Exhibit 99.1

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Supplemental Operating & Financial Data

 

Q3 2021

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Forward-Looking Statements



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



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

-

risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants and residents;

-

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 our properties or on an unsecured basis;

-

the extent of any tenant bankruptcies or of any early lease terminations;

-

the Company’s ability to lease or re-lease space at current or anticipated rents;

-

changes in the supply of and demand for the Company’s properties;

-

changes in interest rate levels and volatility in the securities markets;

-

the Company’s ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment;

-

forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, leasing activities, capitalization rates and projected revenue and income;

-

changes in operating costs;

-

the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;

-

the Company’s credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and refinance existing debt and the Company’s future interest expense;

-

changes in governmental regulation, tax rates and similar matters; and

-

other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants or residents will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.



In addition, the extent to which the ongoing COVID-19 pandemic impacts us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.



For further information on factors which could impact us and the statements contained herein, see Item 1A: Risk Factors in MCRC’s Annual Report on Form 10-K for the year ended December 31, 2020. We assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.



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



This Supplemental Operating and Financial Data should be read in connection with the Company’s third quarter 2021 earnings press release (included as Exhibit 99.2 of the Company’s Current Report on Form 8-K, filed on November 3, 2021) and quarterly report on Form 10-Q for the quarter ended September 30, 2021, as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Operating and Financial Data.

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Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre



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

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

Core FFO is defined as FFO, as adjusted for items that may distort the comparative measurement of the Company’s performance over time.  Adjusted FFO ("AFFO") is defined as Core FFO less (i) recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired above/below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges.  Core FFO and AFFO are both non-GAAP financial measures that are not intended to represent cash flow and are not indicative of cash flows provided by operating activities as determined in accordance with GAAP.  Core FFO and AFFO are presented solely as supplemental disclosures that the Company’s management believes provides useful information regarding the Company's operating performance and its ability to fund its dividends. There are not generally accepted definitions established for Core FFO or AFFO.  Therefore, the Company's measures of Core FFO and AFFO may not be comparable to the Core FFO and AFFO reported by other REITs.  A reconciliation of net income to Core FFO and AFFO are included in the financial tables above.

Net operating income (“NOI”) represents total revenues less total operating expenses, as reconciled to net income above. Same Store GAAP NOI and Same Store Cash NOI are reconciled to Total Property Revenues. The Company considers NOI, Same Store GAAP NOI, and Same Store Cash NOI to be meaningful non-GAAP financial measures for making decisions and assessing unlevered performance of its property types and markets, as it relates to total return on assets, as opposed to levered return on equity.  As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers.  NOI should not be considered a substitute for net income, and the Company’s use of NOI, Same Store GAAP NOI, Same Store Cash NOI may not be comparable to similarly titled measures used by other companies.  The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not effect the overall performance of the individual assets being measured and assessed.

Same Store includes specific properties, which represent all in-service properties owned by the Company during the reported period, excluding properties sold, disposed of, held for sale, removed from service, or for any reason considered not stabilized, or being redeveloped or repositioned in the reporting period.

Adjusted EBITDA is a non-GAAP financial measure. The Company computes Adjusted EBITDA in accordance with what it believes are industry standards for this type of measure, which may not be comparable to Adjusted EBITDA reported by other REITs. The Company defines Adjusted EBITDA as Core FFO , plus interest expense, plus income tax expense, plus income (loss) in noncontrolling interest in consolidated joint ventures, and plus adjustments to reflect the entity's share of Adjusted EBITDA of unconsolidated joint ventures. The Company presents Adjusted EBITDA because the Company believes that Adjusted EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. The Company presents EBITDAre, because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

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Company Highlights

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Q3 2021 Highlights





Continued strong multifamily leasing activity

§

96.5% occupancy in operating multifamily portfolio as of October 24, 2021, 2.7% above pre-pandemic levels and up from 92.3% in the second quarter

§

Three lease-up properties launched earlier this year were above 95% leased as of October 24, 2021

Simplifying and transitioning towards a pure-play multifamily REIT

§

Two Waterfront office assets, totaling approximately 1.8 million square feet, are under contract for a combined sales price of $590 million

Implementing cost saving initiatives

§

$5 million annual run-rate saving anticipated from the end of 2021 onwards as a result of internal reorganization

§

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Q3 2021 Key Financial Metrics







 

 

 

 

 

 

 

 



Three Months Ended

 

 

Three Months Ended



September 30, 2021

 

June 30, 2021

 

 

September 30, 2021

 

June 30, 2021

Net Income / (Loss) per Diluted Share

($0.33)

 

($0.81)

 

Key Portfolio Stats

 

 

 

Core FFO Per Diluted Share(1)

$0.17

 

$0.15

 

Multifamily Portfolio

 

 

 

Weighted Average - Diluted Shares(2)

99,975,082

 

99,872,946

 

Operating Units

5,825

 

5,825

Total Equity

$2.2 billion

 

$2.3 billion

 

% Physical Occupancy

96.4%

 

92.3%

Total Debt

$2.4 billion

 

$2.4 billion

 

Average Rent per Unit

$2,930

 

$2,914

Total Capitalization

$4.6 billion

 

$4.7 billion

 

In-Construction Units

1,616

 

1,616

Debt-to-Undepreciated Assets

46.3%

 

44.6%

 

Land Bank Units(3)

8,407

 

8,510

Net Debt

$2.3 billion

 

$2.3 billion

 

Office Portfolio

 

 

 

Annualized Adjusted EBITDA(1)

$153,166

 

$152,597

 

Square Feet of Office Space

5.1 million

 

5.3 million

Net Debt-to-Adjusted EBITDA

15.2x

 

15.1x

 

Consolidated In-Service Properties

8

 

9



 

 

 

 

% Leased Office

73.5%

 

74.7%



 

 

 

 

% Commenced Occupancy

70.5%

 

71.9%



 

 

 

 

Cash Rental Rate Roll-Up(4)

N/A

 

(13.1%)



 

 

 

 

GAAP Rental Rate Roll-Up(4)

N/A

 

(9.0%)



 

 

 

 

Average In-Place Rent per Square Foot

$40.95

 

$40.72





 

















1.

See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”. FFO is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT).

2.

Includes any outstanding preferred units presented on a converted basis into common units, noncontrolling interests in consolidated joint ventures and redeemable noncontrolling interests.

3.

850 of the 8,407 units in the Land Bank are associated with sites where the Company does not own the site, but rather has the options to acquire land for development.

4.

Cash Rental Rate Roll-Up is the change in starting rent for applicable signed lease transactions in the period compared to the last month’s rent for the prior space leased. GAAP Rental Rate Roll-Up is the change in average monthly rent for applicable signed lease transactions in the period compared to the average monthly rent for the prior space leased.

6


 

 

 

Components of Net Asset Value

$ in thousands



 

 

 

 

 

Real Estate Portfolio

 

 

 

Other Assets

 



 

 

 

 

 

Operating Multifamily NOI (Q3 Annualized)(1)

Total

At Share

 

Cash and Cash Equivalents

$23,308

New Jersey Waterfront

$72,928

$62,365

 

Restricted Cash

19,809

Massachusetts

19,992

19,992

 

Other Assets

239,976

Other

15,612

9,634

 

Subtotal Other Assets

$283,093

Total Operating Multifamily NOI

$108,532

$91,992

 

 

 

In-Construction Properties(2) (Stabilized NOI)

55,002

47,682

 

Liabilities

 

Waterfront Office (Q3 Annualized)

88,996

88,996

 

 

 

Other(3) (Q3 Annualized)

16,569

12,175

 

Total Debt - Multifamily

$1,812,663

Total NOI

$269,099

$240,846

 

Total Debt - Office

400,000



 

 

 

Revolving Credit Facility

174,000

Office Sales / Land Value

 

 

 

Unamortized Deferred Financing Costs

(11,716)



 

 

 

Other Liabilities

194,459

Gross Proceeds from Office Sale(4)

 

$25,250

 

Subtotal Liabilities

$2,569,406

Estimated Value of Land

 

553,823

 

 

 



 

 

 

Other Considerations

 



 

 

 

 

 



 

 

 

Rockpoint Interest

$466,365



 

 

 

Preferred Equity / LP Interest

52,324



 

 

 

 

 



 

 

 

Outstanding Shares

 



 

 

 

 

 



 

 

 

Common Shares (Outstanding as of September 30, 2021)

99,968,787



 

 

 

Fully Diluted Shares

99,975,082



 

 

 

 

 







Notes: See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”. Net Asset Value (NAV) is the metric represents the net projected value of the Company’s interest after accounting for all priority debt and equity payments.  The metric includes capital invested by the Company.

1.

Please see Operating Portfolio – Multifamily details for breakdown.

2.

See In-Construction Portfolio details for costs.

3.

Includes retail, hotel and suburban office. Offices at Crystal Lake in West Orange, NJ, was sold during the quarter and is not included.

4.

Includes 4 Gatehall Drive, which was sold on October 20, 2021.

7


 

 

 



 

 

 

 

 

 

 

Transaction Activity

$ in thousands (incl. per unit values) except per SF



 

Transaction

Number of

 

Percentage

Gross Asset

Price per



Location

Date

Buildings

SF

Leased

Value(1)

SF



 

 

 

 

 

 

 

Q1 2021 Dispositions

 

 

 

 

 

 

 

100 Overlook Center

Princeton, NJ

01/14/21

1

149,600

94.0%

$38,000

$254

Metropark portfolio

Edison & Iselin, NJ

03/24/21

4

926,656

91.2%

254,000

274

Total Q1 2021 Dispositions

 

 

5

1,076,256

91.6%

$292,000

$271



 

 

 

 

 

 

 

Q2 2021 Dispositions(2)

 

 

 

 

 

 

 

Short Hills portfolio

Short Hills, NJ

04/20/21

4

828,413

82.0%

$255,000

$308

Red Bank portfolio

Red Bank, NJ

06/11/21

5

639,490

68.1%

84,000

131

Wegman's Retail Center

Hanover, NJ

06/30/21

4

151,488

100.0%

46,000

304

Total Q2 2021 Dispositions

 

 

13

1,619,391

78.2%

$385,000

$238



 

 

 

 

 

 

 

Q3 2021 Dispositions(3)

 

 

 

 

 

 

 

7 Giralda Farms

Madison, NJ

07/26/21

1

236,674

60.1%

$29,000

$123

Total Q3 2021 Dispositions

 

 

1

236,674

60.1%

$29,000

$123



 

 

 

 

 

 

 

Q4 2021 Dispositions to Date

 

 

 

 

 

 

 

4 Gatehall Drive

Parsippany, NJ

10/20/21

1

248,480

40.9%

$25,250

$102

Total Q4 2021 Dispositions to Date

 

 

1

248,480

40.9%

$25,250

$102











































1.

Acquisitions list gross purchase prices at 100% ownership level; dispositions list gross sales proceeds at 100% ownership level.

2.

On April 29, 2021, the Company completed the sale of its 50% interest in 12 Vreeland, 1 office building in Florham Park, NJ, totaling 139,750 square feet, for a gross sales price of $2.0 million.

3.

On September 1, 2021, the Company completed the sale of its 31.25% interest in Offices at Crystal Lake in West Orange, NJ, totaling 106,345 square feet, for a gross sales price of $1.9 million.

8


 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Performance

 

 

 

 

 

 

 

$ in thousands (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily Same Store(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended September 30,

 

Nine Months Ended September 30,

 

Sequential



2021

2020

Change

%  

 

2021

2020

Change

%  

 

Q3 2021

Q2 2021

Change

%  

Total Property Revenues (GAAP)

$39,202  $37,306  $1,896  5.1% 

 

$113,779  $118,824 

($5,045)

(4.2%)

 

$39,202  $37,572  $1,630  4.3% 

Real Estate Taxes

6,108  4,958  1,150  23.2% 

 

17,629  15,796  1,833  11.6% 

 

6,108  5,846  262  4.5% 

Payroll

2,947  3,171  (224) (7.1%)

 

8,396  9,306  (910) (9.8%)

 

2,947  2,798  149  5.3% 

Repairs & Maintenance

3,313  3,580  (267) (7.5%)

 

9,119  8,355  764  9.1% 

 

3,313  3,233  80  2.5% 

Utilities

1,274  1,241  33  2.7% 

 

4,017  3,638  379  10.4% 

 

1,274  1,075  199  18.5% 

Insurance

799  1,004  (205) (20.4%)

 

2,461  2,179  282  12.9% 

 

799  837  (38) (4.5%)

Marketing

1,252  1,222  30  2.5% 

 

3,453  2,629  824  31.3% 

 

1,252  1,130  122  10.8% 

Management Fees & Other

1,504  1,467  37  2.5% 

 

4,662  4,750  (88) (1.9%)

 

1,504  1,489  15  1.0% 

Total Property Expenses

17,197  16,643  554  3.3% 

 

49,737  46,653  3,084  6.6% 

 

17,197  16,408  789  4.8% 

Same Store GAAP NOI(2)

$22,005  $20,663  $1,342  6.5% 

 

$64,042  $72,171 

($8,129)

(11.3%)

 

$22,005  $21,164  $841  4.0% 

Total Units

5,499  5,499 

-

-

 

5,499  5,499 

-

-

 

5,499  5,499 

-

-

% Ownership

82.9%  82.9% 

-

-

 

82.9%  82.9% 

-

-

 

82.9%  82.9% 

-

-

% Occupied - Quarter End

96.4%  86.1%  10.3% 

-

 

96.4%  86.1%  10.3% 

-

 

96.4%  92.0%  4.4% 

-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office Same Store(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

 

 



2021

2020

Change

%  

 

2021

2020

Change

%  

 

 

 

 

 

Total Property Revenues (GAAP)

$35,881  $36,654 

($773)

(2.1%)

 

$107,131  $110,064 

($2,933)

(2.7%)

 

 

 

 

 

Real Estate Taxes

4,771  4,933  (162) (3.3%)

 

14,925  14,748  177  1.2% 

 

 

 

 

 

Utilities

1,854  2,193  (339) (15.5%)

 

5,743  5,911  (168) (2.8%)

 

 

 

 

 

Operating Services

7,007  8,015  (1,008) (12.6%)

 

21,455  22,786  (1,331) (5.8%)

 

 

 

 

 

Total Property Expenses

13,632  15,141  (1,509) (10.0%)

 

42,123  43,445  (1,322) (3.0%)

 

 

 

 

 

Same Store GAAP NOI(4)

$22,249  $21,513  $736  3.4% 

 

$65,008  $66,619 

($1,611)

(2.4%)

 

 

 

 

 

Less: straight-lining of rents adj. and FAS 141

1,930  271  1,659  612.2% 

 

5,689  1,912  3,777  197.5% 

 

 

 

 

 

Same Store Cash NOI

20,319  21,242  (923) (4.3%)

 

59,319  64,707  (5,388) (8.3%)

 

 

 

 

 

Total Properties

 

 

 

 

 

 

Total Square Footage

4,508,801  4,508,801 

 

4,508,801  4,508,801 

 

 

 

 

 

% Leased - Quarter End

73.3%  76.9%  (3.6%)

 

 

73.3%  76.9%  (3.6%)

 

 

 

 

 

 











Notes: See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”.

1.

Values represent the Company’s pro rata ownership of operating portfolio.

2.

Aggregate property-level revenue over the given period; less: operating expense, real estate taxes and utilities over the same period for the same store portfolio.

3.

Office Same Store includes all In-Service Waterfront assets and excludes Harborside 1 as it was removed from service in Q4 2019.

4.

The aggregate sum of: property-level revenue, straight-line and ASC 805 adjustments over the given time period; less: operating expense, real estate taxes and utilities over the same period for the same store portfolio.

9


 

 

 



 

 

 

Balance Sheet

 

 

 

$ in thousands (unaudited)

 

ASSETS

September 30, 2021

 

December 31, 2020

Rental property

 

 

 

Land and leasehold interests

$224,661 

 

$389,692 

Buildings and improvements

2,566,674 

 

2,936,071 

Tenant improvements

105,531 

 

171,622 

Furniture, fixtures and equipment

96,968 

 

83,553 

Land and improvements held for development

347,011 

 

324,145 

Development and construction in progress

858,130 

 

733,560 



4,198,975 

 

4,638,643 

Less – accumulated depreciation and amortization

(561,240)

 

(656,331)



3,637,735 

 

3,982,312 

Rental property held for sale, net

497,832 

 

656,963 

Net Investment in Rental Property

4,135,567 

 

4,639,275 

Cash and cash equivalents

23,308 

 

38,096 

Restricted cash

19,809 

 

14,207 

Investments in unconsolidated joint ventures

148,507 

 

162,382 

Unbilled rents receivable, net

72,951 

 

84,907 

Deferred charges, goodwill and other assets, net(1)(2)

163,183 

 

199,541 

Accounts receivable

3,842 

 

9,378 

Total Assets

$4,567,167 

 

$5,147,786 

LIABILITIES & EQUITY

 

 

 

Senior unsecured notes, net

 

$572,653 

Unsecured revolving credit facility and term loans

174,000 

 

25,000 

Mortgages, loans payable and other obligations, net

2,200,947 

 

2,204,144 

Dividends and distributions payable

385 

 

1,493 

Accounts payable, accrued expenses and other liabilities

160,397 

 

194,717 

Rents received in advance and security deposits

27,938 

 

34,101 

Accrued interest payable

5,739 

 

10,001 

Total Liabilities

2,569,406 

 

3,042,109 

Commitments and contingencies

 

 

 

Redeemable noncontrolling interests

518,689 

 

513,297 

Total Stockholders’/Members Equity

1,308,025 

 

1,398,817 

Noncontrolling interests in subsidiaries:

 

 

 

Operating Partnership

129,748 

 

148,791 

Consolidated joint ventures

41,299 

 

44,772 

Total Noncontrolling Interests in Subsidiaries

$171,047 

 

$193,563 

Total Equity

$1,479,072 

 

$1,592,380 

Total Liabilities and Equity

$4,567,167 

 

$5,147,786 

1.

Includes mark-to-market lease intangible net assets of $45,291 and mark-to-market lease intangible net liabilities of $25,034 as of Q3 2021.

2.

Includes Prepaid Expenses and Other Assets attributable to Roseland of $13,782 as follows: (i) deposits of $6,549, (ii) other receivables of $3,115, (iii) other prepaids/assets of $1,803, and (iv) prepaid taxes of $2,315.



 

 

 

 

 

10


 

 

 

Income Statement - Quarterly Comparison

 

 

$ in thousands, except per share amounts (unaudited)



Q3 2021

Q3 2020

REVENUES

All Operations

Less: Disc. Ops

Total

 



Revenue from leases:

 

 

 

 



Base rents

$66,937 

($930)

$66,007  $62,071 



Escalations and recoveries from tenants

6,340  (104) 6,236  5,325 



Real estate services

2,628 

2,628  2,876 



Parking income

3,952  (2) 3,950  4,033 



Hotel income

3,018 

3,018  893 



Other income

1,887  18  1,905  3,999 



Total revenues

$84,762 

($1,018)

$83,744  $79,197 

EXPENSES

 

 

 

 



Real estate taxes

12,128  (223) 11,905  11,004 



Utilities

3,729  (156) 3,573  3,598 



Operating services

17,696  (405) 17,291  19,116 



Real estate service expenses

3,307 

3,307  3,299 



General and administrative(1)

11,293  (1) 11,292  26,361 



Dead deal and transaction-related costs

3,671 

3,671  2,583 



Depreciation and amortization

29,397  (53) 29,344  31,769 



Property impairments

36,582 



Land and other impairments

3,401 

3,401  1,292 



Total expenses

84,622  (838) 83,784  135,604 

Operating Income (expense)

140  (180) (40) (56,407)

OTHER (EXPENSE) INCOME

 

 

 

 



Interest expense

(15,200)

(15,200) (20,265)



Interest and other investment income (loss)

(4,731)

(4,731)



Equity in earnings (loss) of unconsolidated joint ventures

(1,724)

(1,724) 1,373 



Realized and unrealized gains (losses) on disposition

(2,391) (609) (3,000)



Gain on sale from unconsolidated joint ventures

(1,886)

(1,886)



Total other income (expense)

(25,932) (609) (26,541) (18,889)

Income from continuing operations

(25,792) (789) (26,581) (75,296)



Income from discontinued operations

180  180  18,403 



Realized gains (losses) on disposition

609  609  15,775 



Total discontinued operations

789  789  34,178 

Net Income

(25,792)

(25,792) (41,118)



Noncontrolling interest in consolidated joint ventures

1,137 

1,137  895 



Noncontrolling interests in Operating Partnership from continuing operations

2,884 

2,884  7,769 



Noncontrolling interests in Operating Partnership in discontinued operations

(72)

(72) (3,283)



Redeemable noncontrolling interest

(6,471)

(6,471) (6,471)

Net income (loss) available to common shareholders

($28,314)

($28,314)

($42,208)

Basic earnings per common share:

 

 

 

 

Net income (loss) available to common shareholders

 

 

($0.33)

($0.49)

Diluted earnings per common share:

 

 

 

 

Net income (loss) available to common shareholders

 

 

($0.33)

($0.49)

Basic weighted average shares outstanding

 

 

90,941,000  90,671,000 

Diluted weighted average shares outstanding

 

 

99,975,000  100,307,000 



1.

General and administrative includes $1.7 million of General and administrative – property level which is also included in multifamily NOI.

 







 

 

 

 

 

 

 

 

11


 

 

 

Income Statement - Year-to-Date Comparison

$ in thousands, except per share amounts (unaudited)



Nine Months Ended September 30, 2021

 

Nine Months Ended September 30, 2020

REVENUES

All Operations

Less: Disc. Ops

Total

 

All Operations

Less: Disc. Ops

Total



Revenue from leases:

 

 

 

 

 

 

 



Base rents

$217,318 

($26,135)

$191,183 

 

$293,450 

($102,631)

$190,819 



Escalations and recoveries from tenants

18,094  (2,327) 15,767 

 

24,756  (9,843) 14,913 



Real estate services

7,748 

7,748 

 

8,624 

8,624 



Parking income

10,538  (18) 10,520 

 

12,477  (145) 12,332 



Hotel income

6,785 

6,785 

 

3,290 

3,290 



Other income

9,102  (21) 9,081 

 

6,965  56  7,021 



Total revenues

$269,585 

($28,501)

$241,084 

 

$349,562 

($112,563)

$236,999 

EXPENSES

 

 

 

 

 

 

 



Real estate taxes

39,710  (3,752) 35,958 

 

47,401  (14,481) 32,920 



Utilities

13,326  (2,510) 10,816 

 

19,177  (8,613) 10,564 



Operating services

57,580  (5,749) 51,831 

 

72,698  (21,519) 51,179 



Real estate service expenses

9,838 

9,838 

 

10,107 

10,107 



General and administrative(1)

43,363  (16) 43,347 

 

59,461  (38) 59,423 



Dead deal and transaction-related costs

6,416 

6,416 

 

2,583 

2,583 



Depreciation and amortization

87,375  (965) 86,410 

 

97,078  (3,974) 93,104 



Property impairments

6,041 

6,041 

 

36,582 

36,582 



Land and other impairments

11,333 

11,333 

 

23,401 

23,401 



Total expenses

274,982  (12,992) 261,990 

 

368,488  (48,625) 319,863 

Operating Income (expense)

(5,397) (15,509) (20,906)

 

(18,926) (63,938) (82,864)

OTHER (EXPENSE) INCOME

 

 

 

 

 

 

 



Interest expense

(50,934) 1,570  (49,364)

 

(65,729) 3,935  (61,794)



Interest and other investment income (loss)

(4,620)

(4,620)

 

43  (1) 42 



Equity in earnings (loss) of unconsolidated joint ventures

(2,831)

(2,831)

 

(281)

(281)



Realized gains (losses) and unrealized losses on disposition

25,990  (25,469) 521 

 

(31,816) 23,901  (7,915)



Gain on sale of land/other

111 

111 

 

4,813 

4,813 



Gain on sale from unconsolidated joint ventures

(1,886)

(1,886)

 



Gain (loss) from early extinguishment of debt, net

(46,735)

(46,735)

 



Total other income (expense)

(80,905) (23,899) (104,804)

 

(92,970) 27,835  (65,135)

Income from continuing operations

(86,302) (39,408) (125,710)

 

(111,896) (36,103) (147,999)



Income from discontinued operations

13,939  13,939 

 

60,004  60,004 



Realized gains (losses) on disposition

25,469  25,469 

 

(23,901) (23,901)



Total discontinued operations

39,408  39,408 

 

36,103  36,103 

Net Income

(86,302)

(86,302)

 

(111,896)

(111,896)



Noncontrolling interest in consolidated joint ventures

3,670 

3,670 

 

1,900 

1,900 



Noncontrolling interests in Operating Partnership of income from continuing operations

12,858 

12,858 

 

15,859 

15,859 



Noncontrolling interests in Operating Partnership in discontinued operations

(3,583)

(3,583)

 

(3,469)

(3,469)



Redeemable noncontrolling interest

(19,413)

(19,413)

 

(19,413)

(19,413)

Net income (loss) available to common shareholders

($92,770)

($92,770)

 

($117,019)

($117,019)

Basic earnings per common share:

 

 

 

 

 

 

 

Net income (loss) available to common shareholders

 

 

($1.08)

 

 

 

($1.37)

Diluted earnings per common share:

 

 

 

 

 

 

 

Net income (loss) available to common shareholders

 

 

($1.08)

 

 

 

($1.37)

Basic weighted average shares outstanding

 

 

90,803,000 

 

 

 

90,639,000 

Diluted weighted average shares outstanding

 

 

99,870,000 

 

 

 

100,235,000 



1.

General and administrative includes $4.5 million of General and administrative – property level which is also included in multifamily NOI.



12


 

 

 



 

 

 

 

 

FFO & Core FFO

$ in thousands except per share and ratios (unaudited)



Three Months Ended September 30,

 

Nine Months Ended September 30,



2021

2020

 

2021

2020

Net income (loss) available to common shareholders

($28,314)

($42,208)

 

($92,770)

($117,019)

Add (deduct):  Noncontrolling interest in Operating Partnership

(2,884) (7,769)

 

(12,858) (15,859)

Noncontrolling interests in discontinued operations

72  3,283 

 

3,583  3,469 

Real estate-related depreciation and amortization on continuing operations(1)

31,624  34,764 

 

92,842  101,856 

Real estate-related depreciation and amortization on discontinued operations

53  1,267 

 

965  3,974 

Property impairments on continuing operations

36,582 

 

36,582 

Property impairments on discontinued operations

 

6,041 

Impairment of unconsolidated joint venture investment (included in Equity in earnings)

 

(2)

Gain on sale from unconsolidated joint ventures

1,886 

 

1,886 

Continuing operations: Realized and unrealized (gains) losses on disposition of rental property, net

3,000 

 

(521) 7,915 

Discontinued operations: Realized and unrealized (gains) losses on disposition of rental property, net

(609) (15,775)

 

(25,469) 23,901 

Funds from operations(2)

$4,828  $10,144 

 

($26,303)

$44,819 



 

 

 

 

 

Add/(Deduct):

 

 

 

 

 

(Gain)/Loss from extinguishment of debt, net

 

46,735 

Dead deal and other post-sale items in Other income

 

(3,068)

Dead deal and transaction-related costs

3,671  2,583 

 

6,416  2,860 

Land and other impairments

3,401  1,292 

 

11,333  23,401 

Loan receivable loss allowance

5,152 

 

5,152 

Gain on disposition of developable land

 

(4,813)

CEO and related management changes costs

 

2,089 

Severance/separation costs on management restructuring

438  8,900 

 

8,696  11,738 

Reporting system conversion costs

 

363 

Proxy fight costs

6,954 

 

12,770 

Core FFO

$17,490  $29,873 

 

$51,050  $91,138 



 

 

 

 

 

Diluted weighted average shares/units outstanding(7)

99,975,000  100,307,000 

 

99,870,000  100,235,000 



 

 

 

 

 

Funds from operations per share-diluted

$0.05  $0.10 

 

($0.27)

$0.45 

Core Funds from Operations per share/unit-diluted

$0.17  $0.30 

 

$0.51  $0.91 

Dividends declared per common share

$0.00  $0.00 

 

$0.00  $0.40 











Notes: See endnotes and “Information About FFO, Core FFO, AFFO,  NOI, Adjusted EBITDA & EBITDAre”.



 

 

 

 

 

13


 

 

 

AFFO & Adjusted EBITDA

$ in thousands, except per share amounts and ratios (unaudited)



Three Months Ended September 30,

 

Nine Months Ended September 30,



2021

2020

 

2021

2020

Core FFO (calculated on previous page)

$17,490  $29,873 

 

$51,050  $91,138 

Add (Deduct) Non-Cash Items:

 

 

 

 

 

Straight-line rent adjustments(3)

(4,316) (467)

 

(7,850) (1,744)

Amortization of market lease intangibles, net(4)

(536) (858)

 

(2,187) (2,661)

Amortization of lease inducements

(18) (40)

 

(27) 76 

Amortization of stock compensation

2,784  799 

 

7,994  5,907 

Non-real estate depreciation and amortization

325  336 

 

979  1,268 

Amortization of debt discount/(premium) and mark-to-market, net

(237)

 

231  (713)

Amortization of deferred financing costs

1,179  1,074 

 

3,369  3,158 

Deduct:

 

 

 

 

 

Non-incremental revenue generating capital expenditures:

 

 

 

 

 

      Building improvements

(5,651) (2,975)

 

(11,006) (7,325)

      Tenant improvements and leasing commissions(5)

(1,136) (4,057)

 

(2,408) (15,052)

Tenant improvements and leasing commissions on space vacant for more than one year

(5,479) (1,627)

 

(14,635) (10,652)

Core AFFO(2)

$4,642  $21,821 

 

$25,510  $63,400 



 

 

 

 

 

Core FFO (calculated on previous page)

17,490  29,873 

 

51,050  91,138 



 

 

 

 

 

Deduct:

 

 

 

 

 

Equity in earnings (loss) of unconsolidated joint ventures, net

1,724  (1,373)

 

2,831  282 

Equity in earnings share of depreciation and amortization

(2,605) (3,331)

 

(7,411) (10,020)

Add-back:

 

 

 

 

 

Interest expense

15,200  21,586 

 

50,934  65,730 

Recurring JV distributions

1,024  6,425 

 

5,790  12,566 

Income (loss) in noncontrolling interest in consolidated joint ventures

(1,137) (895)

 

(3,669) (1,900)

Redeemable noncontrolling interest

6,471  6,471 

 

19,412  19,412 

Income tax expense

125  84 

 

278  124 

Adjusted EBITDA

$38,292  $58,840 

 

$119,215  $177,331 



 

 

 

 

 

Net debt at period end(6)

$2,331,830  $2,858,504 

 

$2,331,830  $2,858,504 

Net debt to Adjusted EBITDA

15.2x

12.1x

 

14.7x

12.1x













Notes: See endnotes and “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”.

14


 

 

 



 

 

EBITDAre - Quarterly Comparison    

$ in thousands (unaudited)



Three Months Ended September 30,



2021

2020

Net Income (loss) available to common shareholders

($28,314)

($42,208)

Add/(Deduct):

 

 

Noncontrolling interest in operating partnership

(2,884) (7,874)

Noncontrolling interest in discontinued operations

72  3,388 

Noncontrolling interest in consolidated joint ventures(a)

(1,137) (895)

Redeemable noncontrolling interest

6,471  6,471 

Interest expense

15,200  21,586 

Income tax expense

125  84 

Depreciation and amortization

29,397  33,036 

Deduct:

 

 

Continuing operations: Realized and unrealized (gains) losses on disposition of rental property, net

3,000 

Discontinued operations: Realized and unrealized (gains) losses on disposition of rental property, net

(609) (15,775)

(Gain)/loss on sale from unconsolidated joint ventures

1,886 

Equity in (earnings) loss of unconsolidated joint ventures

1,724  (1,373)

Add:

 

 

Property Impairments

36,582 

Company's share of property NOI's in unconsolidated joint ventures(1)

6,283  7,518 

EBITDAre

$31,214  $40,540 

Add:

 

 

Severance/Separation costs on management restructuring

438  8,900 

Dead deal and other post-sale items in Other income

3,671  2,583 

Land and other impairments

3,401  1,292 

Loan receivable loss allowance

5,152 

Proxy fight costs

6,954 

Adjusted EBITDAre

$43,876  $60,269 

(a) Noncontrolling interests in consolidated joint ventures:

 

 

BLVD 425

(192) (395)

BLVD 401

(752) (200)

Port Imperial Garage South

(111) (181)

Port Imperial Retail South

(33) (3)

Other consolidated joint ventures

(49) (116)

Net losses in noncontrolling interests

(1,137) (895)

Depreciation in noncontrolling interest in consolidated JV's

693  661 

Funds from operations - noncontrolling interest in consolidated JV's

(444) (234)

Interest expense in noncontrolling interest in consolidated JV's

807  806 

Net operating income before debt service in consolidated JV's

363  572 



Notes: See unconsolidated joint venture NOI details and “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”.



 

 

 

 

 

 

 

 

15


 

 

 

Debt Summary & Maturity Schedule

 

 

$ in thousands

 

 

 

 

 

 

 

 



 

 

%

 

Weighted Average

 

Weighted Average

 



Balance

 

of Total

 

Interest Rate(1)

 

Maturity in Years

 

Fixed Rate Debt

 

 

 

 

 

 

 

 

Fixed Rate Secured Debt

$1,686,595

 

70.7%

 

3.72%

 

5.49

 



 

 

 

 

 

 

 

 

Variable Rate Debt

 

 

 

 

 

 

 

 

Variable Rate Secured Debt

700,068

 

29.3%

 

3.36%

 

2.64

 

Totals / Weighted Average

$2,386,663

 

100.0%

 

3.61%

 

4.65

 

Unamortized Deferred Financing Costs

(11,716)

 

 

 

 

 

 

 

Total Consolidated Debt, net

$2,374,947

 

 

 

 

 

 

 

Partners’ Share

(74,789)

 

 

 

 

 

 

 

CLI Share of Total Consolidated Debt, net(2)

$2,300,158

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Unconsolidated Secured Debt

 

 

 

 

 

 

 

 

CLI Share

353,289

 

53.3%

 

3.97%

 

6.12

 

Partners’ Share

309,218

 

46.7%

 

3.97%

 

6.12

 

Total Unconsolidated Secured Debt

$662,507

 

100.0%

 

3.97%

 

6.12

 



Debt Maturity Schedule

Chart, waterfall chart

Description automatically generated

1.

The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.11 percent as of September 30, 2021, plus the applicable spread.

2.

Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $30.1 million at BLVD 401, $9.8 million at Port Imperial South Garage, and $1.1 million at Port Imperial South Retail.



 

 

 

 

 

 

 

 

16


 

 

 

Unconsolidated Joint Ventures

$ in thousands

 

 

 

 

 

 

 

 



 

 

Physical

CLI's Nominal

Q3 2021

Total

CLI Share

CLI Share

Property

 

Units

Occupancy

Ownership(1)

NOI(2)

Debt

of Q3 NOI

of Debt



 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

Urby Harborside

 

762

96.9%

85.0%

$3,597

$191,805

$3,057

$163,034

RiverTrace at Port Imperial

 

316

95.9%

22.5%

1,508

82,000

339

18,450

Capstone at Port Imperial

 

360

83.9%

40.0%

1,989

103,954

796

41,582

Riverpark at Harrison

 

141

97.2%

45.0%

258

30,192

116

13,586

Metropolitan at 40 Park

 

130

93.8%

25.0%

893

42,567

223

10,642

Metropolitan Lofts

 

59

100.0%

50.0%

274

18,200

137

9,100

Station House

 

378

91.8%

50.0%

1,570

93,789

785

46,895

Subtotal - Multifamily

 

2,146

93.6%

54.9%

$10,089

$562,507

$5,453

$303,289



 

 

 

 

 

 

 

 

Retail/Hotel

 

 

 

 

 

 

 

 

Hyatt Regency Jersey City

 

351

68.4%

50.0%

$1,516

$100,000

$758

$50,000

Total Operating

 

 

 

 

$11,605

$662,507

$6,211

$353,289



 

 

 

 

 

 

 

 

Other Unconsolidated JVs

 

 

 

 

$213

$72

Total Unconsolidated JVs

 

 

 

 

$11,818

$662,507

$6,283

$353,289













































Notes: See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”.

1.

Amounts represent the Company’s share based on ownership percentage. 

2.

The sum of property-level revenue, straight-line and ASC 805 adjustments; less: operating expense, real estate taxes and utilities.

17


 

 

 

Picture 10

Multifamily Portfolio

18


 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Portfolio - Multifamily

 

 

 

 

 

$ in thousands, except per home

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Operating Highlights



 

 

 

 

 

 

 

 

Average

Average

 

 

 

 



 

 

 

 

 

 

Percentage

Percentage

Revenue

Revenue

 

 

 

 



 

 

 

Rentable

Avg.

Year

Occupied

Occupied

per Home

per Home

NOI

NOI

NOI

Debt



Location

Ownership

Apartments

SF

Size

Complete

Q3 2021

Q2 2021

Q3 2021

Q2 2021

Q3 2021

Q2 2021

YTD 2021

Balance



 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey Waterfront

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Towers

Jersey City, NJ

100.0%

648 

602,210 

929 

2003

97.1%

92.6%

$3,156

$3,284

$3,327

$3,176

$9,536

$265,000

BLVD 425

Jersey City, NJ

74.3%

412 

369,515 

897 

2003

96.6%

87.6%

2,989

3,092

1,965

1,531

4,970

131,000

BLVD 475

Jersey City, NJ

100.0%

523 

475,459 

909 

2011

96.2%

86.6%

3,074

3,181

2,328

1,984

6,284

165,000

BLVD 401

Jersey City, NJ

74.3%

311 

273,132 

878 

2016

94.9%

93.9%

3,121

3,135

1,658

1,690

4,891

117,000

Soho Lofts

Jersey City, NJ

100.0%

377 

449,067 

1,191 

2017

96.8%

92.8%

3,665

3,800

2,123

1,926

5,923

160,000

Urby Harborside

Jersey City, NJ

85.0%

762 

474,476 

623 

2017

96.9%

93.0%

3,119

2,776

3,597

3,682

11,143

191,805

RiverHouse 11

Weehawken, NJ

100.0%

295 

250,591 

849 

2018

96.9%

93.6%

3,404

3,349

1,726

1,984

5,546

100,000

RiverTrace at Port Imperial

West New York, NJ

22.5%

316 

295,767 

936 

2014

95.9%

90.5%

2,982

2,857

1,508

1,504

4,512

82,000

New Jersey Waterfront Subtotal

85.0%

3,644 

3,190,217 

875 

 

96.5%

91.3%

$3,172

$3,150

$18,232

$17,477

$52,805

$1,211,805



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portside at East Pier

East Boston, MA

100.0%

181 

156,091 

862 

2015

99.4%

93.1%

$2,641

$2,605

$958

$921

$2,864

$58,998

Portside II at East Pier

East Boston, MA

100.0%

296 

230,614 

779 

2018

96.2%

96.2%

2,663

2,713

1,583

1,553

4,721

97,000

145 Front at City Square

Worcester, MA

100.0%

365 

304,936 

835 

2018

97.0%

92.9%

2,137

2,136

1,384

1,318

4,007

63,000

The Emery

Revere, MA

100.0%

326 

273,140 

838 

2020

96.0%

96.3%

2,115

2,081

1,073

1,152

3,333

72,000

Massachusetts Subtotal

100.0%

1,168 

964,781 

826 

 

96.9%

94.7%

$2,342

$2,340

$4,998

$4,944

$14,925

$290,998



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Place

Morris Plains, NJ

100.0%

197 

203,716 

1,034 

2018

99.5%

96.4%

$2,736

$2,642

$722

$770

$2,295

$43,000

Quarry Place at Tuckahoe

Eastchester, NY

100.0%

108 

105,551 

977 

2016

98.1%

89.8%

3,594

3,775

505

494

1,552

41,000

RiverPark at Harrison

Harrison, NJ

45.0%

141 

124,774 

885 

2014

97.2%

93.6%

2,208

2,278

258

352

1,017

30,192

Metropolitan at 40 Park(1)

Morristown, NJ

25.0%

130 

124,237 

956 

2010

93.8%

93.8%

3,025

2,978

574

581

1,678

36,500

Metropolitan Lofts

Morristown, NJ

50.0%

59 

54,683 

927 

2018

100.0%

94.9%

3,119

2,993

274

114

590

18,200

Station House

Washington, DC

50.0%

378 

290,348 

768 

2015

91.8%

91.0%

2,528

2,515

1,570

1,379

4,244

93,789

Other Subtotal

61.2%

1,013 

903,309 

892 

 

95.4%

92.9%

$2,736

$2,728

$3,903

$3,690

$11,376

$262,681



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Portfolio(2)

83.9%

5,825 

5,058,307 

868 

 

96.4%

92.3%

$2,930

$2,914

$27,133

$26,111

$79,106

$1,765,484



Notes:  See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”. Unconsolidated joint venture income represented at 100% venture NOI. Average Revenue per Home is calculated as total apartment revenue for the quarter divided by the average percent occupied for the quarter, divided by the number of apartments and divided by three.

1.

As of September 30, 2021, Priority Capital included Metropolitan at $20,914,422 (Prudential).

2.

Operating Portfolio is properties that have achieved over 95% leased for six consecutive weeks. Excludes approximately 121,000 sqft of ground floor retail.

19


 

 

 





 

 

 

 

 

 

 

 

 

 

 

Operating Portfolio - Commercial

 

 

$ in thousands

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

Percentage

Percentage

 

 

 

 



 

 

 

Rentable

Year

Leased

Leased

NOI

NOI

NOI

Debt

Commercial

Location

Ownership

Spaces

SF

Complete

Q3 2021

Q2 2021

Q3 2021

Q2 2021

YTD 2021

Balance

Port Imperial Garage South

Weehawken, NJ

70.0%

800 

320,426 

2013

N/A

N/A

$200

$100

$256

$32,784

Port Imperial Garage North

Weehawken, NJ

100.0%

786 

304,617 

2015

N/A

N/A

(51)

(115)

(320)

Port Imperial Retail South

Weehawken, NJ

70.0%

 

18,064 

2013

88.1%

88.1%

137 

210 

447 

3,813 

Port Imperial Retail North

Weehawken, NJ

100.0%

 

8,400 

2015

100.0%

100.0%

36 

(179)

(566)

Riverwalk at Port Imperial

West New York, NJ

100.0%

 

30,745 

2008

58.0%

58.0%

30 

(9)

73 

Shops at 40 Park

Morristown, NJ

25.0%

 

50,973 

2010

69.0%

69.0%

319 

237 

787 

6,067 



 

 

 

 

 

 

 

 

 

 

 

Commercial Total

 

80.9%

 

733,225 

 

71.5%

71.5%

$671

$244

$677

$42,664





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

Average

Average

 

 

 

 

 

 



 

 

 

Year

Occupancy

Occupancy

ADR

ADR

NOI

NOI

NOI

Debt

Hotels

Location

Ownership

Keys

Complete

Q3 2021

Q2 2021

Q3 2021

Q2 2021

Q3 2021

Q2 2021

YTD 2021

Balance

Envue, Autograph Collection

Weehawken, NJ

100.0%

208 

2019

47.4%

27.0%

$197

$171

$198

$198

($378)

 

Residence Inn at Port Imperial

Weehawken, NJ

100.0%

164 

2018

73.3%

76.3%

162 

145 

401 

394 

784 

 

Marriott Hotels at Port Imperial

 

100.0%

372 

 

58.8%

48.7%

$162

$145

$599

$592

$406

$89,000



























Notes:    See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”.

20


 

 

 

In-Construction Portfolio & Land Bank



§

There is no remaining equity to be funded for all in-construction properties







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

Project Capitalization - Total

 

Capital as of Q3 2021

 

Development Schedule

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Apartment

 

 

 

Third

 

 

 

 

 

 

 

Projected

Projected



 

 

Homes/

 

 

MCRC

Party

 

Dev

Debt

 

 

Initial

Project

Stabilized

Stabilized



Location

Ownership

Keys

Costs

Debt(1)

Capital

Capital

 

Costs(2)

Balance

 

Start

Occupancy

Stabilization

Yield on Cost

NOI

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RiverHouse 9

Weehawken, NJ

100.0%

313

$143,778  $92,000  $51,778 

 

$131,387  $79,609 

 

Q3 2018

Q2 2021

Q4 2021

6.33%

$9,100 

The Upton

Short Hills, NJ

100.0%

193

99,412  64,000  35,412 

 

92,583  57,171 

 

Q4 2018

Q1 2021

Q4 2021

5.64%

5,604 

Haus 25(3)

Jersey City, NJ

100.0%

750

469,510  300,000  169,510 

 

406,798  237,288 

 

Q1 2019

Q1 2022

Q3 2023

5.98%

28,098 

Consolidated

 

100.0%

1,256

$712,700  $456,000  $256,700 

 

$630,768  $374,068 

 

 

 

 

6.02%

$42,802 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Capstone

West New York, NJ

40.0%

360

$192,916  $112,000  $35,529  $45,387 

 

$184,870  $103,954 

 

Q4 2017

Q1 2021

Q4 2021

6.32%

$12,200 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

86.6%

1,616

$905,616  $568,000  $292,229  $45,387 

 

$815,638  $478,022 

 

 

 

 

6.07%

$55,002 







 

 

 

 

 

 

 

 

 

 



 

 

 

Percentage

Percentage

 

 

 

 

Potential



 

Units

NOI

Leased

Occupied

 

Land Bank

 

 

Units

Lease-Up Portfolio

Delivered

Q3 2021(4)

Q3 2021

Q3 2021

 

Hudson Waterfront(5)

 

6,174 

RiverHouse 9

 

313

$595

90.4%

56.2%

 

Greater NY/NJ

 

 

1,069 

The Upton

 

193

1,281

98.4%

95.9%

 

Boston Metro

 

 

1,164 

The Capstone

 

360

1,989

94.2%

83.9%

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Lease-Up Portfolio

866

$3,865

93.8%

76.6%

 

Land Bank Total

 

8,407















Notes:    See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”. NOI amounts are projected only. In-Construction Portfolio are assets that are under construction and have not yet commenced initial leasing activities. Lease-Up Portfolio are the assets that have commenced initial operations but have not yet achieved Project Stabilization, achieved over 95% leased for six consecutive weeks. Total Costs represents full project budget, including land and developer fees, and interest expense through project completion as evidenced by a certificate of completion or issuance of a final or temporary certificate of occupancy. MCRC Capital  represents cash equity that the Company has contributed or has a future obligation to contribute to a project. Projected Stabilized Residential NOI assumes NOI at projected property revenue at 95% occupancy. Projected Stabilized Yield on Cost represents Projected Stabilized Residential NOI divided by Total Costs.

1.

Represents maximum loan proceeds.

2.

Represents development costs funded with debt or capital as of September 30, 2021.

3.

Haus 25 was previously known as The Charlotte.

4.

Q3 NOI at share of $2.7 million.

5.

850 of the 6,174 units in the Land Bank are associated with sites where the Company does not own the site, but rather has the options to acquire land for development.

21


 

 

 

Picture 11

Office Portfolio

22


 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Listing

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Avg. Base Rent

 

2021 Expirations

Building

 

Location

 

Total SF

 

Leased SF

 

% Leased

 

+ Escalations(1)

 

SF

 

% Total

 

In-Place Rent



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

101 Hudson

 

Jersey City, NJ

 

1,246,283 

 

1,037,757 

 

83.3%

 

$45.64

 

8,563

 

1%

 

$41.99

Harborside 2 & 3

 

Jersey City, NJ

 

1,487,222 

 

1,283,308 

 

86.3%

 

41.14

 

22,300

 

1%

 

42.00

Harborside 5

 

Jersey City, NJ

 

977,225 

 

429,842 

 

44.0%

 

43.82

 

11,514

 

1%

 

49.30

Harborside 6

 

Jersey City, NJ

 

231,856 

 

91,764 

 

39.6%

 

42.50

 

44,222

 

19%

 

42.50

111 River Street

 

Hoboken, NJ

 

566,215 

 

460,352 

 

81.3%

 

42.43

 

 

 

-

Total Waterfront

 

 

 

4,508,801 

 

3,303,023 

 

73.3%

 

$43.14

 

86,599

 

2%

 

$43.22

Harborside 1(2)

 

Jersey City, NJ

 

399,578 

 

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

Total Waterfront

 

 

 

4,908,379 

 

3,303,023 

 

67.3%

 

$43.14

 

86,599

 

2%

 

$43.22

4 Gatehall Drive(3)

 

Parsippany, NJ

 

248,480 

 

101,532 

 

40.9%

 

31.34

 

 

 

-

23 Main Street(4)

 

Holmdel, NJ

 

350,000 

 

350,000 

 

100.0%

 

23.14

 

 

 

-

Total Suburban

 

 

 

598,480 

 

451,532 

 

75.4%

 

$24.98

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total In-Service Office Portfolio

 

 

 

5,107,281 

 

3,754,555 

 

73.5%

 

$40.95

 

86,599

 

2%

 

$43.22



















1.

Includes annualized base rental revenue plus escalations for square footage leased to commercial and retail tenants only.  Excludes leases for amenity, parking and month-to-month tenants.  Annualized base rental revenue plus escalations is based on actual September 2021 billings times 12.  For leases whose rent commences after October 1, 2021 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.

2.

Harborside 1 was taken out of service in Q4 2019.

3.

On October 20, 2021, the Company completed the sale of 4 Gatehall Drive.

4.

Average base rents + escalations reflect rental values on a triple net basis.

23


 

 

 



 

 

 

 

 

 

 

 

 

 

 

Leasing Rollforwards & Activity

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Leasing Rollforwards

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30, 2021

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

Inventory

Leased (sqft)

 

 

 

 

 

 



Leased (%)

Inventory  

Leased (Sqft)

Acquired/

Acquired/

Expiring/

Incoming

Net Leasing

Inventory

Leased (sqft)

Leased (%)



Q2 2021

Q2 2021

Q2 2021

Disposed

Disposed

Adj. sqft

sqft

Activity

Q3 2021

Q3 2021

Q3 2021



 

 

 

 

 

 

 

 

 

 

 

Waterfront

75.4%

4,508,801

3,398,468

(104,054)

8,609

(95,445)

4,508,801

3,303,023

73.3%

Suburban

71.1%

835,154

593,668

(236,674)

(142,136)

598,480

451,532

75.4%

Subtotals

74.7%

5,343,955

3,992,136

(236,674)

(142,136)

(104,054)

8,609

(95,445)

5,107,281

3,754,555

73.5%



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2021

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

Inventory

Leased (sqft)

 

 

 

 

 

 



Leased (%)

Inventory  

Leased (Sqft)

Acquired/

Acquired/

Expiring/

Incoming

Net Leasing

Inventory

Leased (sqft)

Leased (%)



Q4 2020

Q4 2020

Q4 2020

Disposed

Disposed

Adj. sqft

sqft

Activity

Q3 2021

Q3 2021

Q3 2021



 

 

 

 

 

 

 

 

 

 

 

Waterfront

77.0%

4,508,801

3,473,808

(313,032)

142,247

(170,785)

4,508,801

3,303,023

73.3%

Class A Suburban

86.6%

1,755,079

1,519,109

(1,755,079)

(1,523,594)

(16,251)

20,736

4,485

Suburban

74.2%

1,624,244

1,205,429

(1,025,764)

(718,843)

(48,185)

13,131

(35,054)

598,480

451,532

75.4%

Subtotals

78.6%

7,888,124

6,198,346

(2,780,843)

(2,242,437)

(377,468)

176,114

(201,354)

5,107,281

3,754,555

73.5%







 

 

 

 

 

 

 

 

 

 

Leasing Activity

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

For the three months ended September 30, 2021

 

 

 

 



 

 

 

 

 

 

 

 

 

 



Number of

 

Total

 

New Leases

Renewed / Other

Weighted Avg.

Weighted Avg.

Wtd. Avg.

Wtd. Avg. Costs



Transactions

 

sqft

 

sqft

Retained (sqft)

sqft

Term (Yrs)

Base Rent ($)(1)

sqft Per Year ($)



 

 

 

 

 

 

 

 

 

 

Waterfront

3

 

8,609

 

8,609

2,870

4.7

$50.17

Suburban

 

 

Subtotals

3

 

8,609

 

8,609

2,870

$50.17





1.

Inclusive of escalations.

24


 

 

 



 

 

 

 

 

 

 

 

 

 

 

Top 15 Tenants

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

Annualized

 

Company

 

Square

 

 

 

Year of



Number of

 

Base Rental

 

Annualized Base

 

Feet

 

Total Company

 

Lease



Properties

 

Revenue ($'000)(1)

 

Rental Revenue (%)(2)

 

Leased

 

Leased sqft (%)(2)

 

Expiration



 

 

 

 

 

 

 

 

 

 

 

John Wiley & Sons Inc.

1

 

$10,888

 

8.8%

 

290,353

 

8.2%

 

2033

Mufg Bank Ltd.

1

 

9,939

 

8.0%

 

237,350

 

6.7%

 

2029

Merrill Lynch Pierce Fenner

1

 

9,418

 

7.6%

 

388,207

 

10.9%

 

2027

E-Trade Financial Corporation

1

 

5,396

 

4.3%

 

132,265

 

3.7%

 

2031

Vonage America Inc.

1

 

5,023

 

4.0%

 

350,000

 

9.9%

 

2023

Arch Insurance Company

1

 

4,326

 

3.5%

 

106,815

 

3.0%

 

2024

Brown Brothers Harriman & Co.

1

 

3,800

 

3.1%

 

114,798

 

3.2%

 

2026

First Data Corporation

1

 

3,725

 

3.0%

 

88,374

 

2.5%

 

(3)

Sumitomo Mitsui Banking Corp

1

 

3,693

 

3.0%

 

111,105

 

3.1%

 

2036

Tp Icap Americas Holdings Inc

1

 

3,446

 

2.8%

 

100,759

 

2.8%

 

(4)

Cardinia Real Estate Llc

1

 

3,175

 

2.6%

 

79,771

 

2.2%

 

2032

New Jersey City University

1

 

3,011

 

2.4%

 

84,929

 

2.4%

 

2035

Zurich American Ins. Co.

1

 

2,915

 

2.4%

 

64,414

 

1.8%

 

2032

Betmgm Llc

1

 

2,800

 

2.2%

 

71,343

 

2.0%

 

(5)

Amtrust Financial Services

1

 

2,614

 

2.1%

 

76,892

 

2.2%

 

2023

Totals

 

 

$74,169

 

59.8%

 

2,297,375

 

64.6%

 

 















1.

Annualized base rental revenue is based on actual September 2021 billings times 12. For leases whose rent commences after October 1, 2021, 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.

2.

Represents the percentage of space leased and annual base rental revenue to commercial tenants only.

3.

First Data Corporation – 8,014 square feet expire in 2026; 80,360 square feet expire in 2029.

4.

TP Icap Americas Holdings – 63,372 square feet expire in 2023; 37,387 square feet expire in 2033.

5.

Betmgm – 22,300 square feet expire in October 31, 2021; 49,043 square feet expire in 2032.

25


 

 

 



 

 

 

 

 

 

Lease Expirations

 

 

 

 



 

 

 

 

 

 



 

Net Rentable Area

Percentage of Total Leased

Annualized Base

Average Annualized Base Rent

Percentage of Annual

Year of Expiration/Market

Number of

Subject to Expiring

Square Feet Represented

Rental Revenue Under

Per Net Rentable Square Foot

Base Rent Under



Leases Expiring(1)

Leases (sqft)

by Expiring Leases (%)

Expiring Leases ($'000)(2)(3)

Represented by Expiring Leases ($)

Expiring Leases (%)

2021

 

 

 

 

 

 

  Waterfront

4

86,599

2.4%

$3,682

$42.52

3.0%

TOTAL – 2021

4

86,599

2.4%

$3,682

$42.52

3.0%

2022

 

 

 

 

 

 

  Waterfront

13

105,797

3.0%

$4,233

$40.00

3.4%

  Suburban

3

11,356

0.3%

315 

27.76 

0.3%

TOTAL – 2022

16

117,153

3.3%

$4,548

$38.82

3.7%

2023

 

 

 

 

 

 

  Waterfront

12

326,899

9.2%

$12,637

$38.66

10.2%

  Suburban

1

350,000

9.8%

5,023 

14.35 

4.0%

TOTAL – 2023

13

676,899

19.0%

$17,660

$26.09

14.2%

2024

 

 

 

 

 

 

  Waterfront

16

263,231

7.4%

$10,899

$41.41

8.8%

TOTAL – 2024

16

263,231

7.4%

$10,899

$41.41

8.8%

2025

 

 

 

 

 

 

  Waterfront

10

108,891

3.1%

$3,318

$30.47

2.7%

  Suburban

2

15,808

0.4%

460 

29.07 

0.3%

TOTAL – 2025

12

124,699

3.5%

$3,778

$30.29

3.0%

2026

 

 

 

 

 

 

  Waterfront

11

249,982

7.0%

$9,197

$36.79

7.4%

  Suburban

9

73,916

2.1%

2,175 

29.42 

1.8%

TOTAL – 2026

20

323,898

9.1%

$11,372

$35.11

9.2%

2027 AND THEREAFTER

 

 

 

 

 

 

  Waterfront

50

1,962,470

55.3%

$72,016

$36.70

58.1%

TOTAL – 2027 AND THEREAFTER

50

1,962,470

55.3%

$72,016

$36.70

58.1%



 

 

 

 

 

 

TOTALS BY TYPE

 

 

 

 

 

 

  Waterfront

116

3,103,869

87.4%

$115,982

$37.37

93.6%

  Suburban

15

451,080

12.6%

7,973 

17.68 

6.4%

Totals/Weighted Average

131

3,554,949

100.0%

$123,955

$34.87

100.0%







1.

Includes office & standalone retail property tenants only. Excludes leases for amenity, retail, parking & monthtomonth tenants. Some tenants have multiple leases.

2.

Annualized base rental revenue is based on actual September 2021 billings times 12. For leases whose rent commences after October 1, 2021, 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.

3.

Includes leases in effect as of the period end date, some of which have commencement dates in the future.

26


 

 

 

Endnotes

FFO, Core FFO, AFFO, NOI, Adjusted EBITDA, & EBITDAre

(1)

Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interest, of $2,605 and $3,331 for the three months ended September 30, 2021 and 2020, respectively, and $7,413 and $10,020 for the nine months ended September 30, 2021 and 2020, respectively.  Excludes non-real estate-related depreciation and amortization of $325 and $336 for the three months ended September 30, 2021 and 2020, respectively, and $979 and $1,268 for the nine months ended September 30, 2021 and 2020.

(2)

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, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”.

(3)

Includes free rent of $6,642 and $3,930 for the three months ended September 30, 2021 and 2020, respectively, and $14,831 and $10,187 for the nine months ended September 30, 2021 and 2020, respectively. Also includes the Company's share from unconsolidated joint ventures of $687 and $52 for the three months ended September 30, 2021 and 2020, respectively, and $821 and $69 for the nine months ended September 30, 2021 and 2020, respectively.

(4)

Includes the Company's share from unconsolidated joint ventures of $0 and $0 for the three months ended September 30, 2021 and 2020, respectively, and $0 and $0 for the nine months ended September 30, 2021 and 2020, respectively.

(5)

Excludes expenditures for tenant spaces in properties that have not been owned by the Company for at least a year.

(6)

Net Debt calculated by taking the sum of senior unsecured notes, unsecured revolving credit facility, and mortgages, loans payable and other obligations, and deducting cash and cash equivalents and restricted cash, all at period end.

(7)

Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares 8,758 and 9,411 for the three months ended September 30, 2021 and 2020, respectively, and 8,708 and 9,397 for the nine months ended September 30, 2021 and 2020, respectively.





























 

 

 

 

 

 

 

27


 

 

 

Reconciliation of Net Income (Loss) to NOI (three months ended)

$ in thousands (unaudited)



Q3 2021

 

Q2 2021



Office / Corp

Multifamily

Total

 

Office / Corp

Multifamily

Total

Net Income (loss)

($7,342)

($18,450)

($25,792)

 

($50,891)

($23,140)

($74,031)

Deduct:

 

 

 

 

 

 

 

Real estate services income

(2,628)

(2,628)

 

(4)

(2,589)

(2,593)

Interest and other investment loss (income)

4,732

(1)

4,731

 

(95)

(95)

Equity in (earnings) loss of unconsolidated joint ventures

(21)

1,745

1,724

 

14

(363)

(349)

General & Administrative - property level

(1,722)

(1,722)

 

(1,501)

(1,501)

Realized and unrealized (gains) losses on disposition

3,000

3,000

 

(5,601)

(5,601)

(Gain) loss on disposition of developable land

 

(111)

(111)

(Gain) loss on sale of investment in unconsolidated joint venture

1,886

1,886

 

(Gain) loss from early extinguishment of debt, net

 

46,735

46,735

Add:

 

 

 

 

 

 

 

Real estate services expenses

32

3,275

3,307

 

50

3,163

3,213

General and administrative

8,550

2,742

11,292

 

9,476

8,593

18,069

Dead deal and transaction-related costs

580

3,091

3,671

 

1,495

1,250

2,745

Depreciation and amortization

12,913

16,431

29,344

 

13,429

15,717

29,146

Interest expense

4,296

10,904

15,200

 

7,192

9,639

16,831

Property impairments

 

6,041

6,041

Land impairments

(3,380)

6,781

3,401

 

7,519

7,519

Net operating income (NOI)

$25,246

$22,168

$47,414

 

$27,730

$18,288

$46,018



 

 

 

 

 

 

 

Summary of Consolidated Multifamily NOI by Type (unaudited):

 

Q3 2021

 

Q2 2021

 

Total Consolidated Multifamily - Operating Portfolio

 

$19,352

 

$18,499

 

Total Consolidated Commercial

 

352

 

7

 



 

 

 

 

 

 

 

Total NOI from Consolidated Properties (excl. unconsolidated JVs/subordinated interests):

19,704

 

18,506

 

NOI (loss) from services, land/development/repurposing & other assets

 

2,464

 

(218)

 



 

 

 

 

 

 

 

Total Consolidated Multifamily NOI

 

$22,168

 

$18,288

 





 

 

 

28


 

 

 

Company Information, Executive Officers & Analysts



 

 

 

Company Information

 

 

 



 

 

 

Corporate Headquarters

Stock Exchange Listing

Contact Information

 

Mack-Cali Realty Corporation

New York Stock Exchange

Mack-Cali Realty Corporation

 

Harborside 3, 210 Hudson St., Ste. 400

 

Investor Relations Department

 

Jersey City, New Jersey 07311

Trading Symbol

Harborside 3, 210 Hudson St., Ste. 400

 

(732) 590-1010

Common Shares:  CLI

Jersey City, New Jersey 07311

 



 

 

 



 

David Smetana

 



 

Chief Financial Officer

 



 

Phone: (732) 590-1035

 



 

E-Mail: Dsmetana@mack-cali.com

 



 

Web: www.mack-cali.com

 



 

 

 

Executive Officers

 

 

 



 

 

 

Mahbod Nia

David Smetana

Gary Wagner

Ricardo Cardoso

Chief Executive Officer

Chief Financial Officer

General Counsel and Secretary

EVP and Chief Investment Officer



 

 

 

Anna Malhari

Giovanni M. DeBari

 

 

Chief Operating Officer

Chief Accounting Officer

 

 



 

 

 



 

 

 

Equity Research Coverage

 

 

 



 

 

 

Bank of America Merrill Lynch

Citigroup

Green Street Advisors

Truist

James C. Feldman

Michael Bilerman

Danny Ismail

Michael R. Lewis



 

 

 

BTIG, LLC

Deutsche Bank North America

JP Morgan

Evercore ISI

Thomas Catherwood

Derek Johnston

Anthony Paolone

Steve Sakwa



 

 

 

Any opinions, estimates, forecasts or predictions regarding Mack-Cali Realty Corporation's performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Mack‑Cali Realty Corporation or its management.  Mack-Cali does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions.



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