JERSEY CITY, N.J., May 9, 2017 /PRNewswire/ -- Mack-Cali Realty
Corporation (NYSE: CLI) today reported its results for the first
quarter 2017.
FIRST QUARTER 2017 HIGHLIGHTS
- Net income of $0.11 per diluted
share for the quarter;
- Funds from Operations per diluted share of $0.56 and Core Funds from Operations growth of
14% to $0.56 for the quarter;
- Adjusted funds from operations (AFFO) increased by $20.2 million, or 112%, to $38.3 million for the quarter ended March 31, 2017, as compared to $18.1 million for the comparable period in
2016;
- Increased rental rates by 11.4% on a GAAP basis and 1.2% on a
cash basis at its Core/Waterfront/Flex properties;
- Core/Waterfront/Flex properties 90.4% leased;
- Leased 362,075 square feet;
- Signed $300 million equity
transaction for Roseland
multi-family subsidiary;
- Increased Roseland occupancy
to 97.5%, up 1.5% over fourth quarter;
- Urby achieved 36% occupancy in two months of leasing at average
rent of $55 per square foot;
- Declared $0.15 per share
quarterly common stock dividend; and
- Reaffirmed 2017 FFO guidance of $2.25 to
$2.40 per diluted share.
Michael J. DeMarco, chief
executive officer, commented "We continue on our steady progress of
driving our results and creating and growing our NAV. Our
multi-family transformation is largely complete and producing
higher than expected results."
FINANCIAL HIGHLIGHTS
* All per share amounts presented below are on a diluted
basis.
Net income available to common shareholders for the quarter
ended March 31, 2017 amounted to
$19.9 million, or $0.11 per share, as compared to $62.2 million, or $0.69 per share, for the quarter ended
March 31, 2016.
Funds from operations (FFO) for the quarter ended March 31, 2017 amounted to $55.9 million, or $0.56 per share, as compared to $48.2 million, or $0.48 per share, for the quarter ended
March 31, 2016.
For the first quarter 2017, Core FFO was $0.56 per share after adjusting for certain
items. The quarter's Core FFO per share of $0.56 increased 14 percent from the same quarter
last year primarily due to increased base rents in 2017 and
interest expense savings from refinancing of high rate debt.
Adjusted funds from operations (AFFO) increased by $20.2 million to $38.3
million for the quarter ended March
31, 2017, as compared to $18.1
million for the comparable period in 2016.
OPERATING HIGHLIGHTS
Mack-Cali's consolidated Core,
Waterfront and Flex properties were 90.4 percent leased at
March 31, 2017, as compared to 90.6
percent leased at December 31, 2016
and 89.1 percent leased at December 31,
2015.
For the quarter ended March 31,
2017, the Company executed 54 leases at its consolidated
in-service commercial portfolio totaling 362,075 square feet. Of
these totals, 15 percent were for new leases and 85 percent were
for lease renewals and other tenant retention transactions.
Rental rate roll up for first quarter 2017 transactions in
the Company's Core, Waterfront and Flex properties was 1.2 percent
on a cash basis and 11.4 percent on a GAAP basis.
RECENT TRANSACTIONS
In March, the Company purchased a prominent office portfolio for
$367 million. This included three
buildings comprising 581,000 square feet in the high-demand market
of Short Hills, New Jersey and
three buildings totaling 532,000 square feet in the prestigious
Giralda Farms campus in Madison, New
Jersey. With the expected completion of this acquisition,
Mack-Cali will own virtually 100
percent of the class A office market in Short Hills, which has the highest rents in
the state. The Giralda Farms properties present a value-add
opportunity to reposition high-quality assets to meet the demands
of today's significant corporate users. The Morris County office market has been
consistently the first choice for corporate users establishing new
state-of-the-art headquarters facilities and has attracted large,
multi-national pharmaceutical and other Fortune 500 companies.
In February, Mack-Cali's
multi-family subsidiary Roseland Residential Trust acquired all of
the joint venture partner interests in a development site known as
Plaza 8/9 in Jersey City, New
Jersey, and converted its ownership on the valuable
development site from 50 to 100 percent. The purchase price was
$57,100,000. The site is
planned for future residential development and is directly adjacent
to Harborside on the Hudson River waterfront.
In April, Roseland acquired all
joint venture partner interests in Monaco, Jersey City,
New Jersey, the 523-apartment, two-tower, stabilized
community completed in 2011. The transaction converted Roseland's non-cash flowing 15 percent
subordinate interest to 100 percent. The Monaco transaction, valued at $315 million or $602,000/unit, represents a capitalization rate
of 4.66 percent on a trailing 12-month basis.
BALANCE SHEET/CAPITAL MARKETS
As of March 31, 2017, the Company
had a debt-to-undepreciated assets ratio of 43.8 percent compared
to 41.6 percent at December 31, 2016
and 40.4 percent at March 31, 2016.
Net debt to EBITDA for the quarter ended March 31, 2017 was 8.5 times compared to 7.5
times for the quarter ended December
31, 2016. The Company had an interest coverage ratio
of 3.8 times for the quarter ended March 31,
2017 compared to 3.5 times for the quarter ended
December 31, 2016 and 3.0 times for
the quarter ended March 31, 2016.
In January 2017, the Company
closed on senior unsecured credit facilities totaling $925 million with a group of 13 lenders, with
Wells Fargo Securities, LLC; J.P. Morgan Chase Bank, N.A. and
Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint
lead arrangers and joint bookrunners; and Capital One, National
Association and U.S. Bank National Association as joint lead
arrangers.
The credit facilities are comprised of a renewal and extension
of the Company's existing $600
million unsecured revolving facility and a new $325 million unsecured delayed-draw term loan.
The $600 million credit facility
carries an interest rate equal to LIBOR plus 120 basis points and a
facility fee of 25 basis points. The facility has a term of
four years with two six-month extension options. The new
$325 million term loan was drawn in
full by March 31, 2017 and carries an
interest rate equal to LIBOR plus 140 basis points and a ticking
fee of 25 basis points on any undrawn balance during the first 12
months after closing. On March 29,
2017, the Company executed interest rate swap arrangements
to fix LIBOR with an aggregate average rate of 1.6473% for the
swaps and a current aggregate fixed rate of 3.0473% on borrowings
under the term loan. The term loan matures in three years
with two one-year extension options. The interest rate on the
revolving credit facility and new term loan and the facility fee on
the revolving credit facility are subject to adjustment, on a
sliding scale, based upon the Company's unsecured debt ratings, or
at the Company's option, based on a defined leverage ratio.
The credit facilities also contain accordion features providing
for expansion of the facilities up to a total of $1.275 billion.
On February 27, 2017, Roseland announced the signing of the
Rockpoint transaction – a $300
million equity investment that will provide capital to
further execute on the objectives of Roseland's residential business plan.
Highlights of the Rockpoint transaction include:
- Rockpoint committed to fund $300
million of equity into RRT over the next two years, of which
$150 million was funded at the
closing on March 10, 2017.
- Mack-Cali will have the option
to fund up to $200 million of equity
into RRT after Rockpoint's commitment is fully funded.
- RRT received a deemed funded existing equity value at closing
of $1.23 billion.
Upon full Rockpoint and Mack-Cali funding, pro forma ownership would be
approximately 83 percent Mack-Cali
and 17 percent Rockpoint.
Alterra at Overlook Ridge, Malden and Revere,
Massachusetts: In January, the Company placed a seven-year,
$100 million mortgage on the
community at an interest-only rate of 3.75 percent.
DIVIDENDS
In March 2017, 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 2017, which was paid on April
13, 2017 to shareholders of record as of April 5, 2017. The Company's Core FFO dividend
payout ratio for the quarter was 26.9 percent.
GUIDANCE/OUTLOOK
The Company expressed comfort with net income and FFO per
diluted share for the full year 2017, as follows:
|
|
Full
Year
|
|
|
2017
Range
|
Net income available
to common shareholders
|
$
|
0.36
|
-
|
$
|
0.51
|
Add
(deduct):
|
|
Real estate-related
depreciation and amortization on continuing operations
|
1.95
|
Redemption value
adjustment to redeemable noncontrolling interests
|
0.11
|
Realized (gains)
losses and unrealized losses on disposition of rental property,
net
|
(0.05)
|
Gain on sale of
investment in unconsolidated joint ventures
|
(0.12)
|
Funds from
operations
|
$
|
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
May 10, 2017 at 8:00 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=5256256
The live conference call is also accessible by calling (719)
457-2667 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 12:00 p.m. Eastern Time on
May 10, 2017 through
May 17, 2017.
A replay of the call will also be accessible during the same
time period by calling (719) 457-0820 and using the pass code,
8398965.
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 2017 Form 10-Q:
https://www.mack-cali.com/media/1028960/1stquarter10q17.pdf
First Quarter 2017 Supplemental Operating and Financial
Data:
https://www.mack-cali.com/media/1028954/1stquartersp17.pdf
First Quarter 2017 Supplemental Operating and Financial Data for
Roseland Residential Platform:
https://www.mack-cali.com/media/1028957/1stquartersp17Roseland.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
|
|
Chief Executive
Officer
|
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
|
|
2017
|
|
|
2016
|
Base rents
|
$
|
121,255
|
|
$
|
126,387
|
Escalations and
recoveries from tenants
|
|
15,119
|
|
|
14,961
|
Real estate
services
|
|
6,465
|
|
|
6,812
|
Parking
income
|
|
4,229
|
|
|
3,156
|
Other
income
|
|
2,819
|
|
|
1,607
|
Total revenues
|
|
149,887
|
|
|
152,923
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
Real estate
taxes
|
|
21,092
|
|
|
23,226
|
Utilities
|
|
11,414
|
|
|
13,578
|
Operating
services
|
|
27,091
|
|
|
26,732
|
Real estate services
expenses
|
|
6,270
|
|
|
6,846
|
General and
administrative
|
|
11,592
|
|
|
12,249
|
Depreciation and
amortization
|
|
47,631
|
|
|
43,063
|
Total expenses
|
|
125,090
|
|
|
125,694
|
Operating
income
|
|
24,797
|
|
|
27,229
|
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
|
Interest
expense
|
|
(20,321)
|
|
|
(24,993)
|
Interest and other
investment income (loss)
|
|
474
|
|
|
(669)
|
Equity in earnings
(loss) of unconsolidated joint ventures
|
|
(51)
|
|
|
(1,554)
|
Gain on change of
control of interests
|
|
-
|
|
|
10,156
|
Realized gains
(losses) and unrealized losses on disposition of rental property,
net
|
|
5,506
|
|
|
58,600
|
Gain on sale of
investment in unconsolidated joint venture
|
|
12,563
|
|
|
-
|
Loss from
extinguishment of debt, net
|
|
(239)
|
|
|
-
|
Total other income (expense)
|
|
(2,068)
|
|
|
41,540
|
Net income
|
|
22,729
|
|
|
68,769
|
Noncontrolling
interest in consolidated joint ventures
|
|
237
|
|
|
706
|
Noncontrolling
interest in Operating Partnership
|
|
(2,295)
|
|
|
(7,284)
|
Redeemable
noncontrolling interest
|
|
(792)
|
|
|
-
|
Net income available
to common shareholders
|
$
|
19,879
|
|
$
|
62,191
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
Net income available
to common shareholders
|
$
|
0.11
|
|
$
|
0.69
|
|
|
|
|
|
|
Diluted earnings
per common share:
|
|
|
|
|
|
Net income available
to common shareholders
|
$
|
0.11
|
|
$
|
0.69
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
|
89,955
|
|
|
89,721
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
100,637
|
|
|
100,315
|
Mack-Cali Realty
Corporation
|
Statements of
Funds from Operations
|
(in thousands,
except per share/unit amounts) (unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
|
2017
|
|
|
|
2016
|
|
Net income available
to common shareholders
|
$
|
19,879
|
|
|
$
|
62,191
|
|
Add (deduct):
Noncontrolling interest in Operating Partnership
|
|
2,295
|
|
|
|
7,284
|
|
Real estate-related
depreciation and amortization on continuing operations
(a)
|
|
51,757
|
|
|
|
47,459
|
|
Gain on sale of
investment in unconsolidated joint venture
|
|
(12,563)
|
|
|
|
-
|
|
Gain on change of
control of interests
|
|
-
|
|
|
|
(10,156)
|
|
Realized gains and
unrealized losses on disposition of rental property, net
|
|
(5,506)
|
|
|
|
(58,600)
|
|
Funds from
operations (b)
|
$
|
55,862
|
|
|
$
|
48,178
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares/units outstanding (c)
|
|
100,637
|
|
|
|
100,315
|
|
|
|
|
|
|
|
|
|
Funds from operations
per share/unit-diluted
|
$
|
0.56
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
Dividend payout
ratio:
|
|
|
|
|
|
|
|
Core Funds from
operations-diluted
|
|
26.9
|
%
|
|
|
30.7
|
%
|
|
|
|
|
|
|
|
|
Supplemental
Information:
|
|
|
|
|
|
|
|
Non-incremental
revenue generating capital expenditures:
|
|
|
|
|
|
|
|
Building
improvements
|
$
|
4,969
|
|
|
$
|
4,368
|
|
Tenant improvements & leasing commissions
(d)
|
$
|
3,965
|
|
|
$
|
10,538
|
|
Tenant improvements
& leasing commissions on space vacant for more than a
year
|
$
|
7,160
|
|
|
$
|
16,461
|
|
Straight-line rent
adjustments (e)
|
$
|
3,013
|
|
|
$
|
2,361
|
|
Amortization of
(above)/below market lease intangibles, net (f)
|
$
|
1,577
|
|
|
$
|
169
|
|
Non real estate
depreciation and amortization
|
$
|
377
|
|
|
$
|
225
|
|
Amortization of
deferred financing costs
|
$
|
1,103
|
|
|
$
|
1,169
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes the
Company's share from unconsolidated joint ventures, and adjustments
for noncontrolling interest, of $4,503 and $4,621 for the three
months ended March 31, 2017 and 2016, respectively. Excludes
non-real estate-related depreciation and amortization of $377 and
$225 for the three months ended March 31, 2017 and 2016,
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 (10,384 and
10,509 shares for the three months ended March 31, 2017 and 2016,
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 $(12) and
$169 for the three months ended March 31, 2017 and 2016,
respectively.
|
(f)
|
Includes the
Company's share from unconsolidated joint ventures of $95 and $95
for the three months ended March 31, 2017 and 2016,
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
|
|
March
31,
|
|
|
2017
|
|
|
2016
|
Net income (loss)
available to common shareholders
|
$
|
0.11
|
|
$
|
0.69
|
Add (deduct): Real
estate-related depreciation and amortization on continuing
operations (a)
|
|
0.51
|
|
|
0.47
|
Redemption value
adjustment to redeemable noncontrolling interests
|
|
0.11
|
|
|
-
|
Gain on change of
control of interests
|
|
-
|
|
|
(0.10)
|
Realized (gains)
losses and unrealized losses on disposition of rental property,
net
|
|
(0.05)
|
|
|
(0.58)
|
Gain on sale of
investment in unconsolidated joint venture
|
|
(0.12)
|
|
|
-
|
Funds from
operations (b)
|
$
|
0.56
|
|
$
|
0.48
|
|
|
|
|
|
|
Add/(Deduct):
|
|
|
|
|
|
Mark-to-market
interest rate swap
|
|
-
|
|
$
|
0.01
|
Core
FFO
|
$
|
0.56
|
|
$
|
0.49
|
|
|
|
|
|
|
Diluted weighted
average shares/units outstanding (c)
|
|
100,637
|
|
|
100,315
|
(a)
|
Includes the
Company's share from unconsolidated joint ventures of $0.04 and
$0.05 for the three months ended March 31, 2017 and 2016,
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 (10,384 and
10,509 shares for the three months ended March 31, 2017 and 2016,
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
|
|
2017
|
|
|
2016
|
Rental
property
|
|
|
|
|
|
Land and
leasehold interests
|
$
|
752,842
|
|
$
|
661,335
|
Buildings and
improvements
|
|
4,107,508
|
|
|
3,758,210
|
Tenant
improvements
|
|
384,263
|
|
|
364,092
|
Furniture,
fixtures and equipment
|
|
23,499
|
|
|
21,230
|
|
|
5,268,112
|
|
|
4,804,867
|
Less – accumulated
depreciation and amortization
|
|
(1,327,967)
|
|
|
(1,332,073)
|
|
|
3,940,145
|
|
|
3,472,794
|
Rental property held
for sale, net
|
|
2,131
|
|
|
39,743
|
Net investment in
rental property
|
|
3,942,276
|
|
|
3,512,537
|
Cash and cash
equivalents
|
|
168,316
|
|
|
31,611
|
Investments in
unconsolidated joint ventures
|
|
325,150
|
|
|
320,047
|
Unbilled rents
receivable, net
|
|
102,858
|
|
|
101,052
|
Deferred charges,
goodwill and other assets, net
|
|
308,428
|
|
|
267,950
|
Restricted
cash
|
|
57,596
|
|
|
53,952
|
Accounts receivable,
net of allowance for doubtful accounts of $1,055 and
$1,335
|
|
9,603
|
|
|
9,617
|
|
|
|
|
|
|
Total
assets
|
$
|
4,914,227
|
|
$
|
4,296,766
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Senior unsecured
notes, net
|
$
|
817,824
|
|
$
|
817,355
|
Unsecured revolving
credit facility and term loans
|
|
760,937
|
|
|
634,069
|
Mortgages, loans
payable and other obligations, net
|
|
1,152,443
|
|
|
888,585
|
Dividends and
distributions payable
|
|
15,423
|
|
|
15,327
|
Accounts payable,
accrued expenses and other liabilities
|
|
169,988
|
|
|
159,874
|
Rents received in
advance and security deposits
|
|
53,496
|
|
|
46,442
|
Accrued interest
payable
|
|
16,540
|
|
|
8,427
|
Total
liabilities
|
|
2,986,651
|
|
|
2,570,079
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
202,714
|
|
|
-
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Mack-Cali Realty
Corporation stockholders' equity:
|
|
|
|
|
|
Common stock, $0.01
par value, 190,000,000 shares authorized,
|
|
|
|
|
|
89,844,752 and
89,696,713 shares outstanding
|
|
898
|
|
|
897
|
Additional paid-in
capital
|
|
2,570,093
|
|
|
2,576,473
|
Dividends in excess
of net earnings
|
|
(1,045,786)
|
|
|
(1,052,184)
|
Accumulated other
comprehensive income
|
|
3,085
|
|
|
1,985
|
Total
Mack-Cali Realty Corporation stockholders' equity
|
|
1,528,290
|
|
|
1,527,171
|
|
|
|
|
|
|
Noncontrolling
interests in subsidiaries:
|
|
|
|
|
|
Operating
Partnership
|
|
175,877
|
|
|
178,570
|
Consolidated joint
ventures
|
|
20,695
|
|
|
20,946
|
Total noncontrolling
interests in subsidiaries
|
|
196,572
|
|
|
199,516
|
|
|
|
|
|
|
Total
equity
|
|
1,724,862
|
|
|
1,726,687
|
|
|
|
|
|
|
Total liabilities
and equity
|
$
|
4,914,227
|
|
$
|
4,296,766
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mack-cali-realty-corporation-announces-first-quarter-2017-results-300454777.html
SOURCE Mack-Cali Realty Corporation