VERIS RESIDENTIAL, INC. JERSEY CITY, N.J., Oct. 25, 2016 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the third quarter 2016.
http://photos.prnewswire.com/prnvar/20150903/263589LOGO
Recent highlights include:
-- Net income (loss) of $(0.10) per diluted share for the quarter;
-- Funds from Operations (FFO) per diluted share increased 17.6% to $0.60;
with Core FFO growth of 16.7% to $0.56 for the quarter;
-- Increased rental rates by 9.1% on a GAAP basis and 2.3% on a cash basis;
-- Overall portfolio 87.7% leased at quarter end; a 2.2% improvement over
third quarter 2015;
-- Core/Waterfront/Flex properties 90.3% leased at quarter end;
-- 664,000 square feet leased in third quarter;
-- Acquired 111 River Street, a 566,000 square-foot office property in
Hoboken, NJ for $235 million;
-- Completed $465 million in property sales year-to-date;
-- Purchased $114.9 million of its 7.75% bonds due August 2019;
-- Declared $0.15 per share quarterly common stock dividend;
-- Increased 2016 Core FFO guidance of $2.14 to $2.16; and
-- Introduced 2017 FFO guidance of $2.25 to $2.40 per diluted share.
Michael J. DeMarco, president, commented "We continue to successfully execute against our strategic initiatives making meaningful strides across all aspects of the enterprise including improvements in our operations, portfolio composition and capital structure. The progress completed to date gives us the confidence to introduce preliminary 2017 guidance that would again represent meaningful year-over-year growth. While we have made great progress, there are many additional opportunities to extract value. Our singular focus is to position Mack-Cali for improved cash flow and growth over the long term."
FINANCIAL HIGHLIGHTS
* All per share amounts presented below are on a diluted basis.
Net income (loss) available to common shareholders for the quarter ended September 30, 2016 amounted to $(8.5) million, or $(0.10) per share, as compared to $(126.9) million, or $(1.42) per share, for the quarter ended September 30, 2015. For the nine months ended September 30, 2016, net income (loss) available to common shareholders equaled $102.0 million, or $1.13 per share, as compared to $(94.0) million, or $(1.05) per share, for the same period last year. Included in net income (loss) for the quarter ended September 30, 2016 was $17.1 million of a net loss from property-related transactions, and net loss from extinguishment of debt of $19.3 million, which were partially offset by $21.7 million of equity in earnings from refinancing proceeds received from a joint venture. The total net non-controlling interests for these items was $1.6 million.
Funds from operations (FFO) for the quarter ended September 30, 2016 amounted to $59.9 million, or $0.60 per share, as compared to $51.5 million, or $0.51 per share, for the quarter ended September 30, 2015. For the nine months ended September 30, 2016, FFO equaled $172.2 million, or $1.71 per share, as compared to $141.1 million, or $1.41 per share, for the same period last year.
For the third quarter 2016, Core FFO was $0.56 per share after adjusting for certain items, primarily $21.7 million from a joint venture loan refinancing, and a $19.3 million loss from extinguishment of debt. The quarter's Core FFO per share of $0.56 increased 16.7 percent from the same quarter last year primarily due to increased base rents in 2016.
OPERATING HIGHLIGHTS
Mack-Cali's consolidated commercial in-service portfolio was 87.7 percent leased at September 30, 2016, as compared to 86.7 percent leased at June 30, 2016 and 85.8 percent leased at September 30, 2015.
For the quarter ended September 30, 2016, the Company executed 62 leases at its consolidated in-service commercial portfolio totaling 664,490 square feet. Of these totals, 289,991 square feet were for new leases and 374,499 square feet were for lease renewals and other tenant retention transactions. Lease transactions included 216,205 square feet in Core properties, 150,454 square feet in Waterfront properties, 241,634 square feet in Flex properties and 56,197 square feet in Non-Core properties. Lease spreads on a GAAP basis were 16.2 percent for new leases and 8.3 percent for renewed or retained leases, for an average of 9.1 percent for the quarter.
Mitchell E. Rudin, chief executive officer, commented "Mack-Cali's repositioning efforts are well underway. Interest in our properties are strong as evidenced by our occupancy gains and lease success year-to-date. We remain keenly focused on 2017 expirations and feel confident in our ability to minimize exposure to potential vacancies."
RECENT TRANSACTIONS
In July, the Company purchased a 566,000 square-foot class A office asset on the Hudson River waterfront in Hoboken, NJ, for approximately $235 million.
The Company sold approximately $465 million of assets for year to date 2016. Currently, Mack-Cali has contracts out for an additional $265 million of office sales.
BALANCE SHEET/CAPITAL MARKETS
In furtherance of its plan to lengthen its debt maturity profile and reduce its average cost of debt, the Company completed the following financing activity in the quarter:
Closed on a $250 million mortgage loan secured by 101 Hudson Street, its 1.2 million-square-foot Class A office building located on the Hudson River waterfront in Jersey City, NJ. The loan has a ten-year term, interest only and has an effective annual interest rate of 3.197 percent;
Closed on a $59 million mortgage loan secured by Portside 7, its 175-unit, luxury multi-family community located on the Boston Harbor waterfront. The loan has a seven-year term, interest only and has an effective annual interest rate of 3.569 percent;
The Company's joint venture with Hyatt Corporation completed a $100 million mortgage loan refinancing, secured by the venture's 350-room Hyatt Regency on the Hudson in Jersey City, NJ. The loan has a ten-year term, interest only and has an effective annual interest rate of 3.668 percent. At the closing, the Company received a distribution from the venture of approximately $18 million representing its share of the excess proceeds of the refinancing;
Proceeds from the completed financing activity were used primarily to repay outstanding secured and unsecured debt;
In September, the Company purchased $114.9 million of its 7.75 percent unsecured bonds scheduled to mature in 2019 paying 115.977 percent of the face amount of the notes, plus accrued and unpaid interest.
As a result of the successful execution of these highlighted financing activities, at quarter end, the Company's $2.5 billion of total debt had a weighted average interest rate of 4.48 percent, down from 4.79 percent at June 30. Additionally, at quarter end, the weighted average maturity of its indebtedness was 3.93 years, up from 3.38 years at June 30. As of September 30, 2016, the Company had a debt-to-undepreciated assets ratio of 42.4 percent and an interest coverage ratio of 3.3 times for the quarter ended September 30, 2016.
DIVIDENDS
In September, the Company's Board of Directors declared a cash dividend of $0.15 per common share (indicating an annual rate of $0.60 per common share) for the third quarter 2016, which was paid on October 14, 2016 to shareholders of records as of October 5, 2016.
GUIDANCE/OUTLOOK
Based on recent results the Company is updating its guidance on net income, FFO and Core FFO per diluted share for the full year 2016 and providing initial 2017 guidance, as follows:
Full Year Full Year
2016 Range 2017 Range
---------- ----------
Net income
available to
common
shareholders $1.18 - $1.20 $0.30 - $0.45
Add (deduct):
-------------
Real estate-
related
depreciation
and
amortization
on
continuing
operations 1.97 1.95
Gain on
change of
control of
interests (0.15) -
Realized
(gains)
losses and
unrealized
losses on
disposition
of rental
property,
net (0.68) -
Gain on sale
of
investment
in
unconsolidated
joint
ventures (0.06) -
--------------- ----- ---
Funds from
operations $2.26 - $2.28 $2.25 - $2.40
=========== ===== === ===== ===== === =====
Add:
----
Acquisition-
related
costs $0.03 -
Dead deal
costs 0.01 -
Deduct/Add:
-----------
Net real
estate tax
appeal
proceeds (0.01) -
Equity in
earnings
from joint
venture
refinancing
proceeds (0.22) -
Net (gain)
loss from
extinguishment
of debt 0.07 -
--------------- ---- ---
Core funds
from
operations $2.14 - $2.16 $2.25 - $2.40
=========== ===== === ===== ===== === =====
These estimates reflect management's view of current market conditions and certain assumptions with regard to rental rates, occupancy levels and other assumptions/projections. Actual results could differ from these estimates.
CONFERENCE CALL/SUPPLEMENTAL INFORMATION
An earnings conference call with management is scheduled for October 26, 2016 at 9:30 a.m. Eastern Time, which will be broadcast live via the Internet at:
http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=96021&eventID=5239346
The live conference call is also accessible by calling (719) 325-2444 and requesting the Mack-Cali conference call.
The conference call will be rebroadcast on Mack-Cali's website at https://www.mack-cali.com/investors/events-presentations/ beginning at 2:00 p.m. Eastern Time on October 26, 2016 through November 2, 2016.
A replay of the call will also be accessible during the same time period by calling (719) 457-0820 and using the pass code, 9056063.
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 2016 Form 10-Q:
https://www.mack-cali.com/media/975382/3rdquarter10q16.pdf
Third Quarter 2016 Supplemental Operating and Financial Data:
https://www.mack-cali.com/media/975385/3rdquartersp16.pdf
Third Quarter 2016 Supplemental Operating and Financial Data for Roseland Residential Platform:
https://www.mack-cali.com/media/975388/3rdquartersp16Roseland.pdf
In addition, these items are available upon request from:
Mack-Cali Investor Relations Department - Deidre Crockett
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey 07311
(732) 590-1025
INFORMATION ABOUT FFO
Funds from operations ("FFO") is defined as net income (loss) before noncontrolling interests of unitholders, computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from depreciable rental property transactions, and impairments related to depreciable rental property, plus real estate-related depreciation and amortization. The Company believes that FFO per share is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that as FFO per share excludes the effect of depreciation, gains (or losses) from sales of properties and impairments related to depreciable rental property (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO per share can facilitate comparison of operating performance between equity REITs.
FFO per share should not be considered as an alternative to net income available to common shareholders per share as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO per share presented herein is not necessarily comparable to FFO per share presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO per share is comparable to the FFO per share of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("NAREIT"). A reconciliation of net income per share to FFO per share is included in the financial tables accompanying this press release.
Core FFO is defined as FFO, as adjusted for certain items to facilitate comparative measurement of the Company's performance over time. Core FFO is presented solely as supplemental disclosure that the Company's management believes provides useful information to investors and analysts of its results, after adjusting for certain items to facilitate comparability of its performance from period to period. Core FFO is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flows provided by operating activities as determined in accordance with GAAP. As there is not a generally accepted definition established for Core FFO, the Company's measures of Core FFO may not be comparable to the Core FFO reported by other REITs. A reconciliation of net income per share to Core FFO in dollars and per share is included in the financial tables accompanying this press release.
ABOUT THE COMPANY
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and 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.
We consider portions of this report, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue" or comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Contact: Michael J. DeMarco Anthony Krug Deidre Crockett
President Chief Financial Officer Director of Investor
Relations
(732) 590-1589 (732) 590-1030 (732) 590-1025
Mack-Cali Realty Corporation
Consolidated Statements of Operations
(In thousands, except per share amounts) (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
REVENUES 2016 2015 2016 2015
-------- ---- ---- ---- ----
Base rents $129,523 $119,707 $380,133 $364,746
Escalations and recoveries from tenants 16,177 15,050 45,248 49,291
Real estate services 6,650 7,510 19,931 22,555
Parking income 3,443 2,749 10,131 8,141
Other income 1,724 1,142 4,224 3,707
------------ ----- ----- ----- -----
Total revenues 157,517 146,158 459,667 448,440
-------------- ------- ------- ------- -------
EXPENSES
--------
Real estate taxes 20,606 19,143 66,250 63,005
Utilities 14,127 13,172 38,658 44,146
Operating services 25,553 24,535 76,309 78,607
Real estate services expenses 6,361 6,673 19,418 19,520
General and administrative 14,007 13,670 39,011 36,558
Acquisition-related costs 815 - 2,854 111
Depreciation and amortization 48,117 44,099 134,639 127,266
Impairments - 164,176 - 164,176
----------- --- ------- --- -------
Total expenses 129,586 285,468 377,139 533,389
-------------- ------- ------- ------- -------
Operating income (loss) 27,931 (139,310) 82,528 (84,949)
OTHER (EXPENSE) INCOME
----------------------
Interest expense (24,233) (24,689) (72,158) (78,677)
Interest and other investment income (loss) 1,262 5 739 563
Equity in earnings (loss) of unconsolidated joint ventures 21,790 3,135 19,622 (2,723)
Gain on change of control of interests - - 15,347 -
Realized gains (losses) and unrealized losses on disposition of (17,053) 18,718 68,664 53,261
rental property, net
Gain on sale of investment in unconsolidated joint venture - - 5,670 6,448
Loss from extinguishment of debt, net (19,302) - (6,882) -
------------------------------------- ------- --- ------ ---
Total other income (expense) (37,536) (2,831) 31,002 (21,128)
--------------------------- ------- ------ ------ -------
Net income (loss) (9,605) (142,141) 113,530 (106,077)
Noncontrolling interest in consolidated joint ventures 65 (281) 460 582
Noncontrolling interest in Operating Partnership 999 15,530 (11,947) 11,461
------------------------------------------------ --- ------ ------- ------
Net income (loss) available to common shareholders $(8,541) $(126,892) $102,043 $(94,034)
================================================== ======= ========= ======== ========
Basic earnings per common share:
--------------------------------
Net income (loss) available to common shareholders $(0.10) $(1.42) $1.14 $(1.05)
================================================== ====== ====== ===== ======
Diluted earnings per common share:
----------------------------------
Net income (loss) available to common shareholders $(0.10) $(1.42) $1.13 $(1.05)
================================================== ====== ====== ===== ======
Basic weighted average shares outstanding 89,755 89,249 89,739 89,229
----------------------------------------- ------ ------ ------ ------
Diluted weighted average shares outstanding 100,253 100,172 100,486 100,236
------------------------------------------- ------- ------- ------- -------
Mack-Cali Realty Corporation
Statements of Funds from Operations
(in thousands, except per share/unit amounts) (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2016 2015 2016 2015
---- ---- ---- ----
Net income (loss) available to common shareholders $(8,541) $(126,892) $102,043 $(94,034)
Add (deduct): Noncontrolling interest in Operating Partnership (999) (15,530) 11,947 (11,461)
Real estate-related depreciation and amortization on continuing operations (a) 52,371 48,503 147,872 142,168
Impairments - 164,176 - 164,176
Gain on change of control of interests - - (15,347) -
Realized (gains) losses and unrealized losses on disposition of rental property, net 17,053 (18,718) (68,664) (53,261)
Gain on sale of investment in unconsolidated joint venture - - (5,670) (6,448)
---------------------------------------------------------- --- --- ------ ------
Funds from operations (b) $59,884 $51,539 $172,181 $141,140
======================== ======= ======= ======== ========
Diluted weighted average shares/units outstanding (c) 100,253 100,172 100,486 100,236
Funds from operations per share/unit-diluted $0.60 $0.51 $1.71 $1.41
Dividends declared per common share $0.15 $0.15 $0.45 $0.45
Dividend payout ratio:
Funds from operations-diluted 25.11% 29.15% 26.26% 31.96%
Supplemental Information:
Non-incremental revenue generating capital expenditures:
Building improvements $5,883 $5,631 $14,389 $20,193
Tenant improvements & leasing commissions (d) $8,208 $7,808 $35,017 $19,217
Tenant improvements & leasing commissions on space vacant for more than a year $20,456 $7,475 $50,387 $24,799
Straight-line rent adjustments (e) $4,378 $1,419 $11,331 $1,336
Amortization of (above)/below market lease intangibles, net (f) $1,043 $127 $1,488 $552
Non real estate depreciation and amortization $305 $236 $717 $722
Amortization of deferred financing costs $1,234 $945 $3,583 $2,846
(a) Includes the
Company's
share from
unconsolidated
joint
ventures of
$4,559 and
$4,845 for
the three
months ended
September 30,
2016 and
2015,
respectively,
and $13,948
and $15,828
for the nine
months ended
September 30,
2016 and
2015,
respectively.
Excludes
non-real
estate-
related
depreciation
and
amortization
of $305 and
$236 for the
three months
ended
September 30,
2016 and
2015,
respectively,
and $717 and
$722 for the
nine months
ended
September 30,
2016 and
2015,
respectively,
and
depreciation
expense
allocable to
the Company's
noncontrolling
interest in
consolidated
joint
ventures of
$80 and $151
for the three
months ended
September 30,
2016 and
2015,
respectively,
and $335 and
$453 for the
nine months
ended
September 30,
2016 and
2015,
respectively.
(b) Funds from
operations is
calculated in
accordance
with the
definition of
FFO of the
National
Association
of Real
Estate
Investment
Trusts
(NAREIT). See
"Information
About FFO" in
this release.
(c) Calculated
based on
weighted
average
common shares
outstanding,
assuming
redemption of
Operating
Partnership
common units
into common
shares
(10,498 and
10,923 shares
for the three
months ended
September 30,
2016 and
2015,
respectively,
and 10,502
and 11,008
shares for
the nine
months ended
September 30,
2016 and
2015,
respectively),
plus dilutive
Common Stock
Equivalents
(i.e. stock
options).
(d) Excludes
expenditures
for tenant
spaces that
have not been
owned for at
least a year.
(e) Includes the
Company's
share from
unconsolidated
joint
ventures of
$362 and $138
for the three
months ended
September 30,
2016 and
2015,
respectively,
and $511 and
$676 for the
nine months
ended
September 30,
2016 and
2015,
respetively.
(f) Includes the
Company's
share from
unconsolidated
joint
ventures of
$95 and $95
for the three
months ended
September 30,
2016 and
2015,
respectively,
and $285 and
$333 for the
nine months
ended
September 30,
2016 and
2015,
respetively.
Mack-Cali Realty Corporation
Statements of Funds from Operations (FFO) and Core FFO per Diluted Share
(amounts are per diluted share, except share counts in thousands) (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2016 2015 2016 2015
---- ---- ---- ----
Net income (loss) available to common shareholders $(0.10) $(1.42) $1.13 $(1.05)
Add (deduct): Real estate-related depreciation and amortization on 0.52 0.48 1.47 1.42
continuing operations (a)
Impairments - 1.64 - 1.64
Gain on change of control of interests - - (0.15) -
Realized (gains) losses and unrealized losses on disposition of rental 0.17 (0.19) (0.68) (0.53)
property, net
Gain on sale of investment in unconsolidated joint venture - - (0.06) (0.06)
Noncontrolling interest/rounding adjustment 0.01 - - (0.01)
------------------------------------------- ---- --- --- -----
Funds from operations (b) $0.60 $0.51 $1.71 $1.41
======================== ===== ===== ===== =====
Add/(Deduct):
-------------
Acquisition-related costs $0.01 - $0.03 -
Dead deal costs - - 0.01 -
Severance/separation costs - $0.02 - $0.02
Mark-to-market interest rate swap (0.01) - - -
Net real estate tax proceeds (0.01) (0.02) (0.01) (0.04)
Equity in earnings from joint venture refinancing proceeds (0.22) (0.04) (0.22) (0.04)
Loss from extinguishment of debt, net 0.19 - 0.07 -
Noncontrolling interest/rounding adjustment - 0.01 - -
------------------------------------------- --- ---- --- ---
Core FFO $0.56 $0.48 $1.59 $1.35
======== ===== ===== ===== =====
Diluted weighted average shares/units outstanding (c) 100,253 100,172 100,486 100,236
----------------------------------------------------- ------- ------- ------- -------
(a) Includes the
Company's
share from
unconsolidated
joint
ventures of
$0.05 and
$0.05 for the
three months
ended
September 30,
2016 and
2015,
respectively,
and $0.14 and
$0.16 for the
nine months
ended
September 30,
2016 and
2015,
respectively.
(b) Funds from
operations is
calculated in
accordance
with the
definition of
FFO of the
National
Association
of Real
Estate
Investment
Trusts
(NAREIT). See
"Information
About FFO" in
this release.
(c) Calculated
based on
weighted
average
common shares
outstanding,
assuming
redemption of
Operating
Partnership
common units
into common
shares
(10,498 and
10,923 shares
for the three
months ended
September 30,
2016 and
2015,
respectively,
and 10,502
and 11,008
shares for
the nine
months ended
September 30,
2016 and
2015,
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,
Assets 2016 2015
------ ---- ----
Rental property
Land and leasehold interests $667,095 $735,696
Buildings and improvements 3,821,332 3,648,238
Tenant improvements 361,301 408,617
Furniture, fixtures and equipment 19,622 15,167
--------------------------------- ------ ------
4,869,350 4,807,718
Less - accumulated depreciation and amortization (1,351,825) (1,464,482)
------------------------------------------------ ---------- ----------
3,517,525 3,343,236
Rental property held for sale, net 102,798 -
---------------------------------- ------- ---
Net investment in rental property 3,620,323 3,343,236
Cash and cash equivalents 21,555 37,077
Investments in unconsolidated joint ventures 319,807 303,457
Unbilled rents receivable, net 105,547 120,246
Deferred charges, goodwill and other assets, net 303,654 203,850
Restricted cash 54,784 35,343
Accounts receivable, net of allowance for doubtful accounts of $1,308 and $1,407 9,949 10,754
-------------------------------------------------------------------------------- ----- ------
Total assets $4,435,619 $4,053,963
------------ ---------- ----------
Liabilities and Equity
----------------------
Senior unsecured notes $951,275 $1,263,782
Unsecured term loan, net 347,830 -
Revolving credit facility 95,000 155,000
Mortgages, loans payable and other obligations, net 1,061,204 726,611
Dividends and distributions payable 15,233 15,582
Accounts payable, accrued expenses and other liabilities 185,326 135,057
Rents received in advance and security deposits 48,314 49,739
Accrued interest payable 17,613 24,484
------------------------ ------ ------
Total liabilities 2,721,795 2,370,255
----------------- --------- ---------
Commitments and contingencies
Equity:
Mack-Cali Realty Corporation stockholders' equity:
Common stock, $0.01 par value, 190,000,000 shares authorized,
89,647,337 and 89,583,950 shares outstanding 897 896
Additional paid-in capital 2,574,999 2,570,392
Dividends in excess of net earnings (1,053,910) (1,115,612)
Accumulated other comprehensive loss (6,739) -
------------------------------------ ------ ---
Total Mack-Cali Realty Corporation stockholders' equity 1,515,247 1,455,676
------------------------------------------------------- --------- ---------
Noncontrolling interests in subsidiaries:
Operating Partnership 177,440 170,891
Consolidated joint ventures 21,137 57,141
--------------------------- ------ ------
Total noncontrolling interests in subsidiaries 198,577 228,032
---------------------------------------------- ------- -------
Total equity 1,713,824 1,683,708
------------ --------- ---------
Total liabilities and equity $4,435,619 $4,053,963
============================ ========== ==========
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SOURCE Mack-Cali Realty Corporation
