VERIS RESIDENTIAL, INC. EDISON, N.J., July 24, 2014 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the second quarter 2014.
Recent highlights include:
-- Reported funds from operations for the quarter of $0.50 per diluted
share;
-- Reported net income of $0.58 per diluted share;
-- Acquired Andover Place, a 220-unit multi-family property in
Massachusetts, for approximately $37.7 million;
-- Acquired, with Keystone Property Group, Curtis Center, an
885,000-square-foot commercial office/retail property in Philadelphia,
for $125 million; and
-- Sold nine office properties totaling approximately 1.7 million square
feet for net sales proceeds of approximately $235 million.
FINANCIAL HIGHLIGHTS
Funds from operations (FFO) for the quarter ended June 30, 2014 amounted to $50.3 million, or $0.50 per share. For the six months ended June 30, 2014, FFO equaled $80.5 million, or $0.81 per share.
Net income available to common shareholders for the second quarter 2014 equaled $51.1 million, or $0.58 per share. For the six months ended June 30, 2014, net income to common shareholders amounted to $35.8 million, or $0.40 per share.
Included in net income and FFO for the six months ended June 30, 2014 was $4.8 million or $0.05 per share related to the net effect of unusual electricity rate spikes and $11.0 million or $0.11 per share related to EVP severance costs.
All per share amounts presented above are on a diluted basis.
Mitchell E. Hersh, president and chief executive officer, commented, "We remain focused on providing a superior work environment for the 2,000 tenants that have chosen our premier office properties to house their businesses. We are disciplined in continually assessing the most efficient and effective ways to improve our portfolio, including, for example, renovating lobbies and upgrading HVAC systems, and enhancing curb appeal with improved landscaping." Mr. Hersh added, "We are pleased with our continued progress in the multi-family sector. Consistent with our multi-family growth strategy, we are committed to completing the current multi-year development pipeline, as well as our value-added acquisitions."
Total revenues for the second quarter 2014 were $160.3 million. For the six months ended June 30, 2014, total revenues amounted to $329.9 million.
The Company had 88,982,062 shares of common stock, and 11,164,018 common operating partnership units outstanding as of June 30, 2014. The Company had a total of 100,146,080 common shares/common units outstanding at June 30, 2014.
As of June 30, 2014, the Company had total indebtedness of approximately $2.2 billion, with a weighted average annual interest rate of 5.51 percent.
The Company had a debt-to-undepreciated assets ratio of 38.4 percent at June 30, 2014. The Company had an interest coverage ratio of 2.8 times for the quarter ended June 30, 2014.
ACQUISITIONS
In April 2014, the Company acquired Andover Place at 650 Bulfinch Drive in Andover, Massachusetts. The 220-unit, multi-family property was acquired for a purchase price of approximately $37.7 million. The luxury community consists of studio, one-, two-, and three-bedroom units, as well as three-bedroom duplexes. The property is 94 percent leased.
In June 2014, Mack-Cali and affiliates of Keystone Property Group jointly purchased Curtis Center, an iconic class A office and retail building overlooking Independence Hall and Washington Square Park in the heart of Center City, Philadelphia, for $125 million. The companies purchased the landmark 885,000- square-foot building in an all-cash transaction, with plans to reposition the property into a dynamic, mixed-use environment through the creation of luxury rental apartments within a portion of the existing office space, and an enhanced pedestrian experience along the surrounding streetscape.
SALES
In April 2014, the Company sold its office property located at 22 Sylvan Way, Parsippany, New Jersey for $96.6 million to Griffin Capital Corporation. In addition to the sales price, Griffin is assuming responsibility for approximately $7 million in future tenant improvement allowance and commission obligations.
In June 2014, the Company completed the sale of seven New Jersey office buildings, totaling 1.27 million square feet (comprised of four buildings at 30 Knightsbridge Road in Piscataway; 470 and 530 Chestnut Ridge Road properties in Woodcliff Lake; and 412 Mt. Kemble Avenue in Morris Township), for approximately $117 million: $114.6 million in cash and subordinated equity interests in each of the properties sold with capital accounts aggregating $2.4 million. The purchasers of these properties are joint ventures formed between the Company and affiliates of the Keystone Property Group ("Keystone Entities"). The senior equity will receive 15 percent internal rate of return ("IRR") after which the subordinated equity will receive a ten percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company.
Also in June 2014, the Company sold its office property located at 400 Rella Boulevard in Montebello, New York, for approximately $28.3 million. The three-story, 195,375-square-foot office building is 75.8 percent leased.
LEASING INFORMATION
Mack-Cali's consolidated commercial in-service portfolio was 83.7 percent leased at June 30, 2014, as compared to 83.6 percent leased at March 31, 2014.
For the quarter ended June 30, 2014, the Company executed 120 leases at its consolidated in-service portfolio totaling 876,273 square feet, consisting of 657,734 square feet of office space and 218,539 square feet of office/flex space. Of these totals, 353,595 square feet were for new leases and 522,678 square feet were for lease renewals and other tenant retention transactions.
Highlights of the quarter's leasing transactions include:
NORTHERN NEW JERSEY:
-- United Water Management & Services, Inc., a sustainable water and
wastewater management solutions provider, signed a new lease for 116,360
square feet at Mack-Cali Centre VI, 461 From Road in Paramus. The
253,554 square-foot office building is 86.5 percent leased.
-- Savvis Communications Corporation, a global provider of cloud and
managed solutions, renewed 71,474 square feet at Harborside Plaza 3 in
Jersey City. The 725,600 square-foot office building is 78.4 percent
leased.
-- Mannkind Corporation, involved in the discovery, development, and
commercialization of therapeutic products, renewed 22,746 square feet at
Mack-Cali Centre IV, 61 South Paramus Road in Paramus. The 269,191
square-foot office building is 60.0 percent leased.
-- Jack Henry & Associates, Inc., a provider of computer systems and
electronic payment solutions, signed a new lease for 20,278 square feet
at Two Center Court in Totowa. The 30,600 square-foot office/flex
building, in Mack-Cali Commercenter, is 100 percent leased.
-- ADT LLC dba ADT Security Services, a provider of electronic security and
monitoring services, signed a new lease for 20,780 square feet at 20
Commerce Way in Totowa. The 42,540 square-foot office/flex building,
also located in Mack-Cali Commercenter, is 95.5 percent leased.
-- FTI Consulting, Inc., a global business advisory services firm, renewed
18,462 square feet at 101 Eisenhower Parkway in Roseland. The 237,000
square-foot office building, located in Eisenhower/280 Corporate Center,
is 83.3 percent leased.
-- Auto maker Volkswagen Group of America, Inc. signed transactions
totaling 18,021 square feet at 300 Tice Boulevard in Woodcliff Lake,
consisting of a 12,430 square-foot renewal and a 5,591 square-foot
expansion. The 230,000 square-foot office building is 99.4 percent
leased.
-- Marcum LLP, an independent public accounting and advisory services firm,
signed a new lease for 16,026 square feet at 105 Eisenhower Parkway in
Roseland. The 220,000 square-foot office building, located in
Eisenhower/280 Corporate Center, is 58.9 percent leased.
WESTCHESTER COUNTY, NEW YORK:
-- Evening Out, Inc., a dinner theatre operator, signed a lease renewal for
the entire 32,720 square-foot office/flex building at 75 Clearbrook
Road, in Cross Westchester Executive Park in Elmsford.
-- The City of New York, Department of Citywide Administrative Services,
signed a new lease for 20,285 square feet at 15 Skyline Drive in
Hawthorne. The 55,000 square-foot office/flex building, located in
Mid-Westchester Executive Park, is 55.5 percent leased.
-- Progressive Casualty Insurance Company, an insurance provider, signed
transactions totaling 19,032 square feet at 1 Executive Boulevard in
Yonkers, consisting of a 17,900 square-foot renewal and a 1,132
square-foot expansion. The 112,000 square-foot office building, located
in South Westchester Executive Park, is 100 percent leased.
Included in the Company's Supplemental Operating and Financial Data for the second quarter 2014 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/2nd.quarter.sp.14.pdf
ADDITIONAL INFORMATION
The Company expressed comfort with net income and FFO per diluted share for the full year 2014, as follows:
Full Year
2014 Range
----------
Net income available to common
shareholders $0.35 - $0.43
Add: Real estate-related
depreciation and amortization 1.90
Deduct: Realized gains (losses)
and unrealized losses on
disposition
of rental property, net (0.55)
Funds from operations $1.70 - $1.78
===================== ===== === =====
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, July 24, 2014 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=5165795
The live conference call is also accessible by calling (719) 325-2491 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 July 24, 2014 through July 31, 2014.
A replay of the call will also be accessible during the same time period by calling (719) 457-0820 and using the pass code 9216308.
Copies of Mack-Cali's Form 10-Q and Supplemental Operating and Financial Data are available on Mack?Cali's website, as follows:
Second Quarter 2014 Form 10-Q:
http://www.mack-cali.com/file-uploads/2nd.quarter.10q.14.pdf
Second Quarter 2014 Supplemental Operating and Financial Data:
http://www.mack-cali.com/file-uploads/2nd.quarter.sp.14.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 279 properties, consisting of 266 office and office/flex properties totaling approximately 31.5 million square feet and 13 multi-family rental properties containing approximately 3,900 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 tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company's website at www.mack?cali.com.
The information in this press release must be read in conjunction with, and is modified in its entirety by, the Quarterly Report on Form 10-Q (the "10-Q") filed by the Company for the same period with the Securities and Exchange Commission (the "SEC") and all of the Company's other public filings with the SEC (the "Public Filings"). In particular, the financial information contained herein is subject to and qualified by reference to the financial statements contained in the 10-Q, the footnotes thereto and the limitations set forth therein. Investors may not rely on the press release without reference to the 10-Q and the Public Filings.
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)
Three Months Ended Six Months Ended
June 30, June 30,
REVENUES 2014 2013 2014 2013
-------- ---- ---- ---- ----
Base rents $133,210 $135,438 $267,261 $269,061
Escalations and recoveries from tenants 16,996 17,456 42,564 36,944
Construction services - 6,746 - 14,972
Real estate services 7,009 6,642 13,701 13,085
Parking income 2,236 1,597 4,350 2,989
Other income 849 467 2,020 2,208
------------ --- --- ----- -----
Total revenues 160,300 168,346 329,896 339,259
-------------- ------- ------- ------- -------
EXPENSES
--------
Real estate taxes 23,375 19,834 47,726 41,483
Utilities 14,573 13,739 42,854 30,027
Operating services 27,840 25,327 57,062 50,635
Direct construction costs - 6,511 - 14,336
Real estate services expenses 6,571 5,304 13,280 10,257
General and administrative 13,673 13,111 36,554 25,084
Depreciation and amortization 44,711 45,665 89,696 89,013
----------------------------- ------ ------ ------ ------
Total expenses 130,743 129,491 287,172 260,835
-------------- ------- ------- ------- -------
Operating income 29,557 38,855 42,724 78,424
OTHER (EXPENSE) INCOME
----------------------
Interest expense (28,159) (31,270) (58,105) (61,139)
Interest and other investment income 922 1,094 1,308 1,100
Equity in earnings (loss) of unconsolidated joint ventures 443 (80) (792) (1,830)
Realized gains (losses) and unrealized losses on disposition
of rental property, net 54,584 - 54,584 -
----------------------- ------ --- ------ ---
Total other (expense) income 27,790 (30,256) (3,005) (61,869)
---------------------------- ------ ------- ------ -------
Income from continuing operations 57,347 8,599 39,719 16,555
Discontinued operations:
Income from discontinued operations - 4,530 - 9,663
Loss from early extinguishment of debt - (703) - (703)
Realized gains (losses) and unrealized losses on disposition of
rental property, net - 13,758 - 13,758
-------------------- --- ------ --- ------
Total discontinued operations - 17,585 - 22,718
----------------------------- --- ------ --- ------
Net income 57,347 26,184 39,719 39,273
Noncontrolling interest in consolidated joint ventures 290 62 612 124
Noncontrolling interest in Operating Partnership (6,514) (1,048) (4,506) (2,021)
Noncontrolling interest in discontinued operations - (2,127) - (2,749)
-------------------------------------------------- --- ------ --- ------
Net income available to common shareholders $51,123 $23,071 $35,825 $34,627
=========================================== ======= ======= ======= =======
Basic earnings per common share:
Income from continuing operations $0.58 $0.09 $0.40 $0.16
Discontinued operations - 0.17 - 0.23
----------------------- --- ---- --- ----
Net income available to common shareholders $0.58 $0.26 $0.40 $0.39
=========================================== ===== ===== ===== =====
Diluted earnings per common share:
Income from continuing operations $0.58 $0.09 $0.40 $0.16
Discontinued operations - 0.17 - 0.23
----------------------- --- ---- --- ----
Net income available to common shareholders $0.58 $0.26 $0.40 $0.39
=========================================== ===== ===== ===== =====
Basic weighted average shares outstanding 88,691 87,708 88,491 87,688
----------------------------------------- ------ ------ ------ ------
Diluted weighted average shares outstanding 100,023 99,895 99,964 99,892
------------------------------------------- ------- ------ ------ ------
Mack-Cali Realty Corporation
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
---- ---- ---- ----
Net income available to common shareholders $51,123 $23,071 $35,825 $34,627
Add (deduct): Noncontrolling interest in Operating Partnership 6,514 1,048 4,506 2,021
Noncontrolling interest in discontinued operations - 2,127 - 2,749
Real estate-related depreciation and amortization on
continuing operations (a) 47,291 49,702 94,739 96,134
Real estate-related depreciation and amortization
on discontinued operations - 2,989 - 6,442
Impairments - 23,851 - 23,851
Deduct: Realized (gains) losses and
unrealized losses on disposition of rental property, net (54,584) (37,609) (54,584) (37,609)
-------------------------------------------------------- ------- ------- ------- -------
Funds from operations available to common shareholders (b) $50,344 $65,179 $80,486 $128,215
========================================================= ======= ======= ======= ========
Diluted weighted average shares/units outstanding (c) 100,023 99,895 99,964 99,892
Funds from operations per share/unit-diluted $0.50 $0.65 $0.81 $1.28
Dividends declared per common share $0.15 $0.30 $0.45 $0.75
Dividend payout ratio:
Funds from operations-diluted 29.80% 45.98% 55.89% 58.43%
Supplemental Information:
Non-incremental revenue generating capital expenditures:
Building improvements $2,784 $3,122 $5,253 $8,038
Tenant improvements and leasing commissions (d) $17,548 $11,258 $24,335 $25,440
Straight-line rent adjustments (e) $1,110 $3,106 $4,189 $9,653
Amortization of (above)/below market lease intangibles, net (f) $314 $769 $582 $1,335
Acquisition transaction costs (g) $1,943 $158 $1,943 $214
Net effect of unusual electricity rate spikes (h) - - $4,845 -
EVP severance costs (g) - - $11,044 -
(a) Includes the Company's share from unconsolidated joint ventures of $2,658 and $4,117 for the three months ended June 30, 2014 and 2013, respectively, and $5,215 and $7,272 for the six months ended June 30, 2014 and 2013, respectively. Excludes non-real estate-related depreciation and amortization of $78 and $81 for the three
months ended June 30, 2014 and 2013, respectively, and $172 and $151 for the six months ended June 30, 2014 and 2013 respectively.
(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See "Information About FFO" in this release.
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (11,302 and 12,072 shares for the three months ended June 30, 2014 and 2013, respectively, and 11,444 and 12,085 for the six months ended June 30, 2014 and 2013, respectively), plus dilutive
Common Stock Equivalents (i.e. stock options).
(d) Excludes expenditures for tenant spaces that have not been owned for at least a year or were vacant for more than a year.
(e) Includes the Company's share from unconsolidated joint ventures of $52 and $17 for the three months ended June 30, 2014 and 2013, respectively, and $0 and $2 for the six months ended June 30, 2014 and 2013, respectively.
(f) Includes the Company's share from unconsolidated joint ventures of $124 and $227 for the three months ended June 30, 2014 and 2013, respectively, and $248 and $394 for the six months ended June 30, 2014 and 2013, respectively.
(g) Included in general and administrative expense.
(h) Approximately $10 million in utilities expense, net of approximately $5 million in escalations and recoveries from tenants related to such costs.
Mack-Cali Realty Corporation
Statements of Funds from Operations per Diluted Share
(amounts are per diluted share, except share count in thousands) (unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
---- ---- ---- ----
Net income available to common shareholders $0.58 $0.26 $0.40 $0.39
Add: Real estate-related depreciation and amortization on
continuing operations (a) 0.47 0.50 0.95 0.96
Real estate-related depreciation and amortization
on discontinued operations - 0.03 - 0.06
Impairments - 0.24 - 0.24
Deduct: Realized (gains) losses
and unrealized losses on disposition of rental property, net (0.55) (0.38) (0.55) (0.38)
Noncontrolling interest/rounding adjustment - - 0.01 0.01
------------------------------------------- --- --- ---- ----
Funds from operations (b) $0.50 $0.65 $0.81 $1.28
======================== ===== ===== ===== =====
Add: Net effect of unusual electricity rate spikes (1st quarter 2014) - - $0.05 -
EVP severance costs (1st quarter 2014) - - 0.11 -
Noncontrolling interest/rounding adjustment - - (0.01) -
------------------------------------------- --- --- ----- ---
FFO excluding certain items $0.50 $0.65 $0.96 $1.28
=========================== ===== ===== ===== =====
Diluted weighted average shares/units outstanding (c) 100,023 99,895 99,964 99,892
----------------------------------------------------- ------- ------ ------ ------
(a) Includes the Company's share from unconsolidated joint ventures of $0.03 and $0.04 for the three months ended June 30, 2014 and 2013, respectively, and $0.05 and $0.07 for the six months ended June 30, 2014 and 2013, respectively.
(b) Funds from operations is calculated in accordance with the definition of FFO of the National Association of Real Estate Investment Trusts (NAREIT). See "Information About FFO" in this release.
(c) Calculated based on weighted average common shares outstanding, assuming redemption of Operating Partnership common units into common shares (11,302 and 12,072 shares for the three months ended June 30, 2014 and 2013, respectively, and 11,444 and 12,085 for the six months ended June 30,
2014 and 2013, respectively), plus dilutive Common Stock Equivalents (i.e. stock options). See reconciliation of basic to diluted shares/units on page 30.
Mack-Cali Realty Corporation
Consolidated Balance Sheets
(in thousands, except per share amounts) (unaudited)
June 30, December 31,
Assets 2014 2013
------ ---- ----
Rental property
Land
and
leasehold
interests $725,542 $750,658
Buildings and
improvements 3,807,642 3,915,800
Tenant
improvements 423,988 456,003
Furniture,
fixtures and
equipment 9,461 7,472
------------- ----- -----
4,966,633 5,129,933
Less -
accumulated
depreciation and
amortization (1,389,202) (1,400,988)
----------------- ---------- ----------
Net investment in
rental property 3,577,431 3,728,945
Cash and cash
equivalents 80,943 221,706
Investments in
unconsolidated
joint ventures 265,866 181,129
Unbilled rents
receivable, net 126,111 136,304
Deferred charges,
goodwill and
other assets 266,760 218,519
Restricted cash 26,405 19,794
Accounts
receivable, net
of allowance for
doubtful
accounts
of $2,163 and
$2,832 11,256 8,931
------------- ------ -----
Total
assets $4,354,772 $4,515,328
======= ========== ==========
Liabilities and
Equity
---------------
Senior
unsecured
notes $1,417,141 $1,616,575
Revolving credit
facility 56,000 -
Mortgages, loans
payable and
other
obligations 735,127 746,191
Dividends and
distributions
payable 15,173 29,938
Accounts payable,
accrued expenses
and other
liabilities 140,546 121,286
Rents received in
advance and
security
deposits 48,932 53,730
Accrued interest
payable 25,973 29,153
---------------- ------ ------
Total liabilities 2,438,892 2,596,873
----------------- --------- ---------
Commitments and
contingencies
Equity:
Mack-Cali Realty
Corporation
stockholders'
equity:
Common stock,
$0.01 par value,
190,000,000
shares
authorized,
88,982,062 and
88,247,591
shares
outstanding 890 882
Additional paid-
in capital 2,554,841 2,539,326
Dividends in
excess of net
earnings (902,036) (897,849)
-------------- -------- --------
Total Mack-Cali
Realty
Corporation
stockholders'
equity 1,653,695 1,642,359
--------------- --------- ---------
Noncontrolling
interests in
subsidiaries:
Operating
Partnership 207,479 220,813
Consolidated
joint ventures 54,706 55,283
--------------- ------ ------
Total
noncontrolling
interests in
subsidiaries 262,185 276,096
--------------- ------- -------
Total equity 1,915,880 1,918,455
------------ --------- ---------
Total
liabilities
and
equity $4,354,772 $4,515,328
============ ========== ==========
Contact: Anthony Krug Ilene Jablonski
Chief Financial Officer Vice President of Marketing
Mack-Cali Realty Corporation Mack-Cali Realty Corporation
(732) 590-1000 (732) 590-1000
SOURCE Mack-Cali Realty Corporation
