|
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 / Roseland Transaction
|
9
|
|
· Equity Activity / Dividends
|
10
|
|
· Leasing
|
10 – 11
|
|
· Information About FFO
|
12
|
|
· Key Financial Data
|
13
|
|
· Same-Store Results and Analysis
|
14
|
|
· Unconsolidated Joint Ventures Summary
|
15 – 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
|
|
|
· Properties Commencing Initial Operations / Summary of Construction Projects
|
30
|
|
· Rental Property Sales/Dispositions / Rental Property Held for Sale
|
31
|
|
· Summary of Land Parcels
|
32
|
|
· Roseland Transaction Information
|
33 – 36
|
|
V. PORTFOLIO/ LEASING STATISTICS
|
|
|
· Leasing Statistics
|
38 – 43
|
|
· Market Diversification (MSAs)
|
44
|
|
· Industry Diversification (Top 30 Tenant Industries)
|
45
|
|
· Consolidated Portfolio Analyses:
|
|
|
Breakdown by:
|
|
|
(a) Number of Properties
|
46
|
|
(b) Square Footage
|
47
|
|
(c) Base Rental Revenue
|
48
|
|
(d) Percentage Leased
|
49
|
|
· Consolidated Property Listing (by Property Type)
|
50 – 59
|
|
· Significant Tenants (Top 50 Tenants)
|
60 – 61
|
|
· Schedules of Lease Expirations (by Property Type)
|
62 – 66
|
|
·
|
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.
|
|
Corporate Headquarters
|
Edison, New Jersey
|
|
Fiscal Year-End
|
12/31
|
|
Total Properties
|
276
|
|
Total Square Feet
|
32.2 million square feet
|
|
Geographic Diversity
|
Five states and the District of Columbia
|
|
New Jersey Presence
|
23.0 million square feet
|
|
Northeast Presence
|
32.2 million square feet
|
|
Common Shares and
|
|
|
Units Outstanding
|
100.0 million
|
|
Dividend-- Quarter/Annualized
|
$0.45/$1.80
|
|
Dividend Yield
|
6.8%
|
|
Total Market Capitalization
|
$4.6 billion
|
|
Senior Debt Rating
|
BBB (S&P and Fitch);
|
|
Baa2 (Moody’s)
|
|
William L. Mack, Chairman of the Board
|
|
|
Alan S. Bernikow
|
Alan G. Philibosian
|
|
Kenneth M. Duberstein
|
Irvin D. Reid
|
|
Nathan Gantcher
|
Vincent Tese
|
|
Mitchell E. Hersh
|
Roy J. Zuckerberg
|
|
David S. Mack
|
|
| 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 |
| Anthony Krug, Chief Accounting Officer |
|
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
|
KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
|
|
Cowen and Company
James Sullivan
(646) 562-1380
|
Stifel, Nicolaus & Company, Inc.
John W. Guinee, III
(443) 224-1307
|
|
Deutsche Bank North America
John N. Perry
(212) 250-4912
|
UBS Investment Research
Ross T. Nussbaum
(212) 713-2484
|
|
Green Street Advisors
Michael Knott
(949) 640-8780
|
|
|
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
|
|
-
|
NICE Systems Inc., a provider of software solutions, signed a new lease for 34,416 square feet at Mack-Cali Centre VI, 461 From Road in Paramus. The 253,554 square-foot office building is 40.8 percent leased.
|
|
-
|
DSM Services USA, Inc., a life sciences and materials company, signed a new lease for 31,899 square feet at 8 Campus Drive in Parsippany. The 215,265 square-foot office building, located in Mack-Cali Business Campus, is 48.0 percent leased.
|
|
-
|
ORBCOMM Inc., a global satellite data communications company, signed a new lease for 31,159 square feet at Mack-Cali Centre V, 395 W. Passaic Street in Rochelle Park. The 100,589 square-foot office building is 65.3 percent leased.
|
|
-
|
MCI Communications Services, Inc., a global telecommunications company, signed a renewal for 20,698 square feet at 101 Hudson Street in Jersey City. The 1,246,283 square-foot office building is 89.0 percent leased.
|
|
-
|
ProSight Specialty Insurance, an insurance holding company, signed a lease expanding their current space by 16,721 square feet at 412 Mt. Kemble Avenue in Morris Township. The 475,100 square-foot office building is 67.9 percent leased.
|
|
-
|
Manfrotto Distribution, Inc., an importer and distributor of imaging-related products, signed a new lease for 16,009 square feet at 10 Mountainview Road in Upper Saddle River. The 192,000 square-foot office building is 82.4 percent leased.
|
|
-
|
United Parcel Service, Inc. signed a renewal for the entire 77,200 square-foot 3 Warehouse Lane in Elmsford. The industrial/warehouse building is located in Elmsford Distribution Center.
|
|
-
|
The Artina Group, Inc., a manufacturer of software compatible forms for business printing, signed a relocation and extension of 19,250 square feet at 250 Clearbrook Road in Elmsford.
|
|
-
|
Also at 250 Clearbrook Road, General Phosphorix LLC, a distributor of novel beverages, signed transactions totaling 18,250 square feet representing a 15,350 square-foot renewal and a 2,900 square-foot expansion. The 155,000 square-foot office/flex building, located in Cross Westchester Executive Park, is 94.5 percent leased.
|
|
-
|
Phoenix Fitness Ventures, Inc. dba Court Sports, a fitness health club, signed a new lease for 17,863 square feet at 150 Clearbrook Road in Elmsford. The 74,900 square-foot office/flex building, located in Cross Westchester Executive Park, is 99.3 percent leased.
|
|
-
|
FedEx Ground Package System, Inc. signed a lease extension for the entire 66,000 square feet at 600 West Avenue in Stamford Executive Park in Stamford.
|
|
-
|
Cort Business Services Corp., a Berkshire Hathaway Inc. company and a provider of furniture rental and services, signed a renewal for 46,880 square feet at 31 Twosome Drive in Moorestown, NJ. The 84,200 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.
|
|
-
|
13,503 square feet at 999 Riverview Drive in Totowa, NJ. The 56,066 square-foot office building, located at Mack-Cali Commercenter, is 89.2 percent leased.
|
|
-
|
16,332 square feet at 233 Mount Airy Road in Basking Ridge, NJ. The 66,000 square-foot office building is 24.7 percent leased.
|
|
-
|
15,512 square feet at 30 Knightsbridge Road in Piscataway, NJ. 30 Knightsbridge Road is a four-building office complex totaling 680,350 square feet and is 91.0 percent leased.
|
|
-
|
12,370 square feet at Mack-Cali Woodbridge at 581 Main Street in Woodbridge, NJ. The 200,000 square-foot office building is 99.3 percent leased.
|
|
-
|
9,797 square feet at 20 Commerce Drive in Cranford, NJ. The 176,600 square-foot office building, located in Cranford Business Park, is 99.4 percent leased.
|
|
-
|
14,811 square feet at 7 Skyline Drive in Hawthorne, NY. The 109,000 square-foot office building, located in Mid-Westchester Executive Park, is 82.0 percent leased.
|
|
-
|
14,112 square feet at Five Sentry Park West in Blue Bell, PA. The 38,400 square-foot office building is 68.3 percent leased.
|
|
-
|
13,805 square feet at 400 Rella Boulevard in Suffern, NY. The 180,000 square-foot office building is 93.6 percent leased.
|
|
As of or for the three months ended
|
|||||
|
9/30/12
|
6/30/12
|
3/31/12
|
12/31/11
|
9/30/11
|
|
|
Shares and Units:
|
|||||
|
Common Shares Outstanding
|
87,821,885
|
87,819,278
|
87,811,226
|
87,799,479
|
87,141,716
|
|
Common Units Outstanding
|
12,177,122
|
12,177,122
|
12,187,122
|
12,197,122
|
12,771,105
|
|
Combined Shares and Units
|
99,999,007
|
99,996,400
|
99,998,348
|
99,996,601
|
99,912,821
|
|
Preferred Shares Outstanding
|
0
|
0
|
0
|
0
|
10,000
|
|
Weighted Average- Basic (a)
|
100,003,034
|
99,999,564
|
99,992,282
|
99,869,353
|
99,818,419
|
|
Weighted Average- Diluted (b)
|
100,074,809
|
100,068,762
|
100,062,203
|
99,939,994
|
99,916,948
|
|
Common Share Price ($’s):
|
|||||
|
At the end of the period
|
26.60
|
29.07
|
28.82
|
26.69
|
26.75
|
|
High during period
|
29.45
|
29.37
|
29.80
|
28.91
|
34.77
|
|
Low during period
|
26.31
|
26.37
|
25.68
|
23.71
|
25.70
|
|
Market Capitalization:
|
|||||
|
($’s in thousands, except ratios)
|
|||||
|
Market Value of Equity (c)
|
2,661,629
|
2,908,635
|
2,883,784
|
2,670,846
|
2,699,699
|
|
Total Debt
|
1,970,254
|
1,929,596
|
1,940,715
|
1,914,215
|
1,886,500
|
|
Total Market Capitalization
|
4,631,883
|
4,838,231
|
4,824,499
|
4,585,061
|
4,586,199
|
|
Total Debt/ Total Market
Capitalization
|
42.54%
|
39.88%
|
40.23%
|
41.75%
|
41.13%
|
|
Financials:
|
|||||
|
($’s in thousands, except ratios and
per share amounts)
|
|||||
|
Total Assets
|
4,269,573
|
4,270,207
|
4,299,434
|
4,295,759
|
4,309,872
|
|
Gross Book Value of Real Estate Assets
|
5,295,248
|
5,269,762
|
5,226,792
|
5,279,770
|
5,253,281
|
|
Total Liabilities
|
2,191,345
|
2,163,930
|
2,160,211
|
2,141,759
|
2,131,451
|
|
Total Equity
|
2,078,228
|
2,106,277
|
2,139,223
|
2,154,000
|
2,178,421
|
|
Total Revenues
|
173,212
|
178,462
|
182,980
|
177,971
|
175,437
|
|
Capitalized Interest
|
888
|
305
|
230
|
205
|
122
|
|
Scheduled Principal Amortization
|
1,201
|
503
|
829
|
785
|
752
|
|
Interest Coverage Ratio
|
3.13
|
2.96
|
3.43
|
3.14
|
3.32
|
|
Fixed Charge Coverage Ratio
|
2.92
|
2.88
|
3.31
|
3.03
|
3.16
|
|
Net Income
|
16,176
|
11,411
|
29,267
|
18,438
|
24,083
|
|
Net Income Available to Common Shareholders
|
14,281
|
10,101
|
25,767
|
16,122
|
20,500
|
|
Earnings per Share—diluted
|
0.16
|
0.11
|
0.29
|
0.18
|
0.24
|
|
FFO per Share—diluted (d)
|
0.65
|
0.62
|
0.74
|
0.68
|
0.73
|
|
Dividends Declared per Share
|
0.45
|
0.45
|
0.45
|
0.45
|
0.45
|
|
FFO Payout Ratio—diluted (d)
|
69.27%
|
72.55%
|
60.46%
|
66.08%
|
61.64%
|
|
Portfolio Size:
|
|||||
|
Properties
|
276
|
277
|
277
|
278
|
278
|
|
Total Square Footage
|
32,192,587
|
32,240,287
|
32,240,287
|
32,414,411
|
32,414,411
|
|
Sq. Ft. Leased at End of Period (e) (f)
|
87.5%
|
87.6%
|
87.9%
|
88.3%
|
88.2%
|
|
(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 12.
|
|
(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).
|
|
For the three months ended
September 30,
|
%
|
|||||||||||||||
|
2012
|
2011
|
Change
|
Change
|
|||||||||||||
|
Total Property Revenues
|
$ | 169,996 | $ | 170,887 | $ | (891 | ) | (0.5 | ) | |||||||
|
Real Estate Taxes
|
22,255 | 14,200 | 8,055 | 56.7 | ||||||||||||
|
Utilities
|
17,859 | 19,845 | (1,986 | ) | (10.0 | ) | ||||||||||
|
Operating Services
|
27,131 | 27,033 | 98 | 0.4 | ||||||||||||
|
Total Property Expenses:
|
67,245 | 61,078 | 6,167 | 10.1 | ||||||||||||
|
GAAP Net Operating Income
|
102,751 | 109,809 | (7,058 | ) | (6.4 | ) | ||||||||||
|
Less: straight-lining of rents adj.
|
1,716 | 2,053 | (337 | ) | (16.4 | ) | ||||||||||
|
Net Operating Income
|
$ | 101,035 | $ | 107,756 | $ | (6,721 | ) | (6.2 | ) | |||||||
|
Percentage Leased at
Period End
|
87.7 | % | 88.6 | % | ||||||||||||
|
Total Properties:
|
264 | |||||||||||||||
|
Total Square Footage:
|
30,754,754 | |||||||||||||||
|
For the nine months ended
September 30,
|
%
|
|||||||||||||||
|
2012
|
2011
|
Change
|
Change
|
|||||||||||||
|
Total Property Revenues
|
$ | 508,891 | $ | 519,392 | $ | (10,501 | ) | (2.0 | ) | |||||||
|
Real Estate Taxes
|
70,051 | 63,121 | 6,930 | 11.0 | ||||||||||||
|
Utilities
|
48,405 | 56,244 | (7,839 | ) | (13.9 | ) | ||||||||||
|
Operating Services
|
79,990 | 86,017 | (6,027 | ) | (7.0 | ) | ||||||||||
|
Total Property Expenses:
|
198,446 | 205,382 | (6,936 | ) | (3.4 | ) | ||||||||||
|
GAAP Net Operating Income
|
310,445 | 314,010 | (3,565 | ) | (1.1 | ) | ||||||||||
|
Less: straight-lining of rents adj.
|
4,607 | 4,730 | (123 | ) | (2.6 | ) | ||||||||||
|
Net Operating Income
|
$ | 305,838 | $ | 309,280 | $ | (3,442 | ) | (1.1 | ) | |||||||
|
Percentage Leased at
Period End
|
87.6 | % | 88.6 | % | ||||||||||||
|
Total Properties:
|
263 | |||||||||||||||
|
Total Square Footage:
|
30,550,697 | |||||||||||||||
|
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%
|
|
|
Other:
|
|||||||
|
Stamford SM L.L.C.
|
Senior Mezzanine Loan
|
n/a
|
Stamford, CT
|
n/a
|
n/a
|
80.0%
|
|
|
Unconsolidated Joint Venture Financial Information
|
|
September 30, 2012
|
||||||||||||||||||||||||||||||||||||
|
Plaza
VIII & IX
Associates
|
Harborside
South Pier
|
Red Bank
Corporate
Plaza
|
Gramercy
Agreement
|
12
Vreeland
|
Boston-
Downtown
Crossing
|
Gale
Jefferson
|
Stamford
SM LLC
|
Combined
Total
|
||||||||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||||||||||||||
|
Rental property, net
|
$ | 7,875 | $ | 56,265 | $ | 22,353 | $ | 38,267 | $ | 14,046 | -- | -- | -- | $ | 138,806 | |||||||||||||||||||||
|
Loan receivable
|
-- | -- | -- | -- | -- | -- | -- | $ | 41,610 | 41,610 | ||||||||||||||||||||||||||
|
Other assets
|
1,478 | 14,623 | 3,301 | 5,680 | 1,356 | $ | 46,198 | $ | 2,673 | 227 | 75,536 | |||||||||||||||||||||||||
|
Total assets
|
$ | 9,353 | $ | 70,888 | $ | 25,654 | $ | 43,947 | $ | 15,402 | $ | 46,198 | $ | 2,673 | $ | 41,837 | $ | 255,952 | ||||||||||||||||||
|
Liabilities and partners’/members'
capital (deficit):
|
||||||||||||||||||||||||||||||||||||
|
Mortgages, loans
payable and
other obligations
|
-- | $ | 69,405 | $ | 17,542 | $ | 50,978 | -- | -- | -- | -- | $ | 137,925 | |||||||||||||||||||||||
|
Other liabilities
|
$ | 530 | 5,814 | 309 | 935 | $ | 725 | -- | -- | -- | 8,313 | |||||||||||||||||||||||||
|
Partners’/members’
capital (deficit)
|
8,823 | (4,331 | ) | 7,803 | (7,966 | ) | 14,677 | $ | 46,198 | $ | 2,673 | $ | 41,837 | 109,714 | ||||||||||||||||||||||
|
Total liabilities and
partners’/members’
capital (deficit)
|
$ | 9,353 | $ | 70,888 | $ | 25,654 | $ | 43,947 | $ | 15,402 | $ | 46,198 | $ | 2,673 | $ | 41,837 | $ | 255,952 | ||||||||||||||||||
|
Company’s
investments in
unconsolidated
joint ventures, net
|
$ | 4,334 | $ | (960 | ) | $ | 3,804 | -- | $ | 10,837 | $ | 13,006 | $ | 1,068 | $ | 33,470 | $ | 65,559 | ||||||||||||||||||
|
December 31, 2011
|
||||||||||||||||||||||||||||||||||||
|
Plaza
VIII & IX
Associates
|
Harborside
South Pier
|
Red Bank
Corporate
Plaza
|
Gramercy
Agreement
|
12
Vreeland
|
Boston-
Downtown
Crossing
|
Gale
Jefferson
|
Stamford
SM LLC
|
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 | 521 | $ | 46,121 | $ | 2,927 | -- | 71,920 | |||||||||||||||||||||||||
|
Total assets
|
$ | 9,268 | $ | 72,573 | $ | 25,812 | $ | 44,945 | $ | 13,643 | $ | 46,121 | $ | 2,927 | -- | $ | 215,289 | |||||||||||||||||||
|
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 | 168 | -- | -- | -- | 6,884 | ||||||||||||||||||||||||||
|
Partners’/members’
capital (deficit)
|
8,737 | (3,099 | ) | 7,595 | (7,119 | ) | 12,268 | $ | 46,121 | $ | 2,927 | -- | 67,430 | |||||||||||||||||||||||
|
Total liabilities and
partners’/members’
capital (deficit)
|
$ | 9,268 | $ | 72,573 | $ | 25,812 | $ | 44,945 | $ | 13,643 | $ | 46,121 | $ | 2,927 | -- | $ | 215,289 | |||||||||||||||||||
|
Company’s
investments in
unconsolidated
joint ventures, net
|
$ | 4,291 | $ | (343 | ) | $ | 3,676 | -- | $ | 10,233 | $ | 13,005 | $ | 1,153 | -- | $ | 32,015 | |||||||||||||||||||
|
Three Months Ended September 30, 2012
|
||||||||||||||||||||||||||||||||||||
|
Plaza
VIII & IX
Associates
|
Harborside
South Pier
|
Red Bank
Corporate
Plaza
|
Gramercy
Agreement
|
12
Vreeland
|
Boston-
Downtown
Crossing
|
Gale
Jefferson
|
Stamford
SM LLC
|
Combined
Total
|
||||||||||||||||||||||||||||
|
Total revenues
|
$ | 259 | $ | 12,214 | $ | 851 | $ | 1,742 | $ | 1,012 | -- | $ | 68 | $ | 1,165 | $ | 17,311 | |||||||||||||||||||
|
Operating and other
|
(62 | ) | (7,600 | ) | (247 | ) | (942 | ) | (291 | ) | $ | (21 | ) | -- | (6 | ) | (9,169 | ) | ||||||||||||||||||
|
Depreciation and
amortization
|
(154 | ) | (1,366 | ) | (228 | ) | (596 | ) | (153 | ) | -- | -- | -- | (2,497 | ) | |||||||||||||||||||||
|
Interest expense
|
-- | (1,089 | ) | (188 | ) | (389 | ) | (9 | ) | -- | -- | -- | (1,675 | ) | ||||||||||||||||||||||
|
Net income
|
$ | 43 | $ | 2,159 | $ | 188 | $ | (185 | ) | $ | 559 | $ | (21 | ) | $ | 68 | $ | 1,159 | $ | 3,970 | ||||||||||||||||
|
Company’s equity in earnings (loss) of unconsolidated joint ventures
|
$ | 21 | $ | 1,080 | $ | 94 | -- | $ | 279 | $ | (6 | ) | $ | 23 | $ | 927 | $ | 2,418 | ||||||||||||||||||
|
Three Months Ended September 30, 2011
|
||||||||||||||||||||||||||||||||||||
|
Plaza
VIII & IX
Associates
|
Harborside
South Pier
|
Red Bank
Corporate
Plaza
|
Gramercy
Agreement
|
12
Vreeland
|
Boston-
Downtown
Crossing
|
Gale
Jefferson
|
Stamford
SM LLC
|
Combined
Total
|
||||||||||||||||||||||||||||
|
Total revenues
|
$ | 272 | $ | 9,558 | $ | 832 | $ | 1,340 | $ | 663 | -- | $ | 75 | -- | $ | 12,740 | ||||||||||||||||||||
|
Operating and other
|
(58 | ) | (6,296 | ) | (231 | ) | (968 | ) | (93 | ) | $ | (362 | ) | -- | -- | (8,008 | ) | |||||||||||||||||||
|
Depreciation and
amortization
|
(154 | ) | (1,415 | ) | (226 | ) | (449 | ) | (261 | ) | -- | -- | -- | (2,505 | ) | |||||||||||||||||||||
|
Interest expense
|
-- | (1,112 | ) | (167 | ) | (384 | ) | (41 | ) | -- | -- | -- | (1,704 | ) | ||||||||||||||||||||||
|
Net income
|
$ | 60 | $ | 735 | $ | 208 | $ | (461 | ) | $ | 268 | $ | (362 | ) | $ | 75 | -- | $ | 523 | |||||||||||||||||
|
Company’s equity in earnings (loss) of unconsolidated joint ventures
|
$ | 31 | $ | 361 | $ | 104 | -- | $ | 134 | $ | (115 | ) | $ | 24 | -- | $ | 539 | |||||||||||||||||||
|
Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||||||||||||||
|
Plaza
VIII & IX
Associates
|
Harborside
South Pier
|
Red Bank
Corporate
Plaza
|
Gramercy
Agreement
|
12
Vreeland
|
Boston-
Downtown
Crossing
|
Gale
Jefferson
|
Stamford
SM LLC
|
Combined
Total
|
||||||||||||||||||||||||||||
|
Total revenues
|
$ | 723 | $ | 31,281 | $ | 2,497 | $ | 4,640 | $ | 2,258 | -- | $ | 197 | $ | 2,773 | $ | 44,369 | |||||||||||||||||||
|
Operating and other
|
(177 | ) | (20,045 | ) | (663 | ) | (2,822 | ) | (579 | ) | $ | (1,110 | ) | -- | (32 | ) | (25,428 | ) | ||||||||||||||||||
|
Depreciation and
amortization
|
(460 | ) | (4,179 | ) | (684 | ) | (1,502 | ) | (460 | ) | -- | -- | -- | (7,285 | ) | |||||||||||||||||||||
|
Interest expense
|
-- | (3,289 | ) | (553 | ) | (1,163 | ) | (12 | ) | -- | -- | -- | (5,017 | ) | ||||||||||||||||||||||
|
Net income
|
$ | 86 | $ | 3,768 | $ | 597 | $ | (847 | ) | $ | 1,207 | $ | (1,110 | ) | $ | 197 | $ | 2,741 | $ | 6,639 | ||||||||||||||||
|
Company’s equity in earnings (loss) of unconsolidated joint ventures
|
$ | 43 | $ | 1,884 | $ | 298 | -- | $ | 603 | $ | (333 | ) | $ | 63 | $ | 2,193 | $ | 4,751 | ||||||||||||||||||
|
Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||||||||||||||
|
Plaza
VIII & IX
Associates
|
Harborside
South Pier
|
Red Bank
Corporate
Plaza
|
Gramercy
Agreement
|
12
Vreeland
|
Boston-
Downtown
Crossing
|
Gale
Jefferson
|
Stamford
SM LLC
|
Combined
Total
|
||||||||||||||||||||||||||||
|
Total revenues
|
$ | 721 | $ | 28,008 | $ | 2,424 | $ | 4,674 | $ | 1,653 | -- | $ | 217 | -- | $ | 37,697 | ||||||||||||||||||||
|
Operating and other
|
(160 | ) | (18,860 | ) | (601 | ) | (2,860 | ) | (145 | ) | $ | (1,113 | ) | -- | -- | (23,739 | ) | |||||||||||||||||||
|
Depreciation and
amortization
|
(460 | ) | (4,254 | ) | (677 | ) | (1,781 | ) | (892 | ) | -- | -- | -- | (8,064 | ) | |||||||||||||||||||||
|
Interest expense
|
-- | (3,357 | ) | (376 | ) | (1,167 | ) | (129 | ) | -- | -- | -- | (5,029 | ) | ||||||||||||||||||||||
|
Net income
|
$ | 101 | $ | 1,537 | $ | 770 | $ | (1,134 | ) | $ | 487 | $ | (1,113 | ) | $ | 217 | -- | $ | 865 | |||||||||||||||||
|
Company’s equity in earnings (loss) of unconsolidated joint ventures
|
$ | 51 | $ | 768 | $ | 385 | -- | $ | 243 | $ | (340 | ) | $ | 67 | -- | $ | 1,174 | |||||||||||||||||||
|
Ratios Computed For Industry
|
September 30,
|
||||
|
Comparisons:
|
2012
|
2011
|
|||
|
Financial Position Ratios:
|
|||||
|
Total Debt/ Total Book
Capitalization
(Book value) (%)
|
46.15%
|
43.20%
|
|||
|
Total Debt/ Total Market
Capitalization
(Market value) (%)
|
42.54%
|
36.05%
|
|||
|
Total Debt/ Total Undepreciated
Assets (%)
|
34.41%
|
33.05%
|
|||
|
Secured Debt/ Total Undepreciated
Assets (%)
|
12.31%
|
13.11%
|
|||
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||
|
2012
|
2011
|
2012
|
2011
|
||
|
Operational Ratios:
|
|||||
|
Interest Coverage
(Funds from Operations+Interest
Expense)/Interest Expense (x)
|
3.13
|
3.32
|
3.17
|
3.23
|
|
|
Debt Service Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x)
|
3.01
|
3.24
|
3.09
|
3.17
|
|
|
Fixed Charge Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x)
|
2.92
|
3.16
|
3.04
|
3.08
|
|
|
FFO Payout
(Dividends Declared/Funds from
Operations) (%)
|
69.27%
|
61.64%
|
67.02%
|
63.59%
|
|
|
Balance
|
% of Total
|
Weighted Average
Interest Rate (a)
|
Weighted Average Maturity in Years
|
||
|
Fixed Rate Unsecured Debt and
Other Obligations
|
$1,198,314
|
60.82%
|
5.70%
|
4.94
|
|
|
Fixed Rate Secured Debt
|
693,940
|
35.22%
|
7.55%
|
4.98
|
|
|
Variable Rate Secured Debt
|
11,000
|
0.56%
|
2.23%
|
0.25
|
|
|
Variable Rate Unsecured Debt
|
67,000
|
3.40%
|
1.48%
|
(b)
|
3.06
|
|
Totals/Weighted Average:
|
$1,970,254
|
100.00%
|
6.19%
|
4.86
|
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.23 percent as of September 30, 2012.
|
|
(b)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.7 million for the quarter ended September 30, 2012.
|
|
Period
|
Scheduled
Amortization
|
Principal
Maturities
|
Total
|
Weighted Average Interest Rate of
Future Repayments (a)
|
||
|
October 1 – December 31, 2012
|
$ 2,738
|
$ 11,000
|
$ 13,738
|
3.33%
|
||
|
2013
|
11,264
|
104,229
|
115,493
|
5.06%
|
||
|
2014
|
10,468
|
335,257
|
345,725
|
6.82%
|
||
|
2015
|
8,941
|
217,000
|
225,941
|
4.24%
|
(b)
|
|
|
2016
|
8,753
|
273,120
|
281,873
|
7.16%
|
||
|
Thereafter
|
26,993
|
979,562
|
1,006,555
|
6.39%
|
||
|
Sub-total
|
69,157
|
1,920,168
|
1,989,325
|
|||
|
Adjustment for unamortized debt discount/premium and mark-to-market, net, as of September 30, 2012
|
(19,071)
|
--
|
(19,071)
|
|||
|
Totals/Weighted Average:
|
$ 50,086
|
$1,920,168
|
$1,970,254
|
6.19%
|
||
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.23 percent as of September 30, 2012.
|
|
(b)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.7 million for the quarter ended September 30, 2012.
|
|
October 1 –
December 31,
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020 and
Beyond
|
TOTALS
|
|
|
Secured Debt:
|
||||||||||
|
One Grande Commons
|
$11,000
|
$11,000
|
||||||||
|
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:
|
$11,000
|
$4,229
|
$135,257
|
--
|
$73,120
|
$141,151
|
$231,536
|
$56,867
|
$ 8
|
$653,168
|
|
Unsecured Debt:
|
||||||||||
|
Unsecured credit facility
|
$67,000
|
$67,000
|
||||||||
|
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
|
||||||||
|
4.50% unsecured notes
due 4/22
|
$300,000
|
300,000
|
||||||||
|
Total Unsecured Debt:
|
--
|
$100,000
|
$200,000
|
$217,000
|
$200,000
|
--
|
--
|
$250,000
|
$300,000
|
$1,267,000
|
|
Total Debt:
|
$11,000
|
$104,229
|
$335,257
|
$217,000
|
$273,120
|
$141,151
|
$231,536
|
$306,867
|
$300,008
|
$1,920,168
|
|
Property Name
|
Lender
|
Effective
Interest
Rate
|
||||
|
September 30,
|
December 31,
|
Date of
Maturity
|
||||
|
2012
|
2011
|
|||||
|
Senior Unsecured Notes: (a)
|
||||||
|
5.250%, Senior Unsecured Notes
|
public debt
|
5.457%
|
--
|
$99,988
|
--
|
(b)
|
|
6.150%, Senior Unsecured Notes
|
public debt
|
6.894%
|
--
|
94,438
|
--
|
(c)
|
|
5.820%, Senior Unsecured Notes
|
public debt
|
6.448%
|
--
|
25,972
|
--
|
(d)
|
|
4.600%, Senior Unsecured Notes
|
public debt
|
4.742%
|
$ 99,980
|
99,958
|
06/15/13
|
|
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.110%
|
200,330
|
200,509
|
02/15/14
|
|
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.297%
|
149,786
|
149,717
|
01/15/15
|
|
|
5.800%, Senior Unsecured Notes
|
public debt
|
5.806%
|
200,256
|
200,313
|
01/15/16
|
|
|
7.750%, Senior Unsecured Notes
|
public debt
|
8.017%
|
248,532
|
248,372
|
08/15/19
|
|
|
4.500%, Senior Unsecured Notes
|
public debt
|
4.612%
|
299,430
|
--
|
04/18/22
|
|
|
Total Senior Unsecured Notes:
|
$1,198,314
|
$1,119,267
|
||||
|
Revolving Credit Facilities:
|
|
Unsecured Facility (e)
|
20 Lenders
|
LIBOR +1.250%
|
$67,000
|
$ 55,500
|
10/21/15
|
(f)
|
|
Total Revolving Credit Facilities:
|
$67,000
|
$ 55,500
|
|
Property Mortgages: (g)
|
|
2200 Renaissance Boulevard
|
Wachovia CMBS
|
5.888%
|
--
|
$ 16,171
|
--
|
(h)
|
||
|
Soundview Plaza
|
Morgan Stanley Mortgage Capital
|
6.015%
|
--
|
15,531
|
--
|
(i)
|
||
|
One Grande Commons
|
Capital One Bank
|
LIBOR+2.00%
|
$ 11,000
|
11,000
|
12/31/12
|
(j)
|
||
|
9200 Edmonston Road
|
Principal Commercial Funding, L.L.C.
|
5.534%
|
4,349
|
4,479
|
05/01/13
|
|||
|
6305 Ivy Lane
|
John Hancock Life Ins. Co.
|
5.525%
|
6,064
|
6,245
|
01/01/14
|
|||
|
395 West Passaic
|
State Farm Life Ins. Co.
|
6.004%
|
10,396
|
10,781
|
05/01/14
|
|||
|
6301 Ivy Lane
|
John Hancock Life Ins. Co.
|
5.520%
|
5,739
|
5,899
|
07/01/14
|
|||
|
35 Waterview
|
Wachovia CMBS
|
6.348%
|
18,826
|
19,051
|
08/11/14
|
|||
|
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
|
Wachovia CMBS
|
10.220%
|
62,867
|
62,127
|
08/11/14
|
|||
|
4 Sylvan
|
Wachovia CMBS
|
10.190%
|
14,473
|
14,438
|
08/11/14
|
|||
|
10 Independence
|
Wachovia CMBS
|
12.440%
|
16,161
|
15,908
|
08/11/14
|
|||
|
4 Becker
|
Wachovia CMBS
|
9.550%
|
38,148
|
37,769
|
05/11/16
|
|||
|
5 Becker
|
Wachovia CMBS
|
12.830%
|
12,391
|
12,056
|
05/11/16
|
|||
|
210 Clay
|
Wachovia CMBS
|
13.420%
|
12,162
|
11,844
|
05/11/16
|
|||
|
51 Imclone
|
Wachovia CMBS
|
8.390%
|
3,880
|
3,886
|
05/11/16
|
|||
|
Various (k)
|
Prudential Insurance
|
6.332%
|
149,715
|
150,000
|
01/15/17
|
|||
|
23 Main Street
|
JPMorgan CMBS
|
5.587%
|
30,586
|
31,002
|
09/01/18
|
|||
|
Harborside Plaza 5
|
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
|
6.842%
|
229,281
|
231,603
|
11/01/18
|
|||
|
100 Walnut Avenue
|
Guardian Life Ins. Co.
|
7.311%
|
19,080
|
19,241
|
02/01/19
|
|||
|
One River Center (l)
|
Guardian Life Ins. Co.
|
7.311%
|
43,710
|
44,079
|
02/01/19
|
|||
|
581 Main Street (m)
|
Valley National Bank
|
6.935%
|
(n)
|
16,112
|
16,338
|
07/01/34
|
||
|
Total Mortgages, Loans Payable and Other Obligations:
|
$704,940
|
$739,448
|
||||||
|
Total Debt:
|
$1,970,254
|
$1,914,215
|
||||||
|
(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)
|
On May 25, 2012, the Company redeemed $94.9 million principal amount of its 6.15 percent senior unsecured notes due December 15, 2012 (the “2002 Notes”). The redemption price, including a make-whole premium, was 103.19 percent of the principal amount of the 2002 Notes, plus accrued and unpaid interest up to the redemption date. The Company funded the redemption price, including accrued and unpaid interest, of approximately $100.5 million from borrowing on its unsecured revolving credit facility, as well as cash on hand. In connection with the redemption, the Company recorded approximately $3.3 million as a loss from early extinguishment debt (including the write-off of unamortized deferred financing costs).
|
|
(d)
|
On May 25, 2012, the Company redeemed $26.1 million principal amount of its 5.82 percent senior unsecured notes due March 15, 2013 (the “2003 Notes”). The redemption price, including a make-whole premium, was 103.87 percent of the principal amount of the 2003 Notes, plus accrued and unpaid interest up to the redemption date. The Company funded the redemption price, including accrued and unpaid interest, of approximately $27.4 million from borrowing on its unsecured revolving credit facility, as well as cash on hand. In connection with the redemption, the Company recorded approximately $1.1 million as a loss from early extinguishment of debt (including the write-off of unamortized deferred financing costs).
|
|
(e)
|
Total borrowing capacity under this facility is $600 million.
|
|
(f)
|
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.
|
|
(g)
|
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.
|
|
(h)
|
On March 28, 2012, the Company transferred the deed for 2200 Renaissance Boulevard to the lender in satisfaction of its obligations.
|
|
(i)
|
On September 4, 2012, the Company repaid this mortgage loan at par, using borrowings under the Company’s unsecured revolving credit facility.
|
|
(j)
|
The mortgage loan has two one-year extension options, subject to certain conditions and the payment of a fee.
|
|
(k)
|
Mortgage is collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
|
|
(l)
|
Mortgage is collateralized by the three properties compromising One River Center.
|
|
(m)
|
The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
|
|
(n)
|
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.
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
Revenues
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
Base rents
|
$ | 146,424 | $ | 148,268 | $ | 443,709 | $ | 443,971 | ||||||||
|
Escalations and recoveries from tenants
|
21,925 | 21,323 | 62,862 | 72,251 | ||||||||||||
|
Construction services
|
1,169 | 2,359 | 9,235 | 8,984 | ||||||||||||
|
Real estate services
|
1,285 | 1,353 | 3,606 | 3,737 | ||||||||||||
|
Other income
|
2,409 | 2,134 | 15,242 | 9,875 | ||||||||||||
|
Total revenues
|
173,212 | 175,437 | 534,654 | 538,818 | ||||||||||||
|
Expenses
|
||||||||||||||||
|
Real estate taxes
|
22,258 | 14,261 | 70,061 | 63,189 | ||||||||||||
|
Utilities
|
17,859 | 19,845 | 48,405 | 56,244 | ||||||||||||
|
Operating services
|
27,643 | 27,604 | 82,092 | 86,217 | ||||||||||||
|
Direct construction costs
|
979 | 2,290 | 8,594 | 8,656 | ||||||||||||
|
General and administrative
|
12,638 | 8,675 | 35,343 | 26,507 | ||||||||||||
|
Depreciation and amortization
|
47,829 | 48,082 | 143,642 | 143,635 | ||||||||||||
|
Total expenses
|
129,206 | 120,757 | 388,137 | 384,448 | ||||||||||||
|
Operating income
|
44,006 | 54,680 | 146,517 | 154,370 | ||||||||||||
|
Other (Expense) Income
|
||||||||||||||||
|
Interest expense
|
(30,510 | ) | (31,041 | ) | (92,784 | ) | (92,849 | ) | ||||||||
|
Interest and other investment income
|
7 | 9 | 27 | 29 | ||||||||||||
|
Equity in earnings (loss) of unconsolidated joint ventures
|
2,418 | 539 | 4,751 | 1,174 | ||||||||||||
|
Loss from early extinguishment of debt
|
-- | -- | (4,415 | ) | -- | |||||||||||
|
Total other (expense) income
|
(28,085 | ) | (30,493 | ) | (92,421 | ) | (91,646 | ) | ||||||||
|
Income from continuing operations
|
15,921 | 24,187 | 54,096 | 62,724 | ||||||||||||
|
Discontinued Operations:
|
||||||||||||||||
|
Income (loss) from discontinued operations
|
243 | (104 | ) | 368 | 225 | |||||||||||
|
Realized gains (losses) and unrealized losses on disposition of rental property, net
|
12 | -- | 2,390 | -- | ||||||||||||
|
Total discontinued operations, net
|
255 | (104 | ) | 2,758 | 225 | |||||||||||
|
Net income
|
16,176 | 24,083 | 56,854 | 62,949 | ||||||||||||
|
Noncontrolling interest in consolidated joint ventures
|
85 | 96 | 256 | 308 | ||||||||||||
|
Noncontrolling interest in Operating Partnership
|
(1,949 | ) | (3,028 | ) | (6,624 | ) | (8,001 | ) | ||||||||
|
Noncontrolling interest in discontinued operations
|
(31 | ) | 13 | (337 | ) | (30 | ) | |||||||||
|
Preferred stock dividends
|
-- | (664 | ) | -- | (1,664 | ) | ||||||||||
|
Net income available to common shareholders
|
$ | 14,281 | $ | 20,500 | $ | 50,149 | $ | 53,562 | ||||||||
|
Basic earnings per common share:
|
||||||||||||||||
|
Income from continuing operations
|
$ | 0.16 | $ | 0.24 | $ | 0.54 | $ | 0.63 | ||||||||
|
Discontinued operations
|
-- | -- | 0.03 | -- | ||||||||||||
|
Net income available to common shareholders
|
$ | 0.16 | $ | 0.24 | $ | 0.57 | $ | 0.63 | ||||||||
|
Diluted earnings per common share:
|
||||||||||||||||
|
Income from continuing operations
|
$ | 0.16 | $ | 0.24 | $ | 0.54 | $ | 0.62 | ||||||||
|
Discontinued operations
|
-- | -- | 0.03 | -- | ||||||||||||
|
Net income available to common shareholders
|
$ | 0.16 | $ | 0.24 | $ | 0.57 | $ | 0.62 | ||||||||
|
Basic weighted average shares outstanding
|
87,826 | 87,019 | 87,814 | 85,649 | ||||||||||||
|
Diluted weighted average shares outstanding
|
100,075 | 99,917 | 100,071 | 98,631 | ||||||||||||
|
September 30,
|
December 31,
|
|||||||
|
2012
|
2011
|
|||||||
|
Assets
|
||||||||
|
Rental property
|
||||||||
|
Land and leasehold interests
|
$ | 765,742 | $ | 773,026 | ||||
|
Buildings and improvements
|
3,995,933 | 4,001,943 | ||||||
|
Tenant improvements
|
483,955 | 500,336 | ||||||
|
Furniture, fixtures and equipment
|
2,994 | 4,465 | ||||||
| 5,248,624 | 5,279,770 | |||||||
|
Less – accumulated depreciation and amortization
|
(1,455,420 | ) | (1,409,163 | ) | ||||
| 3,793,204 | 3,870,607 | |||||||
|
Rental property held for sale, net
|
18,404 | -- | ||||||
|
Net investment in rental property
|
3,811,608 | 3,870,607 | ||||||
|
Cash and cash equivalents
|
21,543 | 20,496 | ||||||
|
Investments in unconsolidated joint ventures
|
65,559 | 32,015 | ||||||
|
Unbilled rents receivable, net
|
136,689 | 134,301 | ||||||
|
Deferred charges and other assets, net
|
206,434 | 210,470 | ||||||
|
Restricted cash
|
19,717 | 20,716 | ||||||
|
Accounts receivable, net of allowance for doubtful accounts
|
||||||||
|
of $2,948 and $2,697
|
8,023 | 7,154 | ||||||
|
Total assets
|
$ | 4,269,573 | $ | 4,295,759 | ||||
|
Liabilities and Equity
|
||||||||
|
Senior unsecured notes
|
$ | 1,198,314 | $ | 1,119,267 | ||||
|
Revolving credit facility
|
67,000 | 55,500 | ||||||
|
Mortgages, loans payable and other obligations
|
704,940 | 739,448 | ||||||
|
Dividends and distributions payable
|
45,000 | 44,999 | ||||||
|
Accounts payable, accrued expenses and other liabilities
|
106,377 | 100,480 | ||||||
|
Rents received in advance and security deposits
|
50,546 | 53,019 | ||||||
|
Accrued interest payable
|
19,168 | 29,046 | ||||||
|
Total liabilities
|
2,191,345 | 2,141,759 | ||||||
|
Commitments and contingencies
|
||||||||
|
Equity:
|
||||||||
|
Mack-Cali Realty Corporation stockholders’ equity:
|
||||||||
|
Common stock, $0.01 par value, 190,000,000 shares authorized,
|
||||||||
|
87,821,885 and 87,799,479 shares outstanding
|
878 | 878 | ||||||
|
Additional paid-in capital
|
2,538,729 | 2,536,184 | ||||||
|
Dividends in excess of net earnings
|
(715,903 | ) | (647,498 | ) | ||||
|
Total Mack-Cali Realty Corporation stockholders’ equity
|
1,823,704 | 1,889,564 | ||||||
|
Noncontrolling interest in subsidiaries:
|
||||||||
|
Operating Partnership
|
252,869 | 262,499 | ||||||
|
Consolidated joint ventures
|
1,655 | 1,937 | ||||||
|
Total noncontrolling interests in subsidiaries
|
254,524 | 264,436 | ||||||
|
Total equity
|
2,078,228 | 2,154,000 | ||||||
|
Total liabilities and equity
|
$ | 4,269,573 | $ | 4,295,759 | ||||
|
Additional
|
Dividends in
|
Noncontrolling
|
||||
|
Common Stock
|
Paid-In
|
Excess of
|
Interests
|
Total
|
||
|
Shares
|
Par Value
|
Capital
|
Net Earnings
|
in Subsidiaries
|
Equity
|
|
|
Balance at January 1, 2012
|
87,800
|
$878
|
$2,536,184
|
$(647,498)
|
$264,436
|
$2,154,000
|
|
Net income
|
--
|
--
|
--
|
50,149
|
6,705
|
56,854
|
|
Common stock dividends
|
--
|
--
|
--
|
(118,554)
|
--
|
(118,554)
|
|
Common unit distributions
|
--
|
--
|
--
|
--
|
(16,444)
|
(16,444)
|
|
Decrease in noncontrolling interest
|
--
|
--
|
--
|
--
|
(26)
|
(26)
|
|
Redemption of common units
|
||||||
|
for common stock
|
20
|
--
|
429
|
--
|
(429)
|
--
|
|
Shares issued under Dividend
|
||||||
|
Reinvestment and Stock
|
||||||
|
Purchase Plan
|
7
|
--
|
186
|
--
|
--
|
186
|
|
Cancellation of shares
|
(5)
|
--
|
(126)
|
--
|
--
|
(126)
|
|
Stock compensation
|
--
|
--
|
2,338
|
--
|
--
|
2,338
|
|
Rebalancing of ownership percentage
|
||||||
|
between parent and subsidiaries
|
--
|
--
|
(282)
|
--
|
282
|
--
|
|
Balance at September 30, 2012
|
87,822
|
$878
|
$2,538,729
|
$(715,903)
|
$254,524
|
$2,078,228
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Net income available to common shareholders
|
$ | 14,281 | $ | 20,500 | $ | 50,149 | $ | 53,562 | ||||||||
|
Add: Noncontrolling interest in Operating Partnership
|
1,949 | 3,028 | 6,624 | 8,001 | ||||||||||||
|
Noncontrolling interest in discontinued operations
|
31 | (13 | ) | 337 | 30 | |||||||||||
|
Real estate-related depreciation and amortization on continuing operations (a)
|
48,750 | 49,018 | 146,405 | 146,508 | ||||||||||||
|
Real estate-related depreciation and amortization on discontinued operations
|
13 | 416 | 441 | 1,279 | ||||||||||||
|
Deduct: Discontinued operations – Realized (gains) losses and unrealized losses on disposition of rental property, net
|
(12 | ) | -- | (2,390 | ) | -- | ||||||||||
|
Funds from operations available to common shareholders (b)
|
$ | 65,012 | $ | 72,949 | $ | 201,566 | $ | 209,380 | ||||||||
|
Diluted weighted average shares/units outstanding (c)
|
100,075 | 99,917 | 100,071 | 98,631 | ||||||||||||
|
Funds from operations per share/unit – diluted
|
$ | 0.65 | $ | 0.73 | $ | 2.01 | $ | 2.12 | ||||||||
|
Dividends declared per common share
|
$ | 0.45 | $ | 0.45 | $ | 1.35 | $ | 1.35 | ||||||||
|
Dividend payout ratio:
|
||||||||||||||||
|
Funds from operations-diluted
|
69.27 | % | 61.64 | % | 67.02 | % | 63.59 | % | ||||||||
|
Supplemental Information:
|
||||||||||||||||
|
Non-incremental revenue generating capital expenditures:
|
||||||||||||||||
|
Building improvements
|
$ | 9,040 | $ | 6,847 | $ | 19,361 | $ | 15,105 | ||||||||
|
Tenant improvements and leasing commissions (d)
|
$ | 15,107 | $ | 12,225 | $ | 36,202 | $ | 31,667 | ||||||||
|
Straight-line rent adjustments (e)
|
$ | 1,733 | $ | 2,098 | $ | 4,913 | $ | 6,889 | ||||||||
|
Amortization of (above)/below market lease intangibles, net
|
$ | 335 | $ | 393 | $ | 1,040 | $ | 950 | ||||||||
|
(a) Includes the Company’s share from unconsolidated joint ventures of $974 and $1,047 for the three months ended September 30, 2012 and 2011, respectively, and $2,963 and $3,215 for the nine months ended September 30, 2012 and 2011, 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 12.
|
|
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (12,177 and 12,799 shares for the three months ended September 30, 2012 and 2011, respectively, and 12,184 and 12,863 shares for the nine months ended September 30, 2012 and 2011, 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 have not 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 $17 and $45 for the three months ended September 30, 2012 and 2011, respectively, and $50 and $154 for the nine months ended September 30, 2012 and 2011, respectively.
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
|
2012
|
2011
|
2012
|
2011
|
|
|
Net income available to common shareholders
|
$0.16
|
$0.24
|
$0.57
|
$0.62
|
|
Add: Real estate-related depreciation and amortization on continuing operations (a)
|
0.49
|
0.49
|
1.46
|
1.49
|
|
Real estate-related depreciation and amortization on
discontinued operations
|
--
|
--
|
--
|
0.01
|
|
Deduct: Realized (gains) losses and unrealized losses on disposition of rental property, net
|
--
|
--
|
(0.02)
|
--
|
|
Funds from operations available to common shareholders (b)
|
$0.65
|
$0.73
|
$2.01
|
$2.12
|
|
Diluted weighted average shares/units outstanding (c)
|
100,075
|
99,917
|
100,071
|
98,631
|
|
(a) Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.01 for the three months ended September 30, 2012 and 2011, respectively, and $0.03 and $0.03 for the nine months ended September 30, 2012 and 2011, 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 12.
|
|
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (12,177 and 12,799 shares for the three months ended September 30, 2012 and 2011, respectively, and 12,184 and 12,863 shares for the nine months ended September 30, 2012 and 2011, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 28.
|
|
Three Months Ended
|
Nine Months Ended
|
|||
|
September 30,
|
September 30,
|
|||
|
2012
|
2011
|
2012
|
2011
|
|
|
Basic weighted average shares outstanding:
|
87,826
|
87,019
|
87,814
|
85,649
|
|
Add: Weighted average common units
|
12,177
|
12,799
|
12,184
|
12,864
|
|
Basic weighted average shares/units:
|
100,003
|
99,818
|
99,998
|
98,513
|
|
Add: Stock options
|
--
|
15
|
--
|
30
|
|
Restricted Stock Awards
|
72
|
84
|
73
|
88
|
|
Diluted weighted average shares/units outstanding:
|
100,075
|
99,917
|
100,071
|
98,631
|
|
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.
|
|
Project
|
Location
|
Type of Space
|
Estimated
Placed in
Service
Date
|
Number
Of
Buildings
|
Square
Feet
|
Costs
Incurred
Through
9/30/12
|
Total
Estimated
Costs
|
Current
% Leased
|
|
Wholly Owned:
|
||||||||
|
14 Sylvan Way
|
Parsippany, NJ
|
Office
|
2013-1Q
|
1
|
203,000
|
$30,735
|
$53,504
|
100.0%
|
|
Total
|
1
|
203,000
|
$30,735
|
$53,504
|
100.0%
|
|
Date
|
Address
|
Location
|
# of
Bldgs.
|
Rentable
Square Feet
|
Realized
Gains/(loss)
|
|
|
Office:
|
||||||
|
3/28/12
|
2200 Renaissance Boulevard
|
King of Prussia, Pennsylvania
|
1
|
174,124
|
$ 4,511
|
|
|
7/25/12
|
95 Chestnut Ridge Road
|
Montvale, New Jersey
|
1
|
47,700
|
12
|
|
|
Total Office Properties:
|
2
|
221,824
|
$ 4,523
|
|||
|
Property/Address
|
Location
|
# of
Bldgs.
|
Rentable
Square
Feet
|
Net Book
Value
at 9/30/12
|
|
Office:
|
||||
|
224 Strawbridge Drive
|
Moorestown, Burlington County, NJ (a)
|
1
|
74,000
|
$ 5,549
|
|
228 Strawbridge Drive
|
Moorestown, Burlington County, NJ (a)
|
1
|
74,000
|
6,231
|
|
232 Strawbridge Drive
|
Moorestown, Burlington County, NJ (a)
|
1
|
74,258
|
6,624
|
|
Total Office Properties
|
3
|
222,258
|
$ 18,404
|
|
(a)
|
At June 30, 2012, the Company recognized a valuation allowance of $1.6 million on these properties.
|
|
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
|
20.0
|
150,000
|
Office/Retail
|
|
|
3 Campus Drive
|
Parsippany
|
NJ
|
10.0
|
124,000
|
Office
|
|
|
Mack-Cali 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:
|
319.3
|
11,526,450
|
||||
|
(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.
|
|
Property Type
|
# of
Properties
|
# of
Apartment
Units
|
Commercial
Square
Feet
|
# of
Hotel
Rooms
|
Garage
Parking
Spaces
|
Existing
Debt
Balance
|
Preferred
Capital Balance
|
Allocated
Purchase
Price (a)
|
|
Operating multi-family
|
6
|
1,769
|
--
|
--
|
--
|
$475,435
|
$ 197,404
|
$ 32,586
|
|
Operating commercial
|
4
|
--
|
212,145
|
--
|
--
|
12,017
|
5,055
|
7,692
|
|
In-process development projects (b)
|
13
|
2,149
|
--
|
--
|
1,591
|
45,419
|
112,739
|
29,692
|
|
Land parcels (b)
|
--
|
5,980
|
736,000
|
321
|
--
|
74,559
|
75,083
|
38,187
|
|
Management companies
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
6,859
|
|
Total
|
23
|
9,898
|
948,145
|
321
|
1,591
|
$607,430
|
$ 390,281
|
$115,016
|
|
(a)
|
Represents initial consideration before any earn out consideration or purchase accounting adjustment.
|
|
(b)
|
Number of apartment units, commercial square feet, hotel rooms and garage parking spaces are estimates.
|
|
Property
|
Location
|
Year
Built
|
# of
Properties
|
Percent
Leased
|
# of
Apartment
Units
|
Square
Feet (a)
|
Revenue
Per Unit (b)
|
Existing Debt
|
Preferred
|
Roseland
Effective
Ownership
|
Allocated
Purchase
Price (c)
|
|||||||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
|||||||||||||||||
|
Operating Multi-family:
|
||||||||||||||||||||||
|
Marbella
|
Jersey City, NJ
|
2003
|
1
|
98.80%
|
412
|
369,607
|
$2,522
|
$95,000
|
5/01/18
|
4.990%
|
$7,567
|
9.50%
|
Prudential
|
24.27%
|
$17,052
|
|||||||
|
Monaco (North and South)
|
Jersey City, NJ
|
2011
|
1
|
98.50%
|
523
|
477,254
|
2,903 (i)
|
165,000
|
2/01/21
|
4.190%
|
78,637
|
9.00%
|
Prudential
|
15.00%
|
5,073
|
|||||||
|
Metropolitan at 40 Park
|
Morristown, NJ
|
2010
|
1
|
98.50%
|
130
|
124,232
|
2,931
|
48,535 (d) (e)
|
2/08/13
|
L+275
|
14,619
|
9.00%
|
Prudential
|
12.50%
|
7,137
|
(f)
|
||||||
|
Highlands at Morristown Station
|
Morristown, NJ
|
2009
|
1
|
95.40%
|
217
|
185,733
|
2,364
|
40,000
|
7/01/15
|
4.000%
|
30,447
|
8.00% (g)
|
Prudential
|
25.00%
|
2,185
|
|||||||
|
Riversedge at Port Imperial
|
Weehawken, NJ
|
2009
|
1
|
99.20%
|
236
|
214,402
|
2,933
|
57,000
|
6/30/13
|
L+235
|
37,002
|
9.00%
|
Prudential
|
40.00%
|
1,139
|
|||||||
|
Quarrystone
|
Malden, MA
|
2008
|
1
|
96.80%
|
251
|
278,657
|
1,886
|
69,900
|
11/14/12
|
L+325
|
29,132
|
15.95%
|
Lennar
|
25.00%
|
-
|
|||||||
|
Total operating multi-family
|
6
|
1,769
|
1,649,885
|
$475,435
|
$197,404
|
$32,586
|
||||||||||||||||
|
Operating Commercial:
|
||||||||||||||||||||||
|
Shops at 40 Park
|
Morristown, NJ
|
2010
|
1
|
39.00%
|
50,771
|
(d) (e)
|
12.50%
|
(f)
|
||||||||||||||
|
Condos at 40 Park (for sale)
|
Morristown, NJ
|
2010
|
-
|
4 Condos
|
-
|
(e)
|
25.00%
|
(f)
|
||||||||||||||
|
Riverwalk at Port Imperial
|
West New York, NJ
|
2006
|
1
|
58.00%
|
35,829
|
$5,055
|
9.00%
|
20.00%
|
$2,241
|
|||||||||||||
|
Offices at Crystal Lake
|
West Orange, NJ
|
2001
|
1
|
100.00%
|
106,345
|
8,055
|
11/01/23
|
4.760%
|
31.25%
|
2,478
|
||||||||||||
|
233 Canoe Brook (h)
|
Short Hills, NJ
|
1961
|
1
|
100.00%
|
19,200
|
3,962
|
2/01/19
|
4.375%
|
100.00%
|
2,973
|
||||||||||||
|
Total operating commercial
|
4
|
212,145
|
$12,017
|
$5,055
|
$7,692
|
|||||||||||||||||
|
Total
|
10
|
1,769
|
1,862,030
|
$487,452
|
$202,459
|
$40,278
|
||||||||||||||||
|
(a)
|
Certain multi-family properties have small retail components which are excluded from square feet.
|
|
(b)
|
Total apartment revenue for the twelve months ended September 30, 2012 divided by the average percent leased for the twelve months ended September 30, 2012, divided by the number of units and divided by 12.
|
|
(c)
|
Represents initial consideration before any earn out consideration or purchase accounting adjustments.
|
|
(d)
|
Existing debt balance of $48.5 million is secured by both of these properties.
|
|
(e)
|
There is a partner note associated with the land acquisition. As of September 30, 2012, the balance was $3.9 million, accrues interest at 8.0 percent and is priority to member distributions.
|
|
(f)
|
Allocated purchase price of $7.1 million is attributed to four projects (including one in-process development).
|
|
(g)
|
Rate increases to 9.0 percent on December 24, 2012.
|
|
(h)
|
This property is 100 percent occupied by Roseland as its headquarters.
|
|
(i)
|
Property was in lease up during the twelve months ended September 30, 2012.
|
|
Property
|
Location
|
# of
Properties
|
# of
Apartment
Units (a)
|
Square
Feet (a)
|
Garage
Parking
Spaces (a)
|
Estimated
Start
Date
|
Estimated
Completion
Date
|
Existing Debt
|
Preferred
|
Roseland
Effective
Ownership
|
Allocated
Purchase
Price (b)
|
||||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
||||||||||||||
|
In-Process Multi-family:
|
|||||||||||||||||||
|
Rivertrace at Port Imperial
|
West New York, NJ
|
1
|
316
|
294,532
|
Started
|
4Q-14
|
$11,761
|
7/15/21
|
6.000%
|
$37,996
|
7.75%
|
UBS
|
25.00%
|
$3,028
|
|||||
|
Lincoln Harbor
|
Weehawken, NJ
|
1
|
356
|
327,738
|
Started
|
2Q-15
|
46,560
|
8.50%
|
Hartz
|
7.50%
|
710
|
||||||||
|
Port Imperial Building 13
|
Weehawken, NJ
|
1
|
280
|
256,860
|
4Q-12
|
3Q-15
|
24,578 (c)
|
9.00%
|
Prudential
|
16.00%
|
1,639
|
||||||||
|
Marbella II
|
Jersey City, NJ
|
1
|
311
|
277,827
|
4Q-12
|
3Q-15
|
2,795
|
9.00%
|
Prudential
|
24.27%
|
5,672
|
||||||||
|
Lofts at 40 Park
|
Morristown, NJ
|
1
|
91
|
79,835
|
1Q-13
|
4Q-14
|
25.00%
|
-
|
(d)
|
||||||||||
|
Riverpark at Harrison I
|
Harrison, NJ
|
1
|
141
|
121,680
|
4Q-12
|
4Q-14
|
1,117
|
9/30/13
|
L+300
|
36.00%
|
2,580
|
||||||||
|
Glenmark at Tuckahoe
|
Eastchester, NJ
|
1
|
108
|
106,091
|
4Q-12
|
4Q-14
|
26.25%
|
2,134
|
|||||||||||
|
Portside at Pier One – Bldg 7
|
East Boston, MA
|
1
|
176
|
158,919
|
4Q-12
|
3Q-14
|
465
|
9.00%
|
Prudential
|
38.25%
|
2,576
|
||||||||
|
Overlook Ridge – 2C & 3B
|
Malden/Revere, MA
|
1
|
370
|
340,721
|
4Q-12
|
1Q-16
|
345 (e)
|
(f)
|
UBS
|
25.00%
|
-
|
||||||||
|
Total in process multi-family:
|
9
|
2,149
|
1,964,203
|
$12,878
|
$112,739
|
$18,339
|
|||||||||||||
|
In-Process Commercial:
|
|||||||||||||||||||
|
Port Imperial 4/5 Garage/Retail
|
Weehawken, NJ
|
2
|
17,795 (g)
|
850
|
Started
|
4Q-12
|
$32,541
|
9/30/13
|
L+350
|
(h)
|
8,660
|
||||||||
|
Port Imperial 1/3 Garage/Retail
|
Weehawken, NJ
|
2
|
17,614 (g)
|
741
|
2Q-13
|
3Q-14
|
33.00%
|
2,693
|
|||||||||||
|
Total in-process commercial:
|
4
|
35,409
|
1,591
|
$32,541
|
$11,353
|
||||||||||||||
|
Total
|
13
|
2,149
|
1,999,612
|
1,591
|
$45,419
|
$112,739
|
$29,692
|
||||||||||||
|
(a)
|
Number of apartment units, square feet and garage parking spaces are estimates.
|
|
(b)
|
Represents initial consideration before any earn out consideration or purchase accounting adjustments.
|
|
(c)
|
Roseland has $651,290 of preferred capital which is pari passu with a portion of the preferred investor’s capital.
|
|
(d)
|
Allocated purchase price of $7.1 million is attributed to four projects (including three operating properties).
|
|
(e)
|
Roseland has $345,128 of preferred capital which is pari passu with a portion of the preferred investor’s capital.
|
|
(f)
|
UBS has 6.5 percent preference on operating cash flow and a 9.0 percent IRR on a capital event.
|
|
(g)
|
Retail square feet only.
|
|
(h)
|
Roseland effective ownership is 34.1 percent for the garage and 43.75 percent for the retail.
|
|
Site
|
Location
|
# of
Apartment
Units (a)
|
Square
Feet (a)
|
# of
Hotel
Rooms (a)
|
Existing Debt
|
Preferred
|
Roseland
Effective
Ownership
|
Allocated
Purchase
Price (b)
|
|||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
||||||||||
|
Port Imperial North
|
West New York, NJ
|
836
|
$55,206
|
(c)
|
Prudential
|
20.00%
|
$1,678
|
||||||||
|
Riverwalk C
|
West New York, NJ
|
363
|
19,877
|
10.00%
|
Prudential
|
20.00%
|
856
|
||||||||
|
Lincoln Harbor II
|
Weehawken, NJ
|
228
|
7.50%
|
218
|
|||||||||||
|
Port Imperial South
|
Weehawken, NJ
|
1,148
|
416,000
|
321
|
$41,951
|
3/23/13
|
L+275
|
(d)
|
Romulus
|
50.00%
|
30,016
|
||||
|
Hillsborough 206
|
Hillsborough, NJ
|
160,000
|
50.00%
|
1,962
|
|||||||||||
|
San Remo
|
Jersey City, NJ
|
300
|
41.67%
|
1,151
|
|||||||||||
|
Liberty Landing
|
Jersey City, NJ
|
1,000
|
600
|
7/15/13
|
4.000%
|
50.00%
|
|||||||||
|
Morris Township
|
Morris Township, NJ
|
80
|
Land Option
|
||||||||||||
|
Freehold
|
Freehold, NJ
|
360
|
Land Option
|
||||||||||||
|
Riverpark at Harrison 5-8
|
Harrison, NJ
|
141
|
Land Option
|
||||||||||||
|
Overlook Ridge
|
Malden/Revere, MA
|
896
|
160,000
|
26,637
|
3/02/14
|
L+350
|
(e)
|
Rowe
|
50.00%
|
||||||
|
LR Overlook Phase III
|
Malden, MA
|
240
|
5,371
|
12/14/12
|
L+400
|
50.00%
|
|||||||||
|
Portside at Pier One 1-6
|
East Boston, MA
|
388
|
85.00%
|
2,306
|
|||||||||||
|
Total
|
5,980
|
736,000
|
321
|
$74,559
|
$75,083
|
$38,187
|
|||||||||
|
(a)
|
Number of apartment units, square feet and hotel rooms are estimates.
|
|
(b)
|
Represents initial consideration before any earn out consideration or purchase accounting adjustments.
|
|
(c)
|
Roseland has $5,888,311 of preferred capital which is pari passu with a portion of the preferred investor’s capital.
|
|
(d)
|
Represents non-interest bearing priority land capital account. Each developed asset type has a distinct Tier I (100 percent Romulus) and Tier II (75 percent Romulus / 25 percent Roseland) structure prior to the 50/50 ownership split and is currently estimated that Tier I payments total $17.6 million and Tier II payments total $44.6 million, ($33.4 million to Romulus and $11.2 million to Roseland).
|
|
(e)
|
These parcels have priority land capital accounts allocated approximately 97 percent to Rowe and 3 percent to Roseland. The priority calculation is $20,000 per apartment and $20 per commercial square feet and is currently estimated to be $21.1 million. Upon a parcel being transferred to a venture, the priority payment accrues at 8.0 percent.
|
|
LEASING ACTIVITY
|
||||||||
|
Market
|
Sq. Ft.
Leased
6/30/12
|
Leased
Sq. Ft.
Acquired/Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased 9/30/12 (c)
|
Pct.
Leased
9/30/12
|
Pct.
Leased
6/30/12
|
|
Northern NJ
|
12,560,743
|
-
|
(354,961)
|
243,146
|
(111,815)
|
12,448,928
|
86.1%
|
86.6%
|
|
Central NJ
|
5,105,124
|
-
|
(54,489)
|
142,924
|
88,435
|
5,193,559
|
90.0%
|
88.4%
|
|
Westchester Co., NY
|
4,379,887
|
-
|
(328,010)
|
286,741
|
(41,269)
|
4,338,618
|
90.6%
|
91.5%
|
|
Manhattan
|
500,961
|
-
|
-
|
-
|
-
|
500,961
|
95.5%
|
95.5%
|
|
Sub. Philadelphia
|
2,943,214
|
-
|
(155,025)
|
144,516
|
(10,509)
|
2,932,705
|
87.4%
|
87.7%
|
|
Fairfield, CT
|
513,830
|
-
|
(79,131)
|
74,948
|
(4,183)
|
509,647
|
85.3%
|
86.0%
|
|
Washington, DC/MD
|
1,009,344
|
-
|
(29,795)
|
24,231
|
(5,564)
|
1,003,780
|
77.6%
|
78.1%
|
|
Rockland Co., NY
|
152,983
|
-
|
(1,057)
|
16,484
|
15,427
|
168,410
|
93.6%
|
85.0%
|
|
Totals
|
27,166,086
|
-
|
(1,002,468)
|
932,990
|
(69,478)
|
27,096,608
|
87.5%
|
87.6%
|
|
Total sq. ft. as of June 30, 2012
|
31,024,712
|
|
Total sq. ft. of properties added/sold this period
|
(47,700)
|
|
Total sq. ft. as of September 30, 2012
|
30,977,012
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
(c)
|
Includes leases expiring September 30, 2012 aggregating 113,335 square feet for which no new leases were signed.
|
|
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
|
29
|
243,146
|
179,368
|
63,778
|
7.4
|
24.94
|
4.44
|
|
|
Central NJ
|
Office
|
26
|
132,468
|
88,156
|
44,312
|
7.3
|
17.99
|
4.46
|
|
|
Office/Flex
|
2
|
10,456
|
1,560
|
8,896
|
5.2
|
20.97
|
2.35
|
||
|
Westchester Co., NY
|
Office
|
14
|
37,755
|
25,710
|
12,045
|
6.3
|
19.26
|
3.45
|
|
|
Office/Flex
|
13
|
171,783
|
23,083
|
148,700
|
4.8
|
16.74
|
0.78
|
||
|
Industrial/Warehouse
|
1
|
77,203
|
-
|
77,203
|
5.0
|
6.76
|
0.20
|
||
|
Sub. Philadelphia
|
Office
|
9
|
48,931
|
15,185
|
33,746
|
5.4
|
20.03
|
3.95
|
|
|
Office/Flex
|
7
|
95,585
|
18,435
|
77,150
|
4.8
|
8.59
|
1.17
|
||
|
Fairfield Co., CT
|
Office
|
4
|
8,948
|
1,355
|
7,593
|
2.5
|
20.93
|
2.37
|
|
|
Office/Flex
|
1
|
66,000
|
-
|
66,000
|
3.0
|
13.77
|
0.20
|
||
|
Washington, DC/MD
|
Office
|
13
|
24,231
|
3,841
|
20,390
|
3.5
|
23.68
|
3.05
|
|
|
Rockland Co., NY
|
Office
|
2
|
16,484
|
16,484
|
-
|
9.8
|
13.59
|
4.10
|
|
|
Totals
|
121
|
932,990
|
373,177
|
559,813
|
5.9
|
17.67
|
3.03
|
||
|
Detail by Property Type
|
|||||||||
|
Office
|
97
|
511,963
|
330,099
|
181,864
|
6.9
|
21.75
|
4.28
|
||
|
Office/Flex
|
23
|
343,824
|
43,078
|
300,746
|
4.5
|
14.03
|
0.88
|
||
|
Industrial/Warehouse
|
1
|
77,203
|
-
|
77,203
|
5.0
|
6.76
|
0.20
|
||
|
Totals
|
121
|
932,990
|
373,177
|
559,813
|
5.9
|
17.67
|
3.03
|
||
|
Tenant Retention:
|
Leases Retained
|
59.1%
|
|||||||
|
Sq. Ft. Retained
|
55.8%
|
||||||||
|
(a)
|
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
|
|
(b)
|
Equals triple net rent plus common area costs and real estate taxes, as applicable.
|
|
(c)
|
Represents estimated workletter costs of $12,727,696 and commissions of $3,802,740 committed, but not necessarily expended, during the period for second generation space aggregating 932,348 square feet.
|
|
LEASING ACTIVITY
|
||||||||
|
Market
|
Sq. Ft.
Leased
6/30/12
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
9/30/12
|
Pct.
Leased
9/30/12
|
Pct.
Leased
6/30/12
|
|
Northern NJ
|
726,746
|
-
|
(7,447)
|
-
|
(7,447)
|
719,299
|
80.2%
|
81.1%
|
|
Central NJ
|
242,669
|
-
|
(3,297)
|
7,759
|
4,462
|
247,131
|
77.4%
|
76.0%
|
|
Totals
|
969,415
|
-
|
(10,744)
|
7,759
|
(2,985)
|
966,430
|
79.5%
|
79.7%
|
|
Total sq. ft. as of June 30, 2012
|
1,215,575
|
|
Total sq. ft. of properties added/sold this period
|
-
|
|
Total sq. ft. as of September 30, 2012
|
1,215,575
|
|
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
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Central NJ
|
2
|
7,759
|
1,465
|
6,294
|
2.8
|
19.70
|
3.20
|
|
Totals
|
2
|
7,759
|
1,465
|
6,294
|
2.8
|
19.70
|
3.20
|
|
(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 $37,285 and commissions of $31,252 committed, but not necessarily expended, during the period for second generation space aggregating 7,759 square feet.
|
|
LEASING ACTIVITY
|
||||||||
|
Market
|
Sq. Ft.
Leased
12/31/11
|
Leased
Sq. Ft.
Acquired/Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
9/30/12 (c)
|
Pct.
Leased
9/30/12
|
Pct.
Leased
12/31/11
|
|
Northern NJ
|
12,771,180
|
-
|
(1,327,439)
|
1,005,187
|
(322,252)
|
12,448,928
|
86.1%
|
88.0%
|
|
Central NJ
|
5,166,040
|
-
|
(426,201)
|
453,720
|
27,519
|
5,193,559
|
90.0%
|
89.5%
|
|
Westchester Co., NY
|
4,397,432
|
-
|
(809,808)
|
750,994
|
(58,814)
|
4,338,618
|
90.6%
|
91.8%
|
|
Manhattan
|
500,961
|
-
|
-
|
-
|
-
|
500,961
|
95.5%
|
95.5%
|
|
Sub. Philadelphia
|
3,068,115
|
(77,106)
|
(561,285)
|
502,981
|
(58,304)
|
2,932,705
|
87.4%
|
86.9%
|
|
Fairfield, CT
|
507,737
|
-
|
(102,760)
|
104,670
|
1,910
|
509,647
|
85.3%
|
84.9%
|
|
Washington, DC/MD
|
984,751
|
-
|
(109,387)
|
128,416
|
19,029
|
1,003,780
|
77.6%
|
76.2%
|
|
Rockland Co., NY
|
155,967
|
-
|
(11,643)
|
24,086
|
12,443
|
168,410
|
93.6%
|
86.6%
|
|
Totals
|
27,552,183
|
(77,106)
|
(3,348,523)
|
2,970,054
|
(378,469)
|
27,096,608
|
87.5%
|
88.3%
|
|
Total sq. ft. as of December 31, 2011
|
31,198,836
|
|
Total sq. ft. of properties added/sold this period
|
(221,824)
|
|
Total sq. ft. as of September 30, 2012
|
30,977,012
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
(c)
|
Includes leases expiring September 30, 2012 aggregating 113,335 square feet for which no new leases were signed.
|
|
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
|
110
|
997,587
|
490,700
|
506,887
|
7.6
|
27.08
|
4.19
|
|
|
Office/Flex
|
1
|
7,600
|
-
|
7,600
|
3.3
|
14.30
|
1.60
|
||
|
Central NJ
|
Office
|
72
|
360,419
|
162,701
|
197,718
|
5.7
|
22.13
|
3.98
|
|
|
Office/Flex
|
9
|
93,301
|
4,289
|
89,012
|
3.3
|
16.87
|
0.98
|
||
|
Westchester Co., NY
|
Office
|
56
|
211,782
|
47,271
|
164,511
|
5.5
|
24.69
|
3.11
|
|
|
Office/Flex
|
50
|
462,009
|
104,631
|
357,378
|
5.0
|
16.93
|
1.76
|
||
|
Industrial/Warehouse
|
1
|
77,203
|
-
|
77,203
|
5.0
|
6.76
|
0.20
|
||
|
Sub. Philadelphia
|
Office
|
45
|
239,511
|
61,550
|
177,961
|
3.6
|
23.44
|
3.51
|
|
|
Office/Flex
|
22
|
263,470
|
49,655
|
213,815
|
4.0
|
9.83
|
1.18
|
||
|
Fairfield Co., CT
|
Office
|
11
|
38,670
|
26,157
|
12,513
|
3.6
|
19.54
|
3.13
|
|
|
Office/Flex
|
1
|
66,000
|
-
|
66,000
|
3.0
|
13.77
|
0.20
|
||
|
Washington, DC/MD
|
Office
|
41
|
128,416
|
38,348
|
90,068
|
4.5
|
27.59
|
4.22
|
|
|
Rockland Co., NY
|
Office
|
7
|
24,086
|
17,318
|
6,768
|
7.4
|
16.35
|
3.75
|
|
|
Totals
|
426
|
2,970,054
|
1,002,620
|
1,967,434
|
5.7
|
21.57
|
3.32
|
||
|
Detail by Property Type
|
|||||||||
|
Office
|
342
|
2,000,471
|
844,045
|
1,156,426
|
6.3
|
25.26
|
3.99
|
||
|
Office/Flex
|
83
|
892,380
|
158,575
|
733,805
|
4.3
|
14.57
|
1.46
|
||
|
Industrial/Warehouse
|
1
|
77,203
|
-
|
77,203
|
5.0
|
6.76
|
0.20
|
||
|
Totals
|
426
|
2,970,054
|
1,002,620
|
1,967,434
|
5.7
|
21.57
|
3.32
|
||
|
Tenant Retention:
|
Leases Retained
|
66.4%
|
|||||||
|
Sq. Ft. Retained
|
58.8%
|
||||||||
|
(a)
|
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
|
|
(b)
|
Equals triple net rent plus common area costs and real estate taxes, as applicable.
|
|
(c)
|
Represents estimated workletter costs of $38,986,157 and commissions of $16,598,194 committed, but not necessarily expended, during the period for second generation space aggregating 2,958,171 square feet.
|
|
LEASING ACTIVITY
|
||||||||
|
Market
|
Sq. Ft.
Leased
12/31/11
|
Leased
Sq. Ft.
Acquired/ Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased 9/30/12
|
Pct.
Leased
9/30/12
|
Pct.
Leased
12/31/11
|
|
Northern NJ
|
729,722
|
-
|
(77,096)
|
66,673
|
(10,423)
|
719,299
|
80.2%
|
81.4%
|
|
Central NJ
|
246,978
|
-
|
(10,396)
|
10,549
|
153
|
247,131
|
77.4%
|
77.4%
|
|
Totals
|
976,700
|
-
|
(87,492)
|
77,222
|
(10,270)
|
966,430
|
79.5%
|
80.3%
|
|
Total sq. ft. as of December 31, 2011
|
1,215,575
|
|
Total sq. ft. of properties added/sold this period
|
-
|
|
Total sq. ft. as of September 30, 2012
|
1,215,575
|
|
Detail by Market
|
|||||||
|
Market
|
# of
Trans-
actions
|
Total
Sq. Ft.
|
Sq. Ft. New
Leases
|
Sq. Ft.
Renewed
And
Other
Retained (c)
|
Wtd. Avg.
Term
(Yrs.)
|
Wtd. Avg.
Base
Rent (d)
|
Leasing
Costs Per
Sq. Ft. Per
Year (e)
|
|
Northern NJ
|
3
|
66,673
|
6,094
|
60,579
|
8.4
|
25.85
|
2.69
|
|
Central NJ
|
4
|
10,549
|
1,465
|
9,084
|
3.0
|
19.78
|
3.22
|
|
Totals
|
7
|
77,222
|
7,559
|
69,663
|
7.6
|
25.02
|
2.72
|
|
(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 $728,331 and commissions of $871,339 committed, but not necessarily expended, during the period for second generation space aggregating 77,222 square feet.
|
|
Market (MSA)
|
Annualized
Base Rental
Revenue
($) (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)
|
136,114,737
|
22.2
|
6,495,715
|
21.1
|
|
Jersey City, NJ
|
115,289,693
|
18.9
|
4,317,978
|
13.9
|
|
Westchester-Rockland, NY
|
89,293,479
|
14.6
|
4,968,420
|
16.0
|
|
Bergen-Passaic, NJ
|
78,383,306
|
12.8
|
4,525,854
|
14.6
|
|
Philadelphia, PA-NJ
|
51,284,904
|
8.4
|
3,355,870
|
10.8
|
|
Middlesex-Somerset-Hunterdon, NJ
|
43,846,854
|
7.2
|
2,320,685
|
7.5
|
|
Washington, DC-MD-VA-WV
|
28,434,796
|
4.7
|
1,292,807
|
4.2
|
|
Monmouth-Ocean, NJ
|
25,118,189
|
4.1
|
1,620,863
|
5.2
|
|
Trenton, NJ
|
18,885,479
|
3.1
|
956,597
|
3.1
|
|
New York (Manhattan)
|
14,570,606
|
2.4
|
524,476
|
1.7
|
|
Stamford-Norwalk, CT
|
9,882,598
|
1.6
|
597,747
|
1.9
|
|
Totals
|
611,104,641
|
100.0
|
30,977,012
|
100.0
|
|
(a)
|
Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 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 September 30, 2012 aggregating 113,335 square feet and representing annualized rent of $2,659,320 for which no new leases were signed.
|
|
(c)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
Industry Classification (a)
|
Annualized
Base Rental
Revenue
($) (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
|
86,437,980
|
14.2
|
3,149,150
|
11.9
|
|
Insurance Carriers & Related Activities
|
62,020,786
|
10.2
|
2,416,976
|
9.2
|
|
Manufacturing
|
52,823,337
|
8.7
|
2,609,470
|
9.8
|
|
Telecommunications
|
37,982,125
|
6.2
|
1,988,932
|
7.5
|
|
Legal Services
|
36,684,820
|
6.0
|
1,394,325
|
5.2
|
|
Credit Intermediation & Related Activities
|
32,138,727
|
5.3
|
1,123,016
|
4.2
|
|
Health Care & Social Assistance
|
31,977,376
|
5.2
|
1,515,868
|
5.7
|
|
Computer System Design Svcs.
|
26,388,510
|
4.3
|
1,274,429
|
4.8
|
|
Accounting/Tax Prep.
|
22,519,358
|
3.7
|
862,084
|
3.2
|
|
Wholesale Trade
|
19,440,155
|
3.2
|
1,339,786
|
5.0
|
|
Scientific Research/Development
|
19,400,805
|
3.2
|
644,237
|
2.4
|
|
Architectural/Engineering
|
16,908,605
|
2.8
|
729,062
|
2.7
|
|
Admin & Support, Waste Mgt. & Remediation Svcs.
|
16,271,784
|
2.7
|
764,013
|
2.9
|
|
Public Administration
|
15,619,830
|
2.6
|
605,361
|
2.3
|
|
Management/Scientific
|
13,871,759
|
2.3
|
561,637
|
2.1
|
|
Real Estate & Rental & Leasing
|
12,347,919
|
2.0
|
645,635
|
2.4
|
|
Arts, Entertainment & Recreation
|
12,062,952
|
2.0
|
717,680
|
2.7
|
|
Accommodation & Food Services
|
11,885,319
|
1.9
|
503,934
|
1.9
|
|
Other Services (except Public Administration)
|
11,608,590
|
1.9
|
473,807
|
1.8
|
|
Advertising/Related Services
|
9,020,003
|
1.5
|
344,507
|
1.3
|
|
Other Professional
|
8,093,260
|
1.3
|
361,353
|
1.4
|
|
Retail Trade
|
7,494,797
|
1.2
|
442,574
|
1.7
|
|
Construction
|
6,246,483
|
1.0
|
320,550
|
1.2
|
|
Data Processing Services
|
6,174,989
|
1.0
|
240,815
|
0.9
|
|
Information Services
|
5,723,008
|
0.9
|
231,470
|
0.9
|
|
Transportation
|
5,637,358
|
0.9
|
298,036
|
1.1
|
|
Broadcasting
|
5,084,892
|
0.8
|
185,449
|
0.7
|
|
Utilities
|
4,511,068
|
0.7
|
184,709
|
0.7
|
|
Educational Services
|
3,917,714
|
0.6
|
195,910
|
0.7
|
|
Publishing Industries
|
2,908,724
|
0.5
|
149,760
|
0.6
|
|
Other
|
7,901,608
|
1.2
|
323,585
|
1.1
|
|
Totals
|
611,104,641
|
100.0
|
26,598,120
|
100.0
|
|
(a)
|
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).
|
|
(b)
|
Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 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 September 30, 2012 aggregating 113,335 square feet and representing annualized rent of $2,659,320 for which no new leases were signed.
|
|
STATE
|
Office
|
% of
Total
|
Office/Flex
|
% of
Total
|
Industrial/
Warehouse
|
% of
Total
|
Stand-
Alone
Retail
|
% of
Total
|
Land
Leases
|
% of
Total
|
TOTALS
By State
|
% of
Total
|
|
New Jersey
|
111
|
41.6%
|
49
|
18.4%
|
--
|
--
|
--
|
--
|
--
|
--
|
160
|
60.0%
|
|
New York
|
21
|
7.9%
|
41
|
15.4%
|
6
|
2.2%
|
2
|
0.7 %
|
2
|
0.7%
|
72
|
26.9%
|
|
Pennsylvania
|
17
|
6.4%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
17
|
6.4%
|
|
Connecticut
|
2
|
0.7%
|
5
|
1.9%
|
--
|
--
|
--
|
--
|
--
|
--
|
7
|
2.6%
|
|
Wash., D.C./
Maryland
|
10
|
3.7%
|
--
|
--
|
--
|
--
|
--
|
--
|
1
|
0.4%
|
11
|
4.1%
|
|
TOTALS
By Type:
|
161
|
60.3%
|
95
|
35.7%
|
6
|
2.2%
|
2
|
0.7%
|
3
|
1.1%
|
267
|
100.0%
|
|
(a)
|
Excludes 9 properties, aggregating approximately 1.2 million square feet, which are not consolidated by the Company.
|
|
STATE
|
Office
|
% of
Total
|
Office/Flex
|
% of
Total
|
Industrial/
Warehouse
|
% of
Total
|
Stand-
Alone
Retail
|
% of
Total
|
TOTALS By
State
|
% of
Total
|
|
New Jersey
|
19,552,417
|
63.1%
|
2,189,531
|
7.0%
|
--
|
--
|
--
|
--
|
21,741,948
|
70.1%
|
|
New York
|
2,739,384
|
8.8%
|
2,348,812
|
7.6%
|
387,400
|
1.3%
|
17,300
|
0.1%
|
5,492,896
|
17.8%
|
|
Pennsylvania
|
1,851,614
|
6.0%
|
--
|
--
|
--
|
--
|
--
|
--
|
1,851,614
|
6.0%
|
|
Connecticut
|
324,747
|
1.0%
|
273,000
|
0.9%
|
--
|
--
|
--
|
--
|
597,747
|
1.9%
|
|
Wash., D.C./
Maryland
|
1,292,807
|
4.2%
|
--
|
--
|
--
|
--
|
--
|
--
|
1,292,807
|
4.2%
|
|
TOTALS
By Type:
|
25,760,969
|
83.1%
|
4,811,343
|
15.5%
|
387,400
|
1.3%
|
17,300
|
0.1%
|
30,977,012
|
100.0%
|
|
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
|
$403,600
|
67.6%
|
$17,417
|
2.9%
|
--
|
--
|
--
|
--
|
--
|
--
|
$421,017
|
70.5%
|
|
New York
|
61,965
|
10.4%
|
34,231
|
5.7%
|
$4,474
|
0.8%
|
$484
|
0.1%
|
$333
|
0.1%
|
101,487
|
17.1%
|
|
Pennsylvania
|
38,197
|
6.4%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
38,197
|
6.4%
|
|
Connecticut
|
5,500
|
0.9%
|
4,346
|
0.7%
|
--
|
--
|
--
|
--
|
--
|
--
|
9,846
|
1.6%
|
|
Wash., D.C./
Maryland
|
26,455
|
4.4%
|
--
|
--
|
--
|
--
|
--
|
--
|
153
|
--
|
26,608
|
4.4%
|
|
TOTALS
By Type:
|
$535,717
|
89.7%
|
$55,994
|
9.3%
|
$4,474
|
0.8%
|
$484
|
0.1%
|
$486
|
0.1%
|
$597,155
|
100.0%
|
|
(a)
|
Excludes 9 properties, aggregating approximately 1.2 million square feet, which are not consolidated by the Company.
|
|
(b)
|
Total base rent for the 12 months ended September 30, 2012, 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.
|
|
STATE
|
Office
|
Office/Flex
|
Industrial/Warehouse
|
Stand-Alone Retail
|
WEIGHTED AVG.
By State
|
|
New Jersey
|
87.1%
|
87.2%
|
--
|
--
|
87.1%
|
|
New York
|
87.4%
|
94.4%
|
97.8%
|
100.0%
|
91.2%
|
|
Pennsylvania
|
87.9%
|
--
|
--
|
--
|
87.9%
|
|
Connecticut
|
72.9%
|
100.0%
|
--
|
--
|
85.3%
|
|
Washington, D.C./ Maryland
|
77.6%
|
--
|
--
|
--
|
77.6%
|
|
WEIGHTED AVG. By Type:
|
86.6%
|
91.5%
|
97.8%
|
100.0%
|
87.5%
|
|
(a)
|
Excludes 9 properties, aggregating approximately 1.2 million square feet, which are not consolidated by the Company, and parcels of land leased to others.
|
|
(b)
|
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future as well as leases expiring September 30, 2012 aggregating 113,335 square feet for which no new leases were signed.
|
|
Property Listing
Office Properties
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
BERGEN COUNTY, NEW JERSEY
|
||||||
|
Fair Lawn
|
||||||
|
17-17 Route 208 North
|
1987
|
143,000
|
97.3
|
2,885
|
0.48
|
20.73
|
|
Fort Lee
|
||||||
|
One Bridge Plaza
|
1981
|
200,000
|
92.5
|
4,688
|
0.79
|
25.34
|
|
2115 Linwood Avenue
|
1981
|
68,000
|
74.2
|
868
|
0.15
|
17.20
|
|
Little Ferry
|
||||||
|
200 Riser Road
|
1974
|
286,628
|
100.0
|
2,321
|
0.39
|
8.10
|
|
Lyndhurst
|
||||||
|
210 Clay Avenue
|
1981
|
121,203
|
90.9
|
2,470
|
0.41
|
22.42
|
|
Montvale
|
||||||
|
135 Chestnut Ridge Road
|
1981
|
66,150
|
76.4
|
815
|
0.14
|
16.13
|
|
Paramus
|
||||||
|
15 East Midland Avenue
|
1988
|
259,823
|
80.5
|
4,326
|
0.72
|
20.68
|
|
140 East Ridgewood Avenue
|
1981
|
239,680
|
91.9
|
4,833
|
0.81
|
21.94
|
|
461 From Road
|
1988
|
253,554
|
40.8
|
3,302
|
0.55
|
31.92
|
|
650 From Road
|
1978
|
348,510
|
70.7
|
6,087
|
1.02
|
24.70
|
|
61 South Paramus Road (e)
|
1985
|
269,191
|
60.8
|
4,479
|
0.75
|
27.37
|
|
Rochelle Park
|
||||||
|
120 West Passaic Street
|
1972
|
52,000
|
99.6
|
1,474
|
0.25
|
28.46
|
|
365 West Passaic Street
|
1976
|
212,578
|
85.3
|
3,930
|
0.66
|
21.67
|
|
395 West Passaic Street
|
1979
|
100,589
|
65.3
|
1,041
|
0.17
|
15.85
|
|
Upper Saddle River
|
||||||
|
1 Lake Street
|
1973/94
|
474,801
|
100.0
|
7,465
|
1.25
|
15.72
|
|
10 Mountainview Road
|
1986
|
192,000
|
82.4
|
3,157
|
0.53
|
19.95
|
|
Woodcliff Lake
|
||||||
|
400 Chestnut Ridge Road
|
1982
|
89,200
|
100.0
|
1,951
|
0.33
|
21.87
|
|
470 Chestnut Ridge Road
|
1987
|
52,500
|
100.0
|
1,248
|
0.21
|
23.77
|
|
530 Chestnut Ridge Road
|
1986
|
57,204
|
80.2
|
757
|
0.13
|
16.50
|
|
50 Tice Boulevard
|
1984
|
235,000
|
85.9
|
5,462
|
0.91
|
27.06
|
|
300 Tice Boulevard
|
1991
|
230,000
|
100.0
|
6,005
|
1.01
|
26.11
|
|
BURLINGTON COUNTY, NEW JERSEY
|
||||||
|
Moorestown
|
||||||
|
224 Strawbridge Drive (f)
|
1984
|
74,000
|
55.3
|
1,094
|
0.18
|
26.73
|
|
228 Strawbridge Drive (f)
|
1984
|
74,000
|
100.0
|
1,919
|
0.32
|
25.93
|
|
232 Strawbridge Drive (f)
|
1986
|
74,258
|
28.9
|
448
|
0.08
|
20.88
|
|
ESSEX COUNTY, NEW JERSEY
|
||||||
|
Millburn
|
||||||
|
150 J.F. Kennedy Parkway
|
1980
|
247,476
|
92.7
|
7,319
|
1.23
|
31.90
|
|
Roseland
|
||||||
|
4 Becker Farm Road
|
1983
|
281,762
|
95.5
|
6,809
|
1.14
|
25.30
|
|
5 Becker Farm Road
|
1982
|
118,343
|
92.6
|
2,374
|
0.40
|
21.66
|
|
6 Becker Farm Road
|
1982
|
129,732
|
78.3
|
2,573
|
0.43
|
25.33
|
|
101 Eisenhower Parkway
|
1980
|
237,000
|
84.6
|
4,935
|
0.83
|
24.61
|
|
103 Eisenhower Parkway
|
1985
|
151,545
|
65.7
|
2,252
|
0.38
|
22.62
|
|
105 Eisenhower Parkway
|
2001
|
220,000
|
94.9
|
5,090
|
0.85
|
24.38
|
|
75 Livingston Avenue
|
1985
|
94,221
|
64.2
|
1,126
|
0.19
|
18.61
|
|
85 Livingston Avenue
|
1985
|
124,595
|
84.8
|
2,712
|
0.45
|
25.67
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
HUDSON COUNTY, NEW JERSEY
|
||||||
|
Jersey City
|
||||||
|
Harborside Financial Center Plaza 1
|
1983
|
400,000
|
100.0
|
11,312
|
1.89
|
28.28
|
|
Harborside Financial Center Plaza 2
|
1990
|
761,200
|
97.5
|
18,411
|
3.08
|
24.81
|
|
Harborside Financial Center Plaza 3
|
1990
|
725,600
|
94.8
|
19,549
|
3.27
|
28.42
|
|
Harborside Financial Center Plaza 4-A
|
2000
|
207,670
|
100.0
|
6,389
|
1.07
|
30.77
|
|
Harborside Financial Center Plaza 5
|
2002
|
977,225
|
84.8
|
34,335
|
5.76
|
41.43
|
|
101 Hudson Street
|
1992
|
1,246,283
|
89.0
|
29,333
|
4.91
|
26.45
|
|
MERCER COUNTY, NEW JERSEY
|
||||||
|
Hamilton Township
|
||||||
|
3 AAA Drive
|
1981
|
35,270
|
89.7
|
588
|
0.10
|
18.59
|
|
600 Horizon Drive
|
2002
|
95,000
|
100.0
|
1,419
|
0.24
|
14.94
|
|
700 Horizon Drive
|
2007
|
120,000
|
100.0
|
2,459
|
0.41
|
20.49
|
|
2 South Gold Drive
|
1974
|
33,962
|
61.6
|
218
|
0.04
|
10.42
|
|
Princeton
|
||||||
|
103 Carnegie Center
|
1984
|
96,000
|
92.4
|
2,066
|
0.35
|
23.29
|
|
2 Independence Way
|
1981
|
67,401
|
100.0
|
1,531
|
0.26
|
22.71
|
|
3 Independence Way
|
1983
|
111,300
|
94.0
|
1,946
|
0.33
|
18.60
|
|
100 Overlook Center
|
1988
|
149,600
|
89.6
|
3,859
|
0.65
|
28.79
|
|
5 Vaughn Drive
|
1987
|
98,500
|
90.2
|
2,258
|
0.38
|
25.41
|
|
MIDDLESEX COUNTY, NEW JERSEY
|
||||||
|
East Brunswick
|
||||||
|
377 Summerhill Road
|
1977
|
40,000
|
100.0
|
372
|
0.06
|
9.30
|
|
Edison
|
||||||
|
343 Thornall Street (c)
|
1991
|
195,709
|
87.2
|
3,489
|
0.58
|
20.44
|
|
Piscataway
|
||||||
|
30 Knightsbridge Road, Bldg. 3
|
1977
|
160,000
|
100.0
|
2,445
|
0.41
|
15.28
|
|
30 Knightsbridge Road, Bldg. 4
|
1977
|
115,000
|
100.0
|
1,757
|
0.29
|
15.28
|
|
30 Knightsbridge Road, Bldg. 5
|
1977
|
332,607
|
89.5
|
5,113
|
0.86
|
17.18
|
|
30 Knightsbridge Road, Bldg. 6
|
1977
|
72,743
|
63.8
|
230
|
0.04
|
4.96
|
|
Plainsboro
|
||||||
|
500 College Road East (e)
|
1984
|
158,235
|
82.9
|
2,743
|
0.46
|
20.91
|
|
Woodbridge
|
||||||
|
581 Main Street
|
1991
|
200,000
|
99.3
|
4,947
|
0.83
|
24.91
|
|
MONMOUTH COUNTY, NEW JERSEY
|
||||||
|
Freehold
|
||||||
|
2 Paragon Way
|
1989
|
44,524
|
47.2
|
434
|
0.07
|
20.65
|
|
3 Paragon Way
|
1991
|
66,898
|
74.8
|
799
|
0.13
|
15.97
|
|
4 Paragon Way
|
2002
|
63,989
|
30.8
|
530
|
0.09
|
26.89
|
|
100 Willow Brook Road
|
1988
|
60,557
|
57.4
|
727
|
0.12
|
20.92
|
|
Holmdel
|
||||||
|
23 Main Street
|
1977
|
350,000
|
100.0
|
4,012
|
0.67
|
11.46
|
|
Middletown
|
||||||
|
One River Centre Bldg. 1
|
1983
|
122,594
|
86.1
|
2,867
|
0.48
|
27.16
|
|
One River Centre Bldg. 2
|
1983
|
120,360
|
91.5
|
2,590
|
0.43
|
23.52
|
|
One River Centre Bldg. 3 and 4
|
1984
|
214,518
|
93.3
|
4,512
|
0.76
|
22.54
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
Neptune
|
||||||
|
3600 Route 66
|
1989
|
180,000
|
100.0
|
2,400
|
0.40
|
13.33
|
|
Wall Township
|
||||||
|
1305 Campus Parkway
|
1988
|
23,350
|
68.5
|
383
|
0.06
|
23.95
|
|
1350 Campus Parkway
|
1990
|
79,747
|
99.9
|
1,031
|
0.17
|
12.94
|
|
MORRIS COUNTY, NEW JERSEY
|
||||||
|
Florham Park
|
||||||
|
325 Columbia Turnpike
|
1987
|
168,144
|
100.0
|
3,810
|
0.64
|
22.66
|
|
Morris Plains
|
||||||
|
250 Johnson Road
|
1977
|
75,000
|
100.0
|
1,514
|
0.25
|
20.19
|
|
201 Littleton Road
|
1979
|
88,369
|
77.7
|
744
|
0.12
|
10.84
|
|
Morris Township
|
||||||
|
412 Mt. Kemble Avenue
|
1986
|
475,100
|
67.9
|
6,347
|
1.06
|
19.67
|
|
Parsippany
|
||||||
|
4 Campus Drive
|
1983
|
147,475
|
77.9
|
2,111
|
0.35
|
18.38
|
|
6 Campus Drive
|
1983
|
148,291
|
78.2
|
3,025
|
0.51
|
26.09
|
|
7 Campus Drive
|
1982
|
154,395
|
78.0
|
2,558
|
0.43
|
21.24
|
|
8 Campus Drive
|
1987
|
215,265
|
48.0
|
4,256
|
0.71
|
41.19
|
|
9 Campus Drive
|
1983
|
156,495
|
43.4
|
1,704
|
0.29
|
25.09
|
|
4 Century Drive
|
1981
|
100,036
|
62.5
|
1,121
|
0.19
|
17.93
|
|
5 Century Drive
|
1981
|
79,739
|
52.0
|
892
|
0.15
|
21.51
|
|
6 Century Drive
|
1981
|
100,036
|
58.0
|
501
|
0.08
|
8.63
|
|
2 Dryden Way
|
1990
|
6,216
|
100.0
|
99
|
0.02
|
15.93
|
|
4 Gatehall Drive
|
1988
|
248,480
|
98.8
|
6,339
|
1.06
|
25.82
|
|
2 Hilton Court
|
1991
|
181,592
|
100.0
|
6,529
|
1.09
|
35.95
|
|
1633 Littleton Road
|
1978
|
57,722
|
100.0
|
1,131
|
0.19
|
19.59
|
|
600 Parsippany Road
|
1978
|
96,000
|
90.4
|
1,599
|
0.27
|
18.43
|
|
1 Sylvan Way
|
1989
|
150,557
|
96.0
|
3,581
|
0.60
|
24.78
|
|
4 Sylvan Way
|
1984
|
105,135
|
100.0
|
1,929
|
0.32
|
18.35
|
|
5 Sylvan Way
|
1989
|
151,383
|
89.0
|
3,790
|
0.63
|
28.13
|
|
7 Sylvan Way
|
1987
|
145,983
|
100.0
|
3,272
|
0.55
|
22.41
|
|
22 Sylvan Way
|
2009
|
249,409
|
100.0
|
6,327
|
1.06
|
25.37
|
|
20 Waterview Boulevard
|
1988
|
225,550
|
93.8
|
4,994
|
0.84
|
23.60
|
|
35 Waterview Boulevard
|
1990
|
172,498
|
93.8
|
4,249
|
0.71
|
26.26
|
|
5 Wood Hollow Road
|
1979
|
317,040
|
88.1
|
5,839
|
0.98
|
20.90
|
|
PASSAIC COUNTY, NEW JERSEY
|
||||||
|
Clifton
|
||||||
|
777 Passaic Avenue
|
1983
|
75,000
|
65.2
|
1,148
|
0.19
|
23.48
|
|
Totowa
|
||||||
|
999 Riverview Drive
|
1988
|
56,066
|
89.2
|
682
|
0.11
|
13.64
|
|
SOMERSET COUNTY, NEW JERSEY
|
||||||
|
Basking Ridge
|
||||||
|
222 Mt. Airy Road
|
1986
|
49,000
|
100.0
|
1,079
|
0.18
|
22.02
|
|
233 Mt. Airy Road
|
1987
|
66,000
|
24.7
|
246
|
0.04
|
15.09
|
|
Bernards
|
||||||
|
106 Allen Road
|
2000
|
132,010
|
93.9
|
2,538
|
0.43
|
20.47
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
Branchburg
|
||||||
|
51 Imclone Drive
|
1986
|
63,213
|
100.0
|
537
|
0.09
|
8.50
|
|
Bridgewater
|
||||||
|
55 Corporate Drive
|
2011
|
204,057
|
100.0
|
4,815
|
0.81
|
23.60
|
|
440 Route 22 East
|
1990
|
198,376
|
93.4
|
4,484
|
0.75
|
24.20
|
|
721 Route 202/206
|
1989
|
192,741
|
92.1
|
3,890
|
0.65
|
21.91
|
|
Warren
|
||||||
|
10 Independence Boulevard
|
1988
|
120,528
|
86.3
|
2,667
|
0.45
|
25.64
|
|
UNION COUNTY, NEW JERSEY
|
||||||
|
Clark
|
||||||
|
100 Walnut Avenue
|
1985
|
182,555
|
100.0
|
4,692
|
0.79
|
25.70
|
|
Cranford
|
||||||
|
6 Commerce Drive
|
1973
|
56,000
|
86.7
|
1,005
|
0.17
|
20.70
|
|
11 Commerce Drive
|
1981
|
90,000
|
95.0
|
2,162
|
0.36
|
25.29
|
|
12 Commerce Drive
|
1967
|
72,260
|
84.7
|
923
|
0.15
|
15.08
|
|
14 Commerce Drive
|
1971
|
67,189
|
85.2
|
1,182
|
0.20
|
20.65
|
|
20 Commerce Drive
|
1990
|
176,600
|
99.4
|
4,071
|
0.68
|
23.19
|
|
25 Commerce Drive
|
1971
|
67,749
|
86.8
|
1,370
|
0.23
|
23.30
|
|
65 Jackson Drive
|
1984
|
82,778
|
84.4
|
1,586
|
0.27
|
22.70
|
|
New Providence
|
||||||
|
890 Mountain Avenue
|
1977
|
80,000
|
72.6
|
993
|
0.17
|
17.10
|
|
Total New Jersey Office
|
19,552,417
|
87.1
|
403,600
|
67.61
|
23.69
|
|
|
NEW YORK COUNTY, NEW YORK
|
||||||
|
New York
|
||||||
|
125 Broad Street
|
1970
|
524,476
|
95.5
|
15,286
|
2.56
|
30.52
|
|
ROCKLAND COUNTY, NEW YORK
|
||||||
|
Suffern
|
||||||
|
400 Rella Boulevard
|
1988
|
180,000
|
93.6
|
3,647
|
0.61
|
21.65
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
100 Clearbrook Road (c)
|
1975
|
60,000
|
83.3
|
1,010
|
0.17
|
20.21
|
|
101 Executive Boulevard
|
1971
|
50,000
|
0.0
|
73
|
0.01
|
0.00
|
|
555 Taxter Road
|
1986
|
170,554
|
76.8
|
3,117
|
0.52
|
23.80
|
|
565 Taxter Road
|
1988
|
170,554
|
84.5
|
3,516
|
0.59
|
24.40
|
|
570 Taxter Road
|
1972
|
75,000
|
67.3
|
1,285
|
0.22
|
25.46
|
|
Hawthorne
|
||||||
|
1 Skyline Drive
|
1980
|
20,400
|
99.0
|
357
|
0.06
|
17.68
|
|
2 Skyline Drive
|
1987
|
30,000
|
100.0
|
543
|
0.09
|
18.10
|
|
7 Skyline Drive
|
1987
|
109,000
|
82.0
|
2,298
|
0.38
|
25.71
|
|
17 Skyline Drive (e)
|
1989
|
85,000
|
100.0
|
1,690
|
0.28
|
19.88
|
|
19 Skyline Drive
|
1982
|
248,400
|
100.0
|
4,036
|
0.68
|
16.25
|
|
Tarrytown
|
||||||
|
200 White Plains Road
|
1982
|
89,000
|
78.8
|
1,736
|
0.29
|
24.75
|
|
220 White Plains Road
|
1984
|
89,000
|
79.2
|
1,610
|
0.27
|
22.84
|
|
White Plains
|
||||||
|
1 Barker Avenue
|
1975
|
68,000
|
99.8
|
1,804
|
0.30
|
26.58
|
|
3 Barker Avenue
|
1983
|
65,300
|
92.1
|
1,558
|
0.26
|
25.91
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
50 Main Street
|
1985
|
309,000
|
83.8
|
8,300
|
1.39
|
32.05
|
|
11 Martine Avenue
|
1987
|
180,000
|
79.3
|
4,368
|
0.73
|
30.60
|
|
1 Water Street
|
1979
|
45,700
|
78.6
|
1,052
|
0.18
|
29.29
|
|
Yonkers
|
||||||
|
1 Executive Boulevard
|
1982
|
112,000
|
100.0
|
2,936
|
0.49
|
26.21
|
|
3 Executive Boulevard
|
1987
|
58,000
|
100.0
|
1,743
|
0.29
|
30.05
|
|
Total New York Office
|
2,739,384
|
87.4
|
61,965
|
10.37
|
25.88
|
|
|
CHESTER COUNTY, PENNSYLVANIA
|
||||||
|
Berwyn
|
||||||
|
1000 Westlakes Drive
|
1989
|
60,696
|
69.5
|
873
|
0.15
|
20.70
|
|
1055 Westlakes Drive
|
1990
|
118,487
|
79.1
|
2,109
|
0.35
|
22.50
|
|
1205 Westlakes Drive
|
1988
|
130,265
|
99.1
|
2,988
|
0.50
|
23.15
|
|
1235 Westlakes Drive
|
1986
|
134,902
|
86.5
|
2,825
|
0.47
|
24.21
|
|
DELAWARE COUNTY, PENNSYLVANIA
|
||||||
|
Lester
|
||||||
|
100 Stevens Drive
|
1986
|
95,000
|
100.0
|
2,771
|
0.46
|
29.17
|
|
200 Stevens Drive
|
1987
|
208,000
|
100.0
|
6,088
|
1.02
|
29.27
|
|
300 Stevens Drive
|
1992
|
68,000
|
100.0
|
1,423
|
0.24
|
20.93
|
|
Media
|
||||||
|
1400 Providence Road – Center I
|
1986
|
100,000
|
98.5
|
2,085
|
0.35
|
21.17
|
|
1400 Providence Road – Center II
|
1990
|
160,000
|
100.0
|
3,583
|
0.60
|
22.39
|
|
MONTGOMERY COUNTY, PENNSYLVANIA
|
||||||
|
Bala Cynwyd
|
||||||
|
150 Monument Road
|
1981
|
125,783
|
86.7
|
2,645
|
0.44
|
24.25
|
|
Blue Bell
|
||||||
|
4 Sentry Park
|
1982
|
63,930
|
83.5
|
1,044
|
0.17
|
19.56
|
|
5 Sentry Park East
|
1984
|
91,600
|
58.5
|
1,175
|
0.20
|
21.93
|
|
5 Sentry Park West
|
1984
|
38,400
|
68.3
|
253
|
0.04
|
9.65
|
|
16 Sentry Park West
|
1988
|
93,093
|
100.0
|
2,282
|
0.38
|
24.51
|
|
18 Sentry Park West
|
1988
|
95,010
|
75.4
|
2,257
|
0.38
|
31.51
|
|
Lower Providence
|
||||||
|
1000 Madison Avenue
|
1990
|
100,700
|
77.1
|
1,221
|
0.20
|
15.73
|
|
Plymouth Meeting
|
||||||
|
1150 Plymouth Meeting Mall
|
1970
|
167,748
|
78.1
|
2,575
|
0.43
|
19.65
|
|
Total Pennsylvania Office
|
1,851,614
|
87.9
|
38,197
|
6.38
|
23.48
|
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
||||||
|
Norwalk
|
||||||
|
40 Richards Avenue
|
1985
|
145,487
|
59.5
|
1,861
|
0.31
|
21.50
|
|
Stamford
|
||||||
|
1266 East Main Street
|
1984
|
179,260
|
83.7
|
3,639
|
0.61
|
24.25
|
|
Total Connecticut Office
|
324,747
|
72.9
|
5,500
|
0.92
|
23.25
|
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
WASHINGTON, D.C.
|
||||||
|
1201 Connecticut Avenue, NW
|
1940
|
169,549
|
99.0
|
6,316
|
1.06
|
37.63
|
|
1400 L Street, NW
|
1987
|
159,000
|
100.0
|
5,616
|
0.94
|
35.32
|
|
Total District of Columbia Office
|
328,549
|
99.5
|
11,932
|
2.00
|
36.51
|
|
|
PRINCE GEORGE’S COUNTY, MARYLAND
|
||||||
|
Greenbelt
|
||||||
|
9200 Edmonston Road
|
1973
|
38,690
|
100.0
|
910
|
0.15
|
23.52
|
|
6301 Ivy Lane
|
1979
|
112,003
|
76.6
|
2,004
|
0.34
|
23.36
|
|
6303 Ivy Lane
|
1980
|
112,047
|
85.6
|
2,363
|
0.40
|
24.64
|
|
6305 Ivy Lane
|
1982
|
112,022
|
97.8
|
1,867
|
0.31
|
17.04
|
|
6404 Ivy Lane
|
1987
|
165,234
|
70.5
|
2,349
|
0.39
|
20.16
|
|
6406 Ivy Lane
|
1991
|
163,857
|
13.2
|
0
|
0.00
|
0.00
|
|
6411 Ivy Lane
|
1984
|
138,405
|
69.1
|
2,117
|
0.35
|
22.14
|
|
Lanham
|
||||||
|
4200 Parliament Place
|
1989
|
122,000
|
92.9
|
2,913
|
0.49
|
25.70
|
|
Total Maryland Office
|
964,258
|
70.2
|
14,523
|
2.43
|
21.45
|
|
|
TOTAL OFFICE PROPERTIES
|
25,760,969
|
86.6
|
535,717
|
89.71
|
24.02
|
|
|
Property Listing
Office/Flex Properties
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
BURLINGTON COUNTY, NEW JERSEY
|
||||||
|
Burlington
|
||||||
|
3 Terri Lane
|
1991
|
64,500
|
85.8
|
553
|
0.09
|
9.99
|
|
5 Terri Lane
|
1992
|
74,555
|
100.0
|
629
|
0.11
|
8.44
|
|
Moorestown
|
||||||
|
2 Commerce Drive
|
1986
|
49,000
|
75.6
|
214
|
0.04
|
5.78
|
|
101 Commerce Drive
|
1988
|
64,700
|
100.0
|
275
|
0.05
|
4.25
|
|
102 Commerce Drive
|
1987
|
38,400
|
87.5
|
233
|
0.04
|
6.93
|
|
201 Commerce Drive
|
1986
|
38,400
|
50.0
|
103
|
0.02
|
5.36
|
|
202 Commerce Drive
|
1988
|
51,200
|
91.8
|
225
|
0.04
|
4.79
|
|
1 Executive Drive
|
1989
|
20,570
|
90.8
|
127
|
0.02
|
6.80
|
|
2 Executive Drive
|
1988
|
60,800
|
65.8
|
296
|
0.05
|
7.40
|
|
101 Executive Drive
|
1990
|
29,355
|
99.7
|
297
|
0.05
|
10.15
|
|
102 Executive Drive
|
1990
|
64,000
|
100.0
|
474
|
0.08
|
7.41
|
|
225 Executive Drive
|
1990
|
50,600
|
79.1
|
260
|
0.04
|
6.50
|
|
97 Foster Road
|
1982
|
43,200
|
100.0
|
171
|
0.03
|
3.96
|
|
1507 Lancer Drive
|
1995
|
32,700
|
100.0
|
61
|
0.01
|
1.87
|
|
1245 North Church Street
|
1998
|
52,810
|
100.0
|
291
|
0.05
|
5.51
|
|
1247 North Church Street
|
1998
|
52,790
|
80.7
|
295
|
0.05
|
6.92
|
|
1256 North Church Street
|
1984
|
63,495
|
100.0
|
471
|
0.08
|
7.42
|
|
840 North Lenola Road
|
1995
|
38,300
|
100.0
|
370
|
0.06
|
9.66
|
|
844 North Lenola Road
|
1995
|
28,670
|
100.0
|
188
|
0.03
|
6.56
|
|
915 North Lenola Road
|
1998
|
52,488
|
100.0
|
293
|
0.05
|
5.58
|
|
2 Twosome Drive
|
2000
|
48,600
|
100.0
|
217
|
0.04
|
4.47
|
|
30 Twosome Drive
|
1997
|
39,675
|
100.0
|
301
|
0.05
|
7.59
|
|
31 Twosome Drive
|
1998
|
84,200
|
100.0
|
430
|
0.07
|
5.11
|
|
40 Twosome Drive
|
1996
|
40,265
|
86.6
|
237
|
0.04
|
6.80
|
|
41 Twosome Drive
|
1998
|
43,050
|
66.9
|
200
|
0.03
|
6.94
|
|
50 Twosome Drive
|
1997
|
34,075
|
100.0
|
256
|
0.04
|
7.51
|
|
GLOUCESTER COUNTY, NEW JERSEY
|
||||||
|
West Deptford
|
||||||
|
1451 Metropolitan Drive
|
1996
|
21,600
|
100.0
|
120
|
0.02
|
5.56
|
|
MERCER COUNTY, NEW JERSEY
|
||||||
|
Hamilton Township
|
||||||
|
100 Horizon Center Boulevard
|
1989
|
13,275
|
100.0
|
64
|
0.01
|
4.82
|
|
200 Horizon Drive
|
1991
|
45,770
|
100.0
|
681
|
0.11
|
14.88
|
|
300 Horizon Drive
|
1989
|
69,780
|
49.3
|
457
|
0.08
|
13.28
|
|
500 Horizon Drive
|
1990
|
41,205
|
93.8
|
587
|
0.10
|
15.19
|
|
MONMOUTH COUNTY, NEW JERSEY
|
||||||
|
Wall Township
|
||||||
|
1325 Campus Parkway
|
1988
|
35,000
|
100.0
|
642
|
0.11
|
18.34
|
|
1340 Campus Parkway
|
1992
|
72,502
|
100.0
|
934
|
0.16
|
12.88
|
|
1345 Campus Parkway
|
1995
|
76,300
|
100.0
|
1,049
|
0.18
|
13.75
|
|
1433 Highway 34
|
1985
|
69,020
|
60.5
|
496
|
0.08
|
11.88
|
|
1320 Wyckoff Avenue
|
1986
|
20,336
|
100.0
|
222
|
0.04
|
10.92
|
|
1324 Wyckoff Avenue
|
1987
|
21,168
|
81.5
|
175
|
0.03
|
10.14
|
|
Property Listing
Office/Flex Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
PASSAIC COUNTY, NEW JERSEY
|
||||||
|
Totowa
|
||||||
|
1 Center Court
|
1999
|
38,961
|
100.0
|
594
|
0.10
|
15.25
|
|
2 Center Court
|
1998
|
30,600
|
62.8
|
229
|
0.04
|
11.92
|
|
11 Commerce Way
|
1989
|
47,025
|
66.7
|
439
|
0.07
|
14.00
|
|
20 Commerce Way
|
1992
|
42,540
|
61.1
|
264
|
0.04
|
10.16
|
|
29 Commerce Way
|
1990
|
48,930
|
20.4
|
335
|
0.06
|
33.56
|
|
40 Commerce Way
|
1987
|
50,576
|
86.3
|
553
|
0.09
|
12.67
|
|
45 Commerce Way
|
1992
|
51,207
|
100.0
|
519
|
0.09
|
10.14
|
|
60 Commerce Way
|
1988
|
50,333
|
89.1
|
557
|
0.09
|
12.42
|
|
80 Commerce Way
|
1996
|
22,500
|
100.0
|
310
|
0.05
|
13.78
|
|
100 Commerce Way
|
1996
|
24,600
|
100.0
|
338
|
0.06
|
13.74
|
|
120 Commerce Way
|
1994
|
9,024
|
100.0
|
97
|
0.02
|
10.75
|
|
140 Commerce Way
|
1994
|
26,881
|
89.3
|
288
|
0.05
|
12.00
|
|
Total New Jersey Office/Flex
|
2,189,531
|
87.2
|
17,417
|
2.94
|
9.12
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
11 Clearbrook Road
|
1974
|
31,800
|
100.0
|
387
|
0.06
|
12.17
|
|
75 Clearbrook Road
|
1990
|
32,720
|
100.0
|
267
|
0.04
|
8.16
|
|
125 Clearbrook Road
|
2002
|
33,000
|
100.0
|
726
|
0.12
|
22.00
|
|
150 Clearbrook Road
|
1975
|
74,900
|
99.3
|
840
|
0.14
|
11.29
|
|
175 Clearbrook Road
|
1973
|
98,900
|
100.0
|
1,477
|
0.25
|
14.93
|
|
200 Clearbrook Road
|
1974
|
94,000
|
99.8
|
1,209
|
0.20
|
12.89
|
|
250 Clearbrook Road
|
1973
|
155,000
|
94.5
|
1,160
|
0.19
|
7.92
|
|
50 Executive Boulevard
|
1969
|
45,200
|
64.5
|
384
|
0.06
|
13.17
|
|
77 Executive Boulevard
|
1977
|
13,000
|
100.0
|
244
|
0.04
|
18.77
|
|
85 Executive Boulevard
|
1968
|
31,000
|
86.2
|
499
|
0.08
|
18.67
|
|
300 Executive Boulevard
|
1970
|
60,000
|
100.0
|
759
|
0.13
|
12.65
|
|
350 Executive Boulevard
|
1970
|
15,400
|
99.4
|
138
|
0.02
|
9.02
|
|
399 Executive Boulevard
|
1962
|
80,000
|
100.0
|
1,038
|
0.17
|
12.98
|
|
400 Executive Boulevard
|
1970
|
42,200
|
78.0
|
616
|
0.10
|
18.71
|
|
500 Executive Boulevard
|
1970
|
41,600
|
100.0
|
754
|
0.13
|
18.13
|
|
525 Executive Boulevard
|
1972
|
61,700
|
100.0
|
981
|
0.16
|
15.90
|
|
1 Westchester Plaza
|
1967
|
25,000
|
81.6
|
333
|
0.06
|
16.32
|
|
2 Westchester Plaza
|
1968
|
25,000
|
100.0
|
546
|
0.09
|
21.84
|
|
3 Westchester Plaza
|
1969
|
93,500
|
97.9
|
1,031
|
0.17
|
11.26
|
|
4 Westchester Plaza
|
1969
|
44,700
|
100.0
|
687
|
0.12
|
15.37
|
|
5 Westchester Plaza
|
1969
|
20,000
|
100.0
|
250
|
0.04
|
12.50
|
|
6 Westchester Plaza
|
1968
|
20,000
|
89.8
|
262
|
0.04
|
14.59
|
|
7 Westchester Plaza
|
1972
|
46,200
|
100.0
|
676
|
0.11
|
14.63
|
|
8 Westchester Plaza
|
1971
|
67,200
|
100.0
|
758
|
0.13
|
11.28
|
|
Hawthorne
|
||||||
|
200 Saw Mill River Road
|
1965
|
51,100
|
94.7
|
628
|
0.11
|
12.98
|
|
4 Skyline Drive
|
1987
|
80,600
|
100.0
|
1,513
|
0.25
|
18.77
|
|
5 Skyline Drive
|
1980
|
124,022
|
96.1
|
1,454
|
0.24
|
12.20
|
|
6 Skyline Drive
|
1980
|
44,155
|
100.0
|
629
|
0.11
|
14.25
|
|
8 Skyline Drive
|
1985
|
50,000
|
85.4
|
941
|
0.16
|
22.04
|
|
10 Skyline Drive
|
1985
|
20,000
|
100.0
|
395
|
0.07
|
19.75
|
|
Property Listing
Office/Flex Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
11 Skyline Drive (e)
|
1989
|
45,000
|
100.0
|
942
|
0.16
|
20.93
|
|
12 Skyline Drive (e)
|
1999
|
46,850
|
68.5
|
592
|
0.10
|
18.45
|
|
15 Skyline Drive (e)
|
1989
|
55,000
|
18.7
|
951
|
0.16
|
92.46
|
|
Yonkers
|
||||||
|
100 Corporate Boulevard
|
1987
|
78,000
|
98.3
|
1,447
|
0.24
|
18.87
|
|
200 Corporate Boulevard South
|
1990
|
84,000
|
100.0
|
1,604
|
0.27
|
19.10
|
|
4 Executive Plaza
|
1986
|
80,000
|
100.0
|
1,352
|
0.23
|
16.90
|
|
6 Executive Plaza
|
1987
|
80,000
|
100.0
|
1,544
|
0.26
|
19.30
|
|
1 Odell Plaza
|
1980
|
106,000
|
92.5
|
1,177
|
0.20
|
12.00
|
|
3 Odell Plaza
|
1984
|
71,065
|
100.0
|
1,596
|
0.27
|
22.46
|
|
5 Odell Plaza
|
1983
|
38,400
|
99.6
|
650
|
0.11
|
17.00
|
|
7 Odell Plaza
|
1984
|
42,600
|
99.6
|
794
|
0.13
|
18.71
|
|
Total New York Office/Flex
|
2,348,812
|
94.4
|
34,231
|
5.72
|
15.44
|
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
||||||
|
Stamford
|
||||||
|
419 West Avenue
|
1986
|
88,000
|
100.0
|
1,576
|
0.26
|
17.91
|
|
500 West Avenue
|
1988
|
25,000
|
100.0
|
423
|
0.07
|
16.92
|
|
550 West Avenue
|
1990
|
54,000
|
100.0
|
991
|
0.17
|
18.35
|
|
600 West Avenue
|
1999
|
66,000
|
100.0
|
670
|
0.11
|
10.15
|
|
650 West Avenue
|
1998
|
40,000
|
100.0
|
686
|
0.11
|
17.15
|
|
Total Connecticut Office/Flex
|
273,000
|
100.0
|
4,346
|
0.72
|
15.92
|
|
|
TOTAL OFFICE/FLEX PROPERTIES
|
4,811,343
|
91.5
|
55,994
|
9.38
|
12.72
|
|
|
Property Listing
Industrial/Warehouse, Retail and Land Properties
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
|||||||
|
Elmsford
|
|||||||
|
1 Warehouse Lane (e)
|
1957
|
6,600
|
100.0
|
100
|
0.02
|
15.15
|
|
|
2 Warehouse Lane (e)
|
1957
|
10,900
|
100.0
|
159
|
0.03
|
14.59
|
|
|
3 Warehouse Lane (e)
|
1957
|
77,200
|
100.0
|
372
|
0.06
|
4.82
|
|
|
4 Warehouse Lane (e)
|
1957
|
195,500
|
96.7
|
2,326
|
0.39
|
12.30
|
|
|
5 Warehouse Lane (e)
|
1957
|
75,100
|
97.1
|
979
|
0.16
|
13.43
|
|
|
6 Warehouse Lane (e)
|
1982
|
22,100
|
100.0
|
538
|
0.09
|
24.34
|
|
|
Total Industrial/Warehouse Properties
|
387,400
|
97.8
|
4,474
|
0.75
|
11.81
|
||
|
WESTCHESTER COUNTY, NEW YORK
|
|||||||
|
Tarrytown
|
|||||||
|
230 White Plains Road
|
1984
|
9,300
|
100.0
|
179
|
0.03
|
19.25
|
|
|
Yonkers
|
|||||||
|
2 Executive Boulevard
|
1986
|
8,000
|
100.0
|
305
|
0.05
|
38.13
|
|
|
Total Retail Properties
|
17,300
|
100.0
|
484
|
0.08
|
27.98
|
||
|
WESTCHESTER COUNTY, NEW YORK
|
|||||||
|
Elmsford
|
|||||||
|
700 Executive Boulevard
|
--
|
--
|
--
|
148
|
0.02
|
--
|
|
|
Yonkers
|
|||||||
|
1 Enterprise Boulevard
|
--
|
--
|
--
|
185
|
0.03
|
--
|
|
|
Total New York Land Leases
|
--
|
--
|
333
|
0.05
|
--
|
||
|
PRINCE GEORGE’S COUNTY, MARYLAND
|
|||||||
|
Greenbelt
|
|||||||
|
Capital Office Park Parcel A
|
--
|
--
|
--
|
153
|
0.03
|
--
|
|
|
Total Maryland Land Leases
|
--
|
--
|
153
|
0.03
|
--
|
||
|
Total Land Leases
|
--
|
--
|
486
|
0.08
|
--
|
||
|
TOTAL PROPERTIES
|
30,977,012
|
87.5
|
597,155
|
(g)
|
100.00
|
22.04
|
|
|
(a)
|
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring September 30, 2012 aggregating 113,335 square feet (representing 0.4 percent of the Company’s total net rentable square footage) for which no new leases were signed.
|
|
(b)
|
Total base rent for the 12 months ended September 30, 2012, determined in accordance with generally accepted accounting principles (“GAAP”). Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage.
|
|
(c)
|
Excludes space leased by the Company.
|
|
(d)
|
Base rent for the 12 months ended September 30, 2012, divided by net rentable square feet leased at September 30, 2012.
|
|
(e)
|
This property is located on land leased by the Company.
|
|
(f)
|
This property was identified as held for sale by the Company as of September 30, 2012 and is classified as discontinued operations in the financial statements.
|
|
(g)
|
Includes $3,461 pertaining to properties held for sale, which are classified as discontinued operations in the financial statements.
|
|
Number of
Properties
|
Annualized
Base Rental
Revenue ($) (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
|
13,777,628
|
2.3
|
468,085
|
1.8
|
(b)
|
|
|
DB Services New Jersey, Inc.
|
2
|
12,111,630
|
2.0
|
402,068
|
1.5
|
2017
|
|
|
New Cingular Wireless PCS, LLC
|
4
|
9,744,793
|
1.6
|
433,296
|
1.6
|
(c)
|
|
|
Keystone Mercy Health Plan
|
3
|
9,501,488
|
1.6
|
317,245
|
1.2
|
2020
|
|
|
Wyndham Worldwide Operations
|
2
|
9,465,635
|
1.5
|
395,392
|
1.5
|
(d)
|
|
|
United States of America-GSA
|
13
|
9,087,407
|
1.5
|
298,463
|
1.1
|
(e)
|
|
|
Forest Research Institute, Inc.
|
1
|
8,961,536
|
1.5
|
215,659
|
0.8
|
2017
|
|
|
Bank Of Tokyo-Mitsubishi UFJ, Ltd.
|
1
|
8,923,723
|
1.5
|
261,957
|
1.0
|
(f)
|
|
|
Prentice-Hall, Inc.
|
1
|
8,643,699
|
1.4
|
474,801
|
1.8
|
2014
|
|
|
ICAP Securities USA, LLC
|
1
|
6,601,073
|
1.1
|
159,834
|
0.6
|
2017
|
|
|
TD Ameritrade Online Holdings
|
1
|
6,165,233
|
1.0
|
188,776
|
0.7
|
2020
|
|
|
Daiichi Sankyo, Inc.
|
2
|
6,151,614
|
1.0
|
180,807
|
0.7
|
(g)
|
|
|
Merrill Lynch Pierce Fenner
|
1
|
5,883,780
|
1.0
|
294,189
|
1.1
|
2017
|
|
|
Montefiore Medical Center
|
6
|
5,730,031
|
0.9
|
256,292
|
1.0
|
(h)
|
|
|
HQ Global Workplaces, LLC
|
19
|
5,269,422
|
0.9
|
305,292
|
1.1
|
(i)
|
|
|
IBM Corporation
|
2
|
5,177,420
|
0.8
|
292,304
|
1.1
|
(j)
|
|
|
KPMG, LLP
|
3
|
5,103,709
|
0.8
|
187,536
|
0.7
|
(k)
|
|
|
Sanofi-Aventis U.S., Inc.
|
1
|
4,489,254
|
0.7
|
204,057
|
0.8
|
2026
|
|
|
J.H. Cohn, LLP
|
2
|
4,335,049
|
0.7
|
155,056
|
0.6
|
(l)
|
|
|
Vonage America, Inc.
|
1
|
4,256,000
|
0.7
|
350,000
|
1.3
|
2017
|
|
|
Allstate Insurance Company
|
8
|
4,166,459
|
0.7
|
184,763
|
0.7
|
(m)
|
|
|
AT&T Corp.
|
1
|
4,137,500
|
0.7
|
275,000
|
1.0
|
2014
|
|
|
Morgan Stanley Smith Barney
|
4
|
4,136,248
|
0.7
|
142,530
|
0.5
|
(n)
|
|
|
Arch Insurance Company
|
1
|
3,685,118
|
0.6
|
106,815
|
0.4
|
2024
|
|
|
Morgan Stanley & Co., Inc.
|
1
|
3,674,040
|
0.6
|
306,170
|
1.2
|
2013
|
|
|
Oppenheimer & Co., Inc.
|
1
|
3,269,465
|
0.5
|
118,871
|
0.4
|
(o)
|
|
|
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
|
|
|
Plymouth Rock Management Company of New Jersey
|
2
|
2,870,142
|
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
|
0.5
|
100,712
|
0.4
|
(p)
|
|
|
AAA Mid-Atlantic, Inc.
|
2
|
2,758,793
|
0.5
|
129,784
|
0.5
|
(q)
|
|
|
Connell Foley, LLP
|
2
|
2,572,383
|
0.4
|
97,822
|
0.4
|
2015
|
|
|
Shaw Facilities, Inc.
|
2
|
2,560,205
|
0.4
|
113,625
|
0.4
|
2016
|
|
|
New Jersey Turnpike Authority
|
1
|
2,530,631
|
0.4
|
100,223
|
0.4
|
2017
|
|
|
Lowenstein Sandler, P.C.
|
1
|
2,491,594
|
0.4
|
98,677
|
0.4
|
2017
|
|
|
Tradeweb Markets, LLC
|
1
|
2,490,140
|
0.4
|
64,976
|
0.2
|
2017
|
|
|
Bunge Management Services, Inc.
|
1
|
2,458,765
|
0.4
|
66,303
|
0.2
|
2020
|
|
|
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
|
0.4
|
2016
|
|
|
Credit Suisse (USA), Inc.
|
1
|
2,395,619
|
0.4
|
71,511
|
0.3
|
(r)
|
|
|
Sony Music Entertainment
|
1
|
2,359,986
|
0.4
|
97,653
|
0.4
|
2014
|
|
|
T-Mobile USA, Inc.
|
1
|
2,339,254
|
0.4
|
105,135
|
0.4
|
2014
|
|
|
ASRC Aerospace Corporation
|
1
|
2,316,667
|
0.4
|
81,108
|
0.3
|
2014
|
|
|
Qualcare Alliance Networks, Inc.
|
2
|
2,316,191
|
0.4
|
118,779
|
0.4
|
2021
|
|
|
Tower Insurance Company of New York
|
1
|
2,306,760
|
0.4
|
76,892
|
0.3
|
2023
|
|
|
Totals
|
234,765,213
|
38.8
|
9,329,342
|
35.1
|
|||
|
Significant Tenants
|
|
(Continued)
|
|
(a)
|
Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after July 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)
|
69,944 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; 21,596 square feet expire in 2022.
|
|
(f)
|
24,607 square feet expire in 2019; 237,350 square feet expire in 2029.
|
|
(g)
|
8,907 square feet expire in 2013; 171,900 square feet expire in 2022.
|
|
(h)
|
9,170 square feet expire in 2013; 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.
|
|
(i)
|
22,064 square feet expire in 2013; 22,279 square feet expire in 2015; 12,407 square feet expire in 2017; 33,649 square feet expire in 2018; 19,485 square feet expire in 2019; 21,008 square feet expire in 2020; 14,724 square feet expire in 2021; 36,158 square feet expire in 2023; 123,518 square feet expire in 2024.
|
|
(j)
|
248,399 square feet expire in 2012; 43,905 square feet expire in 2013.
|
|
(k)
|
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.
|
|
(l)
|
1,021 square feet expire in 2014; 154,035 square feet expire in 2020.
|
|
(m)
|
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; 90,334 square feet expire in 2017; 51,606 square feet expire in 2018.
|
|
(n)
|
26,262 square feet expire in 2013; 26,834 square feet expire in 2014; 29,654 square feet expire in 2015; 36,998 square feet expire in 2016; 22,782 square feet expire in 2018.
|
|
(o)
|
104,008 square feet expire in 2013; 14,863 square feet expire in 2017.
|
|
(p)
|
19,416 square feet expire in 2016; 81,296 square feet expire in 2031.
|
|
(q)
|
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
|
|
(r)
|
7,098 square feet expire in 2013; 64,413 square feet expire in 2014.
|
|
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 ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
2012 (c)
|
||||||
|
Northern NJ
|
34
|
377,192
|
1.5
|
9,701,337
|
25.72
|
1.5
|
|
Central NJ
|
9
|
66,838
|
0.3
|
1,554,449
|
23.26
|
0.3
|
|
Westchester Co., NY
|
7
|
20,734
|
0.1
|
447,381
|
21.58
|
0.1
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
7
|
36,242
|
0.1
|
591,630
|
16.32
|
0.1
|
|
Fairfield, CT
|
1
|
7,000
|
(d)
|
63,000
|
9.00
|
(d)
|
|
Washington, DC/MD
|
1
|
1,780
|
(d)
|
37,772
|
21.22
|
(d)
|
|
Rockland Co., NY
|
1
|
203
|
(d)
|
5,400
|
26.60
|
(d)
|
|
TOTAL – 2012
|
60
|
509,989
|
2.0
|
12,400,969
|
24.32
|
2.0
|
|
2013
|
||||||
|
Northern NJ
|
110
|
885,731
|
3.2
|
22,106,721
|
24.96
|
3.5
|
|
Central NJ
|
86
|
624,438
|
2.3
|
14,621,172
|
23.41
|
2.4
|
|
Westchester Co., NY
|
115
|
866,032
|
3.3
|
16,054,231
|
18.54
|
2.6
|
|
Manhattan
|
2
|
104,008
|
0.4
|
2,808,711
|
27.00
|
0.5
|
|
Sub. Philadelphia
|
73
|
393,700
|
1.5
|
6,670,750
|
16.94
|
1.1
|
|
Fairfield, CT
|
14
|
88,362
|
0.3
|
1,637,563
|
18.53
|
0.3
|
|
Washington, DC/MD
|
25
|
119,447
|
0.5
|
2,917,863
|
24.43
|
0.5
|
|
Rockland Co., NY
|
8
|
41,941
|
0.2
|
1,095,456
|
26.12
|
0.2
|
|
TOTAL – 2013
|
433
|
3,123,659
|
11.7
|
67,912,467
|
21.74
|
11.1
|
|
2014
|
||||||
|
Northern NJ
|
124
|
1,833,420
|
6.9
|
41,416,529
|
22.59
|
6.8
|
|
Central NJ
|
55
|
439,033
|
1.7
|
8,973,490
|
20.44
|
1.5
|
|
Westchester Co., NY
|
92
|
529,518
|
2.0
|
11,114,436
|
20.99
|
1.8
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
66
|
383,820
|
1.4
|
6,741,303
|
17.56
|
1.1
|
|
Fairfield, CT
|
9
|
31,681
|
0.1
|
720,943
|
22.76
|
0.1
|
|
Washington, DC/MD
|
30
|
169,852
|
0.6
|
4,708,260
|
27.72
|
0.8
|
|
Rockland Co., NY
|
7
|
22,571
|
0.1
|
568,455
|
25.19
|
0.1
|
|
TOTAL – 2014
|
383
|
3,409,895
|
12.8
|
74,243,416
|
21.77
|
12.2
|
|
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 ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2015
|
314
|
3,379,425
|
12.7
|
72,995,049
|
21.60
|
11.9
|
|
|
2016
|
275
|
2,637,808
|
9.9
|
57,911,733
|
21.95
|
9.5
|
|
|
2017
|
269
|
3,656,580
|
13.8
|
86,468,007
|
23.65
|
14.2
|
|
|
2018
|
190
|
2,256,297
|
8.5
|
54,434,498
|
24.13
|
8.9
|
|
|
2019
|
98
|
1,358,387
|
5.1
|
28,425,186
|
20.93
|
4.7
|
|
|
2020
|
89
|
1,419,171
|
5.3
|
33,260,748
|
23.44
|
5.4
|
|
|
2021
|
74
|
1,179,182
|
4.4
|
30,189,530
|
25.60
|
4.9
|
|
|
2022
|
53
|
1,116,417
|
4.2
|
26,265,201
|
23.53
|
4.3
|
|
|
2023 and thereafter
|
73
|
2,551,310
|
9.6
|
66,597,837
|
26.10
|
10.9
|
|
|
Totals/
|
|||||||
|
Weighted Average
|
2,311
|
26,598,120
|
(c) (e)
|
100.0
|
611,104,641
|
22.98
|
100.0
|
|
(a)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 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 September 30, 2012 aggregating 113,335 square feet and representing annualized rent of $2,659,320 for which no new leases were signed.
|
|
(d)
|
Represents 0.05% or less.
|
|
(e)
|
Reconciliation to Company’s total net rentable square footage is as follows:
|
|
Square Feet
|
|
|
Square footage leased to commercial tenants
|
26,598,120
|
|
Square footage used for corporate offices, management offices,
|
|
|
building use, retail tenants, food services, other ancillary
|
|
|
service tenants and occupancy adjustments
|
498,488
|
|
Square footage unleased
|
3,880,404
|
|
Total net rentable square footage (does not include land leases)
|
30,977,012
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
||
|
2012 (c)
|
||||||||
|
Northern NJ
|
32
|
366,138
|
1.7
|
9,531,972
|
26.03
|
1.6
|
||
|
Central NJ
|
9
|
66,838
|
0.3
|
1,554,449
|
23.26
|
0.3
|
||
|
Westchester Co., NY
|
4
|
7,469
|
(d)
|
208,031
|
27.85
|
(d)
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Sub. Philadelphia
|
5
|
14,542
|
0.1
|
358,130
|
24.63
|
0.1
|
||
|
Fairfield Co., CT
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Washington, DC/MD
|
1
|
1,780
|
(d)
|
37,772
|
21.22
|
(d)
|
||
|
Rockland Co., NY
|
1
|
203
|
(d)
|
5,400
|
26.60
|
(d)
|
||
|
TOTAL – 2012
|
52
|
456,970
|
2.1
|
11,695,754
|
25.59
|
2.0
|
||
|
2013
|
||||||||
|
Northern NJ
|
100
|
805,809
|
3.6
|
21,086,295
|
26.17
|
3.9
|
||
|
Central NJ
|
77
|
552,187
|
2.5
|
13,708,852
|
24.83
|
2.5
|
||
|
Westchester Co., NY
|
60
|
425,019
|
2.0
|
9,369,784
|
22.05
|
1.7
|
||
|
Manhattan
|
2
|
104,008
|
0.5
|
2,808,711
|
27.00
|
0.5
|
||
|
Sub. Philadelphia
|
52
|
227,272
|
1.0
|
5,427,574
|
23.88
|
1.0
|
||
|
Fairfield Co., CT
|
10
|
19,799
|
0.1
|
466,457
|
23.56
|
0.1
|
||
|
Washington, DC/MD
|
25
|
119,447
|
0.6
|
2,917,863
|
24.43
|
0.5
|
||
|
Rockland Co., NY
|
8
|
41,941
|
0.2
|
1,095,456
|
26.12
|
0.2
|
||
|
TOTAL – 2013
|
334
|
2,295,482
|
10.5
|
56,880,992
|
24.78
|
10.4
|
||
|
2014
|
||||||||
|
Northern NJ
|
119
|
1,777,260
|
8.1
|
40,680,331
|
22.89
|
7.5
|
||
|
Central NJ
|
52
|
416,441
|
1.9
|
8,655,844
|
20.79
|
1.6
|
||
|
Westchester Co., NY
|
47
|
215,679
|
1.0
|
5,708,779
|
26.47
|
1.0
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Sub. Philadelphia
|
52
|
239,355
|
1.1
|
5,685,299
|
23.75
|
1.0
|
||
|
Fairfield Co., CT
|
7
|
24,256
|
0.1
|
595,014
|
24.53
|
0.1
|
||
|
Washington, DC/MD
|
30
|
169,852
|
0.8
|
4,708,260
|
27.72
|
0.9
|
||
|
Rockland Co., NY
|
7
|
22,571
|
0.1
|
568,455
|
25.19
|
0.1
|
||
|
TOTAL – 2014
|
314
|
2,865,414
|
13.1
|
66,601,982
|
23.24
|
12.2
|
||
|
2015
|
258
|
2,862,342
|
13.1
|
66,818,702
|
23.34
|
12.2
|
||
|
2016
|
217
|
2,040,337
|
9.4
|
49,528,328
|
24.27
|
9.0
|
||
|
2017
|
210
|
3,126,807
|
14.3
|
79,950,594
|
25.57
|
14.6
|
||
|
2018
|
144
|
1,691,566
|
7.8
|
47,571,967
|
28.12
|
8.7
|
||
|
2019
|
73
|
866,594
|
4.0
|
21,964,588
|
25.35
|
4.0
|
||
|
2020
|
76
|
1,227,833
|
5.6
|
31,020,591
|
25.26
|
5.7
|
||
|
2021
|
58
|
1,035,987
|
4.8
|
27,864,997
|
26.90
|
5.1
|
||
|
2022
|
48
|
1,053,875
|
4.8
|
25,437,249
|
24.14
|
4.6
|
||
|
2023 and thereafter
|
59
|
2,286,354
|
10.5
|
62,747,465
|
27.44
|
11.5
|
||
|
Totals/Weighted
Average
|
1,843
|
21,809,561 (c)
|
100.0
|
548,083,209
|
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 September 2012 billings times 12. For leases whose rent commences after October 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 September 30, 2012 aggregating 94,735 square feet and representing annualized rent of $2,354,820 for which no new leases were signed.
|
|
(d)
|
Represents 0.05% or less.
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2012 (c)
|
|||||||
|
Northern NJ
|
2
|
11,054
|
0.2
|
169,365
|
15.32
|
0.2
|
|
|
Central NJ
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
Westchester Co., NY
|
3
|
13,265
|
0.2
|
239,350
|
18.04
|
0.4
|
|
|
Sub. Philadelphia
|
2
|
21,700
|
0.5
|
233,500
|
10.76
|
0.4
|
|
|
Fairfield Co., CT
|
1
|
7,000
|
0.2
|
63,000
|
9.00
|
0.1
|
|
|
TOTAL – 2012
|
8
|
53,019
|
1.1
|
705,215
|
13.30
|
1.1
|
|
|
2013
|
|||||||
|
Northern NJ
|
10
|
79,922
|
1.8
|
1,020,426
|
12.77
|
1.7
|
|
|
Central NJ
|
9
|
72,251
|
1.6
|
912,320
|
12.63
|
1.6
|
|
|
Westchester Co., NY
|
44
|
228,829
|
5.2
|
4,308,171
|
18.83
|
7.4
|
|
|
Sub. Philadelphia
|
21
|
166,428
|
3.8
|
1,243,176
|
7.47
|
2.1
|
|
|
Fairfield Co., CT
|
4
|
68,563
|
1.6
|
1,171,106
|
17.08
|
2.0
|
|
|
TOTAL – 2013
|
88
|
615,993
|
14.0
|
8,655,199
|
14.05
|
14.8
|
|
|
2014
|
|||||||
|
Northern NJ
|
5
|
56,160
|
1.3
|
736,198
|
13.11
|
1.4
|
|
|
Central NJ
|
3
|
22,592
|
0.5
|
317,646
|
14.06
|
0.5
|
|
|
Westchester Co., NY
|
41
|
273,994
|
6.2
|
4,580,731
|
16.72
|
7.8
|
|
|
Sub. Philadelphia
|
14
|
144,465
|
3.3
|
1,056,004
|
7.31
|
1.8
|
|
|
Fairfield Co., CT
|
2
|
7,425
|
0.2
|
125,929
|
16.96
|
0.2
|
|
|
TOTAL – 2014
|
65
|
504,636
|
11.5
|
6,816,508
|
13.51
|
11.7
|
|
|
2015
|
55
|
489,083
|
11.1
|
5,826,347
|
11.91
|
10.0
|
|
|
2016
|
54
|
566,483
|
12.9
|
8,041,561
|
14.20
|
13.8
|
|
|
2017
|
59
|
529,773
|
12.1
|
6,517,413
|
12.30
|
11.1
|
|
|
2018
|
45
|
487,528
|
11.1
|
6,499,177
|
13.33
|
11.1
|
|
|
2019
|
25
|
491,793
|
11.2
|
6,460,598
|
13.14
|
11.1
|
|
|
2020
|
13
|
191,338
|
4.4
|
2,240,157
|
11.71
|
3.8
|
|
|
2021
|
16
|
143,195
|
3.3
|
2,324,533
|
16.23
|
4.0
|
|
|
2022
|
5
|
62,542
|
1.4
|
827,952
|
13.24
|
1.4
|
|
|
2023 and thereafter
|
13
|
256,956
|
5.9
|
3,578,372
|
13.93
|
6.1
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
446
|
4,392,339
|
(c)
|
100.0
|
58,493,032
|
13.32
|
100.0
|
|
(a)
|
Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 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 September 30, 2012 aggregating 18,600 square feet and representing annualized rent of $304,500 for which no new leases were signed.
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2013
|
11
|
212,184
|
56.0
|
2,376,276
|
11.20
|
58.2
|
|
|
2014
|
3
|
30,545
|
8.1
|
649,926
|
21.28
|
15.9
|
|
|
2015
|
1
|
28,000
|
7.4
|
350,000
|
12.50
|
8.6
|
|
|
2016
|
4
|
30,988
|
8.2
|
341,844
|
11.03
|
8.4
|
|
|
2018
|
1
|
77,203
|
20.3
|
363,354
|
4.71
|
8.9
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
20
|
378,920
|
100.0
|
4,081,400
|
10.77
|
100.0
|
|
|
(a)
|
Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual September 2012 billings times 12. For leases whose rent commences after October 1, 2012, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
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 September 2012 billings times 12. For leases whose rent commences after October 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.
|