Exhibit 99.1

 

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise.  Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

 

2014 Guidance - December 19, 2013

 

Attachments:

 

1                                         Key Assumptions

 

Sales - $438 MM - Wyndham $99MM 4/1/14, $339 MM 10/1/14

 

Acquisitions - $200 MM per Residential Business Plan

 

Development/JVs, net - $208 MM (including cap. interest $18 MM)

 

2                                         Key Statistics

 

3                                         Cash Available for Distribution

 

4                                         Occupancy Comparison

 

5                                         DYNA Leasing Starts

 



 

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise.  Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

 

Key Assumptions for 2014 Guidance

2014

12/19/2013

 

 

 

December 23, 2013 press release

 

 

$ in millions except per share data

 

 

 

 

 

2014

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

FY

 

Consensus - December 19,,2013 by quarter and by year

 

$

0.540

 

$

0.550

 

$

0.540

 

$

0.560

 

$

2.19

 

Consensus Range of Estimates

 

$0.51 - 0.56

 

$0.51 - 0.60

 

$0.48 - 0.60

 

$0.58 - 0.65

 

$2.04 - 2.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.47

 

$

0.52

 

$

0.53

 

$

0.48

 

$

2.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected FFO-GAAP per share - current model

 

$

0.47

 

$

0.52

 

$

0.53

 

$

0.48

 

$

2.00

 

Guidance range - recommended

 

 

 

 

 

 

 

 

 

$1.90 $2.10

 

 

 

 

 

 

 

 

 

 

 

 

 

DYNA/IBS occup. - current portfolio - end of period

 

81.4

%

81.0

%

81.6

%

82.7

%

 

 

adj.

 

0.0

%

0.0

%

0.0

%

0.0

%

 

 

DYNA/IBS occup. - projected - end of period

 

81.4

%

81.0

%

81.6

%

82.7

%

 

 

Diff. Between leased and occupied

 

2.1

%

2.1

%

2.1

%

2.1

%

 

 

% Leased - published, end of period

 

83.5

%

83.1

%

83.7

%

84.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prop level reserve 87 bp included in DYNA for 2014

 

$

1.2

 

$

1.2

 

$

1.2

 

$

1.2

 

$

4.8

 

Corp loss reserve ($mils)

 

$

 

$

 

$

 

$

 

$

 

Total loss reserve

 

$

1.2

 

$

1.2

 

$

1.2

 

$

1.2

 

$

4.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Facility borrowing rate (+110)

 

1.36

%

1.58

%

1.42

%

1.49

%

 

 

LIBOR rate

 

0.26

%

0.28

%

0.32

%

0.39

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt to undepreciated assets ratio

 

38.7

%

37.4

%

39.3

%

38.6

%

38.6

%

Fixed charge coverage ratio

 

2.2

 

2.3

 

2.4

 

2.2

 

2.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Line balance average - $mils

 

$

154.9

 

$

44.2

 

$

119.5

 

$

 

 

 

Line interest only in quarter - $mils

 

$

0.6

 

$

0.2

 

$

0.5

 

$

 

 

 

Line balance at end of period - $mils

 

$

111.6

 

$

54.6

 

$

93.7

 

$

 

 

 

Unrestricted Cash balance at end of period - $mil

 

$

20.0

 

$

20.0

 

$

20.0

 

$

215.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest ($mils)

 

$

3.3

 

$

4.3

 

$

5.0

 

$

5.9

 

$

18.6

 

 

 

 

 

 

 

 

 

 

 

 

 

DYNA base cash rent

 

$

125.2

 

$

125.7

 

$

127.1

 

$

128.5

 

$

506.5

 

Straight-line rent - CORE in model

 

$

2.0

 

$

2.0

 

$

1.3

 

$

1.5

 

$

6.8

 

Straight-line rent - Large tenants in model

 

$

1.3

 

$

0.8

 

$

0.1

 

$

0.1

 

$

2.3

 

 

 

 

 

 

 

 

 

 

 

$

515.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income ($mils) incl. Term. fees

 

$

1.3

 

$

1.3

 

$

1.3

 

$

1.3

 

$

5.0

 

DYNA Parking revenues

 

$

1.4

 

$

1.3

 

$

1.4

 

$

1.5

 

$

5.6

 

Real estate services and fee revenues ($mils)

 

$

7.6

 

$

8.1

 

$

8.3

 

$

8.6

 

$

32.6

 

Real estate services expense ($mils)

 

$

4.5

 

$

4.6

 

$

4.7

 

$

4.7

 

$

18.5

 

 

 

 

 

 

 

 

 

 

 

 

 

RPC G&A components ($mils)

 

$

5.1

 

$

5.3

 

$

5.5

 

$

6.0

 

$

21.8

 

Corp G&A expense ($mils)

 

$

9.4

 

$

9.4

 

$

9.4

 

$

9.4

 

$

37.5

 

Total G&A

 

$

14.5

 

$

14.6

 

$

14.8

 

$

15.4

 

$

59.3

 

 



 

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise.  Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

 

Mack-Cali Realty Corporation

Key Statistics

12/19/13

$ in thousands

 

 

 

2014

 

2014

 

2014

 

2014

 

2014

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

FY

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds from Operations

 

47,039

 

51,481

 

53,392

 

47,632

 

199,544

 

Guidance Range

 

 

 

 

 

 

 

 

 

 

 

First Call Consensus Range of Estimates

 

$0.51 - 0.56

 

$0.51 - 0.60

 

$0.48 - 0.60

 

$0.58 - 0.65

 

$2.04 - 2.41

 

First Call Consensus

 

$

0.540

 

$

0.550

 

$

0.540

 

$

0.560

 

$

2.190

 

Funds from Operations Per Share

 

$

0.471

 

$

0.516

 

$

0.535

 

$

0.477

 

$

1.999

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Occupancy - IBS % Leased

 

83.50

%

83.10

%

83.70

%

84.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

99,803

 

99,804

 

99,805

 

99,805

 

99,804

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring EBITDA

 

75,091

 

75,390

 

77,339

 

71,642

 

299,462

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt EOP

 

2,290,549

 

2,237,673

 

2,304,256

 

2,240,068

 

2,240,068

 

Cash

 

20,000

 

20,000

 

20,000

 

215,697

 

215,697

 

Net Debt EOP

 

2,270,549

 

2,217,673

 

2,284,256

 

2,024,371

 

2,024,371

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Debt

 

(98,893

)

(52,876

)

66,582

 

(64,187

)

(149,375

)

Credit Line Balance EOP

 

111,615

 

54,617

 

93,719

 

 

 

Undepreciated Assets

 

5,918,906

 

5,975,455

 

5,870,401

 

5,804,114

 

5,804,114

 

Investing Activity - Incremental Only

 

 

 

 

 

 

 

 

 

 

 

Capitalized Interest

 

(3,338

)

(4,336

)

(5,033

)

(5,908

)

(18,615

)

M-F Acquisitions

 

(128,648

)

(2,000

)

(70,656

)

 

(201,304

)

M-F Development/Hotel Site Sale

 

(6,131

)

(33,965

)

98

 

(37,869

)

(77,867

)

Core Development

 

(2,000

)

(2,000

)

(2,000

)

(2,000

)

(8,000

)

Investment in Joint Ventures, net of JV sales

 

(69,018

)

(25,491

)

19,127

 

(21,365

)

(96,747

)

Office Sales

 

 

99,784

 

 

338,519

 

438,303

 

Purchase Money Mortgage Note Issuance

 

(1,908

)

92

 

92

 

92

 

(1,633

)

Total Investing Activity, net

 

(211,044

)

32,084

 

(58,373

)

271,469

 

34,137

 

Financing Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturing Notes

 

(200,000

)

 

 

 

(200,000

)

Maturing Mortgages

 

(5,424

)

(9,492

)

(152,777

)

 

(167,693

)

Planned Long Term Debt Issuance

 

 

 

 

 

 

Mortgage Issuance

 

 

14,365

 

181,037

 

30,558

 

225,960

 

Planned Common Equity Issuance

 

 

 

 

 

 

Change in Line Balance

 

111,615

 

(56,998

)

39,102

 

(93,719

)

 

Total Financing Activity

 

(93,809

)

(52,124

)

67,361

 

(63,161

)

(141,733

)

Ratios

 

 

 

 

 

 

 

 

 

 

 

Fixed Charge

 

2.22

x

2.34

x

2.41

x

2.21

x

2.21

x

Interest Coverage

 

2.46

x

2.71

x

2.85

x

2.70

x

2.67

x

Debt to Undepreciated Assets

 

38.70

%

37.45

%

39.25

%

38.59

%

38.59

%

Debt to EBITDA (Q/annlzd., Y/TTM)

 

7.63

x

7.42

x

7.45

x

7.82

x

7.48

x

Net Debt to EBITDA (Q/annlzd., Y/TTM)

 

7.56

x

7.35

x

7.38

x

7.06

x

6.76

x

Proportionate Share of UJV Debts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MC Share of JV Debt

 

220,250

 

220,250

 

220,250

 

220,250

 

220,250

 

MC Share of JV EBITDA

 

4,375

 

4,375

 

4,375

 

4,375

 

17,500

 

JV Debt to EBITDA

 

12.59

x

12.59

x

12.59

x

12.59

x

12.59

x

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt - With Proportionate Share of JV Debt

 

2,490,799

 

2,437,923

 

2,504,506

 

2,244,621

 

2,244,621

 

EBITDA - With Proportionate Share of JV’s

 

79,466

 

79,765

 

81,714

 

76,017

 

316,962

 

Net Debt to EBITDA - With Proportionate UJV Share

 

7.84

x

7.64

x

7.66

x

7.38

x

7.08

x

Total Interest Paid

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

30,542

 

27,832

 

27,099

 

26,504

 

111,977

 

Capitalized interest cost

 

3,338

 

4,336

 

5,033

 

5,908

 

18,615

 

 

 

33,880

 

32,168

 

32,133

 

32,411

 

130,592

 

 


 


 

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise. Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

 

Mack-Cali Realty Corporation

Scenario 2:

Scenario #1 AND Add $438MM sales program ($99MM April 1, $339MM Oct. 1)

Cash Available for Distribution

 

 

19-Dec-13

 

 

$ in thousands

 

 

 

 

 

2013

 

2014

 

 

 

1Q

 

2Q

 

3Q

 

4Q

 

FY

 

1Q

 

2Q

 

3Q

 

4Q

 

FY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operation - GAAP

 

63,035

 

65,113

 

57,109

 

50,884

 

236,141

 

47,039

 

51,481

 

53,392

 

47,632

 

199,544

 

Less: Non-incremental Revenue Generating Capex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building Improvements

 

4,916

 

3,122

 

3,438

 

4,000

 

15,476

 

10,143

 

10,616

 

9,375

 

9,706

 

39,840

 

Tenant Improvements and Leasing Commissions

 

14,182

 

11,258

 

11,421

 

11,000

 

47,861

 

16,700

 

6,400

 

13,500

 

15,500

 

52,100

 

Straight-line Rent Adjustments

 

6,409

 

3,272

 

439

 

3,080

 

13,200

 

3,330

 

2,823

 

1,338

 

1,588

 

9,079

 

Amortization of (Above)/Below Market Lease Intangibles

 

399

 

542

 

474

 

32

 

1,447

 

32

 

32

 

32

 

32

 

128

 

Cash Available for Distribution

 

37,129

 

46,919

 

41,337

 

32,772

 

158,157

 

16,834

 

31,610

 

29,147

 

20,806

 

98,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Cash Flow Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus: Amortization Of Deferred Financing Fees

 

839

 

966

 

962

 

1,021

 

3,788

 

1,059

 

1,065

 

1,041

 

1,041

 

4,205

 

Less: Interest Paid But Capitalized

 

3,476

 

3,334

 

3,559

 

2,673

 

13,042

 

3,338

 

4,336

 

5,033

 

5,908

 

18,615

 

Less: Incremental Capital Expenditures

 

7,608

 

8,835

 

5,335

 

9,000

 

30,778

 

9,000

 

9,000

 

7,912

 

7,487

 

33,399

 

 

 

(10,245

)

(11,203

)

(7,932

)

(10,652

)

(40,032

)

(11,279

)

(12,271

)

(11,905

)

(12,354

)

(47,809

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Available to Pay Common Dividends/Distributions

 

26,885

 

35,716

 

33,405

 

22,120

 

118,125

 

5,554

 

19,339

 

17,242

 

8,452

 

50,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Common Dividends/Distributions

 

44,828

 

44,967

 

29,997

 

30,003

 

149,795

 

30,003

 

30,003

 

30,003

 

30,004

 

120,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Surplus/(Deficit)

 

(17,943

)

(9,251

)

3,407

 

(7,883

)

(31,670

)

(24,449

)

(10,664

)

(12,761

)

(21,551

)

(69,425

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Surplus/(Deficit) Per Share

 

(0.180

)

(0.093

)

0.034

 

(0.079

)

(0.317

)

(0.245

)

(0.107

)

(0.128

)

(0.216

)

(0.696

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios on a Cash Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends/FFO-GAAP Ratio

 

71.12

%

69.06

%

52.53

%

58.96

%

63.43

%

63.78

%

58.28

%

56.19

%

62.99

%

60.14

%

Dividends/CAD Ratio

 

120.74

%

95.84

%

72.57

%

91.55

%

94.71

%

178.23

%

94.92

%

102.94

%

144.20

%

121.97

%

Dividends/Cash Available Ratio

 

166.74

%

125.90

%

89.80

%

135.64

%

126.81

%

540.17

%

155.14

%

174.01

%

354.97

%

237.23

%

 


 


 

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise. Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

 

Occupancy Comparison for 2014 Projections

 

 

 

 

 

 

 

 

 

2014 Expirations by

 

 

 

 

 

 

 

 

 

 

 

 

 

Projections -

 

SF as of

 

 

 

 

 

 

 

 

 

 

 

 

 

month to

 

Oct 18, 2013 (for

 

Expirations

 

Implied Total

 

Implied

 

 

 

2014 Projection as of Oct

 

 

 

month change

 

Projected SF)

 

by % of

 

Absorption

 

Absorption

 

 

 

18, 2013

 

 

 

Change vs.

 

Expirations

 

Company (SF

 

SF

 

(% of

 

2014 Projected

 

Projected - DYNA

 

 

 

Previous

 

Projected - IBS

 

basis)

 

Lease starts

 

Company)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Jan

 

81.61

%

 

 

-3.99

%

840,481

 

3.01

%

-274,798

 

-0.98

%

28-Feb

 

81.65

%

 

 

0.04

%

222,638

 

0.80

%

233,819

 

0.84

%

31-Mar

 

81.71

%

1st Qtr Avg

 

0.06

%

121,376

 

0.43

%

138,147

 

0.49

%

 

 

 

 

81.66%

 

-3.89

%

1,184,495

 

4.24

%

97,168

 

0.35

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Apr

 

81.65

%

 

 

-0.06

%

158,486

 

0.57

%

141,715

 

0.51

%

31-May

 

81.53

%

 

 

-0.12

%

194,287

 

0.70

%

160,745

 

0.58

%

30-Jun

 

81.48

%

2nd Qtr Avg

 

-0.05

%

144,293

 

0.52

%

130,317

 

0.47

%

 

 

 

 

81.55%

 

-0.23

%

497,066

 

1.78

%

432,777

 

1.55

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Jul

 

82.23

%

 

 

0.75

%

166,476

 

0.60

%

166,476

 

0.60

%

31-Aug

 

82.27

%

 

 

0.04

%

172,880

 

0.62

%

184,061

 

0.66

%

30-Sep

 

82.36

%

3rd Qtr Avg

 

0.09

%

234,678

 

0.84

%

259,835

 

0.93

%

 

 

 

 

82.29%

 

0.88

%

574,034

 

2.05

%

610,371

 

2.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Oct

 

83.29

%

 

 

0.93

%

175,363

 

0.63

%

435,315

 

1.56

%

30-Nov

 

83.30

%

 

 

0.01

%

130,244

 

0.47

%

133,039

 

0.48

%

31-Dec

 

83.65

%

4th Qtr Avg

 

0.35

%

54,463

 

0.19

%

152,294

 

0.54

%

 

 

 

 

83.41%

 

1.29

%

360,070

 

1.29

%

720,649

 

2.58

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

last 12 mo avg

 

82.23

%

 

 

-1.95

%

2,615,665

 

12 mo

 

1,860,965

 

 

 

 


 


 

The information contained herein is draft, internal company estimates and projections, including forward-looking information, as of December 19, 2013 and is subject to change. The Company assumes no obligation to supplement or update this information because of subsequent events, new information or otherwise. Additional information regarding risks and uncertainties of forward-looking statements is contained in our periodic reports under the caption “Disclosure Regarding Forward-Looking Statements.

 

DYNA LEASING STARTS - Q3 2013 (10/13)

 

 

 

Qtr1

 

Qtr2

 

Qtr3

 

Qtr4

 

Total

 

IBS Actual 5-Qtr - 2004 (1)

 

254,003

 

551,584

 

680,240

 

718,069

 

2,203,896

 

IBS Actual 5 Qtr -2005 (2)

 

281,924

 

509,244

 

954,467

 

928,613

 

2,674,248

 

IBS Actual 5 Qtr - 2006

 

212,355

 

635,635

 

828,759

 

762,871

 

2,439,620

 

IBS Actual 5 Qtr - 2007 (3)

 

290,072

 

616,185

 

816,107

 

973,859

 

2,696,223

 

IBS Actual 5 Qtr - 2008 (4)

 

274,472

 

556,687

 

678,238

 

720,300

 

2,229,697

 

IBS Actual 5 Qtr - 2009 (5)

 

212,576

 

371,415

 

577,959

 

379,493

 

1,541,443

 

IBS Actual 5 Qtr - 2010

 

322,851

 

609,042

 

551,998

 

686,452

 

2,170,343

 

IBS Actual 5 Qtr - 2011

 

377,538

 

705,500

 

738,657

 

724,257

 

2,545,952

 

IBS Actual 5 Qtr - 2012

 

473,837

 

560,364

 

688,018

 

709,505

 

2,431,724

 

Average of Historical Data

 

299,959

 

568,406

 

723,827

 

733,713

 

2,325,905

 

Average of Historical Data w/o 2009

 

310,882

 

593,030

 

742,061

 

777,991

 

2,423,963

 

 

 

 

 

 

 

 

 

 

 

 

 

Dyna Calendar Year 2013 - Original 10/12

 

383,757

 

591,418

 

820,853

 

833,796

 

2,629,824

 

Dyna Calendar Year 2013 - Update 1/13

 

358,336

 

585,910

 

844,308

 

842,309

 

2,630,863

 

Dyna Calendar Year 2013 - Update 4/13

 

289,920

 

641,938

 

791,022

 

804,989

 

2,527,869

 

Dyna Calendar Year 2013 - Update 7/13

 

294,630

 

687,628

 

812,896

 

689,267

 

2,484,421

 

 

 

 

 

 

 

 

 

 

 

 

 

Dyna Calendar Year 2013 - Leasing Starts (Signed Q4 2012 thru Current Qtr)

 

 

 

 

 

 

 

 

 

 

 

Executed Deals

 

294,630

 

687,628

 

723,729

 

679,305

 

2,385,292

 

New & Renewal Pipleline Deals

 

0

 

0

 

0

 

83,699

 

83,699

 

Speculative New & Renewal Deals

 

0

 

0

 

0

 

19,228

 

19,228

 

Total Revised Leasing Starts

 

294,630

 

687,628

 

723,729

 

782,232

 

2,488,219

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) Starts

 

0

 

0

 

(89,167

)

92,965

 

3,798

 

 

 

 

 

 

 

 

 

 

 

 

 

10/12 - 2012 Projections for Year-over-Year Comparison

 

 

 

 

 

 

 

 

 

 

 

IBS 2012 Executed Deal

 

473,837

 

560,364

 

688,018

 

636,052

 

2,358,271

 

New/Renewal Pipleline Deals

 

0

 

0

 

0

 

118,541

 

118,541

 

Spec & Proposed Renewal Deals

 

0

 

0

 

0

 

44,483

 

44,483

 

Total Revised Leasing Starts

 

473,837

 

560,364

 

688,018

 

799,076

 

2,521,295

 

Actual 2012 Results

 

473,837

 

560,364

 

688,018

 

709,505

 

2,431,724

 

 

YEAR END OCCUPANCY PROJECTION - 2013

 

Prior Projected Dyna 2013 YE % Occupancy before Occupancy Reserves

 

83.47

%

 

 

 

 

 

 

 

 

Impact of Projected Change in Leasing & Misc. Activity

 

-0.01

%

 

 

Activity Not Impacting YE Occupancy

 

-0.08

%

 

 

Net Early Terminations / Downsizings / Defaults in Current Quarter Impacting YE Occ

 

-0.02

%

 

 

 

 

 

 

 

 

 

Prior Qtr

 

 

 

 

 

 

 

Projection

 

Current Projected 2013 YE Occupancy before Occupancy Reserves & Port. Adjstmt

 

 

 

83.36

%

83.47

%

 

 

 

 

 

 

 

 

Potential Defaults Due to Litigation List thru YE

 

-0.16

%

 

 

 

 

Reserves for Unanticipated Terminations / Defaults / Downsizings thru YE

 

0.00

%

 

 

 

 

Est. Occupancy Reserves Required for Remainder of Year

 

 

 

-0.16

%

-0.26

%

 

 

 

 

 

 

 

 

Current Portfolio Projected 2013 YE Occupancy Net of Reserves Before Portfolio Adjstmt

 

 

 

83.20

%

83.21

%

Impact on YE Occupancy of Adding 14 Sylvan & Completed Dispositions other than PA

 

 

 

0.77

%

0.75

%

Impact on YE Occupancy of PA Disposition

 

 

 

0.24

%

0.14

%

 

 

 

 

 

 

 

 

Adjusted Portfolio Projected 2013 YE Occupancy Net of Reserves

 

 

 

84.21

%

84.10

%

Change

 

 

 

0.11

%