FOURTH QUARTER 2012


Supplemental Operating and Financial Data










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


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
 

 


INDEX

 
PAGE(S)
I.  COMPANY BACKGROUND
 
· About the Company / Other Corporate Data
5
· Board of Directors / Executive Officers
6
· Equity Research Coverage / Company Contact Information
7
   
II.  FINANCIAL HIGHLIGHTS
 
· Quarterly Summary / Roseland Transaction / Acquisitions
9
· Developments / Sales / Financing Activity / Dividends
10
· Leasing
11 – 12
· Information About FFO
12
· Key Financial Data
13
· Same-Store Results and Analysis
14
· Unconsolidated Joint Ventures Summary
15 – 17
· Select Financial Ratios
18
· Debt Analysis:
 
· Debt Breakdown / Future Repayments
19
· Debt Maturities
20
· Debt Detail
21
   
III.  FINANCIAL INFORMATION
 
· Consolidated Statements of Operations
23
· Consolidated Balance Sheets
24
· Consolidated Statement of Changes in Equity
25
· Statements of Funds from Operations
26
· Statements of Funds from Operations Per Diluted Share
27
· Reconciliation of Basic-to-Diluted Shares/Units
28
   
IV.  VALUE CREATION PIPELINE
 
· Properties Commencing Initial Operations / Summary of In-Process Development Projects
30
· Rental Property Sales/Dispositions / Rental Property Held for Sale
31
· Summary of Land Parcels
32
   
V.  PORTFOLIO/ LEASING STATISTICS
 
· Leasing Statistics
34 – 39
· Market Diversification (MSAs)
40
· Industry Diversification (Top 30 Tenant Industries)
41
· Consolidated Portfolio Analyses:
 
Breakdown by:
 
(a) Number of Properties
42
(b) Square Footage
43
(c) Base Rental Revenue
44
(d) Percentage Leased
45
· Consolidated Property Listing (by Property Type)
46 – 55
· Significant Tenants (Top 50 Tenants)
56 – 57
· Schedules of Lease Expirations (by Property Type)
58 – 62
   



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
2

 

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
3

 











I.  COMPANY BACKGROUND


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
4

 


I.  COMPANY BACKGROUND


About the Company

Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $4.9 billion at December 31, 2012. Mack-Cali has been involved in all aspects of commercial real estate development, management, and ownership for over 60 years and has been a publicly traded REIT since 1994. Mack-Cali owns or has interests in 278 properties consisting of 272 office and office/flex properties totaling approximately 31.7 million square feet and six multi-family rental properties containing over 1,700 residential units, all located in the Northeast, as well as land to accommodate up to 12.3 million square feet of additional commercial space – in addition to multi-family and hotel development.

History

Established over 60 years ago, in 1994 the New Jersey-based firm, Cali Realty, became a publicly traded company listed on the New York Stock Exchange under the ticker symbol CLI. Through combinations with some of the top companies in the real estate industry—most notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin Company—Mack-Cali has become one of the leading real estate companies in the country.

Strategy

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

Summary
(as of December 31, 2012)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
278
Total Square Feet
31.7 million square feet
Geographic Diversity
Six states and the District of Columbia
New Jersey Presence
22.5 million square feet
Northeast Presence
31.7 million square feet
Common Shares and
 
Units Outstanding
99.7 million
Dividend-- Quarter/Annualized
$0.45/$1.80
Dividend Yield
6.9%
Total Market Capitalization
$4.9 billion
Senior Debt Rating
BBB (S&P and Fitch);
 
Baa2 (Moody’s)


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
5

 



Board of Directors

William L. Mack, Chairman of the Board
 
Alan S. Bernikow
Alan G. Philibosian
 
Kenneth M. Duberstein
Irvin D. Reid
 
Nathan Gantcher
Vincent Tese
 
Mitchell E. Hersh
Roy J. Zuckerberg
 
David S. Mack
 
 
   







Executive Officers
 
Mitchell E. Hersh, President and Chief Executive Officer
 
Barry Lefkowitz, Executive Vice President and Chief Financial Officer
 
Roger W. Thomas, Executive Vice President, General Counsel and Secretary
 
Anthony Krug, Chief Accounting Officer
 
 
 

 
 

 

 

 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
6

 


Equity Research Coverage


Bank of America Merrill Lynch
James C. Feldman
(646) 855-5808
ISI Group
Steve Sakwa
(212) 446-9462
Barclays Capital
Ross Smotrich
(212) 526-2306
J.P. Morgan
Anthony Paolone
(212) 622-6682
Citigroup
Michael Bilerman
(212) 816-1383
KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
Cowen and Company
James Sullivan
(646) 562-1380
Stifel, Nicolaus & Company, Inc.
John W. Guinee, III
(443) 224-1307
Deutsche Bank North America
John N. Perry
(212) 250-4912
UBS Investment Research
Ross T. Nussbaum
(212) 713-2484
Green Street Advisors
Michael Knott
(949) 640-8780
 
   






Company Contact Information

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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
7

 











II.  FINANCIAL HIGHLIGHTS









Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
8

 

II.  FINANCIAL HIGHLIGHTS

Quarterly Summary

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

Funds from operations (FFO) available to common shareholders for the quarter ended December 31, 2012 amounted to $65.4 million, or $0.66 per share. For the year ended December 31, 2012, FFO available to common shareholders equaled $267.0 million, or $2.67 per share.

Net loss to common shareholders for the fourth quarter 2012 equaled $9.2 million, or $0.11 per share. The results for the fourth quarter include $25.4 million, or $0.25 per share, of losses, net, on disposition of rental property and impairments. For the year ended December 31, 2012, net income available to common shareholders amounted to $40.9 million, or $0.47 per share. The results for the year include $23.0 million, or $0.23 per share, of losses, net, on disposition of rental property and impairments.

Total revenues for the fourth quarter 2012 were $177.0 million. For the year ended December 31, 2012, total revenues amounted to $704.7 million.

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

The Company had 87,536,292 shares of common stock, and 12,141,836 common operating partnership units outstanding as of December 31, 2012. The Company had a total of 99,678,128 common shares/common units outstanding at December 31, 2012.

As of December 31, 2012, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 5.86 percent.

The Company had a debt-to-undepreciated assets ratio of 36.7 percent at December 31, 2012. The Company had an interest coverage ratio of 3.2 times for the quarter ended December 31, 2012.

Roseland Transaction

In October, the Company acquired the real estate development and management businesses of Roseland Partners, L.L.C., a premier multi-family residential community developer and operator in the Northeast, and Roseland’s interests in six operating multi-family properties totaling 1,769 apartments, one condo-residential property totaling three units and four commercial properties totaling approximately 212,000 square feet, 13 in-process development projects, which include nine multi-family properties totaling 2,149 apartments, two garages totaling 1,591 parking spaces and two retail properties totaling approximately 35,400 square feet, and interests or options in land parcels which may support approximately 5,980 apartments, approximately 736,000 square feet of commercial space, and a 321-key hotel. The locations of the properties extend from New Jersey to Massachusetts. The majority of the properties are located in New Jersey, in particular, at its flagship development at Port Imperial in Weehawken and West New York, in addition to the Jersey City Waterfront and other urban in-fill and transit-oriented locations.

The Roseland business and real property interests were acquired for aggregate consideration of up to $134.6 million, subject to adjustment, including $115.0 million in cash at closing and an additional earn-out of up to $15.6 million in cash over the next three years, under certain conditions. During the three-year earn-out period, each of Roseland’s principals, Marshall Tycher, Brad Klatt and Carl Goldberg, will serve as co-presidents of Roseland Management Services, L.P., a newly formed wholly owned subsidiary of Mack-Cali, pursuant to employment agreements executed at closing. Mitchell E. Hersh, President and Chief Executive Officer of Mack-Cali Realty Corporation, also assumed the role of Chairman and Chief Executive of Roseland Management Services, L.P.

The transaction was financed through a combination of cash on hand and borrowings under the Company’s $600 million unsecured revolving credit facility.

Acquisitions

In January, the Company acquired Alterra at Overlook Ridge IA in Metro Boston for approximately $61.3 million. The Company has also agreed to acquire Alterra at Overlook Ridge IB for approximately $88 million and expects an early April closing when the loan that currently encumbers the property opens for prepayment.
 
 
 
 
9

 
 
 
The luxury multi-family properties contain 722 rental units in the master planned community of Overlook Ridge in Revere and Malden, Massachusetts and is currently 97.2 percent leased. The properties are being acquired from a Prudential Insurance Company of America joint venture.

Developments

In December, the Company's Roseland subsidiary commenced construction of the following key multi-family communities in the Northeast:

·  
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.
·  
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.
·  
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.

Upon completion, Roseland will oversee the leasing and management responsibilities for the properties discussed above.

Sales

In November, the Company sold its three office buildings at Moorestown Corporate Center totaling 222,258 square feet located at Strawbridge Drive in Moorestown, New Jersey for net sales proceeds of approximately $19.4 million, with a loss of approximately $0.1 million from the sale. The Company previously recognized a valuation allowance of $1.6 million on these properties at March 31, 2012.

Financing Activity

In November, the Company completed the sale of $250 million face amount of 2.50 percent senior unsecured notes due December 15, 2017 with interest payable semi-annually in arrears. The net proceeds from the issuance of $246.4 million, after underwriting discount and offering expenses, were used primarily to repay outstanding borrowings under the Company’s unsecured revolving credit facility.

Dividends

In December, the Company’s Board of Directors declared a cash dividend of $0.45 per common share (indicating an annual rate of $1.80 per common share) for the fourth quarter 2012, which was paid on January 11, 2013 to shareholders of record as of January 4, 2013.
 
 
 
10

 
 

 
Leasing

Mack-Cali’s consolidated in-service portfolio was 87.2 percent leased at December 31, 2012, as compared to 87.5 percent leased at September 30, 2012.

For the quarter ended December 31, 2012, the Company executed 120 leases at its consolidated in-service portfolio totaling 1,147,218 square feet, consisting of 926,116 square feet of office space, 106,149 square feet of office/flex space and 114,953 square feet of industrial/warehouse space. Of these totals, 375,278 square feet were for new leases and 771,940 square feet were for lease renewals and other tenant retention transactions.

For the year ended December 31, 2012, the Company executed 546 leases at its consolidated in-service portfolio totaling 4,117,272 square feet, consisting of 2,926,587 square feet of office space, 998,529 square feet of office/flex space and 192,156 square feet of industrial/warehouse space. Of these totals, 1,377,898 square feet were for new leases and 2,739,374 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:
-  
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.

-  
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.

-  
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.

-  
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.

CENTRAL NEW JERSEY:
-  
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.

-  
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.

MANHATTAN:
-  
AECOM Technology Corporation signed a new lease for 91,414 square feet at 125 Broad Street in Manhattan.

-  
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.

WESTCHESTER COUNTY, NEW YORK:
-  
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.
 
 
 
11

 
 

 
-  
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.
 
-  
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.

-  
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.

Information About FFO

Funds from operations (“FFO”) is defined as net income (loss) before noncontrolling interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items, sales of depreciable rental property, and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from sales of properties and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables on page 27.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
12

 

Key Financial Data

 
    As of or for the three months ended     
 
12/31/12
9/30/12
6/30/12
3/31/12
12/31/11
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).


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
13

 

Same Store Results and Analysis
(dollars in thousands)


   
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                          
                                 



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
14

 

Unconsolidated Joint Ventures Summary
(as of December 31, 2012)

Breakdown of Unconsolidated Joint Ventures

 
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.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
15

 

Unconsolidated Joint Venture Financial Information

The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2012 and 2011 (dollars in thousands):


   
          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  


The following is a summary of the Company’s investment in unconsolidated joint ventures as of December 31, 2012 and 2011 (dollars in thousands):


   
          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  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
16

 

The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests for the three months ended December 31, 2012 and 2011, and for the years ended December 31, 2012 and 2011 (dollars in thousands):


   
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  


The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three months ended December 31, 2012 and 2011, and for the years ended December 31, 2012 and 2011: (dollars in thousands)


   
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  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
17

 


Select Financial Ratios


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%
 

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
18

 


 
 
Debt Analysis
 
(as of December 31, 2012)


 
Debt Breakdown
 
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate (a)
 
Weighted Average Maturity in Years
Fixed Rate Unsecured Debt and
  Other Obligations
$1,446,894
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.
 

 

 
Future Repayments
 
(dollars in thousands)

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.


 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
19

 


 
Debt Maturities
 
(dollars in thousands)

   
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  


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
20

 


 
Debt Detail
 
(dollars in thousands)

 
 
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.
  
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
21

 











III. FINANCIAL INFORMATION



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
22

 


III.  FINANCIAL INFORMATION

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

   
Three Months Ended
December 31,
   
Year Ended
December 31,
 
Revenues
 
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  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
23

 

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



   
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  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
24

 


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




           
           
   
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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
25

 

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


             
   
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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
26

 

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


             
   
Three Months Ended
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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
27

 


Mack-Cali Realty Corporation and Subsidiaries
Reconciliation of Basic-to-Diluted Shares/Units
(in thousands)



The following schedule reconciles the Company’s basic weighted average shares outstanding to basic and diluted weighted average shares/units outstanding for the purpose of calculating FFO per share:

 
Three Months Ended
Year Ended
 
December 31,
December 31,
 
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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
28

 











IV.  VALUE CREATION PIPELINE




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
29

 

IV. VALUE CREATION PIPELINE

Properties Commencing Initial Operations
(dollars in thousands)


For the year ended December 31, 2012

None.


For the year ended December 31, 2011

 
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.



Summary of In-Process Development Projects

As of December 31, 2012

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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
30

 

Rental Property Sales/Dispositions
(dollars in thousands)


For the year ended December 31, 2012


 
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.



For the year ended December 31, 2011

None.






Rental Property Held For Sale
(dollars in thousands)

At December 31, 2012


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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
31

 

Summary of Land Parcels

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.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
32

 











V.  PORTFOLIO/ LEASING STATISTICS




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
33

 


V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended December 31, 2012)
 
Consolidated In-Service Portfolio
 
 
SUMMARY OF SPACE LEASED
 

     
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%
                 

 
 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
34

 

 
Leasing Statistics
 
(For the three months ended December 31, 2012)
 
Consolidated In-Service Portfolio (continued)
 
 
DETAIL OF TRANSACTION ACTIVITY
 
 

 
Detail by Market
Market
Property Type
# of
Trans-
actions
Total
Sq. Ft.
Sq. Ft.
New
Leases
Sq. Ft.
Renewed And
Other
Retained (a)
Wtd.
Avg.
Term
(Yrs.)
Wtd.
Avg.
Base
Rent (b)
Leasing
Costs Per
Sq. Ft. Per
Year (c)
 
                   
Northern NJ
Office
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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
35

 

Leasing Statistics
(For the three months ended December 31, 2012)
 
Unconsolidated Commercial Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 

           
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%
                       


DETAIL OF TRANSACTION ACTIVITY

None


 
Unconsolidated Retail Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 

           
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
                       


DETAIL OF TRANSACTION ACTIVITY

None



(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.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
36

 

Leasing Statistics
(For the year ended December 31, 2012)
 
Consolidated In-Service Portfolio
 
 
SUMMARY OF SPACE LEASED
 

     
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%
                 

 
 
 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
37

 

 
Leasing Statistics
 
(For the year ended December 31, 2012)
 
Consolidated In-Service Portfolio (continued)
 
 
DETAIL OF TRANSACTION ACTIVITY
 
 

 
Detail by Market
Market
Property Type
#  of
Trans-
actions
Total
Sq. Ft.
Sq. Ft.
New
Leases
Sq. Ft.
Renewed And
Other
Retained (a)
Wtd.
Avg.
Term
 (Yrs.)
Wtd.
Avg.
Base
Rent (b)
Leasing
 Costs Per
Sq. Ft. Per
Year (c)
 
                   
Northern NJ
Office
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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
38

 

Leasing Statistics
(For the year ended December 31, 2012)
 
Unconsolidated Commercial Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 

           
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 OF TRANSACTION ACTIVITY

Detail by Market
Market
#  of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed
And
Other
Retained (c)
Wtd. Avg.
Term
(Yrs.)
Wtd. Avg.
Base
Rent (d)
Leasing
Costs Per
Sq. Ft. Per
 Year (e)
               
Northern NJ
3
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
               

 
Unconsolidated Retail Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 

           
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
                       


DETAIL OF TRANSACTION ACTIVITY

None

(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.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
39

 

Market Diversification

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


Market (MSA)
Annualized
Base Rental
Revenue
($) (a) (b) (c)
Percentage of
Company
Annualized Base
Rental Revenue (%)
Total
Property Size
Rentable
Area (b) (c)
Percentage of
Rentable Area
(%)
Newark, NJ (Essex-Morris-Union Counties)
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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
40

 

Industry Diversification

The following table lists the Company’s 30 largest industry classifications based on annualized contractual base rent of the Consolidated Properties:

Industry Classification (a)
Annualized
Base Rental
Revenue
($) (b) (c) (d)
Percentage of
Company
Annualized Base
Rental Revenue (%)
Square
Feet Leased
(c) (d)
Percentage of
Total Company
Leased
Sq. Ft. (%)
Securities, Commodity Contracts & Other Financial
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.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
41

 


 
Consolidated Portfolio Analysis (a)
 
(as of December 31, 2012)
 

Breakdown by Number of Properties
 

PROPERTY TYPE:
 
STATE
Office
% of
Total
Office/Flex
% of
Total
Industrial/
Warehouse
% of
Total
Stand-
Alone
Retail
% of
Total
Land
Leases
% of
Total
TOTALS
By State
 
% of
Total
New Jersey
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.
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
42

 


 
Consolidated Portfolio Analysis (a)
 
(as of December 31, 2012)
 

Breakdown by Square Footage

PROPERTY TYPE:
 
STATE
Office
% of
Total
Office/Flex
% of
Total
Industrial/
Warehouse
% of
Total
Stand-
Alone
Retail
% of
Total
TOTALS By
State
% of
Total
New Jersey
19,330,159
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%

 
   (a)Excludes 14 properties, aggregating approximately 0.9 million square feet, which are not consolidated by the Company.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
43

 


 
Consolidated Portfolio Analysis (a)
 
(Year ended December 31, 2012)
 

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

PROPERTY TYPE:
 
STATE
Office
% of
Total
Office/
Flex
% of
 Total
Indust./
Ware-
house
% of
Total
Stand-
Alone
Retail
% of
Total
Land
Leases
% of
Total
TOTALS
    By State
% of
Total
                         
New Jersey
$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%

(a)Excludes 14 properties, aggregating approximately 0.9 million square feet, which are not consolidated by the Company.
(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.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
44

 


Consolidated Portfolio Analysis (a) (b)
(as of December 31, 2012)
 
Breakdown by Percentage Leased
 

PROPERTY TYPE:
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.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
45

 

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
               


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
46

 


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
               


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
47

 


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


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
48

 


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
               


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
49

 


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
               


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
50

 


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
               


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
51

 


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
               
               
               
               


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
52

 


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
               


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
53

 


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
               


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
54

 


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

  Footnotes to Property List (dollars in thousands, except per square foot amounts):
(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.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
55

 


Significant Tenants


The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of December 31, 2012, based upon annualized base rental revenue:

 
Number
of
Properties
Annualized
Base Rental
Revenue ($) (a)
Percentage of
Company
Annualized Base
Rental Revenue (%)
Square
Feet
Leased
Percentage
Total Company
Leased Sq. Ft. (%)
Year of
Lease
Expiration
National Union Fire Insurance Company of Pittsburgh, PA
3
13,301,882
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
 

See footnotes on subsequent page.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
56

 



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.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
57

 


Schedule of Lease Expirations

All Consolidated Properties

 
The following table sets forth a schedule of lease expirations for the total of the Company’s office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Properties beginning January 1, 2013, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2013 through 2015 only):
 

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
 Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
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
             

Schedule continued, with footnotes, on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
58

 


Schedule of Lease Expirations

All Consolidated Properties (continued)

Year Of
Expiration
Number Of
Leases
Expiring (a)
 
 
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
59

 


Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2013, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2013 through 2015 only):

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
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.

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
60

 
 
 

 
Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning January 1, 2013, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2013 through 2015 only):
 

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
 
 
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
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.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
61

 


Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning January 1, 2013, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
 
Year Of
Expiration
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
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.


Stand-Alone Retail Properties

The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning January 1, 2013, assuming that none of the tenants exercise renewal or termination options. All stand-alone retail properties are located in the Westchester County, NY market:
 

Year Of
Expiration
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
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.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2012

 
 
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