Press Release

Mack-Cali Realty Corporation Reports Third Quarter 2018 Results

Company Release - 10/31/2018 7:21 PM ET

JERSEY CITY, N.J., Oct. 31, 2018 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the third quarter 2018.

Mack-Cali Realty Corporation logo (PRNewsFoto/Mack-Cali Realty Corporation) (PRNewsfoto/Mack-Cali Realty Corporation)

THIRD QUARTER 2018 HIGHLIGHTS

  • Reported net income (loss) of $(0.05) per diluted share for the quarter;

  • Achieved Core Funds from Operations per diluted share of $0.43 for the quarter and $1.38 for the nine months 2018;

  • Leased 833,840 sq. ft. of office space (389,042 sq. ft. on the Waterfront);

  • Grew Core portfolio office rental rates by 9.9% on a cash basis and 30.9% on a GAAP basis;

  • Leases signed in the third quarter in our Core Office portfolio (excluding Flex) had cash starting rents of $34.93 per square foot;

  • Core office portfolio was 84.2% leased and the Class A Suburban Portfolio was 94.8%, Flex was 93.3%, Suburban 84.3% and Waterfront 73.2% leased at September 30, 2018;

  • Completed the sales of three (non-core) office buildings for an aggregate sales price of approximately $32 million;

  • Major waterfront office leases signed:
    A 132,000 sq. ft. office lease renewal at Harborside 2, including 26,000 sq. ft. of expansion space with E-Trade;
    A 111,000 sq. ft. office lease renewal at Harborside 2, including 36,000 sq. ft. of expansion space with Sumitomo; and
    An 80,000 sq. ft. office lease renewal at 101 Hudson St., including 32,000 sq. ft. of expansion space with First Data;

  • Roseland's multifamily stabilized portfolio was 96.4% leased at September 30, 2018;

  • Roseland's 1,212 unit lease-up portfolio, all from 2018 deliveries, was 74.4% leased at October 29, 2018; in July, the Company commenced leasing activities at RiverHouse 11, a 295-unit project in our Port Imperial master-planned community; the property experienced unprecedented velocity having achieved stabilization and is currently 95.6% leased;

  • Roseland commenced construction on two residential developments, Building 9 at Port Imperial, a 313-unit project adjacent to the successful RiverHouse 11 and Chase III, a 326-unit project representing the next phase of the Overlook Ridge master planned community and adjacent to 1,386 stabilized Roseland apartments;

  • Roseland acquired Prudential's membership interest in Marbella, thereby converting its subordinate interest into a controlling interest for approximately $65.6 million. The acquisition closed on August 2nd; and

  • Declared $0.20 per share quarterly common stock dividend.

"We had an excellent quarter on all fronts but especially waterfront leasing. The team signed over 830,000 square feet with over 46 percent of that leased at the Waterfront," commented Michael J. DeMarco, Chief Executive Officer. "The substantial capital improvements that have been completed are getting tenants to our projects and we are pleased to see conversion coming from the consistent rise in traffic that has been building throughout the year. In our residential portfolio, the leasing pace is brisk, with strong interest represented by quarter end occupancy of 96 percent. The fourth quarter is looking excellent.  We expect 2018 to be a solid year."

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, 2018 amounted to $(1.5) million, or $(0.05) per share, as compared to $38.1 million, or $0.39 per share, for the quarter ended September 30, 2017. For the nine months ended September 30, 2018, net income to common shareholders equaled $40.3 million, or $0.35 per share, as compared to $20.6 million, or $0.06 per share, for the same period last year.

Funds from operations (FFO) for the quarter ended September 30, 2018 amounted to $42.7 million, or $0.42 per share, as compared to $57.8 million, or $0.57 per share, for the quarter ended September 30, 2017. For the nine months ended September 30, 2018, FFO equaled $121.4 million, or $1.21 per share, as compared to $174.1 million, or $1.73 per share, for the same period last year.

For the third quarter 2018, Core FFO was $0.43 per share, as compared to $0.57 for the same period last year.

OPERATING HIGHLIGHTS

Office
Mack-Cali's consolidated Core office properties were 84.2 percent leased at September 30, 2018, as compared to 83.2 percent leased at June 30, 2018.

Third quarter 2018 same store GAAP revenues for the office portfolio declined by 9.3 percent while same store GAAP NOI fell by 13.3 percent. Third quarter 2018 same store cash revenues for the office portfolio declined by 4.8 percent while same store cash NOI fell by 6.5 percent.  Same store cash revenues and same store cash NOI excludes straight-line rent and FAS 141 adjustments.

For the quarter ended September 30, 2018, the Company executed 52 leases at its consolidated in-service commercial portfolio totaling 833,840 square feet. Of these totals, 15 leases for 189,342 square feet (23 percent) were for new leases and 37 leases for 644,498 square feet (77 percent) were lease renewals and other tenant retention transactions.

Of the 389,000 square feet of Waterfront leases signed in the quarter, 94,000 square feet represent expansions associated with early renewals, 249,000 square feet represents early renewals of existing tenants, 43,000 square feet represent new deals, and 3,000 square feet represent expansions of existing space.

Rental rate roll up for the Core portfolio for third quarter 2018 transactions was 9.9 percent on a cash basis and 30.9 percent on a GAAP basis. Rental rate roll up in third quarter 2018 for new transactions was 6.5 percent on a cash basis and 20.9 percent on a GAAP basis; and for renewals and other tenant retention transactions was 10.6 percent on a cash basis and 33.6 percent on a GAAP basis.  Same store cash revenues and same store cash NOI excludes straight-line rent and FAS 141 adjustments.

The Company completed the sales of three office buildings in two transactions during the third quarter of 2018 at a weighted average cash cap rate of 7.8 percent. 600 Horizon Drive, a 95,000 square-foot single tenant building in Hamilton, New Jersey, was sold for a gross price of $15.8 million. 1 & 3 Barker, two buildings in White Plains, New York, totaling 133,300 square feet, was sold for a gross price of $15.9 million.

Multifamily
Roseland's stabilized operating portfolio was 96.4 percent leased at September 30, 2018. Same store net operating income increased by 1.2 percent for the third quarter. With the 2018 delivery of 1,212 units coupled with its construction portfolio of over 1,794 units and keys, we envision continued growth in the Company's residential portfolio and cash flow contribution.  The lease-up portfolio is currently 74.4 percent leased.

BALANCE SHEET/CAPITAL MARKETS

As of September 30, 2018, the Company had a debt-to-undepreciated assets ratio of 45.8 percent compared to 44.6 percent at June 30, 2018 and 46.2 percent at September 30, 2017. Net debt to adjusted EBITDA for the quarter ended September 30, 2018 was 10.0x compared to 9.7x for the quarter ended June 30, 2018.  The Company's interest coverage ratio was 3.3x for the quarter ended September 30, 2018, compared to 3.4x for the quarter ended September 30, 2017.

DIVIDEND

In September 2018, the Company's Board of Directors declared a quarterly cash dividend of $0.20 per common share (indicating an annual rate of $0.80 per common share) for the third quarter 2018, which was paid on October 12, 2018 to shareholders of record as of October 2, 2018. The Company's Core FFO dividend payout ratio for the quarter was 46.5 percent.

GUIDANCE/OUTLOOK

The Company's projected net income and Core FFO per diluted share guidance for full year 2018 is as follows:



Full Year


2018 Range

Net income available to common shareholders

$

0.27

-

$

0.31

Add (deduct):


Real estate-related depreciation and amortization on continuing operations



1.80



Redemption value adjustment to redeemable noncontrolling interests



0.07



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



(0.50)



Loss from extinguishment of debt, net



0.10



Severance/separation costs on management restructuring



0.07



Core FFO

$

1.81

-

$

1.85



2018 Guidance Assumptions

($ in millions)


Revised

Assumptions:

Low


High

Office Occupancy (year-end % leased)

84%


86%

Office Same Store GAAP NOI Growth

(16)%


(13)%

Office Same Store Cash NOI Growth

(14)%


(11)%

Multifamily Same Store NOI Growth

0%


2%

Straight-Line Rent Adjustment

$5


$8

FAS 141 Mark-to-Market Rent Adjustment

$5


$6

Dispositions

$300


$375

Base Building Capex

$6


$10

Leasing Capex

$60


$75

G&A (Net of Severance Costs)

$46


$48

Interest Expense

$82


$84

 

This guidance reflects 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 November 1, 2018 at 10:00 a.m. Eastern Time, which will be broadcast live via the Internet at:
https://edge.media-server.com/m6/p/rttkrycp

The live conference call is also accessible by calling (323) 994-2082 and requesting the Mack-Cali conference call.

The conference call will be rebroadcast on Mack-Cali's website at http://investors.mack-cali.com/corporate-profile beginning at 12:00 p.m. Eastern Time on November 1, 2018.

A replay of the call will also be accessible November 1, 2018 through November 7, 2018 by calling (719) 457-0820 and using the pass code, 6066630.

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 2018 Form 10-Q:
http://investors.mack-cali.com/sec-filings

Third Quarter 2018 Supplemental Operating and Financial Data:
http://investors.mack-cali.com/quarterly-supplementals

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 (including both acquisitions and dispositions), 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 property transactions 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

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

A fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.

For more information on Mack-Cali Realty Corporation and its properties, visit 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.

 


Contacts:

Michael J. DeMarco

David Smetana

Deidre Crockett


Mack-Cali Realty Corporation

Mack-Cali Realty Corporation

Mack-Cali Realty Corporation


Chief Executive Officer

Chief Financial Officer

Senior Vice President, Corporate Communications


(732) 590-1589

(732) 590-1035

and Investor Relations


mdemarco@mack-cali.com

dsmetana@mack-cali.com

(732) 590-1025




investorrelations@mack-cali.com

 

 

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


2018



2017



2018



2017

Base rents

$

107,239


$

128,643


$

323,725


$

382,915

Escalations and recoveries from tenants


12,656



16,385



35,748



47,455

Real estate services


4,432



5,748



13,167



17,980

Parking income


5,499



5,766



16,583



15,047

Other income


2,288



3,476



8,447



9,274

    Total revenues


132,114



160,018



397,670



472,671













EXPENSES












Real estate taxes


15,680



21,300



52,007



63,609

Utilities


9,990



11,480



30,049



33,251

Operating services


27,107



26,312



75,664



80,495

Real estate services expenses


4,400



6,207



13,696



18,376

General and administrative


11,620



13,140



41,160



37,223

Depreciation and amortization


45,813



52,375



128,523



157,768

    Total expenses


114,610



130,814



341,099



390,722

Operating income


17,504



29,204



56,571



81,949













OTHER (EXPENSE) INCOME












Interest expense


(21,094)



(25,634)



(60,168)



(70,898)

Interest and other investment income (loss)


851



762



2,620



1,358

Equity in earnings (loss) of unconsolidated joint ventures


(687)



(1,533)



833



(4,882)

Gain on change of control of interests


14,217



-



14,217



-

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


(9,102)



31,336



50,094



(2,112)

Gain on sale of investment in unconsolidated joint venture


-



10,568



-



23,131

Loss from extinguishment of debt, net


-



-



(10,289)



(239)

    Total other income (expense)


(15,815)



15,499



(2,693)



(53,642)

Net income


1,689



44,703



53,878



28,307

Noncontrolling interest in consolidated joint ventures


451



447



576



865

Noncontrolling interest in Operating Partnership


167



(4,413)



(4,574)



(2,412)

Redeemable noncontrolling interest


(3,785)



(2,683)



(9,573)



(6,157)

Net income (loss) available to common shareholders

$

(1,478)


$

38,054


$

40,307


$

20,603













Basic earnings per common share:












Net income (loss) available to common shareholders

$

(0.05)


$

0.39


$

0.35


$

0.06













Diluted earnings per common share:












Net income (loss) available to common shareholders

$

(0.05)


$

0.39


$

0.35


$

0.06













Basic weighted average shares outstanding


90,468



90,023



90,355



89,997













Diluted weighted average shares outstanding


100,712



100,727



100,684



100,701

 

 

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,



2018




2017




2018




2017


Net income (loss) available to common shareholders

$

(1,478)



$

38,054



$

40,307



$

20,603


Add (deduct): Noncontrolling interest in Operating Partnership


(167)




4,413




4,574




2,412


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


49,433




57,231




140,816




172,144


Gain on change of control of interests


(14,217)




-




(14,217)




-


Gain on sale of investment in unconsolidated joint venture


-




(10,568)




-




(23,131)


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


9,102




(31,336)




(50,094)




2,112


Funds from operations (b)

$

42,673



$

57,794



$

121,386



$

174,140


















Add/(Deduct):
















Loss from extinguishment of debt, net


-




-




10,289




239


Severance/separation costs on management restructuring


640




-




7,487




-


Core FFO

$

43,313



$

57,794



$

139,162



$

174,379


















Diluted weighted average shares/units outstanding (c)


100,712




100,727




100,684




100,701


















Funds from operations per share/unit-diluted

$

0.42



$

0.57



$

1.21



$

1.73


















Core funds from operations per share/unit diluted

$

0.43



$

0.57



$

1.38



$

1.73


















Dividends declared per common share

$

0.20



$

0.20



$

0.60



$

0.55


















Dividend payout ratio:
















     Core Funds from operations-diluted


46.50

%



34.86

%



43.41

%



31.76

%

















Supplemental Information:
















Non-incremental revenue generating capital expenditures:
















     Building improvements

$

2,208



$

1,664



$

4,597



$

9,936


     Tenant improvements & leasing commissions (d)

$

4,467



$

5,110



$

26,874



$

17,225


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

$

7,782



$

6,667



$

22,328



$

18,783


Straight-line rent adjustments (e)

$

1,901



$

6,360



$

4,394



$

12,613


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

$

892



$

2,254



$

4,335



$

6,018


Amortization of stock compensation

$

1,897



$

2,291



$

5,337



$

5,626


Amortization of lease inducements

$

214



$

535



$

766



$

1,259


Non real estate depreciation and amortization

$

535



$

505



$

1,582



$

1,231


Amortization of deferred financing costs

$

1,302



$

1,184



$

3,543



$

3,462




















(a)

Includes the Company's share from unconsolidated joint ventures of $4,155 and $5,362 for the three months ended September 30, 2018 and 2017, respectively, and $13,873 and $15,607 for the nine months ended September 30, 2018 and 2017, respectively. Excludes non-real estate-related depreciation and amortization of $535 and $505 for the three months ended September 30, 2018 and 2017, respectively, and $1,582 and $1,231 for the nine months ended September 30, 2018 and 2017, 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 (10,189 and 10,439 shares for the three months ended September 30, 2018 and 2017, respectively, and 10,214 and 10,394 for the nine months ended September 30, 2018 and 2017, 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 free rent of $3,643 and $8,748 for the three months ended September 30, 2018 and 2017, respectively, and $12,117 and $21,874 for the nine months ended September 30, 2018 and 2017, respectively.  Also, includes the Company's share from unconsolidated joint ventures of $(96) and $673 for the three months ended September 30, 2018 and 2017, respectively, and $(790) and $968 for the nine months ended September 30, 2018 and 2017, respectively.

(f)

Includes the Company's share from unconsolidated joint ventures of $0 and $81 for the three months ended September 30, 2018 and 2017, respectively, and $107 and $256 for the nine months ended September 30, 2018 and 2017, respectively.


 

 

Mack-Cali Realty Corporation

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

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



Three Months Ended


Nine Months Ended


September 30,


September 30,



2018



2017



2018



2017

Net income (loss) available to common shareholders

$

(0.05)


$

0.39


$

0.35


$

0.06

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


0.49



0.57



1.40



1.71

Redemption value adjustment to redeemable noncontrolling interests


0.03



0.03



0.10



0.17

Gain on change of control of interests


(0.14)



-



(0.14)



-

Gain on sale of investment in unconsolidated joint venture


-



(0.10)



-



(0.23)

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


0.09



(0.31)



(0.50)



0.02

Noncontrolling interest/rounding adjustment


-



(0.01)



-



-

Funds from operations (b)

$

0.42


$

0.57


$

1.21


$

1.73













Add/(Deduct):












Loss from extinguishment of debt, net


-



-



0.10



-

Severance/separation costs on management restructuring


0.01



-



0.07



-

Core FFO

$

0.43


$

0.57


$

1.38


$

1.73













Diluted weighted average shares/units outstanding (c)


100,712



100,727



100,684



100,701



(a)

Includes the Company's share from unconsolidated joint ventures of $0.05 and $0.06 for the three months ended September 30, 2018 and 2017, respectively, and $0.15 and $0.16 for the nine months ended September 30, 2018 and 2017, 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 (10,189 and 10,439 shares for the three months ended September 30, 2018 and 2017, respectively, and 10,214 and 10,394 for the nine months ended September 30, 2018 and 2017, 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


2018



2017

Rental property






  Land and leasehold interests

$

820,953


$

786,789

  Buildings and improvements


4,144,911



3,955,122

  Tenant improvements


333,304



330,686

  Furniture, fixtures and equipment


41,059



30,247



5,340,227



5,102,844

Less – accumulated depreciation and amortization


(1,086,215)



(1,087,083)



4,254,012



4,015,761

Rental property held for sale, net


83,152



171,578

Net investment in rental property


4,337,164



4,187,339

Cash and cash equivalents


10,823



28,180

Restricted cash


20,119



39,792

Investments in unconsolidated joint ventures


230,614



252,626

Unbilled rents receivable, net


99,320



100,842

Deferred charges, goodwill and other assets, net


340,957



342,320

Accounts receivable, net of allowance for doubtful accounts of $537 and $1,138


7,197



6,786







Total assets

$

5,046,194


$

4,957,885







Liabilities and Equity






Senior unsecured notes, net

$

570,022


$

569,145

Unsecured revolving credit facility and term loans


870,313



822,288

Mortgages, loans payable and other obligations, net


1,367,383



1,418,135

Dividends and distributions payable


21,691



21,158

Accounts payable, accrued expenses and other liabilities


179,487



192,716

Rents received in advance and security deposits


38,840



43,993

Accrued interest payable


14,377



9,519

   Total liabilities


3,062,113



3,076,954

Commitments and contingencies












Redeemable noncontrolling interests


307,415



212,208







Equity:






Mack-Cali Realty Corporation stockholders' equity:






Common stock, $0.01 par value, 190,000,000 shares authorized,






90,307,280 and 89,914,113 shares outstanding


903



899

Additional paid-in capital


2,563,165



2,565,136

Dividends in excess of net earnings


(1,110,258)



(1,096,429)

Accumulated other comprehensive income (loss)


13,234



6,689

   Total Mack-Cali Realty Corporation stockholders' equity


1,467,044



1,476,295







Noncontrolling interests in subsidiaries:






Operating Partnership


166,379



171,395

Consolidated joint ventures


43,243



21,033

Total noncontrolling interests in subsidiaries


209,622



192,428







Total equity


1,676,666



1,668,723







Total liabilities and equity

$

5,046,194


$

4,957,885

 

 

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SOURCE Mack-Cali Realty Corporation