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

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
 

 


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 Activity
9
· Financing Activity / Dividends
9
· Leasing
10-11
· Information About FFO
11
· Key Financial Data
12
· Same-Store Results and Analysis
13
· Unconsolidated Joint Ventures Summary
14 – 17
· Select Financial Ratios
18
· Debt Analysis:
 
· Debt Breakdown / Future Repayments
19
· Debt Maturities
20
· Debt Detail
21
   
III.  FINANCIAL INFORMATION
 
· Consolidated Statements of Operations
23
· Consolidated Balance Sheets
24
· Consolidated Statement of Changes in Equity
25
· Statements of Funds from Operations
26
· Statements of Funds from Operations Per Diluted Share
27
· Reconciliation of Basic-to-Diluted Shares/Units
28
   
IV.  VALUE CREATION PIPELINE
 
· Operating Property Acquisitions / 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 December 31, 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,” “potential,” “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, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants;
   
· 
the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by the Company’s properties or on an unsecured basis;
   
· 
the extent of any tenant bankruptcies or of any early lease terminations;
   
· 
the Company’s ability to lease or re-lease space at current or anticipated rents;
   
· 
changes in the supply of and demand for office, office/flex and industrial/warehouse properties;
   
· 
changes in interest rate levels and volatility in the securities markets;
   
· 
changes in operating costs;
   
· 
the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;
   
· 
the availability of financing on attractive terms or at all, which may adversely impact the Company’s ability to pursue acquisition and development opportunities and refinancing existing debt and the Company’s future interest expense;
   
· 
changes in governmental regulation, tax rates and similar matters; and
   
· 
other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.
 

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

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
3

 











I.  COMPANY BACKGROUND
 
 
 
 

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

 






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






Company Contact Information

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


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
7

 











II.  FINANCIAL HIGHLIGHTS








 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 December 31, 2011 amounted to $68.1 million, or $0.68 per share.  For the year ended December 31, 2011, FFO available to common shareholders equaled $277.4 million, or $2.80 per share.

Net income available to common shareholders for the fourth quarter 2011 equaled $16.1 million, or $0.18 per share.  For the year ended December 31, 2011, net income available to common shareholders amounted to $69.7 million, or $0.81 per share.

Total revenues for the fourth quarter 2011 were $179.7 million.  For the year ended December 31, 2011, total revenues amounted to $724.3 million.

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

The Company had 87,799,479 shares of common stock, and 12,197,122 common operating partnership units outstanding as of December 31, 2011.  The Company had a total of 99,996,601 common shares/common units outstanding at December 31, 2011.

As of December 31, 2011, the Company had total indebtedness of approximately $1.9 billion, with a weighted average annual interest rate of 6.46 percent.

The Company had a debt-to-undepreciated assets ratio of 33.6 percent at December 31, 2011.  The Company had an interest coverage ratio of 3.1 times for the quarter ended December 31, 2011.


Development Activity

On December 7, 2011, the Company announced that it signed a development agreement with Ironstate Development Company for luxury multi-family rental towers on the Jersey City Waterfront.

The first phase of the project consists of two high-rise towers of approximately 500 apartments each. The project will be built on land owned by the Company within its Harborside Financial Center.  The Company anticipates a fourth quarter 2012 ground breaking on the project and the project will be ready for occupancy within approximately two years thereafter.


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.


Dividends

In December, the Company’s Board of Directors declared a cash dividend of $0.45 per common share (indicating an annual rate of $1.80 per common share) for the fourth quarter 2011, which was paid on January 13, 2012 to shareholders of record as of January 5, 2012.

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
9

 

Leasing

Mack-Cali’s consolidated in-service portfolio was 88.3 percent leased at December 31, 2011, as compared to 88.2 percent leased at September 30, 2011.

For the quarter ended December 31, 2011, the Company executed 126 leases at its consolidated in-service portfolio totaling 773,707 square feet, consisting of 575,621 square feet of office space and 198,086 square feet of office/flex space.  Of these totals, 242,013 square feet were for new leases and 531,694 square feet were for lease renewals and other tenant retention transactions.

For the year ended December 31, 2011, the Company executed 572 leases at its consolidated in-service portfolio totaling 4,229,337 square feet, consisting of 3,351,254 square feet of office space, and 878,083 square feet of office/flex space.  Of these totals, 1,177,817 square feet were for new leases and 3,051,520 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:
-  
JPMorgan Chase Bank N.A., a global financial services firm, renewed 17,814 square feet at 300 Tice Boulevard in Woodcliff Lake.  The 230,000 square-foot office building is 100 percent leased.

-  
 McManimon & Scotland LLC, a law firm, signed a new lease for 17,931 square feet at 75 Livingston Avenue in Roseland.  The 94,221 square-foot office building, located in 280 Corporate Center, is 59.4 percent leased.

-  
MFXCHANGE US Inc., a subsidiary of Fairfax Financial Holdings Ltd, renewed 20,217 square feet at 412 Mt. Kemble Avenue in Morris Township.  The 475,100 square-foot office building is 63.4 percent leased.

-  
One Call Medical, Inc., a provider of specialty services to insurance payers, renewed 57,243 square feet at 20 Waterview Boulevard in Parsippany.  The 225,550 square-foot office building, located in Waterview Corporate Center, is 99.1 percent leased.

-  
Thales USA Inc., a global technology leader in the defense and security and the aerospace and transport markets, renewed 18,276 square feet at 40 Commerce Way in Totowa.  The 50,576 square-foot office/flex building, located in Mack-Cali Commercecenter, is 86.3 percent leased.

CENTRAL NEW JERSEY:
-  
QualCare Alliance Networks, a full-service managed care organization, expanded its presence at 30 Knightsbridge Road in Piscataway by 19,238 square feet.  30 Knightsbridge Road is a four-building office complex totaling 680,350 square feet and 88.7 percent leased.

-  
Tercica Inc., a specialty pharmaceutical company and an affiliate of the Ipsen Group, signed a new lease for 32,552 square feet at Liberty Corner Corporate Center in Bernards Township.  The 132,010 square-foot office building, located at 106 Allen Road, is 93.5 percent leased.

WESTCHESTER COUNTY, NEW YORK:
-  
Hypres Inc., a superconducting microelectronics manufacturer, renewed 19,200 square-feet at 175 Clearbrook Road in Elmsford.  The 98,900 square-foot office/flex building, located in Cross Westchester Executive Park, is 100 percent leased.

-  
Reliance Standard Life Insurance Company signed transactions totaling 25,860 square feet at 7 Skyline Drive in Hawthorne, consisting of a 19,401 square-foot renewal and a 6,459 square-foot expansion.  The 109,000 square-foot office building, located in Mid-Westchester Executive Park, is 88.6 percent leased.

MANHATTAN:
-  
AXA Insurance Company signed a new lease for 18,702 square feet at 125 Broad Street.  Mack-Cali’s ownership interests of 524,476 square-feet in the building are 95.5 percent leased.

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
10

 

SUBURBAN PHILADELPHIA:
-  
Oldcastle BuildingEnvelope Inc., a supplier of architectural glass and aluminum glazing systems, signed a new lease for the entire 32,700 square-foot office/flex building at 1507 Lancer Drive, which is part of the Moorestown West Corporate Center in Moorestown.

-  
PNC Bank N.A., a member of The PNC Financial Services Group, Inc., signed transactions totaling 30,426 square feet at 1000 Westlakes Drive in Berwyn, consisting of a 23,337 square-foot renewal and a 7,089 square-foot expansion.  The 60,696 square-foot office building, located in Westlakes Office Park, is 96.7 percent leased.

-  
The Township of Moorestown signed lease transactions totaling 24,280 square feet at Moorestown West Corporate Center in Moorestown, NJ. The transactions consisted of a 15,000-square-foot renewal with the Police Department at 1245 North Church Street, and a 9,280-square-foot renewal, with the Township for its Township Hall, at 2 Executive Drive. 1245 North Church Street is a fully leased 52,810-square-foot office/flex building, and 2 Executive Drive is a 60,800-square-foot office/flex building which is 90.3 percent leased.

WASHINGTON, DC:
-  
The U.S. General Services Administration (GSA) signed transactions totaling 28,667 square feet at Capital Office Park in Greenbelt, Maryland.  The transactions included a new lease for 18,766 square feet at 6406 Ivy Lane, and a renewal of 9,901 square feet at 6411 Ivy Lane.  The 842,258 square-foot office complex is 65.7 percent leased.


Information About FFO

Funds from operations (“FFO”) is defined as net income (loss) before noncontrolling 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, and impairments related to depreciable rental property, 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, gains (or losses) from sales of properties and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.  FFO per share should not be considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity.  FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition.  However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”).  A reconciliation of net income per share to FFO per share is included in the financial tables on page 27.

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
11

 

Key Financial Data


     
As of or for the three months ended
 
 
12/31/11
9/30/11
6/30/11
3/31/11
12/31/10
Shares and Units:
         
Common Shares Outstanding
87,799,479
87,141,716
87,050,423
86,933,001
79,605,474
Common Units Outstanding
12,197,122
12,771,105
12,806,126
12,878,404
13,007,668
Combined Shares and Units
99,996,601
99,912,821
99,856,549
99,811,405
92,613,142
Preferred Shares Outstanding
0
10,000
10,000
10,000
10,000
Weighted Average- Basic (a)
99,869,353
99,818,419
99,775,716
95,900,835
92,419,224
Weighted Average- Diluted (b)
 
99,939,994
99,916,948
99,886,510
96,015,190
92,509,905
Common Share Price ($’s):
         
At the end of the period
26.69
26.75
32.94
33.90
33.06
High during period
28.91
34.77
35.96
35.44
34.88
Low during period
23.71
25.70
31.12
31.99
29.85
           
Market Capitalization:
         
($’s in thousands, except ratios)
         
Market Value of Equity (c)
2,670,846
2,699,699
3,316,509
3,410,943
3,089,236
Total Debt
1,914,215
1,886,500
1,869,252
1,876,867
2,089,494
Total Market Capitalization
4,585,061
4,586,199
5,185,761
5,287,810
5,178,730
Total Debt/ Total Market
  Capitalization
41.75%
41.13%
36.05%
35.49%
40.35%
           
Financials:
         
($’s in thousands, except ratios and
   per share amounts)
         
Total Assets
4,295,759
4,309,872
4,326,483
4,330,590
4,362,466
Gross Book Value of Real Estate Assets
5,279,770
5,253,281
5,231,303
5,210,451
5,216,720
Total Liabilities
2,141,759
2,131,451
2,104,008
2,085,006
2,318,529
Total Equity
2,154,000
2,178,421
2,222,475
2,245,584
2,043,937
Total Revenues
179,687
177,155
181,107
186,330
192,156
Capitalized Interest
205
122
203
550
585
Scheduled Principal Amortization
785
752
615
628
667
Interest Coverage Ratio
3.14
3.32
3.20
3.15
2.78
Fixed Charge Coverage Ratio
3.03
3.17
3.07
2.98
2.65
Net Income
18,438
24,083
20,291
18,575
8,232
Net Income Available to Common Shareholders
16,122
20,500
17,333
15,729
6,627
Earnings per Share—diluted
0.18
0.24
0.20
0.19
0.09
FFO per Share—diluted (d)
0.68
0.73
0.69
0.70
0.69
Dividends Declared per Share
0.45
0.45
0.45
0.45
0.45
FFO Payout Ratio—diluted (d)
66.08%
61.64%
65.02%
64.20%
64.87%
           
Portfolio Size:
         
Properties
278
278
278
277
277
Total Square Footage
32,414,411
32,414,411
32,414,411
32,210,354
32,210,354
Sq. Ft. Leased at End of Period (e) (f)
88.3%
88.2%
88.1%
88.2%
89.1%
           

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

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
12

 

Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
December 31,
 
 
%
 
2011
2010
Change
Change
         
Total Property Revenues
$171,934
$174,980
$(3,046)
(1.7)
         
Real Estate Taxes
23,471
20,547
2,924
14.2
Utilities
16,071
16,996
(925)
(5.4)
Operating Services
30,247
30,836
(589)
(1.9)
Total Property Expenses:
69,789
68,379
1,410
2.1
         
GAAP Net Operating Income
102,145
106,601
(4,456)
(4.2)
         
Less: straight-lining of rents adj.
1,454
2,528
(1,074)
(42.5)
         
Net Operating Income
$100,691
$104,073
$(3,382)
(3.2)
         
Percentage Leased at
  Period End
88.2%
89.2%
   
         
Total Properties:
267
     
         
Total Square Footage:
30,796,403
     
         



 
  For the year ended
December 31,
 
 
%
 
2011
2010
Change
Change
         
Total Property Revenues
$693,837
$711,770
$(17,933)
(2.5)
         
Real Estate Taxes
87,156
93,522
(6,366)
(6.8)
Utilities
72,941
74,061
(1,120)
(1.5)
Operating Services
116,321
112,325
3,996
3.6
Total Property Expenses:
276,418
279,908
(3,490)
(1.2)
         
GAAP Net Operating Income
417,419
431,862
(14,443)
(3.3)
         
Less: straight-lining of rents adj.
6,005
7,821
(1,816)
(23.2)
         
Net Operating Income
$411,414
$424,041
$(12,627)
(3.0)
         
Percentage Leased at
  Period End
88.2%
89.2%
   
         
Total Properties:
267
     
         
Total Square Footage:
30,796,403
     
         



 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
48.8%
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 December 31, 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 December 31, 2011 and 2010 (dollars in thousands):
 

 
   
December 31, 2011
 
   
Plaza
VIII & IX
Associates
   
Harborside
South Pier
   
Red Bank
Corporate
Plaza I & II
   
Gramercy
Agreement
   
Princeton Forrestal
Village
   
Gale
Kimball
   
12
Vreeland
   
Boston-
Downtown
Crossing
   
Gale
Jefferson
   
Combined
Total
 
Assets:
                                                           
Rental property, net
  $ 8,335     $ 59,733     $ 22,903     $ 39,276       --       --     $ 13,122       --       --     $ 143,369  
Other assets
    933       12,840       2,909       5,669     $ 160     $ 4       521     $ 46,121     $ 2,927       72,084  
Total assets
  $ 9,268     $ 72,573     $ 25,812     $ 44,945     $ 160     $ 4     $ 13,643     $ 46,121     $ 2,927     $ 215,453  
Liabilities and
 Partners’/members'
 capital (deficit):
                                                                               
Mortgages, loans
 payable and
 other obligations
    --     $ 70,690     $ 18,100     $ 50,978       --       --     $ 1,207       --       --     $ 140,975  
Other liabilities
  $ 531       4,982       117       1,086     $ 40       --       168       --       --       6,924  
Partners’/members’
 capital (deficit)
    8,737       (3,099 )     7,595       (7,119 )     120     $ 4       12,268     $ 46,121     $ 2,927       67,554  
Total liabilities and
 partners’/members’
 capital (deficit)
  $ 9,268     $ 72,573     $ 25,812     $ 44,945     $ 160     $ 4     $ 13,643     $ 46,121     $ 2,927     $ 215,453  
Company’s
 investment in
 unconsolidated
 joint ventures, net
  $ 4,291     $ (343 )   $ 3,676       --       --       --     $ 10,233     $ 13,005     $ 1,153     $ 32,015  




   
December 31, 2010
 
   
Plaza
VIII & IX
Associates
   
Harborside
South Pier
   
Red Bank
Corporate
Plaza I & II
   
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 December 31, 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 December 31, 2011 and 2010 (dollars in thousands):


   
Three Months Ended December 31, 2011
 
   
Plaza
VIII & IX
Associates
   
Harborside
South Pier
   
Red Bank
Corporate
Plaza I & II
   
Gramercy
Agreement
   
Princeton Forrestal
Village
   
Gale
Kimball
   
12
Vreeland
   
Boston-
Downtown
Crossing
   
Gale
Jefferson
   
Combined
Total
 
Total revenues
  $ 242     $ 10,420     $ 833     $ 1,467       --       --     $ 597       --     $ 61     $ 13,620  
Operating and other
    (54 )     (6,661 )     (301 )     (961 )     --       --       (14 )   $ (360 )     --       (8,351 )
Depreciation and
 amortization
    (153 )     (1,410 )     (226 )     (449 )     --       --       (291 )     --       --       (2,529 )
Interest expense
    --       (1,107 )     (184 )     (392 )     --       --       (31 )     --       --       (1,714 )
 
Net income
  $ 35     $ 1,242     $ 122     $ (335 )     --       --     $ 261     $ (360 )   $ 61     $ 1,026  
Company’s equity in
 earnings (loss) of
 unconsolidated joint
 ventures
  $ 17     $ 727     $ 61       --       --       --     $ 131     $ (108 )   $ 20     $ 848  



   
Three Months Ended December 31, 2010
 
   
Plaza
VIII & IX
Associates
   
Harborside
South Pier
   
Red Bank
Corporate
Plaza I & II
   
Gramercy
Agreement
   
Princeton Forrestal
Village
   
Gale
Kimball
   
12
Vreeland
   
Boston-
Downtown
Crossing
   
Gale
Jefferson
   
Combined
Total
 
Total revenues
  $ 125     $ 10,380     $ 918     $ 602     $ 2,100     $ 5,006     $ 793       --       --     $ 19,924  
Operating and other
    (52 )     (6,579 )     (334 )     (1,340 )     (1,099 )     --       (14 )   $ (556 )   $ 48       (9,926 )
Depreciation and
 amortization
    (152 )     (1,325 )     (225 )     (907 )     (645 )     --       (464 )     --       --       (3,718 )
Interest expense
    --       (1,129 )     (83 )     (598 )     (346 )     --       (82 )     --       --       (2,238 )
 
Net income
  $ (79 )   $ 1,347     $ 276     $ (2,243 )   $ 10     $ 5,006     $ 233     $ (556 )   $ 48     $ 4,042  
Company’s equity in
 earnings (loss) of
 unconsolidated joint
 ventures
  $ (40 )   $ 568     $ 138       --     $ (415 )   $ 1,845     $ 116     $ (170 )   $ 21     $ 2,063  






 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 years ended December 31, 2011 and 2010 (dollars in thousands):



   
Year Ended December 31, 2011
 
   
Plaza
VIII & IX
Associates
   
Harborside
South Pier
   
Red Bank
Corporate
Plaza I & II
   
Gramercy
Agreement
   
Princeton Forrestal
Village
   
Gale
Kimball
   
12
Vreeland
   
Boston-
Downtown
Crossing
   
Gale
Jefferson
   
Combined
Total
 
Total revenues
  $ 963     $ 38,428     $ 3,257     $ 6,141       --       --     $ 2,250       --     $ 278     $ 51,317  
Operating and other
    (214 )     (25,521 )     (902 )     (3,821 )     --       --       (159 )   $ (1,473 )     --       (32,090 )
Depreciation and
 amortization
    (613 )     (5,664 )     (903 )     (2,230 )     --       --       (1,183 )     --       --       (10,593 )
Interest expense
    --       (4,464 )     (560 )     (1,559 )     --       --       (160 )     --       --       (6,743 )
 
Net income
  $ 136     $ 2,779     $ 892     $ (1,469 )     --       --     $ 748     $ (1,473 )   $ 278     $ 1,891  
Company’s equity in
 earnings (loss) of
 unconsolidated joint
 ventures
  $ 68     $ 1,495     $ 446       --       --       --     $ 374     $ (448 )   $ 87     $ 2,022  



   
Year Ended December 31, 2010
 
   
Plaza
VIII & IX
Associates
   
Harborside
South Pier
   
Red Bank
Corporate
Plaza I & II
   
Gramercy
Agreement
   
Princeton Forrestal
Village
   
Gale
Kimball
   
12
Vreeland
   
Boston-
Downtown
Crossing
   
Gale
Jefferson
   
Combined
Total
 
Total revenues
  $ 798     $ 34,680     $ 4,325     $ 17,802     $ 11,677     $ 5,194     $ 2,386       --       --     $ 76,862  
Operating and other
    (206 )     (24,206 )     (1,028 )     (5,793 )     (6,614 )     --       (161 )   $ (1,446 )   $ (88 )     (39,542 )
Depreciation and
 amortization
    (612 )     (5,067 )     (901 )     (3,965 )     (3,154 )     --       (1,411 )     --       --       (15,110 )
Interest expense
    --       (4,449 )     (335 )     (2,485 )     (1,620 )     --       (293 )     --       --       (9,182 )
 
Net income
  $ (20 )   $ 958     $ 2,061     $ 5,559     $ 289     $ 5,194     $ 521     $ (1,446 )   $ (88 )   $ 13,028  
Company’s equity in
 earnings (loss) of
 unconsolidated joint
 ventures
  $ (10 )   $ 301     $ 649       --     $ (379 )   $ 1,909     $ 260     $ (437 )   $ (17 )   $ 2,276  




 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
17

 


Select Financial Ratios

 
Ratios Computed For Industry
December 31,
 
Comparisons:
2011
2010
 
 
Financial Position Ratios:
 
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
44.56%
47.90%
 
     
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
41.75%
40.35%
 
     
Total Debt/ Total Undepreciated
   Assets (%)
33.55%
37.04%
 
     
Secured Debt/ Total Undepreciated
   Assets (%)
12.96%
13.17%
 
 
 
 
 
 
Three Months Ended
December 31,
Year Ended
December 31,
 
2011
2010
2011
2010
 
Operational Ratios:
 
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
3.14
2.78
3.20
2.75
   
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
3.07
2.73
3.13
2.70
   
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
3.03
2.65
3.06
2.63
   
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
66.08%
64.87%
64.21%
63.71%
 

 
 

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
18

 


 
 
Debt Analysis
 
(as of December 31, 2011)


 
Debt Breakdown
 
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate (a)
 
Weighted Average Maturity in Years
Fixed Rate Unsecured Debt and
  Other Obligations
$1,119,267
58.47%
6.08%
 
3.45
Fixed Rate Secured Debt
728,448
38.06%
7.46%
 
5.53
Variable Rate Secured Debt
11,000
0.57%
2.90%
 
1.00
Variable Rate Unsecured Debt
55,500
2.90%
1.54%
(b)
3.81
 
Totals/Weighted Average:
$1,914,215
100.00%
6.46%
 
4.24

(a)  
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.29 percent as of December 31, 2011.
(b)  
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $2.6 million for the year ended December 31, 2011.
 

 

 
Future Repayments
 
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of
Future Repayments (a)
 
2012
$11,159
$221,148
$232,307
6.05%
 
2013
11,315
145,223
156,538
5.39%
 
2014
10,468
335,257
345,725
6.82%
 
2015
8,941
205,500
214,441
4.41%
(b)
2016
8,753
273,120
281,873
7.16%
 
Thereafter
26,992
679,562
706,554
7.15%
 
Sub-total
77,628
1,859,810
1,937,438
   
Adjustment for unamortized debt
discount/premium and acquisition mark-to-market, net, as of December 31, 2011
(23,223)
--
(23,223)
   
 
Totals/Weighted Average:
$54,405
$1,859,810
$1,914,215
6.46%
 

(a)  
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.29 percent as of December 31, 2011.
(b)  
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $2.6 million for the year ended December 31, 2011.


 

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
19

 


 
Debt Maturities
 
(dollars in thousands)

 
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
       
$40,432
       
40,432
5 Becker
       
14,574
       
14,574
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
             
$17,281
 
17,281
One River Center
             
39,586
 
39,586
581 Main Street
               
$ 8
8
Total Secured Debt:
$26,234
$19,118
$135,257
--
$73,120
$141,151
$231,536
$56,867
$ 8
$683,291
                     
Unsecured Debt:
                   
Unsecured credit facility
     
$55,500
         
$55,500
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:
$194,914
$126,105
$200,000
$205,500
$200,000
--
--
$250,000
--
$1,176,519
                     
Total Debt:
$221,148
$145,223
$335,257
$205,500
$273,120
$141,151
$231,536
$306,867
$ 8
$1,859,810

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
20

 


 

 
 
Debt Detail
 
(dollars in thousands)

 
 
Property Name
Lender
Effective
Interest
Rate
   
                                                 December 31,
Date of
Maturity
 
2011
2010
Senior Unsecured Notes: (a)
         
5.250%, Senior Unsecured Notes
public debt
5.457%
$ 99,988
$ 99,793
01/15/12
(b)
6.150%, Senior Unsecured Notes
public debt
6.894%
94,438
93,946
12/15/12
 
5.820%, Senior Unsecured Notes
public debt
6.448%
25,972
25,861
03/15/13
 
4.600%, Senior Unsecured Notes
public debt
4.742%
99,958
99,930
06/15/13
 
5.125%, Senior Unsecured Notes
public debt
5.110%
200,509
200,749
02/15/14
 
5.125%, Senior Unsecured Notes
public debt
5.297%
149,717
149,625
01/15/15
 
5.800%, Senior Unsecured Notes
public debt
5.806%
200,313
200,389
01/15/16
 
7.750%, Senior Unsecured Notes
public debt
8.017%
248,372
248,158
08/15/19
 
Total Senior Unsecured Notes:
   
$1,119,267
$1,118,451
 

Revolving Credit Facilities:
Unsecured Facility (c)
20 Lenders
LIBOR +1.250%
$ 55,500
$228,000
10/21/15
(d)
Total Revolving Credit Facilities:
   
$ 55,500
$228,000
   

Property Mortgages: (e)
2200 Renaissance Boulevard
Wachovia CMBS
5.888%
$ 16,171
$              16,171
12/01/12
(f)
One Grande Commons
Capital One Bank
LIBOR+2.00%
 11,000
                11,000
12/31/12
(g)
Soundview Plaza
Morgan Stanley Mortgage Capital
6.015%
15,531
16,089
01/01/13
 
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
4,479
4,646
05/01/13
 
6305 Ivy Lane
John Hancock Life Ins. Co.
5.525%
6,245
6,475
01/01/14
 
395 West Passaic
State Farm Life Ins. Co.
6.004%
10,781
11,270
05/01/14
 
6301 Ivy Lane
John Hancock Life Ins. Co.
5.520%
5,899
6,103
07/01/14
 
35 Waterview
Wachovia CMBS
6.348%
19,051
19,341
08/11/14
 
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
Wachovia CMBS
10.220%
62,127
61,224
08/11/14
 
4 Sylvan
Wachovia CMBS
10.190%
14,438
14,395
08/11/14
 
10 Independence
Wachovia CMBS
12.440%
15,908
15,606
08/11/14
 
4 Becker
Wachovia CMBS
9.550%
37,769
37,096
05/11/16
 
5 Becker
Wachovia CMBS
12.830%
12,056
11,599
05/11/16
 
210 Clay
Wachovia CMBS
13.420%
11,844
11,467
05/11/16
 
51 Imclone
Wachovia CMBS
8.390%
3,886
3,893
05/11/16
 
Various (h)
Prudential Insurance
6.332%
150,000
150,000
01/15/17
 
23 Main Street
JPMorgan CMBS
5.587%
31,002
31,537
09/01/18
 
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
231,603
234,521
11/01/18
 
100 Walnut Avenue
Guardian Life Ins. Co.
7.311%
19,241
19,443
02/01/19
 
One River Center (i)
Guardian Life Ins. Co.
7.311%
44,079
44,540
02/01/19
 
581 Main Street (j)
Valley National Bank
6.935%
(k)
16,338
16,627
07/01/34
 
Total Mortgages, Loans Payable and Other Obligations:
 
$739,448
$743,043
 
 
Total Debt:
   
$1,914,215
$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)  
These notes were paid at maturity primarily from borrowing on the Company’s unsecured revolving credit facility.
(c)  
Total borrowing capacity under this facility is $600 million.
(d)  
On October 21, 2011, the Company amended and restated its unsecured revolving credit facility with a group of 20 lenders.  The $600 million facility is expandable to $1 billion and matures in October 2015.  It has a one-year extension option with the payment of a 20 basis point fee.  The interest rate and facility fee are subject to adjustment, on a sliding scale, based upon the operating partnership's unsecured debt ratings.
(e)  
Effective interest rate for mortgages, loans payable and other obligations reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to market adjustment of acquired debt and other transaction costs, as applicable.
(f)  
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 the Company is currently in discussion with the lender regarding a deed in lieu of foreclosure.
(g)  
The mortgage loan has two one-year extension options subject to certain conditions and the payment of a fee.
(h)  
Mortgage is collateralized by seven properties.  The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
(i)  
Mortgage is collateralized by the three properties compromising One River Center.
(j)  
The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
(k)  
The coupon interest rate will be reset at the end of year 10 (2019) and year 20 (2029) at 225 basis points over the 10-year treasury yield 45 days prior to the reset dates with a minimum rate of 6.875 percent.

 
 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
21

 











III. FINANCIAL INFORMATION
 
 
 


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
December 31,
   
Year Ended
December 31,
 
Revenues
 
2011
   
2010
   
2011
   
2010
 
Base rents
  $ 151,388     $ 149,908     $ 600,163     $ 602,357  
Escalations and recoveries from tenants
    20,836       23,323       94,047       101,699  
Construction services
    3,074       13,303       12,058       62,997  
Real estate services
    1,462       2,214       5,199       7,874  
Other income
    2,927       3,408       12,812       12,553  
Total revenues
    179,687       192,156       724,279       787,480  
                                 
Expenses
                               
Real estate taxes
    23,539       20,549       87,473       93,535  
Utilities
    16,138       17,011       73,274       74,077  
Operating services
    30,167       30,353       117,645       114,452  
Direct construction costs
    2,802       12,667       11,458       60,255  
General and administrative
    9,003       8,939       35,541       35,003  
Depreciation and amortization
    48,673       47,226       193,587       191,168  
Impairment charge on rental property
    --       9,521       --       9,521  
Total expenses
    130,322       146,266       518,978       578,011  
Operating income
    49,365       45,890       205,301       209,469  
                                 
Other (Expense) Income
                               
Interest expense
    (31,784 )     (35,982 )     (125,975 )     (149,329 )
Interest and other investment income
    9       13       39       86  
Equity in earnings of unconsolidated joint ventures
    848       2,063       2,022       2,276  
Loss from early extinguishment of debt
    --       (3,752 )     --       (3,752 )
Total other (expense) income
    (30,927 )     (37,658 )     (123,914 )     (150,719 )
Income from continuing operations
    18,438       8,232       81,387       58,750  
Discontinued Operations:
                               
Income 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
    18,438       8,232       81,387       63,439  
Noncontrolling interest in consolidated joint ventures
    94       (19 )     402       262  
Noncontrolling interest in Operating Partnership
    (2,338 )     (1,086 )     (10,369 )     (8,133 )
Noncontrolling interest in discontinued operations
    --       --       --       (668 )
Preferred stock dividends
    (72 )     (500 )     (1,736 )     (2,000 )
Net income available to common shareholders
  $ 16,122     $ 6,627     $ 69,684     $ 52,900  
                                 
Basic earnings per common share:
                               
Income from continuing operations
  $ 0.18     $ 0.09     $ 0.81     $ 0.62  
Discontinued operations
    --       --       --       0.05  
Net income available to common shareholders
  $ 0.18     $ 0.09     $ 0.81     $ 0.67  
                                 
Diluted earnings per common share:
                               
Income from continuing operations
  $ 0.18     $ 0.09     $ 0.81     $ 0.62  
Discontinued operations
    --       --       --       0.05  
Net income available to common shareholders
  $ 0.18     $ 0.09     $ 0.81     $ 0.67  
                                 
Basic weighted average shares outstanding
    87,226       79,412       86,047       79,224  
                                 
Diluted weighted average shares outstanding
    99,940       92,510       98,962       92,477  


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
23

 

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



   
December 31,
 
   
2011
   
2010
 
Assets
           
Rental property
           
Land and leasehold interests
  $ 773,026     $ 771,960  
Buildings and improvements
    4,001,943       3,970,177  
Tenant improvements
    500,336       470,098  
Furniture, fixtures and equipment
    4,465       4,485  
      5,279,770       5,216,720  
Less – accumulated depreciation and amortization
    (1,409,163 )     (1,278,985 )
Net investment in rental property
    3,870,607       3,937,735  
Cash and cash equivalents
    20,496       21,851  
Investments in unconsolidated joint ventures
    32,015       34,220  
Unbilled rents receivable, net
    134,301       126,917  
Deferred charges and other assets, net
    210,470       212,038  
Restricted cash
    20,716       17,310  
Accounts receivable, net of allowance for doubtful accounts
               
of $2,697 and $2,790
    7,154       12,395  
                 
Total assets
  $ 4,295,759     $ 4,362,466  
                 
Liabilities and Equity
               
Senior unsecured notes
  $ 1,119,267     $ 1,118,451  
Revolving credit facility
    55,500       228,000  
Mortgages, loans payable and other obligations
    739,448       743,043  
Dividends and distributions payable
    44,999       42,176  
Accounts payable, accrued expenses and other liabilities
    100,480       101,944  
Rents received in advance and security deposits
    53,019       57,877  
Accrued interest payable
    29,046       27,038  
Total liabilities
    2,141,759       2,318,529  
Commitments and contingencies
               
                 
Equity:
               
Mack-Cali Realty Corporation stockholders’ equity:
               
Preferred stock, $0.01 par value, 5,000,000 shares authorized,
               
0 and 10,000 shares outstanding, at liquidation preference
    --       25,000  
Common stock, $0.01 par value, 190,000,000 shares authorized,
               
87,799,479 and 79,605,474 shares outstanding
    878       796  
Additional paid-in capital
    2,536,184       2,292,641  
Dividends in excess of net earnings
    (647,498 )     (560,165 )
Total Mack-Cali Realty Corporation stockholders’ equity
    1,889,564       1,758,272  
                 
Noncontrolling interest in subsidiaries:
               
Operating Partnership
    262,499       283,219  
Consolidated joint ventures
    1,937       2,446  
Total noncontrolling interests in subsidiaries
    264,436       285,665  
                 
Total equity
    2,154,000       2,043,937  
                 
Total liabilities and equity
  $ 4,295,759     $ 4,362,466  


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
24

 


Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Equity
(in thousands)


 
             
             
     
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
--
--
--
--
--
71,420
9,967
81,387
Preferred stock dividends
--
--
--
--
--
(1,736)
--
(1,736)
Common stock dividends
--
--
--
--
--
(157,017)
--
(157,017)
Common unit distributions
--
--
--
--
--
--
(22,794)
(22,794)
Common stock offering
--
--
7,188
72
227,302
--
--
227,374
Decrease in noncontrolling
               
  interest
--
--
--
--
--
--
(107)
(107)
Redemption of common units
               
  for common stock
--
--
811
8
17,686
--
(17,694)
--
Shares issued under Dividend
               
  Reinvestment and Stock
               
  Purchase Plan
--
--
6
--
187
--
--
187
Stock options exercised
--
--
108
1
3,047
--
--
3,048
Stock compensation
--
--
82
1
4,556
--
--
4,557
Redemption of preferred stock
(10)
(25,000)
--
--
164
--
--
(24,836)
Rebalancing of ownership
               
  percent between parent
               
  and subsidiaries
--
--
--
--
(9,399)
--
9,399
--
Balance at December 31, 2011
--
--
87,800
$878
$2,536,184
$(647,498)
$264,436
$2,154,000


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
25

 

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


 
Three Months Ended
Year Ended
 
December 31,
December 31,
 
2011
2010
2011
2010
Net income available to common shareholders
$ 16,122
$     6,627
$ 69,684
$ 52,900
Add: Noncontrolling interest in Operating Partnership
2,338
1,086
10,369
8,133
 Noncontrolling interest in discontinued operations
--
--
--
668
 Real estate-related depreciation and amortization on continuing operations (a)
49,604
48,343
197,391
195,467
Real estate-related depreciation and amortization on discontinued operations
--
--
--
409
Non-cash impairment charge on rental property
--
9,521
--
9,521
Deduct: Discontinued operations – Realized (gains) losses and unrealized losses on disposition of rental property
--
--
--
(4,447)
Equity in earnings – gain on disposition
--
(1,400)
--
(1,400)
Funds from operations available to common shareholders (b)
$ 68,064
$ 64,177
$277,444
$261,251
         
Diluted weighted average shares/units outstanding (c)
99,940
92,510
98,962
92,477
         
Funds from operations per share/unit – diluted
$ 0.68
$ 0.69
$ 2.80
$ 2.81
         
Dividends declared per common share
$ 0.45
$ 0.45
$ 1.80
$ 1.80
         
Dividend payout ratio:
       
     Funds from operations-diluted
66.08%
64.87%
64.21%
63.71%
         
Supplemental Information:
       
  Non-incremental revenue generating capital expenditures:
       
     Building improvements
$ 9,663
$ 5,745
$ 24,768
$ 13,713
     Tenant improvements and leasing commissions (d)
$ 10,772
$11,998
$ 42,439
$ 40,320
  Straight-line rent adjustments (e)
$ 2,732
$ 2,615
$ 9,612
$ 8,000
  Amortization of (above)/below market lease intangibles, net (f)
$ 410
$ 235
$ 1,360
$ 1,512
 

(a) Includes the Company’s share from unconsolidated joint ventures of $1,064 and $1,254 for the three months ended December 31, 2011 and 2010, respectively, and $4,278 and $4,816 for the years ended December 31, 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 (12,643 and 13,007 shares for the three months ended December 31, 2011 and 2010, respectively, and 12,808 and 13,149 shares for the years ended December 31, 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 $87 for the three months ended December 31, 2011 and 2010, respectively, and $199 and $180 for the years ended December 31, 2011 and 2010, respectively.
(f) Includes the Company’s share from unconsolidated joint ventures of $0 and $8 for the three months ended December 31, 2011 and 2010, respectively, and $0 and $34 for the years ended December 31, 2011 and 2010, respectively.


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
Year Ended
 
December 31,
December 31,
 
2011
2010
2011
2010
Net income available to common shareholders
$0.18
$0.09
$0.81
$0.67
Add: Real estate-related depreciation and amortization on continuing operations (a)
0.50
0.52
1.99
2.11
   Non-cash impairment charge on rental property
--
0.10
--
0.10
Deduct: Realized (gains) losses and unrealized losses on disposition of rental property
--
--
--
(0.05)
Equity in earnings – gain on disposition
--
(0.02)
--
(0.02)
 
Funds from operations available to common shareholders (b)
$0.68
$0.69
$2.80
$2.81
 
Diluted weighted average shares/units outstanding (c)
99,940
92,510
98,962
92,477

(a) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.01 for the three months ended December 31, 2011 and 2010, respectively, and $0.04 and $0.05 for the years ended December 31, 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 (12,643 and 13,007 shares for the three months ended December 31, 2011 and 2010, respectively, and 12,808 and 13,149 shares for the years ended December 31, 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 December 31, 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
Year Ended
 
December 31,
December 31,
 
2011
2010
2011
2010
Basic weighted average shares outstanding:
87,226
79,412
86,047
79,224
Add: Weighted average common units
12,643
13,007
12,808
13,149
Basic weighted average shares/units:
99,869
92,419
98,855
92,373
Add: Stock options
--
34
18
44
Restricted Stock Awards
71
57
89
60
 
Diluted weighted average shares/units outstanding:
99,940
92,510
98,962
92,477


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
28

 











IV.  VALUE CREATION PIPELINE
 
 
 



 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
29

 


IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
 (dollars in thousands)


For the year ended December 31, 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 year ended December 31, 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
$48,070
 
Total Properties Commencing Initial Operations
 
1
 
204,057
 
$48,070

(a)  
Amount is as of December 31, 2011.


For the year ended December 31, 2010

None.






 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
12/31/11
Total
Estimated
Costs
Current
% Leased
Wholly Owned:
               
14 Sylvan Way
Parsippany, NJ
Office
2013-1Q
1
203,000
$14,434
$53,504
100.0%
 
Total
     
1
203,000
$14,434
$53,504
100.0%






Rental Property Sales/Dispositions
(dollars in thousands)


For the year ended December 31, 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 December 31, 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-Use
 
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 December 31, 2011

 
 
32

 











V.  PORTFOLIO/ LEASING STATISTICS
 
 
 



 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
33

 


V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended December 31, 2011)
 
Consolidated In-Service Portfolio
 
 
SUMMARY OF SPACE LEASED
 

     
LEASING ACTIVITY
     
 
 
 
Market
Sq. Ft.
Leased
9/30/11
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased
12/31/11 (c)
Pct.
Leased
12/31/11
Pct.
Leased
9/30/11
                 
  Northern NJ
12,830,524
 -
(301,214)
241,870
(59,344)
12,771,180
88.0%
88.4%
  Central NJ
5,122,694
-
(71,839)
115,185
43,346
5,166,040
89.5%
88.7%
  Westchester Co., NY
4,413,326
-
(165,587)
149,693
(15,894)
4,397,432
91.8%
92.2%
  Manhattan
482,259
-
18,702
18,702
500,961
95.5%
92.0%
  Sub. Philadelphia
3,038,767
-
(145,793)
175,141
29,348
3,068,115
86.9%
86.1%
  Fairfield, CT
509,100
-
(4,113)
2,750
(1,363)
507,737
84.9%
85.2%
  Washington, DC/MD
957,167
-
(39,582)
67,166
27,584
984,751
76.2%
74.0%
  Rockland Co., NY
156,170
-
(3,403)
3,200
(203)
155,967
86.6%
86.8%
 
Totals
27,510,007
-
(731,531)
773,707
42,176
27,552,183
88.3%
88.2%
                 

 
 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of September 30, 2011
31,198,836
    Total sq. ft. of properties added/sold this period
--
Total sq. ft. as of December 31, 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 December 31, 2011 aggregating 193,213 square feet for which no new leases were signed.


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
34

 

 
Leasing Statistics
 
(For the three months ended December 31, 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
33
215,060
56,789
158,271
6.7
23.45
3.90
 
 
Office/Flex
3
26,810
-
26,810
6.6
17.53
2.17
 
Central NJ
Office
15
101,909
50,472
51,437
6.0
22.38
4.65
 
 
Office/Flex
1
13,276
13,276
-
11.5
10.89
4.54
 
Westchester Co., NY
Office
20
88,473
26,157
62,316
4.5
24.64
3.02
 
 
Office/Flex
12
61,220
12,097
49,123
4.6
12.42
0.56
 
Manhattan
Office
1
18,702
18,702
-
15.7
32.87
6.86
 
Sub. Philadelphia
Office
15
78,361
1,498
76,863
3.1
22.82
1.63
 
 
Office/Flex
8
96,780
32,700
64,080
4.7
8.59
0.77
 
Fairfield Co., CT
Office
1
2,750
-
2,750
1.5
16.00
0.20
 
Washington, DC/MD
Office
15
67,166
30,322
36,844
6.3
22.11
3.26
 
Rockland Co., NY
Office
2
3,200
-
3,200
5.8
25.38
0.16
 
                   
Totals
 
126
773,707
242,013
531,694
5.8
20.32
3.33
 
                   
Detail by Property Type
                 
 
Office
102
575,621
183,940
391,681
6.0
23.48
3.91
 
 
Office/Flex
24
198,086
58,073
140,013
5.4
11.14
1.49
 
                   
Totals
 
126
773,707
242,013
531,694
5.8
20.32
3.33
 
                   
Tenant Retention:
Leases Retained
64.7%
             
 
Sq. Ft. Retained
72.7%
             
   


(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $10,436,232 and commissions of $4,249,024 committed, but not necessarily expended, during the period for second generation space aggregating 766,354 square feet.

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
35

 

Leasing Statistics
(For the three months ended December 31, 2011)
 
Unconsolidated Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 

     
LEASING ACTIVITY
     
Market
Sq. Ft.
Leased
9/30/11
Leased
Sq. Ft.
Acquired/ Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 12/31/11
Pct.
Leased
12/31/11
Pct.
Leased
9/30/11
                 
   Northern NJ
730,178
  -
(3,595)
3,139
(456)
729,722
81.4%
81.5%
   Central NJ
244,503
 -
(5,176)
7,651
2,475
246,978
77.4%
76.6%
                 
Totals
974,681
-
(8,771)
10,790
2,019
976,700
80.3%
80.2%
                 

 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of September 30, 2011
1,215,575
    Total sq. ft. of properties added/sold this period
-
Total sq. ft. as of December 31, 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
1
3,139
-
3,139
6.0
30.40
1.38
   Central NJ
3
7,651
3,439
4,212
3.7
20.80
4.39
               
Totals
4
10,790
3,439
7,351
4.4
23.59
3.19
               

(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 $85,515 and commissions of $65,498 committed, but not necessarily expended, during the period for second generation space aggregating 10,790 square feet.


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
36

 

Leasing Statistics
(For the year ended December 31, 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
12/31/11 (c)
Pct.
Leased
12/31/11
Pct.
Leased
12/31/10
                 
  Northern NJ
12,985,619
-
(2,077,301)
1,862,862
(214,439)
12,771,180
88.0%
89.5%
  Central NJ
4,984,429
204,057
(587,951)
565,505
(22,446)
5,166,040
89.5%
89.5%
  Westchester Co., NY
4,524,790
-
(921,853)
794,495
(127,358)
4,397,432
91.8%
94.5%
  Manhattan
307,453
-
-
193,508
193,508
500,961
95.5%
58.6%
  Sub. Philadelphia
3,167,238
-
(667,390)
568,267
(99,123)
3,068,115
86.9%
89.7%
  Fairfield, CT
533,211
-
(71,232)
45,758
(25,474)
507,737
84.9%
89.2%
  Washington, DC/MD
964,231
-
(167,273)
187,793
20,520
984,751
76.2%
74.6%
  Rockland Co., NY
156,771
-
(11,953)
11,149
(804)
155,967
86.6%
87.1%
 
Totals
27,623,742
204,057
(4,504,953)
4,229,337
(275,616)
27,552,183
88.3%
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 December 31, 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 December 31, 2011 aggregating 193,213 square feet for which no new leases were signed.


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
37

 

 
Leasing Statistics
 
(For the year ended December 31, 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
169
1,754,937
342,608
1,412,329
5.6
28.00
4.13
 
 
Office/Flex
13
107,925
29,132
78,793
5.8
16.91
2.44
 
Central NJ
Office
80
511,684
191,385
320,299
5.7
23.98
3.96
 
 
Office/Flex
10
53,821
27,577
26,244
6.3
15.81
3.38
 
Westchester Co., NY
Office
76
389,927
116,299
273,628
4.8
25.14
3.31
 
 
Office/Flex
78
404,568
93,830
310,738
4.7
15.70
1.86
 
Manhattan
Office
5
193,508
193,508
-
19.2
31.90
5.78
 
Sub. Philadelphia
Office
54
256,498
24,955
231,543
3.6
22.32
2.57
 
 
Office/Flex
27
311,769
66,551
245,218
3.6
9.45
0.91
 
Fairfield Co., CT
Office
10
45,758
22,550
23,208
2.9
23.23
3.81
 
Washington, DC/MD
Office
43
187,793
66,497
121,296
4.9
24.03
3.12
 
Rockland Co., NY
Office
7
11,149
2,925
8,224
4.3
24.23
1.80
 
                   
Totals
 
572
4,229,337
1,177,817
3,051,520
5.8
23.86
3.81
 
                   
Detail by Property Type
                 
 
Office
444
3,351,254
960,727
2,390,527
6.1
26.54
4.21
 
 
Office/Flex
128
878,083
217,090
660,993
4.6
13.64
1.81
 
                   
Totals
 
572
4,229,337
1,177,817
3,051,520
5.8
23.86
3.81
 
                   
Tenant Retention:
Leases Retained
66.7%
             
 
Sq. Ft. Retained
67.7%
             
   


(a)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)  
Represents estimated workletter costs of $64,818,643 and commissions of $27,112,053 committed, but not necessarily expended, during the period for second generation space aggregating 4,182,360 square feet.

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
38

 

Leasing Statistics
(For the year ended December 31, 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
12/31/11
Pct.
Leased
12/31/11
Pct.
Leased
12/31/10
                 
   Northern NJ
775,341
(131,402)
85,783
(45,619)
729,722
81.4%
86.5%
   Central NJ
250,884
(21,421)
17,515
(3,906)
246,978
77.4%
78.6%
                 
Totals
1,026,225
-
(152,823)
103,298
(49,525)
976,700
80.3%
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 December 31, 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
8
85,783
-
85,783
5.4
32.02
2.19
   Central NJ
8
17,515
8,698
8,817
4.2
20.91
3.59
               
Totals
16
103,298
8,698
94,600
5.2
30.14
2.37
               

(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 $624,521 and commissions of $647,003 committed, but not necessarily expended, during the period for second generation space aggregating 101,677 square feet.


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 (b) (c)
Percentage of
Rentable Area
(%)
Newark, NJ (Essex-Morris-Union Counties)
136,429,110
22.0
6,495,715
20.8
Jersey City, NJ
118,116,795
19.1
4,317,978
13.9
Westchester-Rockland, NY
89,899,553
14.5
4,968,420
15.9
Bergen-Passaic, NJ
82,860,244
13.4
4,573,554
14.7
Philadelphia, PA-NJ
53,651,026
8.6
3,529,994
11.3
Middlesex-Somerset-Hunterdon, NJ
44,032,367
7.1
2,320,685
7.4
Washington, DC-MD-VA-WV
27,250,692
4.4
1,292,807
4.1
Monmouth-Ocean, NJ
25,645,417
4.1
1,620,863
5.2
Trenton, NJ
18,235,147
2.9
956,597
3.1
New York (Manhattan)
14,555,106
2.3
524,476
1.7
Stamford-Norwalk, CT
9,816,658
1.6
597,747
1.9
         
Totals
620,492,115
100.0
31,198,836
100.0
         

(a)  
Annualized base rental revenue is based on actual December 2011 billings times 12.  For leases whose rent commences after January 1, 2012, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(b)  
Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2011 aggregating 193,213 square feet and representing annualized rent of $3,859,489 for which no new leases were signed.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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
88,616,772
           14.3
3,211,570
           11.8
Insurance Carriers & Related Activities
61,285,614
             9.9
2,404,868
             8.9
Manufacturing
52,950,735
             8.5
2,649,193
             9.8
Telecommunications
37,721,881
             6.1
1,988,041
             7.4
Legal Services
35,977,736
             5.8
1,361,191
             5.0
Health Care & Social Assistance
32,351,167
             5.2
1,542,449
             5.7
Credit Intermediation & Related Activities
29,136,526
             4.7
1,048,160
             3.9
Computer System Design Svcs.
26,627,688
             4.3
1,283,363
             4.7
Accounting/Tax Prep.
23,402,046
             3.8
896,686
             3.3
Scientific Research/Development
20,583,666
             3.3
727,529
             2.7
Wholesale Trade
20,116,078
             3.2
1,374,399
             5.1
Architectural/Engineering
16,575,220
             2.7
720,632
             2.7
Admin & Support, Waste Mgt. & Remediation Svcs.
15,970,138
             2.6
775,172
             2.9
Public Administration
14,746,349
             2.4
565,615
             2.1
Retail Trade
13,972,976
             2.3
695,193
             2.6
Other Services (except Public Administration)
13,793,496
             2.2
554,157
             2.1
Management/Scientific
13,153,395
             2.1
531,811
             2.0
Arts, Entertainment & Recreation
11,779,249
             1.9
694,807
             2.6
Accommodation & Food Services
11,722,977
             1.9
501,945
             1.9
Real Estate & Rental & Leasing
11,305,724
             1.8
549,386
             2.0
Advertising/Related Services
8,936,919
             1.4
357,038
             1.3
Other Professional
7,283,439
             1.2
319,479
             1.2
Construction
6,585,664
             1.1
337,640
             1.2
Information Services
6,268,737
             1.0
246,120
             0.9
Data Processing Services
6,164,458
             1.0
240,815
             0.9
Transportation
5,584,093
             0.9
294,591
             1.1
Publishing Industries
5,439,156
             0.9
211,483
             0.8
Broadcasting
5,076,675
             0.8
185,449
             0.7
Utilities
4,455,033
             0.7
184,709
             0.7
Educational Services
3,745,731
             0.6
194,229
             0.7
Other
9,162,777
             1.4
382,006
             1.3
         
Totals
620,492,115
        100.0
27,029,726
        100.0


(a)  
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).
(b)  
Annualized base rental revenue is based on actual December 2011 billings times 12.  For leases whose rent commences after January 1, 2012, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
(d)  
Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2011 aggregating 193,213 square feet and representing annualized rent of $3,859,489 for which no new leases were signed.


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
41

 


 
Consolidated Portfolio Analysis (a)
 
(as of December 31, 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 December 31, 2011

 
 
42

 


 
Consolidated Portfolio Analysis (a)
 
(as of December 31, 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 December 31, 2011

 
 
43

 


 
Consolidated Portfolio Analysis (a)
 
(Year ended December 31, 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
$409,080
68.2%
$17,807
3.0%
--
--
--
--
--
--
$426,887
71.2%
New York
58,307
9.7%
34,467
5.7%
$3,987
0.7%
$522
0.1%
 $333
0.1%
97,616
16.3%
Pennsylvania
40,089
6.6%
--
--
--
--
--
--
--
--
40,089
6.6%
Connecticut
5,271
0.9%
4,235
0.7%
--
--
--
--
--
--
9,506
1.6%
Wash., D.C./
   Maryland
25,912
4.3%
--
--
--
--
--
--
153
--
26,065
 
4.3%
TOTALS
   By Type:
$538,659
89.7%
$56,509
9.4%
$3,987
0.7%
$522
0.1%
 $486
0.1%
$600,163
100.0%

(a)Excludes 9 properties, aggregating approximately 1.2 million square feet, which are not consolidated by the Company.
(b)  
Total base rent for the 12 months ended December 31, 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 December 31, 2011

 
 
44

 


Consolidated Portfolio Analysis (a) (b)
(as of December 31, 2011)
 
Breakdown by Percentage Leased
 

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
88.4%
90.7%
--
--
88.6%
New York
87.5%
96.2%
97.8%
100.0%
92.0%
Pennsylvania
83.6%
--
--
--
83.6%
Connecticut
72.3%
100.0%
--
--
84.9%
Washington, D.C./ Maryland
76.2%
--
--
--
76.2%
 
WEIGHTED AVG. By Type:
 
87.1%
 
93.9%
 
97.8%
 
100.0%
 
88.3%

(a)  
Excludes 9 properties, aggregating approximately1.2 million square feet, which are not consolidated by the Company, and parcels of land leased to others.
(b)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future as well as leases expiring December 31, 2011 aggregating 193,213 square feet for which no new leases were signed.



 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
45

 

Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
BERGEN COUNTY, NEW JERSEY
             
Fair Lawn
             
17-17 Route 208 North                                                 
1987
143,000
97.3
2,964
0.49
21.30
17.87
Fort Lee
             
One Bridge Plaza                                                 
1981
200,000
86.8
4,435
0.74
25.55
21.52
2115 Linwood Avenue                                                 
1981
68,000
49.3
879
0.15
26.22
24.52
Little Ferry
             
200 Riser Road                                                 
1974
286,628
100.0
2,045
0.34
7.13
6.87
Lyndhurst
             
210 Clay Avenue                                                 
1981
121,203
90.9
2,530
0.42
22.96
20.75
Montvale
             
95 Chestnut Ridge Road                                                 
1975
47,700
0.0
7
0.00
0.00
0.00
135 Chestnut Ridge Road                                                 
1981
66,150
76.4
544
0.09
10.76
8.45
Paramus
             
15 East Midland Avenue                                                 
1988
259,823
80.5
4,527
0.75
21.64
20.89
140 East Ridgewood Avenue                                                 
1981
239,680
91.9
4,730
0.79
21.47
18.34
461 From Road                                                 
1988
253,554
97.0
5,983
1.00
24.33
24.21
650 From Road                                                 
1978
348,510
83.2
6,385
1.06
22.02
19.24
61 South Paramus Road (f)                                                 
1985
269,191
59.6
4,470
0.74
27.86
24.10
Rochelle Park
             
120 West Passaic Street                                                 
1972
52,000
99.6
1,474
0.25
28.46
26.82
365 West Passaic Street                                                 
1976
212,578
93.3
4,127
0.69
20.81
18.34
395 West Passaic Street                                                 
1979
100,589
43.6
1,373
0.23
31.31
26.20
Upper Saddle River
             
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.24
15.72
15.72
10 Mountainview Road                                                 
1986
192,000
75.4
3,087
0.51
21.32
18.51
Woodcliff Lake
             
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,950
0.32
21.86
16.32
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,248
0.21
23.77
18.48
530 Chestnut Ridge Road                                                 
1986
57,204
80.2
695
0.12
15.15
14.36
50 Tice Boulevard                                                 
1984
235,000
91.5
5,424
0.90
25.22
22.56
300 Tice Boulevard                                                 
1991
230,000
100.0
5,589
0.93
24.30
21.90
               
BURLINGTON COUNTY, NEW JERSEY
             
Moorestown
             
224 Strawbridge Drive                                                 
1984
74,000
100.0
1,729
0.29
23.36
20.27
228 Strawbridge Drive                                                 
1984
74,000
100.0
1,853
0.31
25.04
21.61
232 Strawbridge Drive                                                 
1986
74,258
28.9
921
0.15
42.92
37.56
               
ESSEX COUNTY, NEW JERSEY
             
Millburn
             
150 J.F. Kennedy Parkway                                                 
1980
247,476
95.6
7,668
1.28
32.41
28.04
Roseland
             
4 Becker Farm Road                                                 
1983
281,762
95.5
6,593
1.10
24.50
22.36
5 Becker Farm Road                                                 
1982
118,343
86.3
2,417
0.40
23.67
21.51
6 Becker Farm Road                                                 
1982
129,732
78.3
2,571
0.43
25.31
23.52
101 Eisenhower Parkway                                                 
1980
237,000
89.0
4,925
0.82
23.35
20.24
103 Eisenhower Parkway                                                 
1985
151,545
72.0
2,393
0.40
21.93
18.20
105 Eisenhower Parkway                                                 
2001
220,000
94.9
5,139
0.86
24.61
18.42
75 Livingston Avenue                                                 
1985
94,221
59.4
1,326
0.22
23.69
19.78
85 Livingston Avenue                                                 
1985
124,595
84.8
2,712
0.45
25.67
23.76

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
46

 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
HUDSON COUNTY, NEW JERSEY
             
Jersey City
             
Harborside Financial Center Plaza 1
1983
400,000
100.0
11,281
1.88
28.20
24.55
Harborside Financial Center Plaza 2
1990
761,200
100.0
18,538
3.09
24.35
22.34
Harborside Financial Center Plaza 3
1990
725,600
95.6
21,042
3.51
30.33
28.23
Harborside Financial Center Plaza 4-A
2000
207,670
100.0
6,198
1.03
29.85
25.58
Harborside Financial Center Plaza 5
2002
977,225
96.4
35,127
5.84
37.29
32.26
101 Hudson Street                                                 
1992
1,246,283
87.0
28,370
4.73
26.17
23.00
               
MERCER COUNTY, NEW JERSEY
             
Hamilton Township
             
3 AAA Drive                                                 
1981
35,270
89.5
566
0.09
17.93
14.22
600 Horizon Drive                                                 
2002
95,000
100.0
1,419
0.24
14.94
14.94
700 Horizon Drive                                                 
2007
120,000
100.0
2,459
0.41
20.49
18.33
2 South Gold Drive                                                 
1974
33,962
61.6
412
0.07
19.69
17.02
Princeton
             
103 Carnegie Center                                                 
1984
96,000
89.2
2,299
0.38
26.85
21.99
2 Independence Way                                                 
1981
67,401
100.0
1,525
0.25
22.63
22.06
3 Independence Way                                                 
1983
111,300
85.0
1,935
0.32
20.45
15.75
100 Overlook Center                                                 
1988
149,600
89.6
3,955
0.66
29.51
25.46
5 Vaughn Drive                                                 
1987
98,500
90.0
2,087
0.35
23.54
20.00
               
MIDDLESEX COUNTY, NEW JERSEY
             
East Brunswick
             
377 Summerhill Road                                                 
1977
40,000
100.0
372
0.06
9.30
9.05
Edison
             
343 Thornall Street (c)                                              
1991
195,709
93.8
3,876
0.65
21.11
16.65
Piscataway
             
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,445
0.41
15.28
15.28
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,757
0.29
15.28
15.28
30 Knightsbridge Road, Bldg. 5
1977
332,607
84.8
4,954
0.83
17.56
13.08
30 Knightsbridge Road, Bldg. 6
1977
72,743
63.8
206
0.03
4.44
2.00
Plainsboro
             
500 College Road East (f)                                                 
1984
158,235
75.5
1,852
0.31
15.50
11.98
Woodbridge
             
581 Main Street                                                 
1991
200,000
93.1
4,950
0.82
26.58
22.93
               
MONMOUTH COUNTY, NEW JERSEY
             
Freehold
             
2 Paragon Way                                                 
1989
44,524
47.2
417
0.07
19.84
17.04
3 Paragon Way                                                 
1991
66,898
68.0
839
0.14
18.44
14.82
4 Paragon Way                                                 
2002
63,989
30.8
531
0.09
26.94
26.94
100 Willow Brook Road                                                 
1988
60,557
57.4
757
0.13
21.78
18.70
Holmdel
             
23 Main Street                                                 
1977
350,000
100.0
4,012
0.67
11.46
8.63
Middletown
             
One River Centre Bldg. 1                                                 
1983
122,594
93.4
2,924
0.49
25.54
21.33
One River Centre Bldg. 2                                                 
1983
120,360
100.0
2,376
0.40
19.74
17.53
One River Centre Bldg. 3 and 4
1984
214,518
93.6
4,389
0.73
21.86
20.71
               

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
47

 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
Neptune
             
3600 Route 66                                                 
1989
180,000
100.0
2,400
0.40
13.33
12.06
Wall Township
             
1305 Campus Parkway                                                 
1988
23,350
92.4
485
0.08
22.48
17.24
1350 Campus Parkway                                                 
1990
79,747
99.9
1,078
0.18
13.53
11.60
               
MORRIS COUNTY, NEW JERSEY
             
Florham Park
             
325 Columbia Turnpike                                                 
1987
168,144
100.0
3,310
0.55
19.69
17.19
Morris Plains
             
250 Johnson Road                                                 
1977
75,000
100.0
1,514
0.25
20.19
17.60
201 Littleton Road                                                 
1979
88,369
42.1
655
0.11
17.61
15.05
Morris Township
             
412 Mt. Kemble Avenue                                                 
1986
475,100
63.4
5,798
0.97
19.25
14.62
Parsippany
             
4 Campus Drive                                                 
1983
147,475
62.4
3,028
0.50
32.90
21.45
6 Campus Drive                                                 
1983
148,291
90.0
3,151
0.53
23.61
18.83
7 Campus Drive                                                 
1982
154,395
78.0
2,381
0.40
19.77
15.69
8 Campus Drive                                                 
1987
215,265
82.9
5,330
0.89
29.87
26.85
9 Campus Drive                                                 
1983
156,495
72.7
2,550
0.42
22.41
10.43
4 Century Drive                                                 
1981
100,036
61.3
1,087
0.18
17.73
13.63
5 Century Drive                                                 
1981
79,739
52.0
1,082
0.18
26.09
21.05
6 Century Drive                                                 
1981
100,036
24.8
616
0.10
24.83
16.28
2 Dryden Way                                                 
1990
6,216
100.0
99
0.02
15.93
14.64
4 Gatehall Drive                                                 
1988
248,480
94.3
6,516
1.09
27.81
23.81
2 Hilton Court                                                 
1991
181,592
100.0
6,533
1.09
35.98
31.46
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.19
19.59
19.59
600 Parsippany Road                                                 
1978
96,000
90.1
1,553
0.26
17.95
14.86
1 Sylvan Way                                                 
1989
150,557
85.9
3,096
0.52
23.94
19.53
4 Sylvan Way                                                 
1984
105,135
100.0
1,929
0.32
18.35
16.47
5 Sylvan Way                                                 
1989
151,383
89.0
3,929
0.65
29.16
26.36
7 Sylvan Way                                                 
1987
145,983
100.0
3,219
0.54
22.05
19.29
22 Sylvan Way                                                 
2009
249,409
100.0
6,183
1.03
24.79
22.40
20 Waterview Boulevard                                                 
1988
225,550
99.1
4,895
0.82
21.90
20.26
35 Waterview Boulevard                                                 
1990
172,498
96.8
3,948
0.66
23.64
20.65
5 Wood Hollow Road                                                 
1979
317,040
88.1
5,328
0.89
19.08
15.24
               
PASSAIC COUNTY, NEW JERSEY
             
Clifton
             
777 Passaic Avenue                                                 
1983
75,000
65.4
1,159
0.19
23.63
21.49
Totowa
             
999 Riverview Drive                                                 
1988
56,066
67.7
815
0.14
21.47
17.76
               
SOMERSET COUNTY, NEW JERSEY
             
Basking Ridge
             
222 Mt. Airy Road                                                 
1986
49,000
100.0
1,074
0.18
21.92
16.51
233 Mt. Airy Road                                                 
1987
66,000
56.8
1,012
0.17
27.00
24.35
Bernards
             
106 Allen Road                                                 
2000
132,010
93.5
3,505
0.58
28.40
24.32
               

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
48

 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
Branchburg
             
51 Imclone Drive                                              
1986
63,213
100.0
521
0.09
8.24
7.66
Bridgewater
             
55 Corporate Drive (g)                                                 
2011
204,057
100.0
3,210
0.53
23.44
22.90
440 Route 22 East                                                 
1990
198,376
93.4
4,130
0.69
22.29
19.83
721 Route 202/206 
1989
192,741
86.4
3,818
0.64
22.93
16.43
Warren
             
10 Independence Boulevard                                                 
1988
120,528
86.3
2,783
0.46
26.76
26.20
               
UNION COUNTY, NEW JERSEY
             
Clark
             
100 Walnut Avenue                                                 
1985
182,555
98.1
4,488
0.75
25.06
21.36
Cranford
             
6 Commerce Drive                                                 
1973
56,000
81.8
1,024
0.17
22.35
19.95
11 Commerce Drive                                                 
1981
90,000
95.0
2,223
0.37
26.00
22.01
12 Commerce Drive                                                 
1967
72,260
84.7
903
0.15
14.75
11.81
14 Commerce Drive                                                 
1971
67,189
81.1
1,151
0.19
21.12
16.98
20 Commerce Drive                                                 
1990
176,600
93.3
4,059
0.68
24.63
21.84
25 Commerce Drive                                                 
1971
67,749
90.7
1,457
0.24
23.71
20.05
65 Jackson Drive                                                 
1984
82,778
94.0
1,825
0.30
23.45
20.60
New Providence
             
890 Mountain Avenue                                                 
1977
80,000
58.3
1,051
0.18
22.53
20.28
               
Total New Jersey Office
 
19,600,117
88.4
409,080
68.17
23.70
20.66
               
NEW YORK COUNTY, NEW YORK
             
New York
             
125 Broad Street                                                 
1970
524,476
95.5
11,036
1.83
22.03
19.71
               
ROCKLAND COUNTY, NEW YORK
             
Suffern
             
400 Rella Boulevard                                                 
1988
180,000
86.6
3,596
0.60
23.07
20.37
WESTCHESTER COUNTY, NEW YORK
             
Elmsford
             
100 Clearbrook Road (c)                                                 
1975
60,000
83.0
1,136
0.19
22.81
20.80
101 Executive Boulevard                                                 
1971
50,000
0.0
70
0.01
0.00
0.00
555 Taxter Road                                                 
1986
170,554
79.5
3,457
0.58
25.50
20.53
565 Taxter Road                                                 
1988
170,554
81.0
3,512
0.59
25.42
22.19
570 Taxter Road                                                 
1972
75,000
68.4
1,322
0.22
25.77
23.53
Hawthorne
             
1 Skyline Drive                                                 
1980
20,400
99.0
397
0.07
19.66
18.72
2 Skyline Drive                                                 
1987
30,000
100.0
543
0.09
18.10
10.63
7 Skyline Drive                                                 
1987
109,000
88.6
2,391
0.40
24.76
21.26
17 Skyline Drive (f)                                                 
1989
85,000
100.0
1,670
0.28
19.65
19.01
19 Skyline Drive                                                 
1982
248,400
100.0
4,036
0.67
16.25
15.11
Tarrytown
             
200 White Plains Road                                                 
1982
89,000
82.9
1,866
0.31
25.29
22.26
220 White Plains Road                                                 
1984
89,000
77.2
1,622
0.27
23.61
21.00
White Plains
             
1 Barker Avenue                                                 
1975
68,000
99.8
1,722
0.29
25.37
22.68
3 Barker Avenue                                                 
1983
65,300
94.1
1,612
0.27
26.23
23.73

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
49

 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
50 Main Street                                                 
1985
309,000
83.5
8,264
1.38
32.03
28.73
11 Martine Avenue                                                 
1987
180,000
79.3
4,445
0.74
31.14
26.90
1 Water Street                                                 
1979
45,700
96.1
1,137
0.19
25.89
22.66
Yonkers
             
1 Executive Boulevard                                                 
1982
112,000
100.0
2,797
0.47
24.97
21.84
3 Executive Boulevard                                                 
1987
58,000
100.0
1,676
0.28
28.90
27.29
               
Total New York Office
 
2,739,384
87.5
58,307
9.73
24.31
21.53
               
CHESTER COUNTY, PENNSYLVANIA
             
Berwyn
             
1000 Westlakes Drive                                                 
1989
60,696
96.7
863
0.14
14.70
14.06
1055 Westlakes Drive                                                 
1990
118,487
79.1
2,387
0.40
25.47
21.24
1205 Westlakes Drive                                                 
1988
130,265
89.0
3,139
0.52
27.08
23.89
1235 Westlakes Drive                                                 
1986
134,902
92.0
2,860
0.48
23.04
17.85
               
DELAWARE COUNTY, PENNSYLVANIA
             
Lester
             
100 Stevens Drive                                                 
1986
95,000
100.0
2,771
0.46
29.17
26.55
200 Stevens Drive                                                 
1987
208,000
100.0
6,088
1.01
29.27
26.99
300 Stevens Drive                                                 
1992
68,000
86.6
1,349
0.22
22.91
18.82
Media
             
1400 Providence Road – Center I
1986
100,000
91.9
2,186
0.36
23.79
20.37
1400 Providence Road – Center II
1990
160,000
99.2
3,283
0.55
20.68
17.08
               
MONTGOMERY COUNTY, PENNSYLVANIA
             
Bala Cynwyd
             
150 Monument Road                                                 
1981
125,783
83.0
2,752
0.46
26.36
22.25
Blue Bell
             
4 Sentry Park                                                 
1982
63,930
83.5
1,009
0.17
18.90
15.44
5 Sentry Park East                                                 
1984
91,600
58.5
1,175
0.20
21.93
15.45
5 Sentry Park West                                                 
1984
38,400
31.5
253
0.04
20.92
18.44
16 Sentry Park West                                                 
1988
93,093
100.0
2,276
0.38
24.45
21.26
18 Sentry Park West                                                 
1988
95,010
99.8
2,295
0.38
24.20
21.25
King of Prussia
             
2200 Renaissance Boulevard                                                 
1985
174,124
47.3
1,696
0.28
20.59
19.79
Lower Providence
             
1000 Madison Avenue                                                 
1990
100,700
72.3
1,219
0.20
16.74
10.66
Plymouth Meeting
             
1150 Plymouth Meeting Mall                                                 
1970
167,748
72.4
2,488
0.41
20.49
16.46
               
Total Pennsylvania Office
 
2,025,738
83.6
40,089
6.66
23.68
20.22
               
FAIRFIELD COUNTY, CONNECTICUT
             
Norwalk
             
40 Richards Avenue                                                 
1985
145,487
53.3
2,094
0.35
27.00
22.39
Stamford
             
1266 East Main Street                                                 
1984
179,260
87.7
3,177
0.53
20.21
16.65
               
Total Connecticut Office
 
324,747
72.3
5,271
0.88
22.45
18.55
               

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
50

 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
WASHINGTON, D.C.
             
1201 Connecticut Avenue, NW
1940
169,549
89.4
6,272
1.05
41.38
36.51
1400 L Street, NW                                                 
1987
159,000
100.0
5,624
0.94
35.37
29.86
               
Total District of Columbia Office
 
328,549
94.5
11,896
1.99
38.30
33.10
               
PRINCE GEORGE’S COUNTY, MARYLAND
             
Greenbelt
             
9200 Edmonston Road                                                 
1973
38,690
100.0
910
0.15
23.52
21.17
6301 Ivy Lane                                                 
1979
112,003
85.6
1,709
0.28
17.83
15.36
6303 Ivy Lane                                                 
1980
112,047
85.6
2,362
0.39
24.63
21.53
6305 Ivy Lane                                                 
1982
112,022
92.8
1,489
0.25
14.32
12.81
6404 Ivy Lane                                                 
1987
165,234
65.8
2,268
0.38
20.86
15.61
6406 Ivy Lane                                                 
1991
163,857
11.5
0
0.00
0.00
0.00
6411 Ivy Lane                                                 
1984
138,405
66.0
2,337
0.39
25.58
21.52
Lanham
             
4200 Parliament Place                                                 
1989
122,000
99.1
2,941
0.49
24.33
22.51
               
Total Maryland Office
 
964,258
69.9
14,016
2.33
20.79
17.91
               
               
TOTAL OFFICE PROPERTIES
 
25,982,793
87.1
538,659
89.76
23.86
20.79
               

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
51

 


Property Listing
 
Office/Flex Properties
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
BURLINGTON COUNTY, NEW JERSEY
             
Burlington
             
3 Terri Lane                                                 
1991
64,500
100.0
559
0.09
8.67
7.38
5 Terri Lane                                                 
1992
74,555
100.0
616
0.10
8.26
6.51
Moorestown
             
2 Commerce Drive                                                 
1986
49,000
75.6
207
0.03
5.59
4.35
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.05
4.25
3.85
102 Commerce Drive                                                 
1987
38,400
100.0
217
0.04
5.65
4.40
201 Commerce Drive                                                 
1986
38,400
100.0
199
0.03
5.18
4.14
202 Commerce Drive                                                 
1988
51,200
82.8
216
0.04
5.10
4.32
1 Executive Drive                                                 
1989
20,570
60.5
120
0.02
9.64
7.15
2 Executive Drive                                                 
1988
60,800
90.3
442
0.07
8.05
5.76
101 Executive Drive                                                 
1990
29,355
99.7
295
0.05
10.08
8.03
102 Executive Drive                                                 
1990
64,000
100.0
474
0.08
7.41
7.09
225 Executive Drive                                                 
1990
50,600
79.1
268
0.04
6.70
5.15
97 Foster Road                                                 
1982
43,200
100.0
163
0.03
3.77
2.82
1507 Lancer Drive                                                 
1995
32,700
100.0
34
0.01
1.04
0.98
1245 North Church Street                                                 
1998
52,810
100.0
277
0.05
5.25
4.51
1247 North Church Street                                                 
1998
52,790
80.7
275
0.05
6.46
5.45
1256 North Church Street                                                 
1984
63,495
100.0
457
0.08
7.20
6.61
840 North Lenola Road                                                 
1995
38,300
100.0
370
0.06
9.66
7.86
844 North Lenola Road                                                 
1995
28,670
100.0
172
0.03
6.00
5.27
915 North Lenola Road                                                 
1998
52,488
100.0
292
0.05
5.56
4.57
2 Twosome Drive                                                 
2000
48,600
100.0
376
0.06
7.74
4.55
30 Twosome Drive                                                 
1997
39,675
100.0
303
0.05
7.64
6.05
31 Twosome Drive                                                 
1998
84,200
100.0
469
0.08
5.57
5.24
40 Twosome Drive                                                 
1996
40,265
72.7
234
0.04
7.99
6.97
41 Twosome Drive                                                 
1998
43,050
77.7
203
0.03
6.07
5.26
50 Twosome Drive                                                 
1997
34,075
100.0
257
0.04
7.54
7.13
               
GLOUCESTER COUNTY, NEW JERSEY
             
West Deptford
             
1451 Metropolitan Drive                                                 
1996
21,600
100.0
120
0.02
5.56
4.91
               
MERCER COUNTY, NEW JERSEY
             
Hamilton Township
             
100 Horizon Center Boulevard
1989
13,275
100.0
97
0.02
7.31
5.35
200 Horizon Drive                                                 
1991
45,770
100.0
640
0.11
13.98
13.20
300 Horizon Drive                                                 
1989
69,780
46.0
461
0.08
14.36
10.78
500 Horizon Drive                                                 
1990
41,205
93.8
557
0.09
14.41
13.12
               
MONMOUTH COUNTY, NEW JERSEY
             
Wall Township
             
1325 Campus Parkway                                                 
1988
35,000
100.0
642
0.11
18.34
16.29
1340 Campus Parkway                                                 
1992
72,502
100.0
954
0.16
13.16
10.80
1345 Campus Parkway                                                 
1995
76,300
100.0
948
0.16
12.42
9.42
1433 Highway 34                                                 
1985
69,020
67.3
507
0.08
10.91
7.97
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
213
0.04
10.47
8.02
1324 Wyckoff Avenue                                                 
1987
21,168
81.5
183
0.03
10.61
4.29
               
               
               

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
52

 


Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
PASSAIC COUNTY, NEW JERSEY
             
Totowa
             
1 Center Court                                                 
1999
38,961
100.0
443
0.07
11.37
10.06
2 Center Court                                                 
1998
30,600
62.8
245
0.04
12.75
10.67
11 Commerce Way                                                 
1989
47,025
77.8
609
0.10
16.65
13.20
20 Commerce Way                                                 
1992
42,540
61.1
288
0.05
11.08
10.89
29 Commerce Way                                                 
1990
48,930
75.2
620
0.10
16.85
14.30
40 Commerce Way                                                 
1987
50,576
86.3
406
0.07
9.30
7.35
45 Commerce Way                                                 
1992
51,207
100.0
515
0.09
10.06
8.34
60 Commerce Way                                                 
1988
50,333
100.0
563
0.09
11.19
8.94
80 Commerce Way                                                 
1996
22,500
100.0
291
0.05
12.93
11.24
100 Commerce Way                                                 
1996
24,600
100.0
318
0.05
12.93
11.26
120 Commerce Way                                                 
1994
9,024
100.0
105
0.02
11.64
9.97
140 Commerce Way                                                 
1994
26,881
89.3
312
0.05
13.00
11.08
               
Total New Jersey Office/Flex
 
2,189,531
90.7
17,807
2.98
8.97
7.42
               
WESTCHESTER COUNTY, NEW YORK
             
Elmsford
             
11 Clearbrook Road                                                 
1974
31,800
72.8
364
0.06
15.72
13.87
75 Clearbrook Road                                                 
1990
32,720
100.0
327
0.05
9.99
8.89
125 Clearbrook Road                                                 
2002
33,000
100.0
706
0.12
21.39
17.76
150 Clearbrook Road                                                 
1975
74,900
99.3
841
0.14
11.31
10.20
175 Clearbrook Road                                                 
1973
98,900
100.0
1,415
0.24
14.31
13.00
200 Clearbrook Road                                                 
1974
94,000
99.8
955
0.16
10.18
8.27
250 Clearbrook Road                                                 
1973
155,000
97.3
1,423
0.24
9.44
8.60
50 Executive Boulevard                                                 
1969
45,200
66.7
411
0.07
13.63
12.54
77 Executive Boulevard                                                 
1977
13,000
100.0
244
0.04
18.77
18.23
85 Executive Boulevard                                                 
1968
31,000
86.2
558
0.09
20.88
17.74
300 Executive Boulevard                                                 
1970
60,000
100.0
739
0.12
12.32
11.13
350 Executive Boulevard                                                 
1970
15,400
98.8
235
0.04
15.45
15.25
399 Executive Boulevard                                                 
1962
80,000
100.0
1,038
0.17
12.98
12.40
400 Executive Boulevard                                                 
1970
42,200
78.0
550
0.09
16.71
13.82
500 Executive Boulevard                                                 
1970
41,600
100.0
748
0.12
17.98
16.49
525 Executive Boulevard                                                 
1972
61,700
100.0
966
0.16
15.66
14.23
1 Westchester Plaza                                                 
1967
25,000
100.0
346
0.06
13.84
11.96
2 Westchester Plaza                                                 
1968
25,000
100.0
545
0.09
21.80
20.92
3 Westchester Plaza                                                 
1969
93,500
85.0
1,011
0.17
12.72
10.87
4 Westchester Plaza                                                 
1969
44,700
100.0
685
0.11
15.32
12.93
5 Westchester Plaza                                                 
1969
20,000
100.0
277
0.05
13.85
9.45
6 Westchester Plaza                                                 
1968
20,000
89.8
289
0.05
16.09
14.64
7 Westchester Plaza                                                 
1972
46,200
100.0
653
0.11
14.13
13.64
8 Westchester Plaza                                                 
1971
67,200
84.1
898
0.15
15.89
13.71
Hawthorne
             
200 Saw Mill River Road                                                 
1965
51,100
92.0
593
0.10
12.61
11.42
4 Skyline Drive                                                 
1987
80,600
100.0
1,417
0.24
17.58
14.21
5 Skyline Drive                                                 
1980
124,022
96.1
1,539
0.26
12.91
11.23
6 Skyline Drive                                                 
1980
44,155
100.0
519
0.09
11.75
7.32
8 Skyline Drive                                                 
1985
50,000
98.7
959
0.16
19.43
15.76
10 Skyline Drive                                                 
1985
20,000
100.0
381
0.06
19.05
14.90
               

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
53

 


Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
11 Skyline Drive (f)                                                 
1989
45,000
100.0
926
0.15
20.58
20.42
12 Skyline Drive (f)                                                 
1999
46,850
100.0
627
0.10
13.38
10.42
15 Skyline Drive (f)                                                 
1989
55,000
100.0
1,204
0.20
21.89
18.84
Yonkers
             
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,559
0.26
20.33
19.26
200 Corporate Boulevard South
1990
84,000
100.0
1,528
0.25
18.19
16.89
4 Executive Plaza                                                 
1986
80,000
100.0
1,372
0.23
17.15
12.98
6 Executive Plaza                                                 
1987
80,000
100.0
1,513
0.25
18.91
17.25
1 Odell Plaza                                                 
1980
106,000
91.9
1,089
0.18
11.18
9.65
3 Odell Plaza                                                 
1984
71,065
100.0
1,596
0.27
22.46
20.83
5 Odell Plaza                                                 
1983
38,400
99.6
641
0.11
16.76
13.36
7 Odell Plaza                                                 
1984
42,600
99.6
780
0.13
18.38
17.09
               
Total New York Office/Flex
 
2,348,812
96.2
34,467
5.74
15.25
13.39
               
FAIRFIELD COUNTY, CONNECTICUT
             
Stamford
             
419 West Avenue                                                 
1986
88,000
100.0
1,470
0.24
16.70
15.58
500 West Avenue                                                 
1988
25,000
100.0
423
0.07
16.92
16.20
550 West Avenue                                                 
1990
54,000
100.0
986
0.16
18.26
17.46
600 West Avenue                                                 
1999
66,000
100.0
670
0.11
10.15
9.27
650 West Avenue                                                 
1998
40,000
100.0
686
0.11
17.15
15.90
               
Total Connecticut Office/Flex
 
273,000
100.0
4,235
0.69
15.51
14.53
               
               
TOTAL OFFICE/FLEX PROPERTIES
 
4,811,343
93.9
56,509
9.41
12.50
10.84
               

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
54

 


Property Listing
 
Industrial/Warehouse, Retail and Land Properties
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
12/31/11
 (%) (a)
2011
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2011
Base Rent
%
2011
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
2011
Average
Effective Rent
Per Sq. Ft.
($) (c) (e)
               
WESTCHESTER COUNTY, NEW YORK
             
Elmsford
             
1 Warehouse Lane (f)                                                 
1957
6,600
100.0
96
0.02
14.55
12.12
2 Warehouse Lane (f)                                                 
1957
10,900
100.0
140
0.02
12.84
12.29
3 Warehouse Lane (f)                                                 
1957
77,200
100.0
363
0.06
4.70
4.48
4 Warehouse Lane (f)                                                 
1957
195,500
96.7
1,889
0.31
9.99
9.02
5 Warehouse Lane (f)                                                 
1957
75,100
97.1
961
0.16
13.18
11.57
6 Warehouse Lane (f)                                                 
1982
22,100
100.0
538
0.09
24.34
23.53
               
Total Industrial/Warehouse Properties
 
387,400
97.8
3,987
0.66
10.53
9.58
               
WESTCHESTER COUNTY, NEW YORK
             
Tarrytown
             
230 White Plains Road                                                 
1984
9,300
100.0
179
0.03
19.25
19.35
Yonkers
             
2 Executive Boulevard                                                 
1986
8,000
100.0
343
0.06
42.88
42.88
               
Total Retail Properties
 
17,300
100.0
522
0.09
30.17
30.23
               
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
88.3
600,163
100.00
21.84
19.02

(a)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring December 31, 2011 aggregating 193,213 square feet (representing 0.6 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)  
Total base rent for the 12 months ended December 31, 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 December 31, 2011, divided by net rentable square feet leased at December 31, 2011.
(e)  
Total base rent for 2011 minus total 2011 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP, divided by net rentable square feet leased at December 31, 2011.
(f)  
This property is located on land leased by the Company.
(g)  
As this property was acquired, placed in service or initially consolidated by the Company during the 12 months ended December 31, 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. and 2011 effective rent per sq. ft. for this property have been calculated by taking 2011 base rent and 2011 effective rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at December 31, 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 December 31, 2011.

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
55

 


Significant Tenants


The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of December 31, 2011, based upon annualized base rental revenue:
 
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
13,662,108
2.1
472,651
1.7
(b)
DB Services New Jersey, Inc.
2
12,335,217
1.9
409,166
1.5
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
9,079,313
1.5
303,149
1.1
2020
United States of America-GSA
13
9,023,124
1.4
295,633
1.1
(e)
Prentice-Hall, Inc.
1
8,643,699
1.4
474,801
1.7
2014
Forest Research Institute, Inc.
1
8,271,398
1.3
215,659
0.8
2017
ICAP Securities USA, LLC
1
6,304,775
1.0
159,834
0.6
2017
Toys 'R' Us – NJ, Inc.
1
6,152,682
1.0
242,518
0.9
2012
Daiichi Sankyo, Inc.
2
6,131,521
1.0
180,807
0.7
(f)
TD Ameritrade Online Holdings
1
6,100,756
1.0
188,776
0.7
2020
Montefiore Medical Center
5
5,426,458
0.9
247,122
0.9
(g)
Bank Of Tokyo-Mitsubishi, Ltd.
1
5,254,698
0.8
161,683
0.6
(h)
IBM Corporation
2
5,177,420
0.8
292,304
1.1
(i)
KPMG, LLP
3
5,092,360
0.8
187,536
0.7
(j)
Credit Suisse (USA), Inc.
1
5,010,415
0.8
146,366
0.5
2012
Merrill Lynch Pierce Fenner
1
5,001,213
0.8
294,189
1.1
2017
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
(k)
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
4,106,594
0.7
142,530
0.5
(l)
Allstate Insurance Company
8
4,051,625
0.7
179,425
0.7
(m)
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
HQ Global Workplaces, LLC
10
3,583,031
0.6
182,643
0.7
(n)
American Institute of Certified Public    Accountants
1
3,455,040
0.6
142,953
0.5
2012
Oppenheimer & Co., Inc.
1
3,269,465
0.5
118,871
0.4
(o)
Shaw Facilities, Inc.
3
3,122,835
0.5
141,172
0.5
(p)
Dow Jones & Company, Inc.
1
3,057,773
0.5
92,312
0.3
2012
Alpharma, LLC
1
3,053,604
0.5
112,235
0.4
2018
SunAmerica Asset Management
1
2,958,893
0.5
69,621
0.3
2018
E*Trade Financial Corporation
1
2,930,757
0.5
106,573
0.4
2022
United States Life Insurance Co.
1
2,880,000
0.5
180,000
0.7
2013
High Point Safety & Insurance
2
2,861,217
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
Continental Casualty Company
2
2,784,736
0.4
100,712
0.4
(q)
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
(r)
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
Sony Music Entertainment
1
2,359,986
0.4
97,653
0.4
2014
             
Totals
 
237,714,663
38.3
9,405,695
34.8
 

See footnotes on subsequent page.

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
56

 


Significant Tenants

(Continued)

(a)  
Annualized base rental revenue is based on actual December 2011 billings times 12.  For leases whose rent commences after January 1, 2012, 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)  
74,510 square feet expire in 2012; 281,023 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)  
67,167 square feet expire in 2013; 4,879 square feet expire in 2014; 180,729 square feet expire in 2015; 15,851 square feet expire in 2016; 8,241 square feet expire in 2017; 18,766 square feet expire in 2022.
(f)  
8,907 square feet expire in 2013; 171,900 square feet expire in 2022.
(g)  
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; 9,610 square feet expire in 2022.
(h)  
24,607 square feet expire in 2019; 137,076 square feet expire in 2029.
(i)  
248,399 square feet expire in 2012; 43,905 square feet expire in 2013.
(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)  
1,021 square feet expire in 2014; 154,035 square feet expire in 2020.
(l)  
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.
(m)  
5,516 square feet expire in 2012; 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)  
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; 49,434 square feet expire in 2023.
(o)  
104,008 square feet expire in 2013; 14,863 square feet expire in 2017.
(p)  
39,060 square feet expire in 2013; 102,112 square feet expire in 2015.
(q)  
19,416 square feet expire in 2016; 81,296 square feet expire in 2031.
(r)  
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
 

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 January 1, 2012, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2012 through 2014 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 (%)
             
2012 (c)
           
   Northern  NJ
120
1,360,188
5.1
38,365,285
28.21
6.2
   Central NJ
53
330,743
1.2
8,014,458
24.23
1.3
   Westchester Co., NY
81
374,852
1.4
7,937,703
21.18
1.3
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
51
370,575
1.4
5,506,709
14.86
0.9
   Fairfield, CT
12
27,583
0.1
631,671
22.90
0.1
   Washington, DC/MD
15
55,009
0.2
1,447,276
26.31
0.2
   Rockland Co., NY
5
7,809
(d)
206,971
26.50
(d)
TOTAL – 2012
337
2,526,759
9.4
62,110,073
24.58
10.0
             
             
2013
           
   Northern  NJ
109
1,407,994
5.1
31,329,569
22.25
5.0
   Central NJ
77
599,568
2.2
14,059,964
23.45
2.3
   Westchester Co., NY
122
1,149,166
4.3
20,282,063
17.65
3.3
   Manhattan
2
104,008
0.4
2,808,712
27.00
0.5
   Sub. Philadelphia
71
393,398
1.5
6,537,234
16.62
1.1
   Fairfield, CT
11
82,561
0.3
1,510,509
18.30
0.2
   Washington, DC/MD
25
105,690
0.4
2,663,383
25.20
0.4
   Rockland Co., NY
3
33,679
0.1
878,177
26.07
0.1
TOTAL – 2013
420
3,876,064
14.3
80,069,611
20.66
12.9
             
             
2014
           
   Northern  NJ
119
1,499,748
5.5
36,903,697
24.61
6.0
   Central NJ
49
428,916
1.6
8,630,375
20.12
1.4
   Westchester Co., NY
81
482,022
1.8
10,178,006
21.12
1.6
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
61
421,113
1.6
6,824,376
16.21
1.1
   Fairfield, CT
10
97,681
0.4
1,390,843
14.24
0.2
   Washington, DC/MD
27
166,368
0.6
4,550,438
27.35
0.7
   Rockland Co., NY
8
26,608
0.1
657,516
24.71
0.1
TOTAL – 2014
355
3,122,456
11.6
69,135,251
22.14
11.1
             

Schedule continued, with footnotes, on subsequent page.


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 (%)
             
2015
288
3,285,022
12.2
71,290,019
21.70
11.5
             
2016
263
2,518,636
9.3
54,773,814
21.75
8.8
             
2017
209
3,351,750
12.4
78,468,858
23.41
12.7
             
2018
130
1,865,858
6.9
47,208,890
25.30
7.6
             
2019
75
1,172,657
4.3
24,549,514
20.93
4.0
             
2020
56
1,144,569
4.2
26,218,236
22.91
4.2
             
2021
72
1,154,495
4.3
28,816,459
24.96
4.6
             
2022
41
1,024,924
3.8
23,931,570
23.35
3.9
             
2023 and thereafter
44
1,986,536
7.3
53,919,820
27.14
8.7
Totals/
           
Weighted Average
2,290
27,029,726
(c) (e)
100.0
620,492,115
22.96
100.0

(a)  
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2011 billings times 12.  For leases whose rent commences after January 1, 2012 annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes leases expiring December 31, 2011 aggregating 193,213 square feet and representing annualized rent of $3,859,489 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
27,029,726
Square footage used for corporate offices, management offices,
 
building use, retail tenants, food services, other ancillary
 
service tenants and occupancy adjustments
522,457
Square footage unleased
3,646,653
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 December 31, 2011

 
 
59

 

Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2012, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2012 through 2014 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 (%)
             
2012 (c)
           
   Northern  NJ
113
1,297,331
5.8
37,481,216
28.89
6.6
   Central NJ
48
299,546
1.3
7,646,856
25.53
1.4
   Westchester Co., NY
51
140,169
0.6
3,751,969
26.77
0.7
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
29
144,280
0.7
3,626,207
25.13
0.7
   Fairfield Co., CT
11
20,583
0.1
568,671
27.63
0.1
   Washington, DC/MD
15
55,009
0.3
1,447,276
26.31
0.3
   Rockland Co., NY
5
7,809
(d)
206,971
26.50
(d)
TOTAL – 2012
272
1,964,727
8.8
54,729,166
27.86
9.8
             
2013
           
   Northern  NJ
100
1,334,195
5.9
30,343,240
22.74
5.5
   Central NJ
67
477,997
2.1
12,408,516
25.96
2.2
   Westchester Co., NY
55
458,266
2.1
10,751,414
23.46
1.9
   Manhattan
2
104,008
0.5
2,808,712
27.00
0.5
   Sub. Philadelphia
51
220,700
1.0
5,230,511
23.70
0.9
   Fairfield Co., CT
7
13,998
0.1
339,403
24.25
0.1
   Washington, DC/MD
25
105,690
0.5
2,663,383
25.20
0.5
   Rockland Co., NY
3
33,679
0.2
878,177
26.07
0.2
TOTAL – 2013
310
2,748,533
12.4
65,423,356
23.80
11.8
             
2014
           
   Northern  NJ
114
1,443,588
6.5
36,182,980
25.06
6.5
   Central NJ
46
406,324
1.8
8,317,304
20.47
1.5
   Westchester Co., NY
43
218,379
1.0
5,965,860
27.32
1.1
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
48
239,318
1.1
5,642,044
23.58
1.0
   Fairfield Co., CT
7
24,256
0.1
595,014
24.53
0.1
   Washington, DC/MD
27
166,368
0.8
4,550,438
27.35
0.8
   Rockland Co., NY
8
26,608
0.1
657,516
24.71
0.1
TOTAL – 2014
293
2,524,841
11.4
61,911,156
24.52
11.1
             
2015
236
2,844,494
12.9
65,811,042
23.14
11.8
             
2016
212
2,034,965
9.2
47,901,053
23.54
8.6
             
2017
167
2,980,011
13.5
73,770,017
24.75
13.3
             
2018
98
1,491,747
6.7
42,320,343
28.37
7.6
             
2019
55
755,199
3.4
18,720,713
24.79
3.4
             
2020
45
971,021
4.4
24,117,842
24.84
4.3
             
2021
56
1,011,300
4.6
26,495,188
26.20
4.8
             
2022
36
962,382
4.4
23,096,118
24.00
4.2
             
2023 and thereafter
36
1,840,721
8.3
51,754,217
28.12
9.3
Totals/Weighted
  Average
1,816
22,129,941 (c)
100.0
556,050,211
25.13
100.0

(a)  
Includes office tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2011 billings times 12.  For leases whose rent commences after January 1, 2012 annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(c)  
Includes leases expiring December 31, 2011 aggregating 131,588 square feet and representing annualized rent of $3,216,893 for which no new leases were signed.
(d)  
Represents 0.05% or less.
 
 


 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 January 1, 2012, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2012 through 2014 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 (%)
             
2012 (c)
           
   Northern  NJ
7
62,857
1.3
884,069
14.06
1.4
   Central NJ
5
31,197
0.7
367,602
11.78
0.6
   Westchester Co., NY
30
234,683
5.2
4,185,734
17.84
7.0
   Sub. Philadelphia
22
226,295
5.0
1,880,502
8.31
3.1
   Fairfield Co., CT
1
7,000
0.2
63,000
9.00
0.1
TOTAL – 2012
65
562,032
12.4
7,380,907
13.13
12.2
             
2013
           
   Northern  NJ
9
73,799
1.7
986,329
13.37
1.6
   Central NJ
10
121,571
2.7
1,651,448
13.58
2.7
   Westchester Co., NY
55
401,513
8.9
6,806,875
16.95
11.4
   Sub. Philadelphia
20
172,698
3.8
1,306,723
7.57
2.2
   Fairfield Co., CT
4
68,563
1.5
1,171,106
17.08
2.0
TOTAL – 2013
98
838,144
18.6
11,922,481
14.22
19.9
             
2014
           
   Northern  NJ
5
56,160
1.2
720,717
12.83
1.2
   Central NJ
3
22,592
0.5
313,071
13.86
0.5
   Westchester Co., NY
34
223,798
5.0
3,387,220
15.14
5.7
   Sub. Philadelphia
13
181,795
4.0
1,182,332
6.50
2.0
   Fairfield Co., CT
3
73,425
1.6
795,829
10.84
1.3
TOTAL – 2014
58
557,770
12.3
6,399,169
11.47
10.7
             
2015
51
412,528
9.1
5,142,977
12.47
8.6
             
2016
47
452,683
10.1
6,537,555
14.44
10.9
             
2017
42
371,739
8.3
4,698,841
12.64
7.8
             
2018
32
374,111
8.3
4,888,547
13.07
8.2
             
2019
20
417,458
9.3
5,828,801
13.96
9.7
             
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
5
62,542
1.4
835,452
13.36
1.4
             
2023 and thereafter
7
137,815
3.1
1,893,603
13.74
3.2
Totals/Weighted
           
  Average
452
4,503,565
(c)
100.0
59,949,998
13.31
100.0

(a)
Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2011 billings times 12.  For leases whose rent commences after January 1, 2012, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(c)  
Includes leases expiring December 31, 2011 aggregating 61,625 square feet and representing annualized rent of $642,596 for which no new leases were signed.



 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 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 January 1, 2012, 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
12
289,387
76.4
2,723,774
9.41
67.3
             
2014
3
30,545
8.0
649,926
21.28
16.1
             
2015
1
28,000
7.4
336,000
12.00
8.3
             
2016
4
30,988
8.2
335,206
10.82
8.3
Totals/Weighted
           
  Average
20
378,920
 
100.0
4,044,906
10.67
100.0

(a)  
Includes industrial/warehouse tenants only.  Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual December 2011 billings times 12.  For leases whose rent commences after January 1, 2012, annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.


Stand-Alone Retail Properties

The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning January 1, 2012, 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
             
2023 and thereafter
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 December 2011 billings times 12.  For leases whose rent commences after January 1, 2012 annualized base rental revenue is based on the first full month’s billing times 12.  As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.

 
 
Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2011

 
 
62