EDISON, N.J., April 27, 2016 /PRNewswire/ -- Mack-Cali Realty
Corporation (NYSE: CLI) today reported its results for the first
quarter 2016.
Recent highlights include:
- Core FFO per diluted share of
$0.49; and Funds from operations
(FFO) of $0.48 for the
quarter;
- Revised FFO per share guidance of $2.04 to $2.10 for full year 2016;
- FFO per share guidance of $0.52
to $0.54 for the second quarter 2016;
- Net income of $0.69 per
diluted share;
- 87.2% leased at quarter end; 1% higher than fourth
quarter 2015 and a 2.9% improvement over first quarter
2015;
- 1.1 Million square feet leased in first quarter; a 48%
increase over prior year;
- Increased rental rates by 18.4% on a GAAP basis and 9.5%
on a cash basis;
- Acquired remaining 50% interest in a 371-unit
multi-family property in Malden,
Massachusetts;
- Sold or signed contracts to sell four properties
for $370 million; and
- Declared $0.15 per share
quarterly common stock dividend.
Michael J. DeMarco,
president, commented "Regarding dispositions we are ahead of
schedule and achieving planned results regarding our outlined
non-core asset sales of $750 million.
To date, we have closed on $300
million, $65 million closing
in 30 days, with another $70 million
under contract. For acquisitions, we have agreed to purchase 111
River Street in Hoboken and 101
Wood Avenue South in Metropark for a combined $317 million which falls in line with our goal of
acquiring exceptional class A, Hudson River Waterfront and transit
based assets. We have achieved great things here at
Mack-Cali in just under a year at
the helm. We expect that we will arrive at all our goals in
the foreseeable future."
FINANCIAL HIGHLIGHTS
* All per share amounts presented below are on a diluted
basis.
For the first quarter 2016, Core FFO was $0.49 per share after adjusting for a
$913,000 valuation charge at quarter
end for mark-to-market of unhedged interest rate swaps, as compared
to $0.43 per share for the quarter
ended March 31, 2015. The quarter's
Core FFO per share of $0.49 grew 13.9
percent from the same quarter last year primarily due to increased
base rents and lower net property expenses.
Funds from operations (FFO) for the quarter ended
March 31, 2016 totaled $48.2 million, or $0.48 per share, as compared to $43.1 million, or $0.43 per share, for the quarter ended
March 31, 2015.
Net income (loss) available to common shareholders for the
quarter ended March 31, 2016 amounted
to $62.2 million, or $0.69 per share, as compared to $(2.5) million, or $(0.03) per share, for the quarter ended March
31, 2015. Included in net income for the quarter ended
March 31, 2016 was $61.5 million of net gains from property-related
transactions (net of noncontrolling interests in Operating
Partnership of $7.2
million).
OPERATING HIGHLIGHTS
Mack-Cali's consolidated
commercial in-service portfolio was 87.2 percent leased at
March 31, 2016, as compared to 86.2
percent leased at December 31, 2015.
The increase in percentage leased is primarily due to positive
absorption through leasing activity of 0.8 percent and 0.2 percent
as a result of sold properties.
For the quarter ended March 31,
2016, the Company executed 82 leases at its consolidated
in-service commercial portfolio totaling 1,124,140 square feet. Of
these totals, 385,658 square feet were for new leases and 738,482
square feet were for lease renewals and other tenant retention
transactions. Lease transactions included 349,423 square feet
in Core properties, 551,674 square feet in Waterfront properties,
155,662 square feet in Flex properties and 67,381 square feet in
Non-Core properties. Lease spreads on a GAAP basis were 9.7
percent for new leases and 18.9 percent for renewed or retained
leases.
Mitchell E. Rudin, chief
executive officer, commented "Looking at the markets, the activity
in the Waterfront, Metropark, and Parsippany markets continues to be very
strong. On the Waterfront, in addition to the transactions that we
have signed, we have almost 1.3 million square feet of leases out
or are in active discussions. Jersey
City is on a roll and is on its way to becoming New Jersey's largest city and is one of the
best mid-sized cities in the US. Not a week goes by without a
favorable news piece on why Jersey
City is the new hotspot for people to live, work, and
play. We are certainly benefiting from this positive change
in perception."
RECENT TRANSACTIONS
On January 5, 2016, the
Company, which held a 50 percent subordinated interest in the
unconsolidated Overlook Ridge Apartment Investors LLC, 371-unit
multi-family operating property located in Malden, Massachusetts, acquired the remaining
interest for $39.8 million in cash
plus the assumption of a first mortgage loan secured by the
property with a principal balance of $52.7
million. The cash portion of the acquisition was
funded primarily through borrowings under the Company's unsecured
revolving credit facility.
In March, the Company sold its 169,549 square-foot
commercial office property located at 1201 Connecticut Avenue, NW
in Washington D.C. for
approximately $93 million and
realized a gain of approximately $58.8
million on this transaction. Additionally in March, the
Company sold its 67,401 square-foot commercial office property
located at 2 Independence Way in Princeton, New Jersey for approximately
$4.4 million and realized a loss of
approximately $0.2 million on this
transaction.
The Company recently announced that it reached an
agreement to sell its remaining asset in Washington, D.C. at 1400 L Street for
approximately $70.5 million, and on
April 26, 2016, it completed the sale
of 125 Broad Street, for approximately $202
million, exiting the New York
City market. The Company expects to complete the 1400 L
Street sale by May 2016.
BALANCE SHEET/CAPITAL MARKETS
In January 2016, the Company
obtained a new $350 million unsecured
term loan, which matures in January
2019 with two one-year extension options. The interest rate
for the new term loan is currently 140 basis points over LIBOR,
subject to adjustment on a sliding scale based on the Company's
unsecured debt ratings, or at the Company's option, a defined
leverage ratio. Mack-Cali entered
into interest rate swap arrangements to fix LIBOR for the duration
of the term loan. Including costs, the loan provides for a current
all-in fixed rate of 3.13 percent. There is no premium or penalty
associated with full or partial prepayment of the term
loan.
Proceeds from the unsecured term loan were used primarily
to repay outstanding borrowings on its $600
million unsecured revolving credit facility, and to repay
the Company's $200 million, 5.8
percent senior unsecured notes that matured on January 15, 2016.
As of March 31, 2016, the
Company had total indebtedness of approximately $2.3 billion, with a weighted average annual
interest rate of approximately 4.95 percent and a
debt-to-undepreciated assets ratio of 40.4 percent. The Company had
an interest coverage ratio of 2.9 times for the quarter ended
March 31, 2016.
DIVIDENDS
In March, 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 first quarter 2016, which was paid on
April 15, 2016 to shareholders of
records as of April 5,
2016.
GUIDANCE/OUTLOOK
The Company expressed comfort with net income and FFO per
diluted share for the full year 2016, as follows:
|
Full
Year
|
|
2016
Range
|
Net income available
to common shareholders
|
$
|
0.82
|
-
|
$
|
0.88
|
Add: Real
estate-related depreciation and amortization on continuing
operations
|
1.90
|
Deduct: Gain on
change of control of interests
|
(0.10)
|
Realized (gains)
losses and unrealized losses on disposition of rental property,
net
|
(0.58)
|
Funds from
operations
|
$
|
2.04
|
-
|
$
|
2.10
|
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
April 28, 2016 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=5224168
The live conference call is also accessible by calling (719)
457-1035 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
April 28, 2016 through
May 5, 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
5538104.
Copies of Mack-Cali's Form 10-Q
and Supplemental Operating and Financial Data are available on
Mack‑Cali's website, as follows:
First Quarter 2016 Form 10-Q:
https://www.mack-cali.com/media/913089/1stquarter10q16.pdf
First Quarter 2016 Supplemental Operating and Financial
Data:
https://www.mack-cali.com/media/913093/1stquartersp16.pdf
First Quarter 2016 Supplemental Operating and Financial Data for
Roseland Residential Platform:
https://www.mack-cali.com/media/913096/1stquartersp16Roseland.pdf
In addition, these items are available upon request from:
Mack-Cali Investor Relations Department - Deidre Crockett
343 Thornall Street, Edison, New
Jersey 08837-2206
(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
|
|
March
31,
|
REVENUES
|
|
2016
|
|
|
2015
|
Base rents
|
$
|
126,387
|
|
$
|
123,793
|
Escalations and
recoveries from tenants
|
|
14,961
|
|
|
18,399
|
Real estate
services
|
|
6,812
|
|
|
7,644
|
Parking
income
|
|
3,156
|
|
|
2,542
|
Other
income
|
|
1,607
|
|
|
1,337
|
Total revenues
|
|
152,923
|
|
|
153,715
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
Real estate
taxes
|
|
23,226
|
|
|
22,452
|
Utilities
|
|
13,578
|
|
|
17,575
|
Operating
services
|
|
26,732
|
|
|
28,228
|
Real estate services
expenses
|
|
6,846
|
|
|
6,639
|
General and
administrative
|
|
12,249
|
|
|
11,011
|
Depreciation and
amortization
|
|
43,063
|
|
|
40,802
|
Total expenses
|
|
125,694
|
|
|
126,707
|
Operating income
(loss)
|
|
27,229
|
|
|
27,008
|
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
|
Interest
expense
|
|
(24,993)
|
|
|
(27,215)
|
Interest and other
investment income (loss)
|
|
(669)
|
|
|
267
|
Equity in earnings
(loss) of unconsolidated joint ventures
|
|
(1,554)
|
|
|
(3,529)
|
Gain on change of
control of interests
|
|
10,156
|
|
|
-
|
Realized gains
(losses) on disposition of rental property, net
|
|
58,600
|
|
|
144
|
Total other (expense) income
|
|
41,540
|
|
|
(30,333)
|
Net income
(loss)
|
|
68,769
|
|
|
(3,325)
|
Noncontrolling
interest in consolidated joint ventures
|
|
706
|
|
|
490
|
Noncontrolling
interest in Operating Partnership
|
|
(7,284)
|
|
|
314
|
Net income (loss)
available to common shareholders
|
$
|
62,191
|
|
$
|
(2,521)
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
Net income (loss)
available to common shareholders
|
$
|
0.69
|
|
$
|
(0.03)
|
|
|
|
|
|
|
Diluted earnings
per common share:
|
|
|
|
|
|
Net income (loss)
available to common shareholders
|
$
|
0.69
|
|
$
|
(0.03)
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
|
89,721
|
|
|
89,192
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
100,315
|
|
|
100,266
|
Mack-Cali Realty
Corporation
|
Statements of
Funds from Operations
|
(in thousands,
except per share/unit amounts) (unaudited)
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
|
2016
|
|
|
|
2015
|
|
Net income (loss)
available to common shareholders
|
$
|
62,191
|
|
|
$
|
(2,521)
|
|
Add (deduct):
Noncontrolling interest in Operating Partnership
|
|
7,284
|
|
|
|
(314)
|
|
Real estate-related
depreciation and amortization on continuing operations
(a)
|
|
47,459
|
|
|
|
46,031
|
|
Gain on change of
control of interests
|
|
(10,156)
|
|
|
|
-
|
|
Deduct: Realized
(gains) losses and unrealized losses on disposition of rental
property, net
|
|
(58,600)
|
|
|
|
(144)
|
|
Funds from
operations available to common shareholders (b)
|
$
|
48,178
|
|
|
$
|
43,052
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares/units outstanding (c)
|
|
100,315
|
|
|
|
100,266
|
|
|
|
|
|
|
|
|
|
Funds from operations
per share/unit-diluted
|
$
|
0.48
|
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
Dividend payout
ratio:
|
|
|
|
|
|
|
|
Funds from
operations-diluted
|
|
31.23
|
%
|
|
|
34.93
|
%
|
|
|
|
|
|
|
|
|
Supplemental
Information:
|
|
|
|
|
|
|
|
Non-incremental
revenue generating capital expenditures:
|
|
|
|
|
|
|
|
Building
improvements
|
$
|
4,368
|
|
|
$
|
6,799
|
|
Tenant improvements &
leasing commissions (d)
|
$
|
10,538
|
|
|
$
|
5,221
|
|
Tenant improvements
& leasing commissions on space vacant for more than a
year
|
$
|
16,461
|
|
|
$
|
7,139
|
|
Straight-line rent
adjustments (e)
|
$
|
2,361
|
|
|
$
|
(139)
|
|
Amortization of
(above)/below market lease intangibles, net (f)
|
$
|
169
|
|
|
$
|
231
|
|
Non real estate
depreciation and amortization
|
$
|
225
|
|
|
$
|
243
|
|
Amortization of
deferred financing costs
|
$
|
1,169
|
|
|
$
|
953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes the
Company's share from unconsolidated joint ventures of $4,621 and
$5,471 for the three months ended March 31, 2016 and 2015,
respectively. Excludes non-real estate-related depreciation and
amortization of $225 and $243 for the three months ended March 31,
2016 and 2015, respectively, and depreciation expense allocable to
the Company's noncontrolling interest in consolidated joint
ventures of $151 and $151 for the three months ended March 31, 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 (10,509 and
11,074 shares for the three months ended March 31, 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 $169 and $177
for the three months ended March 31, 2016 and 2015,
respectively.
|
(f)
|
Includes the
Company's share from unconsolidated joint ventures of $95 and $124
for the three months ended March 31, 2016 and 2015,
respectively.
|
Mack-Cali Realty
Corporation
|
Statements of
Funds from Operations per Diluted Share
|
(amounts are per
diluted share, except share counts in thousands)
(unaudited)
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
|
2016
|
|
|
2015
|
Net income (loss)
available to common shareholders
|
$
|
0.69
|
|
$
|
(0.03)
|
Add: Real
estate-related depreciation and amortization on continuing
operations (a)
|
|
0.47
|
|
|
0.46
|
Deduct: Gain on
change of control of interests
|
|
(0.10)
|
|
|
-
|
Realized (gains)
losses and unrealized losses on disposition of rental property,
net
|
|
(0.58)
|
|
|
-
|
Funds from
operations (b)
|
$
|
0.48
|
|
$
|
0.43
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
Mark-to-market
interest rate swap
|
|
0.01
|
|
|
-
|
Core
FFO
|
$
|
0.49
|
|
$
|
0.43
|
|
|
|
|
|
|
Diluted weighted
average shares/units outstanding (c)
|
|
100,315
|
|
|
100,266
|
|
|
|
|
(a)
|
Includes the
Company's share from unconsolidated joint ventures of $0.05 and
$0.05 for the three months ended March 31, 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 (10,509 and
11,074 shares for the three months ended March 31, 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)
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
Assets
|
|
2016
|
|
|
2015
|
Rental
property
|
|
|
|
|
|
Land and
leasehold interests
|
$
|
684,960
|
|
$
|
735,696
|
Buildings and
improvements
|
|
3,557,813
|
|
|
3,648,238
|
Tenant
improvements
|
|
353,842
|
|
|
408,617
|
Furniture,
fixtures and equipment
|
|
16,576
|
|
|
15,167
|
|
|
4,613,191
|
|
|
4,807,718
|
Less – accumulated
depreciation and amortization
|
|
(1,382,962)
|
|
|
(1,464,482)
|
|
|
3,230,229
|
|
|
3,343,236
|
Rental property held
for sale, net
|
|
200,044
|
|
|
-
|
Net investment in
rental property
|
|
3,430,273
|
|
|
3,343,236
|
Cash and cash
equivalents
|
|
116,421
|
|
|
37,077
|
Investments in
unconsolidated joint ventures
|
|
303,647
|
|
|
303,457
|
Unbilled rents
receivable, net
|
|
120,035
|
|
|
120,246
|
Deferred charges,
goodwill and other assets, net
|
|
220,997
|
|
|
203,850
|
Restricted
cash
|
|
27,566
|
|
|
35,343
|
Accounts receivable,
net of allowance for doubtful accounts of $602 and
$1,407
|
|
9,511
|
|
|
10,754
|
|
|
|
|
|
|
Total
assets
|
$
|
4,228,450
|
|
$
|
4,053,963
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Senior unsecured
notes, net
|
$
|
1,064,363
|
|
$
|
1,263,782
|
Unsecured term loan,
net
|
|
347,351
|
|
|
-
|
Revolving credit
facility
|
|
90,000
|
|
|
155,000
|
Mortgages, loans
payable and other obligations, net
|
|
767,573
|
|
|
726,611
|
Dividends and
distributions payable
|
|
15,047
|
|
|
15,582
|
Accounts payable,
accrued expenses and other liabilities
|
|
137,030
|
|
|
135,057
|
Rents received in
advance and security deposits
|
|
50,109
|
|
|
49,739
|
Accrued interest
payable
|
|
23,994
|
|
|
24,484
|
Total
liabilities
|
|
2,495,467
|
|
|
2,370,255
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Mack-Cali Realty
Corporation stockholders' equity:
|
|
|
|
|
|
Common stock, $0.01
par value, 190,000,000 shares authorized,
|
|
|
|
|
|
89,638,312 and
89,583,950 shares outstanding
|
|
896
|
|
|
896
|
Additional paid-in
capital
|
|
2,571,509
|
|
|
2,570,392
|
Dividends in excess
of net earnings
|
|
(1,066,867)
|
|
|
(1,115,612)
|
Accumulated other
comprehensive loss
|
|
(5,675)
|
|
|
-
|
Total
Mack-Cali Realty Corporation stockholders' equity
|
|
1,499,863
|
|
|
1,455,676
|
|
|
|
|
|
|
Noncontrolling
interests in subsidiaries:
|
|
|
|
|
|
Operating
Partnership
|
|
175,688
|
|
|
170,891
|
Consolidated joint
ventures
|
|
57,432
|
|
|
57,141
|
Total noncontrolling
interests in subsidiaries
|
|
233,120
|
|
|
228,032
|
|
|
|
|
|
|
Total
equity
|
|
1,732,983
|
|
|
1,683,708
|
|
|
|
|
|
|
Total liabilities
and equity
|
$
|
4,228,450
|
|
$
|
4,053,963
|
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SOURCE Mack-Cali Realty Corporation