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PAGE(S)
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I. COMPANY BACKGROUND
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· About the Company / Other Corporate Data
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5
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· Board of Directors / Executive Officers
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6
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· Equity Research Coverage / Company Contact Information
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7
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II. FINANCIAL HIGHLIGHTS
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· Quarterly Summary / Roseland Transaction / Acquisitions
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9
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· Developments / Sales / Financing Activity / Dividends
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10
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· Leasing
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11 – 12
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· Information About FFO
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12
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· Key Financial Data
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13
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· Same-Store Results and Analysis
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14
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· Unconsolidated Joint Ventures Summary
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15 – 17
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· Select Financial Ratios
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18
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· Debt Analysis:
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· Debt Breakdown / Future Repayments
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19
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· Debt Maturities
|
20
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· Debt Detail
|
21
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III. FINANCIAL INFORMATION
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· Consolidated Statements of Operations
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23
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· Consolidated Balance Sheets
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24
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· Consolidated Statement of Changes in Equity
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25
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· Statements of Funds from Operations
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26
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· Statements of Funds from Operations Per Diluted Share
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27
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· Reconciliation of Basic-to-Diluted Shares/Units
|
28
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IV. VALUE CREATION PIPELINE
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· Properties Commencing Initial Operations / Summary of In-Process Development Projects
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30
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· Rental Property Sales/Dispositions / Rental Property Held for Sale
|
31
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· Summary of Land Parcels
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32
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V. PORTFOLIO/ LEASING STATISTICS
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· Leasing Statistics
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34 – 39
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· Market Diversification (MSAs)
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40
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· Industry Diversification (Top 30 Tenant Industries)
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41
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· Consolidated Portfolio Analyses:
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Breakdown by:
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(a) Number of Properties
|
42
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(b) Square Footage
|
43
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(c) Base Rental Revenue
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44
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(d) Percentage Leased
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45
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· Consolidated Property Listing (by Property Type)
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46 – 55
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· Significant Tenants (Top 50 Tenants)
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56 – 57
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· Schedules of Lease Expirations (by Property Type)
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58 – 62
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·
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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;
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·
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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;
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·
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the extent of any tenant bankruptcies or of any early lease terminations;
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·
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the Company’s ability to lease or re-lease space at current or anticipated rents;
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·
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changes in the supply of and demand for the Company’s properties;
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·
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changes in interest rate levels and volatility in the securities markets;
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·
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changes in operating costs;
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·
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the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;
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·
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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 refinance existing debt and the Company’s future interest expense;
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·
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changes in governmental regulation, tax rates and similar matters; and
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·
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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.
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Corporate Headquarters
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Edison, New Jersey
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Fiscal Year-End
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12/31
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Total Properties
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278
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|
Total Square Feet
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31.7 million square feet
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Geographic Diversity
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Six states and the District of Columbia
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New Jersey Presence
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22.5 million square feet
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Northeast Presence
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31.7 million square feet
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Common Shares and
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|
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Units Outstanding
|
99.7 million
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Dividend-- Quarter/Annualized
|
$0.45/$1.80
|
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Dividend Yield
|
6.9%
|
|
Total Market Capitalization
|
$4.9 billion
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Senior Debt Rating
|
BBB (S&P and Fitch);
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Baa2 (Moody’s)
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William L. Mack, Chairman of the Board
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Alan S. Bernikow
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Alan G. Philibosian
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Kenneth M. Duberstein
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Irvin D. Reid
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Nathan Gantcher
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Vincent Tese
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Mitchell E. Hersh
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Roy J. Zuckerberg
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David S. Mack
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| 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 |
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Bank of America Merrill Lynch
James C. Feldman
(646) 855-5808
|
ISI Group
Steve Sakwa
(212) 446-9462
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Barclays Capital
Ross Smotrich
(212) 526-2306
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J.P. Morgan
Anthony Paolone
(212) 622-6682
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Citigroup
Michael Bilerman
(212) 816-1383
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KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
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Cowen and Company
James Sullivan
(646) 562-1380
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Stifel, Nicolaus & Company, Inc.
John W. Guinee, III
(443) 224-1307
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Deutsche Bank North America
John N. Perry
(212) 250-4912
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UBS Investment Research
Ross T. Nussbaum
(212) 713-2484
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Green Street Advisors
Michael Knott
(949) 640-8780
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Mack-Cali Realty Corporation
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Investor Relations Department
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343 Thornall Street
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Edison, New Jersey 08837-2206
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Phone: (732) 590-1000
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Web: www.mack-cali.com
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Fax: (732) 205-8237
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E-mail: investorrelations@mack-cali.com
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·
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RiverParc at Port Imperial, a joint venture with The Prudential Insurance Company of America and supported by a construction loan commitment led by PNC with participation by Wells Fargo. RiverParc, a 10-story, 280-unit luxury multi-family community, will be the latest rental property developed in the southern portion of Port Imperial. Port Imperial is a mixed-use, master-plan waterfront development which spans two and a half miles directly across the Hudson River from Midtown Manhattan. The Company anticipates project costs of approximately $96.4 million, not including land capital of $21 million.
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·
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The Highlands at Overlook Ridge, a joint venture with a fund advised by UBS Global Asset Management and supported by a construction loan commitment led by Bank of America with participation by TD Bank. This 371-unit luxury apartment development will be the latest addition to the Overlook Ridge masterplan community. Overlook Ridge, a 92-acre community developed by Roseland, is conveniently located directly adjacent to U.S. Route 1 at the Salem Street interchange, five miles north of downtown Boston and 4.5 miles from I-95, Boston’s inner beltway in the towns of Malden and Revere. To date, Roseland, in joint ventures, has successfully completed three residential phases totaling 973 units at Overlook Ridge, including Alterra IA in 2004, Alterra IB in 2008, and Quarrystone in 2009. The Company anticipates project costs of approximately $79.4 million.
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·
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Portside at Pier One, a joint venture with The Prudential Insurance Company and supported by a construction loan commitment led by Citizens Bank with participation by Salem Five. This 176-unit luxury apartment project is part of the planned mixed-use community on the East Boston waterfront. Portside will include 150 market-rate apartments and a 26-apartment affordable component in a five-story building adjacent to the Pier. The Portside at Pier One project start was a by-product of a 10-year Roseland-led effort since being awarded its development designation by the Massachusetts Port Authority ("Massport"). The land, owned by Massport, is subject to a 95-year non-subordinated ground lease. The overall site encompasses 26 acres of East Boston harbor frontage directly facing downtown Boston, and represents the most significant piece of undeveloped East Boston waterfront. The development was planned as a mixed-use waterfront community with luxury rental homes, retail and restaurant space, community/public space, a recreational marina, an operational shipyard, and public landscaped green space, thus creating a productive use and urbanization of the waterfront for the regentrifying East Boston Community. The Company anticipates project costs of approximately $66.3 million.
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-
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New Cingular Wireless PCS, LLC, a wireless communications service provider, signed renewals in Paramus for 137,991 square feet at Mack-Cali Centre VII, 15 E. Midland Avenue and 73,582 square feet at Mack-Cali Centre III, 140 E. Ridgewood Avenue. Mack-Cali Centre VII is a 259,823 square-foot office building that is 80.5 percent leased. Mack-Cali Centre III is a 239,680 square-foot office building that is 91.9 percent leased.
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-
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Towers Watson Pennsylvania, Inc., a global professional services company, signed a new lease for 28,500 square feet at 8 Campus Drive in Parsippany. The 215,265 square-foot office building, located in Mack-Cali Business Campus, is 66.4 percent leased.
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-
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Regulus Group, LLC, a payment processing and service provider, signed a 21,500 square-foot renewal at Mack-Cali Centre I, 365 West Passaic Street in Rochelle Park. The 212,578 square-foot office building is 84.6 percent leased.
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-
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The Bank of Tokyo-Mitsubishi UFJ, Ltd., a subsidiary of Mitsubishi UFJ Financial Group, signed an expansion for 20,649 square feet at Harborside Financial Center Plaza 3 in Jersey City, bringing The Bank of Tokyo-Mitsubishi’s total square feet leased at the building to 282,606 square feet. The 725,600 square-foot office building is 86.0 percent leased.
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-
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AECOM Technology Corporation, a global technical and support services firm, signed transactions totaling 70,932 square feet at 30 Knightsbridge Road in Piscataway, consisting of a 59,652 square-foot renewal and an 11,280 square-foot expansion. The four-building office complex, totaling 680,350 square feet, is 92.7 percent leased.
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-
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HealthEd Group, Inc., a health care marketing agency, renewed 22,390 square feet at 100 Walnut Avenue in Clark. The 182,555 square-foot office building is 100 percent leased.
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-
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AECOM Technology Corporation signed a new lease for 91,414 square feet at 125 Broad Street in Manhattan.
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-
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Also at 125 Broad Street, Institute for Community Living, Inc., a not-for-profit corporation that assists individuals with disabilities, signed a new lease for 41,594 square feet. Mack-Cali’s ownership interests of 524,476 square feet in the building are 100 percent leased.
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-
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Barrie House Coffee Co. Inc., a coffee manufacturing and allied product distribution company, signed a new lease for 67,721 square feet at 4 Warehouse Lane in Elmsford. The 195,500 square-foot industrial/warehouse building, located in Elmsford Distribution Center, is 96.7 percent leased.
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-
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Nestle Waters North America, Inc., the bottled water company, signed a renewal for 47,232 square feet at 5 Warehouse Lane in Elmsford. Also located in the Elmsford Distribution Center, this 75,100 square-foot industrial/warehouse building is 97.1 percent leased.
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-
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The Bronx-Lebanon Hospital Center signed transactions totaling 20,625 square feet at 1 Executive Boulevard in Yonkers, consisting of an 18,140 square-foot renewal and a 2,485 square-foot expansion. The 112,000 square-foot office building, located in South Westchester Executive Park, is 100 percent leased.
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-
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HQ Global Workplaces LLC, a provider of workplace solutions, signed a renewal for 22,064 square feet at 50 Main Street in White Plains. The 309,000 square-foot office building, located in Westchester Financial Center, is 85.2 percent leased.
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| As of or for the three months ended | |||||
|
12/31/12
|
9/30/12
|
6/30/12
|
3/31/12
|
12/31/11
|
|
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Shares and Units:
|
|||||
|
Common Shares Outstanding
|
87,536,292
|
87,821,885
|
87,819,278
|
87,811,226
|
87,799,479
|
|
Common Units Outstanding
|
12,141,836
|
12,177,122
|
12,177,122
|
12,187,122
|
12,197,122
|
|
Combined Shares and Units
|
99,678,128
|
99,999,007
|
99,996,400
|
99,998,348
|
99,996,601
|
|
Weighted Average- Basic (a)
|
99,695,353
|
100,003,034
|
99,999,564
|
99,992,282
|
99,869,353
|
|
Weighted Average- Diluted (b)
|
99,695,353
|
100,074,809
|
100,068,762
|
100,062,203
|
99,939,994
|
|
Common Share Price ($’s):
|
|||||
|
At the end of the period
|
26.11
|
26.60
|
29.07
|
28.82
|
26.69
|
|
High during period
|
28.16
|
29.45
|
29.37
|
29.80
|
28.91
|
|
Low during period
|
24.37
|
26.31
|
26.37
|
25.68
|
23.71
|
|
Market Capitalization:
|
|||||
|
($’s in thousands, except ratios)
|
|||||
|
Market Value of Equity (c)
|
2,663,758
|
2,661,629
|
2,908,635
|
2,883,784
|
2,670,846
|
|
Total Debt
|
2,204,389
|
1,970,254
|
1,929,596
|
1,940,715
|
1,914,215
|
|
Total Market Capitalization
|
4,868,147
|
4,631,883
|
4,838,231
|
4,824,499
|
4,585,061
|
|
Total Debt/ Total Market
Capitalization
|
45.28%
|
42.54%
|
39.88%
|
40.23%
|
41.75%
|
|
Financials:
|
|||||
|
($’s in thousands, except ratios and
per share amounts)
|
|||||
|
Total Assets
|
4,526,045
|
4,269,573
|
4,270,207
|
4,299,434
|
4,295,759
|
|
Gross Book Value of Real Estate Assets
|
5,525,015
|
5,295,248
|
5,269,762
|
5,226,792
|
5,279,770
|
|
Total Liabilities
|
2,457,538
|
2,191,345
|
2,163,930
|
2,160,211
|
2,141,759
|
|
Total Equity
|
2,068,507
|
2,078,228
|
2,106,277
|
2,139,223
|
2,154,000
|
|
Total Revenues
|
177,030
|
170,863
|
176,169
|
180,681
|
175,512
|
|
Capitalized Interest
|
2,916
|
891
|
305
|
230
|
205
|
|
Scheduled Principal Amortization
|
1,342
|
1,201
|
503
|
829
|
785
|
|
Interest Coverage Ratio
|
3.21
|
3.13
|
2.96
|
3.43
|
3.14
|
|
Fixed Charge Coverage Ratio
|
2.80
|
2.92
|
2.88
|
3.31
|
3.03
|
|
Net (Loss) Income
|
(10,585)
|
16,176
|
11,411
|
29,267
|
18,438
|
|
Net (Loss) Income Available to Common Shareholders
|
(9,227)
|
14,281
|
10,101
|
25,767
|
16,122
|
|
Earnings per Share—diluted
|
(0.11)
|
0.16
|
0.11
|
0.29
|
0.18
|
|
FFO per Share—diluted (d)
|
0.66
|
0.65
|
0.62
|
0.74
|
0.68
|
|
Dividends Declared per Share
|
0.45
|
0.45
|
0.45
|
0.45
|
0.45
|
|
FFO Payout Ratio—diluted (d)
|
68.65%
|
69.27%
|
72.55%
|
60.46%
|
66.08%
|
|
Portfolio Size:
|
|||||
|
Properties
|
278
|
276
|
277
|
277
|
278
|
|
Total Square Footage
|
31,691,682
|
32,192,587
|
32,240,287
|
32,240,287
|
32,414,411
|
|
Sq. Ft. Leased at End of Period (e) (f)
|
87.2%
|
87.5%
|
87.6%
|
87.9%
|
88.3%
|
|
(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
December 31,
|
%
|
|||||||||||||||
|
2012
|
2011
|
Change
|
Change
|
|||||||||||||
|
Total Property Revenues
|
$ | 166,169 | $ | 170,078 | $ | (3,909 | ) | (2.3 | ) | |||||||
|
Real Estate Taxes
|
23,750 | 23,161 | 589 | 2.5 | ||||||||||||
|
Utilities
|
14,715 | 15,864 | (1,149 | ) | (7.2 | ) | ||||||||||
|
Operating Services
|
28,745 | 29,813 | (1,068 | ) | (3.6 | ) | ||||||||||
|
Total Property Expenses:
|
67,210 | 68,838 | (1,628 | ) | (2.4 | ) | ||||||||||
|
GAAP Net Operating Income
|
98,959 | 101,240 | (2,281 | ) | (2.3 | ) | ||||||||||
|
Less: straight-lining of rents adj.
|
4,158 | 1,480 | 2,678 | 180.9 | ||||||||||||
|
Net Operating Income
|
$ | 94,801 | $ | 99,760 | $ | (4,959 | ) | (5.0 | ) | |||||||
|
Percentage Leased at
Period End
|
87.0 | % | 88.6 | % | ||||||||||||
|
Total Properties:
|
262 | |||||||||||||||
|
Total Square Footage:
|
30,302,297 | |||||||||||||||
|
For the year ended
December 31,
|
%
|
|||||||||||||||
|
2012
|
2011
|
Change
|
Change
|
|||||||||||||
|
Total Property Revenues
|
$ | 671,729 | $ | 686,249 | $ | (14,520 | ) | (2.1 | ) | |||||||
|
Real Estate Taxes
|
93,354 | 85,840 | 7,514 | 8.8 | ||||||||||||
|
Utilities
|
63,046 | 72,026 | (8,980 | ) | (12.5 | ) | ||||||||||
|
Operating Services
|
107,846 | 114,584 | (6,738 | ) | (5.9 | ) | ||||||||||
|
Total Property Expenses:
|
264,246 | 272,450 | (8,204 | ) | (3.0 | ) | ||||||||||
|
GAAP Net Operating Income
|
407,483 | 413,799 | (6,316 | ) | (1.5 | ) | ||||||||||
|
Less: straight-lining of rents adj.
|
9,044 | 6,349 | 2,695 | 42.4 | ||||||||||||
|
Net Operating Income
|
$ | 398,439 | $ | 407,450 | $ | (9,011 | ) | (2.2 | ) | |||||||
|
Percentage Leased at
Period End
|
87.0 | % | 88.6 | % | ||||||||||||
|
Total Properties:
|
262 | |||||||||||||||
|
Total Square Footage:
|
30,302,297 | |||||||||||||||
|
Joint Venture Name
|
Year
Built
|
Property
|
Location
|
Percent Leased
|
# of
Apartment
Units
|
Revenue
Per
Unit (a)
|
Company’s
Effective
Ownership %
|
|||
|
Operating Multi-family Residential:
|
||||||||||
|
Marbella RoseGarden, L.L.C.
|
2003
|
Marbella
|
Jersey City, NJ
|
98.1%
|
412
|
$2,602
|
24.27%
|
|||
|
RoseGarden Monaco, L.L.C.
|
2011
|
Monaco (North and South)
|
Jersey City, NJ
|
95.6%
|
523
|
3,012
|
15.00%
|
|||
|
Rosewood Morristown, L.L.C.
|
2010
|
Metropolitan at 40 Park
|
Morristown, NJ
|
100.0%
|
130
|
2,968
|
12.50%
|
|||
|
Rosewood Lafayette Holdings, L.L.C.
|
2009
|
Highlands at Morristown Station
|
Morristown, NJ
|
96.8%
|
217
|
2,382
|
25.00%
|
|||
|
Prurose Port Imperial South 15 LLC
|
2009
|
RiversEdge at Port Imperial
|
Weehawken, NJ
|
95.8%
|
236
|
2,952
|
50.00%
|
(b)
|
||
|
Overlook Ridge JV, L.L.C.
|
2008
|
Quarrystone
|
Malden, MA
|
93.6%
|
251
|
1,932
|
25.00%
|
|||
|
Total Operating Multi-family Residential
|
96.7%
|
1,769
|
||||||||
|
Joint Venture Name
|
Year
Built
|
Property
|
Location
|
Percent
Leased
|
Square
Feet
|
Company’s
Effective
Ownership %
|
|
|
Operating Commercial:
|
|||||||
|
Port Imperial North Retail, L.L.C.
|
2008
|
Riverwalk At Port Imperial
|
West New York, NJ
|
58.0%
|
30,745
|
20.00%
|
|
|
BNES Associates III
|
2003
|
Offices at Crystal Lake
|
West Orange, NJ
|
100.0%
|
106,345
|
31.25%
|
|
|
Red Bank Corporate Plaza
|
2007
|
Red Bank Corporate Plaza
|
Red Bank, NJ
|
100.0%
|
92,878
|
50.00%
|
|
|
12 Vreeland Realty L.L.C.
|
1984
|
12 Vreeland Road
|
Florham Park, NJ
|
100.0%
|
139,750
|
50.00%
|
|
|
Gale Jefferson L.L.C. (c)
|
2009
|
One Jefferson Road
|
Parsippany, NJ
|
100.0%
|
100,010
|
8.33%
|
|
|
Rosewood Morristown, L.L.C.
|
2010
|
Shops at 40 Park
|
Morristown, NJ
|
38.9%
|
50,771
|
12.50%
|
|
|
Total Operating Commercial
|
520,499
|
||||||
|
Joint Venture Name
|
Property
|
Location
|
Estimated
Completion
Date
|
Potential
Units
|
Company’s
Effective
Ownership %
|
|||||||||||||||||||||||
|
In-Process Development Projects:
|
||||||||||||||||||||||||||||
|
PruRose Riverwalk G, L.L.C.
|
Rivertrace at Port Imperial
|
West New York, NJ
|
4Q-2013
|
316
|
25.00%
|
|||||||||||||||||||||||
|
Elmajo Urban Renewal Associates, L.L.C.
|
Lincoln Harbor
|
Weehawken, NJ
|
1Q-2014
|
355
|
7.50%
|
|||||||||||||||||||||||
|
150 Main Street, L.L.C.
|
Glenmark at Tuckahoe
|
Eastchester, NY
|
4Q-2014
|
108
|
26.25%
|
|||||||||||||||||||||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
Overlook Ridge – 2C & 3B
|
Malden, MA
|
1Q-2015
|
371
|
25.00%
|
|||||||||||||||||||||||
|
PruRose Port Imperial South 13, LLC
|
Port Imperial Building 13
|
Weehawken, NJ
|
1Q-2015
|
280
|
20.00%
|
(b)
|
||||||||||||||||||||||
|
Portside Master Company, LLC
|
Portside at Pier One – Bldg 7
|
East Boston, MA
|
3Q-2014
|
176
|
38.25%
|
|||||||||||||||||||||||
|
Riverpark at Harrison I, L.L.C.
|
Riverpark at Harrison
|
Harrison, NJ
|
4Q-2014
|
141
|
36.00%
|
|||||||||||||||||||||||
|
Elmajo Urban Renewal Associates, L.L.C.
|
Lincoln Harbor (Bldg B)
|
Weehawken, NJ
|
4Q-2014
|
227
|
7.50%
|
|||||||||||||||||||||||
|
RoseGarden Marebella South, L.L.C.
|
Marbella II
|
Jersey City, NJ
|
4Q-2015
|
311
|
24.27%
|
|||||||||||||||||||||||
|
Rosewood Morristown, L.L.C.
|
Lofts at 40 Park
|
Morristown, NJ
|
1Q-2015
|
91
|
25.00%
|
|||||||||||||||||||||||
|
Total In-process Development Projects
|
2,376
|
|||||||||||||||||||||||||||
|
Joint Venture Name
|
Year
Built
|
Property
|
Location
|
Number
of
Rooms
|
Company’s
Effective
Ownership %
|
|||||||||||||||||||||||
|
Hotel:
|
||||||||||||||||||||||||||||
|
Harborside South Pier
|
2002
|
Hyatt Regency Jersey City on the Hudson
|
Jersey City, NJ
|
350
|
50.00%
|
|||||||||||||||||||||||
|
Joint Venture Name
|
Property/Asset
|
Location
|
Company’s
Effective
Ownership %
|
|||||||||||||||||||||||||
|
Other Investment:
|
||||||||||||||||||||||||||||
|
Stamford SM L.L.C.
|
Senior Mezzanine Loan
|
Stamford, CT
|
80.00%
|
|||||||||||||||||||||||||
|
Joint Venture Name
|
Property
|
Location
|
Potential
Units
|
Potential
Commercial
Square Feet
|
Company’s
Effective
Ownership %
|
|||||||||||||||||||||||
|
Land:
|
||||||||||||||||||||||||||||
|
Hillsborough 206 Holdings, L.L.C.
|
Hillsborough 206
|
Hillsborough, NJ
|
n/a
|
160,000
|
50.00%
|
|||||||||||||||||||||||
|
RoseGarden Monaco, L.L.C.
|
San Remo Land
|
Jersey City, NJ
|
300
|
n/a
|
41.67%
|
|||||||||||||||||||||||
|
Grand Jersey Waterfront URA, L.L.C.
|
Liberty Landing
|
Jersey City, NJ
|
1,000
|
n/a
|
50.00%
|
|||||||||||||||||||||||
|
Riverpark at Harrison I, L.L.C.
|
Riverpark at Harrison 5-8
|
Harrison, NJ
|
141
|
n/a
|
Land Option
|
|||||||||||||||||||||||
|
Plaza VIII and IX Associates, L.L.C.
|
Vacant land/parking
|
Jersey City, NJ
|
n/a
|
1,225,000
|
50.00%
|
|||||||||||||||||||||||
|
Boston-Downtown Crossing
|
Downtown Crossing
|
Boston, MA
|
n/a
|
1,481,000
|
15.00%
|
|||||||||||||||||||||||
|
Overlook Ridge, L.L.C.
|
Overlook Ridge Land
|
Malden/Revere, MA
|
896
|
160,000
|
50.00%
|
|||||||||||||||||||||||
|
Overlook Ridge JV, L.L.C.
|
Overlook Phase III
|
Malden, MA
|
240
|
n/a
|
50.00%
|
|||||||||||||||||||||||
|
Roseland/Port Imperial Partners, L.P.
|
Riverwalk C
|
West New York, NJ
|
363
|
n/a
|
20.00%
|
|||||||||||||||||||||||
|
Roseland/Port Imperial Partners, L.P.
|
Port Imperial North
|
West New York, NJ
|
836
|
n/a
|
20.00%
|
|||||||||||||||||||||||
|
Total Land
|
3,776
|
3,026,000
|
||||||||||||||||||||||||||
|
(a)
|
Total apartment revenue for the year ended December 31, 2012 divided by the average percent leased for the year ended December 31, 2012, divided by the number of units and divided by 12.
|
|
(b)
|
A third party has a 20 percent economic interest in net company distributions
|
|
(c)
|
On January 4, 2013 the Company sold its membership interest in this venture.
|
|
Unconsolidated Joint Venture Financial Information
|
|
December 31,
|
||||||||
|
2012
|
2011
|
|||||||
|
Assets:
|
||||||||
|
Rental property, net
|
$ | 179,824 | $ | 143,369 | ||||
|
Loan receivable
|
42,276 | -- | ||||||
|
Other assets
|
311,846 | 71,928 | ||||||
|
Total assets
|
$ | 533,946 | $ | 215,297 | ||||
|
Liabilities and partners’/
|
||||||||
|
members’ capital:
|
||||||||
|
Mortgages and loans payable
|
$ | 168,908 | $ | 140,975 | ||||
|
Other liabilities
|
12,203 | 6,884 | ||||||
|
Partners’/members’ capital
|
352,835 | 67,438 | ||||||
|
Total liabilities and
partners'/members’ capital
|
$ | 533,946 | $ | 215,297 | ||||
|
December 31,
|
||||||||
|
Entity
|
2012
|
2011
|
||||||
|
Plaza VIII & IX Associates, L.L.C.
|
$ | 4,321 | $ | 4,291 | ||||
|
South Pier at Harborside
|
(1,225 | ) | (343 | ) | ||||
|
Red Bank Corporate Plaza, L.L.C.
|
3,876 | 3,676 | ||||||
|
12 Vreeland Associates, L.L.C.
|
12,840 | 10,233 | ||||||
|
Boston Downtown Crossing
|
13,012 | 13,005 | ||||||
|
Gale Jefferson L.L.C.
|
1,029 | 1,153 | ||||||
|
Stamford SM LLC
|
34,006 | -- | ||||||
|
Marbella RoseGarden, L.L.C.
|
16,918 | -- | ||||||
|
RoseGarden Monaco Holdings, L.L.C.
|
4,761 | -- | ||||||
|
Rosewood Lafayette Holdings, L.L.C.
|
1,988 | -- | ||||||
|
PruRose Port Imperial South 15, LLC
|
606 | -- | ||||||
|
Rosewood Morristown, L.L.C.
|
7,091 | -- | ||||||
| Overlook Ridge JV, L.L.C. | -- | -- | ||||||
|
Overlook Ridge, L.L.C.
|
31 | -- | ||||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
179 | -- | ||||||
|
Roseland/North Retail, L.L.C.
|
2,161 | -- | ||||||
|
BNES Associates III
|
1,955 | -- | ||||||
|
Portside Master Company, L.L.C.
|
3,651 | -- | ||||||
|
PruRose Port Imperial South 13, LLC
|
2,920 | -- | ||||||
|
Roseland/Port Imperial Partners, L.P.
|
2,582 | -- | ||||||
|
RoseGarden Marbella South, L.L.C.
|
6,182 | -- | ||||||
|
PruRose Riverwalk G, L.L.C.
|
4,136 | -- | ||||||
|
Elmajo Urban Renewal Associates, LLC
|
849 | -- | ||||||
|
Riverpark at Harrison I, L.L.C.
|
2,606 | -- | ||||||
|
150 Main Street, L.L.C.
|
2,395 | -- | ||||||
|
RoseGarden Monaco, L.L.C.
|
1,165 | -- | ||||||
|
Hillsborough 206 Holdings, L.L.C.
|
1,967 | -- | ||||||
|
Grand Jersey Waterfront Urban Renewal Associates, L.L.C.
|
337 | -- | ||||||
|
Company's investment in unconsolidated joint ventures
|
$ | 132,339 | $ | 32,015 | ||||
|
Three Months Ended
December 31,
|
Years Ended
December 31,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Total revenues
|
$ | 23,814 | $ | 13,611 | $ | 68,183 | $ | 51,308 | ||||||||
|
Operating and other expenses
|
(11,580 | ) | (8,335 | ) | (37,008 | ) | (32,074 | ) | ||||||||
|
Depreciation and amortization
|
(2,854 | ) | (2,529 | ) | (10,139 | ) | (10,593 | ) | ||||||||
|
Interest expense
|
(1,758 | ) | (1,714 | ) | (6,775 | ) | (6,743 | ) | ||||||||
|
Net income
|
$ | 7,622 | $ | 1,033 | $ | 14,261 | $ | 1,898 | ||||||||
|
Three Months Ended
December 31,
|
Years Ended
December 31,
|
|||||||||||||||
|
Entity
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
Plaza VIII & IX Associates, L.L.C.
|
$ | (13 | ) | $ | 17 | $ | 30 | $ | 68 | |||||||
|
South Pier at Harborside
|
484 | 727 | 2,368 | 1,495 | ||||||||||||
|
Red Bank Corporate Plaza, L.L.C.
|
62 | 61 | 360 | 446 | ||||||||||||
|
12 Vreeland Associates, L.L.C.
|
(176 | ) | 131 | 427 | 374 | |||||||||||
|
Boston Downtown Crossing
|
(125 | ) | (108 | ) | (458 | ) | (448 | ) | ||||||||
|
Gale Jefferson L.L.C.
|
18 | 20 | 81 | 87 | ||||||||||||
|
Stamford SM LLC
|
885 | -- | 3,078 | -- | ||||||||||||
|
Marbella RoseGarden, L.L.C.
|
13 | -- | 13 | -- | ||||||||||||
|
RoseGarden Monaco Holdings, L.L.C.
|
(311 | ) | -- | (311 | ) | -- | ||||||||||
|
Rosewood Lafayette Holdings, L.L.C.
|
(197 | ) | -- | (197 | ) | -- | ||||||||||
|
PruRose Port Imperial South 15, LLC
|
(533 | ) | -- | (533 | ) | -- | ||||||||||
|
Rosewood Morristown, L.L.C.
|
(25 | ) | -- | (25 | ) | -- | ||||||||||
| Overlook Ridge JV, L.L.C. | -- | -- | -- | -- | ||||||||||||
|
Overlook Ridge, L.L.C.
|
-- | -- | -- | -- | ||||||||||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
(11 | ) | -- | (11 | ) | -- | ||||||||||
|
Roseland/North Retail, L.L.C.
|
(80 | ) | -- | (80 | ) | -- | ||||||||||
|
BNES Associates III
|
(323 | ) | -- | (323 | ) | -- | ||||||||||
|
Portside Master Company, L.L.C.
|
(5 | ) | -- | (5 | ) | -- | ||||||||||
|
PruRose Port Imperial South 13, LLC
|
(87 | ) | -- | (87 | ) | -- | ||||||||||
|
Roseland/Port Imperial Partners, L.P.
|
-- | -- | -- | -- | ||||||||||||
|
RoseGarden Marbella South, L.L.C.
|
(13 | ) | -- | (13 | ) | -- | ||||||||||
|
PruRose Riverwalk G, L.L.C.
|
(142 | ) | -- | (142 | ) | -- | ||||||||||
|
Elmajo Urban Renewal Associates, LLC
|
(83 | ) | -- | (83 | ) | -- | ||||||||||
|
Riverpark at Harrison I, L.L.C.
|
-- | -- | -- | -- | ||||||||||||
|
150 Main Street, L.L.C.
|
-- | -- | -- | -- | ||||||||||||
|
RoseGarden Monaco, L.L.C.
|
-- | -- | -- | -- | ||||||||||||
|
Hillsborough 206 Holdings, L.L.C.
|
-- | -- | -- | -- | ||||||||||||
|
Grand Jersey Waterfront Urban Renewal Associates, L.L.C.
|
-- | -- | -- | -- | ||||||||||||
|
Company's equity in earnings of unconsolidated joint ventures
|
$ | (662 | ) | $ | 848 | $ | 4,089 | $ | 2,022 | |||||||
|
Ratios Computed For Industry
|
December 31,
|
||||
|
Comparisons:
|
2012
|
2011
|
|||
|
Financial Position Ratios:
|
|||||
|
Total Debt/ Total Book
Capitalization
(Book value) (%)
|
48.70%
|
44.56%
|
|||
|
Total Debt/ Total Market
Capitalization
(Market value) (%)
|
45.28%
|
41.75%
|
|||
|
Total Debt/ Total Undepreciated
Assets (%)
|
36.71%
|
33.55%
|
|||
|
Secured Debt/ Total Undepreciated
Assets (%)
|
12.62%
|
12.96%
|
|||
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
||||
|
2012
|
2011
|
2012
|
2011
|
||
|
Operational Ratios:
|
|||||
|
Interest Coverage
(Funds from Operations+Interest
Expense)/Interest Expense (x)
|
3.21
|
3.14
|
3.18
|
3.21
|
|
|
Debt Service Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x)
|
3.07
|
3.07
|
3.08
|
3.14
|
|
|
Fixed Charge Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x)
|
2.80
|
3.03
|
2.98
|
3.07
|
|
|
FFO Payout
(Dividends Declared/Funds from
Operations) (%)
|
68.65%
|
66.08%
|
67.42%
|
64.21%
|
|
|
Balance
|
% of Total
|
Weighted Average
Interest Rate (a)
|
Weighted Average Maturity in Years
|
||
|
Fixed Rate Unsecured Debt and
Other Obligations
|
$1,446,894
|
65.64%
|
5.20%
|
4.73
|
|
|
Fixed Rate Secured Debt
|
680,438
|
30.87%
|
7.55%
|
4.34
|
|
|
Variable Rate Secured Debt
|
77,057
|
3.49%
|
3.32%
|
0.47
|
|
|
Totals/Weighted Average:
|
$2,204,389
|
100.00%
|
5.86%
|
4.46
|
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.23 percent as of December 31, 2012.
|
|
Period
|
Scheduled
Amortization
|
Principal
Maturities
|
Total
|
Weighted Average Interest Rate of
Future Repayments (a)
|
||||||||||||
|
2013
|
$ | 10,887 | $ | 181,286 | $ | 192,173 | 4.36 | % | ||||||||
|
2014
|
10,185 | 335,257 | 345,442 | 6.82 | % | |||||||||||
|
2015
|
8,634 | 150,000 | 158,634 | 5.40 | % | |||||||||||
|
2016
|
8,425 | 273,120 | 281,545 | 7.16 | % | |||||||||||
|
2017
|
6,423 | 391,151 | 397,574 | 4.12 | % | |||||||||||
|
Thereafter
|
6,195 | 841,881 | 848,076 | 6.38 | % | |||||||||||
|
Sub-total
|
50,749 | 2,172,695 | 2,223,444 | |||||||||||||
|
Adjustment for unamortized debt discount/premium and mark-to-market, net, as of December 31, 2012
|
(19,055 | ) | -- | (19,055 | ) | |||||||||||
|
Totals/Weighted Average:
|
$ | 31,694 | $ | 2,172,695 | $ | 2,204,389 | 5.86 | % | ||||||||
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.23 percent as of December 31, 2012.
|
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020 and
Beyond
|
TOTALS
|
||||||||||||||||||||||||||||
|
Secured Debt:
|
||||||||||||||||||||||||||||||||||||
|
Port Imperial South
|
$ | 42,168 | $ | 42,168 | ||||||||||||||||||||||||||||||||
|
Port Imperial South 4/5
|
34,889 | 34,889 | ||||||||||||||||||||||||||||||||||
|
9200 Edmonston Road
|
4,229 | 4,229 | ||||||||||||||||||||||||||||||||||
|
6305 Ivy Lane
|
$ | 5,726 | 5,726 | |||||||||||||||||||||||||||||||||
|
6301 Ivy Lane
|
5,320 | 5,320 | ||||||||||||||||||||||||||||||||||
|
35 Waterview
|
18,185 | 18,185 | ||||||||||||||||||||||||||||||||||
|
6 Becker, 85 Livingston,
75 Livingston, & 20 Waterview
|
65,035 | 65,035 | ||||||||||||||||||||||||||||||||||
|
4 Sylvan Way
|
14,575 | 14,575 | ||||||||||||||||||||||||||||||||||
|
10 Independence
|
16,924 | 16,924 | ||||||||||||||||||||||||||||||||||
|
395 West Passaic
|
9,492 | 9,492 | ||||||||||||||||||||||||||||||||||
|
4 Becker
|
$ | 40,432 | 40,432 | |||||||||||||||||||||||||||||||||
|
5 Becker
|
14,574 | 14,574 | ||||||||||||||||||||||||||||||||||
|
210 Clay
|
14,267 | 14,267 | ||||||||||||||||||||||||||||||||||
|
51 Imclone
|
3,847 | 3,847 | ||||||||||||||||||||||||||||||||||
|
Prudential Portfolio
|
$ | 141,151 | 141,151 | |||||||||||||||||||||||||||||||||
|
23 Main Street
|
$ | 26,566 | 26,566 | |||||||||||||||||||||||||||||||||
|
Harborside Plaza 5
|
204,970 | 204,970 | ||||||||||||||||||||||||||||||||||
|
100 Walnut Avenue
|
$ | 17,280 | 17,280 | |||||||||||||||||||||||||||||||||
|
One River Center
|
39,586 | 39,586 | ||||||||||||||||||||||||||||||||||
|
233 Canoe Brook Road
|
3,479 | 3,479 | ||||||||||||||||||||||||||||||||||
|
Total Secured Debt:
|
$ | 81,286 | $ | 135,257 | -- | $ | 73,120 | $ | 141,151 | $ | 231,536 | $ | 60,345 | -- | $ | 722,695 | ||||||||||||||||||||
|
Unsecured Debt:
|
||||||||||||||||||||||||||||||||||||
|
Unsecured credit facility
|
-- | -- | ||||||||||||||||||||||||||||||||||
|
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 | |||||||||||||||||||||||||||||||||
|
2.50% unsecured notes
due 12/17
|
$ | 250,000 | 250,000 | |||||||||||||||||||||||||||||||||
|
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 | $ | 150,000 | $ | 200,000 | $ | 250,000 | -- | $ | 250,000 | $ | 300,000 | $ | 1,450,000 | |||||||||||||||||||
|
Total Debt:
|
$ | 181,286 | $ | 335,257 | $ | 150,000 | $ | 273,120 | $ | 391,151 | $ | 231,536 | $ | 310,345 | $ | 300,000 | $ | 2,172,695 | ||||||||||||||||||
|
Property Name
|
Lender
|
Effective
Interest
Rate
|
||||
|
December 31,
|
Date of
Maturity
|
|||||
|
2012
|
2011
|
|||||
|
Senior Unsecured Notes: (a)
|
||||||
|
5.250%, Senior Unsecured Notes
|
public debt
|
5.457%
|
--
|
$99,988
|
01/15/12
|
(b)
|
|
6.150%, Senior Unsecured Notes
|
public debt
|
6.894%
|
--
|
94,438
|
12/15/12
|
(c)
|
|
5.820%, Senior Unsecured Notes
|
public debt
|
6.448%
|
--
|
25,972
|
03/15/13
|
(d)
|
|
4.600%, Senior Unsecured Notes
|
public debt
|
4.742%
|
$ 99,987
|
99,958
|
06/15/13
|
|
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.110%
|
200,270
|
200,509
|
02/15/14
|
|
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.297%
|
149,810
|
149,717
|
01/15/15
|
|
|
5.800%, Senior Unsecured Notes
|
public debt
|
5.806%
|
200,237
|
200,313
|
01/15/16
|
|
|
2.500%, Senior Unsecured Notes
|
Public debt
|
2.803%
|
248,560
|
--
|
12/15/17
|
|
|
7.750%, Senior Unsecured Notes
|
public debt
|
8.017%
|
248,585
|
248,372
|
08/15/19
|
|
|
4.500%, Senior Unsecured Notes
|
public debt
|
4.612%
|
299,445
|
--
|
04/18/22
|
|
|
Total Senior Unsecured Notes:
|
$1,446,894
|
$1,119,267
|
||||
|
Revolving Credit Facilities:
|
|
Unsecured Facility (e)
|
20 Lenders
|
LIBOR +1.250%
|
--
|
$ 55,500
|
10/21/15
|
(f)
|
|
Total Revolving Credit Facilities:
|
--
|
$ 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
|
--
|
(j)
|
|
581 Main Street
|
Valley National Bank
|
6.935%
|
--
|
16,338
|
--
|
(k)
|
|
Port Imperial South
|
Wells Fargo Bank N.A.
|
LIBOR+2.75%
|
$ 42,168
|
--
|
03/23/13
|
|
|
9200 Edmonston Road
|
Principal Commercial Funding, L.L.C.
|
5.534%
|
4,305
|
4,479
|
05/01/13
|
|
|
Port Imperial South 4/5
|
Wells Fargo Bank N.A.
|
LIBOR+3.50%
|
34,889
|
--
|
09/30/13
|
|
|
6305 Ivy Lane
|
John Hancock Life Ins. Co.
|
5.525%
|
5,984
|
6,245
|
01/01/14
|
|
|
395 West Passaic
|
State Farm Life Ins. Co.
|
6.004%
|
10,231
|
10,781
|
05/01/14
|
|
|
6301 Ivy Lane
|
John Hancock Life Ins. Co.
|
5.520%
|
5,667
|
5,899
|
07/01/14
|
|
|
35 Waterview
|
Wachovia CMBS
|
6.348%
|
18,746
|
19,051
|
08/11/14
|
|
|
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
|
Wachovia CMBS
|
10.220%
|
63,126
|
62,127
|
08/11/14
|
|
|
4 Sylvan
|
Wachovia CMBS
|
10.190%
|
14,485
|
14,438
|
08/11/14
|
|
|
10 Independence
|
Wachovia CMBS
|
12.440%
|
16,251
|
15,908
|
08/11/14
|
|
|
4 Becker
|
Wachovia CMBS
|
9.550%
|
38,274
|
37,769
|
05/11/16
|
|
|
5 Becker
|
Wachovia CMBS
|
12.830%
|
12,507
|
12,056
|
05/11/16
|
|
|
210 Clay
|
Wachovia CMBS
|
13.420%
|
12,275
|
11,844
|
05/11/16
|
|
|
51 Imclone
|
Wachovia CMBS
|
8.390%
|
3,878
|
3,886
|
05/11/16
|
|
|
Various (l)
|
Prudential Insurance
|
6.332%
|
149,281
|
150,000
|
01/15/17
|
|
|
23 Main Street
|
JPMorgan CMBS
|
5.587%
|
30,395
|
31,002
|
09/01/18
|
|
|
Harborside Plaza 5
|
The Northwestern Mutual Life Insurance
Co. & New York Life Insurance Co.
|
6.842%
|
228,481
|
231,603
|
11/01/18
|
|
|
223 Canoe Brook Road
|
The Provident Bank
|
4.375%
|
3,945
|
--
|
02/01/19
|
|
|
100 Walnut Avenue
|
Guardian Life Ins. Co.
|
7.311%
|
19,025
|
19,241
|
02/01/19
|
|
|
One River Center (m)
|
Guardian Life Ins. Co.
|
7.311%
|
43,582
|
44,079
|
02/01/19
|
|
|
Total Mortgages, Loans Payable and Other Obligations:
|
$757,495
|
$739,448
|
||||
|
Total Debt:
|
$2,204,389
|
$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)
|
On November 21, 2012, the Company repaid this mortgage loan at par, using proceeds from the sale of senior unsecured notes on November 20, 2012.
|
|
(k)
|
On November 20, 2012, the Company repaid this mortgage loan, including a prepayment premium, using proceeds from the sale of senior unsecured notes on November 20, 2012. In connection with this payoff, the Company recorded approximately $0.5 million as a loss from early exstinguishment of debt.
|
|
(l)
|
Mortgage is collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
|
|
(m)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
|
|
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
|
Revenues
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
Base rents
|
$ | 145,495 | $ | 147,772 | $ | 582,565 | $ | 586,710 | ||||||||
|
Escalations and recoveries from tenants
|
18,996 | 20,277 | 81,556 | 92,343 | ||||||||||||
|
Construction services
|
4,322 | 3,075 | 13,557 | 12,058 | ||||||||||||
|
Real estate services
|
5,163 | 1,463 | 8,769 | 5,199 | ||||||||||||
|
Other income
|
3,054 | 2,925 | 18,296 | 12,796 | ||||||||||||
|
Total revenues
|
177,030 | 175,512 | 704,743 | 709,106 | ||||||||||||
|
Expenses
|
||||||||||||||||
|
Real estate taxes
|
23,764 | 23,142 | 93,377 | 85,887 | ||||||||||||
|
Utilities
|
14,715 | 15,863 | 63,046 | 72,026 | ||||||||||||
|
Operating services
|
30,037 | 29,444 | 111,067 | 114,313 | ||||||||||||
|
Direct construction costs
|
4,052 | 2,802 | 12,647 | 11,458 | ||||||||||||
|
General and administrative
|
12,549 | 8,947 | 47,868 | 35,444 | ||||||||||||
|
Depreciation and amortization
|
47,349 | 47,603 | 189,008 | 190,050 | ||||||||||||
|
Impairments
|
18,245 | -- | 18,245 | -- | ||||||||||||
|
Total expenses
|
150,711 | 127,801 | 535,258 | 509,178 | ||||||||||||
|
Operating income
|
26,319 | 47,711 | 169,485 | 199,928 | ||||||||||||
|
Other (Expense) Income
|
||||||||||||||||
|
Interest expense
|
(29,584 | ) | (31,337 | ) | (122,368 | ) | (124,187 | ) | ||||||||
|
Interest and other investment income
|
8 | 9 | 35 | 39 | ||||||||||||
|
Equity in earnings of unconsolidated joint ventures
|
(662 | ) | 848 | 4,089 | 2,022 | |||||||||||
|
Loss from early extinguishment of debt
|
(545 | ) | -- | (4,960 | ) | -- | ||||||||||
|
Total other (expense) income
|
(30,783 | ) | (30,480 | ) | (123,204 | ) | (122,126 | ) | ||||||||
|
Income from continuing operations
|
(4,464 | ) | 17,231 | 46,281 | 77,802 | |||||||||||
|
Discontinued Operations:
|
||||||||||||||||
|
Income (loss) from discontinued operations
|
1,044 | 1,207 | 4,763 | 3,585 | ||||||||||||
|
Realized gains (losses) and unrealized losses on disposition of rental property, net
|
(7,165 | ) | -- | (4,775 | ) | -- | ||||||||||
|
Total discontinued operations, net
|
(6,121 | ) | 1,207 | (12 | ) | 3,585 | ||||||||||
|
Net (loss) income
|
(10,585 | ) | 18,438 | 46,269 | 81,387 | |||||||||||
|
Noncontrolling interest in consolidated joint ventures
|
74 | 94 | 330 | 402 | ||||||||||||
|
Noncontrolling interest in Operating Partnership
|
536 | (2,185 | ) | (5,679 | ) | (9,908 | ) | |||||||||
|
Noncontrolling interest in discontinued operations
|
748 | (153 | ) | 2 | (461 | ) | ||||||||||
|
Preferred stock dividends
|
-- | (72 | ) | -- | (1,736 | ) | ||||||||||
|
Net (loss) income available to common shareholders
|
$ | (9,227 | ) | $ | 16,122 | $ | 40,922 | $ | 69,684 | |||||||
|
Basic earnings per common share:
|
||||||||||||||||
|
Income from continuing operations
|
$ | (0.05 | ) | $ | 0.17 | $ | 0.47 | $ | 0.77 | |||||||
|
Discontinued operations
|
(0.06 | ) | 0.01 | -- | 0.04 | |||||||||||
|
Net (loss) income available to common shareholders
|
$ | (0.11 | ) | $ | 0.18 | $ | 0.47 | $ | 0.81 | |||||||
|
Diluted earnings per common share:
|
||||||||||||||||
|
Income from continuing operations
|
$ | (0.05 | ) | $ | 0.17 | $ | 0.47 | $ | 0.77 | |||||||
|
Discontinued operations
|
(0.06 | ) | 0.01 | -- | 0.04 | |||||||||||
|
Net (loss) income available to common shareholders
|
$ | (0.11 | ) | $ | 0.18 | $ | 0.47 | $ | 0.81 | |||||||
|
Basic weighted average shares outstanding
|
87,527 | 87,226 | 87,742 | 86,047 | ||||||||||||
|
Diluted weighted average shares outstanding
|
99,695 | 99,940 | 99,996 | 98,962 | ||||||||||||
|
December 31,
|
||||||||
|
2012
|
2011
|
|||||||
|
Assets
|
||||||||
|
Rental property
|
||||||||
|
Land and leasehold interests
|
$ | 782,315 | $ | 773,026 | ||||
|
Buildings and improvements
|
4,104,472 | 4,001,943 | ||||||
|
Tenant improvements
|
489,608 | 500,336 | ||||||
|
Furniture, fixtures and equipment
|
3,041 | 4,465 | ||||||
| 5,379,436 | 5,279,770 | |||||||
|
Less – accumulated depreciation and amortization
|
(1,478,214 | ) | (1,409,163 | ) | ||||
| 3,901,222 | 3,870,607 | |||||||
|
Rental property held for sale, net
|
60,863 | -- | ||||||
|
Net investment in rental property
|
3,962,085 | 3,870,607 | ||||||
|
Cash and cash equivalents
|
58,245 | 20,496 | ||||||
|
Investments in unconsolidated joint ventures
|
132,339 | 32,015 | ||||||
|
Unbilled rents receivable, net
|
139,984 | 134,301 | ||||||
|
Deferred charges and other assets, net
|
204,874 | 210,470 | ||||||
|
Restricted cash
|
19,339 | 20,716 | ||||||
|
Accounts receivable, net of allowance for doubtful accounts
|
||||||||
|
of $2,614 and $2,697
|
9,179 | 7,154 | ||||||
|
Total assets
|
$ | 4,526,045 | $ | 4,295,759 | ||||
|
Liabilities and Equity
|
||||||||
|
Senior unsecured notes
|
$ | 1,446,894 | $ | 1,119,267 | ||||
|
Revolving credit facility
|
-- | 55,500 | ||||||
|
Mortgages, loans payable and other obligations
|
757,495 | 739,448 | ||||||
|
Dividends and distributions payable
|
44,855 | 44,999 | ||||||
|
Accounts payable, accrued expenses and other liabilities
|
124,822 | 100,480 | ||||||
|
Rents received in advance and security deposits
|
55,917 | 53,019 | ||||||
|
Accrued interest payable
|
27,555 | 29,046 | ||||||
|
Total liabilities
|
2,457,538 | 2,141,759 | ||||||
|
Commitments and contingencies
|
||||||||
|
Equity:
|
||||||||
|
Mack-Cali Realty Corporation stockholders’ equity:
|
||||||||
|
Common stock, $0.01 par value, 190,000,000 shares authorized,
|
||||||||
|
87,536,292 and 87,799,479 shares outstanding
|
875 | 878 | ||||||
|
Additional paid-in capital
|
2,530,621 | 2,536,184 | ||||||
|
Dividends in excess of net earnings
|
(764,522 | ) | (647,498 | ) | ||||
|
Total Mack-Cali Realty Corporation stockholders’ equity
|
1,766,974 | 1,889,564 | ||||||
|
Noncontrolling interest in subsidiaries:
|
||||||||
|
Operating Partnership
|
245,091 | 262,499 | ||||||
|
Consolidated joint ventures
|
56,442 | 1,937 | ||||||
|
Total noncontrolling interests in subsidiaries
|
301,533 | 264,436 | ||||||
|
Total equity
|
2,068,507 | 2,154,000 | ||||||
|
Total liabilities and equity
|
$ | 4,526,045 | $ | 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
|
--
|
--
|
--
|
40,922
|
5,347
|
46,269
|
|
Common stock dividends
|
--
|
--
|
--
|
(157,946)
|
--
|
(157,946)
|
|
Common unit distributions
|
--
|
--
|
--
|
--
|
(21,908)
|
(21,908)
|
|
Increase in noncontrolling interest
|
--
|
--
|
--
|
--
|
54,835
|
54,835
|
|
Redemption of common units
|
||||||
|
for common stock
|
55
|
--
|
1,162
|
--
|
(1,162)
|
--
|
|
Shares issued under Dividend
|
||||||
|
Reinvestment and Stock
|
||||||
|
Purchase Plan
|
10
|
--
|
259
|
--
|
--
|
259
|
|
Cancellation of shares
|
(5)
|
--
|
(126)
|
--
|
--
|
(126)
|
|
Stock compensation
|
71
|
1
|
4,134
|
--
|
--
|
4,135
|
|
Repurchase of common stock
|
(395)
|
(4)
|
(11,007)
|
--
|
--
|
(11,011)
|
|
Rebalancing of ownership percentage
|
||||||
|
between parent and subsidiaries
|
--
|
--
|
15
|
--
|
(15)
|
--
|
|
Balance at December 31, 2012
|
87,536
|
$875
|
$2,530,621
|
$(764,522)
|
$301,533
|
$2,068,507
|
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Net (loss) income available to common shareholders
|
$ | (9,227 | ) | $ | 16,122 | $ | 40,922 | $ | 69,684 | |||||||
|
Add (deduct): Noncontrolling interest in Operating Partnership
|
(536 | ) | 2,185 | 5,679 | 9,908 | |||||||||||
|
Noncontrolling interest in discontinued operations
|
(748 | ) | 153 | (2 | ) | 461 | ||||||||||
|
Real estate-related depreciation and amortization on continuing operations (a)
|
49,833 | 48,534 | 194,255 | 193,854 | ||||||||||||
|
Real estate-related depreciation and amortization on discontinued operations
|
666 | 1,070 | 3,090 | 3,537 | ||||||||||||
|
Impairments
|
18,245 | -- | 18,245 | -- | ||||||||||||
|
Discontinued operations: Realized (gains) losses and unrealized losses
on disposition of rental property, net
|
7,165 | -- | 4,775 | -- | ||||||||||||
|
Funds from operations available to common shareholders (b)
|
$ | 65,398 | $ | 68,064 | $ | 266,964 | $ | 277,444 | ||||||||
|
Diluted weighted average shares/units outstanding (c)
|
99,695 | 99,940 | 99,996 | 98,962 | ||||||||||||
|
Funds from operations per share/unit – diluted
|
$ | 0.66 | $ | 0.68 | $ | 2.67 | $ | 2.80 | ||||||||
|
Dividends declared per common share
|
$ | 0.45 | $ | 0.45 | $ | 1.80 | $ | 1.80 | ||||||||
|
Dividend payout ratio:
|
||||||||||||||||
|
Funds from operations-diluted
|
68.65 | % | 66.08 | % | 67.42 | % | 64.21 | % | ||||||||
|
Supplemental Information:
|
||||||||||||||||
|
Non-incremental revenue generating capital expenditures:
|
||||||||||||||||
|
Building improvements
|
$ | 9,772 | $ | 9,663 | $ | 29,133 | $ | 24,768 | ||||||||
|
Tenant improvements and leasing commissions (d)
|
$ | 13,783 | $ | 10,772 | $ | 49,985 | $ | 42,439 | ||||||||
|
Straight-line rent adjustments (e)
|
$ | 4,146 | $ | 1,525 | $ | 9,083 | $ | 6,548 | ||||||||
|
Amortization of (above)/below market lease intangibles, net
|
$ | 527 | $ | 410 | $ | 1,567 | $ | 1,360 | ||||||||
|
(a) Includes the Company’s share from unconsolidated joint ventures of $2,560 and $1,064 for the three months ended December 31, 2012 and 2011, respectively, and $5,524 and $4,278 for the years ended December 31, 2012 and 2011, respectively. Excludes non-real estate-related depreciation and amortization of $76 and $133 for the three months ended December 31, 2012 and 2011, respectively, and $276 and $474 for the years ended December 31, 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 (12,168 and 12,644 shares for the three months ended December 31, 2012 and 2011, respectively, and 12,180 and 12,808 shares for the years ended December 31, 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 $(13) and $45 for the three months ended December 31, 2012 and 2011, respectively, and $37 and $199 for the years ended December 31, 2012 and 2011, respectively.
|
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Net (loss) income available to common shareholders
|
$ | (0.11 | ) | $ | 0.18 | $ | 0.47 | $ | 0.81 | |||||||
|
Add (deduct): Real estate-related depreciation and amortization
on continuing operations (a)
|
0.50 | 0.49 | 1.94 | 1.96 | ||||||||||||
|
Real estate-related depreciation and amortization on
discontinued operations
|
0.01 | 0.01 | 0.03 | 0.04 | ||||||||||||
|
Impairments
|
0.18 | -- | 0.18 | -- | ||||||||||||
|
Realized (gains) losses and unrealized losses on disposition
of rental property, net
|
0.07 | -- | 0.05 | -- | ||||||||||||
|
Noncontrolling interest/rounding adjustment
|
0.01 | -- | -- | (0.01 | ) | |||||||||||
|
Funds from operations available to common shareholders (b)
|
$ | 0.66 | $ | 0.68 | $ | 2.67 | $ | 2.80 | ||||||||
|
Diluted weighted average shares/units outstanding (c)
|
99,695 | 99,940 | 99,996 | 98,962 | ||||||||||||
|
(a) Includes the Company’s share from unconsolidated joint ventures of $0.02 and $0.01 for the three months ended December 31, 2012 and 2011, respectively, and $0.05 and $0.04 for the years ended December 31, 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 (12,168 and 12,644 shares for the three months ended December 31, 2012 and 2011, respectively, and 12,180 and 12,808 shares for the years ended December 31, 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
|
Year Ended
|
|||
|
December 31,
|
December 31,
|
|||
|
2012
|
2011
|
2012
|
2011
|
|
|
Basic weighted average shares outstanding:
|
87,527
|
87,226
|
87,742
|
86,047
|
|
Add: Weighted average common units
|
12,168
|
12,643
|
12,180
|
12,808
|
|
Basic weighted average shares/units:
|
99,695
|
99,869
|
99,922
|
98,855
|
|
Add: Stock options
|
--
|
--
|
--
|
18
|
|
Restricted Stock Awards
|
--
|
71
|
74
|
89
|
|
Diluted weighted average shares/units outstanding:
|
99,695
|
99,940
|
99,996
|
98,962
|
|
Date
|
Property/Address
|
Type
|
Location
|
# of
Bldgs.
|
Rentable
Square Feet
|
Investment by
Company (a)
|
|
Consolidated:
|
||||||
|
5/01/11
|
55 Corporate Drive
|
Office
|
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.
|
|
Property
|
Location
|
Type
|
# of
Apartment
Units (a)
|
Commercial
Square
Feet (a)
|
Costs
Incurred
Through
12/31/12
|
Total
Estimated
Costs
|
Garage
Parking
Spaces (a)
|
Estimated
Completion
Date
|
|
Consolidated:
|
||||||||
|
14 Sylvan Way
|
Parsippany, NJ
|
Office
|
--
|
203,000
|
$35,145
|
$51,660
|
--
|
1Q-2013
|
|
Port Imperial 4/5 Garage/Retail
|
Weehawken, NJ
|
Garage/retail
|
--
|
17,795
|
58,255
|
58,600
|
850
|
1Q-2013
|
|
Port Imperial 1/3 Garage/Retail
|
Weehawken, NJ
|
Garage/retail
|
--
|
17,614
|
870
|
40,000
|
741
|
3Q-2015
|
|
Total Consolidated
|
--
|
238,409
|
$94,270
|
$150,260
|
1,591
|
|||
|
Unconsolidated:
|
||||||||
|
RiverTrace at Port Imperial
|
West New York, NJ
|
Multi-family rental
|
316
|
$55,630
|
$118,100
|
--
|
4Q-2013
|
|
|
Lincoln Harbor (Bldg A&C)
|
Weehawken, NJ
|
Multi-family rental
|
355
|
52,320
|
137,800
|
--
|
1Q-2014
|
|
|
Port Imperial Building 13
|
Weehawken, NJ
|
Multi-family rental
|
280
|
8,782
|
96,400
|
--
|
1Q-2015
|
|
|
Portside at Pier One – Bldg 7
|
East Boston, MA
|
Multi-family rental
|
176
|
4,240
|
66,300
|
--
|
3Q-2014
|
|
|
Overlook Ridge – 2C & 3B
|
Malden/Revere, MA
|
Multi-family rental
|
371
|
17,613
|
79,400
|
--
|
1Q-2015
|
|
|
Glenmark at Tuckahoe
|
Eastchester, NY
|
Multi-family rental
|
108
|
1,611
|
46,000
|
--
|
4Q-2014
|
|
|
Riverpark at Harrison
|
Harrison, NJ
|
Multi-family rental
|
141
|
700
|
24,200
|
--
|
4Q-2014
|
|
|
Lincoln Harbor (Bldg B)
|
Weehawken, NJ
|
Multi-family rental
|
227
|
2,441
|
87,200
|
--
|
4Q-2014
|
|
|
Marbella II
|
Jersey City, NJ
|
Multi-family rental
|
311
|
3,416
|
122,000
|
--
|
4Q-2015
|
|
|
Lofts at 40 Park
|
Morristown, NJ
|
Multi-family rental
|
91
|
1,270
|
28,000
|
--
|
1Q-2015
|
|
|
Total Unconsolidated
|
2,376
|
$148,023
|
$805,400
|
|||||
|
Total
|
2,376
|
238,409
|
$242,293
|
$955,660
|
1,591
|
|
(a)
|
Number of apartment units, square feet and garage parking spaces are estimates.
|
|
Date
|
Address
|
Location
|
# of
Bldgs.
|
Rentable
Square Feet
|
Net Realized
Gains/ (Losses)
|
||
|
Office:
|
|||||||
|
03/28/12
|
2200 Renaissance Boulevard
|
King of Prussia, Pennsylvania
|
1
|
174,124
|
$ 4,511
|
(a)
|
|
|
07/25/12
|
95 Chestnut Ridge Road
|
Montvale, New Jersey
|
1
|
47,700
|
(487)
|
||
|
11/06/12
|
Strawbridge Drive
|
Moorestown, New Jersey
|
3
|
222,258
|
(1,719)
|
||
|
Total Office Properties:
|
5
|
444,082
|
$ 2,305
|
||||
|
(a)
|
Excludes $9.5 million of unrealized loss on this property recognized by the Company in 2010.
|
|
Property/Address
|
Location
|
# of
Bldgs.
|
Rentable
Square
Feet
|
Net Book
Value
at 12/31/12
|
|
Office:
|
||||
|
55 Corporate Drive
|
Bridgewater, Somerset County, NJ
|
1
|
204,057
|
$ 44,858
|
|
19 Skyline Drive
|
Hawthorne, Westchester County, NY
|
1
|
248,400
|
16,005
|
|
Total Office Properties
|
2
|
452,457
|
$ 60,863
|
|
Property
|
Location
|
State
|
Acres (a)
|
# of
Apartment
Units (a)
|
Potential
Commercial
Square Feet (a)
|
Type of Space
|
|
Office:
|
||||||
|
Capital Office Park
|
Greenbelt
|
MD
|
42.8
|
595,000
|
Office
|
|
|
Eastpoint II
|
Lanham
|
MD
|
4.8
|
122,000
|
Office/Hotel
|
|
|
Meadowlands Xanadu (d)
|
East Rutherford
|
NJ
|
13.8
|
1,760,000
|
Office
|
|
|
3 & 5 AAA Drive (b)
|
Hamilton Township
|
NJ
|
17.5
|
112,000
|
Office
|
|
|
6 AAA Drive
|
Hamilton Township
|
NJ
|
2.4
|
32,000
|
Office
|
|
|
2 South Gold Drive (c)
|
Hamilton Township
|
NJ
|
9.5
|
75,000
|
Office
|
|
|
Hillsborough 206 (d)
|
Hillsborough
|
NJ
|
28.1 |
160,000
|
Office
|
|
|
Plaza VIII and IX Associates, L.L.C. (d)
|
Jersey City
|
NJ
|
3.6
|
1,225,000
|
Office
|
|
|
Harborside Financial Center (e)
|
Jersey City
|
NJ
|
6.5
|
3,113,500
|
Office/Multi-family
|
|
|
One Newark Center (d)
|
Newark
|
NJ
|
1.0
|
400,000
|
Office
|
|
|
3 Campus Drive
|
Parsippany
|
NJ
|
10.0
|
124,000
|
Office
|
|
|
Mack-Cali Business Campus
|
Parsippany & Hanover
|
NJ
|
20.0
|
150,000
|
Office/Retail
|
|
|
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
|
|
|
Airport Business Center
|
Lester
|
PA
|
12.6
|
135,000
|
Office
|
|
|
Rose Tree Corporate Center
|
Media
|
PA
|
2.3
|
15,200
|
Office
|
|
|
Total Office:
|
254.8
|
9,025,200
|
||||
|
Office/Flex:
|
||||||
|
Horizon Center
|
Hamilton Township
|
NJ
|
5.3
|
68,000
|
Office/Flex/Retail
|
|
|
Mack-Cali Commercenter
|
Totowa
|
NJ
|
5.8
|
30,000
|
Office/Flex
|
|
|
Mid-Westchester Executive Park
|
Hawthorne
|
NY
|
7.2
|
82,250
|
Office/Flex
|
|
|
South Westchester Executive Park (g)
|
Yonkers
|
NY
|
52.4
|
350,000
|
Office/Flex
|
|
|
South Westchester Executive Park
|
Yonkers
|
NY
|
2.7
|
50,000
|
Office/Flex
|
|
|
Total Office/Flex:
|
73.4
|
580,250
|
||||
|
Multi-Family Residential:
|
||||||
|
LR Overlook Phase III (d)
|
Malden
|
MA
|
5.7 |
240
|
Multi-family rental
|
|
|
Freehold (d) (i)
|
Freehold
|
NJ
|
20.9 |
360
|
Multi-family rental
|
|
|
Riverpark at Harrison 5-8 (d)
|
Harrison
|
NJ
|
6.5 |
141
|
Multi-family rental
|
|
|
San Remo (d)
|
Jersey City
|
NJ
|
2.5 |
300
|
Multi-family rental
|
|
|
Liberty Landing (d)
|
Jersey City
|
NJ
|
21.0 |
1,000
|
Multi-family rental
|
|
|
Morris Township (d) (i)
|
Morris Township
|
NJ
|
5.0 |
80
|
Multi-family rental
|
|
|
Port Imperial North (d)
|
West New York
|
NJ
|
17.4 |
836
|
Multi-family rental
|
|
|
Riverwalk C (d)
|
West New York
|
NJ
|
3.9 |
363
|
Multi-family rental
|
|
|
Total Multi-Family Residential:
|
82.9 |
3,320
|
||||
|
Mixed-Use:
|
||||||
|
Downtown Crossing (d)
|
Boston
|
MA
|
1.5
|
1,481,000
|
Mixed-Use
|
|
|
Portside at Pier One 1-6 (d)
|
East Boston
|
MA
|
11.2 |
388
|
63,000
|
Mixed-Use
|
|
Overlook Ridge Land (d)
|
Malden & Revere
|
MA
|
32.9 |
896
|
160,000
|
Mixed-Use
|
|
Port Imperial South (h)
|
Weehawken
|
NJ
|
17.1 |
1,148
|
416,000
|
Mixed-Use
|
|
Total Mixed-Use
|
62.7
|
2,432
|
2,120,000
|
|||
|
Hotel:
|
||||||
|
Meadowlands Xanadu (d) (f)
|
East Rutherford
|
NJ
|
3.2
|
500,000
|
Hotel
|
|
|
Total Hotel:
|
3.2
|
500,000
|
||||
|
Industrial/Warehouse:
|
||||||
|
Elmsford Distribution Center (g)
|
Elmsford
|
NY
|
14.5
|
100,000
|
Industrial/Warehouse
|
|
|
Total Warehouse:
|
14.5
|
100,000
|
||||
|
Total
|
491.5
|
5,752
|
12,325,450
|
|
(a)
|
Number of apartment units, square feet, hotel rooms and acres are subject to change.
|
|
(b)
|
This land parcel also includes an existing office building totaling 35,270 square feet
|
|
(c)
|
This land parcel also includes an existing office building totaling 33,962 square feet.
|
|
(d)
|
Land owned or controlled by joint venture in which Mack-Cali is an equity partner.
|
|
(e)
|
In addition, there are 21 acres of riparian property. The Company intends to develop a 763 unit multi-family property on this land through a joint venture.
|
|
(f)
|
Hotel project can comprise up to 520 rooms.
|
|
(g)
|
Mack-Cali holds an option to purchase this land.
|
|
(h)
|
Project can comprise up to 321 hotel rooms.
|
|
(i)
|
Land under contract.
|
|
LEASING ACTIVITY
|
||||||||
|
Market
|
Sq. Ft.
Leased
9/30/12
|
Leased
Sq. Ft.
Acquired/Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased 12/31/12 (c)
|
Pct.
Leased
12/31/12
|
Pct.
Leased
9/30/12
|
|
Northern NJ
|
12,448,928
|
-
|
(641,799)
|
433,162
|
(208,637)
|
12,240,291
|
84.6%
|
86.1%
|
|
Central NJ
|
5,193,559
|
-
|
(203,113)
|
209,232
|
6,119
|
5,199,678
|
90.1%
|
90.0%
|
|
Westchester Co., NY
|
4,338,618
|
-
|
(251,094)
|
242,310
|
(8,784)
|
4,329,834
|
90.4%
|
90.6%
|
|
Manhattan
|
500,961
|
-
|
(109,493)
|
133,008
|
23,515
|
524,476
|
100.0%
|
95.5%
|
|
Sub. Philadelphia
|
2,932,705
|
(136,975)
|
(61,771)
|
88,436
|
26,665
|
2,822,395
|
90.1%
|
87.4%
|
|
Fairfield, CT
|
509,647
|
-
|
(422)
|
422
|
-
|
509,647
|
85.3%
|
85.3%
|
|
Washington, DC/MD
|
1,003,780
|
-
|
(14,527)
|
21,500
|
6,973
|
1,010,753
|
78.2%
|
77.6%
|
|
Rockland Co., NY
|
168,410
|
-
|
(19,148)
|
19,148
|
-
|
168,410
|
93.6%
|
93.6%
|
|
Totals
|
27,096,608
|
(136,975)
|
(1,301,367)
|
1,147,218
|
(154,149)
|
26,805,484
|
87.2%
|
87.5%
|
|
Total sq. ft. as of September 30, 2012
|
30,977,012
|
|
Total sq. ft. of properties added/(sold) this period
|
(222,258)
|
|
Total sq. ft. as of December 31, 2012
|
30,754,754
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
(c)
|
Includes leases expiring December 31, 2012 aggregating 378,901 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
|
25
|
405,718
|
64,438
|
341,280
|
5.4
|
24.38
|
3.67
|
|
|
Office/Flex
|
4
|
27,444
|
15,790
|
11,654
|
4.7
|
16.94
|
2.33
|
||
|
Central NJ
|
Office
|
27
|
187,870
|
28,489
|
159,381
|
5.3
|
23.23
|
2.91
|
|
|
Office/Flex
|
5
|
21,362
|
3,937
|
17,425
|
4.7
|
17.99
|
2.06
|
||
|
Westchester Co., NY
|
Office
|
15
|
88,264
|
13,557
|
74,707
|
3.3
|
26.90
|
3.20
|
|
|
Office/Flex
|
10
|
39,093
|
7,540
|
31,553
|
3.8
|
16.57
|
1.89
|
||
|
Industrial/Warehouse
|
2
|
114,953
|
67,721
|
47,232
|
8.7
|
13.84
|
1.28
|
||
|
Manhattan
|
Office
|
2
|
133,008
|
133,008
|
-
|
15.7
|
35.36
|
7.12
|
|
|
Sub. Philadelphia
|
Office
|
18
|
70,186
|
21,242
|
48,944
|
4.1
|
21.27
|
3.80
|
|
|
Office/Flex
|
2
|
18,250
|
14,250
|
4,000
|
4.3
|
9.37
|
2.26
|
||
|
Fairfield Co., CT
|
Office
|
1
|
422
|
-
|
422
|
1.0
|
19.58
|
0.20
|
|
|
Washington, DC/MD
|
Office
|
8
|
21,500
|
5,306
|
16,194
|
4.4
|
23.88
|
3.23
|
|
|
Rockland Co., NY
|
Office
|
1
|
19,148
|
-
|
19,148
|
5.3
|
23.81
|
5.19
|
|
|
Totals
|
120
|
1,147,218
|
375,278
|
771,940
|
6.6
|
23.59
|
4.11
|
||
|
Detail by Property Type
|
|||||||||
|
Office
|
97
|
926,116
|
266,040
|
660,076
|
6.5
|
25.70
|
4.73
|
||
|
Office/Flex
|
21
|
106,149
|
41,517
|
64,632
|
4.3
|
15.71
|
2.12
|
||
|
Industrial/Warehouse
|
2
|
114,953
|
67,721
|
47,232
|
8.7
|
13.84
|
1.28
|
||
|
Totals
|
120
|
1,147,218
|
375,278
|
771,940
|
6.6
|
23.59
|
4.11
|
||
|
Tenant Retention:
|
Leases Retained
|
69.0%
|
|||||||
|
Sq. Ft. Retained
|
59.3%
|
||||||||
|
(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 $22,778,189 and commissions of $8,152,876 committed, but not necessarily expended, during the period for second generation space aggregating 1,147,218 square feet.
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
9/30/12
|
Inventory
Acquired/
Disposed
|
Inventory
12/31/12
|
Sq. Ft.
Leased
9/30/12
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
12/31/12
|
Pct.
Leased
12/31/12
|
Pct.
Leased
9/30/12
|
|
Northern NJ
|
896,337
|
(133,803)
|
762,534
|
719,299
|
32,812
|
-
|
-
|
-
|
752,111
|
98.6%
|
80.2%
|
|
Central NJ
|
319,238
|
(226,360)
|
92,878
|
247,131
|
(151,962)
|
(2,291)
|
-
|
(2,291)
|
92,878
|
100.0%
|
77.4%
|
|
Totals
|
1,215,575
|
(360,163)
|
855,412
|
966,430
|
(119,150)
|
(2,291)
|
-
|
(2,291)
|
844,989
|
98.8%
|
79.5%
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
9/30/12
|
Inventory
Acquired/
Disposed
|
Inventory
12/31/12
|
Sq. Ft.
Leased
9/30/12
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
12/31/12
|
Pct.
Leased
12/31/12
|
Pct.
Leased
9/30/12
|
|
Northern NJ
|
-
|
81,516
|
81,516
|
-
|
37,634
|
-
|
-
|
-
|
37,634
|
46.2%
|
n/a
|
|
(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.
|
|
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
12/31/12 (c)
|
Pct.
Leased
12/31/12
|
Pct.
Leased
12/31/11
|
|
Northern NJ
|
12,771,180
|
-
|
(1,969,238)
|
1,438,349
|
(530,889)
|
12,240,291
|
84.6%
|
88.0%
|
|
Central NJ
|
5,166,040
|
-
|
(629,314)
|
662,952
|
33,638
|
5,199,678
|
90.1%
|
89.5%
|
|
Westchester Co., NY
|
4,397,432
|
-
|
(1,060,902)
|
993,304
|
(67,598)
|
4,329,834
|
90.4%
|
91.8%
|
|
Manhattan
|
500,961
|
-
|
(109,493)
|
133,008
|
23,515
|
524,476
|
100.0%
|
95.5%
|
|
Sub. Philadelphia
|
3,068,115
|
(214,081)
|
(623,056)
|
591,417
|
(31,639)
|
2,822,395
|
90.1%
|
86.9%
|
|
Fairfield, CT
|
507,737
|
-
|
(103,182)
|
105,092
|
1,910
|
509,647
|
85.3%
|
84.9%
|
|
Washington, DC/MD
|
984,751
|
-
|
(123,914)
|
149,916
|
26,002
|
1,010,753
|
78.2%
|
76.2%
|
|
Rockland Co., NY
|
155,967
|
-
|
(30,791)
|
43,234
|
12,443
|
168,410
|
93.6%
|
86.6%
|
|
Totals
|
27,552,183
|
(214,081)
|
(4,649,890)
|
4,117,272
|
(532,618)
|
26,805,484
|
87.2%
|
88.3%
|
|
Total sq. ft. as of December 31, 2011
|
31,198,836
|
|
Total sq. ft. of properties added/(sold) this period
|
(444,082)
|
|
Total sq. ft. as of December 31, 2012
|
30,754,754
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
(c)
|
Includes leases expiring December 31, 2012 aggregating 378,901 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
|
135
|
1,403,305
|
555,138
|
848,167
|
7.0
|
26.51
|
4.07
|
|
|
Office/Flex
|
5
|
35,044
|
15,790
|
19,254
|
4.4
|
16.34
|
2.22
|
||
|
Central NJ
|
Office
|
99
|
548,289
|
191,190
|
357,099
|
5.6
|
22.68
|
3.62
|
|
|
Office/Flex
|
14
|
114,663
|
8,226
|
106,437
|
3.6
|
17.13
|
1.25
|
||
|
Westchester Co., NY
|
Office
|
71
|
300,046
|
60,828
|
239,218
|
4.8
|
25.42
|
3.13
|
|
|
Office/Flex
|
60
|
501,102
|
112,171
|
388,931
|
4.9
|
16.90
|
1.77
|
||
|
Industrial/Warehouse
|
3
|
192,156
|
67,721
|
124,435
|
7.2
|
10.99
|
0.98
|
||
|
Manhattan
|
Office
|
2
|
133,008
|
133,008
|
-
|
15.7
|
35.36
|
7.12
|
|
|
Sub. Philadelphia
|
Office
|
63
|
309,697
|
82,792
|
226,905
|
3.7
|
22.76
|
3.58
|
|
|
Office/Flex
|
24
|
281,720
|
63,905
|
217,815
|
4.0
|
9.98
|
1.26
|
||
|
Fairfield Co., CT
|
Office
|
12
|
39,092
|
26,157
|
12,935
|
3.5
|
19.84
|
3.12
|
|
|
Office/Flex
|
1
|
66,000
|
-
|
66,000
|
3.0
|
13.77
|
0.20
|
||
|
Washington, DC/MD
|
Office
|
49
|
149,916
|
43,654
|
106,262
|
4.5
|
27.22
|
4.08
|
|
|
Rockland Co., NY
|
Office
|
8
|
43,234
|
17,318
|
25,916
|
6.4
|
19.81
|
4.27
|
|
|
Totals
|
546
|
4,117,272
|
1,377,898
|
2,739,374
|
5.9
|
22.24
|
3.56
|
||
|
Detail by Property Type
|
|||||||||
|
Office
|
439
|
2,926,587
|
1,110,085
|
1,816,502
|
6.4
|
25.54
|
4.23
|
||
|
Office/Flex
|
104
|
998,529
|
200,092
|
798,437
|
4.3
|
14.75
|
1.53
|
||
|
Industrial/Warehouse
|
3
|
192,156
|
67,721
|
124,435
|
7.2
|
10.99
|
0.98
|
||
|
Totals
|
546
|
4,117,272
|
1,377,898
|
2,739,374
|
5.9
|
22.24
|
3.56
|
||
|
Tenant Retention:
|
Leases Retained
|
67.0%
|
|||||||
|
Sq. Ft. Retained
|
58.9%
|
||||||||
|
(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 $61,764,347 and commissions of $24,749,824 committed, but not necessarily expended, during the period for second generation space aggregating 4,105,389 square feet.
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
9/30/12
|
Inventory
Acquired/
Disposed
|
Inventory
12/31/12
|
Sq. Ft.
Leased
9/30/12
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
12/31/12
|
Pct.
Leased
12/31/12
|
Pct.
Leased
9/30/12
|
|
Northern NJ
|
896,337
|
(133,803)
|
762,534
|
729,722
|
32,812
|
(77,096)
|
66,673
|
(10,423)
|
752,111
|
98.6%
|
81.4%
|
|
Central NJ
|
319,238
|
(226,360)
|
92,878
|
246,978
|
(151,962)
|
(12,687)
|
10,549
|
(2,138)
|
92,878
|
100.0%
|
77.4%
|
|
Totals
|
1,215,575
|
(360,163)
|
855,412
|
976,700
|
(119,150)
|
(89,783)
|
77,222
|
(12,561)
|
844,989
|
98.8%
|
80.3%
|
|
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
|
26.57
|
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
|
25.64
|
2.72
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
9/30/12
|
Inventory
Acquired/
Disposed
|
Inventory
12/31/12
|
Sq. Ft.
Leased
9/30/12
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
12/31/12
|
Pct.
Leased
12/31/12
|
Pct.
Leased
9/30/12
|
|
Northern NJ
|
-
|
81,516
|
81,516
|
-
|
37,634
|
-
|
-
|
-
|
37,634
|
46.2%
|
n/a
|
|
(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)
|
132,897,968
|
22.1
|
6,495,715
|
21.2
|
|
Jersey City, NJ
|
113,964,347
|
18.8
|
4,317,978
|
14.0
|
|
Westchester-Rockland, NY
|
89,209,705
|
14.7
|
4,968,420
|
16.2
|
|
Bergen-Passaic, NJ
|
78,357,011
|
12.9
|
4,525,854
|
14.7
|
|
Philadelphia, PA-NJ
|
48,436,204
|
8.0
|
3,133,612
|
10.2
|
|
Middlesex-Somerset-Hunterdon, NJ
|
43,372,739
|
7.2
|
2,320,685
|
7.5
|
|
Washington, DC-MD-VA-WV
|
28,732,443
|
4.7
|
1,292,807
|
4.2
|
|
Monmouth-Ocean, NJ
|
25,474,161
|
4.2
|
1,620,863
|
5.3
|
|
Trenton, NJ
|
19,142,789
|
3.2
|
956,597
|
3.1
|
|
New York (Manhattan)
|
15,925,406
|
2.6
|
524,476
|
1.7
|
|
Stamford-Norwalk, CT
|
9,885,490
|
1.6
|
597,747
|
1.9
|
|
Totals
|
605,398,263
|
100.0
|
30,754,754
|
100.0
|
|
(a)
|
Annualized base rental revenue is based on actual December 2012 billings times 12. For leases whose rent commences after January 1, 2013, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
|
|
(b)
|
Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2012 aggregating 378,901 square feet and representing annualized rent of $7,877,276 for which no new leases were signed.
|
|
(c)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
Industry Classification (a)
|
Annualized
Base Rental
Revenue
($) (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
|
85,571,664
|
14.1
|
3,095,653
|
11.8
|
|
Insurance Carriers & Related Activities
|
60,565,250
|
10.0
|
2,365,931
|
9.0
|
|
Manufacturing
|
52,611,191
|
8.7
|
2,541,294
|
9.7
|
|
Telecommunications
|
38,046,063
|
6.3
|
1,981,350
|
7.5
|
|
Legal Services
|
36,971,066
|
6.1
|
1,403,261
|
5.3
|
|
Credit Intermediation & Related Activities
|
32,914,732
|
5.4
|
1,143,739
|
4.3
|
|
Health Care & Social Assistance
|
32,286,093
|
5.3
|
1,524,160
|
5.8
|
|
Computer System Design Svcs.
|
26,140,428
|
4.3
|
1,265,834
|
4.8
|
|
Wholesale Trade
|
20,383,802
|
3.4
|
1,412,974
|
5.4
|
|
Accounting/Tax Prep.
|
20,131,527
|
3.4
|
794,144
|
3.0
|
|
Scientific Research/Development
|
19,462,732
|
3.2
|
646,208
|
2.5
|
|
Architectural/Engineering
|
17,738,645
|
2.9
|
761,291
|
2.9
|
|
Public Administration
|
15,607,872
|
2.6
|
603,345
|
2.3
|
|
Admin & Support, Waste Mgt. & Remediation Services
|
14,149,401
|
2.4
|
678,473
|
2.6
|
|
Management/Scientific
|
13,365,302
|
2.2
|
541,716
|
2.1
|
|
Real Estate & Rental & Leasing
|
12,439,355
|
2.1
|
653,558
|
2.5
|
|
Other Services (except Public Administration)
|
12,417,342
|
2.1
|
476,394
|
1.8
|
|
Arts, Entertainment & Recreation
|
12,062,952
|
2.0
|
717,680
|
2.7
|
|
Accommodation & Food Services
|
10,941,803
|
1.9
|
473,221
|
1.8
|
|
Advertising/Related Services
|
9,505,410
|
1.7
|
359,000
|
1.4
|
|
Other Professional
|
7,865,229
|
1.3
|
352,048
|
1.3
|
|
Retail Trade
|
7,487,563
|
1.2
|
453,837
|
1.7
|
|
Construction
|
6,233,171
|
1.0
|
319,205
|
1.2
|
|
Data Processing Services
|
6,176,439
|
1.0
|
240,815
|
0.9
|
|
Transportation
|
5,639,074
|
0.9
|
298,036
|
1.1
|
|
Broadcasting
|
5,124,632
|
0.8
|
185,449
|
0.7
|
|
Utilities
|
4,483,499
|
0.7
|
183,258
|
0.7
|
|
Information Services
|
4,338,013
|
0.7
|
176,430
|
0.7
|
|
Educational Services
|
3,917,714
|
0.6
|
195,910
|
0.7
|
|
Publishing Industries
|
2,948,685
|
0.5
|
151,849
|
0.6
|
|
Other
|
7,871,614
|
1.2
|
323,574
|
1.2
|
|
Totals
|
605,398,263
|
100.0
|
26,319,637
|
100.0
|
|
(a)
|
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).
|
|
(b)
|
Annualized base rental revenue is based on actual December 2012 billings times 12. For leases whose rent commences after January 1, 2013, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
|
|
(c)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(d)
|
Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2012 aggregating 378,901 square feet and representing annualized rent of $7,877,276 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
|
108
|
40.9%
|
49
|
18.6%
|
--
|
--
|
--
|
--
|
--
|
--
|
157
|
59.5%
|
|
New York
|
21
|
7.9%
|
41
|
15.4%
|
6
|
2.3%
|
2
|
0.8 %
|
2
|
0.8%
|
72
|
27.2%
|
|
Pennsylvania
|
17
|
6.4%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
17
|
6.4%
|
|
Connecticut
|
2
|
0.8%
|
5
|
1.9%
|
--
|
--
|
--
|
--
|
--
|
--
|
7
|
2.7%
|
|
Wash., D.C./
Maryland
|
10
|
3.8%
|
--
|
--
|
--
|
--
|
--
|
--
|
1
|
0.4%
|
11
|
4.2%
|
|
TOTALS
By Type:
|
158
|
59.8%
|
95
|
35.9%
|
6
|
2.3%
|
2
|
0.8%
|
3
|
1.2%
|
264
|
100.0%
|
|
(a)
|
Excludes14 properties, aggregating approximately 0.9 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
|
19,330,159
|
62.9%
|
2,189,531
|
7.0%
|
--
|
--
|
--
|
--
|
21,519,690
|
69.9%
|
|
New York
|
2,739,384
|
8.9%
|
2,348,812
|
7.6%
|
387,400
|
1.3%
|
17,300
|
0.1%
|
5,492,896
|
17.9%
|
|
Pennsylvania
|
1,851,614
|
6.0%
|
--
|
--
|
--
|
--
|
--
|
--
|
1,851,614
|
6.0%
|
|
Connecticut
|
324,747
|
1.1%
|
273,000
|
0.9%
|
--
|
--
|
--
|
--
|
597,747
|
2.0%
|
|
Wash., D.C./
Maryland
|
1,292,807
|
4.2%
|
--
|
--
|
--
|
--
|
--
|
--
|
1,292,807
|
4.2%
|
|
TOTALS
By Type:
|
25,538,711
|
83.1%
|
4,811,343
|
15.5%
|
387,400
|
1.3%
|
17,300
|
0.1%
|
30,754,754
|
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
|
$397,415
|
67.2%
|
$17,210
|
2.9%
|
--
|
--
|
--
|
--
|
--
|
--
|
$414,625
|
70.1%
|
|
New York
|
62,485
|
10.6%
|
34,397
|
5.8%
|
$4,139
|
0.7%
|
$484
|
0.1%
|
$333
|
0.1%
|
101,838
|
17.3%
|
|
Pennsylvania
|
38,238
|
6.5%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
38,238
|
6.5%
|
|
Connecticut
|
5,497
|
0.9%
|
4,342
|
0.7%
|
--
|
--
|
--
|
--
|
--
|
--
|
9,839
|
1.6%
|
|
Wash., D.C./
Maryland
|
26,755
|
4.5%
|
--
|
--
|
--
|
--
|
--
|
--
|
153
|
--
|
26,908
|
4.5%
|
|
TOTALS
By Type:
|
$530,390
|
89.7%
|
$55,949
|
9.4%
|
$4,139
|
0.7%
|
$484
|
0.1%
|
$486
|
0.1%
|
$591,448
|
100.0%
|
|
(b)
|
Total base rent for the year ended December 31, 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
|
86.3%
|
88.3%
|
--
|
--
|
86.5%
|
|
New York
|
88.1%
|
94.2%
|
97.8%
|
100.0%
|
91.4%
|
|
Pennsylvania
|
88.8%
|
--
|
--
|
--
|
88.8%
|
|
Connecticut
|
72.9%
|
100.0%
|
--
|
--
|
85.3%
|
|
Washington, D.C./ Maryland
|
78.2%
|
--
|
--
|
--
|
78.2%
|
|
WEIGHTED AVG. By Type:
|
86.1%
|
91.9%
|
97.8%
|
100.0%
|
87.2%
|
|
(a)
|
Excludes 14 properties, aggregating approximately 0.9 million square feet, which are not consolidated by the Company, and parcels of land leased to others.
|
|
(b)
|
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future as well as leases expiring December 31, 2012 aggregating 378,901 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
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
BERGEN COUNTY, NEW JERSEY
|
|||||||
|
Fair Lawn
|
|||||||
|
17-17 Route 208 North
|
1987
|
143,000
|
88.5
|
2,851
|
0.48
|
22.53
|
17.93
|
|
Fort Lee
|
|||||||
|
One Bridge Plaza
|
1981
|
200,000
|
92.3
|
4,714
|
0.80
|
25.54
|
21.42
|
|
2115 Linwood Avenue
|
1981
|
68,000
|
75.6
|
915
|
0.15
|
17.80
|
16.03
|
|
Little Ferry
|
|||||||
|
200 Riser Road
|
1974
|
286,628
|
100.0
|
2,416
|
0.41
|
8.43
|
8.15
|
|
Lyndhurst
|
|||||||
|
210 Clay Avenue
|
1981
|
121,203
|
90.9
|
2,458
|
0.42
|
22.31
|
20.03
|
|
Montvale
|
|||||||
|
135 Chestnut Ridge Road
|
1981
|
66,150
|
76.4
|
913
|
0.15
|
18.07
|
15.45
|
|
Paramus
|
|||||||
|
15 East Midland Avenue
|
1988
|
259,823
|
80.5
|
4,425
|
0.75
|
21.16
|
20.40
|
|
140 East Ridgewood Avenue
|
1981
|
239,680
|
91.9
|
5,055
|
0.85
|
22.95
|
19.55
|
|
461 From Road
|
1988
|
253,554
|
39.4
|
2,213
|
0.37
|
22.15
|
21.31
|
|
650 From Road
|
1978
|
348,510
|
67.4
|
5,756
|
0.97
|
24.50
|
21.01
|
|
61 South Paramus Road (f)
|
1985
|
269,191
|
60.8
|
4,497
|
0.76
|
27.48
|
23.98
|
|
Rochelle Park
|
|||||||
|
120 West Passaic Street
|
1972
|
52,000
|
99.6
|
1,474
|
0.25
|
28.46
|
26.82
|
|
365 West Passaic Street
|
1976
|
212,578
|
84.6
|
3,816
|
0.65
|
21.22
|
17.75
|
|
395 West Passaic Street
|
1979
|
100,589
|
65.3
|
1,030
|
0.17
|
15.68
|
12.67
|
|
Upper Saddle River
|
|||||||
|
1 Lake Street
|
1973/94
|
474,801
|
100.0
|
7,465
|
1.26
|
15.72
|
15.72
|
|
10 Mountainview Road
|
1986
|
192,000
|
82.4
|
3,216
|
0.54
|
20.33
|
18.12
|
|
Woodcliff Lake
|
|||||||
|
400 Chestnut Ridge Road
|
1982
|
89,200
|
100.0
|
1,950
|
0.33
|
21.86
|
16.32
|
|
470 Chestnut Ridge Road
|
1987
|
52,500
|
100.0
|
1,250
|
0.21
|
23.81
|
18.67
|
|
530 Chestnut Ridge Road
|
1986
|
57,204
|
100.0
|
852
|
0.14
|
14.89
|
13.60
|
|
50 Tice Boulevard
|
1984
|
235,000
|
85.9
|
5,457
|
0.92
|
27.03
|
23.66
|
|
300 Tice Boulevard
|
1991
|
230,000
|
100.0
|
6,123
|
1.04
|
26.62
|
24.25
|
|
ESSEX COUNTY, NEW JERSEY
|
|||||||
|
Millburn
|
|||||||
|
150 J.F. Kennedy Parkway
|
1980
|
247,476
|
58.7
|
6,839
|
1.16
|
47.08
|
40.64
|
|
Borough of Roseland
|
|||||||
|
4 Becker Farm Road
|
1983
|
281,762
|
96.2
|
6,828
|
1.15
|
25.19
|
23.07
|
|
5 Becker Farm Road
|
1982
|
118,343
|
92.6
|
2,374
|
0.40
|
21.66
|
19.46
|
|
6 Becker Farm Road
|
1982
|
129,732
|
78.3
|
2,574
|
0.44
|
25.34
|
23.55
|
|
101 Eisenhower Parkway
|
1980
|
237,000
|
84.6
|
4,859
|
0.82
|
24.23
|
20.63
|
|
103 Eisenhower Parkway
|
1985
|
151,545
|
63.3
|
2,186
|
0.37
|
22.79
|
19.05
|
|
105 Eisenhower Parkway
|
2001
|
220,000
|
80.9
|
4,943
|
0.84
|
27.77
|
20.79
|
|
75 Livingston Avenue
|
1985
|
94,221
|
64.2
|
1,129
|
0.19
|
18.66
|
14.32
|
|
85 Livingston Avenue
|
1985
|
124,595
|
84.8
|
2,711
|
0.46
|
25.66
|
23.73
|
|
HUDSON COUNTY, NEW JERSEY
|
|||||||
|
Jersey City
|
|||||||
|
Harborside Financial Center Plaza 1
|
1983
|
400,000
|
100.0
|
11,318
|
1.91
|
28.30
|
24.64
|
|
Harborside Financial Center Plaza 2
|
1990
|
761,200
|
97.5
|
18,339
|
3.10
|
24.71
|
22.48
|
|
Harborside Financial Center Plaza 3
|
1990
|
725,600
|
86.0
|
19,680
|
3.33
|
31.54
|
29.01
|
|
Property Listing
Office Properties
(continued)
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
Harborside Financial Center Plaza 4-A
|
2000
|
207,670
|
100.0
|
6,392
|
1.08
|
30.78
|
26.90
|
|
Harborside Financial Center Plaza 5
|
2002
|
977,225
|
84.1
|
33,225
|
5.62
|
40.43
|
35.07
|
|
101 Hudson Street
|
1992
|
1,246,283
|
89.0
|
29,587
|
5.01
|
26.67
|
23.48
|
|
MERCER COUNTY, NEW JERSEY
|
|||||||
|
Hamilton Township
|
|||||||
|
3 AAA Drive
|
1981
|
35,270
|
89.7
|
633
|
0.11
|
20.01
|
15.46
|
|
600 Horizon Drive
|
2002
|
95,000
|
100.0
|
1,400
|
0.24
|
14.74
|
14.67
|
|
700 Horizon Drive
|
2007
|
120,000
|
100.0
|
2,459
|
0.42
|
20.49
|
18.33
|
|
2 South Gold Drive
|
1974
|
33,962
|
61.6
|
224
|
0.04
|
10.71
|
8.13
|
|
Princeton
|
|||||||
|
103 Carnegie Center
|
1984
|
96,000
|
94.0
|
2,031
|
0.34
|
22.51
|
18.67
|
|
2 Independence Way
|
1981
|
67,401
|
100.0
|
1,531
|
0.26
|
22.71
|
22.15
|
|
3 Independence Way
|
1983
|
111,300
|
96.0
|
1,981
|
0.33
|
18.54
|
14.28
|
|
100 Overlook Center
|
1988
|
149,600
|
89.6
|
3,750
|
0.63
|
27.98
|
25.16
|
|
5 Vaughn Drive
|
1987
|
98,500
|
94.5
|
2,274
|
0.38
|
24.43
|
20.47
|
|
MIDDLESEX COUNTY, NEW JERSEY
|
|||||||
|
East Brunswick
|
|||||||
|
377 Summerhill Road
|
1977
|
40,000
|
100.0
|
372
|
0.06
|
9.30
|
8.98
|
|
Edison
|
|||||||
|
343 Thornall Street (c)
|
1991
|
195,709
|
89.6
|
3,345
|
0.57
|
19.08
|
15.75
|
|
Piscataway
|
|||||||
|
30 Knightsbridge Road, Bldg. 3
|
1977
|
160,000
|
100.0
|
2,445
|
0.41
|
15.28
|
15.28
|
|
30 Knightsbridge Road, Bldg. 4
|
1977
|
115,000
|
100.0
|
1,757
|
0.30
|
15.28
|
15.28
|
|
30 Knightsbridge Road, Bldg. 5
|
1977
|
332,607
|
92.9
|
5,180
|
0.88
|
16.76
|
12.69
|
|
30 Knightsbridge Road, Bldg. 6
|
1977
|
72,743
|
63.8
|
239
|
0.04
|
5.15
|
3.99
|
|
Plainsboro
|
|||||||
|
500 College Road East (f)
|
1984
|
158,235
|
82.9
|
2,811
|
0.48
|
21.43
|
16.81
|
|
Woodbridge
|
|||||||
|
581 Main Street
|
1991
|
200,000
|
99.3
|
4,968
|
0.84
|
25.02
|
21.65
|
|
MONMOUTH COUNTY, NEW JERSEY
|
|||||||
|
Freehold
|
|||||||
|
2 Paragon Way
|
1989
|
44,524
|
47.2
|
441
|
0.07
|
20.98
|
17.56
|
|
3 Paragon Way
|
1991
|
66,898
|
88.2
|
797
|
0.13
|
13.51
|
9.00
|
|
4 Paragon Way
|
2002
|
63,989
|
30.8
|
531
|
0.09
|
26.94
|
26.94
|
|
100 Willow Brook Road
|
1988
|
60,557
|
57.4
|
741
|
0.13
|
21.32
|
18.50
|
|
Holmdel
|
|||||||
|
23 Main Street
|
1977
|
350,000
|
100.0
|
4,012
|
0.68
|
11.46
|
8.63
|
|
Middletown
|
|||||||
|
One River Centre Bldg. 1
|
1983
|
122,594
|
86.1
|
2,796
|
0.47
|
26.49
|
22.78
|
|
One River Centre Bldg. 2
|
1983
|
120,360
|
94.5
|
2,599
|
0.44
|
22.85
|
19.30
|
|
One River Centre Bldg. 3 and 4
|
1984
|
214,518
|
93.3
|
4,519
|
0.76
|
22.58
|
21.38
|
|
Neptune
|
|||||||
|
3600 Route 66
|
1989
|
180,000
|
100.0
|
2,400
|
0.41
|
13.33
|
12.06
|
|
Wall Township
|
|||||||
|
1305 Campus Parkway
|
1988
|
23,350
|
72.3
|
361
|
0.06
|
21.38
|
18.48
|
|
1350 Campus Parkway
|
1990
|
79,747
|
99.9
|
1,135
|
0.19
|
14.25
|
12.55
|
|
Property Listing
Office Properties
(continued)
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
MORRIS COUNTY, NEW JERSEY
|
|||||||
|
Florham Park
|
|||||||
|
325 Columbia Turnpike
|
1987
|
168,144
|
100.0
|
3,899
|
0.66
|
23.19
|
19.16
|
|
Morris Plains
|
|||||||
|
250 Johnson Road
|
1977
|
75,000
|
100.0
|
1,514
|
0.26
|
20.19
|
18.05
|
|
201 Littleton Road
|
1979
|
88,369
|
75.4
|
949
|
0.16
|
14.24
|
11.50
|
|
Morris Township
|
|||||||
|
412 Mt. Kemble Avenue
|
1986
|
475,100
|
67.9
|
6,601
|
1.12
|
20.46
|
16.13
|
|
Parsippany
|
|||||||
|
4 Campus Drive
|
1983
|
147,475
|
71.2
|
1,960
|
0.33
|
18.67
|
15.01
|
|
6 Campus Drive
|
1983
|
148,291
|
78.2
|
2,862
|
0.48
|
24.68
|
20.84
|
|
7 Campus Drive
|
1982
|
154,395
|
78.0
|
2,590
|
0.44
|
21.51
|
17.17
|
|
8 Campus Drive
|
1987
|
215,265
|
66.4
|
3,748
|
0.63
|
26.22
|
23.42
|
|
9 Campus Drive
|
1983
|
156,495
|
40.9
|
1,412
|
0.24
|
22.06
|
18.58
|
|
4 Century Drive
|
1981
|
100,036
|
62.5
|
1,142
|
0.19
|
18.27
|
14.39
|
|
5 Century Drive
|
1981
|
79,739
|
52.0
|
894
|
0.15
|
21.56
|
16.52
|
|
6 Century Drive
|
1981
|
100,036
|
58.0
|
591
|
0.10
|
10.19
|
7.45
|
|
2 Dryden Way
|
1990
|
6,216
|
100.0
|
99
|
0.02
|
15.93
|
14.64
|
|
4 Gatehall Drive
|
1988
|
248,480
|
86.0
|
6,193
|
1.05
|
28.98
|
25.39
|
|
2 Hilton Court
|
1991
|
181,592
|
100.0
|
6,529
|
1.11
|
35.95
|
31.80
|
|
1633 Littleton Road
|
1978
|
57,722
|
100.0
|
1,131
|
0.19
|
19.59
|
19.59
|
|
600 Parsippany Road
|
1978
|
96,000
|
90.4
|
1,622
|
0.27
|
18.69
|
14.85
|
|
1 Sylvan Way
|
1989
|
150,557
|
96.0
|
3,714
|
0.63
|
25.70
|
20.92
|
|
4 Sylvan Way
|
1984
|
105,135
|
100.0
|
1,929
|
0.33
|
18.35
|
16.47
|
|
5 Sylvan Way
|
1989
|
151,383
|
85.6
|
3,809
|
0.64
|
29.39
|
27.00
|
|
7 Sylvan Way
|
1987
|
145,983
|
100.0
|
3,289
|
0.56
|
22.53
|
21.20
|
|
22 Sylvan Way
|
2009
|
249,409
|
100.0
|
6,327
|
1.07
|
25.37
|
22.98
|
|
20 Waterview Boulevard
|
1988
|
225,550
|
93.8
|
4,982
|
0.84
|
23.55
|
21.10
|
|
35 Waterview Boulevard
|
1990
|
172,498
|
93.8
|
4,242
|
0.72
|
26.22
|
23.58
|
|
5 Wood Hollow Road
|
1979
|
317,040
|
88.1
|
5,838
|
0.99
|
20.90
|
16.58
|
|
PASSAIC COUNTY, NEW JERSEY
|
|||||||
|
Clifton
|
|||||||
|
777 Passaic Avenue
|
1983
|
75,000
|
67.0
|
1,133
|
0.19
|
22.55
|
20.16
|
|
Totowa
|
|||||||
|
999 Riverview Drive
|
1988
|
56,066
|
89.2
|
669
|
0.11
|
13.38
|
11.38
|
|
SOMERSET COUNTY, NEW JERSEY
|
|||||||
|
Basking Ridge
|
|||||||
|
222 Mt. Airy Road
|
1986
|
49,000
|
100.0
|
1,079
|
0.18
|
22.02
|
17.82
|
|
233 Mt. Airy Road
|
1987
|
66,000
|
24.7
|
27
|
0.00
|
1.66
|
1.66
|
|
Bernards
|
|||||||
|
106 Allen Road
|
2000
|
132,010
|
63.6
|
2,516
|
0.43
|
29.97
|
24.86
|
|
Branchburg
|
|||||||
|
51 Imclone Drive
|
1986
|
63,213
|
100.0
|
537
|
0.09
|
8.50
|
7.91
|
|
Bridgewater
|
|||||||
|
55 Corporate Drive (g)
|
2011
|
204,057
|
100.0
|
4,847
|
0.82
|
23.75
|
20.99
|
|
440 Route 22 East
|
1990
|
198,376
|
93.4
|
4,637
|
0.78
|
25.03
|
21.71
|
|
721 Route 202/206
|
1989
|
192,741
|
92.1
|
3,911
|
0.66
|
22.03
|
15.77
|
|
Warren
|
|||||||
|
10 Independence Boulevard
|
1988
|
120,528
|
86.3
|
2,667
|
0.45
|
25.64
|
25.42
|
|
Property Listing
Office Properties
(continued)
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
UNION COUNTY, NEW JERSEY
|
|||||||
|
Clark
|
|||||||
|
100 Walnut Avenue
|
1985
|
182,555
|
100.0
|
4,747
|
0.80
|
26.00
|
22.33
|
|
Cranford
|
|||||||
|
6 Commerce Drive
|
1973
|
56,000
|
93.3
|
1,014
|
0.17
|
19.41
|
17.30
|
|
11 Commerce Drive
|
1981
|
90,000
|
95.0
|
2,169
|
0.37
|
25.37
|
21.71
|
|
12 Commerce Drive
|
1967
|
72,260
|
84.7
|
923
|
0.16
|
15.08
|
13.07
|
|
14 Commerce Drive
|
1971
|
67,189
|
85.2
|
1,194
|
0.20
|
20.86
|
16.11
|
|
20 Commerce Drive
|
1990
|
176,600
|
99.6
|
3,990
|
0.67
|
22.68
|
19.94
|
|
25 Commerce Drive
|
1971
|
67,749
|
82.0
|
1,342
|
0.23
|
24.16
|
21.26
|
|
65 Jackson Drive
|
1984
|
82,778
|
84.4
|
1,534
|
0.26
|
21.96
|
19.19
|
|
New Providence
|
|||||||
|
890 Mountain Avenue
|
1977
|
80,000
|
72.6
|
1,051
|
0.18
|
18.10
|
16.29
|
|
Total New Jersey Office
|
19,330,159
|
86.3
|
397,415
|
67.19
|
23.82
|
20.79
|
|
|
NEW YORK COUNTY, NEW YORK
|
|||||||
|
New York
|
|||||||
|
125 Broad Street
|
1970
|
524,476
|
100.0
|
16,055
|
2.72
|
30.61
|
26.62
|
|
ROCKLAND COUNTY, NEW YORK
|
|||||||
|
Suffern
|
|||||||
|
400 Rella Boulevard
|
1988
|
180,000
|
93.6
|
3,664
|
0.62
|
21.75
|
19.24
|
|
WESTCHESTER COUNTY, NEW YORK
|
|||||||
|
Elmsford
|
|||||||
|
100 Clearbrook Road (c)
|
1975
|
60,000
|
83.3
|
1,002
|
0.17
|
20.05
|
18.11
|
|
101 Executive Boulevard
|
1971
|
50,000
|
0.0
|
82
|
0.01
|
0.00
|
0.00
|
|
555 Taxter Road
|
1986
|
170,554
|
68.7
|
3,045
|
0.51
|
25.99
|
20.21
|
|
565 Taxter Road
|
1988
|
170,554
|
82.8
|
3,526
|
0.60
|
24.97
|
21.61
|
|
570 Taxter Road
|
1972
|
75,000
|
66.1
|
1,279
|
0.22
|
25.80
|
23.56
|
|
Hawthorne
|
|||||||
|
1 Skyline Drive
|
1980
|
20,400
|
99.0
|
319
|
0.05
|
15.80
|
15.25
|
|
2 Skyline Drive
|
1987
|
30,000
|
100.0
|
543
|
0.09
|
18.10
|
12.60
|
|
7 Skyline Drive
|
1987
|
109,000
|
82.0
|
2,190
|
0.37
|
24.50
|
20.04
|
|
17 Skyline Drive (f)
|
1989
|
85,000
|
100.0
|
1,692
|
0.29
|
19.91
|
19.27
|
|
19 Skyline Drive (g)
|
1982
|
248,400
|
100.0
|
4,036
|
0.68
|
16.25
|
15.24
|
|
Tarrytown
|
|||||||
|
200 White Plains Road
|
1982
|
89,000
|
78.8
|
1,698
|
0.29
|
24.21
|
21.16
|
|
220 White Plains Road
|
1984
|
89,000
|
88.9
|
1,664
|
0.28
|
21.03
|
18.50
|
|
White Plains
|
|||||||
|
1 Barker Avenue
|
1975
|
68,000
|
99.8
|
1,792
|
0.30
|
26.41
|
23.41
|
|
3 Barker Avenue
|
1983
|
65,300
|
94.1
|
1,536
|
0.26
|
25.00
|
23.03
|
|
50 Main Street
|
1985
|
309,000
|
85.2
|
8,190
|
1.38
|
31.11
|
27.47
|
|
11 Martine Avenue
|
1987
|
180,000
|
79.3
|
4,483
|
0.76
|
31.41
|
27.11
|
|
1 Water Street
|
1979
|
45,700
|
78.6
|
994
|
0.17
|
27.67
|
24.86
|
|
Yonkers
|
|||||||
|
1 Executive Boulevard
|
1982
|
112,000
|
100.0
|
2,962
|
0.50
|
26.45
|
23.91
|
|
3 Executive Boulevard
|
1987
|
58,000
|
100.0
|
1,733
|
0.29
|
29.88
|
28.05
|
|
Total New York Office
|
2,739,384
|
88.1
|
62,485
|
10.56
|
25.88
|
22.75
|
|
|
Property Listing
Office Properties
(continued)
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
CHESTER COUNTY, PENNSYLVANIA
|
|||||||
|
Berwyn
|
|||||||
|
1000 Westlakes Drive
|
1989
|
60,696
|
69.5
|
925
|
0.16
|
21.93
|
19.37
|
|
1055 Westlakes Drive
|
1990
|
118,487
|
81.2
|
2,098
|
0.35
|
21.81
|
18.57
|
|
1205 Westlakes Drive
|
1988
|
130,265
|
99.1
|
3,026
|
0.51
|
23.44
|
20.70
|
|
1235 Westlakes Drive
|
1986
|
134,902
|
86.5
|
2,795
|
0.47
|
23.95
|
20.68
|
|
DELAWARE COUNTY, PENNSYLVANIA
|
|||||||
|
Lester
|
|||||||
|
100 Stevens Drive
|
1986
|
95,000
|
100.0
|
2,771
|
0.47
|
29.17
|
26.55
|
|
200 Stevens Drive
|
1987
|
208,000
|
100.0
|
6,083
|
1.03
|
29.25
|
26.97
|
|
300 Stevens Drive
|
1992
|
68,000
|
100.0
|
1,522
|
0.26
|
22.38
|
18.41
|
|
Media
|
|||||||
|
1400 Providence Road – Center I
|
1986
|
100,000
|
98.5
|
2,086
|
0.35
|
21.18
|
18.08
|
|
1400 Providence Road – Center II
|
1990
|
160,000
|
100.0
|
3,564
|
0.60
|
22.28
|
18.79
|
|
MONTGOMERY COUNTY, PENNSYLVANIA
|
|||||||
|
Bala Cynwyd
|
|||||||
|
150 Monument Road
|
1981
|
125,783
|
93.7
|
2,666
|
0.45
|
22.62
|
19.15
|
|
Blue Bell
|
|||||||
|
4 Sentry Park
|
1982
|
63,930
|
83.5
|
1,051
|
0.18
|
19.69
|
15.55
|
|
5 Sentry Park East
|
1984
|
91,600
|
58.5
|
1,175
|
0.20
|
21.93
|
15.45
|
|
5 Sentry Park West
|
1984
|
38,400
|
68.3
|
253
|
0.04
|
9.65
|
8.50
|
|
16 Sentry Park West
|
1988
|
93,093
|
100.0
|
2,276
|
0.39
|
24.45
|
21.47
|
|
18 Sentry Park West
|
1988
|
95,010
|
75.4
|
2,092
|
0.35
|
29.20
|
25.42
|
|
Lower Providence
|
|||||||
|
1000 Madison Avenue
|
1990
|
100,700
|
82.0
|
1,240
|
0.21
|
15.02
|
10.29
|
|
Plymouth Meeting
|
|||||||
|
1150 Plymouth Meeting Mall
|
1970
|
167,748
|
78.7
|
2,615
|
0.44
|
19.81
|
16.14
|
|
Total Pennsylvania Office
|
1,851,614
|
88.8
|
38,238
|
6.46
|
23.26
|
19.95
|
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
|||||||
|
Norwalk
|
|||||||
|
40 Richards Avenue
|
1985
|
145,487
|
59.5
|
1,898
|
0.32
|
21.93
|
17.66
|
|
Stamford
|
|||||||
|
1266 East Main Street
|
1984
|
179,260
|
83.7
|
3,599
|
0.61
|
23.99
|
19.40
|
|
Total Connecticut Office
|
324,747
|
72.9
|
5,497
|
0.93
|
23.23
|
18.77
|
|
|
WASHINGTON, D.C.
|
|||||||
|
1201 Connecticut Avenue, NW
|
1940
|
169,549
|
99.0
|
6,520
|
1.10
|
38.84
|
35.19
|
|
1400 L Street, NW
|
1987
|
159,000
|
100.0
|
5,626
|
0.95
|
35.38
|
29.91
|
|
Total District of Columbia Office
|
328,549
|
99.5
|
12,146
|
2.05
|
37.16
|
32.62
|
|
|
PRINCE GEORGE’S COUNTY, MARYLAND
|
|||||||
|
Greenbelt
|
|||||||
|
9200 Edmonston Road
|
1973
|
38,690
|
100.0
|
910
|
0.15
|
23.52
|
21.17
|
|
Property Listing
Office Properties
(continued)
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
6301 Ivy Lane
|
1979
|
112,003
|
76.6
|
1,844
|
0.31
|
21.49
|
18.66
|
|
6303 Ivy Lane
|
1980
|
112,047
|
85.6
|
2,362
|
0.40
|
24.63
|
21.51
|
|
6305 Ivy Lane
|
1982
|
112,022
|
97.8
|
1,986
|
0.34
|
18.13
|
15.94
|
|
6404 Ivy Lane
|
1987
|
165,234
|
71.5
|
2,405
|
0.41
|
20.36
|
15.33
|
|
6406 Ivy Lane
|
1991
|
163,857
|
13.2
|
89
|
0.02
|
4.11
|
3.33
|
|
6411 Ivy Lane
|
1984
|
138,405
|
69.9
|
2,139
|
0.36
|
22.11
|
18.85
|
|
Lanham
|
|||||||
|
4200 Parliament Place
|
1989
|
122,000
|
96.3
|
2,874
|
0.49
|
24.46
|
22.57
|
|
Total Maryland Office
|
964,258
|
70.9
|
14,609
|
2.48
|
21.36
|
18.40
|
|
|
TOTAL OFFICE PROPERTIES
|
25,538,711
|
86.1
|
530,390
|
89.67
|
24.12
|
21.02
|
|
|
Property Listing
Office/Flex Properties
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
BURLINGTON COUNTY, NEW JERSEY
|
|||||||
|
Burlington
|
|||||||
|
3 Terri Lane
|
1991
|
64,500
|
85.8
|
528
|
0.09
|
9.54
|
8.17
|
|
5 Terri Lane
|
1992
|
74,555
|
100.0
|
609
|
0.10
|
8.17
|
6.59
|
|
Moorestown
|
|||||||
|
2 Commerce Drive
|
1986
|
49,000
|
75.6
|
218
|
0.04
|
5.88
|
4.70
|
|
101 Commerce Drive
|
1988
|
64,700
|
100.0
|
275
|
0.05
|
4.25
|
3.85
|
|
102 Commerce Drive
|
1987
|
38,400
|
87.5
|
234
|
0.04
|
6.96
|
4.29
|
|
201 Commerce Drive
|
1986
|
38,400
|
75.0
|
88
|
0.01
|
3.06
|
1.88
|
|
202 Commerce Drive
|
1988
|
51,200
|
91.8
|
230
|
0.04
|
4.89
|
4.30
|
|
1 Executive Drive
|
1989
|
20,570
|
90.8
|
120
|
0.02
|
6.42
|
4.77
|
|
2 Executive Drive
|
1988
|
60,800
|
65.8
|
228
|
0.04
|
5.70
|
5.17
|
|
101 Executive Drive
|
1990
|
29,355
|
99.7
|
297
|
0.05
|
10.15
|
7.89
|
|
102 Executive Drive
|
1990
|
64,000
|
100.0
|
474
|
0.08
|
7.41
|
7.30
|
|
225 Executive Drive
|
1990
|
50,600
|
79.1
|
255
|
0.04
|
6.37
|
4.80
|
|
97 Foster Road
|
1982
|
43,200
|
100.0
|
168
|
0.03
|
3.89
|
2.82
|
|
1507 Lancer Drive
|
1995
|
32,700
|
100.0
|
97
|
0.02
|
2.97
|
2.20
|
|
1245 North Church Street
|
1998
|
52,810
|
100.0
|
292
|
0.05
|
5.53
|
4.75
|
|
1247 North Church Street
|
1998
|
52,790
|
80.7
|
291
|
0.05
|
6.83
|
5.63
|
|
1256 North Church Street
|
1984
|
63,495
|
100.0
|
473
|
0.08
|
7.45
|
6.50
|
|
840 North Lenola Road
|
1995
|
38,300
|
100.0
|
371
|
0.06
|
9.69
|
7.94
|
|
844 North Lenola Road
|
1995
|
28,670
|
100.0
|
201
|
0.03
|
7.01
|
6.31
|
|
915 North Lenola Road
|
1998
|
52,488
|
100.0
|
293
|
0.05
|
5.58
|
4.59
|
|
2 Twosome Drive
|
2000
|
48,600
|
100.0
|
279
|
0.05
|
5.74
|
3.44
|
|
30 Twosome Drive
|
1997
|
39,675
|
100.0
|
303
|
0.05
|
7.64
|
6.15
|
|
31 Twosome Drive
|
1998
|
84,200
|
100.0
|
432
|
0.07
|
5.13
|
4.66
|
|
40 Twosome Drive
|
1996
|
40,265
|
86.6
|
242
|
0.04
|
6.94
|
6.19
|
|
41 Twosome Drive
|
1998
|
43,050
|
100.0
|
195
|
0.03
|
4.53
|
4.00
|
|
50 Twosome Drive
|
1997
|
34,075
|
56.0
|
244
|
0.04
|
12.79
|
12.05
|
|
GLOUCESTER COUNTY, NEW JERSEY
|
|||||||
|
West Deptford
|
|||||||
|
1451 Metropolitan Drive
|
1996
|
21,600
|
100.0
|
120
|
0.02
|
5.56
|
5.28
|
|
MERCER COUNTY, NEW JERSEY
|
|||||||
|
Hamilton Township
|
|||||||
|
100 Horizon Center Boulevard
|
1989
|
13,275
|
100.0
|
71
|
0.01
|
5.35
|
2.79
|
|
200 Horizon Drive
|
1991
|
45,770
|
100.0
|
695
|
0.12
|
15.18
|
13.48
|
|
300 Horizon Drive
|
1989
|
69,780
|
53.2
|
465
|
0.08
|
12.53
|
9.46
|
|
500 Horizon Drive
|
1990
|
41,205
|
93.8
|
578
|
0.10
|
14.95
|
13.27
|
|
MONMOUTH COUNTY, NEW JERSEY
|
|||||||
|
Wall Township
|
|||||||
|
1325 Campus Parkway
|
1988
|
35,000
|
100.0
|
642
|
0.11
|
18.34
|
15.34
|
|
1340 Campus Parkway
|
1992
|
72,502
|
100.0
|
933
|
0.16
|
12.87
|
10.52
|
|
1345 Campus Parkway
|
1995
|
76,300
|
100.0
|
1,047
|
0.18
|
13.72
|
10.85
|
|
1433 Highway 34
|
1985
|
69,020
|
66.2
|
482
|
0.08
|
10.55
|
8.80
|
|
1320 Wyckoff Avenue
|
1986
|
20,336
|
100.0
|
222
|
0.04
|
10.92
|
8.36
|
|
1324 Wyckoff Avenue
|
1987
|
21,168
|
87.1
|
175
|
0.03
|
9.49
|
5.15
|
|
Property Listing
Office/Flex Properties
(continued)
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
PASSAIC COUNTY, NEW JERSEY
|
|||||||
|
Totowa
|
|||||||
|
1 Center Court
|
1999
|
38,961
|
100.0
|
594
|
0.10
|
15.25
|
13.17
|
|
2 Center Court
|
1998
|
30,600
|
62.8
|
229
|
0.04
|
11.92
|
9.78
|
|
11 Commerce Way
|
1989
|
47,025
|
88.9
|
418
|
0.07
|
10.00
|
7.22
|
|
20 Commerce Way
|
1992
|
42,540
|
61.1
|
267
|
0.05
|
10.27
|
9.93
|
|
29 Commerce Way
|
1990
|
48,930
|
20.4
|
228
|
0.04
|
22.84
|
19.54
|
|
40 Commerce Way
|
1987
|
50,576
|
86.3
|
534
|
0.09
|
12.23
|
8.96
|
|
45 Commerce Way
|
1992
|
51,207
|
100.0
|
519
|
0.09
|
10.14
|
8.08
|
|
60 Commerce Way
|
1988
|
50,333
|
89.1
|
548
|
0.09
|
12.22
|
10.15
|
|
80 Commerce Way
|
1996
|
22,500
|
100.0
|
295
|
0.05
|
13.11
|
11.16
|
|
100 Commerce Way
|
1996
|
24,600
|
88.6
|
323
|
0.05
|
14.82
|
12.62
|
|
120 Commerce Way
|
1994
|
9,024
|
100.0
|
98
|
0.02
|
10.86
|
8.64
|
|
140 Commerce Way
|
1994
|
26,881
|
89.3
|
290
|
0.05
|
12.08
|
9.66
|
|
Total New Jersey Office/Flex
|
2,189,531
|
88.3
|
17,210
|
2.92
|
8.90
|
7.33
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
|||||||
|
Elmsford
|
|||||||
|
11 Clearbrook Road
|
1974
|
31,800
|
100.0
|
409
|
0.07
|
12.86
|
11.51
|
|
75 Clearbrook Road
|
1990
|
32,720
|
100.0
|
335
|
0.06
|
10.24
|
9.14
|
|
125 Clearbrook Road
|
2002
|
33,000
|
100.0
|
740
|
0.13
|
22.42
|
19.67
|
|
150 Clearbrook Road
|
1975
|
74,900
|
100.0
|
850
|
0.14
|
11.35
|
9.07
|
|
175 Clearbrook Road
|
1973
|
98,900
|
100.0
|
1,484
|
0.25
|
15.01
|
13.70
|
|
200 Clearbrook Road
|
1974
|
94,000
|
99.8
|
1,237
|
0.21
|
13.19
|
11.32
|
|
250 Clearbrook Road
|
1973
|
155,000
|
94.5
|
1,034
|
0.17
|
7.06
|
6.41
|
|
50 Executive Boulevard
|
1969
|
45,200
|
64.5
|
383
|
0.06
|
13.14
|
12.18
|
|
77 Executive Boulevard
|
1977
|
13,000
|
100.0
|
244
|
0.04
|
18.77
|
16.62
|
|
85 Executive Boulevard
|
1968
|
31,000
|
86.2
|
500
|
0.08
|
18.71
|
16.13
|
|
300 Executive Boulevard
|
1970
|
60,000
|
100.0
|
766
|
0.13
|
12.77
|
11.60
|
|
350 Executive Boulevard
|
1970
|
15,400
|
99.4
|
137
|
0.02
|
8.95
|
7.71
|
|
399 Executive Boulevard
|
1962
|
80,000
|
100.0
|
1,038
|
0.18
|
12.98
|
12.40
|
|
400 Executive Boulevard
|
1970
|
42,200
|
75.4
|
614
|
0.10
|
19.30
|
16.00
|
|
500 Executive Boulevard
|
1970
|
41,600
|
100.0
|
757
|
0.13
|
18.20
|
16.61
|
|
525 Executive Boulevard
|
1972
|
61,700
|
100.0
|
1,002
|
0.17
|
16.24
|
14.96
|
|
1 Westchester Plaza
|
1967
|
25,000
|
100.0
|
314
|
0.05
|
12.56
|
10.44
|
|
2 Westchester Plaza
|
1968
|
25,000
|
100.0
|
546
|
0.09
|
21.84
|
21.08
|
|
3 Westchester Plaza
|
1969
|
93,500
|
97.9
|
1,050
|
0.18
|
11.47
|
9.92
|
|
4 Westchester Plaza
|
1969
|
44,700
|
100.0
|
688
|
0.12
|
15.39
|
12.95
|
|
5 Westchester Plaza
|
1969
|
20,000
|
100.0
|
250
|
0.04
|
12.50
|
7.20
|
|
6 Westchester Plaza
|
1968
|
20,000
|
89.8
|
259
|
0.04
|
14.42
|
13.47
|
|
7 Westchester Plaza
|
1972
|
46,200
|
100.0
|
676
|
0.11
|
14.63
|
14.13
|
|
8 Westchester Plaza
|
1971
|
67,200
|
100.0
|
863
|
0.15
|
12.84
|
10.24
|
|
Hawthorne
|
|||||||
|
200 Saw Mill River Road
|
1965
|
51,100
|
100.0
|
646
|
0.11
|
12.64
|
11.51
|
|
4 Skyline Drive
|
1987
|
80,600
|
100.0
|
1,536
|
0.26
|
19.06
|
15.86
|
|
5 Skyline Drive
|
1980
|
124,022
|
96.1
|
1,527
|
0.26
|
12.81
|
11.61
|
|
6 Skyline Drive
|
1980
|
44,155
|
72.8
|
615
|
0.10
|
19.13
|
13.69
|
|
8 Skyline Drive
|
1985
|
50,000
|
85.4
|
905
|
0.15
|
21.19
|
17.89
|
|
10 Skyline Drive
|
1985
|
20,000
|
100.0
|
395
|
0.07
|
19.75
|
16.55
|
|
Property Listing
Office/Flex Properties
(continued)
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
11 Skyline Drive (f)
|
1989
|
45,000
|
100.0
|
942
|
0.16
|
20.93
|
20.76
|
|
12 Skyline Drive (f)
|
1999
|
46,850
|
68.5
|
571
|
0.10
|
17.79
|
15.14
|
|
15 Skyline Drive (f)
|
1989
|
55,000
|
18.7
|
699
|
0.12
|
67.96
|
66.21
|
|
Yonkers
|
|||||||
|
100 Corporate Boulevard
|
1987
|
78,000
|
98.3
|
1,559
|
0.26
|
20.33
|
19.08
|
|
200 Corporate Boulevard South
|
1990
|
84,000
|
100.0
|
1,649
|
0.28
|
19.63
|
17.55
|
|
4 Executive Plaza
|
1986
|
80,000
|
100.0
|
1,364
|
0.23
|
17.05
|
14.10
|
|
6 Executive Plaza
|
1987
|
80,000
|
100.0
|
1,549
|
0.26
|
19.36
|
17.89
|
|
1 Odell Plaza
|
1980
|
106,000
|
92.5
|
1,224
|
0.21
|
12.48
|
10.75
|
|
3 Odell Plaza
|
1984
|
71,065
|
100.0
|
1,596
|
0.27
|
22.46
|
20.83
|
|
5 Odell Plaza
|
1983
|
38,400
|
99.6
|
647
|
0.11
|
16.92
|
13.39
|
|
7 Odell Plaza
|
1984
|
42,600
|
99.6
|
797
|
0.13
|
18.78
|
17.32
|
|
Total New York Office/Flex
|
2,348,812
|
94.2
|
34,397
|
5.80
|
15.55
|
13.76
|
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
|||||||
|
Stamford
|
|||||||
|
419 West Avenue
|
1986
|
88,000
|
100.0
|
1,576
|
0.27
|
17.91
|
15.27
|
|
500 West Avenue
|
1988
|
25,000
|
100.0
|
423
|
0.07
|
16.92
|
16.32
|
|
550 West Avenue
|
1990
|
54,000
|
100.0
|
987
|
0.17
|
18.28
|
17.48
|
|
600 West Avenue
|
1999
|
66,000
|
100.0
|
670
|
0.11
|
10.15
|
9.27
|
|
650 West Avenue
|
1998
|
40,000
|
100.0
|
686
|
0.12
|
17.15
|
15.95
|
|
Total Connecticut Office/Flex
|
273,000
|
100.0
|
4,342
|
0.74
|
15.90
|
14.45
|
|
|
TOTAL OFFICE/FLEX PROPERTIES
|
4,811,343
|
91.9
|
55,949
|
9.46
|
12.66
|
10.99
|
|
|
Property Listing
Industrial/Warehouse, Retail and Land Lease Properties
|
||||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
12/31/12
(%) (a)
|
2012
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2012
Base Rent
%
|
2012
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
2012
Average
Effective
Rent
Per Sq. Ft.
($) (c) (e)
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||||
|
Elmsford
|
||||||||
|
1 Warehouse Lane (f)
|
1957
|
6,600
|
100.0
|
102
|
0.02
|
15.45
|
13.64
|
|
|
2 Warehouse Lane (f)
|
1957
|
10,900
|
100.0
|
159
|
0.03
|
14.59
|
14.04
|
|
|
3 Warehouse Lane (f)
|
1957
|
77,200
|
100.0
|
381
|
0.06
|
4.94
|
4.72
|
|
|
4 Warehouse Lane (f)
|
1957
|
195,500
|
96.7
|
1,995
|
0.34
|
10.55
|
9.57
|
|
|
5 Warehouse Lane (f)
|
1957
|
75,100
|
97.1
|
964
|
0.16
|
13.22
|
11.57
|
|
|
6 Warehouse Lane (f)
|
1982
|
22,100
|
100.0
|
538
|
0.09
|
24.34
|
23.53
|
|
|
Total Industrial/Warehouse Properties
|
387,400
|
97.8
|
4,139
|
0.70
|
10.93
|
9.98
|
||
|
WESTCHESTER COUNTY, NEW YORK
|
||||||||
|
Tarrytown
|
||||||||
|
230 White Plains Road
|
1984
|
9,300
|
100.0
|
179
|
0.03
|
19.25
|
19.03
|
|
|
Yonkers
|
||||||||
|
2 Executive Boulevard
|
1986
|
8,000
|
100.0
|
305
|
0.05
|
38.13
|
38.13
|
|
|
Total Retail Properties
|
17,300
|
100.0
|
484
|
0.08
|
27.98
|
27.86
|
||
|
WESTCHESTER COUNTY, NEW YORK
|
||||||||
|
Elmsford
|
||||||||
|
700 Executive Boulevard
|
--
|
--
|
--
|
148
|
0.03
|
--
|
--
|
|
|
Yonkers
|
||||||||
|
1 Enterprise Boulevard
|
--
|
--
|
--
|
185
|
0.03
|
--
|
--
|
|
|
Total New York Land Leases
|
--
|
--
|
333
|
0.06
|
--
|
--
|
||
|
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
|
0.09
|
--
|
--
|
||
|
TOTAL PROPERTIES
|
30,754,754
|
87.2
|
591,448
|
(h)
|
100.00
|
22.06
|
19.23
|
|
|
(a)
|
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring December 31, 2012 aggregating 378,901 square feet (representing 1.2 percent of the Company’s total net rentable square footage) for which no new leases were signed.
|
|
(b)
|
Total base rent for the 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. For the year ended December 31, 2012, total escalations and recoveries from tenants were: $71,524, or $3.25 per leased square foot, for office properties; $9,672, or $2.19 per leased square foot, for office/flex properties; and $405, or $1.02 per leased square foot, for other properties. Office properties includes $45 pertaining to properties held for sale, which are classified as discontinued operations in the financial statements.
|
|
(c)
|
Excludes space leased by the Company.
|
|
(d)
|
Base rent for 2012 divided by net rentable square feet leased at December 31, 2012.
|
|
(e)
|
Total base rent for 2012 minus 2012 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP, divided by net rentable square feet leased at December 31, 2012.
|
|
(f)
|
This property is located on land leased by the Company.
|
|
(g)
|
This property was identified as held for sale by the Company as of December 31, 2012 and is classified as discontinued operations in the financial statements.
|
|
(h)
|
Includes $8,883 pertaining to properties held for sale, which are classified as discontinued operations in the financial statements.
|
|
Number
of
Properties
|
Annualized
Base Rental
Revenue ($) (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
|
13,301,882
|
2.1
|
468,085
|
1.7
|
(b)
|
|
DB Services New Jersey, Inc.
|
2
|
12,111,630
|
2.0
|
402,068
|
1.5
|
2017
|
|
New Cingular Wireless PCS, LLC
|
4
|
9,944,680
|
1.6
|
433,296
|
1.6
|
(c)
|
|
Bank Of Tokyo-Mitsubishi UFJ, Ltd.
|
1
|
9,692,898
|
1.6
|
282,606
|
1.1
|
(d)
|
|
Keystone Mercy Health Plan
|
3
|
9,612,524
|
1.6
|
317,245
|
1.2
|
2020
|
|
Wyndham Worldwide Operations
|
2
|
9,465,635
|
1.6
|
395,392
|
1.5
|
(e)
|
|
United States of America-GSA
|
13
|
9,113,249
|
1.5
|
298,463
|
1.1
|
(f)
|
|
Forest Research Institute, Inc.
|
1
|
8,961,536
|
1.5
|
215,659
|
0.8
|
2017
|
|
Prentice-Hall, Inc.
|
1
|
8,643,699
|
1.4
|
474,801
|
1.8
|
2014
|
|
ICAP Securities USA, LLC
|
1
|
6,845,083
|
1.1
|
159,834
|
0.6
|
2017
|
|
Daiichi Sankyo, Inc.
|
2
|
6,249,264
|
1.0
|
180,807
|
0.7
|
(g)
|
|
TD Ameritrade Online Holdings
|
1
|
6,165,233
|
1.0
|
188,776
|
0.7
|
2020
|
|
Montefiore Medical Center
|
6
|
5,962,668
|
1.0
|
265,854
|
1.0
|
(h)
|
|
Merrill Lynch Pierce Fenner
|
1
|
5,883,780
|
1.0
|
294,189
|
1.1
|
2017
|
|
HQ Global Workplaces, LLC
|
20
|
5,422,404
|
0.9
|
316,418
|
1.2
|
(i)
|
|
Sanofi-Aventis U.S., Inc.
|
1
|
4,519,658
|
0.7
|
205,439
|
0.8
|
2026
|
|
CohnResnick, LLP
|
2
|
4,336,070
|
0.7
|
155,056
|
0.6
|
(j)
|
|
Vonage America, Inc.
|
1
|
4,256,000
|
0.7
|
350,000
|
1.3
|
2017
|
|
Morgan Stanley Smith Barney
|
4
|
4,154,747
|
0.7
|
142,530
|
0.5
|
(k)
|
|
AT&T Corp.
|
1
|
4,137,500
|
0.7
|
275,000
|
1.0
|
2014
|
|
Allstate Insurance Company
|
7
|
3,709,882
|
0.6
|
159,266
|
0.6
|
(l)
|
|
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
|
3,314,054
|
0.5
|
118,871
|
0.5
|
(m)
|
|
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
|
|
Plymouth Rock Management Company of New Jersey
|
2
|
2,894,769
|
0.5
|
116,889
|
0.4
|
2020
|
|
United States Life Insurance Co.
|
1
|
2,880,000
|
0.5
|
180,000
|
0.7
|
2013
|
|
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
|
(n)
|
|
AAA Mid-Atlantic, Inc.
|
2
|
2,758,793
|
0.5
|
129,784
|
0.5
|
(o)
|
|
KPMG, LLP
|
2
|
2,736,214
|
0.5
|
121,490
|
0.5
|
(p)
|
|
Tradeweb Markets, LLC
|
1
|
2,657,310
|
0.4
|
64,976
|
0.2
|
2017
|
|
Connell Foley, LLP
|
2
|
2,572,383
|
0.4
|
97,822
|
0.4
|
2015
|
|
New Jersey Turnpike Authority
|
1
|
2,530,631
|
0.4
|
100,223
|
0.4
|
2017
|
|
Lowenstein Sandler LLP
|
1
|
2,491,594
|
0.4
|
98,677
|
0.4
|
2017
|
|
Bunge Management Services, Inc.
|
1
|
2,458,765
|
0.4
|
66,303
|
0.3
|
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
|
2013
|
|
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
|
2,321,163
|
0.4
|
81,108
|
0.3
|
2014
|
|
Qualcare Alliance Networks, Inc.
|
2
|
2,316,191
|
0.4
|
118,779
|
0.5
|
2021
|
|
Tower Insurance Company of New York
|
1
|
2,306,760
|
0.4
|
76,892
|
0.3
|
2023
|
|
Wells Fargo Advisors, LLC
|
4
|
2,295,645
|
0.4
|
81,985
|
0.3
|
(q)
|
|
UBS Financial Services, Inc.
|
3
|
2,293,474
|
0.4
|
79,073
|
0.3
|
(r)
|
|
Totals
|
230,440,914
|
38.1
|
9,035,647
|
34.3
|
|
Significant Tenants
|
|
(Continued)
|
|
(a)
|
Annualized base rental revenue is based on actual December 2012 billings times 12. For leases whose rent commences after January 1, 2013, 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 2013; 281,023 square feet expire in 2018; 117,118 square feet expire 2019.
|
|
(c)
|
121,572 square feet expire in 2013; 72,385 square feet expire in 2014; 27,766 square feet expire in 2015; 211,573 square feet expire in 2018.
|
|
(d)
|
20,649 square feet expire in 2018; 24,607 square feet expire in 2019; 237,350 square feet expire in 2029.
|
|
(e)
|
145,983 square feet expire in 2013; 249,409 square feet expire in 2029.
|
|
(f)
|
47,465 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; 19,702 square feet expire in 2023.
|
|
(g)
|
8,907 square feet expire in 2013; 171,900 square feet expire in 2022.
|
|
(h)
|
5,220 square feet expire in 2013; 19,362 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)
|
22,279 square feet expire in 2015; 12,407 square feet expire in 2017; 33,649 square feet expire in 2018; 41,549 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; 134,644 square feet expire in 2024.
|
|
(j)
|
1,021 square feet expire in 2014; 154,035 square feet expire in 2020.
|
|
(k)
|
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.
|
|
(l)
|
9,857 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; 64,837 square feet expire in 2017; 70,754 square feet expire in 2018.
|
|
(m)
|
104,008 square feet expire in 2013; 14,863 square feet expire in 2017.
|
|
(n)
|
19,416 square feet expire in 2016; 81,296 square feet expire in 2031.
|
|
(o)
|
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
|
|
(p)
|
10,877 square feet expire in 2013; 53,409 square feet expire in 2019; 57,204 square feet expire in 2020.
|
|
(q)
|
22,864 square feet expire in 2014; 3,968 square feet expire in 2017; 25,762 square feet expire in 2022; 29,391 square feet expire in 2024.
|
|
(r)
|
23,373 square feet expire in 2013; 42,360 square feet expire in 2016; 13,340 square feet expire in 2022.
|
|
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 (%)
|
|
2013 (c)
|
||||||
|
Northern NJ
|
111
|
888,268
|
3.4
|
22,039,143
|
24.81
|
3.6
|
|
Central NJ
|
81
|
557,473
|
2.1
|
12,946,522
|
23.22
|
2.1
|
|
Westchester Co., NY
|
102
|
710,506
|
2.7
|
13,692,398
|
19.27
|
2.2
|
|
Manhattan
|
1
|
12,594
|
0.1
|
340,098
|
27.00
|
0.1
|
|
Sub. Philadelphia
|
67
|
377,358
|
1.4
|
6,341,068
|
16.80
|
1.1
|
|
Fairfield, CT
|
14
|
94,940
|
0.4
|
1,691,862
|
17.82
|
0.3
|
|
Washington, DC/MD
|
23
|
113,429
|
0.4
|
2,782,689
|
24.53
|
0.5
|
|
Rockland Co., NY
|
9
|
22,996
|
0.1
|
612,582
|
26.64
|
0.1
|
|
TOTAL – 2013
|
408
|
2,777,564
|
10.6
|
60,446,362
|
21.76
|
10.0
|
|
2014
|
||||||
|
Northern NJ
|
124
|
1,671,322
|
6.3
|
38,614,474
|
23.10
|
6.4
|
|
Central NJ
|
59
|
461,915
|
1.8
|
9,553,111
|
20.68
|
1.6
|
|
Westchester Co., NY
|
96
|
537,925
|
2.0
|
11,357,379
|
21.11
|
1.9
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
61
|
359,806
|
1.4
|
6,248,847
|
17.37
|
1.0
|
|
Fairfield, CT
|
10
|
32,103
|
0.1
|
729,645
|
22.73
|
0.1
|
|
Washington, DC/MD
|
31
|
175,769
|
0.7
|
4,874,926
|
27.73
|
0.8
|
|
Rockland Co., NY
|
7
|
22,571
|
0.1
|
573,150
|
25.39
|
0.1
|
|
TOTAL – 2014
|
388
|
3,261,411
|
12.4
|
71,951,532
|
22.06
|
11.9
|
|
2015
|
||||||
|
Northern NJ
|
94
|
1,346,221
|
5.1
|
28,972,874
|
21.52
|
4.8
|
|
Central NJ
|
59
|
754,451
|
2.9
|
15,451,521
|
20.48
|
2.6
|
|
Westchester Co., NY
|
61
|
350,387
|
1.3
|
7,224,923
|
20.62
|
1.2
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
62
|
467,879
|
1.8
|
7,514,077
|
16.06
|
1.3
|
|
Fairfield, CT
|
11
|
107,092
|
0.4
|
2,656,900
|
24.81
|
0.4
|
|
Washington, DC/MD
|
33
|
295,929
|
1.1
|
9,292,670
|
31.40
|
1.5
|
|
Rockland Co., NY
|
2
|
32,311
|
0.1
|
775,464
|
24.00
|
0.1
|
|
TOTAL – 2015
|
322
|
3,354,270
|
12.7
|
71,888,429
|
21.43
|
11.9
|
|
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 (%)
|
|
|
2016
|
288
|
2,594,423
|
9.9
|
56,798,718
|
21.89
|
9.4
|
|
|
2017
|
273
|
3,631,307
|
13.8
|
86,082,898
|
23.71
|
14.2
|
|
|
2018
|
211
|
2,335,637
|
8.9
|
55,585,008
|
23.80
|
9.2
|
|
|
2019
|
110
|
1,636,032
|
6.2
|
34,858,916
|
21.31
|
5.8
|
|
|
2020
|
100
|
1,507,824
|
5.7
|
35,342,106
|
23.44
|
5.8
|
|
|
2021
|
75
|
1,192,353
|
4.5
|
30,521,669
|
25.60
|
5.0
|
|
|
2022
|
55
|
1,121,321
|
4.3
|
26,728,709
|
23.84
|
4.4
|
|
|
2023
|
36
|
1,007,305
|
3.8
|
24,972,231
|
24.79
|
4.1
|
|
|
2024 and thereafter
|
47
|
1,900,190
|
7.2
|
50,221,685
|
26.43
|
8.3
|
|
|
Totals/
|
|||||||
|
Weighted Average
|
2,313
|
26,319,637
|
(c) (d)
|
100.0
|
605,398,263
|
23.00
|
100.0
|
|
(a)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual December 2012 billings times 12. For leases whose rent commences after January 1, 2013 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
|
|
(c)
|
Includes leases expiring December 31, 2012 aggregating 378,901 square feet and representing annualized rent of $7,877,276 for which no new leases were signed.
|
|
(d)
|
Represents 0.05% or less.
|
|
(e)
|
Reconciliation to Company’s total net rentable square footage is as follows:
|
|
Square Feet
|
|
|
Square footage leased to commercial tenants
|
26,319,637
|
|
Square footage used for corporate offices, management offices,
|
|
|
building use, retail tenants, food services, other ancillary
|
|
|
service tenants and occupancy adjustments
|
485,847
|
|
Square footage unleased
|
3,949,270
|
|
Total net rentable square footage (does not include land leases)
|
30,754,754
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
||
|
2013 (c)
|
||||||||
|
Northern NJ
|
102
|
817,273
|
3.7
|
21,110,405
|
25.83
|
3.9
|
||
|
Central NJ
|
74
|
498,704
|
2.3
|
12,269,929
|
24.60
|
2.3
|
||
|
Westchester Co., NY
|
56
|
406,709
|
1.9
|
8,836,517
|
21.73
|
1.6
|
||
|
Manhattan
|
1
|
12,594
|
0.1
|
340,098
|
27.00
|
0.1
|
||
|
Sub. Philadelphia
|
48
|
214,930
|
1.0
|
5,122,297
|
23.83
|
0.9
|
||
|
Fairfield Co., CT
|
9
|
19,377
|
0.1
|
457,756
|
23.62
|
0.1
|
||
|
Washington, DC/MD
|
23
|
113,429
|
0.5
|
2,782,689
|
24.53
|
0.5
|
||
|
Rockland Co., NY
|
9
|
22,996
|
0.1
|
612,582
|
26.64
|
0.1
|
||
|
TOTAL – 2013
|
322
|
2,106,012
|
9.7
|
51,532,273
|
24.47
|
9.5
|
||
|
2014
|
||||||||
|
Northern NJ
|
118
|
1,612,532
|
7.5
|
37,848,700
|
23.47
|
7.0
|
||
|
Central NJ
|
55
|
436,562
|
2.0
|
9,196,121
|
21.06
|
1.7
|
||
|
Westchester Co., NY
|
50
|
224,776
|
1.0
|
5,926,463
|
26.37
|
1.1
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Sub. Philadelphia
|
46
|
211,341
|
1.0
|
5,164,530
|
24.44
|
0.9
|
||
|
Fairfield Co., CT
|
8
|
24,678
|
0.1
|
603,716
|
24.46
|
0.1
|
||
|
Washington, DC/MD
|
31
|
175,769
|
0.8
|
4,874,926
|
27.73
|
0.9
|
||
|
Rockland Co., NY
|
7
|
22,571
|
0.1
|
573,150
|
25.39
|
0.1
|
||
|
TOTAL – 2014
|
315
|
2,708,229
|
12.5
|
64,187,606
|
23.70
|
11.8
|
||
|
2015
|
||||||||
|
Northern NJ
|
89
|
1,304,516
|
6.1
|
28,488,407
|
21.84
|
5.2
|
||
|
Central NJ
|
54
|
714,754
|
3.3
|
14,908,768
|
20.86
|
2.8
|
||
|
Westchester Co., NY
|
36
|
169,489
|
0.8
|
4,338,178
|
25.60
|
0.8
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Sub. Philadelphia
|
43
|
251,424
|
1.2
|
5,984,583
|
23.80
|
1.1
|
||
|
Fairfield Co., CT
|
10
|
70,164
|
0.3
|
1,936,804
|
27.60
|
0.4
|
||
|
Washington, DC/MD
|
33
|
295,929
|
1.4
|
9,292,670
|
31.40
|
1.7
|
||
|
Rockland Co., NY
|
2
|
32,311
|
0.1
|
775,464
|
24.00
|
0.1
|
||
|
TOTAL – 2015
|
267
|
2,838,587
|
13.2
|
65,724,874
|
23.15
|
12.1
|
||
|
2016
|
225
|
1,974,353
|
9.2
|
47,973,035
|
24.30
|
8.8
|
||
|
2017
|
215
|
3,108,134
|
14.4
|
79,624,432
|
25.62
|
14.7
|
||
|
2018
|
156
|
1,715,647
|
8.0
|
48,071,989
|
28.02
|
8.9
|
||
|
2019
|
84
|
1,130,224
|
5.3
|
28,134,083
|
24.89
|
5.2
|
||
|
2020
|
80
|
1,263,019
|
5.9
|
32,333,375
|
25.60
|
6.0
|
||
|
2021
|
59
|
1,049,158
|
4.9
|
28,197,136
|
26.88
|
5.2
|
||
|
2022
|
50
|
1,058,779
|
4.9
|
25,900,757
|
24.46
|
4.8
|
||
|
2023
|
28
|
812,177
|
3.8
|
22,409,421
|
27.59
|
4.1
|
||
|
2024 and thereafter
|
40
|
1,762,641
|
8.2
|
48,134,125
|
27.31
|
8.9
|
||
|
Totals/Weighted
Average
|
1,841
|
21,526,960 (c)
|
100.0
|
542,223,106
|
25.19
|
100.0
|
||
|
(a)
|
Includes office tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual December 2012 billings times 12. For leases whose rent commences after January 1, 2013 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
|
|
(c)
|
Includes leases expiring December 31, 2012 aggregating 360,469 square feet and representing annualized rent of $7,700,482 for which no new leases were signed.
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2013 (c)
|
|||||||
|
Northern NJ
|
9
|
70,995
|
1.6
|
928,738
|
13.08
|
1.6
|
|
|
Central NJ
|
7
|
58,769
|
1.3
|
676,593
|
11.51
|
1.2
|
|
|
Westchester Co., NY
|
41
|
206,566
|
4.7
|
3,871,773
|
18.74
|
6.6
|
|
|
Sub. Philadelphia
|
19
|
162,428
|
3.7
|
1,218,771
|
7.50
|
2.1
|
|
|
Fairfield Co., CT
|
5
|
75,563
|
1.7
|
1,234,106
|
16.33
|
2.1
|
|
|
TOTAL – 2013
|
81
|
574,321
|
13.0
|
7,929,981
|
13.81
|
13.6
|
|
|
2014
|
|||||||
|
Northern NJ
|
6
|
58,790
|
1.3
|
765,774
|
13.03
|
1.3
|
|
|
Central NJ
|
4
|
25,353
|
0.6
|
356,990
|
14.08
|
0.6
|
|
|
Westchester Co., NY
|
42
|
273,304
|
6.2
|
4,605,990
|
16.85
|
7.9
|
|
|
Sub. Philadelphia
|
15
|
148,465
|
3.4
|
1,084,317
|
7.30
|
1.8
|
|
|
Fairfield Co., CT
|
2
|
7,425
|
0.2
|
125,929
|
16.96
|
0.2
|
|
|
TOTAL – 2014
|
69
|
513,337
|
11.7
|
6,939,000
|
13.52
|
11.8
|
|
|
2015
|
|||||||
|
Northern NJ
|
5
|
41,705
|
1.0
|
484,467
|
11.62
|
0.9
|
|
|
Central NJ
|
5
|
39,697
|
0.9
|
542,753
|
13.67
|
0.9
|
|
|
Westchester Co., NY
|
24
|
152,898
|
3.5
|
2,536,745
|
16.59
|
4.3
|
|
|
Sub. Philadelphia
|
19
|
216,455
|
4.9
|
1,529,494
|
7.07
|
2.6
|
|
|
Fairfield Co., CT
|
1
|
36,928
|
0.8
|
720,096
|
19.50
|
1.2
|
|
|
TOTAL – 2015
|
54
|
487,683
|
11.1
|
5,813,555
|
11.92
|
9.9
|
|
|
2016
|
59
|
589,082
|
13.4
|
8,483,839
|
14.40
|
14.5
|
|
|
2017
|
58
|
523,173
|
11.9
|
6,458,466
|
12.34
|
11.0
|
|
|
2018
|
54
|
542,787
|
12.3
|
7,149,665
|
13.17
|
12.2
|
|
|
2019
|
26
|
505,808
|
11.5
|
6,724,833
|
13.30
|
11.5
|
|
|
2020
|
14
|
197,573
|
4.5
|
2,359,595
|
11.94
|
4.0
|
|
|
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
|
7
|
127,407
|
2.9
|
1,777,246
|
13.95
|
3.0
|
|
|
2024 and thereafter
|
6
|
129,549
|
3.0
|
1,815,560
|
14.01
|
3.1
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
449
|
4,396,457
|
(c)
|
100.0
|
58,604,225
|
13.33
|
100.0
|
|
(a)
|
Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual December 2012 billings times 12. For leases whose rent commences after January 1, 2013, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(c)
|
Includes leases expiring December 31, 2012 aggregating 18,432 square feet and representing annualized rent of $176,794 for which no new leases were signed.
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2013
|
5
|
97,231
|
25.6
|
984,108
|
10.12
|
23.9
|
|
|
2014
|
3
|
30,545
|
8.0
|
649,926
|
21.28
|
15.8
|
|
|
2015
|
1
|
28,000
|
7.4
|
350,000
|
12.50
|
8.5
|
|
|
2016
|
4
|
30,988
|
8.2
|
341,844
|
11.03
|
8.3
|
|
|
2018
|
1
|
77,203
|
20.4
|
363,354
|
4.71
|
8.8
|
|
|
2020
|
6
|
47,232
|
12.5
|
649,136
|
13.74
|
15.7
|
|
|
2023
|
1
|
67,721
|
17.9
|
785,564
|
11.60
|
19.0
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
21
|
378,920
|
100.0
|
4,123,932
|
10.88
|
100.0
|
|
|
(a)
|
Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual December 2012 billings times 12. For leases whose rent commences after January 1, 2013, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (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
|
|
2024 and thereafter
|
1
|
8,000
|
46.2
|
272,000
|
34.00
|
60.8
|
|
Totals/Weighted
|
||||||
|
Average
|
2
|
17,300
|
100.0
|
447,000
|
25.84
|
100.0
|
|
(a)
|
Includes stand-alone retail property tenants only.
|
|
(b)
|
Annualized base rental revenue is based on actual December 2012 billings times 12. For leases whose rent commences after January 1, 2013 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.
|