EDISON, N.J., Oct. 25, 2012 /PRNewswire/ -- Mack-Cali
Realty Corporation (NYSE: CLI) today reported its results for the
third quarter 2012.
Recent highlights include:
- Reported funds from operations of $0.65 per diluted share;
- Reported net income of $0.16 per
diluted share;
- Acquired real estate interests and development and management
businesses of Roseland Partners, L.L.C.; and
- Declared $0.45 per share
quarterly cash common stock dividend.
FINANCIAL HIGHLIGHTS
Funds from operations (FFO) available to common shareholders for
the quarter ended September 30, 2012
amounted to $65.0 million, or
$0.65 per share. For the nine
months ended September 30, 2012, FFO
available to common shareholders equaled $201.6 million, or $2.01 per share.
Net income available to common shareholders for the third
quarter 2012 equaled $14.3 million,
or $0.16 per share. For the
nine months ended September 30, 2012,
net income available to common shareholders amounted to
$50.1 million, or $0.57 per share.
Total revenues for the third quarter 2012 were $173.2 million. For the nine months ended
September 30, 2012, total revenues
amounted to $534.7 million.
All per share amounts presented above are on a diluted
basis.
The Company had 87,821,885 shares of common stock, and
12,177,122 common operating partnership units outstanding as of
September 30, 2012. The Company had a
total of 99,999,007 common shares/common units outstanding at
September 30, 2012.
As of September 30, 2012, the
Company had total indebtedness of approximately $2.0 billion, with a weighted average annual
interest rate of 6.19 percent.
The Company had a debt-to-undepreciated assets ratio of 34.4
percent at September 30, 2012.
The Company had an interest coverage ratio of 3.1 times for the
quarter ended September 30, 2012.
In July, the Company entered into a ground lease with Wegmans
Food Markets, Inc. at its undeveloped site in Hanover Township, New Jersey. Subject to
receiving all necessary governmental approvals, Wegmans intends to
construct a store of approximately 140,000 square feet on a
finished pad to be delivered by the Company in the first quarter of
2014. The Company expects to incur costs of approximately
$12.1 million for the construction of
the finished pad (of which the Company has incurred $0.5 million through September 30, 2012).
Mitchell E. Hersh, president and
chief executive officer, commented, "While overall market activity
continues to be sluggish we are pleased that we've
successfully completed lease transactions for 932,990 square feet
and have maintained a healthy occupancy rate of 87.5 percent
within our portfolio. And, as we enter the fourth quarter, we are
poised to capitalize on the many opportunities for growth resulting
from our recent acquisition of Roseland Partners – one that marks a
fundamental step in a strategic diversification where multi-family
residential is a key component of our growth strategy."
ROSELAND TRANSACTION
In October, the Company acquired the real estate development and
management businesses of Roseland Partners, L.L.C., a premier
multi-family residential community developer and operator in the
Northeast, and Roseland's
interests in six operating multi-family properties totaling 1,769
apartments, one condo-residential property totaling four units and
four commercial properties totaling approximately 212,000 square
feet, 13 in-process development projects, which include nine
multi-family properties totaling 2,149 apartments, two garages
totaling 1,591 parking spaces and two retail properties totaling
approximately 35,400 square feet, and interests or options in land
parcels which may support approximately 5,980 apartments,
approximately 736,000 square feet of commercial space, and a
321-key hotel. The locations of the properties extend from
New Jersey to Massachusetts. The majority of the
properties are located in New
Jersey, in particular, at its flagship development at Port
Imperial in Weehawken and
West New York, in addition to the
Jersey City Waterfront and other urban in-fill and transit-oriented
locations.
The Roseland business and real
property interests were acquired for aggregate consideration of up
to $134.6 million, subject to
adjustment, consisting of $115.0
million in cash and approximately $4.0 million of assumed debt at closing and an
additional earn-out of up to $15.6
million in cash over the next three years, under certain
conditions. During the three-year earn-out period, each of
Roseland's principals,
Marshall Tycher, Brad Klatt and Carl
Goldberg, will serve as co-presidents of Roseland Management
Services, L.P., a newly formed wholly owned subsidiary of
Mack-Cali, pursuant to employment
agreements executed at closing. Mitchell E.
Hersh, President and Chief Executive Officer of Mack-Cali
Realty Corporation, also assumed the role of Chairman and Chief
Executive of Roseland Management Services, L.P.
The transaction was financed through a combination of cash on
hand and borrowings under the Company's $600
million unsecured revolving credit facility.
EQUITY ACTIVITY
In September, the Company's Board of Directors authorized a
share repurchase program under which the Company may purchase up to
$150 million of the Company's
outstanding Common Stock. Purchases may be made from time to
time in open market transactions or through privately negotiated
transactions.
DIVIDENDS
In September, the Company's Board of Directors declared a cash
dividend of $0.45 per common share
(indicating an annual rate of $1.80
per common share) for the third quarter 2012, which was paid on
October 12, 2012 to shareholders of record as of October 3, 2012.
LEASING INFORMATION
Mack-Cali's consolidated
in-service portfolio was 87.5 percent leased at September 30, 2012, as compared to 87.6 percent
leased at June 30, 2012.
For the quarter ended September 30,
2012, the Company executed 121 leases at its consolidated
in-service portfolio totaling 932,990 square feet, consisting of
511,963 square feet of office space, 343,824 square feet of
office/flex space and 77,203 square feet of industrial/warehouse
space. Of these totals, 373,177 square feet were for new
leases and 559,813 square feet were for lease renewals and other
tenant retention transactions.
Highlights of the quarter's leasing transactions include:
NORTHERN NEW JERSEY:
- NICE Systems Inc., a provider of software solutions, signed a
new lease for 34,416 square feet at Mack-Cali Centre VI, 461 From
Road in Paramus. The 253,554 square-foot office building is
40.8 percent leased.
- DSM Services USA, Inc., a life
sciences and materials company, signed a new lease for 31,899
square feet at 8 Campus Drive in Parsippany. The 215,265
square-foot office building, located in Mack-Cali Business Campus,
is 48.0 percent leased.
- ORBCOMM Inc., a global satellite data communications company,
signed a new lease for 31,159 square feet at Mack-Cali Centre V,
395 W. Passaic Street in Rochelle Park. The 100,589
square-foot office building is 65.3 percent leased.
- MCI Communications Services, Inc., a global telecommunications
company, signed a renewal for 20,698 square feet at 101 Hudson
Street in Jersey City. The 1,246,283 square-foot office
building is 89.0 percent leased.
- ProSight Specialty Insurance, an insurance holding company,
signed a lease expanding their current space by 16,721 square feet
at 412 Mt. Kemble Avenue in Morris
Township. The 475,100 square-foot office building is 67.9
percent leased.
- Manfrotto Distribution, Inc., an importer and distributor of
imaging-related products, signed a new lease for 16,009 square feet
at 10 Mountainview Road in Upper Saddle River. The 192,000
square-foot office building is 82.4 percent leased.
WESTCHESTER COUNTY, NEW
YORK:
- United Parcel Service, Inc. signed a renewal for the entire
77,200 square-foot 3 Warehouse Lane in Elmsford. The
industrial/warehouse building is located in Elmsford Distribution
Center.
- CSC Holdings, Inc., the parent company of Cablevision Systems,
a global telecommunications and media company, signed a renewal for
38,900 square feet at 6 Executive Plaza in Yonkers. The
80,000 square-foot office/flex building, located in South
Westchester Executive Park, is 100 percent leased.
- The Artina Group, Inc., a manufacturer of software compatible
forms for business printing, signed a relocation and extension of
19,250 square feet at 250 Clearbrook Road in Elmsford.
- Also at 250 Clearbrook Road, General Phosphorix LLC, a
distributor of novel beverages, signed transactions totaling 18,250
square feet representing a 15,350 square-foot renewal and a 2,900
square-foot expansion. The 155,000 square-foot office/flex
building, located in Cross Westchester Executive Park, is 94.5
percent leased.
- Phoenix Fitness Ventures, Inc. dba Court Sports, a fitness
health club, signed a new lease for 17,863 square feet at 150
Clearbrook Road in Elmsford. The 74,900 square-foot
office/flex building, located in Cross Westchester Executive Park,
is 99.3 percent leased.
CONNECTICUT:
- FedEx Ground Package System, Inc. signed a lease extension for
the entire 66,000 square feet at 600 West Avenue in Stamford
Executive Park in Stamford.
SUBURBAN PHILADELPHIA:
- Cort Business Services Corp., a Berkshire Hathaway Inc. company
and a provider of furniture rental and services, signed a renewal
for 46,880 square feet at 31 Twosome Drive in Moorestown, NJ. The 84,200 square-foot
office/flex building, located in Moorestown West Corporate Center,
is 100 percent leased.
Additionally, RGN, a subsidiary of HQ Global Workplaces, LLC,
signed new leases totaling 110,242 square feet at the following
locations:
- 13,503 square feet at 999 Riverview Drive in Totowa, NJ. The 56,066 square-foot
office building, located at Mack-Cali Commercenter, is 89.2 percent
leased.
- 16,332 square feet at 233 Mount Airy Road in Basking Ridge, NJ. The 66,000
square-foot office building is 24.7 percent leased.
- 15,512 square feet at 30 Knightsbridge Road in Piscataway, NJ. 30 Knightsbridge Road is
a four-building office complex totaling 680,350 square feet and is
91.0 percent leased.
- 12,370 square feet at Mack-Cali Woodbridge at 581 Main Street
in Woodbridge, NJ. The
200,000 square-foot office building is 99.3 percent leased.
- 9,797 square feet at 20 Commerce Drive in Cranford, NJ. The 176,600 square-foot
office building, located in Cranford Business Park, is 99.4 percent
leased.
- 14,811 square feet at 7 Skyline Drive in Hawthorne, NY. The 109,000 square-foot
office building, located in Mid-Westchester Executive Park, is 82.0
percent leased.
- 14,112 square feet at Five Sentry Park West in Blue Bell, PA. The 38,400 square-foot
office building is 68.3 percent leased.
- 13,805 square feet at 400 Rella Boulevard in Suffern, NY. The 180,000 square-foot
office building is 93.6 percent leased.
Included in the Company's Supplemental Operating and Financial
Data for the third quarter 2012 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 website, as follows:
http://www.mack-cali.com/file-uploads/3rd.quarter.sp.12.pdf
ADDITIONAL INFORMATION
The Company expressed comfort with net income and FFO per
diluted share for the full year 2012 and 2013, as follows:
|
Full
Year
|
Full
Year
|
|
2012
Range
|
2013
Range
|
Net income
available to common shareholders
|
$0.69 -
$0.73
|
$0.32 -
$0.52
|
Add: Real
estate-related depreciation and amortization
|
1.96
|
2.08
|
Deduct:
Realized (gains) losses and unrealized losses on
disposition
of rental properties, net
|
(0.02)
|
--
|
Funds from
operations available to common shareholders
|
$2.63 -
$2.67
|
$2.40 -
$2.60
|
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, October 25, 2012 at
10:00 a.m. Eastern Time, which will
be broadcast live via the Internet at:
http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=96021&eventID=4840418
The live conference call is also accessible by calling (719)
457-2627 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 October 25, 2012 through
November 1, 2012.
A replay of the call will also be accessible during the same
time period by calling (719) 457-0820 and using the pass code
5714760.
Copies of Mack-Cali's Form 10-Q
and Supplemental Operating and Financial Data are available on
Mack‑Cali's website, as follows:
Third Quarter 2012 Form 10-Q:
http://www.mack-cali.com/file-uploads/3rd.quarter.10q.12.pdf
Third Quarter 2012 Supplemental Operating and Financial
Data:
http://www.mack-cali.com/file-uploads/3rd.quarter.sp.12.pdf
In addition, these items are available upon request from:
Mack-Cali Investor Relations Department
343 Thornall Street, Edison, New
Jersey 08837-2206
(732) 590-1000 ext. 1143
INFORMATION ABOUT FFO
Funds from operations ("FFO") is defined as net income (loss)
before noncontrolling interest of unitholders, computed in
accordance with generally accepted accounting principles ("GAAP"),
excluding gains (or losses) from extraordinary items, sales of
depreciable rental property, and impairments related to depreciable
rental property, plus real estate-related depreciation and
amortization. The Company believes that FFO per share is
helpful to investors as one of several measures of the performance
of an equity REIT. The Company further believes that as FFO
per share excludes the effect of depreciation, gains (or losses)
from sales of properties and impairments related to depreciable
rental property (all of which are based on historical costs which
may be of limited relevance in evaluating current performance), FFO
per share can facilitate comparison of operating performance
between equity REITs.
FFO per share should not be considered as an alternative to net
income available to common shareholders per share as an indication
of the Company's performance or to cash flows as a measure of
liquidity. FFO per share presented herein is not
necessarily comparable to FFO per share presented by other real
estate companies due to the fact that not all real estate companies
use the same definition. However, the Company's FFO per share
is comparable to the FFO per share of real estate companies that
use the current definition of the National Association of Real
Estate Investment Trusts ("NAREIT"). A reconciliation of net
income per share to FFO per share is included in the financial
tables accompanying this press release.
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
281 properties consisting of 275 predominantly office and
office/flex properties totaling approximately 31.9 million square
feet and six multi-family rental properties containing over 1,700
residential units, all located in the Northeast. The properties
enable the Company to provide a full complement of real estate
opportunities to its diverse base of commercial and residential
customers.
Additional information on Mack-Cali Realty Corporation is
available on the Company's website at www.mack-cali.com.
The information in this press release must be read in
conjunction with, and is modified in its entirety by, the Quarterly
Report on Form 10-Q (the "10-Q") filed by the Company for the same
period with the Securities and Exchange Commission (the "SEC") and
all of the Company's other public filings with the SEC (the "Public
Filings"). In particular, the financial information contained
herein is subject to and qualified by reference to the financial
statements contained in the 10-Q, the footnotes thereto and the
limitations set forth therein. Investors may not rely on the
press release without reference to the 10-Q and the Public
Filings.
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,"
"plan," "potential," "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 heading "Disclosure
Regarding Forward-Looking Statements" and "Risk Factors" in the
Company's Annual Reports on Form 10-K, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q, 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
September 30,
|
Nine
Months Ended
September 30,
|
Revenues
|
2012
|
2011
|
2012
|
2011
|
Base
rents
|
$
146,424
|
$
148,268
|
$
443,709
|
$
443,971
|
Escalations and recoveries from tenants
|
21,925
|
21,323
|
62,862
|
72,251
|
Construction services
|
1,169
|
2,359
|
9,235
|
8,984
|
Real
estate services
|
1,285
|
1,353
|
3,606
|
3,737
|
Other
income
|
2,409
|
2,134
|
15,242
|
9,875
|
Total revenues
|
173,212
|
175,437
|
534,654
|
538,818
|
|
|
|
|
|
Expenses
|
|
|
|
|
Real
estate taxes
|
22,258
|
14,261
|
70,061
|
63,189
|
Utilities
|
17,859
|
19,845
|
48,405
|
56,244
|
Operating
services
|
27,643
|
27,604
|
82,092
|
86,217
|
Direct
construction costs
|
979
|
2,290
|
8,594
|
8,656
|
General
and administrative
|
12,638
|
8,675
|
35,343
|
26,507
|
Depreciation and amortization
|
47,829
|
48,082
|
143,642
|
143,635
|
Total expenses
|
129,206
|
120,757
|
388,137
|
384,448
|
Operating
income
|
44,006
|
54,680
|
146,517
|
154,370
|
|
|
|
|
|
Other
(Expense) Income
|
|
|
|
|
Interest
expense
|
(30,510)
|
(31,041)
|
(92,784)
|
(92,849)
|
Interest
and other investment income
|
7
|
9
|
27
|
29
|
Equity in
earnings (loss) of unconsolidated joint ventures
|
2,418
|
539
|
4,751
|
1,174
|
Loss from
early extinguishment of debt
|
--
|
--
|
(4,415)
|
--
|
Total
other (expense) income
|
(28,085)
|
(30,493)
|
(92,421)
|
(91,646)
|
Income
from continuing operations
|
15,921
|
24,187
|
54,096
|
62,724
|
Discontinued Operations:
|
|
|
|
|
Income (loss) from discontinued operations
|
243
|
(104)
|
368
|
225
|
Realized gains (losses) and unrealized losses on
disposition of rental property,
net
|
12
|
--
|
2,390
|
--
|
Total
discontinued operations, net
|
255
|
(104)
|
2,758
|
225
|
Net
income
|
16,176
|
24,083
|
56,854
|
62,949
|
Noncontrolling interest in consolidated joint
ventures
|
85
|
96
|
256
|
308
|
Noncontrolling interest in Operating
Partnership
|
(1,949)
|
(3,028)
|
(6,624)
|
(8,001)
|
Noncontrolling interest in discontinued
operations
|
(31)
|
13
|
(337)
|
(30)
|
Preferred stock dividends
|
--
|
(664)
|
--
|
(1,664)
|
Net income
available to common shareholders
|
$
14,281
|
$
20,500
|
$
50,149
|
$
53,562
|
|
|
|
|
|
PER
SHARE DATA:
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share
|
$
0.16
|
$
0.24
|
$
0.57
|
$
0.63
|
|
|
|
|
|
Diluted
earnings per common share
|
$
0.16
|
$
0.24
|
$
0.57
|
$
0.62
|
|
|
|
|
|
Basic
weighted average shares outstanding
|
87,826
|
87,019
|
87,814
|
85,649
|
|
|
|
|
|
Diluted
weighted average shares outstanding
|
100,075
|
99,917
|
100,071
|
98,631
|
Mack-Cali Realty Corporation
|
Statements of Funds from Operations
|
(in
thousands, except per share/unit amounts)
(unaudited)
|
|
|
|
|
Quarter Ended
September 30,
|
Nine Months Ended
September 30,
|
|
2012
|
2011
|
2012
|
2011
|
Net income
available to common shareholders
|
$
14,281
|
$
20,500
|
$
50,149
|
$
53,562
|
Add:
Noncontrolling interest in Operating Partnership
|
1,949
|
3,028
|
6,624
|
8,001
|
Noncontrolling interest in discontinued
operations
|
31
|
(13)
|
337
|
30
|
Real estate-related depreciation and amortization
on
continuing operations (1)
|
48,750
|
49,018
|
146,405
|
146,508
|
Real estate-related depreciation and amortization
on
discontinued operations
|
13
|
416
|
441
|
1,279
|
Deduct:
Discontinued operations – Realized (gains) losses
and unrealized losses on disposition
of rental property, net
|
(12)
|
--
|
(2,390)
|
--
|
Funds
from operations available to common shareholders (2)
|
$
65,012
|
$
72,949
|
$
201,566
|
$
209,380
|
|
|
|
|
|
Diluted
weighted average shares/units outstanding (3)
|
100,075
|
99,917
|
100,071
|
98,631
|
|
|
|
|
|
Funds from
operations per share/unit – diluted
|
$
0.65
|
$
0.73
|
$
2.01
|
$
2.12
|
|
|
|
|
|
Dividends
declared per common share
|
$
0.45
|
$
0.45
|
$
1.35
|
$
1.35
|
|
|
|
|
|
Dividend payout ratio:
|
|
|
|
|
Funds from operations-diluted
|
69.27%
|
61.64%
|
67.02%
|
63.59%
|
|
|
|
|
|
Supplemental Information:
|
|
|
|
|
Non-incremental revenue generating capital
expenditures:
|
|
|
|
|
Building improvements
|
$
9,040
|
$
6,847
|
$
19,361
|
$
15,105
|
Tenant improvements and leasing commissions
(4)
|
$
15,107
|
$
12,225
|
$
36,202
|
$
31,667
|
Straight-line rent adjustments (5)
|
$
1,733
|
$
2,098
|
$
4,913
|
$
6,889
|
Amortization of (above)/below market lease
intangibles, net
|
$
335
|
$
393
|
$
1,040
|
$
950
|
|
|
(1)
Includes the Company's share from unconsolidated joint ventures of
$974 and $1,047 for the quarters ended September 30, 2012 and 2011,
respectively, and $2,963 and $3,215 for the nine months ended
September 30, 2012 and 2011, respectively.
(2) Funds
from operations is calculated in accordance with the definition of
FFO of 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 units into
common shares (12,177 and 12,799 shares for the quarters ended
September 30, 2012 and 2011, respectively, and 12,184 and 12,863
for the nine months ended September 30, 2012 and 2011,
respectively), plus dilutive Common Stock Equivalents (i.e. stock
options).
(4)
Excludes expenditures for tenant spaces that have not been owned
for at least a year or were vacant for more than a year.
(5)
Includes the Company's share from unconsolidated joint ventures of
$17 and $45 for the quarters ended September 30, 2012 and 2011,
respectively, and $50 and $154 for the nine months ended September
30, 2012 and 2011, 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
September 30,
|
Nine Months Ended
September 30,
|
|
2012
|
2011
|
2012
|
2011
|
Net income
available to common shareholders
|
$
0.16
|
$
0.24
|
$
0.57
|
$
0.62
|
Add:
Real estate-related depreciation and amortization on
continuing operations (1)
|
0.49
|
0.49
|
1.46
|
1.49
|
Real estate –related depreciation and amortization
on
discontinued
operations
|
--
|
--
|
--
|
0.01
|
Deduct:
Realized (gains) losses and unrealized losses on
disposition of rental property, net
|
--
|
--
|
(0.02)
|
--
|
Funds
from operations available to common shareholders (2)
|
$
0.65
|
$
0.73
|
$
2.01
|
$
2.12
|
|
|
|
|
|
Diluted
weighted average shares/units outstanding (3)
|
100,075
|
99,917
|
100,071
|
98,631
|
|
|
(1)
Includes the Company's share from unconsolidated joint ventures of
$0.01 and $0.01 for the quarters ended September 30, 2012 and 2011,
respectively, and $0.03 and $0.03 for the nine months ended
September 30, 2012 and 2011, respectively.
(2) Funds
from operations is calculated in accordance with the definition of
FFO of 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 units into
common shares (12,177 and 12,799 shares for the quarters ended
September 30, 2012 and 2011, respectively, and 12,184 and 12,863
for the nine months ended September 30, 2012 and 2011,
respectively), plus dilutive Common Stock Equivalents (i.e. stock
options).
|
Mack-Cali Realty Corporation
|
Consolidated Balance Sheets
|
(in
thousands, except per share amounts) (unaudited)
|
|
|
|
|
September 30,
|
December 31,
|
|
2012
|
2011
|
Assets
|
|
|
Rental
property
|
|
|
Land and leasehold interests
|
$
765,742
|
$
773,026
|
Buildings and improvements
|
3,995,933
|
4,001,943
|
Tenant improvements
|
483,955
|
500,336
|
Furniture, fixtures and equipment
|
2,994
|
4,465
|
|
5,248,624
|
5,279,770
|
Less - accumulated deprec. & amort.
|
(1,455,420)
|
(1,409,163)
|
|
3,793,204
|
3,870,607
|
Rental
property held for sale, net
|
18,404
|
--
|
Net investment in rental property
|
3,811,608
|
3,870,607
|
Cash and
cash equivalents
|
21,543
|
20,496
|
Investments in unconsolidated joint
ventures
|
65,559
|
32,015
|
Unbilled
rents receivable, net
|
136,689
|
134,301
|
Deferred
charges and other assets, net
|
206,434
|
210,470
|
Restricted
cash
|
19,717
|
20,716
|
Accounts
receivable, net
|
8,023
|
7,154
|
|
|
|
Total
assets
|
$
4,269,573
|
$
4,295,759
|
|
|
|
Liabilities and Equity
|
|
|
Senior
unsecured notes
|
$
1,198,314
|
$
1,119,267
|
Revolving
credit facility
|
67,000
|
55,500
|
Mortgages,
loans payable and other obligations
|
704,940
|
739,448
|
Dividends
and distributions payable
|
45,000
|
44,999
|
Accounts
payable, accrued expenses and other liabilities
|
106,377
|
100,480
|
Rents
received in advance and security deposits
|
50,546
|
53,019
|
Accrued
interest payable
|
19,168
|
29,046
|
Total liabilities
|
2,191,345
|
2,141,759
|
Commitments and contingencies
|
|
|
|
|
|
Equity:
|
|
|
Mack-Cali
Realty Corporation stockholders' equity:
|
|
|
Common
stock, $0.01 par value, 190,000,000 shares authorized,
|
|
|
87,821,885 and 87,799,479 shares
outstanding
|
878
|
878
|
Additional
paid-in capital
|
2,538,729
|
2,536,184
|
Dividends
in excess of net earnings
|
(715,903)
|
(647,498)
|
Total Mack-Cali Realty Corporation stockholders'
equity
|
1,823,704
|
1,889,564
|
|
|
|
Noncontrolling interests in subsidiaries:
|
|
|
Operating Partnership
|
252,869
|
262,499
|
Consolidated joint ventures
|
1,655
|
1,937
|
Total
noncontrolling interests in subsidiaries
|
254,524
|
264,436
|
|
|
|
Total
equity
|
2,078,228
|
2,154,000
|
|
|
|
Total
liabilities and equity
|
$
4,269,573
|
$
4,295,759
|
Contact:
|
Barry
Lefkowitz
|
|
|
|
|
Ilene
Jablonski
|
|
Executive
Vice President
|
|
|
|
|
Vice
President of Marketing
|
|
and Chief
Financial Officer
|
|
|
|
|
Mack-Cali
Realty Corporation
|
|
Mack-Cali
Realty Corporation
|
|
|
|
|
(732)
590-1000
|
|
(732)
590-1000
|
|
|
|
|
|
SOURCE Mack-Cali Realty Corporation