ 0.53  
Discontinued operations
     --       --       --       0.05  
Net income available to common shareholders
   $ 0.24     $ 0.16     $ 0.63     $ 0.58  
                                 
Diluted earnings per common share:
                                
Income from continuing operations
   $ 0.24     $ 0.16     $ 0.62     $ 0.53  
Discontinued operations
     --       --       --       0.05  
Net income available to common shareholders
   $ 0.24     $ 0.16     $ 0.62     $ 0.58  
                                 
Basic weighted average shares outstanding
     87,019       79,304       85,649       79,161  
                                 
Diluted weighted average shares outstanding
     99,917       92,464       98,631       92,467  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
23
 

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



   
September 30,
2011
    
December 31,
2010
  
Assets
            
Rental property
            
Land and leasehold interests
   $ 772,980     $ 771,960  
Buildings and improvements
     3,988,926       3,970,177  
Tenant improvements
     487,086       470,098  
Furniture, fixtures and equipment
     4,289       4,485  
      5,253,281       5,216,720  
Less – accumulated depreciation and amortization
     (1,369,218 )     (1,278,985 )
Net investment in rental property
     3,884,063       3,937,735  
Cash and cash equivalents
     15,854       21,851  
Investments in unconsolidated joint ventures
     31,991       34,220  
Unbilled rents receivable, net
     131,867       126,917  
Deferred charges and other assets, net
     217,850       212,038  
Restricted cash
     19,631       17,310  
Accounts receivable, net of allowance for doubtful accounts
                
of $2,575 and $2,790
     8,616       12,395  
                 
Total assets
   $ 4,309,872     $ 4,362,466  
                 
Liabilities and Equity
                
Senior unsecured notes
   $ 1,119,063     $ 1,118,451  
Revolving credit facility
     27,000       228,000  
Mortgages, loans payable and other obligations
     740,437       743,043  
Dividends and distributions payable
     45,461       42,176  
Accounts payable, accrued expenses and other liabilities
     130,391       101,944  
Rents received in advance and security deposits
     52,224       57,877  
Accrued interest payable
     16,875       27,038  
Total liabilities
     2,131,451       2,318,529  
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  
Common stock, $0.01 par value, 190,000,000 shares authorized,
                
87,141,716 and 79,605,474 shares outstanding
     871       796  
Additional paid-in capital
     2,521,437       2,292,641  
Dividends in excess of net earnings
     (624,110 )     (560,165 )
Total Mack-Cali Realty Corporation stockholders’ equity
     1,898,198       1,758,272  
                 
Noncontrolling interest in subsidiaries:
                
Operating Partnership
     278,192       283,219  
Consolidated joint ventures
     2,031       2,446  
Total noncontrolling interests in subsidiaries
     280,223       285,665  
                 
Total equity
     2,178,421       2,043,937  
                 
Total liabilities and equity
   $ 4,309,872     $ 4,362,466  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
24
 


Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Equity
(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, 2011
10
$25,000
79,605
$796
$2,292,641
$(560,165)
$285,665
$2,043,937
Net income
--
--
--
--
--
55,226
7,723
62,949
Preferred stock dividends
--
--
--
--
--
(1,664)
--
(1,664)
Common stock dividends
--
--
--
--
--
(117,507)
--
(117,507)
Common unit distributions
--
--
--
--
--
--
(17,305)
(17,305)
Common stock offering
--
--
7,188
72
227,302
--
--
227,374
Decrease in noncontrolling
                
  interest
--
--
--
---
--
--
(107)
(107)
Redemption of common units
                
  for common stock
--
--
237
2
5,189
--
(5,191)
--
Shares issued under Dividend
                
  Reinvestment and Stock
                
  Purchase Plan
--
--
4
--
139
--
--
139
Stock options exercised
--
--
108
1
3,047
--
--
3,048
Stock compensation
--
--
--
--
2,393
--
--
2,393
Accrued redemption of
                
  preferred stock
--
(25,000)
--
--
164
--
--
(24,836)
Rebalancing of ownership
                
  percent between parent
                
  and subsidiaries
--
--
--
--
(9,438)
--
9,438
--
Balance at September 30, 2011
10
--
87,142
$871
$2,521,437
$(624,110)
$280,223
$2,178,421




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
25
 

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


 
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2011
2010
2011
2010
Net income available to common shareholders
$ 20,500
$   13,039
$ 53,562
$ 46,273
Add: Noncontrolling interest in Operating Partnership
3,015
2,150
8,031
7,047
 Noncontrolling interest in discontinued operations
--
--
--
668
 Real estate-related depreciation and amortization on continuing operations (a)
49,434
49,062
147,787
147,124
Real estate-related depreciation and amortization on discontinued operations
--
--
--
409
Deduct: Discontinued operations – Realized (gains) losses and unrealized losses on disposition of rental property
--
--
--
(4,447)
Funds from operations available to common shareholders (b)
$ 72,949
$ 64,251
$209,380
$197,074
         
Diluted weighted average shares/units outstanding (c)
99,917
92,464
98,631
92,467
         
Funds from operations per share/unit – diluted
$ 0.73
$ 0.69
$ 2.12
$ 2.12
         
Dividends declared per common share
$ 0.45
$ 0.45
$ 1.35
$ 1.35
         
Dividend payout ratio:
        
     Funds from operations-diluted
61.64%
64.76%
63.59%
63.34%
         
Supplemental Information:
        
  Non-incremental revenue generating capital expenditures:
        
     Building improvements
$ 6,847
$ 3,855
$ 15,105
$ 7,968
     Tenant improvements and leasing commissions (d)
$ 12,225
$ 9,770
$ 31,667
$ 28,322
  Straight-line rent adjustments (e)
$ 2,086
$ 2,069
$ 6,880
$ 5,385
  Amortization of (above)/below market lease intangibles, net (f)
$ 393
$ 293
$ 950
$ 1,277
 

(a) Includes the Company’s share from unconsolidated joint ventures of $1,047 and $1,214 for the three months ended September 30, 2011 and 2010, respectively, and $3,215 and $3,562 for the nine months ended September 30, 2011 and 2010, 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 (12,799 and 13,073 shares for the three months ended September 30, 2011 and 2010, respectively, and 12,863 and 13,197 shares for the nine months ended September 30, 2011 and 2010, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).  See reconciliation of basic to diluted shares/units on page 28.
(d) Excludes expenditures for tenant spaces that haven’t been owned for at least a year or were vacant for more than a year.
(e) Includes the Company’s share from unconsolidated joint ventures of $45 and $56 for the three months ended September 30, 2011 and 2010, respectively, and $154 and $93 for the nine months ended September 30, 2011 and 2010, respectively.
(f) Includes the Company’s share from unconsolidated joint ventures of $0 and $9 for the three months ended September 30, 2011 and 2010, respectively, and $0 and $26 for the nine months ended September 30, 2011 and 2010, respectively.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
26
 

Mack-Cali Realty Corporation and Subsidiaries
Statements of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands) (unaudited)


 
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2011
2010
2011
2010
Net income available to common shareholders
$0.24
$0.16
$0.62
$0.58
Add: Real estate-related depreciation and amortization on continuing operations (a)
0.49
0.53
1.50
1.59
Deduct: Realized (gains) losses and unrealized losses on disposition of rental property
--
--
--
(0.05)
 
    Funds from operations available to common shareholders (b)
$0.73
$0.69
$2.12
$2.12
Diluted weighted average shares/units outstanding (c)
99,917
92,464
98,631
92,467

(a) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.01 for the three months ended September 30, 2011 and 2010, respectively, and $0.03 and $0.04 for the nine months ended September 30, 2011 and 2010, 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 (12,799 and 13,073 shares for the three months ended September 30, 2011 and 2010, respectively, and 12,863 and 13,197 shares for the nine months ended September 30, 2011 and 2010, 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 September 30, 2011

 
 
27
 


Mack-Cali Realty Corporation and Subsidiaries
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
Nine Months Ended
 
September 30,
September 30,
 
2011
2010
2011
2010
Basic weighted average shares outstanding:
87,019
79,304
85,649
79,161
Add: Weighted average common units
12,799
13,073
12,864
13,196
Basic weighted average shares/units:
99,818
92,377
98,513
92,357
Add: Stock options
15
32
30
47
Restricted Stock Awards
84
55
88
63
 
Diluted weighted average shares/units outstanding:
99,917
92,464
98,631
92,467



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
28
 











IV.  VALUE CREATION PIPELINE




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
29
 


IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
 (dollars in thousands)


For the nine months ended September 30, 2011

None.



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, New Jersey
1
198,376

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






Properties Commencing Initial Operations
(dollars in thousands)


For the nine months ended September 30, 2011

 
Date
 
Property/Address
 
Location
# of
Bldgs.
Rentable
Square Feet
Investment by
Company (a)
5/01/11
55 Corporate Drive
Bridgewater, New Jersey
1
204,057
$46,340
 
Total Properties Commencing Initial Operations
 
1
 
204,057
 
$46,340

(a)  
Amount is as of September 30, 2011.


For the year ended December 31, 2010

None.







Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
30
 




Summary of Construction Projects
(dollars in thousands)




Project
Location
Type of Space
Estimated
Placed in
Service
Date
Number
Of
Buildings
Square
Feet
Costs
Incurred
Through
9/30/11
Total
Estimated
Costs
Current
% Leased
Wholly Owned:
                
14 Sylvan Way
Parsippany, NJ
Office
2013-1Q
1
203,000
$12,971
$58,440
100.0%
 
Total
      
1
203,000
$12,971
$58,440
100.0%






Rental Property Sales/Dispositions
(dollars in thousands)


For the nine months ended September 30, 2011

None.



For the year ended December 31, 2010

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

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








Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
31
 

 
Summary of Land Parcels


Site
Town/City
State
Acres
Development
Potential
(Sq. Ft.)
Type of Space
Horizon Center
Hamilton Township
NJ
5.3
68,000
Office/Flex/Retail
3 & 5 AAA Drive (a)
Hamilton Township
NJ
17.5
112,000
Office
6 AAA Drive
Hamilton Township
NJ
2.4
32,000
Office
2 South Gold Drive (b)
Hamilton Township
NJ
9.5
75,000
Office
Plaza VIII and IX Associates, L.L.C. (c)
Jersey City
NJ
3.6
1,225,000
Office
Harborside Financial Center (d)
Jersey City
NJ
6.5
3,113,500
Office
One Newark Center (c)
Newark
NJ
1.0
400,000
Office
Mack-Cali Business Campus
Parsippany & Hanover
NJ
63.7
900,000
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:
    
363.0
12,276,450
  

(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 September 30, 2011

 
 
32
 











V.  PORTFOLIO/ LEASING STATISTICS




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
33
 


V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended September 30, 2011)
 
Consolidated In-Service Portfolio
 
 
SUMMARY OF SPACE LEASED
 

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
6/30/11
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 9/30/11 (c)
Pct.
Leased
9/30/11
Pct.
Leased
6/30/11
                 
  Northern NJ
12,762,590
 -
(635,036)
702,970
67,934
12,830,524
88.4%
87.9%
  Central NJ
5,136,632
-
(93,832)
79,894
(13,938)
5,122,694
88.7%
89.0%
  Westchester Co., NY
4,423,700
-
(286,563)
276,189
(10,374)
4,413,326
92.2%
92.4%
  Manhattan
482,259
-
- 
-
-
482,259
92.0%
92.0%
  Sub. Philadelphia
3,048,383
-
(125,835)
116,219
(9,616)
3,038,767
86.1%
86.4%
  Fairfield, CT
509,581
-
(21,181)
20,700
(481)
509,100
85.2%
85.3%
  Washington, DC/MD
977,324
-
(66,605)
46,448
(20,157)
957,167
74.0%
75.6%
  Rockland Co., NY
155,695
-
(2,450)
2,925
475
156,170
86.8%
86.5%
 
Total
27,496,164
-
(1,231,502)
1,245,345
13,843
27,510,007
88.2%
88.1%
                 

 
 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of June 30, 2011
31,198,836
    Total sq. ft. of properties added this period
--
Total sq. ft. as of September 30, 2011
31,198,836
   


(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 September 30, 2011 aggregating 30,668 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
34
 

 
Leasing Statistics
 
(For the three months ended September 30, 2011)
 
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
44
673,238
135,831
537,407
4.7
28.82
4.01
  
 
Office/Flex
5
29,732
18,078
11,654
2.7
15.46
1.78
  
Central NJ
Office
18
78,452
43,226
35,226
5.7
22.71
4.74
  
 
Office/Flex
1
1,442
1,442
-
5.4
19.29
4.11
  
Westchester Co., NY
Office
15
126,370
11,656
114,714
4.3
24.72
2.17
  
 
Office/Flex
26
149,819
29,830
119,989
3.7
18.03
2.03
  
Sub. Philadelphia
Office
11
32,631
8,391
24,240
3.4
24.12
2.96
  
 
Office/Flex
6
83,588
5,660
77,928
3.3
8.13
0.70
  
Fairfield Co., CT
Office
1
20,700
20,700
-
3.3
25.97
5.86
  
Washington, DC/MD
Office
8
46,448
1,564
44,884
4.2
25.33
2.60
  
Rockland Co., NY
Office
1
2,925
2,925
-
5.3
22.03
4.32
  
                   
Total
  
136
1,245,345
279,303
966,042
4.4
24.69
3.40
  
                   
Detail by Property Type
                  
 
Office
98
980,764
224,293
756,471
4.6
27.40
3.77
  
 
Office/Flex
38
264,581
55,010
209,571
3.5
14.62
1.63
  
                   
Total
  
136
1,245,345
279,303
966,042
4.4
24.69
3.40
  
                   
Tenant Retention:
Leases Retained
66.7%
              
 
Sq. Ft. Retained
78.4%
              
   


(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $12,291,557 and commissions of $5,731,550 committed, but not necessarily expended, during the period for second generation space aggregating 1,223,866 square feet.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
35
 

Leasing Statistics
(For the three months ended September 30, 2011)
 
Unconsolidated Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 
 
     
LEASING ACTIVITY
      
Market
Sq. Ft.
Leased
6/30/11
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 9/30/11
Pct.
Leased
9/30/11
Pct.
Leased
6/30/11
                 
   Northern NJ
742,670
  -
(17,921)
5,429
(12,492)
730,178
81.5%
82.9%
   Central NJ
249,183
 -
(5,706)
1,026
(4,680)
244,503
76.6%
78.1%
                 
Total
991,853
-
(23,627)
6,455
(17,172)
974,681
80.2%
81.6%
                 


 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of June 30, 2011
1,215,575
    Total sq. ft. of properties added/sold this period
-
Total sq. ft. as of September 30, 2011
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
5,429
-
5,429
4.7
26.96
6.90
   Central NJ
1
1,026
-
1,026
3.5
21.88
1.09
               
Total
3
6,455
-
6,455
4.5
26.15
6.18
               

(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 $130,789 and commissions of $48,275 committed, but not necessarily expended, during the period for second generation space aggregating 6,455 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
36
 

Leasing Statistics
(For the nine months ended September 30, 2011)
 
Consolidated In-Service Portfolio
 
 
SUMMARY OF SPACE LEASED
 

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
12/31/10
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased
9/30/11 (c)
Pct.
Leased
9/30/11
Pct.
Leased
12/31/10
                 
  Northern NJ
12,985,619
-
(1,776,087)
1,620,992
(155,095)
12,830,524
88.4%
89.5%
  Central NJ
4,984,429
204,057
(516,112)
450,320
(65,792)
5,122,694
88.7%
89.5%
  Westchester Co., NY
4,524,790
-
(756,266)
644,802
(111,464)
4,413,326
92.2%
94.5%
  Manhattan
307,453
-
-
174,806
174,806
482,259
92.0%
58.6%
  Sub. Philadelphia
3,167,238
-
(521,597)
393,126
(128,471)
3,038,767
86.1%
89.7%
  Fairfield, CT
533,211
-
(67,119)
43,008
(24,111)
509,100
85.2%
89.2%
  Washington, DC/MD
964,231
-
(127,691)
120,627
(7,064)
957,167
74.0%
74.6%
  Rockland Co., NY
156,771
-
(8,550)
7,949
(601)
156,170
86.8%
87.1%
 
Total
27,623,742
204,057
(3,773,422)
3,455,630
(317,792)
27,510,007
88.2%
89.1%
                 

 
 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of December 31, 2010
30,994,779
    Total sq. ft. of properties added this period
204,057
Total sq. ft. as of September 30, 2011
31,198,836
   


(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 September 30, 2011 aggregating 30,668 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
37
 

 
Leasing Statistics
 
(For the nine months ended September 30, 2011)
 
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
136
1,539,877
285,819
1,254,058
5.5
28.44
4.16
  
 
Office/Flex
10
81,115
29,132
51,983
5.6
16.39
2.54
  
Central NJ
Office
65
409,775
140,913
268,862
5.7
23.93
3.78
  
 
Office/Flex
9
40,545
14,301
26,244
4.6
17.26
2.42
  
Westchester Co., NY
Office
56
301,454
90,142
211,312
4.9
25.20
3.39
  
 
Office/Flex
66
343,348
81,733
261,615
4.7
16.28
2.08
  
Manhattan
Office
4
174,806
174,806
-
19.5
31.80
5.69
  
Sub. Philadelphia
Office
39
178,137
23,457
154,680
3.8
21.93
2.91
  
 
Office/Flex
19
214,989
33,851
181,138
3.1
9.74
1.00
  
Fairfield Co., CT
Office
9
43,008
22,550
20,458
3.0
23.66
3.93
  
Washington, DC/MD
Office
28
120,627
36,175
84,452
4.2
25.09
2.97
  
Rockland Co., NY
Office
5
7,949
2,925
5,024
3.7
23.42
2.82
  
                   
Total
  
446
 3,455,630
935,804
2,519,826
5.8
24.48
3.92
  
                   
Detail by Property Type
                  
 
Office
342
2,775,633
776,787
1,998,846
6.1
26.98
4.27
  
 
Office/Flex
104
679,997
159,017
520,980
4.3
14.28
1.93
  
                   
Total
  
446
 3,455,630
935,804
2,519,826
5.8
24.48
3.92
  
                   
Tenant Retention:
Leases Retained
67.3%
              
 
Sq. Ft. Retained
66.8%
              
   


(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 $54,382,412 and commissions of $22,862,797 committed, but not necessarily expended, during the period for second generation space aggregating 3,416,006 square feet.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
38
 

Leasing Statistics
(For the nine months ended September 30, 2011)
 
Unconsolidated Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 
 
     
LEASING ACTIVITY
      
Market
Sq. Ft.
Leased
12/31/10
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 9/30/11
Pct.
Leased
9/30/11
Pct.
Leased
12/31/10
                 
   Northern NJ
775,341
- 
(127,807)
82,644
(45,163)
730,178
81.5%
86.5%
   Central NJ
250,884
- 
(16,245)
9,864
(6,381)
244,503
76.6%
78.6%
                 
Total
1,026,225
-
(144,052)
92,508
(51,544)
974,681
80.2%
84.4%
                 


 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of December 31, 2010
1,215,575
    Total sq. ft. of properties added/sold this period
-
Total sq. ft. as of September 30, 2011
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
7
82,644
-
82,644
5.4
32.07
2.22
   Central NJ
5
9,864
5,259
4,605
4.6
20.69
3.03
               
Total
12
92,508
5,259
87,249
5.3
30.85
2.29
               

(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 $539,006 and commissions of $581,604 committed, but not necessarily expended, during the period for second generation space aggregating 90,887 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
39
 

Market Diversification

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


Market (MSA)
Annualized
Base Rental
Revenue
($) (a) (b) (c)
Percentage of
Company
Annualized Base
Rental Revenue (%)
Total
Property Size
Rentable
Area
Percentage of
Rentable Area
(%)
Newark, NJ (Essex-Morris-Union Counties)
137,933,702
22.3
6,495,715
20.8
Jersey City, NJ
116,678,613
18.9
4,317,978
13.9
Westchester-Rockland, NY
90,760,487
14.7
4,968,420
15.9
Bergen-Passaic, NJ
82,442,624
13.3
4,573,554
14.7
Philadelphia, PA-NJ
53,407,973
8.6
3,529,994
11.3
Middlesex-Somerset-Hunterdon, NJ
43,004,203
7.0
2,320,685
7.4
Washington, DC-MD-VA-WV
26,456,844
4.3
1,292,807
4.1
Monmouth-Ocean, NJ
25,558,665
4.1
1,620,863
5.2
Trenton, NJ
18,545,398
3.0
956,597
3.1
New York (Manhattan)
13,965,993
2.3
524,476
1.7
Stamford-Norwalk, CT
9,566,953
1.5
597,747
1.9
         
Total
618,321,455
100.0
31,198,836
100.0
         

(a)  
Annualized base rental revenue is based on actual September 2011 billings times 12.  For leases whose rent commences after October 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 September 30, 2011 aggregating 30,668 square feet and representing annualized rent of $666,840 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 September 30, 2011

 
 
40
 

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
89,994,421
14.5
3,254,218
12.2
Insurance Carriers & Related Activities
60,375,459
9.7
2,379,252
8.8
Manufacturing
52,928,991
8.6
2,610,750
9.7
Telecommunications
38,781,682
6.3
2,030,337
7.5
Legal Services
35,561,938
5.8
1,347,348
5.0
Health Care & Social Assistance
31,580,174
5.1
1,516,830
5.6
Credit Intermediation & Related Activities
27,017,216
4.4
1,017,461
3.8
Computer System Design Services
26,114,544
4.2
1,283,472
4.8
Accounting/Tax Prep.
23,502,582
3.8
897,590
3.3
Wholesale Trade
19,591,921
3.2
1,363,664
5.1
Scientific Research/Development
19,302,652
3.1
680,754
2.5
Architectural/Engineering
16,828,571
2.7
742,042
2.7
Admin & Support, Waste Mgt. & Remediation Services
16,368,979
2.6
789,732
2.9
Public Administration
14,269,862
2.3
546,849
2.0
Retail Trade
13,970,300
2.3
700,793
2.6
Other Services (except Public Administration)
13,943,610
2.3
558,901
2.1
Management/Scientific
12,894,241
2.1
521,882
1.9
Accommodation & Food Services
11,722,977
1.9
501,945
1.9
Arts, Entertainment & Recreation
11,697,048
1.9
694,807
2.6
Real Estate & Rental & Leasing
11,610,985
1.9
547,824
2.0
Advertising/Related Services
9,286,522
1.5
371,772
1.4
Other Professional
7,446,834
1.2
319,673
1.2
Construction
6,685,931
1.1
333,997
1.2
Information Services
6,406,618
1.0
252,860
0.9
Data Processing Services
6,164,458
1.0
240,815
0.9
Publishing Industries
5,663,245
0.9
220,688
0.8
Transportation
5,533,162
0.9
294,591
1.1
Broadcasting
5,426,588
0.9
195,590
0.7
Utilities
4,688,718
0.8
192,809
0.7
Educational Services
3,722,919
0.6
194,229
0.7
Other
9,238,307
1.4
386,341
1.4
         
Total
618,321,455
100.0
26,989,816
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 September 2011 billings times 12.  For leases whose rent commences after October 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 September 30, 2011 aggregating 30,668 square feet and representing annualized rent of $666,840 for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
41
 


 
Consolidated Portfolio Analysis (a)
 
(as of September 30, 2011)
 

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
112
41.6%
49
18.2%
--
--
--
--
--
--
161
59.8%
New York
21
7.9%
41
15.2%
6
2.2%
2
0.7 %
2
0.7%
72
26.7%
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:
 
163
 
60.7%
 
95
 
35.3%
 
6
 
2.2%
 
2
 
0.7%
 
3
 
1.1%
 
269
 
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 September 30, 2011

 
 
42
 


 
Consolidated Portfolio Analysis (a)
 
(as of September 30, 2011)
 

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
19,600,117
62.9%
2,189,531
7.0%
--
--
--
--
21,789,648
69.9%
New York
2,739,384
8.8%
2,348,812
7.5%
387,400
1.2%
17,300
0.1%
5,492,896
17.6%
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
 
4.1%
 
--
 
--
 
--
 
--
 
--
 
--
 
1,292,807
 
4.1%
TOTALS
    By Type:
 
25,982,793
 
83.3%
 
4,811,343
 
15.4%
 
387,400
 
1.2%
 
17,300
 
0.1%
 
31,198,836
 
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 September 30, 2011

 
 
43
 


 
Consolidated Portfolio Analysis (a)
 
(Year ended September 30, 2011)
 

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
$408,080
68.2%
$17,805
2.9%
--
--
--
--
--
--
$425,885
71.1%
New York
57,552
9.6%
34,675
5.8%
$3,637
0.6%
$481
0.1%
 $333
0.1%
96,678
16.2%
Pennsylvania
40,471
6.8%
--
--
--
--
--
--
--
--
40,471
6.8%
Connecticut
5,479
0.9%
4,113
0.7%
--
--
--
--
--
--
9,592
1.6%
Wash., D.C./
   Maryland
25,903
4.3%
--
--
--
--
--
--
153
--
26,056
 
4.3%
TOTALS
   By Type:
$537,485
89.8%
$56,593
9.4%
$3,637
0.6%
$481
0.1%
 $486
0.1%
$598,682
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 September 30, 2011, 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 September 30, 2011

 
 
44
 


Consolidated Portfolio Analysis (a) (b)
(as of September 30, 2011)
 
Breakdown by Percentage Leased
 

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
88.5%
89.9%
--
--
88.6%
New York
87.3%
96.4%
97.8%
100.0%
92.0%
Pennsylvania
83.2%
--
--
--
83.2%
Connecticut
72.7%
100.0%
--
--
85.2%
Washington, D.C./ Maryland
74.0%
--
--
--
74.0%
 
WEIGHTED AVG. By Type:
 
87.0%
 
93.6%
 
97.8%
 
100.0%
 
88.2%

(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 September 30, 2011 aggregating 30,668 square feet for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
45
 

Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
BERGEN COUNTY, NEW JERSEY
            
Fair Lawn
            
17-17 Route 208 North                                                 
1987
143,000
97.3
2,848
0.48
20.47
Fort Lee
            
One Bridge Plaza                                                 
1981
200,000
86.0
4,342
0.73
25.24
2115 Linwood Avenue                                                 
1981
68,000
49.3
900
0.15
26.85
Little Ferry
            
200 Riser Road                                                 
1974
286,628
100.0
2,057
0.34
7.18
Lyndhurst
            
210 Clay Avenue                                                 
1981
121,203
90.9
2,519
0.42
22.86
Montvale
            
95 Chestnut Ridge Road                                                 
1975
47,700
0.0
7
0.00
0.00
135 Chestnut Ridge Road                                                 
1981
66,150
76.4
659
0.11
13.04
Paramus
            
15 East Midland Avenue                                                 
1988
259,823
80.5
4,687
0.78
22.41
140 East Ridgewood Avenue                                                 
1981
239,680
90.4
4,779
0.80
22.06
461 From Road                                                 
1988
253,554
97.0
5,990
1.00
24.35
650 From Road                                                 
1978
348,510
85.5
6,312
1.06
21.18
61 South Paramus Road (e)                                                 
1985
269,191
59.9
4,462
0.75
27.67
Rochelle Park
            
120 West Passaic Street                                                 
1972
52,000
99.6
1,456
0.24
28.11
365 West Passaic Street                                                 
1976
212,578
93.3
4,183
0.70
21.09
395 West Passaic Street                                                 
1979
100,589
39.2
1,738
0.29
44.08
Upper Saddle River
            
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.25
15.72
10 Mountainview Road                                                 
1986
192,000
75.4
3,118
0.52
21.54
Woodcliff Lake
            
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,950
0.33
21.86
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,248
0.21
23.77
530 Chestnut Ridge Road                                                 
1986
57,204
80.2
644
0.11
14.04
50 Tice Boulevard                                                 
1984
235,000
89.1
5,525
0.92
26.39
300 Tice Boulevard                                                 
1991
230,000
100.0
5,551
0.93
24.13
             
BURLINGTON COUNTY, NEW JERSEY
            
Moorestown
            
224 Strawbridge Drive                                                 
1984
74,000
100.0
1,758
0.29
23.76
228 Strawbridge Drive                                                 
1984
74,000
100.0
1,853
0.31
25.04
232 Strawbridge Drive                                                 
1986
74,258
28.9
1,177
0.20
54.84
             
ESSEX COUNTY, NEW JERSEY
            
Millburn
            
150 J.F. Kennedy Parkway                                                 
1980
247,476
95.6
7,691
1.28
32.51
Roseland
            
4 Becker Farm Road                                                 
1983
281,762
98.8
6,540
1.09
23.49
5 Becker Farm Road                                                 
1982
118,343
88.3
2,444
0.41
23.39
6 Becker Farm Road                                                 
1982
129,732
78.3
2,569
0.43
25.29
101 Eisenhower Parkway                                                 
1980
237,000
89.0
4,996
0.83
23.69
103 Eisenhower Parkway                                                 
1985
151,545
75.2
2,348
0.39
20.60
105 Eisenhower Parkway                                                 
2001
220,000
94.9
5,161
0.86
24.72
75 Livingston Avenue                                                 
1985
94,221
59.4
1,327
0.22
23.71
85 Livingston Avenue                                                 
1985
124,595
84.8
2,712
0.45
25.67


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
46
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
HUDSON COUNTY, NEW JERSEY
            
Jersey City
            
Harborside Financial Center Plaza 1
1983
400,000
100.0
11,429
1.91
28.57
Harborside Financial Center Plaza 2
1990
761,200
100.0
18,462
3.08
24.25
Harborside Financial Center Plaza 3
1990
725,600
95.6
20,651
3.45
29.77
Harborside Financial Center Plaza 4-A
2000
207,670
100.0
6,063
1.01
29.20
Harborside Financial Center Plaza 5
2002
977,225
96.4
35,284
5.90
37.45
101 Hudson Street                                                 
1992
1,246,283
86.6
28,646
4.79
26.54
             
MERCER COUNTY, NEW JERSEY
            
Hamilton Township
            
3 AAA Drive                                                 
1981
35,270
68.7
566
0.09
23.36
600 Horizon Drive                                                 
2002
95,000
100.0
1,419
0.24
14.94
700 Horizon Drive                                                 
2007
120,000
100.0
2,459
0.41
20.49
2 South Gold Drive                                                 
1974
33,962
64.5
483
0.08
22.05
Princeton
            
103 Carnegie Center                                                 
1984
96,000
90.9
2,352
0.39
26.95
2 Independence Way                                                 
1981
67,401
100.0
1,522
0.25
22.58
3 Independence Way                                                 
1983
111,300
88.0
2,049
0.34
20.92
100 Overlook Center                                                 
1988
149,600
100.0
3,822
0.64
25.55
5 Vaughn Drive                                                 
1987
98,500
85.6
2,086
0.35
24.74
             
MIDDLESEX COUNTY, NEW JERSEY
            
East Brunswick
            
377 Summerhill Road                                                 
1977
40,000
100.0
372
0.06
9.30
Edison
            
343 Thornall Street (c)                                              
1991
195,709
93.8
3,971
0.66
21.63
Piscataway
            
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,445
0.41
15.28
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,757
0.29
15.28
30 Knightsbridge Road, Bldg. 5
1977
332,607
80.8
4,949
0.83
18.42
30 Knightsbridge Road, Bldg. 6
1977
72,743
63.8
206
0.03
4.44
Plainsboro
            
500 College Road East (e)                                                 
1984
158,235
75.5
1,287
0.21
10.77
Woodbridge
            
581 Main Street                                                 
1991
200,000
93.1
4,950
0.83
26.58
             
MONMOUTH COUNTY, NEW JERSEY
            
Freehold
            
2 Paragon Way                                                 
1989
44,524
47.2
416
0.07
19.80
3 Paragon Way                                                 
1991
66,898
68.0
785
0.13
17.26
4 Paragon Way                                                 
2002
63,989
30.8
529
0.09
26.84
100 Willow Brook Road                                                 
1988
60,557
57.4
802
0.13
23.07
Holmdel
            
23 Main Street                                                 
1977
350,000
100.0
4,012
0.67
11.46
Middletown
            
One River Centre Bldg. 1                                                 
1983
122,594
93.4
2,896
0.48
25.29
One River Centre Bldg. 2                                                 
1983
120,360
100.0
2,346
0.39
19.49
One River Centre Bldg. 3 and 4
1984
214,518
93.6
4,329
0.72
21.56
             


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
47
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
Neptune
            
3600 Route 66                                                 
1989
180,000
100.0
2,400
0.40
13.33
Wall Township
            
1305 Campus Parkway                                                 
1988
23,350
92.4
491
0.08
22.76
1350 Campus Parkway                                                 
1990
79,747
99.9
1,190
0.20
14.94
             
MORRIS COUNTY, NEW JERSEY
            
Florham Park
            
325 Columbia Turnpike                                                 
1987
168,144
94.9
3,215
0.54
20.15
Morris Plains
            
250 Johnson Road                                                 
1977
75,000
100.0
1,530
0.26
20.40
201 Littleton Road                                                 
1979
88,369
31.7
539
0.09
19.24
Morris Township
            
412 Mt. Kemble Avenue                                                 
1986
475,100
64.9
5,611
0.94
18.20
Parsippany
            
4 Campus Drive                                                 
1983
147,475
87.5
3,094
0.52
23.98
6 Campus Drive                                                 
1983
148,291
94.0
3,177
0.53
22.79
7 Campus Drive                                                 
1982
154,395
78.0
2,216
0.37
18.40
8 Campus Drive                                                 
1987
215,265
82.9
5,603
0.94
31.40
9 Campus Drive                                                 
1983
156,495
69.9
2,515
0.42
22.99
4 Century Drive                                                 
1981
100,036
61.3
1,120
0.19
18.26
5 Century Drive                                                 
1981
79,739
52.0
1,198
0.20
28.89
6 Century Drive                                                 
1981
100,036
24.8
877
0.15
35.35
2 Dryden Way                                                 
1990
6,216
100.0
99
0.02
15.93
4 Gatehall Drive                                                 
1988
248,480
97.6
6,494
1.08
26.78
2 Hilton Court                                                 
1991
181,592
100.0
6,533
1.09
35.98
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.19
19.59
600 Parsippany Road                                                 
1978
96,000
90.1
1,545
0.26
17.86
1 Sylvan Way                                                 
1989
150,557
85.9
2,781
0.46
21.50
4 Sylvan Way                                                 
1984
105,135
100.0
1,929
0.32
18.35
5 Sylvan Way                                                 
1989
151,383
96.2
3,980
0.66
27.33
7 Sylvan Way                                                 
1987
145,983
100.0
3,219
0.54
22.05
22 Sylvan Way                                                 
2009
249,409
100.0
6,111
1.02
24.50
20 Waterview Boulevard                                                 
1988
225,550
99.1
5,172
0.86
23.14
35 Waterview Boulevard                                                 
1990
172,498
93.5
3,887
0.65
24.10
5 Wood Hollow Road                                                 
1979
317,040
88.1
5,063
0.85
18.13
             
PASSAIC COUNTY, NEW JERSEY
            
Clifton
            
777 Passaic Avenue                                                 
1983
75,000
65.4
1,183
0.20
24.12
Totowa
            
999 Riverview Drive                                                 
1988
56,066
67.7
875
0.15
23.05
             
SOMERSET COUNTY, NEW JERSEY
            
Basking Ridge
            
222 Mt. Airy Road                                                 
1986
49,000
100.0
1,069
0.18
21.82
233 Mt. Airy Road                                                 
1987
66,000
56.8
1,122
0.19
29.93
Bernards
            
106 Allen Road                                                 
2000
132,010
68.8
3,973
0.66
43.74
             


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
48
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
Branchburg
            
51 Imclone Drive                                              
1986
63,213
100.0
473
0.08
7.48
Bridgewater
            
55 Corporate Drive (f)                                                 
2011
204,057
100.0
2,006
0.34
23.45
440 Route 22 East (f)                                                 
1990
198,376
93.4
3,114
0.52
21.30
721 Route 202/206 
1989
192,741
86.4
3,758
0.63
22.57
Warren
            
10 Independence Boulevard                                                 
1988
120,528
86.3
2,948
0.49
28.34
             
UNION COUNTY, NEW JERSEY
            
Clark
            
100 Walnut Avenue                                                 
1985
182,555
100.0
4,493
0.75
24.61
Cranford
            
6 Commerce Drive                                                 
1973
56,000
81.8
1,047
0.17
22.86
11 Commerce Drive                                                 
1981
90,000
95.0
2,209
0.37
25.84
12 Commerce Drive                                                 
1967
72,260
84.7
883
0.15
14.43
14 Commerce Drive                                                 
1971
67,189
75.8
1,139
0.19
22.36
20 Commerce Drive                                                 
1990
176,600
93.3
4,114
0.69
24.97
25 Commerce Drive                                                 
1971
67,749
95.8
1,465
0.24
22.57
65 Jackson Drive                                                 
1984
82,778
94.0
1,863
0.31
23.94
New Providence
            
890 Mountain Avenue                                                 
1977
80,000
53.4
1,265
0.21
29.61
             
Total New Jersey Office
  
19,600,117
88.5
408,080
68.16
23.75
             
NEW YORK COUNTY, NEW YORK
            
New York
            
125 Broad Street                                                 
1970
524,476
92.0
9,784
1.64
20.28
             
ROCKLAND COUNTY, NEW YORK
            
Suffern
            
400 Rella Boulevard                                                 
1988
180,000
86.8
3,613
0.60
23.12
WESTCHESTER COUNTY, NEW YORK
            
Elmsford
            
100 Clearbrook Road (c)                                                 
1975
60,000
98.3
1,143
0.19
19.38
101 Executive Boulevard                                                 
1971
50,000
0.0
112
0.02
0.00
555 Taxter Road                                                 
1986
170,554
80.3
3,497
0.58
25.53
565 Taxter Road                                                 
1988
170,554
82.7
3,588
0.60
25.44
570 Taxter Road                                                 
1972
75,000
68.4
1,328
0.22
25.89
Hawthorne
            
1 Skyline Drive                                                 
1980
20,400
99.0
408
0.07
20.20
2 Skyline Drive                                                 
1987
30,000
100.0
543
0.09
18.10
7 Skyline Drive                                                 
1987
109,000
88.6
2,373
0.40
24.57
17 Skyline Drive (e)                                                 
1989
85,000
100.0
1,655
0.28
19.47
19 Skyline Drive                                                 
1982
248,400
100.0
4,036
0.67
16.25
Tarrytown
            
200 White Plains Road                                                 
1982
89,000
88.1
1,864
0.31
23.77
220 White Plains Road                                                 
1984
89,000
77.2
1,603
0.27
23.33
White Plains
            
1 Barker Avenue                                                 
1975
68,000
99.8
1,694
0.28
24.96
3 Barker Avenue                                                 
1983
65,300
100.0
1,653
0.28
25.31


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
49
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
50 Main Street                                                 
1985
309,000
81.1
8,467
1.42
33.79
11 Martine Avenue                                                 
1987
180,000
78.4
4,636
0.77
32.85
1 Water Street                                                 
1979
45,700
96.1
1,154
0.19
26.28
Yonkers
            
1 Executive Boulevard                                                 
1982
112,000
99.0
2,755
0.46
24.85
3 Executive Boulevard                                                 
1987
58,000
100.0
1,646
0.27
28.38
             
Total New York Office
  
2,739,384
87.3
57,552
9.61
24.06
             
CHESTER COUNTY, PENNSYLVANIA
            
Berwyn
            
1000 Westlakes Drive                                                 
1989
60,696
56.0
1,033
0.17
30.39
1055 Westlakes Drive                                                 
1990
118,487
79.1
2,568
0.43
27.40
1205 Westlakes Drive                                                 
1988
130,265
89.0
3,152
0.53
27.19
1235 Westlakes Drive                                                 
1986
134,902
92.0
2,907
0.49
23.42
             
DELAWARE COUNTY, PENNSYLVANIA
            
Lester
            
100 Stevens Drive                                                 
1986
95,000
100.0
2,771
0.46
29.17
200 Stevens Drive                                                 
1987
208,000
100.0
6,088
1.03
29.27
300 Stevens Drive                                                 
1992
68,000
86.6
1,381
0.23
23.45
Media
            
1400 Providence Road – Center I
1986
100,000
98.9
2,220
0.37
22.45
1400 Providence Road – Center II
1990
160,000
96.9
3,134
0.52
20.21
             
MONTGOMERY COUNTY, PENNSYLVANIA
            
Bala Cynwyd
            
150 Monument Road                                                 
1981
125,783
86.3
2,798
0.47
25.78
Blue Bell
            
4 Sentry Park                                                 
1982
63,930
83.5
993
0.17
18.60
5 Sentry Park East                                                 
1984
91,600
58.5
1,175
0.20
21.93
5 Sentry Park West                                                 
1984
38,400
31.5
253
0.04
20.92
16 Sentry Park West                                                 
1988
93,093
100.0
2,219
0.37
23.84
18 Sentry Park West                                                 
1988
95,010
99.8
2,276
0.38
24.00
King of Prussia
            
2200 Renaissance Boulevard                                                 
1985
174,124
47.3
1,823
0.30
22.13
Lower Providence
            
1000 Madison Avenue                                                 
1990
100,700
75.0
1,195
0.20
15.82
Plymouth Meeting
            
1150 Plymouth Meeting Mall                                                 
1970
167,748
77.2
2,485
0.42
19.19
             
Total Pennsylvania Office
  
2,025,738
83.2
40,471
6.78
24.03
             
FAIRFIELD COUNTY, CONNECTICUT
            
Norwalk
            
40 Richards Avenue                                                 
1985
145,487
54.2
2,201
0.37
27.91
Stamford
            
1266 East Main Street                                                 
1984
179,260
87.7
3,278
0.55
20.85
             
Total Connecticut Office
  
324,747
72.7
5,479
0.92
23.21
             


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
50
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
WASHINGTON, D.C.
            
1201 Connecticut Avenue, NW
1940
169,549
87.1
6,341
1.07
42.94
1400 L Street, NW                                                 
1987
159,000
100.0
5,618
0.94
35.33
             
Total District of Columbia Office
  
328,549
93.4
11,959
2.01
38.95
             
PRINCE GEORGE’S COUNTY, MARYLAND
            
Greenbelt
            
9200 Edmonston Road                                                 
1973
38,690
100.0
910
0.15
23.52
6301 Ivy Lane                                                 
1979
112,003
85.6
1,614
0.27
16.83
6303 Ivy Lane                                                 
1980
112,047
85.6
2,359
0.39
24.60
6305 Ivy Lane                                                 
1982
112,022
88.8
1,464
0.24
14.72
6404 Ivy Lane                                                 
1987
165,234
65.8
2,182
0.36
20.07
6406 Ivy Lane                                                 
1991
163,857
0.0
0
0.00
0.00
6411 Ivy Lane                                                 
1984
138,405
65.6
2,520
0.42
27.76
Lanham
            
4200 Parliament Place                                                 
1989
122,000
99.1
2,895
0.48
23.95
             
Total Maryland Office
  
964,258
67.5
13,944
2.31
21.41
             
             
TOTAL OFFICE PROPERTIES
  
25,982,793
87.0
537,485
89.79
23.93
             


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
51
 


Property Listing
 
Office/Flex Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
BURLINGTON COUNTY, NEW JERSEY
            
Burlington
            
3 Terri Lane                                                 
1991
64,500
100.0
556
0.09
8.62
5 Terri Lane                                                 
1992
74,555
100.0
615
0.10
8.25
Moorestown
            
2 Commerce Drive                                                 
1986
49,000
75.6
226
0.04
6.10
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.05
4.25
102 Commerce Drive                                                 
1987
38,400
100.0
207
0.03
5.39
201 Commerce Drive                                                 
1986
38,400
100.0
205
0.03
5.34
202 Commerce Drive                                                 
1988
51,200
82.8
216
0.04
5.10
1 Executive Drive                                                 
1989
20,570
81.1
124
0.02
7.43
2 Executive Drive                                                 
1988
60,800
90.3
428
0.07
7.80
101 Executive Drive                                                 
1990
29,355
99.7
297
0.05
10.15
102 Executive Drive                                                 
1990
64,000
100.0
474
0.08
7.41
225 Executive Drive                                                 
1990
50,600
79.1
243
0.04
6.07
97 Foster Road                                                 
1982
43,200
100.0
155
0.03
3.59
1507 Lancer Drive                                                 
1995
32,700
0.0
67
0.01
0.00
1245 North Church Street                                                 
1998
52,810
100.0
280
0.05
5.30
1247 North Church Street                                                 
1998
52,790
80.7
246
0.04
5.77
1256 North Church Street                                                 
1984
63,495
100.0
441
0.07
6.95
840 North Lenola Road                                                 
1995
38,300
100.0
370
0.06
9.66
844 North Lenola Road                                                 
1995
28,670
100.0
174
0.03
6.07
915 North Lenola Road                                                 
1998
52,488
100.0
292
0.05
5.56
2 Twosome Drive                                                 
2000
48,600
100.0
450
0.08
9.26
30 Twosome Drive                                                 
1997
39,675
100.0
299
0.05
7.54
31 Twosome Drive                                                 
1998
84,200
100.0
483
0.08
5.74
40 Twosome Drive                                                 
1996
40,265
86.6
257
0.04
7.37
41 Twosome Drive                                                 
1998
43,050
77.7
203
0.03
6.07
50 Twosome Drive                                                 
1997
34,075
100.0
257
0.04
7.54
             
GLOUCESTER COUNTY, NEW JERSEY
            
West Deptford
            
1451 Metropolitan Drive                                                 
1996
21,600
100.0
120
0.02
5.56
             
MERCER COUNTY, NEW JERSEY
            
Hamilton Township
            
100 Horizon Center Boulevard
1989
13,275
50.0
124
0.02
18.68
200 Horizon Drive                                                 
1991
45,770
100.0
638
0.11
13.94
300 Horizon Drive                                                 
1989
69,780
46.0
479
0.08
14.92
500 Horizon Drive                                                 
1990
41,205
93.8
542
0.09
14.02
             
MONMOUTH COUNTY, NEW JERSEY
            
Wall Township
            
1325 Campus Parkway                                                 
1988
35,000
100.0
643
0.11
18.37
1340 Campus Parkway                                                 
1992
72,502
100.0
952
0.16
13.13
1345 Campus Parkway                                                 
1995
76,300
100.0
905
0.15
11.86
1433 Highway 34                                                 
1985
69,020
67.3
521
0.09
11.22
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
213
0.04
10.47
1324 Wyckoff Avenue                                                 
1987
21,168
81.5
184
0.03
10.67
             
             
             


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
52
 


Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
PASSAIC COUNTY, NEW JERSEY
            
Totowa
            
1 Center Court                                                 
1999
38,961
100.0
361
0.06
9.27
2 Center Court                                                 
1998
30,600
62.8
253
0.04
13.17
11 Commerce Way                                                 
1989
47,025
100.0
627
0.10
13.33
20 Commerce Way                                                 
1992
42,540
61.1
303
0.05
11.66
29 Commerce Way                                                 
1990
48,930
85.0
671
0.11
16.13
40 Commerce Way                                                 
1987
50,576
86.3
331
0.06
7.58
45 Commerce Way                                                 
1992
51,207
100.0
510
0.09
9.96
60 Commerce Way                                                 
1988
50,333
94.0
563
0.09
11.90
80 Commerce Way                                                 
1996
22,500
100.0
280
0.05
12.44
100 Commerce Way                                                 
1996
24,600
100.0
306
0.05
12.44
120 Commerce Way                                                 
1994
9,024
100.0
110
0.02
12.19
140 Commerce Way                                                 
1994
26,881
89.3
329
0.05
13.71
             
Total New Jersey Office/Flex
  
2,189,531
89.9
17,805
2.97
9.04
             
WESTCHESTER COUNTY, NEW YORK
            
Elmsford
            
11 Clearbrook Road                                                 
1974
31,800
72.8
364
0.06
15.72
75 Clearbrook Road                                                 
1990
32,720
100.0
372
0.06
11.37
125 Clearbrook Road                                                 
2002
33,000
100.0
709
0.12
21.48
150 Clearbrook Road                                                 
1975
74,900
100.0
861
0.14
11.50
175 Clearbrook Road                                                 
1973
98,900
100.0
1,441
0.24
14.57
200 Clearbrook Road                                                 
1974
94,000
99.8
943
0.16
10.05
250 Clearbrook Road                                                 
1973
155,000
97.3
1,480
0.25
9.81
50 Executive Boulevard                                                 
1969
45,200
66.7
432
0.07
14.33
77 Executive Boulevard                                                 
1977
13,000
100.0
244
0.04
18.77
85 Executive Boulevard                                                 
1968
31,000
99.4
577
0.10
18.73
300 Executive Boulevard                                                 
1970
60,000
100.0
741
0.12
12.35
350 Executive Boulevard                                                 
1970
15,400
98.8
235
0.04
15.45
399 Executive Boulevard                                                 
1962
80,000
100.0
1,038
0.17
12.98
400 Executive Boulevard                                                 
1970
42,200
78.0
514
0.09
15.62
500 Executive Boulevard                                                 
1970
41,600
100.0
748
0.12
17.98
525 Executive Boulevard                                                 
1972
61,700
95.3
996
0.17
16.94
1 Westchester Plaza                                                 
1967
25,000
100.0
339
0.06
13.56
2 Westchester Plaza                                                 
1968
25,000
100.0
544
0.09
21.76
3 Westchester Plaza                                                 
1969
93,500
85.0
1,023
0.17
12.87
4 Westchester Plaza                                                 
1969
44,700
100.0
681
0.11
15.23
5 Westchester Plaza                                                 
1969
20,000
100.0
298
0.05
14.90
6 Westchester Plaza                                                 
1968
20,000
100.0
293
0.05
14.65
7 Westchester Plaza                                                 
1972
46,200
100.0
677
0.11
14.65
8 Westchester Plaza                                                 
1971
67,200
84.1
939
0.16
16.61
Hawthorne
            
200 Saw Mill River Road                                                 
1965
51,100
92.0
595
0.10
12.66
4 Skyline Drive                                                 
1987
80,600
100.0
1,327
0.22
16.46
5 Skyline Drive                                                 
1980
124,022
96.1
1,597
0.27
13.40
6 Skyline Drive                                                 
1980
44,155
100.0
454
0.08
10.28
8 Skyline Drive                                                 
1985
50,000
98.7
955
0.16
19.35
10 Skyline Drive                                                 
1985
20,000
100.0
380
0.06
19.00
             


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
53
 


Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
11 Skyline Drive (e)                                                 
1989
45,000
100.0
918
0.15
20.40
12 Skyline Drive (e)                                                 
1999
46,850
100.0
615
0.10
13.13
15 Skyline Drive (e)                                                 
1989
55,000
100.0
1,204
0.20
21.89
Yonkers
            
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,559
0.26
20.33
200 Corporate Boulevard South
1990
84,000
100.0
1,553
0.26
18.49
4 Executive Plaza                                                 
1986
80,000
100.0
1,373
0.23
17.16
6 Executive Plaza                                                 
1987
80,000
100.0
1,515
0.25
18.94
1 Odell Plaza                                                 
1980
106,000
91.9
1,157
0.19
11.88
3 Odell Plaza                                                 
1984
71,065
100.0
1,596
0.27
22.46
5 Odell Plaza                                                 
1983
38,400
99.6
620
0.10
16.21
7 Odell Plaza                                                 
1984
42,600
99.6
768
0.13
18.10
             
Total New York Office/Flex
  
2,348,812
96.4
34,675
5.78
15.32
             
FAIRFIELD COUNTY, CONNECTICUT
            
Stamford
            
419 West Avenue                                                 
1986
88,000
100.0
1,417
0.24
16.10
500 West Avenue                                                 
1988
25,000
100.0
423
0.07
16.92
550 West Avenue                                                 
1990
54,000
100.0
984
0.16
18.22
600 West Avenue                                                 
1999
66,000
100.0
603
0.10
9.14
650 West Avenue                                                 
1998
40,000
100.0
686
0.11
17.15
             
Total Connecticut Office/Flex
  
273,000
100.0
4,113
0.68
15.07
             
             
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
93.6
56,593
9.43
12.56
             


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
54
 


Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
(Sq. Ft.)
Percentage
Leased
as of
9/30/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
WESTCHESTER COUNTY, NEW YORK
            
Elmsford
            
1 Warehouse Lane (e)                                                 
1957
6,600
100.0
96
0.02
14.55
2 Warehouse Lane (e)                                                 
1957
10,900
100.0
121
0.02
11.10
3 Warehouse Lane (e)                                                 
1957
77,200
100.0
363
0.06
4.70
4 Warehouse Lane (e)                                                 
1957
195,500
96.7
1,589
0.27
8.41
5 Warehouse Lane (e)                                                 
1957
75,100
97.1
930
0.16
12.75
6 Warehouse Lane (e)                                                 
1982
22,100
100.0
538
0.09
24.34
             
Total Industrial/Warehouse Properties
  
387,400
97.8
3,637
0.62
9.60
             
WESTCHESTER COUNTY, NEW YORK
            
Tarrytown
            
230 White Plains Road                                                 
1984
9,300
100.0
179
0.03
19.25
Yonkers
            
2 Executive Boulevard                                                 
1986
8,000
100.0
302
0.05
37.75
             
Total Retail Properties
  
17,300
100.0
481
0.08
27.80
             
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
  
31,198,836
88.2
598,682
100.00
21.89

(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 September 30, 2011 aggregating 30,668 square feet (representing 0.1 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 September 30, 2011, 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 September 30, 2011, divided by net rentable square feet leased at September 30, 2011.
(e)  
This property is located on land leased by the Company.
(f)  
As this property was acquired, placed in service or initially consolidated by the Company during the 12 months ended September 30, 2011, the amounts represented in 2011 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 2011 average base rent per sq. ft. for this property have been calculated by taking 2011 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at September 30, 2011.  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 September 30, 2011.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
55
 


Significant Tenants


The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of September 30, 2011, 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
13,662,105
2.1
472,651
1.7
(b)
DB Services New Jersey, Inc.
2
10,905,426
1.7
402,068
1.4
2017
New Cingular Wireless PCS, LLC
4
9,744,793
1.5
433,296
1.6
(c)
Wyndham Worldwide Operations
2
9,360,884
1.5
395,392
1.5
(d)
Keystone Mercy Health Plan
2
8,973,210
1.5
303,149
1.1
2020
Prentice-Hall, Inc.
1
8,643,699
1.4
474,801
1.8
2014
United States of America-GSA
12
8,546,637
1.4
276,867
1.0
(e)
Forest Research Institute, Inc.
1
8,271,398
1.3
215,659
0.8
2017
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
6,100,756
1.0
188,776
0.7
2020
Daiichi Sankyo, Inc.
2
6,035,295
1.0
180,807
0.7
(f)
Bank Of Tokyo-Mitsubishi, Ltd.
1
5,254,698
0.8
161,683
0.6
(g)
Montefiore Medical Center
5
5,239,785
0.8
237,512
0.9
(h)
Credit Suisse (USA), Inc.
1
5,212,307
0.8
153,464
0.6
(i)
KPMG, LLP
3
5,092,360
0.8
187,536
0.7
(j)
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
(k)
National Financial Services
1
4,798,621
0.8
112,964
0.4
2012
Sanofi-Aventis U.S., Inc.
1
4,489,254
0.7
204,057
0.8
2026
J.H. Cohn, LLP
2
4,335,049
0.7
155,056
0.6
(l)
Allstate Insurance Company
8
4,200,239
0.7
179,425
0.7
(m)
Vonage America, Inc.
1
4,172,000
0.7
350,000
1.3
2017
AT&T Corp.
1
4,137,500
0.7
275,000
1.0
2014
Morgan Stanley Smith Barney
4
4,099,766
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
HQ Global Workplaces, LLC
9
3,433,676
0.6
169,367
0.6
(o)
Oppenheimer & Co., Inc.
1
3,269,465
0.5
118,871
0.4
(p)
E*Trade Financial Corporation
1
3,124,160
0.5
106,573
0.4
2022
Shaw Facilities, Inc.
3
3,122,835
0.5
141,172
0.5
(q)
Dow Jones & Company, Inc.
1
3,057,773
0.5
92,312
0.3
2012
Alpharma, LLC
1
3,053,604
0.5
112,235
0.4
2018
SunAmerica Asset Management
1
2,958,893
0.5
69,621
0.3
2018
United States Life Insurance Co.
1
2,880,000
0.5
180,000
0.7
2013
High Point Safety & Insurance
2
2,836,590
0.5
116,889
0.4
2020
Natixis North America, Inc.
1
2,823,569
0.5
89,907
0.3
2021
Tullett Prebon Holdings Corp.
1
2,809,850
0.5
100,759
0.4
2023
UBS Financial Services, Inc.
3
2,800,216
0.5
95,432
0.4
(r)
Continental Casualty Company
2
2,784,736
0.5
100,712
0.4
(s)
Lehman Brothers Holdings, Inc.
1
2,631,235
0.4
74,114
0.3
2012
Connell Foley, LLP
2
2,572,383
0.4
97,822
0.4
2015
AAA Mid-Atlantic, Inc.
2
2,542,238
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
Lowenstein Sandler, P.C.
1
2,466,925
0.4
98,677
0.4
2017
Movado Group, Inc
1
2,449,828
0.4
90,050
0.3
2018
Savvis Communications Corporation
1
2,430,116
0.4
71,474
0.3
2015
Virgin Mobile USA, LP
1
2,427,776
0.4
93,376
0.3
2016
             
Total
  
236,036,410
38.2
9,361,822
34.7
  

See footnotes on subsequent page.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
56
 


Significant Tenants

(Continued)


(a)  
Annualized base rental revenue is based on actual September 2011 billings times 12.  For leases whose rent commences after October 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 2013; 249,409 square feet expire in 2029.
(e)  
9,901 square feet expire in 2011; 1,729 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)  
8,907 square feet expire in 2013; 171,900 square feet expire in 2022.
(g)  
24,607 square feet expire in 2019; 137,076 square feet expire in 2029.
(h)  
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; 14,842 square feet expire in 2021.
(i)  
71,511 square feet expire in 2011; 81,953 square feet expire in 2012.
(j)  
77,381 square feet expire in 2012; 10,877 square feet expire in 2013; 53,409 square feet expire in 2019; 45,869 square feet expire in 2020.
(k)  
248,399 square feet expire in 2012; 43,905 square feet expire in 2013.
(l)  
1,021 square feet expire in 2014; 154,035 square feet expire in 2020.
(m)  
5,516 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; 79,480 square feet expire in 2017; 51,606 square feet expire in 2018.
(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)  
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; 36,158 square feet expire in 2023.
(p)  
104,008 square feet expire in 2013; 14,863 square feet expire in 2017.
(q)  
39,060 square feet expire in 2013; 102,112 square feet expire in 2015.
(r)  
21,554 square feet expire in 2011; 23,373 square feet expire in 2013; 37,165 square feet expire in 2016; 13,340 square feet expire in 2022.
(s)  
19,416 square feet expire in 2016; 81,296 square feet expire in 2031.
(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 September 30, 2011

 
 
57
 


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 October 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
23
205,711
0.8
5,675,680
27.59
0.9
   Central NJ
13
53,246
0.2
1,471,474
27.64
0.2
   Westchester Co., NY
19
46,715
0.1
1,086,617
23.26
0.2
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
10
40,905
0.1
748,533
18.30
0.1
   Fairfield, CT
1
1,363
(d)
27,260
20.00
(d)
   Washington, DC/MD
1
1,780
(d)
37,772
21.22
(d)
   Rockland Co., NY
1
406
(d)
9,947
24.50
(d)
TOTAL – 2011
68
350,126
1.2
9,057,283
25.87
1.4
             
             
2012
            
   Northern  NJ
127
1,354,478
5.1
37,388,692
27.60
6.1
   Central NJ
53
340,259
1.3
8,104,263
23.82
1.3
   Westchester Co., NY
90
418,406
1.6
8,742,936
20.90
1.4
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
65
442,526
1.6
5,983,297
13.52
1.0
   Fairfield, CT
13
30,333
0.1
681,171
22.46
0.1
   Washington, DC/MD
23
88,291
0.3
2,219,605
25.14
0.4
   Rockland Co., NY
5
10,603
(d)
283,240
26.71
(d)
TOTAL – 2012
376
2,684,896
10.0
63,403,204
23.61
10.3
             
             
2013
            
   Northern  NJ
108
1,477,013
5.4
32,778,506
22.19
5.4
   Central NJ
79
612,277
2.3
14,319,612
23.39
2.3
   Westchester Co., NY
112
997,951
3.7
18,456,689
18.49
3.0
   Manhattan
2
104,008
0.4
2,808,712
27.00
0.5
   Sub. Philadelphia
65
376,090
1.4
6,168,962
16.40
1.0
   Fairfield, CT
10
79,811
0.3
1,457,484
18.26
0.2
   Washington, DC/MD
25
99,885
0.4
2,558,178
25.61
0.4
   Rockland Co., NY
3
33,679
0.1
878,177
26.07
0.1
TOTAL – 2013
404
3,780,714
14.0
79,426,320
21.01
12.9
             

Schedule continued, with footnotes, on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
58
 


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
342
3,070,536
11.4
68,626,095
22.35
11.1
             
2015
280
3,257,928
12.1
70,553,176
21.66
11.4
             
2016
261
2,524,811
9.4
54,562,278
21.61
8.8
             
2017
187
3,245,881
12.0
75,739,835
23.33
12.3
             
2018
120
1,886,176
7.0
46,554,736
24.68
7.5
             
2019
70
1,102,556
4.1
23,571,490
21.38
3.8
             
2020
53
1,102,488
4.1
24,880,305
22.57
4.0
             
2021
70
1,135,257
4.2
28,421,329
25.04
4.6
             
2022 and thereafter
73
2,848,447
10.5
73,525,404
25.81
11.9
Total/
            
Weighted Average
2,304
26,989,816
(c) (e)
100.0
618,321,455
22.91
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 September 2011 billings times 12.  For leases whose rent commences after October 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 September 30, 2011 aggregating 30,668 square feet and representing annualized rent of $666,840 for which no new leases were signed.
(d)  
Represents 0.05% or less.
(e)  
Reconciliation to Company’s total net rentable square footage is as follows:

 
Square Feet
Square footage leased to commercial tenants
26,989,816
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
520,191
Square footage unleased
3,688,829
Total net rentable square footage (does not include land leases)
31,198,836



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
59
 

Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning October 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
22
200,905
0.9
5,660,680
28.18
1.0
   Central NJ
13
53,246
0.2
1,471,474
27.64
0.3
   Westchester Co., NY
14
29,567
0.1
819,857
27.73
0.2
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
8
31,070
0.1
696,655
22.42
0.1
   Fairfield Co., CT
1
1,363
(d)
27,260
20.00
(d)
   Washington, DC/MD
1
1,780
(d)
37,772
21.22
(d)
   Rockland Co., NY
1
406
(d)
9,947
24.50
(d)
TOTAL – 2011
60
318,337
1.3
8,723,645
27.40
1.6
             
2012
            
   Northern  NJ
118
1,276,171
5.8
36,279,572
28.43
6.6
   Central NJ
47
302,424
1.4
7,632,113
25.24
1.4
   Westchester Co., NY
52
161,995
0.7
4,327,941
26.72
0.8
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
37
161,751
0.7
3,787,535
23.42
0.7
   Fairfield Co., CT
12
23,333
0.1
618,171
26.49
0.1
   Washington, DC/MD
23
88,291
0.4
2,219,605
25.14
0.4
   Rockland Co., NY
5
10,603
0.1
283,240
26.71
(d)
TOTAL – 2012
294
2,024,568
9.2
55,148,177
27.24
10.0
             
2013
            
   Northern  NJ
98
1,384,938
6.2
31,554,220
22.78
5.7
   Central NJ
69
490,706
2.2
12,668,164
25.82
2.3
   Westchester Co., NY
51
456,044
2.1
10,452,885
22.92
1.9
   Manhattan
2
104,008
0.5
2,808,712
27.00
0.5
   Sub. Philadelphia
46
206,722
0.9
4,898,192
23.69
0.9
   Fairfield Co., CT
6
11,248
(d)
289,903
25.77
(d)
   Washington, DC/MD
25
99,885
0.5
2,558,178
25.61
0.5
   Rockland Co., NY
3
33,679
0.2
878,177
26.07
0.2
TOTAL – 2013
300
2,787,230
12.6
66,108,431
23.72
12.0
             
2014
283
2,500,213
11.3
61,444,488
24.58
11.1
             
2015
227
2,823,900
12.8
65,066,266
23.04
11.8
             
2016
209
2,026,140
9.2
47,553,248
23.47
8.6
             
2017
147
2,883,119
13.0
71,009,455
24.63
12.8
             
2018
93
1,430,329
6.5
40,517,334
28.33
7.3
             
2019
51
717,798
3.3
17,888,036
24.92
3.2
             
2020
42
928,940
4.2
22,779,911
24.52
4.1
             
2021
54
992,062
4.5
26,100,058
26.31
4.7
             
2022 and thereafter
64
2,668,900
12.1
70,906,064
26.57
12.8
Totals/Weighted
  Average
1,824
22,101,536 (c)
100.0
553,245,113
25.03
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 September 2011 billings times 12.  For leases whose rent commences after October 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 September 30, 2011 aggregating 22,660 square feet and representing annualized rent of $525,160 for which no new leases were signed.
(d)  
Represents 0.05% or less.
 
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
60
 

 
 

 
Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning October 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
1
4,806
0.1
15,000
3.12
(d)
   Central NJ
-
-
-
-
-
-
   Westchester Co., NY
5
17,148
0.4
266,760
15.56
0.4
   Sub. Philadelphia
2
9,835
0.2
51,878
5.27
0.1
   Fairfield Co., CT
-
-
-
-
-
-
TOTAL – 2011
8
31,789
0.7
333,638
10.50
0.5
             
2012
            
   Northern  NJ
9
78,307
1.7
1,109,120
14.16
1.9
   Central NJ
6
37,835
0.8
472,150
12.48
0.8
   Westchester Co., NY
38
256,411
5.7
4,414,995
17.22
7.3
   Sub. Philadelphia
28
280,775
6.3
2,195,762
7.82
3.6
   Fairfield Co., CT
1
7,000
0.2
63,000
9.00
0.1
TOTAL – 2012
82
660,328
14.7
8,255,027
12.50
13.7
             
2013
            
   Northern  NJ
10
92,075
2.1
1,224,286
13.30
2.0
   Central NJ
10
121,571
2.7
1,651,448
13.58
2.8
   Westchester Co., NY
50
387,602
8.6
6,595,630
17.02
11.0
   Sub. Philadelphia
19
169,368
3.8
1,270,770
7.50
2.1
   Fairfield Co., CT
4
68,563
1.5
1,167,581
17.03
2.0
TOTAL – 2013
93
839,179
18.7
11,909,715
14.19
19.9
             
2014
55
530,478
11.8
6,356,681
11.98
10.6
             
2015
52
406,028
9.0
5,150,910
12.69
8.6
             
2016
48
467,683
10.4
6,673,824
14.27
11.1
             
2017
40
362,762
8.1
4,730,380
13.04
7.9
             
2018
26
320,765
7.1
4,145,475
12.92
6.9
             
2019
19
384,758
8.6
5,683,454
14.77
9.5
             
2020
11
173,548
3.9
2,100,394
12.10
3.5
             
2021
16
143,195
3.2
2,321,271
16.21
3.9
             
2022 and thereafter
8
171,547
3.8
2,347,340
13.68
3.9
Totals/Weighted
            
  Average
458
4,492,060
(c)
100.0
60,008,109
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 September 2011 billings times 12.  For leases whose rent commences after October 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 September 30, 2011 aggregating 8,008 square feet and representing annualized rent of $141,680 for which no new leases were signed.
(d)  
Represents 0.05% or less.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended September 30, 2011

 
 
61
 


Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning October 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
1,408,174
9.13
30.4
             
2014
3
30,545
8.1
649,926
21.28
14.0
             
2015
1
28,000
7.4
336,000
12.00
7.3
             
2016
4
30,988
8.2
335,206
10.82
7.3
             
2018
1
135,082
35.6
1,891,927
14.01
41.0
Totals/Weighted
            
  Average
20
378,920
  
100.0
4,621,233
12.20
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 September 2011 billings times 12.  For leases whose rent commences after October 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 October 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
39.2
             
2022 and beyond
1
8,000
46.2
272,000
34.00
60.8
Totals/Weighted
            
  Average
2
17,300
100.0
447,000
25.84
100.0

(a)  
Includes stand-alone retail property tenants only.
(b)  
Annualized base rental revenue is based on actual September 2011 billings times 12.  For leases whose rent commences after October 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 September 30, 2011

 
 
62