SECOND QUARTER 2013


Supplemental Operating and Financial Data









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

 
 
 


INDEX

 
PAGE(S)
I.  COMPANY BACKGROUND
  
· About the Company / Other Corporate Data
5
· Board of Directors / Executive Officers
6
· Equity Research Coverage / Company Contact Information
7
   
II.  FINANCIAL HIGHLIGHTS
  
· Quarterly Summary / Acquisitions / Development
9
· Sales / Financing Activity
9-10
· Leasing
10 – 11
· Information About FFO
12
· Key Financial Data
13
· Same-Store Results and Analysis
14
· Unconsolidated Joint Ventures Summary
15 – 17
· Unconsolidated Joint Ventures Financial Information
18 – 20
· Select Financial Ratios
21
· Debt Analysis:
  
· Debt Breakdown / Future Repayments
22
· Debt Maturities
23
· Debt Detail
24
   
III.  FINANCIAL INFORMATION
  
· Consolidated Statements of Operations
26
· Consolidated Balance Sheets
27
· Consolidated Statement of Changes in Equity
28
· Statements of Funds from Operations
29
· Statements of Funds from Operations Per Diluted Share
30
· Reconciliation of Basic-to-Diluted Shares/Units
31
   
IV.  VALUE CREATION PIPELINE
  
· Operating Property Acquisitions / Summary of In-Process Development Projects
33
· Properties Commencing Initial Operations
33
· Acquisition Property Profile
34
· Rental Property Sales / Dispositions / Rental Property Held for Sale
35
· Summary of Land Parcels
36
   
V.  PORTFOLIO/ LEASING STATISTICS
  
· Leasing Statistics
38 – 43
· Market Diversification (MSAs)
44
· Industry Diversification (Top 30 Tenant Industries)
45
· Consolidated Portfolio Analyses:
  
Breakdown by:
  
(a) Number of Properties
46
(b) Square Footage
47
(c) Base Rental Revenue
48
(d) Percentage Leased
49
· Consolidated Property Listing (by Property Type)
50 – 58
· Significant Tenants (Top 50 Tenants)
59 – 60
· Schedules of Lease Expirations (by Property Type)
61 – 65
   



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
2
 

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
3
 











I.  COMPANY BACKGROUND


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
4
 


I.  COMPANY BACKGROUND


About the Company

Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $4.9 billion at June 30, 2013. Mack-Cali has been involved in all aspects of commercial real estate development, management, and ownership for over 60 years and has been a publicly traded REIT since 1994. At June 30, 2013 Mack-Cali owned or had interests in 273 properties consisting of 264 office and office/flex properties totaling approximately 30.6 million square feet of commercial space and nine multi-family rental properties containing over 3,300 residential units, all located in the Northeast, as well as land to accommodate up to 10.8 million square feet of additional commercial space and 5,604 multi-family apartment units – in addition to hotel development.

History

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

Strategy

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

Summary
(as of June 30, 2013)

Corporate Headquarters
Edison, New Jersey
Fiscal Year-End
12/31
Total Properties
273
Total Commercial Square Feet / Multi-family Units
30.6 million commercial square feet and 3,319 multi-family residential units
Geographic Diversity
Seven states and the District of Columbia
New Jersey Presence
21.9 million square feet of commercial space and 1,518 multi-family residential units
Northeast Presence
30.6 million square feet of commercial space and 3,319 multi-family residential units
Common Shares and
  
Units Outstanding
100.0 million
Dividend-- Quarter/Annualized
$0.30/$1.20
Dividend Yield
4.9%
Total Market Capitalization
$4.9 billion
Senior Debt Rating
BBB (S&P and Fitch);
 
Baa2 (Moody’s)


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
5
 



Board of Directors

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







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

 
 

 

 

 




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
6
 


Equity Research Coverage


Bank of America Merrill Lynch
James C. Feldman
(646) 855-5808
 
ISI Group
Steve Sakwa
(212) 446-9462
 
Barclays Capital
Ross Smotrich
(212) 526-2306
 
J.P. Morgan
Anthony Paolone
(212) 622-6682
 
Citigroup
Michael Bilerman
(212) 816-1383
 
KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
 
Cowen and Company
James Sullivan
(646) 562-1380
 
Stifel, Nicolaus & Company, Inc.
John W. Guinee, III
(443) 224-1307
 
Deutsche Bank North America
Vin Chao
(212) 250-6799
 
UBS Investment Research
Ross T. Nussbaum
(212) 713-2484
 
Green Street Advisors
Michael Knott
(949) 640-8780
 
  
   






Company Contact Information

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



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
7
 











II.  FINANCIAL HIGHLIGHTS









Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
8
 

II.  FINANCIAL HIGHLIGHTS

Quarterly Summary

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

Funds from operations (FFO) available to common shareholders for the quarter ended June 30, 2013 amounted to $65.2 million, or $0.65 per share. For the six months ended June 30, 2013, FFO available to common shareholders equaled $128.2 million, or $1.29 per share.

Net income available to common shareholders for the second quarter 2013 equaled $23.1 million, or $0.26 per share. For the six months ended June 30, 2013, net income available to common shareholders amounted to $34.6 million, or $0.39 per share.

Total revenues for the second quarter 2013 were $177.9 million. For the six months ended June 30, 2013, total revenues amounted to $358.7 million.

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

The Company had 88,004,354 shares of common stock, and 12,003,241 common operating partnership units outstanding as of June 30, 2013. The Company had a total of 100,007,595 common shares/common units outstanding at June 30, 2013.

As of June 30, 2013, the Company had total indebtedness of approximately $2.4 billion, with a weighted average annual interest rate of 5.64 percent.

The Company had a debt-to-undepreciated assets ratio of 38.8 percent at June 30, 2013. The Company had an interest coverage ratio of 3.1 times for the quarter ended June 30, 2013.

Acquisitions

In April, the Company acquired Alterra at Overlook Ridge 1B, a 412-unit multi-family property in Revere, Massachusetts, for approximately $88 million. The Company funded the acquisition primarily through borrowings under the Company’s unsecured revolving credit facility.

Development

In June, the Company commenced initial operations on 14 Sylvan Way in Parsippany, New Jersey. The 203,506-square-foot commercial property was 100 percent pre-leased.

Sales

On July 18, 2013, the Company announced that it entered into agreements to form various joint ventures with a fund sponsored by Keystone Property Group to facilitate the sale of Mack-Cali’s 15 commercial office properties aggregating 1.66 million square feet, and three land parcels located throughout Suburban Philadelphia. Pursuant to the agreements, the portfolio will be sold for approximately $233 million: $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting, and subordinated interests in the portfolio with capital accounts aggregating $22 million. Mack-Cali shall participate in management fees and 50 percent of value creation above certain hurdle rates. Mack-Cali anticipates receiving a majority interest in a land parcel in Bala Cynwyd, Pennsylvania, for multi-family residential development, subject to certain conditions. As part of the transaction, Mack-Cali retains the rights to subdivide and develop multi-family residential units at 150 Monument Road in Bala Cynwyd. The sale is subject to the purchaser’s completion of due diligence by August 19, which may be extended, and normal and customary closing conditions. The Company anticipates a late 2013 closing.

Through July 2013, the Company completed the sales of nine office properties, aggregating 1.3 million square feet, for a total of approximately $186.6 million, as follows:
 
 
 
9
 

 
In April, the Company sold 19 Skyline Drive, located in Hawthorne, New York, for approximately $16.2 million. The vacant five-story, 248,400-square-foot building was sold to New York Medical College, a member of the Touro College and University System.

Also in April, the Company sold 55 Corporate Drive in Bridgewater, New Jersey for approximately $72.3 million. The building is a 204,057-square-foot, fully-leased property.

In May, the Company sold the following properties:

-  
Mack-Cali Airport property located in Little Ferry, New Jersey for approximately $32.3 million. The sold building is a fully leased, two-story, 286,628-square-foot property.

-  
777 Passaic Avenue in Clifton, New Jersey, for approximately $5.8 million to a joint venture comprised of Gottesman Real Estate Partners and Mountain Development Corporation. The five-story, approximately 75,000-square-foot property was 65 percent leased.

-  
16 and 18 Sentry Park West in Blue Bell, Pennsylvania, for approximately $19.3 million. The four-story, 93,093-square-foot 16 Sentry Park West, and the four-story, 95,010-square-foot 18 Sentry West were sold to a fund sponsored by Keystone Property Group. The Company retained a carried passive economic interest in the two properties subject to future economic performance of the assets.

In June, the Company sold 51 Imclone Drive in Branchburg, New Jersey, for approximately $6.2 million. 51 Imclone Drive is a single tenant, two-story, 63,213-square-foot property.

Also in June, the Company sold 40 Richards Avenue in Norwalk, Connecticut for $16.5 million. The approximately 64 percent occupied, seven-story, 145,487-square-foot property was sold to the Davis Companies.

In July, the Company sold Liberty Corner Corporate Center, 106 Allen Road in Bernards Township, New Jersey, for approximately $18.0 million. The four-story, 132,010-square-foot building was sold to The Silverman Group.

Financing Activity

In May, the Company completed the sale of $275 million face amount of 3.15 percent senior unsecured notes due May 15, 2023 with interest payable semi-annually in arrears. The net proceeds from the issuance of approximately $266.5 million, after underwriting discount and offering expenses, were used primarily to repay outstanding borrowings under the Company’s unsecured revolving credit facility.

In July, the Company refinanced and extended its unsecured revolving credit facility with a group of 17 lenders. The $600 million unsecured facility, which is expandable to $1 billion, carries an interest rate equal to LIBOR plus 110 basis points. The credit facility, which also carries a facility fee of 20 basis points, has a four-year term with two six-month extension options. The interest rate and facility fee are subject to adjustment, on a sliding scale, based upon the operating partnership’s unsecured debt ratings.

Leasing

Mack-Cali’s consolidated in-service portfolio was 86.2 percent leased at June 30, 2013, as compared to 86.0 percent leased at March 31, 2013.

For the quarter ended June 30, 2013, the Company executed 165 leases at its consolidated in-service portfolio totaling 1,311,917 square feet, consisting of 955,751 square feet of office space, 293,436 square feet of office/flex space and 62,730 square feet of industrial/warehouse space. Of these totals, 401,777 square feet were for new leases and 910,140 square feet were for lease renewals and other tenant retention transactions.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
10
 

Highlights of the quarter’s leasing transactions include:

NORTHERN NEW JERSEY:
-  
T-Mobile USA, Inc., a wireless telecommunications service provider, signed a renewal for the entire 105,135-square-foot office building at 4 Sylvan Way, located in Mack-Cali Business Campus in Parsippany.

-  
Sunovion Pharmaceuticals Inc., a research-based pharmaceutical company, signed a renewal for 45,847 square feet at One Bridge Plaza in Fort Lee. The 200,000-square-foot office building is 91.4 percent leased.

-  
Toyota Motor Credit Corporation, a provider of finance and insurance products and services, signed a renewal for 22,236 square feet at 4 Gatehall Drive in Parsippany. The 248,480-square-foot office building, located in Mack-Cali Business Campus, is 81.7 percent leased.

-  
Law firm Orloff, Lowenbach, Stifelman & Siegel, P.A. signed a renewal for 20,228 square feet at 101 Eisenhower Parkway in Roseland. The 237,000-square-foot office building, located in Eisenhower/280 Corporate Center, is 84.8 percent leased.

CENTRAL NEW JERSEY:
-  
American General Life Insurance Company, a provider of life insurance, annuity, and accident and health products, signed a new lease for 74,199 square feet at 3600 Route 66 in Neptune. The 180,000-square-foot office building is 100 percent leased.
 
-  
Public Service Electric & Gas Company signed a renewal for 47,604 square feet at 20 Commerce Drive in Cranford. The 176,600-square-foot office building, located in Cranford Business Park, is 87.5 percent leased.

-  
Hammerman & Gainer, Inc., a third party administration firm, signed a new lease for 20,874 square feet at 3 Paragon Way in Freehold. The 66,898-square-foot office building, located in Monmouth Executive Center, is 88.2 percent leased.

WESTCHESTER COUNTY, NEW YORK:
-  
Xand Operations, LLC, a provider of data center infrastructure and business continuity solutions, signed transactions totaling 131,078 square feet consisting of a renewal of 46,078 square feet at 11 Skyline Drive and a renewal of 43,632 square feet and an expansion of 41,368 square feet at 17 Skyline Drive in Hawthorne. With this expansion, Xand Operations now leases the entirety of both buildings, which are located in Mid-Westchester Executive Park.

-  
Evening Out, Inc., a dinner theatre operator, signed a renewal for the entire 32,720-square-foot office/flex building at 75 Clearbrook Road in Elmsford’s Cross Westchester Executive Park.

-  
Knighted, LLC, a developer of warehouse management and logistics software, signed a new lease for 30,000 square feet at 555 Taxter Road in Elmsford. The 170,554-square-foot office building, located in Taxter Corporate Park, is 86.3 percent leased.

-  
Con-way Freight Inc., a provider of freight transportation and logistics, signed a renewal for the entire 22,100-square-foot industrial/warehouse building at 6 Warehouse Lane in Elmsford Distribution Center in Elmsford.

MANHATTAN:
-  
Financial firm Loeb Holding Corporation signed a new lease for 22,255 square feet at 125 Broad Street in Manhattan. Mack-Cali’s ownership interests of 524,476 square feet in the building are 100 percent leased.

SUBURBAN PHILADELPHIA:
-  
BAYADA Home Health Care, a provider of home health care services, signed transactions totaling 43,970 square feet consisting of a 29,265-square-foot renewal at 101 Executive Drive, a 5,400-square-foot renewal at 1 Executive Drive, and a 9,305-square-foot new lease at 2 Executive Drive, all office/flex properties located in Moorestown West Corporate Center in Moorestown. 101 Executive Drive is a 29,355-square-foot building which is 99.7 percent leased. 1 Executive Drive contains 20,570 square feet and is 90.8 percent leased, and the 60,800-square-foot 2 Executive Drive is 81.1 percent leased.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
11
 

Information About FFO

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

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables on page 30.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
12
 

Key Financial Data


 
      As of or for the three months ended   
 
6/30/13
3/31/13
12/31/12
9/30/12
6/30/12
Shares and Units:
          
Common Shares Outstanding
88,004,354
87,923,776
87,536,292
87,821,885
87,819,278
Common Units Outstanding
12,003,241
12,081,440
12,141,836
12,177,122
12,177,122
Combined Shares and Units
100,007,595
100,005,216
99,678,128
99,999,007
99,996,400
Weighted Average- Basic (a)
99,779,978
99,766,701
99,695,353
100,003,034
99,999,564
Weighted Average- Diluted (b)
 
99,779,978
99,849,397
99,695,353
100,074,809
100,068,762
Common Share Price ($’s):
          
At the end of the period
24.49
28.61
26.11
26.60
29.07
High during period
29.39
29.03
28.16
29.45
29.37
Low during period
22.59
25.78
24.37
26.31
26.37
           
Market Capitalization:
          
($’s in thousands, except ratios)
          
Market Value of Equity (c)
2,505,823
2,917,514
2,663,758
2,661,629
2,908,635
Total Debt
2,369,153
2,296,687
2,204,389
1,970,254
1,929,596
Total Market Capitalization
4,874,976
5,214,201
4,868,147
4,631,883
4,838,231
Total Debt/ Total Market
  Capitalization
48.60%
44.05%
45.28%
42.54%
39.88%
           
Financials:
          
($’s in thousands, except ratios and
   per share amounts)
          
Total Assets
4,638,064
4,585,269
4,526,045
4,269,573
4,270,207
Gross Book Value of Real Estate Assets
5,422,418
5,607,617
5,525,015
5,295,248
5,269,762
Total Liabilities
2,602,972
2,547,913
2,457,538
2,191,345
2,163,930
Total Equity
2,035,092
2,037,356
2,068,507
2,078,228
2,106,277
Total Revenues
177,938
180,720
173,588
166,603
172,045
Capitalized Interest
3,281
3,467
2,916
891
305
Scheduled Principal Amortization
808
1,065
1,342
1,201
503
Interest Coverage Ratio
3.08
3.11
3.21
3.13
2.97
Fixed Charge Coverage Ratio
2.72
2.70
2.80
2.92
2.89
Net (Loss) Income
26,184
13,089
(10,585)
16,176
11,411
Net (Loss) Income Available to Common Shareholders
23,071
11,556
(9,227)
14,281
10,101
Earnings per Share—diluted
0.26
0.13
(0.11)
0.16
0.11
FFO per Share—diluted (d)
0.65
0.63
0.66
0.65
0.62
Dividends Declared per Share
0.30
0.45
0.45
0.45
0.45
FFO Payout Ratio—diluted (d)
45.93%
71.28%
68.65%
69.27%
72.55%
           
Portfolio Size:
          
Properties
273
279
278
276
277
Total Commercial Square Footage
30,584,290
31,591,672
31,691,682
32,192,587
32,240,287
Commercial Sq. Ft. Leased at End of Period (e) (f)
86.2%
86.0%
87.2%
87.5%
87.6%
Apartment Units
3,319
2,907
1,769
0
0
           

(a)  
Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares.
(b)  
Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants).
(c)  
Includes any outstanding preferred units presented on a converted basis into common units and noncontrolling interests in consolidated joint ventures.
(d)  
Funds from Operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT).  See “Information About FFO” on page 12.
(e)  
Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future and leases that expire at the period end date.
(f)  
Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
13
 


Same Store Results and Analysis
(dollars in thousands)


 
  For the three months ended
June 30,
  
 
%
 
2013
2012
Change
Change
         
Total Property Revenues
$160,215
$164,786
$(4,571)
(2.8)
         
Real Estate Taxes
20,604
24,225
(3,621)
(14.9)
Utilities
14,148
14,103
45
0.3
Operating Services
26,355
25,727
628
2.4
Total Property Expenses:
61,107
64,055
(2,948)
(4.6)
         
GAAP Net Operating Income
99,108
100,731
(1,623)
(1.6)
         
Less: straight-lining of rents adj.
2,734
1,710
1,024
59.9
         
Net Operating Income
$96,374
$99,021
$(2,647)
(2.7)
         
Percentage Leased at
  Period End
86.2%
87.7%
    
         
Total Properties:
255
      
         
Total Square Footage:
29,411,856
      
         



 
  For the six months ended
June 30,
  
 
%
 
2013
2012
Change
Change
         
Total Property Revenues
$323,806
$329,866
$(6,060)
(1.8)
         
Real Estate Taxes
43,264
46,461
(3,197)
(6.9)
Utilities
31,282
29,738
1,544
5.2
Operating Services
53,125
50,654
2,471
4.9
Total Property Expenses:
127,671
126,853
818
0.6
         
GAAP Net Operating Income
196,135
203,013
(6,878)
(3.4)
         
Less: straight-lining of rents adj.
9,183
3,105
6,078
195.7
         
Net Operating Income
$186,952
$199,908
$(12,956)
(6.5)
         
Percentage Leased at
  Period End
86.2%
87.7%
    
         
Total Properties:
255
      
         
Total Square Footage:
29,411,856
      
         





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
14
 

Unconsolidated Joint Ventures Summary
(as of June 30, 2013)

Breakdown of Unconsolidated Joint Ventures
(dollars in thousands)

Joint Venture Name
Property
Location
Year
Built
Percent
Leased
# of
Apartment
Units
Revenue
Per
Unit (a)
Operating Multi-family Residential:
            
Marbella RoseGarden, L.L.C.
Marbella
Jersey City, NJ
2003
95.6%
412
$2,755
RoseGarden Monaco, L.L.C.
Monaco (North and South)
Jersey City, NJ
2011
94.0%
523
3,045
Rosewood Morristown, L.L.C.
Metropolitan at 40 Park
Morristown, NJ
2010
95.6%
130
3,064
Rosewood Lafayette Holdings, L.L.C.
Highlands at Morristown Station
Morristown, NJ
2009
96.6%
217
2,526
PruRose Port Imperial South 15 LLC
RiversEdge at Port Imperial
Weehawken, NJ
2009
94.1%
236
3,009
Overlook Ridge JV, L.L.C.
Quarrystone
Malden, MA
2008
90.7%
251
2,097
Crystal House Apartments Investors LLC
Crystal House
Arlington, VA
1962
91.7%
828
1,946
 
Total Operating Multi-family Residential:
93.5%
2,597
$2,511

Joint Venture Name
Property
Location
Year
Built
Percent
Leased
Square
Feet
  
Operating Commercial:
            
Roseland/North Retail, L.L.C.
Riverwalk at Port Imperial
West New York, NJ
2008
64.0%
30,745
  
BNES Associates III
Offices at Crystal Lake
West Orange, NJ
2003
100.0%
106,345
  
Red Bank Corporate Plaza
Red Bank Corporate Plaza
Red Bank, NJ
2007
100.0%
92,878
  
12 Vreeland Realty L.L.C.
12 Vreeland Road
Florham Park, NJ
1984
100.0%
139,750
  
Rosewood Morristown, L.L.C.
Shops at 40 Park
Morristown, NJ
2010
57.7%
50,771
  
 
Total Operating Commercial:
  
420,489
  

Joint Venture Name
Property
Location
Year
Built
  
Number
of
Rooms
  
Hotel:
            
Harborside South Pier
Hyatt Regency Jersey City on the Hudson
Jersey City, NJ
2002
  
350
  

Joint Venture Name
Property
Location
        
Other Investment:
            
Stamford SM L.L.C.
Senior Mezzanine Loan
Stamford, CT
        

Joint Venture Name
Property
Location
Estimated
Initial
Delivery
Date
  
Potential
Apartment
Units
  
In-Process Development Projects:
            
PruRose Riverwalk G, L.L.C.
Rivertrace at Port Imperial
West New York, NJ
3Q-2013
  
316
  
Elmajo Urban Renewal Associates, L.L.C.
Lincoln Harbor
Weehawken, NJ
4Q-2013
  
355
  
150 Main Street, L.L.C.
Glenmark at Tuckahoe
Eastchester, NY
2Q-2015
  
108
  
Overlook Ridge JV 2C/3B, L.L.C.
Overlook Ridge 2C & 3B
Malden, MA
1Q-2014
  
371
  
Prurose Port Imperial South 13, LLC
Port Imperial Building 13
Weehawken, NJ
4Q-2014
  
280
  
Portside Master Company, LLC
Portside at Pier One – Bldg 7
East Boston, MA
3Q-2014
  
176
  
Riverpark at Harrison I Urban Renewal LLC
Riverpark at Harrison
Harrison, NJ
4Q-2014
  
141
  
Estuary Urban Renewal Unit B, LLC
Lincoln Harbor (Bldg B)
Weehawken, NJ
1Q-2015
  
227
  
RoseGarden Marbella South, L.L.C.
Marbella II
Jersey City, NJ
4Q-2015
  
311
  
Rosewood Morristown, L.L.C.
Lofts at 40 Park
Morristown, NJ
4Q-2015
  
91
  
Roseland/Port Imperial Partners, L.P.
Riverwalk C
West New York, NJ
1Q-2016
  
363
  
 
Total In-Process Development Projects:
  
2,739
  

Joint Venture Name
Property
Location
  
Potential
Apartment
Units
Potential
Commercial
Square Feet
  
Land:
            
Hillsborough 206 Holdings, L.L.C.
Hillsborough 206
Hillsborough, NJ
  
n/a
160,000
  
RoseGarden Monaco, L.L.C.
San Remo Land
Jersey City, NJ
  
300
n/a
  
Grand Jersey Waterfront URA, L.L.C.
Liberty Landing
Jersey City, NJ
  
1,000
n/a
  
Riverpark at Harrison I, L.L.C.
Riverpark at Harrison 5-8
Harrison, NJ
  
141
n/a
  
Plaza VIII and IX Associates, L.L.C.
Vacant land/parking
Jersey City, NJ
  
n/a
1,225,000
  
Overlook Ridge, L.L.C.
Overlook Ridge Land
Malden/Revere, MA
  
896
160,000
  
Overlook Ridge JV, L.L.C.
Overlook Phase III
Malden, MA
  
240
n/a
  
Roseland/Port Imperial Partners, L.P.
Port Imperial North
West New York, NJ
  
836
n/a
  
Crystal House Apartments Investors LLC
Crystal House
Arlington, VA
  
295
n/a
  
 
Total Land:
3,708
1,545,000
  

See footnotes on page 17.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
15
 

Breakdown of Unconsolidated Joint Ventures
(dollars in thousands)
(continued)

Joint Venture Name
Property
Company’s
Effective
Ownership %
  
Net Operating Income (b)
  
Property Debt
  
Preferred
3 Mos
6/30/13
6 Mos
6/30/13
Balance
  
Maturity
Date
Interest
Rate
Capital
Balance (c)
  
Return
Rate
Investor
Operating Multi-family Residential:
                              
Marbella RoseGarden, L.L.C.
Marbella
24.27%
  
$  2,219
$  4,552
  
$  95,000
  
05/01/18
4.99%
  
$     7,567
  
9.50%
Prudential
RoseGarden Monaco, L.L.C.
Monaco (North and South)
15.00%
  
3,077
6,268
  
165,000
  
02/01/21
4.19%
  
79,022
  
9.00%
Prudential
Rosewood Morristown, L.L.C.
Metropolitan at 40 Park
12.50%
  
685
1,407
  
48,535
(d)
02/08/14
L+2.75%
  
14,788
(d)
9.00%
Prudential
Rosewood Lafayette Holdings, L.L.C.
Highlands at Morristown Station
25.00%
  
1,018
1,996
  
39,714
  
07/01/15
4.00%
  
31,144
  
9.00%
Prudential
PruRose Port Imperial South 15 LLC
RiversEdge at Port Imperial
50.00%
(e)
1,071
2,191
  
57,000
  
08/30/13
L+2.35%
  
38,054
  
9.00%
Prudential
Overlook Ridge JV, L.L.C.
Quarrystone
25.00%
  
860
1,819
  
69,900
  
03/15/16
(f)
  
18,829
(g)
15.00%
Lennar
Crystal House Apartments Investors LLC
Crystal House
25.00%
  
3,075
3,448
(h)
165,000
  
03/19/20
3.17%
  
--
  
--
UBS
 
Total Operating Multi-family Residential:
    
$12,005
$21,681
  
$640,149
        
$189,404
      

Joint Venture Name
Property
Company’s
Effective
Ownership %
  
Net Operating Income (b)
  
Property Debt
  
Preferred
3 Mos
6/30/13
6 Mos
6/30/13
Balance
  
Maturity
Date
Interest
Rate
Capital
Balance (c)
  
Return
Rate
Investor
Operating Commercial:
                              
Roseland/North Retail, L.L.C.
Riverwalk at Port Imperial
20.00%
  
$      (29)
$     109
  
--
  
--
--
  
$5,773
  
9.00%
Prudential
BNES Associates III
Offices at Crystal Lake
31.25%
  
477
757
  
$    7,637
  
11/01/23
4.76%
  
--
  
--
--
Red Bank Corporate Plaza
Red Bank Corporate Plaza
50.00%
  
621
1,229
  
16,984
  
05/17/16
L+3.00%
(i)
--
  
--
--
12 Vreeland Realty L.L.C.
12 Vreeland Road
50.00%
  
387
356
  
16,000
  
06/18/23
2.87%
  
--
  
--
--
Rosewood Morristown, L.L.C.
Shops at 40 Park
12.50%
  
199
315
  
--
(d)
--
--
  
--
(d)
9.00%
Prudential
 
Total Operating Commercial:
    
$  1,655
$  2,766
  
$  40,621
        
$   5,773
      

Joint Venture Name
Property
Company’s
Effective
Ownership %
  
Net Operating Income (b)
  
Property Debt
  
Preferred
3 Mos
6/30/13
6 Mos
6/30/13
Balance
  
Maturity
Date
Interest
Rate
  
Capital
Balance (c)
  
Return
Rate
Investor
  
Hotel:
                                
Harborside South Pier
Hyatt Regency Jersey City on the Hudson
50.00%
  
$  4,165
$  5,643
  
$  63,426
  
11/05/16
6.15%
(j)
--
  
--
--
  
 
Joint Venture Name
Property
Company’s
Effective
Ownership %
  
Net Operating Income (b)
  
Property Debt
  
Preferred
3 Mos
6/30/13
6 Mos
6/30/13
Balance
  
Maturity
Date
Interest
Rate
  
Capital
Balance (c)
  
Return
Rate
Investor
Other Investment:
                              
Stamford SM L.L.C.
Senior Mezzanine Loan
80.00%
  
$  1,121
$  2,227
  
--
  
--
--
  
--
  
--
--

Joint Venture Name
Property
Company’s
Effective
Ownership %
      
Property Debt
  
Preferred
   
Balance
  
Maturity
Date
Interest
Rate
Capital
Balance (c)
  
Return
Rate
Investor
In-Process Development Projects:
                              
PruRose Riverwalk G, L.L.C.
Rivertrace at Port Imperial
25.00%
        
$  41,381
  
07/15/21
6.00%
  
$  37,260
  
7.75%
UBS
Elmajo Urban Renewal Associates, L.L.C.
Lincoln Harbor
7.50%
        
26,442
  
06/27/16
L+2.10%
  
55,352
  
8.50%
Hartz
150 Main Street, L.L.C.
Glenmark at Tuckahoe
26.25%
(p)
      
--
  
--
--
  
--
  
--
--
Overlook Ridge JV 2C/3B, L.L.C.
Overlook Ridge 2C & 3B
25.00%
        
--
  
12/28/15
L+2.50%
(k)
23,277
  
6.50%
UBS
Prurose Port Imperial South 13, LLC
Port Imperial Building 13
20.00%
(e)
      
--
  
06/27/16
L+2.15%
(l)
34,342
(m)
9.00%
Prudential
Portside Master Company, LLC
Portside at Pier One – Bldg 7
38.25%
        
--
  
12/05/15
L+2.50%
  
8,997
  
9.00%
Prudential
Riverpark at Harrison I Urban Renewal LLC
Riverpark at Harrison
36.00%
        
--
  
06/27/16
L+2.35%
  
--
  
--
--
Estuary Urban Renewal Unit B, LLC
Lincoln Harbor (Bldg B)
7.50%
        
--
  
--
--
  
25,083
  
8.50%
Hartz
RoseGarden Marbella South, L.L.C.
Marbella II
24.27%
        
--
  
--
--
  
3,513
(n)
9.00%
Prudential
Rosewood Morristown, L.L.C.
Lofts at 40 Park
25.00%
        
1,117
  
9/30/13
L+2.50%
  
--
  
--
--
Roseland/Port Imperial Partners, L.P.
Riverwalk C
20.00%
        
--
  
--
--
  
21,448
(o)
10.00%
Prudential
 
Total In-Process Development Projects:
          
$  68,940
        
$209,272
      


Joint Venture Name
Property
Company’s
Effective
Ownership %
      
Property Debt
  
Preferred
   
Balance
  
Maturity
Date
Interest
Rate
  
Capital
Balance (c)
  
Return
Rate
Investor
Land:
                              
Hillsborough 206 Holdings, L.L.C.
Hillsborough 206
50.00%
        
--
  
--
--
  
--
  
--
--
RoseGarden Monaco, L.L.C.
San Remo Land
41.67%
        
--
  
--
--
  
--
  
--
--
Grand Jersey Waterfront URA, L.L.C.
Liberty Landing
50.00%
        
--
  
--
--
  
--
  
--
--
Riverpark at Harrison I, L.L.C.
Riverpark at Harrison 5-8
Land Option
        
--
  
--
--
  
--
  
--
--
Plaza VIII and IX Associates, L.L.C.
Vacant land/parking
50.00%
        
--
  
--
--
  
--
  
--
--
Overlook Ridge, L.L.C.
Overlook Ridge Land
50.00%
        
$  16,319
  
03/02/14
L+3.50%
  
--
  
--
--
Overlook Ridge JV, L.L.C.
Overlook Phase III
50.00%
        
5,556
  
04/14/15
L+2.50%
  
--
  
--
--
Roseland/Port Imperial Partners, L.P.
Port Imperial North
20.00%
        
--
  
--
--
  
--
  
--
--
Crystal House Apartments Investors LLC
Crystal House
50.00%
        
--
  
--
--
  
--
  
--
--
 
Total Land
            
$  21,875
                

 
See footnotes on page 17.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
16
 

Breakdown of Unconsolidated Joint Ventures
(continued)

Footnotes for pages 15 and 16:

(a)  
Total apartment revenue for the quarter ended June 30, 2013 divided by the average percent leased for the quarter ended June 30, 2013, divided by the number of units and divided by 3.
(b)  
Net operating income equals total property revenues less real estate taxes, utilities and operating expenses.
(c)  
Includes capital account balance and accrued unpaid preferred return where applicable.
(d)  
Debt and capital balances apply to both properties. Capital balance does not include $695 capital account held by Rosewood Morristown, L.L.C.
(e)  
A third party has a 20 percent economic interest in net company distributions.
(f)  
The senior loan, with a balance of $52,900 bears interest at LIBOR + 2.00 percent and the junior loan, with a balance of $17,000, bears interest at LIBOR + 0.90 percent.
(g)  
Includes a priority partnership loan which has an accrued interest balance of $13,455 as of June 30, 2013.
(h)  
Includes results from acquisition date March 2013 forward.
(i)  
On September 22, 2011, the interest rate on 75 percent of the loan was fixed at 3.99375 percent from October 17, 2011 through maturity.
(j)  
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 percent to 6.62 percent and matures in August 1, 2020.
(k)  
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 percent from September 3, 2013 to November 2, 2015.
(l)  
On December 28, 2012, the interest rate on an amount not expected to exceed 95 percent of the outstanding loan balance was fixed at 2.79 percent from July 1, 2013 to January 1, 2016.
(m)  
Capital balance does not include MCRC land capital amount of $1,834 and accrued return balance of $85 as of June 30, 2013.
(n)  
Does not include MC Roseland Marbella South, L.L.C. capital amount of $323 and MG Marbella Partners II, L.L.C. capital account of $342.
(o)  
Does not include MCRC capital account of $9.
(p)  
Subsequent to quarter end, operating agreement modifications have increased the Company’s effective ownership to 76.25%.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
17
 

Unconsolidated Joint Venture Financial Information


The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of June 30, 2013 and December 31, 2012: (dollars in thousands)


 
June 30,
December 31,
 
2013
2012
Assets:
    
Rental property, net
$ 442,372
$ 180,254
Loan receivable
43,641
42,276
Other assets
380,353
311,847
Total assets
$ 866,366
$ 534,377
Liabilities and partners’/
    
members’ capital:
    
Mortgages and loans payable
$ 387,945
$ 168,908
Other liabilities
51,965
12,141
Partners’/members’ capital
426,456
353,328
Total liabilities and
partners'/members’ capital
$ 866,366
$ 534,377


The following is a summary of the Company’s investment in unconsolidated joint ventures as of June 30, 2013 and December 31, 2012: (dollars in thousands)


 
June 30,
December 31,
Entity
2013
2012
     
Plaza VIII & IX Associates, L.L.C.
$ 4,042
$ 4,321
South Pier at Harborside
(2,180)
(1,225)
Red Bank Corporate Plaza, L.L.C.
3,864
3,876
12 Vreeland Associates, L.L.C.
5,465
12,840
Boston Downtown Crossing
--
13,012
Gale Jefferson L.L.C.
--
1,029
Stamford SM LLC
35,094
34,006
Marbella RoseGarden, L.L.C.
16,241
16,918
RoseGarden Monaco Holdings, L.L.C.
3,940
4,761
Rosewood Lafayette Holdings, L.L.C.
1,413
1,988
PruRose Port Imperial South 15, LLC
--
606
Rosewood Morristown, L.L.C.
6,786
7,091
Overlook Ridge JV, L.L.C.
--
--
Overlook Ridge, L.L.C.
144
31
Overlook Ridge JV 2C/3B, L.L.C.
--
179
Roseland/North Retail, L.L.C.
2,029
2,161
BNES Associates III
1,790
1,955
Portside Master Company, L.L.C.
3,550
3,651
PruRose Port Imperial South 13, LLC
2,627
2,920
Roseland/Port Imperial Partners, L.P.
2,689
2,582
RoseGarden Marbella South, L.L.C.
6,617
6,182
PruRose Riverwalk G, L.L.C.
3,646
4,136
Elmajo Urban Renewal Associates, LLC
322
629
Estuary Urban Renewal Unit B, LLC
125
220
Riverpark at Harrison I, L.L.C.
3,082
2,606
150 Main Street, L.L.C.
2,635
2,395
RoseGarden Monaco, L.L.C.
1,193
1,165
Hillsborough 206 Holdings, L.L.C.
1,979
1,967
Grand Jersey Waterfront Urban Renewal Associates, L.L.C.
362
337
Crystal House Apartments Investors LLC
28,267
--
 
Company's investment in unconsolidated joint ventures
$ 135,722
$ 132,339
 
 
 
18
 

 
The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests for the three and six months ended June 30, 2013 and 2012: (dollars in thousands)


 
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2013
2012
2013
2012
         
Total revenues
$91,274
$ 15,354
$103,693
$27,058
Operating and other expenses
(81,321)
(9,080)
(89,268)
(16,259)
Depreciation and amortization
(10,083)
(2,398)
(13,174)
(4,788)
Interest expense
(3,310)
(1,652)
(5,322)
(3,342)
 
Net (loss) income
$(3,440)
$   2,224
$(4,071)
$2,669


The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and six months ended June 30, 2013 and 2012: (dollars in thousands)


 
Three Months Ended
June 30,
Six Months Ended
June 30,
Entity
2013
2012
2013
2012
   
Plaza VIII & IX Associates, L.L.C.
$ 19
$ 12
$ 28
$ 22
South Pier at Harborside
1,056
792
545
804
Red Bank Corporate Plaza, L.L.C.
106
101
207
204
12 Vreeland Associates, L.L.C.
116
125
24
324
Boston Downtown Crossing
651
(227)
646
(327)
Gale Jefferson L.L.C.
--
20
68
40
Stamford SM LLC
897
910
1,782
1,266
Marbella RoseGarden, L.L.C.
(165)
--
(276)
--
RoseGarden Monaco Holdings, L.L.C.
(423)
--
(822)
--
Rosewood Lafayette Holdings, L.L.C.
(284)
--
(574)
--
PruRose Port Imperial South 15, LLC
--
--
(606)
--
Rosewood Morristown, L.L.C.
(117)
--
(241)
--
Overlook Ridge JV, L.L.C.
--
--
--
--
Overlook Ridge, L.L.C.
--
--
--
--
Overlook Ridge JV 2C/3B, L.L.C.
224
--
151
--
Roseland/North Retail, L.L.C.
(83)
--
(132)
--
BNES Associates III
(2)
--
(71)
--
Portside Master Company, L.L.C.
(68)
--
(113)
--
PruRose Port Imperial South 13, LLC
(145)
--
(278)
--
Roseland/Port Imperial Partners, L.P.
  
--
--
--
RoseGarden Marbella South, L.L.C.
(19)
--
(37)
--
PruRose Riverwalk G, L.L.C.
(192)
--
(378)
--
Elmajo Urban Renewal Associates, LLC
(82)
--
(168)
--
Estuary Urban Renewal Unit B, LLC
(34)
  
(63)
--
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
(1,535)
--
(1,522)
--
 
Company's equity in (loss) earnings of unconsolidated joint ventures
$   (80)
$1,733
$(1,830)
$2,333



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
19
 

The following is a summary of the Company’s funds from operations of unconsolidated joint ventures for the three and six months ended June 30, 2013 and 2012: (dollars in thousands)


 
Three Months Ended
June 30,
Six Months Ended
June 30,
Entity
2013
2012
2013
2012
   
Plaza VIII & IX Associates, L.L.C.
$          96
$ 88
$ 182
$ 175
South Pier at Harborside
1,792
1,497
1,993
2,211
Red Bank Corporate Plaza, L.L.C.
222
230
438
432
12 Vreeland Associates, L.L.C.
193
202
178
478
Boston Downtown Crossing
650
(226)
646
(327)
Gale Jefferson, L.L.C.
--
47
69
88
Stamford SM LLC
897
909
1,782
1,266
Marbella RoseGarden, L.L.C.
278
--
587
--
RoseGarden Monaco Holdings, L.L.C.
(48)
--
(72)
--
Rosewood Lafayette Holdings, L.L.C.
3
--
--
--
PruRose Port Imperial South 15, LLC
--
--
101
--
Rosewood Morristown, L.L.C.
21
--
37
--
Overlook Ridge JV, L.L.C.
--
--
--
--
Overlook Ridge, L.L.C.
--
--
--
--
Overlook Ridge JV 2C/3B, L.L.C.
225
--
152
--
Roseland/North Retail, L.L.C.
(31)
--
(29)
--
BNES Associates III
149
--
237
--
Portside Master Company, L.L.C.
(68)
--
(113)
--
PruRose Port Imperial South 13, LLC
(146)
--
(279)
--
Roseland/Port Imperial Partners, L.P.
--
--
--
--
RoseGarden Marbella South, L.L.C.
(19)
--
(37)
--
PruRose Riverwalk G, L.L.C.
(192)
--
(378)
--
Elmajo Urban Renewal Associates, LLC
(82)
--
(168)
--
Estuary Urban Renewal Unit B, LLC
(35)
--
(63)
-
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
131
--
181
--
 
Company's funds from operations of unconsolidated joint ventures
$     4,036
$ 2,747
$ 5,444
$ 4,323



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
20
 


Select Financial Ratios


Ratios Computed For Industry
  
June 30,
  
Comparisons:
2013
2012
  
 
Financial Position Ratios:
  
Total Debt/ Total Book
   Capitalization
   (Book value) (%)
51.08%
45.19%
  
   
Total Debt/ Total Market
   Capitalization
   (Market value) (%)
48.60%
39.88%
  
   
Total Debt/ Total Undepreciated
   Assets (%)
38.82%
33.93%
  
   
Secured Debt/ Total Undepreciated
   Assets (%)
12.34%
12.68%
  
 
 
 
 
   
Three Months Ended
June 30,
  
Six Months Ended
June 30,
 
2013
2012
2013
2012
 
Operational Ratios:
  
Interest Coverage
   (Funds from Operations+Interest
    Expense)/Interest Expense (x)
3.08
2.97
3.10
3.20
   
Debt Service Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Principal Amort.) (x)
3.01
2.92
3.01
3.13
   
Fixed Charge Coverage
   (Funds from Operations +
   Interest Expense)/(Interest Expense
   + Capitalized Interest+Pref. Div.
   +Prin. Amort.+Ground Lease
   Payments)(x)
2.72
2.89
2.71
3.10
   
FFO Payout
   (Dividends Declared/Funds from
   Operations) (%)
45.93%
72.55%
58.36%
65.95%
 

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
21
 


 
 
Debt Analysis
 
(as of June 30, 2013)


 
Debt Breakdown
 
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate (a)
  
Weighted Average Maturity
in Years
Fixed Rate Unsecured Debt and
  Other Obligations
$1,616,099
68.21%
4.95%
  
5.44
Fixed Rate Secured Debt
674,199
28.46%
7.56%
  
3.84
Variable Rate Secured Debt
78,855
3.33%
3.32%
  
0.19
 
Totals/Weighted Average:
$2,369,153
100.00%
5.64%
(b)
4.81

(a)  
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.22 percent as of June 30, 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 June 30, 2013.
 

 

 
Future Repayments
 
(dollars in thousands)

Period
Scheduled
Amortization
Principal
Maturities
Total
Weighted Average Interest Rate of
Future Repayments (a)
  
July 1 – December 31, 2013
$ 5,512
$ 83,084
$ 88,596
3.70%
  
2014
10,106
335,257
345,363
6.82%
  
2015
8,551
150,000
158,551
5.40%
  
2016
8,389
269,272
277,661
7.14%
  
2017
6,423
391,151
397,574
4.12%
  
Thereafter
6,195
1,116,882
1,123,077
5.68%
  
Sub-total
45,176
2,345,646
2,390,822
    
Adjustment for unamortized debt discount/premium and mark-to-market, net, as of June 30, 2013
(21,669)
--
(21,669)
    
 
Totals/Weighted Average:
$ 23,507
$2,345,646
$2,369,153
5.64%
  

(a)  
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.22 percent as of June 30, 2013.


 

 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
22
 


 
Debt Maturities
 
(dollars in thousands)

 
July 1-
December 31,
2013
2014
2015
2016
2017
2018
2019
2020 and
Beyond
TOTALS
Secured Debt:
                  
Port Imperial South
$42,500
              
$42,500
Port Imperial South 4/5
36,355
              
36,355
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
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:
$83,084
$135,257
--
$69,273
$141,151
$231,536
$60,345
--
$720,646
                   
Unsecured Debt:
                  
Unsecured credit facility
                
--
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
3.15% unsecured notes
 due 5/23
              
275,000
275,000
Total Unsecured Debt:
--
$200,000
$150,000
$200,000
$250,000
--
$250,000
$575,000
$1,625,000
                   
Total Debt:
$83,084
$335,257
$150,000
$269,273
$391,151
$231,536
$310,345
$575,000
$2,345,646


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
23
 


 
Debt Detail
 
(dollars in thousands)

 
 
Property Name
Lender
Effective
Interest
Rate
    
June 30,
December 31,
Date of
Maturity
  
2013
2012
Senior Unsecured Notes: (a)
          
4.600%, Senior Unsecured Notes
public debt
4.742%
--
$99,987
--
(b)
5.125%, Senior Unsecured Notes
public debt
5.110%
$200,150
200,270
02/15/14
  
5.125%, Senior Unsecured Notes
public debt
5.297%
149,856
149,810
01/15/15
  
5.800%, Senior Unsecured Notes
public debt
5.806%
200,199
200,237
01/15/16
  
2.500%, Senior Unsecured Notes
public debt
2.803%
248,707
248,560
12/15/17
  
7.750%, Senior Unsecured Notes
public debt
8.017%
248,693
248,585
08/15/19
  
4.500%, Senior Unsecured Notes
public debt
4.612%
299,475
299,445
04/18/22
  
3.150%, Senior Unsecured Notes
public debt
3.517%
269,019
--
05/15/23
  
Total Senior Unsecured Notes:
    
$1,616,099
$1,446,894
  

Revolving Credit Facilities:
Unsecured Facility (c)
20 Lenders
LIBOR +1.250%
--
--
07/16/17
  
Total Revolving Credit Facilities:
    
--
--
    

Property Mortgages: (d)
51 Imclone
Wachovia CMBS
8.390%
--
3,878
--
(e)
9200 Edmonston Road
Principal Commercial Funding, L.L.C.
5.534%
$ 4,243
$ 4,305
05/01/13
(f)
Port Imperial South
Wells Fargo Bank N.A.
LIBOR+2.75%
42,500
42,168
08/20/13
  
Port Imperial South 4/5
Wells Fargo Bank N.A.
LIBOR+3.50%
36,355
34,889
09/30/13
  
6305 Ivy Lane
RGA Reinsurance Company
5.525%
5,876
5,984
01/01/14
  
395 West Passaic
State Farm Life Ins. Co.
6.004%
9,995
10,231
05/01/14
  
6301 Ivy Lane
RGA Reinsurance Company
5.520%
5,572
5,667
07/01/14
  
35 Waterview
Wachovia CMBS
6.348%
18,583
18,746
08/11/14
  
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview
Wachovia CMBS
10.220%
63,665
63,126
08/11/14
  
4 Sylvan
Wachovia CMBS
10.190%
14,511
14,485
08/11/14
  
10 Independence
Wachovia CMBS
12.440%
16,438
16,251
08/11/14
  
4 Becker
Wachovia CMBS
9.550%
38,536
38,274
05/11/16
  
5 Becker
Wachovia CMBS
12.830%
12,751
12,507
05/11/16
  
210 Clay
Wachovia CMBS
13.420%
12,513
12,275
05/11/16
  
Various (g)
Prudential Insurance
6.332%
148,393
149,281
01/15/17
  
23 Main Street
JPMorgan CMBS
5.587%
30,144
30,395
09/01/18
  
Harborside Plaza 5
The Northwestern Mutual Life Insurance
Co. & New York Life Insurance Co.
6.842%
226,838
228,481
11/01/18
  
233 Canoe Brook Road
The Provident Bank
4.375%
3,911
3,945
02/01/19
  
100 Walnut Avenue
Guardian Life Ins. Co.
7.311%
18,910
19,025
02/01/19
  
One River Center (h)
Guardian Life Ins. Co.
7.311%
43,320
43,582
02/01/19
  
Total Mortgages, Loans Payable and Other Obligations:
  
$753,054
$757,495
  
 
Total Debt:
    
$2,369,153
$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)  
These notes were paid on maturity using available cash.
(c)  
Total borrowing capacity under this facility is $600 million. On July 16, 2013, the Company amended and restated its unsecured revolving credit facility with a group of 17 lenders.  The $600 million facility is expandable to $1 billion and matures in July 2017. It has two six month extension options each requiring the payment of a 7.5 basis point fee. The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) which is currently LIBOR +100 basis points, and the facility fee (20 basis points) on the current borrowing capacity payable quarterly in arrears are 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)  
With the sale of the property on May 31, 2013, the mortgage was satisfied by the Company. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early retirement of debt for the three and six months ended June 30, 2013.
(f)  
The lease with the tenant occupying 100 percent of the building expired on May 1, 2013 and the tenant continues to occupy the building on a month-to-month basis. The mortgage loan matured on May 1, 2013 and was not repaid. The Company received a notice of default from the lender on July 17, 2013. The Company has requested a modification of the loan terms and is also in discussions regarding a deed-in-lieu of foreclosure with the lender.
(g)  
Mortgage is collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
(h)  
Mortgage is collateralized by the three properties comprising One River Center.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
24
 











III. FINANCIAL INFORMATION



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
25
 

III.  FINANCIAL INFORMATION

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

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
Revenues
  
2013
    
2012
    
2013
    
2012
  
Base rents
   $ 144,034     $ 143,031     $ 286,273     $ 286,337  
Escalations and recoveries from tenants
     18,314       19,970       38,971       39,246  
Construction services
     6,746       4,604       14,972       8,066  
Real estate services
     6,642       1,100       13,085       2,271  
Parking income
     1,603       1,530       3,002       3,141  
Other income
     599       1,810       2,356       9,692  
Total revenues
     177,938       172,045       358,659       348,753  
                                 
Expenses
                                
Real estate taxes
     21,001       24,228       43,842       46,467  
Utilities
     14,425       14,103       31,610       29,738  
Operating services
     27,096       26,223       54,168       51,204  
Direct construction costs
     6,511       4,337       14,336       7,615  
Real estate services expenses
     5,304       501       10,257       1,006  
General and administrative
     13,157       11,873       25,162       22,643  
Depreciation and amortization
     48,422       46,326       94,482       92,526  
Impairments
     23,851       --       23,851       --  
Total expenses
     159,767       127,591       297,708       251,199  
Operating income
     18,171       44,454       60,951       97,554  
                                 
Other (Expense) Income
                                
Interest expense
     (31,271 )     (31,565 )     (61,140 )     (62,112 )
Interest and other investment income
     1,094       7       1,100       20  
Equity in earnings (loss) of unconsolidated joint ventures
     (80 )     1,733       (1,830 )     2,333  
Loss from early extinguishment of debt
     --       (4,415 )     --       (4,415 )
Total other (expense) income
     (30,257 )     (34,240 )     (61,870 )     (64,174 )
Income (loss) from continuing operations
     (12,086 )     10,214       (919 )     33,380  
Discontinued Operations:
                                
Income from discontinued operations
     1,364       2,831       3,286       4,920  
Loss from early extinguishment of debt
     (703 )     --       (703 )     --  
Realized gains (losses) and unrealized losses on disposition of rental property, net
     37,609       (1,634 )     37,609       2,378  
Total discontinued operations, net
     38,270       1,197       40,192       7,298  
Net income
     26,184       11,411       39,273       40,678  
Noncontrolling interest in consolidated joint ventures
     62       92       124       171  
Noncontrolling interest in Operating Partnership
     1,455       (1,256 )     93       (4,090 )
Noncontrolling interest in discontinued operations
     (4,630 )     (146 )     (4,863 )     (891 )
Net income available to common shareholders
   $ 23,071     $ 10,101     $ 34,627     $ 35,868  
                                 
Basic earnings per common share:
                                
Income (loss) from continuing operations
   $ (0.12 )   $ 0.10     $ (0.01 )   $ 0.34  
Discontinued operations
     0.38       0.01       0.40       0.07  
Net income available to common shareholders
   $ 0.26     $ 0.11     $ 0.39     $ 0.41  
                                 
Diluted earnings per common share:
                                
Income (loss) from continuing operations
   $ (0.12 )   $ 0.10     $ (0.01 )   $ 0.34  
Discontinued operations
     0.38       0.01       0.40       0.07  
Net income available to common shareholders
   $ 0.26     $ 0.11     $ 0.39     $ 0.41  
                                 
Basic weighted average shares outstanding
     87,708       87,817       87,688       87,808  
                                 
Diluted weighted average shares outstanding
     99,780       100,069       99,773       100,065  



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
26
 

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



 
June 30,
December 31,
 
2013
2012
Assets
    
Rental property
    
Land and leasehold interests
$ 781,347
$ 782,315
Buildings and improvements
4,142,086
4,104,472
Tenant improvements
463,726
489,608
Furniture, fixtures and equipment
4,513
3,041
 
5,391,672
5,379,436
Less – accumulated depreciation and amortization
(1,465,104)
(1,478,214)
 
3,926,568
3,901,222
Rental property held for sale, net
12,851
60,863
Net investment in rental property
3,939,419
3,962,085
Cash and cash equivalents
177,939
58,245
Investments in unconsolidated joint ventures
135,722
132,339
Unbilled rents receivable, net
142,722
139,984
Deferred charges and other assets, net
214,615
204,874
Restricted cash
19,639
19,339
Accounts receivable, net of allowance for doubtful accounts
    
of $2,084 and $2,614
8,008
9,179
     
Total assets
$4,638,064
$4,526,045
     
Liabilities and Equity
    
Senior unsecured notes
$1,616,099
$1,446,894
Mortgages, loans payable and other obligations
753,054
757,495
Dividends and distributions payable
29,983
44,855
Accounts payable, accrued expenses and other liabilities
126,116
124,822
Rents received in advance and security deposits
49,159
55,917
Accrued interest payable
28,561
27,555
Total liabilities
2,602,972
2,457,538
Commitments and contingencies
    
     
Equity:
    
Mack-Cali Realty Corporation stockholders’ equity:
    
Common stock, $0.01 par value, 190,000,000 shares authorized,
    
88,004,354 and 87,536,292 shares outstanding
880
875
Additional paid-in capital
2,535,814
2,530,621
Dividends in excess of net earnings
(795,700)
(764,522)
Total Mack-Cali Realty Corporation stockholders’ equity
1,740,994
1,766,974
     
Noncontrolling interest in subsidiaries:
    
Operating Partnership
237,461
245,091
Consolidated joint ventures
56,637
56,442
Total noncontrolling interests in subsidiaries
294,098
301,533
     
Total equity
2,035,092
2,068,507
     
Total liabilities and equity
$4,638,064
$4,526,045



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
27
 


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




           
           
   
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
--
--
--
34,627
4,646
39,273
Common stock dividends
--
--
--
(65,805)
--
(65,805)
Common unit distributions
--
--
--
--
(9,038)
(9,038)
Increase in noncontrolling interests
--
--
--
--
319
319
Redemption of common units
            
for common stock
139
2
2,766
--
(2,768)
--
Shares issued under Dividend
            
Reinvestment and Stock
            
Purchase Plan
5
--
149
--
--
149
Stock compensation
324
3
1,684
--
--
1,687
Rebalancing of ownership percentage
            
between parent and subsidiaries
--
--
594
--
(594)
--
Balance at June 30, 2013
88,004
$880
$2,535,814
$(795,700)
$294,098
$2,035,092



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
28
 

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


             
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2013
    
2012
    
2013
    
2012
  
Net income available to common shareholders
   $ 23,071     $ 10,101     $ 34,627     $ 35,868  
Add: Noncontrolling interest in Operating Partnership
     (1,455 )     1,256       (93 )     4,090  
Noncontrolling interest in discontinued operations
     4,630       146       4,863       891  
Real estate-related depreciation and amortization on continuing operations (a)
     52,458       47,259       101,603       94,367  
Real estate-related depreciation and amortization on discontinued operations
     233       1,679       973       3,716  
Impairments
     23,851       --       23,851       --  
Deduct: Discontinued operations - Realized (gains) losses and unrealized losses on disposition of rental property, net
     (37,609 )     1,634       (37,609 )     (2,378 )
Funds from operations available to common shareholders (b)
   $ 65,179     $ 62,075     $ 128,215     $ 136,554  
                                 
Diluted weighted average shares/units outstanding (c)
     99,780       100,069       99,773       100,065  
                                 
Funds from operations per share/unit – diluted
   $ 0.65     $ 0.62     $ 1.29     $ 1.36  
                                 
Dividends declared per common share
   $ 0.30     $ 0.45     $ 0.75     $ 0.90  
                                 
Dividend payout ratio:
                                
     Funds from operations-diluted
     45.93 %     72.55 %     58.36 %     65.95 %
                                 
Supplemental Information:
                                
  Non-incremental revenue generating capital expenditures:
                                
     Building improvements
   $ 3,122     $ 4,495     $ 8,038     $ 10,321  
     Tenant improvements and leasing commissions (d)
   $ 11,258     $ 11,545     $ 25,440     $ 21,095  
  Straight-line rent adjustments (e)
   $ 3,136     $ 1,727     $ 9,571     $ 3,140  
  Amortization of (above)/below market lease intangibles, net (f)
   $ 709     $ 299     $ 1,275     $ 705  
   

(a)Includes the Company’s share from unconsolidated joint ventures of $4,117 and $996 for the three months ended June 30, 2013 and 2012, respectively, and $7,272 and $1,989 for the six months ended June 30, 2013 and 2012, respectively. Excludes non-real estate-related depreciation and amortization of $81 and $63 for the three months ended June 30, 2013 and 2012, respectively, and $151 and $148 for the six months ended June 30, 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 12.
(c)Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (12,072 and 12,183 shares for the three months ended June 30, 2013 and 2012, respectively, and 12,085 and 12,188 for the six months ended June 30, 2013 and 2012, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 31.
(d)Excludes expenditures for tenant spaces that have not been owned for at least a year or were vacant for more than a year.
(e)Includes the Company’s share from unconsolidated joint ventures of $17 and $17 for the three months ended June 30, 2013 and 2012, respectively, and $2 and $34 for the six months ended June 30, 2013 and 2012, respectively.
(f)Includes the Company’s share from unconsolidated joint ventures of $227 and $0 for the three months ended June 30, 2013 and 2012, respectively, and $394 and $0 for the six months ended June 30, 2013 and 2012, respectively.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
29
 

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


             
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2013
    
2012
    
2013
    
2012
  
Net income available to common shareholders
   $ 0.26     $ 0.11     $ 0.39     $ 0.41  
Add: Real estate-related depreciation and amortization on continuing operations (a)
     0.53       0.47       1.02       0.94  
Real estate-related depreciation and amortization on discontinued operations
     --       0.02       0.01       0.04  
Impairments
     0.24       --       0.24       --  
Deduct: Discontinued operations - Realized (gains) losses and unrealized losses on disposition of rental property, net
     (0.38 )     0.02       (0.38 )     (0.02 )
Noncontrolling interest/rounding adjustment
     --       --       0.01       (0.01 )
 
Funds from operations available to common shareholders (b)
   $ 0.65     $ 0.62     $ 1.29     $ 1.36  
Diluted weighted average shares/units outstanding (c)
     99,780       100,069       99,773       100,065  

(a) Includes the Company’s share from unconsolidated joint ventures of $0.04 and $0.01 for the three months ended June 30, 2013 and 2012, respectively, and $0.07 and $0.02 for the six months ended June 30, 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 12.
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (12,072 and 12,183 shares for the three months ended June 30, 2013 and 2012, respectively, and 12,085 and 12,188 for the six months ended June 30, 2013 and 2012, respectively), plus dilutive Common Stock Equivalents (i.e. restricted stock awards). See reconciliation of basic to diluted shares/units on page 31.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
30
 


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



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

 
Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2013
2012
2013
2012
Basic weighted average shares outstanding:
87,708
87,817
87,688
87,808
Add: Weighted average common units
12,072
12,183
12,085
12,188
Basic weighted average shares/units:
99,780
100,000
99,773
99,996
Restricted Stock Awards
--
69
--
69
 
Diluted weighted average shares/units outstanding:
99,780
100,069
99,773
100,065



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
31
 











IV.  VALUE CREATION PIPELINE




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
32
 

IV. VALUE CREATION PIPELINE

Operating Property Acquisitions
(dollars in thousands)

 
For the six months ended June 30, 2013

Acquisition
Date
Property/Address
Location
# of
Properties
# of
Apartment Units
Investment
By Company
Consolidated Residential:
          
01/18/13
Alterra at Overlook Ridge 1A
Revere, Massachusetts
1
310
$ 61,250
04/04/13
Alterra at Overlook Ridge 1B
Revere, Massachusetts
1
412
87,950
Total Consolidated
    
2
722
$149,200
           
Unconsolidated Residential:
          
03/21/13
Crystal House (a)
Arlington, Virginia
1
828
$ 30,210
Total Unconsolidated
    
1
828
$ 30,210
 
Total
    
3
1,550
$179,410
(a)  
The Company holds a 25 percent interest in this property. The joint venture acquired the property, which is encumbered by a $165 million mortgage loan, for approximately $262.5 million.


For the year ended December 31, 2012

None.


Summary of In-Process Development Projects
(dollars in thousands)

As of June 30, 2013

Property
Location
Type
# of
Apartment
Units (a)
Commercial
Square
Feet (a)
Costs
Incurred
Through
6/30/13
Total
Estimated
Costs
Garage
Parking
Spaces (a)
Estimated
Initial Delivery
Date
Consolidated:
                
Port Imperial 4/5 Garage/Retail
Weehawken, NJ
Garage/retail
--
17,795
$58,635
$58,700
850
3Q-2013
Port Imperial 1/3 Garage/Retail
Weehawken, NJ
Garage/retail
--
17,614
931
40,000
741
3Q-2014
Wegmans Food Markets
Hanover, NJ
Retail pad
--
--
2,788
15,700
--
2Q-2014
Total Consolidated
    
--
35,409
$62,354
$114,400
1,591
  
                 
Unconsolidated:
                
RiverTrace at Port Imperial
West New York, NJ
Multi-family rental
316
  
$79,585
$118,100
--
3Q-2013
Lincoln Harbor (Bldg A&C)
Weehawken, NJ
Multi-family rental
355
  
75,001
136,800
--
4Q-2013
Port Imperial Building 13
Weehawken, NJ
Multi-family rental
280
  
15,480
96,400
--
4Q-2014
Portside at Pier One – Bldg 7
East Boston, MA
Multi-family rental
176
  
12,383
66,300
--
3Q-2014
Overlook Ridge – 2C & 3B
Malden/Revere, MA
Multi-family rental
371
  
24,625
79,400
--
1Q-2014
Glenmark at Tuckahoe
Eastchester, NY
Multi-family rental
108
  
2,386
46,000
--
2Q-2015
Riverpark at Harrison
Harrison, NJ
Multi-family rental
141
  
950
28,200
--
4Q-2014
Lincoln Harbor (Bldg B)
Weehawken, NJ
Multi-family rental
227
  
20,428
81,500
--
1Q-2015
Marbella II
Jersey City, NJ
Multi-family rental
311
  
3,905
132,100
--
4Q-2015
Lofts at 40 Park
Morristown, NJ
Multi-family rental
91
  
1,542
28,000
--
4Q-2015
Riverwalk C
West New York, NJ
Multi-family rental
363
  
18,378
143,000
--
1Q-2016
Total Unconsolidated
    
2,739
  
$254,663
$955,800
    
 
Total
    
2,739
35,409
$317,017
$1,070,200
1,591
  
(b)  
Number of apartment units, commercial square feet and garage parking spaces are estimates.


Properties Commencing Initial Operations
(dollars in thousands, except per square foot)

For the six months ended June 30, 2013

Date
Property/Address
Location
# of
Bldgs.
Rentable
Square
Feet
Development
Costs Incurred
By Company (a)
Development Cost
Per Square Foot
             
06/05/13
14 Sylvan Way
Parsippany, New Jersey
1
203,506
$ 50,661
$ 248.94
             
Total Office Properties Held for Sale:
  
203,506
$ 50,661
$ 248.94
(a)  
Development costs included approximately $13.1 million in land costs and $4.3 million in leasing costs. Amounts are as of June 30, 2013.

For the year ended December 31, 2012

None.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
33
 

Acquisition Property Profile

   
   
Property Name:
Alterra at Overlook Ridge 1B
   
Product Type:
Multi-family residential
   
Location:
Revere, Massachusetts
   
Description:
Two, 5 story multi-family residential buildings
   
Size:
412 apartment units
   
Year Constructed:
2008
   
Closing Date:
April 4, 2013
   
Acquisition Cost:
$88.0 million
   
Funding Source:
Funded primarily through borrowing on the Company’s unsecured revolving credit facility.
   
Percentage Leased:
93.5%
   



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
34
 


Rental Property Sales/Dispositions
(dollars in thousands)


For the six months ended June 30, 2013

Sale
Date
Property/Address
Location
# of
Bldgs.
Rentable
Square Feet
Net Sales
Proceeds
Net Realized
Gain/(Losses)
Capitalization
Rate (a)
  
                 
04/10/13
19 Skyline Drive (b)
Hawthorne, New York
1
248,400
$16,131
$ 126
(7.90)%
(e)
04/26/13
55 Corporate Drive
Bridgewater, New Jersey
1
204,057
70,967
19,659
6.25%
  
05/02/13
200 Riser Road
Little Ferry, New Jersey
1
286,628
31,775
16,923
7.38%
  
05/13/13
777 Passaic Avenue
Clifton, New Jersey
1
75,000
5,640
1,927
7.36%
  
05/30/13
16 and 18 Sentry Parkway West (c)
Blue Bell, Pennsylvania
2
188,103
19,041
(680)
15.60%
  
05/31/13
51 Imclone Drive (d)
Branchburg, New Jersey
1
63,213
6,101
823
8.66%
  
06/28/13
40 Richards Avenue
Norwalk, Connecticut
1
145,487
15,858
(1,169)
5.24%
  
                 
Total Property Sales:
  
8
1,210,888
$165,513
$37,609
    

(a)  
Capitalization rate is calculated by dividing the projected net operating income for the 12 months forward from the closing date by the gross sales price.
(b)  
The Company recognized a valuation allowance of $7.1 million on this property at December 31, 2012. In connection with the sale, the Company provided an interest-free note receivable to the buyer of $5 million (with a net present value of $3.7 million at June 30, 2013) which matures in ten years and requires monthly payments of principal.
(c)  
The Company recorded an $8.4 million impairment charge on these properties December 31, 2012. The Company has retained a subordinated interest in these properties.
(d)  
The property was encumbered by a mortgage which was satisfied by the Company at the time of the sale. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early retirement of debt for the three and six months ended June 30, 2013.
(e)  
This property was vacant when sold.


For the year ended December 31, 2012

 
Date
 
Address
 
Location
# of
Bldgs.
Rentable
Square Feet
Net Sales
Proceeds
Net Realized
Gain/(Losses)
  
Capitalization
Rate (a)
  
Office:
                
03/28/12
2200 Renaissance Boulevard
King of Prussia, Pennsylvania
1
174,124
n/a
$4,511
(b)
n/a
  
07/25/12
95 Chestnut Ridge Road
Montvale, New Jersey
1
47,700
$4,014
(487)
  
(7.30)%
(c)
11/06/12
Strawbridge Drive
Moorestown, New Jersey
3
222,258
19,391
(1,719)
  
8.00%
  
 
Total Office Properties:
  
5
444,082
$23,405
$2,305
      

(a)  
Capitalization rate is calculated by dividing the projected net operating income for the 12 months forward from the closing date by the gross sales price.
(b)  
On March 28, 2012, the Company transferred the deed for this property to the lender in satisfaction of its mortgage obligations. Excludes $9.5 million of unrealized loss on this property recognized by the Company in 2010.
(c)  
This property was vacant when sold.




Rental Property Held For Sale
(dollars in thousands)

At June 30, 2013

Property
Location
# of
Bldgs.
Rentable
Square
Feet
Gross
Book Value
Accumulated
Depreciation
Net
Book Value
             
106 Allen Road (a)
Bernards Township, New Jersey
1
132,010
$17,895
$(5,044)
$12,851
             
Total Office Properties Held for Sale:
1
132,010
$17,895
$(5,044)
$12,851

(a)  
On July 10, 2013, the Company sold this property for approximately $18.0 million.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
35
 

Summary of Land Parcels

Property
Location
State
Acres (a)
# of
Apartment
Units (a)
Potential
Commercial
Square Feet (a)
Type of Space
Office:
            
Capital Office Park
Greenbelt
MD
42.8
  
595,000
Office
Eastpoint II
Lanham
MD
4.8
  
122,000
Office/Hotel
Meadowlands Xanadu (d)
East Rutherford
NJ
13.8
  
1,760,000
Office
3 & 5 AAA Drive (b)
Hamilton Township
NJ
17.5
  
112,000
Office
6 AAA Drive
Hamilton Township
NJ
2.4
  
32,000
Office
2 South Gold Drive (c)
Hamilton Township
NJ
9.5
  
75,000
Office
Hillsborough 206 (d)
Hillsborough
NJ
28.1
  
160,000
Office
Plaza VIII and IX Associates, L.L.C. (d)
Jersey City
NJ
3.6
  
1,225,000
Office
Harborside (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
Crystal House (d)
Arlington
VA
4.0
295
  
Multi-Family rental
Total Multi-Family Residential:
    
78.0
3,172
    
             
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
    
61.2
2,432
639,000
  
             
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
    
485.1
5,604
10,844,450
  

(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)  
The Company intends to develop a 763 unit multi-family property on a portion of this land through a joint venture. In addition, there are 21 acres of riparian property.
(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.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
36
 











V.  PORTFOLIO/ LEASING STATISTICS




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
37
 


V.  PORTFOLIO/ LEASING STATISTICS

Leasing Statistics
(For the three months ended June 30, 2013)
 
Consolidated Commercial In-Service Portfolio
 
 
SUMMARY OF SPACE LEASED
 

     
LEASING ACTIVITY
      
 
 
 
Market
Sq. Ft.
Leased
3/31/13
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/13 (c)
Pct.
Leased
6/30/13
Pct.
Leased
3/31/13
                 
  Northern NJ
12,095,581
(134,196)
(502,097)
417,064
(85,033)
11,876,352
83.0%
83.6%
  Central NJ
5,131,007
(268,652)
(256,441)
303,107
46,666
4,909,021
89.2%
88.9%
  Westchester Co., NY
4,092,654
-
(405,693)
374,266
(31,427)
4,061,227
89.5%
85.5%
  Manhattan
524,476
-
(22,255)
22,255
-
524,476
100.0%
100.0%
  Sub. Philadelphia
2,818,896
(167,127)
(171,257)
143,159
(28,098)
2,623,671
89.1%
90.0%
  Fairfield, CT
524,414
(104,637)
(11,268)
10,334
(934)
418,843
92.6%
87.7%
  Washington, DC/MD
1,077,249
-
(28,269)
26,093
(2,176)
1,075,073
83.2%
83.3%
  Rockland Co., NY
169,956
-
(24,631)
15,639
(8,992)
160,964
89.4%
94.4%
 
Totals
26,434,233
(674,612)
(1,421,911)
1,311,917
(109,994)
25,649,627
86.2%
86.0%
                 

 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of March 31, 2013
30,754,754
    Total sq. ft. of properties added this period
203,506
    Total sq. ft. of properties sold this period
(1,210,888)
Total sq. ft. as of June 30, 2013
29,747,372
   

(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 June 30, 2013 aggregating 306,496 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
38
 

 
Leasing Statistics
 
(For the three months ended June 30, 2013)
 
Consolidated Commercial In-Service Portfolio (continued)
 
 
DETAIL OF TRANSACTION ACTIVITY
 
 

 
Detail by Market
Market
Property Type
# of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed And
Other
Retained (a)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (b)
Leasing Costs Per Sq. Ft. Per Year (c)
  
                   
Northern NJ
Office
43
404,237
81,637
322,600
4.2
24.02
3.59
  
 
Office/Flex
2
12,827
2,727
10,100
1.9
14.47
1.59
  
Central NJ
Office
36
281,338
153,582
127,756
6.6
23.77
4.51
  
 
Office/Flex
3
21,769
17,479
4,290
5.4
15.96
3.88
  
Westchester Co., NY
Office
13
140,731
40,215
100,516
6.8
23.64
2.12
  
 
Office/Flex
25
170,805
21,370
149,435
3.7
20.36
1.96
  
 
Industrial/Warehouse
5
62,730
24,354
38,376
5.9
17.00
1.57
  
Manhattan
Office
1
22,255
22,255
-
15.8
35.37
6.35
  
Sub. Philadelphia
Office
12
55,124
12,010
43,114
4.3
22.75
3.45
  
 
Office/Flex
9
88,035
9,305
78,730
2.7
13.46
0.91
  
Fairfield Co., CT
Office
5
10,334
1,363
8,971
3.9
22.89
3.66
  
Washington, DC/MD
Office
7
26,093
13,812
12,281
3.3
23.01
2.46
  
Rockland Co., NY
Office
4
15,639
1,668
13,971
8.3
22.84
2.03
  
                   
Totals
  
165
1,311,917
401,777
910,140
5.2
22.27
3.37
  
                   
Detail by Property Type
                  
 
Office
121
955,751
326,542
629,209
5.6
24.02
3.77
  
 
Office/Flex
39
293,436
50,881
242,555
3.5
17.71
1.92
  
 
Industrial/Warehouse
5
62,730
24,354
38,376
5.9
17.00
1.57
  
                   
Totals
  
165
1,311,917
401,777
910,140
5.2
22.27
3.37
  
                   
Tenant Retention:
Leases Retained
58.8%
              
 
Sq. Ft. Retained
64.0%
              
   


(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 $15,936,076 and commissions of $6,852,694 committed, but not necessarily expended, during the period for second generation space aggregating 1,311,917 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
39
 

Leasing Statistics
(For the three months ended June 30, 2013)
 
Unconsolidated Commercial Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 
           
LEASING ACTIVITY
      
Market
Inventory
3/31/13
Inventory
Acquired/Disposed
Inventory
6/30/13
Sq. Ft.
Leased
3/31/13
Leased
Sq. Ft.
Acquired/
Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/13
Pct.
Leased
6/30/13
Pct.
Leased
3/31/13
                       
   Northern NJ
662,524
-
662,524
647,154
-
-
3,754
3,754
650,908
98.2%
97.7%
   Central NJ
92,878
-
92,878
92,878
-
-
-
-
92,878
 100.0%
100.0%
                       
Totals
755,402
-
755,402
740,032
-
-
3,754
3,754
743,786
 98.5%
98.0%
                       

DETAIL OF TRANSACTION ACTIVITY

Detail by Market
 
 
Market
# of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed
And Other
Retained (c)
Wtd. Avg.
Term
(Yrs.)
Wtd. Avg.
Base
Rent (d)
Leasing
Costs  Per
Sq. Ft. Per
Year (e)
               
Northern NJ
1
3,754
3,754
-
5.5
29.64
7.50
   Central NJ
-
-
-
-
-
-
-
               
Totals
1
3,754
3,754
-
5.5
29.64
7.50
               
 
Unconsolidated Retail Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 
           
LEASING ACTIVITY
      
Market
Inventory
3/31/13
Inventory
Acquired/Disposed
Inventory
6/30/13
Sq. Ft.
Leased
3/31/13
Leased
Sq. Ft.
Acquired/
Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 6/30/13
Pct.
Leased
6/30/13
Pct.
Leased
3/31/13
                       
   Northern NJ
81,516
-
81,516
37,634
-
-
11,830
11,830
49,464
60.7%
46.2%
                       

DETAIL OF TRANSACTION ACTIVITY

Detail by Market
 
 
Market
# of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed
And Other
Retained (c)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (d)
Leasing Costs  Per Sq. Ft. Per Year (f)
               
   Northern NJ
2
11,830
11,830
-
10.2
21.25
N/A
               

(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(d)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(e)  
Represents estimated workletter costs of $115,098 and commissions of $39,774 committed, but not necessarily expended, during the period for second generation space aggregating 3,754 square feet.
(f)  
Represents estimated workletter and commission costs committed, but not necessarily expended, during the period for second generation space.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
40
 

Leasing Statistics
(For the six months ended June 30, 2013)
 
Consolidated Commercial In-Service Portfolio
 
 
SUMMARY OF SPACE LEASED
 

     
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
6/30/13 (c)
Pct.
Leased
6/30/13
Pct.
Leased
12/31/12
                 
  Northern NJ
12,240,291
(134,196)
(988,411)
758,668
(229,743)
11,876,352
83.0%
84.6%
  Central NJ
5,199,678
(268,652)
(563,818)
541,813
(22,005)
4,909,021
89.2%
90.1%
  Westchester Co., NY
4,329,834
--
(862,676)
594,069
(268,607)
4,061,227
89.5%
90.4%
  Manhattan
524,476
--
(22,255)
22,255
--
524,476
100.0%
100.0%
  Sub. Philadelphia
2,822,395
(167,127)
(292,267)
260,670
(31,597)
2,623,671
89.1%
90.1%
  Fairfield, CT
509,647
(104,637)
(12,023)
25,856
13,833
418,843
92.6%
85.3%
  Washington, DC/MD
1,010,753
--
(49,276)
113,596
64,320
1,075,073
83.2%
78.2%
  Rockland Co., NY
168,410
--
(31,339)
23,893
(7,446)
160,964
89.4%
93.6%
 
Totals
26,805,484
(674,612)
(2,822,065)
2,340,820
(481,245)
25,649,627
86.2%
87.2%
                 

 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of December 31, 2012
30,754,754
    Total sq. ft. of properties added this period
203,506
    Total sq. ft. of properties sold this period
(1,210,888)
Total sq. ft. as of June 30, 2013
29,747,372
   


(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 June 30, 2013 aggregating 306,496 square feet for which no new leases were signed.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
41
 

 
Leasing Statistics
 
(For the six months ended June 30, 2013)
 
Consolidated Commercial In-Service Portfolio (continued)
 
 
DETAIL OF TRANSACTION ACTIVITY
 
 

 
Detail by Market
Market
Property Type
#  of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed And
Other
Retained (a)
Wtd.
Avg.
Term
(Yrs.)
Wtd.
Avg.
Base
Rent (b)
Leasing
Costs Per
Sq. Ft. Per
Year (c)
  
                   
Northern NJ
Office
83
719,514
149,299
570,215
5.1
23.98
3.29
  
 
Office/Flex
4
39,154
2,727
36,427
2.4
17.85
1.30
  
Central NJ
Office
65
483,051
198,350
284,701
5.9
23.44
4.19
  
 
Office/Flex
6
58,762
17,479
41,283
2.7
16.06
3.11
  
Westchester Co., NY
Office
34
221,069
53,375
167,694
5.4
23.43
2.13
  
 
Office/Flex
46
296,680
51,155
245,525
4.0
17.26
1.94
  
 
Industrial/Warehouse
7
76,320
24,354
51,966
5.0
17.43
1.54
  
Manhattan
Office
1
22,255
22,255
-
15.8
35.37
6.35
  
Sub. Philadelphia
Office
28
100,187
21,678
78,509
4.4
23.93
3.69
  
 
Office/Flex
16
160,483
14,105
146,378
2.6
11.50
0.65
  
Fairfield Co., CT
Office
7
25,856
1,363
24,493
7.3
18.68
2.00
  
Washington, DC/MD
Office
13
113,596
87,929
25,667
8.2
22.34
5.64
  
Rockland Co., NY
Office
8
23,893
3,489
20,404
7.3
23.32
2.39
  
                   
Totals
  
318
2,340,820
647,558
1,693,262
5.1
21.55
3.34
  
                   
Detail by Property Type
                  
 
Office
239
1,709,421
537,738
1,171,683
5.7
23.70
3.72
  
 
Office/Flex
72
555,079
85,466
469,613
3.4
15.51
1.72
  
 
Industrial/Warehouse
7
76,320
24,354
51,966
5.0
17.43
1.54
  
                   
Totals
  
318
2,340,820
647,558
1,693,262
5.1
21.55
3.34
  
                   
Tenant Retention:
Leases Retained
63.2%
              
 
Sq. Ft. Retained
60.0%
              
   


(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 $28,215,495 and commissions of $11,984,652 committed, but not necessarily expended, during the period for second generation space aggregating 2,340,820 square feet.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
42
 

Leasing Statistics
(For the six months ended June 30, 2013)
 
Unconsolidated Commercial Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 
           
LEASING ACTIVITY
      
Market
Inventory
12/31/12
Inventory
Acquired/Disposed
Inventory
6/30/13
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 6/30/13
Pct.
Leased
6/30/13
Pct.
Leased
12/31/12
                       
   Northern NJ
762,534
(100,010)
662,524
752,111
(100,010)
(4,947)
3,754
(1,193)
650,908
98.2%
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)
3,754
(1,193)
743,786
 98.5%
98.8%
                       

DETAIL OF TRANSACTION ACTIVITY
Detail by Market
 
 
Market
# of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed
And Other
Retained (c)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (d)
Leasing0
 Costs  Per
Sq. Ft. Per
Year (e)
               
Northern NJ
1
3,754
3,754
-
5.5
29.64
7.50
   Central NJ
-
-
-
-
-
-
-
               
Totals
1
3,754
3,754
-
5.5
29.64
7.50
               
 
Unconsolidated Retail Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 
           
LEASING ACTIVITY
      
Market
Inventory
12/31/12
Inventory
Acquired/Disposed
Inventory
6/30/13
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 6/30/13
Pct.
Leased
6/30/13
Pct.
Leased
12/31/12
                       
   Northern NJ
81,516
-
81,516
37,634
-
-
11,830
11,830
49,464
60.7%
46.2%
                       

DETAIL OF TRANSACTION ACTIVITY
Detail by Market
 
 
Market
# of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed
And Other
Retained (c)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (d)
Leasing
Costs  Per
Sq. Ft. Per
Year (f)
               
   Northern NJ
2
11,830
11,830
-
10.2
21.25
N/A
               

(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(d)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(e)  
Represents estimated workletter costs of $115,098 and commissions of $39,774 committed, but not necessarily expended, during the period for second generation space aggregating 3,754 square feet.
(f)  
Represents estimated workletter and commission costs committed, but not necessarily expended, during the period for second generation space.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
43
 

Market Diversification


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


Market (MSA)
Annualized
Base Rental
Revenue
($) (a) (b) (c)
Percentage of
Company
Annualized Commercial Base
Rental Revenue (%)
Total
Property Size
Rentable
Area (b) (c)
Percentage of
Rentable Area
 (%)
Newark, NJ (Essex-Morris-Union Counties)
134,730,702
22.9
6,699,221
22.6
Jersey City, NJ
116,461,073
19.7
4,317,978
14.5
Westchester-Rockland, NY
84,198,255
14.2
4,720,020
15.9
Bergen-Passaic, NJ
73,568,572
12.4
4,164,226
14.0
Philadelphia, PA-NJ
43,690,918
7.4
2,945,509
9.9
Middlesex-Somerset-Hunterdon, NJ
38,324,844
6.5
2,053,415
6.9
Washington, DC-MD-VA-WV
30,192,168
5.1
1,292,807
4.3
Monmouth-Ocean, NJ
25,264,680
4.3
1,620,863
5.4
Trenton, NJ
19,080,271
3.2
956,597
3.2
New York (Manhattan)
17,581,116
3.0
524,476
1.8
Stamford-Norwalk, CT
7,940,378
1.3
452,260
1.5
         
Totals
591,032,977
100.0
29,747,372
100.0
         

(a)  
Annualized base rental revenue is based on actual June 2013 billings times 12. For leases whose rent commences after July 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 June 30, 2013 aggregating 306,496 square feet and representing annualized rent of $6,791,226 for which no new leases were signed.
(c)  
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
44
 

Industry Diversification

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

Industry Classification (a)
Annualized
Base Rental
Revenue
($) (b) (c) (d)
Percentage of
Company
Annualized Commercial Base
Rental Revenue (%)
Square
Feet Leased
(c) (d)
Percentage of
Total Company
Commercial Leased
Sq. Ft. (%)
Securities, Commodity Contracts & Other Financial
84,764,129
14.4
2,849,076
11.3
Insurance Carriers & Related Activities
56,642,632
9.6
2,157,317
8.5
Manufacturing
45,569,931
7.7
2,114,948
8.3
Legal Services
36,428,695
6.2
1,398,504
5.6
Telecommunications
35,783,733
6.1
1,847,312
7.4
Health Care & Social Assistance
32,314,255
5.5
1,531,112
6.1
Credit Intermediation & Related Activities
31,870,133
5.4
1,103,133
4.4
Computer System Design Services
22,421,437
3.8
1,018,587
4.1
Architectural/Engineering
21,671,421
3.7
861,543
3.4
Wholesale Trade
20,208,200
3.4
1,335,878
5.3
Accounting/Tax Prep.
20,189,804
3.4
794,698
3.2
Scientific Research/Development
16,462,885
2.8
543,761
2.2
Accommodation & Food Services
15,938,004
2.7
676,727
2.7
Public Administration
15,651,518
2.6
603,345
2.4
Admin & Support, Waste Mgt. & Remediation Services
14,094,317
2.4
671,682
2.7
Management/Scientific
12,554,777
2.1
498,632
2.0
Real Estate & Rental & Leasing
12,404,669
2.1
645,424
2.6
Arts, Entertainment & Recreation
12,078,599
2.0
717,680
2.9
Other Services (except Public Administration)
11,794,491
2.0
459,017
1.8
Other Professional
10,915,719
1.8
482,896
1.9
Advertising/Related Services
8,664,195
1.5
320,994
1.3
Retail Trade
7,138,807
1.2
427,236
1.7
Construction
6,367,610
1.1
323,463
1.3
Data Processing Services
6,144,250
1.0
239,165
1.0
Transportation
5,988,965
1.0
316,330
1.3
Broadcasting
5,126,510
0.9
185,449
0.7
Information Services
4,538,500
0.8
183,459
0.7
Utilities
4,436,839
0.8
180,860
0.7
Educational Services
3,222,906
0.5
167,072
0.7
Publishing Industries
2,633,491
0.4
140,697
0.6
Other
7,011,555
1.1
294,256
1.2
         
Totals
591,032,977
100.0
25,090,253
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 June 2013 billings times 12. For leases whose rent commences after July 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 June 30, 2013 aggregating 306,496 square feet and representing annualized rent of $6,791,226 for which no new leases were signed.





Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
45
 


 
Consolidated Portfolio Analysis (a)
 
(as of June 30, 2013)
 

Breakdown by Number of Properties
 

PROPERTY TYPE:
 
STATE
Office
% of
Total
Office/Flex
% of
Total
Industrial/
Warehouse
% of
Total
Stand-
Alone
Retail
% of
Total
Land
Leases
% of
Total
Multi-
Family
% of
Total
TOTALS
By State
 
% of
Total
New Jersey
105
40.5%
49
18.9%
--
--
--
--
--
--
--
--
154
59.4%
New York
20
7.7%
41
15.8%
6
2.3%
2
0.8 %
2
0.8%
--
--
71
27.4%
Pennsylvania
15
5.8%
--
--
--
--
--
--
--
--
--
--
15
5.8%
Connecticut
1
0.4%
5
1.9%
--
--
--
--
--
--
--
--
6
2.3%
Wash., D.C./
   Maryland
 
10
 
3.9%
 
--
 
--
 
--
 
--
 
--
 
--
1
 
0.4%
--
--
 
11
 
4.3%
Massachusetts
--
--
--
--
--
--
--
--
--
--
2
0.8%
2
0.8%
TOTALS
    By Type:
 
151
 
58.3%
 
95
 
36.6%
 
6
 
2.3%
 
2
 
0.8%
 
3
 
1.2%
2
0.8%
 
259
 
100.0%

 
(a)  
Excludes 14 properties, aggregating approximately 0.8 million square feet, which are not consolidated by the Company.
 


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
46
 


 
Consolidated Portfolio Analysis (a)
 
(as of June 30, 2013)
 

Breakdown by Square Footage for Commercial Properties

PROPERTY TYPE:
 
STATE
Office
% of
Total
Office/Flex
% of
Total
Industrial/
Warehouse
% of
Total
Stand-
Alone Retail
% of
Total
TOTALS
By State
% of
Total
New Jersey
18,904,767
63.6%
2,189,531
7.3%
--
--
--
--
21,094,298
70.9%
New York
2,490,984
8.4%
2,348,812
7.9%
387,400
1.3%
17,300
0.1%
5,244,496
17.7%
Pennsylvania
1,663,511
5.6%
--
--
--
--
--
--
1,663,511
5.6%
Connecticut
179,260
0.6%
273,000
0.9%
--
--
--
--
452,260
1.5%
Wash., D.C./
   Maryland
 
1,292,807
 
4.3%
 
--
 
--
 
--
 
--
 
--
 
--
 
1,292,807
 
4.3%
TOTALS
    By Type:
 
24,531,329
 
82.5%
 
4,811,343
 
16.1%
 
387,400
 
1.3%
 
17,300
 
0.1%
 
29,747,372
 
100.0%

 
(a)  
Excludes two consolidated multi-family properties, aggregating 722 apartment units; as well as 14 properties, aggregating approximately 0.8 million square feet, which are not consolidated by the Company.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
47
 


 
Consolidated Portfolio Analysis (a)
 
(Year ended June 30, 2013)
 

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

PROPERTY TYPE:
 
STATE
Office
% of
Total
Office/
Flex
% of
Total
Indust./
Ware-house
% of
Total
Stand-
Alone
Retail
% of
Total
Land
Leases
% of
Total
Multi-
Family
% of
Total
TOTALS
By State
% of Total
                             
New Jersey
$383,155
67.0%
$17,224
3.0%
--
--
--
--
--
--
--
--
$400,379
70.0%
New York
58,550
10.3%
33,993
5.9%
$3,778
0.7%
$484
0.1%
$333
0.1%
--
--
97,138
17.1%
Pennsylvania
34,276
6.0%
--
--
--
--
--
--
--
--
--
--
34,276
6.0%
Connecticut
3,599
0.6%
4,325
0.8%
--
--
--
--
--
--
--
--
7,924
1.4%
Wash., D.C./
   Maryland
27,726
4.8%
--
--
--
--
--
--
153
--
    
27,879
 
4.8%
Massachusetts
--
--
--
--
--
--
--
--
--
--
$4,276
0.7%
4,276
0.7%
TOTALS
   By Type:
$507,306
88.7%
$55,542
9.7%
$3,778
0.7%
$484
0.1%
$486
0.1%
$4,276
0.7%
$571,872
100.0%
 

 
(a)  
Excludes 14 properties, aggregating approximately 0.8 million square feet, which are not consolidated by the Company.
(b)  
Total base rent for the year ended June 30, 2013, determined in accordance with GAAP. Substantially all of the commercial 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.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
48
 


Consolidated Portfolio Analysis (a) (b)
(as of June 30, 2013)
 
Breakdown by Percentage Leased for Commercial Properties
 

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
84.8%
88.2%
--
--
85.2%
New York
87.2%
94.6%
86.7%
100.0%
90.5%
Pennsylvania
87.0%
--
--
--
87.0%
Connecticut
81.4%
100.0%
--
--
92.6%
Washington, D.C./ Maryland
83.2%
--
--
--
83.2%
 
WEIGHTED AVG. By Type:
 
85.1%
 
92.0%
 
86.7%
 
100.0%
 
86.2%

(a)  
Excludes two consolidated multi-family properties, aggregating 722 apartment units; as well as 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 commercial leases in effect as of the period end date, some of which have commencement dates in the future as well as leases expiring June 30, 2013 aggregating 306,496 square feet for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
49
 

Property Listing
 
Office Properties
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (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
2,729
0.48
21.56
Fort Lee
            
One Bridge Plaza                                                 
1981
200,000
91.4
4,677
0.82
25.59
2115 Linwood Avenue                                                 
1981
68,000
54.6
966
0.17
26.02
Lyndhurst
            
210 Clay Avenue                                                 
1981
121,203
84.2
2,420
0.42
23.71
Montvale
            
135 Chestnut Ridge Road                                                 
1981
66,150
66.6
1,003
0.18
22.77
Paramus
            
15 East Midland Avenue                                                 
1988
259,823
80.5
4,541
0.79
21.71
140 East Ridgewood Avenue                                                 
1981
239,680
94.2
5,378
0.94
23.82
461 From Road                                                 
1988
253,554
39.4
2,015
0.35
20.17
650 From Road                                                 
1978
348,510
71.6
5,319
0.93
21.32
61 South Paramus Road (e)                                                 
1985
269,191
62.6
4,529
0.79
26.88
Rochelle Park
            
120 West Passaic Street                                                 
1972
52,000
99.6
1,481
0.26
28.60
365 West Passaic Street                                                 
1976
212,578
85.7
3,754
0.66
20.61
395 West Passaic Street                                                 
1979
100,589
54.7
1,040
0.18
18.90
Upper Saddle River
            
1 Lake Street                                                 
1973/94
474,801
100.0
7,465
1.31
15.72
10 Mountainview Road                                                 
1986
192,000
71.2
3,212
0.56
23.50
Woodcliff Lake
            
400 Chestnut Ridge Road                                                 
1982
89,200
100.0
1,951
0.34
21.87
470 Chestnut Ridge Road                                                 
1987
52,500
100.0
1,251
0.22
23.83
530 Chestnut Ridge Road                                                 
1986
57,204
100.0
1,046
0.18
18.29
50 Tice Boulevard                                                 
1984
235,000
87.0
5,407
0.95
26.45
300 Tice Boulevard                                                 
1991
230,000
100.0
6,123
1.07
26.62
             
ESSEX COUNTY, NEW JERSEY
            
Millburn
            
150 J.F. Kennedy Parkway                                                 
1980
247,476
61.3
5,573
0.97
36.74
Borough of Roseland
            
4 Becker Farm Road                                                 
1983
281,762
96.2
6,882
1.20
25.39
5 Becker Farm Road                                                 
1982
118,343
92.6
2,117
0.37
19.32
6 Becker Farm Road                                                 
1982
129,732
78.3
2,575
0.45
25.35
101 Eisenhower Parkway                                                 
1980
237,000
84.8
4,763
0.83
23.70
103 Eisenhower Parkway                                                 
1985
151,545
65.1
2,168
0.38
21.98
105 Eisenhower Parkway                                                 
2001
220,000
50.2
4,150
0.73
37.58
75 Livingston Avenue                                                 
1985
94,221
64.2
1,302
0.23
21.52
85 Livingston Avenue                                                 
1985
124,595
81.8
2,656
0.46
26.06
             
HUDSON COUNTY, NEW JERSEY
            
Jersey City
            
Harborside Plaza 1                                                 
1983
400,000
100.0
11,314
1.98
28.29
Harborside Plaza 2                                                 
1990
761,200
97.2
19,046
3.33
25.74
Harborside Plaza 3                                                 
1990
725,600
77.5
19,073
3.34
33.92
Harborside Plaza 4A                                                 
2000
207,670
100.0
6,554
1.15
31.56
Harborside Plaza 5                                                 
2002
977,225
85.9
30,854
5.40
36.76
101 Hudson Street                                                 
1992
1,246,283
82.9
29,072
5.08
28.14


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
50
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (a)
2013
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2013
Base Rent
%
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
MERCER COUNTY, NEW JERSEY
            
Hamilton Township
            
3 AAA Drive                                                 
1981
35,270
72.2
647
0.11
25.41
600 Horizon Drive                                                 
2002
95,000
100.0
1,286
0.22
13.54
700 Horizon Drive                                                 
2007
120,000
100.0
2,459
0.43
20.49
2 South Gold Drive                                                 
1974
33,962
61.6
310
0.05
14.82
Princeton
            
103 Carnegie Center                                                 
1984
96,000
88.6
2,168
0.38
25.49
2 Independence Way                                                 
1981
67,401
100.0
1,531
0.27
22.71
3 Independence Way                                                 
1983
111,300
98.9
2,029
0.35
18.43
100 Overlook Center                                                 
1988
149,600
89.6
3,746
0.66
27.95
5 Vaughn Drive                                                 
1987
98,500
99.1
2,287
0.40
23.43
             
MIDDLESEX COUNTY, NEW JERSEY
            
East Brunswick
            
377 Summerhill Road                                                 
1977
40,000
100.0
372
0.07
9.30
Edison
            
343 Thornall Street (c)                                              
1991
195,709
88.0
3,227
0.56
18.74
Piscataway
            
30 Knightsbridge Road, Bldg. 3
1977
160,000
100.0
2,445
0.43
15.28
30 Knightsbridge Road, Bldg. 4
1977
115,000
100.0
1,757
0.31
15.28
30 Knightsbridge Road, Bldg. 5
1977
332,607
92.9
5,242
0.92
16.96
30 Knightsbridge Road, Bldg. 6
1977
72,743
63.8
240
0.04
5.17
Plainsboro
            
500 College Road East (e)                                                 
1984
158,235
85.1
3,033
0.53
22.52
Woodbridge
            
581 Main Street                                                 
1991
200,000
96.4
4,905
0.86
25.44
             
MONMOUTH COUNTY, NEW JERSEY
            
Freehold
            
2 Paragon Way                                                 
1989
44,524
50.5
446
0.08
19.84
3 Paragon Way                                                 
1991
66,898
88.2
811
0.14
13.74
4 Paragon Way                                                 
2002
63,989
30.8
499
0.09
25.32
100 Willow Brook Road                                                 
1988
60,557
57.4
768
0.13
22.09
Holmdel
            
23 Main Street                                                 
1977
350,000
100.0
4,012
0.70
11.46
Middletown
            
One River Centre Bldg. 1                                                 
1983
122,594
80.4
2,688
0.47
27.27
One River Centre Bldg. 2                                                 
1983
120,360
100.0
2,577
0.45
21.41
One River Centre Bldg. 3 and 4
1984
214,518
93.3
4,434
0.78
22.15
Neptune
            
3600 Route 66                                                 
1989
180,000
100.0
2,400
0.42
13.33
Wall Township
            
1305 Campus Parkway                                                 
1988
23,350
72.3
375
0.07
22.21
1350 Campus Parkway                                                 
1990
79,747
99.9
1,074
0.19
13.48
             
MORRIS COUNTY, NEW JERSEY
            
Florham Park
            
325 Columbia Turnpike                                                 
1987
168,144
100.0
3,933
0.69
23.39
Morris Plains
            
250 Johnson Road                                                 
1977
75,000
100.0
1,514
0.26
20.19
201 Littleton Road                                                 
1979
88,369
75.4
1,240
0.22
18.61


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
51
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (a)
2013
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2013
Base Rent
%
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
Morris Township
            
412 Mt. Kemble Avenue                                                 
1986
475,100
69.6
7,128
1.25
21.56
Parsippany
            
4 Campus Drive                                                 
1983
147,475
74.8
2,234
0.39
20.25
6 Campus Drive                                                 
1983
148,291
76.8
2,632
0.46
23.11
7 Campus Drive                                                 
1982
154,395
86.3
2,583
0.45
19.39
8 Campus Drive                                                 
1987
215,265
59.5
2,751
0.48
21.48
9 Campus Drive                                                 
1983
156,495
30.8
1,368
0.24
28.38
4 Century Drive                                                 
1981
100,036
46.8
1,090
0.19
23.28
5 Century Drive                                                 
1981
79,739
52.0
896
0.16
21.61
6 Century Drive                                                 
1981
100,036
58.0
871
0.15
15.01
2 Dryden Way                                                 
1990
6,216
100.0
99
0.02
15.93
4 Gatehall Drive                                                 
1988
248,480
81.7
5,914
1.03
29.13
2 Hilton Court                                                 
1991
181,592
100.0
6,529
1.14
35.95
1633 Littleton Road                                                 
1978
57,722
100.0
1,131
0.20
19.59
600 Parsippany Road                                                 
1978
96,000
90.9
1,659
0.29
19.01
1 Sylvan Way                                                 
1989
150,557
96.0
3,966
0.69
27.44
4 Sylvan Way                                                 
1984
105,135
100.0
1,785
0.31
16.98
5 Sylvan Way                                                 
1989
151,383
85.6
3,808
0.67
29.39
7 Sylvan Way                                                 
1987
145,983
100.0
3,274
0.57
22.43
14 Sylvan Way (f)                                                 
2013
203,506
100.0
363
0.06
25.04
22 Sylvan Way                                                 
2009
249,409
100.0
6,327
1.11
25.37
20 Waterview Boulevard                                                 
1988
225,550
93.8
4,831
0.84
22.83
35 Waterview Boulevard                                                 
1990
172,498
93.8
4,217
0.74
26.06
5 Wood Hollow Road                                                 
1979
317,040
95.2
5,879
1.03
19.48
             
PASSAIC COUNTY, NEW JERSEY
            
Totowa
            
999 Riverview Drive                                                 
1988
56,066
91.8
683
0.12
13.27
             
SOMERSET COUNTY, NEW JERSEY
            
Basking Ridge
            
222 Mt. Airy Road                                                 
1986
49,000
100.0
1,079
0.19
22.02
233 Mt. Airy Road                                                 
1987
66,000
24.7
34
0.01
2.09
Bernards
            
106 Allen Road (g)                                                 
2000
132,010
61.5
2,236
0.39
27.54
Bridgewater
            
440 Route 22 East                                                 
1990
198,376
92.4
4,670
0.82
25.48
721 Route 202/206 
1989
192,741
98.6
4,045
0.71
21.28
Warren
            
10 Independence Boulevard                                                 
1988
120,528
85.3
2,634
0.46
25.62
             
UNION COUNTY, NEW JERSEY
            
Clark
            
100 Walnut Avenue                                                 
1985
182,555
100.0
4,800
0.84
26.29
Cranford
            
6 Commerce Drive                                                 
1973
56,000
95.3
1,028
0.18
19.26
11 Commerce Drive                                                 
1981
90,000
84.8
2,151
0.38
28.18
12 Commerce Drive                                                 
1967
72,260
84.7
923
0.16
15.08
14 Commerce Drive                                                 
1971
67,189
87.8
1,230
0.22
20.85
20 Commerce Drive                                                 
1990
176,600
87.5
3,672
0.64
23.76
25 Commerce Drive                                                 
1971
67,749
81.3
1,275
0.22
23.15


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
52
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (a)
2013
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2013
Base Rent
%
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
65 Jackson Drive                                                 
1984
82,778
84.4
1,345
0.24
19.25
New Providence
            
890 Mountain Avenue                                                 
1977
80,000
72.6
1,154
0.20
19.87
             
Total New Jersey Office
  
18,904,767
84.8
383,155
67.03
24.20
             
NEW YORK COUNTY, NEW YORK
            
New York
            
125 Broad Street                                                 
1970
524,476
100.0
16,356
2.86
31.19
             
ROCKLAND COUNTY, NEW YORK
            
Suffern
            
400 Rella Boulevard                                                 
1988
180,000
89.4
3,627
0.64
22.54
WESTCHESTER COUNTY, NEW YORK
            
Elmsford
            
100 Clearbrook Road (c)                                                 
1975
60,000
83.8
998
0.17
19.85
101 Executive Boulevard                                                 
1971
50,000
0.0
72
0.01
0.00
555 Taxter Road                                                 
1986
170,554
86.3
2,989
0.52
20.31
565 Taxter Road                                                 
1988
170,554
84.7
3,568
0.63
24.70
570 Taxter Road                                                 
1972
75,000
66.1
1,274
0.22
25.70
Hawthorne
            
1 Skyline Drive                                                 
1980
20,400
99.0
320
0.06
15.84
2 Skyline Drive                                                 
1987
30,000
100.0
543
0.09
18.10
7 Skyline Drive                                                 
1987
109,000
82.0
2,074
0.36
23.20
17 Skyline Drive (e)                                                 
1989
85,000
100.0
1,704
0.30
20.05
Tarrytown
            
200 White Plains Road                                                 
1982
89,000
72.0
1,617
0.28
25.23
220 White Plains Road                                                 
1984
89,000
88.1
1,830
0.32
23.34
White Plains
            
1 Barker Avenue                                                 
1975
68,000
96.7
1,737
0.30
26.42
3 Barker Avenue                                                 
1983
65,300
85.1
1,548
0.27
27.86
50 Main Street                                                 
1985
309,000
86.1
8,219
1.44
30.89
11 Martine Avenue                                                 
1987
180,000
77.7
4,426
0.77
31.65
1 Water Street                                                 
1979
45,700
68.3
899
0.16
28.80
Yonkers
            
1 Executive Boulevard                                                 
1982
112,000
100.0
3,046
0.53
27.20
3 Executive Boulevard                                                 
1987
58,000
100.0
1,703
0.30
29.36
             
Total New York Office
  
2,490,984
87.2
58,550
10.23
26.95
             
CHESTER COUNTY, PENNSYLVANIA
            
Berwyn
            
1000 Westlakes Drive                                                 
1989
60,696
69.4
1,014
0.18
24.07
1055 Westlakes Drive                                                 
1990
118,487
81.2
2,113
0.37
21.96
1205 Westlakes Drive                                                 
1988
130,265
100.0
3,213
0.56
24.67
1235 Westlakes Drive                                                 
1986
134,902
86.6
2,619
0.46
22.42
             
DELAWARE COUNTY, PENNSYLVANIA
            
Lester
            
100 Stevens Drive                                                 
1986
95,000
100.0
2,771
0.48
29.17
200 Stevens Drive                                                 
1987
208,000
100.0
6,105
1.07
29.35
300 Stevens Drive                                                 
1992
68,000
85.7
1,564
0.27
26.84


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
53
 


Property Listing
 
Office Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (a)
2013
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2013
Base Rent
%
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
Media
            
1400 Providence Road – Center I
1986
100,000
96.4
2,125
0.37
22.04
1400 Providence Road – Center II
1990
160,000
88.1
3,549
0.62
25.18
             
MONTGOMERY COUNTY, PENNSYLVANIA
            
Bala Cynwyd
            
150 Monument Road                                                 
1981
125,783
88.7
2,679
0.47
24.01
Blue Bell
            
4 Sentry Park                                                 
1982
63,930
89.1
1,073
0.19
18.84
5 Sentry Park East                                                 
1984
91,600
58.5
1,175
0.21
21.93
5 Sentry Park West                                                 
1984
38,400
68.3
266
0.05
10.14
Lower Providence
            
1000 Madison Avenue                                                 
1990
100,700
82.0
1,319
0.23
15.97
Plymouth Meeting
            
1150 Plymouth Meeting Mall                                                 
1970
167,748
79.3
2,691
0.47
20.23
             
Total Pennsylvania Office
  
1,663,511
87.0
34,276
6.00
23.67
             
FAIRFIELD COUNTY, CONNECTICUT
            
Stamford
            
1266 East Main Street                                                 
1984
179,260
81.4
3,599
0.63
24.66
             
Total Connecticut Office
  
179,260
81.4
3,599
0.63
24.66
             
WASHINGTON, D.C.
            
1201 Connecticut Avenue, NW
1940
169,549
95.0
6,873
1.20
42.67
1400 L Street, NW                                                 
1987
159,000
100.0
5,713
1.00
35.93
             
Total District of Columbia Office
  
328,549
97.4
12,586
2.20
39.32
             
PRINCE GEORGE’S COUNTY, MARYLAND
            
Greenbelt
            
9200 Edmonston Road                                                 
1973
38,690
100.0
985
0.17
25.46
6301 Ivy Lane                                                 
1979
112,003
78.4
1,702
0.30
19.38
6303 Ivy Lane                                                 
1980
112,047
85.6
2,361
0.41
24.62
6305 Ivy Lane                                                 
1982
112,022
97.8
2,083
0.36
19.01
6404 Ivy Lane                                                 
1987
165,234
73.2
2,611
0.46
21.59
6406 Ivy Lane                                                 
1991
163,857
58.4
356
0.06
3.72
6411 Ivy Lane                                                 
1984
138,405
64.3
2,177
0.38
24.46
Lanham
            
4200 Parliament Place                                                 
1989
122,000
96.3
2,865
0.50
24.39
             
Total Maryland Office
  
964,258
78.3
15,140
2.64
20.05
             
TOTAL OFFICE PROPERTIES
  
24,531,329
85.1
507,306
88.73
24.53
             
             
             


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
54
 



Property Listing
 
Office/Flex Properties
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (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
78.4
496
0.09
9.81
5 Terri Lane                                                 
1992
74,555
100.0
595
0.10
7.98
Moorestown
            
2 Commerce Drive                                                 
1986
49,000
69.2
214
0.04
6.31
101 Commerce Drive                                                 
1988
64,700
100.0
275
0.05
4.25
102 Commerce Drive                                                 
1987
38,400
100.0
245
0.04
6.38
201 Commerce Drive                                                 
1986
38,400
75.0
93
0.02
3.23
202 Commerce Drive                                                 
1988
51,200
75.0
227
0.04
5.91
1 Executive Drive                                                 
1989
20,570
90.8
150
0.03
8.03
2 Executive Drive                                                 
1988
60,800
81.1
226
0.04
4.58
101 Executive Drive                                                 
1990
29,355
99.7
299
0.05
10.22
102 Executive Drive                                                 
1990
64,000
100.0
474
0.08
7.41
225 Executive Drive                                                 
1990
50,600
79.1
244
0.04
6.10
97 Foster Road                                                 
1982
43,200
100.0
170
0.03
3.94
1507 Lancer Drive                                                 
1995
32,700
100.0
146
0.03
4.46
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
475
0.08
7.48
840 North Lenola Road                                                 
1995
38,300
100.0
377
0.07
9.84
844 North Lenola Road                                                 
1995
28,670
100.0
203
0.04
7.08
915 North Lenola Road                                                 
1998
52,488
100.0
292
0.05
5.56
2 Twosome Drive                                                 
2000
48,600
100.0
404
0.07
8.31
30 Twosome Drive                                                 
1997
39,675
100.0
300
0.05
7.56
31 Twosome Drive                                                 
1998
84,200
100.0
433
0.08
5.14
40 Twosome Drive                                                 
1996
40,265
86.6
257
0.04
7.37
41 Twosome Drive                                                 
1998
43,050
100.0
190
0.03
4.41
50 Twosome Drive                                                 
1997
34,075
56.0
177
0.03
9.28
             
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
137
0.02
10.32
200 Horizon Drive                                                 
1991
45,770
100.0
695
0.12
15.18
300 Horizon Drive                                                 
1989
69,780
53.2
490
0.09
13.20
500 Horizon Drive                                                 
1990
41,205
93.8
576
0.10
14.90
             
MONMOUTH COUNTY, NEW JERSEY
            
Wall Township
            
1325 Campus Parkway                                                 
1988
35,000
100.0
627
0.11
17.91
1340 Campus Parkway                                                 
1992
72,502
100.0
997
0.17
13.75
1345 Campus Parkway                                                 
1995
76,300
100.0
1,062
0.19
13.92
1433 Highway 34                                                 
1985
69,020
74.2
463
0.08
9.04
1320 Wyckoff Avenue                                                 
1986
20,336
100.0
222
0.04
10.92
1324 Wyckoff Avenue                                                 
1987
21,168
90.4
135
0.02
7.05
             
PASSAIC COUNTY, NEW JERSEY
            
Totowa
            
1 Center Court                                                 
1999
38,961
100.0
594
0.10
15.25


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
55
 


Property Listing
 
Office/Flex Properties
(continued)
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (a)
2013
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2013
Base Rent
%
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
2 Center Court                                                 
1998
30,600
62.8
229
0.04
11.92
11 Commerce Way                                                 
1989
47,025
88.9
449
0.08
10.74
20 Commerce Way                                                 
1992
42,540
46.7
248
0.04
12.48
29 Commerce Way                                                 
1990
48,930
20.4
92
0.02
9.22
40 Commerce Way                                                 
1987
50,576
86.3
553
0.10
12.67
45 Commerce Way                                                 
1992
51,207
100.0
519
0.09
10.14
60 Commerce Way                                                 
1988
50,333
89.1
522
0.09
11.64
80 Commerce Way                                                 
1996
22,500
88.6
267
0.05
13.39
100 Commerce Way                                                 
1996
24,600
88.0
292
0.05
13.49
120 Commerce Way                                                 
1994
9,024
100.0
97
0.02
10.75
140 Commerce Way                                                 
1994
26,881
99.5
290
0.05
10.84
             
Total New Jersey Office/Flex
  
2,189,531
88.2
17,224
3.01
8.91
             
WESTCHESTER COUNTY, NEW YORK
            
Elmsford
            
11 Clearbrook Road                                                 
1974
31,800
100.0
448
0.08
14.09
75 Clearbrook Road                                                 
1990
32,720
100.0
304
0.05
9.29
125 Clearbrook Road                                                 
2002
33,000
100.0
753
0.13
22.82
150 Clearbrook Road                                                 
1975
74,900
100.0
952
0.17
12.71
175 Clearbrook Road                                                 
1973
98,900
100.0
1,335
0.23
13.50
200 Clearbrook Road                                                 
1974
94,000
99.8
1,214
0.21
12.94
250 Clearbrook Road                                                 
1973
155,000
97.8
989
0.17
6.52
50 Executive Boulevard                                                 
1969
45,200
87.5
388
0.07
9.81
77 Executive Boulevard                                                 
1977
13,000
100.0
244
0.04
18.77
85 Executive Boulevard                                                 
1968
31,000
54.7
445
0.08
26.24
300 Executive Boulevard                                                 
1970
60,000
100.0
766
0.13
12.77
350 Executive Boulevard                                                 
1970
15,400
99.4
221
0.04
14.44
399 Executive Boulevard                                                 
1962
80,000
100.0
1,038
0.18
12.98
400 Executive Boulevard                                                 
1970
42,200
71.1
583
0.10
19.43
500 Executive Boulevard                                                 
1970
41,600
100.0
757
0.13
18.20
525 Executive Boulevard                                                 
1972
61,700
100.0
996
0.18
16.14
1 Westchester Plaza                                                 
1967
25,000
100.0
311
0.05
12.44
2 Westchester Plaza                                                 
1968
25,000
100.0
546
0.10
21.84
3 Westchester Plaza                                                 
1969
93,500
97.9
1,070
0.19
11.69
4 Westchester Plaza                                                 
1969
44,700
100.0
694
0.12
15.53
5 Westchester Plaza                                                 
1969
20,000
100.0
242
0.04
12.10
6 Westchester Plaza                                                 
1968
20,000
100.0
220
0.04
11.00
7 Westchester Plaza                                                 
1972
46,200
100.0
663
0.12
14.35
8 Westchester Plaza                                                 
1971
67,200
100.0
1,098
0.19
16.34
Hawthorne
            
200 Saw Mill River Road                                                 
1965
51,100
100.0
678
0.12
13.27
4 Skyline Drive                                                 
1987
80,600
93.0
1,521
0.27
20.29
5 Skyline Drive                                                 
1980
124,022
99.8
1,495
0.26
12.08
6 Skyline Drive                                                 
1980
44,155
72.8
589
0.10
18.32
8 Skyline Drive                                                 
1985
50,000
85.4
829
0.14
19.41
10 Skyline Drive                                                 
1985
20,000
100.0
393
0.07
19.65
11 Skyline Drive (e)                                                 
1989
45,000
100.0
955
0.17
21.22
12 Skyline Drive (e)                                                 
1999
46,850
71.7
526
0.09
15.66
15 Skyline Drive (e)                                                 
1989
55,000
18.7
169
0.03
16.43
Yonkers
            
100 Corporate Boulevard                                                 
1987
78,000
98.3
1,566
0.27
20.42


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
56
 


Property Listing
 
Office/Flex (continued)
and Industrial/Warehouse and Retail Properties
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (a)
2013
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2013
Base Rent
%
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
             
200 Corporate Boulevard South
1990
84,000
100.0
1,649
0.29
19.63
4 Executive Plaza                                                 
1986
80,000
96.8
1,372
0.24
17.72
6 Executive Plaza                                                 
1987
80,000
100.0
1,600
0.28
20.00
1 Odell Plaza                                                 
1980
106,000
97.2
1,421
0.25
13.79
3 Odell Plaza                                                 
1984
71,065
100.0
1,596
0.28
22.46
5 Odell Plaza                                                 
1983
38,400
99.6
647
0.11
16.92
7 Odell Plaza                                                 
1984
42,600
99.6
710
0.12
16.73
             
Total New York Office/Flex
  
2,348,812
94.6
33,993
5.93
15.31
             
FAIRFIELD COUNTY, CONNECTICUT
            
Stamford
            
419 West Avenue                                                 
1986
88,000
100.0
1,576
0.28
17.91
500 West Avenue                                                 
1988
25,000
100.0
423
0.07
16.92
550 West Avenue                                                 
1990
54,000
100.0
970
0.17
17.96
600 West Avenue                                                 
1999
66,000
100.0
670
0.12
10.15
650 West Avenue                                                 
1998
40,000
100.0
686
0.12
17.15
             
Total Connecticut Office/Flex
  
273,000
100.0
4,325
0.76
15.84
             
             
TOTAL OFFICE/FLEX PROPERTIES
  
4,811,343
92.0
55,542
9.70
12.55
             
             
WESTCHESTER COUNTY, NEW YORK
            
Elmsford
            
1 Warehouse Lane (e)                                                 
1957
6,600
100.0
105
0.02
15.91
2 Warehouse Lane (e)                                                 
1957
10,900
100.0
159
0.03
14.59
3 Warehouse Lane (e)                                                 
1957
77,200
100.0
399
0.07
5.17
4 Warehouse Lane (e)                                                 
1957
195,500
74.7
1,656
0.29
11.34
5 Warehouse Lane (e)                                                 
1957
75,100
97.1
917
0.16
12.58
6 Warehouse Lane (e)                                                 
1982
22,100
100.0
542
0.09
24.52
             
Total Industrial/Warehouse Properties
  
387,400
86.7
3,778
0.66
11.25
             
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


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
57
 


Property Listing
 
Other Properties
 
Property
Location
Year
Built
Net
Rentable
Area
(Sq. Ft.)
Percentage
Leased
as of
6/30/13
(%) (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
            
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
  
29,747,372
86.2
567,596
99.26
22.31
             
             
MULTI-FAMILY PROPERTIES
Year
Built
Number
of units
Percentage
Leased
as of
6/30/13
(%) (a)
2013
Base
Rent
($000’s)
(b) (c)
Percentage
of Total
2013
Base Rent
%
2013
Average
Base Rent Per Unit (k)
 
SUFFOLK COUNTY, MASSACHUSETTS
            
Revere
            
Alterra at Overlook Ridge 1A (f) (i)
2004
310
95.5
2,482
0.43
1,555
Alterra at Overlook Ridge 1B (f) (j)
2008
412
93.5
1,794
0.31
1,611
             
Total Multi-Family Properties
  
722
94.3
4,276
0.74
1,587
             
 
TOTAL PROPERTIES
      
571,872
  
100.00
  
Footnotes to Property List (dollars in thousands, except per square foot amounts):

(a)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring June 30, 2013 aggregating 306,496 square feet (representing 1.0 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 June 30, 2013, total escalations and recoveries from tenants were: $69,630, or $3.16 per leased square foot, for office properties; $8,086, or $1.83 per leased square foot, for office/flex properties; and $1,080, or $4.51 per leased square foot, for other properties. Office properties includes $261 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 June 30, 2013.
(e)  
This property is located on land leased by the Company.
(f)  
As this property was acquired, commenced initial operations or initially consolidated by the Company during the 12 months ended June 30, 2013, the amounts represented in 2013 base rent reflect only that portion of the year during which the Company owned or consolidated the property.  Accordingly, these amounts may not be indicative of the property’s full year results.  For comparison purposes, the amounts represented in 2013 average base rent per sq. ft. and per unit for this property have been calculated by taking 2013 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased or occupied units at June 30, 2013. These annualized per square foot and per unit amounts may not be indicative of the property’s results had the Company owned or consolidated the property for the entirety of the 12 months ended June 30, 2013.
(g)  
This property was identified as held for sale by the Company as of June 30, 2013 and is classified as discontinued operations in the financial statements.
(h)  
Includes $2,236 pertaining to properties held for sale, which are classified as discontinued operations in the financial statements.
(i)  
Acquired on January 18, 2013. Amounts reflect period of ownership.
(j)  
Acquired on April 4, 2013. Amounts reflect period of ownership.
(k)  
Annualized base rent for 2013 divided by units occupied at June 30, 2013, divided by 12.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
58
 

Significant Tenants


The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Commercial Properties as of June 30, 2013, based upon annualized base rental revenue:

 
Number
of
Properties
Annualized
Base Rental
Revenue ($) (a)
Percentage of
Company
Annualized Commercial Base
Rental Revenue (%)
Square
Feet
Leased
Percentage of
Total Company
Commercial Leased
Sq. Ft. (%)
Year of
Lease
Expiration
DB Services New Jersey, Inc.
2
12,111,630
2.0
402,068
1.5
2017
National Union Fire Insurance Company of Pittsburgh, PA
3
11,203,562
1.9
398,141
1.5
(b)
Wyndham Worldwide Operations
2
11,091,888
1.9
452,915
1.8
2029
New Cingular Wireless PCS, LLC
4
9,988,111
1.7
433,296
1.7
(c)
Bank Of Tokyo-Mitsubishi FUJI, Ltd.
1
9,692,898
1.6
282,606
1.1
(d)
Keystone Mercy Health Plan
3
9,664,458
1.6
318,959
1.3
2020
Morgan Stanley & Co., Inc.
1
9,185,100
1.6
306,170
1.2
2013
United States of America-GSA
13
9,074,964
1.5
298,463
1.2
(e)
Forest Research Institute, Inc.
1
9,070,892
1.5
215,659
0.9
2017
Prentice-Hall, Inc.
1
8,643,699
1.5
474,801
1.9
2014
ICAP Securities USA, LLC
1
6,904,128
1.2
159,834
0.6
2017
Montefiore Medical Center
6
6,263,743
1.1
277,094
1.1
(f)
TD Ameritrade Online Holdings
1
6,165,233
1.0
188,776
0.8
2020
Daiichi Sankyo, Inc.
1
6,033,690
1.0
171,900
0.7
2022
Merrill Lynch Pierce Fenner
1
5,883,780
1.0
294,189
1.2
2017
AECOM Technology Corporation
2
5,213,863
0.9
162,346
0.6
(g)
HQ Global Workplaces, LLC
19
5,212,647
0.9
301,959
1.2
(h)
CohnReznick, LLP
2
4,333,954
0.7
155,056
0.6
(i)
Vonage America, Inc.
1
4,256,000
0.7
350,000
1.4
2017
AT&T Corp.
1
4,137,500
0.7
275,000
1.1
2014
Morgan Stanley Smith Barney
3
3,919,623
0.7
132,821
0.5
(j)
Allstate Insurance Company
7
3,694,272
0.6
160,312
0.6
(k)
Arch Insurance Company
1
3,685,118
0.6
106,815
0.4
2024
SunAmerica Asset Management
1
3,167,756
0.5
69,621
0.3
2018
Alpharma, LLC
1
3,053,604
0.5
112,235
0.4
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
Natixis North America, Inc.
1
2,823,569
0.5
89,907
0.4
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
(l)
AAA Mid-Atlantic, Inc.
2
2,765,642
0.5
129,784
0.5
(m)
KPMG, LLP
2
2,736,214
0.5
121,490
0.5
(n)
Tradeweb Markets, LLC
1
2,711,760
0.5
64,976
0.3
2017
New Jersey Turnpike Authority
1
2,605,798
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
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
2,409,256
0.4
81,108
0.3
2014
Credit Suisse (USA), Inc.
1
2,395,619
0.4
71,511
0.3
2013
UBS Financial Services, Inc.
3
2,382,652
0.4
82,413
0.3
(o)
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
2017
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
(p)
The Louis Berger Group, Inc.
3
2,268,188
0.4
115,758
0.5
(q)
Bunge Management Services, Inc.
1
2,221,151
0.4
66,303
0.3
2020
Rothstein, Kass & Company, P.C.
1
2,216,300
0.4
88,652
0.4
2017
Barr Laboratories, Inc.
1
2,209,107
0.4
89,510
0.4
2015
             
Totals
  
234,357,186
39.7
8,869,397
35.3
  

See footnotes on subsequent page.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
59
 


Significant Tenants

(Continued)

(a)  
Annualized base rental revenue is based on actual June 2013 billings times 12. For leases whose rent commences after July 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; 100,151 square feet expire in 2014; 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)  
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.
(f)  
22,980 square feet expire in 2014; 4,342 square feet expire in 2015; 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; 8,500 square feet expire in 2023.
(g)  
70,932 square feet expire in 2023; 91,414 square feet expire in 2029.
(h)  
22,279 square feet expire in 2015; 12,407 square feet expire in 2017; 19,190 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.
(i)  
1,021 square feet expire in 2014; 154,035 square feet expire in 2020.
(j)  
22,782 square feet expire in 2013; 26,834 square feet expire in 2014; 29,654 square feet expire in 2015; 27,289 square feet expire in 2016; 26,262 square feet expire in 2018.
(k)  
4,456 square feet expire in 2014; 5,348 square feet expire in 2015; 4,014 square feet expire in 2016; 75,740 square feet expire in 2017; 70,754 square feet expire in 2018.
(l)  
19,416 square feet expire in 2016; 81,296 square feet expire in 2031.
(m)  
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
(n)  
10,877 square feet expire in 2013; 53,409 square feet expire in 2019; 57,204 square feet expire in 2020.
(o)  
42,360 square feet expire in 2016; 13,340 square feet expire in 2022; 26,713 square feet expire in 2024.
(p)  
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.
(q)  
7,426 square feet expire in 2017; 108,332 square feet expire in 2026.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
60
 

Schedule of Lease Expirations

All Consolidated Commercial Properties

 
The following table sets forth a schedule of lease expirations for the total of the Company’s office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Commercial Properties beginning July1, 2013, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2013 through 2015 only):
 

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
 Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2013 (c)
            
   Northern  NJ
36
336,713
1.3
8,045,950
23.90
1.4
   Central NJ
27
220,869
0.9
5,283,204
23.92
0.9
   Westchester Co., NY
39
115,341
0.5
2,620,147
22.72
0.4
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
28
157,212
0.6
3,149,139
20.03
0.5
   Fairfield, CT
6
77,477
0.3
1,285,784
16.60
0.2
   Washington, DC/MD
14
82,270
0.3
2,213,475
26.91
0.4
   Rockland Co., NY
3
9,911
(d)
271,905
27.43
0.1
TOTAL – 2013
153
999,793
3.9
22,869,604
22.87
3.9
             
             
2014
            
   Northern  NJ
125
1,505,226
6.1
39,222,890
26.06
6.6
   Central NJ
67
310,577
1.2
6,707,152
21.60
1.1
   Westchester Co., NY
106
445,801
1.8
9,769,231
21.91
1.7
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
56
283,781
1.1
4,493,401
15.83
0.8
   Fairfield, CT
6
24,506
0.1
539,833
22.03
0.1
   Washington, DC/MD
32
174,618
0.7
4,711,491
26.98
0.8
   Rockland Co., NY
4
7,616
(d)
187,486
24.62
(d)
TOTAL – 2014
396
2,752,125
11.0
65,631,484
23.85
11.1
             
             
2015
            
   Northern  NJ
101
1,338,370
5.2
30,126,357
22.51
5.1
   Central NJ
65
790,656
3.2
16,300,317
20.62
2.8
   Westchester Co., NY
69
398,819
1.6
8,402,132
21.07
1.4
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
65
449,716
1.8
6,413,204
14.26
1.1
   Fairfield, CT
8
89,924
0.4
2,259,943
25.13
0.4
   Washington, DC/MD
33
296,690
1.2
9,377,238
31.61
1.6
   Rockland Co., NY
2
32,311
0.1
775,464
24.00
0.1
TOTAL – 2015
343
3,396,486
13.5
73,654,655
21.69
12.5
             

Schedule continued, with footnotes, on subsequent page.



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
61
 


Schedule of Lease Expirations

All Consolidated Commercial Properties (continued)

Year Of
Expiration
Number Of
Leases
Expiring (a)
 
 
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2016
309
2,541,975
10.1
57,105,849
22.47
9.7
             
2017
267
3,630,107
14.5
87,007,086
23.97
14.7
             
2018
272
2,707,352
10.8
63,069,346
23.30
10.7
             
2019
131
1,784,896
7.1
37,960,957
21.27
6.4
             
2020
107
1,677,548
6.7
38,902,692
23.19
6.6
             
2021
74
1,194,160
4.8
30,970,824
25.94
5.2
             
2022
54
965,082
3.9
24,299,913
25.18
4.1
             
2023
39
1,059,601
4.2
26,198,746
24.73
4.4
             
2024 and thereafter
73
2,381,128
9.5
63,361,821
26.61
10.7
Totals/
            
Weighted Average
2,218
25,090,253
(c) (e)
100.0
591,032,977
23.56
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 June 2013 billings times 12. For leases whose rent commences after July 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 June 30, 2013 aggregating 306,496 square feet and representing annualized rent of $6,791,226 for which no new leases were signed.
(d)  
Represents 0.05% or less.
(e)  
Reconciliation to Company’s total net rentable square footage is as follows:

 
Square Feet
Square footage leased to commercial tenants
25,090,253
Square footage used for corporate offices, management offices,
  
building use, retail tenants, food services, other ancillary
  
service tenants and occupancy adjustments
559,374
Square footage unleased
4,097,745
Total net rentable square footage (does not include land leases)
29,747,372



Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
62
 

Schedule of Lease Expirations

Office Properties

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

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2013 (c)
            
   Northern  NJ
33
325,907
1.6
7,920,846
24.30
1.5
   Central NJ
24
210,322
1.0
5,145,539
24.47
0.9
   Westchester Co., NY
23
47,589
0.2
1,302,824
27.38
0.3
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
23
113,002
0.6
2,732,819
24.18
0.5
   Fairfield Co., CT
1
1,914
(d)
51,678
27.00
(d)
   Washington, DC/MD
14
82,270
0.4
2,213,475
26.91
0.4
   Rockland Co., NY
3
9,911
0.1
271,905
27.43
(d)
TOTAL – 2013
121
790,915
3.9
19,639,086
24.83
3.6
             
2014
            
   Northern  NJ
116
1,410,903
7.0
37,976,456
26.92
7.2
   Central NJ
60
231,847
1.2
5,663,627
24.43
1.0
   Westchester Co., NY
64
205,014
1.0
5,902,662
28.79
1.1
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
42
150,181
0.7
3,530,577
23.51
0.7
   Fairfield Co., CT
4
17,081
0.1
413,904
24.23
0.1
   Washington, DC/MD
32
174,618
0.9
4,711,491
26.98
0.9
   Rockland Co., NY
4
7,616
(d)
187,486
24.62
(d)
TOTAL – 2014
322
2,197,260
10.9
58,386,203
26.57
11.0
             
2015
            
   Northern  NJ
95
1,286,565
6.2
29,517,939
22.94
5.6
   Central NJ
59
746,765
3.6
15,718,078
21.05
3.0
   Westchester Co., NY
41
187,903
0.9
4,804,740
25.57
0.9
   Manhattan
-
-
-
-
-
-
   Sub. Philadelphia
38
195,803
1.0
4,570,985
23.34
0.9
   Fairfield Co., CT
7
52,996
0.3
1,521,383
28.71
0.3
   Washington, DC/MD
33
296,690
1.5
9,377,238
31.61
1.8
   Rockland Co., NY
2
32,311
0.2
775,464
24.00
0.1
TOTAL – 2015
275
2,799,033
13.7
66,285,827
23.68
12.6
             
2016
239
1,828,855
9.0
47,289,274
25.86
9.0
             
2017
210
3,139,532
15.4
80,741,935
25.72
15.3
             
2018
198
1,949,258
9.6
53,737,740
27.57
10.2
             
2019
97
1,202,754
5.9
29,999,022
24.94
5.7
             
2020
84
1,403,805
6.9
35,577,320
25.34
6.7
             
2021
63
1,081,688
5.3
29,387,303
27.17
5.6
             
2022
49
902,540
4.4
23,455,452
25.99
4.4
             
2023
30
856,473
4.2
23,543,136
27.49
4.5
             
2024 and thereafter
58
2,184,189
10.8
60,075,610
27.50
11.4
Totals/Weighted
  Average
1,746
20,336,302 (c)
100.0
528,117,908
25.97
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 June 2013 billings times 12. For leases whose rent commences after July 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 June 30, 2013 aggregating 276,477 square feet and representing annualized rent of $6,470,662 for which no new leases were signed.
(d)  
Represents 0.05% or less.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
63
 

Schedule of Lease Expirations

Office/Flex Properties

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

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
 
 
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2013 (c)
            
   Northern  NJ
3
10,806
0.3
125,104
11.58
0.2
   Central NJ
3
10,547
0.2
137,665
13.05
0.2
   Westchester Co., NY
16
67,752
1.5
1,317,323
19.44
2.2
   Sub. Philadelphia
5
44,210
1.0
416,320
9.42
0.7
   Fairfield Co., CT
5
75,563
1.7
1,234,106
16.33
2.1
TOTAL – 2013
32
208,878
4.7
3,230,518
15.47
5.4
             
2014
            
   Northern  NJ
9
94,323
2.1
1,246,434
13.21
2.2
   Central NJ
7
78,730
1.8
1,043,525
13.25
1.8
   Westchester Co., NY
37
209,452
4.8
3,368,882
16.08
5.7
   Sub. Philadelphia
14
133,600
3.0
962,824
7.21
1.6
   Fairfield Co., CT
2
7,425
0.2
125,929
16.96
0.2
TOTAL – 2014
69
523,530
11.9
6,747,594
12.89
11.5
             
2015
            
   Northern  NJ
6
51,805
1.1
608,418
11.74
1.1
   Central NJ
6
43,891
1.0
582,239
13.27
1.0
   Westchester Co., NY
27
182,916
4.2
3,247,392
17.75
5.5
   Sub. Philadelphia
27
253,913
5.8
1,842,219
7.26
3.1
   Fairfield Co., CT
1
36,928
0.8
738,560
20.00
1.3
TOTAL – 2015
67
569,453
12.9
7,018,828
12.33
12.0
             
2016
66
682,132
15.5
9,469,781
13.88
16.2
             
2017
57
490,575
11.1
6,265,151
12.77
10.7
             
2018
71
664,611
15.1
8,771,285
13.20
15.0
             
2019
32
543,692
12.4
7,250,466
13.34
12.4
             
2020
17
226,511
5.2
2,676,236
11.82
4.6
             
2021
11
112,472
2.6
1,583,521
14.08
2.7
             
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
14
188,939
4.3
3,014,211
15.95
5.1
Totals/Weighted
            
  Average
448
4,400,742
  (c)
100.0
58,649,298
13.33
100.0

(a)  
Includes office/flex tenants only.  Excludes leases for amenity, retail, parking and month-to-month tenants.  Some tenants have multiple leases.
(b)  
Annualized base rental revenue is based on actual June 2013 billings times 12. For leases whose rent commences after July 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 June 30, 2013 aggregating 30,019 square feet and representing annualized rent of $320,564 for which no new leases were signed.




Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
64
 

Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning July 1, 2013, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
 
Year Of
Expiration
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2014
4
22,035
6.6
322,687
14.64
8.4
             
2015
1
28,000
8.3
350,000
12.50
9.2
             
2016
4
30,988
9.2
346,794
11.19
9.1
             
2018
3
93,483
27.8
560,321
5.99
14.7
             
2019
2
38,450
11.5
711,469
18.50
18.6
             
2020
6
47,232
14.1
649,136
13.74
17.0
             
2023
2
75,721
22.5
878,364
11.60
23.0
Totals/Weighted
            
  Average
22
335,909
  
100.0
3,818,771
11.37
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 June 2013 billings times 12. For leases whose rent commences after July 1, 2013, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.


Stand-Alone Retail Properties

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

Year Of
Expiration
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2014
1
9,300
53.8
175,000
18.82
39.2
             
2024 and thereafter
1
8,000
46.2
272,000
34.00
60.8
Totals/Weighted
            
  Average
2
17,300
100.0
447,000
25.84
100.0

(a)  
Includes stand-alone retail property tenants only.
(b)  
Annualized base rental revenue is based on actual June 2013 billings times 12. For leases whose rent commences after July 1, 2013 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.


Mack-Cali Realty Corporation
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2013

 
 
65