THIRD QUARTER 2013


Supplemental Operating and Financial Data









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


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

 
 
 

 


INDEX

 
PAGE(S)
I.  COMPANY BACKGROUND
 
· About the Company / Other Corporate Data
5
· Board of Directors / Executive Officers
6
· Equity Research Coverage / Company Contact Information
7
   
II.  FINANCIAL HIGHLIGHTS
 
· Quarterly Summary / Commencing Initial Operations / Sales
9
· Financing Activity
10
· Leasing
10 – 11
· Information About FFO
11
· Key Financial Data
12
· Same-Store Results and Analysis
13
· Unconsolidated Joint Ventures Summary
14 – 16
· Unconsolidated Joint Ventures Financial Information
17 – 19
· Select Financial Ratios
20
· Debt Analysis:
 
· Debt Breakdown / Future Repayments
21
· Debt Maturities
22
· Debt Detail
23
   
III.  FINANCIAL INFORMATION
 
· Consolidated Statements of Operations
25
· Consolidated Balance Sheets
26
· 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
   
IV.  VALUE CREATION PIPELINE
 
· Operating Property Acquisitions / Properties Commencing Initial Operations
32
· Summary of In-Process Development Projects
32
· Rental Property Sales / Dispositions / Rental Property Held for Sale
33
· Summary of Land Parcels
34
   
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
(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
   



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

 
 
2

 

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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


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

 
 
3

 











I.  COMPANY BACKGROUND


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

 
 
4

 


I.  COMPANY BACKGROUND


About the Company

Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $4.6 billion at September 30, 2013. Mack-Cali has been involved in all aspects of commercial real estate development, management, and ownership for over 60 years and has been a publicly traded REIT since 1994. At September 30, 2013 Mack-Cali owned or had interests in 275 properties consisting of 266 office and office/flex properties totaling approximately 30.7 million square feet of commercial space and nine multi-family rental properties containing over 3,300 residential units, all located in the Northeast, as well as land to accommodate up to 8.4 million square feet of additional commercial space and 5,824 multi-family apartment units – in addition to hotel development.

History

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

Strategy

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

Summary
(as of September 30, 2013)

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)


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

 
 
5

 



Board of Directors

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







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

 
 

 

 

 




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

 
 
6

 


Equity Research Coverage


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






Company Contact Information

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



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

 
 
7

 











II.  FINANCIAL HIGHLIGHTS









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

 
 
8

 

II.  FINANCIAL HIGHLIGHTS

Quarterly Summary

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

Funds from operations (FFO) for the quarter ended September 30, 2013 amounted to $57.1 million, or $0.57 per share. For the nine months ended September 30, 2013, FFO equaled $185.3 million, or $1.86 per share.

Net income available to common shareholders for the third quarter 2013 equaled $4.6 million, or $0.05 per share. For the nine months ended September 30, 2013, net income available to common shareholders amounted to $39.3 million, or $0.45 per share.

Total revenues for the third quarter 2013 were $162.5 million. For the nine months ended September 30, 2013, total revenues amounted to $501.8 million.

For the three and nine months ended September 30, 2013, the Company recorded impairment charges of $48.5 million on nine of its office properties located in New Jersey. For the three and nine months ended September 30, 2013, the Company realized gains on disposition of rental property of $47.3 million and $61.1 million (net of zero and $23.8 million of impairments on discontinued operations), respectively.

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

The Company had 88,021,807 shares of common stock, and 11,987,175 common operating partnership units outstanding as of September 30, 2013. The Company had a total of 100,008,982 common shares/common units outstanding at September 30, 2013.

As of September 30, 2013, the Company had total indebtedness of approximately $2.4 billion, with a weighted average annual interest rate of 5.62 percent.

The Company had a debt-to-undepreciated assets ratio of 39.5 percent at September 30, 2013. The Company had an interest coverage ratio of 2.9 times for the quarter ended September 30, 2013.

Commencing Initial Operations

On August 1, 2013, the Company commenced initial operations on a parking/retail property located in Weehawken, New Jersey. The property consists of 850 garage parking spaces and 16,736 square feet of retail space.

Sales

In August, the Company completed the sale of its 1.66 million square foot Pennsylvania office portfolio and three developable land parcels for approximately $233 million: $201 million in cash, a $10 million mortgage on one of the properties ($8 million of which was funded at closing) and subordinated equity interests in each of the properties being sold with capital accounts aggregating $22 million. The purchasers of the Pennsylvania office portfolio are joint ventures formed between the Company and affiliates of the Keystone Property Group (the “Keystone Affiliates”). The mortgage loan has a term of two years with a one year extension option and bears interest at LIBOR plus six percent. The Company's equity interests in the joint ventures will be subordinated to Keystone Affiliates receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinated equity and then all profit will be split equally.

As part of the transaction, the Company has rights to own, after zoning-approval-subdivision, land at the 150 Monument Road property located in Bala Cynwyd, Pennsylvania, for a contemplated multi-family residential development.
 
 
 
9

 

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

Financing Activity

In July, 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.
Leasing

Mack-Cali’s consolidated in-service portfolio was 86.1 percent leased at September 30, 2013, as compared to 86.2 percent leased at June 30, 2013.

For the quarter ended September 30, 2013, the Company executed 131 leases at its consolidated in-service portfolio totaling 980,600 square feet, consisting of 783,218 square feet of office space, 191,387 square feet of office/flex space and 5,995 square feet of industrial/warehouse space. Of these totals, 265,455 square feet were for new leases and 715,145 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:
 
NORTHERN NEW JERSEY:
-  
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.

-  
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.

-  
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.

CENTRAL NEW JERSEY:
-  
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.

-  
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.

-  
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.

WESTCHESTER COUNTY, NEW YORK:
-  
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.
 
 
 
10

 

 
-  
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.

Information About FFO

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

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables on page 29.


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

 
 
11

 

Key Financial Data


 
      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).


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

 
 
12

 


Same Store Results and Analysis
(dollars in thousands)


 
  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
     
         





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

 
 
13

 

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

Breakdown of Unconsolidated Joint Ventures
(dollars in thousands)

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
 

See footnotes on page 16.


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

 
 
14

 

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

Joint Venture Name
Property
Company’s
Effective
Ownership %
 
Net Operating Income (b)
 
Property Debt
 
Preferred
3 Mos
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.


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

 
 
15

 


Breakdown of Unconsolidated Joint Ventures

(continued)

 
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.





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

 
 
16

 

Unconsolidated Joint Venture Financial Information


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


 
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


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

 
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
 
 




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

 
 
17

 
 
 

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


 
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


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


 
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



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

 
 
18

 

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


 
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



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

 
 
19

 


Select Financial Ratios


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%
 

 


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

 
 
20

 


 
 
Debt Analysis
 
(as of September 30, 2013)


 
Debt Breakdown
 
(dollars in thousands)

 
Balance
% of Total
Weighted Average
Interest Rate (a)
 
Weighted Average Maturity
 in Years
Fixed Rate Unsecured Debt and
  Other Obligations
$1,616,337
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.
 

 

 
Future Repayments
 
(dollars in thousands)

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.

 

 


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

 
 
21

 


 
Debt Maturities
 
(dollars in thousands)

 
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


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

 
 
22

 


 
Debt Detail
 
(dollars in thousands)

 
 
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.
 
 


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

 
 
23

 











III. FINANCIAL INFORMATION



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

 
 
24

 

III.  FINANCIAL INFORMATION

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

   
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  



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

 
 
25

 

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



 
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



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

 
 
26

 


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




           
           
   
Additional
Dividends in
Noncontrolling
 
 
Common Stock
Paid-In
Excess of
Interests
Total
 
Shares
Par Value
Capital
Net Earnings
in Subsidiaries
Equity
Balance at January 1, 2013
87,536
$875
$2,530,621
$(764,522)
$301,533
$2,068,507
Net income
--
--
--
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



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

 
 
27

 

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


             
   
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.



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

 
 
28

 

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


 
Three Months Ended
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.



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

 
 
29

 


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



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

 
Three Months Ended
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



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

 
 
30

 











IV.  VALUE CREATION PIPELINE




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

 
 
31

 

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.


For the year ended December 31, 2012

None.


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

For the nine months ended September 30, 2013

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.


For the year ended December 31, 2012

None.

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

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.


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

 
 
32

 

Rental Property Sales/Dispositions
(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.


For the year ended December 31, 2012

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

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




Rental Property Held For Sale
(dollars in thousands)

At September 30, 2013

None.





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

 
 
33

 

Summary of Land Parcels

Property
Location
State
Acres (a)
# of
Apartment
Units (a)
Potential
Commercial
Square Feet (a)
Type of Space
Office:
           
Capital Office Park
Greenbelt
MD
42.8
 
595,000
Office
Eastpoint II
Lanham
MD
4.8
 
122,000
Office/Hotel
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.


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

 
 
34

 











V.  PORTFOLIO/ LEASING STATISTICS




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

 
 
35

 


V.  PORTFOLIO/ LEASING STATISTICS

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

     
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%
                 

 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
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.



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

 
 
36

 

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

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



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

 
 
37

 

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.


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

 
 
38

 

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

     
LEASING ACTIVITY
     
 
 
 
Market
Sq. Ft.
Leased
12/31/12
Leased
Sq. Ft.
Acquired/Sold (a)
Expiring/
Adjustment
Sq. Ft. (b)
Incoming
Sq. Ft.
Net
Leasing
Activity
Sq. Ft.
Leased 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%
                 

 
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
 

   
Total sq. ft. as of December 31, 2012
30,754,754
    Total sq. ft. of properties added this period
203,506
    Total sq. ft. of properties sold this period
(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.


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

 
 
39

 

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

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



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

 
 
40

 

Leasing Statistics
(For the nine months ended September 30, 2013)
 
Unconsolidated Commercial Joint Venture Properties
 
 
SUMMARY OF SPACE LEASED
 
           
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 OF TRANSACTION ACTIVITY
 
Unconsolidated Retail Joint Venture Properties
 
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
               
 
SUMMARY OF SPACE LEASED
 
           
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 OF TRANSACTION ACTIVITY
Detail by Market
 
 
Market
# of
Trans-
actions
Total
Sq. Ft.
Sq. Ft. New
Leases
Sq. Ft.
Renewed
And Other
Retained (c)
Wtd. Avg.
Term (Yrs.)
Wtd. Avg.
Base
Rent (d)
Leasing Costs  Per Sq. Ft. Per Year (f)
               
 
Northern NJ
2
11,830
11,830
-
10.2
21.25
N/A
               

(a)  
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)  
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)  
“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(d)  
Equals triple net rent plus common area costs and real estate taxes, as applicable.
(e)  
Represents estimated workletter costs of $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.


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

 
 
41

 

Market Diversification


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


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



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

 
 
42

 

Industry Diversification

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

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





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

 
 
43

 


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

Breakdown by Number of Properties
 

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


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

 
 
44

 


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

Breakdown by Square Footage for Commercial Properties

PROPERTY TYPE:
 
STATE
Office
% of
Total
Office/Flex
% of
Total
Industrial/
Warehouse
% of
Total
Stand-
Alone Retail
% of
Total
TOTALS
By State
% of
Total
New Jersey
18,772,757
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.



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

 
 
45

 


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

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

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

(a)   Excludes 31 properties, aggregating approximately 2.7 million square feet, which are not consolidated by the Company.
(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.


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

 
 
46

 


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

PROPERTY TYPE:
STATE
Office
Office/Flex
Industrial/Warehouse
Stand-Alone Retail
WEIGHTED AVG.
By State
New Jersey
84.6%
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.




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

 
 
47

 

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


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

 
 
48

 


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


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

 
 
49

 


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


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

 
 
50

 


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


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

 
 
51

 


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
             


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

 
 
52

 



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


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

 
 
53

 


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


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

 
 
54

 


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


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

 
 
55

 


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

(a)  
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring 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.



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

 
 
56

 

Significant Tenants


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

 
Number
of
Properties
Annualized
Base Rental
Revenue ($) (a)
Percentage of
Company
Annualized Commercial Base
Rental Revenue (%)
Square
Feet
Leased
Percentage of
Total Company
Commercial Leased
Sq. Ft. (%)
Year of
Lease
Expiration
DB Services New Jersey, Inc.
2
12,111,630
2.3
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
 

See footnotes on subsequent page.


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

 
 
57

 


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.


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

 
 
58

 

Schedule of Lease Expirations

All Consolidated Commercial Properties

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

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
 Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2013 (c)
           
   Northern  NJ
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
             

Schedule continued, with footnotes, on subsequent page.



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

 
 
59

 


Schedule of Lease Expirations

All Consolidated Commercial Properties (continued)

Year Of
Expiration
Number Of
Leases
Expiring (a)
 
 
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2016
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



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

 
 
60

 

Schedule of Lease Expirations

Office Properties

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

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2013 (c)
           
   Northern  NJ
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.


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

 
 
61

 

Schedule of Lease Expirations

Office/Flex Properties

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

Year Of
Expiration/
Market
Number Of
Leases
Expiring (a)
 
 
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2013 (c)
           
   Northern  NJ
3
10,806
0.2
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.




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

 
 
62

 

Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning October 1, 2013, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
 
Year Of
Expiration
Number Of
Leases
Expiring (a)
Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)
Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)
Annualized
Base Rental
Revenue Under
Expiring
Leases ($) (b)
Average Annualized
Base Rent Per
Net Rentable
Square Foot
Represented
By Expiring
Leases ($)
Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)
             
2014
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.


Stand-Alone Retail Properties

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

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

(a)  
Includes stand-alone retail property tenants only.
(b)  
Annualized base rental revenue is based on actual 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.


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

 
 
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