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		9
· Dividends / Leasing		10 – 11
· 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
· Summary of Construction Projects		32
· Summary of Land Parcels		33
· Rental Property Sales		34

V. PORTFOLIO/ LEASING STATISTICS
· Leasing Statistics		36 – 41
· Market Diversification (MSA’s)		42
· Industry Diversification (Top 30 Tenant Industries)		43
· Consolidated Portfolio Analyses:
Breakdown by:
(a) Number of Properties		44
(b) Square Footage		45
(c) Base Rental Revenue		46
(d) Percentage Leased		47
· Consolidated Property Listing (by Property Type)		48 – 56
· Significant Tenants (Top 50 Tenants)		57 – 58
· Schedules of Lease Expirations (by Property Type)		59 – 63

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended December 31, 2008

Key Financial Data

	As of or for the three months ended
	12/31/08		9/30/08		6/30/08		3/31/08		12/31/07
Shares and Units:
Common Shares Outstanding	66,419,055		65,875,466		65,756,271		65,680,674		65,558,073
Common Units Outstanding (a)	14,437,731		14,856,139		14,931,138		14,982,538		14,985,538
Combined Shares and Units	80,856,786		80,731,605		80,687,409		80,663,212		80,543,611
Preferred Shares Outstanding	10,000		10,000		10,000		10,000		10,000
Weighted Average- Basic (b)	80,465,797		80,414,716		80,377,518		80,356,876		81,939,677
Weighted Average- Diluted (c)	80,500,825		80,617,243		80,585,378		80,491,357		82,137,909

Common Share Price ($’s):
At the end of the period	24.50		33.87		34.17		35.71		34.00
High during period	33.31		43.00		40.56		37.42		45.00
Low during period	13.16		31.00		33.67		28.44		30.42

Market Capitalization:
($’s in thousands, except ratios)
Market Value of Equity (d)	2,006,777		2,760,543		2,783,384		2,906,755		2,764,897
Total Debt	2,225,475		2,230,861		2,234,347		2,239,963		2,211,735
Total Market Capitalization	4,232,252		4,991,404		5,017,731		5,146,718		4,976,632
Total Debt/ Total Market Capitalization	52.58	%	44.69	%	44.53	%	43.52	%	44.44	%

Financials:
($’s in thousands, except ratios and per share amounts)
Total Assets	4,443,922		4,492,890		4,541,287		4,560,962		4,593,202
Gross Book Value of Real Estate Assets	4,963,780		4,940,111		4,923,527		4,892,991		4,885,429
Total Liabilities	2,484,559		2,479,225		2,505,624		2,497,472		2,492,797
Total Minority Interests	414,900		437,816		444,562		451,455		457,850
Total Stockholders’ Equity	1,544,463		1,575,849		1,591,101		1,612,035		1,642,555
Total Revenues	186,100		204,363		192,793		194,713		201,682
Capitalized Interest	1,090		1,733		1,601		1,376		1,383
Scheduled Principal Payments	4,047		3,486		3,896		3,772		3,393
Interest Coverage Ratio	2.53		3.63		3.40		3.18		3.26
Fixed Charge Coverage Ratio	1.75		3.06		2.85		2.70		2.80
Net Income	(3,636	)	23,069		18,844		15,449		16,349
Net Income Available to Common Shareholders	(4,136	)	22,569		18,344		14,949		15,849
Earnings per Share—diluted	(0.06	)	0.34		0.28		0.23		0.24
FFO per Share—diluted (e)	0.63		1.02		0.93		0.88		0.89
Dividends Declared per Share	0.64		0.64		0.64		0.64		0.64
FFO Payout Ratio—diluted (e)	101.25	%	62.84	%	68.55	%	72.68	%	72.00	%

Portfolio Size:
Properties	293		294		294		294		294
Total Square Footage	33,501,011		33,733,011		33,733,011		33,733,011		33,733,011
Sq. Ft. Leased at End of Period (f) (g)	91.3	%	91.8	%	92.3	%	92.1	%	92.7	%

(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 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).

Same Store Results and Analysis

(dollars in thousands)

	For the three months ended December 31,									%
	2008			2007			Change			Change

Total Property Revenues	$	176,748		$	174,704		$	2,044		1.2

Real Estate Taxes	19,011			21,148			(2,137		)	(10.1	)
Utilities	18,434			18,254			180			1.0
Operating Services	29,662			26,202			3,460			13.2
Total Property Expenses:	67,107			65,604			1,503			2.3

GAAP Net Operating Income	109,641			109,100			541			0.5

Less: straight-lining of rents adj.	2,958			1,060			1,898			179.1

Net Operating Income	$	106,683		$	108,040		$	(1,357	)	(1.3	)

Percentage Leased at Period End	91.3		%	92.7		%

Total Properties:	255

Total Square Footage:	29,245,361

	For the year ended December 31,									%
	2008			2007			Change			Change

Total Property Revenues	$	680,051		$	669,456		$	10,595		1.6

Real Estate Taxes	86,658			88,909			(2,251		)	(2.5	)
Utilities	82,630			72,001			10,629			14.8
Operating Services	95,677			95,433			244			0.3
Total Property Expenses:	264,965			256,343			8,622			3.4

GAAP Net Operating Income	415,086			413,113			1,973			0.5

Less: straight-lining of rents adj.	6,529			7,421			(892		)	(12.0	)

Net Operating Income	$	408,557		$	405,692		$	2,865		0.7

Percentage Leased at Period End	91.2		%	92.6		%

Total Properties:	251

Total Square Footage:	28,531,653

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	1	Red Bank, NJ	100.0	%	92,878	50.0	%
Mack-Green-Gale	Bellemead Portfolio	17	New Jersey	88.1	%	2,237,881	50.0	%
Route 93 Ventures	Route 495 North Sub Market	7	Boston Suburbs, MA	33.9	%	666,697	25.0	%
Gale Kimball L.L.C.	100 Kimball Drive	1	Parsippany, NJ	100.0	%	175,000	8.33	%
12 Vreeland Realty L.L.C.	12 Vreeland Road	1	Florham Park, NJ	100.0	%	139,750	50.0	%
Gale Jefferson L.L.C.	One Jefferson Road (a)	1	Parsippany, NJ	0.0	%	100,000	8.33	%

Mixed-Use:
GE/Gale Funding L.L.C.	Princeton Forrestal Village	n/a	Princeton, NJ	93.3	%	527,015	10.0	%

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 (b)	n/a	Bridgewater, NJ	n/a		205,000	50.0	%
Red Bank Corporate Plaza II	Vacant Land	n/a	Red Bank, NJ	n/a		n/a	50.0	%
Boston-Downtown Crossing	Downtown Crossing	1	Boston, MA	n/a		1,481,000	15.0	%

(a) The Company is developing a 100,000 square foot office building for the venture.

(b) The Company will be developing a 205,000 square foot office building for the venture.

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 December 31, 2008 and 2007 (dollars in thousands):


	December 31, 2008
	Plaza VIII & IX Associates		Ramland Realty		Harborside South Pier		Red Bank Corporate Plaza I & II		Mack- Green- Gale		Princeton Forrestal Village		Route 93 Portfolio		Gale Kimball			55 Corporate		12 Vreeland		Boston- Downtown Crossing		Gale Jefferson		Combined Total
Assets:
Rental property, net	$	10,173	—		$	62,469	$	24,583	$	326,912	$	41,673	$	56,771	$	9,769		—		$	14,598	—		—		$	546,948
Other assets	1,008		$	20	34,654		4,301		43,037		22,396		495		425			$	17,896	789		$	63,521	$	4,416	192,958
Total assets	$	11,181	$	20	$	97,123	$	28,884	$	369,949	$	64,069	$	57,266	$	10,194		$	17,896	$	15,387	$	63,521	$	4,416	$	739,906
Liabilities and Partners’/members’ capital (deficit):
Mortgages, loans payable and other obligations	—		—		$	74,852	$	20,416	$	276,752	$	52,800	$	43,541	$	11,750		—		$	7,170	—		—		$	487,281
Other liabilities	$	531	—		21,652		87		21,451		5,128		985		45			—		—		$	18,515	$	2,578	70,972
Partners’/members’ capital (deficit)	10,650		$	20	619		8,381		71,746		6,141		12,740		(1,601		)	$	17,896	8,217		45,006		1,838		181,653
Total liabilities and partners’/members’ capital (deficit)	$	11,181	$	20	$	97,123	$	28,884	$	369,949	$	64,069	$	57,266	$	10,194		$	17,896	$	15,387	$	63,521	$	4,416	$	739,906
Company’s investment in unconsolidated joint ventures, net	$	5,248	—		$	254	$	3,929	$	92,110	$	1,342	$	4,024	—			$	9,068	$	8,300	$	13,464	$	756	$	138,495

	December 31, 2007
	Plaza VIII & IX Associates		Ramland Realty			Harborside South Pier		Red Bank Corporate Plaza I & II		Mack- Green- Gale		Princeton Forrestal Village		Route 93 Portfolio		Gale Kimball			55 Corporate		12 Vreeland		Boston- Downtown Crossing		Gale Jefferson		Combined Total
Assets:
Rental property, net	$	10,787	$	7,254		$	65,611	$	23,618	$	368,028	$	42,517	$	57,368	$	7,813		—		$	7,954	—		—		$	590,950
Other assets	2,250		763			17,995		2,818		52,741		25,679		3,323		1,809			$	17,000	851		$	81,651	$	1,918	208,798
Total assets	$	13,037	$	8,017		$	83,606	$	26,436	$	420,769	$	68,196	$	60,691	$	9,622		$	17,000	$	8,805	$	81,651	$	1,918	$	799,748
Liabilities and Partners’/members’ capital (deficit):
Mortgages, loans payable and other obligations	—		$	14,771		$	76,072	$	18,116	$	281,746	$	52,800	$	42,495	$	10,103		—		$	8,761	—		—		$	504,864
Other liabilities	$	532	366			6,324		132		23,809		6,847		1,809		30			—		—		$	20,678	$	80	60,607
Partners’/members’ capital (deficit)	12,505		(7,120		)	1,210		8,188		115,214		8,549		16,387		(511		)	$	17,000	44		60,973		1,838		234,277
Total liabilities and partners’/members’ capital (deficit)	$	13,037	$	8,017		$	83,606	$	26,436	$	420,769	$	68,196	$	60,691	$	9,622		$	17,000	$	8,805	$	81,651	$	1,918	$	799,748
Company’s investment in unconsolidated joint ventures, net	$	6,175	—			$	513	$	3,703	$	128,107	$	2,029	$	4,729	—			$	8,518	$	7,752	$	18,828	$	712	$	181,066

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 December 31, 2008 and 2007 (dollars in thousands):


	Three Months Ended December 31, 2008
	Plaza									Red Bank			Mack-			Princeton													Boston-			NKFGMS
	VIII & IX			Ramland			Harborside			Corporate			Gale-			Forrestal			Route 93			Gale			55	12			Downtown			Owners			Gale	Combined
	Associates			Realty			South Pier			Plaza I & II			Green			Village			Portfolio			Kimball			Corporate	Vreeland			Crossing			LLC			Jefferson	Total

Total revenues	$	288		$	7,848		$	13,204		$	809		$	13,766		$	1,561		$	670		$	434		—	$	599		—			—			—	$	39,179
Operating and other expenses	(46		)	(302		)	(7,658		)	(272		)	(37,907		)	(1,671		)	(1,165		)	(244		)	—	(14		)	—			—			—	(49,279		)
Depreciation and amortization	(153		)	(118		)	(1,000		)	(148		)	(5,904		)	(2,202		)	(470		)	(97		)	—	(128		)	—			—			—	(10,220		)
Interest expense	—			386			(1,156		)	(190		)	(4,219		)	(714		)	(544		)	(182		)	—	(129		)	—			—			—	(6,748		)

Net income	$	89		$	7,814		$	3,390		$	199		$	(34,264	)	$	(3,026	)	$	(1,509	)	$	(89	)	—	$	328		—			—			—	$	(27,068	)
Company’s equity in earnings (loss) of unconsolidated joint ventures	$	44		$	90		$	1,695		$	99		$	(28,416	)	$	(613	)	$	(453	)	$	29		—	$	164		$	(11,858	)	—			—	$	(39,219	)

																Three Months Ended December 31, 2007
	Plaza									Red Bank			Mack-			Princeton													Boston-			NKFGMS
	VIII & IX			Ramland			Harborside			Corporate			Gale-			Forrestal			Route 93			Gale			55	12			Downtown			Owners			Gale	Combined
	Associates			Realty			South Pier			Plaza I & II			Green			Village			Portfolio			Kimball			Corporate	Vreeland			Crossing			LLC			Jefferson	Total

Total revenues	$	284		$	380		$	13,008		$	856		$	16,561		$	3,839		$	737		$	9		—	$	792		$	(8	)	$	(17,698	)	—	$	18,760
Operating and other expenses	(42		)	(4,629		)	(7,759		)	(232		)	(30,187		)	(1,640		)	(780		)	50			—	(15		)	(20		)	17,565			—	(27,689		)
Depreciation and amortization	(154		)	(201		)	(1,467		)	(159		)	(4,006		)	(1,458		)	258			211			—	(88		)	—			—			—	(7,064		)
Interest expense	—			(251		)	(1,073		)	(317		)	(6,407		)	(1,189		)	(946		)	473			—	(209		)	—			—			—	(9,919		)

Net income	$	88		$	(4,701	)	$	2,709		$	148		$	(24,039	)	$	(448	)	$	(731	)	$	743		—	$	480		$	(28	)	$	(133	)	—	$	(25,912	)
Company’s equity in earnings (loss) of unconsolidated joint ventures	$	44		—			$	1,319		$	74		$	(1,326	)	$	(115	)	$	(581	)	$	(76	)	—	$	240		$	(11	)	—			—	$	(432	)

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 years ended December 31, 2008 and 2007 (dollars in thousands):


	Year Ended December 31, 2008
	Plaza									Red Bank			Mack-			Princeton													Boston-			NKFGMS
	VIII & IX			Ramland			Harborside			Corporate			Gale-			Forrestal			Route 93			Gale			55	12			Downtown			Owners		Gale	Combined
	Associates			Realty			South Pier			Plaza I & II			Green			Village			Portfolio			Kimball			Corporate	Vreeland			Crossing			LLC		Jefferson	Total
Total revenues	$	1,131		$	9,186		$	45,783		$	3,205		$	51,051		$	10,423		$	2,770		$	1,648		—	$	2,188		$	51		—		—	$	127,436
Operating and other expenses	(183		)	(1,182		)	(26,772		)	(868		)	(53,334		)	(6,552		)	(3,716		)	(632		)	—	(72		)	(33,333		)	—		—	(126,644		)
Depreciation and amortization	(614		)	(481		)	(4,919		)	(593		)	(20,433		)	(4,885		)	(1,758		)	(350		)	—	(511		)	—			—		—	(34,544		)
Interest expense	—			(203		)	(4,682		)	(792		)	(17,381		)	(3,318		)	(2,443		)	(700		)	—	(509		)	—			—		—	(30,028		)

Net income	$	334		$	7,320		$	9,410		$	952		$	(40,097	)	$	(4,332	)	$	(5,147	)	$	(34	)	—	$	1,096		$	(33,282	)	—		—	$	(63,780	)
Company’s equity in earnings (loss) of unconsolidated joint ventures	$	167		$	90		$	4,740		$	475		$	(32,354	)	$	(880	)	$	(1,154	)	$	455		—	$	548		$	(11,839	)	—		—	$	(39,752	)

	Year Ended December 31, 2007
	Plaza									Red Bank			Mack-			Princeton													Boston-			NKFGMS
	VIII & IX			Ramland			Harborside			Corporate			Gale-			Forrestal			Route 93			Gale			55	12			Downtown			Owners		Gale	Combined
	Associates			Realty			South Pier			Plaza I & II			Green			Village			Portfolio			Kimball			Corporate	Vreeland			Crossing			LLC		Jefferson	Total
Total revenues	$	1,015		$	1,903		$	43,952		$	1,098		$	67,113		$	12,996		$	2,522		$	12		—	$	2,280		$	664		—		—	$	133,555
Operating and other expenses	(174		)	(5,795		)	(26,706		)	(238		)	(53,123		)	(6,529		)	(3,593		)	(83		)	—	(65		)	(688		)	—		—	(96,994		)
Depreciation and amortization	(616		)	(727		)	(5,929		)	(208		)	(24,751		)	(3,785		)	(1,652		)	(118		)	—	(352		)	—			—		—	(38,138		)
Interest expense	—			(1,047		)	(4,669		)	(367		)	(26,706		)	(4,768		)	(3,428		)	(323		)	—	(663		)	—			—		—	(41,971		)

Net income	$	225		$	(5,666	)	$	6,648		$	285		$	(37,467	)	$	(2,086	)	$	(6,151	)	$	(512	)	—	$	1,200		$	(24	)	—		—	$	(43,548	)
Company’s equity in earnings (loss) of unconsolidated joint ventures	$	113		$	(375	)	$	3,182		$	143		$	(6,677	)	$	(531	)	$	(2,236	)	$	(180	)	—	$	600		$	(10	)	$	53	—	$	(5,918	)

Select Financial Ratios

Ratios Computed For Industry	December 31,
Comparisons:	2008		2007

Financial Position Ratios:
Total Debt/ Total Book Capitalization (Book value) (%)	50.08	%	48.15	%

Total Debt/ Total Market Capitalization (Market value) (%)	52.58	%	44.44	%

Total Debt/ Total Undepreciated Assets (%)	40.58	%	40.21	%

Secured Debt/ Total Undepreciated Assets (%)	9.59	%	5.48	%

	Three Months Ended December 31,				Year Ended December 31,
	2008		2007		2008		2007

Operational Ratios:
Interest Coverage (Funds from Operations+Interest Expense)/Interest Expense (x)	2.53		3.26		3.18		3.32

Debt Service Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Principal Amort.) (x)	1.82		2.95		2.67		3.01

Fixed Charge Coverage (Funds from Operations + Interest Expense)/(Interest Expense + Capitalized Interest+Pref. Div.+Prin. Amort.+Ground Lease Payments)(x)	1.75		2.80		2.54		2.86

FFO Payout (Dividends Declared/Funds from Operations) (%)	101.25	%	72.00	%	73.97	%	71.86	%

Debt Analysis

(as of December 31, 2008)

Debt Breakdown

(dollars in thousands)

	Balance		% of Total		Weighted Average Interest Rate		Weighted Average Maturity in Years
Fixed Rate Unsecured Notes and Other Obligations	$	1,538,439	69.13	%	6.25	%	3.56
Fixed Rate Secured Debt	526,036		23.64	%	6.01	%	6.20
Variable Rate Unsecured Debt	161,000		7.23	%	1.82	%	2.48

Totals/Weighted Average:	$	2,225,475	100.00	%	5.87	%	4.10

Future Repayments

(dollars in thousands)

Period	Scheduled Amortization			Principal Maturities		Total			Weighted Average Interest Rate of Future Repayments (a)
2009	$	10,074		$	199,724	$	209,798		7.40	%
2010	5,315			334,500		339,815			5.27	%
2011	5,667			461,000		466,667			5.80	%
2012	5,992			210,148		216,140			6.14	%
2013	5,236			145,222		150,458			5.25	%
Thereafter	24,004			820,260		844,264			5.82	%
Sub-total	56,288			2,170,854		2,227,142			5.87	%
Adjustment for unamortized debt discount/premium, net, as of December 31, 2008	(1,667		)	—		(1,667		)	—

Totals/Weighted Average:	$	54,621		$	2,170,854	$	2,225,475		5.87	%

Debt Maturities

(dollars in thousands)

	2009		2010		2011		2012		2013		2014		2015		2016		2018		TOTALS
Secured Debt:
6404 Ivy Lane																			—
Prudential Portfolio			$	150,000															$	150,000
105 Challenger			19,500																19,500
2200 Renaissance Boulevard							$	15,234											15,234
Soundview Plaza									$	14,889									14,889
9200 Edmonston Road									4,229										4,229
6305 Ivy Lane											$	5,726							5,726
6301 Ivy Lane											5,320								5,320
35 Waterview											18,185								18,185
395 West Passaic											9,492								9,492
23 Main Street																	$	26,566	26,566
Harborside Plaza 5																	204,970		204,970
Total Secured Debt:	—		$	169,500	—		$	15,234	$	19,118	$	38,723	—		—		$	231,536	$	474,111

Unsecured Debt:
Unsecured credit facility					$	161,000													$	161,000
7.250% unsecured notes due 3/09	$	199,724																	199,724
5.050% unsecured notes due 4/10			$	150,000															150,000
7.835% unsecured notes due 12/10			15,000																15,000
7.750% unsecured notes due 2/11					300,000														300,000
5.250% unsecured notes due 1/12							$	100,000											100,000
6.150% unsecured notes due 12/12							94,914												94,914
5.820% unsecured notes due 3/13									$	26,105									26,105
4.600% unsecured notes due 6/13									100,000										100,000
5.125% unsecured notes due 2/14											$	200,000							200,000
5.125% unsecured notes due 1/15													$	150,000					150,000
5.80% unsecured notes due 1/16															$	200,000			200,000
Total Unsecured Debt:	$	199,724	$	165,000	$	461,000	$	194,914	$	126,105	$	200,000	$	150,000	$	200,000	—		$	1,696,743

Total Debt:	$	199,724	$	334,500	$	461,000	$	210,148	$	145,223	$	238,723	$	150,000	$	200,000	$	231,536	$	2,170,854

Debt Detail

(dollars in thousands)

			Effective		Principal Balance at
Property Name		Lender	Interest Rate		December 31, 2008		December 31, 2007		Date of Maturity
Senior Unsecured Notes: (a)
7.250%, Senior Unsecured Notes		public debt	7.486	%	$	199,689	$	299,716	03/15/09
5.050%, Senior Unsecured Notes		public debt	5.265	%	149,929		149,874		04/15/10
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	%	299,641		299,468		02/15/11
5.250%, Senior Unsecured Notes		public debt	5.457	%	99,404		99,210		01/15/12
6.150%, Senior Unsecured Notes		public debt	6.894	%	92,963		92,472		12/15/12
5.820%, Senior Unsecured Notes		public debt	6.448	%	25,641		25,530		03/15/13
4.600%, Senior Unsecured Notes		public debt	4.742	%	99,872		99,844		06/15/13
5.125%, Senior Unsecured Notes		public debt	5.110	%	201,229		201,468		02/15/14
5.125%, Senior Unsecured Notes		public debt	5.297	%	149,441		149,349		01/15/15
5.800%, Senior Unsecured Notes		public debt	5.806	%	200,540		200,616		01/15/16
Total Senior Unsecured Notes:					$	1,533,349	$	1,632,547

Revolving Credit Facilities:
Unsecured Facility (b)		23 Lenders	Libor +0.550	%	$	161,000	$	250,000	6/22/11
Total Revolving Credit Facilities:					$	161,000	$	250,000

Property Mortgages: (c)
6404 Ivy Lane	Wachovia CMBS		5.582	%	—		$	13,029		(d)
Assumed Obligations	n/a		5.000	%	$	5,090	27,657		05/01/09	(e)
Various (f)	Prudential Insurance Co.		4.841	%	150,000		150,000		01/15/10
105 Challenger Road	Archon Financial CMBS		6.235	%	19,188		18,968		06/06/10
2200 Renaissance Boulevard	Wachovia CMBS		5.888	%	17,043		17,442		12/01/12
Soundview Plaza	Morgan Stanley CMBS		6.015	%	17,109		17,575		01/01/13
9200 Edmonston Road	Principal Commercial Funding, L.L.C.		5.534	%	4,955		5,096		05/01/13
6305 Ivy Lane	John Hancock Life Ins. Co.		5.525	%	6,901		7,098		01/01/14
395 West Passaic	State Farm Life Ins. Co.		6.004	%	12,176		12,596		05/01/14
6301 Ivy Lane	John Hancock Life Ins. Co.		5.520	%	6,480		6,655		07/01/14
35 Waterview	Wachovia CMBS		6.348	%	19,868		20,104		08/11/14
23 Main Street	JPMorgan CMBS		5.587	%	32,521		32,968		09/01/18
Harborside Plaza 5	The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.		6.804	%	239,795		—		11/01/18
Total Mortgages, Loans Payable and Other Obligations:					$	531,126	$	329,188

Total Debt:					$	2,225,475	$	2,211,735

(a) Interest rate for unsecured notes reflects effective rate of debt, including cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount on the notes, as applicable.

(b) Total borrowing capacity under this facility is $775 million.

(c) Effective interest rate for mortgages, loans payable and other obligations reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs and other transaction costs, as applicable.

(d) On May 5, 2008, the Company repaid this mortgage at par, using available cash.

(e) The obligations mature at various times through May 2009.

(f) Mortgage is collateralized by seven properties.

III. FINANCIAL INFORMATION

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share amounts) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2008			2007			2008			2007
Revenues
Base rents	$	149,399		$	147,889		$	593,898		$	575,463
Escalations and recoveries from tenants	27,625			25,304			109,690			104,781
Construction services	4,346			19,344			40,680			88,066
Real estate services	3,471			4,703			13,487			17,970
Other income	1,259			4,442			20,214			22,070
Total revenues	186,100			201,682			777,969			808,350

Expenses
Real estate taxes	16,479			21,151			88,001			90,895
Utilities	18,433			18,254			84,227			73,072
Operating services	28,536			27,876			107,616			106,946
Direct construction costs	3,562			19,155			37,649			85,179
General and administrative	10,885			14,811			43,984			52,162
Depreciation and amortization	50,085			48,500			194,635			183,564
Total expenses	127,980			149,747			556,112			591,818
Operating income	58,120			51,935			221,857			216,532

Other (expense) income
Interest expense	(33,182		)	(32,240		)	(128,145		)	(126,672		)
Interest and other investment income	270			497			1,385			4,670
Equity in earnings (loss) of unconsolidated joint ventures	(39,219		)	(432		)	(39,752		)	(5,918		)
Minority interest in consolidated joint ventures	378			151			664			643
Gain on reduction of other obligations	9,063			—			9,063			—
Gain on sale of investment in marketable securities	—			—			471			—
Total other (expense) income	(62,690		)	(32,024		)	(156,314		)	(127,277		)
Income (loss) from continuing operations before minority interest in Operating Partnership	(4,570		)	19,911			65,543			89,255
Minority interest in Operating Partnership	934			(3,562		)	(11,817		)	(16,126		)
Income (loss) from continuing operations	(3,636		)	16,349			53,726			73,129
Discontinued operations (net of minority interest):
Income (loss) from discontinued operations	—			—			—			1,057
Realized gains (losses) and unrealized losses on disposition of rental property, net	—			—			—			36,280
Total discontinued operations, net	—			—			—			37,337
Net income (loss)	(3,636		)	16,349			53,726			110,466
Preferred stock dividends	(500		)	(500		)	(2,000		)	(2,000		)
Net income (loss) available to common shareholders	$	(4,136	)	$	15,849		$	51,726		$	108,466

Basic earnings (loss) per common share:
Income (loss) from continuing operations	$	(0.06	)	$	0.24		$	0.79		$	1.06
Discontinued operations	—			—			—			0.56
Net income (loss)available to common shareholders	$	(0.06	)	$	0.24		$	0.79		$	1.62

Diluted earnings (loss) per common share:
Income (loss) from continuing operations	$	(0.06	)	$	0.24		$	0.79		$	1.06
Discontinued operations	—			—			—			0.55
Net income (loss) available to common shareholders	$	(0.06	)	$	0.24		$	0.79		$	1.61

Dividends declared per common share	$	0.64		$	0.64		$	2.56		$	2.56

Basic weighted average shares outstanding	65,640			66,903			65,489			67,026

Diluted weighted average shares outstanding	80,501			82,138			80,648			82,500

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Balance Sheets

(in thousands, except per share amounts) (unaudited)

	December 31,
	2008			2007
Assets
Rental property
Land and leasehold interests	$	731,086		$	726,253
Buildings and improvements	3,792,186			3,753,088
Tenant improvements	431,616			397,132
Furniture, fixtures and equipment	8,892			8,956
	4,963,780			4,885,429
Less – accumulated depreciation and amortization	(1,040,778		)	(907,013		)
Net investment in rental property	3,923,002			3,978,416
Cash and cash equivalents	21,621			24,716
Marketable securities available for sale at fair value	—			4,839
Investments in unconsolidated joint ventures	138,495			181,066
Unbilled rents receivable, net	112,524			107,761
Deferred charges and other assets, net	212,422			246,386
Restricted cash	12,719			13,613
Accounts receivable, net of allowance for doubtful accounts of $2,319 and $1,576	23,139			36,405

Total assets	$	4,443,922		$	4,593,202

Liabilities and Stockholders’ Equity
Senior unsecured notes	$	1,533,349		$	1,632,547
Revolving credit facility	161,000			250,000
Mortgages, loans payable and other obligations	531,126			329,188
Dividends and distributions payable	52,249			52,099
Accounts payable, accrued expenses and other liabilities	119,451			142,778
Rents received in advance and security deposits	54,406			51,992
Accrued interest payable	32,978			34,193
Total liabilities	2,484,559			2,492,797

Minority interests:
Operating Partnership	414,114			456,436
Consolidated joint ventures	786			1,414
Total minority interests	414,900			457,850
Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, 10,000 and 10,000 shares outstanding, at liquidation preference	25,000			25,000
Common stock, $0.01 par value, 190,000,000 shares authorized, 66,419,055 and 65,558,073shares outstanding	664			656
Additional paid-in capital	1,905,386			1,886,467
Dividends in excess of net earnings	(386,587		)	(269,521		)
Accumulated other comprehensive income	—			(47		)
Total stockholders’ equity	1,544,463			1,642,555

Total liabilities and stockholders’ equity	$	4,443,922		$	4,593,202

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Statement of Changes in Stockholders’ Equity

For the year ended December 31, 2008

(in thousands) (unaudited)

															Accumulated
									Additional			Dividends in			Other			Total
	Preferred Stock			Common Stock					Paid-In			Excess of			Comprehensive			Stockholders’			Comprehensive
	Shares	Amount		Shares		Par Value			Capital			Net Earnings			Income (Loss)			Equity			Income
Balance at January 1, 2008	10	$	25,000	65,558		$	656		$	1,886,467		$	(269,521	)	$	(47	)	$	1,642,555		—
Net income	—	—		—		—			—			53,726			—			53,726			$	53,726
Preferred stock dividends	—	—		—		—			—			(2,000		)	—			(2,000		)	—
Common stock dividends	—	—		—		—			—			(168,792		)	—			(168,792		)	—
Redemption of common units for common stock	—	—		547		5			16,243			—			—			16,248			—
Shares issued under Dividend Reinvestment and Stock Purchase Plan	—	—		10		—			319			—			—			319			—
Stock options exercised	—	—		82		—			2,311			—			—			2,311			—
Comprehensive Gain:
Unrealized holding gain on marketable securities available for sale	—	—		—		—			—			—			518			518			518
Directors Deferred comp. plan	—	—		—		—			388			—			—			388			—
Issuance of restricted stock	—	—		375		3			1,965			—			—			1,968			—
Stock Compensation	—	—		—		2			2,949			—			—			2,951			—
Cancellation of restricted stock	—	—		(2	)	—			(60		)	—			—			(60		)	—
Repurchase of Common Stock	—	—		(151	)	(2		)	(5,196		)	—			—			(5,198		)	—
Reclassification adjustment for realized gain included in net income	—	—		—		—			—			—			(471		)	(471		)	(471		)
Balance at December 31, 2008	10	$	25,000	66,419		$	664		$	1,905,386		$	(386,587	)	—			$	1,544,463		$	53,773

The accompanying notes are an integral part of these consolidated financial statements.

Statements of Funds from Operations

(in thousands, except per share/unit amounts) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2008			2007			2008			2007
Net income (loss) available to common shareholders	$	(4,136	)	$	15,849		$	51,726		$	108,466
Add: Minority interest in Operating Partnership	(934		)	3,562			11,817			16,126
Minority interest in discontinued operations	—			—			—			8,374
Real estate-related depreciation and amortization on continuing operations (a)	55,955			53,598			215,556			204,937
Real estate-related depreciation and amortization on discontinued operations	—			—			—			424
Deduct: Discontinued operations – realized gains (losses) and unrealized losses on disposition of rental property, net	—			—			—			(44,414		)
Funds from operations available to common shareholders (b)	$	50,885		$	73,009		$	279,099		$	293,913

Diluted weighted average shares/units outstanding (c)	80,501			82,138			80,648			82,500

Funds from operations per share/unit – diluted	$	0.63		$	0.89		$	3.46		$	3.56

Dividend declared per common share	$	0.64		$	0.64		$	2.56		$	2.56

Dividend payout ratios:
Funds from operations-diluted	101.25		%	72.00		%	73.97		%	71.86		%

Supplemental Information:
Non-incremental revenue generating capital expenditures:
Building improvements	$	4,070		$	3,822		$	11,562		$	10,875
Tenant improvements and leasing commissions	$	12,479		$	12,886		$	50,557		$	56,759
Straight-line rent adjustments (d)	$	3,061		$	1,775		$	8,305		$	11,161
Amortization of (above)/below market lease intangibles, net (e)	$	2,081		$	1,911		$	8,069		$	5,326
Gain on reduction of other obligations	$	9,062		—			$	9,062		—
Impairment charges included in equity in earnings (loss)	$	38,938		—			$	38,938		—

(a) Includes the Company’s share from unconsolidated joint ventures of $5,956 and $5,125 for the three months ended December 31, 2008 and 2007, respectively and $21,250 and $21,875 for the twelve months ended December 31, 2008 and 2007, respectively.

(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11.

(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (14,826 shares and 15,037 shares for the three months ended December 31, 2008 and 2007, respectively, and 14,915 shares and 15,190 shares for the twelve months ended December 31, 2008 and 2007, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 28.

(d) Includes the Company’s share from unconsolidated joint ventures of $103 and $715 for the three months ended December 31, 2008 and 2007, respectively and $1,003 and $3,068 for the twelve months ended December 31, 2008 and 2007, respectively.

(e) Includes the Company’s share from unconsolidated joint ventures of $455 and $370 for three months ended December 31, 2008 and 2007, respectively and $1,695 and $1,467 for the twelve months ended December 31, 2008 and 2007, respectively.

Statements of Funds from Operations Per Diluted Share

and Funds from Operations Excluding Certain Non-Cash Items Per Diluted Share

(amounts are per diluted share, except share count in thousands) (unaudited)

			Three Months Ended December 31,						Year Ended December 31,
			2008			2007			2008			2007
Net income (loss) available to common shareholders			$	(0.06	)	$	0.24		$	0.79		$	1.61
Add:	Real estate-related depreciation and amortization on continuing operations (a)		0.70			0.65			2.67			2.48
	Real estate-related depreciation and amortization on discontinued operations		—			—			—			0.01
Deduct:		Discontinued operations – Realized gains (losses) and unrealized losses on disposition of rental property, net	—			—			—			(0.54		)
		Minority interest/rounding adjustment	(0.01		)	—			—			—

Funds from operations available to common shareholders (b)			$	0.63		$	0.89		$	3.46		$	3.56
Add:	Non-cash impairment charges from equity in earnings (loss) in unconsolidated joint ventures		0.48			—			0.48			—
Deduct: Non-cash gain from reduction of other obligations			(0.11		)	—			(0.11		)	—

FFO Excluding Items			$	1.00		$	0.89		$	3.83		$	3.56

Dividend payout ratio for FFO Excluding Items			63.80		%	72.00		%	66.82		%	71.86		%

Diluted weighted average shares/units outstanding (c)			80,501			82,138			80,648			82,500

(a) Includes the Company’s share from unconsolidated joint ventures of $0.07 and $0.06 for the three months ended December 31, 2008 and 2007, respectively and $0.26 and $0.27 for the twelve months ended December 31, 2008 and 2007, respectively.

(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See “Information About FFO” on page 11.

(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (14,826 shares and 15,037 shares for the three months ended December 31, 2008 and 2007, respectively and 14,915 and 15,190 for the twelve months ended December 31, 2008 and 2007, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 28.

Summary of Construction Projects

(dollars in thousands)

Project	Location	Type of Space	Estimated Placed in Service Date	Number Of Buildings	Square Feet	Costs Incurred Through 12/31/08		Total Estimated Costs		Current % Leased		Company Effective Ownership
Majority Owned:
Wyndham Build-to-Suit	Parsippany, NJ	Office	2009-1Q	1	250,000	$	52,548	$	64,837	100.0	%	100.0	%

Total				1	250,000	$	52,548	$	64,837	100.0	%	100.0	%

Unconsolidated Joint Ventures:
One Jefferson	Parsippany, NJ	Office	2009-1Q	1	100,000	$	17,664	$	28,351	0.0	%	8.33	%

Total				1	100,000	$	17,664	$	28,351	0.0	%	8.33	%

Summary of Land Parcels

Site	Town/City	State	Acres	Development Potential (Sq. Ft.)	Type of Space
55 Corporate Drive (a)	Bridgewater	NJ	30.0	205,000	Office
Horizon Center	Hamilton Township	NJ	5.3	68,000	Office/Flex/Retail
3 & 5 AAA Drive (b)	Hamilton Township	NJ	17.5	112,000	Office
6 AAA Drive	Hamilton Township	NJ	2.4	32,000	Office
2 South Gold Drive (c)	Hamilton Township	NJ	9.5	75,000	Office
Plaza VIII and IX Associates, L.L.C. (a)	Jersey City	NJ	3.6	1,225,000	Office
Harborside Financial Center (d)	Jersey City	NJ	6.5	3,113,500	Office
One Newark Center (a)	Newark	NJ	1.0	400,000	Office
Mack-Cali Business Campus	Parsippany & Hanover	NJ	86.8	1,100,000	Office
3 Campus Drive	Parsippany	NJ	10.0	124,000	Office
Red Bank Corporate Plaza II (a)	Red Bank	NJ	1.0	18,563	Office
Commercenter	Totowa	NJ	5.8	30,000	Office/Flex
Princeton Metro	West Windsor	NJ	10.0	97,000	Office
Princeton Overlook II	West Windsor	NJ	10.0	149,500	Office
Mack-Cali Princeton Executive Park	West Windsor	NJ	59.9	760,000	Office/Hotel
Meadowlands Xanadu (a)	East Rutherford	NJ	13.8	1,760,000	Office
Meadowlands Xanadu (a)	East Rutherford	NJ	3.2	500,000	Hotel	(e)
Elmsford Distribution Center (f)	Elmsford	NY	14.5	100,000	Warehouse
Mid-Westchester Executive Park	Hawthorne	NY	7.2	82,250	Office/Flex
South Westchester Executive Park (f)	Yonkers	NY	52.4	350,000	Office/Flex
South Westchester Executive Park	Yonkers	NY	2.7	50,000	Office/Flex
Airport Business Center	Lester	PA	12.6	135,000	Office
Rose Tree Corporate Center	Media	PA	2.3	15,200	Office
Capital Office Park	Greenbelt	MD	43.0	600,000	Office
Eastpoint II	Lanham	MD	4.8	122,000	Office/Hotel
Downtown Crossing (a)	Boston	MA	1.5	1,481,000	Mixed-Used

Total:			417.3	12,705,013

(a)	Land owned or controlled by joint venture in which Mack-Cali is an equity partner.
(b)	This land parcel also includes an existing office building totaling 35,270 square feet.
(c)	This land parcel also includes an existing office building totaling 33,962 square feet.
(d)	In addition, there are 21 acres of riparian property.
(e)	Hotel project can comprise up to 520 rooms.
(f)	Mack-Cali holds an option to purchase this land.

V. PORTFOLIO/ LEASING STATISTICS

Leasing Statistics

(For the three months ended December 31, 2008)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

			LEASING ACTIVITY
Market	Sq. Ft. Leased 9/30/08	Leased Sq. Ft. Acquired/Sold (a)	Expiring/ Adjustment Sq. Ft. (b)		Incoming Sq. Ft.	Net Leasing Activity		Sq. Ft. Leased 12/31/08 (c)	Pct. Leased 12/31/08		Pct. Leased 9/30/08

Northern NJ	12,250,193	—	(137,612	)	108,550	(29,062	)	12,221,131	92.5	%	92.7	%
Central NJ	4,779,560	—	(146,543	)	96,297	(50,246	)	4,729,314	92.4	%	93.4	%
Westchester Co., NY	4,532,701	—	(171,837	)	148,316	(23,521	)	4,509,180	94.2	%	94.7	%
Manhattan	524,476	—	—		—	—		524,476	100.0	%	100.0	%
Sub. Philadelphia	3,133,395	—	(184,552	)	148,935	(35,617	)	3,097,778	87.8	%	88.8	%
Fairfield, CT	525,854	—	(21,373	)	21,651	278		526,132	88.0	%	88.0	%
Washington, DC/MD	940,170	—	(34,097	)	31,127	(2,970	)	937,200	72.5	%	72.7	%
Rockland Co., NY	165,469	—	(18,210	)	13,300	(4,910	)	160,559	89.2	%	91.9	%

Total	26,851,818	—	(714,224	)	568,176	(146,048	)	26,705,770	91.3	%	91.8	%

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

Total sq. ft. as of September 30, 2008		29,245,361
Total sq. ft. of properties added/sold this period		—
Total sq. ft. as of December 31, 2008		29,245,361

(a)		Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)		Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)		Includes leases expiring December 31, 2008 aggregating 67,473 square feet for which no new leases were signed.

Leasing Statistics

(For the three months ended December 31, 2008)

Consolidated In-Service Portfolio (continued)

DETAIL OF TRANSACTION ACTIVITY

Detail by Market

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 Costs Per Sq. Ft. Per Year (c)

Northern NJ	Office	22		108,550	60,723	47,827	5.3	26.90	3.75
Central NJ	Office	17		77,519	27,097	50,422	4.1	26.94	3.74
	Office/Flex	3		18,778	—	18,778	2.4	16.32	2.22
Westchester Co., NY	Office	12		32,280	13,472	18,808	3.9	24.23	2.78
	Office/Flex	14		116,036	26,162	89,874	4.6	13.85	1.53
Sub. Philadelphia	Office	19		63,500	8,854	54,646	2.5	24.20	2.94
	Office/Flex	7		85,435	11,135	74,300	1.9	8.78	1.31
Fairfield Co., CT	Office	2		3,851	1,850	2,001	2.1	20.39	1.35
	Office/Flex	2		17,800	—	17,800	1.5	17.75	3.12
Washington, DC/MD	Office	10		31,127	14,061	17,066	3.8	22.45	1.41
Rockland Co., NY	Office	4		13,300	—	13,300	4.9	27.39	2.69

Total		112		568,176	163,354	404,822	3.8	20.15	2.64

Detail by Property Type
	Office	86		330,127	126,057	204,070	4.1	25.65	3.28
	Office/Flex	26		238,049	37,297	200,752	3.2	12.52	1.58

Total		112		568,176	163,354	404,822	3.8	20.15	2.64

Tenant Retention:	Leases Retained	61.0	%
	Sq. Ft. Retained	56.7	%

(a)		“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)		Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)		Represents estimated workletter costs of $3,662,440 and commissions of $1,723,618 committed, but not necessarily expended, during the period for second generation space aggregating 547,934 square feet.

Leasing Statistics

(For the three months ended December 31, 2008)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

		Leased		LEASING ACTIVITY
Market	Sq. Ft. Leased 9/30/08	Sq. Ft. Acquired/ Sold (a)		Expiring/ Adjustment Sq. Ft. (b)		Incoming Sq. Ft.	Net Leasing Activity		Sq. Ft. Leased 12/31/08	Pct. Leased 12/31/08		Pct. Leased 9/30/08

Northern NJ	2,096,449	—		(76,136	)	75,954	(182	)	2,096,267	91.4	%	91.4	%
Central NJ	1,186,474	—		(169,286	)	174,021	4,735		1,191,209	91.9	%	91.6	%
Rockland Co., NY	122,620	(122,620	)	—		—	—		N/A	N/A		52.9	%
Boston, MA	211,962	—		—		13,910	13,910		225,872	33.9	%	31.8	%

Total	3,617,505	(122,620	)	(245,422	)	263,885	18,463		3,513,348	82.6	%	80.6	%

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

Total sq. ft. as of September 30, 2008	4,487,650
Total sq. ft. of properties sold this period	(232,000	)
Total sq. ft. as of December 31, 2008	4,255,650

DETAIL OF TRANSACTION ACTIVITY

Detail by Market

Market	# of Transactions	Total Sq. Ft.	Sq. Ft. New Leases	Sq. Ft. Renewed And Other Retained (c)	Wtd. Avg. Term (Yrs.)	Wtd. Avg. Base Rent (d)	Leasing Costs Per Sq. Ft. Per Year (e)

Northern NJ	5	75,954	4,193	71,761	1.7	27.06	1.69
Central NJ	10	174,021	97,939	76,082	4.3	24.90	3.07
Boston, MA	1	13,910	13,910	—	7.0	22.78	N/A

Total	16	263,885	116,042	147,843	3.7	25.41	2.88

(a)		Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)		Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)		“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(d)		Equals triple net rent plus common area costs and real estate taxes, as applicable.
(e)		Represents estimated workletter costs of $1,155,455 and commissions of $1,293,204 committed, but not necessarily expended, during the period for second generation space aggregating 241,219 square feet.

Leasing Statistics

(For the year ended December 31, 2008)

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

			LEASING ACTIVITY
Market	Sq. Ft. Leased 12/31/07	Leased Sq. Ft. Acquired/Sold (a)	Expiring/ Adjustment Sq. Ft. (b)		Incoming Sq. Ft.	Net Leasing Activity		Sq. Ft. Leased 12/31/08 (c)	Pct. Leased 12/31/08		Pct. Leased 12/31/07

Northern NJ	12,313,200	—	(1,103,954	)	1,011,885	(92,069	)	12,221,131	92.5	%	93.2	%
Central NJ	4,633,587	—	(460,057	)	555,784	95,727		4,729,314	92.4	%	90.5	%
Westchester Co., NY	4,625,884	—	(1,009,341	)	892,637	(116,704	)	4,509,180	94.2	%	96.6	%
Manhattan	524,476	—	—		—	—		524,476	100.0	%	100.0	%
Sub. Philadelphia	3,199,544	—	(1,141,480	)	1,039,714	(101,766	)	3,097,778	87.8	%	90.6	%
Fairfield, CT	511,543	—	(82,970	)	97,559	14,589		526,132	88.0	%	85.6	%
Washington, DC/MD	1,132,919	—	(358,183	)	162,464	(195,719	)	937,200	72.5	%	87.6	%
Rockland Co., NY	164,473	—	(28,875	)	24,961	(3,914	)	160,559	89.2	%	91.4	%

Total	27,105,626	—	(4,184,860	)	3,785,004	(399,856	)	26,705,770	91.3	%	92.7	%

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

Total sq. ft. as of December 31, 2007		29,245,361
Total sq. ft. of properties added/sold this period		—
Total sq. ft. as of December 31, 2008		29,245,361

(a)		Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.
(b)		Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.
(c)		Includes leases expiring December 31, 2008 aggregating 67,473 square feet for which no new leases were signed.

Leasing Statistics

(For the year ended December 31, 2008)

Consolidated In-Service Portfolio (continued)

DETAIL OF TRANSACTION ACTIVITY

Detail by Market

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 Costs Per Sq. Ft. Per Year (c)

Northern NJ	Office	108		937,621	345,564	592,057	7.7	31.44	4.14
	Office/Flex	6		74,264	13,823	60,441	4.6	16.90	1.45
Central NJ	Office	71		496,610	267,951	228,659	5.6	24.55	4.36
	Office/Flex	5		59,174	1,336	57,838	2.8	19.57	2.01
Westchester Co., NY	Office	78		289,677	62,132	227,545	4.4	28.57	2.64
	Office/Flex	74		566,525	251,402	315,123	6.3	15.84	1.47
	Industrial/Warehouse	4		36,435	—	36,435	5.0	20.48	0.58
Sub. Philadelphia	Office	57		685,451	199,065	486,386	5.2	28.71	2.74
	Office/Flex	32		354,263	58,830	295,433	3.2	9.66	1.41
Fairfield Co., CT	Office	11		38,181	8,191	29,990	2.3	27.01	3.34
	Office/Flex	4		59,378	4,650	54,728	4.0	18.88	1.11
Washington, DC/MD	Office	40		162,464	39,761	122,703	4.3	24.84	2.84
Rockland Co., NY	Office	9		24,961	3,346	21,615	4.3	27.39	2.51

Total		499		3,785,004	1,256,051	2,528,953	5.6	24.32	3.02

Detail by Property Type
	Office	374		2,634,965	926,010	1,708,955	6.0	28.61	3.63
	Office/Flex	121		1,113,604	330,041	783,563	4.9	14.30	1.45
	Industrial/Warehouse	4		36,435	—	36,435	5.0	20.48	0.58

Total		499		3,785,004	1,256,051	2,528,953	5.6	24.32	3.02

Tenant Retention:	Leases Retained	60.5	%
	Sq. Ft. Retained	60.4	%

(a)		“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.
(b)		Equals triple net rent plus common area costs and real estate taxes, as applicable.
(c)		Represents estimated workletter costs of $41,161,359 and commissions of $20,277,198 committed, but not necessarily expended, during the period for second generation space aggregating 3,639,706 square feet.

Leasing Statistics

(For the year ended December 31, 2008)

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

		Leased		LEASING ACTIVITY
Market	Sq. Ft. Leased 12/31/07	Sq. Ft. Acquired/ Sold (a)		Expiring/ Adjustment Sq. Ft. (b		Incoming Sq. Ft.	Net Leasing Activity		Sq. Ft. Leased 12/31/08	Pct. Leased 12/31/08		Pct. Leased 12/31/07

Northern NJ	2,157,166	—		(274,988	)	214,089	(60,899	)	2,096,267	91.4	%	94.1	%
Central NJ	1,148,111	—		(258,259	)	301,357	43,098		1,191,209	91.6	%	88.6	%
Rockland Co., NY	152,983	(122,620	)	(65,158	)	34,795	(30,363	)	N/A	N/A		65.9	%
Boston, MA	181,909	—		—		43,963	43,963		225,872	33.9	%	27.3	%

Total	3,640,169	(122,620	)	(598,405	)	594,204	(4,201	)	3,513,348	82.6	%	81.1	%

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

Total sq. ft. as of December 31, 2007	4,487,650
Total sq. ft. of properties sold this period	(232,000	)
Total sq. ft. as of December 31, 2008	4,255,650

DETAIL OF TRANSACTION ACTIVITY

Detail by Market

Market	# of Transactions	Total Sq. Ft.	Sq. Ft. New Leases	Sq. Ft. Renewed And Other Retained (c)	Wtd. Avg. Term (Yrs.)	Wtd. Avg. Base Rent (d)	Leasing Costs Per Sq. Ft. Per Year (e)

Northern NJ	21	214,089	48,408	165,681	4.7	26.91	2.09
Central NJ	27	301,357	165,976	135,381	4.9	24.42	3.19
Rockland Co., NY	1	34,795	34,795	—	10.0	10.70	0.48
Boston, MA	3	43,963	43,963	—	5.0	18.05	5.35

Total	52	594,204	293,142	301,062	5.1	24.04	2.52

(a) Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period.

(b) Represents the square footage of expiring leases and leases scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments.

(d) Equals triple net rent plus common area costs and real estate taxes, as applicable.

(e) Represents estimated workletter costs of $3,312,225 and commissions of $2,948,466 committed, but not necessarily expended, during the period for second generation space aggregating 500,374 square feet.

Market Diversification

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 (%)
Newark, NJ (Essex-Morris-Union Counties)	117,466,146	19.8	5,847,318	20.0
Jersey City, NJ	116,768,070	19.7	4,317,978	14.8
Westchester-Rockland, NY	92,751,056	15.6	4,968,420	17.0
Bergen-Passaic, NJ	91,317,222	15.4	4,602,401	15.7
Philadelphia, PA-NJ	54,862,380	9.2	3,529,994	12.1
Washington, DC-MD-VA-WV	27,234,548	4.6	1,292,807	4.4
Monmouth-Ocean, NJ	26,626,509	4.5	1,620,863	5.5
Middlesex-Somerset-Hunterdon, NJ	21,072,538	3.5	986,760	3.4
Trenton, NJ	20,132,790	3.4	956,597	3.3
New York (Manhattan)	15,614,553	2.6	524,476	1.8
Stamford-Norwalk, CT	7,825,615	1.3	452,260	1.5
Bridgeport, CT	2,488,688	0.4	145,487	0.5

Total	594,160,115	100.0	29,245,361	100.0

(a) Annualized base rental revenue is based on actual December 2008 billings times 12. For leases whose rent commences after January 1, 2009, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.

(b) Includes leases in effect as of the period end date, some of which have commencement dates in the future, and leases expiring December 31, 2008 aggregating 67,473 square feet and representing annualized rent of $1,429,664 for which no new leases were signed.

(c) Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

Industry Diversification

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 (c) (d)	Percentage of Total Company Leased Sq. Ft. (%)
Securities, Commodity Contracts & Other Financial	109,556,237	18.3	4,028,981	15.5
Insurance Carriers & Related Activities	54,445,581	9.2	2,232,752	8.6
Manufacturing	39,101,665	6.6	1,903,238	7.3
Telecommunications	30,878,765	5.2	1,652,846	6.3
Scientific Research/Development	27,225,267	4.6	1,042,572	4.0
Health Care & Social Assistance	26,210,965	4.4	1,261,848	4.8
Credit Intermediation & Related Activities	26,115,511	4.4	1,001,903	3.8
Computer System Design Services	24,727,137	4.2	1,166,996	4.4
Legal Services	23,475,533	4.0	911,400	3.5
Wholesale Trade	22,424,357	3.8	1,430,875	5.5
Other Professional	21,233,309	3.6	908,352	3.5
Accounting/Tax Prep.	18,415,549	3.1	737,618	2.8
Public Administration	16,463,841	2.8	625,452	2.4
Other Services (except Public Administration)	16,245,536	2.7	826,522	3.1
Retail Trade	15,332,211	2.6	903,338	3.4
Advertising/Related Services	15,319,667	2.6	613,511	2.3
Construction	11,316,256	1.9	509,980	1.9
Information Services	10,735,650	1.8	453,966	1.7
Arts, Entertainment & Recreation	10,138,144	1.7	636,794	2.4
Real Estate & Rental & Leasing	8,859,152	1.5	398,066	1.5
Architectural/Engineering	8,833,109	1.5	379,505	1.4
Admin & Support, Waste Mgt. & Remediation Services	8,000,799	1.3	431,165	1.6
Utilities	7,366,239	1.2	332,846	1.3
Transportation	6,673,603	1.1	361,855	1.4
Data Processing Services	6,097,582	1.0	245,431	0.9
Educational Services	5,406,123	0.9	271,621	1.0
Broadcasting	3,875,596	0.7	127,794	0.5
Publishing Industries	3,369,710	0.6	169,042	0.6
Management of Companies & Finance	3,038,119	0.5	124,089	0.5
Specialized Design Services	2,782,314	0.5	133,229	0.5
Other	10,496,588	1.7	415,442	1.6

Total	594,160,115	100.0	26,239,029	100.0

(a) The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS).

(b) Annualized base rental revenue is based on actual December 2008 billings times 12. For leases whose rent commences after January 1, 2009, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.

(c) Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

(d) Includes leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring December 31, 2008 aggregating 67,473 square feet and representing annualized rent of $1,429,664 for which no new leases were signed.

Consolidated Portfolio Analysis (a)

(as of December 31, 2008)

Breakdown by Number of Properties

PROPERTY TYPE:

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	99	38.8	%	49	19.2	%	—	—		—	—		—	—		148	58.0	%
New York	21	8.2	%	41	16.1	%	6	2.4	%	2	0.8	%	2	0.8	%	72	28.3	%
Pennsylvania	18	7.0	%	—	—		—	—		—	—		—	—		18	7.0	%
Connecticut	2	0.8	%	5	2.0	%	—	—		—	—		—	—		7	2.8	%
Wash., D.C./ Maryland	10	3.9	%	—	—		—	—		—	—		—	—		10	3.9	%
TOTALS By Type:	150	58.7	%	95	37.3	%	6	2.4	%	2	0.8	%	2	0.8	%	255	100.0	%

(a) Excludes 38 properties, aggregating approximately 4.3 million square feet, which are not consolidated by the Company.

Consolidated Portfolio Analysis (a)

(Year ended December 31, 2008)

Breakdown by Base Rental Revenue (b)

(Dollars in thousands)

PROPERTY TYPE:

STATE	Office		% of Total		Office/ Flex		% of Total		Indust./ Warehouse		% of Total		Stand- Alone Retail		% of Total		Land Leases		% of Total		TOTALS By State		% of Total

New Jersey	$	385,084	64.7	%	$	19,365	3.3	%	—		—		—		—		—		—		$	404,449	68.0	%
New York	71,513		12.0	%	33,852		5.7	%	$	4,033	0.7	%	$	420	0.1	%	$	299	0.1	%	110,117		18.6	%
Pennsylvania	41,374		7.0	%	—		—		—		—		—		—		—		—		41,374		7.0	%
Connecticut	6,379		1.1	%	4,125		0.7	%	—		—		—		—		—		—		10,504		1.8	%
Wash., D.C./Maryland	27,454		4.6	%	—		—		—		—		—		—		—		—		27,454		4.6	%
TOTALS By Type:	$	531,804	89.4	%	$	57,342	9.7	%	$	4,033	0.7	%	$	420	0.1	%	$	299	0.1	%	$	593,898	100.0	%

(a) Excludes 38 properties, aggregating approximately 4.3 million square feet, which are not consolidated by the Company.

(b) Total base rent for the 12 months ended December 31, 2008, determined in accordance with GAAP. Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenants’ proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage.

Property Listing

Office Properties

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

BERGEN COUNTY, NEW JERSEY
Fair Lawn
17-17 Route 208 North	1987	143,000	63.2	2,150	0.36	23.79	21.29
Fort Lee
One Bridge Plaza	1981	200,000	82.3	3,753	0.63	22.80	19.87
2115 Linwood Avenue	1981	68,000	56.5	859	0.14	22.36	20.61
Little Ferry
200 Riser Road	1974	286,628	100.0	2,076	0.35	7.24	6.69
Montvale
95 Chestnut Ridge Road	1975	47,700	100.0	801	0.13	16.79	15.39
135 Chestnut Ridge Road	1981	66,150	99.7	1,539	0.26	23.34	19.59
Paramus
15 East Midland Avenue	1988	259,823	80.5	4,859	0.82	23.23	22.48
140 East Ridgewood Avenue	1981	239,680	93.0	4,686	0.79	21.02	18.87
461 From Road	1988	253,554	98.6	6,074	1.02	24.30	24.21
650 From Road	1978	348,510	88.8	7,301	1.22	23.59	20.65
61 South Paramus Avenue	1985	269,191	97.5	7,533	1.27	28.70	25.33
Ridgefield Park
105 Challenger Road	1992	150,050	100.0	4,271	0.72	28.46	26.14
Rochelle Park
120 Passaic Street	1972	52,000	99.6	1,402	0.24	27.07	25.51
365 West Passaic Street	1976	212,578	98.0	4,558	0.77	21.88	19.84
395 West Passaic Street	1979	100,589	98.5	2,343	0.39	23.65	19.86
Upper Saddle River
1 Lake Street	1973/94	474,801	100.0	7,465	1.26	15.72	15.72
10 Mountainview Road	1986	192,000	72.2	3,759	0.63	27.12	24.70
Woodcliff Lake
400 Chestnut Ridge Road	1982	89,200	100.0	1,950	0.33	21.86	16.32
470 Chestnut Ridge Road	1987	52,500	100.0	1,328	0.22	25.30	22.82
530 Chestnut Ridge Road	1986	57,204	100.0	1,246	0.21	21.78	20.21
50 Tice Boulevard	1984	235,000	99.1	6,281	1.06	26.97	24.78
300 Tice Boulevard	1991	230,000	98.2	5,741	0.97	25.42	22.82

BURLINGTON COUNTY, NEW JERSEY
Moorestown
224 Strawbridge Drive	1984	74,000	94.2	1,430	0.24	20.51	18.12
228 Strawbridge Drive	1984	74,000	100.0	1,226	0.21	16.57	15.39
232 Strawbridge Drive	1986	74,258	98.8	1,461	0.25	19.91	16.22

ESSEX COUNTY, NEW JERSEY
Millburn
150 J.F. Kennedy Parkway	1980	247,476	100.0	7,495	1.26	30.29	26.21
Roseland
101 Eisenhower Parkway	1980	237,000	87.4	5,382	0.91	25.98	23.44
103 Eisenhower Parkway	1985	151,545	78.9	2,721	0.46	22.76	19.51
105 Eisenhower Parkway	2001	220,000	91.9	4,891	0.82	24.19	18.09

HUDSON COUNTY, NEW JERSEY
Jersey City
Harborside Financial Center Plaza 1	1983	400,000	100.0	11,186	1.88	27.97	24.39
Harborside Financial Center Plaza 2	1990	761,200	99.6	18,905	3.18	24.94	23.14
Harborside Financial Center Plaza 3	1990	725,600	99.3	18,132	3.05	25.17	23.36

Property Listing

Office Properties

(continued)

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

Harborside Financial Center Plaza 4-A	2000	207,670	99.4	6,231	1.05	30.19	26.01
Harborside Financial Center Plaza 5	2002	977,225	100.0	35,459	5.96	36.29	30.30
101 Hudson Street	1992	1,246,283	100.0	30,148	5.07	24.19	21.19

MERCER COUNTY, NEW JERSEY
Hamilton Township
3 AAA Drive	1981	35,270	62.6	547	0.09	24.77	20.74
2 South Gold Drive	1974	33,962	64.5	490	0.08	22.37	20.41
600 Horizon Drive	2002	95,000	100.0	1,373	0.23	14.45	14.45
700 Horizon Drive	2007	120,000	100.0	2,459	0.41	20.49	19.38
Princeton
103 Carnegie Center	1984	96,000	68.5	1,812	0.31	27.55	22.54
3 Independence Way	1983	111,300	91.8	1,343	0.23	13.14	10.39
100 Overlook Center	1988	149,600	100.0	5,052	0.85	33.77	28.76
5 Vaughn Drive	1987	98,500	100.0	2,555	0.43	25.94	22.93

MIDDLESEX COUNTY, NEW JERSEY
East Brunswick
377 Summerhill Road	1977	40,000	100.0	353	0.06	8.83	8.65
Edison
343 Thornall Street (c)	1991	195,709	100.0	4,178	0.70	21.35	15.75
Piscataway
30 Knightsbridge Road, Bldg. 3	1977	160,000	100.0	2,465	0.42	15.41	15.41
30 Knightsbridge Road, Bldg. 4	1977	115,000	100.0	1,771	0.30	15.40	15.40
30 Knightsbridge Road, Bldg. 5	1977	332,607	80.8	3,899	0.66	14.51	10.88
30 Knightsbridge Road, Bldg. 6	1977	72,743	63.8	206	0.03	4.44	2.13
Plainsboro
500 College Road East	1984	158,235	88.1	4,172	0.70	29.93	27.16
Woodbridge
581 Main Street	1991	200,000	100.0	5,286	0.89	26.43	22.93

MONMOUTH COUNTY, NEW JERSEY
Freehold
2 Paragon Way	1989	44,524	44.4	380	0.06	19.22	13.51
3 Paragon Way	1991	66,898	75.8	1,251	0.21	24.67	19.19
4 Paragon Way	2002	63,989	100.0	1,221	0.21	19.08	18.11
100 Willowbrook Road	1988	60,557	74.8	923	0.16	20.38	17.79
Holmdel
23 Main Street	1977	350,000	100.0	4,012	0.68	11.46	8.64
Middletown
One River Centre Bldg. 1	1983	122,594	100.0	3,116	0.52	25.42	20.82
One River Centre Bldg. 2	1983	120,360	100.0	2,833	0.48	23.54	21.70
One River Centre Bldg. 3 and 4	1984	214,518	93.6	4,628	0.78	23.05	22.56
Neptune
3600 Route 66	1989	180,000	100.0	2,400	0.40	13.33	12.06
Wall Township
1305 Campus Parkway	1988	23,350	83.7	398	0.07	20.36	14.33
1350 Campus Parkway	1990	79,747	91.9	1,523	0.26	20.78	18.02

MORRIS COUNTY, NEW JERSEY
Florham Park
325 Columbia Turnpike	1987	168,144	89.7	3,665	0.62	24.30	20.80

Property Listing

Office Properties

(continued)

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

Morris Plains
250 Johnson Road	1977	75,000	100.0	1,579	0.27	21.05	18.47
201 Littleton Road	1979	88,369	88.6	1,781	0.30	22.75	20.46
Morris Township
412 Mt. Kemble Avenue	1986	475,100	47.1	3,649	0.61	16.31	12.23
Parsippany
4 Campus Drive	1983	147,475	95.7	3,248	0.55	23.01	19.95
6 Campus Drive	1983	148,291	86.2	2,659	0.45	20.80	16.86
7 Campus Drive	1982	154,395	54.6	2,180	0.37	25.86	22.59
8 Campus Drive	1987	215,265	100.0	6,233	1.04	28.96	25.88
9 Campus Drive	1983	156,495	92.7	3,223	0.54	22.22	18.46
4 Century Drive	1981	100,036	77.4	1,694	0.29	21.88	19.54
5 Century Drive	1981	79,739	83.4	1,378	0.23	20.72	18.84
6 Century Drive	1981	100,036	94.7	1,377	0.23	14.54	9.30
2 Dryden Way	1990	6,216	100.0	99	0.02	15.93	14.64
4 Gatehall Drive	1988	248,480	98.6	6,092	1.03	24.87	21.83
2 Hilton Court	1991	181,592	100.0	5,513	0.93	30.36	27.30
1633 Littleton Road	1978	57,722	100.0	1,131	0.19	19.59	19.59
600 Parsippany Road	1978	96,000	92.4	1,630	0.27	18.38	14.24
1 Sylvan Way	1989	150,557	100.0	3,530	0.59	23.45	21.47
5 Sylvan Way	1989	151,383	96.5	4,130	0.70	28.27	24.97
7 Sylvan Way	1987	145,983	100.0	3,219	0.54	22.05	19.28
35 Waterview Boulevard	1990	172,498	82.5	3,979	0.67	27.96	24.57
5 Wood Hollow Road	1979	317,040	73.1	5,391	0.91	23.26	19.18

PASSAIC COUNTY, NEW JERSEY
Clifton
777 Passaic Avenue	1983	75,000	87.4	1,536	0.26	23.43	21.27
Totowa
999 Riverview Drive	1988	56,066	85.1	1,021	0.17	21.40	19.22

SOMERSET COUNTY, NEW JERSEY
Basking Ridge
222 Mt. Airy Road	1986	49,000	100.0	760	0.13	15.51	11.63
233 Mt. Airy Road	1987	66,000	100.0	1,315	0.22	19.92	16.71
Bernards
106 Allen Road	2000	132,010	98.9	3,219	0.54	24.66	18.76
Bridgewater
721 Route 202/206	1989	192,741	81.2	3,685	0.62	23.55	18.11

UNION COUNTY, NEW JERSEY
Clark
100 Walnut Avenue	1985	182,555	97.3	4,557	0.77	25.66	22.24
Cranford
6 Commerce Drive	1973	56,000	82.4	998	0.17	21.63	18.96
11 Commerce Drive	1981	90,000	93.8	1,834	0.31	21.72	19.27
12 Commerce Drive	1967	72,260	95.0	967	0.16	14.09	12.13
14 Commerce Drive	1971	67,189	75.9	1,009	0.17	19.79	19.16
20 Commerce Drive	1990	176,600	100.0	4,458	0.75	25.24	21.82
25 Commerce Drive	1971	67,749	88.7	1,288	0.22	21.43	18.92
65 Jackson Drive	1984	82,778	97.5	1,888	0.32	23.39	20.30

Property Listing

Office Properties

(continued)

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

New Providence
890 Mountain Avenue	1977	80,000	95.1	1,881	0.32	24.72	22.95

Total New Jersey Office		17,646,642	92.5	385,084	64.83	23.58	20.68

NEW YORK COUNTY, NEW YORK
New York
125 Broad Street	1970	524,476	100.0	20,611	3.46	39.30	35.65

ROCKLAND COUNTY, NEW YORK
Suffern
400 Rella Boulevard	1988	180,000	89.2	3,736	0.63	23.27	21.08

WESTCHESTER COUNTY, NEW YORK
Elmsford
100 Clearbrook Road (c)	1975	60,000	91.9	1,105	0.19	20.04	18.17
101 Executive Boulevard	1971	50,000	43.0	569	0.10	26.47	24.14
555 Taxter Road	1986	170,554	80.1	3,731	0.63	27.31	15.93
565 Taxter Road	1988	170,554	91.4	4,042	0.68	25.93	21.50
570 Taxter Road	1972	75,000	72.7	1,404	0.24	25.75	23.75
Hawthorne
1 Skyline Drive	1980	20,400	99.0	381	0.06	18.87	17.73
2 Skyline Drive	1987	30,000	58.6	339	0.06	19.28	15.93
7 Skyline Drive	1987	109,000	100.0	2,633	0.44	24.16	22.00
17 Skyline Drive	1989	85,000	100.0	1,630	0.27	19.18	16.34
19 Skyline Drive	1982	248,400	100.0	4,036	0.68	16.25	16.12
Tarrytown
200 White Plains Road	1982	89,000	97.5	2,067	0.35	23.82	21.57
220 White Plains Road	1984	89,000	93.5	2,049	0.35	24.62	22.18
White Plains
1 Barker Avenue	1975	68,000	99.0	1,782	0.30	26.47	24.90
3 Barker Avenue	1983	65,300	100.0	1,742	0.29	26.68	24.24
50 Main Street	1985	309,000	99.6	9,881	1.66	32.11	29.12
11 Martine Avenue	1987	180,000	74.4	4,323	0.73	32.28	28.85
1 Water Street	1979	45,700	100.0	1,178	0.20	25.78	22.28
Yonkers
1 Executive Boulevard	1982	112,000	100.0	2,825	0.48	25.22	22.28
3 Executive Boulevard	1987	58,000	96.0	1,449	0.24	26.02	22.63

Total New York Office		2,739,384	92.9	71,513	12.04	28.11	24.94

CHESTER COUNTY, PENNSYLVANIA
Berwyn
1000 Westlakes Drive	1989	60,696	95.7	1,591	0.27	27.39	26.37
1055 Westlakes Drive	1990	118,487	94.7	3,083	0.52	27.48	22.98
1205 Westlakes Drive	1988	130,265	86.9	3,054	0.51	26.98	23.47
1235 Westlakes Drive	1986	134,902	100.0	2,988	0.49	22.15	18.11

DELAWARE COUNTY, PENNSYLVANIA
Lester
100 Stevens Drive	1986	95,000	100.0	2,551	0.43	26.85	24.85
200 Stevens Drive	1987	208,000	100.0	5,604	0.94	26.94	25.27
300 Stevens Drive	1992	68,000	91.6	1,439	0.24	23.10	19.31

Property Listing

Office Properties

(continued)

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

Media
1400 Providence Road — Center I	1986	100,000	94.2	2,112	0.36	22.42	19.98
1400 Providence Road — Center II	1990	160,000	95.0	2,758	0.46	18.14	15.49

MONTGOMERY COUNTY, PENNSYLVANIA
Bala Cynwyd
150 Monument Road	1981	125,783	95.7	3,071	0.52	25.51	22.51
Blue Bell
4 Sentry Parkway	1982	63,930	58.3	836	0.14	22.43	22.14
5 Sentry Parkway East	1984	91,600	39.3	701	0.12	19.47	18.17
5 Sentry Parkway West	1984	38,400	31.5	253	0.04	20.92	18.44
16 Sentry Parkway	1988	93,093	96.4	2,384	0.40	26.57	24.35
18 Sentry Parkway	1988	95,010	85.6	2,019	0.34	24.83	22.50
King of Prussia
2200 Renaissance Boulevard	1985	174,124	65.1	2,598	0.44	22.92	18.41
Lower Providence
1000 Madison Avenue	1990	100,700	66.4	1,322	0.22	19.77	14.63
Plymouth Meeting
1150 Plymouth Meeting Mall	1970	167,748	77.6	3,010	0.51	23.12	18.16

Total Pennsylvania Office		2,025,738	84.8	41,374	6.95	24.10	21.04

FAIRFIELD COUNTY, CONNECTICUT
Norwalk
40 Richards Avenue	1985	145,487	76.4	2,591	0.44	23.31	20.69
Stamford
1266 East Main Street	1984	179,260	79.2	3,788	0.63	26.68	23.39

Total Connecticut Office		324,747	77.9	6,379	1.07	25.20	22.21

WASHINGTON, D.C.
1201 Connecticut Avenue, NW	1940	169,549	100.0	6,806	1.14	40.14	36.44
1400 L Street, NW	1987	159,000	100.0	5,853	0.99	36.81	31.60

Total District of Columbia Office		328,549	100.0	12,659	2.13	38.53	34.10

PRINCE GEORGE’S COUNTY, MARYLAND
Greenbelt
9200 Edmonston Road	1973	38,690	100.0	910	0.15	23.52	21.17
6301 Ivy Lane	1979	112,003	75.8	2,022	0.34	23.82	20.51
6303 Ivy Lane	1980	112,047	57.2	1,723	0.29	26.88	23.67
6305 Ivy Lane	1982	112,022	70.1	1,708	0.29	21.75	17.32
6404 Ivy Lane	1987	165,234	66.2	2,516	0.42	23.00	18.71
6406 Ivy Lane	1991	163,857	0.0	564	0.09	0.00	0.00
6411 Ivy Lane	1984	138,405	88.4	2,665	0.44	21.78	18.73
Lanham
4200 Parliament Place	1989	122,000	90.8	2,687	0.45	24.26	22.46

Total Maryland Office		964,258	63.1	14,795	2.47	24.31	21.07

TOTAL OFFICE PROPERTIES		24,029,318	90.7	531,804	89.49	24.41	21.44

Property Listing

Office/Flex Properties

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

BURLINGTON COUNTY, NEW JERSEY
Burlington
3 Terri Lane	1991	64,500	100.0	556	0.09	8.62	5.30
5 Terri Lane	1992	74,555	74.1	643	0.11	11.64	9.63
Moorestown
2 Commerce Drive	1986	49,000	74.1	123	0.02	3.39	1.87
101 Commerce Drive	1988	64,700	100.0	275	0.05	4.25	3.85
102 Commerce Drive	1987	38,400	87.5	224	0.04	6.67	5.24
201 Commerce Drive	1986	38,400	100.0	219	0.04	5.70	4.14
202 Commerce Drive	1988	51,200	100.0	237	0.04	4.63	2.95
1 Executive Drive	1989	20,570	81.1	157	0.03	9.41	6.41
2 Executive Drive	1988	60,800	100.0	478	0.08	7.86	5.67
101 Executive Drive	1990	29,355	99.7	284	0.05	9.70	7.62
102 Executive Drive	1990	64,000	100.0	474	0.08	7.41	6.86
225 Executive Drive	1990	50,600	67.6	239	0.04	6.99	5.17
97 Foster Road	1982	43,200	75.5	160	0.03	4.91	4.11
1507 Lancer Drive	1995	32,700	100.0	134	0.02	4.10	3.79
1245 North Church Street	1998	52,810	71.6	243	0.04	6.43	5.69
1247 North Church Street	1998	52,790	58.1	221	0.04	7.21	6.13
1256 North Church Street	1984	63,495	100.0	457	0.08	7.20	6.21
840 North Lenola Road	1995	38,300	100.0	361	0.06	9.43	7.81
844 North Lenola Road	1995	28,670	100.0	180	0.03	6.28	4.95
915 North Lenola Road	1998	52,488	100.0	273	0.05	5.20	4.36
2 Twosome Drive	2000	48,600	100.0	450	0.08	9.26	8.81
30 Twosome Drive	1997	39,675	77.8	283	0.05	9.17	7.22
31 Twosome Drive	1998	84,200	100.0	470	0.08	5.58	5.48
40 Twosome Drive	1996	40,265	100.0	290	0.05	7.20	5.84
41 Twosome Drive	1998	43,050	88.9	275	0.05	7.19	6.64
50 Twosome Drive	1997	34,075	100.0	257	0.04	7.54	7.13

GLOUCESTER COUNTY, NEW JERSEY
West Deptford
1451 Metropolitan Drive	1996	21,600	100.0	148	0.02	6.85	6.85

MERCER COUNTY, NEW JERSEY
Hamilton Township
100 Horizon Center Boulevard	1989	13,275	100.0	197	0.03	14.84	12.88
200 Horizon Drive	1991	45,770	85.3	604	0.10	15.47	14.09
300 Horizon Drive	1989	69,780	73.9	1,092	0.18	21.18	16.95
500 Horizon Drive	1990	41,205	94.3	616	0.10	15.85	15.13

MONMOUTH COUNTY, NEW JERSEY
Wall Township
1325 Campus Parkway	1988	35,000	100.0	655	0.11	18.71	14.06
1340 Campus Parkway	1992	72,502	100.0	948	0.16	13.08	10.10
1345 Campus Parkway	1995	76,300	95.9	926	0.16	12.66	10.10
1433 Highway 34	1985	69,020	78.4	543	0.09	10.03	7.82
1320 Wyckoff Avenue	1986	20,336	100.0	178	0.03	8.75	8.26
1324 Wyckoff Avenue	1987	21,168	100.0	231	0.04	10.91	9.12

Property Listing

Office/Flex Properties

(continued)

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

PASSAIC COUNTY, NEW JERSEY
Totowa
1 Center Court	1999	38,961	100.0	537	0.09	13.78	12.45
2 Center Court	1998	30,600	99.3	396	0.07	13.03	11.49
11 Commerce Way	1989	47,025	100.0	577	0.10	12.27	11.53
20 Commerce Way	1992	42,540	100.0	455	0.08	10.70	9.47
29 Commerce Way	1990	48,930	100.0	711	0.12	14.53	11.51
40 Commerce Way	1987	50,576	72.1	478	0.08	13.11	11.87
45 Commerce Way	1992	51,207	96.4	559	0.09	11.32	8.83
60 Commerce Way	1988	50,333	100.0	488	0.08	9.70	8.23
80 Commerce Way	1996	22,500	100.0	269	0.05	11.96	10.89
100 Commerce Way	1996	24,600	66.9	294	0.05	17.86	16.28
120 Commerce Way	1994	9,024	100.0	126	0.02	13.96	12.74
140 Commerce Way	1994	26,881	99.5	374	0.06	13.98	12.82

Total New Jersey Office/Flex		2,189,531	91.4	19,365	3.28	9.68	8.10

WESTCHESTER COUNTY, NEW YORK
Elmsford
11 Clearbrook Road	1974	31,800	100.0	468	0.08	14.72	12.99
75 Clearbrook Road	1990	32,720	100.0	648	0.11	19.80	18.70
125 Clearbrook Road	2002	33,000	100.0	712	0.12	21.58	17.94
150 Clearbrook Road	1975	74,900	100.0	1,043	0.18	13.93	12.64
175 Clearbrook Road	1973	98,900	100.0	1,596	0.27	16.14	14.96
200 Clearbrook Road	1974	94,000	98.8	1,210	0.20	13.03	11.93
250 Clearbrook Road	1973	155,000	97.3	1,491	0.25	9.89	8.96
50 Executive Boulevard	1969	45,200	91.8	489	0.08	11.78	10.48
77 Executive Boulevard	1977	13,000	100.0	227	0.04	17.46	16.54
85 Executive Boulevard	1968	31,000	99.4	561	0.09	18.21	15.58
300 Executive Boulevard	1970	60,000	100.0	633	0.11	10.55	9.52
350 Executive Boulevard	1970	15,400	98.8	270	0.05	17.75	16.76
399 Executive Boulevard	1962	80,000	100.0	78	0.01	0.98	0.54
400 Executive Boulevard	1970	42,200	100.0	688	0.12	16.30	14.45
500 Executive Boulevard	1970	41,600	94.3	614	0.10	15.65	13.77
525 Executive Boulevard	1972	61,700	100.0	817	0.14	13.24	12.14
1 Westchester Plaza	1967	25,000	100.0	339	0.06	13.56	12.88
2 Westchester Plaza	1968	25,000	100.0	525	0.09	21.00	19.56
3 Westchester Plaza	1969	93,500	50.4	590	0.10	12.52	10.72
4 Westchester Plaza	1969	44,700	92.6	653	0.11	15.78	13.72
5 Westchester Plaza	1969	20,000	100.0	298	0.05	14.90	13.70
6 Westchester Plaza	1968	20,000	100.0	280	0.05	14.00	12.65
7 Westchester Plaza	1972	46,200	100.0	748	0.13	16.19	16.00
8 Westchester Plaza	1971	67,200	100.0	985	0.17	14.66	12.96
Hawthorne
200 Saw Mill River Road	1965	51,100	92.0	649	0.11	13.80	12.38
4 Skyline Drive	1987	80,600	92.2	1,349	0.23	18.15	15.41
5 Skyline Drive	1980	124,022	99.3	1,770	0.30	14.37	12.69
6 Skyline Drive	1980	44,155	100.0	376	0.06	8.52	8.47
8 Skyline Drive	1985	50,000	98.7	877	0.15	17.77	12.64
10 Skyline Drive	1985	20,000	84.4	326	0.05	19.31	14.69

Property Listing

Office/Flex Properties

(continued)

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

11 Skyline Drive	1989	45,000	100.0	804	0.14	17.87	17.04
12 Skyline Drive	1999	46,850	100.0	796	0.13	16.99	13.19
15 Skyline Drive	1989	55,000	100.0	1,075	0.18	19.55	16.49
Yonkers
100 Corporate Boulevard	1987	78,000	98.3	1,485	0.25	19.37	18.18
200 Corporate Boulevard South	1990	84,000	99.8	1,343	0.23	16.02	15.44
4 Executive Plaza	1986	80,000	100.0	1,385	0.23	17.31	14.28
6 Executive Plaza	1987	80,000	100.0	1,374	0.23	17.18	15.75
1 Odell Plaza	1980	106,000	99.9	1,435	0.24	13.55	12.76
3 Odell Plaza	1984	71,065	100.0	1,597	0.27	22.47	20.84
5 Odell Plaza	1983	38,400	89.2	456	0.08	13.31	12.09
7 Odell Plaza	1984	42,600	93.3	792	0.13	19.93	18.62

Total New York Office/Flex		2,348,812	96.4	33,852	5.72	14.95	13.40

FAIRFIELD COUNTY, CONNECTICUT
Stamford
419 West Avenue	1986	88,000	100.0	1,370	0.23	15.57	13.92
500 West Avenue	1988	25,000	100.0	410	0.07	16.40	14.40
550 West Avenue	1990	54,000	100.0	855	0.14	15.83	15.72
600 West Avenue	1999	66,000	100.0	804	0.14	12.18	11.62
650 West Avenue	1998	40,000	100.0	686	0.12	17.15	16.10

Total Connecticut Office/Flex		273,000	100.0	4,125	0.70	15.11	14.08

TOTAL OFFICE/FLEX PROPERTIES		4,811,343	94.3	57,342	9.70	12.64	11.10

Property Listing

Industrial/Warehouse, Retail and Land Properties

Property Location	Year Built	Net Rentable (Sq. Ft.)	Percentage Leased as of 12/31/08 (%) (a)	2008 Base Rent ($000’s) (b) (c)	Percentage Of Total 2008 Base Rent %	2008 Average Base Rent Per Sq. Ft. ($) (c) (d)	2008 Average Effective Rent Per Sq. Ft. ($) (c) (e)

WESTCHESTER COUNTY, NEW YORK
Elmsford
1 Warehouse Lane	1957	6,600	100.0	86	0.01	13.03	12.73
2 Warehouse Lane	1957	10,900	100.0	164	0.03	15.05	14.59
3 Warehouse Lane	1957	77,200	100.0	337	0.06	4.37	4.03
4 Warehouse Lane	1957	195,500	96.7	2,010	0.34	10.63	9.67
5 Warehouse Lane	1957	75,100	81.4	924	0.16	15.11	13.41
6 Warehouse Lane	1982	22,100	100.0	512	0.09	23.17	21.99

Total Industrial/Warehouse Properties		387,400	94.7	4,033	0.69	10.99	10.05

WESTCHESTER COUNTY, NEW YORK
Tarrytown
230 White Plains Road	1984	9,300	100.0	195	0.03	20.97	19.68
Yonkers
2 Executive Boulevard	1986	8,000	100.0	225	0.04	28.13	28.13

Total Retail Properties		17,300	100.0	420	0.07	24.28	23.58

WESTCHESTER COUNTY, NEW YORK
Elmsford
700 Executive Boulevard	—	—	—	114	0.02	—	—
Yonkers
1 Enterprise Boulevard	—	—	—	185	0.03	—	—

Total Land Leases		—	—	299	0.05	—	—

TOTAL PROPERTIES		29,245,361	91.3	593,898	100.00	22.24	19.54

(a)	Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring December 31, 2008 aggregating 67,473 square feet (representing 0.2 percent of the Company’s total net rentable square footage) for which no new leases were signed.
(b)	Total base rent for the 12 months ended December 31, 2008, determined in accordance with generally accepted accounting principles (“GAAP”). Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage.
(c)	Excludes space leased by the Company.
(d)	Base rent for the 12 months ended December 31, 2008, divided by net rentable square feet leased at December 31, 2008.
(e)	Total base rent for the 12 months ended December 31, 2008 minus total 2008 amortization of tenant improvements, leasing commission and other concessions and costs, determined in accordance with GAAP, divided by net rentable square feet leased at December 31, 2008.

Significant Tenants

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of December 31, 2008, 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
National Union Fire Insurance	4	14,331,708	2.4	532,278	2.0	2019	(b)
Citigroup Global Markets, Inc.	6	14,170,242	2.4	462,077	1.8	2018	(c)
DB Services New Jersey, Inc.	2	10,905,426	1.8	402,068	1.5	2017
New Cingular Wireless PCS, LLC	3	8,995,940	1.5	405,530	1.5	2014	(d)
United States Of America-GSA	11	8,926,642	1.5	283,685	1.1	2017	(e)
Keystone Mercy Health Plan	2	8,761,006	1.5	303,149	1.2	2020
Prentice-Hall, Inc.	1	7,694,097	1.3	474,801	1.8	2014
Forest Research Institute, Inc.	2	7,463,777	1.3	202,857	0.8	2017	(f)
ICAP Securities USA, LLC	1	6,236,408	1.0	159,834	0.6	2017
Toys ‘R’ Us – NJ, Inc.	1	6,152,682	1.0	242,518	0.9	2012
Lehman Brothers Holdings, Inc.	1	5,835,986	1.0	270,063	1.0	2018	(g)
Daiichi Sankyo, Inc.	2	5,783,186	1.0	180,807	0.7	2022	(h)
TD Ameritrade Online Holdings	1	5,766,149	1.0	184,222	0.7	2015
Morgan Stanley & Co., Inc.	4	5,637,926	0.9	370,113	1.4	2016	(i)
Allstate Insurance Company	10	5,418,363	0.9	226,059	0.9	2017	(j)
KPMG, LLP	3	5,232,195	0.9	187,994	0.7	2014	(k)
Credit Suisse (USA), Inc.	1	5,212,307	0.9	153,464	0.6	2012	(l)
Merrill Lynch Pierce Fenner	2	5,108,037	0.9	298,640	1.1	2017	(m)
IBM Corporation	3	5,007,630	0.8	310,263	1.2	2012	(n)
National Financial Services	1	4,798,621	0.8	112,964	0.4	2012
Montefiore Medical Center	5	4,385,180	0.7	211,414	0.8	2019	(o)
Samsung Electronics America	1	4,184,278	0.7	150,050	0.6	2010
Vonage America, Inc.	1	3,934,000	0.7	350,000	1.3	2017
Bank Of Tokyo-Mitsubishi, Ltd.	1	3,872,785	0.7	137,076	0.5	2019
AT&T Corp.	1	3,805,000	0.6	275,000	1.0	2014
Wyndham Worldwide Corporation	1	3,773,775	0.6	150,951	0.6	2009
Arch Insurance Company	1	3,685,118	0.6	106,815	0.4	2024
SSB Realty, LLC	1	3,492,830	0.6	114,519	0.4	2009
American Institute of Certified Public Accountants	1	3,455,040	0.6	142,953	0.5	2012
Wyndham Worldwide Operations	1	3,211,626	0.5	145,983	0.6	2011
E*Trade Financial Corporation	1	3,124,160	0.5	106,573	0.4	2022
Dow Jones & Company, Inc.	1	3,057,773	0.5	92,312	0.4	2012
SunAmerica Asset Management	1	2,958,893	0.5	69,621	0.3	2018
United States Life Insurance Co.	1	2,880,000	0.5	180,000	0.7	2013
Shaw Facilities, Inc.	3	2,828,059	0.5	138,095	0.5	2015	(p)
Oppenheimer & Co., Inc.	1	2,808,712	0.5	104,008	0.4	2013
Tullett Prebon Holdings Corp.	1	2,787,758	0.5	113,041	0.4	2023	(q)
High Point Safety & Insurance	2	2,760,561	0.5	116,889	0.4	2020
Moody’s Advisors, Inc.	1	2,671,149	0.4	91,344	0.3	2011	(r)
AAA Mid-Atlantic, Inc.	2	2,523,550	0.4	129,784	0.5	2022	(s)
Bunge Management Services, Inc.	2	2,499,661	0.4	70,283	0.3	2013	(t)
Regus Business Centre Corp.	2	2,488,274	0.4	79,805	0.3	2011
J.P. Morgan Chase Bank, N.A.	4	2,478,137	0.4	94,010	0.4	2014	(u)
New Jersey Turnpike Authority	1	2,455,463	0.4	100,223	0.4	2017
Tradeweb Markets, LLC	1	2,453,235	0.4	64,976	0.2	2017
Natixis North America, Inc.	1	2,408,679	0.4	83,629	0.3	2021
Movado Group, Inc	1	2,317,604	0.4	93,907	0.4	2013	(v)
Nextel of New York, Inc.	2	2,225,875	0.4	97,435	0.4	2014	(w)
UBS Financial Services, Inc.	3	2,207,612	0.4	82,092	0.3	2016	(x)
Barr Laboratories, Inc.	1	2,119,597	0.4	89,510	0.3	2015

Total		237,292,712	39.9	9,545,684	36.2

See footnotes on subsequent page.

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 January 1, 2009, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2009 through 2011 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 (%)		Annualized Base Rental Revenue Under Expiring Leases ($) (b)	Average Annual Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($)	Percentage Of Annual Base Rent Under Expiring Leases (%)

2009 (c)
Northern NJ	99	858,616	3.3		21,132,770	24.61	3.6
Central NJ	32	306,373	1.2		7,638,818	24.93	1.3
Westchester Co., NY	84	347,623	1.3		7,357,435	21.16	1.2
Manhattan	—	—	—		—	—	—
Sub. Philadelphia	25	104,392	0.4		1,505,217	14.42	0.3
Fairfield Co., CT	11	31,967	0.1		733,986	22.96	0.1
Washington, DC/MD	12	52,288	0.2		1,453,303	27.79	0.3
Rockland Co., NY	6	12,422		(d)	305,233	24.57		(d)
TOTAL – 2009	269	1,713,681	6.5		40,126,762	23.42	6.8


2010
Northern NJ	114	1,081,773	4.1		25,055,505	23.16	4.3
Central NJ	72	521,533	2.0		12,019,480	23.05	2.0
Westchester Co., NY	102	503,774	1.9		10,595,247	21.03	1.8
Manhattan	2	330,900	1.2		10,711,233	32.37	1.8
Sub. Philadelphia	53	287,393	1.1		4,274,585	14.87	0.7
Fairfield Co., CT	10	44,177	0.2		1,128,559	25.55	0.2
Washington, DC/MD	32	169,568	0.7		4,754,838	28.04	0.8
Rockland Co., NY	5	8,848		(d)	228,069	25.78		(d)
TOTAL – 2010	390	2,947,966	11.2		68,767,516	23.33	11.6


2011
Northern NJ	124	1,368,279	5.2		33,026,082	24.14	5.6
Central NJ	64	635,928	2.4		15,355,877	24.15	2.6
Westchester Co., NY	100	600,284	2.3		13,814,478	23.01	2.3
Manhattan	—	—	—		—	—	—
Sub. Philadelphia	68	649,972	2.5		11,523,768	17.73	1.9
Fairfield Co., CT	16	106,527	0.4		2,984,357	28.02	0.5
Washington, DC/MD	13	69,039	0.3		2,052,289	29.73	0.4
Rockland Co., NY	3	5,264		(d)	131,236	24.93		(d)
TOTAL – 2011	388	3,435,293	13.1		78,888,087	22.96	13.3

Schedule continued, with footnotes, on subsequent page.

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 (%)	Annualized Base Rental Revenue Under Expiring Leases ($) (b)	Average Annual Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($)	Percentage Of Annual Base Rent Under Expiring Leases (%)

2012	286	2,810,697		10.7	65,735,117	23.39	11.1

2013	303	3,567,714		13.6	76,215,519	21.36	12.8

2014	195	2,201,238		8.4	47,378,305	21.52	8.0

2015	116	2,461,226		9.4	53,308,090	21.66	9.0

2016	87	1,090,155		4.1	22,521,871	20.66	3.8

2017	78	2,322,911		8.9	55,648,059	23.96	9.3

2018	56	1,012,568		3.9	24,895,835	24.59	4.2

2019	42	932,709		3.6	18,787,008	20.14	3.1

2020 and thereafter	41	1,742,871		6.6	41,887,946	24.03	7.0
Totals/Weighted Average	2,251	26,239,029	(c)	100.0	594,160,115	22.64	100.0

(a) Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

(c) Includes leases expiring December 31, 2008 aggregating 58,223 square feet and representing annualized rent of $1,429,664 for which no new leases were signed.

(d) Represents less than .05%

(e) Reconciliation to Company’s total net rentable square footage is as follows:

		Square Feet
Square footage leased to commercial tenants		26,239,029
Square footage used for corporate offices, management offices, building use, retail tenants, food services, other ancillary service tenants and occupancy adjustments		466,741
Square footage unleased		2,539,591
Total net rentable square footage (does not include land leases)		29,245,361

Schedule of Lease Expirations

Office Properties

The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2009, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2009 through 2011 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 (%)		Annualized Base Rental Revenue Under Expiring Leases ($) (b)	Average Annual Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($)	Percentage Of Annual Base Rent Under Expiring Leases (%)

2009 (c)
Northern NJ	88	770,064		3.6		19,923,331	25.87	3.7
Central NJ	29	284,385		1.3		7,322,397	25.75	1.4
Westchester Co., NY	51	153,904		0.7		4,127,275	26.82	0.8
Manhattan	—	—		—		—	—	—
Sub. Philadelphia	18	46,244		0.2		1,081,773	23.39	0.2
Fairfield Co., CT	9	22,192		0.1		598,649	26.98	0.1
Washington, DC/MD	12	52,288		0.3		1,453,303	27.79	0.3
Rockland Co., NY	6	12,422		0.1		305,233	24.57	0.1
TOTAL – 2009	213	1,341,499		6.3		34,811,961	25.95	6.6

2010
Northern NJ	101	958,214		4.5		23,471,354	24.49	4.5
Central NJ	58	392,904		1.8		9,973,766	25.38	1.9
Westchester Co., NY	59	199,938		0.9		5,516,500	27.59	1.0
Manhattan	2	330,900		1.6		10,711,233	32.37	2.0
Sub. Philadelphia	32	132,313		0.6		3,129,888	23.66	0.6
Fairfield Co., CT	9	33,427		0.2		929,684	27.81	0.2
Washington, DC/MD	32	169,568		0.8		4,754,838	28.04	0.9
Rockland Co., NY	5	8,848			(d)	228,069	25.78		(d)
TOTAL – 2010	298	2,226,112		10.4		58,715,332	26.38	11.1

2011
Northern NJ	120	1,345,099		6.3		32,740,125	24.34	6.2
Central NJ	56	590,352		2.8		14,804,110	25.08	2.8
Westchester Co., NY	62	365,204		1.7		9,724,395	26.63	1.8
Manhattan	—	—		—		—	—	—
Sub. Philadelphia	49	402,184		1.9		9,816,565	24.41	1.9
Fairfield Co., CT	15	99,477		0.5		2,841,594	28.57	0.5
Washington, DC/MD	13	69,039		0.3		2,052,289	29.73	0.4
Rockland Co., NY	3	5,264			(d)	131,236	24.93		(d)
TOTAL – 2011	318	2,876,619		13.5		72,110,314	25.07	13.6

2012	212	2,175,585		10.2		57,369,693	26.37	10.9

2013	231	2,753,360		12.9		65,280,127	23.71	12.3

2014	150	1,764,835		8.3		42,074,527	23.84	8.0

2015	101	2,243,331		10.5		51,009,849	22.74	9.6

2016	72	759,683		3.6		18,185,916	23.94	3.4

2017	64	2,158,505		10.1		52,944,903	24.53	10.0

2018	36	754,954		3.5		21,220,087	28.11	4.0

2019	27	588,962		2.8		14,040,808	23.84	2.7

2020 and thereafter	39	1,686,536		7.9		41,173,661	24.41	7.8
Totals/Weighted Average	1,761	21,329,981	(c)	100.0		528,937,178	24.80	100.0

(a) Includes office tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

(c) Includes leases expiring December 31, 2008 aggregating 41,559 square feet and representing annualized rent of $1,197,188 for which no new leases were signed.

(d) Represents 0.05% or less.

Schedule of Lease Expirations

Office/Flex Properties

The following table sets forth a schedule of lease expirations for the office/flex properties beginning January 1, 2009, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2009 through 2011 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 (%)		Annualized Base Rental Revenue Under Expiring Leases ($) (b)		Average Annual Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($)		Percentage Of Annual Base Rent Under Expiring Leases (%)

2009 (c)
Northern NJ		11		88,552			2.0		1,209,439		13.66		2.0
Central NJ		3		21,988			0.5		316,421		14.39		0.5
Westchester Co., NY		32		184,419			4.0		3,035,160		16.46		5.0
Sub. Philadelphia		7		58,148			1.3		423,444		7.28		0.7
Fairfield Co., CT		2		9,775			0.2		135,337		13.85		0.2
TOTAL – 2009		55		362,882			8.0		5,119,801		14.11		8.4

2010
Northern NJ		13		123,559			2.7		1,584,151		12.82		2.6
Central NJ		14		128,629			2.9		2,045,714		15.90		3.4
Westchester Co., NY		41		270,886			6.0		4,667,647		17.23		7.7
Sub. Philadelphia		21		155,080			3.4		1,144,697		7.38		1.9
Fairfield Co., CT		1		10,750			0.2		198,875		18.50		0.3
TOTAL – 2010		90		688,904			15.2		9,641,084		13.99		15.9

2011
Northern NJ		4		23,180			0.5		285,957		12.34		0.5
Central NJ		8		45,576			1.0		551,767		12.11		0.9
Westchester Co., NY		37		227,480			5.0		3,995,083		17.56		6.6
Sub. Philadelphia		19		247,788			5.5		1,707,203		6.89		2.8
Fairfield Co., CT		1		7,050			0.2		142,763		20.25		0.2
TOTAL – 2011		69		551,074			12.2		6,682,773		12.13		11.0

2012		73		628,474			13.9		8,301,036		13.21		13.7

2013		61		660,049			14.6		9,562,808		14.49		15.7

2014		42		405,858			9.0		4,691,228		11.56		7.7

2015		15		217,895			4.8		2,298,241		10.55		3.8

2016		13		195,390			4.3		2,917,594		14.93		4.8

2017		14		164,406			3.6		2,703,156		16.44		4.4

2018		19		249,614			5.5		3,450,748		13.82		5.7

2019		15		343,747			7.6		4,746,200		13.81		7.8

2020 and thereafter		2		56,335			1.3		714,285		12.68		1.1
Totals/Weighted Average		468		4,524,628	(c)		100.0		60,828,954		13.44		100.0

(a) Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

(c) Includes leases expiring December 31, 2008 aggregating 16,664 square feet and representing annualized rent of $232,476 for which no new leases were signed.

Schedule of Lease Expirations

Industrial/Warehouse Properties

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning January 1, 2009, 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 Represented By Expiring Leases (%)	Annualized Base Rental Revenue Under Expiring Leases ($) (b)	Average Annual Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($)	Percentage Of Annual Base Rent Under Expiring Leases (%)

2010	2	32,950	9.0	411,100	12.48	10.3

2011	1	7,600	2.1	95,000	12.50	2.4

2012	1	6,638	1.8	64,388	9.70	1.6

2013	11	154,305	42.0	1,372,584	8.90	34.6

2014	3	30,545	8.3	612,550	20.05	15.4

2016	2	135,082	36.8	1,418,361	10.50	35.7
Totals/Weighted Average	20	367,120	100.0	3,973,983	10.82	100.0

(a) Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases.

(b) Annualized base rental revenue is based on actual December 2008 billings times 12. For leases whose rent commences after January 1, 2009, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.

Stand-Alone Retail Properties

The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning January 1, 2009, 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 Expiring Leases ($) (b)	Average Annual Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($)	Percentage Of Annual Base Rent Under Expiring Leases (%)

2009	1	9,300	53.8	195,000	20.97	46.4

2018	1	8,000	46.2	225,000	28.13	53.6
Totals/Weighted Average	2	17,300	100.0	420,000	24.28	100.0

(a) Includes stand-alone retail property tenants only.

(b) Annualized base rental revenue is based on actual December 2008 billings times 12. For leases whose rent commences after January 1, 2009 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.

Corporate Headquarters		Edison, New Jersey
Fiscal Year-End		12/31
Total Properties		293
Total Square Feet		33.5 million square feet
Geographic Diversity		Six states and the District of Columbia
New Jersey Presence		23.4 million square feet
Northeast Presence		33.5 million square feet
Common Shares and Units Outstanding		80.9 million
Dividend— Quarter/Annualized		$0.64/$2.56
Dividend Yield		10.4%
Total Market Capitalization		$4.2 billion
Senior Debt Rating		BBB (S&P and Fitch);
		Baa2 (Moody’s)

Alan S. Bernikow		Alan G. Philibosian

John R. Cali		Irvin D. Reid

Kenneth M. Duberstein		Vincent Tese

Nathan Gantcher		Robert F. Weinberg

Mitchell E. Hersh		Roy J. Zuckerberg

David S. Mack

Barclays Capital Ross Smotrich (212) 526-2306		Keefe, Bruyette & Woods, Inc. Shelia K. McGrath (212) 887-7793

Bank of America — Merrill Lynch Ian Weissman (212) 449-6255		Keybanc Capital Markets Jordan Sadler (917) 368-2280

Citigroup Michael Bilerman (212) 816-1383		Macquarie Research Equities Nick Pirsos (212) 231-2457

Deutsche Bank-North America Louis Taylor (212) 250-4912		Stifel Nicolaus & Company, Inc. John Guinee (443) 224-1307

Goldman Sachs & Co. Jonathan Habermann (917) 343-4260		UBS James C. Feldman / Jonathan Petersen (212) 713-4932 / (212) 713-4057

Green Street Advisors Michael Knott (949) 640-8780		Wachovia Capital Markets, LLC Christopher Haley (443) 263-6773

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

Sale Date	Property/Address	Location	# of Bldgs.	Rentable Square Feet	Net Sales Proceeds		Net Book Value		Realized Gain/(Loss)
Office:
05/10/07	1000 Bridgeport Avenue	Shelton, Fairfield County, Connecticut	1	133,000	$	16,411	$	13,782	$	2,629
06/11/07	500 W. Putnam Avenue	Greenwich, Fairfield County, Connecticut	1	121,250	54,344		18,113		36,231
07/13/07	100 & 200 Decadon Drive	Egg Harbor, Atlantic County, New Jersey	2	80,344	11,448		5,894		5,554

Total Office Property Sales:			4	334,594	$	82,203	$	37,789	$	44,414

·		Risks and uncertainties affecting the general economic climate and conditions, including the impact of the general economic recession as it impacts the national and local economies, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants;

·		the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by the Company’s properties or on an unsecured basis;

·		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 and volatility in the securities markets;

·		changes in operating costs;

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

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

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

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

(a)	Annualized base rental revenue is based on actual December, 2008 billings times 12. For leases whose rent commences after January 1, 2009, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
(b)	394,849 square feet expire in 2012; 20,311 square feet expire in 2013; 117,118 square feet expire 2019.
(c)	38,196 square feet expire in 2009; 330,900 square feet expire in 2010; 26,834 square feet expire in 2014; 26,262 square feet expire in 2016; 39,885 square feet expire in 2018.
(d)	333,145 square feet expire in 2013; 72,385 square feet expire in 2014.
(e)	7,008 square feet expire in 2009; 4,950 square feet expire in 2010; 9,901 square feet expire in 2011; 11,216 square feet expire in 2012; 58,392 square feet expire in 2013; 4,879 square feet expire in 2014; 180,729 square feet expire in 2015; 6,610 square feet expire in 2017.
(f)	22,785 square feet expire in 2009; 180,072 square feet expire in 2017.
(g)	198,559 square feet expire in 2010; 71,504 square feet expire in 2018.
(h)	8,907 square feet expire in 2013; 171,900 square feet expire in 2022.
(i)	7,000 square feet expire in 2009; 306,170 square feet expire in 2013; 29,654 square feet expire in 2015; 27,289 square feet expire in 2016.
(j)	12,823 square feet expire in 2009; 46,555 square feet expire in 2010; 83,693 square feet expire in 2011; 29,005 square feet expire in 2013; 53,983 square feet expire in 2017.
(k)	46,440 square feet expire in 2009; 57,204 square feet expire in 2010; 77,381 square feet expire in 2012; 6,969 square feet expire in 2014.
(l)	71,511 square feet expire in 2011; 81,953 square feet expire in 2012.
(m)	4,451 square feet expire in 2009; 294,189 square feet expire in 2017.
(n)	61,864 square feet expire in 2010; 248,399 square feet expire in 2012.
(o)	6,800 square feet expire in 2009; 5,850 square feet expire in 2014; 7,200 square feet expire in 2016; 30,872 square feet expire in 2017; 36,385 square feet expire in 2018; 124,307 square feet expire in 2019.
(p)	39,060 square feet expire in 2013; 99,035 square feet expire in 2015.
(q)	12,282 square feet expire in 2011; 100,759 square feet expire in 2023.
(r)	43,344 square feet expire in 2009; 36,193 square feet expire in 2010; 11,807 square feet expire in 2011.
(s)	9,784 square feet expire in 2017; 120,000 square feet expire in 2022.
(t)	19,500 square feet expire in 2009; 50,783 square feet expire in 2013.
(u)	73,480 square feet expire in 2009; 4,650 square feet expire in 2010; 15,880 square feet expire in 2014.
(v)	3,857 square feet expire in 2009; 90,050 square feet expire in 2013.
(w)	62,435 square feet expire in 2010; 35,000 square feet expire in 2014.
(x)	21,554 square feet expire in 2010; 23,373 square feet expire in 2013; 37,165 square feet expire in 2016.

Unconsolidated Joint Venture Financial Information

Debt Analysis

Debt Breakdown

Future Repayments

Debt Maturities

Debt Detail

Consolidated Statement of Changes in Stockholders’ Equity

For the year ended December 31, 2008

(in thousands) (unaudited)

IV. VALUE CREATION PIPELINE

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

Consolidated In-Service Portfolio (continued)

DETAIL OF TRANSACTION ACTIVITY

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

DETAIL OF TRANSACTION ACTIVITY

Consolidated In-Service Portfolio

SUMMARY OF SPACE LEASED

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

Consolidated In-Service Portfolio (continued)

DETAIL OF TRANSACTION ACTIVITY

Unconsolidated Joint Venture Properties

SUMMARY OF SPACE LEASED

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

DETAIL OF TRANSACTION ACTIVITY

Breakdown by Percentage Leased