Exhibit 99.2

 

M  A  C  K  -  C  A  L  I     R  E  A  L  T  Y     C  O  R  P  O  R  A  T  I  O  N

 

For Immediate Release

 

MACK-CALI REALTY CORPORATION

ANNOUNCES SECOND QUARTER 2017 RESULTS

 

Jersey City, New Jersey—August 2, 2017—Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the second quarter 2017.

 

SECOND QUARTER 2017 HIGHLIGHTS

 

·                  Achieved Funds from Operations per diluted share of $0.60 and Core Funds from Operations growth of 9.1% to $0.60 for the quarter;

 

·                  Net loss of $0.44 per diluted share for the quarter (including the effect of net losses from property sales of $0.39 per share);

 

·                  Increased Adjusted Funds from Operations by 114.2% to $42.2 million for the quarter ended June 30, 2017, as compared to $19.7 million for the comparable period in 2016;

 

·                  Increased rental rates by 17.7% on a GAAP basis and 6.6% on a cash basis at its Core/Waterfront/Flex properties;

 

·                  Leased 728,246 square feet;

 

·                  Increased Roseland percent leased to 97.9%, up from 97.5% for the first quarter;

 

·                  Urby achieved 78% lease-up in five months at average rents of $57.50 per square foot;

 

·                  Chase II achieved 91% lease-up in seven months at average rents of $27.36 per square foot;

 

·                  Quarry Place achieved 58% lease-up in seven months at average rents of $43.20 per square foot;

 

·                  Increased quarterly common stock dividend to $0.20 per share; and

 

·                  Updated 2017 FFO guidance of $2.18 to $2.28 per diluted share, a decrease of $0.09 at the midpoint.

 

Michael J. DeMarco, chief executive officer, commented “Solid quarter on all operating fronts.  We have made great progress on the lease-up of our completed multifamily properties and on our office sales program.  Renewal spreads and lease costs are strong in our office segment.  Tour activity has also been high.  However, our only concern has been that tenants are taking longer to commit to new leases, which is causing a delay in filling up space that we projected for 2017. We expect this to be corrected in the next two quarters.”

 

FINANCIAL HIGHLIGHTS

 

* All per share amounts presented below are on a diluted basis.

 

Net income (loss) available to common shareholders for the quarter ended June 30, 2017 amounted to $(37.3) million, or $(0.44) per share, as compared to $48.4 million, or $0.54 per share, for the quarter ended June 30, 2016.  For the six months ended June 30, 2017, net income (loss) to common shareholders equaled $(17.5) million, or $(0.33) per share, as compared to $110.6 million, or $1.23 per share, for the same period last year.  Included in net income (loss) for the quarter and six months ended June 30, 2017 was $(39.0) million and $(33.4) million, respectively, of net losses from dispositions.

 

Funds from Operations (FFO) for the quarter ended June 30, 2017 amounted to $60.5 million, or $0.60 per share, as compared to $64.1 million, or $0.64 per share, for the quarter ended June 30, 2016.  For the six months ended June 30, 2017, FFO equaled $116.3 million, or $1.16 per share, as compared to $112.3 million, or $1.12 per share, for the same period last year.

 

For the second quarter 2017, Core FFO was $0.60 per share.  The quarter’s Core FFO per share increased 9.1 percent from the same quarter last year primarily due to increased base rents in 2017 and interest expense savings from refinancing of high rate debt.

 



 

Adjusted Funds from Operations (AFFO) increased by $22.5 million to $42.2 million for the quarter ended June 30, 2017, as compared to $19.7 million for the comparable period in 2016.

 

OPERATING HIGHLIGHTS

 

Mack-Cali’s consolidated Core, Waterfront and Flex properties were 89.9 percent leased at June 30, 2017, as compared to 90.4 percent leased at March 31, 2017 and 90.6 percent leased at December 31, 2016.

 

For the quarter ended June 30, 2017, the Company executed 48 leases at its consolidated in-service commercial portfolio totaling 728,246 square feet. Of these totals, 18 percent were for new leases and 82 percent were for lease renewals and other tenant retention transactions.  Rental rate roll up for second quarter 2017 transactions in the Company’s Core, Waterfront and Flex properties was 6.6 percent on a cash basis and 17.7 percent on a GAAP basis. 

 

RECENT TRANSACTIONS

 

In April, Roseland acquired all joint venture partner interests in Monaco, Jersey City, New Jersey, the 523-apartment, two-tower, stabilized community completed in 2011.  The transaction converted Roseland’s non-cash flowing 15 percent subordinate interest to 100 percent.  The Monaco transaction, valued at $315 million or $602,000/unit, represents a capitalization rate of 4.66 percent on a trailing 12-month basis. 

 

BALANCE SHEET/CAPITAL MARKETS

 

As of June 30, 2017, the Company had a debt-to-undepreciated assets ratio of 47.5 percent compared to 43.8 percent at March 31, 2017 and 40.3 percent at June 30, 2016.  Net debt to EBITDA for the quarter ended June 30, 2017 was 8.3 times compared to 8.5 times for the quarter ended March 31, 2017.  The Company had an interest coverage ratio of 3.5 times for the quarter ended June 30, 2017 compared to 3.8 times for the quarter ended March 31, 2017 and 3.4 times for the quarter ended June 30, 2016.

 

DIVIDENDS

 

In June 2017, the Company’s Board of Directors declared an increased quarterly cash dividend of $0.20 per common share (indicating an annual rate of $0.80 per common share) for the second quarter 2017, which was paid on July 14, 2017 to shareholders of record as of July 6, 2017.  This was an increase of 33.3 percent over the prior quarter and the first increased dividend since 2006.  The Company’s Core FFO dividend payout ratio for the quarter was 33.2 percent.

 

GUIDANCE/OUTLOOK

 

The Company provided updated net income and FFO per diluted share guidance for the full year 2017, as follows:

 

 

 

Full Year

 

 

 

2017 Range

 

Net income (loss) available to common shareholders

 

$(0.38) - $(0.28)

 

Add (deduct):

 

 

 

Real estate-related depreciation and amortization on continuing operations

 

2.15

 

Redemption value adjustment to redeemable noncontrolling interests

 

0.21

 

Realized (gains) losses and unrealized losses on disposition of rental property, net

 

0.33

 

Gain on sale of investment in unconsolidated joint ventures

 

(0.13)

 

Funds from operations

 

$2.18 - $2.28

 

 

This updated guidance reflects a decrease of $0.09 per diluted share from the Company’s previously provided funds from operations guidance midpoint, primarily as a result of lower leasing starts ($0.06) and increased debt reduction in lieu of office acquisitions ($0.03) projected for the last half of the year. These estimates reflect management’s view of current market conditions and certain assumptions with regard to rental rates, occupancy levels and other assumptions/projections. Actual results could differ from these estimates.

 

CONFERENCE CALL/SUPPLEMENTAL INFORMATION

 

An earnings conference call with management is scheduled for August 3, 2017 at 8:30 a.m. Eastern Time, which will be broadcast live via the Internet at:

http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=96021&eventID=5260386

 

The live conference call is also accessible by calling (323) 794-2130 and requesting the Mack-Cali conference call.

 

The conference call will be rebroadcast on Mack-Cali’s website at https://www.mack-cali.com/investors/events-presentations/ beginning at 12:00 p.m. Eastern Time on August 3, 2017 through August 3, 2018.

 



 

A replay of the call will also be accessible August 3, 2017 through August 10, 2017 by calling (719) 457-0820 and using the pass code, 2716622.

 

Copies of Mack-Cali’s Form 10-Q and Supplemental Operating and Financial Data are available on Mack-Cali’s website, as follows:

 

Second Quarter 2017 Form 10-Q:

https://www.mack-cali.com/media/1047483/2ndquarter10q17.pdf

 

Second Quarter 2017 Supplemental Operating and Financial Data:

https://www.mack-cali.com/media/1047489/2ndquartersp17.pdf

 

In addition, these items are available upon request from:

Mack-Cali Investor Relations Department - Deidre Crockett

Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311

(732) 590-1025

 

INFORMATION ABOUT FFO

 

Funds from operations (“FFO”) is defined as net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable rental property transactions, and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from sales of properties and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.

 

FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company’s performance or to cash flows as a measure of liquidity.  FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.

 

Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company’s performance over time.  Core FFO is presented solely as supplemental disclosure that the Company’s management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flows provided by operating activities as determined in accordance with GAAP.  As there is not a generally accepted definition established for Core FFO, the Company’s measures of Core FFO may not be comparable to the Core FFO reported by other REITs.  A reconciliation of net income per share to Core FFO in dollars and per share is included in the financial tables accompanying this press release.

 

ABOUT THE COMPANY

 

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multifamily assets.  Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.

 

Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multifamily residential communities available for lease can be found on the Company’s website at www.mack-cali.com.

 

The information in this press release must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the “10-Q”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained

 



 

in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings.

 

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

 

Contact:

Michael J. DeMarco

Anthony Krug

Deidre Crockett

 

Chief Executive Officer

Chief Financial Officer

Vice President, Corporate Communications

 

(732) 590-1589

(732) 590-1030

and Investor Relations

 

mdemarco@mack-cali.com

tkrug@mack-cali.com

(732) 590-1025

 

 

 

dcrockett@mack-cali.com

 



 

Mack-Cali Realty Corporation

Consolidated Statements of Operations

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

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

REVENUES

 

 

 

 

 

 

 

 

 

Base rents

 

$

133,017

 

$

124,223

 

$

254,272

 

$

250,610

 

Escalations and recoveries from tenants

 

15,951

 

14,110

 

31,070

 

29,071

 

Real estate services

 

5,767

 

6,469

 

12,232

 

13,281

 

Parking income

 

5,052

 

3,532

 

9,281

 

6,688

 

Other income

 

2,979

 

893

 

5,798

 

2,500

 

Total revenues

 

162,766

 

149,227

 

312,653

 

302,150

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

Real estate taxes

 

21,217

 

22,418

 

42,309

 

45,644

 

Utilities

 

10,357

 

10,953

 

21,771

 

24,531

 

Operating services

 

27,092

 

24,024

 

54,183

 

50,756

 

Real estate services expenses

 

5,899

 

6,211

 

12,169

 

13,057

 

General and administrative

 

12,491

 

12,755

 

24,083

 

25,004

 

Acquisition-related

 

 

2,039

 

 

2,039

 

Depreciation and amortization

 

57,762

 

43,459

 

105,393

 

86,522

 

Total expenses

 

134,818

 

121,859

 

259,908

 

247,553

 

Operating income

 

27,948

 

27,368

 

52,745

 

54,597

 

 

 

 

 

 

 

 

 

 

 

OTHER (EXPENSE) INCOME

 

 

 

 

 

 

 

 

 

Interest expense

 

(24,943

)

(22,932

)

(45,264

)

(47,925

)

Interest and other investment income (loss)

 

122

 

146

 

596

 

(523

)

Equity in earnings (loss) of unconsolidated joint ventures

 

(3,298

)

(614

)

(3,349

)

(2,168

)

Gain on change of control of interests

 

 

5,191

 

 

15,347

 

Realized gains (losses) and unrealized losses on disposition of rental property, net

 

(38,954

)

27,117

 

(33,448

)

85,717

 

Gain on sale of investment in unconsolidated joint venture

 

 

5,670

 

12,563

 

5,670

 

Gain (loss) from extinguishment of debt, net

 

 

12,420

 

(239

)

12,420

 

Total other income (expense)

 

(67,073

)

26,998

 

(69,141

)

68,538

 

Net income (loss)

 

(39,125

)

54,366

 

(16,396

)

123,135

 

Noncontrolling interest in consolidated joint ventures

 

181

 

(311

)

418

 

395

 

Noncontrolling interest in Operating Partnership

 

4,296

 

(5,662

)

2,001

 

(12,946

)

Redeemable noncontrolling interest

 

(2,682

)

 

(3,474

)

 

Net income (loss) available to common shareholders

 

$

(37,330

)

$

48,393

 

$

(17,451

)

$

110,584

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

Net income (loss) available to common shareholders

 

$

(0.44

)

$

0.54

 

$

(0.33

)

$

1.23

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

Net income (loss) available to common shareholders

 

$

(0.44

)

$

0.54

 

$

(0.33

)

$

1.23

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

90,011

 

89,740

 

89,983

 

89,731

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

100,370

 

100,401

 

100,354

 

100,359

 

 



 

Mack-Cali Realty Corporation

Statements of Funds from Operations

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

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

Net income (loss) available to common shareholders

 

$

(37,330

)

$

48,393

 

$

(17,451

)

$

110,584

 

Add (deduct): Noncontrolling interest in Operating Partnership

 

(4,296

)

5,662

 

(2,001

)

12,946

 

Real estate-related depreciation and amortization on continuing operations (a)

 

63,156

 

48,042

 

114,913

 

95,501

 

Gain on sale of investment in unconsolidated joint venture

 

 

(5,670

)

(12,563

)

(5,670

)

Gain on change of control of interests

 

 

(5,191

)

 

(15,347

)

Realized gains and unrealized losses on disposition of rental property, net

 

38,954

 

(27,117

)

33,448

 

(85,717

)

Funds from operations (b)

 

$

60,484

 

$

64,119

 

$

116,346

 

$

112,297

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares/units outstanding (c)

 

100,370

 

100,401

 

100,354

 

100,359

 

 

 

 

 

 

 

 

 

 

 

Funds from operations per share/unit-diluted

 

$

0.60

 

$

0.64

 

$

1.16

 

$

1.12

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.20

 

$

0.15

 

$

0.35

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

Dividend payout ratio:

 

 

 

 

 

 

 

 

 

Core Funds from operations-diluted

 

33.19

%

27.39

%

30.13

%

28.93

%

 

 

 

 

 

 

 

 

 

 

Supplemental Information:

 

 

 

 

 

 

 

 

 

Non-incremental revenue generating capital expenditures:

 

 

 

 

 

 

 

 

 

Building improvements

 

$

3,303

 

$

4,138

 

$

8,272

 

$

8,506

 

Tenant improvements & leasing commissions (d)

 

$

8,150

 

$

16,271

 

$

12,115

 

$

26,809

 

Tenant improvements & leasing commissions on space vacant for more than a year

 

$

4,956

 

$

13,470

 

$

12,116

 

$

29,931

 

Straight-line rent adjustments (e)

 

$

3,240

 

$

4,592

 

$

6,253

 

$

6,953

 

Amortization of (above)/below market lease intangibles, net (f)

 

$

2,187

 

$

276

 

$

3,764

 

$

445

 

Non real estate depreciation and amortization

 

$

349

 

$

187

 

$

726

 

$

411

 

Amortization of deferred financing costs

 

$

1,175

 

$

1,180

 

$

2,278

 

$

2,349

 

 


(a)         Includes the Company’s share from unconsolidated joint ventures and adjustments for noncontrolling interest, of $5,742 and $4,768 for the three months ended June 30, 2017 and 2016, respectively, and $10,245 and $9,389 for the six months ended June 30, 2017 and 2016, respectively.  Excludes non-real estate-related depreciation and amortization of $349 and $187 for the three months ended June 30, 2017 and 2016, respectively, and $726 and $411 for the six months ended June 30, 2017 and 2016, 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” in this release.

(c)          Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (10,359 and 10,499 shares for the three months ended June 30, 2017 and 2016, respectively, and 10,371 and 10,504 for the six months ended June 30, 2017 and 2016, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).

(d)         Excludes expenditures for tenant spaces that have not been owned for at least a year.

(e)          Includes the Company’s share from unconsolidated joint ventures of $307 and $(20) for the three months ended June 30, 2017 and 2016, respectively, and $295 and $149 for the six months ended June 30, 2017 and 2016, respectively.

(f)           Includes the Company’s share from unconsolidated joint ventures of $80 and $95 for the three months ended June 30, 2017 and 2016, respectively, and $175 and $190 for the six months ended June 30, 2017 and 2016, respectively.

 



 

Mack-Cali Realty Corporation

Statements of Funds from Operations (FFO) and Core FFO per Diluted Share

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

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

Net income (loss) available to common shareholders

 

$

(0.44

)

$

0.54

 

$

(0.33

)

$

1.23

 

Add (deduct): Real estate-related depreciation and amortization on continuing operations (a)

 

0.63

 

0.48

 

1.15

 

0.95

 

Redemtion value adjustment to redeemable noncontrolling interests

 

0.03

 

 

0.15

 

 

Gain on sale of investment in unconsolidated joint venture

 

 

(0.06

)

(0.13

)

(0.06

)

Gain on change of control of interests

 

 

(0.05

)

 

(0.15

)

Realized (gains) losses and unrealized losses on disposition of rental property, net

 

0.39

 

(0.27

)

0.33

 

(0.85

)

Noncontrolling interest/rounding adjustment

 

(0.01

)

 

(0.01

)

 

Funds from operations (b)

 

$

0.60

 

$

0.64

 

$

1.16

 

$

1.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add/(Deduct):

 

 

 

 

 

 

 

 

 

Acquisition-related costs

 

 

$

0.02

 

 

$

0.02

 

Dead deal costs

 

 

0.01

 

 

0.01

 

Mark-to-market interest rate swap

 

 

 

 

0.01

 

(Gain)/Loss from extinguishment of debt

 

 

(0.12

)

 

(0.12

)

Core FFO

 

$

0.60

 

$

0.55

 

$

1.16

 

$

1.04

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares/units outstanding (c)

 

100,370

 

100,401

 

100,354

 

100,359

 

 


(a)      Includes the Company’s share from unconsolidated joint ventures of $0.06 and $0.05 for the three months ended June 30, 2017 and 2016, respectively, and $0.10 and $0.09 for the six months ended June 30, 2017 and 216, 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” in this release.

(c)       Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (10,359 and 10,499 shares for the three months ended June 30, 2017 and 2016, respectively, and 10,371 and 10,504 for the six months ended June 30, 2017 and 2016, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).

 



 

Mack-Cali Realty Corporation

Consolidated Balance Sheets

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

 

 

 

June 30,

 

December 31,

 

 

 

2017

 

2016

 

Assets

 

 

 

 

 

Rental property

 

 

 

 

 

Land and leasehold interests

 

$

721,753

 

$

661,335

 

Buildings and improvements

 

3,998,971

 

3,758,210

 

Tenant improvements

 

344,108

 

364,092

 

Furniture, fixtures and equipment

 

27,985

 

21,230

 

 

 

5,092,817

 

4,804,867

 

Less — accumulated depreciation and amortization

 

(1,131,799

)

(1,332,073

)

 

 

3,961,018

 

3,472,794

 

Rental property held for sale, net

 

292,243

 

39,743

 

Net investment in rental property

 

4,253,261

 

3,512,537

 

Cash and cash equivalents

 

21,719

 

31,611

 

Investments in unconsolidated joint ventures

 

315,110

 

320,047

 

Unbilled rents receivable, net

 

105,547

 

101,052

 

Deferred charges, goodwill and other assets, net

 

316,984

 

267,950

 

Restricted cash

 

56,167

 

53,952

 

Accounts receivable, net of allowance for doubtful accounts of $1,145 and $1,335

 

7,706

 

9,617

 

 

 

 

 

 

 

Total assets

 

$

5,076,494

 

$

4,296,766

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

Senior unsecured notes, net

 

$

818,294

 

$

817,355

 

Unsecured revolving credit facility and term loans

 

770,388

 

634,069

 

Mortgages, loans payable and other obligations, net

 

1,361,537

 

888,585

 

Dividends and distributions payable

 

20,684

 

15,327

 

Accounts payable, accrued expenses and other liabilities

 

177,801

 

159,874

 

Rents received in advance and security deposits

 

53,939

 

46,442

 

Accrued interest payable

 

9,199

 

8,427

 

Total liabilities

 

3,211,842

 

2,570,079

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

206,026

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Mack-Cali Realty Corporation stockholders’ equity:

 

 

 

 

 

Common stock, $0.01 par value, 190,000,000 shares authorized, 89,913,919 and 89,696,713 shares outstanding

 

899

 

897

 

Additional paid-in capital

 

2,566,997

 

2,576,473

 

Dividends in excess of net earnings

 

(1,101,099

)

(1,052,184

)

Accumulated other comprehensive income

 

1,872

 

1,985

 

Total Mack-Cali Realty Corporation stockholders’ equity

 

1,468,669

 

1,527,171

 

 

 

 

 

 

 

Noncontrolling interests in subsidiaries:

 

 

 

 

 

Operating Partnership

 

170,510

 

178,570

 

Consolidated joint ventures

 

19,447

 

20,946

 

Total noncontrolling interests in subsidiaries

 

189,957

 

199,516

 

 

 

 

 

 

 

Total equity

 

1,658,626

 

1,726,687

 

 

 

 

 

 

 

Total liabilities and equity

 

$

5,076,494

 

$

4,296,766