Exhibit 99.1

SECOND QUARTER 2007

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/Development		9
·       Acquisitions/Development (continued) / Sales / Dividends / Financing Activity / Leasing		10
·       Leasing Information (continued) / Information About FFO		11
·       Key Financial Data		12
·       Same-Store Results and Analysis		13
·       Unconsolidated Joint Ventures Summary		14-17
·       Select Financial Ratios		18
·       Debt Analysis:
·       Debt Breakdown / Future Repayments		19
·       Debt Maturities		20
·       Debt Detail		21
III. FINANCIAL INFORMATION
·       Consolidated Statements of Operations		23
·       Consolidated Balance Sheets		24
·       Consolidated Statement of Changes in Stockholders’ Equity		25
·       Statements of Funds from Operations		26
·       Statements of Funds from Operations Per Diluted Share		27
·       Reconciliation of Basic-to-Diluted Shares/Units		28
IV. VALUE CREATION PIPELINE
·       Operating Property Acquisitions		30
·       Properties Commencing Initial Operations		31
·       Acquisition Property Profiles		32-33
·       Summary of Construction Projects		34
·       Summary of Land Parcels		35
·       Rental Property Sales/Rental Property Held For Sale		36
V. PORTFOLIO/ LEASING STATISTICS
·       Leasing Statistics		38-43
·       Market Diversification (MSA’s)		44
·       Industry Diversification (Top 30 Tenant Industries)		45
·       Consolidated Portfolio Analyses:
Breakdown by:
(a) Number of Properties		46
(b) Square Footage		47
(c) Base Rental Revenue		48
(d) Percentage Leased		49
·       Consolidated Property Listing (by Property Type)		50-58
·       Significant Tenants (Top 50 Tenants)		59-60
·       Schedules of Lease Expirations (by Property Type)		61-65

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2007

2

---

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

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

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

·                        changes in the general economic climate and conditions, including those affecting industries in which the Company’s principal tenants operate;

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

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

·                        changes in the supply of and demand for 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;

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

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

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

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 $5.7 billion at June 30, 2007.  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 302 properties, primarily class A office and office/flex buildings, totaling approximately 34.8 million square feet, serving as home to approximately 2,200 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 11.7 million square feet of additional commercial space.

History

Established over 50 years ago, in 1994 the New Jersey-based firm, Cali Realty, became a publicly-traded company listed on the New York Stock Exchange under the ticker symbol CLI.  Through combinations with some of the top companies in the real estate industry—most notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin Company—Mack-Cali has become one of the leading real estate companies in the country.

Strategy

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

Summary
(as of June 30, 2007)

Corporate Headquarters		Edison, New Jersey
Fiscal Year-End		12/31
Total Properties		302
Total Square Feet		34.8 million square feet
Geographic Diversity		Seven states and the District of Columbia
New Jersey Presence		23.2 million square feet
Northeast Presence		33.5 million square feet
Common Shares and Units Outstanding		83.2 million
Dividend— Quarter/Annualized		$0.64/$2.56
Dividend Yield		5.9%
Total Market Capitalization		$5.7 billion
Senior Debt Rating		BBB (S&P and Fitch);
		Baa2 (Moody’s)

 

5

---

Board of Directors

William L. Mack, Chairman of the Board

Martin S. Berger		David S. Mack
Alan S. Bernikow		Alan G. Philibosian
John R. Cali		Irvin D. Reid
Kenneth M. Duberstein		Vincent Tese
Nathan Gantcher		Roy J. Zuckerberg
Mitchell E. Hersh

 

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
Mark Yeager, Executive Vice President

6

---

Equity Research Coverage

Banc of America Securities, LLC		Keybanc Capital Markets
Mitchell B. Germain		Jordan Sadler
(212) 847-5794		(917) 368-2280
Bear, Stearns & Co., Inc.		Lehman Brothers
Ross Smotrich		David Harris
(212) 272-8046		(212) 526-1790
Citigroup		Merrill Lynch
Jonathan Litt		Ian Weissman
(212) 816-0231		(212) 449-6255
Deutsche Bank-North America		Morgan Stanley
Louis Taylor		David Cohen
(212) 250-4912		(212) 761-8564
Goldman Sachs & Co.		Stifel Nicolaus & Company, Inc.
Jonathan Habermann		John Guinee
(917) 343-4260		(410) 454-5520
Green Street Advisors		Wachovia Securities
Michael Knott		Christopher Haley
(949) 640-8780		(443) 263-6773
Keefe, Bruyette & Woods, Inc.
Shelia K. McGrath
(212) 887-7793

 

Company Contact Information

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

 

7

---

II.  FINANCIAL HIGHLIGHTS

8

---

II.  FINANCIAL HIGHLIGHTS

Quarterly Summary

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

Net income available to common shareholders for the second quarter 2007 equaled $51.1 million, or $0.75 per share, versus $26.6 million, or $0.43 per share, for the same quarter last year.  For the six months ended June 30, 2007, net income available to common shareholders equaled $69.7 million, or $1.04 per share, versus $59.2 million, or $0.95 per share, for the same period last year.

Funds from operations (FFO) available to common shareholders for the quarter ended June 30, 2007 amounted to $73.2 million, or $0.88 per share, versus $74.4 million, or $0.95 per share, for the quarter ended June 30, 2006.  For the six months ended June 30, 2007, FFO available to common shareholders amounted to $143.4 million, or $1.74 per share, versus $155.2 million, or $2.00 per share, for the same period last year.

Total revenues for the second quarter 2007 increased 9.7 percent to $200.5 million as compared to $182.8 million for the same quarter last year.  For the six months ended June 30, 2007, total revenues amounted to $393.8 million, an increase of 17.7 percent over total revenues of $334.7 million, for the same period last year.

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

The Company had 67,923,941 shares of common stock, 10,000 shares of 8 percent Series C cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), and 15,250,592 common operating partnership units outstanding as of June 30, 2007.

The Company had a total of 83,174,533 common shares/common units outstanding at June 30, 2007.

As of June 30, 2007, the Company had total indebtedness of approximately $2.1 billion, with a weighted average annual interest rate of 6.13 percent.  The Company had a total market capitalization of $5.7 billion and a debt-to-undepreciated assets ratio of 38.2 percent at June 30, 2007.  The Company had an interest coverage ratio of 3.3 times for the quarter ended June 30, 2007.

Acquisitions / Development

In May, the Company completed its development and acquisition transactions with AAA Mid-Atlantic for properties in Hamilton Township, New Jersey.

The transactions consist of:

·                                          The Company’s development for AAA of a three-story, 120,000 square-foot class A office building on a 21.6 acre land site at the Company’s Horizon Center Business Park.  AAA pre-leased the building, which it will use as an operations center, for 15 years.

·                                          The Company’s acquisition from AAA, for approximately $8.8 million, of two office buildings totaling 69,232 square feet and land for development of up to an additional 219,000 square feet of commercial space.

The properties and land sites acquired consist of:

·                                          A 33,962 square-foot office building on 9.5 acres of land at 2 South Gold Drive.  The site can be redeveloped to accommodate up to a total of 109,000 square feet of commercial space.  AAA has leased back 9,784 square feet at the building for 10 years.

·                                          A 35,270 square-foot office building with 17.5 acres of land at 3 and 5 AAA Drive.  The site can be redeveloped to accommodate up to a total of 147,000 square feet of commercial space.

·                                          A 2.4 acre land parcel at 6 AAA Drive for the development of up to 32,000 square feet of commercial space.

9

---

In June, the Company completed its acquisition of commercial condominium interests in 125 Broad Street, a downtown Manhattan office tower, for $273 million.  The commercial condominium units, which are 100 percent leased, were acquired from SL Green Realty Corporation.  The units are comprised of floors 2-16, totaling 524,500 square feet of office space, which represents 39.6 percent of the office tower.

Also in June, the Company acquired 43 acres of approved land within Capital Office Park in Greenbelt, Maryland, for approximately $13 million.  The land, which can accommodate the development of up to 602,000 square feet of office space, was acquired pursuant to an option agreement that was part of the Company’s February 2006 acquisition of Capital Office Park.  The seven-building class A office complex is located on the Capital Beltway northeast of Washington D.C.

Sales

In May, the Company sold 1000 Bridgeport Avenue in Shelton, Connecticut, for approximately $17 million.  The 133,000 square-foot class A office building, which is 93.1 percent leased, was sold to a partnership of The Praedium Group LLC and Abbey Road Advisors LLC.

In June, the Company completed the sale of a Greenwich, Connecticut property at 500 West Putnam Avenue to SL Green Realty Corporation for $56 million.  The property, which was the Company’s sole asset in Greenwich, is a four-story, 121,500 square-foot office building that is 94.4 percent leased.

More recently, in July, the Company sold two office buildings in Egg Harbor Township, New Jersey, for approximately $12.5 million.  The buildings, which total 80,344 square feet, were sold to an entity controlled by Ron DePietro of Haddonfield, New Jersey.  The buildings are located at 100 and 200 Decadon Drive and are 100 percent leased.

Dividends

In June, the Company’s Board of Directors declared a cash dividend of $0.64 per common share (indicating an annual rate of $2.56 per common share) for the second quarter 2007, which was paid on July 16, 2007 to shareholders of record as of July 5, 2007.

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 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period April 15, 2007 through July 14, 2007.  The dividend was paid on July 16, 2007 to shareholders of record as of July 5, 2007.

Financing Activity

In June, the Company announced that its operating partnership, Mack-Cali Realty, L.P., extended and modified its unsecured revolving credit facility with a group of 23 lender banks.  The $600 million unsecured facility, which is expandable to $800 million, was extended for an additional two years and now matures in June 2011.  The interest rate was reduced by 10 basis points to LIBOR plus 55 basis points at the BBB/Baa2 pricing level.  The interest rate is subject to adjustment, on a sliding scale, based upon the operating partnership’s unsecured debt ratings.

Leasing

Mack-Cali’s consolidated in-service portfolio was 91.9 percent leased at June 30, 2007, as compared to 92.2 percent at March 31, 2007.

For the quarter ended June 30, 2007, the Company executed 135 leases totaling 1,070,555 square feet, consisting of 759,269 square feet of office space, 303,010 square feet of office/flex space and 8,276 square feet of industrial/warehouse space. Of these totals, 380,951 square feet were for new leases and 689,604 square feet were for lease renewals and other tenant retention transactions.

10

---

Highlights of the quarter’s leasing transactions include:

IN NORTHERN NEW JERSEY:

·                  Daiichi Sankyo, Inc., a pharmaceutical company, signed a 10-year renewal for 89,144 square feet and a 15-year expansion for 96,876 square feet, totaling 186,020 square-feet and representing the entire office building at Two Hilton Court in Parsippany.

·                  MannKind Corporation, a biopharmaceutical company, signed a transaction totaling 59,446 square feet at 61 South Paramus Road in Paramus.  The deal consists of a 33-month expansion of 10,097 square feet, a 16-month expansion of 34,197 square feet and a 16-month renewal of 15,152 square feet.  61 South Paramus Road is a 269,191 square-foot office building that is 99.9 percent leased.

IN CENTRAL NEW JERSEY:

·                  Telecom services provider Sonus Networks, Inc. signed a new, eight-year lease for 28,462 square feet at 3 Paragon Way in Freehold.  The 66,898 square-foot office building, located at Monmouth Executive Park, is 100 percent leased.

IN WESTCHESTER COUNTY, NEW YORK:

·                  MetroPCS New York, LLC, a division of wireless provider MetroPCS Communications, Inc., signed a new, 10-year lease for 34,870 square feet at 5 Skyline Drive in Hawthorne.  This 124,022 square-foot office/flex building is 99.3 percent leased.

·                  Also at 5 Skyline Drive, Conri Services, Inc., a fulfillment distributor, signed a new, 11-year lease for 21,222 square feet.  Conri Services also completed a 29-month renewal for 4,222 square feet at 250 Clearbrook Road in Elmsford.  250 Clearbrook Road is a 155,000 square-foot office/flex building that is 97.3 percent leased.

·                  Publishers Circulation Fulfillment, Inc., a provider of distribution outsourcing, signed a transaction totaling 24,112 square feet at 300 Executive Boulevard in Elmsford.  The deal represents a six-year expansion for 5,712 square feet and an 18-month renewal of 18,400 square feet.  300 Executive Boulevard is a 60,000 square-foot office/flex building that is 63 percent leased.

IN SUBURBAN PHILADELPHIA:

Sussex Wine Merchants, a wine distributor, signed a five-year renewal for 19,075 square feet at 50 Twosome Drive in Moorestown.  The 34,075 square-foot office/flex building is 100 percent leased.

IN WASHINGTON, D.C.:

The General Services Administration (GSA) signed a 100-month expansion for 26,274 square feet at 1400 L Street N.W. in Washington.  This expansion brings the GSA’s presence at 1400 L Street to 140,560 square feet in this fully-leased, 159,000 square-foot office building.

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 27.

11

Key Financial Data

		As of or for the three months ended
		6/30/07		3/31/07		12/31/06		9/30/06		6/30/06
Shares and Units:
Common Shares Outstanding		67,923,941		67,847,852		62,925,191		62,551,206		62,360,388
Common Units Outstanding (a)		15,250,592		15,200,761		15,342,283		15,595,825		15,681,625
Combined Shares and Units		83,174,533		83,048,613		78,267,474		78,147,031		78,042,013
Preferred Shares Outstanding		10,000		10,000		10,000		10,000		10,000
Weighted Average- Basic (b)		82,989,817		80,981,701		78,026,613		77,944,623		77,780,362
Weighted Average- Diluted (c)		83,192,728		81,234,395		78,409,851		78,258,441		78,067,030
Common Share Price ($’s):
At the end of the period		43.49		47.63		51.00		51.80		45.92
High during period		50.83		56.52		55.37		53.66		47.47
Low during period		42.33		46.89		48.24		45.47		42.17
Market Capitalization:
($’s in thousands, except ratios)
Market Value of Equity (d)		3,643,815		3,982,484		4,018,758		4,075,120		3,610,858
Total Debt		2,083,548		1,996,017		2,159,959		2,445,837		2,367,609
Total Market Capitalization		5,727,363		5,978,501		6,178,717		6,520,957		5,978,467
Total Debt/ Total Market Capitalization		36.38	%	33.39	%	34.96	%	37.51	%	39.60	%
Financials:
($’s in thousands, except ratios and per share amounts)
Total Assets		4,620,222		4,473,403		4,422,889		4,668,761		4,622,422
Gross Book Value of Real Estate Assets		4,841,833		4,574,395		4,573,587		4,839,677		4,792,269
Total Liabilities		2,368,874		2,237,640		2,412,762		2,698,445		2,626,066
Total Minority Interests		476,781		472,149		482,220		483,055		491,761
Total Stockholders’ Equity		1,774,567		1,763,614		1,527,907		1,487,261		1,504,595
Total Revenues		200,530		193,258		196,083		201,252		182,789
Capitalized Interest		1,186		1,324		1,281		1,719		1,571
Scheduled Principal Payments		2,469		3,645		4,416		3,912		4,189
Interest Coverage Ratio		3.34		3.27		2.91		2.87		3.23
Fixed Charge Coverage Ratio		2.94		2.77		2.47		2.45		2.71
Net Income		51,578		19,079		67,924		16,511		27,134
Net Income Available to Common Shareholders		51,078		18,579		67,424		16,011		26,634
Earnings per Share—diluted		0.75		0.28		1.07		0.26		0.43
FFO per Share—diluted (e)		0.88		0.86		0.87		0.86		0.95
Dividends Declared per Share		0.64		0.64		0.64		0.64		0.63
FFO Payout Ratio—diluted (e)		72.69	%	74.15	%	73.58	%	74.64	%	66.09	%
Portfolio Size:
Properties		302		300		300		321		319
Total Square Footage		34,754,192		34,294,734		34,294,734		36,066,424		35,826,085
Sq. Ft. Leased at End of Period (f) (g)		91.9	%	92.2	%	92.0	%	91.4	%	90.7	%

 

(a)     Includes any outstanding preferred units presented 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 any outstanding preferred units presented 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 11.

(f)                 Percentage leased includes leases in effect as of the period end date, some of which have commencement dates in the future (including, at June 30, 2007, a lease with commencement date substantially in the future consisting of 8,590 square feet scheduled to commence in 2009), and leases that expire at the period end date.

(g)              Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any).

12

---

Same Store Results and Analysis

(dollars in thousands)

		For the three months ended June 30,									%
		2007			2006			Change			Change
Total Property Revenues		$	164,238		$	156,883		$	7,355		4.7
Real Estate Taxes		23,004			20,879			2,125			10.2
Utilities		14,859			13,080			1,779			13.6
Operating Services		24,290			20,837			3,453			16.6
Total Property Expenses:		62,153			54,796			7,357			13.4
GAAP Net Operating Income		102,085			102,087			(2		)	0.0
Less: straight-lining of rents adj.		1,619			4,761			(3,142		)	(66.0	)
Net Operating Income		$	100,466		$	97,326		$	3,140		3.2
Percentage Leased at Period End		91.8		%	90.5		%
Total Properties:		247
Total Square Footage:		27,912,807

 

		For the six months ended June 30,									%
		2007			2006			Change			Change
Total Property Revenues		$	319,341		$	301,654		$	17,687		5.9
Real Estate Taxes		44,915			41,040			3,875			9.4
Utilities		31,180			27,050			4,130			15.3
Operating Services		44,991			39,878			5,113			12.8
Total Property Expenses:		121,086			107,968			13,118			12.1
GAAP Net Operating Income		198,255			193,686			4,569			2.4
Less: straight-lining of rents adj.		5,169			10,188			(5,019		)	(49.3	)
Net Operating Income		$	193,086		$	183,498		$	9,588		5.2
Percentage Leased at Period End		92.0		%	90.6		%
Total Properties:		240
Total Square Footage:		27,070,549

 

13

---

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:
Red Bank Corporate Plaza		Red Bank Corporate Plaza (a)		1		Red Bank, NJ		100.0	%	92,878		50.0	%
Mack-Green-Gale		Bellemead Portfolio		25		New Jersey/Michigan		82.7	%	3,446,596		50.0	%
Route 93 Ventures		Route 495 North Sub Market		7		Boston Suburbs, MA		32.3	%	666,697		25.0	%
Gale Kimball L.L.C.		100 Kimball Drive		1		Parsippany, NJ		91.4	%	175,000		8.33	%
12 Vreeland Realty L.L.C.		12 Vreeland Road		1		Florham Park, NJ		100.0	%	139,750		50.0	%
Office/Flex Properties:
Ramland Realty Associates, L.L.C.		One Ramland Road		1		Orangeburg, NY		65.9	%	232,000		50.0	%
Mixed-Use:
GE/Gale Funding L.L.C.		Princeton Forrestal Village		n/a		Princeton, NJ		92.8	%	527,015		10.0	%
Boston-Filenes		Boston-Filenes		1		Boston, MA		n/a		1,200,000		15.0	%
Hotel:
Harborside South Pier		Hyatt Regency Jersey City on the Hudson		1		Jersey City, NJ		n/a		350 rooms		50.0	%
Land:
Plaza VIII and IX Associates, L.L.C.		Vacant land/parking		n/a		Jersey City, NJ		n/a		n/a		50.0	%
55 Corporate Partners L.L.C.		Condominium Interest Vacant Land		n/a		Bridgewater, NJ		n/a		n/a		50.0	%
Red Bank Corporate Plaza II		Vacant Land		n/a		Red Bank, NJ		n/a		n/a		50.0	%

 

(a)          The Company is developing a 92,878 square foot fully-leased office building for the venture.

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 June 30, 2007 and December 31, 2006 (dollars in thousands):

June 30, 2007

Plaza VIII & IX Associates

Ramland Realty

Harborside South Pier

Red Bank Corporate Plaza

Mack- Green- Gale

Princeton Forrestal Village

Route 93 Portfolio

Gale Kimball

55 Corporate

12 Vreeland

Boston- Filenes

NKFGMS  Owners  LLC

Combined Total

Assets:

Rental property, net		$	11,095		$	11,844		$	66,640		$	21,599		$	475,513		$	43,077		$	55,873		$	29,219		$	17,000		$	8,021		—			$	280		$	740,161
Other assets		1,797			872			15,338			2,245			71,079			26,026			3,612			654			—			849			$	49,629		4,757			176,858
Total assets		$	12,892		$	12,716		$	81,978		$	23,844		$	546,592		$	69,103		$	59,485		$	29,873		$	17,000		$	8,870		$	49,629		$	5,037		$	917,019
Liabilities and partners’/members’ capital (deficit):
Mortgages, loans payable and other obligations		—			$	14,861		$	76,803		$	16,685		$	361,455		$	52,800		$	41,255		$	18,602		—			$	9,256		—			—			$	591,717
Other liabilities		$	529		306			6,433			7			33,679			7,253			598			—			—			—			$	114		$	3,904		52,823
Partners’/members’ capital (deficit):		12,363			(2,451		)	(1,258		)	7,152			151,458			9,050			17,632			11,271			$	17,000		(386		)	49,515			1,133			272,479
Total liabilities and partners’/members’ capital (deficit):		$	12,892		$	12,716		$	81,978		$	23,844		$	546,592		$	69,103		$	59,485		$	29,873		$	17,000		$	8,870		$	49,629		$	5,037		$	917,019
Company’s investment in unconsolidated joint ventures		$	6,101		—			—			$	3,795		$	131,013		$	2,159		$	5,259		$	987		$	8,500		$	7,377		$	15,323		$	545		$	181,059

 

December 31, 2006

Plaza VIII & IX Associates

Ramland Realty

Harborside South Pier

Red Bank Corporate Plaza

Mack- Green- Gale

Princeton Forrestal Village

Route 93 Portfolio

Gale Kimball

55 Corporate

12 Vreeland

Boston-Filenes

NKFGMS Owners LLC

Combined Total

Assets:

Rental property, net		$	11,404		$	12,141		$	69,303		$	12,462		$	480,867		$	39,538		$	54,684		$	26,601		$	17,000		$	8,221		—			$	239		$	732,460
Other assets		1,408			851			11,170			3,309			76,897			24,830			7,177			654			—			909			$	10,500		2,638			140,343
Total assets		$	12,812		$	12,992		$	80,473		$	15,771		$	557,764		$	64,368		$	61,861		$	27,255		$	17,000		$	9,130		$	10,500		$	2,877		$	872,803
Liabilities and partners’/members’ capital (deficit):
Mortgages, loans payable and other obligations		—			$	14,936		$	77,217		$	8,673		$	358,063		$	47,761		$	39,435		$	15,350		—			$	10,253		—			—			$	571,688
Other liabilities		$	532		259			4,944			8			39,497			5,972			846			—			—			—			—			$	1,329		53,387
Partners’/members’ capital (deficit):		12,280			(2,203		)	(1,688		)	7,090			160,204			10,635			21,580			11,905			$	17,000		(1,123		)	$	10,500		1,548			247,728
Total liabilities and partners’/members’ capital (deficit):		$	12,812		$	12,992		$	80,473		$	15,771		$	557,764		$	64,368		$	61,861		$	27,255		$	17,000		$	9,130		$	10,500		$	2,877		$	872,803
Company’s investment in unconsolidated joint ventures		$	6,060		—			—			$	3,647		$	119,061		$	2,560		$	6,669		$	1,024		$	8,500		$	7,130		$	5,250		$	400		$	160,301

 

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 June 30, 2007 and 2006 (dollars in thousands):

Three Months Ended June 30, 2007

Meadowlands Xanadu

G&G Martco

Plaza VIII & IX Associates

Ramland Realty

Harborside South Pier

Red Bank Corporate Plaza

Mack- Green- Gale

Princeton Forrestal Village

Route 93 Portfolio

Gale Kimball

55  Corporate

12  Vreeland

Boston- Filenes

NKFGMS  Owners  LLC

Combined  Total

Total revenues		—		—		$	215		$	518		$	11,366		—		$	17,251		$	2,386		$	738		$	2		—		$	524		$	205		$	8,708		$	41,913
Operating and other expenses		—		—		(44		)	(389		)	(6,943		)	—		(7,716		)	(1,516		)	(977		)	(31		)	—		(14		)	(400		)	(8,647		)	(26,677		)
Depreciation and amortization		—		—		(154		)	(175		)	(1,488		)	—		(7,429		)	(786		)	(467		)	(183		)	—		(88		)	—			—			(10,770		)
Interest expenses		—		—		—			(265		)	(1,199		)	—		(6,805		)	(1,192		)	(846		)	(321		)	—		(169		)	—			—			(10,797		)
Net income		—		—		$	17		$	(311	)	$	1,736		—		$	(4,699	)	$	(1,108	)	$	(1,552	)	$	(533	)	—		$	253		$	(195	)	$	61		$	(6,331	)
Company’s equity in earnings of unconsolidated joint ventures		—		—		$	8		$	(175	)	$	762		—		$	(1,604	)	$	(270	)	$	(466	)	$	(44	)	—		$	127		$	(58	)	$	24		$	(1,696	)

 

Three Months Ended June 30, 2006

Meadowlands Xanadu

G&G Martco

Plaza VIII & IX Associates

Ramland Realty

Harborside South Pier

Red Bank Corporate Plaza

Mack- Green- Gale

Princeton Forrestal Village

Route 93 Portfolio

Gale Kimball

55  Corporate

12  Vreeland

Boston- Filenes

NKFGMS  Owners  LLC

Combined  Total

Total revenues		$	158		$	1,778		$	196		$	502		$	9,774		—		$	9,468		$	4,391		$	558		—		—		—		—		—		$	26,825
Operating and other expenses		(83		)	(978		)	(46		)	(364		)	(5,752		)	—		(3,776		)	(2,716		)	(257		)	—		—		—		—		—		(13,972		)
Depreciation and amortization		—			(357		)	(154		)	(187		)	(1,460		)	—		(3,378		)	(1,421		)	(94		)	—		—		—		—		—		(7,051		)
Interest expenses		—			(792		)	—			(253		)	(906		)	—		(3,591		)	(1,383		)	(263		)	—		—		—		—		—		(7,188		)
Net income		$	75		$	(349	)	$	(4	)	$	(302	)	$	1,656		—		$	(1,277	)	$	(1,129	)	$	(56	)	—		—		—		—		—		$	(1,386	)
Company’s equity in earnings of unconsolidated joint ventures		—			$	(331	)	$	(2	)	—			$	828		—		$	(1,260	)	$	(67	)	$	(14	)	—		—		—		—		—		$	(846	)

 

 

16

---

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 six months ended June 30, 2007 and 2006 (dollars in thousands):

Six Months Ended June 30, 2007

Meadowlands Xanadu

G&G Martco

Plaza VIII & IX Associates

Ramland Realty

Harborside South Pier

Red Bank Corporate Plaza

Mack- Green- Gale

Princeton Forrestal Village

Route 93 Portfolio

Gale Kimball

55  Corporate

12  Vreeland

Boston- Filenes

NKFGMS  Owners  LLC

Combined  Total

Total revenues		—		—		$	474		$	1,045		$	20,304		—		$	33,692		$	5,252		$	1,063		$	2		—		$	1,048		$	531		$	17,698		$	81,109
Operating and other expenses		—		—		(83		)	(763		)	(12,506		)	—		(15,158		)	(2,990		)	(1,864		)	(40		)	—		(33		)	(661		)	(17,565		)	(51,663		)
Depreciation and amortization		—		—		(308		)	(351		)	(2,966		)	—		(14,164		)	(1,536		)	(2,027		)	(183		)	—		(176		)	—			—			(21,711		)
Interest expenses		—		—		—			(529		)	(2,402		)	—		(13,429		)	(2,290		)	(1,643		)	(414		)	—		(344		)	—			—			(21,051		)
Net income		—		—		$	83		$	(598	)	$	2,430		—		$	(9,059	)	$	(1,564	)	$	(4,471	)	$	(635	)	—		$	495		$	(130	)	$	133		$	(13,316	)
Company’s equity in earnings of unconsolidated joint ventures		—		—		$	41		$	(175	)	$	1,109		—		$	(3,339	)	$	(402	)	$	(1,370	)	$	(52	)	—		$	247		$	(39	)	$	53		$	(3,927	)

 

Six Months Ended June 30, 2006

Meadowlands Xanadu

G&G Martco

Plaza VIII & IX Associates

Ramland Realty

Harborside South Pier

Red Bank Corporate Plaza

Mack- Green- Gale

Princeton Forrestal Village

Route 93 Portfolio

Gale Kimball

55  Corporate

12  Vreeland

Boston- Filenes

NKFGMS  Owners  LLC

Combined  Total

Total revenues		$	299		$	3,647		$	322		$	1,015		$	17,603		—		$	9,468		$	4,391		$	558		—		—		—		—		—		$	37,303
Operating and other expenses		(151		)	(1,880		)	(88		)	(704		)	(10,636		)	—		(3,776		)	(2,716		)	(257		)	—		—-		—		—		—		(20,208		)
Depreciation and amortization		—			(712		)	(308		)	(376		)	(2,909		)	—		(3,378		)	(1,421		)	(94		)	—		—		—		—		—		(9,198		)
Interest expenses		—			(1,517		)	—			(489		)	(1,857		)	—		(3,591		)	(1,383		)	(263		)	—		—		—		—		—		(9,100		)
Net income		$	148		$	(462	)	$	(74	)	$	(554	)	$	2,201		—		$	(1,277	)	$	(1,129	)	$	(56	)	—		—		—		—		—		$	(1,203	)
Company’s equity in earnings of unconsolidated joint ventures		—			$	(322	)	$	(37	)	—			$	1,101		—		$	(1,260	)	$	(67	)	$	(14	)	—		—		—		—		—		$	(599	)

 

17