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PAGE(S)
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I. COMPANY BACKGROUND
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· About the Company / Other Corporate Data
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5
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· Board of Directors / Executive Officers
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6
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· Equity Research Coverage / Company Contact Information
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7
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II. FINANCIAL HIGHLIGHTS
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· Quarterly Summary / Acquisitions / Sales
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9
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· Leasing
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10
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· Information About FFO
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11
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· Key Financial Data
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12
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· Same-Store Results and Analysis
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13
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· Unconsolidated Joint Ventures Summary
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14 – 16
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· Unconsolidated Joint Venture Financial Information
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17 – 19
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· Select Financial Ratios
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20
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· Debt Analysis:
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· Debt Breakdown / Future Repayments
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21
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· Debt Maturities
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22
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· Debt Detail
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23
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III. FINANCIAL INFORMATION
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· Consolidated Statements of Operations
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25
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· Consolidated Balance Sheets
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26
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· Consolidated Statement of Changes in Equity
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27
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· Statements of Funds from Operations
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28
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· Statements of Funds from Operations Per Diluted Share
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29
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· Reconciliation of Basic-to-Diluted Shares/Units
|
30
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IV. VALUE CREATION PIPELINE
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· Operating Property Acquisitions / Properties Commencing Initial Operations
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32
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· Summary of Development Projects
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33
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· Summary of Land Parcels
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34
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· Rental Property Sales / Dispositions / Rental Property Held for Sale
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35
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V. PORTFOLIO/ LEASING STATISTICS
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· Leasing Statistics
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37 – 39
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· Market Diversification (MSAs)
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40
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· Industry Diversification (Top 30 Tenant Industries)
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41
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· Consolidated Portfolio Analyses:
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Breakdown by:
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(a) Number of Properties
|
42
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(b) Square Footage
|
43
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(c) Base Rental Revenue
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44
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(d) Percentage Leased
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45
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· Consolidated Property Listing (by Property Type)
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46 – 53
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· Significant Tenants (Top 50 Tenants)
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54 – 55
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· Schedules of Lease Expirations (by Property Type)
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56 – 60
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·
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risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants and residents;
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·
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the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by the Company’s properties or on an unsecured basis;
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·
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the extent of any tenant bankruptcies or of any early lease terminations;
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·
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the Company’s ability to lease or re-lease space at current or anticipated rents;
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·
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changes in the supply of and demand for our properties;
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·
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changes in interest rate levels and volatility in the securities markets;
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·
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changes in operating costs;
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·
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the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;
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·
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the availability of financing on attractive terms or at all, which may adversely impact the Company’s ability to pursue acquisition and development opportunities and refinance existing debt and the Company’s future interest expense;
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·
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changes in governmental regulation, tax rates and similar matters; and
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·
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other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants or residents will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.
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Corporate Headquarters
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Edison, New Jersey
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Fiscal Year-End
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12/31
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Total Properties
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279
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Total Commercial Square Feet / Multi-family Units
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31.0 million commercial square feet and 3,678 multi-family residential units
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Geographic Diversity
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Seven states and the District of Columbia
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New Jersey Presence
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21.8 million square feet of commercial space and 1,877 multi-family residential units
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Northeast Presence
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31.0 million square feet of commercial space and 3,678 multi-family residential units
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Common Shares and
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Units Outstanding
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100.1 million
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Dividend-- Quarter/Annualized
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$0.30/$1.20
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Dividend Yield
|
5.8%
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Total Market Capitalization
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$4.4 billion
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Senior Debt Rating
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BBB- (S&P and Fitch);
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Baa2 (Moody’s)
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William L. Mack, Chairman of the Board
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Alan S. Bernikow
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David S. Mack
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Kenneth M. Duberstein
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Alan G. Philibosian
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Nathan Gantcher
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Irvin D. Reid
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Mitchell E. Hersh
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Vincent Tese
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Jonathan Litt
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Roy J. Zuckerberg
|
| Mitchell E. Hersh, President and Chief Executive Officer | |
| Anthony Krug, Chief Accounting Officer and Acting Chief Financial Officer |
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Bank of America Merrill Lynch
James C. Feldman
(646) 855-5808
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ISI Group
Steve Sakwa
(212) 446-9462
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Barclays Capital
Ross Smotrich
(212) 526-2306
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J.P. Morgan
Anthony Paolone
(212) 622-6682
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Citigroup
Michael Bilerman
(212) 816-1383
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KeyBanc Capital Markets
Jordan Sadler
(917) 368-2280
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Cowen and Company
James Sullivan
(646) 562-1380
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Stifel, Nicolaus & Company, Inc.
John W. Guinee, III
(443) 224-1307
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Deutsche Bank North America
Vin Chao
(212) 250-6799
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UBS Investment Research
Ross T. Nussbaum
(212) 713-2484
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Green Street Advisors
Michael Knott
(949) 640-8780
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Mack-Cali Realty Corporation
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Investor Relations Department
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343 Thornall Street
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Edison, New Jersey 08837-2206
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Phone: (732) 590-1000
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Web: www.mack-cali.com
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Fax: (732) 205-8237
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E-mail: investorrelations@mack-cali.com
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Funds from operations (FFO) for the quarter ended March 31, 2014 amounted to $30.1 million, or $0.30 per share.
|
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Net loss to common shareholders for the first quarter 2014 equaled $15.3 million, or $0.17 per share.
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Included in net income and FFO for the first quarter 2014 was $4.8 million or $0.05 per share related to the net effect of unusual electricity rate spikes and $11.0 million or $0.11 per share related to EVP severance costs.
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All per share amounts presented above are on a diluted basis.
|
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Total revenues for the first quarter 2014 were $169.6 million.
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The Company had 88,630,146 shares of common stock, and 11,518,069 common operating partnership units outstanding as of March 31, 2014. The Company had a total of 100,148,215 common shares/common units outstanding at March 31, 2014.
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As of March 31, 2014, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 5.54 percent.
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The Company had a debt-to-undepreciated assets ratio of 38.8 percent at March 31, 2014. The Company had an interest coverage ratio of 2.0 times for the quarter ended March 31, 2014.
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In March 2014, the Company entered into an agreement to sell its 249,409 square foot office property located at 22 Sylvan Way in Parsippany, New Jersey for approximately $96.6 million. The Company completed the sale of the property on April 23, 2014.
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In February 2014, the Company entered into agreements to form various joint ventures with Keystone Property Group to facilitate the sale of 15 of Mack-Cali’s office buildings located in northern New Jersey, New York and Connecticut. Pursuant to the agreements, the portfolio, which totals approximately 2.3 million square feet, will be sold for approximately $230.8 million, including $201.7 million in cash with the balance in the form of senior and subordinated equity.
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Through its partnerships with Keystone, Mack-Cali will participate in management and construction fees for the portfolio and a percentage of value creation above certain hurdle rates, and retain a senior pari-passu equity position at three of the properties located in Elmsford, New York. As part of the transaction, Mack-Cali and Keystone will jointly provide leasing representation for the portfolio. The consummation of the transaction between Mack-Cali and Keystone is subject to customary due diligence.
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In 2012 and 2013, the Company sold to Keystone 20 office properties and three land parcels located in suburban Philadelphia submarkets in similar type transactions.
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Mack-Cali’s consolidated commercial in-service portfolio was 83.6 percent leased at March 31, 2014 as compared to 86.1 percent leased at December 31, 2013. The percent leased at March 31, 2014 includes the effects of the lease expirations that had been anticipated of Morgan Stanley & Co. and Credit Suisse (USA) at Harborside in Jersey City aggregating 371,000 square feet.
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For the quarter ended March 31, 2014, the Company executed 102 leases at its consolidated in-service portfolio totaling 645,041 square feet, consisting of 497,810 square feet of office space, 93,531 square feet of office/flex space and 53,700 square feet of industrial/warehouse space. Of these totals, 220,288 square feet were for new leases and 424,753 square feet were for lease renewals and other tenant retention transactions.
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Highlights of the quarter’s leasing transactions include:
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NORTHERN NEW JERSEY:
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-
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Summit Risk Management, Inc., a Summit Financial Resources company and provider of financial planning and wealth management services, renewed 36,470 square feet at 4 Campus Drive in Parsippany. The 147,475 square-foot office building, located in Mack-Cali Business Campus, is 77 percent leased.
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-
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Pacira Pharmaceuticals, Inc., a specialty pharmaceutical company, relocated and expanded into 27,581 square feet at 5 Sylvan Way in Parsippany. The 151,383 square-foot office building, also located in Mack-Cali Business Campus, is 77.5 percent leased.
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-
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Dialogic Inc., communications consultants, signed a new lease for 25,823 square feet at 4 Gatehall Drive in Parsippany. The 248,480 square-foot office building, also located in Mack-Cali Business Campus, is 85.9 percent leased.
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-
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Canare Corporation of America, a manufacturer of electronic cable, connectors, assemblies, and patch panels for broadcast, audio, and video, renewed 16,331 square feet at 45 Commerce Way in Totowa. The 51,207 square-foot office/flex building, located in Mack-Cali Commercenter, is 100 percent leased.
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-
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Annin & Co., Inc., a flag manufacturer, renewed 15,636 square feet at 105 Eisenhower Parkway in Roseland. The 220,000 square-foot office building, located in Eisenhower/280 Corporate Center, is 51.7 percent leased.
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CENTRAL NEW JERSEY:
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-
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Jersey Central Power and Light Company renewed 52,934 square feet at One River Centre, 331 Newman Springs Road, Building III in Red Bank.
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-
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Also at One River Centre, Building III, FirstEnergy Service Company, a diversified energy company, renewed 17,497 square feet. The 194,518 square-foot office building is 100 percent leased.
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WESTCHESTER COUNTY, NEW YORK:
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|
|
-
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Clancy Cullen Moving & Storage Co., Inc. signed a new lease for 46,000 square feet at 4 Warehouse Lane in Elmsford. The 195,500 square-foot industrial/warehouse building, located in Elmsford Distribution Center, is 97 percent leased.
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CONNECTICUT:
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-
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World Wrestling Entertainment, Inc., a media and entertainment organization, signed transactions totaling 24,547 square feet at Soundview Plaza, 1266 East Main Street in Stamford, consisting of a 20,700 square-foot renewal and a 3,847 square-foot expansion. The 179,260 square-foot office building is 81.4 percent leased.
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-
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J.B. Moving Services, Inc., a full service provider of residential, commercial, and International relocations, containerized and self storage, signed a new lease for 18,100 square feet at 650 West Avenue in Stamford. The 40,000 square-foot office/flex building, located in Stamford Executive Park, is 100 percent leased.
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MARYLAND:
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-
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The U.S. General Services Administration (GSA) renewed its lease for the entire 38,690 square-foot office building at 9200 Edmonston Road, which is located in Capital Office Park in Greenbelt.
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03/31/14
|
12/31/13
|
09/30/13
|
06/30/13
|
03/31/13
|
||||||
|
Shares and Units:
|
||||||||||
|
Common Shares Outstanding
|
88,630,146
|
88,247,591
|
88,021,807
|
88,004,354
|
87,923,776
|
|||||
|
Common Units Outstanding
|
11,518,069
|
11,864,775
|
11,987,175
|
12,003,241
|
12,081,440
|
|||||
|
Combined Shares and Units
|
100,148,215
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100,112,366
|
100,008,982
|
100,007,595
|
100,005,216
|
|||||
|
Weighted Average- Basic (a)
|
99,875,659
|
99,806,029
|
99,787,129
|
99,779,978
|
99,766,701
|
|||||
|
Weighted Average- Diluted (b)
|
99,875,659
|
99,806,029
|
99,787,129
|
99,779,978
|
99,849,397
|
|||||
|
Common Share Price ($’s):
|
||||||||||
|
At the end of the period
|
20.79
|
21.48
|
21.94
|
24.49
|
28.61
|
|||||
|
High during period
|
23.23
|
22.49
|
25.13
|
29.39
|
29.03
|
|||||
|
Low during period
|
19.75
|
19.05
|
20.60
|
22.59
|
25.78
|
|||||
|
Market Capitalization:
|
||||||||||
|
($’s in thousands, except ratios)
|
||||||||||
|
Market Value of Equity (c)
|
2,137,042
|
2,205,697
|
2,250,247
|
2,505,823
|
2,917,514
|
|||||
|
Total Debt
|
2,232,287
|
2,362,766
|
2,368,681
|
2,369,153
|
2,296,687
|
|||||
|
Total Market Capitalization
|
4,369,329
|
4,568,463
|
4,618,928
|
4,874,976
|
5,214,201
|
|||||
|
Total Debt/ Total Market
|
||||||||||
|
Capitalization
|
51.09
|
%
|
51.72
|
%
|
51.28
|
%
|
49.60
|
%
|
44.05
|
%
|
|
Financials:
|
||||||||||
|
($’s in thousands, except ratios and
|
||||||||||
|
per share amounts)
|
||||||||||
|
Total Assets
|
4,354,343
|
4,515,328
|
4,609,263
|
4,638,064
|
4,585,269
|
|||||
|
Gross Book Value of Real Estate Assets
|
5,172,017
|
5,129,933
|
5,113,940
|
5,422,418
|
5,607,617
|
|||||
|
Total Liabilities
|
2,483,223
|
2,596,873
|
2,598,601
|
2,602,972
|
2,547,913
|
|||||
|
Total Equity
|
1,871,120
|
1,918,455
|
2,010,662
|
2,035,092
|
2,037,356
|
|||||
|
Total Revenues
|
169,596
|
165,267
|
162,505
|
168,346
|
170,913
|
|||||
|
Capitalized Interest
|
3,141
|
2,623
|
3,514
|
3,281
|
3,467
|
|||||
|
Scheduled Principal Amortization
|
904
|
939
|
1,017
|
808
|
1,065
|
|||||
|
Interest Coverage Ratio
|
2.01
|
2.65
|
2.85
|
3.08
|
3.11
|
|||||
|
Fixed Charge Coverage Ratio
|
1.77
|
2.38
|
2.48
|
2.72
|
2.70
|
|||||
|
Net Income (Loss)
|
(17,628)
|
(61,770)
|
3,439
|
26,184
|
13,089
|
|||||
|
Net Income (Loss) Available to Common Shareholders
|
(15,298)
|
(54,179)
|
4,643
|
23,071
|
11,556
|
|||||
|
Earnings per Share—diluted
|
(0.17)
|
(0.62)
|
0.05
|
0.26
|
0.13
|
|||||
|
FFO per Share—diluted (d)
|
0.30
|
0.52
|
0.57
|
0.65
|
0.63
|
|||||
|
Dividends Declared per Share
|
0.30
|
0.30
|
0.30
|
0.30
|
0.45
|
|||||
|
FFO Payout Ratio—diluted (d)
|
99.40
|
%
|
57.46
|
%
|
52.42
|
%
|
45.93
|
%
|
71.28
|
%
|
|
Portfolio Size:
|
||||||||||
|
Properties
|
279
|
279
|
275
|
273
|
279
|
|||||
|
Total Commercial Square Footage
|
31,002,668
|
31,002,668
|
30,657,119
|
30,584,290
|
31,591,672
|
|||||
|
Commercial Sq. Ft. Leased at End of Period (e) (f) (g)
|
83.6
|
%
|
86.1
|
%
|
86.1
|
%
|
86.2
|
%
|
86.0
|
%
|
|
Apartment Units
|
3,678
|
3,678
|
3,319
|
3,319
|
2,907
|
|||||
|
(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).
|
|
(g)
|
The percent leased at March 31, 2014 includes the effects of the lease expirations that had been anticipated of Morgan Stanley & Co. and Credit Suisse (USA) at Harborside in Jersey City aggregating 371,000 square feet.
|
|
For the three months ended
|
||||||||
|
March 31,
|
%
|
|||||||
|
2014
|
2013
|
Change
|
Change
|
|||||
|
Total Property Revenues
|
$
|
154,692
|
$
|
154,906
|
$
|
(214)
|
(0.1)
|
|
|
Real Estate Taxes
|
23,357
|
21,468
|
1,889
|
8.8
|
||||
|
Utilities
|
27,811
|
16,236
|
11,575
|
71.3
|
||||
|
Operating Services
|
28,064
|
25,365
|
2,699
|
10.6
|
||||
|
Total Property Expenses:
|
79,232
|
63,069
|
16,163
|
25.6
|
||||
|
GAAP Net Operating Income
|
75,460
|
91,837
|
(16,377)
|
(17.8)
|
||||
|
Less: straight-lining of rents adj.
|
1,796
|
6,560
|
(4,764)
|
(72.6)
|
||||
|
Net Operating Income
|
$
|
73,664
|
$
|
85,277
|
$
|
(11,613)
|
(13.6)
|
|
|
Percentage Leased at
|
||||||||
|
Period End
|
83.5
|
%
|
86.5
|
%
|
||||
|
Total Properties:
|
240
|
|||||||
|
Total Square Footage:
|
27,748,345
|
|||||||
|
Company’s
|
Net Operating
|
|||||||||||||||||||||||||||
|
# of
|
Revenue
|
Effective
|
Income (b)
|
Property Debt
|
Preferred
|
|||||||||||||||||||||||
|
Year
|
Percent
|
Apartment
|
Per
|
Ownership
|
3 Mos
|
Maturity
|
Interest
|
Capital
|
Return
|
|||||||||||||||||||
|
Joint Venture / Property Name
|
Location
|
Built
|
Leased
|
Units
|
Unit (a)
|
%
|
03/31/14
|
Balance
|
Date
|
Rate
|
Balance (c)
|
Rate
|
Investor
|
|||||||||||||||
|
Operating Multi-family Residential:
|
||||||||||||||||||||||||||||
|
Marbella RoseGarden, L.L.C. / Marbella
|
Jersey City, NJ
|
2003
|
94.8
|
%
|
412
|
$
|
2,695
|
24.27
|
%
|
$
|
2,068
|
$
|
95,000
|
05/01/18
|
4.99
|
%
|
$
|
7,567
|
9.50
|
%
|
Prudential
|
|||||||
|
RoseGarden Monaco, L.L.C. / Monaco (North and South)
|
Jersey City, NJ
|
2011
|
95.3
|
%
|
523
|
3,040
|
15.00
|
%
|
3,103
|
165,000
|
02/01/21
|
4.19
|
%
|
81,284
|
9.00
|
%
|
Prudential
|
|||||||||||
|
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park
|
Morristown, NJ
|
2010
|
96.8
|
%
|
130
|
3,145
|
12.50
|
%
|
706
|
38,600
|
09/01/20
|
3.25
|
%
|
20,651
|
(d)
|
9.00
|
%
|
Prudential
|
||||||||||
|
Rosewood Lafayette Holdings, L.L.C. / Highlands at Morristown Station
|
Morristown, NJ
|
2009
|
97.3
|
%
|
217
|
2,516
|
25.00
|
%
|
1,050
|
39,193
|
07/01/15
|
4.00
|
%
|
32,819
|
9.00
|
%
|
Prudential
|
|||||||||||
|
PruRose Port Imperial South 15 LLC / RiversEdge at Port Imperial
|
Weehawken, NJ
|
2009
|
92.1
|
%
|
236
|
3,015
|
50.00
|
% (e)
|
1,019
|
57,500
|
09/01/20
|
4.32
|
%
|
39,543
|
9.00
|
%
|
Prudential
|
|||||||||||
|
Overlook Ridge JV, L.L.C. / Quarrystone
|
Malden, MA
|
2008
|
95.2
|
%
|
251
|
2,104
|
25.00
|
%
|
961
|
69,732
|
03/15/16
|
(f)
|
18,829
|
(g)
|
15.00
|
%
|
Lennar
|
|||||||||||
|
Crystal House Apartments Investors LLC / Crystal House
|
Arlington, VA
|
1962
|
84.8
|
% (o)
|
828
|
1,944
|
25.00
|
%
|
2,364
|
165,000
|
03/19/20
|
3.17
|
%
|
-
|
-
|
-
|
||||||||||||
|
Total Operating Multi-family Residential:
|
91.6
|
%
|
2,597
|
$
|
2,505
|
$
|
11,271
|
$
|
630,025
|
$
|
200,693
|
|||||||||||||||||
|
Company’s
|
Net Operating
|
|||||||||||||||||||||||||||
|
Effective
|
Income (b)
|
Property Debt
|
Preferred
|
|||||||||||||||||||||||||
|
Year
|
Percent
|
Square
|
Ownership
|
3 Mos
|
Maturity
|
Interest
|
Capital
|
Return
|
||||||||||||||||||||
|
Joint Venture / Property Name
|
Location
|
Built
|
Leased
|
Feet
|
%
|
03/31/14
|
Balance
|
Date
|
Rate
|
Balance (c)
|
Rate
|
Investor
|
||||||||||||||||
|
Operating Commercial:
|
||||||||||||||||||||||||||||
|
Roseland/North Retail, L.L.C. / Riverwalk at Port Imperial
|
West New York, NJ
|
2008
|
64.0
|
%
|
30,745
|
20.00
|
%
|
$
|
118
|
-
|
-
|
-
|
$
|
6,175
|
9.00
|
%
|
Prudential
|
|||||||||||
|
BNES Associates III / Offices at Crystal Lake
|
West Orange, NJ
|
2003
|
100.0
|
%
|
106,345
|
31.25
|
%
|
366
|
$
|
7,205
|
11/01/23
|
4.76
|
%
|
-
|
-
|
-
|
||||||||||||
|
Red Bank Corporate Plaza / Red Bank
|
Red Bank, NJ
|
2007
|
100.0
|
%
|
92,878
|
50.00
|
%
|
599
|
16,426
|
05/17/16
|
L+3.00
|
% (h)
|
-
|
-
|
-
|
|||||||||||||
|
12 Vreeland Realty L.L.C. / 12 Vreeland Road
|
Florham Park, NJ
|
1984
|
100.0
|
%
|
139,750
|
50.00
|
%
|
346
|
15,070
|
07/01/23
|
2.87
|
%
|
-
|
-
|
-
|
|||||||||||||
|
Rosewood Morristown, L.L.C. / Shops at 40 Park
|
Morristown, NJ
|
2010
|
60.4
|
%
|
50,973
|
12.50
|
%
|
109
|
6,500
|
08/28/18
|
3.63
|
%
|
-
|
(d)
|
9.00
|
%
|
Prudential
|
|||||||||||
|
Keystone Property Group / Suburban Philadelphia
|
Suburban Philadelphia, PA
|
Various
|
84.6
|
%
|
1,842,820
|
(p)
|
5,131
|
200,110
|
(q)
|
(q)
|
37,150
|
15.00
|
%
|
KPG
|
||||||||||||||
|
KPG-P 100 IMW JV, LLC / 100 Independence Mall West
|
Philadelphia, PA
|
1965
|
97.4
|
%
|
339,615
|
33.33
|
%
|
379
|
61,500
|
09/09/16
|
L+7.00
|
%
|
-
|
-
|
-
|
|||||||||||||
|
Total Operating Commercial:
|
2,603,126
|
7,048
|
306,811
|
43,325
|
||||||||||||||||||||||||
|
Company’s
|
Net Operating
|
|||||||||||||||||||||||||||
|
Number
|
Effective
|
Income (b)
|
Property Debt
|
Preferred
|
||||||||||||||||||||||||
|
Year
|
of
|
Ownership
|
3 Mos
|
Maturity
|
Interest
|
Capital
|
Return
|
|||||||||||||||||||||
|
Joint Venture/Property Name
|
Location
|
Built
|
Rooms
|
%
|
03/31/14
|
Balance
|
Date
|
Rate
|
Balance (c)
|
Rate
|
Investor
|
|||||||||||||||||
|
Hotel:
|
||||||||||||||||||||||||||||
|
Harborside South Pier / Hyatt Regency Jersey City on the Hudson
|
Jersey City, NJ
|
2002
|
350
|
50.00
|
%
|
$
|
3,396
|
$
|
62,495
|
11/05/16
|
6.15
|
% (i)
|
-
|
-
|
-
|
|||||||||||||
|
Company’s
|
Net Operating
|
|||||||||||||||||||||||||||
|
Effective
|
Income (b)
|
Property Debt
|
Preferred
|
|||||||||||||||||||||||||
|
Ownership
|
3 Mos
|
Maturity
|
Interest
|
Capital
|
Return
|
|||||||||||||||||||||||
|
Joint Venture/Property Name
|
Location
|
%
|
03/31/14
|
Balance
|
Date
|
Rate
|
Balance (c)
|
Rate
|
Investor
|
|||||||||||||||||||
|
Other Investment:
|
||||||||||||||||||||||||||||
|
Stamford SM L.L.C. / Senior Mezzanine Loan
|
Stamford, CT
|
80.00
|
%
|
$
|
1,145
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||
|
Company’s
|
||||||||||||||||||||||
|
Estimated
|
# of
|
Effective
|
Property Debt
|
Preferred
|
||||||||||||||||||
|
Stabilization
|
Percent
|
Apartment
|
Ownership
|
Maturity
|
Interest
|
Capital
|
Return
|
|||||||||||||||
|
Joint Venture/Property Name
|
Location
|
Date
|
Leased
|
Units
|
%
|
Balance
|
Date
|
Rate
|
Balance (c)
|
Rate
|
Investor
|
|||||||||||
|
Development Projects in Lease Up:
|
||||||||||||||||||||||
|
PruRose Riverwalk G, L.L.C. / RiverTrace at Port Imperial
|
West New York, NJ
|
1Q-2015
|
37.0
|
%
|
316
|
25.00
|
%
|
$
|
71,977
|
07/15/21
|
6.00
|
%
|
$
|
42,651
|
7.75
|
%
|
UBS
|
|||||
|
Elmajo Urban Renewal Associates, L.L.C. / Lincoln Harbor (Bldg A&C)
|
Weehawken, NJ
|
2Q-2015
|
14.8
|
%
|
355
|
7.50
|
%
|
66,757
|
06/27/16
|
L+2.10
|
%
|
58,890
|
8.50
|
%
|
Hartz
|
|||||||
|
Overlook Ridge JV 2C/3B, L.L.C. / Overlook Ridge 2C & 3B
|
Malden, MA
|
3Q-2015
|
9.4
|
%
|
371
|
25.00
|
%
|
29,995
|
12/28/15
|
L+2.50
|
% (j)
|
25,778
|
6.50
|
%
|
UBS
|
|||||||
|
Total Development Projects in Lease Up:
|
1,042
|
$
|
168,729
|
$
|
127,319
|
|||||||||||||||||
|
Estimated
|
Company’s
|
|||||||||||||||||||||
|
Initial
|
# of
|
Effective
|
Property Debt
|
Preferred
|
||||||||||||||||||
|
Delivery
|
Apartment
|
Ownership
|
Maturity
|
Interest
|
Capital
|
Return
|
||||||||||||||||
|
Joint Venture/Property Name
|
Location
|
Date
|
Units
|
%
|
Balance
|
Date
|
Rate
|
Balance (c)
|
Rate
|
Investor
|
||||||||||||
|
In-Process Development Projects:
|
||||||||||||||||||||||
|
RiverPark at Harrison I Urban Renewal LLC / RiverPark at Harrison
|
Harrison, NJ
|
4Q-2014
|
141
|
36.00
|
%
|
5,828
|
06/27/16
|
L+2.35
|
%
|
$
|
-
|
-
|
-
|
|||||||||
|
Portside Master Company, LLC / Portside at Pier One – Bldg 7
|
East Boston, MA
|
4Q-2014
|
176
|
38.25
|
%
|
9,368
|
12/05/15
|
L+2.50
|
%
|
25,488
|
9.00
|
%
|
Prudential
|
|||||||||
|
Prurose Port Imperial South 13, LLC / Port Imperial Bldg 13
|
Weehawken, NJ
|
1Q-2015
|
280
|
20.00
|
% (e)
|
15,667
|
06/27/16
|
L+2.15
|
% (k)
|
47,027
|
(l)
|
9.00
|
%
|
Prudential
|
||||||||
|
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B)
|
Weehawken, NJ
|
1Q-2015
|
227
|
7.50
|
%
|
15,994
|
01/25/17
|
L+2.10
|
%
|
32,268
|
8.50
|
%
|
Hartz
|
|||||||||
|
Capitol Place Mezz LLC / Station Townhouses
|
Washington, D.C.
|
1Q-2015
|
377
|
50.00
|
%
|
36,025
|
07/01/33
|
4.82
|
%
|
-
|
-
|
-
|
||||||||||
|
Rosewood Morristown, L.L.C. / Lofts at 40 Park
|
Morristown, NJ
|
4Q-2015
|
59
|
25.00
|
%
|
1,117
|
09/30/14
|
L+2.50
|
%
|
-
|
-
|
-
|
||||||||||
|
RoseGarden Marbella South, L.L.C. / Marbella II
|
Jersey City, NJ
|
4Q-2015
|
311
|
24.27
|
%
|
8,496
|
3/30/2017
|
L+2.25
|
%
|
13,342
|
(m)
|
9.00
|
%
|
Prudential
|
||||||||
|
Roseland/Port Imperial Partners, L.P. / Riverwalk C
|
West New York, NJ
|
1Q-2017
|
363
|
20.00
|
%
|
-
|
-
|
-
|
23,474
|
(n)
|
10.00
|
%
|
Prudential
|
|||||||||
|
Total In-Process Development Projects:
|
1,934
|
$
|
92,495
|
$
|
141,599
|
|||||||||||||||||
|
Company’s
|
||||||||||||||||||||||
|
Potential
|
Potential
|
Effective
|
Property Debt
|
Preferred
|
||||||||||||||||||
|
Apartment
|
Commercial
|
Ownership
|
Maturity
|
Interest
|
Capital
|
Return
|
||||||||||||||||
|
Joint Venture/Property Name
|
Location
|
Units
|
Square Feet
|
%
|
Balance
|
Date
|
Rate
|
Balance (c)
|
Rate
|
Investor
|
||||||||||||
|
Land:
|
||||||||||||||||||||||
|
Hillsborough 206 Holdings, L.L.C. / Hillsborough 206
|
Hillsborough, NJ
|
n/a
|
160,000
|
50.00
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
|
RoseGarden Monaco, L.L.C. / San Remo Land
|
Jersey City, NJ
|
300
|
n/a
|
41.67
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
|
Grand Jersey Waterfront URA, L.L.C. / Liberty Landing
|
Jersey City, NJ
|
1,000
|
n/a
|
50.00
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
|
RiverPark at Harrison I, L.L.C. / RiverPark at Harrison 5-8
|
Harrison, NJ
|
141
|
n/a
|
Land Option
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
|
Plaza VIII and IX Associates, L.L.C. / Vacant land/parking
|
Jersey City, NJ
|
n/a
|
1,225,000
|
50.00
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
|
Overlook Ridge, L.L.C. / Overlook Ridge Land
|
Malden/Revere, MA
|
896
|
160,000
|
50.00
|
%
|
$
|
16,783
|
06/02/14
|
L+3.50
|
%
|
-
|
-
|
-
|
|||||||||
|
Overlook Ridge JV, L.L.C. / Overlook Phase III
|
Malden, MA
|
240
|
n/a
|
50.00
|
%
|
5,670
|
04/14/15
|
L+2.50
|
%
|
-
|
-
|
-
|
||||||||||
|
Roseland/Port Imperial Partners, L.P. / Port Imperial North
|
West New York, NJ
|
836
|
n/a
|
20.00
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
|
Crystal House Apartments Investors LLC / Crystal House
|
Arlington, VA
|
295
|
n/a
|
50.00
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
|
Total Land:
|
3,708
|
1,545,000
|
$
|
22,453
|
||||||||||||||||||
|
Footnotes for pages 14 and 15:
|
|
(a)
|
Total apartment revenue for the quarter ended March 31, 2014 divided by the average percent leased for the quarter ended March 31, 2014, 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 $52,732 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 $16,518 as of March 31, 2014.
|
|
(h)
|
On September 22, 2011, the venture entered into an interest rate swap agreement with a commercial bank. The swap agreement fixes the all-in rate to 3.99375 percent per annum on an initial notional amount of $13.65 million and then adjusting in accordance with an amortization schedule, which is effective from October 17, 2011 through loan maturity.
|
|
(i)
|
The venture also has a loan with a balance of $4,624 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.
|
|
(j)
|
On January 18, 2013, Overlook Apartments Investors entered into an interest rate swap agreement with a commercial bank. The swap agreement fixes the all-in rate to 3.0875 percent per annum on an initial notional amount of $1.84 million, increasing to $50.8 million, for the period from September 3, 2013 to November 2, 2015.
|
|
(k)
|
On December 28, 2012, PruRose 13 entered into an interest rate swap agreement with a commercial bank. The swap agreement fixes the all-in rate to 2.79 percent per annum on an initial notional amount of $1.62 million, increasing to $69.5 million, for the period from July 1, 2013 to January 1, 2016.
|
|
(l)
|
Capital balance does not include MCRC land capital amount of $1,834 and accrued return balance of $219 as of March 31, 2014.
|
|
(m)
|
Does not include MC Roseland Marbella South, L.L.C. capital amount of $3,996 and accrued return balance of $205.
|
|
(n)
|
Does not include MCRC capital account of $96 and accrued return balance of $4.
|
|
(o)
|
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 89.5 percent and 93.3 percent, respectively. Excluding Crystal House, average portfolio occupancy was 95.1 percent.
|
|
(p)
|
The Company’s equity interests in the joint ventures, comprised of 17 properties, 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.
|
|
(q)
|
Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $62,085 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at LIBOR+6.0 percent and matures in August 27, 2015.
|
|
March 31,
|
December 31,
|
||||
|
2014
|
2013
|
||||
|
Assets:
|
|||||
|
Rental property, net
|
$
|
914,163
|
$
|
755,049
|
|
|
Loan receivable
|
45,772
|
45,050
|
|||
|
Other assets
|
437,516
|
582,990
|
|||
|
Total assets
|
$
|
1,397,451
|
$
|
1,383,089
|
|
|
Liabilities and partners'/
|
|||||
|
members' capital:
|
|||||
|
Mortgages and loans payable
|
$
|
678,432
|
$
|
637,709
|
|
|
Other liabilities
|
85,048
|
87,231
|
|||
|
Partners'/members' capital
|
633,971
|
658,149
|
|||
|
Total liabilities and
|
|||||
|
partners'/members' capital
|
$
|
1,397,451
|
$
|
1,383,089
|
|
March 31,
|
December 31,
|
||||
|
Entity
|
2014
|
2013
|
|||
|
Plaza VIII & IX Associates, L.L.C.
|
$
|
3,804
|
$
|
3,702
|
|
|
South Pier at Harborside (a)
|
-
|
-
|
|||
|
Red Bank Corporate Plaza, L.L.C.
|
4,153
|
4,046
|
|||
|
12 Vreeland Associates, L.L.C.
|
5,604
|
5,514
|
|||
|
Stamford SM LLC
|
36,835
|
36,258
|
|||
|
Marbella RoseGarden, L.L.C.
|
15,791
|
15,797
|
|||
|
RoseGarden Monaco Holdings, L.L.C.
|
2,925
|
3,201
|
|||
|
Rosewood Lafayette Holdings, L.L.C.
|
641
|
857
|
|||
|
PruRose Port Imperial South 15, LLC
|
-
|
-
|
|||
|
Rosewood Morristown, L.L.C.
|
6,336
|
6,455
|
|||
|
Overlook Ridge JV, L.L.C.
|
-
|
-
|
|||
|
Overlook Ridge, L.L.C.
|
-
|
-
|
|||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
-
|
-
|
|||
|
Roseland/North Retail, L.L.C.
|
1,906
|
1,930
|
|||
|
BNES Associates III
|
1,790
|
1,753
|
|||
|
Portside Master Company, L.L.C.
|
2,950
|
3,207
|
|||
|
PruRose Port Imperial South 13, LLC
|
1,982
|
2,206
|
|||
|
Roseland/Port Imperial Partners, L.P.
|
2,017
|
2,068
|
|||
|
RoseGarden Marbella South, L.L.C.
|
7,951
|
7,567
|
|||
|
PruRose Riverwalk G, L.L.C.
|
2,579
|
3,117
|
|||
|
Elmajo Urban Renewal Associates, LLC
|
91
|
203
|
|||
|
Estuary Urban Renewal Unit B, LLC
|
-
|
24
|
|||
|
RiverPark at Harrison I, L.L.C.
|
3,808
|
3,655
|
|||
|
RoseGarden Monaco, L.L.C.
|
1,239
|
1,224
|
|||
|
Hillsborough 206 Holdings, L.L.C.
|
1,962
|
1,962
|
|||
|
Grand Jersey Waterfront Urban Renewal Associates, L.L.C.
|
337
|
337
|
|||
|
Crystal House Apartments Investors LLC
|
26,326
|
26,838
|
|||
|
KPG-P 100 IMW JV, LLC
|
1,234
|
1,887
|
|||
|
Capitol Place Mezz LLC
|
47,302
|
46,628
|
|||
|
Other
|
93
|
693
|
|||
|
Company's investment in unconsolidated joint ventures
|
$
|
179,656
|
$
|
181,129
|
|
(a)
|
The negative investment balance for this joint venture of $2,308,018 and $1,706,000 as of March 31, 2014 and December 31, 2013, respectively, were included in accounts payable, accrued expenses and other liabilities.
|
|
Three Months Ended
|
|||||||||||
|
March 31,
|
|||||||||||
|
2014
|
2013
|
||||||||||
|
Total revenues
|
$
|
30,993
|
$
|
12,420
|
|||||||
|
Operating and other expenses
|
(18,353)
|
(7,948)
|
|||||||||
|
Depreciation and amortization
|
(8,368)
|
(3,091)
|
|||||||||
|
Interest expense
|
(6,341)
|
(2,012)
|
|||||||||
|
Net income (loss)
|
$
|
(2,069)
|
$
|
(631)
|
|||||||
|
Three Months Ended
|
||||||||||
|
March 31,
|
||||||||||
|
Entity
|
2014
|
2013
|
||||||||
|
Plaza VIII & IX Associates, L.L.C.
|
$
|
102
|
$
|
9
|
||||||
|
South Pier at Harborside
|
398
|
(511)
|
||||||||
|
Red Bank Corporate Plaza, L.L.C.
|
99
|
101
|
||||||||
|
12 Vreeland Associates, L.L.C.
|
89
|
(92)
|
||||||||
|
Stamford SM LLC
|
916
|
885
|
||||||||
|
Marbella RoseGarden, L.L.C.
|
(6)
|
(111)
|
||||||||
|
RoseGarden Monaco Holdings, L.L.C.
|
(277)
|
(399)
|
||||||||
|
Rosewood Lafayette Holdings, L.L.C.
|
(216)
|
(290)
|
||||||||
|
PruRose Port Imperial South 15, LLC
|
-
|
(606)
|
||||||||
|
Rosewood Morristown, L.L.C.
|
(98)
|
(124)
|
||||||||
|
Overlook Ridge JV, L.L.C.
|
(46)
|
-
|
||||||||
|
Overlook Ridge, L.L.C.
|
-
|
-
|
||||||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
62
|
(73)
|
||||||||
|
Roseland/North Retail, L.L.C.
|
(24)
|
(49)
|
||||||||
|
BNES Associates III
|
36
|
(69)
|
||||||||
|
Portside Master Company, L.L.C.
|
(213)
|
(45)
|
||||||||
|
PruRose Port Imperial South 13, LLC
|
(206)
|
(133)
|
||||||||
|
Roseland/Port Imperial Partners, L.P.
|
(164)
|
-
|
||||||||
|
RoseGarden Marbella South, L.L.C.
|
-
|
(18)
|
||||||||
|
PruRose Riverwalk G, L.L.C.
|
(538)
|
(186)
|
||||||||
|
Elmajo Urban Renewal Associates, LLC
|
(112)
|
(115)
|
||||||||
|
Estuary Urban Renewal Unit B, LLC
|
(15)
|
-
|
||||||||
|
RiverPark at Harrison I, L.L.C.
|
-
|
-
|
||||||||
|
RoseGarden Monaco, L.L.C.
|
-
|
-
|
||||||||
|
Hillsborough 206 Holdings, L.L.C.
|
(5)
|
-
|
||||||||
|
Grand Jersey Waterfront Urban Renewal Associates, L.L.C.
|
(37)
|
-
|
||||||||
|
Crystal House Apartments Investors LLC
|
(327)
|
13
|
||||||||
|
KPG-P 100 IMW JV, LLC
|
(653)
|
-
|
||||||||
|
Capitol Plaza Mezz LLC
|
-
|
-
|
||||||||
|
Other
|
-
|
63
|
||||||||
|
Company's equity in earnings (loss) of unconsolidated joint ventures
|
$
|
(1,235)
|
$
|
(1,750)
|
||||||
|
Three Months Ended
|
||||||||||
|
March 31,
|
||||||||||
|
Entity
|
2014
|
2013
|
||||||||
|
Plaza VIII & IX Associates, L.L.C.
|
$
|
108
|
$
|
85
|
||||||
|
South Pier at Harborside
|
1,154
|
200
|
||||||||
|
Red Bank Corporate Plaza, L.L.C.
|
216
|
217
|
||||||||
|
12 Vreeland Associates, L.L.C.
|
173
|
(15)
|
||||||||
|
Stamford SM LLC
|
916
|
885
|
||||||||
|
Marbella RoseGarden, L.L.C.
|
237
|
309
|
||||||||
|
RoseGarden Monaco Holdings, L.L.C.
|
(44)
|
(24)
|
||||||||
|
Rosewood Lafayette Holdings, L.L.C.
|
8
|
(3)
|
||||||||
|
PruRose Port Imperial South 15, LLC
|
-
|
101
|
||||||||
|
Rosewood Morristown, L.L.C.
|
(5)
|
16
|
||||||||
|
Overlook Ridge JV, L.L.C.
|
(46)
|
-
|
||||||||
|
Overlook Ridge, L.L.C.
|
-
|
-
|
||||||||
|
Overlook Ridge JV 2C/3B, L.L.C.
|
62
|
(73)
|
||||||||
|
Roseland/North Retail, L.L.C.
|
(3)
|
3
|
||||||||
|
BNES Associates III
|
136
|
87
|
||||||||
|
Portside Master Company, L.L.C.
|
(213)
|
(45)
|
||||||||
|
PruRose Port Imperial South 13, LLC
|
(206)
|
(133)
|
||||||||
|
Roseland/Port Imperial Partners, L.P.
|
(164)
|
-
|
||||||||
|
RoseGarden Marbella South, L.L.C.
|
-
|
(18)
|
||||||||
|
PruRose Riverwalk G, L.L.C.
|
(380)
|
(186)
|
||||||||
|
Elmajo Urban Renewal Associates, LLC
|
(112)
|
(87)
|
||||||||
|
Estuary Urban Renewal Unit B, LLC
|
(15)
|
(29)
|
||||||||
|
RiverPark at Harrison I, L.L.C.
|
-
|
-
|
||||||||
|
RoseGarden Monaco, L.L.C.
|
-
|
-
|
||||||||
|
Hillsborough 206 Holdings, L.L.C.
|
(5)
|
-
|
||||||||
|
Grand Jersey Waterfront Urban Renewal Associates, L.L.C.
|
(37)
|
-
|
||||||||
|
Crystal House Apartments Investors LLC
|
(34)
|
50
|
||||||||
|
KPG-P 100 IMW JV, LLC
|
(423)
|
-
|
||||||||
|
Capitol Place Mezz LLC
|
-
|
-
|
||||||||
|
Other
|
-
|
64
|
||||||||
|
Company's equity in earnings (loss) of unconsolidated joint ventures
|
$
|
1,323
|
$
|
1,404
|
||||||
|
Ratios Computed For Industry
|
March 31,
|
||||
|
Comparisons:
|
2014
|
2013
|
|||
|
Financial Position Ratios:
|
|||||
|
Total Debt/ Total Book
|
51.27
|
%
|
50.09
|
%
|
|
|
Capitalization
|
|||||
|
(Book value) (%)
|
|||||
|
Total Debt/ Total Market
|
51.09
|
%
|
44.05
|
%
|
|
|
Capitalization
|
|||||
|
(Market value) (%)
|
|||||
|
Total Debt/ Total Undepreciated
|
38.81
|
%
|
38.12
|
%
|
|
|
Assets (%)
|
|||||
|
Secured Debt/ Total Undepreciated
|
12.96
|
%
|
12.58
|
%
|
|
|
Assets (%)
|
|||||
|
Three Months Ended
|
|||||
|
March 31,
|
|||||
|
2014
|
2013
|
||||
|
Operational Ratios:
|
|||||
|
Interest Coverage
|
2.01
|
3.11
|
|||
|
(Funds from Operations+Interest
|
|||||
|
Expense)/Interest Expense (x)
|
|||||
|
Debt Service Coverage
|
1.95
|
3.00
|
|||
|
(Funds from Operations +
|
|||||
|
Interest Expense)/(Interest Expense
|
|||||
|
+ Principal Amort.) (x)
|
|||||
|
Fixed Charge Coverage
|
1.77
|
2.70
|
|||
|
(Funds from Operations +
|
|||||
|
Interest Expense)/(Interest Expense
|
|||||
|
+ Capitalized Interest+Pref. Div.
|
|||||
|
+Prin. Amort.+Ground Lease
|
|||||
|
Payments)(x)
|
|||||
|
FFO Payout
|
99.40
|
%
|
71.28
|
%
|
|
|
(Dividends Declared/Funds from
|
|||||
|
Operations) (%)
|
|||||
|
%
|
Weighted Average
|
Weighted Average
|
|||||
|
Balance
|
of Total
|
Interest Rate (a)
|
Maturity in Years
|
||||
|
Fixed Rate Unsecured Debt and
|
|||||||
|
Other Obligations
|
$
|
1,416,843
|
63.47
|
%
|
4.93
|
%
|
5.37
|
|
Fixed Rate Secured Debt
|
664,791
|
29.78
|
%
|
7.64
|
%
|
3.11
|
|
|
Variable Rate Secured Debt
|
80,653
|
3.61
|
%
|
2.72
|
%
|
0.90
|
|
|
Variable Rate Unsecured Debt
|
70,000
|
3.14
|
%
|
1.26
|
%
|
3.33
|
|
|
Totals/Weighted Average:
|
$
|
2,232,287
|
100.00
|
%
|
5.54
|
% (b)
|
4.47
|
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.17 percent as of March 31, 2014, plus the applicable spread.
|
|
(b)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.7 million for the three months ended March 31, 2014.
|
|
Weighted Average
|
||||||||
|
Scheduled
|
Principal
|
Interest Rate of
|
||||||
|
Period
|
Amortization
|
Maturities
|
Total
|
Future Repayments (a)
|
||||
|
April 1 – December 31, 2014
|
$
|
7,328
|
$
|
170,640
|
$
|
177,968
|
8.10
|
%
|
|
2015
|
8,551
|
193,488
|
202,039
|
4.65
|
%
|
|||
|
2016
|
8,388
|
269,272
|
277,660
|
7.14
|
%
|
|||
|
2017 (b)
|
6,423
|
461,366
|
467,789
|
3.69
|
% (c)
|
|||
|
2018
|
5,996
|
231,536
|
237,532
|
6.70
|
%
|
|||
|
Thereafter
|
198
|
885,345
|
885,543
|
5.41
|
%
|
|||
|
Sub-total
|
36,884
|
2,211,647
|
2,248,531
|
|||||
|
Adjustment for unamortized debt discount/premium and mark-to-market, net, as of March 31, 2014
|
(16,244)
|
-
|
(16,244)
|
|||||
|
Totals/Weighted Average:
|
$
|
20,640
|
$
|
2,211,647
|
$
|
2,232,287
|
5.54
|
%
|
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.17 percent as of March 31, 2014, plus the applicable spread.
|
|
(b)
|
Includes outstanding borrowings of the Company’s unsecured revolving credit facility of $70 million which matures in 2017 with two six-month extension options with the payment of a fee.
|
|
(c)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.7 million for the three months ended March 31, 2014.
|
|
April 1 –
|
||||||||||||||||||
|
December 31,
|
2022 and
|
|||||||||||||||||
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
Beyond
|
Totals
|
|||||||||
|
Secured Debt:
|
||||||||||||||||||
|
Port Imperial South 4/5
|
$
|
36,950
|
$
|
36,950
|
||||||||||||||
|
9200 Edmonston Road
|
4,085
|
4,085
|
||||||||||||||||
|
6301 Ivy Lane
|
5,393
|
5,393
|
||||||||||||||||
|
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
|
$
|
43,487
|
43,487
|
|||||||||||||||
|
4 Becker
|
$
|
40,432
|
40,432
|
|||||||||||||||
|
5 Becker
|
14,574
|
14,574
|
||||||||||||||||
|
210 Clay
|
14,267
|
14,267
|
||||||||||||||||
|
Prudential Portfolio
|
$
|
141,151
|
141,151
|
|||||||||||||||
|
150 Main Street
|
216
|
216
|
||||||||||||||||
|
23 Main Street
|
$
|
26,566
|
26,566
|
|||||||||||||||
|
Harborside Plaza 5
|
204,970
|
204,970
|
||||||||||||||||
|
100 Walnut Avenue
|
$
|
17,280
|
17,280
|
|||||||||||||||
|
One River Center
|
39,586
|
39,586
|
||||||||||||||||
|
233 Canoe Brook Road
|
3,479
|
3,479
|
||||||||||||||||
|
Total Secured Debt:
|
$
|
170,639
|
$
|
43,487
|
$
|
69,273
|
$
|
141,367
|
$
|
231,536
|
$
|
60,345
|
-
|
-
|
-
|
$
|
716,647
|
|
|
Unsecured Debt:
|
||||||||||||||||||
|
Unsecured credit facility
|
$
|
70,000
|
$
|
70,000
|
||||||||||||||
|
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:
|
-
|
$
|
150,000
|
$
|
200,000
|
$
|
320,000
|
-
|
$
|
250,000
|
-
|
-
|
$
|
575,000
|
$
|
1,495,000
|
||
|
Total Debt:
|
$
|
170,639
|
$
|
193,487
|
$
|
269,273
|
$
|
461,367
|
$
|
231,536
|
$
|
310,345
|
-
|
-
|
$
|
575,000
|
$
|
2,211,647
|
|
Effective
|
|||||||||
|
Interest
|
March 31,
|
December 31,
|
Date of
|
||||||
|
Property Name
|
Lender
|
Rate
|
2014
|
2013
|
Maturity
|
||||
|
Senior Unsecured Notes: (a)
|
|||||||||
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.11
|
%
|
-
|
$
|
200,030
|
02/15/14
|
(b)
|
|
|
5.125%, Senior Unsecured Notes
|
public debt
|
5.30
|
%
|
$
|
149,925
|
149,902
|
01/15/15
|
||
|
5.800%, Senior Unsecured Notes
|
public debt
|
5.81
|
%
|
200,142
|
200,161
|
01/15/16
|
|||
|
2.500%, Senior Unsecured Notes
|
public debt
|
2.80
|
%
|
248,929
|
248,855
|
12/15/17
|
|||
|
7.750%, Senior Unsecured Notes
|
public debt
|
8.02
|
%
|
248,853
|
248,799
|
08/15/19
|
|||
|
4.500%, Senior Unsecured Notes
|
public debt
|
4.61
|
%
|
299,520
|
299,505
|
04/18/22
|
|||
|
3.150%, Senior Unsecured Notes
|
public debt
|
3.52
|
%
|
269,474
|
269,323
|
05/15/23
|
|||
|
Total Senior Unsecured Notes:
|
$
|
1,416,843
|
$
|
1,616,575
|
|||||
|
Unsecured Facility (c)
|
17 Lenders
|
LIBOR +1.100
|
%
|
$
|
70,000
|
-
|
07/31/17
|
||
|
Total Revolving Credit Facilities:
|
$
|
70,000
|
-
|
||||||
|
6301 Ivy Lane (e)
|
RGA Reinsurance Company
|
5.52
|
%
|
$
|
5,393
|
$
|
5,447
|
04/01/14
|
|
|
395 West Passaic
|
State Farm Life Insurance Co.
|
6.00
|
%
|
9,578
|
9,719
|
05/01/14
|
|||
|
Port Imperial South 4/5
|
Wells Fargo Bank N.A.
|
LIBOR+3.50
|
%
|
36,950
|
36,950
|
06/30/14
|
|||
|
35 Waterview
|
Wells Fargo CMBS
|
6.35
|
%
|
18,328
|
18,417
|
08/11/14
|
|||
|
6 Becker, 85 Livingston, 75 Livingston & 20 Waterview (f)
|
Wells Fargo CMBS
|
10.22
|
%
|
64,527
|
64,233
|
08/11/14
|
|||
|
4 Sylvan
|
Wells Fargo CMBS
|
10.19
|
%
|
14,552
|
14,538
|
08/11/14
|
|||
|
10 Independence (g)
|
Wells Fargo CMBS
|
12.44
|
%
|
16,742
|
16,638
|
08/11/14
|
|||
|
9200 Edmonston Road (h)
|
Principal Commercial Funding, L.L.C.
|
5.53
|
%
|
4,085
|
4,115
|
05/01/15
|
|||
|
Port Imperial South
|
Wells Fargo Bank N.A.
|
LIBOR+1.75
|
%
|
43,487
|
43,278
|
09/19/15
|
|||
|
4 Becker
|
Wells Fargo CMBS
|
9.55
|
%
|
38,952
|
38,820
|
05/11/16
|
|||
|
5 Becker (i)
|
Wells Fargo CMBS
|
12.83
|
%
|
13,275
|
13,092
|
05/11/16
|
|||
|
210 Clay
|
Wells Fargo CMBS
|
13.42
|
%
|
12,901
|
12,767
|
05/11/16
|
|||
|
Various (j)
|
Prudential Insurance
|
6.33
|
%
|
147,008
|
147,477
|
01/15/17
|
|||
|
150 Main Street
|
Webster Bank
|
LIBOR+2.35
|
%
|
216
|
-
|
03/30/17
|
|||
|
23 Main Street
|
JPMorgan CMBS
|
5.59
|
%
|
29,682
|
29,843
|
09/01/18
|
|||
|
Harborside Plaza 5
|
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
|
6.84
|
%
|
224,268
|
225,139
|
11/01/18
|
|||
|
233 Canoe Brook Road
|
The Provident Bank
|
4.38
|
%
|
3,859
|
3,877
|
02/01/19
|
|||
|
100 Walnut Avenue
|
Guardian Life Ins. Co.
|
7.31
|
%
|
18,731
|
18,792
|
02/01/19
|
|||
|
One River Center (k)
|
Guardian Life Ins. Co.
|
7.31
|
%
|
42,910
|
43,049
|
02/01/19
|
|||
|
Total Mortgages, Loans Payable and Other Obligations:
|
$
|
745,444
|
$
|
746,191
|
|||||
|
Total Debt:
|
$
|
2,232,287
|
$
|
2,362,766
|
|||||
|
(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)
|
On February 17, 2014, the Company repaid these unsecured notes at their maturity using available cash and borrowings on the Company's unsecured revolving credit facility.
|
|
(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)
|
On April 1, 2014, the Company repaid the mortgage loan at par, using available cash.
|
|
(f)
|
Mortgage is cross collateralized by the four properties.
|
|
(g)
|
The Company is negotiating a deed-in-lieu of foreclosure in satisfaction of this mortgage loan.
|
|
(h)
|
The mortgage loan originally matured on May 1, 2013. The maturity date was extended until May 1, 2015 with the same interest rate. Excess cash flow, as defined, is being held by the lender for re-leasing costs. The deed for the property was placed in escrow and is available to the lender in the event of default or non-payment at maturity.
|
|
(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 deed-in-lieu of foreclosure and began remitting available cash flow to the lender effective August 2013.
|
|
(j)
|
Mortgage is cross-collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
|
|
(k)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
|
Three Months Ended
|
||||||||||
|
March 31,
|
||||||||||
|
REVENUES
|
2014
|
2013
|
||||||||
|
Base rents
|
$
|
134,051
|
$
|
133,623
|
||||||
|
Escalations and recoveries from tenants
|
25,568
|
19,488
|
||||||||
|
Construction services
|
-
|
8,226
|
||||||||
|
Real estate services
|
6,692
|
6,443
|
||||||||
|
Parking income
|
2,114
|
1,392
|
||||||||
|
Other income
|
1,171
|
1,741
|
||||||||
|
Total revenues
|
169,596
|
170,913
|
||||||||
|
EXPENSES
|
||||||||||
|
Real estate taxes
|
24,351
|
21,649
|
||||||||
|
Utilities
|
28,281
|
16,288
|
||||||||
|
Operating services
|
29,222
|
25,308
|
||||||||
|
Direct construction costs
|
-
|
7,825
|
||||||||
|
Real estate services expenses
|
6,709
|
4,953
|
||||||||
|
General and administrative
|
22,881
|
11,973
|
||||||||
|
Depreciation and amortization
|
44,985
|
43,348
|
||||||||
|
Total expenses
|
156,429
|
131,344
|
||||||||
|
Operating income
|
13,167
|
39,569
|
||||||||
|
OTHER (EXPENSE) INCOME
|
||||||||||
|
Interest expense
|
(29,946)
|
(29,869)
|
||||||||
|
Interest and other investment income
|
386
|
6
|
||||||||
|
Equity in earnings (loss) of unconsolidated joint ventures
|
(1,235)
|
(1,750)
|
||||||||
|
Total other (expense) income
|
(30,795)
|
(31,613)
|
||||||||
|
Income (loss) from continuing operations
|
(17,628)
|
7,956
|
||||||||
|
Discontinued operations:
|
||||||||||
|
Income from discontinued operations
|
-
|
5,133
|
||||||||
|
Total discontinued operations
|
-
|
5,133
|
||||||||
|
Net income (loss)
|
(17,628)
|
13,089
|
||||||||
|
Noncontrolling interest in consolidated joint ventures
|
322
|
62
|
||||||||
|
Noncontrolling interest in Operating Partnership
|
2,008
|
(973)
|
||||||||
|
Noncontrolling interest in discontinued operations
|
-
|
(622)
|
||||||||
|
Net income (loss) available to common shareholders
|
$
|
(15,298)
|
$
|
11,556
|
||||||
|
Basic earnings per common share:
|
||||||||||
|
Income (loss) from continuing operations
|
$
|
(0.17)
|
$
|
0.08
|
||||||
|
Discontinued operations
|
-
|
0.05
|
||||||||
|
Net income (loss) available to common shareholders
|
$
|
(0.17)
|
$
|
0.13
|
||||||
|
Diluted earnings per common share:
|
||||||||||
|
Income (loss) from continuing operations
|
$
|
(0.17)
|
$
|
0.08
|
||||||
|
Discontinued operations
|
-
|
0.05
|
||||||||
|
Net income (loss) available to common shareholders
|
$
|
(0.17)
|
$
|
0.13
|
||||||
|
Basic weighted average shares outstanding
|
88,289
|
87,669
|
||||||||
|
Diluted weighted average shares outstanding
|
99,876
|
99,849
|
||||||||
|
March 31,
|
December 31,
|
||||||
|
Assets
|
2014
|
2013
|
|||||
|
Rental property
|
|||||||
|
Land and leasehold interests
|
$
|
736,058
|
$
|
750,658
|
|||
|
Buildings and improvements
|
3,884,320
|
3,915,800
|
|||||
|
Tenant improvements
|
432,279
|
456,003
|
|||||
|
Furniture, fixtures and equipment
|
9,116
|
7,472
|
|||||
|
5,061,773
|
5,129,933
|
||||||
|
Less – accumulated depreciation and amortization
|
(1,396,795)
|
(1,400,988)
|
|||||
|
3,664,978
|
3,728,945
|
||||||
|
Rental property held for sale, net
|
51,161
|
-
|
|||||
|
Net investment in rental property
|
3,716,139
|
3,728,945
|
|||||
|
Cash and cash equivalents
|
58,734
|
221,706
|
|||||
|
Investments in unconsolidated joint ventures
|
179,656
|
181,129
|
|||||
|
Unbilled rents receivable, net
|
139,218
|
136,304
|
|||||
|
Deferred charges, goodwill and other assets
|
228,730
|
218,519
|
|||||
|
Restricted cash
|
20,620
|
19,794
|
|||||
|
Accounts receivable, net of allowance for doubtful accounts
|
|||||||
|
of $1,962 and $2,832
|
11,246
|
8,931
|
|||||
|
Total assets
|
$
|
4,354,343
|
$
|
4,515,328
|
|||
|
Liabilities and Equity
|
|||||||
|
Senior unsecured notes
|
$
|
1,416,843
|
$
|
1,616,575
|
|||
|
Revolving credit facility
|
70,000
|
-
|
|||||
|
Mortgages, loans payable and other obligations
|
745,444
|
746,191
|
|||||
|
Dividends and distributions payable
|
30,145
|
29,938
|
|||||
|
Accounts payable, accrued expenses and other liabilities
|
147,357
|
121,286
|
|||||
|
Rents received in advance and security deposits
|
50,175
|
53,730
|
|||||
|
Accrued interest payable
|
23,259
|
29,153
|
|||||
|
Total liabilities
|
2,483,223
|
2,596,873
|
|||||
|
Commitments and contingencies
|
|||||||
|
Equity:
|
|||||||
|
Mack-Cali Realty Corporation stockholders’ equity:
|
|||||||
|
Common stock, $0.01 par value, 190,000,000 shares authorized,
|
|||||||
|
88,630,146 and 88,247,591 shares outstanding
|
886
|
882
|
|||||
|
Additional paid-in capital
|
2,546,233
|
2,539,326
|
|||||
|
Dividends in excess of net earnings
|
(939,837)
|
(897,849)
|
|||||
|
Total Mack-Cali Realty Corporation stockholders’ equity
|
1,607,282
|
1,642,359
|
|||||
|
Noncontrolling interests in subsidiaries:
|
|||||||
|
Operating Partnership
|
208,877
|
220,813
|
|||||
|
Consolidated joint ventures
|
54,961
|
55,283
|
|||||
|
Total noncontrolling interests in subsidiaries
|
263,838
|
276,096
|
|||||
|
Total equity
|
1,871,120
|
1,918,455
|
|||||
|
Total liabilities and equity
|
$
|
4,354,343
|
$
|
4,515,328
|
|||
|
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, 2014
|
88,248
|
$
|
882
|
$
|
2,539,326
|
$
|
(897,849)
|
$
|
276,096
|
$
|
1,918,455
|
||||||
|
Net income (loss)
|
-
|
-
|
-
|
(15,298)
|
(2,330)
|
(17,628)
|
|||||||||||
|
Common stock dividends
|
-
|
-
|
-
|
(26,690)
|
-
|
(26,690)
|
|||||||||||
|
Common unit distributions
|
-
|
-
|
-
|
-
|
(3,455)
|
(3,455)
|
|||||||||||
|
Redemption of common units
|
|||||||||||||||||
|
for common stock
|
347
|
3
|
6,449
|
-
|
(6,452)
|
-
|
|||||||||||
|
Shares issued under Dividend
|
|||||||||||||||||
|
Reinvestment and Stock Purchase Plan
|
2
|
-
|
45
|
-
|
-
|
45
|
|||||||||||
|
Directors’ deferred compensation plan
|
-
|
-
|
117
|
-
|
-
|
117
|
|||||||||||
|
Stock compensation
|
33
|
1
|
275
|
-
|
-
|
276
|
|||||||||||
|
Rebalancing of ownership percentage
|
|||||||||||||||||
|
between parent and subsidiaries
|
-
|
-
|
21
|
-
|
(21)
|
-
|
|||||||||||
|
Balance at March 31, 2014
|
88,630
|
$
|
886
|
$
|
2,546,233
|
$
|
(939,837)
|
$
|
263,838
|
$
|
1,871,120
|
||||||
|
Three Months Ended
|
|||||||||||||
|
March 31,
|
|||||||||||||
|
2014
|
2013
|
||||||||||||
|
Net income (loss) available to common shareholders
|
$
|
(15,298)
|
$
|
11,556
|
|||||||||
|
Add (deduct): Noncontrolling interest in Operating Partnership
|
(2,008)
|
973
|
|||||||||||
|
Noncontrolling interest in discontinued operations
|
-
|
622
|
|||||||||||
|
Real estate-related depreciation and amortization on
|
|||||||||||||
|
continuing operations (a)
|
47,448
|
46,432
|
|||||||||||
|
Real estate-related depreciation and amortization
|
|||||||||||||
|
on discontinued operations
|
-
|
3,453
|
|||||||||||
|
Funds from operations available to common shareholders (b)
|
$
|
30,142
|
$
|
63,036
|
|||||||||
|
Diluted weighted average shares/units outstanding (c)
|
99,876
|
99,849
|
|||||||||||
|
Funds from operations per share/unit-diluted
|
$
|
0.30
|
$
|
0.63
|
|||||||||
|
Dividends declared per common share
|
$
|
0.30
|
$
|
0.45
|
|||||||||
|
Dividend payout ration:
|
|||||||||||||
|
Funds from operations-diluted
|
99.40
|
%
|
71.28
|
%
|
|||||||||
|
Supplemental Information:
|
|||||||||||||
|
Non-incremental revenue generating capital expenditures:
|
|||||||||||||
|
Building improvements
|
$
|
2,469
|
$
|
4,916
|
|||||||||
|
Tenant imporvements and leasing commissions (d)
|
$
|
6,787
|
$
|
14,182
|
|||||||||
|
Straight-line rent adjustments (e)
|
$
|
3,079
|
$
|
6,547
|
|||||||||
|
Amortization of (above)/below market lease intangibles, net (f)
|
$
|
268
|
$
|
566
|
|||||||||
|
Net effect of unusual electricity rate spikes (g)
|
$
|
4,845
|
-
|
||||||||||
|
EVP severance costs (h)
|
$
|
11,044
|
-
|
||||||||||
|
(a)
|
Includes the Company’s share from unconsolidated joint ventures of $2,557 and $3,154 for the three months ended March 31, 2014 and 2013, respectively. Excludes non-real estate-related depreciation and amortization of $93 and $70 for the three months ended March 31, 2014 and 2013, 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 (11,587 and 12,098 shares for the three months ended March 31, 2014 and 2013, 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 $(52) and $(14) for the three months ended March 31, 2014 and 2013, respectively.
|
|
(f)
|
Includes the Company’s share from unconsolidated joint ventures of $124 and $167 for the three months ended March 31, 2014 and 2013, respectively.
|
|
(g)
|
Approximately $10 million in utilities expense, net of approximately $5 million in escalations and recoveries from tenants related to such costs.
|
|
(h)
|
Included in general and administrative expense.
|
|
Three Months Ended
|
|||||||||||||
|
March 31,
|
|||||||||||||
|
2014
|
2013
|
||||||||||||
|
Net income (loss) available to common shareholders
|
$
|
(0.17)
|
$
|
0.13
|
|||||||||
|
Add: Real estate-related depreciation and amortization on
|
|||||||||||||
|
continuing operations (a)
|
0.48
|
0.47
|
|||||||||||
|
Real estate-related depreciation and amortization
|
|||||||||||||
|
on discontinued operations
|
-
|
0.03
|
|||||||||||
|
Noncontrolling interest/rounding adjustment
|
(0.01)
|
-
|
|||||||||||
|
Funds from operations (b)
|
$
|
0.30
|
$
|
0.63
|
|||||||||
|
Add: Net effect of unusual electricity rate spikes
|
$
|
0.05
|
-
|
||||||||||
|
EVP severance costs
|
0.11
|
-
|
|||||||||||
|
FFO excluding certain items
|
$
|
0.46
|
$
|
0.63
|
|||||||||
|
Diluted weighted average shares/units outstanding (c)
|
99,876
|
99,849
|
|||||||||||
|
(a) Includes the Company’s share from unconsolidated joint ventures of $0.03 and $0.03 for the three months ended March 31, 2014 and 2013, 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 (11,587 and 12,098 shares for the three months ended March 31, 2014 and 2013, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 30.
|
|
Three Months Ended
|
||||
|
March 31,
|
||||
|
2014
|
2013
|
|||
|
Basic weighted average shares outstanding:
|
88,289
|
87,669
|
||
|
Add: Weighted average common units
|
11,587
|
12,098
|
||
|
Basic weighted average shares/units:
|
99,876
|
99,767
|
||
|
Restricted Stock Awards
|
-
|
82
|
||
|
Diluted weighted average shares/units outstanding:
|
99,876
|
99,849
|
||
|
IV. VALUE CREATION PIPELINE
|
|
Operating Property Acquisitions
|
|
(dollars in thousands)
|
|
|
For the three months ended March 31, 2014
|
|
|
None.
|
|
Acquisition
|
# of
|
# of
|
Commercial
|
Investment
|
||||
|
Date
|
Property
|
Location
|
Properties
|
Apartment Units
|
Square Feet
|
By Company
|
||
|
Consolidated Multi-Family Rental:
|
||||||||
|
01/18/13
|
Alterra at Overlook Ridge 1A
|
Revere, Massachusetts
|
1
|
310
|
$
|
61,250
|
(a)
|
|
|
04/04/13
|
Alterra at Overlook Ridge 1B
|
Revere, Massachusetts
|
1
|
412
|
87,950
|
(a)
|
||
|
11/20/13
|
Park Square
|
Rahway, New Jersey
|
1
|
159
|
46,376
|
(b)
|
||
|
12/19/13
|
Richmond Court/Riverwatch Commons
|
New Brunswick, New Jersey
|
2
|
200
|
40,983
|
(c)
|
||
|
Total Consolidated
|
5
|
1,081
|
$
|
236,559
|
||||
|
Unconsolidated Multi-Family Rental:
|
||||||||
|
03/21/13
|
Crystal House (d)
|
Arlington, Virginia
|
1
|
828
|
$
|
30,210
|
||
|
Unconsolidated Commercial:
|
||||||||
|
12/09/13
|
100 Independence Mall West (e)
|
Philadelphia, PA
|
1
|
-
|
339,615
|
2,800
|
||
|
Total Unconsolidated
|
2
|
828
|
339,615
|
$
|
33,010
|
|||
|
Total
|
7
|
1,909
|
339,615
|
$
|
269,569
|
|
(a)
|
The acquisition cost was funded primarily through borrowings under the Company’s unsecured revolving credit facility.
|
|
(b)
|
The acquisition cost consisted of $43.4 million in cash consideration and future purchase price earn out payment obligations, subject to conditions related to a real estate tax appeal, recorded at fair value of $3.0 million at closing. $42.6 million of the cash consideration was funded from funds held by a qualified intermediary, which were proceeds from the Company’s prior property sales. The remaining cash consideration was funded primarily from available cash on hand. $2.6 million of the earn-out obligation amount was paid in January 2014, with the remaining balance still potentially payable in the future.
|
|
(c)
|
$12.7 million of the acquisition cost was funded from funds held by a qualified intermediary, which were proceeds from the Company’s prior property sales. The remaining acquisition cost was funded primarily from available cash on hand.
|
|
(d)
|
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.
|
|
(e)
|
The Company holds a 33 percent interest in this property. The joint venture acquired the property, which is encumbered by a $61.5 million mortgage loan, for approximately $40.5 million. As part of a more than $20 million reinvestment strategy for this property, the joint venture is planning upgrades to the building’s common areas, as well as build-out offices and the conversion of approximately 55,000 square feet of lower-level space into a 110-space parking garage.
|
|
Rentable
|
Garage
|
Development
|
Development
|
||||||||
|
# of
|
Square
|
Parking
|
Costs Incurred
|
Cost Per
|
|||||||
|
Date
|
Property/Address
|
Location
|
Type
|
Properties
|
Feet
|
Spaces
|
By Company
|
Square Foot
|
|||
|
06/05/13
|
14 Sylvan Way
|
Parsippany, New Jersey
|
Office
|
1
|
203,506
|
-
|
$
|
51,611
|
(a)
|
$
|
254
|
|
08/01/13
|
Port Imperial South 4/5
|
Weehawken, New Jersey
|
Parking/Retail
|
1
|
16,736
|
850
|
71,040
|
(b)
|
n/a
|
||
|
Total Properties Commencing Initial Operations:
|
2
|
220,242
|
850
|
$
|
122,651
|
||||||
|
(a)
|
Development costs included approximately $13.0 million in land costs and $4.3 million in leasing costs. Amounts are as of December 31, 2013.
|
|
(b)
|
Development costs included approximately $13.1 million in land costs. Amounts are as of December 31, 2013.
|
|
Costs
|
|||||||||||
|
# of
|
Incurred
|
Total
|
Estimated
|
||||||||
|
Apartment
|
Through
|
Estimated
|
Stabilization
|
||||||||
|
Property
|
Location
|
Type
|
Units (a)
|
03/31/14
|
Costs
|
Date
|
|||||
|
Development Projects in Lease Up
|
|||||||||||
|
Unconsolidated:
|
|||||||||||
|
RiverTrace at Port Imperial
|
West New York, NJ
|
Multi-family rental
|
316
|
$
|
109,617
|
$
|
118,100
|
1Q-2015
|
|||
|
Lincoln Harbor (Bldg A&C)
|
Weehawken, NJ
|
Multi-family rental
|
355
|
116,709
|
136,800
|
2Q-2015
|
|||||
|
Overlook Ridge – 2C & 3B
|
Malden/Revere, MA
|
Multi-family rental
|
371
|
60,082
|
79,400
|
3Q-2015
|
|||||
|
Total Development Projects in Lease Up:
|
1,042
|
$
|
286,408
|
$
|
334,300
|
||||||
|
Costs
|
Estimated
|
|||||||||||
|
# of
|
Commercial
|
Incurred
|
Total
|
Garage
|
Initial
|
|||||||
|
Apartment
|
Square
|
Through
|
Estimated
|
Parking
|
Delivery
|
|||||||
|
Property
|
Location
|
Type
|
Units (a)
|
Feet (a)
|
03/31/14
|
Costs
|
Spaces (a)
|
Date
|
||||
|
In-Process Development Projects
|
||||||||||||
|
Consolidated;
|
||||||||||||
|
Wegmans Food Markets
|
Hanover, NJ
|
Retail pad
|
-
|
-
|
4,998
|
15,700
|
-
|
4Q-2014
|
||||
|
Port Imperial 1/3 Garage/Retail
|
Weehawken, NJ
|
Garage/retail
|
-
|
17,614
|
$
|
2,014
|
$
|
32,000
|
741
|
1Q-2015
|
||
|
150 Main Street
|
Eastchester, NY
|
Multi-family rental
|
108
|
-
|
9,733
|
49,950
|
-
|
1Q-2016
|
||||
|
Total Consolidated
|
108
|
17,614
|
$
|
16,745
|
$
|
97,650
|
741
|
|||||
|
Unconsolidated:
|
||||||||||||
|
RiverPark at Harrison
|
Harrison, NJ
|
Multi-family rental
|
141
|
10,952
|
27,900
|
-
|
4Q-2014
|
|||||
|
Portside at Pier One – Bldg 7
|
East Boston, MA
|
Multi-family rental
|
176
|
35,396
|
66,300
|
-
|
4Q-2014
|
|||||
|
Port Imperial Building 13
|
Weehawken, NJ
|
Multi-family rental
|
280
|
44,471
|
96,400
|
-
|
1Q-2015
|
|||||
|
Lincoln Harbor (Bldg B)
|
Weehawken, NJ
|
Multi-family rental
|
227
|
43,250
|
82,700
|
-
|
1Q-2015
|
|||||
|
Station Townhouses
|
Washington, D.C.
|
Multi-family rental
|
377
|
46,840
|
121,000
|
-
|
1Q-2015
|
|||||
|
Lofts at 40 Park
|
Morristown, NJ
|
Multi-family rental
|
59
|
1,629
|
18,700
|
-
|
4Q-2015
|
|||||
|
Marbella II
|
Jersey City, NJ
|
Multi-family rental
|
311
|
25,586
|
132,100
|
-
|
4Q-2015
|
|||||
|
Riverwalk C
|
West New York, NJ
|
Multi-family rental
|
363
|
18,817
|
141,000
|
-
|
1Q-2017
|
|||||
|
Total Unconsolidated
|
1,934
|
$
|
226,941
|
$
|
686,100
|
|||||||
|
Total In-Process Development Projects:
|
2,042
|
17,614
|
$
|
243,686
|
$
|
783,750
|
741
|
|||||
|
(a)
|
Number of apartment units, commercial square feet and garage parking spaces are estimates.
|
|
# of
|
Potential
|
|||||
|
Apartment
|
Commercial
|
|||||
|
Property
|
Location
|
State
|
Acres (a)
|
Units (a)
|
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
|
3,122,200
|
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
|
7,123,700
|
||||
|
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
|
8,442,950
|
|
(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 2013 the venture signed a contract to sell for $24 million.
|
|
(h)
|
Land under contract.
|
|
(dollars in thousands)
|
|
For the three months ended March 31, 2014
|
|
Rentable
|
Net Realized
|
|||||||||||
|
Sale
|
# of
|
Square
|
Net Sales
|
Gains/
|
Capitalization
|
|||||||
|
Date
|
Property/Address
|
Location
|
Properties
|
Feet
|
Proceeds
|
(Losses) (a)
|
Rate (b)
|
|||||
|
04/10/13
|
19 Skyline Drive (c)
|
Hawthorne, New York
|
1
|
248,400
|
$
|
16,131
|
$
|
126
|
(7.90)
|
% (h)
|
||
|
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 (d)
|
Blue Bell, Pennsylvania
|
2
|
188,103
|
19,041
|
(680)
|
15.60
|
%
|
||||
|
05/31/13
|
51 Imclone Drive (e)
|
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
|
2,596
|
3.70
|
%
|
||||
|
08/27/13
|
Pennsylvania office portfolio (f) (g)
|
Suburban Philadelphia, Pennsylvania
|
15
|
1,663,511
|
207,425
|
43,166
|
9.90
|
%
|
||||
|
Total Property Sales:
|
24
|
3,006,409
|
$
|
390,615
|
(i)
|
$
|
83,371
|
|||||
|
(a)
|
This amount, net of impairment charges recorded in 2013 of $23.9 million on certain of the properties prior to their sale (per Note [f] below), comprises the $59.5 million of realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the year ended December 31, 2013.
|
|
(b)
|
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.
|
|
(c)
|
The Company recognized a valuation allowance of $7.1 million on this property at December 31, 2012. In connection with the sale, the Company provided an interest-free note receivable to the buyer of $5 million (with a net present value of $3.7 million at closing) which matures in 2023 and requires monthly payments of principal.
|
|
(d)
|
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.
|
|
(e)
|
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 year ended December 31, 2013.
|
|
(f)
|
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. The fair value used in the impairment charges was based on the purchase and sale agreement for the properties ultimately sold.
|
|
(g)
|
The Company completed the sale of this office portfolio and three developable land parcels for approximately $233 million: $201 million in cash ($55.3 million of which was held by a qualified intermediary until such funds were used in acquisitions), 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. Net sale proceeds from the sale aggregated $207 million which was comprised of the $233 million gross sales price less the subordinated equity interests of $22 million and $4 million in closing costs. 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. In connection with these partial sale transactions, because the buyer receives a preferential return, the Company only recognized profit to the extent that they received net proceeds in excess of their entire carrying value of the properties, effectively reflecting their retained subordinate equity interest at zero. 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.
|
|
(h)
|
This property was vacant when sold.
|
|
(i)
|
This amount excludes approximately $0.5 million of net closing prorations and related adjustments received from sellers at closing.
|
|
Rental Property Held For Sale
|
|
(dollars in thousands)
|
|
As of March 31, 2014
|
|
Rentable
|
Gross
|
Net
|
||||||||
|
# of
|
Square
|
Book
|
Accumulated
|
Book
|
||||||
|
Property
|
Location
|
Bldgs.
|
Feet
|
Value
|
Depreciation
|
Value
|
||||
|
22 Sylvan Way
|
Parsippany, New Jersey
|
1
|
249,409
|
$
|
59,083
|
$
|
(7,922)
|
$
|
51,161
|
|
|
Total Office Properties Held for Sale:
|
1
|
249,409
|
$
|
59,083
|
$
|
(7,922)
|
$
|
51,161
|
||
|
LEASING ACTIVITY
|
||||||||||
|
Sq. Ft.
|
Leased
|
Expiring/
|
Net
|
Sq. Ft.
|
Pct.
|
Pct.
|
||||
|
Leased
|
Sq. Ft.
|
Adjustment
|
Incoming
|
Leasing
|
Leased
|
Leased
|
Leased
|
|||
|
Market
|
12/31/13
|
Acquired/Sold (a)
|
Sq. Ft. (b)
|
Sq. Ft.
|
Activity
|
3/31/14 (c)
|
03/31/14
|
12/31/13
|
||
|
Northern NJ
|
11,873,205
|
-
|
(743,222)
|
182,420
|
(560,802)
|
11,312,403
|
79.1
|
%
|
83.0
|
%
|
|
Central NJ
|
4,840,020
|
-
|
(179,236)
|
182,597
|
3,361
|
4,843,381
|
90.0
|
%
|
90.0
|
%
|
|
Westchester Co., NY
|
4,077,672
|
-
|
(135,599)
|
134,641
|
(958)
|
4,076,714
|
89.8
|
%
|
89.8
|
%
|
|
Manhattan
|
524,476
|
-
|
-
|
-
|
-
|
524,476
|
100.0
|
%
|
100.0
|
%
|
|
Sub. Philadelphia
|
1,119,158
|
-
|
(75,835)
|
35,055
|
(40,780)
|
1,078,378
|
84.1
|
%
|
87.3
|
%
|
|
Fairfield, CT
|
384,702
|
-
|
(35,800)
|
53,843
|
18,043
|
402,745
|
89.1
|
%
|
85.1
|
%
|
|
Washington, DC/MD
|
1,083,912
|
-
|
(152,206)
|
53,139
|
(99,067)
|
984,845
|
76.2
|
%
|
83.8
|
%
|
|
Rockland Co., NY
|
154,950
|
-
|
(3,346)
|
3,346
|
-
|
154,950
|
86.1
|
%
|
86.1
|
%
|
|
Totals
|
24,058,095
|
-
|
(1,325,244)
|
645,041
|
(680,203)
|
23,377,892
|
83.6
|
% (d)
|
86.1
|
%
|
|
Total sq. ft. as of December 31 2013
|
27,957,785
|
|
Total sq. ft. of properties added this period
|
-
|
|
Total sq. ft. as of March 31, 2014
|
27,957,785
|
|
(a)
|
Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
|
|
(b)
|
Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
|
|
(c)
|
Includes leases expiring March 31, 2014 aggregating 119,109 square feet for which no new leases were signed.
|
|
(d)
|
The percent leased at March 31, 2014 includes the effects of the lease expirations that had been anticipated of Morgan Stanley & Co. and Credit Suisse (USA) at Harborside in Jersey City aggregating 371,000 square feet.
|
|
Sq. Ft.
|
Leasing
|
||||||||
|
Renewed And
|
Wtd. Avg.
|
Wtd. Avg.
|
Costs Per
|
||||||
|
Detail by Market
|
# of
|
Total
|
Sq. Ft. New
|
Other
|
Term
|
Base
|
Sq. Ft. Per
|
||
|
Market
|
Property Type
|
Transactions
|
Sq. Ft.
|
Leases
|
Retained (a)
|
(yrs,)
|
Rent (b)
|
Year (c)
|
|
|
Northern NJ
|
Office
|
26
|
163,459
|
66,897
|
96,562
|
7.5
|
25.81
|
4.47
|
|
|
Office/Flex
|
2
|
18,961
|
-
|
18,961
|
6.5
|
17.05
|
1.45
|
||
|
Central NJ
|
Office
|
31
|
182,597
|
48,283
|
134,314
|
3.3
|
25.00
|
3.74
|
|
|
Westchester Co., NY
|
Office
|
17
|
59,526
|
12,900
|
46,626
|
3.7
|
24.55
|
2.63
|
|
|
Office/Flex
|
5
|
21,415
|
10,275
|
11,140
|
3.3
|
12.00
|
0.78
|
||
|
Industrial
|
2
|
53,700
|
46,000
|
7,700
|
8.9
|
11.37
|
1.13
|
||
|
Sub. Philadelphia
|
Office/Flex
|
7
|
35,055
|
10,430
|
24,625
|
3.9
|
12.27
|
0.58
|
|
|
Fairfield Co., CT
|
Office
|
3
|
35,743
|
-
|
35,743
|
2.7
|
26.30
|
1.94
|
|
|
Office/Flex
|
1
|
18,100
|
18,100
|
-
|
2.0
|
8.33
|
0.62
|
||
|
Washington, DC/MD
|
Office
|
7
|
53,139
|
7,403
|
45,736
|
1.9
|
26.75
|
1.67
|
|
|
Rockland Co., NY
|
Office
|
1
|
3,346
|
-
|
3,346
|
3.2
|
21.32
|
1.27
|
|
|
Totals
|
102
|
645,041
|
220,288
|
424,753
|
4.8
|
22.40
|
3.08
|
||
|
Detail by Property Type
|
|||||||||
|
Office
|
85
|
497,810
|
135,483
|
362,327
|
4.5
|
25.47
|
3.85
|
||
|
Office/Flex
|
15
|
93,531
|
38,805
|
54,726
|
3.9
|
12.41
|
0.91
|
||
|
Industrial
|
2
|
53,700
|
46,000
|
7,700
|
8.9
|
11.37
|
1.13
|
||
|
Totals
|
102
|
645,041
|
220,288
|
424,753
|
4.8
|
22.40
|
3.08
|
||
|
Tenant Retention:
|
Leases Retained
|
43.0
|
%
|
||||||
|
Sq. Ft. Retained
|
32.1
|
%
|
|||||||
|
(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 $6,538,988 and commissions of $3,008,669 committed, but not necessarily expended, during the period for second generation space aggregating 643,934 square feet.
|
|
Leasing Statistics
|
|
(For the three months ended March 31, 2014)
|
|
Unconsolidated Commercial Joint Venture Properties
|
|
SUMMARY OF SPACE LEASED
|
|
LEASING ACTIVITY
|
|||||||||||||||
|
Leased
|
|||||||||||||||
|
Inventory
|
Sq. Ft.
|
Sq. Ft.
|
Expiring/
|
Sq. Ft.
|
Net
|
Sq. Ft.
|
Pct.
|
Pct.
|
|||||||
|
Inventory
|
Acquired/
|
Inventory
|
Leased
|
Acquired/
|
Adjustment
|
Incoming
|
Leasing
|
Leased
|
Leased
|
Leased
|
|||||
|
Market
|
12/31/13
|
Disposed
|
03/31/14
|
12/31/13
|
Sold (a)
|
Sq. Ft. (b)
|
Sq. Ft.
|
Activity
|
03/31/14
|
03/31/14
|
12/31/13
|
||||
|
Northern NJ
|
662,524
|
-
|
662,524
|
650,908
|
-
|
(7,161)
|
-
|
(7,161)
|
643,747
|
97.2
|
%
|
98.2
|
%
|
||
|
Central NJ
|
92,878
|
-
|
92,878
|
92,878
|
-
|
-
|
-
|
-
|
92,878
|
100.0
|
%
|
100.0
|
%
|
||
|
Sub. Philadelphia
|
1,842,820
|
-
|
1,842,820
|
1,558,602
|
-
|
(92,547)
|
84,551
|
(7,996)
|
1,550,606
|
84.1
|
%
|
84.6
|
%
|
||
|
CBD Philadelphia
|
339,615
|
-
|
339,615
|
330,952
|
-
|
-
|
-
|
-
|
330,952
|
97.4
|
%
|
97.4
|
%
|
||
|
Totals
|
2,937,837
|
-
|
2,937,837
|
2,633,340
|
-
|
(99,708)
|
84,551
|
(15,157)
|
2,618,183
|
89.1
|
%
|
89.6
|
%
|
||
|
DETAIL OF TRANSACTION ACTIVITY
|
|
Sq. Ft.
|
Leasing
|
||||||
|
Renewed
|
Wtd. Avg.
|
Wtd. Avg.
|
Costs Per
|
||||
|
Detail by Market
|
# of
|
Total
|
Sq. Ft. New
|
And Other
|
Term
|
Base
|
Sq. Ft. Per
|
|
Market
|
Transactions
|
Sq. Ft.
|
Leases
|
Retained (c)
|
(Yrs.)
|
Rent (d)
|
Year (e)
|
|
Northern NJ
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Central NJ
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
17
|
84,551
|
16,088
|
68,463
|
5.0
|
24.58
|
4.37
|
|
CBD Philadelphia
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Totals
|
17
|
84,551
|
16,088
|
68,463
|
5.0
|
24.58
|
4.37
|
|
Unconsolidated Retail Joint Venture Properties
|
|
SUMMARY OF SPACE LEASED
|
|
LEASING ACTIVITY
|
|||||||||||||||
|
Leased
|
|||||||||||||||
|
Inventory
|
Sq. Ft.
|
Sq. Ft.
|
Expiring/
|
Sq. Ft.
|
Net
|
Sq. Ft.
|
Pct.
|
Pct.
|
|||||||
|
Inventory
|
Acquired/
|
Inventory
|
Leased
|
Acquired/
|
Adjustment
|
Incoming
|
Leasing
|
Leased
|
Leased
|
Leased
|
|||||
|
Market
|
12/31/13
|
Disposed
|
03/31/14
|
12/31/13
|
Sold (a)
|
Sq. Ft. (b)
|
Sq. Ft.
|
Activity
|
03/31/14
|
03/31/14
|
12/31/13
|
||||
|
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 $1,311,408 and commissions of $390,062 committed, but not necessarily expended, during the period for second generation space aggregating 76,935 square feet.
|
|
Percentage of
|
||||
|
Company
|
||||
|
Annualized Base
|
Annualized
|
Total Property
|
||
|
Rental Revenue
|
Base Rental
|
Size Rentable
|
Percentage of
|
|
|
Market (MSA)
|
($) (a) (b) (c)
|
Revenue (%)
|
Area (b) (c)
|
Rentable Area (%)
|
|
Newark, NJ (Essex-Morris-Union Counties)
|
130,687,556
|
24.4
|
6,705,155
|
24.0
|
|
Jersey City, NJ
|
107,707,582
|
20.0
|
4,317,978
|
15.4
|
|
Westchester-Rockland, NY
|
84,185,691
|
15.6
|
4,720,020
|
16.9
|
|
Bergen-Passaic, NJ
|
71,825,012
|
13.3
|
4,164,226
|
14.9
|
|
Middlesex-Somerset-Hunterdon, NJ
|
37,079,056
|
6.9
|
1,921,405
|
6.9
|
|
Washington, DC-MD-VA-WV
|
27,694,540
|
5.1
|
1,292,807
|
4.6
|
|
Monmouth-Ocean, NJ
|
26,966,742
|
5.0
|
1,620,863
|
5.8
|
|
Trenton, NJ
|
19,334,568
|
3.6
|
956,597
|
3.4
|
|
New York (Manhattan)
|
17,801,543
|
3.3
|
524,476
|
1.9
|
|
Stamford-Norwalk, CT
|
7,573,731
|
1.4
|
452,260
|
1.6
|
|
Philadelphia, PA-NJ
|
7,454,366
|
1.4
|
1,281,998
|
4.6
|
|
Totals
|
538,310,387
|
100.0
|
27,957,785
|
100.0
|
|
(a)
|
Annualized base rental revenue is based on actual March 2014 billings times 12. For leases whose rent commences after April 1, 2014, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
|
|
(b)
|
Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring March 31, 2014 aggregating 119,109 square feet and representing annualized rent of $3,147,876 for which no new leases were signed.
|
|
(c)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
Annualized
|
Percentage of
|
Percentage of
|
||
|
Base Rental
|
Company
|
Square
|
Total Company
|
|
|
Revenue
|
Annualized Base
|
Feet Leased
|
Leased
|
|
|
Industry Classification (a)
|
($) (b) (c) (d)
|
Rental Revenue (%)
|
(c) (d)
|
Sq. Ft. (%)
|
|
Securities, Commodity Contracts & Other Financial
|
68,742,291
|
12.7
|
2,286,824
|
10.1
|
|
Insurance Carriers & Related Activities
|
53,104,142
|
9.8
|
1,999,800
|
8.8
|
|
Manufacturing
|
41,836,153
|
7.8
|
1,950,777
|
8.5
|
|
Legal Services
|
35,032,656
|
6.5
|
1,320,715
|
5.8
|
|
Telecommunications
|
32,275,036
|
6.0
|
1,679,694
|
7.3
|
|
Credit Intermediation & Related Activities
|
31,315,129
|
5.8
|
1,049,883
|
4.6
|
|
Computer System Design Svcs.
|
23,061,047
|
4.3
|
1,019,936
|
4.5
|
|
Health Care & Social Assistance
|
22,411,494
|
4.2
|
1,199,402
|
5.2
|
|
Accounting/Tax Prep.
|
19,704,523
|
3.7
|
770,287
|
3.4
|
|
Wholesale Trade
|
18,473,126
|
3.4
|
1,235,562
|
5.4
|
|
Architectural/Engineering
|
17,449,950
|
3.2
|
712,471
|
3.1
|
|
Scientific Research/Development
|
15,367,083
|
2.9
|
501,229
|
2.2
|
|
Public Administration
|
14,264,178
|
2.6
|
531,483
|
2.3
|
|
Accommodation & Food Services
|
12,679,291
|
2.4
|
529,671
|
2.3
|
|
Management/Scientific
|
12,442,063
|
2.3
|
478,018
|
2.1
|
|
Arts, Entertainment & Recreation
|
12,282,338
|
2.3
|
718,500
|
3.1
|
|
Admin & Support, Waste Mgt. & Remediation Svcs.
|
12,225,168
|
2.3
|
589,472
|
2.6
|
|
Other Professional
|
11,908,725
|
2.2
|
521,126
|
2.3
|
|
Other Services (except Public Administration)
|
11,611,855
|
2.2
|
489,924
|
2.1
|
|
Real Estate & Rental & Leasing
|
10,001,729
|
1.9
|
531,408
|
2.3
|
|
Advertising/Related Services
|
8,188,797
|
1.5
|
301,077
|
1.3
|
|
Retail Trade
|
7,171,506
|
1.3
|
430,991
|
1.9
|
|
Transportation
|
6,423,733
|
1.2
|
290,982
|
1.3
|
|
Construction
|
6,365,917
|
1.2
|
324,184
|
1.4
|
|
Data Processing Services
|
5,725,491
|
1.1
|
226,372
|
1.0
|
|
Broadcasting
|
5,173,141
|
1.0
|
187,641
|
0.8
|
|
Utilities
|
4,882,993
|
0.9
|
203,471
|
0.9
|
|
Publishing Industries
|
4,444,363
|
0.8
|
218,740
|
1.0
|
|
Information Services
|
4,301,206
|
0.8
|
161,873
|
0.7
|
|
Educational Services
|
2,430,325
|
0.5
|
127,720
|
0.6
|
|
Other
|
7,014,938
|
1.2
|
276,553
|
1.1
|
|
TOTAL
|
538,310,387
|
100.0
|
22,865,786
|
100.0
|
|
(a)
|
The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).
|
|
(b)
|
Annualized base rental revenue is based on actual March 2014 billings times 12. For leases whose rent commences after April 1, 2014, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
|
|
(c)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(d)
|
Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring March 31, 2014 aggregating 119,109 square feet and representing annualized rent of $3,147,876 for which no new leases were signed.
|
|
Stand-
|
|||||||||||||||||||||
|
% of
|
% of
|
Industrial/
|
% of
|
Alone
|
% of
|
Land
|
% of
|
Multi-
|
% of
|
Totals
|
% of
|
||||||||||
|
STATE
|
Office
|
Total
|
Office/Flex
|
Total
|
Warehouse
|
Total
|
Retail
|
Total
|
Leases
|
Total
|
Family
|
Total
|
By State
|
Total
|
|||||||
|
New Jersey
|
104
|
42.1
|
%
|
49
|
19.9
|
%
|
-
|
--
|
1
|
0.4
|
%
|
-
|
-
|
3
|
1.2
|
%
|
157
|
63.6
|
%
|
||
|
New York
|
20
|
8.1
|
%
|
41
|
16.6
|
%
|
6
|
2.4
|
%
|
2
|
0.8
|
%
|
2
|
0.8
|
%
|
-
|
-
|
71
|
28.7
|
%
|
|
|
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
|
54.7
|
%
|
95
|
38.5
|
%
|
6
|
2.4
|
%
|
3
|
1.2
|
%
|
3
|
1.2
|
%
|
5
|
2.0
|
%
|
247
|
100.0
|
%
|
|
(a)
|
Excludes 32 properties, aggregating approximately 3.0 million commercial square feet and 2,597 apartments units, which are not consolidated by the Company.
|
|
Stand-
|
|||||||||||||||
|
% of
|
% of
|
Industrial/
|
% of
|
Alone
|
% of
|
Totals
|
% of
|
||||||||
|
STATE
|
Office
|
Total
|
Office/Flex
|
Total
|
Warehouse
|
Total
|
Retail
|
Total
|
By State
|
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 five consolidated multi-family properties, aggregating 1,081 apartment units; as well as 32 properties, aggregating approximately 3.0 million commercial square feet and 2,597 apartment units, which are not consolidated by the Company.
|
|
Stand-
|
||||||||||||||||||||||||||||
|
% of
|
Office/
|
% of
|
Indust./
|
% of
|
Alone
|
% of
|
Land
|
% of
|
Multi-
|
% of
|
Totals
|
% of
|
||||||||||||||||
|
STATE
|
Office
|
Total
|
Flex
|
Total
|
Warehouse
|
Total
|
Retail
|
Total
|
Leases
|
Total
|
Family
|
Total
|
By State
|
Total
|
||||||||||||||
|
New Jersey
|
$
|
376,660
|
69.7
|
%
|
$
|
17,274
|
3.2
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
$
|
2,351
|
0.4
|
%
|
$
|
396,285
|
73.3
|
%
|
||||||
|
New York
|
58,116
|
10.8
|
%
|
33,813
|
6.2
|
%
|
$
|
3,857
|
0.7
|
%
|
$
|
484
|
0.1
|
%
|
$
|
337
|
0.1
|
%
|
-
|
-
|
96,607
|
17.9
|
%
|
|||||
|
Connecticut
|
3,482
|
0.6
|
%
|
4,063
|
0.8
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,545
|
1.4
|
%
|
|||||||||||
|
Wash., D.C./Maryland
|
27,457
|
5.1
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
153
|
-
|
-
|
-
|
27,610
|
5.1
|
%
|
||||||||||||
|
Massachusetts
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
12,544
|
2.3
|
%
|
12,544
|
2.3
|
%
|
||||||||||||
|
TOTALS
|
||||||||||||||||||||||||||||
|
By Type:
|
$
|
465,715
|
86.2
|
%
|
$
|
55,150
|
10.2
|
%
|
$
|
3,857
|
0.7
|
%
|
$
|
484
|
0.1
|
%
|
$
|
490
|
0.1
|
%
|
$
|
14,895
|
2.7
|
%
|
$
|
540,591
|
100.0
|
%
|
|
(b)
|
Total base rent for the year ended March 31, 2014, 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.
|
|
WEIGHTED AVG.
|
||||||||||
|
STATE
|
Office
|
Office/Flex
|
Industrial/Warehouse
|
Stand-Alone Retail
|
By State
|
|||||
|
New Jersey
|
82.0
|
%
|
84.1
|
%
|
-
|
52.2
|
%
|
82.2
|
%
|
|
|
New York
|
87.4
|
%
|
92.9
|
%
|
97.9
|
%
|
100.0
|
%
|
90.7
|
%
|
|
Connecticut
|
81.4
|
%
|
94.1
|
%
|
-
|
-
|
89.1
|
%
|
||
|
Washington, D.C./ Maryland
|
76.2
|
%
|
-
|
-
|
-
|
76.2
|
%
|
|||
|
WEIGHTED AVG. By Type:
|
82.2
|
%
|
89.0
|
%
|
97.9
|
%
|
76.5
|
%
|
83.6
|
%
|
|
(a)
|
Excludes five consolidated multi-family properties, aggregating 1,081 apartment units; as well as 32 properties, aggregating approximately 3.0 million commercial square feet and 2,597 apartment units, 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 March 31, 2014 aggregating 119,109 square feet for which no new leases were signed.
|
|
Property Listing
|
||||||
|
Office Properties
|
||||||
|
Percentage
|
2014
|
2014
|
||||
|
Net
|
Leased
|
Base
|
Average
|
|||
|
Rentable
|
as of
|
Rent
|
Percentage
|
Base Rent
|
||
|
Year
|
Area
|
03/31/14
|
($000’s)
|
of Total 2014
|
Per Sq. Ft.
|
|
|
Property Location
|
Built
|
(Sq. Ft.)
|
(%) (a)
|
(b) (c)
|
Base Rent (%)
|
($) (c) (d)
|
|
BERGEN COUNTY, NEW JERSEY
|
||||||
|
Fair Lawn
|
||||||
|
17-17 Route 208 North
|
1987
|
143,000
|
88.5
|
2,579
|
0.48
|
20.38
|
|
Fort Lee
|
||||||
|
One Bridge Plaza
|
1981
|
200,000
|
93.6
|
4,729
|
0.88
|
25.26
|
|
2115 Linwood Avenue
|
1981
|
68,000
|
58.6
|
962
|
0.18
|
24.14
|
|
Lyndhurst
|
||||||
|
210 Clay Avenue
|
1981
|
121,203
|
84.2
|
2,414
|
0.45
|
23.65
|
|
Montvale
|
||||||
|
135 Chestnut Ridge Road
|
1981
|
66,150
|
66.6
|
932
|
0.17
|
21.15
|
|
Paramus
|
||||||
|
15 East Midland Avenue
|
1988
|
259,823
|
54.2
|
4,248
|
0.79
|
30.17
|
|
140 East Ridgewood Avenue
|
1981
|
239,680
|
73.5
|
4,620
|
0.86
|
26.23
|
|
461 From Road
|
1988
|
253,554
|
40.6
|
2,520
|
0.47
|
24.48
|
|
650 From Road
|
1978
|
348,510
|
85.0
|
6,008
|
1.11
|
20.28
|
|
61 South Paramus Road (e)
|
1985
|
269,191
|
60.0
|
4,524
|
0.84
|
28.01
|
|
Rochelle Park
|
||||||
|
120 West Passaic Street
|
1972
|
52,000
|
99.6
|
1,502
|
0.28
|
29.00
|
|
365 West Passaic Street
|
1976
|
212,578
|
82.9
|
3,725
|
0.69
|
21.14
|
|
395 West Passaic Street
|
1979
|
100,589
|
54.7
|
1,176
|
0.22
|
21.37
|
|
Upper Saddle River
|
||||||
|
1 Lake Street
|
1973/94
|
474,801
|
100.0
|
7,465
|
1.38
|
15.72
|
|
10 Mountainview Road
|
1986
|
192,000
|
75.1
|
3,076
|
0.57
|
21.33
|
|
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
|
1,176
|
0.22
|
22.40
|
|
530 Chestnut Ridge Road
|
1986
|
57,204
|
100.0
|
1,081
|
0.20
|
18.90
|
|
50 Tice Boulevard
|
1984
|
235,000
|
86.0
|
5,442
|
1.01
|
26.93
|
|
300 Tice Boulevard
|
1991
|
230,000
|
96.9
|
5,967
|
1.10
|
26.77
|
|
ESSEX COUNTY, NEW JERSEY
|
||||||
|
Millburn
|
||||||
|
150 J.F. Kennedy Parkway
|
1980
|
247,476
|
72.9
|
4,779
|
0.88
|
26.49
|
|
Borough of Roseland
|
||||||
|
4 Becker Farm Road
|
1983
|
281,762
|
94.9
|
6,977
|
1.29
|
26.09
|
|
5 Becker Farm Road
|
1982
|
118,343
|
69.6
|
1,868
|
0.35
|
22.68
|
|
6 Becker Farm Road
|
1982
|
129,732
|
78.3
|
2,575
|
0.48
|
25.35
|
|
101 Eisenhower Parkway
|
1980
|
237,000
|
84.3
|
4,734
|
0.88
|
23.69
|
|
103 Eisenhower Parkway
|
1985
|
151,545
|
79.4
|
2,402
|
0.44
|
19.96
|
|
105 Eisenhower Parkway
|
2001
|
220,000
|
51.7
|
2,775
|
0.51
|
24.40
|
|
75 Livingston Avenue
|
1985
|
94,221
|
64.2
|
1,262
|
0.23
|
20.86
|
|
85 Livingston Avenue
|
1985
|
124,595
|
81.8
|
2,604
|
0.48
|
25.55
|
|
HUDSON COUNTY, NEW JERSEY
|
||||||
|
Jersey City
|
||||||
|
Harborside Plaza 1
|
1983
|
400,000
|
100.0
|
11,328
|
2.10
|
28.32
|
|
Harborside Plaza 2
|
1990
|
761,200
|
48.3
|
17,104
|
3.16
|
46.52
|
|
Harborside Plaza 3
|
1990
|
725,600
|
78.4
|
19,829
|
3.67
|
34.86
|
|
Harborside Plaza 4-A
|
2000
|
207,670
|
100.0
|
6,598
|
1.22
|
31.77
|
|
Harborside Plaza 5
|
2002
|
977,225
|
87.2
|
31,199
|
5.77
|
36.61
|
|
101 Hudson Street
|
1992
|
1,246,283
|
83.1
|
28,295
|
5.23
|
27.32
|
|
MERCER COUNTY, NEW JERSEY
|
||||||
|
Hamilton Township
|
||||||
|
3 AAA Drive
|
1981
|
35,270
|
72.2
|
573
|
0.11
|
22.50
|
|
600 Horizon Drive
|
2002
|
95,000
|
100.0
|
1,191
|
0.22
|
12.54
|
|
700 Horizon Drive
|
2007
|
120,000
|
100.0
|
2,459
|
0.45
|
20.49
|
|
2 South Gold Drive
|
1974
|
33,962
|
61.6
|
483
|
0.09
|
23.09
|
|
Property Listing
|
||||||
|
Office Properties
|
||||||
|
(Continued)
|
||||||
|
Percentage
|
2014
|
2014
|
||||
|
Net
|
Leased
|
Base
|
Average
|
|||
|
Rentable
|
as of
|
Rent
|
Percentage
|
Base Rent
|
||
|
Year
|
Area
|
03/31/14
|
($000’s)
|
of Total 2014
|
Per Sq. Ft.
|
|
|
Property Location
|
Built
|
(Sq. Ft.)
|
(%) (a)
|
(b) (c)
|
Base Rent (%)
|
($) (c) (d)
|
|
Princeton
|
||||||
|
103 Carnegie Center
|
1984
|
96,000
|
89.4
|
2,200
|
0.41
|
25.63
|
|
2 Independence Way
|
1981
|
67,401
|
100.0
|
1,533
|
0.28
|
22.74
|
|
3 Independence Way
|
1983
|
111,300
|
77.9
|
1,846
|
0.34
|
21.29
|
|
100 Overlook Center
|
1988
|
149,600
|
89.6
|
3,734
|
0.69
|
27.86
|
|
5 Vaughn Drive
|
1987
|
98,500
|
100.0
|
2,345
|
0.43
|
23.81
|
|
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
|
96.8
|
3,440
|
0.64
|
18.16
|
|
Piscataway
|
||||||
|
30 Knightsbridge Road, Bldg 3
|
1977
|
160,000
|
100.0
|
2,053
|
0.38
|
12.83
|
|
30 Knightsbridge Road, Bldg 4
|
1977
|
115,000
|
100.0
|
1,475
|
0.27
|
12.83
|
|
30 Knightsbridge Road, Bldg 5
|
1977
|
332,607
|
92.9
|
5,454
|
1.01
|
17.65
|
|
30 Knightsbridge Road, Bldg 6
|
1977
|
72,743
|
63.8
|
240
|
0.04
|
5.17
|
|
Plainsboro
|
||||||
|
500 College Road East (e)
|
1984
|
158,235
|
87.4
|
3,046
|
0.56
|
22.02
|
|
Woodbridge
|
||||||
|
581 Main Street
|
1991
|
200,000
|
100.0
|
4,938
|
0.91
|
24.69
|
|
MONMOUTH COUNTY, NEW JERSEY
|
||||||
|
Freehold
|
||||||
|
2 Paragon Way
|
1989
|
44,524
|
66.0
|
463
|
0.09
|
15.76
|
|
3 Paragon Way
|
1991
|
66,898
|
88.2
|
1,091
|
0.20
|
18.49
|
|
4 Paragon Way
|
2002
|
63,989
|
30.8
|
449
|
0.08
|
22.78
|
|
100 Willow Brook Road
|
1988
|
60,557
|
57.4
|
766
|
0.14
|
22.04
|
|
Holmdel
|
||||||
|
23 Main Street
|
1977
|
350,000
|
100.0
|
4,012
|
0.74
|
11.46
|
|
Middletown
|
||||||
|
One River Center Bldg 1
|
1983
|
122,594
|
96.1
|
2,638
|
0.49
|
22.39
|
|
One River Center Bldg 2
|
1983
|
120,360
|
90.5
|
2,606
|
0.48
|
23.92
|
|
One River Center Bldg 3 and 4
|
1984
|
214,518
|
93.3
|
4,416
|
0.82
|
22.06
|
|
Neptune
|
||||||
|
3600 Route 66
|
1989
|
180,000
|
96.1
|
1,714
|
0.32
|
9.91
|
|
Wall Township
|
||||||
|
1305 Campus Parkway
|
1988
|
23,350
|
92.4
|
443
|
0.08
|
20.53
|
|
1350 Campus Parkway
|
1990
|
79,747
|
99.9
|
1,011
|
0.19
|
12.69
|
|
MORRIS COUNTY, NEW JERSEY
|
||||||
|
Florham Park
|
||||||
|
325 Columbia Turnpike
|
1987
|
168,144
|
100.0
|
3,973
|
0.73
|
23.63
|
|
Morris Plains
|
||||||
|
250 Johnson Road
|
1977
|
75,000
|
100.0
|
1,514
|
0.28
|
20.19
|
|
201 Littleton Road
|
1979
|
88,369
|
75.4
|
1,286
|
0.24
|
19.30
|
|
Morris Township
|
||||||
|
412 Mt. Kemble Avenue
|
1986
|
475,100
|
60.0
|
6,666
|
1.23
|
23.38
|
|
Parsippany
|
||||||
|
4 Campus Drive
|
1983
|
147,475
|
77.0
|
2,264
|
0.42
|
19.94
|
|
6 Campus Drive
|
1983
|
148,291
|
76.8
|
2,527
|
0.47
|
22.19
|
|
7 Campus Drive
|
1982
|
154,395
|
86.3
|
2,646
|
0.49
|
19.86
|
|
8 Campus Drive
|
1987
|
215,265
|
67.4
|
3,247
|
0.60
|
22.38
|
|
9 Campus Drive
|
1983
|
156,495
|
30.4
|
1,042
|
0.19
|
21.90
|
|
4 Century Drive
|
1981
|
100,036
|
48.8
|
1,096
|
0.20
|
22.45
|
|
5 Century Drive
|
1981
|
79,739
|
53.8
|
896
|
0.17
|
20.89
|
|
6 Century Drive
|
1981
|
100,036
|
58.0
|
1,101
|
0.20
|
18.98
|
|
2 Dryden Way
|
1990
|
6,216
|
100.0
|
99
|
0.02
|
15.93
|
|
4 Gatehall Drive
|
1988
|
248,480
|
85.9
|
5,836
|
1.08
|
27.34
|
|
Property Listing
|
||||||
|
Office Properties
|
||||||
|
(Continued)
|
||||||
|
Percentage
|
2014
|
2014
|
||||
|
Net
|
Leased
|
Base
|
Average
|
|||
|
Rentable
|
as of
|
Rent
|
Percentage
|
Base Rent
|
||
|
Year
|
Area
|
03/31/14
|
($000’s)
|
of Total 2014
|
Per Sq. Ft.
|
|
|
Property Location
|
Built
|
(Sq. Ft.)
|
(%) (a)
|
(b) (c)
|
Base Rent (%)
|
($) (c) (d)
|
|
2 Hilton Court
|
1991
|
181,592
|
100.0
|
6,528
|
1.21
|
35.95
|
|
1633 Littleton Road
|
1978
|
57,722
|
100.0
|
1,131
|
0.21
|
19.59
|
|
600 Parsippany Road
|
1978
|
96,000
|
93.2
|
1,646
|
0.30
|
18.40
|
|
1 Sylvan Way
|
1989
|
150,557
|
96.0
|
4,090
|
0.76
|
28.30
|
|
4 Sylvan Way
|
1984
|
105,135
|
100.0
|
1,352
|
0.25
|
12.86
|
|
5 Sylvan Way
|
1989
|
151,383
|
77.5
|
3,426
|
0.63
|
29.20
|
|
7 Sylvan Way
|
1987
|
145,983
|
-
|
825
|
0.15
|
-
|
|
14 Sylvan Way (f)
|
2013
|
203,506
|
100.0
|
4,164
|
0.77
|
24.89
|
|
22 Sylvan Way
|
2009
|
249,409
|
100.0
|
6,327
|
1.17
|
25.37
|
|
20 Waterview Boulevard
|
1988
|
225,550
|
93.8
|
4,756
|
0.88
|
22.48
|
|
35 Waterview Boulevard
|
1990
|
172,498
|
87.3
|
4,131
|
0.76
|
27.43
|
|
5 Wood Hollow Road
|
1979
|
317,040
|
95.2
|
6,262
|
1.16
|
20.75
|
|
PASSAIC COUNTY, NEW JERSEY
|
||||||
|
Totowa
|
||||||
|
999 Riverview Drive
|
1988
|
56,066
|
91.8
|
863
|
0.16
|
16.77
|
|
SOMERSET COUNTY, NEW JERSEY
|
||||||
|
Basking Ridge
|
||||||
|
222 Mt. Airy Road
|
1986
|
49,000
|
59.2
|
1,023
|
0.19
|
35.27
|
|
233 Mt. Airy Road
|
1987
|
66,000
|
67.5
|
288
|
0.05
|
6.46
|
|
Bridgewater
|
||||||
|
440 Route 22 East
|
1990
|
198,376
|
95.5
|
4,720
|
0.87
|
24.91
|
|
721 Route 202/206
|
1989
|
192,741
|
98.6
|
4,342
|
0.80
|
22.85
|
|
Warren
|
||||||
|
10 Independence Boulevard
|
1988
|
120,528
|
92.6
|
2,678
|
0.50
|
23.99
|
|
UNION COUNTY, NEW JERSEY
|
||||||
|
Clark
|
||||||
|
100 Walnut Avenue
|
1985
|
182,555
|
89.8
|
4,402
|
0.81
|
26.85
|
|
Cranford
|
||||||
|
6 Commerce Drive
|
1973
|
56,000
|
91.3
|
1,107
|
0.21
|
21.65
|
|
11 Commerce Drive
|
1981
|
90,000
|
83.1
|
1,836
|
0.34
|
24.55
|
|
12 Commerce Drive
|
1967
|
72,260
|
84.7
|
923
|
0.17
|
15.08
|
|
14 Commerce Drive
|
1971
|
67,189
|
88.3
|
1,172
|
0.22
|
19.75
|
|
20 Commerce Drive
|
1990
|
176,600
|
98.3
|
3,554
|
0.66
|
20.47
|
|
25 Commerce Drive
|
1971
|
67,749
|
91.6
|
1,262
|
0.23
|
20.34
|
|
65 Jackson Drive
|
1984
|
82,778
|
53.9
|
1,109
|
0.21
|
24.86
|
|
New Providence
|
||||||
|
890 Mountain Avenue
|
1977
|
80,000
|
77.1
|
1,134
|
0.21
|
18.39
|
|
Total New Jersey Office
|
18,772,757
|
82.0
|
376,660
|
69.68
|
24.54
|
|
|
NEW YORK COUNTY, NEW YORK
|
||||||
|
New York
|
||||||
|
125 Broad Street
|
1970
|
524,476
|
100.0
|
16,406
|
3.04
|
31.28
|
|
ROCKLAND COUNTY, NEW YORK
|
||||||
|
Suffern
|
||||||
|
400 Rella Boulevard
|
1988
|
180,000
|
86.1
|
3,502
|
0.65
|
22.60
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
100 Clearbrook Road (c)
|
1975
|
60,000
|
90.5
|
980
|
0.18
|
18.05
|
|
101 Executive Boulevard
|
1971
|
50,000
|
-
|
54
|
0.01
|
-
|
|
555 Taxter Road
|
1986
|
170,554
|
97.4
|
3,412
|
0.63
|
20.54
|
|
565 Taxter Road
|
1988
|
170,554
|
86.4
|
3,628
|
0.67
|
24.62
|
|
570 Taxter Road
|
1972
|
75,000
|
68.7
|
1,244
|
0.23
|
24.14
|
|
Property Listing
|
||||||
|
Office Properties
|
||||||
|
(Continued)
|
||||||
|
Percentage
|
2014
|
2014
|
||||
|
Net
|
Leased
|
Base
|
Average
|
|||
|
Rentable
|
as of
|
Rent
|
Percentage
|
Base Rent
|
||
|
Year
|
Area
|
03/31/14
|
($000’s)
|
of Total 2014
|
Per Sq. Ft.
|
|
|
Property Location
|
Built
|
(Sq. Ft.)
|
(%) (a)
|
(b) (c)
|
Base Rent (%)
|
($) (c) (d)
|
|
Hawthorne
|
||||||
|
1 Skyline Drive
|
1980
|
20,400
|
99.0
|
340
|
0.06
|
16.84
|
|
2 Skyline Drive
|
1987
|
30,000
|
100.0
|
543
|
0.10
|
18.10
|
|
7 Skyline Drive
|
1987
|
109,000
|
74.8
|
2,093
|
0.39
|
25.67
|
|
17 Skyline Drive (e)
|
1989
|
85,000
|
100.0
|
1,544
|
0.29
|
18.16
|
|
Tarrytown
|
||||||
|
200 White Plains Road
|
1982
|
89,000
|
61.7
|
1,320
|
0.24
|
24.04
|
|
220 White Plains Road
|
1984
|
89,000
|
75.4
|
1,690
|
0.31
|
25.18
|
|
White Plains
|
||||||
|
1 Barker Avenue
|
1975
|
68,000
|
87.8
|
1,684
|
0.31
|
28.21
|
|
3 Barker Avenue
|
1983
|
65,300
|
100.0
|
1,393
|
0.26
|
21.33
|
|
50 Main Street
|
1985
|
309,000
|
88.6
|
8,399
|
1.55
|
30.68
|
|
11 Martine Avenue
|
1987
|
180,000
|
77.7
|
4,384
|
0.81
|
31.35
|
|
1 Water Street
|
1979
|
45,700
|
68.3
|
805
|
0.15
|
25.79
|
|
Yonkers
|
||||||
|
1 Executive Boulevard
|
1982
|
112,000
|
100.0
|
3,005
|
0.56
|
26.83
|
|
3 Executive Boulevard
|
1987
|
58,000
|
100.0
|
1,690
|
0.31
|
29.14
|
|
Total New York Office
|
2,490,984
|
87.4
|
58,116
|
10.75
|
26.69
|
|
|
FAIRFIELD COUNTY, NEW YORK
|
||||||
|
Stamford
|
||||||
|
1266 East Main Street
|
1984
|
179,260
|
81.4
|
3,482
|
0.64
|
23.86
|
|
Total Connecticut Office
|
179,260
|
81.4
|
3,482
|
0.64
|
23.86
|
|
|
WASHINGTON, D.C.
|
||||||
|
1201 Connecticut Avenue, NW
|
1940
|
169,549
|
87.0
|
6,694
|
1.24
|
45.38
|
|
1400 L Street, NW
|
1987
|
159,000
|
100.0
|
5,873
|
1.09
|
36.94
|
|
Total District of Columbia Office
|
328,549
|
93.3
|
12,567
|
2.33
|
41.00
|
|
|
PRINCE GEORGE'S COUNTY, MARYLAND
|
||||||
|
Greenbelt
|
||||||
|
9200 Edmonston Road
|
1973
|
38,690
|
100.0
|
1,061
|
0.20
|
27.42
|
|
6301 Ivy Lane
|
1979
|
112,003
|
62.3
|
1,581
|
0.29
|
22.66
|
|
6303 Ivy Lane
|
1980
|
112,047
|
13.2
|
2,022
|
0.37
|
136.71
|
|
6305 Ivy Lane
|
1982
|
112,022
|
84.3
|
1,916
|
0.35
|
20.29
|
|
6404 Ivy Lane
|
1987
|
165,234
|
73.8
|
2,707
|
0.50
|
22.20
|
|
6406 Ivy Lane
|
1991
|
163,857
|
77.0
|
534
|
0.10
|
4.23
|
|
6411 Ivy Lane
|
1984
|
138,405
|
70.1
|
2,180
|
0.40
|
22.47
|
|
Lanham
|
||||||
|
4200 Parliament Place
|
1989
|
122,000
|
94.6
|
2,889
|
0.54
|
25.03
|
|
Total Maryland Office
|
964,258
|
70.4
|
14,890
|
2.75
|
21.92
|
|
|
TOTAL OFFICE PROPERTIES
|
22,735,808
|
82.2
|
465,715
|
86.15
|
24.96
|
|
|
Property Listing
|
||||||
|
Office/Flex Properties
|
||||||
|
Percentage
|
2014
|
2014
|
||||
|
Net
|
Leased
|
Base
|
Average
|
|||
|
Rentable
|
as of
|
Rent
|
Percentage
|
Base Rent
|
||
|
Year
|
Area
|
03/31/14
|
($000’s)
|
of Total 2014
|
Per Sq. Ft.
|
|
|
Property Location
|
Built
|
(Sq. Ft.)
|
(%) (a)
|
(b) (c)
|
Base Rent (%)
|
($) (c) (d)
|
|
BURLINGTON COUNTY, NEW JERSEY
|
||||||
|
Burlington
|
||||||
|
3 Terri Lane
|
1991
|
64,500
|
78.7
|
423
|
0.08
|
8.33
|
|
5 Terri Lane
|
1992
|
74,555
|
100.0
|
619
|
0.11
|
8.30
|
|
Moorestown
|
||||||
|
2 Commerce Drive
|
1986
|
49,000
|
69.2
|
220
|
0.04
|
6.49
|
|
101 Commerce Drive
|
1988
|
64,700
|
100.0
|
275
|
0.05
|
4.25
|
|
102 Commerce Drive
|
1987
|
38,400
|
100.0
|
249
|
0.05
|
6.48
|
|
201 Commerce Drive
|
1986
|
38,400
|
25.0
|
54
|
0.01
|
5.63
|
|
202 Commerce Drive
|
1988
|
51,200
|
25.0
|
154
|
0.03
|
12.03
|
|
1 Executive Drive
|
1989
|
20,570
|
100.0
|
196
|
0.04
|
9.53
|
|
2 Executive Drive
|
1988
|
60,800
|
71.4
|
270
|
0.05
|
6.22
|
|
101 Executive Drive
|
1990
|
29,355
|
99.7
|
299
|
0.06
|
10.22
|
|
102 Executive Drive
|
1990
|
64,000
|
100.0
|
474
|
0.09
|
7.41
|
|
225 Executive Drive
|
1990
|
50,600
|
85.4
|
219
|
0.04
|
5.07
|
|
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
|
65.1
|
210
|
0.04
|
6.11
|
|
1247 North Church Street
|
1998
|
52,790
|
64.0
|
305
|
0.06
|
9.03
|
|
1256 North Church Street
|
1984
|
63,495
|
100.0
|
477
|
0.09
|
7.51
|
|
840 North Lenola Road
|
1995
|
38,300
|
47.0
|
302
|
0.06
|
16.78
|
|
844 North Lenola Road
|
1995
|
28,670
|
100.0
|
203
|
0.04
|
7.08
|
|
915 North Lenola Road
|
1998
|
52,488
|
100.0
|
292
|
0.05
|
5.56
|
|
2 Twosome Drive
|
2000
|
48,600
|
100.0
|
404
|
0.07
|
8.31
|
|
30 Twosome Drive
|
1997
|
39,675
|
74.8
|
231
|
0.04
|
7.78
|
|
31 Twosome Drive
|
1998
|
84,200
|
100.0
|
455
|
0.08
|
5.40
|
|
40 Twosome Drive
|
1996
|
40,265
|
100.0
|
283
|
0.05
|
7.03
|
|
41 Twosome Drive
|
1998
|
43,050
|
100.0
|
265
|
0.05
|
6.16
|
|
50 Twosome Drive
|
1997
|
34,075
|
56.0
|
122
|
0.02
|
6.39
|
|
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
|
220
|
0.04
|
16.57
|
|
200 Horizon Drive
|
1991
|
45,770
|
100.0
|
695
|
0.13
|
15.18
|
|
300 Horizon Drive
|
1989
|
69,780
|
53.2
|
522
|
0.10
|
14.06
|
|
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
|
612
|
0.11
|
17.49
|
|
1340 Campus Parkway
|
1992
|
72,502
|
75.1
|
1,018
|
0.19
|
18.70
|
|
1345 Campus Parkway
|
1995
|
76,300
|
95.3
|
1,053
|
0.19
|
14.48
|
|
1433 Highway 34
|
1985
|
69,020
|
80.7
|
538
|
0.10
|
9.66
|
|
1320 Wyckoff Avenue
|
1986
|
20,336
|
100.0
|
222
|
0.04
|
10.92
|
|
1324 Wyckoff Avenue
|
1987
|
21,168
|
100.0
|
163
|
0.03
|
7.70
|
|
PASSAIC COUNTY, NEW JERSEY
|
||||||
|
Totowa
|
||||||
|
1 Center Court
|
1999
|
38,961
|
100.0
|
596
|
0.11
|
15.30
|
|
2 Center Court
|
1998
|
30,600
|
33.0
|
215
|
0.04
|
21.29
|
|
11 Commerce Way
|
1989
|
47,025
|
100.0
|
513
|
0.09
|
10.91
|
|
20 Commerce Way
|
1992
|
42,540
|
46.7
|
228
|
0.04
|
11.48
|
|
29 Commerce Way
|
1990
|
48,930
|
77.9
|
148
|
0.03
|
3.88
|
|
40 Commerce Way
|
1987
|
50,576
|
86.3
|
560
|
0.10
|
12.83
|
|
45 Commerce Way
|
1992
|
51,207
|
100.0
|
519
|
0.10
|
10.14
|
|
Property Listing
|
||||||
|
Office/Flex Properties
|
||||||
|
(Continued)
|
||||||
|
Percentage
|
2014
|
2014
|
||||
|
Net
|
Leased
|
Base
|
Average
|
|||
|
Rentable
|
as of
|
Rent
|
Percentage
|
Base Rent
|
||
|
Year
|
Area
|
03/31/14
|
($000’s)
|
of Total 2014
|
Per Sq. Ft.
|
|
|
Property Location
|
Built
|
(Sq. Ft.)
|
(%) (a)
|
(b) (c)
|
Base Rent (%)
|
($) (c) (d)
|
|
60 Commerce Way
|
1988
|
50,333
|
89.1
|
502
|
0.09
|
11.19
|
|
80 Commerce Way
|
1996
|
22,500
|
76.9
|
252
|
0.05
|
14.56
|
|
100 Commerce Way
|
1996
|
24,600
|
88.0
|
276
|
0.05
|
12.75
|
|
120 Commerce Way
|
1994
|
9,024
|
100.0
|
103
|
0.02
|
11.41
|
|
140 Commerce Way
|
1994
|
26,881
|
99.5
|
306
|
0.06
|
11.44
|
|
Total New Jersey Office/Flex
|
2,189,531
|
84.1
|
17,274
|
3.20
|
9.38
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
11 Clearbrook Road
|
1974
|
31,800
|
100.0
|
425
|
0.08
|
13.36
|
|
75 Clearbrook Road
|
1990
|
32,720
|
100.0
|
372
|
0.07
|
11.37
|
|
125 Clearbrook Road
|
2002
|
33,000
|
93.6
|
618
|
0.11
|
20.01
|
|
150 Clearbrook Road
|
1975
|
74,900
|
99.3
|
996
|
0.18
|
13.39
|
|
175 Clearbrook Road
|
1973
|
98,900
|
100.0
|
1,323
|
0.25
|
13.38
|
|
200 Clearbrook Road
|
1974
|
94,000
|
98.8
|
1,162
|
0.21
|
12.51
|
|
250 Clearbrook Road
|
1973
|
155,000
|
97.8
|
1,071
|
0.20
|
7.07
|
|
50 Executive Boulevard
|
1969
|
45,200
|
59.6
|
413
|
0.08
|
15.33
|
|
77 Executive Boulevard
|
1977
|
13,000
|
100.0
|
244
|
0.05
|
18.77
|
|
85 Executive Boulevard
|
1968
|
31,000
|
-
|
203
|
0.04
|
-
|
|
300 Executive Boulevard
|
1970
|
60,000
|
100.0
|
724
|
0.13
|
12.07
|
|
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
|
556
|
0.10
|
18.53
|
|
500 Executive Boulevard
|
1970
|
41,600
|
100.0
|
760
|
0.14
|
18.27
|
|
525 Executive Boulevard
|
1972
|
61,700
|
100.0
|
991
|
0.18
|
16.06
|
|
1 Westchester Plaza
|
1967
|
25,000
|
100.0
|
352
|
0.07
|
14.08
|
|
2 Westchester Plaza
|
1968
|
25,000
|
96.1
|
313
|
0.06
|
13.03
|
|
3 Westchester Plaza
|
1969
|
93,500
|
97.9
|
1,070
|
0.20
|
11.69
|
|
4 Westchester Plaza
|
1969
|
44,700
|
100.0
|
697
|
0.13
|
15.59
|
|
5 Westchester Plaza
|
1969
|
20,000
|
100.0
|
299
|
0.06
|
14.95
|
|
6 Westchester Plaza
|
1968
|
20,000
|
100.0
|
223
|
0.04
|
11.15
|
|
7 Westchester Plaza
|
1972
|
46,200
|
100.0
|
659
|
0.12
|
14.26
|
|
8 Westchester Plaza
|
1971
|
67,200
|
96.7
|
1,242
|
0.23
|
19.11
|
|
Hawthorne
|
||||||
|
200 Saw Mill River Road
|
1965
|
51,100
|
100.0
|
723
|
0.13
|
14.15
|
|
4 Skyline Drive
|
1987
|
80,600
|
93.0
|
1,339
|
0.25
|
17.86
|
|
5 Skyline Drive
|
1980
|
124,022
|
99.8
|
1,658
|
0.31
|
13.40
|
|
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
|
994
|
0.18
|
22.09
|
|
12 Skyline Drive (e)
|
1999
|
46,850
|
71.7
|
540
|
0.10
|
16.08
|
|
15 Skyline Drive (e)
|
1989
|
55,000
|
18.7
|
196
|
0.04
|
19.06
|
|
Yonkers
|
||||||
|
100 Corporate Boulevard
|
1987
|
78,000
|
98.3
|
1,570
|
0.29
|
20.48
|
|
200 Corporate Boulevard South
|
1990
|
84,000
|
90.1
|
1,791
|
0.33
|
23.66
|
|
4 Executive Plaza
|
1986
|
80,000
|
100.0
|
1,254
|
0.23
|
15.68
|
|
6 Executive Plaza
|
1987
|
80,000
|
100.0
|
1,648
|
0.30
|
20.60
|
|
1 Odell Plaza
|
1980
|
106,000
|
100.0
|
1,528
|
0.28
|
14.42
|
|
3 Odell Plaza
|
1984
|
71,065
|
100.0
|
1,596
|
0.30
|
22.46
|
|
5 Odell Plaza
|
1983
|
38,400
|
99.6
|
649
|
0.12
|
16.97
|
|
7 Odell Plaza
|
1984
|
42,600
|
100.0
|
557
|
0.10
|
13.08
|
|
Total New York Office/Flex
|
2,348,812
|
92.9
|
33,813
|
6.25
|
15.50
|
|
|
Property Listing
|
||||||
|
Office/Flex Properties (continued)
|
||||||
|
and Industrial/Warehouse, Retail Properties, and Land Leases
|
||||||
|
Percentage
|
2014
|
2014
|
||||
|
Net
|
Leased
|
Base
|
Average
|
|||
|
Rentable
|
as of
|
Rent
|
Percentage
|
Base Rent
|
||
|
Year
|
Area
|
03/31/14
|
($000’s)
|
of Total 2014
|
Per Sq. Ft.
|
|
|
Property Location
|
Built
|
(Sq. Ft.)
|
(%) (a)
|
(b) (c)
|
Base Rent (%)
|
($) (c) (d)
|
|
FAIRFIELD COUNTY, CONNECTICUT
|
||||||
|
Stamford
|
||||||
|
419 West Avenue
|
1986
|
88,000
|
100.0
|
1,576
|
0.29
|
17.91
|
|
500 West Avenue
|
1988
|
25,000
|
75.9
|
388
|
0.07
|
20.45
|
|
550 West Avenue
|
1990
|
54,000
|
81.3
|
896
|
0.17
|
20.41
|
|
600 West Avenue
|
1999
|
66,000
|
100.0
|
670
|
0.12
|
10.15
|
|
650 West Avenue
|
1998
|
40,000
|
100.0
|
533
|
0.10
|
13.33
|
|
Total Connecticut Office/Flex
|
273,000
|
94.1
|
4,063
|
0.75
|
15.82
|
|
|
TOTAL OFFICE/FLEX PROPERTIES
|
4,811,343
|
89.0
|
55,150
|
10.20
|
12.89
|
|
|
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
|
158
|
0.03
|
14.50
|
|
3 Warehouse Lane (e)
|
1957
|
77,200
|
100.0
|
399
|
0.07
|
5.17
|
|
4 Warehouse Lane (e)
|
1957
|
195,500
|
97.0
|
1,724
|
0.32
|
9.09
|
|
5 Warehouse Lane (e)
|
1957
|
75,100
|
97.1
|
916
|
0.17
|
12.56
|
|
6 Warehouse Lane (e)
|
1982
|
22,100
|
100.0
|
555
|
0.10
|
25.11
|
|
Total Industrial/Warehouse Properties
|
387,400
|
97.9
|
3,857
|
0.71
|
10.17
|
|
|
HUDSON COUNTY, NEW JERSEY
|
||||||
|
Weehawken
|
||||||
|
500 Avenue at Port Imperial (f)
|
2013
|
16,736
|
52.2
|
-
|
-
|
-
|
|
Total New Jersey Retail Properties
|
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
|
|
|
WESTCHESTER COUNTY, NEW YORK
|
||||||
|
Elmsford
|
||||||
|
700 Executive Boulevard
|
-
|
-
|
-
|
152
|
0.03
|
-
|
|
Yonkers
|
||||||
|
1 Enterprise Boulevard
|
-
|
-
|
-
|
185
|
0.03
|
-
|
|
Total New York Land Leases
|
-
|
-
|
337
|
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
|
-
|
-
|
490
|
0.09
|
-
|
|
|
TOTAL COMMERCIAL PROPERTIES
|
27,968,587
|
83.6
|
525,696
|
97.24
|
22.52
|
|
|
Property Listing
|
|||||||||
|
Multi-Family Properties
|
|||||||||
|
Commercial
|
|||||||||
|
Net
|
Percentage
|
Percentage
|
2014
|
2014
|
|||||
|
Rentable
|
Leased
|
Leased
|
Base
|
Average
|
|||||
|
Commercial
|
as of
|
as of
|
Rent
|
Percentage
|
Base Rent
|
||||
|
Year
|
Area
|
03/31/14
|
Number
|
03/31/14
|
($000’s)
|
of Total 2014
|
Per Sq. Ft.
|
||
|
Multi-Family Properties
|
Built
|
(Sq. Ft.)
|
(%) (a)
|
of Units
|
(%) (a)
|
(b) (c)
|
Base Rent (%)
|
($) (c) (j)
|
|
|
MIDDLESEX COUNTY, NEW JERSEY
|
|||||||||
|
New Brunswick
|
|||||||||
|
Richmond Court (f) (g)
|
1997
|
-
|
-
|
82
|
98.8
|
422
|
0.08
|
1,539
|
|
|
Riverwatch Commons (f) (g)
|
1995
|
-
|
-
|
118
|
97.5
|
597
|
0.11
|
1,533
|
|
|
UNION COUNTY, NEW JERSEY
|
|||||||||
|
Rahway
|
|||||||||
|
Park Square (f) (h)
|
2011
|
5,934
|
100.0
|
159
|
95.6
|
1,332
|
0.25
|
2,019
|
|
|
Total New Jersey Multi-Family
|
5,934
|
100.0
|
359
|
96.9
|
2,351
|
0.44
|
1,747
|
||
|
SUFFOLK COUNTY, MASSACHUSETTS
|
|||||||||
|
Revere
|
|||||||||
|
Alterra at Overlook Ridge 1A
|
2004
|
-
|
-
|
310
|
96.8
|
5,412
|
1.00
|
1,503
|
|
|
Alterra at Overlook Ridge 1B (f) (i)
|
2008
|
-
|
-
|
412
|
96.8
|
7,132
|
1.32
|
1,502
|
|
|
Total Massachusetts Multi-Family
|
-
|
-
|
722
|
96.8
|
12,544
|
2.32
|
1,503
|
||
|
Total Multi-Family Properties
|
5,934
|
100.0 |
1,081
|
96.9
|
14,895
|
2.76
|
1,584
|
||
|
TOTAL PROPERTIES
|
27,974,521
|
540,591
|
100.00
|
||||||
|
(a)
|
Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring March 31, 2014 aggregating 119,109 square feet (representing 0.4 percent of the Company’s total net rentable square footage) for which no new leases were signed.
|
|
(b)
|
Total base rent for 2014, determined in accordance with generally accepted accounting principles (“GAAP”). Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage. For the year ended March 31, 2014, total escalations and recoveries from tenants were: $69,027, or $3.74 per leased square foot, for office properties; $7,850, or $1.83 per leased square foot, for office/flex properties; and $1,963, or $4.44 per leased square foot, for other properties.
|
|
(c)
|
Excludes space leased by the Company.
|
|
(d)
|
Base rent for 2014 divided by net rentable commercial square feet leased at March 31, 2014.
|
|
(e)
|
This property is located on land leased by the Company.
|
|
(f)
|
As this property was acquired, commenced initial operations or initially consolidated by the Company during the 12 months ended March 31, 2014, the amounts represented in 2014 base rent reflect only that portion of the year during which the Company owned or consolidated the property. Accordingly, these amounts may not be indicative of the property’s full year results. For comparison purposes, the amounts represented in 2014 average base rent per sq. ft. and per unit for this property have been calculated by taking 2014 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased or occupied units at March 31, 2014. These annualized per square foot and per unit amounts may not be indicative of the property’s results had the Company owned or consolidated the property for the entirety of the 12 months ended March 31, 2014.
|
|
(g)
|
Acquired on December 19, 2013. Amounts reflect period of ownership.
|
|
(h)
|
Acquired on November 20, 2013. Amounts reflect period of ownership.
|
|
(i)
|
Acquired on April 4, 2013. Amounts reflect period of ownership.
|
|
(j)
|
Annualized base rent for 2013 divided by units occupied at March 31, 2014, divided by 12.
|
|
Percentage of
|
|||||||
|
Annualized
|
Company
|
Square
|
Percentage
|
Year of
|
|||
|
Number of
|
Base Rental
|
Annualized Base
|
Feet
|
Total Company
|
Lease
|
||
|
Properties
|
Revenue ($) (a)
|
Rental Revenue (%)
|
Leased
|
Leased Sq. Ft. (%)
|
Expiration
|
||
|
DB Services New Jersey, Inc.
|
2
|
12,335,217
|
2.4
|
409,166
|
1.9
|
2017
|
|
|
National Union Fire Insurance Company of Pittsburgh, PA
|
3
|
11,203,562
|
2.2
|
398,141
|
1.7
|
(b)
|
|
|
Wyndham Worldwide Operations
|
2
|
11,199,134
|
2.1
|
452,915
|
2.0
|
2029
|
|
|
Bank Of Tokyo-Mitsubishi FUJI, Ltd.
|
1
|
10,540,716
|
2.0
|
282,606
|
1.2
|
(c)
|
|
|
Forest Research Institute, Inc.
|
1
|
9,070,892
|
1.7
|
215,659
|
0.9
|
2017
|
|
|
United States of America-GSA
|
11
|
8,803,753
|
1.6
|
285,343
|
1.2
|
(d)
|
|
|
Prentice-Hall, Inc.
|
1
|
8,643,699
|
1.6
|
474,801
|
2.1
|
2014
|
|
|
Montefiore Medical Center
|
7
|
7,135,069
|
1.3
|
312,824
|
1.4
|
(e)
|
|
|
ICAP Securities USA, LLC
|
1
|
6,904,128
|
1.3
|
159,834
|
0.7
|
2017
|
|
|
TD Ameritrade Online Holdings
|
1
|
6,229,711
|
1.2
|
188,776
|
0.8
|
2020
|
|
|
Daiichi Sankyo, Inc.
|
1
|
6,133,613
|
1.1
|
171,900
|
0.8
|
2022
|
|
|
Merrill Lynch Pierce Fenner
|
1
|
5,883,780
|
1.1
|
294,189
|
1.3
|
2017
|
|
|
New Cingular Wireless PCS, LLC
|
3
|
5,554,225
|
1.0
|
240,582
|
1.1
|
(f)
|
|
|
AECOM Technology Corporation
|
2
|
5,258,602
|
1.0
|
162,346
|
0.7
|
(g)
|
|
|
HQ Global Workplaces, LLC
|
17
|
4,888,434
|
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
|
0.8
|
275,000
|
1.2
|
(j)
|
|
|
Morgan Stanley Smith Barney
|
3
|
3,855,452
|
0.7
|
125,145
|
0.5
|
(k)
|
|
|
Allstate Insurance Company
|
7
|
3,696,720
|
0.7
|
160,312
|
0.7
|
(l)
|
|
|
Arch Insurance Company
|
1
|
3,685,118
|
0.7
|
106,815
|
0.5
|
2024
|
|
|
SunAmerica Asset Management
|
1
|
3,167,756
|
0.6
|
69,621
|
0.3
|
2018
|
|
|
Tullett Prebon Holdings Corp.
|
1
|
3,127,970
|
0.6
|
100,759
|
0.4
|
2023
|
|
|
Alpharma, LLC
|
1
|
3,098,092
|
0.6
|
112,235
|
0.5
|
2018
|
|
|
Xand Operations, LLC
|
2
|
3,014,150
|
0.6
|
131,078
|
0.6
|
2024
|
|
|
E*Trade Financial Corporation
|
1
|
2,930,757
|
0.5
|
106,573
|
0.5
|
2022
|
|
|
Plymouth Rock Management Company of New Jersey
|
2
|
2,928,321
|
0.5
|
116,889
|
0.5
|
2020
|
|
|
Natixis North America, Inc.
|
1
|
2,823,569
|
0.5
|
89,907
|
0.4
|
2021
|
|
|
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
|
|
|
Connell Foley, LLP
|
2
|
2,657,218
|
0.5
|
97,822
|
0.4
|
2015
|
|
|
New Jersey Turnpike Authority
|
1
|
2,605,798
|
0.5
|
100,223
|
0.4
|
2017
|
|
|
Lowenstein Sandler LLP
|
1
|
2,516,264
|
0.5
|
98,677
|
0.4
|
2017
|
|
|
Savvis Communications Corporation
|
1
|
2,430,116
|
0.5
|
71,474
|
0.3
|
2015
|
|
|
Virgin Mobile USA, LP
|
1
|
2,427,776
|
0.5
|
93,376
|
0.4
|
2016
|
|
|
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
|
0.5
|
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
|
|
|
Bozzuto & Associates, Inc.
|
1
|
2,301,992
|
0.4
|
104,636
|
0.5
|
2025
|
|
|
The Louis Berger Group, Inc.
|
3
|
2,294,370
|
0.4
|
116,765
|
0.5
|
(q)
|
|
|
Rothstein, Kass & Company, P.C.
|
1
|
2,287,823
|
0.4
|
88,652
|
0.4
|
2017
|
|
|
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
|
|
|
Pitney Bowes Software, Inc.
|
1
|
2,253,645
|
0.4
|
73,379
|
0.3
|
2015
|
|
|
Bunge Management Services, Inc.
|
1
|
2,221,151
|
0.4
|
66,303
|
0.3
|
2020
|
|
|
Barr Laboratories, Inc.
|
1
|
2,209,107
|
0.4
|
89,510
|
0.4
|
2015
|
|
|
Totals
|
218,362,260
|
40.6
|
8,309,083
|
36.3
|
|||
|
Significant Tenants
|
|
(Continued)
|
|
(a)
|
Annualized base rental revenue is based on actual March, 2014 billings times 12. For leases whose rent commences after April 1, 2014, 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)
|
221,148 square feet expire in 2015; 15,851 square feet expire in 2016; 7,046 square feet expire in 2018; 21,596 square feet expire in 2022; 19,702 square feet expire in 2023.
|
|
(e)
|
13,810 square feet expire in 2014; 20,812 square feet expire in 2015; 7,200 square feet expire in 2016; 59,302 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.
|
|
(f)
|
27,766 square feet expire in 2014; 212,816 square feet expire in 2018.
|
|
(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 2018; 154,035 square feet expire in 2020.
|
|
(j)
|
115,000 square feet expire in 2016; 160,000 square feet expire in 2019.
|
|
(k)
|
26,834 square feet expire in 2014; 29,654 square feet expire in 2015; 26,262 square feet expire in 2018; 42,395 square feet expire in 2026.
|
|
(l)
|
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; 4,456 square feet expire in 2019.
|
|
(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 2014; 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)
|
322 square feet expire in 2017; 8,111 square feet expire in 2020; 108,332 square feet expire in 2026.
|
|
Average Annualized
|
||||||
|
Percentage Of
|
Base Rent Per
|
|||||
|
Net Rentable
|
Total Leased
|
Annualized
|
Net Rentable
|
Percentage Of
|
||
|
Area Subject
|
Square Feet
|
Base Rental
|
Square Foot
|
Annual Base
|
||
|
Year Of
|
Number Of
|
To Expiring
|
Represented By
|
Revenue Under
|
Represented
|
Rent Under
|
|
Expiration/
|
Leases
|
Leases
|
Expiring
|
Expiring
|
By Expiring
|
Expiring
|
|
Market
|
Expiring (a)
|
(Sq. Ft.)
|
Leases (%)
|
Leases ($) (b)
|
Leases ($)
|
Leases (%)
|
|
2014 (c)
|
||||||
|
Northern NJ
|
81
|
712,708
|
3.1
|
17,036,033
|
23.90
|
3.2
|
|
Central NJ
|
43
|
182,361
|
0.8
|
4,072,104
|
22.33
|
0.8
|
|
Westchester Co., NY
|
62
|
265,984
|
1.2
|
6,278,016
|
23.60
|
1.2
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
4
|
38,830
|
0.2
|
294,990
|
7.60
|
-
|
|
Fairfield, CT
|
7
|
29,573
|
0.1
|
524,101
|
17.72
|
0.1
|
|
Washington, DC/MD
|
17
|
68,495
|
0.3
|
1,757,858
|
25.66
|
0.3
|
|
Rockland Co., NY
|
4
|
6,949
|
(d)
|
162,107
|
23.33
|
(d)
|
|
TOTAL – 2014
|
218
|
1,304,900
|
5.7
|
30,125,209
|
23.09
|
5.6
|
|
2015
|
||||||
|
Northern NJ
|
105
|
1,360,769
|
6.0
|
30,687,510
|
22.55
|
5.7
|
|
Central NJ
|
65
|
418,165
|
1.8
|
9,466,735
|
22.64
|
1.8
|
|
Westchester Co., NY
|
83
|
430,951
|
1.9
|
8,955,773
|
20.78
|
1.7
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
26
|
246,713
|
1.1
|
1,809,281
|
7.33
|
0.3
|
|
Fairfield, CT
|
7
|
71,445
|
0.3
|
1,587,457
|
22.22
|
0.3
|
|
Washington, DC/MD
|
39
|
350,641
|
1.5
|
10,848,941
|
30.94
|
2.0
|
|
Rockland Co., NY
|
2
|
32,311
|
0.1
|
775,464
|
24.00
|
0.1
|
|
TOTAL – 2015
|
327
|
2,910,995
|
12.7
|
64,131,161
|
22.03
|
11.9
|
|
2016
|
||||||
|
Northern NJ
|
109
|
924,244
|
4.1
|
23,967,581
|
25.93
|
4.5
|
|
Central NJ
|
63
|
601,175
|
2.6
|
13,978,031
|
23.25
|
2.6
|
|
Westchester Co., NY
|
87
|
490,612
|
2.2
|
9,764,829
|
19.90
|
1.8
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Sub. Philadelphia
|
12
|
165,743
|
0.7
|
1,121,218
|
6.76
|
0.2
|
|
Fairfield, CT
|
6
|
159,640
|
0.7
|
3,217,178
|
20.15
|
0.6
|
|
Washington, DC/MD
|
24
|
97,416
|
0.4
|
2,562,327
|
26.30
|
0.5
|
|
Rockland Co., NY
|
1
|
1,885
|
(d)
|
49,010
|
26.00
|
(d)
|
|
TOTAL – 2016
|
302
|
2,440,715
|
10.7
|
54,660,174
|
22.40
|
10.2
|
|
Average Annualized
|
|||||||
|
Percentage Of
|
Base Rent Per
|
||||||
|
Net Rentable
|
Total Leased
|
Annualized
|
Net Rentable
|
Percentage Of
|
|||
|
Area Subject
|
Square Feet
|
Base Rental
|
Square Foot
|
Annual Base
|
|||
|
Year Of
|
Number Of
|
To Expiring
|
Represented By
|
Revenue Under
|
Represented
|
Rent Under
|
|
|
Expiration/
|
Leases
|
Leases
|
Expiring
|
Expiring
|
By Expiring
|
Expiring
|
|
|
Market
|
Expiring (a)
|
(Sq. Ft.)
|
Leases (%)
|
Leases ($) (b)
|
Leases ($)
|
Leases (%)
|
|
|
2017
|
268
|
3,618,932
|
15.8
|
85,780,977
|
23.70
|
15.9
|
|
|
2018
|
260
|
2,603,522
|
11.4
|
60,713,201
|
23.32
|
11.3
|
|
|
2019
|
207
|
2,082,228
|
9.1
|
44,788,826
|
21.51
|
8.3
|
|
|
2020
|
137
|
1,726,834
|
7.6
|
37,454,077
|
21.69
|
7.0
|
|
|
2021
|
87
|
1,314,025
|
5.8
|
33,876,991
|
25.78
|
6.3
|
|
|
2022
|
63
|
1,049,507
|
4.6
|
26,525,344
|
25.27
|
4.9
|
|
|
2023
|
39
|
1,059,601
|
4.6
|
26,923,060
|
25.41
|
5.0
|
|
|
2024
|
54
|
1,078,661
|
4.7
|
25,742,841
|
23.87
|
4.8
|
|
|
2025 and thereafter
|
35
|
1,675,866
|
7.3
|
47,588,526
|
28.40
|
8.8
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
1,997
|
22,865,786
|
(c) (e)
|
100.0
|
538,310,387
|
23.54
|
100.0
|
|
(a)
|
Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual March 2014 billings times 12. For leases whose rent commences after April 1, 2014 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
|
|
(c)
|
Includes leases expiring March 31, 2014 aggregating 119,109 square feet and representing annualized rent of $3,147,876 for which no new leases were signed.
|
|
(d)
|
Represents 0.05% or less.
|
|
(e)
|
Reconciliation to Company’s total net rentable square footage is as follows:
|
|
Square Feet
|
|
|
Square footage leased to commercial tenants
|
22,865,786
|
|
Square footage used for corporate offices, management offices,
|
|
|
building use, retail tenants, food services, other ancillary
|
|
|
service tenants and occupancy adjustments
|
512,106
|
|
Square footage unleased
|
4,579,893
|
|
Total net rentable square footage (does not include land leases)
|
27,957,785
|
|
Average Annualized
|
|||||||
|
Percentage Of
|
Base Rent Per
|
||||||
|
Net Rentable
|
Total Leased
|
Annualized
|
Net Rentable
|
Percentage Of
|
|||
|
Area Subject
|
Square Feet
|
Base Rental
|
Square Foot
|
Annual Base
|
|||
|
Year Of
|
Number Of
|
To Expiring
|
Represented By
|
Revenue Under
|
Represented
|
Rent Under
|
|
|
Expiration/
|
Leases
|
Leases
|
Expiring
|
Expiring
|
By Expiring
|
Expiring
|
|
|
Market
|
Expiring (a)
|
(Sq. Ft.)
|
Leases (%)
|
Leases ($) (b)
|
Leases ($)
|
Leases (%)
|
|
|
2014 (c)
|
|||||||
|
Northern NJ
|
76
|
649,243
|
3.5
|
16,147,351
|
24.87
|
3.4
|
|
|
Central NJ
|
37
|
152,179
|
0.8
|
3,644,475
|
23.95
|
0.7
|
|
|
Westchester Co., NY
|
41
|
123,178
|
0.7
|
3,636,457
|
29.52
|
0.7
|
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
Fairfield Co., CT
|
4
|
15,148
|
0.1
|
350,172
|
23.12
|
0.1
|
|
|
Washington, DC/MD
|
17
|
68,495
|
0.4
|
1,757,858
|
25.66
|
0.4
|
|
|
Rockland Co., NY
|
4
|
6,949
|
(d)
|
162,107
|
23.33
|
(d)
|
|
|
TOTAL – 2014
|
179
|
1,015,192
|
5.5
|
25,698,420
|
25.31
|
5.3
|
|
|
2015
|
|||||||
|
Northern NJ
|
98
|
1,306,237
|
7.1
|
30,059,260
|
23.01
|
6.2
|
|
|
Central NJ
|
55
|
338,461
|
1.9
|
8,412,109
|
24.85
|
1.8
|
|
|
Westchester Co., NY
|
49
|
212,773
|
1.2
|
5,535,039
|
26.01
|
1.2
|
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
Fairfield Co., CT
|
5
|
22,968
|
0.1
|
606,368
|
26.40
|
0.1
|
|
|
Washington, DC/MD
|
39
|
350,641
|
1.9
|
10,848,941
|
30.94
|
2.3
|
|
|
Rockland Co., NY
|
2
|
32,311
|
0.2
|
775,464
|
24.00
|
0.2
|
|
|
TOTAL – 2015
|
248
|
2,263,391
|
12.4
|
56,237,181
|
24.85
|
11.8
|
|
|
2016
|
|||||||
|
Northern NJ
|
103
|
866,537
|
4.8
|
23,276,889
|
26.86
|
4.9
|
|
|
Central NJ
|
54
|
486,384
|
2.7
|
12,204,996
|
25.09
|
2.6
|
|
|
Westchester Co., NY
|
41
|
198,190
|
1.1
|
5,259,460
|
26.54
|
1.1
|
|
|
Manhattan
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
Fairfield Co., CT
|
4
|
53,540
|
0.3
|
1,464,498
|
27.35
|
0.3
|
|
|
Washington, DC/MD
|
24
|
97,416
|
0.5
|
2,562,327
|
26.30
|
0.5
|
|
|
Rockland Co., NY
|
1
|
1,885
|
(d)
|
49,010
|
26.00
|
(d)
|
|
|
TOTAL – 2016
|
227
|
1,703,952
|
9.4
|
44,817,180
|
26.30
|
9.4
|
|
|
2017
|
203
|
3,086,923
|
17.0
|
78,751,704
|
25.51
|
16.5
|
|
|
2018
|
184
|
1,835,138
|
10.1
|
51,249,519
|
27.93
|
10.8
|
|
|
2019
|
159
|
1,408,613
|
7.7
|
35,490,013
|
25.20
|
7.5
|
|
|
2020
|
112
|
1,404,625
|
7.7
|
33,343,036
|
23.74
|
7.0
|
|
|
2021
|
75
|
1,167,750
|
6.4
|
31,829,741
|
27.26
|
6.7
|
|
|
2022
|
57
|
982,480
|
5.4
|
25,599,951
|
26.06
|
5.4
|
|
|
2023
|
30
|
856,473
|
4.7
|
24,261,425
|
28.33
|
5.1
|
|
|
2024
|
41
|
883,987
|
4.9
|
22,914,692
|
25.92
|
4.8
|
|
|
2025 and thereafter
|
29
|
1,598,436
|
8.8
|
46,348,609
|
29.00
|
9.7
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
1,544
|
18,206,960
|
(c)
|
100.0
|
476,541,471
|
26.17
|
100.0
|
|
(a)
|
Includes office tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual March 2014 billings times 12. For leases whose rent commences after April 1, 2014 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
|
|
(c)
|
Includes leases expiring March 31, 2014 aggregating 112,529 square feet and representing annualized rent of $3,019,566 for which no new leases were signed.
|
|
(d)
|
Represents 0.05% or less.
|
|
Average Annualized
|
|||||||
|
Percentage Of
|
Base Rent Per
|
||||||
|
Net Rentable
|
Total Leased
|
Annualized
|
Net Rentable
|
Percentage Of
|
|||
|
Area Subject
|
Square Feet
|
Base Rental
|
Square Foot
|
Annual Base
|
|||
|
Year Of
|
Number Of
|
To Expiring
|
Represented By
|
Revenue Under
|
Represented
|
Rent Under
|
|
|
Expiration/
|
Leases
|
Leases
|
Expiring
|
Expiring
|
By Expiring
|
Expiring
|
|
|
Market
|
Expiring (a)
|
(Sq. Ft.)
|
Leases (%)
|
Leases ($) (b)
|
Leases ($)
|
Leases (%)
|
|
|
2014 (c)
|
|||||||
|
Northern NJ
|
5
|
63,465
|
1.4
|
888,682
|
14.00
|
1.5
|
|
|
Central NJ
|
4
|
28,322
|
0.7
|
386,969
|
13.66
|
0.7
|
|
|
Westchester Co., NY
|
19
|
127,616
|
3.0
|
2,388,517
|
18.72
|
4.2
|
|
|
Sub Philadelphia
|
4
|
38,830
|
0.9
|
294,990
|
7.60
|
0.5
|
|
|
Fairfield Co., CT
|
3
|
14,425
|
0.3
|
173,929
|
12.06
|
0.3
|
|
|
TOTAL – 2014
|
35
|
272,658
|
6.3
|
4,133,087
|
15.16
|
7.2
|
|
|
2015
|
|||||||
|
Northern NJ
|
7
|
54,532
|
1.3
|
628,250
|
11.52
|
1.1
|
|
|
Central NJ
|
8
|
76,690
|
1.8
|
982,926
|
12.82
|
1.7
|
|
|
Westchester Co., NY
|
32
|
182,478
|
4.3
|
2,932,134
|
16.07
|
5.2
|
|
|
Sub Philadelphia
|
26
|
246,713
|
5.8
|
1,809,281
|
7.33
|
3.2
|
|
|
Fairfield Co., CT
|
2
|
48,477
|
1.1
|
981,089
|
20.24
|
1.7
|
|
|
TOTAL – 2015
|
75
|
608,890
|
14.3
|
7,333,680
|
12.04
|
12.9
|
|
|
2016
|
|||||||
|
Northern NJ
|
6
|
57,707
|
1.4
|
690,692
|
11.97
|
1.2
|
|
|
Central NJ
|
8
|
113,731
|
2.7
|
1,749,179
|
15.38
|
3.1
|
|
|
Westchester Co., NY
|
42
|
261,434
|
6.1
|
4,158,575
|
15.91
|
7.3
|
|
|
Sub Philadelphia
|
12
|
165,743
|
3.9
|
1,121,218
|
6.76
|
2.0
|
|
|
Fairfield Co., CT
|
2
|
106,100
|
2.5
|
1,752,680
|
16.52
|
3.1
|
|
|
TOTAL – 2016
|
70
|
704,715
|
16.6
|
9,472,344
|
13.44
|
16.7
|
|
|
2017
|
65
|
532,009
|
12.5
|
7,029,273
|
13.21
|
12.4
|
|
|
2018
|
73
|
674,901
|
15.9
|
8,867,709
|
13.14
|
15.6
|
|
|
2019
|
45
|
629,170
|
14.8
|
8,506,412
|
13.52
|
15.0
|
|
|
2020
|
24
|
274,977
|
6.5
|
3,436,568
|
12.50
|
6.0
|
|
|
2021
|
12
|
146,275
|
3.4
|
2,047,250
|
14.00
|
3.6
|
|
|
2022
|
6
|
67,027
|
1.6
|
925,393
|
13.81
|
1.6
|
|
|
2023
|
7
|
127,407
|
3.0
|
1,783,271
|
14.00
|
3.1
|
|
|
2024
|
12
|
148,674
|
3.5
|
2,411,389
|
16.22
|
4.2
|
|
|
2025 and thereafter
|
5
|
69,430
|
1.6
|
947,917
|
13.65
|
1.7
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
429
|
4,256,133
|
(c)
|
100.0
|
56,894,293
|
13.37
|
100.0
|
|
(a)
|
Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual March 2014 billings times 12. For leases whose rent commences after April 1, 2014, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above. Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.
|
|
(c)
|
Includes leases expiring March 31, 2014 aggregating 6,580 square feet and representing annualized rent of $128,310 for which no new leases were signed.
|
|
Average Annualized
|
|||||||
|
Percentage Of
|
Base Rent Per
|
||||||
|
Net Rentable
|
Total Leased
|
Annualized
|
Net Rentable
|
Percentage Of
|
|||
|
Area Subject
|
Square Feet
|
Base Rental
|
Square Foot
|
Annual Base
|
|||
|
Year Of
|
Number Of
|
To Expiring
|
Represented By
|
Revenue Under
|
Represented
|
Rent Under
|
|
|
Expiration/
|
Leases
|
Leases
|
Expiring
|
Expiring
|
By Expiring
|
Expiring
|
|
|
Market
|
Expiring (a)
|
(Sq. Ft.)
|
Leases (%)
|
Leases ($) (b)
|
Leases ($)
|
Leases (%)
|
|
|
2014
|
1
|
5,890
|
1.5
|
78,042
|
13.25
|
1.7
|
|
|
2015
|
2
|
35,700
|
9.4
|
488,600
|
13.69
|
11.4
|
|
|
2016
|
4
|
30,988
|
8.2
|
346,794
|
11.19
|
8.1
|
|
|
2018
|
3
|
93,483
|
24.6
|
595,973
|
6.38
|
14.0
|
|
|
2019
|
3
|
44,445
|
11.7
|
792,401
|
17.83
|
18.6
|
|
|
2020
|
1
|
47,232
|
12.5
|
674,473
|
14.28
|
15.8
|
|
|
2023
|
2
|
75,721
|
20.0
|
878,364
|
11.60
|
20.6
|
|
|
2024
|
1
|
46,000
|
12.1
|
416,760
|
9.06
|
9.8
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
17
|
379,459
|
100.0
|
4,271,407
|
11.26
|
100.0
|
|
(a)
|
Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases.
|
|
(b)
|
Annualized base rental revenue is based on actual March 2014 billings times 12. For leases whose rent commences after April 1, 2014, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.
|
|
Average Annualized
|
|||||||
|
Percentage Of
|
Base Rent Per
|
||||||
|
Net Rentable
|
Total Leased
|
Annualized
|
Net Rentable
|
Percentage Of
|
|||
|
Area Subject
|
Square Feet
|
Base Rental
|
Square Foot
|
Annual Base
|
|||
|
Year Of
|
Number Of
|
To Expiring
|
Represented By
|
Revenue Under
|
Represented
|
Rent Under
|
|
|
Expiration/
|
Leases
|
Leases
|
Expiring
|
Expiring
|
By Expiring
|
Expiring
|
|
|
Market
|
Expiring (a)
|
(Sq. Ft.)
|
Leases (%)
|
Leases ($) (b)
|
Leases ($)
|
Leases (%)
|
|
|
2014
|
|||||||
|
Central NJ
|
2
|
1,860
|
8.0
|
40,660
|
21.86
|
6.7
|
|
|
Westchester Co., NY
|
1
|
9,300
|
40.0
|
175,000
|
18.82
|
29.0
|
|
|
TOTAL – 2014
|
3
|
11,160
|
48.0
|
215,660
|
19.32
|
35.7
|
|
|
2015
|
|||||||
|
Central NJ
|
2
|
3,014
|
13.0
|
71,700
|
23.79
|
11.9
|
|
|
Westchester Co., NY
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
TOTAL – 2015
|
2
|
3,014
|
13.0
|
71,700
|
23.79
|
11.9
|
|
|
2016
|
|||||||
|
Central NJ
|
1
|
1,060
|
4.6
|
23,856
|
22.51
|
4.0
|
|
|
Westchester Co., NY
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
TOTAL – 2016
|
1
|
1,060
|
4.6
|
23,856
|
22.51
|
4.0
|
|
|
2025 and thereafter
|
1
|
8,000
|
34.4
|
292,000
|
36.50
|
48.4
|
|
|
Totals/Weighted
|
|||||||
|
Average
|
7
|
23,234
|
100.0
|
603,216
|
25.96
|
100.0
|
|
(a)
|
Includes stand-alone retail property tenants only.
|
|
(b)
|
Annualized base rental revenue is based on actual March 2014 billings times 12. For leases whose rent commences after April 1, 2014 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.
|