-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FzFM5uWG1dtStBqHdJdqp+aJDxO1pqJI6SiimzH+tE242KFbI0z9mvRsr4oQ8kHa XY4N83hCXIUJkEPAaB+oDg== 0000924901-05-000021.txt : 20050505 0000924901-05-000021.hdr.sgml : 20050505 20050504204751 ACCESSION NUMBER: 0000924901-05-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050505 DATE AS OF CHANGE: 20050504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MACK CALI REALTY CORP CENTRAL INDEX KEY: 0000924901 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 223305147 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13274 FILM NUMBER: 05800973 BUSINESS ADDRESS: STREET 1: 11 COMMERCE DR STREET 2: 1ST FLOOR CITY: CRANFORD STATE: NJ ZIP: 07016 BUSINESS PHONE: 9082728000 MAIL ADDRESS: STREET 1: 11 COMMERCE DRIVE STREET 2: 1ST FLOOR CITY: CRANFORD STATE: NJ ZIP: 07016 FORMER COMPANY: FORMER CONFORMED NAME: CALI REALTY CORP /NEW/ DATE OF NAME CHANGE: 19960730 FORMER COMPANY: FORMER CONFORMED NAME: CALI REALTY L P DATE OF NAME CHANGE: 19941025 FORMER COMPANY: FORMER CONFORMED NAME: CALI REALTY CORP DATE OF NAME CHANGE: 19940608 8-K 1 form8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report: May 4, 2005

(Date of earliest event reported)

MACK-CALI REALTY CORPORATION

(Exact name of Registrant as specified in its charter)

Maryland

(State or other jurisdiction of incorporation)

1-13274
(Commission File No.)

 

22-3305147
(I.R.S. Employer
Identification No.)

11 Commerce Drive, Cranford, New Jersey 07016

(Address of Principal Executive Offices) (Zip Code)

(908) 272-8000

(Registrant's telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

 

Item 2.02 Results of Operations and Financial Condition

On May 5, 2005, Mack-Cali Realty Corporation (the "Company") issued a press release announcing its financial results for the first quarter 2005. A copy of the press release is attached hereto as Exhibit 99.2.

 

Item 7.01 Regulation FD Disclosure

For the quarter ended March 31, 2005, the Company hereby makes available supplemental data regarding its operations. The Company is attaching such supplemental data as Exhibit 99.1 to this Current Report on Form 8-K.

In connection with the foregoing, the Company hereby furnishes the following documents:

 

Item 9.01

Financial Statements and Exhibits

 

(c) Exhibits

 

Exhibit Number            Exhibit Title 

99.1

First Quarter 2005 Supplemental Operating and Financial Data.

 

99.2

First Quarter 2005 earnings press release of Mack-Cali Realty Corporation dated May 5, 2005.

 

 

The information included in this Current Report on Form 8-K (including the exhibits hereto) is being furnished under Item 2.02, "Results of Operations and Financial Condition," Item 7.01, "Regulation FD Disclosure" and Item 9.01 “Financial Statements and Exhibits” of Form 8-K. As such, the information (including the exhibits) herein shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibits hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

 

 


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Mack-Cali Realty Corporation

(Registrant)

 

 

Date: May 4, 2005

By:

/s/ MITCHELL E. HERSH

Mitchell E. Hersh

President and

Chief Executive Officer

 

 

 

Date: May 4, 2005

By:

/s/ BARRY LEFKOWITZ

Barry Lefkowitz

Executive Vice President and

Chief Financial Officer

 

 

 

EXHIBIT INDEX

Exhibit Number            Exhibit Title 

99.1

First Quarter 2005 Supplemental Operating and Financial Data.

 

99.2

First Quarter 2005 earnings press release of Mack-Cali Realty Corporation dated May 5, 2005.

 

 

 

 

 

 EX-99.1 2 ex991.htm

EXHIBIT 99.1

 

 

 

 

 

 

 

FIRST QUARTER 2005

 

Supplemental Operating and Financial Data

 

 

 

 

 

This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Company. Any offers to sell or solicitations of the Company shall be made by means of a prospectus. The information in this Supplemental Package must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the “10-Q”) filed by the Company for the same period with the Securities and Exchange Commission (the “SEC”) and all of the Company’s other public filings with the SEC (the “Public Filings”). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the Supplemental Package without reference to the 10-Q and the Public Filings. Any investors’ receipt of, or access to, the information contained herein is subject to this qualification.

 

 


 

 

INDEX

 

 

PAGE(S)

I. COMPANY BACKGROUND

 

•      About the Company/Other Corporate Data

5

•      Board of Directors/Executive Officers

6

•      Equity Research Coverage/Company Contact Information

7

 

 

II. FINANCIAL HIGHLIGHTS

 

•      Quarterly Summary/Acquisitions/Property Sales

9

•      Financing Activity/Dividends/Leasing Information

10-11

•      Leasing Information/Information About FFO

11

•      Key Financial Data

12

•      Same-Store Results and Analysis

13

•      Unconsolidated Joint Ventures Summary

14-16

•      Select Financial Ratios

17

•      Debt Analysis:

 

•      Debt Breakdown/Future Repayments

18

•      Debt Maturities

19

•      Debt Detail

20

 

 

III. FINANCIAL INFORMATION

 

•      Consolidated Statements of Operations

22

•      Consolidated Balance Sheets

23

•      Consolidated Statement of Changes in Stockholders’ Equity

24

•      Statements of Funds from Operations

25

•      Statements of Funds from Operations Per Diluted Share

26

•      Reconciliation of Basic-to-Diluted Shares/Units

27

 

 

IV. VALUE CREATION PIPELINE

 

•      Operating Property Acquisitions

29

•      Acquisition Property Profiles

30-31

•      Summary of Land Parcels

32

•      Rental Property Sales/Rental Property Held for Sale

33

 

 

V. PORTFOLIO/ LEASING STATISTICS

 

•      Leasing Statistics

35-37

•      Market Diversification (MSA’s)

38

•      Industry Diversification (Top 30 Tenant Industries)

39

•      Consolidated Portfolio Analyses:

 

Breakdown by:

 

(a) Number of Properties

40

(b) Square Footage

41

(c) Base Rental Revenue

42

(d) Percentage Leased

43

•      Consolidated Property Listing (by Property Type)

44-53

•      Significant Tenants (Top 50 Tenants)

54-55

•      Schedules of Lease Expirations (by Property Type)

56-61

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

2

 


 

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

 

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

 

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

 

•

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

 

 

•

any failure of the general economy to recover from the current economic downturn;

 

 

•

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

 

 

•

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

 

 

•

changes in the supply of and demand for office, office/flex and industrial/warehouse properties;

 

 

•

changes in interest rate levels;

 

 

•

changes in operating costs;

 

 

•

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

 

 

•

the availability of financing;

 

 

•

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

 

 

•

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

 

 

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

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

3

 


 

 

 

 

 

 

 

I.

COMPANY BACKGROUND

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

4

 


 

 

I. COMPANY BACKGROUND

 

About the Company

 

Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $5.3 billion at March 31, 2005. Mack-Cali has been involved in all aspects of commercial real estate development, management and ownership for over 50 years and has been a publicly-traded REIT since 1994. Mack-Cali owns or has interests in 270 properties, primarily class A office and office/flex buildings, totaling approximately 30.4 million square feet, serving as home to approximately 2,100 tenants. The properties are located primarily in suburban markets of the Northeast, many with adjacent, Company-controlled developable land sites able to accommodate up to 8.5 million square feet of additional commercial space.

 

History

 

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

 

Strategy

 

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

 

Summary  

(as of March 31, 2005)

 

Corporate Headquarters

Cranford, New Jersey

Fiscal Year-End

12/31

Total Properties

270

Total Square Feet

30.4 million square feet

Geographic Diversity

Seven states and the District of Columbia

New Jersey Presence

19.1 million square feet

Northeast Presence

28.1 million square feet

Common Shares and

 

Units Outstanding

75.4 million

Dividend-- Quarter/Annualized

$0.63/$2.52

Dividend Yield

6.0%

Total Market Capitalization

$5.3 billion

Senior Debt Rating

BBB (S&P and Fitch);

 

Baa2 (Moody’s)

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

5

 


 

 

Board of Directors

 

William L. Mack, Chairman of the Board

 

Alan S. Bernikow

Alan G. Philibosian

 

John R. Cali

Irvin D. Reid

 

Nathan Gantcher

Vincent Tese

 

Martin D. Gruss

Robert F. Weinberg

 

Mitchell E. Hersh

Roy J. Zuckerberg

 

David S. Mack

 

 

 

 

 

 

 

 

Executive Officers

 

Mitchell E. Hersh, President and Chief Executive Officer

 

Barry Lefkowitz, Executive Vice President and Chief Financial Officer

 

Roger W. Thomas, Executive Vice President, General Counsel and Secretary

 

Michael A. Grossman, Executive Vice President

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

6

 


 

Equity Research Coverage

 

 

Banc of America Securities, LLC

John P. Kim / Ross Nussbaum

(212) 847-5761 / (212) 847-5668

 

Morgan Stanley Dean Witter

Gregory Whyte

(212) 761-6331

Bear, Stearns & Co., Inc.

Ross Smotrich

(212) 272-8046

 

Prudential Equity Group

James Sullivan

(212) 778-2515

Deutsche Bank-North America

Louis Taylor / Christopher A. Capolongo

(212) 250-4912 / (212) 250-7726

 

Ryan Beck & Co

Sheila K. McGrath

(973) 549-4084

Goldman Sachs

Carey Callaghan

(212) 902-4351

Smith Barney Citigroup

Jonathan Litt

(212) 816-0231

Green Street Advisors

Jim Sullivan / Michael Knott

(949) 640-8780

Wachovia Securities

Christopher Haley

(443) 263-6773

Lehman Brothers

David Harris / David Shulman

(212) 526-1790 / (212) 526-3413

 

 

 

 

 

Company Contact Information

 

Mack-Cali Realty Corporation

Investor Relations Department

11 Commerce Drive

Cranford, New Jersey 07016-3599

Phone:     (908) 272-8000

Web:            www.mack-cali.com

Fax:  (908) 272-6755

E-mail:        investorrelations@mack-cali.com

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

7

 


 

 

 

 

 

 

 

II. FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

8

 


 

II. FINANCIAL HIGHLIGHTS

 

Quarterly Summary

 

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

 

Net income available to common shareholders for the first quarter 2005 equaled $22.4 million, or $0.36 per share, versus $26.3 million, or $0.44 per share, for the same quarter last year.

 

Funds from operations (FFO) available to common shareholders for the quarter ended March 31, 2005 amounted to $67.1 million, or $0.89 per share, versus $64.9 million, or $0.87 per share, for the quarter ended March 31, 2004.

 

Total revenues for the first quarter 2005 increased 9.8 percent to $153.4 million as compared to $139.7 million for the same quarter last year.

 

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

 

The Company had 61,514,061 shares of common stock, 10,000 shares of 8 percent cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), 7,657,428 common operating partnership units and 215,018 of $1,000-face-value preferred operating partnership units outstanding as of March 31, 2005.

 

The outstanding preferred units are convertible into 6,205,425 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 75,376,914 shares/common units outstanding at March 31, 2005.

 

As of March 31, 2005, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 5.98 percent. The Company had a total market capitalization of $5.3 billion and a debt-to-undepreciated assets ratio of 42.5 percent at March 31, 2005. The Company had an interest coverage ratio of 3.4 times for the quarter ended March 31, 2005.

 

Acquisitions

 

In March, the Company announced several acquisitions, as follows:

 

•

The Company completed the acquisition of all the interests in 101 Hudson Street, a 1.2 million square-foot class A office tower on the Jersey City waterfront. The 42-story building was purchased for $329 million.

 

•

The Company acquired the remaining 37.5 percent interests in One River Centre, a three-building, class A office complex totaling 460,000 square feet located in Middletown, New Jersey, giving the Company a 100 percent ownership interest in the complex. The interests were acquired for $10.5 million.

 

•

The Company acquired a 350,000 square-foot class A office building in Holmdel, New Jersey and simultaneously leased the entire building to Vonage USA for its corporate headquarters. The two-story building was acquired for $23.75 million.

 

Property Sales

 

In February, the Company completed several property sales, as follows:

 

•

The Company sold the Brandeis Building, a 318,224 square-foot office building in Omaha, Nebraska. The building, which was 13 percent leased, was sold for $8.7 million;

 

•

The Company sold its remaining, wholly-owned Texas property, 1122 North Alma Road, an 82,576 square foot office building in Richardson, for approximately $2.1 million. The vacant building was the last of three buildings sold in a transaction announced by the Company in November; and

 

•

The Company sold its 75,668 square foot office property located at 3 Skyline Drive in Hawthorne, New York for approximately $9.6 million.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

9

 


 

 

Financing Activity

 

In January, the Company’s operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of 10-year senior unsecured notes. The 5.125 percent notes are due January 15, 2015. The proceeds from the issuance of approximately $148.1 million were used primarily to repay outstanding borrowings under the Company's unsecured credit facility.

 

More recently, in April, the Company’s operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of five-year senior unsecured notes. The 5.05 percent notes are due April 15, 2010. The proceeds from the issuance of $148.8 million were used to repay outstanding borrowings under the Company’s unsecured credit facility.

 

Dividends

 

In March, the Company’s Board of Directors declared a cash dividend of $0.63 per common share (indicating an annual rate of $2.52 per common share) for the first quarter 2005, which was paid on April 18, 2005 to shareholders of record as of April 5, 2005.

 

The Board also declared a cash dividend on its 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period January 15, 2005 through April 14, 2005. The dividend was paid on April 15, 2005 to shareholders of record as of April 5, 2005.

 

Leasing Information

 

Mack-Cali’s consolidated in-service portfolio was 91.1 percent leased at March 31, 2005, compared to 91.2 percent leased at December 31, 2004.

 

For the quarter ended March 31, 2005, the Company executed 185 leases totaling 1,336,037 square feet, consisting of 1,064,055 square feet of office space and 271,982 square feet of office/flex space. Of these totals, 767,500 square feet were for new leases and 568,537 square feet were for lease renewals and other tenant retention transactions.

 

Highlights of the quarter’s leasing transactions include:

 

•

Vonage USA, Inc., a New Jersey-based provider of broadband voice over Internet protocol (VOIP) services, leased the entire 350,000 square foot office building at 23 Main Street in Holmdel, New Jersey, which the Company acquired in the first quarter, for a term of 12 years and five months. Vonage will initially occupy approximately 262,500 square feet of the building, then occupy the balance approximately one year later, after the expiration of short-term leasebacks by the building’s seller.

 

•

Dassault Falcon Jet Corp., a subsidiary of aircraft manufacturer Dassault Aviation, signed a lease for 114,042 square feet at Mack-Cali Airport in Little Ferry, New Jersey. The transaction represents a 19,467 square-foot expansion for 16 years and a renewal of 94,575 square feet for 10 years. The 286,628 square foot office building is 95.4 percent leased.

 

•

IXIS North America, Inc. leased two full floors totaling 71,681 square feet at Harborside Financial Center Plaza 5 in Jersey City, New Jersey. The firm, which along with its subsidiaries makes up the US capital markets arm of IXIS Corporate & Investment Bank, will initially occupy 55,198 square feet for a 15-year term and the balance of the space five years after lease commencement. The 977,225 square-foot Harborside Financial Center Plaza 5 is 87 percent leased.

 

•

Science Applications International Corporation (SAIC), a research and engineering company, signed a new, five-year lease for 44,988 square feet at One River Centre, Building Two in Middletown, New Jersey. The 120,360 square-foot office building is 100 percent leased.

 

•

The Artina Group, Inc., a manufacturer of software compatible forms for business printing, signed a lease for 26,471 square feet at 250 Clearbrook Road in Elmsford, New York. The transaction represents an expansion of 4,330 square feet for eight years and a renewal of 22,141 square feet for three years. 250 Clearbrook Road, located at Cross Westchester Executive Park, is a 155,000 square-foot office/flex building that is 97.3 percent leased.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

10

 


 

 

•

HQ Global Workplaces, Inc., a provider of temporary office suites, leased 22,279 square feet at Harborside Financial Center Plaza 5 for 10 years.

 

•

Cisco Systems, Inc., a supplier of networking equipment and network management for the Internet, signed a new, 10-year lease for 20,000 square feet at 1340 Campus Parkway in Wall Township, New Jersey. The 72,502 square-foot office/flex building, located at Monmouth Shores Corporate Park, is 94.9 percent leased.

 

•

Nationwide Mutual Insurance Company, an insurance and financial services provider, leased 17,592 square feet for five years at 565 Taxter Road in Elmsford, New York. The transaction consisted of a 16,362 square-foot renewal and an expansion of 1,230 square feet. The 170,554 square-foot office building is 90.1 percent leased.

 

 

Information About FFO

 

Funds from operations (“FFO”) is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs. FFO per share should not be considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables on page 26.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

11

 


 

 

Key Financial Data

 

As of or for the three months ended

 

 

3/31/05

 

12/31/04

 

9/30/04

 

6/30/04

 

3/31/04

Shares and Units:

 

 

 

 

 

 

 

 

 

 

 

Common Shares Outstanding

61,514,061

61,038,875

60,730,128

60,606,543

60,401,346

 

 

 

 

 

 

Common Units Outstanding (a)

13,862,853

13,821,872

13,984,785

13,994,173

13,994,923

 

 

 

 

 

 

Combined Shares and Units

75,376,914

74,860,747

74,714,913

74,600,716

74,396,269

 

 

 

 

 

 

Preferred Shares Outstanding

10,000

10,000

10,000

10,000

10,000

 

 

 

 

 

 

Weighted Average- Basic (b)

68,806,982

68,386,099

68,280,284

68,177,358

67,594,169

 

 

 

 

 

 

Weighted Average- Diluted (c)

 

75,478,219

75,248,216

75,046,302

74,825,319

74,481,471

 

 

 

 

 

 

Common Share Price ($’s):

 

 

 

 

 

 

 

 

 

 

 

At the end of the period

42.35

46.03

44.30

41.38

44.91

 

 

 

 

 

 

High during period

45.97

47.01

46.08

45.31

45.00

 

 

 

 

 

 

Low during period

41.53

42.44

39.70

34.16

39.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization:

 

 

 

 

 

 

 

 

 

 

 

($’s in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

Market Value of Equity (d)

3,217,212

3,481,943

3,334,871

3,111,978

3,366,136

 

 

 

 

 

 

Total Debt

2,048,936

1,702,300

1,695,742

1,694,500

1,559,769

 

 

 

 

 

 

Total Market Capitalization

5,266,148

5,184,243

5,030,613

4,806,478

4,925,905

 

 

 

 

 

 

Total Debt/ Total Market

Capitalization

 

38.91%

 

32.84%

 

33.71%

 

35.25%

 

 

31.66%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financials:

 

 

 

 

 

 

 

 

 

 

 

($’s in thousands, except ratios and

per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Total Assets

4,193,212

3,850,165

3,810,106

3,820,851

3,694,491

 

 

 

 

 

 

Gross Book Value of Real Estate Assets

4,484,353

4,181,641

4,048,101

4,094,340

3,970,656

 

 

 

 

 

 

Total Liabilities

2,236,272

1,877,096

1,844,952

1,848,902

1,706,081

 

 

 

 

 

 

Total Minority Interests

417,069

427,958

422,053

423,566

426,462

 

 

 

 

 

 

Total Stockholders’ Equity

1,539,871

1,545,111

1,543,101

1,548,383

1,561,948

 

 

 

 

 

 

Total Revenues

153,449

149,451

148,010

142,033

139,738

 

 

 

 

 

 

Capitalized Interest

1,237

1,107

969

930

914

 

 

 

 

 

 

Scheduled Principal Payments

5,442

5,068

6,907

2,626

1,178

 

 

 

 

 

 

Interest Coverage Ratio

3.36

3.54

3.55

3.53

3.22

 

 

 

 

 

 

Fixed Charge Coverage Ratio

2.41

2.53

2.44

2.72

2.63

 

 

 

 

 

 

Net Income

22,943

30,762

28,617

16,252

26,823

 

 

 

 

 

 

Net Income Available to Common Shareholders

22,443

30,262

28,117

15,752

26,323

 

 

 

 

 

 

Earnings per Share—diluted

0.36

0.49

0.46

0.26

0.44

 

 

 

 

 

 

FFO per Share—diluted (e)

0.89

0.90

0.93

0.90

0.87

 

 

 

 

 

 

Dividends Declared per Share

0.63

0.63

0.63

0.63

0.63

 

 

 

 

 

 

FFO Payout Ratio—diluted (e)

70.89%

69.81%

67.83%

69.79%

72.26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Size:

 

 

 

 

 

 

 

 

 

 

 

Properties

270

273

268

270

263

 

 

 

 

 

 

Total Square Footage

30,400,942

29,579,127

29,583,133

30,048,257

28,257,543

 

 

 

 

 

 

Sq. Ft. Leased at End of Period (f)

91.1%

91.2%

92.9%

92.2%

91.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Includes preferred units 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 preferred units 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)

Reflects square feet leased at the Company’s consolidated in-service portfolio, excluding in-service development properties in lease up (if any). Excluded from percentage leased at December 31, 2004, September 30, 2004 and June 30, 2004 is a non-strategic, non-core 318,224 square-foot property acquired through a deed in lieu of foreclosure, which was 12.7, 68.9 and 71.1 percent leased at December 31, 2004, September 30, 2004 and June 30, 2004, respectively and sold on February 4, 2005.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

12

 


Same Store Results and Analysis (a)

(dollars in thousands)

 

 

 

For the three months ended

March 31,

 

 

%

 

2005

2004

Change

Change

 

 

 

 

 

 

 

 

 

 

Total Property Revenues

$140,405

$137,433

$ 2,972

2.2

 

 

 

 

 

 

 

 

 

 

 

Real Estate Taxes

17,485

16,313

1,172

7.2

 

 

 

 

 

Utilities

11,505

11,074

431

3.9

 

 

 

 

 

Operating Services

19,403

17,069

2,334

13.7

 

Total Property Expenses:

48,393

44,456

3,937

8.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Operating Income

92,012

92,977

(965)

(1.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: straight-lining of rents adj.

2,054

2,664

(610)

(22.9)

 

 

 

 

 

 

 

 

 

 

 

Net Operating Income

$ 89,958

$ 90,313

$ (355)

(0.4)

 

 

 

 

 

 

 

 

 

 

 

Percentage Leased at

Period End

 

92.6%

 

91.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Properties:

248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Square Footage:

25,386,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Excludes three properties identified as held for sale as of March 31, 2005.

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

13

 


 

 

Unconsolidated Joint Ventures Summary

 

Breakdown of Unconsolidated Joint Ventures

 

Joint Venture Name

Property

Number of

Buildings

Location

Percent Leased

Square

Feet

Company’s Effective

Ownership %

Office Properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

G&G Martco

Convention Plaza

1

San Francisco, CA

85.5%

305,618

50.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex Properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ramland Realty Associates,

L.L.C.

One Ramland Road

1

Orangeburg, NY

37.9%

232,000

50.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mixed-Use:

 

 

 

 

 

 

 

 

 

 

 

 

 

Meadowlands Mills/Mack-Cali, LP

Meadowlands Xanadu (a)

n/a

East Rutherford, NJ

n/a

n/a

20.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel:

 

 

 

 

 

 

 

 

 

 

 

 

 

Harborside South Pier

Hyatt Regency South Pier

1

Jersey City, NJ

n/a

350 rooms

50.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land:

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaza VIII and IX Associates,

L.L.C.

Vacant land/parking

--

Jersey City, NJ

n/a

n/a

50.0%

 

(a)

The venture is developing a family entertainment and recreation complex with an office and hotel component to be built at the Meadowlands sports complex in East Rutherford, New Jersey (“Meadowlands Xanadu”). Meadowlands Xanadu’s approximately 4.76 million-square-foot complex is expected to feature a family entertainment destination comprising three themed zones: sports/recreation, children’s activities and fashion, in addition to four office buildings, aggregating approximately 1.8 million square feet, and a 520-room hotel.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

14

 


 

Unconsolidated Joint Venture Financial Information

 

The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2005 and December 31, 2004:

 

 

 

March 31, 2005

 

 

Meadowlands

Xanadu

HPMC

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Ashford

Loop

Harborside

South Pier

Combined

Total

Assets:

 

 

 

 

 

 

 

 

Rental property, net

$        248,620

--

$             8,624

$         12,474

$      12,913

--

$       78,293

$      360,924

Other assets

52,063

--

5,185

1,490

1,445

--

10,254

70,437

Total assets

$        300,683

--

$           13,809

$         13,964

$      14,358

--

$       88,547

$      431,361

Liabilities and partners’/ members’ capital (deficit):

 

 

 

 

 

 

 

 

Mortgages, loans payable and other obligations

--

--

$           43,880

--

$      14,936

--

$       64,153

$      122,969

Other liabilities

$            2,110

--

936

$           1,360

371

--

2,947

7,724

Partners’/members’ capital (deficit)

298,573

--

(31,007)

12,604

(949)

--

21,447

300,668

Total liabilities and partners’/ members’ capital (deficit)

$        300,683

--

$           13,809

$         13,964

$      14,358

--

$       88,547

$      431,361

Company’s net investment in unconsolidated

 

 

 

 

 

 

 

 

joint ventures, net

$          32,606

--

$             6,990

$           6,220

--

--

$       13,228

$        59,044

 

 

 

December 31, 2004

 

 

Meadowlands

Xanadu

HPMC

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Ashford

Loop

Harborside

South Pier

Combined

Total

Assets:

 

 

 

 

 

 

 

 

Rental property, net

$        235,254

--

$             8,571

$         12,629

$      13,030

$         11,256

$       79,721

$      360,461

Other assets

1,420

--

4,589

1,463

1,559

539

12,034

21,604

Total assets

$        236,674

--

$           13,160

$         14,092

$      14,589

$         11,795

$       91,755

$      382,065

Liabilities and partners’/ member’s capital (deficit):

 

 

 

 

 

 

 

 

Mortgages, loans payable and other obligations

--

--

$           43,236

--

$      14,936

--

$       66,191

$      124,363

Other liabilities

$            8,205

--

963

$           1,376

334

$             670

4,006

15,554

Partners’/members’ capital (deficit)

228,469

--

(31,039)

12,716

(681)

11,125

21,558

242,148

Total liabilities and partners’/ member’s capital (deficit)

$        236,674

--

$           13,160

$         14,092

$      14,589

$         11,795

$       91,755

$      382,065

Company’s net investment in unconsolidated

 

 

 

 

 

 

 

 

joint ventures, net

$          17,359

--

$             7,157

$           6,279

--

$           2,664

$       13,284

$        46,743

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

15

 


 

 

The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2005 and 2004:

 

 

Three Months Ended March 31, 2005

 

 

Meadowlands

Xanadu

HPMC

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Ashford

Loop

Harborside

South Pier

Minority

Interest in

Operating

Partnership

Combined

Total

Total revenues

--

--

$          1,581

$              76

$            368

$            405

$          6,729

 

$          9,159

Operating and other expenses

--

--

(830)

(34)

(318)

(397)

(4,532)

 

(6,111)

Depreciation and amortization

--

--

(255)

(154)

(156)

(160)

(1,594)

 

(2,319)

Interest expense

--

--

(463)

--

(162)

--

(714)

 

(1,339)

 

 

 

 

 

 

 

 

 

 

Net income

--

--

$              33

$           (112)

$           (268)

$           (152)

$           (111)

 

$           (610)

Company’s equity in earnings (loss) of

 

 

 

 

 

 

 

 

 

unconsolidated joint ventures

--

--

$           (167)

$            (59)

--

$            (30)

$            (56)

$              35

$           (277)

 

 

 

Three Months Ended March 31, 2004

 

 

Meadowlands

Xanadu

HPMC

G&G

Martco

Plaza

VIII & IX

Associates

Ramland

Realty

Ashford

Loop

Harborside

South Pier

Minority

Interest in

Operating

Partnership

Combined

Total

Total revenues

--

$              75

$          1,926

$              65

$            104

$            776

$          5,710

 

$          8,656

Operating and other expenses

--

(166)

(901)

(48)

(251)

(576)

(4,154)

 

(6,096)

Depreciation and amortization

--

--

(279)

(154)

(139)

(244)

(1,546)

 

(2,362)

Interest expense

--

--

(287)

--

(107)

--

(551)

 

(945)

 

 

 

 

 

 

 

 

 

 

Net income

--

$            (91)

$            459

$           (137)

$           (393)

$            (44)

$           (541)

 

$           (747)

Company’s equity in earnings (loss) of

 

 

 

 

 

 

 

 

 

unconsolidated joint ventures

--

$            521

$            229

$            (69)

$           (225)

$              (9)

$           (270)

$            (20)

$             157

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

16

 


 

Select Financial Ratios

 

 

Ratios Computed For Industry

March 31,

 

Comparisons:

2005

2004

 

 

 

 

Financial Position Ratios:

 

 

 

 

 

 

 

 

 

 

 

Total Debt/ Total Book

Capitalization

(Book value) (%)

48.86%

42.22%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/ Total Market

Capitalization

(Market value) (%)

38.91%

31.66%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/ Total Undepreciated

Assets (%)

42.49%

36.55%

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Debt/ Total Undepreciated

Assets (%)

11.58%

11.70%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

March 31,

 

 

 

2005

2004

 

 

 

 

Operational Ratios:

 

 

 

 

 

Interest Coverage

(Funds from Operations+Interest

Expense)/Interest Expense (x)

3.36

3.22

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Service Coverage

(Funds from Operations +

Interest Expense)/(Interest Expense

+ Principal Amort.) (x)

2.82

3.10

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charge Coverage

(Funds from Operations +

Interest Expense)/(Interest Expense

+ Capitalized Interest+Pref. Div.

+Prin. Amort.+Ground Lease

Payments)(x)

2.41

2.63

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Payout

(Dividends Declared/Funds from

Operations) (%)

70.89%

72.26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

17

 


 

 

Debt Analysis

(as of March 31, 2005)

 

Debt Breakdown

(dollars in thousands)

 

 

Balance

% of Total

Weighted Average

Interest Rate (a)

Weighted Average Maturity in Years

Fixed Rate Unsecured Notes

$      1,180,396

57.61%

6.61%

6.78

 

 

 

 

 

Fixed Rate Secured Debt and Other Obligations

 

558,540

 

27.26%

 

6.11%

 

2.53

 

 

 

 

 

Variable Rate Unsecured Debt

310,000

15.13%

3.32%

2.65

 

Totals/Weighted Average:

 

$      2,048,936

 

100.00%

 

5.98%

 

5.00

 

 

Future Repayments

(dollars in thousands)

 

Period

Scheduled

Amortization

Principal

Maturities

Total

Weighted Average Interest Rate of Future Repayments (a)

2005

$           18,045

$         148,738

$     166,783

6.50%

 

 

 

 

 

2006

17,446

144,642

162,088

7.10%

 

 

 

 

 

2007

16,591

319,364

335,955

3.50%

 

 

 

 

 

2008

16,434

--

16,434

4.95%

2009

5,206

300,000

305,206

7.45%

Thereafter

3,633

1,066,143

1,069,776

6.11%

Sub-total

77,355

1,978,887

2,056,242

5.98%

 

 

 

 

 

Adjustment for unamortized debt

discount/premium, net, as of

March 31, 2005

(7,306)

--

(7,306)

--

 

Totals/Weighted Average:

$           70,049

$      1,978,887

$  2,048,936

5.98%

 

(a)

Actual weighted average LIBOR contract rates relating to the Company’s outstanding debt as of March 31, 2005 of 2.81 percent was used in calculating revolving credit facility.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

18

 


 

Debt Maturities

(dollars in thousands)

 

 

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

 

TOTALS

Secured Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Centre VI

$      35,000

 

 

 

 

 

 

 

 

 

 

$       35,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali

Bridgewater I

23,000

 

 

 

 

 

 

 

 

 

 

23,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali

Woodbridge II

17,500

 

 

 

 

 

 

 

 

 

 

17,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Short Hills

22,089

 

 

 

 

 

 

 

 

 

 

22,089

 

 

 

 

 

 

 

 

 

 

 

 

 

One River Centre

45,490

 

 

 

 

 

 

 

 

 

 

45,490

 

 

 

 

 

 

 

 

 

 

 

 

 

500 West Putnam Ave

5,660

 

 

 

 

 

 

 

 

 

 

5,660

 

 

 

 

 

 

 

 

 

 

 

 

 

Harborside Financial

Center - Plazas 2    & 3

 

$     144,642

 

 

 

 

 

 

 

 

 

144,642

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Airport

 

 

$        9,364

 

 

 

 

 

 

 

 

9,364

 

 

 

 

 

 

 

 

 

 

 

 

 

Prudential Portfolio

 

 

 

 

 

$    150,000

 

 

 

 

 

150,000

 

 

 

 

 

 

 

 

 

 

 

 

 

2200 Renaissance Boulevard

 

 

 

 

 

 

 

$       15,234

 

 

 

15,234

 

 

 

 

 

 

 

 

 

 

 

 

 

Soundview Plaza

 

 

 

 

 

 

 

 

$      14,889

 

 

14,889

Total Secured Debt:

$     148,739

$     144,642

$        9,364

$              --

$              --

$    150,000

$              --

$       15,234

$      14,889

$              --

$              --

$     482,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured credit

facility

 

 

$     310,000

 

 

 

 

 

 

 

 

$     310,000

 

 

 

 

 

 

 

 

 

 

 

 

 

7.250% unsecured notes

due 3/09

 

 

 

 

$     300,000

 

 

 

 

 

 

300,000

 

 

 

 

 

 

 

 

 

 

 

 

 

7.835% unsecured notes

due 12/10

 

 

 

 

 

$      15,000

 

 

 

 

 

 

15,000

7.750% unsecured notes

due 2/11

 

 

 

 

 

 

$     300,000

 

 

 

 

300,000

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

Total Unsecured Debt:

$              --

$              --

$     310,000

$              --

$     300,000

$      15,000

$     300,000

$       94,914

$    126,105

$     200,000

$     150,000

$  1,496,019

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt:

$     148,739

$     144,642

$     319,364

$              --

$     300,000

$    165,000

$     300,000

$     110,148

$    140,994

$     200,000

$     150,000

$  1,978,887

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

19

 


Debt Detail

(dollars in thousands)

 

                                                                           

 

 

Effective

Principal Balance at

 

 

Property Name

Lender

Interest

Rate

March 31,

2005

December 31,

2004

Date of

Maturity

 

Senior Unsecured Notes: (a)

 

 

 

 

 

7.250%, $300,000 Face Amount Notes

public debt

7.490%

$      299,070

$     299,012

03/15/09

 

7.835%, $15,000 Face Amount Notes

public debt

7.950%

15,000

15,000

12/15/10

 

7.750%, $300,000 Face Amount Notes

public debt

7.930%

298,992

298,948

02/15/11

 

6.150%, $94,914 Face Amount Notes

public debt

6.894%

91,121

90,998

12/15/12

 

5.820%, $26,105 Face Amount Notes

public debt

6.448%

25,226

25,199

03/15/13

 

4.600%, $100,000 Face Amount Notes

public debt

4.742%

99,765

99,758

06/15/13

 

5.125%, $200,000 Face Amount Notes

public debt

5.110%

202,127

202,187

02/15/14

 

5.125% $150,000 Face Amount Notes

public debt

5.297%

149,095

--

01/15/15

 

 

 

Total Senior Unsecured Notes:

 

 

$    1,180,396

$  1,031,102

 

 

    Revolving Credit Facilities:

2004 Unsecured Facility (b)

27 Lenders

LIBOR+0.650%

$      310,000

$     107,000

11/23/07

 

 

 

Total Revolving Credit Facilities:

 

 

$      310,000

$     107,000

 

 

    Property Mortgages: (c)

Mack-Cali Centre VI (d)

Principal Life Insurance Co.

6.865%

$        35,000

$       35,000

--

 

One River Center (e)

New York Life Ins. Co.

5.500%

45,490

45,490

--

 

Mack-Cali Bridgewater I

New York Life Ins. Co.

7.000%

23,000

23,000

09/10/05

 

Mack-Cali Woodbridge II

New York Life Ins. Co.

7.500%

17,500

17,500

09/10/05

 

Mack-Cali Short Hills

Prudential Insurance Co.

7.740%

22,560

22,789

10/01/05

 

500 West Putnam Avenue

New York Life Ins. Co.

6.520%

6,240

6,500

10/10/05

 

Harborside - Plazas 2 and 3

Northwestern/Principal

7.367%

148,298

149,473

01/01/06

 

Mack-Cali Airport

Allstate Life Insurance Co.

7.050%

9,802

9,852

04/01/07

 

Various (f)

Prudential Insurance Co.

4.841%

150,000

150,000

01/15/10

 

2200 Renaissance Boulevard

TIAA

5.888%

18,427

18,509

12/01/12

 

Soundview Plaza

TIAA

6.015%

18,721

18,816

01/01/13

 

Assumed Obligations

n/a

4.842%

63,502

67,269

05/01/09

(g)

Total Mortgages, Loans Payable and Other Obligations:

 

$      558,540

$     564,198

 

 

Total Debt:

 

 

$    2,048,936

$  1,702,300

 

 

(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 $600 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 April 29, 2005, the Company repaid this mortgage loan at par, using borrowings under the 2004 Unsecured Facility.

 

(e)

On April 1, 2005, the Company repaid this mortgage loan at par, using borrowings under the 2004 Unsecured Facility.

 

(f)

Mortgage is collateralized by seven properties.

 

(g)

The obligations mature at various times between May 2006 and May 2009.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

20

 


 

 

 

 

 

 

 

III. FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

21

 


 

III. FINANCIAL INFORMATION

 

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share amounts)

 


 

 

(unaudited)

Three Months Ended

March 31,

Revenues

2005

2004

Base Rents

$ 133,141

$ 121,068

Escalations and recoveries from tenants

18,412

15,197

Parking and other

1,896

3,473

Total revenues

153,449

139,738

 

 

 

Expenses

 

 

Real estate taxes

19,117

16,358

Utilities

11,949

11,033

Operating services

21,378

17,336

General and administrative

7,427

6,397

Depreciation and amortization

35,807

29,714

Interest expense

28,398

29,037

Interest income

(64)

(720)

Total expenses

124,012

109,155

 

 

 

Income from continuing operations before minority interests and equity in earnings of unconsolidated joint ventures

29,437

30,583

Minority interest of Operating Partnership

(6,674)

(6,928)

Minority interest in consolidated joint ventures

(74)

--

Equity in earnings of unconsolidated joint ventures (net of minority interest), net

(277)

157

Gain on sale of investment in unconsolidated joint ventures (net of minority interest)

31

637

Income from continuing operations

22,443

24,449

Discontinued operations (net of minority interest):

 

 

Income from discontinued operations

1,298

2,374

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

(798)

--

Total discontinued operations, net

500

2,374

 

 

 

Net income

22,943

26,823

Preferred stock dividends

(500)

(500)

Net income available to common shareholders

$ 22,443

$ 26,323

 

 

 

Basic earnings per common share:

 

 

Income from continuing operations

$ 0.36

$ 0.40

Discontinued operations

0.01

0.04

Net income available to common shareholders

$ 0.37

$ 0.44

 

 

 

Diluted earnings per common share:

 

 

Income from continuing operations

$ 0.36

$ 0.40

Discontinued operations

--

0.04

Net income available to common shareholders

$ 0.36

$ 0.44

 

 

 

Dividends declared per common share

$ 0.63

$ 0.63

 

 

 

Basic weighted average shares outstanding

61,184

59,800

 

 

 

Diluted weighted average shares outstanding

69,273

68,276

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

22

 


 

 

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Balance Sheets

(in thousands, except per share amounts)

 

 

 

March 31,

 

 

 

2005

December 31,

 

Assets

(unaudited)

2004

 

Rental property

 

 

 

Land and leasehold interests

$           628,346

$     593,606

 

Buildings and improvements

3,504,083

3,296,789

 

Tenant improvements

258,081

262,626

 

Furniture, fixtures and equipment

7,383

7,938

 

 

4,397,893

4,160,959

 

Less – accumulated depreciation and amortization

(628,918)

(641,626)

 

 

3,768,975

3,519,333

 

Rental property held for sale, net

73,820

19,132

 

Net investment in rental property

3,842,795

3,538,465

 

Cash and cash equivalents

13,087

12,270

 

Investments in unconsolidated joint ventures

59,044

46,743

 

Unbilled rents receivable, net

85,828

82,586

 

Deferred charges and other assets, net

175,856

155,060

 

Restricted cash

9,545

10,477

 

Accounts receivable, net of allowance for doubtful accounts

 

 

 

of $1,215 and $1,235

7,057

4,564

 

 

 

 

 

Total assets

$        4,193,212

$  3,850,165

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Senior unsecured notes

$        1,180,396

$  1,031,102

 

Revolving credit facilities

310,000

107,000

 

Mortgages, loans payable and other obligations

558,540

564,198

 

Dividends and distributions payable

47,969

47,712

 

Accounts payable, accrued expenses and other liabilities

75,905

57,002

 

Rents received in advance and security deposits

50,728

47,938

 

Accrued interest payable

12,734

22,144

 

Total liabilities

2,236,272

1,877,096

 

 

 

 

 

Minority interests:

 

 

 

Operating Partnership

417,069

416,855

 

Consolidated joint ventures

--

11,103

 

Total minority interests

417,069

427,958

 

 

 

 

 

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,

 

 

 

61,514,061 and 61,038,875 shares outstanding

615

610

 

Additional paid-in capital

1,665,958

1,650,834

 

Dividends in excess of net earnings

(143,688)

(127,365)

 

Unamortized stock compensation

(8,014)

(3,968)

 

Total stockholders’ equity

1,539,871

1,545,111

 

 

 

 

 

Total liabilities and stockholders’ equity

$        4,193,212

$  3,850,165

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

23

 


 

Mack-Cali Realty Corporation and Subsidiaries

Consolidated Statement of Changes in Stockholders’ Equity

For the three months ended March 31, 2005

(in thousands)

 

 

 

Shares

Preferred

Amount

Shares

Common

Par Value

Additional

Paid-In

Capital

Dividends in

Excess of

Net Earnings

Unamortized

Stock

Compensation

Total

Stockholders’

Equity

Balance at January 1, 2005

10

$    25,000

61,039

$          610

$  1,650,834

$     (127,365)

$        (3,968)

$  1,545,111

Net income

--

--

--

--

--

22,943

--

22,943

Preferred stock dividends

--

--

--

--

--

(500)

--

(500)

Common stock dividends

--

--

--

--

--

(38,766)

--

(38,766)

Redemption of common units

 

 

 

 

 

 

 

 

for common stock

--

--

22

--

576

--

--

576

Shares issued under Dividend Reinvestment

 

 

 

 

 

 

 

 

and Stock Purchase Plan

--

--

2

--

88

--

--

88

Stock options exercised

--

--

337

4

9,540

--

--

9,544

Stock options expense

--

--

--

--

37

--

--

37

Directors Deferred compensation plan

--

--

--

--

78

--

--

78

Issuance of restricted stock

--

--

114

1

4,946

--

(4,947)

--

Amortization of stock compensation

--

--

--

--

--

--

760

760

Adjustment to fair value of

 

 

 

 

 

 

 

 

restricted stock

--

--

--

--

(141)

--

141

--

 

 

 

 

 

 

 

 

 

Balance at March 31, 2005

10

$    25,000

61,514

$          615

$  1,665,958

$    (143,688)

$        (8,014)

$  1,539,871

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

24

 


 

Statements of Funds from Operations  

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

 

Three Months Ended

March 31,

 

2005

2004

Net income available to common shareholders

$ 22,443

$ 26,323

Add: Minority interest in Operating Partnership

6,674

6,928

Minority interest in equity in earnings of unconsolidated

joint ventures

(35)

20

Minority interest in gain on sale of investment in unconsolidated joint venture

4

83

Minority interest in discontinued operations

63

308

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

36,669

30,598

Real estate-related depreciation and amortization on discontinued operations

393

1,409

Deduct: Gain on sale of investment in unconsolidated

joint venture

(35)

(720)

Add: Discontinued operations – Realized gains (losses) and unrealized losses on disposition of rental property, net

897

--

Funds from operations available to common shareholders (b)

$ 67,073

$ 64,949

 

 

 

Diluted weighted average shares/units outstanding (c)

75,478

74,481

 

 

 

Funds from operations per share/unit – diluted

$ 0.89

$ 0.87

 

 

 

Dividend declared per common share

$ 0.63

$ 0.63

 

 

 

Dividend payout ratios:

 

 

Funds from operations-diluted

70.89%

72.26%

 

 

 

Supplemental Information:

 

 

Non-incremental revenue generating capital expenditures:

 

 

Building improvements

$ 1,114

$ 917

Tenant improvements and leasing commissions

$ 10,263

$ 12,167

Straight-line rent adjustments (d)

$ 3,289

$ 3,191

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

$ 557

$ 12

 

 

 

 

(a)        Includes the Company’s share from unconsolidated joint ventures of $1,023 and $1,038 for the three months ended March 31, 2005 and 2004, respectively.

(b)        Funds from operations for both periods are 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 and preferred units into common shares (13,829 shares and 14,000 shares for the three months ended March 31, 2005 and 2004, respectively), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). See reconciliation of basic to diluted shares/units on page 27.

(d)        Includes the Company’s share from unconsolidated joint ventures of $47 and $143 for the three months ended March 31, 2005 and 2004, respectively.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

25

 


 

 

Statements of Funds from Operations Per Diluted Share  

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

 

 

Three Months Ended

March 31,

 

 

2005

2004

 

Net income available to common shareholders

 

$         0.36

$        0.44

 

 

 

 

 

 

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

 

0.49

0.41

 

 

 

 

 

 

Real estate-related depreciation and amortization on discontinued operations

 

0.01

0.02

 

 

 

 

 

 

Deduct: Gain on sale of investment in unconsolidated joint venture

 

--

(0.01)

 

 

 

 

 

 

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

 

0.01

--

 

 

 

 

 

 

Minority Interest/Rounding Adjustment

 

0.02

0.01

 

 

Funds from operations available to common shareholders (b)

 

$         0.89

$        0.87

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares/units outstanding (c)

 

75,478

74,481

 

 

(a)    Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.01 for the three months ended March 31, 2005 and 2004, respectively.

(b)    Funds from operations for both periods are 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 and preferred units into common shares (13,829 shares and 14,000 shares for the three months ended March 31, 2005 and 2004, respectively), plus dilutive Common Stock Equivalents (i.e. stock options and warrants). See reconciliation of basic to diluted shares/units on page 27.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

26

 


 

 

Reconciliation of Basic-to-Diluted Shares/Units

(in thousands)

 

The following schedule reconciles the Company’s basic weighted average shares outstanding to basic and diluted weighted average shares/units outstanding for the purpose of calculating FFO per share:

 

 

 

Three Months Ended

March 31,

 

 

2005

2004

 

 

 

Basic weighted average shares outstanding:

 

61,184

59,800

 

 

 

 

 

 

 

 

Add: Weighted average common units

 

7,623

7,794

 

 

 

Basic weighted average shares/units:

 

68,807

67,594

 

 

 

 

 

 

 

 

Add: Stock options

 

466

660

 

 

Restricted Stock Awards

 

--

--

 

 

Stock warrants

 

--

22

 

 

 

Diluted weighted average shares outstanding:

 

69,273

68,276

 

 

Add: Weighted average preferred units

(after conversion to common units)

 

6,205

6,205

 

 

 

 

Diluted weighted average shares/units outstanding:

 

75,478

74,481

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

27

 


 

 

 

 

 

 

 

IV. VALUE CREATION PIPELINE

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

28

 


 

 

IV. VALUE CREATION PIPELINE

 

Operating Property Acquisitions

(dollars in thousands)

 

For the three months ended March 31, 2005

 

Acquisition

Date

Property/Address

Location

# of

Bldgs.

Rentable

Square Feet

Investment by

Company (a)

 

 

Office:

 

 

 

 

 

03/02/05

101 Hudson Street (b)

Jersey City, Hudson County, NJ

1

1,246,283

$      330,233

03/29/05

23 Main Street (b)(c)

Holmdel, Monmouth County, NJ

1

350,000

23,880

 

Total Property Acquisitions:

 

 

2

1,596,283

$      354,113

 

 

 

 

For the year ended December 31, 2004

 

Acquisition

Date

Property/Address

Location

# of

Bldgs.

Rentable

Square Feet

Investment by

Company (d)

 

 

Office:

 

 

 

 

 

04/14/04

5 Wood Hollow Road (b)

Parsippany, Morris County, NJ

1

317,040

$        34,187

05/12/04

210 South 16th Street (e)

Omaha, Douglas County, NE

1

318,224

8,507

06/01/04

30 Knightsbridge Road (f)

Piscataway, Middlesex County, NJ

4

680,350

49,205

06/01/04

412 Mt. Kemble Avenue (f)

Morris Township, Morris County, NJ

1

475,100

39,743

10/21/04

232 Strawbridge Road (b)

Moorestown, Burlington County, NJ

1

74,258

8,761

11/23/04

One River Centre (g)

Middletown, Monmouth County, NJ

3

457,472

69,015

12/20/04

4, 5 & 6 Century Drive (b)

Parsippany, Morris County, NJ

3

279,811

30,860

12/30/04

150 Monument Road (b)

Bala Cynwyd, Montgomery County, PA

1

125,783

18,904

 

Total Property Acquisitions:

 

 

15

2,728,038

$      259,182

 

 

 

(a)

Amounts are as of March 31, 2005.

 

(b)

Transaction was funded primarily through borrowing on the Company’s revolving credit facility.

 

(c)

In addition to its initial investment, the Company presently intends to make additional investments related to the property of approximately $12,122.

 

(d)

Amounts are as of December 31, 2004.

 

(e)

 

Property was acquired through the Company’s receipt of a deed in lieu of foreclosure in satisfaction of the Company’s mortgage note receivable, which was collateralized by the acquired property. The property was subsequently sold on February 4, 2005.

(f)

Properties were acquired from AT&T Corporation (“AT&T”), a tenant of the Company, for cash and assumed obligations, as follows:

 

 

 

1.

Acquired 30 Knightsbridge Road, a four-building office complex, aggregating 680,350 square feet and located in Piscataway, New Jersey. AT&T, which occupied the entire complex, has leased back from the Company two of the buildings in the complex, totaling 275,000 square feet, for 10 years and seven months, and leased back the remaining 405,350 square feet of the complex through October 2004;

 

2.

Acquired Kemble Plaza II, a 475,100 square-foot office building located in Morris Township, New Jersey, which the Company had previously sold to AT&T in June of 2000. AT&T, which occupied the entire building, leased back the entire property from the Company for one year from the date of acquisition;

 

3.

Signed a lease extension at the Company’s Kemble Plaza I property in Morris Township, New Jersey, extending AT&T’s lease for the entire 387,000 square-foot building for an additional five years to August 2014. Under the lease extension, the Company agreed, among other things, to fund up to $2.1 million of tenant improvements to be performed by AT&T at the property, which was subsequently sold on October 5, 2004;

 

4.

Paid cash consideration of approximately $12.9 million to AT&T; and

 

 

5.

Assumed AT&T’s lease obligations with third-party landlords at seven office buildings, aggregating 922,674 square feet, which carry a weighted average remaining term of 3.8 years. The Company has estimated that the obligations, net of estimated sub-lease income, total approximately $84.8 million, with a net present value of approximately $76.2 million utilizing a weighted average discount rate of 4.85 percent. The net present value of the assumed obligations as of March 31, 2005 is included in mortgages, loans payable and other obligations.

(g)

The Company acquired a 62.5 percent interest in the property through the Company’s conversion of its note receivable with a balance of $13.0 million into a controlling equity interest. The property is subject to a $45.5 million mortgage. The Company acquired the remaining 37.5 percent interest in March 2005 for $10.5 million (not included in Investment by Company amount presented).

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

29

 


 

 

Acquisition Property Profile

 

 

 

 

 

Property Name:

101 Hudson Street

 

 

Product Type:

Office Building

 

 

Location:

Jersey City, Hudson County, New Jersey

 

 

Description:

Class A, 42-story office building

 

 

Size:

1,246,283 square feet

 

 

Year Constructed:

1992

 

 

Closing Date:

March 2, 2005

 

 

Acquisition Cost:

$330.2 million

 

 

Funding Source:

Borrowing on the Company’s revolving credit facility

 

 

Percentage Leased:

97.0%

 

 

Number of Tenants:

18

 

 

Significant Tenants:

Merrill Lynch (590,174 square feet)

 

National Union Fire Insurance (208,006 square feet)

 

Lehman Brothers Holding Inc. (207,300 square feet)

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

30

 


 

 

Acquisition Property Profile

 

 

 

 

 

Property Name:

23 Main Street

 

 

Product Type:

Office Building

 

 

Location:

Holmdel, Monmouth County, New Jersey

 

 

Description:

Class A, two-story office building

 

 

Size:

350,000 square feet

 

 

Year Constructed:

1977

 

 

Closing Date:

March 29, 2005

 

 

Acquisition Cost:

$23.9 million

 

 

Funding Source:

Borrowing on the Company’s revolving credit facility

 

 

Percentage Leased:

100.0%  (a)

 

 

Number of Tenants:

1

 

 

Tenant:

Vonage USA, Inc. (350,000 square feet)

 

 

(a) The Company signed a lease for the entire property concurrent with the acquisition.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

31

 


 

 

Summary of Land Parcels

 

 

Site

Town/City

State

Acres

Development

Potential

(Sq. Ft.)

Type of Space

Horizon Center

Hamilton

NJ

33.5

300,000

Office/Flex/Retail

Plaza VIII and IX Associates, L.L.C. (a)

Jersey City

NJ

3.6

1,225,000

Office

Harborside Financial Center (b)

Jersey City

NJ

6.5

3,113,500

Office

Mack-Cali Business Campus

Parsippany & Hanover

NJ

110.0

1,350,000

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

Elmsford Distribution Center (c)

Elmsford

NY

14.5

100,000

Warehouse

Mid-Westchester Executive Park

Hawthorne

NY

7.2

82,250

Office/Flex

One Ramland Road (a)

Orangeburg

NY

20.0

100,000

Office/Flex

South Westchester Executive Park (c)

Yonkers

NY

60.0

500,000

Office/Flex

South Westchester Executive Park

Yonkers

NY

2.7

50,000

Office/Flex

Airport Business Center

Lester

PA

12.6

135,000

Office

Eastpoint II

Lanham

MD

4.8

122,000

Office/Hotel

Pyramid Pointe

Englewood

CO

1.6

24,000

Office

Hilltop Business Center

Littleton

CO

7.1

128,000

Office

 

 

 

 

 

 

Pacific Plaza Phase III (d)

Daly City

CA

2.5

270,000

Office

 

Total:

 

 

372.3

8,536,250

 

 

(a)

Land owned by unconsolidated joint venture in which Mack-Cali is an equity partner.

 

(b)

In addition, there are 21 acres of riparian property.

 

(c)

Mack-Cali holds an option to purchase this land.

 

(d)

Unconsolidated joint venture, in which Mack-Cali is an equity partner, holds an option to purchase this land.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

32

 


Rental Property Sales

(dollars in thousands)

 

For the three months ended March 31, 2005

 

Sale

Date

Property/Address

Location

# of

Bldgs.

Rentable

Square

Feet

Net Sales

Proceeds

Net Book

Value

Realized

Gain/(Loss)

 

 

Office:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

02/04/05

210 South 16th Street

Omaha, Douglas County, NE

1

318,224

$        8,464

$      8,210

         $         254

02/11/05

1122 Alma Road

Richardson, Dallas County, TX

1

82,576

2,075

2,344

(269)

 

02/15/05

3 Skyline Drive

Hawthorne, Westchester County, NY

1

75,668

9,587

8,856

731

 

 

 

Total Office Property Sales:

 

3

476,468

$      20,126

$    19,410

$            716

 

 

 

For the year ended December 31, 2004

 

Sale

Date

Property/Address

Location

# of

Bldgs.

Rentable

Square

Feet

Net Sales

Proceeds

Net Book

Value

Realized

Gain/(Loss)

Office:

 

 

 

 

 

 

 

10/05/04

340 Mt. Kemble Avenue

Morris Township, Morris County, NJ

1

387,000

$      75,017

$    62,787

$        12,230

11/23/04

Texas Portfolio (a)

Dallas and San Antonio, TX

2

554,330

35,124

36,224

(1,100)

 

Total Office Property Sales:

 

3

941,330

$    110,141

$    99,011

$        11,130

 

(a)

On November 23, 2004, the Company sold 3030 LBJ Freeway, Dallas, Dallas County and 84 N.E. Loop 410, San Antonio, Bexar County in a single transaction with one buyer.

 

 

 

Rental Property Held For Sale

(dollars in thousands)

 

At March 31, 2005

 

Property/Address

Location

# of

Bldgs.

Rentable

Square Feet

Net Book Value

At 3/31/05

Office:

 

 

 

 

600 Community Drive

North Hempstead, Nassau County, NY

1

237,274

$                47,692

111 East Shore Road

North Hempstead, Nassau County, NY

1

55,575

9,281

201 Willowbrook Boulevard

Wayne, Passaic County, NJ

1

178,329

16,847

 

Totals:

 

3

471,178

$                73,820

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

33

 


 

 

 

 

 

 

 

V. PORTFOLIO/ LEASING STATISTICS

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

34

 


 

 

V. PORTFOLIO/ LEASING STATISTICS

 

Leasing Statistics

(For the three months ended March 31, 2005)

 

Consolidated In-Service Portfolio

 

SUMMARY OF SPACE LEASED

 

 

 

 

LEASING ACTIVITY

 

 

 



 

Region/Market

Sq. Ft.

Leased 12/31/04

Leased

Sq. Ft.
Acquired/Sold (a)

Expiring/
Adjustment
Sq. Ft. (b)

Incoming
Sq. Ft.

Net
Leasing

Activity

Sq. Ft.

Leased 3/31/05 (c)

Pct.

Leased

3/31/05

Pct.

Leased

12/31/04 (d)

Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern NJ

10,846,545

1,228,196

(596,768)

368,280

(228,488)

11,846,253

91.4%

92.5%

 

 

 

 

 

 

 

 

 

Central NJ

3,436,364

110,817

(286,015)

563,994

277,979

3,825,160

85.0%

82.8%

 

 

 

 

 

 

 

 

 

Westchester Co., NY

4,665,254

(75,668)

(200,565)

213,754

13,189

4,602,775

96.1%

95.9%

 

 

 

 

 

 

 

 

 

Sub. Philadelphia

3,371,809

-

(184,239)

127,478

(56,761)

3,315,048

89.6%

91.2%

 

 

 

 

 

 

 

 

 

Fairfield, CT

753,646

-

(1,767)

375

(1,392)

752,254

88.3%

88.5%

 

 

 

 

 

 

 

 

 

Washington, DC/MD

425,441

-

(10,378)

12,612

2,234

427,675

94.9%

94.4%

 

 

 

 

 

 

 

 

 

Dutchess/Nassau/Rockland Co., NY

584,567

-

(14,535)

13,200

(1,335)

583,232

98.6%

98.8%

 

Total Northeast

24,083,626

1,263,345

(1,294,267)

1,299,693

5,426

25,352,397

91.0%

91.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southwest/West

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

Colorado

1,487,692

-

(21,174)

21,187

13

1,487,705

95.0%

95.0%

 

 

 

 

 

 

 

 

 

San Francisco

366,435

-

(22,375)

15,157

(7,218)

359,217

79.7%

81.3%

 

Total Southwest/West

1,854,127

-

(43,549)

36,344

(7,205)

1,846,922

91.6%

88.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

25,937,753

1,263,345

(1,337,816)

1,336,037

(1,779)

27,199,319

91.1%

91.2%

 

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

 

 

 

Total sq. ft. as of December 31, 2004

28,425,285

 

 

Total sq. ft. of properties added this period

1,596,283

 

 

Total sq. ft. of properties sold this period

(158,244)

 

Total sq. ft. as of March 31, 2005

29,863,324

 

 

 

 

 

(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 March 31, 2005 aggregating 117,183 square feet for which no new leases were signed.

 

(d)

 

Excluded from percentage leased at December 31, 2004 is a non-strategic, non-core 318,224 square-foot property acquired through a deed in lieu of foreclosure, which was 12.7 percent leased at December 31, 2004 and sold on February 4, 2005.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

35

 


 

 

Leasing Statistics

(For the three months ended March 31, 2005)

 

Consolidated In-Service Portfolio (continued)

 

DETAIL OF TRANSACTION ACTIVITY

 

Detail by Region/Market

 

 

 

 

Region/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)

 

 

Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern NJ

Office

26

338,871

150,512

188,359

9.1

24.26

1.48

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

6

29,409

-

29,409

4.7

17.36

2.80

 

 

 

 

 

 

 

 

 

 

 

Central NJ

Office

28

512,257

449,816

62,441

10.0

20.66

3.39

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

7

51,737

28,313

23,424

7.4

16.99

4.33

 

 

 

 

 

 

 

 

 

 

 

Westchester Co., NY

Office

19

67,208

22,436

44,772

5.3

22.89

2.95

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

22

146,546

52,345

94,201

4.0

13.90

1.58

 

 

 

 

 

 

 

 

 

 

 

Sub. Philadelphia

Office

19

83,188

23,215

59,973

5.5

22.41

2.78

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

7

44,290

18,670

25,620

5.6

11.23

2.23

 

 

 

 

 

 

 

 

 

 

 

Fairfield, CT

Office

1

375

-

375

1.0

21.57

0.20

 

 

 

 

 

 

 

 

 

 

 

Washington, DC/MD

Office

3

12,612

6,032

6,580

3.9

21.97

3.13

 

 

 

 

 

 

 

 

 

 

 

Dutchess/Nassau/Rockland Co., NY

Office

5

13,200

4,070

9,130

5.5

26.24

3.49

 

 

 

 

Total Northeast

 

143

1,299,693

755,409

544,284

8.1

20.59

2.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

Office

9

21,187

8,505

12,682

3.7

16.29

2.58

 

 

 

 

 

 

 

 

 

 

 

San Francisco

Office

33

15,157

3,586

11,571

2.4

26.58

0.64

 

 

 

 

Total Other

 

42

36,344

12,091

24,253

3.2

20.58

1.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

 

185

1,336,037

767,500

568,537

7.9

20.59

2.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Detail by Property Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

143

1,064,055

668,172

395,883

8.7

22.17

2.08

 

 

 

 

 

 

 

 

 

 

 

 

Office/Flex

42

271,982

99,328

172,654

5.0

14.43

2.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Totals

 

185

1,336,037

767,500

568,537

7.9

20.59

2.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tenant Retention:

Leases Retained

64.7%

 

 

 

 

 

 

 

 

Sq. Ft. Retained

42.5%

 

 

 

 

 

 

 

 

 

 

 

(a)

“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.

 

(b)

For Office/Flex properties, equals triple net rent plus common area costs and real estate taxes.

 

 

(c)

Represents estimated workletter costs of $7,768,854 and commissions of $2,763,319 committed, but not necessarily expended, during the period for second generation space aggregating 827,098 square feet.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

36

 


 

 

Leasing Statistics

(For the three months ended March 31, 2005)

 

Unconsolidated Joint Venture Properties

 

SUMMARY OF SPACE LEASED

 

 

 

 

LEASING ACTIVITY

 

 

 

State

Sq. Ft.

Leased
12/31/04

Leased

Sq. Ft.
Acquired/ Sold

Expiring/
Adjustment
Sq. Ft. (a)

Incoming
Sq. Ft.

Net
Leasing

Activity

Sq. Ft.

Leased 3/31/05

Pct.
Leased
3/31/05

Pct.
Leased
12/31/04

New York

87,825

-

-

-

-

87,825

37.9%

37.9%

 

 

 

 

 

 

 

 

 

Texas

166,529

(166,529)

-

-

-

-

-

55.9%

 

 

 

 

 

 

 

 

 

California

246,520

-

-

14,666

14,666

261,186

85.5%

80.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

500,874

(166,529)

-

14,666

14,666

349,011

64.9%

59.9%

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE

 

 

 

Total sq. ft. as of December 31, 2004

835,618

 

 

Total sq. ft. of properties added/sold this period

(298,000)

 

Total sq. ft. as of March 31, 2005

537,618

 

 

 

 

 

 

DETAIL OF TRANSACTION ACTIVITY

 

State

# of

Transactions

Total Sq. Ft.

Sq. Ft. New

Leases

Sq. Ft.

Renewed And Other

Retained (b)

Wtd. Avg.

Term (Yrs.)

Wtd. Avg.

Base Rent

Leasing Costs

Per Sq. Ft. Per Year (c)

California

2

14,666

14,666

-

5.0

26.93

12.74

 

 

 

 

 

 

 

 

 

Totals

2

14,666

14,666

-

5.0

26.93

12.74

 

 

 

 

 

 

 

 

 

 

 

(a)

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

(b)

“Other Retained” transactions include existing tenants’ expansions and relocations within the same building.

 

 

(c)

Represents estimated workletter costs of $773,930 and commissions of $160,342 committed, but not necessarily expended, during the period for second generation space aggregating 14,666 square feet.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

37

 


 

 

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)

103,291,173

18.4

5,674,820

19.0

Jersey City, NJ

95,228,915

17.1

4,317,978

14.5

New York, NY (Westchester-Rockland Counties)

90,749,694

16.3

4,968,420

16.6

Bergen-Passaic, NJ

90,703,713

16.3

4,530,091

15.2

Philadelphia, PA-NJ

54,483,216

9.8

3,617,994

12.1

Monmouth-Ocean, NJ

20,757,174

3.7

1,384,895

4.6

Trenton, NJ (Mercer County)

17,035,502

3.1

767,365

2.6

Denver, CO

15,658,801

2.8

1,084,945

3.6

Middlesex-Somerset-Hunterdon, NJ

14,686,460

2.6

791,051

2.6

Stamford-Norwalk, CT

13,137,974

2.4

706,510

2.4

Washington, DC-MD-VA-WV

13,074,500

2.3

450,549

1.5

San Francisco, CA

10,484,299

1.9

450,891

1.5

Nassau-Suffolk, NY

6,974,804

1.3

292,849

1.0

Bridgeport, CT

2,573,069

0.5

145,487

0.5

Dutchess County, NY

2,389,669

0.4

118,727

0.4

Colorado Springs, CO

2,326,169

0.4

209,987

0.7

Boulder-Longmont, CO

2,077,389

0.4

270,421

0.9

Atlantic-Cape May, NJ

1,893,626

0.3

80,344

0.3

 

 

 

 

 

Totals

557,526,147

100.0

29,863,324

100.0

 

 

(a)

Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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 expiring March 31, 2005 aggregating 117,183 square feet and representing annualized rent of $2,028,129 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.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

38

 


 

 

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

97,897,247

17.6

3,858,750

14.4

Manufacturing

53,420,222

9.6

2,731,718

10.2

Insurance Carriers & Related Activities

39,795,318

7.1

1,868,674

7.0

Telecommunications

33,191,676

6.0

1,751,862

6.5

Computer System Design Svcs.

29,919,057

5.4

1,468,881

5.5

Legal Services

27,138,726

4.9

1,018,572

3.8

Credit Intermediation & Related Activities

23,028,792

4.1

984,092

3.7

Health Care & Social Assistance

22,720,218

4.1

1,135,296

4.2

Scientific Research/Development

21,813,627

3.9

1,102,729

4.1

Wholesale Trade

19,981,346

3.6

1,312,610

4.9

Accounting/Tax Prep.

16,498,913

3.0

699,827

2.6

Retail Trade

16,255,573

2.9

986,902

3.7

Other Professional

15,346,613

2.8

750,313

2.8

Publishing Industries

13,570,699

2.4

548,928

2.0

Architectural/Engineering

11,105,783

2.0

503,504

1.9

Other Services (except Public Administration)

10,611,430

1.9

663,607

2.5

Advertising/Related Services

10,296,054

1.8

440,313

1.6

Information Services

10,282,265

1.8

464,496

1.7

Arts, Entertainment & Recreation

10,154,813

1.8

626,054

2.3

Real Estate & Rental & Leasing

9,958,009

1.8

494,025

1.8

Broadcasting

6,739,581

1.2

455,722

1.7

Utilities

6,675,050

1.2

329,380

1.2

Construction

5,655,163

1.0

292,613

1.1

Transportation

5,471,961

1.0

299,241

1.1

Data Processing Services

5,271,446

0.9

235,059

0.9

Public Administration

5,080,061

0.9

227,695

0.8

Educational Services

4,968,266

0.9

267,960

1.0

Management of Companies & Finance

4,127,940

0.7

179,696

0.7

Specialized Design Services

3,697,355

0.7

239,348

0.9

Funds, Trusts & Other Financial Vehicles

3,055,161

0.5

121,828

0.5

Other

13,797,782

2.5

754,282

2.9

 

 

 

 

 

Totals

557,526,147

100.0

26,813,977

100.0

 

(a)

The Company’s tenants are classified according to the U.S. Government’s North American Industrial Classification System (NAICS) which has replaced the Standard Industrial Code (SIC) system.

 

(b)

Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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 expiring March 31, 2005 aggregating 117,183 square feet and representing annualized rent of $2,028,129 for which no new leases were signed.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

39

 


 

 

Consolidated Portfolio Analysis (a)

(as of March 31, 2005)

 

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

91

34.1%

50

18.8%

--

--

--

--

--

--

141

52.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

23

8.6%

41

15.4%

6

2.2%

2

0.7%

2

0.7%

74

27.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

18

6.8%

--

--

--

--

--

--

--

--

18

6.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut

4

1.5%

5

1.9%

--

--

--

--

--

--

9

3.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash., D.C./

Maryland

 

3

 

1.1%

 

--

 

--

 

--

 

--

 

--

 

--

 

--

 

--

 

3

 

1.1%

Sub-total

Northeast:

 

139

 

52.1%

 

96

 

36.1%

 

6

 

2.2%

 

2

 

0.7%

 

2

 

0.7%

 

245

 

91.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

2

0.7%

--

--

--

--

--

--

--

--

2

0.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

20

7.5%

--

--

--

--

--

--

--

--

20

7.5%

TOTALS

By Type:

 

161

 

60.3%

 

96

 

36.1%

 

6

 

2.2%

 

2

 

0.7%

 

2

 

0.7%

 

267

 

100.0%

 

(a)

Excludes three properties, aggregating approximately 538,000 square feet, which are not consolidated by the Company.

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

40

 


 

 

Consolidated Portfolio Analysis(a)

(as of March 31, 2005)

 

Breakdown by Square Footage

 

PROPERTY TYPE:

 

STATE

Office

% of

Total

Office/Flex

% of

Total

Industrial/

Warehouse

% of

Total

Stand-Alone Retail

% of

Total

TOTALS By State

% of

Total

New Jersey

16,861,269

56.5%

2,277,531

7.6%

--

--

--

--

19,138,800

64.1%

 

 

 

 

 

 

 

 

 

 

 

New York

2,626,484

8.8%

2,348,812

7.9%

387,400

1.3%

17,300

0.1%

5,379,996

18.1%

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

2,025,738

6.8%

--

--

--

--

--

--

2,025,738

6.8%

 

 

 

 

 

 

 

 

 

 

 

Connecticut

578,997

1.9%

273,000

0.9%

--

--

--

--

851,997

2.8%

 

 

 

 

 

 

 

 

 

 

 

Wash., D.C./

Maryland

 

450,549

 

1.5%

 

--

 

--

 

--

 

--

 

--

 

--

 

450,549

 

1.5%

Sub-total

Northeast

 

22,543,037

 

75.5%

 

4,899,343

 

16.4%

 

387,400

 

1.3%

 

17,300

 

0.1%

 

27,847,080

 

93.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

450,891

1.5%

--

--

--

--

--

--

450,891

1.5%

 

 

 

 

 

 

 

 

 

 

 

Colorado

1,565,353

5.2%

--

--

--

--

--

--

1,565,353

5.2%

TOTALS

By Type:

 

24,559,281

 

82.2%

 

4,899,343

 

16.4%

 

387,400

 

1.3%

 

17,300

 

0.1%

 

29,863,324

 

100.0%

 

(a)

Excludes three properties, aggregating approximately 538,000 square feet, which are not consolidated by the Company.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

41

 


 

 

Consolidated Portfolio Analysis(a)

(Year ended March 31, 2005)

 

Breakdown by Base Rental Revenue (b) (c)

(Dollars in thousands)

 

PROPERTY TYPE:

STATE

Office

% of Total

Office/

Flex

% of Total

Indust./

Ware-house

% of

Total

Stand-

Alone

Retail

% of

Total

Land Leases

% of Total

TOTALS

By State

% of Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey

300,026

57.6%

18,834

3.6%

--

--

--

--

--

--

318,860

61.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

58,986

11.3%

34,636

6.6%

4,215

0.8%

354

0.1%

257

0.1%

98,448

18.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

39,895

7.7%

--

--

--

--

--

--

--

--

39,895

7.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Connecticut

12,208

2.3%

3,897

0.7%

--

--

--

--

--

--

16,105

3.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash., D.C./

Maryland

14,731

2.8%

--

--

--

--

--

--

--

--

14,731

 

2.8%

Sub-total

Northeast:

425,846

81.7%

57,367

10.9%

4,215

0.8%

354

0.1%

257

0.1%

488,039

93.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

13,482

2.6%

--

--

--

--

--

--

--

--

13,482

2.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado

19,486

3.8%

--

--

--

--

--

--

--

--

19,486

3.8%

TOTALS

By Type:

458,814

88.1%

57,367

10.9%

4,215

0.8%

354

0.1%

257

0.1%

521,007

100.0%

 

(a)

Excludes three properties, aggregating approximately 538,000 square feet, which are not consolidated by the Company.

 

(b)

Total base rent for the 12 months ended March 31, 2005, 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.

(c)

Includes $9,087 pertaining to properties identified as held for sale.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

42

 


 

 

Consolidated Portfolio Analysis (a) (b)

(as of March 31, 2005)

 

Breakdown by Percentage Leased

 

PROPERTY TYPE:

STATE

Office

Office/Flex

Industrial/Warehouse

Stand-Alone Retail

WEIGHTED AVG.

By State

New Jersey

89.6%

91.7%

--

--

89.8%

 

 

 

 

 

 

New York

96.6%

95.9%

97.8%

100.0%

96.4%

 

 

 

 

 

 

Pennsylvania

88.4%

--

--

--

88.4%

 

 

 

 

 

 

Connecticut

82.8%

100.0%

--

--

88.3%

 

 

 

 

 

 

Washington, D.C./ Maryland

94.9%

--

--

--

94.9%

Sub-total Northeast

90.2%

94.2%

97.8%

100.0%

91.0%

 

 

 

 

 

 

 

 

 

 

 

 

California

79.7%

--

--

--

79.7%

 

 

 

 

 

 

Colorado

95.0%

--

--

--

95.0%

 

WEIGHTED AVG. By Type:

 

90.3%

 

94.2%

 

97.8%

 

100.0%

 

91.1%

 

 

(a)

Excludes three properties, aggregating approximately 538,000 square feet, which are not consolidated by the Company, and parcels of land leased to others.

 

(b)

Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future, as well as leases expiring March 31, 2005 aggregating 117,183 square feet for which no new leases were signed.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

43

 


 

 

 

Property Listing

 

Office Properties

 

Property

Location

Year

Built

Net

Rentable

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

ATLANTIC COUNTY, NEW JERSEY

 

 

 

 

 

 

Egg Harbor

 

 

 

 

 

 

100 Decadon Drive

1987

40,422

100.0

951

0.18

23.53

200 Decadon Drive

1991

39,922

100.0

923

0.18

23.12

 

 

 

 

 

 

 

BERGEN COUNTY, NEW JERSEY

 

 

 

 

 

 

Fair Lawn

 

 

 

 

 

 

17-17 Route 208 North

1987

143,000

100.0

3,414

0.66

23.87

Fort Lee

 

 

 

 

 

 

One Bridge Plaza

1981

200,000

91.1

4,720

0.91

25.91

2115 Linwood Avenue

1981

68,000

81.4

1,160

0.22

20.96

Little Ferry

 

 

 

 

 

 

200 Riser Road

1974

286,628

95.4

1,622

0.31

5.93

Montvale

 

 

 

 

 

 

95 Chestnut Ridge Road

1975

47,700

100.0

796

0.15

16.69

135 Chestnut Ridge Road

1981

66,150

99.7

1,556

0.30

23.59

Paramus

 

 

 

 

 

 

15 East Midland Avenue

1988

259,823

100.0

6,715

1.29

25.84

140 East Ridgewood Avenue

1981

239,680

100.0

4,706

0.90

19.63

461 From Road

1988

253,554

99.7

6,063

1.16

23.98

650 From Road

1978

348,510

99.1

8,210

1.58

23.77

61 South Paramus Avenue

1985

269,191

99.6

6,562

1.26

24.47

Rochelle Park

 

 

 

 

 

 

120 Passaic Street

1972

52,000

99.6

1,397

0.27

26.97

365 West Passaic Street

1976

212,578

90.5

4,057

0.78

21.09

Upper Saddle River

 

 

 

 

 

 

1 Lake Street

1973/94

474,801

100.0

7,465

1.43

15.72

10 Mountainview Road

1986

192,000

97.5

3,760

0.72

20.09

Woodcliff Lake

 

 

 

 

 

 

400 Chestnut Ridge Road

1982

89,200

100.0

1,950

0.37

21.86

470 Chestnut Ridge Road

1987

52,500

100.0

1,192

0.23

22.70

530 Chestnut Ridge Road

1986

57,204

100.0

1,166

0.22

20.38

50 Tice Boulevard

1984

235,000

100.0

5,950

1.14

25.32

300 Tice Boulevard

1991

230,000

100.0

6,089

1.17

26.47

 

 

 

 

 

 

 

BURLINGTON COUNTY, NEW JERSEY

 

 

 

 

 

 

Moorestown

 

 

 

 

 

 

224 Strawbridge Drive

1984

74,000

100.0

1,467

0.28

19.82

228 Strawbridge Drive

1984

74,000

100.0

1,043

0.20

14.09

232 Strawbridge Drive (e)

1986

74,258

69.9

449

0.09

19.50

 

 

 

 

 

 

 

ESSEX COUNTY, NEW JERSEY

 

 

 

 

 

 

Millburn

 

 

 

 

 

 

150 J.F. Kennedy Parkway

1980

247,476

95.6

6,830

1.31

28.87

Roseland

 

 

 

 

 

 

101 Eisenhower Parkway

1980

237,000

93.0

5,354

1.03

24.29

103 Eisenhower Parkway

1985

151,545

80.3

3,141

0.60

25.81

105 Eisenhower Parkway

2001

220,000

69.2

3,868

0.74

25.41

 

 

 

 

 

 

 

HUDSON COUNTY, NEW JERSEY

 

 

 

 

 

 

Jersey City

 

 

 

 

 

 

Harborside Financial Center Plaza 1

1983

400,000

25.2

4,512

0.87

44.76

Harborside Financial Center Plaza 2

1990

761,200

100.0

18,488

3.54

24.29

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

44

 


 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

Harborside Financial Center Plaza 3

1990

725,600

100.0

17,622

3.38

24.29

Harborside Financial Center Plaza 4-A

2000

207,670

97.5

7,063

1.36

34.88

Harborside Financial Center Plaza 5

2002

977,225

87.0

26,423

5.07

31.08

101 Hudson Street (e)

1992

1,246,283

97.0

2,269

0.44

22.84

 

 

 

 

 

 

 

MERCER COUNTY, NEW JERSEY

 

 

 

 

 

 

Hamilton Township

 

 

 

 

 

 

600 Horizon Drive

2002

95,000

100.0

1,373

0.26

14.45

Princeton

 

 

 

 

 

 

103 Carnegie Center

1984

96,000

84.4

1,996

0.38

24.63

100 Overlook Center

1988

149,600

100.0

3,978

0.76

26.59

5 Vaughn Drive

1987

98,500

100.0

2,534

0.49

25.73

 

 

 

 

 

 

 

MIDDLESEX COUNTY, NEW JERSEY

 

 

 

 

 

 

East Brunswick

 

 

 

 

 

 

377 Summerhill Road

1977

40,000

100.0

373

0.07

9.33

Piscataway

 

 

 

 

 

 

30 Knightsbridge Road, Bldg. 3 (e)

1977

160,000

100.0

1,811

0.35

13.64

30 Knightsbridge Road, Bldg. 4 (e)

1977

115,000

100.0

1,302

0.25

13.63

30 Knightsbridge Road, Bldg. 5 (e)

1977

332,607

0.0

1,883

0.35

--

30 Knightsbridge Road, Bldg. 6 (e)

1977

72,743

0.0

412

0.08

--

Plainsboro

 

 

 

 

 

 

500 College Road East

1984

158,235

100.0

3,895

0.75

24.62

South Brunswick

 

 

 

 

 

 

3 Independence Way

1983

111,300

18.4

396

0.08

19.34

Woodbridge

 

 

 

 

 

 

581 Main Street

1991

200,000

100.0

5,012

0.96

25.06

 

 

 

 

 

 

 

MONMOUTH COUNTY, NEW JERSEY

 

 

 

 

 

Holmdel

 

 

 

 

 

 

23 Main Street (e)

1977

350,000

100.0

53

0.01

18.42

Middletown

 

 

 

 

 

 

One River Centre Bldg. 1 (e)

1983

122,594

78.6

690

0.13

20.26

One River Centre Bldg. 2 (e)

1983

120,360

100.0

979

0.19

23.01

One River Centre Bldg. 3 (e)

1984

214,518

92.8

1,510

0.29

21.46

Neptune

 

 

 

 

 

 

3600 Route 66

1989

180,000

100.0

2,625

0.50

14.58

Wall Township

 

 

 

 

 

 

1305 Campus Parkway

1988

23,350

92.4

377

0.07

17.47

1350 Campus Parkway

1990

79,747

99.9

1,566

0.30

19.66

 

 

 

 

 

 

 

MORRIS COUNTY, NEW JERSEY

 

 

 

 

 

 

Florham Park

 

 

 

 

 

 

325 Columbia Turnpike

1987

168,144

95.9

4,046

0.78

25.09

Morris Plains

 

 

 

 

 

 

250 Johnson Road

1977

75,000

100.0

1,594

0.31

21.25

201 Littleton Road

1979

88,369

88.6

1,788

0.34

22.84

Morris Township

 

 

 

 

 

 

412 Mt. Kemble Avenue (e)

1986

475,100

100.0

5,965

1.14

15.13

Parsippany

 

 

 

 

 

 

4 Campus Drive

1983

147,475

98.3

3,457

0.66

23.85

6 Campus Drive

1983

148,291

72.6

1,842

0.35

17.11

7 Campus Drive

1982

154,395

100.0

2,037

0.39

13.19

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

45

 


 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

8 Campus Drive

1987

215,265

100.0

5,946

1.14

27.62

9 Campus Drive

1983

156,495

89.6

3,584

0.69

25.56

4 Century Drive (e)

1981

100,036

48.6

353

0.07

25.98

5 Century Drive (e)

1981

79,739

97.3

571

0.11

26.33

6 Century Drive (e)

1981

100,036

6.3

43

0.01

24.44

2 Dryden Way

1990

6,216

100.0

67

0.01

10.78

4 Gatehall Drive

1988

248,480

73.2

4,927

0.95

27.09

2 Hilton Court

1991

181,592

100.0

4,755

0.91

26.19

1633 Littleton Road

1978

57,722

100.0

1,131

0.22

19.59

600 Parsippany Road

1978

96,000

66.2

1,021

0.20

16.07

1 Sylvan Way

1989

150,557

100.0

3,498

0.67

23.23

5 Sylvan Way

1989

151,383

100.0

3,903

0.75

25.78

7 Sylvan Way

1987

145,983

100.0

2,928

0.56

20.06

5 Wood Hollow Road (e)

1979

317,040

100.0

4,430

0.85

14.49

 

 

 

 

 

 

 

PASSAIC COUNTY, NEW JERSEY

 

 

 

 

 

 

Clifton

 

 

 

 

 

 

777 Passaic Avenue

1983

75,000

100.0

1,494

0.29

19.92

Totowa

 

 

 

 

 

 

999 Riverview Drive

1988

56,066

75.5

827

0.16

19.54

Wayne

 

 

 

 

 

 

201 Willowbrook Boulevard (f)

1970

178,329

56.2

1,918

0.37

19.14

 

 

 

 

 

 

 

SOMERSET COUNTY, NEW JERSEY

 

 

 

 

 

 

Basking Ridge

 

 

 

 

 

 

222 Mt. Airy Road

1986

49,000

60.7

125

0.02

4.20

233 Mt. Airy Road

1987

66,000

100.0

1,315

0.25

19.92

Bernards

 

 

 

 

 

 

106 Allen Road

2000

132,010

89.3

2,489

0.48

21.11

Bridgewater

 

 

 

 

 

 

721 Route 202/206

1989

192,741

90.8

4,455

0.86

25.46

 

 

 

 

 

 

 

UNION COUNTY, NEW JERSEY

 

 

 

 

 

 

Clark

 

 

 

 

 

 

100 Walnut Avenue

1985

182,555

96.1

4,350

0.83

24.80

Cranford

 

 

 

 

 

 

6 Commerce Drive

1973

56,000

100.0

1,234

0.24

22.04

11 Commerce Drive (c)

1981

90,000

100.0

1,284

0.25

14.27

12 Commerce Drive

1967

72,260

93.7

913

0.18

13.48

14 Commerce Drive

1971

67,189

96.6

1,372

0.26

21.14

20 Commerce Drive

1990

176,600

87.9

3,501

0.67

22.55

25 Commerce Drive

1971

67,749

100.0

1,408

0.27

20.78

65 Jackson Drive

1984

82,778

100.0

1,906

0.37

23.03

New Providence

 

 

 

 

 

 

890 Mountain Avenue

1977

80,000

89.6

1,831

0.35

25.54

 

 

 

 

 

 

 

Total New Jersey Office

 

16,861,269

89.6

300,026

57.57

22.71

 

 

 

 

 

 

 

DUTCHESS COUNTY, NEW YORK

 

 

 

 

 

 

Fishkill

 

 

 

 

 

 

300 Westage Business Center Drive

1987

118,727

93.0

2,174

0.42

19.69

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

46

 


 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

NASSAU COUNTY, NEW YORK

 

 

 

 

 

 

North Hempstead

 

 

 

 

 

 

600 Community Drive (f)

1983

237,274

100.0

5,464

1.05

23.03

111 East Shore Road (f)

1980

55,575

100.0

1,705

0.33

30.68

 

 

 

 

 

 

 

ROCKLAND COUNTY, NEW YORK

 

 

 

 

 

 

Suffern

 

 

 

 

 

 

400 Rella Boulevard

1988

180,000

100.0

4,104

0.79

22.80

 

 

 

 

 

 

 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Elmsford

 

 

 

 

 

 

100 Clearbrook Road (c)

1975

60,000

99.5

1,122

0.22

18.79

101 Executive Boulevard

1971

50,000

56.0

702

0.13

25.07

555 Taxter Road

1986

170,554

93.9

2,980

0.57

18.61

565 Taxter Road

1988

170,554

90.1

3,633

0.70

23.64

570 Taxter Road

1972

75,000

97.5

1,781

0.34

24.36

Hawthorne

 

 

 

 

 

 

1 Skyline Drive

1980

20,400

99.0

392

0.08

19.41

2 Skyline Drive

1987

30,000

87.9

414

0.08

15.70

7 Skyline Drive

1987

109,000

100.0

2,256

0.43

20.70

17 Skyline Drive

1989

85,000

100.0

1,360

0.26

16.00

19 Skyline Drive

1982

248,400

100.0

4,471

0.86

18.00

Tarrytown

 

 

 

 

 

 

200 White Plains Road

1982

89,000

94.7

1,735

0.33

20.59

220 White Plains Road

1984

89,000

89.1

1,946

0.37

24.54

White Plains

 

 

 

 

 

 

1 Barker Avenue

1975

68,000

99.0

1,728

0.33

25.67

3 Barker Avenue

1983

65,300

100.0

1,706

0.33

26.13

50 Main Street

1985

309,000

99.9

9,215

1.76

29.85

11 Martine Avenue

1987

180,000

94.0

4,640

0.89

27.42

1 Water Street

1979

45,700

100.0

1,093

0.21

23.92

Yonkers

 

 

 

 

 

 

1 Executive Boulevard

1982

112,000

100.0

2,899

0.56

25.88

3 Executive Plaza

1987

58,000

100.0

1,466

0.28

25.28

 

 

 

 

 

 

 

Total New York Office

 

2,626,484

96.6

58,986

11.32

23.25

 

 

 

 

 

 

 

CHESTER COUNTY, PENNSYLVANIA

 

 

 

 

 

 

Berwyn

 

 

 

 

 

 

1000 Westlakes Drive

1989

60,696

93.0

1,593

0.31

28.22

1055 Westlakes Drive

1990

118,487

90.1

2,299

0.44

21.53

1205 Westlakes Drive

1988

130,265

93.3

3,157

0.61

25.98

1235 Westlakes Drive

1986

134,902

83.0

2,341

0.45

20.91

 

 

 

 

 

 

 

DELAWARE COUNTY, PENNSYLVANIA

 

 

 

 

 

Lester

 

 

 

 

 

 

100 Stevens Drive

1986

95,000

100.0

2,551

0.49

26.85

200 Stevens Drive

1987

208,000

100.0

5,598

1.07

26.91

300 Stevens Drive

1992

68,000

67.5

925

0.18

20.15

Media

 

 

 

 

 

 

1400 Providence Road – Center I

1986

100,000

83.2

2,115

0.41

25.42

1400 Providence Road – Center II

1990

160,000

96.4

3,334

0.64

21.62

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

47

 


 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

MONTGOMERY COUNTY, PENNSYLVANIA

 

 

 

 

 

Bala Cynwyd

 

 

 

 

 

 

150 Monument Road (e)

1981

125,783

62.5

555

0.11

28.01

Blue Bell

 

 

 

 

 

 

4 Sentry Parkway

1982

63,930

94.1

1,374

0.26

22.84

16 Sentry Parkway

1988

93,093

100.0

2,294

0.44

24.64

18 Sentry Parkway

1988

95,010

95.5

1,719

0.33

18.95

King of Prussia

 

 

 

 

 

 

2200 Renaissance Boulevard

1985

174,124

95.0

3,530

0.68

21.34

Lower Providence

 

 

 

 

 

 

1000 Madison Avenue

1990

100,700

32.2

670

0.13

20.66

Plymouth Meeting

 

 

 

 

 

 

1150 Plymouth Meeting Mall

1970

167,748

94.0

3,063

0.59

19.43

Five Sentry Parkway East

1984

91,600

100.0

1,953

0.37

21.32

Five Sentry Parkway West

1984

38,400

100.0

824

0.16

21.46

 

 

 

 

 

 

 

Total Pennsylvania Office

 

2,025,738

88.4

39,895

7.67

23.19

 

 

 

 

 

 

 

FAIRFIELD COUNTY, CONNECTICUT

 

 

 

 

 

Greenwich

 

 

 

 

 

 

500 West Putnam Avenue

1973

121,250

99.1

3,372

0.65

28.06

Norwalk

 

 

 

 

 

 

40 Richards Avenue

1985

145,487

73.9

2,518

0.48

23.42

Shelton

 

 

 

 

 

 

1000 Bridgeport Avenue

1986

133,000

79.8

1,933

0.37

18.21

Stamford

 

 

 

 

 

 

1266 East Main Street

1984

179,260

81.1

4,385

0.84

30.16

 

 

 

 

 

 

 

Total Connecticut Office

 

578,997

82.8

12,208

2.34

25.48

 

 

 

 

 

 

 

WASHINGTON, D.C.

 

 

 

 

 

 

1201 Connecticut Avenue, NW

1940

169,549

96.7

5,832

1.12

35.57

1400 L Street, NW

1987

159,000

89.2

5,877

1.13

41.44

 

 

 

 

 

 

 

Total District of Columbia Office

 

328,549

93.0

11,709

2.25

38.33

 

 

 

 

 

 

 

PRINCE GEORGE’S COUNTY, MARYLAND

 

 

 

 

 

Lanham

 

 

 

 

 

 

4200 Parliament Place

1989

122,000

100.0

3,022

0.58

24.77

 

 

 

 

 

 

 

Total Maryland Office

 

122,000

100.0

3,022

0.58

24.77

 

 

 

 

 

 

 

ARAPAHOE COUNTY, COLORADO

 

 

 

 

 

 

Denver

 

 

 

 

 

 

400 South Colorado Boulevard

1983

125,415

86.9

1,707

0.33

15.66

Englewood

 

 

 

 

 

 

9359 East Nichols Avenue

1997

72,610

100.0

658

0.13

9.06

5350 South Roslyn Street

1982

63,754

98.3

982

0.19

15.67

 

 

 

 

 

 

 

BOULDER COUNTY, COLORADO

 

 

 

 

 

 

Broomfield

 

 

 

 

 

 

105 South Technology Court

1997

37,574

67.0

189

0.04

7.51

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

48

 


 

 

 

Property Listing

 

Office Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

303 South Technology Court-A

1997

34,454

100.0

270

0.05

7.84

303 South Technology Court-B

1997

40,416

100.0

316

0.06

7.82

Louisville

 

 

 

 

 

 

248 Centennial Parkway

1996

39,266

100.0

300

0.06

7.64

1172 Century Drive

1996

49,566

68.3

379

0.07

11.20

285 Century Place

1997

69,145

100.0

761

0.15

11.01

 

 

 

 

 

 

 

DENVER COUNTY, COLORADO

 

 

 

 

 

 

Denver

 

 

 

 

 

 

3600 South Yosemite

1974

133,743

100.0

1,480

0.28

11.07

8181 East Tufts Avenue

2001

185,254

98.6

4,150

0.80

22.72

 

 

 

 

 

 

 

DOUGLAS COUNTY, COLORADO

 

 

 

 

 

 

Centennial

 

 

 

 

 

 

5975 South Quebec Street (c)

1996

102,877

93.6

1,301

0.25

13.51

Englewood

 

 

 

 

 

 

67 Inverness Drive East

1996

54,280

100.0

319

0.06

5.88

384 Inverness Parkway

1985

51,523

92.0

666

0.13

14.05

400 Inverness Parkway

1997

111,608

97.9

1,611

0.31

14.74

9777 Pyramid Court

1995

120,281

93.1

1,226

0.24

10.95

 

 

 

 

 

 

 

EL PASO COUNTY, COLORADO

 

 

 

 

 

 

Colorado Springs

 

 

 

 

 

 

8415 Explorer

1998

47,368

100.0

530

0.10

11.19

1975 Research Parkway

1997

115,250

94.3

1,037

0.20

9.54

2375 Telstar Drive

1998

47,369

100.0

531

0.10

11.21

 

 

 

 

 

 

 

JEFFERSON COUNTY, COLORADO

 

 

 

 

 

 

Lakewood

 

 

 

 

 

 

141 Union Boulevard

1985

63,600

97.7

1,073

0.21

17.27

 

 

 

 

 

 

 

Total Colorado Office

 

1,565,353

95.0

19,486

3.76

13.10

 

 

 

 

 

 

 

SAN FRANCISCO COUNTY, CALIFORNIA

 

 

 

 

 

San Francisco

 

 

 

 

 

 

795 Folsom Street

1977

183,445

85.3

5,633

1.08

36.00

760 Market Street

1908

267,446

75.8

7,849

1.51

38.72

 

 

 

 

 

 

 

Total California Office

 

450,891

79.7

13,482

2.59

37.53

 

 

 

 

 

 

 

TOTAL OFFICE PROPERTIES

 

24,559,281

90.3

458,814

88.08

$22.69

 

 

 

 

 

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

49

 


 

 

 

Property Listing

 

Office/Flex Properties

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

BURLINGTON COUNTY, NEW JERSEY

 

 

 

 

 

Burlington

 

 

 

 

 

 

3 Terri Lane

1991

64,500

82.5

451

0.09

8.48

5 Terri Lane

1992

74,555

100.0

587

0.11

7.87

Moorestown

 

 

 

 

 

 

2 Commerce Drive

1986

49,000

55.1

404

0.08

14.96

101 Commerce Drive

1988

64,700

100.0

264

0.05

4.08

102 Commerce Drive

1987

38,400

100.0

165

0.03

4.30

201 Commerce Drive

1986

38,400

50.0

228

0.04

11.88

202 Commerce Drive

1988

51,200

100.0

238

0.05

4.65

1 Executive Drive

1989

20,570

81.1

100

0.02

5.99

2 Executive Drive

1988

60,800

67.9

359

0.07

8.70

101 Executive Drive

1990

29,355

75.2

260

0.05

11.78

102 Executive Drive

1990

64,000

100.0

401

0.08

6.27

225 Executive Drive

1990

50,600

100.0

365

0.07

7.21

97 Foster Road

1982

43,200

100.0

199

0.04

4.61

1507 Lancer Drive

1995

32,700

100.0

155

0.03

4.74

1510 Lancer Drive

1998

88,000

100.0

327

0.06

3.72

1245 North Church Street

1998

52,810

100.0

396

0.08

7.50

1247 North Church Street

1998

52,790

60.8

376

0.07

11.71

1256 North Church Street

1984

63,495

100.0

382

0.07

6.02

840 North Lenola Road

1995

38,300

100.0

246

0.05

6.42

844 North Lenola Road

1995

28,670

74.9

130

0.02

6.05

915 North Lenola Road

1998

52,488

100.0

284

0.05

5.41

2 Twosome Drive

2000

48,600

100.0

391

0.08

8.05

30 Twosome Drive

1997

39,675

100.0

223

0.04

5.62

31 Twosome Drive

1998

84,200

100.0

469

0.09

5.57

40 Twosome Drive

1996

40,265

86.1

285

0.05

8.22

41 Twosome Drive

1998

43,050

77.7

235

0.05

7.03

50 Twosome Drive

1997

34,075

100.0

277

0.05

8.13

 

 

 

 

 

 

 

GLOUCESTER COUNTY, NEW JERSEY

 

 

 

 

 

 

West Deptford

 

 

 

 

 

 

1451 Metropolitan Drive

1996

21,600

100.0

148

0.03

6.85

 

 

 

 

 

 

 

MERCER COUNTY, NEW JERSEY

 

 

 

 

 

 

Hamilton Township

 

 

 

 

 

 

100 Horizon Drive

1989

13,275

100.0

155

0.03

11.68

200 Horizon Drive

1991

45,770

100.0

592

0.11

12.93

300 Horizon Drive

1989

69,780

100.0

1,135

0.22

16.27

500 Horizon Drive

1990

41,205

100.0

608

0.12

14.76

 

 

 

 

 

 

 

MONMOUTH COUNTY, NEW JERSEY

 

 

 

 

 

 

Wall Township

 

 

 

 

 

 

1325 Campus Parkway

1988

35,000

100.0

453

0.09

12.94

1340 Campus Parkway

1992

72,502

94.9

796

0.15

11.57

1345 Campus Parkway

1995

76,300

95.1

709

0.14

9.77

1433 Highway 34

1985

69,020

75.7

629

0.12

12.04

1320 Wyckoff Avenue

1986

20,336

100.0

178

0.03

8.75

1324 Wyckoff Avenue

1987

21,168

100.0

212

0.04

10.02

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

50

 


 

 

 

Property Listing

 

Office/Flex Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

PASSAIC COUNTY, NEW JERSEY

 

 

 

 

 

Totowa

 

 

 

 

 

 

1 Center Court

1999

38,961

100.0

534

0.10

13.71

2 Center Court

1998

30,600

85.3

305

0.06

11.69

11 Commerce Way

1989

47,025

100.0

544

0.10

11.57

20 Commerce Way

1992

42,540

100.0

522

0.10

12.27

29 Commerce Way

1990

48,930

79.6

591

0.11

15.17

40 Commerce Way

1987

50,576

100.0

686

0.13

13.56

45 Commerce Way

1992

51,207

64.5

226

0.04

6.84

60 Commerce Way

1988

50,333

100.0

573

0.11

11.38

80 Commerce Way

1996

22,500

88.7

304

0.06

15.23

100 Commerce Way

1996

24,600

100.0

332

0.06

13.50

120 Commerce Way

1994

9,024

100.0

102

0.02

11.30

140 Commerce Way

1994

26,881

88.8

303

0.06

12.69

 

 

 

 

 

 

 

Total New Jersey Office/Flex

 

2,277,531

91.7

18,834

3.60

9.02

 

 

 

 

 

 

 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Elmsford

 

 

 

 

 

 

11 Clearbrook Road

1974

31,800

100.0

438

0.08

13.77

75 Clearbrook Road

1990

32,720

100.0

816

0.16

24.94

125 Clearbrook Road

2002

33,000

100.0

712

0.14

21.58

150 Clearbrook Road

1975

74,900

84.9

846

0.16

13.30

175 Clearbrook Road

1973

98,900

98.6

1,549

0.30

15.88

200 Clearbrook Road

1974

94,000

99.8

1,237

0.24

13.19

250 Clearbrook Road

1973

155,000

97.3

1,348

0.26

8.94

50 Executive Boulevard

1969

45,200

85.6

378

0.07

9.77

77 Executive Boulevard

1977

13,000

100.0

220

0.04

16.92

85 Executive Boulevard

1968

31,000

86.2

379

0.07

14.18

300 Executive Boulevard

1970

60,000

100.0

581

0.11

9.68

350 Executive Boulevard

1970

15,400

98.8

296

0.06

19.45

399 Executive Boulevard

1962

80,000

100.0

1,024

0.20

12.80

400 Executive Boulevard

1970

42,200

100.0

736

0.14

17.44

500 Executive Boulevard

1970

41,600

100.0

686

0.13

16.49

525 Executive Boulevard

1972

61,700

83.6

810

0.16

15.70

1 Westchester Plaza

1967

25,000

100.0

324

0.06

12.96

2 Westchester Plaza

1968

25,000

100.0

449

0.09

17.96

3 Westchester Plaza

1969

93,500

100.0

1,423

0.27

15.22

4 Westchester Plaza

1969

44,700

99.8

589

0.11

13.20

5 Westchester Plaza

1969

20,000

100.0

303

0.06

15.15

6 Westchester Plaza

1968

20,000

100.0

332

0.06

16.60

7 Westchester Plaza

1972

46,200

100.0

741

0.14

16.04

8 Westchester Plaza

1971

67,200

100.0

966

0.19

14.38

Hawthorne

 

 

 

 

 

 

200 Saw Mill River Road

1965

51,100

100.0

654

0.13

12.80

4 Skyline Drive

1987

80,600

100.0

1,514

0.29

18.78

5 Skyline Drive

1980

124,022

91.7

1,537

0.29

13.51

6 Skyline Drive

1980

44,155

100.0

718

0.14

16.26

8 Skyline Drive

1985

50,000

98.7

758

0.15

15.36

10 Skyline Drive

1985

20,000

84.4

200

0.04

11.85

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

51

 


 

 

 

Property Listing

 

Office/Flex Properties

(continued)

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

11 Skyline Drive

1989

45,000

100.0

807

0.15

17.93

12 Skyline Drive

1999

46,850

70.1

685

0.13

20.86

15 Skyline Drive

1989

55,000

100.0

1,188

0.23

21.60

Yonkers

 

 

 

 

 

 

100 Corporate Boulevard

1987

78,000

98.2

1,456

0.28

19.01

200 Corporate Boulevard South

1990

84,000

92.5

1,324

0.25

17.04

4 Executive Plaza

1986

80,000

89.8

1,196

0.23

16.65

6 Executive Plaza

1987

80,000

83.7

1,220

0.23

18.22

1 Odell Plaza

1980

106,000

99.9

1,460

0.28

13.79

3 Odell Plaza

1984

71,065

100.0

1,457

0.28

20.50

5 Odell Plaza

1983

38,400

99.6

647

0.12

16.92

7 Odell Plaza

1984

42,600

99.6

632

0.12

14.90

 

 

 

 

 

 

 

Total New York Office/Flex

 

2,348,812

95.9

34,636

6.64

15.37

 

 

 

 

 

 

 

FAIRFIELD COUNTY, CONNECTICUT

 

 

 

 

 

Stamford

 

 

 

 

 

 

419 West Avenue

1986

88,000

100.0

1,152

0.22

13.09

500 West Avenue

1988

25,000

100.0

456

0.09

18.24

550 West Avenue

1990

54,000

100.0

884

0.17

16.37

600 West Avenue

1999

66,000

100.0

850

0.16

12.88

650 West Avenue

1998

40,000

100.0

555

0.11

13.88

 

 

 

 

 

 

 

Total Connecticut Office/Flex

 

273,000

100.0

3,897

0.75

14.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL OFFICE/FLEX PROPERTIES

 

4,899,343

94.2

57,367

10.99

12.43

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

52

 


 

 

 

Property Listing

 

Industrial/Warehouse, Retail and Land Properties

 

Property

Location

Year

Built

Net

Rentable

Area

(Sq. Ft.)

Percentage

Leased

as of

3/31/05

(%) (a)

2005

Base

Rent

($000’s)

(b) (c)

Percentage

of Total 2005

Base Rent (%)

2005

Average

Base Rent

Per Sq. Ft.

($) (c) (d)

 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Elmsford

 

 

 

 

 

 

1 Warehouse Lane

1957

6,600

100.0

80

0.02

12.12

2 Warehouse Lane

1957

10,900

100.0

121

0.02

11.10

3 Warehouse Lane

1957

77,200

100.0

325

0.06

4.21

4 Warehouse Lane

1957

195,500

96.7

2,192

0.42

11.59

5 Warehouse Lane

1957

75,100

97.1

984

0.19

13.49

6 Warehouse Lane

1982

22,100

100.0

513

0.10

23.21

 

 

 

 

 

 

 

Total Industrial/Warehouse Properties

 

387,400

97.8

4,215

0.81

11.13

 

 

 

 

 

 

 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Tarrytown

 

 

 

 

 

 

230 White Plains Road

1984

9,300

100.0

195

0.04

20.97

Yonkers

 

 

 

 

 

 

2 Executive Boulevard

1986

8,000

100.0

159

0.03

19.88

 

 

 

 

 

 

 

Total Retail Properties

 

17,300

100.0

354

0.07

20.46

 

 

 

 

 

 

 

WESTCHESTER COUNTY, NEW YORK

 

 

 

 

 

Elmsford

 

 

 

 

 

 

700 Executive Boulevard

--

--

--

114

0.02

--

Yonkers

 

 

 

 

 

 

1 Enterprise Boulevard

--

--

--

143

0.03

--

 

 

 

 

 

 

 

Total Land Leases

 

--

--

257

0.05

--

 

 

 

 

 

 

 

 

TOTAL PROPERTIES

 

29,863,324

91.1

521,007 (g)

100.00

20.80

 

(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 March 31, 2005 aggregating 117,183 square feet (representing 0.4 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 March 31, 2005, 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 March 31, 2005, divided by net rentable square feet leased at March 31, 2005. For those properties acquired during the 12 months ended March 31, 2005, amounts are annualized, as per Note e.

(e)

As this property was acquired by the Company during the 12 months ended March 31, 2005, the amounts represented in 2005 base rent reflect only that portion of the year during which the Company owned the property. Accordingly, these amounts may not be indicative of the property’s full year results. For comparison purposes, the amounts represented in 2005 average base rent per sq. ft. for this property have been calculated by taking 2005 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at March 31, 2005. These annualized per square foot amounts may not be indicative of the property’s results had the Company owned such property for the entirety of the 12 months ended March 31, 2005.

(f)

This property was identified as held for sale by the Company as of March 31, 2005 and is classified as discontinued operations in the 2005 financial statements.

(g)

Includes $9,087 pertaining to properties identified as held for sale, which are classified as discontinued operations in the 2005 financial statements.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

53

 


 

Significant Tenants

 

The following table sets forth a schedule of the Company’s 50 largest tenants for the Consolidated Properties as of March 31, 2005, 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

AT&T Corp.

4

11,817,212

2.2

787,067

2.9

2014

(b)

Merrill Lynch

1

10,040,787

1.9

590,174

2.2

2012

(c)

AT&T Wireless Services

2

9,609,610

1.7

383,805

1.4

2007

 

Morgan Stanley D.W., Inc.

5

8,909,110

1.6

376,772

1.4

2013

(d)

Credit Suisse First Boston

1

8,863,783

1.6

271,953

1.0

2012

(e)

Prentice-Hall, Inc.

1

7,694,097

1.4

474,801

1.8

2014

 

Keystone Mercy Health Plan

2

7,684,827

1.4

303,149

1.1

2015

 

Forest Laboratories Inc.

2

6,961,107

1.2

202,857

0.8

2017

(f)

IBM Corporation

3

6,253,218

1.1

351,358

1.3

2010

(g)

Toys ‘R’ Us – NJ, Inc.

1

6,072,651

1.1

242,518

0.9

2012

 

Allstate Insurance Company

10

6,047,046

1.1

264,550

1.0

2010

(h)

Nabisco Inc.

3

5,832,607

1.0

332,246

1.2

2006

(i)

American Institute of

Certified Public Accountants

 

1

 

5,817,181

 

1.0

 

249,768

 

0.9

 

2012

 

TD Waterhouse Investor Services, Inc.

1

5,508,238

1.0

184,222

0.7

2015

 

Garban LLC

1

5,239,829

0.9

148,025

0.6

2017

 

CMP Media Inc.

1

5,232,527

0.9

237,274

0.9

2014

 

Lucent Technologies, Inc.

2

4,835,006

0.9

335,342

1.3

2006

(j)

KPMG, LLP

3

4,714,583

0.8

181,025

0.7

2012

(k)

Winston & Strawn

1

4,654,011

0.8

111,094

0.4

2005

 

National Union Fire Insurance

1

4,472,129

0.8

208,006

0.8

2012

 

National Financial Services

1

4,346,765

0.8

112,964

0.4

2012

 

Citigroup Global Markets, Inc.

6

4,320,928

0.8

168,430

0.6

2016

(l)

Bank of Tokyo-Mitsubishi Ltd.

1

4,228,795

0.8

137,076

0.5

2009

 

Move.Com Operations Inc.

1

4,176,348

0.7

94,917

0.4

2006

 

Regus Business Centre Corp.

3

3,886,344

0.7

107,608

0.4

2011

 

Vonage USA, Inc.

1

3,830,750

0.7

350,000

1.3

2017

 

Cendant Operations Inc.

1

3,773,775

0.7

150,951

0.6

2008

 

SSB Realty, LLC

1

3,321,051

0.6

114,519

0.4

2009

 

URS Greiner Woodward-Clyde

1

3,252,691

0.6

120,550

0.4

2011

 

Dow Jones & Company Inc.

3

3,154,664

0.6

96,873

0.4

2012

(m)

Montefiore Medical Center

4

3,103,600

0.6

144,457

0.5

2019

(n)

Lehman Brothers Holdings, Inc.

1

3,057,675

0.5

207,300

0.8

2010

 

SunAmerica Asset Management

1

2,680,409

0.5

69,621

0.3

2018

 

United States Life Insurance Co.

1

2,520,000

0.5

180,000

0.7

2013

 

Sankyo Pharma Inc.

1

2,480,122

0.4

78,280

0.3

2012

 

Barr Laboratories Inc.

2

2,450,087

0.4

109,510

0.4

2015

(o)

BT Harborside

1

2,340,000

0.4

90,000

0.3

2006

 

Lonza Inc.

1

2,236,200

0.4

89,448

0.3

2007

 

Deloitte & Touche USA LLP

1

2,204,250

0.4

88,170

0.3

2007

 

Merck & Company Inc.

2

2,159,465

0.4

97,396

0.4

2006

 

Computer Sciences Corporation

3

2,149,888

0.4

109,825

0.4

2007

(p)

Mellon HR Solutions LLC

1

2,098,380

0.4

69,946

0.3

2006

 

Xerox Corporation

5

2,087,489

0.4

88,789

0.3

2010

(q)

High Point Safety & Insurance

1

2,073,570

0.4

88,237

0.3

2015

 

Nextel of New York Inc.

2

2,023,440

0.4

97,436

0.4

2014

(r)

GAB Robins North America, Inc.

1

1,932,512

0.3

75,049

0.3

2008

 

Prudential Insurance Company

1

1,914,716

0.3

75,174

0.3

2012

 

Movado Group Inc.

1

1,902,415

0.3

80,417

0.3

2013

 

URS Corporation

3

1,870,621

0.3

92,518

0.3

2011

(s)

Bearingpoint Inc.

1

1,831,966

0.3

77,956

0.3

2011

 

 

 

 

 

 

 

 

 

 

Totals

 

219,668,475

39.4

9,699,423

36.2

 

 

See footnotes on subsequent page.

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

54

 


 

Significant Tenants

 

(Continued)

 

(a)

Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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)

475,100 square feet expire in 2005; 4,786 square feet expire in 2007; 32,181 square feet expire in 2009; 275,000 square feet expire in 2014.

 

(c)

411,663 square feet expire in 2007; 178,511 square feet expire in 2012.

 

(d)

18,539 square feet expire in 2005; 19,500 square feet expire in 2008; 7,000 square feet expire in 2009; 25,563 square feet expire in 2010; 306,170 square feet expire in 2013.

(e)

190,000 square feet expire in 2011; 81,953 square feet expire in 2012.

 

(f)

22,785 square feet expire in 2010; 180,072 square feet expire in 2017.

 

(g)

85,000 square feet expire in 2005; 248,399 square feet expire in 2007; 17,959 square feet expire in 2010.

 

(h)

22,444 square feet expire in 2006; 93,541 square feet expire in 2007; 59,562 square feet expire in 2008; 22,185 square feet expire in 2009; 66,818 square feet expire in 2010.

(i)

300,378 square feet expire in 2005; 31,868 square feet expire in 2006.

 

(j)

317,040 square feet expire in 2005; 18,302 square feet expire in 2006.

 

(k)

57,204 square feet expire in 2007; 46,440 square feet expire in 2009; 77,381 square feet expire in 2012.

 

(l)

35,955 square feet expire in 2005; 19,668 square feet expire in 2007; 59,711 square feet expire in 2009; 26,834 square feet expire in 2014; 26,262 square feet expire in 2016.

 

(m)

4,561 square feet expire in 2006; 92,312 square feet expire in 2012.

 

(n)

19,000 square feet expire in 2007; 48,542 square feet expire in 2009; 5,850 square feet expire in 2014; 71,065 square feet expire in 2019.

 

(o)

20,000 square feet expire in 2007; 89,510 square feet expire in 2015.

 

(p)

82,850 square feet expire in 2006; 26,975 square feet expire in 2007.

 

(q)

5,000 square feet expire in 2005; 2,875 square feet expire in 2007; 1,500 square feet expire in 2008; 79,414 square feet expire in 2010.

 

(r)

62,436 square feet expire in 2010; 35,000 square feet expire in 2014.

 

(s)

1,456 square feet expire in 2005; 20,187 square feet expire in 2008; 70,875 square feet expire in 2011.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

55

 


 

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 April 1, 2005, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2005 through 2007 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

Rent Per Net

Rentable

Square Foot

Represented

By Expiring

Leases ($)

Percentage Of

Annual Base

Rent Under

Expiring

Leases (%)

2005 (c)

 

 

 

 

 

 

NORTHEAST

 

Northern NJ

63

1,024,846

3.8

19,016,828

18.56

3.5

Central NJ

23

138,377

0.5

2,859,811

20.67

0.5

Westchester Co., NY

51

202,038

0.7

3,932,483

19.46

0.7

Sub. Philadelphia

33

321,008

1.2

4,529,412

14.11

0.8

Fairfield, CT

10

70,567

0.3

1,730,517

24.52

0.3

Washington, DC/MD

8

185,717

0.7

6,903,569

37.17

1.2

Dutchess/Nassau/Rockland Co., NY

8

27,324

0.1

604,314

22.12

0.1

OTHER

 

 

 

 

 

 

Colorado

10

155,442

0.6

1,645,236

10.58

0.3

San Francisco

65

19,436

0.1

543,398

27.96

0.1

 

TOTAL – 2005

271

2,144,755

8.0

41,765,568

19.47

7.5

 

 

 

 

 

 

 

2006

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

100

925,346

3.5

19,453,676

21.02

3.5

Central NJ

48

377,999

1.4

8,475,377

22.42

1.5

Westchester Co., NY

117

499,589

1.8

10,347,933

20.71

1.8

Sub. Philadelphia

59

551,994

2.1

9,935,286

18.00

1.8

Fairfield, CT

19

61,358

0.2

1,557,741

25.39

0.3

Washington, DC/MD

2

6,288

(d)

183,598

29.20

(d)

Dutchess/Nassau/Rockland Co., NY

7

18,975

0.1

520,154

27.41

0.1

OTHER

 

 

 

 

 

 

Colorado

20

127,412

0.5

1,709,959

13.42

0.3

San Francisco

51

139,157

0.5

5,518,050

39.65

1.0

 

TOTAL – 2006

423

2,708,118

10.1

57,701,774

21.31

10.3

 

 

 

 

 

 

 

2007

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

82

1,602,978

6.0

36,665,080

22.87

6.5

Central NJ

37

221,122

0.8

5,407,100

24.45

1.0

Westchester Co., NY

102

557,758

2.0

9,936,214

17.81

1.8

Sub. Philadelphia

43

317,847

1.2

5,683,104

17.88

1.0

Fairfield, CT

22

136,292

0.5

3,234,303

23.73

0.6

Washington, DC/MD

4

22,380

0.1

543,402

24.28

0.1

Dutchess/Nassau/Rockland Co., NY

10

39,932

0.2

1,004,831

25.16

0.2

OTHER

 

 

 

 

 

 

Colorado

25

162,864

0.6

1,993,580

12.24

0.3

San Francisco

30

16,430

0.1

495,249

30.14

0.1

 

TOTAL – 2007

355

3,077,603

11.5

64,962,863

21.11

11.6

 

 

 

 

 

 

 

 

Schedule continued, with footnotes, on subsequent page.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

56

 


 

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

Rent Per Net

Rentable

Square Foot

Represented

By Expiring

Leases ($)

Percentage Of

Annual Base

Rent Under

Expiring

Leases (%)

2008

371

3,191,993

11.9

58,614,750

18.36

10.5

 

 

 

 

 

 

 

2009

327

2,343,986

8.7

51,056,164

21.78

9.2

 

 

 

 

 

 

 

2010

285

2,583,665

9.6

48,995,844

18.96

8.8

 

 

 

 

 

 

 

2011

156

2,390,523

8.9

56,252,976

23.53

10.1

 

 

 

 

 

 

 

2012

105

1,966,506

7.3

44,928,506

22.85

8.1

 

 

 

 

 

 

 

2013

80

1,631,858

6.1

35,776,545

21.92

6.4

 

 

 

 

 

 

 

2014

36

927,377

3.5

19,395,448

20.91

3.5

 

 

 

 

 

 

 

2015

58

2,319,828

8.7

46,319,586

19.97

8.3

 

 

 

 

 

 

 

2016 and thereafter

37

1,527,765

5.7

31,756,123

20.79

5.7

Totals/Weighted

 

 

 

 

 

 

Average

2,504

26,813,977(e)

100.0

557,526,147

20.79

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.

(b)

Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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 leases expiring March 31, 2005 aggregating 117,183 square feet and representing annualized rent of $2,028,129 for which no new leases were signed.

 

(d)

Represents less than 0.05 percent.

 

(e)

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

 

 

 

 

Square Feet

Square footage leased to commercial tenants

26,813,977

 

Square footage used for corporate offices, management offices,

building use, retail tenants, food services, other ancillary

 

service tenants and occupancy adjustments

401,712

 

 

Square footage unleased

2,647,635

 

        Total net rentable square footage (does not include land leases)

  29,863,324

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

57

 


 

 

Schedule of Lease Expirations

 

Office Properties

 

The following table sets forth a schedule of lease expirations for the office properties beginning April 1, 2005, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2005 through 2007 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

Rent Per Net

Rentable

Square Foot

Represented

By Expiring

Leases ($)

Percentage Of

Annual Base

Rent Under

Expiring

Leases (%)

2005 (c)

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

58

993,246

4.6

18,625,345

18.75

3.8

Central NJ

19

96,494

0.4

2,346,609

24.32

0.5

Westchester Co., NY

29

75,843

0.3

2,063,346

27.21

0.4

Sub. Philadelphia

17

158,648

0.7

3,316,474

20.90

0.7

Fairfield, CT

10

70,567

0.3

1,730,517

24.52

0.3

Washington, DC/MD

8

185,717

0.9

6,903,569

37.17

1.4

Dutchess/Nassau/Rockland Co., NY

8

27,324

0.1

604,314

22.12

0.1

OTHER

 

 

 

 

 

 

Colorado

10

155,442

0.7

1,645,236

10.58

0.3

San Francisco

65

19,436

0.1

543,398

27.96

0.1

 

TOTAL – 2005

224

1,782,717

8.1

37,778,808

21.19

7.6

 

 

 

 

 

 

 

2006

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

94

866,176

4.1

18,647,588

21.53

3.9

Central NJ

42

331,267

1.5

7,862,763

23.74

1.6

Westchester Co., NY

71

263,195

1.2

6,063,273

23.04

1.2

Sub. Philadelphia

45

356,021

1.6

8,477,134

23.81

1.7

Fairfield, CT

17

49,658

0.2

1,323,741

26.66

0.3

Washington, DC/MD

2

6,288

(d)

183,598

29.20

(d)

Dutchess/Nassau/Rockland Co., NY

7

18,975

0.1

520,154

27.41

0.1

OTHER

 

 

 

 

 

 

Colorado

20

127,412

0.6

1,709,959

13.42

0.3

San Francisco

51

139,157

0.6

5,518,050

39.65

1.1

 

TOTAL – 2006

349

2,158,149

9.9

50,306,260

23.31

10.2

 

 

 

 

 

 

 

2007

 

 

 

 

 

 

NORTHEAST

 

 

 

 

 

 

Northern NJ

75

1,538,213

7.1

35,765,401

23.25

7.2

Central NJ

34

208,452

0.9

5,249,539

25.18

1.1

Westchester Co., NY

58

147,723

0.7

4,175,751

28.27

0.8

Sub. Philadelphia

28

206,068

0.9

4,870,086

23.63

1.0

Fairfield, CT

21

118,529

0.5

2,910,128

24.55

0.6

Washington, DC/MD

4

22,380

0.1

543,402

24.28

0.1

Dutchess/Nassau/Rockland Co., NY

10

39,932

0.2

1,004,831

25.16

0.2

OTHER

 

 

 

 

 

 

Colorado

25

162,864

0.8

1,993,580

12.24

0.4

San Francisco

30

16,430

0.1

495,249

30.14

0.1

 

TOTAL – 2007

285

2,460,591

11.3

57,007,967

23.17

11.5

 

 

 

 

 

 

 

 

Schedule continued, with footnotes, on subsequent page.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

58

 


 

 

Schedule of Lease Expirations

 

Office 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

Rent Per Net

Rentable

Square Foot

Represented

By Expiring

Leases ($)

 

 

Percentage Of

Annual Base

Rent Under

Expiring

Leases (%)

2008

285

2,292,753

10.5

49,523,092

21.60

10.0

 

 

 

 

 

 

 

2009

269

1,808,499

8.3

44,031,271

24.35

8.9

 

 

 

 

 

 

 

2010

220

1,802,634

8.2

38,743,976

21.49

7.8

 

 

 

 

 

 

 

2011

131

2,104,691

9.7

52,352,631

24.87

10.5

 

 

 

 

 

 

 

2012

82

1,724,099

7.9

41,431,580

24.03

8.4

 

 

 

 

 

 

 

2013

63

1,443,467

6.6

33,310,727

23.08

6.7

 

 

 

 

 

 

 

2014

30

850,872

3.9

18,167,575

21.35

3.7

 

 

 

 

 

 

 

2015

46

2,150,277

9.9

44,313,507

20.61

9.0

 

 

 

 

 

 

 

2016 and thereafter

29

1,231,483

5.7

28,222,839

22.92

5.7

Totals/Weighted

 

 

 

 

 

 

Average

2,013

21,810,232

100.0

495,190,233

22.70

100.0

 

(a)

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

 

(b)

Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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 leases expiring March 31, 2005 aggregating 77,883 square feet and representing annualized rent of $1,811,754 for which no new leases were signed.

 

(d)

Represents less than 0.05 percent.

 

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

59

 


 

 

Schedule of Lease Expirations

 

Office/Flex Properties

 

The following table sets forth a schedule of lease expirations for the office/flex properties beginning April 1, 2005, assuming that none of the tenants exercise renewal or termination options (with a breakdown by market for 2005 through 2007 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

Rent Per Net

Rentable

Square Foot

Represented

By Expiring

Leases ($)

Percentage Of

Annual Base

Rent Under

Expiring

Leases (%)

2005 (c)

 

 

 

 

 

 

Northern NJ

5

31,600

0.8

391,483

12.39

0.7

Central NJ

4

41,883

0.9

513,202

12.25

0.9

Westchester Co., NY

22

126,195

2.7

1,869,137

14.81

3.2

Sub. Philadelphia

16

162,360

3.5

1,212,938

7.47

2.1

Fairfield, CT

-

-

-

-

-

-

 

TOTAL – 2005

47

362,038

7.9

3,986,760

11.01

6.9

 

 

 

 

 

 

 

2006

 

 

 

 

 

 

Northern NJ

6

59,170

1.2

806,088

13.62

1.3

Central NJ

6

46,732

1.0

612,614

13.11

1.1

Westchester Co., NY

46

236,394

5.1

4,284,660

18.13

7.4

Sub. Philadelphia

14

195,973

4.3

1,458,152

7.44

2.5

Fairfield, CT

2

11,700

0.3

234,000

20.00

0.4

 

TOTAL – 2006

74

549,969

11.9

7,395,514

13.45

12.7

 

 

 

 

 

 

 

2007

 

 

 

 

 

 

Northern NJ

7

64,765

1.4

899,679

13.89

1.5

Central NJ

3

12,670

0.3

157,561

12.44

0.3

Westchester Co., NY

41

397,385

8.6

5,541,508

13.94

9.5

Sub. Philadelphia

15

111,779

2.4

813,018

7.27

1.4

Fairfield, CT

1

17,763

0.4

324,175

18.25

0.6

 

TOTAL – 2007

67

604,362

13.1

7,735,941

12.80

13.3

 

 

 

 

 

 

 

2008

83

807,871

17.5

8,620,281

10.67

14.9

 

 

 

 

 

 

 

2009

52

477,204

10.4

6,041,832

12.66

10.4

 

 

 

 

 

 

 

2010

64

753,031

16.3

9,957,868

13.22

17.2

 

 

 

 

 

 

 

2011

24

278,232

6.0

3,809,145

13.69

6.6

 

 

 

 

 

 

 

2012

23

242,407

5.3

3,496,926

14.43

6.0

 

 

 

 

 

 

 

2013

10

133,155

2.9

1,789,726

13.44

3.1

 

 

 

 

 

 

 

2014

6

76,505

1.7

1,227,873

16.05

2.1

 

 

 

 

 

 

 

2015

12

169,551

3.7

2,006,079

11.83

3.5

 

 

 

 

 

 

 

2016 and thereafter

5

153,200

3.3

1,909,923

12.47

3.3

Totals/Weighted

 

 

 

 

 

 

Average

467

4,607,525

100.0

57,977,868

12.58

100.0

 

(a)

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

 

(b)

Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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 leases expiring March 31, 2005 aggregating 39,300 square feet and representing annualized rent of $216,375 for which no new leases were signed.

 

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

60

 


 

 

Schedule of Lease Expirations

 

Industrial/Warehouse Properties

 

The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning April 1, 2005, 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

Rent Per Net

Rentable

Square Foot

Represented

By Expiring

Leases ($)

Percentage Of

Annual Base

Rent Under

Expiring

Leases (%)

2007

3

12,650

3.3

218,955

17.31

5.5

 

 

 

 

 

 

 

2008

3

91,369

24.1

471,377

5.16

11.9

 

 

 

 

 

 

 

2009

5

48,983

12.9

788,061

16.09

19.9

 

 

 

 

 

 

 

2010

1

28,000

7.4

294,000

10.50

7.4

 

 

 

 

 

 

 

2011

1

7,600

2.0

91,200

12.00

2.3

 

 

 

 

 

 

 

2013

7

55,236

14.6

676,092

12.24

17.1

 

 

 

 

 

 

 

2016 and thereafter

2

135,082

35.7

1,418,361

10.50

35.9

Totals/Weighted

 

 

 

 

 

 

Average

22

378,920

100.0

3,958,046

10.45

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 March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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 April 1, 2005, 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

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

48.8

 

 

 

 

 

 

 

2016 and thereafter

1

8,000

46.2

205,000

25.62

51.2

Totals/Weighted

 

 

 

 

Average

2

17,300

100.0

400,000

23.12

100.0

 

(a)

Includes stand-alone retail property tenants only.

 

(b)

Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 1, 2005, 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.

 

 

 

Mack-Cali Realty Corporation

Supplemental Operating and Financial Data for the Quarter Ended March 31, 2005

 

61

 

 

 

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M%,4$1FUN*4A@8QU`3@<.`[AP&!6U[!&-R%Q+9]J#)8"]X\$$[V, MDQKCM5=MRURVULVL(^*65'B#D<`.52IVTP';7\&*BH3#W0D-(ZH2`7!(&!PKF.:.LCPF(=C..,S5J<<94^OHPM7RE)3G"5$\6A25`$?*!R.3FLK]CMLB1!?"(P M!(2V#CYHX'Y*<9Y$`U\RK'"ER'7UAU"WT!M_HG5(#J1G`5@\>9X\\''*LLJU M09D)J$]'28[*VUMMI)2$E!"D8QV`@ EX-99.2 4 ex992.htm

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

NEWS RELEASE

For Immediate Release

Contact: Barry Lefkowitz

Virginia Sobol

 

 

Executive Vice President

Vice President, Marketing and

 

and Chief Financial Officer

Public Relations

 

 

(908) 272-8000

(908) 272-8000

 

MACK-CALI REALTY CORPORATION
ANNOUNCES FIRST QUARTER RESULTS

CRANFORD, NEW JERSEY – May 5, 2005 – Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the first quarter 2005.

Highlights of the quarter included:

-     Reported net income per diluted share of $0.36;

-     Reported FFO per diluted share of $0.89;

-     Completed the acquisition of 101 Hudson Street, a 1.2 million square foot office building in Jersey City, New Jersey, for $329 million;

-     Acquired a 350,000 square-foot class A office building in Holmdel, New Jersey for $23.75 million, and simultaneously leased the building;

-     Acquired remaining interests in One River Centre for $10.5 million;

-     Sold three office properties in separate transactions for $20.4 million (including its remaining assets in Texas and Nebraska); and

-     Declared $0.63 per share quarterly common stock dividend.

FINANCIAL HIGHLIGHTS

Net income available to common shareholders for the first quarter 2005 equaled $22.4 million, or $0.36 per share, versus $26.3 million, or $0.44 per share, for the same quarter last year.

Funds from operations (FFO) available to common shareholders for the quarter ended March 31, 2005 amounted to $67.1 million, or $0.89 per share, versus $64.9 million, or $0.87 per share, for the quarter ended March 31, 2004.

Total revenues for the first quarter 2005 increased 9.8 percent to $153.4 million as compared to $139.7 million for the same quarter last year.

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

The Company had 61,514,061 shares of common stock, 10,000 shares of 8 percent cumulative redeemable perpetual preferred stock ($25,000 liquidation value per share), 7,657,428 common operating partnership units and 215,018 of $1,000-face-value preferred operating partnership units outstanding as of March 31, 2005.

The outstanding preferred units are convertible into 6,205,425 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 75,376,914 shares/common units outstanding at March 31, 2005.

As of March 31, 2005, the Company had total indebtedness of approximately $2.0 billion, with a weighted average annual interest rate of 5.98 percent. The Company had a total market capitalization of $5.3 billion and a debt-to-undepreciated assets ratio of 42.5 percent at March 31, 2005. The Company had an interest coverage ratio of 3.4 times for the quarter ended March 31, 2005.

Mitchell E. Hersh, president and chief executive officer, commented, “In the first quarter, we continued to execute our strategic plan of increasing our Northeast holdings and disposing of assets in non-core markets. We acquired 1.6 million square feet of properties in New Jersey, and completed our exit of the Texas markets. We’re pleased with our results and remain well-positioned to capitalize on the recovering economy.”

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

ACQUISITIONS

In March, the Company announced several acquisitions, as follows:

-    The Company completed the acquisition of all the interests in 101 Hudson Street, a 1.2 million square-foot class A office tower on the Jersey City waterfront. The 42-story building was purchased for $329 million;

-    The Company acquired the remaining 37.5 percent interests in One River Centre, a three-building, class A office complex totaling 460,000 square feet located in Middletown, New Jersey, giving the Company a 100 percent ownership interest in the complex. The interests were acquired for $10.5 million; and

-    The Company acquired a 350,000 square-foot class A office building in Holmdel, New Jersey and simultaneously leased the entire building to Vonage USA for its corporate headquarters. The two-story building was acquired for $23.75 million.

PROPERTY SALES

In February, the Company completed several property sales, as follows:

-    The Company sold the Brandeis Building, a 318,224 square-foot office building in Omaha, Nebraska. The building, which was 13 percent leased, was sold for $8.7 million;

-    The Company sold its remaining, wholly-owned Texas property, 1122 North Alma Road, an 82,576 square foot office building in Richardson, for approximately $2.1 million. The vacant building was the last of three buildings sold in a transaction announced by the Company in November 2004; and

-    The Company sold its 75,668 square foot office property located at 3 Skyline Drive in Hawthorne, New York for approximately $9.6 million.

FINANCING ACTIVITY

In January, the Company’s operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of 10-year senior unsecured notes. The 5.125 percent notes are due January 15, 2015. The proceeds from the issuance of approximately $148.1 million were used primarily to repay outstanding borrowings under the Company’s unsecured credit facility.

More recently, in April, the Company’s operating partnership, Mack-Cali Realty, L.P., completed the sale of $150 million of five-year senior unsecured notes. The 5.05 percent notes are due April 15, 2010. The proceeds from the issuance of $148.8 million were used to repay outstanding borrowings under the Company’s unsecured credit facility.

DIVIDENDS

In March, the Company’s Board of Directors declared a cash dividend of $0.63 per common share (indicating an annual rate of $2.52 per common share) for the first quarter 2005, which was paid on April 18, 2005 to shareholders of record as of April 5, 2005.

The Board also declared a cash dividend on its 8 percent Series C cumulative redeemable perpetual preferred stock ($25 liquidation value per depositary share, each representing 1/100th of a share of preferred stock) equal to $0.50 per depositary share for the period January 15, 2005 through April 14, 2005. The dividend was paid on April 15, 2005 to shareholders of record as of April 5, 2005.

LEASING INFORMATION

Mack-Cali’s consolidated in-service portfolio was 91.1 percent leased at March 31, 2005, compared to 91.2 percent leased at December 31, 2004.

For the quarter ended March 31, 2005, the Company executed 185 leases totaling 1,336,037 square feet, consisting of 1,064,055 square feet of office space and 271,982 square feet of office/flex space. Of these totals, 767,500 square feet were for new leases and 568,537 square feet were for lease renewals and other tenant retention transactions.

Highlights of the quarter’s leasing transactions include:

-    Vonage USA, Inc., a New Jersey-based provider of broadband voice over Internet protocol (VOIP) services, leased the entire 350,000 square foot office building at 23 Main Street in Holmdel, New Jersey, which the Company acquired in the first quarter, for a term of 12 years and five months. Vonage will initially occupy approximately 262,500 square feet of the building, then occupy the balance approximately one year later, after the expiration of short-term leasebacks by the building’s seller.

-    Dassault Falcon Jet Corp., a subsidiary of aircraft manufacturer Dassault Aviation, signed a lease for 114,042 square feet at Mack-Cali Airport in Little Ferry, New Jersey. The transaction represents a 19,467 square-foot expansion for 16 years and a renewal of 94,575 square feet for 10 years. The 286,628 square foot office building is 95.4 percent leased.

-    IXIS North America, Inc. leased two full floors totaling 71,681 square feet at Harborside Financial Center Plaza 5 in Jersey City, New Jersey. The firm, which along with its subsidiaries makes up the US capital markets arm of IXIS Corporate & Investment Bank, will initially occupy 55,198 square feet for a 15-year term and the balance of the space five years after lease commencement. The 977,225 square-foot Harborside Financial Center Plaza 5 is 87 percent leased.

-    Science Applications International Corporation (SAIC), a research and engineering company, signed a new, five-year lease for 44,988 square feet at One River Centre, Building Two in Middletown, New Jersey. The 120,360 square-foot office building is 100 percent leased.

-    The Artina Group, Inc., a manufacturer of software compatible forms for business printing, signed a lease for 26,471 square feet at 250 Clearbrook Road in Elmsford, New York. The transaction represents an expansion of 4,330 square feet for eight years and a renewal of 22,141 square feet for three years. 250 Clearbrook Road, located at Cross Westchester Executive Park, is a 155,000 square-foot office/flex building that is 97.3 percent leased.

-     HQ Global Workplaces, Inc., a provider of temporary office suites, leased 22,279 square feet at Harborside Financial Center Plaza 5 for 10 years.

-    Cisco Systems, Inc., a supplier of networking equipment and network management for the Internet, signed a new, 10-year lease for 20,000 square feet at 1340 Campus Parkway in Wall Township, New Jersey. The 72,502 square-foot office/flex building, located at Monmouth Shores Corporate Park, is 94.9 percent leased.

-    Nationwide Mutual Insurance Company, an insurance and financial services provider, leased 17,592 square feet for five years at 565 Taxter Road in Elmsford, New York. The transaction consisted of a 16,362 square-foot renewal and an expansion of 1,230 square feet. The 170,554 square-foot office building is 90.1 percent leased.

Included in the Company’s Supplemental Operating and Financial Data for the first quarter 2005 are schedules highlighting the leasing statistics for both the Company’s consolidated and joint venture properties.

The supplemental information is available on Mack-Cali’s web site, as follows:
http://www.mack-cali.com/graphics/shareholders/pdfs/1st.quarter.sp.05.pdf

ADDITIONAL INFORMATION

The Company expressed comfort with net income and FFO per diluted share for the second quarter and full year 2005, as follows:

Second Quarter
2005 Range
 Full Year
2005 Range
Net income available to common shareholders   $0.37 - $0.39   $1.45 - $1.55  
Add: Real estate-related depreciation and amortization         0.50         2.00 
Funds from operations available to 
 common shareholders  $0.87 - $0.89  $3.45 - $3.55 

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.

An earnings conference call with management is scheduled for today, May 5, 2005 at 11:00 a.m. Eastern Time, which will be broadcast live via the Internet at:
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=CLI&script=1010&item_id=1052637

The live conference call is also accessible by calling (719) 457-2661 and requesting the Mack-Cali conference call.

The conference call will be rebroadcast on Mack-Cali’s website at http://www.mack-cali.com beginning at 2:00 p.m. Eastern Time on May 5, 2005 through May 12, 2005.

A replay of the call will also be accessible during the same time period by calling (719) 457-0820 and using the pass code 4439793.

Copies of Mack-Cali’s First Quarter 2005 Form 10-Q and Supplemental Operating and Financial Data are available on Mack-Cali’s website, as follows:

First Quarter 2005 Form 10-Q:
http://www.mack-cali.com/graphics/shareholders/pdfs/1st.quarter.10q.05.pdf

First Quarter 2005 Supplemental Operating and Financial Data:
http://www.mack-cali.com/graphics/shareholders/pdfs/1st.quarter.sp.05.pdf

In addition, these items are available upon request from:
Mack-Cali Investor Relations Dept.
11 Commerce Drive, Cranford, NJ 07016-3501
(908)  272-8000 ext. 2484

INFORMATION ABOUT FFO

Funds from operations (“FFO”) is defined as net income (loss) before minority interest of unitholders, computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from extraordinary items and sales of depreciable rental property (which the Company believes includes unrealized losses on properties held for sale), plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that by excluding the effect of depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs. FFO per share should not be considered as an alternative to net income per share as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of net income per share to FFO per share is included in the financial tables 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, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.4 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 tenants.

Additional information on Mack-Cali Realty Corporation is available on the Company’s website at http://www.mack-cali.com.

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Reports on Form 10-K, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

Mack-Cali Realty Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)

Quarter Ended
March 31,
2005
 2004
Revenues      
Base rents  $ 133,141   $ 121,068  
Escalations and recoveries from tenants  18,412   15,197  
Parking and other  1,896   3,473  
   Total revenues  153,449   139,738  
  
Expenses 
Real estate taxes  19,117   16,358  
Utilities  11,949   11,033  
Operating services  21,378   17,336  
General and administrative  7,427   6,397  
Depreciation and amortization  35,807   29,714  
Interest expense  28,398   29,037  
Interest income  (64 ) (720 )
   Total expenses  124,012   109,155  
  
Income from continuing operations before minority interests 
 and equity in earnings of unconsolidated joint ventures  29,437   30,583  
Minority interest in Operating Partnership  (6,674 ) (6,928 )
Minority interest in consolidated joint ventures  (74 ) --  
Equity in earnings of unconsolidated joint ventures 
 (net of minority interest), net  (277 ) 157  
Gain on sale of investment in unconsolidated joint ventures 
 (net of minority interest)  31   637  
  
Income from continuing operations  22,443   24,449  
Discontinued operations (net of minority interest): 
   Income from discontinued operations  1,298   2,374  
   Realized gains (losses) and unrealized losses 
    on disposition of rental property, net  (798 ) --  
Total discontinued operations, net  500   2,374  
  
Net income  22,943   26,823  
 Preferred stock dividends  (500 ) (500 )
Net income available to common shareholders  $   22,443   $   26,323  
  
PER SHARE DATA: 
Basic earnings per common share  $       0.37   $       0.44  
Diluted earnings per common share  $       0.36   $       0.44  
  
Dividends declared per common share  $       0.63   $       0.63  
  
Basic weighted average shares outstanding  61,184   59,800  
  
Diluted weighted average shares outstanding  69,273   68,276  


Mack-Cali Realty Corporation
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)

Quarter Ended
March 31,
2005
 2004
Net income available to common shareholders   $ 22,443   $ 26,323  
Add:  Minority interest in Operating Partnership  6,674   6,928  
           Minority interest in equity in earnings of unconsolidated joint ventures  (35 ) 20  
           Minority interest in gain on sale of investment in unconsolidated 
              joint ventures  4   83  
           Minority interest in discontinued operations  63   308  
           Real estate-related depreciation and amortization on continuing 
               operations (1)  36,669   30,598  
           Real estate-related depreciation and amortization on 
               discontinued operations  393   1,409  
Deduct: Gain on sale of investment in unconsolidated joint venture  (35 ) (720 )
Add (Deduct): Discontinued operations - Realized gains (losses) 
                            and unrealized losses on disposition of 
                            rental property, net  897   --  
Funds from operations available to common shareholders (2)  $ 67,073   $ 64,949  
  
Diluted weighted average shares/units outstanding(3)  75,478   74,481  
  
Funds from operations per share/unit - diluted  $     0.89   $     0.87  
  
Dividends declared per common share  $     0.63   $     0.63  
  
Dividend payout ratio: 
  Funds from operations-diluted  70.89 % 72.26 %
  
Supplemental Information: 
Non-incremental revenue generating capital expenditures: 
   Building improvements  $   1,114   $      917  
   Tenant improvements and leasing commissions  $ 10,263   $ 12,167  
Straight-line rent adjustments (4)  $   3,289   $   3,191  
Amortization of (above)/below market lease intangibles, net  $      557   $        12  

(1)     Includes the Company’s share from unconsolidated joint ventures of $1,023 and $1,038 for 2005 and 2004, respectively.
(2)     Funds from operations for both periods are calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition. For further discussion, see “Information About FFO” in this release.
(3)    Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares, (13,829 shares in 2005 and 14,000 shares in 2004), plus dilutive Common Stock Equivalents (i.e. stock options and warrants).
(4)    Includes the Company’s share from unconsolidated joint ventures of $47 and $143 for 2005 and 2004, respectively.

Mack-Cali Realty Corporation
Statements of Funds from Operations Per Diluted Share
(amounts are per diluted share, except share count in thousands) (unaudited)

         Quarter Ended
         March 31,
2005
 2004
Net income available to common shareholders       $0.36    $0.44  
Add:  Real estate-related depreciation and amortization  
            on continuing operations (1)    0.49    0.41  
         Real estate-related depreciation and amortization  
            on discontinued operations    0.01    0.02  
Deduct:  Gain on sale of investment in unconsolidated joint venture    --    (0.01)  
Add:  Realized gains (losses) and unrealized losses  
            on disposition of rental property, net    0.01    --  
Minority interest/rounding adjustment    0.02    0.01  
Funds from operations available to common shareholders (2)     $0.89    $0.87  
   
Diluted weighted average shares/units outstanding (3)    75,478    74,481  

(1)     Includes the Company’s share from unconsolidated joint ventures of $0.01 and $0.01 for 2005 and 2004, respectively.
(2)    Funds from operations for both periods are calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition. For further discussion, see “Information About FFO” in this release.
(3)    Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common and preferred units into common shares (13,829 shares in 2005 and 14,000 shares in 2004), plus dilutive Common Stock Equivalents (i.e. stock options and warrants).

Mack-Cali Realty Corporation
Consolidated Balance Sheets
(in thousands, except share amounts)

March 31,
2005
(unaudited)
 December 31,
2004
ASSETS:            
Rental property  
   Land and leasehold interests   $ 628,346   $ 593,606  
   Buildings and improvements    3,504,083    3,296,789  
   Tenant improvements    258,081    262,626  
   Furniture, fixtures and equipment    7,383    7,938  
     4,397,893    4,160,959  
Less-accumulated deprec. & amort    (628,918 )  (641,626 )
     3,768,975    3,519,333  
Rental property held for sale, net    73,820    19,132  
   Net investment in rental property    3,842,795    3,538,465  
   
Cash and cash equivalents    13,087    12,270  
Investments in unconsolidated joint ventures    59,044    46,743  
Unbilled rents receivable, net    85,828    82,586  
Deferred charges and other assets, net    175,856    155,060  
Restricted cash    9,545    10,477  
Accounts receivable, net    7,057    4,564  
   
Total assets   $ 4,193,212   $ 3,850,165  
   
LIABILITIES AND STOCKHOLDERS' EQUITY:  
Senior unsecured notes   $ 1,180,396   $ 1,031,102  
Revolving credit facilities    310,000    107,000  
Mortgages, loans payable and other obligations    558,540    564,198  
Dividends and distributions payable    47,969    47,712  
Accounts payable, accrued expenses and other liabilities    75,905    57,002  
Rents received in advance and security deposits    50,728    47,938  
Accrued interest payable    12,734    22,144  
   Total liabilities    2,236,272    1,877,096  
Minority interests:  
   Operating Partnership    417,069    416,855  
   Consolidated joint ventures    --    11,103  
Total minority interests    417,069    427,958  
   
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,  
 61,514,061 and 61,038,875 shares outstanding    615    610  
Additional paid-in capital    1,665,958    1,650,834  
Dividends in excess of net earnings    (143,688 )  (127,365 )
Unamortized stock compensation    (8,014 )  (3,968 )
   Total stockholders' equity    1,539,871    1,545,111  
   
Total liabilities and stockholders' equity   $ 4,193,212   $ 3,850,165  
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