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PAGE(S)
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I. COMPANY BACKGROUND
|
|
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· About the Company / Other Corporate Data
|
5
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· Board of Directors / Executive Officers
|
6
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· Equity Research Coverage / Company Contact Information
|
7
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II. FINANCIAL HIGHLIGHTS
|
|
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· Quarterly Summary / Commencing Initial Operations / Sales
|
9
|
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· Financing Activity
|
10
|
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· Leasing
|
10 – 11
|
|
· Information About FFO
|
11
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|
· Key Financial Data
|
12
|
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· Same-Store Results and Analysis
|
13
|
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· Unconsolidated Joint Ventures Summary
|
14 – 16
|
|
· Unconsolidated Joint Ventures Financial Information
|
17 – 19
|
|
· Select Financial Ratios
|
20
|
|
· Debt Analysis:
|
|
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· Debt Breakdown / Future Repayments
|
21
|
|
· Debt Maturities
|
22
|
|
· Debt Detail
|
23
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III. FINANCIAL INFORMATION
|
|
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· Consolidated Statements of Operations
|
25
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· Consolidated Balance Sheets
|
26
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· Consolidated Statement of Changes in Equity
|
27
|
|
· Statements of Funds from Operations
|
28
|
|
· Statements of Funds from Operations Per Diluted Share
|
29
|
|
· Reconciliation of Basic-to-Diluted Shares/Units
|
30
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|
IV. VALUE CREATION PIPELINE
|
|
|
· Operating Property Acquisitions / Properties Commencing Initial Operations
|
32
|
|
· Summary of In-Process Development Projects
|
32
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|
· Rental Property Sales / Dispositions / Rental Property Held for Sale
|
33
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|
· Summary of Land Parcels
|
34
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V. PORTFOLIO/ LEASING STATISTICS
|
|
|
· Leasing Statistics
|
36 – 41
|
|
· Market Diversification (MSAs)
|
42
|
|
· Industry Diversification (Top 30 Tenant Industries)
|
43
|
|
· Consolidated Portfolio Analyses:
|
|
|
Breakdown by:
|
|
|
(a) Number of Properties
|
44
|
|
(b) Square Footage
|
45
|
|
(c) Base Rental Revenue
|
46
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|
(d) Percentage Leased
|
47
|
|
· Consolidated Property Listing (by Property Type)
|
48 – 56
|
|
· Significant Tenants (Top 50 Tenants)
|
57 – 58
|
|
· Schedules of Lease Expirations (by Property Type)
|
59 – 63
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·
|
risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants;
|
|
·
|
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;
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|
·
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changes in the supply of and demand for the Company’s properties;
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|
·
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changes in interest rate levels and volatility in the securities markets;
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·
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changes in operating costs;
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|
·
|
the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;
|
|
·
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the availability of financing on attractive terms or at all, which may adversely impact the Company’s ability to pursue acquisition and development opportunities and refinance existing debt and the Company’s future interest expense;
|
|
·
|
changes in governmental regulation, tax rates and similar matters; and
|
|
·
|
other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.
|
|
Corporate Headquarters
|
Edison, New Jersey
|
|
Fiscal Year-End
|
12/31
|
|
Total Properties
|
275
|
|
Total Commercial Square Feet / Multi-family Units
|
30.7 million commercial square feet and 3,319 multi-family residential units
|
|
Geographic Diversity
|
Seven states and the District of Columbia
|
|
New Jersey Presence
|
21.8 million square feet of commercial space and 1,518 multi-family residential units
|
|
Northeast Presence
|
30.7 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
|
5.5%
|
|
Total Market Capitalization
|
$4.6 billion
|
|
Senior Debt Rating
|
BBB (S&P and Fitch);
|
|
Baa2 (Moody’s)
|
|
William L. Mack, Chairman of the Board
|
|
|
Alan S. Bernikow
|
Alan G. Philibosian
|
|
Kenneth M. Duberstein
|
Irvin D. Reid
|
|
Nathan Gantcher
|
Vincent Tese
|
|
Mitchell E. Hersh
|
Roy J. Zuckerberg
|
|
David S. Mack
|
|
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Mitchell E. Hersh, President and Chief Executive Officer
|
|
|
Barry Lefkowitz, Executive Vice President and Chief Financial Officer
|
|
|
Roger W. Thomas, Executive Vice President, General Counsel and Secretary
|
|
| Anthony Krug, Chief Accounting Officer |
|
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
|
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|
Mack-Cali Realty Corporation
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|
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Investor Relations Department
|
|
|
343 Thornall Street
|
|
|
Edison, New Jersey 08837-2206
|
|
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Phone: (732) 590-1000
|
Web: www.mack-cali.com
|
|
Fax: (732) 205-8237
|
E-mail: investorrelations@mack-cali.com
|
|
-
|
Cervalis LLC, a provider of IT infrastructure solutions, signed a new lease for 28,130 square feet at 29 Commerce Way in Totowa. The 48,930 square-foot, office/flex building, located in Mack-Cali Commercenter, is 77.9 percent leased.
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|
-
|
United Water Management & Services, Inc., a provider of water and wastewater services to approximately 5.5 million people in the United States, signed a new lease for 24,900 square feet at Mack-Cali Centre II, 650 From Road in Paramus. The 348,510 square-foot office building is 81.5 percent leased.
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|
-
|
S2, Inc. d/b/a Sigma Group, a fully integrated advertising agency, signed a new lease for 23,573 square feet at 10 Mountainview Road in Upper Saddle River. The 192,000 square-foot office building is 85.3 percent leased.
|
|
-
|
AT&T Corp. signed a renewal for 275,000 square feet at 30 Knightsbridge Road in Piscataway. The four-building office complex totaling 680,350 square feet is 92.7 percent leased.
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|
-
|
DSV Air & Sea, Inc., a global supplier of transport and logistics solutions, signed a renewal for 37,798 square feet at 100 Walnut Avenue in Clark. The 182,555 square-foot office building is 100 percent leased.
|
|
-
|
New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA), a provider of statutory benefits to insureds and claimants of insolvent property casualty insurance companies, signed a new lease for 28,234 square feet at 233 Mount Airy Road in Basking Ridge. The 66,000 square-foot office building is 67.5 percent leased.
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|
-
|
New England Life Insurance Company, a provider of insurance and financial planning products and services, signed transactions totaling 21,564 square feet at 1305 Campus Parkway in Wall Township, consisting of a 15,984 square-foot renewal and a 5,580 square-foot expansion. The 23,350 square-foot office building, located in Monmouth Shores Corporate Park, is 92.4 percent leased.
|
|
-
|
SS&C Technologies, Inc., a global provider of investment and financial software-enabled services and software, signed transactions totaling 18,983 square feet, consisting of a 12,687 square-foot renewal and a 6,296 square-foot expansion, at 11 Commerce Drive in Cranford. The 90,000 square-foot office building, located in Cranford Business Park, is 81.5 percent leased.
|
|
-
|
Wright Brothers Services Inc., specializing in freight transportation, signed transactions totaling 18,845 square feet consisting of a 5,255 square-foot renewal at 150 Clearbrook Road in Elmsford, a 6,865 square-foot renewal at 200 Clearbrook Road in Elmsford, and a 6,725 square-foot expansion at 1 Odell Plaza in Yonkers. Located in Cross Westchester Executive Park, 150 Clearbrook Road is a 74,900 square-foot office/flex building that is 100 percent leased and 200 Clearbrook Road is a 94,000 square-foot office/flex building that is 99.8 percent leased. Located in South Westchester Executive Park, 1 Odell Plaza is a 106,000 square-foot office/flex building that is 97.2 percent leased.
|
|
-
|
JPMorgan Chase Bank National Association, a global financial services firm, signed a renewal for 15,880 square feet at 11 Martine Avenue in White Plains. The 180,000 square-foot office building, located in Westchester Financial Center, is 77.7 percent leased.
|
| As of or for the three months ended | |||||
|
9/30/13
|
6/30/13
|
3/31/13
|
12/31/12
|
9/30/12
|
|
|
Shares and Units:
|
|||||
|
Common Shares Outstanding
|
88,021,807
|
88,004,354
|
87,923,776
|
87,536,292
|
87,821,885
|
|
Common Units Outstanding
|
11,987,175
|
12,003,241
|
12,081,440
|
12,141,836
|
12,177,122
|
|
Combined Shares and Units
|
100,008,982
|
100,007,595
|
100,005,216
|
99,678,128
|
99,999,007
|
|
Weighted Average- Basic (a)
|
99,787,129
|
99,779,978
|
99,766,701
|
99,695,353
|
100,003,034
|
|
Weighted Average- Diluted (b)
|
99,787,129
|
99,779,978
|
99,849,397
|
99,695,353
|
100,074,809
|
|
Common Share Price ($’s):
|
|||||
|
At the end of the period
|
21.94
|
24.49
|
28.61
|
26.11
|
26.60
|
|
High during period
|
25.13
|
29.39
|
29.03
|
28.16
|
29.45
|
|
Low during period
|
20.60
|
22.59
|
25.78
|
24.37
|
26.31
|
|
Market Capitalization:
|
|||||
|
($’s in thousands, except ratios)
|
|||||
|
Market Value of Equity (c)
|
2,250,247
|
2,505,823
|
2,917,514
|
2,663,758
|
2,661,629
|
|
Total Debt
|
2,368,681
|
2,369,153
|
2,296,687
|
2,204,389
|
1,970,254
|
|
Total Market Capitalization
|
4,618,928
|
4,874,976
|
5,214,201
|
4,868,147
|
4,631,883
|
|
Total Debt/ Total Market
Capitalization
|
51.28%
|
48.60%
|
44.05%
|
45.28%
|
42.54%
|
|
Financials:
|
|||||
|
($’s in thousands, except ratios and
per share amounts)
|
|||||
|
Total Assets
|
4,609,263
|
4,638,064
|
4,585,269
|
4,526,045
|
4,269,573
|
|
Gross Book Value of Real Estate Assets
|
5,113,940
|
5,422,418
|
5,607,617
|
5,525,015
|
5,295,248
|
|
Total Liabilities
|
2,598,601
|
2,602,972
|
2,547,913
|
2,457,538
|
2,191,345
|
|
Total Equity
|
2,010,662
|
2,035,092
|
2,037,356
|
2,068,507
|
2,078,228
|
|
Total Revenues
|
162,505
|
168,347
|
170,912
|
164,341
|
156,797
|
|
Capitalized Interest
|
3,514
|
3,281
|
3,467
|
2,916
|
891
|
|
Scheduled Principal Amortization
|
1,017
|
808
|
1,065
|
1,342
|
1,201
|
|
Interest Coverage Ratio
|
2.85
|
3.08
|
3.11
|
3.21
|
3.14
|
|
Fixed Charge Coverage Ratio
|
2.48
|
2.72
|
2.70
|
2.80
|
2.93
|
|
Net Income (Loss)
|
3,439
|
26,184
|
13,089
|
(10,585)
|
16,176
|
|
Net Income (Loss) Available to Common Shareholders
|
4,643
|
23,071
|
11,556
|
(9,227)
|
14,281
|
|
Earnings per Share—diluted
|
0.05
|
0.26
|
0.13
|
(0.11)
|
0.16
|
|
FFO per Share—diluted (d)
|
0.57
|
0.65
|
0.63
|
0.66
|
0.65
|
|
Dividends Declared per Share
|
0.30
|
0.30
|
0.45
|
0.45
|
0.45
|
|
FFO Payout Ratio—diluted (d)
|
52.42%
|
45.93%
|
71.28%
|
68.65%
|
69.27%
|
|
Portfolio Size:
|
|||||
|
Properties
|
275
|
273
|
279
|
278
|
276
|
|
Total Commercial Square Footage
|
30,657,119
|
30,584,290
|
31,591,672
|
31,691,682
|
32,192,587
|
|
Commercial Sq. Ft. Leased at End of Period (e) (f)
|
86.1%
|
86.2%
|
86.0%
|
87.2%
|
87.5%
|
|
Apartment Units
|
3,319
|
3,319
|
2,907
|
1,769
|
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 11.
|
|
(e)
|
Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future and leases that expire at the period end date.
|
|
(f)
|
Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).
|
|
For the three months ended
September 30,
|
%
|
|||
|
2013
|
2012
|
Change
|
Change
|
|
|
Total Property Revenues
|
$149,083
|
$153,623
|
$(4,540)
|
(3.0)
|
|
Real Estate Taxes
|
20,048
|
20,657
|
(609)
|
(2.9)
|
|
Utilities
|
17,672
|
16,648
|
1,024
|
6.2
|
|
Operating Services
|
25,467
|
24,647
|
820
|
3.3
|
|
Total Property Expenses:
|
63,187
|
61,952
|
1,235
|
2.0
|
|
GAAP Net Operating Income
|
85,896
|
91,671
|
(5,775)
|
(6.3)
|
|
Less: straight-lining of rents adj.
|
(896)
|
2,012
|
(2,908)
|
(144.5)
|
|
Net Operating Income
|
$86,792
|
$89,659
|
$(2,867)
|
(3.2)
|
|
Percentage Leased at
Period End
|
86.0%
|
87.5%
|
||
|
Total Properties:
|
240
|
|||
|
Total Square Footage:
|
27,748,345
|
|||
|
For the nine months ended
September 30,
|
%
|
|||
|
2013
|
2012
|
Change
|
Change
|
|
|
Total Property Revenues
|
$453,495
|
$464,231
|
$(10,736)
|
(2.3)
|
|
Real Estate Taxes
|
60,953
|
64,577
|
(3,624)
|
(5.6)
|
|
Utilities
|
47,370
|
44,645
|
2,725
|
6.1
|
|
Operating Services
|
75,777
|
72,423
|
3,354
|
4.6
|
|
Total Property Expenses:
|
184,100
|
181,645
|
2,455
|
1.4
|
|
GAAP Net Operating Income
|
269,395
|
282,586
|
(13,191)
|
(4.7)
|
|
Less: straight-lining of rents adj.
|
8,368
|
5,343
|
3,025
|
56.6
|
|
Net Operating Income
|
$261,027
|
$277,243
|
$(16,216)
|
(5.8)
|
|
Percentage Leased at
Period End
|
86.0%
|
87.5%
|
||
|
Total Properties:
|
240
|
|||
|
Total Square Footage:
|
27,748,345
|
|||
|
Joint Venture Name
|
Property
|
Location
|
Year
Built
|
Percent
Occupied
|
# of
Apartment
Units
|
Revenue
Per
Unit (a)
|
|
|
Operating Multi-family Residential:
|
|||||||
|
Marbella RoseGarden, L.L.C.
|
Marbella
|
Jersey City, NJ
|
2003
|
95.5%
|
412
|
$2,854
|
|
|
RoseGarden Monaco, L.L.C.
|
Monaco (North and South)
|
Jersey City, NJ
|
2011
|
95.4%
|
523
|
3,092
|
|
|
Rosewood Morristown, L.L.C.
|
Metropolitan at 40 Park
|
Morristown, NJ
|
2010
|
93.8%
|
130
|
3,164
|
|
|
Rosewood Lafayette Holdings, L.L.C.
|
Highlands at Morristown Station
|
Morristown, NJ
|
2009
|
95.6%
|
217
|
2,530
|
|
|
PruRose Port Imperial South 15 LLC
|
RiversEdge at Port Imperial
|
Weehawken, NJ
|
2009
|
94.6%
|
236
|
3,018
|
|
|
Overlook Ridge JV, L.L.C.
|
Quarrystone
|
Malden, MA
|
2008
|
94.8%
|
251
|
2,086
|
|
|
Crystal House Apartments Investors LLC
|
Crystal House
|
Arlington, VA
|
1962
|
86.0%
|
(q)
|
828
|
1,961
|
|
Total Operating Multi-family Residential:
|
92.2%
|
2,597
|
$2,546
|
||||
|
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
|
60.4%
|
50,973
|
|
|
Keystone Property Group
|
Suburban Philadelphia
|
Suburban Philadelphia, PA
|
Various
|
86.0%
|
1,842,820
|
|
|
Total Operating Commercial:
|
2,263,511
|
|||||
|
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
|
4Q-2013
|
316
|
||||
|
Elmajo Urban Renewal Associates, L.L.C.
|
Lincoln Harbor
|
Weehawken, NJ
|
1Q-2014
|
355
|
||||
|
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
|
4Q-2015
|
363
|
||||
|
Total In-Process Development Projects:
|
2,631
|
|||||||
|
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
|
||||
|
Joint Venture Name
|
Property
|
Company’s
Effective
Ownership %
|
Net Operating Income (b)
|
Property Debt
|
Preferred
|
|||||||||||
|
3 Mos
9/30/13
|
9 Mos
9/30/13
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance (c)
|
Return
Rate
|
Investor
|
|||||||||
|
Operating Multi-family Residential:
|
||||||||||||||||
|
Marbella RoseGarden, L.L.C.
|
Marbella
|
24.27%
|
$ 2,135
|
$ 6,687
|
$ 95,000
|
05/01/18
|
4.99%
|
$ 7,567
|
9.50%
|
Prudential
|
||||||
|
RoseGarden Monaco, L.L.C.
|
Monaco (North and South)
|
15.00%
|
3,178
|
9,447
|
165,000
|
02/01/21
|
4.19%
|
79,364
|
9.00%
|
Prudential
|
||||||
|
Rosewood Morristown, L.L.C.
|
Metropolitan at 40 Park
|
12.50%
|
656
|
2,024
|
38,600
|
09/01/20
|
3.25%
|
19,071
|
(d)
|
9.00%
|
Prudential
|
|||||
|
Rosewood Lafayette Holdings, L.L.C.
|
Highlands at Morristown Station
|
25.00%
|
1,000
|
2,996
|
39,547
|
07/01/15
|
4.00%
|
31,583
|
9.00%
|
Prudential
|
||||||
|
PruRose Port Imperial South 15 LLC
|
RiversEdge at Port Imperial
|
50.00%
|
(e)
|
976
|
3,167
|
57,500
|
09/01/20
|
4.32%
|
38,886
|
9.00%
|
Prudential
|
|||||
|
Overlook Ridge JV, L.L.C.
|
Quarrystone
|
25.00%
|
891
|
2,707
|
69,900
|
03/15/16
|
(f)
|
18,829
|
(g)
|
15.00%
|
Lennar
|
|||||
|
Crystal House Apartments Investors LLC
|
Crystal House
|
25.00%
|
2,261
|
5,467
|
(h)
|
165,000
|
03/19/20
|
3.17%
|
--
|
--
|
--
|
|||||
|
Total Operating Multi-family Residential:
|
$11,097
|
$32,495
|
$630,547
|
$195,300
|
||||||||||||
|
Joint Venture Name
|
Property
|
Company’s
Effective
Ownership %
|
Net Operating Income (b)
|
Property Debt
|
Preferred
|
|||||||||||
|
3 Mos
9/30/13
|
9 Mos
9/30/13
|
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%
|
$ 71
|
$ 180
|
--
|
--
|
--
|
$5,903
|
9.00%
|
Prudential
|
||||||
|
BNES Associates III
|
Offices at Crystal Lake
|
31.25%
|
374
|
1,121
|
$ 7,498
|
11/01/23
|
4.76%
|
--
|
--
|
--
|
||||||
|
Red Bank Corporate Plaza
|
Red Bank Corporate Plaza
|
50.00%
|
633
|
1,921
|
16,984
|
05/17/16
|
L+3.00%
|
(i)
|
--
|
--
|
--
|
|||||
|
12 Vreeland Realty L.L.C.
|
12 Vreeland Road
|
50.00%
|
101
|
457
|
16,000
|
06/18/23
|
2.87%
|
--
|
--
|
--
|
||||||
|
Rosewood Morristown, L.L.C.
|
Shops at 40 Park
|
12.50%
|
129
|
482
|
6,500
|
08/28/18
|
3.63%
|
--
|
(d)
|
9.00%
|
Prudential
|
|||||
|
Keystone Property Group
|
Suburban Philadelphia
|
(r)
|
2,630
|
2,630
|
199,596
|
(s)
|
(s)
|
42,423
|
15.00%
|
KPG
|
||||||
|
Total Operating Commercial:
|
$ 3,938
|
$ 6,791
|
$246,578
|
$ 48,326
|
||||||||||||
|
Joint Venture Name
|
Property
|
Company’s
Effective
Ownership %
|
Net Operating Income (b)
|
Property Debt
|
Preferred
|
||||||||||||
|
3 Mos
9/30/13
|
9 Mos
9/30/13
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance (c)
|
Return
Rate
|
Investor
|
||||||||||
|
Hotel:
|
|||||||||||||||||
|
Harborside South Pier
|
Hyatt Regency Jersey City on the Hudson
|
50.00%
|
$ 3,153
|
$ 6,645
|
$ 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
9/30/13
|
9 Mos
9/30/13
|
Balance
|
Maturity
Date
|
Interest
Rate
|
Capital
Balance (c)
|
Return
Rate
|
Investor
|
|||||||||||
|
Other Investment:
|
||||||||||||||||||
|
Stamford SM L.L.C.
|
Senior Mezzanine Loan
|
80.00%
|
$ 1,279
|
$ 3,506
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||
|
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%
|
$ 54,599
|
07/15/21
|
6.00%
|
$ 41,039
|
7.75%
|
UBS
|
|||||||||
|
Elmajo Urban Renewal Associates, L.L.C.
|
Lincoln Harbor
|
7.50%
|
40,274
|
06/27/16
|
L+2.10%
|
56,515
|
8.50%
|
Hartz
|
|||||||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
Overlook Ridge 2C & 3B
|
25.00%
|
--
|
12/28/15
|
L+2.50%
|
(k)
|
24,959
|
6.50%
|
UBS
|
||||||||
|
Prurose Port Imperial South 13, LLC
|
Port Imperial Building 13
|
20.00%
|
(e)
|
--
|
06/27/16
|
L+2.15%
|
(l)
|
43,270
|
(m)
|
9.00%
|
Prudential
|
||||||
|
Portside Master Company, LLC
|
Portside at Pier One – Bldg 7
|
38.25%
|
--
|
12/05/15
|
L+2.50%
|
17,460
|
9.00%
|
Prudential
|
|||||||||
|
RiverPark at Harrison I Urban Renewal LLC
|
RiverPark at Harrison
|
36.00%
|
866
|
06/27/16
|
L+2.35%
|
2,665
|
(n)
|
--
|
Chall
|
||||||||
|
Estuary Urban Renewal Unit B, LLC
|
Lincoln Harbor (Bldg B)
|
7.50%
|
4,088
|
--
|
--
|
30,993
|
8.50%
|
Hartz
|
|||||||||
|
RoseGarden Marbella South, L.L.C.
|
Marbella II
|
24.27%
|
--
|
--
|
--
|
3,593
|
(o)
|
9.00%
|
Prudential
|
||||||||
|
Rosewood Morristown, L.L.C.
|
Lofts at 40 Park
|
25.00%
|
1,117
|
9/30/14
|
L+2.50%
|
--
|
--
|
--
|
|||||||||
|
Roseland/Port Imperial Partners, L.P.
|
Riverwalk C
|
20.00%
|
--
|
--
|
--
|
22,066
|
(p)
|
10.00%
|
Prudential
|
||||||||
|
Total In-Process Development Projects:
|
$100,944
|
$242,560
|
|||||||||||||||
|
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%
|
$ 16,475
|
03/02/14
|
L+3.50%
|
--
|
--
|
--
|
||||||||||
|
Overlook Ridge JV, L.L.C.
|
Overlook Phase III
|
50.00%
|
5,594
|
04/14/15
|
L+2.50%
|
--
|
--
|
--
|
||||||||||
|
Roseland/Port Imperial Partners, L.P.
|
Port Imperial North
|
20.00%
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||
|
Crystal House Apartments Investors LLC
|
Crystal House Land
|
50.00%
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||
|
Total Land
|
$ 22,069
|
|||||||||||||||||
|
|
See footnotes on page 16.
|
|
|
Footnotes for pages 14 and 15:
|
|
(a)
|
Total apartment revenue for the quarter ended September 30, 2013 divided by the average percent leased for the quarter ended September 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)
|
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 $14,444 as of September 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 $129 as of September 30, 2013.
|
|
(n)
|
Does not include MCRC capital balance of $1,718 and accrued return balance of $51.
|
|
(o)
|
Does not include MC Roseland Marbella South, L.L.C. capital amount of $830 and MG Marbella Partners II, L.L.C. capital account of $879. As of October 1, 2013, Prudential and MCRC hold Pari Passu capital accounts of $10,307 and $3,232, respectively. The capital account of MG Marbella Partners II, L.L.C. has been reduced to $0.
|
|
(p)
|
Does not include MCRC capital account of $27.
|
|
(q)
|
Occupancy for Crystal House reflects 50 vacant units that are undergoing renovation. Excluding these units, percent occupied for Crystal House and Total Operating Multi-Family was 91.4 percent and 94.0 percent, respectively.
|
|
(r)
|
The Company’s equity interests in the joint ventures will be subordinated to affiliates of the Keystone Property Group receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinate equity of $22.2 million and then all profit will be split equally.
|
|
(s)
|
Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $61,571 bears interest at rates ranging from L+5.0 percent to L+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at L+6.0 percent and matures in August 27, 2015.
|
|
September 30,
|
December 31,
|
|
|
2013
|
2012
|
|
|
Assets:
|
||
|
Rental property, net
|
$ 736,487
|
$ 180,254
|
|
Loan receivable
|
44,459
|
42,276
|
|
Other assets
|
434,714
|
311,847
|
|
Total assets
|
$ 1,215,660
|
$ 534,377
|
|
Liabilities and partners’/
|
||
|
members’ capital:
|
||
|
Mortgages and loans payable
|
$ 600,473
|
$ 168,908
|
|
Other liabilities
|
71,552
|
12,141
|
|
Partners’/members’ capital
|
543,635
|
353,328
|
|
Total liabilities and
partners'/members’ capital
|
$ 1,215,660
|
$ 534,377
|
|
September 30,
|
December 31,
|
|
|
Entity
|
2013
|
2012
|
|
Plaza VIII & IX Associates, L.L.C.
|
$ 4,065
|
$ 4,321
|
|
South Pier at Harborside
|
(2,095)
|
(1,225)
|
|
Red Bank Corporate Plaza, L.L.C.
|
3,972
|
3,876
|
|
12 Vreeland Associates, L.L.C.
|
5,439
|
12,840
|
|
Boston Downtown Crossing
|
--
|
13,012
|
|
Gale Jefferson L.L.C.
|
--
|
1,029
|
|
Stamford SM LLC
|
35,667
|
34,006
|
|
Marbella RoseGarden, L.L.C.
|
15,976
|
16,918
|
|
RoseGarden Monaco Holdings, L.L.C.
|
3,524
|
4,761
|
|
Rosewood Lafayette Holdings, L.L.C.
|
1,119
|
1,988
|
|
PruRose Port Imperial South 15, LLC
|
--
|
606
|
|
Rosewood Morristown, L.L.C.
|
6,603
|
7,091
|
|
Overlook Ridge JV, L.L.C.
|
178
|
31
|
|
Overlook Ridge, L.L.C.
|
--
|
--
|
|
Overlook Ridge JV 2C/3B, L.L.C.
|
--
|
179
|
|
Roseland/North Retail, L.L.C.
|
1,967
|
2,161
|
|
BNES Associates III
|
1,708
|
1,955
|
|
Portside Master Company, L.L.C.
|
3,449
|
3,651
|
|
PruRose Port Imperial South 13, LLC
|
2,451
|
2,920
|
|
Roseland/Port Imperial Partners, L.P.
|
2,755
|
2,582
|
|
RoseGarden Marbella South, L.L.C.
|
7,160
|
6,182
|
|
PruRose Riverwalk G, L.L.C.
|
3,515
|
4,136
|
|
Elmajo Urban Renewal Associates, LLC
|
232
|
629
|
|
Estuary Urban Renewal Unit B, LLC
|
74
|
220
|
|
RiverPark at Harrison I, L.L.C.
|
3,404
|
2,606
|
|
150 Main Street, L.L.C.
|
--
|
2,395
|
|
RoseGarden Monaco, L.L.C.
|
1,208
|
1,165
|
|
Hillsborough 206 Holdings, L.L.C.
|
1,989
|
1,967
|
|
Grand Jersey Waterfront Urban Renewal Associates, L.L.C.
|
397
|
337
|
|
Crystal House Apartments Investors LLC
|
26,928
|
--
|
|
Other
|
174
|
--
|
|
Company's investment in unconsolidated joint ventures
|
$ 131,859
|
$ 132,339
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
|
2013
|
2012
|
2013
|
2012
|
|
|
Total revenues
|
$99,117
|
$ 17,311
|
$202,810
|
$44,369
|
|
Operating and other expenses
|
(48,621)
|
(9,169)
|
(137,889)
|
(25,428)
|
|
Depreciation and amortization
|
(11,556)
|
(2,497)
|
(24,730)
|
(7,285)
|
|
Interest expense
|
(3,934)
|
(1,675)
|
(9,256)
|
(5,017)
|
|
Net (loss) income
|
$35,006
|
$ 3,970
|
$ 30,935
|
$6,639
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
|
Entity
|
2013
|
2012
|
2013
|
2012
|
|
Plaza VIII & IX Associates, L.L.C.
|
$ 24
|
$ 21
|
$ 52
|
$ 43
|
|
South Pier at Harborside
|
835
|
1,080
|
1,380
|
1,884
|
|
Red Bank Corporate Plaza, L.L.C.
|
99
|
94
|
306
|
298
|
|
12 Vreeland Associates, L.L.C.
|
(25)
|
279
|
(1)
|
603
|
|
Boston Downtown Crossing
|
--
|
(6)
|
646
|
(333)
|
|
Gale Jefferson L.L.C.
|
--
|
23
|
68
|
63
|
|
Stamford SM LLC
|
1,023
|
927
|
2,805
|
2,193
|
|
Marbella RoseGarden, L.L.C.
|
(170)
|
--
|
(446)
|
--
|
|
RoseGarden Monaco Holdings, L.L.C.
|
(416)
|
--
|
(1,238)
|
--
|
|
Rosewood Lafayette Holdings, L.L.C.
|
(295)
|
--
|
(869)
|
--
|
|
PruRose Port Imperial South 15, LLC
|
--
|
--
|
(606)
|
--
|
|
Rosewood Morristown, L.L.C.
|
(152)
|
--
|
(393)
|
--
|
|
Overlook Ridge JV, L.L.C.
|
--
|
--
|
--
|
--
|
|
Overlook Ridge, L.L.C.
|
--
|
--
|
--
|
--
|
|
Overlook Ridge JV 2C/3B, L.L.C.
|
53
|
--
|
204
|
--
|
|
Roseland/North Retail, L.L.C.
|
(62)
|
--
|
(194)
|
--
|
|
BNES Associates III
|
(37)
|
--
|
(108)
|
--
|
|
Portside Master Company, L.L.C.
|
(109)
|
--
|
(222)
|
--
|
|
PruRose Port Imperial South 13, LLC
|
(181)
|
--
|
(459)
|
--
|
|
Roseland/Port Imperial Partners, L.P.
|
--
|
--
|
--
|
--
|
|
RoseGarden Marbella South, L.L.C.
|
(20)
|
--
|
(57)
|
--
|
|
PruRose Riverwalk G, L.L.C.
|
(198)
|
--
|
(576)
|
--
|
|
Elmajo Urban Renewal Associates, LLC
|
(87)
|
--
|
(255)
|
--
|
|
Estuary Urban Renewal Unit B, LLC
|
(44)
|
--
|
(107)
|
--
|
|
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
|
(1,149)
|
--
|
(2,671)
|
--
|
|
Other
|
682
|
--
|
682
|
--
|
|
Company's equity in (loss) earnings of unconsolidated joint ventures
|
$(229)
|
$2,418
|
$(2,059)
|
$4,751
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
|
Entity
|
2013
|
2012
|
2013
|
2012
|
|
Plaza VIII & IX Associates, L.L.C.
|
$ 100
|
$ 98
|
$ 282
|
$ 273
|
|
South Pier at Harborside
|
1,577
|
1,763
|
3,569
|
3,974
|
|
Red Bank Corporate Plaza, L.L.C.
|
215
|
208
|
654
|
640
|
|
12 Vreeland Associates, L.L.C.
|
51
|
356
|
229
|
834
|
|
Boston Downtown Crossing
|
--
|
(6)
|
646
|
(333)
|
|
Gale Jefferson, L.L.C.
|
--
|
46
|
69
|
134
|
|
Stamford SM LLC
|
1,023
|
927
|
2,805
|
2,193
|
|
Marbella RoseGarden, L.L.C.
|
254
|
--
|
841
|
--
|
|
RoseGarden Monaco Holdings, L.L.C.
|
(40)
|
--
|
(112)
|
--
|
|
Rosewood Lafayette Holdings, L.L.C.
|
(6)
|
--
|
(6)
|
--
|
|
PruRose Port Imperial South 15, LLC
|
--
|
--
|
101
|
--
|
|
Rosewood Morristown, L.L.C.
|
(12)
|
--
|
25
|
--
|
|
Overlook Ridge JV, L.L.C.
|
--
|
--
|
--
|
--
|
|
Overlook Ridge, L.L.C.
|
--
|
--
|
--
|
--
|
|
Overlook Ridge JV 2C/3B, L.L.C.
|
52
|
--
|
203
|
--
|
|
Roseland/North Retail, L.L.C.
|
(11)
|
--
|
(39)
|
--
|
|
BNES Associates III
|
118
|
--
|
355
|
--
|
|
Portside Master Company, L.L.C.
|
(109)
|
--
|
(222)
|
--
|
|
PruRose Port Imperial South 13, LLC
|
(181)
|
--
|
(459)
|
--
|
|
Roseland/Port Imperial Partners, L.P.
|
--
|
--
|
--
|
--
|
|
RoseGarden Marbella South, L.L.C.
|
(20)
|
--
|
(57)
|
--
|
|
PruRose Riverwalk G, L.L.C.
|
(198)
|
--
|
(576)
|
--
|
|
Elmajo Urban Renewal Associates, LLC
|
(87)
|
--
|
(255)
|
--
|
|
Estuary Urban Renewal Unit B, LLC
|
(45)
|
--
|
(108)
|
--
|
|
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
|
553
|
--
|
734
|
--
|
|
Other
|
682
|
--
|
682
|
--
|
|
Company's funds from operations of unconsolidated joint ventures
|
$ 3,916
|
$ 3,392
|
$ 9,361
|
$ 7,715
|
|
Ratios Computed For Industry
|
September 30,
|
||||
|
Comparisons:
|
2013
|
2012
|
|||
|
Financial Position Ratios:
|
|||||
|
Total Debt/ Total Book
Capitalization
(Book value) (%)
|
51.39%
|
46.15%
|
|||
|
Total Debt/ Total Market
Capitalization
(Market value) (%)
|
51.28%
|
42.54%
|
|||
|
Total Debt/ Total Undepreciated
Assets (%)
|
39.47%
|
34.41%
|
|||
|
Secured Debt/ Total Undepreciated
Assets (%)
|
12.54%
|
12.31%
|
|||
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||
|
2013
|
2012
|
2013
|
2012
|
||
|
Operational Ratios:
|
|||||
|
Interest Coverage
(Funds from Operations+Interest
Expense)/Interest Expense (x)
|
2.85
|
3.14
|
3.01
|
3.18
|
|
|
Debt Service Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Principal Amort.) (x)
|
2.76
|
3.02
|
2.92
|
3.09
|
|
|
Fixed Charge Coverage
(Funds from Operations +
Interest Expense)/(Interest Expense
+ Capitalized Interest+Pref. Div.
+Prin. Amort.+Ground Lease
Payments)(x)
|
2.48
|
2.93
|
2.63
|
3.04
|
|
|
FFO Payout
(Dividends Declared/Funds from
Operations) (%)
|
52.42%
|
69.27%
|
56.53%
|
67.02%
|
|
|
Balance
|
% of Total
|
Weighted Average
Interest Rate (a)
|
Weighted Average Maturity
in Years
|
||
|
Fixed Rate Unsecured Debt and
Other Obligations
|
$1,616,337
|
68.24%
|
4.95%
|
5.19
|
|
|
Fixed Rate Secured Debt
|
672,944
|
28.41%
|
7.57%
|
3.58
|
|
|
Variable Rate Secured Debt
|
79,400
|
3.35%
|
2.74%
|
1.18
|
|
|
Totals/Weighted Average:
|
$2,368,681
|
100.00%
|
5.62%
|
(b)
|
4.60
|
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.18 percent as of September 30, 2013.
|
|
(b)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.8 million for the three months ended September 30, 2013.
|
|
Period
|
Scheduled
Amortization
|
Principal
Maturities
|
Total
|
Weighted Average Interest Rate of
Future Repayments (a)
|
|
|
October 1 – December 31, 2013
|
$ 2,760
|
$ 46,317
|
$ 49,077
|
4.30%
|
|
|
2014
|
10,086
|
329,531
|
339,617
|
6.85%
|
|
|
2015
|
8,551
|
193,045
|
201,596
|
4.66%
|
|
|
2016
|
8,389
|
269,272
|
277,661
|
7.14%
|
|
|
2017
|
6,423
|
391,151
|
397,574
|
4.12%
|
|
|
Thereafter
|
6,194
|
1,116,882
|
1,123,076
|
5.68%
|
|
|
Sub-total
|
42,403
|
2,346,198
|
2,388,601
|
||
|
Adjustment for unamortized debt discount/premium and mark-to-market, net, as of September 30, 2013
|
(19,920)
|
--
|
(19,920)
|
||
|
Totals/Weighted Average:
|
$ 22,483
|
$2,346,198
|
$2,368,681
|
5.62%
|
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.18 percent as of September 30, 2013.
|
|
October 1-
December 31,
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020 and
Beyond
|
TOTALS
|
|
|
Secured Debt:
|
|||||||||
|
Port Imperial South 4/5
|
$36,355
|
$36,355
|
|||||||
|
9200 Edmonston Road
|
4,158
|
4,158
|
|||||||
|
6305 Ivy Lane
|
5,804
|
5,804
|
|||||||
|
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
|
|||||||
|
Port Imperial South
|
43,045
|
43,045
|
|||||||
|
4 Becker
|
$40,431
|
40,431
|
|||||||
|
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
|
$17,281
|
17,281
|
|||||||
|
One River Center
|
39,586
|
39,586
|
|||||||
|
233 Canoe Brook Road
|
3,479
|
3,479
|
|||||||
|
Total Secured Debt:
|
$46,317
|
$129,531
|
$43,045
|
$69,272
|
$141,151
|
$231,536
|
$60,346
|
--
|
$721,198
|
|
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:
|
$46,317
|
$329,531
|
$193,045
|
$269,272
|
$391,151
|
$231,536
|
$310,346
|
$575,000
|
$2,346,198
|
|
Property Name
|
Lender
|
Effective
Interest
Rate
|
||||
|
September 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%
|
$200,090
|
200,270
|
02/15/14
|
|
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.297%
|
149,879
|
149,810
|
01/15/15
|
|
|
5.800%, Senior Unsecured Notes
|
public debt
|
5.806%
|
200,180
|
200,237
|
01/15/16
|
|
|
2.500%, Senior Unsecured Notes
|
public debt
|
2.803%
|
248,781
|
248,560
|
12/15/17
|
|
|
7.750%, Senior Unsecured Notes
|
public debt
|
8.017%
|
248,746
|
248,585
|
08/15/19
|
|
|
4.500%, Senior Unsecured Notes
|
public debt
|
4.612%
|
299,490
|
299,445
|
04/18/22
|
|
|
3.150%, Senior Unsecured Notes
|
public debt
|
3.517%
|
269,171
|
--
|
05/15/23
|
|
|
Total Senior Unsecured Notes:
|
$1,616,337
|
$1,446,894
|
||||
|
Revolving Credit Facilities:
|
|
Unsecured Facility (c)
|
17 Lenders
|
LIBOR +1.100%
|
--
|
--
|
07/31/17
|
|
|
Total Revolving Credit Facilities:
|
--
|
--
|
|
Property Mortgages: (d)
|
|
51 Imclone
|
Wells Fargo CMBS
|
8.390%
|
--
|
$ 3,878
|
--
|
(e)
|
|
|
9200 Edmonston Road
|
Principal Commercial Funding, L.L.C.
|
5.534%
|
$ 4,158
|
4,305
|
05/01/13
|
(f)
|
|
|
6305 Ivy Lane
|
RGA Reinsurance Company
|
5.525%
|
5,811
|
5,984
|
10/01/13
|
(g)
|
|
|
Port Imperial South 4/5
|
Wells Fargo Bank N.A.
|
LIBOR+3.50%
|
36,355
|
34,889
|
12/31/13
|
||
|
395 West Passaic
|
State Farm Life Ins. Co.
|
6.004%
|
9,858
|
10,231
|
05/01/14
|
||
|
6301 Ivy Lane
|
RGA Reinsurance Company
|
5.520%
|
5,514
|
5,667
|
07/01/14
|
||
|
35 Waterview
|
Wells Fargo CMBS
|
6.348%
|
18,502
|
18,746
|
08/11/14
|
||
|
6 Becker, 85 Livingston,
75 Livingston & 20 Waterview (h)
|
Wells Fargo CMBS
|
10.220%
|
63,945
|
63,126
|
08/11/14
|
||
|
4 Sylvan
|
Wells Fargo CMBS
|
10.190%
|
14,524
|
14,485
|
08/11/14
|
||
|
10 Independence
|
Wells Fargo CMBS
|
12.440%
|
16,536
|
16,251
|
08/11/14
|
||
|
Port Imperial South
|
Wells Fargo Bank N.A.
|
LIBOR+1.75%
|
43,045
|
42,168
|
09/19/15
|
||
|
4 Becker
|
Wells Fargo CMBS
|
9.550%
|
38,681
|
38,274
|
05/11/16
|
||
|
5 Becker
|
Wells Fargo CMBS
|
12.830%
|
12,912
|
12,507
|
05/11/16
|
(i)
|
|
|
210 Clay
|
Wells Fargo CMBS
|
13.420%
|
12,638
|
12,275
|
05/11/16
|
||
|
Various (j)
|
Prudential Insurance
|
6.332%
|
147,939
|
149,281
|
01/15/17
|
||
|
23 Main Street
|
JPMorgan CMBS
|
5.587%
|
29,997
|
30,395
|
09/01/18
|
||
|
Harborside Plaza 5
|
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
|
6.842%
|
225,996
|
228,481
|
11/01/18
|
||
|
233 Canoe Brook Road
|
The Provident Bank
|
4.375%
|
3,895
|
3,945
|
02/01/19
|
||
|
100 Walnut Avenue
|
Guardian Life Ins. Co.
|
7.311%
|
18,852
|
19,025
|
02/01/19
|
||
|
One River Center (k)
|
Guardian Life Ins. Co.
|
7.311%
|
43,186
|
43,582
|
02/01/19
|
||
|
Total Mortgages, Loans Payable and Other Obligations:
|
$752,344
|
$757,495
|
|||||
|
Total Debt:
|
$2,368,681
|
$2,204,389
|
|||||
|
(a)
|
Includes the 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) and the facility fee 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 nine months ended September 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)
|
On October 1, 2013, the Company repaid the mortgage loan at par, using available cash. The original maturity date was January 1, 2014.
|
|
(h)
|
Mortgage is cross collateralized by the four properties.
|
|
(i)
|
The cash flow from this property is insufficient to cover operating costs and debt service. Consequently, the Company notified the lender and suspended debt service payments in August 2013. The Company has begun discussions with the lender regarding a modification of loan terms. The Company recorded an impairment charge on this asset along with eight other office properties as of September 30, 2013.
|
|
(j)
|
Mortgage is collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
|
|
(k)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
|
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
Revenues
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Base rents
|
$ | 134,882 | $ | 132,388 | $ | 403,943 | $ | 401,920 | ||||||||
|
Escalations and recoveries from tenants
|
17,173 | 19,717 | 54,117 | 56,540 | ||||||||||||
|
Construction services
|
678 | 1,169 | 15,650 | 9,235 | ||||||||||||
|
Real estate services
|
7,003 | 1,247 | 20,088 | 3,519 | ||||||||||||
|
Parking income
|
1,642 | 1,427 | 4,631 | 4,553 | ||||||||||||
|
Other income
|
1,127 | 849 | 3,335 | 10,524 | ||||||||||||
|
Total revenues
|
162,505 | 156,797 | 501,764 | 486,291 | ||||||||||||
|
Expenses
|
||||||||||||||||
|
Real estate taxes
|
20,572 | 20,472 | 62,055 | 64,587 | ||||||||||||
|
Utilities
|
18,043 | 16,647 | 48,070 | 44,645 | ||||||||||||
|
Operating services
|
25,852 | 24,261 | 76,487 | 71,859 | ||||||||||||
|
Direct construction costs
|
609 | 979 | 14,945 | 8,594 | ||||||||||||
|
Real estate services expenses
|
5,552 | 536 | 15,809 | 1,542 | ||||||||||||
|
General and administrative
|
12,151 | 12,580 | 37,235 | 35,150 | ||||||||||||
|
Depreciation and amortization
|
46,094 | 43,492 | 135,122 | 130,720 | ||||||||||||
|
Impairments
|
48,700 | -- | 48,700 | -- | ||||||||||||
|
Total expenses
|
177,573 | 118,967 | 438,423 | 357,097 | ||||||||||||
|
Operating income
|
(15,068 | ) | 37,830 | 63,341 | 129,194 | |||||||||||
|
Other (Expense) Income
|
||||||||||||||||
|
Interest expense
|
(30,936 | ) | (30,428 | ) | (92,075 | ) | (92,539 | ) | ||||||||
|
Interest and other investment income
|
187 | 7 | 1,287 | 27 | ||||||||||||
|
Equity in earnings (loss) of unconsolidated joint ventures
|
(229 | ) | 2,418 | (2,059 | ) | 4,751 | ||||||||||
|
Loss from early extinguishment of debt
|
-- | -- | -- | (4,415 | ) | |||||||||||
|
Total other (expense) income
|
(30,978 | ) | (28,003 | ) | (92,847 | ) | (92,176 | ) | ||||||||
|
Income (loss) from continuing operations
|
(46,046 | ) | 9,827 | (29,506 | ) | 37,018 | ||||||||||
|
Discontinued Operations:
|
||||||||||||||||
|
Income from discontinued operations
|
2,164 | 6,337 | 11,842 | 17,446 | ||||||||||||
|
Loss from early extinguishment of debt
|
-- | -- | (703 | ) | -- | |||||||||||
|
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net
|
47,321 | 12 | 61,079 | 2,390 | ||||||||||||
|
Total discontinued operations, net
|
49,485 | 6,349 | 72,218 | 19,836 | ||||||||||||
|
Net income
|
3,439 | 16,176 | 42,712 | 56,854 | ||||||||||||
|
Noncontrolling interest in consolidated joint ventures
|
1,838 | 85 | 1,962 | 256 | ||||||||||||
|
Noncontrolling interest in Operating Partnership
|
5,314 | (1,207 | ) | 3,295 | (4,543 | ) | ||||||||||
|
Noncontrolling interest in discontinued operations
|
(5,948 | ) | (773 | ) | (8,699 | ) | (2,418 | ) | ||||||||
|
Net income available to common shareholders
|
$ | 4,643 | $ | 14,281 | $ | 39,270 | $ | 50,149 | ||||||||
|
Basic earnings per common share:
|
||||||||||||||||
|
Income (loss) from continuing operations
|
$ | (0.44 | ) | $ | 0.10 | $ | (0.28 | ) | $ | 0.37 | ||||||
|
Discontinued operations
|
0.49 | 0.06 | 0.73 | 0.20 | ||||||||||||
|
Net income available to common shareholders
|
$ | 0.05 | $ | 0.16 | $ | 0.45 | $ | 0.57 | ||||||||
|
Diluted earnings per common share:
|
||||||||||||||||
|
Income (loss) from continuing operations
|
$ | (0.44 | ) | $ | 0.10 | $ | (0.28 | ) | $ | 0.37 | ||||||
|
Discontinued operations
|
0.49 | 0.06 | 0.73 | 0.20 | ||||||||||||
|
Net income available to common shareholders
|
$ | 0.05 | $ | 0.16 | $ | 0.45 | $ | 0.57 | ||||||||
|
Basic weighted average shares outstanding
|
87,793 | 87,826 | 87,724 | 87,814 | ||||||||||||
|
Diluted weighted average shares outstanding
|
99,787 | 100,075 | 99,778 | 100,071 | ||||||||||||
|
September 30,
|
December 31,
|
||
|
2013
|
2012
|
||
|
Assets
|
|||
|
Rental property
|
|||
|
Land and leasehold interests
|
$ 755,643
|
$ 782,315
|
|
|
Buildings and improvements
|
3,908,139
|
4,104,472
|
|
|
Tenant improvements
|
445,623
|
489,608
|
|
|
Furniture, fixtures and equipment
|
4,535
|
3,041
|
|
|
5,113,940
|
5,379,436
|
||
|
Less – accumulated depreciation and amortization
|
(1,392,064)
|
(1,478,214)
|
|
|
3,721,876
|
3,901,222
|
||
|
Rental property held for sale, net
|
--
|
60,863
|
|
|
Net investment in rental property
|
3,721,876
|
3,962,085
|
|
|
Cash and cash equivalents
|
308,043
|
58,245
|
|
|
Investments in unconsolidated joint ventures
|
131,859
|
132,339
|
|
|
Unbilled rents receivable, net
|
134,695
|
139,984
|
|
|
Deferred charges, goodwill and other assets
|
284,399
|
204,874
|
|
|
Restricted cash
|
19,213
|
19,339
|
|
|
Accounts receivable, net of allowance for doubtful accounts
|
|||
|
of $3,122 and $2,614
|
9,178
|
9,179
|
|
|
Total assets
|
$4,609,263
|
$4,526,045
|
|
|
Liabilities and Equity
|
|||
|
Senior unsecured notes
|
$1,616,337
|
$1,446,894
|
|
|
Mortgages, loans payable and other obligations
|
752,344
|
757,495
|
|
|
Dividends and distributions payable
|
30,003
|
44,855
|
|
|
Accounts payable, accrued expenses and other liabilities
|
130,588
|
124,822
|
|
|
Rents received in advance and security deposits
|
45,857
|
55,917
|
|
|
Accrued interest payable
|
23,472
|
27,555
|
|
|
Total liabilities
|
2,598,601
|
2,457,538
|
|
|
Commitments and contingencies
|
|||
|
Equity:
|
|||
|
Mack-Cali Realty Corporation stockholders’ equity:
|
|||
|
Common stock, $0.01 par value, 190,000,000 shares authorized,
|
|||
|
88,021,807 and 87,536,292 shares outstanding
|
880
|
875
|
|
|
Additional paid-in capital
|
2,536,837
|
2,530,621
|
|
|
Dividends in excess of net earnings
|
(817,387)
|
(764,522)
|
|
|
Total Mack-Cali Realty Corporation stockholders’ equity
|
1,720,330
|
1,766,974
|
|
|
Noncontrolling interest in subsidiaries:
|
|||
|
Operating Partnership
|
234,282
|
245,091
|
|
|
Consolidated joint ventures
|
56,050
|
56,442
|
|
|
Total noncontrolling interests in subsidiaries
|
290,332
|
301,533
|
|
|
Total equity
|
2,010,662
|
2,068,507
|
|
|
Total liabilities and equity
|
$4,609,263
|
$4,526,045
|
|
|
Additional
|
Dividends in
|
Noncontrolling
|
||||
|
Common Stock
|
Paid-In
|
Excess of
|
Interests
|
Total
|
||
|
Shares
|
Par Value
|
Capital
|
Net Earnings
|
in Subsidiaries
|
Equity
|
|
|
Balance at January 1, 2013
|
87,536
|
$875
|
$2,530,621
|
$(764,522)
|
$301,533
|
$2,068,507
|
|
Net income
|
--
|
--
|
--
|
39,270
|
3,442
|
42,712
|
|
Common stock dividends
|
--
|
--
|
--
|
(92,135)
|
--
|
(92,135)
|
|
Common unit distributions
|
--
|
--
|
--
|
--
|
(12,634)
|
(12,634)
|
|
Increase in noncontrolling interests
|
--
|
--
|
--
|
--
|
1,570
|
1,570
|
|
Redemption of common units
|
||||||
|
for common stock
|
155
|
2
|
3,084
|
--
|
(3,086)
|
--
|
|
Shares issued under Dividend
|
||||||
|
Reinvestment and Stock Purchase Plan
|
7
|
--
|
191
|
--
|
--
|
191
|
|
Stock compensation
|
324
|
3
|
2,448
|
--
|
--
|
2,451
|
|
Rebalancing of ownership percentage
|
||||||
|
between parent and subsidiaries
|
--
|
--
|
493
|
--
|
(493)
|
--
|
|
Balance at September 30, 2013
|
88,022
|
$880
|
$2,536,837
|
$(817,387)
|
$290,332
|
$2,010,662
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Net income available to common shareholders
|
$ | 4,643 | $ | 14,281 | $ | 39,270 | $ | 50,149 | ||||||||
|
Add: Noncontrolling interest in Operating Partnership
|
(5,314 | ) | 1,207 | (3,295 | ) | 4,543 | ||||||||||
|
Noncontrolling interest in discontinued operations
|
5,948 | 773 | 8,699 | 2,418 | ||||||||||||
|
Real estate-related depreciation and amortization on continuing operations (a)
|
48,685 | 44,412 | 144,834 | 133,482 | ||||||||||||
|
Real estate-related depreciation and amortization on discontinued operations
|
1,769 | 4,351 | 8,196 | 13,364 | ||||||||||||
|
Impairments
|
48,700 | -- | 72,551 | -- | ||||||||||||
|
Deduct: Discontinued operations - Realized (gains) losses and unrealized
losses on disposition of rental property and impairments, net
|
(47,321 | ) | (12 | ) | (84,930 | ) | (2,390 | ) | ||||||||
|
Funds from operations (b)
|
$ | 57,110 | $ | 65,012 | $ | 185,325 | $ | 201,566 | ||||||||
|
Diluted weighted average shares/units outstanding (c)
|
99,787 | 100,075 | 99,778 | 100,071 | ||||||||||||
|
Funds from operations per share/unit – diluted
|
$ | 0.57 | $ | 0.65 | $ | 1.86 | $ | 2.01 | ||||||||
|
Dividends declared per common share
|
$ | 0.30 | $ | 0.45 | $ | 1.05 | $ | 1.35 | ||||||||
|
Dividend payout ratio:
|
||||||||||||||||
|
Funds from operations-diluted
|
52.42 | % | 69.27 | % | 56.53 | % | 67.02 | % | ||||||||
|
Supplemental Information:
|
||||||||||||||||
|
Non-incremental revenue generating capital expenditures:
|
||||||||||||||||
|
Building improvements
|
$ | 3,438 | $ | 9,040 | $ | 11,476 | $ | 19,361 | ||||||||
|
Tenant improvements and leasing commissions (d)
|
$ | 11,421 | $ | 15,107 | $ | 36,861 | $ | 36,202 | ||||||||
|
Straight-line rent adjustments (e)
|
$ | 521 | $ | 2,030 | $ | 10,172 | $ | 5,394 | ||||||||
|
Amortization of (above)/below market lease intangibles, net (f)
|
$ | 659 | $ | 335 | $ | 1,994 | $ | 1,038 | ||||||||
|
(a) Includes the Company’s share from unconsolidated joint ventures of $4,145 and $974 for the three months ended September 30, 2013 and 2012, respectively, and $11,417 and $2,963 for the nine months ended September 30, 2013 and 2012, respectively. Excludes non-real estate-related depreciation and amortization of $71 and $53 for the three months ended September 30, 2013 and 2012, respectively, and $222 and $201 for the nine months ended September 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 11.
|
|
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (11,995 and 12,177 shares for the three months ended September 30, 2013 and 2012, respectively, and 12,054 and 12,184 for the nine months ended September 30, 2013 and 2012, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 30.
|
|
(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 $82 and $17 for the three months ended September 30, 2013 and 2012, respectively, and $84 and $50 for the nine months ended September 30, 2013 and 2012, respectively.
|
|
(f) Includes the Company’s share from unconsolidated joint ventures of $184 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $579 and $0 for the nine months ended September 30, 2013 and 2012, respectively.
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
|
2013
|
2012
|
2013
|
2012
|
|
|
Net income available to common shareholders
|
$ 0.05
|
$0.16
|
$0.45
|
$0.57
|
|
Add: Real estate-related depreciation and amortization on continuing operations (a)
|
0.49
|
0.44
|
1.45
|
1.33
|
|
Real estate-related depreciation and amortization on discontinued operations
|
0.02
|
0.04
|
0.08
|
0.13
|
|
Impairments
|
0.49
|
--
|
0.73
|
--
|
|
Deduct: Discontinued operations - Realized (gains) losses and
unrealized losses on disposition of rental property and
impairments, net
|
(0.47)
|
--
|
(0.85)
|
(0.02)
|
|
Noncontrolling interest/rounding adjustment
|
(0.01)
|
0.01
|
--
|
--
|
|
Funds from operations (b)
|
$ 0.57
|
$0.65
|
$1.86
|
$2.01
|
|
Diluted weighted average shares/units outstanding (c)
|
99,787
|
100,075
|
99,778
|
100,071
|
|
(a) Includes the Company’s share from unconsolidated joint ventures of $0.04 and $0.01 for the three months ended September 30, 2013 and 2012, respectively, and $0.11 and $0.03 for the nine months ended September 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 11.
|
|
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (11,995 and 12,177 shares for the three months ended September 30, 2013 and 2012, respectively, and 12,054 and 12,184 for the nine months ended September 30, 2013 and 2012, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 30.
|
|
Three Months Ended
|
Nine Months Ended
|
|||
|
September 30,
|
September 30,
|
|||
|
2013
|
2012
|
2013
|
2012
|
|
|
Basic weighted average shares outstanding:
|
87,793
|
87,826
|
87,724
|
87,814
|
|
Add: Weighted average common units
|
11,994
|
12,177
|
12,054
|
12,184
|
|
Basic weighted average shares/units:
|
99,787
|
100,003
|
99,778
|
99,998
|
|
Restricted Stock Awards
|
--
|
72
|
--
|
73
|
|
Diluted weighted average shares/units outstanding:
|
99,787
|
100,075
|
99,778
|
100,071
|
|
IV. VALUE CREATION PIPELINE
|
|
Operating Property Acquisitions
|
|
(dollars in thousands)
|
|
|
For the nine months ended September 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.
|
|
Date
|
Property/Address
|
Location
|
Type
|
# of
Bldgs.
|
Rentable
Square
Feet
|
Garage
Parking
Spaces
|
Development
Costs Incurred
By Company
|
Development
Cost Per
Square Foot
|
|
|
06/05/13
|
14 Sylvan Way
|
Parsippany, New Jersey
|
Office
|
1
|
203,506
|
--
|
$ 51,484
|
(a)
|
$ 253
|
|
08/01/13
|
Port Imperial South 4/5
|
Weehawken, New Jersey
|
Parking/Retail
|
1
|
16,736
|
850
|
71,107
|
(b)
|
n/a
|
|
Total Office Properties Held for Sale:
|
2
|
220,242
|
850
|
$122,591
|
|||||
|
(a)
|
Development costs included approximately $13.0 million in land costs and $4.3 million in leasing costs. Amounts are as of September 30, 2013.
|
|
(b)
|
Development costs included approximately $13.1 million in land costs. Amounts are as of September 30, 2013.
|
|
Property
|
Location
|
Type
|
# of
Apartment
Units (a)
|
Commercial
Square
Feet (a)
|
Costs
Incurred
Through
9/30/13
|
Total
Estimated
Costs
|
Garage
Parking
Spaces (a)
|
Estimated
Initial Delivery
Date
|
|
Consolidated:
|
||||||||
|
Port Imperial 1/3 Garage/Retail
|
Weehawken, NJ
|
Garage/retail
|
--
|
17,614
|
$1,097
|
$40,000
|
741
|
3Q-2014
|
|
Wegmans Food Markets
|
Hanover, NJ
|
Retail pad
|
--
|
--
|
2,788
|
15,700
|
--
|
4Q-2014
|
|
Glenmark at Tuckahoe
|
Eastchester, NY
|
Multi-family rental
|
108
|
--
|
6,382
|
46,000
|
--
|
4Q-2015
|
|
Total Consolidated
|
108
|
17,614
|
$10,267
|
$101,700
|
741
|
|||
|
Unconsolidated:
|
||||||||
|
RiverTrace at Port Imperial
|
West New York, NJ
|
Multi-family rental
|
316
|
$93,555
|
$118,100
|
--
|
4Q-2013
|
|
|
Lincoln Harbor (Bldg A&C)
|
Weehawken, NJ
|
Multi-family rental
|
355
|
88,976
|
136,800
|
--
|
1Q-2014
|
|
|
Port Imperial Building 13
|
Weehawken, NJ
|
Multi-family rental
|
280
|
24,941
|
96,400
|
--
|
4Q-2014
|
|
|
Portside at Pier One – Bldg 7
|
East Boston, MA
|
Multi-family rental
|
176
|
17,943
|
66,300
|
--
|
3Q-2014
|
|
|
Overlook Ridge – 2C & 3B
|
Malden/Revere, MA
|
Multi-family rental
|
371
|
33,775
|
79,400
|
--
|
1Q-2014
|
|
|
RiverPark at Harrison
|
Harrison, NJ
|
Multi-family rental
|
141
|
4,572
|
28,200
|
--
|
4Q-2014
|
|
|
Lincoln Harbor (Bldg B)
|
Weehawken, NJ
|
Multi-family rental
|
227
|
30,773
|
81,500
|
--
|
1Q-2015
|
|
|
Marbella II
|
Jersey City, NJ
|
Multi-family rental
|
311
|
16,046
|
132,100
|
--
|
4Q-2015
|
|
|
Lofts at 40 Park
|
Morristown, NJ
|
Multi-family rental
|
91
|
1,554
|
28,000
|
--
|
4Q-2015
|
|
|
Riverwalk C
|
West New York, NJ
|
Multi-family rental
|
363
|
18,408
|
143,000
|
--
|
4Q-2015
|
|
|
Total Unconsolidated
|
2,631
|
$330,543
|
$909,800
|
|||||
|
Total
|
2,739
|
17,614
|
$340,810
|
$1,011,500
|
741
|
|
(a)
|
Number of apartment units, commercial square feet and garage parking spaces are estimates.
|
|
(dollars in thousands)
|
|
For the nine months ended September 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)%
|
(g)
|
|
|
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%
|
||
|
07/10/13
|
106 Allen Road
|
Bernards Township, New Jersey
|
1
|
132,010
|
17,677
|
4,155
|
3.70%
|
||
|
08/27/13
|
Pennsylvania office portfolio (e) (f)
|
Suburban Philadelphia, Pennsylvania
|
15
|
1,663,511
|
207,425
|
43,166
|
9.90%
|
||
|
Total Property Sales:
|
24
|
3,006,409
|
$390,615
|
$84,930
|
|||||
|
(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 $3.6 million at September 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 nine months ended September 30, 2013.
|
|
(e)
|
In order to reduce the carrying value of five of the properties to their estimated fair market values, the Company recorded impairment charges of $23.9 million at June 30, 2013.
|
|
(f)
|
The portfolio sale also included three developable land parcels.
|
|
(g)
|
This property was vacant when sold.
|
|
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 September 30, 2013
|
|
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
|
|
|
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
|
|
|
Total Office:
|
226.1
|
7,115,000
|
||||
|
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 (f)
|
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 (h)
|
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
|
|
|
Wayne (h)
|
Wayne
|
NJ
|
10.3
|
220
|
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:
|
88.3
|
3,392
|
||||
|
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 (g)
|
Weehawken
|
NJ
|
17.1
|
1,148
|
416,000
|
Mixed-Use
|
|
Total Mixed-Use
|
61.2
|
2,432
|
639,000
|
|||
|
Industrial/Warehouse:
|
||||||
|
Elmsford Distribution Center (f)
|
Elmsford
|
NY
|
14.5
|
100,000
|
Industrial/Warehouse
|
|
|
Total Warehouse:
|
14.5
|
100,000
|
||||
|
Total
|
463.5
|
5,824
|
8,434,250
|
|
(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)
|
Mack-Cali holds an option to purchase this land.
|
|
(g)
|
Project is projected to include a 375-room hotel, which in October the venture signed a contract to sell for $24 million.
|
|
(h)
|
Land under contract.
|
|
LEASING ACTIVITY
|
||||||||
|
Market
|
Sq. Ft.
Leased
6/30/13
|
Leased
Sq. Ft.
Acquired/Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased 9/30/13 (c)
|
Pct.
Leased
9/30/13
|
Pct.
Leased
6/30/13
|
|
Northern NJ
|
11,876,352
|
-
|
(229,752)
|
189,560
|
(40,192)
|
11,836,160
|
82.7%
|
83.0%
|
|
Central NJ
|
4,909,021
|
(72,247)
|
(518,045)
|
521,549
|
3,504
|
4,840,278
|
90.1%
|
89.2%
|
|
Westchester Co., NY
|
4,061,227
|
-
|
(206,337)
|
207,232
|
895
|
4,062,122
|
89.5%
|
89.5%
|
|
Manhattan
|
524,476
|
-
|
-
|
-
|
-
|
524,476
|
100.0%
|
100.0%
|
|
Sub. Philadelphia
|
2,623,671
|
(1,406,252)
|
(78,900)
|
25,729
|
(53,171)
|
1,164,248
|
90.8%
|
89.1%
|
|
Fairfield, CT
|
418,843
|
-
|
(13,463)
|
13,463
|
-
|
418,843
|
92.6%
|
92.6%
|
|
Washington, DC/MD
|
1,075,073
|
-
|
(30,961)
|
21,849
|
(9,112)
|
1,065,961
|
82.5%
|
83.2%
|
|
Rockland Co., NY
|
160,964
|
-
|
(7,232)
|
1,218
|
(6,014)
|
154,950
|
86.1%
|
89.4%
|
|
Totals
|
25,649,627
|
(1,478,499)
|
(1,084,690)
|
980,600
|
(104,090)
|
24,067,038
|
86.1%
|
86.2%
|
|
Total sq. ft. as of June 30, 2013
|
29,747,372
|
|
Total sq. ft. of properties sold this period
|
(1,795,521)
|
|
Total sq. ft. as of September 30, 2013
|
27,951,851
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
(c)
|
Includes leases expiring September 30, 2013 aggregating 62,054 square feet for which no new leases were signed.
|
|
Detail by Market
|
|||||||||
|
Market
|
Property Type
|
# of
Trans-
actions
|
Total
Sq. Ft.
|
Sq. Ft.
New
Leases
|
Sq. Ft.
Renewed And
Other
Retained (a)
|
Wtd.
Avg.
Term
(Yrs.)
|
Wtd.
Avg.
Base
Rent (b)
|
Leasing
Costs Per
Sq. Ft. Per
Year (c)
|
|
|
Northern NJ
|
Office
|
29
|
158,558
|
110,585
|
47,973
|
5.4
|
24.84
|
4.98
|
|
|
Office/Flex
|
2
|
31,002
|
28,130
|
2,872
|
5.8
|
15.47
|
0.69
|
||
|
Central NJ
|
Office
|
36
|
506,539
|
52,308
|
454,231
|
4.5
|
19.62
|
2.53
|
|
|
Office/Flex
|
5
|
15,010
|
4,939
|
10,071
|
2.2
|
13.97
|
0.94
|
||
|
Westchester Co., NY
|
Office
|
19
|
85,611
|
29,104
|
56,507
|
3.5
|
21.71
|
2.25
|
|
|
Office/Flex
|
19
|
115,626
|
22,869
|
92,757
|
4.1
|
14.60
|
2.56
|
||
|
Industrial/Warehouse
|
1
|
5,995
|
-
|
5,995
|
5.0
|
14.41
|
1.21
|
||
|
Sub. Philadelphia
|
Office
|
3
|
7,529
|
-
|
7,529
|
4.7
|
19.53
|
0.77
|
|
|
Office/Flex
|
2
|
18,200
|
5,400
|
12,800
|
5.3
|
8.47
|
1.17
|
||
|
Fairfield Co., CT
|
Office
|
1
|
1,914
|
-
|
1,914
|
1.0
|
25.61
|
1.43
|
|
|
Office/Flex
|
1
|
11,549
|
-
|
11,549
|
2.0
|
20.13
|
3.37
|
||
|
Washington, DC/MD
|
Office
|
12
|
21,849
|
10,902
|
10,947
|
3.7
|
21.57
|
3.12
|
|
|
Rockland Co., NY
|
Office
|
1
|
1,218
|
1,218
|
-
|
5.0
|
22.26
|
5.33
|
|
|
Totals
|
131
|
980,600
|
265,455
|
715,145
|
4.5
|
19.66
|
2.87
|
||
|
Detail by Property Type
|
|||||||||
|
Office
|
101
|
783,218
|
204,117
|
579,101
|
4.6
|
20.98
|
3.10
|
||
|
Office/Flex
|
29
|
191,387
|
61,338
|
130,049
|
4.2
|
14.44
|
1.93
|
||
|
Industrial/Warehouse
|
1
|
5,995
|
-
|
5,995
|
5.0
|
14.41
|
1.21
|
||
|
Totals
|
131
|
980,600
|
265,455
|
715,145
|
4.5
|
19.66
|
2.87
|
||
|
Tenant Retention:
|
Leases Retained
|
65.0%
|
|||||||
|
Sq. Ft. Retained
|
65.9%
|
||||||||
|
(a)
|
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
|
|
(b)
|
Equals triple net rent plus common area costs and real estate taxes, as applicable.
|
|
(c)
|
Represents estimated workletter costs of $8,674,347 and commissions of $3,936,745 committed, but not necessarily expended, during the period for second generation space aggregating 976,980 square feet.
|
|
Leasing Statistics
|
|
(For the three months ended September 30, 2013)
|
|
Unconsolidated Commercial Joint Venture Properties
|
|
SUMMARY OF SPACE LEASED
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
6/30/13
|
Inventory
Acquired/
Disposed
|
Inventory
9/30/13
|
Sq. Ft.
Leased
6/30/13
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
9/30/13
|
Pct.
Leased
9/30/13
|
Pct.
Leased
6/30/13
|
|
Northern NJ
|
662,524
|
-
|
662,524
|
650,908
|
-
|
-
|
-
|
-
|
650,908
|
98.2%
|
98.2%
|
|
Central NJ
|
92,878
|
-
|
92,878
|
92,878
|
-
|
-
|
-
|
-
|
92,878
|
100.0%
|
100.0%
|
|
Sub. Philadelphia
|
-
|
1,842,820
|
1,842,820
|
-
|
1,582,180
|
(12,606)
|
15,951
|
3,345
|
1,585,525
|
86.0%
|
-
|
|
Totals
|
755,402
|
1,842,820
|
2,598,222
|
743,786
|
1,582,180
|
(12,606)
|
15,951
|
3,345
|
2,329,311
|
89.7%
|
98.5%
|
|
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
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Central NJ
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
5
|
15,951
|
6,791
|
9,160
|
2.8
|
25.35
|
0.94
|
|
Totals
|
5
|
15,951
|
6,791
|
9,160
|
2.8
|
25.35
|
0.94
|
|
Unconsolidated Retail Joint Venture Properties
|
|
SUMMARY OF SPACE LEASED
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
6/30/13
|
Inventory
Acquired/
Disposed
|
Inventory
9/30/13
|
Sq. Ft.
Leased
6/30/13
|
Leased
Sq. Ft.
Acquired/
Sold (a)
|
Expiring/
Adjustment
Sq. Ft. (b)
|
Incoming
Sq. Ft.
|
Net
Leasing
Activity
|
Sq. Ft.
Leased
9/30/13
|
Pct.
Leased
9/30/13
|
Pct.
Leased
6/30/13
|
|
Northern NJ
|
81,516
|
-
|
81,516
|
49,464
|
-
|
-
|
-
|
-
|
49,464
|
60.7%
|
60.7%
|
|
DETAIL OF TRANSACTION ACTIVITY
|
|
|
None
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
(c)
|
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
|
|
(d)
|
Equals triple net rent plus common area costs and real estate taxes, as applicable.
|
|
(e)
|
Represents estimated workletter costs of $2,215 and commissions of $12,810 committed, but not necessarily expended, during the period for second generation space aggregating 9,160 square feet.
|
|
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 9/30/13 (c)
|
Pct.
Leased
9/30/13
|
Pct.
Leased
12/31/12
|
|
Northern NJ
|
12,240,291
|
(134,196)
|
(1,218,163)
|
948,228
|
(269,935)
|
11,836,160
|
82.7%
|
84.6%
|
|
Central NJ
|
5,199,678
|
(340,899)
|
(1,081,863)
|
1,063,362
|
(18,501)
|
4,840,278
|
90.1%
|
90.1%
|
|
Westchester Co., NY
|
4,329,834
|
-
|
(1,069,013)
|
801,301
|
(267,712)
|
4,062,122
|
89.5%
|
90.4%
|
|
Manhattan
|
524,476
|
-
|
(22,255)
|
22,255
|
-
|
524,476
|
100.0%
|
100.0%
|
|
Sub. Philadelphia
|
2,822,395
|
(1,573,379)
|
(371,167)
|
286,399
|
(84,768)
|
1,164,248
|
90.8%
|
90.1%
|
|
Fairfield, CT
|
509,647
|
(104,637)
|
(25,486)
|
39,319
|
13,833
|
418,843
|
92.6%
|
85.3%
|
|
Washington, DC/MD
|
1,010,753
|
-
|
(80,237)
|
135,445
|
55,208
|
1,065,961
|
82.5%
|
78.2%
|
|
Rockland Co., NY
|
168,410
|
-
|
(38,571)
|
25,111
|
(13,460)
|
154,950
|
86.1%
|
93.6%
|
|
Totals
|
26,805,484
|
(2,153,111)
|
(3,906,755)
|
3,321,420
|
(585,335)
|
24,067,038
|
86.1%
|
87.2%
|
|
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
|
(3,006,409)
|
|
Total sq. ft. as of September 30, 2013
|
27,951,851
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
(c)
|
Includes leases expiring September 30, 2013 aggregating 62,054 square feet for which no new leases were signed.
|
|
Detail by Market
|
|||||||||
|
Market
|
Property Type
|
# of
Trans-
actions
|
Total
Sq. Ft.
|
Sq. Ft.
New
Leases
|
Sq. Ft.
Renewed And
Other
Retained (a)
|
Wtd.
Avg.
Term
(Yrs.)
|
Wtd.
Avg.
Base
Rent (b)
|
Leasing
Costs Per
Sq. Ft. Per
Year (c)
|
|
|
Northern NJ
|
Office
|
112
|
878,072
|
259,884
|
618,188
|
5.2
|
24.13
|
3.62
|
|
|
Office/Flex
|
6
|
70,156
|
30,857
|
39,299
|
3.9
|
16.80
|
0.90
|
||
|
Central NJ
|
Office
|
101
|
989,590
|
250,658
|
738,932
|
5.2
|
21.49
|
3.45
|
|
|
Office/Flex
|
11
|
73,772
|
22,418
|
51,354
|
2.6
|
15.63
|
2.74
|
||
|
Westchester Co., NY
|
Office
|
53
|
306,680
|
82,479
|
224,201
|
4.8
|
22.95
|
2.16
|
|
|
Office/Flex
|
65
|
412,306
|
74,024
|
338,282
|
4.0
|
16.52
|
2.12
|
||
|
Industrial/Warehouse
|
8
|
82,315
|
24,354
|
57,961
|
5.0
|
17.22
|
1.52
|
||
|
Manhattan
|
Office
|
1
|
22,255
|
22,255
|
-
|
15.8
|
35.37
|
6.35
|
|
|
Sub. Philadelphia
|
Office
|
31
|
107,716
|
21,678
|
86,038
|
4.4
|
23.29
|
3.48
|
|
|
Office/Flex
|
18
|
178,683
|
19,505
|
159,178
|
2.9
|
11.19
|
0.75
|
||
|
Fairfield Co., CT
|
Office
|
8
|
27,770
|
1,363
|
26,407
|
6.9
|
19.23
|
2.00
|
|
|
Office/Flex
|
1
|
11,549
|
-
|
11,549
|
2.0
|
20.13
|
3.37
|
||
|
Washington, DC/MD
|
Office
|
25
|
135,445
|
98,831
|
36,614
|
7.5
|
22.21
|
5.43
|
|
|
Rockland Co., NY
|
Office
|
9
|
25,111
|
4,707
|
20,404
|
7.1
|
23.26
|
2.49
|
|
|
Totals
|
449
|
3,321,420
|
913,013
|
2,408,407
|
5.0
|
20.99
|
3.22
|
||
|
Detail by Property Type
|
|||||||||
|
Office
|
340
|
2,492,639
|
741,855
|
1,750,784
|
5.4
|
22.83
|
3.56
|
||
|
Office/Flex
|
101
|
746,466
|
146,804
|
599,662
|
3.6
|
15.24
|
1.78
|
||
|
Industrial/Warehouse
|
8
|
82,315
|
24,354
|
57,961
|
5.0
|
17.22
|
1.52
|
||
|
Totals
|
449
|
3,321,420
|
913,013
|
2,408,407
|
5.0
|
20.99
|
3.22
|
||
|
Tenant Retention:
|
Leases Retained
|
63.7%
|
|||||||
|
Sq. Ft. Retained
|
61.6%
|
||||||||
|
(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 $36,886,647 and commissions of $15,920,573 committed, but not necessarily expended, during the period for second generation space aggregating 3,317,800 square feet.
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
12/31/12
|
Inventory
Acquired/
Disposed
|
Inventory
9/30/13
|
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
9/30/13
|
Pct.
Leased
9/30/13
|
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%
|
|
Sub. Philadelphia
|
-
|
1,842,820
|
1,842,820
|
-
|
1,582,180
|
(12,606)
|
15,951
|
3,345
|
1,585,525
|
86.0%
|
-
|
|
Totals
|
855,412
|
1,742,810
|
2,598,222
|
844,989
|
1,482,170
|
(17,553)
|
19,705
|
2,152
|
2,329,311
|
89.7%
|
98.8%
|
|
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
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub Philadelphia
|
5
|
15,951
|
6,791
|
9,160
|
2.8
|
25.35
|
0.94
|
|
Totals
|
6
|
19,705
|
10,545
|
9,160
|
3.3
|
26.17
|
2.8
|
|
LEASING ACTIVITY
|
|||||||||||
|
Market
|
Inventory
12/31/12
|
Inventory
Acquired/
Disposed
|
Inventory
9/30/13
|
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
9/30/13
|
Pct.
Leased
9/30/13
|
Pct.
Leased
12/31/12
|
|
Northern NJ
|
81,516
|
-
|
81,516
|
37,634
|
-
|
-
|
11,830
|
11,830
|
49,464
|
60.7%
|
46.2%
|
|
Detail 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 $117,313 and commissions of $52,584 committed, but not necessarily expended, during the period for second generation space aggregating 12,914 square feet.
|
|
(f)
|
Represents estimated workletter and commission costs committed, but not necessarily expended, during the period for second generation space.
|
|
Market (MSA)
|
Annualized
Base Rental
Revenue
($) (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)
|
131,128,025
|
23.7
|
6,699,221
|
24.0
|
|
Jersey City, NJ
|
118,068,622
|
21.3
|
4,317,978
|
15.4
|
|
Westchester-Rockland, NY
|
83,863,205
|
15.2
|
4,720,020
|
16.9
|
|
Bergen-Passaic, NJ
|
74,641,058
|
13.5
|
4,164,226
|
14.9
|
|
Middlesex-Somerset-Hunterdon, NJ
|
37,641,904
|
6.8
|
1,921,405
|
6.9
|
|
Washington, DC-MD-VA-WV
|
30,567,467
|
5.5
|
1,292,807
|
4.6
|
|
Monmouth-Ocean, NJ
|
25,002,491
|
4.5
|
1,620,863
|
5.8
|
|
Trenton, NJ
|
19,117,928
|
3.5
|
956,597
|
3.4
|
|
New York (Manhattan)
|
17,801,543
|
3.2
|
524,476
|
1.9
|
|
Stamford-Norwalk, CT
|
7,991,018
|
1.4
|
452,260
|
1.6
|
|
Philadelphia, PA-NJ
|
7,973,605
|
1.4
|
1,281,998
|
4.6
|
|
Totals
|
553,796,866
|
100.0
|
27,951,851
|
100.0
|
|
(a)
|
Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 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 September 30, 2013 aggregating 62,054 square feet and representing annualized rent of $1,399,427 for which no new leases were signed.
|
|
(c)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases
|
|
Industry Classification (a)
|
Annualized
Base Rental
Revenue
($) (b) (c) (d)
|
Percentage of
Company
Annualized
Commercial Base
Rental Revenue (%)
|
Square
Feet Leased
(c) (d)
|
Percentage of
Total Company
Commercial Leased
Sq. Ft. (%)
|
|
Securities, Commodity Contracts & Other Financial
|
80,057,177
|
14.4
|
2,651,825
|
11.2
|
|
Insurance Carriers & Related Activities
|
54,151,236
|
9.8
|
2,047,041
|
8.7
|
|
Manufacturing
|
44,299,580
|
8.0
|
2,064,794
|
8.8
|
|
Telecommunications
|
35,897,031
|
6.5
|
1,833,294
|
7.8
|
|
Legal Services
|
34,744,133
|
6.3
|
1,329,510
|
5.7
|
|
Credit Intermediation & Related Activities
|
31,285,852
|
5.6
|
1,043,257
|
4.4
|
|
Computer System Design Svcs.
|
22,796,004
|
4.1
|
1,044,753
|
4.4
|
|
Health Care & Social Assistance
|
21,616,145
|
3.9
|
1,161,841
|
4.9
|
|
Accounting/Tax Prep.
|
19,681,647
|
3.6
|
775,611
|
3.3
|
|
Architectural/Engineering
|
19,622,530
|
3.5
|
780,335
|
3.3
|
|
Wholesale Trade
|
19,110,701
|
3.5
|
1,296,035
|
5.5
|
|
Scientific Research/Development
|
15,334,484
|
2.8
|
500,459
|
2.1
|
|
Public Administration
|
14,220,198
|
2.6
|
531,562
|
2.3
|
|
Admin & Support, Waste Mgt. & Remediation Svcs.
|
12,806,882
|
2.3
|
608,241
|
2.6
|
|
Accommodation & Food Services
|
12,664,035
|
2.3
|
529,671
|
2.3
|
|
Arts, Entertainment & Recreation
|
12,109,465
|
2.2
|
717,680
|
3.1
|
|
Management/Scientific
|
11,689,508
|
2.1
|
435,853
|
1.9
|
|
Other Services (except Public Administration)
|
11,512,650
|
2.1
|
440,543
|
1.9
|
|
Other Professional
|
10,653,966
|
1.9
|
470,869
|
2.0
|
|
Real Estate & Rental & Leasing
|
10,062,191
|
1.8
|
536,701
|
2.3
|
|
Advertising/Related Services
|
8,323,944
|
1.5
|
307,378
|
1.3
|
|
Retail Trade
|
6,958,491
|
1.3
|
417,221
|
1.8
|
|
Construction
|
6,429,916
|
1.2
|
330,377
|
1.4
|
|
Data Processing Services
|
6,035,511
|
1.1
|
235,201
|
1.0
|
|
Transportation
|
5,767,340
|
1.0
|
295,695
|
1.3
|
|
Broadcasting
|
5,082,468
|
0.9
|
183,395
|
0.8
|
|
Utilities
|
4,882,993
|
0.9
|
203,471
|
0.9
|
|
Information Services
|
3,813,555
|
0.7
|
149,436
|
0.6
|
|
Educational Services
|
2,737,061
|
0.5
|
142,822
|
0.6
|
|
Publishing Industries
|
2,635,058
|
0.5
|
140,697
|
0.6
|
|
Other
|
6,815,114
|
1.1
|
286,074
|
1.2
|
|
Totals
|
553,796,866
|
100.0
|
23,491,642
|
100.0
|
|
(a)
|
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).
|
|
(b)
|
Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 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 September 30, 2013 aggregating 62,054 square feet and representing annualized rent of $1,399,427 for which no new leases were signed.
|
|
STATE
|
Office
|
% of
Total
|
Office/Flex
|
% of
Total
|
Industrial/
Warehouse
|
% of
Total
|
Stand-
Alone
Retail
|
% of
Total
|
Land
Leases
|
% of
Total
|
Multi-
Family
|
% of
Total
|
TOTALS
By State
|
% of
Total
|
|
New Jersey
|
104
|
42.7%
|
49
|
20.1%
|
--
|
--
|
1
|
0.4%
|
--
|
--
|
--
|
--
|
154
|
63.2%
|
|
New York
|
20
|
8.2%
|
41
|
16.8%
|
6
|
2.5%
|
2
|
0.8 %
|
2
|
0.8%
|
--
|
--
|
71
|
29.1%
|
|
Connecticut
|
1
|
0.4%
|
5
|
2.0%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
6
|
2.4%
|
|
Wash., D.C./
Maryland
|
10
|
4.1%
|
--
|
--
|
--
|
--
|
--
|
--
|
1
|
0.4%
|
--
|
--
|
11
|
4.5%
|
|
Massachusetts
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
2
|
0.8%
|
2
|
0.8%
|
|
TOTALS
By Type:
|
135
|
55.4%
|
95
|
38.9%
|
6
|
2.5%
|
3
|
1.2%
|
3
|
1.2%
|
2
|
0.8%
|
244
|
100.0%
|
|
(a)
|
Excludes 31 properties, aggregating approximately 2.7 million square feet, which are not consolidated by the Company.
|
|
STATE
|
Office
|
% of
Total
|
Office/Flex
|
% of
Total
|
Industrial/
Warehouse
|
% of
Total
|
Stand-
Alone Retail
|
% of
Total
|
TOTALS
By State
|
% of
Total
|
|
New Jersey
|
18,772,757
|
67.1%
|
2,189,531
|
7.8%
|
--
|
--
|
16,736
|
0.1%
|
20,979,024
|
75.0%
|
|
New York
|
2,490,984
|
8.9%
|
2,348,812
|
8.4%
|
387,400
|
1.4%
|
17,300
|
0.1%
|
5,244,496
|
18.8%
|
|
Connecticut
|
179,260
|
0.6%
|
273,000
|
1.0%
|
--
|
--
|
--
|
--
|
452,260
|
1.6%
|
|
Wash., D.C./
Maryland
|
1,292,807
|
4.6%
|
--
|
--
|
--
|
--
|
--
|
--
|
1,292,807
|
4.6%
|
|
TOTALS
By Type:
|
22,735,808
|
81.2%
|
4,811,343
|
17.2%
|
387,400
|
1.4%
|
34,036
|
0.2%
|
27,968,587
|
100.0%
|
|
(a)
|
Excludes two consolidated multi-family properties, aggregating 722 apartment units; as well as 31 properties, aggregating approximately 2.7 million square feet, which are not consolidated by the Company.
|
|
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
|
$380,834
|
70.8%
|
$17,226
|
3.2%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
$398,060
|
74.0%
|
|
New York
|
57,645
|
10.7%
|
34,113
|
6.3%
|
$3,765
|
0.7%
|
$484
|
0.1%
|
$333
|
0.1%
|
--
|
--
|
96,340
|
17.9%
|
|
Connecticut
|
3,565
|
0.7%
|
4,324
|
0.8%
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
7,889
|
1.5%
|
|
Wash., D.C./
Maryland
|
27,963
|
5.2%
|
--
|
--
|
--
|
--
|
--
|
--
|
153
|
--
|
28,116
|
5.2%
|
||
|
Massachusetts
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
$7,446
|
1.4%
|
7,446
|
1.4%
|
|
TOTALS
By Type:
|
$470,007
|
87.4%
|
$55,663
|
10.3%
|
$3,765
|
0.7%
|
$484
|
0.1%
|
$486
|
0.1%
|
$7,446
|
1.4%
|
$537,851
|
100.0%
|
|
(b)
|
Total base rent for the year ended September 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.
|
|
STATE
|
Office
|
Office/Flex
|
Industrial/Warehouse
|
Stand-Alone Retail
|
WEIGHTED AVG.
By State
|
|
New Jersey
|
84.6%
|
89.2%
|
--
|
52.2%
|
85.1%
|
|
New York
|
87.1%
|
94.5%
|
86.7%
|
100.0%
|
90.4%
|
|
Connecticut
|
81.4%
|
100.0%
|
--
|
--
|
92.6%
|
|
Washington, D.C./ Maryland
|
82.5%
|
--
|
--
|
--
|
82.5%
|
|
WEIGHTED AVG. By Type:
|
84.8%
|
92.4%
|
86.7%
|
76.5%
|
86.1%
|
|
(a)
|
Excludes two consolidated multi-family properties, aggregating 722 apartment units; as well as 31 properties, aggregating approximately 2.7 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 September 30, 2013 aggregating 62,054 square feet for which no new leases were signed.
|
|
Property Listing
Office Properties
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (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
|
2,650
|
0.49
|
20.94
|
|
Fort Lee
|
||||||
|
One Bridge Plaza
|
1981
|
200,000
|
89.2
|
4,636
|
0.86
|
25.99
|
|
2115 Linwood Avenue
|
1981
|
68,000
|
58.6
|
979
|
0.18
|
24.57
|
|
Lyndhurst
|
||||||
|
210 Clay Avenue
|
1981
|
121,203
|
84.2
|
2,446
|
0.45
|
23.97
|
|
Montvale
|
||||||
|
135 Chestnut Ridge Road
|
1981
|
66,150
|
66.6
|
981
|
0.18
|
22.27
|
|
Paramus
|
||||||
|
15 East Midland Avenue
|
1988
|
259,823
|
80.5
|
4,613
|
0.86
|
22.06
|
|
140 East Ridgewood Avenue
|
1981
|
239,680
|
84.7
|
5,274
|
0.98
|
25.98
|
|
461 From Road
|
1988
|
253,554
|
39.4
|
2,234
|
0.42
|
22.36
|
|
650 From Road
|
1978
|
348,510
|
81.5
|
5,398
|
1.00
|
19.00
|
|
61 South Paramus Road (e)
|
1985
|
269,191
|
62.6
|
4,610
|
0.86
|
27.36
|
|
Rochelle Park
|
||||||
|
120 West Passaic Street
|
1972
|
52,000
|
99.6
|
1,488
|
0.28
|
28.73
|
|
365 West Passaic Street
|
1976
|
212,578
|
86.1
|
3,680
|
0.68
|
20.11
|
|
395 West Passaic Street
|
1979
|
100,589
|
54.7
|
1,140
|
0.21
|
20.72
|
|
Upper Saddle River
|
||||||
|
1 Lake Street
|
1973/94
|
474,801
|
100.0
|
7,465
|
1.39
|
15.72
|
|
10 Mountainview Road
|
1986
|
192,000
|
85.3
|
3,155
|
0.59
|
19.26
|
|
Woodcliff Lake
|
||||||
|
400 Chestnut Ridge Road
|
1982
|
89,200
|
100.0
|
1,950
|
0.36
|
21.86
|
|
470 Chestnut Ridge Road
|
1987
|
52,500
|
100.0
|
1,215
|
0.23
|
23.14
|
|
530 Chestnut Ridge Road
|
1986
|
57,204
|
100.0
|
1,080
|
0.20
|
18.88
|
|
50 Tice Boulevard
|
1984
|
235,000
|
87.2
|
5,444
|
1.01
|
26.57
|
|
300 Tice Boulevard
|
1991
|
230,000
|
100.0
|
6,115
|
1.14
|
26.59
|
|
ESSEX COUNTY, NEW JERSEY
|
||||||
|
Millburn
|
||||||
|
150 J.F. Kennedy Parkway
|
1980
|
247,476
|
73.7
|
4,947
|
0.92
|
27.12
|
|
Borough of Roseland
|
||||||
|
4 Becker Farm Road
|
1983
|
281,762
|
96.2
|
6,919
|
1.29
|
25.53
|
|
5 Becker Farm Road
|
1982
|
118,343
|
89.5
|
1,995
|
0.37
|
18.84
|
|
6 Becker Farm Road
|
1982
|
129,732
|
78.3
|
2,575
|
0.48
|
25.35
|
|
101 Eisenhower Parkway
|
1980
|
237,000
|
84.8
|
4,745
|
0.88
|
23.61
|
|
103 Eisenhower Parkway
|
1985
|
151,545
|
70.6
|
2,242
|
0.42
|
20.96
|
|
105 Eisenhower Parkway
|
2001
|
220,000
|
50.2
|
3,573
|
0.66
|
32.35
|
|
75 Livingston Avenue
|
1985
|
94,221
|
64.2
|
1,302
|
0.24
|
21.52
|
|
85 Livingston Avenue
|
1985
|
124,595
|
81.8
|
2,629
|
0.49
|
25.80
|
|
HUDSON COUNTY, NEW JERSEY
|
||||||
|
Jersey City
|
||||||
|
Harborside Plaza 1
|
1983
|
400,000
|
100.0
|
11,315
|
2.10
|
28.29
|
|
Harborside Plaza 2
|
1990
|
761,200
|
97.2
|
19,426
|
3.61
|
26.26
|
|
Harborside Plaza 3
|
1990
|
725,600
|
77.5
|
19,437
|
3.61
|
34.56
|
|
Harborside Plaza 4A
|
2000
|
207,670
|
100.0
|
6,591
|
1.23
|
31.74
|
|
Harborside Plaza 5
|
2002
|
977,225
|
86.7
|
30,883
|
5.74
|
36.45
|
|
101 Hudson Street
|
1992
|
1,246,283
|
82.4
|
28,962
|
5.38
|
28.20
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (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
|
641
|
0.12
|
25.17
|
|
600 Horizon Drive
|
2002
|
95,000
|
100.0
|
1,229
|
0.23
|
12.94
|
|
700 Horizon Drive
|
2007
|
120,000
|
100.0
|
2,459
|
0.46
|
20.49
|
|
2 South Gold Drive
|
1974
|
33,962
|
61.6
|
375
|
0.07
|
17.92
|
|
Princeton
|
||||||
|
103 Carnegie Center
|
1984
|
96,000
|
89.4
|
2,191
|
0.41
|
25.53
|
|
2 Independence Way
|
1981
|
67,401
|
100.0
|
1,531
|
0.28
|
22.71
|
|
3 Independence Way
|
1983
|
111,300
|
100.0
|
2,067
|
0.38
|
18.57
|
|
100 Overlook Center
|
1988
|
149,600
|
89.6
|
3,727
|
0.69
|
27.80
|
|
5 Vaughn Drive
|
1987
|
98,500
|
99.1
|
2,257
|
0.42
|
23.12
|
|
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
|
93.0
|
3,321
|
0.62
|
18.25
|
|
Piscataway
|
||||||
|
30 Knightsbridge Road, Bldg. 3
|
1977
|
160,000
|
100.0
|
2,314
|
0.43
|
14.46
|
|
30 Knightsbridge Road, Bldg. 4
|
1977
|
115,000
|
100.0
|
1,663
|
0.31
|
14.46
|
|
30 Knightsbridge Road, Bldg. 5
|
1977
|
332,607
|
92.9
|
5,281
|
0.98
|
17.09
|
|
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
|
2,982
|
0.55
|
22.14
|
|
Woodbridge
|
||||||
|
581 Main Street
|
1991
|
200,000
|
95.4
|
4,882
|
0.91
|
25.59
|
|
MONMOUTH COUNTY, NEW JERSEY
|
||||||
|
Freehold
|
||||||
|
2 Paragon Way
|
1989
|
44,524
|
50.5
|
452
|
0.08
|
20.10
|
|
3 Paragon Way
|
1991
|
66,898
|
88.2
|
905
|
0.17
|
15.34
|
|
4 Paragon Way
|
2002
|
63,989
|
30.8
|
476
|
0.09
|
24.15
|
|
100 Willow Brook Road
|
1988
|
60,557
|
57.4
|
768
|
0.14
|
22.09
|
|
Holmdel
|
||||||
|
23 Main Street
|
1977
|
350,000
|
100.0
|
4,012
|
0.75
|
11.46
|
|
Middletown
|
||||||
|
One River Centre Bldg. 1
|
1983
|
122,594
|
80.4
|
2,671
|
0.50
|
27.10
|
|
One River Centre Bldg. 2
|
1983
|
120,360
|
84.9
|
2,629
|
0.49
|
25.73
|
|
One River Centre Bldg. 3 and 4
|
1984
|
214,518
|
93.3
|
4,391
|
0.82
|
21.94
|
|
Neptune
|
||||||
|
3600 Route 66
|
1989
|
180,000
|
100.0
|
2,130
|
0.40
|
11.83
|
|
Wall Township
|
||||||
|
1305 Campus Parkway
|
1988
|
23,350
|
92.4
|
382
|
0.07
|
17.71
|
|
1350 Campus Parkway
|
1990
|
79,747
|
99.9
|
1,062
|
0.20
|
13.33
|
|
MORRIS COUNTY, NEW JERSEY
|
||||||
|
Florham Park
|
||||||
|
325 Columbia Turnpike
|
1987
|
168,144
|
100.0
|
3,924
|
0.73
|
23.34
|
|
Morris Plains
|
||||||
|
250 Johnson Road
|
1977
|
75,000
|
100.0
|
1,514
|
0.28
|
20.19
|
|
201 Littleton Road
|
1979
|
88,369
|
75.4
|
1,323
|
0.25
|
19.86
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (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
|
67.5
|
7,120
|
1.32
|
22.20
|
|
Parsippany
|
||||||
|
4 Campus Drive
|
1983
|
147,475
|
74.8
|
2,355
|
0.44
|
21.35
|
|
6 Campus Drive
|
1983
|
148,291
|
76.8
|
2,606
|
0.48
|
22.88
|
|
7 Campus Drive
|
1982
|
154,395
|
86.3
|
2,579
|
0.48
|
19.36
|
|
8 Campus Drive
|
1987
|
215,265
|
65.8
|
2,825
|
0.53
|
19.94
|
|
9 Campus Drive
|
1983
|
156,495
|
30.8
|
1,261
|
0.23
|
26.16
|
|
4 Century Drive
|
1981
|
100,036
|
46.8
|
1,109
|
0.21
|
23.69
|
|
5 Century Drive
|
1981
|
79,739
|
52.0
|
896
|
0.17
|
21.61
|
|
6 Century Drive
|
1981
|
100,036
|
58.0
|
1,024
|
0.19
|
17.65
|
|
2 Dryden Way
|
1990
|
6,216
|
100.0
|
99
|
0.02
|
15.93
|
|
4 Gatehall Drive
|
1988
|
248,480
|
81.7
|
5,848
|
1.09
|
28.81
|
|
2 Hilton Court
|
1991
|
181,592
|
100.0
|
6,529
|
1.21
|
35.95
|
|
1633 Littleton Road
|
1978
|
57,722
|
100.0
|
1,131
|
0.21
|
19.59
|
|
600 Parsippany Road
|
1978
|
96,000
|
90.9
|
1,644
|
0.31
|
18.84
|
|
1 Sylvan Way
|
1989
|
150,557
|
96.0
|
4,088
|
0.76
|
28.28
|
|
4 Sylvan Way
|
1984
|
105,135
|
100.0
|
1,641
|
0.31
|
15.61
|
|
5 Sylvan Way
|
1989
|
151,383
|
85.6
|
3,807
|
0.71
|
29.38
|
|
7 Sylvan Way
|
1987
|
145,983
|
0.0
|
2,454
|
0.46
|
0.00
|
|
14 Sylvan Way (f)
|
2013
|
203,506
|
100.0
|
1,630
|
0.30
|
24.78
|
|
22 Sylvan Way
|
2009
|
249,409
|
100.0
|
6,327
|
1.18
|
25.37
|
|
20 Waterview Boulevard
|
1988
|
225,550
|
93.8
|
4,810
|
0.89
|
22.74
|
|
35 Waterview Boulevard
|
1990
|
172,498
|
92.8
|
4,201
|
0.78
|
26.24
|
|
5 Wood Hollow Road
|
1979
|
317,040
|
95.2
|
6,004
|
1.12
|
19.89
|
|
PASSAIC COUNTY, NEW JERSEY
|
||||||
|
Totowa
|
||||||
|
999 Riverview Drive
|
1988
|
56,066
|
91.8
|
745
|
0.14
|
14.47
|
|
SOMERSET COUNTY, NEW JERSEY
|
||||||
|
Basking Ridge
|
||||||
|
222 Mt. Airy Road
|
1986
|
49,000
|
100.0
|
1,077
|
0.20
|
21.98
|
|
233 Mt. Airy Road
|
1987
|
66,000
|
67.5
|
82
|
0.02
|
1.84
|
|
Bridgewater
|
||||||
|
440 Route 22 East
|
1990
|
198,376
|
95.5
|
4,655
|
0.87
|
24.57
|
|
721 Route 202/206
|
1989
|
192,741
|
98.6
|
4,161
|
0.77
|
21.90
|
|
Warren
|
||||||
|
10 Independence Boulevard
|
1988
|
120,528
|
92.6
|
2,623
|
0.49
|
23.50
|
|
UNION COUNTY, NEW JERSEY
|
||||||
|
Clark
|
||||||
|
100 Walnut Avenue
|
1985
|
182,555
|
100.0
|
4,794
|
0.89
|
26.26
|
|
Cranford
|
||||||
|
6 Commerce Drive
|
1973
|
56,000
|
95.3
|
1,053
|
0.20
|
19.73
|
|
11 Commerce Drive
|
1981
|
90,000
|
81.5
|
2,050
|
0.38
|
27.95
|
|
12 Commerce Drive
|
1967
|
72,260
|
84.7
|
923
|
0.17
|
15.08
|
|
14 Commerce Drive
|
1971
|
67,189
|
87.8
|
1,258
|
0.23
|
21.32
|
|
20 Commerce Drive
|
1990
|
176,600
|
87.5
|
3,547
|
0.66
|
22.95
|
|
25 Commerce Drive
|
1971
|
67,749
|
81.3
|
1,256
|
0.23
|
22.80
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (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
|
49.6
|
1,209
|
0.22
|
29.45
|
|
New Providence
|
||||||
|
890 Mountain Avenue
|
1977
|
80,000
|
72.6
|
1,148
|
0.21
|
19.77
|
|
Total New Jersey Office
|
18,772,757
|
84.6
|
380,834
|
70.81
|
24.19
|
|
|
NEW YORK COUNTY, NEW YORK
|
||||||
|
New York
|
||||||
|
125 Broad Street
|
1970
|
524,476
|
100.0
|
15,676
|
2.91
|
29.89
|
|
ROCKLAND COUNTY, NEW YORK
|
||||||
|
Suffern
|
||||||
|
400 Rella Boulevard
|
1988
|
180,000
|
86.1
|
3,615
|
0.67
|
23.33
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
100 Clearbrook Road (c)
|
1975
|
60,000
|
83.9
|
990
|
0.18
|
19.67
|
|
101 Executive Boulevard
|
1971
|
50,000
|
0.0
|
80
|
0.01
|
0.00
|
|
555 Taxter Road
|
1986
|
170,554
|
97.4
|
3,002
|
0.56
|
18.07
|
|
565 Taxter Road
|
1988
|
170,554
|
84.7
|
3,607
|
0.67
|
24.97
|
|
570 Taxter Road
|
1972
|
75,000
|
68.7
|
1,250
|
0.23
|
24.26
|
|
Hawthorne
|
||||||
|
1 Skyline Drive
|
1980
|
20,400
|
99.0
|
296
|
0.06
|
14.66
|
|
2 Skyline Drive
|
1987
|
30,000
|
100.0
|
543
|
0.10
|
18.10
|
|
7 Skyline Drive
|
1987
|
109,000
|
82.0
|
2,126
|
0.40
|
23.79
|
|
17 Skyline Drive (e)
|
1989
|
85,000
|
100.0
|
1,713
|
0.32
|
20.15
|
|
Tarrytown
|
||||||
|
200 White Plains Road
|
1982
|
89,000
|
65.0
|
1,508
|
0.28
|
26.07
|
|
220 White Plains Road
|
1984
|
89,000
|
76.1
|
1,813
|
0.34
|
26.77
|
|
White Plains
|
||||||
|
1 Barker Avenue
|
1975
|
68,000
|
96.7
|
1,722
|
0.32
|
26.19
|
|
3 Barker Avenue
|
1983
|
65,300
|
85.1
|
1,435
|
0.27
|
25.82
|
|
50 Main Street
|
1985
|
309,000
|
85.8
|
8,268
|
1.54
|
31.19
|
|
11 Martine Avenue
|
1987
|
180,000
|
77.7
|
4,411
|
0.82
|
31.54
|
|
1 Water Street
|
1979
|
45,700
|
68.3
|
865
|
0.16
|
27.71
|
|
Yonkers
|
||||||
|
1 Executive Boulevard
|
1982
|
112,000
|
100.0
|
3,037
|
0.56
|
27.12
|
|
3 Executive Boulevard
|
1987
|
58,000
|
100.0
|
1,688
|
0.31
|
29.10
|
|
Total New York Office
|
2,490,984
|
87.1
|
57,645
|
10.71
|
26.57
|
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
||||||
|
Stamford
|
||||||
|
1266 East Main Street
|
1984
|
179,260
|
81.4
|
3,565
|
0.66
|
24.43
|
|
Total Connecticut Office
|
179,260
|
81.4
|
3,565
|
0.66
|
24.43
|
|
|
WASHINGTON, D.C.
|
||||||
|
1201 Connecticut Avenue, NW
|
1940
|
169,549
|
95.0
|
6,909
|
1.28
|
42.89
|
|
1400 L Street, NW
|
1987
|
159,000
|
100.0
|
5,802
|
1.08
|
36.49
|
|
Total District of Columbia Office
|
328,549
|
97.4
|
12,711
|
2.36
|
39.71
|
|
|
Property Listing
Office Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent
Per Sq. Ft.
($) (c) (d)
|
|
PRINCE GEORGE’S COUNTY, MARYLAND
|
||||||
|
Greenbelt
|
||||||
|
9200 Edmonston Road
|
1973
|
38,690
|
100.0
|
1,023
|
0.19
|
26.44
|
|
6301 Ivy Lane
|
1979
|
112,003
|
73.0
|
1,651
|
0.31
|
20.19
|
|
6303 Ivy Lane
|
1980
|
112,047
|
85.6
|
2,361
|
0.44
|
24.62
|
|
6305 Ivy Lane
|
1982
|
112,022
|
89.2
|
2,039
|
0.38
|
20.41
|
|
6404 Ivy Lane
|
1987
|
165,234
|
73.2
|
2,664
|
0.49
|
22.03
|
|
6406 Ivy Lane
|
1991
|
163,857
|
58.4
|
489
|
0.09
|
5.11
|
|
6411 Ivy Lane
|
1984
|
138,405
|
70.5
|
2,142
|
0.40
|
21.95
|
|
Lanham
|
||||||
|
4200 Parliament Place
|
1989
|
122,000
|
94.6
|
2,883
|
0.54
|
24.98
|
|
Total Maryland Office
|
964,258
|
77.4
|
15,252
|
2.84
|
20.45
|
|
|
TOTAL OFFICE PROPERTIES
|
22,735,808
|
84.8
|
470,007
|
87.38
|
24.57
|
|
|
Property Listing
Office/Flex Properties
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (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
|
71.1
|
472
|
0.09
|
10.29
|
|
5 Terri Lane
|
1992
|
74,555
|
100.0
|
589
|
0.11
|
7.90
|
|
Moorestown
|
||||||
|
2 Commerce Drive
|
1986
|
49,000
|
69.2
|
215
|
0.04
|
6.34
|
|
101 Commerce Drive
|
1988
|
64,700
|
100.0
|
275
|
0.05
|
4.25
|
|
102 Commerce Drive
|
1987
|
38,400
|
100.0
|
245
|
0.05
|
6.38
|
|
201 Commerce Drive
|
1986
|
38,400
|
50.0
|
80
|
0.01
|
4.17
|
|
202 Commerce Drive
|
1988
|
51,200
|
100.0
|
208
|
0.04
|
4.06
|
|
1 Executive Drive
|
1989
|
20,570
|
90.8
|
170
|
0.03
|
9.10
|
|
2 Executive Drive
|
1988
|
60,800
|
71.4
|
216
|
0.04
|
4.98
|
|
101 Executive Drive
|
1990
|
29,355
|
99.7
|
300
|
0.06
|
10.25
|
|
102 Executive Drive
|
1990
|
64,000
|
100.0
|
474
|
0.09
|
7.41
|
|
225 Executive Drive
|
1990
|
50,600
|
79.1
|
241
|
0.04
|
6.02
|
|
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
|
244
|
0.05
|
4.62
|
|
1247 North Church Street
|
1998
|
52,790
|
80.7
|
313
|
0.06
|
7.35
|
|
1256 North Church Street
|
1984
|
63,495
|
100.0
|
476
|
0.09
|
7.50
|
|
840 North Lenola Road
|
1995
|
38,300
|
100.0
|
380
|
0.07
|
9.92
|
|
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
|
0.08
|
8.31
|
|
30 Twosome Drive
|
1997
|
39,675
|
75.8
|
279
|
0.05
|
9.28
|
|
31 Twosome Drive
|
1998
|
84,200
|
100.0
|
431
|
0.08
|
5.12
|
|
40 Twosome Drive
|
1996
|
40,265
|
100.0
|
265
|
0.05
|
6.58
|
|
41 Twosome Drive
|
1998
|
43,050
|
100.0
|
215
|
0.04
|
4.99
|
|
50 Twosome Drive
|
1997
|
34,075
|
56.0
|
143
|
0.03
|
7.49
|
|
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
|
179
|
0.03
|
13.48
|
|
200 Horizon Drive
|
1991
|
45,770
|
100.0
|
695
|
0.13
|
15.18
|
|
300 Horizon Drive
|
1989
|
69,780
|
53.2
|
505
|
0.09
|
13.60
|
|
500 Horizon Drive
|
1990
|
41,205
|
93.8
|
576
|
0.11
|
14.90
|
|
MONMOUTH COUNTY, NEW JERSEY
|
||||||
|
Wall Township
|
||||||
|
1325 Campus Parkway
|
1988
|
35,000
|
100.0
|
620
|
0.11
|
17.71
|
|
1340 Campus Parkway
|
1992
|
72,502
|
100.0
|
1,021
|
0.19
|
14.08
|
|
1345 Campus Parkway
|
1995
|
76,300
|
100.0
|
1,072
|
0.20
|
14.05
|
|
1433 Highway 34
|
1985
|
69,020
|
80.7
|
468
|
0.09
|
8.40
|
|
1320 Wyckoff Avenue
|
1986
|
20,336
|
100.0
|
222
|
0.04
|
10.92
|
|
1324 Wyckoff Avenue
|
1987
|
21,168
|
90.4
|
137
|
0.03
|
7.16
|
|
PASSAIC COUNTY, NEW JERSEY
|
||||||
|
Totowa
|
||||||
|
1 Center Court
|
1999
|
38,961
|
100.0
|
595
|
0.11
|
15.27
|
|
Property Listing
Office/Flex Properties
(continued)
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (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
|
479
|
0.09
|
11.46
|
|
20 Commerce Way
|
1992
|
42,540
|
46.7
|
240
|
0.04
|
12.08
|
|
29 Commerce Way
|
1990
|
48,930
|
77.9
|
97
|
0.02
|
2.54
|
|
40 Commerce Way
|
1987
|
50,576
|
86.3
|
556
|
0.10
|
12.74
|
|
45 Commerce Way
|
1992
|
51,207
|
100.0
|
519
|
0.10
|
10.14
|
|
60 Commerce Way
|
1988
|
50,333
|
89.1
|
523
|
0.10
|
11.66
|
|
80 Commerce Way
|
1996
|
22,500
|
88.6
|
255
|
0.05
|
12.79
|
|
100 Commerce Way
|
1996
|
24,600
|
88.0
|
279
|
0.05
|
12.89
|
|
120 Commerce Way
|
1994
|
9,024
|
100.0
|
99
|
0.02
|
10.97
|
|
140 Commerce Way
|
1994
|
26,881
|
99.5
|
294
|
0.05
|
10.99
|
|
Total New Jersey Office/Flex
|
2,189,531
|
89.2
|
17,226
|
3.21
|
8.82
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
11 Clearbrook Road
|
1974
|
31,800
|
100.0
|
428
|
0.08
|
13.46
|
|
75 Clearbrook Road
|
1990
|
32,720
|
100.0
|
372
|
0.07
|
11.37
|
|
125 Clearbrook Road
|
2002
|
33,000
|
93.6
|
726
|
0.13
|
23.50
|
|
150 Clearbrook Road
|
1975
|
74,900
|
100.0
|
1,011
|
0.19
|
13.50
|
|
175 Clearbrook Road
|
1973
|
98,900
|
100.0
|
1,302
|
0.24
|
13.16
|
|
200 Clearbrook Road
|
1974
|
94,000
|
99.8
|
1,200
|
0.22
|
12.79
|
|
250 Clearbrook Road
|
1973
|
155,000
|
97.8
|
986
|
0.18
|
6.50
|
|
50 Executive Boulevard
|
1969
|
45,200
|
87.5
|
416
|
0.08
|
10.52
|
|
77 Executive Boulevard
|
1977
|
13,000
|
100.0
|
244
|
0.05
|
18.77
|
|
85 Executive Boulevard
|
1968
|
31,000
|
49.1
|
391
|
0.07
|
25.69
|
|
300 Executive Boulevard
|
1970
|
60,000
|
100.0
|
752
|
0.14
|
12.53
|
|
350 Executive Boulevard
|
1970
|
15,400
|
99.4
|
230
|
0.04
|
15.03
|
|
399 Executive Boulevard
|
1962
|
80,000
|
100.0
|
1,038
|
0.19
|
12.98
|
|
400 Executive Boulevard
|
1970
|
42,200
|
71.1
|
568
|
0.11
|
18.93
|
|
500 Executive Boulevard
|
1970
|
41,600
|
100.0
|
758
|
0.14
|
18.22
|
|
525 Executive Boulevard
|
1972
|
61,700
|
100.0
|
986
|
0.18
|
15.98
|
|
1 Westchester Plaza
|
1967
|
25,000
|
100.0
|
325
|
0.06
|
13.00
|
|
2 Westchester Plaza
|
1968
|
25,000
|
96.1
|
438
|
0.08
|
18.23
|
|
3 Westchester Plaza
|
1969
|
93,500
|
97.9
|
1,070
|
0.20
|
11.69
|
|
4 Westchester Plaza
|
1969
|
44,700
|
100.0
|
696
|
0.13
|
15.57
|
|
5 Westchester Plaza
|
1969
|
20,000
|
100.0
|
252
|
0.05
|
12.60
|
|
6 Westchester Plaza
|
1968
|
20,000
|
100.0
|
215
|
0.04
|
10.75
|
|
7 Westchester Plaza
|
1972
|
46,200
|
100.0
|
662
|
0.12
|
14.33
|
|
8 Westchester Plaza
|
1971
|
67,200
|
100.0
|
1,231
|
0.23
|
18.32
|
|
Hawthorne
|
||||||
|
200 Saw Mill River Road
|
1965
|
51,100
|
100.0
|
692
|
0.13
|
13.54
|
|
4 Skyline Drive
|
1987
|
80,600
|
93.0
|
1,464
|
0.27
|
19.53
|
|
5 Skyline Drive
|
1980
|
124,022
|
99.8
|
1,499
|
0.28
|
12.11
|
|
6 Skyline Drive
|
1980
|
44,155
|
72.8
|
576
|
0.11
|
17.92
|
|
8 Skyline Drive
|
1985
|
50,000
|
85.4
|
821
|
0.15
|
19.23
|
|
10 Skyline Drive
|
1985
|
20,000
|
100.0
|
392
|
0.07
|
19.60
|
|
11 Skyline Drive (e)
|
1989
|
45,000
|
100.0
|
967
|
0.18
|
21.49
|
|
12 Skyline Drive (e)
|
1999
|
46,850
|
71.7
|
523
|
0.10
|
15.57
|
|
15 Skyline Drive (e)
|
1989
|
55,000
|
18.7
|
196
|
0.04
|
19.06
|
|
Yonkers
|
||||||
|
100 Corporate Boulevard
|
1987
|
78,000
|
98.3
|
1,679
|
0.31
|
21.90
|
|
Property Listing
Office/Flex (continued)
and Industrial/Warehouse and Retail Properties
|
||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (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
|
1,706
|
0.32
|
20.31
|
|
4 Executive Plaza
|
1986
|
80,000
|
100.0
|
1,327
|
0.25
|
16.59
|
|
6 Executive Plaza
|
1987
|
80,000
|
100.0
|
1,612
|
0.30
|
20.15
|
|
1 Odell Plaza
|
1980
|
106,000
|
97.2
|
1,476
|
0.27
|
14.33
|
|
3 Odell Plaza
|
1984
|
71,065
|
100.0
|
1,596
|
0.30
|
22.46
|
|
5 Odell Plaza
|
1983
|
38,400
|
99.6
|
648
|
0.12
|
16.94
|
|
7 Odell Plaza
|
1984
|
42,600
|
100.0
|
642
|
0.12
|
15.07
|
|
Total New York Office/Flex
|
2,348,812
|
94.5
|
34,113
|
6.34
|
15.37
|
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
||||||
|
Stamford
|
||||||
|
419 West Avenue
|
1986
|
88,000
|
100.0
|
1,576
|
0.29
|
17.91
|
|
500 West Avenue
|
1988
|
25,000
|
100.0
|
423
|
0.08
|
16.92
|
|
550 West Avenue
|
1990
|
54,000
|
100.0
|
969
|
0.18
|
17.94
|
|
600 West Avenue
|
1999
|
66,000
|
100.0
|
670
|
0.12
|
10.15
|
|
650 West Avenue
|
1998
|
40,000
|
100.0
|
686
|
0.13
|
17.15
|
|
Total Connecticut Office/Flex
|
273,000
|
100.0
|
4,324
|
0.80
|
15.84
|
|
|
TOTAL OFFICE/FLEX PROPERTIES
|
4,811,343
|
92.4
|
55,663
|
10.35
|
12.52
|
|
|
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
|
1,658
|
0.31
|
11.35
|
|
5 Warehouse Lane (e)
|
1957
|
75,100
|
97.1
|
898
|
0.17
|
12.31
|
|
6 Warehouse Lane (e)
|
1982
|
22,100
|
100.0
|
546
|
0.10
|
24.71
|
|
Total Industrial/Warehouse Properties
|
387,400
|
86.7
|
3,765
|
0.70
|
11.21
|
|
|
HUDSON COUNTY, NEW JERSEY
|
||||||
|
Weehawken
|
||||||
|
500 Avenue at Port Imperial (f)
|
2013
|
16,736
|
52.2
|
--
|
--
|
--
|
|
Total New Jersey Retail
|
16,736
|
52.2
|
--
|
--
|
--
|
|
|
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
|
0.06
|
38.13
|
|
Total New York Retail Properties
|
17,300
|
100.0
|
484
|
0.09
|
27.98
|
|
|
Total Retail Properties
|
34,036
|
76.5
|
484
|
0.09
|
18.59
|
|
|
Property Listing
Other Properties
|
|||||||
|
Property
Location
|
Year
Built
|
Net
Rentable
Area
(Sq. Ft.)
|
Percentage
Leased
as of
9/30/13
(%) (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
|
27,968,587
|
86.1
|
530,405
|
98.61
|
22.17
|
||
|
MULTI-FAMILY PROPERTIES
|
Year
Built
|
Number
of units
|
Percentage
Leased
as of
9/30/13
(%) (a)
|
2013
Base
Rent
($000’s)
(b) (c)
|
Percentage
of Total
2013
Base Rent
%
|
2013
Average
Base Rent Per Unit
($) (i)
|
|
|
SUFFOLK COUNTY, MASSACHUSETTS
|
|||||||
|
Revere
|
|||||||
|
Alterra at Overlook Ridge 1A (f) (g)
|
2004
|
310
|
98.1
|
3,849
|
0.72
|
1,504
|
|
|
Alterra at Overlook Ridge 1B (f) (h)
|
2008
|
412
|
98.1
|
3,597
|
0.67
|
1,505
|
|
|
Total Multi-Family Properties
|
722
|
98.1
|
7,446
|
1.39
|
1,504
|
||
|
TOTAL PROPERTIES
|
537,851
|
100.00
|
|||||
|
(a)
|
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring September 30, 2013 aggregating 62,054 square feet (representing 0.2 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 September 30, 2013, total escalations and recoveries from tenants were: $62,895, or $3.10 per leased square foot, for office properties; $7,728, or $1.74 per leased square foot, for office/flex properties; and $1,487, or $4.95 per leased square foot, for other properties.
|
|
(c)
|
Excludes space leased by the Company.
|
|
(d)
|
Base rent for 2013 divided by net rentable square feet leased at September 30, 2013.
|
|
(e)
|
This property is located on land leased by the Company.
|
|
(f)
|
As this property was acquired, commenced initial operations or initially consolidated by the Company during the 12 months ended September 30, 2013, the amounts represented in 2013 base rent reflect only that portion of the year during which the Company owned or consolidated the property. Accordingly, these amounts may not be indicative of the property’s full year results. For comparison purposes, the amounts represented in 2013 average base rent per sq. ft. and per unit for this property have been calculated by taking 2013 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased or occupied units at September 30, 2013. These annualized per square foot and per unit amounts may not be indicative of the property’s results had the Company owned or consolidated the property for the entirety of the 12 months ended September 30, 2013.
|
|
(g)
|
Acquired on January 18, 2013. Amounts reflect period of ownership.
|
|
(h)
|
Acquired on April 4, 2013. Amounts reflect period of ownership.
|
|
(i)
|
Annualized base rent for 2013 divided by units occupied at September 30, 2013, divided by 12.
|
|
Number
of
Properties
|
Annualized
Base Rental
Revenue ($) (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
|
2.3
|
402,068
|
1.7
|
2017
|
|
National Union Fire Insurance Company of Pittsburgh, PA
|
3
|
11,203,562
|
2.0
|
398,141
|
1.6
|
(b)
|
|
Wyndham Worldwide Operations
|
2
|
11,199,134
|
2.0
|
452,915
|
1.9
|
2029
|
|
Bank Of Tokyo-Mitsubishi FUJI, Ltd.
|
1
|
10,540,716
|
1.9
|
282,606
|
1.2
|
(c)
|
|
New Cingular Wireless PCS, LLC
|
4
|
9,988,111
|
1.8
|
433,296
|
1.8
|
(d)
|
|
Morgan Stanley & Co., Inc.
|
1
|
9,185,100
|
1.7
|
306,170
|
1.3
|
2013
|
|
Forest Research Institute, Inc.
|
1
|
9,070,892
|
1.6
|
215,659
|
0.9
|
2017
|
|
United States of America-GSA
|
11
|
8,756,966
|
1.6
|
285,343
|
1.2
|
(e)
|
|
Prentice-Hall, Inc.
|
1
|
8,643,699
|
1.6
|
474,801
|
2.0
|
2014
|
|
ICAP Securities USA, LLC
|
1
|
6,904,128
|
1.2
|
159,834
|
0.7
|
2017
|
|
Montefiore Medical Center
|
6
|
6,453,543
|
1.2
|
284,394
|
1.2
|
(f)
|
|
TD Ameritrade Online Holdings
|
1
|
6,229,711
|
1.1
|
188,776
|
0.8
|
2020
|
|
Daiichi Sankyo, Inc.
|
1
|
6,033,690
|
1.1
|
171,900
|
0.7
|
2022
|
|
Merrill Lynch Pierce Fenner
|
1
|
5,883,780
|
1.1
|
294,189
|
1.3
|
2017
|
|
AECOM Technology Corporation
|
2
|
5,258,602
|
0.9
|
162,346
|
0.7
|
(g)
|
|
HQ Global Workplaces, LLC
|
17
|
4,923,755
|
0.9
|
276,721
|
1.2
|
(h)
|
|
Vonage America, Inc.
|
1
|
4,340,000
|
0.8
|
350,000
|
1.5
|
2017
|
|
CohnReznick, LLP
|
2
|
4,333,954
|
0.8
|
155,056
|
0.7
|
(i)
|
|
AT&T Corp.
|
1
|
4,137,500
|
0.7
|
275,000
|
1.2
|
(j)
|
|
Allstate Insurance Company
|
7
|
3,694,272
|
0.7
|
160,312
|
0.7
|
(k)
|
|
Arch Insurance Company
|
1
|
3,685,118
|
0.7
|
106,815
|
0.5
|
2024
|
|
Morgan Stanley Smith Barney
|
3
|
3,380,291
|
0.6
|
110,039
|
0.5
|
(l)
|
|
SunAmerica Asset Management
|
1
|
3,167,756
|
0.6
|
69,621
|
0.3
|
2018
|
|
Alpharma, LLC
|
1
|
3,098,092
|
0.6
|
112,235
|
0.5
|
2018
|
|
E*Trade Financial Corporation
|
1
|
2,930,757
|
0.5
|
106,573
|
0.5
|
2022
|
|
Plymouth Rock Management Company of New Jersey
|
2
|
2,903,694
|
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
|
(m)
|
|
AAA Mid-Atlantic, Inc.
|
2
|
2,765,642
|
0.5
|
129,784
|
0.6
|
(n)
|
|
KPMG, LLP
|
2
|
2,736,214
|
0.5
|
121,490
|
0.5
|
(o)
|
|
Tradeweb Markets, LLC
|
1
|
2,711,760
|
0.5
|
64,976
|
0.3
|
2017
|
|
New Jersey Turnpike Authority
|
1
|
2,605,798
|
0.5
|
100,223
|
0.4
|
2017
|
|
Connell Foley, LLP
|
2
|
2,572,383
|
0.5
|
97,822
|
0.4
|
2015
|
|
Lowenstein Sandler LLP
|
1
|
2,516,264
|
0.5
|
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
|
2,391,327
|
0.4
|
82,413
|
0.4
|
(p)
|
|
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
|
|
The Louis Berger Group, Inc.
|
3
|
2,268,188
|
0.4
|
115,758
|
0.5
|
(q)
|
|
Movado Group, Inc.
|
1
|
2,261,498
|
0.4
|
98,326
|
0.4
|
2018
|
|
Norris, McLaughlin & Marcus, PA
|
1
|
2,259,738
|
0.4
|
86,913
|
0.4
|
2017
|
|
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
|
227,196,936
|
41.0
|
8,599,852
|
36.6
|
|
Significant Tenants
|
|
(Continued)
|
|
(a)
|
Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 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)
|
20,649 square feet expire in 2018; 24,607 square feet expire in 2019; 237,350 square feet expire in 2029.
|
|
(d)
|
120,397 square feet expire in 2013; 100,151 square feet expire in 2014; 212,748 square feet expire in 2018.
|
|
(e)
|
45,736 square feet expire in 2013; 1,729 square feet expire in 2014; 180,729 square feet expire in 2015; 15,851 square feet expire in 2016; 21,596 square feet expire in 2022; 19,702 square feet expire in 2023.
|
|
(f)
|
21,110 square feet expire in 2014; 13,512 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; 109,406 square feet expire in 2024.
|
|
(i)
|
1,021 square feet expire in 2014; 154,035 square feet expire in 2020.
|
|
(j)
|
115,000 square feet expire in 2016; 160,000 square feet expire in 2019.
|
|
(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)
|
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.
|
|
(m)
|
19,416 square feet expire in 2016; 81,296 square feet expire in 2031.
|
|
(n)
|
9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
|
|
(o)
|
10,877 square feet expire in 2013; 53,409 square feet expire in 2019; 57,204 square feet expire in 2020.
|
|
(p)
|
42,360 square feet expire in 2016; 13,340 square feet expire in 2022; 26,713 square feet expire in 2024.
|
|
(q)
|
7,426 square feet expire in 2017; 108,332 square feet expire in 2026.
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
2013 (c)
|
||||||
|
Northern NJ
|
18
|
100,050
|
0.3
|
2,459,233
|
24.58
|
0.5
|
|
Central NJ
|
10
|
75,145
|
0.3
|
1,836,449
|
24.44
|
0.3
|
|
Westchester Co., NY
|
23
|
62,386
|
0.3
|
1,153,472
|
18.49
|
0.2
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
2
|
20,310
|
0.1
|
243,720
|
12.00
|
|
|
Fairfield, CT
|
4
|
64,014
|
0.3
|
1,020,450
|
15.94
|
0.2
|
|
Washington, DC/MD
|
3
|
20,078
|
0.1
|
649,463
|
32.35
|
0.1
|
|
Rockland Co., NY
|
1
|
2,679
|
(e)
|
61,617
|
23.00
|
(e)
|
|
TOTAL – 2013
|
61
|
344,662
|
1.4
|
7,424,404
|
21.54
|
1.3
|
|
2014
|
||||||
|
Northern NJ
|
129
|
1,528,423
|
6.5
|
39,581,236
|
25.90
|
7.2
|
|
Central NJ
|
64
|
315,834
|
1.3
|
6,640,971
|
21.03
|
1.2
|
|
Westchester Co., NY
|
92
|
397,272
|
1.7
|
8,886,707
|
22.37
|
1.6
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
14
|
133,600
|
0.6
|
962,824
|
7.21
|
0.2
|
|
Fairfield, CT
|
7
|
26,420
|
0.1
|
591,511
|
22.39
|
0.1
|
|
Washington, DC/MD
|
30
|
206,500
|
0.9
|
5,649,368
|
27.36
|
1.0
|
|
Rockland Co., NY
|
4
|
7,616
|
(e)
|
187,486
|
24.62
|
(e)
|
|
TOTAL – 2014
|
340
|
2,615,665
|
11.1
|
62,500,103
|
23.89
|
11.3
|
|
2015
|
||||||
|
Northern NJ
|
101
|
1,338,308
|
5.7
|
30,075,798
|
22.47
|
5.5
|
|
Central NJ
|
60
|
475,733
|
2.0
|
11,292,626
|
23.74
|
2.0
|
|
Westchester Co., NY
|
75
|
399,886
|
1.7
|
8,474,568
|
21.19
|
1.5
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
27
|
253,913
|
1.1
|
1,844,799
|
7.27
|
0.3
|
|
Fairfield, CT
|
9
|
101,473
|
0.4
|
2,512,822
|
24.76
|
0.5
|
|
Washington, DC/MD
|
34
|
297,547
|
1.3
|
9,401,619
|
31.60
|
1.7
|
|
Rockland Co., NY
|
2
|
32,311
|
0.1
|
775,464
|
24.00
|
0.1
|
|
TOTAL – 2015
|
308
|
2,899,171
|
12.3
|
64,377,696
|
22.21
|
11.6
|
|
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
|
295
|
2,358,572
|
10.1
|
53,251,149
|
22.58
|
9.6
|
|
|
2017
|
246
|
3,501,121
|
14.9
|
83,193,225
|
23.76
|
15.0
|
|
|
2018
|
259
|
2,619,652
|
11.2
|
60,912,112
|
23.25
|
11.0
|
|
|
2019
|
153
|
1,873,704
|
8.0
|
40,163,503
|
21.44
|
7.3
|
|
|
2020
|
105
|
1,552,141
|
6.6
|
32,079,171
|
20.67
|
5.8
|
|
|
2021
|
80
|
1,246,659
|
5.3
|
32,506,301
|
26.07
|
5.9
|
|
|
2022
|
57
|
981,743
|
4.2
|
24,832,024
|
25.29
|
4.5
|
|
|
2023
|
39
|
1,059,601
|
4.5
|
26,559,980
|
25.07
|
4.8
|
|
|
2024 and thereafter
|
73
|
2,438,951
|
10.4
|
65,997,198
|
27.06
|
11.9
|
|
|
Totals/
|
|||||||
|
Weighted Average
|
2,016
|
23,491,642
|
(c) (e)
|
100.0
|
553,796,866
|
23.57
|
100.0
|
|
(a)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 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 September 30, 2013 aggregating 62,054 square feet and representing annualized rent of $1,399,427 for which no new leases were signed.
|
|
(d)
|
Represents 0.05% or less.
|
|
(e)
|
Reconciliation to Company’s total net rentable square footage is as follows:
|
|
Square Feet
|
|
|
Square footage leased to commercial tenants
|
23,491,642
|
|
Square footage used for corporate offices, management offices,
|
|
|
building use, retail tenants, food services, other ancillary
|
|
|
service tenants and occupancy adjustments
|
575,396
|
|
Square footage unleased
|
3,884,813
|
|
Total net rentable square footage (does not include land leases)
|
27,951,851
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (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
|
15
|
89,244
|
0.5
|
2,334,129
|
26.15
|
0.4
|
||
|
Central NJ
|
10
|
75,145
|
0.4
|
1,836,449
|
24.44
|
0.4
|
||
|
Westchester Co., NY
|
14
|
16,713
|
0.1
|
417,183
|
24.96
|
0.1
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Fairfield Co., CT
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Washington, DC/MD
|
3
|
20,078
|
0.1
|
649,463
|
32.35
|
0.1
|
||
|
Rockland Co., NY
|
1
|
2,679
|
(d)
|
61,617
|
23.00
|
(d)
|
||
|
TOTAL – 2013
|
43
|
203,859
|
1.1
|
5,298,841
|
25.99
|
1.0
|
||
|
2014
|
||||||||
|
Northern NJ
|
121
|
1,436,972
|
7.7
|
38,366,537
|
26.70
|
7.8
|
||
|
Central NJ
|
55
|
229,845
|
1.2
|
5,505,721
|
23.95
|
1.1
|
||
|
Westchester Co., NY
|
58
|
176,815
|
0.9
|
5,058,104
|
28.61
|
1.0
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Fairfield Co., CT
|
5
|
18,995
|
0.1
|
465,582
|
24.51
|
0.1
|
||
|
Washington, DC/MD
|
30
|
206,500
|
1.1
|
5,649,368
|
27.36
|
1.2
|
||
|
Rockland Co., NY
|
4
|
7,616
|
0.1
|
187,486
|
24.62
|
0.1
|
||
|
TOTAL – 2014
|
273
|
2,076,743
|
11.1
|
55,232,798
|
26.60
|
11.3
|
||
|
2015
|
||||||||
|
Northern NJ
|
95
|
1,286,503
|
6.8
|
29,492,523
|
22.92
|
6.0
|
||
|
Central NJ
|
54
|
431,842
|
2.3
|
10,703,957
|
24.79
|
2.2
|
||
|
Westchester Co., NY
|
44
|
198,413
|
1.1
|
5,148,394
|
25.95
|
1.1
|
||
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
||
|
Fairfield Co., CT
|
7
|
52,996
|
0.3
|
1,531,733
|
28.90
|
0.3
|
||
|
Washington, DC/MD
|
34
|
297,547
|
1.6
|
9,401,619
|
31.60
|
1.9
|
||
|
Rockland Co., NY
|
2
|
32,311
|
0.2
|
775,464
|
24.00
|
0.1
|
||
|
TOTAL – 2015
|
236
|
2,299,612
|
12.3
|
57,053,690
|
24.81
|
11.6
|
||
|
2016
|
223
|
1,655,236
|
8.8
|
43,801,725
|
26.46
|
8.9
|
||
|
2017
|
187
|
3,014,642
|
16.1
|
76,964,071
|
25.53
|
15.7
|
||
|
2018
|
182
|
1,841,443
|
9.8
|
51,337,202
|
27.88
|
10.5
|
||
|
2019
|
112
|
1,238,746
|
6.6
|
31,465,330
|
25.40
|
6.4
|
||
|
2020
|
86
|
1,254,213
|
6.7
|
28,424,927
|
22.66
|
5.8
|
||
|
2021
|
69
|
1,134,187
|
6.1
|
30,922,780
|
27.26
|
6.3
|
||
|
2022
|
52
|
919,201
|
4.9
|
23,987,563
|
26.10
|
4.9
|
||
|
2023
|
30
|
856,473
|
4.6
|
23,898,345
|
27.90
|
4.9
|
||
|
2024 and thereafter
|
56
|
2,224,347
|
11.9
|
62,419,257
|
28.06
|
12.7
|
||
|
Totals/Weighted
Average
|
1,549
|
18,718,702 (c)
|
100.0
|
490,806,529
|
26.22
|
100.0
|
||
|
(a)
|
Includes office tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 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 September 30, 2013 aggregating 48,676 square feet and representing annualized rent of $1,204,958 for which no new leases were signed.
|
|
(d)
|
Represents 0.05% or less.
|
|
Year Of
Expiration/
Market
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2013 (c)
|
|||||||
|
Northern NJ
|
3
|
10,806
|
0.2
|
125,104
|
11.58
|
0.2
|
|
|
Central NJ
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
Westchester Co., NY
|
9
|
45,673
|
1.0
|
736,289
|
16.12
|
1.3
|
|
|
Sub. Philadelphia
|
2
|
20,310
|
0.5
|
243,720
|
12.00
|
0.4
|
|
|
Fairfield Co., CT
|
4
|
64,014
|
1.5
|
1,020,450
|
15.94
|
1.8
|
|
|
TOTAL – 2013
|
18
|
140,803
|
3.2
|
2,125,563
|
15.10
|
3.7
|
|
|
2014
|
|||||||
|
Northern NJ
|
8
|
91,451
|
2.1
|
1,214,699
|
13.28
|
2.2
|
|
|
Central NJ
|
9
|
85,989
|
2.0
|
1,135,250
|
13.20
|
1.9
|
|
|
Westchester Co., NY
|
30
|
195,117
|
4.4
|
3,411,848
|
17.49
|
5.8
|
|
|
Sub. Philadelphia
|
14
|
133,600
|
3.0
|
962,824
|
7.21
|
1.6
|
|
|
Fairfield Co., CT
|
2
|
7,425
|
0.1
|
125,929
|
16.96
|
0.2
|
|
|
TOTAL – 2014
|
63
|
513,582
|
11.6
|
6,850,550
|
13.34
|
11.7
|
|
|
2015
|
|||||||
|
Northern NJ
|
6
|
51,805
|
1.2
|
583,275
|
11.26
|
1.0
|
|
|
Central NJ
|
6
|
43,891
|
1.0
|
588,669
|
13.41
|
1.0
|
|
|
Westchester Co., NY
|
30
|
173,473
|
3.9
|
2,976,174
|
17.16
|
5.1
|
|
|
Sub. Philadelphia
|
27
|
253,913
|
5.7
|
1,844,799
|
7.27
|
3.1
|
|
|
Fairfield Co., CT
|
2
|
48,477
|
1.1
|
981,089
|
20.24
|
1.7
|
|
|
TOTAL – 2015
|
71
|
571,559
|
12.9
|
6,974,006
|
12.20
|
11.9
|
|
|
2016
|
68
|
672,348
|
15.2
|
9,102,630
|
13.54
|
15.5
|
|
|
2017
|
59
|
486,479
|
11.0
|
6,229,154
|
12.80
|
10.6
|
|
|
2018
|
74
|
684,726
|
15.5
|
8,978,937
|
13.11
|
15.3
|
|
|
2019
|
38
|
590,513
|
13.4
|
7,905,772
|
13.39
|
13.5
|
|
|
2020
|
18
|
250,696
|
5.7
|
2,979,771
|
11.89
|
5.1
|
|
|
2021
|
11
|
112,472
|
2.5
|
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
|
1,783,271
|
14.00
|
3.0
|
|
|
2024 and thereafter
|
16
|
206,604
|
4.7
|
3,305,941
|
16.00
|
5.6
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
448
|
4,419,731
|
(c)
|
100.0
|
58,663,577
|
13.27
|
100.0
|
|
(a)
|
Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 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 September 30, 2013 aggregating 13,378 square feet and representing annualized rent of $194,469 for which no new leases were signed.
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
|
2014
|
3
|
16,040
|
4.9
|
241,755
|
15.07
|
6.3
|
|
|
2015
|
1
|
28,000
|
8.3
|
350,000
|
12.50
|
9.0
|
|
|
2016
|
4
|
30,988
|
9.2
|
346,794
|
11.19
|
8.9
|
|
|
2018
|
3
|
93,483
|
27.8
|
595,973
|
6.38
|
15.4
|
|
|
2019
|
3
|
44,445
|
13.2
|
792,401
|
17.83
|
20.4
|
|
|
2020
|
1
|
47,232
|
14.1
|
674,473
|
14.28
|
17.4
|
|
|
2023
|
2
|
75,721
|
22.5
|
878,364
|
11.60
|
22.6
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
17
|
335,909
|
100.0
|
3,879,760
|
11.55
|
100.0
|
|
|
(a)
|
Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 1, 2013, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.
|
|
Year Of
Expiration
|
Number Of
Leases
Expiring (a)
|
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
|
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
|
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
|
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
|
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
|
|
2014
|
1
|
9,300
|
53.8
|
175,000
|
18.82
|
39.2
|
|
2024 and thereafter
|
1
|
8,000
|
46.2
|
272,000
|
34.00
|
60.8
|
|
Totals/Weighted
|
||||||
|
Average
|
2
|
17,300
|
100.0
|
447,000
|
25.84
|
100.0
|
|
(a)
|
Includes stand-alone retail property tenants only.
|
|
(b)
|
Annualized base rental revenue is based on actual September 2013 billings times 12. For leases whose rent commences after October 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.
|