FIRST QUARTER 2003
Supplemental Operating and Financial Data
This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Company. Any offers to sell or solicitations of the Company shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the "10-Q") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-Q and the Public Filings. Any investors' receipt of, or access to, the information contained herein is subject to this qualification.
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Page(s) |
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I. | COMPANY BACKGROUND | ||||
| About the Company/Other Corporate Data | 5 | |||
| Board of Directors/Executive Officers | 6 | |||
| Equity Research Coverage/Company Contact Information | 7 | |||
II. |
FINANCIAL HIGHLIGHTS |
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| Quarterly Summary | 9 | |||
| Property Sales/Financing Activity/Leasing Information | 9-10 | |||
| Information About FFO and CAD | 11 | |||
| Key Financial Data | 12 | |||
| Same-Store Results and Analysis | 13 | |||
| Unconsolidated Joint Ventures Summary | 14-16 | |||
| Select Financial Ratios | 17 | |||
| Debt Analysis: | ||||
| Debt Breakdown/Future Repayments | 18 | |||
| Debt Maturities | 19 | |||
| Debt Detail | 20 | |||
III. |
FINANCIAL INFORMATION |
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| Consolidated Statements of Operations | 22 | |||
| Consolidated Balance Sheets | 23 | |||
| Consolidated Statement of Changes in Stockholders' Equity | 24 | |||
| Statements of Funds from Operations and Cash Available for Distribution | 25 | |||
| Statement of Funds from Operations Per Diluted Share | 26 | |||
| Reconciliation of Basic-to-Diluted Shares/Units | 27 | |||
IV. |
VALUE CREATION PIPELINE |
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| Operating Property Acquisitions | 29 | |||
| Properties Commencing Initial Operations | 30 | |||
| Summary of Development Properties in Lease-Up | 31 | |||
| Summary of Land Parcels | 31 | |||
| Rental Property Sales | 32 | |||
V. |
PORTFOLIO/ LEASING STATISTICS |
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| Leasing Statistics | 34-36 | |||
| Market Diversification (MSA's) | 37 | |||
| Industry Diversification (Top 30 Tenant Industries) | 38 | |||
| Consolidated Portfolio Analyses: | ||||
Breakdown by: | |||||
(a) | Number of Properties | 39 | |||
(b) | Square Footage | 40 | |||
(c) | Base Rental Revenue | 41 | |||
(d) | Percentage Leased | 42 | |||
| Consolidated Property Listing (by Property Type) | 43-51 | |||
| Significant Tenants (Top 20 Tenants) | 52 | |||
| Schedules of Lease Expirations (by Property Type) | 53 |
2
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Certain information discussed in this literature may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws, including Section 21E of the Securities Exchange Act of 1934. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements relate to, without limitation, the Company's 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," "should," "expect," "anticipate," "estimate," "continue" or comparable terminology. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. 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 risks, trends and uncertainties are changes in the general economic conditions, including those affecting industries in which the Company's principal tenants compete; any failure of the general economy to recover timely from the current economic downturn; the extent of any tenant bankruptcies; the Company's ability to lease or re-lease space at current or anticipated rents; changes in the supply of and demand for office, office/flex and industrial/warehouse properties; changes in interest rate levels; changes in operating costs; the Company's ability to obtain adequate insurance, including coverage for terrorist acts; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
3
I. COMPANY BACKGROUND
4
I. COMPANY BACKGROUND
About the Company
Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $4.0 billion at March 31, 2003. Mack-Cali has been involved in all aspects of commercial real estate development, management and ownership for over 50 years and has been a publicly-traded REIT since 1994. Mack-Cali owns or has interests in 264 properties, primarily class A office and office/flex buildings, totaling approximately 29.2 million square feet, serving as home to approximately 2,100 tenants. The properties are located primarily in suburban markets of the Northeast, many with adjacent, Company-controlled developable land sites able to accommodate up to 8.9 million square feet of additional commercial space.
History
Established over 50 years ago, in 1994 the New Jersey-based firm became a publicly-traded company listed on the New York Stock Exchange under the ticker symbol CLI. Through combinations with some of the top companies in the real estate industrymost notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin CompanyMack-Cali has become one of the leading real estate companies in the country.
Strategy
Mack-Cali's strategy is to be a significant real estate owner and operator in its core, high-barriers-to-entry markets, primarily in the Northeast.
Summary
(as of March 31, 2003)
Corporate Headquarters | Cranford, New Jersey | |
Fiscal Year-End | 12/31 | |
Total Properties | 264 | |
Total Square Feet | 29.2 million square feet | |
Geographic Diversity | Eight states and the District of Columbia | |
New Jersey Presence | 16.2 million square feet | |
Northeast Presence | 24.9 million square feet | |
Common Shares and Units Outstanding | 71.6 million | |
DividendQuarter/Annualized | $0.63/$2.52 | |
Dividend Yield | 8.1% | |
Total Market Capitalization | $4.0 billion | |
Insider Ownership | 17.3% | |
Senior Debt Rating | BBB (S&P and Fitch); | |
Baa3 (Moody's) |
5
Board of Directors
William L. Mack, Chairman of the Board | ||
John J. Cali, Chairman Emeritus |
Earle I. Mack |
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Brendan T. Byrne |
Alan G. Philibosian |
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John R. Cali |
Irvin D. Reid |
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Nathan Gantcher |
Vincent Tese |
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Martin D. Gruss |
Robert F. Weinberg |
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Mitchell E. Hersh |
Roy J. Zuckerberg |
Executive Officers
Mitchell E. Hersh, Chief Executive Officer
Timothy M. Jones, President
Barry Lefkowitz, Executive Vice President and Chief Financial Officer
Roger W. Thomas, Executive Vice President, General Counsel and Secretary
Michael A. Grossman, Executive Vice President
6
Equity Research Coverage
Banc of America Montgomery Lee T. Schalop/ Alexis Hughes (212) 847-5677/ (212) 847-5705 |
Green Street Advisors James Sullivan (949) 640-8780 |
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Bear, Stearns & Co., Inc. Ross Smotrich (212) 272-8046 |
Lehman Brothers David Shulman/ Stuart Axelrod (212) 526-3413/ (212) 526-3410 |
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CS First Boston Lawrence Raiman (212) 538-2380 |
Morgan Stanley Dean Witter Gregory Whyte (212) 761-6331 |
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Deutsche Banc Alex. Brown Louis Taylor (212) 469-4912 |
Prudential Securities James Sullivan (212) 778-2515 |
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Friedman, Billings, Ramsey & Co. David Loeb (703) 469-1289 |
Salomon Smith Barney Jonathan Litt/ Gary Boston (212) 816-0231/ (212) 816-1383 |
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Goldman Sachs David Kostin (212) 902-6781 |
Wachovia Securities Christopher Haley (443) 263-6773 |
Company Contact Information
Mack-Cali Realty Corporation Investor Relations Department 11 Commerce Drive Cranford, New Jersey 07016-3599 |
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Phone: | (908) 272-8000 | Web: | www.mack-cali.com | |
Fax: | (908) 272-6755 | E-mail: | investorrelations@mack-cali.com |
7
8
II. FINANCIAL HIGHLIGHTS
Quarterly Summary
Funds from operations (FFO), after adjustment for straight-lining of rents, for the quarter ended March 31, 2003 amounted to $65.6 million, or $0.92 per share, versus $65.9 million, or $0.92 per share, for the quarter ended March 31, 2002. For the first quarter 2003, the Company's dividend payout ratio on FFO was 68.6 percent, as compared to 67.3 percent for the same period last year. For further discussion, see "Information About FFO and CAD" on page 11.
Net income for the first quarter 2003 equaled $30.0 million, or $0.52 per share, versus $40.6 million, or $0.70 per share, for the same quarter last year, a per share decrease of 25.7 percent.
Cash available for distribution (CAD) for the first quarter 2003 equaled $55.6 million versus $57.0 million for the same quarter last year. For the first quarter 2003, the Company's dividend payout ratio on CAD was 80.9 percent as compared to 77.7 percent for the same period last year. For further discussion, see "Information About FFO and CAD" on page 11.
Total revenues for the first quarter 2003 increased 3.9 percent to $148.3 million as compared to $142.7 million for the same quarter last year.
All per share amounts presented above are on a diluted basis; basic per share information is included in the financial tables on page 26.
The Company had 57,592,309 shares of common stock, 7,811,830 common operating partnership units and 215,894 $1,000-face-value preferred operating partnership units outstanding as of quarter end. The outstanding preferred units are convertible into 6,230,707 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 71,634,846 shares/common units outstanding at March 31, 2003.
As of March 31, 2003, the Company had total indebtedness of approximately $1.8 billion, with a weighted average annual interest rate of 6.87 percent. Mack-Cali had a total market capitalization of $4.0 billion and a debt-to-undepreciated assets ratio of 41.0 percent at March 31, 2003. The Company had an interest coverage ratio of 3.23 times for the quarter ended March 31, 2003.
The following is a summary of the Company's recent activity:
Property Sales
In March, the Company sold 1770 St. James Place, a 103,689 square-foot office building located in Houston, Harris County, Texas, for approximately $5.8 million.
Additionally, in April, Stadium Gateway, a 273,194 square-foot class A office building in Anaheim, California was sold for approximately $52.5 million. A joint venture of the Company and Highridge Partners held a 65 percent interest in the property.
Financing Activity
In March, the Company completed three transactions with the Teachers Insurance and Annuity Association (TIAA), as follows:
9
In March, the Company's Board of Directors declared a cash dividend of $0.63 per common share (indicating an annual rate of $2.52 per common share) for the first quarter 2003, which was paid on April 21, 2003 to shareholders of record on April 3, 2003.
In accordance with the Company's Share Repurchase Program, during the first quarter 2003, the Company purchased 35,000 shares of its outstanding common stock for an aggregate cost of approximately $1.0 million, representing an average price of $29.44 per share.
Leasing Information
Mack-Cali's consolidated in-service portfolio was 92.4 percent leased at March 31, 2003, compared to 92.3 percent leased at December 31, 2002.
For the quarter ended March 31, 2003, the Company executed 155 leases totaling 1,018,926 square feet, consisting of 777,707 square feet of office space, 204,943 square feet of office/flex space and 36,276 square feet of industrial/warehouse space. Of these totals, 373,973 square feet were for new leases and 644,953 square feet were for lease renewals and other tenant retention transactions.
During the quarter, the Company reduced its 2003 scheduled lease expirations by 353,903 square feet, from 8.3 percent (at December 31, 2002) to 6.8 percent (at March 31, 2003) of square footage, reducing 2003 expiring annualized rents by $6.5 million, from 7.6 percent (at December 31, 2002) to 6.3 percent (at March 31, 2003) of annualized rents.
Highlights of the quarter's leasing transactions include:
10
Information About FFO and CAD
The Company considers FFO (after adjustment for straight-lining of rents and non-recurring charges) a relevant measure of REIT financial performance which the financial community desires REITs to provide. FFO is defined as net income (loss) before minority interest of unitholders (preferred and common) computed in accordance with generally accepted accounting principles ("GAAP"), extraordinary items, and sales of depreciable rental property, plus real estate-related depreciation and amortization. FFO should not be considered as an alternative for net income as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO presented herein is not necessarily comparable to FFO 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 is comparable to the FFO of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("NAREIT"), with the exception that it deviates as a result of adjustments made to the Company's FFO for straight-lining of rents and non-recurring charges. The Company adjusts its FFO calculation to remove the effects of straight-lining of rents because it believes that such adjustment more accurately reflects proper recognition of the Company's revenue that is contractually due for the respective periods presented. The Company also adjusts its FFO calculation for non-recurring charges, if any, because it believes that the inclusion of these costs, which are incurred specific to significant non-recurring events, can impact the comparative measurement of the Company's performance. A reconciliation of net income to FFO is included in the financial tables on page 25.
The Company considers CAD another relevant measure of REIT financial performance which the financial community desires REITs to provide. CAD is defined as FFO (after adjustment for straight-lining of rents and non-recurring charges), reduced by non-revenue generating capital expenditures for building improvements, tenant improvements and lease commissions incurred during the period. CAD should not be considered as an alternative for net income as an indication of the Company's performance or to cash flows as a measure of liquidity. CAD presented herein is not necessarily comparable to CAD presented by other real estate companies due to the fact that not all real estate companies use the same definition. A reconciliation of net income to CAD is included in the financial tables on page 25.
11
Key Financial Data
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As of or for the three months ended |
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3/31/03 |
12/31/02 |
9/30/02 |
6/30/02 |
3/31/02 |
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Shares and Units: | |||||||||||
Common Shares Outstanding | 57,592,309 | 57,318,478 | 57,669,818 | 57,666,984 | 57,197,440 | ||||||
Common Units Outstanding (a) | 14,042,537 | 14,044,513 | 14,045,513 | 14,089,197 | 14,310,794 | ||||||
Combined Shares and Units | 71,634,846 | 71,362,991 | 71,715,331 | 71,756,181 | 71,508,234 | ||||||
Preferred Shares Outstanding | 10,000 | 0 | 0 | 0 | 0 | ||||||
Weighted AverageBasic (b) | 65,040,080 | 65,139,781 | 65,371,622 | 65,167,825 | 64,751,603 | ||||||
Weighted AverageDiluted (c) | 71,376,595 | 71,568,463 | 71,886,994 | 71,939,617 | 71,461,464 | ||||||
Common Share Price ($'s): |
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At the end of the period | 30.9700 | 30.3000 | 32.1300 | 35.1500 | 34.6800 | ||||||
High during period | 31.3800 | 31.7000 | 34.9600 | 35.7300 | 34.9500 | ||||||
Low during period | 27.3500 | 27.0300 | 26.6500 | 32.4500 | 29.9000 | ||||||
Market Capitalization: |
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($'s in thousands, except ratios) | |||||||||||
Market Value of Equity (d) | 2,243,531 | 2,162,299 | 2,304,214 | 2,522,230 | 2,479,906 | ||||||
Total Debt | 1,755,992 | 1,752,372 | 1,757,235 | 1,705,659 | 1,720,864 | ||||||
Total Market Capitalization | 3,999,523 | 3,914,671 | 4,061,449 | 4,227,889 | 4,200,770 | ||||||
Total Debt/ Total Market Capitalization | 43.91 | % | 44.76 | % | 43.27 | % | 40.34 | % | 40.97 | % | |
Financials: |
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($'s in thousands, except ratios and per share amounts) | |||||||||||
Total Assets | 3,809,480 | 3,796,429 | 3,812,330 | 3,775,508 | 3,768,371 | ||||||
Gross Book Value of Real Estate Assets | 3,876,959 | 3,857,657 | 3,771,087 | 3,771,518 | 3,811,356 | ||||||
Total Liabilities | 1,904,422 | 1,912,199 | 1,912,782 | 1,870,549 | 1,870,515 | ||||||
Total Minority Interests | 429,155 | 430,036 | 438,422 | 439,848 | 446,920 | ||||||
Total Stockholders' Equity | 1,475,903 | 1,454,194 | 1,461,126 | 1,465,111 | 1,450,936 | ||||||
Total Revenues | 148,269 | 141,272 | 143,050 | 141,135 | 142,748 | ||||||
Capitalized Interest | 2,328 | 2,494 | 5,524 | 6,193 | 5,454 | ||||||
Scheduled Principal Payments | 1,345 | 976 | 824 | 805 | 786 | ||||||
Interest Coverage Ratio | 3.23 | 3.32 | 3.75 | 3.87 | 3.56 | ||||||
Fixed Charge Coverage Ratio | 2.59 | 2.65 | 2.69 | 2.71 | 2.56 | ||||||
Net Income | 29,981 | 29,836 | 34,232 | 35,039 | 40,615 | ||||||
Earnings per Sharediluted | 0.52 | 0.52 | 0.59 | 0.61 | 0.70 | ||||||
Funds from Operations (e) | 65,562 | 63,802 | 70,469 | 72,135 | 65,882 | ||||||
FFO per Sharediluted (e) | 0.92 | 0.89 | 0.98 | 1.00 | 0.92 | ||||||
Cash Available for Distribution (f) | 55,606 | 51,082 | 61,598 | 61,219 | 56,998 | ||||||
Dividends Declared per Share | 0.63 | 0.63 | 0.63 | 0.62 | 0.62 | ||||||
FFO Payout Ratiodiluted (e) | 68.59 | % | 70.67 | % | 64.27 | % | 61.83 | % | 67.25 | % | |
CAD Payout Ratiodiluted (f) | 80.87 | % | 88.27 | % | 73.52 | % | 72.86 | % | 77.73 | % | |
Portfolio Size: |
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Properties | 264 | 265 | 262 | 258 | 267 | ||||||
Total Square Footage | 29,157,056 | 29,260,745 | 28,988,801 | 27,585,238 | 28,640,016 | ||||||
Sq. Ft. Leased at End of Period (g) | 92.4 | % | 92.3 | % | 93.0 | % | 93.9 | % | 93.9 | % |
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Same Store Results and Analysis
(dollars in thousands)
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For the three months ended March 31, |
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% Change |
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2003 |
2002 |
Change |
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Property Revenues | $ | 132,812 | $ | 132,604 | $ | 208 | 0.2 | |||||
Less: Straight-line rent adjustment | 1,621 | 2,760 | (1,139 | ) | (41.3 | ) | ||||||
Total Property Revenues (excluding straight-line rent adjustment) | 131,191 | 129,844 | 1,347 | 1.0 | ||||||||
Real Estate Taxes |
14,977 |
14,525 |
452 |
3.1 |
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Utilities | 9,784 | 9,316 | 468 | 5.0 | ||||||||
Operating Services | 17,907 | 14,180 | 3,727 | 26.3 | ||||||||
Total Property Expenses: | 42,668 | 38,021 | 4,647 | 12.2 | ||||||||
Net Operating Income |
$ |
88,523 |
$ |
91,823 |
$ |
(3,300 |
) |
(3.6 |
) |
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Percentage Leased at Period End | 93.4 | % | 95.1 | % | ||||||||
Total Properties: | 245 | |||||||||||
Total Square Footage: |
25,154,919 |
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Unconsolidated Joint Ventures Summary
Breakdown of Unconsolidated Joint Ventures
Joint Venture Name |
Property |
Number of Buildings |
Location |
Percent Leased |
Square Feet |
Company's Effective Ownership % |
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Office Properties: | |||||||||||||
American Financial Exchange L.L.C. | Harborside Plaza 10 (a) | 1 | Jersey City, NJ | 100.0 | % | 577,575 | 50.0 | % | |||||
HPMC | Stadium Gateway (b) | 1 | Anaheim, CA | 96.2 | % | 273,194 | 32.5 | % | |||||
G&G Martco | Convention Plaza | 1 | San Francisco, CA | 99.8 | % | 305,618 | 50.0 | % | |||||
Ashford Loop Associates, LP | 1001 South Dairy Ashford | 1 | Houston, TX | 50.8 | % | 130,000 | 20.0 | % | |||||
Ashford Loop Associates, LP | 2100 West Loop South | 1 | Houston, TX | 73.7 | % | 168,000 | 20.0 | % | |||||
HPMC | Pacific Plaza Phase I | 1 | Daly City, CA | 87.2 | % | 364,384 | 32.5 | % | |||||
Office/Flex Properties: |
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Ramland Realty Associates, L.L.C. | One Ramland Road | 1 | Orangeburg, NY | 7.3 | % | 232,000 | 50.0 | % | |||||
Mixed-Use: |
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HPMC | Pacific Plaza Phase II (c) | 1 | Daly City, CA | 100.0 | % | 100,740 | 32.5 | % | |||||
Hotel: | |||||||||||||
Harborside South Pier | Hyatt Regency South Pier | 1 | Jersey City, NJ | n/a | 350 rooms | 50.0 | % |
14
Unconsolidated Joint Venture Financial Information
The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2003 and December 31, 2002:
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March 31, 2003 |
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HPMC |
G&G Martco |
American Financial Exchange |
Ramland Realty |
Ashford Loop |
ARCap |
MC-SJP Morris Realty |
Harborside South Pier |
Combined Total |
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Assets: | ||||||||||||||||||||||||||||
Rental property, net | $ | | $ | 8,120 | $ | 105,910 | $ | 13,668 | $ | 36,285 | $ | | $ | 16,636 | $ | 89,549 | $ | 270,168 | ||||||||||
Other assets | 16,203 | 3,913 | 26,029 | 1,398 | 429 | | 30 | 4,957 | 52,959 | |||||||||||||||||||
Total assets | $ | 16,203 | $ | 12,033 | $ | 131,939 | $ | 15,066 | $ | 36,714 | $ | | $ | 16,666 | $ | 94,506 | $ | 323,127 | ||||||||||
Liabilities and partners'/ members' capital (deficit): | ||||||||||||||||||||||||||||
Mortgages and loans payable | $ | | $ | 50,000 | $ | | $ | 15,109 | $ | | $ | | $ | 17,983 | $ | 71,704 | $ | 154,796 | ||||||||||
Other liabilities | 16 | 1,650 | 1,476 | 91 | 551 | | 48 | 2,253 | 6,085 | |||||||||||||||||||
Partners'/members' capital (deficit) | 16,187 | (39,617 | ) | 130,463 | (134 | ) | 36,163 | | (1,365 | ) | 20,549 | 162,246 | ||||||||||||||||
Total liabilities and partners'/members' capital (deficit) | $ | 16,203 | $ | 12,033 | $ | 131,939 | $ | 15,066 | $ | 36,714 | $ | | $ | 16,666 | $ | 94,506 | $ | 323,127 | ||||||||||
Company's investment in unconsolidated joint ventures, net | $ | 15,985 | $ | 2,685 | $ | 139,171 | $ | | $ | 7,698 | $ | | $ | 291 | $ | 13,258 | $ | 179,088 | ||||||||||
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December 31, 2002 |
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HPMC |
G&G Martco |
American Financial Exchange |
Ramland Realty |
Ashford Loop |
ARCap |
MC-SJP Morris Realty |
Harborside South Pier |
Combined Total |
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Assets: | ||||||||||||||||||||||||||||
Rental property, net | $ | | $ | 8,329 | $ | 101,752 | $ | 13,803 | $ | 36,520 | $ | | $ | 17,364 | $ | 90,407 | $ | 268,175 | ||||||||||
Other assets | 16,242 | 3,813 | 25,543 | 1,900 | 730 | | 1,211 | 5,610 | 55,049 | |||||||||||||||||||
Total assets | $ | 16,242 | $ | 12,142 | $ | 127,295 | $ | 15,703 | $ | 37,250 | $ | | $ | 18,575 | $ | 96,017 | $ | 323,224 | ||||||||||
Liabilities and partners'/ members' capital (deficit): | ||||||||||||||||||||||||||||
Mortgages and loans payable | $ | | $ | 50,000 | $ | | $ | 15,282 | $ | 87 | $ | | $ | 17,983 | $ | 69,475 | $ | 152,827 | ||||||||||
Other liabilities | 18 | 1,789 | 1,709 | 97 | 942 | | 48 | 4,084 | 8,687 | |||||||||||||||||||
Partners'/members' capital (deficit) | 16,224 | (39,647 | ) | 125,586 | 324 | 36,221 | | 544 | 22,458 | 161,710 | ||||||||||||||||||
Total liabilities and partners'/members' capital (deficit) | $ | 16,242 | $ | 12,142 | $ | 127,295 | $ | 15,703 | $ | 37,250 | $ | | $ | 18,575 | $ | 96,017 | $ | 323,224 | ||||||||||
Company's investment in unconsolidated joint ventures, net | $ | 15,900 | $ | 2,794 | $ | 134,158 | $ | 1,232 | $ | 7,652 | $ | | $ | 289 | $ | 14,772 | $ | 176,797 | ||||||||||
15
The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2003 and 2002:
|
Three Months Ended March 31, 2003 |
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HPMC |
G&G Martco |
American Financial Exchange |
Ramland Realty |
Ashford Loop |
ARCap |
MC-SJP Morris Realty |
Harborside South Pier |
Minority Interest in Operating Partnership |
Combined Total |
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Total revenues | $ | 26 | $ | 3,360 | $ | 6,045 | $ | 68 | $ | 986 | $ | | $ | | $ | 3,742 | $ | | $ | 14,227 | |||||||||||
Operating and other expenses | (51 | ) | (968 | ) | (990 | ) | (268 | ) | (957 | ) | | | (3,299 | ) | | (6,533 | ) | ||||||||||||||
Depreciation and amortization | | (412 | ) | (857 | ) | (139 | ) | (244 | ) | | | (1,548 | ) | | (3,200 | ) | |||||||||||||||
Interest expense | | (451 | ) | | (119 | ) | | | | (804 | ) | | (1,374 | ) | |||||||||||||||||
Net income (loss) | $ | (25 | ) | $ | 1,529 | $ | 4,198 | $ | (458 | ) | $ | (215 | ) | $ | | $ | | $ | (1,909 | ) | $ | | $ | 3,120 | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ | 85 | $ | 641 | $ | 4,205 | $ | (1,232 | ) | $ | (15 | ) | $ | | $ | | $ | (1,304 | ) | $ | (286 | ) | $ | 2,094 | |||||||
|
Three Months Ended March 31, 2002 |
||||||||||||||||||||||||||||||
|
HPMC |
G&G Martco |
American Financial Exchange |
Ramland Realty |
Ashford Loop |
ARCap |
MC-SJP Morris Realty |
Harborside South Pier |
Minority Interest in Operating Partnership |
Combined Total |
|||||||||||||||||||||
Total revenues | $ | 1,308 | $ | 3,405 | $ | 3 | $ | 973 | $ | 1,031 | $ | 21,350 | $ | | $ | | $ | | $ | 28,070 | |||||||||||
Operating and other expenses | (392 | ) | (853 | ) | (9 | ) | (1,856 | ) | (448 | ) | (24,253 | ) | (315 | ) | | | (28,126 | ) | |||||||||||||
Depreciation and amortization | (385 | ) | (406 | ) | (10 | ) | (1,303 | ) | (162 | ) | | | | | (2,266 | ) | |||||||||||||||
Interest expense | (151 | ) | (505 | ) | | (190 | ) | | (8,244 | ) | (638 | ) | | | (9,728 | ) | |||||||||||||||
Net income (loss) | $ | 380 | $ | 1,641 | $ | (16 | ) | $ | (2,376 | ) | $ | 421 | $ | (11,147 | ) | $ | (953 | ) | $ | | $ | | $ | (12,050 | ) | ||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ | 1,302 | $ | 681 | $ | (16 | ) | $ | (1,188 | ) | $ | 132 | $ | (2,216 | ) | $ | | $ | | $ | 160 | $ | (1,145 | ) | |||||||
16
Select Financial Ratios
|
March 31, |
||||
---|---|---|---|---|---|
Ratios Computed For Industry Comparisons: |
2003 |
2002 |
|||
Financial Position Ratios: | |||||
Total Debt/ Total Book Capitalization (Book value) (%) |
46.10 | % | 45.67 | % | |
Total Debt/ Total Market Capitalization (Market value) (%) |
43.91 | % | 40.97 | % | |
Total Debt/ Total Undepreciated Assets (%) | 41.04 | % | 41.65 | % | |
Secured Debt/ Total Undepreciated Assets (%) | 13.39 | % | 13.14 | % | |
|
Three Months Ended March 31, |
||||
|
2003 |
2002 |
|||
Operational Ratios: | |||||
Interest Coverage (Funds from Operations+Interest Expense)/Interest Expense (x) |
3.23 | 3.56 | |||
Debt Service Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Principal Amort.) (x) |
3.10 | 3.45 | |||
Fixed Charge Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Capitalized Interest+Pref. Div. +Prin. Amort.+Ground Lease Payments)(x) |
2.59 | 2.56 | |||
FFO Payout (Dividends Declared/Funds from Operations) (%) |
68.59 | % | 67.25 | % | |
CAD Payout (Dividends Declared/ Cash Available for Distribution) (%) |
80.87 | % | 77.73 | % |
17
Debt Analysis
(as of March 31, 2003)
Debt Breakdown
(dollars in thousands)
|
Balance |
% of Total |
Weighted Average Interest Rate (a) |
Weighted Average Maturity in Years |
|||||
---|---|---|---|---|---|---|---|---|---|
Fixed Rate Unsecured Notes | $ | 1,072,596 | 61.08 | % | 7.45 | % | 5.30 | ||
Fixed Rate Secured Debt | 540,843 | 30.80 | % | 6.97 | % | 2.98 | |||
Variable Rate Unsecured Debt | 110,375 | 6.29 | % | 2.06 | % | 2.49 | |||
Variable Rate Secured Debt | 32,178 | 1.83 | % | 2.01 | % | 5.83 | |||
Totals/Weighted Average: | $ | 1,755,992 | 100.00 | % | 6.87 | % | 4.42 | ||
Future Repayments
(dollars in thousands)
Period |
Scheduled Amortization |
Principal Maturities |
Total |
Weighted Average Interest Rate of Future Repayments (a) |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | $ | 4,972 | $ | 45,283 | $ | 50,255 | 7.27 | % | ||||
2004 | 6,014 | 309,863 | 315,877 | 7.33 | % | |||||||
2005 | 5,419 | 363,553 | 368,972 | 5.62 | % | |||||||
2006 | 1,029 | 216,422 | 217,451 | 7.01 | % | |||||||
2007 | 874 | 9,364 | 10,238 | 6.97 | % | |||||||
Thereafter | 5,026 | 798,277 | 803,303 | 7.27 | % | |||||||
Sub-total | 23,334 | 1,742,762 | 1,766,096 | 6.87 | % | |||||||
Adjustment for unamortized debt discount/premium, net, as of March 31, 2003 | (10,104 | ) | | (10,104 | ) | | ||||||
Totals/Weighted Average: | $ | 13,230 | $ | 1,742,762 | $ | 1,755,992 | 6.87 | % | ||||
18
Debt Maturities
(dollars in thousands)
|
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
TOTALS |
|||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Secured Debt: | |||||||||||||||||||||||||||||||||||
400 Chestnut Ridge | $ | 9,863 | $ | 9,863 | |||||||||||||||||||||||||||||||
Mack-Cali Centre VI | $ | 35,000 | 35,000 | ||||||||||||||||||||||||||||||||
Prudential Portfolio | 150,000 | 150,000 | |||||||||||||||||||||||||||||||||
Mack-Cali Bridgewater I | 23,000 | 23,000 | |||||||||||||||||||||||||||||||||
Mack-Cali Woodbridge II | 17,500 | 17,500 | |||||||||||||||||||||||||||||||||
Mack-Cali Short Hills | 22,089 | 22,089 | |||||||||||||||||||||||||||||||||
500 West Putnam Ave | 5,589 | 5,589 | |||||||||||||||||||||||||||||||||
Harborside Financial CenterPlaza 1 | $ | 68,630 | 68,630 | ||||||||||||||||||||||||||||||||
Harborside Financial CenterPlazas 2 & 3 | 144,642 | 144,642 | |||||||||||||||||||||||||||||||||
1633 Littleton Road | 3,150 | 3,150 | |||||||||||||||||||||||||||||||||
Mack-Cali Airport | $ | 9,364 | 9,364 | ||||||||||||||||||||||||||||||||
Kemble Plaza I | $ | 32,178 | 32,178 | ||||||||||||||||||||||||||||||||
2200 Renaissance Boulevard | $ | 15,191 | 15,191 | ||||||||||||||||||||||||||||||||
Soundview Plaza | $ | 14,889 | 14,889 | ||||||||||||||||||||||||||||||||
Total Secured Debt: | $ | | $ | 9,863 | $ | 253,178 | $ | 216,422 | $ | 9,364 | | $ | 32,178 | | | $ | 15,191 | $ | 14,889 | $ | 551,085 | ||||||||||||||
Unsecured Debt: | |||||||||||||||||||||||||||||||||||
7.180% unsecured notes due 12/03 | $ | 45,283 | $ | 45,283 | |||||||||||||||||||||||||||||||
7.000% unsecured notes due 3/04 | $ | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||
2002 unsecured credit facility | $ | 110,375 | 110,375 | ||||||||||||||||||||||||||||||||
7.250% unsecured notes due 3/09 | $ | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||
7.835% unsecured notes due 12/10 | $ | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||
7.750% unsecured notes due 2/11 | $ | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||
6.150% unsecured notes due 12/12 | $ | 94,914 | 94,914 | ||||||||||||||||||||||||||||||||
5.820% unsecured notes due 3/13 | $ | 26,105 | 26,105 | ||||||||||||||||||||||||||||||||
Total Unsecured Debt: | $ | 45,283 | $ | 300,000 | $ | 110,375 | | | | $ | 300,000 | $ | 15,000 | $ | 300,000 | $ | 94,914 | $ | 26,105 | $ | 1,191,677 | ||||||||||||||
Total Debt: | $ | 45,283 | $ | 309,863 | $ | 363,553 | $ | 216,422 | $ | 9,364 | | $ | 332,178 | $ | 15,000 | $ | 300,000 | $ | 110,105 | $ | 40,994 | $ | 1,742,762 | ||||||||||||
19
Debt Detail
(dollars in thousands)
|
|
|
Principal Balance at |
|
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Property Name |
Lender |
Effective Interest Rate |
March 31, 2003 |
December 31, 2002 |
Date of Maturity |
|||||||
Senior Unsecured Notes: (a) | ||||||||||||
7.180% Senior Unsecured Notes | public debt | 7.230% | $ | 45,283 | $ | 95,283 | 12/31/03 | |||||
7.000% Senior Unsecured Notes | public debt | 7.270% | 299,924 | 299,904 | 03/15/04 | |||||||
7.250% Senior Unsecured Notes | public debt | 7.490% | 298,600 | 298,542 | 03/15/09 | |||||||
7.835% Senior Unsecured Notes | public debt | 7.950% | 15,000 | 15,000 | 12/15/10 | |||||||
7.750% Senior Unsecured Notes | public debt | 7.930% | 298,646 | 298,602 | 02/15/11 | |||||||
6.150% Senior Unsecured Notes | public debt | 6.894% | 90,138 | 90,015 | 12/15/12 | |||||||
5.820% Senior Unsecured Notes | public debt | 6.448% | 25,005 | | 03/15/13 | |||||||
Total Senior Unsecured Notes: | $ | 1,072,596 | $ | 1,097,346 | ||||||||
Revolving Credit Facilities: | ||||||||||||
2002 Unsecured Facility (b) | 15 Lenders | LIBOR+ 0.700% | $ | 110,375 | $ | 73,000 | 09/27/05 | |||||
Total Revolving Credit Facilities: | $ | 110,375 | $ | 73,000 | ||||||||
Property Mortgages: (c) |
||||||||||||
Mack-Cali Willowbrook | CIGNA | 8.670% | $ | | $ | 7,658 | n/a | |||||
400 Chestnut Ridge | Prudential Insurance Co. | 9.440% | 11,336 | 11,611 | 07/01/04 | |||||||
Mack-Cali Centre VI | Principal Life Insurance Co. | 6.865% | 35,000 | 35,000 | 04/01/05 | |||||||
Various (d) | Prudential Insurance Co. | 7.100% | 150,000 | 150,000 | 05/15/05 | |||||||
Mack-Cali Bridgewater I | New York Life Ins. Co. | 7.000% | 23,000 | 23,000 | 09/10/05 | |||||||
Mack-Cali Woodbridge II | New York Life Ins. Co. | 7.500% | 17,500 | 17,500 | 09/10/05 | |||||||
Mack-Cali Short Hills | Prudential Insurance Co. | 7.740% | 24,274 | 24,470 | 10/01/05 | |||||||
500 West Putnam Avenue | New York Life Ins. Co. | 6.520% | 8,193 | 8,417 | 10/10/05 | |||||||
HarborsidePlaza 1 | U.S. West Pension Trust | 4.359% | 62,262 | 61,722 | 01/01/06 | |||||||
HarborsidePlazas 2 and 3 | Northwestern/Principal | 7.365% | 157,125 | 158,140 | 01/01/06 | |||||||
1633 Littleton Road | First Union/Maher Partners | 3.870% | 3,476 | 3,504 | 02/10/06 | |||||||
Mack-Cali Airport | Allstate Life Insurance Co. | 7.050% | 10,182 | 10,226 | 04/01/07 | |||||||
Kemble Plaza I | Mitsubishi Tr & Bk Co. | LIBOR+0.650% | 32,178 | 32,178 | 01/31/09 | |||||||
2200 Renaissance Boulevard | TIAA | 5.888% | 19,051 | 19,100 | 12/01/12 | |||||||
Soundview Plaza | TIAA | 6.015% | 19,444 | 19,500 | 01/01/13 | |||||||
Total Property Mortgages: | $ | 573,021 | $ | 582,026 | ||||||||
Total Debt: | $ | 1,755,992 | $ | 1,752,372 | ||||||||
20
III. FINANCIAL INFORMATION
21
III. FINANCIAL INFORMATION
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
|
Three Months Ended March 31, |
|||||||
---|---|---|---|---|---|---|---|---|
|
2003 |
2002 |
||||||
Revenues | ||||||||
Base rents | $ | 126,248 | $ | 126,156 | ||||
Escalations and recoveries from tenants | 15,833 | 13,192 | ||||||
Parking and other | 5,862 | 3,061 | ||||||
Interest income | 326 | 339 | ||||||
Total revenues | 148,269 | 142,748 | ||||||
Expenses | ||||||||
Real estate taxes | 15,913 | 15,284 | ||||||
Utilities | 10,896 | 10,077 | ||||||
Operating services | 20,323 | 16,109 | ||||||
General and administrative | 6,758 | 6,702 | ||||||
Depreciation and amortization | 29,201 | 23,952 | ||||||
Interest expense | 30,913 | 26,359 | ||||||
Total expenses | 114,004 | 98,483 | ||||||
Income from continuing operations before minority interest and equity in earnings of unconsolidated joint ventures | 34,265 | 44,265 | ||||||
Minority interest in Operating Partnership | (7,569 | ) | (8,894 | ) | ||||
Equity in earnings of unconsolidated joint ventures (net of minority interest), net | 2,094 | (1,145 | ) | |||||
Income from continuing operations | 28,790 | 34,226 | ||||||
Discontinued operations (net of minority interest): | ||||||||
Income from discontinued operations | 26 | 163 | ||||||
Realized gain on disposition of rental property | 1,165 | | ||||||
Total Discontinued operations, net | 1,191 | 163 | ||||||
Realized gains (losses) and unrealized losses on disposition of rental property (net of minority interest), net | | 6,226 | ||||||
Net income | $ | 29,981 | $ | 40,615 | ||||
Basic earnings per share: | ||||||||
Income from continuing operations | $ | 0.50 | $ | 0.72 | ||||
Discontinued operations | 0.02 | | ||||||
Net income | $ | 0.52 | $ | 0.72 | ||||
Diluted earnings per share: | ||||||||
Income from continuing operations | $ | 0.50 | $ | 0.70 | ||||
Discontinued operations | 0.02 | | ||||||
Net income | $ | 0.52 | $ | 0.70 | ||||
Dividends declared per common share | $ | 0.63 | $ | 0.62 | ||||
Basic weighted average shares outstanding | 57,228 | 56,799 | ||||||
Diluted weighted average shares outstanding | 65,146 | 71,461 | ||||||
22
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share amounts)
|
March 31, 2003 |
December 31, 2002 |
||||||
---|---|---|---|---|---|---|---|---|
|
(unaudited) |
|
||||||
Assets | ||||||||
Rental property | ||||||||
Land and leasehold interests | $ | 544,469 | $ | 544,176 | ||||
Buildings and improvements | 3,157,703 | 3,141,003 | ||||||
Tenant improvements | 167,230 | 164,945 | ||||||
Furniture, fixtures and equipment | 7,557 | 7,533 | ||||||
3,876,959 | 3,857,657 | |||||||
Lessaccumulated depreciation and amortization | (469,448 | ) | (445,569 | ) | ||||
Net investment in rental property | 3,407,511 | 3,412,088 | ||||||
Cash and cash equivalents | 15,262 | 1,167 | ||||||
Investments in unconsolidated joint ventures, net | 179,088 | 176,797 | ||||||
Unbilled rents receivable, net | 67,040 | 64,759 | ||||||
Deferred charges and other assets, net | 128,383 | 127,551 | ||||||
Restricted cash | 8,197 | 7,777 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $1,273 and $1,856 | 3,999 | 6,290 | ||||||
Total assets | $ | 3,809,480 | $ | 3,796,429 | ||||
Liabilities and Stockholders' Equity | ||||||||
Senior unsecured notes | $ | 1,072,596 | $ | 1,097,346 | ||||
Revolving credit facilities | 110,375 | 73,000 | ||||||
Mortgages and loans payable | 573,021 | 582,026 | ||||||
Dividends and distributions payable | 45,149 | 45,067 | ||||||
Accounts payable and accrued expenses | 55,571 | 50,774 | ||||||
Rents received in advance and security deposits | 37,350 | 39,038 | ||||||
Accrued interest payable | 10,360 | 24,948 | ||||||
Total liabilities | 1,904,422 | 1,912,199 | ||||||
Minority interest in Operating Partnership | 429,155 | 430,036 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, $0.01 par value, 5,000,000 shares authorized, 10,000 and no shares outstanding, at liquidation preference | 25,000 | | ||||||
Common stock, $0.01 par value, 190,000,000 shares authorized, 57,592,309 and 57,318,478 shares outstanding | 576 | 573 | ||||||
Additional paid-in capital | 1,533,412 | 1,525,479 | ||||||
Dividends in excess of net earnings | (75,287 | ) | (68,966 | ) | ||||
Unamortized stock compensation | (7,798 | ) | (2,892 | ) | ||||
Total stockholders' equity | 1,475,903 | 1,454,194 | ||||||
Total liabilities and stockholders' equity | $ | 3,809,480 | $ | 3,796,429 | ||||
23
Mack-Cali Realty Corporation and Subsidiaries
Consolidated Statement of Changes in Stockholders' Equity
For the three months ended March 31, 2003
(in thousands) (unaudited)
|
Preferred Stock |
Common Stock |
|
|
|
|
||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Additional Paid-In Capital |
Dividends in Excess of Net Earnings |
Unamortized Stock Compensation |
Total Stockholders' Equity |
||||||||||||||||||||
|
Shares |
Amount |
Shares |
Par Value |
||||||||||||||||||||
Balance at January 1, 2003 | | | 57,318 | $ | 573 | $ | 1,525,479 | $ | (68,966 | ) | $ | (2,892 | ) | $ | 1,454,194 | |||||||||
Net income | | | | | | 29,981 | | 29,981 | ||||||||||||||||
Dividends | | | | | | (36,302 | ) | | (36,302 | ) | ||||||||||||||
Issuance of preferred stock | 10 | $ | 25,000 | | | (164 | ) | | | 24,836 | ||||||||||||||
Redemption of common units for shares of common stock | | | 2 | | 53 | | | 53 | ||||||||||||||||
Proceeds from stock options exercised | | | 138 | 1 | 3,649 | | | 3,650 | ||||||||||||||||
Stock Options Expense | | | | | 38 | | | 38 | ||||||||||||||||
Deferred compensation plan for directors | | | | | 56 | | | 56 | ||||||||||||||||
Issuance of Restricted Stock Awards | | | 169 | 2 | 5,051 | | (5,013 | ) | 40 | |||||||||||||||
Amortization of stock compensation | | | | | | | 387 | 387 | ||||||||||||||||
Adjustment to fair value of restricted stock | | | | | 295 | | (295 | ) | | |||||||||||||||
Cancellation of Restricted Stock Awards | | | | | (15 | ) | | 15 | | |||||||||||||||
Repurchase of common stock | | | (35 | ) | | (1,030 | ) | | | (1,030 | ) | |||||||||||||
Balance at March 31, 2003 | 10 | $ | 25,000 | 57,592 | $ | 576 | $ | 1,533,412 | $ | (75,287 | ) | $ | (7,798 | ) | $ | 1,475,903 | ||||||||
24
Statements of Funds from Operations and
Cash Available for Distribution
(in thousands, except per share/unit amounts)
|
Three Months Ended March 31, |
||||||||
---|---|---|---|---|---|---|---|---|---|
|
2003 |
2002 |
|||||||
Net Income | $ | 29,981 | $ | 40,615 | |||||
Add: | |||||||||
Minority interest in Operating Partnership | 7,569 | 8,894 | |||||||
Minority interest in equity in earnings of unconsolidated joint ventures | 286 | (160 | ) | ||||||
Minority interest in income from discontinued operations | 4 | 23 | |||||||
Deduct: | |||||||||
Realized (gains) losses and unrealized losses on disposition of rental property (net of minority interest), net | | (6,226 | ) | ||||||
Discontinued operationsrealized (gains) losses and unrealized losses (net of minority interest), net | (1,165 | ) | | ||||||
Add: | |||||||||
Real estate-related depreciation and amortization on continuing operations (a) | 32,241 | 24,448 | |||||||
Real estate-related depreciation and amortization on discontinued operations | 56 | 1 | |||||||
Deduct: | |||||||||
Rental income adjustment for straight-lining of rents (b) | (3,410 | ) | (1,713 | ) | |||||
Funds from operations (c), after adjustment for straight-lining of rents | 65,562 | 65,882 | |||||||
Deduct: | |||||||||
Non-incremental revenue generating capital expenditures: | |||||||||
Building improvements | (997 | ) | (318 | ) | |||||
Tenant improvements and leasing commissions | (8,959 | ) | (8,566 | ) | |||||
Cash available for distribution | $ | 55,606 | $ | 56,998 | |||||
Diluted weighted average shares/units outstanding (d) | 71,377 | 71,461 | |||||||
Funds from operations per share/unitdiluted |
$ |
0.92 |
$ |
0.92 |
|||||
Dividend per common share |
$ |
0.63 |
$ |
0.62 |
|||||
Dividend payout ratios: |
|||||||||
Funds from operations-diluted | 68.59 | % | 67.25 | % | |||||
Cash available for distribution-diluted | 80.87 | % | 77.73 | % |
25
Statement of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands) (unaudited)
|
Three Months Ended March 31, |
||||||||
---|---|---|---|---|---|---|---|---|---|
|
2003 |
2002 |
|||||||
Net income per share | $ | 0.52 | $ | 0.70 | |||||
Deduct: | |||||||||
Realized (gains) losses and unrealized losses on disposition of rental property (net of minority interest), net | | (0.09 | ) | ||||||
Discontinued operationsrealized (gains) losses and unrealized losses (net of minority interest), net | (0.02 | ) | | ||||||
Add: | |||||||||
Real estate-related depreciation and amortization on continuing operations (a) | 0.46 | 0.34 | |||||||
Real estate depreciation and amortization on discontinued operations | | | |||||||
Deduct: | |||||||||
Rental income adjustment for straight-lining of rents (b) | (0.05 | ) | (0.02 | ) | |||||
Rounding adjustment | 0.01 | (0.01 | ) | ||||||
Funds from operations (c), after adjustment for straight-lining of rents | $ | 0.92 | $ | 0.92 | |||||
Diluted weighted average shares/units outstanding (d) | 71,377 | 71,461 | |||||||
26
Reconciliation of Basic-to-Diluted Shares/Units
(in thousands)
The following schedule reconciles the Company's basic weighted average shares outstanding to basic and diluted weighted average shares/units outstanding:
|
Three Months Ended March 31, |
||||
---|---|---|---|---|---|
|
2003 |
2002 |
|||
Basic weighted average shares outstanding: | 57,228 | 56,799 | |||
Add: | |||||
Weighted average common units | 7,812 | 7,952 | |||
Basic weighted average shares/units: | 65,040 | 64,751 | |||
Add: | |||||
Weighted average preferred units (after conversion to common units) | 6,231 | 6,359 | |||
Stock options | 106 | 351 | |||
Diluted weighted average shares/units outstanding: | 71,377 | 71,461 | |||
27
IV. VALUE CREATION PIPELINE
28
IV. VALUE CREATION PIPELINE
Operating Property Acquisitions
(dollars in thousands)
For the three months ended March 31, 2003
No Activity
For the year ended December 31, 2002
Acquisition Date |
Property/Address |
Location |
# of Bldgs. |
Rentable Square Feet |
Investment by Company(a) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Office: | |||||||||||
08/09/02 | 25 Commerce Drive | Cranford, Union County, NJ | 1 | 67,749 | $ | 7,706 | |||||
08/09/02 | 3 Skyline Drive(b) | Hawthorne, Westchester County, NY | 1 | 75,668 | 9,460 | ||||||
11/01/02 | 1633 Littleton Road(c) | Parsippany, Morris County, NJ | 1 | 57,722 | 11,833 | ||||||
11/05/02 | 1266 East Main Street | Stamford, Fairfield County, CT | 1 | 179,260 | 33,205 | ||||||
12/11/02 | 2200 Renaissance Boulevard | King of Prussia, Montgomery County, PA | 1 | 174,124 | 26,800 | ||||||
12/31/02 | 16 & 18 Sentry Park West | Blue Bell, Montgomery County, PA | 2 | 188,103 | 34,466 | ||||||
Total Office Property Acquisitions: | 7 | 742,626 | $ | 123,470 | |||||||
29
Properties Commencing Initial Operations
(dollars in thousands)
For the three months ended March 31, 2003
No
Activity
For the year ended December 31, 2002
Date |
Property/Address |
Location |
# of Bldgs. |
Rentable Square Feet |
Investment by Company (a) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Office: | ||||||||||||
09/03/02 | Harborside Plaza 5 | Jersey City, Hudson County, NJ | 1 | 980,000 | $ | 196,610 | (b) | |||||
11/18/02 | 600 Horizon Drive | Hamilton Township, Mercer County, NJ | 1 | 95,000 | 7,549 | |||||||
Total Office Properties Commencing Initial Operations: | 2 | 1,075,000 | 204,159 | |||||||||
Office/Flex: | ||||||||||||
04/01/02 | 125 Clearbrook Road | Elmsford, Westchester County, NY | 1 | 33,000 | 4,985 | (c) | ||||||
Total Properties Commencing Initial Operations: | 3 | 1,108,000 | $ | 209,144 | ||||||||
30
Summary of Development Properties in Lease-Up
(dollars in thousands)
Project |
Location |
Type of Space |
Commencing Initial Operations Date |
Number of Buildings |
Square Feet |
Costs Incurred Through 3/31/03 |
Total Estimated Costs |
Current % Leased |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Harborside Plaza 5 | Jersey City, NJ | Office | 08/25/02 | 1 | 980,000 | $ | 209,581 | $ | 260,000 | 51.2 | % | ||||||||
Total: | 1 | 980,000 | $ | 209,581 | $ | 260,000 | 51.2 | % | |||||||||||
Site |
Town/ City |
State |
Acres |
Development Potential (Sq. Ft.) |
Type of Space |
|||||
---|---|---|---|---|---|---|---|---|---|---|
Horizon Center | Hamilton | NJ | 33.5 | 300,000 | Office/Flex/Retail | |||||
American Financial Exchange(a) | Jersey City | NJ | 3.6 | 1,225,000 | Office | |||||
Harborside Financial Center(b) | Jersey City | NJ | 6.5 | 3,113,500 | Office | |||||
Mack-Cali Business Campus(c) | Parsippany & Hanover | NJ | 110.0 | 1,350,000 | Office | |||||
Morris V and VI(a) | Parsippany | NJ | 47.5 | 645,000 | Office | |||||
Commercenter | Totowa | NJ | 5.8 | 30,000 | Office/Flex | |||||
Princeton Metro(c) | West Windsor | NJ | 10.0 | 97,000 | Office | |||||
Princeton Overlook II | West Windsor | NJ | 10.0 | 149,500 | Office | |||||
Elmsford Distribution Center(d) | Elmsford | NY | 14.5 | 100,000 | Warehouse | |||||
Mid-Westchester Executive Park | Hawthorne | NY | 7.2 | 82,250 | Office/Flex | |||||
One Ramland Road(a) | Orangeburg | NY | 20.0 | 100,000 | Office/Flex | |||||
South Westchester Executive Park(d) | Yonkers | NY | 60.0 | 500,000 | Office/Flex | |||||
South Westchester Executive Park | Yonkers | NY | 2.7 | 50,000 | Office/Flex | |||||
Airport Business Center | Lester | PA | 12.6 | 135,000 | Office | |||||
Eastpoint II | Lanham | MD | 4.8 | 122,000 | Office/Hotel | |||||
Tri West Plaza II(d) | Dallas | TX | 4.5 | 500,000 | Office | |||||
Hilltop Business Center | Littleton | CO | 7.1 | 128,000 | Office | |||||
Pacific Plaza Phase III(e) | Daly City | CA | 2.5 | 270,000 | Office | |||||
Total: | 362.8 | 8,897,250 | ||||||||
31
Rental Property Sales
(dollars in thousands)
For the three months ended March 31, 2003
Sale Date |
Property/Address |
Location |
# of Bldgs. |
Rentable Square Feet |
Net Sales Proceeds |
Net Book Value |
Realized Gain/(Loss) |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Office: | |||||||||||||||||
03/28/03 | 1770 St. James Place | Houston, Harris County, TX | 1 | 103,689 | $ | 5,525 | $ | 4,201 | $ | 1,324 | |||||||
Total Property Sales: | 1 | 103,689 | $ | 5,525 | $ | 4,201 | $ | 1,324 | |||||||||
For the year ended December 31, 2002
Sale Date |
Property/Address |
Location |
# of Bldgs. |
Rentable Square Feet |
Net Sales Proceeds |
Net Book Value |
Realized Gain/(Loss) |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Office: | ||||||||||||||||||
05/13/02 | Dallas Portfolio(a) | Metro Dallas, TX | 4 | 488,789 | $ | 33,115 | $ | 34,760 | $ | (1,645 | ) | |||||||
05/29/02 | 750 South Richfield Street | Aurora, Arapahoe County, CO | 1 | 108,240 | 20,631 | 21,291 | (660 | ) | ||||||||||
06/06/02 | Houston Portfolio(b) | Houston, Harris County, TX | 3 | 413,107 | 25,482 | 24,393 | 1,089 | |||||||||||
07/15/02 | 501 Kennedy Boulevard | Tampa, Hillsborough County, FL | 1 | 297,429 | 22,915 | 22,459 | 456 | |||||||||||
10/16/02 | Arizona Portfolio(c) | Maricopa County, AZ | 3 | 416,967 | 42,764 | 42,719 | 45 | |||||||||||
Total Office Property Sales: | 12 | 1,724,532 | 144,907 | 145,622 | (715 | ) | ||||||||||||
Residential: | ||||||||||||||||||
01/30/02 | 25 Martine Avenue | White Plains, Westchester County, NY | 1 | 124 units | 17,559 | 10,461 | 7,098 | |||||||||||
Land: | ||||||||||||||||||
04/25/02 | Horizon Center Land | Hamilton Township, Mercer County, NJ | | 0.756 acres | 758 | 41 | 717 | |||||||||||
Total Property Sales: | 13 | 1,724,532 | $ | 163,224 | $ | 156,124 | $ | 7,100 | ||||||||||
32
V. PORTFOLIO/ LEASING STATISTICS
33
V. PORTFOLIO/ LEASING STATISTICS
Leasing Statistics
(For the three months ended March 31, 2003)
Consolidated In-Service Portfolio (a)
SUMMARY OF SPACE LEASED
|
|
|
LEASING ACTIVITY |
|
|
|
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
Leased Sq. Ft. Acquired/ Sold (b) |
|
|
|
|||||||||||||
Region/Market |
Sq. Ft. Leased 12/31/02 |
Expiring/ Adjustment Sq. Ft. (c) |
Incoming Sq. Ft. |
Net Leasing Activity |
Sq. Ft. Leased 3/31/03 (d) |
Pct. Leased 3/31/03 |
Pct. Leased 12/31/02 |
|||||||||||
Northeast | ||||||||||||||||||
Northern NJ | 9,367,129 | | (214,875 | ) | 215,017 | 142 | 9,367,271 | 93.1 | % | 93.1 | % | |||||||
Central NJ | 2,739,460 | | (247,140 | ) | 240,503 | (6,637 | ) | 2,732,823 | 92.8 | % | 93.1 | % | ||||||
Westchester Co., NY | 4,629,256 | | (231,387 | ) | 232,785 | 1,398 | 4,630,654 | 96.6 | % | 96.6 | % | |||||||
Sub. Philadelphia | 3,052,372 | | (79,394 | ) | 84,299 | 4,905 | 3,057,277 | 89.0 | % | 88.9 | % | |||||||
Fairfield, CT | 819,846 | | (54,592 | ) | 15,351 | (39,241 | ) | 780,605 | 91.6 | % | 96.2 | % | ||||||
Washington, DC/MD | 450,366 | | (10,449 | ) | | (10,449 | ) | 439,917 | 97.6 | % | 100.0 | % | ||||||
Dutchess/Nassau/Rockland Co., NY | 583,529 | | (4,037 | ) | | (4,037 | ) | 579,492 | 98.0 | % | 98.6 | % | ||||||
Total Northeast | 21,641,958 | | (841,874 | ) | 787,955 | (53,919 | ) | 21,588,039 | 93.4 | % | 93.6 | % | ||||||
Southwest/West | ||||||||||||||||||
Texas | 793,186 | (88,391 | ) | (101,822 | ) | 132,720 | 30,898 | 735,693 | 83.1 | % | 80.2 | % | ||||||
Colorado | 1,248,488 | | (56,981 | ) | 87,292 | 30,311 | 1,278,799 | 81.7 | % | 79.8 | % | |||||||
San Francisco | 438,553 | | (15,630 | ) | 10,959 | (4,671 | ) | 433,882 | 96.2 | % | 97.3 | % | ||||||
Total Southwest/West | 2,480,227 | (88,391 | ) | (174,433 | ) | 230,971 | 56,538 | 2,448,374 | 84.4 | % | 82.5 | % | ||||||
Company Totals | 24,122,185 | (88,391 | ) | (1,016,307 | ) | 1,018,926 | 2,619 | 24,036,413 | 92.4 | % | 92.3 | % | ||||||
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of December 31, 2002 | 26,129,234 | |||
Total sq. ft. of properties added this period | | |||
Total sq. ft. of properties sold this period | (103,689 | ) | ||
Total sq. ft. as of March 31, 2003 | 26,025,545 | |||
34
Leasing Statistics
(For the three months ended March 31, 2003)
Consolidated In-Service Portfolio (continued)
DETAIL OF TRANSACTION ACTIVITY
Detail by Region/Market
Region/Market |
Property Type |
# of Trans- Actions |
Total Sq. Ft. |
Sq. Ft. New Leases |
Sq. Ft. Renewed And Other Retained(a) |
Wtd. Avg. Term (Yrs.) |
Wtd. Avg. Base Rent(b) |
Leasing Per Costs Sq. Ft. Per Year(c) |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Northeast | |||||||||||||||||||
Northern NJ | Office | 25 | 212,290 | 160,258 | 52,032 | 8.6 | $ | 24.01 | $ | 4.22 | |||||||||
Office/Flex | 1 | 2,727 | | 2,727 | 5.0 | $ | 14.15 | $ | 0.75 | ||||||||||
Central NJ | Office | 8 | 224,710 | 1,022 | 223,688 | 9.0 | $ | 16.33 | $ | 2.64 | |||||||||
Office/Flex | 3 | 15,793 | | 15,793 | 5.0 | $ | 16.56 | $ | 0.78 | ||||||||||
Westchester Co., NY | Office | 29 | 67,509 | 9,587 | 57,922 | 4.4 | $ | 24.09 | $ | 1.85 | |||||||||
Office/Flex | 16 | 129,000 | 36,588 | 92,412 | 4.7 | $ | 16.81 | $ | 1.78 | ||||||||||
Industrial/Warehouse | 2 | 36,276 | | 36,276 | 5.8 | $ | 11.76 | $ | 0.17 | ||||||||||
Sub. Philadelphia | Office | 7 | 26,876 | 13,741 | 13,135 | 4.9 | $ | 24.17 | $ | 2.57 | |||||||||
Office/Flex | 6 | 57,423 | 20,373 | 37,050 | 2.4 | $ | 9.61 | $ | 1.48 | ||||||||||
Fairfield, CT | Office | 3 | 15,351 | 5,950 | 9,401 | 4.9 | $ | 24.18 | $ | 7.31 | |||||||||
Total Northeast | 100 | 787,955 | 247,519 | 540,436 | 6.9 | $ | 18.86 | $ | 2.95 | ||||||||||
Southwest/West | |||||||||||||||||||
Texas | Office | 24 | 132,720 | 45,045 | 87,675 | 7.9 | $ | 16.05 | $ | 2.11 | |||||||||
Colorado | Office | 7 | 87,292 | 80,283 | 7,009 | 9.2 | $ | 11.95 | $ | 2.36 | |||||||||
San Francisco | Office | 24 | 10,959 | 1,126 | 9,833 | 3.9 | $ | 27.85 | $ | 1.48 | |||||||||
Total Southwest/West | 55 | 230,971 | 126,454 | 104,517 | 8.2 | $ | 15.06 | $ | 2.20 | ||||||||||
Company Totals | 155 | 1,018,926 | 373,973 | 644,953 | 7.2 | $ | 18.00 | $ | 2.75 | ||||||||||
Detail by Property Type | |||||||||||||||||||
Office | 127 | 777,707 | 317,012 | 460,695 | 8.0 | $ | 19.15 | $ | 2.99 | ||||||||||
Office/Flex | 26 | 204,943 | 56,961 | 147,982 | 4.1 | $ | 14.74 | $ | 1.62 | ||||||||||
Industrial/Warehouse | 2 | 36,276 | | 36,276 | 5.8 | $ | 11.76 | $ | 0.17 | ||||||||||
Company Totals | 155 | 1,018,926 | 373,973 | 644,953 | 7.2 | $ | 18.00 | $ | 2.75 | ||||||||||
Tenant Retention: | Leases Retained | 61.6 | % | ||||||||||||||||
Sq. Ft. Retained | 63.5 | % |
35
Leasing Statistics
(For the three months ended March 31, 2003)
Unconsolidated Joint Venture Properties
|
|
Leased Sq. Ft. Acquired/ (a) Sold |
LEASING ACTIVITY |
|
|
|
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
State |
Sq. Ft. Leased 12/31/02 |
Expiring/ Adjustment Sq. Ft. (b) |
Incoming Sq. Ft. |
Net Leasing Activity |
Sq. Ft. Leased 3/31/03 |
Pct. Leased 3/31/03 |
Pct. Leased 12/31/02 |
||||||||||
New Jersey | 577,575 | | | | | 577,575 | 100.0 | % | 100.0 | % | |||||||
New York | 17,000 | | | | | 17,000 | 7.3 | % | 7.3 | % | |||||||
Texas | 193,660 | | (7,577 | ) | 3,793 | (3,784 | ) | 189,876 | 63.7 | % | 65.0 | % | |||||
California | 986,501 | | (17,959 | ) | 17,959 | | 986,501 | 94.5 | % | 94.5 | % | ||||||
Totals | 1,774,736 | | (25,536 | ) | 21,752 | (3,784 | ) | 1,770,952 | 82.3 | % | 82.5 | % | |||||
RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE
Total sq. ft. as of December 31, 2002 | 2,151,511 | ||
Total sq. ft. of properties added this period | | ||
Total sq. ft. of properties sold this period | | ||
Total sq. ft. as of March 31, 2003 | 2,151,511 | ||
DETAIL OF TRANSACTION ACTIVITY
State |
# of Transactions |
Total Sq. Ft. |
Sq. Ft. New Leases |
Sq. Ft. Renewed And Other Retained (c) |
Wtd. Avg. Term (Yrs.) |
Wtd. Avg. Base Rent |
Leasing Costs Per Sq. Ft. Per Year (d) |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Texas | 2 | 3,793 | 2,280 | 1,513 | 3.6 | $ | 15.83 | $ | 3.95 | |||||||
California | 1 | 17,959 | | 17,959 | 12.0 | $ | 27.75 | $ | 1.25 | |||||||
Totals | 3 | 21,752 | 2,280 | 19,472 | 10.5 | $ | 25.67 | $ | 1.41 | |||||||
36
The following table lists the Company's markets (MSAs), based on annualized contractual base rent of the Consolidated Properties:
Market (MSA) |
Annualized Base Rental Revenue ($)(a)(b)(c) |
Percentage of Company Annualized Base Rental Revenue(%) |
Total Property Size Rentable Area |
Percentage of Rentable Area(%) |
||||
---|---|---|---|---|---|---|---|---|
New York, NY (Westchester-Rockland Counties) | 88,774,283 | 17.9 | 4,973,023 | 18.5 | ||||
Bergen-Passaic, NJ | 88,238,860 | 17.8 | 4,530,091 | 16.8 | ||||
Newark, NJ (Essex-Morris-Union Counties) | 83,813,798 | 16.9 | 4,242,330 | 15.7 | ||||
Jersey City, NJ | 65,185,310 | 13.2 | 3,074,470 | 11.4 | ||||
Philadelphia, PA-NJ | 48,004,755 | 9.7 | 3,354,023 | 12.4 | ||||
Trenton, NJ (Mercer County) | 15,343,614 | 3.1 | 767,365 | 2.8 | ||||
Middlesex-Somerset-Hunterdon, NJ | 14,581,492 | 3.0 | 791,051 | 2.9 | ||||
Denver, CO | 13,640,126 | 2.8 | 1,084,945 | 4.0 | ||||
Washington, DC-MD-VA | 12,964,573 | 2.6 | 450,549 | 1.7 | ||||
Stamford-Norwalk, CT | 12,723,186 | 2.6 | 706,510 | 2.6 | ||||
San Francisco, CA | 12,190,299 | 2.5 | 450,891 | 1.7 | ||||
Monmouth-Ocean, NJ | 7,467,636 | 1.5 | 577,423 | 2.1 | ||||
Dallas, TX | 6,557,802 | 1.3 | 449,594 | 1.7 | ||||
Nassau-Suffolk, NY | 6,373,398 | 1.3 | 292,849 | 1.1 | ||||
San Antonio, TX | 5,425,189 | 1.1 | 435,465 | 1.6 | ||||
Bridgeport, CT | 3,198,946 | 0.6 | 145,487 | 0.5 | ||||
Boulder-Longmont, CO | 2,811,198 | 0.6 | 270,421 | 1.0 | ||||
Colorado Springs, CO | 2,722,263 | 0.6 | 209,987 | 0.8 | ||||
Dutchess County, NY | 2,386,696 | 0.5 | 118,727 | 0.4 | ||||
Atlantic-Cape May, NJ | 1,831,576 | 0.4 | 80,344 | 0.3 | ||||
Totals | 494,235,000 | 100.0 | 27,005,545 | 100.0 | ||||
37
The following table lists the Company's 30 largest industry classifications based on annualized contractual base rent of the Consolidated Properties:
Industry Classification (a) |
Annualized Base Rental Revenue ($)(b)(c)(d) |
Percentage of Company Annualized Base Rental Revenue(%) |
Square Feet Leased(e) |
Percentage of Total Company Leased Sq. Ft.(%) |
||||
---|---|---|---|---|---|---|---|---|
Securities, Commodity Contracts & Other Financial | 67,519,566 | 13.7 | 2,476,666 | 10.4 | ||||
Manufacturing | 48,412,235 | 9.8 | 2,535,536 | 10.5 | ||||
Telecommunications | 29,972,224 | 6.1 | 1,527,550 | 6.3 | ||||
Computer System Design Svcs. | 28,841,997 | 5.8 | 1,449,497 | 6.0 | ||||
Insurance Carriers & Related Activities | 27,487,576 | 5.6 | 1,323,268 | 5.5 | ||||
Legal Services | 25,902,163 | 5.2 | 1,025,325 | 4.2 | ||||
Credit Intermediation & Related Activities | 22,115,948 | 4.5 | 1,143,761 | 4.7 | ||||
Scientific Research/Development | 19,388,567 | 3.9 | 975,515 | 4.0 | ||||
Health Care & Social Assistance | 19,324,270 | 3.9 | 1,011,780 | 4.2 | ||||
Wholesale Trade | 18,070,030 | 3.7 | 1,218,163 | 5.0 | ||||
Accounting/Tax Prep. | 17,187,467 | 3.5 | 721,182 | 3.0 | ||||
Other Professional | 16,635,976 | 3.4 | 844,350 | 3.5 | ||||
Retail Trade | 14,229,609 | 2.9 | 820,590 | 3.4 | ||||
Publishing Industries | 13,548,020 | 2.7 | 590,246 | 2.4 | ||||
Arts, Entertainment & Recreation | 10,095,370 | 2.0 | 685,368 | 2.8 | ||||
Architectural/Engineering | 9,998,737 | 2.0 | 462,484 | 1.9 | ||||
Other Services (except Public Administration) | 9,637,200 | 1.9 | 625,023 | 2.6 | ||||
Information Services | 9,514,249 | 1.9 | 402,678 | 1.7 | ||||
Advertising/Related Services | 9,220,946 | 1.9 | 408,366 | 1.7 | ||||
Management of Companies & Finance | 9,209,553 | 1.9 | 384,842 | 1.6 | ||||
Real Estate Rental & Leasing | 7,765,883 | 1.6 | 431,698 | 1.8 | ||||
Transportation | 6,785,929 | 1.4 | 437,583 | 1.8 | ||||
Data Processing Services | 6,629,541 | 1.3 | 242,664 | 1.0 | ||||
Management/Scientific | 5,935,374 | 1.2 | 258,981 | 1.1 | ||||
Construction | 5,723,749 | 1.2 | 297,098 | 1.2 | ||||
Utilities | 5,231,950 | 1.1 | 272,609 | 1.1 | ||||
Admin. & Support, Waste Mgt. & Remediation Svc. | 4,542,213 | 0.9 | 301,581 | 1.2 | ||||
Educational Services | 4,059,870 | 0.8 | 214,176 | 0.9 | ||||
Specialized Design Services | 3,959,701 | 0.8 | 247,544 | 1.0 | ||||
Public Administration | 3,879,949 | 0.8 | 187,492 | 0.8 | ||||
Other | 13,409,138 | 2.6 | 633,247 | 2.7 | ||||
Totals | 494,235,000 | 100.0 | 24,156,863 | 100.0 | ||||
38
Consolidated Portfolio Analysis (a)
(as of March 31, 2003)
Breakdown by Number of Properties
STATE |
Office |
% of Total |
Office/Flex |
% of Total |
Industrial/ Warehouse |
% of Total |
Stand- Alone Retail |
% of Total |
Land Leases |
% of Total |
TOTALS By State |
% of Total |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
New Jersey | 76 | 29.8 | % | 50 | 19.6 | % | | | | | 1 | 0.4 | % | 127 | 49.8 | % | |||||||||
New York | 24 | 9.3 | % | 40 | 15.7 | % | 6 | 2.4 | % | 2 | 0.8 | % | 2 | 0.8 | % | 74 | 29.0 | % | |||||||
Pennsylvania | 16 | 6.2 | % | | | | | | | | | 16 | 6.2 | % | |||||||||||
Connecticut | 4 | 1.6 | % | 5 | 2.0 | % | | | | | | | 9 | 3.6 | % | ||||||||||
Wash., D.C./ Maryland | 3 | 1.2 | % | | | | | | | | | 3 | 1.2 | % | |||||||||||
Sub-total Northeast: |
123 | 48.1 | % | 95 | 37.3 | % | 6 | 2.4 | % | 2 | 0.8 | % | 3 | 1.2 | % | 229 | 89.8 | % | |||||||
Texas | 4 | 1.6 | % | | | | | | | | | 4 | 1.6 | % | |||||||||||
California | 2 | 0.8 | % | | | | | | | | | 2 | 0.8 | % | |||||||||||
Colorado | 20 | 7.8 | % | | | | | | | | | 20 | 7.8 | % | |||||||||||
TOTALS By Type: | 149 | 58.3 | % | 95 | 37.3 | % | 6 | 2.4 | % | 2 | 0.8 | % | 3 | 1.2 | % | 255 | 100.0 | % | |||||||
39
Consolidated Portfolio Analysis(a)
(as of March 31, 2003)
Breakdown by Square Footage
STATE |
Office |
% of Total |
Office/Flex |
% of Total |
Industrial/ Warehouse |
% of Total |
Stand- Alone Retail |
% of Total |
TOTALS By State |
% of Total |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
New Jersey | 13,303,541 | 49.3 | % | 2,277,531 | 8.4 | % | | | | | 15,581,072 | 57.7 | % | ||||||||
New York | 2,702,152 | 10.0 | % | 2,277,747 | 8.4 | % | 387,400 | 1.4 | % | 17,300 | 0.1 | % | 5,384,599 | 19.9 | % | ||||||
Pennsylvania | 1,836,025 | 6.8 | % | | | | | | | 1,836,025 | 6.8 | % | |||||||||
Connecticut | 578,997 | 2.1 | % | 273,000 | 1.0 | % | | | | | 851,997 | 3.1 | % | ||||||||
Wash., D.C./ Maryland | 450,549 | 1.7 | % | | | | | | | 450,549 | 1.7 | % | |||||||||
Sub-total Northeast |
18,871,264 | 69.9 | % | 4,828,278 | 17.8 | % | 387,400 | 1.4 | % | 17,300 | 0.1 | % | 24,104,242 | 89.2 | % | ||||||
Texas | 885,059 | 3.3 | % | | | | | | | 885,059 | 3.3 | % | |||||||||
California | 450,891 | 1.7 | % | | | | | | | 450,891 | 1.7 | % | |||||||||
Colorado | 1,565,353 | 5.8 | % | | | | | | | 1,565,353 | 5.8 | % | |||||||||
TOTALS By Type: |
21,772,567 | 80.7 | % | 4,828,278 | 17.8 | % | 387,400 | 1.4 | % | 17,300 | 0.1 | % | 27,005,545 | 100.0 | % | ||||||
40
Consolidated Portfolio Analysis(a)
(Year ended March 31, 2003)
Breakdown by Base Rental Revenue (b)
(Dollars in
thousands)
STATE |
Office |
% of Total |
Office/Flex |
% of Total |
Industrial/ Warehouse |
% of Total |
Stand- Alone Retail |
% of Total |
Land Leases |
% of Total |
TOTALS By State |
% of Total |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
New Jersey | 269,415 | 53.6 | % | 18,587 | 3.7 | % | | | | | 298 | 0.1 | % | 288,300 | 57.4 | % | |||||||||
New York | 59,599 | 11.8 | % | 33,293 | 6.6 | % | 3,792 | 0.8 | % | 414 | 0.1 | % | 258 | 0.1 | % | 97,356 | 19.4 | % | |||||||
Pennsylvania | 37,595 | 7.5 | % | | | | | | | | | 37,595 | 7.5 | % | |||||||||||
Connecticut | 13,519 | 2.7 | % | 3,783 | 0.8 | % | | | | | | | 17,302 | 3.5 | % | ||||||||||
Wash., D.C./ Maryland | 14,220 | 2.8 | % | | | | | | | | | 14,220 | 2.8 | % | |||||||||||
Sub-total Northeast: |
394,348 | 78.4 | % | 55,663 | 11.1 | % | 3,792 | 0.8 | % | 414 | 0.1 | % | 556 | 0.2 | % | 454,773 | 90.6 | % | |||||||
Texas | 11,494 | 2.2 | % | | | | | | | | | 11,494 | 2.2 | % | |||||||||||
California | 14,913 | 3.0 | % | | | | | | | | | 14,913 | 3.0 | % | |||||||||||
Colorado | 21,175 | 4.2 | % | | | | | | | | | 21,175 | 4.2 | % | |||||||||||
TOTALS By Type: |
441,930 | 87.8 | % | 55,663 | 11.1 | % | 3,792 | 0.8 | % | 414 | 0.1 | % | 556 | 0.2 | % | 502,355 | 100.0 | % | |||||||
41
Consolidated Portfolio Analysis (a) (b) (c)
(as of March 31, 2003)
Breakdown by Percentage Leased
STATE |
Office |
Office/Flex |
Industrial/Warehouse |
Stand-Alone Retail |
WEIGHTED AVG. By State |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|
New Jersey | 93.0 | % | 92.2 | % | | | 92.9 | % | |||
New York | 95.4 | % | 98.2 | % | 97.8 | % | 100.0 | % | 96.8 | % | |
Pennsylvania | 86.8 | % | | | | 86.8 | % | ||||
Connecticut | 87.7 | % | 100.0 | % | | | 91.6 | % | |||
Washington, D.C./ Maryland | 97.7 | % | | | | 97.7 | % | ||||
Sub-total Northeast | 92.7 | % | 95.5 | % | 97.8 | % | 100.0 | % | 93.3 | % | |
Texas |
83.1 |
% |
|
|
|
83.1 |
% |
||||
California | 96.2 | % | | | | 96.2 | % | ||||
Colorado | 81.7 | % | | | | 81.7 | % | ||||
WEIGHTED AVG. By Type: | 91.5 | % | 95.5 | % | 97.8 | % | 100.0 | % | 92.4 | % | |
42
Property Listing
Office Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent(%) |
2003 Average Base Rent Per Sq. Ft. ($)(c)(d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
ATLANTIC COUNTY, NEW JERSEY | ||||||||||||
Egg Harbor | ||||||||||||
100 Decadon Drive | 1987 | 40,422 | 100.0 | 951 | 0.19 | 23.53 | ||||||
200 Decadon Drive | 1991 | 39,922 | 100.0 | 845 | 0.17 | 21.17 | ||||||
BERGEN COUNTY, NEW JERSEY |
||||||||||||
Fair Lawn | ||||||||||||
17-17 Route 208 North | 1987 | 143,000 | 97.8 | 3,474 | 0.70 | 24.84 | ||||||
Fort Lee | ||||||||||||
One Bridge Plaza | 1981 | 200,000 | 98.3 | 4,937 | 0.99 | 25.11 | ||||||
2115 Linwood Avenue | 1981 | 68,000 | 99.7 | 1,711 | 0.34 | 25.24 | ||||||
Little Ferry | ||||||||||||
200 Riser Road | 1974 | 286,628 | 100.0 | 2,242 | 0.45 | 7.82 | ||||||
Montvale | ||||||||||||
95 Chestnut Ridge Road | 1975 | 47,700 | 100.0 | 566 | 0.11 | 11.87 | ||||||
135 Chestnut Ridge Road | 1981 | 66,150 | 100.0 | 1,563 | 0.31 | 23.63 | ||||||
Paramus | ||||||||||||
15 East Midland Avenue | 1988 | 259,823 | 100.0 | 6,721 | 1.34 | 25.87 | ||||||
461 From Road | 1988 | 253,554 | 99.8 | 6,062 | 1.21 | 23.96 | ||||||
650 From Road | 1978 | 348,510 | 92.9 | 7,811 | 1.56 | 24.13 | ||||||
140 Ridgewood Avenue | 1981 | 239,680 | 97.8 | 5,135 | 1.02 | 21.91 | ||||||
61 South Paramus Avenue | 1985 | 269,191 | 100.0 | 6,741 | 1.34 | 25.04 | ||||||
Rochelle Park | ||||||||||||
120 Passaic Street | 1972 | 52,000 | 99.6 | 1,397 | 0.28 | 26.97 | ||||||
365 West Passaic Street | 1976 | 212,578 | 93.2 | 4,133 | 0.82 | 20.86 | ||||||
Upper Saddle River | ||||||||||||
1 Lake Street | 1973/94 | 474,801 | 100.0 | 7,465 | 1.49 | 15.72 | ||||||
10 Mountainview Road | 1986 | 192,000 | 95.8 | 3,886 | 0.78 | 21.13 | ||||||
Woodcliff Lake | ||||||||||||
400 Chestnut Ridge Road | 1982 | 89,200 | 100.0 | 2,023 | 0.40 | 22.68 | ||||||
470 Chestnut Ridge Road | 1987 | 52,500 | 100.0 | 1,192 | 0.24 | 22.70 | ||||||
530 Chestnut Ridge Road | 1986 | 57,204 | 100.0 | 1,166 | 0.23 | 20.38 | ||||||
50 Tice Boulevard | 1984 | 235,000 | 100.0 | 5,699 | 1.14 | 24.25 | ||||||
300 Tice Boulevard | 1991 | 230,000 | 100.0 | 5,486 | 1.09 | 23.85 | ||||||
BURLINGTON COUNTY, NEW JERSEY |
||||||||||||
Moorestown | ||||||||||||
224 Strawbridge Drive | 1984 | 74,000 | 100.0 | 1,389 | 0.28 | 18.77 | ||||||
228 Strawbridge Drive | 1984 | 74,000 | 100.0 | 1,434 | 0.29 | 19.38 | ||||||
ESSEX COUNTY, NEW JERSEY |
||||||||||||
Millburn | ||||||||||||
150 J.F. Kennedy Parkway | 1980 | 247,476 | 86.3 | 6,119 | 1.22 | 28.65 | ||||||
Roseland | ||||||||||||
101 Eisenhower Parkway | 1980 | 237,000 | 82.3 | 4,769 | 0.95 | 24.45 | ||||||
103 Eisenhower Parkway | 1985 | 151,545 | 92.1 | 3,255 | 0.65 | 23.32 | ||||||
105 Eisenhower Parkway | 2001 | 220,000 | 28.1 | 1,259 | 0.25 | 20.37 | ||||||
HUDSON COUNTY, NEW JERSEY |
||||||||||||
Jersey City | ||||||||||||
Harborside Financial Center Plaza 1 | 1983 | 400,000 | 99.0 | 3,426 | 0.68 | 8.65 | ||||||
Harborside Financial Center Plaza 2 | 1990 | 761,200 | 100.0 | 19,226 | 3.83 | 25.26 | ||||||
Harborside Financial Center Plaza 3 | 1990 | 725,600 | 100.0 | 18,324 | 3.65 | 25.25 | ||||||
Harborside Financial Center Plaza 4-A | 2000 | 207,670 | 94.0 | 7,065 | 1.41 | 36.19 | ||||||
Harborside Financial Center Plaza 5 (c) (e) | 2002 | 980,000 | 51.2 | 15,648 | 3.12 | 36.54 |
43
Property Listing
Office Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent(%) |
2003 Average Base Rent Per Sq. Ft. ($)(c)(d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
MERCER COUNTY, NEW JERSEY |
||||||||||||
Hamilton Township | ||||||||||||
600 Horizon Drive (e) | 2002 | 95,000 | 100.0 | 1,381 | 0.28 | 14.54 | ||||||
Princeton | ||||||||||||
103 Carnegie Center | 1984 | 96,000 | 84.8 | 2,017 | 0.40 | 24.78 | ||||||
100 Overlook Center | 1988 | 149,600 | 100.0 | 3,482 | 0.69 | 23.28 | ||||||
5 Vaughn Drive | 1987 | 98,500 | 80.8 | 1,989 | 0.40 | 24.99 | ||||||
MIDDLESEX COUNTY, NEW JERSEY |
||||||||||||
East Brunswick | ||||||||||||
377 Summerhill Road | 1977 | 40,000 | 100.0 | 373 | 0.07 | 9.33 | ||||||
Plainsboro | ||||||||||||
500 College Road East | 1984 | 158,235 | 100.0 | 3,706 | 0.74 | 23.42 | ||||||
South Brunswick | ||||||||||||
3 Independence Way | 1983 | 111,300 | 29.3 | 934 | 0.19 | 28.64 | ||||||
Woodbridge | ||||||||||||
581 Main Street | 1991 | 200,000 | 100.0 | 4,879 | 0.97 | 24.40 | ||||||
MONMOUTH COUNTY, NEW JERSEY |
||||||||||||
Neptune | ||||||||||||
3600 Route 66 | 1989 | 180,000 | 100.0 | 2,410 | 0.48 | 13.39 | ||||||
Wall Township | ||||||||||||
1305 Campus Parkway | 1988 | 23,350 | 92.4 | 398 | 0.08 | 18.45 | ||||||
1350 Campus Parkway | 1990 | 79,747 | 99.9 | 1,321 | 0.26 | 16.58 | ||||||
MORRIS COUNTY, NEW JERSEY |
||||||||||||
Florham Park | ||||||||||||
325 Columbia Turnpike | 1987 | 168,144 | 100.0 | 4,445 | 0.89 | 26.44 | ||||||
Morris Plains | ||||||||||||
250 Johnson Road | 1977 | 75,000 | 100.0 | 1,594 | 0.32 | 21.25 | ||||||
201 Littleton Road | 1979 | 88,369 | 76.5 | 1,404 | 0.28 | 20.77 | ||||||
Morris Township | ||||||||||||
340 Mt. Kemble Avenue | 1985 | 387,000 | 100.0 | 5,530 | 1.10 | 14.29 | ||||||
Parsippany | ||||||||||||
4 Campus Drive | 1983 | 147,475 | 91.9 | 3,389 | 0.68 | 25.01 | ||||||
6 Campus Drive | 1983 | 148,291 | 35.4 | 1,773 | 0.35 | 33.77 | ||||||
7 Campus Drive | 1982 | 154,395 | 100.0 | 2,036 | 0.41 | 13.19 | ||||||
8 Campus Drive | 1987 | 215,265 | 86.2 | 5,051 | 1.01 | 27.22 | ||||||
9 Campus Drive | 1983 | 156,495 | 98.3 | 4,430 | 0.88 | 28.80 | ||||||
2 Dryden Way | 1990 | 6,216 | 100.0 | 67 | 0.01 | 10.78 | ||||||
4 Gatehall Drive | 1988 | 248,480 | 86.2 | 5,796 | 1.16 | 27.06 | ||||||
2 Hilton Court | 1991 | 181,592 | 83.5 | 4,884 | 0.97 | 32.21 | ||||||
1633 Littleton Road (e) | 1978 | 57,722 | 100.0 | 1,139 | 0.23 | 19.73 | ||||||
600 Parsippany Road | 1978 | 96,000 | 44.8 | 1,127 | 0.22 | 26.20 | ||||||
1 Sylvan Way | 1989 | 150,557 | 100.0 | 3,451 | 0.69 | 22.92 | ||||||
5 Sylvan Way | 1989 | 151,383 | 100.0 | 3,991 | 0.80 | 26.36 | ||||||
7 Sylvan Way | 1987 | 145,983 | 100.0 | 2,922 | 0.58 | 20.02 | ||||||
PASSAIC COUNTY, NEW JERSEY |
||||||||||||
Clifton | ||||||||||||
777 Passaic Avenue | 1983 | 75,000 | 98.3 | 1,528 | 0.30 | 20.73 | ||||||
Totowa | ||||||||||||
999 Riverview Drive | 1988 | 56,066 | 86.0 | 713 | 0.14 | 14.79 | ||||||
Wayne | ||||||||||||
201 Willowbrook Boulevard | 1970 | 178,329 | 61.8 | 1,948 | 0.39 | 17.68 | ||||||
SOMERSET COUNTY, NEW JERSEY |
||||||||||||
Basking Ridge | ||||||||||||
222 Mt. Airy Road | 1986 | 49,000 | 100.0 | 741 | 0.15 | 15.12 | ||||||
233 Mt. Airy Road | 1987 | 66,000 | 100.0 | 1,315 | 0.26 | 19.92 | ||||||
Bernards | ||||||||||||
106 Allen Road | 2000 | 132,010 | 66.7 | 2,179 | 0.43 | 24.75 | ||||||
Bridgewater | ||||||||||||
721 Route 202/206 | 1989 | 192,741 | 100.0 | 4,680 | 0.93 | 24.28 |
44
Property Listing
Office Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent(%) |
2003 Average Base Rent Per Sq. Ft. ($)(c)(d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
UNION COUNTY, NEW JERSEY |
||||||||||||
Clark | ||||||||||||
100 Walnut Avenue | 1985 | 182,555 | 100.0 | 4,615 | 0.92 | 25.28 | ||||||
Cranford | ||||||||||||
6 Commerce Drive | 1973 | 56,000 | 100.0 | 1,103 | 0.22 | 19.70 | ||||||
11 Commerce Drive(f) | 1981 | 90,000 | 98.6 | 1,176 | 0.23 | 13.25 | ||||||
12 Commerce Drive | 1967 | 72,260 | 85.8 | 873 | 0.17 | 14.08 | ||||||
20 Commerce Drive | 1990 | 176,600 | 100.0 | 4,327 | 0.87 | 24.50 | ||||||
25 Commerce Drive(e) | 1971 | 67,749 | 95.0 | 1,289 | 0.26 | 20.03 | ||||||
65 Jackson Drive | 1984 | 82,778 | 88.7 | 1,767 | 0.35 | 24.07 | ||||||
New Providence | ||||||||||||
890 Mountain Road | 1977 | 80,000 | 100.0 | 2,122 | 0.42 | 26.53 | ||||||
Total New Jersey Office | 13,303,541 | 93.0 | 269,415 | 53.71 | 21.77 | |||||||
DUTCHESS COUNTY, NEW YORK | ||||||||||||
Fishkill | ||||||||||||
300 South Lake Drive | 1987 | 118,727 | 93.6 | 2,255 | 0.45 | 20.29 | ||||||
NASSAU COUNTY, NEW YORK |
||||||||||||
North Hempstead | ||||||||||||
600 Community Drive | 1983 | 237,274 | 100.0 | 5,476 | 1.09 | 23.08 | ||||||
111 East Shore Road | 1980 | 55,575 | 100.0 | 1,518 | 0.30 | 27.31 | ||||||
ROCKLAND COUNTY, NEW YORK |
||||||||||||
Suffern | ||||||||||||
400 Rella Boulevard | 1988 | 180,000 | 97.5 | 3,998 | 0.80 | 22.78 | ||||||
WESTCHESTER COUNTY, NEW YORK |
||||||||||||
Elmsford | ||||||||||||
100 Clearbrook Road(f) | 1975 | 60,000 | 100.0 | 1,082 | 0.22 | 18.03 | ||||||
101 Executive Boulevard | 1971 | 50,000 | 76.3 | 837 | 0.17 | 21.94 | ||||||
555 Taxter Road | 1986 | 170,554 | 89.9 | 3,839 | 0.77 | 25.04 | ||||||
565 Taxter Road | 1988 | 170,554 | 85.3 | 3,707 | 0.74 | 25.48 | ||||||
570 Taxter Road | 1972 | 75,000 | 94.7 | 1,642 | 0.33 | 23.12 | ||||||
Hawthorne | ||||||||||||
1 Skyline Drive | 1980 | 20,400 | 99.0 | 375 | 0.07 | 18.57 | ||||||
2 Skyline Drive | 1987 | 30,000 | 98.9 | 477 | 0.10 | 16.08 | ||||||
3 Skyline Drive(e)(g) | 1981 | 75,668 | 100.0 | 1,769 | 0.35 | 23.38 | ||||||
7 Skyline Drive | 1987 | 109,000 | 88.3 | 1,671 | 0.33 | 17.36 | ||||||
17 Skyline Drive | 1989 | 85,000 | 100.0 | 1,360 | 0.27 | 16.00 | ||||||
19 Skyline Drive | 1982 | 248,400 | 100.0 | 4,471 | 0.89 | 18.00 | ||||||
Tarrytown | ||||||||||||
200 White Plains Road | 1982 | 89,000 | 89.0 | 1,606 | 0.32 | 20.28 | ||||||
220 White Plains Road | 1984 | 89,000 | 98.7 | 2,111 | 0.42 | 24.03 | ||||||
White Plains | ||||||||||||
1 Barker Avenue | 1975 | 68,000 | 99.0 | 1,654 | 0.33 | 24.57 | ||||||
3 Barker Avenue | 1983 | 65,300 | 100.0 | 1,661 | 0.33 | 25.44 | ||||||
50 Main Street | 1985 | 309,000 | 97.1 | 8,650 | 1.74 | 28.83 | ||||||
11 Martine Avenue | 1987 | 180,000 | 92.9 | 4,391 | 0.88 | 26.26 | ||||||
1 Water Street | 1979 | 45,700 | 89.2 | 923 | 0.18 | 22.64 | ||||||
Yonkers | ||||||||||||
1 Executive Boulevard | 1982 | 112,000 | 100.0 | 2,755 | 0.55 | 24.60 | ||||||
3 Executive Plaza | 1987 | 58,000 | 94.9 | 1,371 | 0.27 | 24.91 | ||||||
Total New York Office | 2,702,152 | 95.4 | 59,599 | 11.90 | 23.12 | |||||||
CHESTER COUNTY,PENNSYLVANIA | ||||||||||||
Berwyn | ||||||||||||
1000 Westlakes Drive | 1989 | 60,696 | 87.3 | 1,472 | 0.29 | 27.78 | ||||||
1055 Westlakes Drive | 1990 | 118,487 | 57.9 | 1,112 | 0.22 | 16.21 | ||||||
1205 Westlakes Drive | 1988 | 130,265 | 97.6 | 2,845 | 0.57 | 22.38 | ||||||
1235 Westlakes Drive | 1986 | 134,902 | 56.0 | 2,474 | 0.49 | 32.75 |
45
Property Listing
Office Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent(%) |
2003 Average Base Rent Per Sq. Ft. ($)(c)(d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
DELAWARE COUNTY, PENNSYLVANIA |
||||||||||||
Lester | ||||||||||||
100 Stevens Drive | 1986 | 95,000 | 100.0 | 2,533 | 0.51 | 26.66 | ||||||
200 Stevens Drive | 1987 | 208,000 | 100.0 | 5,574 | 1.11 | 26.80 | ||||||
300 Stevens Drive | 1992 | 68,000 | 53.0 | 871 | 0.17 | 24.17 | ||||||
Media | ||||||||||||
1400 Providence RoadCenter I | 1986 | 100,000 | 96.7 | 2,115 | 0.42 | 21.87 | ||||||
1400 Providence RoadCenter II | 1990 | 160,000 | 88.0 | 3,075 | 0.61 | 21.84 | ||||||
MONTGOMERY COUNTY, PENNSYLVANIA |
||||||||||||
Blue Bell | ||||||||||||
16 Sentry Parkway(e) | 1988 | 93,093 | 89.0 | 2,046 | 0.41 | 24.69 | ||||||
18 Sentry Parkway(e) | 1988 | 95,010 | 100.0 | 2,050 | 0.41 | 21.58 | ||||||
King of Prussia | ||||||||||||
2200 Renaissance Boulevard(e) | 1985 | 174,124 | 86.9 | 3,844 | 0.77 | 25.40 | ||||||
Lower Providence | ||||||||||||
1000 Madison Avenue | 1990 | 100,700 | 68.7 | 1,750 | 0.35 | 25.30 | ||||||
Plymouth Meeting | ||||||||||||
1150 Plymouth Meeting Mall | 1970 | 167,748 | 97.7 | 3,112 | 0.62 | 18.99 | ||||||
Five Sentry Parkway East | 1984 | 91,600 | 100.0 | 1,900 | 0.38 | 20.74 | ||||||
Five Sentry Parkway West | 1984 | 38,400 | 100.0 | 822 | 0.16 | 21.41 | ||||||
Total Pennsylvania Office | 1,836,025 | 86.8 | 37,595 | 7.49 | 23.60 | |||||||
FAIRFIELD COUNTY, CONNECTICUT | ||||||||||||
Greenwich | ||||||||||||
500 West Putnam Avenue | 1973 | 121,250 | 92.2 | 2,855 | 0.57 | 25.54 | ||||||
Norwalk | ||||||||||||
40 Richards Avenue | 1985 | 145,487 | 90.3 | 3,333 | 0.66 | 25.37 | ||||||
Shelton | ||||||||||||
1000 Bridgeport Avenue | 1986 | 133,000 | 70.2 | 2,531 | 0.50 | 27.11 | ||||||
Stamford | ||||||||||||
1266 East Main Street(e) | 1984 | 179,260 | 95.5 | 4,800 | 0.96 | 28.04 | ||||||
Total Connecticut Office | 578,997 | 87.7 | 13,519 | 2.69 | 26.63 | |||||||
WASHINGTON, D.C. | ||||||||||||
1201 Connecticut Avenue, NW | 1940 | 169,549 | 95.3 | 5,400 | 1.08 | 33.42 | ||||||
1400 L Street, NW | 1987 | 159,000 | 100.0 | 6,047 | 1.21 | 38.03 | ||||||
Total District of Columbia Office | 328,549 | 97.6 | 11,447 | 2.29 | 35.71 | |||||||
PRINCE GEORGE'S COUNTY, MARYLAND | ||||||||||||
Lanham | ||||||||||||
4200 Parliament Place | 1989 | 122,000 | 97.8 | 2,773 | 0.55 | 23.24 | ||||||
Total Maryland Office | 122,000 | 97.8 | 2,773 | 0.55 | 23.24 | |||||||
BEXAR COUNTY, TEXAS | ||||||||||||
San Antonio | ||||||||||||
84 N.E. Loop 410 | 1971 | 187,312 | 92.9 | 3,061 | 0.62 | 17.59 | ||||||
111 Soledad | 1918 | 248,153 | 71.4 | 1,948 | 0.40 | 10.99 | ||||||
DALLAS COUNTY, TEXAS |
||||||||||||
Dallas | ||||||||||||
3030 LBJ Freeway(f) | 1984 | 367,018 | 82.3 | 5,878 | 1.18 | 19.46 | ||||||
Richardson | ||||||||||||
1122 Alma Road | 1977 | 82,576 | 100.0 | 607 | 0.13 | 7.35 | ||||||
Total Texas Office | 885,059 | 83.1 | 11,494 | 2.33 | 15.62 | |||||||
ARAPAHOE COUNTY, COLORADO | ||||||||||||
Denver | ||||||||||||
400 South Colorado Boulevard | 1983 | 125,415 | 68.5 | 2,270 | 0.45 | 26.42 | ||||||
Englewood | ||||||||||||
9359 East Nichols Avenue | 1997 | 72,610 | 100.0 | 916 | 0.18 | 12.62 | ||||||
5350 South Roslyn Street | 1982 | 63,754 | 94.2 | 1,004 | 0.20 | 16.72 |
46
Property Listing
Office Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent(%) |
2003 Average Base Rent Per Sq. Ft. ($)(c)(d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
BOULDER COUNTY, COLORADO |
||||||||||||
Broomfield | ||||||||||||
105 South Technology Court | 1997 | 37,574 | 100.0 | 570 | 0.11 | 15.17 | ||||||
303 South Technology Court-A | 1997 | 34,454 | 100.0 | 204 | 0.04 | 5.92 | ||||||
303 South Technology Court-B | 1997 | 40,416 | 100.0 | 240 | 0.05 | 5.94 | ||||||
Louisville | ||||||||||||
248 Centennial Parkway | 1996 | 39,266 | 72.4 | 489 | 0.10 | 17.20 | ||||||
1172 Century Drive | 1996 | 49,566 | 77.7 | 617 | 0.12 | 16.02 | ||||||
285 Century Place | 1997 | 69,145 | 100.0 | 1,129 | 0.23 | 16.33 | ||||||
DENVER COUNTY, COLORADO |
||||||||||||
Denver | ||||||||||||
3600 South Yosemite | 1974 | 133,743 | 100.0 | 1,387 | 0.29 | 10.37 | ||||||
8181 East Tufts Avenue | 2001 | 185,254 | 74.5 | 3,654 | 0.73 | 26.48 | ||||||
DOUGLAS COUNTY, COLORADO |
||||||||||||
Centennial | ||||||||||||
5975 South Quebec Street(f) | 1996 | 102,877 | 57.5 | 784 | 0.16 | 13.25 | ||||||
Englewood | ||||||||||||
400 Inverness Parkway | 1997 | 111,608 | 92.7 | 2,269 | 0.45 | 21.93 | ||||||
67 Inverness Drive East | 1996 | 54,280 | 49.1 | 137 | 0.03 | 5.14 | ||||||
384 Inverness Parkway | 1985 | 51,523 | 82.3 | 669 | 0.13 | 15.78 | ||||||
Parker | ||||||||||||
9777 Mount Pyramid Court | 1995 | 120,281 | 41.9 | 792 | 0.16 | 15.71 | ||||||
EL PASO COUNTY, COLORADO |
||||||||||||
Colorado Springs | ||||||||||||
8415 Explorer | 1998 | 47,368 | 100.0 | 624 | 0.12 | 13.17 | ||||||
1975 Research Parkway | 1997 | 115,250 | 90.9 | 1,691 | 0.34 | 16.14 | ||||||
2375 Telstar Drive | 1998 | 47,369 | 100.0 | 624 | 0.12 | 13.17 | ||||||
JEFFERSON COUNTY, COLORADO |
||||||||||||
Lakewood | ||||||||||||
141 Union Boulevard | 1985 | 63,600 | 91.9 | 1,105 | 0.22 | 18.91 | ||||||
Total Colorado Office | 1,565,353 | 81.7 | 21,175 | 4.23 | 16.56 | |||||||
SAN FRANCISCO COUNTY, CALIFORNIA | ||||||||||||
San Francisco | ||||||||||||
795 Folsom Street | 1977 | 183,445 | 100.0 | 6,349 | 1.27 | 34.61 | ||||||
760 Market Street | 1908 | 267,446 | 93.6 | 8,564 | 1.71 | 34.21 | ||||||
Total California Office | 450,891 | 96.2 | 14,913 | 2.98 | 34.38 | |||||||
TOTAL OFFICE PROPERTIES | 21,772,567 | 91.5 | 441,930 | 88.17 | 22.18 | |||||||
47
Office/Flex Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent (%) |
2003 Average Base Rent Per Sq. Ft. ($) (c) (d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
BURLINGTON COUNTY, NEW JERSEY | ||||||||||||
Burlington | ||||||||||||
3 Terri Lane | 1991 | 64,500 | 85.3 | 296 | 0.06 | 5.38 | ||||||
5 Terri Lane | 1992 | 74,555 | 88.8 | 489 | 0.10 | 7.39 | ||||||
Moorestown | ||||||||||||
2 Commerce Drive | 1986 | 49,000 | 100.0 | 417 | 0.08 | 8.51 | ||||||
101 Commerce Drive | 1988 | 64,700 | 100.0 | 336 | 0.07 | 5.19 | ||||||
102 Commerce Drive | 1987 | 38,400 | 75.0 | 197 | 0.04 | 6.84 | ||||||
201 Commerce Drive | 1986 | 38,400 | 50.0 | 150 | 0.03 | 7.81 | ||||||
202 Commerce Drive | 1988 | 51,200 | 25.3 | 119 | 0.02 | 9.19 | ||||||
1 Executive Drive | 1989 | 20,570 | 100.0 | 220 | 0.04 | 10.70 | ||||||
2 Executive Drive | 1988 | 60,800 | 81.6 | 403 | 0.08 | 8.12 | ||||||
101 Executive Drive | 1990 | 29,355 | 84.7 | 266 | 0.05 | 10.70 | ||||||
102 Executive Drive | 1990 | 64,000 | 100.0 | 334 | 0.07 | 5.22 | ||||||
225 Executive Drive | 1990 | 50,600 | 86.2 | 335 | 0.07 | 7.68 | ||||||
97 Foster Road | 1982 | 43,200 | 100.0 | 135 | 0.03 | 3.13 | ||||||
1507 Lancer Drive | 1995 | 32,700 | 100.0 | 155 | 0.03 | 4.74 | ||||||
1510 Lancer Drive | 1998 | 88,000 | 100.0 | 370 | 0.07 | 4.20 | ||||||
1245 North Church Street | 1998 | 52,810 | 100.0 | 383 | 0.08 | 7.25 | ||||||
1247 North Church Street | 1998 | 52,790 | 100.0 | 461 | 0.09 | 8.73 | ||||||
1256 North Church Street | 1984 | 63,495 | 100.0 | 365 | 0.07 | 5.75 | ||||||
840 North Lenola Road | 1995 | 38,300 | 69.0 | 270 | 0.05 | 10.22 | ||||||
844 North Lenola Road | 1995 | 28,670 | 58.6 | 97 | 0.02 | 5.77 | ||||||
915 North Lenola Road | 1998 | 52,488 | 100.0 | 249 | 0.05 | 4.74 | ||||||
2 Twosome Drive | 2000 | 48,600 | 100.0 | 391 | 0.08 | 8.05 | ||||||
30 Twosome Drive | 1997 | 39,675 | 100.0 | 219 | 0.04 | 5.52 | ||||||
31 Twosome Drive | 1998 | 84,200 | 100.0 | 438 | 0.09 | 5.20 | ||||||
40 Twosome Drive | 1996 | 40,265 | 93.4 | 267 | 0.05 | 7.10 | ||||||
41 Twosome Drive | 1998 | 43,050 | 100.0 | 303 | 0.06 | 7.04 | ||||||
50 Twosome Drive | 1997 | 34,075 | 100.0 | 265 | 0.05 | 7.78 | ||||||
West Deptford | ||||||||||||
1451 Metropolitan Drive | 1996 | 21,600 | 100.0 | 148 | 0.03 | 6.85 | ||||||
MERCER COUNTY, NEW JERSEY |
||||||||||||
Hamilton Township | ||||||||||||
100 Horizon Drive | 1989 | 13,275 | 100.0 | 192 | 0.04 | 14.46 | ||||||
200 Horizon Drive | 1991 | 45,770 | 100.0 | 531 | 0.11 | 11.60 | ||||||
300 Horizon Drive | 1989 | 69,780 | 100.0 | 1,086 | 0.22 | 15.56 | ||||||
500 Horizon Drive | 1990 | 41,205 | 100.0 | 589 | 0.12 | 14.29 | ||||||
MONMOUTH COUNTY, NEW JERSEY |
||||||||||||
Wall Township | ||||||||||||
1325 Campus Parkway | 1988 | 35,000 | 100.0 | 466 | 0.09 | 13.31 | ||||||
1340 Campus Parkway | 1992 | 72,502 | 98.1 | 872 | 0.17 | 12.26 | ||||||
1345 Campus Parkway | 1995 | 76,300 | 96.0 | 688 | 0.14 | 9.39 | ||||||
1433 Highway 34 | 1985 | 69,020 | 65.1 | 517 | 0.10 | 11.51 | ||||||
1320 Wyckoff Avenue | 1986 | 20,336 | 100.0 | 176 | 0.04 | 8.65 | ||||||
1324 Wyckoff Avenue | 1987 | 21,168 | 100.0 | 222 | 0.04 | 10.49 |
48
Property Listing
Office/Flex Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent (%) |
2003 Average Base Rent Per Sq. Ft. ($) (c) (d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
PASSAIC COUNTY, NEW JERSEY | ||||||||||||
Totowa | ||||||||||||
1 Center Court | 1999 | 38,961 | 100.0 | 493 | 0.10 | 12.65 | ||||||
2 Center Court | 1998 | 30,600 | 99.3 | 348 | 0.07 | 11.45 | ||||||
11 Commerce Way | 1989 | 47,025 | 100.0 | 549 | 0.11 | 11.67 | ||||||
20 Commerce Way | 1992 | 42,540 | 75.9 | 441 | 0.09 | 13.66 | ||||||
29 Commerce Way | 1990 | 48,930 | 100.0 | 567 | 0.11 | 11.59 | ||||||
40 Commerce Way | 1987 | 50,576 | 100.0 | 625 | 0.12 | 12.36 | ||||||
45 Commerce Way | 1992 | 51,207 | 100.0 | 508 | 0.10 | 9.92 | ||||||
60 Commerce Way | 1988 | 50,333 | 93.1 | 577 | 0.12 | 12.31 | ||||||
80 Commerce Way | 1996 | 22,500 | 100.0 | 307 | 0.06 | 13.64 | ||||||
100 Commerce Way | 1996 | 24,600 | 100.0 | 335 | 0.07 | 13.62 | ||||||
120 Commerce Way | 1994 | 9,024 | 100.0 | 106 | 0.02 | 11.75 | ||||||
140 Commerce Way | 1994 | 26,881 | 99.5 | 314 | 0.06 | 11.74 | ||||||
Total New Jersey Office/Flex | 2,277,531 | 92.2 | 18,587 | 3.70 | 8.85 | |||||||
WESTCHESTER COUNTY, NEW YORK | ||||||||||||
Elmsford | ||||||||||||
11 Clearbrook Road | 1974 | 31,800 | 100.0 | 389 | 0.08 | 12.23 | ||||||
75 Clearbrook Road | 1990 | 32,720 | 100.0 | 816 | 0.16 | 24.94 | ||||||
125 Clearbrook Road (h) | 2002 | 33,000 | 100.0 | 702 | 0.14 | 21.27 | ||||||
150 Clearbrook Road | 1975 | 74,900 | 93.5 | 1,065 | 0.21 | 15.21 | ||||||
175 Clearbrook Road | 1973 | 98,900 | 96.8 | 1,456 | 0.29 | 15.21 | ||||||
200 Clearbrook Road | 1974 | 94,000 | 99.8 | 1,191 | 0.24 | 12.70 | ||||||
250 Clearbrook Road | 1973 | 155,000 | 95.1 | 1,355 | 0.27 | 9.19 | ||||||
50 Executive Boulevard | 1969 | 45,200 | 97.6 | 400 | 0.08 | 9.07 | ||||||
77 Executive Boulevard | 1977 | 13,000 | 100.0 | 220 | 0.04 | 16.92 | ||||||
85 Executive Boulevard | 1968 | 31,000 | 99.4 | 470 | 0.09 | 15.25 | ||||||
300 Executive Boulevard | 1970 | 60,000 | 100.0 | 535 | 0.11 | 8.92 | ||||||
350 Executive Boulevard | 1970 | 15,400 | 98.8 | 296 | 0.06 | 19.45 | ||||||
399 Executive Boulevard | 1962 | 80,000 | 100.0 | 1,022 | 0.20 | 12.78 | ||||||
400 Executive Boulevard | 1970 | 42,200 | 100.0 | 634 | 0.13 | 15.02 | ||||||
500 Executive Boulevard | 1970 | 41,600 | 100.0 | 690 | 0.14 | 16.59 | ||||||
525 Executive Boulevard | 1972 | 61,700 | 100.0 | 909 | 0.18 | 14.73 | ||||||
1 Westchester Plaza | 1967 | 25,000 | 100.0 | 310 | 0.06 | 12.40 | ||||||
2 Westchester Plaza | 1968 | 25,000 | 100.0 | 481 | 0.10 | 19.24 | ||||||
3 Westchester Plaza | 1969 | 93,500 | 94.6 | 1,297 | 0.26 | 14.66 | ||||||
4 Westchester Plaza | 1969 | 44,700 | 99.8 | 645 | 0.13 | 14.46 | ||||||
5 Westchester Plaza | 1969 | 20,000 | 77.1 | 310 | 0.06 | 20.10 | ||||||
6 Westchester Plaza | 1968 | 20,000 | 100.0 | 318 | 0.06 | 15.90 | ||||||
7 Westchester Plaza | 1972 | 46,200 | 100.0 | 642 | 0.13 | 13.90 | ||||||
8 Westchester Plaza | 1971 | 67,200 | 96.6 | 881 | 0.18 | 13.57 | ||||||
Hawthorne | ||||||||||||
200 Saw Mill River Road | 1965 | 51,100 | 91.7 | 679 | 0.14 | 14.49 | ||||||
4 Skyline Drive | 1987 | 80,600 | 100.0 | 1,368 | 0.27 | 16.97 | ||||||
5 Skyline Drive | 1980 | 124,022 | 100.0 | 1,629 | 0.32 | 13.13 | ||||||
6 Skyline Drive | 1980 | 44,155 | 100.0 | 708 | 0.14 | 16.03 | ||||||
8 Skyline Drive | 1985 | 50,000 | 98.7 | 897 | 0.18 | 18.18 | ||||||
10 Skyline Drive | 1985 | 20,000 | 79.1 | 207 | 0.04 | 13.08 | ||||||
11 Skyline Drive | 1989 | 45,000 | 100.0 | 764 | 0.15 | 16.98 | ||||||
12 Skyline Drive | 1999 | 46,850 | 100.0 | 806 | 0.16 | 17.20 | ||||||
15 Skyline Drive | 1989 | 55,000 | 100.0 | 1,168 | 0.23 | 21.24 |
49
Property Listing
Office/Flex Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent (%) |
2003 Average Base Rent Per Sq. Ft. ($) (c) (d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Yonkers | ||||||||||||
100 Corporate Boulevard | 1987 | 78,000 | 98.2 | 1,458 | 0.29 | 19.03 | ||||||
200 Corporate Boulevard South | 1990 | 84,000 | 99.8 | 1,326 | 0.26 | 15.82 | ||||||
4 Executive Plaza | 1986 | 80,000 | 99.0 | 1,262 | 0.25 | 15.93 | ||||||
6 Executive Plaza | 1987 | 80,000 | 100.0 | 1,308 | 0.26 | 16.35 | ||||||
1 Odell Plaza | 1980 | 106,000 | 99.9 | 1,396 | 0.28 | 13.18 | ||||||
5 Odell Plaza | 1983 | 38,400 | 99.6 | 626 | 0.12 | 16.37 | ||||||
7 Odell Plaza | 1984 | 42,600 | 99.6 | 657 | 0.13 | 15.48 | ||||||
Total New York Office/Flex | 2,277,747 | 98.2 | 33,293 | 6.62 | 14.89 | |||||||
FAIRFIELD COUNTY, CONNECTICUT | ||||||||||||
Stamford | ||||||||||||
419 West Avenue | 1986 | 88,000 | 100.0 | 1,151 | 0.23 | 13.08 | ||||||
500 West Avenue | 1988 | 25,000 | 100.0 | 435 | 0.09 | 17.40 | ||||||
550 West Avenue | 1990 | 54,000 | 100.0 | 874 | 0.17 | 16.19 | ||||||
600 West Avenue | 1999 | 66,000 | 100.0 | 768 | 0.15 | 11.64 | ||||||
650 West Avenue | 1998 | 40,000 | 100.0 | 555 | 0.11 | 13.88 | ||||||
Total Connecticut Office/Flex | 273,000 | 100.0 | 3,783 | 0.75 | 13.86 | |||||||
TOTAL OFFICE/FLEX PROPERTIES | 4,828,278 | 95.5 | 55,663 | 11.07 | 12.07 | |||||||
50
Property Listing
Industrial/Warehouse Properties
Property Location |
Year Built |
Net Rentable Area (Sq. Ft.) |
Percentage Leased as of 3/31/03 (%)(a) |
2003 Base Rent ($000's)(b)(c) |
Percentage of Total 2003 Office, Office/Flex and Industrial/ Warehouse Base Rent (%) |
2003 Average Base Rent Per Sq. Ft. ($) (c) (d) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
WESTCHESTER COUNTY, NEW YORK | ||||||||||||
Elmsford | ||||||||||||
1 Warehouse Lane | 1957 | 6,600 | 100.0 | 72 | 0.01 | 10.91 | ||||||
2 Warehouse Lane | 1957 | 10,900 | 96.3 | 93 | 0.02 | 8.86 | ||||||
3 Warehouse Lane | 1957 | 77,200 | 100.0 | 290 | 0.06 | 3.76 | ||||||
4 Warehouse Lane | 1957 | 195,500 | 100.0 | 1,992 | 0.40 | 10.19 | ||||||
5 Warehouse Lane | 1957 | 75,100 | 89.3 | 832 | 0.17 | 12.41 | ||||||
6 Warehouse Lane | 1982 | 22,100 | 100.0 | 513 | 0.10 | 23.21 | ||||||
Total Industrial/Warehouse Properties | 387,400 | 97.8 | 3,792 | 0.76 | 10.01 | |||||||
TOTAL OFFICE, OFFICE/FLEX, AND INDUSTRIAL/WAREHOUSE PROPERTIES | 26,988,245 | 92.4 | 501,385 | 100.00 | 20.12 | |||||||
51
The following table sets forth a schedule of the Company's 20 largest tenants for the Consolidated Properties as of March 31, 2003, based upon annualized base rents:
|
Number of Properties |
Annualized Base Rental Revenue ($)(a) |
Percentage of Company Annualized Base Rental Revenue (%) |
Square Feet Leased |
Percentage Total Company Leased Sq. Ft. (%) |
Year of Lease Expiration(b) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
AT&T Wireless Services | 2 | 9,856,446 | 2.0 | 395,955 | 1.6 | 2007 | (c) | ||||||
Donaldson, Lufkin & Jenrette Securities Corp. | 1 | 8,382,273 | 1.7 | 271,953 | 1.1 | 2012 | (d) | ||||||
AT&T Corporation | 3 | 7,395,575 | 1.5 | 455,064 | 1.9 | 2009 | (e) | ||||||
Keystone Mercy Health Plan | 2 | 7,124,001 | 1.4 | 303,149 | 1.3 | 2015 | |||||||
Prentice-Hall Inc. | 1 | 6,744,495 | 1.4 | 474,801 | 2.0 | 2014 | |||||||
IBM Corporation | 3 | 6,270,924 | 1.3 | 353,617 | 1.5 | 2007 | (f) | ||||||
Nabisco Inc. | 3 | 6,066,357 | 1.2 | 340,746 | 1.4 | 2006 | (g) | ||||||
American Institute of Certified Public Accountants | 1 | 5,817,181 | 1.2 | 249,768 | 1.0 | 2012 | |||||||
Forest Laboratories, Inc. | 2 | 5,733,035 | 1.2 | 166,405 | 0.7 | 2017 | (h) | ||||||
Waterhouse Securities, Inc. | 1 | 5,379,282 | 1.1 | 184,222 | 0.8 | 2015 | |||||||
Toys 'R' UsNJ, Inc. | 1 | 5,342,672 | 1.1 | 242,518 | 1.0 | 2012 | |||||||
Allstate Insurance Company | 9 | 5,324,477 | 1.1 | 233,858 | 1.0 | 2009 | (i) | ||||||
Bankers Trust Harborside | 1 | 4,950,000 | 1.0 | 385,000 | 1.6 | 2004 | |||||||
Dean Witter Trust Company | 1 | 4,856,901 | 1.0 | 221,019 | 0.9 | 2008 | |||||||
CMP Media, Inc. | 1 | 4,817,298 | 1.0 | 237,274 | 1.0 | 2014 | |||||||
KPMG, LLP | 3 | 4,714,583 | 1.0 | 181,025 | 0.7 | 2012 | (j) | ||||||
Garban, LLC | 1 | 4,592,618 | 0.9 | 135,077 | 0.6 | 2017 | |||||||
Winston & Strawn | 1 | 4,513,175 | 0.9 | 108,100 | 0.4 | 2005 | |||||||
National Financial Services | 1 | 4,346,765 | 0.8 | 112,964 | 0.5 | 2012 | |||||||
Morgan Stanley Dean Witter, Inc. | 5 | 4,124,719 | 0.7 | 163,253 | 0.6 | 2010 | (k) | ||||||
Totals | 116,352,777 | 23.5 | 5,215,768 | 21.6 | |||||||||
52
Schedule of Lease Expirations
All Consolidated Properties
The following table sets forth a schedule of lease expirations for the total of the Company's office, office/flex, industrial/warehouse and stand-alone retail properties included in the Consolidated Properties beginning April 1, 2003, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2003 through 2005 only):
Year Of Expiration/ Market |
Number Of Leases Expiring (a) |
Net Rentable Area Subject To Expiring Leases (Sq. Ft.) |
Percentage Of Total Leased Square Feet Represented By ExpiringRental Leases (%) (b) |
Annualized Base Revenue Under ($) Expiring Leases ($)(c)(d) |
Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases |
Percentage Of Annual Base Rent Under Expiring Leases (%) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | |||||||||||||
NORTHEAST | |||||||||||||
Northern NJ | 38 | 318,625 | 1.2 | 7,269,775 | 22.82 | 1.5 | |||||||
Central NJ | 31 | 210,903 | 0.9 | 5,029,723 | 23.85 | 1.0 | |||||||
Westchester Co., NY | 70 | 293,238 | 1.2 | 6,494,196 | 22.15 | 1.3 | |||||||
Sub. Philadelphia | 35 | 312,649 | 1.3 | 3,482,028 | 11.14 | 0.7 | |||||||
Fairfield, CT | 8 | 40,375 | 0.2 | 937,575 | 23.22 | 0.2 | |||||||
Washington, DC/MD | 1 | 4,149 | (e) | 120,865 | 29.13 | (e) | |||||||
Dutchess/Nassau/Rockland Co., NY | 7 | 17,684 | 0.1 | 398,030 | 22.51 | 0.1 | |||||||
SOUTHWEST/WEST | |||||||||||||
Texas | 13 | 155,764 | 0.6 | 1,831,202 | 11.76 | 0.4 | |||||||
Colorado | 21 | 260,930 | 1.1 | 4,069,655 | 15.60 | 0.8 | |||||||
San Francisco | 69 | 40,203 | 0.2 | 1,348,916 | 33.55 | 0.3 | |||||||
TOTAL2003 | 293 | 1,654,520 | 6.8 | 30,981,965 | 18.73 | 6.3 | |||||||
2004 |
|||||||||||||
NORTHEAST | |||||||||||||
Northern NJ | 61 | 480,532 | 2.0 | 9,305,511 | 19.37 | 1.9 | |||||||
Central NJ | 36 | 284,698 | 1.2 | 5,577,665 | 19.59 | 1.1 | |||||||
Westchester Co., NY | 109 | 571,678 | 2.3 | 10,196,761 | 17.84 | 2.1 | |||||||
Sub. Philadelphia | 38 | 266,527 | 1.1 | 4,081,672 | 15.31 | 0.8 | |||||||
Fairfield, CT | 18 | 90,734 | 0.4 | 2,177,976 | 24.00 | 0.4 | |||||||
Washington, DC/MD | 6 | 31,356 | 0.1 | 889,029 | 28.35 | 0.2 | |||||||
Dutchess/Nassau/Rockland Co., NY | 11 | 26,329 | 0.1 | 625,059 | 23.74 | 0.1 | |||||||
SOUTHWEST/WEST | |||||||||||||
Texas | 29 | 237,513 | 1.0 | 4,480,987 | 18.87 | 0.9 | |||||||
Colorado | 19 | 79,476 | 0.3 | 1,428,583 | 17.98 | 0.3 | |||||||
San Francisco | 53 | 137,938 | 0.6 | 3,457,257 | 25.06 | 0.7 | |||||||
TOTAL2004 | 380 | 2,206,781 | 9.1 | 42,220,500 | 19.13 | 8.5 | |||||||
2005 |
|||||||||||||
NORTHEAST | |||||||||||||
Northern NJ | 84 | 1,207,696 | 5.0 | 23,624,779 | 19.56 | 4.8 | |||||||
Central NJ | 45 | 340,088 | 1.4 | 6,854,259 | 20.15 | 1.4 | |||||||
Westchester Co., NY | 107 | 634,003 | 2.6 | 11,964,934 | 18.87 | 2.4 | |||||||
Sub. Philadelphia | 62 | 580,361 | 2.4 | 8,569,039 | 14.77 | 1.7 | |||||||
Fairfield, CT | 11 | 62,305 | 0.3 | 1,543,557 | 24.77 | 0.3 | |||||||
Washington, DC/MD | 9 | 189,445 | 0.8 | 6,867,429 | 36.25 | 1.4 | |||||||
Dutchess/Nassau/Rockland Co., NY | 10 | 33,270 | 0.1 | 733,393 | 22.04 | 0.2 | |||||||
SOUTHWEST/WEST | |||||||||||||
Texas | 16 | 95,233 | 0.4 | 1,495,958 | 15.71 | 0.3 | |||||||
Colorado | 15 | 142,172 | 0.6 | 1,998,509 | 14.06 | 0.4 | |||||||
San Francisco | 56 | 19,835 | 0.1 | 660,225 | 33.29 | 0.1 | |||||||
TOTAL2005 | 415 | 3,304,408 | 13.7 | 64,312,082 | 19.46 | 13.0 | |||||||
Schedule continued, with footnotes, on subsequent page.
53
Schedule of Lease Expirations
All Consolidated Properties (continued)
Year Of Expiration |
Number Of Leases Expiring (a) |
Net Rentable Area Subject To Expiring Leases (Sq. Ft.) |
Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) (b) |
Annualized Base Rental Revenue Under Expiring Leases ($) (c) |
Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) |
Percentage Of Annual Base Rent Under Expiring Leases (%) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2006 | 340 | 2,755,317 | 11.4 | 57,895,075 | 21.01 | 11.7 | ||||||
2007 | 297 | 2,507,715 | 10.4 | 54,367,584 | 21.68 | 11.0 | ||||||
2008 | 222 | 2,512,871 | 10.4 | 47,210,548 | 18.79 | 9.6 | ||||||
2009 | 102 | 1,606,458 | 6.7 | 30,220,146 | 18.81 | 6.1 | ||||||
2010 | 114 | 1,379,300 | 5.7 | 29,058,309 | 21.07 | 5.9 | ||||||
2011 | 79 | 1,523,569 | 6.3 | 36,241,999 | 23.79 | 7.3 | ||||||
2012 | 63 | 1,540,703 | 6.4 | 34,750,962 | 22.56 | 7.0 | ||||||
2013 | 44 | 912,975 | 3.8 | 17,074,398 | 18.70 | 3.5 | ||||||
2014 and thereafter | 39 | 2,252,246 | 9.3 | 49,901,432 | 22.16 | 10.1 | ||||||
Totals/Weighted Average |
2,388 | 24,156,863 | 100.0 | 494,235,000 | 20.46 | 100.0 | ||||||
|
Square Feet |
|
---|---|---|
Square footage leased to commercial tenants | 24,156,863 | |
Square footage used for corporate offices, management offices, building use, retail tenants, food services, other ancillary service tenants and occupancy adjustments | 381,665 | |
Square footage unleased | 2,467,017 | |
Total net rentable square footage (does not include land leases) | 27,005,545 | |
54
Schedule of Lease Expirations
Office Properties
The following table sets forth a schedule of lease expirations for the office properties beginning April 1, 2003, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2003 through 2005 only):
Year Of Expiration/ Market |
Number Of Leases Expiring (a) |
Net Rentable Area Subject To Expiring Leases (Sq. Ft.) |
Percentage Of Total Leased Square Feet Represented By Expiring Leases (%)(b) |
Annualized Base Rental Revenue Under Expiring Leases ($)(c)(d) |
Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) |
Percentage Of Annual Base Rent Under Expiring Leases (%) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | |||||||||||||
NORTHEAST | |||||||||||||
Northern NJ | 35 | 270,534 | 1.5 | 6,749,116 | 24.95 | 1.6 | |||||||
Central NJ | 29 | 194,600 | 1.0 | 4,809,473 | 24.71 | 1.1 | |||||||
Westchester Co., NY | 45 | 195,689 | 1.0 | 5,007,094 | 25.59 | 1.2 | |||||||
Sub. Philadelphia | 16 | 95,949 | 0.5 | 1,891,005 | 19.71 | 0.5 | |||||||
Fairfield, CT | 8 | 40,375 | 0.2 | 937,575 | 23.22 | 0.2 | |||||||
Washington, DC/MD | 1 | 4,149 | (e) | 120,865 | 29.13 | (e) | |||||||
Dutchess/Nassau/Rockland Co., NY | 7 | 17,684 | 0.1 | 398,030 | 22.51 | 0.1 | |||||||
SOUTHWEST/WEST | |||||||||||||
Texas | 13 | 155,764 | 0.8 | 1,831,202 | 11.76 | 0.4 | |||||||
Colorado | 21 | 260,930 | 1.4 | 4,069,655 | 15.60 | 0.9 | |||||||
San Francisco | 69 | 40,203 | 0.2 | 1,348,916 | 33.55 | 0.3 | |||||||
TOTAL2003 | 244 | 1,275,877 | 6.7 | 27,162,931 | 21.29 | 6.3 | |||||||
2004 |
|||||||||||||
NORTHEAST | |||||||||||||
Northern NJ | 56 | 450,502 | 2.4 | 8,981,711 | 19.94 | 2.1 | |||||||
Central NJ | 29 | 197,318 | 1.0 | 4,534,759 | 22.98 | 1.1 | |||||||
Westchester Co., NY | 69 | 245,790 | 1.3 | 5,871,636 | 23.89 | 1.4 | |||||||
Sub. Philadelphia | 22 | 127,002 | 0.7 | 3,132,026 | 24.66 | 0.7 | |||||||
Fairfield, CT | 17 | 87,959 | 0.5 | 2,129,616 | 24.21 | 0.5 | |||||||
Washington, DC/MD | 6 | 31,356 | 0.2 | 889,029 | 28.35 | 0.2 | |||||||
Dutchess/Nassau/Rockland Co., NY | 11 | 26,329 | 0.1 | 625,059 | 23.74 | 0.1 | |||||||
SOUTHWEST/WEST | |||||||||||||
Texas | 29 | 237,513 | 1.2 | 4,480,987 | 18.87 | 1.0 | |||||||
Colorado | 19 | 79,476 | 0.4 | 1,428,583 | 17.98 | 0.3 | |||||||
San Francisco | 53 | 137,938 | 0.7 | 3,457,257 | 25.06 | 0.8 | |||||||
TOTAL2004 | 311 | 1,621,183 | 8.5 | 35,530,663 | 21.92 | 8.2 | |||||||
2005 |
|||||||||||||
NORTHEAST | |||||||||||||
Northern NJ | 71 | 1,103,559 | 5.8 | 22,422,547 | 20.32 | 5.2 | |||||||
Central NJ | 39 | 283,389 | 1.5 | 6,155,686 | 21.72 | 1.4 | |||||||
Westchester Co., NY | 52 | 254,002 | 1.3 | 6,276,711 | 24.71 | 1.4 | |||||||
Sub. Philadelphia | 35 | 289,776 | 1.5 | 6,445,141 | 22.24 | 1.5 | |||||||
Fairfield, CT | 11 | 62,305 | 0.3 | 1,543,557 | 24.77 | 0.4 | |||||||
Washington, DC/MD | 9 | 189,445 | 1.0 | 6,867,429 | 36.25 | 1.6 | |||||||
Dutchess/Nassau/Rockland Co., NY | 10 | 33,270 | 0.2 | 733,393 | 22.04 | 0.2 | |||||||
SOUTHWEST/WEST | |||||||||||||
Texas | 16 | 95,233 | 0.5 | 1,495,958 | 15.71 | 0.3 | |||||||
Colorado | 15 | 142,172 | 0.7 | 1,998,509 | 14.06 | 0.5 | |||||||
San Francisco | 56 | 19,835 | 0.1 | 660,225 | 33.29 | 0.1 | |||||||
TOTAL2005 | 314 | 2,472,986 | 12.9 | 54,599,156 | 22.08 | 12.6 |
Schedule continued, with footnotes, on subsequent page.
55
Schedule of Lease Expirations
Office Properties (continued)
Year Of Expiration |
Number Of Leases Expiring (a) |
Net Rentable Area Subject To Expiring Leases (Sq. Ft.) |
Percentage Of Total Leased Square Feet Represented By Expiring Leases (%)(b) |
Annualized Base Rental Revenue Under Expiring Leases ($)(c) |
Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) |
Percentage Of Annual Base Rent Under Expiring Leases (%) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2006 | 286 | 2,237,406 | 11.6 | 51,185,899 | 22.88 | 11.8 | ||||||
2007 | 233 | 1,896,402 | 9.9 | 46,560,274 | 24.55 | 10.7 | ||||||
2008 | 168 | 1,845,606 | 9.6 | 40,776,234 | 22.09 | 9.4 | ||||||
2009 | 77 | 1,317,059 | 6.9 | 26,630,290 | 20.22 | 6.1 | ||||||
2010 | 88 | 994,086 | 5.2 | 23,164,245 | 23.30 | 5.3 | ||||||
2011 | 65 | 1,314,940 | 6.9 | 33,310,893 | 25.33 | 7.7 | ||||||
2012 | 45 | 1,336,306 | 7.0 | 31,834,433 | 23.82 | 7.3 | ||||||
2013 | 31 | 780,715 | 4.1 | 15,417,257 | 19.75 | 3.6 | ||||||
2014 and thereafter | 28 | 2,079,733 | 10.7 | 47,498,015 | 22.84 | 11.0 | ||||||
Totals/Weighted Average |
1,890 | 19,172,299 | 100.0 | 433,670,290 | 22.62 | 100.0 | ||||||
56
Schedule of Lease Expirations
Office/Flex Properties
The following table sets forth a schedule of lease expirations for the office/flex properties beginning April 1, 2003, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2003 through 2005 only):
Year Of Expiration/ Market |
Number Of Leases Expiring (a) |
Net Rentable Area Subject To Expiring Leases (Sq. Ft.) |
Percentage Of Total Leased Square Feet Represented By Expiring Leases (%)(b) |
Annualized Base Rental Revenue Under Expiring Leases ($)(c)(d) |
Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) |
Percentage Of Annual Base Rent Under Expiring Leases (%) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | |||||||||||||
Northern NJ | 3 | 48,091 | 1.1 | 520,658 | 10.83 | 0.9 | |||||||
Central NJ | 2 | 16,303 | 0.4 | 220,250 | 13.51 | 0.4 | |||||||
Westchester Co., NY | 25 | 97,549 | 2.1 | 1,487,102 | 15.24 | 2.7 | |||||||
Sub. Philadelphia | 19 | 216,700 | 4.7 | 1,591,024 | 7.34 | 2.8 | |||||||
TOTAL2003 | 49 | 378,643 | 8.3 | 3,819,034 | 10.09 | 6.8 | |||||||
2004 |
|||||||||||||
Northern NJ | 5 | 30,030 | 0.7 | 323,800 | 10.78 | 0.6 | |||||||
Central NJ | 7 | 87,380 | 1.9 | 1,042,906 | 11.94 | 1.8 | |||||||
Westchester Co., NY | 33 | 161,068 | 3.5 | 2,274,806 | 14.12 | 4.0 | |||||||
Sub. Philadelphia | 16 | 139,525 | 3.0 | 949,646 | 6.81 | 1.7 | |||||||
Fairfield, CT | 1 | 2,775 | 0.1 | 48,360 | 17.43 | 0.1 | |||||||
TOTAL2004 | 62 | 420,778 | 9.2 | 4,639,518 | 11.03 | 8.2 | |||||||
2005 |
|||||||||||||
Northern NJ | 13 | 104,137 | 2.3 | 1,202,232 | 11.54 | 2.1 | |||||||
Central NJ | 6 | 56,699 | 1.2 | 698,573 | 12.32 | 1.3 | |||||||
Westchester Co., NY | 52 | 358,073 | 7.8 | 5,480,440 | 15.31 | 9.7 | |||||||
Sub. Philadelphia | 27 | 290,585 | 6.3 | 2,123,898 | 7.31 | 3.8 | |||||||
TOTAL2005 | 98 | 809,494 | 17.6 | 9,505,143 | 11.74 | 16.9 | |||||||
2006 |
54 |
517,911 |
11.3 |
6,709,176 |
12.95 |
11.9 |
|||||||
2007 |
60 |
596,013 |
13.0 |
7,600,560 |
12.75 |
13.5 |
|||||||
2008 |
52 |
581,786 |
12.6 |
6,068,512 |
10.43 |
10.8 |
|||||||
2009 |
23 |
271,604 |
5.9 |
3,411,716 |
12.56 |
6.0 |
|||||||
2010 |
25 |
357,214 |
7.8 |
5,614,065 |
15.72 |
10.0 |
|||||||
2011 |
14 |
208,629 |
4.5 |
2,931,105 |
14.05 |
5.2 |
|||||||
2012 |
18 |
204,397 |
4.5 |
2,916,529 |
14.27 |
5.2 |
|||||||
2013 |
6 |
77,024 |
1.7 |
994,845 |
12.92 |
1.7 |
|||||||
2014 and thereafter |
10 |
164,513 |
3.6 |
2,198,415 |
13.36 |
3.8 |
|||||||
Totals/Weighted Average |
471 | 4,588,006 | 100.0 | 56,408,618 | 12.29 | 100.0 | |||||||
57
Schedule of Lease Expirations
Industrial/Warehouse Properties
The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning April 1, 2003, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:
Year Of Expiration |
Number Of Leases Expiring (a) |
Net Rentable Area Subject To Expiring Leases (Sq. Ft.) |
Percentage Of Total Leased Square Feet Expiring Represented By Leases ($) (c) |
Annualized Base Rental Revenue Under Expiring Leases (%) (b) |
Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) |
Percentage Of Annual Base Rent Under Expiring Leases (%) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2004 | 6 | 155,520 | 41.0 | 1,855,319 | 11.93 | 49.5 | ||||||
2005 | 3 | 21,928 | 5.8 | 207,783 | 9.48 | 5.5 | ||||||
2007 | 4 | 15,300 | 4.0 | 206,750 | 13.51 | 5.5 | ||||||
2008 | 2 | 85,479 | 22.5 | 365,803 | 4.28 | 9.7 | ||||||
2009 | 2 | 17,795 | 4.7 | 178,140 | 10.01 | 4.7 | ||||||
2010 | 1 | 28,000 | 7.4 | 280,000 | 10.00 | 7.5 | ||||||
2013 | 7 | 55,236 | 14.6 | 662,296 | 11.99 | 17.6 | ||||||
Totals/Weighted Average |
25 | 379,258 | 100.0 | 3,756,091 | 9.90 | 100.0 | ||||||
The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning April 1, 2003, assuming that none of the tenants exercise renewal or termination options. All stand-alone retail properties are located in the Westchester County, NY market:
Year Of Expiration |
Number Of Leases Expiring (a) |
Net Rentable Area Subject To Expiring Leases (Sq. Ft.) |
Percentage Of Total Leased Square Feet Represented By Expiring Leases (%) |
Annualized Base Rental Revenue Under E xpiring Leases ($)(b) |
Average Annual Rent Per Net Rentable Square Foot Represented By Expiring Leases ($) |
Percentage Of Annual Base Rent Under Expiring Leases (%) |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2004 | 1 | 9,300 | 53.8 | 195,000 | 20.97 | 48.8 | ||||||
2014 and thereafter | 1 | 8,000 | 46.2 | 205,000 | 25.62 | 51.2 | ||||||
Totals/Weighted Average |
2 | 17,300 | 100.0 | 400,000 | 23.12 | 100.0 | ||||||
58