Exhibit 99.1

 

 

 

INDEX

 

	PAGE(S)
Company Today	3-4
Focus List	5 - 6
NYC and NJ Waterfront Synergy	7
Economic Incentives and Programs	8 - 9
Spotlight on:
Results	10 - 13
Leasing	14 - 21
Earnings	22 - 32
Financials	33 - 35
Portfolio	36 - 37
Details on:
Leasing	38 - 43
Earnings	44
Financials	45 - 49
Portfolio	50 - 56
Company Information	57 - 58

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

2

 

 

REIT publicly traded on NYSE (“CLI”)

 

Substantial development opportunities for multi-family

 

Apartment platform managed by Roseland Residential Trust (“RRT”)

 

 

101 Wood Avenue South, Iselin, NJ (Acquired June 2016)		Portside at East Pier, East Boston, MA (Full interest acquired April 2016)
The Chase at Overlook Ridge, Malden, MA (Full interest acquired January 2016)		111 River Street, Hoboken, NJ (Acquired July 2016)

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

3

 

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

4

 

 

2017 & 2018 Objectives

 

Completed/Underway (Generated Significant Increased Cash Flow)

 

1.                          Staffing levels — reduced by 125 positions or $15M, hiring freeze in place, expect further reductions if more sales completed

 

2.                          Cost of operations — reduced by $10M, with continued focus on expenses

 

3.                          Continued expense reductions as we reduce the size of the office platform (underway)

 

4.                          Expect continued margin improvement (currently approx. 60%, up from 54% two years ago) with increased rental rates and occupancy in core markets and reduced costs

 

5.                          Refinance debt for savings — new 5-year unsecured term loan for $350M at 3.13% in Jan 2016.  $250M secured financing at 3.197%.  Bought back $250M of 7.75% bonds due August of 2019 and repaid $300M mortgage debt with interest rates ranging from LIBOR+1.75 to 11.3 percent.  $925M unsecured credit facilities signed in Jan. 2017

 

6.                          Increase occupancy — 90.6% at 12/31/16, met our objective of 90% leased by year end. Was 90.3% at 9/30/16; 89.1% at 12/31/15; 84.2% at 12/31/14

 

7.                          Planned dispositions — $745M closed in 2016 & early 2017; $600M for remainder of 2017

 

Next 12 — 24 Months (Balance Sheet / Capital Expenditures / Long-term Cash Flow)

 

8.                          Exited NYC, DC, and certain NJ suburban markets, focus on our key markets Waterfront, Short Hill, Metropark, Parsippany and Monmouth

 

9.                          Funding and growth of the Roseland operations — Rockpoint Capital LLC to invest $300M as development capital

 

24 Months (Long-term Strategy Execution)

 

10.                   Reposition assets to class A quality — six major capital investment programs currently in place. Totally renovate Plaza I - Harborside in Jersey City

 

11.                   New capital investment — we look for 6% initial yield and 11% IRR on new investments. Purchased 101 Wood Avenue in Iselin, NJ and 111 River Street in Hoboken, NJ; Closing in 2017: Red Bank, Short Hills, Madison and Jersey City purchases

 

12.                   Quality of earnings will continue to improve as the portfolio is increasingly comprised of high quality Hudson River waterfront and transit oriented office properties and best in class luxury multi-family properties in those same markets. We project to be in the top 20% of REITs for FFO and AFFO growth

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

5

 

 

Significant progress made on 2017 expirations during 2016:

 

·                  Remaining 2017 expirations aggregate 2.1 million square feet (net of 512,000 square feet in properties we plan to sell/repurpose):

Represent 11.2% of our Core/Waterfront/Flex portfolio;

699,398 SF remaining on Waterfront, with a growing backlog of tenant demand;

639,154 SF in Flex space, with historically high retention and occupancy rates; and

793,718 SF in Core suburban properties, represents a manageable 8.9% of Core suburban portfolio

 

·                  2017 expirations were reduced by one million square feet during 2016 and can be reduced by an additional 300,000 square feet from additional assets sales in 2017.

 

·                  Reduction was achieved through both focused leasing efforts and disposition of non-core assets.

 

·                  One million square feet do not expire until the fourth quarter.

 

·                  Space leased at year-end 2016 is 90.6%; at that level will backfill any vacant space quickly.

 

·                  Moving forward, our goal in re-shaping the portfolio through sales, strategic acquisitions and selective leasing is to generate longer leases with less costs per square-foot per year and a more manageable lease expiration schedule of no more than 12% each year.

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

6

 

 

 

*CLI tenants

 

Source: CBRE Market and Asset Discussion January 27, 2017.

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

7

 

 

The State of New Jersey currently offers a compelling incentive program to attract and retain businesses in the State through its “Grow New Jersey” program.  Below is a program summary and example of an incentive calculation.

 

Grow NJ

 

·                              Provides job-based tax credits for job creation and retention

 

·                              Tax credits of $5,000 to $9,750 per job/per year, for up to 10 years for new jobs to the state

 

·                              Limited to specific “Qualified Incentive Areas”

 

·                  Urban Transit Hub municipalities (“UTH”)

 

·                  ‘Mega projects’—logistics, manufacturing, energy, defense, or maritime businesses in a port district

 

·                  Distressed municipalities

 

·                  Projects in other priority areas

 

·                              Eligibility:

 

·                  Minimum 35 new jobs and/or 50 retained jobs for most commercial projects

 

Example — New Tenant to Jersey City

 

·              New jobs at a 6 employees (EEs) per 1,000sf density

 

# of				Starting		Base
New EEs		SF		Rental Rate		Rent/yr
		60,000		$40/sf		$	2,400,000
360						(2,880,000		)
		Effective rent after incentive				(480,000		)

 

Base award (UTH)		$	5,000
Bonuses
Within 0.5 miles of transit station		$	2,000
251-400 jobs		500
Targeted Industry		500
		$	8,000	per job/per year
		or
		$	2,880,000	per year

 

·                  If occupancy is higher than 6 EEs per 1,000 sf, the tenant receives the further benefit, which adds to their NOI

·                  Award based on targeted industry

·                  Tenant must commit to 1.5 years of term to qualify for 1 year of benefit

·                  Urban Transit Hub location

·                  Doesn’t include increases in fixed rent or additional rent payable under the lease

·                  Retention benefit could be substantially less than as illustrated

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

8

 

Tenants Taking Advantage of NJ Incentives

 

Company		Size (SF)		Address		Number of Employees		Incentive (Millions)
JP Morgan Chase (Purchase)		1,098,265		575 Washington Street		3,612		$	224.9
JP Morgan Chase		305,069		545 Washington Street		2,150		$	187.8
RBC		206,861		30 Hudson Street		900		$	78.7
WeWork (Joint Venture)		75,000		1 Journal Square		723		$	59.0
Ernst & Young		168,165		121 River Street		430		$	39.8
Omnicom Group*		79,771		Harborside Plaza 2		493		$	39.4
Charles Komar		159,141		90 Hudson Street		480		$	37.2
New York Life		114,691		30 Hudson Street		625		$	33.8
Fidessa Corporation		51,824		70 Hudson Street		340		$	30.0
Zurich Insurance *		64,413		Harborside Plaza 2		314		$	28.2
Forbes Media		93,000		499 Washington Blvd.		350		$	27.1
Newell Rubbermaid		99,975		221 River Street		300		$	27.0
Thomas Reuters		71,224		121 River Street		450		$	26.0

 

*CLI tenants

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

9

 

Spotlight on Results

 

Operating Highlights

 

Net income available to common shareholders for the quarter ended December 31, 2016 amounted to $15.2 million, or $0.17 per share, as compared to a net loss of $31.7 million, or $0.35 per share, for the quarter ended December 31, 2015.  For the year ended December 31, 2016, net income available to common shareholders equaled $117.2 million, or $1.30 per share, as compared to a net loss of $125.8 million, or $1.41 per share, for full year 2015.

 

Funds from operations (FFO) for the quarter ended December 31, 2016 amounted to $32.8 million, or $0.33 per share, as compared to $46.9 million, or $0.47 per share, for the quarter ended December 31, 2015.  For the year ended December 31, 2016, FFO equaled $205 million, or $2.04 per share, as compared to $188.1 million, or $1.88 per share, for full year 2015.

 

For the fourth quarter 2016, Core FFO was $0.56 per share after adjusting for certain items, primarily a $23.7 million loss from extinguishment of debt.  The quarter’s Core FFO per share of $0.56 increased 19.1 percent from the same quarter last year primarily due to increased base rents in 2016.

 

Mack-Cali’s consolidated Core, Waterfront and Flex properties were 90.6 percent leased at December 31, 2016, as compared to 90.3 percent leased at September 30, 2016 and 89.1 percent leased at December 31, 2015.

 

For the quarter ended December 31, 2016, the Company executed 55 leases at its consolidated in-service commercial portfolio totaling 320,605 square feet. Of these totals, 45 percent were for new leases and 55 percent were for lease renewals and other tenant retention transactions.  For the year ended December 31, 2016, the Company executed 273 lease transactions totaling 2,769,608 square feet.  Of these totals, 35 percent were for new leases and 65 percent were for renewals and other tenant retention transactions.  Rental rate roll up for fourth quarter 2016 transactions in the Company’s Core, Waterfront and Flex properties was 3.5 percent on a cash basis and 12.2 percent on a GAAP basis.  Rental rate roll up for all 2016 transactions in the Company’s Core, Waterfront and Flex properties was 10.9 percent on a cash basis and 20 percent on a GAAP basis.  

 

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

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

10

 

Spotlight on Results

 

Rental Property Acquisitions

 

For the year ended December 31, 2016

 

								Rentable
Acquisition						# of		Square		Purchase
Date		Property/Address		Location		Buildings		Feet		Price
04/04/16		11 Martine Avenue (a)		White Plains, New York		1		82,000		$	10,750
04/07/16		320, 321 University Avenue (b)		Newark, New Jersey		2		147,406		23,000
06/02/16		101 Wood Avenue South (c)		Iselin, New Jersey		1		262,841		82,300
07/01/16		111 River Street (c)		Hoboken, New Jersey		1		566,215		235,000		(d)
Total Acquisitions:						5		1,058,462		$	351,050

 

(a)		Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash.
(b)		This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility.
(c)		This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility.
(d)		The Company paid $210.8 million at closing, net of purchase credits.

 

Thus far in 2017, the Company acquired or contracted to acquire nine office properties totaling approximately 1.4 million square feet located in Red Bank, Short Hills and Madison, New Jersey for approximately $394.8 million.

 

On January 5, 2016, the Company, which held a 50 percent subordinated joint venture interest in the unconsolidated Overlook Ridge Apartment Investors LLC, 371-unit multi-family operating property located in Malden, Massachusetts, acquired the remaining interest for $39.8 million in cash plus the assumption of a first mortgage loan secured by the property with a principal balance of $52.7 million.  The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility.

 

On April 1, 2016, the Company, which held a 38.25 percent subordinated joint venture interest in the unconsolidated Portside Apartment Developers, LLC, a joint venture which owns a 175-unit operating multi-family property located in East Boston, Massachusetts, acquired the remaining interests of its joint venture partners for $39.6 million in cash plus the assumption of a first mortgage loan secured by the property with a principal balance of $42.5 million and interest at LIBOR plus 215 basis points, with a floor of 275 basis points, maturing in December 2017.  The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility.

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

11

 

Spotlight on Results

 

Rental Property Sales/Dispositions

(dollars in thousands)

 

The Company disposed of approximately $690 million of assets in 2016. Thus far in 2017, the Company sold or contracted to sell nine office properties for $54 million.

 

For the year ended December 31, 2016

 

Sale						Realized
Date		Property/Address		Location		Gain (loss)
03/11/16		2 Independence Way		Princeton, New Jersey		$	(164	)
03/24/16		1201 Connecticut Avenue, NW		Washington, D.C.		58,764
04/26/16		125 Broad Street		New York, New York		(7,860		)
05/09/16		9200 Edmonston Road		Greenbelt, Maryland		246
05/18/16		1400 L Street		Washington, D.C.		38,346
07/14/16		600 Parsippany Road		Parsippany, New Jersey		4,590
07/14/16		4, 5, 6 Century Drive		Parsippany, New Jersey		(2,775		)
08/11/16		Andover Place		Andover, Massachusetts		2,713
09/26/16		222, 223 Mount Airy Road		Basking Ridge, New Jersey		(222		)
09/27/16		10 Mountainview Road		Upper Saddle River, New Jersey		(581		)
11/07/16		100 Willowbrook, 2, 3, 4 Paragon		Freehold, New Jersey		(4,743		)
12/05/16		4 Becker Farm Road		Roseland, New Jersey		10,399
12/09/16		101, 103, 105 Eisenhower Parkway		Roseland, New Jersey		424
12/22/16		Capital Office Park, Ivy Lane		Greenbelt, Maryland		(18,494		)
12/22/16		100 Walnut Avenue		Clark, New Jersey		20,899
12/22/16		20 Commerce Drive		Cranford, New Jersey		15,807
12/29/16		4200 Parliament Place		Lanham, Maryland		(18		)
Sub-total						$	117,331
Unrealized losses on properties held for sale						(7,665		)
Total Gains, net:						$	109,666

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

12

 

Spotlight on Results

 

Balance Sheet/Capital Markets

 

As of December 31, 2016, the Company had a debt-to-undepreciated assets ratio of 41.6 percent. The Company had an interest coverage ratio of 3.5 times for the quarter ended December 31, 2016.

 

In January 2017, the Company closed on senior unsecured credit facilities totaling $925 million with a group of 13 lenders, with Wells Fargo Securities, LLC; J.P. Morgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners; and Capital One, National Association and U.S. Bank National Association as joint lead arrangers.

 

The credit facilities are comprised of a renewal and extension of the Company’s existing $600 million unsecured revolving facility and a new $325 million unsecured delayed-draw term loan. The $600 million credit facility carries an interest rate equal to LIBOR plus 120 basis points and a facility fee of 25 basis points.  The facility has a term of four years with two six-month extension options.  The new $325 million delayed-draw term loan can be drawn over time within 12 months of closing with no requirement to be drawn in full.  The loan carries an interest rate equal to LIBOR plus 140 basis points and a ticking fee of 25 basis points on any undrawn balance during the first 12 months after closing.  The term loan matures in three years with two one-year extension options.  The interest rate on the revolving credit facility and new term loan and the facility fee on the revolving credit facility are subject to adjustment, on a sliding scale, based upon the Company’s unsecured debt ratings, or at the Company’s option, based on a defined leverage ratio.

 

The credit facilities also contain accordion features providing for expansion of the facilities up to a total of $1.275 billion.

 

Also in January 2017, the Company closed on a $100 million mortgage loan, secured by Alterra at Overlook Ridge, its 722 unit multi-family community located in Revere, MA. The mortgage loan carries a fixed interest rate of 3.75 percent per annum and is interest only for its seven year term.

 

In December 2016, the Company redeemed for cash all $135 million outstanding principal amount of its 7.75 percent Notes due in August 2019. The Notes were redeemed on December 29, 2016. The redemption price for the Notes, including a make-whole premium, was 115.3 percent of the principal amount of the Notes, plus any accrued and unpaid interest.

 

Also during the fourth quarter 2016, the Company repaid mortgage debt on nine assets aggregating $200 million that carried interest rates ranging from 6.3 percent to 11.3 percent, The Company disposed of two of the assets  and seven became unencumbered.

 

Pro forma, with the execution of these financing activities, the Company’s $2.4 billion total debt carries a weighted average interest rate of 3.8 percent. Additionally, with remaining maturities of up to 12 years, the weighted average maturity of its indebtedness is now 4.4 years.

 

Dividends

 

In December, the Company’s Board of Directors declared a cash dividend of $0.15 per common share (indicating an annual rate of $0.60 per common share) for the fourth quarter 2016, which was paid on January 13, 2017 to shareholders of record as of January 5, 2017.  The Company’s Core FFO dividend payout ratio for the quarter was 26.9 percent.

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

13

 

 

Spotlight on Leasing - Quarter in Review

 

Consolidated Commercial Leasing Summary

 

The Company had another successful year of leasing with solid activity in the Core, Waterfront and Flex portfolios.

 

Portfolio Summary

 

		12/31/16		9/30/16		6/30/16		3/31/16		12/31/15
Number of buildings		190		207		212		215		217
Total square feet		20,951,376		23,355,409		23,463,605		23,974,930		24,211,880
Square feet leased		18,756,661		20,473,696		20,342,158		20,910,999		20,865,233
Square feet vacant		2,194,715		2,881,713		3,121,447		3,063,931		3,346,647
Number of tenants		1,253		1,490		1,542		1,588		1,611

 

Summary of Leasing Transaction Activity

 

For the three months ended December 31, 2016

See detail on pages 34-35

 

														Wtd.			Wtd. Avg.
														Avg.			Costs Per
		Number of		Total		Sq. Ft.		Sq. Ft. Renewed		Average		Weighted Avg.		Base			Sq. Ft.
		Transactions		Sq. Ft.		New Leases		and Other Retained		Sq. Ft.		Term (Yrs)		Rent			Per Year
Core		22		122,851		39,432		83,419		5,584		7.4		$	32.74		$	2.93
Waterfront		5		31,355		31,355		—		6,271		6.9		45.92			5.92
Flex		18		120,447		72,563		47,884		2,660		5.5		18.00			3.57
Sub-Total		45		274,653		143,350		131,303		6,103		6.5		27.78			3.55
Non-Core		10		45,952		1,021		44,931		4,493		4.3		25.50			4.98
TOTALS		55		320,605		144,371		176,234		3,204		6.2		$	27.45		$	3.91

 

For the year ended December 31, 2016

See detail on pages 38-39

 

														Wtd.			Wtd. Avg.
														Avg.			Costs Per
		Number of		Total		Sq. Ft.		Sq. Ft. Renewed		Average		Weighted Avg.		Base			Sq. Ft.
		Transactions		Sq. Ft.		New Leases		and Other Retained		Sq. Ft.		Term (Yrs)		Rent			Per Year
Core		106		900,151		229,105		671,046		8,492		6.0		$	29.18		$	4.18
Waterfront		19		861,228		331,319		529,909		45,328		10.1		40.23			6.78
Flex		84		668,529		265,245		403,284		7,959		4.7		17.35			2.86
Sub-Total		209		2,429,908		825,669		1,604,239		11,626		7.1		29.84			4.80
Non-Core		64		339,700		148,420		191,280		5,308		4.8		23.76			4.49
TOTALS		273		2,769,608		974,089		1,795,519		10,145		6.8		$	29.10		$	5.21

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

14

 

Spotlight on Leasing - Quarter in Review

 

Consolidated Commercial Leasing Summary (continued)

 

For the three months ended December 31, 2016

 

				Number of		Number of		Number of
		GAAP		Transactions		Transactions		Transactions
		Roll Up/(Down)		Rolled Up		Flat		Rolled Down		Total
New		9.8	%	10		—		5		15
Renew/Other Retained		13.3	%	28		1		—		29
TOTAL		12.0	%	38		1		5		44

 

For the year ended December 31, 2016

 

				Number of		Number of		Number of
		GAAP		Transactions		Transactions		Transactions
		Roll Up/(Down)		Rolled Up		Flat		Rolled Down		Total
New		9.0	%	34		—		8		42
Renew/Other Retained		19.6	%	143		5		14		162
TOTAL		18.3	%	177		5		22		204

 

Core, Waterfront and Flex Properties

 

For the three months ended December 31, 2016

 

				Number of		Number of		Number of
		GAAP		Transactions		Transactions		Transactions
		Roll Up/(Down)		Rolled Up		Flat		Rolled Down		Total
New		9.5	%	9		—		5		14
Renew/Other Retained		14.3	%	22		—		—		22
TOTAL		12.2	%	31		—		5		36

 

For the year ended December 31, 2016

 

				Number of		Number of		Number of
		GAAP		Transactions		Transactions		Transactions
		Roll Up/(Down)		Rolled Up		Flat		Rolled Down		Total
New		11.7	%	28		—		7		35
Renew/Other Retained		20.9	%	114		3		7		124
TOTAL		20.0	%	142		3		14		159

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

15

 

Spotlight on Leasing - Rollforwards

 

(for the three months ended December 31, 2016)

 

Leasing Activity

See detail on pages 32-33

 

Significant strides in disposition of non-core assets produced a 190-basis-point gain in space leased during the fourth quarter.

 

						Sq. Ft.		Inventory		Leased Sq. Ft.						Net				Sq. Ft.
		Pct. Leased		Inventory		Leased		Acquired/Disposed		Acquired/Disposed		Expiring/		Incoming		Leasing		Inventory		Leased		Pct. Leased
		09/30/16		09/30/16		09/30/16		or Reclassed		or Reclassed		Adj. Sq. Ft.		Sq. Ft.		Activity		12/31/16		12/31/16		12/31/16
Core		86.7	%	9,663,946		8,380,026		(770,094	)	(641,294	)	(123,413	)	122,851		(562	)	8,893,852		7,738,170		87.0	%
Waterfront		94.6	%	4,884,193		4,620,324	`	—		—		(42,753	)	31,355		(11,398	)	4,884,193		4,608,926		94.4	%
Flex		92.9	%	5,216,213		4,844,377	`	6,965		—		(108,928	)	120,447		11,519		5,223,178		4,855,896		93.1	%*
Sub-Total		90.3	%	19,764,352		17,844,727		(763,129	)	(641,294	)	(275,094	)	274,653		(441	)	19,001,223		17,202,992		90.6	%*
Non-Core		73.2	%	3,591,057		2,628,969		(1,640,904	)	(1,063,591	)	(57,661	)	45,952		(11,709	)	1,950,153		1,553,669		79.7	%
Totals		87.7	%	23,355,409		20,473,696		(2,404,033	)	(1,704,885	)	(332,755	)	320,605		(12,150	)	20,951,376		18,756,661		89.6	%*

 

Percentage Leased

 

		Pct. Leased		Impact of		Impact of		Pct. Leased
		09/30/16		Portfolio Changes		Leasing Activity		12/31/16
Core		86.7	%	—		—		87.0	%
Waterfront		94.6	%	—		—		94.4	%
Flex		92.9	%	—		—		93.1	%
Sub-Total		90.3	%	—		—		90.6	%
Non-Core		73.2	%	5.1	%	(0.3	)%	79.7	%
Totals		87.7	%	1.9	%	—		89.6	%

 

“Core”		Long-term hold office properties (excluding Waterfront locations)
“Waterfront”		Office assets located on NJ Hudson River waterfront
“Flex”		Non-office commercial assets, primarily office/flex properties
“Non-Core”		Properties designated for eventual sale/disposition or repositioning
*		Excludes 6,965 square feet of retail space placed in service in 4th quarter 2016 and currently in lease-up.

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

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Spotlight on Leasing - Expirations by Type

 

The following table sets forth a schedule of lease expirations for all consolidated properties beginning January 1, 2017, assuming that none of the tenants exercise renewal or termination options:

 

						Percentage of Total				Average Annualized Base
				Net Rentable Area		Leased Square Feet		Annualized Base		Rent Per Net Rentable		Percentage of Annual
Year of		Number of		Subject to Expiring		Represented by		Rental Revenue Under		Square Foot Represented		Base Rent Under
Expiration/Market		Leases Expiring (a)		Leases (Sq. Ft.)		Expiring Leases (%)		Expiring Leases ($) (b)		by Expiring Leases ($)		Expiring Leases (%)
2017
Core		122		793,718		4.3		21,004,678		26.46		4.6
Waterfront		25		699,398		3.8		25,867,076		36.98		5.7
Flex		82		639,154		3.5		9,031,334		14.13		2.0
Sub-Total		229		2,132,270		11.6		55,903,088		26.22		12.3
Non-Core		43		512,244		2.8		12,918,022		25.22		2.9
TOTAL — 2017		272		2,644,514		14.4		68,821,110		26.02		15.2
2018
Core		106		742,554		4.0		20,335,620		27.39		4.5
Waterfront		16		608,014		3.3		22,055,114		36.27		4.9
Flex		101		1,143,867		6.2		15,007,835		13.12		3.3
Sub-Total		223		2,494,435		13.5		57,398,569		23.01		12.7
Non-Core		35		269,676		1.5		6,885,675		25.53		1.5
TOTAL — 2018		258		2,764,111		15.0		64,284,244		23.26		14.2
2019
Core		112		1,108,781		6.0		29,525,388		26.63		6.5
Waterfront		12		197,972		1.1		6,391,332		32.28		1.4
Flex		74		942,109		5.1		13,049,496		13.85		2.9
Sub-Total		198		2,248,862		12.2		48,966,216		21.77		10.8
Non-Core		30		149,885		0.8		3,574,261		23.85		0.8
TOTAL — 2019		228		2,398,747		13.0		52,540,477		21.90		11.6
2020
Core		109		963,504		5.1		23,853,137		24.76		5.2
Waterfront		8		70,779		0.4		2,517,518		35.57		0.5
Flex		53		431,851		2.4		5,717,423		13.24		1.3
Sub-Total		170		1,466,134		7.9		32,088,078		21.89		7.0
Non-Core		26		212,879		1.2		5,662,688		26.60		1.3
TOTAL — 2020		196		1,679,013		9.1		37,750,766		22.48		8.3

 

Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2016

 

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