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PAGE(S)
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I. COMPANY BACKGROUND
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· About the Company / Other Corporate Data
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5
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· Board of Directors / Executive Officers
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6
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· Equity Research Coverage / Company Contact Information
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7
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II. FINANCIAL HIGHLIGHTS
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· Quarterly Summary / Acquisitions / Sales
|
9
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· Leasing
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9 – 10
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· Information About FFO
|
11
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· Key Financial Data
|
12
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· Same-Store Results and Analysis
|
13
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· Unconsolidated Joint Ventures Summary
|
14 – 15
|
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· Unconsolidated Joint Ventures Financial Information
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16 – 18
|
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· Select Financial Ratios
|
19
|
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· Debt Analysis:
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|
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· Debt Breakdown / Future Repayments
|
20
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· Debt Maturities
|
21
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· Debt Detail
|
22
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III. FINANCIAL INFORMATION
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|
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· Consolidated Statements of Operations
|
24
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· Consolidated Balance Sheets
|
25
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· Consolidated Statement of Changes in Equity
|
26
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· Statements of Funds from Operations
|
27
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· Statements of Funds from Operations Per Diluted Share
|
28
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· Reconciliation of Basic-to-Diluted Shares/Units
|
29
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IV. VALUE CREATION PIPELINE
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|
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· Operating Property Acquisitions / Summary of In-Process Development Projects
|
31
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· Acquisition Property Profile
|
32
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· Rental Property Sales/Dispositions / Rental Property Held for Sale
|
33
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· Summary of Land Parcels
|
34
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V. PORTFOLIO/ LEASING STATISTICS
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· Leasing Statistics
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36 – 38
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· Market Diversification (MSAs)
|
39
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· Industry Diversification (Top 30 Tenant Industries)
|
40
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· Consolidated Portfolio Analyses:
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|
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Breakdown by:
|
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(a) Number of Properties
|
41
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(b) Square Footage
|
42
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(c) Base Rental Revenue
|
43
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(d) Percentage Leased
|
44
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· Consolidated Property Listing (by Property Type)
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45 – 54
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· Significant Tenants (Top 50 Tenants)
|
55 – 56
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· Schedules of Lease Expirations (by Property Type)
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57 – 61
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·
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risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants;
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·
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the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by the Company’s properties or on an unsecured basis;
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·
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the extent of any tenant bankruptcies or of any early lease terminations;
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·
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the Company’s ability to lease or re-lease space at current or anticipated rents;
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·
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changes in the supply of and demand for the Company’s properties;
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·
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changes in interest rate levels and volatility in the securities markets;
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·
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changes in operating costs;
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·
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the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;
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·
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the availability of financing on attractive terms or at all, which may adversely impact the Company’s ability to pursue acquisition and development opportunities and refinance existing debt and the Company’s future interest expense;
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·
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changes in governmental regulation, tax rates and similar matters; and
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·
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other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.
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Corporate Headquarters
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Edison, New Jersey
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|
Fiscal Year-End
|
12/31
|
|
Total Properties
|
279
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|
Total Square Feet
|
31.6 million square feet
|
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Geographic Diversity
|
Seven states and the District of Columbia
|
|
New Jersey Presence
|
22.4 million square feet of commercial space and 1,518 multi-family residential units
|
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Northeast Presence
|
31.6 million square feet of commercial space and 2,907 multi-family residential units
|
|
Common Shares and
|
|
|
Units Outstanding
|
100.0 million
|
|
Dividend-- Quarter/Annualized (as of April 15, 2013)
|
$0.30/$1.20
|
|
Dividend Yield (as of April 15, 2013)
|
4.2%
|
|
Total Market Capitalization
|
$5.2 billion
|
|
Senior Debt Rating
|
BBB (S&P and Fitch);
|
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Baa2 (Moody’s)
|
|
William L. Mack, Chairman of the Board
|
|
|
Alan S. Bernikow
|
Alan G. Philibosian
|
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Kenneth M. Duberstein
|
Irvin D. Reid
|
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Nathan Gantcher
|
Vincent Tese
|
|
Mitchell E. Hersh
|
Roy J. Zuckerberg
|
|
David S. Mack
|
|
| Mitchell E. Hersh, President and Chief Executive Officer |
| Barry Lefkowitz, Executive Vice President and Chief Financial Officer |
| Roger W. Thomas, Executive Vice President, General Counsel and Secretary |
| Anthony Krug, Chief Accounting Officer |
|
Bank of America Merrill Lynch
James C. Feldman
(646) 855-5808
|
ISI Group
Steve Sakwa
(212) 446-9462
|
|
Barclays Capital
Ross Smotrich
(212) 526-2306
|
J.P. Morgan
Anthony Paolone
(212) 622-6682
|
|
Citigroup
Michael Bilerman
(212) 816-1383
|
KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
|
|
Cowen and Company
James Sullivan
(646) 562-1380
|
Stifel, Nicolaus & Company, Inc.
John W. Guinee, III
(443) 224-1307
|
|
Deutsche Bank North America
Vin Chao
(212) 250-6799
|
UBS Investment Research
Ross T. Nussbaum
(212) 713-2484
|
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Green Street Advisors
Michael Knott
(949) 640-8780
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Mack-Cali Realty Corporation
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Investor Relations Department
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|
|
343 Thornall Street
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|
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Edison, New Jersey 08837-2206
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|
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Phone: (732) 590-1000
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Web: www.mack-cali.com
|
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Fax: (732) 205-8237
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E-mail: investorrelations@mack-cali.com
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-
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The Ayco Company, L.P., a provider of financial counseling and education services for corporate executives and employees, signed a renewal of 38,878 square feet at 8 Campus Drive, located in Mack-Cali Business Campus in Parsippany. The 215,265 square-foot office building is 59.5 percent leased.
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|
-
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Kiewit Infrastructure Co., a construction, mining, and engineering corporation, signed a transaction totaling 53,730 square feet consisting of a 42,640 square-foot renewal and an 11,090 square-foot expansion at 470 Chestnut Ridge Road in Woodcliff Lake. With its expansion, Kiewit now leases the entire building.
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-
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The Sherwin-Williams Company, a specialty retailer of paint and painting supplies, signed a renewal for 37,055 square feet at 10 Mountainview Road in Upper Saddle River. The 192,000 square-foot office building is 82.4 percent leased.
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-
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Morgan Stanley Smith Barney Financing LLC, a global financial services firm, signed a renewal for 26,262 square feet at Mack-Cali Centre III, 140 East Ridgewood Avenue in Paramus. The 239,680 square-foot office building is 91.9 percent leased.
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|
-
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Decisions Resources LLC, a provider of market research publications, advisory services, and consulting for the healthcare industry, signed a new lease for 22,453 square feet at 5 Wood Hollow Road in Parsippany. The 317,040 square-foot office building is 95.2 percent leased.
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|
-
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UBS Financial Services Inc., a global financial services firm, signed a transaction totaling 26,713 square feet consisting of a 23,373 square-foot renewal and a 3,340 square-foot expansion at One River Centre, 331 Newman Springs Road, Building One in Middletown. The 122,594 square-foot office building is 86.1 percent leased. The three-building office complex, totaling 437,472 square feet, is 95.4 percent leased.
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|
-
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TT Government Solutions Inc., a subsidiary of Applied Communication Sciences, signed a new lease for 27,635 square feet at One River Center, 331 Newman Springs Road, Building Two in Middletown. The 120,360 square-foot office building is 97.5 percent leased.
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|
-
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Paychex North America Inc., a provider of payroll, human resource, and benefits outsourcing solutions, signed a renewal for 30,156 square feet at 30 Knightsbridge Road in Piscataway. The four-building office complex, totaling 680,350 square feet, is 92.7 percent leased.
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|
-
|
Groundwater & Environmental Services, Inc., a provider of environmental consulting, engineering, and technical field services, signed a renewal for 30,070 square feet at 1340 Campus Parkway in Wall Township. The 72,502 square-foot office/flex building, located in Monmouth Shores Corporate Park, is 100 percent leased.
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|
-
|
Publishers Circulation Fulfillment, Inc., a provider of distribution solutions for publications, signed a renewal for 24,112 square feet at 300 Executive Boulevard in Elmsford. The 60,000 square-foot office/flex building, located in Cross Westchester Executive Park, is 100 percent leased.
|
|
-
|
Prism Color Corp., a provider of prepress and printing services, signed a renewal for 37,320 square feet at 31 Twosome Drive in Moorestown. The 84,200 square-foot office/flex building, located in Moorestown West Corporate Center, is 100 percent leased.
|
|
-
|
Bozzuto & Associates, Inc., a diversified residential real estate company, signed a new lease for 74,117 square feet at 6406 Ivy Lane in Greenbelt. The 163,857 square-foot office building, located in Capital Office Park, is 58.4 percent leased. The 842,258 square-foot office complex is 76.0 percent leased.
|
| As of or for the three months ended | |||||
|
3/31/13
|
12/31/12
|
9/30/12
|
6/30/12
|
3/31/12
|
|
|
Shares and Units:
|
|||||
|
Common Shares Outstanding
|
87,923,776
|
87,536,292
|
87,821,885
|
87,819,278
|
87,811,226
|
|
Common Units Outstanding
|
12,081,440
|
12,141,836
|
12,177,122
|
12,177,122
|
12,187,122
|
|
Combined Shares and Units
|
100,005,216
|
99,678,128
|
99,999,007
|
99,996,400
|
99,998,348
|
|
Weighted Average- Basic (a)
|
99,766,701
|
99,695,353
|
100,003,034
|
99,999,564
|
99,992,282
|
|
Weighted Average- Diluted (b)
|
99,849,397
|
99,695,353
|
100,074,809
|
100,068,762
|
100,062,203
|
|
Common Share Price ($’s):
|
|||||
|
At the end of the period
|
28.61
|
26.11
|
26.60
|
29.07
|
28.82
|
|
High during period
|
29.03
|
28.16
|
29.45
|
29.37
|
29.80
|
|
Low during period
|
25.78
|
24.37
|
26.31
|
26.37
|
25.68
|
|
Market Capitalization:
|
|||||
|
($’s in thousands, except ratios)
|
|||||
|
Market Value of Equity (c)
|
2,917,514
|
2,663,758
|
2,661,629
|
2,908,635
|
2,883,784
|
|
Total Debt
|
2,296,687
|
2,204,389
|
1,970,254
|
1,929,596
|
1,940,715
|
|
Total Market Capitalization
|
5,214,201
|
4,868,147
|
4,631,883
|
4,838,231
|
4,824,499
|
|
Total Debt/ Total Market
Capitalization
|
44.05%
|
45.28%
|
42.54%
|
39.88%
|
40.23%
|
|
Financials:
|
|||||
|
($’s in thousands, except ratios and
per share amounts)
|
|||||
|
Total Assets
|
4,585,269
|
4,526,045
|
4,269,573
|
4,270,207
|
4,299,434
|
|
Gross Book Value of Real Estate Assets
|
5,607,617
|
5,525,015
|
5,295,248
|
5,269,762
|
5,226,792
|
|
Total Liabilities
|
2,547,913
|
2,457,538
|
2,191,345
|
2,163,930
|
2,160,211
|
|
Total Equity
|
2,037,356
|
2,068,507
|
2,078,228
|
2,106,277
|
2,139,223
|
|
Total Revenues
|
181,832
|
174,620
|
168,028
|
173,361
|
177,823
|
|
Capitalized Interest
|
3,467
|
2,916
|
891
|
305
|
230
|
|
Scheduled Principal Amortization
|
1,065
|
1,342
|
1,201
|
503
|
829
|
|
Interest Coverage Ratio
|
3.11
|
3.21
|
3.13
|
2.96
|
3.44
|
|
Fixed Charge Coverage Ratio
|
2.70
|
2.80
|
2.92
|
2.88
|
3.32
|
|
Net (Loss) Income
|
13,089
|
(10,585)
|
16,176
|
11,411
|
29,267
|
|
Net (Loss) Income Available to Common Shareholders
|
11,556
|
(9,227)
|
14,281
|
10,101
|
25,767
|
|
Earnings per Share—diluted
|
0.13
|
(0.11)
|
0.16
|
0.11
|
0.29
|
|
FFO per Share—diluted (d)
|
0.63
|
0.66
|
0.65
|
0.62
|
0.74
|
|
Dividends Declared per Share
|
0.45
|
0.45
|
0.45
|
0.45
|
0.45
|
|
FFO Payout Ratio—diluted (d)
|
71.28%
|
68.65%
|
69.27%
|
72.55%
|
60.46%
|
|
Portfolio Size:
|
|||||
|
Properties
|
279
|
278
|
276
|
277
|
277
|
|
Total Square Footage
|
31,591,672
|
31,691,682
|
32,192,587
|
32,240,287
|
32,240,287
|
|
Sq. Ft. Leased at End of Period (e) (f)
|
86.0%
|
87.2%
|
87.5%
|
87.6%
|
87.9%
|
|
(a)
|
Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares.
|
|
(b)
|
Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants).
|
|
(c)
|
Includes any outstanding preferred units presented on a converted basis into common units and noncontrolling interests in consolidated joint ventures.
|
|
(d)
|
Funds from Operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11.
|
|
(e)
|
Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future and leases that expire at the period end date.
|
|
(f)
|
Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).
|
|
For the three months ended
March 31,
|
%
|
|||
|
2013
|
2012
|
Change
|
Change
|
|
|
Total Property Revenues
|
$164,698
|
$166,195
|
$(1,497)
|
(0.9)
|
|
Real Estate Taxes
|
22,795
|
22,381
|
414
|
1.8
|
|
Utilities
|
17,307
|
15,815
|
1,492
|
9.4
|
|
Operating Services
|
27,062
|
25,171
|
1,891
|
7.5
|
|
Total Property Expenses:
|
67,164
|
63,367
|
3,797
|
6.0
|
|
GAAP Net Operating Income
|
97,534
|
102,828
|
(5,294)
|
(5.1)
|
|
Less: straight-lining of rents adj.
|
6,422
|
1,374
|
5,048
|
367.4
|
|
Net Operating Income
|
$91,112
|
$101,454
|
$(10,342)
|
(10.2)
|
|
Percentage Leased at
Period End
|
86.4%
|
87.7%
|
||
|
Total Properties:
|
257
|
|||
|
Total Square Footage:
|
29,689,353
|
|||
|
Joint Venture Name
|
Year
Built
|
Property
|
Location
|
Percent
Leased
|
# of
Apartment
Units
|
Revenue
Per
Unit (a)
|
Company’s
Effective
Ownership %
|
Property Debt
|
Preferred
|
||||||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
||||||||||||||
|
Operating Multi-family Residential:
|
|||||||||||||||||||
|
Marbella RoseGarden, L.L.C.
|
2003
|
Marbella
|
Jersey City, NJ
|
97.8%
|
412
|
$2,793
|
24.27%
|
$95,000
|
5/01/18
|
4.99%
|
$7,567
|
9.50%
|
Prudential
|
||||||
|
RoseGarden Monaco, L.L.C.
|
2011
|
Monaco (North and South)
|
Jersey City, NJ
|
96.0%
|
523
|
3,117
|
15.00%
|
165,000
|
2/01/21
|
4.19%
|
75,981
|
9.00%
|
Prudential
|
||||||
|
Rosewood Morristown, L.L.C.
|
2010
|
Metropolitan at 40 Park
|
Morristown, NJ
|
98.5%
|
130
|
2,999
|
12.50%
|
48,535
|
2/08/14
|
L+2.75%
|
(c)
|
14,749
|
9.00%
|
Prudential
|
|||||
|
Rosewood Lafayette Holdings, L.L.C.
|
2009
|
Highlands at Morristown Station
|
Morristown, NJ
|
99.1%
|
217
|
2,450
|
25.00%
|
39,880
|
7/01/15
|
4.00%
|
29,294
|
9.00%
|
Prudential
|
||||||
|
Prurose Port Imperial South 15 LLC
|
2009
|
RiversEdge at Port Imperial
|
Weehawken, NJ
|
94.9%
|
236
|
2,979
|
50.00%
|
(b)
|
57,000
|
6/30/13
|
L+2.35%
|
(f)
|
33,350
|
9.00%
|
Prudential
|
||||
|
Overlook Ridge JV, L.L.C.
|
2008
|
Quarrystone
|
Malden, MA
|
91.2%
|
251
|
2,046
|
25.00%
|
69,900
|
5/15/13
|
(g)
|
18,229
|
(j)
|
15.00%
|
Lennar
|
|||||
|
Crystal House Apartments Investors LLC (d)
|
1962
|
Crystal House
|
Arlington, VA
|
94.1%
|
828
|
1,935
|
25.00%
|
165,000
|
3/19/20
|
3.17%
|
--
|
--
|
--
|
||||||
|
Total Operating Multi-family Residential
|
94.9%
|
2,597
|
$2,511
|
$640,315
|
$179,170
|
||||||||||||||
|
Joint Venture Name
|
Year
Built
|
Property
|
Location
|
Percent
Leased
|
Square
Feet
|
Company’s
Effective
Ownership %
|
Property Debt
|
Preferred
|
|||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
||||||||||
|
Operating Commercial:
|
|||||||||||||||
|
Port Imperial North Retail, L.L.C.
|
2008
|
Riverwalk At Port Imperial
|
West New York, NJ
|
58.0%
|
30,745
|
20.00%
|
--
|
--
|
--
|
$4,279
|
9.00%
|
Prudential
|
|||
|
BNES Associates III
|
2003
|
Offices at Crystal Lake
|
West Orange, NJ
|
100.0%
|
106,345
|
31.25%
|
$7,778
|
11/01/23
|
4.76%
|
--
|
--
|
--
|
|||
|
Red Bank Corporate Plaza
|
2007
|
Red Bank Corporate Plaza
|
Red Bank, NJ
|
100.0%
|
92,878
|
50.00%
|
17,170
|
5/17/16
|
L+3.00%
|
(h)
|
--
|
--
|
--
|
||
|
12 Vreeland Realty L.L.C.
|
1984
|
12 Vreeland Road
|
Florham Park, NJ
|
100.0%
|
139,750
|
50.00%
|
--
|
--
|
--
|
--
|
--
|
--
|
|||
|
Gale Jefferson L.L.C. (e)
|
2009
|
One Jefferson Road
|
Parsippany, NJ
|
100.0%
|
100,010
|
8.33%
|
--
|
--
|
--
|
--
|
--
|
--
|
|||
|
Rosewood Morristown, L.L.C.
|
2010
|
Shops at 40 Park
|
Morristown, NJ
|
57.7%
|
50,771
|
12.50%
|
--
|
--
|
--
|
(c)
|
--
|
--
|
--
|
||
|
Total Operating Commercial
|
520,499
|
$24,948
|
$4,279
|
||||||||||||
|
Joint Venture Name
|
Property
|
Location
|
Estimated
Initial Delivery
Date
|
Potential
Units
|
Company’s
Effective
Ownership %
|
Property Debt
|
Preferred
|
||||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
||||||||||
|
In-Process Development Projects:
|
|||||||||||||||
|
PruRose Riverwalk G, L.L.C.
|
Rivertrace at Port Imperial
|
West New York, NJ
|
3Q-2013
|
316
|
25.00%
|
$30,739
|
7/15/21
|
6.00%
|
$35,000
|
7.75%
|
UBS
|
||||
|
Elmajo Urban Renewal Associates, L.L.C.
|
Lincoln Harbor
|
Weehawken, NJ
|
4Q-2013
|
355
|
7.50%
|
14,428
|
6/27/16
|
L+2.10%
|
47,211
|
8.50%
|
Hartz
|
||||
|
150 Main Street, L.L.C.
|
Glenmark at Tuckahoe
|
Eastchester, NY
|
1Q-2015
|
108
|
26.25%
|
--
|
--
|
--
|
--
|
--
|
--
|
||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
Overlook Ridge – 2C & 3B
|
Malden, MA
|
3Q-2014
|
371
|
25.00%
|
--
|
12/28/15
|
L+2.50%
|
(l) |
19,117
|
6.50%
|
UBS
|
|||
|
PruRose Port Imperial South 13, LLC
|
Port Imperial Building 13
|
Weehawken, NJ
|
3Q-2014
|
280
|
20.00%
|
(b)
|
--
|
6/27/16
|
L+2.15%
|
(i)
|
29,978
|
9.00%
|
Prudential
|
||
|
Portside Master Company, LLC
|
Portside at Pier One – Bldg 7
|
East Boston, MA
|
3Q-2014
|
176
|
38.25%
|
--
|
12/5/15
|
L+2.50%
|
6,680
|
9.00%
|
Prudential
|
||||
|
Riverpark at Harrison I Urban Renewal LLC
|
Riverpark at Harrison
|
Harrison, NJ
|
3Q-2014
|
141
|
36.00%
|
--
|
--
|
--
|
--
|
--
|
--
|
||||
|
Estuary Urban Renewal Unit B, LLC
|
Lincoln Harbor (Bldg B)
|
Weehawken, NJ
|
1Q-2015
|
227
|
7.50%
|
--
|
--
|
--
|
18,835
|
8.50%
|
Hartz
|
||||
|
RoseGarden Marbella South, L.L.C.
|
Marbella II
|
Jersey City, NJ
|
3Q-2015
|
311
|
24.27%
|
--
|
--
|
--
|
3,250
|
9.00%
|
Prudential
|
||||
|
Rosewood Morristown, L.L.C.
|
Lofts at 40 Park
|
Morristown, NJ
|
3Q-2015
|
91
|
25.00%
|
1,117
|
9/30/13
|
L+2.50%
|
--
|
--
|
--
|
||||
|
Total In-process Development Projects
|
2,376
|
$46,284
|
$160,071
|
||||||||||||
|
Joint Venture Name
|
Year
Built
|
Property
|
Location
|
Number
of
Rooms
|
Company’s
Effective
Ownership %
|
Property Debt
|
Preferred
|
|||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
|||||||||
|
Hotel:
|
||||||||||||||
|
Harborside South Pier
|
2002
|
Hyatt Regency Jersey City on the Hudson
|
Jersey City, NJ
|
350
|
50.00%
|
$63,727
|
11/5/16
|
6.15%
|
(m) |
--
|
--
|
--
|
||
| See footnotes on next page. |
|
Joint Venture Name
|
Property/Asset
|
Location
|
Company’s
Effective
Ownership %
|
Property Debt
|
Preferred
|
|||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
|||||||
|
Other Investment:
|
||||||||||||
|
Stamford SM L.L.C.
|
Senior Mezzanine Loan
|
Stamford, CT
|
80.00%
|
n/a
|
n/a
|
n/a
|
--
|
--
|
|
--
|
||
|
Joint Venture Name
|
Property
|
Location
|
Potential
Units
|
Potential
Commercial
Square Feet
|
Company’s
Effective
Ownership %
|
Property Debt
|
Preferred
|
|||||||
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance
|
Return
Rate
|
Investor
|
|||||||||
|
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 (k)
|
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%
|
$16,165
|
3/02/14
|
L+3.50%
|
--
|
--
|
--
|
|||
|
Overlook Ridge JV, L.L.C.
|
Overlook Phase III
|
Malden, MA
|
240
|
n/a
|
50.00%
|
5,515
|
4/14/15
|
L+2.50%
|
--
|
--
|
--
|
|||
|
Roseland/Port Imperial Partners, L.P.
|
Riverwalk C
|
West New York, NJ
|
363
|
n/a
|
20.00%
|
--
|
--
|
--
|
$18,155
|
10.00%
|
Prudential
|
|||
|
Roseland/Port Imperial Partners, L.P.
|
Port Imperial North
|
West New York, NJ
|
836
|
n/a
|
20.00%
|
--
|
--
|
--
|
--
|
--
|
--
|
|||
|
Crystal House Apartments Investors LLC
|
Crystal House
|
Arlington, VA
|
295
|
n/a
|
50.00%
|
--
|
--
|
--
|
--
|
--
|
--
|
|||
|
Total Land
|
4,071
|
3,026,000
|
$21,680
|
$18,155
|
||||||||||
|
(a)
|
Total apartment revenue for the quarter ended March 31, 2013 divided by the average percent leased for the quarter ended March 31, 2013, divided by the number of units and divided by 3.
|
|
(b)
|
A third party has a 20 percent economic interest in net company distributions.
|
|
(c)
|
Debt applies to both properties.
|
|
(d)
|
The venture acquired an interest in this property on March 20, 2013. The revenue per unit for this venture is based on 2012 actual results.
|
|
(e)
|
On January 4, 2013 the Company sold its membership interest in this venture.
|
|
(f)
|
On June 30, 2010, the interest rate on the loan was fixed at 3.78% through maturity.
|
|
(g)
|
The senior loan, with a balance of $52,900 bears interest at LIBOR + 2.00% and the junior loan, with a balance of $17,000, bears interest at LIBOR + 0.90%.
|
|
(h)
|
On September 22, 2011, the interest rate on 75 percent of the loan was fixed at 3.99375% from October 17, 2011 through maturity.
|
|
(i)
|
On December 28, 2012, the interest rate on an amount not to exceed 95 percent of the outstanding loan balance was fixed at 2.79% from July 1, 2013 to January 1, 2016.
|
|
(j)
|
Priority partnership loan which has an accrued interest balance of $12,536.
|
|
(k)
|
On April 23, 2013, the Company sold its interest in this venture.
|
|
(l)
|
On January 18, 2013, the interest rate on an amount not expected to exceed 95 percent of the outstanding loan balance was fixed at 3.0875% from September 3, 2013 to November 2, 2015.
|
|
(m)
|
The venture also has a loan with a balance of $5,089 with the City of Jersey City, provided by the U.S. Department of Housing and Urban Development, which bears interest at fixed rates ranging from 6.09% to 6.62% and matures in August 1, 2020.
|
|
March 31,
|
December 31,
|
|
|
2013
|
2012
|
|
|
Assets:
|
||
|
Rental property, net
|
$ 442,346
|
$ 179,824
|
|
Loan receivable
|
42,953
|
42,276
|
|
Other assets
|
351,312
|
311,846
|
|
Total assets
|
$ 836,611
|
$ 533,946
|
|
Liabilities and partners’/
|
||
|
members’ capital:
|
||
|
Mortgages and loans payable
|
$ 344,095
|
$ 168,908
|
|
Other liabilities
|
13,115
|
12,203
|
|
Partners’/members’ capital
|
479,401
|
352,835
|
|
Total liabilities and
partners'/members’ capital
|
$ 836,611
|
$ 533,946
|
|
March 31,
|
December 31,
|
|
|
Entity
|
2013
|
2012
|
|
Plaza VIII & IX Associates, L.L.C.
|
$ 4,022
|
$ 4,321
|
|
South Pier at Harborside
|
(2,487)
|
(1,225)
|
|
Red Bank Corporate Plaza, L.L.C.
|
3,985
|
3,876
|
|
12 Vreeland Associates, L.L.C.
|
12,748
|
12,840
|
|
Boston Downtown Crossing
|
13,012
|
13,012
|
|
Gale Jefferson L.L.C.
|
--
|
1,029
|
|
Stamford SM LLC
|
34,547
|
34,006
|
|
Marbella RoseGarden, L.L.C.
|
16,601
|
16,918
|
|
RoseGarden Monaco Holdings, L.L.C.
|
4,363
|
4,761
|
|
Rosewood Lafayette Holdings, L.L.C.
|
1,698
|
1,988
|
|
PruRose Port Imperial South 15, LLC
|
--
|
606
|
|
Rosewood Morristown, L.L.C.
|
6,935
|
7,091
|
|
Overlook Ridge JV, L.L.C.
|
--
|
--
|
|
Overlook Ridge, L.L.C.
|
71
|
31
|
|
Overlook Ridge JV 2C/3B, L.L.C.
|
91
|
179
|
|
Roseland/North Retail, L.L.C.
|
2,112
|
2,161
|
|
BNES Associates III
|
1,839
|
1,955
|
|
Portside Master Company, L.L.C.
|
3,637
|
3,651
|
|
PruRose Port Imperial South 13, LLC
|
2,817
|
2,920
|
|
Roseland/Port Imperial Partners, L.P.
|
2,635
|
2,582
|
|
RoseGarden Marbella South, L.L.C.
|
6,241
|
6,182
|
|
PruRose Riverwalk G, L.L.C.
|
3,959
|
4,136
|
|
Elmajo Urban Renewal Associates, LLC
|
725
|
849
|
|
Riverpark at Harrison I, L.L.C.
|
2,641
|
2,606
|
|
150 Main Street, L.L.C.
|
2,602
|
2,395
|
|
RoseGarden Monaco, L.L.C.
|
1,178
|
1,165
|
|
Hillsborough 206 Holdings, L.L.C.
|
1,973
|
1,967
|
|
Grand Jersey Waterfront Urban Renewal Associates, L.L.C.
|
337
|
337
|
|
Crystal House Apartments Investors LLC
|
30,223
|
--
|
|
Company's investment in unconsolidated joint ventures
|
$ 158,505
|
$ 132,339
|
|
Three Months Ended March 31,
|
||||
|
2013
|
2012
|
|||
|
Total revenues
|
$ 12,420
|
$ 11,704
|
||
|
Operating and other expenses
|
(7,948)
|
(7,179)
|
||
|
Depreciation and amortization
|
(3,091)
|
(2,390)
|
||
|
Interest expense
|
(2,012)
|
(1,690)
|
||
|
Net (loss) income
|
$ (631)
|
$ 445
|
||
|
Three Months Ended March 31,
|
||||||
|
Entity
|
2013
|
2012
|
||||
|
Plaza VIII & IX Associates, L.L.C.
|
$ 9
|
$ 10
|
||||
|
South Pier at Harborside
|
(511)
|
12
|
||||
|
Red Bank Corporate Plaza, L.L.C.
|
101
|
103
|
||||
|
12 Vreeland Associates, L.L.C.
|
(92)
|
199
|
||||
|
Boston Downtown Crossing
|
(5)
|
(100)
|
||||
|
Gale Jefferson L.L.C.
|
68
|
20
|
||||
|
Stamford SM LLC
|
885
|
356
|
||||
|
Marbella RoseGarden, L.L.C.
|
(111)
|
--
|
||||
|
RoseGarden Monaco Holdings, L.L.C.
|
(399)
|
--
|
||||
|
Rosewood Lafayette Holdings, L.L.C.
|
(290)
|
--
|
||||
|
PruRose Port Imperial South 15, LLC
|
(606)
|
--
|
||||
|
Rosewood Morristown, L.L.C.
|
(124)
|
--
|
||||
|
Overlook Ridge JV, L.L.C.
|
--
|
--
|
||||
|
Overlook Ridge, L.L.C.
|
--
|
--
|
||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
(73)
|
--
|
||||
|
Roseland/North Retail, L.L.C.
|
(49)
|
--
|
||||
|
BNES Associates III
|
(69)
|
--
|
||||
|
Portside Master Company, L.L.C.
|
(45)
|
--
|
||||
|
PruRose Port Imperial South 13, LLC
|
(133)
|
--
|
||||
|
Roseland/Port Imperial Partners, L.P.
|
--
|
--
|
||||
|
RoseGarden Marbella South, L.L.C.
|
(18)
|
--
|
||||
|
PruRose Riverwalk G, L.L.C.
|
(186)
|
--
|
||||
|
Elmajo Urban Renewal Associates, LLC
|
(115)
|
--
|
||||
|
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.
|
--
|
--
|
||||
|
Crystal House Apartments Investors LLC
|
13
|
--
|
||||
|
Company's equity in (loss) earnings of unconsolidated joint ventures
|
$ (1,750)
|
$ 600
|
||||
|
Three Months Ended March 31,
|
||||||
|
Entity
|
2013
|
2012
|
||||
|
Plaza VIII & IX Associates, L.L.C.
|
$ 85
|
$ 87
|
||||
|
South Pier at Harborside
|
200
|
714
|
||||
|
Red Bank Corporate Plaza, L.L.C.
|
231
|
203
|
||||
|
12 Vreeland Associates, L.L.C.
|
(15)
|
276
|
||||
|
Boston Downtown Crossing
|
(5)
|
(100)
|
||||
|
Gale Jefferson, L.L.C.
|
69
|
41
|
||||
|
Stamford SM LLC
|
885
|
356
|
||||
|
Marbella RoseGarden, L.L.C.
|
309
|
--
|
||||
|
RoseGarden Monaco Holdings, L.L.C.
|
(24)
|
--
|
||||
|
Rosewood Lafayette Holdings, L.L.C.
|
(3)
|
--
|
||||
|
PruRose Port Imperial South 15, LLC
|
101
|
--
|
||||
|
Rosewood Morristown, L.L.C.
|
16
|
--
|
||||
|
Overlook Ridge JV, L.L.C.
|
--
|
--
|
||||
|
Overlook Ridge, L.L.C.
|
--
|
--
|
||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
(73)
|
--
|
||||
|
Roseland/North Retail, L.L.C.
|
3
|
--
|
||||
|
BNES Associates III
|
87
|
--
|
||||
|
Portside Master Company, L.L.C.
|
(45)
|
--
|
||||
|
PruRose Port Imperial South 13, LLC
|
(133)
|
--
|
||||
|
Roseland/Port Imperial Partners, L.P.
|
--
|
--
|
||||
|
RoseGarden Marbella South, L.L.C.
|
(18)
|
--
|
||||
|
PruRose Riverwalk G, L.L.C.
|
(186)
|
--
|
||||
|
Elmajo Urban Renewal Associates, LLC
|
(115)
|
--
|
||||
|
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.
|
--
|
--
|
||||
|
Crystal House Apartments Investors LLC
|
50
|
--
|
||||
|
Company's funds from operations of unconsolidated joint ventures
|
$ 1,419
|
$ 1,577
|
||||
|
Ratios Computed For Industry
|
March 31,
|
||||
|
Comparisons:
|
2013
|
2012
|
|||
|
Financial Position Ratios:
|
|||||
|
Total Debt/ Total Book
Capitalization
(Book value) (%)
|
50.09%
|
45.13%
|
|||
|
Total Debt/ Total Market
Capitalization
(Market value) (%)
|
44.05%
|
40.23%
|
|||
|
Total Debt/ Total Undepreciated
Assets (%)
|
38.12%
|
34.19%
|
|||
|
Secured Debt/ Total Undepreciated
Assets (%)
|
12.58%
|
12.72%
|
|||
|
Three Months Ended
March 31,
|
|||||
|
2013
|
2012
|
||||
|
Operational Ratios:
|
|||||
|
Interest Coverage
(Funds from Operations+Interest
Expense)/Interest Expense (x)
|
3.11
|
3.44
|
|||
|
Debt Service Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x)
|
3.00
|
3.35
|
|||
|
Fixed Charge Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x)
|
2.70
|
3.32
|
|||
|
FFO Payout
(Dividends Declared/Funds from
Operations) (%)
|
71.28%
|
60.46%
|
|||
|
Balance
|
% of Total
|
Weighted Average
Interest Rate (a)
|
Weighted Average Maturity in Years
|
||
|
Fixed Rate Unsecured Debt and
Other Obligations
|
$1,446,987
|
63.00%
|
5.20%
|
4.48
|
|
|
Fixed Rate Secured Debt
|
679,279
|
29.58%
|
7.56%
|
4.08
|
|
|
Variable Rate Secured Debt
|
78,421
|
3.41%
|
3.32%
|
0.36
|
|
|
Variable Rate Unsecured Debt
|
92,000
|
4.01%
|
1.46%
|
(b)
|
2.56
|
|
Totals/Weighted Average:
|
$2,296,687
|
100.00%
|
5.68%
|
4.15
|
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.22 percent as of March 31, 2013.
|
|
(b)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.7 million for the three months ended March 31, 2013.
|
|
Period
|
Scheduled
Amortization
|
Principal
Maturities
|
Total
|
Weighted Average Interest Rate of
Future Repayments (a)
|
|
|
April 1 – December 31, 2013
|
$ 8,244
|
$182,650
|
$190,894
|
4.30%
|
|
|
2014
|
10,184
|
335,257
|
345,441
|
6.82%
|
|
|
2015 (c)
|
8,634
|
242,000
|
250,634
|
3.95%
|
(b)
|
|
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
|
48,105
|
2,266,059
|
2,314,164
|
||
|
Adjustment for unamortized debt discount/premium and mark-to-market, net, as of March 31, 2013
|
(17,477)
|
--
|
(17,477)
|
||
|
Totals/Weighted Average:
|
$ 30,628
|
$2,266,059
|
$2,296,687
|
5.68%
|
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.22 percent as of March 31, 2013.
|
|
(b)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.7 million for the three months ended March 31, 2013.
|
|
(c)
|
Includes outstanding borrowings on the Company’s unsecured revolving credit facility of $92 million in 2015 with a one-year extension option with the payment of a fee.
|
|
April 1-
December 31,
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020 and
Beyond
|
TOTALS
|
|
|
Secured Debt:
|
|||||||||
|
Port Imperial South
|
$42,474
|
$42,474
|
|||||||
|
Port Imperial South 4/5
|
35,947
|
35,947
|
|||||||
|
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:
|
$82,650
|
$135,257
|
--
|
$73,120
|
$141,151
|
$231,536
|
$60,345
|
--
|
$724,059
|
|
Unsecured Debt:
|
|||||||||
|
Unsecured credit facility
|
$92,000
|
$92,000
|
|||||||
|
4.600% unsecured notes
due 6/13
|
$100,000
|
100,000
|
|||||||
|
5.125% unsecured notes
due 2/14
|
$200,000
|
200,000
|
|||||||
|
5.125% unsecured notes
due 1/15
|
150,000
|
150,000
|
|||||||
|
5.80% unsecured notes
due 1/16
|
$200,000
|
200,000
|
|||||||
|
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
|
$242,000
|
$200,000
|
$250,000
|
--
|
$250,000
|
$300,000
|
$1,542,000
|
|
Total Debt:
|
$182,650
|
$335,257
|
$242,000
|
$273,120
|
$391,151
|
$231,536
|
$310,345
|
$300,000
|
$2,266,059
|
|
Property Name
|
Lender
|
Effective
Interest
Rate
|
||||
|
March 31,
|
December 31,
|
Date of
Maturity
|
||||
|
2013
|
2012
|
|||||
|
Senior Unsecured Notes: (a)
|
||||||
|
4.600%, Senior Unsecured Notes
|
public debt
|
4.742%
|
$ 99,994
|
$99,987
|
06/15/13
|
|
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.110%
|
200,210
|
200,270
|
02/15/14
|
|
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.297%
|
149,833
|
149,810
|
01/15/15
|
|
|
5.800%, Senior Unsecured Notes
|
public debt
|
5.806%
|
200,218
|
200,237
|
01/15/16
|
|
|
2.500%, Senior Unsecured Notes
|
Public debt
|
2.803%
|
248,633
|
248,560
|
12/15/17
|
|
|
7.750%, Senior Unsecured Notes
|
public debt
|
8.017%
|
248,639
|
248,585
|
08/15/19
|
|
|
4.500%, Senior Unsecured Notes
|
public debt
|
4.612%
|
299,460
|
299,445
|
04/18/22
|
|
|
Total Senior Unsecured Notes:
|
$1,446,987
|
$1,446,894
|
||||
|
Revolving Credit Facilities:
|
|
Unsecured Facility (b)
|
20 Lenders
|
LIBOR +1.250%
|
$ 92,000
|
--
|
10/21/15
|
(c)
|
|
Total Revolving Credit Facilities:
|
$ 92,000
|
--
|
|
Property Mortgages: (d)
|
|
9200 Edmonston Road
|
Principal Commercial Funding, L.L.C.
|
5.534%
|
$ 4,258
|
$ 4,305
|
05/01/13
|
|
|
Port Imperial South
|
Wells Fargo Bank N.A.
|
LIBOR+2.75%
|
42,474
|
42,168
|
06/24/13
|
|
|
Port Imperial South 4/5
|
Wells Fargo Bank N.A.
|
LIBOR+3.50%
|
35,947
|
34,889
|
09/30/13
|
|
|
6305 Ivy Lane
|
RGA Reinsurance Company
|
5.525%
|
5,939
|
5,984
|
01/01/14
|
|
|
395 West Passaic
|
State Farm Life Ins. Co.
|
6.004%
|
10,131
|
10,231
|
05/01/14
|
|
|
6301 Ivy Lane
|
RGA Reinsurance Company
|
5.520%
|
5,628
|
5,667
|
07/01/14
|
|
|
35 Waterview
|
Wachovia CMBS
|
6.348%
|
18,662
|
18,746
|
08/11/14
|
|
|
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
|
Wachovia CMBS
|
10.220%
|
63,392
|
63,126
|
08/11/14
|
|
|
4 Sylvan
|
Wachovia CMBS
|
10.190%
|
14,498
|
14,485
|
08/11/14
|
|
|
10 Independence
|
Wachovia CMBS
|
12.440%
|
16,343
|
16,251
|
08/11/14
|
|
|
4 Becker
|
Wachovia CMBS
|
9.550%
|
38,393
|
38,274
|
05/11/16
|
|
|
5 Becker
|
Wachovia CMBS
|
12.830%
|
12,623
|
12,507
|
05/11/16
|
|
|
210 Clay
|
Wachovia CMBS
|
13.420%
|
12,392
|
12,275
|
05/11/16
|
|
|
51 Imclone
|
Wachovia CMBS
|
8.390%
|
3,876
|
3,878
|
05/11/16
|
|
|
Various (e)
|
Prudential Insurance
|
6.332%
|
148,840
|
149,281
|
01/15/17
|
|
|
23 Main Street
|
JPMorgan CMBS
|
5.587%
|
30,289
|
30,395
|
09/01/18
|
|
|
Harborside Plaza 5
|
The Northwestern Mutual Life Insurance
Co. & New York Life Insurance Co.
|
6.842%
|
227,666
|
228,481
|
11/01/18
|
|
|
223 Canoe Brook Road
|
The Provident Bank
|
4.375%
|
3,928
|
3,945
|
02/01/19
|
|
|
100 Walnut Avenue
|
Guardian Life Ins. Co.
|
7.311%
|
18,968
|
19,025
|
02/01/19
|
|
|
One River Center (f)
|
Guardian Life Ins. Co.
|
7.311%
|
43,453
|
43,582
|
02/01/19
|
|
|
Total Mortgages, Loans Payable and Other Obligations:
|
$757,700
|
$757,495
|
||||
|
Total Debt:
|
$2,296,687
|
$2,204,389
|
||||
|
(a)
|
Interest rate for unsecured notes reflects effective rate of debt, including cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable.
|
|
(b)
|
Total borrowing capacity under this facility is $600 million.
|
|
(c)
|
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.
|
|
(d)
|
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.
|
|
(e)
|
Mortgage is collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
|
|
(f)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
|
|
|
Three Months Ended
March 31,
|
||||||||
|
Revenues
|
2013
|
2012
|
||||||
|
Base rents
|
$ | 143,263 | $ | 144,288 | ||||
|
Escalations and recoveries from tenants
|
20,748 | 19,409 | ||||||
|
Construction services
|
8,226 | 3,463 | ||||||
|
Real estate services
|
6,443 | 1,171 | ||||||
|
Parking income
|
1,399 | 1,611 | ||||||
|
Other income
|
1,753 | 7,881 | ||||||
|
Total revenues
|
181,832 | 177,823 | ||||||
|
Expenses
|
||||||||
|
Real estate taxes
|
22,976 | 22,384 | ||||||
|
Utilities
|
17,359 | 15,816 | ||||||
|
Operating services
|
27,394 | 25,256 | ||||||
|
Direct construction costs
|
7,825 | 3,278 | ||||||
|
Real estate services expenses
|
4,952 | 504 | ||||||
|
General and administrative
|
12,017 | 10,793 | ||||||
|
Depreciation and amortization
|
46,504 | 46,594 | ||||||
|
Total expenses
|
139,027 | 124,625 | ||||||
|
Operating income
|
42,805 | 53,198 | ||||||
|
Other (Expense) Income
|
||||||||
|
Interest expense
|
(29,869 | ) | (30,548 | ) | ||||
|
Interest and other investment income
|
6 | 13 | ||||||
|
Equity in earnings of unconsolidated joint ventures
|
(1,750 | ) | 600 | |||||
|
Total other (expense) income
|
(31,613 | ) | (29,935 | ) | ||||
|
Income from continuing operations
|
11,192 | 23,263 | ||||||
|
Discontinued Operations:
|
||||||||
|
Income (loss) from discontinued operations
|
1,897 | 1,992 | ||||||
|
Realized gains (losses) and unrealized losses on disposition of rental property, net
|
-- | 4,012 | ||||||
|
Total discontinued operations, net
|
1,897 | 6,004 | ||||||
|
Net income
|
13,089 | 29,267 | ||||||
|
Noncontrolling interest in consolidated joint ventures
|
62 | 79 | ||||||
|
Noncontrolling interest in Operating Partnership
|
(1,365 | ) | (2,846 | ) | ||||
|
Noncontrolling interest in discontinued operations
|
(230 | ) | (733 | ) | ||||
|
Net income available to common shareholders
|
$ | 11,556 | $ | 25,767 | ||||
|
Basic earnings per common share:
|
||||||||
|
Income from continuing operations
|
$ | 0.11 | $ | 0.23 | ||||
|
Discontinued operations
|
0.02 | 0.06 | ||||||
|
Net income available to common shareholders
|
$ | 0.13 | $ | 0.29 | ||||
|
Diluted earnings per common share:
|
||||||||
|
Income from continuing operations
|
$ | 0.11 | $ | 0.23 | ||||
|
Discontinued operations
|
0.02 | 0.06 | ||||||
|
Net income available to common shareholders
|
$ | 0.13 | $ | 0.29 | ||||
|
Basic weighted average shares outstanding
|
87,669 | 87,799 | ||||||
|
Diluted weighted average shares outstanding
|
99,849 | 100,062 | ||||||
|
March 31,
|
December 31,
|
||
|
2013
|
2012
|
||
|
Assets
|
|||
|
Rental property
|
|||
|
Land and leasehold interests
|
$ 779,583
|
$ 782,315
|
|
|
Buildings and improvements
|
4,114,633
|
4,104,472
|
|
|
Tenant improvements
|
457,816
|
489,608
|
|
|
Furniture, fixtures and equipment
|
2,905
|
3,041
|
|
|
5,354,937
|
5,379,436
|
||
|
Less – accumulated depreciation and amortization
|
(1,439,975)
|
(1,478,214)
|
|
|
3,914,962
|
3,901,222
|
||
|
Rental property held for sale, net
|
103,474
|
60,863
|
|
|
Net investment in rental property
|
4,018,436
|
3,962,085
|
|
|
Cash and cash equivalents
|
24,184
|
58,245
|
|
|
Investments in unconsolidated joint ventures
|
158,505
|
132,339
|
|
|
Unbilled rents receivable, net
|
146,327
|
139,984
|
|
|
Deferred charges and other assets, net
|
208,293
|
204,874
|
|
|
Restricted cash
|
20,419
|
19,339
|
|
|
Accounts receivable, net of allowance for doubtful accounts
|
|||
|
of $2,219 and $2,614
|
9,105
|
9,179
|
|
|
Total assets
|
$4,585,269
|
$4,526,045
|
|
|
Liabilities and Equity
|
|||
|
Senior unsecured notes
|
$1,446,987
|
$1,446,894
|
|
|
Revolving credit facility
|
92,000
|
--
|
|
|
Mortgages, loans payable and other obligations
|
757,700
|
757,495
|
|
|
Dividends and distributions payable
|
44,916
|
44,855
|
|
|
Accounts payable, accrued expenses and other liabilities
|
131,960
|
124,822
|
|
|
Rents received in advance and security deposits
|
52,578
|
55,917
|
|
|
Accrued interest payable
|
21,772
|
27,555
|
|
|
Total liabilities
|
2,547,913
|
2,457,538
|
|
|
Commitments and contingencies
|
|||
|
Equity:
|
|||
|
Mack-Cali Realty Corporation stockholders’ equity:
|
|||
|
Common stock, $0.01 par value, 190,000,000 shares authorized,
|
|||
|
87,923,776 and 87,536,292 shares outstanding
|
879
|
875
|
|
|
Additional paid-in capital
|
2,533,238
|
2,530,621
|
|
|
Dividends in excess of net earnings
|
(792,446)
|
(764,522)
|
|
|
Total Mack-Cali Realty Corporation stockholders’ equity
|
1,741,671
|
1,766,974
|
|
|
Noncontrolling interest in subsidiaries:
|
|||
|
Operating Partnership
|
239,320
|
245,091
|
|
|
Consolidated joint ventures
|
56,365
|
56,442
|
|
|
Total noncontrolling interests in subsidiaries
|
295,685
|
301,533
|
|
|
Total equity
|
2,037,356
|
2,068,507
|
|
|
Total liabilities and equity
|
$4,585,269
|
$4,526,045
|
|
|
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, 2013
|
87,536
|
$875
|
$2,530,621
|
$(764,522)
|
$301,533
|
$2,068,507
|
|
Net income
|
--
|
--
|
--
|
11,556
|
1,533
|
13,089
|
|
Common stock dividends
|
--
|
--
|
--
|
(39,480)
|
--
|
(39,480)
|
|
Common unit distributions
|
--
|
--
|
--
|
--
|
(5,437)
|
(5,437)
|
|
Decrease in noncontrolling interest
|
--
|
--
|
--
|
--
|
(15)
|
(15)
|
|
Redemption of common units
|
||||||
|
for common stock
|
61
|
1
|
1,218
|
--
|
(1,219)
|
--
|
|
Shares issued under Dividend
|
||||||
|
Reinvestment and Stock
|
||||||
|
Purchase Plan
|
3
|
--
|
86
|
--
|
--
|
86
|
|
Stock compensation
|
324
|
3
|
603
|
--
|
--
|
606
|
|
Rebalancing of ownership percentage
|
||||||
|
between parent and subsidiaries
|
--
|
--
|
710
|
--
|
(710)
|
--
|
|
Balance at March 31, 2013
|
87,924
|
$879
|
$2,533,238
|
$(792,446)
|
$295,685
|
$2,037,356
|
|
Three Months Ended
March 31,
|
||||
|
2013
|
2012
|
|||
|
Net income available to common shareholders
|
$ 11,556
|
$ 25,767
|
||
|
Add: Noncontrolling interest in Operating Partnership
|
1,365
|
2,846
|
||
|
Noncontrolling interest in discontinued operations
|
230
|
733
|
||
|
Real estate-related depreciation and amortization on continuing operations (a)
|
49,588
|
47,501
|
||
|
Real estate-related depreciation and amortization on discontinued operations
|
297
|
1,644
|
||
|
Deduct: Discontinued operations - Realized (gains) losses and unrealized
losses on disposition of rental property, net
|
--
|
(4,012)
|
||
|
Funds from operations available to common shareholders (b)
|
$ 63,036
|
$ 74,479
|
||
|
Diluted weighted average shares/units outstanding (c)
|
99,849
|
100,062
|
||
|
Funds from operations per share/unit – diluted
|
$ 0.63
|
$ 0.74
|
||
|
Dividends declared per common share
|
$ 0.45
|
$ 0.45
|
||
|
Dividend payout ratio:
|
||||
|
Funds from operations-diluted
|
71.28%
|
60.46%
|
||
|
Supplemental Information:
|
||||
|
Non-incremental revenue generating capital expenditures:
|
||||
|
Building improvements
|
$ 4,916
|
$ 5,826
|
||
|
Tenant improvements and leasing commissions (d)
|
$14,182
|
$ 9,550
|
||
|
Straight-line rent adjustments (e)
|
$ 6,409
|
$ 1,390
|
||
|
Amortization of (above)/below market lease intangibles, net
|
$ 566
|
$ 406
|
||
|
(a) Includes the Company’s share from unconsolidated joint ventures of $3,154 and $993 for the three months ended March 31, 2013 and 2012, respectively. Excludes non-real estate-related depreciation and amortization of $70 and $86 for the three months ended March 31, 2013 and 2012, respectively.
|
|
(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11.
|
|
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (12,098 and 12,193 shares for the three months ended March 31, 2013 and 2012, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 29.
|
|
(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 $(14) and $17 for the three months ended March 31, 2013 and 2012, respectively.
|
|
Three Months Ended
March 31,
|
||||
|
2013
|
2012
|
|||
|
Net income available to common shareholders
|
$0.13
|
$0.29
|
||
|
Add: Real estate-related depreciation and amortization on continuing operations (a)
|
0.50
|
0.47
|
||
|
Real estate-related depreciation and amortization on discontinued operations
|
--
|
0.02
|
||
|
Deduct: Discontinued operations - Realized (gains) losses and unrealized losses on
disposition of rental property, net
|
--
|
(0.04)
|
||
|
Funds from operations available to common shareholders (b)
|
$0.63
|
$0.74
|
||
|
Diluted weighted average shares/units outstanding (c)
|
99,849
|
100,062
|
||
|
(a) Includes the Company’s share from unconsolidated joint ventures of $0.03 and $0.01 for the three months ended March 31, 2013 and 2012, respectively.
|
|
(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11.
|
|
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (12,098 and 12,193 shares for the three months ended March 31, 2013 and 2012, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 29 .
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
|
2013
|
2012
|
|||
|
Basic weighted average shares outstanding:
|
87,669
|
87,799
|
||
|
Add: Weighted average common units
|
12,098
|
12,193
|
||
|
Basic weighted average shares/units:
|
99,767
|
99,992
|
||
|
Restricted Stock Awards
|
82
|
70
|
||
|
Diluted weighted average shares/units outstanding:
|
99,849
|
100,062
|
||
|
IV. VALUE CREATION PIPELINE
|
|
Operating Property Acquisitions
|
|
|
For the three months ended March 31, 2013
|
|
Acquisition
Date
|
Property/Address
|
Location
|
# of
Units
|
|
Residential:
|
|||
|
01/18/13
|
Alterra at Overlook Ridge I
|
Revere, Massachusetts
|
310
|
|
Property
|
Location
|
Type
|
# of
Apartment
Units (a)
|
Commercial
Square
Feet (a)
|
Costs
Incurred
Through
3/31/13
|
Total
Estimated
Costs
|
Garage
Parking
Spaces (a)
|
Estimated
Initial Delivery
Date
|
|
Consolidated:
|
||||||||
|
14 Sylvan Way
|
Parsippany, NJ
|
Office
|
--
|
203,000
|
$43,431
|
$51,660
|
--
|
2Q-2013
|
|
Port Imperial 4/5 Garage/Retail
|
Weehawken, NJ
|
Garage/retail
|
--
|
17,795
|
58,491
|
58,600
|
850
|
2Q-2013
|
|
Port Imperial 1/3 Garage/Retail
|
Weehawken, NJ
|
Garage/retail
|
--
|
17,614
|
880
|
40,000
|
741
|
3Q-2014
|
|
Total Consolidated
|
--
|
238,409
|
$102,802
|
$150,260
|
1,591
|
|||
|
Unconsolidated:
|
||||||||
|
RiverTrace at Port Imperial
|
West New York, NJ
|
Multi-family rental
|
316
|
$68,172
|
$118,100
|
--
|
3Q-2013
|
|
|
Lincoln Harbor (Bldg A&C)
|
Weehawken, NJ
|
Multi-family rental
|
355
|
61,833
|
137,800
|
--
|
4Q-2013
|
|
|
Port Imperial Building 13
|
Weehawken, NJ
|
Multi-family rental
|
280
|
10,997
|
96,400
|
--
|
3Q-2014
|
|
|
Portside at Pier One – Bldg 7
|
East Boston, MA
|
Multi-family rental
|
176
|
6,827
|
66,300
|
--
|
3Q-2014
|
|
|
Overlook Ridge – 2C & 3B
|
Malden/Revere, MA
|
Multi-family rental
|
371
|
20,492
|
79,400
|
--
|
3Q-2014
|
|
|
Glenmark at Tuckahoe
|
Eastchester, NY
|
Multi-family rental
|
108
|
2,330
|
46,000
|
--
|
1Q-2015
|
|
|
Riverpark at Harrison
|
Harrison, NJ
|
Multi-family rental
|
141
|
950
|
24,200
|
--
|
3Q-2014
|
|
|
Lincoln Harbor (Bldg B)
|
Weehawken, NJ
|
Multi-family rental
|
227
|
18,747
|
82,000
|
--
|
1Q-2015
|
|
|
Marbella II
|
Jersey City, NJ
|
Multi-family rental
|
311
|
3,778
|
122,000
|
--
|
3Q-2015
|
|
|
Lofts at 40 Park
|
Morristown, NJ
|
Multi-family rental
|
91
|
1,473
|
28,000
|
--
|
3Q-2015
|
|
|
Total Unconsolidated
|
2,376
|
$195,599
|
$800,200
|
|||||
|
Total
|
2,376
|
238,409
|
$298,401
|
$950,460
|
1,591
|
|
(a)
|
Number of apartment units, square feet and garage parking spaces are estimates.
|
|
Property Name:
|
Alterra at Overlook Ridge I
|
|
Product Type:
|
Multi-family residential
|
|
Location:
|
Revere, Massachusetts
|
|
Description:
|
Two, 4 to 5 story multi-family residential buildings
|
|
Size:
|
310 residential units
|
|
Year Constructed:
|
2004
|
|
Closing Date:
|
January 18, 2013
|
|
Acquisition Cost:
|
$61.3 million
|
|
Funding Source:
|
Funded primarily through borrowing on the Company’s unsecured revolving credit facility.
|
|
Percentage Leased:
|
96.1%
|
|
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.
|
|
Rental Property Held For Sale
|
|
(dollars in thousands)
|
|
At March 31, 2013
|
|
Property
|
Location
|
# of
Bldgs.
|
Rentable
Square
Feet
|
Gross Assets
|
Depreciation
|
Valuation
Allowance
|
Net
Book Value
|
|
19 Skyline Drive (a) (b)
|
Hawthorne, New York
|
1
|
248,400
|
$37,798
|
$(14,713)
|
$(7,080)
|
$16,005
|
|
55 Corporate Drive (a)
|
Bridgewater, New Jersey
|
1
|
204,057
|
48,256
|
(2,060)
|
--
|
46,196
|
|
51 Imclone Drive
|
Branchburg, New Jersey
|
1
|
63,213
|
5,375
|
(398)
|
--
|
4,977
|
|
16 Sentry Parkway West (c)
|
Blue Bell, Pennsylvania
|
1
|
93,093
|
14,781
|
(5,654)
|
--
|
9,127
|
|
18 Sentry Parkway West (c)
|
Blue Bell, Pennsylvania
|
1
|
95,010
|
15,713
|
(6,041)
|
--
|
9,672
|
|
777 Passaic Avenue
|
Clifton, New Jersey
|
1
|
75,000
|
7,346
|
(3,779)
|
--
|
3,567
|
|
200 Riser Road
|
Little Ferry, New Jersey
|
1
|
286,628
|
19,937
|
(6,007)
|
--
|
13,930
|
|
Total Office Properties Held for Sale:
|
7
|
1,065,401
|
$149,206
|
$(38,652)
|
$(7,080)
|
$103,474
|
|
|
(a)
|
Properties identified as held for sale as of December 31, 2012.
|
|
(b)
|
On April 10, 2013, the Company sold this property for net sales proceeds of approximately $16 million
|
|
(c)
|
The Company recorded an impairment charge on these properties of a total of $8.4 million at December 31, 2012.
|
|
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 (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
|
|
|
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
|
|
|
Crystal House (d)
|
Arlington
|
VA
|
4.0
|
295
|
Multi-Family rental
|
|
|
Total Multi-Family Residential:
|
81.9
|
3,535
|
||||
|
Mixed-Use:
|
||||||
|
Downtown Crossing (d) (j)
|
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
|
490.5
|
5,967
|
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 is projected to include 321 hotel rooms.
|
|
(i)
|
Land under contract.
|
|
(j)
|
On April 23, 2013, the Company sold its interest in the venture which owned this land.
|
|
LEASING ACTIVITY
|
||||||||
|
Market
|
Sq. Ft.
Leased
12/31/12
|
Leased
Sq. Ft.
Acquired/Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased 3/31/13 (c)
|
Pct.
Leased
3/31/13
|
Pct.
Leased
12/31/12
|
|
Northern NJ
|
12,240,291
|
-
|
(486,314)
|
341,604
|
(144,710)
|
12,095,581
|
83.6%
|
84.6%
|
|
Central NJ
|
5,199,678
|
-
|
(307,377)
|
238,706
|
(68,671)
|
5,131,007
|
88.9%
|
90.1%
|
|
Westchester Co., NY
|
4,329,834
|
-
|
(456,983)
|
219,803
|
(237,180)
|
4,092,654
|
85.5%
|
90.4%
|
|
Manhattan
|
524,476
|
-
|
-
|
-
|
-
|
524,476
|
100.0%
|
100.0%
|
|
Sub. Philadelphia
|
2,822,395
|
-
|
(121,010)
|
117,511
|
(3,499)
|
2,818,896
|
90.0%
|
90.1%
|
|
Fairfield, CT
|
509,647
|
-
|
(755)
|
15,522
|
14,767
|
524,414
|
87.7%
|
85.3%
|
|
Washington, DC/MD
|
1,010,753
|
-
|
(21,007)
|
87,503
|
66,496
|
1,077,249
|
83.3%
|
78.2%
|
|
Rockland Co., NY
|
168,410
|
-
|
(6,708)
|
8,254
|
1,546
|
169,956
|
94.4%
|
93.6%
|
|
Totals
|
26,805,484
|
-
|
(1,400,154)
|
1,028,903
|
(371,251)
|
26,434,233
|
86.0%
|
87.2%
|
|
Total sq. ft. as of December 31, 2012
|
30,754,754
|
|
Total sq. ft. of properties added/(sold) this period
|
-
|
|
Total sq. ft. as of March 31, 2013
|
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 March 31, 2013 aggregating 248,627 square feet for which no new leases were signed.
|
|
Detail by Market
|
|||||||||
|
Market
|
Property Type
|
# of
Trans-
actions
|
Total
Sq. Ft.
|
Sq. Ft.
New
Leases
|
Sq. Ft.
Renewed And
Other
Retained (a)
|
Wtd.
Avg.
Term
(Yrs.)
|
Wtd.
Avg.
Base
Rent (b)
|
Leasing
Costs Per
Sq. Ft. Per
Year (c)
|
|
|
Northern NJ
|
Office
|
40
|
315,277
|
67,662
|
247,615
|
6.2
|
23.92
|
3.03
|
|
|
Office/Flex
|
2
|
26,327
|
-
|
26,327
|
2.7
|
19.49
|
1.19
|
||
|
Central NJ
|
Office
|
29
|
201,713
|
44,768
|
156,945
|
4.9
|
22.96
|
3.58
|
|
|
Office/Flex
|
3
|
36,993
|
-
|
36,993
|
1.1
|
16.11
|
0.97
|
||
|
Westchester Co., NY
|
Office
|
21
|
80,338
|
13,160
|
67,178
|
2.9
|
23.07
|
2.20
|
|
|
Office/Flex
|
21
|
125,875
|
29,785
|
96,090
|
4.5
|
13.05
|
1.93
|
||
|
Industrial/Warehouse
|
2
|
13,590
|
-
|
13,590
|
1.0
|
19.41
|
0.81
|
||
|
Sub. Philadelphia
|
Office
|
16
|
45,063
|
9,668
|
35,395
|
4.4
|
25.56
|
3.97
|
|
|
Office/Flex
|
7
|
72,448
|
4,800
|
67,648
|
2.5
|
9.12
|
0.31
|
||
|
Fairfield Co., CT
|
Office
|
2
|
15,522
|
-
|
15,522
|
9.6
|
15.88
|
1.55
|
|
|
Washington, DC/MD
|
Office
|
6
|
87,503
|
74,117
|
13,386
|
9.6
|
22.14
|
5.97
|
|
|
Rockland Co., NY
|
Office
|
4
|
8,254
|
1,821
|
6,433
|
5.4
|
24.20
|
3.46
|
|
|
Totals
|
153
|
1,028,903
|
245,781
|
783,122
|
5.1
|
20.64
|
3.30
|
||
|
Detail by Property Type
|
|||||||||
|
Office
|
118
|
753,670
|
211,196
|
542,474
|
5.8
|
23.30
|
3.67
|
||
|
Office/Flex
|
33
|
261,643
|
34,585
|
227,058
|
3.3
|
13.04
|
1.48
|
||
|
Industrial/Warehouse
|
2
|
13,590
|
-
|
13,590
|
1.0
|
19.41
|
0.81
|
||
|
Totals
|
153
|
1,028,903
|
245,781
|
783,122
|
5.1
|
20.64
|
3.30
|
||
|
Tenant Retention:
|
Leases Retained
|
68.3%
|
|||||||
|
Sq. Ft. Retained
|
55.9%
|
||||||||
|
(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 $12,279,419 and commissions of $5,131,317 committed, but not necessarily expended, during the period for second generation space aggregating 1,028,903 square feet.
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
12/31/12
|
Inventory
Acquired/
Disposed
|
Inventory
3/31/13
|
Sq. Ft.
Leased
12/31/12
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
3/31/13
|
Pct.
Leased
3/31/13
|
Pct.
Leased
12/31/12
|
|
Northern NJ
|
762,534
|
(100,010)
|
662,524
|
752,111
|
(100,010)
|
(4,947)
|
-
|
(4,947)
|
647,154
|
97.7%
|
98.6%
|
|
Central NJ
|
92,878
|
-
|
92,878
|
92,878
|
-
|
-
|
-
|
-
|
92,878
|
100.0%
|
100.0%
|
|
Totals
|
855,412
|
(100,010)
|
755,402
|
844,989
|
(100,010)
|
(4,947)
|
-
|
(4,947)
|
740,032
|
98.0%
|
98.8%
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
12/31/12
|
Inventory
Acquired/
Disposed
|
Inventory
3/31/13
|
Sq. Ft.
Leased
12/31/12
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
3/31/13
|
Pct.
Leased
3/31/13
|
Pct.
Leased
12/31/12
|
|
Northern NJ
|
81,516
|
-
|
81,516
|
37,634
|
-
|
-
|
-
|
-
|
37,634
|
46.2%
|
46.2%
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
Market (MSA)
|
Annualized
Base Rental
Revenue
($) (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)
|
6,495,715
|
21.2
|
131,095,738
|
21.7
|
|
Jersey City, NJ
|
4,317,978
|
14.0
|
115,859,653
|
19.2
|
|
Westchester-Rockland, NY
|
4,968,420
|
16.2
|
84,545,086
|
14.0
|
|
Bergen-Passaic, NJ
|
4,525,854
|
14.7
|
78,363,071
|
13.0
|
|
Philadelphia, PA-NJ
|
3,133,612
|
10.2
|
48,472,887
|
8.0
|
|
Middlesex-Somerset-Hunterdon, NJ
|
2,320,685
|
7.5
|
43,128,326
|
7.2
|
|
Washington, DC-MD-VA-WV
|
1,292,807
|
4.2
|
30,188,606
|
5.0
|
|
Monmouth-Ocean, NJ
|
1,620,863
|
5.3
|
25,059,387
|
4.2
|
|
Trenton, NJ
|
956,597
|
3.1
|
18,843,884
|
3.1
|
|
New York (Manhattan)
|
524,476
|
1.7
|
17,364,684
|
2.9
|
|
Stamford-Norwalk, CT
|
597,747
|
1.9
|
10,225,131
|
1.7
|
|
Totals
|
30,754,754
|
100.0
|
603,146,453
|
100.0
|
|
(a)
|
Annualized base rental revenue is based on actual March 2013 billings times 12. For leases whose rent commences after April 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 March 31, 2013 aggregating 248,627 square feet and representing annualized rent of $4,948,262 for which no new leases were signed.
|
|
(c)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
Industry Classification (a)
|
Annualized
Base Rental
Revenue
($) (b) (c) (d)
|
Percentage of
Company
Annualized Base
Rental Revenue (%)
|
Square
Feet Leased
(c) (d)
|
Percentage of
Total Company
Leased
Sq. Ft. (%)
|
|
Securities, Commodity Contracts & Other Financial
|
86,482,962
|
14.3
|
2,933,093
|
11.3
|
|
Insurance Carriers & Related Activities
|
58,510,378
|
9.7
|
2,297,262
|
8.9
|
|
Manufacturing
|
52,735,156
|
8.7
|
2,541,158
|
9.8
|
|
Telecommunications
|
37,497,600
|
6.2
|
1,959,473
|
7.5
|
|
Legal Services
|
36,615,130
|
6.1
|
1,405,917
|
5.4
|
|
Credit Intermediation & Related Activities
|
32,337,613
|
5.4
|
1,121,119
|
4.3
|
|
Health Care & Social Assistance
|
32,299,906
|
5.4
|
1,527,775
|
5.9
|
|
Computer System Design Svcs.
|
21,880,961
|
3.6
|
1,003,668
|
3.9
|
|
Architectural/Engineering
|
21,278,938
|
3.5
|
845,941
|
3.3
|
|
Wholesale Trade
|
20,645,565
|
3.4
|
1,424,533
|
5.5
|
|
Accounting/Tax Prep.
|
20,281,465
|
3.4
|
800,551
|
3.1
|
|
Scientific Research/Development
|
17,882,878
|
3.0
|
596,161
|
2.3
|
|
Public Administration
|
15,643,145
|
2.6
|
603,345
|
2.3
|
|
Admin & Support, Waste Mgt. & Remediation Svcs.
|
14,384,154
|
2.4
|
688,109
|
2.7
|
|
Management/Scientific
|
13,125,290
|
2.2
|
527,238
|
2.0
|
|
Real Estate & Rental & Leasing
|
12,461,389
|
2.1
|
653,355
|
2.5
|
|
Other Services (except Public Administration)
|
12,247,262
|
2.0
|
476,918
|
1.8
|
|
Arts, Entertainment & Recreation
|
12,078,599
|
2.0
|
717,680
|
2.8
|
|
Accommodation & Food Services
|
10,941,803
|
1.8
|
473,221
|
1.8
|
|
Other Professional
|
10,607,910
|
1.8
|
475,097
|
1.8
|
|
Advertising/Related Services
|
9,436,115
|
1.6
|
355,631
|
1.4
|
|
Retail Trade
|
7,569,457
|
1.3
|
464,707
|
1.8
|
|
Data Processing Services
|
6,234,708
|
1.0
|
242,441
|
0.9
|
|
Construction
|
6,222,831
|
1.0
|
318,065
|
1.2
|
|
Transportation
|
5,869,356
|
1.0
|
311,721
|
1.2
|
|
Broadcasting
|
5,124,632
|
0.8
|
185,449
|
0.7
|
|
Utilities
|
4,484,643
|
0.7
|
183,258
|
0.7
|
|
Information Services
|
4,366,765
|
0.7
|
176,430
|
0.7
|
|
Educational Services
|
3,553,366
|
0.6
|
181,515
|
0.7
|
|
Publishing Industries
|
2,930,545
|
0.5
|
151,118
|
0.6
|
|
Other
|
7,415,931
|
1.2
|
314,769
|
1.2
|
|
Totals
|
603,146,453
|
100.0
|
25,956,718
|
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 March 2013 billings times 12. For leases whose rent commences after April 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 March 31, 2013 aggregating 248,627 square feet and representing annualized rent of $4,948,262 for which no new leases were signed.
|
|
STATE
|
Office
|
% of
Total
|
Office/Flex
|
% of
Total
|
Industrial/
Warehouse
|
% of
Total
|
Stand-
Alone
Retail
|
% of
Total
|
Land
Leases
|
% of
Total
|
Multi-
Family
|
% of
Total
|
TOTALS
By State
|
% of
Total
|
|
New Jersey
|
108
|
40.8%
|
49
|
18.5%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
157
|
59.3%
|
|
New York
|
21
|
7.8%
|
41
|
15.4%
|
6
|
2.3%
|
2
|
0.8 %
|
2
|
0.8%
|
--
|
--
|
72
|
27.1%
|
|
Pennsylvania
|
17
|
6.4%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
17
|
6.4%
|
|
Connecticut
|
2
|
0.8%
|
5
|
1.8%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
7
|
2.6%
|
|
Wash., D.C./
Maryland
|
10
|
3.8%
|
--
|
--
|
--
|
--
|
--
|
--
|
1
|
0.4%
|
--
|
--
|
11
|
4.2%
|
|
Massachusetts
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
1
|
0.4%
|
1
|
0.4%
|
|
TOTALS
By Type:
|
158
|
59.6%
|
95
|
35.7%
|
6
|
2.3%
|
2
|
0.8%
|
3
|
1.2%
|
1
|
0.4%
|
265
|
100.0%
|
|
(a)
|
Excludes14 properties, aggregating approximately 0.8 million square feet, which are not consolidated by the Company.
|
|
STATE
|
Office
|
% of
Total
|
Office/Flex
|
% of
Total
|
Industrial/
Warehouse
|
% of
Total
|
Stand-
Alone
Retail
|
% of
Total
|
TOTALS By
State
|
% of
Total
|
|
New Jersey
|
19,330,159
|
62.9%
|
2,189,531
|
7.0%
|
--
|
--
|
--
|
--
|
21,519,690
|
69.9%
|
|
New York
|
2,739,384
|
8.9%
|
2,348,812
|
7.6%
|
387,400
|
1.3%
|
17,300
|
0.1%
|
5,492,896
|
17.9%
|
|
Pennsylvania
|
1,851,614
|
6.0%
|
--
|
--
|
--
|
--
|
--
|
--
|
1,851,614
|
6.0%
|
|
Connecticut
|
324,747
|
1.1%
|
273,000
|
0.9%
|
--
|
--
|
--
|
--
|
597,747
|
2.0%
|
|
Wash., D.C./
Maryland
|
1,292,807
|
4.2%
|
--
|
--
|
--
|
--
|
--
|
--
|
1,292,807
|
4.2%
|
|
TOTALS
By Type:
|
25,538,711
|
83.1%
|
4,811,343
|
15.5%
|
387,400
|
1.3%
|
17,300
|
0.1%
|
30,754,754
|
100.0%
|
|
STATE
|
Office
|
% of
Total
|
Office/
Flex
|
% of
Total
|
Indust./
Ware-
house
|
% of
Total
|
Stand-
Alone
Retail
|
% of
Total
|
Land
Leases
|
% of
Total
|
Multi-
Family
|
% of
Total
|
TOTALS
By State
|
% of Total
|
|
New Jersey
|
$394,535
|
67.0%
|
$17,124
|
2.9%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
$411,659
|
69.9%
|
|
New York
|
61,856
|
10.5%
|
34,132
|
5.8%
|
$3,957
|
0.7%
|
$484
|
0.1%
|
$333
|
0.1%
|
--
|
--
|
100,762
|
17.2%
|
|
Pennsylvania
|
38,338
|
6.5%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
38,338
|
6.5%
|
|
Connecticut
|
5,578
|
0.9%
|
4,330
|
0.7%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
9,908
|
1.6%
|
|
Wash., D.C./
Maryland
|
27,338
|
4.6%
|
--
|
--
|
--
|
--
|
--
|
--
|
153
|
--
|
27,491
|
4.6%
|
||
|
Massachusetts
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
$1,102
|
0.2%
|
1,102
|
0.2%
|
|
TOTALS
By Type:
|
$527,645
|
89.5%
|
$55,586
|
9.4%
|
$3,957
|
0.7%
|
$484
|
0.1%
|
$486
|
0.1%
|
$1,102
|
0.2%
|
$589,260
|
100.0%
|
|
(b)
|
Total base rent for the year ended March 31, 2013, determined in accordance with GAAP. Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage.
|
|
STATE
|
Office
|
Office/Flex
|
Industrial/Warehouse
|
Stand-Alone Retail
|
WEIGHTED AVG.
By State
|
|
New Jersey
|
85.3%
|
87.6%
|
--
|
--
|
85.5%
|
|
New York
|
78.7%
|
95.1%
|
97.8%
|
100.0%
|
87.1%
|
|
Pennsylvania
|
88.5%
|
--
|
--
|
--
|
88.5%
|
|
Connecticut
|
77.4%
|
100.0%
|
--
|
--
|
87.7%
|
|
Washington, D.C./ Maryland
|
83.3%
|
--
|
--
|
--
|
83.3%
|
|
WEIGHTED AVG. By Type:
|
84.6%
|
92.0%
|
97.8%
|
100.0%
|
86.0%
|
|
(a)
|
Excludes 14 properties, aggregating approximately 0.8 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 March 31, 2013 aggregating 248,627 square feet for which no new leases were signed.
|
|
Property Listing
Office Properties
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
BERGEN COUNTY, NEW JERSEY
|
||||||
|
Fair Lawn
|
||||||
|
17-17 Route 208 North
|
1987
|
143,000
|
88.5
|
2,802
|
0.48
|
22.14
|
|
Fort Lee
|
||||||
|
One Bridge Plaza
|
1981
|
200,000
|
92.3
|
4,673
|
0.79
|
25.31
|
|
2115 Linwood Avenue
|
1981
|
68,000
|
54.6
|
984
|
0.17
|
26.50
|
|
Little Ferry
|
||||||
|
200 Riser Road (f)
|
1974
|
286,628
|
100.0
|
2,416
|
0.41
|
8.43
|
|
Lyndhurst
|
||||||
|
210 Clay Avenue
|
1981
|
121,203
|
92.7
|
2,420
|
0.41
|
21.54
|
|
Montvale
|
||||||
|
135 Chestnut Ridge Road
|
1981
|
66,150
|
76.4
|
1,018
|
0.17
|
20.14
|
|
Paramus
|
||||||
|
15 East Midland Avenue
|
1988
|
259,823
|
80.5
|
4,467
|
0.76
|
21.36
|
|
140 East Ridgewood Avenue
|
1981
|
239,680
|
91.9
|
5,224
|
0.89
|
23.72
|
|
461 From Road
|
1988
|
253,554
|
39.4
|
1,760
|
0.30
|
17.62
|
|
650 From Road
|
1978
|
348,510
|
71.6
|
5,330
|
0.90
|
21.36
|
|
61 South Paramus Road (e)
|
1985
|
269,191
|
62.6
|
4,504
|
0.76
|
26.73
|
|
Rochelle Park
|
||||||
|
120 West Passaic Street
|
1972
|
52,000
|
99.6
|
1,474
|
0.25
|
28.46
|
|
365 West Passaic Street
|
1976
|
212,578
|
84.6
|
3,856
|
0.65
|
21.44
|
|
395 West Passaic Street
|
1979
|
100,589
|
65.3
|
1,046
|
0.18
|
15.92
|
|
Upper Saddle River
|
||||||
|
1 Lake Street
|
1973/94
|
474,801
|
100.0
|
7,465
|
1.27
|
15.72
|
|
10 Mountainview Road
|
1986
|
192,000
|
82.4
|
3,278
|
0.56
|
20.72
|
|
Woodcliff Lake
|
||||||
|
400 Chestnut Ridge Road
|
1982
|
89,200
|
100.0
|
1,950
|
0.33
|
21.86
|
|
470 Chestnut Ridge Road
|
1987
|
52,500
|
100.0
|
1,261
|
0.21
|
24.02
|
|
530 Chestnut Ridge Road
|
1986
|
57,204
|
100.0
|
949
|
0.16
|
16.59
|
|
50 Tice Boulevard
|
1984
|
235,000
|
84.2
|
5,460
|
0.93
|
27.59
|
|
300 Tice Boulevard
|
1991
|
230,000
|
100.0
|
6,123
|
1.04
|
26.62
|
|
ESSEX COUNTY, NEW JERSEY
|
||||||
|
Millburn
|
||||||
|
150 J.F. Kennedy Parkway
|
1980
|
247,476
|
58.7
|
6,220
|
1.06
|
42.82
|
|
Borough of Roseland
|
||||||
|
4 Becker Farm Road
|
1983
|
281,762
|
96.2
|
6,844
|
1.16
|
25.25
|
|
5 Becker Farm Road
|
1982
|
118,343
|
92.6
|
2,235
|
0.38
|
20.40
|
|
6 Becker Farm Road
|
1982
|
129,732
|
78.3
|
2,574
|
0.44
|
25.34
|
|
101 Eisenhower Parkway
|
1980
|
237,000
|
84.6
|
4,828
|
0.82
|
24.08
|
|
103 Eisenhower Parkway
|
1985
|
151,545
|
66.5
|
2,165
|
0.37
|
21.48
|
|
105 Eisenhower Parkway
|
2001
|
220,000
|
80.9
|
4,724
|
0.80
|
26.54
|
|
75 Livingston Avenue
|
1985
|
94,221
|
64.2
|
1,181
|
0.20
|
19.52
|
|
85 Livingston Avenue
|
1985
|
124,595
|
81.8
|
2,684
|
0.46
|
26.33
|
|
HUDSON COUNTY, NEW JERSEY
|
||||||
|
Jersey City
|
||||||
|
Harborside Financial Center Plaza 1
|
1983
|
400,000
|
100.0
|
11,306
|
1.92
|
28.27
|
|
Harborside Financial Center Plaza 2
|
1990
|
761,200
|
97.5
|
18,534
|
3.15
|
24.97
|
|
Harborside Financial Center Plaza 3
|
1990
|
725,600
|
76.6
|
19,232
|
3.26
|
34.60
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
Harborside Financial Center Plaza 4-A
|
2000
|
207,670
|
98.6
|
6,496
|
1.10
|
31.72
|
|
Harborside Financial Center Plaza 5
|
2002
|
977,225
|
85.2
|
32,042
|
5.43
|
38.48
|
|
101 Hudson Street
|
1992
|
1,246,283
|
83.3
|
29,712
|
5.04
|
28.62
|
|
MERCER COUNTY, NEW JERSEY
|
||||||
|
Hamilton Township
|
||||||
|
3 AAA Drive
|
1981
|
35,270
|
72.2
|
659
|
0.11
|
25.88
|
|
600 Horizon Drive
|
2002
|
95,000
|
100.0
|
1,343
|
0.23
|
14.14
|
|
700 Horizon Drive
|
2007
|
120,000
|
100.0
|
2,459
|
0.42
|
20.49
|
|
2 South Gold Drive
|
1974
|
33,962
|
61.6
|
246
|
0.04
|
11.76
|
|
Princeton
|
||||||
|
103 Carnegie Center
|
1984
|
96,000
|
88.6
|
2,110
|
0.36
|
24.81
|
|
2 Independence Way
|
1981
|
67,401
|
100.0
|
1,531
|
0.26
|
22.71
|
|
3 Independence Way
|
1983
|
111,300
|
97.4
|
2,019
|
0.34
|
18.62
|
|
100 Overlook Center
|
1988
|
149,600
|
89.6
|
3,746
|
0.64
|
27.95
|
|
5 Vaughn Drive
|
1987
|
98,500
|
94.5
|
2,285
|
0.39
|
24.55
|
|
MIDDLESEX COUNTY, NEW JERSEY
|
||||||
|
East Brunswick
|
||||||
|
377 Summerhill Road
|
1977
|
40,000
|
100.0
|
372
|
0.06
|
9.30
|
|
Edison
|
||||||
|
343 Thornall Street (c)
|
1991
|
195,709
|
89.6
|
3,259
|
0.55
|
18.59
|
|
Piscataway
|
||||||
|
30 Knightsbridge Road, Bldg. 3
|
1977
|
160,000
|
100.0
|
2,445
|
0.41
|
15.28
|
|
30 Knightsbridge Road, Bldg. 4
|
1977
|
115,000
|
100.0
|
1,757
|
0.30
|
15.28
|
|
30 Knightsbridge Road, Bldg. 5
|
1977
|
332,607
|
92.9
|
5,233
|
0.89
|
16.94
|
|
30 Knightsbridge Road, Bldg. 6
|
1977
|
72,743
|
63.8
|
247
|
0.04
|
5.32
|
|
Plainsboro
|
||||||
|
500 College Road East (e)
|
1984
|
158,235
|
82.9
|
2,877
|
0.49
|
21.93
|
|
Woodbridge
|
||||||
|
581 Main Street
|
1991
|
200,000
|
96.4
|
4,943
|
0.84
|
25.64
|
|
MONMOUTH COUNTY, NEW JERSEY
|
||||||
|
Freehold
|
||||||
|
2 Paragon Way
|
1989
|
44,524
|
50.5
|
439
|
0.07
|
19.52
|
|
3 Paragon Way
|
1991
|
66,898
|
57.0
|
795
|
0.13
|
20.85
|
|
4 Paragon Way
|
2002
|
63,989
|
30.8
|
518
|
0.09
|
26.28
|
|
100 Willow Brook Road
|
1988
|
60,557
|
57.4
|
756
|
0.13
|
21.75
|
|
Holmdel
|
||||||
|
23 Main Street
|
1977
|
350,000
|
100.0
|
4,012
|
0.68
|
11.46
|
|
Middletown
|
||||||
|
One River Centre Bldg. 1
|
1983
|
122,594
|
86.1
|
2,721
|
0.46
|
25.78
|
|
One River Centre Bldg. 2
|
1983
|
120,360
|
97.5
|
2,559
|
0.43
|
21.81
|
|
One River Centre Bldg. 3 and 4
|
1984
|
214,518
|
93.3
|
4,472
|
0.76
|
22.34
|
|
Neptune
|
||||||
|
3600 Route 66
|
1989
|
180,000
|
100.0
|
2,400
|
0.41
|
13.33
|
|
Wall Township
|
||||||
|
1305 Campus Parkway
|
1988
|
23,350
|
72.3
|
369
|
0.06
|
21.86
|
|
1350 Campus Parkway
|
1990
|
79,747
|
99.9
|
1,126
|
0.19
|
14.13
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
MORRIS COUNTY, NEW JERSEY
|
||||||
|
Florham Park
|
||||||
|
325 Columbia Turnpike
|
1987
|
168,144
|
100.0
|
3,962
|
0.67
|
23.56
|
|
Morris Plains
|
||||||
|
250 Johnson Road
|
1977
|
75,000
|
100.0
|
1,514
|
0.26
|
20.19
|
|
201 Littleton Road
|
1979
|
88,369
|
75.4
|
1,107
|
0.19
|
16.61
|
|
Morris Township
|
||||||
|
412 Mt. Kemble Avenue
|
1986
|
475,100
|
67.9
|
6,873
|
1.17
|
21.31
|
|
Parsippany
|
||||||
|
4 Campus Drive
|
1983
|
147,475
|
71.2
|
2,116
|
0.36
|
20.15
|
|
6 Campus Drive
|
1983
|
148,291
|
76.8
|
2,778
|
0.47
|
24.39
|
|
7 Campus Drive
|
1982
|
154,395
|
78.0
|
2,587
|
0.44
|
21.48
|
|
8 Campus Drive
|
1987
|
215,265
|
59.5
|
3,160
|
0.54
|
24.67
|
|
9 Campus Drive
|
1983
|
156,495
|
40.9
|
1,442
|
0.24
|
22.53
|
|
4 Century Drive
|
1981
|
100,036
|
46.8
|
1,094
|
0.19
|
23.37
|
|
5 Century Drive
|
1981
|
79,739
|
52.0
|
895
|
0.15
|
21.58
|
|
6 Century Drive
|
1981
|
100,036
|
58.0
|
729
|
0.12
|
12.56
|
|
2 Dryden Way
|
1990
|
6,216
|
100.0
|
99
|
0.02
|
15.93
|
|
4 Gatehall Drive
|
1988
|
248,480
|
83.1
|
6,002
|
1.02
|
29.07
|
|
2 Hilton Court
|
1991
|
181,592
|
100.0
|
6,529
|
1.10
|
35.95
|
|
1633 Littleton Road
|
1978
|
57,722
|
100.0
|
1,131
|
0.19
|
19.59
|
|
600 Parsippany Road
|
1978
|
96,000
|
90.4
|
1,648
|
0.28
|
18.99
|
|
1 Sylvan Way
|
1989
|
150,557
|
96.0
|
3,842
|
0.65
|
26.58
|
|
4 Sylvan Way
|
1984
|
105,135
|
100.0
|
1,929
|
0.33
|
18.35
|
|
5 Sylvan Way
|
1989
|
151,383
|
85.6
|
3,809
|
0.65
|
29.39
|
|
7 Sylvan Way
|
1987
|
145,983
|
100.0
|
3,278
|
0.56
|
22.45
|
|
22 Sylvan Way
|
2009
|
249,409
|
100.0
|
6,327
|
1.07
|
25.37
|
|
20 Waterview Boulevard
|
1988
|
225,550
|
93.8
|
4,912
|
0.83
|
23.22
|
|
35 Waterview Boulevard
|
1990
|
172,498
|
93.8
|
4,235
|
0.72
|
26.17
|
|
5 Wood Hollow Road
|
1979
|
317,040
|
95.2
|
5,839
|
0.99
|
19.35
|
|
PASSAIC COUNTY, NEW JERSEY
|
||||||
|
Clifton
|
||||||
|
777 Passaic Avenue (f)
|
1983
|
75,000
|
71.5
|
1,134
|
0.19
|
21.15
|
|
Totowa
|
||||||
|
999 Riverview Drive
|
1988
|
56,066
|
91.8
|
640
|
0.11
|
12.43
|
|
SOMERSET COUNTY, NEW JERSEY
|
||||||
|
Basking Ridge
|
||||||
|
222 Mt. Airy Road
|
1986
|
49,000
|
100.0
|
1,079
|
0.18
|
22.02
|
|
233 Mt. Airy Road
|
1987
|
66,000
|
24.7
|
0
|
0.00
|
0.00
|
|
Bernards
|
||||||
|
106 Allen Road
|
2000
|
132,010
|
63.6
|
2,494
|
0.42
|
29.71
|
|
Branchburg
|
||||||
|
51 Imclone Drive (f)
|
1986
|
63,213
|
100.0
|
537
|
0.09
|
8.50
|
|
Bridgewater
|
||||||
|
55 Corporate Drive (f)
|
2011
|
204,057
|
100.0
|
4,855
|
0.82
|
23.79
|
|
440 Route 22 East
|
1990
|
198,376
|
92.4
|
4,712
|
0.80
|
25.71
|
|
721 Route 202/206
|
1989
|
192,741
|
93.0
|
3,972
|
0.67
|
22.16
|
|
Warren
|
||||||
|
10 Independence Boulevard
|
1988
|
120,528
|
80.8
|
2,655
|
0.45
|
27.26
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
UNION COUNTY, NEW JERSEY
|
||||||
|
Clark
|
||||||
|
100 Walnut Avenue
|
1985
|
182,555
|
100.0
|
4,781
|
0.81
|
26.19
|
|
Cranford
|
||||||
|
6 Commerce Drive
|
1973
|
56,000
|
95.3
|
1,013
|
0.17
|
18.98
|
|
11 Commerce Drive
|
1981
|
90,000
|
95.0
|
2,195
|
0.37
|
25.67
|
|
12 Commerce Drive
|
1967
|
72,260
|
84.7
|
923
|
0.16
|
15.08
|
|
14 Commerce Drive
|
1971
|
67,189
|
85.2
|
1,234
|
0.21
|
21.56
|
|
20 Commerce Drive
|
1990
|
176,600
|
86.3
|
3,791
|
0.64
|
24.87
|
|
25 Commerce Drive
|
1971
|
67,749
|
86.8
|
1,309
|
0.22
|
22.26
|
|
65 Jackson Drive
|
1984
|
82,778
|
84.4
|
1,328
|
0.23
|
19.01
|
|
New Providence
|
||||||
|
890 Mountain Avenue
|
1977
|
80,000
|
72.6
|
1,111
|
0.19
|
19.13
|
|
Total New Jersey Office
|
19,330,159
|
85.3
|
394,535
|
66.93
|
23.93
|
|
|
NEW YORK COUNTY, NEW YORK
|
||||||
|
New York
|
||||||
|
125 Broad Street
|
1970
|
524,476
|
100.0
|
16,557
|
2.80
|
31.57
|
|
ROCKLAND COUNTY, NEW YORK
|
||||||
|
Suffern
|
||||||
|
400 Rella Boulevard
|
1988
|
180,000
|
94.4
|
3,661
|
0.62
|
21.55
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
100 Clearbrook Road (c)
|
1975
|
60,000
|
83.8
|
1,000
|
0.17
|
19.89
|
|
101 Executive Boulevard
|
1971
|
50,000
|
0.0
|
78
|
0.01
|
0.00
|
|
555 Taxter Road
|
1986
|
170,554
|
68.7
|
3,006
|
0.51
|
25.65
|
|
565 Taxter Road
|
1988
|
170,554
|
82.8
|
3,536
|
0.60
|
25.04
|
|
570 Taxter Road
|
1972
|
75,000
|
68.0
|
1,278
|
0.22
|
25.06
|
|
Hawthorne
|
||||||
|
1 Skyline Drive
|
1980
|
20,400
|
99.0
|
298
|
0.05
|
14.76
|
|
2 Skyline Drive
|
1987
|
30,000
|
100.0
|
543
|
0.09
|
18.10
|
|
7 Skyline Drive
|
1987
|
109,000
|
82.0
|
2,145
|
0.36
|
24.00
|
|
17 Skyline Drive (e)
|
1989
|
85,000
|
100.0
|
1,694
|
0.29
|
19.93
|
|
19 Skyline Drive (f)
|
1982
|
248,400
|
0.0
|
3,027
|
0.51
|
0.00
|
|
Tarrytown
|
||||||
|
200 White Plains Road
|
1982
|
89,000
|
73.2
|
1,650
|
0.28
|
25.33
|
|
220 White Plains Road
|
1984
|
89,000
|
91.5
|
1,762
|
0.30
|
21.64
|
|
White Plains
|
||||||
|
1 Barker Avenue
|
1975
|
68,000
|
96.7
|
1,770
|
0.30
|
26.92
|
|
3 Barker Avenue
|
1983
|
65,300
|
85.1
|
1,533
|
0.26
|
27.59
|
|
50 Main Street
|
1985
|
309,000
|
86.2
|
8,172
|
1.39
|
30.68
|
|
11 Martine Avenue
|
1987
|
180,000
|
77.7
|
4,451
|
0.76
|
31.82
|
|
1 Water Street
|
1979
|
45,700
|
73.7
|
949
|
0.16
|
28.18
|
|
Yonkers
|
||||||
|
1 Executive Boulevard
|
1982
|
112,000
|
100.0
|
3,033
|
0.51
|
27.08
|
|
3 Executive Boulevard
|
1987
|
58,000
|
100.0
|
1,713
|
0.29
|
29.53
|
|
Total New York Office
|
2,739,384
|
78.7
|
61,856
|
10.48
|
28.68
|
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
CHESTER COUNTY, PENNSYLVANIA
|
||||||
|
Berwyn
|
||||||
|
1000 Westlakes Drive
|
1989
|
60,696
|
69.4
|
970
|
0.16
|
23.03
|
|
1055 Westlakes Drive
|
1990
|
118,487
|
81.2
|
2,078
|
0.35
|
21.60
|
|
1205 Westlakes Drive
|
1988
|
130,265
|
100.0
|
3,100
|
0.53
|
23.80
|
|
1235 Westlakes Drive
|
1986
|
134,902
|
84.0
|
2,727
|
0.46
|
24.07
|
|
DELAWARE COUNTY, PENNSYLVANIA
|
||||||
|
Lester
|
||||||
|
100 Stevens Drive
|
1986
|
95,000
|
100.0
|
2,771
|
0.47
|
29.17
|
|
200 Stevens Drive
|
1987
|
208,000
|
100.0
|
6,099
|
1.04
|
29.32
|
|
300 Stevens Drive
|
1992
|
68,000
|
100.0
|
1,612
|
0.27
|
23.71
|
|
Media
|
||||||
|
1400 Providence Road – Center I
|
1986
|
100,000
|
96.2
|
2,082
|
0.35
|
21.64
|
|
1400 Providence Road – Center II
|
1990
|
160,000
|
100.0
|
3,601
|
0.61
|
22.51
|
|
MONTGOMERY COUNTY, PENNSYLVANIA
|
||||||
|
Bala Cynwyd
|
||||||
|
150 Monument Road
|
1981
|
125,783
|
93.7
|
2,685
|
0.46
|
22.78
|
|
Blue Bell
|
||||||
|
4 Sentry Park
|
1982
|
63,930
|
83.5
|
1,059
|
0.18
|
19.84
|
|
5 Sentry Park East
|
1984
|
91,600
|
58.5
|
1,175
|
0.20
|
21.93
|
|
5 Sentry Park West
|
1984
|
38,400
|
68.3
|
253
|
0.04
|
9.65
|
|
16 Sentry Park West (f)
|
1988
|
93,093
|
100.0
|
2,278
|
0.39
|
24.47
|
|
18 Sentry Park West (f)
|
1988
|
95,010
|
75.4
|
1,926
|
0.33
|
26.89
|
|
Lower Providence
|
||||||
|
1000 Madison Avenue
|
1990
|
100,700
|
82.0
|
1,283
|
0.22
|
15.54
|
|
Plymouth Meeting
|
||||||
|
1150 Plymouth Meeting Mall
|
1970
|
167,748
|
78.7
|
2,639
|
0.45
|
19.99
|
|
Total Pennsylvania Office
|
1,851,614
|
88.5
|
38,338
|
6.51
|
23.38
|
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
||||||
|
Norwalk
|
||||||
|
40 Richards Avenue
|
1985
|
145,487
|
69.6
|
1,961
|
0.33
|
19.37
|
|
Stamford
|
||||||
|
1266 East Main Street
|
1984
|
179,260
|
83.7
|
3,617
|
0.61
|
24.11
|
|
Total Connecticut Office
|
324,747
|
77.4
|
5,578
|
0.94
|
22.20
|
|
|
WASHINGTON, D.C.
|
||||||
|
1201 Connecticut Avenue, NW
|
1940
|
169,549
|
95.0
|
6,710
|
1.14
|
41.66
|
|
1400 L Street, NW
|
1987
|
159,000
|
100.0
|
5,667
|
0.96
|
35.64
|
|
Total District of Columbia Office
|
328,549
|
97.4
|
12,377
|
2.10
|
38.67
|
|
|
PRINCE GEORGE’S COUNTY, MARYLAND
|
||||||
|
Greenbelt
|
||||||
|
9200 Edmonston Road
|
1973
|
38,690
|
100.0
|
948
|
0.16
|
24.50
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
6301 Ivy Lane
|
1979
|
112,003
|
76.6
|
1,787
|
0.30
|
20.83
|
|
6303 Ivy Lane
|
1980
|
112,047
|
85.6
|
2,361
|
0.40
|
24.62
|
|
6305 Ivy Lane
|
1982
|
112,022
|
97.8
|
2,111
|
0.36
|
19.27
|
|
6404 Ivy Lane
|
1987
|
165,234
|
71.5
|
2,507
|
0.43
|
21.22
|
|
6406 Ivy Lane
|
1991
|
163,857
|
58.4
|
222
|
0.04
|
2.32
|
|
6411 Ivy Lane
|
1984
|
138,405
|
69.3
|
2,188
|
0.37
|
22.81
|
|
Lanham
|
||||||
|
4200 Parliament Place
|
1989
|
122,000
|
96.3
|
2,837
|
0.48
|
24.15
|
|
Total Maryland Office
|
964,258
|
78.5
|
14,961
|
2.54
|
19.76
|
|
|
TOTAL OFFICE PROPERTIES
|
25,538,711
|
84.6
|
527,645
|
89.50
|
24.41
|
|
|
Property Listing
Office/Flex Properties
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
BURLINGTON COUNTY, NEW JERSEY
|
||||||
|
Burlington
|
||||||
|
3 Terri Lane
|
1991
|
64,500
|
93.2
|
536
|
0.09
|
8.92
|
|
5 Terri Lane
|
1992
|
74,555
|
100.0
|
600
|
0.10
|
8.05
|
|
Moorestown
|
||||||
|
2 Commerce Drive
|
1986
|
49,000
|
75.6
|
215
|
0.04
|
5.80
|
|
101 Commerce Drive
|
1988
|
64,700
|
100.0
|
275
|
0.05
|
4.25
|
|
102 Commerce Drive
|
1987
|
38,400
|
100.0
|
239
|
0.04
|
6.22
|
|
201 Commerce Drive
|
1986
|
38,400
|
75.0
|
93
|
0.02
|
3.23
|
|
202 Commerce Drive
|
1988
|
51,200
|
75.0
|
237
|
0.04
|
6.17
|
|
1 Executive Drive
|
1989
|
20,570
|
90.8
|
133
|
0.02
|
7.12
|
|
2 Executive Drive
|
1988
|
60,800
|
65.8
|
226
|
0.04
|
5.65
|
|
101 Executive Drive
|
1990
|
29,355
|
99.7
|
297
|
0.05
|
10.15
|
|
102 Executive Drive
|
1990
|
64,000
|
100.0
|
474
|
0.08
|
7.41
|
|
225 Executive Drive
|
1990
|
50,600
|
79.1
|
242
|
0.04
|
6.05
|
|
97 Foster Road
|
1982
|
43,200
|
100.0
|
169
|
0.03
|
3.91
|
|
1507 Lancer Drive
|
1995
|
32,700
|
100.0
|
133
|
0.02
|
4.07
|
|
1245 North Church Street
|
1998
|
52,810
|
100.0
|
293
|
0.05
|
5.55
|
|
1247 North Church Street
|
1998
|
52,790
|
80.7
|
293
|
0.05
|
6.88
|
|
1256 North Church Street
|
1984
|
63,495
|
100.0
|
474
|
0.08
|
7.47
|
|
840 North Lenola Road
|
1995
|
38,300
|
100.0
|
374
|
0.06
|
9.77
|
|
844 North Lenola Road
|
1995
|
28,670
|
100.0
|
204
|
0.03
|
7.12
|
|
915 North Lenola Road
|
1998
|
52,488
|
100.0
|
293
|
0.05
|
5.58
|
|
2 Twosome Drive
|
2000
|
48,600
|
100.0
|
341
|
0.06
|
7.02
|
|
30 Twosome Drive
|
1997
|
39,675
|
100.0
|
302
|
0.05
|
7.61
|
|
31 Twosome Drive
|
1998
|
84,200
|
100.0
|
407
|
0.07
|
4.83
|
|
40 Twosome Drive
|
1996
|
40,265
|
86.6
|
249
|
0.04
|
7.14
|
|
41 Twosome Drive
|
1998
|
43,050
|
100.0
|
188
|
0.03
|
4.37
|
|
50 Twosome Drive
|
1997
|
34,075
|
56.0
|
211
|
0.04
|
11.06
|
|
GLOUCESTER COUNTY, NEW JERSEY
|
||||||
|
West Deptford
|
||||||
|
1451 Metropolitan Drive
|
1996
|
21,600
|
100.0
|
120
|
0.02
|
5.56
|
|
MERCER COUNTY, NEW JERSEY
|
||||||
|
Hamilton Township
|
||||||
|
100 Horizon Center Boulevard
|
1989
|
13,275
|
100.0
|
91
|
0.02
|
6.85
|
|
200 Horizon Drive
|
1991
|
45,770
|
100.0
|
695
|
0.12
|
15.18
|
|
300 Horizon Drive
|
1989
|
69,780
|
53.2
|
475
|
0.08
|
12.80
|
|
500 Horizon Drive
|
1990
|
41,205
|
93.8
|
577
|
0.10
|
14.93
|
|
MONMOUTH COUNTY, NEW JERSEY
|
||||||
|
Wall Township
|
||||||
|
1325 Campus Parkway
|
1988
|
35,000
|
100.0
|
635
|
0.11
|
18.14
|
|
1340 Campus Parkway
|
1992
|
72,502
|
100.0
|
954
|
0.16
|
13.16
|
|
1345 Campus Parkway
|
1995
|
76,300
|
100.0
|
1,053
|
0.18
|
13.80
|
|
1433 Highway 34
|
1985
|
69,020
|
66.2
|
460
|
0.08
|
10.07
|
|
1320 Wyckoff Avenue
|
1986
|
20,336
|
100.0
|
222
|
0.04
|
10.92
|
|
1324 Wyckoff Avenue
|
1987
|
21,168
|
34.1
|
149
|
0.03
|
20.64
|
|
Property Listing
Office/Flex Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
PASSAIC COUNTY, NEW JERSEY
|
||||||
|
Totowa
|
||||||
|
1 Center Court
|
1999
|
38,961
|
100.0
|
594
|
0.10
|
15.25
|
|
2 Center Court
|
1998
|
30,600
|
62.8
|
229
|
0.04
|
11.92
|
|
11 Commerce Way
|
1989
|
47,025
|
88.9
|
419
|
0.07
|
10.02
|
|
20 Commerce Way
|
1992
|
42,540
|
46.7
|
256
|
0.04
|
12.89
|
|
29 Commerce Way
|
1990
|
48,930
|
20.4
|
122
|
0.02
|
12.22
|
|
40 Commerce Way
|
1987
|
50,576
|
86.3
|
553
|
0.09
|
12.67
|
|
45 Commerce Way
|
1992
|
51,207
|
100.0
|
519
|
0.09
|
10.14
|
|
60 Commerce Way
|
1988
|
50,333
|
89.1
|
529
|
0.09
|
11.80
|
|
80 Commerce Way
|
1996
|
22,500
|
100.0
|
280
|
0.05
|
12.44
|
|
100 Commerce Way
|
1996
|
24,600
|
88.6
|
306
|
0.05
|
14.04
|
|
120 Commerce Way
|
1994
|
9,024
|
100.0
|
98
|
0.02
|
10.86
|
|
140 Commerce Way
|
1994
|
26,881
|
89.3
|
290
|
0.05
|
12.08
|
|
Total New Jersey Office/Flex
|
2,189,531
|
87.6
|
17,124
|
2.92
|
8.93
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
11 Clearbrook Road
|
1974
|
31,800
|
100.0
|
432
|
0.07
|
13.58
|
|
75 Clearbrook Road
|
1990
|
32,720
|
100.0
|
279
|
0.05
|
8.53
|
|
125 Clearbrook Road
|
2002
|
33,000
|
100.0
|
753
|
0.13
|
22.82
|
|
150 Clearbrook Road
|
1975
|
74,900
|
100.0
|
891
|
0.15
|
11.90
|
|
175 Clearbrook Road
|
1973
|
98,900
|
100.0
|
1,387
|
0.24
|
14.02
|
|
200 Clearbrook Road
|
1974
|
94,000
|
99.8
|
1,230
|
0.21
|
13.11
|
|
250 Clearbrook Road
|
1973
|
155,000
|
97.8
|
973
|
0.17
|
6.42
|
|
50 Executive Boulevard
|
1969
|
45,200
|
87.5
|
381
|
0.06
|
9.63
|
|
77 Executive Boulevard
|
1977
|
13,000
|
100.0
|
244
|
0.04
|
18.77
|
|
85 Executive Boulevard
|
1968
|
31,000
|
86.2
|
490
|
0.08
|
18.34
|
|
300 Executive Boulevard
|
1970
|
60,000
|
100.0
|
766
|
0.13
|
12.77
|
|
350 Executive Boulevard
|
1970
|
15,400
|
99.4
|
195
|
0.03
|
12.74
|
|
399 Executive Boulevard
|
1962
|
80,000
|
100.0
|
1,038
|
0.18
|
12.98
|
|
400 Executive Boulevard
|
1970
|
42,200
|
71.1
|
600
|
0.10
|
20.00
|
|
500 Executive Boulevard
|
1970
|
41,600
|
100.0
|
757
|
0.13
|
18.20
|
|
525 Executive Boulevard
|
1972
|
61,700
|
100.0
|
991
|
0.17
|
16.06
|
|
1 Westchester Plaza
|
1967
|
25,000
|
100.0
|
309
|
0.05
|
12.36
|
|
2 Westchester Plaza
|
1968
|
25,000
|
100.0
|
546
|
0.09
|
21.84
|
|
3 Westchester Plaza
|
1969
|
93,500
|
97.9
|
1,064
|
0.18
|
11.62
|
|
4 Westchester Plaza
|
1969
|
44,700
|
100.0
|
691
|
0.12
|
15.46
|
|
5 Westchester Plaza
|
1969
|
20,000
|
100.0
|
246
|
0.04
|
12.30
|
|
6 Westchester Plaza
|
1968
|
20,000
|
89.8
|
247
|
0.04
|
13.75
|
|
7 Westchester Plaza
|
1972
|
46,200
|
100.0
|
664
|
0.11
|
14.37
|
|
8 Westchester Plaza
|
1971
|
67,200
|
100.0
|
949
|
0.16
|
14.12
|
|
Hawthorne
|
||||||
|
200 Saw Mill River Road
|
1965
|
51,100
|
100.0
|
658
|
0.11
|
12.88
|
|
4 Skyline Drive
|
1987
|
80,600
|
100.0
|
1,558
|
0.26
|
19.33
|
|
5 Skyline Drive
|
1980
|
124,022
|
99.8
|
1,523
|
0.26
|
12.30
|
|
6 Skyline Drive
|
1980
|
44,155
|
72.8
|
603
|
0.10
|
18.76
|
|
8 Skyline Drive
|
1985
|
50,000
|
85.4
|
868
|
0.15
|
20.33
|
|
10 Skyline Drive
|
1985
|
20,000
|
100.0
|
394
|
0.07
|
19.70
|
|
Property Listing
Office/Flex (continued)
and Industrial/Warehouse Properties
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
11 Skyline Drive (e)
|
1989
|
45,000
|
100.0
|
942
|
0.16
|
20.93
|
|
12 Skyline Drive (e)
|
1999
|
46,850
|
71.7
|
546
|
0.09
|
16.25
|
|
15 Skyline Drive (e)
|
1989
|
55,000
|
18.7
|
448
|
0.08
|
43.56
|
|
Yonkers
|
||||||
|
100 Corporate Boulevard
|
1987
|
78,000
|
98.3
|
1,563
|
0.27
|
20.39
|
|
200 Corporate Boulevard South
|
1990
|
84,000
|
100.0
|
1,649
|
0.28
|
19.63
|
|
4 Executive Plaza
|
1986
|
80,000
|
96.8
|
1,372
|
0.23
|
17.72
|
|
6 Executive Plaza
|
1987
|
80,000
|
100.0
|
1,571
|
0.27
|
19.64
|
|
1 Odell Plaza
|
1980
|
106,000
|
97.2
|
1,271
|
0.22
|
12.34
|
|
3 Odell Plaza
|
1984
|
71,065
|
100.0
|
1,596
|
0.27
|
22.46
|
|
5 Odell Plaza
|
1983
|
38,400
|
99.6
|
647
|
0.11
|
16.92
|
|
7 Odell Plaza
|
1984
|
42,600
|
99.6
|
800
|
0.14
|
18.85
|
|
Total New York Office/Flex
|
2,348,812
|
95.1
|
34,132
|
5.80
|
15.28
|
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
||||||
|
Stamford
|
||||||
|
419 West Avenue
|
1986
|
88,000
|
100.0
|
1,576
|
0.27
|
17.91
|
|
500 West Avenue
|
1988
|
25,000
|
100.0
|
423
|
0.07
|
16.92
|
|
550 West Avenue
|
1990
|
54,000
|
100.0
|
975
|
0.17
|
18.06
|
|
600 West Avenue
|
1999
|
66,000
|
100.0
|
670
|
0.11
|
10.15
|
|
650 West Avenue
|
1998
|
40,000
|
100.0
|
686
|
0.12
|
17.15
|
|
Total Connecticut Office/Flex
|
273,000
|
100.0
|
4,330
|
0.74
|
15.86
|
|
|
TOTAL OFFICE/FLEX PROPERTIES
|
4,811,343
|
92.0
|
55,586
|
9.46
|
12.56
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
1 Warehouse Lane (e)
|
1957
|
6,600
|
100.0
|
104
|
0.02
|
15.76
|
|
2 Warehouse Lane (e)
|
1957
|
10,900
|
100.0
|
159
|
0.03
|
14.59
|
|
3 Warehouse Lane (e)
|
1957
|
77,200
|
100.0
|
390
|
0.07
|
5.05
|
|
4 Warehouse Lane (e)
|
1957
|
195,500
|
96.7
|
1,827
|
0.31
|
9.66
|
|
5 Warehouse Lane (e)
|
1957
|
75,100
|
97.1
|
939
|
0.16
|
12.88
|
|
6 Warehouse Lane (e)
|
1982
|
22,100
|
100.0
|
538
|
0.09
|
24.34
|
|
Total Industrial/Warehouse Properties
|
387,400
|
97.8
|
3,957
|
0.68
|
10.45
|
|
|
Property Listing
Other Properties
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
3/31/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
|||||||
|
Tarrytown
|
|||||||
|
230 White Plains Road
|
1984
|
9,300
|
100.0
|
179
|
0.03
|
19.25
|
|
|
Yonkers
|
|||||||
|
2 Executive Boulevard
|
1986
|
8,000
|
100.0
|
305
|
0.05
|
38.13
|
|
|
Total Retail Properties
|
17,300
|
100.0
|
484
|
0.08
|
27.98
|
||
|
WESTCHESTER COUNTY, NEW YORK
|
|||||||
|
Elmsford
|
|||||||
|
700 Executive Boulevard
|
--
|
--
|
--
|
148
|
0.03
|
--
|
|
|
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 COMMERCIAL PROPERTIES
|
30,754,754
|
86.0
|
588,158
|
99.81
|
22.25
|
||
|
MULTI-FAMILY PROPERTY
|
|||||||
|
SUFFOLK COUNTY, MASSACHUSETTS
|
Number
of units
|
||||||
|
Revere
|
|||||||
|
Alterra at Overlook Ridge I (h)
|
2004
|
310
|
--
|
1,102
|
0.19
|
n/a
|
|
|
Total Multi-Family Properties
|
310
|
--
|
1,102
|
0.19
|
n/a
|
||
|
TOTAL PROPERTIES
|
589,260
|
(g)
|
100.00
|
||||
|
(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 March 31, 2013 aggregating 248,627 square feet (representing 0.8 percent of the Company’s total net rentable square footage) for which no new leases were signed.
|
|
(b)
|
Total base rent for 2013, 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 March 31, 2013, total escalations and recoveries from tenants were: $72,705, or $3.28 per leased square foot, for office properties; $9,332, or $2.11 per leased square foot, for office/flex properties; and $843, or $3.32 per leased square foot, for other properties. Office properties includes $2,279 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 2013 divided by net rentable square feet leased at March 31, 2013.
|
|
(e)
|
This property is located on land leased by the Company.
|
|
(f)
|
This property was identified as held for sale by the Company as of March 31, 2013 and is classified as discontinued operations in the financial statements.
|
|
(g)
|
Includes $16,173 pertaining to properties held for sale, which are classified as discontinued operations in the financial statements.
|
|
(h)
|
Acquired on January 18, 2013. Amounts reflect period of ownership.
|
|
Number
of
Properties
|
Annualized
Base Rental
Revenue ($) (a)
|
Percentage of
Company
Annualized Base
Rental Revenue (%)
|
Square
Feet
Leased
|
Percentage
Total Company
Leased Sq. Ft. (%)
|
Year of
Lease
Expiration
|
|
|
DB Services New Jersey, Inc.
|
2
|
12,111,630
|
1.9
|
402,068
|
1.6
|
2017
|
|
National Union Fire Insurance Company of Pittsburgh, PA
|
3
|
11,203,562
|
1.8
|
398,141
|
1.6
|
(b)
|
|
New Cingular Wireless PCS, LLC
|
4
|
9,988,111
|
1.7
|
433,296
|
1.7
|
(c)
|
|
Bank Of Tokyo-Mitsubishi UFJ, Ltd.
|
1
|
9,692,898
|
1.6
|
282,606
|
1.1
|
(d)
|
|
Keystone Mercy Health Plan
|
3
|
9,664,458
|
1.6
|
318,959
|
1.2
|
2020
|
|
Wyndham Worldwide Operations
|
2
|
9,465,635
|
1.6
|
395,392
|
1.5
|
(e)
|
|
Morgan Stanley & Co., Inc.
|
1
|
9,185,100
|
1.5
|
306,170
|
1.2
|
2013
|
|
United States of America-GSA
|
13
|
9,074,964
|
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
|
6,904,128
|
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
|
5,446,969
|
0.9
|
316,418
|
1.2
|
(i)
|
|
AECOM Technology Corporation
|
2
|
5,213,863
|
0.9
|
162,346
|
0.6
|
(j)
|
|
Sanofi-Aventis U.S., Inc.
|
1
|
4,519,658
|
0.7
|
205,439
|
0.8
|
2026
|
|
CohnReznick, LLP
|
2
|
4,324,298
|
0.7
|
155,056
|
0.6
|
(k)
|
|
Vonage America, Inc.
|
1
|
4,256,000
|
0.7
|
350,000
|
1.3
|
2017
|
|
Morgan Stanley Smith Barney
|
4
|
4,180,310
|
0.7
|
142,530
|
0.5
|
(l)
|
|
AT&T Corp.
|
1
|
4,137,500
|
0.7
|
275,000
|
1.1
|
2014
|
|
Allstate Insurance Company
|
7
|
3,709,882
|
0.6
|
159,266
|
0.6
|
(m)
|
|
Arch Insurance Company
|
1
|
3,685,118
|
0.6
|
106,815
|
0.4
|
2024
|
|
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
|
0.5
|
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
|
2,711,760
|
0.4
|
64,976
|
0.3
|
2017
|
|
New Jersey Turnpike Authority
|
1
|
2,597,425
|
0.4
|
100,223
|
0.4
|
2017
|
|
Connell Foley, LLP
|
2
|
2,572,383
|
0.4
|
97,822
|
0.4
|
2015
|
|
Lowenstein Sandler LLP
|
1
|
2,491,594
|
0.4
|
98,677
|
0.4
|
2017
|
|
Movado Group, Inc.
|
1
|
2,449,828
|
0.4
|
90,050
|
0.3
|
2018
|
|
Savvis Communications Corporation
|
1
|
2,430,116
|
0.4
|
71,474
|
0.3
|
2015
|
|
Virgin Mobile USA, LP
|
1
|
2,427,776
|
0.4
|
93,376
|
0.4
|
2016
|
|
ASRC Aerospace Corporation
|
1
|
2,404,629
|
0.4
|
81,108
|
0.3
|
2014
|
|
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
|
|
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)
|
|
The Louis Berger Group, Inc.
|
3
|
2,268,188
|
0.4
|
115,758
|
0.4
|
(s)
|
|
Totals
|
235,922,077
|
39.1
|
9,060,347
|
34.9
|
|
Significant Tenants
|
|
(Continued)
|
|
(a)
|
Annualized base rental revenue is based on actual March 2013 billings times 12. For leases whose rent commences after April 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)
|
281,023 square feet expire in 2018; 117,118 square feet expire in 2019.
|
|
(c)
|
120,397 square feet expire in 2013; 72,385 square feet expire in 2014; 27,766 square feet expire in 2015; 212,748 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)
|
45,736 square feet expire in 2013; 6,608 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)
|
70,932 square feet expire in 2023; 91,414 square feet expire in 2029.
|
|
(k)
|
1,021 square feet expire in 2014; 154,035 square feet expire in 2020.
|
|
(l)
|
22,782 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; 26,262 square feet expire in 2018.
|
|
(m)
|
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.
|
|
(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)
|
42,360 square feet expire in 2016; 13,340 square feet expire in 2022; 23,373 square feet expire in 2024.
|
|
(s)
|
7,426 square feet expire in 2017; 108,332 square feet expire in 2026.
|
|
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
|
80
|
630,747
|
2.3
|
15,131,792
|
23.99
|
2.5
|
|
Central NJ
|
48
|
266,119
|
1.0
|
6,528,418
|
24.53
|
1.1
|
|
Westchester Co., NY
|
66
|
278,938
|
1.1
|
5,396,766
|
19.35
|
0.9
|
|
Manhattan
|
1
|
19,818
|
0.1
|
540,239
|
27.26
|
0.1
|
|
Sub. Philadelphia
|
49
|
263,634
|
1.0
|
4,954,127
|
18.79
|
0.8
|
|
Fairfield, CT
|
14
|
103,812
|
0.4
|
1,893,087
|
18.24
|
0.3
|
|
Washington, DC/MD
|
16
|
92,422
|
0.4
|
2,225,224
|
24.08
|
0.4
|
|
Rockland Co., NY
|
7
|
21,851
|
0.1
|
577,980
|
26.45
|
0.1
|
|
TOTAL – 2013
|
281
|
1,677,341
|
6.4
|
37,247,633
|
22.21
|
6.2
|
|
2014
|
||||||
|
Northern NJ
|
126
|
1,631,199
|
6.3
|
42,353,247
|
25.96
|
7.0
|
|
Central NJ
|
67
|
534,499
|
2.1
|
10,626,855
|
19.88
|
1.8
|
|
Westchester Co., NY
|
111
|
581,637
|
2.2
|
12,294,388
|
21.14
|
2.0
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
63
|
359,089
|
1.4
|
6,251,839
|
17.41
|
1.0
|
|
Fairfield, CT
|
10
|
32,103
|
0.1
|
729,645
|
22.73
|
0.1
|
|
Washington, DC/MD
|
33
|
183,970
|
0.7
|
5,128,016
|
27.87
|
0.9
|
|
Rockland Co., NY
|
6
|
19,027
|
0.1
|
475,690
|
25.00
|
0.1
|
|
TOTAL – 2014
|
416
|
3,341,524
|
12.9
|
77,859,680
|
23.30
|
12.9
|
|
2015
|
||||||
|
Northern NJ
|
96
|
1,312,284
|
5.0
|
28,112,586
|
21.42
|
4.7
|
|
Central NJ
|
63
|
772,505
|
3.0
|
15,844,188
|
20.51
|
2.6
|
|
Westchester Co., NY
|
65
|
355,584
|
1.4
|
7,446,158
|
20.94
|
1.2
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
66
|
486,443
|
1.9
|
7,675,555
|
15.78
|
1.3
|
|
Fairfield, CT
|
12
|
107,847
|
0.4
|
2,677,096
|
24.82
|
0.4
|
|
Washington, DC/MD
|
34
|
298,989
|
1.2
|
9,413,462
|
31.48
|
1.6
|
|
Rockland Co., NY
|
2
|
32,311
|
0.1
|
775,464
|
24.00
|
0.1
|
|
TOTAL – 2015
|
338
|
3,365,963
|
13.0
|
71,944,509
|
21.37
|
11.9
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2016
|
306
|
2,701,927
|
10.4
|
58,305,212
|
21.58
|
9.7
|
|
|
2017
|
272
|
3,616,042
|
13.9
|
86,170,616
|
23.83
|
14.3
|
|
|
2018
|
251
|
2,571,379
|
9.9
|
60,551,730
|
23.55
|
10.0
|
|
|
2019
|
117
|
1,622,322
|
6.3
|
34,454,312
|
21.24
|
5.7
|
|
|
2020
|
98
|
1,623,196
|
6.3
|
37,656,938
|
23.20
|
6.2
|
|
|
2021
|
78
|
1,252,204
|
4.8
|
32,103,211
|
25.64
|
5.3
|
|
|
2022
|
54
|
1,073,430
|
4.1
|
25,286,188
|
23.56
|
4.2
|
|
|
2023
|
38
|
1,059,127
|
4.1
|
26,209,226
|
24.75
|
4.4
|
|
|
2024 and thereafter
|
55
|
2,052,263
|
7.9
|
55,357,198
|
26.97
|
9.2
|
|
|
Totals/
|
|||||||
|
Weighted Average
|
2,304
|
25,956,718
|
(c) (d)
|
100.0
|
603,146,453
|
23.24
|
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 March 2013 billings times 12. For leases whose rent commences after April 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 March 31, 2013 aggregating 248,627 square feet and representing annualized rent of $4,948,262 for which no new leases were signed.
|
|
(d)
|
Reconciliation to Company’s total net rentable square footage is as follows:
|
|
Square Feet
|
|
|
Square footage leased to commercial tenants
|
25,956,718
|
|
Square footage used for corporate offices, management offices,
|
|
|
building use, retail tenants, food services, other ancillary
|
|
|
service tenants and occupancy adjustments
|
477,515
|
|
Square footage unleased
|
4,320,521
|
|
Total net rentable square footage (does not include land leases)
|
30,754,754
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
||
|
2013 (c)
|
||||||||
|
Northern NJ
|
74
|
592,202
|
2.8
|
14,678,659
|
24.79
|
2.6
|
||
|
Central NJ
|
45
|
255,572
|
1.2
|
6,390,753
|
25.01
|
1.2
|
||
|
Westchester Co., NY
|
38
|
77,261
|
0.4
|
2,197,439
|
28.44
|
0.4
|
||
|
Manhattan
|
1
|
19,818
|
0.1
|
540,239
|
27.26
|
0.1
|
||
|
Sub. Philadelphia
|
37
|
177,454
|
0.8
|
4,202,138
|
23.68
|
0.8
|
||
|
Fairfield Co., CT
|
9
|
28,249
|
0.1
|
658,981
|
23.33
|
0.1
|
||
|
Washington, DC/MD
|
16
|
92,422
|
0.4
|
2,225,224
|
24.08
|
0.4
|
||
|
Rockland Co., NY
|
7
|
21,851
|
0.1
|
577,980
|
26.45
|
0.1
|
||
|
TOTAL – 2013
|
227
|
1,264,829
|
5.9
|
31,471,413
|
24.88
|
5.7
|
||
|
2014
|
||||||||
|
Northern NJ
|
118
|
1,551,785
|
7.4
|
41,285,985
|
26.61
|
7.6
|
||
|
Central NJ
|
58
|
451,479
|
2.1
|
9,526,596
|
21.10
|
1.7
|
||
|
Westchester Co., NY
|
59
|
240,933
|
1.1
|
6,454,310
|
26.79
|
1.2
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Sub. Philadelphia
|
48
|
210,624
|
1.0
|
5,163,539
|
24.52
|
1.0
|
||
|
Fairfield Co., CT
|
8
|
24,678
|
0.1
|
603,716
|
24.46
|
0.1
|
||
|
Washington, DC/MD
|
33
|
183,970
|
0.9
|
5,128,016
|
27.87
|
1.0
|
||
|
Rockland Co., NY
|
6
|
19,027
|
0.1
|
475,690
|
25.00
|
0.1
|
||
|
TOTAL – 2014
|
330
|
2,682,496
|
12.7
|
68,637,852
|
25.59
|
12.7
|
||
|
2015
|
||||||||
|
Northern NJ
|
91
|
1,270,579
|
6.0
|
27,624,621
|
21.74
|
5.2
|
||
|
Central NJ
|
57
|
728,614
|
3.4
|
15,261,949
|
20.95
|
2.8
|
||
|
Westchester Co., NY
|
40
|
183,561
|
0.9
|
4,691,446
|
25.56
|
0.9
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Sub. Philadelphia
|
43
|
252,130
|
1.2
|
6,012,382
|
23.85
|
1.1
|
||
|
Fairfield Co., CT
|
11
|
70,919
|
0.3
|
1,957,000
|
27.59
|
0.4
|
||
|
Washington, DC/MD
|
34
|
298,989
|
1.4
|
9,413,462
|
31.48
|
1.7
|
||
|
Rockland Co., NY
|
2
|
32,311
|
0.2
|
775,464
|
24.00
|
0.1
|
||
|
TOTAL – 2015
|
278
|
2,837,103
|
13.4
|
65,736,324
|
23.17
|
12.2
|
||
|
2016
|
238
|
2,017,422
|
9.5
|
48,905,604
|
24.24
|
9.1
|
||
|
2017
|
215
|
3,106,919
|
14.7
|
79,823,816
|
25.69
|
14.8
|
||
|
2018
|
186
|
1,886,226
|
8.9
|
52,075,413
|
27.61
|
9.7
|
||
|
2019
|
91
|
1,122,364
|
5.3
|
27,766,116
|
24.74
|
5.1
|
||
|
2020
|
76
|
1,354,999
|
6.4
|
34,409,210
|
25.39
|
6.4
|
||
|
2021
|
61
|
1,098,139
|
5.2
|
29,669,978
|
27.02
|
5.5
|
||
|
2022
|
49
|
1,010,888
|
4.8
|
24,441,727
|
24.18
|
4.5
|
||
|
2023
|
30
|
863,999
|
4.1
|
23,646,416
|
27.37
|
4.4
|
||
|
2024 and thereafter
|
48
|
1,914,714
|
9.1
|
53,269,638
|
27.82
|
9.9
|
||
|
Totals/Weighted
Average
|
1,829
|
21,160,098 (c)
|
100.0
|
539,853,507
|
25.51
|
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 March 2013 billings times 12. For leases whose rent commences after April 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 March 31, 2013 aggregating 165,832 square feet and representing annualized rent of $4,156,197 for which no new leases were signed.
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2013 (c)
|
|||||||
|
Northern NJ
|
6
|
38,545
|
0.9
|
453,133
|
11.76
|
0.9
|
|
|
Central NJ
|
3
|
10,547
|
0.2
|
137,665
|
13.05
|
0.2
|
|
|
Westchester Co., NY
|
25
|
118,036
|
2.7
|
2,431,862
|
20.60
|
4.1
|
|
|
Sub. Philadelphia
|
12
|
86,180
|
1.9
|
751,989
|
8.73
|
1.3
|
|
|
Fairfield Co., CT
|
5
|
75,563
|
1.7
|
1,234,106
|
16.33
|
2.1
|
|
|
TOTAL – 2013
|
51
|
328,871
|
7.4
|
5,008,755
|
15.23
|
8.6
|
|
|
2014
|
|||||||
|
Northern NJ
|
8
|
79,414
|
1.8
|
1,067,262
|
13.44
|
1.8
|
|
|
Central NJ
|
9
|
83,020
|
1.9
|
1,100,259
|
13.25
|
1.9
|
|
|
Westchester Co., NY
|
46
|
287,269
|
6.5
|
4,798,509
|
16.70
|
8.2
|
|
|
Sub. Philadelphia
|
15
|
148,465
|
3.4
|
1,088,300
|
7.33
|
1.9
|
|
|
Fairfield Co., CT
|
2
|
7,425
|
0.2
|
125,929
|
16.96
|
0.2
|
|
|
TOTAL – 2014
|
80
|
605,593
|
13.8
|
8,180,259
|
13.51
|
14.0
|
|
|
2015
|
|||||||
|
Northern NJ
|
5
|
41,705
|
1.0
|
487,965
|
11.70
|
0.9
|
|
|
Central NJ
|
6
|
43,891
|
1.0
|
582,239
|
13.27
|
1.0
|
|
|
Westchester Co., NY
|
24
|
144,023
|
3.3
|
2,404,712
|
16.70
|
4.1
|
|
|
Sub. Philadelphia
|
23
|
234,313
|
5.3
|
1,663,173
|
7.10
|
2.8
|
|
|
Fairfield Co., CT
|
1
|
36,928
|
0.8
|
720,096
|
19.50
|
1.2
|
|
|
TOTAL – 2015
|
59
|
500,860
|
11.4
|
5,858,185
|
11.70
|
10.0
|
|
|
2016
|
64
|
653,517
|
14.9
|
9,052,814
|
13.85
|
15.4
|
|
|
2017
|
57
|
509,123
|
11.6
|
6,346,800
|
12.47
|
10.8
|
|
|
2018
|
64
|
607,950
|
13.8
|
8,112,963
|
13.34
|
13.8
|
|
|
2019
|
26
|
499,958
|
11.4
|
6,688,196
|
13.38
|
11.4
|
|
|
2020
|
16
|
220,965
|
5.0
|
2,598,592
|
11.76
|
4.4
|
|
|
2021
|
17
|
154,065
|
3.5
|
2,433,233
|
15.79
|
4.1
|
|
|
2022
|
5
|
62,542
|
1.4
|
844,461
|
13.50
|
1.4
|
|
|
2023
|
7
|
127,407
|
2.9
|
1,777,246
|
13.95
|
3.0
|
|
|
2024 and thereafter
|
6
|
129,549
|
2.9
|
1,815,560
|
14.01
|
3.1
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
452
|
4,400,400
|
(c)
|
100.0
|
58,717,064
|
13.34
|
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 March 2013 billings times 12. For leases whose rent commences after April 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 March 31, 2013 aggregating 15,434 square feet and representing annualized rent of $219,497 for which no new leases were signed.
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2013
|
3
|
83,641
|
22.0
|
767,465
|
9.18
|
18.6
|
|
|
2014
|
5
|
44,135
|
11.6
|
866,569
|
19.63
|
21.0
|
|
|
2015
|
1
|
28,000
|
7.4
|
350,000
|
12.50
|
8.5
|
|
|
2016
|
4
|
30,988
|
8.2
|
346,794
|
11.19
|
8.4
|
|
|
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
|
(c)
|
100.0
|
4,128,882
|
10.90
|
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 March 2013 billings times 12. For leases whose rent commences after April 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.
|
|
(c)
|
Includes leases expiring March 31, 2013 aggregating 67,361 square feet and representing annualized rent of $572,568 for which no new leases were signed.
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
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 March 2013 billings times 12. For leases whose rent commences after April 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.
|