Exhibit 99.1

 

 

 

THIRD QUARTER 2004

 

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.

 

 

INDEX

 

			PAGE(S)
I. COMPANY BACKGROUND
•	About the Company/Other Corporate Data		5
•	Board of Directors/Executive Officers		6
•	Equity Research Coverage/Company Contact Information		7
II. FINANCIAL HIGHLIGHTS
•	Quarterly Summary/Acquisitions/Property Sales		9
•	Financing Activity/Leasing Information/Information About FFO		10
•	Key Financial Data		11
•	Same-Store Results and Analysis		12
•	Unconsolidated Joint Ventures Summary		13-16
•	Select Financial Ratios		17
•	Debt Analysis:
	•	Debt Breakdown/Future Repayments	18
	•	Debt Maturities	19
	•	Debt Detail	20
III. FINANCIAL INFORMATION
•	Consolidated Statements of Operations		22
•	Consolidated Balance Sheets		23
•	Consolidated Statement of Changes in Stockholders’ Equity		24
•	Statements of Funds from Operations		25
•	Statements of Funds from Operations Per Diluted Share		26
•	Reconciliation of Basic-to-Diluted Shares/Units		27
IV. VALUE CREATION PIPELINE
•	Operating Property Acquisitions		29
•	Summary of Land Parcels		30
•	Rental Property Sales/Rental Property Held for Sale		31
V. PORTFOLIO/ LEASING STATISTICS
•	Leasing Statistics		33-38
•	Market Diversification (MSA’s)		39
•	Industry Diversification (Top 30 Tenant Industries)		40
•	Consolidated Portfolio Analyses:
		Breakdown by:
		(a) Number of Properties	41
		(b) Square Footage	42
		(c) Base Rental Revenue	43
		(d) Percentage Leased	44
•	Consolidated Property Listing (by Property Type)		45-55
•	Significant Tenants (Top 50 Tenants)		56-57
•	Schedules of Lease Expirations (by Property Type)		58-63

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended September 30, 2004

 

2

 

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

 

The Company considers portions of the information presented herein to be 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, new information or otherwise.

 

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 $5.0 billion at September 30, 2004.  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 268 properties, primarily class A office and office/flex buildings, totaling approximately 29.6 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 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 industry—most notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin Company—Mack-Cali has become one of the leading real estate companies in the country.

 

Strategy

 

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

 

 

5

 

Board of Directors

 

 

 

Executive Officers

 

Mitchell E. Hersh, President and Chief Executive Officer

 

Barry Lefkowitz, Executive Vice President and Chief Financial Officer

 

Roger W. Thomas, Executive Vice President, General Counsel and Secretary

 

Michael A. Grossman, Executive Vice President

 

6

 

 

Company Contact Information

 

 

7

 

II.  FINANCIAL HIGHLIGHTS

 

8

 

II.  FINANCIAL HIGHLIGHTS

 

Quarterly Summary

 

Net income available to common shareholders equaled $28.1 million, or $0.46 per share for the third quarter 2004 and $70.2 million, or $1.16 per share, for the nine months ended September 30, 2004.  Net income available to common shareholders, which included in 2003 a gain on sale of investment in unconsolidated joint ventures of $20.4 million, or $0.32 per share, equaled $50.4 million, or $0.84 per share, for the third quarter 2003 and $114.0 million, or $1.96 per share for the nine months ended September 30, 2003.

 

Funds from operations (FFO) available to common shareholders for the quarter ended September 30, 2004 amounted to $69.7 million, or $0.93 per share, versus $69.6 million, or $0.96 per share, for the quarter ended September 30, 2003.  For the nine months ended September 30, 2004, FFO available to common shareholders amounted to $202.2 million, or $2.70 per share, versus $209.2 million, or $2.91 per share, for the same period last year.

 

Total revenues for the third quarter 2004 increased 6.2 percent to $151.8 million as compared to $142.9 million for the same quarter last year.  For the nine months ended September 30, 2004, total revenues amounted to $439.7 million, an increase of 3.0 percent over total revenues of $427.0 million for the same period last year.

 

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

 

The Company had 60,730,128 shares of common stock, 10,000 shares of 8 percent cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), 7,779,360 common operating partnership units and 215,018 $1,000-face-value preferred operating partnership units outstanding as of September 30, 2004.

 

The outstanding preferred units are convertible into 6,205,425 common operating partnership units.  Assuming conversion of all preferred units into common units, the Company had a total of 74,714,913 shares/common units outstanding at September 30, 2004.

 

As of September 30, 2004, the Company had total indebtedness of approximately $1.7 billion, with a weighted average annual interest rate of 6.44 percent.  Mack-Cali had a total market capitalization of $5.0 billion and a debt-to-undepreciated assets ratio of 38.3 percent at September 30, 2004.  The Company had an interest coverage ratio of 3.6 times for the quarter ended September 30, 2004.

 

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

 

Acquisitions

 

In October, the Company acquired 232 Strawbridge Drive, a 74,000 square foot office property located in Moorestown, New Jersey for $8.7 million.  With the acquisition of this property, the Company now owns all three office buildings in Moorestown Corporate Center, totaling 222,000 square feet.

 

Property Sales

 

In August, the Company and Highridge Partners sold Pacific Plaza, a mixed-use development in Daly City, California for $143 million.  A joint venture of the Company and Highridge Partners held a 50 percent interest in the property.  The joint venture maintains control over an option on 2.5 acres of developable land at the site.

 

More recently in October, the Company sold Kemble Plaza I, a 387,000 square foot office property located at Mount Kemble Avenue in Morris Township, New Jersey for $77 million.

 

9

 

Financing Activity

 

In September, 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 third quarter 2004, which was paid on October 18, 2004 to shareholders of record as of October 5, 2004.  The Board also declared a cash dividend on its 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100^th of a share of preferred stock) equal to $0.50 per depositary share for the period July 15, 2004 through October 14, 2004.  The dividend was paid on October 15, 2004 to shareholders of record as of October 5, 2004.

 

Leasing Information

 

Mack-Cali’s consolidated in-service portfolio was 92.9 percent leased at September 30, 2004, compared to 92.2 percent leased at June 30, 2004 and 91.5 percent leased at December 31, 2003.

 

For the quarter ended September 30, 2004, the Company executed 184 leases totaling 1,198,427 square feet, consisting of 907,452 square feet of office space, 278,021 square feet of office/flex space and 12,954 square feet of industrial/warehouse space.  Of these totals, 501,717 square feet were for new leases and 696,710 square feet were for lease renewals and other tenant retention transactions.

 

Highlights of the quarter’s leasing transactions include:

 

•                  Norris McLaughlin & Marcus, P.A., a law firm, renewed its lease of 62,130 square feet for 10 years and expanded by 10,531 square feet at 721 Route 202/206 in Bridgewater, New Jersey.  The 192,741 square-foot class A office building is 97.5 percent leased.

 

•                  Nextel of New York, Inc., a division of wireless communications provider Nextel Communications, signed a 62,436 square-foot lease at 565 Taxter Road in Elmsford, New York.  The deal represented an expansion of 12,261 square feet for seven years and a renewal of 50,175 square feet for six years and nine months.  565 Taxter Road is a 170,554 square-foot class A office building located in the Taxter Corporate Park and is 87.8 percent leased.

 

•                  Ameritrade Services Company, an online brokerage firm, signed a new 10-year lease for a full 36,452 square-foot floor at Harborside Plaza 5 in Jersey City, New Jersey.  The 977,225 square-foot class A office building is 73.4 percent leased.

 

•                  Provident Bank renewed its lease for 36,256 square feet at 400 Rella Boulevard for 10 years.  400 Rella Boulevard is a 180,000 square foot, class A office building located in Suffern, New York and is 100 percent leased.

 

•                  Allstate Insurance Company signed a new, five-year lease for 100 percent of the office building located at 1325 Campus Parkway in Wall Township, New Jersey.  The 35,000 square-foot office/flex building is located in the Monmouth Shores Corporate Park.

 

•                  Ken-Crest Services, a non-profit human services agency, renewed its lease for 27,835 square feet at One Plymouth Meeting in Plymouth Meeting, Pennsylvania for 10 years.  The 167,748 square-foot office building is 98.7 percent leased.

 

Information About FFO

 

Funds from operations (“FFO”) is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization.  The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT.  The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.  FFO per share should not be considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity.  FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition.  However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”).  A reconciliation of net income per share to FFO per share is included in the financial tables on page 26.

 

10

 

Key Financial Data

 

		As of or for the three months ended
		9/30/04		6/30/04		3/31/04		12/31/03		9/30/03
Shares and Units:
Common Shares Outstanding		60,730,128		60,606,543		60,401,346		59,420,484		58,182,631
Common Units Outstanding (a)		13,984,785		13,994,173		13,994,923		14,000,923		14,013,564
Combined Shares and Units		74,714,913		74,600,716		74,396,269		73,421,407		72,196,195
Preferred Shares Outstanding		10,000		10,000		10,000		10,000		10,000
Weighted Average- Basic (b)		68,280,284		68,177,358		67,594,169		66,051,264		65,668,258
Weighted Average- Diluted (c)		75,066,808		74,850,171		74,493,146		73,002,872		72,465,396
Common Share Price ($’s):
At the end of the period		44.30		41.38		44.91		41.62		39.20
High during period		46.08		45.31		45.00		41.96		39.21
Low during period		39.70		34.16		39.07		36.86		35.35
Market Capitalization:
($’s in thousands, except ratios)
Market Value of Equity (d)		3,334,871		3,111,978		3,366,136		3,080,799		2,855,091
Total Debt		1,695,742		1,694,500		1,559,769		1,628,584		1,630,930
Total Market Capitalization		5,030,613		4,806,478		4,925,905		4,709,383		4,486,021
Total Debt/ Total Market Capitalization		33.71	%	35.25	%	31.66	%	34.58	%	36.36	%
Financials:
($’s in thousands, except ratios and per share amounts)
Total Assets		3,810,106		3,820,851		3,694,491		3,749,570		3,711,515
Gross Book Value of Real Estate Assets		4,048,101		4,094,340		3,970,656		3,954,632		3,941,814
Total Liabilities		1,844,952		1,848,902		1,706,081		1,779,983		1,777,015
Total Minority Interests		422,053		423,566		426,462		428,099		429,791
Total Stockholders’ Equity		1,543,101		1,548,383		1,561,948		1,541,488		1,504,709
Total Revenues		151,771		145,307		142,580		144,241		142,938
Capitalized Interest		969		930		914		905		1,717
Scheduled Principal Payments		6,907		2,626		1,178		2,346		1,705
Interest Coverage Ratio		3.55		3.53		3.22		3.28		3.41
Fixed Charge Coverage Ratio		2.44		2.72		2.63		2.57		2.66
Net Income		28,616		16,253		26,823		27,920		50,892
Net Income Available to Common Shareholders		28,116		15,753		26,323		27,420		50,392
Earnings per Share—diluted		0.46		0.43		0.44		0.47		0.84
FFO per Share—diluted (e)		0.93		0.90		0.87		0.91		0.96
Dividends Declared per Share		0.63		0.63		0.63		0.63		0.63
FFO Payout Ratio—diluted (e)		67.83	%	69.79	%	72.26	%	69.15	%	65.61	%
Portfolio Size:
Properties		268		270		263		263		265
Total Square Footage		29,583,133		30,048,257		28,257,543		28,257,543		28,505,696
Sq. Ft. Leased at End of Period (f)		92.9	%	92.2	%	91.1	%	91.5	%	90.7	%

 

(a)          Includes preferred units on a converted basis into common units.

(b)         Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares.

(c)          Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants).

(d)         Includes preferred units on a converted basis into common units and minority interests in partially-owned properties.

(e)          Funds from Operations (“FFO”) is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT).  See “Information About FFO” on page 10.

(f)            Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).  Excluded from percentage leased at September 30, 2004 and June 30, 2004 is a non-strategic, non-core 318,224 square-foot property acquired through a deed in lieu of foreclosure, which was 68.9 and 71.1 percent leased at September 30, 2004 and June 30, 2004, respectively.

 

11

 

Same Store Results and Analysis (a)

(dollars in thousands)

 

		For the three months ended September 30,									%
		2004			2003			Change			Change
Total Property Revenues		$	141,348		$	137,823		$	3,525		2.6
Real Estate Taxes		17,573			16,114			1,459			9.1
Utilities		11,084			11,219			(135		)	(1.2	)
Operating Services		17,060			16,261			799			4.9
Total Property Expenses:		45,717			43,594			2,123			4.9
GAAP Net Operating Income		95,631			94,229			1,402			1.5
Less: straight-lining of rents adj.		1,880			102			1,778			1,743.1
Net Operating Income		$	93,751		$	94,127		$	(376	)	(0.4	)
Percentage Leased at Period End		92.8		%	90.9		%
Total Properties:		249
Total Square Footage:		25,730,711

 

		For the nine months ended September 30,											%
		2004			2003				Change				Change
Total Property Revenues		$	420,344		$		415,183		$	5,161			1.2
Real Estate Taxes		50,496			47,140				3,356				7.1
Utilities		31,898			30,757				1,141				3.7
Operating Services		51,918			51,118				800				1.6
Total Property Expenses:		134,312			129,015				5,297				4.1
GAAP Net Operating Income		286,032			286,168				(136			)	0.0
Less: straight-lining of rents adj.		7,208			5,161				2,047				39.7
Net Operating Income		$	278,824		$	281,007			$		(2,183	)	(0.8	)
Percentage Leased at Period End		92.8		%	90.9			%
Total Properties:		249
Total Square Footage:		25,730,711

 

(a)          Excludes four properties identified as held for sale at September 30, 2004.

 

12

 

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%
Office Properties:
G&G Martco		Convention Plaza		1		San Francisco, CA		71.7	%	305,618		50.0	%
Ashford Loop Associates, LP		1001 South Dairy Ashford		1		Houston, TX		51.1	%	130,000		20.0	%
Ashford Loop Associates, LP		2100 West Loop South		1		Houston, TX		72.4	%	168,000		20.0	%
Office/Flex Properties:
Ramland Realty Associates, L.L.C.		One Ramland Road		1		Orangeburg, NY		31.0	%	232,000		50.0	%
Mixed-Use:
Meadowlands Mills/Mack-Cali, LP		Meadowlands Xanadu (b)		n/a		East Rutherford, NJ		n/a		n/a		20.0	%
Hotel:
Harborside South Pier		Hyatt Regency South Pier		1		Jersey City, NJ		n/a		350 rooms		50.0	%
Land:
Plaza VIII and IX Associates, L.L.C.		Vacant land/parking		—		Jersey City, NJ		n/a		n/a		50.0	%

 

(a)          Property consists of a three-story theater and retail complex.

(b)         The venture is developing a family entertainment and recreation complex with an office and hotel component to be built at the Meadowlands sports complex in East Rutherford, New Jersey (“Meadowlands Xanadu”).  Meadowlands Xanadu’s approximately 4.76 million-square-foot complex is expected to feature a family entertainment destination comprising three themed zones: sports/recreation, children’s activities and fashion, in addition to four office buildings, aggregating approximately 1.8 million square feet, and a 520-room hotel.

 

13

 

Unconsolidated Joint Venture Financial Information

 

The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of September 30, 2004 and December 31, 2003:

 

		September 30, 2004
														American		Plaza
		Meadowlands							G&G					Financial		VIII & IX					Ramland			Ashford					Harborside						Combined
		Xanadu				HPMC			Martco					Exchange		Associates					Realty			Loop					South Pier						Total
Assets:
Rental property, net		$		178,443		—			$		8,583			—		$			12,779		$	13,183		$	35,826				$				81,283		$				330,097
Other assets		1,131				$	4,057		4,505					—		1,528					1,149			192					10,177						22,739
Total assets		$		179,574		$	4,057		$		13,088			—		$			14,307		$	14,332		$	36,018				$				91,460		$			352,836
Liabilities and partners’/ members’ capital (deficit):
Mortgages, loans payable and other obligations		—				—			$	43,039				—		—					$	14,936		—					$			67,670			$		125,645
Other liabilities		$		2,695		$	141		1,059					—		$	1,376				1,013			$	702				3,395						10,381
Partners’/members’ capital (deficit)		176,879				3,916			(31,010				)	—		12,931					(1,617		)	35,316					20,395						216,810
Total liabilities and partners’/ members’ capital (deficit)		$	179,574			$	4,057		$		13,088			—		$		14,307			$	14,332		$		36,018			$		91,460				$	352,836
Company’s investment in unconsolidated joint ventures, net		$		7,814		$	636		$			6,989		—		$	6,387				—			$			7,502		$	12,699					$	42,027

 

		December 31, 2003
												American		Plaza
		Meadowlands							G&G			Financial		VIII & IX						Ramland				Ashford					Harborside			Combined
		Xanadu			HPMC				Martco			Exchange		Associates						Realty				Loop					South Pier			Total
Assets:
Rental property, net		$	142,968		—				$	7,207		—		$			13,196			$	13,262			$	36,058				$	85,214		$	297,905
Other assets		1,535			$	13,354			3,091			—		3,307						548				336					11,317			33,488
Total assets		$	144,503		$	13,354			$	10,298		—		$				16,503		$	13,810			$	36,394				$	96,531		$	331,393
Liabilities and partners’/ member’s capital (deficit):
Mortgages, loans payable and other obligations		—			—				$	41,563		—		—						$	14,936			—					$	73,175		$	129,674
Other liabilities		$	1,571		$	44			868			—		$		1,472				88				$	712				2,726			7,481
Partners’/members’ capital (deficit)		142,932			13,310				(32,133		)	—		15,031						(1,214			)	35,682					20,630			194,238
Total liabilities and partners’/ member’s capital (deficit)		$	144,503		$	13,354			$	10,298		—		$	16,503					$		13,810		$			36,394		$	96,531		$	331,393
Company’s investment in unconsolidated joint ventures, net		$	1,073		$		12,808		$	6,427		—		$	7,437					—				$		7,575			$	13,304		$	48,624

 

14

 

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 September 30, 2004 and 2003:

 

 

		Three Months Ended September 30, 2004
																								Minority
										American		Plaza												Interest in
		Meadowlands					G&G			Financial		VIII & IX			Ramland			Ashford			Harborside			Operating			Combined
		Xanadu		HPMC			Martco			Exchange		Associates			Realty			Loop			South Pier			Partnership			Total
Total revenues		—		$	10,676		$	1,634		—		$	28		$	344		$	755		$	7,046		—			$	20,483
Operating and other expenses		—		(6		)	(871		)	—		(62		)	(332		)	(1,418		)	(4,676		)	—			(7,365		)
Depreciation and amortization		—		—			(260		)	—		(154		)	(165		)	(244		)	(1,471		)	—			(2,294		)
Interest expense		—		—			(339		)	—		—			(121		)	—			(661		)	—			(1,121		)
Net income		—		$	10,670		$	164		—		$	(188	)	$	(274	)	$	(907	)	$	238		—			$	9,703
Company’s equity in earnings (loss) of unconsolidated joint ventures		—		$	(476	)	$	82		—		$	(94	)	$	(140	)	$	(181	)	$	119		$	79		$	(611	)

 

		Three Months Ended September 30, 2003
																								Minority
										American			Plaza											Interest in
		Meadowlands					G&G			Financial			VIII & IX		Ramland			Ashford			Harborside			Operating			Combined
		Xanadu		HPMC			Martco			Exchange			Associates		Realty			Loop			South Pier			Partnership			Total
Total revenues		—		$	11		$	2,950		$	5,614		—		$	65		$	955		$	6,692		—			$	16,287
Operating and other expenses		—		(244		)	(1,033		)	(1,156		)	—		(220		)	(800		)	(4,278		)	—			(7,731		)
Depreciation and amortization		—		—			(380		)	(1,111		)	—		(139		)	(244		)	(1,614		)	—			(3,488		)
Interest expense		—		—			(350		)	—			—		(107		)	—			(761		)	—			(1,218		)
Net income		—		$	(233	)	$	1,187		$	3,347		—		$	(401	)	$	(89	)	$	39		—			$	3,850
Company’s equity in earnings (loss) of unconsolidated joint ventures		—		$	(77	)	$	593		$	3,157		—		$	(100	)	$	(17	)	$	19		$	(424	)	$	3,151

 

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